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                                          VALUED INVESTOR
                                          c/o SHERATON HOTEL
                                          811 7TH AVENUE
                                          NEW YORK, NY 10019-6002




                    Financial Update – Michael Monahan
                   Investor use onlyUpdate – September 10, 2008
      1   January 2003 PBI internal
Michael Monahan
Executive Vice President and Chief Financial Officer
Financial Review
Revenue
                                      $6,590
 $7,000

                                      $6,500
 $6,000
                                        to
                             $6,130
                                      $6,700
                    $5,730
 $5,000    $5,367

 $4,000

 $3,000

 $2,000

 $1,000

     $0
            2005    2006     2007      2008
                                      Forecast

                              7.0%
                     6.7%             6% to 9%
           11.1%
Reported
                              0.9%
Organic     5.6%     4.5%             0% to 2%
Revenue Per Employee

                                                                  $175.9
                                                        $172.3
                        40,000                                             $180
                                              $167.2
                                   $157.0
                                                                           $150
                                                                 36,020
                                                       35,580
                                            34,270
                                 34,170




                                                                                  Revenue Per Employee
 Number of Employees*




                        30,000
                                                                           $120


                        20,000                                             $90


                                                                           $60
                        10,000
                                                                           $30


                            0                                              $0
                                 Dec-05     Dec-06     Dec-07    Jun-08


*Headcount is average of previous 4 quarters
EBIT*
                    = Percent Growth
                                                 2.2%             -2% to 0%
                                         9.1%            $1,171
                $1,200
                           12.6%
                                                $1,186
                                       $1,160                     $1,160
                                                                    to
                          $1,063
                                                                  $1,190
                 $900
 Millions ($)




                 $600



                 $300



                   $0
                           2005        2006     2007              2008
                                                              Forecast

*Excluding Items

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pitney bowes Monahan_2

  • 1. Join us at the Sheraton Hotel only 1 mile from Grand Central Station! VALUED INVESTOR c/o SHERATON HOTEL 811 7TH AVENUE NEW YORK, NY 10019-6002 Financial Update – Michael Monahan Investor use onlyUpdate – September 10, 2008 1 January 2003 PBI internal
  • 2. Michael Monahan Executive Vice President and Chief Financial Officer
  • 4. Revenue $6,590 $7,000 $6,500 $6,000 to $6,130 $6,700 $5,730 $5,000 $5,367 $4,000 $3,000 $2,000 $1,000 $0 2005 2006 2007 2008 Forecast 7.0% 6.7% 6% to 9% 11.1% Reported 0.9% Organic 5.6% 4.5% 0% to 2%
  • 5. Revenue Per Employee $175.9 $172.3 40,000 $180 $167.2 $157.0 $150 36,020 35,580 34,270 34,170 Revenue Per Employee Number of Employees* 30,000 $120 20,000 $90 $60 10,000 $30 0 $0 Dec-05 Dec-06 Dec-07 Jun-08 *Headcount is average of previous 4 quarters
  • 6. EBIT* = Percent Growth 2.2% -2% to 0% 9.1% $1,171 $1,200 12.6% $1,186 $1,160 $1,160 to $1,063 $1,190 $900 Millions ($) $600 $300 $0 2005 2006 2007 2008 Forecast *Excluding Items
  • 7. Net Interest Expense* = Percent Increase 14% $231 $250 -1% to -3% 13% $242 $235 to 19% $200 $213 $240 $188 Millions ($) $150 $100 $50 $0 2005 2006 2007 2008 Forecast Average 5.5% 5.4% 4.7%to 4.8% 4.7% Interest Rate *Excluding Items
  • 8. Taxes* = Effective Tax Rate $400 $322 34.3% to 34.7% 34.5% 34.3% 33.6% $327 $324 $300 $294 Millions ($) $200 $100 $0 2005 2006 2007 2008 Forecast *Excluding Items
  • 9. Minority Interest $25 ≈ $19 $19 $20 Millions ($) $14 $15 $10 $10 $5 $0 2005 2006 2007 2008 Forecast *Excluding Items
  • 10. Net Income* = Percent Growth $800 $600 -2% to +2% 6.3% -1.0% 10.0% $600 $607 $601 $590 Millions ($) $571 to $610 $400 $200 $0 2005 2006 2007 2008 Forecast *Excluding Items
  • 11. Average Shares Outstanding = Percent Reduction 250 -1.0% -2.8% -1.9% -4.4% 231.8 225.4 221.2 200 211.5 150 Millions 100 50 0 2005 2006 2007 2008 YTD
  • 12. Earnings Per Share* = Percent Growth 3% to 7% $3.00 $2.85 1.1% 9.4% 11.1% $2.80 $2.72 $2.69 to $2.46 $2.90 $2.00 $1.00 $0.00 2005 2006 2007 2008 Forecast *Excluding Items
  • 13. Free Cash Flow* $924 $900 $675 to $750 $543 $600 Millions ($) $523 $300 $0 2005 2006 2007 2008 Forecast *Excluding Items
  • 14. Capital Expenditure Spending Rental Assets Other Cap Ex 500 120% 105% 100% 100% 400 83% ≈79% $328 In Millions ($) % of Depreciation* 80% $292 300 $230 to $250 $235 $250 60% 200 40% $191 $145 100 $123 20% 0 0% 2005 2006 2007 2008 Forecast *Rolling 4 quarters
  • 15. Free Cash Flow 2005 through June 2008 $4,000 Other Reserve Account Taxes Discretionary $3,000 $2.4 Depreciation & Billion Amortization Dividends $2,000 Net Income Working Capital Fin. Receivables $1,000 Other CAPEX Rental Assets $0 Sources Uses Free Cash Flow
  • 16. Cash Sources and Uses 2005 through June 2008 $4,000 Other Restructuring $1.0 Debt Increase Billion Dividends $3,000 Stock Issuance Acquisitions $2,000 Free Cash Flow $1,000 Share Repurchase $0 Sources Net Uses
  • 17. Debt Structure June 2008 December 2004 Fixed Fixed Rate Rate Floating Debt Floating Debt Rate 74% Rate 70% Debt Debt 26% 30% Total = $4 Billion Total = $5 Billion
  • 19. U.S. Mailing 35% of total revenue Growth Drivers • More lease maturities • New products • Channel management Organic Revenue Growth 0% - 2% • Payment solutions EBIT Target – Remain at 40%
  • 20. International Mailing 19% of total revenue Growth Drivers • Asia-Pacific • New products • Financial services • Small business Organic Revenue Growth 3% - 5% • Supplies • EBIT Target – Grow to at least 20% Meter discounts
  • 21. Production Mail 10% of total revenue Growth Drivers • High-speed equipment • Customized products • Direct mail solutions Organic Revenue Growth 3% - 5% • Private postal companies EBIT Target – Grow to 15%
  • 22. Software 7% of total revenue Growth Drivers • Data integration • Address management • Document composition Organic Revenue Growth 10% - 15% • Location Intelligence EBIT Target – Grow to 20%
  • 23. Management Services 18% of total revenue Growth Drivers • Expand customer base • Off-site print utilization • Grow internationally Organic Revenue Growth 2% - 4% • Higher value products • EBIT Target – Grow to 10% Cross-selling
  • 24. Mail Services 8% of total revenue Growth Drivers • Standard mail sorting • Flat mail sorting • Greater presort discounts Organic Revenue Growth 9% - 13% • Postage discount program • EBIT Target – Grow to 15% to 20% International mail services
  • 25. Marketing Services 3% of total revenue Growth Drivers • Life event products • Customized marketing programs • Campaign management Organic Revenue Growth 8% - 12% • Customer loyalty programs EBIT Target – Grow to 15%
  • 26. Long-Term Growth Targets 15% 11-13% 8-10% 10% 6-8% 3-5% 5% 0% Revenue Net Income EPS Total Shareholder Return
  • 28. Transition Initiatives Charges (Pre-Tax) Cash Non-Cash $291 $300 $200 $200 $50 to $100 $100 $91 $36 $0 2007 2008 YTD 2008 Total Forecast EPS Impact $0.11 $1.01 $0.15 to $0.30
  • 29. Transition Initiatives – Expected Benefits $200 $150 to $170 $150 $100 ≈$70 $50 $0 $0 2007 2008 Forecast 2009 Forecast
  • 30. Transition Initiatives – Cash Payments $90 to $100 $100 $40 to $80 $80 $60 $36 $40 $20 $4 $0 2007 2008 YTD 2008 Total 2009 Forecast Forecast
  • 31. Position Reductions U.S Non-U.S. 1,500 to 1,700 1,200 1,700 964 1,000 251 800 713 600 400 295 200 0 2007 Program-to-Date Program Total Forecast
  • 32. Reinvestment Opportunities • Upgrade customer billing processes • Improve order-to-cash processes • Upgrade supply chain • Expand marketing channels for Marketing Services • Invest in innovation initiatives • Expand software development in India • Outsource manufacturing in Europe • Web-enable business processes • Upgrade HR portal for employees
  • 33. GAAP Reconciliation Pitney Bowes Inc. Reconciliation of Reported Consolidated Results to Adjusted Results (Unaudited) (Dollars in millions, except per share amounts) Q2 2008 YTD 2007 2006 2005 2004 2003 GAAP income from continuing operations $ 254 $ 361 $ 566 $ 473 $ 405 $ 404 after income taxes, as reported Restructuring and asset impairments 23 193 23 36 101 75 Legal settlements, net - - - - 13 (7) MapInfo Purchase accounting - 11 - - - - Other income - - (2) - - - Tax adjustment 7 36 20 56 - - Contributions to charitable foundations - - - 6 - 7 - - - Income from continuing operations after taxes, as adjusted $ 284 $ 601 $ 607 $ 571 $ 519 $ 479 Provision for income taxes, as adjusted 153 324 327 294 261 226 Interest expense 113 242 213 188 158 164 Minority interest 9 19 14 10 6 5 $ 559 $ 1,186 $ 1,160 $ 1,063 $ 944 $ 873 Earnings before interest and income taxes (EBIT) - - - Depreciation and amortization 194 383 363 332 307 290 Earnings before interest, taxes, depreciation and amortization (EBITDA) $ 753 $ 1,569 $ 1,523 $ 1,395 $ 1,251 $ 1,163 $ 1.20 $ 1.63 $ 2.51 $ 2.04 $ 1.73 $ 1.71 GAAP diluted earnings per share, as reported Restructuring and asset impairments 0.11 0.88 0.10 0.16 0.43 0.32 Legal settlement - - - - 0.06 (0.03) MapInfo Purchase accounting - 0.05 - - - - Other income - - (0.01) - - - Tax adjustment 0.03 0.16 0.09 0.24 - - Contributions to charitable foundations - - - 0.03 - 0.03 Diluted earnings per share from continuing $ 1.34 $ 2.72 $ 2.69 $ 2.46 $ 2.22 $ 2.03 operations, as adjusted