Pitney Bowes In Negotiations to Acquire Secap

Established French Mailing Business Will Expand Pitney Bowes' Market Reach
and Strengthen Company's Global Offerings
STAMFORD, Conn. and PARIS, July 2, 2001 — Pitney Bowes Inc. (NYSE:PBI)
today announced that it is in discussions with Fimalac, the French
diversified services group, for the acquisition of Secap SA, Fimalac's
mailing subsidiary. Secap provides a range of mail processing equipment,
supplies and technology for low- to mid-volume mailers. Pitney Bowes expects
customers to benefit from Secap's innovative line of products and
shareholders to benefit from Secap's more than 30% postage meter market
share in France and approximately 60% recurring rental revenue stream.
"This proposed acquisition is the next of a series of strategic actions that
we've taken to enhance our delivery of leading edge, integrated mail and
document management solutions to customers of all sizes worldwide," said
Michael J. Critelli, Chairman and CEO of Pitney Bowes Inc. "Successful
completion of this transaction will strengthen our geographic coverage,
expand our distribution and significantly grow our market presence in
Europe, particularly in France, the third largest mailing market in the
world. Secap's growing line of digital mailing solutions will help
accelerate, especially in Europe, our previously announced global strategy
to develop a networked platform that links mailers to postal and carrier
information and systems. In addition, Secap will expand Pitney Bowes' line
of office folders and inserters, enabling Pitney Bowes to meet
paper-handling needs for businesses of all sizes from the office to the
production environment."
The parties have discussed a purchase price of approximately FF 1.45
billion. In accordance with French labor law, the proposed transaction has
been submitted to the companies' respective employee representatives for
review and opinion, and is subject to the execution of definitive
documentation, completion of due diligence, and receipt of approvals by the
appropriate regulatory authorities and the boards of directors of Pitney
Bowes and Fimalac.
Marc Ladreit de Lacharriere, Chairman and CEO of Fimalac stated, "Secap is a
well-established business with significant expertise and market share in
France and innovative product and service solutions that complement Pitney
Bowes. The proposed sale of Secap to Pitney Bowes will assure continuity and
success for Secap, whose future is closely linked to the development of its
international activities and its ability to continuously improve the
performance of its products to meet customer demands. Secap's integration
into Pitney Bowes should allow Secap to reinforce its presence in a
continually expanding global market."
Fimalac, which posted net earnings of Euro 100 million in 2000, is a
French-based diversified services business which includes Fitch, the world's
third largest credit rating agency, Facom, a leading global provider of hand
tools, and LBC, the world's second largest bulk chemical storage provider.
Secap is a leading provider of mailing equipment, supplies and technology
with a strong market presence in France as well as operations in Sweden, the
United Kingdom and the United States. For additional information about
Fimalac, please visit the company's website atwww.fimalac.com
< http://www.fimalac.com> .
Pitney Bowes is a billion global provider of integrated mail and document
management solutions headquartered in Stamford, Connecticut. The company
serves over 2 million businesses of all sizes through dealer and direct
operations.