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

Feb 7, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2007-02-06

Reporting Person: Green Steven J (VP-Fin and CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-06	Common Stock	M	6816	$28.6058	Acquired	18565.0892	Direct
2007-02-06	Common Stock	F	4059	$48.04	Disposed	14506.0892	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-06	Stock Option	$28.6058	M	6816	Disposed	2007-02-09	Common Stock (6816)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4032.6964	Indirect
Common Stock	1085.127	Indirect