PITNEY BOWES INC /DE/ — Director's Dealing 2011

Feb 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2011-02-01

Reporting Person: TORSONE JOHNNA G (EVP & Chief HR Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-01	Common Stock	M	1556.0000	$0.0000	Acquired	26528.7415	Direct
2011-02-01	Common Stock	M	1389.0000	$0.0000	Acquired	27917.7415	Direct
2011-02-01	Common Stock	F	494.0000	$24.3500	Disposed	27423.7415	Direct
2011-02-01	Common Stock	F	555.0000	$24.3500	Disposed	26868.7415	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-01	Restricted Stock Units	$0.0000	M	1389.0000	Disposed		Common Stock (1389.0000)	Direct
2011-02-01	Restricted Stock Units	$0.0000	M	1556.0000	Disposed		Common Stock (1556.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	660.9217	Indirect
Common Stock	7000.0000	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