FinecoBank — Investor Presentation 2020

Nov 9, 2020

3Q20 Results

Alessandro Foti, CEO and General Manager

Milan, November 9th 2020

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 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. 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.
• 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 information contained in this Presentation reflects FinecoBank's documented results, financial accounts and accounting records.
• 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 quarterly presentations. FinecoBank is therefore 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.

Agenda

Next steps

Key messages

Focus on product areas

Executive Summary

Outstanding net profit in challenging market scenario

• 9M20 Gross operating profit(1) at 397mln, +31% y/y, showing the soundness of our industrial growth. In particular, 3Q20 at 123mln, +14% y/y
• 9M20 Net profit(1) at 246mln, +23% y/y, confirming the sustainability of a business model able to deliver consistent results in every market condition and to accelerate growth in the current situation
• 9M20 Revenues(1) at 594mln, +22% y/y supported by all product areas:
• Brokerage (+84% y/y) showing a structural growth thanks to the in-depth review of our product offer, the enlargement of both our clients' base and market share, and finally to higher volatility compared to 2019
• Investing (+6% y/y) thanks to volume effect and sound AUM flows
• Banking (+3.5% y/y) thanks to high quality volume growth in deposits and lending
• Operating Costs well under control at -197mln, +3.8% y/y excluding -4.5mln of marketing costs in UK
• C/I ratio at 33.1%, -4.8 p.p. y/y, confirming operating leverage as a key strength of the Bank

Strong and safe capital position

9M20 CET1 ratio at 23.28% and TCR at 37.41%

Accelerating commercial activity

• Net sales in the first nine months of the year at 6.4bn (+46% y/y), TFA at 85.0bn with penetration of Guided products on Assets under Management at 73%
• Fineco Asset Management retail net sales at 1.5bn in the first nine months of the year and TFA at 14.8bn
• Strong October net sales at 739mln, +91% y/y. Solid Brokerage revenues, estimated at around 14 mln

(1) Figures net of non recurring items: Voluntary Scheme: 3Q20: -0.2mln gross, -0.2mln net, 1Q20: -1.2mln gross, -0.8mln net. 9M19 non recurring items: Voluntary Scheme: 3Q19: 0.4mln gross, 0.3mln net, 2Q19:-4.3mln gross, -2.9mln net; 1Q19: -0.4mln gross, -0.3mln net; Patent Box: -0.9mln in

Results (1/2)

Strong Operating Profit, at 397mln in 9M20 and 123mln in the quarter, +14% y/y boosted by diversified revenues growth in a complex market environment. Net Profit at 246mln, +23% y/y despite higher systemic charges. C/I ratio at 33%, down -4.8 p.p. y/y confirming our strong operating leverage

(1) 9M20 non recurring items: Voluntary Scheme: 3Q20: -0.2mln gross, -0.2mln net, 1Q20: -1.2mln gross, -0.8mln net. 9M19 non recurring items: Voluntary Scheme: 3Q19: 0.4mln gross, 0.3mln net, 2Q19:-4.3mln gross, -2.9mln net; 1Q19: -0.4mln gross, -0.3mln net; Patent Box: -0.9mln in 3Q19, -0.9mln in 2Q19, -0.9mln in 1Q19.

(2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items. ROE calculated as: annualized adj.net profit divided by average book equity

5 for the period (excl. dividends for which distribution is expected and valuation reserves)

(3) Estimate (3Q20 includes: -20.9mln contribution to DGS and -7.1mln additional contribution to a member of Interbank Deposit Protection Fund)

Results (2/2)

Revenues at 594.2mln, +21.5% y/y supported by all product areas. Operating costs at 196.7mln, +3.8% excluding marketing costs in UK

(1) 9M20 non recurring items: Voluntary Scheme: 3Q20: -0.2mln gross, 1Q20: -1.2mln gross. 9M19 non recurring items: Voluntary Scheme: 3Q19: 0.4mln gross, 2Q19:-4.3mln gross, 1Q19: -0.4mln gross

(2) Marketing costs related to UK: -4.5mln in 9M20

6

Net interest income

Solid NII thanks to valuable and sticky sight deposits coupled with high-quality lending portfolio and a more dynamic treasury activity despite low interest rate environment. Sensitivity analysis +100bps / -100bps parallel shift: +116mln NII / -101mln NII

(1) Financial investments include interest income coming from the reinvestments of deposits in: Government bonds, UC bonds, Covered bonds, Supranational and Agencies and other financial investments (repos and immediate available liquidity)

(2) Other net interest income includes Security Lending, Leverage and other (mainly marketing costs). Other interest-earning assets include Security Lending and Leverage. See page 49 for details

(3) Lending: only interest income

7

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

Managing liquidity in a more dynamic way to sustain NII

Our high quality balance sheet allow us to undertake industrial actions to manage current interest rate environment while maintaining our low-risk investment policy

OUR INDUSTRIAL ACTIONS

• MORE DYNAMIC TREASURY MANAGEMENT: yield enhancement strategies like unsecured lending or collateral switch with primary counterparties to extract extra-yield on our quality-paper thanks to our industrially-driven strong liquidity position (LCR >1000%) (2) and quality investment portfolio
• ENLARGE THE SCOPE OF OUR INVESTMENTS to investment grade non-EU govies and financial corp. senior bonds
• FULL ADVANTAGE OF ECB's TIERING AND TLTRO
• INCREASED DEMAND FOR LENDING IS EXPECTED without changing our cautious and conservative approach as low interest rate environment increases the appetite for lending products by our existing good clients

8

Non Interest Income

Fees and commissions +27% y/y thanks to the positive contribution by all business areas and Trading Income +131% y/y thanks to structurally higher Brokerage

(1) Adj. Trading Income excluding non recurring items: Voluntary Scheme (1Q20: -1.2mln gross; 3Q20: -0.2mln gross; 1Q19: -0.4mln gross; 2Q19: -4.3mln gross; 3Q19: 0.4mln gross)

9

Brokerage proved itself as a perfect counter-cyclical business

The structure of the market is changing: increased interest in financial markets and big jump into a more digitalized society

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

Continuous reshape of brokerage offer. Next step: certificates

New options allowing to exploit volatility when it is low (new US options platform), optimization of our systematic internalizer, Multicurrency available 24/7, wider currencies basket, repricing of futures, wider OTC product offer

COMING SOON:

Leveraged certificates: we are vertically integrating the business, becoming issuer, market maker and distributor. Market size: 13bn(2) volumes and €100mln revenues(3) . Until now we are only distributors, through the vertical integration we can gain market share and further boost revenues

Asian markets, CFD on cryptocurrencies, new release and re-design of active traders' platform (PowerDesk)

Enlargement of client base and increasing market share

• >85% of new active clients investing on plain vanilla instruments (i.e. listed equity, ETFs) and not leveraged products
• Increasing market share in Italy on equity traded volumes at 28% in June 2020 (+1.4 p.p. y/y) (Assosim)
• See next slide for more details

(1) Estimated Brokerage revenues in the first ten months of 2020 are equal to €191.9 mln (+75% y/y)

(2) ACEPI (Italian Association of Certificates and Investment Products)

Brokerage: focus on enlargement of client base and increasing market share Clients' base growth mainly driven by "Active investors" starting to use brokerage platform and "sleeping" clients back on the market. New clients are coming from traditional banks

11

Focus on Investing

9M20 increasing y/y thanks to volume effect and strong AUM net sales. Margins supported by operational efficiency given by Fineco Asset Management

Focus on Investing: going forward

Investing revenues expected to keep on growing mainly driven by volumes effect and resilient margins, sustained by further boost in FAM operational efficiency

We expect increasing revenues with resilient margins, despite clients remaining cautious and conservative, thanks to:

• Robust AUM net sales as we are in the sweet spot to capture the acceleration of structural trends already in place (increasing demand for advice by Italian families, increasing digitalization, consolidation of banking system)
• New project with the aim to offer better quality solutions to our clients with a strong focus on RISK MANAGEMENT. Since our Irish management company already allows us to have a daily look-through on its solutions, we expect a strong acceleration in direction of FAM products
• Increasing PFA productivity thanks to our cyborg-advisory approach

STRONG VOLUME EFFECT FAM OPERATIONAL EFFICIENCY

• FAM is core for extracting additional operational efficiency (on fund administration costs, custodian, etc)
• FAM margins contribution expected to grow in a geometrical way with the increase of FAM volumes as institutional products can be used as underlying of Investing solutions
• New FAM product range based on advisory service by third parties: this will give FAM even more flexibility and will make the value chain even more efficient

Costs

Cost efficiency and operating leverage confirmed in our DNA. Non HR costs flat excluding marketing in UK

Staff expenses and FTE, mln

Non HR Costs(1) , mln

(1) Marketing costs related to UK: -4.5mln in 9M20

Focus on 3Q20 bottom line

High quality lending volume, offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics

(1) Current accounts/overdraft Include Lombard loans

(2) Cost of Risk: commercial LLP of the last 12 months on average last 12 months commercial Loans; CoR as of Sept.20 is a pro-forma figure excluding a non recurring write-back

Lending: solid growth for all our lending products thanks to the quality of our portfolio and to our cautious approach

2020 Guidance

s e g a g t r o M	Eop, mln 1,030 Sep.19	+61.7% +43.7% 1,159 Dec.19	1,666 Sep.20	 17,261 mortgages granted since December 2016 Average customer rate: 154bps. 9M20 Yield(1)  at 60bps  Average Loan to Value ~51%, average maturity 18 yrs  Low expected credit loss (~19 bps). Only 3 clients accounted in NPL after 45 months from the launch	 yearly new production: ~ 600-700mln  Expected yield: ~ 55-70bps
al s n n o a s o r L e P	Eop, mln 455 Sep.19	-4.3% 463 Dec.19	-5.9% 435 Sep.20	 Average ticket €9,200 and average maturity 4.6 years  9M20 Yield at 390bps  Efficient and real time process, instant approval platform for eligible clients' requests thanks to a deep knowledge of clients.  Low expected credit loss (~55 bps)	 yearly new production: ~ 150-200mln ~ (-20/-60mln net)  Expected yield: ~ 380-410bps
d r s a n b a m o L o L	Other lombard Eop, bn 1.2 0.2 1.0 Sep.19	Credit lombard +24.8% 1.3 0.2 1.1 Dec.19	+15.9% 1.5 0.2 1.3 Sep.20	o/w Credit Lombard(2):  Attractive pricing: retail clients 100bps and private clients 50/65/75bps (on 3M Eur(3))  Differentiated margins according to the riskiness of the pledged assets  Very low expected loss (~10 bps)	o/w Credit Lombard(2):  Expected growth: ~ 300-350mln per year  Expected yield: ~ 75-85bps

(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 17

Capital Ratios:

Best in class capital position and low risk balance sheet

(1) "Starting from 31 December 2019, FinecoBank applied the Standardised Method for determining the regulatory requirement related to operational risk, replacing the Advanced Measurement Method ("AMA") adopted previously."

TFA

Relentless TFA growth thanks to a healthy expansion in net sales. Guided products & Services increased at 73% of total AuM

TFA evolution (Dec.14 – Sep. 20), bn

(1) Calculated as Guided Products end of period divided by Asset under Management end of period (2) 9M20 market effect: -1.4bn AUM and -1.3bn AUC

TFA breakdown

Successful shift towards high added value products thanks to strong productivity of the network. 9M20 affected by negative market effect in the first months of the year

Plus services

(1) "Best in class" are a selection of advisory products and services based on: cost optimization, quality, sustainability and risk

(2) Other includes: Core Funds, PIR and Core Pension, GP Private, FAM Evolution stand-alone, FAM Global Defence stand alone

Net sales breakdown

Solid high quality net sales growth on the wave of structural trends thanks to our diversified business model and with an improving mix

21 AuC and Deposits under advisory have been reclassified within AuM in order to have a better representation of the advisory nature of Advice and

Organic growth

Net sales organically generated confirmed as key in our strategy of growth

Continuously increase of quality and productivity of the network

Clients' profile and focus on Private Banking

Outperforming the system in Private Banking growth

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

(2) AIPB (Associazione Italiana Private Banking) figures as of 1H20

(3) "Modelli Misti" include the following players: Allianz Financial Advisors, Banca Euromobiliare, Banca Generali PB, Banca Mediolanum,

24 Banca Patrimoni Sella, CheBanca!, Deutsche Bank, Fideuram ISPB, Fineco

Agenda

Fineco Results

Key messages

Focus on product areas

2020 Guidance

Given current outlook(1) , our assumptions for 2020, excluding revenues and costs related to UK business development, are:

• Net interest income: confirmed resilient and low risk thanks to the smooth run-off of our bond portfolio, positive effect from volumes (~2.0-2.5bn expected growth of deposits) and lending book (~1.0-1.2bn new production per year), benefit from ECB's tiering, no change in our investment policy with no increase in Fineco risk profile and benefit of yield enhancement strategies from a more dynamic management of our Treasury. No contribution from TLTRO in 2020
• Investing: revenues growing mid-single-digit and stabilization of margins
• Brokerage: acting as countercyclical business. It is expected to remain strong thanks to: 1) the deep reshape of the product offer, 2) the enlargement of the market (more Italians are interested in financial markets) and 3) the levels of volatility which we expect to be higher than the extremely low levels registered in the past years
• Banking: banking fees from smart repricing expected to be ~11mln for 2020
• Costs: we confirm our guidance(2) to around 4% yearly growth thanks to our strong operating gearing. This guidance doesn't include up to ~7.5mln of marketing costs in UK. Cost/Income continuously declining in the long run
• CET1: we expect to stay comfortably above 17%
• Leverage Ratio: very well under control and above 3.5% (for details, see slide 56 in Annex)
• Cost of Risk: confirmed in the range between 10 and 15 basis points thanks to the quality of our portfolio
• Net sales: robust, high quality net sales

2021 Guidance: strong results expected also going forward

Given current outlook(1) , our assumptions for 2021 are:

• Net interest income: confirmed resilient and low risk. We are containing the effect of the worsening interest rates environment thanks to the smooth run-off of our bond portfolio, positive effect from volumes and lending book, benefit from ECB's tiering and TLTRO, enlargement of the scope of our investments to non-EU govies with no change in our investment policy nor increase in our risk profile and benefit of yield enhancement strategies. On top of this, we expect a contribution of structural revenues from the regular activity of maintenance of our investment portfolio in the present context of decreasing interest rates environment(2)
• Investing: we expect revenues increasing double digit vs 2020 with resilient margins
• Brokerage: countercyclical business, it is expected to remain strong with a floor definitely higher than in the past
• Banking: banking fees from smart repricing expected to be ~20-22mln in 2021
• Costs: expected to grow by around 4.5% also due to the increase in the workforce
• CET1: floor at 17%
• Leverage Ratio: very well under control and above 3.5%
• Cost of Risk: confirmed in the range between 10 and 15 basis points thanks to the quality of our portfolio
• Net sales: robust, high quality net sales

(1) Forward rate curve as of October 26th, 2020

(2) Although this contribution is accounted in the trading profit line, this activity is not driven by market timing but only by the continuous process of maintenance to have an efficient portfolio

Current environment is creating the conditions to further enlarge our growth opportunities

Current situation is accelerating the structural trends reshaping our society…

DEMAND FOR ADVICE

Increasing participation in financial markets by Italians is building up a bridge among investing and brokerage

DIGITALIZATION

Society structurally moving towards a more digitalized world: a way of non-return

DISRUPTION IN TRADITIONAL BANKS

Traditional banks not ready for the new paradigma: flight-to-quality is gaining momentum

…and strengthening our long term growth opportunities

Strengths of our business model: quality, efficiency, innovation

Fintech DNA: we were born already digital

Cyborg advisory: our PFAs already used to assist clients in a digital world

• Robust Net sales with good asset mix
• Structurally higher Brokerage
• Acceleration in high-end clients' acquisition
• Decreasing Cost/Income

Accelerating net sales dynamics: robust AUM flows and increased productivity Focus on improving revenues mix and slowing down Balance Sheet growth for a better quality business going forward

FAM: strong commercial momentum with a sustainable approach Key to sustain AUM margins thanks to its strong operating leverage

FAM is catching a new trend for a further evolution of its business model

FAM is catching a new trend arising from US, where asset managers are starting to give advisory in portfolio management.

Starting from 2021, FAM will add to sub-advisory mandates a new product range based on an advisory service by third parties. This is going to make FAM even more flexible, with a more efficient value chain and a further alignment with clients and investors' interests

Fineco UK: our quality one-stop-solution proves to work

Revenues mix improved since our first marketing campaign

Cross selling and revenues mix improved since our very first marketing campaign at the end of 1Q20. Coupled with our huge operating leverage, this is allowing us to be at operating breakeven within the 1H21

OTC and Listed products confirmed to be the lion share of revenues in 3Q20 despite seasonality and lower volatility in the quarter

Next steps: we are progressively enlarging our fund offer, and ISAs and SIPPs are coming soon (see slide 32)

(1) Active current accounts have done at least one operation among Listed, OTC or multicurrency services Source: internal elaboration GB Department

Fineco UK: next steps Our UK funds offer counts now on 8 Asset Managers

Agenda

Fineco Results

Next steps

Key messages

Focus on product areas

Sustainability at the heart of Fineco's business model (1/2)

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

Our sustainable strategy lays on 2 different levels: a macro level and a micro level

MACRO level: related to our business model, from the beginning based on sustainability long-term view

1

TRANSPARENCY Fairness and respect

for all our stakeholders

EFFICIENCY

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

• FAM as a champion of ESG: PERFORMANCE FEES FREE trademark
• FAIR PRICING
• LOW UPFRONT FEES (only ~3% of Investing fees)
• 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

Fineco as a profitable Fintech Bank

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

FOCUS ON IT OPERATIONS

• Extreme process automation
• Critical processes always in-house
• Time to market and cost reduction
• Continuous innovation fully in-house developed

FULLY INTEGRATED BUSINESS STRUCTURE

• Core system internally managed
• Internal DWH to exploit our Big Data Analytics
• CRM dedicated team for all clients needs

ITSECURITY

• Governance, implementation and operations for cybersecurity & anti-fraud internally managed
• Ownership and control of critical infrastructure, relying on cloud for massive, scale-out workload needs only

Senior management experienced in IT No external consultants nor system integrator

FTEs in IT Department

24%

FTEs in Back-Office

OUR INTERNAL IT KNOW-HOW

A S T R A T E G I C C H O I C E

r e s u l t i n g i n u n m a t c h e d u s e r e x p e r i e n c e f o r b o t h o u r c l i e n t s a n d P F A s

A SINGLE DATABASE POWERING A STRONG DATA MANAGEMENT

Healthy and sustainable growth with a long term horizon

Highly scalable operating platform…

…with a diversified revenues mix leading consistent results in every market conditions

Net Profit adjusted (net of systemic charges) (1) , mln
CAGR +13.3%
66.2 63.2 65.6 61.0 60.4 59.0 55.1 54.8 51.2 49.8 52.0 51.7 52.6 47.8 45.9 47.7 40.1 40.8 37.3 36.4	92.4 89.2 84.1 75.6 73.4 72.0 63.5
1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q194Q191Q202Q203Q20

(1) Figures adjusted by non recurring items and Net Profit adjusted net of Deposit Guarantee Scheme, Single Resolution Fund and additional contribution to a member of Interbank Deposit Protection Fund: (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)

Safe Balance Sheet: simple, highly liquid and low risk asset side, valuable and sticky deposits

(1) Due from banks includes 1.0bn cash deposited at Bank of Italy as of Sep. 2020

Total assets: 99.5% not exposed to volatility

Out of 29.7bn, only 0.15bn of Assets valuated at fair value with very limited impacts on Equity reserve

(1) Due from banks includes 1.0bn cash deposited at Bank of Italy as of Sep.20

• (2) Other refers to tangible and intangible assets, derivatives and other assets
• (3) 16.6bn equal to 15.7bn nominal value, o/w Italy 5.1bn nominal value
• (4) Other : US, Austria, Belgium, Germany, Poland, Portugal, United Kingdom, Switzerland, Chile, Israel, Saudi Arabia

Agenda

Fineco Results

Next steps

Key messages

Revenues by Product Area

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

9M20 weight on total revenues for each product area

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

Banking

Sound performance driven by strong volume growth and relentless clients' acquisition, thanks to high quality services and best-in-class customer satisfaction

Managerial Data

Brokerage

Revamped Brokerage thanks to skyrocketing volatility combined with the review of the offer. Growing market share in Italy and continuous enlargement of product offer

Revenues

Well-diversified brokerage offer

Managerial Data

(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 43

Investing

Increasing revenues y/y thanks to a successful strategy based on our cyborg advisory approach. Very limited upfront fees, representing only ~3% of investing fees

Average Asset under Management

Annex

mln	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	3Q20	9M19	9M20
Net interest income	70.4	71.4	69.8	69.7	281.3	68.2	70.1	68.6	211.6	206.9
Net commissions	77.4	81.3	84.3	82.3	325.2	105.0	104.8	97.9	242.9	307.6
Trading profit	9.8	8.0	11.6	15.3	44.8	26.4	30.1	20.2	29.4	76.7
Other expenses/income	0.2	0.3	0.1	2.9	3.6	0.6	0.8	0.2	0.7	1.6
Total revenues	157.7	161.1	165.8	170.2	654.8	200.1	205.8	186.9	484.6	592.7
Staff expenses	-21.7	-22.4	-22.5	-23.6	-90.2	-24.0	-24.9	-24.6	-66.6	-73.5
Other admin.exp. net of recoveries	-38.5	-34.4	-29.4	-34.3	-136.6	-36.5	-34.6	-33.4	-102.3	-104.5
D&A	-5.1	-5.4	-5.8	-6.6	-22.9	-6.1	-6.2	-6.4	-16.3	-18.6
Operating expenses	-65.3	-62.3	-57.6	-64.4	-249.6	-66.5	-65.7	-64.4	-185.2	-196.7
Gross operating profit	92.5	98.8	108.2	105.8	405.2	133.6	140.0	122.4	299.4	396.0
Provisions	-1.0	-2.9	-19.8	-3.5	-27.2	-1.1	-6.5	-32.0	-23.6	-39.6
LLP	-1.3	1.1	-1.2	-0.6	-2.0	-1.0	-2.7	0.1	-1.4	-3.5
Profit from investments	-0.7	6.5	0.4	1.1	7.4	-0.1	-3.7	-0.2	6.3	-4.0
Profit before taxes	89.5	103.5	87.6	102.8	383.5	131.4	127.1	90.4	280.7	348.9
Income taxes	-27.3	-31.7	-26.6	-9.6	-95.1	-40.0	-38.3	-25.3	-85.5	-103.6
Net profit for the period	62.3	71.8	61.0	93.2	288.4	91.4	88.7	65.2	195.2	245.3
Net profit adjusted (1)	63.5	75.6	61.7	71.6	272.3	92.2	88.7	65.3	200.7	246.3
Non recurring items (mln, gross)	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	3Q20	9M19	9M20
(2) Extraord systemic charges (Trading Profit)	-0.4	-4.3	0.4	1.4	-3.0	-1.2	0.0	-0.2	-4.4	-1.4
Patent Box	-0.9	-0.9	-0.9	20.7	18.1	0.0	0.0	0.0	-2.6	0.0
Total	-1.3	-5.2	-0.5	22.1	15.1	-1.2	0.0	-0.2	-7.0	-1.4

P&L net of non recurring items

	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	3Q20	9M19	9M20
mln	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)	Adj. (1)
Net interest income	70.4	71.4	69.8	69.7	281.3	68.2	70.1	68.6	211.6	206.9
Net commissions	77.4	81.3	84.3	82.3	325.2	105.0	104.8	97.9	242.9	307.6
Trading profit	10.3	12.3	11.2	13.9	47.7	27.6	30.1	20.4	33.8	78.1
Other expenses/income	0.2	0.3	0.1	2.9	3.6	0.6	0.8	0.2	0.7	1.6
Total revenues	158.2	165.4	165.4	168.8	657.8	201.3	205.8	187.1	489.0	594.2
Staff expenses	-21.7	-22.4	-22.5	-23.6	-90.2	-24.0	-24.9	-24.6	-66.6	-73.5
Other admin.expenses	-38.5	-34.4	-29.4	-34.3	-136.6	-36.5	-34.6	-33.4	-102.3	-104.5
D&A	-5.1	-5.4	-5.8	-6.6	-22.9	-6.1	-6.2	-6.4	-16.3	-18.6
Operating expenses	-65.3	-62.3	-57.6	-64.4	-249.6	-66.5	-65.7	-64.4	-185.2	-196.7
Gross operating profit	92.9	103.1	107.8	104.4	408.2	134.8	140.0	122.7	303.8	397.5
Provisions	-1.0	-2.9	-19.8	-3.5	-27.2	-1.1	-6.5	-32.0	-23.6	-39.6
LLP	-1.3	1.1	-1.2	-0.6	-2.0	-1.0	-2.7	0.1	-1.4	-3.5
Profit from investments	-0.7	6.5	0.4	1.1	7.4	-0.1	-3.7	-0.2	6.3	-4.0
Profit before taxes	90.0	107.8	87.2	101.4	386.4	132.6	127.1	90.7	285.1	350.3
Income taxes	-26.5	-32.2	-25.6	-29.8	-114.2	-40.4	-38.3	-25.3	-84.3	-104.0
Net profit adjusted (1)	63.5	75.6	61.7	71.6	272.3	92.2	88.7	65.3	200.7	246.3

9M20 P&L FinecoBank and Fineco Asset Management

	Fineco Asset	FinecoBank	FinecoBank
mln	Management	Individual	Consolidated
Net interest income	-0.2	207.1	206.9
Dividends	0.0	14.2	0.0
Net commissions	49.7	257.9	307.6
Trading profit	0.1	76.6	76.7
Other expenses/income	0.1	1.6	1.6
Total revenues	49.7	557.4	592.7
Staff expenses	-3.1	-70.4	-73.5
Other admin.exp. net of recoveries	-2.9	-101.7	-104.5
D&A	-0.2	-18.5	-18.6
Operating expenses	-6.3	-190.5	-196.7
Gross operating profit	43.4	366.9	396.0
Provisions	0.0	-39.6	-39.6
LLP	-0.1	-3.4	-3.5
Profit on Investments	0.0	-4.0	-4.0
Profit before taxes	43.3	319.8	348.9
Income taxes	-5.5	-98.1	-103.6
Net profit for the period	37.8	221.7	245.3

Details on Net Interest Income

mln	1Q19	Volumes & Margins	2Q19	Volumes & Margins	3Q19	Volumes & Margins	4Q19	Volumes & Margins	FY19	Volumes & Margins	1Q20	Volumes & Margins	2Q20	Volumes & Margins	3Q20	Volumes & Margins	9M19	Volumes & Margins	9M20	Volumes & Margins
Financial Investments	57.1	19,748	58.0	20,582	55.9	21,714	56.0	22,114	227.0	21,040	54.8	22,543	56.3	22,676	53.0	22,491	171.0	20,681	164.1	22,570
Net Margin		1.17%		1.13%		1.02%		1.01%		1.08%		0.98%		1.00%		0.94%		1.11%		0.97%
Gross margin	59.7	1.23%	60.4	1.18%	58.5	1.07%	57.7	1.04%	236.3	1.12%	56.8	1.01%	57.1	1.01%	53.1	0.94%	178.5	1.15%	167.0	0.99%
Other Treasury activities (unsecured lending and collateral switch) Net Margin	0.0	0 0.00%	0.0	0 0.00%	0.0	0 0.00%	0.0	0 0.00%	0.0	0 0.00%	0.1	69 0.44%	0.8	784 0.39%	1.0	1,101 0.36%	n.a.	n.a. n.a.	1.8	651 0.37%
Security Lending	0.6	836	0.4	386	0.0	0	0.3	307	1.4	382	0.7	634	1.3	1,132	1.3	1,013	1.1	407	3.3	926
Net Margin		0.32%		0.44%		0.00%		0.44%		0.37%		0.44%		0.46%		0.52%		0.35%		0.48%
Leverage - Long	2.7	129	3.2	153	3.3	157	3.3	154	12.4	148	2.9	137	2.4	117	3.1	150	9.2	146	8.3	135
Net Margin		8.45%		8.35%		8.38%		8.38%		8.39%		8.42%		8.13%		8.13%		8.40%		8.23%
Lending Net Margin	10.5	2,410 1.76%	10.8	2,544 1.71%	11.1	2,674 1.64%	10.9	2,828 1.53%	43.3	2,614 1.66%	11.0	3,094 1.42%	11.4	3,393 1.35%	11.6	3,582 1.28%	32.4	2,543 1.70%	33.9	3,356 1.35%
o/w Current accounts Net Margin	2.9	1,040 1.14%	3.2	1,112 1.14%	3.2	1,169 1.10%	3.4	1,241 1.07%	12.7	1,141 1.11%	3.4	1,316 1.05%	3.6	1,375 1.04%	3.6	1,453 0.99%	9.3	1,107 1.13%	10.6	1,381 1.03%
o/w Cards Net Margin	1.2 (1)	43 11.43%	1.2	42 11.42%	1.2	43 11.40%	1.2	43 11.40%	4.9	43 11.41%	1.2	43 11.41%	1.1	40 11.40%	1.1	39 11.43%	3.6	43 11.41%	3.4	40 11.41%
o/w Personal loans	4.6	441	4.6	448	4.6	457	4.5	459	18.3	451	4.5	462	4.4	448	4.2	437	13.7	449	13.1	449
Net Margin		4.20%		4.09%		3.98%		3.92%		4.05%		3.93%		3.93%		3.86%		4.09%		3.90%
o/w Mortgages	1.8	886	1.9	942	2.0	1,005	1.8	1,084	7.4	979	1.8	1,273	2.3	1,530	2.6	1,653	5.7	944	6.7	1,485
Net Margin		0.80%		0.82%		0.79%		0.64%		0.76%		0.57%		0.61%		0.63%		0.80%		0.60%
(2) Other	-0.5		-1.0		-0.4		-0.8		-2.8		-1.3		-2.1		-1.3		-2.0		-4.6
Total	70.4		71.4		69.8		69.7		281.3		68.2		70.1		68.6		211.6		206.9
Gross Margin Cost of Deposits		1.26% -0.05%		1.25% -0.04%		1.17% -0.04%		1.11% -0.03%		1.20% -0.04%		1.08% -0.03%		1.04% -0.01%		0.98% 0.00%		1.23% -0.04%		1.03% -0.01%

Volumes and margins: average of the period

Net margin calculated on real interest income and expenses

2019 quarterly figures have been reclassified due to a managerial recast

(1) Net margins and volumes on cards recasted for the previous quarters: now they include only revolving cards, while they were previously

calculated on total cards, both spending and revolving. ⁴⁹ (2) Other includes mainly marketing costs

	ISIN	Currency Amount (€ m)		Maturity	Indexation	Spread
1	IT0005010381	Euro	382.5	7-Oct-20	Euribor 1m	2.52%
2	IT0005010332	Euro	382.5	6-Jan-21	Euribor 1m	2.54%
3	IT0005010316	Euro	382.5	6-Apr-21	Euribor 1m	2.56%
4	IT0005010340	Euro	382.5	5-Jul-21	Euribor 1m	2.58%
5	IT0005010225	Euro	382.5	18-Oct-21	Euribor 1m	2.60%
6	IT0005040099	Euro	100.0	24-Jan-22	Euribor 1m	1.46%
7	IT0005057994	Euro	200.0	11-Apr-22	Euribor 1m	1.43%
8	IT0005083743	Euro	300.0	28-Jan-22	Euribor 1m	1.25%
9	IT0005114688	Euro	180.0	19-May-22	Euribor 1m	1.19%
10	IT0005120347	Euro	700.0	27-Jun-22	Euribor 1m	1.58%
11	IT0005144065	Euro	450.0	14-Nov-22	Euribor 3m	1.40%
12	IT0005144073	Euro	350.0	15-Nov-21	Euribor 3m	1.29%
13	IT0005158412	Euro	250.0	23-Dec-22	Euribor 3m	1.47%
14	IT0005163180	Euro	600.0	11-Feb-23	Euribor 3m	1.97%
15	IT0005175135	Euro	100.0	24-Mar-23	Euribor 3m	1.58%
16	IT0005217606	Euro	350.0	11-Oct-23	Euribor 3m	1.65%
17	IT0005241317	Euro	622.5	2-Feb-24	Euribor 3m	1.52%
	Total	Euro	6,115.0		Euribor 1m	1.87%

Financial Investments

Further improvements for a diversified asset side.

⁽¹⁾ Sovereign Supranational and Agencies

(2) Avg 3Q20 "Other" includes: 1.0bn France, 0.9bn Ireland, 0.6bn Belgium, 0.5bn USA, 0.5bn Austria, 0.4bn Portugal, 0.1bn Germany, 0.2bn other (UK, Poland, Switzerland, Saudi Arabia, Israel, Chile)

Details on Net Commissions

mln	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	3Q20	9M19	9M20
Banking	4.5	5.6	5.9	5.3	21.3	8.8	10.3	9.7	15.9	28.8
Brokerage	18.5	18.0	20.0	20.8	77.3	35.6	37.6	26.5	56.5	99.7
o/w
Equity	15.6	14.7	15.9	17.0	63.2	30.0	31.0	21.7	46.2	82.7
Bond	0.9	0.9	1.4	0.7	3.9	1.0	3.8	2.2	3.2	7.0
Derivatives	2.3	2.2	2.7	2.6	9.7	4.5	3.7	2.6	7.2	10.8
Other commissions(1)	-0.2	0.2	0.0	0.6	0.5	0.0	-0.9	0.1	-0.1	-0.8
Investing	54.2	57.6	58.3	56.1	226.2	60.8	57.1	61.8	170.1	179.7
o/w
Placement fees	1.1	1.3	1.1	1.8	5.4	1.7	1.4	1.5	3.6	4.5
Management fees	57.1	59.7	61.5	63.0	241.3	61.9	58.9	64.2	178.3	185.0
to PFA's: incentives	-3.0	-4.3	-3.6	-8.0	-18.9	-2.5	-2.6	-3.1	-10.9	-8.2
to PFA's: LTI	-1.0	0.8	-0.7	-0.7	-1.6	-0.2	-0.7	-0.7	-0.9	-1.6
Other	0.1	0.1	0.1	0.1	0.4	-0.2	-0.2	-0.2	0.3	-0.6
Total	77.4	81.3	84.3	82.3	325.2	105.0	104.8	97.9	242.9	307.6

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

Revenues breakdown by Product Area

mln	1Q19	2Q19	3Q19	4Q19	FY19	1Q20	2Q20	3Q20	9M19	9M20
Net interest income	67.6	68.8	67.0	66.9	270.3	65.8	67.7	64.5	203.4	198.0
Net commissions	4.5	5.6	5.9	5.3	21.3	8.8	10.3	9.7	15.9	28.8
Trading profit	-0.1	-0.1	-0.2	0.2	-0.2	-0.1	-0.1	0.0	-0.3	-0.2
Other	0.1	0.1	0.1	0.1	0.4	0.2	0.3	-0.3	0.2	0.2
Total Banking	72.1	74.3	72.7	72.5	291.7	74.6	78.3	73.9	219.2	226.8
Net interest income	3.4	3.7	3.4	3.4	14.0	3.0	2.5	3.1	10.6	8.6
Net commissions	18.5	18.0	20.0	20.8	77.3	35.6	37.6	26.5	56.5	99.7
Trading profit	8.2	9.9	11.5	11.7	41.3	25.1	24.2	20.1	29.6	69.3
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Brokerage	30.2	31.6	34.9	35.9	132.6	63.6	64.2	49.7	96.7	177.6
Net interest income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net commissions	54.2	57.6	58.3	56.1	226.2	60.8	57.1	61.8	170.1	179.7
Trading profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other	0.0	0.0	0.0	2.7	2.7	0.1	-0.2	0.2	0.0	0.1
Total Investing	54.2	57.6	58.3	58.8	228.9	60.9	56.9	62.0	170.1	179.8

Managerial Data

Please note that, starting from December 31st, 2019, "Trading profit" also includes dividends and similar revenues on equity investments held at fair value in the item "Dividend income and similar revenue", previously included in the item "Dividends and other income from equity investments" in the reclassified income statement.

Breakdown Total Financial Assets

mln	Mar.19	Jun.19	Sep.19	Dec.19	Mar.20	Jun.20	Sep.20
AUM	35,988	36,819	38,325	40,505	35,516	40,083	41,744
o/w Funds and Sicav	26,361	26,426	27,477	28,786	24,122	27,657	28,929
o/w Insurance	8,401	9,002	9,369	10,115	9,961	10,676	11,020
o/w GPM	1	26	55	93	127	169	185
o/w AuC + deposits under advisory	1,225	1,365	1,425	1,512	1,307	1,580	1,610
o/w in Advice	572	600	603	598	516	550	554
o/w in Plus	653	765	822	914	792	1,030	1,056
AUC	15,187	15,229	15,158	15,324	13,485	16,486	16,821
o/w Equity	9,137	9,207	9,573	9,841	8,308	10,565	11,006
o/w Bond	6,037	6,011	5,575	5,448	5,147	5,878	5,766
o/w Other	13	12	11	35	30	43	49
Direct Deposits	22,941	23,844	25,099	25,590	26,925	26,077	26,432
o/w Sight	22,938	23,842	25,098	25,588	26,924	26,077	26,432
o/w Term	2	2	2	1	1	1	0
Total	74,116	75,892	78,583	81,419	75,927	82,646	84,997
o/w Guided Products & Services	24,301	25,354	26,697	28,788	25,486	28,984	30,331
o/w TFA Private Banking	29,041	29,970	31,891	33,437	28,844	33,024	34,438

Balance Sheet

mln	Mar.19	Jun.19	Sep.19	Dec.19	Mar.20	Jun.20	Sep.20
(1) Due from Banks	3,807	1,941	2,033	1,320	1,801	1,633	1,761
Customer Loans	3,029	3,409	3,568	3,680	3,741	4,204	4,320
Financial Assets	19,012	19,920	21,532	22,313	23,414	22,961	22,988
Tangible and Intangible Assets	243	242	247	279	280	280	278
Derivatives	29	49	72	65	76	76	76
Other Assets	259	274	308	366	207	259	298
Total Assets	26,380	25,835	27,760	28,023	29,519	29,412	29,721
Customer Deposits	23,311	24,140	25,429	25,920	27,202	27,021	27,297
Due to Banks	1,605	207	188	155	331	113	105
Derivatives	32	84	156	95	144	207	212
Funds and other Liabilities	393	477	698	471	365	515	487
Equity	1,040	928	1,289	1,382	1,477	1,556	1,620
Total Liabilities and Equity	26,380	25,835	27,760	28,023	29,519	29,412	29,721

(1) Due from banks includes cash deposited at Bank of Italy: 1.0 bn as of Sep.2020, 0.9bn as of June 2020, 1.2bn as of Mar.2020, 1.2bn as of June 2019, 1.2bn as of Sept. 2019, and 0.8bn as of Dec. 2019

Leverage Ratio Sensitivity

• OUR PRIORITY: to slow down the growth of our Balance Sheet through the conversion of deposits into Asset under Management and through the repricing of our Banking services
• OUR 2020 GUIDANCE: Leverage Ratio comfortably above 3.5% considering 2-2.5bn growth of deposits

STRESS TEST SCENARIO

T1 Capital (mln)

		0	30	40	50	60	70	80	90	100	110	120	130	140	150
	-	3.85%	3.95%	3.99%	4.02%	4.06%	4.10%	4.13%	4.17%	4.20%	4.24%	4.27%	4.31%	4.34%	4.38%	Considering our organic capital
	500	3.78%	3.88%	3.92%	3.95%	3.99%	4.02%	4.06%	4.09%	4.13%	4.16%	4.20%	4.23%	4.27%	4.30%
	1,000	3.72%	3.82%	3.85%	3.89%	3.92%	3.96%	3.99%	4.02%	4.06%	4.09%	4.13%	4.16%	4.20%	4.23%	generation(1) after dividend
	1,500	3.65%	3.75%	3.79%	3.82%	3.85%	3.89%	3.92%	3.96%	3.99%	4.02%	4.06%	4.09%	4.12%	4.16%
n)	2,000	3.59%	3.69%	3.72%	3.76%	3.79%	3.82%	3.86%	3.89%	3.92%	3.96%	3.99%	4.02%	4.06%	4.09%	distribution and payment of AT1
ml	2,500	3.53%	3.63%	3.66%	3.70%	3.73%	3.76%	3.79%	3.83%	3.86%	3.89%	3.92%	3.96%	3.99%	4.02%
(	3,000	3.48%	3.57%	3.61%	3.64%	3.67%	3.70%	3.73%	3.77%	3.80%	3.83%	3.86%	3.89%	3.93%	3.96%	coupon, also in case of extremely
s	3,500	3.42%	3.52%	3.55%	3.58%	3.61%	3.64%	3.67%	3.71%	3.74%	3.77%	3.80%	3.83%	3.86%	3.90%
e ur	4,000	3.37%	3.46%	3.49%	3.52%	3.56%	3.59%	3.62%	3.65%	3.68%	3.71%	3.74%	3.77%	3.80%	3.84%	adverse market scenario and
s	4,500	3.32%	3.41%	3.44%	3.47%	3.50%	3.53%	3.56%	3.59%	3.62%	3.65%	3.68%	3.72%	3.75%	3.78%
o	5,000	3.27%	3.36%	3.39%	3.42%	3.45%	3.48%	3.51%	3.54%	3.57%	3.60%	3.63%	3.66%	3.69%	3.72%	assuming 5 billion of deposit
p x	5,500	3.22%	3.31%	3.34%	3.37%	3.40%	3.43%	3.46%	3.49%	3.52%	3.55%	3.57%	3.60%	3.63%	3.66%
E	6,000	3.17%	3.26%	3.29%	3.32%	3.35%	3.38%	3.41%	3.43%	3.46%	3.49%	3.52%	3.55%	3.58%	3.61%	growth in 2020 (vs 2.4bn on
al	6,500	3.13%	3.21%	3.24%	3.27%	3.30%	3.33%	3.36%	3.39%	3.41%	3.44%	3.47%	3.50%	3.53%	3.56%
ot	7,000	3.08%	3.17%	3.19%	3.22%	3.25%	3.28%	3.31%	3.34%	3.37%	3.39%	3.42%	3.45%	3.48%	3.51%	average in the period 2015-'19),
T	7,500	3.04%	3.12%	3.15%	3.18%	3.21%	3.23%	3.26%	3.29%	3.32%	3.35%	3.37%	3.40%	3.43%	3.46%
	8,000	3.00%	3.08%	3.11%	3.13%	3.16%	3.19%	3.22%	3.24%	3.27%	3.30%	3.33%	3.36%	3.38%	3.41%	our Leverage ratio would
	8,500	2.95%	3.04%	3.06%	3.09%	3.12%	3.15%	3.17%	3.20%	3.23%	3.26%	3.28%	3.31%	3.34%	3.36%
	9,000	2.92%	3.00%	3.02%	3.05%	3.08%	3.10%	3.13%	3.16%	3.18%	3.21%	3.24%	3.27%	3.29%	3.32%
	9,500	2.88%	2.96%	2.98%	3.01%	3.04%	3.06%	3.09%	3.12%	3.14%	3.17%	3.20%	3.22%	3.25%	3.27%	remain around 3.5%
	10,000	2.84%	2.92%	2.94%	2.97%	3.00%	3.02%	3.05%	3.07%	3.10%	3.13%	3.15%	3.18%	3.21%	3.23%
				LR > 3.5%			3.0% < LR < 3.5%				LR < 3.0%

	Mar.19	Jun.19	Sep.19	Dec.19	Mar.20	Jun.20	Sep.20
PFA TFA/ PFA (mln) (1)	25.0	25.6	26.6	27.8	25.7	27.9	28.7
Guided Products / TFA (2)	33%	33%	34%	35%	34%	35%	36%
Cost / income Ratio (3)	41.3%	39.4%	37.9%	37.9%	33.0%	32.5%	33.1%
CET 1 Ratio (4)	21.0%	17.8%	17.4%	pro-forma 24.2%	25.4%	24.1%	23.3%
Adjusted RoE (5)	31.2%	34.0%	27.3%	pro-forma 25.1%	26.5%	26.0%	23.4%
Leverage Ratio (6)	5.11%	2.89%	3.85%	pro-forma 4.54%	4.39%	4.41%	4.35%

(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 46 for details) calculated as Operating Costs divided by Revenues net of non recurring items

(4) Dec.19 CET1 ratio pro-forma

(5) RoE: Net Profit, net of non recurring items (see page 46 for details) divided by the average book shareholders' equity for the period (excluding dividends expected to be distributed and the revaluation reserves) . Dec.19 ROE is pro-forma

(6) Leverage ratios until Mar.19 are calculated on Individual basis, according to the EC Delegated Act 2015/62 regarding the exclusion of intra-group 57 exposure. Dec.19 Leverage ratio pro-forma

Fineco - a fully independent public company starting from May 2019

Strategy and Business model

Fineco exit from the UniCredit Group has no implications on its strategy and business model: Fineco enjoyed limited synergies with UniCredit and, as a fully independent company, continues to focus on maximizing shareholders' value via healthy, sustainable and organic growth

Transitional Arrangements with UniCredit Group

Fineco and UniCredit have agreed to enter into certain transitional arrangements to ensure full continuity and an orderly and smooth transition from a regulatory, liquidity and operational standpoint

Fineco Asset Management in a nutshell AUM at €14.9bn, of which €9.6bn retail classes (1)

Quality improvement and time to market for customers and distribution needs

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

Win-win solution: lower price for clients, higher margins

Fineco UK vs Competitors: products and services

		FINECO B A N K	IC i	HARGREAVES LANSDOWN	Revolut	$\blacktriangleright$ HSBC
	Bank Account		X	X
BANKING	Multi Currency	$\boldsymbol{J}$	X	X		√
	Debit Cards	$\blacklozenge$	X	X
	Shares
	Bonds		X		X
TRADING	Futures & Options		X	X	X	X
	CFDs	J		X	X	X
	FX		$\checkmark$	X	X	X
	Analytic tools		X	X	X	X
	Funds	A l	X		X
INVESTING	ISA		√		X
	SIPP		X		X	X

Coming Soon - see slide 32

Fineco UK vs Competitors: features Fineco platform: usability, reliability and advanced tools

	FINECO B A N K	G	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		X	X
Budget track		X	X		X
Open banking		X	Х

Fineco UK: Premium service without premium price (1/2) Disruptive pricing 100% sustainable thanks to our strong operating leverage

OTC: zero commission, no added spreads

Share CFD\Broker Buy 100 units	FINECO B A N K	IG	≅шC 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	C9		€10.75
	FINECO $\boxminus$ А N K	IG		CIIIC cmc markets	SAXO BANK
CFD on UK INDEX	PIPS	PIPS		PIPS	PIPS
Ftse100	0.6	1		1	0.8

Platform fees: the most competitive

Portfolio size	FINECO B A N K	HARGREAVES LANSDOWN	$\mathcal{Y}$ AJBell	BARCLAYS	Fidelity 875884708841	$\left\langle \mathbf{X} \right\rangle$ HSBC
£10,000.00	0.25%	0.45%	0.25%	0.20%	0.35%	0.25%
£50,000,00	0.25%	0.45%	0.25%	0.20%	0.35%	0.25%
£100,000.00	0.25%	0.45%	0.25%	0.20%	0.35%	0.25%
£250,000.00	0.25%	0.45%	0.25%	0.20%	0.35%	0.25%

Stock broking: flat fees

	(1)	(1)
	(1)	(1)

Transaction fees

FINECO $\mathbf{a}$ N $\mathbb A$ $\ltimes$	HARGREAVES LANSDOWN	$\mathcal{Y}$ A]Bell	W BARCLAYS	Fidelity	HSBC
£0.00	£0.00	£1.50	£3.00	£10.00	No online Phone dealing only

(1) Plus Custody fees

Fineco UK: Premium service without premium price (2/2)

Disruptive pricing 100% sustainable thanks to our strong operating leverage

Multicurrency: best spreads, no commissions

£≢€	FINECO N K B д	Ravolut	TransferWise	S STARLING BANK	HSBC D	HARGREAVES LANSDOWN	$\frac{1}{2}$ interactive investor
£2,000	£4.46	£4.99 Saxing: -12%	£7.49 Saxing: -68%	£8.02 Saxing: -80%	£14.98 Saving: -236%	£16.94 Saving: -280%	£29.95 Saving: -572%
£10,000	£22.3	£44.93 Saving: -101%	£37.44 Saxing: -68%	£40.7 Saxing: -83%	£74.88 Saxing: -236%	£84.7 Saving: -280%	£150 Saxing: -573%
£500,000	£668.63	£2,491.22 Saxing: -273%	£1,872.16 Saxing: -180%	£2,005.88 Saxing: -200%	£3,744.32 Saxing: -460%	£4.234,64 Saxing: -533%	£2,496.21 Saxing: -273%
£1,000,000	£1,114.4	£4,987.43 Saxing: -348%	£2,852.8 Saving: -156%	£4,011.77 Saving: -260%	£7,488.6 Saving: -572%	£8,470 Saxing: -660%	£2,496.21 Saxing: -124%

(1) Equivalent for each transaction – Exchage rate GBP/EUR: 1,1217

Preserving our best price/quality ratio

An update on the main outcomes from our Smart Repricing

(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.

64

Additional Tier 1

First public placement successfully issued with strong demand (9x the offer)

€200 mln AT1 issued in January 2018 €300 mln AT1 issued in July 2019

• On January 23rd , 2018 the Bank issued a €200mln perpetual AT1
• 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

• On July 11th , 2019 Fineco issued a €300mln perpetual AT1 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

On Oct. 29th, 2020

S&P Global Ratings upgraded Fineco's outlook to Stable and affirmed ratings at BBB/A-2