Director candidates, who have agreed to stand for election by the stockholders at the Annual Meeting in May, or for election by the Board to fill a vacancy, are asked to purchase a nominal number of Pitney Bowes stock (at least 200 shares).  The shares should normally be acquired as follows:

1.  In the case of election by the Board of Directors to fill a vacancy on the Board, either before  or within 30 days following such election;

2.  In the case where a new candidate is to stand for election by the stockholders, the stock should be purchased upon nomination by the Board to stand for election by the stockholders.

Within five years of becoming a Director of Pitney Bowes, each Board member is expected to accumulate a minimum of 7,500 shares of Company Common Stock.  Restricted stock grants from the Company may be applied toward this goal.

It is intended that the guidelines be flexible where needed to avoid foreclosing viable candidates in appropriate circumstances.