SUBSIDIARIES OF THE REGISTRANT

EXHIBIT (ii)
------------
Page 1 of 2

PITNEY BOWES INC.
SUBSIDIARIES OF THE REGISTRANT
------------------------------

The Registrant, Pitney Bowes Inc., a Delaware Corporation, has no parent.
The following are subsidiaries of the Registrant
(as of December 31, 2001)


Country or state
Company name of incorporation
- ------------ ----------------

Addressing Systems International Holdings
Ltd. England
Adrema Leasing Corporation Delaware
Adrema Maschinen - und - Auto Leasing
GmbH Germany
Adrema Maschinenbau Inc. Delaware
Alysis Technologies International, Inc. Delaware
Andeen Enterprises, Inc. Panama
Archiver Limited f/k/a Micromedia Limited England
Artec International Corporation California
AS Frankering Norway
AT WORK CORP. New York
Bell & Howell AG Switzerland
Bell & Howell Benelux B.V. Netherlands
Bell & Howell Benelux S.A. Belgium
Bell & Howell Europa B.V. Netherlands
Bell & Howell France Holdings SAS France
Bell & Howell Ges.m.b.H Austria
Bell & Howell Japan Ltd. Japan
Bell & Howell (Singapore) Pte Ltd Singapore
B. Williams Holding Corp. Delaware
B. Williams Funding Corp. Delaware
Canadian Office Services (Toronto) Limited Canada
Cascade Microfilm Systems, Inc. California
Chas. P. Young Health Fitness & Management,
Inc. New York
CPLC Inc. Delaware
Datarite Systems Ltd. England
Document Process S.A. France
ECL Finance Company, NV Netherlands
Elmcroft Road Realty Corporation Connecticut
FSL Holdings Inc. Connecticut
FSL Risk Managers Inc. New York
Harlow Aircraft Inc. Delaware
Informatech Inc. California
International Imaging Limited England
La Agricultora Ecuatoriana S.A. Ecuador
Lease Continental GmbH Germany
Mailcode Holdings, Inc. Indiana
Mailcode, Inc. Delaware
Mailcode Foreign Sales Corporation Barbados
Norlin Australia Investments Pty. Ltd. Australia
Norlin Industries Ltd. Canada
Norlin Music (U.K.) Ltd. England
Oy Adrema Helsinki Finland
PB Air Inc. Nevada
PB Aircraft Finance Inc. Delaware
PB Australia Funding Pty. Ltd. Australia
PB Canada Funding Ltd. Canada
PB CFSC I Inc. Virgin Islands
PB Equipment Management Inc. Delaware
PB Forms, Inc. Nebraska
PB Funding Corporation Delaware
PB Global Holdings Inc. Connecticut
PB Global Holdings II Inc. Connecticut
PB Global Holdings III Inc. Connecticut
PB Global Holdings IV Inc. Connecticut
PB Lease Holdings Inc. Nevada
PB Leasing Corporation Delaware
PB Leasing June Ltd. England
PB Leasing March Ltd. England
PB Leasing September Ltd. England
PB Leasing Services Inc. Nevada
PB Miles Inc. Delaware
PB Municipal Funding Inc. Nevada
PB Nikko FSC Ltd. Bermuda
PB Nihon FSC Ltd. Bermuda
PB Partnership Financing Inc. Delaware
PB Production International Corp. Delaware
PB Professional Services Inc. Delaware
PB Public Finance Inc. Delaware
PB World Trade Corp. Delaware
PBA Foreign Sales Corporation Barbados
PBG Holdings Inc. Delaware
PB/PREFCO Real Estate Holdings Inc. Delaware
Pitney Bowes Australia Pty. Australia
Pitney Bowes Australia FAS Pty. Limited Australia
Pitney Bowes Austria Ges.m.b.H Austria
Pitney Bowes of Canada Ltd. Canada
Pitney Bowes Canada Holdings Limited Canada
Pitney Bowes China Inc. Delaware
Pitney Bowes Credit Australia Limited Australia
Pitney Bowes Credit Corporation Delaware
Pitney Bowes Danmark A/S (formerly Haro
Systemer AS) Denmark
Pitney Bowes Data Systems, Ltd. Delaware
Pitney Bowes de Mexico, S.A. de C.V. Mexico
Pitney Bowes Deutschland GmbH Germany
Pitney Bowes docSense, Inc. Delaware
Pitney Bowes Document Messaging Technologies
(formerly Bell & Howell France SA) France
Pitney Bowes Document Messaging Technologies
Limited (formerly Bell & Howell Limited) England
Pitney Bowes Espana, S.A. Spain
Pitney Bowes Finance S.A. France
Pitney Bowes Finans Norge AS Norway
Pitney Bowes Finance PLC (formerly PB Leasing
Ltd.) England
Pitney Bowes Finance Ireland Limited Ireland
Pitney Bowes France S.A. France
Pitney Bowes Global Limited England
Pitney Bowes Holding SNC France
Pitney Bowes Holdings Denmark ApS Denmark
Pitney Bowes Holdings Ltd. England
Pitney Bowes Hong Kong Inc. Delaware
Pitney Bowes Hong Kong Ltd. Hong Kong
Pitney Bowes India Inc. Delaware
Pitney Bowes Insurance Agency, Inc. Connecticut
Pitney Bowes International Holdings, Inc. Delaware
Pitney Bowes Italia S.r.l. Italy

73



EXHIBIT (ii)
------------
Page 2 of 2

PITNEY BOWES INC.
SUBSIDIARIES OF THE REGISTRANT
------------------------------

The Registrant, Pitney Bowes Inc., a Delaware Corporation, has no parent

The following are subsidiaries of the Registrant
(as of December 31, 2001)


Country or state
Company name of incorporation
------------ ----------------

Pitney Bowes Japan KK Japan
Pitney Bowes (Ireland) Limited Ireland
Pitney Bowes (Macau) Limited Macau
Pitney Bowes Mail and Messaging Systems
(Shanghai) Co Ltd. Shanghai
Pitney Bowes Management Services Belgium,
S.A. Belgium
Pitney Bowes Management Services Canada,
Inc. Canada
Pitney Bowes Management Services Denmark,
A.S. Denmark
Pitney Bowes Management Services France
S.A.S. France
Pitney Bowes Management Services GmbH Germany
Pitney Bowes Management Services Italia
S.r.l. Italy
Pitney Bowes Management Services Limited England
Pitney Bowes Management Services
Netherlands, B.V. Netherlands
Pitney Bowes Management Services Norway
A.S. Norway
Pitney Bowes Management Services Sweden
AB Sweden
Pitney Bowes Management Services (Ireland)
Limited Ireland
Pitney Bowes Management Services, Inc. Delaware
Pitney Bowes New Zealand Limited New Zealand
Pitney Bowes Oy Finland
Pitney Bowes Limited England
Pitney Bowes Properties Inc. Connecticut
Pitney Bowes Real Estate Financing
Corporation Delaware
Pitney Bowes SA (Pty) Ltd. South Africa
Pitney Bowes Servicios, S.A. de C.V. Mexico
Pitney Bowes Shelton Realty Inc. Connecticut
Pitney Bowes Svenska Aktiebolag Sweden
Pitney Bowes (Switzerland) AG Switzerland
Pitney Bowes (Thailand) Limited Thailand
Pitney Structured Funding I Inc. Delaware
Pitney Bowes Technologies GmbH (formerly
Bell & Howell GmbH) Germany
Pitney B2B Capital.com Inc. Delaware
PitneyWorks.com Inc. Delaware
PREFCO Dover Inc. Delaware
PREFCO Onze Inc. Delaware
PREFCO I LP Inc. Delaware
PREFCO II SPE Inc. Delaware
PREFCO II Inc. Delaware
PREFCO III LP Inc. Delaware
PREFCO IV LP Inc. Delaware
PREFCO V LP Inc. Delaware
PREFCO VI Inc. Delaware
PREFCO VI LP Inc. Delaware
PREFCO VII Inc. Delaware
PREFCO VII LP Inc. Delaware
PREFCO VIII LP Inc. Delaware
PREFCO IX LP Inc. Delaware
PREFCO XI LP Inc. Delaware
PREFCO XII LP Inc. Delaware
PREFCO XIII Inc. Delaware
PREFCO XIII LP Inc. Delaware
PREFCO XIV LP Inc. Delaware
PREFCO XV LP Inc. Delaware
PREFCO XVI Inc. Delaware
PREFCO XVI LP Inc. Delaware
PREFCO XVII Inc. Delaware
PREFCO XVII LP Inc. Delaware
PREFCO XVIII LP Inc. Delaware
PREFCO XIX LP Inc. Delaware
PREFCO XXI Inc. Delaware
PREFCO XXI LP Inc. Delaware
PREFCO XXII Inc. Delaware
PREFCO XXII LP Inc. Delaware
PREFCO XXIV Inc. Delaware
PREFCO XXV Inc. Delaware
PREFCO - Dayton Community Urban
Redevelopment Corporation Ohio
PREFCO Twelve Holdings Inc. Delaware
P. Kember Limited England
P. Technical Services Limited England
Remington Customer Finance Pty. Limited Australia
ROM Holding Pty. Limited Australia
ROM Securities Pty. Limited Australia
Sales & Service Training Center Inc. Georgia
Secap SA France
Secap Industrie SARL France
Secap Posthantering AB Sweden
Secap Technologies Ltd. England
Secap USA, Inc. Pennsylvania
SFFEP SA France
Sopalil SA France
Techno Mail Service K.K. Japan
Technopli SARL France
The Pitney Bowes Bank, Inc. Utah
Time-Sensitive Delivery Guide Inc. Delaware
Tower FSC, Ltd. Bermuda
Universal Postal Frankers Ltd. England
Waterview Resolution Corporation Massachusetts
Wheeler Insurance, Ltd. Vermont
1136 Corporation Delaware
75 V Corp. Delaware

74