Poste Italiane — Investor Presentation 2021

May 12, 2021

1

POSTE ITALIANE Q1-21 FINANCIAL RESULTS ROME, MAY 12, 2021

CONTENTS

EXECUTIVE SUMMARY Q1-21

● SOLID FINANCIAL PERFORMANCE AS BUSINESS CONTINUES TO RECOVER ● POSITIVE COMMERCIAL TRENDS IN Q1-21 DESPITE EMERGENCY RELATED RESTRICTIONS & COSTS ● B2C VOLUMES DOUBLING YEAR ON YEAR

● TFA INFLOWS BOOSTED BY INSURANCE PRODUCTS

● STRONG GROWTH IN CARD PAYMENTS WITH INCREASING TRANSACTIONS

● STRATEGIC PILLAR FOR ITALY – STRONGER BRAND REPUTATION

● '2024 SUSTAIN & INNOVATE' EXECUTION WELL ON TRACK

Q1-21 RESULTS STRONG START ON DELIVERING 24SI STRATEGY

€ m unless otherwise stated

	Q1-201	Q1-21	VAR.	VAR. (%)
REVENUES	2,671	2,933	+262	+9.8%
TOTAL COSTS	2,230	2,313	+82	+3.7%
EBIT	441	620	+180	+40.8%
NET PROFIT	306	447	+141	+46.0%

24SI EXECUTION UPDATE – ON TRACK

• E-commerce from China boosted by JV with Sengi
• Integration with Nexive on track
• Newly automated hub (c.270k daily parcels)
• Logistic and IT expertise to support vaccinations (up to 37% of Italians)

Financial Services

• New "customer needs' model" to support advisors
• Tax credits purchase boosting financial products sale for retail and SME customers
• Remote advisory model implementation started with automated digital offer for postal savings

• Half of GWP now multiclass products
• New product integrating life and protection
• Modular offer showing tangible signs of growth

Payments & Mobile

● 51% increase in e-commerce transactions supporting digital strategy

● Broadband commercial offer to be launched in May

● Wholesale telco contract to provide efficiencies from H2

BUSINESS TRENDS: MAIL, PARCEL & DISTRIBUTION

1. Includes digital and third party networks 2. 2020 figures excluding Nexive 3. Includes C2X, International, other 4. Includes multichannel service, basic services, Postel, other integrated services 5. Includes unrecorded mail, direct marketing and editorial 6. Includes recorded mail and integrated services

+92%

+91%

Δ Y/Y⁴

o.w. Registered

Jan-21 Feb-21 Mar-21

Δ Y/Y +74% +60%

Δ Y/Y +102% +80%

o.w. B2C

6

+36%

+28%

Jan-21 Feb-21 Mar-21

(1%) (1%)

Δ Y/Y (9%) (14%)

BUSINESS TRENDS: PAYMENTS & MOBILE, FINANCIAL & INSURANCE SERVICES

1. Credit protection insurance 7

Mar-21

388

Mar-21

SEGMENT REVENUES RESULTS IN LINE WITH 24SI STRATEGY

€ m unless otherwise stated

1. Q1-20 excluding Nexive 2. Revenues are now presented net of interest income charges and capital losses on investment portfolio, previously booked as costs. 2020 figures have been restated accordingly

CONTENTS

MAIL, PARCEL & DISTRIBUTION STRONG REVENUE INCREASE BOOSTED BY RECORD HIGH PARCELS

HIGHLIGHTS

• Mail revenues on track with Nexive contribution offsetting slower registered mail recovery
• Impressive parcel revenue growth supported by all products
• Distribution revenues consistent with recovery of commercial activities
• Positive EBIT thanks to revenue growth and HR cost reduction

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING IMPRESSIVE PARCEL GROWTH FROM ALL PRODUCTS – MAIL BENEFITTING FROM NEXIVE CONSOLIDATION

1. 2020 excluding Nexive 2. Includes International parcels and partnerships with other logistic operators 3. Including logistic value chain contribution from China inbound volumes and proforma for Nexive in 2020 4.Includes Multichannel services, Editorial services, Postel volumes and other basic services

FINANCIAL SERVICES INSURANCE PRODUCT SALES GROWTH MORE THAN OFFSETTING NII DECLINE

1. Figures presented include intersegment distribution revenues 2. Revenues are now presented net of interest income charges and capital losses on investment portfolio, previously booked as costs. 2020 figures have been restated accordingly 3. Includes revenues from payment slips (bollettino), banking accounts related revenues, fees from INPS and money transfers, Postamat 4. Includes reported revenues from custody accounts, credit cards, other revenues from third party products distribution.

GROUP TOTAL FINANCIAL ASSETS TFAs INCREASE DRIVEN BY € 2.7BN NET INFLOWS, MAINLY RELATED TO INSURANCE PRODUCTS

1. End of period figures 2. Includes deposits and Assets Under Custody 3. Deposits do not include REPOs and Poste Italiane liquidity 4. Includes accrued interests

INSURANCE SERVICES INSURANCE AT THE CORE OF WEALTH MANAGEMENT STRATEGY

SOLVENCY II RATIO SOLVENCY II RATIO BENEFITTING FROM FAVOURABLE MARKET CONDITIONS

1. Net of dividends 2. Core Solvency Ratio defined as (shareholders' Equity + retained earnings + Tier 2) / SCR. More details on page 38

HIGHLIGHTS

• Solvency II ratio benefitting from increasing risk free rates and narrowing spreads across all asset classes (BTP, Corporate and
• Transitional measures provide additional 31p.p. to address potential market

PAYMENTS & MOBILE STRONG REVENUE GROWTH BOOSTED BY CARD PAYMENTS

€ m unless otherwise stated

HIGHLIGHTS

• Strong card payments with higher card stock and transactions
• Other payments up mainly thanks to taxrelated items vs. 2020
• Telco up both on mobile and fixed lines
• EBIT up with digital payments offsetting fewer payment slips and increasing telco costs
• Wholesale telco contract to provide efficiencies from H2

17

HUMAN CAPITAL FTE DOWN SUPPORTED BY ACCELERATED EXITS

HUMAN CAPITAL ORDINARY HR COSTS DOWN MAINLY RELATED TO LOWER FTE

ORDINARY HR COSTS¹ € m unless otherwise stated

NON-HR COSTS CONFIRMED COST DISCIPLINE WHILE SUPPORTING BUSINESS GROWTH

1. Excluding one-off expenses to face the emergency 2. Ordinary labor costs and fixed COGS

20

SEGMENT OPERATING PROFIT STRONG EBIT PROGRESSION SUPPORTED BY REVENUE GROWTH AND COST DISCIPLINE

€ m unless otherwise stated

CLOSING REMARKS Q1-21

● SOLID FINANCIAL PERFORMANCE AS BUSINESS CONTINUES TO RECOVER ● POSITIVE COMMERCIAL TRENDS IN Q1-21 DESPITE EMERGENCY RELATED RESTRICTIONS & COSTS ● B2C VOLUMES DOUBLING YEAR ON YEAR

● TFA INFLOWS BOOSTED BY INSURANCE PRODUCTS

● STRONG GROWTH IN CARD PAYMENTS WITH INCREASING TRANSACTIONS

● STRATEGIC PILLAR FOR ITALY – STRONGER BRAND REPUTATION

● '2024 SUSTAIN & INNOVATE' EXECUTION WELL ON TRACK

CONTENTS

POSTE ITALIANE'S ESG RATED PERFORMANCE, AWARDS AND MEMBERSHIPS

Rating agency	Performance
CDP	A- Rating (Leader)
MSCI	A Rating (Average)
ISS E & S Disclosure Quality Score	1- Environmental & Social
Integrated Governance Index	#1 in Italy
Equaleap Gender Parity Index	#3 in Italy
Vigeo Eris Eurozone 120	#3 (Transport & Logistics)
European Women on Boards	Among Top 10 in Italy

Included in these indices since 2019

ESG Index Scores Awards & Recognition in 2021 Memberships

Find out more about our awards and recognition in our annual report

• UN Global Compact
• Principles for Responsible Investment
• UNEP FI Principles for Sustainable Insurance
• UN Women
• CSR Exhibition
• Sodalitas
• Anima per Il Sociale
• CSR Manager
• Valore D
• Fondazione ASPHI Onlus

STRONG CASH GENERATION, WIDE LIQUIDITY & BALANCED DEBT PROFILE

1. As of March 2021 2. Debt capacity consistent with current rating (based on the Moody's credit opinion as of October 2020 and available for future potential financing operations)

MAIL, PARCEL AND DISTRIBUTION NET FINANCIAL POSITION

€ m unless otherwise stated

			NET FINANCIAL POSITION (+CASH –	DEBT)
FFO	Change in Working Capital	Capex	Other	NFP 2021 Mar	IFRS 16	NFP IFRS 16 exc.
			• Dividends from BP: 579m • Investment in consolidated
Related to: • D&A • Net income • Change in risk & charges funds 242			• Acquired (23m) • IFRS 16: (81m) • Other 2m		1 246 ,	(842)
	(780)			(2 088) ,
			(112)	(41m) 436	companies companies NFP

KEY METRICS IN PAYMENTS & MOBILE STEADY INCREASE ACROSS ALL METRICS

PAYMENTS AND MOBILE: POSTEPAY TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

POSTEPAY DAILY AVERAGE TRANSACTION VALUE (BASE 100)

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

1. Source: App stores (iOS and Android) 2. Electronic identification refers to number of ID outstanding

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE PRUDENT ALM STRATEGY TO MATCH ASSETS AND LIABILITIES

1. Includes business current accounts, PostePay business and other customers debt 2. Entirely invested in floating rate deposits c/o MEF 3. Including liquidity Buffer, deposits c/o other financial institutions, short term bonds (< 12 months) and excluding Poste Italiane liquidity 4. Average yield calculated as interest income on average current account deposits

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED GAINS AT € 6.1BN

POSTAL SAVINGS POSTAL SAVINGS SUPPORTED BY PREFERENCE FOR LIQUIDITY PRODUCTS AND ACCRUED INTERESTS

€ m unless otherwise stated

ASSET MANAGEMENT POSITIVE NET INFLOWS SUPPORTED BY MULTICLASS PRODUCTS

€ m unless otherwise stated

ASSET MANAGEMENT NET INFLOWS INCREASING IN Q1-21 POSITIVE NET INFLOWS THANKS TO MULTICLASS CLASS III COMPONENT OF INSURANCE PRODUCTS

€ m unless otherwise stated

BANCOPOSTA: SOLID AND EFFICIENT CAPITAL POSITION AN ASSET GATHERER WITH A LIGHT BALANCE SHEET

INSURANCE SERVICES SOLVENCY II EVOLUTION

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT EVOLUTION (€ M)

CHANGE VS. DECEMBER 2020 (€ M)

INSURANCE SERVICES: SOLVENCY II RATIO COMPOSITION BROADLY STABLE CORE SOLVENCY II RATIO

SOLVENCY II RATIO KEY SENSITIVITIES RESILIENT UNDER SEVERE SCENARIOS

1. Including Transitional measures 2 Vs. Asset Swap Spread 3. +100 Government IT e corporate spread up,-25bp interest rates,-30% Equity

INSURANCE SERVICES CONTINUED DIVERSIFICATION TOWARDS MORE CAPITAL EFFICIENT PRODUCTS

€ bn unless otherwise stated

1. Includes non-life technical reserves and net of re-insurance reserves; EoP figures 2. Includes life protection and PPP; 3. EoP figure; 4. Includes interests, upfront fees and other minor items

INSURANCE SERVICES INCREASING SHARE OF MULTICLASS GROSS WRITTEN PREMIUMS

€ m unless otherwise stated

1. Includes life protection and PPP

INSURANCE SERVICES POSITIVE NET INFLOWS THANKS TO MULTICLASS INSURANCE PRODUCTS

€ m unless otherwise stated

INSURANCE SERVICES LOW RISK INVESTMENT PORTFOLIO

GROUP PERFORMANCE MAIN KPIs

OPERATIONAL KPI's		Q1-20	Q1-21	Δ% YoY
	Mail Volumes (#m) Parcels delivered by mailmen (#m) MAIL PARCEL & Parcel volumes (#m) DISTRIBUTION B2C Revenues (€m)	614 14 38 108	653 21 66 188	+6% +46% +72% +74%
MOBILE	PostePay cards (#m) of which PostePay Evolution cards (#m) Total payment cards transactions (#bn) PAYMENTS & of which eCommerce transactions (#m) Mobile & land-line (#m) Digital e-Wallets (#m)	21.0 7.0 1 0.4 2 81.4 4.5 5.9	21.9 8.0 0.5 123.3 4.8 8.0	+4% +14% +27% +51% +7% +36%
FINANCIAL SERVICES	Total Financial Assets - TFAs (€/bn) Unrealized gains (€m)	539 (2,224)	572 6,074	+6% n.a.
	Gross Written Premiums (€m) GWP – Life (€m) GWP – Private Pension Plan (€m) INSURANCE GWP – P&C (€m) SERVICES o.w. Modular o.w. Welfare o.w. Payment	4,599 4,273 249 77 34 35 8	5,844 5,483 265 96 37 50 8	+27% +28% +7% +24% +9% +44% +3%

1. Including payments, top ups and withdrawals 2. Includes e-commerce and web transactions on Poste Italiane channels

INTERSEGMENT COSTS AS OF Q1-21 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless	INTERSEGMENT		MAIN RATIONALE		INDICATIVE MAIN REMUNERATION SCHEME
otherwise stated	COST FLOWS
	Mail, Parcel & Distribution	• a) b) •	Payments and Mobile remunerates: Mail, Parcel and Distribution for providing IT, delivery volume and other corporates services1 ; Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network; Insurance Services remunerates:	a) b)	Number of payment transactions flat fee (depending on the product) Fixed % of revenues	a) 58 b) 41 Total: 98
Payments & a) d) Mobile g) e) Insurance h) Services f) c) b)	c) d)	Financial Services for promoting and selling insurance products2 and for investment management services3; Mail, Parcel and Distribution for providing corporate services1 ;	c) d)	Fixed % of upfront fees Depending on service/product	c) 155 d) 17 Total: 172
	• e)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and PMD products throughout the network and for proving corporate services4 ;	e)	Fixed % (depending on the product) of revenues	e) 1,199 f) 74
	f)	Payments & Mobile for providing certain payment services5	f)	Depending on service/product	Total: 1,2736
	Financial Services	• g) h)	Mail, Parcel and Distribution remunerates: Payments & Mobile for acquiring services and postman electronic devices Financial Services as distribution fees related to	g) h)	Annual fee Flat fee for each «Bollettino»	g) 9 h) 10 Total: 19
			"Bollettino DTT"			45

1. Corporate Services such as communication, anti money laundering, IT, back office and call centers 2. Which, in turn, remunerates Mail, Parcel and Distribution 3. Investment management services provided by BancoPosta Fondi SGR. 4. E.g. Corporate services are remunerated according to number of allocated FTEs, volumes of sent letters and communication costs 5. E.g. 'Bollettino' 6. Including interest charges

CONSOLIDATED ACCOUNT PROFIT & LOSS

€m	Q1-20	Q1-21	Var.	% Var.
Total revenues	2 671 ,	2 933 ,	+262	+10%
of which:
Mail Parcel and Distribution ,	771	917	+146	+19%
Financial Services	1 380 ,	1 327 ,	(53)	(4%)
Insurance Services	355	496	+142	+40%
and Mobile Payments	165	192	+27	+16%
Total costs	2 230 ,	2 313 ,	+82	+4%
of which:
Total personnel expenses	404 1 ,	358 1 ,	(46)	(3%)
of which personnel expenses	1 402 ,	1 358 ,	(44)	(3%)
of which early retirement incentives	1	2	1 +	+66%
of which legal disputes with employees	1	(2)	(3)	n.m.
Other operating costs	623	755	132	+21%
and Depreciation , amortisation impairments	203	199	(4)	(2%)
EBIT	441	620	+180	+41%
EBIT Margin	+16%	+21%
and profit/(loss) accounted for Finance income/(costs) on investments the method using equity	7	20	+13	n.m.
Profit before tax	447	640	+193	+43%
Income tax expense	141	193	+52	+37%
Profit for the period	306	447	+141	+46%

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q1-20	Q1-21	Var.	Var. %
Segment revenue	771	917	+146	+19%
Intersegment revenue	1,260	1,275	+15	+1%
Total revenues	2,031	2,192	+161	+8%
Personnel expenses	1,375	1,332	(43)	(3%)
of which personnel expenses	1,375	1,331	(45)	(3%)
of which early retirement incentives	0	2	+ 1	n.m.
Other operating costs	484	589	+105	+22%
Intersegment costs	17	19	+ 3	+15%
Total costs	1,876	1,941	+65	+3%
EBITDA	155	251	+96	+62%
Depreciation, amortisation and impairments	191	194	+ 2	+1%
EBIT	(36)	57	+94	n.m.
EBIT MARGIN	(2%)	+3%
Finance income/(costs)	3	5	+ 2	+65%
Profit/(Loss) before tax	(33)	62	+95	n.m.
Income tax expense	(2)	24	+27	n.m.

FINANCIAL SERVICES PROFIT & LOSS

€m	Q1-20	Q1-21	Var.	Var. %
Segment revenue	1,380	1,327	(53)	(4%)
Intersegment revenue	160	199	+39	+25%
Total revenues	1,540	1,527	(13)	(1%)
Personnel expenses	11	11	(0)	(2%)
of which personnel expenses	11	11	(0)	(2%)
of which early retirement incentives	0	0	+ 0	n.m.
Other operating costs	28	42	+13	+47%
Depreciation, amortisation and impairments	0	0	+ 0	+14%
Intersegment costs	1,278	1,268	(9)	(1%)
Total costs	1,317	1,321	+ 4	+0%
EBIT	223	206	(17)	(8%)
EBIT MARGIN	14%	13%	(0)	(7%)
Finance income/(costs)	(1)	5	+ 6	n.m.
Profit/(Loss) before tax	221	211	(10)	(5%)
Income tax expense	66	59	(7)	(10%)
Profit for the period	155	152	(4)	(2%)

INSURANCE SERVICES PROFIT & LOSS

€m	Q1-20	Q1-21	Var	% Var
Segment revenue	355	496	+142	+40%
Intersegment revenue	0	1	1 +	n.m.
Total revenues	355	497	+142	+40%
Personnel expenses	11	9	(2)	(18%)
of which personnel expenses	10	9	(1)	(11%)
of which early retirement incentives	1	0	(1)	n.m.
Other operating costs	25	27	2 +	+8%
and Depreciation , amortisation impairments	4	1	(3)	(73%)
Intersegment costs	127	172	+44	+35%
Total costs	167	209	+41	+25%
EBIT	187	288	101	+54%
MARGIN EBIT	53%	58%
income/(costs) Finance	2	11	+10	n.m.
Profit/(Loss) before tax	189	300	111	+59%
Income tax expense	58	90	+32	+55%
Profit for the period	131	210	79	+61%

PAYMENTS & MOBILE PROFIT & LOSS

€m	Q1-20	Q1-21	Var.	Var. %
Segment revenue	165	192	+27	+16%
Intersegment revenue	90	83	(7)	(7%)
Total revenues	255	276	+20	+8%
Personnel expenses	7	6	(0)	(4%)
of which personnel expenses	7	6	(0)	(4%)
of which early retirement incentives	0	0	+ 0	n.m.
Other operating costs	87	97	+11	+12%
Intersegment costs	87	98	+11	+13%
Total costs	181	202	+22	+12%
EBITDA	75	74	(1)	(2%)
Depreciation, amortisation and impairments	8	4	(3)	(45%)
EBIT	67	70	+ 2	+3%
EBIT MARGIN	26%	25%
Finance income/(costs)	3	-2	(5)	n.m.
Profit/(Loss) before tax	71	68	(3)	(4%)
Income tax expense	19	20	+ 0	+2%

This document contains certain forward-looking statements that reflect Poste Italiane's management's current views with respect to future events and financial and operational performance of the Company and of the Company's Group.

These forward-looking statements are made as of the date of this document and are based on current expectations, reasonable assumptions and projections about future events and are therefore subject to risks and uncertainties. Actual future results and performance may indeed differ materially from what is expressed or implied in this presentation, due to any number of different factors, many of which are beyond the ability of Poste Italiane to foresee, control or estimate precisely, including, but not limited to, changes in the legislative and regulatory framework, market developments, price fluctuations and other risks and uncertainties, such as, for instance, risks deriving from the Covid-19 pandemic and from the restrictive measures taken by each Country to face it.

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

This document does not constitute a recommendation regarding the securities of the Company; it does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Poste Italiane or any of its Group companies or other forms of financial assets, products or services.

Except as may be required by applicable law, Poste Italiane denies any intention or obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances after the date of this presentation.

This presentation includes summary financial information and should not be considered a substitute for Poste Italiane's full financial statements.

Numbers in the document may not add up only due to roundings.