STAMFORD, Conn., Nov. 11 /PRNewswire-FirstCall/ -- The Board of Directors of Pitney Bowes Inc. (NYSE: PBI) authorized the repurchase of up to an additional $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.

The Board also declared a quarterly cash dividend of the company's common stock of 29.5 cents per share, payable on December 12, 2002, to stockholders of record on November 22, 2002; a quarterly cash dividend of 53 cents per share on the company's $2.12 convertible preference stock, payable January 1, 2003, to stockholders of record December 13, 2002, and a quarterly cash dividend of 50 cents per share on the company's four percent convertible cumulative preferred stock, payable February 1, 2003, to stockholders of record January 10, 2003.

Pitney Bowes is a $4.1 billion global provider of integrated mail and document management solutions, headquartered in Stamford, Connecticut. The company serves over 2 million businesses of all sizes in more than 130 countries through direct and dealer operations. For information on the company and its products, services and solutions, visit www.pitneybowes.com.

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SOURCE Pitney Bowes Inc.

-0- 11/11/2002

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