Paychex, Inc. has earned national recognition for its expertise in managing credit risk. Paychex is the bronze award winner in the credit risk management category of the 2006 Alexander Hamilton Awards for Excellence. Treasury & Risk, a national industry publication, presents the annual awards in seven categories in recognition of best practices in treasury and financial management.

The gold and silver award winners in the credit risk management category were Toyota and General Electric, respectively. The magazine said that the category was particularly competitive this year. This was the first year that Paychex applied to be considered.

?It's an honor to be among this prestigious group of companies,? said John Morphy, Paychex senior vice president and chief financial officer. ?This award recognizes the great work being done by the Paychex risk management group, and their efforts clearly make a positive impact on shareholder value.?

Paychex's submission for the award detailed the development and launch of a leading-edge credit risk management program, one that resulted in the drastic reduction of bad debt.

?Our story wasn't just about mitigating and avoiding risks and losses for Paychex,? said Frank Fiorille, Paychex director of enterprise risk management. ?Just as significantly, it was about enhancing shareholder value through creation of a robust framework to recognize, evaluate and better manage risk.?

A complete list of the 11th annual Alexander Hamilton Awards for Excellence winners can be found at www.treasuryandrisk.com.

About Paychex

Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human Resource Services include 401(k) plan recordkeeping, workers' compensation administration, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices and serves over 543,000 payroll clients nationwide. For more information about Paychex and our products, visit www.paychex.com.

About Treasury & Risk Magazine

With headquarters in New York City, Treasury & Risk magazine (www.treasuryandrisk.com) covers trends and best practices in finance for a readership of 47,000 CFOs, treasurers, controllers, and other senior finance executives working at the nation's largest companies. Along with the magazine, the expanding Treasury & Risk media franchise also produces e-newsletters, in-depth proprietary surveys on the various trends in finance, Webcasts, a senior-level conference series, and the 11-year old Alexander Hamilton Awards program honoring excellence in treasury and financial management.