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Pitney Bowes Acquires Groupe MAG

Press release from the issuing company

STAMFORD, Conn., Dec. 16 -- Pitney Bowes Inc. today announced that it has acquired Groupe MAG, a distributor of finishing equipment used by commercial printers, and production mail equipment, software and service in France, Belgium and Luxembourg. This business will be managed as a separate unit within the company's International operation, which is led by Patrick Keddy, President, Mailstream International. "Today's transaction is another step in our strategy to enhance customer value and grow our business," said Michael J. Critelli, Chairman and CEO of Pitney Bowes. "With this acquisition we continue to extend our distribution capabilities and reconfirm our commitment to Document Messaging Technologies in our International markets." For the fiscal year ended March 31, 2004 Groupe MAG generated revenue of Euros 43 million. In accordance with French labor law, the proposed transaction has received a positive opinion from Groupe MAG's employee representatives. It has approximately 225 employees in six offices in France and one in Belgium.

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