EXHIBIT (i)

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

(Dollars in thousands)
	Years ended December 31,
	2009		2008		2007		2006		2005
Income from continuing operations before income taxes	$	693,176	$	713,177	$	660,711	$	914,490	$	811,668
Add:
Interest expense (2)		208,855		229,343		250,540		228,418		193,174
Portion of rents representative of the interest factor		41,499		43,030		48,969		46,255		52,823
Amortization of capitalized interest		1,716		1,717		1,717		1,345		986
Income as adjusted	$	945,246	$	987,267	$	961,937	$	1,190,508	$	1,058,651
Fixed charges:
Interest expense (2)	$	208,855	$	229,343	$	250,540	$	228,418	$	193,174
Portion of rents representative of the interest factor		41,499		43,030		48,969		46,255		52,823
Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes		32,851		31,610		33,412		21,819		16,512
Total fixed charges	$	283,205	$	303,983	$	332,921	$	296,492	$	262,509
Ratio of earnings to fixed charges		3.34		3.25		2.89		4.02		4.03

(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.

(2) Interest expense incudes both financing interest expense and other interest expense.

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