Full-year results. March 2014

1

March 2014

2013

2

LIMITATION OF LIABILITY

Forward-looking statement (Safe Harbour)

This presentation contains forward-looking statements (made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995), which, by their nature, involve a degree of risk and uncertainty. Forward-looking statements represent the company’s judgement regarding future events, and are based on currently available information. Consequently the

company cannot guarantee their accuracy and their

completeness. Actual results may differ materially from those the company anticipated due to a number of uncertainties, many of which the company is not aware of. For additional factors that may cause the company’s actual results to differ materially from expectations and underlying assumptions, please refer to the reports filed by the company with the Autorité des Marchés Financiers (French financial markets authority - AMF).

3

AGENDA

Introduction

2013 financial statements

Enlargement of the offering: recent development in CSS activities Dividend & Outlook

4

INTRODUCTION

5

Expand the range of solutions for customers of Neopost network Accelerate the development of new activities Continue developing mail-related activities

NEW STRATEGY INITIATED IN 2012

Neopost Integrated Operations CSS Dedicated Units ƒ Mailing Systems

ƒ Document Systems ƒ Other mailroom

equipment

ƒ Related services

ƒ Customer Communication Management ƒ Data and Address Quality

ƒ Shipping solutions

ƒ Print finishing and graphics

Communication & Shipping Solutions Mail Solutions

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2013 HIGHLIGHTS

Communication & Shipping Solutions Mail Solutions

Launch of the IN range (franking machine) in the US

Strong momentum in the US

Sustained growth in the Asia-Pacific region

Return to good sales productivity in France

Very challenging market in the UK

Lower revenues from postal rate changes

Virtually stable performance for

Mail Solutions Double-digit growthin CSS

Confirmed technological leadership of GMC (Gartner and Forrester)

First synergies between GMC and Neopost network

Intensified synergies between Satori and the Neopost network (US and UK) Acquisition of DMTI Spatial

New developments in Shipping Solutions

Investment in new SaaS platform for customers of Neopost network

TRANSFORMATION ON COURSE

7

CSS

CSS

CSS

Mail Solutions Mail Solutions Mail Solutions

8%

13%

17%

92% 87% 83%

Very Resilient Mail Solutions activities

8

FIVE CONSECUTIVE QUARTERS OF

ORGANIC GROWTH

Q1 2013 Q2 2013 Q4 2012

+2.6% _+2.1% +3.1%

Organic growth compared with the same period last year

+3.0%

Q3 2013

+2.6%

Q4 2013

+18.9% +15.3% Communication & Shipping Solutions (CSS) +22.5% 9

2013: STRATEGY AT WORK

-2013 organic sales growth

Mail Solutions +1.7% Neopost Integrated Operations -0.2% Total

Organic growth of the Neopost network (NIO) driven by CSS activities

10

Current operating margin *

(Current operating income / sales, as a %)

0 5 10 15 20 25 30 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Implementation of the new strategy

CHANGE IN CURRENT OPERATING MARGIN

Transformation of Neopost, while maintaining a high current operating margin

* Before acquisition-related costs

11

2013

FINANCIAL STATEMENTS

FY 2012 Scope

effect * Organic growth Change effect FY 2013

+26

2013 SALES

Significant currency impacts 2.7% organic growth „ Growth: +2.4% „ Growth excluding currency effects: +5.2% ¾ Scope effect: +2.5% ¾ Organic growth: +2.7% 12 1,070 +30 -30 1,096 Change in sales (in € millions)

Mail Solutions proved strongly resilient Very strong growth across all CSS activities

83% 17% -0.2% +41.7% 2013 Sales: €1,096 million 2013/2012* Mail Solutions

2013 SALES BY BUSINESS LINE

13

Communication & Shipping Solutions

Communication & Shipping Solutions Mail Solutions +5.2% Total growth excl. currency effects

Europe 54% Asia-Pacific 7%

2013 SALES BY REGION

Strong growth in North America and Asia-Pacific Challenging economic environment in Europe

* excluding currency effects

2013 Sales: €1,096 million 2013/2012* Total growth excl. currency effects North America 39%

+1.8% +12.7% Recurring revenue Sales of equipment & licences

2013 SALES BY REVENUE TYPE

15 Services & supplies 41% Rental & leasing 26% Sales of equipment & licences 33%

Strong growth in equipment and licence sales +5.2%

2013/2012*

Total growth excl. currency effects

* excluding currency effects

Current operating margin (before

acquisition-related costs) sustained at a high level

In € million Sales 1,070 1,096 Gross margin 832 838 % of sales 77.8% 76.5% EBITDA 334 331 % of sales 31.2% 30.2%

Current operating income (before

acquisition-related costs) 267 263

% of sales 24.9% 24.0%

16

CURRENT OPERATING INCOME

2013

2012

17

OPERATING MARGIN BY SEGMENT

17 Total 2012 CSS DU Elimi-nations In € million NIO 81 71 1,070 137 933 -15 --15 71 -1,014 933 12.8% 24.9% 25.4% Communication & Shipping solutions Mail Solutions Total Sales Current operating Margin (excluding acquisition-related costs)

Resilient Neopost network (NIO) margin

Total 2013 CSS DU Elimi-nations NIO 110 1,096 186 910 -18 --18 110 -1,004 910 12.2% 24.0% 24.8% 94

Including 7 months for GMC and 2 months for Human

Inference Including 12 months for GMC and Human Inference, _{and 3 months for DMTI Spatial}

In € million

Current operating income (before

acquisition-related costs) 267 263

Acquisition-related costs -7 -8

Current operating income 260 255

Acquisition-related income - 15 Optimisation expenses -4 -13 Operating income 256 257 18

OPERATING INCOME

Stable operating income

In € million

Operating income 256 257

Cost of debt -31 -37

Currency gains and losses and other 1 -1

Net financial income/(expense) -30 -38

Taxes -65 -55

Net attributable income to owners

Net margin as a % of sales

EPS

Fully diluted EPS

161 15.0% 4.74 4.52 164 15.0% 4.78 4.54

NET INCOME

Increase in net income and earnings per share

Strong level of cash flow from operations

Change relative to 31 January, in € million

EBITDA 334 331

Other items -5 -8

Cash flow* 329 323

Change in WCR -19 -34

Change in lease receivables -31 -33

Interest and income tax paid -72 -66

Cash flow from operations 207 190

Capital expenditure -92 -95

Acquisitions -132 -40

Cash flow after capital expenditure -17 55

20

CASH FLOW GENERATION

2013

2012

In € million

Financial debt 949 995

Cash and marketable securities -158 -187

Net financial debt 791 808

Shareholders’ equity 747 770

Net debt / shareholders' equity 106% 105%

Net debt / EBITDA ratio 2.4 2.4

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FINANCIAL STRUCTURE

31/01

2013 31/012014

Healthy financial structure

22

NEOPOST'S SOLID BALANCE SHEET

Shareholders' equity: €770 million at end-January 2014 Future leasing and rental flows in excess of €975 million

„ Leasing portfolio at 31 January 2014: €675 million +5% relative to 31 January 2013*

„ Rental

Net present value of future rental cash flows greater than €300 million

Net debt: €808 million at end-January 2014

* excluding currency effects

Future leasing and rental cash flows comfortably in excess of net debt

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FINANCING STRUCTURE

Janvier 12 Janvier 13 Janvier 14

Disponibilité sur la ligne revolving ‐ nouvelle ligne depuis janvier 2013  Disponibilité sur le placement privé  Natixis / BPCE ‐ annulé en 2012 Tirage sur la ligne revolving ‐ nouvelle ligne depuis janvier 2013 Schulschein 2012 ‐ 95 M$ et 67 M€ ‐ Maturité 4 ans Placement privé France 2012 ‐ 150  M€ ‐ Maturité 5 ans Emprunt Obligataire France 2012 ‐ 150 M€ ‐ Maturité 7 ans OCEANE 2009 ‐ Maturité 5 ans Placement Privé Crédit Agricole ‐ remboursé USPP 2014 ‐ 50M$ ‐ Maturité 6 ans USPP 2012 ‐ 175 M$ ‐ Maturité de 4  à 10 ans In € million €436 million

Diversified sources of financing Diversified financing structure with large amount available for draw-down

DD**

BD*

* BD = Bank Debt ** DD = Disintermediated Debt

BD*

DD**

BD*

DD**

January 12 January 13 January 14

Amount available on the Natixis / BPCE private placement ‐ cancelled 2012 Drawings on the revolving facility ‐ new facility since January 2013 Schuldschein 2012 ‐ $95m and €67m ‐ Maturity 4 years France 2012 private placement ‐ €150m ‐ Maturity 5 years France 2012 bond issue ‐ €150m ‐ Maturity 7 years OCEANE 2009 ‐ Maturity 5 years Crédit Agricole private placement – repaid USPP 2014 ‐ $50m ‐ Maturity 6 years USPP 2012 ‐ $175m – Maturity from 4  to 10 years Amount available on the revolving facility  ‐ new facility since January 2013

24 24

Good control over refinancing schedule

DEBT MATURITY

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ENLARGEMENT OF THE OFFERING:

RECENT DEVELOPMENTS IN CSS

RECAP ON CSS ACTIVITIES

Characteristics of CSS activities

„ Niche markets (worth about €1 billion) offering growth

potential in the double digits

„ Markets in which Neopost is or can become a key player „ Synergies with the existing customer base and with the

Neopost distribution network

CSS strategy

„ Organic growth „ Partnerships

„ Targeted acquisitions, ROCE target of 15% in 3 to 4 years „ Adaptation of product offering to meet the needs of SMEs

26 Buoyant growth markets

COMMUNICATION & SHIPPING

SOLUTIONS DEDICATED UNITS

GMC Software Technology Satori Software Human Inference Neopost ID DMTI Spatial NIO sales teams and direct channels

* VAR: Value Added Reseller

CUSTOMER TYPOLOGY DISTRIBUTION MODE

Large corporations, PSP, postal organisations, carriers, logistics companies

Medium-sized businesses NIO CSS DU NIO specialist sales teams acting as VAR* for the CSS DUs

27 NIO OFFER SMEs/VSEs Specific CSS DU sales teams

SaaS / Cloud offering developed by CSS DU & partners GMC Software Technology Satori Software Human Inference Neopost ID DMTI Spatial Partners

28

DATA QUALITY

Double-digit organic growth*

Success of Address Quality solution (Satori / SAP partnership) Success of Satori's new

Data Quality solution

Recognition of Human Inference's technology by Forrester Acquisition of DMTI Spatial in November 2013

* 2013 organic growth (excluding currency effects)

Address Quality leader

DMTI SPATIAL

Provider of location-based data quality solutions

Prestigious customer portfolio: Apple, Google, TomTom, Bell

Canada, Rogers communications, Canadian Federal Government, and more

Potential for synergies with Satori Software and Human Inference, and also with GMC Software Technology

Established positions in Canada, with pilot under way outside Canada

2013 Sales: 10 million Canadian dollars

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Market leader in Canada

CUSTOMER COMMUNICATION

MANAGEMENT

30

GMC's technological leadership recognised by Forrester and Gartner (ranked 1st and 2nd, respectively)

Double-digit organic growth*

Consolidation of global Print Service Providers (PSP) leadership position with 60% market share

Successful vertical winover strategy (banks, insurance, telcos, utilities, etc.)

„ Sales up 48% versus 2012

„ 32% of 2013 sales, compared with 24% in 2012

Visionary company, offering innovative products and solutions such as Dynamic Statement and “CCM on glass”

Sources: Gartner and Forrester

Magic Quadrant for CCM Software

(Gartner, Nov. 2013) Document Output for CCM Wave(Forrester, Jan. 2014)

GMC position in 2011 wave 2011-2014 evolution

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GMC SOFTWARE TECHNOLOGY:

RECOGNISED AS TECHNOLOGICAL LEADER

SHIPPING SOLUTIONS

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* Hors effets de change

Neopost, parcel facilitator

Pack Ship Collect Accept,

sort & route Deliver Receive/Collect Return

Create Collect

Capture ProcessStore Transform

Monitor Deliver Inform

Track & trace data management

Optimized packing system Collection & delivery tracking Shipping software Proof-of-delivery management Collection &

33

SHIPPING SOLUTIONS

Organic growth in excess of 30%*

Growth in existing Online Shipping Solutions, Data Capture, Track & Trace contracts

Roll out of Parcel Lockers in Australia: 165 lockers installed in 2013 (47 in 2012)

Successful RFID pilot developed for French Army

„ Roll-out in 2015

New developments

„ Packcity

„ Optimised Packing System: CVP-500

PACKCITY

Pilots launched in November 2013

(Relais Colis, Monop’, Klépierre, Immochan)

„ Fill rate of up to 70% without any particular promotion „ 60% of pick-ups on the same day

Agreement signed with GeoPost in January 2014

„ 1,500 machines to be installed for the French market by the end of 2016 „ Potential installation of 3,000 machines over time

„ 1 Packcity network

GeoPost dedicated lockers

Lockers opened for a number of operators in the logistics and distribution chain

(delivery, returns, concierge service, click and collect)

„ Financing requirement of about €50 million, broken down as 2/3 Neopost and 1/3 GeoPost

Potential for international development

CVP-500: INNOVATION AT

Click on CVP-500 image below to launch introduction movie

35 Pack size = Product size No stock of predefined boxes, but pallets of corrugated cardboard Very broad range of sizes Up to 500 parcels per hour 1 to 10 items per parcel Carton reusable for returns or other Shipping label printed and applied on the box Order details printed and packed at the same time No need for packing fillers

Continuous packing system delivering 3D optimisation of parcel size An innovation that embodies Neopost's expertise

In conjunction with one of the largest e-fulfilment professionals in the Netherlands:

„ A pilot tested from May to November 2013

CVP-500: INITIAL RESULTS

36

€3 million spent in 2013, broken down into 40% CAPEX and 60% OPEX

Manuel CVP-500

*

-40%

Main advantages:

Automation & optimisation

ƒ 20% savings on labour

ƒ Up to 40% less shipping volume

ƒ No filler material needed

ƒ Up to 20% reduction in cardboard

used

ƒ Flexibility for peak times

*

Operators concerned:

ƒ E-tailers

ƒ E-fulfilment professionals

ƒ Carriers

ƒ Any company handling large

volumes of parcels

Currently assessing the business model and market potential

NEOPOST INTEGRATED OPERATIONS VAR*

* VAR: Value Added Reseller

CUSTOMER TYPOLOGY DISTRIBUTION MODE

Large corporations, PSP, postal organisations, carriers, logistics companies Medium-sized businesses NIO CSS DU NIO specialist sales teams acting as VAR* for the CSS DUs

37 NIO OFFER SMEs/VSEs Specific CSS DU sales teams

SaaS / Cloud offering developed by CSS DU & partners GMC Software Technology Satori Software Human Inference Neopost ID DMTI Spatial Partners

38

NEOPOST INTEGRATED OPERATIONS VAR*

Increase in the number of GMC approved NIO subsidiaries and training of specialist sales staff

„ In 2013

„ In 2014

Use of the NIO customer base

Success of CSS in the NIO network

„ Customer Communication Management:

50%* organic growth

„ Data Quality:

25%* organic growth

„ Shipping solutions:

50%* organic growth

NEOPOST INTEGRATED OPERATIONS

* VAR: Value Added Reseller

CUSTOMER TYPOLOGY DISTRIBUTION MODE

Large corporations, PSP, postal organisations, carriers, logistics companies

Medium-sized businesses NIO CSS DU NIO specialist sales teams acting as VAR* for the CSS DUs

39 NIO OFFER SMEs/VSEs Specific CSS DU sales teams

SaaS / Cloud offering developed by CSS DU & partners GMC Software Technology Satori Software Human Inference Neopost ID Partners DMTI Spatial

40

NEOPOST INTEGRATED OPERATIONS

First CSS pilot applications:

„ Shipping „ CCM

„ Data Quality

Acceleration of capital expenditure and preparation for launching the SaaS platform

„ Salesforce.com and Zuora

First products developed by GMC

launched in the UK in H1 and in the US in H2 2014

„ OMS 500 client/server to replace Print Machine „ OMS 500 in SaaS mode

„ neopreference

neoship

neoclean

SME solution supported by the new infrastructure

41

RETURN ON INVESTMENTS

Relevant and well-integrated acquisitions that create value

Data Quality: Satori Software case study

„ Initial sales of $13 million in 2009

„ Sales have more than doubled in four years: $29 million in 2013 „ Total acquisition cost = $27 million

„ EBIT of 10% at the time of the acquisition, rising to close to

20% in 2013

„ ROCE > 20% (excl. synergies from the NIO network)

Customer Communication Management: GMC Software Technology

„ ROCE already above 10 % in 18 months

42

RETURN ON INVESTMENTS

Potential operating margin of 15 to 20% for each of the 3 CSS DUs

Shipping solutions: a different business model

„ Development of brand new solutions from scratch „ Investment and expenditure instead of acquisitions

„ Choice of sales development models focusing on recurring

revenues

„ Gradual build-up of sales „ EBIT below 10% in 2013

DIVIDEND & OUTLOOK

43

44 44

DIVIDEND

€3.90 dividend per share proposed in respect of 2013, giving a return of close to 7%*

* Based on closing price on 21 March 2014 (59.54€)

2012 2013 Dividend (100% in cash) 3.90 EPS Interim dividend €1.80 Final dividend €2.10 4.74 82% 4.78 3.90 82%

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2014 OUTLOOK

2014 sales growth expected to be in the range of 1 to 3%, excluding currency effects:

„ Sales for Mail Solutions maintained more or less stable (organic growth) „ Double-digit organic growth in Communication & Shipping Solutions

(CSS)*

Current operating margin, before acquisition-related costs,

expected to be between 22.5 and 23.5%** based on identified and approved projects:

„ Significant spending and capital expenditure for the SaaS platform and

hosted solutions

„ Significant spending and capital expenditure for Shipping Solutions

(Packcity/CVP-500)

„ Choice of development models focusing on recurring revenues, to be

reflected in the gradual build-up in sales (SaaS and HaaS)

MEDIUM-TERM VISION

2013

2016-18

47

APPENDICES

DEFINITIONS

48 Mail Solutions

„ Mailing systems, document systems (desktop, professional,

production folder/inserters, other mailroom equipments) and related services

Communication & Shipping Solutions (CSS)

„ Data quality, Customer Communication Management, Shipping

Solutions, print finishing and graphic solutions

Neopost Integrated Operations

„ Neopost operating companies engineering, producing and

distributing Neopost products and services

CSS Dedicated Units

„ Neopost ID, Satori Software, Human Inference, GMC Software

49

PRODUCT DEFINITIONS

Inspire: enterprise communication platform enabling companies to consistently deliver relevant and personalised messages, at the right time through the preferred channel.

Satori Capture: point-of-entry, instant address verification tool, used to collect fast and accurate contact data at the point of input to the software system.

Satori Architect: software suite offering a comprehensive range of tools for the development of a

Data Quality solution for contacts, to meet customers' individual needs.

Mes envois.fr: on-line price comparison site for sending parcels and preparing registered mail, designed especially for business customers.

SendEasy: application for professional shipping solutions, focused on e-commerce and companies with a small to medium volume of parcels.

2Ship: SaaS solution allowing any authorised user in a company with on-line access to arrange shipments from a single secure platform.

Neoship: a simple shipping solution to create labels for shipments, compliant with USPS criteria.

Neotouch: hybrid mail solution where the sender creates the item electronically, which is then materialised in our plant. The item is printed, folded, inserted in the envelope and metered in our production centre, and then physically delivered to the recipient.

DPM (Delivery Preference Manager): cloud-based solution that seamlessly integrates with production management software to provide companies with a simple and efficient method for managing multi-channel communications.

50 69 9 645 4 46 139 147 979 203 87 2,486 158 0 Trade receivables Inventories

Deferred tax assets Leasing receivables

Other non-current receivables Non-current financial assets Tangible fixed assets

Intangible fixed assets Goodwill

Other current assets

TOTAL

Financial securities

Current financial instruments

CONSOLIDATED BALANCE SHEET (1/2)

Assets

51 384 220 126 76 873 18 747 1 2,486 37 4

CONSOLIDATED BALANCE SHEET (2/2)

Liabilities

Other current liabilities Prepaid income

Non-current financial instruments Deferred tax liabilities

Other non-current liabilities Current financial debt

Non-current financial debt Non-current provisions Shareholders’ equity

Current financial instruments TOTAL 426 211 142 87 908 20 770 0 2,579 12 3 31/01 2013 31/01 2014