May – July 2017

Investor presentation

First quarter 2017

2

Investor presentation first quarter 2017

Disclaimer

This presentation is based on information published by bpost in its First Quarter 2017 Interim Financial Report, made available on May, 3rd 2017 at 5.45pm CET, and in its 2016 Annual Report both available on corporate.bpost.be/investors. This information forms regulated information as defined in the Royal Decree of 14 November 2007. The information in this document may include forward-looking statements1, which are based on current expectations and projections of management about future events. By their nature, forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of the Presentation and the Company undertakes no obligation to update these forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This material is not intended as and does not constitute an offer to sell any securities or a solicitation of any offer to purchase any securities.

Financial Calendar

bpost at a glance

Highlights 1Q17 – 4 Outlook 2017 – 5 Overall guidance 2016-2020 – 6 Overview – 7 Products – 8 Strategy – 9 Domestic Mail: volume & revenue – 10 Domestic Mail: regulation – 11 Domestic Parcels – 12 International Parcels – 13 & 14 M&A strategy – 15 DynaGroup – 16 Ubiway – 17 International parcels acquisitions – 18 Additional sources of revenues – 19 Transformation – 20 Productivity – 21 Vision 2020 – 22 Hybrid network – 23 Stakeholders – 24 CSR strategy – 25 Dividend policy – 26

More detail on 1Q17

EBITDA bridge – 32 Key financials – 33 Revenues – 34 Domestic Mail – 35 Parcels – 36 Additional sources of revenues – 37 Costs – 38 Cash flow – 39

Contents

Additional Info

European mail market – 41 Key contacts – 42

Summary of key financials FY16 – 27 Balance sheet – 28 Relationship with State – 29 Management – 30

More on corporate.bpost.be/investors

07.08.2017 (17:45 CET) Quarterly results 2Q17

08.11.2017 (17:45 CET) Quarterly results 3Q17

04.12.2017 (17:45 CET) Interim dividend 2017 announcement

11.12.2017 Payment date of the interim dividend

1 as defined among others under the U.S. Private Securities Litigation Reform Act of 1995

bpost at a glance

4

bpost at a glance

Highlights of 1Q17

Resilient underlying Domestic Mail evolution

• Driven by strong and positive advertising mail volume trend

Organic cost evolution on track

• Opex influenced by acquisitions (€ +153.0m)

• Increase in transport cost in line with positive international business evolution

Excellent parcels performance

• Domestic: double-digit volume growth driven by e-commerce and C2C; price/mix effect of -3.4% fully mix related

• International: positive contribution from acquisitions, increase in flows from China and the US, continued volume loss to China

-4.7%

+24.5%

+ € 11.4m

+ € 158.4m

Revenues up 26.4%

• Driven by excellent parcels growth and acquisitions; supported by resilient Domestic Mail

€ 764.0m

EBITDA up € 1.1m, fully in line with our guidance

BGAAP net profit of bpost SA/NV up € 4.3m

2017 outlook maintained

€ 176.9m

€ 94.3m

5

bpost at a glance

Outlook for 2017 – maintained

1 2Q17 will count 2 working days less, 3Q17 1 less on franking machines and 2 less on stamps and 4Q17 1 less on franking machines and 1 more on stamps vs. the same quarters of 2016.

Recurring EBITDA and dividend payment at the same level as 2016

Revenues

Increase driven by:

• Growth in domestic parcels: volume double digit, around -3% price/mix effect

• Continued growth in international parcels supported by newly acquired businesses

• Growing Ubiway Retail revenues

• Partly offset by decrease in domestic mail1: volume between -5% and -6%, average domestic mail price increase of 1.5%

Operating expenses

Increase driven by:

• Increase in transport cost (reflecting growth in International Parcels)

• Integration of acquired businesses

• Salary indexation expected as of July 2017

• Partly compensated by continued productivity improvements and optimized FTE mix, and

• Continued cost optimization

Capex

• Recurring and Vision 2020 investments ~€ 90m

• Business development investments: Ubiway < € 10m

6

bpost at a glance

M&A on top of overall 2020 EBITDA guidance

Accretive contribution supported by strong balance sheet. Any decision must be evaluated on 5 criteria (cfr. p. 15).

We confirm our long term ambition of at least € 620m1 EBITDA by 2020

Overall guidance 2016-2020 as issued at CMD on 15 November 2016

Revenue

Increase driven by:

• Growth in domestic parcels: volume +75% at least (vs. 2015), -2 to -3% price/mix effect

• Growth in international parcels: revenue x2 at least (vs. 2015)

• Decrease in domestic mail: volume up to -6%

Operating expenses

Increase driven by:

• Increase in transport cost (reflecting growth in International)

• Integration of acquired businesses

• Inflation

• Partly compensated by up to 4% FTE & interim productivity increase p.a. at current scope and

• Optimized FTE mix

Capex

• Further Vision 2020 investments in 2017-18: ~€ 90m p.a. excluding Ubiway capex

• Maintenance capex level in 2019-20: ~€ 60m p.a. excluding Ubiway capex

Maintenance of dividend policy

At least 85% pay-out of BGAAP net profit

1 including acquisitions of FDM, Apple Express, Ubiway, Parcify and de Buren

7

Belgium’s leading postal operator

bpost at a glance

2016 figures (normalized)

Leading market position in the resilient Belgian mail market with a balanced regulatory framework

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

Scope for continued cost improvements Strong financial performance supporting a high level of cash flow generation and dividends

Proven performance track record

Built on strong foundations and with ambitious targets

€ 2.4bn revenues

€ 586.9m 24.2% EBITDA

€ 496.5m 20.5% EBIT

€ 324.1m net profit

8.6m letters handled every day

148,000 parcels handled every day

662 675 post franchised offices post points

5 sorting centres

24,850 average # FTE & interims

8

A modern and diversified mail operator

bpost at a glance

Domestic Mail

€ 1,414m 58%

Transactional mail

1 58% Domestic Mail, 16% Parcels, 25% Additional sources of revenues and 1% Corporate revenue 2 Including a.o. SGEI compensation for the retail network, philately, retailer products and Ubiway since 1 December 2016 (1 month)

€ 873m 36%

Parcels

€ 379m 16%

Additional sources of revenues

€ 600m 25%

€ 2,425m1

normalized revenues 2016

Advertising mail € 248m 10%

Press € 293m 12%

Domestic € 182m 8%

International € 190m 8%

Special Logistics € 8m 0%

International mail € 162m 7%

Value added services € 103m 4%

Banking and finance € 192m 8%

Other2 € 143m 6%

One integrated domestic distribution network for mail and

parcels

International player

hubs in London LHR and Brussels

strategically located facilities in US, Canada, Poland, China, HK, Singapore, the Netherlands, Australia and New Zealand

Revenues % of total

9

Focused strategy to create value and reward shareholders

bpost at a glance

We are mail

We grow

We are lean, agile & flexible

We are @core

10

We continue to focus on core mail business Volume & revenue drivers

bpost at a glance

1 Source: bpost commissioned market research, 2016 (1,015 face to face interviews) 2 Services of General Economic Interest

Transactional mail

Advertising mail

Press

• e-substitution mainly in administrative mail; however, 79% satisfaction level for the paper channel

(vs. 54% on average for digital channels)1

• General cost cutting on all categories

• Mix effect: shift towards cheaper products or reduced weight of mail items

• Strongly linked to GDP growth (+1.2% in 2016, forecast 2017: +1.4%)

• Marketing mix is more balanced between different channels

• Focus on 6 key segments with growth potential: retail & distribution (food + non-food), automotive, FMCG (food), retail fashion, travel & leisure, SMEs

• Distribution of newspapers and periodicals are both part of the SGEIs2

• Revenues consist of:

• Compensation from the Belgian State: agreed in the newspapers and periodicals contracts (cfr. p. 28)

• Invoices sent directly to the editors

Illustration for search, number of times considered important per 100 purchases, end-to-end

11

bpost at a glance

Designated provider of the Universal Service Obligation until end of 2018

Fully liberalized market since 2011 with clear licensing conditions

Mail pricing regulation

• Collection, sorting, transport and distribution of postal items up to 2kg and postal packages up to 10kg

• Collect and deliver 5x per week

• Cover full territory of Belgium

• Apply uniform tariffs and an identical service across the territory

• Cover 80% of the territory of the 3 regions within 5 years

• Deliver 2x per week within 2 years

• Uniform pricing over entire territory

• Employ contractual workers

• For single piece mail & USO parcels falling within “small user basket”: 5 criteria to comply with, i.e. (1) affordability measured through the price-cap formula (inflation + quality bonus1 + unused credit), (2) non-discrimination, (3) transparency, (4) uniformity and (5) cost orientation

• Volume and operational discounts allowed for other USO products (bulk)

• Price increases done in practice on a yearly basis (1 January): +1.5% on average in 2017

We continue to focus on core mail business Regulatory aspects

1 Quality bonus = [Average quality – 90%]^2 / 1,000; unused credit = cumulated price increases allowed under cap but not applied for last 3 years.

12

We innovate/grow within core competencies We have an established position in domestic parcels

bpost at a glance

Unique selling proposition

Offer best last mile and broadest delivery options, supported by acquisitions and partnerships:

• Home delivery 7/7 & evening delivery, including high-end deliveries (2-man)

• >2,000 pick-up & drop-off points (incl. 750 open access Kariboo! points)

• 150 bpost parcel lockers, 51 de Buren lockers (NL: 50, B: 1 → ambition: NL: 1000, B: 500)

• Click & Collect

• Non-exclusive partnership with DPDHL for B2C parcel delivery into Belgium

Ambition: We want to capture e-commerce growth and realize profitable volume growth of at least +75% by 2020 (vs. 2015)

CAGR 2016-20, %

0-3%

C2C

B2B

B2C

0-3%

~10-12%

B2C

C2C

B2B

Current parcel market 100% = € 1,075m

13

bpost at a glance

We innovate/grow within core competencies We have a strong footprint in international parcels through Landmark Global

Asset-light business model

Strategic locations in 11

countries

14

bpost at a glance

We innovate/grow within core competencies We enable global e-commerce through Landmark Global

Unique selling proposition Ambition

We want to at least double international parcels revenues by 2020 (vs. 2015) through a continued focus on cross border parcel shipments:

• North America and Australia: we will continue profitable growth

• Europe: we aim to become a stronger leader in parcels

• Asia: we want to gain a substantial footprint

Support mid-sized e-tailers to expand their business beyond their national borders

Provide additional services enabling customers to reach new markets at a reasonable cost without disruption

• Fulfillment services as an absolute differentiator

• Full range of e-commerce and end-to-end solutions

Offer services to more complex developing markets (e.g. Mexico and Brazil)

Enablers to realize our strategy

Further leverage our state of the art technology system Mercury

• Proprietary technology

• Web-based, carrier-neutral platform

• Easy integration with clients, vendors and new acquisitions

Acquisitions and partnerships are key

15

We innovate/grow within core competencies We also support growth through selective and targeted M&A

bpost at a glance

Rationale

Respond to and anticipate market trends

• Fast growing e-commerce

• Growing demand for convenience and proximity

• Leverage combination of mail and digital solutions

Leverage our strong balance sheet

Create an even stronger operator in a globalizing market

M&A strategy

Small bolt-on acquisitions to be the strategic partner of choice for our customers

Diversify in growing and profitable markets linked to our core competencies

Leverage and monetize our know-how in successful transformation of a postal company

Cross-border postal consolidation to create a stronger domestic and international operator

Illustrations

1 Not realized

1

1

Close to our core business

Improve our proximity and convenience product offering

Earnings accretive

Maintain sustainable dividend policy

Maintain financial solidity

16

bpost at a glance

Sales 2015: € 88.5m

Normalized EBITDA 2015: € 6.8m (7.7% margin)

Initial purchase price: € 51.0m

Rationale: support growth strategy of parcels

• We want to broaden the value chain in e-commerce

• We will further build out our hybrid network by adding capabilities to offer high-end deliveries

• We want to extend our footprint in The Netherlands with a strong player with an excellent track record. DynaGroup is market leader on the 2XL market segment.

We innovate/grow within core competencies Acquisition of

E-commerce related high-end deliveries requiring non-standard, non-bulk transport with added value activities • Anytime: same-day, next day, weekend • Any size: S to 2XL (2man delivery with installation) • Safe & secure: ID verification & authentication • Anywhere: active through 7 locations throughout Benelux

Repair of e.g. smartphones, coffee machines, etc.

Supply chain services for banks and insurance companies: e.g. sensitive document handling, ID verification

• EPS & DPS accretive

• Double digit sales growth for coming years

• By 2020: sales x2, low double-digit EBITDA margin

• Total capex planned € 2-3m/year

Financial ambitions

(6 January 2017)

17

bpost at a glance

Retail (220 shops)

Co

nven

ien

ce &

P

ro

xim

ity R

eta

il

• Pre-paid services (Alvadis) • Impulse products (Burnonville)

Convenience distribution

Press

Lo

gis

tics

Newspaper Magazines International press

Press distribution to 5,345 POS

No

n-

Press

Lo

gis

tics

Parcels & Logistic Services (750 pick-up drop-off points)

Sales 2015: € 488.0m1

Normalized EBITDA 2015: € 14.0m (c. 3% margin)

Rationale for bpost

Diversify into the growing proximity & convenience distribution

• Grow in line with convenience & proximity retail market (4-6% annually 2015-20)

• Footprint expansion (30 to 45 new stores in the next 3 to 5 years) and remodeling

• Accelerate product diversification in order to enhance profitability

Further enable domestic parcels growth strategy

• Improve delivery options and increase coverage (network of > 2,000 points across Belgium)

• Fully cash financed (initial purchase price: € 84.5m)

• Fully accretive as of 2017

• Preliminary synergy estimate of € 4-5m annually after full integration

• Total capex planned < € 10m/year

Transaction details

We innovate/grow within core competencies Acquisition of (30 November 2016)

1 € 431.0m disclosed in closing press release of 1 Dec. 2016, restated to € 488.0m under IFRS rules applicable to bpost

18

bpost at a glance

SPE (Poland)

Rationale for bpost

Support our international e-commerce cross-border parcels strategy

• Offer complete service range to international e-commerce customers (including fulfillment)

• Further build out the US market through a complete service offering

Economize on last mile distribution

• In-house last mile distribution vs. use of incumbent postal operators or alternative distributors

FDM (Australia)

We innovate/grow within core competencies Bolt-on acquisitions in international parcels

• Logistics, distribution and fulfillment across Europe for US e-tailers

• 100% acquisition in Nov. 2015, full consolidation as of Dec. 2015

• Third Party Logistics (3PL), warehousing, transport & distribution for US e-tailers

• 100% acquisition in March 2016, full consolidation as of April 2016

Apple Express (Canada & US)

• Last mile delivery, transportation and fulfillment for clients in Canada & US

• 100% acquisition in June 2016, full consolidation as of July 2016

Purchase price:

Sales 2015:

EBITDA 2015:

Key figures

€ 14.4m + earn-outs

c. € 24.0m

c. € 2.4m

Purchase price:

Sales 08/’15-07/’16:

EBITDA:

Key figures

€ 12.5m + earn-outs

c. € 26.1m

c. € 2.1m

Purchase price:

Sales 2014:

EBITDA 2014:

Key figures

€ 3.5m + earn-outs

US$ 3.4m

NA

19

We innovate/grow within core competencies bpost has other sources of revenues besides mail and parcels

bpost at a glance

Mail originating from foreign countries and delivered to other countries

International mail

What?

Asset-light business model and fully variable costs

Dedicated sorting centre and hub in Brussels

Active in the US, Europe and Asia

Business model

Customer specific solutions which leverage our key assets: last mile, retail network and financial backbone

Value added services Collect and handling services for mail

Services at the front door (gaz, water, electricity)

Solutions tailored to specific needs

Associate 50/50 with BNP Paribas Fortis (bpost is sole retail agent)

Agent of bpost bank ~50% of revenue (commissions)

Payment services, cash at the counter, public finance solutions Direct offering ~50% of revenue

Banking & finance

decoder swap

20

Continuous improvement is in our DNA. We have a 10-year proven transformation track record…

bpost at a glance

2004

• Building of new sorting centres

• Transformation of the network

2003

Start of continuous optimization of delivery rounds

2009

Implemen-tation of new distribution structure with reduced number of buildings

2011-2020

Strategic ‘Vision 2020’ program in mail service operations to further increase efficiency

2003

New management & start of the

transformation period

2006

CVC and Danish Post enter into the capital

for 50%-1 share (split 50/50),

government holds 50%+1 share

2008

Danish Post sells its

stake to CVC

2013

IPO in June at € 14.5/share CVC sells 30% in IPO and

remaining 20% in December

Tran

sfo

rm

ati

on

jou

rn

ey

Key e

ven

ts

Normalized1 EBIT

1 Normalized figures are not audited

2007

Automated round sorting and mail sequencing

21

… and we have plans for further productivity gains supported by our natural attrition rate

bpost at a glance

Historic FTE evolution

Average FTEs, ‘000

-3.7% p.a.

bpost has a systematic, well-rounded approach to identify and capture cost improvements across the entire organization

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

24

39

bpost has plans for further productivity gains supported by natural attrition and Vision 2020

38% of bpost’s employees are above 50

years old*

Age pyramid

Headcount per age, 31.12.2016

40-49

7,487

0-39

8,311 9,565

50+

Civil servants

Non pay-scale contractuals

Pay-scale contractuals

2014 2015

* Natural attrition of c. 1,600 FTE p.a. of which > 50% is replaced as auxiliary postmen which cost c. 30% less than bpost average payroll cost/FTE

2016

22

Vision 2020 will drive substantial productivity improvements in the field

bpost at a glance

2017 2H17 2H18 2018 2019 2020 2021

Centralize & Automate Preparation

New BX Parcels Sorting

Distribution Network

Install additional MSMs in 5 sorting centres (target 30 vs. 20 installed to date)

Centralize Mail Bag Preparation

Complete building

Install PSM & migrate parcel sorting

Reorganize distribution offices around 60 Mail Centres (~240 currently)

Transition to new distribution model

23

bpost at a glance

High performance hybrid network We will play an architect role defining which network is best suited to handle each type of parcel

We will capitalize on high density and synergy of our integrated network

We will start using an ecosystem of networks in complementary ways

Parcify

bringr

Citydepot

External partners

Euro-Sprinters

• Sunday delivery • Evening delivery (6-9pm) • Urgent items • Volume peaks • 2-man delivery,…

• Highly specific • Urgent items • No packaging or label

• Urgent items • Non-standard format • Technical intervention

• City centers • Mobility • Green

• B/C2Me

Specific

Our integrated mail distribution and retail networks

Home delivery • Large volume • weekdays • Saturday • standard format Standard

PUDO • 1,250 bpost points • 150 parcel lockers • open networks

DynaGroup • High-end deliveries

(same day, time slot, 2XL)

24

75

88

85

91

We want to keep stakeholders on board…

bpost at a glance

Distribution quality

Percentage letters1 in D+1

+6

2003 2016

Customer satisfaction2

Percent

+13

2003 2016

Environment

1st on the IPC

Environmental Ranking

Carbon disclosure

project: B (C is average score)

Committed employer

Commitment & well-being

2016 2015

-15%

Recognize experience

Frequency rate work accidents

241 people graduated

1 D+1 delivery of domestic single piece items up to 2 kg, stamped at “Prior tariff” 2 “Satisfied customers” (score of 5 or above on a scale from 1 to 7 on the question: “Overall, how satisfied are you about bpost?”) based on bpost commissioned

survey by Ipsos-Synovate

Note: more information regarding bpost’s Corporate Social Responsibility is available on the website: http://corporate.bpost.be/sustainability

CO2 reduction

objective: -45% by 2020 (vs. 2007)

25

We will achieve sustainable growth through our 3-pillar CSR strategy linked to

bpost at a glance

People we care

about our employees and engage

them

Proximity we are close to the society

Planet we strive to reduce our impact on

the environment

Shared Value

Creation

• Employee health & safety

• Employee training and talent development

• Ethics & diversity • Social dialogue

• Green fleet • Green buildings • Waste management

• To our community • To our suppliers • To our customers

through our services

• Continuity of our business

• Employee satisfaction and engagement

• Customer satisfaction

26

We create value for shareholders

bpost at a glance

Dividend Policy

Annual dividend of minimum 85% of BGAAP net profit (unconsolidated)

Interim in December of financial year based on 10-month results

Final in May of year following financial year

Constrained by the net results of a given year + distributable reserves

Distributable reserves built gradually as from 2013, primarily to safeguard the dividend level in case of exceptional costs (€ 144m end 2016)

0.93 1.04 1.05 1.06

0.200.22 0.25

2013

1.13

+2%

2016 2014

+12% +2%

1.31

2015

1.29

0.24

1.26

Final gross DPS (€) Interim gross DPS (€)

27

Summary of key financials FY16

bpost at a glance

Note: an Excel download of detailed financials per quarter is available on the website: http://corporate.bpost.be/investors/results-reports-and-presentations/quarterly-results/2017

€ million

1 Normalized figures are not audited

FY15 FY16 FY15 FY16 % Δ

Total operating income (revenues) 2,433.7 2,425.2 2,407.6 2,425.2 0.7%

Operating expenses 1,878.5 1,838.4 1,824.0 1,838.4 0.8%

EBITDA 555.2 586.9 583.6 586.9 0.6%

Margin (%) 22.8% 24.2% 24.2% 24.2%

EBIT 466.1 496.5 494.4 496.5 0.4%

Margin (%) 19.2% 20.5% 20.5% 20.5%

Profit before tax 470.6 489.5 499.0 489.5 -1.9%

Income tax expense 161.4 143.2 170.9 165.4

Net profit 309.3 346.2 328.1 324.1 -1.2%

FCF 315.9 193.9 315.9 193.9 -

bpost S.A./N.V. net profit (BGAAP) 287.7 308.7 303.6 286.5 -5.6%

Net Debt/ (Net cash), at 31 December (549.5) (492.7) (549.5) (492.7) -10.3%

Reported Normalized1

Alpha social plan provision of

€ 54.5m

Gain from sale of sizeable building

€ 26.1m

Positive tax impact of

Deltamedia liquidation € 22.2m

28

Supported by a strong balance sheet

bpost at a glance

Assets

1 bpost has no pension deficit: as is customary in Belgium all pensions are paid as part of national social security

Equity and liabilities

786.0

373.7

36.7

550.9

2,290.3

58.4

484.6

Dec 31, 2016

39.5

399.7

717.0

Investments in associates

2,448.4

Other assets

889.4

55.1

Mar 31, 2017

Trade & other receivables

Cash, cash equivalents

& investment securities

Inventories

347.7

PPE & intangible assets

2,290.3

Trade & other payables

2,448.4

849.9

Mar 31, 2017

355.7

1,129.1

Interest-bearing loans & borrowings

Employee benefits

56.0 57.7

Total equity

Provisions

Dec 31, 2016

1,037.5

356.7

58.7 58.0

779.3

€ million

Long term benefits • Pension savings days • Quota days • Part-time work

Other long term benefits (disability annuities)

Deferred tax asset

• Mostly unfunded (no investment risk)

• Volatility mainly through the discount rate

• No pension liabilities1

Employee benefit liabilities

Termination (early retirement)

Post retirement

(family allowance, transport, bank, …)

162.8

82.1

4.1

107.7

48.4 308.3

29

bpost’s long term relationship with the Belgian State

bpost at a glance

State as a long term

shareholder

Belgian State has >50% shares

bpost’s board is composed of 5 board members and CEO appointed by the Belgian State and 6 independent directors

Belgian State supports a regular dividend policy

bpost provides SGEIs1 on

behalf of the State

bpost provides a range of public services.

2015

Fifth Management Contract (covering 2013-15)

Compensation of ~ € 288m in 2015 based on Net Avoided Cost

2016-2020

2 press distribution contracts (newspapers & periodicals)

Sixth management contract for other SGEIs

Contractual amounts (excl. inflation2, volume impact & sharing of efficiency gains) of € 261.0m in 2016 (actual amount: € 264.9m), € 260.8m in 2017, € 257.6m in 2018, € 252.6m in 2019 and € 245.6m in 2020

State as important

customer

State is a key commercial client to bpost

Several other agreements in place with the State, such as European license plates (won by bpost through tender)

1 SGEI stands for Services of General Economic Interest 2 All amounts need to be adjusted for inflation on a cumulated yearly basis

Shareholder

Belgian State

Free float

# shares

102,075,649

97,925,295

30

bpost’s management team and organization

bpost at a glance

Kurt Pierloot

Director International & Parcels

Mark Michiels

CHRO

Koen Van Gerven

CEO

Marc Huybrechts

Director Mail & Retail Solutions

Philippe Dubois

Director Mail Services Operations

Koen Beeckmans

CFO

Current Trading 1Q17

32

1Q17

176.9175.9

117.1

51.2

EBITDA 1Q17

-158.4

Corporate Costs

-3.6

Additional sources of revenues

Parcels Domestic Mail

-5.2

EBITDA 1Q16

EBITDA growth driven by excellent parcels performance and supported by acquisitions and resilient mail

Total operating income (revenues)

€ +1.1m / +0.6%

€ million

33

1Q17

Summary of key financials 1Q17 € million

1Q16 1Q17 % Δ

Total operating income (revenues) 604.5 764.0 26.4%

Operating expenses 428.7 587.1 37.0%

EBITDA 175.9 176.9 0.6%

Margin (%) 29.1% 23.2%

EBIT 153.9 154.2 0.2%

Margin (%) 25.5% 20.2%

Profit before tax 149.3 150.3 0.7%

Income tax expense 53.4 54.2

Net profit 95.9 96.1 0.2%

FCF 245.9 166.2 -32.4%

bpost S.A./N.V. net profit (BGAAP) 90.0 94.3 4.8%

Net Debt/ (Net cash), at 31 March (792.2) (659.1) -16.8%

34

1Q17

Total operating income (revenues) € million

1 Defined as domestic and Belgian in- and outbound

1Q16

comparable∆ 1Q17 % ∆

Transactional mail 223.7 -9.6 214.2 -4.3%

Advertising mail 65.1 2.2 67.4 3.4%

Press 72.9 2.2 75.0 3.0%

Domestic parcels1 43.9 8.5 52.4 19.4%

International parcels 41.9 11.4 53.3 27.3%

Logistic solutions 2.6 31.3 34.0 -

International mail 39.2 2.9 42.1 7.5%

Value added services 25.5 0.5 26.0 2.0%

Banking and financial 48.5 -2.0 46.6 -4.1%

Distribution - 68.7 68.7 -

Retail & Other 23.8 46.9 70.7 197.1%

Corporate 17.4 -3.6 13.7 -21.0%

604.5 159.5 764.0 26.4%

Domestic mail

Parcels

Additional sources

of revenues

TOTAL

35

1Q17

Domestic mail underlying volume trend at -4.7% driven by positive advertising mail trend Total operating income (revenues), € million

3.6

2.6

356.5

Volume

Price/Mix

361.7

-5.2

1Q16

1Q17

-11.3

Working day impact

• Very good performance against a tough comparable base at -4.0% for 1Q16.

• Transactional Mail: shift towards cheaper products and continued e-substitution.

• Advertising Mail: strong performance across all focus segments and specific campaigns, positive impact from timing of Christmas holiday and Easter (2Q17 vs. 1Q16).

• Press: Slightly lower volume trend mainly due to periodicals.

1 1Q17 had 2 working days more than 1Q16 for stamps and franking machines.

• Impacted by regulatory decision on small user basket pricing.

FY16 1Q17 1Q16 2Q16 3Q16 4Q16 FY16 1Q17

Transactional mail -5.9% -6.0% -5.3% -4.8% -7.4% -6.4% -5.9% -7.0%

Advertising mail -3.0% 2.7% 0.1% -2.2% -1.2% -7.8% -3.0% 2.3%

Press -2.8% -3.1% -2.6% -0.3% -4.2% -4.1% -2.8% -3.1%

Domestic Mail -5.0% -3.9% -4.0% -3.8% -5.9% -6.4% -5.0% -4.7%

Underlying1

Reported

36

1Q17

Excellent parcels performance, growth in Logistic Solutions driven by DynaGroup Total operating income (revenues), € million

Domestic Parcels1 8.5

Logistic Solutions2

11.4

1Q17 139.6

1Q16 comparable

88.4

International Parcels

+51.2

31.3

1 Defined as domestic and Belgian in- and outbound 2 New category, previously called Special Logistics

• Reported volume growth of +24.5% driven by e-commerce and the online C2C product offering.

• Price/mix of -3.4%: price increase fully offset by product & client mix effect.

• Growth driven by positive contribution from acquisitions and increase in flows from China and the US, continued volume loss to China.

• Consolidation of DynaGroup as of 1 January 2017.

37

1Q17

Additional sources of revenues driven by the acquisition of Ubiway Total operating income (revenues), € million

+117.1

254.1 1Q17

Retail & Other1 46.9

Distribution1

0.5

2.9

-2.0

International Mail

137.0 1Q16

comparable

Banking & Financial

VAS

68.7

• Positive evolution driven by increased business mail volumes.

• Consists of Ubiway press distribution as well as convenience distribution through Alvadis (pre-paid services) and Burnonville (impulse products).

• Mainly lower revenues from bpost bank a.o. on savings accounts due to the low interest rate environment; partly compensated by Western Union revenues.

• Consists of Ubiway proximity and convenience retail as well as other revenues.

• Mainly Speos (document management services).

1 New category

38

1Q17

Organic cost evolution on track. Opex influenced by acquisitions (€ +153.0m). Increase in transport cost in line with positive international business evolution. Operating expenses excl. depreciation and amortization, € million

• Increase driven by acquisitions. Excluding scope change, increase driven by growth in the international business and lower favorable settlements in previous year’s terminal dues.

• Increase driven by acquisitions.

• Average reported FTE & interim increase of 1,586 leading to € +20.9m additional costs and explained by the integration of new subsidiaries.

• Favourable FTE mix of € -3.9m thanks to the recruitment of auxiliary postmen (€ -2.8m) and the reduction of management level FTE (€ -1.0m).

• Negative price effect of € +3.7m explained by salary indexation, CLA and merit increases partly compensated by tax shift.

• Increase driven by acquisitions. Excluding scope change, increase of rent and rental, maintenance and energy costs (linked to increased fuel price), almost compensated by the decrease of consultancy costs and third party remuneration.

FDM, Apple Express, Ubiway, DynaGroup, Parcify and de Buren

0.7

5.4

153.0 434.0

+1.4

1Q17

97.4 Other costs -1.8

587.1

Other SG&A

22.7

16.1

4.0

Transport

1Q16

1Q16 excl. one-off

432.7

One-off

Payroll & Interim

16.9

-3.0

428.7

• 2016 benefited from a positive impact from the increase of the recoverable VAT from 2016 vs. 2015 (EUR +4.0m) in other costs.

39

1Q17

Decrease in operating FCF1 mainly driven by acquisitions and phasing in working capital evolution

Mainly due to: • Lower proceeds from sale of buildings: € -1.2m • Purchase of 24.5% remaining shares in LGI: € -11.0m • DynaGroup acquisition: € -50.2m • FDM (Australia) acquisition cash outflow in 1Q16 vs. earn-out in 1Q17: € +8.6m

• Lower income tax paid relating to previous years: € +5.9m • Alpha pay-outs: € +10.9m • Excluding the above:

• Results of operating activities: € +0.6m • Working capital evolution: € -42.8m, mainly explained by a negative phasing

in suppliers and Social Security payments

1 Operating free cash flow = cash flow fro operating activities + cash flow from investing activities

• Payment of a dividend to minority interest in 1Q16: € +2.0m

1Q16 1Q17 Delta

Cash flow from operating activities +281.1 +255.6 -25.5

Cash flow from investing activities -35.1 -89.3 -54.2

Operating free cash flow +245.9 +166.2 -79.7

Financing activities -2.1 -0.3 +1.8

Net cash movement +243.9 +165.9 -77.9

-12.4 -13.0 -0.6Capex

€ million

Additional info

41

A relatively resilient mail market vs. other European operators

European mail market

2008-16 CAGR for addressed mail volumes as reported by major incumbent European postal operators, percent

38

65

132

138

162

175

183

203

208

216

259

IT

EU

DK

FR

NL

SW

AU

UK

BE

DE

CH

Addressed mail volume per capita 2016 operator level*

1

11

3

8

6

7

10

5

2

4

SOURCE: Company information; Annual reports; Investor presentations; IPC; Eurostat

Note: definition of addressed mail may differ by operator 1 Includes addressed mail 2 Includes addressed mail 3 Includes addressed mail 4 Includes addressed mail

5 Includes mail communication and dialogue marketing 6 Includes addressed mail 7 Includes addressed mail (publishers services excl.) 8 Includes addressed mail excluding press 9 Includes all domestic mail

-2.2

-3.1

-3.3

-4.2

-4.4

-4.9

-9.0

-9.4

-5.7

-3.6

IT

DK

NL

EU

FR

-12.5

SW

UK

BE

CH

AU

DE

3

9

4

5

6

7

11

10

1

2

10 Includes inland addressed mail 11 Includes letter mail and addressed direct mail / media post * Excludes domestic competitors

(1) 2015 data

(1)

(2) 2008-15 data

(2)

42

Key contacts

Baudouin de Hepcée

Director External Communication, Investor Relations & Public Affairs

• Email: baudouin.dehepcee@bpost.be • Direct: +32 (0) 2 276 22 28 • Mobile: +32 (0) 476 49 69 58 • Address: bpost, Centre Monnaie, 1000 Brussels, Belgium

Saskia Dheedene

Manager Investor Relations

• Email: saskia.dheedene@bpost.be • Direct: +32 (0) 2 276 76 43 • Mobile: +32 (0) 477 92 23 43 • Address: bpost, Centre Monnaie, 1000 Brussels, Belgium