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

Jun 8, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2004-06-02

Reporting Person: BAXENDALE BRIAN M (SVP and Pres-Ent. Relshp. Dev.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-02	Common Stock	S	700.0000	$44.12	Disposed	2200.0000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	16465.7040	Direct
Common Stock	424.5329	Indirect
Common Stock	4400.0000	Indirect

Footnotes

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