PITNEY BOWES INC

Ticker: PBI CUSIP: 724479100 Class: EQTY

Lodge Hill Capital, LLC's Holding History (CIK: 0001598245)

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

Q2 2014

Shares 852,100 Value ($000) $23,535 Avg Close $26.63 Range $24.06 - $28.23

Q1 2014

Shares 747,100 Value ($000) $19,417 Avg Close $24.66 Range $21.01 - $26.63

Q4 2013

Shares 502,100 Value ($000) $11,699 Avg Close $21.51 Range $18.21 - $24.18

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	852,100	$23,535	$26.63	$24.06 - $28.23
Q1 2014	747,100	$19,417	$24.66	$21.01 - $26.63
Q4 2013	502,100	$11,699	$21.51	$18.21 - $24.18