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

Oct 1, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2003-09-30

Reporting Person: HENKEL HERBERT L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-30	Stock Options	$38.4450	A	893.0000	Acquired	2013-09-29	Common Stock (893.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8564.5900	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.