Director stock ownership guidelines

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

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;

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

Within five years of becoming a Director of Pitney Bowes, each Board member is expected to accumulate Pitney Bowes common stock with a market value of at least five times the annual base retainer fee paid for service as a Pitney Bowes Director.