PITNEY BOWES INC /DE/ — Director's Dealing 2007

Oct 17, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2007-10-16

Reporting Person: Keddy Patrick J (EVP & Pres, Mailstrm Intl)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-10-16	Stock Option	$40.93	A	165	Acquired	2013-05-31	Common Stock (165)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11316.5532	Direct

Footnotes

F1: Options are granted under the Pitney Bowes Inc. 1998 U.K. S.A.Y.E. Stock Option Plan. The option price is determined by taking the average of the closing prices of Pitney Bowes common stock as reported on the New York Stock Exchange in U.S. dollars for three consecutive days prior to the date of the invitation (here, i.e., October 1, 2007) less 10%.

F2: October 16, 2007 is the date of grant.