STATUTORY  AUDITORS’  REPORT  ON  THE CONSOLIDATED  FINANCIAL  STATEMENTS FOR  THE  YEAR  ENDED  JANUARY  31, 2004 39 Consolidated financial statements To the Shareholders: In  compliance  with  the  assignment  entrusted  to  us  by  your  shareholders’  annual  general  meetings,  we  have  audited  the accompanying consolidated financial statements of Neopost SA for the year ended January 31, 2004. 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. I. OPINION  ON THE  CONSOLIDATED  FINANCIAL  STATEMENTS We conducted our audit in accordance with professional standards applicable 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 the 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 assets, liabilities, financial position and results of the consolidated group of companies in accordance with the accounting rules and principles applicable in France. II. JUSTIFICATION  OF  OUR  ASSESSMENTS In accordance with the requirements of article L. 225-235 of the French Company Law (Code de Commerce) relating to the justification of our assessments, introduced by the French Financial Security Act of August 1, 2003 and which came into effect for the first time this year, we bring to your attention the following matters: We have performed an assessment of the approaches adopted by the Group in terms of valuation of market share and goodwill, respectively described in notes 3 B1 and 3 E of the notes to the consolidated financial statements, and which involve significant estimates. Our work performed consisted in assessing the figures and assumptions on which the estimates are based and in reviewing  the  computations  performed  by  the  Group.  Within  the  framework  of  our  assessment,  we  ensured  that  these estimates were reasonable. The assessments were made in the context of our audit of the consolidated financial statements, taken as a whole, and therefore contributed to the formation of the unqualified opinion expressed in the first part of this report. III. SPECIFIC VERIFICATION In  accordance  with  professional  standards  applicable  in  France,  we  have  also  verified  the  information  given  in  the  group management report. We have no matters to report regarding its fair presentation and conformity with the consolidated financial statements. April 30, 2004 The Statutory Auditors Barbier, Frinault & Autres Dominique Royer (Ernst & Young) Michel Gauthier