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




                                  Top Investor Questions
                   Investor use onlyUpdate – September 10, 2008
      1   January 2003 PBI internal
Top Investor Questions
Why did the company decide to
retain PBMS and what are the
drivers of growth and profitability?
Retain Pitney Bowes Management Services

•   In best interest of shareholders

•   Grow the business and improve profitability

•   Mine core opportunities such as off-site services and virtual
    mail management

•   Drive growth in newer services such as Critical
    Communication Solutions and Records Management

•   Enhance underperforming areas

•   Continue to improve labor productivity and streamline processes

•   Target 10% EBIT margin
What is the status of the company’s
 restructuring initiatives? Is the
 company on target to get $150
 million in savings?
Transition Initiatives on target


  •   Programs in place to achieve at least $150 million in savings



  •   Plan to invest about half of the anticipated savings in the
      business



  •   Identified approximately 1,700 positions to be eliminated
Ad

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pitney bowes TopQuestions_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 Top Investor Questions Investor use onlyUpdate – September 10, 2008 1 January 2003 PBI internal
  • 3. Why did the company decide to retain PBMS and what are the drivers of growth and profitability?
  • 4. Retain Pitney Bowes Management Services • In best interest of shareholders • Grow the business and improve profitability • Mine core opportunities such as off-site services and virtual mail management • Drive growth in newer services such as Critical Communication Solutions and Records Management • Enhance underperforming areas • Continue to improve labor productivity and streamline processes • Target 10% EBIT margin
  • 5. What is the status of the company’s restructuring initiatives? Is the company on target to get $150 million in savings?
  • 6. Transition Initiatives on target • Programs in place to achieve at least $150 million in savings • Plan to invest about half of the anticipated savings in the business • Identified approximately 1,700 positions to be eliminated
  • 7. What is the company’s capital allocation policy with regard to dividends, share repurchase and acquisitions?
  • 8. Improving levels of free cash flow Average Per Year = $617 million $924* $1,000 $675 to $750 $800 $555 $543 $540 $523 $600 $400 $200 $0 2003 2004 2005 2006 2007 2008 Forecast * Includes facility sales, tax refunds and other unusual sources of cash
  • 9. Consistently increased the dividend for 26 years = Percent increase 6% 3% $1.50 3% 2% 2% 2% $1.40 $1.32 $1.28 $1.20 $1.22 $1.24 $1.20 $0.90 $0.60 $0.30 $0.00 2003 2004 2005 2006 2007 2008 Forecast
  • 10. Reduced average shares outstanding through share repurchases Decline in Shares O utstanding = 11% 300 236 234 232 225 221 211 200 100 0 2003 2004 2005 2006 2007 2008 YTD
  • 11. What are the company’s plans for future acquisitions?
  • 12. Major Acquisitions $2,552 $594 $2,500 $240 $2,000 $293 $512 $1,500 $135 $1,000 $206 $572 $500 $0 2001 2002 2003 2004 2005 2006 2007 Total Group 1 Ibis PSI Imagitas DDD Co. Danka Mapinfo Ancora Consulting Services Siemens Bryce Compulit Capital & Digital Cement Int’l Print Inc. (4 Locations) Mgmt. Sure-Feed AAS & PMH Asterion SAS Groupe Mag Danka Secap Mailcode Engineering Emtex Canada
  • 13. Acquisitions have added to earnings 2005 2006 2007 Cumulative Transactions 56 64 84 Investment (billions) $1.8 $1.9 $2.6 Revenue (billions) $1.3 $1.6 $1.9 EBITDA (millions) $178 $210 $267 EBIT (millions) $139 $160 $200 Earnings Per Share 18¢ 22¢ 24¢
  • 14. Acquisitions have added to free cash flow ($ in millions) $267 $300 $218 $250 $173 $200 $200 $168 $150 $136 $100 $50 $0 2005 2006 2007 Amortization of Intangibles EBIT
  • 15. Total Pitney Bowes acquisition spend by business unit 2001-2007 Mail Marketing Services Services 14% 13% U.S. Mailing 10% Software 32% PBMS 18% International 13%
  • 16. Acquisition Strategy • Focus on strategic acquisitions in adjacent market spaces • Use a risk-adjusted hurdle rate and target incremental return above that for future acquisitions • Fewer, more impactful acquisitions
  • 17. What will drive growth in the Mailing business, both in the U.S. and internationally?
  • 18. Equipment sales benefit from timing and value of maturing leases U.S. Mailing Revenue Supplies 15% ≈10% +8.6% Service 10% ≈15% +5.7% 5% Financing ≈25% 0% -5% Rentals ≈25% -10% -10.9% -15% Sales 2007 2008 2009 ≈25%
  • 19. New mailing products are faster with more features WOW Letters / Minute DM1100 145 DM925 120 WJ250 DM875 115 - 120 WJ220 DM825 100 WJ185 DM575 90 - 95 IM480 DM525 60 - 65 IM460 DM450 0 DM400 0 IM440 0 50 100 150 200 250 300 Auto Feed Letters / Minute Neopost/Hasler Pitney Bowes A Competitor Pitney Bowes
  • 20. International markets offer meter incentives 06 08 07 05 20 20 20 20 Ireland UK Sweden (since 2004) UK Expands UK Expands Finland Discounts Discounts Australia Holland (since 2000) Singapore Norway Spain France Belgium Germany (since 1995) Denmark Value of metering recognized by international posts India Canada (since 1981)
  • 21. Why does the company do its own leasing and incur all the debt?
  • 22. Customers prefer leasing • Convenience of payment • Better management of cash • Reduced risk if business needs change • Reduced risk if technology changes
  • 23. Benefits of leasing equipment 12000 1.8x 10000 Financing and Fee 8000 Financing Income and Fee 1.0x 6000 Income 2.0x 4000 Sales of Sales of Equipment Equipment and Related 1.0x and Related Net 2000 Services Services Income Net Income 0 Leasing Model – 4 Years Straight Sale – 6 Years
  • 24. Lease financing has excellent credit experience Avg. Write-offs/ Avg. Earning Avg. Earning Assets Assets (1) 5% 573 553 473 358 404 4% 317 284 280 278 235 ($ in millions) 163 3% 2,415 2,257 2,479 2,215 2,380 2,092 2,089 2,161 2,067 1,958 1,848 2% 1% 0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 YTD Payment Solutions Leasing Payment Solutions Leasing (1) Represents global leasing and Payment Solutions receivables
  • 25. How does declining mail volume affect the business? Is the business being hurt by electronic substitution for mail?
  • 26. Impact of declining mail volumes • Between 2000 and 2007 mail volumes have moved in the range of about +/- 2% per year. Mail volumes are up, on average, 0.3% per year over the same period. • No significant, immediate impact since what customers pay is not based on volume processed • Most of the decline in mail volume is in consumer-to-business mail which does not impact metered mail • Internet generates business through eBay • Continue to diversify our business to mitigate the impact of declining mail volumes • Mail volumes in other parts of the world are growing
  • 27. We continue to expand into underserved areas of the Mailstream $7,000 $6,130 $6,000 Other $4,464 $5,000 Pitney Bowes Revenue +73.8% Other $4,000 62% Pitney Bowes Revenue $3,000 49% $2,000 U.S. Mailing U.S. Mailing +2.3% Revenue Revenue $1,000 51% 38% $0 2003* 2007 * Excludes discontinued operations.
  • 28. How does the economy affect the business? What is the company’s exposure to the financial services sector and other business sectors?
  • 29. Pitney Bowes has performed consistently through different economic cycles 1,800 6,500 1,600 5,500 1,400 4,500 1,200 3,500 R evenues EBIT DA 1,000 2,500 800 1,500 600 500 400 (500) 87 89 91 93 95 97 99 01 03 05 07 19 19 19 19 19 19 19 20 20 20 20 EBITDA Revenues U.S. Recession * Includes acquisitions and divestitures.
  • 30. 2007 Pitney Bowes U.S. revenue by industry vertical 25% 23% 21% 20% 15% 13% 10% 10% 6% 5% 5% 5% 5% 4% 4% 3% 2% 0% Mail and Manu- Govern- Other Retail Telecoms Transpor- Education Real Financial Profess- Whole- Print facturing ment Services & Utilities tation Estate Services ional sale Providers Service Trade
  • 31. 2007 U.S. Mailing revenue by industry vertical 29% 30% 25% 20% 15% 15% 10% 8% 8% 8% 7% 7% 5% 5% 5% 3% 3% 2% 0% Govern- Other Real Telecoms & Profess- Retail Mail and Manu- Financial Whole- Education Transpor- ment facturing Services Estate Utilities ional Print Services sale tation Service Providers Trade
  • 32. With the dollar getting stronger, how will changes in currency impact the company’s results?
  • 33. Impact of a change in exchange rates One percent change in average foreign currency: • Revenue = 0.3% • EPS = $0.01