Poste Italiane

Investor Presentation • Mar 30, 2023

1

POSTE ITALIANE Q4 & FY-22 FINANCIAL RESULTS 30 MARCH 2023

A PLATFORM COMPANY AT WORK

CONTENTS

EXECUTIVE SUMMARY

Q4 & FY-22 RESULTS OVERVIEW RECORD HIGH EBIT OF €2.3BN IN 2022

	Q4-21	Q4-22	VAR.	VAR. (%)	FY-21	FY-22	VAR.	VAR. (%)
REVENUES	2,775	3,144	+369	+13.3%	11,220	11,889	+669	+6.0%
TOTAL COSTS	2,545	2,907	+362	+14.2%	9,375	9,598	+223	+2.4%
EBIT	230	237	+7	+2.9%	1,846	2,291	+446	+24.1%
NET PROFIT1	405	86	(319)	(78.8%)	1,580	1,511	(69)	(4.3%)

BASELINE EBIT OF 2.36BN IN 2022 – EXCEEDING GUIDANCE A VISIBLE BASELINE FOR OPERATING PROFITABILITY GOING FORWARD

€m unless otherwise stated

FROM STATED TO BASELINE EBIT HIGHLIGHTS

• Lower commercial incentives and early retirement charges vs 2022 plan – early retirement funds of c.350m available as of Dec-22
• Subsidies on energy costs granted in 2022
• Insurance investment margin benefitting from inflation-linked bonds and release of other reserves ahead of IFRS 17 implementation
• Charges and releases on single tickets one-off provisioning
• One-off non-cash provision on tax credits – a conservative approach on the overall 9bn investment

OPERATING PROFIT BY SEGMENT STRONG OPERATING RESULTS ACROSS ALL BUSINESS LINES

CONTENTS

MAIL, PARCEL & DISTRIBUTION HIGHER DISTRIBUTION REVENUES AND LOWER COSTS DRIVE BASELINE EBIT IMPROVEMENT

1. Q4-22 Revenues include 16 from Plurima, FY-22 Revenues include 45 from Plurima; 2. Includes Tax Credit contribution, Digital Identities fees, vaccination plan related expense recovery, EGI, Poste Air Cargo, Patenti Via Poste, Philately, Poste Motori, Poste Welfare Service, Agile and Sourcesense; 3. Includes income received by Other Segments in return for use of the distribution network and Corporate Services

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING PARCEL VOLUMES RECOVERED – MAIL REPRICING MITIGATING VOLUME DECLINE

PARCEL TRENDS IN A CHALLENGING MACRO SUPPORTIVE STRUCTURAL TRENDS AND ONGOING DIVERSIFICATION FOR A SUSTAINABLE GROWTH

Q4-17 Q4-18 Q4-19 Q4-20 Q4-21 Q4-22

FINANCIAL SERVICES REVENUE GROWTH DRIVEN BY STRONG NET INTEREST INCOME CONTRIBUTION

Active portfolio management Transaction banking² Net interest income Loan & mortgage distribution³ Postal savings Asset management Intersegment revenues (o.w. insurance) Net profit EBIT ● Net interest income GROSS REVENUES¹ EBIT& NET PROFIT € m unless otherwise stated Q4 HIGHLIGHTS 1,485 1,910 407 335 1,753 1,600 ^{796 763} 221 120 119 5,759 820 (589) FY-21 759 (534) 213 FY-22 5,542 +217 +4% 375 528 400 441 209 205 33 29 32 199 (128) 27 2 Q4-21 218 (153) Q4-22 1,287 1,411 +124 +10% (11%) +9% +2% (16%) (9%) n.m +41% +20% (4%) +8% (4%) (9%) (18%) +29% (1%) +10% 205 163 220 176 19 239 +15 +7% +13 +8% 747 556 868 622 19 887 +122 +16% +66 +12% Q4-21 Q4-22 FY-21 FY-22 2022 Baseline adjustments

• contribution continued to increase
• Postal savings fees at floor remuneration mainly related to negative net flows

● Transaction banking fees supported by repricing of current account fees

• Loan and mortgage fees impacted by higher partners' cost of funding and IFRS 15 – volumes broadly stable Y/Y
• Asset management fees affected by financial markets performance
• EBIT growth in line with revenues

1. Figures presented include intersegment distribution revenues; 2. Includes revenues from payment slips (bollettino), banking accounts related revenues, fees from INPS and money transfers, Postamat (only for 2021); 3. Includes reported revenues from custody accounts, credit cards, other revenues from third party products distribution

NET INTEREST INCOME EVOLUTION POSITIVE IMPACT FROM RISING INTEREST RATES Y/Y

GROUP TOTAL FINANCIAL ASSETS STRONG NET INFLOWS INTO SAVINGS AND INVESTMENT PRODUCTS

TFA EVOLUTION¹

1. EoP figures; 2. Includes deposits and Assets Under Custody; 3. Deposits do not include REPOs and Poste Italiane liquidity, includes early pension payment effect; 4. Impact of the end of early pension payment scheme related to COVID-19 measures expired in March 2022; 5. Includes net flows into Mutual Funds, Moneyfarm, Postal Bonds, Net Technical Reserves, and Assets under Custody

• Postal savings impacted by one-offs, institutional clients, lower postal saving books and postal bonds early redemptions
• Net technical reserves supported by strong positive inflows, also in Q4- 22 – against negative inflows in the market
• Retail clients contributed to higher deposits
• Net inflows in saving and investments supported by insurance products and mutual funds
• 93% of customers' TFA unaffected by negative market performance

INSURANCE SERVICES SOLID FINANCIAL RESULTS ACROSS LIFE AND P&C

Q4 HIGHLIGHTS

• supported by higher volumes and margins:
• positive net flows, with increasing demand for capital guaranteed products and a resiliently low lapse rate
• rising yields on inflationlinked bonds and release of other reserves ahead of IFRS17 implementation
• Strong P&C growth continued, with higher GWP across all product lines and improving profitability
• Tender offer on Net Insurance launched – closing expected in Q2-23

1. Includes Private Pension Plan (PPP); 2. Net of claims; includes Poste Insurance Broker and Other Revenues and Income; 3. Since 2022 lapse rate is calculated as surrenders divided by average reserves. 2017-2021 data have been restated accordingly in line with market practice; 4. Net of reinsurance; 5. Impacted by reserve release of 70

SOLVENCY II RATIO SII RATIO ABOVE AMBITION IN A NEW MARKET SCENARIO – ENHANCED BY MANAGERIAL ACTIONS

Q4 HIGHLIGHTS

• Solvency II ratio at 253%, net of 3pp foreseeable dividend to be paid to the parent (9pp. In FY-22 equal to c.450m) – proposal to increase payout to up to 75% from 2023
• Economic variances: longer duration liabilities and lower corporate credit spread more than offsetting BTP swap increase
• Positive capital generation from new business and in force portfolio
• Managerial actions: lapse risk partially transferred to top 5 global reinsurers resulting in +30pp, thanks to 1bn gross SCR reduction

1. EoP figures; 2. Net of foreseeable dividend, subject to review by the Independent Auditor

SOLVENCY CAPITAL – MASS LAPSE RISK INSURANCE INSURANCE AGREEMENT TO SHIELD POTENTIAL LAPSE RISK – SII RATIO +30PP AS OF DEC-22

SII RATIO: 30PP POSITIVE IMPACT

1. Impact on mass lapse SCR gross of diversification, Loss Absorbing Capacity of deferred taxes ("LAC DT") and other effects; 2. Foreclosure option at the end of the second year; 3. Impact on mass lapse SCR prior to diversification and LAC DT effects

SOLVENCY II RATIO SENSITIVITIES RATIOS ABOVE RISK TOLERANCE UNDER SIMULATED SCENARIOS

PAYMENTS & MOBILE IMPRESSIVE GROWTH ACROSS ALL BUSINESS LINES

€ m unless

1. LIS revenues incremental contribution to Other Payments and Card Payments for a total of 69 in 4Q22 and 93 in FY22; EBIT contribution of 9 in 4Q22 and 13 in FY22 LIS (o.w. +€17m EBIT and -€3m PPA amortization); 2. Excludes 219m from Nexi revaluation

HUMAN CAPITAL – FTEs CONTINUED FTE REDUCTION WHILE EMBEDDING HIGHER AVERAGE HIRINGS THAN 2021 AND M&A

HUMAN CAPITAL – HR COSTS SALARY INCREASE AND CHANGE OF PERIMETER OFFSET BY LOWER VARIABLE COMP

NON-HR COSTS CONTINUED UNIT VARIABLE COST OPTIMIZATION PARTIALLY MITIGATING INFLATION IMPACT

CLOSING REMARKS

CONTENTS

SEGMENT REVENUES POSITIVE REVENUE PROGRESSION

HUMAN CAPITAL – HR COSTS LOWER FTEs MORE THAN OFFSETTING SALARY INCREASE IMPACT ON HR COSTS

NON-HR COSTS UNIT VARIABLE COST OPTIMIZATION MORE THAN OFFSETTING INFLATION IMPACT

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

MAIL, PARCEL AND DISTRIBUTION NET FINANCIAL POSITION IMPROVING ORGANIC CASH GENERATION – NET FINANCIAL POSITION IMPACTED BY M&A

1. Include hybrid instruments management and share-buy back; 2. Includes M&A, downstream of capital to subsidiaries

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE CURRENT ACCOUNT DEPOSITS SUPPORTED BY PUBLIC ADMIN AND STICKY RETAIL CLIENTS

1. Includes short term REPO and collateral 2. Entirely invested in floating rate deposits c/o MEF; 3. Includes business current accounts, PostePay business PostePay business, Poste Italiane liquidity and other customers debt; 4. Includes Tax Credits & Others; 5. Average yield calculated as net interest income on average deposits

FINANCIAL SERVICES – ASSET LIABILITIES STRUCTURE STICKY AND WELL DIVERSIFIED DEPOSITS BASE

• Persistent deposits thanks to sticky and well diversified customer base (63% retail with avg balance of c.6k per account) across savings and investment products
• BTP portfolio duration closely replicates the behavioral profile of deposits
• Customers acknowledge Poste Italiane's solidity with increasing inflows in times of financial turbulence

FLEXIBLE INVESTMENT STRATEGY IN EVOLVING MARKET CONDITIONS INCREASING CONTRIBUTION FROM RECURRING INTEREST INCOME

€ bn unless

1. Annual average, includes Public Administration deposits with the Ministry of Economy and Finance, tax credits but excludes Treasury and Poste Italiane liquidity; 2. Return including the contribution from active portfolio management; calculated on average bond portfolio

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED LOSSES NOT IMPACTING CAPITAL POSITION

POSTAL SAVINGS LOWER SAVINGS AND SUDDEN RATES INCREASE IMPACTING NET FLOWS

ASSET MANAGEMENT POSITIVE NET FLOWS SUPPORTED BY MULTICLASS PRODUCTS

ASSET MANAGEMENT NET INFLOWS POSITIVE NET FLOWS THANKS TO MULTICLASS CLASS III PRODUCTS

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION AN ASSET GATHERER WITH A CAPITAL LIGHT BALANCE SHEET

INSURANCE SERVICES SOLVENCY II EVOLUTION

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN (€ M)

INSURANCE SERVICES STRONG NET INFLOWS – UNREALISED GAINS IMPACTED BY HIGHER RATES

INSURANCE SERVICES GWP POSITIVE COMMERCIAL RESULTS ACROSS LIFE AND NON-LIFE SUPPORTING GWP GROWTH

€ m unless otherwise stated

1. Includes life protection and PPP; 2. Includes P&C Intercompany contracts and Life P&C Integration

INSURANCE SERVICES NET INFLOWS POSITIVE NET FLOWS ACROSS ALL PRODUCTS

INSURANCE SERVICES INVESTMENT PORTFOLIO ONGOING DIVERSIFICATION

1. Includes financial assets covering Class I technical provisions and free surplus investments according to local GAAP

IFRS 17: KEY ACCOUNTING CHOICES AND OPTIONS ADOPTED

CHANGES IN

	APPROACH	Financial Assumptions	Technical Assumptions
	Life: ● 98%1 Variable Fee Approach ●	CSM	CSM CSM P&L/OCI
	2%1 Building Block Approach ●	P&L/OCI
Measurement Model	P&C: ● 68%1 Premium Allocation Approach ●	P&L/OCI
	32%1 Building Block Approach ●	P&L/OCI	CSM
	OPTIONS ADOPTED	RATIONALE
Transition Approach	99%1 Modified Retrospective Approach ● 1%1 Fair Value Approach ●	Alignment to the present ● the underlying business valuation in FTA and transition date	value of future profits of and continuity between the new business after
Discount Rate	Bottom-up Approach: Risk-free rate + ● illiquidity premium (calibrated on own assets for VFA business)	Consistency with ● alignment for Building Matching assets & ● reducing earnings sensitivity	Solvency II framework (full Block Approach) liability valuations and to market volatility
Risk Adjustment	Percentile Approach: ● 70th Life: percentile ● 80th P&C: percentile ●	Reflecting appropriate ● underlying reserves	level of prudence on

PAYMENTS & MOBILE KEY METRICS STEADY INCREASE ACROSS KEY METRICS

1. Including social measures related cards; 2. Including payments, top ups and withdrawals; 3. Includes e-commerce and web transactions on Poste Italiane channels; 4. An innovative electronic tool associated to a single customer, able to authorize in app payment transactions

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

POSTEPAY TRANSACTION VALUE (BASE 100)¹

HIGHLIGHTS

• Postepay payment transaction value up by a strong 22% CAGR, compared to a market growth of 11%²
• Significant room for growth also thanks to the low penetration of digital payments in Italy (38%³ in 2021)
• E-commerce transactions accelerated by post pandemic customer behaviour

1. Refers to PostePay SpA transaction value; 2. Bank of Italy, CAGR relative to 2018-21; 3. Osservatorio Innovative Payments

INTERSEGMENT COSTS AS OF Q4-22 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless	MAIN		INDICATIVE MAIN
otherwise stated	RATIONALE	REMUNERATION SCHEME		4Q-21	4Q-22
•	Payments and Mobile remunerates:			a) 69	a) 57
a)	Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1 ;	a)	Number of payment transactions flat fee (depending on the product)
b)	Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network;	b)	Fixed % of revenues	b) 71 Total: 141	b) 73 Total: 129
•	Insurance Services remunerates:
c)	Financial Services for promoting and selling insurance products2 and for investment management services3 ;	c) d)	Fixed % of upfront fees Depending on service/product	c) 128 d) 20	c) 152 d) 20
d)	Mail, Parcel and Distribution for providing corporate services1 ;			Total: 148	Total: 172
•	Financial Services remunerates:	e)	Fixed % (depending on the product)	e) 1,024	e) 1,111
e)	Mail, Parcel and Distribution for promoting and selling Financial, Insurance and PMD products throughout the network and for proving corporate services4 ;	f)	of revenues Depending on service/product	f) 54	f) 45
f)	Payments & Mobile for providing certain payment services5			Total: 1,0786	Total: 1,156
•	Mail, Parcel and Distribution remunerates:
g)	Payments & Mobile for acquiring services and postman electronic devices	g)	Annual fee	g) 10	g) 9
h)	Financial Services as distribution fees related to "Bollettino DTT"	h)	Flat fee for each "Bollettino"	h) 8	h) 0
				Total: 18	Total: 9

1. Corporate Services such as communication, anti money laundering, IT, back office and call centres; 2. Which, in turn, remunerates Mail, Parcel and Distribution; 3. Investment management services provided by BancoPosta Fondi SGR; 4. E.g. Corporate services are remunerated according to number of allocated FTEs, volumes of letters sent and communication costs; 5. E.g. "Bollettino" 6. Excluding interest charges

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q4-21	Q4-22	Var.	Var. %	FY-21	FY-22	Var.	Var. %
Total revenues	2,775	3,144	+369	+13%	11,220	11,889	+669	+6%
of which:
Mail, Parcel and Distribution	1,013	1,003	(10)	(1%)	3,695	3,651	(44)	(1%)
Financial Services	1,088	1,194	+106	+10%	4,783	4,939	+156	+3%
Insurance Services	413	580	+167	+40%	1,861	2,153	+292	+16%
Payments and Mobile	263	368	+105	+40%	882	1,147	+265	+30%
Total costs	2,545	2,907	+362	+14%	9,375	9,598	+223	+2%
of which:
Total personnel expenses	1,533	1,383	(150)	(10%)	5,467	5,226	(241)	(4%)
of which personnel expenses	1,322	1,323	+1	+0%	5,236	5,157	(79)	(2%)
of which early retirement incentives	210	60	(150)	(71%)	235	77	(158)	(67%)
of which legal disputes with employees	1	(1)	(2)	n.m.	(3)	(7)	(4)	n.m.
Other operating costs	819	1,308	+489	+60%	3,117	3,541	+425	+14%
Depreciation, amortisation and impairments	193	216	+23	+12%	790	830	+39	+5%
EBIT	230	237	+7	+3%	1,846	2,291	+446	+24%
EBIT Margin	8%	8%			16%	19%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	263	26	(237)	(90%)	322	37	(285)	(88%)
Profit before tax	493	263	(230)	(47%)	2,168	2,328	+161	+7%
Income tax expense	88	177	+89	n.m.	588	818	+229	+39%
Profit for the period	405	86	(319)	(79%)	1,580	1,511	(69)	(4%)

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q4-21	Q4-22	Var.	Var. %	FY-21	FY-22	Var.	Var. %
Segment revenue	1,013	1,003	(10)	(1%)	3,695	3,651	(44)	(1%)
Intersegment revenue	1,112	1,187	+75	+7%	4,696	4,862	+165	+4%
Total revenues	2,125	2,189	+65	+3%	8,391	8,512	+122	+1%
Personnel expenses	1,508	1,351	(157)	(10%)	5,366	5,114	(252)	(5%)
of which personnel expenses	1,299	1,292	(7)	(1%)	5,133	5,039	(95)	(2%)
of which early retirement incentives	210	59	(150)	(72%)	233	76	(157)	(67%)
Other operating costs	689	1,104	+415	+60%	2,476	2,880	+404	+16%
Intersegment costs	18	9	(9)	(49%)	78	39	(40)	(51%)
Total costs	2,215	2,464	+249	+11%	7,921	8,033	+112	+1%
EBITDA	(91)	(275)	(184)	n.m.	470	480	+10	+2%
Depreciation, amortisation and impairments	189	206	+17	+9%	771	805	+34	+4%
EBIT	(280)	(481)	(201)	(72%)	(301)	(326)	(25)	(8%)
EBIT MARGIN	(13%)	(22%)			(4%)	(4%)
Finance income/(costs)	22	19	(3)	(14%)	29	17	(12)	(43%)
Profit/(Loss) before tax	(257)	(462)	(205)	(79%)	(272)	(309)	(37)	(14%)
Income tax expense	(53)	(17)	+36	+68%	(46)	52	+97	n.m.

FINANCIAL SERVICES PROFIT & LOSS

€m	Q4-21	Q4-22	Var.	Var. %	FY-21	FY-22	Var.	Var. %
Segment revenue	1,088	1,194	+106	+10%	4,783	4,939	+156	+3%
Intersegment revenue	199	218	+18	+9%	759	820	+61	+8%
Total revenues	1,287	1,411	+124	+10%	5,542	5,759	+217	+4%
Personnel expenses	10	10	(0)	(3%)	42	41	(1)	(2%)
of which personnel expenses	10	10	(0)	(4%)	41	40	(1)	(2%)
of which early retirement incentives	0	0	+0	+86%	0	1	+0	+45%
Other operating costs	(6)	7	+13	n.m.	119	73	(46)	(39%)
Depreciation, amortisation and impairments	0	(0)	(0)	n.m.	0	0	(0)	(6%)
Intersegment costs	1,078	1,156	+78	+7%	4,634	4,757	+123	+3%
Total costs	1,082	1,173	+90	+8%	4,796	4,872	+76	+2%
EBIT	205	239	+34	+17%	747	887	+141	+19%
EBIT MARGIN	16%	17%			13%	15%
Finance income/(costs)	1	0	(1)	(61%)	10	(22)	(32)	n.m.
Profit/(Loss) before tax	206	239	+33	+16%	757	865	+109	+14%
Income tax expense	43	63	+20	+48%	200	243	+43	+21%
Profit for the period	163	176	+13	+8%	556	622	+66	+12%

INSURANCE SERVICES PROFIT & LOSS

€m	Q4-21	Q4-22	Var.	Var. %	FY-21	FY-22	Var.	Var. %
Segment revenue	413	580	+167	+40%	1,861	2,153	+292	+16%
Intersegment revenue	1	1	(0)	(8%)	3	3	(0)	(10%)
Total revenues	413	580	+167	+40%	1,864	2,156	+292	+16%
Personnel expenses	9	10	+1	+15%	34	36	+2	+7%
of which personnel expenses	9	10	+1	+12%	33	36	+3	+10%
of which early retirement incentives	0	0	+0	n.m.	1	0	(1)	(76%)
Other operating costs	27	28	+1	+4%	102	97	(4)	(4%)
Depreciation, amortisation and impairments	1	0	(1)	(63%)	4	3	(1)	(18%)
Intersegment costs	148	172	+24	+16%	605	668	+63	+10%
Total costs	185	210	+26	+14%	745	805	+60	+8%
EBIT	229	370	+141	+62%	1,119	1,350	+232	+21%
EBIT MARGIN	55%	64%			60%	63%
Finance income/(costs)	14	5	(8)	(62%)	54	41	(13)	(23%)
Profit/(Loss) before tax	242	375	+133	+55%	1,173	1,392	+219	+19%
Income tax expense	71	97	+27	+38%	349	413	+64	+18%
Profit for the period	172	278	+106	+62%	824	979	+155	+19%

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q4-21	Q4-22	Var.	Var. %	FY-21	FY-22	Var.	Var. %
Segment revenue	263	368	+105	+40%	882	1,147	+265	+30%
Intersegment revenue	73	62	(11)	(15%)	319	264	(56)	(17%)
Total revenues	336	430	+94	+28%	1,201	1,410	+209	+17%
Personnel expenses	6	12	+6	+96%	25	35	+9	+37%
of which personnel expenses	6	12	+6	+91%	25	34	+9	+35%
Other operating costs	109	169	+60	+55%	420	491	+72	+17%
Intersegment costs	141	129	(11)	(8%)	459	482	+23	+5%
Total costs	255	310	+55	+21%	904	1,008	+104	+12%
EBITDA	80	120	+40	+49%	298	402	+104	+35%
Depreciation, amortisation and impairments	4	10	+7	n.m.	16	23	+7	+41%
EBIT	77	109	+33	+43%	282	379	+98	+35%
EBIT MARGIN	23%	25%			23%	27%
Finance income/(costs)	226	1	(225)	(99%)	229	+1	(228)	(100%)
Profit/(Loss) before tax	303	111	(192)	(63%)	510	380	(130)	(25%)
Income tax expense	28	33	+6	+20%	85	110	+25	+30%
Profit for the period	275	77	(198)	(72%)	425	270	(155)	(37%)

DISCLAIMER

This document contains certain forward-looking statements that reflect Poste Italiane's management's current views with respect to future events and financial and operational performance of the Company and of the Company's Group.

These forward-looking statements are made as of the date of this document and are based on current expectations, reasonable assumptions and projections about future events and are therefore subject to risks and uncertainties. Actual future results and performance may indeed differ materially from what is expressed or implied in this presentation, due to any number of different factors, many of which are beyond the ability of Poste Italiane to foresee, control or estimate precisely, including, but not limited to, changes in the legislative and regulatory framework, market developments, price fluctuations and other risks and uncertainties, such as, for instance, risks deriving from the direct and indirect effects resulting from the international conflict in Eastern Europe.

Forward-looking statements contained herein are not a guarantee of future performance and you are therefore cautioned not to place undue reliance thereon.

This document does not constitute a recommendation regarding the securities of the Company; it does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane or any of its Group companies or other forms of financial assets, products or services.

Except as may be required by applicable law, Poste Italiane denies any intention or obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances after the date of this presentation.

Pursuant to art. 154- BIS, par.2,of the Consolidated Financial Bill of February 24, 1998, the executive (Dirigente Preposto) in charge of preparing the corporate accounting documents at Poste Italiane, Alessandro Del Gobbo, declares that the accounting information contained herein corresponds to document results and accounting books and records.

This presentation includes summary financial information and should not be considered a substitute for Poste Italiane's full financial statements.

Numbers in the document may not add up only due to roundings.