FinecoBank S p A : Presentazione risultati 2Q20

2Q20 Results

Alessandro Foti, CEO and General Manager

Milan, July 31st 2020

Disclaimer

• This Presentation may contain written and oral "forward-looking statements", which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of FinecoBank S.p.A. (the "Company"). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
• The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.
• Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Lorena Pelliciari, in her capacity as manager responsible for the preparation of the Company's financial reports declares that the accounting information contained in this Presentation reflects FinecoBank's documented results, financial accounts and accounting records.
• Neither the Company nor any of its representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

2

Agenda

Fineco Results

Next steps

Key messages

Focus on product areas

3

Executive Summary

Outstanding net profit in challenging market scenario

• 1H20 Gross operating profit at 275 million, +40% y/y, showing the soundness of our industrial growth
• 1H20 Net profit(1) at 181mln, +30% y/y, confirming the sustainability of a business model able to deliver consistent results in every market condition and to accelerate growth in the current situation
• 1H20 revenues(1) at 407mln, +26% y/y supported by all business areas:
• • Brokerage (+107% y/y) showing a structural growth thanks to the in-depth review of our product offer, the enlargement of both our clients' base and market share, and finally to higher volatility compared to 2019
  • Investing (+5.4% y/y) thanks to volume effect and sound AUM flows, despite negative market effect in 1Q20
  • Banking (+4.4% y/y) thanks to high quality volume growth in deposits and lending
• Operating Costs well under control at -132mln,+3.7% y/y. C/I ratio at 32.5%, -6.9 p.p. y/y, confirming operating leverage as a key strength of the Bank

Strong and safe capital position

• 1H20 CET1 ratio at 24.12% (pro-forma(2) at18.36%) and TCR at 38.88% (pro-forma(2) at 33.12%)

Accelerating commercial activity

• Net sales in the first half of the year at 4.7bn (+42% y/y), TFA at 82.6bn with penetration of Guided products on Assets under Management at 72%
• Fineco Asset Management retail net sales were 1.0bn in the first half of the year and total assets stood at 14.2bn
• July: net inflows extremely robust with a steadily solid asset mix (AUM expected above 600mln), and strong brokerage performance (>50% y/y expected revenues in the month)

1. Figures net of non recurring items: Voluntary Scheme: 1Q20: -1.2mln gross, -0.8mln net. 2019 non recurring items: 2Q19:-4.3mln gross, -2.9mln net;

1Q19: -0.4mln gross, -0.3mln net); Patent Box: -0.9mln in 1Q19, -0.9mln in 2Q19

4 (2) Data pro-forma includes 2019 dividend payment (32.0 €/cent DPS).

Results

Strong Operating Profit, at 275mln in 1H20, up +40% y/y boosted by diversified revenues growth in a complex market environment. Net Profit at 181mln, up +30% y/y.

C/I ratio at 32.5%, down ~6.9 p.p. y/y confirming our strong operating leverage

Gross operating profit, mln

excluding non recurring items (1)	Adj. Cost/Income (2)
	+35.8%	+40.2%
		273.6
	+3.9%
	191.3
		140.0
98.8	133.6		274.8
134.8		196.0
103.1
2Q19	1Q20	2Q20	1H19	1H20
38%	33%	32%	39%	32%
		Revenues, mln

		Net Profit, mln
excluding non recurring items (1)	Adj. RoE (2)
			+30.1%
	+17.4%			180.2
	-3.8%	134.1
71.8	91.4	88.7		181.0
75.6	92.2	88.7	139.1
2Q19	1Q20	2Q20	1H19	1H20
36%	31%	29%	34%	30%

Operating Costs, mln

excluding non recurring items (1)

	+24.4%		+25.8%
	+2.2%	318.8	405.8
161.1	200.1	205.8	323.5	407.0
	201.3
165.4
2Q19	1Q20	2Q20	1H19	1H20

	+5.6%		+3.7%
	-1.2%	127.5	132.2
62.3	66.5	65.7
2Q19	1Q20	2Q20	1H19	1H20

	(1) 1H20 non recurring items: Voluntary Scheme: 1Q20: -1.2mln gross, -0.8mln net. 1H19 non recurring items: Voluntary Scheme: 2Q19:-4.3mln
	gross, -2.9mln net; 1Q19: -0.4mln gross, -0.3mln net; Patent Box: -0.9mln in 1Q19, -0.9mln in 2Q19.
5	(2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items

Net interest income

Solid NII thanks to valuable and sticky sight deposits coupled with high-quality lending portfolio despite low interest rate environment.

Sensitivity analysis +100bps / -100bps parallel shift: +123mln NII / -112mln NII

Net Interest Income, mln
Other Treasury activities	Other(2)	Cost of funding
Financial Investments(1)	Lending (3)
o/w other Bonds	o/w UC Bonds	-2.5%

Interest-earning assets, avg bn

Other Treasury activities		Other (2)	Gross margins(4)
Financial Investments (1)			Lending	Cost of deposits
1M Euribor	Eurirs 5y

															141.8	138.2
					-1.9%						21.3	22.3
																5.4
71.4					+2.8%								3.9
							70.1
	68.2
			10.8
							11.0			11.4
	2.6										120.0
			2.3				1.6		113.9
	60.4
		56.8		57.1
																				0.8
	-2.4	0.0		-2.0		0.1		-0.8	0.8		-4.9	0.0		-2.7
	2Q19		1Q20		2Q20	1H19			1H20
22.4		28.6		31.8		42.5	60.4
33.5		26.0		24.7		67.4	50.7
					33.4

	+18.3%
		+5.9%
23.9	26.7	28.2
1.2 3.5
0.8	3.3
0.5 2.8
20.6	22.5	22.7
	0.1	0.8
2Q19	1Q20	2Q20
1.25%	1.08%	1.04%
-0.04%	-0.03%	-0.01%
-0.37%	-0.47%	-0.46%
-0.05%	-0.26%	-0.27%

+16.4%
23.6	27.5
1.0 3.4
0.8 2.7
20.2	22.6
0.0	0.4
1H19	1H20
1.26%	1.06%
-0.04%	-0.02%
-0.37%	-0.46%
0.04%	-0.27%

1. Financial investments include interest income coming from the reinvestments of deposits in: Government bonds, UC bonds, Covered bonds, Supranational and Agencies and other financial investments (repos and immediate available liquidity)
2. Other net interest income includes Security Lending, Leverage and other (mainly marketing costs). Other interest-earning assets include Security Lending and Leverage. See page 45 for details

6 (3) Lending: only interest income

(4) Gross margins: interest income related to financial investments, lending, leverage, security lending, other trading activities on interest-earning assets

Focus on our Treasury

Industrially-driven dynamic Treasury management thanks to a quality Balance Sheet

High quality Balance Sheet

• VALUABLE AND STICKY DEPOSITS: 'transactional liquidity' gathered without short-term aggressive commercial offers
• SAFE, ROBUST, LOW RISK: diversified and highly liquid Balance Sheet

No change in our low-risk investment policy

• Run-offof Unicredit bonds for a diversified and low risk investment portfolio through a blend of Government bonds, covered bonds, supranational and agencies, to which we are adding a further diversification towards investment grade non-EUgovies and financial corporates senior bonds. Exposure to Italy will remain at ~5 - 5.5 bln (1)
• Almost 100% of our financial investments accounted in HTC: no impact in our P&L and Balance Sheet by the widening of spreads

More dynamic Treasury management

• Yield enhancement strategies: thanks to our industrially-driven strong liquidity position (LCR >900%)(2) and quality investment portfolio, we can set up operations such as. collateral switch
  or unsecured lending with primary Counterparties to extract extra-yield on our quality-paper

	(1) Nominal value
7	(2)	Minimum requirement at 100% (EU Regulation 2015/61)

Non Interest Income

Fees and commissions +32% y/y thanks to the positive contribution by all business areas and Trading Income +155% y/y thanks to structurally higher Brokerage

Fees and Commissions, mln

Brokerage Investing Banking Other

Trading Income, mln

mln	excluding non recurring items (2)

	+28.9%
	-0.2%
	105.0	104.8
81.3	35.6	37.6
18.0
57.6	60.8	57.1
0.1 5.6	-0.28.8	-0.210.3
2Q19	1Q20	2Q20

+32.2%
	209.7
158.6	73.1
36.5
111.8	117.9
0.210.0-0.419.1
1H19	1H20

+155.2%

+143.8%

56.5

	+9.1%
	26.4	30.1		57.7
		17.8
8.0
27.6		22.6
12.3
2Q19	1Q20	2Q20	1H19	1H20

o/w Trading Income from Brokerage

	+144.8%		+172.4%
	-3.5%		49.2
	25.1	24.2
9.9	18.1
2Q19	1Q20	2Q20	1H19	1H20

1. Mainly PFAs annual bonus

8	(2) Adj. Trading Income excluding non recurring items: Voluntary Scheme (1Q20: -1.2mln gross, -0.8mln net; 1Q19: -0.4mln gross, -0.3mln net;
2Q19: -4.3mln gross, -2.9mln net)

Brokerage proved itself as a perfect counter-cyclical business

The structure of the market is changing: increased interest in financial markets and big jump into a more digitalized society

Structural growth in brokerage revenues: the floor has gone up in a clear way

mln €	30																								1H20 Brokerage Revenues:
	25																										127.9 mln, +107% y/y
	20
Average	15
'14-19	10
	5
	0
	01-14	03-14	05-14	07-14	09-14	11-14	01-15	03-15	05-15	07-15	09-15	11-15	01-16	03-16	05-16	07-16	09-16	11-16	01-17	03-17	05-17	07-17	09-17	11-17	01-18	03-18	05-1807-1809-1811-1801-1903-1905-19	07-19	09-19	11-19	01-20	03-20	05-20

Enlargement of client base and increasing market share

New brokerage clients by seniority

0-2 months

3-12 months

12+ months

• "Active investors" starting to use brokerage platform and
  "sleeping" clients back on the market
• >85% of new active clients investing on plain vanilla instruments (i.e. listed equity, ETFs) and not leveraged products
• Increasing market share in Italy on equity traded volumes at

28% in June 2020 (+1.4 p.p. y/y) (Assosim)

Continuous reshape of brokerage offer

• New options allowing to exploit volatility when it is low
• Optimization of our systematic internalizer
• Multicurrency available 24/7, further enlargement of currencies basket
• Repricing of futures
• Wider OTC product offer
• Coming soon: Asian markets, CFD on cryptocurrencies, new release and re-design of active traders' platform (PowerDesk)

9

Focus on Investing

1H20 increasing y/y thanks to volume effect and strong AUM net sales, despite negative market performance registered in the first months of the year

	Investing Revenues, mln
Upfront fees	PFA incentives(1)	+5.4%
Management fees	Other income
			111.8	117.8
			3.1
			2.5
	-1.2%
	-6.6%
57.6	60.9	56.9
1.7		120.8
1.3	1.4	116.8
59.7	61.9	58.9
0.0 -3.5	-2.70.1	-0.2-3.2	-7.4	-0.1	-5.9
			0.0
2Q19	1Q20	2Q20	1H19	1H20
10

Main highlights

• Increasing 1H20 investing revenues driven by higher volumes
• 2Q20 Investing revenues decreased for technical reasons:
• • Lower % of equity on AUM at end of March due to negative market effect weighing on 2Q20 management fees
  • Increased penetration of conservative products among our offer of guided products

	1Q20	2Q20
ManFee Margins, bps	63	62
Average AuM, bn	39.6	38.2
(on daily basis)

Going forward

We expect Investing Revenues to grow again starting from the next quarter, thanks to the combination of:

• Strong volume effect thanks to the acceleration in AUM net sales
• increased PFA productivity

Costs

Cost efficiency and operating leverage confirmed in our DNA

Operating Costs, mln

			+3.7%
			127.5	132.2
	+5.6%
	-1.2%
62.3	66.5	65.7
2Q19	1Q20	2Q20	1H19	1H20
11

Staff expenses and FTE, mln

FTE #

	+10.9%		+10.9%
	+3.7%
	24.0	24.9	44.1	48.9
22.4
2Q19	1Q20	2Q20	1H19	1H20
1,144	1,199	1,202

Non HR Costs(1), mln

OAE	Write-downs/backs & depreciation	-0.1%
	+2.6%		83.4	83.3
	-3.9%
39.8	42.5	40.8	72.9	71.1
34.4	36.5	34.6
5.4	6.1	6.2	10.5	12.3
2Q19	1Q20	2Q20	1H19	1H20

Focus on 2Q20 bottom line

mln
140.0
	-6.5	-2.7		127.1
		-3.7
					88.7
GOP	Provisions	LLP	POI	Profit	Net
2Q20	R&C			before	Profit
				tax	2Q20

• Repricing of banking services:
  Recently, we received the request by the A.G.C.M(1) to delay to the end of the year the application of the repricing for 2020 to a cluster of clients acquired in the past through an online commercial initiative.
  Although we are fully convinced that our decisions were correct, we maintained a prudential approach under which we do not challenge regulators.
  The full effect of the repricing will be in place starting from Jan. 2021 on our whole customer base.
  This led to -4mlnof provisions for risk and charges in 2Q20 due to the refund of past banking fees charged from February to June 2020, and due to the delay of the application we will not charge ~5mln of fees in 2H20.
• Update of the macroeconomic scenario post- Covid19 under IFRS9 (forward looking information) in 2Q20:
• • Loan Loss Provisions: -1.1mln,o/w -0.3mlnrelated to commercial loans
  • Profit on Investments: -3.6mln

1. Guarantor for Competition and Market Authority

12

High quality lending volume, offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics

Commercial Loans portfolio, eop mln

Eop, mln		Current accounts/Overdraft (1)	Cards
		Personal loans	Mortgages

+30.4%

+15.6%

		3,767
	3,259
2,888		1,417
	1,281
1,165		442
455	463	274
356
289
	1,159	1,635
979
Jun.19	Dec.19	Jun.20

Cost of Risk on commercial loans (2)

12 bps	14 bps	14 bps
Dec.19	Mar.20	Jun.20

• Cost of Risk well under control thanks to the constant improvement in the quality of the credit which is mainly secured and low risk
• We confirm our strategy aims to build a safe lending portfolio, offering these products exclusively to our very well known base of clients, leveraging on a deep internal IT culture, powerful data warehouse system and Big Data analytics
• No change in our FY20 CoR expectations (10-15bps) thanks to the high quality of our portfolio, even in a difficult context following Covid-19 outbreak
• Only 257 mortgages moratories have been granted until now. More details on the quality of our portfolio in the following slide, with a deep dive on the main products offered

1. Current accounts/overdraft Include Lombard loans
2. Cost of Risk: commercial LLP of the last 12 months on average last 12 months commercial Loans

13

Lending: solid growth for all our lending products thanks to the quality of our portfolio and to our cautious approach

2020 Guidance

	Eop, mln	+67.0%
Mortgages				 yearly new production:
			 16,697 mortgages granted since December 2016
	+41.0%	 Average customer rate: 155bps. 1H20 Yield(1) at 59bps	~ 600-700mln
979	1,159	1,635	 Average Loan to Value 50%, average maturity 18 yrs	 Expected yield:
	 Low expected credit loss (~19 bps). Only 4 clients	~ 55-70bps
Jun.19	Dec.19	Jun.20	accounted in NPL after 42 months from the launch

Personal Loans

Eop, mln

-3.0%-4.5%

455 463 442

Jun.19

Dec.19

Jun.20

• Average ticket €9,200 and average maturity 4.6 years
• 1H20 Yield at 393bps
• Efficient and real time process, instant approval platform for eligible clients' requests thanks to a deep knowledge of clients.
• Low expected credit loss (~50 bps)

• yearly new production:
• 150-200mln
• (-20/-60mlnnet)
• Expected yield:
  ~ 380-410bps

Lombard Loans

Other lombard Credit lombard

Eop, bn

+22.9%

+10.5%

1.1	1.3	1.4
1.0 0.2	1.1 0.2	1.3 0.1

Jun.19 Dec.19 Jun.20

o/w Credit Lombard(2):

• Attractive pricing: retail clients 100bps and private clients 75bps (on 3M Eur(3))
• Differentiated margins according to the riskiness of the pledged assets
• Very low expected loss (~10 bps)

o/w Credit Lombard(2):

• Expected growth:
• • 300-350mln per year
• Expected yield:
• • 75-85bps

1. Yield on mortgages net of amortized and hedging costs
2. Credit Lombard allows to change pledged assets without closing and re-opening the credit line, allowing more flexibility and efficiency

14 with floor at zero

Capital Ratios:

Best in class capital position and low risk balance sheet

(1)

RWA, mln

Credit Market Operational

+9.8%

+5.3%

3,084	3,217	3,387
1,898	2,074	2,257
1,161 25	1,103 40	1,103 27
Jun.19	Dec.19	Jun.20

	CET1 Ratio, %
CET1 capital, mln		w/o 2019 dividend
	+52bps		payment
	+24bps	-7bps
17.84	18.12	18.36	24.19	24.12
Jun.19	Dec.19	Jun.20	Dec.19	Jun.20
		pro-forma	pro-forma
550	583	622	778	817

Leverage Ratio, %		Total Capital Ratio, %

			w/o 2019 dividend
			payment
	3.85	3.76	4.54	4.41
2.89
Jun.19	Dec.19	Jun.20	Dec.19	Jun.20

pro-formapro-forma

	+880bps		w/o 2019 dividend
		payment
	-55bps	-85bps
24.32	33.67	33.12	39.73	38.88
Jun.19	Dec.19	Jun.20	Dec.19	Jun.20

pro-formapro-forma

	(1) "Starting from 31 December 2019, FinecoBank applied the Standardised Method for determining the regulatory requirement related to
	operational risk, replacing the Advanced Measurement Method ("AMA") adopted previously."
15	Dec.19 includes 2019 dividend payment of 32.0 €/cents. Jun.20 pro-forma includes 2019 dividend payment of 32.0 €/cents.

TFA

Relentless TFA growth thanks to a healthy expansion in net sales. Guided products & Services increased at 72% of total AuM

TFA evolution (Dec.14 - Jun. 20), bn

										81.4	4.7	-3.5	82.6
										6.2		(2)
						67.2	6.2	-4.1	69.3	5.8
						1.0
				-0.2	60.2	6.0
		55.3	5.0
	0.5
49.3	5.5

TFA	Net Market TFA	Net Market TFA	Net Market TFA	Net Market TFA	Net Market TFA	Net Market TFA
2014	sales effect 2015	sales effect 2016	sales effect 2017	sales effect 2018	sales effect 2019	sales effect 1H20

36%

44%

56%

63%

67%

71%72%

Guided products as % of total AuM (1)

16 (1) Calculated as Guided Products end of period divided by Asset under Management end of period

1. 1H20 market effect: -2.0bn AUM and -1.4bn AUC

TFA breakdown

Successful shift towards high added value products thanks to strong productivity of the network. 1H20 affected by negative market effect in the first months of the year

Breakdown of total TFA, bn		Focus on AUM, bn

Guided products as % of AuM

+16.2 bn AUM since the end of 2014, o/w:

Guided Products & Services +20.5bn

81.4	82.6

AuM à la carte -4.3bn

55.3

49.3

67.2	69.3
60.2
50%	48%

50%	48%
71%	72%

23.9	26.6	29.0
8.5	11.8	16.1
15.4	14.8	12.9

33.6 33.5

21.2	22.4
12.3	11.1

-1.0%

40.5	40.1
28.8	29.0
11.7	11.1

		48%
48%		44%
36%
24%		24%
		28%
28%

48%	63%	67%
56%
	20%	20%
21%
31%	30%	32%

19%	20%
31%	32%

Dec.14 Dec.15 Dec.16 Dec.17 Dec.18 Dic.19 Jun.20

Guided Products AuM à la carte

Guided Products breakdown, bn

Total: 29.0

5.0	5.2	Core Series	Plus
1.3	1.0	1.0	Insurance	Best in Class(1)
		Stars	FAM Target

Dec.14 Dec.15 Dec.16 Dec.17 Dec.18 Dic.19 Jun.20

AuM AuC Deposits

1.5	7.6		Other (2)
6.2	Advice

AuC and Deposits under advisory have been reclassified within AuM in order to have a better representation of the advisory nature of Advice and Plus services

17	(1)	"Best in class" are a selection of advisory products and services based on: cost optimization, quality, sustainability and risk
(2)	Other includes: Core Funds, PIR and Core Pension, GP Private, FAM Evolution stand-alone, FAM Global Defence stand alone

Net sales breakdown

Solid high quality net sales growth on the wave of structural trends thanks to our diversified business model and with an improving mix. AUM revamped in 2Q20

Breakdown of total Net Sales, bn		PFA Network - total Net Sales, bn

				5.8
		6.0	6.2
				+42.4%
5.5
	5.0		2.3	3.3		4.7
4.0							+24.6%
2.7	1.9	4.0				1.6
						2.6
					3.3
3.1	0.3		1.8
				1.4		2.1	1.8
0.9
		0.5		3.5	0.1	2.6	1.0
	2.9
1.9		1.5	2.1		1.8			1.6
				1.3
1.2
				0.6
-0.2				-1.0			-0.2	-0.8

2014 2015 2016 2017 2018 2019 1H19 1H20 1Q20 2Q20

					5.1
			5.4	5.5
	4.9					+41.0%
		4.3		2.3	3.3		4.1
3.6
							+13.8%
	2.6
	1.9	4.0				1.6
				2.9		2.2
3.0		0.2		1.3				1.9
				1.4
	0.7							1.8
							0.8
						0.1	1.9
			0.3		2.6
		2.2
		1.9
	1.6
				1.4		1.3
		1.1				1.1
0.9
					0.6
-0.3					-0.8			-0.2	-0.7
2014 2015 2016 2017 2018 2019 1H19 1H20 1Q20 2Q20

2,533 2,622	2,628	2,607 2,578	2,541	2,569

AuM

AuC

Deposits

PFA Network - headcount

18 AuC and Deposits under advisory have been reclassified within AuM in order to have a better representation of the advisory nature of Advice and Plus services

Organic growth

Net sales organically generated confirmed as key in our strategy of growth

Net Sales, bn - Organic / Recruit, %

		Total recruits			Organic							Total recruits(1)		Organic
4.0 5.5	5.0	6.0	6.2	5.8	4.7	4.0	5.5	5.0 6.0	6.2 5.8	4.7	Recruitment costs
										2%
18%	11%	11%	10%	7%	5%		26%	19%	19%	14%	15%	9%	7%	(to be amortized)
												stock 25.6mln
																					as of June '20

82%	89%	89%	90%	93%	95%	98%		81%	81%	86%	85%	91%	93%
						74%

2014

2015

2016

2017

2018

2019 1H20

2014

2015

2016

2017

2018

2019

1H20

125

118

85

98

70

58

30

# of PFAs recruited in the period

19	(1) Total recruits include net inflows related to PFAs recruited over the last 24 months (avg)

Continuously increase of quality and productivity of the network, despite negative market effect in the first quarter of the year

Total Assets per PFA

TFA concentration per PFA

Eop, mln

+8.9%

+8.4%

27.9

25.6 25.7

		15.4	+8.9%
14.2	13.7	y/y

4.5 4.0 4.8

7.0 8.0 7.7

Jun.19 Mar.20 Jun.20

9.9	10.0	11.3	+14.2%
y/y

AUM Deposits

AUC Guided Products

> €35mln

€25-35mln

€20-25mln

€10-20mln

< €10mln

PFAs with TFA >20mln are 54% (+10% y/y)

and hold 81% of TFA (+5% y/y)

		+3					+9.0%
2,56672	2,569,			65.8bn	71.7bn
						100		00
21%	24%
15%				54%	47%		51%
17%
					81%
13%	12%

30%				18%	19%
28%
				12%
						11%
					18%
21%	19%			16%
								5%					4%
	Jun.19	Jun.20
		Jun.19 Jun.20
	PFAs						TFA

20

Clients' profile and focus on Private Banking

Total Financial Assets per client

>500k 100-500k

50-100k <50k

Total TFA: 82.6bn

o/w Private Banking(1): 33.0bn

	11.4%								Average age:
			7.6%			0.5-1mln
11.0%
	40.0%	8.3%			Total clients: 49
	37.6%		1-5mln
							Private clients: 62
				46.5%			5-10mln
37.6%				>10mln

TFA Private Banking, eop bn		Avg TFA per Private client

	+10.2%	AuM	AuC	Deposits
	+14.5%		0.9mln
30.0	28.8	33.0		17%
			27%	55%
Jun.19	Mar.20	Jun.20

1. Private Banking clients are clients with more than € 0.5mln TFA with the Bank

21

Agenda

Fineco Results

Next steps

Key messages

Focus on product areas

22

2020 Guidance

Given current outlook(1), our assumptions for 2020, excluding revenues and costs related to UK business development, are:

• Net interest income: confirmed resilient and low risk thanks to the smooth run-off of our bond portfolio, positive effect from volumes (~2.0-2.5bn expected growth of deposits per year) and lending book (~1.0-1.2bn new production per year), benefit from ECB's tiering, no change in our investment policy with no increase in Fineco risk profile and benefit of yield enhancement strategies from a more dynamic management of our Treasury
• Investing: every 1bln change of AuM on 1st July generates ~2.5mln revenues starting from 1st July until year-end
• Brokerage: acting as countercyclical business. It is expected to remain strong thanks to: 1) the deep reshape of the product offer, 2) the enlargement of the market (more Italians are interested in financial markets and 3) the levels of volatility which we expect to be higher than the extremely low levels registered in the past years
• Banking: banking fees from smart repricing expected to be ~11mln for 2020 and ~20-22mln starting from 2021
• Costs: we confirm our guidance(2) to around 4% yearly growth thanks to our strong operating gearing. This guidance doesn't include up to ~6.5mln of marketing costs in UK. Cost/Income continuously declining in the long run
• CET1: floor 17%, but we expect to stay at ~18% in 2020
• Leverage Ratio: very well under control and above 3.5% (for details, see slide 52 in Annex)
• Cost of Risk: confirmed in the range between 10 and 15 basis points thanks to the quality of our portfolio
• Net sales: robust, high quality net sales

23	(1)	Forward rate curve as of July 20th, 2020
(2)	Costs guidance includes 1.5mln of UK operative costs

Current environment is creating the conditions to further enlarge our growth opportunities

Current situation is accelerating the structural trends reshaping our society…

DEMAND FOR ADVICE

Increasing participation in

financial markets by Italians is building up a bridge among investing and brokerage

DIGITALIZATION

Society structurally moving

towards a more digitalized world:

a way of non-return

DISRUPTION IN

TRADITIONAL BANKS

Traditional banks not ready

for the new paradigma:

flight-to-qualityis gaining

momentum

…and strengthening our long term growth opportunities

Strengths of our business model:
Fintech DNA:	quality, efficiency, innovation
we were born already digital	Cyborg advisory:

our PFAs already used to assist

clients in a digital world

• Robust Net sales with good asset mix
• Structurally higher Brokerage
• Acceleration in high-endclients' acquisition
• Decreasing Cost/Income

24

Accelerating net sales dynamics in 1H20: robust AUM flows and increased productivity

Focus on improving revenues mix and slowing down Balance Sheet growth for a better quality business going forward

Total net sales, quarterly pace		Total net sales, monthly pace

€, bn	AUM / Net sales				€, bn	AUM / Net sales
				2.1	2.6
1.7	1.6		1.5				1.0	1.0
				0.8	0.9	0.8
	1.0
					0.3
1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	Jan.20	Feb.20	Mar.20	Apr.20	May 20	Jun.20

40% 45% 49%

91%

-11%

70%

67%

44%

-77%

69%

66%

75%

Increasing Network productivity:

net sales per PFA

€, th

595				753		852
536	358	507
1Q19	2Q19	3Q19	4Q19	1Q20	2Q20
	1H20 net sales per PFA up >40% y/y

Industrial measures driving the

acceleration of net sales and asset mix

• New generation of products: FAM contributing in terms of product innovation, operating efficiency and time-to-market
• New software developments: to improve PFAs productivity also leveraging on Big Data Analytics capabilities (X-Net,Co-Working platform)

25

Fineco Asset Management

Strong commercial momentum with a sustainable approach

Strong contribution to Fineco's AuM net sales

bn

FAM retail class net sales

FAM Growth potential

bn	FAM retail class penetration on:
	Fineco's AUM	Fineco's AUM

0.7 0.7

0.0	0.3

			1.8
	1.4
0.5	0.9
0.5	0.3	0.7

(excluding insurance)		(total)
			35.5	40.1
26.4	24.1	27.7
26%	32%	32%	21%	22%

-0.2

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Increasing penetration in Fineco's AuM net sales thanks to FAM ability to create modern and innovative multimanager solutions

Jun.19 Mar.20 Jun.20

Mar.20

Jun.20

Further room to increase FAM's penetration on Fineco's

funds stock enhancing the Bank's open architecture platform

Efficiency and time-to-market to deliver quality products in line with customers needs:

(launched in March 2020): capital preservation solution for more conservative customers' who want to protect their capital

(launched in April 2020): an evolution of the decumulation products for customers who want to take advantage of bear market phases

26

Fineco UK: our quality one-stop-solution proves to work
		Strong cross-selling thanks to our quality one-stop-solution
New active current		o/w 83% of new active clients came from cross-sellingfrom listed
	accounts	OTC	Small target market (143k traders)(1) but with very profitable ARPU
7%		8%
		We are focusing on with a disruptive offer on equity CFDs
41%				o/w 53% of new active clients came from cross-sellingfrom multicurrency
		68%	Listed	Interesting ARPU in line with the industry for a wide target market (960k
			investors)(1)
				Best-in-classoffer in terms of pricing and products
53%				Our powerful entry gate and engine for cross-selling
		24%	Multicurrency	Lower ARPU but bigger target market (4.2mln of UK freq. Travelers(2)
1Q20		2Q20		attracted by best rate and easy international payments services)
		Most competitive offer with 20+ currencies. Already live with new repricing for
OTC	Listed	Multicurrency	higher tickets

Improving revenues thanks to cross-selling

43%

28%

27% 36%

45% 21%

1Q20 2Q20

OTC

Listed

Multicurrency

• We are profitable on all the segments thanks to our huge operating leverage
• OTC and Listed products taking the lion share of revenues in 2Q20
• Working on to further improve the cross-sellingfrom listed to OTC in order to increase the actual ARPU of active current accounts (~€740)(3)
• Still missing one important piece: coming soon the full range of investing offer with ISAs and SIPPs (see slide 29)

	(1)	Source: Investment Trends 2020
	(2)	Source: Internal research
27	(3) ARPU calculated as annualized revenues produced by active current accounts in the period March/June 2020. Active current
	accounts have done at least one operation among Listed, OTC or multicurrency services

Fineco UK: boost in clients' acquisition with limited marketing expenses

Promising feedback from our very first marketing campaign

Boost in clients' acquisition (3x new current accounts q/q)

				New current
					accounts
					+1.7k
						Pure adv
					marketing costs(1)
						€ 1.4 mln
Nov.19	Dec.19	Jan.20	Feb.20	Mar.20	Apr.20	May.20	Jun.20
CPA adv marketing(2)	~€ 825

Increasing active current accounts(3)

+55.9%
Mar/Jun19	Mar/Jun20

Active current

accounts on trading increasing >3x y/y

Total current accounts

	7.6k
6.3k
Mar.20	Jun.20

First target: 30-35k good clients

in 2/3 years horizon

critical number for a "word of mouth strategy"

Gaining market share from traditional banks

YTD inflows 29%	17%						18%
		10%	9%	8%	6%	3%
	HSBC	Barclays Nat West	Santander	Lloyds Bank	Halifax	Nationwide	Other

1. Total marketing expenses in the quarter equal to €2.8 mln
2. CPA adv marketing calculated dividing pure adv marketing costs on new current accounts
3. Active current accounts have done at least one operation among Listed, OTC or multicurrency services

28 Source: internal elaboration GB Department

Fineco UK: next steps

3Q20	4Q20	1H21

	+15/20 more to reach ~80% of
ISA Account	D2C funds coverage

Branch, SIPP Account

Target Market

Funds self-investors







1 trillion addressable wealth in UK (1)

New inflows in D2C market: +23bln (+11% y/y) (1)

New clients coming from traditional banks, stockbroking, D2C platform

29

(1) Source: Internal Research

Agenda

Fineco Results

Next steps

Key messages

Focus on product areas

30

Sustainability at the heart of Fineco's business model (1/2)

We are a looking-forward organization playing in the long-run and able to generate a positive impact for all our stakeholders and the overall society

Our sustainable strategy lays on 2 different levels: a macro level and a micro level

1	MACRO level: related to our business model,
	from the beginning based on sustainability long-term view
	TRANSPARENCY	 FAM as a champion of ESG: PERFORMANCE FEES FREE trademark
	Fairness and respect	 FAIR PRICING
	for all our stakeholders	 LOW UPFRONT FEES (only 3% of Investing fees)
	EFFICIENCY	 Delivering BEST-IN-CLASS CUSTOMER EXPERIENCE
	Fintech DNA: strong focus
	on IT & Operations, more  SHARING FAM BENEFITS WITH CLIENTS:
	flexibility, less costs	better quality and timely products with lower TER
	INNOVATION	 NO short-term AGGRESSIVE COMMERCIAL OFFERS and
	Quality offer for highly	ZERO REMUNERATION on current accounts
	SATISFIED CLIENTS	 Focus on ORGANIG GROWTH

31

Sustainability at the heart of Fineco's business model (2/2)

We are a looking-forward organization playing in the long-run and able to generate a positive impact for all our stakeholders and the overall society

2

Our sustainable strategy lays on 2 different levels: a macro level and a micro level

MICRO level: related to the single details contributing to the ESG world

 MARKET FRIENDLY CORPORATE GOVERANCE:	2020 AGM, % of represented shares voting in favour:
 Up to 3 lists for Board renewal		86.2% for outgoing Board list proposal
 10 independent Board members out of 11		97.5% for 2020 remuneration policy

• Ramping up the GOVERNANCE OF SUSTAINABILITY:
• • Sustainability Committee at Board and Managerial level
  • Sustainability Team within CFO Department
• FOCUS on Cyber-Security and ESG risks leveraging on FINTECH DNA

Our ESG RATINGS recently

UPGRADED

"EE+" "A"

(very strong)

• Broad ESG product offer, both on Investing (i.e. ~40% of funds have ESG rating Morningstar above
  "Average") and Lending ("Green mortgages")
• First Non-Financial Statement published on our website

32

Healthy and sustainable growth with a long term horizon

Highly scalable operating platform…

2014

2015	2016	2017
	60	67
55		1,200

2018

69 1,278

2019

81 1,358

CAGR (2014-2019)

• 11%
• 7%

TFA (bn)

49

	1,118
1,048	226

254

281

+

13%

Clients (thd, #)

Net profit (1) (mln)

Revenues (1) (mln)

Costs (1) (mln)

Cost/ Income (1) (%)

964 155 451 212 47

197	208
	587
	544
544
233	226	233
43	42	40

628

244

39

658

250

38

+ 8%

+ 3%

-9 p.p.

…with a diversified revenues mix leading consistent results in every market conditions

Net Profit adjusted (net of DGS and SRF) (1), mln

CAGR	+15.0%

37.3 40.1 36.4 40.8 47.8 45.9 55.1 47.7 51.2 49.8 52.0 54.8 51.7 52.6 61.0 60.4 59.0 66.2 63.2 65.6 63.5 75.6 73.4 72.0 92.4 89.2

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

1. Figures adjusted by non recurring items and Net Profit adjusted net of Deposit Guarantee Scheme and Single Resolution Fund (FY15: -3.1mln net, FY16: -7.1mln net, FY17: -7.1mln net, FY18: -9.6mln net, FY19: -12.1 mln net, 1Q20: -0.3mln gross, -0.2mln net)

33

Safe Balance Sheet: simple, highly liquid and low risk asset side, valuable and sticky deposits

Diversified investment portfolio

• Investment strategy announced during FY17 results unchanged: UC bonds run- offs, blend of European government bonds diversified across countries, covered bonds, supranational and agencies
• 99% not exposed to volatility: HTC classification since November 2016

High-quality lending growth

 Lending offered exclusively to our well-knownbase of clients

• Low-risk: CoR at 14bps, cautious approach on mortgages (LTV 50%, avg maturity 18 yrs)
• Strong competitive advantage leveraging on Big Data Analytics and continuous innovation (i.e. look-through implementation with significant benefits on CET1 ratio)

29.4 bn

23.0
	27.0
4.2
1.6	0.8
1.6
0.6
Assets	Liabilities

High-value deposit base

• Sticky deposits: mostly 'transactional liquidity' gathered without aggressive commercial offers
• Growth based on quality of services. Cost of funding close to zero
• +10.5% CAGR sight deposits growth in the last 10 years, strong resilience during periods of stress/crisis

Rock - solid capital position

	pro-forma
CET1	18.4%	LCR	>900%
	pro-forma
TCR	33.1%	NSFR(2)	277%
			pro-forma
	LEVERAGE RATIO	3.76%

Financial Assets			Customer loans			(1)		Other
				Due from Banks
Customer deposits			Other liabilities				Equity

1. Due from banks includes 0.9bn cash deposited at Bank of Italy as of June 2020

34 (2) NSFR as of Mar.20

Total assets: 99.5% not exposed to volatility

Out of 29.4bn, only 0.15bn of Assets valuated at fair value with very limited impacts on Equity reserve

Total Assets, eop bn

Gov. Bonds at fair value	UC Bonds		Other (2)
Other Bonds at amortized costs	Due from banks(1)

Covered bonds and financial corporate	Customers loans
29.4		o/w Total non UCG Bonds:
0.1			16.2 bn (3)
			SSA
		Spain	2.0
15.2		3.9	Ireland
		0.9
	Financial investments	1.0	France
	at amortized costs (HTC)	0.9	Covered & Financial
0.9
6.5		5.4	2.2
	Other(4)
		Italy
1.6
4.2	Massive de-risking of the Balance Sheet
0.9	thanks to the full collateralization of UC bonds (May 10th, 2019)
Jun.20

1. Due from banks includes 0.9bn cash deposited at Bank of Italy as of Jun.20
2. Other refers to tangible and intangible assets, derivatives and other assets
3. 16.2bn equal to 15.3bn nominal value, o/w Italy 5.0bn nominal value
4. Other : US, Austria, Belgium, Germany, Poland, Portugal, United Kingdom, Switzerland

35

Agenda

Fineco Results

Next steps

Key messages

Focus on product areas

36

Revenues by Product Area

Well diversified stream of revenues allow the bank to successfully face any market

environment

Banking, mln

38%

+5.3%

+4.4%

+4.9%

146.5

153.0

74.3

74.6

78.3

2Q19

1Q20

2Q20

1H19

1H20

Brokerage, mln

32%

Investing, mln

29%

1H20

+103.4%

+107.0%

Management

fees

+5.4%

+0.9%

-1.2%

+3.4% y/y

127.9

-6.6%

63.6

64.2

61.8

111.8

117.8

57.6

60.9

56.9

31.6

2Q19

1Q20

2Q20

1H19

1H20

2Q19

1Q20

2Q20

1H19

1H20

1H20 weight on total revenues for each product area

	Managerial Data. Revenues attributable to single each product area, generated by products / services offered to customers according to
37	the link between products and product area. Banking includes revenues generated by direct deposits and credit products. Investing
includes revenues generated by asset under management products; Brokerage includes revenues from trading activity.

Banking

Sound performance driven by strong volume growth and relentless clients' acquisition, thanks to high quality services and best-in-class customer satisfaction

	Revenues
mln	Net Interest	Trading income
	Fees and commissions	Other

+4.4%

Sight deposits

Eop, bn

+9.4%

-3.1%

+5.3%

153.0

23.8

26.9

26.1

+4.9%

146.5

		78.3
74.3	74.6		133.5
	65.8	67.7	136.4
68.8

19.1

5.6	8.8	10.3	10.0
		-0.20.2-0.20.5
-0.10.1-0.10.2-0.10.3
2Q19	1Q20	2Q20	1H19	1H20

Jun.19

Mar.20

Jun.20

Clients and new clients

thd, # # of new clients

+3.1%

-0.3%

1,318 1,364 1,359

Jun.19

Mar.20

Jun.20

59

22

46

Managerial Data

38

Brokerage

Revamped Brokerage thanks to skyrocketing volatility combined with the review of the offer. Growing market share in Italy and continuous enlargement of product offer

Revenues		Well-diversified brokerage offer

mln	Net Interest		Trading profit
			among products…	…and geographies
	Fees and commissions	Other	+107.0%
		+103.4%				127.9	Funds
							Other markets
						5.5
						Forex / CFD	Italy
		+0.9%
					8% 7%
						73.1		39%
		63.6	64.2		61.8	Derivatives 21%	43%
		3.0	2.5
			7.2		63%
31.6
	35.6	37.6		36.5		2%		18%
3.7				49.2	Bonds
18.0		25.1	24.2			Equity		US
		0.018.1
0.0 9.9
0.0	0.0		0.0
2Q19		1Q20	2Q20		1H19	1H20
		Executed orders		Volatility (1)

mln
	+124.5%
	+8.5%	+111.9%
	12.1	13.2	11.9	25.3
5.9
2Q19	1Q20	2Q20	1H19	1H20

	Managerial Data
39	(1) Volatility calculated as avg weekly volatility of BUND, BTP, SP, EUROSTOXX, MINIDAX, DAX, FIB, MINIFIB, NASDAQ, DOW weighted on
volumes related to futures traded by our clients

Investing

Increasing revenues y/y thanks to a successful strategy based on our cyborg advisory approach. Very limited upfront fees, representing only 3% of investing fees

Revenues (Net fees)

mln	PFA incentives(1)
Upfront fees

Management fees	Other income	+5.4%
			1H20	111.8	117.8
		Management
		3.1
			fees	2.5
		+3.4 y/y
	-1.2%
	-6.6%
57.6	60.9	56.9
1.7			120.8
1.3	1.4		116.8
59.7	61.9	58.9
0.0-3.5	-2.70.1	-0.23.2		-7.4	-5.9
				0.0	-0.1
2Q19	1Q20	2Q20		1H19	1H20

Assets under Management

eop, bn

Guided Products / AUM

	+8.9%
	+12.9%
36.8	35.5	40.1
69%	72%	72%
Jun.19	Mar.20	Jun.20

Average Asset under Management

daily avg, bn

+4.3%

-3.5%

36.6 39.6 38.2

2Q19 1Q20 2Q20

Managerial Data

40

Annex

41

P&L

mln			1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	1H19	1H20
Net interest income			70.4	71.4	69.8	69.7	281.3	68.2	70.1	141.8	138.2
Net commissions			77.4	81.3	84.3	82.3	325.2	105.0	104.8	158.6	209.7
Trading profit			9.8	8.0	11.6	15.3	44.8	26.4	30.1	17.8	56.5
Other expenses/income		0.2	0.3	0.1	2.9	3.6	0.6	0.8	0.5	1.4
Total revenues			157.7	161.1	165.8	170.2	654.8	200.1	205.8	318.8	405.8
Staff expenses			-21.7	-22.4	-22.5	-23.6	-90.2	-24.0	-24.9	-44.1	-48.9
Other admin.exp. net of recoveries		-38.5	-34.4	-29.4	-34.3	-136.6	-36.5	-34.6	-72.9	-71.1
D&A			-5.1	-5.4	-5.8	-6.6	-22.9	-6.1	-6.2	-10.5	-12.3
Operating expenses		-65.3	-62.3	-57.6	-64.4	-249.6	-66.5	-65.7	-127.5	-132.2
Gross operating profit		92.5	98.8	108.2	105.8	405.2	133.6	140.0	191.3	273.6
Provisions			-1.0	-2.9	-19.8	-3.5	-27.2	-1.1	-6.5	-3.8	-7.6
LLP			-1.3	1.1	-1.2	-0.6	-2.0	-1.0	-2.7	-0.1	-3.7
Profit from investments		-0.7	6.5	0.4	1.1	7.4	-0.1	-3.7	5.8	-3.8
Profit before taxes			89.5	103.5	87.6	102.8	383.5	131.4	127.1	193.1	258.5
Income taxes			-27.3	-31.7	-26.6	-9.6	-95.1	-40.0	-38.3	-59.0	-78.3
Net profit for the period		62.3	71.8	61.0	93.2	288.4	91.4	88.7	134.1	180.2
Net profit adjusted	(1)		63.5	75.6	61.7	71.6	272.3	92.2	88.7	139.1	181.0
Non recurring items (mln, gross)		1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	1H19	1H20
Extraord systemic charges (Trading Profit)	(2)	-0.4	-4.3	0.4	1.4	-3.0	-1.2	0.0	-4.8	-1.2
Patent Box			-0.9	-0.9	-0.9	20.7	18.1	0.0	0.0	-1.8	0.0
Total			-1.3	-5.2	-0.5	22.1	15.1	-1.2	0.0	-6.5	-1.2

	(1)	Net of non recurring items
42	(2)	Voluntary Scheme valuation

P&L net of non recurring items

mln		1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	1H19	1H20
	Adj.	(1)	Adj.	(1)	Adj.	(1)	Adj.	(1)	Adj.	(1)	Adj.	(1)	Adj.	(1)	Adj.	(1)	Adj.	(1)
Net interest income		70.4	71.4	69.8	69.7	281.3	68.2	70.1	141.8	138.2
Net commissions		77.4	81.3	84.3	82.3	325.2	105.0	104.8	158.6	209.7
Trading profit		10.3	12.3	11.2	13.9	47.7	27.6	30.1	22.6	57.7
Other expenses/income	0.2	0.3	0.1	2.9	3.6	0.6	0.8	0.5	1.4
Total revenues		158.2	165.4	165.4	168.8	657.8	201.3	205.8	323.5	407.0
Staff expenses		-21.7	-22.4	-22.5	-23.6	-90.2	-24.0	-24.9	-44.1	-48.9
Other admin.expenses	-38.5	-34.4	-29.4	-34.3	-136.6	-36.5	-34.6	-72.9	-71.1
D&A		-5.1	-5.4	-5.8	-6.6	-22.9	-6.1	-6.2	-10.5	-12.3
Operating expenses	-65.3	-62.3	-57.6	-64.4	-249.6	-66.5	-65.7	-127.5	-132.2
Gross operating profit	92.9	103.1	107.8	104.4	408.2	134.8	140.0	196.0	274.8
Provisions		-1.0	-2.9	-19.8	-3.5	-27.2	-1.1	-6.5	-3.8	-7.6
LLP		-1.3	1.1	-1.2	-0.6	-2.0	-1.0	-2.7	-0.1	-3.7
Profit from investments	-0.7	6.5	0.4	1.1	7.4	-0.1	-3.7	5.8	-3.8
Profit before taxes		90.0	107.8	87.2	101.4	386.4	132.6	127.1	197.8	259.7
Income taxes		-26.5	-32.2	-25.6	-29.8	-114.2	-40.4	-38.3	-58.8	-78.7
Net profit adjusted	(1)	63.5	75.6	61.7	71.6	272.3	92.2	88.7	139.1	181.0

1. Net of non recurring items (see page 42 for details)

43

1H20 P&L FinecoBank and Fineco Asset Management

mln

Net interest income Dividends Net commissions Trading profit Other expenses/income Total revenues Staff expenses Other admin.exp. net of recoveries D&A Operating expenses Gross operating profit Provisions LLP Profit on Investments Profit before taxes Income taxes Net profit for the period

Fineco Asset	FinecoBank	FinecoBank
Management		Individual		Consolidated
-0.1		138.3		138.2
0.0		14.2		0.0
32.4		177.4		209.7
0.1		56.4		56.5
-0.1		1.5		1.4
32.3		387.8		405.8
-2.0		-46.9		-48.9
-2.0		-69.1		-71.1
-0.1		-12.1		-12.3
-4.2		-128.1		-132.2
28.1		259.7		273.6
0.0		-7.6		-7.6
0.0		-3.7		-3.7
0.0		-3.8		-3.8
28.1		244.6		258.5
-3.6		-74.8		-78.3
24.6		169.8		180.2

44

Details on Net Interest Income

mln
Financial Investments
Net Margin
Gross margin
Security Lending
Net Margin
Leverage - Long
Net Margin
Other Treasury
activities
Net Margin
Lending
Net Margin
o/w Current accounts
	Net Margin
	(1)
	o/w Cards
	Net Margin
o/w Personal loans
	Net Margin
	o/w Mortgages
	(1)
	Net Margin
Other	(2)
Total
Gross Margin
Cost of Deposits

1Q19	Volumes &	2Q19	Volumes &	3Q19	Volumes &	4Q19	Volumes &	FY19	Volumes &	1Q20	Volumes &	2Q20	Volumes &	1H19	Volumes	1H20	Volumes
Margins	Margins	Margins	Margins	Margins	Margins	Margins	& Margins	& Margins
57.1	19,748	58.0	20,582	55.9	21,714	56.0	22,114	227.0	21,040	54.8	22,543	56.3	22,676	115.1	20,165	111.1	22,609
	1.17%		1.13%		1.02%		1.01%		1.08%		0.98%		1.00%		1.15%		0.99%
59.7	1.23%	60.4	1.18%	58.5	1.07%	57.7	1.04%	236.3	1.12%	56.8	1.01%	57.1	1.01%	120.0	1.20%	113.9	1.01%
0.6	836	0.4	386	0.0	0	0.3	307	1.4	382	0.7	634	1.3	1,132	1.1	611	2.0	883
	0.32%		0.44%		0.00%		0.44%		0.37%		0.44%		0.46%		0.36%		0.46%
2.7	129	3.2	153	3.3	157	3.3	154	12.4	148	2.9	137	2.4	117	5.9	141	5.2	127
	8.45%		8.35%		8.38%		8.38%		8.39%		8.42%		8.13%		8.40%		8.29%
n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	0.1	69	0.8	784	n.a.	n.a.	0.8	427
	n.a.		n.a.		n.a.		n.a.		n.a.		0.44%		0.39%		n.a.		0.39%
10.5	2,611	10.8	2,754	11.1	2,912	10.9	3,050	43.3	2,832	11.0	3,293	11.4	3,537	21.3	2,683	22.3	3,415
	1.62%		1.58%		1.51%		1.42%		1.53%		1.34%		1.29%		1.60%		1.32%
2.9	1,040	3.2	1,112	3.2	1,169	3.4	1,241	12.7	1,141	3.4	1,316	3.6	1,375	6.1	1,076	7.0	1,345
	1.14%		1.14%		1.10%		1.07%		1.11%		1.05%		1.04%		1.14%		1.04%
1.2	245	1.2	252	1.2	282	1.2	265	4.9	261	1.2	242	1.1	184	2.4	248	2.3	213
	2.00%		1.92%		1.74%		1.87%		1.88%		2.02%		2.46%		1.96%		2.21%
4.6	441	4.6	448	4.6	457	4.5	459	18.3	451	4.5	462	4.4	448	9.1	444	8.9	455
	4.20%		4.09%		3.98%		3.92%		4.05%		3.93%		3.93%		4.15%		3.93%
1.8	886	1.9	942	2.0	1,005	1.8	1,084	7.4	979	1.8	1,273	2.3	1,530	3.7	914	4.1	1,402
	0.80%		0.82%		0.79%		0.64%		0.76%		0.57%		0.61%		0.81%		0.59%
-0.5		-1.0		-0.4		-0.8		-2.8		-1.3		-2.1		-1.6		-3.3
70.4		71.4		69.8		69.7		281.3		68.2		70.1		141.8		138.2
	1.26%		1.25%		1.17%		1.11%		1.20%		1.08%		1.04%		1.26%		1.06%
	-0.05%		-0.04%		-0.04%		-0.03%		-0.04%		-0.03%		-0.01%		-0.04%		-0.02%

Volumes and margins: average of the period

Net margin calculated on real interest income and expenses

2019 quarterly figures have been reclassified due to a managerial recast

45	(1)	Calculated on total cards, both spending and revolving
	(2)	Other includes mainly marketing costs

UniCredit bonds underwritten

	ISIN Currency	Amount (€ m)	Maturity	Indexation	Spread
1	IT0005010308	Euro	382.5	9-Jul-20	Euribor 1m	2.49%
2	IT0005010381	Euro	382.5	7-Oct-20	Euribor 1m	2.52%
3	IT0005010332	Euro	382.5	6-Jan-21	Euribor 1m	2.54%
4	IT0005010316	Euro	382.5	6-Apr-21	Euribor 1m	2.56%
5	IT0005010340	Euro	382.5	5-Jul-21	Euribor 1m	2.58%
6	IT0005010225	Euro	382.5	18-Oct-21	Euribor 1m	2.60%
7	IT0005040099	Euro	100.0	24-Jan-22	Euribor 1m	1.46%
8	IT0005057994	Euro	200.0	11-Apr-22	Euribor 1m	1.43%
9	IT0005083743	Euro	300.0	28-Jan-22	Euribor 1m	1.25%
10	IT0005114688	Euro	180.0	19-May-22	Euribor 1m	1.19%
11	IT0005120347	Euro	700.0	27-Jun-22	Euribor 1m	1.58%
12	IT0005144065	Euro	450.0	14-Nov-22	Euribor 3m	1.40%
13	IT0005144073	Euro	350.0	15-Nov-21	Euribor 3m	1.29%
14	IT0005158412	Euro	250.0	23-Dec-22	Euribor 3m	1.47%
15	IT0005163180	Euro	600.0	11-Feb-23	Euribor 3m	1.97%
16	IT0005175135	Euro	100.0	24-Mar-23	Euribor 3m	1.58%
17	IT0005217606	Euro	350.0	11-Oct-23	Euribor 3m	1.65%
18	IT0005241317	Euro	622.5	2-Feb-24	Euribor 3m	1.52%
	Total	Euro	6,497.5		Euribor 1m	1.92%

In order to calculate an average spread on Eur1m, an average basis swap of 0.06% is considered

46

Financial Investments

Further improvements for a diversified asset side.

Bond Portfolio, avg bn		UC bonds and Govies run-offs,eop bn

UC bonds		Spain	SSA (1)
Italy		Other Govies(2)	Covered & Corporate

		+20.3%
		+3.8%			+20.9%
		22.2	23.1			22.7
19.2	7.2	6.6	18.7	6.9
8.3	5.4	5.6	8.5	5.5
3.9	3.9	3.9	3.9	3.9
3.3	3.5	4.1	3.3	3.8
2.4
1.1	0.7 1.5	0.9	2.0	2.0	0.9	0.8 1.8
0.2		0.1
2Q19	1Q20	2Q20	1H19	1H20

Avg Bond portfolio 1H20 (excl. UC Bonds): 15.8bn, +55% y/y

64% (3) at fixed rate, avg yield: 72bps

UC Bonds Govies & SSA Covered & Corporate

		3.1
	2.7								2.6
					2.0		2.2	2.2
		2.2
	1.9	1.5	1.6
1.3			1.4
							2.3
			0.6			2.1	2.1
			1.1	1.8			0.8
0.8
			1.3
		0.9		0.9					0.8	0.3
0.5	0.8	0.5					0.3
0.0	0.1	0.2	0.1	0.1	0.1	0.0	0.3
0.0	0.0	0.0
										0.0
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2044
251	234	145	189	159		UC Bonds avg spread vs Eur1M, bps

Residual maturity total portfolio: 5.0 yrs

o/w UC Bonds: 1.8 yrs

o/w bonds (excl. UC bonds): 6.4 yrs

	(1)	Sovereign Supranational and Agencies
	(2)	Avg 2Q20 "Other" includes: 1.0bn France, 0.9bn Ireland, 0.5bn USA, 0.5bn Belgium, 0.5bn Austria, 0.4bn Portugal, 0.1bn Germany, 0.1 UK,
47	0.1 Poland and Switzerland
(3)	Calculated on nominal value as of June 30th 2020

Details on Net Commissions

mln	1Q19	2Q19	3Q19	4Q19		FY19		1Q20	2Q20		1H19	1H20
Brokerage	18.5	18.0	20.0	20.8	77.3	35.6	37.6	36.5	73.1
o/w
Equity	15.6	14.7	15.9	17.0	63.2	30.0	31.0	30.3	61.0
Bond	0.9	0.9	1.4	0.7	3.9	1.0	3.8	1.8	4.8
Derivatives	2.3	2.2	2.7	2.6	9.7	4.5	3.7	4.5	8.2
Other commissions(1)	-0.2	0.2	0.0	0.6	0.5	0.0	-0.9	0.0	-0.9

Investing	54.2	57.6	58.3	56.1	226.2	60.8	57.1	111.8	117.9
o/w
Placement fees	1.1	1.3	1.1	1.8	5.4	1.7	1.4	2.5	3.1
Management fees	57.1	59.7	61.5	63.0	241.3	61.9	58.9	116.8	120.8
to PFA's: incentives	-3.0	-4.3	-3.6	-8.0	-18.9	-2.5	-2.6	-7.3	-5.1
to PFA's: LTI	-1.0	0.8	-0.7	-0.7	-1.6	-0.2	-0.7	-0.2	-0.9
Banking	4.5	5.6	5.9	5.3	21.3	8.8	10.3	10.0	19.1
Other	0.1	0.1	0.1	0.1	0.4	-0.2	-0.2	0.2	-0.4
Total	77.4	81.3	84.3	82.3		325.2		105.0	104.8		158.6	209.7

(1) Other commissions include security lending and other PFA commissions related to AuC

48

Revenues breakdown by Product Area

mln	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	1H19	1H20
Net interest income	67.6	68.8	67.0	66.9	270.3	65.8	67.7	136.4	133.5
Net commissions	4.5	5.6	5.9	5.3	21.3	8.8	10.3	10.0	19.1
Trading profit	-0.1	-0.1	-0.2	0.2	-0.2	-0.1	-0.1	-0.2	-0.2
Other	0.1	0.1	0.1	0.1	0.4	0.2	0.3	0.2	0.5
Total Banking	72.1	74.3	72.7	72.5	291.7	74.6	78.3	146.5	153.0
Net interest income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net commissions	54.2	57.6	58.3	56.1	226.2	60.8	57.1	111.8	117.9
Trading profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other	0.0	0.0	0.0	2.7	2.7	0.1	-0.2	0.0	-0.1
Total Investing	54.2	57.6	58.3	58.8	228.9	60.9	56.9	111.8	117.8
Net interest income	3.4	3.7	3.4	3.4	14.0	3.0	2.5	7.2	5.5
Net commissions	18.5	18.0	20.0	20.8	77.3	35.6	37.6	36.5	73.1
Trading profit	8.2	9.9	11.5	11.7	41.3	25.1	24.2	18.1	49.2
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Brokerage	30.2	31.6	34.9	35.9	132.6	63.6	64.2	61.8	127.9

Managerial Data

Please note that, starting from December 31st, 2019, "Trading profit" also includes dividends and similar revenues on equity investments held at fair value in the item "Dividend income and similar revenue", previously included in the item "Dividends and other income from equity investments" in the reclassified income statement. 2018 figures were also reclassified.

49

Breakdown Total Financial Assets

mln	Mar.19	Jun.19	Sep.19	Dec.19	Mar.20	Jun.20
AUM	35,988	36,819	38,325	40,505	35,516	40,083
o/w Funds and Sicav	26,361	26,426	27,477	28,786	24,122	27,657
o/w Insurance	8,401	9,002	9,369	10,115	9,961	10,676
o/w GPM	1	26	55	93	127	169
o/w AuC + deposits under advisory	1,225	1,365	1,425	1,512	1,307	1,580
o/w in Advice	572	600	603	598	516	550
o/w in Plus	653	765	822	914	792	1,030
AUC	15,187	15,229	15,158	15,324	13,485	16,486
o/w Equity	9,137	9,207	9,573	9,841	8,308	10,565
o/w Bond	6,037	6,011	5,575	5,448	5,147	5,878
o/w Other	13	12	11	35	30	43
Direct Deposits	22,941	23,844	25,099	25,590	26,925	26,077
o/w Sight	22,938	23,842	25,098	25,588	26,924	26,077
o/w Term	2	2	2	1	1	1
Total	74,116	75,892	78,583	81,419	75,927	82,646
o/w Guided Products & Services	24,301	25,354	26,697	28,788	25,486	28,984
o/w TFA Private Banking	29,041	29,970	31,891	33,437	28,844	33,024

AuC and Deposits under advisory have been reclassified within AuM in order to have a better representation of the advisory nature of Advice and Plus services

50

Balance Sheet

mln	Mar.19	Jun.19	Sep.19	Dec.19	Mar.20	Jun.20
Due from Banks (1)	3,807	1,941	2,033	1,320	1,801	1,633
Customer Loans	3,029	3,409	3,568	3,680	3,741	4,204
Financial Assets	19,012	19,920	21,532	22,313	23,414	22,961
Tangible and Intangible Assets	243	242	247	279	280	280
Derivatives	29	49	72	65	76	76
Other Assets	259	274	308	366	207	259
Total Assets	26,380	25,835	27,760	28,023	29,519	29,412
Customer Deposits	23,311	24,140	25,429	25,920	27,202	27,021
Due to Banks	1,605	207	188	155	331	113
Derivatives	32	84	156	95	144	207
Funds and other Liabilities	393	477	698	471	365	515
Equity	1,040	928	1,289	1,382	1,477	1,556
Total Liabilities and Equity	26,380	25,835	27,760	28,023	29,519	29,412

1. Due from banks includes cash deposited at Bank of Italy: 0.9bn cash as of June 2020, 1.2bn cash as of Mar.2020, 1.2bn cash as of June 2019, 1.2bn cash as of Sept. 2019, and 0.8bn cash as of Dec. 2019

51

Leverage Ratio Sensitivity

• OUR PRIORITY: to slow down the growth of our Balance Sheet through the conversion of deposits into Asset under Management and through the repricing of our Banking services
• OUR GUIDANCE: Leverage Ratio above 3.5% considering a growth of deposits in a range between 2-2.5bn per year

STRESS TEST SCENARIO

T1 Capital (mln)

		0	30	40	50	60	70	80	90	100	110	120	130	140	150
	-	3.85%	3.95%	3.99%	4.02%	4.06%	4.10%	4.13%	4.17%	4.20%	4.24%	4.27%	4.31%	4.34%	4.38%
	500	3.78%	3.88%	3.92%	3.95%	3.99%	4.02%	4.06%	4.09%	4.13%	4.16%	4.20%	4.23%	4.27%	4.30%
	1,000	3.72%	3.82%	3.85%	3.89%	3.92%	3.96%	3.99%	4.02%	4.06%	4.09%	4.13%	4.16%	4.20%	4.23%
(mln)	1,500	3.65%	3.75%	3.79%	3.82%	3.85%	3.89%	3.92%	3.96%	3.99%	4.02%	4.06%	4.09%	4.12%	4.16%
2,000	3.59%	3.69%	3.72%	3.76%	3.79%	3.82%	3.86%	3.89%	3.92%	3.96%	3.99%	4.02%	4.06%	4.09%
2,500	3.53%	3.63%	3.66%	3.70%	3.73%	3.76%	3.79%	3.83%	3.86%	3.89%	3.92%	3.96%	3.99%	4.02%
3,000	3.48%	3.57%	3.61%	3.64%	3.67%	3.70%	3.73%	3.77%	3.80%	3.83%	3.86%	3.89%	3.93%	3.96%
Exposures	3,500	3.42%	3.52%	3.55%	3.58%	3.61%	3.64%	3.67%	3.71%	3.74%	3.77%	3.80%	3.83%	3.86%	3.90%
4,000	3.37%	3.46%	3.49%	3.52%	3.56%	3.59%	3.62%	3.65%	3.68%	3.71%	3.74%	3.77%	3.80%	3.84%
	4,500	3.32%	3.41%	3.44%	3.47%	3.50%	3.53%	3.56%	3.59%	3.62%	3.65%	3.68%	3.72%	3.75%	3.78%
	5,000	3.27%	3.36%	3.39%	3.42%	3.45%	3.48%	3.51%	3.54%	3.57%	3.60%	3.63%	3.66%	3.69%	3.72%
	5,500	3.22%	3.31%	3.34%	3.37%	3.40%	3.43%	3.46%	3.49%	3.52%	3.55%	3.57%	3.60%	3.63%	3.66%
	6,000	3.17%	3.26%	3.29%	3.32%	3.35%	3.38%	3.41%	3.43%	3.46%	3.49%	3.52%	3.55%	3.58%	3.61%
Total	6,500	3.13%	3.21%	3.24%	3.27%	3.30%	3.33%	3.36%	3.39%	3.41%	3.44%	3.47%	3.50%	3.53%	3.56%
7,000	3.08%	3.17%	3.19%	3.22%	3.25%	3.28%	3.31%	3.34%	3.37%	3.39%	3.42%	3.45%	3.48%	3.51%
	7,500	3.04%	3.12%	3.15%	3.18%	3.21%	3.23%	3.26%	3.29%	3.32%	3.35%	3.37%	3.40%	3.43%	3.46%
	8,000	3.00%	3.08%	3.11%	3.13%	3.16%	3.19%	3.22%	3.24%	3.27%	3.30%	3.33%	3.36%	3.38%	3.41%
	8,500	2.95%	3.04%	3.06%	3.09%	3.12%	3.15%	3.17%	3.20%	3.23%	3.26%	3.28%	3.31%	3.34%	3.36%
	9,000	2.92%	3.00%	3.02%	3.05%	3.08%	3.10%	3.13%	3.16%	3.18%	3.21%	3.24%	3.27%	3.29%	3.32%
	9,500	2.88%	2.96%	2.98%	3.01%	3.04%	3.06%	3.09%	3.12%	3.14%	3.17%	3.20%	3.22%	3.25%	3.27%
	10,000	2.84%	2.92%	2.94%	2.97%	3.00%	3.02%	3.05%	3.07%	3.10%	3.13%	3.15%	3.18%	3.21%	3.23%

Considering our organic capital generation(1) after dividend distribution and payment of AT1

coupon, also in case of extremely

adverse market scenario and

assuming 5 billion of deposit

growth in 2020 (vs 2.4bn on

average in the period 2015-'19),

our Leverage ratio would

remain around 3.5%.

LR > 3.5%

3.0% < LR < 3.5%

LR < 3.0%

(1) In 2019 we generated 58mln of organic capital after the payment of AT1 coupon and assuming the distribution of €0.32 DPS

52

Main Financial Ratios

						Mar.19	Jun.19	Sep.19	Dec.19	Mar.20	Jun.20
PFA TFA/ PFA (mln)	(1)		25.0	25.6	26.6	27.8	25.7	27.9
Guided Products / TFA	(2)	33%	33%	34%	35%	34%	35%
Cost / income Ratio	(3)		41.3%	39.4%	37.9%	37.9%	33.0%	32.5%
CET 1 Ratio	(4)					21.0%	17.8%	17.4%	18.1%	19.3%	18.4%
Adjusted RoE	(5)				31.2%	34.0%	27.3%	27.5%	30.7%	30.1%
Leverage Ratio	(6)			5.11%	2.89%	3.85%	3.85%	3.73%	3.76%

1. PFA TFA/PFA: calculated as end of period Total Financial Assets related to the network divided by number of PFAs eop
2. Calcuated as Guided Products eop divided by Total Financial Assets eop
3. C/I ratio net of non recurring items (see page 42 for details) calculated as Operating Costs divided by Revenues net of non recurring items
4. 1Q20 and 2Q20 CET1 ratio pro-forma
5. RoE: Net Profit, net of non recurring items (see page 42 for details) divided by the average book shareholders' equity for the period (excluding dividends expected to be distributed and the revaluation reserves)

53 (6) Leverage ratios until Mar.19 are calculated on Individual basis, according to the EC Delegated Act 2015/62 regarding the exclusion of intra-group exposure. 1Q20 and 2Q20 Leverage ratio pro-forma

Fineco - a fully independent public company starting from May 2019

Strategy and Business model

Fineco exit from the UniCredit Group has no implications on its strategy and business model: Fineco enjoyed limited synergies with UniCredit and, as a fully independent company, continues to focus on maximizing shareholders' value via healthy, sustainable and organic growth

Transitional Arrangements with UniCredit Group

Fineco and UniCredit have agreed to enter into certain transitional arrangements to ensure full continuity and an orderly and smooth transition from a regulatory, liquidity and operational standpoint

INVESTMENT

STRATEGY

• No change in the investment policy envisaging an increasing diversification of financial investments as the existing stock of UniCredit bonds progressively runs off by 2024
• UniCredit has granted a financial collateral in favor of Fineco to secure the credit risk exposures towards UniCredit and neutralize the capital impacts and risk concentration limits

INFRAGROUP

SERVICES

TRADEMARK

• UniCredit will continue to provide, on an interim basis, certain services in order to allow Fineco to act in full operational continuity. The contract for customers' access to banking services through smart ATMs and physical branches has been extended for 20 years
• Fineco has exercised at the end of 2019 the option for the purchase of its brand at the price of €22.5mln plus VAT

54

Fineco Asset Management in a nutshell

AUM at €14.2bn, of which €8.9bn retail classes (1)

		FAM EVOLUTION(30 strategies)
		FAM Target: decumulation product to progressively invest in multi-thematic/profile funds
FUNDS OF		FAM Megatrend: multi-thematic fund investing in secular trends
	New building blocks both vertical and based on risk profile
FUNDS		FAM Target: decumulation products for customers who want to take advantage of bear
		market phases
		CORE SERIES(30 strategies)
		Release of Premium Share Classes
FAM SERIES		Additional sub-advisory mandates in pipeline to further enlarge the offer through
	quality and exclusivity agreements for Fineco clients only
(sub-adviced
	
funds)		FAM Global Defence: new capital preservation solution
	
		32 strategies
INSTITUTIONAL		Underlying funds for advisory solutions (both funds of funds and Insurance wrappers)
	allowing a better control of the value chain to retain more margins and lower
BUSINESS		customers' TER
	40 strategies, including also Passive and new Smart Beta funds

BENEFITS

Quality improvement and time to market for customers and distribution needs

Several efficiencies leveraging on a vertically integrated business model combined with the strong operating efficiency which is in Fineco's DNA

Better risk management thanks to the look-through on daily basis on funds' underlying assets Win-winsolution: lower price for clients, higher margins

55

(1) Figures as of June 30th, 2020

Fineco UK vs Competitors: products and services

Coming Soon - see slide 29

56

Fineco UK vs Competitors: features

Fineco platform: usability, reliability and advanced tools

57

Fineco UK: Premium service without premium price (1/2)

Disruptive pricing 100% sustainable thanks to our strong operating leverage

OTC: zero commission, no added spreads

Stock broking: flat fees

Platform fees: the most competitive

Transaction fees

1. (1)

1. (1)

1. Plus Custody fees
2. Equivalent for each transaction - Exchage rate GBP/EUR: 1.1217

58

Fineco UK: Premium service without premium price (2/2)

Disruptive pricing 100% sustainable thanks to our strong operating leverage

Multicurrency: best spreads, no commissions

(1)

(2)

(2)

(2)

1. Equivalent for each transaction - Exchage rate GBP/EUR: 1,1217

59

Preserving our best price/quality ratio

An update on the main outcomes from our Smart Repricing

Competitive landscape (1)

€	Online											€ 76 avg							€ 127 avg
	Branch						online costs					branch costs
	Webank	0
	IWBank (IWConto)		4																				89
	Widiba (Conto Flat)				20
	ING (Conto Arancio)					24
	Fineco
	25
	Poste Italiane (BancoPosta Premium)						30
	CheBanca (Yellow)			47					59
	B.Generali (BG Deluxe)				48
	Credit Agricole (Smart)			56									91
	HelloBank! (Hello! Money)								58
	Banca Sella (Websella)											62								161
	Banco BPM (YouWelcome NEW)											74											98
	B.Mps (Mio Plus)							81						93
	UBI Banca (Ubi Conto)					81											124
	BNL (X-Smart)																		122			184
	BPER (Ondemand)																	137							166
	Deutsche Bank (Smart New)																		138									182
	B.Mediolanum																	146
	UniCredit (MyGenius Silver)																						186												296
	Intesa SanPaolo (Xme)																							190									205

60	(1)	Most convenient current accounts. Source: Figures based on publicly available costs for families with average online operations of the main
Italian banks (ICC - Indicatore Complessivo dei Costi). The figures relates to the costs of current accounts reported in brackets.

Additional Tier 1

First public placement successfully issued with strong demand (9x the offer)

€200 mln AT1 issued in January 2018		€300 mln AT1 issued in July 2019

• On January 23rd, 2018 the Bank issued a €200mln perpetual AT1
• Coupon fixed at 4.82% for the initial 5.5 years
• Private placement, fully subscribed by UniCredit SpA
• Semi-annualcoupon
• Coupon (net of taxes) will impact directly Equity reserves

• On July 11th, 2019 Fineco issued a €300mln perpetual AT1 in order to maintain the Leverage Ratio above 3.5% after the exit from the UniCredit Group
• Coupon fixed at 5.875% (initial guidance at 6.5%) for the initial
  5.5 years
• Public placement, with strong demand (9x, €2.7bn), listed in Euronext Dublin
• Semi-annualcoupon
• Coupon (net of taxes) will impact directly Equity reserves
• The instrument was assigned a BB- rating by S&P

Italian AT1 yield at first call date

61