FinecoBank

Investor Presentation • Feb 7, 2023

Alessandro Foti CEO and General Manager

FINECO. SIMPLIFYING BANKING.

Milan, February 7 th 2023

4Q22 Results

Disclaimer

• ◼ "Pursuant to the paragraph 2 of Article 154 bis of the Consolidated Law on Financial Intermediation (Legislative Decree no. 58 of February 24, 1998), Lorena Pelliciari, in her capacity as manager responsible for the preparation of FinecoBank S.p.A. (the "Company")'s financial reports, declares that accounting information contained in this Presentation reflects the Company's documented results, books and accounting records".
• ◼ This Presentation may contain written and oral "forward-looking statements", which include 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, objectives, estimates, forecasts, 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 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 or in the Other Countries. 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.
• ◼ This Presentation has been prepared on a voluntary basis and, therefore, FinecoBank is not bound to prepare similar presentations in the future, unless where provided by law. Neither the Company nor any of its representatives, directors or employees shall be liable at any time in connection with this Presentation or any of its contents for any indirect or incidental damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection of any use and/or reliance placed on it.
• ◼ For the above-mentioned purposes, "Presentation" means this document, and any oral presentation, any question-and-answer session and any written or oral material discussed following the distribution of this document. By participating to this Presentation and accepting a copy of this Presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this Presentation.

Agenda

❑ Next steps

❑ Fineco international business

❑ Key messages

Executive Summary

Successful growth story: becoming more a Platform than a Bank. Our diversified business model allows us to deliver strong results in every market condition

Strong net profit and growth of the business…

• ◼ FY22 adj. Net Profit at 429 mln, +22.8% y/y(1)
• ◼ FY22 adj. Revenues at 948 mln, +17.8% y/y(1) mainly supported by Investing (+11.8% y/y) and by Net Financial Income (+40.1% y/y). Brokerage confirmed a structurally higher floor vs pre-pandemic levels
• ◼ Operating Costs well under control at -281 mln, +4.6% y/y, excluding costs related to the acceleration of the growth of the business(2) . Strong operating leverage confirmed a key strength of the Bank. Adj. C/I ratio at 29.6%
• ◼ Net sales in FY22 at 10.3 bn, o/w AUM at 3.6 bn. TFA at 106.6 bn with AuM at 52.1 bn. January: Strong net sales at ~750 mln, o/w AUM ~700 mln and AUC ~320 mln. Best month ever for FAM retail net sales, at ~700 mln. Brokerage revenues estimated at ~16 mln (>35% vs average monthly revenues in 2017-2019 y/y)
• … with solid capital position
• ◼ CET1 ratio at 20.82%,TCR at 31.37%, Leverage ratio at 4.03%
• ◼ 2022 Dividend proposal: € 0.49 per share

2023 Guidance and going forward: strong growth expected

• ◼ Net Financial Income guidance for 2023 improved: expected growth by around +80% vs 2022 (3)
• ◼ Investing revenues expected in 2023 to increase high single digit vs 2022 with higher after-tax margins, with:
• AUM net sales confirmed at ⁵ bn in ²⁰²³ and ²⁰²⁴ (FAM retail net sales at 4.5 bn per year).
• ManFee margins after tax confirmed at ~55bps in ²⁰²⁴ (pre-tax ~73bps)
• ◼ Brokerage guidance confirmed: revenues expected strong with a floor higher vs pre-Covid period
• ◼ Operating costs expected in 2023 at +6% vs 2022, not including additional costs for: FAM strategic discontinuity (~2 mln), for UK operational costs (~3 mln), for the expansion in Germany and eventually additional marketing expenses
• ◼ Cost of Risk: in a range 5/9 bps in 2023
• Growing CET1 ratio and Leverage ratio

(1) 2022 non recurring items: 3Q22 -0.2 mln gross (-0.1 mln net) and 1Q22 -0.3 mln gross (-0.2 mln net) due to Voluntary Scheme; 2021 non recurring items: 4Q21 -0.7 mln gross (-0.5 mln net) due to Voluntary Scheme; 2Q21 realignment of the intangible assets: 32 mln net

(2)Excluding costs strictly related to the growth of the business, mainly FAM (-5.7 mln y/y) and marketing (-4.3 mln y/y)

4 (3) Assumptions based on forward rate curve as of February 3rd, 2023

Delivering strong Net Profit in every market condition

Adj. Net Profit at 428.8mln, +22.8% y/y boosted by strong acceleration of Investing, confirming the effectiveness of our initiatives, and Net Financial Income. Strong operating leverage confirmed

(1) 2022 non recurring items: 3Q22 -0.2 mln gross (-0.1 mln net) and 1Q22 -0.3 mln gross (-0.2 mln net) due to Voluntary Scheme; 2021 non recurring items: 4Q21 -0.7 mln gross (-0.5 mln net) due to Voluntary Scheme; 2Q21 realignment of the intangible assets: 32 mln net (2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items. ROE calculated as: annualised adj.net profit divided by average book equity for the period (excl. dividends for which distribution is expected and valuation reserves)

(3) FY22 systemic charges includes €125 thousand related to the contribution to the operating expenses of the Voluntary Scheme

(4) Excluding costs strictly related to the growth of the business, mainly FAM (-5.7 mln y/y) and marketing (-4.3 mln y/y)

5

Revenues growth supported by all our initiatives

Quality and capital light NII driven by our clients' valuable transactional liquidity and not driven by lending as for other Banks. Boosting Non Financial Income, thus becoming more a Platform than a Bank.

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

(2) Total yield: net financial income related to interest-earning assets

6

(3) Sum of brokerage commissions and Trading income (net of Profit from Treasury Management)

Banking revenues (Net Interest Income and Net commissions) have been recasted: NII now includes interests on variation margins linked to hedging derivatives and interests on own debt securities previously accounted in Corporate center; Net commissions now include fees related to Treasury activities previously accounted in Corporate center.

Our priority: accelerating on Investing

Management fees in FY22 +13.5% y/y, 4Q22 dynamics affected by market performance

Investing revenues increasing thanks to volume effect and FAM

Quarterly ManFee margins dynamics affected by lower avg AUM due to negative market performance in 3Q22

mln	4Q21	3Q22	4Q22	FY21	FY22
Investing	82 1	78 6	80 4	275 6	308 1
o/w
fees Placement	1 9	1 2	1 0	7 5	5 2
Management fees	91 9	94 6	92 6	327 9	372 1
PFA's: incentives to	-7 7	-9 3	-9 2	-28 4	-35 1
PFA's: LTI to	-1 0	-0 1	-0 8	-3 3	-2 7
Other PFA costs	0 -7	-7 7	2 -7	-32 5	-35 2
Other commissions	4 2	0 0	4 6	4 8	4 6
Other income	-0 3	-0 1	-0 6	-0 3	-0 9

Cost efficiency and operating leverage confirmed in our DNA

(1) Excluding costs strictly related to the growth of the business in FY22, mainly: FAM (-5.7mln y/y, o/w -2.1mln y/y related to Staff Expenses and -3.6mln y/y related to Non HR Cost) and marketing (-4.3 mln y/y)

High quality lending

Offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics

Cost of Risk on commercial loans (2)

• ◼ 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
• ◼ NPE at 24 mln with a coverage ratio at 86%, NPE ratio at 0.41%
• ◼ LLP equal to 3.1 mln in FY22
• ◼ Less than 300 mortgages moratories have been granted until now, o/w only less than 5 are active

9

Capital Ratios

Best in class capital position and low risk balance sheet

(1) Leverage Ratio excluding exposures towards Central Banks from the total LR exposures (according to art. 429a - CRR) was equal to 4.02% in Dec 2021.

TFA and Net Sales evolution

Successful shift towards high added value products thanks to strong productivity of the network

Breakdown of total TFA, bn

Breakdown of total Net Sales, bn

Net sales organically driven key in our strategy of growth

The structure of recruiting is changing: more interest in the quality of the business model by PFAs

Clients' profile and focus on Private Banking

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

13

(2) FinecoBank stated figures: € 22.2 bn in 2016, € 25.9 bn in 2017, € 25.8 bn in 2018, € 33.4 bn in 2019, € 38.6 bn in 2020, € 48.8 bn in 2021, € 43.2 bn in 9M22 and € 45.3 bn in FY22

(3) AIPB (Associazione Italiana Private Banking) figures as of 3Q22. AIPB stated figures: € 776 bn in 2016, € 806 bn in 2017, € 778 bn in 2018, € 884 bn in 2019, € 932 bn in 2020, € 1,037 bn in 2021, € 965 bn in 9M22

Agenda

❑ Fineco Results

❑ Fineco international business

A new market structure enlarging our growth opportunities

A structurally higher profitability and capital light business model, leading to higher DPS and to invest in our growth

The current environment has significantly changed

Acceleration of structural trends reshaping our society

• ✓ Increasing demand for advice
• ✓ Increasing digitalization
• ✓ Consolidation in traditional banking system

New interest rates environment (1)

2023 AVG Euribor 3M at 319 bps 2023 AVG EURIRS 10Y at 264 bps

Fineco as a fully-fledged Platform benefitting from the new market structure

Net Financial Income: Expected strong increase vs recent past…	Investing: Strong results in a challenging environment thanks to resilient inflows and FAM	Brokerage: Higher floor thanks to our quality target market and business model
…thanks to the strong gearing to the interest rates of our quality and capital light NII: driven by our clients' valuable transactional liquidity and not by lending as for other banks	Inflows driven by structural trends, top-quality product offer and fair pricing. Growing contribution by FAM, which is taking a higher control of the value chain	Target market focused on wealthy and financially aware clients and our one-stop solution business model

2023 Guidance and outlook going forward

Our diversified business model key to successfully deal with the current volatile environment

◼ BANKING REVENUES:

➢ Net financial income (NFI: net interest income + Profit from Treasury management) expectations(1) :

FY23: NFI growth by around +80% vs better than expected results in FY22 Going forward we expect it to keep on benefiting from the new interest rates scenario

➢ Banking fees:

FY23: expected stable vs FY22

◼ INVESTING REVENUES expectations: acceleration in revenues and margins

FY23:

• o Revenues increase high single digit y/y (including market effect up to January 31st), with higher ManFees after-tax margins y/y
• o AUM net sales at around 5 bn (FAM retail net sales around 4.5 bn)
• o PFAs: net increase in a range of 100-120 PFAs expected

FY24:

• o AUM net sales at around 5 bn (FAM retail net sales around 4.5bn)
• o ManFee margins after-tax confirmed up to ~55bps in 2024 (pre-tax ~73bps)

◼ BROKERAGE REVENUES: countercyclical business, it is expected to remain strong with a floor - in relative terms with respect to the market context - definitely higher than in the pre-Covid period

◼ OPERATING COSTS expectations:

For FY23: growth of around 6% y/y, not including additional costs for: FAM strategic discontinuity (~2 mln), for UK operational costs (~3 mln), for the expansion in Germany and eventually additional marketing expenses

• ◼ COST / INCOME: we confirm our guidance on a continuously declining cost/income in the long-run thanks to the scalability of our platform and to the strong operating gearing we have
• ◼ SYSTEMIC CHARGES: in a range -50/55 mln of DGS+SRF (2)
• ◼ CAPITAL RATIOS: growing CET1 and Leverage Ratio in FY23 (for details see slide 48 in Annex)
• ◼ DPS: going forward we expect a constantly increasing dividend per share
• ◼ COST OF RISK: in a range between 5-9 bps in FY23 thanks to the quality of our portfolio
• ◼ NET SALES: robust, high quality and with a focus on keeping the mix mainly skewed towards AUM thanks to the new initiatives we are undertaking

16 (1) Assumptions based on forward rate curve as of February 3rd, 2023

(2) In provisions for risk and charges based on the increase of protected deposits within the banking system. The final contribution will be communicated by FITD in the month of December

FAM: delivering on the strategic discontinuity

Key to sustain AUM margins thanks to its strong operating leverage and to a more efficient value chain

FAM progressively taking control of the value chain… FY23 FAM priorities 3.9 2.8 FY21 FY22 FAM retail as % of Fineco AUM net sales 3.2 1.8 FY21 FY22 FAM FUNDS UNDERLYING (1) FAM RETAIL: : bn FAM NET SALES ✓ Strong commercial traction in any market environment ✓ Increasing contribution to Fineco's AUM net sales ✓ Acceleration in the internalization of the value chain 53% Jan.23 best month ever: 0.7 bn (99% of Fineco AUM net sales)

…and becoming the cornerstone of our Investing business

77% 53% FY21 FY22 FAM retail as % of Fineco AUM net sales	(99% of Fineco AUM net sales)			FY21	FY22
✓ Strong commercial traction in any market ✓ Increasing contribution to Fineco's AUM	environment net sales		✓		Acceleration in the internalization of the value chain
…and becoming the cornerstone of our Investing business
bn		FAM AUM STOCK
Retail class	24.8	24.5	25.9	27.5
FAM funds underlying	15.1 9.7	14.8 9.7	15.8 10.1	16.9 10.6
	Dec.21	Sept.22	Dec.22	Jan.23	Higher penetration on
FAM retail as % of Fineco total AUM	27 3%	29.1%	30 3%	31 2%	Fineco's AUM driven by strong
FAM retail as % of Fineco AUM funds	39 8%	45 0%	46 6%	47 4%	net sales dynamics

INVESTING

• ✓ Thanks to the full control of the value chain, FAM can offer at the same time both an efficient pricing for clients and retain higher margins
• ✓ New edition of the Smart Global Defence, after the strong success of the previous waves
• ✓ FAM has launched its investment solutions based on passive funds and ETF with diversified solutions and different risk profiles
• ✓ Continuous widening of sustainable offer through the launch of new investment solutions under SFDR art. 8 and 9

Brokerage: higher floor as the structure of the market is changing BROKERAGE

Increased interest in financial markets by clients and big jump into a more digitalized society

Structural growth in revenues: the floor has gone up in a clear way in any market environment

Innovation and Simplification Project

Further simplifying clients' user experience thank to easy-to-use new tools and a more efficient marketing engine. The renewed platform will be the cornerstone of our International offer

Agenda

❑ Fineco Results

❑ Next steps

✓Fineco international business

❑ Key messages

Fineco international business

Focusing our offer on a simplified digital model through a brand new, highly scalable and multilanguage platform for investments

Agenda

❑ Fineco Results

❑ Next steps

❑ Fineco international business

Long term sustainability at the heart of Fineco business model (1/3)

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

Fineco corporate purpose: support clients in the responsible management of their savings in order to create the conditions for a more prosperous and fairer society

TRANSPARENCY

Fairness and respect for all our stakeholders

• ✓ FAM as a champion of ESG: PERFORMANCE FEES FREE trademark
• ✓ FAIR PRICING
• ✓ LOW UPFRONT FEES (only ~2% of Investing fees)

EFFICIENCY

Fintech DNA: strong focus on IT & Operations, more flexibility, less costs

• ✓ Delivering BEST-IN-CLASS CUSTOMER EXPERIENCE
• ✓ SHARING FAM BENEFITS WITH CLIENTS: better quality and timely products with lower TER

INNOVATION Quality offer for highly SATISFIED CLIENTS

✓ NO short-term AGGRESSIVE COMMERCIAL OFFERS and ZERO REMUNERATION on current accounts

✓ Focus on ORGANIC GROWTH

Long term sustainability at the heart of Fineco business model (2/3)

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

• ✓ FOCUS on Cyber-Security and ESG risks leveraging on FINTECH DNA
• ✓ Set of ESG objectives to be pursued by 2023 within 6 business areas:

Financial Education & Community Support Supply Chain Relations with

Shareholders

• ✓ Net-Zero emissions to be achieved by 2050
• ✓ ESG target included in the Identified Staff Scorecard since 2016, related to STI.
• ✓ ESG targets included in the 2021-2023 Long Term Incentive Plan of the CEO and Identified Staff within the "Stakeholder Value" goal:

KPI	TARGET	MEASUREMENT CRITERIA
Customer satisfaction	Average 2021-2023	TRI*M Index(1)
People engagement	Average 2021-2023	People Survey
ESG rating for all new funds(2)	EOY 2023	% of new funds with ESG evaluation

Strategy & Goals Initiatives & KPIs

• ✓ Broad offer of products with ESG features(3) both on:
• Investing (i.e., 87% of funds have ESG rating by Morningstar; 56% of funds distributed and 43% of FAM funds are classified under Art. 8 of SFDR(4); 5% of funds distributed and 1% of FAM funds are classified under Art. 9 of SFDR)
• and Banking & Credit ("Green mortgages", zero-fee account until age 30).
• ✓ FinecoBank is signatory of UN Principles for Responsible Banking and participant of UN Global Compact

• ✓ Fineco AM is signatory of UN Principles for Responsible Investing and participant of UN Global Compact

• ✓ Contribution for the PFA Network to be borne by the Bank for obtaining EFPA ESG certification

• ✓ Environmental Management System certified

in line with the EU Eco-Management and Audit Scheme (EMAS)

(1) Which captures the strength of the relationship with the customer defined as performance but also as the degree of preference towards the brand (2) Excluding UK, which represents a new market for Fineco

24 (3) As of 31st December 2022

(4) Regulation EU 2019/2088 - Sustainable Finance Disclosure Regulation

Long term sustainability at the heart of Fineco business model (3/3)

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

25 (*) In 2021, FinecoBank responded to the 'minimum' version of the CDP Climate Change questionnaire, dedicated to companies in their first year of submission. The questionnaire response was made public on the dedicated CDP portal, but did not provide a CDP scoring.

Fineco as a profitable FinTech Bank: ICT a key business driver

Leveraging on a deep-rooted internal know-how to expand platform scalability and operating gearing

Healthy and sustainable growth with a long term horizon

27 (1) Figures adjusted by non recurring items and Net Profit adjusted net of systemic charges (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, 2Q20: -0.7mln gross, -0.4mln net; 3Q20: - 28.0mln gross, -18.7mln net; 4Q20: +2.1mln gross, +1.4mln net; 1Q21: -5.8mln gross, -3.9mln net; 2Q21: -1.9mln gross, -1.3 mln net; 3Q21: -30.0mln gross, -20.1mln net; 4Q21: -2.3mln gross, -1.6mln net; 1Q22: -7.7mln gross, -5.2mln net; 3Q22: -39.0 mln gross, - 26.1 mln net, 4Q22: -1.0mln gross, -0.7mln net).

Safe Balance Sheet: simple, highly liquid

Diversified investment portfolio

• ◼ Investment strategy announced during FY17 results unchanged: UC bonds runoffs, blend of European, supranational and agencies, government bonds diversified across countries
• ◼ 99.9% not exposed to volatility with no impact in our P&L and BS by the widening of spreads. HTC classification since November 2016
• ◼ Avg maturity at ~ 5/6 years. Overall portfolio duration: 2.9 years
• ◼ Sticky deposits: mostly 'transactional liquidity' gathered for the quality of our services and without aggressive commercial offers. Cost of funding at zero

High-quality lending growth

• ◼ Lending offered exclusively to our well-known base of clients
• ◼ Low-risk: CoR at 4bps, cautious approach on mortgages (LTV ~50% on residual debt, avg maturity 19 yrs)
• ◼ Strong competitive advantage leveraging on Big Data Analytics and internal IT culture (resulting in unmatched user experience and high customer satisfaction), continuous in-house innovation (i.e. look-through implementation with significant benefits on CET1 ratio), ownership and control of critical infrastructure

Rock-solid capital position

(1) Due from banks includes 1.2bn cash deposited at Bank of Italy and 0.3bn bank current accounts as of Dec.2022

(2) LCR 12 month avg

Agenda

❑ Fineco Results

❑ Next steps

❑ Fineco international business

❑ Key messages

Revenues by Product Area

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

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

Banking revenues (Net Interest Income and Net commissions) have been recasted: see slide 44 for details

Banking

Sound performance and relentless clients' acquisition, thanks to high quality services and best-in-class customer satisfaction

Managerial Data

Brokerage

Structurally higher revenues floor compared to pre-pandemic levels

Managerial Data

(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 volume effect and to the higher contribution by FAM, which is taking more control of the Investing value chain, supporting our margins. Very limited upfront fees, representing only ~2% of Investing fees

Managerial Data

Annex

P&L pro-forma

P&L pro-forma(1)

mln	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	3Q22	4Q22	FY22
financial Net income	75 1	72 8	69 2	62 9	280 0	107 5	68 9	84 2	131 6	392 2
o/w Net Interest Income	61 8	62 5	61 8	61 8	247 9	59 3	67 6	84 3	131 6	342 8
o/w Profit from treasury management	13 2	10 3	7 4	1 1	32 1	48 1	1 3	0 0	0 0	49 4
Dividends	0 0	0 0	0 0	0 0	0 0	0 0	-0 1	0 0	-0 1	-0 3
Net commissions	108 1	106 3	110 1	126 4	450 8	118 6	113 9	114 1	119 0	465 6
Trading profit	23 9	16 7	15 6	18 1	74 3	29 0	25 9	21 2	13 8	89 9
Other expenses/income	0 5	0 1	-1 5	-0 5	-1 3	0 4	0 1	0 1	-0 4	0 2
Total revenues	207 6	195 9	193 5	206 9	803 8	255 4	208 6	219 7	263 9	947 6
Staff expenses	-26 2	-26 7	-27 4	-29 3	-109 6	-28 3	-29 2	-29 0	-30 8	-117 3
Other admin of recoveries net .exp.	-30 6	-29 9	-27 6	-34 9	-123 1	-34 0	-31 3	-32 2	-39 1	-136 7
D&A	-6 3	-6 4	-6 4	1 -7	-26 2	-6 6	-6 6	-6 6	0 -7	-26 9
Operating expenses	-63 1	-63 0	-61 5	-71 3	-258 9	-69 0	-67 1	-67 8	-77 0	-280 8
Gross operating profit	144 4	132 9	132 0	135 5	544 9	186 4	141 6	151 8	187 0	666 8
Provisions	-8 2	-5 8	-31 1	-4 9	-49 9	-10 2	-2 3	-41 6	-3 6	-57 8
o/w Systemic charges	-5 8	-1 9	-30 0	-2 3	-40 0	-7 7	0 0	-39 0	-1 0	-47 7
LLP	-0 5	-1 2	-0 4	0 4	-1 7	-0 8	-0 4	-0 3	-1 6	-3 1
Profit from investments	-0 6	1 8	0 3	-0 4	1 1	-0 6	-0 2	-0 3	-0 5	-1 6
Profit before taxes	135 2	127 7	100 9	130 6	494 4	174 8	138 7	109 6	181 2	604 4
Income taxes	-40 4	-5 8	-28 3	-39 2	-113 7	-51 4	-39 8	-29 6	-55 1	-175 9
profit for period Net the	94 7	121 9	72 6	91 5	380 7	123 5	98 9	80 0	126 1	428 5
(2) Net profit adjusted	94 7	89 9	72 6	91 9	349 2	123 6	98 9	80 2	126 1	428 8
Non recurring items (mln , gross)	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	3Q22	4Q22	FY22
(3) (Trading Profit) Extraord systemic charges	0 0	0 0	0 0	-0 7	-0 7	-0 3	0 0	-0 2	0 0	-0 5
Realignment of Intangible Assets	0 0	32 0	0 0	0 0	32 0	0 0	0 0	0 0	0 0	0 0
Total	0 0	32 0	0 0	-0 7	31 3	-0 3	0 0	-0 2	0 0	-0 5

(1) P&L pro-forma includes «Profits from treasury management» within «Net financial income» and excludes it from «Trading Profit»

35

Note: FY22 systemic charges includes €125 thousand related to the contribution to the operating expenses of the Voluntary Scheme

⁽²⁾ Net of non recurring items

⁽³⁾ Voluntary Scheme valuation

P&L net of non recurring items

	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	3Q22	4Q22	FY22
mln	(1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj
Net financial income	1 75	72 8	69 2	62 9	280 0	107 5	68 9	84 2	131 6	392 2
o/w Net interest income	61 8	62 5	61 8	61 8	247 9	59 3	67 6	84 3	131 6	342 8
o/w Profit from treasury	13 2	10 3	7 4	1 1	32 1	48 1	1 3	0 0	0 0	49 4
Dividends	0 0	0 0	0 0	0 0	0 0	0 0	-0 1	0 0	-0 1	-0 3
Net commissions	108 1	106 3	110 1	126 4	450 8	118 6	113 9	114 1	119 0	465 6
Trading profit	23 9	16 7	15 6	18 9	75 0	29 2	25 9	21 4	13 8	90 4
Other expenses/income	0 5	0 1	-1 5	-0 5	-1 3	0 4	0 1	0 1	-0 4	0 2
Total revenues	207 6	195 9	193 5	207 6	804 5	255 7	208 6	219 8	263 9	948 1
Staff expenses	-26 2	-26 7	-27 4	-29 3	-109 6	-28 3	-29 2	-29 0	-30 8	-117 3
Other admin .expenses	-30 6	-29 9	-27 6	-34 9	-123 1	-34 0	-31 3	-32 2	-39 1	-136 7
D&A	-6 3	-6 4	-6 4	1 -7	-26 2	-6 6	-6 6	-6 6	0 -7	-26 9
Operating expenses	-63 1	-63 0	-61 5	-71 3	-258 9	-69 0	-67 1	-67 8	-77 0	-280 8
Gross operating profit	144 5	132 9	132 0	136 3	545 7	186 7	141 6	152 0	187 0	667 2
Provisions	-8 2	-5 8	-31 1	-4 9	-49 9	-10 2	-2 3	-41 6	-3 6	-57 8
o/w Systemic charges	-5 8	-1 9	-30 0	-2 3	-40 0	-7 7	0 0	-39 0	-1 0	-47 7
LLP	-0 5	-1 2	-0 4	0 4	-1 7	-0 8	-0 4	-0 3	-1 6	-3 1
Profit from investments	-0 6	1 8	0 3	-0 4	1 1	-0 6	-0 2	-0 3	-0 5	-1 6
Profit before taxes	135 2	127 7	100 9	131 4	495 1	175 1	138 7	109 8	181 2	604 8
Income taxes	-40 4	-37 8	-28 3	-39 4	-146 0	-51 5	-39 8	-29 6	1 -55	-176 0
(1) Net profit adjusted	94 7	89 9	72 6	91 9	349 2	123 6	98 9	80 2	126 1	428 8

P&L pro-forma(1) net of non recurring items

(1) Net of non recurring items (see page 35 for details)

FY22 P&L FinecoBank and Fineco Asset Management

	Fineco Asset	FinecoBank	FinecoBank
mln	Management	Individual	Consolidated
Net financial income	-0 2	392 4	392 2
Dividends	0 0	96 9	-0 3
Net commissions	139 0	326 6	465 6
Trading profit	-0 2	90 1	89 9
Other expenses/income	-0 9	1 2	0 2
Total revenues	137 8	907 2	947 6
Staff expenses	-10 2	-107 1	-117 3
Other admin.exp. net of recoveries	-8 3	-128 6	-136 7
D&A	-0 6	-26 3	-26 9
Operating expenses	-19 1	-261 9	-280 8
Gross operating profit	118 7	645 3	666 8
Provisions	0 0	-57 8	-57 8
LLP	0 0	-3 1	-3 1
Profit on Investments	0 0	-1 6	-1 6
Profit before taxes	118 7	582 9	604 4
Income taxes	-14 9	-160 9	-175 9
Net profit for the period	103 7	422 0	5 428

Details on Net Interest Income

mln	1Q21	Volumes & Margins	2Q21	Volumes & Margins	3Q21	Volumes & Margins	4Q21	Volumes & Margins	FY21	Volumes & Margins	1Q22	Volumes & Margins	2Q22	Volumes & Margins	3Q22	Volumes & Margins	4Q22	Volumes & Margins	FY22	Volumes & Margins
Financial Investments	43.9	24,416	42.7	23,977	40.6	23,824	38.6	23,954	165.8	24,043	36.1	24,330	42.1	24,766	57.0	24,684	89.4	24,330	224.7	24,527
Net Margin		0.73%		0.71%		0.68%		0.64%		0.69%		0.60%		0.68%		0.92%		1.46%		0.92%
Gross margin	44.1	0.73%	42.6	0.71%	40.7	0.68%	38.7	0.64%	166.1	0.69%	36.2	0.60%	42.5	0.69%	58.8	0.94%	92.0	1.50%	229.5	0.94%
Treasury activities	3.9	2,791	4.7	3,140	4.3	2,646	4.4	2,670	17.2	2,812	4.4	2,786	5.1	3,551	3.5	3,448	5.2	3,141	18.1	3,231
Net Margin (1)		0.57%		0.59%		0.64%		0.65%		0.61%		0.63%		0.57%		0.40%		0.66%		0.56%
Leverage - Long	3.4	171	3.9	199	4.3	214	4.3	213	16.0	199	3.4	172	3.0	149	2.8	133	2.7	117	11.8	143
Net Margin		8.12%		7.92%		8.00%		8.01%		8.01%		7.98%		7.94%		8.25%		9.08%		8.25%
Credit Tax	0.0	1	0.3	42	0.5	95	1.6	441	2.4	145	2.2	541	3.1	696	4.1	846	4.5	983	13.7	766
Net Margin		0.00%		2.50%		2.15%		1.43%		1.63%		1.62%		1.76%		1.90%		1.80%		1.79%
Lending	10.8	3,805	11.4	4,141	12.3	4,583	13.2	4,931	47.7	4,365	13.6	5,189	14.7	5,343	17.2	5,499	30.4	5,568	76.0	5,400
Net Margin		1.15%		1.10%		1.07%		1.06%		1.09%		1.07%		1.11%		1.24%		2.17%		1.41%
o/w Current accounts	3.6	1,632	3.9	1,748	4.1	1,866	4.3	2,005	16.0	1,812	4.4	2,132	4.8	2,196	5.4	2,301	13.1	2,359	27.7	2,247
Net Margin		0.90%		0.90%		0.87%		0.86%		0.88%		0.83%		0.87%		0.94%		2.21%		1.23%
o/w Cards	1.0	36	1.0	34	1.0	35	1.0	35	4.0	35	1.0	35	1.0	34	1.0	35	1.0	35	4.0	34
Net Margin		11.40%		11.36%		11.43%		11.47%		11.41%		11.44%		11.50%		11.52%		11.53%		11.50%
o/w Personal loans	4.2	447	4.3	466	4.4	481	4.5	495	17.4	472	4.5	506	4.7	523	4.8	539	5.1	550	19.1	530
Net Margin		3.83%		3.72%		3.64%		3.60%		3.69%		3.64%		3.58%		3.57%		3.67%		3.62%
o/w Mortgages	2.0	1,690	2.1	1,893	2.8	2,202	3.4	2,397	10.3	2,045	3.7	2,517	4.3	2,590	6.0	2,625	11.2	2,624	25.2	2,589
Net Margin		0.47%		0.45%		0.51%		0.55%		0.50%		0.60%		0.67%		0.90%		1.69%		0.97%
Other	-0.3		-0.3		-0.3		-0.3		-1.2		-0.3		-0.3		-0.3		-0.6		-1.6
Total	61.8		62.5		61.8		61.8		247.9		59.3		67.6		84.3		131.6		342.8
Gross Margin Cost of Deposits		0.81% 0.00%		0.80% 0.00%		0.79% 0.00%		0.77% 0.00%		0.79% 0.00%		0.73% 0.00%		0.79% -0.01%		0.99% -0.02%		1.57% -0.03%		1.03% -0.01%

(1) Treasury activities: Unsecured lending, collateral switch, tiering, TLTRO, other repos

Volumes and margins: average of the period

Net margin calculated on real interest income and expenses

38

«Financial investments» and «other» lines have been recasted: «financial investments» now include interests on variation margins linked to hedging derivatives and interests on own debt securities, both previously accounted in the line «other». Movements from «Other» to «Financial investments»: 1Q21 -0.6mln, 2Q21: -0.6mln, 3Q21: -0.7mln, 4Q21: -1.2mln, 1Q22: -0.9mln, 3Q22: -0.6mln

Net financial income: focus on financial investments

Transactional liquidity invested in a diversified portfolio

(1) FY22 "Other" includes: 1.6bn France, 1.0bn Ireland, 0.7bn USA, 0.8bn Belgium, 0.7bn Austria, 0.4bn Portugal, 0.2bn Germany, 0.2bn Chile, 0.2bn China, 0.1bn Saudi Arabia, 0.1bn other (Switzerland, UK, Iceland, Latvia) (2) Sovereign Supranational Agencies and Local Autority

(3) o/w Italy 8.2bn nominal value

39

Focus on Bond portfolio

UniCredit bonds run-offs

	ISIN	Currency	Amount (€ m)	Maturity	Indexation	Spread
1	IT0005163180	Euro		600.0 11-Feb-23	Euribor 3m	1.97%
2	IT0005175135	Euro		100.0 24-Mar-23	Euribor 3m	1.58%
3	IT0005217606	Euro		350.0 11-Oct-23	Euribor 3m	1.65%
4	IT0005241317	Euro	622.5	2-Feb-24	Euribor 3m	1.52%
	Total	Euro	1,672.5		Euribor 3m	1.71%

New interest rates environment

➢ In the recent months the market experienced a significant structural change due to interest rates move and the inflationary environment

➢ Below a comparison of the forward rate curve behind the guidance to the market during the 3Q22 and 4Q22 conference calls

		2023		2024
	of	of	of	of
	as	as	as	as
	31/10/22	03/02/23	31/10/22	03/02/23
Euribor	2	3	2	2
1M	80%	05%	88%	92%
AVG
Euribor	2	3	2	2
3M	92%	19%	91%	86%
AVG
EURIRS	2	2	2	2
5Y	97%	66%	95%	48%
AVG
EURIRS	3	2	3	2
10Y	03%	64%	04%	58%
AVG
(1) (Supranational) EU 10Y EOP	2 83%	2 63%	2 84%	2 60%

41

Net Financial Income: focus on Lending

Ancillary business to fulfill clients' needs. High quality portfolio and cautious approach

⁽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 with floor at zero (3) Expected yield are referred to the stock. Assumptions for Mortgages and Lombard Loans are based on forward rate curve as of February 3rd, 2023

42

Details on Net Commissions

					Net commissions by product area
mln	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	3Q22	4Q22	FY22
Banking	10	11	12	13	48	12	13	14	15	56
	7	7	7	5	6	5	8	5	3	2
Brokerage	40	29	26	30	126	32	24	20	22	100
	2	5	0	6	2	6	2	9	7	5
o/w
Equity	36	24	22	26	109	28	18	16	16	79
	1	6	5	2	5	1	3	1	5	0
Bond	0	2	0	1	4	0	3	0	2	7
	8	3	4	2	6	6	0	9	7	2
Derivatives	2	2	2	2	10	3	2	2	2	12
	9	2	3	8	1	5	8	9	9	0
Other commissions	0 4	0 4	0 8	0 4	2 0	0 4	0 1	1 0	0 7	2 3
Investing	57	65	71	82	275	73	75	78	80	309
	2	0	4	3	9	5	8	7	9	0
o/w
Placement fees	2 2	1 7	1 7	1 9	7 5	1 7	1 3	1 2	1 0	5 2
Management fees	72 5	78 4	85 0	91 9	327 9	93 2	91 8	94 6	92 6	372 1
PFA's:	-6	-6	-7	-7	-28	-8	-8	-9	-9	-35
incentives	2	7	8	7	4	7	0	3	2	1
to
PFA's:	-0	-0	-0	-1	-3	-1	-0	-0	-0	-2
LTI	6	9	8	0	3	0	8	1	8	7
to
Other	-10	-8	-6	-7	-32	-11	-8	-7	-7	-35
PFA	7	1	7	0	5	8	5	7	2	2
costs
Other commissions	0 0	0 6	0 0	4 2	4 8	0 0	0 0	0 0	4 6	4 6
Other	0	0	0	0	0	0	0	0	0	0
(Corporate	0	0	0	0	0	0	0	0	0	0
Center)
Total	108	106	110	126	450	118	113	114	119	465
	1	3	1	4	8	6	9	1	0	6
Reconciliation (mln)	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	3Q22	4Q22	FY22
Banking	-0	-0	-0	-0	-0	-0	-0	-0	0	-0
	1	1	2	2	6	3	2	3	0	9
Other	0	0	0	0	0	0	0	0	0	0
(Corporate	1	1	2	2	6	3	2	3	0	9
Center)

Banking and other fees have been recasted: banking fees now include fees related to activities of the Treasury Department, previously accounted in Corporate Center

Revenues breakdown by Product Area

Revenues by product area

mln	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	3Q22	4Q22	FY22
financial Net income	71 9	69 2	65 2	58 9	265 2	104 4	66 3	81 8	129 5	382 0
o/w Net interest income	58 7	58 9	57 7	57 7	233 1	56 3	65 0	81 8	129 5	332 6
o/w Profit from Treasury Management	13 2	10 3	7 4	1 1	32 1	48 1	1 3	0 0	0 0	49 4
Net commissions	10 7	11 7	12 7	13 5	48 6	12 5	13 8	14 5	15 3	56 2
Trading profit	1 4	0 1	0 3	0 7	2 5	5 1	6 6	2 9	-2 4	12 2
Other	0 1	0 1	0 1	0 2	0 5	0 1	0 0	0 1	0 2	0 4
Total Banking	84 2	81 2	78 3	73 2	316 8	122 1	86 .7	99 3	142 6	450 .7
Net interest income	3 5	4 0	4 4	4 4	16 4	3 5	3 1	2 8	2 4	11 7
Net commissions	40 2	29 5	26 0	30 6	126 2	32 6	24 2	20 9	22 7	100 5
profit Trading	22 0	15 9	15 5	17 9	71 3	23 7	20 0	18 3	16 2	78 2
Other	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Total Brokerage	65 .7	49 4	45 9	52 9	213 9	59 .7	47 3	42 0	41 3	190 4
Net interest income	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Net commissions	57 2	65 0	71 4	82 3	275 9	73 5	75 8	78 7	80 9	309 0
Trading profit	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Other	0 0	0 0	-0 1	-0 3	-0 3	-0 1	-0 1	-0 1	-0 6	-0 9
Total Investing	57 2	65 0	71 3	82 1	275 6	73 4	75 .7	78 6	80 4	308 1
Reconciliation (mln)	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	3Q22	4Q22	FY22
Net financial income	-0 6	-0 6	-0 7	-1 2	-3 0	-0 9	0 0	-0 6	0 0	-1 6
o/w Net interest income	-0 6	-0 6	-0 7	-1 2	-3 0	-0 9	0 0	-0 6	0 0	-1 6
Net commissions	-0 1	-0 1	-0 2	-0 2	-0 6	-0 3	-0 2	-0 3	0 0	-0 9
Banking Total	-0.8	-0.7	-0.8	-1.3	-3.6	-1.3	-0.3	-1.0	0.0	-2.5
Corporate Center	0.8	0.7	0.8	1.3	3.6	1.3	0.3	1.0	0.0	2.5

Banking revenues (Net Interest Income and Net commissions) have been recasted:

NII now includes interests on variation margins linked to hedging derivatives and interests on own debt securities previously accounted in Corporate center;

Net commissions now include fees related to Treasury activities previously accounted in Corporate center.

Breakdown Total Financial Assets

MARk ć, IR
CERTIFIED

mln	Mar 21	Jun 21	Sep 21	Dec 21	Mar 22	Jun 22	Sep 22	Dec 22
AUM	48 018 ,	51 399 ,	52 648 ,	55 450 ,	53 651 ,	50 789 ,	50 708 ,	52 073 ,
o/w Sicav Funds and	33 271 ,	35 699 ,	36 233 ,	38 053 ,	35 985 ,	33 182 ,	32 806 ,	33 827 ,
o/w Insurance	12 659 ,	13 448 ,	14 122 ,	14 963 ,	15 354 ,	15 421 ,	15 643 ,	15 595 ,
o/w GPM	238	282	294	330	326	308	303	318
o/w AuC deposits under advisory +	1 850 ,	1 970 ,	1 998 ,	2 105 ,	1 986 ,	1 878 ,	1 956 ,	2 332 ,
o/w in Advice	572	596	603	637	617	600	627	748
o/w in Plus	1 278 ,	1 374 ,	1 395 ,	1 468 ,	1 369 ,	1 277 ,	1 329 ,	1 584 ,
AUC	20 347 ,	21 760 ,	22 038 ,	22 970 ,	22 804 ,	21 497 ,	21 547 ,	23 915 ,
Equity	14 503 ,	15 695 ,	16 054 ,	17 020 ,	16 853 ,	15 109 ,	14 946 ,	15 448 ,
Bond	772 5 ,	993 5 ,	893 5 ,	796 5 ,	5 777 ,	6 167 ,	6 340 ,	989 7 ,
Third-party deposit current accounts	n.a.	n.a.	20	92	114	143	166	361
Other	72	72	70	63	60	78	95	117
Direct Deposits	28 687 ,	28 273 ,	28 867 ,	29 495 ,	30 362 ,	30 518 ,	30 658 ,	30 570 ,
o/w Sight	28 687 ,	28 273 ,	28 867 ,	29 495 ,	30 362 ,	30 518 ,	30 658 ,	30 570 ,
o/w Term	0	0	0	0	0	0	0	0
Total	052 97 ,	101 431 ,	552 103 ,	915 107 ,	106 817 ,	102 804 ,	102 914 ,	558 106 ,
o/w Guided Services Products &	35 381 ,	38 531 ,	39 721 ,	42 304 ,	41 018 ,	38 842 ,	38 811 ,	40 221 ,
o/w TFA FAM retail	11 465 ,	13 215 ,	13 929 ,	15 133 ,	15 249 ,	14 627 ,	14 765 ,	15 772 ,

o/w TFA Private Banking 41,844 44,763 45,924 48,761 47,133 43,304 43,153 45,252

The item "Other" within AUC has been reclassified, and now excludes assets within Third-party deposit current accounts

Increasing quality and productivity of the Network

Balance Sheet

mln	Mar 21	Jun 21	Sep 21	Dec 21	Mar 22	Jun 22	Sep 22	Dec 22
(1) from Due Banks	1 902 ,	2 253 ,	2 429 ,	1 844 ,	2 132 ,	1 943 ,	2 139 ,	1 896 ,
Customer Loans	4 639 ,	269 5 ,	624 5 ,	6 002 ,	6 088 ,	6 311 ,	6 318 ,	6 446 ,
Financial Assets	25 398 ,	24 648 ,	24 446 ,	24 581 ,	25 389 ,	25 315 ,	25 091 ,	24 651 ,
Tangible and Intangible Assets	277	281	279	279	276	274	270	273
Derivatives	84	85	92	126	466	949	1 390 ,	1 425 ,
Tax credit acquired	9	75	394	509	601	827	902	1 093 ,
Other Assets	279	293	271	528	446	460	440	485
Total Assets	32 588 ,	32 905 ,	33 534 ,	33 867 ,	35 399 ,	36 078 ,	36 551 ,	36 269 ,
Customer Deposits	29 102 ,	29 141 ,	29 805 ,	29 848 ,	30 736 ,	30 828 ,	30 945 ,	31 696 ,
Due Banks to	1 149 ,	1 173 ,	1 169 ,	1 225 ,	1 808 ,	2 333 ,	2 791 ,	1 677 ,
Debt securities	0	0	0	497	498	499	500	498
Derivatives	140	119	91	65	-1	3	-4	-3
Funds and other Liabilities	413	575	501	505	503	706	525	491
Equity	1 783 ,	1 897 ,	1 969 ,	1 727 ,	1 855 ,	1 709 ,	1 793 ,	1 910 ,
Total Liabilities and Equity	32 588 ,	32 905 ,	33 534 ,	33 867 ,	35 399 ,	36 078 ,	36 551 ,	36 269 ,

(1) Due from banks includes cash deposited at Bank of Italy (1.2 bn as of Dec.22, 1.4 bn as of Sept.22, 1.3 bn as of Jun.22, 1.5bn as of Mar.22, 1.3bn as of Dec.21, 1.8bn as of Sep.2021, 1.6bn as of June 2021, 1.3bn as of Mar.2021) and bank current accounts (0.3 bn as of Dec.22, 0.3 bn as of Sept.22. 0.3 bn as of Jun.22, 0.3bn as of Mar.2022, 0.2bn as of Dec.21, 0.3bn as of Sep.2021, 0.3bn as of June 2021, 0.2bn as of Mar.2021)

Leverage Ratio Sensitivity

Leverage Ratio comfortably under control

Retained earnings = Tier 1 Capital (mln)

	70	80	90	100	110	120	130	140	150	200	250	300	350	400	450	500
-500	4 27%	4 30%	4 33%	4 35%	4 38%	4 41%	4 43%	4 46%	4 48%	4 61%	4 75%	4 88%	5 00%	5 13%	5 26%	5 39%
0	4 22%	4 24%	4 27%	4 29%	4 32%	4 35%	4 37%	4 40%	4 42%	4 55%	4 68%	4 81%	4 94%	5 07%	5 19%	5 32%	Considering our organic capital
500	4 16%	4 19%	4 21%	4 24%	4 26%	4 29%	4 31%	4 34%	4 36%	4 49%	4 62%	4 75%	4 87%	00% 5	12% 5	25% 5	generation after dividend
1 000 ,	4 11%	4 13%	4 16%	4 18%	4 21%	4 23%	4 26%	4 28%	4 31%	4 43%	4 56%	4 68%	4 81%	4 93%	5 06%	5 18%
1 500 ,	4 05%	4 08%	4 10%	4 13%	4 15%	4 18%	4 20%	4 23%	4 25%	4 38%	4 50%	4 62%	4 75%	4 87%	4 99%	5 11%	distribution and payment of AT1
2 000 n) ,	4 00%	4 02%	4 05%	4 07%	4 10%	4 12%	4 15%	4 17%	4 20%	4 32%	4 44%	4 56%	4 69%	4 81%	4 93%	05% 5	coupon, also in case of
ml 2 500 ,	3 95%	3 97%	4 00%	4 02%	4 05%	4 07%	4 10%	4 12%	4 14%	4 26%	4 39%	4 51%	4 63%	4 75%	4 87%	4 99%
s ( 3 000 ,	3 90%	3 92%	3 95%	3 97%	4 00%	4 02%	4 04%	4 07%	4 09%	4 21%	4 33%	4 45%	4 57%	4 69%	4 81%	4 92%	extremely adverse market
e 4 000 ,	3 80%	3 83%	3 85%	3 88%	3 90%	3 92%	3 95%	3 97%	3 99%	4 11%	4 23%	4 34%	4 46%	4 57%	4 69%	4 80%	scenario, our Leverage ratio
ur 5 000 s ,	3 71%	3 74%	3 76%	3 78%	3 81%	3 83%	3 85%	3 87%	3 90%	4 01%	4 13%	4 24%	4 35%	4 47%	4 58%	4 69%
o 6 000 p ,	3 63%	3 65%	3 67%	3 69%	3 72%	3 74%	3 76%	3 78%	3 81%	3 92%	4 03%	4 14%	4 25%	4 36%	4 47%	4 58%	would comfortably remain
x 000 7 , E	3 54%	3 57%	3 59%	3 61%	3 63%	3 65%	3 68%	3 70%	3 72%	3 83%	3 94%	4 05%	4 16%	4 26%	4 37%	4 48%	above regulatory requirements
8 000 al ,	3 47%	3 49%	3 51%	3 53%	3 55%	3 57%	3 59%	3 62%	3 64%	3 74%	3 85%	3 96%	4 06%	4 17%	4 28%	4 38%
9 000 ot ,	3 39%	3 41%	3 43%	3 45%	3 47%	3 50%	3 52%	3 54%	3 56%	3 66%	3 77%	3 87%	3 98%	4 08%	4 18%	4 29%	and in line with our guidance
T 10 000 ,	3 32%	3 34%	3 36%	3 38%	3 40%	3 42%	3 44%	3 46%	3 48%	3 59%	3 69%	3 79%	3 89%	3 99%	4 09%	4 20%

LR > 4.0% 3.5% < LR < 4.0% 3.0% < LR < 3.5%

Delivering on our discontinuities

Set of initiatives to improve our revenues mix, taking advantage from the acceleration of structural trends and our FinTech DNA

INITIATIVES TO KEEP UNDER CONTROL OUR BALANCE SHEET

STRONG COMMERCIAL FOCUS ON AUM:

➢ targeting only AUM net sales and solutions with a strong RISK MANAGEMENT. FAM already best-positioned thanks to the hightransparency and daily look-through on its solutions

2 WIDER PRODUCT RANGE TO FULLY CATCH THE WHOLE SPECTRUM OF CLIENTS' NEEDS ALSO THANKS TO FAM

• ➢ Decumulation products key to move clients from liquidity towards AUM thanks to our wide gamma of FAM Target (~40 decumulation vehicles)
• ➢ New FAM offer: launch of investment solutions based on passive funds with diversified solutions based on different risk profiles. FAM has also launched its ETF offer
• ➢ New FAM solutions based on capital preservation: Smart Global Defence
• ➢ Pension funds for risk-averse clients
• ➢ Distribution of third-parties savings accounts live

3

ROBUST ACCELERATION IN PFAs PRODUCTIVITY through:

• ➢ New software developments dedicated to our advisory services to improve PFAs productivity in transforming deposits in AUM leveraging on Big Data Analytics capabilities
• ➢ New marketing campaigning tool based on our Big Data analytics in deployment phase. New Investing homepage released with dedicated contents to stimulate clients activity

IMPROVE THE QUALITY OF OUR CLIENT BASE:

➢ Exploiting our pricing power: more selective in our client acquisition

1

Fineco Asset Management in a nutshell

FAM EVOLUTION
✓FAM Megatrend: multi-thematic fund investing in secular trends ✓New
building blocks both vertical and based on risk profile
✓FAM Target: decumulation products for customers who want to take advantage of bear market phase
✓FAM Passive Underlyings
CORE SERIES
✓Release of Premium Share Classes
✓New capital preservation solutions: FAM Smart Global Defence and FAM Smart Defence Equity
✓FAM Target China Coupon and ESG Target Global Coupon: investment solutions to build up exposure towards equity
✓FAM Passive Single Strategies and new ETF offer
✓FAM 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 customers' TER ✓FAM Passive Underlyings
▪ 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-win solution: lower price for clients, higher margins

Preserving our best price/quality ratio

51 (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, and are not taking into account promotions on the fee for the first year.

Commitment to Net Zero emissions by 2050

Aware of the importance of environmental and climate matters, in August this year the BoD approved the Net-Zero emissions plan to 2050 regarding both operational and financed emissions

(1) Source: https://www.climatewatchdata.org/; 'In Policy Document' and 'In law' objectives are accepted, 'In Political Pledge' objectives are not accepted.

(2) Target subject to formalisation of Net-Zero's commitment in a national policy document by Italy.

(3) For the purposes of the Net-Zero plan, the approach to accounting emissions from renewable electricity consumption at sites where the utilities are not registered to Fineco was revised, accounting them as 0 in case of the

presence of Guarantee of Origin certificates. Therefore, the figure reported here differs from that reported in the 2021 consolidated Non-Financial Statement.

Fixed Income

Senior Preferred instrument AT1 instruments

• ➢ On October ¹⁴th , 2021, Fineco successfully issued 500mln Senior Preferred in order to be immediately compliant with the Fully Loaded MREL Requirement on Leverage Ratio Exposure, which will be binding starting from January 1st, 2024.
• Annual coupon at 0.50% (5 years Mid Swap Rate plus ⁷⁰ bps vs initial guidance of plus 100 bps) for the first 5 years, floating rate between the fifth and sixth year
• Public placement with ^a strong demand, more than ⁴ times the offer

• The instrument has been rated BBB by S&P

• ➢ €200 mln perpetual AT1 issued on January ²³rd , 2018:

• Coupon fixed at 4.82% for the initial 5.5 years
• Private placement, fully subscribed by UniCredit SpA
• Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
• ➢ €300mln perpetual AT1 issued on July ¹¹th , 2019 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-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
• The instrument was assigned ^a BB- rating by S&P

Italian Senior Preferred Italian AT1 yield at first call date

Main Financial Ratios

	Mar	Jun	Sep	Dec	Mar	Jun	Sep	Dec
	21	21	21	21	22	22	22	22
/ (mln) (1) PFA TFA PFA	31 6	32 5	33 0	33 9	32 8	31 2	31 1	31 9
/ (2) FAM retail Fineco AUM	24%	26%	26%	27%	28%	29%	29%	30%
Cost / (3) income Ratio	30 4%	31 3%	31 4%	32 2%	27 0%	29 3%	29 8%	29 6%
CET	26	18	18	18	19	19	20	20
1	5%	6%	4%	8%	3%	1%	4%	8%
Ratio
Adjusted	22	23	21	22	30	29	26	27
RoE	2%	3%	5%	0%	4%	3%	4%	7%
(4)
Leverage	4	3	3	3	3	3	3	4
Ratio	77%	81%	80%	84%	80%	82%	88%	03%
(5)

(1)PFA TFA/PFA: calculated as end of period Total Financial Assets related to the network divided by number of PFAs eop

(2) Calculated as FAM retail stock eop divided by FinecoBank AUM stock eop

(3) C/I ratio net of non recurring items (see page 35 for details) calculated as Operating Costs divided by Revenues net of non recurring items

(4) RoE: annualized Net Profit, net of non recurring items (see page 35 for details) divided by the average book shareholders' equity for the period (excluding dividends expected to be distributed and the revaluation reserves)

(5) Leverage Ratio excluding exposures towards Central Banks from the total LR exposures (according to art. 429a - CRR) was equal to 4.03% in June 2021, to 4.04% in September 2021, to 4.02% in December 2021 and to 3.99% in March 2022