Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.

Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
(Dollars in thousands, except per share data)
				Three Months Ended March 31,
				2014				2013
GAAP income from continuing operations
after income taxes, as reported				$	41,872			$	59,476
Restructuring charges					6,681				-
Extinguishment of debt					37,833				15,325
Income from continuing operations
after income taxes, as adjusted					86,386				74,801
Provision for income taxes, as adjusted					35,020				27,592
Preferred stock dividends of subsidiaries
attributable to noncontrolling interests					4,594				4,594
Income from continuing operations
before income taxes, as adjusted					126,000				106,987
Interest, net					43,717				48,010
Adjusted EBIT					169,717				154,997
Depreciation and amortization					43,741				50,532
Adjusted EBITDA				$	213,458			$	205,529

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