2005 Brazil hardware distributor by Black Chang

European Supplies Distribution Overview January 2006

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3rd Floor, Sceptre House

7-9 Castle Street

Luton, Beds LU1 3AJ

www.capv.com

Agenda • Supplies distribution flow chart overview • Channel definitions and Players • Distribution charts by product – – – –

Toner cartridges Inkjet cartridges Specialty media Copier Toner

• Country differences • Conclusions

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

W. Europe â&#x20AC;&#x201C; Total Printer Supplies Distribution in 2004-5 1st tier in black 2nd tier in red Enduser in blue

Small=S Medium=M Large= L

OEMs and Aftermarket Players

39%

17%

Contract Stationers

Computer Supplies Distributors

20% Wholesale Stationer & Buying Groups

17%

Hardware Distributors

5% 5%

15% Mail Order Catalogue

Superstores Other Retail

25% 12% S/M 00000000

15%

Printer Service/ Dealers

Office supplies dealer

32%

On-Line Sales On-Line Sale On-Line Sales On-Line Sales End-users

M/L

S/M 97 Libbey 3 Floor, Industrial Sceptre Parkway House rd

S/M

6% M/L

M/L

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Channel Definitions and Major PanEuropean Players (1) • Hardware Distributors – Main distributor for OEM hardware – some with strong sales in the supplies business – Sell via hardware dealers- No direct end-users sales – Struggling and having to change business structure to survive – EG: Ingram Micro, Computer 2000/TechData, Northamber (UK) – Westcoast (UK) buys Orion CSD 2005

• Computer Supplies Distributors (CSD) – – – –

Sell EOS mainly to trade channels Tend to be controlling the high volume supplies market Some consolidation but still own large part of the market EG: Despec, UFP, ISA, Spectrum(UK)

EOS= Electronic Office Supplies 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Channel Definitions & Players (2) • Wholesale Stationers & Buying Groups – – – – –

Wholesale channel that buy direct and through EOS distributors Sell to traditional dealer channels Cover broad product range- stationery, furniture and EOS UK has 2 dominant players and one is spreading across Europe EG Kingfield Heath (UK), Spicers (UK,Ger,Fr,Sp,Ire)

• Buying Groups – Buying groups act as a power based collective to support dealers with purchasing power and joint marketing initiatives – But have to form alliances to keep as powerful as the contract stationers BPGI, Eurozerty, Buero actuell, Integra, Office Team, EOSA, InterAction …..

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Channel Definitions & Players (3) •

Mail Order Catalogue – Sell via catalogues – Sell to both business and private end users – Are mainly part of multi-channel organisations – Eg Office Depot with: Viking, JM Bruneau, JPG, Algety Bureau – EG Misco- HCS Global, Staples- Mail Order arm, Inmac/Microwarehouse (Dixons Group)

•

Contract Stationers – Traditionally sell office products and EOS directly to large sized companies – Now targeting medium and small companies – Lot of consolidation continues – Are also part of multi-channel organisations – EG Lyreco (bought Ahrend 2005), Guilbert (owned by Office Depot), Boise Office Solutions, Corporate Express, Tybring Gjedde (Nor)- aquiring in Ger,Nor

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Channel Definitions & Players (4) •

Superstores – Office supplies specialist stores – Face competition from food and other generalist stores – Players become Multi-channel – EG Office Depot, MediaMarkt, Globus Office World, Staples- bought UK Office World in 2004, Office 1= franchise superstore, PC World

•

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Other Retail – PC computer stores / Department stores – Food Retailers, Hypermarkets, Cash & Carry – Growing channels for inkjet supplies – EG: Asda (Walmart), Tesco, Carrefour, , Auchan, Herlitz,,FNAC, Dixons Group, Printus

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Channel Definitions (5)

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•

Traditional Local Dealers – Independent supplies dealers that buy through wholesale stationers and buying groups – Sell to locality – often have a shop front

•

Hardware Dealers – Local hardware dealers buying through the major hardware distributors

•

Web Sales – Online arms of multi-channels and OEMs – Eg Dell

•

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Supplies Distribution by Product

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Copier Toner Channel Share Trends W Europe 2003-2008 60.00% 50.00% 40.00%

2003 2004 2007 2008

30.00% 20.00% 10.00%

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

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r/C

.D Su * pe Tr rs ad to lo re ca lD C ea op le ie r r De al O EM er C at al D ire og ct /M ai In lO te rn rd et er Sp ec Pr ia lis in t te rD ea VA le R r s & IS O s

0.00%

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Copier Toner Distribution Trends • UCP revives copier supplies potential – Colour big growth area – Colour toner will represent >30% of copier toner by 2008-9 – Supplies revenues increase again

• Total cost of ownership becomes important rather than just clicks • Copier dealer channel looks to take advantage – Support and service are an advantage

• • • •

OEMs buy up copier dealers to retain dealer loyalty Copier toner aftermarket dominated by Katun Stationer channel will try to take share Printer vendors compete with colour MFPs

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Printer Toner Channel Share Trends W Europe 2003-2008 60% 50% 40% 2003 2004 2007 2008

30% 20% 10%

St at io ne 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

th er O

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* Su pe rs Tr to ad re lo ca lD ea le C r op ie r De al er O EM C D at ire al ct og /M ai lO In rd te er rn et Sp ec ia lis Pr t in te rD ea le VA r R s & IS O s

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Printer Toner Distribution Trends • Colour printer toner demand grows rapidly to 2009 • EOS Supplies distributor and contract stationers remain biggest channel • Printer dealers lose share to supplies companies • More OEMs sell direct – Print plans and TCO contracts – Try to compete with copier channel

• Mail order and Internet supplies companies grow share 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Toner Cartridge Channel Share Trends W Europe 2003-2008 60% 50% 40% 2003 2004 2007 2008

30% 20% 10%

St at io ne 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

th er O

r/C

* Su pe rs Tr to ad re Lo ca lD C op ea ie le rT r yp e D ea le r O EM C D at ire al ct og /M ai lO In rd te er rn et Sp ec ia lis Pr t in te rD ea le VA r R s & IS O s

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

W. Europe â&#x20AC;&#x201C; Total (AM/OEM) Printer Toner Cartridge Distribution in 2004/5 Toner Aftermarket = 21% Toner OEM = 79%

Aftermarket/OEM

Paper

Computer Supplies

Hardware

merchant

Distributors

Mail Order

Contract

Wholesale

Catalogue

Stationers

Stationer & Buying Groups

Graphics/ Ptr/Service/

7% 23%

Superstores

computer

Other Retail

supplies

dealer

Dealers

Trad local 39% supplies dealer

6% 6%

On-Line Sales On-Line Sale On-Line Sales On-Line Sales

End-users 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Toner Cartridge Distribution Trends • Dominance of EOS distributors and their dealers but growth with contract stationers also • Mail order companies and online sales expect to grow most • Internet specialists includes Dell Online sales – which grows as its share grows in Europe

• Retail is not so significant in toner cartridges as it is in inkjet • Big distributors/stationers offer own label cartridges – Makes it difficult for third party players to sell their own brands

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Inkjet Cartridge Channel Share Trends W Europe 2003-2008 45% 40% 35% 30% 2002 2003 2007 2008

25% 20% 15% 10% 5%

St at io ne 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

th er O

r/C

* Su pe rs Tr to ad re Lo ca lD C op ea ie le rT r yp e D ea le r O EM C D at ire al ct og /M ai lO In rd te er rn et Sp ec ia lis Pr t in te rD ea le VA r R s & IS O s

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

W. Europe – Total (AM/OEM) Inkjet Cartridge Distribution in 2004/5

Inkjet Aftermarket = 16% Inkjet OEM = 84%

Aftermarket/OEM

Paper

Computer Supplies

Hardware

merchant

Distributors

Mail Order

Contract

Wholesale

Catalogue

Stationers

Stationer & Buying Groups

Graphics/ Ptr/Service/

9% 2%

13%

Superstores

computer

Other Retail

supplies

25%

Trad local supplies 28%

13%

dealer

Dealers

4% 6%

On-Line Sales On-Line Sale On-Line Sales On-Line Sales

End-users 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Inkjet Cartridge Distribution Trends • Stationer & Supplies Distributor channel lose share as inkjet shifts focus from office to home • Superstores expect a slow down in inkjet cartridge revenue • Other retailers take share – Food retailers- eg Tescos, Intermarche, Carrefour – Other generalist stores- consumer electronics stores, dept stores

• Internet specialists and mail order also grow • Own label branding becomes trend in more specialist shops – Expect own label to become growing trend in the newer channels too

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

W Europe 窶的nkjet Photo Paper 2005

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Country Differences

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

W-Europe - EOS Distribution Trends •

The Big pan European power channels are getting bigger – Lyreco purchase of Ahrend – Spicers moving into Germany – Buhrmann buys OfiService- Spain

•

And become Multi-Channel players – Staples- Superstore and Mail Order ( Guilbert ) – Tybring Gjedde- Wholesale stationer, Contract stationer – Office Depot: Superstore, Mail-order (Viking), Contract Stationer (Guilbert)

•

But the local office supplies dealer is still strong in Europe – Power of the Buying groups and Wholesale stationer – Diverse fragmented markets with different cultures and lots of small businesses

•

Food and Generalist retailers continue to enter the office supplies market

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Country Differences • • •

Despite pan European consolidation each market has its own distribution characteristics Less developed countries have higher dealer share Germany feels impact of pan European companies taking over – Was highly localised

• •

Nordics – high % direct sales online UK Strong in Multichannel players – Dealer groups and Wholesale stationers also strong – Superstores not so strong

•

France- Strong Contract Stationer channel – Less Internet purchasing than UK/Ger

•

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Spain- very localised channel players

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Germany - EOS Distribution Trends • Spicers entered Germany in 2003 – Before Spicers, the dealer buying groups had the market to themselves – Global channel players will continue to increase buying power – Smaller channels joined EOSA or InterACTION to increase buying power

• Food retail sector growing well •

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– Metro (Extra, Real), Intermarche (Rewe Group), Lidl, Aldi Office Product Superstores – Boise Office Solutions (USA), Kaut Bullinger (Germany), Media Markt (Germany), PC World Business (UK), Printus (Germany), Saturn (Germany), Vobis (Germany)

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Germany - EOS Channels & Players •

Hardware Distributors – Ingram Micro (USA), Computer 2000 (USA), Tech Data (USA)

•

EOS Supplies Distributor Specialists – Actebis Peacock GmbH (Germany), Huetter GmbH (Germany), Adimpo International (Spain), Ahrend Group (NL), Brangs & Heinrich Haussler (Germany), Despec (NL), ISA International/Germany (USA), Office Supplies Team GmbH (Germany), UFP (France), MM Supplies GmbH (Germany)

•

Contract Stationer – Boise Office Solutions (USA), Lyreco (France), Ahrend (NL), Buhrmann/Corporate Express (NL), Guilbert (now Office Depot USA), Vobis (Germany), Waser Buero (CH)

•

Wholesale Stationer/Buying Groups – Bueroprofi (Germany), Spicers (UK), Büro Actuell: Soennecken

•

Mail Order – Viking, Inmac/Micro Warehouse, Staples (UK) 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Germany â&#x20AC;&#x201C; Total (AM/OEM) Toner/Inkjet Cartridge Distribution in 2004/5 Aftermarket / OEM

Paper

Computer Supplies

Hardware

merchant

Distributors

Mail Order

Contract

Wholesale

Catalogue

Stationers

Stationer & Buying Groups

Graphics/ Ptr/Service/

21%

Superstores

computer

Other Retail

supplies

10%

11%

dealer

Trad local 43%

supplies dealer

Dealers 5% 5%

On-Line Sales On-Line Sale On-Line Sales On-Line Sales

End-users 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

UK - EOS Distribution Trends • Sophisticated supplies distribution infrastracture – – – –

Wholesale Stationers and Buying Groups very strong Computer Supplies Dealers also strong and doing well Pan European contract stationers But dealers remain significant

• Hardware Distributors – Computer 2000 (USA), Ingram Micro (USA) Northamber (UK) Westcoast (Acquired Orion)

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

UK – EOS Channels & Players •

EOS Supplies Distribution Specialists – Westcoast- Orion Media Marketing (UK), XMA (UK), Midwich Ltd (UK), Advent Data Ltd (UK), Spectrum Computer Supplies Ltd (UK), Adimpo International, XMA Ltd (UK), Despec (NL), UFP (France), ISA International (USA), Micro Elektronik (Germany)

•

Contract Stationer – Boise Office Solutions (USA), Buhrmanns’ Corporate Express (NL), Office Depots’ Guilbert (France), Lyreco (France), office2office (UK), Universal Office Supplies

•

Food Retail Sector –

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Walmart/Asda (USA), Tesco (UK), Spar (France)

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

UK – EOS Channels & Players •

Independent Buying Groups – Eurobuero, Eurozerty (Belgium), Integra (UK), Office Club (UK), Office Smart (UK)

•

Wholesale Stationer – Spicers (UK), Kingfield Heath (UK)

•

Mail Order – Action Computer Supplies (UK), Inmac Warehouse (UK), MBS Computer Supplies (UK), Neat Ideas (UK), Staples (USA), Office Depots’ Viking

•

Office Product Superstores • Office 1 Superstore (UK), Staples, PC World (Dixons Group)

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

UK â&#x20AC;&#x201C; Total (AM/OEM) Toner/Inkjet Cartridge Distribution in 2004/5

Toner Aftermarket = Inkjet Aftermarket =

Aftermarket/OEM

Paper

Computer Supplies

Hardware

merchant

Distributors

Mail Order

Contract

Wholesale

Catalogue

Stationers

Stationer & Buying Groups

Graphics/ Ptr/Service/

2% 7%

24%

Superstores

computer

Other Retail

supplies

12%

dealer

Trad local 34%

supplies dealer

Dealers

5% 6%

On-Line Sales On-Line Sale On-Line Sales On-Line Sales

End-users 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

France – EOS Distribution Trends •

France has strong presence of Contract Stationers – Lyreco and Guilbert (Office Depot)

•

Use of Internet not as strong as the UK or Germany

•

Office Product Superstores – Boise Office Solutions (USA), Fnac (France), Surcouf (France), Darty (France)

•

Other Retail Sector – Auchan (France), Carrefour (France), Tesco (UK), Metro Cash & Carry (Germany)

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

France – EOS Channels & Players

• Hardware Distributors – Ingram Micro (USA), Computer 2000 (USA) • EOS Supplies Distribution Specialists – UFP International (France), Adimpo International (Spain), ISA International, LP France (France), Actebis Peacock GmbH (Germany) • Contract Stationer – Buhrmanns’ Corporate Express (NL), Office Depots’ Guilbert (USA), Lyreco (France), Office Max (USA)

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

France – EOS Channels & Players

• Independent Buying Groups – Intropa (France), Majuscule (France), Buro Plus (USA), Euro Buero (Benelux), Eurozerty (Belgium) • Wholesale Stationer – Calipage/Spicers (France/UK), • Mail Order – JM Bruneau (France), Inmac Warehouse (UK), JM Bruneau/JPG/Algety Bureau, Misco/HCS Global (UK), Office Depot’s Viking (USA) Plein Ciel/Spicers (France/UK),

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

France â&#x20AC;&#x201C; Total (AM/OEM) Toner/Inkjet Cartridge Distribution in 2004/5 Toner Aftermarket = Inkjet Aftermarket =

Aftermarket/OEM

Paper

Computer Supplies

Hardware

merchant

Distributors

Mail Order

Contract

Wholesale

Catalogue

Stationers

Stationer & Buying Groups

Graphics/ Ptr/Service/

10%

24%

Superstores

computer

Other Retail

supplies

dealer

Trad local 40% supplies dealer

Dealers 4% 5%

On-Line Sales On-Line Sale On-Line Sales On-Line Sales

End-users 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Italy - EOS Channels & Players • Hardware Distributors – Computer 2000 (USA), Ingram Micro (USA), Computer GROSS (Italy) • EOS Supplies Distribution Specialists – Actebis GmbH (Germany), Adimpo International (Spain), Despec (NL), UFP (France), ISA International (USA), Datamatic Spa (Italy), CDC Point Spa (Italy), Esprinet Spa (Italy), Executive (Italy), Ramu Spa (Italy), Roma Informatica Spa (Italy), • Contract Stationer – Errebian (Italy), Boise Office Solutions (USA), Buhrmanns’ Corporate Express (NL), Office Depots’ Guilbert (France), Lyreco (France), 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Italy - EOS Channels & Players • Independent Buying Groups – Gruppo in Uffico (Italy), CIAC (Italy), Eurobuero (Benelux), Branion (Germany), CCA (USA), Eurozerty (Belgium) • Wholesale Stationer – Gruppo Buffetti (Italy), • Mail Order – Misco/HCS Global (UK), Staples (USA) • Office Product Superstores – Auchan (France), Boise Office Solutions (USA), Carrefour (France), Dixons (UK), FNAC (France), Metro Group (Germany), Vobis (Germany), Dixons (UK), Staples (USA) • Other General Retail Sector – Metro Group/Cash & Carry (Germany) 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Italy â&#x20AC;&#x201C; Total (AM/OEM) Toner/Inkjet Cartridge Distribution in 2004/5

Toner Aftermarket = Inkjet Aftermarket =

Aftermarket/OEM

Paper

Computer Supplies

Hardware

merchant

Distributors

Mail Order

Contract

Wholesale

Catalogue

Stationers

Stationer & Buying Groups

Graphics/ Ptr/Service/

21%

Superstores

computer

Other Retail

supplies

10%

dealer

Trad local 46% supplies dealer

Dealers 6% 6%

On-Line Sales On-Line Sale On-Line Sales On-Line Sales

End-users 00000000

97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Conclusion • Changing marketplace forces changing channels – Colour requires more support and provides opportunity for sales beyond supplies

• Conslidation among channels continues – Large Pan European Players emerge

• But local dealers are still strong in Europe – Supported by wholesale stationers & buying groups

• Food and generalist retailers compete against superstores

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97 Libbey 3rd Floor, Industrial Sceptre Parkway House

Suite 7-9 Castle 300 Street Weymouth, Luton, Massachusetts Beds LU1 3AJ 02189www.capv.com www.capv.com

Thank You……Any Questions? catherine_cresswell@capv.com

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3rd Floor, Sceptre House

7-9 Castle Street

Luton, Beds LU1 3AJ