Banca Ifis — Investor Presentation 2019

Feb 11, 2020

2019 PRELIMINARY RESULTS

11 FEB 2020

Table of contents

01 2019 results
02	Appendices
2.1	Key financial data
2.2	NPL business
2.3	La Scogliera: implications of CRD IV
2.4	Focus on DTA and PPA

Summary results

• €39mln net income
• Reversal of PPA**(net of tax) at €15mln (€6mln in 3Q19)

Net income Net banking income Operating costs LLP

• €167mln (€112mln in 3Q19) driven by the pick up in NPL recovery

• €82mln (€74mln in 3Q19) due to higher NPL variable recovery costs

• Cost of risk of €38mln, of which €11mln provisions on a few ex-Interbanca positions

STOCK

Customer loans** NPL business** Funding CET1

€7.7bn (€0.5bn QoQ)

• Factoring:€3.2bn
• Leasing:€1.4bn
• Corporate Banking & Lending:€0.7bn
• NPL: €1.3bn

• Non core & G&S: €0.9bn

• ERC €2.5bn

• In 4Q 19: €76mln cash collection vs. €78mln P&L contribution *

• €5.3bn customer deposits stable QoQ

• €1.1bn wholesale including +€0.1bn placement of the 2018-23 bond in 4Q 19, which was owned by the Bank

• 10.96% La Scogliera Group Scope, well above the 8.12% SREP

• 14.28% Banca IFIS Group Scope
• Dividend at €1.1 per share

Quarterly results

(€ mln)	3Q 19	4Q 19	FY 18	FY 19
Net interest income	91.1	134.2	469.3	458.9
Net commission income	22.2	25.3	84.5	94.1
Trading and other revenues	(1.2)	7.5	22.7	5.4
Net banking income	112.0	167.1	576.5	558.3
Loan loss provisions (LLP)	(14.0)	(38.2)	(100.1)	(87.2)
Net banking income – LLP	98.1	128.9	476.4	471.1
Personnel expenses	(31.5)	(34.3)	(111.6)	(130.0)
Other administrative expenses	(43.7)	(56.2)	(176.5)	(214.3)
Other net income/expenses	1.3	8.8	14.7	49.3
Operating costs	(74.0)	(81.7)	(273.4)	(294.9)
Gains (Losses) on disposal of
investments	-	-	-	(0.4)
Pre tax profit	24.1	47.2	203.0	175.8
Taxes	(8.3)	(8.1)	(56.2)	(52.6)
Net income attributable to the	15.7	39.1	146.8	123.1
parent company
Customer loans	7,118	7,651	7,314	7,651
of which Business NPL -	1,189	1,280	1,093	1,280
Total assets	10,249	10,526	9,382	10,526
Total funding	8,233	8,463	7,438	8,463
of which deposits customer -	5,257	5,286	4,673	5,286
of which TLTRO -	694	792	695	792
Shareholders Equity	1,501	1,539	1,459	1,539

Non-recurrent items

Data in €mln	2Q 19		3Q 19 9M 19	4Q 19	12M 19
Other admin. expenses Other net income	(31)	0	(31)	0	(31)
/expenses	39	4	42	4	46
Operating costs	8	4	11	4	15
Taxes	(8)	(4)	(11)	(4)	(15)
Net income	0	0	0	0	0

• 2Q 19, 3Q 19 and 4Q 19 included the closing of a tax proceeding of former Interbanca with no impact on Banca IFIS Group's net income
• Taxes benefited from positive one offs due to the payment of substitute tax for the goodwill of FBS and the reintroduction of ACE tax incentives
• Loan loss provisions were impacted by €28mln provisions on 4 large positions

2019 Results – Actual vs Estimate

(€ mln)	FY 19 A	FY 19 E*
Net banking income	558.3	557.3
Loan loss provisions (LLP)	(87.2)	(84.8)
Net banking income – LLP	471.1	472.5
Personnel expenses	(130.0)	(129.7)
Other administrative expenses	(214.3)	(214.7)
Other net income/expenses	49.3	50.3
Operating costs	(294.9)	(294.1)
Gains (Losses) on disposal of
investments	(0.4)	(1.3)
Pre tax profit	175.8	177.1
Taxes	(52.6)	(54.3)
Net income	123.1	122.8
Customer loans	7,651	7,668
of which Business NPL -	1,280	1,350
Total assets	10,526	10,412
Total funding	8,463	8,339
of which deposits customer -	5,286	5,139
of which TLTRO -	792	800
Shareholders Equity	1,539	1,540

Highlights

• No significant differences between 2019 actual figures and 2019 preview presented on 14 Jan 2020 in the context of the 2020-22 Industrial Plan

Capital structure

La

CET1 -0.14% QoQ: RWA increase mainly in factoring due to seasonality at year end

Capital generation in future quarters

• Real estate disposal expected to be completed in 1Q 20 (pre tax capital gain of €25mln)
• Progressive use of DTA against future profits (~€100mln as at 31 Dec 19) currently fully deducted from CET1 (~113bps)
• Ordinary winding down of former Interbanca customer loans (€0.3bn as at 31 Dec 19)
• Provisions to the solidarity funds for voluntary exits

6 BANCA IFIS *The application of the 2013/36/EU (CRD IV) Directive and EU Regulation 575/2013 (CRR) envisages that only 50.7% of the excess capital of Banca IFIS Group Scope is included in the CET1 of La Scogliera Group Scope. Excess Capital of €0.3bn is not included in CET1 of La Scogliera Group Scope

8.12%

** SREP received by the Bank of Italy to be applied in 2019

Seasonality in NPL and PPA

Net interest income in NPL

2019 Results: P&L break-down by business unit*

Data in € mln	NPL	Factoring	Leasing	Corp. Banking & Lending	Non core & G&S	Consolidated
Net interest income	224	98	41	20	77	459
Net commission income	6	67	12	8	1	94
Trading & other revenues	15	0	0	(2)	(8)	5
Net banking income	245	165	53	26	70	558
-Of which PPA	1 (2)	0	0	3	67	68
Loan loss provisions	0	(36)	(10)	(6)	(36)	(87)
Operating costs	(157)	(86)	(24)	(6)	(23)	(295)
Net income	62	30	17	10	4	123
Net income (%)	50%	25%	13%	8%	3%	100%
Cost / income (%)	64%	52%	45%	22%	33%	53%
Customer Loans	1,280	3,229	1,448	747	946	7,651
2 RWA	2,046	2,955	1,403	881	937	8,221
3 Capital allocation	224	324	154	97	103	901
4 Return on allocated capital	28%	9%	11%	11%	4%	14%

Commercial & Corporate banking

• Corporate banking and lending: includes structured finance, commercial medium long term lending guaranteed by MCC and lending towards pharmacies
• Non Core: former Interbanca performing and non performing portfolios. In 2019, its loan loss provisions were impacted by 3 large positions of former Interbanca (total provisions of ca.€19mln)
• G&S: central services, treasury and costs not allocated to other business units. In 2019, operating costs included €15mln from the closing of a tax proceeding of former Interbanca with no impact on Banca IFIS's net income

BANCA IFIS

*Source: management accounting data (1) Negative PPA of €1.8mln due to FBS goodwill allocated to NPL portfolio, which is amortized with the recovery/winding down of FBS property portfolio. The residual negative PPA of FBS amounts to €6.1mln as at 31 Dec 2019; (2) RWA Credit risk only. It excludes RWA from operating, market risks and CVA (€1bn); (3) RWA (Credit risk only) x CET1 2019; (4) Net income on capital allocation

• Net income at €123mln. Contribution of PPA* (net of tax) down from €61mln in 2018 to €47mln in 2019

• Self financing business growth coupled with increase in CET1 ratio and dividends

• Business growth: +€0.2bn RWA vs. 2018
• CET1 ratio increase at 10.96%: +0.66% vs. 2018
• Dividends increase: €1.1 per share vs. €1.05 in 2018

Table of contents

Funding

	2Q 19	3Q 19	4Q 19
LCR*	>1,300%	>1,600%	>1,100%
NSFR*	>100%	>100%	>100%

• 4Q 19 customer deposits at € 5,286mln (+€29mln QoQ) despite negative seasonality
• +€98mln TLTRO and the placement of the €96mln 2018- 23 bond (which was owned by the Bank) as part of our funding strategy, taking into account the diversification and stability of our ALM
• No significant change in average cost of funding which remains substantially stable at ca. 1.4%*
• In 2019, Rendimax e Contomax funding was +8.3% YoY at €4.791mln, confirming the Group's financial stability
• The average duration of retail funding increased from 1Y and 8 months as at 31 Dec 2018 to 1Y and 11 months as at 31 Dec 2019, driven by the increase in term deposits with 5Y maturity which have more than doubled (€427mln as at 31 Dec 2018 to €866mln as at 31 Dec 2019)

Asset quality – 4Q 19*

Commercial & Corporate Banking	Gross	Coverage %	Net
Bad loans	205	80%	42
UTP	173	49%	89
Past due	105	8%	96
Total	483	53%	226

Non core	Gross	Coverage %
Bad loans	46	15%	39
UTP	101	39%	62
Past due	2	22%	2
Total	149	31%	102

Highlights

• NPL Business not included in this analysis
• NPEs ratio in Commercial & Corporate Banking and Non core
  • o Gross NPE %: 9.9%
  • o Net NPE %: 5.4%
• Gross NPEs in Commercial and Corporate Banking include ~€90mln factoring technical past due mainly due from the PA which does not represent an asset quality risk
• NPEs in Non Core that arose from the acquisition of Interbanca, in accordance with IFRS 9, are qualified as POCI ("purchased or originated credit-impaired") and are booked net of provisions

Consolidated operating costs

• Operating costs ~+€7.7mln vs. 3Q 19, mainly driven by:
  • o ~+2.7mln increase in cost of personnel
  • o ~+€5mln increase in variable legal and recovery costs in the NPL business following pick up in recovery
• FY 19 cost / income ratio at 52.8% (47.4 % at FY 18)

Other adm. expenses and other income / expenses (€mln)

Personnel expenses (€mln)

Table of contents

NPL Business: portfolio evolution

• 1.8mln tickets, #1.3mln borrowers
• Extensive portfolio diversification by location, type and age of borrower

NPLs acquired in 4Q: €1.6bn GBV

• In 4Q 19, €1.6bn of NPLs (in GBV) were acquired in 13 transactions with major counterparties such as UniCredit, Findomestic Banca and various securitisation vehicles (GACS)
• In 1H 2020, the pipeline in unsecured NPLs is estimated at ca. €1.5-2bn. **Banca IFIS is actively participating in all NPL disposal processes. We will be disciplined in acquisition prices

NPLs disposed in 4Q 19: €0.4bn GBV

• In order to rationalize its NPL portfolio, in 4Q 19, Banca IFIS sold portfolio tails with GBV of ca. €0.4bn to specialized operators realizing a pre tax capital gain of €8mln

NPL Business*: ERC

ERC breakdown

Data in € bn	GBV	NBV	ERC
Waiting for workout - At cost	1.8	0.1	0.2
Extrajudicial positions	10.4	0.4	0.6
Judicial positions	5.7	0.8	1.6
Total	17.8	1.3	2.5

• ERC based proprietary statistical models built using internal historical data series and homogeneous clusters of borrowers
  • o Type of borrower, location, age, amount due, employment status
  • o Time frame of recovery
  • o Probability of decay
• ERC represents Banca IFIS's expectation in terms of gross cash recovery. Internal and external costs of positions in non-judicial payment plans (GBV of €0.4bn in 4Q 19), court injunction ["precetto"] issued and order of assignments (GBV of €1.2bn in 4Q 19) have already been expensed in P&L
• €1.1bn cash recovery (including proceeds from disposals) in 2014 - 2019

NPL Business*: GBV and cash recovery

Judicial recovery

Judicial recovery (€ mln)	GBV	%
Freezed**	2,521	44%
Court injunctions ["precetto"] and foreclosures	543	10%
Order of assignments	639	11%
Secured and Corporate	1,965	35%
Total	5,669	100%

Non judicial recovery – Voluntary plans

Judicial recovery - Growth of ODA and secured Actual cash repayments > expected cash repayments ***

gen-19

feb-19

mar-19

apr-19

mag-19

giu-19

lug-19

ago-19

set-19

oct 19

nov-19

dic-19

GBV, data in €mln Judicial + non judicial recovery, data in €mln

**Other Judicial positions *** Excluding FBS

BANCA IFIS

NPL Business*: cash recovery

• Confirmation of Banca IFIS's strong know-how in recovery with continuous increase in cash collections
• Cash collections:
  • €76mln in 4Q 19, +29% vs. 3Q 19 and +38% vs. 4Q 18
  • €258mln in FY 19; +43% vs. FY 18 and +102% vs. FY 17
• 4Q is usually the strongest quarter of the year. 3Q is impacted by seasonality due to courts shutting in August

Data in € mln (excluding disposals)	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	2017 YE	2018 YE	2019 YE
Cash collection	25	29	30	44	40	41	45	55	57	67	59	76	128	181	258
Contribution to P&L	** 35	36	32	58	67	56	46	69	66	60	44	78	162	238	248
Cash collection / contribution to P&L	70%	80%	93%	75%	60%	73%	98%	79%	87%	112%	132%	97%	79%	76%	104%

NPL Business*: stock by recovery phase

Cluster	GBV 4Q19 €mln	% total	Description	Average time frame	Accounting valuation	Cash proceeds
Waiting for workout - Positions at cost	1,794	10%	Recently acquired, under analysis to select the best recovery strategy, to be assigned either to extrajudicial or to judicial recovery	6 months	Acquisition cost
Extrajudicial positions	10,378	58%
-Ongoing attempt of recovery	9,975	56%	Managed by internal and external call centres and recovery networks. The purpose is the transformation into voluntary payment plans (or into judicial recovery if conditions arises)	NA	Statistical model (collective valuation)	No
- Non-judicial payment plans	403	2%	Sustainable cash yields agreed with debtors through call centres and collection agents	5 years	Increase in value (P&L), with valuation based on agreed plan, net of historical delinquency rate, discounted at the IRR used for acquisition	Yes
Judicial positions	5,669	32%
- Freezed**	2,521	14%	Judicial process has started; but the court injunction ["precetto"] has not been issued	6-12 months	Acquisition cost	No
- Court injunctions ["precetto"] issued and foreclosures ("pignoramento")	543	3%	Court injunction ["precetto"] already issued; legal actions continue to get the order of assignment	8-12 months	#1 increase in value at court injunction ["precetto"] and #2 increase in value at foreclosure ["Pignoramento"]. Part of the legal costs are expensed in P&L	No
- Order of assignments	639	4%	Enforcement order already issued. The cash repayment plan is decided by the court and starts afterwards	2-4 months	#3 increase in value. The remaining legal costs are expensed in P&L	Yes
- Secured and Corporate	1,965	11%	Ongoing execution of real estate collaterals	4 years	Analytical valuation (expected time frame and amount to be recovered)	Yes
Total	17,841	100%

BANCA IFIS

*Source: management accounting. Please note that the presentation of this table has been improved compared to the past in order to better highlight the correlation regarding both the operating and financial impacts of transferring positions between different categories. **Other Judicial positions

NPL Business*: GBV and NBV evolution

NPL

GBV - €mln	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19
Waiting for workout - Positions at cost	2,525	2,325	3,614	2,522	2,298	2,014	1,840	3,472	2,864	1,598	1,783	1,794
Extrajudicial positions	6,047	6,573	6,702	8,050	8,050	8,145	9,667	8,956	9,745	9,862	9,574	10,378
- Ongoing attempt of recovery	5,776	6,297	6,420	7,733	7,725	7,817	9,332	8,617	9,393	9,491	9,194	9,975
- Non-judicial payment plans	271	276	283	317	325	328	335	340	352	371	380	403
Judicial positions	1,874	2,127	2,220	2,503	2,664	2,738	3,170	3,327	4,015	4,913	5,226	5,669
- Freezed**	1,640	1,655	1,713	1,810	1,515	1,435	1,712	1,692	1,822	1,931	2,192	2,521
- Court injunctions ["precetto"] issued and foreclosures	0	0	0	0	253	336	376	411	464	487	511	543
- Order of assignments	185	233	269	317	388	462	476	536	561	609	612	639
- Secured and Corporate	48	238	238	376	508	505	606	689	1,167	1,886	1,911	1,965
Total	10,445	11,025	12,536	13,075	13,011	12,897	14,676	15,756	16,624	16,373	16,583	17,841

NBV - €mln	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	*** 4Q 19
Waiting for workout - Positions at cost	147	132	128	94	61	57	96	225	174	148	160	109
Extrajudicial positions	231	244	239	283	287	285	302	291	306	313	308	356
- Ongoing attempt of recovery	130	139	139	160	160	154	167	153	162	164	154	190
- Non-judicial payment plans	101	105	100	122	127	131	135	138	144	149	154	166
Judicial positions	254	325	349	423	484	509	547	577	643	711	720	813
- Freezed**	189	219	229	266	222	194	203	188	205	207	215	274
- Court injunctions ["precetto"] issued and foreclosures	0	0	0	0	52	80	94	107	118	118	118	128
- Order of assignments	63	82	95	123	148	174	183	209	227	244	245	259
- Secured and Corporate	2	25	25	33	62	61	67	73	94	142	142	152
Total	631	701	716	799	832	851	945	1,093	1,123	1,172	1,188	1,278

*Source: management accounting. Please note that the presentation of this table has been improved compared to the past in order to better highlight the correlation regarding both the operating and financial impacts of transferring positions between different categories.

**Other Judicial positions ***Does not include customer loans (invoices to be issued) related to FBS third parties servicing activities

NPL Business*: P&L and cash evolution

P&L - €mln	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19
Waiting for workout - Positions at cost
Extrajudicial positions	18	15	16	28	21	13	13	17	19	19	19	20
- Ongoing attempt of recovery	1	1	(1)	0	2	(3)	(3)	(4)	(3)	(2)	(1)	4
- Non-judicial payment plans	17	14	18	28	19	16	16	21	22	21	20	17
Judicial positions	17	21	16	31	46	43	33	53	46	42	26	58
- Freezed**	0	0	0	0	0	0	0	0	0	0	0	0
- Court injunctions and
foreclosures + Order of assignments	17	20	15	28	44	41	26	42	37	28	18	40
- Secured and Corporate	0	1	1	2	3	2	7	11	9	14	7	18
Total	35	36	32	58	67	56	46	69	66	60	44	78

Cash - €mln	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19
Waiting for workout - Positions at cost
Extrajudicial positions	18	19	21	29	21	21	22	26	27	32	27	38
- Ongoing attempt of recovery	2	3	3	6	4	4	3	3	4	6	4	10
- Non-judicial payment plans	16	16	18	23	17	17	19	23	23	26	23	28
Judicial positions	7	10	10	15	19	20	23	29	30	35	32	38
- Freezed**	0	0	0	0	0	0	0	0	0	0	0	0
Court injunctions and -
foreclosures + Order of	7	8	9	12	15	17	19	22	24	25	25	27
assignments
- Secured and Corporate Total	0 25	2 29	0 30	3 44	4 40	3 41	4 45	7 55	6 57	11 67	7 59	11 76

BANCA IFIS

*Source: management accounting. Please note that the presentation of this table has been improved compared to the past in order to better highlight the correlation regarding both the operating and financial impacts of transferring positions between different categories. **Other Judicial positions

NPL Business*: portfolio diversification

Breakdown of Gross Bad Loans by ticket size Gross NPL breakdown by region

Table of contents

La Scogliera: implications of CRD IV

• The application of the 2013/36/EU (CRD IV) Directive and EU Regulation 575/2013 (CRR) envisages that 49.3% of the excess capital of the Banca IFIS Group Scope is not included in the CET1 of La Scogliera Group Scope. CET1 excess capital of €0.4bn is not included in La Scogliera Group Scope

50.7%** Banca IFIS S.p.A.

Data in €billion

Data as at 31 Dec 2019	Banca IFIS Group Scope	Capital requirements*	Excess capital	Minority stake of La Scogliera	Excess capital not included	La Scogliera Group Scope
CET1	1.3		0.7	49.3%	0.4	1.0
Total Capital	1.7		0.7	49.3%	0.4	1.3
CET1 %	14.3%	7.0%		49.3%		11.0%
Total Capital %	18.6%	10.5%		49.3%		14.6%
RWA	9.2					9.2
						24

BANCA IFIS *Capital requirements at parent company level. At group level capital requirements are: CET1 8.12%, Total Capital 12.5% **Net of Treasury shares

Table of contents

Focus on DTA

Data in €/mln

Convertible DTA	• • • •	DTAs related to write downs of loans convertible into tax credits (under Law 214/2011) Their recovery is certain regardless of the presence of future taxable income and is defined by fiscal law (range ca. 5%-12% per annum, with full release by 2026) No time and amount limit in the utilization of converted DTA Capital requirements: 100% weight on RWA	218.4
DTA due to tax losses (non convertible)	• • •	DTAs on losses carried forward (non-convertible) and DTAs on ACE (Allowance for Corporate Equity) deductions can be recovered in subsequent years only if there is positive taxable income No time limit to the use of fiscal losses against taxable income of subsequent years Capital requirements: 100% deduction from CET1	103.1 (81.2+21.9*)

• Other non-convertible DTAs
• DTAs generated due to negative valuation reserves and provisions for risks and charges
• Capital requirements: deduction from CET1 or weighted in RWA depending on certain thresholds. For Banca IFIS they would be weighted at 250% but they are all offset by DTL

BANCA IFIS * Includes €21.9.xmln of net tax credits booked as loans towards La Scogliera as part of the consolidated fiscal accounts. The tax credit stemmed from Interbanca's PPA in fiscal year 2017, following the merger of Interbanca into Banca IFIS

** Includes €5.8mln of DTA related to IFIS Rental not included in the Banking Group as not a regulated entity

34.7**

Focus on ex-Interbanca PPA*

Description

• In 2016, following the acquisition of Interbanca, Banca IFIS valued the performing and non performing loans of Interbanca by applying a market discount and a liquidity discount to reflect purchase price
• The purchase price allocation (PPA) is written back with the progressive maturity or the disposal of Interbanca's loans
  • o As at 31 Dec 19, the residual amount of pretax PPA is €135mln

PPA Reversal in

Net customer loans and PPA - €mln

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 Banca IFIS (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.
• Mariacristina Taormina, Manager charged with preparing the financial reports of Banca IFIS S.p.A., pursuant to the provisions of Art. 154 bis, paragraph 2 of Italian Legislative Decree no.58 dated 24 February 1998, declares that the accounting information included into this document corresponds to the related books and accounting records.
• Neither the Company nor any member of Banca IFIS nor any of its or their respective 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.