Ancora Redeems Investment In Hestia Special Purpose Vehicle, Now Directly Holding Pitney Bowes Shares

Ancora Holdings Group, LLC (together with its affiliates, "Ancora" or "we") today issued the below statement following its decision to redeem its investment in the long-term special purpose vehicle managed by Hestia Capital Management LLC and, in turn, start directly holding its shares of Pitney Bowes Inc. (NYSE:PBI) ("Pitney Bowes" or the "Company") due to the size of the position.

Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group LLC, and James Chadwick, President of Ancora Alternatives LLC, commented:

"We originally invested in Kurt Wolf's special purpose vehicle because we believed Kurt could be a catalyst of significant value creation at Pitney Bowes. More than two years later, Kurt has clearly been the driving force behind the Company's cost reductions, cash repatriation initiatives, debt reduction and the necessary divestiture of the Global Ecommerce unit. The excellent results speak for themselves. We look forward to remaining long term investors in Pitney Bowes and believe shareholders are well served by Kurt Wolf as the Company's Chief Executive Officer."