EXHIBIT 99: "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
Certain written and oral statements made by Paychex, Inc., (the "Company")
management may constitute "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
are identified by such words and phrases as "we look forward to", "we expect",
"expects", "expected to", "we believe", "believes" and "could be." Because
they are forward-looking, they should be evaluated in light of important risk
factors. These risk factors include general market conditions, including demand
for the Company's products and services, availability of internal and external
resources, executing expansion plans, competition, and price levels; changes in
the laws regulating collection and payment of payroll taxes, professional
employer organizations, and employee benefits, including 401(k) plans, workers'
compensation, state unemployment, and section 125 plans; delays in the
development, timing of the introduction, and marketing of new products and
services; changes in technology including the use of the internet; the
possibility of catastrophic events that could impact the Company's operating
facilities, computer technology and communication systems; and changes in
short- and long-term interest rates and the credit rating of cash, cash
equivalents, and securities held in the Company's investment portfolios. The
information provided in this document is based upon the facts and circumstances
known at this time. The Company is under no obligation to update
forward-looking statements in this document for new information subsequent to
its issuance.
