Se Flossbach von Storch

Holdings History for PITNEY BOWES INC /DE/ - Common Stock, par value $1.00 per share (PBI)

Symbol: PBI on NYSE
Investment type: Equity / Common Stock, par value $1.00 per share

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
30 Jun 2011		-0.37%	$0	0	-65,000	-100%	$10.17	Q2 2011
31 Mar 2011	0.37%	+0.07%	$1,670,000	65,000	+13,000	+25%	$25.69	Q1 2011
31 Dec 2010	0.36%	0%	$1,257,000	52,000	0		$24.17	Q4 2010

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.