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: Metviner Neil (EVP & President, GS&B)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8560.452	Direct
Common Stock	1634.4278	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$36.4496	2010-09-10	Common Stock (24593.0000)		Direct
Stock Option	$26.9932	2010-10-19	Common Stock (17185.0000)		Direct
Stock Option	$26.9932	2010-10-19	Common Stock (5408.0000)		Direct
Stock Option	$40.6800	2012-02-10	Common Stock (3000.0000)		Direct
Stock Option	$32.1000	2013-02-09	Common Stock (13385.0000)		Direct
Stock Option	$32.1000	2013-02-09	Common Stock (3115.0000)		Direct
Stock Option	$40.0800	2014-02-08	Common Stock (18505.0000)		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.