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

Oct 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2004-10-27

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-27	Common Stock	M	7769.0000	$24.0008	Acquired	26114.0000	Direct
2004-10-27	Common Stock	F	4426.0000	$42.1200	Disposed	21688.0000	Direct
2004-10-27	Common Stock	M	7275.0000	$16.3767	Acquired	28963.0000	Direct
2004-10-27	Common Stock	F	2828.0000	$42.120	Disposed	26135.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-10-27	Stock Option	$16.3767	M	7275.0000	Disposed	2005-02-12	Common Stock (7275.0000)	Direct
2004-10-27	Stock Option	$24.0008	M	7769.0000	Disposed	2006-02-11	Common Stock (7769.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	535.8358	Indirect

Footnotes

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