PITNEY BOWES INC

Ticker: PBI CUSIP: 724479100 Class: EQTY

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

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

Q1 2019

Shares 66,900 Value ($000) $460 Avg Close $6.92 Range $5.82 - $8.32

Q4 2018

Shares 66,900 Value ($000) $395 Avg Close $7.20 Range $5.51 - $8.56

Q3 2018

Shares 69,500 Value ($000) $492 Avg Close $8.08 Range $6.88 - $9.30

Q2 2018

Shares 69,100 Value ($000) $592 Avg Close $9.65 Range $8.11 - $11.17

Q1 2018

Shares 68,100 Value ($000) $742 Avg Close $12.39 Range $10.84 - $14.80

Q4 2017

Shares 67,100 Value ($000) $750 Avg Close $11.78 Range $9.50 - $14.34

Q3 2017

Shares 70,200 Value ($000) $984 Avg Close $13.73 Range $12.40 - $16.13

Q2 2017

Shares 76,900 Value ($000) $1,161 Avg Close $14.61 Range $12.70 - $16.26

Q1 2017

Shares 75,700 Value ($000) $992 Avg Close $14.13 Range $12.31 - $16.60

Q4 2016

Shares 60,791 Value ($000) $923 Avg Close $15.92 Range $14.22 - $18.20

Q3 2016

Shares 64,759 Value ($000) $1,176 Avg Close $18.35 Range $16.88 - $19.33

Q2 2016

Shares 65,559 Value ($000) $1,167 Avg Close $19.27 Range $16.28 - $21.81

Q1 2016

Shares 65,959 Value ($000) $1,421 Avg Close $19.00 Range $16.24 - $21.60

Q4 2015

Shares 67,359 Value ($000) $1,391 Avg Close $20.68 Range $19.12 - $21.76

Q3 2015

Shares 72,859 Value ($000) $1,446 Avg Close $20.52 Range $18.59 - $21.64

Q2 2015

Shares 78,259 Value ($000) $1,629 Avg Close $22.54 Range $20.79 - $23.93

Q1 2015

Shares 77,759 Value ($000) $1,813 Avg Close $23.28 Range $21.15 - $24.60

Q4 2014

Shares 82,759 Value ($000) $2,017 Avg Close $24.43 Range $22.38 - $25.68

Q3 2014

Shares 83,159 Value ($000) $2,078 Avg Close $26.74 Range $24.63 - $28.37

Q2 2014

Shares 83,059 Value ($000) $2,294 Avg Close $26.63 Range $24.06 - $28.23

Q1 2014

Shares 82,659 Value ($000) $2,148 Avg Close $24.66 Range $21.01 - $26.63

Q4 2013

Shares 82,159 Value ($000) $1,914 Avg Close $21.51 Range $18.21 - $24.18

Q3 2013

Shares 82,059 Value ($000) $1,493 Avg Close $16.40 Range $13.76 - $18.82

Q2 2013

Shares 81,859 Value ($000) $1,202 Avg Close $14.77 Range $13.12 - $16.43

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2019	66,900	$460	$6.92	$5.82 - $8.32
Q4 2018	66,900	$395	$7.20	$5.51 - $8.56
Q3 2018	69,500	$492	$8.08	$6.88 - $9.30
Q2 2018	69,100	$592	$9.65	$8.11 - $11.17
Q1 2018	68,100	$742	$12.39	$10.84 - $14.80
Q4 2017	67,100	$750	$11.78	$9.50 - $14.34
Q3 2017	70,200	$984	$13.73	$12.40 - $16.13
Q2 2017	76,900	$1,161	$14.61	$12.70 - $16.26
Q1 2017	75,700	$992	$14.13	$12.31 - $16.60
Q4 2016	60,791	$923	$15.92	$14.22 - $18.20
Q3 2016	64,759	$1,176	$18.35	$16.88 - $19.33
Q2 2016	65,559	$1,167	$19.27	$16.28 - $21.81
Q1 2016	65,959	$1,421	$19.00	$16.24 - $21.60
Q4 2015	67,359	$1,391	$20.68	$19.12 - $21.76
Q3 2015	72,859	$1,446	$20.52	$18.59 - $21.64
Q2 2015	78,259	$1,629	$22.54	$20.79 - $23.93
Q1 2015	77,759	$1,813	$23.28	$21.15 - $24.60
Q4 2014	82,759	$2,017	$24.43	$22.38 - $25.68
Q3 2014	83,159	$2,078	$26.74	$24.63 - $28.37
Q2 2014	83,059	$2,294	$26.63	$24.06 - $28.23
Q1 2014	82,659	$2,148	$24.66	$21.01 - $26.63
Q4 2013	82,159	$1,914	$21.51	$18.21 - $24.18
Q3 2013	82,059	$1,493	$16.40	$13.76 - $18.82
Q2 2013	81,859	$1,202	$14.77	$13.12 - $16.43