Equita Group — Investor Presentation 2020

Mar 27, 2020

MID & SMALL VIRTUAL CONFERENCE INVESTOR PRESENTATION - FULL YEAR 2019 RESULTS March 31st, 2020 – April 2nd, 2020

Index

INTRODUCTION TO EQUITA

FULL-YEAR 2019 RESULTS

TRADING UPDATE AND NEXT STEPS

, THE LEADING INDEPENDENT INVESTMENT BANK IN ITALY

FOCUSED AND SYNERGISTIC BUSINESS MODEL

DIVERSIFIED BUSINESS MODEL WITH THREE DIVISIONS – ALL SUPPORTED BY A TOP-QUALITY RESEARCH TEAM

125+ Italian companies covered (96% of the total market cap) 40+ European companies covered

#2 "Best Italian Research Team" (Institutional Investor) #3 "Best Country Analysis" (Extel)

GROUP AND SHAREHOLDING STRUCTURE: STRONG MANAGEMENT COMMITMENT

(1) Excluding treasury shares. (2) Referred to the Fourth Shareholders' Agreement, entered into force in November 2019 and expiring in November 2022. (3) Total Capital Ratio (TCR) > 15% in each year of the 3-year plan (20% weight), Average 2020-2022 Return on Tangible Equity (ROTE, ex-dividend) > 15% (40% weight), Average 2020-2022 Total Shareholders' Return (TSR) > 10% (40% weight)

FULL YEAR 2019 RESULTS 5

Index

INTRODUCTION TO EQUITA

FULL-YEAR 2019 RESULTS

TRADING UPDATE AND NEXT STEPS

FY'19 RESULTS: A GOOD SECOND HALF ALMOST OFFSETTING TOUGH FIRST HALF

DESPITE TOUGH INVESTMENT BANKING MARKETS AND LOW TRADING VOLUMES IN H1'19, FULL YEAR RESULTS SHOW REVENUES ALMOST IN LINE WITH 2018 AND DIVIDEND PAYMENT AT THE MID-POINT OF THE GUIDANCE

(1) Calculated as ex-dividend, thus deducting from Tangible Equity the dividend that will be paid. (2) Excluding the AuM of the SPAC initiative. (2) Dividend per share proposed to the upcoming Shareholders' Meeting (April 30th, 2020)

GLOBAL MARKETS: THE LEADING INDEPENDENT BROKERAGE FIRM IN ITALY

COMPLETE AND DIVERSIFIED PRODUCT OFFERING (EQUITIES, BONDS, DERIVATIVES, ETFS) BASED ON CLIENTS' NEEDS. INCREASE IN MARKET SHARES CONFIRMED THE COMPETITIVE ADVANTAGE OF EQUITA POST MIFID II. CONSTANTLY RANKED AT THE TOP OF INVESTORS' SURVEYS AND #1 AMONG INDEPENDENT BROKERS

COMPLETE PRODUCT OFFERING							MARKET	(1) SHARES
CLIENT-RELATED BUSINESS				NON-CLIENT RELATED			Equities	Bonds	Equity
	INSTITUTIONAL RETAIL CLIENT DRIVEN TRADING & DIRECTIONAL SALES HUB SALES MARKET MAKING												Options
				Q4'18	8.2%	6.7%	8.3%
								TRADING		Q1'19	8.8%	5.8%	9.9%
										Q2'19	10.2%	6.0%	7.3%
SALES		SALES			SPECIALIST	BROKERAGE		RISK		Q3'19	9.4%	6.8%	6.6%
(PRIMARY, SECONDARY)	TRADING/ EXECUTION	(PRIMARY, SECONDARY)	TRADING/ EXECUTION	MARKET MAKING	/ LIQUIDITY PROVIDER	(ON BEHALF OF CLIENTS)	DIRECTIONAL TRADING					ARBITRAGE & SPECIAL SITUATIONS	VOLATILITY		Q4'19	8.4%	5.6%	6.2%
										FY'19	9.2%	6.2%	7.6%

ITALIAN RANKINGS (2) Trading Execution 2019 2° 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 3 2018 Equity Sales 2019 2° 2013 2014 2015 2016 2017 3 2018 Corporate Access (Company & Expert Meetings) 2019 1°

(1) Source: ASSOSIM, market share on third parties brokered volumes; column "Equities" refers to the MTA segment, "Bonds" refers to DomesticMOT, EuroMOT and ExtraMOT, "Equity Options" refers to IDEM. (2) Rankings (incl. Small & Mid Caps) based on commissions paid.

GLOBAL MARKETS: STRONG GROWTH OF CLIENT-RELATED BUSINESS

EQUITA CONFIRMED ITS LEADING POSITION IN ITALIAN CAPITAL MARKETS BY INCREASING CLIENT-RELATED REVENUES (90% OF THE GLOBAL MARKETS NET REVENUES) BY 10% IN 2019

Performance drivers

• Third parties brokered volumes on equities(1) still down year-on-year (-11% in FY'19) but improving during the last few months (+23% in Q4'19 and +42% YTD Feb'20)
• Sales & Trading benefited from the consolidation of the Retail Hub (that intercepted the positive trend in retail flows coming from regional banks) as well as positive results of ETFs and Fixed Income desks which confirmed the success of the diversification strategy adopted by Equita
• Client-Driven & Market Making revenues up significantly, driven by the increase in new contracts (eg. Specialist) and positive performance of some trading strategies
• Directional trading performed poorly due to the lack of M&A transactions and low volatility that impacted arbitrage strategies, in addition to the continuous upward trend of Italian equities, opposite to the more conservative view of Equita on financial markets

RESEARCH: BEST-IN-CLASS QUALITY AND REPUTATION WITH INVESTORS

EQUITA CONFIRMED ITS EXTENSIVE COVERAGE OF LISTED SECURITIES, BOTH EQUITIES AND BONDS. CONSISTENTLY RANKED AT THE TOP OF INTERNATIONAL RANKINGS THANKS TO THE BREADTH AND QUALITY OF ITS RESEARCH

(1) Small cap (market cap < €0.5bn), Mid Cap (market cap > €0.5bn and < €2.5bn), Large Cap (market cap > €2.5). (2) Rankings (incl. Small & Mid Caps) based on commissions paid. (3) Distribution of votes received by the Equita Research Team on the «Italy: Country Research (incl. Small & Mid Caps)» ranking

INVESTMENT BANKING: STRONG POSITIONING AND WIDE RANGE OF SERVICES

THE LEADING INDEPENDENT PLAYER ON CAPITAL MARKETS IN ITALY AND CONSTANTLY RANKED AMONG TOP M&A ADVISORS BY NUMBER OF DEALS IN THE RECENT PAST. SIGNIFICANT BENEFITS FROM COVERING THE WHOLE SPECTRUM OF IB SERVICES.

(1) (3)

Equity Capital Markets	2007	3
M&A Advisory & Corporate Broking	2008	5
	2009	7
Financial Institutions	2010	10
	2011	11
Debt Advisory	2012	13
Debt Capital Markets	2013	16
	2014	17
	2015	20
	2016	22
Financial Sponsors	2017	23
Small Caps	2018	29
Utilities / Infrastructures	2019	33

Product team Sector team

BOND 3.125% 2019-2025 ISSUE ON MOT (€ 200 mln) PLACEMENT AGENT AND SOLE BROKER FEBRUARY 2019 JUNE 2019 JUNE 2019 JULY 2019 FINANCIAL ADVISOR TO THE GIMA TT BOARD OF DIRECTORS IN THE CONTEXT OF THE MERGER WITH IMA MERGER FINANCIAL ADVISOR TO CEDACRI IN THE ACQUISITION OF OASI ACQUISITION JOINT GLOBAL COORDINATOR AND BOOKRUNNER IPO (€ 20 mln) FINANCIAL ADVISOR IN THE CONTEXT OF THE INTEGRATION OF INWIT AND VODAFONE 22,000 TELECOM TOWERS IN ITALY INTO A SINGLE ENTITY INTEGRATION OCTOBER 2019 JOINT GLOBAL COORDINATOR AND JOINT BOOKRUNNER IPO (€ 81 mln) OCTOBER 2019 PLACEMENT AGENT AND SOLE BOOKRUNNER Senior Unsecured Bond 3.0% 2019-2026 (€ 300 mln) NOVEMBER 2019 FINANCIAL ADVISOR AND CO-LEAD MANAGER Project Italy Private Placement (€ 600 mln) NOVEMBER 2019

UNIQUE AND COMPLETE PRODUCT OFFERING KEY TRANSACTIONS (2019) ITALIAN RANKINGS (2019)

	#	IPO / Listing (1)	# deal
	1.	Banca IMI	3
	2.	Bank of America - ML	2
	3.		2
M	4.	Intermonte	2
C E	5.	Banca Akros	1
	6.	BPER	1
	7.	Credit Suisse	1
	8.	EnVent	1
	9.	Fidentiis	1
	10.	GS	1

+1
Financial
Deal
#16 by
number
of deals
(10)

(1) Rankings made considering # of IPOs and listings in the Italian market (Global Coordinator, Sponsor, Advisor to Issuer or Selling shareholders, NOMAD), excluding deals <€10m and market cap <€10m (in case of listing). Source: Equita analysis on Borsa Italiana and Dealogic data. (2) Rankings considering High Yiled and Not Rated bond issues. Source: Bondradar. (3) Rankings made on Mergermarekts figures.

7. 7 8. PwC 6 9. Rothschild & Co 5 10. JP Morgan 5

INVESTMENT BANKING: STRONG PERFORMANCE IN H2'19

IMPROVEMENT IN NET REVENUES QUARTER OVER QUARTER, PARTIALLY OFFSETTING THE TOUGH UNDERLYING MARKET IN THE FIRST PART OF 2019. ESTIMATED INVESTMENT BANKING TOTAL FEES FOR THE ITALIAN MARKET DECREASED BY OVER 30%

Debt Capital Markets (2)

Performance drivers

• Positive trend in net revenues with increasing results quarter-over-quarter (€2.1m in Q1'19, €3.7m in Q2'19, €4.6m in Q3'19, €7.8m in Q4'19). H2'19 performance in line with revenues in good years showing the strength of Equita's franchise
• ECM and DCM teams involved in all types of relevant transactions (IPO, listings, ABB & RABB, increase in capital, bond issues,…)
• Positioning confirmed among top M&A advisors in Italy with several high-profile mandates completed for large corporates and financial groups
• Corporate Broking and Specialist activities continued to deliver good results and confirmed as enablers for cross-selling opportunities

(1) ECM figures include IPOs, Convertibles and Follow-on deals. Source: Equita analysis on Borsa Italiana and Dealogic data. (2) DCM figures excluding banks/insurances. Source: Bondradar. (3) Source: M&A in Italy, KPMG report. (4) (32%) excludes three large balance sheet driven deals above €1 billion (Nexi's IPO, Creval's aucap and Fineco's ABB). Page note: 2014 and 2015 figures referred to Equita SIM; 2016 and onward figures referred to Equita Group

EQUITA CAPITAL SGR (AAM): A ''DIFFERENT'' ASSET MANAGER

EQUITA COMBINES SEVERAL DISTINCTIVE FEATURES THAT MAKE IT UNIQUE IN THE ITALIAN COMPETITIVE LANDSCAPE

€3.7m Performance Fees in FY'19

current and future products

• ELTIF structure (tax-advantaged) to be implemented in new products
• Launch of new products in partnership

Assessment of new opportunities to capitalize on team competences and expand product offering (private equity, real estate, venture capital, etc) and investment strategies

ALTERNATIVE ASSET MANAGEMENT: CLEAR STRATEGY

A CLEAR STRATEGY, FOCUSSED ON DIFFERENT PRODUCTS AND SERVICES OFFERED TO BOTH FINANCIAL INSTITUTIONS AND PROFESSIONAL INVESTORS. NOT INTERESTED IN TRADITIONAL ASSET MANAGEMENT AND WEALTH MANAGEMENT

ALTERNATIVE ASSET MANAGEMENT: A SIZEABLE AND GROWING AREA

TRANSFORMATIONAL GROWTH IN ASSETS UNDER MANAGEMENT AND NET REVENUES ACHIEVED IN ONLY FEW YEARS. 2019 RESULTS DRIVEN UP BY A HEALTHY MIX OF NEW INITIATIVES, PRODUCTS DIVERSIFICATION AND PERFORMANCE FEES

Performance drivers

• In 2019 Alternative Asset Management became "material" with AuM more than quadrupled in 5 years and Net Revenues representing 15% of Group Total Revenues
• Portfolio Management recorded yearly and quarterly massive growth in revenues due to the combination of increase in AuM and performance fees (€3.7m recorded at year-end)
• Private Debt closed 2 additional transactions in 2019 and invested 100% of Equita Private Debt Fund. The team has started fundraising activities for its second fund (hard cap €200m) and continued deal-sourcing
• Private Equity working on a new initiative leveraging on investment structures like ELTIFs

Assets under Management (€m)

Portfolio Management Private Debt SPAC Blueglen

SEVERAL INITIATIVES TO STRENGTHEN BRAND AND SUSTAINABILITY

EQUITA HAS ALWAYS BEEN A STRONG PLAYER IN ITALY BUT IN RECENT YEARS IT HAS SIGNIFICANTLY STRENGTHENED ITS BRAND, ALSO THANKS TO ESG INITIATIVES

Partnership with Bocconi University on Capital Markets

Encourage the debate on structural elements, development factors and possible solutions for the growth of capital markets for Italian companies

Launch of new corporate website (Equita.eu) and improved presence on social networks Pro-active management of contents on the web

Partnership with Cattolica University on ESG & Sustainability

Research on relevant ESG factors for Italian SMEs to support investors to better evaluate those companies from an ESG perspective

Partnership with Accademia di Brera to promote Culture and Art

Reward young talented students, research and didactics in artistic disciplines

Listing on the AIM and

MTA - STAR

Increased visibility in Italy and abroad Commitment to high standards in corporate governance, transparency and communication

New Advertising

Campaign

To improve brand awareness

Ad-hoc ESG initiatives

Welfare plan for employees ESG factors embedded in the remuneration policy

Ongoing education for our professionals New internal policies to protect environment

Strong Brand and ESG/sustainable approach improve positioning for future growth

CAPITAL LIGHT BUSINESS SUPPORTED BY COST DISCIPLINE

Summary P&L	FY	FY		Q4	Q4
€ m	2019	2018	Var. %	2019	2018	Var. %
Net Revenues	58,3	59,8	(2%)	20,3	11,3	80%
Personnel costs (1)	(27,1)	(27,4)	(1%)	(9,8)	(4,6)	112%
Compensation/Revenues ratio	(46%)	(46%)		(48%)	(41%)
Operating costs	(17,5)	(16,8)	4%	(5,0)	(3,9)	28%
Total Costs	(44,7)	(44,2)	1%	(14,8)	(8,5)	74%
Cost/Income ratio	(77%)	(74%)		(73%)	(75%)
Profit before taxes	13,7	15,6	(12%)	5,5	2,8	99%
Income taxes	(4,2)	(4,5)	(8%)	(1,7)	(0,9)	90%
Net Profit	9,5	11,0	(14%)	3,9	1,9	104%
Dividend payout	91%	91%

Summary Balance Sheet	FY	9M'19	FY
€ m	2019	2019	2018
Total assets	288,3	282,7	298,3
Total liabilities	208,2	207,1	218,3
Total shareholders' equity	80,1	75,6	80,1
Total equity and liabilities	288,3	282,7	298,3
Total Capital Ratio	26%	23%	29%

Key Features of Business Model

• Compensation / Revenues ratio consistently below 50%
• Discipline on operating costs
• Operating leverage

• Dividend payout above 90%, gradually building further reserves to manage payout in future years

• Capital light business

• Sizeable reserves available for distribution (approximately €40m, of which €4m set aside during the last 3 years(2))
• Strong ratios, well above minimum requirements

FOCUS ON COST STRUCTURE

COSTS IMPACTED BY THE GROWTH OF BUSINESS, IT UPGRADES AND EXPENSES RELATED TO THE NEWLY ESTABLISHED EQUITA CAPITAL SGR (SET-UP AND MARKETING LAUNCH)

	FY	FY
€ m	2019	2018	Var. %	Personnel Costs
Personnel costs (1)	27,1	27,4	(1%)
o/w Fixed component	17,6	15,7	12%
o/w Variable component	9,5	11,7	(19%)
(2) FTEs	152	140	9%
Comps / Revenues	46%	46%	1%
Fixed Comp / Total Comp	65%	57%	13%
Fixed average cost / FTE (average, €k)	119	119	(0%)

	FY	FY
€ m	2019	2018	Var. %
Operating Costs	17,5	16,8	4%
o/w Information Technologies (IT)	6,1	5,6	8%
o/w Trading Fees	3,2	2,4	34%
o/w Non-Recurring	-	1,4	(100%)
o/w Other (D&A, marketing, SGR setup,…)	8,2	7,4	11%

Operating Costs (Like-for-Like)(3) 14,0 13,7 2%

Equita Capital SGR set-up and launch

Includes SGR set-up costs and "We Know How" marketing campaign

Retail Hub & Market Making (change in perimeter)

€0.8m IT / €0.9m Trading Fees (7m - FY'18) €1.3m IT / €1.6m Trading Fees (FY'19)

• Personnel costs of €27.1m, in line with FY'18 (-1%) and with Fixed component up by +12% as a result of both net organic growth in professionals and 13 additional resources from the integration of Retail Hub and Market Making activities (since 1 June 2018)
• Fixed cost per employee (avg): €119k in FY'19, in line with FY'18
• Compensation/Revenues ratio: 46%, in line with FY'18

Operating Costs

• Operating Costs: €17.5m, +4% compared to FY'18
• Increase in IT and Trading Fees largerly linked to the Retail Hub (thus connected to higher revenues in Global Markets)
• Other costs: increase mainly due to Equita Capital SGR (setup and governance expenses) and some marketing costs for the new advertising campaign «We Know How»
• Excluding non Like-for-Like expenses(3) , Operating Costs were €14.0m, only marginally up from FY'18 (+2%)

Index

INTRODUCTION TO EQUITA

FULL-YEAR 2019 RESULTS

TRADING UPDATE AND NEXT STEPS

OUTBREAK OF COVID-19 UNDER CONTROL FROM AN «OPERATIONAL» STANDPOINT

OPERATIONS KEEP GOING SMOOTHLY THANKS TO INFORMATION TECHNOLOGY INVESTMENTS MADE DURING THE LAST FEW YEARS WHICH GUARANTEE CONTINUITY TO THE BUSINESS AS WELL AS HEALTH AND SAFETY OF EQUITA PROFESSIONALS

Information Technology

• Implementation of a faster and safer network infrastructure with ultrabroadband guaranteed connection
• Investments in cybersecurity (new firewall, etc) to ensure safe and secure access to company data
• Increase from 10 to 200 simultaneous remote connections
• Setup for the migration to a cloud-based applicative (Microsoft Office 365)

Enablers for Business Continuity

2018 - 2019 February - March 2020

Business & Operations

• Business continuity granted in all areas, from Global Markets to Investment Banking, with a mix of professionals on-site (approximately 20%) and remote operations
• Relocation of some activities to reduce risks of contagion and guarantee business continuity in case of emergency (eg. sales and traders repositioned in areas of the building and remotely)

Information Technology

• Safe and secure remote access guaranteed to all employees
• New collaboration tools to facilitate remote co-working (videoconferences, etc)
• Setup of a new VPN as backup as well as to avoid congestion in peak-times when traders work from remote (guaranteeing the broadband connection they need)
• Procurement of additional laptops

Compliance and HR

• Adoption of formal internal policies to limit contacts and rule the presence on-site, setup a task-force to investigate any potential issue and act promptly
• Frequent updates to keep employees posted on what is going on

TRADING UPDATE AND ESTIMATES ON Q1'20

KEY MESSAGES FROM TRADING UPDATE ANALYSIS
Strong growth in client-related revenues	…confirming the importance of business diversification	Double digit growth in client-related revenues Sales & Trading Client-Driven & Market Making Investment Banking Alt. Asset Management (management fees)
Negative impact on directional business and long-term AAM investments	…due to the plunge of financial markets following Covid-19 pandemic	Directional trading (ICF Group, "Blueglen	Sharp correction of financial markets impacting directional business as well as direct investments (mark-to-market valuation) Direct long term investments related to AAM business Equita Total Return" fund)
Profitable Q1'20 expected	…thanks to a disciplined and flexible cost structure	Profitable bottom line expected despite the impacts of fair value adjustments of direct investments with general costs broadly stable Compensation/Revenues ratio confirmed below 50% Cost / Income ratio below 80%
Strong liquidity and solid capital structure	…supporting operations and business initiatives, as well as returns for investors	Strong liquidity and capitalisation, with the option to increase cash if needed TCR of 26% in FY'19, well above capital requirements Reserves of €40m available for potential distribution Mix of credit facilities (committed, uncommitted, revolving) above €200m to guarantee operations. Additional lines under discussion

HOW HAS THE BUSINESS CHANGED SINCE IPO?

RESILIENT GLOBAL MARKETS THANKS TO M&A AND DIVERSIFICATION (DESPITE MIFID II REGULATION). STRONG GROWTH IN INVESTMENT BANKING, IMPACTED BY TOUGH MARKETS IN 2019. ALTERNATIVE ASSET MANAGEMENT CONFIRMED AS SIZEABLE GROWTH ENGINE, WITH FASTER DEVELOPMENT THAN EXPECTED AT IPO.

PARAMETER FY'16 (YESTERDAY)			FY'22 (TOMORROW)
	EQUITA A ACTUAL	MB ESTIMATES (@IPO, NOV-2017)	UBI ESTIMATES (NOV-2019)	EQUITA B ACTUAL	STRATEGIC C PLAN
Net Revenues	€49m	€57m	€53m	€58m	€75m
AuM	€0.4bn	€0.5bn	n.d.	€1.0bn	€2.0bn
Business Mix	31 16 2 GM IB AAM	28 25 4 GM IB AAM	32 5 15 GM IB AAM	M&A 32 18 9 GM IB AAM	30 30 - - 34 34 8- 12 GM IB AAM
Net Profits (Margin %)	€8.8m (18%)	€11.1m (19%)	€8.1m (15%)	€9.5m (16%)	≈20% Net Revenues
Total Capital Ratio	Share 16% Price €2.9 @IPO	17%	17%	26%	≥15%
Dividend / Payout		€0.19 (80%)	€0.20 (>100%)	€0.19 (91%)	90%+

STRONG TRACK-RECORD IN EXECUTING NEW INITIATIVES

Legacy Business vs New Initiatives (Net Revenues 2009 vs 2019)

Contribution of Fixed Income on FY'19 results

RESILIENT AND PROFITABLE PERFORMANCE THANKS TO DIVERSIFICATION

€140m Cumulated Net Profits over the last 11 years

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Annual Net Profits (€m) 100% 100% 100% 100% 100% 100% 100% 100% 90% 91% 91% Dividend

Always profitable, with significant dividend distribution over the last 11 years

Payout (%)

TOTAL SHAREHOLDER RETURN SINCE IPO

RESILIENT PERFORMANCE IN TERMS OF TOTAL RETURN COMPARED TO PEERS AND MAIN ITALIAN FTSE INDICES (1)

NEXT STEPS

MANY INITIATIVES IN ALL AREAS, SUPPORTING FURTHER FUTURE GROWTH

	WHAT EQUITA YOU SHOULD EXPECT FROM
Global Markets & Research	Further coordination of Global Markets area as a whole with clear strategy and allocation of resources Further diversification of product offering as well as client base, increasing resiliency Cross-selling initiatives supporting growth in market shares Discipline on costs / technology. Review of profitability by area and client Strengthening of our market position in the fixed income domain
Investment Banking	Close gap with larger international independent players Additional focus on advisory (M&A and debt advisory/restructuring) Cross-selling with Asset Management
Alternative Asset Management	First Closing of Equita Private Debt Fund II by year-end (fundraising underway with €200m hard cap) Other private capital initiatives with specific focus on private equity and exploiting investment structures like ELTIFs
M&A & Partnerships	Bolt-on M&A on selected opportunities in areas of potential growth Potential high-level partnerships contributing synergies to Equita's businesses
P&L Balance Sheet	Compensation / Revenues ratio < 50% Cost-disciplined approach keeping general costs stable and looking for potential savings Highly selective approach on hirings (only necessary replacements and/or revenue-generating new hires) Implementation of a new state-of-the-art customer relationship management tool (CRM)

ROAD TO 2022: TOP PRIORITIES AND TARGETS

Index

APPENDIX

MILESTONES

INVESTMENT BANKING: MARKETS UPDATE

ESTIMATED INVESTMENT BANKING TOTAL FEES FOR THE ITALIAN MARKET DECREASED BY OVER 30% IN 2019

(1) (2) (3) HISTORICAL MARKET FIGURES (2013-2019) AND RECENT MARKET EVOLUTION (2019 VS 2018)

(1) ECM market figures include IPOs, Convertibles and Follow-on deals. Source: Equita's analysis on Borsa Italiana and Dealogic data. (2) DCM market figures are made excluding banks/insurances. Source: Bondradar. (3) Source: M&A in Italy, KPMG report, for market figures. (4) (32%) excludes three large deals balance sheet driven above €1 billion (Nexi's IPO, Creval's aucap and Fineco's ABB)

FULL YEAR 2019 RESULTS 30

ALTERNATIVE ASSET MANAGEMENT: SOUND PERFORMANCE

POSITIVE TRACK RECORD IN ALMOST ALL PRODUCTS, THANKS TO STRONG EXPERTISE AND TOP-QUALITY IN-HOUSE RESEARCH

EXPERIENCED MANAGEMENT SUPPORTED BY WELL-INTEGRATED TEAMS

BALANCE SHEET AND TOTAL CAPITAL RATIO

LIGHT BALANCE SHEET AND HEALTHY CAPITAL STRUCTURE, WITH TOTAL CAPITAL RATIO WELL ABOVE REQUIREMENTS

€ m			FY'19	9M'19	FY'18
Cash & cash equivalents			0,0	0,0	0,0
Assets at FV to P&L & Equity investments		75,3	81,5	62,0
Receivables		184,2	174,4	215,1
Tangibles assets			7,3	7,6	0,6
Intangible assets			15,1	15,0	15,0
Tax assets			5,0	2,6	3,9
Other assets			1,5	1,6	1,7
Total assets			288,3	282,7	298,3
Debt		172,9	173,7	184,8
Financial liabilities held for trading	12,3	17,5	8,3
Approximately €40m reserves Tax liabilities			2,3	0,9	2,0
Other liabilities available for			14,2	8,9	14,5
Employee termination indemnities	distribution		2,5	2,6	2,4
Provisions for risks and charges			3,9	3,4	6,2
Total liabilities			208,2	207,1	218,3
Share capital			11,4	11,4	11,4
Treasury shares		Total Capital	(4,5)	(4,5)	(4,5)
Share premium reserve		Ratio	18,2	18,2	18,2
Reserves	26%	45,6	44,9	44,0
Valuation reserves		(0,0)	(0,0)	0,0
Profit /(Loss) for the financial year		9,5	5,6	11,0
Total shareholders' equity		80,1	75,6	80,1
Total shareholders' equity and liabilities		288,3	282,7	298,3

VIA TURATI 9 | MILANO | 20121 | TEL. +39 02 6204.1 | FAX +39 02 29001208/1202 | INFO@EQUITA.EU | WWW.EQUITA.EU