1

2 0 0 7 Interim Results

September/October 2007

2

DISCLAIMER

Safe Harbour Statement

This presentation contains forward-looking statements (made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995). By their nature, forward-looking statements involve 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 and 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 information concerning these and other important 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’.

3

FIRST HALF 2007

Highlights

First half accounts

Significant acquisitions

Confirmation of outlook

4

FIRST HALF 2007 HIGHLIGHTS

5

FIRST HALF 2007 HIGHLIGHTS

Strong growth

Further profitability gains

Return of value to shareholders

Significant acquisitions

6

160

180

200

220

240

260

Q1

2004

Q2

2004

Q3

2004

Q4

2004

Q1

2005

Q2

2005

Q3

2005

Q4

2005

Q1

2006

Q2

2006

Q3

2006

Q4

2006

Q1

2007

Q2

2007

Growth figures are a year-on-year comparison on a like-for-like basis, and exclude the Stielow non-core businesses sold in September 2003 and March 2004.

Quarterly sales (€ million)

STRONG SALES GROWTH

Growth significantly above the market average

+6.3% in 2004

+8.9% in 2005

+11.9% in 2006

+7.8% in H1 07

+5.1%

+10.5%

7

FURTHER PROFITABILITY GAINS

Current operating margin(Current operating income / Sales, %)

15

20

25

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 H12007

16.7

18.6

19.6

20.6*21.0*

21.5*23.4

19.2*

20.7

24.8

*Excl. Neopost Online

26.326.0

8

RETURN TO SHAREHOLDERS FROM JULY 2006 TO JULY 2007

2006 dividend: €3.30 per share Yield of 3.5%*

Total distribution to shareholders €103m

Share buy-back and cancellation 675,782 shares, or 2.3% of capital, acquired between July 2006

and July 2007

Total amount: €62m, i.e. an average price of €94.60 per share

100% of the increase in shareholders' equity in 2006 returned to shareholders

*Based on the closing share price on 31 January 2007: €95.15

=> Total value returned to shareholders: €165m

9

FIRST HALF 2007 ACCOUNTS

10

350

400

450

500

STRONG GROWTH IN H1 2007

Sales (€ million)

470.4

H1 2006

Growth* H12007

Currencyimpacts

+35.1

-15.0450.3

Growth of 7.8% at constant exchange rates

*Excluding currency impacts

11

United Kingdom15%

France 27%

NorthAmerica

42%Rest of the world10%

North America

France

United Kingdom

Germany

Rest of the world

+ 13.8%

+ 6.0%

- 2.4%

+ 7.1%

+ 5.0%

Germany6%

Change H1 2007/H1 2006* H1 Sales 2007: €470.4m

Sales peaked in the USA in Q2

*At constant exchange rates

STRONG GROWTH IN H1 2007

12

WELL-BALANCED GROWTH

Mailing systems

Document and logistics systems

+ 7.3%

Success in cross selling

Document and logistics systems

26%

Mailing systems

74%

+ 9.5%

* At constant exchange rates

Change H1 2007/H1 2006* H1 Sales 2007: €470.4m

13

VERY STRONG GROWTH IN RECURRING REVENUES

Recurring revenues

Increase in recurring revenues driven by the growth in the number of equipment installed in 2006

Rental & leasing

29%

Equipment sales

Services and supplies

34%

37%

Equipment sales

+ 13.2%

-0.1%

* At constant exchange rates

Change H1 2007/H1 2006* H1 Sales 2007: €470.4m

14

FURTHER PROFITABILITY GAINS

Sales growth

Product mix

Increased revenues from supplies: Sales growth of +19.5%*, accounting for 12.7% of sales

to end-July 2007

Expansion of financial services: Sales growth of +25.9%*, accounting for 7.5% of sales

to end-July 2007

A 23.7% increase in the portfolio to €433m

Currency impacts on margins under control

Relevance of Neopost's model

* Excluding currency impacts

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NEW IMPROVEMENT OF CURRENT OPERATING MARGIN: 26.3%

+4.5%470450 Sales

Change

%

31/07

2007

31/07

2006In € million

77.7%76.5%As % of sales

+6.2%366344Gross margin

EBITDA

33.5%32.4%As % of sales

+8.0%158146

26.3%25.5%As % of sales

+7.5%124115Current operating income

€/$ H1 2007 = 1.34 and H1 2006 = 1.24 ; €/£ H1 2007 = 0.68 and H1 2006 = 0.69

Improvement in line with expectations

16

A 6.4% INCREASE OF DILUTED EPS

+6.4%

17.0%

2.51

17.1%

2.36

As % of sales

Diluted EPS

+3.9% 8077Net income

00Results of associated companies

(33)(33)Taxes

(12)(6)Financial results

125116Operating income

11Results of disposals and others

+7.5%124115Current operating income

+4.5%470450Sales

In € million

Change

%

31/07

2007

31/07

2006

€/$ H1 2007 = 1.34 and H1 2006 = 1.24; €/£ H1 2007 = 0.68 and H1 2006 = 0.69

17

AN IMPROVEMENT IN WORKING CAPITAL REQUIREMENTS HALF-ON-HALF

Total excluding leasing

Other payables and receivables

Prepaid income

Accounts receivable

Inventories 6155

(186)

(257)

(125)

135 144

(127)

(271)

(199) +7.0%

-9.0%

+6.6%

+2.0%

+5.2%

In € million

Change

%

31/07

2007

31/07

2006

18

CASH FLOW GENERATION IN H1 2007

*Before debt service, dividens and share buy-backs

Cash flow

Taxes

Change in working capital

Capex (net of disposals)

EBITDA

55

(33)

(5)

(53)

146

14

(33)

(54)

(57)

158

31/07

2007

31/07

2006In € million

H1 2006: a particularly favourable trend in working capital

H1 2007: seasonal variation in working capital relative to 31 January

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REFINANCING OF ALL REVOLVING CREDIT LINES

Introduction of a single line in June 2007 intended to finance: Neopost's general requirements

The leasing subsidiaries

Characteristics of this new syndicated revolving credit line: Total amount of €750m (€650m initially requested)

Multi-currency

Five-year term, with two options for a one-year extension

Conditions: Libor + fixed margin of 20 basis points

Banking syndicate comprising 17 international banks

Optimal conditions and very good timing

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PURSUED POLICY OF HIGHER GEARING

405

(105)

510

Net financial debt

Cash and marketable securities

Financial debt

338

(158)

496

533

(113)

646

87.6%

462

Net debt / Shareholder’s equity

Shareholder’s equity

63.0%

537

109.8%

485

31/07

2007

31/01

2006

31/07

2006In € million

15.6

1.4

EBITDA / Financial charges

Net debt / EBITDA ratio

22.0

1.1

12.4

1.7

Financing investment and returning value to shareholders

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SIGNIFICANT ACQUISITIONS

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ACQUISITIONS IN 2007

Strengthening the offering

Acquisition of PFE

Acquisition of ValiPost

Optimisation of the distribution network

In Europe

In the USA

Significant opportunities

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STRENGTHENING THE OFFERING

PFE International Limited (1/2)

A world player in folder/inserters

Sales of £29.3m in 2006

Excellent complement to Neopost’s offer

Range marketed in 55 countries, including 10 directly:

Australia, Austria, Belgium, France, Germany, Ireland, Portugal, Singapore, UK and USA

480 staff

Research and production unit at Loughton, Essex

Current operating margin of 5%

Significant synergy in the product range and distribution structure

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STRENGTHENING THE OFFERING

PFE International Limited (2/2)

Acquisition of the majority of PFE's activities, representing total sales of £27.5m in 2006

Enterprise value: £27.2m

Around 1 times sales

Acquisition financed from existing credit lines

Deal subject to approval from the relevant competition authorities

Significant commercial synergies: offering and distribution

Objective: boost current operating margin to 15%

within 24 months

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STRENGTHENING THE OFFERING

Acquisition of ValiPost in February 2007

France's leading provider of software solutions for industrial mailers:

Destination sorting prior to printing

Identification labels and tracking of mail crates

Production planning

Sales of around €3m in 2006

Neopost's first steps into the industrial mailing market

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Objective: strengthening the direct distribution

2004

2003

2001

2000

1998

Norway

Belgium

Netherlands

Italy

Ireland 5

4

3.5

9.5

2

8

7

13

16

12

Sales

2006

Sales

acquiredYear of

acquisition

In € million

The ability to reap the benefits of the acquisitions made

Initial geographical expansion

OPTIMISING THE DISTRIBUTION NETWORK: EUROPE

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Acquisitions in H1 2007

Ruf AG in Switzerland (Zurich), July 2007; 2006 sales of €10m

Two small distributors in Italy, sales of €0.4m

Opportunities remain In Switzerland

In Scandinavia

In Spain

Continuing our strategy of building market coverage

OPTIMISING THE DISTRIBUTION NETWORK: EUROPE

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OPTIMISING THE DISTRIBUTION NETWORK: USA

Objectives : strengthening the direct distribution and unifying the distribution network

Review of previous acquisitions 1st Feb. 2005: merger of Hasler branches with Neopost branches:

Chicago, Boston, New York and New Jersey 2005: acquisition of dealers: Ohio, Pennsylvania, California,

Massachusetts, Oregon, Tennessee 2006: acquisition of dealers: Alabama, Indiana, Texas, Michigan

 Acquisitions in 2007 Acquisition of dealers: Colorado, Maryland, Florida Sale of territories: Pennsylvania, Nevada

Strategy of rationalising market coverage

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RATIONALISING COVERAGEOF THE AMERICAN MARKETUnified distribution(installed base covered by a single network, %)

0

20

40

60

80

100

end-2004 end-2005 end-2006 end-August2007

53%

24%

40%

0%

An effective and active policy of rationalisation

30

RATIONALISING COVERAGEOF THE AMERICAN MARKETDirect/indirect distribution(installed base covered, %)

0

20

40

60

80

100

J an-05 J an-06 J ul-07

indirect

67

direct

33

69

31

61

39

Significant potential for strengthening direct distribution

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OUTLOOK

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NEOPOST'S MODEL OF PROFITABLE GROWTH

Taking advantage of regulatory and technological changes

Developing higher margin businesses Increasingly moving towards the high end

Development of financial services and online services

Improving distribution

Specific productivity programmes

Boosting revenue and margins from each client

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CONFIRMATION OF OUTLOOK

Sales 2007: growth of 5% to 6%

2008: sales of €1bn* (excluding PFE acquisition)

Operating profit 2007-2008: an improvement of 30 to 50 basis points per year

(excluding PFE acquisition)

Beyond 2008 An active market due to continued technological and regulatory

changes

Neopost's model of profitable growth will continue to bear fruit

*Objective based on a €/$ rate of1.35. The 1bn objective announced in March 2006 was based on a €/$ rate of 1.23

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APPENDICES

35

CONSOLIDATED BALANCE SHEETS (1/2)

Trade receivables

Inventory

Deferred tax assets

Leasing receivables

Other long-term assets

Financial investments

Tangible fixed assets

Intangible fixed assets

Goodwill

31/07

2007

31/07

2006Assets In € million

Other short-term assets

TOTAL

61

47

350

4

15

138

51

526

136

31

1,464

55

45

433

5

21

142

50

544

144

66

1,618

Cash & marketable securities 105 133

36

CONSOLIDATED BALANCE SHEETS (2/2)

Other short-term liabilities

Prepaid income

Deferred tax liabilities

Short-term financial debt

Leasing debt

Long-term financial debt

Provisions

Shareholders’ equity

284

125

28

194

136

180

55

462

302

127

31

343

0

303

27

485

Liabilities In € million

TOTAL

31/07

2006

1,464

31/07

2007

1,618