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

Feb 16, 2005

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-02-15

Reporting Person: Green Steven J (VP-Fin and CAO)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12589.8541	Direct
Common Stock	3192.2418	Indirect
Common Stock	1073.2880	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$24.0008	2006-02-11	Common Stock (5123.0000)		Direct
Stock Option	$28.6058	2007-02-09	Common Stock (12297.0000)		Direct
Stock Option	$26.9932	2010-10-19	Common Stock (24593.0000)		Direct
Stock Option	$40.68	2012-02-10	Common Stock (1000.0000)		Direct
Stock Option	$32.10	2013-02-09	Common Stock (12000.0000)		Direct
Stock Option	$40.08	2014-02-08	Common Stock (17000.0000)		Direct
Stock Option	$44.2201	2008-02-08	Common Stock (12296.0000)		Direct
Stock Option	$44.2201	2006-02-08	Common Stock (566.0000)		Direct
Stock Option	$64.1346	2009-02-07	Common Stock (12296.0000)		Direct
Stock Option	$64.1346	2009-02-07	Common Stock (625.0000)		Direct
Stock Option	$46.3841	2010-02-13	Common Stock (12296.0000)		Direct

Footnotes

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