Poste Italiane

Investor Presentation • May 15, 2024

1

POSTE ITALIANE Q1-24 FINANCIAL RESULTS 15 MAY 2024

THE CONNECTING PLATFORM

CONTENTS

2024 STRONG START ACROSS ALL BUSINESS UNITS

● Q1-24 REVENUES UP 1% Y/Y (+6% EX. APM¹ ) TO €3,045M

● CONTINUED FOCUS ON COST DISCIPLINE MITIGATING INFLATION IMPACT

● EBIT AT €706M (-8% Y/Y, + 14% EX. APM¹ ), NET PROFIT AT €501M (-7% Y/Y, +16% EX APM¹ )

● POSITIVE NET FLOWS IN ASSET MANAGEMENT AND INSURANCE PRODUCTS, RESILIENT RETAIL DEPOSITS

● SOLID BALANCE SHEET – DIVIDEND BALANCE OF €0.56 P/S (€729M) TO BE PAID ON 26 JUNE 2024²

WELL ON TRACK TO MEET CMD 2024 TARGETS

Q1-24 RESULTS OVERVIEW STRONG START OF 2024 DRIVEN BY COMMERCIAL PERFORMANCE AND CONTINUED COST DISCIPLINE

€ m unless otherwise stated

	Q1-23	Q1-24	VAR.	VAR. (%)
REVENUES	3,023	3,045	+22	+0.7%	+168m/+6% ex APM1
TOTAL COSTS	2,256	2,340	+83	+3.7%
EBIT	767	706	(61)	(8.0%)	+85m/+14% ex APM1
NET PROFIT	540	501	(38)	(7.1%)	+66m/+16% ex APM1

SEGMENT REVENUES TOP LINE GROWTH DRIVEN BY NII, PAYMENTS AND PARCELS

OPERATING PROFIT BY SEGMENT UNDERLYING OPERATING RESULTS BENEFITTING FROM A DIVERSIFIED BUSINESS MODEL

1. Active Portfolio Management impact on MP&D equal to €135m in Q1-23 vs €18m in Q1-24, impact on FS €33m in Q1-23 and 4m in Q1-24

CONTENTS

MAIL, PARCEL & DISTRIBUTION PARCEL REVENUES ACCELERATING – MAIL REVENUES AHEAD OF PLAN

• Mail revenues up driven by business mix (higher volumes of registered mail) and repricing actions
• Parcel revenues accelerating supported by B2C, +14% excluding impact of COVID logistics mandate gradual phase-out and sennder Italia deconsolidation
• Distribution revenues up 9% excluding impact of active portfolio management, reflecting positive commercial trends and higher network costs
• EBIT trend reflecting higher contribution of active portfolio management revenues in Q1-23

1. Includes Tax Credit contribution, Digital Identities fees, vaccination plan related expense recovery, EGI, Poste, Patenti Via Poste, Philately, Poste Motori, Poste Welfare Service, Agile Lab and Sourcesense; 2. Includes income received by other segments in return for use of the distribution network, Corporate Services and capex costs reimbursement; 3. Active Portfolio Management impact on MP&D EBIT equal to €135m in Q1-23 vs €18m in Q1-24

MAIL, PARCEL & DISTRIBUTION: VOLUMES AND PRICING STRONG PARCEL VOLUMES GROWTH; MAIL MIX & REPRICING OUTPACING VOLUME DECLINE

1. Parcel tariffs adjusted excluding revenues from COVID logistics mandate and sennder Italia (deconsolidated since Q3-23)

FINANCIAL SERVICES REVENUES SUPPORTED BY GROWING NII AND STABLE POSTAL SAVINGS FEES

1. Includes intersegment distribution revenues; 2. Includes revenues from payment slips (bollettino), current accounts related revenues, fees from INPS and money transfer; 3. Includes reported revenues from custody accounts, credit cards and other revenues from third party products distribution; 4. Active Portfolio Management impact on FS Revenues equal to €168m in Q1-23 vs €22m in Q1-24, impact on FS EBIT €33m in Q1-23 and 4m in Q1-24

) impacted by

GROUP CLIENT TOTAL FINANCIAL ASSETS GROWING TFAs SUPPORTED BY NET INFLOWS IN DEPOSITS, MUTUAL FUNDS AND INSURANCE

1. EoP figures; 2. Includes deposits and Assets Under Custody; 3. Deposits do not include REPOs and Poste Italiane liquidity; 4. Includes Moneyfarm; 5. Excludes deposits for Corporates and PA and Corporate insurance products; 6. Excludes deposits and Postal Books

HIGHLIGHTS

• Postal Savings net outflows in Q1-24, in line with expectations, with strong new liquidity in Postal Books
• Confirmed positive Life Investments & Pension net flows, outperforming the market
• Deposits and AuC benefitting from higher PA balances while retail deposits are resilient
• Increasing Mutual Funds confirming strong net flows into target maturity fixed income funds

INSURANCE SERVICES POSITIVE NET FLOWS & LOW LAPSE RATE – IMPROVING PROTECTION PROFITABILITY

EBIT & NET PROFIT Protection¹ Life Investments & Pension Life net inflows (€ bn) 2.1 Net profit EBIT³ Lapse rate (%) ⁴ 3.9 Protection GWP ⁵ Comb. Ratio (%) ⁶ 374 363 19 Q1-23 35² Q1-24 393 397 +4 +1% SEGMENT REVENUES1,2 90% (3%) +78% 241 € m unless otherwise stated 334 349 245 252 Q1-23 Q1-24 +15 +4% +7 +3% ³¹³ Of which CSM release Figures reported under IFRS17 337 0.5 5.5 85% 312

Q1 HIGHLIGHTS

• Confirmed positive net flows outperforming the market, low lapse rate in a challenging environment
• Life Investment & Pension revenues driven by higher CSM release offset by lower release of risk adjustment, as a result of lower maturities
• Significant growth of Protection revenues driven by higher volumes and improving combined ratio

1. Includes Poste Insurance Broker; 2. Includes 9m from Net Insurance in Q1-24, consolidated from1 Apr 2023; 3. Includes 7m from Net Insurance in Q1-24; 4. Lapse rate is calculated as surrenders divided by average reserves; 5. Includes 50m related to Net Insurance in Q1-24 and Motor; 6. Protection CoR calculated as: (insurance expenses + net reinsurance expenses -/+ other technical income and expenses + not directly attributable expenses) / gross insurance revenues, net of reinsurance

CONTRACTUAL SERVICE MARGIN EVOLUTION €13.8BN CSM SUPPORTING SUSTAINABLE PROFITABILITY GOING FORWARD

SOLVENCY II STRONG SII RATIO EMBEDDING 100% REMITTANCE RATIO - WELL ABOVE MANAGERIAL AMBITION

1. EoP figures; 2. Net of foreseeable dividend

POSTEPAY SERVICES STRONG PERFORMANCE ACROSS ALL PRODUCTS

• Double-digit growth of Payments revenues driven by e-commerce growth (+16% Y/Y) and continued structural shift from cash to card/digital payments
• Energy: strong revenue growth confirming positive commercial trends
• Telco business steady growth supported by fiber offer
• EBIT growth driven by strong top-line performance

1. Revenues are restated net of commodity price and pass-through charges of the energy business for a total of 20 in Q1-23 and 127 in Q1-24

HUMAN CAPITAL – FTEs CONTINUED WORKFORCE TRANSFORMATION

AVERAGE WORKFORCE EVOLUTION (#, K)

1. Annualized figures, calculated excluding IFRS17 effect and 2023 one-off employee bonus; 2. Group revenues minus cost of goods sold

HUMAN CAPITAL – HR COSTS HIGHER COMPENSATION PARTIALLY MITIGATED BY LOWER FTEs – IN LINE WITH BUSINESS PLAN

€ m unless otherwise stated

NON-HR COSTS INCREASE MAINLY DRIVEN BY VARIABLE COSTS AS A RESULT OF HIGHER BUSINESS VOLUMES

1. Excluding other non-HR costs. Numbers are restated net of commodity price and pass through charges of the energy business; 2. Refers to parcels, payments and telco

2024 STRONG START ACROSS ALL BUSINESS UNITS

● Q1-24 REVENUES UP 1% Y/Y (+6% EX. APM¹ ) TO €3,045M

● CONTINUED FOCUS ON COST DISCIPLINE MITIGATING INFLATION IMPACT

● EBIT AT €706M (-8% Y/Y, + 14% EX. APM¹ ), NET PROFIT AT €501M (-7% Y/Y, +16% EX APM¹ )

● POSITIVE NET FLOWS IN ASSET MANAGEMENT AND INSURANCE PRODUCTS, RESILIENT RETAIL DEPOSITS

● SOLID BALANCE SHEET – DIVIDEND BALANCE OF €0.56 P/S (€729M) TO BE PAID ON 26 JUNE 2024²

WELL ON TRACK TO MEET CMD 2024 TARGETS

CONTENTS

STRONG CASH GENERATION, AMPLE LIQUIDITY & BALANCED DEBT PROFILE

1. Shareholders' equity net of revaluation reserves and 2023 proposed dividend; 2. Other includes buyback, the coupon on the hybrid bond, options for minority buyouts, TFR, reserve variation related to incentive schemes (IFRS 2)

MAIL, PARCEL & DISTRIBUTION NET FINANCIAL POSITION STEADY UNDERLYING CASH GENERATION

1. Includes dividends from subsidiaries, dividends to shareholders, coupons on hybrid instruments and buyback

NET INTEREST INCOME EVOLUTION POSITIVE IMPACT FROM RISING INTEREST RATES YEAR-ON-YEAR

BANCOPOSTA ASSETS AND LIABILITIES STRUCTURE STABLE RETAIL DEPOSITS

HIGHLIGHTS

• Retail deposits stable y/y, assets yield driven by BTP and tax credit portfolio – liabilities not remunerated
• Public Administration assets yield linked to Italian Sovereign yield curve – liabilities mainly remunerated on short term rates
• Treasury assets mainly remunerated at a fixed rate – liabilities remunerated at variable rate

1. Includes short term REPO and collateral 2. Entirely invested in floating rate deposits c/o MEF; 3. Includes business current accounts, PostePay business clients deposits, Long-term REPO, Poste Italiane liquidity and other balances; 4. Includes Tax Credits & Others; 5. Average yield calculated as net interest income on average deposits

UNREALISED GAINS & LOSSES AND SENSITIVITIES NET UNREALISED LOSSES (NOT IMPACTING CAPITAL POSITION) CONTINUE TO IMPROVE

POSTAL SAVINGS NET OUTFLOWS FROM POSTAL BONDS MITIGATED BY POSTAL BOOKS NET INFLOWS

€ m unless otherwise stated

ASSET MANAGEMENT AUM GROWTH SUPPORTED BY STRONG NET INFLOWS

495

1,891

ASSET MANAGEMENT NET INFLOWS POSITIVE NET FLOWS MAINLY DRIVEN BY MUTUAL FUNDS

TOTAL NET FLOWS Q1-24 MULTICLASS CLASS¹ III & UNIT LINKED MUTUAL FUNDS 2,386 1,520 865 Gross Inflows Outflows Net Flows 205 290 Gross Inflows Outflows Net Flows 575 Gross Inflows Outflows Net Flows 1,315 € m unless otherwise stated

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

INSURANCE SERVICES SOLVENCY II EVOLUTION

SWAP (BP)

(BP)

SII ratio

(40) p.p.

(10) p.p.

+52 p.p.

(46) p.p.

SOLVENCY II RATIO SENSITIVITIES

WELL ABOVE RISK TOLERANCE AND MANAGERIAL AMBITION UNDER SIMULATED SCENARIOS

Q1 HIGHLIGHTS

• Solvency II ratio sensitivity to BTP-Swap spread (+100bp): ● (129) p.p. as of Dec-20 ● (98) p.p. as of Dec-21 ● (71) p.p. as of Mar-22 ● (60) p.p. as of Jun-22 ● (34) p.p. as of Sep-22²
  • (29) p.p. as of Dec-22²
  • (43) p.p. as of Mar-23
  • (37) p.p. as of Jun-23
  • (29) p.p. as of Sep-23²
  • (41) p.p. as of Dec-23

● (40) p.p. as of Mar-24

● Solvency II ratio sensitivity to Swap rate (+100bp):

• (42) p.p. as of Jun-22
• (27) p.p. as of Sep-22
• (32) p.p. as of Dec-22
• (35) p.p. as of Mar-23
• (37) p.p. as of Jun-23
• (31) p.p. as of Sep-23
• (38) p.p. as of Dec-23 ● (46) p.p. as of Mar-24

INSURANCE SERVICES SOLVENCY II OWN FUNDS TIERING AND SOLVENCY CAPITAL REQUIREMENTS

€ m unless otherwise stated

SOLVENCY II CAPITAL AND SOLVENCY II CAPITAL REQUIREMENT BREAKDOWN

CHANGE VS DECEMBER 2023

INSURANCE SERVICES GWP SOLID COMMERCIAL ACTIVITY – STRONG GROWTH OF PROTECTION

1. Includes Motor GPW for a total of 3m in Q1-23 and 4m in Q1-24

INSURANCE SERVICES TECHNICAL PROVISIONS POSITIVE NET INFLOWS OUTPERFORMING THE MARKET

INSURANCE SERVICES LI&P NET INFLOWS POSITIVE NET FLOWS DRIVEN BY MULTICLASS & UNIT LINKED PRODUCTS

INSURANCE SERVICES DIVERSIFIED INVESTMENT PORTFOLIO

1. Includes financial assets covering Class I technical provisions and free surplus investments according to local GAAP; 2. Refers only to GS Posta Valore Più

ENERGY RECLASSIFICATION COMMODITY PRICES AND PASS-THROUGH CHARGES

€ m unless otherwise stated

	Q1-23		Q1-24
	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS	POSTEPAY SERVICES	CONSOLIDATED ACCOUNTS
External - reported revenue	343	3 044 ,	470	3 136 ,
for Commodity and pass-through charges external clients prices	(20)	(20)	(91)	(91)
reclassified External revenue	323	3 024 ,	379	3 045 ,
- reported Intersegment revenue	66		106
Commodity and pass-through charges for Group prices consumption	0		(36)
reclassified Intersegment revenue	66		70
of goods and - reported Cost services	167	763	290	896
Commodity and pass-through charges prices	(20)	(20)	(127)	(91)
of goods and reclassified Cost services	147	742	163	805

POSTEPAY SERVICES KEY METRICS STEADY INCREASE ACROSS KEY METRICS

1. Including social measures related cards; 2. Including payments, top-ups and withdrawals; 3. Includes e-commerce and web transactions on Poste Italiane channels; 4. An innovative electronic tool associated to a single customer, able to authorize in app payment transactions

POSTE ITALIANE DIGITAL FOOTPRINT KEY METRICS CONSTANTLY IMPROVING

40

1. App User Stickiness is calculated as daily active users/monthly active users on Poste Italiane's Apps; 2. Defined as any contact the client has with Poste Italiane (e.g., entry into Post Office, ATM transactions, entry into a physical third-party networks point, App login, access to website etc.), excluding LIS interactions; 3. Defined as all transactions (e.g. bill payments, bank transfers, etc.) as well as sales (e.g. subscription of financial products), excluding LIS transactions and sales

POSTEPAY PAYMENTS TRANSACTION VALUE STEADY INCREASE IN E-COMMERCE TRANSACTIONS

POSTEPAY TRANSACTION VALUE (BASE 100)¹

INTERSEGMENT COSTS AS OF Q1-24 INTERSEGMENT DYNAMICS' KEY DRIVERS

€ m unless otherwise stated	MAIN RATIONALE		INDICATIVE MAIN REMUNERATION SCHEME	1Q-23	1Q-24
• a) b)	Postepay Services remunerates: Mail, Parcel and Distribution for providing IT, delivery volume, promoting and selling SIMs and energy contracts and other corporates services1 ; Financial Services for promoting and selling card payments and other payments (e.g. tax payments) throughout the network;	a) b)	Number of payment transactions flat fee (depending on the product) Fixed % of revenues	a) 56 b) 69 Total: 125	a) 62 b) 77 Total: 139
• c) d)	Insurance Services remunerates: Financial Services for promoting and selling insurance products2 and for investment management services3 ; for providing corporate services1 Mail, Parcel and Distribution ;	c) d)	Fixed % of upfront, maintenance and management fees Depending on service/product	c) 191 d) 20 Total: 211	c) 180 d) 20 Total: 200
	Insurance Services reported intersegment costs under IFRS17, remunerating MPD only4			Total: 5	Total: 6
• e) f)	Financial Services remunerates: Mail, Parcel and Distribution for promoting and selling Financial, Insurance and products throughout the network and for proving corporate services5 Postepay ; Services for providing certain payment services6 Postepay	e) f)	Fixed % (depending on the product) of revenues Depending on service/product	e) 1,294 f) 47	e) 1,275 f) 48
				Total: 1,3417	Total: 1,3237
• g) h)	Mail, Parcel and Distribution remunerates: Postepay Services for acquiring services, postman electronic devices and utilities Financial Services as distribution fees related to "Bollettino DTT"	g) h)	Annual fee, fee * volumes Flat fee for each "Bollettino"	g) 8 h) 0 Total: 8	g) 11 h) 0 Total: 11

1. Corporate Services such as communication, anti money laundering, IT, back office and call centres; 2. Which, in turn, remunerates Mail, Parcel and Distribution; 3. Investment management services provided by BancoPosta Fondi SGR; 4. Under IFRS17 costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – are attributed to Insurance Services' revenues; 5. E.g. Corporate services are remunerated according to number of allocated FTEs, volumes of letters sent and communication costs; 6. E.g. "Bollettino"; 7. Excluding interest charges

POSTE ITALIANE'S SUSTAINABILITY PATH SUCCESSFULLY INTEGRATING ESG FOR LONG-TERM SHAREHOLDER VALUE CREATION

INDICES AND RATINGS

MEMBERSHIPS

43

CONSOLIDATED ACCOUNTS PROFIT & LOSS

€m	Q1-23	Q1-24	Var.	% Var.
Total revenues	3 023 ,	3 045 ,	+22	+1%
of which:
Mail Parcel and Distribution ,	893	934	+41	+5%
Financial Services	1 414 ,	1 335 ,	(79)	(6%)
Services Insurance	393	397	+4	+1%
Postepay Services	323	379	+56	+17%
Total costs	2 256 ,	2 340 ,	+83	+4%
of which:
Total personnel expenses	1 235 ,	1 275 ,	+39	+3%
of which personnel expenses	232 1 ,	274 1 ,	+42	+3%
of which early retirement incentives	4	0	(4)	(100%)
of which legal disputes with employees	(0)	1	+1	n.m
Other operating costs	813	864	+51	+6%
and Depreciation , amortisation impairments	208	201	(7)	(4%)
EBIT	767	706	(61)	(8%)
EBIT Margin	+25%	+23%
and profit/(loss) accounted for the Finance income/(costs) on investments using method equity	1 0	1 8	+7	+73%
Profit before tax	777	723	(54)	(7%)
Income tax expense	237	222	(15)	(6%)
Profit for the period	540	501	(38)	(7%)

CONSOLIDATED ACCOUNTS – SEGMENT VIEW Q1-24 PROFIT & LOSS

€ m	Mail, Parcels & Distribution	Financial Services	Insurance Services	PostePay Services	Adjustments & 1 eliminations	Total 1
External Revenues	934	335 1 ,	397	379		3 045 ,
Intersegment Revenues	1 372 ,	223	(39)	7 0	(1 626) ,	0
TOTAL REVENUES	2 306 ,	559 1 ,	358	449	(1 626) ,	3 045 ,
Labour cost	1 358 ,	1 2	2	1 5	(113)	1 275 ,
COGS	647	9	2	163	(16)	805
Other Costs	4 6	1 4	(1)	3		6 1
Capitalised and Costs Expenses	(14)	0	0	(0)		(14)
Loss/(Reversal) on debt Impairment , receivables and other instruments assets	7	2	0	3		2 1
Costs Intersegment	1 1	323 1 ,	6	139	(1 479) ,
TOTAL COST	2 055 ,	1 360 ,	9	323	(1 608) ,	2 139 ,
EBITDA	251	199	349	126	(18)	907
D&A	210	0	1	9	(18)	201
EBIT	4 1	199	349	117		706
income/(cost) Finance	(17)	1 1	1 4	1 0		1 8
PBT	2 4	209	362	128		723
cost/(income) Tax	1 8	5 8	111	3 5		222
NET PROFIT	6	151	252	9 3		501

1. IFRS17 requires the attribution of costs directly attributable to insurance policies – incl. distribution costs to remunerate Poste Italiane network – to Insurance Services' revenues. To ensure full elimination of intersegment costs we make an adjustment at Group level, allocating such costs to Labour costs, COGS and D&A

MAIL, PARCEL & DISTRIBUTION PROFIT & LOSS

€m	Q1-23	Q1-24	Var	Var %
Segment revenue	893	934	+41	+5%
Intersegment revenue	382 1 ,	372 1 ,	(11)	(1%)
Total revenues	2 276 ,	2 306 ,	+30	+1%
Personnel expenses	326 1 ,	358 1 ,	+32	+2%
of which personnel expenses	1 322 ,	1 358 ,	+36	+3%
of which early retirement incentives	4	0	(4)	(100%)
Other operating costs	636	686	+50	+8%
Intersegment costs	8	11	3 +	+31%
Total costs	970 1 ,	2 055 ,	+84	+4%
EBITDA	305	251	(54)	(18%)
and Depreciation , amortisation impairments	217	210	(7)	(3%)
EBIT	88	41	(47)	(53%)
EBIT MARGIN	+4%	+2%
Finance income/(costs)	(11)	(17)	(6)	(57%)
Profit/(Loss) before tax	77	24	(53)	(69%)
Income tax expense	36	18	(18)	(50%)

FINANCIAL SERVICES PROFIT & LOSS

€m	Q1-23	Q1-24	Var	% Var
Segment revenue	1 414 ,	1 335 ,	(79)	(6%)
Intersegment revenue	234	223	(10)	(4%)
Total revenues	1 648 ,	1 559 ,	(89)	(5%)
Personnel expenses	1 2	1 2	+0	+2%
of which personnel expenses	1 2	1 2	+0	+4%
of which early retirement incentives	0	0	(0)	(100%)
Other operating costs	3 8	2 5	(14)	(36%)
and Depreciation , amortisation impairments	0 10	0	+0	+7%
Intersegment costs	1 341 ,	1 323 ,	(18)	(1%)
Total costs	1 392 ,	1 360 ,	(32)	(2%)
EBIT	256	199	(58)	(23%)
EBIT MARGIN	16%	13%
Finance income/(costs)	1	1 1	+9	n.m
Profit/(Loss) before tax	258	209	(48)	(19%)
Income tax expense	7 1	5 8	(12)	(17%)
Profit for the period	187	151	(36)	(19%)

INSURANCE SERVICES PROFIT & LOSS

€m	Q1-23	Q1-24	Var	% Var
Segment revenue	393	397	4 +	+1%
Intersegment revenue	(49)	(39)	+10	+20%
Total revenues	344	358	+14	+4%
Personnel expenses	2	2	0 +	+25%
of which personnel expenses	2	2	0 +	+25%
of which early retirement incentives	0	0	0 +	n.m.
Other operating costs	2	1	(2)	(79%)
and Depreciation , amortisation impairments	0	1	0 +	+45%
Intersegment costs	6	6	1 +	+11%
Total costs	11	10	(1)	(6%)
EBIT	334	349	+15	+4%
EBIT MARGIN	97%	97%
Finance income/(costs)	14	14	0 +	+0%
Profit/(Loss) before tax	348	362	+15	+4%
Income tax expense	103	111	8 +	+8%
Profit for the period	245	252	7 +	+3%

POSTEPAY SERVICES PROFIT & LOSS

	Q1-23	Q1-24	Var	% Var
Segment revenue	323	379	56	17%
Intersegment revenue	66	70	4	5%
Total revenues	389	449	60	15%
Personnel expenses	13	15	1	11%
of which personnel expenses	13	15	1	11%
Other operating costs	152	169	17	11%
Intersegment costs	125	139	14	11%
Total costs	291	323	32	11%
EBITDA	98	126	28	28%
and Depreciation , amortisation impairments	10	9	(1)	(9%)
EBIT	89	117	29	32%
EBIT MARGIN	23%	26%
income/(costs) Finance	6	10	4	73%
Profit/(Loss) before tax	95	128	33	35%
Income tax expense	28	35	7	+25%
Profit for the period	67	93	26	39%

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 direct and indirect effects resulting from the international conflict in Eastern Europe.

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.

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 document includes preliminary results and forward-looking statements that are not a guarantee of future performance as well as summary financial information that 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.