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

Jun 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2004-06-04

Reporting Person: CRITELLI MICHAEL J (Director, Chman and Chief Exec. Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-03	Common Stock	G	25000.0000	—	Disposed	266865.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1582.5659	Indirect
Common Stock	26050.0000	Indirect
Common Stock	6345.0000	Indirect

Footnotes

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