Copies of these required libraries are checked in to the source tree, so you should only need to do this to take a new Boost version.
To build the staged libs with shared DLLs and shared runtime references that Programmer's Notepad links to, run this:
b2 --with-python toolset=msvc-12.0 runtime-link=shared link=shared python=3.4 stage
For each version of Python you want to use, build with the correct version in the command and then copy the built .lib and .dll files into the PN lib folder under the correct python version before building again for the next python version.
b2 --with-test toolset=msvc-12.0 runtime-link=shared link=shared stage
After copying all the libs into the relevant PN lib directory be sure to check them in so others don't need to build them!