Le Groupe La Poste Debt Investor Presentation November 2012
Disclaimer • This document has been prepared by La Poste solely for use for general investor presentations. This document is not to be reproduced by any person, nor be distributed to any person other than its original recipient. La Poste takes no responsibility for the use of these materials by any person. • This document does not constitute or form part of any solicitation, offer or invitation to purchase or subscribe for any Notes referred to in this document and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Accordingly, it is not directed to the specific investment objectives, financial situation or particular needs of any recipient. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in La Poste’s securities) based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this document. • The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the La Poste, or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. • Certain statements in this document are forward- looking, including statements concerning La Poste’s plans, objectives, goals, st rategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends La Poste anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. By their nature, forward- looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. La Poste does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Such forward-looking statements speak only as of the date on which they are made. Any opinions expressed in this document are subject to change without notice and La Poste does not undertake any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise. • This document is an advertisement and not a prospectus for the purposes of applicable measures implementing Directive 2003/71/EC (the “Prospectus Directive”). • No prospectus approved by the Autorité des marchés financiers has been or will be prepared in connection with the issue of the Bonds. An offer may be made in France only to (a) persons providing investment services relating to portfolio management for the account of third parties ( personnes fournissant le service d’investissement de gestion de portefeuille pour compte de tiers ), and/or (b) qualified investors ( investisseurs qualifiés ) acting for their own account, as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 to D.411-3 of the French Code monétaire et financier and other applicable regulations. • This document is directed only at persons who (i) are located outside the United Kingdom, (ii) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services And Markets Act 2000 (Financial Promotion) Order 2005, (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 , or (iv) are persons to whom it may lawfully be communicated (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person should not act or rely on this document or any of its contents. • This document may not be published, distributed or transmitted in the United States (including its territories and dependencies, any state of the United States and the district of Columbia). This document does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Bonds which are proposed to be offered by La Poste have not been and will not be registered under the United States Securities Act of 1933, as a mended (the “Securities Act”). They may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and in compliance with applicable state securities laws. La Poste does not intend to register any portion of the proposed offering in the United States or to conduct a public offering in the United States. Terms used in this paragraph have the meanings given to them by Regulation S under the Securities Act. • The distribution of this document in certain countries may constitute a breach of applicable law. The information contained in this document does not constitute an offer of securities for sale in the United States, Canada, Japan or Australia. This document may not be published, forwarded or distributed in the United States, Canada, Australia or Japan. DEBT INVESTORS ROADSHOW PRESENTATION PAGE 2
Agenda Group presentation Business review Main financials Key credit highlights DEBT INVESTORS ROADSHOW PRESENTATION PAGE 3
Group Presentation
Key highlights A limited company ( société anonyme ) since 2010, a former State administration Strong ties with the French State • A 100% French State ownership (77.1% French State and 22.9% Caisse des Dépôts et Consignations - CDC) • A € 2.7bn capital increase over 2011-2013 A key role for the French State • Four public service missions (universal postal service, regional planning, banking accessibility, press delivery) A major services group with revenues of € 21.3bn in 2011 and three core activities (Mail, Parcels- Express, Banking activities) La Poste is : 1 st distribution network in France, with over 17 000 public outlets 2 nd employer in France after the French State Rated AA by Fitch (negative perspective) and A by Standard & Poor’s on the back of a GRE status (positive perspective) DEBT INVESTORS ROADSHOW PRESENTATION PAGE 5
A historical relationship with the French State, continuously reaffirmed 1990 / 2005 / 1999 2009 2010 2011 2012 1991 2006 Previously a State Change of Administration, La Capital increase status Status Poste becomes a agreed on by the to become a public industrial State and Caisse “Société and commercial des Dépôts (CDC) Anonyme” establishment (EPIC) State in La Poste business Involvement of French Signing of a new Postal New Postal Banking regional planning Regulation Act, Transposition of accessibility contract 2011- Law reaffirmation the first Postal mission 2013, amendment Creation of of the 4 public Directive written in law to the public ARCEP service (LME law) service contract (regulator) missions in law Entering the local authorities Creation of Participation in financing La Banque the French market Postale Recovery Plan DEBT INVESTORS ROADSHOW PRESENTATION PAGE 6
Strong ties with the French State Shareholders Governance Jean-Paul Bailly, Chairman & CEO, nominated by decree 1 user representative 1 regional authority 100% 8 State representative representatives 22.9%* 77.1%* La Poste Board of Directors 21 members 7 employee representatives La Poste is a limited company Article 1 of Act 2010-123 of 9 February 2010 provides that the share capital of La Poste shall be held by the French State and by other public sector legal entities except for the portion that may be held under employee shareholding arrangements 3 CDC representatives *After the € 600m last tranche of the 2.7bn capital increase in 2013, the State will have a 73,68% share and CDC a 26,32% share of La Poste DEBT INVESTORS ROADSHOW PRESENTATION PAGE 7
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