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: MARTIN MURRAY D (Director, Chairman,President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-01	Common Stock	M	13439.0000	$0.0000	Acquired	125604.0314	Direct
2011-02-01	Common Stock	M	11995.0000	$0.0000	Acquired	137599.0314	Direct
2011-02-01	Common Stock	F	3819.0000	$24.3500	Disposed	133780.0314	Direct
2011-02-01	Common Stock	F	4227.0000	$24.3500	Disposed	129553.0314	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-01	Restricted Stock Units	$0.0000	M	11995.0000	Disposed		Common Stock (11995.0000)	Direct
2011-02-01	Restricted Stock Units	$0.0000	M	13439.0000	Disposed		Common Stock (13439.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	801.2877	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