How was 2003 for Neopost? 2003   was   a   real   turning   point   for Neopost.    After    acquiring    Ascom Hasler and Stielow in 2002, we spent much    of    2003    integrating    these companies   and   strengthening   our organisation. 2003  was  also  a  year  of  deployment, with  the  successful  launch  of  highly competitive  products  in  new  market segments, and moves to increase our geographical   coverage.   Our   online parcel   management   solutions   were a   big   success,   particularly   with   the UK and French postal authorities. In   accordance   with   our   sustained profitable growth strategy, we redefined  our  commercial  priorities and   allocated   sales   and   marketing resources   more   efficiently   around the world. Neopost   is   now   in   great   shape   to continue its development. How does this translate into figures? Neopost did well in 2003. At constant exchange  rates,  sales  rose  by  7.4%. On   a   pro   forma   basis,   excluding currency   effects   and   restated   for various   positive   one-off   events   that took  place  in  2002  and  2003  such  as changes in postal tariffs and C H A I R M A N ’ S   I N T E R V I E W “I am very confident that we will continue our profitable growth.” JEAN-PAUL VILLOT Chairman and CEO