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Antalis H1 2004 results presentation to Analysts September 8, 2004

Antalis H1 2004 results presentation to Analysts September 8, 2004. Environment and market evolution Slight volume recovery overall in H1 2004 in Western Europe with a 2% average annual growth rate, varying by country.

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Antalis H1 2004 results presentation to Analysts September 8, 2004

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  1. Antalis H1 2004 resultspresentation to AnalystsSeptember 8, 2004

  2. Environment and market evolution Slight volume recovery overall in H1 2004 in Western Europe with a 2% average annual growth rate, varying by country. Continued strong downward pressure on price/ton, leading to a 3 to 4% turnover decrease in value terms compared to last year. In this context, Antalis recorded a fair volume growth (+7.8%), notably improving its market shares in H1 2004 While continuing to focus on gross margins improvement which strongly contributed to the overall increase of Antalis’ results. Antalis

  3. Antalis M€ H1 2004 H1 2003 D Turnover 1 178 1 188 -1% Operating Income 23 14 +64% Operating Margin (%) 2.0% 1.2% +6M Profit on ordinary activities 5 (1) +11M Net profit 4 (7) Net cash position (329) (498) +169M • Turnover slightly down, but good progress of Operating Income (+64%) thanks to continued efforts in achieving key objectives which allowed the turnaround of Antalis: • - strengthening of gross margin • - continued reduction in fixed cost • Positive net profit posted for the first time since year 2000 • Net cash position improved by 170 million thanks to good working capital management and the positive effect of share capital increases (120 million in 2004)

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