PITNEY BOWES INC

Ticker: PBI CUSIP: 724479100 Class: EQTY

Malaga Cove Capital, LLC's Holding History (CIK: 0001603001)

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

Q4 2014

Shares 15,935 Value ($000) $391 Avg Close $24.43 Range $22.38 - $25.68

Q3 2014

Shares 16,377 Value ($000) $409 Avg Close $26.74 Range $24.63 - $28.37

Q2 2014

Shares 16,377 Value ($000) $452 Avg Close $26.63 Range $24.06 - $28.23

Q1 2014

Shares 16,723 Value ($000) $429 Avg Close $24.66 Range $21.01 - $26.63

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	15,935	$391	$24.43	$22.38 - $25.68
Q3 2014	16,377	$409	$26.74	$24.63 - $28.37
Q2 2014	16,377	$452	$26.63	$24.06 - $28.23
Q1 2014	16,723	$429	$24.66	$21.01 - $26.63