STAMFORD, Conn. and PARIS, July 2, 2001 -- Pitney Bowes Inc. (NYSE:PBI) today announced that it is in discussions with Fimalac, the French diversified services group, for the acquisition of Secap SA, Fimalac's mailing subsidiary. Secap provides a range of mail processing equipment, supplies and technology for low- to mid-volume mailers. Pitney Bowes expects customers to benefit from Secap's innovative line of products and shareholders to benefit from Secap's more than 30% postage meter market share in France and approximately 60% recurring rental revenue stream. "This proposed acquisition is the next of a series of strategic actions that we've taken to enhance our delivery of leading edge, integrated mail and document management solutions to customers of all sizes worldwide," said Michael J. Critelli, Chairman and CEO of Pitney Bowes Inc. "Successful completion of this transaction will strengthen our geographic coverage, expand our distribution and significantly grow our market presence in Europe, particularly in France, the third largest mailing market in the world. Secap's growing line of digital mailing solutions will help accelerate, especially in Europe, our previously announced global strategy to develop a networked platform that links mailers to postal and carrier information and systems. In addition, Secap will expand Pitney Bowes' line of office folders and inserters, enabling Pitney Bowes to meet paper-handling needs for businesses of all sizes from the office to the production environment." The parties have discussed a purchase price of approximately FF 1.45 billion. In accordance with French labor law, the proposed transaction has been submitted to the companies' respective employee representatives for review and opinion, and is subject to the execution of definitive documentation, completion of due diligence, and receipt of approvals by the appropriate regulatory authorities and the boards of directors of Pitney Bowes and Fimalac. Marc Ladreit de Lacharriere, Chairman and CEO of Fimalac stated, "Secap is a well-established business with significant expertise and market share in France and innovative product and service solutions that complement Pitney Bowes. The proposed sale of Secap to Pitney Bowes will assure continuity and success for Secap, whose future is closely linked to the development of its international activities and its ability to continuously improve the performance of its products to meet customer demands. Secap's integration into Pitney Bowes should allow Secap to reinforce its presence in a continually expanding global market." Fimalac, which posted net earnings of Euro 100 million in 2000, is a French-based diversified services business which includes Fitch, the world's third largest credit rating agency, Facom, a leading global provider of hand tools, and LBC, the world's second largest bulk chemical storage provider. Secap is a leading provider of mailing equipment, supplies and technology with a strong market presence in France as well as operations in Sweden, the United Kingdom and the United States. For additional information about Fimalac, please visit the company's website at www.fimalac.com. Pitney Bowes is a $4 billion global provider of integrated mail and document management solutions headquartered in Stamford, Connecticut. The company serves over 2 million businesses of all sizes through dealer and direct operations.