November 2001

These are challenging times. Added to the full range of responsibilities we were all facing before September 11 are growing concerns about the safety of our mail, the linchpin of American commerce.

More than the telephone, more than the Internet, the mailroom is your company's main portal for inbound and outbound information - and for almost all its revenue. Last year, $528 billion of sales were made through the mail.

And now, the simple act of opening an envelope provokes suspicion, even fear. For business, the ripple effect could be serious and prolonged. Amid the uncertainty, we find ourselves questioning how all of this will affect our own particular company.

Will the bills you send out to customers go unopened?
Will the direct mail you rely on be ignored?
Will your mailroom, and all the departments it touches, slow to a crawl?
Will your current mail security procedures be effective?

As events continue to unfold and emotions escalate around mail, pressure builds on companies to respond to these questions and take dramatic action. Under these unprecedented circumstances, perhaps you're wondering where to turn for advice.

At Pitney Bowes, the development of secure mailing technologies has been our expertise for over 80 years. We invest more in research and development than any other company. Currently, we are working with the U. S. government, as well as leading an industry task force, to restore confidence in the security of our nation's mail system.

We believe that the single best way to undermine terrorism, and those who perpetrate it, is with the unwavering resolve to conduct business as usual.

Our business now, as always, is to work with our customers as partners, providing leading-edge, on-site and off-site secure mail and document management solutions. We are pleased to be able to share our expertise with you during this difficult period.

Thank you.

Michael J. Critelli
Chairman and Chief Executive Officer