Banca Mediolanum

Investor Presentation • Nov 7, 2024

9M 2024 Results & Business Update

Table of content and colour key

3

Economic & Financial Highlights 9M 2024

4

Record-breaking financial results thanks to positive momentum in all business lines

€ mn	9M 2024	9M 2023	Change
Net Commission Income	873.6	769.7	+13%	Double-digit growth of commission income driven mainly by higher recurring fees thanks to strong managed asset inflows & buoyant markets
Net Interest Income	613.4	541.2	+13%	NII remains strong despite the first ECB rate cuts & impact of promotional activities. Full year NII expected to be +8%
Contribution Margin	1,481.8	1,291.1	+15%	Record-breaking Operating Margin highlights diversification, profitability
Operating Margin	847.9	731.3	+16%	& scalability of the business model
Market Effects	61.2	30.2	+103%	Positive mark-to-market overall & decent contribution from perf. fees
Net Income	674.3	572.2	+18%	Outstanding financial performance with 2024 bound to be our best year yet
Key ratios	9M 2024	FY 2023	9M 2023
Cost/Income Ratio*	38.3%	39.9%	39.7%	C/I ratio consistently at around 40%
Acquisition costs/Gross commission income Ratio	33.4%	33.0%	32.7%	Acquisition costs ratio up slightly due to bonuses linked to extremely strong inflows into managed assets

CoR in line with historical average and well below market average

Group

*G&A expenses & Contribution to banking & insurance industries / Contribution margin

Annualised Cost of risk (bps) 21 19 18

Average Recurring Fee (bps) 214 214 213

Outstanding business performance: a testament to our strategic excellence

€ bn	9M 2024	9M 2023	Change	FY 2023	Change
Total Net Inflows	7.16	5.60	+28%			Net new money stands out in the market for high quality & quantity, w/ contribution from both new & existing customers
Net Inflows into Managed Assets	5.44	2.84	+92%			Strong acceleration of flows into fixed-income funds and IIS in 2024. Conversion of promotional deposits also played a crucial role in supporting managed assets
Total AUA/AUM	132.99	112.30	+18%	118.07	+13%	Robust positive net inflows, deposits & market effects bring total assets to record-high levels
Loans Granted	2.03	2.32	-12%			Mortgages granted picking up as RE market gradually recovers and new commercial initiatives roll out
Credit Book	17.18	17.01	+1%	17.03	+1%	Credit book up slightly y/y. excellent asset quality secured by loans & mortgages sold only to existing customer base
General Insurance Gross Premiums (€ mn)	142.89	134.49	+6%			Positive contribution from both stand-alone and loan protection policies

6 Growth & Resilience Drivers

Customer acquisition accelerated in 2024 Project 'NEXT' supports FB network expansion

	30/09/2024	31/12/2023	Change
Bank Customers	1,888,500	1,799,100	+5%	Record customer acquisition (+7% y/y) fuels BMED's customer base, setting the stage for additional AUM
Bank Customer Acquisition	149,000	185,000		in the medium term. 21,200 customers acquired through Selfy (+5% y/y)
Family Bankers	6,352	6,216	+2%	FB network development continues as we train
o/w Private Bankers & Wealth Advisors	888	846	+5%	professionals from other sectors & traditional banks. 332 Banker Consultants actively support Family
AUM - Private Bankers & Wealth Advisors	€ 38.82	€ 33.12 bn	+17%	Bankers as at end of September

IIS – Money market AUM	€ 2.24 bn	€ 1.67 bn	+35%
Double Chance – Assets in deposit accounts	€ 1.14 bn	€ 1.25 bn	-8%
Instalment Plans – Annualised yearly flows	€ 1.64 bn

Automatic investment services explain consistency of net inflows into managed assets & support the increase of recurring fees over time. Strong pick-up of IIS flows in Q3

IIS - 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

NII Interest rate Sensitivity (+100 bps ) € +130 mn

7 9M 2024 Capital Adequacy & Balance Sheet Highlights Group

Solid balance sheet structure, significant capital generation

	9M 2024 0	FY 2023
CET1 Ratio	23.4%	22.3%	Robust capital position leaves plenty of room for both organic growth & shareholder remuneration
MREL TREA	25.8%	24.7%	Well above the 20.8% requirement
Risk-weighted assets (€ bn)	13.22	13.17	RWAs mainly associated with loans & mortgages of our high creditworthy customers
Leverage Ratio	7.3%	7.0%	Leverage Ratio well above regulatory requirements
Retail Loan/Deposit Ratio	63.5%	65.0%	Loan/Deposit ratio reflects extremely safe approach to lending & the strong growth of customer base
Interim dividend	€ 0.37		Interim dividend up from € 0.28 in 2023

Total Capital Ratio: 23.4%. SREP Req. on Total Capital Ratio: 12.5% for 2024 including P2G. Leverage Ratio = CET1 / Banking Group Assets Interim dividend corresponds to € 273 mn calculated on shares outstanding as at 30/09/2024. Ex-dividend date November 18 – Payment date November 20 8

	9M 2024	9M 2023	Change
Entry fees	42.3	28.0	+51%
Management fees	943.7	825.2	+14%
Investment Management fees	186.1	161.4	+15%
Net insurance result	149.5	126.0	+19%
Banking service fees	141.0	123.3	+14%
Other fees	37.7	31.3	+21%
Gross Commission Income	1,500.3	1,295.1	+16%
Acquisition costs	(501.7)	(423.6)	+18%
Other commission expenses	(125.0)	(101.7)	+23%
Net Commission Income	873.6	769.7	+13%
Net interest income	613.4	541.2	+13%
Net income on other investments	18.2	(0.2)	n.s.
LLP (Impairment on loans )	(23.3)	(19.4)	+21%
Other revenues & expenses	(0.0)	(0.2)	n.s.
Contribution Margin	1,481.8	1,291.1	+15%
G&A expenses	(535.6)	(484.0)	+11%
Contributions to banking & insurance industries	(31.9)	(28.9)	+10%
Depreciation & Amortization	(27.9)	(30.3)	-8%
Provisions for risk & charges	(38.6)	(16.6)	+132%
Operating Margin	847.9	731.3	+16%
Market effects	61.2	30.2	+103%
- o/w Performance fees	50.9	8.7	+485%
- o/w Net income on investments at fair value	10.3	21.5	-52%
Extraordinary items	(11.1)	(9.4)	+18%
PROFIT BEFORE TAX	897.9	752.1	+19%
Income tax	(223.6)	(179.9)	+24%
NET INCOME	674.3	572.2	+18%

9M 2024

Income Statement by Quarter € mn

Group

	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
Entry fees	9.3	9.1	9.5	10.8	13.0	15.6	13.8
Management fees	267.4	272.9	285.0	283.1	303.3	316.9	323.5
Investment Management fees	53.1	52.7	55.6	55.8	60.1	62.4	63.6
Net insurance result	45.6	39.8	40.5	41.3	48.0	48.9	52.6
Banking service fees	50.6	37.1	35.6	49.7	51.2	46.8	43.1
Other fees	10.4	10.0	10.9	11.0	12.5	12.8	12.4
Gross Commission Income	436.4	421.6	437.1	451.7	488.0	503.3	509.0
Acquisition costs	(143.9)	(139.2)	(140.5)	(152.5)	(159.4)	(165.4)	(176.8)
Other commission expenses	(31.5)	(33.9)	(36.4)	(39.4)	(38.6)	(40.4)	(46.0)
Net Commission Income	261.0	248.6	260.1	259.7	290.0	297.4	286.2
Net interest income	157.7	189.7	193.8	211.3	220.0	198.0	195.4
Net income on other investments	0.4	0.0	(0.6)	17.1	2.1	16.4	(0.3)
LLP (Impairment on loans)	(8.6)	(9.1)	(1.6)	(13.4)	(8.8)	(9.6)	(4.9)
Other revenues & expenses	(1.4)	0.8	0.5	0.8	0.8	(1.4)	0.6
Contribution Margin	409.0	430.0	452.2	475.4	504.0	500.9	477.0
G&A expenses	(157.8)	(177.9)	(148.3)	(189.5)	(176.1)	(190.0)	(169.6)
Contributions to banking & insurance industries	(8.4)	(1.9)	(18.6)	(2.1)	(22.1)	(5.6)	(4.3)
Depreciation & Amortization	(10.2)	(10.1)	(10.0)	(15.2)	(9.0)	(9.4)	(9.5)
Provisions for risk & charges	(4.4)	(4.3)	(8.0)	(12.2)	(13.7)	(12.9)	(11.9)
Operating Margin	228.1	235.8	267.3	256.4	283.1	283.0	281.8
Market effects	7.3	5.8	17.1	59.6	25.3	15.7	20.1
- o/w Performance fees	0.3	0.1	8.3	45.6	29.6	11.7	9.6
- o/w Net income on investments at fair value	6.9	5.7	8.8	14.0	(4.3)	4.0	10.6
Extraordinary items	0	0	(9.4)	(0.8)	(10.8)	(0.8)	0.4
PROFIT BEFORE TAX	235.4	241.6	275.0	315.1	297.5	298.0	302.3
Income tax	(57.1)	(56.6)	(66.2)	(65.4)	(77.0)	(68.6)	(77.9)
NET INCOME	178.3	185.1	208.8	249.7	220.5	229.4	224.4

Net Interest Income € mn

9M 2024 Group

Group

	9M 2024	9M 2023	Change
Total commissions	402.2	346.6	+16%
One-time commissions	51.7	38.1	+36%
Ongoing commissions	350.4	308.5	+14%

Total incentives & bonuses	73.2	55.3	+33%
Incentives on individual net inflows	48.6	32.7	+49%
Contest & bonuses	21.1	19.4	+8%
Reimbursement of costs for customers events	3.6	3.1	+13%

	Costs related to the agency agreement	22.7	18.1	+25%
--	---------------------------------------	------	------	------

	Prexta agent commissions	3.5	3.6	-2%
--	-----------------------------	-----	-----	-----

TOTAL ACQUISITION COSTS	501.7	423.6	+18%
-------------------------	-------	-------	------

Group

	9M 2024	9M 2023
GROUP TOTAL NET INFLOWS	+7,157	+5,596
Managed Assets	+5,443	+2,840
- o/w Mutual Funds, U/L & Managed Accounts	+5,111	+2,246
Administered Assets	+1,714	+2,756

Italy - Banca Mediolanum Total Net Inlows	+6,268	+5,000
Managed Assets	+4,542	+2,471
- o/w Mutual Funds, U/L & Managed Accounts	+4,170	+1,907
Administered Assets	+1,726	+2,529

Spain - Banco Mediolanum Total Net Inflows	+918	+630
Managed Assets	+930	+403
- o/w Mutual Funds & U/L	+969	+372
Administered Assets	-12	+227

Germany	-29	-34
Managed Assets	-29	-34
- o/w Mutual Funds & U/L	-29	-34

14 Assets under Administration/Management € mn

	30/09/2024	31/12/2023	Change	30/09/2023	Change
Italy - Banca Mediolanum	120,466	107,168	+12%	102,043	+18%
Mutual Funds & U-L Policies	81,644	71,250	+15%	66,995	+22%
Other Life Insurance Reserves	2,058	1,956	+5%	1,951	+5%
Banking	36,764	33,962	+8%	33,097	+11%

Spain - Banco Mediolanum	12,155	10,544	+15%	9,902	+23%
Mutual Funds & U-L Policies	8,746	7,133	+23%	6,658	+31%
Other Life Insurance Reserves	117	146	-20%	142	-18%
Banking	3,292	3,264	+1%	3,101	+6%

Germany	367	359	+2%	356	+3%
Mutual Funds & U-L Policies	367	359	+2%	356	+3%

TOTAL AUA/AUM	132,987	118,071	+13%	112,301	+18%
---------------	---------	---------	------	---------	------

Certificates not included. Cash: liquidity not invested. Other: may include hedging derivatives (shown as negative).

Group

	9M 2024	9M 2023	Change
Mortgages	1,028	1,400	-27%
Personal Loans	543	517	+5%
Salary-backed Loans (Prexta) 1	464	397	+17%
TOTAL	2,034	2,315	-12%
3rd-party Loans	15	23	-35%

1. Includes Prexta unsecured loans

9M 2024

Group

	30/09/2024	31/12/2023	Change	30/09/2023	Change
Mortgages	12,226	12,114	+1%	12,077	+1%
Personal Loans	2,352	2,444	-4%	2,514	-6%
Lines of Credit	545	601	-9%	619	-12%
Salary-backed loans (Prexta)1	2,057	1,869	+10%	1,804	+14%
TOTAL	17,180	17,028	+1%	17,014	+1%

	30/09/2024	Italian Banks
Gross NPE	1.49%	2 2.8%
Net NPE	0.80%	3 1.4%
Annualised Cost of risk	0.21%

1 Includes Prexta unsecured loans

2 Bank of Italy – 'Banks and Financial Institutions: Credit Conditions and Risk by Sector and Geographical Area – Q3 2024'

3 Bank of Italy - ''Financial Stability Report No. 1 2024'

9M 2024 Group

	9M 2024	9M 2023	Change
Stand-alone policies	119.6	102.0	+17%
New business	23.0	20.7	+11%
In-force business	96.6	81.3	+19%

Loan protection policies	23.1	32.1	-28%
Group health policies	0.2	0.3	-41%
GROSS PREMIUMS	142.9	134.5	+6%

as at 30/09/2024

Group

21

Italy

23 Mutual Funds - Assets under Management € mn

	30/09/2024	31/12/2023	Change	30/09/2023	Change
'Best Brands' funds on funds (IRL)	29,685	26,801	+11%	25,479	+17%
'Challenge' mutual funds (IRL)	26,443	21,670	+22%	20,051	+32%
Funds of Hedge Funds (IRL)	35	36	-1%	36	-1%
'Fondi Italia' mutual funds (ITA)	8,017	7,323	+9%	6,890	+16%
'Real estate' fund (ITA)	155	186	-17%	180	-14%
3rd-party stand-alone funds	5,170	4,352	+19%	4,045	+28%
Other	3,614	3,160	+14%	2,966	+22%
Adj. for own mutual funds in FoFs & Managed accts	(610)	(538)	+13%	(513)	+19%
MyLife' U-L policy	16,764	14,098	+19%	13,262	+26%
Other U-L policies	21,791	19,725	+10%	18,600	+17%
Adj. for own mutual funds in U-L policies	(29,420)	(25,563)	+15%	(24,000)	+23%
ASSETS IN MUTUAL FUNDS & U-L	81,644	71,250	+15%	66,995	+22%

9M 2024 Italy

as at 30/09/2024 - including U-L assets

9M 2024 Italy

25 Banking - Assets under Administration € mn

	30/09/2024	31/12/2023	Change	30/09/2023	Change
Cash deposits	24,147	23,522	+3%	23,993	+1%
Repurchase agreements	2	2	+15%	1	+88%
3rd-party structured bonds	3,586	2,988	+20%	2,724	+32%
Other securities	9,028	7,450	+21%	6,380	+42%
BANKING ADMINISTERED ASSETS	36,764	33,962	+8%	33,097	+11%

9M 2024 Italy

Italy

Total Book

Customer Book

Italy

	Liabilities	Assets
Customers	24,223	15,756

Treasury	8,039	17,742
Interbank / intra-group deposits & repos	690	755
ECB refinancing	0	350
MTS refinancing	7,049	0
Securities (bonds)	300	16,637

Other liabilities / assets	5,316	4,079
-------------------------------	-------	-------

TOTAL	37,577	37,577

Operating Liquidity (24hr): 10,770

9M 2024

Italy

Family Banker Network - Italy

28

Change in headcount & Split by Average Portfolio Year 2024

Average portfolio calculated on Family Bankers only

9M 2024 Italy

'Private Bankers' & 'Wealth Advisors'* - Italy

as at 30/09/2024

* 'Private Bankers' & 'Wealth Advisors' are a subset of Family Bankers who mainly deal with affluent & HNW customers

30

	9M 2024	9M 2023	Change	vs. FY
Operating Margin	65.3	63.7	+2%
Net Income	54.4	49.3	+10%	-0.1

Total Assets	12,155	9,902	+23%	+15%
Managed Assets	8,863	6,800	+30%	+22%
Administered Assets	3,292	3,101	+6%	+1%

Total Net Inflows	918	630	+46%
Net Inflows into Managed Assets	930	403	+131%
Net Inflows into Administered Assets	(12)	227	n.s.

	Credit Book	1,423	1,334	+7%	+6%
--	-------------	-------	-------	-----	-----

Family Bankers	1,610	1,663	-3%	-2%

Customers	247,986	226,402	+10%	+7%

32

Business

	Oct 2024	YTD 2024	YTD 2023
GROUP TOTAL NET INFLOWS	1,368	8,524	5,782
Managed Assets	703	6,145	2,979
- o/w Mutual Funds, U-L & Managed Accounts	683	5,794	2,356
Administered Assets	665	2,379	2,803

GROUP LOANS GRANTED	358	2,392	2,542
GENERAL INSURANCE PREMIUMS	20	163	150

34 Italian FA Networks - Ranking by Net Inflows Business

€ mn – totals by Group

		Jan-Sept 2024
	Managed Assets	Managed Assets & Admin. Assets w/ Advisory fee	Total Net Inflows
Banca Mediolanum	4,196	4,212	6,235
Allianz Bank	3,065	3,126	4,242
Gruppo Fideuram/Intesa	2,010	2,319	5,528
Banca Generali	1,482	2,029	4,681
Mediobanca Premier	1,426	1,448	3,102
Finecobank	990	2,491	5,400
Credem	559	916	1,783
BNL - BNP Paribas	357	625	679
Zurich Italy Bank	132	155	387
Banca Widiba	124	285	331

Update

Business

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

* including Unit-Linked policies & Managed Accounts Source: Assoreti

Business

Update

36 Creating the NEXT Generation of the Network

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's) 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
• As remuneration they receive a percentage of the senior PBs/WAs commission, with a 3-year minimum monthly compensation
• This project assures an increase in productivity in the Network, organic growth and generational renewal
• 354 'BCs' are already working with their senior PB/WA as licensed FA as at end of October
• 178 'BCs' currently training

37 'Life Planning' Programme Update Enhancing the relationship with the customer

• 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
• Roll-out to FB Network in H2 2024

A step-by-step approach to guide the conversation w/ customers:

Option to activate a 'fee-over' contract for additional services to wealthiest customers (>€ 500k)

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

Business

• ^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 3% annual according to selected duration & asset class)
• Allows customer gradual investment into equity or highyield funds over 3/24-month period, automatically transferring the established amount 2 or 4 times a month
• Interests of the deposit account automatically credited to the customer's checking account

Update

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

• ^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
• 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 MyLife U-L wrap account over 3-4-5 years, through automatic transfers 1-2 times per month
• 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
  • * versus each customer's average purchase price

Update

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

'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. € 2.24 bn more to be transferred from monetary funds over the next 3-5 years.

End Goal:

Business Update

Total Bank Customers* 1,889k

43

44 as at 30/09/2024 BMED Shareholders & Group Structure

Mediolanum Facts

Mediolanum Gestion S.A.

100% Banco Mediolanum

Doris Group Fininvest Free Float Banco Mediolanum Mediolanum Fiduciaria Mediolanum Vita Mediolanum International Life Mediolanum Assicurazioni Mediolanum Gestione Fondi Mediolanum International Funds 100% Banca Mediolanum 95% Banca Mediolanum 5% Banco Mediolanum 100% 100% 100% Flowe 100% (direct & indirect ownership) BANKING ASSET MANAGEMENT INSURANCE OTHER 40.2% 29.8% 30.0% Prexta Mediolanum Comunicazione

3.5% (directly & through Mediolanum Vita) Mediobanca

All companies Italy-based unless otherwise indicated 45 Mediolanum Banca Mediolanum's Integrated Business Model

• 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

Facts

46 Mediolanum Banca Mediolanum's Multi-channel Model

Facts

• 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
• 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

48 Italian Household Financial Assets Mediolanum

Over the last few years asset gatherers have increased market share to the detriment of traditional banks

Total HH Assets in H1 2024: € 5.73 trillion

Asset gatherers growing mainly thanks to:

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

(*) Includes deposits, administered & managed assets. Does not include real estate, shares of unlisted companies, TFR (end-of-service pay)& cash, as these assets are a nonaddressable market for financial institutions. Total wealth of Italian households – all items included - is equal to € 5.73 trn in H1 2024. Source: BMED & Prometeia

Mediolanum

Facts

2008 & 2010: adjusted net income excluding effects of 'Lehman Brothers' operation

Facts

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

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

51 BMED: 24 Years of Consistent Net Inflows

Anti-cyclical flows mean better performance for customers thanks to dollar-cost-averaging

Mediolanum

Facts

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Net Inflows into Managed Assets

Mediolanum

Facts

Group Licensed Financial Advisors

Primary Bank Account Holders

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 9M 24

24

-108

59 Spain - Credit Book € mn

Mediolanum

Facts

Facts

60 Spain – Family Banker Network Mediolanum

61 Banking Book Composition Mediolanum

€ bn – nominal values – as at 30/09/2024

Banking Book: € 18.2 bn (nom. values)

Mediolanum

62 Facts Investment Advisory Strategy

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

• 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

Mediolanum Facts

CSM is the new key metric showing size and stability of revenues ready to be recognised in future years

Greater visibility on future earnings from insurance business

• with a resource for life-long education
• Develops financial education programs dedicated to our customers & the community
• Provides our Family Bankers & employees
• Centralises our training know-how, in coordination with top

Mediolanum Corporate University

● Inaugurated March 2009

Training & Communication

universities, professors and individuals who are experts in the field

Facts

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

Mediolanum

Facts

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

⁶⁶ 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

Facts

Solid customer relationship is built on best-in-class service delivery both 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 Market Avg: 67	Source: BMED; BVA Doxa Survey Customer Satisfaction	2023; Play Store & Apple Store

source: GfK – an NIQ company

70 The development of the digital customer:

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'
• 133,600 digital customers as at 30/09/2024. Another 34,600 already upgraded to the Family Banker model
• Cross-selling activity growing according to expectations

71 Mediolanum € bn – as at 31/10/2024 Ranking of Italian Banking Groups by Market Cap

Source: BMED based on Bloomberg data

Facts

* Total Return Index includes dividend reinvestments, June 3, 1996 – Jun. 28, 2024 Source: Datastream

73 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.

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 undersigned, Mr. Angelo Lietti, declares, pursuant to Section 154 bis (2) of Legislative Decree 58/98 "Testo Unico della Finanza", that 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.

74 Investor Relations Contacts

● Alessandra Lanzone

+39-02-9049.2039 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