Banca Mediolanum

Investor Presentation • Feb 6, 2025

FY 2024 Results & Business Update

Table of content and colour key

3

4 Economic & Financial Highlights FY 2024

Group

Firing on all cylinders: across-the-board record-breaking year

€ mn	FY 2024	FY 2023	Change
Net Commission Income	1,168.0	1,029.5	+13%
Net Interest Income	811.1	752.4	+8%
Contribution Margin	1,976.5	1,766.5	+12%
Operating Margin	1,093.6	987.7	+11%
Market Effects	393.4	89.7	+338%
Net Income	1,119.6	821.9	+36%

Key ratios	FY 2024	FY 2023
Cost/Income Ratio*	39.0%	39.9%
Acquisition costs/Gross commission income Ratio	34.1%	33.0%
Cost of risk (bps)	18	19

Double-digit growth thanks to very strong managed asset inflows & positive markets across all asset classes

Target of +8% achieved. Rates are now past the inflection point: 2025 expectations at -5%.

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

Exceptional contribution of performance fees (€ 377 mn)

A truly record-breaking year & a major milestone in BMED history

Efficiency gain through strong top-line growth

Increase driven by much higher inflows that will progressively generate revenues over investment lifetime

CoR in line with historical average and well below market average

Average Recurring Fee (bps) 212 214 214

Superior business results, net flows reaching new all-time high

€ bn	FY 2024	FY 2023	Change	FY 2023 Change
Total Net Inflows	10.44	7.13	+46%
Net Inflows into Managed Assets	7.64	4.01	+91%
Total AUA/AUM	138.49	118.07	+17%	118.07 +17%
Loans Granted	3.09	2.97	+4%	first rate cuts
Credit Book	17.62	17.03	+3%	17.03 +3%
General Insurance Gross Premiums (€ mn)	206.13	185.13	+11%

Very strong total net inflows, thanks to the growth of the customer base supported by promotional initiatives, and thanks to the quality of the investment services offered

Strong acceleration of flows, especially fixed-income and IIS money market funds. Conversion of deposits from promo initiatives also played a crucial role

Surge in Total Assets thanks to extremely robust flows & strong market effects

Mortgages & loans regained momentum in the second part of the year after first rate cuts

Credit book keeps growing with excellent asset quality secured by loans & mortgages sold only to existing customer base

Acceleration toward the end of the year led by the growth of in-force business of stand-alone policies

Customer acquisition reflects success of our initiatives Project 'NEXT' supports FB network expansion

	31/12/2024	31/12/2023	Change
Bank Customers	1,918,600	1,799,100	7%	Record customer acquisition also thanks to promotional initiatives
Bank Customer Acquisition	197,900	185,000
Family Bankers	6,415	6,216	3%	FB network development continues as we train professionals from other sectors & traditional banks.
o/w Private Bankers & Wealth Advisors	906	846	7%	379 Banker Consultants actively support Family
AUM - Private Bankers & Wealth Advisors	€ 41.33	€ 33.12 bn	25%	Bankers as at end of December
IIS – Money market AUM	€ 2.87 bn	€ 1.67 bn	72%	Automatic investment services explain consistency of
Double Chance – Assets in deposit accounts	€ 1.02 bn	€ 1.25 bn	-18%	net inflows into managed assets & support the
Instalment Plans – Annualised yearly flows	€ 1.69 bn	€ 1.58	+7%	increase of recurring fees over time. Strong pick-up of IIS AUM (+1.2 € bn) and instalment plans

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

7 FY 2024 Capital Adequacy & Balance Sheet Highlights Group

An outstanding performance, leading to a special dividend proposal

	FY 2024 0	FY 2023
CET1 Ratio	23.7%	22.3%	Robust capital position leaves plenty of room for both organic growth & shareholder remuneration. Further CET1 strengthening in anticipation of implementation of final terms of Basel III in 2025
MREL TREA	25.9%	24.7%	Well above the 21.2% requirement
Risk-weighted assets (€ bn)	14.11	13.17	RWA y/y change mainly driven by operational risks because of significant increase in revenues
Leverage Ratio	7.8%	7.0%	Leverage Ratio well above regulatory requirements
Retail Loan/Deposit Ratio	62.1%	65.0%	Loan/Deposit ratio reflects the growth of deposits as a consequence of the increase of customer base.
Dividend per share	€ 1.00		Dividend Balance of € 0.63 to be paid in April, subject to AGM approval (€ 0.37 interim paid in Nov. '24). New base dividend of € 0.75; € 0.25 special dividend paid thanks to extraordinary generation of performance fees

Total Capital Ratio: 23.7%. SREP Req. on Total Capital Ratio: 12.9% for 2024 including P2G. Leverage Ratio = CET1 / Banking Group Assets

Total dividend corresponds to € 737 mn calculated on shares outstanding as at 31/12/2024 net of own shares (Interim div. € 273 mn; Div. balance € 465 mn). Ex-dividend & Payment date to be announced on March 12

8

	FY 2024	FY 2023	Change
Entry fees	60.5	38.7	+56%
Management fees	1,283.9	1,108.3	+16%
Investment Management fees	252.8	217.1	+16%
Net insurance result	199.4	167.3	+19%
Banking service fees	186.9	173.0	+8%
Other fees	51.7	42.3	+22%
Gross Commission Income	2,035.2	1,746.8	+17%
Acquisition costs	(693.3)	(576.2)	+20%
Other commission expenses	(174.0)	(141.2)	+23%
Net Commission Income	1,168.0	1,029.5	+13%
Net interest income	811.1	752.4	+8%
Net income on other investments	33.8	16.8	+101%
LLP (Impairment on loans )	(32.7)	(32.8)	-0%
Other revenues & expenses	(3.8)	0.6	n.s.
Contribution Margin	1,976.5	1,766.5	+12%
G&A expenses	(736.2)	(673.5)	+9%
Contributions to banking & insurance industries	(35.5)	(31.0)	+15%
Depreciation & Amortization	(41.9)	(45.5)	-8%
Provisions for risk & charges	(69.3)	(28.8)	+140%
Operating Margin	1,093.6	987.7	+11%
Market effects	393.4	89.7	+338%
- o/w Performance fees	376.7	54.3	n.s.
- o/w Net income on investments at fair value	16.7	35.4	-53%
Extraordinary items	(32.0)	(10.2)	+214%
PROFIT BEFORE TAX	1,455.0	1,067.2	+36%
Income tax	(335.3)	(245.3)	+37%
NET INCOME	1,119.6	821.9	+36%

Income Statement by Quarter € mn

	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24
Entry fees	9.3	9.1	9.5	10.8	13.0	15.6	13.8	18.2
Management fees	267.4	272.9	285.0	283.1	303.3	316.9	323.5	340.2
Investment Management fees	53.1	52.7	55.6	55.8	60.1	62.4	63.6	66.8
Net insurance result	45.6	39.8	40.5	41.3	48.0	48.9	52.6	49.9
Banking service fees	50.6	37.1	35.6	49.7	51.2	46.8	43.1	45.9
Other fees	10.4	10.0	10.9	11.0	12.5	12.8	12.4	14.0
Gross Commission Income	436.4	421.6	437.1	451.7	488.0	503.3	509.0	535.0
Acquisition costs	(143.9)	(139.2)	(140.5)	(152.5)	(158.9)	(165.2)	(176.3)	(192.8)
Other commission expenses	(31.5)	(33.9)	(36.4)	(39.4)	(38.6)	(40.4)	(46.0)	(48.9)
Net Commission Income	261.0	248.6	260.1	259.7	290.5	297.6	286.8	293.2
Net interest income	157.7	189.7	193.8	211.3	220.0	198.0	195.4	197.7
Net income on other investments	0.4	0.0	(0.6)	17.1	2.1	16.4	(0.3)	15.6
LLP (Impairment on loans)	(8.6)	(9.1)	(1.6)	(13.4)	(8.8)	(9.6)	(4.9)	(9.3)
Other revenues & expenses	(1.4)	0.8	0.5	0.8	0.3	(1.5)	0.0	(2.5)
Contribution Margin	409.0	430.0	452.2	475.4	504.0	500.9	477.0	494.7
G&A expenses	(157.8)	(177.9)	(148.3)	(189.5)	(176.1)	(190.0)	(169.6)	(200.6)
Contributions to banking & insurance industries	(8.4)	(1.9)	(18.6)	(2.1)	(22.1)	(5.6)	(4.3)	(3.6)
Depreciation & Amortization	(10.2)	(10.1)	(10.0)	(15.2)	(9.0)	(9.4)	(9.5)	(14.0)
Provisions for risk & charges	(4.4)	(4.3)	(8.0)	(12.2)	(13.7)	(12.9)	(11.9)	(30.7)
Operating Margin	228.1	235.8	267.3	256.4	283.1	283.0	281.8	245.7
Market effects	7.3	5.8	17.1	59.6	25.3	15.7	20.1	332.2
- o/w Performance fees	0.3	0.1	8.3	45.6	29.6	11.7	9.6	325.8
- o/w Net income on investments at fair value	6.9	5.7	8.8	14.0	(4.3)	4.0	10.6	6.4
Extraordinary items	0	0	(9.4)	(0.8)	(10.8)	(0.8)	0.4	(20.9)
PROFIT BEFORE TAX	235.4	241.6	275.0	315.1	297.5	298.0	302.3	557.0
Income tax	(57.1)	(56.6)	(66.2)	(65.4)	(77.0)	(68.6)	(77.9)	(111.7)
NET INCOME	178.3	185.1	208.8	249.7	220.5	229.4	224.4	445.3

Net Interest Income € mn

	FY 2024	FY 2023	Change
Total commissions	549.3	466.6	+18%
One-time commissions	72.5	53.7	+35%
Ongoing commissions	476.8	412.9	+15%

Total incentives & bonuses	113.6	82.2	+38%
Incentives on individual net inflows	73.9	50.3	+47%
Contest & bonuses	34.8	27.8	+25%
Reimbursement of costs for customers events	4.9	4.1	+19%

Costs related to the agency agreement	27.3	23.2	+18%

	Prexta agent commissions	3.1	4.2	-26%
--	-----------------------------	-----	-----	------

TOTAL ACQUISITION COSTS	693.3	576.2	+20%
-------------------------	-------	-------	------

Group

	FY 2024	FY 2023
GROUP TOTAL NET INFLOWS	+10,443	+7,134
Managed Assets	+7,643	+4,010
- o/w Mutual Funds, U/L & Managed Accounts	+7,328	+3,252
Administered Assets	+2,800	+3,124

Italy - Banca Mediolanum Total Net Inlows	+8,974	+6,316
Managed Assets	+6,227	+3,528
- o/w Mutual Funds, U/L & Managed Accounts	+5,870	+2,800
Administered Assets	+2,747	+2,788

Spain - Banco Mediolanum Total Net Inflows	+1,503	+865
Managed Assets	+1,451	+529
- o/w Mutual Funds & U/L	+1,492	+499
Administered Assets	+53	+336

Germany	-34	-47
Managed Assets	-34	-47
- o/w Mutual Funds & U/L	-34	-47

14 Assets under Administration/Management € mn

	31/12/2024	31/12/2023	Change
Italy - Banca Mediolanum	125,092	107,168	+17%
Mutual Funds & U-L Policies	85,243	71,250	+20%
Other Life Insurance Reserves	2,010	1,956	+3%
Banking	37,839	33,962	+11%

Spain - Banco Mediolanum	13,026	10,544	+24%
Mutual Funds & U-L Policies	9,549	7,133	+34%
Other Life Insurance Reserves	114	146	-22%
Banking	3,363	3,264	+3%

Germany	374	359	+4%
Mutual Funds & U-L Policies	374	359	+4%

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

	FY 2024	FY 2023	Change
Mortgages	1,616	1,747	-8%
Personal Loans	841	676	+24%
Salary-backed Loans (Prexta) 1	636	542	+17%
TOTAL	3,092	2,965	+4%
3rd-party Loans	20	29	-32%

	31/12/2024	31/12/2023	Change
Mortgages	12,512	12,114	+3%
Personal Loans	2,437	2,444	-0%
Lines of Credit	557	601	-7%
1 Salary-backed loans (Prexta)	2,112	1,869	+13%
TOTAL	17,618	17,028	+3%

	31/12/2024	Italian Banks
Gross NPE	1.47%	2 3.0%
Net NPE	0.79%	3 1.4%
Cost of risk2	0.18%

1 Includes Prexta unsecured loans

2 Bank of Italy - 'Bank and Financial Institution: Credit Conditions and Risk by Sector and Geographical area - Q2 2024

3 Bank of Italy - ''Financial Stability Report No. 2 2024'

	FY 2024	FY 2023	Change
Stand-alone policies	168.5	144.7	+17%
New business	32.3	29.3	+10%
In-force business	136.2	115.3	+18%

Loan protection policies	37.4	40.1	-7%
Group health policies	0.2	0.3	-41%
GROSS PREMIUMS	206.1	185.1	+11%

20 Balance Sheet Structure – Banking Group FY 2024

as at 31/12/2024

Straight-forward & solid balance sheet structure

Group

21

Italy

23 Mutual Funds - Assets under Management € mn

FY 2024
Italy

	31/12/2024	31/12/2023	Change
'Best Brands' funds on funds (IRL)	30,086	26,801	+12%
'Challenge' mutual funds (IRL)	28,231	21,670	+30%
Funds of Hedge Funds (IRL)	36	36	+2%
'Fondi Italia' mutual funds (ITA)	8,292	7,323	+13%
'Real estate' fund (ITA)	155	186	-17%
3rd-party stand-alone funds	5,511	4,352	+27%
Other	3,738	3,160	+18%
Adj. for own mutual funds in FoFs & Managed accts	(554)	(538)	+3%
MyLife' U-L policy	17,650	14,098	+25%
Other U-L policies	22,833	19,725	+16%
Adj. for own mutual funds in U-L policies	(30,736)	(25,563)	+20%
ASSETS IN MUTUAL FUNDS & U-L	85,243	71,250	+20%

24 Mutual Funds - Assets by A.M. Company

as at 31/12/2024 - including U-L assets

FY 2024 Italy

25 Banking - Assets under Administration € mn

	31/12/2024	31/12/2023	Change
Cash deposits	25,211	23,522	+7%
Repurchase agreements	4	2	+112%
3rd-party structured bonds	3,520	2,988	+18%
Other securities	9,104	7,450	+22%
BANKING ADMINISTERED ASSETS	37,839	33,962	+11%

FY 2024 Italy

Total Book

Customer Book

FY 2024
Italy

	Liabilities	Assets
Customers	25,360	16,125

Treasury	7,042	17,449
Interbank / intra-group deposits & repos	852	897
ECB refinancing	0	949
MTS refinancing	5,890	0
Securities (bonds)	300	15,602

TOTAL	37,921	37,921

Operating Liquidity (24hr): 11,408

FY 2024 Italy

Family Banker Network - Italy

28

Change in headcount & Split by Average Portfolio Year 2024

Average portfolio calculated on Family Bankers only

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

as at 31/12/2024

FY 2024 Italy

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

30

	FY 2024	FY 2023	Change
Operating Margin	76.7	76.5	+0%
Net Income	81.1	61.9	+31%

Total Assets	13,026	10,544	+24%
Managed Assets	9,663	7,279	+33%
Administered Assets	3,363	3,264	+3%

Total Net Inflows	1,503	865	+74%
Net Inflows into Managed Assets	1,451	529	+174%
Net Inflows into Administered Assets	53	336	-84%

Credit Book	1,349
1,494	+11%

Family Bankers	1,614	1,640	-2%
----------------	-------	-------	-----

Customers 255,021 231,329 +10%
-----------------------------------------

32

Business

	Jan 2025	Jan 2024
GROUP TOTAL NET INFLOWS	863	645
Managed Assets	487	287
- o/w Mutual Funds, U-L & Managed Accounts	493	264
Administered Assets	375	359

GROUP LOANS GRANTED	263	167
---------------------	-----	-----

GENERAL INSURANCE PREMIUMS	16	13
----------------------------	----	----

34 Italian FA Networks - Ranking by Net Inflows Business

€ mn – totals by Group

		2024
	Managed Assets	Managed Assets & Admin. Assets w/ Advisory fee	Total Net Inflows
Banca Mediolanum	5,912	5,939	8,880
Gruppo Fideuram/Intesa	4,496	5,569	10,180
Allianz Bank	4,082	4,148	5,391
Banca Generali	3,194	3,851	6,584
Finecobank	2,178	4,099	7,834
Mediobanca Premier	1,986	2,018	3,873
Credem	1,259	1,435	3,174
BNL - BNP Paribas	563	826	893
Banca Widiba	227	502	511
Zurich Italy Bank	216	349	605

Update

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

• BMED was one of the few banks to raise the deposit beta for retail customers when interest rates increased
• Promotions on time deposits have been extremely effective in acquiring new liquidity from both new and existing customers
• Proven track-record of transforming deposits into managed assets thanks to the advice of Family Bankers in implementing the correct asset allocation

Edition	Annual Interest Rate (6 months)	Inflows	# Customers	o/w New customers	Time deposits transformed into managed assets (Target: 70%)
Q1 2023	4%	€ 1.9 bn	32,000	23%
Q3 2023	4%	€ 0.5 bn	13,700	14%
Q1 2024	5%	€ 2.2 bn	44,300	21%
Q3 2024	5%	€ 1.9 bn	36,600	21%
Q1 2025	4%	In progress

37 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
• 420 'BCs' are already working with their senior PB/WA as licensed FA as at end of January ²⁰²⁵
• 138 'BCs' currently training

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

• ^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 2.50% 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

Business 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. € 4.9 bn of money market managed assets were automatically invested in equity through planned instalments & step-ins between 2022 & 2024, supporting a strong increase in avg. recurring revenues. € 2.87 bn more to be transferred from monetary funds over the next 3-5 years.

42 Group Customer Base as at 31/12/2024

Total Bank Customers* 1,919k

End Goal: to be the Customer's Primary Bank

1,352k hold a bank account

• 68% use BMED as Primary Bank (internal data analytics)
• 34% use BMED as the Only Bank (2023 survey)

43

44 Mediolanum Facts BANKING as at 31/12/2024 BMED Shareholders & Group Structure

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 as at Sept. '24: € 5.90 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 € 5.90 trn in 9M 2024. Source: BMED & Prometeia

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

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 24

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

Group Licensed Financial Advisors

Portfolio

€ 8.5 mn

€ 28.0 mn

Portfolio

Primary Bank Account Holders

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

58 Spain - Net Inflows Trend € mn

7

Mediolanum Facts

1,503

Mediolanum

Facts

Facts

Spain – Family Banker Network Mediolanum

61 Banking Book Composition Mediolanum

€ bn – nominal value – as at 31/12/2024

Banking Book: € 17.3 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

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

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

BVA Doxa Survey 2023

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 st Bank in Italy 1 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'
• 135,100 digital customers as at 31/12/2024. Another 35,800 already upgraded to the Family Banker model
• Cross-selling activity growing according to expectations

* 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

Banca Mediolanum S.p.A.

Via Ennio Doris 20080 Basiglio MI – Italy

http://www.bancamediolanum.it

● Luca Pugliese

+39-02-9049.2721 luca.pugliese@mediolanum.it