PITNEY BOWES INC /DE/ — Director's Dealing 2004

Nov 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2004-11-04

Reporting Person: CAMPBELL COLIN G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-04	Common Stock	G	40.0000	$0.00	Disposed	13360.0000	Direct
2004-11-04	Common Stock	G	125.0000	$0.00	Disposed	13235.0000	Direct
2004-11-04	Common Stock	G	125.0000	$0.00	Disposed	13110.0000	Direct
2004-11-04	Common Stock	G	400.0000	$0.00	Disposed	12710.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2000.0000	Indirect