REPORT OF THE STATUTORY AUDITORS ON THE REGISTRATION DOCUMENT (DOCUMENT DE RÉFÉRENCE) (A FREE TRANSLATION OF THE FRENCH ORIGINAL) 77 Other information This is a free translation into English of a report issued in the French language and is provided solely for the convenience of English speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. In our capacity as statutory auditors of Neopost SA and in compliance with the COB ⁽¹⁾ Regulation n° 98-01, we have verified, in accordance with French professional standards, the information in respect of the financial position and historic financial statements included in the accompanying Registration Document (Document de Référence). This Registration Document is the responsibility of Mr. Jean-Paul Villot, Chairman of the Executive Board. Our responsibility is to issue an opinion on the fairness of the information contained therein with respect to the financial position and financial statements. We conducted our review in accordance with French professional standards. This review consisted in assessing the fairness of the information on the financial position and financial statements and to verify their consistency with the audited accounts. We also reviewed other financial information contained in the Registration Document in order to identify any significant inconsistency with information in respect of the financial position and financial statements and to bring to your attention any obvious misstatements we noted based on our general understanding of the company gained through our audit. The forecasts provided in the Document are the application of the expectations and intentions of Management’s strategy. We issued an unqualified opinion on the annual and consolidated accounts for the years ended January 31, 2002 and, 2003, and on the annual accounts for the year ended January 31, 2003, drawn up by the Executive Board, in accordance with French professional standards. The auditor’s report on the consolidated financial statements for the year ended January 31, 2003 contained an unqualified opinion, along with the following remark: • Without calling into question the opinion expressed above, we wish to draw your attention to the note on the financial statements describing the change in accounting policy as a result of the first-time application of CRC (French Accounting Regulations Committee) regulation n° 2000-06 on liabilities as from January 1, 2002. We have nothing to report with respect to the fairness of the information on the financial position and financial statements contained in the Registration Document (Document de Référence). (1) French Stock Exchange Regulatory Body. May 18, 2004 The Statutory Auditors Barbier, Frinault & Autres Dominique Royer (Ernst & Young) Michel Gauthier This Registration Document (Document de Référence) also includes: • the general auditors’ report and the report on the consolidated financial statements as of January 31, 2004 (respectively, the "Statutory Financial Statements", chapter on page 56, and the "Consolidated Financial Statements", chapter on page 39 of this document) setting out the justification for the assessments made by the statutory auditors pursuant to the provisions of article L. 225-235 of the French Commercial Code, • the statutory auditors’ report (the "Other Information", chapter on page 71 of this document), drawn up pursuant to the last paragraph of article L. 225-235 of the French Commercial Code, on the report by the Chairman of the Board of Directors of Neopost SA setting out the internal control procedures in place as regards the preparation and treatment of accounting and financial information.