EXHIBIT (ii)

PITNEY BOWES INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

(Dollars in thousands)

	Years ended December 31,
	2006		2005		2004		2003		2002
Income from continuing operations before
income taxes and minority interest	$	914,490	$	811,668	$	608,390	$	593,657	$	690,267
Add:
Interest expense		228,418		193,174		161,650		166,856		189,962
Portion of rents representative of the interest factor		46,255		52,823		51,445		45,978		43,032
Amortization of capitalized interest		1,345		986		1,473		1,473		1,348
Minority interest in the income of subsidiary
with fixed charges		12,917		8,917		4,791		3,924		5,415
Income as adjusted	$	1,203,425	$	1,067,568	$	827,749	$	811,888	$	930,024
Fixed charges:
Interest expense	$	228,418	$	193,174	$	161,650	$	166,856	$	189,962
Portions of rents representative of the interest factor		46,255		52,823		51,445		45,978		43,032
Minority interest, excluding taxes, in the income of
subsidiary with fixed charges		20,383		14,683		6,974		5,718		7,663
Total fixed charges	$	295,056	$	260,680	$	220,069	$	218,552	$	240,657
Ratio of earnings to fixed charges		4.08		4.10		3.76		3.71		3.86

(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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