PITNEY BOWES INC /DE/ — Director's Dealing 2017

May 9, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PITNEY BOWES INC /DE/ (PBI)
CIK: 0000078814
Period of Report: 2017-05-05

Reporting Person: ROTH MICHAEL ISOR (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-05	Common Stock	M	5485.00	$0.00	Acquired	53531.5069	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-05	Restricted Stock Units	$0.00	M	5485.00	Disposed		Common Stock (5485.00)	Direct
2017-05-08	Restricted Stock Units	$	A	6309.00	Acquired		Common Stock (6309.00)	Direct

Footnotes

F1: The RSUs were granted on May 9, 2016 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.