PITNEY BOWES INC /DE/ — Director's Dealing 2003

Jan 1, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2003-12-31

Reporting Person: HENKEL HERBERT L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-31	Stock Option	$40.455	A	848.0000	Acquired	2013-12-30	Common Stock (848.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8622.8240	Direct

Footnotes

F1: Reporting person was awarded these options under the Pitney Bowes Inc. 1991 Stock Plan in a transaction exempt under Rule 16b-3. The Stock Option Grant provides that the options become 100% exercisable on the third anniversary of the grant.