PITNEY BOWES INC

Ticker: PBI CUSIP: 724479100 Class: EQTY

Virtus Investment Advisers, LLC's Holding History (CIK: 0000019481)

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

Q1 2017

Shares 5,337 Value ($000) $70 Avg Close $14.13 Range $12.31 - $16.60

Q4 2016

Shares 7,331 Value ($000) $111 Avg Close $15.92 Range $14.22 - $18.20

Q3 2016

Shares 2,282 Value ($000) $41 Avg Close $18.35 Range $16.88 - $19.33

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	5,337	$70	$14.13	$12.31 - $16.60
Q4 2016	7,331	$111	$15.92	$14.22 - $18.20
Q3 2016	2,282	$41	$18.35	$16.88 - $19.33