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

Feb 18, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-02-17

Reporting Person: MAYES MICHELE COLEMAN (SVP and General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-17	Common Stock	P	500.0000	$46.50	Acquired	1500.0000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	76.3767	Indirect

Footnotes

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