Antalis 2003 resultspresentation to Analysts

March 24, 2004

2Antalis

Largest European group in the distribution of communications support materials, #4 worldwide 6,500 employees with more than 2,000 sales representatives

37 countries: Western, Central & Eastern Europe, Asia, South America, South Africa

180,000 customers

Five areas of business

Print: distribution of paper to printers, graphic artists, designers, publishers and communications agencies

Office: supply of paper, envelopes & consumables to resellers and for the professional communications needs of companies and administrations

Visual Communication: specific media (paper, board, plastics) for specialists to create a variety of signage systems

Packaging: secondary packaging products for the conditioning and protection of industrial goods

Promotional Products: distribution and personalisation of promotional items and company gifts

Turnover 2003: 2.324 Billion Euros

Net operating income 2003: 37 Million Euros

3Antalis

Turnover per zone (2003)

UK&Ireland20%

Switzerland& Germany

13%

Iberia11%

France/Benelux26%

SouthAfrica

5%

Prom.Prods

3%

Scandinavia3%

Asia

1%

SouthAmerica

2%

Italy8%

Eastern Europe8%

TOTAL 20032.3 B€

Source: Antalis

44AntalisKey figures

Despite the weak markets in Western Europe…Volumes decreased by 2.4% compared to 2002Market value decreased by more than 8%

… Antalis continued its turnaround in 2003Consolidation of gross margin levelsContinued decrease of fixed costs

Net operating income doubled

M€ 2003 2002

Turnover 2,324 2,458 -5%Operating income 37.1 19.4 +17.7M€

Operating margin (%) 1.6% 0.8%

Profit on ordinary activities 6.6 (6.6) +13.2M€

Net profit (5.8) (21.5) +15.7M€

Net cash position (451) (520) +69M€

ROCE 6.5% 3.2%

5Antalis

Reasons for improvement in results between 2001 and 2003

* 2003 Exchange rate

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

2001

EB

IT

Mar

ket

decr

ease

Mar

ket

shar

ega

in

Impr

ovem

ent

GM

/t

Cos

ts

Oth

ers

&R

ecen

ta 20

03 E

BIT

- 37 M€*

+ 37 M€*

Acq

uisi

tions

6Antalis

Today Antalis is among the most profitable distributors

EBIT rate comparison in Europe

Note: Sample: Paperlinx Europe, Inapa, Map, PapyrusH2 2003 estimation for competitors, excluding Map (published)

Source: companies’ quarterly/half year results

2.1%

0.8%

1.6%1.2%

1.7%

-3.2%

1.0%1.2% 1.2%0.3%

0.6%

2.1%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 E

European average,excluding Antalis

Antalis

7Perspectives

Progressive recovery of markets and thus volumes

Full year effect of cost reduction programs engaged in the course of 2003

Progressive implementation of CRM tools to improve the effectiveness of the sales policy, increase productivity and improve profitability