FinecoBank — Investor Presentation 2017

May 9, 2017

Fineco: 1Q17 Results

Milan, May 9th 2017Alessandro Foti, CEO and General Manager

Disclaimer

• This Presentation may contain written and oral "forward-looking statements", which includes 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, 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 FinecoBank S.p.A. (the "Company"). There are ^a variety of factors that may cause actual resultsand performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forwardlooking statements are not ^a reliable indicator of future performance. The Company undertakes no obligation to publicly update or reviseany forward-looking statements, whether as ^a result of new information, future events or otherwise, except as may be required byapplicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to changewithout 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 inconnection 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 securitiesreferred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any stateor other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitationwould be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentationdoes 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.
• Pursuant the consolidated law on financial intermediation of ²⁴ February ¹⁹⁹⁸ (article 154-bis, paragraph 2) Lorena Pelliciari, in her capacity as manager responsible for the preparation of the Company's financial reports declares that the accounting informationcontained in this Presentation reflects FinecoBank's documented results, financial accounts and accounting records.
• In order to provide further guidance concerning the performance achieved by the Bank, some alternative performance indicators – IAP (such as Adj. Cost/Income ratio, Cost of Risk, PFA TFA/TFA, Guided Products/AUM, Guided Products/TFA, Adj. RoE) and their descriptions are included in 2016 Reports and Accounts and in this Presentation, in accordance with guidelines published on October ⁵th, ²⁰¹⁵ by European Securities and Markets Authority (ESMA/2015/1415).
• This Presentation has been prepared on ^a voluntary basis since the financial disclosure additional to the half-year and annual ones is no longer compulsory pursuant to law 25/2016 in application of Directive 2013/50/EU, in order to grant continuity with the previous quarterlypresentations.
• Neither the Company nor any of its representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

Executive Summary

1Q17 net profit at 51.7mln (+8.0% y/y net of profits from Govies sale in 1Q16, -6.1% q/q(1)) Growing revenues (+5% y/y net of profits from Govies sale in 1Q16, +2.5% q/q) boosted by Investing area (+16.5% y/y with management fees up +13.4% y/y) and Banking area (+5.0% y/y thanks to high quality volume growth in deposits and lending). Despite volatility at the lowest level since2013, Brokerage performed very well, the third best quarter in the period in terms of revenue generation

Operating Costs at 60.7mln, substantially flat y/y confirming operating leverage as ^a key strength of the bank. Quarterly comparison (+9.8%) affected by seasonality, mainly PFAs related costsStrong capital position: CET1 ratio transitional at 22.24%

Solid and sustainable commercial performance in the first four months with ^a continuous improvement of the mix:

• -Net sales at 2bn (+9% y/y) boosted by 1.2 bn in AuM; 592mln net sales in April (+59% y/y)
• • Net sales in Guided Products & services reached 1.4bn (+72% y/y) bringing the penetration rate on total AuM at 59% as of April (+11p.p. y/y)
• -TFA at 63bn (+13% y/y)
• -Over 1.149 mln clients (+7% y/y)

(1) 4Q16 non-recurring items: releases of provisions: Solidarity Fund +1.5mln net and Tercas +1.0mln net; Integration costs: -3,7mln net; write-down of Cassa di Risparmio di Cesena stake: -4.5mln net

Agenda

Focus on product areas

Key messages and Initiatives monitoring

Results

Increasing Net Profit (+8.0% y/y net of profits from Govies sale in 1Q16) boosted by strong revenue growth and operating costs substantially flat

Net Profit, mln

Operating Costs, mln

(1) 4Q16 non recurring items: releases of provisions: Solidarity Fund +1.5mln net and Tercas +1.0mln net; Integration costs: -3,7mln net; write-downof Cassa di Risparmio di Cesena stake: -4.5mln net.

(2) In 1Q16, 704mln (nominal value) of Spanish and Italian government bonds at variable rate and residual maturity <3yrs sold. Govies at fixed ratewith maturity between 3 and 6 years were bought afterwards

• (3)Adj. C/I ratio calculated as Operating Cost divided by Revenues net of non recurring items (see page 27)
• 5(4) Adj. RoE: Net Profit net of non recurring items (see page 27) divided by the average book shareholders' equity for the period (excluding dividendsexpected to be distributed and the revaluation reserves)

Revenues by P&L Items

Well diversified stream of revenues able to deliver sustainable growth in any market condition. Management fees up +13.4% y/y, strong brokerage despite lowest volatility

Costs related to commercial initiatives booked in Net interest income as linked to current accounts

(2)Prudentially, in the first part of the year these costs were booked considering full targets achievement

6(3) In 1Q16 FinecoBank sold some Spanish and Italian government bonds in order to mitigate exposure to interest rate risk: nominal value 704 mln, variable rate, residual maturity ^&lt; 3 years. As ^a consequence, Govies at fixed rate with maturity between 3 and 6 years werebought afterwards

Net interest

Sustainable net interest income dynamics despite lower y/y rates supported by double digit growth in volumes, both sticky sight deposits and high quality lending

Investment policy

Volumes, margins and 1M Euribor: average of the period

(1)Lending includes personal loans, credit cards, overdrafts, mortgages

Net interest: focus on UniCredit bonds portfolio

Sustainability analysis: sight deposits growth to offset lower rates and bond portfolio run off

Minimum sight deposits growth to maintain interest income from UC bonds ptf quite aligned to 2016

(1)as of May ⁸th , spread on 1M Euribor

Costs

Cost efficiency and operating leverage confirmed in our DNA. Quarterly comparison affected by seasonality (mainly PFAs related costs)

Other administrative expenses, mln(1)

(1) Breakdown between development and running costs: managerial data

1Q171.71.40.34Q162.11.50.71Q162.72.00.7Other administrative expenses, related to PFAsStaff expenses, related to top managers and key employees

Write-down/backs and depreciation, mln

Capital Ratios

Best in class capital position and low risk balance sheet

CET1 Capital, mln

TFA

Relentless TFA growth thanks to a healthy expansion in net salesGuided products and services increased at 59% of total AuM

TFA and Net sales - breakdown

Strong improvement in asset mix with 1.2bn AuM net sales reached in four months. Successful shift towards high added value products resulting in 1.4bn, +72% y/y

Personal Financial Advisors (PFA) network Net sales / Organic growth

Net sales organically generated confirmed as a key pillar in our growing strategy

⁽¹⁾ Organic net sales calculated on total Bank net sales and refered to FY2016

Agenda

Fineco Results

Focus on product areas

Key messages and Initiatives monitoring

Revenues by Product Area

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

1Q17 weight on total revenues for each product area

15

Managerial Data. Revenues attributable to single each product area, generated by products / services offered to customers according to the linkbetween products and product area. Banking includes revenues generated by direct deposits and credit products; Investing includes revenuesgenerated by asset under management products; Brokerage includes revenues from trading activity

Banking

Sound performance driven by strong volume growth and customer acquisition thanks to high quality services and customer satisfaction

Revenues, mln

Direct deposits eop (mln)

Clients and new clients, thousands #

16

Brokerage

Outstanding brokerage results despite the lowest volatility since 2013 confirming the strong potential of this business

Managerial Data

17

(1) Volatility calculated as average volatily of FTSEMIB, DAX, SP500, weighted on related executed orders by our clients. Revenues calculated asbrokerage gross core revenues (NII excluded).

Investing

Successful strategy on cyborg advisory approach drove a better asset mix and increasing fees

Guided products on total AuM, %

Managerial Data

(1)Mainly PFAs annual bonus

(2)Prudentially, in the first part of the year these costs were booked considering full targets achievement

Agenda

Fineco Results

Focus on product areas

Key messages and Initiatives monitoring

1Q17 key messages

Healthy growth and sustainability at the heart of Fineco's business model

-Cost of funding close to zero

• -Clients' acquisition leveraging on high quality services
• -Organic growth as main engine of growth
• -Selected recruits to improve the quality and related costs well under control

Delivery of consistent results in every market condition

• -Growing revenues thanks to a very well diversified business model with smooth quarterly path
• -Sound Brokerage performance despite the lowest volatility since 2013
• -Flat y/y costs on the wave of a strong operating leverage and best-in-class IT platform

(1) Net Profit adjusted net of Deposit Guarantee Scheme (2015 DGS: -3.1mln net, 2016 DGS : -7.1mln net)

Initiatives monitoring

Strong commitment in preparing the Bank for a big step forward in our sustainable process of growth

Implementation

21

Banking AreaRevamp lending offer

Rolling Lombard

• Start date: beginning of May ²⁰¹⁷
• New credit lombard which allows to change pledged assets without closing and re-opening the credit line
• Several benefits to clients, financial planners and the bank:
• flexibility and efficiency: possibility to rebalance clients' portfolios without closing thecredit line
• newattractive pricing: retail clients 125bps and private clients up to 75bps (on Eur3m(1))
• differentiated marginsaccording to the riskiness of the pledged assets
• low cost of risk
• Expected huge opportunities in terms of increasing penetration and volumes
• This innovative product with distinctive features aims at acquiring and retaining private and upper-end clients

1

(1) with floor at zero

Investing Area (1/2)Increase network's productivity and Fineco Asset Management

Fineco Asset Management

2

• Currently the Italian competitive landscape of the Asset Management industry is mostly characterized by ^a vertically integrated business model, covering not only distribution of third party funds but also design and management of ownfunds
• Recently, FinecoBank has been weighing the opportunity and feasibility to integrate the existing business model with the constitution of ^a management house within its own holding perimeter, aiming at the management of its own funds with significant value creation and consequently profit increasing
• Along with the creation of new products, the management house could also handle the existing Core Series products (~€ 7.2 bn of assets) with tangible effects in the future financial statements

Investing Area (2/2)Private Banking

Total Financial Assets

• Private Banking area is experiencing ^a huge growth both in terms of assets and clients. Through Private Banking we want to create ^a deeper relationship with the client, combining advancedtechnology with the unique professional skills ofour advisorsto achieve client's life goals
• We recently set up ^a dedicated segment aiming to strengthen even more our positioning in thePrivate Banking. Our private bankers can access todedicated services and training in order toguarantee maximum service levels
• Our offer comprises tailor-made solutions, portfolio analysis and monitoring, investmentadvisory, fund research and selection

Private banking refers to clients with more than €500k assets

Expansion abroadUK project

• Start date: May ²⁰¹⁷
• Attractive and innovative value proposition based on one-stop solution approach
• Light cost approach, very low Capex leveraging on existing platform
• post "Brexit": Brexit will not affect the current operational framework at least for ² years (EU pass-porting laws)
• UK is now ^a perfect "blueprint" that allows us to experience new boundaries and to export in ^a faster and more effective way our platforms abroad, leveraging on our leadership in Brokeragein terms of number of executed orders and customer experience

259.95 - 6.95 - 3.95Customer Exeperience, Innovation and solid track record of Fineco Bank…competitive Pricing and absolutely fair conditionsThe aim is to SIMPLIFY customers' life using…Customerexperience, innovation and solid track record of FinecoBank €\$£Value proposition

Main Selling Points

https://finecobank.co.uk/uk/joinus/

One stop shopMulti-currency account (GBP,EUR,USD,CHF)

High quality of servicesHigh quality of customer experience

Brand-new paperless account opening process ready to be used in 1 day

Banking services

Free and unlimited UK domestic payments International Money transfer up to 250 destinations in 20 different currencies

Trading platforms

(for each target custy)Innovative trading applicationComprehensive securities offer

Annex

P&L

ln m	1 Q 1 6	2 Q 1 6	3 Q 1 6	4 Q 1 6	F Y 1 6	1 Q 1 7
Ne int inc t t ere s om e	6 2. 2	6 1. 2	6 2. 5	6 3. 4	2 4 9. 4	6 2. 9
Ne iss ion t c om m s	8. 2 5	9. 5 7	9. 3 5	6 8 5.	2 4 2. 9	6 4. 7
f Tra d ing it p ro	1 9. 6	2 7. 3	1 0. 8	1 1. 3	6 9. 1	1 3. 7
O he / inc t r e xp en se s om e	0. 1	0. 7	0. 8 -	2. 2 -	2. 2 -	0. 5
To l re ta ve nu es	1 4 0. 1	1 4 8. 8	1 3 1. 8	1 3 8. 4	5 5 9. 1	1 4 1. 8
S f f e ta xp en se s	-1 8. 7	1 9. 0 -	1 9. 3 -	1 6. 6 -	7 3. 7 -	1 9. 2 -
O he dm in. f re ies t t o r a ex p. ne co ve r	3 9. 3 -	3 6. 1 -	3 1. 4 -	3 5. 9 -	1 4 2. 7 -	3 9. 2 -
D & A	-2. 2	2. 4 -	2. 6 -	2. 7 -	1 0. 0 -	2. 3 -
Op ing t era ex p en se s	6 0. 2 -	5 7. 5 -	3. 4 5 -	3 5 5. -	2 2 6. 4 -	6 0. 7 -
Gr ing f i t t os s o p era p ro	7 9. 9	9 1. 3	7 8. 4	8 3. 1	3 3 2. 7	8 1. 1
Pr is ion ov s	-1. 4	1. 1 -	1 1. 3 -	3. 9	1 0. 0 -	2. 4 -
L L P	-1. 4	1. 4 -	0. 7 -	0. 7 -	4. 2 -	0. 5 -
Inte ion t ts g ra co s	0. 0	0. 0	0. 0	5. 5 -	5. 5 -	0. 0
f fro Pr it inv tm ts o m es en	0. 0	0. 0	0. 0	6. 7 -	6. 7 -	0. 0
f i fo Pr t be tax o re es	7 7. 1	8 8. 8	6 6. 4	7 4. 1	3 0 6. 3	7 8. 2
Inc tax om e es	-2 5. 8	2 2. 3 -	2 1. 8 -	2 4. 6 -	9 4. 5 -	2 6. 5 -
f i fo io Ne t p t t he d ro r p er	5 1. 2	6 6. 6	4 4. 6	4 9. 5	2 1 1. 8	5 1. 7
(1) No l ise d Ne Inc t rm a om e	5 1. 2	4 9. 8	4 4. 6	5 5. 1	2 0 0. 7	5 1. 7

No ing i ( ln, ) tem n r ec ur r s m g ro ss	1 Q 1 6	2 Q 1 6	3 Q 1 6	4 Q 1 6	F Y 1 6	1 Q 1 7
V I S A le ( Tra d ing Pr f it ) sa o		1 3 5.			1 3 5.
(2) Ex d s ic ha ( Pr is ion ) tra tem or y s c rg es ov s				3. 7	3. 7
Int ion t ts eg ra co s				-5. 5	5. 5 -
Ca d i R isp d i Ce ( Pr f it fro inv ) tm ss a se na o m es				-6. 7	6. 7 -
Re lea f ta se o xe s		6. 5			6. 5
To l ta	0. 0	2 1. 9	0. 0	8. 5 -	1 3. 3	0. 0

(1) Net of non recurring items

(2)Solidarity fund for retail clients invested in subordinated bonds issued by 4 Italian banks rescued

Details on Net Interest Income

ln m	1 Q 1 6	Vo & Ma lu me s ins rg	2 Q 1 6	Vo & Ma lu me s ins rg	3 Q 1 6	Vo & Ma lu me s ins rg	4 Q 1 6	Vo & Ma lu me s ins rg	F Y 1 6	Vo & Ma lu me s ins rg	1 Q 1 7	Vo & Ma lu me s ins rg
S ig h De i t ts p os	5 5. 4	1 5, 3 2 8	5 4. 2	1 6, 1 0 5	5 4. 6	1 6, 6 6 3	5 5. 7	1 7, 1 9 3	2 1 9. 9	1 6, 3 2 2	5 5. 4	1 8, 1 9 3
Ne M in t arg		1. 4 5 %		1. 3 5 %		1. 3 0 %		1. 2 9 %		1. 3 5 %		1. 2 4 %
Te De i ts rm p os	0. 3 -	6 2 8	0. 3 -	5 4 0	0. 2 -	4 1 3	0. 1 -	2 8 4	0. 9 -	4 6 6	0. 1 -	1 3 1
Ne M in t arg		0. 1 9 % -		0. 2 2 % -		0. 2 0 % -		0. 1 6 % -		0. 2 0 % -		0. 1 8 % -
Se i Le d ing ty cu r n	1. 0	1, 0 9 4	1. 0	1, 2 1 7	0. 8	1, 0 3 7	0. 7	9 9 5	3. 6	1, 0 8 6	0. 7	9 3 8
Ne M in t arg		0. 3 7 %		0. 3 3 %		0. 3 1 %		0. 3 0 %		0. 3 3 %		0. 3 0 %
Le Lo ve rag e - ng	1. 8	1 1 8	1. 6	1 0 6	1. 6	1 0 3	1. 7	1 1 2	6. 8	1 1 0	1. 9	1 3 0
Ne M in t arg		6. 2 0 %		6. 1 9 %		6. 1 1 %		6. 2 4 %		6. 1 9 %		6. 1 8 %
Le d ing n s	4. 7	1 1 5	4. 9	5 5 5	2 5.	6 4 7	6 5.	2 3 7	2 0. 4	6 1 6	6. 5	9 4 7
Ne M in t arg		3. 7 1 %		3. 5 8 %		3. 0 8 %		3. 0 6 %		3. 3 2 %		3. 3 3 %
O he t r	-0 4		0. 3 -		0. 5		0. 2 -		0. 4 -		1. 5 -
To l ta	6 2. 2		6 1. 2		5 6 2.		6 3. 4		2 4 9. 4		6 2. 9

Sensitivity: +100bps parallel shift equals to almost +87mlnNet interest income

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

FinecoBank bonds underwritten

ISI N	Cu rre ncy	Am ( € m ) nt ou	Ma ity tur	Ind ati ex on	Sp d rea
IT0 Am izin 1 004 307 861 ort g	Eu ro	150 .0	2-O ct- 17	Eu ribo r 1m	0.5 1%
IT0 Am izin 004 307 861 ort g	Eu ro	150 .0	2-J 18 an-	Eu ribo r 1m	0.5 1%
IT0 2 005 010 24 1	Eu ro	382 .5	Ap 28- r-1 7	Eu ribo r 1 m	1.8 7%
3 IT0 005 010 258	Eu ro	382 .5	27- Jul -17	Eu ribo r 1 m	1.9 4%
4 IT0 005 010 738	Eu ro	382 .5	Oc 25- t-1 7	Eu ribo r 1 m	2.0 1%
5 IT0 005 010 266	Eu ro	382 .5	24- Jan -18	Eu ribo r 1 m	2.0 8%
6 IT0 005 010 274	Eu ro	382 .5	23- Ap r-1 8	Eu ribo r 1 m	2.1 4%
IT0 7 005 010 290	Eu ro	382 .5	Jul 23- -18	Eu ribo r 1 m	2.1 9%
8 IT0 005 010 357	Eu ro	382 .5	Oc 19- t-1 8	Eu ribo r 1 m	2.2 4%
9 IT0 005 010 373	Eu ro	382 .5	18- Jan -19	Eu ribo r 1 m	2.2 9%
10 IT0 005 010 613	Eu ro	382 .5	1-A 19 pr-	Eu ribo r 1m	2.3 3%
11 IT0 005 010 282	Eu ro	382 .5	15- Jul -19	Eu ribo r 1 m	2.3 7%
12 IT0 005 010 399	Eu ro	382 .5	Oc 14- t-1 9	Eu ribo r 1 m	2.4 0%
13 IT0 005 010 324	Eu ro	382 .5	13- Jan -20	Eu ribo r 1 m	2.4 4%
14 IT0 005 010 365	Eu ro	382 .5	10- Ap r-2 0	Eu ribo r 1 m	2.4 7%
15 IT0 005 010 308	Eu ro	382 .5	9-J ul-2 0	Eu ribo r 1m	2.4 9%
16 IT0 005 010 381	Eu ro	382 .5	7-O ct-2 0	Eu ribo r 1m	2.5 2%
17 IT0 005 010 332	Eu ro	382 .5	6-J 21 an-	Eu ribo r 1m	2.5 4%
18 IT0 005 010 316	Eu ro	382 .5	6-A 21 pr-	Eu ribo r 1m	2.5 6%
19 IT0 005 010 340	Eu ro	382 .5	5-J ul-2 1	Eu ribo r 1m	2.5 8%
20 IT0 005 010 225	Eu ro	382 .5	18- Oc t-2 1	Eu ribo r 1 m	2.6 0%
21 IT0 005 009 490	1 US D	46. 8	25- Ap r-1 7	US D L ibo r 1m	2.0 6%
22 IT0 005 010 142	1 US D	46. 8	19- Ap r-1 8	US D L ibo r 1m	2.3 4%
23 IT0 005 010 134	1 US D	46. 8	1-A 19 pr-	US D L ibo r 1m	2.5 3%
24 IT0 005 010 860	1 US D	46. 8	7-A 20 pr-	US D L ibo r 1m	2.6 6%
25 IT0 005 010 217	1 US D	46. 8	1-A 21 pr-	US D L ibo r 1m	2.7 5%
26 IT0 005 040 099	Eu ro	100 .0	24- Jan -22	Eu ribo r 1 m	1.4 6%
27 IT0 005 057 994	Eu ro	200 .0	11- Ap r-2 2	Eu ribo r 1 m	1.4 3%
28 IT0 005 083 743	Eu ro	300 .0	28- Jan -22	Eu ribo r 1 m	1.2 5%
29 IT0 005 106 189	Eu ro	230 .0	20- Ap r-2 0	Eu ribo r 1 m	0.9 0%
30 IT0 005 114 688	Eu ro	180 .0	19- Ma 22 y-	Eu ribo r 1 m	1.1 9%
31 IT0 005 120 347	Eu ro	700 .0	27- Jun -22	Eu ribo r 1 m	1.5 8%
IT0 32 005 144 065	Eu ro	450 .0	14- Nov -22	2 Eu ribo r 3m	1.4 0%
IT0 33 005 144 073	Eu ro	350 .0	Nov 15- -21	2 Eu ribo r 3m	1.2 9%
34 IT0 005 158 412	Eu ro	250 .0	De 23- c-2 2	2 Eu ribo r 3m	1.4 7%
35 IT0 005 163 180	Eu ro	600 .0	11- Feb -23	2 Eu ribo r 3m	1.9 7%
36 IT0 005 175 135	Eu ro	100 .0	24- Ma r-2 3	2 Eu ribo r 3m	1.5 8%
IT0 37 005 217 606	Eu ro	350 .0	11- Oc t-2 3	2 Eu ribo r 3m	1.6 5%
IT0 38 005 24 131 7	Eu ro	622 .5	2-F eb- 24	2 Eu ribo r 3m	1.5 2%
IT0 39 005 158 503	1 US D	46. 8	De 23- c-2 2	US D L ibo r 1m	1 Q 1.9 3%
To tal	Eu ro	12, 000 .0		Eu rib 1m or	1.9 98 %
	1 US D	280 .6		US D L ibo r 1 m	2.3 78%

(1) Amounts expressed at EUR/USD 1.0691 exchange rate (as of Mar31st )

(2) In order to calculate an average spread on Eur1m, a basis swap of 0.12% is considered

Details on Net Commissions

l m n	Q 1 1 6	Q 2 1 6	Q 3 1 6	Q 4 1 6	F Y 1 6	Q 1 1 7
B k r o e r a g e	2 0. 3	5 1 8.	1 6. 6	5 1 9.	7 4. 9	2 0. 3
/ o w
E i t q u y	1 6. 5	1 5. 2	1 2. 9	1 6. 0	6 0. 6	1 6. 7
B d o n	1. 1	1. 1	0. 9	1. 2	4. 4	1. 0
D i i t e r v a v e s	3. 2	2. 6	2. 4	2. 4	1 0. 6	2. 4
( 1 ) O h i i t e r c o m m s s o n s	-0 5	-0 5	0. 4	-0 1	-0 7	0. 1
I i t n v e s n g	5 3 7.	4 0. 2	4 1. 0	4 4. 1	1 6 2. 7	4 3. 7
/ o w
P l f t a c e m e n e e s	1. 8	2. 8	2. 4	2. 9	9. 9	3. 1
M f t a n a g e m e n e e s	4 0. 0	4 0. 5	4 3. 0	4 4. 0	1 6 4 7.	4 3 5.
P F A 's t o	-4 3	-3 2	-4 4	-2 7	-1 4. 6	-4 7
B k i a n n g	0. 3	0. 8	1. 6	2. 0	4. 7	0. 6
O h t e r	0. 1	0. 3	0. 1	0. 1	0. 6	0. 1
T l t o a	5 8. 2	5 9. 7	5 9. 3	5. 6 8	2 4 2. 9	6 4. 7

(1)Other commissions include security lending and other PFA commissions related to AuC

Revenue breakdown by Product Area

l m n	Q 1 1 6	Q 2 1 6	Q 3 1 6	Q 4 1 6	F Y 1 6	Q 1 1 7
N i i t t t e n e r e s n c o m e	5 9. 7	5 8. 9	5 9. 9	6 1. 3	2 3 9. 8	6 1. 9
N i i t e c o m m s s o n s	0. 3	0. 8	1. 6	2. 0	4. 7	0. 6
T d i f i t r a n g p r o	0. 9	1. 1	0. 9	1. 5	4. 4	1. 3
O h t e r	0. 0	0. 1	0. 1	0. 1	0. 2	0. 1
T l B k i t o a a n n g	6 1. 0	6 0. 8	6 2. 5	6 4. 9	2 4 9. 1	6 4. 0
N i i t t t e n e r e s n c o m e	0. 0	0. 0	0. 0	0. 0	0. 0	0. 0
N i i t e c o m m s s o n s	3 7. 5	4 0. 2	4 1. 0	4 4. 1	1 6 2. 7	4 3. 7
T d i f i t r a n g p r o	0. 0	0. 0	0. 0	0. 0	0. 0	0. 0
O h t e r	0. 0	0. 0	0. 0	0. 0	0. 0	0. 0
i T l I t t o a n v e s n g	3 7. 5	4 0. 2	4 1. 0	4 4. 1	1 6 2. 7	4 3. 7
N i i t t t e n e r e s n c o m e	3. 0	2. 8	2. 6	2. 8	1 1. 2	2. 8
N i i t e c o m m s s o n s	2 0. 3	1 8. 5	1 6. 6	1 9. 5	4. 9 7	2 0. 3
T d i f i t r a n g p r o	1 3. 3	1 1. 1	9. 6	1 0. 2	4 4. 1	1 1. 5
O h t e r	0. 0	0. 0	0. 0	0. 0	0. 0	0. 0
T l B k t o a r o e r a g e	3 6. 6	3 2. 3	2 8. 7	3 2. 5	1 3 0. 1	3 4. 6

Managerial Data

Breakdown TFA

l m n	M h 1 6 a r c	J 1 6 n e u	S 1 6 t e p	D 1 6 e c.	M h 1 7 a r c
A U M	2 5, 5 6 5	2 5, 9 1 1	2 7, 5 2 2	2 8, 6 0 8	2 9, 7 4 2
/ F d d S i o w u n s a n c a v	2 2, 3 3 2	2 2, 3 9 5	2 3, 6 4 5	2 4, 2 8 5	2 4, 9 8 4
/ I o n s r a n c e w u	3, 2 1 9	3, 0 5 5	3, 8 6 5	4, 3 3 9	4, 4 9 7
/ G P M o w	1 4	1 2	1 2	1 1	9
C A U	1 2, 8 8 9	1 2, 6 8 8	1 3, 0 5 1	1 3, 0 8 7	1 3, 8 9 5
/ E i t o w q u y	6, 7 1 8	6, 5 2 6	6, 8 7 7	7, 1 3 5	7, 9 6 9
/ B d o o n w	6, 0 8 6	6, 0 8 1	6, 0 9 1	8 9 5, 5	8 8 5, 5
/ O h t o e r w	8 5	8 2	8 3	8 4	6 8
D i D i t t r e c e p o s s	5 1 6, 2 7	5 1 6, 9 6	1 6, 9 8 9	5 1 8, 0 9	5 1 8, 6 6
/ S i h t o g w	1 9 1 5, 5	1 6, 4 9 1	1 6, 6 3 8	1 8, 2 9 6	1 8, 0 4 5
/ T o w e r m	6 1 2	4 7 5	3 5 1	2 1 3	6 2
T l t o a	5 4, 9 8 0	5 5, 5 6 4	5 5 6 2 7,	6 0, 1 9 5	6 2, 2 0 2

/ G i d d P d & t o e r o c s w u u S i e r c e s v	1 2, 0 8 2	1 3, 2 9 8	1 4, 9 4 9	1 6, 1 3 5	1 7, 4 7 0

Balance Sheet

l m n	M h 1 6 a r c	J 1 6 u n e	S 1 6 t e p	D 1 6 e c.	M h 1 7 a r c
D f B k u e r o m a n s	1 4 0 4 5,	1 2 9 9 5,	1 4, 4 4 2	1 3 6 5, 7	1 4 6 2 5,
C L t s o m e r o a n s u	8 2 7	8 8 0	9 7 2	1, 0 1 7	1, 1 6 6
F i i l A t n a n c a s s e s	2, 6 2 9	2, 9 3 3	3, 9 2 5	3, 6 4 7	3, 9 1 2
T i b l d I i b l A t t a n g e a n n a n g e s s e s	1 1 1	1 1 1	1 1 2	1 1 2	1 1 2
D i i t e r a e s v v	7	9	8	9	1 2
O h A t t e r s s e s	2 8 6	3 2 8	3 2 7	3 4 9	2 6 2
T l A t t o a s s e s	5 1 9, 2 6	5 1 9, 6 1	5 1 9, 4 3	2 0, 9 8 6	2 0, 9 2 7
C D i t t u s o m e r e p o s s	1 6, 6 9 3	1 1 3 3 7,	1 2 0 7, 5	1 8, 8 0 1	1 8, 8 8 4
D B k t u e o a n s	1, 5 0 4	1, 3 6 2	1, 1 3 9	1, 1 1 1	9 8 0
S i i i I t e c r e s n s s e u u	0	0	0	0	0
D i i t e r v a v e s	2 0	1 8	1 5	1 1	1 7
F d d h L i b i l i i t t n s a n o e r a e s u	3 5 5	4 4 6	3 9 2	3 8 2	3 1 4
E i t q u y	6 9 2	6 0 3	6 6 5	6 8 1	3 2 7
T l L i b i l i i d E i t t t o a a e s a n q u y	1 9, 2 6 5	1 9, 5 6 1	1 9, 4 5 3	2 0, 9 8 6	2 0, 9 2 7

Main Financial Ratios

	M h 1 6 a r c	J 1 6 n e u	S 1 6 t e p	D 1 6 e c.	M h 1 7 a r c
/ P F A T F A P F A ( l ) (1) m n	1 7. 8	1 7. 9	1 8. 8	1 9. 6	2 0. 2
G i d d P d / T F A t (2) u e r o u c s	2 2 %	2 4 %	2 6 %	2 7 %	2 8 %
(3) C / i R i t t o s n c o m e a o	4 3. 0 %	4 3. 0 %	4 2. 2 %	4 1. 6 %	4 2. 8 %
C E T R i 1 t a o	2 1. 3 %	2 2. 7 %	2 3. 1 %	2 2. 9 %	2 2. 2 %
(4) j A d d R E t u s e o	4 3. 4 %	4 2. 1 %	4 0. 0 %	4 0. 8 %	3 9. 5 %
(5) L R i t e e r a g e a o v	1 0. 1 4 %	9. 4 6 %	8. 2 3 %	8. 2 6 %	7. 8 9 %

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

• (2)Calcuated as Guided Products eop divided by Total Financial Assets eop
• (3)C/I ratio net of non recurring items (see page 27)

(4) Adjusted RoE: Net Profit,net of non recurring items (see page 27) divided by the average book shareholders' equity for the period (excluding dividends and donationsexpected to be distributed and the evaluation reserves)

(5)Leverage ratio based on CRR definition, according to the EC Delegated Act 2015/62 regarding the exclusion of intra-group exposure