PITNEY BOWES INC

Ticker: PBI CUSIP: 724479100 Class: EQTY

MILLER HOWARD INVESTMENTS INC /NY's Holding History (CIK: 0000903947)

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

Q1 2018

Shares 160,693 Value ($000) $1,750 Avg Close $12.39 Range $10.84 - $14.80

Q4 2017

Shares 160,693 Value ($000) $1,797 Avg Close $11.78 Range $9.50 - $14.34

Q3 2017

Shares 5,092,853 Value ($000) $71,351 Avg Close $13.73 Range $12.40 - $16.13

Q2 2017

Shares 3,832,875 Value ($000) $57,876 Avg Close $14.61 Range $12.70 - $16.26

Q1 2017

Shares 3,889,242 Value ($000) $50,988 Avg Close $14.13 Range $12.31 - $16.60

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2018	160,693	$1,750	$12.39	$10.84 - $14.80
Q4 2017	160,693	$1,797	$11.78	$9.50 - $14.34
Q3 2017	5,092,853	$71,351	$13.73	$12.40 - $16.13
Q2 2017	3,832,875	$57,876	$14.61	$12.70 - $16.26
Q1 2017	3,889,242	$50,988	$14.13	$12.31 - $16.60