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Pitney Bowes Spins Off Imagistics

Press release from the issuing company

STAMFORD, Conn., December 3, 2001 - Pitney Bowes Inc. (NYSE:PBI) today announced it has completed the spin-off of the company's office systems business as an independent, publicly-traded company under the name Imagistics International Inc. (NYSE:IGI). The company distributed 100% of the shares of Imagistics stock to Pitney Bowes common stockholders via a special stock dividend. Pitney Bowes common stockholders of record on November 19, 2001 received 0.08 shares of Imagistics stock for each Pitney Bowes share. Pitney Bowes shareholders will receive whole shares of Imagistics and cash payments for fractional shares. Stock certificates were not issued - holders were credited in book-entry form through the Direct Registration System, which was administered by the transfer agent. "This divestiture maximizes the value of both Pitney Bowes and Imagistics to our stockholders and customers," said Michael J. Critelli, Chairman and CEO of Pitney Bowes. "It is also a key step in our aggressive strategy to deliver leading-edge mail and document management solutions globally. In the past year alone, we have made several strategic acquisitions that further position Pitney Bowes as the global partner of choice for secure and efficient mail and document management solutions and services, including the recent acquisitions of Secap, the France-based mailing business; Danka Services International, the imaging and document management services organization; and Bell & Howell's International Mail and Messaging Technologies business in Europe, Africa, Middle East and Asia." Based on a ruling from the Internal Revenue Service, the dividend to shareholders qualifies as tax-free for U.S. federal income tax purposes, except to the extent cash is received in settlement of fractional shares. Imagistics International offers comprehensive document imaging solutions for the corporate and government markets through a national direct sales and service organization. The company had revenues in excess of $600 million in 2000 and is headquartered in Trumbull, Connecticut.

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