EXHIBIT (i)

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

(Dollars in thousands)

				Years ended December 31
				2005				2004				2003				2002				2001 (2)
Income from continuing operations before income taxes				$	867,124			$	699,448			$	721,091			$	619,445			$	766,384
Add:
Interest expense					213,556				177,126				171,281				190,652				202,174
Portion of rents representative of the interest factor					52,823				51,445				45,978				43,032				36,032
Amortization of capitalized interest					986				1,473				1,473				1,348				973
Minority interest in the income of subsidiary with fixed charges					8,917				4,791				3,924				5,415				9,995
Income as adjusted				$	1,143,406			$	934,283			$	943,747			$	859,892			$	1,015,558
Fixed charges:
Interest expense				$	213,556			$	177,126			$	171,281			$	190,652			$	202,174
Portions of rents representative of the interest factor					52,823				51,445				45,978				43,032				36,032
Minority interest, excluding taxes, in the income of subsidiary with fixed charges					14,683				6,974				5,718				7,663				14,893
Total fixed charges				$	281,062			$	235,545			$	222,977			$	241,347			$	253,099
Ratio of earnings to fixed charges					4.07				3.97				4.23				3.56				4.01

 

(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 IGI, 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 3.87 for the year ended December 31, 2001.

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