EXHIBIT (i)

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

(Dollars in thousands)

		Years ended December 31
		2003		2002		2001 (2)		2000 (2)		1999 (2)
Income from continuing operations before    income taxes		$	721,091	$	619,445	$	766,384	$	802,848	$	823,942
Add:
	Interest expense		167,649		185,352		193,076		200,957		175,699
	Portion of rents representative of the interest   factor		45,978		43,032		36,032		34,512		33,042
	Amortization of capitalized interest		1,473		1,348		973		973		973
	Minority interest in the income of subsidiary   with fixed charges		3,924		5,415		9,995		14,237		12,033
Income as adjusted		$	940,115	$	854,592	$	1,006,460	$	1,053,527	$	1,045,689
Fixed charges:
	Interest expense	$	167,649	$	185,352	$	193,076	$	200,957	$	175,699
	Capitalized interest		-		-		-		2,383		1,316
	Portions of rents representative of the interest   factor		45,978		43,032		36,032		34,512		33,042
	Minority interest, excluding taxes, in the   income of subsidiary with fixed charges		5,718		7,663		14,893		20,298		17,610
Total fixed charges		$	219,345	$	236,047	$	244,001	$	258,150	$	227,667
Ratio of earnings to fixed charges			4.29		3.62		4.12		4.08		4.59

(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)	Amounts reclassified to reflect Office Systems, CPLC and AMIC as discontinued operations. Interest expense and the portion of rents representative of the interest factor of these discontinued operations have been excluded from fixed charges in the computation.
	Including these amounts in fixed charges, the ratio of earnings to fixed charges would be 3.98, 3.95 and 4.37 for the years ended December 31, 2001, 2000 and 1999, respectively.

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