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

Feb 15, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2007-02-14

Reporting Person: GREEN ERNIE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-14	Common Stock	M	1053	$30.49	Acquired	18091.4465	Direct
2007-02-14	Common Stock	M	1029	$32.4777	Acquired	19120.4465	Direct
2007-02-14	Common Stock	M	864	$31.86	Acquired	19984.4465	Direct
2007-02-14	Common Stock	M	855	$37.5962	Acquired	20839.4465	Direct
2007-02-14	Common Stock	M	843	$33.4975	Acquired	21682.4465	Direct
2007-02-14	Common Stock	M	841	$38.1208	Acquired	22523.4465	Direct
2007-02-14	Common Stock	M	835	$38.445	Acquired	23358.4465	Direct
2007-02-14	Common Stock	M	777	$32.585	Acquired	24135.4465	Direct
2007-02-14	Common Stock	M	764	$40.455	Acquired	24899.4465	Direct
2007-02-14	Common Stock	M	750	$38.27	Acquired	25649.4465	Direct
2007-02-14	Common Stock	M	719	$39.965	Acquired	26368.4465	Direct
2007-02-14	Common Stock	M	699	$37.935	Acquired	27067.4465	Direct
2007-02-14	Common Stock	M	683	$40.4068	Acquired	27750.4465	Direct
2007-02-14	Common Stock	M	650	$46.8428	Acquired	28400.4465	Direct
2007-02-14	Common Stock	M	641	$42.92	Acquired	29041.4465	Direct
2007-02-14	Common Stock	M	568	$38.0891	Acquired	29609.4465	Direct
2007-02-14	Common Stock	M	546	$43.7474	Acquired	30155.4465	Direct
2007-02-14	Common Stock	M	497	$47.9407	Acquired	30652.4465	Direct
2007-02-14	Common Stock	M	492	$43.9542	Acquired	31144.4465	Direct
2007-02-14	Common Stock	M	355	$40.6825	Acquired	31499.4465	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-14	Stock Option	$30.49	M	1053	Disposed	2007-09-29	Common Stock (1053)	Direct
2007-02-14	Stock Option	$31.86	M	864	Disposed	2007-03-30	Common Stock (864)	Direct
2007-02-14	Stock Option	$32.4777	M	1029	Disposed	2007-12-30	Common Stock (1029)	Direct
2007-02-14	Stock Option	$32.585	M	777	Disposed	2007-12-30	Common Stock (777)	Direct
2007-02-14	Stock Option	$33.4975	M	843	Disposed	2007-03-30	Common Stock (843)	Direct
2007-02-14	Stock Option	$37.5962	M	855	Disposed	2007-09-29	Common Stock (855)	Direct
2007-02-14	Stock Option	$37.935	M	699	Disposed	2007-12-30	Common Stock (699)	Direct
2007-02-14	Stock Option	$38.0891	M	568	Disposed	2007-06-29	Common Stock (568)	Direct
2007-02-14	Stock Option	$38.1208	M	841	Disposed	2007-09-29	Common Stock (841)	Direct
2007-02-14	Stock Option	$38.27	M	750	Disposed	2007-06-29	Common Stock (750)	Direct
2007-02-14	Stock Option	$38.445	M	835	Disposed	2007-09-29	Common Stock (835)	Direct
2007-02-14	Stock Option	$39.965	M	719	Disposed	2007-06-29	Common Stock (719)	Direct
2007-02-14	Stock Option	$40.4068	M	683	Disposed	2007-06-29	Common Stock (683)	Direct
2007-02-14	Stock Option	$40.455	M	764	Disposed	2007-12-30	Common Stock (764)	Direct
2007-02-14	Stock Option	$40.6825	M	355	Disposed	2007-09-29	Common Stock (355)	Direct
2007-02-14	Stock Option	$42.92	M	641	Disposed	2007-03-30	Common Stock (641)	Direct
2007-02-14	Stock Option	$43.7474	M	546	Disposed	2007-12-30	Common Stock (546)	Direct
2007-02-14	Stock Option	$43.9542	M	492	Disposed	2007-03-30	Common Stock (492)	Direct
2007-02-14	Stock Option	$46.8428	M	650	Disposed	2007-12-30	Common Stock (650)	Direct
2007-02-14	Stock Option	$47.9407	M	497	Disposed	2007-06-29	Common Stock (497)	Direct