INTRODUCTION STEVE RAWLINS, GROUP CHIEF FINANCIAL OFFICER ANDY BLUNDELL, CHIEF EXECUTIVE TOM PRESTWICH, DIRECTOR, GROUP CHANGE PROGRAMME FEBRUARY 2018

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1 INTRODUCTION ANDY BLUNDELL, CHIEF EXECUTIVE STEVE RAWLINS, GROUP CHIEF FINANCIAL OFFICER TOM PRESTWICH, DIRECTOR, GROUP CHANGE PROGRAMME FEBRUARY 2018

2 TRADING UPDATE 16/01/18 2 THE BOARD ANTICIPATES THAT AUDITED RESULTS FOR THE YEAR WILL BE IN LINE WITH EXPECTATIONS. GROWTH IN SALES AND PROFITABILITY, GOOD FREE CASH FLOW AND A FURTHER MARKED REDUCTION IN NET DEBT TO 24.3M ( 30.4M IN 2016). THE ACCOUNTING DEFICIT RELATED TO THE DEFINED BENEFIT PENSION SCHEME REDUCED SIGNIFICANTLY TO CIRCA 38M ( 55.5M IN 2016). OVERSEAS MARKETS REMAINED ACTIVE AND TRADING WAS PARTICULARLY STRONG IN FRANCE, SPAIN AND POLAND. IN THE UK, THE GROUP S WORK WITH IN THE UK SPIRITS SECTOR SAW IT EXPAND FACILITIES IN THE NORTH EAST OF ENGLAND TO MEET INCREASED DEMAND FOR FAST-TURNAROUND CAMPAIGN FULFILMENT. COMMUNISIS HAS RENEWED AN IMPORTANT CONTRACT FOR TRANSACTIONAL COMMUNICATIONS WITH ONE OF ITS MAJOR UK BANK CLIENTS; THE RENEWAL IS FOR THE NEXT 5 YEARS AND IS IN ADDITION TO CONTRACTS FOR OTHER SERVICES PREVIOUSLY ANNOUNCED. THE TRANSACTIONAL RENEWAL WILL SEE THE APPLICATION OF NEW TECHNOLOGY FOR BUSINESS TRANSFORMATION AND THE INCREASING USE OF DIGITAL CHANNELS.

3 PURPOSE 3 VALUE FOR CLIENTS VALUE FOR SHAREHOLDERS

4 4

5 HOW WE DO THIS 5

6 HOW WE DO THIS: CUSTOMER EXPERIENCE 6

7 CUSTOMER EXPERIENCE 7

8 8 8

9 BRAND DEPLOYMENT 9 9 DEMAND MANAGEMENT SOURCING EXECUTION FINALISATION For marketing execution project, Communisis manages the agency interface and prototyping to ensure the product is fit for purpose, as well as reviewing historic volumes and providing innovative solutions Vendors are selected from our pan- European network of over 700 approved suppliers, ensuring quality assurance, performance and capacity management are controlled throughout. End to end project management along the critical path to ensure simplified and seamless execution. We provide business insight, governance and online ordering capabilities with our point of sale toolkit. Delivery planning, warehousing and logistics and assembly instructions for complex items, all delivered to our clients activation plan to retailers.

10 CLIENTS 10

11 ESTABLISHED CLIENT RELATIONSHIPS 11 CUSTOMER EXPERIENCE BRAND DEPLOYMENT

12 12 FINANCIAL OVERVIEW* *LAST REPORTED NUMBERS

13 FINANCIAL HIGHLIGHTS 13 COMPARISON H TO H M AS REPORTED CONSTANT CURRENCY COMPARISON FY 2016 TO FY 2015 M AS REPORTED CONSTANT CURRENCY Total revenue 186m +6% +4% Adjusted operating profit 8.5m +10% +6% Adjusted profit before tax 6.6m +1% +8% Profit before tax 5.0m +13% +25% Adjusted earnings per share 2.46p +2% +11% Interim dividend per share 0.89p +10% - Free cash flow 6.5m +6% - Net debt 28.3m (19)% - Total revenue 362m +2% 0% Adjusted operating profit 19.5m +6% +2% Adjusted profit before tax 16.7m +15% +9% Adjusted earnings per share 6.07p +17% +10% Final dividend per share 1.61p +10% +10% Free cash flow 12.9m +7% - Net debt 30.4m (23)% -

14 m Pence per share (pps) m DELIVERING REVENUE AND EARNINGS GROWTH 14 ADJUSTED OPERATING PROFIT International revenue increased to 30% Revenue growth through brand deployment Increased profitability GROSS REVENUE ADJUSTED EARNINGS PER SHARE (EPS)

15 m m Pence per share (pps) ONGOING DEBT REDUCTION AND DIVIDEND GROWTH 15 Promissory loan notes 9.3m repaid in H1 Interim dividend increased by 10% Continued free cash generation INTERIM FREE CASH FLOW INTERIM DIVIDEND GROWTH NET DEBT AND FACILITIES Net debt Total facilities

16 SUMMARY INCOME STATEMENT 16 Revenue growth driven by International expansion in Brand Deployment Central cost increase driven by GDPR and IT investment Adjusted Operating Profit +10% Net finance costs higher due to 0.7m non recurring revaluation exchange benefit in H1 16 Effective tax rate of 23% H M H M VARIANCE GROSS REVENUE % Customer Experience % Brand Deployment (5)% Central Costs (6.1) (5.5) (12)% Corporate Costs (2.7) (2.6) (2)% Adjusted operating profit % Net finance costs (1.9) (1.2) (54)% Adjusted profit before tax % Amortisation of acquired intangibles (0.4) (0.4) - Exceptional items (1.2) (1.7) +27% Statutory profit before tax % Basic EPS (p) % Adjusted EPS fully diluted (p) %

17 SEGMENTAL OVERVIEW 17 CUSTOMER EXPERIENCE H H VARIANCE Gross Revenue 93.5m 95.1m (2)% Higher levels of service revenue offset by print volume erosion Operating profit * 11.2m 9.4m +19% Impact of 2016 actions and trend to services Operating Margin * 12.0% 9.9% +2.1% Increased mix of higher margin service activity BRAND DEPLOYMENT H H VARIANCE Gross Revenue 92.5m 79.8m +16% International growth in Spain, Poland, Netherlands, Dubai Operating profit * 6.1m 6.4m (5)% Higher input costs in managed services offset by shopper marketing performing strongly Operating Margin * 6.6% 8.0% (1.4)% Seasonal retail focus - margin expected to improve in H2 * Adjusted, pre central and corporate costs

18 SUMMARY CASH FLOW AND NET DEBT 18 H M H M VARIANCE M 9.3M PROMISSORY LOAN NOTES REPAID JANUARY 2017 DIVIDEND REMAINS WELL COVERED REDUCTION IN NET DEBT FROM FY 2016 TO 28.3M Increased earnings generation Capital expenditure controlled at 6m pa Lower currency benefit in 2017 ADJUSTED EBITDA Working capital increase (1.2) (1.1) (0.1) Pension contributions (0.6) (0.6) - Interest and tax (2.5) (1.6) (0.9) Exceptional items (1.6) (1.1) (0.5) Capital expenditure (1.0) (2.2) 1.2 Free cash flow Investment in contracts (0.3) (0.6) 0.3 Dividends (3.4) (3.1) (0.3) Repayment of loan notes (9.3) - (9.3) Other (1.6) Movement in bank debt (6.2) 4.3 (10.5) Net bank debt (25.8) (23.7) (2.1) Finance leases (2.5) (1.9) (0.6) Promissory loan notes - (9.3) 9.3 Net debt (28.3) (34.9) 6.6

19 PENSION 19 IAS19 (ACCOUNTING) PENSION DEFICIT Accounting deficit reduced to 42.0m from 55.5m in December 2016 Assets 154m, Liabilities 196m Discount rate reduced to 2.65%, mortality tables updated 2017 TRIENNIAL VALUATION UPDATE Funding deficit increased to 29.8m (2014: 19.5m) Annual deficit repair payment agreed at a base 3.7m 7.5 year deficit reduction horizon Accelerate progress to scheme self sufficiency and opportunities to reduce exposure CERTAINTY OVER NEXT 3 YEARS DEFICIT REPAIR PAYMENTS

20 APPENDICES 20

21 BALANCE SHEET 21 H m H m Property, plant and equipment Intangible assets Deferred tax and other Non-current assets Inventories Receivables Trade and tax payables (95.9) (88.1) Pension deficit (42.0) (44.3) Net debt (28.3) (34.9) Net assets Share capital Reserves Shareholders funds

22 BANK FACILITIES 22 HEADROOM COVENANTS H H HURDLE Total bank facilities 70m Utilised at June m Net bank debt: EBITDA <2.5 EBITA: Interest >3.0 Bank facility headroom at end of period 63% Average utilisation during the period 45m Headroom 35%

23 REVENUE DIVERSIFICATION 23 REVENUE BY SECTOR 2016 REVENUE BY SECTOR % 3% 7% 17% 35% FMCG / Retail Banking Public sector Utilities Telecomms Other 8% 3% 7% 15% 27% FMCG / Retail Banking Public sector Utilities Telecomms Other 35% 40%

24 TRANSFORMATION: PRINT TO SERVICES REVENUE SPLIT 2015 REVENUE SPLIT 35% 39% 65% 61% 2016 CONTRIBUTION SPLIT 2015 CONTRIBUTION SPLIT 59% 41% 55% 45% DIRECT PRINT MANUFACTURE OUTSOURCED SERVICES AND DIGITAL