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Business Description
Paychex, Inc. is a provider of payroll and integrated human resource and employee benefits outsourcing solutions for small to medium-sized businesses in the United States. These include payroll processing, tax filing and payment, employee payment, time and attendance solutions, regulatory compliance (new-hire reporting and garnishment processing), retirement services administration, employee benefits administration, workers' compensation insurance, as well as comprehensive bundled human resource administrative services. By offering ancillary services that leverage the information gathered in the base payroll processing service, Paychex is able to provide comprehensive outsourcing services that allow employers to expand their employee benefits offerings at an affordable cost. The Company also provides a start-up payroll sales and operations facility in Germany. At May 31, 2004, Paychex serviced approximately 505,000 clients.

Financial Information
For the nine months ended 2/28/05, total revenues increased 11% to $1.07 billion. Net income increased 11% to $267.4 million. Results reflect organic client base growth, increased utilization of ancillary services and price increases.