PAYCHEX INC

Ticker: PAYX CUSIP: 704326107 Class: COM

Uniplan Investment Counsel, Inc.'s Holding History (CIK: 0001520710)

Note: Option positions (PUT/CALL) are excluded.

Q1 2017

Shares 215,164 Value ($000) $12,673 Avg Close $46.69 Range $43.94 - $48.53

Q4 2016

Shares 402,458 Value ($000) $12,995 Avg Close $43.92 Range $40.33 - $47.52

Q3 2016

Shares 236,845 Value ($000) $13,706 Avg Close $45.34 Range $43.20 - $46.70

Q2 2016

Shares 224,781 Value ($000) $13,374 Avg Close $40.17 Range $38.40 - $44.78

Q1 2016

Shares 254,320 Value ($000) $13,736 Avg Close $37.48 Range $33.83 - $40.71

Q4 2015

Shares 255,069 Value ($000) $13,490 Avg Close $38.55 Range $34.02 - $40.50

Q3 2015

Shares 319,781 Value ($000) $15,232 Avg Close $34.10 Range $30.50 - $35.69

Q2 2015

Shares 359,265 Value ($000) $16,841 Avg Close $35.43 Range $33.81 - $36.83

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	215,164	$12,673	$46.69	$43.94 - $48.53
Q4 2016	402,458	$12,995	$43.92	$40.33 - $47.52
Q3 2016	236,845	$13,706	$45.34	$43.20 - $46.70
Q2 2016	224,781	$13,374	$40.17	$38.40 - $44.78
Q1 2016	254,320	$13,736	$37.48	$33.83 - $40.71
Q4 2015	255,069	$13,490	$38.55	$34.02 - $40.50
Q3 2015	319,781	$15,232	$34.10	$30.50 - $35.69
Q2 2015	359,265	$16,841	$35.43	$33.81 - $36.83