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

Feb 9, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2007-02-07

Reporting Person: MARTIN MURRAY D (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-07	Common Stock	M	15555	$28.6058	Acquired	124676	Direct
2007-02-07	Common Stock	M	4939	$28.6058	Acquired	129615	Direct
2007-02-07	Common Stock	F	2917	$48.43	Disposed	126698	Direct
2007-02-07	Common Stock	F	9189	$48.43	Disposed	117509	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-07	Stock Option	$28.6058	M	4939	Disposed	2007-02-09	Common Stock (4939)	Direct
2007-02-07	Stock Option	$28.6058	M	15555	Disposed	2007-02-09	Common Stock (15555)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	697.6387	Indirect

Footnotes

F1: Previously included 300 shares held by a daughter who no longer shares a household with Mr. Martin.