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

Mar 20, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2007-03-16

Reporting Person: CRITELLI MICHAEL J (Director, Chairman and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-16	Stock Option	$45.4	A	162075	Acquired	2017-03-15	Common Stock (162075)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	275690	Direct
Common Stock	1711.1468	Indirect
Common Stock	26050	Indirect
Common Stock	10182	Indirect

Footnotes

F1: The stock option grant provided that 25% of the options become exercisable on the first anniversary of the grant, 25% on the second, 25% on the third and the remaining 25% on the fourth anniversary of the grant.