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

Aug 30, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-08-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-26	Common Stock	M	12000	$26.9932	Acquired	38135	Direct
2005-08-26	Common Stock	M	4528	$24.0008	Acquired	42663	Direct
2005-08-26	Common Stock	F	3167	$42.75	Disposed	39496	Direct
2005-08-26	Common Stock	F	8968	$42.75	Disposed	30528	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-08-26	Stock Option	$24.0008	M	4528	Disposed	2006-02-11	Common Stock (4528)	Direct
2005-08-26	Stock Option	$26.9932	M	12000	Disposed	2010-10-19	Common Stock (12000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	550.7427	Indirect