Antalis 2003 results presentation to Analysts March 24, 2004

2 Antalis 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: Billion Euros Net operating income 2003: 37 Million Euros

3 Antalis Turnover per zone (2003) UK&Ireland 20% Switzerland & Germany 13% Iberia 11% France/Benelux 26% South Africa 5% Prom. Prods 3% Scandinavia 3% Asia 1% South America 2% Italy 8% Eastern Europe 8% TOTAL B€ Source: Antalis

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5 Antalis Reasons for improvement in results between 2001 and 2003 * 2003 Exchange rate EBIT Market decrease Market share gain Improvement GM/t Costs Others & Recent a 2003 EBIT - 37 M€* + 37 M€* Acquisitions

6 Antalis Today Antalis is among the most profitable distributors EBIT rate comparison in Europe Note: Sample: Paperlinx Europe, Inapa, Map, Papyrus H 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% 0.3% 0.6% 2.1% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% H1 01H2 01H1 02H2 02H1 03H2 03 E European average, excluding Antalis Antalis

7 Perspectives 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