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

Jun 8, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2007-06-07

Reporting Person: TORSONE JOHNNA G (Sr. VP & Chief HR Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-07	Common Stock	M	19633	$44.2201	Acquired	54414	Direct
2007-06-07	Common Stock	M	15000	$26.9932	Acquired	69414	Direct
2007-06-07	Common Stock	M	2260	$44.2201	Acquired	71674	Direct
2007-06-07	Common Stock	F	2100	$47.58	Disposed	69574	Direct
2007-06-07	Common Stock	S	34633	$47.4008	Disposed	34941	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-07	Stock Option	$26.9932	M	15000	Disposed	2010-10-19	Common Stock (15000)	Direct
2007-06-07	Stock Option	$44.2201	M	19633	Disposed	2008-02-08	Common Stock (19633)	Direct
2007-06-07	Stock Option	$44.2201	M	2260	Disposed	2008-02-08	Common Stock (2260)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	579.5389	Indirect

Footnotes

F1: This average price of $47.4008 represents sales of 34,633 shares at prices ranging from $47.35-$47.48.