Business Editors

    STAMFORD, Conn.--(BUSINESS WIRE)--May 10, 1999--Pitney Bowes Inc. (NYSE: PBI) celebrated another record year of financial performance at the Company's 79th Annual Meeting of Stockholders. Pitney Bowes Chairman and CEO Michael J. Critelli noted, "We generated record financial performance in 1998 and feel we are poised to take advantage of the tremendous growth opportunities which lie ahead. For over 79 years, our success has been fueled by our ability to apply technology to make business communications simple, cost-effective, accessible and flexible.

"Our technological proficiency and ongoing investment in research and development will help drive our success in the 21st century, as well. Pitney Bowes' investment in innovation yields a steady stream of new products and services that support business processes and work the way businesses work. Our significant research and development investment also produces valuable intellectual property which opens the way for exciting new markets - such as our numerous PC-based metering patents and the new mailing solutions they make possible, like ClickStamp(TM) and ClickStamp(TM) Online."

Pitney Bowes President and Chief Operating Officer Marc Breslawsky added: "Throughout our organization, there are numerous initiatives underway to ensure that we will continue to strengthen our competitive positioning, and sustain our growth and profitability. Our 1998 financial performance reflects how we deliver significant customer and shareholder value... new, feature-rich products and services; enhanced operational efficiency and infrastructure; strong, long-term partnerships with customers; and continued leadership development of our skilled employee base."

The board of directors recently approved an increase in the size of the board of directors to eleven, with effect as of today, May 10, 1999. At today's Annual Meeting, new board member Jessica P. Einhorn was elected to the resulting vacancy for a term expiring in 2000. New board member Herbert L. Henkel was elected to a three-year term expiring at the 2002 Annual Meeting. Board members elected to three-year terms expiring at the 2002 Annual Meeting were: Michael J. Critelli, Chairman and Chief Executive Officer, Pitney Bowes; Michael I. Roth, Chairman and Chief Executive Officer of The MONY Group Inc.; and Phyllis Shapiro Sewell, Retired Senior Vice President, Federated Department Stores, Inc.

Ms. Einhorn is a Visiting Fellow at the International Monetary Fund. Previously, she was Managing Director of the World Bank from 1996-98 where she was in charge of the financial management of the World Bank and its activities in resource mobilization from the public and private sectors. She was also Vice President and Treasurer of the World Bank, a position she held since 1992. Prior to coming to the bank in 1981, Ms. Einhorn served in the U.S. Treasury, the U.S. State Department, and the International Development Cooperation Agency of the United States. She holds a Bachelor of Arts degree from Barnard College, Columbia University; a Master's degree in international affairs from Johns Hopkins University; and a Ph.D. in politics from Princeton University.

Mr. Henkel is President and Chief Operating Officer of Ingersoll-Rand Company and is slated to assume Chief Executive Officer responsibilities in October. Previously, Mr. Henkel was President and Chief Operating Officer of Textron, Inc., a $10-billion global, multi-industry company. He held various positions at Textron, including President of Textron's industrial products segment and President of Greenlee Textron. Before joining Textron, he was President and Chief Operating Officer of Southern Fastening Systems and Unifast Industries, Inc. and Vice President of Sales and Marketing for Chicago Pneumatic Tool Company and Hilti, Inc. Mr. Henkel holds a Bachelor of Science degree in aerospace engineering and applied mechanics and a Master of Science degree in mechanical engineering from Polytechnic University. He holds a Master's degree in business administration from Pace University.

Two new Pitney Bowes Corporate Officers also were elected: Sue Grey, Vice President, Strategy, Planning and New Business Development and Kathy Synnott, Vice President, Worldwide Postal Market Development. Mary Jo Green, a Corporate Officer, was named Vice President and Treasurer.

Pitney Bowes is a $4.22 billion global provider of informed mail and messaging management. For more information about the company, visit www.pitneybowes.com.

The forward-looking statements contained in this news release involve risks and uncertainties, and are subject to change based on various important factors including timely development and acceptance of new products, gaining product approval, successful entry into new markets, changes in interest rates, and changes in postal regulations, as more fully outlined in the company's 1998 Form 10-K Annual Report filed with the Securities and Exchange Commission.

     --30--ah/ny*

     CONTACT:  Pitney Bowes, Stamford
               Sheryl Y. Battles
               Executive Director, External Affairs
               203/351-6808
                    or
               Charles F. McBride
               Executive Director, Investor Relations
               203/351-6349

     KEYWORD:  CONNECTICUT
     INDUSTRY KEYWORD:  COMED COMPUTERS/ELECTRONICS
INTERACTIVE/MULTIMEDIA/INTERNET MANAGEMENT CHANGES