AntalisHervé Poncin

Executive Vice President

Key Figures 2007

# 2 in Europe, #4 worldwide

2.3 B€ in annual turnover

6 000 employees with more than 2 000 sales representatives

180 000 customers

34 countries

1.6 million tons of paper sold every year

22 000 daily deliveries throughout Europe

Business Scope (% T/O)

58 %26 %

8 %

3%

5 %

Print

Office

Packaging

Promotional Products

Visual Communication

Worldwide Geographic Coverage

Present in 34 countries across 4 continents

Through the commercial alliance with xpedx, Antalis can serve its international customers in North America (United States, Mexico)

North America*

South America*

Asia

Africa

* Commercial alliance with xpedx

Europe

2007 Forecast 2

Sales 2 334

Volume in tons 1616

Merchanting Margin 541% sales 23,2%

EBITDA 79COI 58

as % sales 2.5 %

ROCE 10.5%

(K€)

Print and Office Businesses

European leader for Office paper

− Covering the needs of resellers (Trade) as well as of companies and administrations (Direct)

Largest European distributorfor commodity and specialty papers

− Covering the needs of the graphic arts and design industries

− An extensive range including creative, coated, offset and carbonless paper, boards, labels and envelopes

European manufacturer and distributor of stock envelopes serving the needs of printers, office customers and administrations

− Factories located in Belgium, Spainand Portugal

− Total annual production of 1.5 billion

− Over 1,600 stock references

− Range of Antalis branded envelopes:Antalis Prestige, Antalis Premium

Envelopes Business

Visual Communication Business

The widest range of paper, board, plastics, for LFP to apply on commercial signs, advertising panels, point-of-sale materials, etc.

Forex

Avery

Converting centres for CAD/PAM, plates, boards,…

Packaging Business

Promotional Products Business

Presentationscoming soon!

Supply Chain Network European Coverage

Converting

Office SuppliesVisual Communication

Promotional Products

All sectors (paper + others)

Packaging

74 distribution centresStorage capacity:177.000 tons

South AmericaFernando Guzman

Managing Director

One Stop Shop

Complete solution for printers Focused mainly in value added products, margin is the

main driver Supplies, technical assistance & advising Best available delivery In plant service for big customers

Print− Carbonless− WFC− Text & Cover− Wine Label− Ivory Board− SyntheticsViscom− Selfadhesives− Films− PVC− Banners− Inkjet− Big format substrates− Foam PVC− HIP− Others

Graphics− Offset plates & films− Blankets− Inks− Photopolymer plates− Chemicals− Hot stamping foils− Coatings− Dampening covers− Equipment− Technical assistance & advisingPackaging− Stretch film− Adhesive tapes− Carton boxes− Edge protection− Strapping− Packaging equipment

Geographic Coverage

Chile 1974GMS 30M€COI 13%

Ofimarket * (50%)Sales 22.6M€

COI 1%

Bolivia 1989Sales 4.5M€

COI 15%

Peru 1995Sales 7.5M€

COI 12%

Brasil 2006Sales 9.7M€COI 4%

Argentina 1992 (30%)Sales 24M€COI 8%

Antalis first bought 20%in 1999 and became 100%

owner in 2004

* Office Supplies

Sales & Gross Margin per Country

33 %

8 %

Sales Gross Margin

Chile Ofimarket Peru Argentina

24 %

20 %

Bolivia Brasil

10 %

5 %

37 %

8 %

17 %

20 %

12 %

6 %

Sales & Margin per Business

46 %

39 %

14 %

38 %

48 %

13 %

Sales Margin

Print Graphics Viscom Packaging

1% 1%

Asia PacificDaniel Chuang

Image Paper Asia C.E.O

Asia Pacific - Background

History− Strong business links to Arjowiggins

− JV opportunity raised 3 years ago

− Project started in Oct 2006

JV agreement signed & Image Paper Asia formed

− 50:50 equity owned by Arjowiggins and Antalis

− Commenced operations Oct 1st 2007

JV product Range− Arjowiggins Fine Papers / Carbonless / Tracing

− Antalis current range of Coated & Un-Coated papers / Viscom (LFP)

− All other products developed / sourced by the JV

Image Paper Asia Distribution

Ex Antalis Legal Entity - China - HongKong - Malaysia - Singapore - Thailand

Image Paper Asia Distribution

Ex AW Legal Entity - Australia - Japan

Ex Antalis Legal Entity - China - HongKong - Malaysia - Singapore - Thailand

Ex AW Distributor- Korea- Taiwan - Indonesia- Philippines- India- Bangladesh- Pakistan- Sri Lanka- NZ & Pacific Islands

Ex AW Legal Entity - Australia - Japan

Ex Antalis Legal Entity - China - HongKong - Malaysia - Singapore - Thailand

9 legal entities; 16 markets

Image Paper Asia Distribution

P&L

MT ’000

Rev (M€)

GM %

COI

COI %

ROCE

58

87

19%

4.65.3%

21.2%

IPA ’07

South AfricaDave Haldane

Managing Director

South Africa Overview

#1 in the distribution of paper and graphic supplies

Market share 34% (Print), 40% (Graphics), 16% (Office)

Key Figures− Size of Operation

Sales Turnover = 130 M€

Sales Volumes = 95.000 tons

No of Employees = 500

No of Vehicles = 53

No of Warehouses = 8

− Key Financial Statistics 2007 Operating Income = 6.7 M€ / EBITDA = 8.3 M€

Operating Income / Sales = 5.3%

Return on Working Capital > 30%

Southern African Geographic Coverage

Johannesburg

Durban

Pretoria

Bloemfontein

Port Elizabeth

Gaborone

Pietermartitzburg

SOUTH AFRICA

BOTSWANA

MAURITIUS

Sales Offices /Warehouse Locations

AssociatedOperations

Limited

Trading Operation exportsinto numerous other Africancountries

Cape Town

South Africa Business Areas

Key Products Sold / Major Suppliers

− Coateds: Sappi / Hansol / UPM / Gold East / Yuen Foong Yu

− Uncoateds: Sappi / Mondi/ Pindo Deli

− Copier: Sappi / Mondi / DaiEi

− Carbonless: Arjo / Appelton / APP

− Specialities: Arjo / Neenah

− Packaging Boards: Smurfit /Nine Dragons

− Graphics: Kodak / Du Pont / Vutek /Top High / Reeves

Sales by sector

55 %

Print

Office Trading

Graphics

7 %

19 %19 %

Antalis Graphics: an Integrated Offer

ServicesA Global Distributor

Providing full Services

Sampling

E-Commerce Solutions

% of orders in Belgium- Print : 32 %

- Office : 8 %

Converting

Solutions: Heidelberg

Storage and distributionof Heidelberg’s consumables goods

− Plates, films− Inks− Wash rolls and blankets...

Main warehousing in Antalis site

− Outsourcing (COFRADIS) for dangerousproducts (solvents)

Distribution in our transport network

Contract for five years since April 2007

1 M€ T/O per year

Conclusion

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