2016 HALF-YEAR RESULTSSeptember 2016

LIMITATION OF LIABILITY

Forward-looking statement (Safe Harbour)

This presentation contains forward-looking statements (made pursuantto the safe harbour provisions of the Private Securities Litigation ReformAct of 1995), which, by their nature, involve a degree of risk anduncertainty. Forward-looking statements represent the company’sjudgement regarding future events, and are based on currently availableinformation. Consequently the company cannot guarantee their accuracyand their completeness. Actual results may differ materially from thosethe company anticipated due to a number of uncertainties, many of whichthe company is not aware of. For additional factors that may cause thecompany’s actual results to differ materially from expectations andunderlying assumptions, please refer to the reports filed by the companywith the Autorité des Marchés Financiers (French financial marketsauthority - AMF).

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AGENDA

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H1 2016 HIGHLIGHTS

H1 2016 BUSINESS REVIEW

H1 2016 FINANCIAL REVIEW

OUTLOOK AND FOCUS

H1 2016 HIGHLIGHTS

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Intensification of Group transformation

Significant investments in Temando & Innovation projects, at historical highs

Acceleration of Group structure optimization

Group EBIT margin stabilized excluding Temando & Innovation

Net debt stabilized thanks to good level of cash flow

SME Solutions: Protecting margins in a very weak market

Disappointing performance in H1 2016 sales, at historical lows

EBIT margin stabilized thanks to additional c.€15m net OPEX reduction

CSS DU: Solid performance in ongoing investment phase

Strong EDS sales growth and increased profitability

icon Systemhaus acquisition adding German insurance market and access to IBM mainframe technology

Underlying sales growth in Shipping and improved profitability

GROUP MARGIN STABLE EXCLUDING INVESTMENTS…

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H1 2016Operating

Margin

Profitable Transformation

18.0%

H1 2015 Operating

Margin19.1%

NEOPOSTGROUP

20.1% excl. Temando & Innovation projects

20.2% excl. Temando & Innovation projects

Operating margin stabilized excluding investments

at historical highs

…DESPITE H1 2016 SALES DECLINE

Sales

Marginprotection

Profitable Growth

Organic Growth

Objective

€484m

-4.8%

€82m

+8.8%

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Investing for growth

€1m

Profitable Transformation

€557m

-3.3%

Innovationprojects

NEOPOSTGROUP

n/a

AGENDA

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H1 2016 HIGHLIGHTS

H1 2016 BUSINESS REVIEW

H1 2016 FINANCIAL REVIEW

OUTLOOK AND FOCUS

SME SolutionsMaintaining operating margins in a declining market

Difficult market conditions in Mail Solutions

• Strong decline in hardware, notably in Europe

• Limited recurring revenues decline, with US almost flat

Good digital software performance despite SaaS transition

Unfavorable business cycle in Graphic activities

Success of cost optimization programs driven by Group transformation

• Net cost reduction of 5.7% or c.€15m in H1 2016, accelerating from €13m in FY 2015

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CSS DUEnterprise Digital Solutions: double digit growthand improved profitability

GMC: strong double digit growth

• Strong performance in vertical markets, especially in Bank & Insurance

• Improved profitability

• Confirmed leadership by Gartner and Forrester studies

icon Systemhaus: complementary footprint and technology

• N°1 in Germany in Customer Communication Management

• Strong client base in Insurance and Bank

• New market deployment through access to IBM mainframe customers

Stabilization of Data Quality

• Integration completed within Enterprise Digital Solutions

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GMC INSPIRE FOR LA CAJA DE AHORRO Y SEGUROS ARGENTINA

Situation

La Caja de Ahorro y Seguros(La Caja) is a leader in the Argentina insurance market. Established in 1915, La Cajanow has 2,300 employees,and over 3 million customers. The system La Caja was using to distribute their electronic customer communicationswas cumbersome and slow.

Neopost’s Solution

GMC Inspire offered La Caja the abilityto quickly and effectively design and deploy consistent, personalized communications across the growing range of communication delivery channels from a highly efficient, automated workflow with a seamless integration into La Caja’s existing coreIT systems.

Outcome

In just two months, La Cajaand GMC deployed 123 emailand SMS/text campaign workflows resulting in the delivery of 500,000 e-mails and 50,000 SMS/text communications per month.La Caja can now create highly personalized content with targeted offers, messagesand charts and graphs—driving increased revenueand customer loyalty.

CSS DU Neopost Shipping : Investing to become the partnerof choice: THE FACILITATOR

Double digit underlying growth in Shipping Solutions

• The 2014-15 RFID French Army contract still affecting the CSS DU shipping’ performance (base effect of €4m)

Packcity

• Slow deployment in France

• Launch in Japan with Yamato

Temando’s deployment requires further investments

• Adjusted go to market following the strategic Magento contract

• Magento provides access to 250,000 e-commerce customers through a global omnichannel retail platform

• Solution delivered to La Redoute

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A multi-carrier platform for today’s business systems

Reduce cart abandonment

by providing delivery options

and being upfront with

shipping costs.

Shipping calculator can

be displayed on product

and/or cart level.

Multi-carrier management

and software that matches

what a customer wants with

what a carrier can deliver.

Increase conversions Transparent costs and efficient

fulfillment

Multi-carrier management

TEMANDO: WE SOLVE THE CHALLENGES OF SHIPPING IN COMMERCE

A PRAGMATIC APPROACH TO INNOVATION PROJECTS

CVP-500

• 3D automated packing system

• H1 2016 Sales €1.4m for 2 units

• EBIT €(2.1)m

• 2 units signed in August in the US, to be delivered in H2 2016

Suite of web-based services and software applications for micro businesses

• Two pilots currently tested in the UK and in the US with 3 different partners complementary to Neopost’s applications

• EBIT €(3.3)m

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Neopost’s applications Partners’ applications

AGENDA

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H1 2016 HIGHLIGHTS

H1 2016 BUSINESS REVIEW

H1 2016 FINANCIAL REVIEW

OUTLOOK AND FOCUS

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H1 2016 SALES

Change in sales(in € million)

Growth: -5.0%

Growth excluding currency effects: -3.0%

• Scope effect*: +0.3%

• Organic growth: -3.3%

Difficult market conditions in H1 2016

* Impact of acquisitions: €1.7m on 2014 sales for Temando & icon Systemhaus

Communication& Shipping Solutions24.4%

Mail Solutions75.6%

2015 Scope

effect *

Organic

growth

Currency

effects

2016

586 +2 -19-12

557

Scopeeffect*

H1 2016 SALES BREAKDOWN BY COUNTRY AND REVENUE TYPE

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H1 2016 sales per country

Organic change

H1 2016 sales per type of revenue

Organic change

Sales of equipment & licenses

-10.7%

Recurring revenues+0.5%

North America-0.7%

Europe-6.4%

Rest of the world+2.6%

Sales split unchanged despite ongoing transformation

48%

45%

7% 31%

69%

H1 2016 SALES PERFORMANCE BY DISTRIBUTION NETWORK

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Strong decline in Mail Solutionsand underlying double digit growth in CSS

Average rates €/$ 2016 = 1.12 and 2015 = 1.10; €/£ 2016 = 0.79 and 2015 = 0.72

H1 2016 sales H1 2016 organic growth

In € million

SME Solutions

CSS DU & Innovation

Elim. TotalSME

SolutionsCSS DU & Innovation

Elim. Total

Mail Solutions (MS)

421 - - 421 -5.8% - - -5.8%

Communication & ShippingSolutions (CSS)

63 83 -10 136 +2.4% +8.8% +14.0% +5.3%

Total 484 83 -10 557 -4.8% +8.8% +14.0% -3.3%

CURRENT OPERATING INCOME

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In € millionH1 2015 H1 2016

Sales 586 557

Gross margin 442 420

% of sales 75.3% 75.4%

EBITDA 150 138

% of sales 25.6% 24.9%

Current operating income (before acquisition-related expense)

112 100

% of sales 19.1% 18.0%

Gross margin stabilization

Average rates €/$ 2016 = 1.12 and 2015 = 1.10; €/£ 2016 = 0.79 and 2015 = 0.72

H1 2016 PROFITABILITY BREAKDOWN BY DISTRIBUTION NETWORK

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Quasi-stabilization of SME EBIT margin despite sales decline, strong impact of Temando investments on CSS DU EBIT margin

H1 2015 H1 2016

In € million and in % of sales

SMECSS DU

Elim.Innova-

tion**

Total SMECSS DU

Elim.Innova-

tion**

Total

Total sales 518 76 (9) 1 586 484 82 (10) 1 557

Current EBIT* 111 5 - (4) 112 101 4 - (5) 100

CurrentEBIT* margin

21.4% 7.2% - - 19.1% 21.0% 4.6% - - 18.0%

Average rates €/$ 2016 = 1.12 and 2015 = 1.10; €/£ 2016 = 0.79 and 2015 = 0.72*Before acquisition-related expense** Innovation include the CVP-500 and the online platform & applications for SME

€0m

€10m

€20m

€30m

€40m

€50m

€60m

FY2014 H1 2015 FY 2015 H1 2016 FY 2016 H1 2017 FY 2017

STEPPING UP TRANSFORMATION IN SME: MINIMUM €50M OF NET SAVINGS BY 2018

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Transformation drives OPEX reduction

Digitalized go-to-market

Simplify existing portfolioof products and solutions

Dematerialized service

Shared services

…

Newobjective€50m min.

Previousobjective€35 to 50m

€28m

+15

2015-2018 new net OPEX reductionobjective of minimum €50m

+13

€28m of costs reduction already achieved in 18 months

101

111

100

+8+2 -5

-6

SME EBIT EDS EBIT Shipping excl.Temando EBIT

Group EBITexcl.

Investments

New projectsEBIT

Temando EBIT Group EBIT

111

118

112

+6 +1 -4

-2

SME EBIT EDS EBIT Shipping excl.Temando EBIT

Group EBITexcl.

Investments

New projectsEBIT

Temando EBIT Group EBIT

GROUP EBIT MARGIN STABILIZED EXCL. INVESTMENTS

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H1 2016 margin 20.1%

excluding Temando & Innovation

projects

H1 2015 margin 20.2%

Margin20.1%

Margin21.0%

Margin18.0%

Margin20.2%

Margin21.4%

Margin19.1%

Improved underlying profitability in CSS

Investments at historical highs

OPERATING INCOME

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In € millionH1 2015 H1 2016

Current operating income (before acquisition-related expense)

112 100

Acquisition-related expense (6) (6)

Current operating income 106 94

Optimization expenses & other (2) (8)

Operating income 104 86

Stabilization of acquisition-related expenseLevel of 2016 optimization expenses in line with plan

Average rates €/$ 2016 = 1.12 and 2015 = 1.10; €/£ 2016 = 0.79 and 2015 = 0.72

NET INCOME

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In € million H1 2015 H1 2016

Operating income 104 86

Cost of debt (17) (15)

Currency gains and losses and other (3) 2

Net financial income/(expense) (20) (13)

Taxes (20) (17)

Income from associated companies - -

Minority interest 1 2

Net attributable income 65 58

Net margin as a % of sales 11.0% 10.5%

EPS 1.85 1.56

Fully diluted EPS* 1.85 1.46

Net margin above 10% of sales

Average rates €/$ 2016 = 1.12 and 2015 = 1.10; €/£ 2016 = 0.79 and 2015 = 0.72*As per IFRS treatments, the calculation takes into account the dividends paid to ODIRNANE’s holders

CASH FLOW GENERATION

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Change relative to 31 January, in € million

H1 2015

H1 2015 excl. UK

extraordinary VAT payment

H1 2016

EBITDA 150 150 138

Other items (7) (7) (11)

Cash flow* 143 143 127

Change in WCR (74) (37) (43)

Change in lease receivables (9) (9) 19

Interest and income tax paid (50) (50) (17)

Cash flow from operations 10 47 86

Capital expenditure (44) (44) (42)

Cash flow after CAPEX (34) 3 44

Acquisitions (26) (26) (23)

Cash flow after CAPEX & acquisitions

(60) (23) 21

Good level of cash flow

* Before net cost of debt and taxAverage rates €/$ 2016 = 1.12 and 2015 = 1.10; €/£ 2016 = 0.79 and 2015 = 0.72

FINANCIAL STRUCTURE

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In € million31/07/2015 31/01/2016 31/07/2016

Financial debt 1,108 889 899

Cash and marketable securities -298 -75 -80

Net financial debt 810 814 819

Shareholders’ equity 1,038 1,069 1,078

Net debt / shareholders' equity 78% 76% 76%

Net debt / EBITDA ratio 2.6 2.6 2.7

Net debt stabilized over 12 months despite dividend payment over 12 months still at €100m

Closing rates €/$ H1 2016 = 1.11 and H1 2015 = 1.10; €/£ H1 2016 = 0.84 and H1 2015 = 0.70

AGENDA

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H1 2016 HIGHLIGHTS

H1 2016 BUSINESS REVIEW

H1 2016 FINANCIAL REVIEW

OUTLOOK AND FOCUS

H2 2016 FOCUS

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Focusing on costs & Free Cash Flow in SME Solutions

Visibility remains low and market likely to remain tough in Mail Solutions

Push CSS revenues within SME Solutions

Significantly higher net OPEX reduction plan of minimum €50m by 2018

Stabilize EBIT margin at the highest level possible

Investing and deploying in CSS Dedicated Units

Generate strong growth and continuous margins improvement on existing offer

Deploy Temando & integrate icon Systemhaus

Pursuing investments in Innovation projects

CVP-500 and web-based applications for micro businesses

UNCHANGED MID TERM OUTLOOK

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Return to positive organic growth

• By growing the relative share of Communication & Shipping Solutions to 35%of total sales

Maintain a current operating margin level before acquisition-related expense above 18% throughout transformation

• By increasing the CSS margin contribution in all business units

• By reducing expenses within SME Solutions

• While allocating €10m expenses to innovation projects

Bring back the Group current operating margin before acquisition-related expense to minimum 20%

• By increasing the CSS margin contribution

APPENDICES

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QUASI STABILIZED SME MARGIN IMPROVEDCSS-DU & GROUP MARGINS EXCL. TEMANDO& INVESTMENTS

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H1 2015

m€except for margin

SME EDSShipping excl.

TemandoCSS DU

excl. TemandoElim.

Total excl.

investmentsInnovation Temando

Total investments

Total

Sales 518 52 22 74 (9) 583 1 2 3 586

EBIT 111 6 1 7 0 118 -4 -2 -6 112

EBIT Margin 21,4% 11,5% 4,5% 9,7% - 20,2% n/a n/a n/a 19,1%

H1 2016

m€except for margin

SME EDSShipping excl.

TemandoCSS DU

excl. TemandoElim.

Total excl.

investmentsInnovation Temando

Total investments

Total

Sales 484 59 21 80 (10) 554 1 2 3 557

EBIT 101 8 2 10 0 111 -5 -6 -11 100

EBIT Margin 21,0% 13,6% 9,5% 12,5% - 20,1% n/a n/a n/a 18,0%

Investment at peak level

SME marginstabilized thanksto OPEX reduction

CSS DU margin excl. Temandoimproved

Total Group marginexcl. Temando and new projects stabilized

DEBT SCHEDULE AT 31 JULY 2016

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No refinancing deadline before 2019

USD26%

EUR74%

0

50

100

150

200

250

300

350

400

2016 2017 2018 2019 2020 2021 2022

ODIRNANE 3.375%

USPP USD 90 million

Public Bond 2.5%

Drawn revolving facility (total

facility of €500 m)

Bond 3.5%

USPP USD 175 million

USPP USD 50 million

Drawn revolving facility(total facility of €500m)

CONSOLIDATED BALANCE SHEET (1/2)

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Assets (€ millions)31/07/2015 31/07/2016

Goodwill 1,107 1,140

Intangible fixed assets 206 218

Tangible fixed assets 138 132

Non-current financial assets 54 49

Other non-current receivables 3 2

Leasing receivables 802 780

Deferred tax assets 11 15

Inventories 79 80

Trade receivables 212 221

Other current assets 97 91

Financial securities 298 80

Current financial instruments 1 1

TOTAL 3,008 2,809

CONSOLIDATED BALANCE SHEET (2/2)

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Liabilities (€ millions)31/07/2015 31/07/2016

Shareholders’ equity before minority interest 1,032 1,069

Minority interest 6 9

Shareholders’ equity 1,038 1,078

Non-current provisions 30 26

Non-current financial debt 988 746

Current financial debt 120 153

Other non-current liabilities 71 99

Deferred tax liabilities 142 180

Non-current financial instruments 1 0

Prepaid income 189 175

Other current liabilities 428 351

Current financial instruments 1 1

TOTAL 3,008 2,809

USA France United Kingdom

Germany

SME SOLUTIONS

Hardware Software

Global solutions

Franking MachinesIS range

Folders/InsertersDS range

Address printers

Openers/extractors

ENTERPRISE DIGITAL SOLUTIONS (EDS)

GMC InspireInspire InteractiveInspire Design

CanMap®

Location Hub®

Location Hub® AnalyticsLocation Hub® Post-Event serviceLocation Hub® Viewer

DataCleanerDataCleaner CloudDataentryDataHub

Bulk MailerSatori Infuse desktopSatori infuse web servicesSatori ArchitectSatori Office

Customer Communication Management

Data Quality

NEOPOST SHIPPING

Automatedpacking solutions

Shipping solutions

Tracking solutionsAutomated Parcel

Terminals

GLOSSARY

Mail Solutions: mailing systems, document systems (folder/insertersfor 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

SME Solutions (previously Neopost Integrated Operations - NIO): Neopost subsidiaries developing, producing and distributing Mail Solutions and CSS services to the Group's long-standing customers

CSS Dedicated Units (CSS DU): entities distributing CSS solutionsto large accounts:

• Enterprise Digital Solutions Customer Communication Management(GMC Software Technology) and Data Quality solutions (DMTI Spatial, Human Inference and Satori Software),

• Neopost Shipping (former Neopost ID, ProShip and Temando)

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