LIMITATION OF LIABILITY

2016 FULL-YEAR RESULTS 29 March 2017

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). 2

AGENDA FY 2016 HIGHLIGHTS FY 2016 FINANCIAL REVIEW FY 2016 BUSINESS REVIEW OUTLOOK AND FOCUS 3

NEOPOST TRANSFORMATION AMBITIONS Return to positive organic growth Maintain a current operating margin above 18%* throughout transformation Bring back current operating margin to minimum 20%* * before acquisition-related expenses 4

ONGOING TRANSFORMATION STRATEGY Divisions ENTERPRISE DIGITAL SOLUTIONS Consolidate leadership Become a leader Leverage customer base Strategy Expand to Industry Verticals (banks, insurance, healthcare) from Print Services Providers Expand to Retailers, E-retailers and Shippers from Carriers Develop a global integrated offering to accompany customers transition to digital to mitigate the decline in physical mail Ambitions Double-digit growth Reach ~20% EBIT margin Double-digit growth Reach ~15% EBIT margin Stabilization of Sales Maintain EBIT margin ~22% 5

THREE DIVISIONS SUPPORTING NEOPOST TRANSFORMATION ENTERPRISE DIGITAL SOLUTIONS Customers Industry Verticals & Print Services Providers (PSP) Retailers, E-retailers & carriers Small & Medium sized Enterprises Solutions Customer communication management and data quality solutions Automated packing, multicarrier shipping softwares, track and trace and delivery solutions Mail and digital based communication solutions, shipping solutions and graphic activities Software Hardware Franking machine Folder inserters 6

PURSUIT OF NEOPOST TRANSFORMATION IN FY 2016 Intensification of Group investments Record level of investments into future growth: Temando & Innovation projects Enterprise Digital Solutions: confirming leadership position GMC recognized as a leader by Gartner for the 4 th consecutive year Strong EDS sales growth and increased profitability Integration of Data Quality and icon Systemhaus enhances GMC s product offering Neopost Shipping: entering the deployment phase Construction of a unique offering: extended end-to-end services with a global coverage Cross-selling capabilities evidenced SME Solutions: protecting margins in a difficult environment Market share gains in a declining mail solutions environment Growth potential of new activities confirmed (digital communication & shipping offering) EBIT margin stabilized thanks to additional c. 23m net OPEX reduction Strong generation of cash flows at Group level 7

2016 KEY FIGURES BY DIVISION ENTERPRISE DIGITAL SOLUTIONS Objective Consolidate leadership Become a leader Leverage customer base Profitable Transformation Sales 137m 53m* 991m 1,159m** Organic Growth +11.2% +7.8% (3.8)% (2.1)% * including CVP-500 sales **after elimination of intercompany sales 8

GROUP MARGIN STABILIZED EXCLUDING INVESTMENTS AT HISTORICAL HIGHS Profitable Transformation Excluding Temando & Innovation projects FY 2016 Operating Margin* 18.6% 20.8% FY 2015 Operating Margin 19.7% 21.0% *before acquisition-related expense 9

AGENDA FY 2016 HIGHLIGHTS FY 2016 FINANCIAL REVIEW FY 2016 BUSINESS REVIEW OUTLOOK AND FOCUS 10

FY 2016 SALES Change in sales (in million) Communication & Shipping Solutions 26% 1,190 +10 (25) +0.8% (2.1%) (16) 1,159 (1.4%) (2.7%) Mail Solutions 74% 2015 Scope effect* Organic growth Currency effect 2016 2016 performance in line with 2015 trends thanks to a better H2 * Impact of acquisitions: 9.5m on 2015 sales for Temando & icon Systemhaus 11

FY 2016 SALES BREAKDOWN FY 2016 SALES PER COUNTRY ORGANIC CHANGE FY 2016 SALES PER TYPE OF REVENUE ORGANIC CHANGE Europe (4.3)% Sales of equipment & licenses (5.8)% 48% 7% Rest of the world +0.3% 33% 45% 67% North America +0.2% Recurring revenues (0.1)% Mixed geographic performance and stabilization of recurring revenues 12

INCREASED GRANULARITY TO BETTER MEASURE NEOPOST TRANSFORMATION 190m 991m Previous reporting New reporting ENTERPRISE DIGITAL SOLUTIONS 1,159m** 137m 53m* 991m *including sales of the automated packing system CVP-500 **after elimination of intercompany sales 13

FY 2016 SALES BY DISTRIBUTION NETWORK FY 2016 sales FY 2016 organic growth EDS Shipping* SME Solutions Elim. Total EDS Shipping* SME Solutions Elim. Total ENTERPRISE DIGITAL SOLUTIONS ENTERPRISE DIGITAL SOLUTIONS In million Mail Solutions 859 859 (4.6)% (4.6)% Communication & Shipping Solutions 137 53 132-22 300 +11.2% +7.8% +2.1% +16.6% +6.1% Total 137 53 991 (22) 1,159 +11.2% +7.8% (3.8%) +16.6% (2.1%) Double digit organic growth despite icon Systemhaus Double digit organic growth excluding the French Army contract Double digit organic growth excluding Graphic, despite SaaS transition Average rates /$ 2016 = 1.12 and 2015 = 1.10; / 2016 = 0.79 and 2015 = 0.72 * Including sales of the automated packing system CVP-500 14

CURRENT OPERATING INCOME In million FY 2015 FY 2016 Sales 1,190 1,159 Gross margin 890 865 % of sales 74.8% 74.7% EBITDA 310 295 % of sales 26.0% 25.5% Current operating income (before acquisition-related expense) 234 216 % of sales 19.7% 18.6% Gross margin stabilization: new activities as contributive to gross margin as legacy business Average rates /$ 2016 = 1.12 and 2015 = 1.10; / 2016 = 0.79 and 2015 = 0.72 15

GROUP EBIT MARGIN STABILIZED EXCL. INVESTMENTS 214 Improved profitability +21 +4 Margin 15.6% Margin 8.8% 239 Investments at historical highs (12) (11) 216 Animation FY 2016 Stabilization Stabilization Margin 21.6% Margin 20.8% Margin 18.6% SME EBIT EDS EBIT Shipping excl. Temando EBIT Group EBIT excl. Investments New Innovation projects EBIT Temando EBIT EBIT Group EBIT 227 +18 +3 Margin 15.5% Margin 8.1% 248 (9) (5) 234 FY 2015 Margin 21.7% Margin 21.0% Margin 19.7% SME EBIT EDS EBIT Shipping excl. Temando EBIT Group EBIT excl. Investments Innovation EBIT Temando EBIT Group EBIT 16

COSTS CONTROL AT SME LEVEL Transformation drives OPEX reduction 2015-2018 net OPEX reduction objective of minimum 50m Digitalized go-to-market Simplify existing portfolio of products and solutions 60m 50m 40m 36m Objective 50m min. Dematerialized service Shared services 30m 20m 10m +13 0m +23 FY2014 H1 2015 FY 2015 H1 2016 FY 2016 H1 2017 FY 2017 36m of costs reduction already achieved in 2 years, in line with 50m min. objective by 2018 17

NET INCOME In million FY 2015 FY 2016 Current operating income (before acquisitionrelated expense) 234 216 Acquisition-related expense (12) (13) Current operating income 222 203 Optimization expenses & other (14) (15) Divestments (7) Operating income 208 181 Cost of debt (33) (30) Currency gains and losses and other (4) (1) Net financial income/(expense) (37) (31) Taxes (41) (37) Income from associated companies 1 1 Minority interest 3 4 Net attributable income 134 118 Net margin as a % of sales 11.2% 10.2% EPS 3.72* 3.17* Fully diluted EPS 3.57* 2.97* 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 18

CASH FLOW GENERATION Change relative to 31 January, in million 2015 2015 excl. UK extraordinary VAT payment 2016 EBITDA 310 310 295 Other items (16) (16) (20) Cash flow* 294 294 275 Change in WCR (37) 0 (9) Change in lease receivables (22) (22) 15 Interest and income tax paid (85) (85) (52) Cash flow from operations 150 187 229 Capital expenditure (86) (86) (82) Cash flow after CAPEX 64 101 147 Acquisitions (28) (28) (24) Cash flow after CAPEX & acquisitions 36 74 123 Strong cash flow generation * Before net cost of debt and tax Average rates /$ 2016 = 1.12 and 2015 = 1.10; / 2016 = 0.79 and 2015 = 0.72 19

FINANCIAL STRUCTURE In million 31/01/2016 31/01/2017 Financial debt 889 859 Cash and marketable securities (75) (96) Net financial debt 814 763 Shareholders equity 1,069 1,139 Net debt / shareholders' equity 76% 67% Net debt / EBITDA ratio 2.6 2.6 Financial structure to be compared with: Leasing portfolio 814 798 Leasing portfolio s default rate ~1% ~1% Rental future cash flows* 245 225 Net financial debt reduced and Leverage ratio stabilized at 2.6x Closing rates /$ FY 2016 = 1.08 and FY 2015 = 1.09 ; / FY 2016 = 0.86 and FY 2015 = 0.76 *estimate made by using a discount rate of 15% 20

POST CLOSING: SCHULDSCHEIN REFINANCING IN FEBRUARY 2017 Successful operation: over-subscribed 3.6x (initial size of 100m) 215m (USD 86.5m and 135m) Pool of international investors Very good credit conditions Extended maturity 3yr (20%) 5yr (40%) 6yr (40%) Use of funds for repayments of: revolving credit facility USPP 2017 instalment USPP $50m due 2019 21

REFINANCING SCHEDULE AT 31 JANUARY 2017 Before Schuldschein Refinancing After Schuldschein Refinancing & repayments 450 450 400 400 350 350 300 300 Ordinane 265m 250 250 Schuldschein 215m 200 200 Public bond 350m 150 100 150 100 Bond 150m Drawn revolving facilty (total facility of 500m) USPP $175m 50 50 USPP $50m 0 2017 2018 2019 2020 2021 2022 2023 0 2017 2018 2019 2020 2021 2022 2023 USPP $90m Extended maturities No refinancing deadline before 2019 22

STABLE SHAREHOLDER RETURN POLICY 2016 dividend confirmed at 1.70* per share 3.90 3.89 3.72 3.17 1.70 1.70 EPS Dividend (100% in cash) Pay-out ratio: 2014 2015 100% 45% 2016 54% Interim dividend paid in February 2017 Final dividend to be paid in August 2017 A yield of 5,7%** Return to shareholders stabilized at 1.70 per share *The dividend will be annually submitted for approval by the Annual General Meeting of shareholders ** Based on 21 st March share price: 29,7 23

AGENDA FY 2016 HIGHLIGHTS FY 2016 FINANCIAL REVIEW FY 2016 BUSINESS REVIEW OUTLOOK AND FOCUS 24

ENTERPRISE DIGITAL SOLUTIONS: A STRONG ENGINE FOR GROWTH ENTERPRISE DIGITAL SOLUTIONS Integration of Data Quality Leadership confirmation Gartner ranking Focus on new market segments Leveraging best-in-class offering in Customer Communication & Data Quality software to a growing range of industries and geographies Potential for further penetration in Financial Services and expansion into other verticals such as healthcare & Retail Customer Communications Management: Sustainable strong double digit growth 20% CAGR 2011-2016 all verticals combined 30-40% CAGR 2011-2016 in Bank & Insurance verticals Below 10% market share in a total addressable market of +$1 bn Icon Systemhaus: complementary footprint and technology N 1 in Germany in Customer Communication Management (esp. Insurance and Bank) Potential market deployment through access to IBM mainframe customers 25

GMC SOFTWARE: A RECOGNIZED LEADER Named a leader for fourth consecutive time in Gartner magic quadrant ENTERPRISE DIGITAL SOLUTIONS GMC Software positioned highest for ability to execute and furthest for completeness of vision in Leaders quadrant 2015 Ranking 2016 Ranking 26

ENTERPRISE DIGITAL SOLUTIONS Award honors GMC Inspire for driving digital transformation at BMO Situation Established in 1817, BMO Financial Group is a highly diversified financial services provider with total assets of $688 billion, more than 45,000 employees, and more than 12 million customers. The Group is composed of three operating groups: Personal and Commercial Banking, Wealth Management and Capital Markets. Neopost s solution BMO utilized GMC Software to simplify how the bank incorporates documents, as well as to streamline processes for customers and for the bank s business users. For instance BMO s clients are now able to open a bank account in 8 minutes from their smartphone - a first in Canada. GMC has been awarded the Xplor Application 2016 Award. The award recognizes GMC s work with BMO in the bank's successful organization-wide effort to transform its business and its customer experience by accelerating the deployment of digital capabilities. Outcome BMO has seen a 50% reduction in the number of steps to complete an end-toend account opening process and anticipates the project will significantly reduce paper being printed projected at 92 million sheets of paper saved annually in the Personal Banking branch network alone. In the retail branches, BMO estimates millions of dollars saved annually due to cost reduction, cost avoidance, efficiency increases and reduction in errors; as well as increases in incremental revenue and as a result of increased capacity. 27

A UNIQUE GLOBAL PLAYER TO COVER THE LOGISTICS CHAIN END-TO-END Buyer Shipper Carrier/Operator Recipient Order Pack Ship Collect Sort & route Deliver Collect & receive Return Temando Automated Packing System CVP-500 Online Shipping Solutions Multi-carrier tracking software Automated parcel lockers for pick-up/drop off ProShip Mobile tracking solutions N. America Europe Asia-Pacific Deployment of the offering and cross-selling 28

NEOPOST SHIPPING: DEPLOYING A GLOBAL & UNIQUE OFFERING Packcity Promising partnership in Japan with Yamato Continued roll-out in France Temando Adjusted go to market following the strategic Magento contract: platform to be deployed in H1 2017 La Redoute solution run at full capacity through pick season Proship Cross selling potential Double digit growth CVP-500 3D automated packing system 6 units sold in 2016 Promising field test in the US La Redoute Movie 29

Mason Companies, a ProShip client, purchased a CVP-500 Situation Mason Companies is a nationwide retailer of footwear, apparel and general merchandise. It ships its products all over the USA. Through ProShip, Neopost accompanied Mason Companies e-commerce growth for several years. Neopost s Solution Satisfied with ProShip software solutions, Mason Management team was willing to pursue the optimization of its shipping department. With the CVP-500, the company will have a fully integrated cost-saving solution for order fulfilment that will increase packing and shipping efficiencies, especially during the peak holiday season. Outcome The CVP-500 uses 20% less corrugated and eliminates unnecessary void fill, it reduces package volume up to 50% by creating the smallest parcel needed, and the CVP-500 is 10 times faster than manual fulfilment. By providing Mason with shipping softwares and solutions, Neopost establishes itself as a persistent facilitator for Mason s e-commerce growth. 30

SME SOLUTIONS: LEAD CUSTOMERS IN THEIR TRANSITION TO DIGITAL Market share gains in a declining mail solutions environment Improved hardware placements in H2 2016 Focus on digital software offering (Digital Communication & Shipping) Double digit growth: sales of 65m /+12% vs 2015 Sales of services and software coming from Neopost Shipping and EDS up +17% Unfavorable business cycle in graphic activities Sales of 67m / -6% vs 2015 Focus on cost improvement Net cost reduction of 4.4% or 23m in FY 2016, accelerating from 13m in FY 2015 In line with minimum 50m cost savings by 2018 Build up of a web-based platform & SME applications A new distribution channel Two pilots currently tested in the UK and in the US Combination of Neopost core and partners applications 31

Digitizing Customer Invoices Testimonial from DJO Global Situation DJO Global, Inc. is a leading global provider of high-quality, orthopaedic devices. DJO France has a turnover of around 90 million, approximately 15,000 active customers and a product catalogue containing over 3,500 listings. Before using Neotouch, DJO France prepared the dispatch of 32,000 monthly customer invoices manually. Neopost s solution Processing time for a manual dispatch was typically around one half-day per day, not including any time lost due to technical problems. Implementation was extremely quick. From placing the order to deployment, the process took less than a month. DJO France s aim was to ensure 50% of electronical invoices in the first year. Three months on from deployment, DJO France has exceeded this goal and are now at 75%. Outcome This project has helped to enhance DJO's dynamic and innovative brand image. DJO France no longer has to contend with stress caused by technical problems that placed added pressure on all its departments. DJO France save one half-day per day in man hours. At present, DJO France is looking at installing the Neotouch solution in its marketing department for their mail dispatches. 32

AGENDA FY 2016 HIGHLIGHTS FY 2016 BUSINESS REVIEW FY 2016 FINANCIAL REVIEW OUTLOOK AND FOCUS 33

UNCHANGED MID-TERM OUTLOOK Return to positive organic growth Maintain a current operating margin level before acquisitionrelated expense above 18% throughout transformation Bring back the Group current operating margin before acquisitionrelated expense to minimum 20% Continued investments in innovation ~ 10m a year 34

APPENDICES 35

FY 2016 DETAILED PROFITABILITY BY DIVISION FY 2015 FY 2016 EDS Shipping SME solutions Elim. Innovation Total EDS Shipping SME solutions Elim. Innovation Total In million and in % of sales ENTERPRISE DIGITAL SOLUTIONS ENTERPRISE DIGITAL SOLUTIONS Total sales 116 48 1,043 (19) 1 1,190 137 48 991 (22) 5 1,159 Current EBIT* 18 (2) 227 - (9) 234 21 (7) 214 - (12) 216 Current EBIT* margin 15.5% (4.3%) 21.7% - n/a 19.7% 15.6% (14.0%) 21.6% - n/a 18.6% Excl. Temando: 8.1% Excl. Temando: 8.8% Web based platform and apps (6.6)m CVP-500 (2.1)m Web based platform and apps (7.7)m CVP-500 (4.7)m Average rates /$ 2016 = 1.12 and 2015 = 1.10; / 2016 = 0.79 and 2015 = 0.72 *Before acquisition-related expense 36

CONSOLIDATED BALANCE SHEET (1/2) Assets (in millions) 31/01/2016 31/01/2017 Goodwill 1,096 1,121 Intangible fixed assets 214 223 Tangible fixed assets 135 132 Non-current financial assets 56 53 Other non-current receivables 4 3 Leasing & financing receivables 814 798 Deferred tax assets 14 17 Inventories 76 72 Trade receivables 249 269 Other current assets 110 100 Financial securities 75 96 Current financial instruments 0 0 Assets discontinuing activities - 2 TOTAL 2,843 2,886 37

CONSOLIDATED BALANCE SHEET (2/2) Liabilities (in millions) 31/01/2016 31/01/2017 Shareholders equity 1,069 1,139 Non-current provisions 26 28 Non-current financial debt 776 753 Current financial debt 113 106 Other non-current debt 65 50 Deferred tax liabilities 186 197 Non-current financial instruments 1 0 Prepaid income 214 217 Other current liabilities 393 395 Current financial instruments 0 1 TOTAL 2,843 2,886 38

COVENANTS US Private Placements Covenants Neopost level as at 31 January 2017 Leverage max 3.25 2.6 Minimum equity of 525m 1,132m Revolving Credit Facility and the 3.50% bond Covenants on leasing operations Neopost level as at 31 January 2017 Maximum drawing: 90% of outstanding leasing portfolio Intercompany net leasing debt standing at 78% of outstanding leasing portfolio Covenants on non leasing operations Neopost level as at 31 January 2017 Maximum leverage of 3.0* excluding leasing entities 0.8 (EBITDA excl. leasing: 201m) Minimum equity: 600m 1,132m Default Rate < 5% 1% Minimum interest cover**: 4.0 10 All covenants are met Close to 200m of debt flexility *Net debt excluding leasing/ EBITDA excluding leasing **EBITDA/ net cost of debt 39

ALMOST A CENTURY OF HISTORY Hasler and Stielow 1 st LBO 2 nd LBO PFE GBC Australia ProShip Icon Systemhaus SMH acquired by C.G.E. and attached to its subsidiary Alcatel Satori software and Scani DMTI Spatial Temando IPO on the Premier Marché of Euronext Paris GMC Software Technology and Human Inference Société des Machines Havas (SMH) founded in France Private company Mailing Industry Consolidation Transformation *8% (2011) *17% (2013) *26% (2016) Groupe Neopost SME Solutions Enterprise Digital Solutions Shipping Solutions *New activities share in group revenue 40

SHIPPING COMPETITION ENVIRONMENT Neopost Shipping has no competitors offering the same end-to-end value proposition but often is facing multiple local competitors in each business line Automated Packing solutions Multi-carrier shipping software Parcel lockers A niche market made of a few small players ( 5-15m revenue) delivering 1D reduction systems and CMC machinery ( 26m) as key competitor on 3D reduction 1D reduction Like Neopost Shipping, Metapack is operating on a few key markets (US, UK, FR, DE and ES) In Europe, there are multiple local players on key markets (US, UK, FR, DE). In the USA, there are ten s of competitors, the largest being Pitney Bowes, Stamps.com (incl. Endicia, shipstation and shipworks) and Kewill USA Interger/Inpost is the main global competitor of Packcity offering for implementing networks. Amazon is a new competitor for location and dedicated network. Locker manufacturers are Cleveron, TZ, SWIP BOX, By box. Allover the world there are multiple small local suppliers (Asia and East Europe) 3D reduction Europe 41