M & T BK CORP

Ticker: MTB CUSIP: 55261F104 Class: COM

PAULSON & CO. INC.'s Holding History (CIK: 0001035674)

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

Q4 2013

Shares 865,466 Value ($000) $100,758 Avg Close $81.40 Range $78.07 - $84.34

Q3 2013

Shares 1,747,560 Value ($000) $195,587 Avg Close $82.37 Range $78.25 - $84.92

Q2 2013

Shares 420,200 Value ($000) $46,957 Avg Close $72.91 Range $67.52 - $79.57

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	865,466	$100,758	$81.40	$78.07 - $84.34
Q3 2013	1,747,560	$195,587	$82.37	$78.25 - $84.92
Q2 2013	420,200	$46,957	$72.91	$67.52 - $79.57