FinecoBank — Earnings Release 2022

Aug 2, 2022

Alessandro Foti CEO and General Manager

2Q22 Results

FINECO. SIMPLIFYING BANKING.

Milan, August 2nd 2022

Disclaimer

• ◼ "Pursuant to the paragraph 2 of Article 154 bis of the Consolidated Law on Financial Intermediation (Legislative Decree no. 58 of February 24, 1998), Lorena Pelliciari, in her capacity as manager responsible for the preparation of FinecoBank S.p.A. (the "Company")'s financial reports, declares that accounting information contained in this Presentation reflects the Company's documented results, books and accounting records".
• ◼ This Presentation may contain written and oral "forward-looking statements", which include all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, objectives, estimates, forecasts, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of the Company. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
• ◼ The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States or in the Other Countries. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.
• ◼ This Presentation has been prepared on a voluntary basis and, therefore, FinecoBank is not bound to prepare similar presentations in the future, unless where provided by law. Neither the Company nor any of its representatives, directors or employees shall be liable at any time in connection with this Presentation or any of its contents for any indirect or incidental damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection of any use and/or reliance placed on it.
• ◼ For the above-mentioned purposes, "Presentation" means this document, and any oral presentation, any question-and-answer session and any written or oral material discussed following the distribution of this document. By participating to this Presentation and accepting a copy of this Presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this Presentation.

Agenda

❑ Next steps

❑ Fineco international business

❑ Key messages

A new market structure enlarging our growth opportunities

A structurally higher profitability and capital light business model, leading to higher DPS and to invest in our growth

The current environment has significantly changed

Acceleration of structural trends reshaping our society

• ✓ Increasing demand for advice
• ✓ Increasing digitalization
• ✓ Consolidation in traditional banking system

New interest rates environment (1)

+62 bps on 2022 AVG Euribor 3M vs beginning of the year +108 bps on 2022 AVG EURIRS 10Y vs beginning of the year

Fineco as a fully-fledged Platform benefitting from the new market structure

Net Financial Income:

Expected strong increase vs recent past

Thanks to the strong gearing to the interest rates of our quality and capital light NII: driven by our clients' valuable transactional liquidity and not by lending as for other banks

Investing:

Strong results in a challenging environment thanks to resilient inflows and FAM

Inflows driven by structural trends, top-quality product offer and fair pricing. Growing contribution by FAM, which is taking a higher control of the value chain

Brokerage:

Higher floor thanks to our quality target market and business model

Target market focused on wealthy and financially aware clients and our one-stopsolution business model

Executive Summary

Successful growth story: becoming more a Platform than a Bank. Our diversified business model allows us to deliver strong results in every market condition

Delivering strong net profit in every market condition

• ◼ 1H22 adj. Net Profit at 223 mln, +20.5% y/y(1) , confirming the sustainability of our diversified business model
• ◼ 1H22 adj. Revenues at 464 mln, +15% y/y(1) mainly supported by Investing (+22% y/y thanks to volume effect and to the strong contribution by FAM) and by Net Financial Income (+19% y/y). Brokerage confirmed a structurally higher floor compared to pre-pandemic levels
• ◼ Operating Costs well under control at -136 mln, +3.0% y/y, excluding costs related to the acceleration of the growth of the business(2)
• ◼ Strong operating leverage confirmed a key strength of the Bank. Adj. C/I ratio at 29.3%

Growth of the Balance Sheet comfortably under control

◼ Thanks to new initiatives: boosting Fees to increase Revenues with a better mix

Strong capital position

◼ CET1 ratio at 19.14%,TCR at 29.45%, Leverage ratio at 3.82%

Accelerating commercial activity towards AUM

• ◼ Net sales in 1H22 at 5.6 bn, o/w AUM at 1.7 bn. TFA at 102.8 bn with Asset under Management at 50.8 bn and the penetration of Guided products on Asset under Management at 76%
• ◼ Fineco Asset Management 1H22 TFA at 24.5 bn (+21% y/y). Net Sales:
• Retail: 1.4 bn
• Funds underlyings of wrappers (Institutional classes): 1.5 bn, as our management company is taking more control of the investing value chain
• ◼ July (estimated): Strong net sales at ~1.0 bn, o/w AUM ~330 mln and AUC ~310 mln. Brokerage revenues estimated at ~13 mln (~25% higher vs average July revenues in 2017-2019 y/y)

Delivering strong Net Profit in every market condition

Adj. Net Profit at 222.5mln, +20.5% y/y boosted by strong acceleration of Investing, confirming the effectiveness of our initiatives, and by robust Net Financial Income. Strong operating leverage confirmed

(1) 2022 non recurring items: 1Q22 -0.3 mln gross (-0.2 mln net) due to Voluntary Scheme; 2021 non recurring items: 4Q21 -0.7 mln gross (-0.5 mln net) due to Voluntary Scheme; 2Q21 realignment of the intangible assets: 32 mln net (2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items. ROE calculated as: annualised adj.net profit divided by average book equity for the period (excl. dividends for which distribution is expected and valuation reserves) (3) Excluding costs strictly related to the growth of the business, mainly FAM (-4.2 mln y/y) and marketing (-1.9 mln y/y)

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Revenues growth supported by all our initiatives

Quality and capital light NII driven by our clients' valuable transactional liquidity and not driven by lending as for other Banks. Boosting Non Financial Income, thus becoming more a Platform than a Bank.

(1) NII gross margins: interest income related to financial investments, lending, leverage, security lending, other trading activities on interest-earning assets

(2) Total yield: net financial income related to interest-earning assets

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(3) Sum of brokerage commissions and Trading income (net of Profit from Treasury Management)

Net financial income: focus on financial investments

Transactional liquidity invested in a diversified portfolio

Bond portfolio Nominal value 30th June 2022: 25.7bn:

• o/w 56% at fixed rate, avg yield: 69bps
• o/w 35% at floating rate (swapped), avg spread on EUR3M: 83bps on 3m Eur
• o/w 9% UCG bonds, avg spread 163bps on 3m Eur

Residual maturity total portfolio: 5.8 years

• o/w UC Bonds: 0.9 years
• o/w bonds (excl. UC bonds): 6.3 years

Overall portfolio duration: 3.3 years (3)

(1) Avg 1H22 "Other" includes: 1.4bn France, 1.0bn Ireland, 0.8bn USA, 0.7bn Belgium, 0.6bn Austria, 0.4bn Portugal, 0.2bn Chile, 0.1bn Saudi Arabia, 0.1bn Germany, 0.2bn China, 0.1bn other (UK, Switzerland, Iceland, Latvia) (2) Sovereign Supranational and Agencies

(3) Calculated considering hedging maturities For more details please refer to slide 45

Our priority: accelerating on Investing

1H22 revenues increasing y/y thanks to volume effect and to the higher contribution by FAM, which is taking more control of the Investing value chain, supporting our margins. Management fees in the quarter affected by negative market performance

Cost efficiency and operating leverage confirmed in our DNA

(1) Excluding costs strictly related to the growth of the business in 1H22, mainly: FAM (-4.2mln y/y, o/w -2.1mln y/y related to Staff Expenses and -2.1mln y/y related to Non HR Cost) and marketing (-1.9 mln y/y)

High quality lending

Offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics

Cost of Risk on commercial loans (2)

• ◼ Cost of Risk well under control thanks to the constant improvement in the quality of the credit which is mainly secured and low risk
• ◼ We confirm our strategy aims to build a safe lending portfolio, offering these products exclusively to our very well known base of clients, leveraging on a deep internal IT culture, powerful data warehouse system and Big Data analytics
• ◼ NPE at 24 mln with a coverage ratio at 82%, NPE ratio at 0.41%
• ◼ LLP equal to 1.2 mln in 1H22 (1.7 mln in 1H21)
• ◼ Less than 300 mortgages moratories have been granted until now, o/w only less than 10 are active

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Capital Ratios

Best in class capital position and low risk balance sheet

(1) Leverage Ratio excluding exposures towards Central Banks from the total LR exposures (according to art. 429a - CRR) was equal to 4.03% in June 2021 and to 3.99% in March 2022.

TFA breakdown

Successful shift towards high added value products thanks to strong productivity of the network

Focus on AUM and FAM, bn

Net sales breakdown

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High quality net sales growth, on the wave of structural trends thanks to our diversified business model

PFA Network – total Net Sales, bn

Net sales organically driven key in our strategy of growth

The structure of recruiting is changing: more interest in the quality of the business model by PFAs

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Increasing quality and productivity of the Network

Clients' profile and focus on Private Banking

(1) Private Banking clients are clients with more than € 0.5mln TFA with the Bank

(2) FinecoBank stated figures: € 22.2 bn in 2016, € 25.9 bn in 2017, € 25.8 bn in 2018, € 33.4 bn in 2019, € 38.6 bn in 2020, € 48.8 bn in 2021, € 47.1 bn in 1Q22, € 43.3 bn in 1H22

(2) AIPB (Associazione Italiana Private Banking) figures as of 1Q22. AIPB stated figures: € 776 bn in 2016, € 806 bn in 2017, € 778 bn in 2018, € 884 bn in 2019, € 932 bn in 2020, € 1,037 bn in 2021, € 1,023 bn in 1Q22

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Agenda

❑ Fineco Results

❑ Fineco international business

❑ Key messages

2022 Guidance and outlook going forward

FY22 Revenues y/y growth stable vs previous guidance, with a different mix thanks to the diversified business model in the current volatile environment

◼ BANKING REVENUES:

➢ Net financial income (net interest income and Profit from Treasury management) expectations:

FY22: around 330 mln with the current forward rate curve (1) .

FY23: Net Financial Income growth in a range +30/35% vs FY22 upward revised expectations (already cautiously considering the early repayment of TLTRO at the end of 2022) (1) . Going forward we expect it to keep on benefiting from the new interest rates scenario thanks to the sensitivity and to the volume increase

➢ Banking fees:

FY22 above 50mln. FY23: expected to keep on growing thanks to the increase of the client base and past repricing

◼ INVESTING REVENUES expectations:

FY22:

• o Revenues increase around 10% y/y, including the negative market effect up to June
• o Higher management fees margins y/y
• o AUM net sales at around 4 bn (FAM retail net sales in a range between 3.0-3.5 bn, with an increasing component of funds underlying net sales)
• o PFAs: net increase in a range of 110-130 PFAs expected
• Going forward: strong acceleration in revenues and margins expected thanks to:
• 1) A further increase in our network productivity leading to higher volumes (AUM net sales around 6 bn per year)
• 2) The implementation of the strategic discontinuity in FAM, which is going to increase its penetration in Fineco AUM, with retail net sales ~5bn per year and with an increasing component of funds underlying net sales This generates a progressive increase of Fineco management fees margins after-tax up to ~55bps in 2024 (margins pre-tax ~75bps). We expect to reach that level before 2024
• ◼ BROKERAGE REVENUES: countercyclical business, it is expected to remain strong with a floor in relative terms with respect to volatility - definitely higher than in the pre-Covid period

◼ OPERATING COSTS expectations:

For FY22: growth of around 5% y/y, not including ~7 million of additional costs related to FAM strategic discontinuity to improve the efficiency of the Investing value chain. We will consider in the coming months the possibility to further accelerate the marketing expenses to take advantage of the strengthening of the structural trends. Going forward we expect FAM costs to stabilize

• ◼ COST / INCOME: we confirm our guidance on a continuously declining cost/income in the long-run thanks to the scalability of our platform and to the strong operating gearing we have (excluding potential higher marketing expenses)
• ◼ SYSTEMIC CHARGES: in a range -45/47 mln of DGS+SRF in provisions for risk and charges based on the increase of protected deposits within the banking system
• ◼ TAX RATE: for 2022 around -0.5 p.p. considering the most recent interest rates scenario
• ◼ CAPITAL RATIOS: CET1 floor at 17%, Leverage Ratio very well under control and in a range 3.5%-4.0% (for details see slide 51 in Annex)
• ◼ DPS: going forward we expect a constantly increasing dividend per share
• ◼ COST OF RISK: below 10 basis points in 2022 thanks to the quality of our portfolio
• ◼ NET SALES: robust, high quality and with a focus on keeping the mix mainly skewed towards AUM thanks to the new initiatives we are undertaking

Delivering on our discontinuities

Set of initiatives to improve our revenues mix, taking advantage from the acceleration of structural trends and our FinTech DNA

INITIATIVES TO KEEP UNDER CONTROL OUR BALANCE SHEET

3

STRONG COMMERCIAL FOCUS ON AUM:

➢ targeting only AUM net sales and solutions with a strong RISK MANAGEMENT. FAM already best-positioned thanks to the hightransparency and daily look-through on its solutions

2 WIDER PRODUCT RANGE TO FULLY CATCH THE WHOLE SPECTRUM OF CLIENTS' NEEDS ALSO THANKS TO FAM

• ➢ Decumulation products key to move clients from liquidity towards AUM: our wide gamma of FAM Target (~40 decumulation vehicles) fits all investment needs

1

• ➢ New FAM offer: launch of investment solutions based on passive funds with diversified solutions based on different risk profiles. Thanks to the full control of the value chain, FAM can at the same time both offer an efficient pricing for clients and retain higher margins: this will allow Fineco to be perfectly positioned to catch the long-term trend of passive funds and to better target Private Banking clients.
• ➢ Coming soon: FAM ETF offer in 3Q22
• ➢ Pension funds for risk-averse clients
• ➢ Distribution of third-parties savings accounts live to lower the amount of liquidity held by clients with no intention to invest

ROBUST ACCELERATION IN PFAs PRODUCTIVITY through:

➢ New software developments dedicated to our advisory services to improve PFAs productivity in transforming deposits in AUM leveraging on Big Data Analytics capabilities

➢ New marketing campaigning tool in deployment phase. New Investing homepage released with dedicated contents to stimulate clients activity; coupled with our Big Data analytics, this will make it easier for our PFAs to propose tailor-made solutions for their longterm goals

4 IMPROVE THE QUALITY OF OUR CLIENT BASE:

➢ Exploiting our pricing power: more selective in our client acquisition thanks to the 2021 repricing on new current accounts (€6.95 euro per month with the possibility of a full bonus on the fee according to clients' activity with the Bank)

FAM: delivering on the strategic discontinuity

Key to sustain AUM margins thanks to its strong operating leverage and to a more efficient value chain

FAM progressively taking control of the value chain… FY22 FAM priorities 2.3 1.4 1H21 1H22 FAM retail as % of Fineco AUM net sales 0.9 1.5 1H21 1H22 FAM FUNDS UNDERLYING (1) FAM RETAIL: : bn FAM NET SALES ✓ Strong commercial traction in any market environment ✓ Increasing contribution to Fineco's AUM net sales ✓ Increase driven by the acceleration in the internalization of the value chain 57% 81%

…and becoming the cornerstone of our Investing business

INVESTING

• ✓ Thanks to the full control of the value chain, FAM can offer at the same time both an efficient pricing for clients and retain higher margins
• ✓ FAM has launched its investment solutions based on passive funds with diversified solutions and different risk profiles. In the 3Q22, FAM will launch its ETF offer
• ✓ Following the strong success of the ESG Target Global Coupon strategy, FAM has launched a new release of the solution. Coming soon: Smart Defence Equity and ESG Target Global Infrastructure Coupon 2026
• ✓ Continuous widening of sustainable offer through the launch of new investment solutions under SFDR art. 8 and 9

Brokerage: higher floor as the structure of the market is changing BROKERAGE

Increased interest in financial markets by clients and big jump into a more digitalized society

Structural growth in brokerage revenues: the floor has gone up in a clear way regardless of volatility

Client base growth mainly driven by "Active investors"

22 (1) Volatility calculated as avg weekly volatility of BUND, BTP, SP, EUROSTOXX, MINIDAX, DAX, FIB, MINIFIB, NASDAQ, DOW weighted on volumes related to futures traded by our clients Active investors: less than 20 trades per month; Traders: more than 20 trades per month

Innovation and Simplification Project

Further simplifying clients' user experience thank to easy-to-use new tools and a more efficient marketing engine. The renewed platform will be the cornerstone of our International offer

✓Improving customer segmentation

✓Increasing advertising effectiveness

• ➢ -70% ACQUISITION COST (1)
• ➢ STRONG UPTICK IN THE CONVERSION RATE
• VS BENCHMARK IN A FIRST TEST ON A SMALL SAMPLE

Agenda

❑ Fineco Results

❑ Next steps

✓Fineco international business

❑ Key messages

Fineco international business: getting ready for the deployment

Focusing our offer on a simplified digital model through a brand new, highly scalable and multilanguage platform for investments

Agenda

❑ Fineco Results

❑ Next steps

❑ Fineco international business

Long term sustainability at the heart of Fineco business model (1/3)

We are a looking-forward organization playing for the long-run and able to generate a positive impact for all our stakeholders and the society as a whole

Fineco corporate purpose: support clients in the responsible management of their savings in order to create the conditions for a more prosperous and fairer society

TRANSPARENCY

Fairness and respect for all our stakeholders

• ✓ FAM as a champion of ESG: PERFORMANCE FEES FREE trademark
• ✓ FAIR PRICING
• ✓ LOW UPFRONT FEES (only ~2% of Investing fees)

EFFICIENCY

Fintech DNA: strong focus on IT & Operations, more flexibility, less costs

• ✓ Delivering BEST-IN-CLASS CUSTOMER EXPERIENCE
• ✓ SHARING FAM BENEFITS WITH CLIENTS: better quality and timely products with lower TER

INNOVATION Quality offer for highly SATISFIED CLIENTS

✓ NO short-term AGGRESSIVE COMMERCIAL OFFERS and ZERO REMUNERATION on current accounts

✓ Focus on ORGANIC GROWTH

Long term sustainability at the heart of Fineco business model (2/3)

We are a looking-forward organization playing for the long-run and able to generate a positive impact for all our stakeholders and the society as a whole

Strategy & Goals Initiatives & KPIs

• ✓ FOCUS on Cyber-Security and ESG risks leveraging on FINTECH DNA
• ✓ Set of ESG objectives to be pursued by 2023 within 6 business areas:

Financial Education & Community Support Supply Chain Relations with Responsible Finance Human Resources Environment

Shareholders

✓ Net-Zero emissions to be achieved by 2050(1) Approved in August 2022

✓ ESG target included in the Identified Staff Scorecard since 2016, related to STI.

✓ ESG targets included in the 2021-2023 Long Term Incentive Plan of the CEO and Identified Staff within the "Stakeholder Value" goal:

KPI	TARGET	MEASUREMENT CRITERIA
Customer satisfaction	Average 2021-2023	TRI*M Index(2)
People engagement	Average 2021-2023	People Survey
funds(3) ESG rating for all new	EOY 2023	% of new funds with ESG evaluation

• ✓ Broad offer of products with ESG features(4) both on:
• Investing (i.e., 85% of funds have ESG rating by Morningstar; 58% of funds distributed and 35% of FAM funds are classified under Art. 8 or 9 of SFDR(5))
• and Banking & Credit ("Green mortgages", Ecobonus and Sismabonus; zero-fee account until age 30).
• ✓ FinecoBank is signatory of UN Principles for Responsible Banking and participant of UN Global Compact
• ✓ Fineco AM is signatory of UN Principles for Responsible Investing and participant of UN Global Compact
• ✓ Contribution for the PFA Network to be borne by the Bank for obtaining EFPA ESG certification
• ✓ Environmental Management System implemented in line with the EU Eco-Management and Audit Scheme (EMAS) [certification pending]

(1) More details on slide 59

(2) Which captures the strength of the relationship with the customer defined as performance but also as the degree of preference towards the brand

(3) Excluding UK, which represents a new market for Fineco

28 (4) As of 30th June 2022

(5) Regulation EU 2019/2088 - Sustainable Finance Disclosure Regulation

Long term sustainability at the heart of Fineco business model (3/3)

We are a looking-forward organization playing for the long-run and able to generate a positive impact for all our stakeholders and the society as a whole

(1) Moody's ESG Solutions is the source of this ESG score.

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(2) The "MSCI Implied Temperature Rise" rating has been made available by the rating agency since the year 2021.

Fineco as a profitable FinTech Bank: ICT a key business driver

Leveraging on a deep-rooted internal know-how to expand platform scalability and operating gearing

Healthy and sustainable growth with a long term horizon

(1) Figures adjusted by non recurring items and Net Profit adjusted net of systemic charges (FY15: -3.1mln net, FY16: -7.1mln net, FY17: -7.1mln net, FY18: -9.6mln net, FY19: -12.1 mln net, 1Q20: -0.3mln gross, -0.2mln net, 2Q20: -0.7mln gross, -0.4mln net; 3Q20: - 28.0mln gross, -18.7mln net; 4Q20: +2.1mln gross, +1.4mln net; 1Q21: -5.8mln gross, -3.9mln net; 2Q21: -1.9mln gross, -1.3 mln net; 3Q21: -30.0mln gross, -20.1mln net; 4Q21: -2.3mln gross, -1.6mln net; 1Q22: -7.7mln gross, -5.2mln net).

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Safe Balance Sheet: simple, highly liquid

Diversified investment portfolio

• ◼ Investment strategy announced during FY17 results unchanged: UC bonds runoffs, blend of government bonds diversified across countries, covered bonds, supranational and agencies
• ◼ 99.9% not exposed to volatility with no impact in our P&L and BS by the widening of spreads. HTC classification since November 2016
• ◼ Avg maturity at ~ 5/6 years. Overall portfolio duration: 3.3 years
• ◼ Sticky deposits: mostly 'transactional liquidity' gathered for the quality of our services and without aggressive commercial offers. Cost of funding at zero

High-quality lending growth

• ◼ Lending offered exclusively to our well-known base of clients
• ◼ Low-risk: CoR at 2bps, cautious approach on mortgages (LTV ~50%, avg maturity 19 yrs)
• ◼ Strong competitive advantage leveraging on Big Data Analytics and internal IT culture (resulting in unmatched user experience and high customer satisfaction), continuous in-house innovation (i.e. look-through implementation with significant benefits on CET1 ratio), ownership and control of critical infrastructure

Rock-solid capital position

Total assets: 99.9% not exposed to volatility in the Balance Sheet

Out of 36.1bn, only 0.03bn of assets at fair value with very limited impacts on Equity reserve

(1) Due from banks includes 1.3bn cash deposited at Bank of Italy and 0.3bn bank current accounts as of Jun.2022

(2) Other refers to tangible and intangible assets, derivatives and other assets

(3) 22.8bn equal to 22.4bn nominal value, o/w Italy 8.2bn nominal value

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(4) Other: Austria, Belgium, Germany, Portugal, United Kingdom, Switzerland, Chile, Saudi Arabia, China, Iceland, Latvia

Agenda

❑ Fineco Results

❑ Next steps

❑ Fineco international business

❑ Key messages

Revenues by Product Area

Well diversified stream of revenues allows the bank to successfully face any market environment

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Banking

Sound performance and relentless clients' acquisition, thanks to high quality services and best-in-class customer satisfaction

Managerial Data

Brokerage

Structurally higher revenues floor compared to pre-pandemic levels

Managerial Data

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(1) Volatility calculated as avg weekly volatility of BUND, BTP, SP, EUROSTOXX, MINIDAX, DAX, FIB, MINIFIB, NASDAQ, DOW weighted on volumes related to futures traded by our clients

Investing

Increasing revenues y/y thanks to volume effect and to the higher contribution by FAM, which is taking more control of the Investing value chain, supporting our margins. Very limited upfront fees, representing only ~2% of Investing fees

Managerial Data

Annex

P&L pro-forma

P&L pro-forma(1)
mln	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	1H21	1H22
Net financial income	75.1	72.8	69.2	62.9	280.0	107.5	68.9	147.9	176.4
o/w Net Interest Income	61.8	62.5	61.8	61.8	247.9	59.3	67.6	124.3	127.0
o/w Profit from treasury management	13.2	10.3	7.4	1.1	32.1	48.1	1.3	23.6	49.4
Dividends	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	-0.1
Net commissions	108.1	106.3	110.1	126.4	450.8	118.6	113.9	214.3	232.5
Trading profit	23.9	16.7	15.6	18.1	74.3	29.0	25.9	40.6	54.8
Other expenses/income	0.5	0.1	-1.5	-0.5	-1.3	0.4	0.1	0.6	0.4
Total revenues	207.6	195.9	193.5	206.9	803.8	255.4	208.6	403.5	464.0
Staff expenses	-26.2	-26.7	-27.4	-29.3	-109.6	-28.3	-29.2	-52.9	-57.5
Other admin.exp. net of recoveries	-30.6	-29.9	-27.6	-34.9	-123.1	-34.0	-31.3	-60.6	-65.3
D&A	-6.3	-6.4	-6.4	-7.1	-26.2	-6.6	-6.6	-12.7	-13.2
Operating expenses	-63.1	-63.0	-61.5	-71.3	-258.9	-69.0	-67.1	-126.1	-136.0
Gross operating profit	144.4	132.9	132.0	135.5	544.9	186.4	141.6	277.4	328.0
Provisions	-8.2	-5.8	-31.1	-4.9	-49.9	-10.2	-2.3	-14.0	-12.5
o/w Systemic charges	-5.8	-1.9	-30.0	-2.3	-40.0	-7.7	0.0	-7.7	-7.7
LLP	-0.5	-1.2	-0.4	0.4	-1.7	-0.8	-0.4	-1.7	-1.2
Profit from investments	-0.6	1.8	0.3	-0.4	1.1	-0.6	-0.2	1.2	-0.8
Profit before taxes	135.2	127.7	100.9	130.6	494.4	174.8	138.7	262.9	313.5
Income taxes	-40.4	-5.8	-28.3	-39.2	-113.7	-51.4	-39.8	-46.2	-91.2
Net profit for the period	94.7	121.9	72.6	91.5	380.7	123.5	98.9	216.7	222.4
Net profit adjusted (2)	94.7	89.9	72.6	91.9	349.2	123.6	98.9	184.6	222.5
Non recurring items (mln, gross)	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	1H21	1H22
(3) Extraord systemic charges (Trading Profit)	0.0	0.0	0.0	-0.7	-0.7	-0.3	0.0	0.0	-0.3
Realignment of Intangible Assets	0.0	32.0	0.0	0.0	32.0	0.0	0.0	32.0	0.0
Total	0.0	32.0	0.0	-0.7	31.3	-0.3	0.0	32.0	-0.3

40 (1) P&L pro-forma includes «Profits from treasury management» within «Net financial income» and excludes it from «Trading Profit» (2) Net of non recurring items (3) Voluntary Scheme valuation

P&L net of non recurring items

					P&L pro-forma(1) net of non recurring items
mln	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	1H21	1H22
	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)
	Adj	Adj	Adj	Adj	Adj	Adj	Adj	Adj	Adj
Net	1	72	69	62	280	107	68	147	176
financial	75	8	2	9	0	5	9	9	4
income
o/w Net interest income	61 8	62 5	61 8	61 8	247 9	59 3	67 6	124 3	127 0
o/w Profit from treasury	13 2	10 3	7 4	1 1	32 1	48 1	1 3	23 6	49 4
Dividends	0	0	0	0	0	0	-0	0	-0
	0	0	0	0	0	0	1	0	1
Net commissions	108 1	106 3	110 1	126 4	450 8	118 6	113 9	214 3	232 5
profit Trading	23 9	16 7	15 6	18 9	75 0	29 2	25 9	40 6	55 1
Other expenses/income	0 5	0 1	-1 5	-0 5	-1 3	0 4	0 1	0 6	0 4
Total revenues	207 6	195 9	193 5	207 6	804 5	255 7	208 6	403 5	464 3
Staff expenses	-26 2	-26 7	-27 4	-29 3	-109 6	-28 3	-29 2	-52 9	-57 5
Other	-30	-29	-27	-34	-123	-34	-31	-60	-65
admin	6	9	6	9	1	0	3	6	3
.expenses
D&A	-6	-6	-6	-7	-26	-6	-6	-12	-13
	3	4	4	1	2	6	6	7	2
Operating expenses	-63 1	-63 0	-61 5	-71 3	-258 9	-69 0	-67 1	-126 1	-136 0
Gross	144	132	132	136	545	186	141	277	328
operating	5	9	0	3	7	7	6	4	3
profit
Provisions	-8	-5	-31	-4	-49	-10	-2	-14	-12
	2	8	1	9	9	2	3	0	5
o/w	-5	-1	-30	-2	-40	-7	0	-7	-7
Systemic	8	9	0	3	0	7	0	7	7
charges
LLP	-0	-1	-0	0	-1	-0	-0	-1	-1
	5	2	4	4	7	8	4	7	2
Profit	-0	1	0	-0	1	-0	-0	1	-0
from	6	8	3	4	1	6	2	2	8
investments
Profit	135	127	100	131	495	175	138	262	313
before	2	7	9	4	1	1	7	9	8
taxes
Income taxes	-40 4	-37 8	-28 3	-39 4	-146 0	-51 5	-39 8	-78 2	-91 3
(1) Net profit adjusted	94 7	89 9	72 6	91 9	349 2	123 6	98 9	184 6	222 5

41

1H22 P&L FinecoBank and Fineco Asset Management

	Fineco Asset	FinecoBank	FinecoBank
mln	Management	Individual	Consolidated
Net financial income	-0 2	176 6	176 4
Dividends	0 0	23 0	-0 1
Net commissions	65 8	166 7	232 5
Trading profit	-0 2	0 55	54 8
Other expenses/income	-0 2	0 7	0 4
Total revenues	65 3	422 0	464 0
Staff expenses	4 -5	-52 1	-57 5
Other admin.exp. net of recoveries	-4 2	-61 2	-65 3
D&A	-0 2	-13 0	-13 2
Operating expenses	-9 8	-126 3	-136 0
Gross operating profit	55 4	295 7	328 0
Provisions	0 0	-12 5	-12 5
LLP	0 0	-1 2	-1 2
Profit on Investments	0 0	-0 8	-0 8
Profit before taxes	55 4	281 3	5 313
Income taxes	-6 9	-84 2	-91 2
Net profit for the period	48 5	197 0	222 4

Details on Net Interest Income

mln	1Q21	Volumes & Margins	2Q21	Volumes & Margins	3Q21	Volumes & Margins	4Q21	Volumes & Margins	FY21	Volumes & Margins	1Q22	Volumes & Margins	2Q22	Volumes & Margins	1H21	Volumes & Margins	1H22	Volumes & Margins
Financial Investments	44.6	24,416	43.2	23,977	41.3	23,824	39.8	23,564	168.8	23,945	37.1	23,834	42.1	24,269	87.8	24,197	79.2	24,051
Net Margin		0.74%		0.72%		0.69%		0.67%		0.71%		0.63%		0.70%		0.73%		0.66%
Gross margin	44.8	0.74%	43.2	0.72%	41.4	0.69%	39.8	0.67%	169.2	0.71%	37.1	0.63%	42.6	0.70%	88.0	0.73%	79.7	0.67%
Treasury activities	3.9 (1)	2,791	4.7	3,140	4.3	2,646	4.4	2,670	17.2	2,812	4.4	2,786	5.1	3,551	8.6	2,965	9.4	3,168
Net Margin		0.57%		0.59%		0.64%		0.65%		0.61%		0.63%		0.57%		0.59%		0.60%
Leverage - Long	3.4	171	3.9	199	4.3	214	4.3	213	16.0	199	3.4	172	3.0	149	7.3	185	6.3	161
Net Margin		8.12%		7.92%		8.00%		8.01%		8.01%		7.98%		7.94%		8.02%		7.96%
Tax Credit Net	0.0	1 0.00%	0.3	42 2.50%	0.5	95 2.15%	1.6	441 1.43%	2.4	145 1.63%	2.2	541 1.62%	3.1	696 1.76%	0.3	21 2.45%	5.2	619 1.70%
Margin
Lending	10.8	3,805	11.4	4,141	12.3	4,583	13.2	4,931	47.7	4,365	13.6	5,189	14.7	5,343	22.2	3,973	28.4	5,266
Net Margin		1.15%		1.10%		1.07%		1.06%		1.09%		1.07%		1.11%		1.12%		1.09%
o/w Current accounts	3.6	1,632	3.9	1,748	4.1	1,866	4.3	2,005	16.0	1,812	4.4	2,132	4.8	2,196	7.5	1,690	9.1	2,164
Net Margin		0.90%		0.90%		0.87%		0.86%		0.88%		0.83%		0.87%		0.90%		0.85%
o/w Cards	1.0	36	1.0	34	1.0	35	1.0	35	4.0	35	1.0	35	1.0	34	2.0	35	2.0	34
Net Margin		11.40%		11.36%		11.43%		11.47%		11.41%		11.44%		11.50%		11.38%		11.47%
o/w Personal loans	4.2	447	4.3	466	4.4	481	4.5	495	17.4	472	4.5	506	4.7	523	8.5	457	9.2	515
Net Margin		3.83%		3.72%		3.64%		3.60%		3.69%		3.64%		3.58%		3.78%		3.61%
o/w Mortgages	2.0	1,690	2.1	1,893	2.8	2,202	3.4	2,397	10.3	2,045	3.7	2,517	4.3	2,590	4.1	1,792	8.1	2,553
Net Margin		0.47%		0.45%		0.51%		0.55%		0.50%		0.60%		0.67%		0.46%		0.64%
Other	-0.9		-0.9		-0.9		-1.5		-4.2		-1.2		-0.3		-1.8		-1.6
Total	61.8		62.5		61.8		61.8		247.9		59.3		67.6		124.3		127.0
Gross Margin		0.82%		0.81%		0.79%		0.79%		0.80%		0.76%		0.81%		0.81%		0.78%
Cost of Deposits		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		-0.01%		0.00%		0.00%

Volumes and margins: average of the period Net margin calculated on real interest income and expenses

43

(1) Treasury activities: Unsecured lending, collateral switch, tiering, TLTRO, other repos

New interest rates environment

➢ In the recent months the market experienced a significant structural change due to interest rates move and the inflationary environment

➢ Below a comparison of the forward rate curve at the beginning of 2022 and the ones used for the assumptions behind the guidance to the market during the 1Q22 and 2Q22 conference calls

		2022			2023		2024
	of	of	of	of	of	of	of	of	of
	as	as	as	as	as	as	as	as	as
	07/01/22	03/05/22	01/08/22	07/01/22	03/05/22	01/08/22	07/01/22	03/05/22	01/08/22
Euribor	-0	-0	-0	-0	1	1	0	1	1
1M	50%	19%	04%	12%	34%	14%	14%	67%	16%
AVG
Euribor	-0	-0	15%	05%	54%	1	0	1	25%
3M	47%	02%	0	-0	1	27%	18%	73%	1
AVG
EURIRS	0	1	1	0	1	50%	0	1	1
5Y	16%	32%	22%	32%	84%	1	42%	90%	61%
AVG
EURIRS	0	1	1	0	2	1	0	2	1
10Y	43%	57%	51%	55%	02%	79%	63%	07%	88%
AVG
EU (Supranational) (1) 10Y EOP	0 35%	1 77%	1 59%	0 45%	1 86%	1 69%	0 51%	1 90%	1 78%

44

Focus on Bond portfolio

UniCredit bonds run-offs

	ISIN	Currency	Amount (€ m)	Maturity	Indexation	Spread
1	IT0005144065	Euro	450 0	14-Nov-22	Euribor 3m	1 40%
2	IT0005158412	Euro	250 0	23-Dec-22	Euribor 3m	1 47%
3	IT0005163180	Euro	600 0	11-Feb-23	Euribor 3m	1 97%
4	IT0005175135	Euro	100 0	24-Mar-23	Euribor 3m	1 58%
5	IT0005217606	Euro	350 0	11-Oct-23	Euribor 3m	1 65%
6	IT0005241317	Euro	622 5	2-Feb-24	Euribor 3m	1 52%
	Total	Euro	2 372 5 ,		Euribor 3m	1 63%

Residual maturity total portfolio: 5.8 yrs

o/w UC Bonds: 0.9 yrs o/w bonds (excl. UC bonds): 6.3 yrs

Overall portfolio duration: 3.3 years

Net Financial Income: focus on Lending

Ancillary business to fulfill clients' needs. High quality portfolio and cautious approach

(1) Yield on mortgages net of amortized and hedging costs

(2) Credit Lombard allows to change pledged assets without closing and re-opening the credit line, allowing more flexibility and efficiency with floor at zero (3) Expected yield are referred to the stock. Assumptions for Mortgages and Lombard Loans are based on forward rate curve as of August 1st, 2022

46

Details on Net Commissions

mln	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	1H21	1H22
Banking	10	11	12	13	49	12	14	22	26
	8	9	9	6	2	9	1	7	9
Brokerage	40	29	26	30	126	32	24	69	56
	2	5	0	6	2	6	2	7	9
o/w
Equity	36	24	22	26	109	28	18	60	46
	1	6	5	2	5	1	3	7	5
Bond	0	2	0	1	4	0	3	3	3
	8	3	4	2	6	6	0	1	6
Derivatives	2	2	2	2	10	3	2	5	6
	9	2	3	8	1	5	8	1	3
Other commissions	0 4	0 4	0 8	0 4	2 0	0 4	0 1	0 8	0 5
Investing	57	65	71	82	275	5	75	122	149
	2	0	4	3	9	73	8	2	3
o/w
Placement fees	2 2	1 7	1 7	1 9	7 5	1 8	1 3	3 9	3 1
Management fees	72 5	78 4	85 0	91 9	327 9	93 2	91 8	150 9	185 0
PFA's:	-6	-6	8	-7	-28	-8	-8	-12	-16
incentives	2	7	-7	7	4	7	0	9	6
to
PFA's:	-0	-0	-0	-1	-3	-1	-0	-1	-1
LTI	6	9	8	0	3	0	8	5	8
to
Other	-10	-8	-6	0	-32	-11	-8	-18	-20
PFA	7	1	7	-7	5	8	5	8	3
costs
Other commissions	0 0	0 6	0 0	4 2	4 8	0 0	0 0	0 6	0 0
Other	-0	-0	-0	-0	-0	-0	-0	-0	-0
	1	1	2	2	6	3	2	3	6
Total	108	106	110	126	450	118	113	214	5
	1	3	1	4	8	6	9	3	232

Net commissions by product area

Revenues breakdown by Product Area

E-MARKET SDIR
CERTIFIED

mln	1Q21	2Q21	3Q21	4Q21	FY21	1Q22	2Q22	1H21	1H22
Net financial income	72 6	69 8	65 9	60 0	268 2	105 3	66 3	142 3	171 6
o/w Net interest income	59 3	59 5	58 4	58 9	236 1	57 2	65 0	118 8	122 2
o/w Profit from Treasury Management	13 2	10 3	7 4	1 1	32 1	48 1	1 3	23 6	49 4
Net commissions	10 8	11 9	12 9	13 6	49 2	12 9	14 1	22 7	26 9
Trading profit	1 4	0 1	0 3	0 7	2 5	1 5	6 6	1 5	11 7
Other	0 1	0 1	0 1	0 2	0 5	0 1	0 0	0 2	0 1
Total Banking	84 9	81 9	79 1	74 5	320 4	123 4	87 0	166 8	210 4
Net interest income	3 5	4 0	4 4	4 4	16 4	3 5	3 1	7 5	6 5
Net commissions	40 2	29 5	26 0	30 6	126 2	32 6	24 2	69 7	56 8
Trading profit	22 0	15 9	15 5	17 9	71 3	23 7	20 0	37 9	43 7
Other	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Total Brokerage	65 7	49 4	45 9	52 9	213 9	59 7	47 3	115 1	107 1
Net interest income	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Net commissions	57 2	65 0	71 4	82 3	275 9	73 5	75 8	122 2	149 3
Trading profit	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Other	0 0	0 0	-0 1	-0 3	-0 3	-0 1	-0 1	0 0	-0 2
Investing Total	57 2	65 0	71 3	82 1	275 6	73 4	75 7	122 2	149 1

P&L by product area

Managerial Data

Breakdown Total Financial Assets

mln	Mar 21	Jun 21	Sep 21	Dec 21	Mar 22	Jun 22
AUM	48 018 ,	51 399 ,	52 648 ,	55 450 ,	53 651 ,	50 789 ,
o/w Funds and Sicav	33 271 ,	35 699 ,	36 233 ,	38 053 ,	35 985 ,	33 182 ,
o/w Insurance	12 659 ,	13 448 ,	14 122 ,	14 963 ,	15 354 ,	15 421 ,
o/w GPM	238	282	294	330	326	308
o/w AuC deposits under advisory +	1 850 ,	1 970 ,	1 998 ,	2 105 ,	1 986 ,	1 878 ,
o/w in Advice	572	596	603	637	617	600
o/w in Plus	1 278 ,	1 374 ,	1 395 ,	1 468 ,	1 369 ,	1 277 ,
AUC	20 347 ,	21 760 ,	22 038 ,	22 970 ,	22 804 ,	21 497 ,
o/w Equity	14 503 ,	15 695 ,	16 054 ,	17 020 ,	16 853 ,	15 109 ,
o/w Bond	5 772 ,	5 993 ,	5 893 ,	5 796 ,	5 777 ,	6 167 ,
o/w Other	72	72	90	155	174	222
Direct Deposits	28 687 ,	28 273 ,	28 867 ,	29 495 ,	30 362 ,	30 518 ,
o/w Sight	28 687 ,	28 273 ,	28 867 ,	29 495 ,	30 362 ,	30 518 ,
o/w Term	0	0	0	0	0	0
Total	052 97 ,	101 431 ,	552 103 ,	915 107 ,	106 817 ,	102 804 ,
o/w Guided Products & Services	35 381 ,	38 531 ,	39 721 ,	42 304 ,	41 018 ,	38 842 ,
o/w TFA FAM retail	11 465 ,	13 215 ,	13 929 ,	15 133 ,	15 249 ,	14 627 ,
o/w TFA Private Banking	41 844 ,	44 763 ,	45 924 ,	48 761 ,	47 133 ,	43 304 ,

Balance Sheet

E-MARKET SDIR
CERTIFIED

mln	Mar 21	Jun 21	Sep 21	Dec 21	Mar 22	Jun 22
(1) Due from Banks	1 902 ,	2 253 ,	2 429 ,	1 844 ,	2 132 ,	1 943 ,
Customer Loans	4 639 ,	269 5 ,	624 5 ,	6 002 ,	6 088 ,	6 311 ,
Financial Assets	25 398 ,	24 648 ,	24 446 ,	24 581 ,	25 389 ,	25 315 ,
Tangible and Intangible Assets	277	281	279	279	276	274
Derivatives	84	85	92	126	466	949
Tax credit acquired	9	75	394	509	601	827
Other Assets	279	293	271	528	446	460
Total Assets	32 588 ,	32 905 ,	33 534 ,	33 867 ,	35 399 ,	36 078 ,
Customer Deposits	29 102 ,	29 141 ,	29 805 ,	29 848 ,	30 736 ,	30 828 ,
Due Banks to	1 149 ,	1 173 ,	1 169 ,	1 225 ,	1 808 ,	2 333 ,
Debt securities in Issue	0	0	0	497	498	499
Derivatives	140	119	91	65	-1	3
Funds and other Liabilities	413	575	501	505	503	706
Equity	1 783 ,	1 897 ,	1 969 ,	1 727 ,	1 855 ,	1 709 ,
Total Liabilities and Equity	32 588 ,	32 905 ,	33 534 ,	33 867 ,	35 399 ,	36 078 ,

(1) Due from banks includes cash deposited at Bank of Italy (1.3 bn as of Jun.22, 1.5bn as of Mar.22, 1.3bn as of Dec.21, 1.8bn as of Sep.2021, 1.6bn as of June 2021, 1.3bn as of Mar.2021) and bank current accounts (0.3 bn as of Jun.22, 0.3bn as of Mar.2022, 0.2bn as of Dec.21, 0.3bn as of Sep.2021, 0.3bn as of June 2021, 0.2bn as of Mar.2021)

Leverage Ratio Sensitivity

OUR PRIORITY Focus on our Balance Sheet to keep under control the growth of deposits and improve our quality revenues mix. Thanks to our new initiatives, which are not yet at full speed, at the same time we can: 1) sustain our growth

• 2) distribute a growing dividend per share
• 3) keep our Leverage Ratio comfortably above the regulatory requirements and within our guidance (in a range 3.5%-4.0%)

Leverage Ratio comfortably under control

Retained earnings = Tier 1 Capital (mln)

	70	80	90	100	110	120	130	140	150	200	250	300	350	400	450	500
-500	4 06%	4 08%	4 11%	4 13%	4 16%	4 19%	4 21%	4 24%	4 26%	4 39%	4 52%	4 65%	4 78%	4 90%	5 03%	5 16%
0	4 00%	4 03%	4 05%	4 08%	4 10%	4 13%	4 15%	4 18%	4 21%	4 33%	4 46%	4 59%	4 71%	4 84%	4 97%	5 09%
500	3 95%	3 97%	4 00%	4 02%	4 05%	4 07%	4 10%	4 13%	4 15%	4 28%	4 40%	4 53%	4 65%	4 78%	4 90%	02% 5	Considering our organic capital
1 000 ,	3 90%	3 92%	3 95%	3 97%	4 00%	4 02%	4 05%	4 07%	4 10%	4 22%	4 35%	4 47%	4 59%	4 71%	4 84%	4 96%	generation after dividend
1 500 ,	3 85%	3 87%	3 90%	3 92%	3 95%	3 97%	4 00%	4 02%	4 04%	4 17%	4 29%	4 41%	4 53%	4 65%	4 78%	4 90%
2 000 ,	3 80%	3 82%	3 85%	3 87%	3 90%	3 92%	3 94%	3 97%	3 99%	4 11%	4 24%	4 36%	4 48%	4 60%	4 72%	4 84%	distribution and payment of AT1
2 500 ,	3 75%	3 78%	3 80%	3 82%	3 85%	3 87%	3 90%	3 92%	3 94%	4 06%	4 18%	4 30%	4 42%	4 54%	4 66%	4 78%	coupon, also in case of
3 000 ,	3 70%	3 73%	3 75%	3 78%	3 80%	3 82%	3 85%	3 87%	3 89%	4 01%	4 13%	4 25%	4 37%	4 48%	4 60%	4 72%
4 000 ,	3 62%	3 64%	3 66%	3 68%	3 71%	3 73%	3 75%	3 78%	3 80%	3 92%	4 03%	4 15%	4 26%	4 38%	4 49%	4 60%	extremely adverse market
5 000 ,	3 53%	3 55%	3 58%	3 60%	3 62%	3 64%	3 67%	3 69%	3 71%	3 82%	3 94%	4 05%	4 16%	4 27%	4 39%	4 50%	scenario, our Leverage ratio
6 000 ,	3 45%	3 47%	3 49%	3 52%	3 54%	3 56%	3 58%	3 60%	3 63%	3 74%	3 85%	3 96%	4 07%	4 18%	4 29%	4 39%
000 7 ,	3 37%	3 39%	3 41%	3 44%	3 46%	3 48%	3 50%	3 52%	3 54%	3 65%	3 76%	3 87%	3 98%	4 08%	4 19%	4 30%	would comfortably remain in a
8 000 ,	3 30%	3 32%	3 34%	3 36%	3 38%	3 40%	3 42%	3 45%	3 47%	3 57%	3 68%	3 78%	3 89%	3 99%	4 10%	4 20%	range 3.5%-4.0%
9 000 ,	3 23%	3 25%	3 27%	3 29%	3 31%	3 33%	3 35%	3 37%	3 39%	3 50%	3 60%	3 70%	3 81%	3 91%	4 01%	4 11%
10 000 ,	3 16%	3 18%	3 20%	3 22%	3 24%	3 26%	3 28%	3 30%	3 32%	3 42%	3 52%	3 63%	3 73%	3 83%	3 93%	4 03%

Total Exposures (mln)

Recap on our Industrial initiatives

Banking: combining Treasury and Business to boost growth

MORE DYNAMIC TREASURY MANAGEMENT:

• ✓ yield enhancement strategies (unsecured lending, collateral switch)
• ✓ full ADVANTAGE OF ECB's TIERING AND TLTRO

NEW PLATFORM TO DISTRIBUTE THIRD PARTIES SAVINGS ACCOUNTS leveraging on our FinTech DNA

SMART REPRICING ON CURRENT ACCOUNTS IN 2020 AND NEW PRICING IN 2021 ON NEW CURRENT ACCOUNTS: given the acceleration of flight to quality towards our Bank, we can afford to be more selective in our base of clients

NEW PLATFORM FOR TAX CREDIT (Ecobonus and Superbonus): we are very active within the framework of the Law Decree no.34/2020, allowing homeowners to have a tax credit up to 110% for a list of interventions on their houses (i.e. increasing energy efficiency of buildings, reducing seismic risk, etc.)

Investing: accelerating revenues and margins thanks to higher AUM volumes and to the strategic discontinuity in FAM to take more control of the value chain, improving operational efficiency

	STRONG VOLUME EFFECT		FAM OPERATIONAL EFFICIENCY
◼	INCREASING PFAs PRODUCTIVITY thanks to our cyborg-advisory approach and to our technology	◼	The internalization of the value chain will allow FAM to progressively and structurally lower the costs of third parties, creating more value (i.e. lower costs of mandate, new
◼	ROBUST AUM NET SALES as we are in the sweet spot to capture the acceleration of structural trends already in place		advisory services, new flagship product range fully managed in-house and new passive funds)
◼	NEW PFA INCENTIVE SCHEME based on inflows in:	◼	FAM is core for extracting additional value (on fund administration costs, custodian, etc)
	➢ Asset Under Management		FAM margins contribution expected to grow with the increase of FAM volumes institutional classes products (FAM funds underlyings of wrappers) can be used
	➢ quality solutions with a strong focus on RISK MANAGEMENT		as underlying of Investing solutions
◼	Clients starting to increase their RISK APPETITE	◼	Widening equity strategies offer due to the increasing demand by customers

Fineco Asset Management in a nutshell

AUM at € 24.5bn, of which € 14.6bn retail classes(1). Over 400 ISIN launched since inception

	FAM EVOLUTION
	✓FAM Megatrend: multi-thematic fund investing in secular trends
	✓New building blocks both vertical and based on risk profile
FUNDS OF FUNDS	✓FAM Target: decumulation products for customers who want to take advantage of bear market phase
	✓FAM Passive Underlyings
	CORE SERIES
	✓Release of Premium Share Classes
	✓Additional sub-advisory mandates in pipeline with ~15 new strategies in the coming weeks to further enlarge the offer through quality and exclusivity agreements for Fineco
FAM SERIES	✓FAM Global Defence: new capital preservation solution
(sub-adviced funds)	✓New flagship FAM Target China Coupon and ESG Target Global Coupon: investment solutions to build up exposure towards equity
	✓FAM Passive Single Strategies
INSTITUTIONAL	✓FAM underlying funds for advisory solutions (both funds of funds and Insurance wrappers) allowing a better control of the value chain to retain more margins and lower customers' TER
CLASSES	✓FAM Passive Underlyings
	✓68 strategies, including also Passive and new Smart Beta funds
	▪ Quality improvement and time to market for customers and distribution needs
BENEFITS	▪ Several efficiencies leveraging on a vertically integrated business model combined with the strong operating efficiency which is in Fineco's DNA
	▪ Better risk management thanks to the look-through on daily basis on funds' underlying assets
53	▪ Win-win solution: lower price for clients, higher margins

Brokerage: extracting value from the vertical integration

After the successful integration of our asset management business through FAM, we are now applying the same strategy with the launch of Leveraged Certificates thanks to our strong operating leverage and to the consistently increasing volumes

	We have launched our offer Leveraged Certificates offer and are now issuer, market maker and distributor.
Leveraged	Thanks to the vertical integration of the business and the full control in the relationship with clients, over time we are going to convert low-value flows on other issuers' certificates into our own.
Certificates	bn(1) revenues(2) Market size in Italy: 13 volumes and 100 mln We are also targeting flows on leveraged ETFs and covered warrants
	Step 1: launch of the first certificates on FTSE MIB, DAX, EuroSTOXX50, CAC and forex (eur/usd, eur/gbp, eur/jpy, gbp/usd) Step 2: widen the leveraged certificates offer

On July 22nd, 2021 FinecoBank finalized the acquisition of a 20% stake (cost around 1.25mln) of Hi-MTF

Hi-MTF

54

Rationale: to increase our ability to extract value from the vertical integration of the business thanks to our clients' strong volumes

Fineco UK: Investing in the spotlight

ISA accounts offer, already ~2,000 subscriptions. Next step: improving our user experience

Fineco UK vs competitors

Products and services

		FINECO B A N K	$\mathcal{C}$	HARGREAVES LANSDOWN	Revolut	HSE
	Bank Account		x	X
BANKING	Multi Currency	√	$\pmb{\times}$	$\mathsf X$
	Debit Cards		X	$\mathsf X$
	Shares
	Bonds		$\mathsf X$		X
TRADING	Futures & Options		x	x	X	x
	CFDs			$\mathsf X$	х	$\pmb{\times}$
	FX	J	√	$\mathsf X$	x	$\mathsf X$
	Analytic tools	↵	$\mathsf X$	X	X	X
	Funds		$\mathsf X$		x
INVESTING	ISA				X	√
	SIPP		x		х	x

Coming Soon

Platform features

Usability, reliability and advanced tools

	FINECO B A N K	فا	HARGREAVES LANSDOWN	Revolut	$\blacktriangleright$ HSBC
Free Basic Market Data
Free Real time DMA		X	X	X	X
Advanced Charting tool		X	X	X	X
Recurring investments		X		X
Trading order strategies			X	X	X
Stock screener		X	X	X	X
Payments		$\mathsf{x}$	$\boldsymbol{\mathsf{X}}$
Budget track		X	X		X
Open banking		X	Х

Fineco UK: Premium service without premium price

Disruptive pricing 100% sustainable thanks to our strong operating leverage

	010. ZUI 0 00111111111111111111111110 auutu Spitaus
Share CFD\Broker Buy 100 units	FINECO A N K $\boxminus$	IG	CIIIC cmc markets	SAXO BANK	Plus500
HSBC * 498.20 GBp	$\mathbf{o}$	£10	£9	£8	£0,67
APPLE * 225.64 USD	$\mathbf{o}$	£15	\$10	\$10	\$9.5
BMW * 42.61 EUR	$\mathbf{o}$	€10	€9	€10	€10.75
	FINECO IG cmc markets A N K B				SAXO BANK
CFD on UK INDEX	PIPS	PIPS		PIPS	PIPS
Ftse100	0.6	1		1	0.8

OTC: zero commission, no added spreads

Multicurrency: best spreads, no commissions

Coming Soon

Platform fees: the most competitive

Portfolio size	FINECO N K 8 $\Delta$	HARGREAVES LANSDOWN	$\mathcal{Y}$ A]Bell	W BARCLAYS	Fidelity INTERNATIONAL	HSBC
£20,000.00	0.25%	0.45%	2.28%	0.30%	0.35%	0.25%

Transaction fees

57

Preserving our best price/quality ratio

58 (1) Most convenient current accounts. Source: Figures based on publicly available costs for families with average online operations of the main Italian banks (ICC – Indicatore Complessivo dei Costi). The figures relates to the costs of current accounts reported in brackets, and are not taking into account promotions on the fee for the first year.

Commitment to Net Zero emissions by 2050

Aware of the importance of environmental and climate matters, in August this year the BoD approved the Net-Zero emissions plan to 2050 regarding both operational and financed emissions

(1) Source: https://www.climatewatchdata.org/; 'In Policy Document' and 'In law' objectives are accepted, 'In Political Pledge' objectives are not accepted.

(2) Target subject to formalisation of Net-Zero's commitment in a national policy document by Italy.

(3) For the purposes of the Net-Zero plan, the approach to accounting emissions from renewable electricity consumption at sites where the utilities are not registered to Fineco was revised, accounting them as 0 in case of the

presence of Guarantee of Origin certificates. Therefore, the figure reported here differs from that reported in the 2021 consolidated Non-Financial Statement.

Fixed Income

Senior Preferred instrument AT1 instruments

• ➢ On October ¹⁴th , 2021, Fineco successfully issued 500mln Senior Preferred in order to be immediately compliant with the Fully Loaded MREL Requirement on Leverage Ratio Exposure, which will be binding starting from January 1st, 2024.
• Annual coupon at 0.50% (5 years Mid Swap Rate plus ⁷⁰ bps vs initial guidance of plus 100 bps) for the first 5 years, floating rate between the fifth and sixth year
• Public placement with ^a strong demand, more than ⁴ times the offer
• The instrument has been rated BBB by S&P

Italian Senior Preferred

• ➢ €200 mln perpetual AT1 issued on January ²³rd , 2018:
• Coupon fixed at 4.82% for the initial 5.5 years
• Private placement, fully subscribed by UniCredit SpA
• Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
• ➢ €300mln perpetual AT1 issued on July ¹¹th , 2019 in order to maintain the Leverage Ratio above 3.5% after the exit from the UniCredit Group:
• Coupon fixed at 5.875% (initial guidance at 6.5%) for the initial 5.5 years
• Public placement, with strong demand (9x, €2.7bn), listed in Euronext Dublin
• Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
• The instrument was assigned ^a BB- rating by S&P

Italian AT1 yield at first call date

Main Financial Ratios

	Mar	Jun	Sep	Dec	Mar	Jun
	21	21	21	21	22	22
TFA/ (mln) (1) PFA PFA	31 6	32 5	33 0	33 9	32 8	31 2
FAM retail / Fineco AUM (2)	24%	26%	26%	27%	28%	29%
Cost / income Ratio (3)	30 4%	31 3%	31 4%	32 2%	27 0%	29 3%
CET	26	18	18	18	19	19
1	5%	6%	4%	8%	3%	1%
Ratio
(4)	22	23	21	22	30	29
Adjusted	2%	3%	5%	0%	4%	3%
RoE
(5)	4	3	3	3	3	3
Leverage	77%	81%	80%	84%	80%	82%
Ratio

(1)PFA TFA/PFA: calculated as end of period Total Financial Assets related to the network divided by number of PFAs eop

(2) Calculated as FAM retail stock eop divided by FinecoBank AUM stock eop

(3) C/I ratio net of non recurring items (see page 40 for details) calculated as Operating Costs divided by Revenues net of non recurring items

(4) RoE: annualized Net Profit, net of non recurring items (see page 40 for details) divided by the average book shareholders' equity for the period (excluding dividends expected to be distributed and the revaluation reserves)

(5) Leverage Ratio excluding exposures towards Central Banks from the total LR exposures (according to art. 429a - CRR) was equal to 4.03% in June 2021, to 4.04% in September 2021, to 4.02% in December 2021 and to 3.99% in March 2022