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

Feb 25, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-02-24

Reporting Person: JIMENEZ LUIS A (SVP and CSO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-24	Common Stock	M	3500.0000	$26.9932	Acquired	6500.0000	Direct
2005-02-24	Common Stock	F	2000.0000	$45.78	Disposed	4500.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-24	Stock Option	$26.9932	M	3500.0000	Disposed	2010-10-19	Common Stock (3500.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	905.0691	Indirect

Footnotes

F1: Shares are held indirectly through the Pitney Bowes Inc. 401(k) Plan and its related excess plan.