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

Nov 16, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-11-15

Reporting Person: TORSONE JOHNNA G (Sr. VP & Chief HR Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-15	Common Stock	M	3549	$28.6058	Acquired	28007	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-11-15	Stock Option	$28.6058	M	3549	Disposed	2007-02-09	Common Stock (3549)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	554.6225	Indirect