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

Oct 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2004-10-01

Reporting Person: MARTIN MURRAY D (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-01	Common Stock	A	10000.0000	$45.02	Acquired	113978.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	649.6360	Indirect

Footnotes

F1: Award of restricted stock under the Pitney Bowes Inc. 1991 Stock Plan in a transaction exempt by Rule 16b-3.

F2: Shares are held indirectly through the Pitney Bowes Inc. 401(k) Plan and its related excess plan.