COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

PITNEY BOWES INC. EXHIBIT (v)
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

<TABLE>
<CAPTION>
(Dollars in thousands)
Years Ended December 31,
-----------------------------------------------------------------
1999(2) 1998(2) 1997(2) 1996(2) 1995(2)
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Income from continuing
operations before
income taxes.................. $ 984,572 $ 824,604 $748,425 $640,759 $587,564
Add:
Interest expense.............. 184,371 162,092 161,867 163,173 196,436
Portion of rents
Representative of
the interest factor......... 33,750 36,962 38,764 40,157 41,750
Amortization of
Capitalized interest........ 973 973 914 914 914
Minority interest in
the income of
subsidiary with
fixed charges............... 12,033 12,425 11,322 8,121 5,013
---------- ---------- -------- -------- --------
Income as adjusted.............. $1,215,699 $1,037,056 $961,292 $853,124 $831,677
========== ========== ======== ======== ========
Fixed charges:
Interest expense.............. $ 184,371 $ 162,092 $161,867 $163,173 $196,436
Capitalized interest.......... 1,316 - - 1,201 2,178
Portion of rents
Representative of
the interest factor......... 33,750 36,962 38,764 40,157 41,750
Minority interest,
excluding taxes, in
the income of
subsidiary with
fixed charges................. 17,973 18,886 17,209 11,759 7,604
---------- ---------- -------- -------- --------
$ 237,410 $ 217,940 $217,840 $216,290 $247,968
========== ========== ======== ======== ========

Ratio of earnings to
fixed charges................. 5.12 4.76 4.41 3.94 3.35
========== ========== ======== ======== ========

Ratio of earnings to
fixed charges
excluding minority
interest...................... 5.49 5.15 4.73 4.13 3.44
========== ========== ======== ======== ========
</TABLE>

(1) The computation of the ratio of earnings to fixed charges has been computed
by dividing income from continuing operations before income taxes as
adjusted by fixed charges. Included in fixed charges is one-third of rental
expense as the representative portion of interest.

(2) Amounts reclassified to reflect CPLC and AMIC as discontinued operations.
Interest expense and the portion of rents representative of the interest
factor of these discontinued operations have been excluded from fixed
charges in the computation.

Including these amounts in fixed charges, the ratio of earnings to fixed
charges would be 5.02, 4.20, 3.80, 3.47 and 3.10 for the years ended
December 31, 1999, 1998, 1997, 1996 and 1995, respectively. The ratio of
earnings to fixed charges excluding

minority interest would be 5.37, 4.48, 4.01, 3.61 and 3.17 for the years
ended December 31, 1999, 1998, 1997, 1996 and 1995, respectively.