Code of Business Ethics and Conduct Disciplinary Actions and Waivers

Paychex employees are expected to follow this Code at all times. There shall be no waiver of any part of the Code, except by the vote of the Board of Directors, which will ascertain if a waiver is appropriate.

After a possible known or suspected violation of this Code is brought to the attention of the Company, Paychex shall promptly perform an investigation to the extent the Company deems necessary. If there is a violation of this Code, Paychex through its management and Board of Directors shall deal with the violator swiftly in any manner as it may deem necessary, which may include immediate termination of employment. Paychex may also report the conduct to the appropriate authorities.

For more information about Paychex Investor Relations, please contact:

Terri Allen
Paychex Investor Relations
911 Panorama Trail S.
Rochester, NY 14625
585-383-3406

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Paychex named one of "World's Most Ethical Companies" by Ethisphere Magazine

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For more information about Investor Relations, contact Terri Allen at:

585-383-3406 
Monday - Friday
8:00 a.m. - 5:00 p.m. ET

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