NEOPOST_REGISTRATION_DOCUMENT_2017

3

Management Report

Ownership structure

To the Group’s knowledge, no other shareholder owned more than 3% of the capital or voting rights.

At 31 January 2016, Neopost S.A.’s share ownership broke down as follows:

Number of shares

Number of voting rights

%

%

Management and employees

727,209

2.104

727,209

2,113

Directors (non-executive)

64,775

0.187

64,775

0.188

Treasury shares held under liquidity contract

152,709

0.442

-

-

Treasury shares held for stock option and free share allocations

19

0.000

-

-

MFS Investment Management (a)

4,154,848

12.021

4,154,848

12.074

First Eagle Investment Management LLC (a)

3,500,380

10.128

3,500,380

10.173

Marathon Asset Management LLP (a)

2,155,778

6.237

2,155,778

6.265

BlackRock Institutional Trust Company NA (a)

1,456,053

4.213

1,456,053

4.231

Other shareholders

22,351,141

64.668

22,351,141

64.956

TOTAL

34,562,912

100.000 34,410,184

100.000

Source: Nasdaq at 31 January 2016. (a)

To the Group’s knowledge, no other shareholder owned more than 3% of the capital or voting rights.

For more information, please refer to section 6 of this reference document.

Summary of Neopost shareholder threshold crossings since 1 February 2017:

Date

Name of Investment Fund

Threshold crossed

31/01/2017

MFS Company

Crossed the 5% threshold with 9.68% of the voting rights

06/02/2017

Bank of Montreal

Crossed the 5% threshold with 6.23% of the voting rights

09/02/2017

Bank of Montreal

Crossed the 5% threshold with 4.78% of the voting rights

22/05/2017

MFS Company

Crossed the 5% threshold with 4.77% of the voting rights

06/06/2017

First Eagle Investment Management

Crossed the 5% threshold with 4.55% of the voting rights

18/07/2017

JP Morgan Asset Management

Crossed the 5% threshold with 5.05% of the voting rights

02/08/2017

JP Morgan Asset Management

Crossed the 5% threshold with 5.02% of the voting rights

02/08/2017

Goldman Sachs Group

Crossed the 5% threshold with 5.01% of the voting rights

03/08/2017

Goldman Sachs Group

Crossed the 5% threshold with 4.99% of the voting rights

10/08/2017

Goldman Sachs Group

Crossed the 5% threshold with 5.06% of the voting rights

11/08/2017

Goldman Sachs Group

Crossed the 5% threshold with 4.99% of the voting rights

16/08/2017

Goldman Sachs Group

Crossed the 5% threshold with 6.14% of the voting rights

17/08/2017

Goldman Sachs Group

Crossed the 5% threshold with 3.91% of the voting rights

18/08/2017

Goldman Sachs Group

Crossed the 5% threshold with 4.99% of the voting rights

12/10/2017

JP Morgan Asset Management

Crossed the 5% threshold with 4.99% of the voting rights

20/12/2017

Norges Bank

Crossed the 5% threshold with 5.23% of the voting rights

22/12/2017

Norges Bank

Crossed the 5% threshold with 4.93% of the voting rights

09/01/2018

Norges Bank

Crossed the 5% threshold with 5,46% of the voting rights

22/01/2018

Norges Bank

Crossed the 5% threshold with 4.91% of the voting rights

25/01/2018

Norges Bank

Crossed the 5% threshold with 5.54% of the voting rights

26/01/2018

Norges Bank

Crossed the 5% threshold with 4.83% of the voting rights

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REGISTRATION DOCUMENT 2017 / NEOPOST