PITNEY BOWES INC /DE/ — Director's Dealing 2008

Aug 28, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2008-08-27

Reporting Person: Dobson David C (EVP & Chf Strat& Innov Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-27	Common Stock	A	5000	—	Acquired	5000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-08-27	Stock Option	$33.91	A	100000	Acquired	2018-08-26	Common Stock (100000)	Direct

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.