PITNEY BOWES INC /DE/ — Director's Dealing 2006

Feb 15, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2006-02-13

Reporting Person: NOLOP BRUCE P (EVP and CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-13	Stock Option	$42.62	A	80996	Acquired	2016-02-12	Common Stock (80996)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	75550	Direct
Common Stock	278.0578	Indirect

Footnotes

F1: The stock option grant provided that 25% of the options become exercisable on the first anniversary of the grant, 25% on the second, 25% on the third and the remaining 25% on the fourth anniversary of the grant.