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The accompanying notes are an integral part of these financial statements.

F-4

STAMPS.COM INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME (LOSS)

(In thousands)

Common Stock

Shares Amount Amount

Notes

Receivable

from

Stock Sales

Deferred

Compensation

Treasury

Stock at

Cost

Accumulated

Deficit

Other

Compre-

hensive

Loss Total

Balance at

January 1, 2002 ...............

25,366 $ 50 $ 700,455 $ (101) $ (314) $

—

$ (483,205) $ 374 $ 217,259

Comprehensive income

(loss):

Net loss............................. —

—

(6,847)

—

(6,847)

Unrealized gain/(loss)

on investments.............. —

—

148 148

Comprehensive

income (loss) ...........

(6,699)

Exercise of stock options ...... 390 1 1,698

—

1,699

Shares purchased under

the ESPP ..............................

—

Amortization of deferred

compensation....................... 219

—

291

Deferred compensation

related to terminated

employees ............................

(233)

—

233

—

Repayment on note

receivable............................. 101

—

(3,282)

—

(3,181)

Repurchase of common

stock.....................................

—

(23,107)

—

(23,107)

Retirement of treasury

stock..................................... (3,545) (7) (26,382)

—

26,389

—

Balance at

December 31,

2002 .....................................

22,228 44 675,831

—

(9)

—

(490,052) 522 186,336

Comprehensive income

(loss):

Net loss .............................. —

—

(9,327)

—

(9,327)

Unrealized gain/(loss)

on investments............... —

—

(598) (598)

Comprehensive

income (loss) ............. (9,925)

Exercise of stock

options ................................. 133 1 600

—

601

Shares purchased under

the ESPP .............................. 27

—

137

—

137

Amortization of deferred

compensation.......................

—

Repurchase of common

stock..................................... (324)

—

(2,673)

—

(2,673)

Balance at

December 31,

2003 .....................................

22,064 45 676,568

—

(2,673) (499,379) (76) 174,485

Comprehensive income

(loss):

Net loss .............................. —

—

(4,733)

—

(4,733)

Unrealized gain/(loss)

on investments............... —

—

(623) (623)

Comprehensive

income (loss) ............. (5,356)

Exercise of stock

options .................................

213

—

1,388

—

1,388

Shares purchased under

the ESPP .............................. 33

—

285

—

285

Return of capital

dividend ............................... (77,695)

—

(77,695)

Return of capital

make-up payment

to employees........................ 153

—

518

—

1,262

—

1,780

Balance at

December 31,

2004 .....................................

22,463 $ 45 $ 601,064 $

—

$ (1,411) $ (504,112) $ (699) $ 94,887