Poste Italiane

Investor Presentation • Mar 19, 2019

POSTE ITALIANE FY & 4Q 2018 FINANCIAL RESULTS

Rome, 19 March 2019

EXECUTIVE SUMMARY

BUSINESS REVIEW

APPENDIX

2018 financial targets achieved

All segments contributed to operating profit improvement

Deliver 2022 strategic plan on track

Solvency ratio benefitted from effective capital management actions

2018 DPS proposed to AGM at €0.44

FY 2018 RESULTS OVERVIEW

ALL SEGMENTS CONTRIBUTED TO STRONG GROWTH IN OPERATING PROFITABILITY

€ m unless otherwise stated	2017	2018	Var.	Var. (%)
REVENUES	10,629	10,864	+236	+2.2%
REVENUES ADJUSTED1	9,939	10,356	+417	+4.2%
TOTAL OPERATING COSTS (INCLUDING D&A)	9,506	9,366	(140)	(1.5%)
EBIT EBIT MARGIN	1,123 11%	1,499 14%	+376 +3p.p.	+33.5%
EBIT ADJUSTED1	1,111	1,673	+562	+50.6%
NET PROFIT EPS (€/SHARE)	689 0.53	1,399 1.07	+709 0.54	+102.9%
NET PROFIT ADJUSTED1 EPS ADJUSTED (€/SHARE)	752 0.58	1,172 0.90	+419 0.32	+55.7%

4Q 2018 RESULTS OVERVIEW

OPERATING PROFIT IMPROVING IN 4Q 2018, HIGHER COSTS TO ACCELERATE TRANSFORMATION

€ m unless otherwise stated	4Q 2017	4Q 2018	Var.	Var. (%)
REVENUES	2,735	2,913	+178	+6.5%
REVENUES ADJUSTED1	2,642	2,801	+159	+6.0%
TOTAL OPERATING COSTS (INCLUDING D&A)	2,789	2,923	+134	+4.8%
EBIT EBIT MARGIN	(54) (2.0%)	(10) (0.3%)	+44 +1.7p.p.	+81.6%
EBIT ADJUSTED2	394	490	+96	+24.4%
NET PROFIT EPS (€/SHARE)	(35) (0.03)	343 0.26	+377 +0.29	n.m.
NET PROFIT ADJUSTED3 EPS (€/SHARE)	285 0.22	349 0.27	+63 +0.05	+22.2%

1. Excluding IFRS 9 impact on Visa, IFRS 15 impact, Anima, Mastercard 2. Excluding capital gains from Anima and Mastercard, early retirement incentives, real estate funds provisions, goodwill impairment of Postel 3. EBIT adjustments, impairments in finance income / (costs) and their tax effects. Excluding Poste Vita's DTAs

ALL SEGMENT FINANCIAL TARGETS ACHIEVED 2018 INITIATIVES DELIVERING EARLY TANGIBLE RESULTS

€ bn unless otherwise stated

EXECUTIVE SUMMARY

BUSINESS REVIEW

APPENDIX

EBIT up, mainly supported by Mail, Parcel & Distribution OPERATING PROFITABILITY OPERATING PROFIT PROGRESSION FROM ALL SEGMENTS IN 2018

€ m unless otherwise stated

INSURANCE SERVICES

MAIL, PARCEL & DISTRIBUTION PROFITABILITY

MAIL AND PARCEL COMBINED REVENUES STABLE FOR THE FIRST TIME IN TEN YEARS

€ m unless otherwise stated

1. Includes Philately, Patenti Via Poste, Poste Motori, Mistral and other revenues

2. Includes income received by Other Segments in return for use of the distribution network and Corporate Services

3. Excluding net capital gains on investment portfolio and capital gain on Mastercard rebated to the network, early retirement incentives and impairment on Postel's goodwill

MAIL, PARCEL & DISTRIBUTION VOLUMES

JOINT DELIVERY MODEL ENABLING STRONG PARCEL VOLUMES, REPLACING LOWER MAIL VOLUMES

1. Includes Multichannel services, Editorial services, Postel volumes and other basic services; 2. Includes International parcels and partnership with other logistic operators

PAYMENTS, MOBILE & DIGITAL

2018 OPERATING PROFIT PROGRESSION FUELLED BY DOUBLE DIGIT GROWTH IN CARD REVENUES

€ m unless otherwise stated

1. Includes fees from 'bollettino' cashed-in, tax payments slips and money transfer.

FINANCIAL SERVICES RENEVUES UP WITH A MORE SUSTAINABLE MIX LEADING TO HIGHER UNDERLYING PROFITABILITY

€ m unless otherwise stated

1. Includes revenues from bollettino, banking accounts related revenues, commissions from INPS and money transfers, Postamat; 2. Includes reported revenues from custody accounts, credit cards, other revenues from distribution of third parties products

GROUP TOTAL FINANCIAL ASSETS

RESILIENT BUSINESS MODEL WITH POSITIVE NET INFLOWS IN A CHALLENGING ENVIRONMENT

€ bn unless otherwise stated

1. Deposits do not include Repo and Poste Italiane liquidity; 2. Including interests accrued

KEY HIGHLIGHTS

• Total financial assets up by 4bn in 2018, in a volatile environment
• Positive retail net inflows of 3.5bn
• Insurance net inflows up 5.7bn with increasing market share in Life
• Postal savings net inflows improving, supported by new commercial initiatives
• Deposits up 1bn thanks to retail customer base (+2.7bn)
• Mutual funds up 0.5bn leading to increasing market shares

INSURANCE SERVICES OPERATING RESULTS ONGOING FOCUS ON GROWING P&C

€ m unless otherwise stated

1. Includes Private Pension Plan (PPP)

NET TECHNICAL PROVISIONS

POSITIVE NET INFLOWS MITIGATING THE IMPACT OF LOWER RETURNS IN A LOWER YIELD TREND

€ m unless otherwise stated

1. Includes non-life technical reserves and net of re-insurance reserves; 2. Includes life protection; 3. Includes interests, upfront fees and other minor items

KEY HIGHLIGHTS

• Solvency ratio in Dec-18 supported by positive market trends and effective capital management actions:
• Dividend payout to Poste Italiane SpA at ~50% in 2018
• Ancillary own funds approved by regulator (Feb. 2019)
• Full accounting recognition of DTAs in 4Q18
• Volatility adjustments (VA) contribution increased in 4Q18 (no country specific VA triggered)

SOLVENCY II – RISK FRAMEWORK

A DISCIPLINED RISK APPETITE FRAMEWORK, TARGETING SOLVENCY II RATIO AT ~200% THROUGH THE CYCLE

COST DISCIPLINE CONFIRMED TRACK RECORD TO MANAGE REDUCTION OF HEADCOUNTS

€ m unless otherwise stated

1. Includes costs of goods and services, other expenses from financial activities, capitalised costs and expenses, and other operating costs

EXECUTIVE SUMMARY

BUSINESS REVIEW

APPENDIX

POSTE GROUP: 2018 & 2017 ONE-OFFS EXPLANATORY NOTES TO ADJUSTED FIGURES

€million	4Q 2017	4Q 2018	%	2017	2018	%
REVENUES REPORTED	2,735	2,913	6%	10,629	10,864	2%
NET CAPITAL GAINS	0	0		532	379
IFRS 9 IMPACT ON VISA	0	(7)		0	9
BDM/MCC	0	0		48	0
IFRS 15	2	0		18	0
ANIMA	0	120		0	120
MASTERCARD	91	0		91	0
REVENUES ADJUSTED	2,642	2,801	6%	9,939	10,356	4%
COSTS REPORTED	2,789	2,923		9,506	9,366
COSTS ADJUSTED1	2,248	2,310		8,828	8,684
EBIT REPORTED	(54)	(10)	82%	1,123	1,499	+34%
EBIT ADJUSTED	394	490	24%	1,111	1,673
IMPAIRMENTS	0	62		94	62
NET PROFIT	(35)	343		689	1,399	103%
NET PROFIT ADJUSTED2	285	349	22%	752	1,172	56%

GROWTH IN PAYMENTS, MOBILE & DIGITAL

KEY METRICS STEADLY INCREASING

1. An innovative electronic tool associated to a single customer, which is enabled through a mobile app to authorize payment transactions.

POSTE ITALIANE DIGITAL FOOTPRINT GROWTH IN ALL AREAS IN 2018

1.3 1.5 2017 2018 +14%

# m

# m

REGISTERED ONLINE USERS STOCK

GROWTH IN CONSUMER FINANCIAL TRANSACTIONS

+8.6

DAILY ONLINE USERS

+0.2

# m 1.8 2.6 2017 2018 ELECTRONIC IDENTIFICATION² STOCK +0.7 +40%

GROWTH IN TRACK&TRACE SEARCHES³

1. Source: App stores (iOS and Android); 2. Electronic identification refers to number of ID outstanding; 3. Digital system to monitor parcels' delivery.

CURRENT ACCOUNTS AVERAGE VOLUMES AT A SOUND 58.7BN INTEREST INCOME UP THANKS TO HIGHER VOLUMES OFFSETTING LOWER YIELDS IN 2018

€ m unless otherwise stated

1. Includes current accounts, time deposits and repurchase agreements. Not including Poste Italiane's liquidity; 2. Entirely invested in floating rate deposits c/o MEF; 3. Includes business current accounts, PostePay business and other customers debt ; 4. Excluding interests income on REPOs 5. Average yield calculated as interest income and realized net capital gains on average total financial assets; 6. Excludes derivatives

POSTAL SAVINGS NET INFLOWS STRONGLY IMPROVING, WITH FEES IN THE UPPER END RANGE OF THE AGREEMENT

€ m unless otherwise stated

1. Average postal savings reported according to the remuneration scheme agreed with CDP, which excludes interests accrued year-to-date and based on a maturity of postal saving books adjusted for an estimate of potential early redemptions

ASSET MANAGEMENT PROGRESSING

CLASS III AND NEW PRODUCTS SUPPORTING ASSETS UNDER MANAGEMENT AND FEE GENERATION

€ m unless otherwise stated

KEY HIGHLIGHTS

• Net inflows of mutual funds +0.4bn in 2018, growing at a faster pace than the market
• Net inflows of class III and Unit linked products strongly up +4%

ASSET MANAGEMENT NET INFLOWS FROM MUTUAL FUNDS, UNIT LINKED AND MULTIASSET CLASS III INSURANCE PRODUCTS

€ m unless otherwise stated

FINANCIAL SERVICES REVENUES UP WITH A MORE SUSTAINABLE MIX LEADING TO HIGHER UNDERLYING PROFITABILITY

€ m unless otherwise stated

KEY HIGHLIGHTS

• Continued underlying progression of operating and net profit
• Postal saving fees increasing to the upper end range of new CDP agreement
• Asset management fees benefitting from new distribution agreement
• Interest income up thanks to higher volumes and yields
• Loan and mortgages steadily increasing supported by higher volumes and new distribution agreements

1 Includes revenues from bollettino, banking accounts related revenues, commissions from INPS and money transfer, Postamat;2. Includes reported revenues from custody accounts, credit cards, other revenues from distribution of third parties product; 3-5 Explanatory notes to adjusted figures are provided in the following page

FINANCIAL SERVICES: 2018 & 2017 ONE-OFFS EXPLANATORY NOTES TO ADJUSTED FIGURES

€million	4Q 2017	4Q 2018	%	2017	2018	%
REVENUES REPORTED1	1,348	1,503	11%	5,691	5,846	3%
NET CAPITAL GAINS	0	0		532	379
IFRS 9 IMPACT ON VISA	0	(7)		0	9
BDM/MCC	0	0		50	0
IFRS 15	2	0		18	0
ANIMA	0	120		0	120
MASTERCARD	91	0		91	0
REVENUES ADJUSTED	1,254	1,390	11%	5,000	5,338	7%
COSTS REPORTED	1,216	1,228	1%	5,045	4,987
COSTS ADJUSTED2	1,087	1,239		4,354	4,640
EBIT	132	274		646	859
EBIT ADJUSTED	168	152		646	698
IMPAIRMENTS	0	42		0	42
NET PROFIT	128	190		499	617	24%
NET PROFIT ADJUSTED	154	111		499	511	2%
TRANSACTION BANKING
Stated revenues	330	242	(27%)	1,063	965	(9%)
Adjusted revenues	239	250	4%	972	956	(2%)
ASSET MANAGEMENT
Stated revenues	21	142	n.m.	85	209	145%
Adjusted revenues	21	23	10%	85	89	4%
LOANS & MORTGAGE DISTR.
Stated revenues	63	70	11%	272	263	(3%)
Adjusted revenues	61	70	15%	204	263	28%

1. Segment revenues + intersegment revenues

2. Adjustments in 2017: real estate funds provisions, IFRS 15, BdM – MCC, Mastercard, capital gains rebated to the network, early retirements incentives; in 2018 adjustments related to real estate funds provisions, capital gains rebated to the network, and early retirement incentives

INSURANCE SERVICES CHANGING MIX WITHIN LIFE PRODUCT PORTFOLIO AND GROWTH IN P&C

€ m unless otherwise stated

1. Includes Life Protection.

INSURANCE SERVICES LIFE AND PRIVATE PENSION PLAN PREMIUM NET INFLOWS

€ m unless otherwise stated

1. Includes Life Protection

INSURANCE SERVICES DETAILS ON PORTFOLIO AND SENSITIVITIES

ITALIAN GOVIES PORTFOLIO DURATION

	2017	2018	Var. YoY
Unrealised gains (€/m)	8,225	2,007	-6,218
Minimum guaranteed return (Class I) (%)	0.88%	0.78%	-10bps
Class I return (%)	3.03%	2.82%	-21bps

1. Includes also liquidity, UCITS funds and shares with ≤5yrs duration.

€ m unless otherwise stated

	YE 2017	YE 2018	Var.
Assets	129,578	131,231	+1.3%
Liabilities	122,097	123,972	+1.5%
Subordinated debt	1,041	999	-4.0%
Total own funds	8,522	8,259	-3.1%

OWN FUNDS EVOLUTION¹ CAPITAL REQUIREMENTS EVOLUTION¹

	YE 2017	YE 2018	Var.
Market risk	1,320	1,951	+47.8%
Underwriting risk	1,007	1,338	+32.8%
Other2	723	621	-14.1%
Total SCR	3,050	3,910	+28.2%

SOLID AND EFFICIENT BALANCE SHEET ACROSS BUSINESSES

CAPITAL POSITION TO SUPPORT SUSTAINABLE GROWTH AND DIVIDEND POLICY OVER THE PLAN

MAIL, PARCEL & DISTRIBUTION NET CASH POSITION SOLID LIQUIDITY POSITION AND FURTHER AVAILABLE UNDRAWN FACILITIES

€ m unless otherwise stated

€m	4Q 2017	4Q 2018	Var.	Var.%	2017	2018	Var.	Var.%
Total revenues	2,735	2,913	178	6%	10,629	10,864	236	2%
of which:
Mail, Parcel and Distribution	971	991	20	2%	3,632	3,580	-51	-1%
Payments, Mobile and Digital	150	158	8	6%	532	592	61	11%
Financial Services	1,192	1,342	150	13%	5,010	5,221	211	4%
Insurance Services	423	422	-1	0%	1,456	1,470	15	1%
Total costs	2,789	2,923	134	5%	9,506	9,366	-140	-1%
of which:
Total personnel expenses	1,852	1,986	134	7%	6,093	6,137	45	1%
of which personnel expenses	1,364	1,396	32	2%	5,593	5,519	-75	-1%
of which early retirement incentives	488	590	102	21%	500	619	119	24%
Other operating costs	804	773	-32	-4%	2,868	2,659	-209	-7%
Depreciation, amortisation and impairments	133	164	31	23%	545	570	24	4%
EBIT	(54)	(10)	44	82%	1,123	1,499	376	34%
EBIT Margin	-2%	-0.3%			11%	14%
Finance income/(costs) and profit/(loss) on investments accounted for using the equity method	14	-52	-66	n.m.	-55	-8	47	n.m.
Profit before tax	(39)	(62)	-22	-56%	1,067	1,490	423	40%
Income tax expense	(5)	(404)	-400	n.m.	378	92	-286	-76%
Profit for the period	(35)	343	377	n.m.	689	1,399	709	103%

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	4Q 2017	4Q 2018	Var.	Var.%	2017	2018	Var.	Var.%
Segment revenue	971	991	20	2%	3632	3580	-51	-1%
Mail	718	694	-25	-3%	2689	2621	-68	-3%
Parcels	191	233	42	22%	693	761	68	10%
Other revenue	61	63	2	4%	249	198	-51	-21%
Intersegment revenue	1,051	1,105	54	5%	4,497	4,630	133	3%
Total revenues	2,022	2,096	74	4%	8,129	8,210	82	1%
Personnel expenses	1,813	1,961	148	8%	5,922	5,989	67	1%
of which personnel expenses	1,328	1,372	44	3%	5,430	5,381	-49	-1%
of which early retirement incentives	485	589	104	21%	492	608	116	24%
Other operating costs	582	574	-8	-1%	2,155	2,055	-99	-5%
Intersegment costs	15	17	1	8%	64	68	4	6%
Total costs	2,410	2,551	141	6%	8,141	8,112	-28	0%
EBITDA	(388)	(455)	-67	-17%	(12)	98	110	n.m.
Depreciation, amortisation and impairments	123	152	29	24%	505	528	24	5%
EBIT	-511	-608	-96	-19%	-517	-430	86	17%
EBIT MARGIN	-25.3%	-29.0%			-6.4%	-5.2%
Finance income/(costs)	-2	-15	-13	n.m.	-112	-31	81	72%
Profit/(Loss) before tax	-513	-622	-109	-21%	-629	-462	167	27%
Income tax expense	-114	-155	-42	-37%	-127	-89	38	30%
Profit for the period	-400	-467	-67	-17%	-502	-372	129	26%

PAYMENTS, MOBILE & DIGITAL PROFIT & LOSS

€m	4Q 2017	4Q 2018	Var.	Var.%	2017	2018	Var.	Var.%
Segment revenue	150	158	8	6%	532	592	61	11%
Intersegment revenue	89	94	5	6%	361	360	-1	0%
Total revenues	239	252	13	6%	892	952	60	7%
Personnel expenses	9	8	-1	-11%	31	31	0	-1%
of which personnel expenses	9	8	-1	-11%	31	31	0	-1%
of which early retirement incentives	0	0	0	n.m.	0	0	0	n.m.
Other operating costs	78	89	10	13%	281	304	23	8%
Intersegment costs	94	101	7	7%	363	390	27	7%
Total costs	181	197	16	9%	675	725	49	7%
EBITDA	58	55	-3	-5%	217	227	10	5%
Depreciation, amortisation and impairments	6	6	1	11%	22	24	1	6%
EBIT	52	48	-4	-7%	194	204	9	5%
EBIT MARGIN	22%	19%			22%	21%
Finance income/(costs)	1	2	1	68%	7	4	-3	-38%
Profit/(Loss) before tax	53	51	-3	-5%	201	208	6	3%
Income tax expense	14	14	0	-1%	55	55	-1	-1%
Profit for the period	39	36	-3	-7%	146	153	7	5%

FINANCIAL SERVICES PROFIT & LOSS

€m	4Q 2017	4Q 2018	Var.	Var.%	2017	2018	Var.	Var.%
Segment revenue	1,192	1,342	150	13%	5,010	5,221	211	4%
Capital gains	10	0	-10	n.m.	547	404	-143	-26%
Interest income	373	404	31	8%	1,477	1,555	78	5%
Collection of postal savings	394	483	89	23%	1,566	1,827	261	17%
Transaction banking	330	242	-88	-27%	1,063	965	-98	-9%
Distribution of third-party products	63	70	7	11%	272	263	-9	-3%
Asset management	21	142	122	n.m.	85	209	123	145%
Intersegment revenue	166	161	-6	-3%	695	649	-46	-7%
Total revenues	1,358	1,503	145	11%	5,705	5,871	165	3%
Personnel expenses	20	8	-12	-59%	103	80	-24	-23%
of which personnel expenses	18	8	-10	-58%	97	70	-27	-28%
of which early retirement incentives	2	1	-1	-72%	6	10	3	48%
Other operating costs	124	85	-39	-31%	349	214	-135	-39%
Depreciation, amortisation and impairments	0	0	0	n.m.	1	0	0	-55%
Intersegment costs	1,082	1,135	53	5%	4,607	4,718	111	2%
Total costs	1,226	1,228	2	0%	5,060	5,011	-49	-1%
EBIT	132	274	142	108%	646	859	214	33%
EBIT MARGIN	10%	18%			11%	15%
Finance income/(costs)	1	(40)	-41	n.m.	6	(32)	-38	n.m.
Profit/(Loss) before tax	133	234	101	76%	651	827	176	27%
Income tax expense	5	44	39	n.m.	152	210	58	38%
Profit for the period	128	190	62	48%	499	617	118	24%

€m	4Q 2017	4Q 2018	Var.	Var.%	2017	2018	Var.	Var.%
Segment revenue	423	421	-2	0%	1,456	1,470	15	1%
Intersegment revenue	0	1	1	n.m.	1	2	1	92%
Total revenues	423	423	-1	-0.2%	1,457	1,472	16	1%
Personnel expenses	10	10	-1	-6%	36	38	1	4%
of which personnel expenses	9	9	0	-3%	35	37	1	4%
of which early retirement incentives	1	0	-0.4	-42%	1	1	0	-1%
Other operating costs	20	25	5	26%	84	84	0	0%
Depreciation, amortisation and impairments	4	5	1	19%	17	17	0	-1%
Intersegment costs	115	108	-8	-7%	519	467	-53	-10%
Total costs	150	147	-2	-2%	657	606	-51	-8%
EBIT	274	275	2	1%	799	866	67	8%
EBIT MARGIN	65%	65%			55%	59%
Finance income/(costs)	14	1	-13	-96%	44	51	7	15%
Profit/(Loss) before tax	287	276	-11	-4%	843	917	73	9%
Income tax expense	89	(308)	-397	n.m.	297	(84)	-382	n.m.
Profit for the period	198	584	386	195%	546	1,001	455	83%

OPERATIONAL KPI's		4Q 2017	4Q 2018	D% YoY	2017	2018	D% YoY
MAIL PARCELS & DISTRIBUTION	Mail Volumes (#m) Parcels delivered by mailmen(#m) Parcel Volumes (#m) B2C Revenues (€m)	816 11.5 32.1 73.4	754 14.3 38.9 98.4	-7.6% 24.7% 21.2% 34.0%	3,124 33.5 113.2 235.5	2,951 44.5 127.4 301	-5.5% 32.9% 12.6% 27.8%
PAYMENTS, MOBILE & DIGITAL	PostePay cards (#m) of which PostePay Evolution cards (#m) Total payment cards transactions (#bn) of which eCommerce transactions (#m) PosteMobile new products (#m) Digital e-Wallets (#m)	17.7 4.7 0.26 47.9 0.306 1.734	19.0 6.3 0.31 59.6 0.256 2.843	7.6% 33.0% 19.2% 24.5% -16.4% 64.0%	17.7 4.7 0.93 164.7 1.123 1.734	19.0 6.3 1.1 201.6 1.1 2.843	7.6% 33.0% 18.0% 22.4% -2.6% 64.0%
FINANCIAL SERVICES	Total Financial Assets - TFAs (€/bn) Product Sales (#m) Unrealized gains (€m)	510 2.0 1,615	514 2.1 -1,687	0.8% -3.9% n.m.	510 8.0 1,615	514 8.4 -1,687	0.8% 4.1% n.m.
INSURANCE SERVICES	Gross Written Premiums (€m) GWP – Life (€m) GWP – Private Pension Plan (€m) GWP – P&C (€m)	3,967 3,593 338 36	4,029 3,636 348 44	1.6% 1.2% 3.0% 24.3%	20,404 19,189 1,075 141	16,797 15,514 1,095 187	-17.7% -19.1% 1.9% 32.6%

DISCLAIMER

This presentation 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 presentation 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 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 precisely estimate, including, but not limited to, changes in the legislative and regulatory framework, market developments and price fluctuations.

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

This presentation 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, Tiziano Ceccarani, 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 presentation may not add up only due to roundings.