PITNEY BOWES INC

Ticker: PBI CUSIP: 724479100 Class: EQTY

Arbiter Partners Capital Management LLC's Holding History (CIK: 0001513193)

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

Q2 2018

Shares 874,639 Value ($000) $7,496 Avg Close $9.65 Range $8.11 - $11.17

Q1 2018

Shares 1,023,426 Value ($000) $11,145 Avg Close $12.39 Range $10.84 - $14.80

Q4 2017

Shares 1,023,426 Value ($000) $11,442 Avg Close $11.78 Range $9.50 - $14.34

Q3 2017

Shares 923,426 Value ($000) $12,937 Avg Close $13.73 Range $12.40 - $16.13

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2018	874,639	$7,496	$9.65	$8.11 - $11.17
Q1 2018	1,023,426	$11,145	$12.39	$10.84 - $14.80
Q4 2017	1,023,426	$11,442	$11.78	$9.50 - $14.34
Q3 2017	923,426	$12,937	$13.73	$12.40 - $16.13