Corporate Presentation. Madrid, May 2014

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Corporate Presentation

10º

10º Foro

Foro

Foro MEDCAP

MEDCAP

Madrid, May 2014

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Sale of 50% Sale of 50% Sale of 50% Sale of 50% Stake in Ofiservice Stake in OfiserviceStake in Ofiservice Stake in Ofiservice

(€68.7mn -13 x EV/EBITDA)

‘Enabling potential’

A successful story of growth and internationalization

The European leader in office services, equipment and supplies

Acquisition of Acquisition of Acquisition of Acquisition of Spicers CE Spicers CE Spicers CE Spicers CE (€196mn -5.4 x EV/EBITDA) December December December December 2011 2011 2011 2011 Change of Group Change of Group Change of Group Change of Group denomination denomination denomination denomination New integrated

New integrated New integrated New integrated Spicers/Adimpo Spicers/Adimpo Spicers/Adimpo Spicers/Adimpo organization organization organization organization & New Corporate & New Corporate & New Corporate & New Corporate Management Team Management Team Management Team Management Team March MarchMarch March----May May May May

2012 20122012 2012 Launch of Launch of Launch of Launch of Transformation Transformation Transformation Transformation Project Project Project Project July July July July 2012 2012 2012 2012 January January January January 2011 2011 2011 2011 Acquisition of Acquisition of Acquisition of Acquisition of Adimpo Adimpo Adimpo Adimpo (€45.5mn -3 x EV/EBITDA) August AugustAugust August 2009 2009 2009

2009 DecemberDecemberDecemberDecember₂₀₁₃₂₀₁₃₂₀₁₃₂₀₁₃

Agreement for the sale Agreement for the sale Agreement for the sale Agreement for the sale of the Industrial Business of the Industrial Business of the Industrial Business of the Industrial Business

Unit Unit Unit Unit

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3% 15% 2009 2012

ROCE

4,9 2,2 2009 2012

NFD/EBITDA

12 48 2008 2012

EBITDA (€ million)

207 1.144 2008 2012

Revenues (€ million)

With solid results and value creation for our shareholders

We have multiplied revenue by 6 and EBITDA by 4 in 4 years

x6 x4

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We are the undisputed leader in Europe within the office services,

equipments and supplies wholesale market

Buro+ Od

PBS Holding

TOS/

EOS EOS EOS

TOS/

EOS TOS TOS TOS TOS TOS TOS TOS TOS

EUR EUR EUR DOM DOM DOM DOM DOM DOM DOM DOM DOM

UK + Ireland

EUR = pan-European focus, DOM = domestic focus NB: excludes broadliners

2010 pro forma figures, Sales in 2010 pro forma figures, Sales in 2010 pro forma figures, Sales in 2010 pro forma figures, Sales in €€€€mn. mn. mn. mn.

ADVEO acquires ADVEO acquires ADVEO acquires ADVEO acquires Buro BuroBuro Buro+ brand + brand + brand + brand in April, 2013 in April, 2013 in April, 2013 in April, 2013

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EOS Specialists EOS SpecialistsEOS Specialists EOS Specialists

TOS Vendors TOS Vendors TOS Vendors TOS Vendors

We are the only player to cover all market segments, from Traditional to Digital,

from manufacturing to the end user

EOS: Electronic Office Supplies TOS: Traditional Office Supplies HW: Hardware HW broad HW broad HW broad HW broad liners liners liners liners IT Vendors IT Vendors IT Vendors IT Vendors Traditional Traditional Traditional Traditional Distributors Distributors Distributors Distributors

Businesses, education and families Businesses, education and families Businesses, education and families Businesses, education and families

• 500 vendors500 vendors500 vendors500 vendors

• European contracts with key European contracts with key European contracts with key European contracts with key vendors

vendorsvendors vendors

• 35,000 products35,000 products35,000 products35,000 products

• 1,000 franchised resellers1,000 franchised resellers1,000 franchised resellers1,000 franchised resellers

• 30,000 customers (resellers)30,000 customers (resellers)30,000 customers (resellers)30,000 customers (resellers)

• 130,000 m130,000 m130,000 m130,000 m2222_{of stocking space}_{of stocking space}_{of stocking space}_{of stocking space}

• Broadest portfolio of servicesBroadest portfolio of servicesBroadest portfolio of servicesBroadest portfolio of services

• OverOver €OverOver€€€400 400 million400 400 millionmillionmillion credit capabilitiescredit capabilitiescredit capabilitiescredit capabilities

• 100,000 end user ship 100,000 end user ship to’s100,000 end user ship 100,000 end user ship to’sto’sto’s

• 30,000 order lines / year30,000 order lines / year30,000 order lines / year30,000 order lines / year

• 8 million boxes / year8 million boxes / year8 million boxes / year8 million boxes / year

Wholesale Wholesale Wholesale Wholesale Resale ResaleResale Resale

With a unique business model

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31% 2% 35% 19% 9% 4% Spain Portugal France Germany Italy Benelux

We have local infrastructure in 7 countries, with 1,808 employees

With Pan

With Pan----European coverage

European coverage

Spain: Spain: Spain: Spain: •Sales: €356mn •HC: 800 •Stock: 40,000 m2 Portugal: Portugal:Portugal: Portugal: • Sales: €25mn • HC: 15 France: France: France: France: • Sales: €395mn • HC: 419 • Stock: 52,000 m2 Germany: Germany: Germany: Germany: • Sales: €210mn • HC: 347 • Stock: 23,000 m2 Italy: Italy: Italy: Italy: • Sales: €97mn • HC: 98 • Stock: 16,000 m2 Benelux Benelux Benelux Benelux •Sales: €46mn •HC: 101 •Stock: 16,000 m2

FY 2012 figures. Product sales only. FY 2012 figures. Product sales only.FY 2012 figures. Product sales only. FY 2012 figures. Product sales only.

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25,8%

2,5%

71,0%

0,7%

With the widest product and service offering

Traditional Stationery Traditional Stationery Traditional Stationery Traditional Stationery (25%)

(25%)(25%) (25%)

School equipment, pens, paper, filing, envelopes and notepads.

Technology (70%) Technology (70%) Technology (70%) Technology (70%)

Electronic office supplies, business machines, printing and cleaning & storage devices.

Furniture (1%) Furniture (1%) Furniture (1%) Furniture (1%)

Desks, chairs, filing cabinets and shelving.

Facilities Facilities Facilities Facilities Management (3%) Management (3%)Management (3%) Management (3%)

Break room supplies (e.g. coffee), health & safety equipment and janitorial products (e.g. cleaning products).

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14,6% 21,9% 16,6% 31,4% 15,5% IT Specialists Retailers Scale Driven Service Driven Proximity

With a differentiated value proposition by customer segment

Customer Mix (30,000 customers)* Customer Mix (30,000 customers)*Customer Mix (30,000 customers)* Customer Mix (30,000 customers)*

Value Propositions by Customer Segment

•IT Specialists: IT Specialists: IT Specialists: IT Specialists: ‘We are your printing systems counselorthat provides advanced services and advice, enabling you to build a winning solution for your customer.’

•Retailers: Retailers: Retailers: Retailers: ‘We are your logistics partner. We can enable you to maximize the efficiency of your supply chain’.

•ScaleScaleScaleScale----driven Customers: driven Customers: driven Customers: driven Customers: ‘We are your single supplierfor your slow moving portfolio, enabling you to enlarge your offer while simplifying your business.’

•ServiceServiceServiceService----driven Customers: ‘driven Customers: ‘driven Customers: ‘driven Customers: ‘We are your total supply & solutions provider, enabling your business with competitive advantage to help you to develop your customers.

•Traditional Customers: Traditional Customers: Traditional Customers: Traditional Customers: ‘We are your one stop shop for all your product needs, offering you a simple and efficient purchasing process to enable you to concentrate in growing your business.’

Value Proposition to Vendors

•We are the most efficient multichannel Go-to-Market option.

•Our multi-channel and operational capabilities enable our vendors to maximize customer reach while optimizing the efficiency of their value chain.

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And the most sophisticated integrated customer network

• €600 million Sales in France, Belgium, Spain and Germany.

• 500 members and 650 sales representatives.

• 130 e-commerce web sites.

• 180 sales outlets.

• Investment in advertising: > €1 million.

• €320 million Sales.

• 200 members.

• Fastest growing network in France, increasing market share.

• Similar offering to Calipage, more “retail oriented”.

• Hyper Plein Ciel: >300 m

2

_{, in suburbs.}

• Plein Ciel Expert: <300 m

2

_{, in suburbs and city centres.}

• One of the leading brands in office products in France.

• Buro+ brand acquired by ADVEO in April, 2013.

• Strong brand awareness and market recognition.

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Strategic framework

Scale driven Scale drivenScale driven Scale driven Retailers

Retailers Retailers

Retailers Service drivenService drivenService drivenService driven IT Specialists

IT Specialists IT Specialists

IT Specialists ProximityProximityProximityProximity

Company values: open mindedness, collaboration, proactiveness and integrity

Enabling potential

Suppliers

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(1) Market integration through value solutions

(2) Market and product consolidation, and

(3) Operating efficiency.

Suppliers

Scale driven Scale drivenScale driven Scale driven IT Specialists

IT Specialists IT Specialists

IT Specialists ProximityProximityProximityProximity

A value solutions provider, leading the consolidation of the office products market place

1

2

3

Retailers Retailers Retailers

Retailers Service drivenService drivenService drivenService driven

Growth strategy

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Value chain integration: Value chain integration: Value chain integration: Value chain integration:

Upstream: Offering an integrated, multichannel, efficient go-to-market model.

Downstream: Offering added-value services by client segment in order to maximize their respective potentialities.

Market consolidation: Market consolidation: Market consolidation: Market consolidation:

Organic: Integrating and extending the product portfolio in order to gain client and market share.

Inorganic: Through acquisitions with a highly synergistic potential. Operating efficiency:

Operating efficiency: Operating efficiency: Operating efficiency:

Integrating the organization, unifying processes and installing new common systems for the Group.

Growth strategy

1 2 3 a b a b

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Single Operating Model Single Operating Model Single Operating Model Single Operating Model

Implementation

Single Single Single Single SYSTEMS SYSTEMSSYSTEMS SYSTEMS E-Commerce PIM CRM ERP WMS Business Intelligence Single Single Single Single ORGANIZATION ORGANIZATION ORGANIZATION ORGANIZATION Supply Chain Management Vendor Relationship Management Client Relationship Management Operational Processes Operational Processes Operational Processes Operational Processes Support Functions Support FunctionsSupport Functions Support Functions Finance and Controlling Human Resources Information Technology

Different Companies & Different Companies & Different Companies & Different Companies & Locations Locations Locations Locations Strategies Organization Processes Systems

Different Operating Models Different Operating Models Different Operating Models Different Operating Models

Treasury Single Single Single Single PROCESSES PROCESSES PROCESSES PROCESSES Single Single Single Single GROWTH STRATEGY GROWTH STRATEGY GROWTH STRATEGY GROWTH STRATEGY

1. Market integration through value solutions

2. Market and product consolidation

3. Operating efficiency / cost leadership

Growth strategy: operating efficiency

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02/01/2013 02/03/2013 02/05/2013 02/07/2013 02/09/2013 02/11/2013 02/01/2014

ADVEO IBEX35 IGBM

ADV = 11,01 €

Share Performance

ADV = 16,53 €

• In 2013, ADVEO share has appreciated by +36% +36% +36% +36% (vs. Ibex35 +17%, IGBM +26%, Ibex Small Cap +42%).

• From 2009 to 2013, ADVEO share has appreciated by +58%.+58%.+58%.+58%.

Dividends Dividends Dividends

Dividends (gross (gross (gross (gross €€€€ per share)per share)per share)per share)

0,50 0,55 1,55 0,57 0,57 2009 2010 2011 2012 2013 ADVEO GROUP N. of shares 12.315.391 Market capitalization (€mn), 13/01/14 204

Earnings per Share, € Earnings per Share, € Earnings per Share, €

Earnings per Share, € 1,151,151,151,15

Price/Earnings Ratio (PER) Price/Earnings Ratio (PER) Price/Earnings Ratio (PER)

Price/Earnings Ratio (PER) 13/01/14 14,3714,3714,3714,37

Remuneration to Shareholders in 2012 (€ million) 7,020

Dividend per Share (gross), € Dividend per Share (gross), € Dividend per Share (gross), €

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This presentation was prepared by ADVEO exclusively for the benefit and internal use in the presentation to analyst and investors and solely as a basis for discussion of certain issues related to the presentation of results.

This presentation is based on publicly available information

and/or data provided by ADVEO. This document does not

constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4, and its implementing regulations.

www wwwwww

www....adveoadveoadveoadveo....comcomcomcom

Disclaimer

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