EXHIBIT (iii)

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

(Dollars in thousands)
	Years ended December 31,
	2007		2006		2005		2004		2003
Income from continuing operations before income taxes and minority interest	$	660,711	$	914,490	$	811,668	$	608,390	$	593,657
Add:
Interest expense		250,540		228,418		193,174		161,650		166,856
Portion of rents representative of the interest factor		48,969		46,255		52,823		51,445		45,978
Amortization of capitalized interest		1,717		1,345		986		1,473		1,473
Income as adjusted	$	961,937	$	1,190,508	$	1,058,651	$	822,958	$	807,964
Fixed charges:
Interest expense	$	250,540	$	228,418	$	193,174	$	161,650	$	166,856
Portions of rents representative of the interest factor		48,969		46,255		52,823		51,445		45,978
Minority interest, excluding taxes, in the income of subsidiary with fixed charges		33,412		21,819		16,512		8,338		5,701
Total fixed charges	$	332,921	$	296,492	$	262,509	$	221,433	$	218,535
Ratio of earnings to fixed charges		2.89		4.02		4.03		3.72		3.70

(1) The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest.

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