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

Jan 29, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2006-10-20

Reporting Person: Keddy Patrick J (EVP & Pres, Mailstrm Intl)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-20	Stock Option	$40.2689	A	153	Acquired	2012-05-31	Common Stock (153)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11229.5246	Direct

Footnotes

F1: Options are granted under the Pitney Bowes Inc. 1998 U.K. S.A.Y.E. Stock Option Plan. The option price is determined by taking the average of the closing prices of Pitney Bowes common stock as reported on the New York Stock Exchange in U.S. dollars for three consecutive days prior to the date of the invitation (here, i.e., October 1, 2006) less 10%.

F2: October 20, 2006 is the date of grant.