Poste Italiane — Investor Presentation 2021

Mar 19, 2021

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POSTE ITALIANE 2024 SUSTAIN & INNOVATE

STREAMING, MARCH 19, 2021

AGENDA

Massimiliano Riggi - Investor Relations

Matteo Del Fante - CEO

Massimo Rosini - Mail & Parcel

Guido Nola - Financial Services

Andrea Novelli - Insurance Services

Marco Siracusano - Payments & Mobile

Camillo Greco - CFO

Matteo Del Fante - Closing Remarks

2024 SUSTAIN & INNOVATE

Matteo Del Fante

Chief Executive Officer and General Manager

Camillo Greco Chief Financial Officer

Guido Nola Financial Services

Massimo Rosini Mail & Parcel

Andrea Novelli Insurance Services

Marco Siracusano Payments & Mobile

Massimiliano Riggi Investor Relations

4

DISCLAIMER

• 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 recent 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 buy 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 has no intention nor is under any obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances after the date of this presentation.
• Pursuant to art. 154- BIS, par.2,of the Consolidated Financial Bill of February 24, 1998, the executive (Dirigente Preposto) in charge of preparing the corporate accounting documents at Poste Italiane, Alessandro Del Gobbo, declares that the accounting information contained herein corresponds to document results and accounting books and records.
• This presentation includes summary financial information and should not be considered a substitute for Poste Italiane's full financial statements. Financial information relating to full year 2020 shown in this document refer to preliminary results.
• Numbers in the document may not add up only due to rounding.

POSTE ITALIANE 2024 SUSTAIN & INNOVATE

posteitaliane.it

STREAMING, MARCH 19, 2021

Matteo Del Fante

A STRATEGIC PILLAR FOR ITALY

Supporting Italy during the pandemic and in the implementation of key social initiatives

Confirming presence in local communities and inclusion for customers

Accelerating the country's digital shift to meet evolving needs

Leveraging on unique position to expand clients & products penetration

SUCCESSFULLY EXECUTING DELIVER22 Resilient in 2020 – dividend confirmed in a challenging year

€ bn unless otherwise stated	2018		2019		2020
	DELIVER22 Targets as of Feb-18	ACTUAL	GUIDANCE 2019	ACTUAL	DELIVER22 Targets as of Feb-18	ACTUAL
REVENUES	10.7	10.9	11.0	11.0	10.9	10.5
EBIT	1.4	1.5	1.6	1.8	1.6	1.5
NET PROFIT	1.0	1.4	1.1	1.3	1.1	1.2
DIVIDEND PER SHARE (€)	0.44	0.44	0.46	0.46	0.486	0.486

DELIVER22 OPERATIONAL ACHIEVEMENTS A customer centric business model

POSTE ITALIANE GROUP

THE MOST EFFECTIVE AND TRUSTED DISTRIBUTION NETWORK

MAIL & PARCEL

• Successful restructuring of mail network to exploit e-commerce opportunities
• Consolidating mail market to address ongoing mail decline

B2C Market share (r. #1)	36.7%
Market share in mail (r. #1)	89%

FINANCIAL & INSURANCE PAYMENTS & MOBILE Unrivalled distribution network Comprehensive platform for all clients' financial needs Unique digital ecosystem

• A controlled open platform for savings, insurance and investment products to meet evolving customers' financial needs
• Optimised customer and sales coverage with 8k financial advisors and 30k tellers

Life insurance market share (r. #1)	14.7%
Total financial assets	€569bn

• Key player in the Italian payments market
• Distinctive platform integrating payments and telco

Cards issued (r. #1)	28.9M
Digital wallets (r. #1)	7.4M
Market share e-commerce transactions (r. #1)	c.25%

ESG STRATEGY – POSITIVE IMPACT ON ALL STAKEHOLDERS

Dynamic strategy, following the evolution of our stakeholders

Support for local communities and the country

• Key service provider for COVID-19 vaccine platform potentially contributing to about 35% of Italian population vaccination
• Over 1.5bn PPE items and c. 2m vaccine doses delivered

Equal opportunities & people development

• 5.9m training hours in 2020 of which over 90% delivered remotely
• 200k free Covid-19 tests for employees

Customer protection and satisfaction

• 33m queries resolved (+38% vs 2018) by Customer Service
• 82% customer satisfaction1

Integrated compliance and risk management

● Development of an ESG model rating suppliers

Real estate & logistics reduced emissions

• 95% of electricity from renewables
• KPMG 'True Value' model to assess the environmental impacts of strategic projects

ESG criteria integrated within traditional investment processes

• ESG policy adopted by BancoPostaFondi, PosteVita and third party asset managers
• BancoPostaFondi and PosteVita carbon footprint score ahead of benchmark2

BEST CLIENT BASE IN THE COUNTRY

1. Based on estimated digital daily visits on App/Web, Post Offices, third parties, contact centre, including daily visits related to Mail & Parcel deliveries; 2. As of 2019

THE ENGINE OF INNOVATION AND DIGITALISATION

Connecting Italy in the new hybrid world

ESG STRATEGY 2024 - SUSTAINABLE VALUE CREATION

Delivering responsible growth - driving Italy's sustainability and social integrity through innovation and digitalisation

Delivering a greener future

Fighting against climate change, innovating throughout the business to minimise our environmental impact, managing risk and achieving long-term resilience

Investing in a thriving workforce

Rights, safety and wellbeing of our people come first in everything we do

Protecting our customers, building an inclusive society

Providing vital support to the individuals and communities around us

Driven by good corporate governance

Leading with integrity and transparency, committed to a code of business ethics and remuneration. Striving to manage our business sustainably and invest responsibly

STRATEGY ROLL-OUT

GROUPWIDE OMNICHANNEL STRATEGY

• Leverage on B2C market leadership
• Growth in C2X and B2B markets

Financial Services

Italy's most trusted financial institution, leveraging on an omnichannel approach

● Promote a diversified asset allocation

● Enhance an omnichannel customers approach

● Integration of protection and wealth management

Insurance Services

Fully-fledged insurance company

• Life business at the core of group wealth management
• Profitable growth in P&C
• Lead the way in ESG and reducing underinsurance in Italy

Payments & Mobile

Digital disruption – combining payments, telco and energy

• Strengthen leadership in digital payments
• New telco offers, both in mobile and fixed lines
• Energy services from 2022, leveraging on market liberalisation and customers' trust

SUSTAINABILITY

EMERGING BUSINESS TRENDS Poised to seize arising business opportunities

	MARKET TRENDS		POSTE'S POSITIONING
				2017 – 2020	2021 – 2024
B2C PARCEL (PER CAPITA1)	6	>14	B2C PARCEL REVENUES	+37% CAGR	+13% CAGR
DIGITAL TRANSACTIONS (PER CAPITA2)	77	140	PAYMENT CARDS TRANSACTIONS	+19% CAGR	+16% CAGR
MANAGED PRODUCTS3 (% OF TFA)	36%	44%	MANAGED PRODUCTS4 (% OF TFA)	27%▸29%	29%5▸>32%
NON-MOTOR P&C PENETRATION (% ON GDP6)	1.0%	2.7%	NON MOTOR P&C GWP	+19% CAGR	+29% CAGR

1. Internal estimates; 2. ECB; 3. Bank of Italy; 4. Includes net technical reserves, mutual funds and discretionary mandates. Retail products perimeter; 5. 2020 – 2024; 6. ANIA

HYBRID DISTRIBUTION CHANNELS

Unrivalled proximity empowered by third parties and growing digital presence

PANDEMIC ACCELERATING INTERACTIONS AND BUSINESS SHIFT TOWARDS NEW CHANNELS

1. Daily observations weighted on the different channels' operability; 2. Digital & B2B2C channels; 3. New channel revenues refer to Digital & B2B2C addressable markets only, excluding recurring revenues from TFA's management and those related to public tender contracts

*The shares of interactions, transactions and revenues on new channels are evaluated on an annual base

POSTE AS A TECH ENABLED COMPANY

Tech-ops liquid engine to accelerate the transformation

BUSINESS ORGANISATION READY FOR A SUCCESSFUL EXECUTION

TOTAL FINANCIAL ASSETS

Enhanced advisory model with a comprehensive portfolio approach to best serve clients' needs

HUMAN CAPITAL 25% of 2024 workforce to be renewed

2017

RECORD HIGH CAPEX OVER THE BUSINESS PLAN

€3.1bn to support transformation

STRATEGIC FOCUS ON COSTS

Cost discipline flexibility – supporting business growth

S.M.A.R.T. ESG targets constantly monitored to ensure successful execution ESG STRATEGY

Integrity and transparency ● New Integrated Anti-Fraud Platform ● ISO 37001 certification	100% of products by 2024 100% by	Customer experience ● Increase customer satisfaction ● Paperless appointment booking system	+4% by 2022 All Post Offices by 2021
People development ● Work-related accident frequency rate	2022 -8% by 2024	Diversity and inclusion ● Equal Salary Certification ● Groupwide initiatives to ensure equal opportunities for women in leadership	by 2022 by 2021
● Workforce education and development training hours1	25m by2024	Innovation ● SMART Post Boxes2 ● QR-code payments	10.5k units by 2025 500k merchants
Support for local communities and the country ● Countrywide educational and financial inclusion projects for Italians in digital format	Launch by 2022	● Biodegradable payment cards Sustainable finance	by 2022 20m cards by 2024
by 2022 Decarbonisation of real estate and logistics		● Climate change monitoring ● Insurance coverage for green buildings ● AUM3 benchmarked against ESG indices	All active portfolios by 2021 by 2021
● Emission reduction – carbon neutrality by 2030	-30% by 2025	● PosteVita investment products to include ESG factors	50% by 2022 100% by 2024

1. Cumulated 2020 – 2024 training hours. 5.9m training hours delivered in 2020; 2. Equipped with infrared mail tracking sensors, indicating in real time if there is mail to collect; 3. BancoPostaFondi's AUM

KEY FINANCIAL TARGETS

Profitability trajectory supporting enhanced dividend policy

€ bn unless otherwise stated	2019	2020	2021	2022	2024	CAGR 19-24
REVENUES	11.0	10.5	11.2	11.6	12.7	+3%
EBIT	1.8	1.5	1.7	1.9 1.2 excl. SIA	2.2	+5%
NET PROFIT	1.3	1.2	1.4	revaluation 1.3 +14% VS. 2020	1.6	+6%1
DIVIDEND PER SHARE (€)	0.463	0.486	c. 0.55	60% PAYOUT2	+6%3	+7%

1. Excluding €0.1bn related to the revaluation of SIA stake in 2019; 2. Corresponding to 60% of underlying net profit of €1.2bn (excluding the revaluation of SIA stake of €0.3bn) 3. For 2022, 2023 and 2024

SHAREHOLDERS' REMUNERATION

Upgraded dividend policy: DPS +35% over the plan horizon

POSTE ITALIANE 2024 SUSTAIN & INNOVATE

STREAMING, MARCH 19, 2021

Massimo Rosini MAIL, PARCEL & DISTRIBUTION

MAIL, PARCEL & DISTRIBUTION ACHIEVEMENTS

Capabilities

● Highly automated, parcel-driven network

Service offer

• Time-to-market on logistic solutions
• Strategic pattern: from opportunistic to leader in innovation

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MAIL, PARCEL & DISTRIBUTION

FULLY-FLEDGED LOGISTIC PLAYER FOR A SUSTAINABLE BUSINESS

MARKET TRENDS Continuing mail decline & parcel growth driven by B2C

B2C market is a part of parcel business; Excluding in mail market: Universal Service Obligation, editorial contributions (e.g. subsidies received for distribution of newspapers and magazines) and printing services

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MAIL, PARCEL & DISTRIBUTION

FULLY-FLEDGED LOGISTIC PLAYER FOR A SUSTAINABLE BUSINESS

LOGISTICS NETWORK EVOLUTION

Nexive's sustainable integration – €100 m running cost synergies mostly by 2022

Efficiency across the whole value chain: sorting LOGISTICS NETWORK EVOLUTION

Automation and efficiency

• Fully operational automated parcel hubs
• Replacement of mail legacy technologies with mixed-mail machines
• Light automation to complete plant industrialisation
• Mail sorting nodes downsizing

KPIs

2X 24 vs 19 Daily automated parcel capacity

Operational excellence programme

● Boosting "lean approach" in day-by-day operations

LOGISTICS NETWORK EVOLUTION

Efficiency across the whole value chain: transportation

Aircargo network

• New air connections to support parcel growth
• Payload enhancement

Road network

• Linehaul optimisation:
  • Exploiting sennder JV digital capabilities
  • Customer base extension

Efficiency across the whole value chain: delivery LOGISTICS NETWORK EVOLUTION

Last mile delivery-efficiency

● Sizing model update:

• Parcel contactless delivery
• Last mile routes optimisation on daily basis (dynamic routing)
• Enhance coincidence (Punto Poste)

Operational Excellence Programme

● Extension of "World Class Mail and Parcel programme"

Green mobility fleet LOGISTICS NETWORK EVOLUTION

Fleet renewal

• Introducing fully electric and hybrid vehicles
• Installing a dedicated charging infrastructure for electric vehicles
• New vehichles designed and developed in line with parcel delivery needs

Integrated operating model LOGISTICS NETWORK EVOLUTION

Existing assets

New assets

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MAIL, PARCEL & DISTRIBUTION

FULLY-FLEDGED LOGISTIC PLAYER FOR A SUSTAINABLE BUSINESS

LOGISTICS NETWORK EVOLUTION

Key merchants

Amazon

• Partnership based on Poste's solid service level and unrivalled network coverage
• 3 years contract renewed1

Zalando

• Increasing volumes leveraging on Punto Poste network (100% share of wallet on returns)2
• Service excellence, strengthening fashion segment penetration

Chinese merchants

• Best cost-to-quality ratio leveraging on Joint Delivery Model
• Higher market penetration thanks to direct local presence (Sengi Express)

Key merchant revenues

LEVERAGE ON B2C MARKET LEADERSHIP

Sengi Express acquisition

● China represents c. 37% of global crossborder e-commerce worldwide

Agreement highlights

• Poste Italiane acquired 51% of Sengi Express, market leader in the provision of cross-border logistics solutions for Chinese e-commerce merchants
• Sengi Express to offer full logistic chain services in China, with real time full tracking

Strategic goals

• Control of the entire value chain through advanced end-to-end tracking technologies
• Increase profitability of inbound business through vertical integration
• Launch geographical diversification of Poste Italiane's business

LEVERAGE ON B2C MARKET LEADERSHIP

Comprehensive offer to widen customer base

B2C last mile

● New advanced delivery options orders:

• Scheduled delivery improvement by reducing delivery time slots (from 4 hours to 30 minutes)
• Instant delivery (< 90 minutes), for local2local market and specific industries (e.g. pharma)

	2019	2024
B2C MARKET SHARE	35%	38%
B2C REVENUE € BN	0.4	1.0	+22% CAGR
% B2C REVENUES FROM TOP CLIENTS	c. 75%	c. 60%
# PUNTO POSTE ('000) o.w. PARCEL - ENABLED	37 6	37 21
PUNTO POSTE POPULATION COVERAGE (<1 KM)1	40%	80%	15

Further growth of Punto Poste network

• Largest network of proximity logistics services (80% within 1 km proximity by 2024)
• Focus on excellence in e-shopper experience

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MAIL, PARCEL & DISTRIBUTION

FULLY-FLEDGED LOGISTIC PLAYER FOR A SUSTAINABLE BUSINESS

GROWTH IN C2X AND B2B MARKET

C2X: new offer model with focus on advanced user experience

New offer model

● Continuous improvement of user experience:

• Paperless:
  • ^o Shipments via QR code from post offices and Punto Poste Network
  • ^o Paperless home pick-up
• Instant delivery for online local2local shipping
• Omnichannel experience: excellent user experience between physical and digital channels
• Strengthening social value
• Proximity: post office services expansion to the Punto Poste network

Market share 41% 57%

Emergency logistics support during the pandemic GROWTH IN C2X AND B2B MARKET

Combining warehousing and delivery

• Design and implementation of fast solutions to provide logistic support during emergency:
  • Storage for personal protection equipment (PPE) and delivery to schools (>1.5 bn)
  • Supporting Italian Army in vaccine distribution from national HUB to regional health facilities (c. 2m doses and > 5m injection kits)
  • Developing vaccine tracking and tracing along the chain

GROWTH IN C2X AND B2B MARKET

B2B: wider integrated services for customised industry offer

Strategy evolution

• Industry-specific tailored commercial strategy
• Offer development:
  • Customised offer
  • Ad-hoc logistic components for heavy and multi-layered shipments
  • Integrated advanced tracking technologies
  • Integrated warehousing and distribution solutions to improve end-to-end efficiency and competitiveness:
    • ^o Progressive development of storage assets
    • ^o Network transformation with focus on distribution capacity
    • ^o End-to-end tracking technologies integrated along the entire value chain
• Yield management

KEY FINANCIAL TARGETS

€bn unless otherwise stated	2019	2020	2021	2022	2024	CAGR 19-24	2025
SEGMENT REVENUES	3.49	3.20	3.6	3.7	3.9	+2%	3.9
MAIL REVENUES	2.46	1.90	2.1	2.1	1.9	-5%	1.9
PARCELS REVENUES	0.85	1.16	1.3	1.5	1.8	+16%	2.0
EBIT	(0.35)	(0.59)	(0.5)	(0.3)	(0.0)	n.s.	+0.1
SEGMENT REVENUES / FTE (€.k)	64	63	68	71	79	+4%	82

FULLY-FLEDGED LOGISTIC PLAYER FOR A SUSTAINABLE BUSINESS

52

POSTE ITALIANE 2024 SUSTAIN & INNOVATE

STREAMING, MARCH 19, 2021

FINANCIAL SERVICES

Guido Nola FINANCIAL SERVICES

TOWARDS 2024

• Strong results achieved: higher volumes and improved quality
• Focus on People and Platforms delivered a landmark transformation
• Strong foundations to build a seamless customer experience
• Active portfolio management constantly allowed to outperform market yields
• Resilient investment portfolio uniquely positioned for a reflationary scenario
• Stable revenue stream to support distribution network definite transformation over the Plan

CONTENTS

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THE KEY COMPONENTS OF OUR SUCCESS

Growth and better quality of volumes across all business lines

MARKET LEADERSHIP IN DISTRIBUTION

Increasing TFA supported by Private and Affluent segments

1. TFA under management or administration (excl. REPO). Postal bonds proportionally assigned across retail segments. Segments: Private: TFA>€500K; Affluent: TFA between €75K and €500K or selected prospects with TFA <€75K; Lower Mass: mono-product clients with less than €2.5K, excluding current account holders; Mass: remaining retail clients 2. Includes TFA from non retail Clients and non-Client-driven TFA, including unrealized capital gains on investments underlying Class I life insurance products

CONTENTS

MARKET AND MACRO TRENDS

Conservative assumptions for GDP growth and rates development

		2021	2024
GDP expected to rebound in Italy over the Plan1	GDP expected growth	5.2%	1.2%
Increase in household propensity to save2	+2.7%	Expected annual growth in financial assets 2021-2023
Ultra-low interest rates, expected back to positive in 20213		2021	2024
	10y IRS	0.09%	0.42%
	10y BTP Swap spread	0.55%	0.65%

1. Source: Moody's 2. Source: Prometeia, December 2020, "Rapporto di previsione" 3. Source: 10Y interest rate SWAP and spread Forward Curve as of February 22nd 2021 4. Source: ANIA "allontAniamo i rischi e rimAniamo protetti edizione 2020" P&C non motor premiums/GDP 5. Source: Banca d'Italia, January 2021, "Economic Bulletin"

Ready to seize upcoming commercial opportunities MARKET AND MACRO TRENDS (cont'd)

HIGHER PREFERENCE FOR LIQUIDITY	Market volatility and low rates	Higher inflows as a driver for savings
DIGITALISATION	Acceleration of customers' digitalization	Omnichannel service model
MACRO SCENARIO	Ultra-low yields	Customers shifting towards managed products
EXPECTED ECONOMIC REBOUND	Improving consumer confidence	Consumers' demand for personal loans
ESG TRANSFORMATION	ESG integrated within investment process	ESG investment solutions

2021 – 2024 PRIORITIES Strong foundations for further model evolution

FURTHER EVOLVING SERVICE MODEL

Meet growing customer needs to drive increase in value per client

Customer needs

P&C INSURANCE Protection key to advisory model

A comprehensive view of clients' needs

● Holistic view of clients' asset allocation, including P&C modular offer, to improve asset diversification

● Enhanced client profiling for a more tailored advisory

Improved asset allocation1

• Integrating P&C in the advisory model to reduce liquidity held for precautionary purposes
• Critical illness protection within new insurance investment products

LOANS AND MORTGAGES DISTRIBUTION

Significant growth based on clients' knowledge and strong partnerships

INVESTING IN PEOPLE

Financial Advisors evolution to drive Financial Services transformation

CONTENTS

15

FINANCIAL SERVICES

MORE VOLUMES, BETTER QUALITY

Ambitious but achievable targets

Total Financial Assets1

Stock, €bn

• Right product mix, in line with market environment
• Excess liquidity driving investments growth
• Proactive portfolio allocation to enhance risk/return profile
• Increase ESG investment products2

• Growing volumes with resilient margins thanks to controlled open architecture
• Driving salary and pension backed loans market development

1. Liquidity: deposits (not including Repo and Poste Italiane liquidity) and postal books; Saving: postal bonds and time deposit postal books; Investment: net technical reserves, mutual funds and asset under custody 2. Mutual Funds with ESG benchmark from 12.4% in 2020 to >50% in 2022

-1.30%

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0.70%

2.70%

4.70%

6.70%

8.70%

BTP PORTFOLIO IN A LOW FOR LONG INTEREST RATES SCENARIO

Flexible investment strategy adapting to changing market conditions

Revenues from investment activity

(€ bn)

• Effective portfolio management ensuring yields above market
• Conservative assumptions on interest rates scenario based on current forward yield curve
• Great portfolio flexibility to adapt to market evolution

1. Annual average, includes Public Administration deposits with the Ministry of Economy and Finance 2. Return including the contribution from active portfolio management; calculated on average bond portfolio

SENSITIVITY ANALYSIS

Significant gross unrealized capital gains under all stressed scenarios

INVESTMENT PORTFOLIO MANAGEMENT

Material upside in a reflationary scenario

● Short-term rates: benefits from refixing of floating legs

● Long-term rates: benefits from asset swap hedges restructuring

LOW RATES SCENARIO

● Significant gross unrealized capital gains to meet revenue targets

NEW POSTAL SAVINGS DISTRIBUTION AGREEMENT

At the core of Poste's commercial strategy until 2024

Net inflows (€ bn)

• Outstanding results achieved
• Postal savings confirming key role in Poste's financial offer
• Uniquely positioned in an uncertain interest rates development
• New agreement underway

FINANCIAL TARGETS AND KPIs

Stable gross revenues despite conservative portfolio yield assumptions

€ bn unless otherwise stated	2019	2020	2021	2022	2024	CAGR 19-24
SEGMENT GROSS REVENUES	5.83	5.61	5.6	5.6	5.9	>0%
EBIT	0.87	0.87	0.7	0.7	0.7	>-6%
TFA	536	569			615	c.3%
FEES PER CLIENT1 (€)	252	243			>290	>3%

PEOPLE, PRODUCTS AND PLATFORMS TO DO MORE AND BETTER FOR POSTE'S SUSTAINABLE FUTURE

POSTE ITALIANE 2024 SUSTAIN & INNOVATE

STREAMING, MARCH 19, 2021

Andrea Novelli INSURANCE SERVICES

TOWARDS 2024

• Life business at the core of group wealth management

• Profitable growth in P&C

• Lead the way in ESG and reducing underinsurance in Italy

• Strong and sustainable capital position

CONTENTS

ACHIEVEMENTS TO DATE

Deliver(ed)

1. Excluding Solvency II transitional measures 2. Includes foreseeable dividends on FY20 net profit and subject to review by the Independent Auditor 3. Internal estimate as of 12 March 2021 4. Mix of new business premiums and subsequent premiums on existing policies 5. Multiclass includes 2% Class III products

COVID-19 IMPACT

Strong rebound after first national lockdown and resilient capital position

1. Average for the period 2. Source: Ania trends, data YTD for each quarter 3. Source: Ania trends, Q1 figure 4. Excluding Solvency II transitional measures; Solvency II ratio as of December 2020 includes foreseeable dividends on FY20 net profit and subject to review by the Independent Auditor

CONTENTS

MARKET AND MACRO TRENDS

Clear long-term market trends favouring growth both in Life and P&C business

			2021	2024
	GDP expected to rebound in Italy over the Plan1	GDP expected growth	5.2%	1.2%
	Increase in household propensity to save2	Expected annual growth +2.7% in financial assets 2021-2023
			2021	2024
MACRO	Ultra-low interest rates, expected back to	10y IRS	0.09%	0.42%
	positive in 20213	10y Spread	0.55%	0.65%
	Growing demand for low risk and volatility investment products4	Market Life +6% GWP		CAGR 24-20
	Low non-motor P&C penetration5	1.0% vs 2.7%
MARKETS	Health insurance demand accelerated by the new "Covid-19" scenario6	Market health +9% GWP		CAGR 24-20

1. Source: Moody's 2. Source: Prometeia ("Rapporto di previsione" – December 2020) 3. Source: 10Y interest rate SWAP and spread forward curve as of 22 February 2021 4. Source: Prometeia 5. Source: ANIA "allontAniamo i rischi e rimAniamo protetti edizione 2020" P&C non motor premiums/GDP 6. Source: Prometeia

LIFE INSURANCE

Poste Vita ideally positioned to serve increasing demand for low-risk investment products…

1. Includes life net technical reserves, mutual funds and discretionary mandates 2. Includes postal books, retail current accounts, Postepay, postal bonds and assets under custody 3. % of GWP expected from the turnover of the in-force business to increase diversification of clients' portfolios

LIFE INSURANCE

products GWP %3

…with a sustainable and profitable product mix…

LIFE INSURANCE

…leveraging on an increasingly diversified portfolio with attractive returns

P&C Profitability growth driven by retail modular offer and motor

1. Number of Post Offices authorized to sell motor insurance; 2020 selected Post Offices to serve employees offer, 2024 number of Post Offices set up to reach market best practice 2. Includes third party motor offer and life protection GWP 3. Combined ratio excluding non-motor (underwriting risk taken by partners)

MOTOR SERVICE MODEL

Smart open platform with no underwriting risk for Poste Vita

THE POSTE VITA ESG JOURNEY Sustainable finance as a pillar of the group's ESG strategy

LIFE-P&C INTEGRATION

Advisory and innovation to reduce retail customers' underinsurance

New integrated

advisory platform

• Bancoposta wealth management advisory platform to include P&C products to promote diversification and insurance education
• Enhanced client profiling to offer more tailored advisory on P&C
  -

P&C covers embedded

in life policies

• Launched in 2021: critical illness protection in all new insurance investment solutions
• New products to be developed from 2022

1. Percentage of customers buying P&C coverage on total customers buying other financial and insurance products for each year

SOLVENCY CAPITAL

1. Excluding Sovency II transitional measures; includes foreseeable dividends on FY20 profit and subject to review by the Independent Auditor

FINANCIAL TARGETS

^{2019 2020 2021 2022 2024} CAGR 19-24 SEGMENT REVENUES 1.67 1.65 2.0 2.2 2.7 12% LIFE REVENUES 1.51 1.50 1.8 2.0 2.3 8% NON-LIFE REVENUES 0.16 0.14 0.2 0.3 0.4 21% DISTRIBUTION FEES 0.47 0.46 0.6 0.7 1.1 19% EBIT 1.00 0.98 1.1 1.2 1.3 6% NET PROFIT 0.73 0.78 0.8 0.9 0.9 5% 5% 4% 10% € bn

CONTENTS

TOWARDS 2024

• Life business at the core of group wealth management

• Profitable growth in P&C

• Lead the way in ESG and reducing underinsurance in Italy

• Strong and sustainable capital position

POSTE ITALIANE 2024 SUSTAIN & INNOVATE

STREAMING, MARCH 19, 2021

Marco Siracusano PAYMENTS & MOBILE

TOWARDS 2024

• Transformation journey confirmed by 2020 results
• Resilient performance during pandemic, paving the way for future growth
• PostePay supporting Group omnichannel platform through the integration of payments, telco and energy
• Future growth supported by all business segments

CONTENTS

PAYMENT AND TELCO MARKET IN PANDEMIC

Paving the way for future growth

Sources "Politecnico di Milano - Osservatorio Innovative Payments"; "Osservatorio eCommerce B2C"; "Netcomm 26/2/21"; Osservatorio AGCOM (Osservatorio sulle Comunicazioni – Monitoraggio Covid-19 1/21 and 4/20 )

FINANCIAL ACHIEVEMENTS Deliver(ed)

CONTENTS

DIGITAL PAYMENTS AND FIBRE BUSINESSES EXPOSED TO GROWING MARKETS

Sources: Politecnico di Milano – Osservatorio Innovative Payments, RBR (data extracted in September 2020) and The European House Ambrosetti; FTTH Council Europe 2020-2026 After Covid-19 (2020 Conference)

1. Cashless Society Index (2020, 5th edition) based on 16 KPIs grouped into two areas: "Enabling factors" (e.g. POS/ATM distribution) and "Payments status" (e.g. number/value of card transactions, ecommerce)

POSTEPAY DRIVING GROUP'S OMNICHANNEL STRATEGY

From payments to value added services in Telco and Energy

ENTERING THE ENERGY MARKET

Arising business opportunities

Market enhancer

Promoting market maturity in order to be a trusted provider for the full market liberalization by 2023, providing a safe option to switch to the free market for more than 40% of retail customers

Multiservices

Expanding multiservices offering to retail customers (payments, financial services, telco)

Sustainability

Poste Italiane to play a leading role in energy transition and the green economy

PAYMENTS & MOBILE: STRATEGY TOWARDS 2024

Key drivers & main targets

• Strengthen digital offer and enhance digital customer engagement
• Enlarge SME customer base with an integrated offer
• Open API architecture driving instant payments and other PSD2 use cases
• Enhance Postepay Connect framework for multi-services offer
• Expand cooperation with Bancomat from acquiring to issuing and app to enlarge domestic payments arena
• Strengthen mobile market distinctive positioning and increase digital channel acquisitions
• Enhance efficiency supported by new 5-year wholesale agreement with Vodafone
  • Expand addressable market both in the Broadband offer and in the innovative Fibre offer by Q2 21
  • Advanced connectivity solutions with a "device strategy"

PAYMENTS

TELCO

ENERGY: STRATEGY TOWARDS 2024

Key drivers & main targets

• New Energy offers both power and gas

• 100% Green

• Smart use of technology

• Superior digital customer experience and trusted proximity through post offices network
• Strengthen relationship with customers: from transactional to relational approach

2024 PLAN - KPIs

	2018 – 2024 KPIs	2018	2019	2020 Actual	2021	2022	2024	CAGR 19-24	2025
PAYMENTS	Total payment cards, stock (#m)	26.2	28.7	28.9	28.9	29.0	29.6	+1%	29.8
	o/w Postepay EVO, stock (#m)	6.3	7.2	7.7	8.8	9.9	11.6	+10%	12.5
	o/w biodegradable, stock (#m)	-	-	-	1.0	6.0	16.0	n.m.	20.0
	Payment transactions value (€bn)1	34.4	41.9	48.8	56.8	66.4	83.2	+15%	91.8
	2 Card transactions (bn)	1.1	1.4	1.6	1.8	2.1	2.7	+14%	3.0
	o/w e-commerce (m)	202	250	397	464	581	894	+29%	1,028
	Postepay average deposits (€bn)	3.2	4.2	5.5	6.7	7.3	8.3	+15%	9.1
	Digital e-wallets, stock (#m)	2.8	5.4	7.4	8.3	9.3	10.7	+15%	11.8
TELCO	Mobile & land-line, stock (#m)	4.1	4.4	4.6	4.7	4.8	5.1	+3%	5.3
ENERGY	Power & Gas, Contracts stock (#m)					0.2	1.1	n.m.	1.5

1. Includes Postamat and Postepay card payments transactions (excludes ATM withdrawals);

2. Includes withdrawals and top-ups

2018 – 2024 FINANCIALS Steep growing trajectory

€bn unless	otherwise stated
	2018	2019	2020	2021	2022	2024	CAGR 19-24	2025
SEGMENT REVENUES	0.59	0.66	0.74	0.8	1.0	1.6	+20%	1.9
EBIT	0.20	0.24	0.26	0.3	0.3	0.4	10%	0.4
EBITDA	0.23	0.27	0.28	0.3	0.3	0.4	+8%	0.5
NET PROFIT	0.15	0.27 1	0.19	0.41	0.2	0.3	+9%	0.3

CONTENTS

CLOSING REMARKS

• Transformation journey confirmed by 2020 results
• Resilient performance during pandemic, paving the way for future growth
• PostePay supporting Group omnichannel platform through the integration of payments, telco and energy
• Future growth supported by all business segments

POSTE ITALIANE 2024 SUSTAIN & INNOVATE

STREAMING, MARCH 19, 2021

CONTENTS

SUCCESSFULLY EXECUTING DELIVER22 Resilient in 2020 – dividend confirmed in a challenging year

€ bn unless otherwise stated	2018			2019	2020
	DELIVER22 ACTUAL Targets as of Feb-18		GUIDANCE 2019	ACTUAL	DELIVER22 Targets as of Feb-18	ACTUAL
REVENUES	10.7	10.9	11.0	11.0	10.9	10.5
EBIT	1.4	1.5	1.6	1.8	1.6	1.5
NET PROFIT	1.0	1.4	1.1	1.3	1.1	1.2
DIVIDEND PER SHARE (€)	0.44	0.44	0.46	0.46	0.486	0.486

KEY FINANCIAL TARGETS

Profitability trajectory supporting enhanced dividend policy

€ bn unless otherwise stated	2019	2020	2021	2022	2024	CAGR 19-24
REVENUES	11.0	10.5	11.2	11.6	12.7	+3%
EBIT	1.8	1.5	1.7	1.9 1.2 excl. SIA	2.2	+5%
NET PROFIT	1.3	1.2	1.4	revaluation 1.3 +14% VS. 2020	1.6	+6%1
DIVIDEND PER SHARE (€)	0.463	0.486	c. 0.55	60% PAYOUT2	+6%3	+7%

CONTENTS

Parcel business to become largest revenue contributor – sustainable business by 2025

• Total revenues steadily increasing over the plan horizon
• Resilient mail revenues supported by Nexive consolidation
• Sustained parcel revenue growth across all product lines
• Parcel revenues >50%4 of revenues by 2025 (vs. 18%4 in 2016)
• Intercompany revenues up thanks to higher value added distributed products

• Breakeven reached in 2024 sustainable positive EBIT starting from 2025
• Nexive integration delivering 0.1bn running synergies, mostly by end 2022
• Continued streamlining across the entire logistic value chain
• Value-based strategy delivering higher parcel margins

1. 2019 reported and 2020 preliminary figures 2. Includes Philately, Patenti Via Poste, Poste Motori, Poste Air Cargo and other revenues 3. Includes income received by Other Segments in return for use of the distribution network and Corporate Services 4. Share of parcel revenues on total parcel and mail revenues

MAIL, PARCEL & DISTRIBUTION – EBIT EVOLUTION

Breakeven by 2024 supported by successful turnaround

Resilient top line despite reduced net interest income in a low interest rate scenario

• Enhanced distribution successfully addressing interest rates headwinds
• Investment portfolio contribution impacted by NII in a conservatively low interest rates scenario, mitigated by effective portfolio management
• Postal savings distribution fees broadly stable
• Loan & mortgage fees supported by market trends & renewed strategic focus

2020 Preliminary figures 1. Figures include intersegment distribution revenues 2. Includes revenues from payment slips (bollettino), banking accounts revenues, fees from INPS and money transfers, Postamat 3. Includes reported revenues from custody accounts, credit cards, other revenues from third party products distribution

● EBIT reflecting higher intersegment costs, consistent with enhanced distribution network service model

Complete product offering driving top line growth

• Revenues up via enhanced product offer new advisory model combining life & P&C
• Continued life revenue growth driven by multiclass products and new capital light offer
• Comprehensive P&C offer (including motor) leading to 2x revenues over the plan horizon, contributing to revenue diversification

● EBIT up, outpacing higher distribution costs required by higher value added managed life insurance products distributed by the network

Omnichannel platform driving strong profitability increase

• Double digit organic revenue growth supported by all product lines
• Payments revenues 2x over the plan thanks to enhanced leadership in digital payments
• Telco revenues up thanks to wider customer base supported by new fibre offer
• Entering energy market leveraging on customers' trust and unrivalled omnichannel network

• Strong EBIT growth, more than offsetting the structural decline in payment slips and energy business start up costs
• Variable costs increase driven by volume growth at lower costs per unit
• Energy business contributing to positive EBIT from 2024/2025

2020 Preliminary figures

CONTENTS

REVENUE EVOLUTION 2020 – 2024 Revenues up supported by higher growth businesses

23% 18% 46% (0.1) 0.6 0.2 (0.0) 0.4 0.4 0.1 (0.5) 0.3 0.7 (0.1) 0.3 36% 31% 42% 10.5 4% 12.7 Revenues 2020 Mail Parcel Nexive Other rev. Payments Energy Telco Inv. portfolio Loan & mortg. Inv. products Transaction banking P&C Revenues 2024 Mail,Parcel & Distribution Payments & Mobile Financial & Insurance Revenues related to stable markets Revenues related to declining markets1 ² Revenues from new business Revenues related to growing markets3 ⁴ +0.7 +0.9 +0.6 € bn unless otherwise stated

2020 Preliminary figures 1. Declining markets: mainly mail and payment slips 2. Stable markets: telco, postal savings and asset management 3. Growing markets: parcels, life insurance, P&C and payments 4. Energy business

EBIT EVOLUTION 2020 – 2024 All segments contributing to positive EBIT progression

€ bn unless otherwise stated

CONTENTS

HUMAN CAPITAL

138

(#, k)

Effective workforce management, leveraging on proven track record

Average workforce evolution1

HUMAN CAPITAL

Decreasing ordinary HR costs as % of revenues

NON-HR COSTS

Total costs increase to support business, with lower cost per unit

1. 2019 and 2020 proforma Including Nexive. Excluding COVID-19 related expenses in 2020 and 2021 2. Ordinary labour costs and fixed COGS

CONTENTS

SOLID CAPITAL GENERATION & EFFICIENT ALLOCATION TO DRIVE GROWTH AND SHAREHOLDERS' RETURN

19

4. Excluding IFRS 16 (€1.2bn in 2020 and €1.1bn in 2024) 5. Excluding participation in non-segment companies and including non distributed reserves

MP&D: STEADY NET FINANCIAL POSITION SUPPORTING CAPEX & DIVIDEND DISTRIBUTION

RECORD HIGH CAPEX OVER THE BUSINESS PLAN

€3.1bn to support transformation

22

GROUP MAIN SHAREHOLDINGS

Key partners to support growth, embedding potential upside

1. On a fully diluted basis, including impact of employee stock option plan and other dilutive instruments 2. Post merger with Nexi and Nets

FINANCIAL HIGHLIGHTS - FIT TO PERFORM

• Business plan underpinned by realistic assumptions by segment
• Continued cost discipline supporting business evolution
• Efficient segment capital allocation to meet expected growth
• Financial holdings instrumental to drive commercial effort as well as gain exposure to disruptive trends

POSTE ITALIANE 2024 SUSTAIN & INNOVATE

posteitaliane.it

STREAMING, MARCH 19, 2021

Matteo Del Fante

THE TREND IS OUR FRIEND – STAY TUNED!

● Deliver22 business and customer trends confirmed for '2024 Sustain & Innovate' ● Poste uniquely positioned to benefit from business and market trends:

• o Largest and highly loyal client base in Italy
• o Physical, digital and third party networks driving unrivalled daily client interactions
• o Focused on a sustainable strategy as a tech-enabling platform
• o Execution under way with experienced and committed management team
• Investors rewarded with commitment to competitive dividend shareholders' interests and management objectives fully aligned

Integrating human capital development, ESG and business REWARD STRATEGY

A "REWARD PLATFORM" TO SUPPORT THE GROUP LONG-TERM INTERESTS AND CREATE SUSTAINABLE VALUE FOR ALL STAKEHOLDERS

Human Capital Development

• Commitment and Engagement at the core of human capital strategy
• Inclusion and meritocracy as key pillars
• Fair and Equitable Pay as driver to attract and retain talent and sustain innovation

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