Pitney Bowes (PBI): 2Q First Take: Operating margins surprise to the upside, mitigated by a shortfall in revenue

Research evidence excerpt

Pitney Bowes (PBI): 2Q First Take: Operating margins surprise to the upside, mitigated by a shortfall in revenue

Goldman Sachs Pitney Bowes (PBI)

Disclosure Appendix

Reg AC

We, George K. Tong, CFA, Alex Lakritz and Sami Nasir, CFA, hereby certify that all of the views expressed in this report accurately reflect our personal

views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or

indirectly, related to the specific recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

Contributing Authors: George K. Tong, CFA Goldman Sachs & Co. LLC, Alex Lakritz Goldman Sachs & Co. LLC, Sami Nasir, CFA Goldman Sachs & Co.

LLC.

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment

Research division.

GS Factor Profile

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and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth,

Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The

normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may

vary depending on the fiscal year, industry and region, but the standard approach is as follows: