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GKM ADVISERS LLC
> PBI
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2009 | PITNEY BOWES INC /DE/ | PBI | 65,318 | -14,850 | 1,525,000 | -518,000 | $23.35 |
| 12/31/2008 | PITNEY BOWES INC /DE/ | PBI | 80,168 | -79,874 | 2,043,000 | -3,280,000 | $25.48 |
| 09/30/2008 | PITNEY BOWES INC /DE/ | PBI | 160,042 | 160,042 | 5,323,000 | 5,323,000 | $33.26 |
| 06/30/2008 | PITNEY BOWES INC /DE/ | PBI | 160,288 | -1,946 | 5,466,000 | -215,000 | $34.10 |
| 03/31/2008 | PITNEY BOWES INC /DE/ | PBI | 162,234 | -1,025 | 5,681,000 | -529,000 | $35.02 |
| 12/31/2007 | PITNEY BOWES INC /DE/ | PBI | 163,259 | 163,259 | 6,210,000 | 6,210,000 | $38.04 |
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