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

Feb 4, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2005-02-03

Reporting Person: BUONCONTRI GREGORY E (SVP and CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-03	Common Stock	M	3574.0000	$26.9932	Acquired	7174.0000	Direct
2005-02-03	Common Stock	F	2077.0000	$46.45	Disposed	5097.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-03	Stock Option	$26.9932	M	3574.0000	Disposed	2010-10-19	Common Stock (3574.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2007.3273	Indirect

Footnotes

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