1

Invest in

the bringersof tomorrow

bpost.be/IPOIPO information brochure

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Risks

Every investment in shares involves risks. An investor is exposed to the risk of loosing all or

part of his invested capital. Before making an investment decision, prospective investors

should carefully read the entire prospectus which contains a description of the offer and the

risk factors. The prospectus as well as this brochure can be obtained at no cost to the investor

on www.bpost.be/IPO.

This announcement is an advertisement and not a prospectus and investors should not

purchase any securities referred to in this announcement except on the basis of information

in the prospectus (including the section “risk factors” contained therein, in particular the risk

factors relating to the regulatory and legislative environment (see «Part I: Summary» on pages

15 to 17 and «Part II: Risk Factors — Risks Relating to the Regulatory and Legislative

Environment» on pages 28 to 39), and more generally the risk factors relating to bpost’s

business (see «Part I: Summary» on pages 12 to 15 and «Part II: Risk Factors — Risks Relating

to bpost’s Business» on pages 22 to 28) and the risk factors relating to the offering

(see «Part I: Summary» on page 18 and «Part II: Risk Factors — Risks Relating to the Offering»

on pages 39 to 44).»

A summary of the risks is presented on page 16 of this brochure.

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Dear Reader,

2013 is a an important milestone in bpost’s history. The company will be quoted on the stock exchange, allowing anyone to buy stock and so share our development.

bpost has become a modern, efficient company able to adapt to a constantly evolving environment. This is the result of a decade of many changes, which have enabled us to assure our financial health, adapt to the expectations of our customers, propose competitive alternative solutions to electronic means of communication, and rise to the challenges posed by the total liberalization of the postal market.

bpost is now in the leading group of postal operators in Europe. We constantly pursue operational excellence. To this end, we work to harness innovation and new technologies, upgrade our working methods and routines, relentlessly improve the quality of our services, and control costs.

bpost has also prepared for the future. A future built on the enthusiasm and engagement of all our employees. Our aim is to further strengthen customer loyalty through our actions and our commitment to do things properly. Based on the skills and competences we have today, we are working to develop new, innovative solutions that support our future growth.

Over time, bpost has put down deep roots in the Belgian society, becoming part of the daily life of all citizens. Every day, our employees travel the country in length and breadth to deliver letters and parcels to some 5.3 million letterboxes.

Now, everyone can become a shareholder and invest in the ‘bringers of tomorrow’. This is an important milestone that will drive us to constantly do better. We are looking forward to it.

This brochure gives you a general idea of bpost’s structure, activities, operational performance and financial wellbeing.

Johnny ThijsCEO

Martine DurezChairman of the Board of Directors

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bpost today: a modern and efficient postal companyThe Belgian post was founded in 1830 as a state service. Today, bpost is a leading postal company operating in a fully liberalized market. Its core business is the collection, sorting, transport and delivery of letters and parcels. bpost is the universal service provider in Belgium, serving every letterbox five days per week and delivering around 10.5 million letters and 100,000 parcels

on a daily basis. The company offers integrated solutions and its product portfolio includes products and services in the areas of document management and value-added services.

bpost also has cross-border mail and parcels subsidiaries in North America, the United Kingdom, China (incl. Hong Kong) and Singapore.

bpost has a diversified points of sales network of 670 post offices and 670 PostPoints, 4,100 stamps shops, an eShop and a Contact Centre.

bpost also distributes banking and insurance products of bpost bank, a joint venture between bpost and BNP Paribas Fortis.

bpost at a glance (2012)

1 bpost also analyzes the performance of its activities on a normalized basis or before non-recurring items. Non-recurring items represent significant income or expense items that due to their non-recurring character are excluded from internal reporting and performance analyses.

2 EBITDA = Earnings before Interest, Taxes, Depreciation, and Amortization

3 EBIT = Earnings before Interest and Taxes

4 FTE = Full time equivalents

Operating income EUR 2,416 millionNormalized EBITDA1,2 EUR 502 millionReported EBITDA2 EUR 421 millionNormalized EBIT1,3 EUR 404 millionReported EBIT3 EUR 323 millionEmployees 26,625 FTE4 (average)

Main shareholders Belgian State 50.01%CVC Capital Partners 49.99%

• 670postofficesand670PostPoints• 13,400 red post boxes• 10,000 mail rounds• 10.5 million letters and 100,000 parcels handled

every day (average)• 5.3 million post boxes served 5 days a week

5

100%

0.03%

0.01%

0.01%

0.01%

bpost Group

bpost International Logistics Beijing co ltd

Name of the companyOperating income 2012, in million EUR

2198230 Ontario Incna

bpost Hong Kong ltd3.7

bpost Singapore pte. ltd 0.8

50%bpost bank nv1

bpost banque sa1

99.97%Exbo Services International nv-sa2.7

99.99%Alteris nv-sa0.3

99.99%Deltamedia nv-sa11.4

99.99%Euro-Sprinters nv-sa19.1

80%Mail Services Inc36.0

100%Certipost nv-sa13.4

51%Landmark Global Incna

100%bpost International US Incna

51%Landmark Trade Services ltdna

100%bpost US Holdings Inc na

100%bpi nv-sa17.0

100%Speos Belgium nv-sa35.1

100%bpost International (UK) ltdna

100%

100%

1 Equity method

bpost nv-sa2,275.7

legend

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1830Incorporated and operated as a public service of the newly created Belgian State ‘Administratie van de Post’ / ‘Administration de la Poste’

1971Became an independent entity

‘Regie der Posterijen’ / ‘Régie des Postes’

2000De Post becomes a naamloze vennootschap van publiek

recht / société anonyme de droit public, a company limited by shares under public law 2003

De Post / La Poste launches a modernization plan to prepare for the full opening of the postal market to competition2005

2011

Post Danmark and CVC acquire a stake of 49.99%

After 10 years of in-depth change, De Post / La Poste becomes bpost

Full opening of the Belgian postal market

1992Change to an autonomous public company ‘De Post’ / ‘La Poste’

Post Danmark sells its stake to CVC, which now owns a 49.99% stake in De Post / La Poste

2009

bpost, in operation since 1830. Some milestones:

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A successful track recordIn 2003, in anticipation of the full liberalization of the Belgian postal market and while it faced operational and financial issues, bpost embarked on a modernization program of the entire company, focused on improving efficiency; significantly reducing costs; growing alternative revenue streams to mitigate for declining mail volumes; and improving quality of service, including the improvement of the reliability of delivery times and the service in postal outlets. The transformation of bpost’s activities has continued on an ongoing basis since that time in order to respond to the challenges of the impact of electronic substitution and competition on bpost’s business.

This has resulted in sustained productivity improvements and increased quality, employee motivation and customer satisfaction:

• Productivity measured as Revenue per FTE increased by 7% per year on average in the period 2003-2012.• Domestic addressed mail reaching the recipient as of D+1 was 94% in 2012 (an increase of 9% in the period 2003-2012).• The percentage of satisfied customers increased from 75% in 2004 to 83% in 20121.

This has contributed to bpost’s strong financial performance: bpost’s normalized EBIT increased from minus EUR 69 million in 2003 to EUR 404 million in 2012. bpost achieved these improvements despite declines in mail volume.

2003

2004

2007 2011

2009

Started the continuous optimization of delivery rounds

Transformation of the points of sale network

Implementation of a new distribution structure with a reduced number of buildings

Building of new sorting centers

Introduction of automated round sorting and mail sequencing

New strategic‘Vision 2020’ programto further increase efficiency

1 % of customers who answered 6 or 7 on a scale of 1 to 7 in a survey conducted by the independent agency Ipsos-Synovate for bpost.

374

269

96136

-19

24

-63

reported EBIT evolution

323

69

322

240222

183160

82

37

-69

normalized EBIT evolution 404359

319

Normalized EBIT margin (%) Reported EBIT margin (%)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-3.3 -3.01.7 1.13.9 -0.97.2 6.18.0 4.29.8 11.910.7 16.613.8 13.915.2 2.916.7 13.4

Note: Only reported results have been audited; the presentation of normalized results is not in conformity with IFRS and is not audited.

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Our key strengths and strategies

1. Focused mail and parcels business with a proven strategy for profitable growth

bpost has developed a clear strategy for its core mail and parcels business which involves the introduction of new products and services based on its core capabilities and strengths as well as initiatives to address declines in mail volumes.

bpost has focused on products and services that build on its strong distribution network, which covers all mailboxes in Belgium five days a week, its extensive retail network (including post offices, PostPoints and other mass channels) and its strong brand recognition.

In particular, these strengths will help bpost to pursue its parcels strategy. The B2C (parcels sent by businesses to consumer, primarily comprising

e-commerce and distance selling traffic) and C2X (parcels sent by consumers) parcels market segments have potential for growth due to the relatively low level of penetration of e-commerce in Belgium compared to other Western European countries. bpost is well positioned to benefit from this growth. bpost is also focusing on using its existing capabilities to expand its B2B (parcels sent by businesses to other businesses) parcels offering. bpost has pursued its parcels strategy in part through targeted acquisitions in Belgium and abroad. In 2012, parcels operating income represented 7% of total operating income or EUR 165 million.

bpost is also developing new products and services, thereby using its core capabilities to develop end-to-end solutions for its customers. An example of this is the EU car license plate project, which was launched in 2010. bpost’s “Shop & Deliver” (bpost on appointment) is an example of an innovation which is still in development and test phase. Shop & Deliver services collect all the orders from customers and deliver the purchases, including fresh and frozen groceries, at a time chosen by the customer.

At the same time, bpost is developing programs to promote mail as an effective communication medium.

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2. Leading market position in a relatively resilient Belgian mail market with a balanced regulatory framework

bpost operates primarily in the Belgian mail market, which is relatively resilient when compared with certain other European mail markets. Although volumes of addressed mail in Belgium have declined in recent years, the rate of decline has been lower and more stable than that experienced in certain other countries. bpost has been proactive in developing programs aimed at encouraging its clients to continue to use mail as a means of communication. These programs have focused on emphasizing the advantages of paper based communication compared to other media.

bpost is subject to a balanced regulatory framework regarding a.o. price increases.

bpost was designated as a USO (Universal Service Obligation)1 provider for an eight-year term commencing in 2011. While other operators may offer services that fall within the USO, new entrants that offer letter mail services within the USO must fulfill certain licensing conditions.

In addition, under the Fifth Management Contract with the Belgian State, bpost will continue to be the provider of SGEI (Services of General Economic Interest) at least until December 31, 2015. These services include, among others, the operation of the retail network, the distribution of newspapers and periodicals, the distribution of electoral materials, the acceptance of cash payments at post offices and the delivery of state pension payments and certain social allowances to residents at their homes.

3. Scope for continued cost improvements

bpost has developed a systematic approach to identify and realize cost savings across the organization. Its approach involves continuous improvement, including the achievement of cost savings through iterative cycles, such as the Georoute program. bpost is currently rolling out several productivity enhancement initiatives. In particular, in 2011, it launched its Vision 2020 strategic plan. This plan involves, among other things, further increasing

automation in sorting; the centralization of parcels sorting activities in one sorting center; a reduction in the number of distribution offices from over 400 to approximately 60 mail centers; a reduction in the preparation time required by postmen through further automation; and increasing automation of administrative tasks.

The age structure of bpost’s workforce is also expected to contribute to further improvements in productivity without incurring restructuring costs, based on natural attrition, as 34% of its workforce is over 50 years of age. In the past 10 years, as part of the modernization program, bpost managed to reduce its FTEs by an average of 4.5% annually mainly through natural attrition (e.g. retirements and voluntary departures).

1 Collection and home delivery of letters and parcels five days a week throughout the territory of Belgium at a controlled quality level and price as defined in the Law of 21/3/1991.

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4. Strong financial performance supporting a high level of cash generation

bpost generated revenues of EUR 2,416 million in 2012 (vs EUR 2,318 million in 2010). Moreover, bpost increased the operational profit of its business despite further declines in mail volumes: its normalized EBITDA margin increased from 18.7% in 2010 to 20.8% in 2012 (reported EBITDA margin 18.9% and 17.4% respectively). The negative volume trend was more than offset by a.o. growth in parcels, price increases in domestic mail and the further development of bpost’s international activities. Furthermore, payroll costs also decreased, driven by productivity enhancement initiatives.

Our financial performance reflects the key elements of our strategy

Domestic mail

- Volume decline+ Price/mix improvements

Productivity

+ Costs+ Productivity- Inflation- Projects/new products- Cost of automation

Growth / Innovation

+ Volume and price other products, incl.: • Parcels • International • Financial Services • Solutions

Stakeholders

• Customer loyalty • Quality • Employees

• Shareholders

Cash flow and

dividends

1 Normalized EBITDA and EBIT exclude the impact of the provision related to the EC decisions in respect of the period 1992-2012 (EUR 299 million in 2011 and EUR 125 million in 2012) and some other non-recurring provisions.

Normalized

In million EUR 2010 2011 2012

Operating income 2,318 2,365 2,416

Growth (%) 3.0% 2.0% 2.2%

Operating expenses -1,884 -1,915 -1,914

Normalized EBITDA1 434 450 502

Margin (%) 18.7% 19.0% 20.8%

Normalized EBIT1 319 359 404

Margin (%) 13.8% 15.2% 16.7%

Normalized net profit 208 227 228

Reported

In million EUR 2010 2011 2012

Operating income 2,318 2,365 2,416

Growth (%) 3.0% 2.0% 2.2%

Operating expenses -1,880 -2,204 -1,995

Reported EBITDA 438 161 421

Margin (%) 18.9% 6.8% 17.4%

Reported EBIT 322 69 323

Margin (%) 13.9% 2.9% 13.4%

Reported net profit 210 -57 174

Note: Only reported results have been audited; the presentation of normalized results is not in conformity with IFRS and is not audited.

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bpost’s strong financial performance over the past years has been accompanied by a significant increase in operating free cash flow. bpost had a net capex of EUR 181 million in the period 2010-2012 and some further investments are planned in the next 3 years to support Vision 2020. bpost also has a strong balance sheet, with available liquidity and relatively low levels of gross debt. Pensions obligations are part of the Belgian State’s social security system.

Subject to the availability of distributable reserves, the Company currently intends to declare and distribute an annual dividend of a minimum of 85% of its Belgian GAAP annual net profit on an unconsolidated basis.

1 Refers to operating free cash flow = cash flow from operating activities + cash flow from investing activities (excludes the impact of the 2012 repayment of prior compensation, following the 2012 EU ruling).

2 Normalized EBITDA.

3 Capital reduction and exceptional dividend taken into account.

For the year ended December 31In million EUR

2012 2011 2010

Operating free cash flow -17 226 112

Normalized operating free cash flow 284 226 225

FCF1/EBITDA2 57% 50% 52%

FCF1/Operating income 12% 10% 10%

Balance sheet, in million EUR (‘pro forma’ balance sheet pre-offering3)

2,249

74

333

353

416

394

672

Cash and cash equivalents

Interest-bearing loans and borrowings

Trade and other payables

Employee benefits

Total equilty

Provisions

Assets Equity and liabilities

Investments in associates

Trade and other receivables

PPE and intangible assets

Inventories

Investment securities

Other assets

7

2,249

179

922

370

631

Other liabilities5592

March 31, 2013 (pro forma) March 31, 2013 (pro forma)

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bpost offers these products and services through its two business units. Its Mail and Retail Solutions unit provides mail and financial services to business and residential customers in Belgium. Large business customers are served through dedicated account managers. Residential and small business customers are served through a multi-channel sales network, including post offices, PostPoints, bpost’s eShop, stamp distributors and the Contact Center. The Parcels & International unit is specialized in parcels (domestic and international), international mail and e-commerce logistics solutions.

Products and solutions

1. Revenue by products

Three main product groups: domestic mail, parcels, other products and retail network.

Other products & retail networkcontributed EUR 534 million to bpost’s revenues in 2012

and include:

• International mail: since 2002, bpost has gradually increased its international presence and the company’s ambition is to capture flows from cross-border mail and parcels via direct contracts with senders.

• Banking and finance: bpost’s ambition is to maintain bpost bank’s market share and to further develop its direct offering through a focus on payment services and the development of innovative, attractive products and services.

• Value added services: this includes a portfolio of solutions (a.o. document

management solutions, pick-up of mail and handling services, etc).

Domestic mail contributed EUR 1,676 million to bpost’s revenues in 2012. It covers three product lines: transactional mail, advertising mail (including both direct mail and unaddressed mail product families) and press.

Parcelscontributed EUR 165 million to bpost’s revenues in 2012, showing a growth of 13.5% per year on average since 2010. The parcels offering comprises B2C (parcels sent by businesses to consumer, primarily comprising e-commerce and distance selling traffic), C2X (parcels sent by consumers), B2B (parcels sent by businesses to other businesses), inbound parcels and international transit parcels.

Mail & Retail Solutions

Operating income

Domestic mail 1,663 1,676 1,676

Parcels 32 33 34

Other products 321 324 342

Total operating income 2,016 2,033 2,052

Parcels & International

Operating income

Parcels 96 121 131

Other products 188 197 211

Total operating income 284 318 342

2. Revenue by business unit

For the year ended December 31In million EUR 2010 2011 2012

Total : EUR 2,416 million

23%

69%

7%

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bpost’s management team

Johnny ThijsCEO

Peter SomersParcels & International

Mark MichielsHuman Resources & Organisation

Koen Van GervenMail & Retail Solutions

Kurt PierlootMail Service Operations

Pierre WinandCFO, Service Operations & ICT

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Summary of the risks More information on the risk factors affecting bpost can be found in “Part II: Risk Factors” of the Prospectus. An investor incurs the risk of losing part or all of its invested funds. Any decision to purchase shares in bpost should be made solely on the basis of the prospectus issued in connection with the offering. The prospectus is available at the branches of all syndicate banks of the Belgian Retail Offering and on www.bpost.be/IPO. Potential investors should carefully review the information contained in the prospectus, before taking decisions to invest. The prospectus contains extensive information on the risk factors relating to bpost’s business, its regulatory environment, and to the offering.

Key Risks Relating to bpost’s BusinessTraditional mail accounts for a significant portion of bpost’s turnover. The use of mail has declined in recent years primarily as a result of the increased use of e-mail and the Internet, which can communicate information faster, and in many cases more cost effectively, than traditional mail. Management estimates that bpost’s volumes of domestic mail fell on average by approximately 2.5% per annum for the period from 2008 to 2012, with declines of approximately 3.5%, 2.0%, 0.5%, 4.0% and 2.0% in 2012, 2011, 2010, 2009 and 2008, respectively. For the three months ended March 31, 2013, volumes of domestic mail fell by approximately 5.6% compared to the three months ended March 31, 2012. The most significant declines have occurred in social mail as a result of the increasing use of e-mail, text messaging and social media. The rate of decline in mail volumes may also be affected by e-government initiatives or other measures introduced by the Belgian state or other public authorities or private enterprises that encourage electronic substitution in administrative mail. In addition, the enactment of any legislation that requires explicit prior consent of the addressee for the use of personal data (commonly referred to as “opt-in” legislation) would contribute to a significant decline in advertising mail volumes. If mail volumes continue to decline, whether at rates similar to those bpost has experienced in the past or at accelerated rates, this could have a material adverse effect on its business, financial condition, results of operations and prospects.

The substantial majority of bpost’s turnover is generated in Belgium. Accordingly, mail and parcels volumes are influenced by the level of economic activity in Belgium and, to a lesser extent, abroad. In particular, during times of economic distress, volumes of advertising mail may be adversely affected as bpost’s clients reduce their advertising budgets or shift their spending to media other than paper. Volumes of parcels may also be adversely affected due to the effect of economic distress on the level of business activity and e-commerce. In addition, demand for bpost’s ancillary services, such as document management services, may be affected by adverse economic developments in Belgium and elsewhere. Following the economic downturn and the Eurozone sovereign debt crisis, Belgium’s economy contracted in 2008 and 2009 and again in 2012. Management believes that the decline in mail volumes it has experienced in recent years has been due in part to adverse economic conditions (in addition to electronic substitution). Furthermore, there can be no assurance that the effects of the sovereign debt crisis in Belgium or

elsewhere will not become more pronounced. If the effects of the economic downturn and the sovereign debt crisis prove to be sustained or if economic conditions otherwise worsen, the decline in mail volumes bpost is currently experiencing may accelerate, parcels volumes may decline and demand for bpost’s ancillary services may weaken, which could have a material adverse effect on its business, financial condition, results of operations and prospects.

In order to respond to declines in mail volumes, bpost must constantly adjust its cost base. Due to the relatively fixed nature of its cost base, a decline in mail volumes may translate into a significant decline in profit unless bpost can reduce its costs. Accordingly, bpost has introduced a series of productivity enhancement initiatives to reduce its costs. In 2003, in anticipation of the full liberalization of the Belgian postal market, bpost embarked on a modernization program which included a number of cost reduction measures, such as the streamlining of operations, particularly within the Mail Services Operations (“MSO”) service unit, and the replacement of post offices with PostPoints. Productivity enhancement initiatives have enabled bpost to contain its normalized total operating expenses, which were relatively flat during the past three years. bpost has also recently launched its Vision 2020 strategic plan, which involves significant changes to bpost’s MSO service unit, such as a reduction in the number of distribution offices, the transformation of sorting centers into industrial mail centers and a reduction in the preparation time required by postmen through further automation. There can be no assurance, however, that bpost will be successful in implementing its productivity enhancement initiatives or that the benefits management expects from such plans will be realized during the expected time frame or at all. Further, bpost may be required to spend more on these initiatives than it has currently budgeted, which could constrain its investments in other areas. If bpost does not realize the benefits it expects from these productivity enhancement initiatives or if it is required to spend more to achieve its objectives, this could have a material adverse effect on its business, financial condition, results of operations and prospects.

As of March 31, 2013, bpost had net unrealized gains in respect of bpost bank’s bond portfolio of EUR 215.0 million, which represented 54.6% of total investments in associates. Unrealized gains and losses are not recognized in the income statement but rather are recorded directly in equity in other comprehensive income. In the three months ended March 31, 2013 and the year ended December 31, 2012, bpost recorded a net unrealized loss on the bond portfolio of EUR 10.5 million and a net unrealized gain of EUR 263.8 million, respectively. These unrealized gains and losses reflected bpost’s 50% share of the change in the fair value of the bond portfolio. The unrealized gains were generated by the low level of interest rates at the end of the period compared to the acquisition yields of the bonds. As the bonds in bpost bank’s portfolio reach maturity, the level of unrealized gains are likely to decrease. As a result, there can be no assurance that bpost will continue to record unrealized gains or that it will not be required to record unrecognized losses, which would have the effect of reducing bpost’s equity. As of March 31, 2013 and December 31, 2012, net unrealized gains accounted for 31.4% and 30.6% of bpost’s total equity, respectively. Accordingly, if bpost were to cease to record unrealized gains or if it were to record unrealized

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losses, this could have a material adverse effect on bpost’s business, financial condition, results of operations and prospects.

Although bpost bank has had unrealized gains in prior periods, it has also realized losses in respect of the portfolio, including losses in relation to disposals of its sovereign bond holdings. Any realized loss on its investment portfolio impacts bpost bank’s income statement. Since bpost bank is included in bpost’s accounts using the equity method, 50% of bpost bank’s net profit after tax under IFRS, including any realized loss, is included in bpost’s income statement. Although bpost bank made an overall profit in each of 2012, 2011 and 2010, it incurred net portfolio losses (defined as losses less gains on sale in the investment portfolio) of EUR 3.6 million, EUR 42.1 million and EUR 4.1 million, respectively, as it sought to reduce the risk profile of its bond portfolio. It may in the future experience losses, particularly as its investment portfolio is largely composed of sovereign bond holdings. As of December 31, 2012, Belgian sovereign bonds and foreign sovereign bonds accounted for 68% and 6% of the bond portfolio, respectively, with the remainder of the bond portfolio being comprised primarily of bonds issued by corporates and financial institutions. The economic downturn or the sovereign debt crisis may continue to impact the value of its investment portfolio. Any deterioration in bpost bank’s investment portfolio could adversely affect its capital ratios and its reputation. Although the Company is not under a legal obligation to recapitalize bpost bank, the shareholders agreement in effect between the Company and BNP Paribas Fortis in relation to bpost bank provides that, in the event that a capital increase is envisaged, each of the parties must subscribe to such increase on a 50-50 basis. If such capital increase occurs (either to address capital adequacy concerns or for other reasons), under the shareholders agreement bpost would be contractually obligated to participate in such capital increase and this could have a material adverse effect on its business, financial condition, results of operations and prospects.

While a significant portion of bpost’s business falls within the traditional mail sector where opportunities for innovation are limited, it relies on the development of new products and solutions in order to mitigate the effects of declining mail volumes. bpost may not be able to develop new products and services successfully and, even if it does develop them, the new products and services might not be successful. In addition, bpost’s competitors may introduce new products and services before bpost. The development of new products and services could also require significant expenditures and the commitment of human resources. If bpost is unsuccessful at developing new products and services or if the costs of development exceed its expectations, this could have a material adverse effect on its business, financial condition, results of operations and prospects.

bpost derives a significant proportion of its operating income from sales to a relatively concentrated customer base, with 47% of turnover attributable to its top 100 customers (including the Belgian state) and 18% of operating income attributable to the Belgian state (including compensation from the Belgian state in respect of SGEIs) in 2012. If the Belgian state were to reduce the volume of mail it sends, whether as a result of e-government initiatives, the rationalization of mail flows or otherwise, this could lead to an acceleration of the decline in mail volumes bpost

is already experiencing. In relation to bpost’s nongovernmental clients, customer concentration varies by product line. For certain product lines, such as direct mail and administrative mail, bpost relies on a relatively limited number of customers that send large volumes. In 2012, the top ten customers in direct mail accounted for 35% of its direct mail operating income and the top ten customers in administrative mail accounted for 48% of its administrative mail operating income. In the event that any of bpost’s key customers elects not to use bpost’s services or reduces spending on bpost’s services, this could have a material adverse effect on its business, financial condition, results of operations and prospects.

Key Risks Relating to the Regulatory and Legislative EnvironmentChanges to the 1991 Law and the existing and future regulations implementing the 1991 Law could adversely affect bpost. In particular, certain changes to the 1991 Law are expected to be adopted in the near future, including technical changes as well as changes specifying the analytical accounting framework and implementing regulations applicable to both the designated USO provider and other operators. It is not possible to predict any other changes to the 1991 Law or any of its implementing regulations or the impact any such changes may have on bpost’s business and operations. In addition, there can be no assurance that the Belgian Full Market Opening Law which amended the 1991 Law to implement the Third Postal Directive will not be modified in a manner that is adverse to bpost. The Belgian Full Market Opening Law contains licensing conditions that a new entrant would be required to satisfy to provide letter mail services falling within the scope of the USO. For instance, new entrants must employ contractual workers, must cover 80% of each of Belgium’s three regions within five years, must deliver mail at least twice per week within two years and must offer uniform pricing. On May 29, 2013, in the context of its recommendation to the Council of the European Union on Belgium’s 2013 national reform program, the European Commission expressed the view that regulatory barriers in Belgium’s postal legislation, particularly the provisions of the Belgian Full Market Opening Law concerning certain licensing conditions should be removed. Management cannot predict what action, if any, the Belgian state will take in response to these recommendations or the timing of any such action.

Following the state aid investigation launched by the European Commission in 2009, the Company was required to repay alleged state aid in the amount of EUR 300.8 million (including interest and net of taxes) in respect of the period from 1992 to 2010. On May 2, 2013, the European Commission approved the state aid granted to the Company under the terms of the Fifth Management Contract covering the period from 2013 to 2015. In connection with the notification of the Fifth Management Contract, the Belgian state committed to the European Commission to recover EUR 123.0 million from the Company relating to the period from 2011 to 2012. The Company agreed with the Belgian state to repay such amount under certain conditions. In anticipation of the amount due (i.e., EUR 123.1 million following the final computation of interest), the Belgian state withheld in the first quarter of 2013 an amount of EUR 88.9 million from the outstanding balance of state compensation

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due in respect of 2012 under the Fourth Management Contract. The balance due in the amount of EUR 34.2 million is expected to be paid by the Company on or about June 7, 2013. Although the European Commission’s decisions on state aid provide the Company with a degree of certainty regarding the compatibility of the compensation it receives for the provision of SGEIs with state aid rules for the period from 1992 through 2015, it cannot be excluded that the Company could be subject to further state aid allegations and investigations in respect of this period in relation to SGEIs, other public services and other services it performs for the Belgian state and various public entities.

Pursuant to the Fifth Management Contract and the 1991 Law, the Company will continue to be the provider of certain SGEIs through December 31, 2015. In respect of the period commencing January 1, 2016, the Belgian state may cease to provide certain public services or may conclude that such services do not constitute SGEIs and hence do not warrant compensation. The Belgian state may also substantially change the scope and content of the SGEIs that it continues to provide. Furthermore, the public services that the Belgian state continues to provide may not be entrusted to the Company. The Belgian state has committed to the European Commission that it will organize a competitive, transparent and non-discriminatory tendering procedure, with a view to awarding by the end of 2014 a service concession at national level in respect of the distribution of newspapers and periodicals in Belgium. The successful candidate in this tender process will be entitled to begin providing such services as of January 1, 2016. The Belgian state has also committed to the European Commission that it will reassess the approach for the entrustment of the other SGEIs set forth in the Fifth Management Contract and in the 1991 Law for the period after December 31, 2015.

The Company may be required to provide other postal operators with access to specific elements of its postal infrastructure or certain services, such as post boxes, information on change of address, re-direction and return to sender services. It may be required to provide access at uneconomic price levels or the access conditions imposed upon it may otherwise be onerous. In the event it fails to comply with this requirement, it may also be subjected to fines and/or other operators may initiate proceedings seeking damages in national courts.

The Company is required to demonstrate that its pricing for the services falling within the USO complies with the principles of affordability, cost orientation, transparency, nondiscrimination and uniformity of tariffs. Tariff increases for certain single piece mail and USO parcels included in the “small user basket” of postal services within the scope of the USO are subject to a price cap formula and prior control by the IBPT/BIPT and the IBPT/BIPT may refuse to approve such tariffs or tariff increases if they are not in compliance with the aforementioned principles or price cap formula. The IBPT/BIPT may issue injunctions requiring the Company to cease applying certain pricing policies. It may also impose fines of up to 5% of the Company’s turnover in the postal sector during the preceding year (which may be doubled in certain circumstances) or other sanctions for the infringement of regulatory requirements applicable to the USO. In addition, in relation to activities for which bpost is deemed to have a dominant market position, its pricing must not constitute an

abuse of such dominant position. Failure to observe this requirement may result in fines of up to 10% of its consolidated annual turnover in cases. bpost may also be ordered by national courts to discontinue certain commercial practices or to pay damages to third parties.

The Company is subject to the requirement of no cross-subsidization between public services on the one hand and commercial services on the other hand. In addition, according to state aid rules, if the Company engages in commercial services, the business case for providing such services must comply with the “private investor test,” that is, the Company must be able to demonstrate that a private investor would have made the same investment decision. If the Company is found not to be in compliance with the no cross-subsidization principle or the private investor test, the European Commission could find that commercial services have benefited from unlawful state aid and order the recovery of this state aid from the Company. The Company may also be subjected to other adverse consequences as a result of a failure to comply with the cross-subsidization principle or the private investor test.

The 1991 Law designates the Company as USO provider until December 31, 2018. The designation as USO provider does not imply the granting of any exclusive rights to provide services. All services falling within the USO can be provided by other operators who obtain the license to do so. Although in the past the Company has not made any request to receive compensation for providing the USO, the obligation to provide the USO may represent a financial burden on the Company. Although the 1991 Law provides that the Company is entitled to compensation by the Belgian state in the event the USO has created an unfair burden, there can be no assurance that the entire net cost of the USO will be covered. Furthermore, following the expiration of the Company’s current term as designated USO provider on December 31, 2018, if the Company were to be designated as a USO provider, there is uncertainty regarding the terms and conditions and financing mechanism that would apply to the provision of the USO.

If enacted, opt-in legislation or any similar legislation, whether at the national or EU level, would contribute to a significant decline in advertising mail volumes and could have an adverse impact on bpost’s business. The enactment of legislation granting registered e-mail the same legal status as registered mail could also adversely affect volumes of registered mail sent by bpost’s clients.

bpost is subject to certain risks in relation to employment matters. In particular, bpost is involved in litigation initiated by a number of auxiliary postmen (which include all postmen recruited from January 1, 2010 performing certain core functions such as collection, sorting, transport and distribution of mail). bpost’s contractual employees could also challenge their employment status and claim damages to compensate them for being deprived of statutory employment protection and benefits. There can also be no assurance that the Company will not face challenges regarding certain employment matters on state aid grounds.

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Key Risks Relating to the Securities The Belgian state (directly and indirectly through SFPI/FPIM) holds, and will continue to hold following the Offering, a majority of the Shares and voting rights (50% plus 488 Shares). Accordingly, the Belgian state will continue to have the power to decide on matters submitted to a vote of shareholders, including the ability to control the outcome of certain corporate actions, such as dividend policy, mergers and other extraordinary transactions. In addition, the Belgian state has the power to appoint a number of directors proportionate to the number of voting rights attached to its shareholding and may therefore also exercise control or significant influence at the level of the Board of Directors. The interests of the Belgian state and the factors that it considers in exercising its vote could differ from those of the Company’s othershareholders.

Following completion of the Offering, the Selling Shareholder will own 20.22% of the Shares, assuming placement of the maximum number of Offer Shares and assuming that the Increase Option is not exercised but that the Over-allotment Option is exercised in full and that all Shares offered to employees under the SPP are sold. Pursuant to the Shareholders’ Agreement, following the completion of the Offering, for so long as the Selling Shareholder (alone or together with its affiliates) holds at least 20% of the voting Shares, the Selling Shareholder’s consent will continue to be required for the adoption of certain shareholders’ resolutions. Accordingly, the Selling Shareholder may continue to have the ability to exercise influence over certain matters and its interests may not necessarily be aligned with the interests of other shareholders.

Subject to the availability of distributable results, the Company currently intends to declare and distribute annual dividends (i.e., the aggregate of the interim dividend and the final dividend) of a minimum of 85% of its Belgian GAAP annual net profit on an unconsolidated basis. No assurance can be given, however, that the Company will make dividend payments in the future.

Due to the Company’s status as an autonomous public sector enterprise, certain contractual arrangements entered into by the Company, such as the Fifth Management Contract, and any changes to the Articles of Association approved by the Shareholders’ Meeting, must be approved by the Belgian state pursuant to the 1991 Law. Such approval is granted through a Royal Decree deliberated in the Council of Ministers. Although it is expected that the Belgian state will adopt all necessary Royal Decrees prior to the Pricing Date, there can be no assurance as to the timing of the adoption of such Royal Decrees. Any failure by the Belgian state in this respect may result in a delay to the Pricing Date or lead to uncertainty with respect to the governance of the Company following the Offering.

Prior purchases and sales of the SharesPrior purchases of Shares by Alteris SA/NV (a wholly owned subsidiary of the Company) and sales of Shares by Alteris SA/NV to the Selling Shareholder were based on the exercise price for put and call options granted in connection with the employee stock option plan introduced by the Company in 2006. The exercise price was determined each year by the Board of Directors based, among other sources, on a range of valuations determined by an independent international investment bank using valuation methodologies compliant with the plan rules. In addition, the Board of Directors took into account other factors such as an illiquidity discount to take into consideration the fact that the Shares were not publicly traded on an open market and other factors such as the state aid investigation by the European Commission, which was still pending at the time. In 2011, Alteris SA/NV purchased 2,589 Shares at a price of EUR 5,414 per Share, which was determined in 2011. In 2012, it purchased 1,473 Shares at a price of EUR 4,923 per Share, which was determined in 2012. The Selling Shareholder purchased on December 7, 2012 4,062 Shares (being the total amount of Shares acquired by Alteris SA/NV during 2011 and 2012) from Alteris SA/NV pursuant to the call option exercised by the Selling Shareholder, at a price of EUR 5,236 per Share, which reflected the weighted average exercise price of the put options for 2011 and 2012 (plus interest in respect of the period from February 28, 2012 to December 7, 2012). Taking into account the stock split approved by the Extraordinary Shareholders’ Meeting on May 27, 2013, which is subject to approval by Royal Decree (which is expected prior to the Pricing Date), the price per Share at which Alteris SA/ NV purchased Shares in 2011 and 2012 was EUR 11.09 and EUR 10.09, respectively, and the price at which the Selling Shareholder, pursuant to its call option, acquired 4,062 Shares on December 7, 2012 was EUR 10.73. The prices at which the Selling Shareholder and Alteris SA/NV purchased Shares in 2012 and in 2011 and 2012, respectively, correspond to the exercise prices of the put and call options described above, which were determined each year by the Board of Directors in the manner described above. The Price Range, by contrast, has been determined (and the Offer Price will be determined) by the Selling Shareholder following recommendations from the Joint Global Coordinators, taking into account market conditions and other factors including, but not limited to, the condition of the financial markets, the Company’s financial position, a qualitative assessment of the demand for the Offer Shares and all other factors deemed relevant.

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Details of the offer 1. Structure and size of the offering The offering consists of (i) an initial public offering to retail and institutional investors in Belgium (the “Belgian Offering”); (ii) possibly a public offering without listing in Japan (the “Japanese Public Offering”); (iii) a private placement in the United States to persons who are reasonably believed to be “qualified institutional buyers” or “QIBs” (as defined in Rule 144A (“Rule 144A”) under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”)), in reliance on Rule 144A; and (iv) private placements to institutional investors in the rest of the world. The Offering outside the United States will be made in compliance with Regulation S (“Regulation S”) under the U.S. Securities Act. The offered shares are existing shares of bpost NV (the “Company”) that are offered by Post Invest Europe, an investment vehicle managed by CVC (the “Selling Shareholder”). In accordance with Belgian regulations, a minimum of 10% of the Offer Shares must be allocated to retail investors in Belgium. It is intended that approximately 20% of the Offer Shares effectively allocated will be allocated to retail investors in Belgium, subject to sufficient retail demand. The proportion of the Offer Shares allocated to retail investors in Belgium may, however, be more or less than 20% depending on relative demand from institutional and retail investors.

2. Offering periodThe offering period will begin on June 6, 2013 and is expected to close at 4 p.m. (CET) on June 19, 2013, subject to the possibility of an early closing, provided that the offering period will in any event be open for at least six business days from the date of publication of the prospectus. Any acceleration of the offering period will be published in the Belgian financial press, and the dates for pricing, allocation, publication of the offer price and the results of the offering, conditional listing and trading and closing of the offering will in such case be adjusted accordingly.

3. Offer price The offer price will be determined during the offering period through a book-building process in which only institutional investors can participate. The offer price, the exact number of offered shares sold in the offering and the allocation of offered shares to retail investors is expected to be published in the Belgian financial press on or about 20 June, 2013 and in any event no later than the first business day after the end of the offering period. The offer price shall not exceed the higher end of the price range which will be published in the prospectus.

4. Placing syndicate for the public offeringInvestors can submit applications at the counters of BNP Paribas Fortis, ING Belgium, KBC Bank, KBC Securities, CBC Banque, Belfius, Bank Degroof, Petercam and their affiliates.

5. Application procedureRetail investors wishing to purchase shares of the Company are invited to submit their applications, free of charge, at the counters of the placing syndicate or through any other financial intermediary. In the latter case, they should inform themselves of the costs that such intermediaries might charge to them. For purposes of the offering, orders placed by natural persons residing in Belgium and by Belgian legal entities applying for shares of the Company for an aggregate amount of less than EUR 250,000 shall be treated as part of the public offering in Belgium.

6. Preferential allocationIn case of over-subscription of the offered shares reserved for retail investors, preferential allocation may be given to those retail investors that have submitted their applications before 6.00 p.m. on June 13, 2013 or to those retail investors that have submitted their applications at the counters of BNP Paribas Fortis, ING Belgium, KBC Bank, KBC Securities, CBC Banque, Belfius, Bank Degroof, Petercam and their affiliates.

7. Trading and listing on Euronext BrusselsAn application has been made for the listing and admission to trading on Euronext Brussels of all shares, including the offered shares and the over-allotment shares. Trading is expected to commence on or about June 21, 2013 (unless acceleration of the offering period occurs). As of the listing date until the closing date and delivery of the offered shares, the shares will be traded on Euronext Brussels on an “if-and-when delivered” basis. The shares are expected to be listed under the symbol “BPOST” with an ISIN of BE0974268972.

8. Payment and taxesThe offer price of the allocated shares must be paid in full in euro, on the payment date, expected to be June 25, 2013, subject to early closing and is exclusive of any taxes and expenses, which must be borne by the investors. The stock exchange tax on the offered shares amounts to 0.25% of the purchase price, with a cap of EUR 740 per transaction and per party. For further information about applicable taxes, see “Taxation — Belgian Taxation” in the prospectus.

9. Dividend policyAll shares participate equally in the Company’s profits, if any. The shares offered under the offering carry the rights to participate in dividends declared following the closing of the offering, in respect of the financial year ending December 31, 2013 and future years. Subject to the availability of distributable reserves, the Company currently intends to declare and distribute an annual dividend of minimum 85% of its Belgian GAAP annual net profit on an unconsolidated basis. The amount of any interim or final dividends and the determination of whether to pay dividends in any year may be affected by a number of factors, including bpost’s business prospects, cash requirements and financial performance, the condition of the market and the general economic climate and other factors, including tax and other regulatory considerations.

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10. Risks related to the offering, bpost and its business described in the prospectus

Every investment in shares involves risks. Investors are invited to read the section “Risk factors” in the prospectus which has been approved by the FSMA, as well as the other information contained in the prospectus, before making an investment decision. Investors should be aware that the offer may be postponed, may not take place or that the shares may not be delivered due to market circumstances or if legally required.

11. bpost IPO websiteFor more details please visit: www.bpost.be/IPO

12. ProspectusThe prospectus, as approved by the FSMA, will be made available to investors at no cost at the Company’s registered office, located at Centre Monnaie-Muntcentrum, 1000 Brussels. The prospectus can also be requested by phone:BNP Paribas Fortis : 02 433 40 31 (Dutch), 02 433 40 32 (French) or 02 433 40 34 (English)KBC Bank : 03 283 29 70CBC Banque : 0800 92 020ING Belgium : 02 464 60 01 (Dutch), 02 464 60 02 (French), 02 464 60 04 (English)Belfius : 02 222 12 02 (Dutch), 02 222 12 01 (French)Bank Degroof : 02 287 91 56Petercam : 02 229 64 46The prospectus and the summary, as approved by the FSMA can be downloaded by Belgian residents only from the IPO website www.bpost.be/IPO as well as the banks’ websites: www.bnpparibasfortis.be/epargneretplacer ;www.bnpparibasfortis.be/sparenenbeleggen ;www.kbcsecurities.be ; www.kbc.be/bpost ; www.bolero.be ; www.cbc.be ; www.ing.be/equitytransactions ; www.belfius.be ;www.degroof.be ; www.petercam.be.

13. DisclaimerThese materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada and Japan. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States, Australia, Canada, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. No bpost securities have been, or will be, registered under the United States Securities Act of 1933 (the ‘’U.S. Securities Act’’). Securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act. There will be no public offer of bpost securities in the United States, Australia or Canada.

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bpost.be/IPOMore information on the bpost IPO: