UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
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Pitney Bowes Inc.
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 	Dear Stockholders:
 
Eduardo Menascé, chairman of the Pitney Bowes Inc. Executive Compensation Committee participated in a “Proxy Chat” with Glass, Lewis & Co., LLC on Thursday, April 4, 2013, to discuss how our executive compensation program is designed and the key changes made to the program over the past year. Mr. Menascé was joined by Johnna Torsone, Executive Vice President and Chief Human Resources Officer, and Andrew Gold, Vice President, Global Rewards. Mr. Menascé also discussed the 2013 annual incentive, noting that all of the objectives will be based on the achievement of financial metrics. There will be no strategic objectives. The metrics for the 2013 annual incentive financial objectives will be Revenue Growth, Adjusted Free Cash Flow and Adjusted Earnings Before Interest and Taxes. The annual incentive is subject to a modifier of 0 to 10% for the achievement of certain client and employee objectives.
 
The slides used for the Proxy Chat follow. We urge you to read our entire proxy statement, filed with the Securities and Exchange Commission on March 25, 2013, including the Compensation Discussion and Analysis included therein.