PITNEY BOWES INC

Ticker: PBI CUSIP: 724479100 Class: EQTY

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

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

Q1 2017
Shares 11,500 Value ($000) $151 Avg Close $14.13 Range $12.31 - $16.60
Q1 2014
Shares 10,146 Value ($000) $264 Avg Close $24.66 Range $21.01 - $26.63