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

Aug 27, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2003-08-26

Reporting Person: TORSONE JOHNNA G (Sr. VP and Chief HR Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-26	Common Stock	M	2254.0000	$19.02990	Acquired	13324.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-26	Stock Option	$19.0299	M	2254.0000	Disposed	2003-09-13	Common Stock (2254.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	520.2860	Indirect

Footnotes

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