PITNEY BOWES INC /DE/ — Director's Dealing 2015

May 12, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2015-05-08

Reporting Person: SHEDLARZ DAVID L (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-08	Common Stock	M	3816.00	$0.00	Acquired	29708.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-08	Restricted Stock Units	$0.00	M	3816.00	Acquired		Common Stock (3816.00)	Direct
2015-05-11	Restricted Stock Units	$	A	4403.00	Acquired		Common Stock (4403.00)	Direct

Footnotes

F1: The RSUs were granted on 5/11/14 and have a one year cliff vesting

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

F3: Each unit represents a contingent right to receive one share of Pitney Bowes common stock that will cliff vest 100% in one year.