FinecoBank

Investor Presentation • May 11, 2021

Alessandro Foti CEO and General Manager

1Q21 Results

FINECO. SIMPLIFYING BANKING.

Milan, May 11th 2021

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.
• This Presentation has been prepared on a voluntary basis since the financial disclosure additional to the half-year and annual ones is no longer compulsory pursuant to law 25/2016 in application of Directive 2013/50/EU, in order to grant continuity with the previous quarterly presentations. FinecoBank is therefore 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.

Agenda

Next steps

Fineco UK

Key messages

Executive Summary

1Q21 a turning point in our growth story: becoming more a Platform than a Bank

The Bank has entered a new dimension of growth driven by structural trends. Among the main consequences:

acceleration of the deleveraging of the Balance Sheet: boosting Fees and Commissions to increase revenues with a better mix

new discontinuity in FAM, entering the second wave to take more control of the value chain to further boost Investing revenues and margins

Record-high net profit in "a new normal world"

• 1Q21 Net profit at 95mln, +3% y/y(1) considering that 1Q20 was the highest in 2020. +21% q/q, confirming the sustainability of a business model able to deliver consistent results in every market condition
• 1Q21 Gross operating profit at 144mln, +7% y/y(1) and 33% q/q, showing the soundness of our industrial growth
• 1Q21 Revenues at 218mln, +8% y/y(1) and 20% q/q mainly supported by Investing (+14% y/y and +6% q/q) thanks to volume effect and to the strong acceleration of AUM flows, and increasing Brokerage (+2% y/y and +26% q/q) showing a structural growth even in an environment characterized by much lower volatility compared to 2020
• Operating Costs well under control at -74mln, +1% q/q and +4.5% y/y, excluding costs related to the acceleration of the growth of the business(2)
• C/I ratio at 33.8%, confirming operating leverage as a key strength of the Bank

Strong and safe capital position

1Q21 CET1 ratio at 26.5%(3) and TCR at 38.4%(3)

Accelerating commercial activity

• Net sales in 1Q21 at 3.3bn (+56% y/y), TFA at 97.1bn with Asset under Management at 48.0bn (+35% y/y) and the penetration of Guided products on Asset under Management at 74%
• Fineco Asset Management retail net sales at 0.7bn in 1Q21 and TFA at 17.9bn.
• April: Strong net sales at 0.9bn (in line y/y), o/w 95% in AUM (+36% y/y) and deposits -0.6bn. Record net sales in FAM with 0.5bn retail class. Brokerage revenues estimated at ~17mln despite very low volatility (more than 50% vs average monthly revenues in 2017-2019 y/y)

⁴ (3) Fineco decided to stick to the recommendations of ECB of December 15th , 2020 and to the press release of Bank of Italy of December 16th , 2020, and the Shareholders' Meeting convened on April 28th , 2021 approved the proposal regarding the allocation of 100% of 2020 net profits to reserves

⁽¹⁾ FY20 non recurring items: Voluntary Scheme: 1Q20 -1.2mln gross, -0.8mln net

⁽²⁾Excluding costs strictly related to the growth of the business: marketing expenses (-2.4mln y/y, mainly related to UK), costs related to PFAS Firr and Enasarco (-0.7mln y/y), FAM (-1.0mln y/y), CRM (-0.2mln y/y)

Record high 1Q Net Profit in a "new normal world"

Adj. Net Profit at 95mln, +21% q/q boosted by strong acceleration of Investing and consistently high Brokerage revenues. The Bank has entered a new dimension of growth. C/I ratio at 34%, confirming our operating leverage.

(1) FY20 non recurring items: Voluntary Scheme: 1Q20 -1.2mln gross, -0.8mln net

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(2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items. ROE calculated as: annualized adj.net profit divided by average book equity for the period (excl. dividends for which distribution is expected and valuation reserves) (3) Excluding costs strictly related to the growth of the business: marketing expenses (-2.4mln y/y, mainly related to UK), costs related to PFAS Firr and Enasarco (-0.7mln y/y), FAM (-1.0mln y/y), CRM (-0.2mln y/y)

Our activity of deleveraging the Balance Sheet is generating also profits from Treasury management…

Net financial Income increasing y/y thanks to a more dynamic Treasury activity combined with high-quality lending

(1) Other treasury activities include Security Lending (from Tiering and TLTRO) and yield enhancement strategies (unsecured lending and collateral switch)

(2) Financial investments include Government bonds, UC bonds, Covered bonds, Supranational and Agencies and other financial investments (repos and immediate available liquidity) (3) Other interest-earning assets include Leverage.

(4) NII gross margins: interest income related to financial investments, lending, leverage, security lending, other trading activities on interest-earning assets (5) Total yield: net financial income related to interest-earning assets

6

…and boosting Fees & Commissions and Brokerage Trading Profit

Fees and commissions +13% y/y and +23% q/q thanks to the positive contribution by all business areas. Trading Income +1% y/y and +27% q/q thanks to structurally higher Brokerage

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Our priority: accelerating on Investing

1Q21 revenues increasing thanks to volume effect and strong acceleration in AUM net sales. Margins slightly higher thanks to the operational efficiency given by Fineco Asset Management and a first sign of higher risk appetite by clients

Cost efficiency and operating leverage confirmed in our DNA

1Q21 characterized by costs directly related to the strong acceleration of growth of the business experienced in the "new normal world". The yearly comparison affected by 1Q20 strict lock-down (1Q Non HR costs were the lowest of the last 10 years)

(1) Excluding costs strictly related to the growth of the business:

Operating costs: marketing expenses (-2.4mln y/y, mainly related to UK), costs related to PFAs' Firr and Enasarco (-0.7mln y/y), FAM (-1.0mln y/y), CRM (-0.2mln y/y)

Staff expenses: FAM (-0.9mln y/y)

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Non HR costs: marketing expenses (-2.4mln y/y, mainly related to UK), costs related to PFAs' Firr and Enasarco (-0.7mln y/y), FAM (-0.1mln y/y), CRM (-0.2mln y/y)

High quality lending

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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
• No change in our FY21 CoR expectations (10-15bps) thanks to the high quality of our portfolio, even in a difficult context following Covid-19 outbreak
• Less than 300 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

Lending: solid growth for all our products

High quality portfolio and cautious approach

(1) Yield on mortgages net of amortized and hedging costs

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(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

Capital Ratios

Best in class capital position and low risk balance sheet

Mar.20 Dec.20 Mar.21

Fineco decided to stick to the recommendations of ECB of December 15th , 2020 and to the press release of Bank of Italy of December 16th , 2020, and the Shareholders' Meeting convened on April 28th , 2021 approved the proposal regarding the allocation of 100% of 2020 net profits to reserves

TFA breakdown

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

Net sales breakdown

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High quality net sales growth with a better mix, on the wave of structural trends thanks to our diversified business model

PFA Network - headcount

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

Increasing quality and productivity of the Network

Clients' profile and focus on Private Banking

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

(2) AIPB (Associazione Italiana Private Banking) preliminary figures as of FY20

(3) "Modelli Misti" include the following players: Allianz Financial Advisors, Banca Euromobiliare, Banca Generali PB, Banca Mediolanum, Banca Patrimoni Sella, Widiba, CheBanca!, Deutsche Bank, Fideuram ISPB, Fineco (preliminary figures as of FY20)

Agenda

Fineco Results

Fineco UK

Current environment is further enlarging our growth opportunities

Current situation is accelerating the structural trends reshaping our society…

DEMAND FOR ADVICE

DIGITALIZATION

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

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-quality is gaining momentum

…and strengthening our long term growth opportunities

Strengths of our business model: quality, efficiency, innovation

Fintech DNA: 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
• Boost in Investing supported by FAM growth
• Structurally higher Brokerage
• Acceleration in high-end clients' acquisition
• Decreasing Cost/Income

2021 Guidance and outlook going forward

Given current outlook(1) , our assumptions for 2021 are:

Banking:

• Net financial income (net interest income and Profit from Treasury management): we expect for FY21 a net financial income flat y/y. Going forward we expect Net financial income to stabilize thanks to the combination of the deleveraging of the balance sheet, the improvement of the steepening of the curve and the new initiatives in place
• Banking fees: ~40-45mln thanks to the smart repricing launched in 2020, to the additional fees from the new pricing on new current accounts
• Investing: we expect revenues increasing around 20% vs 2020 with resilient / slightly higher margins compared to 2020. Going forward we expect a strong acceleration on Investing for a further increase in our Network productivity leading to higher volumes and for the implementation of the second wave in Fineco Asset Management, which is going to take even more control of the value chain and will give a boost to margins and revenues
• Brokerage: countercyclical business, it is expected to remain strong with a floor definitely higher than in the past
• Operating costs: confirmed to grow in a range between 4.5-5% y/y. Please note that there might be additional costs related to FAM as we are introducing a strategic discontinuity to improve the efficiency of the value chain in the Investing business. Going forward 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: ~35-37mln of DGS+SRF in provisions for risk and charges. The more we will be effective with our deleveraging activity, the more we can decrease our contribution to systemic charges
• Capital Ratios: CET1 floor at 17%, Leverage Ratio very well under control and above 3.5%
• 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 with a lower deposits component thanks to the new initiatives we are undertaking (see next slide)

Focus on quality growth leveraging on our FinTech DNA

Initiatives to deleverage our Balance Sheet and improve our quality revenues mix, by taking advantage from the acceleration of structural trends

Banking: our features

INDUSTRIAL ACTIONS TO MANAGE LIQUIDITY

MORE DYNAMIC TREASURY MANAGEMENT:

• yield enhancement strategies (unsecured lending, collateral switch)
• full ADVANTAGE OF ECB's TIERING AND TLTRO
• ENLARGING THE SCOPE OF OUR INVESTMENTS to investment grade non-EU govies and financial corp. senior bonds

PROFIT FROM TREASURY MANAGEMENT: related to the rebalance of the Asset Liability Management within the acceleration of the deleveraging of the Balance Sheets. The more the Bank will move in that direction, and the more we will slow down the growth of financial investments.

INCREASING LENDING without changing our cautious and conservative approach, as low interest rate environment increases the appetite for lending products

NEW PLATFORM TO DISTRIBUTE THIRD PARTIES SAVINGS ACCOUNTS leveraging on our FinTech DNA

SMART REPRICING ON CURRENT ACCOUNTS AND NEW PRICING ON NEW CURRENT ACCOUNTS: given the acceleration of flight to quality towards our Bank, we can afford to be more selective in our base of clients

NEW PLATFORM FOR TAX CREDIT (Ecobonus and Superbonus): we are very active within the framework of the Law Decree no.34/2020, allowing homeowners to have a tax credit up to 110% for a list of interventions on their houses (i.e. increasing energy efficiency of buildings, reducing seismic risk, etc.)

BANKING

INVESTING

Acceleration of Investing expected going forward

Investing revenues expected to keep on growing mainly driven by volumes effect and resilient / slightly higher margins y/y. Strategic discontinuity in FAM to take more control of the value chain, improving operational efficiency

We expect increasing revenues with resilient / slightly higher margins y/y thanks to:

• INCREASING PFAs PRODUCTIVITY thanks to our cyborgadvisory approach and to our technology
• ROBUST AUM NET SALES as we are in the sweet spot to capture the acceleration of structural trends already in place
• NEW PFA INCENTIVE SCHEME based on inflows in:
• Asset Under Management
• quality solutions with a strong focus on RISK MANAGEMENT
• Clients starting to increase their RISK APPETITE

STRONG VOLUME EFFECT FAM OPERATIONAL EFFICIENCY

• FAM new initiatives to improve efficiency of the value chain
• FAM is core for extracting additional operational efficiency (on fund administration costs, custodian, etc)
• FAM margins contribution expected to grow in a geometrical way with the increase of FAM volumes as institutional products can be used as underlying of Investing solutions
• New FAM product range based on advisory service by third parties: this will give FAM even more flexibility and will make the value chain even more efficient
• Progressively widening equity strategies offer on the back of the increasing demand by customers

FAM: record net sales in April confirming its growth potential

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

FAM contribution to Fineco AUM net sales

Record FAM retail class net sales in April: 0.5bn

FAM is strongly and consistently contributing to Fineco's AuM net sales in every market condition thanks to its ability to create modern and innovative multimanager solutions

INVESTING

• In 2021 FAM will focus on further widening its product offer by adding new solutions focused on equity and sustainability
• Strong commercial success by the launch of FAM brand new solution on China thanks to its innovative structure combining a coupon offer, a decumulation engine and equity exposure

FAM is adding a new product range based on an advisory service by third parties. FAM will be even more flexible, with a more efficient value chain and a further alignment with clients and investors' interests

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

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

⁽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

BROKERAGE

Brokerage: enlargement of client base and increased market share

Client base growth mainly driven by "Active investors" starting to use brokerage platform and "sleeping" clients back on the market. New clients are coming from traditional banks

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BROKERAGE

Agenda

Fineco Results

Next steps

Key messages

Fineco UK: our quality one-stop-solution proves to work

Strong acceleration in our customer acquisition. Already profitable excluding marketing expenses in March 2021

Fineco UK: Investing in the spotlight

ISA accounts offer, already 680+ subscriptions in just 2 months

• New ISA promo launched to attract clients from traditional banks
• 684 subscriptions in March and April almost 20 new accounts per day
• Further enlargement of our fund offer
• New section for funds in our APP

Agenda

Fineco Results

Next steps

Fineco UK

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

Our corporate purpose: to offer clients a quality and multichannel one-stop-solution with a fair pricing leveraging on our 3 pillars

TRANSPARENCY

Fairness and respect for all our stakeholders FAM as a champion of ESG: PERFORMANCE FEES FREE trademark

FAIR PRICING

LOW UPFRONT FEES (only ~3% 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

We have an ESG-friendly model by being sustainable since inception

• MARKET FRIENDLY CORPORATE GOVERANCE:
• Up to 3 lists for Board renewal
• 10 independent Board members out of 11, o/w 6 women
• 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

Broad ESG product offer: both on Investing (i.e. ~57% of funds have ESG rating Morningstar) and Lending ("Green mortgages", Ecobonus and Sismabonus)

• FinecoBank is signatory of UN Global Compact and UN PRB (UN Principles for Responsible Banking)

• Fineco AM is signatory of UN PRI (UN Principles for Responsible Investing)

• In 2020 AGM, 86% voted for the outgoing Board list proposal

• In 2021 AGM, 97% voted for 2021 remuneration policy

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

Fineco as a profitable Fintech Bank

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

FOCUS ON IT OPERATIONS

• Extreme process automation
• Critical processes always in-house
• Time to market and cost reduction
• Continuous innovation fully in-house developed

FULLY INTEGRATED BUSINESS STRUCTURE

• Core system internally managed
• Internal DWH to exploit our Big Data Analytics
• CRM dedicated team for all clients needs

IT SECURITY

• Governance, implementation and operations for cybersecurity & anti-fraud internally managed
• Ownership and control of critical infrastructure, relying on cloud for massive, scale-out workload needs only

FTEs in Back-Office OUR INTERNAL IT KNOW-HOW

A S T R A T E G I C C H O I C E

r e s u l t i n g i n u n m a t c h e d u s e r e x p e r i e n c e f o r b o t h o u r c l i e n t s a n d P F A s

Senior management experienced in IT

No external consultants nor system integrator

FTEs in IT Department

A SINGLE DATABASE POWERING A STRONG DATA MANAGEMENT

Healthy and sustainable growth with a long term horizon

(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)

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Safe Balance Sheet: simple, highly liquid

Diversified investment portfolio

• Investment strategy announced during FY17 results unchanged: UC bonds run-offs, blend of government bonds diversified across countries, covered bonds, supranational and agencies
• 99.6% not exposed to volatility: HTC classification since November 2016

High-quality lending growth

• Lending offered exclusively to our well-known base of clients
• Low-risk: CoR at 9bps, cautious approach on mortgages (LTV ~49%, 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)

High-quality lending growth

Figures as of March 2021

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Total assets: 99.6% not exposed to volatility in the Balance Sheet

Out of 32.6bn, only 0.14bn of assets at fair value with very limited impacts on Equity reserve

(1) Due from banks includes 1.3bn cash deposited at Bank of Italy as of Mar.21

(2) Other refers to tangible and intangible assets, derivatives and other assets

(3) 19.9bn equal to 18.9bn nominal value, o/w Italy 5.6bn nominal value

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(4) Other: Austria, Belgium, Germany, Poland, Portugal, United Kingdom, Switzerland, Chile, Israel, Saudi Arabia, China, Island, Latvia

Agenda

Fineco Results

Next steps

Fineco UK

Key messages

Focus on product areas

Revenues by Product Area

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

1Q21 weight on total revenues for each product area

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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 has been recasted to include profits from treasury activity (moved from Corporate Center to Banking) : 18.2mln in 1Q21, 4.5mln in 1Q20 and 3.0mln in 4Q20

Banking

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

Managerial Data

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Brokerage

Strong Brokerage thanks to market growing in size, increasing market share in Italy and continuous enlargement of product offer

Managerial Data

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(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

Managerial Data

Annex

		P&L pro-forma					P&L
mln	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
Net financial income	72.0	75.1	68.6	64.1	279.7	75.1
o/w Net Interest Income	68.2	70.1	68.6	63.9	270.7	61.8
o/w Profit from treasury management	3.8	5.0	-0.1	0.3	9.0	13.2
Net commissions	105.0	104.8	97.9	96.7	404.3	118.7
Trading profit	22.6	25.1	20.3	18.8	86.8	23.9
Other expenses/income	0.6	0.8	0.2	2.0	3.6	0.5
Total revenues	200.1	205.8	186.9	181.6	774.4	218.2
Staff expenses	-24.0	-24.9	-24.6	-26.0	-99.5	-26.2
Other admin.exp. net of recoveries	-36.5	-34.6	-33.4	-40.1	-144.6	-41.3
D&A	-6.1	-6.2	-6.4	-6.8	-25.4	-6.3
Operating expenses	-66.5	-65.7	-64.4	-72.9	-269.6	-73.8
Gross operating profit	133.6	140.0	122.4	108.7	504.8	144.5
Provisions	-1.1	-6.5	-32.0	5.5	-34.1	-8.2
LLP	-1.0	-2.7	0.1	0.2	-3.3	-0.5
Profit from investments	-0.1	-3.7	-0.2	-2.3	-6.3	-0.6
Profit before taxes	131.4	127.1	90.4	112.2	461.1	135.2
Income taxes	-40.0	-38.3	-25.3	-34.0	-137.5	-40.4
Net profit for the period	91.4	88.7	65.2	78.2	323.6	94.7
Net profit adjusted (1)	92.2	88.7	65.3	78.2	324.5	94.7
Non recurring items (mln, gross)	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
(2) Extraord systemic charges (Trading Profit)	-1.2	0.0	-0.2	0.0	-1.4	0.0
Total	-1.2	0.0	-0.2	0.0	-1.4	0.0

Reconciliation (mln)	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
Net financial Income	3.8	5.0	-0.1	0.3	9.0	13.2
Trading Profit	-3.8	-5.0	0.1	-0.3	-9.0	-13.2

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mln	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
Net interest income	68.2	70.1	68.6	63.9	270.7	61.8
Net commissions	105.0	104.8	97.9	96.7	404.3	118.7
Trading profit	26.4	30.1	20.2	19.1	95.8	37.1
Other expenses/income	0.6	0.8	0.2	2.0	3.6	0.5
Total revenues	200.1	205.8	186.9	181.6	774.4	218.2
Staff expenses	-24.0	-24.9	-24.6	-26.0	-99.5	-26.2
Other admin.exp. net of recoveries	-36.5	-34.6	-33.4	-40.1	-144.6	-41.3
D&A	-6.1	-6.2	-6.4	-6.8	-25.4	-6.3
Operating expenses	-66.5	-65.7	-64.4	-72.9	-269.6	-73.8
Gross operating profit	133.6	140.0	122.4	108.7	504.8	144.5
Provisions	-1.1	-6.5	-32.0	5.5	-34.1	-8.2
LLP	-1.0	-2.7	0.1	0.2	-3.3	-0.5
Profit from investments	-0.1	-3.7	-0.2	-2.3	-6.3	-0.6
Profit before taxes	131.4	127.1	90.4	112.2	461.1	135.2
Income taxes	-40.0	-38.3	-25.3	-34.0	-137.5	-40.4
Net profit for the period	91.4	88.7	65.2	78.2	323.6	94.7
Net profit adjusted (1)	92.2	88.7	65.3	78.2	324.5	94.7
Non recurring items (mln, gross)	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
Extraord systemic charges (Trading Profit) (2)	-1.2	0.0	-0.2	0.0	-1.4	0.0
Total	-1.2	0.0	-0.2	0.0	-1.4	0.0

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

P&L net of non recurring items

P&L pro-forma net of non recurring items P&L net of non recurring items

mln	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)
Net financial income	72.0	75.1	68.6	64.1	279.7	75.1
o/w Net interest income	68.2	70.1	68.6	63.9	270.7	61.8
o/w Profit from treasury	3.8	5.0	-0.1	0.3	9.0	13.2
Net commissions	105.0	104.8	97.9	96.7	404.3	118.7
Trading profit	23.8	25.1	20.5	18.8	88.2	23.9
Other expenses/income	0.6	0.8	0.2	2.0	3.6	0.5
Total revenues	201.3	205.8	187.1	181.6	775.8	218.2
Staff expenses	-24.0	-24.9	-24.6	-26.0	-99.5	-26.2
Other admin.expenses	-36.5	-34.6	-33.4	-40.1	-144.6	-41.3
D&A	-6.1	-6.2	-6.4	-6.8	-25.4	-6.3
Operating expenses	-66.5	-65.7	-64.4	-72.9	-269.6	-73.8
Gross operating profit	134.8	140.0	122.7	108.7	506.2	144.5
Provisions	-1.1	-6.5	-32.0	5.5	-34.1	-8.2
LLP	-1.0	-2.7	0.1	0.2	-3.3	-0.5
Profit from investments	-0.1	-3.7	-0.2	-2.3	-6.3	-0.6
Profit before taxes	132.6	127.1	90.7	112.2	462.5	135.2
Income taxes	-40.4	-38.3	-25.3	-34.0	-138.0	-40.4
Net profit adjusted (1)	92.2	88.7	65.3	78.2	324.5	94.7

Reconciliation (mln)	1Q20 Adj. (1)	2Q20 Adj. (1)	3Q20 Adj. (1)	4Q20 Adj. (1)	FY20 1Q21 (1) Adj.	1Q21 Adj. (1)
Net financial Income	3.8	5.0	-0.1	0.3	9.0	13.2
Trading Profit	-3.8	-5.0	0.1	-0.3	-9.0	-13.2

mln	1Q20 Adj. (1)	2Q20 Adj. (1)	3Q20 Adj. (1)	4Q20 Adj. (1)	FY20 Adj. (1)	1Q21 Adj. (1)
Net interest income	68.2	70.1	68.6	63.9	270.7	61.8
Net commissions	105.0	104.8	97.9	96.7	404.3	118.7
Trading profit	27.6	30.1	20.4	19.1	97.2	37.1
Other expenses/income	0.6	0.8	0.2	2.0	3.6	0.5
Total revenues	201.3	205.8	187.1	181.6	775.8	218.2
Staff expenses	-24.0	-24.9	-24.6	-26.0	-99.5	-26.2
Other admin.expenses	-36.5	-34.6	-33.4	-40.1	-144.6	-41.3
D&A	-6.1	-6.2	-6.4	-6.8	-25.4	-6.3
Operating expenses	-66.5	-65.7	-64.4	-72.9	-269.6	-73.8
Gross operating profit	134.8	140.0	122.7	108.7	506.2	144.5
Provisions	-1.1	-6.5	-32.0	5.5	-34.1	-8.2
LLP	-1.0	-2.7	0.1	0.2	-3.3	-0.5
Profit from investments	-0.1	-3.7	-0.2	-2.3	-6.3	-0.6
Profit before taxes	132.6	127.1	90.7	112.2	462.5	135.2
Income taxes	-40.4	-38.3	-25.3	-34.0	-138.0	-40.4
Net profit adjusted (1)	92.2	88.7	65.3	78.2	324.5	94.7

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

1Q21 P&L FinecoBank and Fineco Asset Management

	Fineco Asset	FinecoBank	FinecoBank
mln	Management	Individual	Consolidated
Net interest income	0.0	61.9	61.8
Dividends	0.0	0.0
Net commissions	19.1	99.6	118.7
Trading profit	0.0	37.1	37.1
Other expenses/income	0.0	0.6	0.5
Total revenues	19.0	199.2	218.2
Staff expenses	-1.7	-24.6	-26.2
Other admin.exp. net of recoveries	-1.2	-40.1	-41.3
D&A	-0.1	-6.2	-6.3
Operating expenses	-2.9	-70.9	-73.8
Gross operating profit	16.2	128.3	144.4
Provisions	0.0	-8.2	-8.2
LLP	0.0	-0.5	-0.5
Profit on Investments	0.0	-0.6	-0.6
Profit before taxes	16.2	119.0	135.2
Income taxes	-2.0	-38.4	-40.4
Net profit for the period	14.1	80.6	94.7

Details on Net Interest Income

mln	1Q20	Volumes & Margins	2Q20	Volumes & Margins	3Q20	Volumes & Margins	4Q20	Volumes & Margins	FY20	Volumes & Margins	1Q21	Volumes & Margins
Financial Investments	54.8	22,543	56.3	22,676	53.0	22,491	49.0	23,334	213.1	22,761	44.6	24,417
Net Margin		0.98%		1.00%		0.94%		0.84%		0.94%		0.74%
Gross margin	56.8	1.01%	57.1	1.01%	53.1	0.94%	49.1	0.84%	216.1	0.95%	44.8	0.74%
(1) Treasury activities	0.9	703	2.1	1,916	2.4	2,114	2.5	2,103	7.9	1,709	3.9	2,791
Net Margin		0.50%		0.44%		0.45%		0.47%		0.46%		0.57%
Leverage - Long	2.9	137	2.4	117	3.1	150	2.8	138	11.1	136	3.4	171
Net Margin		8.42%		8.13%		8.13%		8.10%		8.20%		8.12%
Lending	11.0	3,094	11.4	3,393	11.6	3,582	11.1	3,670	45.0	3,435	10.8	3,805
Net Margin		1.42%		1.35%		1.28%		1.20%		1.31%		1.15%
o/w Current accounts	3.4	1,316	3.6	1,375	3.6	1,453	3.7	1,527	14.3	1,418	3.6	1,632
Net Margin		1.05%		1.04%		0.99%		0.97%		1.01%		0.90%
o/w Cards	1.2	43	1.1	40	1.1	39	1.1	38	4.5	40	1.0	36
Net Margin		11.41%		11.40%		11.43%		11.45%		11.42%		11.40%
o/w Personal loans	4.5	462	4.4	448	4.2	437	4.2	439	17.4	447	4.2	447
Net Margin		3.93%		3.93%		3.86%		3.82%		3.88%		3.83%
o/w Mortgages	1.8	1,273	2.3	1,530	2.6	1,653	2.1	1,666	8.8	1,530	2.0	1,690
Net Margin		0.57%		0.61%		0.63%		0.49%		0.57%		0.47%
(2) Other	-1.3		-2.1		-1.4		-1.5		-6.3		-0.9
Total	68.2		70.1		68.6		63.9		270.7		61.8
Gross Margin		1.08%		1.04%		0.98%		0.88%		0.99%		0.81%
Cost of Deposits		-0.03%		-0.01%		0.00%		0.00%		-0.01%		0.00%

Volumes and margins: average of the period

48

Net margin calculated on real interest income and expenses

(1) Treasury activities: Unsecured lending, collateral switch, tiering, TLTRO, other repos (moved from «Other» to «Treasury acitivites».

(2) Other includes mainly marketing costs. 2020 figures recasted (NII from other repos moved from «Other» to «Treasury Activities»): 1Q20 0.0mln, 2Q20 2Q20 0.0mln, 3Q20 -0.1mln, 4Q20 -0.2mln, FY20 -0.4mln

UniCredit bonds underwritten

	ISIN	Currency	Amount (€ m)	Maturity	Indexation	Spread
1	IT0005010316	Euro	382.5	6-Apr-21	Euribor 1m	2.56%
2	IT0005010340	Euro	382.5	5-Jul-21	Euribor 1m	2.58%
3	IT0005010225	Euro	382.5	18-Oct-21	Euribor 1m	2.60%
4	IT0005040099	Euro	100.0	24-Jan-22	Euribor 1m	1.46%
5	IT0005057994	Euro	200.0	11-Apr-22	Euribor 1m	1.43%
6	IT0005083743	Euro	300.0	28-Jan-22	Euribor 1m	1.25%
7	IT0005114688	Euro		180.0 19-May-22	Euribor 1m	1.19%
8	IT0005120347	Euro	700.0	27-Jun-22	Euribor 1m	1.58%
9	IT0005144065	Euro		450.0 14-Nov-22	Euribor 3m	1.40%
10	IT0005144073	Euro		350.0 15-Nov-21	Euribor 3m	1.29%
11	IT0005158412	Euro		250.0 23-Dec-22	Euribor 3m	1.47%
12	IT0005163180	Euro		600.0 11-Feb-23	Euribor 3m	1.97%
13	IT0005175135	Euro		100.0 24-Mar-23	Euribor 3m	1.58%
14	IT0005217606	Euro	350.0	11-Oct-23	Euribor 3m	1.65%
15	IT0005241317	Euro	622.5	2-Feb-24	Euribor 3m	1.52%
	Total	Euro	5,350.0		Euribor 1m	1.76%

Financial Investments

Further improvements for a diversified asset side

(1) Sovereign Supranational and Agencies

50

(2) Avg 1Q21 "Other" includes: 1.2bn France, 1.0bn Ireland, 0.8bn USA, 0.6bn Belgium, 0.5bn Austria, 0.4bn Portugal, 0.1bn Germany, 0.2bn Israel, 0.5bn other (UK, Poland, Switzerland, Saudi Arabia, Chile, China, Iceland, Latvia) (3) Calculated on nominal value as of Mar 31st 2021

Details on Net Commissions

mln	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
Banking	8.8	10.3	9.7	2.2	31.0	10.0
Brokerage	35.6	37.6	26.5	30.7	130.4	39.4
o/w
Equity	30.0	31.0	21.7	26.5	109.2	36.1
Bond	1.0	3.8	2.2	1.9	9.0	0.8
Derivatives	4.5	3.7	2.6	2.7	13.5	2.9
Other commissions(1)	0.0	-0.9	0.1	-0.4	-1.3	-0.4
Investing	60.8	57.1	61.8	64.0	243.7	69.4
o/w
Placement fees	1.7	1.4	1.5	1.8	6.3	2.2
Management fees	61.9	58.9	64.2	67.5	252.5	72.5
to PFA's: incentives	-2.5	-2.6	-3.1	-4.7	-12.9	-4.7
to PFA's: LTI	-0.2	-0.7	-0.7	-0.6	-2.2	-0.6
Other	-0.2	-0.2	-0.2	-0.2	-0.8	-0.1
Total	105.0	104.8	97.9	96.7	404.3	118.7

Revenues breakdown by Product Area

P&L by Product Area Recasted

mln	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
Net financial income	70.5	74.8	66.9	62.8	275.0	72.6
o/w Net interest income	66.6	69.8	67.0	62.6	266.0	59.3
o/w Profit from Treasury Management	3.8	5.0	-0.1	0.3	9.0	13.2
Net commissions	8.8	10.3	9.7	2.2	31.0	10.0
Trading profit	-0.3	-0.6	0.3	0.3	-0.3	1.4
Other	0.2	0.3	-0.3	0.4	0.6	0.1
Total Banking	79.2	84.9	76.6	65.6	306.3	84.1
Net interest income	3.0	2.5	3.1	2.9	11.5	3.5
Net commissions	35.6	37.6	26.5	30.7	130.4	39.4
Trading profit	25.1	24.2	20.1	18.0	87.4	22.0
Other	0.0	0.0	0.0	0.0	0.0	0.0
Total Brokerage	63.6	64.2	49.7	51.6	229.2	65.0
Net interest income	0.0	0.0	0.0	0.0	0.0	0.0
Net commissions	60.8	57.1	61.8	64.0	243.7	69.4
Trading profit	0.0	0.0	0.0	0.0	0.0	0.0
Other	0.1	-0.2	0.2	1.4	1.6	0.0
Total Investing	60.9	56.9	62.0	65.4	245.3	69.4

Reconciliation total Banking (mln)	1Q20	2Q20	3Q20	4Q20	FY20	1Q21
Net Financial Income	3.8	5.0	-0.1	0.3	9.0	13.2
Trading Profit	-3.8	-5.0	0.1	-0.3	-9.0	-13.2

mln	1Q20	2Q20	3Q20	4Q20	FY20
Net Interest Income	65.8	67.7	64.5	60.1	258.1
Net commissions	8.8	10.3	9.7	2.2	31.0
Trading profit	-0.1	-0.1	0.0	0.1	-0.1
Other	0.2	0.3	-0.3	0.4	0.6
Total Banking	74.6	78.3	73.9	62.7	289.5
Reconciliation from Corporate Center to Banking (mln)	1Q20	2Q20	3Q20	4Q20	FY20
Net financial income	4.7	7.1	2.3	2.7	16.9
o/w Net interest income	0.9	2.1	2.4	2.5	7.9
o/w Profit from Treasury Management	3.8	5.0	-0.1	0.3	9.0
Net commissions	0.0	0.0	0.0	0.0	0.0
Trading profit	-0.2	-0.5	0.4	0.2	-0.1
Other	0.0	0.0	0.0	0.0	0.0
Total Banking	4.5	6.6	2.7	3.0	16.7
Note: Profits related to treasury activity moved from Corporate Center				to Banking:
• NII moved from Corporate Center Switch, Tiering, TLTRO, other repos				to Banking includes: Unsecured Lending, Collateral
	Trading Profit moved from Corporate Center		to Banking includes: Profits from treasury

Reconciliation from Corporate Center to Banking (mln)	1Q20	2Q20	3Q20	4Q20	FY20
Net financial income	4.7	7.1	2.3	2.7	16.9
o/w Net interest income	0.9	2.1	2.4	2.5	7.9
o/w Profit from Treasury Management	3.8	5.0	-0.1	0.3	9.0
Net commissions	0.0	0.0	0.0	0.0	0.0
Trading profit	-0.2	-0.5	0.4	0.2	-0.1
Other	0.0	0.0	0.0	0.0	0.0
Total Banking	4.5	6.6	2.7	3.0	16.7

Note:

Profits related to treasury activity moved from Corporate Center to Banking:

• NII moved from Corporate Center to Banking includes: Unsecured Lending, Collateral Switch, Tiering, TLTRO, other repos
• Trading Profit moved from Corporate Center to Banking includes: Profits from treasury management and hedging from financial instruments

In addition, Banking has been recasted to include profits from treasury activity within the

Managerial Data

52

Breakdown Total Financial Assets

mln	Mar.20	Jun.20	Sep.20	Dec.20	Mar.21
AUM	35,516	40,083	41,744	45,381	48,018
o/w Funds and Sicav	24,122	27,657	28,929	31,578	33,271
o/w Insurance	9,961	10,676	11,020	11,819	12,659
o/w GPM	127	169	185	209	238
o/w AuC + deposits under advisory	1,307	1,580	1,610	1,776	1,850
o/w in Advice	516	550	554	561	572
o/w in Plus	792	1,030	1,056	1,215	1,278
AUC	13,485	16,486	16,821	18,314	20,347
o/w Equity	8,308	10,565	11,006	12,614	14,503
o/w Bond	5,147	5,878	5,766	5,637	5,772
o/w Other	30	43	49	63	72
Direct Deposits	26,925	26,077	26,432	28,014	28,687
o/w Sight	26,924	26,077	26,432	28,014	28,687
o/w Term	1	1	0	0	0
Total	75,927	82,646	84,997	91,709	97,052

o/w Guided Products & Services	25,486	28,984	30,331	33,420	35,381
o/w TFA FAM retail	7,626	8,920	9,465	10,542	11,465
o/w TFA Private Banking	28,844	33,024	34,438	38,614	41,844

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

Balance Sheet

mln	Mar.20	Jun.20	Sep.20	Dec.20	Mar.21
Due from Banks	1,801	1,633	1,761	2,541	1,902
Customer Loans	3,741	4,204	4,320	4,528	4,639
Financial Assets	23,414	22,961	22,988	23,957	25,398
Tangible and Intangible Assets	280	280	278	281	277
Derivatives	76	76	76	74	84
Other Assets	207	259	298	374	287
Total Assets	29,519	29,412	29,721	31,755	32,588
Customer Deposits	27,202	27,021	27,297	28,360	29,102
Due to Banks	331	113	105	1,065	1,149
Derivatives	144	207	212	232	140
Funds and other Liabilities	365	515	487	411	413
Equity	1,477	1,556	1,620	1,687	1,783
Total Liabilities and Equity	29,519	29,412	29,721	31,755	32,588

Main Financial Ratios

E-MARKET SDIR
CERTIFIED

	Mar.20	Jun.20	Sep.20	Dec.20	Mar.21
PFA TFA/ PFA (mln) (1)	25.7	27.9	28.7	30.6	31.6
Guided Products / TFA (2)	34%	35%	36%	36%	36%
Cost / income Ratio (3)	33.0%	32.5%	33.1%	34.7%	33.8%
CET 1 Ratio	25.4%	24.1%	23.3%	28.6%	26.5%
Adjusted RoE (4)	26.5%	26.0%	23.4%	21.2%	22.2%
Leverage Ratio	4.39%	4.41%	4.35%	4.85%	4.77%

(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 45 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 45 for details) divided by the average book shareholders' equity for the period (excluding dividends expected to be distributed and the revaluation reserves)

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

• 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 INVESTMENT
• 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
• 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 INFRAGROUP SERVICES
• Fineco has exercised at the end of 2019 the option for the purchase of its brand at the price of €22.5mln plus VAT TRADEMARK

STRATEGY

Fineco Asset Management in a nutshell

AUM at €18.6bn, of which €12.1bn retail classes(1)

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

57

Brokerage: extracting value from the vertical integration

After the successful integration of our asset management business through FAM, we are now applying the same strategy with the launch of Leveraged Certificates thanks to our strong operating leverage and to the consistently increasing volumes

In 1H21 we will launch our offer and become issuer, market maker and distributor.

Leveraged Certificates Thanks to the vertical integration of the business and the full control in the relationship with clients, over time we are going to convert low-value flows on other issuers' certificates into our own. Market size in Italy: 13 bn(1) volumes and 100 mln revenues(2) . We are also targeting flows on leveraged ETFs and covered warrants

Step 1: launch within June 2021 of first certificates on FTSE MIB, DAX and US indexes, forex and commodities

Hi-MTF

58

The Board of Directors approved the binding for the acquisition of a 20% stake (cost around 1.25mln) Rationale: to increase our ability to extract value from the vertical integration of the business thanks to our clients' strong volumes

Fineco UK vs competitors

Products and services

		FINECO B A N K	IG	HARGREAVES LANSDOWN	Revolut	HSE
	Bank Account		x	X
BANKING	Multi Currency	√	$\pmb{\times}$	X
	Debit Cards	J	X	$\mathsf X$
	Shares	J
	Bonds	J	$\mathsf X$		$\pmb{\times}$
TRADING	Futures & Options	Ø	X	x	X	X
	CFDs			X	X	X
	FX	J	√	$\mathsf X$	x	X
	Analytic tools	J	X	X	X	X
	Funds		X		x
INVESTING	ISA				X	√
	SIPP		x		x	x

Coming Soon

Platform features

Usability, reliability and advanced tools

	FINECO B A N K	فا	HARGREAVES LANSDOWN	Revolut	B HSBC
Free Basic Market Data
Free Real time DMA		X	X	X	X
Advanced Charting tool		X	X	X	X
Recurring investments		X		X
Trading order strategies			X	X	X
Stock screener		X	X	X	X
Payments		$\mathsf{X}$	X
Budget track		X	X		X
Open banking		x	Х

Fineco UK: Premium service without premium price

Disruptive pricing 100% sustainable thanks to our strong operating leverage

	010. Loi 6 commodion, no addou oproduo
Share CFD\Broker Buy 100 units	FINECO B A N K	IG	CIIIC cmc markets	SAXO BANK	Plus500
HSBC * 498.20 GBp	$\mathbf{o}$	£10	£9	£8	£0,67
APPLE * 225.64 USD	$\mathbf{o}$	£15	\$10	\$10	\$9.5
BMW * 42.61 EUR	$\mathbf o$	€10	$\epsilon$ 9	€10	€10.75
	FINECO A N K в	IG		CIIIC cmc markets	SAXO BANK
CFD on UK INDEX	PIPS	PIPS		PIPS	PIPS
Ftse100	0.6	1	1		0.8

OTC: zero commission, no added spreads

Multicurrency: best spreads, no commissions (1)

Coming Soon

Platform fees: the most competitive

Portfolio size	FINECO A N K $\mathbb{R}$	HARGREAVES LANSDOWN	$\mathcal{Y}$ A]Bell	W BARCLAYS	Fidelity	$\blacktriangle$ HSBC
£10,000.00	0.25%	0.45%	0.25%	0.20%	0.35%	0.25%
£50,000.00	0.25%	0.45%	0.25%	0.20%	0.35%	0.25%
£100,000.00	0.25%	0.45%	0.25%	0.20%	0.35%	0.25%
£250,000.00	0.25%	0.45%	0.25%	0.20%	0.35%	0.25%

Stock broking: flat fees

Preserving our best price/quality ratio

(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.

61

Additional Tier 1

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

Italian AT1 yield at first call date

On Oct. 29th, 2020

S&P Global Ratings upgraded Fineco's outlook to Stable and affirmed ratings at BBB/A-2