STAMFORD, Conn., May 13, 2002 /PRNewswire-FirstCall via COMTEX/ -- Pitney Bowes Inc. (NYSE: PBI) reflected on a year of unanticipated challenges as well as ambitious transformation that included growth in revenue and diluted earnings per share, despite the effects of a weakened economy in many markets around the world, at the company's 82nd Annual Meeting of Stockholders. Michael J. Critelli, Pitney Bowes chairman and CEO, outlined plans for continued transformation and growth.

"2001 was an extraordinary year that brought many unanticipated challenges to our business in addition to an already difficult economic environment, including the failures of many Internet businesses; the tragic events of September 11, the anthrax bioterrorism attacks on the US mail system, and questions about financial integrity following the accounting scandals at Enron and other large companies. Yet, 2001 was also a transformational year for Pitney Bowes which began with the announcement in late 2000 of our intention to spin off our Office Systems business as a separate, publicly traded company."

Critelli noted, "Other key elements of our transformation included: the restructuring of our operations into a single one-company focus; a buy as well as build acquisitions strategy; a new focus on mail security; delivering a comprehensive product and service portfolio to our customers; developing our capability as a total solutions provider, and improving our infrastructure to enhance the value we deliver to our shareholders and customers."

"Looking ahead, we have a number of additional growth opportunities for which we are uniquely suited," Critelli continued. We will continue to expand our reach by adding value and pursuing new opportunities in the mail stream. Our recent launch of an exciting new, digital line of networked products -- the DM Series -- will provide all our customers, as well as postal carriers, with convenient access to valuable postal services and information to help them manage their mail and document flow more effectively, securely and cost-efficiently than ever before. We will also continue to work closely with the USPS as well as foreign posts to help them become more competitive in a changing postal environment."

Board members re-elected to three-year terms expiring at the 2005 Annual Meeting were: Michael J. Critelli, Pitney Bowes Chairman and CEO; Michael I. Roth, chairman and CEO of The MONY Group Inc.; Herbert L. Henkel, chairman, president and CEO of Ingersoll-Rand Company, and Robert E. Weissman, retired chairman, IMS Health Inc.

Pitney Bowes stockholders approved a proposed amendment and restatement of the Pitney Bowes 1991 Stock Plan. The amendment provides for the authorization of an additional 12 million shares of Pitney Bowes stock available for issuance under and in accordance with the terms of the plan, the establishment of a new plan term over which grants are authorized, and several other modifications relating to the treatment of stock options upon employee retirement, death or disability.

The stockholders also approved the continuation of PricewaterhouseCoopers LLP as the independent accountants for Pitney Bowes for 2002.

Pitney Bowes is a $4 billion global provider of integrated mail and document management solutions headquartered in Stamford, Connecticut. The company serves more than 2 million businesses of all sizes through dealer and direct operations. For more information about the company, its products, services and solutions, visit http://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 changes in international or national political or economic conditions, 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 Form 10-K Annual Report filed with the Securities and Exchange Commission.

     Contact:  Marianne Fulgenzi
               Director, External Affairs
               203-351-6974
               Marianne.fulgenzi@pb.com

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SOURCE Pitney Bowes Inc.

CONTACT:          Marianne Fulgenzi, Director, External Affairs of Pitney Bowes
                  Inc., +1-203-351-6974, Marianne.fulgenzi@pb.com

URL:              http://www.pitneybowes.com
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