2001 Annual Results Analyst & Investor Presentation Paris and Lyon, March 13 and 14, 2002

1. 2001 Annual ResultsAnalyst & Investor PresentationParis and Lyon, March 13 and 14, 2002 Jean-Michel Bérard (Chief Executive Officer) Emmanuel Olivier (V.P. Finance and Investor Relation)

2. Agenda • Esker at a glance • Esker’s markets • 2001 Financial statements • Strategy • Esker’s strengths to succeed • Conclusion

3. Esker at a glance • Esker’s markets • 2001 Financial statements • Strategy • Esker’s strenghts to succeed • Conclusion

4. Esker at a glance • Independent Software Vendor • Founded in 1985 • Listed on the Nouveau Marché (Euronext Paris) since 1997 • Our mission: • Esker develops software products that immediately integrate new and existing technologies to streamline the exchange of vital business information. • Our principles: • Focus on software development • Diversify our product portfolio in complementary markets to feed company's growth

5. Esker at a glance A world-wide leader • 3rd largest world-wide fax server software vendor • 6th largest world-wide Host Access solutions vendor

6. Annual sales from 1990 to 2001 Esker at a glance An international success story • 16 years of sustained growth • 89% of sales outside France Sales by country in 2001

7. Esker at a glance An international success story 300 employees world-wide • Subsidiaries in 7 countries : - USA : 3 offices: Madison (WI), Stillwater (OK), Lake Forest (CA) - Europe : France, UK, Germany, Italy, Spain - Asia Pacific : Australia

8. Esker at a glance Products • Host Access : provide access via a PC to core business information residing on most legacy systems and hosts • IID (Intelligent Information Delivery) : multi-channel electronic delivery of core business information from any enterprise application (ERP, CRM, Legacy, …)

9. Esker at a glance Strategic goal • Become the world-wide leader in electronic delivery of business documents … • … and to consolidate existing complimentary markets to accelerate our development: • Print management • Forms Processing • Archiving • EDI-XML • Fax servers…

10. Esker at a glance • Esker’s markets • 2001 Financial statements • Strategy • Esker’s strenghts to succeed • Conclusion

11. Esker’s markets Host Access • Size: $1 billion a year • Market drivers • Compliance with evolving operating systems (Windows 2000, Windows XP) • Migration to newer architectures (from PC-to6host to Web-to-Host) • Market forecast • Esker believes the Host Access market will decline by 5 to 10% a year by 2005

12. Esker’s markets - Host Access World-wide monthly sales from 1/1/99 to 12/31/01 Stabilization 1/1/2000

13. Esker’s markets – I.I.D Definition I.I.D. : Intelligent Information Delivery • Distribution of electronic business documents originating from an enterprise application

14. Invoices • Reminders • Claims Physical Mail • Purchase Orders • Delivery notes • Quotes/proposal Fax Printing Paper • Notifications • Reminders • Exception management Telephone Manual Tasks Archiving • All legal document Internal copies • Payroll • Reporting Eskers’ markets – I.I.DEnterprises yesterday… EnterpriseInformation System(ERP, SCM, HR, ...)

15. Invoices • Purchase Orders • Payment XML(RossetaNet) • Invoices • Claims • Reminders Hybrid Mail • Purchase Order • Delivery notes • Proposal/quotes Automated Fax • Notifications • Reminders • Exception management SMS, Automated voice Archiving System Pulse • All legal document • Reporting • Account statements • Quotes, Delivery notes • Purchase Orders Web or E-Mail (Secure) Printing • Other paper documents Eskers’ markets – I.I.DToday with IID… EnterpriseInformation System (ERP, SCM, HR, ...)

16. Esker’s markets – I.I.DGuaranteed R.O.I for the enterprise • Productivity gains • Eliminate numerous manual activities (printing, waiting, walking, stuffing, dialing, phoning, archiving, stamping,…) • Cost Reduction • Eliminate primary materials such as paper, ink, printers, envelopes and office space • Use less expensive media than Post or Fax to carry Business Documents • Accelerate Business Cycles • Reduce cash collection cycles • Reduce level of inventory • Reduce % of problematic incoming orders • Customer/Supplier relationship improvement • Real-time communication via customer preferred channel • Personalized information can be sent more often to the customer • Senders can be sure that information reaches right destination • Customers can deal more easily with digital information

17. Eskers’ markets – I.I.D Real life business case • A €100 million company produces per month: • 17,000 invoices • 5,000 delivery notes • 150 collection notices • 8 500 collection reminder letters • 1 700 purchase orders • Savings are: • Productivity gains 54 000 € • Reduction in material consumption 11 500 € • Total direct gains 65 500 € • Improvement of interest expense 120 000 € • Return on Investment< 5 months

18. Esker’s markets – I.I.D A market with high growth potential • 90% of paper-based documents originate as electronic documents(Aberdeen) • The e-billing and e-presentment market will reach $3.3 billion by 2005(Killen & Associates) • 75% of American companies use no electronic media to handle their business transactions (National Association of Manufacturers – Ernst & Young) • Per Gartner Group: • By 2004 DOM servers will become as pervasive as networked print servers (0.7 probability) • DOM is approximately a US$560 million market that is growing at 35 % CAGR. The IID market should reach $2 billion by 2005

19. Esker’s markets – I.I.D Competitive analysis • Accelio (Nasdaq: ACLO), formerly Jetform • Dazel – Hewlett Packard • Formscape • Macro 4 (LSE) • Streamserve • IBM • … In red: public companies

20. Esker at a glance • Esker’s markets • 2001 Financial statements • Strategy • Esker’s strenghths to succeed • Conclusion

21. 2001 financial statements Esker’s financial rationale for growth • Eskers’ strategy is well balanced between its two product lines: • Host Access : • Mature product • Low investments • Capitalize on existing channels and gain market share • High profitability • IID : • New product with high growth potential • Demands high investment in R&D, sales and marketing • Growth financed through optimization of existing commercial world-wide infrastructure

22. 2001 financial statements 2001 : back to growth • Back to growth • + 3.4% at comparable structure • + 18% accounting annual growth • Accelerated growth on IID products • + 25% in 2001 • + 47.3% for Q4 • Stabilisation of Host Access sales • - 7.8% in 2001 • Excellent commercial results in the US • Growth exceeds 10% in 2001 2001 sales reached: 32.3 M€

23. 2001 financial statements2001 sales by country 2001 Growth by country Performance is heavily influenced by quality of implementation of the IID strategy: • Australia: growth 36% with 60% of sales in IID • Germany: decrease of 29% with 5% of sales in IID

24. 2001 Financial statements Over 100 Pulse servers sold world-wide 2001 revenu : M€1.5 Valéo, Cofinoga, Imerys, C&S Wholesale Grocers Union Bank of California, Reliant Energy, Pacific Century Cyberworks, Schneider national, Tab limited, Toronto Mutual Life, South carolina State Ports Authority, Rexel, Experian, …

25. Lauch of Pulse 2001 Financial statements IID growth accelerates…

26. 2001 Financial statements 2001 sales by product line At comparable structure 2001 shows Esker’s ability to further grow its businesses with two main achievements : • High growth on IID products : + 25% • Stabilization of Host Access range - 7,8%

27. 2001 Financial statements2001 sales by quarter

28. 2001 Financial statements 2001 income statement • Esker continued to heavily invest in R&D, sales and marketing

29. 2001 2000 Var. Millions d’euros Sales 32.5 31.3 4% E.B.I.T -1.3 -4.8 73% Interest income 0.3 0.3 1% Operating loss -1.0 -4.5 78% Exceptional items -0.8 -1.1 27% Income taxes -0.2 0.1 -300% Amortization of goodwill -0.3 -0.2 11% Net loss -2.2 -5.6 61% • Taking into account VSI’s activities in 2000, improvement is even better. • VSI’s acquisition allowed Esker to implement economies of scale and improve profitability 2001 Financial statementsPro forma income statement Pro forma data include VSI revenues and cost from 1/1/2000

30. Esker invests to build the future of its products 2001 Financial statementsAnalysis of operating costs

31. 2001 Financial statementsExceptional items • As of 12/31/2001 (in ‘000 of euros) • Write down of treasury stock 276 • Write down of goodwill 153 • Restructuring costs 343 772 • As of 12/31/2000 (in ‘000 of euros) • Write down of treasury stock 311 • Restructuring costs 610 • Other 144 1 065

32. 2001 financial statementsCash flow statement 2001 showed positive cash flow • € 1.3 million from operating activities • € 0.5 million net increase in cash

33. 2001 financial statements Balance sheet

34. 2001 financial statements Balance sheet analysis Fixed assets Shareholders’ equity Current assets Current liabilities Net cash on hand Deferred income • A very healthy financial position… • … resulting from years of careful management.

35. 2001 Financial statements Esker’s market capitalization • Total value Value per share • in M€ in Euros • Market capitalization 14.0 4.1 • Cash 8.0 2.3 • Value excluding cash 6.0 1.76 Esker is valued at (not including cash): • 19% of 2001 sales • 1,75 times its cash

36. Esker at a glance • Esker’s markets • 2001 Financial statements • Strategy • Esker’s strenghts to succeed • Conclusion

37. Srategy – I.I.D Sales strategy Installed base Banking, Insurance, retail,... Direct sales to large accounts Headpin strategy Channel sales / partnerships ERP, Output management, Archiving, Postal services,...

38. Strategy – I.I.DThe headpin approach Seg 3 App 1 Seg 2 App 2 Seg 1 App 3 Seg 2 App 1 Seg 1 App 2 Headpin Seg 1 App 1 The goal is to dominate the market within the headpin, providing a starting point for the rest of the bowling pin. * From Inside the Tornado

39. Strategy – I.I.DSupply Chain Communications Information Material Finance Capacity, promotion, plans, delivery schedules Raw materials, intermediate products, finished goods Credits, consignment, payment terms, invoice Manufacturers Distributors Retailers Customers Suppliers Information Material Finance Sales, orders, inventory, quality, promotion plans Returns, repairs, servicing, recycling, disposal Payments, consignment

40. Strategy – I.I.DA new sales approach • Facsimile • Print • Secure e-mail • Web • Wireless Historical Esker Approach. • Distributor communication • Supplier communication • Customer communication • Partner communication • Purchase Orders • Invoices • Order Confirmations • Collection Notices Business Solution Selling Approach Documents Technology

41. Strategy – I.I.DAn remarkable example IID quarterly sales in Australia • 2002 growth: + 167%

42. Strategy – I.I.DStrategic alliances with key partners Cincom Systems France Télécom Mobius Management Systems La Poste Zixit Corporation Complemented by active recruitment of local partners: Novaxel, Lasercom, Creatis, …

43. Esker at a glance • Esker’s markets • 2001 Financial statements • Strategy • Esker’s strenghts to succeed • Conclusion

44. Esker’s strengths to succeed Prestigious references Germany Opel, Mercedes Benz, Lufthansa Service, Commerzbank, Hansestadt Hamburg, Siemens, Frei Universität Berlin… Mapfre, Cadena Sol, Diputación de la Coruña, Porcelanosa, Pirelli, AEG Fabrica de Motores, Feria Muestrario de Valencia… Spain Kodak, Casino, Ministère de la Défense, Ministère du Travail et des Affaires Sociales, France Télécom, ELF Antar, Sagem, Gec Alsthom, BMW, Pierre & Vacances, EDF, Société Générale, Crédit Agricole, Seita, Siemens, Continent, Infogrames, Mercedes Benz, Ikea, Cadbury, Usinor, Cofinoga, Lafarge… France UK Durham County Council, London Ambulance, Houses of Commons, Ocean Infogram, Rolls Royce, University of Humberside, Nacanco, BBC… Lloyd Adriatico, Teuco Guzzini, Università di Napoli, Banca Passadore… Italy AT&T, Healthcare USA, Nieman Marcus, Phillips Petroleum, Danone Company. Peel Board of Education, American Express, First USA, The Vanguard Group, Staples,Target Stores, Ohio State University, UCLA University of California, University of Oklahoma Library, General motors, Motorola, Inc., Mobil Oil Corporation, Pennsylvania Power & Lighting Co, United States Air Force, Federal Reserve Bank of NY, First National Bank & Trust… Australia USA & Canada

45. Esker’s strengths to succeed Public accountability • Well-balanced ownership structure between founders and investors • Independent Supervisory Board • A commitment to transparence and good corporate governance evidenced by the Euronext NextEconomy label • Open communication with all shareholders • Info Plus newsletter • Multi channel e-mailing list powered by Pulse

46. Jean-Michel Bérard CEO Co-Founder of Esker Esker’s strengths to succeed An international managing team Dan Speer CEO Esker US Emmanuel Olivier VP Finance and Investor Relations Jean-Jacques Bérard VP Research & Development Lynn Weatherby VP Corporate Marketing Mitch Baxter VP Business Development

47. Archiving EDI Workflow Printing Fax Servers FormsProcessing Esker’s strengths to succeedEsker’s vision Information Delivery

48. Esker at a glance • Esker’s markets • 2001 Financial statements • Strategy • Esker’s strenghts to succeed • Conclusion

49. Conclusion • Esker starts a new growth area • With a highly promising project targeting a growing market • With very positive initial results • Esker will benefit from its experience • Mature products will generate positive cash flows to accelerate the success of the IID product line • Installed bases speed up market presence for new products • International infrastructure (people & subsidiaries) will help Esker become a world-wide leader in IID markets • Esker has all the necessary resources to succeed and stay independent

50. 2001 Annual ResultsAnalyst & Investor PresentationParis and Lyon, March 13 and 14, 2002 Jean-Michel Bérard (Chief Executive Officer) Emmanuel Olivier (V.P. Finance and Investor Relation)