November – December 2017

Investor presentation

Third quarter 2017

2

Investor presentation third quarter 2017

DisclaimerThis presentation is based on information published by bpost in its Third Quarter 2017 Interim Financial Report, made available on November, 8th 2017 at 5.45pm CET oncorporate.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 offuture 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 thefuture 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 bysuch 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 thePresentation and the Company undertakes no obligation to update these forward-looking statements contained herein to reflect actual results, changes in assumptions or changes infactors 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 Calendarbpost at a glance

Highlights 3Q17 – 4Outlook 2017 – 5Overall guidance 2016-2020 – 6Overview – 7Products – 8Strategy – 9Domestic Mail: volume & revenue – 10Domestic Mail: regulation – 11Domestic Parcels – 12International Parcels – 13 & 14Additional sources of revenues – 15M&A strategy – 16Radial – 17-21DynaGroup – 22Ubiway – 23International parcels acquisitions – 24Transformation – 25Productivity – 26Vision 2020 – 27 & 28Hybrid network – 29Stakeholders – 30CSR strategy – 31Dividend policy – 32

More detail on 3Q17

EBITDA bridge – 38Key financials – 39Revenues – 40Domestic Mail – 41Parcels – 42Additional sources of revenues – 43Costs – 44Cash flow – 45

Contents

Additional Info

EBITDA bridge YTD17 – 47Key financials YTD17 – 48Revenues YTD17 – 49Cash flow YTD17 – 50European mail market – 51Key contacts – 52

Summary of key financials FY16 – 33Balance sheet – 34Relationship with State – 35Management – 36

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

More on corporate.bpost.be/investors

04.12.2017(17:45 CET)Interim dividend 2017 announcement

07.12.2017Ex-dividend date (interim dividend)

11.12.2017Dividend payment date

13.03.2018(17:45 CET)Annual results FY2017

02.05.2018(17:45 CET)Quarterly results 1Q18

bpost at a glance

4

bpost at a glance

Highlights of 3Q17

Domestic Mail underlying evolution as expected• Continued e-substitution but overall underlying volume trend in line with

guidance

Organic cost evolution on track• Opex influenced by acquisitions (€ +103.3m)

• Increase in transport cost in line with international business evolution

Very strong parcels performance • Domestic: very strong reported volume increase driven by strong

e-commerce growth and C2C; price/mix effect of -7.1% fully mix related• International: mainly driven by increase in flows from Asia

-5.3%

+32.8%

+ € 9.1m

+ € 109.3m

Revenues up 20.4%• Driven by very strong growth in Parcels and acquisitions partly offset by

lower Domestic Mail revenues in line with guidance€ 647.6m

EBITDA perfectly in line with last year and guidance

BGAAP net profit of bpost SA/NV up € 1.5m

2017 outlook reconfirmed

€ 110.3m

€ 52.0m

5

bpost at a glance

Outlook for 2017 – reconfirmed

1 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

RevenuesIncrease driven by:• Growth in domestic parcels: volume double

digit, around -5% 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 expensesIncrease driven by:• Increase in transport cost (reflecting growth in

International Parcels) • Consolidation of acquired businesses • Salary indexation confirmed 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 guidanceAccretive contribution supported by strong balance sheet. Any decision must be evaluated on 5 criteria (cfr. p. 16).

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

RevenueIncrease 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 expensesIncrease 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 policyAt 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 businesswith a proven strategy for profitable growth

Scope for continued cost improvements

Strong financial performancesupporting a high level of cash flow generation and dividends

Proven performance track record

Built on strong foundations and with ambitious targets

€ 2.4bnrevenues

€ 586.9m24.2%EBITDA

€ 496.5m20.5%EBIT

€ 324.1mnet profit

8.6mletters handled every day

148,000parcels handled every day

662 675post franchisedoffices post points

5sorting centres

24,850average # FTE & interims

8

A modern and diversified mail operator

bpost at a glance

Domestic Mail€ 1,414m58%

Transactional mail

1 58% Domestic Mail, 16% Parcels, 25% Additional sources of revenues and 1% Corporate revenue2 Including a.o. SGEI compensation for the retail network, philately, retailer products and Ubiway since 1 December 2016 (1 month)

€ 873m 36%

Parcels€ 379m16%

Additional sources of revenues€ 600m25%

€ 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 playerhubs 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 aremail

Wegrow

We arelean, agile & flexible

We are @core

10

We are mail - we continue to focus on core mail businessVolume & 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: +1.7%)

• 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. 35)

• 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

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, (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 are mail - we continue to focus on core mail businessRegulatory aspects

12

We grow – Domestic ParcelsWe 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)• >2,200 pick-up & drop-off points (incl. 1,000 open access Kariboo! points)• 150 parcel lockers in B (>450 Cubee lockers by end 2018), 51 de Buren lockers in NL • 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 market100% = € 1,075m

13

bpost at a glance

We grow – International Parcelsbpost has a global footprint through Landmark Global and a nation-wide coverage in the US through Radial

Asset-lightbusiness model

Strategic locations in

11countries

14

bpost at a glance

We grow – International ParcelsWe 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 growbpost has other sources of revenues besides mail and parcels

bpost at a glance

Mail originating from foreign countries and delivered to other countries

International mailWhat?

Asset-light business model and fully variable costsDedicated sorting centre and hub in BrusselsActive 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 servicesCollect and handling services for mailServices 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 solutionsDirect offering~50% of revenue

Banking & finance

decoderswap

16

We growWe 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 businessImprove our proximity and convenience product offering

Strict investment criteriaMaintain sustainable dividend policyMaintain financial solidity

17

bpost at a glance

Key data• Expected sales 2017: $ 970 - 1,020m• Expected normalized EBITDA 2017: $ 65 - 70m• 6,200 FTEs• 24 fulfillment centers

• 100% acquisition of the shares• Enterprise Value: $ 820m• Financing with a bridge facility at closing

We accelerate the expansion of our e-commerce logistics businessAcquisition of US-based

• EPS & DPS accretive as of 2020• Annual sales growth 2018-22e: 6 to 8% p.a.• Expected total integration costs in 2018 & ‘19:

$ 35m to $ 40m, frontloaded in 2018• Expected high single digit EBITDA margin % as

of 2020 • Capex: $ 35 to $ 40m/year• Losses carried forward in the next 3 years

Financial ambitions

(Closing expected in 4Q17)

Omnichannel technologyOptimizing efficiency of order management, ship-from-

store and in-store pick up

~15-20%

Payment, tax & fraud protection services

Processing global payments, maximizing successful authorization and reconciling tax districts and global duties

Warehouse management & fulfillment services

Adapting warehouse management and parcels preparation to e-commerce with pragmatic automation

Transport management & last-mile delivery and returns

Managing a large network of carriers for a seamless customer experience

~70-75%

Customer Care Services& Technology

Having a single view of customer’s history and profile combined with leading self-service tech

~10%

% based on normalized 2017 expected revenues

18

bpost at a glance

Radial: Why integrated e-commerce logistics?Integrated e-commerce logistics solutions provide access to a large and more attractive profit pool

Global e-commerce sector is expected to grow at 20% p.a., with cross-border e-commerce growing at >25% p.a.

Offer a seamless and high-quality experience to consumers and have access to a larger and more attractive profit pool

20%p.a.

Close to bpost’s current capabilities (e.g. cross-border trade lanes with Landmark Global, FDM, AppleExpress, return logistics with DynaGroup)

Beyond last mile and cross-border services, offer simple E2E solutions to mid-market e-commerce players and an accelerated roll-out/ scale-up of their e-commerce operations

19

bpost at a glance

Why Radial?Radial brings a distinctive set of capabilities that would otherwise take years to develop

Build a significant presence in the advanced US e-commerce logistics sector with proven client base, IT and infrastructure

Inject new expertise and capabilities along the e-commerce logistics value chain e.g. omnichannel technology, fulfilment, payment, tax & fraud protection and customer care, which are critical to scale the EU e-commerce logistics business

Build on track record in successfully stitching together different parts of the e-commerce logistics value chain to accelerate development of e-commerce logistics business

Scale bpost’s e-commerce logistics capabilities in the Benelux and Europe

20

bpost at a glance

Radial: Why the US?Radial offers access to the advanced US e-commerce logistics sector and allows to tap into transatlantic flows

bpost has a proven track record of doing business in the US through Landmark Global

The US is an advanced e-commerce market that will continue to grow fast, offering the ideal opportunity to accelerate the development in the EU e-commerce logistics market, and gain a competitive edge

A meaningful presence in the US provides a gateway to a global market, allowing Belgian consumers to shop online for US brands and retailers, and Belgian companies to benefit from transatlantic trade flows and export globally

Presence in US taps into the origin of EU e-commerce as it represents ~20% of export flows 20%

21

bpost at a glance

Radial: market dynamics and competitive landscape

E2Eintegratedplayers

Competitive landscape

Value chain specialists

Insourcing

Online revenue e-tailers, US Addressable e-commerce logistics sector

$ 20m

$ 2,000m

$ 400bn US online retail revenue in 2016

Radial’s target audience ($ 20m – 2bn revenues)• Mid-market

segment ($ 20-200m online revenue)

• Enterprise segment ($ 200-600m)

• Some selected key accounts ($ 600m-$ 2bn)

$ 25-35bnaddressable e-commerce logistics

Radial’s target audience e-commerce revenue $ 135-140bn

~$ 400bn total US e-commerce

(*) Not exhaustive examples

(*) (*)

22

bpost at a glance

Sales 2015: € 88.5mNormalized 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 growAcquisition of

• 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)

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

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

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

23

bpost at a glance

Retail (220 shops)

Con

ven

ien

ce &

P

roxi

mit

y R

etai

l

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

Convenience distribution & diversification

Pre

ssLo

gis

tics

Newspaper Magazines International press

Press distribution to 5,345 POS

Non

-P

ress

Log

isti

cs Parcels & Logistic Services(1,000 pick-up drop-off points)

Sales 2015: € 338m1

Normalized EBITDA 2015: € 14m (4.1% margin)

Rationale for bpost

Diversify into the growing proximity & convenience distribution• Accelerate product diversification in order to

enhance profitability• Footprint expansion (30 to 45 new stores in the

next 3 to 5 years) and remodeling• Grow in line with convenience & proximity retail

market

Further enable domestic parcels growth strategy• Improve delivery options and increase coverage

(network of > 2,200 points across Belgium)

• Fully cash financed (purchase price: € 81.4m, incl. € 44.5m cash)

• Fully accretive as of 2017• Preliminary synergy estimate of € 4-5m annually

after full integration• Total capex planned < € 10m/year

Transaction details

We growAcquisition of (30 November 2016)

1 € 431m disclosed in closing press release of 1 Dec. 2016, restated to € 338m under accounting policies of bpost Group and IAS 18 “Revenue”

24

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 growBolt-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

25

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

2003Start of continuous optimization of delivery rounds

2009Implemen-tation of new distribution structure with reduced number of buildings

2011-2020Strategic ‘Vision 2020’ program in mail service operations to further increase efficiency

2003New management

& start of the transformation

period

2006CVC and Danish Post enter into the capital

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

government holds 50%+1 share

2008Danish Post

sells its stake to CVC

2013IPO in June at € 14.5/share

CVC sells 30% in IPO and remaining 20% in December

Tran

sfor

mat

ion

jou

rney

Key

eve

nts

Normalized1

EBIT

1 Normalized figures are not audited

2007Automated roundsorting and mail sequencing

26

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

bpost at a glance

Historic FTE evolutionAverage 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’semployees are above 50

years old*

Age pyramidHeadcount per age, 31.12.2016

40-49

7,487

0-39

8,3119,565

50+

Civil servants

Non pay-scale contractualsPay-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

27

Vision 2020 will drive substantial productivity improvements in the field

bpost at a glance

2017 2H17 2H182018 2019 2020 2021

Centralize & Automate Preparation

Parcels Sorting

DistributionNetwork

Install additional MSMs in 5 sorting centres (target 30 vs. 23 installed to date)

Automate & Centralize preparation activities

Complete building

Install PSM & migrate parcel sorting

Reorganize distribution offices around 60 Mail Centres(~230 currently)

Increase Parcel sorting capacity

New Brussels X Sorting Centre fully operational• Total surface: 103,000 m²• Working area: 80,000 m²• Letter sorting hall: 50,000 m² (2 floors)• Parcel sorting hall: 25,000 m²• Parking on the roof: 25,000 m²• Offices: 5,800 m²• 1,500 FTEs• 1 high-tech parcel sorting machine (PSM)• Operational 24/7 with 30 high-tech

machines• Capacity: 300,000 parcels/day & 2,500,000

letters/day

29

bpost at a glance

High performance hybrid networkWe 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 networkWe will start using an ecosystem of networks in complementary ways

Parcify

CityDepot/Bubble Post

External partners

Euro-Sprinters

• Sunday delivery• Evening delivery (6-9pm)• Urgent items• Volume peaks• 2-man delivery,…• B/C2Me

• Highly specific• Urgent items• No packaging or label

• Urgent items• Non-standard format• Technical intervention

• City centers• Mobility• Green

Specific

Our integrated mail distribution and retail networks

Home delivery• Large volume• weekdays• Saturday• standard formatStandard

PUDO• > 2,200 points• 150 parcel lockers• open networks

DynaGroup• High-end deliveries

(same day, time slot, 2XL)

30

75

88

85

91

We want to keep stakeholders on board…

bpost at a glance

Distribution qualityPercentage letters1 in D+1

+6

2003 2016

Customer satisfaction2

Percent

+13

2003 2016

Environment

1ston the IPC

Environmental Ranking

Carbon disclosure project: B (C is average score)

Committed employer

Commitment & well-being

20162015

-15%

Recognize experience

Frequency rate work accidents

243 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)

31

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

bpost at a glance

Peoplewe care

about our employees and engage

them

Proximitywe are close to the society

Planetwe 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

32

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%

20162014

+12% +2%

1.31

2015

1.290.24

1.26

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

33

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 % ΔTotal 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

Deltamedialiquidation € 22.2m

34

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

40.9

438.4

588.6

Investments inassociates

2,348.9

Other assets

896.5

47.9

Sept 30, 2017

Trade & otherreceivables

Cash, cashequivalents

& investmentsecurities

Inventories

336.7

PPE & intangibleassets

2,290.3

Trade & otherpayables

2,348.9

930.2

Sept 30, 2017

323.4

978.0

Interest-bearingloans & borrowings,

bank overdrafts

Employee benefits

47.4 69.9

Total equity

Provisions

Dec 31, 2016

1,037.5

356.7

58.758.0

779.3

€ million

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

Other longterm benefits(disabilityannuities)

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

82.14.1

107.7

48.4308.3

35

bpost’s long term relationship with the Belgian State

bpost at a glance

State as a long term shareholderBelgian State has 51% sharesbpost’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 Statebpost provides a range of public services.

2015Fifth Management Contract (covering 2013-15)

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

2016-20202 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 customerState 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 Interest2 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

36

bpost’s management team and organization

bpost at a glance

Kurt PierlootDirector International & Parcels

Mark MichielsCHRO

Koen Van GervenCEO

Marc HuybrechtsDirector Mail & Retail Solutions

Philippe DuboisDirector Mail Services Operations

Koen BeeckmansCFO

Current Trading3Q17

38

3Q17

110.3110.1

66.4

55.3

EBITDA 3Q16

-14.5

CorporateParcels

2.3

Additional sources of revenues

Domestic Mail EBITDA 3Q17

-109.3

Costs

EBITDA slightly up and driven by very strong Parcels growth and acquisitions

Total operating income (revenues)

€ +0.2m / +0.2%

€ million

39

3Q17

Summary of key financials 3Q17€ million

3Q16 3Q17 % ΔTotal operating income (revenues) 538.1 647.6 20.4%Operating expenses 428.0 537.3 25.5%EBITDA 110.1 110.3 0.2%Margin (%) 20.5% 17.0%EBIT 87.8 87.2 -0.7%Margin (%) 16.3% 13.5%Profit before tax 89.0 91.4 2.7%Income tax expense 28.2 31.4Net profit 60.8 60.0 -1.3%FCF (71.9) (76.3)bpost S.A./N.V. net profit (BGAAP) 50.5 52.0 3.0%Net Debt/ (Net cash), at 30 September (657.7) (518.6) -21.1%

40

3Q17

Total operating income (revenues)€ million

1 Defined as domestic and Belgian in- and outbound

3Q16 comparable ∆ 3Q17 % ∆

Transactional mail 190.6 -13.3 177.4 -7.0%Advertising mail 55.7 -0.1 55.6 -0.2%Press 68.9 -1.1 67.8 -1.6%

Domestic parcels1 42.4 10.1 52.5 23.7%International parcels 42.7 9.1 51.8 21.4%Logistic solutions 2.7 36.0 38.7 -

International mail 36.7 -1.5 35.3 -4.0%Value added services 23.8 1.4 25.2 5.9%Banking and financial 46.1 -1.4 44.8 -2.9%Distribution - 21.9 21.9 -Retail & Other 23.9 46.0 69.9 192.2%

Corporate 4.4 2.3 6.7 52.8%

538.1 109.5 647.6 20.4%

Domestic mail

Parcels

Additional sourcesof revenues

TOTAL

41

3Q17

Total operating income (revenues), € million

1 3Q17 had 1 working day less than 3Q16 for franking machines and 2 less for stamps

• Transactional Mail: continued e-substitution.• Advertising Mail: continued growth of focus segments in

unaddressed, slight decrease in direct mail.• Press: newspapers witness a stable trend vs. 1H17 while

periodicals will benefit from volume shift towards 4Q17.

• Impacted by regulatory decision on small user basket pricing and shift towards cheaper products.

FY16 1Q17 2Q17 3Q17 YTD17 FY16 1Q17 2Q17 3Q17 YTD17Transactional mail -5.9% -6.0% -11.0% -7.3% -7.9% -5.9% -7.0% -9.9% -6.5% -7.7%Advertising mail -3.0% 2.7% 4.5% -1.6% 1.8% -3.0% 2.3% 4.5% -1.6% 1.8%Press -2.8% -3.1% -5.0% -4.3% -4.1% -2.8% -3.1% -5.0% -4.3% -4.1%Domestic Mail -5.0% -3.9% -7.4% -5.9% -5.6% -5.0% -4.7% -6.7% -5.3% -5.5%

Reported Underlying 1

Domestic Mail underlying volume trend at -5.3% in line with guidance

315.2

300.7

-14.5

3Q

17

2.4Price/Mix

Volume -15.3

Working dayimpact -1.6

3Q

16

-1.5

YTD

16

993.6

YTD

17

-39.6

9.6

-47.7

1,033.2

42

3Q17

Very strong parcels performance, growth in Logistic Solutions driven by DynaGroupTotal operating income (revenues), € million

87.8

InternationalParcels

3Q

16

com

par

able

DomesticParcels1

LogisticSolutions2

10.1

36.0

9.1

143.1

+55.3

3Q

17

1 Defined as domestic and Belgian in- and outbound2 New category, previously called Special Logistics

• Very strong reported volume growth of +32.8%driven by e-commerce growth and the online C2C product offering.

• Price/mix of -7.1%: price increase fully offset by product & client mix effect.

• Increase in flows from Asia, Europe and US.

• Consolidation of DynaGroup as of 1 January 2017.

266.6

428.2

+161.6

YTD

17

100.9

27.0

33.6

YTD

16

com

par

able

43

3Q17

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

130.6

InternationalMail

VAS 1.4

Distribution1

Retail &Other1

3Q

17

197.1

+66.4

46.0

21.9

-1.5

-1.4

3Q

16

com

par

able

Banking &Financial

1 New category

• Business mail volume decline.

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

• Lower revenues from bpost bank savings accounts due to low interest rate environment and lower revenue from financial transactions managed on behalf of the State.

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

• Mainly driven by management of cross-border fines on behalf of the Belgian State.

YTD

17

616.9

141.0

+211.6

72.2

405.3

1.8

YTD

16

com

par

able

-3.3

-0.2

44

3Q17

Organic cost evolution on track. Opex influenced by acquisitions (€ +103.3m). Increase in transport cost in line with positive international business evolution.Operating expenses excl. depreciation and amortization, € million

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

537.3

Payroll &Interim

14.87.9OtherSG&A

+6.0

Transport

-0.4

-6.2

3Q

17

20.8

434.0

51.6

428.0

3Q

16

Othercosts

4.7 16.1

103.3

• Excluding acquisitions, increase driven by growth in the international business.

• Average reported FTE & interim increase of 1,488 leading to € +20.0m additional costs and explained by the integration of new subsidiaries.

• Favourable FTE mix of € -2.9m mainly driven by the recruitment of auxiliary postmen.

• Price effect & others for an impact of € -2.6m explained by salary indexation, CLA, merit increases, the evolution of provisions and positive phasing on CLA 2016.

• Excluding acquisitions, mainly increase of rent and rental costs (new Brussels sorting centre), M&A related costs, maintenance and repairs, energy costs and ICT outsourcing.

1,289.2

49.418.7

-13.9

YTD

16

65.9

+11.7

1,300.9

321.3

YTD

17

47.30.7

158.76.2

1,622.1

45

3Q17

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

Lower operating FCF1 due to higher capex

CF from operating activities in line with 3Q16, excluding:• Terminal dues payment, phasing in 3Q16: € +16.8m• Lower tax prepayment in 3Q17: € +10.0m

• Proceeds from sale of buildings: € -3.0m• Higher capex: € -23.8m mainly explained by Vision 2020• Cash outflow Apple Express in 2017: € -2.7m

€ million 3Q16 3Q17 Delta

Cash flow from operating activities -64.2 -38.9 +25.2Cash flow from investing activities -7.8 -37.3 -29.5Operating free cash flow -71.9 -76.3 -4.3Financing activities -0.1 -0.1 +0.0Net cash movement -72.0 -76.3 -4.3

Capex -11.3 -35.1 -23.8

Additional info

47

YTD17

+211.6

+161.6

EBITDA YTD17

+446.5

Costs

-333.0

Corporate

+0.6

Additional sources of revenues

ParcelsDomestic Mail

-39.6

EBITDA YTD16

+445.4

Domestic mail decline compensated by an excellent performance in parcels, acquisitions and organic cost savings

Total operating income (revenues)

€ +1.2m / +0.3%

€ million

48

YTD17

Summary of key financials YTD17€ million

YTD16 YTD17 % ΔTotal operating income (revenues) 1,734.5 2,068.7 19.3%Operating expenses 1,289.2 1,622.1 25.8%EBITDA 445.4 446.5 0.3%Margin (%) 25.7% 21.6%EBIT 378.5 377.4 -0.3%Margin (%) 21.8% 18.2%Profit before tax 368.4 381.8 3.6%Income tax expense 123.9 126.0Net profit 244.5 255.8 4.6%FCF 159.4 90.8bpost S.A./N.V. net profit (BGAAP) 221.8 222.8 0.4%Net Debt/ (Net cash), at 30 September (657.7) (518.6) -21.2%

49

YTD17

Total operating income (revenues)€ million

1 Defined as domestic and Belgian in- and outbound2 While the purchase price allocation for the Ubiway acquisition has not been finalized yet, this exercise has led to some alignments of the accounting policies of

Ubiway and hence some restatements of the figures reported during 1Q17. Some revenues which had been booked in 1Q17 under the principal model have been restated to the agent model in order to be in line with the accounting policies of the bpost Group and with IAS 18 “Revenue”. This also necessitates no further rework under IFRS 15 “revenue from contracts with customers” which will become applicable as of January 1st, 2018. As a consequence certain sales and cost of sales are now being presented on a net basis, this led to a decrease of revenues and materials costs of € 42.5m for 1Q17, within the MRS operating segment but didn’t have an impact on the EBITDA, EBIT or net result.

YTD16 comparable ∆ YTD17 % ∆

Transactional mail 638.3 -45.1 593.1 -7.1%Advertising mail 181.6 3.9 185.5 2.1%Press 213.3 1.6 214.9 0.7%

Domestic parcels1 132.4 27.0 159.5 20.4%International parcels 126.0 33.6 159.7 26.7%Logistic solutions 8.1 100.9 109.0 -

International mail 115.6 1.8 117.4 1.6%Value added services 76.3 -0.2 76.1 -0.3%Banking and financial 142.5 -3.3 139.1 -2.3%Distribution² - 72.2 72.2 -Retail & Other 71.0 141.0 212.0 198.8%

Corporate 29.4 0.6 30.0 2.2%

1,734.5 334.1 2,068.7 19.3%

Domestic mail

Parcels

Additional sourcesof revenues

TOTAL

50

YTD17

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

• Proceeds from sale of buildings: € -6.7m• Higher capex: € -23.9m• M&A activities: € -40.3m• Investment securities: € +12.0m

• Payment of a dividend to minority interest in 2016 (€ +2.0m) compensated by higher final dividend in 2017 (€ -2.0m)

€ million YTD16 YTD17 Delta

Cash flow from operating activities +229.1 +219.5 -9.7Cash flow from investing activities -69.7 -128.7 -59.0Operating free cash flow +159.4 +90.8 -68.6Financing activities -49.6 -49.8 -0.2Net cash movement +109.8 +41.0 -68.8

Capex -43.0 -66.9 -23.9

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

• Alpha pay-outs: € +16.6m• Terminal dues payment, phasing in 3Q16: € +16.8m• Working capital evolution: € -43.9m, mainly explained by a negative phasing in

suppliers

51

European mail market

A relatively resilient mail market vs. other European operators

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

58

65

132

138

164

175

183

203

208

216

259

AU

DE

UK

CH

NL

IT

DK

SW

FR

BE

EU

Addressed mail volume per capita 2016 operator level*

1

11

3

8

6

7

5

10

2

4

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

Note: definition of addressed mail may differ by operator1 Includes addressed mail2 Includes addressed mail3 Includes addressed mail4 Includes addressed mail

5 Includes mail communication and dialogue marketing6 Includes addressed mail7 Includes addressed mail (publishers services excl.)8 Includes addressed mail excluding press9 Includes all domestic mail

-2.2

-3.1

-3.3

-4.2

-4.4

-4.9

-9.0

-9.4

-5.7

-3.6

DK

UK

IT

FR

AU

CH

NL

DE

-12.5

BE

SW

EU

3

8

4

5

6

7

11

10

1

2

10 Includes inland addressed mail11 Includes letter mail and addressed direct mail / media post

* Excludes domestic competitors

52

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