'In Two Recent Actions the Company Evaluates Disposition Options and
                      Sells Imagistics Lease Portfolio'

STAMFORD, Conn., March 9 /PRNewswire-FirstCall/ -- Pitney Bowes Inc. (NYSE: PBI) today updated the status of its proposed spin-off of its Capital Services external financing business based on recent communication initiated by the company with the staff of the Securities and Exchange Commission (SEC). The SEC staff indicated that the company would need to include three years of historical audited financial statements for the legal entity holding the assets of the Capital Services external financing business rather than for the Capital Services business alone. Fulfillment of this requirement could extend the timeframe for completion of the spin into 2007. As a result, consistent with its previously stated desire to exit the Capital Services business in a way that maximizes shareholder value, the company is assessing a broader range of asset and business disposition options, including a spin-off, a sale of the business, or a sale of all or a portion of the assets. Several factors, including improved economic conditions, make this range of options more attractive now than when the company first announced its intention to look at options for exiting this business in January 2003.

The company also announced that it has signed a definitive agreement to sell its Imagistics International, Inc. lease portfolio for approximately $280-$290 million to De Lage Landen Operational Services, LLC, a subsidiary of the Rabobank Group. The final purchase price will be a function of the receivables balance in the portfolio at closing. This lease portfolio is part of the Capital Services external financing assets included in the proposed spin-off. The completion of the sale of the Imagistics lease portfolio is subject to customary closing conditions. In addition, if the company decides to pursue the spin-off in its current form, the sale will be subject to receipt of a supplemental Internal Revenue Service ruling that the proposed spin-off of the Capital Services external financing business will be tax-free to Pitney Bowes shareholders.

Capital Services provides commercial financing solutions for non-Pitney Bowes equipment in three areas: Capital Equipment, Vendor Financing, and Commercial Real Estate. At the end of 2004, the Company's Board of Directors approved a plan to pursue a spin-off, contingent upon certain events.

Pitney Bowes engineers the flow of communication. The company is a $5.5 billion global leader of mailstream solutions headquartered in Stamford, Connecticut. For more information about the company, its products, services and solutions, visit http://www.pitneybowes.com.

Certain information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are inherently uncertain and involve risks. Consequently, actual results may differ materially from those indicated by the forward-looking statements. A variety of risks and uncertainties could cause Pitney Bowes actual results to differ materially from the anticipated results or other expectations expressed in the Pitney Bowes forward looking statements. The risks and uncertainties include, without limitation of the following: (a) underlying assumptions or expectations related to the spin-off, sale or other disposition transaction proving to be inaccurate or unrealized; (b) the timing of the Securities and Exchange Commission's review of any Pitney Bowes Capital Services registration statement; (c) the close of the sale of the Imagistics lease portfolio and uncertainties related to the timing of the closing; and (d) the uncertainty of general business and economic conditions. Additional factors related to these and other expectations are more fully outlined in Pitney Bowes 2004 Form 10-K Annual Report filed with the Securities and Exchange Commission. In addition, the forward-looking statements are subject to change based on the timing and specific terms of the spin-off or other disposition transaction. Pitney Bowes undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised however, to consult any further disclosures made on related subjects in the company's reports filed with the SEC.

Press - Sheryl Y. Battles

            VP, Corporate Communications
            (203) 351-6808


SOURCE  Pitney Bowes Inc.
    -0-                             03/09/2006
    /CONTACT:  Press - Sheryl Y. Battles, VP, Corporate Communications,
+1-203-351-6808, or Financial - Charles F. McBride, VP, Investor Relations,
+1-203-351-6349, both of Pitney Bowes Inc./
    /Web site:  http://www.pitneybowes.com /
    (PBI)

CO:  Pitney Bowes Inc.; Imagistics International, Inc.;
     De Lage Landen Operational Services, LLC
ST:  Connecticut
IN:  CPR OFP FIN
SU:  TNM

RM
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1298 03/09/2006 17:04 EST http://www.prnewswire.com