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

Jul 28, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-07-27

Reporting Person: CRITELLI MICHAEL J (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-07-27	Common Stock	G	50000	—	Acquired	315845	Direct
2005-07-27	Common Stock	G	50000	—	Disposed	265845	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1637.7352	Indirect
Common Stock	7365	Indirect
Common Stock	26050	Indirect

Footnotes

F1: The shares were transferred from a joint account with Mrs. Critelli to an individual account in Mr. Critelli's name.