STAMFORD, Conn.--(BUSINESS WIRE)--February 5, 2009--Pitney Bowes Inc. (NYSE:PBI) today reported 2008 fourth quarter and annual financial results.

Adjusted earnings per diluted share for the fourth quarter increased 8 percent to $.77 from $.72 for the prior year. Adjusted earnings per diluted share for the year increased 2 percent to $2.78 from $2.72 for the prior year, and was within the company’s annual guidance of $2.75 to $2.82. Adjusted earnings per diluted share for the quarter and the year excludes pre-tax charges related to restructuring initiatives; impairments of certain intangible assets; and tax adjustments related primarily to deferred tax assets associated with certain U.S. leasing transactions. Adjusted earnings per diluted share also exclude losses from discontinued operations for the quarter and for the year.

On a Generally Accepted Accounting Principles (GAAP) basis, the company reported earnings per diluted share of $.36 for the fourth quarter, compared with a loss of $.27 per diluted share for the prior year. Earnings per diluted share for the year on a GAAP basis increased 21 percent to $2.00 from $1.66 for the prior year.

The company’s adjusted income from continuing operations was $160 million for the quarter and $583 million for the year. On a GAAP basis, the company reported net income for the quarter of $74 million and $420 million for the year.

Revenue for the quarter was $1.6 billion, a decline of 7 percent compared with the prior year driven primarily by currency. On a constant currency basis revenue declined less than 2 percent. For the full-year, currency had a nominal impact on revenue which increased 2 percent to $6.3 billion, and was within the company’s guidance range of 2 to 4 percent.

The company’s results for the quarter and the year are further summarized in the table below:

	Fourth Quarter*	Full Year 2008
Adjusted EPS	$0.77	$2.78
Restructuring & Asset Impairments	($0.40)	($0.69)
Tax Adjustments	$0.07	$0.04
GAAP EPS from Continuing Operations	$0.45	$2.13
Discontinued Operations	($0.09)	($0.13)
GAAP EPS	$0.36	$2.00

*The sum of the earnings per share does not equal the totals above due to rounding.

Free cash flow was $235 million for the quarter and $888 million for the year. This compares with the company’s guidance that free cash flow would be in excess of $800 million for the year.

On a GAAP basis, the company generated $249 million in cash from operations for the quarter and $990 million for the year.

During the quarter, the company used $72 million of cash for dividends and did not repurchase any of its shares. For the year, the company returned $292 million to shareholders through dividends and repurchased $333 million of its shares. The company still has $73 million of authorization remaining for future share repurchases.

Commenting on the quarter and the year, Chairman, President and CEO Murray D. Martin noted, “I am very pleased with the way our company performed during one of the most turbulent economic environments in recent history. On a full-year basis we generated robust cash flow, increased revenue, and grew adjusted EPS in line with current guidance. We believe these results were even more notable given the impact of currency. Significant currency fluctuation, particularly the strengthening of the U.S. dollar, reduced our earnings per share by five cents for the year, when compared with the original guidance we provided at the beginning of 2008.

“Our results highlight the resiliency of our business model, our disciplined focus on cash generation, and the execution of our restructuring initiatives. In late 2007, we initiated aggressive actions that we continued throughout 2008 to reduce our cost structure, streamline our operations and enhance our customer experience. The results of these actions can be seen in improving gross margins across nearly all our revenue streams, as well as improving EBIT margins in many of our business segments. Our enhanced actions in the fourth quarter 2008 will strengthen our ability to manage through the uncertainties and maximize the benefits of future economic recovery.

“In addition, we also took steps to further improve our capital position and increase our liquidity during these uncertain times. During the fourth quarter, we reduced our debt by $220 million, providing additional capital capacity. Throughout the year we maintained a strong investment grade credit rating for our debt and as a result, we continued to have unencumbered access to the commercial paper market.

“We will continue to invest in developing new products and services, enhancing our customer experience, and improving our business processes with the expectation that our business model will continue to generate substantial free cash flow in 2009. For the 27^th consecutive year, our Board of Directors approved an increase in the quarterly dividend. The dividend for the first quarter will increase 3 percent to $.36 per common share.”

Mailstream Solutions earnings before interest and taxes (EBIT) declined 3 percent to $317 million while revenue decreased 9 percent to $1.1 billion, when compared with the prior year.

U.S. Mailing EBIT as a percentage of revenue improved to 41.2 percent from 40.4 percent, because of the ongoing actions the company has taken to reduce costs and streamline operations. EBIT declined one percent to $228 million as a result of the decline in revenue of 3 percent to $554 million. U.S. Mailing had a 6 percent increase in equipment sales revenue, versus the prior year, as it started to benefit from the anticipated higher number of customers with leases becoming available for renewal and upgrade. This growth was offset by lower financing revenue, meter rentals, and supplies sales resulting from lower equipment sales over the last year as well as the slowing economy.

International Mailing EBIT as a percentage of revenue improved to 16.8 percent from 15.0 percent, because of actions taken over the past two years to reduce costs through the outsourcing of manufacturing and the consolidation of back office operations. EBIT declined only 8 percent to $42 million on a currency-driven revenue decline of 18 percent to $252 million. Unfavorable currency translation caused 15 percentage points of the revenue decline for the quarter. Acquisitions added about one percent to revenue growth. On a local currency basis, there was positive revenue growth in Latin America, France, and Germany. Worsening economic conditions resulted in a decline in revenue in the UK, Canada and Asia Pacific.

Worldwide Production Mail EBIT as a percentage of revenue improved to 19.4 percent from 16.3 percent, because of ongoing actions to reduce administrative costs and improve gross margins. These actions were part of the company’s aggressive restructuring initiatives implemented in anticipation of a slowing capital investment environment. EBIT increased 8 percent to $34 million while revenue declined 10 percent to $177 million, of which 6 percentage points pertained to unfavorable currency translation. The company continued to see strong demand in the UK, France and Canada for its high-speed, intelligent inserting systems. Sales in the U.S., other parts of Europe and Latin America slowed as large enterprises curtailed their big-ticket capital expenditures due to ongoing credit constraints and global economic uncertainty.

Software EBIT as a percentage of revenue declined to 11.9 percent from 17.2 percent, primarily because of lower revenue, product mix and the planned investments in the expansion of the distribution channel and globalization of the company’s research and development infrastructure. EBIT declined 38 percent to $12 million and revenue declined 11 percent to $104 million. Unfavorable currency translation caused 9 percentage points of the revenue decline and acquisitions added about 5 percentage points to revenue growth for the quarter. Consistent with the behavior noted in other businesses, there were fewer large-ticket licensing deals than the prior year as customers assessed the overall business environment.

Mailstream Services reported a decline in EBIT of 5 percent to $40 million and a decline in revenue of 2 percent to $466 million, when compared with the prior year.

Management Services EBIT as a percentage of revenue declined to 6.1 percent from 7.2 percent, primarily because of the decline in revenue during the quarter. In the U.S., despite declining transaction volumes, EBIT as a percentage of revenue improved by 70 basis points to more than 12 percent. This was a result of reducing the fixed cost structure of the business. For Management Services businesses outside the U.S., lower print and transaction volumes, particularly in the UK and Germany, resulted in a decline in EBIT. In aggregate EBIT for the segment declined 22 percent to $17 million and revenue declined 9 percent to $281 million. Unfavorable currency translation caused about 4 percentage points of the revenue decline for the quarter.

Mail Services EBIT increased 6 percent to $19 million and revenue increased 19 percent to $142 million. Unfavorable currency translation reduced revenue growth by about 1 percentage point, while acquisitions added about 14 percentage points to growth for the quarter. Solid growth in the volume of mail processed contributed to underlying revenue growth. EBIT as a percentage of revenue declined to 13.4 percent from 15.0 percent. As has been the case in past expansion periods, the benefits from operating leverage were temporarily offset by the integration costs associated with acquisitions in the U.S. and UK earlier in 2008. Excluding these sites, EBIT margin would have improved 80 basis points to 15.8 percent. The company expects positive EBIT margin contributions from the acquired sites in 2009 as they become fully integrated.

Marketing Services EBIT as a percentage of revenue improved to 9.9 percent from 5.2 percent, because of the strong performance of the postal change of address marketing program. EBIT as a percentage of revenue also benefited from cost reduction initiatives and the exit from the company’s motor vehicle registration services program. EBIT increased 73 percent to $4 million while revenue declined 8 percent to $43 million.

The company’s recurring revenue model, as well as the actions the company has taken to significantly reduce costs and streamline its operations, help mitigate, but do not eliminate the effects of prolonged global economic weakness and unanticipated currency fluctuations. Two external factors in particular, the strengthening of the U.S. dollar and the Japanese yen last year and the significant increase in pension costs related to recent changes in financial markets and interest rates, will impact 2009 reported results.

Given the uncertainty and volatility that characterizes today’s markets, the company is providing a wider range of guidance than it has historically. The guidance presumes no significant changes in foreign currency exchange rates or interest rates from their current levels.

On a constant currency basis, the company expects 2009 revenue in the range of 1 percent growth to a decline of 2 percent. On a reported basis, the company expects revenue in the range of a decline of 4 percent to 7 percent, which includes an estimated negative 5 percent impact from currency when compared with 2008.

The company expects adjusted earnings per diluted share from continuing operations for the year will be in the range of $2.55 to $2.75. Adjusted EPS would grow in the mid-single digit range compared with 2008, excluding an estimated negative impact of $.30 to $.35 per diluted share from currency and incremental pension expense.

On a GAAP basis, the company expects earnings per diluted share from continuing operations for the year will be in the range of $2.49 to $2.69. GAAP earnings per diluted share from continuing operations will include approximately 6 cents per share related to a non-cash tax charge associated with out-of-the-money stock options that expire principally in the first quarter of 2009.

The company also expects to generate free cash flow in a range of $700 million to $800 million for the year.

Mr. Martin concluded, “While no one can predict with any certainty what the future will bear and when the economy will improve, our business model and the actions we have taken position us well to weather these uncertain times and, as conditions improve, to continue to lever our actions for strong profitable growth.”

Management of Pitney Bowes will discuss the company’s results in a broadcast over the Internet today at 5:00 p.m. EST. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the company’s web site at www.pb.com/investorrelations.

Pitney Bowes is a $6.3 billion global leader whose products, services and solutions deliver value within the mailstream and beyond. For more information visit www.pitneybowes.com.

Pitney Bowes has presented in this earnings release diluted earnings per share on an adjusted basis. Also, management has included a presentation of free cash flow on an adjusted basis, adjusted income from continuing operations, and earnings before interest and taxes (EBIT). Management believes this presentation provides a reasonable basis on which to present the adjusted financial information, and is provided to assist in investors' understanding of the company's results of operations. The company's financial results are reported in accordance with generally accepted accounting principles (GAAP). However, earnings per share, income from continuing operations, and free cash flow results are adjusted to exclude the impact of special items such as transition initiatives, restructuring charges, accounting adjustments and write downs of assets, which materially impact the comparability of the company's results of operations. Although these charges represent actual expenses to the company, these charges might mask the periodic income and financial and operating trends associated with our business.

The use of free cash flow has limitations. GAAP cash flow has the advantage of including all cash available to the company after actual expenditures for all purposes. Free cash flow permits a shareholder insight into the amount of cash that management could have available for discretionary uses if it made different decisions about employing its cash. It adjusts for long-term commitments such as capital expenditures, as well as special items like cash used for restructuring charges, unusual tax payments and contributions to its pension funds. Of course, these items use cash that is not otherwise available to the company and are important expenditures. Management compensates for these limitations by using a combination of GAAP cash flow and free cash flow in doing its planning.

The adjusted financial information and certain financial measures such as EBIT are intended to be more indicative of the ongoing operations and economic results of the company. EBIT excludes interest payments and taxes, both cash expenses to the company, and as a result, has the effect of showing a greater amount of earnings than net income. The company uses EBIT, in addition to net income and income from continuing operations, for purposes of measuring the performance of its management team. The interest rates and tax rates applicable to the company generally are outside the control of management, and it can be useful to judge performance independent of those variables.

The adjusted financial information should be viewed as a supplement to, rather than a replacement for, the financial results reported in accordance with GAAP. Further, our definition of this adjusted financial information may differ from similarly titled measures used by other companies.

Pitney Bowes has provided in supplemental schedules attached for reference adjusted financial information and a quantitative reconciliation of the differences between the adjusted financial measures with the financial measures calculated and presented in accordance with GAAP, except with respect to our guidance because it would not be meaningful. Additional reconciliation of adjusted financial measures to financial measures calculated and presented in accordance with GAAP may be found at the company's web site www.pb.com/investorrelations in the Investor Relations section.

The information contained in this document is as of December 31, 2008. Results are preliminary and unaudited. This document contains “forward-looking statements” about our expected future business and financial performance. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “estimate,” “project,” “plan,” “believe,” "expect," "anticipate," “intend,” and similar expressions may identify forward-looking statements. For us forward-looking statements include, but are not limited to, statements about possible restructuring charges and our future guidance, including our expected revenue, and our expected diluted earnings per share for the full year 2009. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: the uncertain economic environment, including adverse impacts on customer demand, timely development and acceptance of new products or gaining product approval; successful entry into new markets; changes in interest rates; changes in foreign currency exchange rates; changes in tax rates; and changes in postal regulations, as more fully outlined in the company's 2007 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements are subject to change based on the timing and specific terms of any announced acquisitions or dispositions.

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months and year ended December 31, 2008 and 2007, and consolidated balance sheets at December 31, 2008 and September 30, 2008 are attached.

Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited)

(Dollars in thousands, except per share data)

		Three Months Ended December 31,						Twelve Months Ended December 31,
		2008			2007			2008			2007
Revenue:
	Equipment sales	$	341,175		$	373,670		$	1,252,058		$	1,335,538
	Supplies		86,664			101,281			392,414			393,478
	Software		109,679			122,440			424,296			346,020
	Rentals		174,502			186,697			728,160			739,130
	Financing		180,877			203,463			772,711			790,121
	Support services		188,428			196,318			768,424			760,915
	Business services		471,264			480,378			1,924,242			1,764,593

	Total revenue		1,552,589			1,664,247			6,262,305			6,129,795

Costs and expenses:
	Cost of equipment sales		178,442			215,027			663,430			696,900
	Cost of supplies		23,197			28,793			103,870			106,702
	Cost of software		21,250			27,724			101,357			82,097
	Cost of rentals		39,604			42,879			153,831			171,191
	Cost of support services		104,238			112,492			447,745			433,324
	Cost of business services		369,849			371,894			1,508,098			1,380,541
	Selling, general and administrative		475,375			513,871			1,948,473			1,907,160
	Research and development		49,444			47,301			205,620			185,665
	Restructuring charges and asset impairments		115,117			259,713			200,254			264,013
	Interest, net		48,986			62,217			216,450			241,871
	Other income		-			-			-			(380	)

	Total costs and expenses		1,425,502			1,681,911			5,549,128			5,469,084

Income (loss) from continuing operations before income taxes and minority interest
			127,087			(17,664	)		713,177			660,711

Provision for income taxes			29,540			45,656			244,929			280,222
Minority interest (preferred stock dividends of subsidiaries)
			4,621			4,838			20,755			19,242

Income (loss) from continuing operations			92,926			(68,158	)		447,493			361,247
(Loss) income from discontinued operations, net of tax
(Loss) income from discontinued operations, net of tax			(18,974	)		10,229			(27,700	)		5,534

Net income (loss)		$	73,952		$	(57,929	)	$	419,793		$	366,781

Basic earnings per share of common stock:
Continuing operations			0.45		$	(0.32	)	$	2.15		$	1.65
Discontinued operations			(0.09	)		0.05			(0.13	)		0.03

Net income (loss)		$	0.36		$	(0.27	)	$	2.01		$	1.68

Diluted earnings per share of common stock:
Continuing operations		$	0.45		$	(0.31	)	$	2.13		$	1.63
Discontinued operations			(0.09	)		0.05			(0.13	)		0.03

Net income (loss)		$	0.36		$	(0.27	)	$	2.00		$	1.66

Average common and potential common shares outstanding
Average common and potential common shares outstanding			206,933,281			218,219,350			209,699,471			221,219,746


Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.

Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited)

(Dollars in thousands, except per share data)

Assets				12/31/08			09/30/08
Current assets:
	Cash and cash equivalents			$	376,671		$	458,786
	Short-term investments				21,551			22,597
	Accounts receivable, less allowances:
		12/08 $ 45,264	09/08 $47,871		819,667			829,963
	Finance receivables, less allowances:
		12/08 $ 45,932	09/08 $ 42,227		1,455,746			1,450,981
	Inventories				161,321			204,606
	Current income taxes				79,909			76,633
	Other current assets and prepayments				202,151			256,346

		Total current assets			3,117,016			3,299,912

Property, plant and equipment, net					574,260			591,940
Rental property and equipment, net					397,949			407,220
Long-term finance receivables, less allowances:
		12/08 $ 25,858	09/08 $ 26,189		1,419,964			1,459,957
Investment in leveraged leases					201,921			237,417
Goodwill					2,251,830			2,311,588
Intangible assets, net					375,822			411,086
Non-current income taxes					64,387			43,580
Other assets					423,595			611,678

Total assets				$	8,826,744		$	9,374,378

Liabilities and stockholders' equity
Current liabilities:
	Accounts payable and accrued liabilities			$	1,922,399		$	1,876,174
	Current income taxes				103,663			159,939
	Notes payable and current portion of long-term obligations				770,501			985,196
	Advance billings				505,644			547,401

		Total current liabilities			3,302,207			3,568,710

Deferred taxes on income					278,351			453,640
FIN 48 uncertainties and other income tax liabilities					295,803			303,881
Long-term debt					3,940,775			3,872,580
Other non-current liabilities					823,322			408,823

		Total liabilities			8,640,458			8,607,634

Preferred stockholders' equity in subsidiaries					374,165			374,165

Stockholders' equity:
	Cumulative preferred stock, $50 par value, 4% convertible				7			7
	Cumulative preference stock, no par value, $2.12 convertible				976			977
	Common stock, $1 par value				323,338			323,338
	Capital in excess of par value				259,306			253,993
	Retained earnings				4,278,804			4,277,016
	Accumulated other comprehensive loss				(596,341	)		(7,112	)
	Treasury stock, at cost				(4,453,969	)		(4,455,640	)

		Total stockholders' equity			(187,879	)		392,579

Total liabilities and stockholders' equity				$	8,826,744		$	9,374,378

Pitney Bowes Inc.
Revenue and EBIT
Business Segments
December 31, 2008
(Unaudited)

(Dollars in thousands)
								%
		2008			2007			Change
Fourth Quarter

	Revenue

	U.S. Mailing	$	554,062		$	570,231		(3	%)
	International Mailing		251,507			305,472		(18	%)
	Production Mail		176,897			196,306		(10	%)
	Software		103,680			116,550		(11	%)
	Mailstream Solutions		1,086,146			1,188,559		(9	%)

	Management Services		281,092			308,889		(9	%)
	Mail Services		141,901			119,511		19	%
	Marketing Services		43,450			47,288		(8	%)
	Mailstream Services		466,443			475,688		(2	%)

	Total Revenue	$	1,552,589		$	1,664,247		(7	%)

	EBIT (1)

	U.S. Mailing	$	228,335		$	230,458		(1	%)
	International Mailing		42,147			45,946		(8	%)
	Production Mail		34,398			31,902		8	%
	Software		12,373			19,998		(38	%)
	Mailstream Solutions		317,253			328,304		(3	%)

	Management Services		17,242			22,122		(22	%)
	Mail Services		18,964			17,944		6	%
	Marketing Services		4,285			2,481		73	%
	Mailstream Services		40,491			42,547		(5	%)

	Total EBIT	$	357,744		$	370,851		(4	%)

	Unallocated amounts:
	Interest, net		(48,986	)		(62,217	)
	Corporate expense		(60,842	)		(63,629	)
	Restructuring charges and asset impairments
	Restructuring charges and asset impairments		(115,117	)		(259,713	)
	Other items		(5,712	)		(2,956	)
	Income before income taxes	$	127,087		$	(17,664	)	-


(1)	Earnings before interest and taxes (EBIT) excludes general corporate expenses and restructuring charges and asset impairments.

Pitney Bowes Inc.
Revenue and EBIT
Business Segments
December 31, 2008
(Unaudited)

(Dollars in thousands)
								%
		2008			2007			Change
Year To Date

	Revenue

	U.S. Mailing	$	2,206,856		$	2,364,061		(7	%)
	International Mailing		1,133,652			1,069,713		6	%
	Production Mail		616,255			622,699		(1	%)
	Software		399,814			326,359		23	%
	Mailstream Solutions		4,356,577			4,382,832		(1	%)

	Management Services		1,172,170			1,134,767		3	%
	Mail Services		541,776			441,353		23	%
	Marketing Services		191,782			170,843		12	%
	Mailstream Services		1,905,728			1,746,963		9	%

	Total Revenue	$	6,262,305		$	6,129,795		2	%

	EBIT (1)

	U.S. Mailing	$	895,957		$	964,666		(7	%)
	International Mailing		184,667			162,257		14	%
	Production Mail		81,514			74,364		10	%
	Software		28,335			37,031		(23	%)
	Mailstream Solutions		1,190,473			1,238,318		(4	%)

	Management Services		70,173			76,051		(8	%)
	Mail Services		68,800			56,416		22	%
	Marketing Services		15,690			8,930		76	%
	Mailstream Services		154,663			141,397		9	%

	Total EBIT	$	1,345,136		$	1,379,715		(3	%)

	Unallocated amounts:
	Interest, net		(216,450	)		(241,871	)
	Corporate expense		(209,543	)		(210,544	)
	Restructuring charges and asset impairments
	Restructuring charges and asset impairments		(200,254	)		(264,013	)
	Other items		(5,712	)		(2,576	)

	Income before income taxes	$	713,177		$	660,711		8	%


(1)	Earnings before interest and taxes (EBIT) excludes general corporate expenses and restructuring charges and asset impairments.

Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)

(Dollars in thousands, except per share amounts)

	Three months ended December 31,						Twelve months ended December 31,
	2008			2007			2008			2007

GAAP income (loss) from continuing operations
after income taxes, as reported	$	92,926		$	(68,158	)	$	447,493		$	361,247
Restructuring charges and asset impairments		82,347			190,156			144,210			192,628
Tax adjustment		(15,272	)		32,461			(8,792	)		36,063
MapInfo purchase accounting		-			2,094			322			11,171
Other items, net		-			233			-			4
Income from continuing operations
after income taxes, as adjusted	$	160,001		$	156,786		$	583,233		$	601,113


GAAP diluted earnings per share from
continuing operations, as reported	$	0.45		$	(0.31	)	$	2.13		$	1.63
Restructuring charges and asset impairments		0.40			0.87			0.69			0.87
Tax adjustment		(0.07	)		0.15			(0.04	)		0.16
MapInfo purchase accounting		-			0.01			0.00			0.05
Other items, net		-			0.00			-			0.00
Diluted earnings per share from continuing
operations, as adjusted	$	0.77		$	0.72		$	2.78		$	2.72


GAAP net cash provided by operating activities, as reported
GAAP net cash provided by operating activities, as reported	$	248,735		$	363,700		$	990,437		$	1,060,465
Capital expenditures		(67,330	)		(62,643	)		(237,308	)		(264,656	)
Proceeds from sale of training facility		-			29,608			-			29,608
Restructuring payments and discontinued operations		36,822			7,300			103,273			35,831
Loss on redemption of preferred stock issued by a subsidiary
		-			-			(1,777	)		-
Reserve account deposits		16,742			36,160			33,359			62,666

Free cash flow, as adjusted	$	234,969		$	374,125		$	887,984		$	923,914


Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.

CONTACT:
Pitney Bowes Inc.
Editorial:
Sheryl Y. Battles, 203-351-6808
VP, Corp. Communications
or
Financial:
Charles F. McBride, 203-351-6349
VP, Investor Relations
www.pitneybowes.com

(c)	Exhibits
	99.1	Press release of Pitney Bowes Inc. dated February 5, 2009.

				Pitney Bowes Inc.

February 5, 2009


				/s/ S.J. Green
				S.J. Green
				Vice President – Finance and Chief Accounting Officer (Principal Accounting Officer)