<55> > Auditors’ report On the Neopost Consolidated Statements (year ended 31 january 2003) To the Shareholders of the Company Neopost S.A., In compliance with the assignment entrusted to us by your shareholders’ annual general meetings, we hereby report to you, for the year ended January 31, 2003, on the audit of the accompanying consolidated financial statements of the Company Neopost S.A. The consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the professional standards applied in France. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial  statements.  An  audit  also  includes  assessing  the  accounting  principles  used  and  significant  estimates  made  by management,  as  well  as  evaluating  the  overall  financial  statements  presentation.  We  believe  that  our  audit  provides  a reasonable basis for our opinion. In our opinion, the consolidated financial statements give a true and fair view of the group’s financial position and of its assets and liabilities as of January 31,2003,and of the results of its operations for the year then ended in accordance with accounting principles generally accepted in France. Without qualifying our opinion,  we draw your attention to the note to the financial statements disclosing the change of accounting method, as of January 1, 2002, due to the first application of CRC rule 2000-06 on liabilities. We also performed the verification of the information given in the management report of the Board of Directors.We have no comment as to its fair presentation and its conformity with the consolidated financial statements. Neuilly-sur-Seine and Paris, April 2, 2003 The Statutory Auditors BARBIER FRINAULT & AUTRES Michel Gauthier Dominique ROYER