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

May 11, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2004-05-11

Reporting Person: MAYES MICHELE COLEMAN (Sr VP and General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-11	Common Stock	P	300.0000	$43.60	Acquired	800.0000	Direct
2004-05-11	Common Stock	P	200.0000	$43.61	Acquired	1000.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	74.8272	Indirect

Footnotes

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