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Venture Capital
lemhiventures.com

Investments

29

Portfolio Exits

13

Funds

2

Partners & Customers

1

Service Providers

1

About Lemhi Ventures

Lemhi Ventures is a venture capital firm investing exclusively in the health care services industry.

Headquarters Location

202 Water Street Suite 200

Excelsior, Minnesota, 55331,

United States

952-908-9680

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Latest Lemhi Ventures News

Hestia Capital Nominates Seven Highly Qualified, Independent Candidates for Election to Pitney Bowes’ Long-Tenured, Underperforming Board of Directors

Jan 23, 2023

Kurt Wolf is the Managing Member and Chief Investment Officer of Hestia Capital Management LLC, which is a sizable stockholder of Pitney Bowes. Previously, Kurt worked in financial, investing and operating roles, including as a senior analyst at Relational Investors and as co-founding partner at Lemhi Ventures, a healthcare services venture capital incubator. Kurt was also co-founding partner at Definity Health, a leading company in the consumer-driven health space that was purchased by UnitedHealth Group Inc. (NYSE: UNH) in December 2004. Earlier in his career, Kurt was a consultant at Deloitte and The Boston Consulting Group. Kurt earned his M.B.A from the Stanford Graduate School of Business and his B.A. in Economics and Mathematics from Carleton College. About Hestia Capital Hestia Capital is a long-term focused, deep value investment firm that typically makes long-term investments in a narrow selection of companies facing company-specific, and/or industry, disruptions. Hestia seeks to leverage its General Partner’s expertise in competitive strategy, operations and capital markets to identify attractive situations within this universe of disrupted companies. These companies are often misunderstood by the general investing community or suffer from mismanagement, which we reasonably expect to be corrected, and provide the ‘price dislocations’ which allows Hestia to identify, and invest in, highly attractive risk/reward investment opportunities. CERTAIN INFORMATION CONCERNING THE PARTICIPANTS Hestia Capital Partners, LP (“Hestia Capital”), together with the other participants named herein (collectively, “Hestia”), intends to file a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2023 annual meeting of stockholders of Pitney Bowes Inc., a Delaware corporation (the “Company”). HESTIA STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV . IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR. The participants in the proxy solicitation are anticipated to be Hestia Capital, Helios I, LP (“Helios”), Hestia Capital Partners GP, LLC (“Hestia Partners GP”), Hestia Capital Management, LLC (“Hestia LLC”), Kurtis J. Wolf, Milena Alberti-Perez, Todd A. Everett, Carl J. Grassi, Katie A. May, Kenneth T. McBride and Lance E. Rosenzweig. As of the date hereof, the participants in the proxy solicitation beneficially own in the aggregate 12,619,771 shares of Common Stock, par value $1.00 per share, of the Company (the “Common Stock”). As of the date hereof, Hestia Capital beneficially owns 3,450,000 shares of Common Stock, including 100 shares held in record name. As of the date hereof, Helios beneficially owns 8,602,000 shares of Common Stock. Hestia Partners GP, as the general partner of each of Hestia Capital and Helios, may be deemed to beneficially own the (i) 3,450,000 shares of Common Stock beneficially owned by Hestia Capital and (ii) 8,602,000 shares of Common Stock beneficially owned by Helios. Hestia LLC, as the investment manager of each of Hestia Capital, Helios and certain separately managed accounts (the “SMAs”), may be deemed to beneficially own the (i) 3,450,000 shares of Common Stock beneficially owned by Hestia Capital, (ii) 8,602,000 shares of Common Stock beneficially owned by Helios and (iii) 523,000 shares of Common Stock held in the SMAs. Mr. Wolf, as the Managing Member of each of Hestia Partners GP and Hestia LLC, may be deemed to beneficially own the (i) 3,450,000 shares of Common Stock beneficially owned by Hestia Capital, (ii) 8,602,000 shares of Common Stock beneficially owned by Helios and (iii) 523,000 shares of Common Stock held in the SMAs. As of the date hereof, Mr. Everett beneficially owns 9,771 shares of Common Stock. As of the date hereof, Mr. Grassi beneficially owns 25,000 shares of Common Stock. As of the date hereof, Mr. Rosenzweig beneficially owns 10,000 shares of Common Stock. As of the date hereof, none of Mmes. Alberti-Perez and May or Mr. McBride beneficially own any shares of Common Stock. 1 Total stockholder return calculation includes dividends reinvested and runs through the close of trading on November 18, 2022, which is the last day of trading prior to Hestia filing its Schedule 13D with the U.S. Securities and Exchange Commission. Contacts

Lemhi Ventures Investments

29 Investments

Lemhi Ventures has made 29 investments. Their latest investment was in Paytient as part of their Series A on July 7, 2021.

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Lemhi Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/2/2021

Series A

Paytient

$17.2M

Yes

4

6/28/2018

Series A - II

Surest

$10M

No

1

3/20/2018

Series D - II

Digital Reasoning Systems

$30M

No

5

2/20/2018

Series A

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$99M

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10

11/21/2017

Seed VC

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$99M

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0

Date

7/2/2021

6/28/2018

3/20/2018

2/20/2018

11/21/2017

Round

Series A

Series A - II

Series D - II

Series A

Seed VC

Company

Paytient

Surest

Digital Reasoning Systems

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Amount

$17.2M

$10M

$30M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Sources

4

1

5

10

0

Lemhi Ventures Portfolio Exits

13 Portfolio Exits

Lemhi Ventures has 13 portfolio exits. Their latest portfolio exit was Digital Reasoning Systems on November 10, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/10/2020

Acquired

$99M

1

12/4/2019

Acquired

$99M

1

3/25/2019

Acq - Fin

$99M

2

12/18/2018

Acquired

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$99M

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10

3/7/2018

Acquired

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$99M

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10

Date

11/10/2020

12/4/2019

3/25/2019

12/18/2018

3/7/2018

Exit

Acquired

Acquired

Acq - Fin

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

1

2

10

10

Lemhi Ventures Fund History

2 Fund Histories

Lemhi Ventures has 2 funds, including Lemhi Ventures Fund II LP.

Closing Date

Fund

Fund Type

Status

Amount

Sources

6/22/2012

Lemhi Ventures Fund II LP

Multi-Stage Venture Capital

Closed

$150M

1

5/31/2006

Lemhi Ventures Fund I LP

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$99M

10

Closing Date

6/22/2012

5/31/2006

Fund

Lemhi Ventures Fund II LP

Lemhi Ventures Fund I LP

Fund Type

Multi-Stage Venture Capital

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Status

Closed

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Amount

$150M

$99M

Sources

1

10

Lemhi Ventures Partners & Customers

1 Partners and customers

Lemhi Ventures has 1 strategic partners and customers. Lemhi Ventures recently partnered with PlanSource on .

Date

Type

Business Partner

Country

News Snippet

Sources

Partner

United States

Written by Staff Writer. Powered by Web Marketing. Home Regional News Central Florida News. Orlando's PlanSource Scores $12 Million from Lemhi Ventures - Florida Technology Journal

`` We 're pleased to be able to use this strategic investment from Lemhi Ventures to grow our relationships with both the national healthcare companies and the businesses they serve , '' said Dayne Williams , CEO of PlanSource .

1

Date

Type

Partner

Business Partner

Country

United States

News Snippet

Written by Staff Writer. Powered by Web Marketing. Home Regional News Central Florida News. Orlando's PlanSource Scores $12 Million from Lemhi Ventures - Florida Technology Journal

`` We 're pleased to be able to use this strategic investment from Lemhi Ventures to grow our relationships with both the national healthcare companies and the businesses they serve , '' said Dayne Williams , CEO of PlanSource .

Sources

1

Lemhi Ventures Service Providers

1 Service Provider

Lemhi Ventures has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

General Counsel

Service Provider

Associated Rounds

Provider Type

Counsel

Service Type

General Counsel

Partnership data by VentureSource

Lemhi Ventures Team

3 Team Members

Lemhi Ventures has 3 team members, including current Managing Partner, Tony Miller.

Name

Work History

Title

Status

Tony Miller

Managing Partner

Current

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Name

Tony Miller

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Work History

Title

Managing Partner

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Status

Current

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