LIMITATION OF LIABILITY

2014

FULL-YEAR RESULTS

April 2015

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).

AGENDA

2014 HIGHLIGHTS

2014 FINANCIAL STATEMENTS

BUSINESS UPDATE

OUTLOOK

4

STRATEGY RATIONALE

Support customers in their changing needs

Complementarity between Mail, Parcel and Digital Communication businesses

Mail facilitator, historical core business of the Group Digital transition facilitator Parcel management facilitator

5

NEOPOST AMBITION

* Source : Neopost and Gartner estimates

Shipping Physical

mail

Digital

Communication

High potential of Shipping and Digital Communication businesses Catalysts for transforming the Group

2014 KEY FACTS

6

Further decrease in recurring revenues

• Rentals • Supplies

High base of comparison Exceptional items

• No postal rate change in the USA in January 2015

• Some big deals pushed to 2015 Further new product launches

• IN range of mailing systems in Germany • New DS-90i folder/inserter worldwide • New DS-150/180i folder/inserter worldwide • New DS-1200 G3 folder/inserter worldwide Outperformed the industry

Acceleration in CSS organic sales growth especially within the NIO network

(+23.8% in Q4)

Success of GMC notably in the financial services industry (+43%)

Success of VAR* programs Launch of OMS-500

Deployment of Packcity

• Close to 150 parcel lockers installed

Deployment of the RFID contract for the French Army

Promising acquisition of ProShip

• +17% organic growth in 2014

Combination of CCM + DQ activities

• Integrated offer & top line synergies

Communication & Shipping Solutions Mail Solutions

Very strong growth in CSS A difficult year in Mail Solutions

TRANSFORMATION IN PROGRESS

7

2014

Total sales: €1.1 billion Communication & Shipping Solutions

21%

2011

Total sales: €1.0 billion Communication

& Shipping Solutions

8%

Mail Solutions

92% Mail Solutions

STRATEGY AT WORK

8

2014 organic sales growth

Neopost Integrated Operations (NIO) CSS Dedicated Units Total Mail Solutions -3.4% - -3.4% Communication & Shipping Solutions (CSS) +19.0% +10.8% +14.2% Total -1.2% +10.8% -0.2%

Strong organic growth in CSS notably within the NIO network Acceleration throughout the year

0% 5% 10% 15% 20% 25% Q1 2014 Q2 2014 Q3 2014 Q4 2014 CSS organic growth*

AGENDA

2014 HIGHLIGTS

2014 FINANCIAL STATEMENTS

BUSINESS UPDATE

OUTLOOK

2013 Scope

effect* Organic growth Change effect 2014

10

2014 SALES

Change in sales

Growth of 1.6% thanks to positive scope and currency effects

* Impact of acquisitions: €14.2m on 2013 sales for DMTI Spatial, ProShip and DCS

1,096

2014 SALES BY BUSINESS LINES

Strong growth in CSS offsetting the decline in Mail Solutions

2014 sales : € 1,113m

Organic growth: +14.2%

Organic growth: -0.2%

Communication & Shipping Solutions

21%

Mail Solutions

79%

2014 SALES BY REGION

Growth in North America and in Europe

2014 SALES BY REVENUE TYPE

Strong growth in equipment & license sales Decline in recurring revenues in Mail Solutions

-1.0%

+5.3%

+1.1%

CURRENT OPERATING INCOME

Current operating income

(before acquisition-related costs) 263 245

% of sales 24.0% 22.0%

High level of EBITDA maintained, EBIT margin reflecting, as anticipated, the ongoing transformation of the Group

CURRENT OPERATING MARGIN BY SEGMENT

15

Impact of mix effects and expenses related to new projects

2013 2014

In € million NIO CSS DU Elimina-tions TOTAL NIO CSS DU Elimina-tions TOTAL

Mail Solutions 910 - - 910 885 - - 885 Communication & Shipping Solutions 94 110 -18 186 116 134 -22 228 Total Sales 1,004 110 -18 1,096 1,001 134 -22 1,113 Current operating margin (excluding acquisition-related costs) 24.8% 12.2% 24.0% 23,1% 10,1% 22.0%

Including 3 months of DMTI Spatial Including 12 months of DMTI Spatial and 9 months of ProShip and 9 months of DCS

OPERATING INCOME

16

In € million 2013 2014

Current operating income (before

acquisition-related costs) 263 245

Acquisition-related costs -8 -11

Current operating income 255 234

Acquisition-related income 15 -

Optimization expenses & others -13 -16

Operating income 257 218

Non-current items mostly linked to the ongoing transformation

NON-CURRENT ITEMS

17

Re-negociation of GMC acquisition agreement

• Non-taxable income related to the settlement of the earn-out payment Provision related to structure optimization

• Supply Chain : remanufacturing & reengineering of production flows between Asia and Europe

• Continued tuning of distribution networks

Provision related to further structure optimization

• USA • Germany

Termination of 2 pilots • Sendeasy in Germany

• Delivery Preference Manager in the US

Fiscal adjustment in the UK 2014

NET INCOME

18

In € million 2013 2014

Operating income 257 218

Cost of debt -37 -40

Currency gains and losses and other -1 0

Net financial income/(expense) -38 -40

Taxes -55 -45

Income from associated companies 0 1

Net attributable income 164 134

Net margin as a % of sales 15.0% 12.0%

EPS 4.78 3.89

Fully diluted EPS 4.54 3.89*

Higher cost of debt due to higher debt and temporary carrying costs

€/$ 2014 = 1.31 and 2013 = 1.33; €/£ 2014 = 0.80 and 2013 = 0.85

CASH FLOW GENERATION

19

Change relative to 31 January, in € million 2013 2014

EBITDA 331 317

Other items -8 -10

Cash flow* 323 307

Change in WCR -34 -14

Change in lease receivables -33 -37

Interest and income tax paid -66 -98

Cash flow from operations 190 158

Capital expenditure -95 -87

Acquisitions -40 -55

Cash flow after capital expenditure 55 16

High level of cash flow maintained

* Before cost of net debt and tax

FINANCIAL STRUCTURE

Cash and marketable securities -187 -187 -404

Net financial debt 808 870 962

Shareholders’ equity 770 770 818

Net debt / shareholders'

equity 105% 113% 118%

Net debt / EBITDA ratio _{2.4 2.6 3.0}

Balance sheet reflects position just before repayment of the convertible bond (1 February 2015)

Covenants : minimum 525M€ of shareholders’ equity and leverage ratio below 3.25

Restated from the impact of the interim dividend paid in February 2014 €/$ 2014 = 1.13 and 2013 = 1.35; €/£ 2014 = 0.75 and 2013 = 0.82

DEBT SCHEDULE AFTER REDEMPTION OF

THE CONVERTIBLE BOND*

21 0 100 200 300 400 500 600 700 800 2015 2016 2017 2018 2019 2020 2021 2022

USPP $US90 million Public Bond 2.5% Revolving facility Bond 3.5%

Schuldschein in € French Private Placements USPP $US175 million USPP $US50 million

2014 refinancing : longer maturity and reduced cost of debt

* The €300 million convertible bond (OCEANE) was repaid on 1st _{February 2015}

USD 23%

EUR 77%

RE-NEGOTIATION OF COVENANTS

UNDERWAY

Covenants dating back 2007 are no longer adapted to the current weight of

leasing activities:

• Leasing portfolio: €781m in 2014 vs. €425m in 2007

Renegotiation of covenants done for the revolving facility

• Leasing operations treated separately

‒ Maximum drawing: 90% of outstanding leasing portfolio

• Non-leasing debt

‒ Maximum leverage of 3.0*

• Minimum equity: €600m

• Minimum interest cover**: 4.0

Process underway for all other credit lines (USPP & French PP)

22

Adaptation of covenants to better reflect Neopost profile

*Net debt excluding leasing/ EBITDA excluding leasing **EBITDA/ net cost of debt

2014 DIVIDEND

2013

2014

Dividend maintained in absolute value representing a yield of 7.6%**

23

* Final dividend to be approved by the shareholders at the AGM to be held on 1st _{July 2015}

AGENDA

2014 HIGHLIGTS

2014 FINANCIAL STATEMENTS

BUSINESS UPDATE

OUTLOOK

MID-TERM PROJECTION

Operations Projects New

Enterprise Digital Solutions Shipping ~15% 100% CSS ~20% Max. €10m OPEX /year Total Group +2%-4% > 35% 20-22% Organic Growth (%)

* _{Calculated on sales including intercos}

**Projection initially based on the following exchange rates: €/USD 1.25 and €/GBP 0.78

26

(1) _{NIO : Neopost Integrated Operations (Neopost network) ;} (2) _{VAR : Value Added Reseller ;} (3) _{OEM : Original Equipment Manufacturer}

ENTERPRISE DIGITAL

SOLUTIONS (EDS)

Dedicated Digital Communication Units:

Customer Communications Management (CCM) + Data Quality (DQ) CUSTOMER TYPE Large Accounts, PSPs Mid size companies SMEs/VSEs Direct sales by EDS subsidiaries EDS solutions distributed by NIO(1) _under VAR(2) _{or OEM}(3) agreements SMB Cloud/SaaS solutions developed by EDS and distributed by NIO

Software platform for production and

multichannel customer communications

Customer data and address quality Geo-localized data management Customer data management New Projects Shipping CSS Dedicated Units MS/CSS NIO EDS

27

EDS: BUSINESS UPDATE ON CCM*

Successful development of GMC

• Strong growth in vertical markets: banking and insurance (FSI) and others (Enterprise)

• Print Service Providers (PSP) market share maintained at 60%

GMC Revenue Trend (2011–14) 80 100 0 60 40 20 74 61 12 13 14 41 2011 53 CHFm** Acquisition: 2012 CAGR (11-14) +22.0%

* CCM: Customer Communication Management

** CHF converted at avg exchange rate over each period

New Projects Shipping CSS Dedicated Units MS/CSS NIO EDS Index 100 in 2012

28

EDS OFFERING – RATIONALE

Feedback Know Understand & analyze Create and Manage Marketing Campaigns Analyze Communicate Golden Customer record Data

quality CCM Other applications * Golden Customer Record Quality of addressing,

customer data and geo-localized data Quality of customer data and geo-localized data Management of customer communications Quality of addressing, customer data and

geo-localized data

Solution fit and customer synergies

New Projects Shipping CSS Dedicated Units MS/CSS NIO EDS

29

SHIPPING SOLUTIONS

Dedicated Shipping Units

CUSTOMER TYPE Mid size companies SMEs/VSEs Direct sales by Neopost Shipping Shipping solutions distributed by NIO(1) _{under a} VAR(2) _agreement Solutions for SMEs and VSEs Large Accounts,

Postal Organizations, Carriers, Logistics

Companies

(1) _{NIO : Neopost Integrated Operations (Neopost network) ;} (2) _{VAR : Value Added Reseller}

OSS RFID New Projects EDS CSS Dedicated Units MS/CSS NIO Shipping

30

SHIPPING SOLUTIONS

Online Shipping Stations (OSS)

Multi-carrier tracking software/RFID

Shipper Carrier/Operator Recipient Buyer

order pack ship collect deliver return

Automated parcel lockers for pick-up / drop off

Mobile tracking solutions

Neopost, the only player in the market to cover the logistics chain end-to-end. Ideally positioned to benefit from the e-commerce boom

New Projects EDS CSS Dedicated Units MS/CSS NIO Shipping

31

E-COMMERCE SOLUTIONS: PROJECT

TO TAKE A CONTROLLING INTEREST

IN TEMANDO

Project of acquisition of a controlling interest in Temando

• Australian company supplying intelligent solutions to players in the

e-commerce and logistics sectors

• Neopost investment could take the form of a combination of existing and new shares

• The cash injection will be used to finance product development and geographic

expansion

Software platform dedicated to managing online order processing

• Handles the entire chain from shopping cart to delivery, plus product returns

• Easy integration with e-commerce platforms such as Magento and IBM

• 50,000 users

Completes Neopost Shipping's current offering

Processing capability several thousand

shipments a day

Processing capability several hundred thousand

shipments a day

Online Shipping Stations (OSS)

Bespoke solutions for carriers

32

TEMANDO'S INTELLIGENT

PROCESSING PLATFORM

Projects EDS CSS Dedicated Units MS/CSS NIO Shipping

Efficient tools providing end-to-end control of the order

management chain

Efficient multi-carrier quoting and booking engine

Unify inventory across multiple locations Consumers can be exactly located

Premium service level for delivery and returns

management

Displays of all delivery and returns options Transportation cost optimization based on stock and recipient locations

Reliable prediction of courier speed

Compliance controls and calculation of full landed shipping cost

Transforms shipping management into a competitive advantage Reduces transportation costs and increases conversion rates Boosts service quality and contributes to increased online sales E-retailer

33

PROSHIP BUSINESS UPDATE

ProShip, multi-carrier parcel shipping software solutions provider acquired in May 2014

• Among the Top 5 in the American market 2014 sales growth of 17%

The most successful software on the market (capable of handling several million parcels per day)

Major carrier certification:

FedEx ("Diamond Elite" status), UPS, DHL, USPS Used by major players in traditional and

e-commerce, logistics companies, pharmaceutical distributors

(avg 50,000 parcels/day; max > 1 million parcels/day) VAR* program already launched with Neopost USA: 7 contracts signed in 2014

Cornerstone of Neopost Shipping Solutions strategy in the US

New Projects EDS CSS Dedicated Units MS/CSS NIO Shipping

34

PACKCITY BUSINESS UPDATE

2 partners

More than 150 parcel lockers installed • 100 at SNCF and RATP stations in Paris and

Paris region

• Over 40 installed with major players in retail and commercial real estate

• Concierge service for large enterprises

France

International

USA

• 3 market segments set to be launched in 2015 ‒ Residential ‒ University ‒ Enterprise Brazil • Pilot project

‒ 6 lockers installed in July 2014

in partnership with New Projects EDS CSS Dedicated Units MS/CSS NIO Shipping

35

NEOPOST INTEGRATED

OPERATIONS (NIO)

N I O network

Shipping Mail

Solutions

EDS and Shipping solutions distributed under a

VAR(1) _{or OEM}(2) agreements

(1) _{VAR : Value Added Reseller;} (2) _{OEM : Other Equipment Manufacturer}

New Projects EDS Shipping CSS Dedicated Units MS/CSS NIO Mid size companies

36

Maximize resilience of Mail Solutions business

• Outpace the industry by continuing to gain market shares

particularly in North America

• Continue developing cross-sales of franking machines and folders/inserters

Accelerate growth of CSS businesses

• Provide NIO customers with solutions developed by dedicated units

or other partners

• Continue developing VAR programs

• Launch OEM programs

• Provide a Cloud/SaaS offering for SMEs/VSEs

NIO STRATEGY

Generate high growth in CSS to, at least, compensate for the decline in Mail Solutions and maintain a high EBIT margin

37

SUCCESS OF VAR* PROGRAMS

Validates the Group's ability to capitalize on its distribution network and customer base Customer Communication Management

• GMC Inspire: global customer communication solution

• VAR Programs + 22% in 2014 sales versus 2013 Data Quality

• Solutions developped by Satori

• VAR Programs + 10% in 2014 sales versus 2013 Shipping Solutions

• Solutions developped by ProShip • 7 contracts already signed in 2014

New Projects EDS Shipping CSS Dedicated Units MS/CSS NIO

* _{VAR : Value Added Reseller}

OMS-500 :

• Centralized document management and production automation system for mail and e-mail distribution

• 1st _{application developed by a dedicated unit (GMC) for Neopost's} traditional customer base

• Powerful and easy to use (processes up to 10,000 documents per minute)

• Global launch in 2015

• Solution named "Product of the year" by Postmaster Magazin in Germany and Editor's Choice by Print.it in the UK

Shipping Solutions :

• For the US market: sales growth >20% 2013/2014

38

DYNAMISM OF

OEM PROGRAMS

New Projects EDS Shipping CSS Dedicated Units MS/CSS NIO

39

Compliant with USPS standards (Intelligent Mail® _{package barcode – IMpb)}

Franking value of a parcel = 10x that of a letter

Use of franking machine – discounted tariffs User-friendly

Simplifies collection and franking for USPS Boosts customer loyalty and acquisition Helps to develop Neopost's franking financing business

SME/VSE OFFERING:

NEOSHIP IN THE USA

Use of franking machines for parcels

New Projects EDS Shipping CSS Dedicated Units MS/CSS NIO

40 New Projects EDS Shipping CSS Dedicated Units MS/CSS NIO

ROLL-OUT OF

DIGITAL MAIL OFFERING

Success of Neotouch, hybrid mail pilot solution

launched in France

• Esker solution distributed by Neopost France under an OEM

agreement

• Outgoing mail offering complements Neopost's physical mail

solutions

• Commercial success: 500 customers, around 2/3 of contract

terms > 3 years

New agreement with Esker: creation of a joint

venture to roll out a digital mail offering worldwide

• Esker software solutions for document distribution, and for

processing and automation of customer and supplier invoicing

• Distributed to SME customers by the NIO network under an OEM

agreement with France and the US as first priorities

• Company 70% Neopost /30% Esker, with full consolidation into

Neopost accounts

EDS Shipping CSS Dedicated Units MS/CSS NIO New Projects

BUSINESS UPDATE:

NEW PROJECTS

Two operational prototypes: Doc Data in the

Netherlands, one of the country's largest e-logistics companies, and Lasaulec

Third machine being ordered

Since January 2015 UPS and FedEx in the US have been billing parcels based on volume

CVP-500

Bespoke continuous packaging system permits 3D parcel size optimization

Open Innovation Project

Targets start-ups at proof of concept stage – needing to prepare production phase

Investment partnerships – decision to invest €5m in a fund managed by Partech Ventures

Opportunity related to supporting digital

transformation of SMEs/VSEs with SaaS/cloud solutions

Platform launched in the UK and the US

41

AGENDA

2014 HIGHLIGTS

2014 FINANCIAL STATEMENTS

BUSINESS UPDATE

OUTLOOK

SHORT TERM OUTLOOK

2015 organic sales growth expected in the range of -1 to +2%

2015 current operating margin before acquisition-related expenses

expected between 19.5% and 20.5% of sales

43

Based on current exchange rates, significant upside potential expected in 2015 on the level of sales and results in absolute value

MID-TERM AMBITION IN SALES

> 35%

Communication & Shipping Solutions

21%

Mail Solutions

79%

Mail Solutions

<65%

MID-TERM AMBITION IN PROFITABILITY

FUTURE OPTIMIZATION PROGRAMS

Shared services implementation in Europe & the USA

Further optimization of distribution channels

Further optimization of Supply Chain and R&D

46

Estimated costs from €10m to €15m per year over the next 3 years with savings estimated between €20m and €30m per year from 2019 onward

RETURN TO SHAREHOLDER POLICY

Maintain the dividend at a high level

Possibility contemplated to propose an optional scrip dividend

If necessary, temporarily adjustment of dividend policy to finance one

significant acquisition or a series of smaller acquisitions made in a same

given period

Share buyback to cover dilution from long term incentive plans

47

APPENDICES

CONSOLIDATED BALANCE SHEET (1/2)

49

Assets (€ millions) 31/01/2014 31/01/2015

Goodwill 977 1,045

Intangible fixed assets 178 205

Tangible fixed assets 134 137

Non-current financial assets 46 46

Other non-current receivables 2 3

Leasing receivables 675 781

Deferred tax assets 10 9

Inventories 69 70

Trade receivables 219 240

Other current assets 82 96

Financial securities 187 404

Current financial instruments 0 6

CONSOLIDATED BALANCE SHEET (2/2)

50

Liabilities (€ millions) 31/01/2014 31/01/2015

Shareholders’ equity 770 818

Non-current provisions 20 29

Non-current financial debt 908 1,007

Current financial debt 87 359

Other non-current liabilities 12 10

Deferred tax liabilities 142 143

Non-current financial instruments 3 1

Prepaid income 211 213

Other current liabilities 426 461

Current financial instruments 0 1

2014 SALES BY CURRENCY

FRANKING MACHINES

52

Volume

10-30 envelopes per day 30-200 envelopes per day Over 200 envelopes per day

IS-480 IS-460 IS-440 IS-420 IS-350 IS-280 IS-6000 IS-5000 1 Price in € thousands 15 2008 - 2009 2010-2011 2010 - 2011 2013-2014 IN-360 IN-600 IN-700

FOLDERS/ INSERTERS

GLOSSARY

Mail Solutions: mailing systems, document systems (folder/inserters for

offices, mailrooms, other mailroom equipment) and related services

Communication & Shipping Solutions (CSS): customer communication

management and data quality software, logistics solutions, document

finishing and graphics solutions

Neopost Integrated Operations: Neopost subsidiaries developing,

producing and distributing Mail Solutions and CSS services to the Group's

long-standing customers

CSS Dedicated Units: entities distributing CSS solutions to large accounts:

Enterprise Digital Solutions (GMC Software Technology, DMTI Spatial, Human

Inference and Satori Software), Neopost Shipping Solutions (former Neopost

ID and ProShip)