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

Dec 5, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2003-12-05

Reporting Person: BAXENDALE BRIAN M (EVP Pres-Ent. Relnshp. Dev.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-04	Common Stock	S	1500.0000	$40.00	Disposed	2900.0000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14967.9460	Direct
Common Stock	418.2499	Indirect
Common Stock	4400.0000	Indirect

Footnotes

F1: Shares are held indirectly through the Pitney Bowes Inc. 401(k) Plan and its related excess plan.