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: Monahan Michael (EVP & President, MS&S)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8289.36	Direct
Common Stock	2891.4552	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$24.0008	2006-02-11	Common Stock (2562.0000)		Direct
Stock Option	$28.6058	2007-02-09	Common Stock (3689.0000)		Direct
Stock Option	$28.6058	2007-02-09	Common Stock (351.0000)		Direct
Stock Option	$44.2201	2008-02-08	Common Stock (6149.0000)		Direct
Stock Option	$44.2201	2008-02-08	Common Stock (227.0000)		Direct
Stock Option	$64.1346	2009-02-07	Common Stock (5636.0000)		Direct
Stock Option	$46.3841	2010-02-13	Common Stock (9223.0000)		Direct
Stock Option	$36.4496	2010-09-10	Common Stock (205.0000)		Direct
Stock Option	$26.9932	2010-10-19	Common Stock (12297.0000)		Direct
Stock Option	$41.8755	2011-09-09	Common Stock (6148.0000)		Direct
Stock Option	$40.6800	2012-02-10	Common Stock (6000.0000)		Direct
Stock Option	$32.1000	2013-02-09	Common Stock (15000.0000)		Direct
Stock Option	$40.0800	2014-02-08	Common Stock (20505.0000)		Direct
Stock Option	$40.0800	2014-02-08	Common Stock (2495.0000)		Direct
Stock Option	$46.9300	2015-02-13	Common Stock (21738.0000)		Direct
Stock Option	$46.9300	2015-02-13	Common Stock (4262.0000)		Direct

Footnotes

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