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

Aug 27, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2007-08-24

Reporting Person: BUONCONTRI GREGORY E (SVP & Chief Info Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-24	Common Stock	M	37178	$26.9932	Acquired	45047	Direct
2007-08-24	Common Stock	M	2495	$40.08	Acquired	47542	Direct
2007-08-24	Common Stock	M	715	$32.1	Acquired	48257	Direct
2007-08-24	Common Stock	F	517	$44.365	Disposed	47740	Direct
2007-08-24	Common Stock	F	2254	$44.365	Disposed	45486	Direct
2007-08-24	Common Stock	S	30200	$44.4191	Disposed	15286	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-24	Stock Option	$26.9932	M	37178	Disposed	2010-10-19	Common Stock (37178)	Direct
2007-08-24	Stock Option	$32.1	M	715	Disposed	2013-02-09	Common Stock (715)	Direct
2007-08-24	Stock Option	$40.08	M	2495	Disposed	2014-02-08	Common Stock (2495)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3867.2107	Indirect

Footnotes

F1: This average price of $44.4191 represents sales of 30,200 shares at prices ranging from $44.34 - $44.49.