PENSKE AUTOMOTIVE GRP INC

Ticker: PAG CUSIP: 70959W103 Class: Stock

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

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

Q1 2015

Shares 39,240 Value ($000) $2,020 Avg Close $49.31 Range $46.01 - $52.70

Q4 2014

Shares 102,600 Value ($000) $5,035 Avg Close $45.64 Range $36.36 - $50.71

Q2 2014

Shares 186,200 Value ($000) $9,217 Avg Close $45.63 Range $41.05 - $49.86

Q1 2014

Shares 243,200 Value ($000) $10,399 Avg Close $43.44 Range $39.78 - $47.08

Q3 2013

Shares 247,700 Value ($000) $10,584 Avg Close $38.27 Range $30.36 - $43.29

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	39,240	$2,020	$49.31	$46.01 - $52.70
Q4 2014	102,600	$5,035	$45.64	$36.36 - $50.71
Q2 2014	186,200	$9,217	$45.63	$41.05 - $49.86
Q1 2014	243,200	$10,399	$43.44	$39.78 - $47.08
Q3 2013	247,700	$10,584	$38.27	$30.36 - $43.29