Pitney Bowes : Investor Conference Call Presentation

Accelerating the Transformation of Pitney Bowes

Investor Presentation - May 2024

Forward-Looking Statements

This document contains "forward-looking statements" about the Company's expected or potential future business and financial performance. Forward-looking statements can be identified by words including "expect," "believe," "anticipate," "estimate," "may," "will," "would," "could," "goal," "project," "target," "envision" or other similar words, phrases, or expressions. Forward-looking statements include, but are not limited to, statements about future revenue, opportunities, cash generation, cost rationalization, cash and liquidity optimization targets, deleveraging of our balance sheet, the Global Ecommerce strategic review and expected costs to be incurred in connection with the same; and other elements of our business strategy presented herein, including our ability to achieve our targets on the timelines noted herein, as well as any other 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. Factors which could cause future financial performance to differ materially from our goals or expectations include, without limitation, unanticipated obstacles to implementation of the Company's financial and operational goals and targets, unanticipated costs and expenses arising from the Company's business strategies (including the review of the Global Ecommerce business), unanticipated effects of the Company's financial and operational goals on the Company's ongoing business, the ultimate success of the Global Ecommerce strategic review; delays to the Company's ability to complete its strategic review and other planned financial and operational improvements on time or at all, changes in management's assumptions and plans, 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; our ability to continue to grow and manage unexpected fluctuations in volumes, gain additional economies of scale and improve profitability within our business; the loss of some of our larger clients; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships with the USPS or their performance under those contracts; the impacts of higher interest rates and the potential for future interest rate increases on our cost of debt; and other factors as more fully outlined in the Company's 2023 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission during 2024. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

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Use of Non-GAAP Measures

Our financial results are reported in accordance with generally accepted accounting principles (GAAP). We also disclose certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT). Adjusted EBIT excludes the impact of restructuring charges, goodwill impairment charges, foreign currency gains and losses on intercompany loans, gains, losses and costs related to acquisitions and dispositions, gains and losses on debt redemptions and other unusual items. Management believes that this non-GAAP measure provides investors greater insight into the underlying operating trends of the business. Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level and is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted Segment EBIT excludes interest, taxes, unallocated corporate expenses, foreign currency gains and losses on intercompany loans, restructuring charges, goodwill impairment, and other items not allocated to a business segment. Complete reconciliations of non-GAAP measures to comparable GAAP measures can be found in the Appendix to this presentation and at the Company's website at www.pb.com/investorrelations.

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Reconstituted Board with a Value-Enhancing Vision

The new Board is deeply involved in transforming Pitney Bowes into an efficient, simplified

enterprise with a strong balance sheet, highly-profitable segments and future opportunities for high-

margin growth in shipping categories.

Jill Sutton

New Independent Chair

Ms. Sutton brings strategic planning, corporate finance, M&A and governance expertise as a public company director and executive, including at General Motors and United Natural Foods.

Milena Alberti-Perez

Independent Director

Ms. Alberti-Perez brings significant financial expertise from her experience as Former CFO of Getty Images Inc., MediaMath and Penguin Random House

Todd Everett

Independent Director

Mr. Everett brings relevant industry expertise as the previous CEO of Newgistics and serves as an Independent Advisor to several e-commerce companies.

Lance Rosenzweig

Director and Interim CEO

Mr. Rosenzweig brings a background as a public company CEO who has achieved efficiencies, transformed businesses and recruited top talent.

Kurt Wolf

Independent Director

Mr. Wolf brings a strong background in strategy
consulting and corporate strategy as well as a
shareholder perspective. Mr. Wolf's investment firm,
Hestia Capital, owns approximately 9% of Pitney	4
Bowes.

New Interim CEO to Accelerate the Transformation

With the combination of a reconstituted Board and a new interim CEO with the necessary skills, we

see significant opportunity for much greater - and faster - progress.

Lance Rosenzweig

Interim CEO

Relevant Expertise

• Organizational restructurings
• Cost rationalization programs
• Debt reduction programs
• Transaction management

Prior Experience

• Previously CEO of Support.com (formerly Nasdaq: SPRT), a provider of customer and technical support solutions and security software.
• Previously CEO of StarTek, Inc. (formerly NYSE: SRT), a global business process outsourcing company, where Mr. Rosenzweig led the integration post-merger with Aegis, creating a unified culture and stability at a global organization.
• Previously served as a director of several public and private companies, including Boingo Wireless, Inc. and NextGen

Healthcare, Inc.

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Where Pitney Bowes Stands Today

A company with attractive businesses and a valuable bank, but many untapped opportunities for rationalizing costs, optimizing cash

and liquidity, deleveraging the balance sheet and focusing on core businesses.

SendTech Solutions (SendTech)

Revenue ($ in millions)

$1,414 $1,398 $1,519 $1,328

FY20 FY21 FY22 FY23

Adj. EBIT ($ in millions)

$443	$429	$402	$408

FY20

FY21

FY22

FY23

Presort Services (Presort)

Revenue ($ in millions)

$602 $618

$573

$521

FY20

FY21

FY22

FY23

Adj. EBIT ($ in millions)

$111

$80 $82

$56

FY20 FY21 FY22 FY23

Global Ecommerce (GEC)

Revenue ($ in millions)

$1,619 $1,703

$1,417 $1,321

FY20 FY21 FY22 FY23

Adj. EBIT ($ in millions)

FY20 FY21 FY22 FY23

($83)

($99) ($101)

($136)

Certain transactions and changes occurred in 2022 that impact the comparability to our 2023 financial results. These transactions and changes include:	Strategic Review Underway
•	the sale of our Borderfree cross-border ecommerce solutions business (Borderfree) in July 2022. Accordingly, reported revenue and costs for the twelve months ended
	December 31, 2022 include six months of revenue and costs for Borderfree. Net income of Borderfree for these periods was not significant.
•	a change in the presentation of revenue for digital delivery services effective October 1, 2022, from a gross basis to a net basis. Accordingly, in 2023, revenue and costs of
	revenue for certain digital delivery services are reported on a net basis; whereas in 2022, revenue and cost of revenue for these services through September 30 were

reported on a gross basis in revenue and cost of revenue, respectively. The change primarily impacts our Global Ecommerce segment.	6
In addition, effective January 1, 2024, the Company revised its segment disclosures to move GEC's digital shipping business into SendTech. This change in segment
presentation did not impact consolidated results. Revenue and Adjusted EBIT amounts for FY 22 and FY 23 were recast to reflect this presentation.

Strategic Initiatives to Drive Change

GEC

Review

Expeditiously

concluding a review of

the segment, leveraging the significant transaction experience of the Board.

Goal of conducting

review within 60 days.

Cost

Rationalization

Initial analysis has

identified an additional

$60 million to $100 million in potential annualized savings across the organization, apart from the GEC segment.

Cash	Balance
Optimization
Sheet
Targeting reductions	Deleveraging
in PBI's go-forward
required cash needs
by up to $200 million	In the near term,
through the following:	leadership intends to
improving its liquidity	deleverage the
forecasting and	corporate balance
management at all	sheet and prioritize the
levels, taking action on	paydown of high-cost
GEC1 and optimizing	debt.
the balance sheet of
Pitney Bowes Bank.

1Assumes path chosen after strategic review of GEC eliminates ongoing GEC losses, but does not include estimate for cost associated with GEC strategic action, which is still under	7
evaluation and dependent on strategic review.

Where We Envision Taking Pitney Bowes

AsWewe moenvisionahead,transformedwe anticipate aPitneytransformedBowesPBI,centeredon strongth ee strongbusinessesesthat(includingcan drivethe PBexcellentBank), excellentEBIT EBITmargins,strongcashcashgeneration,strengtha engthenedbalancebalancesheet andsheetattractiveandlongsustainable- erm growthlongopportunities-termgrowth. .

SendTech

• Global leader in mailing, with over 750,000 clients, including over 90% of the Fortune 500
• Highly profitable, predictable and cash generative
• Opportunity to accelerate SaaS/Shipping revenues, which now comprise over 15%1 of revenues and growing rapidly in a $6B market2

A Streamlined Corporate Center

Presort

• Largest workshare partner of the USPS, with predictable, recurring revenues, and growing margins
• Consistently growing revenues, despite a declining market
• Opportunity to accelerate growth through highly accretive, tuck-inacquisitions

GEC

Strategic Review Underway

Pitney Bowes Bank / Global Financial Services

• Strong, stable institution with over 350,000 clients and meaningful net income growth capacity
• Highly profitable, with above-averagerisk-adjusted returns
• Significant source of cash contribution

1. Source: PB Finance
2. Source: Company analysis, 3rd party analysts including Colography, Apex Insight, Insight Partners

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Cost Rationalization Efforts Underway

We are accelerating the pace and scope of cost reduction initiatives across all aspects of the business.

These will hit the bottom line.

We will run a leaner business

• Reduce corporate expenses
• Simplify the organization
• Consolidate duplicative functions
• Reduce discretionary, indirect spending

Targeting $60 million-$100 million in additional near-term cost cuts

Anticipated savings, in addition to elimination of ongoing GEC1 losses

Review of cost rationalization opportunities anticipated to be complete by June

Retained nationally recognized consultant to run the process

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1Does not include costs associated with future action on GEC, which are still under evaluation and dependent upon conclusion of strategic review.

Cash Optimization Opportunities

Targeting up to $200 million reduction in go-forward required cash

needs by:

• Improving international cash repatriation
• Optimizing the balance sheet of the Bank
• Operating the business with reduced working capital

Additional opportunity at PB Bank

As the balance sheet of the Bank is strengthened, this work will improve its return on equity

Actively manage the capital structure to enhance value

Once the Company is optimized, the Board can opportunistically capitalize on equity and debt market dislocations

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