STAMFORD, Conn. and MINNEAPOLIS--(BUSINESS WIRE)--June 30, 2000--Pitney Bowes Inc. (NYSE: PBI), through its subsidiary Pitney Bowes Credit Corp., and U.S. Bancorp (NYSE: USB) today announced a strategic alliance under which U.S. Bank will acquire and service the PitneyWorks(SM) Business Rewards(SM) Visa(R)and Business Visa(R)card portfolios. This alliance expands Pitney Bowes' and U.S. Bank's capabilities to capture greater share of the growing small business market.

The new alliance will allow PitneyWorks.com, the Pitney Bowes' division which focuses on small business solutions, to continue to market the card to small business owners, while providing cardholders with full access to U.S. Bank's respected network of financial resources. Terms of the sale and agreement were not disclosed.

PitneyWorks(SM) Business Rewards(SM) Visa(R) card was launched in 1997 as a tool to help small businesses with their purchasing and cash management needs. Based on extensive marketing research into what small business owners want, the card was designed to provide benefits to the business and personal rewards for the owner. Through PitneyWorks.com, the cards were successfully marketed to small business owners and quickly grew to become the fifth largest Visa Business card portfolio in the nation.

"This groundbreaking alliance allows us to significantly expand our credit card business and provide a broader range of offerings. PitneyWorks.com chose U.S. Bank because of its leading position in the marketplace, its strength as a co-brand partner, and its commitment to superior cardholder service," said Elise DeBois, president of PitneyWorks.com.

"Combining our experience in providing financial solutions with Pitney Bowes' small business expertise creates a powerful relationship that offers the very best in financial products and services for small business owners," said Daniel J. Frate, president of payment systems for U.S. Bancorp.

Ms. DeBois adds, "This is an important strategic initiative for Pitney Bowes as we expand the capabilities of PitneyWorks.com to meet the everyday needs of small business. As we evaluate further alliance opportunities with like-minded industry leaders, we will continue aligning ourselves with only those companies who share our high standards of excellence in providing superior product and service offerings."

Minneapolis-based U.S. Bancorp (NYSE:USB), with $83 billion in assets, is the 11th largest financial services holding company in the nation and operates approximately 1,000 banking offices in the Midwest and West. The company provides comprehensive banking, trust, investment, and payment systems products and services to consumers, businesses, and institutions. It operates a network of 5,000 ATMs and provides 24-hour, seven-days-a-week telephone customer service. The company offers full-service brokerage services at approximately 100 offices through U.S. Bancorp Piper Jaffray. The company is the largest provider of Visa corporate and purchasing cards in the world, and is one of the largest providers of corporate trust services in the nation. For further information, please see the U.S. Bancorp web site at http://www.usbank.com

Pitney Bowes Inc. (NYSE:PBI) is a $4.4 billion global provider of informed mail and messaging management. Small business growth initiatives are a key component of Pitney Bowes' overall growth strategy. PitneyWorks.com is the group within Pitney Bowes that is dedicated to providing Internet product and service offerings to small businesses. For more information about the company's small business products and services, visit www.pitneyworks.com.

     CONTACT: Pitney Bowes Inc.
              Sheryl Battles
              Executive Director, External Affairs
              203/351-6808
              battlesh@pb.com
                or
              U.S. Bank
              Samantha Levine
              612/973-4594
              samantha.levine@usbank.com