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: Monahan Michael (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-01	Common Stock	M	3395.0000	$0.0000	Acquired	18104.8279	Direct
2011-02-01	Common Stock	M	2778.0000	$0.0000	Acquired	20882.8279	Direct
2011-02-01	Common Stock	F	874.0000	$24.3500	Disposed	20008.8279	Direct
2011-02-01	Common Stock	F	1175.0000	$24.3500	Disposed	18833.8279	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-01	Restricted Stock Units	$0.0000	M	2778.0000	Disposed		Common Stock (2778.0000)	Direct
2011-02-01	Restricted Stock Units	$0.0000	M	3395.0000	Disposed		Common Stock (3395.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7117.8572	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