<SEC-DOCUMENT>0001193125-23-096643.txt : 20230410
<SEC-HEADER>0001193125-23-096643.hdr.sgml : 20230410
<ACCEPTANCE-DATETIME>20230410171157
ACCESSION NUMBER:		0001193125-23-096643
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230410
DATE AS OF CHANGE:		20230410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PITNEY BOWES INC /DE/
		CENTRAL INDEX KEY:			0000078814
		STANDARD INDUSTRIAL CLASSIFICATION:	OFFICE MACHINES, NEC [3579]
		IRS NUMBER:				060495050
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03579
		FILM NUMBER:		23811768

	BUSINESS ADDRESS:	
		STREET 1:		PITNEY BOWES INC
		STREET 2:		3001 SUMMER STREET
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06926-0700
		BUSINESS PHONE:		203-356-5000

	MAIL ADDRESS:	
		STREET 1:		3001 SUMMER STREET
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06926-0700
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<TYPE>DEFA14A
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<DESCRIPTION>DEFA14A
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE
14A</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Pitney Bowes Inc.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name
of Registrant as Specified In Its Charter) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with its 2023 annual meeting of stockholders (the &#147;Annual Meeting&#148;), Pitney Bowes
Inc. (the &#147;Company&#148;) previously distributed a press release on March&nbsp;14, 2023, which was filed on March&nbsp;14, 2023 with the SEC on Schedule&nbsp;14A (the &#147;March&nbsp;14 Proxy Materials&#148;). The March&nbsp;14 Proxy Materials
contained an inadvertent clerical error. They understated the Company&#146;s organic investment in its SendTech and PreSort segments, which was approximately $800&nbsp;million (as opposed to the $600&nbsp;million organic and inorganic investment in
its SendTech and PreSort segments referenced in the March&nbsp;14 Proxy Materials). Below is a revised version of the March&nbsp;14 Proxy Materials, which corrects this clerical error: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pitney Bowes Files Definitive Proxy Materials in Connection with </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>May&nbsp;9, 2023 Annual Meeting</B><I> </I><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Board of Directors Issues Letter to Shareholders </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Urges Shareholders to Vote on GOLD Proxy Card </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Launches Website: <U>www.VoteforPitneyBowes.com</U> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STAMFORD, Conn</B>., March&nbsp;14, 2023 &#150; Pitney Bowes (NYSE:PBI), a global shipping and mailing company that provides technology, logistics, and
financial services, today announced that it has filed its definitive proxy statement and GOLD proxy card with the U.S. Securities and Exchange Commission (&#147;SEC&#148;) in connection with its upcoming 2023 Annual Meeting of Shareholders (the
&#147;Annual Meeting&#148;) to be held on May&nbsp;9, 2023. Pitney Bowes is urging all shareholders to vote on the GOLD proxy card. All Pitney Bowes shareholders of record as of the close of business on March&nbsp;10, 2023 will be entitled to vote
at the Annual Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also announced the launch of its Annual Meeting website: <U>www.VoteforPitneyBowes.com</U>. For information about the
Annual Meeting, the Company&#146;s strategy, governance, and voting instructions, please visit this site. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s Board of Directors (the
&#147;Board&#148;) also issued the following letter to shareholders of Pitney Bowes in connection with the filing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Fellow Shareholder, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your vote at the upcoming Pitney Bowes Annual Meeting of Shareholders, scheduled for May&nbsp;9, 2023 (the &#147;Annual Meeting&#148;), is critical and more
important than ever this year. As you may be aware, an activist hedge fund, Hestia Capital (&#147;Hestia&#148;), is seeking to gain control of the Board of Directors (the &#147;Board&#148;) and remove our CEO through a disruptive and unnecessary
proxy contest. We believe that Hestia&#146;s ever-changing series of demands demonstrates a fundamental misunderstanding of our Company. Hestia has failed to articulate any coherent strategic thesis for Pitney Bowes. Hestia&#146;s erratic conduct
suggests it may be more focused on short-term publicity than the long-term success of our Company, making it nearly impossible to engage in a productive manner. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>The Board and management team have taken decisive action to create long-term value for shareholders. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Over the last ten years, Pitney Bowes and its Board and management team have: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Taken decisive actions to create long-term value for shareholders by transforming the Company from a position of
secular decline to growth in a market that has been extremely volatile and hard to predict. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Improved revenue CAGR from <FONT STYLE="white-space:nowrap">-8.6%</FONT> from 2007 &#150; 2012, the years prior
to Marc Lautenbach joining the Company, to 4.9% from 2017&nbsp;&#150; 2022. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Actively managed the Company&#146;s portfolio by investing $2.6&nbsp;billion in our businesses, including
approximately $800&nbsp;million of organic investment in our SendTech and PreSort segments. These investments enabled those businesses, which had been in secular decline in 2012, to develop new products and services and both are now positioned for
growth because of smart strategic planning on behalf of our management team. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reduced our debt by $1.7&nbsp;billion and eliminated several hundred million dollars of expenses.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Returned $1.5&nbsp;billion in capital to shareholders in the form of dividends and share repurchases.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Divested $2.1&nbsp;billion of <FONT STYLE="white-space:nowrap">non-core,</FONT> slower-growth businesses that
have enabled both investment and debt paydown. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since Marc Lautenbach became CEO, the Pitney Bowes Board and management team have
focused on driving a Company transformation to lay the foundation for sustainable, profitable growth, and shareholder value creation. Our strategy has focused on becoming a leading shipping and logistics business comprised of a balanced portfolio of
steady revenue and high-growth segments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the divestitures reduced our EBITDA and consequently total shareholder return (&#147;TSR&#148;), the
Company is now on track to profitable revenue growth in the future. This was not imaginable a decade ago and is the direct result of the bold choices of your Board and management team. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, Pitney Bowes engages constructively with its shareholders and is committed to corporate governance best practices. Since 2018 Pitney Bowes has
significantly refreshed its Board to ensure new ideas and perspectives are reflected in our Company&#146;s strategy. In the past five years, assuming the election of Katie May, six new independent directors will have joined, and eight longer-tenured
directors departed from the Board. This year, we appointed Darrell Thomas and Steve Brill to the Board and announced the departures of Michael I. Roth, S. Douglas Hutcheson, and David L. Shedlarz. Our Board is also pleased to recommend one of
Hestia&#146;s nominees, Katie May, as we believe her experience and background will contribute to the Board. Following these changes, our recommended director nominees, including Katie May, are 88.9% independent and 66.7% diverse, with an average
tenure of approximately 5.3 years. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We urge you to support your Board by voting the <U>GOLD</U> proxy card today &#147;FOR&#148; all Pitney Bowes
nominees as well as Hestia nominee Katie May. We encourage shareholders NOT to sign, return or vote any white proxy card sent to you by Hestia. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>We believe Hestia&#146;s campaign is built on flawed assumptions, a poor understanding of Pitney Bowes&#146; businesses, ever-changing
and contradictory proposals, and an unwillingness to reach a reasonable compromise since engagement first started. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we would with any
shareholder, we approached our engagement with Hestia with an open mind and welcomed the opportunity to receive constructive input to enhance long-term shareholder value. The Board&#146;s support for the election of Hestia&#146;s nominee Katie May
as a director is evidence of that. However, it became clear that Hestia is more interested in chasing headlines than engaging constructively in the best interest of all shareholders. Despite our consistent efforts to find an amicable resolution,
Hestia has kept changing its demands. Furthermore, after months of ongoing engagement, Hestia has yet to fully articulate an actionable, long-term strategy or plan for the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Importantly, most of Hestia&#146;s nominees have limited qualifications relevant to our industry, public
companies, or Pitney Bowes&#146; long-term success. For example, Hestia&#146;s slate includes only two individuals with experience in the shipping and mailing business, in direct contrast to the majority of our proposed director nominees.
Additionally, Kurt Wolf, Hestia&#146;s principal, has limited experience on the board of a public company, and the experience he does have calls into question his understanding of a director&#146;s responsibilities to shareholders. His resignation
from GameStop after about only a year on the board demonstrates that he is focused on the short-term interests of himself and investors in his fund and not on the long-term interests of all shareholders. In fact, Hestia&#146;s recent decision to
remove two candidates &#150; Carl Grassi and Ken McBride &#150; from its slate suggest that Hestia did not take the time to properly vet its nominees. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Pitney Bowes&#146; existing business strategy is growth-focused and market-oriented. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board and management team remain confident in the Company&#146;s robust capital allocation strategy and that our successful ongoing initiatives support
our long-term strategy to maintain sustainable revenue streams and improve profitability, especially in our newer business. We continue to execute on the combined strength of our shipping and mailing offering, cutting-edge technology, global scale,
substantial customer base, and infrastructure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We regularly and actively review the Company&#146;s portfolio and continue to take purposeful steps to pay
down and restructure debt, invest in existing businesses, acquire new ones appropriate for Pitney Bowes, and sell businesses no longer core to our long-term strategy. All of this has been achieved while paying down a significant portion of debt and
returning capital to shareholders. We now have a strategically coherent portfolio of businesses that are squarely focused on simplifying the complexities of mailing and shipping for our clients with real prospects for growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that Hestia fundamentally misunderstands our GEC business and continues to offer conflicting strategy recommendations. For example, since July
2022, Hestia has gone from privately pushing Pitney Bowes to sell GEC to then noting in February 2023 on live television that GEC is a valuable asset with the wrong strategy. Last week, Hestia claimed in its preliminary proxy statement that we
should shrink GEC. These erratic and inconsistent demands illustrate one of the many ways that Hestia does not understand our business, is unable to define a coherent long-term strategy for Pitney Bowes, and would therefore likely be a poor steward
of shareholder interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further, we have had third-party affirmations on our current overall strategy for GEC, and we will focus on growing positive
and consistent profit margins in this business to achieve higher valuations. While we have been explicit that we always remain open to potential compelling opportunities, the current state of external capital markets, our business environment, and
external checks with potential acquirors all indicate to us the time is not right to obtain appropriate value for GEC. Indeed, our track record shows that we are more than willing to reevaluate our portfolio should an alternative to keeping a
business be the superior one. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have done this all while fully modernizing our SendTech business&#146;s product offerings to provide it with a strong
foundation for the future and investing and growing our Presort business in the face of secular decline. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All successful corporate transformations have
several predictable stages &#150; short-term wins, sustained investment, revenue growth, and then, finally, profitable revenue growth. Our necessary transformation is no different and has required significant investment in, and alignment across, our
businesses. That necessarily included the divestiture of businesses that generated profit to reset the Company going forward. It is natural to expect some contraction of the stock price until we achieve the final stage of
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profitable revenue growth, which was delayed due to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and subsequent economic impacts, such as supply chain issues and significant
increases to labor and transportation costs. However, our strategic transformation is nearing completion with complementary and balanced business models and margin profiles. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>The Pitney Bowes Board is comprised of diverse, proven business leaders. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pitney Bowes has a strong, engaged, and diverse Board, with a balanced mix of experience, skills, and leadership expertise to enhance value for shareholders
and execute the Company&#146;s strategy. Contrary to Hestia&#146;s claims, we have always sought to have the proper balance of directors with institutional knowledge and fresh, independent perspectives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board is aligned behind Marc Lautenbach in his role as CEO and looks forward to helping him continue to execute and enhance the Company&#146;s strategy.
We encourage shareholders to support Marc in executing our long-term vision as well as our highly skilled, diverse, proven, and recently refreshed Board. For more information regarding our Board and strategy, please visit
<U>www.VoteforPitneyBowes.com</U>. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VOTE THE <U>GOLD</U> PROXY CARD TODAY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors of Pitney Bowes recommends shareholders vote &#147;FOR&#148; all the nominees proposed by the Pitney Bowes Board (all eight Company
nominees and the recommended Hestia nominee, Katie May) at the upcoming Annual Meeting on the <B><U>GOLD</U></B> proxy card. Shareholders of record as of March&nbsp;10, 2023, will be entitled to vote at the meeting. The Annual Meeting is scheduled
to be held on May&nbsp;9, 2023 at 9:00a.m. Eastern Time in a virtual meeting format, via a live webcast. Pitney Bowes urges shareholders to vote their shares in advance of the Annual Meeting by one of the methods described in the Company&#146;s
proxy statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders should disregard any white proxy card sent to you by Hestia. Only the latest dated proxy card will count at the Annual
Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders who have any questions or need assistance voting may contact the Company&#146;s proxy solicitor, Morrow Sodali LLC, toll-free at 1
(800) <FONT STYLE="white-space:nowrap">662-5200.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for your continued support of Pitney Bowes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Pitney Bowes Board of Directors </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Editorial - </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bill Hughes </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Communications Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">203.351.6785 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial - </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ned Zachar, CFA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VP, Investor Relations </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">203.614.1092 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alex Brown </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Manager, Investor Relations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">203.351.7639 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Pitney Bowes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pitney Bowes (NYSE: PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90&nbsp;percent of
the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For the latest news, corporate announcements and financial results visit
https://www.pitneybowes.com/us/newsroom.html. For additional information visit Pitney Bowes at <U>www.pitneybowes.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above materials contain &#147;forward-looking statements&#148; about the Company&#146;s expected or potential future business and financial
performance. Forward-looking statements include, but are not limited to, statements about future revenue and earnings guidance and future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and
uncertainties that could cause actual results to differ materially from those projected. In particular, we continue to navigate the impacts of the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic
<FONT STYLE="white-space:nowrap">(Covid-19)</FONT> as well as the risk of a global recession, and the effects that they may have on our and our clients&#146; business. Other factors which could cause future financial performance to differ materially
from expectations, and which may also be exacerbated by <FONT STYLE="white-space:nowrap">Covid-19</FONT> or the risk of a global recession or a negative change in the economy, include, without limitation, declining physical mail volumes; changes in
postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; the loss of, or significant changes to, United States Postal Service (USPS) commercial
programs, or our contractual relationships with the USPS or USPS&#146; performance under those contracts; our ability to continue to grow and manage volumes, gain additional economies of scale and improve profitability within our Global Ecommerce
segment; changes in labor and transportation availability and costs; and other factors as more fully outlined in the Company&#146;s 2022 Form <FONT STYLE="white-space:nowrap">10-K</FONT> Annual Report and other reports filed with the Securities and
Exchange Commission (the &#147;SEC&#148;). Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pitney Bowes has filed a definitive proxy statement (the &#147;Proxy Statement&#148;) and other documents with the SEC in connection with its solicitation of
proxies from shareholders in respect of Pitney Bowes&#146; 2023 annual meeting of shareholders. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS, INCLUDING PITNEY BOWES&#146; PROXY STATEMENT
AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AND THE ACCOMPANYING GOLD PROXY CARD, FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN, OR WILL CONTAIN, IMPORTANT INFORMATION ABOUT PITNEY BOWES. Shareholders may obtain free copies of
the Proxy Statement and other relevant documents that Pitney Bowes files with the SEC and on Pitney Bowes&#146; website at http://www.pitneybowes.com or from the SEC&#146;s website at <U>http://www.sec.gov</U>. </P>
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