Poste Italiane

Investor Presentation • Jan 18, 2018

Rome, 18 January 2018

TWO STRATEGIC DEALS - CORNERSTONES OF THE NEW POSTE ITALIANE

GOAL	 Leading Italian asset gatherer with comprehensive portfolio and innovative service model
TARGET	Increase revenues and profitability from existing and new clients 
STRATEGY	Develop a controlled open platform   Retain key strategic product factories Retain control and oversight of product structuring   Maintain and expand in-house expertise

LEVERAGING THE POWER OF OUR CLIENT BASE AND NETWORK

Unmatched customer base in Italy	Over €500bn total financial assets at the end of September 2017, +2.5% vs. December 2016   34 million retail customers (c. 56% of the Italian population) of which 2.6 million affluent and private customers
Scale of distribution network	12,800 branches  1.5 million daily customers  2.6 million daily transactions at Post Offices and 1 million daily access through digital channels 
Market Trends	MiFID II: increasing transparency   Poste Italiane network covers 96.5% of Italian territory

KEY PILLARS OF POSTE'S STRATEGY IN FINANCIAL SERVICES

Two strategic deals signed since December

POSTAL SAVINGS PRODUCTS AS KEY CROSS-SELLING ENABLER

CDP

PRAGMATIC AND ACHIEVABLE TARGETS

Revamping program already at full speed…

• Full delivery of web/mobile transactions • Improvements in front office processes

… yielding early encouraging results

Net inflows of Postal Savings: 2003 - 2020 (€bn)

Bold actions taken to drive network sales

1) Super Smart Offer: term deposits on Smart Savings Books

	Previous 2014-18 agreement	New 2018-20 agreement	Key highlights
POSTAL SAVINGS BOOKS REMUNERATION	 0.52% on the average balance	0.52% on the average balance (€115.0bn1) 	 Significant contribution to cash flows
POSTAL BONDS REMUNERATION	 0.52% on the average balance	 0.52% on the average balance of Postal Bonds "ordinario"2 (€191.4bn1) Upfront fee for campaign-based Postal Bonds:   1.45% on bonds with a maturity ≤3y 1.95% on bonds with a maturity >3y 	 Potential for additional remuneration
CAP & FLOOR	 No floor or cap envisaged	 Floor: €1,550m yearly postal savings fees  Cap: €1,850m yearly postal savings fees	 Guaranteed profitability within defined targets

Postal saving fees target for 2018 at €1.8bn or better

• 1. Average volumes as of September 2017 according to previous agreement
• 1. All Postal Bonds issued before 31 December 2017; Postal Bonds "ordinario" and those dedicated to minors from 1 January 2018

ANIMA PARTNERSHIP SUPPORTS POSTE'S NEW ASSET MANAGEMENT STRATEGY

Poste Italiane's asset management strategy Why Anima?

• Focus on distribution of third party solutions
• Controlled-open platform with BancoPosta Fondi SGR keeping a relevant role in the product development process
• Become a competence centre focusing on overall supervision of asset management activities

• Best set-up to optimize Group's profitability, while increasing the product catalogue and updating the service model

• Leading national independent asset manager in Italy

• Proven track record with non-captive networks
• First in class expertise in specific products and asset classes
• Key support to train the network
• Successful partnership already in place with Poste Italiane, yielding strong results in recent years

The deal will allow Poste Italiane to…

…increase and refresh product offering

…upgrade Poste's retail network through training

…offer best in class products selecting from top global third party providers

Anima

• Spin-off to Anima: management of the government portfolio underlying Postevita's Class I (Traditional Life) investments
• Scope of the agreement: over €70bn assets, currently entrusted to BancoPosta through an institutional mandate
• Cash consideration: €120m to be paid by Anima to Poste
• Poste stakes: 100% in Banco Posta Fondi SGR and 10% in Anima

Upgraded partnership agreement with Anima

• Strengthening of existing co-operation agreement for retail mutual funds and Class III products, in addition to new institutional mandate covering Class I investments
• 15-year agreement to ensure long-term value
• Strong focus on Anima to provide product innovation and continuing and extensive training to Poste's salesforce
• Poste committed to sub-delegate minimum AuM volumes in percentage terms

Final agreement in February 2018. Expected closing by end 4Q 2018 subject to approval by relevant authorities

Anima

ASSET GATHERING PLATFORM COMBINING PRODUCT RANGE FLEXIBILITY AND ACCESS TO EXPERTISE

Anima

Leverage customer base, network and brand to grow financial revenue

Offer increased product range and quality while improving profitability

Retain product control and in-house capability

See you all at

Capital Markets Day

Milan

February 27

DISCLAIMER

This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Poste Italiane S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Poste Italiane S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Poste Italiane S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane S.p.A. or any of its subsidiaries. Pursuant to art. 154-BIS, par. 2, of the Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Poste Italiane S.p.A., Luciano Loiodice, declares that the accounting information contained herein corresponds to document results, books and accounting records.

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