Poste Italiane

Investor Presentation • Nov 12, 2020

POSTE ITALIANE Q3 & 9M 2020 FINANCIAL RESULTS

Rome, November 12, 2020

ROBUST Q3 RESULTS UNDERPINNED BY TANGIBLE PICK UP OF KEY TRENDS ACROSS ALL SEGMENTS

MAIL, PARCEL AND DISTRIBUTION OPERATING PROFIT IMPROVING IN Q3, WITH PARCEL AND DISTRIBUTION REVENUES OFFSETTING MAIL DECLINE

REVAMPED COMMERCIAL ACTIVITIES IN FINANCIAL AND INSURANCE SERVICES; PAYMENTS AND MOBILE GROWTH CONTINUED

EMERGING KEY TRENDS CONFIRM STRATEGIC VISION, IN LIGHT OF UPCOMING DELIVER 2022 UPDATE

CONFIRMED DISTRIBUTION OF 0.162 EURO INTERIM DIVIDEND (+5% Y/Y)¹ ON FY-20 RESULTS

PROVEN RESILIENCE TO FACE UNPRECEDENTED TIMES

WE ARE MORE PREPARED THIS TIME AROUND

	EMERGING NEEDS	KEY FIGURES
EMPLOYEES	• Highest health & safety standards: protection & sanitization and remote working • Welfare initiatives to support employees • Digital training and enhanced communication	• 85% eligible staff in smartworking • €81m costs to face emergency in 9M • Over 3m hours of online training • Daily news broadcast
CUSTOMERS & COMMUNITIES	• Business continuity guaranteed • Enhanced digital capabilities • Remote advisory to a wider products offer • Early pension payment extended into 2021 • New services allowing customers to exploit 110% tax credit for eco-friendly building refurbishing • Support to Protezione Civile, leveraging on warehousing and integrated logistic services • Enhanced communication strategy	open1 • 92% of postal offices • Over 2.0m operations in postal offices with 1.1m daily visits2 • Third party networks transaction value: +28%1 Digital channel transactions: +49%3 • • 5.2m pension payments managed monthly award for communication leadership4 • .trust

ONGOING STRATEGIC RESPONSE TO MACRO TRENDS

TARGETED INDUSTRIAL INITIATIVES IN PLACE ANTICIPATING EVOLVING BUSINESS SCENARIOS

STRENGTHENING DISTRIBUTION PLATFORM IN CHALLENGING TIMES

NEW ONGOING COMMERCIAL INITIATIVES TO SUSTAIN LONG TERM PROFITABILITY

MAIL, PARCEL & DISTRIBUTION

• Logistic and (new) warehousing services for a comprehensive parcel commercial proposition
• Record volume growth from China (also thanks to E2E products)
• Positive contribution from digital logistic chain:
• savings on long-haul transport (sennder)
• scheduled delivery in 12 cities (MLK)

PAYMENTS & MOBILE

• Fully virtual Postepay card
• Postepay Connect on-line offer
• PosteMobile Casa Web (data only offer)
• QR code rolled-out in post office network

• Vodafone chosen as the mobile connectivity provider for PosteMobile

• Upcoming new partnership on loan and mortgage distribution

• New Postal bonds campaign products
• New service in place enabling customers to benefit the "110% superbonus" tax credit related to building refurbishing

INSURANCE SERVICES

• Launch of capital light life insurance policies
• P&C modular offer fully operational

• 2 in P&C non-motor bancassurance market

• Digital P&C claim management for appraisal and settlement

STRONG Q3 PERFORMANCE, UNDERPINNED BY IMPROVING OPERATIONAL TRENDS

€ m unless otherwise stated

	Q3-19	Q3-20	Var.	Var. (%)	9M-19	9M-20	Var.	Var. (%)
TOTAL REVENUES	2,568	2,589	+22	+0.8%	8,089	7,672	(417)	(5.2%)
			ONE-OFF EMERGENCY RELATED COSTS: 28				ONE-OFF EMERGENCY RELATED COSTS: 81
TOTAL COSTS	2,108	2,111	+2	+0.1%	6,549	6,428	(121)	(1.8%)
EBIT	459	479	+19	+4.2%	1,540	1,244	(296)	(19.2%)
NET PROFIT	320	353	+33	+10.3%	1,083	898	(185)	(17.1%)

EBIT AT 507M IN Q3-20 (+10% Y/Y) AND 1,325M IN 9M-20 (-14% Y/Y) NET OF ONE-OFF COSTS TO FACE THE EMERGENCY

SEGMENT REVENUES EVOLUTION

TANGIBLE PICKUP IN Q3 ACROSS OUR PLATFORM

PAYMENTS & MOBILE INSURANCE SERVICES

€ m unless otherwise stated

BUSINESS TRENDS IN 9M-20: MAIL, PARCEL AND DISTRIBUTION

COMMERCIAL ACTIVITIES RECOVERING – PARCEL BOOST CONTINUES WHILE MAIL DECLINE SLOWING DOWN

(31%)

(8%) (49%) (49%) (26%)

Registered Δ Y/Y

1. Includes recorded mail and integrated services (value added); 2. Includes unrecorded mail, direct marketing and editorial; 3. Includes multichannel service, basic services, Postel, other integrated services; 4. Includes C2X, International, other

B2C Δ Y/Y +17% +64% +83% +54%

+69%

BUSINESS TRENDS: PAYMENTS & MOBILE, FINANCIAL AND INSURANCE SERVICES

COMMERCIAL ACTIVITIES CONTINUE TO SHOW TANGIBLE SIGNS OF RECOVERY

INVESTMENT GROSS INFLOWS (DAILY AVG, €/M)

POSTEPAY DAILY AVG E-COMMERCE TRANSACTIONS (K/#)

P&C NEW BUSINESS RETAIL (DAILY AVG, K/€)

TELCO: CUSTOMER BASE (M/#)

EXECUTIVE SUMMARY

BUSINESS REVIEW

APPENDIX

MAIL, PARCEL & DISTRIBUTION

Q3 OPERATING PROFIT IMPROVING, PARCEL AND DISTRIBUTION REVENUES OFFSETTING MAIL DECLINE

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING

MAIL VOLUMES DECLINING AT A LOWER PACE, CONTINUED PARCEL GROWTH BOOSTED BY B2C

• Mail volumes recovering vs. Q2, mainly thanks to the resumption of recorded mail and direct marketing
• Parcel volumes up across all products with continued surge in B2C
• Average mail tariff down due to product-mix effect, while recovering vs. Q2

• Average parcel tariff up in Q3, with B2C +4pp y/y and additional logistic services creating value

• Includes International parcels and partnership with other logistic operators 3. Including any product mix effect

MAIL VOLUMES EVOLUTION AVERAGE DAILY MAIL VOLUMES STABILIZING TO C. -20% Y/Y SINCE JUNE

PARCEL VOLUMES EVOLUTION

RECORD B2C – INTERNATIONAL INBOUND VOLUMES FROM CHINA CONTRIBUTING TO DIVERSIFY CUSTOMER BASE

DAILY AVERAGE PARCEL VOLUMES EVOLUTION (K/PC)

PAYMENTS AND MOBILE

CARD PAYMENTS UP WITH ENLARGED SCOPE OF USAGE; TELCO REVENUES UP IN A COMPETITIVE ENVIRONMENT

€ m unless otherwise stated

FINANCIAL SERVICES

UPSWING IN COMMERCIAL ACTIVITIES, WITH RECORD HIGH POSTAL SAVING DISTRIBUTION FEES

€ m unless otherwise stated

(item by item)

• Interest income down on lower yields mitigated by higher volumes
• Additional 0.1bn net capital gains to be booked in Q4
• Postal saving distribution revenues up supported by new successful products
• Resilient asset management revenues thanks to recurring fees
• Loan and mortgage distribution fees accelerated recovery thanks to sustained new volumes

• Insurance product fees up thanks to higher gross and net inflows

• Figures presented include gross revenues and net capital gains whereas figures on slide 8 include gross capital gains only 2. Includes revenues from payment slips (bollettino), banking accounts related revenues, fees from INPS and money transfers, Postamat 3. Includes reported revenues from custody accounts, credit cards, other revenues from third party products distribution. 4 Gross capital gains in Q3-19 and Q3-20 amounted to 0m and 1m respectively

GROUP TOTAL FINANCIAL ASSETS

CONTINUED POSITIVE NET INFLOWS AND MARKET EFFECT RESULTING IN +€20BN TFAs YTD

TFA EVOLUTION¹

• TFAs up on both positive net inflows and performance effect
• Strong postal bonds new production offsetting redemptions
• Deposits increasing with continued preference for liquidity products
• Net technical provisions up, thanks to positive net inflows and market effect

INSURANCE SERVICES

9M-20 REVENUES AND EBIT IN LINE WITH 2019, FULLY ABSORBING LOCKDOWN IMPACT

€ m unless otherwise stated

1. Includes Poste Welfare Servizi (PWS) 2. Includes Private Pension Plan (PPP)

SOLVENCY II RATIO EVOLUTION

HIGHLIGHTS

• Solvency II ratio up to 250%:
• Positive impact from spreads narrowing across all asset classes (BTP, Corporates and High Yield)
• Negative impact from lower riskfree rates and reduced volatility adjustment
• Solvency II ratio at 244% excluding dividend restrictions
• Transitional measures provide additional 36p.p. buffer to address market volatility

21

SOLVENCY II RATIO KEY SENSITIVITIES

RESILIENT UNDER ALL ASSUMED SCENARIOS

SOLVENCY II RATIO SENSITIVITIES HIGHLIGHTS

Solvency II ratio in line with risk tolerance under all assumed scenarios

1

• Transitional measures provide additional 36p.p. to address potential market headwinds
• Reduced volatility expected going forward supported by:
• portfolio diversification
• ongoing process to develop internal model
• new capital light products

AVERAGE HEADCOUNT ('000/FTE)

QUARTERLY GROUP HR COSTS FTE REDUCTION DRIVING LOWER HR COSTS

€ m unless otherwise stated

Ordinary HR costs¹

incentives

• FTEs down 4.4k y/y delivering € 44m savings in HR costs
• Total compensation broadly stable with an increased in fixed component and a decrease in the variable one

QUARTERLY GROUP NON-HR COSTS

FOCUS ON COST DISCIPLINE WHILE PRESERVING BUSINESS GROWTH

€ m unless otherwise stated

NON-HR COSTS EVOLUTION Q3 HIGHLIGHTS

• Underlying Non HR costs excluding one-offs to face emergency and business driven costs down y/y
• Emergency related one-off expenses to provide PPEs and sanitization ensuring high safety standards for workplaces and employees
• Cost of goods sold increase mainly related to parcel delivery transport (+34m y/y) and Telco traffic (+9m y/y)
• D&A down on the reassessment of residual life and residual value of real assets (-30m y/y) partly offset by increased capex (mainly in IT developments)

25

COST REDUCTION LEVERS

ONGOING INITIATIVES TO REDUCE COSTS IN THE MEDIUM LONG TERM, WHILE PRESERVING GROWTH INITIATIVES

SEGMENT EBIT EVOLUTION OPERATING PROFIT IMPROVEMENT SUPPORTED BY ALL SEGMENTS

VERY RESILIENT BUSINESS MODEL ACROSS ALL SEGMENTS

TFA UP 20BN YTD, DRIVEN BY STRONG RETAIL NET INFLOWS AND POSITIVE MARKET EFFECT

CONFIRMED DISTRIBUTION OF 0.162 EURO INTERIM DIVIDEND (+5% Y/Y)¹ ON FY-20 RESULTS

EXECUTIVE SUMMARY

BUSINESS REVIEW

POSTE ITALIANE TOP RANKING WITHIN MAJOR SUSTAINABILITY INDICES

POSTE GROUP: Q3-20 & 9M-20 ADJUSTMENTS

EXPLANATORY NOTES TO ADJUSTED FIGURES

	Q3-19	Q3-20	€ m	%	9M-19	9M-20	€ m	%
REPORTED REVENUES	2,568	2,589	22	+1%	8,089	7,672	(417)	(5%)
GROSS CAPITAL GAINS ON INVESTMENT PORTFOLIO	0	1			261	292
VISA - FAIR VALUE VALUATION/ FAIR VALUE HEDGE	3	7			19	7
VISA - CAPITAL GAIN ON SHARE DISPOSAL	0	0			1	0
ADJUSTED REVENUES	2,565	2,582	17	+1%	7,807	7,374	(433)	(6%)
REPORTED COSTS	2,108	2,111	2	+0%	6,549	6,428	(121)	(2%)
CAPITAL LOSSES ON INVESTMENT PORTFOLIO	0	1			6	58
EARLY RETIREMENT INCENTIVES	5	8			13	12
VISA - FAIR VALUE VALUATION/ FAIR VALUE HEDGE	2	0			11	10
REAL ESTATE FUNDS PROVISIONS	0	0			0	(15)
ADJUSTED COSTS	2,101	2,103	1	+0%	6,519	6,364	(155)	(2%)
REPORTED EBIT	459	479	19	+4%	1,540	1,244	(296)	(19%)
ADJUSTED EBIT	463	479	16	+3%	1,288	1,010	(278)	(22%)
IMPAIRMENTS	0	0			0	19
REPORTED NET PROFIT	320	353	33	+10%	1,083	898	(185)	(17%)
ADJUSTED NET PROFIT	323	352	29	+9%	901	751	(150)	(17%)

STRONG CASH GENERATION, LIMITED AND BALANCED DEBT PROFILE

GROUP FUNDS FROM OPERATIONS (FFO) – 9M-20 (€ m)

…SIGNIFICANT LIQUIDITY RESOURCES¹(€ bn)

BALANCED MATURITY PROFILE (€ bn)

1. As of Sep-20

2. Debt capacity consistent with current rating (based on the Moody's "Key Indicator Report" May-20 and available for future potential financing operations)

9M GROUP COSTS

€ m unless otherwise stated

1. Excluding legal disputes with employees

2. Excluding other Non-HR operating costs amounting to 217m in 9M-19 and 262m in 9M-20

MAIL, PARCEL & DISTRIBUTION NET CASH POSITION

€ m unless otherwise stated

NET CASH POSITION (+ CASH – DEBT)

CARD STOCK¹

TOTAL PAYMENT CARD TRANSACTIONS (# BN)

MOBILE & LAND LINE, STOCK (# M) POSTE ITALIANE DIGITAL E-WALLET (# M)²

PAYMENTS AND MOBILE: POSTEPAY TRANSACTION VALUE

POSTEPAY DAILY AVERAGE TRANSACTION VALUE (BASE 100)

Δ Y/Y

Δ Y/Y

Δ Y/Y

KEY METRICS CONSTANTLY IMPROVING

CUMULATED APP DOWNLOADS¹

REGISTERED ONLINE USERS (# M)

ELECTRONIC IDENTIFICATION² STOCK (# M)

(# M) DAILY ONLINE USERS (# M)

CONSUMER FIN. TRANSACTIONS (# M)

PRIVATE DIGITAL IDs (# M)

FINANCIAL SERVICES: Q3-20 & 9M-20 ADJUSTMENTS EXPLANATORY NOTES TO ADJUSTED FIGURES

	Q3-19	Q3-20	€ m	%	9M-19	9M-20	€ m	%
SEGMENT REPORTED REVENUES	1,173	1,172	(1)	(0%)	3,838	3,707	(131)	(3%)
GROSS CAPITAL GAINS ON INV. PORTFOLIO	0	1			261	292
VISA - FAIR VALUE VALUATION/ FAIR VALUE HEDGE	3	7			19	7
VISA - CAPITAL GAIN ON SHARES DISPOSAL	0	0			1	0
SEGMENT ADJUSTED REVENUES	1,170	1,165	(5)	(0%)	3,556	3,409	(147)	(4%)
INTERSEGMENT REVENUES	163	191	28	+17%	535	500	(35)	(7%)
ADJUSTED TOTAL REVENUES	1,333	1,356	23	+2%	4,091	3,909	(182)	(4%)
REPORTED COSTS	1,144	1,182	38	+3%	3,746	3,628	(118)	(3%)
EARLY RETIREMENT INCENTIVES	0	0			1	1
CAPITAL LOSSES ON INV. PORTFOLIO	0	1			6	58
CAPITAL GAINS COMMISSIONING	0	0			199	185
REAL ESTATE FUNDS PROVISIONS	0	0			0	(15)
VISA - FAIR VALUE VALUATION/ FAIR VALUE HEDGE	2	0			11	10
ADJUSTED COSTS	1,141	1,182	40	+4%	3,529	3,390	(139)	(4%)
REPORTED EBIT	192	181	(11)	(6%)	627	579	(48)	(8%)
ADJUSTED EBIT	192	174	(17)	(9%)	562	519	(43)	(8%)
IMPAIRMENTS	0	0			0	19
REPORTED NET PROFIT	135	134	(1)	(1%)	440	407	(33)	(8%)
ADJUSTED NET PROFIT	135	128	(7)	(5%)	391	384	(8)	(2%)

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE

PRUDENT ALM STRATEGY TO MATCH ASSETS AND LIABILITIES

€ bn unless otherwise stated

AVERAGE CURRENT ACCOUNT DEPOSITS AVERAGE INVESTMENT PORTFOLIO

1. Entirely invested in floating rate deposits c/o MEF 2. Includes business current accounts, PostePay business and other customers debt 3. Including liquidity Buffer and excluding Poste Italiane liquidity 4. Average yield calculated as interest income on average current account deposits

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE

NET UNREALIZED GAINS AT € 2.1BN

€ m unless otherwise stated

POSTAL SAVINGS STRONG IMPROVEMENT OF NET INFLOWS, ALSO SUPPORTED BY PREFERENCE FOR LIQUIDITY PRODUCTS

€ m unless otherwise stated

ASSET MANAGEMENT PROGRESSING

POSITIVE NET INFLOWS IN A VOLATILE MARKET ENVIRONMENT

€ m unless otherwise stated

AVERAGE ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT EVOLUTION – EoP

ASSET MANAGEMENT NET INFLOWS INCREASING IN Q3-20

POSITIVE NET INFLOWS THANKS TO MULTICLASS CLASS III COMPONENT OF INSURANCE PRODUCTS

€ m unless otherwise stated

AN ASSET GATHERER WITH A CAPITAL LIGHT BALANCE SHEET

INSURANCE SERVICES SOLVENCY II EVOLUTION

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

CHANGE VS. JUNE 2020 (€ M)

INSURANCE SERVICES: SOLVENCY II RATIO COMPOSITION

CORE SOLVENCY II RATIO UP TO 154%

INSURANCE SERVICES CONTINUED DIVERSIFICATION TOWARDS MORE CAPITAL EFFICIENT PRODUCTS

€ m unless otherwise stated

INSURANCE SERVICES

GROSS WRITTEN PREMIUM MIX IN Q3-20

1. Includes Life Protection and PPP

INSURANCE SERVICES POSITIVE NET INFLOWS THANKS TO MULTICLASS INSURANCE PRODUCTS

€ m unless otherwise stated

INSURANCE SERVICES

LOW RISK INVESTMENT PORTFOLIO

Global govies Italian Govies Corporate bonds High yield Emerging markets Equity Private markets Minimum guaranteed Inflation linked Fixed income Floating 62% 59% 61% 9% 9% 7% 18% 18% 19% 3% 4% 5% 4% 4% 4% 1% 2% 1% 3% 3% 3% Q3-19 FY-19 Q3-20

INVESTMENT PORTFOLIO BREAKDOWN FIXED INCOME BREAKDOWN BY RATE TYPE

OPERATIONAL KPI's		Q3-19	Q3-20	Δ% YoY	9M-19	9M-20	Δ% YoY
MAIL PARCEL & DISTRIBUTION	Mail Volumes (#m) Parcels delivered by mailmen (#m) Parcel volumes (#m) B2C Revenues (€m)	634 14 36 91	540 20 50 145	(15%) +41% +40% +58%	2,041 37 104 258	1,677 53 140 398	(18%) +42% +34% +54%
PAYMENTS & MOBILE	PostePay cards (#m) of which PostePay Evolution cards (#m) Total payment cards transactions (#bn) of which eCommerce transactions (#m) Mobile & land-line (#m) Poste Italiane Digital e-Wallets (#m)				22.4 7.2 1.0 171.0 4.5 4.8	21.6 7.4 1.1 274.7 4.6 6.7	(3%) +3% +7% +61% +2% +42%
FINANCIAL SERVICES	Total Financial Assets - TFAs (€/bn) Product Sales (#m) Unrealized gains (€m)				540 6.0 2,721	556 5.8 2,067	+3% (3%) (24%)
INSURANCE GWP – Life (€m) SERVICES GWP – P&C (€m)	Gross Written Premiums (€m) GWP – Private Pension Plan (€m)	3,735 3,445 238 53	4,678 4,372 250 56	+25% +27% +5% +7%	13,908 12,985 737 186	12,424 11,522 717 185	(11%) (11%) (3%) (1%)

INTERSEGMENT COSTS AS OF Q3-20

INTERSEGMENT COST FLOWS	INDICATIVE MAIN MAIN RATIONALE REMUNERATION SCHEME	€ m	Δ Y/Y
Mail, Parcel & Distribution	• Payments and Mobile remunerates: a) Mail, Parcel and Distribution for providing IT, a) Number of payment transactions delivery volume and other corporates services1 ; flat fee (depending on the product) b) Financial Services for promoting and selling card b) Fixed % of revenues payments and other payments (e.g. tax payments)	a) 52 b) 48	+9% +9%
	throughout the network; • Insurance Services remunerates:	Total: 100
Payments & a) d) Mobile g) e) Insurance h) Services	c) Financial Services for promoting and selling insurance products2 and for investment management c) Fixed % of upfront fees services3 ; d) Depending on service/product d) Mail, Parcel and Distribution for providing corporate services1 ;	c) 122 d) 13 Total: 135	+12% n.m.
	• Financial Services remunerates:
f) c) b)	e) Mail, Parcel and Distribution for promoting and e) Fixed % (depending on the selling Financial, Insurance and PMD products throughout the network and for proving corporate product) of revenues	e) 1,057	+6%
Financial	services4 ; f) Depending on service/product f) Payments & Mobile for providing certain payment services5	f) 79 Total: 1,138	(5%).
Services	• Mail, Parcel and Distribution remunerates:
	g) Payments & Mobile for acquiring services and g) Annual fee postman electronic devices	g) 10	+36%
	h) Financial Services as distribution fees related to h) Flat fee for each «Bollettino» "Bollettino DTT"	h) 10 Total: 20	+15%
	1. Corporate Services such as communication, anti money laundering, IT, back office and call centers 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 sent letters and communication costs 5. E.g. 'Bollettino'

54

€m	Q3-19	Q3-20	Var.	Var. %	9M-19	9M-20	Var.	Var. %
Total revenues	2,568	2,589	22	+1%	8,089	7,672	(417)	(5%)
of which:
Mail, Parcel and Distribution	800	779	(22)	(3%)	2,555	2,251	(305)	(12%)
Payments and Mobile	171	185	14	+8%	477	522	45	+10%
Financial Services	1,173	1,172	(1)	(0%)	3,838	3,707	(131)	(3%)
Insurance Services	423	454	30	+7%	1,219	1,192	(27)	(2%)
Total costs	2,108	2,111	2	+0%	6,549	6,428	(121)	(2%)
of which:
Total personnel expenses	1,288	1,245	(43)	(3%)	4,121	3,878	(243)	(6%)
of which personnel expenses	1,285	1,238	(48)	(4%)	4,109	3,863	(245)	(6%)
of which early retirement incentives	5	8	3	+59%	13	12	(2)	(13%)
of which legal disputes with employees	(2)	(0)	2	+79%	(1)	3	4	n.m.
Other operating costs	626	688	62	+10%	1,853	2,034	181	+10%
Depreciation, amortisation and impairments	194	178	(16)	(8%)	575	517	(58)	(10%)
EBIT	459	479	19	+4%	1,540	1,244	(296)	(19%)
EBIT Margin	+18%	+18%			+19%	+16%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	4	19	15	n.m.	23	27	4	+19%
Profit before tax	464	498	34	+7%	1,563	1,271	(291)	(19%)
Income tax expense	144	145	1	+1%	480	373	(107)	(22%)
Profit for the period	320	353	33	+10%	1,083	898	(185)	(17%)

E-MARKET SDIR
CERTIFIED

€m	Q3-19	Q3-20	Var.	Var. %	9M-19	9M-20	Var.	Var. %
Segment revenues	800	779	(22)	(3%)	2,555	2,251	(305)	(12%)
Intersegment revenue	1,051	1,123	73	+7%	3,504	3,379	(124)	(4%)
Total revenues	1,851	1,902	51	+3%	6,059	5,630	(429)	(7%)
Personnel expenses	1,261	1,222	(38)	(3%)	4,036	3,804	(232)	(6%)
of which personnel expenses	1,256	1,215	(41)	(3%)	4,023	3,794	(230)	(6%)
of which early retirement incentives	4	7	3	+69%	12	10	(2)	(19%)
Other operating costs	470	541	71	+15%	1,428	1,528	100	+7%
Intersegment costs	17	20	3	+20%	54	54	(0)	(0%)
Total costs	1,747	1,783	36	+2%	5,517	5,385	(132)	(2%)
EBITDA	104	119	15	+14%	542	245	(297)	(55%)
Depreciation, amortisation and impairments	181	170	(12)	(7%)	538	489	(49)	(9%)
EBIT	(77)	(50)	27	+35%	4	(244)	(248)	n.m.
EBIT MARGIN	n.m.	n.m.			n.m.	n.m.
Finance income/(costs)	2	(1)	(3)	n.m.	6	5	(1)	(13%)
Profit/(Loss) before tax	(75)	(51)	24	+32%	10	(238)	(249)	n.m.
Income tax expense	(15)	(9)	6	+39%	20	(62)	(82)	n.m.
Profit for the period	(60)	(42)	18	+30%	(10)	(177)	(167)	n.m.

€m	Q3-19	Q3-20	Var.	Var. %	9M-19	9M-20	Var.	Var. %
Segment revenue	171	185	14	+8%	477	522	45	+10%
Intersegment revenue	92	89	(3)	(3%)	282	260	(21)	(8%)
Total revenues	262	274	11	+4%	759	783	24	+3%
Personnel expenses	9	6	(2)	(26%)	24	19	(5)	(19%)
of which personnel expenses	9	6	(2)	(26%)	24	19	(5)	(19%)
of which early retirement incentives	0	0	0	n.m.	0	0	0	n.m.
Other operating costs	86	91	5	+5%	221	269	48	+22%
Intersegment costs	92	100	9	+9%	314	278	(37)	(12%)
Total costs	186	197	11	+6%	559	566	7	+1%
EBITDA	76	76	0	+0%	200	217	17	+9%
Depreciation, amortisation and impairments	7	7	0	+3%	20	21	1	+7%
EBIT	69	69	(0)	(0%)	180	196	16	+9%
EBIT MARGIN	26%	25%			24%	25%
Finance income/(costs)	2	6	4	n.m.	6	6	(0)	n.m.
Profit/(Loss) before tax	71	75	4	+5%	186	201	15	+8%
Income tax expense	20	20	0	+0%	51	56	4	+8%
Profit for the period	51	55	4	+7%	134	145	11	+8%

€m	Q3-19	Q3-20	Var.	Var. %	9M-19	9M-20	Var.	Var. %
Segment revenue	1,173	1,172	(1)	(0%)	3,838	3,707	(131)	(3%)
Intersegment revenue	163	191	28	+17%	535	500	(35)	(7%)
Total revenues	1,336	1,364	27	+2%	4,373	4,208	(165)	(4%)
Personnel expenses	10	9	(1)	(12%)	32	29	(3)	(9%)
of which personnel expenses	10	9	(1)	(10%)	31	29	(2)	(8%)
of which early retirement incentives	0	0	(0)	(46%)	1	1	(0)	(36%)
Other operating costs	51	36	(15)	(30%)	142	170	28	+20%
Depreciation, amortisation and impairments	0	0	0	n.m.	0	0	(0)	(0%)
Intersegment costs	1,083	1,138	55	+5%	3,571	3,429	(143)	(4%)
Total costs	1,144	1,182	38	+3%	3,746	3,628	(118)	(3%)
EBIT	192	181	(11)	(6%)	627	579	(48)	(8%)
EBIT MARGIN	14%	13%	(0)	(8%)	14%	14%
Finance income/(costs)	(2)	2	4	n.m.	(4)	(11)	(7)	n.m.
Profit/(Loss) before tax	190	183	(7)	(4%)	623	568	(55)	(9%)
Income tax expense	55	49	(6)	(11%)	183	161	(22)	(12%)
Profit for the period	135	134	(1)	(1%)	440	407	(33)	(8%)

€m	Q3-19	Q3-20	Var.	Var. %	9M-19	9M-20	Var.	Var. %
Segment revenue	423	454	30	+7%	1,219	1,192	(27)	(2%)
Intersegment revenue	0	0	0	+69%	0	0	(0)	(44%)
Total revenues	423	454	30	+7%	1,219	1,192	(27)	(2%)
Personnel expenses	9	7	(1)	(17%)	29	25	(4)	(13%)
of which personnel expenses	9	7	(2)	(18%)	29	24	(5)	(16%)
of which early retirement incentives	0	0	0	n.m.	0	1	1	n.m.
Other operating costs	20	21	1	+7%	63	67	4	+7%
Depreciation, amortisation and impairments	6	1	(5)	(78%)	17	7	(10)	(60%)
Intersegment costs	114	145	32	+28%	381	380	(1)	(0%)
Total costs	148	175	27	+18%	490	479	(11)	(2%)
EBIT	275	279	3	+1%	730	714	(16)	(2%)
EBIT MARGIN	65%	61%			60%	60%
Finance income/(costs)	3	12	10	+359%	15	27	12	+84%
Profit/(Loss) before tax	278	291	13	+5%	744	741	(4)	(0%)
Income tax expense	84	85	1	+1%	225	218	(7)	(3%)
Profit for the period	194	206	12	+6%	519	523	3	+1%

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 recent Covid-19 pandemic and from the restrictive measures taken by each Country to face it.

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.