2Q20 Results

Alessandro Foti, CEO and General Manager

Milan, July 31st 2020

Disclaimer

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

Agenda

Next steps

Key messages

Focus on product areas

Executive Summary

Outstanding net profit in challenging market scenario

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

Strong and safe capital position

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

Accelerating commercial activity

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

(1) Figures net of non recurring items: Voluntary Scheme: 1Q20: -1.2mln gross, -0.8mln net. 2019 non recurring items: 2Q19:-4.3mln gross, -2.9mln net; 1Q19: -0.4mln gross, -0.3mln net); Patent Box: -0.9mln in 1Q19, -0.9mln in 2Q19

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

Results

Strong Operating Profit, at 275mln in 1H20, up +40% y/y boosted by diversified revenues growth in a complex market environment. Net Profit at 181mln, up +30% y/y. C/I ratio at 32.5%, down ~6.9 p.p. y/y confirming our strong operating leverage

(1) 1H20 non recurring items: Voluntary Scheme: 1Q20: -1.2mln gross, -0.8mln net. 1H19 non recurring items: Voluntary Scheme: 2Q19:-4.3mln gross, -2.9mln net; 1Q19: -0.4mln gross, -0.3mln net; Patent Box: -0.9mln in 1Q19, -0.9mln in 2Q19.

(2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items

Net interest income

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

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

(1) Financial investments include interest income coming from the reinvestments of deposits in: Government bonds, UC bonds, Covered bonds, Supranational and Agencies and other financial investments (repos and immediate available liquidity)

(2) Other net interest income includes Security Lending, Leverage and other (mainly marketing costs). Other interest-earning assets include Security Lending and Leverage. See page 45 for details

(3) Lending: only interest income 6

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

Focus on our Treasury

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

High quality Balance Sheet

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

No change in our low-risk investment policy

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

More dynamic Treasury management

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

Non Interest Income

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

(1) Mainly PFAs annual bonus

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

Brokerage proved itself as a perfect counter-cyclical business

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

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

Enlargement of client base and increasing market share Continuous reshape of brokerage offer

New brokerage clients by seniority

0-2 months 3-12 months 12+ months

"Active investors" starting to use brokerage platform and "sleeping" clients back on the market
>85% of new active clients investing on plain vanilla instruments (i.e. listed equity, ETFs) and not leveraged products
Increasing market share in Italy on equity traded volumes at 28% in June 2020 (+1.4 p.p. y/y) (Assosim)
New options allowing to exploit volatility when it is low
Optimization of our systematic internalizer
Multicurrency available 24/7, further enlargement of currencies basket
Repricing of futures
Wider OTC product offer
Coming soon: Asian markets, CFD on cryptocurrencies, new release and re-design of active traders' platform (PowerDesk)

Focus on Investing

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

Costs

Cost efficiency and operating leverage confirmed in our DNA

2Q20 1H19

+2.6% 83.3

34.4 36.5 34.6

6.1 1Q20 6.2

40.8

42.5

-3.9%

39.8

5.4

2Q19

Staff expenses and FTE, mln

10.5 12.3

1H20

72.9 71.1

83.4

Focus on 2Q20 bottom line

High quality lending volume, 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 FY20 CoR expectations (10-15bps) thanks to the high quality of our portfolio, even in a difficult context following Covid-19 outbreak
Only 257 mortgages moratories have been granted until now. More details on the quality of our portfolio in the following slide, with a deep dive on the main products offered

(1) Current accounts/overdraft Include Lombard loans

(2) Cost of Risk: commercial LLP of the last 12 months on average last 12 months commercial Loans

Lending: solid growth for all our lending products thanks to the quality of our portfolio and to our 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 14

Capital Ratios:

Best in class capital position and low risk balance sheet

(1) "Starting from 31 December 2019, FinecoBank applied the Standardised Method for determining the regulatory requirement related to operational risk, replacing the Advanced Measurement Method ("AMA") adopted previously."

TFA

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

TFA evolution (Dec.14 – Jun. 20), bn

TFA breakdown

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

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

(1) "Best in class" are a selection of advisory products and services based on: cost optimization, quality, sustainability and risk

(2) Other includes: Core Funds, PIR and Core Pension, GP Private, FAM Evolution stand-alone, FAM Global Defence stand alone

Net sales breakdown

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

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

Organic growth

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

of PFAs recruited in the period

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

Clients' profile and focus on Private Banking

Fineco Results

Key messages

Focus on product areas

2020 Guidance

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

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

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

Current situation is accelerating the structural trends reshaping our society…

DEMAND FOR ADVICE

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

DIGITALIZATION

Society structurally moving towards a more digitalized world: a way of non-return

DISRUPTION IN TRADITIONAL BANKS

Traditional banks not ready for the new paradigma: flight-to-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
Structurally higher Brokerage
Acceleration in high-end clients' acquisition
Decreasing Cost/Income

Accelerating net sales dynamics in 1H20: robust AUM flows and increased productivity Focus on improving revenues mix and slowing down Balance Sheet growth for a better quality business going forward

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

Increasing Network productivity: net sales per PFA

Industrial measures driving the acceleration of net sales and asset mix

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

Fineco Asset Management

Strong commercial momentum with a sustainable approach

want to take advantage of bear market phases

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

Improving revenues thanks to cross-selling

(1) Source: Investment Trends 2020

(2) Source: Internal research

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

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

(1) Total marketing expenses in the quarter equal to €2.8 mln

(2) CPA adv marketing calculated dividing pure adv marketing costs on new current accounts

(3) Active current accounts have done at least one operation among Listed, OTC or multicurrency services

28 Source: internal elaboration GB Department

Fineco UK: next steps

Fineco Results

Next steps

Key messages

Focus on product areas

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

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

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

MACRO level: related to our business model, from the beginning based on sustainability long-term view

TRANSPARENCY Fairness and respect

for all our stakeholders

EFFICIENCY

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

FAM as a champion of ESG: PERFORMANCE FEES FREE trademark
FAIR PRICING
LOW UPFRONT FEES (only 3% of Investing fees)
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 ORGANIG GROWTH

Sustainability at the heart of Fineco's business model (2/2) We are a looking-forward organization playing in the long-run and able to generate a positive impact for all our stakeholders and the overall society

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

Healthy and sustainable growth with a long term horizon

TFA (bn) Revenues (1) (mln) Cost/ Income (1) (%) + p.p. Clients (thd, #) Costs (1) (mln) 49 ⁵⁵ 964 1,048 1,118 1,200 451 ⁵⁴⁴ ⁵⁴⁴ ⁵⁸⁷ + + 212 233 ²²⁶ ²³³ 47 43 42 40 60 67 Net profit (1) (mln) 155 ¹⁹⁷ ²⁰⁸ ²²⁶ + 39 244 628 1,278 69 254 81 1,358 281 658 250 38 + 11% 3% 7%13%8% -9 2014 2015 2016 2017 2018 2019 CAGR (2014-2019)

Highly scalable operating platform…

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

Net Profit adjusted (net of DGS and SRF) (1)	, mln
CAGR	+15.0%

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

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

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

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

Total assets: 99.5% not exposed to volatility

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

(1) Due from banks includes 0.9bn cash deposited at Bank of Italy as of Jun.20

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

(3) 16.2bn equal to 15.3bn nominal value, o/w Italy 5.0bn nominal value

(4) Other : US, Austria, Belgium, Germany, Poland, Portugal, United Kingdom, Switzerland

Fineco Results

Next steps

Key messages

Revenues by Product Area

Well diversified stream of revenues allow 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 direct deposits and credit products. Investing includes revenues generated by asset under management products; Brokerage includes revenues from trading activity.

Banking

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

Managerial Data

Brokerage

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

Revenues

Well-diversified brokerage offer

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 39

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

Average Asset under Management

Managerial Data

Annex

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

Non recurring items (mln, gross)	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	1H19	1H20
(2) Extraord systemic charges (Trading Profit)	-0.4	-4.3	0.4	1.4	-3.0	-1.2	-4.8	-1.2
Patent Box	-0.9	-0.9	-0.9	20.7	18.1	0.0	-1.8	0.0
Total	-1.3	-5.2	-0.5	22.1	15.1	-1.2	-6.5	-1.2

P&L net of non recurring items

	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	1H19	1H20
mln	(1) Adj	(1) Adj	(1) Adj	(1) Adj	. (1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj
Net interest income	70 4	71 4	69 8	69 7	281 3	68 2	70 1	141 8	138 2
Net commissions	77 4	81 3	84 3	82 3	325 2	105 0	104 8	158 6	209 7
Trading profit	10 3	12 3	11 2	13 9	47 7	27 6	30 1	22 6	57 7
Other expenses/income	0 2	0 3	0 1	2 9	3 6	0 6	0 8	0 5	1 4
Total revenues	158 2	165 4	165 4	168 8	657 8	201 3	205 8	5 323	407 0
Staff expenses	-21 7	-22 4	-22 5	-23 6	-90 2	-24 0	-24 9	-44 1	-48 9
Other admin .expenses	-38 5	-34 4	-29 4	-34 3	-136 6	-36 5	-34 6	-72 9	-71 1
D&A	-5 1	-5 4	-5 8	-6 6	-22 9	-6 1	-6 2	-10 5	-12 3
Operating expenses	-65 3	-62 3	-57 6	-64 4	-249 6	-66 5	-65 7	-127 5	-132 2
Gross operating profit	92 9	103 1	107 8	104 4	408 2	134 8	140 0	196 0	274 8
Provisions	-1 0	-2 9	-19 8	-3 5	-27 2	-1 1	-6 5	-3 8	-7 6
LLP	-1 3	1 1	-1 2	-0 6	-2 0	-1 0	-2 7	-0 1	-3 7
Profit from investments	-0 7	6 5	0 4	1 1	4 7	-0 1	-3 7	8 5	-3 8
Profit before taxes	90 0	107 8	87 2	101 4	386 4	132 6	127 1	197 8	259 7
Income taxes	-26 5	-32 2	-25 6	-29 8	-114 2	-40 4	-38 3	-58 8	-78 7
(1) Net profit adjusted	63 5	75 6	61 7	71 6	272 3	92 2	88 7	139 1	181 0

1H20 P&L FinecoBank and Fineco Asset Management

	Fineco Asset	FinecoBank	FinecoBank
mln	Management	Individual	Consolidated
Net interest income	0 1 -	138 3	138.2
Dividends	0 0	14 2	0.0
Net commissions	32 4	177 4	209.7
Trading profit	0 1	56 4	56.5
Other expenses/income	0 1 -	1 5	1.4
Total revenues	32 3	387 8	405.8
Staff expenses	2 0 -	46 9 -	-48.9
Other admin of recoveries net exp	2 0 -	69 1 -	-71.1
D&A	0 1 -	12 1 -	-12.3
Operating expenses	-4 2	-128 1	-132.2
Gross operating profit	28 1	259 7	273.6
Provisions	0 0	-7 6	-7.6
LLP	0 0	3 7 -	-3.7
Profit Investments on	0 0	3 8 -	-3.8
Profit before taxes	28 1	244 6	258.5
Income taxes	3 6 -	-74 8	-78.3
Net profit for the period	24 6	169 8	180.2

Details on Net Interest Income

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

Volumes and margins: average of the period Net margin calculated on real interest income and expenses 2019 quarterly figures have been reclassified due to a managerial recast

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

UniCredit bonds underwritten

	ISIN	Currency	Amount (€ m)	Maturity	Indexation	Spread
1	IT0005010308	Euro	382 5	9-Jul-20	Euribor 1m	2 49%
2	IT0005010381	Euro	382 5	7-Oct -20	Euribor 1m	2 52%
3	IT0005010332	Euro	382 5	6-Jan-21	Euribor 1m	2 54%
4	IT0005010316	Euro	382 5	6-Apr-21	Euribor 1m	2 56%
5	IT0005010340	Euro	382 5	5-Jul-21	Euribor 1m	2 58%
6	IT0005010225	Euro	382 5	18-Oct -21	Euribor 1m	2 60%
7	IT0005040099	Euro	100 0	24-Jan-22	Euribor 1m	1 46%
8	IT0005057994	Euro	200 0	11-Apr-22	Euribor 1m	1 43%
9	IT0005083743	Euro	300 0	28-Jan-22	Euribor 1m	1 25%
10	IT0005114688	Euro	180 0	19-May-22	Euribor 1m	1 19%
11	IT0005120347	Euro	700 0	27-Jun-22	Euribor 1m	1 58%
12	IT0005144065	Euro	450 0	14-Nov-22	Euribor 3m	1 40%
13	IT0005144073	Euro	350 0	15-Nov-21	Euribor 3m	1 29%
14	IT0005158412	Euro	250 0	23-Dec-22	Euribor 3m	1 47%
15	IT0005163180	Euro	600 0	11-Feb-23	Euribor 3m	1 97%
16	IT0005175135	Euro	100 0	24-Mar-23	Euribor 3m	1 58%
17	IT0005217606	Euro	350 0	11-Oct -23	Euribor 3m	1 65%
18	IT0005241317	Euro	622 5	2-Feb-24	Euribor 3m	1 52%
	Total	Euro	5 6 497 ,		Euribor 1m	1 92%

Financial Investments

Further improvements for a diversified asset side.

⁽¹⁾ Sovereign Supranational and Agencies

(2) Avg 2Q20 "Other" includes: 1.0bn France, 0.9bn Ireland, 0.5bn USA, 0.5bn Belgium, 0.5bn Austria, 0.4bn Portugal, 0.1bn Germany, 0.1 UK, 0.1 Poland and Switzerland

(3) Calculated on nominal value as of June 30th 2020 47

Details on Net Commissions

mln	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	1H19	1H20
Brokerage	18.5	18.0	20.0	20.8	77.3	35.6	37.6	36.5	73.1
o/w
Equity	15.6	14.7	15.9	17.0	63.2	30.0	31.0	30.3	61.0
Bond	0.9	0.9	1.4	0.7	3.9	1.0	3.8	1.8	4.8
Derivatives	2.3	2.2	2.7	2.6	9.7	4.5	3.7	4.5	8.2
Other commissions(1)	-0.2	0.2	0.0	0.6	0.5	0.0	-0.9	0.0	-0.9
Investing	54.2	57.6	58.3	56.1	226.2	60.8	57.1	111.8	117.9
o/w
Placement fees	1.1	1.3	1.1	1.8	5.4	1.7	1.4	2.5	3.1
Management fees	57.1	59.7	61.5	63.0	241.3	61.9	58.9	116.8	120.8
to PFA's: incentives	-3.0	-4.3	-3.6	-8.0	-18.9	-2.5	-2.6	-7.3	-5.1
to PFA's: LTI	-1.0	0.8	-0.7	-0.7	-1.6	-0.2	-0.7	-0.2	-0.9
Banking	4.5	5.6	5.9	5.3	21.3	8.8	10.3	10.0	19.1
Other	0.1	0.1	0.1	0.1	0.4	-0.2	-0.2	0.2	-0.4
Total	77.4	81.3	84.3	82.3	325.2	105.0	104.8	158.6	209.7

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

Revenues breakdown by Product Area

mln	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	1H19	1H20
Net interest income	67 6	68 8	67 0	66 9	270 3	65 8	67 7	136 4	133 5
Net commissions	4 5	6 5	9 5	3 5	21 3	8 8	10 3	10 0	19 1
profit Trading	-0 1	-0 1	-0 2	0 2	-0 2	-0 1	-0 1	-0 2	-0 2
Other	0 1	0 1	0 1	0 1	0 4	0 2	0 3	0 2	0 5
Total Banking	72 1	74 3	72 7	72 5	291 7	74 6	78 3	146 5	153 0

Net interest income	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Net commissions	54 2	57 6	58 3	56 1	226 2	60 8	57 1	111 8	117 9
Trading profit	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Other	0 0	0 0	0 0	2 7	2 7	0 1	-0 2	0 0	-0 1
Total Investing	54 2	57 6	58 3	58 8	228 9	60 9	56 9	111 8	117 8

Net interest income	3 4	3 7	3 4	3 4	14 0	3 0	2 5	2 7	5 5
Net commissions	18 5	18 0	20 0	20 8	77 3	35 6	37 6	36 5	73 1
Trading profit	8 2	9 9	11 5	11 7	41 3	25 1	24 2	18 1	49 2
Other	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Total Brokerage	30 2	31 6	34 9	35 9	132 6	63 6	64 2	61 8	127 9

Managerial Data

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

Breakdown Total Financial Assets

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

o/w Guided Services Products &	24 301 ,	25 354 ,	26 697 ,	28 788 ,	25 486 ,	28 984 ,

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

o/w TFA Private Banking 29,041 29,970 31,891 33,437 28,844 33,024

Balance Sheet

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

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

Leverage Ratio Sensitivity

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

STRESS TEST SCENARIO

T1 Capital (mln)

		70
	-	3.85% 3.95% 3.99% 4.02% 4.06% 4.10% 4.13% 4.17% 4.20% 4.24% 4.27% 4.31% 4.34% 4.38%	Considering our organic capital
	500	3.78% 3.88% 3.92% 3.95% 3.99% 4.02% 4.06% 4.09% 4.13% 4.16% 4.20% 4.23% 4.27% 4.30%
	1,000	3.72% 3.82% 3.85% 3.89% 3.92% 3.96% 3.99% 4.02% 4.06% 4.09% 4.13% 4.16% 4.20% 4.23%	generation(1) after dividend
	1,500	3.65% 3.75% 3.79% 3.82% 3.85% 3.89% 3.92% 3.96% 3.99% 4.02% 4.06% 4.09% 4.12% 4.16%
n)	2,000	3.59% 3.69% 3.72% 3.76% 3.79% 3.82% 3.86% 3.89% 3.92% 3.96% 3.99% 4.02% 4.06% 4.09%	distribution and payment of AT1
ml	2,500	3.53% 3.63% 3.66% 3.70% 3.73% 3.76% 3.79% 3.83% 3.86% 3.89% 3.92% 3.96% 3.99% 4.02%
(	3,000	3.48% 3.57% 3.61% 3.64% 3.67% 3.70% 3.73% 3.77% 3.80% 3.83% 3.86% 3.89% 3.93% 3.96%	coupon, also in case of extremely
s	3,500	3.42% 3.52% 3.55% 3.58% 3.61% 3.64% 3.67% 3.71% 3.74% 3.77% 3.80% 3.83% 3.86% 3.90%
e ur	4,000	3.37% 3.46% 3.49% 3.52% 3.56% 3.59% 3.62% 3.65% 3.68% 3.71% 3.74% 3.77% 3.80% 3.84%	adverse market scenario and
s	4,500	3.32% 3.41% 3.44% 3.47% 3.50% 3.53% 3.56% 3.59% 3.62% 3.65% 3.68% 3.72% 3.75% 3.78%
o	5,000	3.27% 3.36% 3.39% 3.42% 3.45% 3.48% 3.51% 3.54% 3.57% 3.60% 3.63% 3.66% 3.69% 3.72%	assuming 5 billion of deposit
p x	5,500	3.22% 3.31% 3.34% 3.37% 3.40% 3.43% 3.46% 3.49% 3.52% 3.55% 3.57% 3.60% 3.63% 3.66%
E	6,000	3.17% 3.26% 3.29% 3.32% 3.35% 3.38% 3.41% 3.43% 3.46% 3.49% 3.52% 3.55% 3.58% 3.61%	growth in 2020 (vs 2.4bn on
al	6,500	3.13% 3.21% 3.24% 3.27% 3.30% 3.33% 3.36% 3.39% 3.41% 3.44% 3.47% 3.50% 3.53% 3.56%
ot	7,000	3.08% 3.17% 3.19% 3.22% 3.25% 3.28% 3.31% 3.34% 3.37% 3.39% 3.42% 3.45% 3.48% 3.51%	average in the period 2015-'19),
T	7,500	3.04% 3.12% 3.15% 3.18% 3.21% 3.23% 3.26% 3.29% 3.32% 3.35% 3.37% 3.40% 3.43% 3.46%
	8,000	3.00% 3.08% 3.11% 3.13% 3.16% 3.19% 3.22% 3.24% 3.27% 3.30% 3.33% 3.36% 3.38% 3.41%	our Leverage ratio would
	8,500	2.95% 3.04% 3.06% 3.09% 3.12% 3.15% 3.17% 3.20% 3.23% 3.26% 3.28% 3.31% 3.34% 3.36%
	9,000	2.92% 3.00% 3.02% 3.05% 3.08% 3.10% 3.13% 3.16% 3.18% 3.21% 3.24% 3.27% 3.29% 3.32%
	9,500	2.88% 2.96% 2.98% 3.01% 3.04% 3.06% 3.09% 3.12% 3.14% 3.17% 3.20% 3.22% 3.25% 3.27%	remain around 3.5%.
	10,000	2.84% 2.92% 2.94% 2.97% 3.00% 3.02% 3.05% 3.07% 3.10% 3.13% 3.15% 3.18% 3.21% 3.23%
LR < 3.0% LR > 3.5% 3.0% < LR < 3.5%

	Mar 19	Jun 19	Sep 19	Dec 19	Mar 20	Jun 20
TFA/ (mln) PFA PFA (1)	25 0	25 6	26 6	27 8	25 7	27 9
/ Guided Products TFA (2)	33%	33%	34%	35%	34%	35%
Cost / income Ratio (3)	41 3%	39 4%	37 9%	37 9%	33 0%	32 5%
CET (4) 1 Ratio	21 0%	17 8%	17 4%	18 1%	19 3%	18 4%
Adjusted RoE (5)	31 2%	34 0%	27 3%	27 5%	30 7%	30 1%
Ratio (6) Leverage	5 11%	2 89%	3 85%	3 85%	3 73%	3 76%

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

(2) Calcuated as Guided Products eop divided by Total Financial Assets eop

(3) C/I ratio net of non recurring items (see page 42 for details) calculated as Operating Costs divided by Revenues net of non recurring items

(4) 1Q20 and 2Q20 CET1 ratio pro-forma

(5) RoE: Net Profit, net of non recurring items (see page 42 for details) divided by the average book shareholders' equity for the period (excluding dividends expected to be distributed and the revaluation reserves)

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

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

Fineco Asset Management in a nutshell AUM at €14.2bn, of which €8.9bn 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

Fineco UK vs Competitors: products and services

		FINECO N B A	( -	HARGREAVES LANSDOWN	Revolut	HSBC
	Bank Account		X	X
BANKING	Multi Currency	>	X	×	>
	Debit Cards	>	X	X	>	>
	Shares	V	1	1	>	>
	Bonds	1	×	V	X	V
TRADING	Futures & Options	V	X	×	×	×
	CFDs	1	1	X	×	×
	FX	1	V	×	X	X
	Analytic tools	>	X	×	X	X
	Funds		X	1	X	1
INVESTING	ISA	> C	1	>	X	1
	SIPP	>	×	>	X	X

Coming Soon - see slide 29

Fineco UK vs Competitors: features

Fineco platform: usability, reliability and advanced tools

	FINECO BANK		HARGREAVES LANSDOWN	Revolut	HSBC
Free Basic Market Data	1	>	1	>	>
Free Real time DMA	1	×	×	X	X
Advanced Charting tool	V	×	×	×	X
Recurring investments	1	×	>	X	1
Trading order strategies	1	1	×	×	×
Stock screener	1	×	×	X	X
Payments	1	×	×	1	1
Budget track	1	X	X	1	X
Open banking	1	X	X	>	1

Fineco UK: Premium service without premium price (1/2) Disruptive pricing 100% sustainable thanks to our strong operating leverage

OTC: zero commission, no added spreads

Share CFD\Broker Buy 100 units	FINECO BANK	IG	Cilic cmc markets	SAXO BANK	Plus500
HSBC * 498.20 GBp	0	£10	ಕ್ಕೊ	£8	£0,67
APPLE * 225.64 USD	0	£15	\$10	\$10	\$9.5
BMW * 42.61 EUR	0	€10	€9	€10	€10.75
	FINECO B ANK	IG		CIIIC cmc markets	SAXO BANK
CFD on UK INDEX	PIPS	PIPS		PIPS	PIPS
Ftse100	0.6	1		1	0.8

Platform fees: the most competitive

Portfolio size	FINECO	HARGREAVES LANSDOWN	JAJBell	& BARCLAYS	F Fidelity	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

	(1)	(1)
	(1)	(1)

Transaction fees

FINECO N K	HARGREAVES LANSDOWN	JAJBell	BARCLAYS	F Fidelity	HSBC
£0.00	£0.00	£1.50	£3.00	£10.00	No online Phone dealing only

(1) Plus Custody fees

(2) Equivalent for each transaction – Exchage rate GBP/EUR: 1.1217

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

Disruptive pricing 100% sustainable thanks to our strong operating leverage

(1) (2) (2) (2)

Multicurrency: best spreads, no commissions

(1) Equivalent for each transaction – Exchage rate GBP/EUR: 1,1217

Preserving our best price/quality ratio

An update on the main outcomes from our Smart Repricing

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

Additional Tier 1

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

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

On January 23rd , 2018 the Bank issued a €200mln perpetual AT1
Coupon fixed at 4.82% for the initial 5.5 years
Private placement, fully subscribed by UniCredit SpA
Semi-annual coupon
Coupon (net of taxes) will impact directly Equity reserves
On July 11th , 2019 Fineco issued a €300mln perpetual AT1 in order to maintain the Leverage Ratio above 3.5% after the exit from the UniCredit Group
Coupon fixed at 5.875% (initial guidance at 6.5%) for the initial 5.5 years
Public placement, with strong demand (9x, €2.7bn), listed in Euronext Dublin
Semi-annual coupon
Coupon (net of taxes) will impact directly Equity reserves
The instrument was assigned a BB- rating by S&P

AI Terminal

FinecoBank

4321_10-q_2020-07-31_cd65f206-8934-4161-a8c8-e0de8635a1e6.pdf

2Q20 Results

Disclaimer

Executive Summary

Outstanding net profit in challenging market scenario

Strong and safe capital position

Accelerating commercial activity

Results

Net interest income

Focus on our Treasury

High quality Balance Sheet

No change in our low-risk investment policy

More dynamic Treasury management

Non Interest Income

Brokerage proved itself as a perfect counter-cyclical business

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

Enlargement of client base and increasing market share Continuous reshape of brokerage offer

New brokerage clients by seniority

Focus on Investing

Costs

Cost efficiency and operating leverage confirmed in our DNA

Staff expenses and FTE, mln

Focus on 2Q20 bottom line

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

Cost of Risk on commercial loans (2)

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

Capital Ratios:

Best in class capital position and low risk balance sheet

TFA evolution (Dec.14 – Jun. 20), bn

TFA breakdown

Net sales breakdown

Organic growth

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

of PFAs recruited in the period

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

Clients' profile and focus on Private Banking

Fineco Results

2020 Guidance

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

DEMAND FOR ADVICE

DIGITALIZATION

DISRUPTION IN TRADITIONAL BANKS

…and strengthening our long term growth opportunities

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

Increasing Network productivity: net sales per PFA

Industrial measures driving the acceleration of net sales and asset mix

Fineco Asset Management

Strong commercial momentum with a sustainable approach

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

Improving revenues thanks to cross-selling

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

Fineco UK: next steps

Fineco Results

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

MACRO level: related to our business model, from the beginning based on sustainability long-term view

TRANSPARENCY Fairness and respect

EFFICIENCY

Sustainability at the heart of Fineco's business model (2/2) We are a looking-forward organization playing in the long-run and able to generate a positive impact for all our stakeholders and the overall society

Healthy and sustainable growth with a long term horizon

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

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

Total assets: 99.5% not exposed to volatility

Fineco Results

Revenues by Product Area

Banking

Brokerage

Revenues

Investing

Average Asset under Management

Annex

P&L net of non recurring items

1H20 P&L FinecoBank and Fineco Asset Management

Details on Net Interest Income

UniCredit bonds underwritten

Financial Investments

Details on Net Commissions

Revenues breakdown by Product Area

Breakdown Total Financial Assets