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 September 30,							Nine Months Ended September 30,
			2014				2013			2014				2013
GAAP income from continuing operations
after income taxes, as reported		$	111,634			$	72,974		$	241,054			$	212,471
Restructuring charges & asset impairments			2,903				22,536			15,161				35,662
Extinguishment of debt			-				-			37,833				15,324
Investment divestiture			(9,774	)			-			(9,774	)			-
Income from continuing operations
after income taxes, as adjusted			104,763				95,510			284,274				263,457
Provision for income taxes, as adjusted			20,788				22,405			104,865				80,120
Preferred stock dividends of subsidiaries
attributable to noncontrolling interests			4,593				4,594			13,781				13,782
Income from continuing operations before income taxes, as adjusted			130,144				122,509			402,920				357,359
Interest, net			41,825				45,519			127,437				142,525
Adjusted EBIT			171,969				168,028			530,357				499,884
Depreciation and amortization			49,643				50,679			142,506				153,878
Adjusted EBITDA		$	221,612			$	218,707		$	672,863			$	653,762

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