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

Feb 13, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2008-02-11

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-02-11	Restricted Stock Units	$0	A	1648	Acquired		Common Stock (1648)	Direct
2008-02-11	Stock Option	$36.96	A	18746	Acquired	2018-02-10	Common Stock (18746)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14530.0047	Direct
Common Stock	4411.0181	Indirect
Common Stock	1085.127	Indirect

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of Pitney Bowes common stock.

F2: The restricted stock units vest in four equal annual installments beginning on February 3, 2009.

F3: 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.