Banca Mediolanum

Investor Presentation • May 9, 2024

Q1 2024 Results & Business Update

Table of content and colour key

3

Q1 2024 Group Results

4

Economic & Financial Highlights Q1 2024 Recurring fees & high interest rates boost income statement

€ mn	Q1 2024	Q1 2023	Change
Net Commission Income	290.0	261.0	+11%
Net Interest Income	220.0	157.7	+40%
Contribution Margin	504.0	409.0	+23%	rate decline
Operating Margin	283.1	228.1	+24%	& scalability of the business model
Market Effects	25.3	7.3	+248%	Italy-based funds
Net Income	220.5	178.3	+24%

Key ratios	Q1 2024	Q1 2023	Q1 2023
Cost/Income Ratio*	39.3%	40.6%	40.6% & recurring fees
Acquisition costs/Gross commission income Ratio	32.7%	33.0%	33.0%
Annualised Cost of risk (bps)	19	16	16

*G&A expenses & Regular contribution to banking industry / Contribution margin

Strong, high-quality inflows and favorable market conditions support robust commission expansion

C/I ratio better than last year, also thanks to higher-than-expected AUM CoR in line with historical average and well below Italian market NII remains record-high as rates stayed higher for longer. Flexible management of customer cost of funding as a hedging tool vs future rate decline Positive mark-to-market overall, w/ contribution of perf. fees from

Record-breaking Operating Margin highlights diversification, profitability & scalability of the business model

Italy-based funds

Best start of the year ever, mainly due to healthy growth of recurring revenues & positive NII momentum

& recurring fees

FB Network compensation scheme unchanged

⁵ Business Results Highlights Q1 2024 All areas contributing to the growth of the business

						Group
						All areas contributing to the growth of the business
€ bn	Q1 2024	Q1 2023	Change	FY 2023	Change
Total Net Inflows	3.06	3.00	+2%			Robust net inflows demonstrate effectiveness of BMED strategy in anticipating customer needs with the right offer. Lower net inflows into BTPs y/y despite large Govies issuance in 2024.
Net Inflows into Managed Assets	1.18	1.35	-13%			Well on track to approach our goal of some € 5 bn by year end. Tough comparison w/ very strong start of 2023
Total AUA/AUM	125.90	108.73	+16%	118.07	+7%	Buoyant markets helped AUM significantly, thanks to our well-known high exposure to equities.
Loans Granted	0.56	0.84	-33%			Mortgages down y/y following RE slowdown. Our customer base, wealthier than traditional banks', is also showing lower appetite for personal loans. New initiatives launched in March are effectively expanding the pipeline
Credit Book	16.91	16.61	+2%	17.03	-1%	Flattish credit book reflects current loan granting volumes
General Insurance Gross Premiums (€ mn)	42	44	-4%			New business on Stand-alone products up 10%. Lower contribution from Loan protection policies premiums

6

Growth & Resilience Drivers Customer acquisition well ahead of 2023 Project 'NEXT' continues to contribute to FB network growth

6
Customer acquisition well ahead of 2023 Project 'NEXT' continues to contribute to FB network growth
	31/03/2024	31/12/2023	Change
Bank Customers Bank Customer Acquisition	1,839,700 62,900	1,799,100 185,000	+2%
Family Bankers o/w Private Bankers & Wealth Advisors AUM - Private Bankers & Wealth Advisors	6,233 839 € 34.91 bn	6,216 846 € 33.12 bn	+0% -1% +5%
IIS – Money market AUM Double Chance – Assets in deposit accounts Instalment Plans – Annualised yearly flows	€ 1.73 bn € 1.33 bn € 1.59 bn	€ 1.67 bn € 1.25 bn	+4% +7%	support the increase of recurring fees in the medium
NII Interest rate Sensitivity (+100 bps ) Intelligent Investment Strategy shifts from money market to equity over 3-5 yrs. Double Chance shifts from deposit accounts to equity over 3-24 months Instalment plans shifts from current accounts to equity on a monthly basis	€ +130 mn

IIS - Money market AUM		€ 1.73 bn	+4%
Double Chance - Assets in deposit accounts		€ 1.33 bn € 1.25 bn	+7%
Instalment Plans - Annualised yearly flows	€ 1.59 bn

Record customer acquisition (+11% y/y) fuelled BMED's customer base, creating room for additional AUM in the medium term. 8,300 customers acquired through Selfy (+16% y/y)

FB network development continues as we train professionals coming from other sectors & traditional banks. 235 Banker Consultants actively supporting Family Bankers as at end of March

Automatic investment services explain consistency of net inflows into managed assets. All KPIs up y/y & support the increase of recurring fees in the mediumlong term

⁷ Q1 2024 Capital Adequacy & Balance Sheet Highlights Group

BMED capital position at the top of banking industry
	Q1 2024 0	FY 2023
CET1 Ratio	22.9%	22.3%	Rock-solid capital position leaves plenty of room for both organic growth & shareholder remuneration
MREL TREA	25.2%	24.7%	Well above the 20.76% requirement
Risk-weighted assets (€ bn)	13.00	13.17	RWAs generated on customer base with high credit-worthiness follow credit book trends
Leverage Ratio	7.3%	7.0%	Leverage Ratio well above regulatory requirements
Retail Loan/Deposit Ratio	61.2%	65.0%	Change reflects deposit expansion in the quarter

Total Capital Ratio: 22.9%. SREP Req. on Total Capital Ratio: 12.5% for 2024 including P2G. Leverage Ratio = CET1 / Banking Group Assets

Q1 2024

Group

8 Income Statement € mn

	Q1 2024	Q1 2023 1	Change
Entry fees	13.0	9.3	+39%
Management fees	303.2	267.3	+13%
Investment Management fees	60.1	53.1	+13%
Net insurance result	48.0	45.6	+5%
Banking service fees	51.2	50.6	+1%
Other fees	12.6	10.5	+20%
Gross Commission Income	488.0	436.4	+12%
Acquisition costs	(159.4)	(143.9)	+11%
Other commission expenses	(38.6)	(31.5)	+23%
Net Commission Income	290.0	261.0	+11%
Net interest income	220.0	157.7	+40%
Net income on other investments	2.1	0.4	+477%
LLP (Impairment on loans)	(8.8)	(8.6)	+2%
Other revenues & expenses	0.8	(1.4)	n.s.
Contribution Margin	504.0	409.0	+23%
G&A expenses	(176.1)	(157.8)	+12%
Contributions to banking & insurance industries	(22.1)	(8.4)	+163%
Depreciation & Amortization	(9.0)	(10.2)	-12%
Provisions for risk & charges	(13.7)	(4.4)	+214%
Operating Margin	283.1	228.1	+24%
Market effects	25.3	7.3	+248%
- o/w Performance fees	29.6	0.3	n.s.
- o/w Net income on investments at fair value	(4.3)	6.9	n.s.
Extraordinary items	(10.8)	0	n.s.
PROFIT BEFORE TAX	297.5	235.4	+26%
Income tax	(77.0)	(57.1)	+35%
NET INCOME	220.5	178.3	+24%

Q1 2024

Group

9 Income Statement by Quarter € mn

	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24
Entry fees	9.3	9.1	9.5	10.8	13.0
Management fees	267.3	272.7	284.8	282.9	303.2
Investment Management fees	53.1	52.7	55.6	55.8	60.1
Net insurance result	45.6	39.8	40.5	41.3	48.0
Banking service fees	50.6	37.1	35.6	49.7	51.2
Other fees	10.5	10.2	11.1	11.2	12.6
Gross Commission Income	436.4	421.6	437.1	451.7	488.0
Acquisition costs	(143.9)	(139.2)	(140.5)	(152.5)	(159.4)
Other commission expenses	(31.5)	(33.9)	(36.4)	(39.4)	(38.6)
Net Commission Income	261.0	248.6	260.1	259.7	290.0
Net interest income	157.7	189.7	193.8	211.3	220.0
Net income on other investments	0.4	0.0	(0.6)	17.1	2.1
LLP (Impairment on loans)	(8.6)	(9.1)	(1.6)	(13.4)	(8.8)
Other revenues & expenses	(1.4)	0.8	0.5	0.8	0.8
Contribution Margin	409.0	430.0	452.2	475.4	504.0
G&A expenses	(157.8)	(177.9)	(148.3)	(189.5)	(176.1)
Contributions to banking & insurance industries	(8.4)	(1.9)	(18.6)	(2.1)	(22.1)
Depreciation & Amortization	(10.2)	(10.1)	(10.0)	(15.2)	(9.0)
Provisions for risk & charges	(4.4)	(4.3)	(8.0)	(12.2)	(13.7)
Operating Margin	228.1	235.8	267.3	256.4	283.1
Market effects	7.3	5.8	17.1	59.6	25.3
- o/w Performance fees	0.3	0.1	8.3	45.6	29.6
- o/w Net income on investments at fair value	6.9	5.7	8.8	14.0	(4.3)
Extraordinary items	0	0	(9.4)	(0.8)	(10.8)
PROFIT BEFORE TAX	235.4	241.6	275.0	315.1	297.5
Income tax	(57.1)	(56.6)	(66.2)	(65.4)	(77.0)
NET INCOME	178.3	185.1	208.8	249.7	220.5

Net Interest Income € mn

11 Acquisition Costs in detail € mn

	Q1 2024	Q1 2023	Change
Total commissions	130.5	116.5	+12%
One-time commissions	17.4	14.6	+19%
Ongoing commissions	113.1	101.8	+11%
Total incentives & bonuses	18.9	16.9	+12%
Incentives on individual net inflows	11.8	9.7	+22%
Contest & bonuses	6.0	6.1	-3%
Reimbursement of costs for customers events	1.2	1.1	+6%
Costs related to the agency agreement	8.7	8.8	-1%
Prexta agent commissions	1.4	1.8	-24%
TOTAL ACQUISITION COSTS	159.4	143.9	+11%

12 € mn Q1 2024 Net Inflows Q1 2024

	Q1 2024	Q1 2023
GROUP TOTAL NET INFLOWS	+3,064	+3,001
Managed Assets	+1,180	+1,353
- o/w Mutual Funds, U/L & Managed Accounts	+966	+1,018
Administered Assets	+1,885	+1,648
Italy - Banca Mediolanum Total Net Inlows	+2,766	+2,704
Managed Assets	+927	+1,191
- o/w Mutual Funds, U/L & Managed Accounts	+730	+872
Administered Assets	+1,839	+1,514
Spain - Banco Mediolanum Total Net Inflows	+306	+307
Managed Assets	+261	+172
- o/w Mutual Funds & U/L	+244	+156
Administered Assets	+45	+135
Germany	-8	-10

Managed Assets	+927	+1,191
Administered Assets	+1,839	+1,514

Administered Assets	+1,885	+1,648
Managed Assets	+927	+1,191
Administered Assets	+1,839	+1,514
Managed Assets	+261	+172
Administered Assets	+45	+135
Germany	-8	-10
Managed Assets	-8	-10
- o/w Mutual Funds & U/L	-8	-10

Germany	-8	-10
Managed Assets	-8	-10

Q1 2024 Group

14 Assets under Administration/Management € mn

Assets under Administration/Management
	31/03/2024	31/12/2023	Change	31/03/2023	Change
Italy - Banca Mediolanum	114,222	107,168	+7%	98,953	+15%
Mutual Funds & U-L Policies	75,895	71,250	+7%	65,451	+16%
Other Life Insurance Reserves	1,966	1,956	+1%	1,903	+3%
Banking	36,361	33,962	+7%	31,599	+15%
Spain - Banco Mediolanum	11,303	10,544	+7%	9,404	+20%
Mutual Funds & U-L Policies	7,829	7,133	+10%	6,315	+24%
Other Life Insurance Reserves	168	146	+15%	133	+27%
Banking	3,306	3,264	+1%	2,956	+12%
Germany	377	359	+5%	377	+0%
Mutual Funds & U-L Policies	377	359	+5%	377	+0%
TOTAL AUA/AUM	125,902	118,071	+7%	108,734	+16%

Mutual Funds & U-L Policies	7,829	7,133	+10%	6,315	+24%
Banking	3,306	3,264	+1%	2,956	+12%

Germany	377	359	+5%	377	+0%

TOTAL AUA/AUM 125,902	118,071	+7%	108,734	+16%
--------------------------	---------	-----	---------	------

¹⁵ Mutual Funds & Unit-linked policies look-through Q1 2024 Group as at 31/03/24

16	Loans Granted € mn
		Q1 2024	Q1 2023	Change
	Mortgages	250	525	-52%
	Personal Loans	164	196	-16%
	Salary-backed Loans (Prexta)1	146	120	+22%
	TOTAL	561	841	-33%
	3rd-party Loans	4	9	-50%

Q1 2024

Group

17 Credit Book Trend € mn

18 Credit Book & Quality € mn

Mortgages 12,061 12,114 -0% 11,735 +3% Personal Loans 2,379 2,444 -3% 2,702 -12% Lines of Credit 531 601 -12% 497 +7% 1 Salary-backed loans (Prexta) 1,934 1,869 +3% 1,672 +16% TOTAL 16,906 17,028 -1% 16,606 +2% 31/03/2024 Italian Banks
2 Gross NPE 1.46% 2.9%
3 Net NPE 0.79% 1.4%
Annualised Cost of risk 0.19%

1 Salary-backed loans (Prexta) 1,934 1,869 +3% 1,672 TOTAL 16,906 17,028 -1% 16,606 31/03/2024 Italian Banks 2 Gross NPE 1.46% 2.9% 3 Net NPE 0.79% 1.4% Annualised Cost of risk 0.19% Prexta unsecured loans
			+16%
			+2%
1 Includes
Q1 2024'
Bank of Italy – 'Banks and Financial Institution: Credit Conditions and Risk by Sector and Geographical Area – Bank of Italy – 'Financial Stability Report No. 2 2023'

Q1 2024 Group

19 General Insurance Gross Premiums € mn

	Q1 2024	Q1 2023	Change
Stand-alone policies	36.5	31.1	+17%
New business	7.2	6.6	+10%
In-force business	29.3	24.6	+19%
Loan protection policies	5.8	13.1	-55%
Group health policies	0.0	0.0	n.s.
GROSS PREMIUMS	42.4	44.2	-4%

²⁰ Balance Sheet Structure – Banking Group Q1 2024 as at 31/03/2024

Group

21

Q1 2024

Italy

22 Mutual Funds - AUM Trend

23 Mutual Funds - Assets under Management € mn

	31/03/2024	31/12/2023	Change	31/03/2023	Change
'Best Brands' funds on funds (IRL)	28,202	26,801	+5%	25,030	+13%
'Challenge' mutual funds (IRL)	23,786	21,670	+10%	18,830	+26%
Funds of Hedge Funds (IRL)	35	36	-1%	38	-7%
'Fondi Italia' mutual funds (ITA)	7,600	7,323	+4%	7,053	+8%
'Real estate' fund (ITA)	186	186	+0%	205	-9%
3rd-party stand-alone funds	4,665	4,352	+7%	4,015	+16%
Other	3,340	3,160	+6%	2,808	+19%
Adj. for own mutual funds in FoFs & Managed accts	(572)	(538)	+6%	(473)	+21%
MyLife' U-L policy	15,163	14,098	+8%	12,859	+18%
Other U-L policies	20,966	19,725	+6%	18,090	+16%
Adj. for own mutual funds in U-L policies	(27,476)	(25,563)	+7%	(23,003)	+19%
ASSETS IN MUTUAL FUNDS & U-L	75,895	71,250	+7%	65,451	+16%

24 Mutual Funds - Assets by A.M. Company as at 31/03/2024- including U-L assets

25 Banking - Assets under Administration € mn

	31/03/2024	31/12/2023	Change	31/03/2023	Change
Cash deposits	24,645	23,522	+5%	23,972	+3%
Repurchase agreements	3	2	+37%	13	-80%
3rd-party structured bonds	3,300	2,988	+10%	2,466	+34%
Other securities	8,413	7,450	+13%	5,148	+63%
BANKING ADMINISTERED ASSETS	36,361	33,962	+7%	31,599	+15%

26 Banking - Interest Spread Q1 2024

27 Bank Balance Sheet Highlights € mn – as at 31/03/2024

	Liabilities	Assets
Retail	24,727	15,544
Treasury	5,711	16,630
Interbank / intra-group deposits & repos	1,000	829
ECB refinancing	0	844
MTS refinancing	4,711	0
Securities (bonds)	0	14,957
Other liabilities / assets	5,316	3,579
TOTAL	35,754	35,754

28 Family Banker Network - Italy

Change in headcount & Split by Average Portfolio Year 2024

29 'Private Bankers' & 'Wealth Advisors'* - Italy as at 31/03/2024

Q1 2024 Italy

30

Q1 2024 Spain Results

31 Spain Highlights Q1 2024 Spain € mn

	Q1 2024	Q1 2023	Change	vs. FY
Operating Margin	23.2	19.8	+17%
Net Income	18.9	15.9	+18%	-0.7

Total Assets	11,303	9,404	+20%	+7%
Managed Assets	7,998	6,448	+24%	+10%
Administered Assets	3,306	2,956	+12%	+1%

Total Net Inflows	306	307	-0%
Net Inflows into Managed Assets	261	172	+51%
Net Inflows into Administered Assets	45	135	-66%

Credit Book	1,361	1,207	+13%	+1%
Family Bankers	1,617	1,630	-1%	-1%
Customers	237,845	215,096	+11%	+3%

32

Business Update

33 € mn April 2024 Business Results

April 2024 Business Results € mn			Business Update
GROUP TOTAL NET INFLOWS	Apr 2024 1,025	YTD 2024 4,089	YTD 2023 3,839
Managed Assets	621	1,801	1,679
- o/w Mutual Funds, U-L & Managed Accounts	570	1,536	1,293
Administered Assets	404	2,289	2,160
GROUP LOANS GRANTED	204	764	1,094
GENERAL INSURANCE PREMIUMS	16	58	58

³⁴ Italian FA Networks - Ranking by M.F. Net Inflows Business € mn – totals by Group

Update

€ mn – totals by Group Jan - Mar 2024 Managed Assets Mutual Funds* Total Net Inflows Allianz Bank 1,118 687 1,581 Banca Mediolanum 732 729 2,766 Banca Generali 272 -75 1,633 BNL - BNP Paribas 99 83 Gruppo Fideuram/Intesa 29 217 1,229 Banca Widiba 23 20
Che Banca! 0 0
Consultinvest 0 0
Zurich Italy Bank -16 -71
Finecobank -79 309 1,726
Credem -182 -322

³⁵ Italian FA Networks - Market Share Update Jan-Mar 2024

³⁶ Creating the NEXT Generation of the Network

Business Update

Pairing high potential new graduates to work as junior assistants ('Banker Consultant') with senior Private Bankers & Wealth Advisors ● 'Banker Consultants' initially receive dedicated training programme (Executive Master) provided by Mediolanum Corporate University & supported with a scholarship ● Once fully licensed, the 'BCs' work alongside their senior PB/WA with extensive on-the-job training, managing day-to-day duties & operations as well as smaller customers ● The 'BCs' free up time for the senior PBs/WAs to focus on larger customers & new business development ● This project assures an increase in productivity in the Network, organic growth and generational renewal ● 274 'BCs' are already working with their senior PB/WA as licensed FA as at May 2, 2024

- Target to reach more than 400 by the end of 2024

• As remuneration they receive a percentage of the senior PBs/WAs commission, with a 3-year minimum monthly compensation

37 'Life Planning' Programme

• A new strategic initiative to support AUM growth & cross-selling of Credit & Protection products ● An advanced platform, fully integrated with BMED CRM, to support FBs in the analysis of needs & goals of the customer ● All major FB tools in one place to optimise interaction w/ customers & build solutions tailored to each household ● All BMED strategic areas covered: asset management, insurance, banking & credit Update Enhancing the relationship with the customer
• Roll-out to FB Network in H2 2024

Business

³⁸ Automatic Investment Services Business Investment services featuring automatic gradual switch into equity funds allowing customers to take advantage of dollar-cost averaging

● Big Chance (2001)

• Capital is initially invested in money market fund
• A portion of the assets is switched twice monthly into equity funds, investing the entire amount over 3/12-month period

● Double Chance (2008)

• Capital is initially parked in a highly-remunerated deposit account
• Allows customer gradual entry into equity & fixed-income funds, investing the entire amount over 3/24-month period

● Intelligent Investment Strategy (2016)

• Capital is initially invested in money market fund
• A portion of the assets is switched once or twice monthly into equity funds or U-L policy, investing the entire amount over 3/5 year period
• Instalment amount automatically increases if equity fund value drops. Capital gains on equity >10% are switched back into money market fund to be reinvested over time

● Intelligent Accumulation Plan (2020)

• Long-term instalment plan that shifts small amount of savings from current account to mutual funds monthly
• Allows customers to gradually enter BMED equity & fixed-income funds
• Instalment amount automatically doubled each month the fund unit price is 5% below the avg unit price of a customer

39 The 'Double Chance' Service Launched June 2008

Business Update

- ^Along-term investment strategy/service that allows the retail investor to gradually enter the global financial markets via Mediolanum investment products, while mitigating the effects of volatility & taking advantage of dollar-cost-averaging ● Capital is initially parked in a highly-remunerated deposit account (rates currently offered: up to 5% annual according to selected duration & asset class) ● Allows customer gradual investment into equity or hightransferring the established amount 2 or 4 times a month

• yield funds over 3/24-month period, automatically
• Interests of the deposit account automatically credited to the customer's checking account

40 Business Launched June 2016 The 'Intelligent Investment Strategy' Service (IIS)

Update

• ^Along-term investment strategy/service (10+ yrs, € 30k+) that allows our customers to gradually enter the equity markets in order to take advantage of the overall growth of the world economy MyLife U-L wrap account over 3-4-5 years, through
• Designed to remove emotional barriers associated with equity investments by making rational choices at the beginning of the plan rather than during crises or volatile markets
• The amount invested is first put into a money market fund, and then fully converted into Mediolanum equity funds or automatic transfers 1-2 times per month
• * versus each customer's average purchase price ● Thanks to the Automatic Step-In/Step-Out feature, when the unit price of equity funds has a strong decrease* the transferred amount is multiplied accordingly. Vice versa, in case of an extraordinary increase (+10% or 20%), the capital gains are shifted back into the money market fund

Equity Fund Unit Price	Installment amount
5% to 10% decrease	X2
10% to 15% decrease	X3
15% to 20% decrease	X4
20% or more decrease	X5

41 Business The 'IIS' service at work

Update Launched June 2016 'Market crises are buying opportunities': not just a slogan

Step ins & step outs reduce avg unit price on investments, allowing customers to benefit from market volatility. € 4.5 bn of money market managed assets were automatically invested in equity through planned instalments & step-ins between 2022 & 2023, supporting a strong increase in avg. recurring revenues.

€ 1.73 bn more to be transferred from monetary funds over the next 3-5 years.

42 Group Customer Base

* Banca Mediolanum + Banco Mediolanum Customers

43

Mediolanum Facts

Mediolanum

Facts

44 BMED Shareholders & Group Structure

45 Mediolanum Banca Mediolanum's Integrated Business Model

Facts

• We and our Family Bankers view the company as a single entity, providing solutions that best fit the needs of the customer, whether it be in the form of a mutual fund, an insurance policy or a bank product
• The Bank (est. 1997) has a special role as the place where customer savings are naturally built
• It is also where service quality is more readily appreciated & compared
• Therefore, it represents the mandatory point of entry for all new customers

46 Mediolanum

Facts

47 Self-employed tied agents with entrepreneurial approach Extensively trained to tackle every household financial need Share Mediolanum's view that banking services are an effective acquisition & retention tool Compensated even for operations performed by customers through direct channels Facts Family Bankers: the human touch Combining the advantages of traditional and direct banks

• -
• Willing to provide advice anytime, anywhere
• Equally competent across all product lines Unlike the typical FA, offer assistance also with everyday banking needs Synergy, not competition, between human and direct channels

Customers: freedom in banking

Top-quality and valuable direct banking services associated with a human relationship

Mediolanum

⁴⁸ Italian Household Financial Assets Mediolanum Over the last few years asset gatherers have increased market share to the detriment of traditional banks Asset gatherers growing mainly thanks to:

Total HH Assets in 2022: € 5.14 trillion

• 60%
• 19% ● Demand for specialised advice ● Products & services tailored on customer needs ● Recruiting of traditional bank 3%
  • Better product performance
  • professionals

Net Income Trend € mn 2008 & 2010: adjusted net income excluding effects of 'Lehman Brothers' operation Mediolanum Facts 10y CAGR 9.3% ^{49 54 60 75 88 103 82} 141 ^{224 212} 224 ^{337 321 380} 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Q1

Facts

Dividend Payout Mediolanum € mn

2019 dividend balance & 2020 dividend paid in Oct. 2021 due to Covid-19 ECB ban

Mediolanum

Facts

51 BMED: 23 Years of Consistent Net Inflows

Source: Assoreti

Net Inflows into Managed Assets

52 Family Banker Network

⁵³ Italy - Average Assets per Family Banker Facts € mn

Mediolanum

54 Total Customers Mediolanum

Facts

Mediolanum

55 Facts € thousands Italy - Average Assets per Customer

Primary Bank Account Holders

⁵⁶ Spain - Net Income € mn Mediolanum Facts 1.3 -1.1 0.0 1.5 3.4 6.8 7.1 -6.3 -0.1 0.6 3.9 27.4 26.3 21.0 20.0 28.8 17.6 15.0 34.2 31.5 45.1 35.6 61.9 18.9 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Q1 24

Impairment of CGU 'Spain'

Mediolanum

Facts

57 Spain - Assets under Administration € mn

Spain - Net Inflows Trend € mn

Mediolanum Facts

Mediolanum

Facts

59 Spain - Credit Book € mn

Facts

⁶⁰ Spain – Family Banker Network Mediolanum

61 Banking Book Composition Mediolanum

€ bn – nominal values – as at 31/03/2024 56.0% 44.0% Fixed Floating Rate Type € 9.3 bn of floaters directly linked to EUR6M 99.8% 0.2% HTC HTCS Portfolio No sensitivity to ITA spread as the entire book is measured at amortised cost Sector % Government 99.2% Financial 0.8% Govies % Italy 81.9% Spain 13.1% Other EU Countries 5.0% 1.1 2.4 Avg. Duration Avg. Maturity Prudent & very flexible approach thanks to short duration & very low risk appetite Portfolio

Banking Book: € 16.6 bn (nom. values)

Our investment strategy explains the consistency of our inflows & transfers 'technical performance' into 'customer performance' Facts Investment Advisory Strategy

• We advise our customers proposing products & services that correspond to each of their specific needs
• Investor needs remain fundamentally the same, they are not influenced by market crises
• We do not engage in stock-picking, tactical asset allocation decisions, or market-timing
• We recommend a series of diversification criteria, the most important being time horizon (5D Strategy)
• Equity investments are only considered for the long term (>10 yrs) and are diversified across the global economy to further reduce risk
• We strongly advise investors who have a long-term outlook to view market crises as buying opportunities

Facts

63 Mediolanum Training & Communication Mediolanum Corporate University

• Inaugurated March 2009
• Centralises our training know-how, in coordination with top universities, professors and individuals who are experts in the field
• Provides our Family Bankers & employees with a resource for life-long education
• Develops financial education programs dedicated to our customers & the community

64 Training & Communication Corporate TV Channel

A proprietary state-of-the-art tool established in 1989

Online programs to train, motivate & communicate with our Family Bankers

• Financial news commented by top company executives
• Company news & product information
• Online training course support
• Inspirational thoughts for personal motivation & sales techniques

Daily specials dedicated to crisis-related topics were added to the ongoing programming in 2008, 2009, 2011, 2020 & 2022

⁶⁵ Mediolanum Marketing Events Facts

• 8 nation-wide in-person events, with 20,000 attendees & streamed live to over 143,000 viewers in 2023
• Over 2,000 digital/in-person events organised by Family Bankers: over 130,000 attendees

Results are measurable:

• Net inflows into managed assets of invited customers in the 3 months post-events
• Expenses are reimbursed to Family Bankers only if set commercial target is met
• Average commercial value of media coverage is also regularly tracked

66 Top Performer in Customer Experience Mediolanum

Solid customer relationship is built on best-in-class service delivery

66 BVA Doxa Survey 2023	Top Performer in Customer Experience		Mediolanum Facts
	Solid customer relationship is built both	on best-in-class service delivery human & digital
Overall Satisfaction	Perceived Value	Digital Platform	Financial Advisor Interaction
Customer Satisfaction	Comprehensiveness of Offer	Mobile App Satisfaction	Overall Satisfaction
96% Market Avg: 90%	85.8 Market Avg: 74.6	86% Market Avg: 67%	92% Market Avg: 55%
Net Promoter Score	Value for Money	App Store Rating	Availability
62.7 1 st Bank in Italy Market Avg: 7.6	76.1 Market Avg: 66.9	4.8 4.5	In 2023, Family Bankers had 9 contacts on average with their customers
Customer Retention	Focus on Sustainability
96%	83.9

67 Facts The 3rd best known bank brand in Italy Spontaneous brand awareness – Italian banks – March 2024

Mediolanum

Mediolanum

68 Facts Spontaneous recall of advertisement – Italian banks – Q1 2024 The most memorable adv in the banking industry

Business

⁶⁹ The development of the digital customer: Update Launched January 2021

A totally digital Bank account addressing the needs of 'digital young adults'

• For those who require a full-service account, but aren't in the market for advice like the typical BMED customer
• Not only an account but a comprehensive offer of banking services
• Credit, managed assets & general insurance products available
• Able to be managed on a 'do-it-yourself' basis, 'à la carte'
• Banker model
• expectations

Facts

70 Mediolanum € bn – as at 03/05/2024 Ranking of Italian Banking Groups by Market Cap

71 MED.MI / BMED.MI Price Return & Total Return Index*

72 Disclaimer

This document has been prepared by Banca Mediolanum S.p.A. for the sole purpose of providing information and presenting the Group's strategies.

The information, opinions, valuations and forecasts it contains have not been audited by any independent body; they may be altered at any time without notice.

No guarantee, express or implicit, is given by Banca Mediolanum S.p.A. or by any of the Mediolanum Group companies as to the reliability, completeness or accuracy of the information or opinions in the present document.

Publication, communication to others, and reproduction of all or any of this document's contents are forbidden, except with the express written consent of Banca Mediolanum S.p.A.

Neither Banca Mediolanum S.p.A., nor the companies belonging to the Mediolanum Group, nor their representatives, managers or employees accept liability for any losses directly or indirectly resulting in any manner whatsoever from use of the present document or of information in any way attributable thereto. The undersigned, Mr. Angelo Lietti, declares, pursuant to Section 154 bis (2) of Legislative Decree 58/98 "Testo Unico della Finanza", that

Forecasts in this document has been prepared with the greatest care, but is nevertheless based on assumptions which could prove wrong because of risk factors outside the control of Banca Mediolanum S.p.A. and the Mediolanum Group companies. There is no guarantee that present forecasts will match future performance.

This document is not a recommendation to invest in any financial instrument, nor an invitation to subscribe or purchase shares, nor is any part thereof intended to serve as a basis or reference source for any contract or undertaking whatsoever on the part of Banca Mediolanum S.p.A. or any of the companies belonging to the Mediolanum Group.

Receipt of this document implies acceptance of its limitations as described above.

DECLARATION BY THE SENIOR MANAGER IN CHARGE OF DRAWING UP COMPANY ACCOUNTS

the accounting data set out in this presentation agree with the documentary records, books and accounting entries.

The senior manager in charge of drawing up Company Accounts

Angelo Lietti

Figures contained in this document are rounded for presentation purposes.

73 Investor Relations Contacts

alessandra.lanzone@mediolanum.it

● Lisa Maxon

+39-02-9049.2997 lisa.maxon@mediolanum.it

● Luca Pugliese +39-02-9049.2721

luca.pugliese@mediolanum.it

Banca Mediolanum

S.p.A. Via Ennio Doris 20080 Basiglio MI – Italy

http://www.bancamediolanum.it