Antalis H results presentation to Analysts September 10, 2003

2 Antalis Environment and markets’ evolution Following a volume decrease of 3.6% in 2002, the European paper distribution market has again shrunk in H with a 3.8% fall in average tonnage » Decreases in activity were particularly strong in France (- 7.7%), Switzerland (-6.2%), UK (-5.6%) and Benelux (-5.2%) Price per ton having also strongly decreased, the decline in the value of the European market can be estimated at almost 10% compared to H The market continued its consolidation » Buhrmann announced the sale of its paper merchant division (Antalis’ main competitor in Europe) to PaperlinX, an Australian group » Classen (10% market share in Germany) has been put under court administration since the beginning of the summer

3 Antalis In the context of the particularly difficult market, Antalis succeeded in improving its gross margin rate by 1 point while maintaining its market shares. This margin improvement, combined with the continued cost reduction plan, allowed a 65% improvement in operating income. The net cash position also improved, especially thanks to a 10 M€ reduction in working capital needs. Therefore, the company’s profit on ordinary activities, before amortization of goodwill and exceptionals, almost reached breakeven. Net profit increased by 10 M€ in H M€M€ H1 2003H  Turnover (7%) Operating Income Operating Margin (%)1.2%0.7% Profit on ordinary activities(0.8)(11.8)+11.0 Net Profit(7.1)(16.6)+9.5 Net cash position(498.4)(517.5)+19.1