PAYCHEX INC

Ticker: PAYX CUSIP: 704326107 Class: COM

LFL Advisers, LLC's Holding History (CIK: 0001694127)

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

Q4 2017

Shares 86,200 Value ($000) $5,868 Avg Close $51.63 Range $46.43 - $55.51

Q3 2017

Shares 88,500 Value ($000) $5,306 Avg Close $44.58 Range $42.41 - $47.62

Q2 2017

Shares 88,500 Value ($000) $5,039 Avg Close $45.43 Range $43.85 - $47.78

Q1 2017

Shares 88,500 Value ($000) $5,213 Avg Close $46.69 Range $43.94 - $48.53

Q4 2016

Shares 88,500 Value ($000) $5,388 Avg Close $43.92 Range $40.33 - $47.52

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	86,200	$5,868	$51.63	$46.43 - $55.51
Q3 2017	88,500	$5,306	$44.58	$42.41 - $47.62
Q2 2017	88,500	$5,039	$45.43	$43.85 - $47.78
Q1 2017	88,500	$5,213	$46.69	$43.94 - $48.53
Q4 2016	88,500	$5,388	$43.92	$40.33 - $47.52