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: MCFARLANE JOHN S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-10	Common Stock	A	1400.0000	$43.53	Acquired	8451.4680	Direct

Footnotes

F1: Award of Restricted Stock under the Pitney Bowes Inc. Directors' Stock Plan in a transaction exempt under Rule 16b-3.