Poste Italiane

Investor Presentation • Nov 9, 2015

9M2015 Results

November9, 2015

3.5%reduction in operating costs vs 2014

Operating cash flow(1) growing 16% up to €658m from €567m

Transformationplan well on track

9M 2015: Key Numbers

InvestorRelations

1. Including other segments (PosteMobile and "Consorzio Telefonia Mobile")

Focus on Financial Services (1/3) – Revenues Evolution

1. Current accounts /Active Portfolio Management include interests income, realized capital gain and income from financial assets at FVTPL (Fair Value through profit or loss)

2. Transaction banking includes: payment slips, F24, money transfers, pension cheques and other revenues from current accounts. Net of intercompany values

Focus on Financial Services (2/3) – Revenues Breakdown

Focus on Financial Services (3/3) – Active Portfolio Management

1. Average yield calculated as interest income and realized capital gains (pro rata temporis) on total financial assets

6

Focus on Insurance Services –Life GWP and Technical Reserves Evolution

Focus on Mail & Parcels (1/2) – Revenues & Volumes Evolution (Mail & Parcels)

Unrecorded Mail and Philately

Volumes Evolution - Mail (m) Volumes Evolution - Parcels (m)

Focus on Mail & Parcels (2/2) – Revenues, Cost Structure and Profitability at Divisional Level

InvestorRelations

1. Includes intersegment revenues

Cost Structure at Consolidated Level

Cost Structure at Consolidated Level – Focus on labour costs (€m)

From EBIT to Net Income (€m)

Group Capital Expenditure

Cash Generation Profile (€m)

(1) Calculated as: Net Income + D&A + Net provisions for risks and charges – Use of Provisions for risks and charges + Net change in employee termination benefits and pension plans + Other (Details in Appendix)

14

Closing Remarks

• 1H 2015 positive trends confirmed
• Growth in revenues, operating profit and cash flow
• Execution of transformation plan continues
• Cost reduction
• New services eg:
  • •Poste Pay Evolution reaches 1.4 million
  • •Acquisition of SDS(1) to support new health insurance offer
  • •New app for BancoPosta driving digital transactions
  • •New investment products (in partnership with Anima)
• In projecting year end results, some Q4 specifics:
• Accrual of transformation costs for the year
• More contained profits from unrealized gains vs previous quarters

Markedimprovement of FY2015 vs FY2014

15

€m	9 M 2 0 1 4	9 M 2 0 1 5	Va % r.
P L &
Re fro les d ice ve nu e m sa a n se rv s	6. 7 5 9	6. 4 9 8	( ) 3, 9 %
In ium su ra nc e p re m re ve nu e	1 2. 7 4 0	1 4. 5 4 3	1 4, 2 %
O he inc fro f ina ia l a d ins iv i ies t t t r om e m nc n ur an ce a c	2. 9 8 5	2. 8 2 8	( ) 3 % 5,
O he ing inc t t r o p er a om e	7 6	5 2	( ) % 3 1, 6
Sa le s	2 2. 5 6 0	2 3. 9 2 1	6, 0 %
Pe l c ts rso nn e os	( ) 4. 4 8 2	( ) 4. 3 7 0	( ) 2, 5 %
O he ing t t r o p er a e xp en se s	( ) 2. 2 1 2	( ) 2. 7 2 1	2 3, 0 %
ha in hn ica l p is ion fo ins bu ine Ne t c te ng e c ro s r ur an ce s ss v d he la im t an o r c s e xp en se s	( ) 1 4. 6 4 1	( ) 1 5. 4 7 5	% 5, 7
De ia ion iza ion t & t t p re c am or	( ) 4 9 2	( ) 4 2 5	( ) 1 3, 6 %
E B I T	7 3 3	9 3 0	2 6, 9 %
( ) Ne in inc / Ex t te t re s om e p en se	1 5	4 1	% 1 7 1, 5
f i be fo Pr t ta o re x	7 4 8	9 7 1	% 2 9, 8
Ta x	( ) 4 1 5	( ) 3 4 9	( ) 1 5, 9 %
Ne in t co m e	3 3 3	6 2 2	8 6, 8 %

€ m	Y 2 F 0 1 4	M 9 2 0 1 5	V % a r.
l h B t a a n c e s e e
C h E i l & t a s q u v a e n s	1. 7 0 4	1. 8 5 6	% 8, 9
B P l d C h t t a n c o o s a r e a e a s	2. 8 7 3	2. 6 3 9	( ) 8, 1 %
R i b l I & t e c e v a e s n v e n o r y	2. 7 5 1	2. 2 6 0	( ) 1 7, 8 %
i i l F A t n a n c a s s e s	1 4 2. 6 8 9	1 5 3. 7 2 1	% 7, 7
T i b l d I i b l A t t a n g e a n n a n g e s s e s	2. 8 9 2	2. 9 6 4	( ) 8 % 6,
O h A t t e r s s e s	6. 0 5 1	6. 0 1 8	( ) 0, 5 %
T l A t t o a s s e s	1 5 8. 9 6 0	1 6 9. 1 8 8	6, 4 %
T d P b l r a e a y a e s	1. 4 2 2	1. 3 1 8	( ) % 7, 3
F i i l L i b i l i i t n a n c a a e s	5 5. 3 5 9	5 4. 4 2 6	( ) 1, 7 %
T h i l R e c n c a e s e r v e s	8 7. 2 2 0	9 7. 5 4 9	1 1, 8 %
O h t e r	6. 5 4 1	6. 7 5 8	% 3, 3
T l L i b i l i i t t o a a e s	0. 2 1 5 5 4	0. 0 1 6 5 1	3 % 6,
S h h l d C i l t a r e o e r s a p a	1. 3 0 6	1. 3 0 6	-
R e s e r v e s	7. 1 1 2	7. 8 3 1	1 0, 1 %
T l E i t t o a q u y	8. 4 1 8	9. 1 3 7	% 8, 5
T l L i b i l i i E i t t & t o a a e s q u y	1 5 8. 9 6 0	1 6 9. 1 8 8	6, 4 %

€m	9 M 2 0 1 4	9 M 2 0 1 5	Va % r.
Ca h f low ta te t s s me n
Ne inc t om e	3 3 3	2 2 6	8 8 % 6,
De ia ion d iza ion t t t p rec an am or	4 9 2	4 2 5	( ) 1 3, 6 %
Ne is ion fo is ks d ha t p rov s r r an c rg es	1 9 7	1 3 8	( ) 2 9, 9 %
( d ) Us f Pro is ion fo is ks ha e o v s r r an c rg es	( ) 2 1 5	( ) 2 6 3	2 2, 3 %
Ne ha in loy ina ion be f i d ion t c te t ts ng e em p ee rm ne an p en s lan p s	( ) 6 7	( ) 9 4	( ) 2 9 % 6,
( ) / Ga ins Lo d isp ls sse s o n os a	2	0	n. m.
O t he r	7 1	1 4	( ) 8 0, 3 %
O F F	8 1 3	8 8 7	% 9, 1
C ha in k ing i l ta ng e wo r ca p	( ) 3 1	0 9 4	n. s.
Ca h f low fro io t s m op er a ns	7 8 2	1. 2 9 6	6 5, 7 %
Ca i ta l e d i tu p xp en res	( ) 2 4 6	( ) 2 2 9	( ) 6, 9 %
ha in bs i d iar ies d ia Ne t c te ng e su an as so c s	5	( ) 2 1 1	n. m.
D isp ls os a	5	2	( ) % 6 0, 0
Ca h f low fro inv tm ts s m es en	( ) 2 3 6	( ) 4 3 8	8 5, 6 %
D iv i de d i d n p a	( ) 5 0 0	( ) 2 5 0	( ) 5 0, 0 %
Ca h F low fro f ina ia l a ts d l ia b i l i t ies s m nc sse an	9 0 9	( ) 9 9 1	n. m.
S i d i ion ta te t tu t a res	0	5 3 5	n. m.
Ca h f low fro f ina ing s m nc	9 4 0	( ) 7 0 6	n. m
Ne ha in h t c ng e ca s	9 5 5	1 5 2	( ) 8 4, 1 %

€m	Y 2 F 0 1 3	9 M 2 0 1 4	Y 2 F 0 1 4	9 M 2 0 1 5	Va % r.
W k ing Ca i l ta or p
Tr de iva b les a re ce	3. 7 4 7	3. 4 1 2	3. 7 6 1	3. 3 6 2	( ) 1 0, 6 %
Inv ies to en r	1 4 6	1 4 8	1 3 9	1 4 0	0, 7 %
O he iva b les d a t ts r r ec e an sse	2. 5 0 6	2. 4 9 6	3. 5 4 0	3. 2 5 1	( ) % 8, 2
De fe d tax ts rre as se	6 7 3	6 2 7	7 0 2	6 0 8	( ) 1 3, 4 %
Cu iva b les t tax rre n re ce	8 7 1	8 7 7	9 6 5	0 7 5	0 % 7,
Tr de b les a p ay a	( ) 1. 5 2 1	( ) 1. 3 1 1	( ) 1. 4 2 2	( ) 1. 3 1 8	7, 3 %
O he l ia b i l i ies t t r	( ) 2. 4 0 2	( ) 2. 0 8 1	( ) 2. 6 5 8	( ) 2. 7 2 2	( ) 2, 4 %
De fe d l ia b i l i ies tax t rre	( ) 0 5 5	( ) 0 0 0 1.	( ) 0 1. 4 7	( ) 0 8 1. 1	( ) 8 % 5,
Cu t tax l ia b i l i t ies rre n	( ) 1 0 1	( ) 4 3 8	( ) 2 4	( ) 3 5 4	n. s.
W k ing Ca i l ta or p	3. 2 6 1	2. 7 3 0	3. 6 5 0	2. 5 6 4	( ) 2 9, 8 %

Change in Group Working Capital – 9M 2015

€m	9 M 2 0 1 4	9 M 2 0 1 5
ha k l C in W ing Ca i ta ng e or p
b les de iva Tra r ec e	3 3 5	3 9 9
Inv ies to en r	( ) 2	( ) 1
he b les d O iva t ts r r ec e a n a sse	1 0	2 8 9
fe d De tax ts rre as se	4 6	9 4
b les Cu iva t tax rre n r ec e	( ) 1 5 9	( ) 4 6
de b les Tra p ay a	( ) 2 1 0	( ) 1 0 4
he l b l O ia i i ies t t r	( ) 3 2 1	6 4
fe d l b l De ia i i ies tax t rre	4 9 5	6 1
l b l Cu ia i i ies t tax t rre n	3 3 7	3 3 0
l To ta	5 3 1	1. 0 8 6
ina ia l inc d isc d r iva b les F te nc om o e n ou n ec e	6 1	3 1
i ‐d d los iva b les Ne t te w r ow ns a n s o n r ec e	( ) 5 4	( ) 5
fe d fa lue ha d l De ir v T F R a ia inc tax tu rre on a c ng es an c ar om e	( ) 5 3 4	( ) 1 6 0
l la f s ha ho l de b les / / ( b l ) Ca ion iva C E 1 6 0 7 0 8 2 0 1 5 S i i Law t ta ty nc e o re r r ec e	‐‐	( ) 5 3 5
' hn l Re ins ica te ure rs c r es erv es	1 0	1 0
d ( d s ha ho l de ' ) A j i ion tm ts ta te tra t us en no n m on e ry ms an re rs ns ac s	( ) 5 6 2	( ) 6 7 7
ha in k ing i l p h f low C W Ca ta ta te t ng e or p er ca s s me n	( ) 3 1	4 0 9

€m	M 9 2 0 1 5	€m	M 9 2 0 1 5
As ts se		i d ia b i l i ies Eq ty L t u a n
Pro lan d ip ty t a t p er p n eq u me n ,	2. 1 0 4	To l Eq i ta ty u	2. 8 7 6
Inv tm t p ty es en ro p er	6 2
In i b le ta ts ng ass e	0 4 4	Pro is ion fo is ks d ha v s r r an c rg es	3 1 6
Inv d fo ing he i ho d tm t a te t ty t es en cc ou n r u s e q u me	8 8 1. 5	Em loy ina ion be f i d ion lan te t ts p ee rm ne an p en s p s	1. 3 3 4
ina ia l a F ts nc sse	1. 1 5 2	ina ia l l ia b i l i ies F t nc	1. 2 5 4
Tr de iva b les a re ce	5 3	De f fe d tax l ia b i l i t ies re	2 7
De fe d tax ts rre as se	4 1 7	O he l ia b i l i ies t t r	7 5
O he iva b les d t ts r r ec e an ass e	1 6 6
To l n ta t a ts on -cu rre n ss e	6. 2 4 3	To l n l ia b i l i ies ta t t on -cu rre n	3. 0 0 6
Inv ies to en r	3 1 6	Pro is ion fo is ks d ha v s r r an c rg es	8 8 4
de iva b les Tr a re ce	2. 9 5 2	de b les Tr a p ay a	1. 2 1 8
Cu t tax ts rre n as se	6 1 5	Cu l ia b i l i ies t tax t rre n	1 0
O t he iva b les d ts r r ec e an ass e	3 4 2	O t he l ia b i l i t ies r	1. 4 2 3
F ina ia l a ts nc sse	2 8 3	F ina ia l l ia b i l i ies t nc	1. 8 0 0
Ca h a d c h e iva len ts s n as q u	2 5 0
To l c ta t a ts ur re n ss e	4. 8 5 7	To l c l ia b i l i ies ta t t ur re n	4. 9 3 9
To l As ta ts se	0. 8 2 1 1	To l Eq i d L ia b i l i ies ta ty t u a n	0. 8 2 1 1

€m	9M 2015
Equity and Liabilities
Total Equity	2.876
Provisions for risks and charges	316
Employee termination benefits and pension plans	1.334
Financial liabilities	1.254
Deffered tax liabilities	27
Other liabilities	75
Total non-current liabilities	3.006
Provisions for risks and charges	488
Trade payables	1.218
Current tax liabilities	10
Other liabilities	1.423
Financial liabilities	1.800
Total current liabilities	4.939
Total Equity and Liabilities	10.821

€m	F Y 2 0 1 4	9 M 2 0 1 5	Va % r.
Ne De b M i l Pa ls d O he Se ice t t & t a rc e an r rv s -
Ca h d Ca h iva len Eq ts s an s u	3 2 0	2 6 0	( ) % 1 8, 8
Cu F in ia l As t ts rre n an c se	1 8 3	1 6 2	( ) 1 1, 5 %
S ho de b t te t r rm	( ) 1. 3 5 1	( ) 7 4 3	4 5, 0 %
Cu f lon de b t p t o te t rre n ar g rm	( ) 1 3	( ) 8	3 8, % 5
b O t he t f ina ia l l ia i l i t ies r c ur re n nc	( ) 2 4	( ) 2 0	1 6, 7 %
Cu F in ia l Po i io t t rre n an c s n	( ) 3 8 8 1.	( ) 7 7 1	% 4 4, 5
Cu t Ne t F in ia l Po i t io rre n an c s n	( ) 8 8 5	( ) 3 4 9	6 0, 6 %
Lo de b te t ng rm	( ) 4 0 0	( ) 4 0 0	-
Bo ds n	( ) 7 9 6	( ) 7 9 7	( ) 0, 1 %
O he f ina ia l l ia b i l i ies t t t r n on c ur re n nc	( ) 6 6	( ) 5 9	% 1 0, 6
No Cu F in ia l Po i io t t n rre n an c s n	( ) 1. 2 6 2	( ) 1. 2 5 6	0, 5 %
in ia l i io Ne t F Po t an c s n	( ) 2. 1 4 7	( ) 1. 6 0 5	% 2 5, 2
No f ina ia l a t ts n cu rre n nc ss e	6 5 4	5 5 2	( ) 1 5, 6 %
Ne t F in ia l Po i t io M i l Pa l a d O t he Se ice & an c s n a rc e n r rv s -	( ) 1. 4 9 3	( ) 1. 0 5 3	2 9, 5 %
In f ina ia l re iva b les te t rse g me n nc ce	8 1 1	7 2 1	( ) 1 1, 1 %
In te t f ina ia l p b les rse g me n nc ay a	( ) 7 6 9	( ) 9 8 0	( ) 2 7, 4 %
( ) Ne F in ia l Po i io f in t t t o te ts an c s n ne rs eg m en	( ) 1. 4 5 1	( ) 1. 3 1 2	% 9, 6

Other Services – Poste Mobile Key Financials

€m	3 Q 2 0 1 4	3 Q 2 0 1 5	Va % r.
P L &
To ta l r ev en ue	2 4 3	2 4 9	2, 7 %
/w Ma ke t r o r ev en ue	8 1 0	8 1 1	3 % 0,
1 /w In te o rco mp an y rev en ue	6 3	6 9	9, 7 %
Pe l c ts rso nn e os	( ) 1 9	( ) 1 7	( ) 1 1, 5 %
O he ing t t r o p era e xp en se s	( ) 1 7 8	( ) 1 7 6	( % ) 0, 8
E B I T D A	4 6	5 7	2 1, 9 %
E B I T D A in ma rg	1 9, 1 %	2 2, 7 %
De ia ion d a isa ion t t t p rec an mo r	( ) 3 5	( ) 2 8	( ) 2 % 0, 0
E B I T	1 1	2 9	1 4 9, 2 %
in E B I T ma rg	% 4, 7	% 1 1, 5
/ ( ) No ing inc t n-o p era om e ex p en se s	( ) 0	( ) 1	1 7 7, 3 %
be Pr f i t fo ta o re xe s	1 1	2 8	1 4 8, 5 %
Ta xe s	( ) 5	( ) 1 0	9 6, 9 %
Pr f i t a f te ta o r xe s	6	1 8	1 9 3, 7 %
Ca h f low ta te t s s me n
O F F	4 1	4 5	% 9, 9
Ca h f low fro inv tm ts s m es en	( ) 4 2	( ) 1 2	7 1, 4 %
ha in h Ne t c ng e ca s	( ) 4	( ) 6	3 4, 1 %
O he ke da t ta r y
( ) Av be f u im ds k # era g e nu m r o se rs s ca r -	3. 0 3 4	3. 4 3 2	% 1 3, 1
( ) A R P U €	5, 8	5, 3	( ) 7, 8 %

Financial Services –Cost Structure and Profitability at Divisional Level

Financial Services – Operating Costs (€m)

Financial Services – Operating Profit (€m)1

InvestorRelations

1. Includes intersegment revenues

Insurance Services –Cost Structure and Profitability at Divisional Level

InvestorRelations

1. Includes intersegment revenues

Segment Flow Description – (€m) 9M 2015