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

May 10, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-05-09

Reporting Person: ALVARADO LINDA G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-09	Common Stock	A	1400	$45.04	Acquired	20628.2594	Direct

Footnotes

F1: Award of Restricted Stock under the Pitney Bowes Inc. Directors' Stock Plan in a transaction exempt under Rule 16b-3.