M & T BK CORP

Ticker: MTB CUSIP: 55261F104 Class: COM

SANDLER CAPITAL MANAGEMENT's Holding History (CIK: 0001000742)

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

Q4 2013

Shares 78,600 Value ($000) $9,151 Avg Close $81.40 Range $78.07 - $84.34

Q3 2013

Shares 78,500 Value ($000) $8,786 Avg Close $82.37 Range $78.25 - $84.92

Q2 2013

Shares 70,000 Value ($000) $7,823 Avg Close $72.91 Range $67.52 - $79.57

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	78,600	$9,151	$81.40	$78.07 - $84.34
Q3 2013	78,500	$8,786	$82.37	$78.25 - $84.92
Q2 2013	70,000	$7,823	$72.91	$67.52 - $79.57