PITNEY BOWES INC /DE/ — Director's Dealing 2005

Dec 21, 2005

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-12-15

Reporting Person: Keddy Patrick J (EVP & Pres, Mailstrm Intl)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10926.586	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$21.2200	2006-03-31	Common Stock (159)		Direct
Stock Option	$26.4200	2007-03-31	Common Stock (127)		Direct
Stock Option	$44.2201	2008-02-08	Common Stock (6149)		Direct
Stock Option	$22.2300	2008-03-31	Common Stock (148)		Direct
Stock Option	$51.8443	2008-09-13	Common Stock (6149)		Direct
Stock Option	$64.1346	2009-02-07	Common Stock (12297)		Direct
Stock Option	$20.8000	2009-08-31	Common Stock (152)		Direct
Stock Option	$46.3841	2010-02-13	Common Stock (12297)		Direct
Stock Option	$21.8200	2010-04-30	Common Stock (151)		Direct
Stock Option	$21.3500	2011-05-31	Common Stock (150)		Direct
Stock Option	$40.6800	2012-02-10	Common Stock (3000)		Direct
Stock Option	$34.7300	2012-09-04	Common Stock (10000)		Direct
Stock Option	$32.1000	2013-02-09	Common Stock (15000)		Direct
Stock Option	$40.0800	2014-02-08	Common Stock (20000)		Direct
Stock Option	$46.9300	2015-02-13	Common Stock (22000)		Direct

Footnotes

F1: Options are granted under the Pitney Bowes Inc. 1998 UK S.A.Y.E. Stock Option Plan. Amounts indicated are in pound sterling.