STAMFORD, Conn., May 10, 2004 /PRNewswire-FirstCall via COMTEX/ -- The Board of Directors of Pitney Bowes Inc. (NYSE: PBI) today authorized the repurchase of up to $300 million of the company's common stock. The company expects to repurchase these shares in the open market over the next 12 to 24 months.

This move demonstrates the Board's continued confidence in the company's strategic direction according to Michael J. Critelli, Chairman and CEO, Pitney Bowes Inc. "Several years ago we embarked upon a very disciplined course of strategic transformation to deliver enhanced value to shareholders and customers. Part of that strategy was to focus our capital on investments to transform our operations, increase dividends, make acquisitions within our strategic framework and repurchase shares of our stock. Today's authorization signals the Board's concurrence that these are the right actions for providing sustained growth and shareholder value."

Pitney Bowes is the world's leading provider of integrated mail and document management systems, services and solutions. The $4.6 billion company helps organizations of all sizes reduce costs, increase effectiveness and enhance customer relationships. The company's 80-plus years of technological leadership has produced many major innovations in the mailing industry and more than 3,500 active patents with applications in a variety of markets, including printing, shipping, encryption, and financial services. With approximately 33,000 employees worldwide, Pitney Bowes serves more than 2 million businesses through direct and dealer operations. More information about Pitney Bowes can be found at www.pb.com.

     Contact:  Sheryl Y. Battles
               VP, Corp. Communications
               203/351-680

SOURCE Pitney Bowes

Sheryl Y. Battles, VP, Corp. Communications, +1-203-351-6808,
or Charles F. McBride, VP Investor Relations, +1-203-351-6349

http://www.pb.com