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Pitney Bowes Completes Acquisition of MailCode Inc.

Wednesday, December 18, 2002

Press release from the issuing company

STAMFORD, Conn., Dec. 17 -- Pitney Bowes Inc., a global provider of mail and document management solutions, has acquired the remaining 43% ownership interest of MailCode, Inc. that it did not already own. Terms of the deal were not disclosed. Pitney Bowes acquired 57% of the outstanding equity of MailCode, a mail processing solutions company headquartered in Lafayette, Indiana, in January of 2001. "This latest acquisition represents Pitney Bowes' commitment to build customer and shareholder value by expanding our presence in the mail and document management stream," stated Matthew Kissner, Executive Vice President, Pitney Bowes. "As part of a 'closed-loop' messaging process, MailCode's advanced mail sorting and tracking technology enables companies to increase the efficiency of their mail operations, better coordinate marketing campaigns, improve cash flow, and update customer information to link critical customer communications information to enterprise systems." Although Pitney Bowes is already the exclusive sales channel for MailCode, the integration of the two companies will bring additional synergies in operations. MailCode Founder and President, Christopher Baker will continue to lead the company as well as devote more time and energy to creating solutions that will reap benefits across the entire Pitney Bowes franchise. "Working with Pitney Bowes over the past year resulted in significant growth for MailCode. The successful launch of the Olympus II MT multi-tier MLOCR mail sortersolution is just one example of what we achieved as a result of the partnership with Pitney Bowes." stated Christopher Baker, President, The acquisition will continue to allow MailCode to invest in future mail sorting and tracking technology. Together, Pitney Bowes and MailCode are poised expand our leadership position in the market." MailCode offers mail processing solutions for incoming and outgoing mail sorting through an innovative and flexible line of Multi-line Optical Character Recognition (MLOCR) sorters, internet-based track and trace software applications as well as encoding and voice recognition systems. Customers of MailCode include insurance companies, financial institutions and other high volume mailers and presort houses. Pitney Bowes Inc. is a $4.4 billion global provider of mail and messaging solutions. It serves over 2 million businesses of all sizes in 118 countries through dealer and direct operations. Information about Pitney Bowes is available at http://www.pitneybowes.com.




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