1111

2 0 1 0Full-year results

March-April 2011

2

DISCLAIMER

Safe Harbour Statement

This presentation contains forward-looking statements (madepursuant to the safe harbour provisions of the Private SecuritiesLitigation Reform Act of 1995). By their nature, forward-lookingstatements involve risk and uncertainty. Forward-lookingstatements represent the company‟s judgement regarding futureevents, and are based on currently available information events.Consequently the company cannot guarantee their accuracy andtheir completeness and actual results may differ materially fromthose the company anticipated due to a number of uncertainties,many of which the company is not aware of. For additional factorsthat may cause the company‟s actual results to differ materiallyfrom expectations and underlying assumptions, please refer tothe reports filed by the company with the „Autorité des MarchésFinanciers‟.

333

2010

2010 Highlights

2010 Financial Statements

Focus on Neopost North America

2011 Outlook

2010 HIGHLIGHTS

5

Sales: €965.6m

Current operating margin*: 25.7% of sales

Net margin: 16.2% of sales

5

Rebound of the activity after having well resisted during the crisis

2010 KEY FIGURES

Annual sales growth(At constant exchange rates)

* Current operating income / total sales

-1%

0%

1%

2%

3%

4%

5%

6%

7%

2007

+2.4%

+6.1%

-0.3%

2008 2009 2010

+2.0%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

Q1 2010

-0.4%

+1.4%

+3.3% +3.6%

Q2 2010 Q3 2010 Q4 2010

2010 quarterly sales growth(At constant exchange rates)

2010 KEY POINTS (1/2)

Numerous product launches:

IS 5000 and IS 6000 in the USA

IS 280 in the United Kingdom

Roll-out of IS 350 to IS 480 onall markets

DS 75

6

Rebound of the activity after having well resisted during the crisis

A great year for products launches

100

110

120

130

140

150

H1-09 H2-09 H1-10 H2-10

Success of high end folders/inserters

Number of DS-100/140/1000/1200 sold per semester(Rebased H1-09 = 100)

2010 KEY POINTS (2/2)

Success of the integration of dealers acquired in 2009

In the USA

In Scandinavia

Performance of Satori

2009: $15m (including $3m of inter company sales)

2010: +10% growth

Deployment in the United Kingdom

Improved EBIT margin

7

Rebound of the activity after having well resisted during the crisis

Successful integrations

88Evolutions in line with Neopost’s view

Q1 Q2 Q3 Q4 Q1 Q2

2009 2010

Mail volumes in the USA

UPDATE ON MAIL VOLUMES

USPS in the USA

Continuing increase of the marketing mail in 2010

Transactional mail structurally decreasing

La Poste in France

Mail volume declining by 3.5% in 2010 versus -5% in 2009

Deutsche Post

Mail volume declining by 3.5% in 2010

Slight increase of the volumes in Q4

-20%

-15%

-10%

-5%

0%

5%

10%

1st Class mail

Standard mail

Q3 Q4

999

2010 FINANCIAL STATEMENTS

101010

2010 SALES

Sales growth of +5.8% in 2010,+2.0% at constant exchange rates

850

870

890

910

930

950

970

990

965.6

+18.2

+34.3

913.1

Sales(in € million)

FY 2009 FY 2010Change* Currencyimpacts

* Excluding currency impacts

1111Further growth in North America,contrasted performance elsewhere

UK12%

France26%

NorthAmerica

41%

Rest of world14%

Germany7%

2010 sales: €965.6m2010 / 2009 change*

SALES BY AREA

+4.8%

-2.4%

-2.9%

+1.2%

+8.3%

+2.0%

North America

France

UK

Germany

Restof world

Total Group

* At constant exchange rates

1212

40%

31%

29%

Four consecutive quarters of growth in equipment sales

+1.1%

+4.0%

**

* At constant exchange rates ** After adjustment for changes in revenues from postal rate changes, recurring revenue increased by about 3%.

2010 sales: €965.6m2010 / 2009 change*

Recurring revenue

Equipment sales

SALES GROWTH PER REVENUE TYPE

Rental & leasing

Equipment sales

Services and supplies

131313

69%

31%

Good performance of the Document systems

-1.1%

+9.5%

**

2010 sales: €965.6m2010 / 2009 change*

Mailing systems

SALES GROWTH PER BUSINESS LINE

Documents and logistics systems

Document and logistics systems

Mailing systems

* At constant exchange rates ** After adjustment for changes in revenues from postal rate changes, mailing systems revenue would have increased by about 1%.

141414

CURRENT OPERATING MARGIN

Change

%

20102009

A high level of profitability

913

726

32.5%

297

25.7%

235

79.5%

966

758

32.5%

314

25.7%

248

78.5%

+5.8%

+4.4%

+5.6%

+5.7%

€/$ 2010 = 1.32 and 2009 = 1.40 ; €/£ 2010 = 0.86 and 2009 = 0.89

Sales

Gross margin

As % of sales

In € million

Current Operating Income

As % of sales

EBITDA

As % of sales

15

Mix effect

Rebound of equipment sales

Success of high-end folders / inserters

Rate change: -€11m in revenues

Short-term dilutive impacts of

acquisitions

Distributors

Targeted acquisitions

PERFORMANCE ANALYSIS

Optimization plan

Adjustment of production facilities

R&D IFRS impacts

End of R&D projects related to the IS range

Subcontracting

Control of operating costs

Natural currency hedge

Negative factorsPositive factors

Good control of the operating margin

161616Net margin maintained at a high level

0

500

1000

1500

July 09 January 10 July 10 January 11

Natixis / BPCE private placement availability

Revolving line availability

Revolving line drawn (1)

OCEANE

Crédit Agricole Private Placement

USPP (1)

After reimbursement of the USPP, Neopost hassufficient financing capacity

(1) EUR/USD : 1.3966 at 31/01/2010, 1.3028 at 31/07/10 and 1,3692 at 31/01/2011

881855842 825

In € million

FINANCING STRUCTURE

€558m

Maturity: September 2014Rate: Euribor + 190bp

Maturity: June 2013Rate: Euribor + 20bp

Maturity: February 2015Rate: 3.75%

Maturity: December 2012Rate: 4.09%

Maturity: September 2010Rate: 4.83% and 4.52%

17

Important decrease of the cost of debt between H1 and H2 2010:

Savings coming from the USPP reimbursement: -€2,4m

Exceptional items: -€2,5m

2011 net cost of debt is expected between €30m and €31m

1717

COST OF DEBT EVOLUTION

Variation

%

A financial result under control

In € million

1st Semester

2nd Semester

Total

(18.4)

2009

(16.6)

(13.4)

(13.5)

(31.9)(30.0)

2010Net cost of debt

181818

Operating Income 235 248 +5.7%

Net cost of debt (30) (32)

Other financial gains or losses - (1)

Taxes (57) (59)

Share of associated companies - 1

Net Income 148 157 +6.1%

As % of sales 16.2% 16.2%

Net Attributable Income 148 156 +5.3%

EPS 4.85 4.96 +2.3%

Fully diluted EPS 4.68 4.68 +0.0%

€/$ 2010 = 1,32 and 2009 = 1,40 ; €/£ 2010 = 0,86 and 2009 = 0,89

NET INCOME

In € million

A high level of Net Margin

Change%

20102009

EBITDA 297 314 +5.6%

Other items 5 (8)

Cash flow* 302 306

Change in Working Capital Requirement

(16) (8)

Change in lease receivables (38) (51)

Interests and Income taxes paid (75) (62)

Cash flow from Operations 173 185 +6.7%

Investments (134) (80)

Cash flow after Investments 39 105

1919

CASH FLOW GENERATION

High cash flow from operationsthat are highly recurring and growing

* Before net cost of debt and income tax€/$ 2010 = 1,32 and 2009 = 1,40 ; €/£ 2010 = 0,86 and 2009 = 0,89

In € million

Change%

20102009

2020

-

14

3

(8)

20102009Details of the variation

In € million

CHANGE IN WORKING CAPITAL REQUIREMENT

(7)

(13)

2

(16)

(25)2

A structurally negative WCR at -€196m

€/$ 2010 = 1.32 and 2009 = 1.40 ; €/£ 2010 = 0.86 and 2009 = 0.89

Other payables and receivables

Prepaid income

Accounts receivable

Inventories

Total excluding leasing

212121

A strengthened equity level and covenants**that are easily met

716

(139)

855

146%

490

31/01

2010

9.9

2.4

689

(136)

825

114%

606

31/01

2011

9.8

2.2

HEALTHY FINANCIAL STRUCTURE

Net debt / shareholders’ equity

Shareholders‟ equity

Net financial debt

Cash and marketable securities

Financial debt

In € million

Net debt / EBITDA ratio

EBITDA / financial charges* ratio

* Financial charges= cost of debt ** Minimum equity of €400m and maximum leverage ratio of 3.25

2222

SOLIDITY OF NEOPOST BALANCE SHEET

Equity: €606m at end-January 2011 versus €490mat end-January 2010

Leasing portfolio as at end-January 2011: 572 M€ +10% versus end-January 2010*

Rental Net present value of future rental cash flows above €300m

Net debt: €689m at end-January 2011

Leasing + rental future cash flows about €900mi.e. >> 100% of net debt

Acquisitions de nouvelles technologies payantes

* At constant exchange rates

Debt is totally backed by future cash flows

2323

0

1

2

3

4

5

2008 2009 2010

INCREASE OF THE DIVIDEND IN 2010

A proposed dividend of €3,90 per share for FY 2010,i.e. a yield above 6%*

1

2

3

4

5

* Based on 27 March 2011 closing price (€64.31)

Dividend

3.80

5.01

75%

4.96

3.90

78%

EPS4.85

3.80

79%

100%

Cash

Of which

52%

Cash

Of which

59%

CashInterim dividend

€1.65

Pay-out ratio:

In €

€2.25

24

FOCUS ON NEOPOST NORTH AMERICA

25

NORTH AMERICA: THE WORLD’SLARGEST AND MOST DYNAMIC MARKET

North America is the world’s largest market

50% + of world‟s total volume of mail

50% + of mailing systems global installed base

North American postal organizations are extremely dynamic

Long track record in encouraging the mandatory renewal of the installed base (decertifications)

Early adopters of new technologies: digitalization, connectivity, IBI, Shape-Based Pricing

Technological innovation as a driver for operational efficiency / productivity

Mail accounts for an increasing share of marketing expenditure

From 19.5% of total US advertising spending in 2002 to 23% in 2009

2626

NORTH AMERICA: NEOPOST’S LARGEST MARKET

North America accounts for 41% of Neopost total revenues in 2010

Neopost employs 1,800 people in North America

North America has been Neopost engine for growth in 2010 and

momentum will remain positive in 2011 and beyond

Neopost key marketing initiatives and product launches target North

America first, prior to global roll-out

Longstanding partnership with US and Canadian postal organizations:

Shared vision, common goals

2727

Canada :

Headquarters in Toronto

20%* market share

2010 revenues: CAD 36m

Sales force: 60 people including dealers

NEOPOST NORTH AMERICA

USA :

Headquarters in Milford, CT

18%* market share

2010 revenues: USD 490m

Sales force: 800 people including dealers

* in percentage of the installed base of franking machines end of 2010

Satori

Logistic center

HQ

HQ

Call center

R&D

2828

NORTH AMERICA: A STRUCTURAL OPPORTUNITY FOR NEOPOST

Neopost, the North American challenger

# 2 in Canada with 20% market share*

# 2 in the US with 18% market share*

400

450

500

550

2007 2008 2009 2010

North American sales

in USD millions

CAGR @+3%

*of mailing system installed base - Source USPS and Canada Post

Neopost has already been capturinga growing share of North American total revenues

Despite recession, Neopost has been growing faster than market average at +3% per year from 2007 to 2010

2929

Decertification of the remaining electro-mechanical machines in the USA

NORTH AMERICAN DECERTIFICATION ECHO:A MARKET OPPORTUNITY FOR NEOPOST

With an average 5 year leasing period, past decertifications will continue to bring boosts of activity

Decertification of all electro-mechanical machines inCanada and partially in the USA

Shape-Based Pricing in the USA

2011

2012

2013

2006

2007

2008

3030

CONSISTENT ROLL OUT OF NEOPOSTSTRATEGY IN NORTH AMERICA

Launch of new innovative products

Optimization of distribution

Promotion of leasing and financial services

Marketing of services

Operational efficiency in particular through 2008/09 restructuring

Creating a new culture among employees

Neopost has prepared itself for seizing the decertification echo opportunity

31

Volume

10-30 envelopes / day 30-200 envelopes / day >200 envelopes / day

IS-480

IS-460

IS-440

IS-420

IS-350

TIMELY LAUNCH OF MAILING SYSTEMS

IS-280

IS-6000

IS-5000

2011

1

Price in $k

15

2011

2008

2010

2010

2011

32

DS-2002011

DS-352011

DS-752010

FOLDERS/INSERTERS:A RANGE AMPLY RENEWED

DS-802007

DS-862007

DS-622006

DS-100/1402008

DS-1000

2008

DS-12002009

150

Price in $k

3

Office Mailroom Mail center Production 32

3333

A CONTINUOUS MOVE TOWARDS AMORE DIRECT DISTRIBUTION

The goal is to be direct in highly dense metropolitan areas

From 31%* direct in 2004 to 57%* direct in 2010 in the US

0

20

40

60

80

100

2004 2005 2006 2007 2008 2009 2010

57%* direct

43% indirect

Key recent acquisitions: Baltimore, Florida, San Diego, Connecticut, Los Angeles, New York/Long Island, Atlanta, Philadelphia, Washington DC

Further acquisitions still possible

*Percentage of the installed base covered by a direct distribution

3434

BENEFITS OF A MORE DIRECT DISTRIBUTION

Capture 100% of revenues

Deployment of Neopost’s business model

Grow recurring revenues

Leasing and financial services

Maintenance and other services

Increase cross selling between mailing and document systems

More consistency in the deployment of the marketing strategy

Better access to large and national accounts

Ability to define the pace of investments

[Moving direct boasts effective leverage over operations]

DISTINCTIVE DISTRIBUTION MODEL

3535

Combine the best of direct control and dealer’s entrepreneurial spirit

Drive decision making to the market level

Centralize all non-customer facing activities

Roll-out market by market

Local decision-making entails faster customer response

3636

PROMOTION OF LEASING

A high value added service

High probability of replacement of equipment at end of contract

Ability to bundle additional services

High profitability

Leasing expansion

Increased penetration*+50% in 5 years

Dealer acquisitions

Around 60% of the installed basecovered with leasing

*Penetration rate: hardware sales leased / total hardware sales

A critical tool to plan for equipment renewal in the context of the decertification echo

150

250

350

450

2005 2006 2007 2008 2009 2010

North American leasing

portfolio in USD millions

CAGR @+18%

3737

DEVELOPMENT OF SERVICES

Postage financing

Service launched in 2006

Attachment rate* reached 60% in 2010

Online services

Available thanks to mailing systems digital technology /connectivity

Attachment rate* around 30% in 2010

Rate change protection (RCP)

In 2010, RCP represented 60%+ of rate change revenuesin North America

Maintenance

Increased attachment rate

Dealer acquisitions

*Attachment rate: number of service contract / new machine

Potential to further increase recurring revenues will be boosted by opportunity of decertification echo

3838

2008-2009 US OPTIMISATION PLAN

R&D: merger of 3 US centres into 1 (Austin)

Supply chain: 1 North American logistics platform (Memphis)plus introduction of direct shipment

US distribution:

Combined 3 separate entities to create Neopost USA

Closed all West coast operations and established headquarters in CT, including the leasing company

Consolidated of all call center activities in Dallas, TX

Established a cohesive management team for Neopost USA

A stronger organisation creating a new momentum

39

CREATING A NEW CUSTOMER-CENTRIC CULTURE

39

NEOPOST WINS INTERNAL COMMUNICATION AWARD IN CANADA

TORONTO, ON – 10 March 2011 – Neopost internal communications campaign

received a prestigious 2010 Silver Leaf Award for excellence in business

communication, presented by the International Association of Business

Communicators (IABC). According to Neopost Canada president, Lou Gizzarelli,

internal communications helps foster a customer-centric culture: “It helps Neopost

to differentiate itself from its competitors. As a result of our efforts, customer

satisfaction is up, sales are up, employee engagement is up.” Mr. Gizzarelli added:

“ Our 2010 employee engagement survey results showed substantial gains

in our customer-centric culture. And an amazing 96% of our Canadian

team indicated they had a good understanding of their business unit‟s

goals and objectives. We achieved that company-wide alignment by

focusing on clear and consistent internal communications. It works.”

A differentiating culture versus competition

A drive for excellence in customer experience and employee satisfaction

4040

Most of our US growth is today achieved in the Mid/High-end segment

The Low-end segment is very significant

We have a lower market share in that segment

It is a profitable segment, which requires a specific approach

LOW-END: A NEW GROWTH POTENTIAL

Total US Meter Population*

Low-end70%

Mid-end20%

High-end10%

* Based on USPS published data and Neopost estimates

4141

LOW-END INITIATIVE

Creation of a dedicated Small Business Solutions Group

Set up the right sales and service organization

Increase market share in the low-end segment, and contribute

to recurring revenue growth

Handle remotely the lower end of the market

With the neoDirect sales channel

Focus field sales professionals on higher $ value sales

Increase field sales productivity and revenue

Optimize distribution costs

4242

CONCLUSION

Completely realigned efficient organization

Optimized and more direct distribution network

More maturing leases allowing for hardware growth coupled with strong

lease portfolio management

Strong innovative renewed product portfolio

Higher level of services attachment rate which will translate in higher

recurring revenues for the future

Strong customer-centric culture

Low-end initiative

Significant growth opportunities in North America

2011 OUTLOOK

44

2011 OUTLOOK

Good momentum in North America

More contrasted performance in Europe

Sales growth at constant exchange rates

Expected between 2% and 4%

Current Operating Margin expected

Expected between 25.5% and 26% of sales

44

454545

APPENDIX

46

31/01

2010

31/01

2011

57

12

572

19

26

135

73

755

183

88

2,056

136

56

15

512

19

15

140

66

748

188

72

1,970

139

CONSOLIDATED BALANCE SHEET (1/2)

Inventory

Deferred tax assets

Leasing receivables

Other non-current receivables

Other non-current financial assets

Tangible fixed assets

Intangible fixed assets

Goodwill

Assets

Other current assets

TOTAL

Cash & marketable securities

Accounts receivables

In € million

4747

31/01

2011

189

27

54

425

430

9

490

1,970

2

31/01

2010

344

CONSOLIDATED BALANCE SHEET (2/2)

In € million

Other current liabilities

Prepaid income

Deferred tax liabilities

Short-term financial debt

Non-current financial debt

Non-current provisions

Shareholders’ equity

Current financial instruments

Liabilities

TOTAL

Other non-current liabilities

195

16

74

394

431

10

606

2,056

1

329

4848

DEBT STRUCTURE

Private placement with Crédit Agricole Regional Banks

€133m at a fixed rate (4.09%)

Maturity: December 2012

Revolving credit

€750m at variable rates, EURIBOR or LIBOR +20bps

Multi-currency drawings the currency of future cash flow

Maturity: June 2012, extended to June 2013 for €675m

Acquisitions de nouvelles technologies payantes

Simple debt structure…

49

DEBT STRUCTURE

Banques Populaires / Caisses d’Epargne / Natixis private placement

€175m redeemable revolving loan

Euribor +190bp

Maturity: September 2014

OCEANE

€300m, 3,622,750 convertible bonds

Maturity: 1st February 2015

Interest: 3.75%

30% premium on reference share price of €63.70, i.e. €82.81

Dividend protection clause

Funds not yet drawn down: €558m as at 01/31/2011

…covering future needs