CTT-Correios de Portugal

Investor Presentation • Jun 23, 2022

Agenda

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P l d a r c e a n C S i l t e o m m e r c e o o n s u -	h 9 3 5	E S G	h 1 1 3 0
O i t p e r a o n s	h 9 0 5	F i i l b i i t n a n c a a m o n d i d a n g a n c e u	h 0 1 1 5
Q & A d a n C f f b k o e e r e a -	0 h 0 1 1	Q W d & A r a p -u p a n	1 2 h 1 0

Disclaimer

DISCLAIMER

This document has been prepared by CTT – Correios de Portugal, S.A. (the "Company" or "CTT") exclusively for use during the presentation of the first quarter 2022 results (1Q22). As ^a consequence thereof, this documentmay not be disclosed or published, nor used by any other person or entity, for any other reason or purpose without the express and prior written consent of CTT. This document (i) may contain summarised information and be subject to amendments and supplements, and (ii) the information contained herein has not been verified, reviewed nor audited by any of the Company's advisors or auditors.

Except as required by applicable law, CTT does not undertake any obligation to publicly update or revise any of the information contained in this document. Consequently, the Company does not assume liability for this document if it is used for ^a purpose other than the above. No express or implied representation, warranty or undertaking is made as to, and no reliance shall be placed on, the accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither the Company nor its subsidiaries, affiliates, directors, employees or advisors assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes ^a contract, nor may it be used for incorporation into or construction of any contract or agreement.

This document has an informative nature and does not constitute, nor must it be interpreted as, an offer to sell, issue, exchange or buy any financial instruments (namely any securities issued by CTT or by any of its subsidiaries or affiliates), nor ^a solicitation of any kind by CTT, its subsidiaries or affiliates. Distribution of this document in certain jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about, and observing any such restrictions. Moreover, the recipients of this document are invited and advised to consult the public information disclosed by CTT on its website (www.ctt.pt) as well as on the Portuguese Securities Market Commission's website (www.cmvm.pt). In particular, the contents of this presentation shall be read and understood in light of the financial information disclosed by CTT, through such means, which prevail in regard to any data presented in this document. By attending the meeting where this presentation is made and reading this document, you agree to be bound by the foregoing restrictions.

FORWARD-LOOKINGSTATEMENTS

This presentation contains forward-looking statements. All the statements herein which are not historical facts, including, but not limited to, statements expressing our current opinion or, as applicable, those of our directors regarding the financial performance, the business strategy, the management plans and objectives concerning future operations and investments are forward-looking statements. Statements that include the words "expects", "estimates", "foresees", "predicts", "intends", "plans", "believes", "anticipates", "will", "targets", "may", "would", "could", "continues" and similar statements of ^a future or forward-looking nature identify forward-looking statements.

All forward-looking statements included herein involve known and unknown risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results, performance or achievements to differ materially from those indicated in these statements. Any forward-looking statements in this document reflect our current views concerning future events and are subject to these and other risks, uncertainties and assumptions relating to the results of our operations, growth strategy and liquidity, and the wider environment (specifically, market developments, investment opportunities and regulatory conditions).

Although CTT believes that the assumptions beyond such forward-looking statements are reasonable when made, any third parties are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of CTT, what could cause the models, objectives, plans, estimates and / or projections to be materially reviewed and / or actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

Forward-looking statements (in particular, the objectives, estimates and projections as well as the corresponding assumptions) do neither represent ^a commitment regarding themodels and plans to be implemented, nor are they guarantees of future performance, nor have they been reviewed by the auditors of CTT. You are cautioned not to place undue reliance on the forward-lookingstatements herein.

All forward-looking statements included herein speak only as at the date of this presentation. Except as required by applicable law, CTT does not undertake any obligation to publicly update or revise any forward-looking statements, whether as ^a result of new information, future events or otherwise.

Agenda

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M i l a	9 h 2 0	C B T T a n c o	1 1 h 1 0
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O i t p e r a o n s	9 h 0 5	F i i l b i i t n a n c a a m o n i d d a n g a n c e u	h 1 1 5 0
Q & A d a n C f f b k o e e r e a -	0 h 0 1 1	W d Q & A r a p p a n -u	2 h 0 1 1

Committed to deliver

e-commerce in Iberia

and growth in our retail services platform in Portugal

Under this vision, CTT has been on atruly transformational journey

1. Express & Parcels, Financial Services & Retail, Banco CTT and business solutions

2. Mail & other excluding business solutions

1. Digitalization and e-commerce growth driving change in mix

2. New supply chain dynamics, reinforcing opportunity for local/regional players

6. Slowdown in brick-and-mortar chains, thus increasing the social and economic rolesof postal retail networks

3. Consumersdemanding increased convenience and speed

4. Technological evolution pushing efficiency and customer service

7. All stakeholders requiring sustainable and socially responsible businesses

5. Businesses looking for "one-stop-shops"

for digitalization

1. Digitalization of communication and e-commerce driving a significant shift in volume mix for postal incumbents

1. LikewiseIn Portugal

2. Decentralization of supply chains reinforce the opportunity for local/regional players

North AmericaEurope2 South AmericaMiddle EastAsia-Pacific3 North AmericaSouth America3 9 26 <1<1<1<111231652162Top 5 trade lanes 60% of cross-border e-commerce flows come from intercontinental orders Global players building networks of fulfillment centers to increase resiliency Regional suppliers complementing for last mile to improve quality and speed of service

3. Consumers demanding increased convenience andspeed of delivery

Clients value proximity, flexibility, and sustainability of delivery points…

convenience (next 3 years)

growth of points of 30%

e-stores in Europe with pick-up points

… while expecting their parcels no later than next day

30%

abandoned a shopping cart due to shipping time reasons

34%

pinpoint long delivery times as a key reason to shop in stores instead of online

>38%

>50%

higher checkout conversion if providing 100% effectiveness options

General willingness to pay extra for same-day delivery

Willingness to pay >€1 surcharge for same-day delivery

4. Technological evolution driving efficiency and customer service

6. Postal networks play an increasingly important social and economic role, given the brick-and-mortar slowdown

While there is a closure of brick-and-mortar services

16

Ambitious but well targeted

ESG strategy

and plan: becoming fundamental to underpin business objectives and engage stakeholders

Regulatory requirements

According to EU 2020/852 sustainability includes:

• •Socially contribution to environmental goals
• •Reaching social requirements (e.g.. gender gap)
• •Meet minimum selection criteria (e.g., diversity)

Investors

10-20% valuation uplift possible for companies with strong sustainability focus

Consumers

Interest about sourcing

Expectations convenience, responsibility and environmental care

Employees

Priorities include participative engagement, recognition of merit or management of diversity

The sector is deeply changing in the backdrop of digitalization and changing consumer habits andexpectations

1. Digitalization and e-commerce growth driving change in mix is already seizing these transformation opportunities

2. New supply chain dynamics, reinforcing opportunity for local/regional players

Slowdown in brick-and-mortar chains, thus increasing the social and economic rolesof postal retail networks

3. Consumersdemanding increased convenience and speed

4. Technological evolution pushing efficiency and customer service

7. All stakeholders requiring sustainable and socially responsible businesses

5. Businesses looking for "one-stop-shops"

for digitalization

Having been able to achieve diversified, sustained and profitable growth

Revenue evolution 2018-21

€m

We have converted declining mail revenues into higher diversified growth business revenues

Express & Parcels was the main contributor to revenue growth with FS&R and BCTT also registering healthy growth

BCTT was the main driver of increased profitability (EBIT) with E&P and FS&R also contributing positively

1. Recurring 2. Including Business Solution and Central Structure

3 key landmark achievementsshaped our way in 2019/20/21

1

2

Key landmark achievement 2: Bank breakthrough

22

Banco CTT: a proven

business model and

achieving profitability

in adverse conditions

a clear strategy

>570kcurrent accounts Sizable and high potential customer base, in just 5 years of activity

Establishment of a meaningful consumer finance business, based on high potential partnerships

>€700m off-balancesavings AuM

Leverage on CTT Group's tradition on savings' placement, while also exceling in bancassurance

Key landmark achievement 3: concession contract

New postal law provides checks and balances for pricing and quality parameters

7-year contract: 2022, a transition year followed by two 3-year terms

Price

Criteria based on historical data to be defined by agreement between CTT, ANACOM and the Consumer Directorate-General

Quality

To be approved by the grantor upon ANACOM's proposal following European best practices

Density

Going forward we envision a better, faster, and greener CTT

Faster

Better, Faster and Greener

Iberia: a large and growing market, with a unique potential to accelerate e-commerce penetration

Iberia is the 4th largest European market after the UK, Germany and France, and is predicted to be the fastest growing e-commerce market in the years to come

2 0 1 8	2 0 2 1	2 0 2 3	C h l t t o a n g e, a	C h % a n g e,
2. 7 5	3 2 1 1.	9. 1 5 1	8 6. 6 +	9 1 1 % +
5 5. 5	8 6. 6	1 0 9. 5	5 4. 0 +	9 7 % +
3 3. 1	6 5 5.	6 6. 6	3 3. 5 +	1 0 1 % +
1 5. 3	2 7. 6	3 3. 7	1 8. 4 +	1 2 1 % +
1 3. 9	2 5. 3	2 9. 8	1 5. 9 +	1 1 4 % +
9 7.	2. 9 1	1 5. 5	6 7. +	9 7 % +
1 0. 1	2 1. 3	2 7. 9	1 7. 8 +	1 7 6 % +
1 0. 1	2 4. 4	3 0. 7	2 0. 6 +	2 0 4 % +
1. 7	3. 6	4. 6	2. 9 +	1 7 0 % +
1 1. 8	2 8. 0	3 5. 2	2 3. 5 +	1 9 9 % +

29

European e-commerce market €bn

%

Iberian focus is decisive for our growth ambition

Retail

Unique capillary network, associated with customer proximity

Excel in public debt placement and become a leading distribution network of non-life insurance

Leverage existing in-person traffic and increasingly available digital / selfservice functionalities

Solving for customers' convenience and daily service requirements and eliminating pain-points

emerging as a unique proximity platform for provision of convenience services

Bankfast forward growth based on 3 axis

Monetize customer base,

deepening banking relationships

Excel in life savings,

leveraging CTT legacy as long-term savings platform

Grow consumer lending,

aiming to become a reference player in Portugal

ESG: consistently raising our commitments and achievements

The world needs to be decarbonized, embrace diversity, and enhance business ethics …

…and CTT is an active part of this mission

Committed to deliver

e-commerce in Iberia

and growth in our retail services platform in Portugal 37

Agenda

W l i e c o m e s e s s o n	h 8 3 0	S F i i l i n a n c a e r v c e s d R i l t a n e a	0 h 1 5 5
M i l a	9 h 2 0	B C T T a n c o	1 1 h 1 0
P l d a r c e a n S C l i t e o m m e r c e o u o n s -	9 h 3 5	S G E	1 1 h 3 0
O i t p e r a o n s	9 h 0 5	F i i l b i i t n a n c a a m o n d i d a n g u a n c e	1 1 h 0 5
Q & A d a n C f f b k o e e r e a -	h 1 0 1 0	W Q A d & r a p p a n -u	h 0 1 2 1

Business under transformation with mail weight in group decreasing over time

437

The contribution of mail out of total revenues has decreased in the last years While the total revenue has consistently increased 33% 38%49%67%201862%201945%55%202051%2021-18pp. (2018-21) 2018 2019 2020 2021 472 461338407 411 708236 ²⁷⁹ 848 740 745 +6%p.a. (2018-21)

Other business units Mail

CTT mail business with strong EBIT margin leveraging strong competitive factors

01

… through a more efficient and modern operational structure…

02

… leveraging the new USO contract that gives CTT room to substantially offset the expected decline in mail volumes and transform operations

Peers EBIT margin, 2021

Source: CTT

Mail is an asset and creates the opportunity to address a large customer base of Corporate and SMEs, with extended services offer

Mail creates the opportunity to address a very large customer base of corporate and SMEs, of more than 600k companies, with a large services offer and supporting the digitalization process

/ relationship with all

Capillary presence, with Account Managers and +570 stores

Large customer base

companies in Portugal

Mail

Strong brand

Extensive track record of business support skills

Knowledge of processes and flows of digitalization of large companies

Strengthen the relationship with the clients

Corporate and Public entities

Tailored solutions, from doc management, to BPO and contact centers

SMEs

Standardized and mostly digital and self-service solutions

The strategy for Mail business will follow these three pillars

Price strategy Digital services Business solutions

• Price increases improving the sustainability of Mail business
• Increased price flexibility allowing to manage the churn rate

Significant growth

of digital services ensuring that CTT creates more value and be a reference in digital transactions, as its customers are undergoing the digitalization process

1/4 of customers

with both physical and digital CTT solutions, creating more stickiness

Develop new products and solutions

to provide clients with integrated solutions focused on efficiency enhancement

Building the digitalization roadmap to connect businesses with people, enhancing the use of Via CTT to promote security in mail deliveries

CTT promotes the digitalisation providing digital and safe solutions for SMEs and corporates

E-carta (e-letter)

The solution of E-carta creates a secure environment to send mail without printing, or manually packaging, generating a normalization of the documentation and controlling the mail volume with a significant cost reduction

01 Documentation normalization02 Mail volume control, possibility to track all mail in last 12 months 03 04

Process optimization and simplification, reducing the friction to send mail

Cost reduction, reduction of printing and sustaining mail volume

Business solutions complement mail value offering, helping B2B customers drive their business across the value chain

Source: CTT

NewSpring reinforces Business Solutions' offering allowing to expand services provided in Mail value chain, moving to VAS and managing client relationship

1. Including Business Solutions in CTT and NewSpring

Extended service offer, targeting specific needs of large customers and public entities with tailored solutions

For corporates and public entities, we have tailored solutions, based on the client's needsFor SMEs we develop a one-stop-shop solutions factory that offers full support to their businessMail for business Document mgmt Support servicesMgmt vertical• Printing and finishing • Mailrooms• Archive• Ensuring the use of secure physical and digital mail for our business clients• Via CTT (digital mail) • Tailored Online and physical marketing campaigns • Wi-fi & mobile comms• Administrative BPO• Specialized BPO• Contact centers• STICO (fines' management system for Public entities) • Geographical servicesMarketing & Advertising Support the businessEmpower the business

Increased product mix by developing transversal and turnkey offers that can address SMEs' needs, from e-carta to contact centers and self-service advertising tools

50

CTT developing its multi-channel presence with innovative sales channels such as inside sales and outbound capabilities

CTT leveraging existing sales channels to serve all customer segments

Key account managers Sales representatives Inside salesInbound / Outbound CTT storesIndirect channelDigital channelMicro companies ConsumersSmall companies Medium companies Large companies Centralized channelsDistribution channel

Existing channel Potential channel

52

We are transforming our GTM strategy through key initiatives and main objectives per sales channel

		C e	l i d h t n r a e c a n n z	l e s		D i i b i t t s r o u	h l n c a n n e
	Ke t y ac co un m an ag er s	Sa les ive ta t re p re se n s	Ins i de les sa	In bo d / un Ou bo d t un	D ig i l ta ha l c nn e	In d ire t c ha l c nn e	C T T to s re s
K e y i i i i t t n a v e s	D l i t o c o e v e p n g u s i d i l f f t t n e g r a e m a o d e p a n c r o s s- p r o x D i i l d f f t t g a p o u c o r i i t t n c e r a n c o r p o r a N d f f t e w p r o u c o e r T d d i i t t a r g e e a v e r s C E P t c u s o m e r s	i d m z e d e r s a n d i t u c c a m p a g n s e s r l t e c u s e r s s a r e a s i l i t n g m a g v e n o	S d d t a n a r i d t s e r c e s p r o u c v T i l k i t t a c c a m a r e n i t c a m p a g n s o p r o i n e w s e r v c e s	s g t m o e	I d t t n e g a e r d i i l i i t g a s e r c n g v f l, b h t t p o r a o r o C E P d i l a n m a	U f h d i i t s e o e e c s o i l c o m m e r c a a p p r o T i l t a c c a k i i t m a r e n g c a m p a I t t n- s o r e c u s o m e r P i k- t t r o a c e r a c r e v f l l i s m a c o m p a n e s	i h t t n r e e n e h a c g n s i i t t a c v a o n d t t t c o r c o n a c o i l t t r o m r e a s o r e s
M i a n b j i t o e c v e s	E h n a n c e r e c u r r e n I h f n c r e a s e s a r e o f i i t t o e s n g c u s o m x I h f f i i t n c r e a s e e e c f h i l t o e c o m m e r c a	b t t c u s o m e r a s e l l t a e w e r s e n c y k t n e o r w	C l o v e r a a r g e r n u f i l l i t t t o p o e n a c e n I d t n c r e a s e p r o u c	b m e r s i t t p e n e r a o n	I m p r o v e t c u s o m e r i e x p e r e n c e P t r o m o e t r e m o e i i f t t n e r a c o n o r i l m a A l t c c e e r a e e- c o m m e r c e d i t a o p o n	L h t t e e r a g e e c u s v b d h h t a s e a n e s a r I h f f i i t n c r e a s e e e c f h i t o e c o m m e r c a	o m e r f l l t e o w a e e n c y l k t n e w o r

Mail highlights

New USO contract providing stability and sustainability to post business

'Hook' to bring extended offer to large corporate and SME customer base

Wide range of tailored business solutions for corporate and public entities and standardized services for SMEs

CTT with a multi-channel presence

8h30 Welcome session MailParcel and e-Commerce Solutions Operations Q&A and Coffee-breakFinancial Services and RetailBanco CTTESGFinancial ambition and guidance Wrap-up and Q&A Agenda 9h35

Parcel &e-Commerce Solutions

01 Unique Iberian setup CTT as the preferred e-commerce player in Iberia by customers 02 03 One-stop shop along the value chainSuperior multichannel customer experience CTT as the preferred e-commerce player in Iberia by customers

Through cross-border Iberian flows with room to grow, converging EBIT margin

Iberian coordination started focusing on the Operations stream and commercial know-how and product offering being addressed

QUALITY OF SERVICE

• Operational stream to guarantee a true Iberian operation and quality of service

• Product, commercial practices and client know-how sharing between markets

COMMERCIAL KNOW-HOW

• • Product catalog and VAS alignment
• • Expansion of align last-mile offering (same-day, cargo, etc.)
• • Expansion of PUDOs offer in both markets

PRODUCT OFFERING

• • Standardization of client interaction/communication
• • Implementation of live tracking and predict

On-going initiatives

1. 2021 estimated; IMR market share in 2020stood at 20% in Portugal

62

The strategy in Portugal follows three phases

01 Have the widest offer in the market

Key last-mile offers

• •Next Day and 2 days delivery
• • 2-mendelivery
• •Cargo
• •Same-day & Instant delivery
• •Green delivery

Available features

• •Time-slot
• •Three delivery attempts
• • SMS notification and contact consignee
• •Option to change delivery

⁰² Benefit from the growth of e-commerce in Portugal

>50 %

market share for global marketplaces operating in Portugal

e-sellers in Portugal work closely with CTT

⁰³ Help the market grow and consolidate leadership

Facilitate digitalization process, with full range of services in the e-commerce value chain

…

1. 2021 estimated; IMR market share in

CTT aspires to gain significant market in Spain while consolidating its leadership position in Portugal

E-commerce growth 2021-25, % CAGR

Source: Statista Consumer Market Outlook

CTT aims to be the one-stop integrated player in Iberia offering e-commerce solutions across the whole value chain for Iberia

E-commerce offer

The early stage of the fulfilment market offers ample growth opportunities both in Portugal and Spain

Payments' solutions is an important enabler for CTT´s ability to cover business e-commerce needs

The increase of e-commerce changed the payment ecosystem, leading to an ambitious strategic plan of new capabilities and payment offers at CTT Group, trying to capture the potential market

The full range of CTT's commerce services can help companies manage their business in different needs

Support the business

Support processes

• Call center
• •Business support processes

Payments

•Physical and digital

•

•

Energy services

Software

• •Equipment
• •Fleet management

Empower the business

Online sales

•Online shops creation

Management tools

• •IoT Services
• •Software vertical solutions

Advertising

• •Direct mail and unaddressed mail
• •Digital advertising
• •Wi-fi and mobile communications
• •Giftware

Geographical services

Geomarketing Geographic webservices

Georouting Geo data base

Deliver the business

Logistics

• Traditional
• E-Fulfillment

Dispatch

• Module e-commerce offer
• Partnerships

Reception

• Pick-up and drop off points
• CTT 24 hours lockers
• Easy return solutions
• E-Fulfillment
• Traditional logistics

Positioning client experience at the center of its value proposition, improving customer convenience and out-of-home network

Building the largest locker network in Portugal to improve customer experience and drive operational efficiency

Our vision is to have a customer centric positioning, simplifying and improving the digital touchpoints for both B2B and B2C clients

+30 different digital touchpoints not integrated (e.g., portal / app for Banco CTT, lockers)

From a product centric focus (<2021)

Useful services provided separably

High level of difficulty in cross-selling and upselling every time

2 digital touchpoints, B2B and B2C, putting the client at the center of the value proposition

For B2B, enhancing portal experience, integrating all business solutions in one digital ecosystem, facilitating the cross-selling, and enhancing the customer experience

For B2C, an "app centric" concept, creating an integrated super app for all services that CTT offers (e.g., Delivery status, Track and Trace, PUDOS, Consumer support)

CTT is currently developing a solution for these customer experience solutions

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Entregar agora	Gerar cartão 3x	Tirar senha digital	Seguir objeto
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Pagar portagens	Estacionar	Adicionar fatura	Pagar fatura
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com os CTT		eba	Ťж
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	Booking

Parcel and e-Commerce Solutions highlights

Unique position to capture the significant growth potential of the Iberian e-commerce market

Grab share in Spain, support market growth from a leadership position in Portugal

One-stop-shop in e-commerce (including fulfillment) across Iberia

Superior customer experience with an extended PUDO network and customer centric digital touchpoints, 'app centric'

Ambition underpinned by a strong brand, unique B2B sales force, and enhanced customer experience and loyalty 76

9h50 Welcome session MailParcel and e-Commerce Solutions Operations Q&A and Coffee-breakFinancial Services and RetailBanco CTTESGFinancial ambition and guidance Wrap-up and Q&A Agenda

CTT has overcome significant challenges in both markets to accelerate the CEP turnaround in Iberia

Two separated networks, posing clear synergy opportunities

1. EBIT Recurring, Individual accounts

Source: CTT

CTT is the CEP player with the best-integrated network in IberiaBUILDING ON ITS UNIQUE FOOTPRINT AND OPERATING MODEL,

Integration of mail and parcel operations in Portugal

CTT has accelerated the integration across Portugal and Spain, to build a true Iberian platform

Source: CTT

2. New CTT

Now deploying transformational pieces addressing the top business priorities Foundation elements of the Iberian architecture now in place Vision for CTT technical architecture and transition roadmap is now establishedConverging to a single Iberian architecture in the middle termMicroservice approach Event BUSNew cloud-based API Drivers' Mobility app Iberian Suppliers Portal

Management

• Gradual migration from legacy to new IT platform
• Roadmap for transition

New architecture enables process convergence across geographies

Allowing for

• agile deployment of new features
• smooth transition from legacy to new IT system

83

N.a.

On-going

On-going

• 100% traceability roll out in progress
• Decision Server

technical architecture under implementation

4. CTTdeployed a unique E&P network across Iberia

Expanded capacity along the logistic chain to support e-commerce growth and leverage economies of scale

Portugal Spain

Expanded Iberian footprint is becoming a competitive advantage

…and is yielding results

Last-mile unit cost per object1

€ Unit cost 2019=100

1. last mile account for ~2/3 of CEP direct costs

CTT is the CEP player with the best-integrated network in IberiaBUILDING ON ITS UNIQUE FOOTPRINT AND OPERATING MODEL,

CTT is accelerating the integration of parcel and mail networks in Portugal

"Decision server" enables a state-of-the-art parcel integration strategy in mail network

D i i i l l i t t e c s o n s e r v e r n e g e n : l l h t t t t a y e r e e r n a o e s o r e r x h i l t t t a m p e m e n s a m o r e l d i i t t t g r a n u a r e c s o n r e e o r o u e h h l P l t t p a r c e s r o u g a o s a o r E H b x p r e s s u	O S P T A L H U B	S O R T I N G	S S E X P R E H U B
S i i b l t o r n g v a r a e s
P k i t a c e s z e	S l l m a		M d i / L e u m a r g e
P k i h t t a c e e g w	L i h t g		A l l
D l i t e e r y y p e v	C B 2		C B 2 B B 2 o r
D l i i i d t e v e r y m e- w n o w s	N o		Y e s
f H b- i i i l i i t t u s p e c c c a p a c y m	A d j d d i l t u s e a y		-

• Packets more suited to be delivered by fixed mail routes are routed through postal hubs

• • Improved quality performance

• •Distribution at marginal cost

• •More carbon efficient

• Allows for daily demand management in each hub to maximize capacity utilization and protect quality

Cap in each postal hub is adjusted frequently to maximize capacity utilization and protect quality

Accelerated distribution transformation, leveraging "shamrock" model to improve productivity and increase parcel distribution capacity

Several initiatives in the pipeline to keep driving efficiencies in mail network

4-DAY-WEEK

DYNAMIC ORGANIZATIONS

Three organization setups to allow hub to cope with demand volatility

ELEMENTARY SEGMENTS

• Route divided into 10-15 segments
• Route setup number of routes and respective segments – is optimized daily, depending on incoming volumes and available resources

Operations transformation sustained by lean working model

Shopfloor optimization and visual management

2

1

Structured management routines to engage frontline

Vehicle for cultural transformation with positive impact in teams' 3 productivity and morale

Establishing short-term incentives for mailmen and operational managers

CTT is upgrading its customer care layer to enhance customer experience

Operations highlights

Best integrated CEP network in Iberia

Expanded capacity to support growth and attain economies of scale

State-of-the art parcel integration strategy into the mail network

Prioritiesgoing forward:

• -integration into a single Iberian platform
• -efficiency
• -customer experience

Welcome session MailParcel and e-Commerce Solutions Operations Q&A and Coffee-break10h55 Financial Services and RetailBanco CTTESGFinancial ambition and guidance Wrap-up and Q&A Agenda

Financial Services & Retail is a large EBIT contributor for CTT Group and will continue to drive growth through its two lines of business

Financial Services & Retail EBIT Recurring. €m

Capitalizing on a strong track record and clear identity in financial services primarily public debt (4B € issued last year) and non-life insurance

Services and Retail products

Leveraging capillarity and volume of branch/ agent network to offer services and retail products

In Financial Services, the ambition is to maintain public debt sales and become a leading distribution network of non-life insurance products

Conversion of financial products in customers set to increase and reach >15% by 2025

1 Survey Dez 2021-March 2023 with 3,050 answers across 424 CTT branches

New and enhanced product suite to help CTT grow financial services business

Financial solutions for small and microbusinesses enable business diversification,

moving our positioning in retail also to the corporate segment

Complementing Banco CTT strategy

(exclusively targets individuals)

ambition to reinforce proximity and become a one-stop-shop for customer service needs

In Retail,

Capillary network,

associated with customer proximity, present in all municipalities

Leveraging existing in-person traffic with 65k unique client visits/day, as well as increasingly available digital / selfservice functionalities

Solving for customers' convenience and daily service requirements and eliminating pain-points

Explore unique network capillarity across the country

570

branches spread across the country

>1,800

agents that commercialize CTT products and services

All 308 municipalities

with a CTT store

New concept stores being developed, with digital and self-service functionalities Detailed nextLeverage high in-person traffic combined with available digital/ self-service functionalities1 Survey Dez 2021-March 2023 with 3,050 answers across 424 CTT branches Reasons customers go to stores: parcels gaining relevance SendMailSendparcels Receiveparcels Pay invoicesPay tolls Pensions Banco CTTPublic debt64%57% 49%11% 10% 9% 9% 8%unique client >65k visits/day of active clients1 visit retail network >70% at least once per month 109

New concept store with proven results and potential to be expanded across Portugal

1. Only for periods when the 5 new concept stores were implemented

Solve for customers' convenience and daily service requirements and eliminating pain-points

Current focus

• •Subsidies
• •Tax payments
• • Documentation renewal

Potential opportunities

• •Other citizenship services
• • Energy & telco contracts

Financial Services and Retail highlights

Well established financial services franchise

Operating other third-party contracts: Government, bank and insurance – with the ambition to become a leading distributor of non-life insurance

Proximity network with 65k of unique daily visits

An important platform for individual, small and medium companies

Welcome session MailParcel and e-Commerce Solutions Operations Q&A and Coffee-break11h10Financial Services and RetailBanco CTTESGFinancial ambition and guidance Wrap-up and Q&A Agenda

Launched in 2016 with a unique and difficult to replicate value proposition

Simple and low-cost product offer, that is easy to understand and operate

Ecosystem with seamless integration for partners, providing platform to offer best in class third party products

Always nearby, combining efficient physical channels (nationwide coverage) with agile digital and mobile distribution platform

A recognized and well trusted brand 116

Sizable and profitable franchise, with urban, young and digital profile

Thousands of bank accountsFrom Zero to >570,000 bank accounts

Our client base

30 - 45 years

Core age (vs. >50 years average for the sector)

>65%

Urban clients (vs. ~60% average for the sector)

>50%

Active digital users

Strong growth across all business lines

€m

1. Includes partnership book with Cetelem

In 2021 net income reached €16m, €3m excluding specific items (mostly related to sovereign bond sales)

Strong profitability improvement on the back of:

Organic growth, with revenues growing over 27% p.a and costs only 9% p.a. (improving CIR to 79%) and CoR of 1.0%

i

Acquisition of 321 Crédito, since then a catalyst of profitable growth for Banco CTT ii

Banco CTT Statutory perimeter (excludes Payment business within CTT)

ROTE: Return on Tangible Equity (Tangible Book Value of €150m as at Dec-21)

Going forward, business growth based on 3 levers

Monetize customer base,

deepening banking relationships

Excel in life savings,

leveraging CTT legacy as long-term savings platform

Grow consumer lending,

aiming to become a reference player in Portugal

Aiming at ROTE of 11% to 13% (2025)

Monetization will take place through deeper client relationships and more favorable monetary context

€)

account (

Average yearly commissions per

Excel in bancassurance, leveraging customer franchise, top of mind awareness and digital processes

AuM,

€m

Positive track-record under adverse and non-guaranteed off-balance products

Recent performance and ambition

Grow consumer lending to turn BCTT into a reference player in the Portuguese market

Profitability aspirations for 2025 at double-digit ROTE

Return on Tangible Equity (ROTE)

excluding specific items

Source: Banco CTT Business Plan

Projected double digit ROTE, above market average

(9-10% Bloomberg implied forecast for 2024)

• Revenue growth driven by current business dynamic + monetization initiatives + higher interest rates 1
• Continue to improve the CIR to below 60% (vs. 79% in 2021) 2
• Increased loan losses with higher volumes and a cost-of-risk of 1.1%-1.3%3

Self-funded plan, seeking to maintain capital ratios at c. 15%

Banco CTT highlights

Banco CTT has already ^aproven track record:

• A new Bank with a unique and difficult to replicate value proposition
• A sizable and profitable retail franchise: over 570k customers with a young, urban and digital profile
• … and has a clear growth strategy:
• Continue to grow its customer base while strengthening relationships/cross-selling
• Focusing on high value business lines: off-balance savings products and consumer lending, leveraging its customer base and selected partnerships

Overall, strong and self-funded growth aspirations aiming a projected double-digit ROTE for 2025 ¹²⁵

Welcome session MailParcel and e-Commerce Solutions Operations Q&A and Coffee-break11h30Financial Services and RetailBanco CTTESGFinancial ambition and guidance Wrap-up and Q&A Agenda

CTTA strong position across ESG dimensions

particularly in environmental performance

1.International Post Corporation´s Sustainability Program Source: CTT

Environmental commitment

100% green electricity

Leadership A- @ CDP rating on Climate Change #2 in Portugal #3 across post peers globally

20% emissions reduction from 2013

#4 in sustainability performance @ IPC

Reusable Eco Packaging Honorable mention 2022, National Sustainability Award

CTTA strong position across ESG dimensions

promoting employees development and well-being

1.International Post Corporation´s Sustainability Program Source: CTT

CTTA strong position across ESG dimensions

creating a positive impact on communities

1.International Post Corporation´s Sustainability Program Source: CTT

Social initiatives

Increasing capillarity in Portugal: +33 additional stores100% of municipalities

Digitalization of critical local commerceduring COVID19

0.8%of EBIT invested on social initiatives

"A Tree for the Forest" a citizenship project - Honorable mention 2022, National Sustainability Award

CTT has the vision to be on the forefront of environmental commitment, while caring on CTT's people and local community

Environmental (E)

Net-zero by 2030 with 100% of green vehicles in the last mile, and 50% of green vehicles by 2025

Linked with SGDS

Caring people and diversity experience

Gender parity of top and mid-management by 2025

One of the top employers in Portugal by leveraging employees' centric culture as one of the key priorities

Ambitious promotion of our local community

Allow CTT employees' active participation (3 days per year on average) and an investment of 1% of EBIT, in volunteering and social impact programs that positively impact local communities by 2025

Leading ESG operating model

Introduce specific incentives linked to ESG goals to 50% for top and mid-management by 2025 and boost employee engagement

10 initiatives

Outlined next

CTTEnvironmental initiatives

three key areas

Decarbonization by 2030

100% Last-Mile vehicles by 2030 and 50% by 2025

45% of outsourced fleet employing green vehicles by 2030, and 20% by 2025.

Reach 100% by 2030, and 30% by 2025

"green mail" (carbon neutral and recycled packaging)

green deliveries for all marketing, mail and E&P deliveries

Reach 100% of recycled and/or reusable packaging by 2030, and 80% by 2025

Increase involvement with green packaging providers

Promote responsible consumption

We aim to accelerate the decarbonization path to become carbon neutral by 2030

136

CTTTop employer in Portugal

three key areas

Diversity and inclusion

Reinforce recruiting plan for disabled people to hire up to 50 new hires in the next 3 years

Achieve parity at Top and Midmanagement, including the Executive Committee

New training approach for supporting and encourage Women Leadership (FY23)

Employee experience and talent management

Improve the employee experience to increase retention (turnover less than 2.5%)

Redesign areas of the workplace and deliver innovative work tools to maximize the new way of work

Design career paths covering all roles based on an attractive EVP1 and supported by training strategies (FY23)

Reskill all employees who can't perform permanently their role

Health and safety measures

Maintain high standard measures to ensure health and safety conditions for all employees, and promote well-being initiatives

Fully implement the new occupational health approach focused health prevention and rehabilitation

Alignment with the UN Decade of Action for Road Safety 2021-2030

Employee Value Proposition

CTTSocial objectives

positive impact in local communities

Impact to local community

Total capillarity across 100% municipalities and rural areas

Proximity service to population

Procure and buy 75% of purchases1 from local players in Iberiaby 2025

Social and cultural integration

Actively enhance participation and investment in social impact projects from 0.8% of EBIT to 1%

Social and volunteering programs

Allow 3 days per year on average per employee

CTTESG incentives and engagement

enhancing applicability

Code of conduct

New code of conduct implementation during 2022

100% employee awareness

Setup monitoring measures and training

ESG incentives

Set monetary ESG incentives to 50% of top and mid-management positions by 2025, including the executive committee

ESG highlights

Solid starting position, particularly on the environmental axis

Ambition to be on the forefront on environmental, social and governance practices

• Accelerate the decarbonization path to become carbon neutral by 2030
• Become a top employer in Portugal and promote a positive social impact in our 'proximity' communities
• Launch widespread ESG incentives and enhance the applicability of the code of conduct

ESG as one of the key pillars for our internal transformation

Welcome session MailParcel and e-Commerce Solutions Operations Q&A and Coffee-break11h50 Financial Services and RetailBanco CTTESGFinancial ambition and guidance Wrap-up and Q&A Agenda

Financial Ambition and Guidance

CTT has been in a transformation journey consubstantiated in a deep reshape of its business profile

1. Express & Parcels, Financial Services & Retail, Banco CTT and business solutions

2. Mail & other excluding business solutions

We have been able to achieve

sustained and profitable growth while diversifying operations

14

Express & Parcels

⁸

FinancialServices& Retail

1

Solutions

-52

FY18 Legacy Mail1 Business

Key drivers

Reduced mail operations offset by gains across other areas contributing to revenues and EBIT uplift between 2018-21

Increased E&P activity in Portugal and Spain as the main driver of growth

Banco CTT growth achieving >500k client base as an important driver of revenue evolution

Financial services & retail solid performance strongly driven by public debt sale

1. Mail & other excluding business solutions 2. Recurring

72%

28%

Banco CTT FY21

With this transformation we are now exposed to sustained growth

Leveraging on Iberian e-commerceThrough a broad offering and a joint Iberian approach

Accelerating consumer credit, savings & insurances Monetize customer base, excel in life savings and grow consumer lending

Striving for a sustainable mail business

Through the new concession contract and operational efficiencies

1.Express & Parcels, Financial Services & Retail, Banco CTT and business solutions 2.(Non-mail business) Mail & other excluding business solutions

Elevating our ESG commitments

Through a new ambition and alignment of incentives

And we aim to achievesustained and meaningful growth until 2025

1.Express & Parcels, Financial Services & Retail, Banco CTT and business solutions 2.Mail & other excluding business solutions

(non-mail)1 Legacy mail2

Main KPIs per business segment

1.Individual accounts2.Operational effectiveness delivery rate 3.Estimated; IMR market share in 2020 stood at 3% in Spain and 22% in Portugal 4.% of walk-ins that acquire financial services

To support our growth, we are committed to continue investing strongly in our business

Key areas of investment

Increasing sorting capacity across Iberia

Develop lockers network in Portugal

IT developments to drive customer experience and efficiency

Reinforcing quality of service

Although a recession scenario likelihood has been increasing, we still believe that the base case is a growth trajectory

B a s e m a c r o e c o n	i o m c					i i T l m e n e	f i i o r e v s o	f 2 0 2 3 n s o r
i o s c e n a r		2 0 2 2	2 0 2 3	2 0 2 4	2 0 2 5	M h a r c	A i l p r	M a y	J u n e	J u n e
G D P lu io t ev o n		4. 3	2. 9	2. 8	2. 0	2. 9	3. 3	3. 4	2. 2	2. 8
Yo Y, %		5. 4	2. 3	2. 2	2. 2	2. 9	2. 1	2. 7	1. 7	2. 6
Pr iva io te t c on su m p n		0. 8	4. 0	2. 8	-	3. 9	-	3. 8	3. 2	4. 9
lu io t ev o n Yo Y, %		4. 5	3 1.	1. 5	-	9 1.	-	2. 3	0. 5	2 1.
In f la io lu io t t n ev o n		6. 7	6 2.	6 1.	6 1.	2. 0	1. 3	1. 8	4. 8	6 2.
Yo Y, %		5. 2	2. 5	1. 6	1. 3	1. 6	1. 5	1. 9	4. 0	2. 7

Source: IMF, OECD, EU, Banco de España, Banco de Portugal

150

If a scenario of recession materializes, we have several tools to ensure the necessary flexibility to surpass it

Growth Capex adjustments

Postponing non-committed Capex which can represent up to ~50% of total investment over the next 4 years

Outsourcing costs reduction Potential to absorb additional E&P traffic in base network in a scenario of lower-than-expected volumes, reducing outsourcing costs currently at ~€25m/year

Robust Balance Sheet

Conservative leverage Increased real estate liquidity and optionality at Banco CTT

Nevertheless, we are already working on

additional efficiency benefits across the entire cost base

Two thirds of these benefits will be realized as early as 2023, including quick-wins of €5-6m still in 2022

Recent trajectory and cost initiatives should enable us to achieve recurring EBIT above €65m in 2022

EBIT Recurring delta YoY, €^m

1.Including Business Solution and Central Structure

2.Recurring Note: EBIT guidance for GY22 of 65-75M€; for simplicity of this slide we present the 65M€ scenario

Financial Framework

Net Debt / EBITDA with Banco CTT under Equity Method

<2.5x1

35-50%

Dividend payout ratio commitment until 2025

We remain committed to grow and consolidate our business model while improving shareholder remuneration

Key principles

Enable CTT to continue to pursue its objectives of investing in business growth and to be a reference Iberian player in logistics and e-commerce

Ambition to implement an attractive shareholder remuneration policy, constituting an adequate source of income for its shareholders

Combine recurrent, dividend-based, and opportunistic shareholder remuneration, based on SBB and subsequent cancellation of shares, that is within the content of specific market conditions

1. Consolidated net debt including lease liabilities, assuming Banco CTT under equity method, compared with consolidated EBITDA assuming Banco CTT under equity method

Balancing uses of cash in investing in organic growth and commitment to shareholder return

• Cash flow to benefit from revenue growth and operating leverage – namely in E&P
• No additional commitments to Banco CTT envisaged
• Capex leans towards transformation and growth and offers management flexibility
• Recurrent shareholder remuneration to be covered by free cash-flow
• Excess free cash-flow to be enhanced by monetization of asset pool
• Excess free cash-flow to be allocated in inorganic growth or used for opportunistic shareholder remuneration

Additional sources and uses of cash

A. CTT has received several offers for a strategic partnership to accelerate the growth potential of Banco CTT

• Reserved capital increase to the potential partner in Banco CTT in exchange of a minority stake • Proceeds to be devoted to already identified new RoE accretive business initiatives1 Strategic Partnership in Banco CTT Long-term exclusive nature • Life and non-life• Would cover CTT and Banco CTT networksCTT has received several offers of interest to establish the strategic partnership and continues to make progress with potential interested parties It is noted that no decision has been made in relation to the potential partnership and that there is no certainty as to whether ongoing conversations with interested parties will translate in the signing of the relevant transaction documentationCTT will provide information in due time of any decisions that, as the case may be, might be made, when and in the manner required by law Disclaimer 2Insurance Distribution Agreement

B. Pursuing a dual strategy for the optimization of the real estate portfolio

Portfolio optimization

• • c. 400 assets, representing €110mof book value
• •Stable rental income
• • Large, scattered and diversified portfolio of points of presence of CTT with long term leases

Yield generating assets Development Assets

Asset by Asset optimization

• • Up to 10 assets, representing €24mof book value
• • Development of large and sizeable mixed use/urban projects in existing land plots of CTT
• •Specific core assets in city centers

B. Started exclusive negotiations to create a vehicle to be invested by institutional partners

Incorporating c. 400 assets, both retail and operations, crystalizing its value

Optimizing return of unused and vacant assets

Growth potential for future build-to-suit opportunities for CTT's operations

C. Value accretive targeted M&A to improve our Iberian competitive footprint in e-fulfilment and last-mile activities

Financial highlights

CTT is poised for growth: we ambition to reach in 2025 a recurring EBIT of €100-120m up from €60m in 2021 (+67% to +100% vs 2021)

CTT will be able to monetize and crystallize its asset pool, namely BCTT and its Real Estate assets, enabling significant financial flexibility

Financial flexibility will be used to build a more significant and competitive footprint in the Iberian peninsula and to provide attractive returns to shareholders

Welcome session MailParcel and e-Commerce Solutions Operations Q&A and Coffee-break12hFinancial Services and RetailBanco CTTESGFinancial ambition and guidance Wrap-up and Q&A Agenda

CTTready and geared for growth

The sector changed and remains moving through digitalization and changing consumer habits andexpectations…

… CTT seized that as an opportunity and deeply transformed itself …

… 3 key achievements: Spain turnaround, bank breakthrough and new concession contract…

… going forward, we've set up a diversified company …

CTTready and geared for growth

… capturing the Iberian e-commerce opportunity with an integrated one-stop-shop offering…

… leveraging proximity and trust to cater to B2C customers' financial and retail needs through multiple channels…

… with increased focus on productivity, efficiency and customer service excellence…

… and at the forefront of environmental, social andgovernance practices

CTTready and geared for growth … leveraging our strategic assets

…

Unique Iberian sales force, underpinned by ubiquitous access to B2B clients and an exceptional retail network

Strong and trusted brand for individuals and businesses alike

Unmatched last mile distribution network, increasingly integrated at an Iberian level

CTTready and geared for growth … and beyond those strategic assets…

… equipped with a wide and rich product and service offer

… and capitalizing on a very experienced leadership team