RSDB NV

1
RSDB NV

• General Meeting of Shareholders
• 27 June 2008

2
Programme

• Explanation current developments
• RSDB in 2007
• Quebecor World Europe deal
• Print Productions
• Marketing Communications
• Financial Results 2007

3
Explanation current developments
4
Prospective bid

• 13 March announcement of approach by investor
• 20 March talks initiated with investor
• 23 April due diligence audit complete
• 29 May Hombergh Holdings named plus fact
  that they have taken over Quebecor World
• Europe
• 14 June HHBV announces start of bid
  procedure
• 26 June HHBV announces talks with Maury
  Imprimeur S.A.

5
Prospective bid

• Highlights
• Bid brought out at 40 per share incl. 2007
  dividend
• (28 premium on average share price in the
  month prior to
• 13 March 2008)
• Permits RSDB to play a leading role in
  consolidation
• Management and Supervisory Boards recommend
  bid with reservations
• Shareholders involved (80.7) give HHBV
  consent

6
Timetable
27-06
Early July
End July
August
September
AGM
Offer statement to Financial Authorities
Offer statement to Share- Holders
ESM
closing
Further information in offer memorandum
7

• RSDB in 2007
• Quebecor World Europe deal
• Print Productions
• Marketing Communications

8
Quebecor World Europe

• Acquisition costs
• 3 deals
• Management Board undermanned
• 7.5 mln Euro
• Due diligence
• Contracts
• Financial consultancy costs
• Legal and fiscal consultancy costs
• Underwriting costs

9

• PRINT PRODUCTIONS IN 2007
• Result
• Market
• Operation

10
Print Productions

• RESULT
• x mln 2007 2006
• Turnover 456.5 494.6
• Added Value 214.7 225.2
• EBITDA 40.7 48.9
• EBIT 6.5 12.9
• Net result 2.0 6.1

11
Print Productions

• MARKET
• Market shows a marginal growth of 1.1
• Print Productions lost market share
• Scope magazines is stable
• Continuation trend mail-order segment to
  increase number of contacts with consumers
• Volume of unaddressed advertising further
  increased

12
Print Productions

• OPERATIONS
• Appointment of General Manager Gravure and
  Offset
• Sales and Sales Production Support
  integrated in RS Deventer and RS Utrecht
• New engraving machines at RS Etten operational
• Heidelberg XL presses for RSGS Eindhoven and
  Utrecht
• Expansion Senefelder Misset premises

13

• MARKETING COMMUNICATIONS IN 2007
• Result
• Market
• Operation

14
Marketing Communications
RESULT

• x mln
  2007 2006
• 
  
• Turnover 28.9 38.0
• Added Value 16.2 21.2
• EBITDA 0.2 2.9
• EBIT -0.2 2.3
• Net result 3.5 1.5

15
Marketing Communications

• MARKET
• Business decreased dependence on mass media
• Market seeks new means for customer retention
• Greater attention to mixed media concepts
• Financial sector disturbed by mergers
• Spending on communications projects frozen or
  postponed

16
Marketing Communications

• OPERATION
• Personnel changes Media Partners Group
• New positioning MediaPartners Group under 3
  labels - MediaPartners InterneCommunicatie
  - MediaPartners LoyaliteitsCommunicatie -
  Media Partners ActieCommunicatie
• Sale of 2organize to Signum Group B.V.
• Sale of Logic Use to Adnovate B.V.

17
Financial results 2007
18
Headlines 2007

• Volumes slightly declining
• Further pressure on margins
• Pressure compensated by cost management (excl.
  Specials)
• Good operational cashflow combined with
  capital discipline in investments
• Healthy balance and ratios
• Stable dividend

19
Consolidated profit and loss account
x mln 2007 2006 Index
Turnover 485.0 531.3 91 Direct costs
254.1 284.9 89 Added Value 230.9 246.4
94 Personnel costs 133.1 141.5 94 Other
operating costs 56.9 53.1 113 EBITIDA
40.9 51.8 79 Depreciation 34.6 36.6 95 EBIT
6.3 15.2 42
20
Consolidated profit and loss account

• x mln 2007 2006
• EBIT 6.3 15.2
• Financial income expenses -3.7 - 4.5
• Taxed -0.9 -3.1
• Participation results 3.7 -
• Net profit 5.4 7.6

21
Specials impact on EBIT,EBITDA and Net Result
x mln 2007
Operating result (EBIT) 6.3 Consultancy
costs 7.5 Sale of premises -3.1
EBIT 10.7 Net Result 5.4 Consultancy
costs 5.6 Sale of premises -2.3 Sale of
associated companies -3.7 Net Result 5.0 EBITD
A 45.3
22
Ratios
2007 2006 2005 2004 EBITDA / Added Value
() 17.5 21.0 23.2 27.1 ROCE ()
2.9 3.7 6.5 8.1 Net debt / EBITDA
1.4 1.6 1.6 1.2 EBITDA / interest
costs 11.0 11.5 11.0 11.7 Solvency ()
44.5 41.7 39.0 33.2 Net result divided by
assets minus short-term liabilities Group
equity divided by balance sheet total
23
Cash flow operational activities andinvestments
X mln
24
Cash flow statement
x mln 2007 2006
Net result 5.4 7.6 Depreciation
extraord. depreciation 34.7 36.2 Change
working capital 20.4 -10.1 Change provisions
and other -10.1 -6.1 Cash flow operational
activities 50.4 27.6 Investments in fixed
assets -30.2 -17.9 Sale associated
companies 11.2 5.4 Change financial fixed
assets -0.1 0.8 Cash flow from investment
activities -19.1 -11.7
25
Cash flow statement
x mln
2007 2006
Dividend paid -5.8 -5.8 Finance
companies -15.6 3.6 Interest bearing
loans -9.3 -14.4 Cash flow from financing
activities 30.7 -16.6 Solvency rate 44.5 41.7
26
Consolidated balance

• x mln 2007 2006
• Fixed assets 188.6 193.5
• Current assets 115.2 132.0
• Total assets 303.8 325.5

27
Consolidated balance

• x mln 2007 2006
• Group equity 135.2 135.7
• Long-term liabilities 55.6 70.5
• Current liabilities 113.0 119.3
• Total liabilities 303.8 325.5

28
Group equity, Net liabilities, Solvency
X mln
39,0
41,7
33,2
44,5
29
Focus 2008

• Focus companies and capacity load
• Cost reductions
• Working capital improvement
• Performance culture through transparant
  management information
• Discipline on investments
• Cash flow
• Consolidation

30
RSDB NV

• General Shareholders Meeting
• 27 June 2008

31
Agenda point 5
Supervisory Board remuneration
32
Supervisory Board remuneration

Present Proposed (amount x 1)
Fixed Expenses
Fixed Expenses
payment comp.
payment comp. D.J. Montgomery 25.957 4,000 32,
000 4,000 A.P. Lugt 23,461 3,000 27,600 3,000 H.C.
A. Groenen 20,965 2,000 25,200 2,000 H.C.P.
Noten 20,965 2,000 25,200 2,000
33
RSDB NV

• General Shareholders Meeting
• 27 June 2008

34
Agenda point 6
Supplement to remuneration policy Management Board
35
Supplement to 2004 policy

• Allocation of Phantom Shares to Management
  Board A long term incentive based on a number
  of imaginary shares, paid up at the end of a
  predetermined period at the share price
  current at that time.
• No. date period
  actual value 31-12-2007
  
  allocated
  at allocation date
• J.P. Caris 9,000 1May 2007 3
  yr 85,800 62,400
• E.H.O.M. Bouwman 6,750 1July 2007 4
  yr 34,763 26,325

36
RSDB NV

• General Shareholders Meeting
• 27 June 2008