March 2018

Investor presentation

Fourth quarter 2017

2

Investor presentation fourth quarter 2017

Financial Calendarbpost at a glance

Highlights 4Q17 – 4Outlook 2018 – 5Overview – 6Products – 7Strategy – 8Domestic Mail: volume & revenue – 9Domestic Mail: regulation – 10Domestic Parcels – 11International Parcels – 12 & 13Additional sources of revenues – 14M&A strategy – 15Radial – 16-20DynaGroup – 21Ubiway – 22Transformation – 23Vision 2020 – 24 & 25Productivity – 26Hybrid network – 27Stakeholders – 28CSR strategy – 29Dividend policy – 30Summary of key financials FY17 – 31Balance sheet – 32

More detail on 4Q17

EBITDA bridge – 36Key financials – 37Revenues – 38Domestic Mail – 39Parcels – 40Additional sources of revenues – 41Costs – 42Cash flow – 43

Contents

Additional Info

EBITDA bridge FY17 – 45Revenues FY17 – 46Domestic Mail FY17 – 47Parcels FY17 – 48Additional sources of revenues FY17 – 49Costs FY17 – 50Cash flow FY17 – 51European mail market – 52Key contacts – 53

Relationship with State – 33Management – 34

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

More on corporate.bpost.be/investors

02.05.2018(17:45 CET)Quarterly results 1Q18

09.05.2018Ordinary General Meetingof Shareholders

17.05.2018Payment date of the dividend

08.08.2018(17:45 CET)Quarterly results 2Q18

DisclaimerThis presentation is based on information published by bpost in its Fourth Quarter 2017 Press Release and 2017 Annual Report, made available on March, 13th 2018 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.

bpost at a glance

4

bpost at a glance

Highlights of 4Q17

Domestic Mail underlying evolution• Accelerated e-substitution in transactional mail partly compensated by

volume growth in advertising mail, full year underlying volume trend in line with guidance

Cost evolution• Opex influenced by acquisitions (€ +257.7m) and year-end peak season

• Increase in transport cost in line with international business evolution

Strong parcels performance • Domestic: excellent reported volume increase driven by strong

e-commerce growth and C2C during year-end peak season; continued price/mix effect of -6.9% fully mix related

• Logistic Solutions: mainly driven by Radial & DynaGroup acquisitions

-6.4%

+30.8%

+ € 237.2m

+ € 269.9m

Revenues up 38.3%• Driven by excellent growth in Parcels and by acquisitions (Radial

consolidation as from mid-November) partly offset by lower Domestic Mail revenues

€ 955.1m

EBITDA € +9.9m above last year mainly driven by new acquisitions

€ 151.4m

€ 1.31 gross

Proposed total dividend per share equal to last year€ 1.06 already paid in December 2017 and € 0.25 to be proposed at the Annual General Meeting in May 2018

5

bpost at a glance

Outlook for 20181

Recurring EBITDA in the range of € 560 to 600mDividend payment at least at the same level as 2017

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

digit, price/mix effect between -3% and -6%• Continued growth in international parcels

supported by newly acquired businesses• Stable Radial revenues• Partly offset by volume decline in domestic

mail2 up to -7%, average domestic mail price/mix effect of +4%

• Continued decline in Banking & Financialrevenue

Operating expensesIncrease driven by:• Increase in transport cost (reflecting growth in

International Parcels & Mail) • Consolidation of acquired businesses• Salary indexation expected as of November

2018• Radial costs impacted by phase out webstore

business and higher than expected opex(medical costs and productivity)

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

• Continued cost optimization

Capex• Recurring & Vision 2020 investments and business development investments for new subsidiaries

(Radial, Ubiway and Dynagroup) for an estimated total amount of ~ € 140m1 Outlook for 2018 includes the acquisitions of Radial, Bubble Post, Leen Menken, Imex and Mail Inc.2 1Q18 will count 1 working day less on franking machines, 2Q18 will count 1 working day less on stamps, 3Q18 will count 1 working day more on franking

machines and 2 more on stamps and 4Q18 will count 2 working days more on franking machines vs. the same quarters of 2017.

6

Belgium’s leading postal operator

bpost at a glance

2017 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

€ 3.0bnrevenues

€ 598.0m19.8%EBITDA

€ 501.6m16.6%EBIT

€ 329.3mnet profit

8.1mletters handled every day

190,000parcels handled every day

662 674post franchisedoffices post points

5sorting centres

26,906average # FTE & interims

7

A modern and diversified mail operator

bpost at a glance

Domestic Mail€ 1,353m45%

Transactional mail

1 45% Domestic Mail, 26% Parcels, 27% Additional sources of revenues and 1% Corporate revenue2 Including a.o. SGEI compensation for the retail network, philately and retailer products

€ 808m 27%

Parcels€ 796m26%

Additional sources of revenues€ 832m27%

€ 3,024m1

revenues 2017

Advertising mail € 253m 8%

Press € 293m 10%

Domestic € 224m 7%

International € 223m 7%

Logistic Solutions € 349m 12%

International mail € 160m 5%

Value added services € 102m 3%

Banking and finance € 183m 6%

Distribution € 98m 3%

One integrated domestic distribution network for mail and parcels

International playerhubs in London LHR and Brussels

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

Revenues % of total

Retail & Other2 € 289m 10%

8

Focused strategy to create value and reward shareholders

bpost at a glance

We aremail

Wegrow

We arelean, agile & flexible

We are @core

9

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 (+1.7% in 2017, forecast 2018: +1.8%)

• 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, home, 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. 33)

• Invoices sent directly to the editors

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

10

bpost at a glance

Designated provider of the Universal Service Obligation until end 2023

Fully liberalized market since 2011 with clear licensing conditions

Stable & predictable mail pricing regulation

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

• Collect and deliver 5x per week• Cover full territory of Belgium for collection and delivery of items belonging to universal service

• Apply uniform tariffs and an identical service across the territory

• 3 operational licensing conditions (geographical coverage, frequency of distribution and uniform pricing over entire territory) removed

• Employ contractual workers maintained

• 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)

• New price cap formula to check affordability & cost orientation

• Price cap = inflation - (volume evolution + cost reduction factor x efficiency gains sharing factor)

• Price increases done in practice on a yearly basis: +4.7% on average in 2018 on all domestic mail items

We are mail - we continue to focus on core mail businessRegulatory aspects – New Postal Law into force since 10 February 2018

11

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)• 152 parcel lockers in B (>450 Cubee lockers by end 2018), 61 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, %

0-4%

C2C

B2B

B2C

~5%

~15%

B2C

C2C

B2B

2016 parcel market1

100% = € 1,285m

1 Source: Effigy

12

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

13

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

14

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 (license plates, decoder swap, bclose)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

bclose Fines Permit Check

15

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

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

16

bpost at a glance

Key data• Sales 2017: $ 1,082m• Normalized EBITDA 2017: $ 57m• 6,200 FTEs• 24 fulfillment centers (of which 2 in Europe)

• 100% acquisition of the shares• Enterprise Value: $ 820m• Financed with a bridge facility at closing (16

November 2017)

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

• Annual sales growth 2019-22e: 6 to 8% p.a.• Expected total integration costs in 2018 & ‘19:

$ 35m to $ 40m, frontloaded in 2018• Capex: $ 35 to $ 40m/year• Losses carried forward in the next 3 years

Financial ambitions

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 revenues

17

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

18

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

19

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%

20

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

$ 460bn1 expected US online retail revenue in 2017

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

segment ($ 20-200m online revenue)

• Enterprise segment ($ 200-600m)

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

$ 27-37bnaddressable e-commerce logistics

Radial’s target audience e-commerce revenue $ 150-155bn

~$ 460bn total US online Retaile-commerce

(*) Not exhaustive examples

(*) (*)

1 Source: Forrester Data, Online Retail Forecast, 2017

21

bpost at a glance

Sales 2015: € 88.5mNormalized EBITDA 2015: € 6.8m (7.7% margin)Initial purchase price: € 51.0mSales 2017: € 132.2m

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

22

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)Purchase price: € 81.3m (incl. € 44.5m cash)Sales 2017: € 281.7m

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• 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”

23

Continuous improvement is in our DNA. We have a 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

2017LaunchNew Brussels X sortingfacility

24

… and we have plans for further productivity gains with Vision 2020

bpost at a glance

2017 2H17 2H182018 2019 2020 2021

Centralize & Automate Preparation

Parcels Sorting

DistributionNetwork

Install additional MSMs in 5 sorting centres (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

26

We are leveraging the age pyramid to optimize the FTE mix

bpost at a glance

Historic FTE evolutionAverage FTEs, ‘000

-3.0% p.a.

bpost significantly reduced # FTEs through cost improvements across the entire organization. Recent uplift in FTEs is driven by acquisitions and high growth in parcels

2003 04 05 06 07 08 09 10 11 12 13

25

39

The age pyramid allows bpost to optimize the FTE mix replacing mainly statutory workers by auxiliary postmen

37% of bpost’semployees are above 50

years old*

Age pyramidHeadcount per age, 31.12.2017

40-49

7,233

0-39

8,699 9,453

50+

Civil servants

Non pay-scale contractualsPay-scale contractuals

14 15

* Natural attrition of c. 1,200 FTE p.a. being replaced to capture parcels growth which outpaces productivity improvements. Most of these replacements are at a lower cost (auxiliary postmen cost c. 30% less than bpost average payroll cost/FTE)

16 2017

27

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• 152 parcel lockers• open networks

DynaGroup• High-end deliveries

(same day, time slot, 2XL)

28

Distribution qualityPercentage letters1 in D+1

75

86

85

91

We want to keep stakeholders on board…

bpost at a glance

+6

2003 2016

Customer satisfaction2

Percent

+11

2003 2017

Environment

1ston the IPC

Environmental Ranking

Carbon disclosure project: C (C is average score)

Committed employer

Commitment & well-being

20172016

-2.5%

Recognize experience

Work accidents

247 people graduated

1 D+1 delivery of domestic single piece items up to 2 kg, stamped at “Prior tariff”, 2017 figure not yet available2 “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)

29

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

30

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 (€ 172m end 2017)

0.93 1.04 1.05 1.06 1.06

0.200.22 0.25

1.31

2013

1.13 0.25*0.24

20172015

1.26 1.31

+16%

20162014

1.29

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

* Proposed final gross dividend per share to be approved by General Meeting of May 9, 2018

31

Summary of key financials FY17

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

FY16 FY17 FY16 FY17 % ΔTotal operating income (revenues) 2,425.2 3,023.8 2,425.2 3,023.8 24.7%Operating expenses 1,838.4 2,425.9 1,838.4 2,425.9 32.0%EBITDA 586.9 598.0 586.9 598.0 1.9%Margin (%) 24.2% 19.8% 24.2% 19.8%EBIT 496.5 492.9 496.5 501.6 1.0%Margin (%) 20.5% 16.3% 20.5% 16.6%Profit before tax 489.5 488.7 489.5 497.5 1.6%Income tax expense 143.2 165.8 165.4 168.2Net profit 346.2 322.9 324.1 329.3 1.6%FCF 193.9 (485.8) 193.9 (485.8)bpost S.A./N.V. net profit (BGAAP) 308.7 291.0 286.5 291.0 1.6%Net Debt/ (Net cash), at 31 December (492.7) 292.4 (492.7) 292.4

Reported Normalized1

Positive tax impact of Deltamedia

liquidation € 22.2m

€ 8.7m linked to amortization on intangible assets (purchase price allocation “PPA”

Ubiway, Dynagroup& de Buren)

Tax impact of PPA on amortization of

€ 2.5m

32

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

Dec 31, 2017

728.8

39.5

329.2

466.0

1,620.8

Dec 31, 2016

3,223.3

2,290.3

786.0

39.1

36.7

58.4

484.6

373.7

550.9

PPE & intangibleassets

Cash, cashequivalents

& investmentsecurities

Trade & otherreceivables

Investments inassociates

Inventories

Other assets1,315.0

Total equity

Trade & otherpayables

Employee benefits

Provisions

Interest-bearingloans & borrowings,

bank overdrafts

Dec 31, 2017

3,223.3

777.8

326.9

758.2

45.4

Dec 31, 2016

2,290.358.058.7

356.7

779.3

1,037.5

€ 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, …)

108.2

6.6161.5

50.7

32.4294.5

33

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.

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 (actual amount: € 270.0m), € 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

34

bpost’s management team and organization

bpost at a glance

Mark MichielsCHRO

Koen Van GervenCEO

Philippe DuboisDirector Mail Services Operations

Nico CoolsCIO

Dirk TirezCLO

Henri de RomréeCFO

Marc HuybrechtsDirector Mail & Retail Solutions

Kurt PierlootDirector International & Parcels

Current Trading4Q17

36

141.5

Additional sources of revenues

EBITDARadial

EBITDA 4Q17

-83.8

10.8

143.5

Parcels

7.9

EBITDA4Q17incl.

Radial

Positiveone-off4Q17

Costs

35.7

43.7

Domestic Mail

-21.4

151.4

CorporateEBITDA 4Q16

16.9

EBITDA impacted by SUB price refusal not compensated by M&A contribution as well as transition to new Brussels sorting centre

4Q17

Reported total operating income (revenues)

€ million

Consolidated as of 16 Nov. 2017, EBITDA includes

transaction costs

1 Including € -15.4m accounting restatement on Ubiway Distribution revenue and materials costs in 4Q16

1

1

Reversal on earn-out DynaGroup booked in

“Retail & Other” of Additional Sources of

Revenues

Small user basket price increase refusal (€ -5.0m) not compensated by M&A

EBITDA contribution

Includes € -5.9m NBX-related costs (rent & start-up) and € -1.2m Ubiway

restructuring charge

37

4Q16 4Q17 4Q16 4Q17 % ΔTotal operating income (revenues) 690.7 955.1 690.7 955.1 38.3%Operating expenses 549.2 803.7 549.2 803.7 46.3%EBITDA 141.5 151.4 141.5 151.4 7.0%Margin (%) 20.5% 15.9% 20.5% 15.9%EBIT 118.0 115.5 118.0 124.2 5.3%Margin (%) 17.1% 12.1% 17.1% 13.0%Profit before tax 121.0 106.9 121.0 115.7 -4.4%Income tax expense 19.3 39.8 41.5 42.2Net profit 101.7 67.1 79.5 73.5 -7.6%FCF 34.5 (576.6) 34.5 (576.6)bpost S.A./N.V. net profit (BGAAP) 86.8 68.2 64.7 68.2 5.5%Net Debt/ (Net cash), at 31 December (492.7) 292.4 (492.7) 292.4

Normalized1Reported

Summary of key financials 4Q17

4Q17

€ million

1 Normalized figures are not audited

Positive tax impact of Deltamedia

liquidation € 22.2m

€ 8.7m linked to amortization on intangible assets (purchase price allocation “PPA”

Ubiway, Dynagroup& de Buren)

Tax impact of PPA on amortization of

€ 2.5m

38

Total operating income (revenues)

4Q17

€ million

1 Defined as domestic and Belgian in- and outbound2 Contains Dynagroup consolidated as of 1 January 2017 and Radial consolidated as of 16 November 20173 Contains Ubiway consolidated as of 1 December 2016; 4Q16 Ubiway Distribution revenues restated for € 15.4m in order to be in line with the

accounting policies of the bpost Group and with IAS 18 “Revenue” and to be comparable with 4Q17

4Q16 comparable

∆ 4Q17 % ∆

Transactional mail 235.1 -20.3 214.8 -8.6%Advertising mail 66.2 1.1 67.3 1.7%Press 79.9 -2.2 77.7 -2.8%

Domestic parcels 1 53.1 11.7 64.8 22.0%International parcels 66.3 -3.3 63.0 -5.0%Logistic solutions 2 3.0 237.2 240.2 -

International mail 43.6 -0.6 43.0 -1.4%Value added services 24.8 0.7 25.4 2.6%Banking and financial 49.9 -6.5 43.5 -13.0%Distribution 3 10.7 15.1 25.8 -Retail & Other 3 40.7 36.2 76.9 -

Corporate 2.0 10.8 12.8 535.7%

675.3 279.8 955.1 41.4%

Domestic mail

Parcels

Additional sourcesof revenues

TOTAL

39

4Q17

359.84Q17

Volume

Working dayimpact

Price/mix 3.0

-23.6

-0.7

4Q16

-21.4

381.2

1 4Q17 had 1 working day less on franking machines and 1 more on stamps vs. 4Q16

• Transactional Mail: accelerated e-substitution mainly in banking and telco sectors combined with growing acceptance of electronic documents by end users.

• Advertising Mail: positive volume trend driven by focus on growth segments (especially Retail & Distribution) and indirect channels.

• Press: volume trend driven by periodicals benefitting from volume shift from 3Q17 towards 4Q17, newspapers impacted by 2 distribution days less (not corrected in underlying).

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

1Q17 2Q17 3Q17 4Q17 FY17 1Q17 2Q17 3Q17 4Q17 FY17Transactional mail -6.0% -11.0% -7.3% -9.2% -8.3% -7.0% -9.9% -6.5% -8.9% -8.1%Advertising mail 2.7% 4.5% -1.6% 0.5% 1.5% 2.3% 4.5% -1.6% 0.5% 1.5%Press -3.1% -5.0% -4.3% -2.6% -3.7% -3.1% -5.0% -4.3% -2.6% -3.7%Domestic Mail -3.9% -7.4% -5.9% -6.6% -5.9% -4.7% -6.7% -5.3% -6.4% -5.8%

Reported Underlying 1

Domestic mail underlying volumes impacted by accelerated e-substitution in Transactional MailTotal operating income (revenues), € million

40

Excellent domestic parcels volume growth driven by year-end peak; Logistic Solutions driven by Radial and DynaGroup

4Q17

1 Defined as domestic and Belgian in- and outbound2 New category, previously called Special Logistics3 In 4Q16 5 months of revenues were booked vs. 3 months in 4Q17.

201.9

367.9

4Q16comparable

4Q16rebased

comparable

11.7

International parcels

324.2

35.3

+43.7

-3.3

Domestic Parcels1

4Q17

Logistic Solutions2

122.3

Radial

• Reported volume growth of +30.8% driven by strong e-commerce growth and the online C2C product offering.

• Price/mix of -6.9%: price increase fully offset by product & client mix effect.

• Growth in flows from Asia and Europe. Flows from the US negatively impacted by FX (weaker USD in 4Q17 vs. 4Q16) and phasing on booking of Apple Express revenues3. Excluding these 2 impacts, flows from US are stable vs. LY.

• Consolidation of DynaGroup as of 1 January 2017.

• Consolidation of Radial as of 16 November 2017 (revenues are reported under Logistic Solutions).

41

Additional sources of revenues driven by the acquisition of Ubiway

4Q17

Total operating income (revenues), € million

International mail -0.6

4Q16rebased

comparable

+35.7

Retail & Other1

VAS

-6.5

0.7

15.1

169.8

Radial

178.9

7.9

1.2

One-off

Banking & Financial

27.1

4Q17 214.6

Distribution1

4Q16comparable

1 New category, contains Ubiway consolidated as of 1 December 2016

• Continued volume decline partly compensated by price increases.

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

• Mainly bpost bank, i.e. lower commissions received and lower revenues from savings accounts due to low interest rate environment; 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.

• Consolidation of Radial as of 16 November 2017 (revenues are reported under Retail & Other).

• Reversal on DynaGroup earn-out was recognized as other operating income in Retail & Other.

42

Opex influenced by acquisitions (€ +257.7m) and year-end peak. Increase in transport cost in line with growth in international business.

4Q17

Operating expenses excl. depreciation and amortization, € million

FDM, Apple Express, Ubiway, DynaGroup, Parcify, de Buren, Bubble Post, Radial incl. transaction costs

1 € 533.8m = € 549.2m reported lowered with € 15.4m relating to accounting restatement without EBITDA impact on 4Q16 Ubiway materials costs

803.7

40.1

79.8

4Q17

9.7 86.2

257.7

4Q16comparable1 533.8

51.6Other SG&A

-5.4

-1.3

Other costs

546.0

Transport

+12.2

9.1

Payroll & Interim

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

• Excluding scope change, phasing on recoverable VAT (increase of rate in 2017 vs. 2016) and decrease of provisions for local and property taxes related to the previous years.

• Average reported FTE & interim increase of 3,654 leading to € +93.5m additional costs explained by the integration of new subsidiaries.

• Favourable FTE mix of € -3.0m mainly driven by the recruitment of auxiliary postmen.

• Negative price effect of € +5.5m explained by salary indexation, CLA and merit increases.

• Excluding scope change, decrease of third party remuneration fees and maintenance & repairs partly offset by increase in rent and rental costs (new Brussels sorting centre).

43

€ million 4Q16 4Q17 Delta

Cash flow from operating activities +123.5 +46.7 -76.9Cash flow from investing activities -89.0 -623.2 -534.2Operating free cash flow +34.5 -576.6 -611.1Financing activities -220.6 +466.6 +687.2Net cash movement -186.1 -110.0 +76.1

Capex -42.0 -54.4 -12.4

Lower operating FCF1 due to acquisitions and phasing in working capital evolution

4Q17

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

• Deterioration in working capital as a result of peak sales season at Radial combined with lower outstanding trade payables: € -77.2m

• Proceeds from sale of buildings: € +3.5m• Investment securities: € +12.0m• Higher capex: € -12.4m• Cash outflows related to acquisitions: € -537.3m, out of which

• Radial: € -581.5m net of cash acquired• Ubiway and Apple Express in 4Q16: resp. € +39.9m and € +3.7m

• Bridge loan for Radial acquisition: € +691.6m

Additional info

45

EBITDAFY17

incl. Radial

+574.8

EBITDARadial

+16.9

Positiveone-offs

FY17

+23.2

EBITDAFY17

+598.0

+11.5

CorporateAdditional sources of revenues

+205.3

EBITDAFY16

Domestic Mail

+247.3

-61.0

CostsParcels

-432.0

+586.9

EBITDA mainly impacted by SUB price refusal not fully compensated by M&A contribution as well as transition to new Brussels sorting centre

FY17

€ million

Consolidated as of 16 Nov. 2017, EBITDA includes

transaction costs

1 Including € -15.4m accounting restatement on Ubiway Distribution revenue and materials costs in 4Q16

1

1

€ 7.9m DynaGroup earn-out reversal and € 15.3m

IAS19 non-cash profit related to termination of

transport benefit

Reported total operating income (revenues)

Small user basket price increase refusal not

compensated by M&A EBITDA contribution

(net: € - 10.2m)

Includes € -10.6m NBX-related costs (rent & start-up) and € -1.2m Ubiway

restructuring charge

46

Total operating income (revenues)

FY17

€ million

FY16 comparable

∆ FY17 % ∆

Transactional mail 873.3 -65.4 807.9 -7.5%Advertising mail 247.8 5.0 252.9 2.0%Press 293.2 -0.6 292.6 -0.2%

Domestic parcels 1 185.5 38.7 224.2 20.9%International parcels 192.3 30.3 222.6 15.8%Logistic solutions 2 11.1 338.1 349.2 -

International mail 159.2 1.2 160.4 0.8%Value added services 101.1 0.4 101.5 0.4%Banking and financial 192.4 -9.8 182.6 -5.1%Distribution 3 10.7 87.3 98.1 -Retail & Other 3 111.7 177.2 288.9 -

Corporate 31.4 11.5 42.9 36.5%

2,409.8 614.0 3,023.8 25.5%

Domestic mail

Parcels

Additional sourcesof revenues

TOTAL

1 Defined as domestic and Belgian in- and outbound2 Contains Dynagroup consolidated as of 1 January 2017 and Radial consolidated as of 16 November 20173 Contains Ubiway consolidated as of 1 December 2016; 4Q16 Ubiway Distribution revenues restated for € 15.4m in order to be in line with the

accounting policies of the bpost Group and with IAS 18 “Revenue” and to be comparable with 4Q17

47

Domestic mail underlying volume trend in line with guidance at -5.8%

FY17

Total operating income (revenues), € million

1 1Q17 had 2 working days more, 2Q17 2 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.

1,353.4

Price/mix

FY16

FY17

-71.3

1,414.4

Volume

Working dayimpact

12.5

-2.3

-61.0

• Transactional Mail: increased e-substitution mainly towards the end of the year.

• Advertising Mail: volume growth of +1.5% vs. -3.0% for FY16 driven by focus on growth segments and indirect channels.

• Press: corrected for distribution days (3 less FY17 vs. FY16) total press volumes decline by 3.3% vs. -2.8% for FY16.

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

FY16 4Q17 FY17 FY16 4Q17 FY17Transactional mail -5.9% -9.2% -8.3% -5.9% -8.9% -8.1%Advertising mail -3.0% 0.5% 1.5% -3.0% 0.5% 1.5%Press -2.8% -2.6% -3.7% -2.8% -2.6% -3.7%Domestic Mail -5.0% -6.6% -5.9% -5.0% -6.4% -5.8%

Reported Underlying 1

48

Robust domestic and international parcels performance; Logistic Solutions driven by positive contribution from M&A

FY17

Total operating income (revenues), € million

30.3

FY16 comparable

Logistic Solutions²

+205.3

136.2

796.1

FY16 rebased

comparable

38.7

Radial

590.8

388.9

FY17

International parcels

201.9

Domestic Parcels1

• Reported volume growth of +28.2% driven by e-commerce growth and the online C2C product offering.

• Price/mix of -5.8%: price increase fully offset by product & client mix effect.

• Growth driven by positive contribution from acquisitions and increase in flows from Asia.

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

• Consolidation of DynaGroup as of 1 January 2017.

• Consolidation of Radial as of 16 November 2017 (revenues are reported under Logistic Solutions).

49

Additional sources of revenues driven by the acquisition of Ubiway

FY17

Total operating income (revenues), € million

584.2

1.2

FY16 comparable

Radial

831.5

Retail & Other1

-9.8

168.1

VAS

7.9

87.3

0.4

FY17

Distribution1

International mail

575.1

1.2

+247.3

FY16 rebased

comparable

One-off

Banking & Financial

• Driven by higher revenues from inbound mail.

• 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 (lower commissions received & lower revenue from savings accounts) and 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.

1 New category, contains Ubiway consolidated as of 1 December 2016

• Consolidation of Radial as of 16 November 2017 (revenues are reported under Retail & Other).

• Reversal on DynaGroup earn-out was recognized as other operating income in Retail & Other.

50

Organic cost evolution on track. Opex influenced by acquisitions (€ +579.0m). Increase in transport cost in line with positive international business evolution.

FY17

Operating expenses excl. depreciation and amortization, € million

0.8

Other SG&A

2,425.9

+39.2

FY17 579.0

One-offs

1,846.9

-0.6 98.9

129.2

11.1

1,807.7

152.1

FY16comparable1

Other costs

Transport

-15.3

Payroll & Interim

FY16comparable

excl. one-offs

1,823.0

27.8

198.8

FDM, Apple Express, Ubiway, DynaGroup, Parcify, de Buren, Bubble Post, Radial incl. transaction costs

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

• Average reported FTE & interim increase of 2,057 leading to € +155.8m additional costs explained by the integration of new subsidiaries.

• Favourable FTE mix of € -13.1m.• Price effect & others for an impact of € +5.2m explained

by salary indexation, CLA and merit increases partly compensated by tax shift and employee benefits.

• Excluding scope change, mainly decrease of third party remuneration partly offset by increase in rent and rental (mainly new Brussels sorting centre) and energy costs (increased fuel price & growing fleet).

1 € 1,823.0m = € 1,838.4m reported lowered with € 15.4m relating to accounting restatement without EBITDA impact on 4Q16 Ubiway materials costs

• IAS19 non-cash profit related to termination of transport benefit in payroll & interim.

51

€ million FY16 FY17 Delta

Cash flow from operating activities +352.6 +266.1 -86.5Cash flow from investing activities -158.7 -751.9 -593.2Operating free cash flow +193.9 -485.8 -679.7Financing activities -270.1 +416.8 +687.0Net cash movement -76.2 -68.9 +7.3

Capex -85.0 -121.3 -36.3

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

FY17

• Proceeds from sale of buildings: € -3.2m• Higher capex: € -36.3m• M&A activities: € -577.7m• Investment securities: € +24.0m

• Bridge loan for Radial acquisition: € +691.6m

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

• Alpha pay-outs: € +18.7m• Terminal dues payment, phasing in 3Q16: € +16.8m• Working capital evolution: € -121.1m, mainly driven by peak sales season at Radial

combined with lower outstanding trade payables

52

European mail market

A relatively resilient mail market vs. other European operators

2008-17 CAGR for addressed mail volumesas reported by major incumbent European postal operators, percent

58

65

119

133

159

164

183

193

207

208

259

UK

DE

SW

DK

BE

IT

EU

NL

FR

CH

AU

Addressed mail volume per capita 2017 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 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

-3.1

-3.5

-4.2

-4.4

-5.1

-9.1

-9.4

-2.0

-5.7

-3.8

SW

BE

DK-12.5

IT

NL

FR

UK

EU

DE

CH

AU

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

(1) 2016 data (2) 2008-16 data

(1)

(1)

(1)

(1)

(1)

(2)

(2)

(2)

(2)

(2)

53

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