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: DeBois Elise (EVP & President, GFS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-07	Common Stock	M	8198	$44.2201	Acquired	16191.5744	Direct
2007-06-07	Common Stock	M	92	$44.2201	Acquired	16283.5744	Direct
2007-06-07	Common Stock	S	8025	$46.9746	Disposed	8258.5744	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-07	Stock Option	$44.2201	M	8198	Disposed	2008-02-08	Common Stock (8198)	Direct
2007-06-07	Stock Option	$44.2201	M	92	Disposed	2008-02-08	Common Stock (92)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	183.7439	Indirect

Footnotes

F1: This average price of $46.9746 represents sales of 8,025 shares at prices ranging from $46.96-$46.99.