Pitney Bowes holder Hestia Capital issues statement from unaffiliated directors

Hestia Capital Management, the third largest stockholder of Pitney Bowes, and has a beneficial ownership position of 8.5% of the Company’s outstanding common stock, released the following statement that was independently prepared by the unaffiliated candidates – Milena Alberti-Perez, Todd Everett, Katie May and Lance Rosenzweig – that Hestia is seeking to elect to the Company’s Board of Directors at the upcoming Annual Meeting of Stockholders: "While we have been nominated by Hestia, we are completely independent and will represent the interests of all stockholders and stakeholders inside the boardroom. Each of us agreed to be put forth by Hestia because we wanted to independently evaluate the challenges at Pitney Bowes and collectively develop a thoughtful strategic plan to turn around this storied Company. That is exactly what we have done in recent months as we collaborated on an ongoing basis and functioned like an action-oriented Board. If we are fortunate enough to be elected by stockholders, we are going to immediately put this contest behind us and start working with the remaining incumbents to make the difficult – albeit necessary – choices required to address the Company’s diminished cash flows, "junk" credit rating, long-term share price declines and $1.7B in debt coming due over the next six years. We do not take it personally that the current Board, which is comprised of very decent people with admirable goals, has criticized our slate and turnaround strategy. We recognize that our respective slates simply have different visions for transforming Pitney Bowes." Separately, Hestia is sharing the below facts that reinforce the urgent need for changes in leadership and strategy. Please note the Company’s 2015 acquisition of Borderfree represents the point in which its long-term strategy started emphasizing the growth of the perpetually underperforming Global Ecommerce segment. .