PITNEY BOWES INC /DE/ - Director's Dealing 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2012-02-07

Reporting Person: O'Hara John E (EVP&President, PB Software S)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-07	Common Stock	M	779.0000	$0.0000	Acquired	3293.9940	Direct
2012-02-07	Common Stock	M	342.0000	$0.0000	Acquired	3635.9940	Direct
2012-02-07	Common Stock	M	265.0000	$0.0000	Acquired	3900.9940	Direct
2012-02-07	Common Stock	M	178.0000	$0.0000	Acquired	4078.9940	Direct
2012-02-07	Common Stock	F	67.0000	$19.3800	Disposed	4011.9940	Direct
2012-02-07	Common Stock	F	99.0000	$19.3800	Disposed	3912.9940	Direct
2012-02-07	Common Stock	F	128.0000	$19.3800	Disposed	3784.9940	Direct
2012-02-07	Common Stock	F	291.0000	$19.3800	Disposed	3493.9940	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-07	Restricted Stock Units	$0.0000	M	779.0000	Disposed	2015-02-03	Common Stock (779.0000)	Direct
2012-02-07	Restricted Stock Units	$0.0000	M	342.0000	Disposed	2014-02-04	Common Stock (342.0000)	Direct
2012-02-07	Restricted Stock Units	$0.0000	M	265.0000	Disposed	2013-02-05	Common Stock (265.0000)	Direct
2012-02-07	Restricted Stock Units	$0.0000	M	178.0000	Disposed	2012-02-11	Common Stock (178.0000)	Direct

F1: The restricted stock units expire upon vesting and vest in four equal annual installments.

F2: Each restricted stock unit represents a contingent right to receive one share of Pitney Bowes common stock.

F3: The restricted stock units vest in four equal annual installments