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

Aug 13, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2007-08-10

Reporting Person: Weiss Kevin (EVP & Pres, Mailstream)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-10	Common Stock	M	1295	$46.3841	Acquired	5171	Direct
2007-08-10	Common Stock	S	100	$46.79	Disposed	5071	Direct
2007-08-10	Common Stock	S	300	$46.76	Disposed	4771	Direct
2007-08-10	Common Stock	S	892	$46.74	Disposed	3879	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-10	Stock Option	$46.3841	M	1295	Disposed	2008-02-13	Common Stock (1295)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	834.207	Indirect