40					1	EUR
NAT.	Date of the deposition		No. 0214596464	pp.	E.	D.			C 1
	ANNUAL ACCOUNTS AND OTHER DOCUMENTS TO BE DEPOSITED IN ACCORDANCE WITH THE COMPANIES CODE
	IDENTIFICATION
NAME:	BPOST NV
Legal form:	SADP
Address:		Centre Monnaie / Muntcentrum						Nr.: 1
Postal Code:	1000		City: Brussel 1
Country:	Belgium
	1 Internet address :		Register of Legal Persons (RLP) - Office of the commercial court at:	Brussel, French-speaking
							Company number:		0214596464
DATE	19/09/2016		of the deposition of the partnership deed OR of the most recent document mentioning the date of publication of the partnership deed and the act changing the articles of association.
	ANNUAL ACCOUNTS		IN EURO (2 decimals)	2
			ANNUAL ACCOUNTS approved by by the General Meeting of					10/05/2017
			concerning the financial year covering the period from		1/01/2016		till	31/12/2016
	Previous period from till 1/01/2015 31/12/2015
	3 The amounts of the previous financial year are / are not identical to those which have been previously published.

Total number of pages deposited: Number of the pages of the standard form not deposited for not being of service: 98 6.1, 6.2.2, 6.2.5, 6.3.4, 6.4.2, 6.5.2, 6.7.2, 6.17, 9

Signature (name and position) MASAI Françoise Chairperson of the Board of Directors

VAN GERVEN Koen Delegated Director Signature (name and position)

Optional statement. 1

If necessary, adjust the unit and currency in which the amounts are expressed 2

³ Delete where appropriate.

LIST OF DIRECTORS, MANAGERS AND AUDITORS AND DECLARATION ABOUT SUPPLEMENTARY AUDITING OR ADJUSTMENT MISSION

LIST OF DIRECTORS, MANAGERS AND AUDITORS

COMPLETE LIST WITH name, first name, profession, residence-address (address, number, postal code, municipality) and position with the enterprise

VAN GERVEN KOEN

Title : Delegated director Mandate : 26/02/2014- 25/02/2020 Celestijnenlaan 52, 3001 Heverlee, Belgium

MASAI FRANCOISE

Title : President of the board of directors Mandate : 23/06/2014- 10/05/2017 Kindermansstraat 1, box 1, 1050 Brussel 5, Belgium

LALLEMAND LUC

Title : Director Mandate : 17/01/2012- 16/01/2018 Avenue des Aubépines 1, 1780 Wemmel, Belgium

GOETHALS ARTHUR

Title : Director Mandate : 17/01/2012- 10/05/2017 Beukendreef 10, 9770 Kruishoutem, Belgium

VEN CAROLINE

Title : Director Mandate : 17/01/2012- 16/01/2018 Kanunnik Peetersstraat 70, 2600 Berchem (Antwerpen), Belgium

LEVAUX LAURENT

Title : Director Mandate : 17/01/2012- 16/01/2018 Avenue du Maréchal 23, 1180 Brussel 18, Belgium

CORNELIS FRANCOIS

Title : Director Mandate : 27/05/2013- 8/05/2019 c/o R.A.B. - Rue d'Arlon 53, 1040 Brussel 4, Belgium

DUTORDOIR SOPHIE

Title : Director Mandate : 27/05/2013- 28/02/2017 Pelikaanhof 5, 3090 Overijse, Belgium

HOLTHOF BRUNO Title : Director Mandate : 27/05/2013- 10/05/2017 Walnut Barn, Honeybottom Lane 78a Dry Sandford, Abington, OX136BX, United Kingdom

LIST OF DIRECTORS, MANAGERS AND AUDITORS (Continued from previous page)

LAMBRECHTS BERNADETTE

Title : Director Mandate : 25/03/2014- 24/03/2020 Chaussée de Gand 1257, 1082 Sint-Agatha-Berchem, Belgium

STEWART RAY

Title : Director Mandate : 22/09/2014- 9/05/2018 Narrows Drive 16632, 33477 Jupiter Florida, United States of America

STONE MICHAEL

Title : Director Mandate : 22/09/2014- 9/05/2018 SheenPark 54 TW9 1UP Richmond, United Kingdom

ERNST & YOUNG REVISEURS D'ENTREPRISE - BEDRIJFSREVISOREN SCCRL/BCVBA 0446.334.711

Title : Auditor, Membership number : B00160 Mandate : 16/04/2015- 15/04/2018 De Kleetlaan 2, 1831 Diegem, Belgium Represented by: GOLENVAUX ERIC 1.

Zavelstraat 6 , 1970 Wezembeek-Oppem, Belgium

PVMD REVISEURS D'ENTREPRISES - BEDRIJFSREVISOREN 0471.089.804

Tweekerkenstraat 44, 1000 Brussel 1, Belgium

Title : Auditor, Membership number : B00416

Mandate : 16/04/2015- 15/04/2018

Represented by:

BAERT CAROLINE 1.

Waterloosesteenweg 965 , 1180 Brussel 18, Belgium

BECKERS JOZEF

Title : Auditor, Membership number : 00000000 Mandate : 1/10/2016- 30/09/2019 Rue de la Régence / Regentschapsstraat 2, 1000 Brussel 1, Belgium

ROLAND PHILIPPE

Title : Auditor, Membership number : 00000000 Mandate : 1/10/2016- 30/09/2019 Rue de la Régence / Regentschapsstraat 2, 1000 Brussel 1, Belgium

DECLARATION ABOUT SUPPLEMENTARY AUDITING OR ADJUSTMENT MISSION

The managing board declares that the assignment neither regarding auditing nor adjusting has been given to a person who was not authorised by law pursuant to art. 34 and 37 of the Law of 22nd April 1999 concerning the auditing and tax professions.

Yes No / Have the annual accounts been audited or adjusted by an external accountant or auditor who is not an statutory auditor ?

If YES, mention here after: name, first names, profession, residence-address of each external accountant or auditor, the number of membership with the professional Institute ad hoc and the nature of this engagement:

A. Bookkeeping of the undertaking **,
B. Preparing the annual accounts **,
C. Auditing the annual accounts and/or
D. Adjusting the annual accounts.

If the assignment mentioned either under A or B is performed by authorised accountants or authorised accountants-tax consultants, information will be given on: name, first names, profession and residence-address of each authorised accountant or accountant-tax consultant, his number of membership with the Professional Institute of Accountants and Tax consultants and the nature of this engagement.

Name, first name, profession, residence-address	Number of membership	Nature of the engagement (A, B, C and/or D)

^* Delete where appropriate.

^** Optional disclosure.

ANNUAL ACCOUNTS

BALANCE SHEET AFTER APPROPRIATION

	Notes	Codes	Period	Previous period
ASSETS
FORMATION EXPENSES	6.1	20
FIXED ASSETS		21/28	884.168.057,32	761.475.997,73
Intangible fixed assets	6.2	21	6.664.463,09	10.675.136,30
Tangible fixed assets	6.3	22/27	330.293.822,95	337.418.687,72
Land and buildings		22	157.644.274,99	167.602.248,45
Plant, machinery and equipment		23	24.772.736,65	23.739.154,44
Furniture and vehicles		24	43.242.671,22	39.949.256,84
Leasing and other rights		25
Other tangible fixed assets		26	104.634.140,09	106.128.027,99
Tangible assets under construction and advance payments made		27
Financial fixed assets	6.4 / 6.5.1	28	547.209.771,28	413.382.173,71
Affiliated enterprises	6.15	280/1	547.028.547,80	413.274.594,88
Participating interests		280	459.254.408,99	316.018.165,04
Amounts receivable		281	87.774.138,81	97.256.429,84
Other enterprises linked by participating interests	6.15	282/3
Participating interests		282
Amounts receivable		283
Other financial assets		284/8	181.223,48	107.578,83
Shares		284	40.824,00	41.824,00
Amounts receivable and cash guarantees		285/8	140.399,48	65.754,83

	Notes	Codes	Period	Previous period

CURRENT ASSETS		29/58	896.622.941,59	1.026.292.657,96
Amounts receivable after more than one year		29
Trade debtors		290
Other amounts receivable		291
Stocks and contracts in progress		3	9.637.799,11	11.413.271,47
Stocks		30/36	9.637.799,11	11.413.271,47
Raw materials and consumables		30/31	3.635.283,12	3.746.001,13
Work in progress		32
Finished goods		33	3.548.402,23	3.539.490,78
Goods purchased for resale		34	1.666.130,03	1.710.983,52
Immovable property intended for sale		35	787.983,73	2.416.796,04
Advance payments		36
Contracts in progress		37
Amounts receivable within one year		40/41	421.829.331,43	370.094.078,42
Trade debtors		40	357.335.510,67	347.104.292,50
Other amounts receivable		41	64.493.820,76	22.989.785,92
Current investments	6.5.1 /	50/53	47.072.699,46	59.247.407,77
Own shares	6.6	50
Other investments and deposits		51/53	47.072.699,46	59.247.407,77
Cash at bank and in hand		54/58	398.909.483,87	566.196.726,11
Deferred charges and accrued income	6.6	490/1	19.173.627,72	19.341.174,19
TOTAL ASSETS		20/58	1.780.790.998,91	1.787.768.655,69

	Notes	Codes	Period	Previous period
EQUITY AND LIABILITIES
EQUITY		10/15	558.410.312,01	511.728.503,70
Capital	6.7.1	10	363.980.448,31	363.980.448,31
Issued capital		100	363.980.448,31	363.980.448,31
4 Uncalled capital		101
Share premium account		11
Revaluation surpluses		12	76.039,96	76.039,96
Reserves		13	50.846.959,34	50.846.959,34
Legal reserve		130	50.846.957,82	50.846.957,82
Reserves not available		131
In respect of own shares held		1310
Others		1311
Untaxed reserves		132
Available reserves		133	1,52	1,52
Accumulated profits (losses) (+)/(-)		14	143.506.864,40	96.825.056,09
Investment grants		15
Advance to associates on the sharing 5 out of the assets		19
PROVISIONS AND DEFERRED TAXES		16	188.723.523,78	196.943.728,56
Provisions for liabilities and charges		160/5	188.723.523,78	196.943.728,56
Pensions and similar obligations		160	24.395.434,82	27.449.005,59
Taxation		161
Major repairs and maintenance		162	1.378.738,44	1.436.931,20
Environmental liabilities		163
Other risks and costs	6.8	164/5	162.949.350,52	168.057.791,77
Deferred taxes		168

⁴ Amount to be deducted from the issued capital.

⁵ Amount to be deducted from the other components of equity.

	Notes	Codes	Period	Previous period
AMOUNTS PAYABLE		17/49	1.033.657.163,12	1.079.096.423,43
Amounts payable after more than one year	6.9	17	82.454.545,46	66.545.454,55
Financial debts		170/4	70.454.545,46	54.545.454,55
Subordinated loans		170
Unsubordinated debentures		171
Leasing and other similar obligations		172
Credit institutions		173	45.454.545,46	54.545.454,55
Other loans		174	25.000.000,00
Trade debts		175
Suppliers		1750
Bills of exchange payable		1751
Advances received on contracts in progress		176
Other amounts payable		178/9	12.000.000,00	12.000.000,00
Amounts payable within one year	6.9	42/48	802.958.444,29	855.327.224,40
Current portion of amounts payable after more than one year falling due within one year		42	9.090.909,09	9.090.909,09
Financial debts		43	1.043,80	153,42
Credit institutions		430/8	1.043,80	153,42
Other loans		439
Trade debts		44	163.356.664,59	158.332.339,55
Suppliers		440/4	163.356.664,59	158.332.339,55
Bills of exchange payable		441
Advances received on contracts in progress		46	28.382.703,39	28.350.552,45
Taxes, remuneration and social security	6.9	45	390.465.657,77	443.473.089,43
Taxes		450/3	38.349.860,84	48.731.989,94
Remuneration and social security		454/9	352.115.796,93	394.741.099,49
Other amounts payable		47/48	211.661.465,65	216.080.180,46
Accrued charges and deferred income	6.9	492/3	148.244.173,37	157.223.744,48
TOTAL LIABILITIES		10/49	1.780.790.998,91	1.787.768.655,69

INCOME STATEMENT

	Notes	Codes	Period	Previous period
Operating income and charges		70/76A	2.152.144.245,04	2.225.905.630,06
Turnover	6.10	70	2.115.138.728,86	2.168.736.908,01
Increase (decrease) in stocks of finished goods, work and contracts in progress (+)/(-)		71	8.911,45	-188.368,75
Own construction capitalised		72
Other operating income	6.10	74	36.173.821,18	55.728.581,59
Non-recurring operating income	6.12	76A	822.783,55	1.628.509,21
Operating charges		60/66A	1.711.254.302,91	1.807.387.903,76
Raw materials, consumables		60	6.121.975,71	8.205.555,48
Purchases		600/8	5.966.404,21	7.639.850,53
Decrease (increase) in stocks (+)/(-)		609	155.571,50	565.704,95
Services and other goods		61	571.671.698,41	562.653.123,35
Remuneration, social security costs and pensions (+)/(-)	6.10	62	1.068.808.503,12	1.160.980.442,35
Depreciation of and amounts written off formation expenses, intangible and tangible fixed assets		630	56.869.626,39	59.498.952,30
Increase, Decrease in amounts written off stocks contracts in progress and trade debtors: Appropriations (write-backs) (+)/(-)		631/4	570.422,15	-362.464,91
Provisions for risks and charges - Appropriations (uses and write-backs) (+)/(-)	6.10	635/8	-8.220.204,78	286.496,95
Other operating charges	6.10	640/8	14.795.729,44	16.016.695,37
Operation charges carried to assets as restructuring costs (-)		649
Non-recurring operating charges	6.12	66A	636.552,47	109.102,87
Operating profit (loss) (+)/(-)		9901	440.889.942,13	418.517.726,30

	Notes	Codes	Period	Previous period

Financial income		75/76B	13.061.380,82	25.214.292,53
Recurring financial income		75	12.955.426,69	25.214.292,53
Income from financial fixed assets		750	3.999.999,02	17.002.740,27
Income from current assets		751	3.795.879,74	4.695.699,14
Other financial income	6.11	752/9	5.159.547,93	3.515.853,12
Non-recurring financial income	6.12	76B	105.954,13
Financial charges	6.11	65/66B	12.664.011,32	11.946.490,13
Recurring financial charges		65	4.075.531,29	8.241.977,24
Debt charges		650	186.853,59	340.136,91
Amounts written down on current assets except
stocks, contracts in progress and trade debtors (+)/(-)		651	308.761,53	224.186,62
Other financial charges		652/9	3.579.916,17	7.677.653,71
Non recurring financial charges	6.12	66B	8.588.480,03	3.704.512,89
Profit (loss) for the period before taxes (+)/(-)		9903	441.287.311,63	431.785.528,70
Transfer from postponed taxes		780
Transfer to postponed taxes		680
Income taxes (+)/(-)	6.13	67/77	132.604.266,68	144.054.859,60
Income taxes		670/3	133.415.332,87	146.540.998,11
Adjustment of income taxes and write-back of tax provisions		77	811.066,19	2.486.138,51
Profit (loss) for the period (+)/(-)		9904	308.683.044,95	287.730.669,10
Transfer from untaxed reserves		789
Transfer to untaxed reserves		689
Profit (loss) for the period available for appropriation (+)/(-)		9905	308.683.044,95	287.730.669,10

APPROPRIATION ACCOUNT

	Codes	Period	Previous period
Profit (loss) to be appropriated (+)/(-)	9906	405.508.101,04	354.826.273,85
Gain (loss) to be appropriated (+)/(-)	(9905)	308.683.044,95	287.730.669,10
Profit (loss) to be carried forward (+)/(-)	14P	96.825.056,09	67.095.604,75
Transfers from capital and reserves	791/2
from capital and share premium account	791
from reserves	792
Transfers to capital and reserves	691/2
to capital and share premium account	691
to the legal reserve	6920
to other reserves	6921
Profit (loss) to be carried forward (+)/(-)	(14)	143.506.864,40	96.825.056,09
Owner's contribution in respect of losses	794
Profit to be distributed	694/7	262.001.236,64	258.001.217,76
Dividends	694	262.001.236,64	258.001.217,76
Director's or managers' entitlements	695
Workers	696
Other beneficiaries	697

STATEMENT OF INTANGIBLE FIXED ASSETS

	Codes	Period	Previous period
DEVELOPMENT COSTS

Acquisition value at the end of the period	8051P	xxxxxxxxxxxxxxx	56.847.255,74
Movements during the period
Acquisitions, including produced fixed assets	8021	357.544,43
Sales and disposals	8031
Transfers from one heading to another (+)/(-)	8041
Acquisition value at the end of the period	8051	57.204.800,17
Depreciation and amounts written down at the end of the period	8121P	xxxxxxxxxxxxxxx	56.514.292,34
Movements during the period
Recorded	8071	58.713,84
Written back	8081
Acquisitions from third parties	8091
Cancelled owing to sales and disposals	8101
Transfers from one heading to another (+)/(-)	8111
Depreciation and amounts written down at the end of the period	8121	56.573.006,18
NET BOOK VALUE AT THE END OF THE PERIOD	81311	631.793,99

	Codes	Period	Previous period
CONCESSIONS, PATENTS, LICENCES, KNOWHOW, BRANDS AND SIMILAR RIGHTS
Acquisition value at the end of the period	8052P	xxxxxxxxxxxxxxx	69.145.605,47
Movements during the period
Acquisitions, including produced fixed assets	8022	1.463.949,26
Sales and disposals	8032
Transfers from one heading to another (+)/(-)	8042
Acquisition value at the end of the period	8052	70.609.554,73
Depreciation and amounts written down at the end of the period	8122P	xxxxxxxxxxxxxxx	61.331.032,42
Movements during the period
Recorded	8072	4.054.546,90
Written back	8082
Acquisitions from third parties	8092
Cancelled owing to sales and disposals	8102
Transfers from one heading to another (+)/(-)	8112	168.904,17
Depreciation and amounts written down at the end of the period	8122	65.554.483,49
NET BOOK VALUE AT THE END OF THE PERIOD	211	5.055.071,24

		Period	Previous period
GOODWILL

Acquisition value at the end of the period	8053P	xxxxxxxxxxxxxxx	44.836.628,52
Movements during the period
Acquisitions, including produced fixed assets	8023	126.857,93
Sales and disposals	8033
Transfers from one heading to another (+)/(-)	8043
Acquisition value at the end of the period	8053	44.963.486,45
Depreciation and amounts written down at the end of the period	8123P	xxxxxxxxxxxxxxx	42.309.028,67
Movements during the period
Recorded	8073	1.676.859,92
Written back	8083
Acquisitions from third parties	8093
Cancelled owing to sales and disposals	8103
Transfers from one heading to another (+)/(-)	8113
Depreciation and amounts written down at the end of the period	8123	43.985.888,59
NET BOOK VALUE AT THE END OF THE PERIOD	212	977.597,86

STATEMENT OF TANGIBLE FIXED ASSETS

	Codes	Period	Previous period

LAND AND BUILDINGS

Acquisition value at the end of the period	8191P	xxxxxxxxxxxxxxx	575.157.226,81
Movements during the period
Acquisitions, including produced fixed assets	8161	6.670.909,30
Sales and disposals	8171	21.704.745,16
Transfers from one heading to another (+)/(-)	8181	-4.813.798,53
Acquisition value at the end of the period	8191	555.309.592,42
Revaluation surpluses at the end of the period	8251P	xxxxxxxxxxxxxxx	1.512.519,28
Movements during the period
Recorded	8211
Acquisitions from third parties	8221
Cancelled	8231
Transfers from one heading to another (+)/(-)	8241
Revaluation surpluses at the end of the period	8251	1.512.519,28
Depreciation and amounts written down at the end of the period	8321P	xxxxxxxxxxxxxxx	409.067.497,64

Movements during the period
Recorded	8271	12.404.409,71
Written back	8281	589.325,48
Acquisitions from third parties	8291
Cancelled owing to sales and disposals	8301	21.704.745,16
Transfers from one heading to another (+)/(-)	8311
Depreciation and amounts written down at the end of the period	8321	399.177.836,71
NET BOOK VALUE AT THE END OF THE PERIOD	(22)	157.644.274,99

	Codes	Period	Previous period

PLANT, MACHINERY AND EQUIPMENT

Acquisition value at the end of the period	8192P	xxxxxxxxxxxxxxx	167.119.889,69
Movements during the period
Acquisitions, including produced fixed assets	8162	6.816.692,10
Sales and disposals	8172	206.529,63
Transfers from one heading to another (+)/(-)	8182
Acquisition value at the end of the period	8192	173.730.052,16
Revaluation surpluses at the end of the period	8252P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8212
Acquisitions from third parties	8222
Cancelled	8232
Transfers from one heading to another (+)/(-)	8242
Revaluation surpluses at the end of the period	8252

Depreciation and amounts written down at the end of the period	8322P	xxxxxxxxxxxxxxx	143.380.735,25
Movements during the period
Recorded	8272	5.781.822,67
Written back	8282
Acquisitions from third parties	8292
Cancelled owing to sales and disposals	8302	206.529,63
Transfers from one heading to another (+)/(-)	8312	1.287,22
Depreciation and amounts written down at the end of the period	8322	148.957.315,51
NET BOOK VALUE AT THE END OF THE PERIOD	(23)	24.772.736,65

	Codes	Period	Previous period

FURNITURE AND VEHICLES

Acquisition value at the end of the period	8193P	xxxxxxxxxxxxxxx	194.836.249,02
Movements during the period
Acquisitions, including produced fixed assets	8163	16.833.090,89
Sales and disposals	8173	5.752.901,72
Transfers from one heading to another (+)/(-)	8183
Acquisition value at the end of the period	8193	205.916.438,19
Revaluation surpluses at the end of the period	8253P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8213
Acquisitions from third parties	8223
Cancelled	8233
Transfers from one heading to another (+)/(-)	8243
Revaluation surpluses at the end of the period	8253
Depreciation and amounts written down at the end of the period	8323P	xxxxxxxxxxxxxxx	154.886.992,18

Movements during the period
Recorded	8273	13.492.411,70
Written back	8283
Acquisitions from third parties	8293
Cancelled owing to sales and disposals	8303	5.752.901,72
Transfers from one heading to another (+)/(-)	8313	47.264,81
Depreciation and amounts written down at the end of the period	8323	162.673.766,97
NET BOOK VALUE AT THE END OF THE PERIOD	(24)	43.242.671,22

	Codes	Period	Previous period

OTHER TANGIBLE FIXED ASSETS

Acquisition value at the end of the period	8195P	xxxxxxxxxxxxxxx	232.095.117,44
Movements during the period
Acquisitions, including produced fixed assets	8165	19.187.932,92
Sales and disposals	8175	5.712.856,03
Transfers from one heading to another (+)/(-)	8185	-808.064,86
Acquisition value at the end of the period	8195	244.762.129,47
Revaluation surpluses at the end of the period	8255P	xxxxxxxxxxxxxxx	7.441.694,17
Movements during the period
Recorded	8215
Acquisitions from third parties	8225
Cancelled	8235
Transfers from one heading to another (+)/(-)	8245
Revaluation surpluses at the end of the period	8255	7.441.694,17
	8325P	xxxxxxxxxxxxxxx	133.408.783,62
Depreciation and amounts written down at the end of the period
Movements during the period
Recorded	8275	20.037.414,12
Written back	8285	233.458,07
Acquisitions from third parties	8295
Cancelled owing to sales and disposals	8305	5.712.856,02
Transfers from one heading to another (+)/(-)	8315	69.799,90
Depreciation and amounts written down at the end of the period	8325	147.569.683,55
NET BOOK VALUE AT THE END OF THE PERIOD	(26)	104.634.140,09

	Codes	Period	Previous period

ASSETS UNDER CONSTRUCTION AND ADVANCED PAYMENTS
Acquisition value at the end of the period	8196P	xxxxxxxxxxxxxxx	314.714,04
Movements during the period
Acquisitions, including produced fixed assets	8166
Sales and disposals	8176
Transfers from one heading to another (+)/(-)	8186
Acquisition value at the end of the period	8196	314.714,04
Revaluation surpluses at the end of the period	8256P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8216
Acquisitions from third parties	8226
Cancelled	8236
Transfers from one heading to another (+)/(-)	8246
Revaluation surpluses at the end of the period	8256
Depreciation and amounts written down at the end of the period	8326P	xxxxxxxxxxxxxxx	314.714,04
Movements during the period
Recorded	8276
Written back	8286
Acquisitions from third parties	8296
Cancelled owing to sales and disposals	8306
Transfers from one heading to another (+)/(-)	8316
Depreciation and amounts written down at the end of the period	8326	314.714,04
NET BOOK VALUE AT THE END OF THE PERIOD	(27)

STATEMENT OF FINANCIAL FIXED ASSETS

	Codes	Period	Previous period
AFFILIATED ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8391P	xxxxxxxxxxxxxxx	407.603.917,44
Movements during the period
Acquisitions, including produced fixed assets	8361	152.968.671,95
Sales and disposals	8371	66.667.314,21
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	493.905.275,18
Revaluation surpluses at the end of the period	8451P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8411
Acquisitions from third parties	8421
Cancelled	8431
Transfers from one heading to another (+)/(-)	8441
Revaluation surpluses at the end of the period	8451
Amounts written down at the end of the period	8521P	xxxxxxxxxxxxxxx	90.814.752,40
Movements during the period
Recorded	8471	8.588.480,03
Written back	8481
Acquisitions from third parties	8491
Cancelled owing to sales and disposals	8501	65.523.366,24
Transfers from one heading to another (+)/(-)	8511
Amounts written down at the end of the period	8521	33.879.866,19
Uncalled amounts at the end of the period	8551P	xxxxxxxxxxxxxxx	771.000,00
Movements during the period (+)/(-)	8541
Uncalled amounts at the end of the period	8551	771.000,00
NET BOOK VALUE AT THE END OF THE PERIOD	(280)	459.254.408,99
AFFILIATED ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	xxxxxxxxxxxxxxx	97.256.429,84
Movements during the period
Additions	8581	4.650.586,74
Repayments	8591	9.071.229,00
Amounts written down	8601
Amounts written back	8611
Exchange differences (+)/(-)	8621	-1.424.297,54
Other (+)/(-)	8631	-3.637.351,23
NET BOOK VALUE AT THE END OF THE PERIOD	(281)	87.774.138,81
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8651

	Codes	Period	Previous period

OTHER ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8393P	xxxxxxxxxxxxxxx	41.824,00
Movements during the period
Acquisitions, including produced fixed assets	8363
Sales and disposals	8373	1.000,00
Transfers from one heading to another (+)/(-)	8383
Acquisition value at the end of the period	8393	40.824,00
Revaluation surpluses at the end of the period	8453P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8413
Acquisitions from third parties	8423
Cancelled	8433
Transfers from one heading to another (+)/(-)	8443
Revaluation surpluses at the end of the period	8453
Amounts written down at the end of the period	8523P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8473
Written back	8483
Acquisitions from third parties	8493
Cancelled owing to sales and disposals	8503
Transfers from one heading to another (+)/(-)	8513
Amounts written down at the end of the period	8523
Uncalled amounts at the end of the period	8553P	xxxxxxxxxxxxxxx
(+)/(-) Movements during the period	8543
Uncalled amounts at the end of the period	8553
NET BOOK VALUE AT THE END OF THE PERIOD	(284)	40.824,00
OTHER ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	285/8P	xxxxxxxxxxxxxxx	65.754,83
Movements during the period
Additions	8583	15.514,65
Repayments	8593
Amounts written down	8603
Amounts written back	8613
Exchange differences (+)/(-)	8623
Other (+)/(-)	8633	59.130,00
NET BOOK VALUE AT THE END OF THE PERIOD	(285/8)	140.399,48
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8653

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

List of both enterprises in which the enterprise holds a participating interest (recorded in the headings 280 and 282 of assets) and other enterprises in which the enterprise holds rights (recorded in the headings 284 and 51/53 of assets) in the amount of at least 10% of the capital issued.

NAME, full address of the REGISTERED		Shares held by			Information from the most recent period for which annual accounts are available
OFFICE and for the enterprise governed by		directly		subsi diaries	Primary	financial	Mone	Capital and reserves	Net result
Belgian law, the COMPANY NUMBER	Nature	Number	%	%	statement	tary unit	(+) of (-) (in units)
Banque de La Poste PLC Boulevard Anspach 1 1000 Brussel 1	Shares without nominal value	450.000	50,00	0,00	31/12/2015	EUR	369.809.000	20.239.606
Belgium 0456.038.471 CERTIPOST PLC Muntcentrum / Centre Monnaie 1000 Brussel 1 Belgium	Shares without nominal value	8.260	100,00	0,00	31/12/2015	EUR	22.804.542	2.828.263
0475.396.406 EURO-SPRINTERS PLC Muntcentrum / Centre Monnaie 1000 Brussel 1 Belgium	Shares without nominal value	21.676	99,99	0,01	31/12/2015	EUR	4.068.616	1.969.775
0447.703.597 EXBO NV PLC Muntcentrum / Centre Monnaie 1000 Brussel 1	Shares without nominal value	3.419	99,97	0,03	31/12/2015	EUR	1.123.840	-1.100.587
Belgium 0472.598.153 SPEOS BELGIUM PLC Muntcentrum / Centre Monnaie 1000 Brussel 1	Shares without nominal value	77.413	100,00	0,00	31/12/2015	EUR	6.677.698	1.459.196
Belgium 0427.627.864 ALTERIS PLC Muntcentrum / Centre Monnaie 1000 Brussel 1	Shares without nominal value	4.099.999	99,99	0,01	31/12/2015	EUR	106.172.541	7.367.642
Belgium 0474.218.449 BELGIAN POST INTERNATIONAL PLC Muntcentrum / Centre Monnaie 1000 Brussel 1	Shares without nominal value	615	100,00	0,00	31/12/2015	EUR	1.821.356	61.590
Belgium 0889.142.877 BPOST INTERNATIONAL (UK) LIMITED Unit A1, Parkway, Cranford Lane TW59QA Heston United Kingdom	Ordinary shares	32.497.599	100,00	0,00	31/12/2015	GBP	1.503.709	-409.489
LANDMARK GLOBAL INC. 212 Anacapa Street CA93101 Santa Barbara United States of America	Ordinary shares	45.071.273	75,50	0,00	31/12/2015	USD	12.614.597	10.254.601

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

NAME, full address of the REGISTERED		Shares held by					Information from the most recent period for which annual accounts are available
OFFICE and for the enterprise governed by		directly		subsi diaries	Primary	Mone	Capital and reserves	Net result
Belgian law, the COMPANY NUMBER	Nature	Number	%	%	financial statement	tary unit	(+) of (-) (in units)
LANDMARK TRADE SERVICES LIMITED 5130 Halford drive N9A6J3 Windsor Ontario Canada	Ordinary shares	151	75,50	0,00	31/12/2015	CAD	1.459.371	484.958
BPOST US HOLDINGS INC. 2711 Centeville Road, Suite 400 19808 City of Wilmington, County of New Castle United States of America	Ordinary shares	500.000	100,00	0,00	31/12/2015	USD	31.690.508	5.091
CityDepot PLC Scheepvaartkaai 5 B 3500 Hasselt Belgium	Shares without bominal value	5.268.596	99,07	0,00	31/12/2015	EUR	-458.154	-1.519.654
0627.630.877 Success Partner Europe ul. Swierkowa 1A, Bronze 05-850 Ozarow Mazowiecki Poland	Ordinary shares	1.000	100,00	0,00	31/12/2015	PLN	5.138.565	-19.230
FREIGHT DISTRIBUTION MANAGEMENT WAREHOUSING 7 Eucalyptus Place, Eastern Creek NSW 2766 - Sydney Australia	Ordinary shares	2.226	100,00	0,00		AUD	0	0
FREIGHT DISTRIBUTION MANAGEMENT SYSTEM 7 Eucalyptus Place, Eastern Creek NSW 2766 Australia	Ordinary shares	2.226	100,00	0,00		AUD	0	0
BPOST CANADA 5300 Satellite Drive Mississauga, Ontaria - L4W 512 Canada	Ordinary shares	100	100,00	0,00		CAD	0	0
PARCIFY PLC Aalmoezenierstraat 28 2000 Antwerpen Belgium 0635.738.988	Ordinary shares	1.057.895	51,00	0,00		EUR	0	0
AMP PLC Route de Lennik 451 1070 Brussel 7 Belgium 0403.482.188	Ordinary shares	167.992	100,00	0,00	31/12/2015	EUR	15.399.897	2.741.333

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

NAME, full address of the REGISTERED	Shares held by				Information from the most recent period for which annual accounts are available
OFFICE and for the enterprise governed by		directly		subsi diaries	Primary				Mone	Capital and reserves	Net result
Belgian law, the COMPANY NUMBER	Nature	Number	%	%	financial statement	tary unit	(+) of (-) (in units)
DE BUREN INTERNATIONAL Demmersweg 104 7556 BN Hengelo Netherlands	Ordinary shares	1.250.000	51,00	0,00		EUR	0	0
CITIE PLC Turnhoutsebaan 453 2110 Wijnegem Belgium 0665.683.284	Ordinary shares	2.250	33,33	0,00		EUR	0	0
UBIWAY (former LS Distribution Benelux) PLC Route de Lennik 451 1070 Brussel 7 Belgium 0474.686.326	Ordinary shares	1.000	100,00	0,00	31/12/2015	EUR	68.407	783.540

	Codes	Period	Previous period
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
Shares and current investments other than fixed income investments	51
Shares - Book value increased with the uncalled amount	8681
Shares - Uncalled amount	8682
Precious metals and works of art	8683
Fixed income securities	52
Fixed income securities issued by credit institutions	8684
Fixed term accounts with credit institutions	53	47.072.699,46	59.247.407,77
With residual term or notice of withdrawal
up to one month	8686
between one month and one year	8687	47.072.699,46	59.247.407,77
over one year	8688
Other investments not mentioned above	8689

DEFFERED CHARGES AND ACCRUED INCOME

Allocation of heading 490/1 of assets if the amount is significant.

491 REVENUE FOR DELIVERIES AND SERVICES, COMMISSIONS 11.437.814,10

491 FINANCIAL INCOME RECEIVED 7.109,62

Period 490 RENT PAID 2.266.621,81 490 OTHERS 5.462.082,19

STATEMENT OF CAPITAL AND SHAREHOLDING STRUCTURE

	Codes	Period	Previous period
STATEMENT OF CAPITAL
Social capital
Issued capital at the end of the period	100P	XXXXXXXXXXXXXX	363.980.448,31
Issued capital at the end of the period	(100)	363.980.448,31
	Codes	Amounts	Number of shares
Changes during the period
Structure of the capital Different categories of shares
S.F.P.I. + THE BELGIAN STATE		185.766.825,60	102.075.649
Free float shares		178.213.622,71	97.925.295
Registered shares	8702	XXXXXXXXXXXXXX	100.094.764
Shares dematerialized	8703	XXXXXXXXXXXXXX	99.906.180

	Codes	Uncalled capital	Capital called, but not paid
Capital not paid
Uncalled capital	(101)		XXXXXXXXXXXXXX
Capital called, but not paid	8712	XXXXXXXXXXXXXX
Shareholders having yet to pay up in full

	Codes	Period
OWN SHARES
Held by the company itself
Amount of capital held	8721
Number of shares held	8722
Held by the subsidiaries
Amount of capital held	8731
Number of shares held	8732
Commitments to issue shares
Owing to the exercise of conversion rights
Amount of outstanding convertible loans	8740
Amount of capital to be subscribed	8741
Corresponding maximum number of shares to be issued	8742
Owing to the exercise of subscription rights
Number of outstanding subscription rights	8745
Amount of capital to be subscribed	8746
Corresponding maximum number of shares to be issued	8747
Authorized capital, not issued	8751

	Codes	Period
Shared issued, not representing capital
Distribution
Number of shares held	8761
Number of voting rights attached thereto	8762
Allocation by shareholder
Number of shares held by the company itself	8771
Number of shares held by its subsidairies	8781

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

ANALYSIS OF THE HEADING 164/5 OF LIABILITIES IF THE AMOUNT IS SIGNIFICANT

1636 ACCRUAL FOR RISK FOR LOSSES & COSTS ON PEND 35.134.200,93 1637 ACCRUAL FOR RISK COSTS ON STAFF 118.267.968,57

1639 ACCRUAL FOR RISK FOR LOSSES & COSTS OTHER THAN OPERATIONS 1.760.185,54

1640 ACCRUAL FOR INSURANCE FUND 7.786.995,48

Period

	Codes	Period
AMOUNTS PAYABLE GUARANTEED (headings 17 and 42/48 of liabilities)
Amounts payable guaranteed by Belgian public authorities
Financial debts	8921	54.545.454,55
Subordinated loans	8931
Unsubordinated debentures	8941
Leasing and other similar obligations	8951
Credit institutions	8961	54.545.454,55
Other loans	8971
Trade debts	8981
Suppliers	8991
Bills of exchange payable	9001
Advance payments received on contracts in progress	9011
Remuneration and social security	9021
Other amounts payable	9051
Total amounts payable guaranteed by Belgian public authorities	9061	54.545.454,55
Amounts payable guaranteed by real guarantees given or irrevocably promised by the enterprise on its own assets
Financial debts	8922
Subordinated loans	8932
Unsubordinated debentures	8942
Leasing and other similar obligations	8952
Credit institutions	8962
Other loans	8972
Trade debts	8982
Suppliers	8992
Bills of exchange payable	9002
Advance payments received on contracts in progress	9012
Taxes, remuneration and social security	9022
Taxes	9032
Remuneration and social security	9042
Other amounts payable	9052
Total amounts payable guaranteed by real guarantees given or irrevocably promised by the enterprise on its own assets	9062

	Codes	Period
AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY
(headings 450/3 and 178/9 of the labilities) Taxes
Expired taxes payable	9072
Non expired taxes payable	9073
Estimated taxes payable	450	38.349.860,84
Remuneration and social security (headings 454/9 and 178/9 of the liabilities)
Amount due to the National Office of Social Security	9076
Other amounts payable relating to remuneration and social security	9077	352.115.796,93

OPERATING RESULTS

	Codes	Period	Previous period
OPERATING INCOME
Net turnover
Broken down by categories of activity
Allocation into geographical markets
Other operating income
Operating subsidies and compensatory amounts received from public authorities	740
OPERATING COSTS
Employees for whom the company has submitted a DIMONA declaration or are recorded in the general personnel register
Total number at the closing date	9086	25.371	25.618
Average number of employees calculated in full-time equivalents	9087	23.394,9	23.882,3
Number of actual worked hours	9088	34.559.067	34.584.244
Personnel costs
Remuneration and direct social benefits	620	862.997.888,21	943.554.520,60
Employers' social security contributions	621	189.439.280,82	201.753.181,58
Employers' premiums for extra statutory insurances	622	4.889.154,20	4.882.738,06
Other personnel costs	623	11.482.179,89	10.790.002,11
Old-age and widows' pensions	624

	Codes	Period	Previous period
Provisions for pensions
Additions (uses and write-back) (+)/(-)	635	-3.053.570,77	968.883,81
Amounts written off
Stocks and contracts in progress
Recorded	9110		248.463,28
Written back	9111		199.147,44
Trade debtors
Recorded	9112	806.417,69	612.559,03
Written back	9113	235.995,54	1.024.339,78
Provisions for risks and charges
Additions	9115	44.645.336,88	35.513.572,92
Uses and write-back	9116	52.865.541,66	35.227.075,97
Other operating charges
Taxes related to operation	640	10.851.783,65	12.419.858,10
Other charges	641/8	3.943.945,79	3.596.837,27
Hired temporary staff and persons placed at the enterprise's disposal
Total number at the closing date	9096
Average number calculated as full-time equivalents	9097	976,5	766,8
Number of actual worked hours	9098	1.929.647	1.515.152
Charges to the enterprise	617	48.705.991,10	36.896.370,84

FINANCIAL RESULTS

	Codes	Period	Previous period

RECURRING FINANCIAL INCOME
Other financial income
Subsidies granted by public authorities and recorded as income for the period
Capital subsidies	9125
Interest subsidies	9126
Allocation of other financial income
Other : exchange differences		5.158.761,07	3.514.471,43
Others		786,86	1.381,69
RECURRING FINANCIAL CHARGES
Depreciation of loan issue expenses	6501
Capitalized Interests	6503
Amounts written off current assets
Recorded	6510	330.839,08	287.076,88
Written back	6511	22.077,55	62.890,26
Other financial charges
Amount of the discount borne by the enterprise, as a result of negotiating amounts receivable	653
Provisions of a financial nature
Appropriations	6560
Uses and write-backs	6561
Allocation of other financial charges
654 Charges realised on exchange differences		2.353.431,74	5.625.546,62
655 Cash differences		578.936,24	522.329,75
658 Costs on banktransactions		612.168,16	1.492.062,78
659 Commissions on Postal mandates		35.380,03	37.714,56

INCOME AND CHARGE OF EXCEPTIONAL SIZE OR INCIDENCE

	Codes	Period	Previous period

NON-RECURRING INCOME	76	928.737,68	1.628.509,21
Non-recurring operating income	(76A)	822.783,55	1.628.509,21
Write-back of depreciation and of amounts written off intangible and tangible fixed assets	760	822.783,55	1.628.509,21
Write-back of provisions for extraordinary operating liabilities and charges	7620
Capital gains on disposal of intangible and tangible fixed asset	7630
Other non-recurring operating income	764/8
Non-recurring financial income	(76B)	105.954,13
Write-back of amounts written down financial fixed assets	761
Write-back of provisions for extraordinary financial liabilities and charges	7621
Capital gains on disposal of financial fixed assets	7631	105.954,13
Other non-recurring financial income	769
NON-RECURRING EXPENSES	66	9.225.032,50	3.813.615,76
Non-recurring operating charges	(66A)	636.552,47	109.102,87
Non-recurring depreciation of and amounts written off formation expenses, intangible and tangible fixed assets	660	636.552,47	109.102,87
Provisions for extraordinary operating liabilities and charges: Appropriations (uses) (+)/(-)	6620
Capital losses on disposal of intangible and tangible fixed assets	6630
Other non-recurring operating charges	664/7
Non-recurring operating charges carried to assets as restructuring costs (-)	6690
Non-recurring financial charges	(66B)	8.588.480,03	3.704.512,89
Amounts written off financial fixed assets	661	8.588.480,03	3.704.512,89
Provisions for extraordinary financial liabilities and charges - Appropriations (uses) (+)/(-)	6621
Capital losses on disposal of financial fixed assets	6631
Other non-recurring financial charges	668
Non-recurring financial charges carried to assets as restructuring costs (-)	6691

INCOME TAXES AND OTHER TAXES

	Codes	Period
INCOME TAXES
Income taxes on the result of the period	9134	132.478.660,72
Income taxes paid and withholding taxes due or paid	9135	120.071.832,02
Excess of income tax prepayments and withholding taxes paid recorded under assets	9136
Estimated additional taxes	9137	12.406.828,70
Income taxes on the result of prior periods	9138	936.672,15
Additional income taxes due or paid	9139	936.672,15
Additional income taxes estimated or provided for	9140
In so far as taxes of the period are materially affected by differences between the profit before taxes as stated in annual accounts and the estimated taxable profit
DISALLOWED COSTS		22.088.343,05
VARIOUS TAX REDUCTIONS AND EXEMPTIONS		-8.452.647,44
AMORTIZATION AND CAPITAL LOSS ON SHARES		-56.709.123,39

Impact of non recurring results on the amount of the income taxes relating to the current period

	Codes	Period
Status of deferred taxes
Deferred taxes representing assets	9141
Accumulated tax losses deductible from future taxable profits	9142
Passieve latenties	9144
Allocation of deferred taxes representing liabilities

	Codes	Period	Previous period
VALUE ADDED TAXES AND OTHER TAXES BORNE BY THIRD PARTIES
Value added taxes charged
To the enterprise (deductible)	9145	19.718.488,59	12.155.692,43
By the enterprise	9146	38.177.038,20	35.789.186,92
Amounts withheld on behalf of third party
For payroll withholding taxes	9147	158.925.701,75	176.397.180,01
For withholding taxes on investment income	9148	28.379.316,70	23.591.794,97

Period

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

	Codes	Period
PERSONAL GUARANTEES PROVIDED OR IRREVOCABLY PROMISED BY THE ENTERPRISE AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES	9149
Of which
Bills of exchange in circulation endorsed by the enterprise	9150
Bills of exchange in circulation drawn or guaranteed by the enterprise	9151
Maximum amount for which other debts or commitments of third parties are guaranteed by the enterprise	9153
REAL GUARANTEES
Real guarantees provided or irrevocably promised by the enterprise on its own assets as security of debts and commitments of the enterprise
Mortgages
Book value of the immovable properties mortgaged	9161
Amount of registration	9171
Pledging of goodwill - Amount of the registration	9181
Pledging of other assets - Book value of other assets pledged	9191
Guarantees provided on future assets - Amount of assets involved	9201
Real guarantees provided or irrevocably promised by the enterprise on its own assets as security of debts and commitments of third parties
Mortgages
Book value of the immovable properties mortgaged	9162
Amount of registration	9172
Pledging of goodwill - Amount of the registration	9182
Pledging of other assets - Book value of other assets pledged	9192
Guarantees provided on future assets - Amount of assets involved	9202

	Codes	Period
GOODS AND VALUES, NOT DISCLOSED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT AT RISK TO AND FOR THE BENEFIT OF THE ENTERPRISE
SUBSTANTIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
SUBSTANTIAL COMMITMENTS TO DISPOSE OF FIXED ASSETS
FORWARD TRANSACTIONS
Goods purchased (to be received)	9213
Goods sold (to be delivered)	9214
Currencies purchased (to be received)	9215
Currencies sold (to be delivered)	9216

Period

38/98

Period Earn out 31.718.202,70

Code Period

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES
	Period
AMOUNT, NATURE AND FORM CONCERNING LITIGATION AND OTHER IMPORTANT COMMITMENTS

DO MY MOVE - engagement for free services	1.156.421,56
Consignment goods	1.709.995,46
Credit Lines	45.339.450,07
Bank guarantee	14.919.785,83
Situation with the State	5.261.184,87
Foreign currency bought on term	28.608.714,05

SUPPLEMENT RETIREMENTS OR SURVIVORS PENSION PLANS IN FLAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE

Brief description

A group insurance is granted to baremic contractual and non-baremic contractual employees with at least function "F".

Estimated amount of the commitments resulting from past services ............................................... 9220

Measures taken by the enterprise to cover the resulting charges

PENSIONS FUNDED BY THE ENTERPRISE

Methods of estimation

Period NATURE AND FINANCIAL IMPACT OF SIGNIFICANT EVENTS AFTER THE CLOSING DATE NOT INCLUDED IN THE BALANCE SHEET OR THE INCOME STATEMENT

COMMITMENTS TO PURCHASE OR SALE AVAILABLE TO THE COMPANY AS ISSUER OF OPTIONS FOR SALE OR PURCHASE

Remaining participations 31.820.275,00

Period

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

NATURE AND COMMERCIAL OBJECTIVE OF TRANSACTIONS NOT REFLECTED IN THE BALANCE SHEET

Provided that the risks or advantages coming from these transactions are significant and if the disclosure of the risks or advantages is necessary to appreciate the financial situation of the company

OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET (including those which can not be quantified)

Cfr. C 6.20 37.399.786,00

Period

Period

RELATIONSHIPS WITH AFFILIATED ENTERPRISES, ASSOCIATED ENTERPRISES AND OTHERS ENTERPRISES LINKED BY PARTICIPATING INTERESTS

	Codes	Period	Previous period
AFFILIATED ENTERPRISES
Financial fixed assets	(280/1)	547.028.547,80	413.274.594,88
Participating interests	(280)	459.254.408,99	316.018.165,04
Subordinated amounts receivable	9271
Other amounts receivable	9281	87.774.138,81	97.256.429,84
Amounts receivable	9291	19.806.852,36	17.672.084,79
Over one year	9301
Within one year	9311	19.806.852,36	17.672.084,79
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	21.789.065,39	17.266.478,48
Over one year	9361	12.000.000,00	12.000.000,00
Within one year	9371	9.789.065,39	5.266.478,48
Personal and real guarantees
Provided or irrevocably promised by the enterprise as security for debts or commitments of affiliated enterprises	9381	3.993.531,00
Provided or irrevocably promised by affiliated enterprises as security for debts or commitments of the enterprise	9391
Other significant financial commitments	9401
Financial results
Income from financial fixed assets	9421	3.999.999,02	17.002.740,27
Income from current assets	9431	3.061.938,02	2.977.661,78
Other financial income	9441
Debt charges	9461
Other financial charges	9471
Disposal of fixed assets
Capital gains obtained	9481
Capital losses suffered	9491

RELATIONSHIPS WITH AFFILIATED ENTERPRISES, ASSOCIATED ENTERPRISES AND OTHERS ENTERPRISES LINKED BY PARTICIPATING INTERESTS

	Codes	Period	Previous period
ASSOCIATED ENTERPRISES
Financial fixed assets	9253
Participating interests	9263
Subordinated amounts receivable	9273
Other amounts receivable	9283
Amounts receivable	9293
Over one year	9303
Within one year	9313
Amounts payable	9353
Over one year	9363
Within one year	9373
Personal and real guarantees
Provided or irrevocably promised by the enterprise as security for debts or commitments of associated enterprises	9383
Provided or irrevocably promised by associated enterprises as security for debts or commitments of the enterprise	9393
Other significant financial commitments	9403
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets	9252
Participating interests	9262
Subordinated amounts receivable	9272
Other amounts receivable	9282
Amounts receivable	9292
Over one year	9302
Within one year	9312
Amounts payable	9352
Over one year	9362
Within one year	9372

TRANSACTIONS WITH ENTERPRISES LINKED BY PARTICIPATING INTERESTS OUT OF MARKET CONDITIONS

Mention of these transactions if they are significant, including the amount of the transactions, the nature of the link, and all information about the transactions which should be necessary to get a better understanding of the situation of the company

Null

FINANCIAL RELATIONSHIPS WITH

	Codes	Period
DIRECTORS, MANAGERS, INDIVIDUALS OR BODIES CORPORATE WHO CONTROL THE ENTERPRISE WITHOUT BEING ASSOCIATED THEREWITH OR OTHER ENTERPRISES CONTROLLED BY THESE PERSONS
Amounts receivable from these persons	9500
Conditions on amounts receivable, rate, duration, possibly reimbursed amounts, canceled amounts or renounced amounts
Guarantees provided in their favour	9501
Other significant commitments undertaken in their favour	9502
Amount of direct and indirect remunerations and pensions, included in the income statement, as long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable person
To directors and managers	9503
To former directors and former managers	9504

	Codes	Period
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees	9505	235.000,00
Fees for exceptional services or special missions executed in the company by the auditor
Other attestation missions	95061	136.775,00
Tax consultancy	95062
Other missions external to the audit	95063	43.496,75
Fees for exceptional services or special missions executed in the company by people they are linked to
Other attestation missions	95081
Tax consultancy	95082	3.950,00
Other missions external to the audit	95083	3.500,00

Mentions related to article 133, paragraph 6 from the Companies Code

INFORMATION RELATING TO CONSOLIDATED ACCOUNTS

INFORMATION TO DISCLOSE BY EACH ENTERPRISE THAT IS SUBJECT TO COMPANY LAW ON THE CONSOLIDATED ACCOUNTS OF ENTERPRISES

The enterprise has drawn up published a consolidated annual statement of accounts and a management report*

The enterprise has not published a consolidated annual statement of accounts and a management report, since it is exempt for this obligation for the following reason*

The enterprise and its subsidiaries on consolidated basis exceed not more than one of limits mentioned in art. 16 of Company Law*

The enterprise only has subsidiaries which, considering the assessment of the consolidated assets, consolidated financial position or consolidated results, individual or together, are of a negligible size* (Art. 110 of Company Law)

The enterprise itself is a subsidiary of an enterprise which does prepare and publish consolidated accounts in which annual accounts of the enterprise are included*

If yes, justification of the compliance with all conditions for exemption set out in art. 113 par. 2 and 3 of Company Law:

Name, full address of registered office and, for an enterprise governed by Belgian Law, the V. A. T. or national number of the parent company preparing and publishing the consolidated accounts required

Name, full address of the registered office and, for an enterprise governed by Belgian Law, the company number of the parent company(ies) and the specification whether the parent company(ies) prepare(s) and publish(es) consolidated annual accounts in which the annual accounts of the enterprise are included**

If the parent company(ies) is (are) (an) enterprise(s) governed by foreign law disclose where the consolidated accounts can be obtained**

^* Delete where no appropriate.

^** Where the accounts of the enterprise are consolidated at different levels, the information should be given for the consolidated aggregate at the highest level on the one hand and the lowest level on the other hand of which the enterprise is a subsidiary and for which consolidated accounts are prepared and published.

FINANCIAL RELATIONSHIPS OF THE GROUP LED BY THE ENTERPRISE IN BELGIUM WITH AUDITORS OR WITH PEOPLE THEY ARE LINKED TO

	Codes	Period
Mentions related to article 134, paragraphs 4 and 5 from the Companies Code
Auditor's fees according to a mandate at the group level led by the company publishing the information	9507	333.850,00
Fees for exceptional services or special missions executed in these group by the auditor
Other attestation missions	95071	141.775,00
Tax consultancy	95072
Other missions external to the audit	95073	43.496,75
Fees to people auditors are linked to according to the mandate at the group level led by the company publishing the information	9509
Fees for exceptional services or special missions executed in the group by people they are linked to
Other attestation missions	95091
Tax consultancy	95092	3.950,00
Other missions external to the audit	95093	79.242,36

Mentions related to article 133, paragraph 6 from the Companies Code

VALUATION RULES

1. Principle

The valuation rules are determined according to the provisions of chapter II of the Royal Decree of 30 January 2001 in implementation of Company Law.

In respect of the requirement of a true and fair view the valuation rules of this Decree shall be deviated from in the following exceptional cases:

Reasons for the deviation:

The effects of the deviation on assets and liabilities, financial position and the result before taxation of the enterprise are as follows:

The valuation rules are in wording and application as compared to the preceding financial period; if so, the change related to: (changed) (not changed)

and has a EUR. (positive) (negative) effect on the result for the financial period before taxation to the amount of

(is) the material effect results from: The income statement (is not) significantly effected by income or charges relating to a previous financial period; if so,

The figures of the financial period are not comparable with those of the preceding financial period for the following reason:

(To compare the annual accounts of both financial periods involved following information should be taken into account): (In order to maintain comparability the figures of the preceding financial period are adjusted regarding to following reasons)

In absence of objective standards of appraisal following valuation of foreseeable liabilities, contingent losses and diminuations in value is inevitably uncertain:

Other information necessary to give a true and fair view of the enterprise's liabilities, financial position and result:

2. Fixed assets

Formation expenses:

Formation expenses are charged against income except for following costs capitalised:

Reorganization costs:

The reorganization costs are (not capitalised) (capitalised) during the financial period; if so, this is justified as follows:

Intangible fixed assets:

The amount of intangible assets includes EUR research and development costs. Depreciation of these costs and the depreciations for goodwill are charged over a period of (more than) (not more than) 5 years; if more than 5 years the period involved is justified as follows :

Tangible fixed assets:

During the financial period the tangible assets (are) (are not) revalued; if so, the revaluation if justified are as follows:

VALUATION RULES

Depreciation recorded during the financial period:

	Method	Basis		Depreciation rate
Assets	S (straightline ) R (reducing balance) O (other)	NR (non- revalued) R (revalued)	Principal costs Min. - Max.	Ancillary costs Min. - Max.
1. Formation expenses Restructuration expenses	S	NR	20,00 - 20,00	20,00 - 20,00
2. Intangible fixed assets Intangible fixed assets 3. Buildings*	S	NR	20,00 - 33,33	20,00 - 33,33
Buildings	S	NR	3,33 - 10,00	3,33 - 10,00
4. Plant, machinery and equipments * Plant, machinery and equipments	S	NR	10,00 - 10,00	10,00 - 10,00
5. Vehicles* Vehicles	S	NR	10,00 - 25,00	10,00 - 25,00
6. Office furniture * Office furniture 7. Other tangible fixed assets	S	NR	10,00 - 10,00	10,00 - 10,00
Other tangible fixed assets	S	NR	10,00 - 10,00	10,00 - 10,00

* Including leased assets wich should be disclosed on a separate line.

Tax deductible accelerated depreciation in excess of depreciation based on economic circumstances:

amount for the financial period: EUR.

EUR. - cumulative amount regarding tangible assets acquired as of the financial period beginning after December 31, 1983:

Financial fixed assets:

During the financial period investments (are) (are not) revalued; if so, the revaluation is justified as follows:

3. Current assets

Inventories:

Inventories are valued at acquisition cost (to be disclosed) method, Fifo, Lifo, by identifying individually the price of each element or by the lower market value determined according to the method of the weighted average price

Raw materials and consumables:

Raw materials : purchase price Consumables : purchase price Uniform supplies : purchase price

Work in progress - finished goods:

Production cost or market value if inferior Postal stamps : printing cost

Goods purchased for resale:

Evaluated at purchase or market price FIFO method

Immovable property intended for sale:

Production cost or market value if inferior

Products:

costs that are only indirectly attributable to the product. - Production costs (include) (do not include)
Production costs of stock and work in progress the production of which exceeds more than one year on capital borrowed to finance the production. (includes) (does not include)

Stocks total valued at market value amount to % of its book value at the end of the financial period. (This information is only required in the event of a substantial difference).

VALUATION RULES

Contracts in progress:

Contracts in progress are valued (at production cost)

(at production cost increased by a portion of the profit according to the state of completion of the contract)

4. Liabilities

Debts:

Liabilities (include) (do not include) long-term debts, bearing no interests or at an unusual low interest; if so, a discount (has) been recognised and capitalised. (has not)

Foreign currencies:

Debts, liabilities and commitments denominated in foreign currencies are translated in EUR using following criteria:

Exchange differences have been disclosed in the annual accounts as follows:

Leasing agreements:

Concerning the rights to use property not capitalised (art. 102, § 1 of the Royal Decree of 30 January 2001 in implementation of consideration and rental relating to the financial period if the leased immovable property, amount to: Company Law), EUR.

OTHER INFORMATIONS TO DISCLOSE

As described under point 5. "Risks and uncertainties" of management report, the Brussels Court of Appeal on November 10, 2016, annulled the Belgian Competition Authority's decision imposing a fine of EUR 37.4 million. bpost may recover such fine. This constitutes a contingent asset because the Belgian Competition Authority may still appeal the judgment before the Supreme Court on points of law until April 4, 2017. Given the uncertainty of the collection of this fine, bpost did not recognize the repayment of this fine, nor any interests to be recuperated.

MANAGEMENT REPORT

bpost SA-NV

Management report 2016

MANAGEMENT REPORT

Table of Content

1.	Selected financial figures 3
2.	Key events of the year 4
3.	Financial statements 6
	3.1. Income statement 6
	3.2. Balance sheet 7
	3.3. Changes in shareholders equity 8
4.	Comments on figures 9
	4.1. Income Statement 9
	4.2. Balance Sheet 13
5.	Risks and uncertainties 15
6.	Research and Development 16
7.	Profit appropriation 16
8.	Branches 16
9.	Independence and expertise in the accounting and audit domain of at least one member of the Audit Committee 16
10.	Important events after the balance sheet date 16
11.	Management and remuneration 17
12.	Information required by article 523 of the Companies code 39
13.	Information required by article 524 of the Companies code 40

MANAGEMENT REPORT

1. Selected financial figures

In million EUR	2016	2015
Operating income	2,152.1	2,225.9
Payroll costs	1,068.8	1,161.0
Other operating costs	642.4	646.4
Operating Profit	440.9	418.5
Profit for the period available for appropriation	308.7	287.7
Other key figures
Dividend per share (€)	1.31	1.29
Number of employees (headcount at year end)	25,371	25,618

MANAGEMENT REPORT

2. Key events of the year

On March 21, 2016 bpost acquired Freight Distribution Management (FDM)

FDM is specialized in providing a personalized customer service for warehousing and distributing products in Australia.

On June 1, 2016 bpost acquired Apple Express and Matt's Express

The business of Apple Express and Matt's Express consists of the last mile delivery, transportation and fulfilment services for clients in Canada and the US.

On June 20, 2016 bpost launched bringr

bringr is an innovative collaborative platform app allowing smartphone users to find a driver for delivering goods.

In August bpost took a strategic stake in Parcify

Parcify aims to reduce the number of missed parcel deliveries via its smartphone app which uses the receiver's phone geo-tracking to deliver parcels at his preferred location and time.

In September the management of bpost and the social partners approved a new collective agreement for the period 2016-2017

As in the previous collective agreement, arrangements have been made for the possible payment of a non-recurring bonus linked to the results in 2017. A series of measures to improve the purchasing power have also been agreed upon.

In September bpost invested in de Buren

De Buren is a Dutch-based company with a network consisting of secured lockers, which are accessible 24/7 and can be managed by an app that allows a multitude of services.

In October bpost was rewarded for its sustainable development initiatives

For the fourth consecutive year bpost was placed first in the International Post Corporation's (IPC) global environmental management ranking.

In October Belfius, bpost and Proximus joined forces to strengthen the local economy

The three companies are investing together in the Citie digital platform to support the local Belgian economy and boost our country's position on the digital map by bringing traders, shoppers and local authorities closer together.

MANAGEMENT REPORT

On November 10, 2016 the Brussels Court of Appeal annulled a decision of the Belgian Competition Authority

The Brussels Court of Appeal annulled a decision of the Belgian Competition Authority of 2012 concerning bpost's pricing policy. bpost may recover a EUR 37.4 million fine paid in 2013, but the Belgian Competition Authority may still appeal the judgment before the Supreme Court.

On November 30, 2016 bpost finalized the acquisition of the Belgian activities of Ubiway

bpost acquired 100% of the shares of the Belgian subsidiaries of Lagardère Travel Retail, renamed Ubiway. In Belgium, Ubiway is active in proximity and convenience retail.

In December bpost decided not to pursue an offer for PostNL and continues to explore others growth opportunities

After having conducted negotiations with PostNL regarding a possible combination of the two companies through a friendly public offer by bpost on all shares of PostNL, bpost confirmed on May 29, 2016 that no agreement was reached. On November 30, 2016, bpost sent its final and improved proposal to PostNL. On December 7, 2016 PostNL rejected the proposal and bpost decided not to further pursue a combination between the two companies.

In December bpost and DHL Parcel started non-exclusive cooperation in B2C parcel delivery on a pan-European level

Based on this non-exclusive cooperation, both parties can better address the fast growing B2C e-commerce sector both in Belgium as well as across Europe.

On December 12, 2016 bpost and DynaGroup joined forces and combined their logistical expertise

DynaGroup offers a large range of logistical services and software in the Benelux. The goal of the acquisition is to strengthen the bpost parcel division with new complementary logistical knowhow. Considering that bpost has obtained control over DynaGroup in January 2017, it will be included in the consolidated figures of bpost as from 2017.

MANAGEMENT REPORT

3. Financial statements

3.1. Income statement

In million EUR	2016		2015 Evol. %
Turnover	2,115.1	2,168.7	-2.5%
Other operating income	36.2	55.5	-34.9%
Non-recurring operating income	0.8	1.6	-50.0%
Total operating income	2,152.1	2,225.9	-3.3%

Material costs	6.1	8.2	-25.4%
Payroll costs	1,068.8	1,161.0	-7.9%
Services and other goods	571.7	562.7	1.6%
Other operating costs	15.4	15.7	-1.9%
Provisions	-8.2	0.3	-
Depreciation and amortization	56.9	59.5	-4.4%
Non-recurring operating charges	0.6	0.1	-
Total operating expenses	1,711.2	1,807.4	-5.3%

Operating profit
	440.9	418.5	5.4%
Operating profit before depreciation and
amortizations	497.8	478.0	4.1%


Recurring financial revenues	13.0	25.2	-48.4%
Non-recurring financial revenues	0.1		0.0 100.0%
Recurring financial costs	4.1	8.2	-50.0%
Non-recurring financial costs	8.6		3.7 132.4%
Profit for the period before taxes
	441.3	431.8	2.2%

Income tax expenses	132.6	144.1	-8.0%
Profit for the period available for appropriation
	308.7	287.7	7.3%

MANAGEMENT REPORT

3.2. Balance sheet

In million EUR	2016	2015
Assets
Non-current assets
Intangible assets	6.7	10.7
Tangible assets	330.3	337.4
Financial assets	547.2	413.4
	884.2	761.5
Current assets
Long term receivables	0.0	0.0
Inventories	9.6	11.4
Trade and other receivables	421.8	370.1
Cash and cash equivalents	446.0	625.4
Deferred charges and accrued income
	19.2	19.3
	896.6	1,026.3
Total assets	1,780.8	1,787.8

Equity and liabilities Equity
Issued capital	364.0	364.0
Reevaluation surpluses	0.1	0.1
Reserves	50.8	50.8
Retained earnings	143.5	96.8
	558.4	511.7

Provisions
Pension related provisions	24.4	27.4
Provision for repairs and maintenance	1.4	1.4
Other liabilities and charges	162.9	168.1
	188.7	196.9
Non current liabilities
Long term debts	82.5	66.5
	82.5	66.5

Currrent liabilities
Trade and other payables	200.8	195.8
Social Debts payable	352.1	394.7
Income tax payable	38.3	48.7
Other debts	211.7	216.2
Accrued charges and deferred income	148.2	157.2
	951.3	1,012.6
Total liabilities	1,780.8	1,787.8

Management report 2016 7 / 40

MANAGEMENT REPORT

3.3. Changes in shareholders equity

In million EUR
Selected financial figures	Issued capital	Non distributable reserves	Retained earnings	Other reserves	Reevaluation surpluses	Total
As per 1 January 2016	364.0	0.0	96.8	50.8		0.1 511.7
Addition	-	-	46.7	-	-	46.7
Transfers	-	-	-	-	-	0.0
Reimbursment capital per share	-	-	-	-	-	0.0
Extraordinary Dividends distribution (Shareholders)	-	-	-	-	-	0.0
As per 31 December 2016	364.0	0.0	143.5	50.8		0.1 558.4

Management report 2016 8 / 40

MANAGEMENT REPORT

4. Comments on figures

4.1. Income Statement

bpost SA-NV realized during the 2016 financial year, under the BGAAP standards, a profit after tax of 308.7 million EUR (2015: 287.7 million EUR).

At the operating profit result, bpost recorded a profit of 440.9 million EUR (2015: 418.5 million EUR), which represented an increase of 5.4% compared to last year. The decrease of the total operating income by 73.8 million EUR or 3.3%, mainly driven by the sale of one sizeable building in 2015 on which a capital gain of 30.7 million EUR was realized and the anticipated lower compensation for SGEI (22.9 million EUR, in line with the conditions applicable as of 2016 for the 6th management contract and the press concessions), was more than offset by the decrease of the operating expenses. Total operating expenses decreased by 96.2 million EUR or 5.3%, this decrease was mainly driven by the decline of payroll and interim costs (80.4 million EUR), partially due to the absence of last year's provision for the Alpha social plan (54.5 million EUR).

Operating Income (Revenues)

The operating income of bpost SA-NV decreased by 3.3% to 2,152.1 million EUR (2015: 2,225.9 million EUR).

In million EUR	2016	2015	Evol €	Evol %
Sales	2,115.1	2,168.7	-53.5	-2.5%
Other operating income	36.2	55.5	-19.3	-34.9%
Non-recurring operating income	0.8	1.6	-0.8	-50.0%
Operating income	2,152.1	2,225.9	-73.8	-3.3%

Operating Income evolution 2016-2015

The evolution by core activity is described as follows:

In million EUR	2016	2015	Evol €	Evol. %
Domestic Mail	1,412.5	1,453.9	-41.4	-2.8%
Transactional Mail	873.6	917.6	-44.0	-4.8%
Advertising Mail	248.3	251.4	-3.1	-1.2%
Press	290.5	284.9	5.5	-4.2%
Parcels	223.0	210.7	12.3	5.8%
Value Added Services	49.5	47.4	2.2	5.7%
International Mail	126.7	134.1	-7.4	1.8%
Banking & Financial Products	192.6	205.2	-12.6	-6.1%
Other	147.0	173.0	-26.0	-15.0%
Non-recurring operating income	0.8	1.6	-0.8	-50.0%
Operating income	2,152.1	2,225.9	-73.8	-3.3%

Operating Income evolution by core activity 2016-2015

Domestic Mail which includes Transactional and Advertising Mail as well as Press decreased by 41.4 million EUR compared to last year, to 1,412.5 million EUR. Excluding the lower compensation for SGEI (2.5 million EUR), the underlying organic decline of Domestic Mail amounted to 38.9 million EUR. The underlying volume decline of 5.0%, which is identical as the volume decline for 2015, was partially offset by a price and mix improvement.

MANAGEMENT REPORT

The Parcels activity grew by 5.8% driven by excellent Domestic Parcels volumes growth of 17.1% (12.6% in 2015 and 7% in 2014), mainly attributable to the continued growth of e-commerce and the strong positive trend in C2C parcels (online product offering). Price increases were fully offset by the evolution of the client and product mix (faster growth of large e-tailers with high volumes and lower prices compared to smaller customers), resulting in a negative price mix effect of - 3.2%. International Parcels decreased by 9.1 million EUR, mainly due to the lower volumes of milk powder to China.

Value Added Services revenues improved by 5.7%, to 49.5 million EUR in 2016, mainly thanks to customized solutions and services relating to European License Plates and the delivery process of new decoders and modems for clients of a telecom operator.

International Mail revenues decreased by 7.4 million EUR, mainly due to the decline in mail volumes and the wholesales business in order to safeguard reasonable profit margins.

Revenues from the Banking & Financial Products declined by 12.6 million EUR, mainly due to a lower compensation for SGEI (10.3 million EUR).

Other revenues decreased by 26.0 million EUR, mainly due to the lower sales of buildings (19.1 million EUR, in 2015 the sale of one sizeable building generated a capital gain of 30.7 million EUR) and the lower compensation for SGEI (10.1 million EUR).

Operating expenses

bpost SA-NV operating expenses for 2016 decreased by 5.3% compared to last year and amount to 1,711.2 million EUR (2015: 1,807.4 million EUR). Excluding the non recurrent provision for the Alpha social plan, operating expenses decreased by 49.3 million EUR or 2.7%.

Materials costs, which include the cost of raw materials, consumables and goods for resale, decreased by 2.1 million EUR to 6.1 million EUR.

The costs for goods and services showed a slight increase of 1.6%, which can be split as follows:

In million EUR	2016	2015	Delta
Rent & Rental Costs	99.3	91.3	8.0
Maintenance and repairs	72.3	74.3	-2.0
Other goods	16.7	14.6	2.1
Energy delivery	32.6	36.2	-3.5
Postal and telecom costs	5.1	5.2	-0.2
Insurance costs	18.1	18.7	-0.6
Transport costs	115.9	120.0	-4.0
Publicity and advertising	12.7	14.6	-2.0
Consultancy	15.9	12.9	2.9
Third party renumeration, fees	116.7	115.6	1.1
Other services	17.6	22.3	-4.7
Interims	48.7	36.9	11.8
Total	571.7	562.7	9.0

MANAGEMENT REPORT

Rental costs have increased by 8.0 million EUR, mainly due to increased rental costs of Alteris, in turn due to the increased investments within Alteris. This increase is also due to higher costs for fleet.
Maintenance and repairs declined by 2.0 million EUR, this was mainly caused by cost savings related to maintenance costs of machines in sorting centers.
Energy delivery costs have decreased by EUR 3.5 million mainly due to a positive price evolution of energy costs for both vehicles and buildings
Transport costs amounted to 115.9 million EUR, a decrease of 3.3% (4.0 million EUR) compared to previous year. This decrease was driven by decline in mail volumes and the wholesales business as well as the lower favorable settlement of previous years' terminal dues (0.5 million EUR), partially offset by the settlement on terminal dues with another postal operator.
Publicity and advertising costs decreased by 2.0 million EUR, or a 13.7% decline in comparison with the year 2015.
The consultancy costs grew by EUR 2.9 million, or 22.4%, due to increased costs related to strategic corporate projects.
Third party remunerations and fees slightly increased by 1.1 million EUR, or by 0.9%. This increase is related to higher utilization of external experts for certain projects and higher distribution costs given the increased parcels volumes as well the increased Sunday and evening delivery.
The growth in interim costs was driven by higher use of temporary personnel (see also section payroll costs).

Payroll costs (1,068.8 million EUR) and interim costs (48.7 million EUR) in 2016 amounted to 1,117.5 million EUR and decreased by 80.4 million EUR, 2015 had been impacted by the provision for the Alpha social plan in 2015 (46.9 million EUR). Excluding this non recurring item, payroll and interim costs decreased by 33.5 million EUR (payroll costs decreased by 45.3 million EUR and interim costs increased by 11.8 million EUR), or 2.9 % compared to 2015.

The decrease of 107 FTE generated savings of 5.0 million EUR. This figure includes the impact of the internalization of newspaper delivery (= Deltamedia) and of additional workforce to absorb growth of parcels volumes and solutions. The total impact of the above mentioned items amounted to 551 FTE and interims. Therefore, the underlying average reduction in FTE and interims amounted to 658 for the year.

The recruitment of auxiliary postmen created a positive mix effect of 8.1 million EUR. Additionally, a lower number of management functions due to a hiring freeze and reorganization, created a positive mix effect of 12.2 million EUR.

The indexation of salaries combined with the first impacts of the new CLA and the normal salary and merit increases, partially offset by the impact of the tax shift, lower provisions for bonuses, led to a negative price impact 5.1 million EUR.

Furthermore, higher restructuring charges last year resulted in a decrease in payroll costs by 12.3 million EUR.

Besides this, the payroll costs were impacted negatively by a settlement of social charges, which was more important last year than this year (1.0 million EUR).

Management report 2016 11 / 40

MANAGEMENT REPORT

Finally, costs associated with the early retirement and social plans decreased by 1.6 million EUR.

Depreciation and amortization decreased to 56.9 million EUR (2015: 59.5 million EUR) or by 4.4%.

Net impact of provisions amounted to a negative expense of 8.2 million EUR in 2016 (2015: cost of 0.3 million EUR). The movements of the individual provisions are the following (negative figures represent reversals/utilizations of provisions and have a positive impact on profit):

In million EUR	2016	2015	Delta
Provision for end of career	10.0	-4.4	14.4
Early retirement plan Alpha	-4.8	7.5	-12.3
Mobility	-0.2	-0.2	0.0
Settlement quota days	-8.1	-2.0	-6.1
Insurance fund - Working accidents	1.9	0.6	1.3
Pending litigations	-6.8	-2.9	-3.9
Other	-0.4	1.6	-1.9
Total	-8.2	0.3	-8.5

Provisions for risks and charges evolution 2016-2015

In 2016, the end of career provisions (incl. "early retirement plan Alpha") increased by 5.5 million EUR. The additions for existing and new plans for 12.8 million EUR were partially offset by utilizations and reverse for 7.4 million EUR;
The Accumulated Compensated Absences provision decreased by 8.1 million EUR, mainly driven by a reverse of the provision;
In 2016, the net reversal / utilization for pending litigations 6.8 million EUR was mainly explained by the reversal of provisions related to a terminal dues settlement with another postal operator for which the corresponding costs have been booked within transport costs.

Other operating costs are in line with last year and amounted to 15.4 million EUR.

Financial income decreased to 13.1 million EUR (2015: 25.2 million EUR), mainly due to lower dividends received from affiliated companies (13.0 million EUR).

Financial charges amounted to 12.7 million EUR (2015: 11.9 million EUR).

Tax Expenses

The corporate tax expenses amount to 132.6 million EUR (2015: 144.1 million EUR). This represents a charge of 30.0% of the profit before taxes compared to 33.5% in 2015. In 2016 Deltamedia NV-SA has been liquidated and triggered a positive impact of 22.2 million EUR. The loss on the participation incurred by bpost NV-SA was tax deductible upon liquidation to the extent it represented previously fiscally paid-up capital in Deltamedia NV-SA.

MANAGEMENT REPORT

4.2. Balance Sheet

Assets

The balance sheet total amounted to 1,780.8 million EUR in 2016 (2015: 1,787.8 million EUR), a decrease of 7.0 million EUR versus 2015.

Intangible fixed assets decreased by 4.0 million EUR as the depreciations (5.8 million EUR) outpaced the additions (mainly related to investments in software and licenses).

Tangible assets declined by 7.1 million EUR. The main components of this variance were:

Investments for an amount of 49.5 million EUR (2015: 33.2 million EUR);
More than compensated by the depreciation of 51.0 million EUR (2015: 51.9 million EUR) and the transfer to assets held for sale of 5.6 million EUR.

Financial fixed assets increased to 547.2 million EUR (2015: 413.4 million EUR). This increase of 133.8 million EUR was mainly explained by :

The acquisitions of the year and the establishment of new subsidiaries for an amount of 122.6 million EUR, mainly related to Freight Distribution Management, bpost Canada, Ubiway, Parcify, De Buren and Citie.
Purchase of additional shares of Landmark Global and a capital increase within Citydepot, impact of both amounted to 26.2 million EUR;
The impairment of the participation in Landmark Global UK and Deltamedia for an amount of respectively 5.7 million EUR and 2.8 million EUR
The net decrease of loans through reimbursements from Landmark Global, Citydepot, Mail Services Incorporated, and bpost Singapore, partially offset by new loan toward bpost US Holding.

Trade receivables and other receivables increased by 51.7 million EUR, mainly due to the increased outstanding SGEI receivable and the advance paid to the notary for the purchase of Dynalogic, partially offset by the payment of the outstanding dividends of subsidiaries during the year 2016.

Deferred charges and accrued income slightly decreased to 19.2 million EUR (2015: 19.3 million EUR).

Cash and cash equivalents decreased to 446.0 million EUR (2015: 625.4 million EUR), mainly explained by the operational free cash flow partly compensated by the payment of dividends (260.0 million EUR).

MANAGEMENT REPORT

Liabilities

The equity increased to 558.4 million EUR (2015: 511.7 million EUR). The addition of the 308.7 million EUR net profit for the 2016 period was partially offset by the proposed dividend of 262.0 million EUR (out of which an interim dividend of 212.0 million EUR has already been paid).

Provisions for liabilities and charges decreased to 188.7 million EUR (2015: 196.9 million EUR). Mainly explained by:

A decrease in pending litigations (6.8 million EUR) mainly due to the use / reversal of provisions related to a terminal dues settlement with another postal operator for which the corresponding costs have been booked within transport costs;
Decrease of the pension related provision by 3.0 million EUR, due to:
o The Accumulated Compensated Absences provision decreased by 8.1 million EUR;
o The end of career related provisions increased by 5.5 million EUR (the additions for existing and new plans for 12.8 million EUR were partially offset by utilizations and reverse for 7.4 million EUR).

Long-term financial debts amounted to 82.5 million EUR (2015: 66.5 million EUR) and consist mainly of a bank loan concluded in 2007 with the European Investment Bank (EIB). The increase is explained by a new intercompany loan of 25.0 million EUR with Ubiway partially compensated by the reimbursement of 9.1 million EUR of EIB, which will be repaid in installments until 2022.

The trade and other payables amount increased from 195.8 million EUR in 2015 to 200.8 million EUR in 2016 fully due to trade payables increase to 163.4 million EUR (2015: 158.3 million EUR).

The social debts decreased by 42.6 million EUR to 352.1 million EUR (2015: 394.7 million EUR) mainly explained by utilizations of the Alpha social plan provision.

Other debts decreased by 4.5 million EUR to 211.7 million EUR (2015: 216.2 million EUR).

The accrued charges and deferred income decreased to 148.2 million EUR (2015: 157.2 million EUR).

MANAGEMENT REPORT

5. Risks and uncertainties

bpost is currently involved in the following legal proceedings initiated by intermediaries:

A claim for damages in an alleged (provisional) amount of approximately 19.9 million EUR (exclusive of late payment interest) in the context of legal proceedings initiated by Publimail NV/SA. The Brussels commercial court rejected Publimail's claim on May 3, 2016. Publimail appealed this decision on December 16, 2016. The appeal is now pending before the Brussels Court of Appeal.
A claim for damages in an alleged (provisional) amount of approximately 28.0 million EUR (exclusive of late payment interest) in the context of legal proceedings initiated by Link2Biz International NV and pending before the Brussels commercial court. Certain aspects of the contractual relationship between Link2Biz and bpost are also the subject of a cease and desist order (adopted on June 21, 2010), which bpost has appealed in August 2010 and which is currently pending before the Brussels Court of Appeal.

All claims and allegations are contested by bpost.

Moreover, on July 20, 2011 the Belgian postal regulator ("BIPT/IBPT") concluded that certain aspects of bpost's 2010 pricing policy infringed the Belgian Postal Act and imposed a fine of 2.3 million EUR. While bpost paid the fine in 2012, it contested the BIPT/IBPT's findings and appealed the decision. The Brussels Court of Appeal found in favour of bpost and annulled BIPT/IBPT's decision on March 10, 2016. bpost recovered the 2.3 million EUR fine in October 2016.

Finally, on December 10, 2012, the Belgian Competition Authority concluded that certain aspects of bpost's pricing policy over the January 2010-July 2011 period infringed Belgian and European competition law and imposed a fine of approximately 37.4 million EUR. While bpost paid the fine in 2013, it contested the Belgian Competition Authority's findings and appealed the decision before the Brussels Court of Appeal. On November 10 2016, the Brussels Court of Appeal annulled the Authority's decision and bpost may recover the 37.4 million EUR fine.

This constitutes a contingent asset because the Belgian Competition Authority may still appeal the judgment before the Supreme Court on points of law until April 4, 2017. Given the uncertainty of the collection of this fine, bpost did not recognize the repayment of this fine, nor any interests to be recuperated.

MANAGEMENT REPORT

6. Research and Development

bpost SA-NV is developing new solutions and new products to enrich its existing offer towards the customers.

As a consequence, bpost is highly involved in innovation and R&D activities through the acquisition of new and innovative solutions/products or the development on a stand-alone or with partners of such new and innovative solutions. The R&D activities are also impacting the ICT and operational efficiency. As such, the R&D investments realized by bpost aim to reduce environmental impact of bpost.

7. Profit appropriation

This civil year 2016 closes with a profit of 308.7 million EUR. The board has proposed the payment of a dividend totaling 262.0 million EUR relating to the results of the year 2016. It has further proposed that the reminder of the profit of the year, amounting to 46.7 million EUR be carried forward

8. Branches

The Company doesn't have any branches.

9. Independence and expertise in the accounting and audit domain of at least one member of the Audit Committee

The Audit Committee is composed of five non-executive directors, including at least three independent directors.

All members of the Audit Committee have sufficient expertise in the field of accounting and audit. The Chairperson of the Audit Committee is competent in accounting and auditing as evidenced by his former executive positions at a.o. the Total group. The other members of the Audit Committee also hold or have held several board or executive mandates in top tier companies or organizations.

10. Important events after the balance sheet date

No significant events impacting bpost's financial position have been observed after the statement of financial position date.

MANAGEMENT REPORT

11. Management and remuneration

Reference Code and introduction

In this Corporate Governance Statement, bpost outlines the key aspects of its corporate governance framework. This framework is consistent with the rules and principles set out in the Law of March 21, 1991 on the reform of certain economic public companies, as amended from time to time (the "1991 Law"), the Articles of Association and the Corporate Governance Charter.

General Belgian company law is applicable to bpost, a limited liability company under public law, unless otherwise stipulated in the 1991 Law or other Belgian laws or regulations.

On January 12, 2016, the law of December 16, 2015, amending the 1991 Law (the "December 2015 Law") entered into force. This law modernizes the 1991 Law, in particular by (i) relaxing organizational constraints for certain public companies, including bpost, in order to create a more level playing field with other (private) companies, (ii) aligning corporate governance rules for listed public companies with those for listed (private) companies in Belgium and (iii) defining a framework allowing the Belgian government to decrease its participation below 50% plus one share, and the consequences thereof.

Pursuant to the December 2015 Law, bpost will no longer be an autonomous public sector company subject to the 1991 Law if the Belgian State's participation in bpost's capital were to drop below 50% plus one share. In this case, bpost would become entirely subject to the general Belgian company law.

The latest version of bpost's Articles of Association was adopted at the Shareholders' Meeting of May 11, 2016 and has been approved by the Royal Decree of September 1, 2016. This Royal Decree was published in the Belgian State Gazette on September 19, 2016 and has been in effect since September 29, 2016. Any changes to the Articles of Association, approved by the shareholders at bpost's Shareholders' Meeting (in accordance with Article 558 of the Belgian Companies Code), must also be approved by a Royal Decree following a debate in the Council of Ministers.

The main characteristics of bpost's governance model are the following:

the Board of Directors establishes general policy orientations and the strategy of bpost and supervises operational management;
the Board of Directors has established a Strategic Committee, an Audit Committee and a Remuneration and Nomination Committee to assist and make recommendations to the Board of Directors;
the ad hoc committee, comprises all independent directors of the Board of Directors and intervenes when the procedure prescribed by Article 524 of the Belgian Companies Code, as incorporated in bpost's Corporate Governance Charter, is triggered;
the CEO is responsible for the operational management. The Board of Directors has delegated to the CEO the powers of day-to-day management;
the Group Executive Management assists the CEO with the operational management¹
there is a clear division of responsibilities between the Board of Directors and CEO.

¹ Some of the members of the Group Executive Management are also member of the Management Committee, which only acts for the purposes provided in the 1991 Law.

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MANAGEMENT REPORT

The Board of Directors has adopted the Corporate Governance Charter on May 27, 2013. The Charter has been effective since June 25, 2013 and was last amended by a decision of the Board of Directors of May 2, 2016, incorporating the changes brought by the December 2015 Law and the Articles of Association as adopted by the shareholders at the Shareholders' Meeting of May 11, 2016.

Reference Code

bpost is committed to a high standard of corporate governance. It relies on the Belgian Code on Corporate Governance of March 12, 2009 (the "Corporate Governance Code") as a reference code. The Corporate Governance Code is available on the website of the Corporate Governance Committee (www.corporategovernancecommittee.be). The Corporate Governance Code is based on a "comply or explain" approach. Belgian listed companies should follow the Corporate Governance Code, but may deviate from its provisions provided they disclose the justification for any such deviation.

To the extent permitted under the legal framework applicable to bpost, and in particular the 1991 Law, bpost, as an autonomous public sector enterprise, also aims to comply with most of the OECD Guidelines on Corporate Governance of State-owned Enterprises laid down in the OECD Code.

Deviations from the Corporate Governance Code

The Board of Directors intends to comply with the Corporate Governance Code.

However, due to rules imposed on bpost by the 1991 Law (before entry into force of the December 2015 Law), bpost was not able to comply with provisions 4.2, 4.6, 4.7 and 6.3 of the Corporate Governance Code:

• Under the former Article 18, §2 juncto Article 148bis/3 of the 1991 Law, it was the Belgian State that had to directly appoint a certain number of directors. Under provision 4.2, the Board of Directors needs to propose directors for appointment by the shareholders at the Shareholders' Meeting.

Since the entry into force of the December 2015 Law on January 12, 2016, all directors are appointed by decision of the Shareholders' Meeting upon proposal by the Board of Directors (Article 54/6, 4° of the 1991 Law). Therefore, some directors appointed before January 12, 2016 have been appointed by the Belgian State, while as from January 12, 2016, all (new) directors will be appointed by decision of the Shareholders' Meeting.

• Under the former Article 18, §5 and Article 20, §2 of the 1991 Law, the Chairperson of the Board of Directors and the CEO had to be appointed by the Belgian State. Under provisions 4.7 and 6.3, it is the Board of Directors that should appoint the Chairperson of the Board of Directors and the CEO.

Since the entry into force of the December 2015 Law on January 12, 2016, the Board of Directors appoints the Chairperson of the Board of Directors and the CEO (Article 54/6, 4° and 5° of the 1991 Law). Consequently, in the future, and without prejudice to the current mandates of the Chairperson and the CEO, provision 4.7 and 6.3 shall fully apply.

• Under the former Article 18, §3 and Article 20, §2 (first sentence) of the 1991 Law, bpost directors were appointed for a term of six years. Under provision 4.6, the term cannot exceed four years.

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MANAGEMENT REPORT

Since the entry into force on May 15, 2014 of the Law of April 19, 2014 amending the 1991 Law, directors are appointed for four years (Article 148bis/1, §5 of the 1991 Law). Therefore, the directors appointed before May 15, 2014 were appointed for six years. Directors appointed after May 15, 2014 have been appointed to serve a term of four years.

Board of Directors

Composition

Until the December 2015 Law entered into force on January 12, 2016, the CEO and up to six directors, including the Chairperson of the Board of Directors, were appointed by Royal Decree debated within the Council of Ministers. The other directors were recommended by the Board of Directors following advice of the Remuneration and Nomination Committee and then elected by an electoral college, which consisted out of all bpost's shareholders except for Public Institutions (i.e., Belgian public institutions or entities within the meaning of Article 42 of the 1991 Law: the Belgian State and its affiliated entities, including SFPI/FPIM) (the "Electoral College").

The directors appointed by the Belgian State could only be removed by a Royal Decree debated in the Council of Ministers. The other directors could be removed at any time by a majority of the votes cast by the Electoral College.

Since the December 2015 Law entered into force on January 12, 2016, the composition of the Board of Directors is now governed as described below.

bpost's Articles of Association provide that there will be a maximum of 12 directors on the Board of Directors, including the CEO. The Board of Directors shall only comprise non-executive directors, except for the CEO. Each director will be appointed by the shareholders at the Shareholders' Meeting for a renewable term of four years (without prejudice to the restrictions for independent directors, as defined in Article 526ter, 2° of the Companies Code). The Board of Directors will solely nominate candidates that have been nominated by the Remuneration and Nomination committee.

Each shareholder holding at least 15% of bpost's shares has the right to nominate directors for appointment pro rata its shareholding. Directors nominated by a shareholder can be independent, provided they fulfill the criteria laid down in article 526ter of the Companies Code, but they must not be independent.

Except for the CEO and directors nominated by a shareholder, all directors have to be independent directors. In addition, the Board of Directors must at all times count at least three independent directors, fulfilling the criteria laid down in article 526ter of the Belgian Companies Code.

All directors (including the directors previously appointed by the Belgian State) can be removed by decision of the Shareholders' Meeting. It was explicitly provided in the December 2015 Law that its entry into force does not terminate the current director mandates. These mandates were continued and will expire as initially provided, notwithstanding the possibility for the shareholders to end these mandates at the Shareholders' Meeting in accordance with the Belgian Companies Code.

Should any of the director mandates become vacant, the remaining directors have the right, in accordance with Article 519 of the Belgian Companies Code, to

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temporarily fill such vacancy until a final appointment takes place in accordance with the abovementioned rules.

In addition, it is provided in the Corporate Governance Charter, as amended by a decision of the Board of Directors of May 2, 2016, that the term of office of a director will end immediately after the annual Shareholders' Meeting following his/her 70th birthday, unless the Board of Directors approves otherwise in exceptional cases. Directors are expected to resign from office at such annual Shareholders' Meeting.

The composition of the Board of Directors reflects the gender representation requirements set forth in Article 18, §2bis of the 1991 Law. bpost also intends to comply with these gender representation requirements in 2017. bpost further takes into account the gender requirements laid down in Article 518bis of the Belgian Companies Code.

The composition of the Board of Directors reflects the language requirements set forth in Article 16 and 148bis/1 of the 1991 Law.

The Board of Directors was, per December 31, 2016, composed of the following 12 members:

Name	Position	Director since	Mandate expires	Presence at Board meetings in 2016
Françoise Masai (1)(2)	Non-Executive Chairperson of the Board of Directors	2014	2018(5 )	18/18
Koen Van Gerven (1)(3)	CEO and Director	2014	2020	18/18
Arthur Goethals (1)	Non-Executive Director	2006	2018(5 )	13/18
Luc Lallemand (1)	Non-Executive Director	2002	2018	13/18
Bernadette Lambrechts (1)	Non-Executive Director	2014	2020	16/18
Laurent Levaux (1)	Non-Executive Director	2012	2018	11/18
Caroline Ven (1)	Non-Executive Director	2012	2018	15/18
Michael Stone (4)	Independent Director	2014	2018	15/18
Ray Stewart (4)	Independent Director	2014	2018	17/18
François Cornelis	Independent Director	2013	2019	16/18
Sophie Dutordoir	Independent Director	2013	2019(5 )	16/18
Bruno Holthof	Independent Director	2013	2019(5 )	15/18

( 1 ) Appointed by the Belgian State.

( 2 ) Françoise Masai was appointed as from June 23, 2014 by Royal Decree dated April 25, 2014.

( 3 ) Appointed as CEO by Royal Decree dated February 26, 2014.

( 4 ) Appointed by the general meeting of all shareholders of bpost other than Public Institutions held on September 22, 2014. 5

( ) This director has informed bpost that he/she will not complete the full tenure of his/her mandate as described below.

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MANAGEMENT REPORT

Françoise Masai and Arthur Goethals have reached the age limit of 70 in 2016. Both directors have indicated that they do not wish to complete the full tenure of their mandate and that they will resign from office as from the Shareholders' Meeting of May 10, 2017, in accordance with Article 3.2.5 of the Corporate Governance Charter.

Two independent directors have resigned from the Board of Directors. Sophie Dutordoir resigned on January 15, 2017. Her resignation became effective on February 28, 2017. Bruno Holthof resigned on January 3, 2017. His resignation will become effective as of the Shareholders' Meeting of May 10, 2017.

The Remuneration and Nomination Committee has launched a selection process for the nomination of three independent directors and one Dutch speaking Board member nominated by the majority shareholder. The Board of Directors intends to recommend candidates, nominated by the Remuneration and Nomination Committee, for appointment to the shareholders at the annual Shareholders' Meeting of May 10, 2017 to replace the directors that have resigned or will resign.

Powers and functioning

Powers and responsibilities of the Board of Directors

The Board of Directors is vested with the power to perform all acts that are necessary or useful for the realization of bpost's purpose, except for those actions that are specifically reserved by law or the Articles of Association to the shareholders at the Shareholders' Meeting or other management bodies.

In particular, the Board of Directors is responsible for:

defining the general policy orientations of bpost and its subsidiaries;
deciding all major strategic, financial and operational matters of bpost;
overseeing the management by the CEO and the Group Executive Management; and
all other matters reserved to the Board of Directors by the Belgian Companies Code or the 1991 Law.

Certain Board of Directors decisions must be adopted by a special majority (see below Deliberation and voting).

The Board of Directors is entitled to delegate special and limited powers to the CEO and other members of senior management and can allow the sub-delegation of said powers.

Following the resolution adopted at the Shareholders' Meeting of May 27, 2013, the Board of Directors may, without any prior authorization of the shareholders at the Shareholders' Meeting, in accordance with Articles 620 et seq. of the Belgian Companies Code and within the limits set out in these provisions, acquire, on or outside the stock market, its own shares, profit-sharing certificates or associated certificates for a price that will respect the legal requirements, but that will in any case not be more than 10% below the lowest closing price in the last thirty trading days preceding the transaction and not more than 5% above the highest closing price in the last thirty trading days preceding the transaction.

This authorization is valid for five years from May 27, 2013. This authorization covers the acquisition on or outside the stock market by a direct subsidiary within the meaning and the limits set out by Article 627, indent 1 of the Belgian Companies Code.

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MANAGEMENT REPORT

If the acquisition is made by bpost outside the stock market, even from a subsidiary, bpost shall comply with Article 620, §1, 5° of the Belgian Companies Code.

The Board of Director's specific authorizations to acquire, for bpost's account, bpost's own shares, profit-sharing certificates or associated certificates if such acquisition would be necessary to avoid serious and imminent harm, were not extended at the Shareholders' Meeting held on May 11, 2016. Therefore, the Board of Directors has no longer been authorized to acquire such instruments to avoid serious and imminent harm as of July 8, 2016.

The Board of Directors is also authorized to divest itself of part of or all the bpost shares, profit-sharing certificates or associated certificates at a price it determines, on or outside the stock market or in the framework of its remuneration policy to employees, directors or consultants of bpost or to prevent any serious and imminent harm to bpost. This authorization is valid without any time restriction. The authorization covers the divestment of the company's shares, profit-sharing certificates or associated certificates by a direct subsidiary within the meaning of Article 627, indent 1 of the Belgian Companies Code.

Functioning of the Board of Directors

In principle, the Board of Directors meets seven times a year, and in any event no fewer than five times a year. Additional meetings may be called with appropriate notice at any time to address specific needs of the business. A meeting of the Board of Directors must in any event be convened if so requested by at least two directors. In 2016, the Board of Directors met eighteen times.

Quorum

The Board of Directors can only deliberate and make valid decisions if more than half of the directors are present or represented. The quorum requirement does not apply (i) to the vote on any matter at a subsequent meeting of the Board of Directors to which such matter has been deferred for lack of quorum at a prior meeting, if said subsequent meeting is held within 30 days from such prior meeting and the notice of said subsequent meeting sets forth the proposed decision on such matter with reference to this provision, or (ii) when an unforeseen emergency arises that makes it necessary for the Board of Directors to take action that would otherwise become time-barred by law or in order to avoid imminent harm to bpost.

Deliberation and voting

Pursuant to the 1991 Law, decisions on the approval of all renewals or amendments to the Management Contract and certain decisions on the administrative law status of statutory employees require a two-thirds majority by the Board of Directors.

Certain decisions within the competence of the Board of Directors as provided under Article 29, §2 of the Articles of Association also require a majority of twothirds of the votes cast.

In exceptional circumstances, where the urgency of the matter and the interests of bpost so require, the Board resolutions may be approved by unanimous written consent of all directors. This written procedure may not be used for the approval of the annual accounts, the use of the authorized capital or the amendment of the Management Contract.

Without prejudice to the special majority requirements set forth above, all decisions of the Board of Directors are adopted by a majority of the votes cast. In the case of a tie, the Chairperson of the Board of Directors has a casting vote.

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In addition, the Corporate Governance Charter provides that Board of Directors' decisions of strategic importance, including the adoption of the business plan and the annual budget and decisions regarding strategic acquisitions, alliances and divestitures must be prepared by a standing or an ad hoc Board committee. For any such decisions, the Board of Directors shall strive to achieve broad support across its various constituencies, it being understood that, following appropriate dialogue and consultations, the Chairperson of the Board of Directors may call for a decision and the proposal shall carry if adopted by a majority of the votes cast.

Evaluation process of the Board of Directors

Under the Chairperson's lead, the Board of Directors conducts regular evaluations of its scope, composition, performance and that of its committees, as well as the interaction with the executive management. If needed, the Chairperson shall propose the necessary measures to remedy any weaknesses of the Board of Directors or of any of its committees.

In 2015, the assessment was facilitated by an external consultant. The assessment focused on the role and missions of the Board of Directors and its committees, its composition, its functioning, the information flows within the Board of Directors and with management, and its compliance with governance standards.

Following the 2015 external assessment, the Board of Directors decided to monitor and evaluate on a regular basis the main focus areas that came out of the external assessment. In 2016, the Board of Directors continued to follow-up on these focus areas.

Corporate Governance Charter

On May 27, 2013, the Board of Directors adopted the Corporate Governance Charter. This Charter entered into effect on June 25, 2013. The Corporate Governance Charter was last amended following the Board of Directors' decision of May 2, 2016. The Board of Directors will review bpost's corporate governance at regular intervals and adopt any changes deemed necessary and appropriate.

The Corporate Governance Charter contains rules with respect to:

The duties of the Board of Directors, Committees, Group Executive Management² and CEO;
The responsibilities of the Board of Directors' Chairperson and Corporate Secretary;
The requirements that apply to the members of the Board of Directors to ensure that they have adequate experience, expertise and competences to fulfill their duties and responsibilities;
A disclosure system on mandates held and rules aimed at avoiding conflicts of interests and providing guidance on how to inform the Board of Directors in a transparent way in case conflicts occur. The Board of Directors may decide to exclude the member who has a conflict of interest from the deliberations and vote on that subject.

The Board of Directors continuously evaluates and improves its functioning in order to steer bpost ever better and more efficiently.

An induction program is provided to newly appointed directors aimed at acquainting them with bpost's activities and organization as well as with the rules laid down in

² Some of the members of the Group Executive Management are also member of the Management Committee, which only acts for the purposes provided in the 1991 Law.

MANAGEMENT REPORT

the Corporate Governance Charter. This program is open to every director who wishes to participate. It includes visiting operational and sorting centers.

Transactions between bpost, its Board members and executive managers

A general policy on conflicts of interest applies within bpost and prohibits any conflict of interests situation of a financial nature that may affect a director's personal judgment or professional tasks to the detriment of bpost's group.

In accordance with Article 523 of the Belgian Companies Code, Mr. Koen Van Gerven declared to have a personal conflict of interest of patrimonial nature in connection with his annual evaluation as CEO. His annual evaluation was an item on the agenda of the Remuneration and Nomination Committee's meeting of April 20, 2016, and the Board of Directors' meeting of May 2, 2016. He informed bpost's auditors of this conflict of interest and decided not to participate in the deliberation or voting on this item. Below follows the extract of the Board of Directors' minutes relating to the annual evaluation of the CEO:

"Prior to discussing the annual evaluation of the CEO, the CEO declared to have a personal conflict of interest of a patrimonial nature aimed at by Article 523 of the Belgian Companies Code in respect of the agenda item which relates to the evaluation of his annual performance.

The CEO left the meeting room and did not participate in the deliberation or the decision regarding his annual evaluation. The CEO will instruct the auditors of his conflict of interest, in accordance with Article 523 of the Belgian Companies Code. The Chairperson of the Remuneration and Nomination Committee reported on the meeting held 20 April 2016: (…)

Upon recommendation of the Remuneration and Nomination Committee, the Board of Directors unanimously approved the evaluation of the performance of the CEO and the proposed score".

Transactions between bpost and its majority shareholders

bpost's Corporate Governance Charter provides that the procedure set forth in Article 524 of the Belgian Companies Code shall be observed for any decisions regarding the Management Contract or other agreements with the Belgian state or other Public Institutions (other than those within the scope of Article 524, §1, last sub-paragraph of the Belgian Companies Code). In summary, these decisions are subject to a prior non-binding reasoned opinion of an ad hoc Board committee, consisting of at least three independent directors. The committee is assisted by an independent expert, selected by the committee, and bpost's auditor validates the financial data used. The procedure then requires the Board of Directors to substantiate its decision and the auditor to validate the financial data used by the Board of Directors.

The Board of Directors has established an ad hoc committee composed of all independent directors.

The Board of Directors did not need to apply the above procedure in 2016. The ad hoc committee did not meet in 2016.

Committees of the Board of Directors

Apart from the aforementioned ad hoc committee established pursuant to Article 524 of the Belgian Companies Code and bpost's Corporate Governance Charter, the Board of Directors has established three Board committees, which are responsible for assisting the Board of Directors and making recommendations in specific fields: the Strategic Committee, Audit Committee (in accordance with Article 526bis of the Belgian Companies Code) and Remuneration and Nomination Committee (in

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accordance with Article 526quater of the Belgian Companies Code). The terms of reference of these Board committees are set out in the Corporate Governance Charter.

Strategic Committee

The Strategic Committee advises the Board of Directors on strategic matters and shall, in particular:

review industry developments on a regular basis, review objectives and strategies of bpost and its subsidiaries and recommend corrective actions;
review the draft business plan submitted each year by the Group Executive Management;
review strategic transactions proposed by the CEO or the Group Executive Management, including strategic acquisitions and divestitures, formation and termination of strategic alliances or longer-term cooperation agreements, launching of new product segments and entry into new products or geographical markets or withdrawal from any such product segments or geographical markets;
monitor the implementation of such strategic projects and of the business plan.

The Strategic Committee comprises the CEO, who chairs the committee, and four directors, including at least one independent director.

The Strategic Committee was, per December 31, 2016, composed of the following five members:

Name	Position	Director since	Mandate expires	Presence at meetings in 2016
Arthur Goethals	Non-Executive Director	2006	2018(1 )	3/5
Luc Lallemand	Non-Executive Director	2002	2018	4/5
Laurent Levaux	Non-Executive Director	2012	2018	3/5
Michael Stone	Independent Director	2014	2018	5/5
Koen Van Gerven	CEO and Director	2014	2020	5/5
(Chairperson)

(¹ ) Mr. Goethals has reached the age limit of 70 in 2016 and has indicated that he does not wish to complete the full tenure of his mandate. He will resign from office as from the Shareholders' Meeting of May 10, 2017.

The Strategic Committee met five times in 2016.

Audit Committee

The Audit Committee advises the Board of Directors on accounting, audit and internal control matters, and shall, in particular:

review accounting policies and conventions;
review the draft annual accounts and examine whether the proposed distribution of earnings and profits is consistent with the business plan and the observance of applicable solvency and debt coverage ratios;
review the draft annual budget submitted by the CEO or the Group Executive Management and monitor compliance with the budget in the course of the year;

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review the quality of financial information furnished to the shareholders and the market;
monitor and oversee the internal audit process, internal controls and risk management, including for bpost and its subsidiaries as a whole;
propose candidates for the two statutory auditors to be appointed by the Shareholders' Meeting;
monitor the statutory audit of the annual and consolidated accounts, including any follow-up on any questions and recommendations made by the external auditors; and
review the external audit process and monitor the independence of the statutory auditors, in particular regarding the provision of additional services to bpost.

The Audit Committee comprises five non-executive directors, including at least three independent directors.

The Audit Committee was, per December 31, 2016, composed of the following five members:

Name	Position	Director since	Mandate expires	Presence at meetings in 2016
François Cornelis (Chairperson)	Independent Director	2013	2019	5/5
Sophie Dutordoir	Independent Director	2013	2019(1)	4/5
Bernadette Lambrechts	Non-Executive Director	2014	2020	4/5
Ray Stewart Caroline Ven	Independent Director Non-Executive Director	2014 2012	2018 2018	4/5 5/5

( 1 ) Sophie Dutordoir resigned from the Board of Directors on January 15, 2017. Her resignation became effective on February 28, 2017. The Board of Directors has appointed Michael Stone, independent director, as (temporary) member of the Audit Committee in replacement of Sophie Dutordoir.

The Audit Committee met five times in 2016.

Remuneration and Nomination Committee

The Remuneration and Nomination Committee advises the Board of Directors principally on matters regarding the appointment and remuneration of directors, CEO and executive management and shall in particular:

identify and nominate Board candidates to fill vacancies as they arise, thereby considering proposals made by relevant parties, including shareholders;
nominate for appointment candidates nominated by shareholders (whether or not in application of their nomination right set forth in Article 21, §2 of the Articles of Association);
advise the Board on the appointment of the Chairperson of the Board;

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advise the Board of Directors on the appointment of the CEO and on the CEO's proposals for the appointment of other members of the Group Executive Management;
advise the Board of Directors on the remuneration of the CEO and other members of the Group Executive Management and arrangements on early termination;
review any share-based or other incentive scheme for the directors, members of the Group Executive Management and employees;
establish performance targets and conduct performance reviews for the CEO and other members of the Group Executive Management;
advise the Board of Directors on the remuneration of the directors; and
submit a remuneration report to the Board of Directors.

The Remuneration and Nomination Committee comprises five non-executive directors, including three independent directors. The CEO participates with an advisory vote in the meetings of the Remuneration and Nomination Committee when the remuneration of the other members of the Group Executive Management is being discussed.

The Remuneration and Nomination Committee was, per December 31, 2016, composed of the following five members:

Name	Position	Director since	Mandate expires	Presence at meetings in 2016
François Cornelis	Independent Director	2013	2019	3/3
Sophie Dutordoir	Independent Director	2013	1 2019( )	3/3
Bruno Holthof	Independent Director	2013	2 2019( )	3/3
Laurent Levaux	Non-Executive Director	2012	2018	3/3
Françoise Masai	Non-Executive Chairperson	2014	2018	3/3
(Chairperson)	of the Board of Directors

( 1 ) Sophie Dutordoir resigned from the Board of Directors on January 15, 2017. Her resignation became effective on February 28, 2017. The Board of Directors has appointed Michael Stone, independent director, as (temporary) member of the Remuneration and Nomination Committee in replacement of Sophie Dutordoir.

( 2 ) Bruno Holthof resigned from the Board on January 3, 2017. His resignation will become effective as of the Shareholders' Meeting of May 10, 2017.

The Remuneration and Nomination Committee met three times in 2016.

In 2016, the Remuneration and Nomination Committee reflected (amongst other things) on changes to the remuneration policy (e.g., long-term incentive schemes) further to a new benchmark exercise with competitive companies.

Executive Management

CEO

Until the December 2015 Law entered into force on January 12, 2016, the CEO was appointed by the Belgian State, by Royal Decree, deliberated in the Council of Ministers.

Since the December 2015 Law entered into force on January 12, 2016, the CEO is appointed by the Board of Directors, following nomination by the Remuneration and Nomination Committee.

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It is explicitly provided in the December 2015 Law that its entry into force does not terminate the current mandate of the CEO.

The current CEO is appointed for a term of six years by Royal Decree of February 26, 2014, deliberated in the Council of Ministers.

The CEO is vested with the day-to-day management of bpost. He is also entrusted with the execution of the Board of Directors' resolutions and he represents bpost within the framework of its day-to-day management, including exercising the voting rights attached to shares and stakes held by bpost.

The CEO can be removed by the Board of Directors.

Group Executive Management

bpost's operational management is ensured by the Group Executive Management and is led by the CEO. The Group Executive Management consists of the members of the Management Committee and maximum four other members, appointed (for the duration the Board determines) and removed by the Board of Directors, following a recommendation by the CEO and advice of the Remuneration and Nomination Committee.

The Group Executive Management convenes regularly at the invitation of the CEO. The Group Executive Management is assisted by the Company Secretary.

The individual members of the Group Executive Management exercise the special powers delegated to them by the Board of Directors or the CEO, as the case may be. Within the limits of the powers assigned to them, the members of the Group Executive Management may delegate to one or more members of staff of bpost special and limited powers. The members of the Group Executive Management may allow sub-delegation of these powers.

The Group Executive Management prepares, under direction of the CEO, a business plan assessing the medium-term purposes and strategy of bpost, which is submitted to the Board of Directors for approval.

The Group Executive Management was, per December 31, 2016, composed of the following members:

Name	Function
Koen Van Gerven	Chief Executive Officer
Koen Beeckmans	Chief Financial Officer, Service Operations & ICT
Philippe Dubois	Director Mail Service Operations
Marc Huybrechts	Director Mail & Retail Solutions
Mark Michiels	Chief Human Resources & Organization
Kurt Pierloot	Director Parcels & Logistics

The 1991 Law contains several provisions detailing the composition, appointment and functioning of a Management Committee. Since the December 2015 Law has entered into force on January 12, 2016, these provisions no longer apply to bpost. Hence, the powers to be assigned to the Management Committee on the basis of the 1991 Law are limited to the negotiation of the Management Contract with the Belgian State (it being understood that the Management Contract requires the subsequent approval of the Board of Directors).

Therefore, the Management Committee will only remain in force for the limited purposes and tasks assigned to it by the amended 1991 Law.

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The Management Committee is composed of the CEO, who chairs the Management Committee, and the current members of the Group Executive Management with the exception of the CHRO Mark Michiels.

Company Secretary

The Board of Directors and its Chairperson, the committees of the Board of Directors and its Chairpersons and the Group Executive Management are assisted by the Company Secretary, Dirk Tirez, who is also bpost's Chief Legal Officer. He was appointed in October 2007.

Board of Auditors

The Board of Auditors audits bpost's financial condition and unconsolidated financial statements. The Board of Auditors comprises four members, two of which are appointed by the shareholders at the Shareholders' Meeting. The other two members are appointed by the Court of Audit, the Belgian institution responsible for the verification of public accounts (Cour des Comptes/Rekenhof). The Board of Auditors' members are appointed for renewable terms of three years. The Shareholders' Meeting determines the remuneration of the Board of Auditors' members.

The Board of Auditors was, at December 31, 2016, composed of:

Ernst & Young Bedrijfsrevisoren BV CVBA ("EY"), represented by Mr. Eric Golenvaux (member of the Institut des Réviseurs d'Entreprises/Instituut van de Bedrijfsrevisoren), De Kleetlaan 2, 1831 Diegem, Belgium;
PVMD Bedrijfsrevisoren-Reviseurs d'Entreprises SC SCRL ("PVMD"), represented by Mrs. Caroline Baert (member of the Institut des Réviseurs d'Entreprises/Instituut van de Bedrijfsrevisoren), Rue de l'Yser 207, 4430 Ans, Belgium;
Mr. Philippe Roland, Member of the Court of Audit (Rekenhof/Cour des Comptes) and First President of the Court of Audit, Rue de la Régence 2, 1000 Brussels, Belgium; and
Mr. Jozef Beckers, Member of the Court of Audit (Rekenhof/Cour des Comptes), Rue de la Régence 2, 1000 Brussels, Belgium.

The mandates of Mr. Philippe Roland and Mr. Jozef Beckers were renewed for a new term of three years in 2016 and will run up until September 30, 2019. The mandates of EY and PVMD were renewed for a new term of three years by decision of the Shareholders' Meeting of May 13, 2015 (up until the annual Shareholders' Meeting of 2018).

EY and PVMD are responsible for the audit of bpost's consolidated financial statements. For the year ended December 31, 2016, EY and PVMD received 333,850.00 EUR (excluding value added tax) in fees for the audit of the financial statements of bpost and its subsidiaries and 268,464.11 EUR (excluding valueadded tax) in fees for non-audit services. The other members of the Board of Auditors received 53,723.20 EUR in remuneration for their services in connection with the audit of bpost's non-consolidated financial statements for the year ended December 31, 2016.

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Shareholding structure and shareholders rights

bpost's shares are registered or dematerialized. At December 31, 2016, bpost's share capital was represented by 200,000,944 shares. The shares are listed on the NYSE Euronext Brussels.

With respectively 48,263,200 and 53,812,449 bpost shares in their possession on December 31, 2016, the Belgian State and the SFPI/FPIM together had a participation of 51.04% (respectively of 24.13% and 26.91%) of the shares with voting rights emitted by bpost.

The remaining shares are held by individual shareholders and European and international institutional shareholders who hold shares directly in bpost. None of these persons, either individually or in concert with others, have per December 31, 2016, filed a transparency declaration informing that the initial 3% threshold was reached.

The shares are freely transferable, provided that, according to Article 147bis of the 1991 Law and Article 16 of the Articles of Association, the direct participation of Public Institutions in the registered capital exceeds at any time 50%. However, since the December 2015 Law entered into force on January 12, 2016, the Belgian Government is empowered until December 31, 2018 to approve, by Royal Decree discussed in the Council of Ministers, transaction(s) that cause the direct participation of Public Institutions to drop below 50% plus one share (Article 54/7 §1 of the 1991 Law).

At December 31, 2016, bpost did not hold any own shares.

Each share entitles its holder to one vote. Except as required by the Belgian Companies Code, all shareholder resolutions are adopted at the Shareholders' Meeting by a majority of the votes cast.

Apart from the restrictions on voting rights imposed by law, the Articles of Association provide that, in the event shares are held by more than one owner, are pledged, or if the rights attached to the shares are subject to joint ownership, usufruct or any other kind of split of such rights, the Board of Directors may suspend the exercise of the rights attached to such shares until one person has been appointed as the sole representative of the relevant shares vis-à-vis bpost.

Remuneration report

Procedure applied to develop a remuneration policy and fix individual remuneration of management

As a limited liability company under public law and in compliance with applicable corporate governance requirements, bpost has developed a specific remuneration policy. This policy was decided by the Board of Directors upon recommendation by the Remuneration and Nomination Committee. The remuneration policy takes into account bpost's different groups of employees and is regularly assessed and updated if and when appropriate. Any change in this policy is approved by the Board following a recommendation by the Remuneration and Nomination Committee.

The remuneration policy aims to offer an equitable reward package to all employees and managers, which is competitive with the Belgian reference market composed of large Belgian companies. The total reward package includes a well-balanced mix of financial and non-financial elements. To that effect, a comparison of the various

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compensation elements with the median of the Belgian reference market is regularly carried out.

Furthermore, to achieve sustainable and profitable growth, performance at both the collective and individual level is rewarded. Such reward system has the ambition to be an affordable and straightforward system that is linked to corporate results, such as EBIT and customer loyalty, and that allows differentiation at individual level in view of performance and talent. At the same time, it aims to create sustainable long term value.

bpost considers that a transparent communication on the principles and implementation of the remuneration policy is essential.

bpost distinguishes three different groups, for which the basic remuneration principles will be explained and detailed hereafter:

1. Members of the Board of Directors
1. CEO
1. Members of the Group Executive Management³

The content of this report does not relate to bpost's Belgian and foreign subsidiaries. With regard to the foreign subsidiaries, a separate remuneration policy has been established, in line with market standards. This policy is likely to attract and retain qualified and experienced executives.

Remuneration principles

Remuneration of the Members of the Board of Directors

The remuneration of the members of the Board of Directors was approved by decision of the Shareholders' Meeting of April 25, 2000.

Pursuant to this decision, the members of the Board of Directors (with the exception of the CEO) are entitled to receive the following gross annual remuneration:

39,885.33 EUR for the Board of Directors' Chairperson, who also chairs the Joint Industrial Committee (Paritair Comité / Commission Paritaire) of bpost, as indexed per March 1, 2016;
19,942.73 EUR for the other directors, with the exception of the CEO, as indexed per March 1, 2016.

These amounts are indexed annually.

Following the decision of the shareholders at the Shareholders' Meeting of April 25, 2000, the members of the Board of Directors (with the exception of the CEO) are also entitled to an attendance fee of 1,666.35 EUR per attendance at one of the Committees established by the Board of Directors.

No other benefits are paid to the members of the Board of Directors for their director mandate.

The CEO is not entitled to any kind of remuneration for attendance to any of the Board of Directors or Board Committee meetings.

³ Some of the members of the Group Executive Management are also member of the Management Committee.

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During the financial year 2016, the members of the Board of Directors, with the exception of the CEO, received the following total gross annual remuneration (*):

Member	Board meetings	Audit Committee	Strategic Committee (**)	Remuneration & Nomination Committee	TOTAL
Arthur Goethals	19,942.73 EUR	N/A	4,972.32 EUR	N/A	24,915.05 EUR
Luc Lallemand	19,942.73 EUR	N/A	6,611.94 EUR	N/A	26,554.67 EUR
Laurent Levaux	19,942.73 EUR	N/A	4,945.59 EUR	4,999.05 EUR	29,887.37 EUR
Caroline Ven	19,942.73 EUR 9,971.37 EUR		N/A	N/A	29,914.10 EUR
François Cornelis	19,942.73 EUR 9,971.37 EUR		N/A	4,999.05 EUR	34,913.15 EUR
Sophie Dutordoir	19,942.73 EUR 6,665.40 EUR		N/A	4,999.05 EUR	31,607.18 EUR
Bruno Holthof	19,942.73 EUR	N/A	N/A	4,999.05 EUR	24,941.78 EUR
Françoise Masai	39,885.33 EUR	N/A	N/A	4,999.05 EUR	44,884.38 EUR
Ray Stewart	19,942.73 EUR 6,665.40 EUR		N/A	N/A	26,608.13 EUR
Michael Stone	19,942.73 EUR	N/A	8,278.29 EUR	N/A	28,221.02 EUR
Bernadette	Lambrechts 19,942.73 EUR 8,305.02 EUR		N/A	N/A	28,247.75 EUR

(*) These amounts cover all amounts paid out in FY 2016. Please note that attendance fees are only paid out in the month following the attended Board Committee meeting. This means that the amounts paid out in FY 2016 relate to attendance to Board Committee meetings held from December 2015 until November 2016.

(**) Please note that erroneously the attendance fee of one Strategic Committee meeting in 2016 was not paid out in FY 2016 and will be paid in FY 2017.

Remuneration of the CEO

The remuneration package of the CEO consists of a base salary of 472,195.20 EUR (as indexed per July 1, 2016) , a short-term on target variable remuneration of 150,000 EUR, a pension contribution of 32,480.04 EUR and various other components such as death in service, disability and medical coverage, representation allowances and a company car.

The CEO's variable remuneration is granted under the terms and conditions defined on an annual basis and approved by bpost's Board of Directors, following a recommendation of the Remuneration and Nomination Committee. For performance in 2016 (for which payment occurs in 2017), the Board of Directors agreed to apply similar conditions and modalities as applicable to bpost's management population: the short term variable remuneration is based on a 'multiplier system' whereby the actual variable salary paid out can vary depending on the corporate and individual performance and competences.

For the CEO, the corporate objectives are financial (EBIT – weight 70% / Operating Free Cash Flow – weight 30%). The pay-out grid was determined and validated by the Board of Directors following a recommendation of the Remuneration and Nomination Committee. Maximum pay-out per criterion is set at 135%.

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Individual objectives are mutually agreed between the CEO and Board of Directors. Clear deliverables and KPI's to be reached in an agreed timeframe are set. The payout range for the CEO is in line with the pay-out range principles that apply to the members of the Group Executive Management.

The remuneration paid to Koen Van Gerven in 2016 for his performance over the year ending December 31, 2016 amounts to 570,648.12 EUR (compared to 549,429 EUR in 2015) and can be broken down as follows:

Base salary: 472,195.20 EUR (gross)
Variable remuneration: to be determined and paid in 2017 after evaluation of performance
Pension, death in service, disability and medical coverage: 75,961.80 EUR
Other compensation components (representation allowances): 3,300 EUR
Leasing costs for company car: 19,191.12 EUR

In addition, the CEO was paid in 2016 a variable remuneration of 258,772 EUR for his performance for the year ending December 31, 2015 (as the 2015 performance evaluation was only determined in 2016).

No shares, stock options or other rights to award shares were granted to or exercised by the CEO or expired in 2016. No options under previous stock option plans were still outstanding for exercise in 2016.

While there are no future changes as to the remuneration of the CEO at this stage, the Remuneration and Nomination Committee will reflect from time to time on changes to the remuneration policy in light of market practice.

Remuneration of the Group Executive Management members⁴

The remuneration package of the Group Executive Management is reviewed on a regular basis and approved by the Board of Directors following a recommendation by the Nomination and Remuneration Committee. It is based on a benchmark exercise comparing bpost with large Belgian companies.

bpost's objective is to offer a total remuneration package that is in line with the median of the reference market.

While there are no future changes as to the remuneration of the Group Executive Management at this stage, the Remuneration and Nomination Committee will reflect from time to time on changes to the remuneration policy in light of market practice.

The different elements of the remuneration package are:

Base salary

The base salary is benchmarked with other large Belgian companies, in line with the abovementioned principles.

The individual base salary is based on:

Function
Relevant experience
Performance

⁴ Some of the members of the Group Executive Management are also member of the Management Committee.

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The performance of each individual is reviewed annually in a "Performance Management Process" (PMP).

Variable salary

A variable salary may be granted, based on the achievement of:

Corporate objectives
Individual objectives

The target variable salary is set as a percentage of the annual base salary. bpost uses a multiplication system whereby the actual variable salary paid out can vary depending on the corporate and individual performance.

The corporate objectives are both financial (EBIT – weight 70%) and non-financial (customer loyalty – weight 30%). Per criterion, a pay-out grid is determined and validated each year by the Board of Directors following a recommendation by the Remuneration and Nomination Committee. Maximum pay-out per criterion is set at 135%.

Individual objectives are mutually agreed between each member of the Group Executive Management and the CEO at the start of the Performance Management Process (PMP). Clear deliverables and KPI's to be reached in an agreed timeframe are set. Pay-out range goes from 0% in case of underperformance to 160% in case of over-performance.

Other benefits

bpost offers other benefits, such as pension, death in service and disability insurance, medical insurance, company car, etc. These benefits are benchmarked regularly and adapted according to standard practices.

Global remuneration

The global remuneration paid in 2016 to the Group Executive Management members, other than the CEO, for performance over the year ending December 31, 2016 amounts to 1,982,514.55 EUR (compared to 1,553,004 EUR in 2015) and can be broken down as follows:

Base salary: 1,671,984.85 EUR (gross) paid under employment agreements, excluding social security contributions paid by bpost;
Variable remuneration: to be determined and paid in 2017 after evaluation of performance;
Pension, death in service, disability and medical coverage: 204,551.04 EUR;
Other compensation components (representation allowances and luncheon vouchers): 20,285.10 EUR;
Leasing costs for company car: 85,693.56 EUR.

In addition, the Group Executive Management members were paid in 2016 a global variable remuneration of 738,918.44 EUR (gross) for their performance for the year ending December 31, 2015 (as the 2015 performance evaluation was only determined in 2016).

No shares, stock options or other rights to award shares were granted to or exercised by the Group Executive Management members or expired in 2016. No options under previous stock option plans were still outstanding for exercise in 2016.

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Clawback provisions

The current remuneration policy does not provide for a specific contractual clawback stipulation in favor of bpost for the variable remuneration granted on the basis of incorrect financial information.

Termination provisions

In case of termination by bpost before the end of the current mandate and not for reason of material breach, the CEO is entitled to a termination indemnity of 500,000 EUR. Additionally, the CEO is entitled to the use of a vehicle for six months after the date of termination, including all expenses relating to the use of this vehicle, except for the fuel card.

No other member of the Group Executive Management is entitled to specific contractual termination arrangements, except for Marc Huybrechts, who is entitled to a minimum severance pay of six months in case of dismissal without cause, and Koen Beeckmans, who is entitled to a minimum notice period or severance pay of twelve months compensation in case of dismissal without cause, it being understood that the latter is decreased to six months if the non-compete clause is applied.

In case of automatic termination upon expiry of the six-year term and the appointment by bpost of another CEO, the CEO is subject to a non-compete clause for a period of one year from the date of termination of his mandate. He will receive a non-competition indemnity of 500,000 EUR, unless bpost waives the application of such clause.

All members of the Group Executive Management, except for Mark Michiels, are subject to non-compete clauses for a period of twelve to twenty-four months from the date of their resignation or termination restricting their ability to work for bpost's competitors. All such members are entitled to receive compensation in an amount equal to six to twelve months of salary if these non-compete clauses are applied.

Internal control and risk management

bpost's Entreprise Risk Management ("ERM") framework assists bpost in managing risks effectively and implementing the necessary controls to pursue its objectives. The ERM framework covers: (i) risk management, allowing bpost to take informed decisions on risks it is willing to take to achieve its strategic objectives, thereby taking into account external factors; and (ii) internal control activities, which include all internal policies, procedures and business practices to mitigate risks. Best practices in risk management and internal control activities (e.g., international standard ISO31000) and the Commission on Corporate Governance's directions have been used as references to define the ERM framework.

In general, the objective is to provide a reasonable assurance regarding (i) compliance with applicable laws and regulations, (ii) reliability of financial and nonfinancial information, and (iii) effectiveness of internal processes. A "reasonable assurance level" is a high, but not an absolute level, given that all internal control systems have limitations linked to, e.g., human error, wrong decisions or choices on cost/benefit of control.

The following description of bpost's internal control and risk management activities is factual and aims at describing the activities' main characteristics.

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Control environment

The control environment promotes employee awareness and compliance, defines clear roles and responsibilities, publishes quality guidelines and demonstrates the commitment of bpost's Group Executive Management and Board of Directors.

Commitment to integrity and ethical values

"Earning trust" is one of bpost's four key values. The Board of Directors and Group Executive Management have approved bpost's Code of Conduct, which was first issued in 2007. The Code describes the basic principles on how bpost wants to conduct business and the consequences in case of violations. The Code also sets out guidelines to prevent misuse of privacy sensitive and other privileged information and to support sustainable ways of working on environment and society as a whole. The Code of Conduct is provided to all new employees as part of the onboarding process. It is also made available on bpost's intranet and referred to during trainings. Any violations of the Code of Conduct or fraudulent behavior can be reported to the Integrity department, triggering an investigation and further follow-up.

Furthermore, in order to comply with insider trading and market manipulation regulations, bpost has adopted a Dealing and Disclosure Code, which is amended from time to time to be in line with the most recent market abuse laws and regulations. This Code aims at creating awareness around possible improper conduct by employees, senior employees and persons discharging managerial responsibilities (being members of the Board of Directors and of the Group Executive Management) and their associated persons. The Code contains strict rules on confidentiality, non-use of "price sensitive" information and dealing restrictions. The rules of this Code have been widely communicated within the Group and the Code is available to all employees, senior employees and persons discharging managerial responsibilities. In conformity with the Market Abuse Regulation of April 16, 2014 persons discharging managerial responsibilities at bpost have been informed of their obligations in relation to insider trading under the Market Abuse Regulation.

Commitment to corporate governance fostering accountability

The Board of Directors supervises the operational management. The Audit Committee advises the Board of Directors on accounting, audit and internal control matters. Without prejudice to the monitoring role of the Board of Directors, the Group Executive Management establishes risk management and internal control guidelines and procedures and monitors their effective roll-out. A "three lines of defense" model has been implemented:

The operational management is responsible for the design and maintenance of risk management and internal controls (first line);
The second line functions, such as Legal, Health & Safety, Security or Integrity, provide expert support to the first line operational management. The overall roll-out and coordination of the risk management and internal control activities is centralized within the Risk & Control department. All second line functions report at least annually to the Group Executive Management on the risk evolutions in their respective domains;
Finally, Corporate Audit, responsible for the internal audits of bpost Group, constitutes the third line of defense. The Corporate Audit Director reports to the Audit Committee's Chairperson and CEO.

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Commitment to employee development and competence

Good leadership is invaluable and generates better results for bpost. In September 2015, bpost rolled-out the "Leading@bpost" program that identifies accountability and continuous learning as two key values. To develop skills, bpost has established its own training center. Technical courses are held in the business units (e.g., training on the International Financial Reporting Standards ("IFRS") used to prepare bpost's consolidated financial statement) and ad hoc courses are developed on a need-to-have basis. Personal development is driven by clear job descriptions and a structured bi-annual evaluation. Ad hoc coaching sessions are promoted.

Risk assessment

The purpose of risk management, embedded in the ERM framework, is to deliver a consistent corporate approach and establish a sound risk management culture. Three types of risk management activities are performed. First, a strategic risk assessment takes place as part of the process to define/ revise bpost's strategy. Each Business Unit further assesses its operational risks on a quarterly basis. Finally, there is risk and internal control management at a process, product or project level. This includes an evaluation of the adequacy of the most important internal controls to mitigate risks at a process, product or project level.

The same structured risk management process is applied to the following three types of risk activities:

Identification of the risks that may have an impact on realizing the objectives;
Assessment of risks in order to prioritize them;
Decision on risk responses and action plans to address key risks;
Monitoring action plan implementation and overall risk evolutions and identification of emerging risks.

The coherence of the three different types of risk activities is ensured by using a single framework of risk evaluation criteria to assess the risks. This ensures the right risks are circulated, both top-down and bottom-up.

More information can be found in the "Risk Management" section of the annual report (note 6.5).

Control activities

In general

A process management framework is defined based on the Business Process Methodology ("BPM"). As such, policies and procedures are established for the key processes (sales, procurement, investments, treasury, etc.). They are subject to regular controls. Internal control dashboards are monitored where relevant.

All Group companies use an Enterprise Resource Planning ("ERP") system or accounting software to support efficient processing of business transactions, to perform accounting and to deliver data for consolidation. These systems provide management with transparent and reliable information in order to monitor, control and direct business operations. A close monitoring of potential conflicts of separation of duties in the ERP system is carried out on a regular basis. bpost has established management processes to ensure the implementation of appropriate measures on a daily basis to sustain the performance, availability and integrity of its IT systems. The adequacy and effectiveness is monitored through internal

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service level agreements as well as periodic performance and incident reporting to the different Business Units involved.

Specifically related to the financial statements

Systematic and structured finance processes ensure a timely and qualitative reporting. These processes include the following main activities or controls:

careful and detailed planning of all activities, including owners and timings;
communication by the Group Finance Department prior to the closing of guidelines, including on all IFRS accounting principles, to be applied by all legal entities and operating units;
separation of duties between the accounting teams in the different legal entities actually performing the accounting activities and the departments responsible to review the financial information. The review is performed more specifically by (i) business controllers responsible inter alia for the review of financial information in their area of responsibility and (ii) the Group Finance Department, which is responsible for the final review of the financial information of the different legal entities and operating units as well as the preparation of the consolidated financial statements;
systematic account justification and review after the closing triggering follow-up and feedback of the timelines, quality and lessons learned in order to strive for continuous improvement.

Information and communication

Internally, the Internal Communication department uses a wide variety of tools, such as the company's intranet and employee newsletters, to circulate messages in a structured and systematic way both from top management level as from operational level.

Financial and performance information is shared between operational and financial management and the Group Executive Management. Besides the monthly reporting analysis prepared by the Business Controllers, the Group Executive Management conducts a thorough quarterly review of the different Business Units performance.

Proper assignment of responsibilities and coordination between the relevant departments ensures an efficient and timely communication process for periodic financial information. The Group Finance Department communicates on a regular basis all IFRS accounting principles, guidelines and interpretations, to be applied by all legal entities and operating units, to the accounting teams of the different legal entities and operating units.

Externally, the Press Relations and Public Affairs department manages stakeholders, e.g., press and public authorities. This department centralizes and validates external communications with a potential impact at Group level. This includes, but is not restricted to, financial information.

Financial information is made available to the market on a quarterly, half-yearly and annual basis. Prior to external publication, financial information is subject to (i) an extensive internal validation process, (ii) review by the Audit Committee, and (iii) approval by bpost's Board of Directors.

Monitoring

Corporate Audit (internal) and Board of Auditors (external)

bpost has a professional internal audit department that works in line with the Institute of Internal Auditors' standards. The department is subject to an external quality review every five years. Corporate Audit conducts an annual risk

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assessment with a semi-annual revision to determine the audit program. Via its audit assignments, Corporate Audit provides reasonable assurance on internal control effectiveness in the different processes or projects reviewed.

bpost's Board of Auditors provides an independent opinion on the full year statutory and consolidated financial statements. It performs a limited review on the half-year interim condensed financial statements and the statutory BGAAP figures of bpost NV/SA per end of October, which serves for the distribution of an interim dividend. In addition, they review material changes to the IFRS accounting principles. In light of their activities, they also evaluate the different identified key controls on the processes that support the set-up of the financial statements.

Audit Committee and Board of Directors

The Audit Committee advises the Board of Directors on accounting, audit and internal control matters. To do so, the Audit Committee receives and reviews:

all relevant financial information to enable the Audit Committee to analyze the financial statements;
the quarterly treasury update;
any significant change of the IFRS accounting principles;
relevant findings resulting from the activities of the Corporate Audit Department and/or the Board of Auditors;
Corporate Audit semi-annual status report on the follow-up of audit recommendations and annual activity report;
Group Executive management's annual conclusion on the effective execution of bpost's risk management and internal control activities as well as periodic information on the main business and related risk evolutions.

The Board of Directors ultimately ensures the establishment of internal control systems and procedures. The Board of Directors monitors the functioning and adequacy of the internal control systems and procedures, taking into account the Audit Committee's review, and takes the necessary measures to ensure the integrity of the financial statements. A procedure is in place to convene bpost's appropriate governing body on short notice if and when circumstances so dictate.

More detailed information on the composition and functioning of the Audit Committee and the Board of Directors is included in the section of this Corporate Governance Statement on the Board of Directors and the Audit Committee.

12. Information required by article 523 of the Companies code

The Charter of the Board of Directors of bpost, which was adopted on January 17, 2006, provides that "the Board must immediately be informed about any potential conflicts of interest in respect of the Directors and an appropriate solution must be undertaken".

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13. Information required by article 524 of the Companies code

The Board of Directors has established an ad hoc committee composed of all independent directors.

The Board of Directors did not need to apply the above procedure in 2016. The ad hoc committee did not meet in 2016.

Management report 2016 40 / 40

ASSETS	31 estobra 2018
FIXED ASSETS	784,282,651.66
II. INTANGIBLE FIXED ASSETS	8.758.271.49
III. TANGIBLE FIXED ASSETS	318.094.672.07
4 A. Land and buildings	156,832,731 35
B. Plant, machinery and equipment ¢ C. Furniture and vehicles k.	20,804,403 01 36.264.091.41
E. Other tangible fixed assets ¢ F. Assets under construction and advance payments	104,193,446 30 0.00
IV. FINANCIAL FIXED ASSETS	459,429,708 10
A. Affiliated enterprises ×.	450,266,024 27
1. Participating Interests ¢ ċ 2. Amounts receivable	367,020,242 83 02.245.781.44
C. Other financial assets ¢	163,683 83
1. Shares d 2. Amounts receivable and cash guarantees ë	40 824 00 122,859 83
CURRENT ASSETS	1,003,384,717.91
VI, STOCKS AND CONTRACTS IN PROGRESS	10,174,168 24
A. Stocks ë	10.174.166.24
1, Raw material and consumables ¢	4,331,658.65
ë 3. Finlahed goods ć 4. Goods purchased for resale	3.566,713.68 1,706,457.37
5. Immovable property intended for sale ¢	569,338 54
VII, AMOUNTS RECEIVABLE WITHIN ONE YEAR	287, 223, 189.44
A. Trade debtors ä ć B. Other amounts receivable	285.670.442.25 21,552,727.19
VIII, CURRENT INVESTMENTS	259.871.235.44
B. Other investments and deposits ÷	250,871,235 44
DC, CASH AT BANK AND IN HAND	411,684,112 44
X, DEFERRED CHARGES AND ACCRUED INCOME	34 432 032 36
TOTAL ASSETS	1,787,667,389 57
EQUITY AND LIABILITIES	31 octobre 2010
EQUITY	759.976.722.21
I. CAPITAL	363, 960, 448 31
< A lasued capital	363,960,448 31
SI, REVALUATION SURPLUSES	78,039.96
IV. RESERVES	50.848.959.34
A. Legal reserve	50,848,957.82
D. Available reserve à.	1.52 345.073.274.60
V. ACCUMULATED PROFITS including profit brought forward on 31/12/2015 profit of the year from 1/1/2016 at 31/10/2019	96,825,056.00 248.248.218.60
PROVISIONS AND DEFERRED TAXES	177,719,630 25
VII. A. Provisions for Sabilities and charges	177.719.830.25
1. Pension and similar obligations ¢	15,846,871.41
3. Major repairs and maintenance ¢ 4. Other flabilities and charges ż	1,303,274 28 160,569,684 56
AMOUNTS PAYABLE	849 971 017 11
VIII, AMOUNTS PAYABLE AFTER MORE THAN ONE YEAR	86.545.454.55
A. Financial debts ¢	54, 545, 454. 55
4, Credit Institutions ¢	54.545.454.55
¢ D. Other amounts payable	12,000,000 00
IX. AMOUNTS PAYABLE WITHIN ONE YEAR A. Current portion of amounts payable after more than ¢	639.724.985.57
one year falling due within one year B. Financial debts ć	9,090,909.09 0.00
1. Credit Institutions ë ¢ C. Trade debts	n nn 05.114.244.77
ë 1. Suppliers	95, 114, 244.77
k D. Advances received on contracts in progress E. Taxes, remunerations and social security ż	31,402,451.92 382,685,003 49
¢ 1. Taxes 2. Remunerations and social security ë	40,593,259.79 342,091,743.70
×, F. Other amounts payable	121.432 376 30
X. ACCRUED CHARGES AND DEFERRED INCOME	143,700,578.00
TOTAL LIABILITIES	1,787.667.369.57

SOCIAL BALANCE SHEET

Number of joint industrial committee:

STATEMENT OF THE PERSONS EMPLOYED EMPLOYEES FOR WHOM THE ENTERPRISE SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER

During the current period	Codes	Total	1. Men	2. Women
Average number of employees
Full-time	1001	18.982,5	13.860,5	5.122,0
Part-time	1002	6.730,4	3.377,4	3.353,0
Total in full-time equivalents	1003	23.394,9	16.084,9	7.310,0
Number of hours actually worked
Full-time	1011	28.005.353	20.969.304	7.036.049
Part-time	1012	6.553.714	3.338.554	3.215.160
Total	1013	34.559.067	24.307.858	10.251.209
Personnel costs
Full-time	1021	833.243.109,00	606.600.983,30	226.642.125,70
Part-time	1022	235.565.394,12	122.164.213,42	113.401.180,70
Total	1023	1.068.808.503,12	728.765.196,72	340.043.306,40
Advantages in addition to wages	1033	1.576.833,10	1.051.860,10	524.973,00

During the preceding period	Codes	P. Total	1P. Men	2P. Women
Average number of employees in FTE	1003	23.882,3	16.296,5	7.585,8
Number of hours actually worked	1013	34.584.244	24.058.809	10.525.435
Personnel costs	1023	1.160.980.442,35	790.163.927,65	370.816.514,70
Advantages in addition to wages	1033	1.758.932,40	1.207.407,40	551.525,00

	Codes	1. Full-time	2. Part-time	3. Total full-time
At the closing date of the period				equivalents
Number of employees	105	18.901	6.470	23.178,1
By nature of the employment contract
Contract for an indefinite period	110	18.628	6.449	22.895,7
Contract for a definite period	111	273	21	282,4
Contract for the execution of a specifically assigned work	112
Replacement contract	113
According to gender and study level
Men	120	13.845	3.262	16.012,4
primary education	1200	10.702	2.681	12.476,0
secondary education	1201	1.690	467	2.002,1
higher non-university education	1202	421	55	460,8
university education	1203	1.032	59	1.073,5
Women	121	5.056	3.208	7.165,7
primary education	1210	2.812	1.946	4.049,9
secondary education	1211	1.398	1.035	2.096,1
higher non-university education	1212	323	127	419,1
university education	1213	523	100	600,6
By professional category
Management staff	130	57		57,0
Employees	134	18.684	6.136	22.772,0
Workers	132	160	334	349,1
Others	133

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE ENTERPRISE'S DISPOSAL

During the period	Codes	1. Hired temporary staff
Average number of persons employed	150	976,5
Number of hours actually worked	151	1.929.647
Costs for the enterprise	152	48.705.991,10

LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

ENTRIES	Codes	1. Full-time	2. Part-time	3. Total full-time equivalents
Number of employees for whom the entreprise submitted a DIMONA declaration or who have been recorded in the general personnel register during the financial year	205	6.039	1.689	6.330,6
By nature of employment contract
Contract for an indefinite period	210	2.096	170	2.189,5
Contract for a definite period	211	3.943	1.519	4.141,1
Contract for the execution of a specifically assigned work	212
Replacement contract	213

DEPARTURES	Codes	1. Full-time	2. Part-time	3. Total full-time equivalents
Number of employees whose contract-termination date has been entered in DIMONA declaration or in the general personnel register during the financial year	305	5.872	2.103	6.384,7
By nature of employment contract
Contract for an indefinite period	310	1.937	556	2.252,0
Contract for a definite period	311	3.935	1.547	4.132,7
Contract for the execution of a specifically assigned work	312
Replacement contract	313
By reason of termination of contract
Retirement	340	608	356	799,5
Unemployment with extra allowance from enterprise	341
Dismissal	342	771	113	837,7
Other reason	343	4.493	1.634	4.747,5
Of which the number of persons who continue to render services to the enterprise at least half-time on a self-employed basis	350

INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD

Total of initiatives of formal professional training at the expense of the employer	Codes	Men	Codes	Women
Number of employees involved	5801	7.268	5811	3.630
Number of actual training hours	5802	83.298	5812	49.728
Net costs for the enterprise	5803	8.997.256,00	5813	5.371.264,00
of which gross costs directly linked to training	58031	8.997.256,00	58131	5.371.264,00
of which fees paid and paiments to collective funds	58032		58132
of which grants and other financial advantages received (to deduct)	58033		58133
Total of initiatives of less formal or informal professional training at the expense of the employer Number of employees involved Number of actual training hours	5821 5822	15.395 214.661	5831 5832	7.548 105.246
Net costs for the enterprise	5823	7.833.830,00	5833	3.840.853,00
Total of initiatives of initial professional training at the expense of the employer
Number of employees involved	5841		5851
Number of actual training hours	5842		5852
Net costs for the enterprise	5843		5853

AI assistant

bpost SA/NV — Annual Report 2016

3922_rns_2017-04-07_6bba38e5-543d-4065-a635-2124858d155d.pdf

LIST OF DIRECTORS, MANAGERS AND AUDITORS AND DECLARATION ABOUT SUPPLEMENTARY AUDITING OR ADJUSTMENT MISSION

LIST OF DIRECTORS, MANAGERS AND AUDITORS

VAN GERVEN KOEN

MASAI FRANCOISE

LALLEMAND LUC

GOETHALS ARTHUR

VEN CAROLINE

LEVAUX LAURENT

CORNELIS FRANCOIS

DUTORDOIR SOPHIE

HOLTHOF BRUNO Title : Director Mandate : 27/05/2013- 10/05/2017 Walnut Barn, Honeybottom Lane 78a Dry Sandford, Abington, OX136BX, United Kingdom

LAMBRECHTS BERNADETTE

STEWART RAY

STONE MICHAEL

ERNST & YOUNG REVISEURS D'ENTREPRISE - BEDRIJFSREVISOREN SCCRL/BCVBA 0446.334.711

PVMD REVISEURS D'ENTREPRISES - BEDRIJFSREVISOREN 0471.089.804

BECKERS JOZEF

ROLAND PHILIPPE

DECLARATION ABOUT SUPPLEMENTARY AUDITING OR ADJUSTMENT MISSION

ANNUAL ACCOUNTS

BALANCE SHEET AFTER APPROPRIATION

INCOME STATEMENT

APPROPRIATION ACCOUNT

STATEMENT OF INTANGIBLE FIXED ASSETS

STATEMENT OF TANGIBLE FIXED ASSETS

STATEMENT OF FINANCIAL FIXED ASSETS

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

DEFFERED CHARGES AND ACCRUED INCOME

STATEMENT OF CAPITAL AND SHAREHOLDING STRUCTURE

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

ANALYSIS OF THE HEADING 164/5 OF LIABILITIES IF THE AMOUNT IS SIGNIFICANT

OPERATING RESULTS

FINANCIAL RESULTS

INCOME AND CHARGE OF EXCEPTIONAL SIZE OR INCIDENCE

INCOME TAXES AND OTHER TAXES

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

Brief description

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

RELATIONSHIPS WITH AFFILIATED ENTERPRISES, ASSOCIATED ENTERPRISES AND OTHERS ENTERPRISES LINKED BY PARTICIPATING INTERESTS

RELATIONSHIPS WITH AFFILIATED ENTERPRISES, ASSOCIATED ENTERPRISES AND OTHERS ENTERPRISES LINKED BY PARTICIPATING INTERESTS

TRANSACTIONS WITH ENTERPRISES LINKED BY PARTICIPATING INTERESTS OUT OF MARKET CONDITIONS

FINANCIAL RELATIONSHIPS WITH

INFORMATION RELATING TO CONSOLIDATED ACCOUNTS

INFORMATION TO DISCLOSE BY EACH ENTERPRISE THAT IS SUBJECT TO COMPANY LAW ON THE CONSOLIDATED ACCOUNTS OF ENTERPRISES

FINANCIAL RELATIONSHIPS OF THE GROUP LED BY THE ENTERPRISE IN BELGIUM WITH AUDITORS OR WITH PEOPLE THEY ARE LINKED TO

VALUATION RULES

1. Principle

2. Fixed assets

Formation expenses:

Reorganization costs:

Intangible fixed assets:

Tangible fixed assets:

VALUATION RULES

Financial fixed assets:

3. Current assets

Inventories:

Products:

VALUATION RULES

Contracts in progress:

4. Liabilities

Debts:

Foreign currencies:

Leasing agreements:

OTHER INFORMATIONS TO DISCLOSE

MANAGEMENT REPORT

bpost SA-NV

Management report 2016

MANAGEMENT REPORT

Table of Content

MANAGEMENT REPORT

1. Selected financial figures

MANAGEMENT REPORT

2. Key events of the year

On March 21, 2016 bpost acquired Freight Distribution Management (FDM)

bpost SA/NV Annual Report 2016