STATUTORY  AUDITOR’S  REPORT ON  THE  FINANCIAL  STATEMENTS FOR  THE  YEAR  ENDED  JANUARY  31, 2004 This is a translation into English for information purposes only of the statutory auditors’ report   issued   in   the   French   language   and   is   provided   solely   for   the   convenience of English-speaking readers. The statutory auditors’ report includes information specifically required by French law in all audit reports, whether qualified or not, and this is presented below the opinion on the financial statements. This information includes an explanatory paragraph discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the financial statements taken as a whole and not to provide separate assurance on individual account captions or on information taken from outside the scope of the financial statements. This report [together with the statutory auditors’ report addressing financial and accounting information in the Chairman’s report an internal control,] should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Shareholders: 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, 2004, on: • the   audit   of   the   accompanying   financial   statements   of Neopost SA, • the justification of our assessments, • the specific verifications and information required by law. These 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  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 financial statements give a true and fair view of the Company’s financial position and its assets and liabilities, as of January 31, 2004, and of the results of its operations for the year then ended 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 matter(s): • we have performed an assessment of the approaches adopted by  the  Company  in  terms  of  the  valuation  of  financial  fixed assets,  as  described  in  note  2  B  of  the  notes  to  the  financial statements.  Our  work  performed  consisted  in  assessing  the figures and assumptions on which the estimates are based and reviewing   the   computations   performed   by   the   Company. 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 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 VERIFICATIONS  AND  INFORMATION We have also performed the specific verifications required by law in accordance with professional standards applicable in France. We have no matters to report regarding the fair presentation and the conformity with the financial statements of the information given in the management report of the Board of Directors, and in the documents addressed to the shareholders with respect to the financial position and the financial statements. In accordance with the law, we verified that all the information relating to the identity of the shareholders has been included in the Board of Directors’ Report. 56 April 30, 2004 The Statutory Auditors Barbier, Frinault & Autres Dominique Royer (Ernst & Young) Michel Gauthier