FinecoBank — Investor Presentation 2023

Aug 1, 2023

Alessandro Foti CEO and General Manager

2Q23 Results

FINECO. SIMPLIFYING BANKING.

Milan, August 1st 2023

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. Information, opinions, valuations and forecasts contained in this Presentation have not been audited by any independent body. 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 in the Other Countries.
• ◼ This Presentation has been prepared on a voluntary basis and, therefore, FinecoBank the Company is not bound to prepare similar presentations in the future, unless where provided by law. No guarantee, express or implicit, is given by the Company with reference to the reliability, accuracy or completeness of information or opinions contained in this Presentation. 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. Information and any content of this Presentation are the exclusive property of the Company and the partial or total publication, duplication and/or transmission of the same are forbidden without the prior written consent of the Company. 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

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

Strong net profit and operating leverage

• ◼ 1H23 adj. Net Profit at 308.9mln, +38.8% y/y(1) (+63% y/y excluding 1H22 Profits from Treasury management)
• ◼ 1H23 adj. Revenues at 600.7mln, +29.4% y/y(1) mainly supported by Net Financial Income (+86.1% y/y, o/w NII +158.5%) and Investing (+4.8% y/y). Brokerage confirmed a structurally higher floor vs pre-pandemic levels
• ◼ Operating Costs well under control at -144.5 mln, +6.2% y/y (+5.0% 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 24.1%

Outstanding commercial dynamics driven by organic growth

• ◼ Strong acceleration in new clients' acquisition (+25.2% y/y in 1H23), with no change in our marketing strategy nor short term aggressive commercial offer
• ◼ Net sales in 1H23 at 5.2 bn, o/w AUM at 1.9 bn. TFA at 115.9 bn with AuM at 55.8 bn. July estimate: Strong net sales at 0.5 bn, o/w Deposits at ~200 mln despite higher taxes y/y (~+260 mln y/y), AUM at ~40 mln due to insurance outflows (~- 160mln), AUC at ~250 mln. Brokerage revenues estimated at ~14 mln (>35% vs average July revenues in 2017-2019 y/y)
• ◼ Leading PFA productivity vs peers thanks to organic growth

4

Solid capital and liquidity position

• ◼ CET1 ratio at 23.20%,TCR at 34.04%, Leverage ratio at 4.68%
• ◼ LCR at 785%(3) , NSFR at 384%

Guidance: strong growth confirmed

• ◼ Expected Net Financial Income for FY23 confirmed at around +70% vs FY22(4)
• ◼ Expected Investing revenues in FY23 confirmed to increase high single digit vs FY22 with higher after-tax margins. ManFee margins after tax confirmed at ~55bps in FY24 (pretax ~73bps)
• ◼ Brokerage guidance confirmed: revenues expected strong with a floor higher vs pre-Covid period
• ◼ Operating costs expected in FY23 at +6% vs FY22, not including additional costs for: FAM strategic discontinuity (~2 mln) and additional marketing expenses (at least ~3 mln)
• ◼ Cost of Risk: in a range 5/9 bps in 2023
• ◼ Growing CET1 ratio and Leverage ratio

⁽¹⁾ 2022 non recurring items: 1Q22 -0.3 mln gross (-0.2 mln net) due to Voluntary Scheme

⁽²⁾Excluding costs strictly related to the growth of the business, mainly FAM (-0.6 mln y/y) and marketing (-0.9 mln y/y) (3)Avg 12 months (4) Assumptions based on forward rate curve as of July 28th, 2023

Delivering strong Net Profit in every market condition

Adj. Net Profit at 308.9mln, +38.8% y/y boosted by strong acceleration of Investing, confirming the effectiveness of our initiatives, and Net Financial Income. Strong operating leverage confirmed

	1H22	1H23	1H23/
mln	(1) Adj	(1) Adj	1H22
financial Net income	176 4	328 3	86 1%
o/w Net interest income	127 0	328 2	158 5%
o/w Profit from treasury	49 4	0 1	-99 8%
Net commissions	232 5	242 1	4 1%
profit Trading	1 55	30 1	-45 4%
Other expenses/income	0 4	0 2	-46 1%
Total revenues	464 3	600 7	29 4%
Staff expenses	-57 5	-60 4	4 9%
Other admin .expenses	-65 3	-70 9	8 6%
D&A	-13 2	-13 2	0 4%
Operating expenses	-136 0	-144 5	6 2%
Gross operating profit	328 3	456 2	39 0%
Provisions	-12 5	-12 0	-3 9%
LLP	-1 2	-2 1	69 8%
Profit from investments	-0 8	-0 6	-22 9%
Profit before taxes	313 8	441 5	40 7%
Income taxes	-91 3	-132 6	45 3%
Net profit	5 222	308 9	38 8%
(2) ROE	26%	32%
(2) Cost/Income	29%	24%

Revenues

• ➢ Strong growth in Net Financial Income (+86.1% y/y, with NII at +158.5% y/y) mainly thanks to our capital light NII (>70% ex. lending) driven by our clients' valuable transactional liquidity and not by lending (not affected by additional costs and provisions due to NPL)
• ➢ Net commissions growing by +4.1% y/y driven by Investing (+4.8% y/y) and Banking (+14.5% y/y)
• ➢ Trading profit excluding the effects from ineffectiveness of the hedging derivatives(3) : -18.9% y/y mainly due to lower brokerage activity

Costs

The yearly increase is mainly linked to costs related to the growth of the business, related to:

• FAM as it is increasing the efficiency of the value chain
• Marketing expenses

Net of these items, 1H23(4): +5.0% y/y

Net profit

+63.0% y/y excluding 1H22 Profits from Treasury management

(1) 2022 non recurring items: 1H22 -0.3 mln gross (-0.2 mln net) due to Voluntary Scheme

(2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items. ROE is calculated as annualised adj.net profit divided by average book equity for the period (excl. valuation reserves)

(3) The ineffectiveness of the hedging derivatives was equal to +11.7 mln in 1H22 and -5.1 mln in 1H23. The value depends on the application of accounting standards IFRS9, and is influenced both by the spread between the ESTR and the Euribor and by the amount of the fair value of the derivatives

(4) Excluding costs strictly related to the growth of the business, mainly FAM (-0.6 mln y/y) and marketing (-0.9 mln y/y) 5

Our priority: accelerating on Investing

Improving margins thanks to the higher control on the Investing value chain through FAM

Investing revenues increasing thanks to volume effect and FAM

Investing Revenues, mln

mln	2Q22	1Q23	2Q23	1H22	1H23
Investing	75 7	74 8	81 4	149 1	156 2
o/w
Placement fees	1 3	0 9	0 8	3 1	1 7
fees Management	91 8	94 8	98 1	185 0	192 9
PFA's: incentives to	-8 0	-8 1	-8 6	-16 6	-16 7
PFA's: LTI to	-0 8	-0 8	-0 7	-1 8	-1 5
Other PFA costs	-8 5	-11 9	-8 0	-20 3	-19 9
Other commissions	0 0	0 0	0 0	0 0	0 0
Other income	-0 1	-0 2	-0 1	-0 2	-0 3

Focus on 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 retail net sales: outstanding results both in absolute and relative terms

(1) Final data vs June 2023 net sales press release (29.1bn)

7

(2) Source for peers: Assogestioni figures as of June 2023 (reported figures are the ones comparable vs FAM retail net sales: opened funds and retail discretionary portfolio management). Peers are: Allianz, Amundi, Anima, BNPP Group, Credem, Deutsche Bank Group, Generali Group, Intesa SanPaolo Group, Mediobanca Group, Mediolanum Group, Poste Italiane, UBS

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

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

Brokerage: focus on revenues generation vs peers

More resilient revenues generation vs peers thanks to better quality target market

Brokerage revenues: FBK best performing in challenging market environment

MORE SOLID RESULTS THANKS TO:

Wide product range and strong attention to platforms and tools' development. Most recent initiatives:

• ➢ Innovation web pages with a better usability
• ➢ Dedicated offer for young clients with better pricing and zero fee on ETF accumulation plans
• ➢ Zero fee on >1,600 ETFs by the main issuers
• ➢ FinecoX: new generation trading platform

Positioning, brand and marketing always targeting a wide investor base and not small traders' niche. Result: a better quality and stickier client base using the whole one-stop-solution

Active Investors' Profile

➢ 4 avg executed orders per month

➢ Avg age: 50 years old

➢ Mostly linked to a PFA to manage their savings, and with Avg TFA > €200k

9

1

2

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 25 mln with a coverage ratio at 79%, NPE ratio at 0.43%
• ◼ LLP equal to 2.1 mln in 1H23

10

Solvency, liquidity ratios

Capital position well above requirements and expected to grow

Jun Mar Jun 22 23 23	Current Requirement
CET1 Ratio 19 14% 21 80% 23 20% 8 Y C	04%
N E Capital Ratio Total 29 45% 32 41% 34 04% 12 V L O	31%
S Leverage Ratio 3 82% 4 21% 4 68% 3	00%
(1) 829% 803% 785% LCR Y	100%
T DI NSFR 331% 377% 384% UI Q	100%
LI HQLA/Deposits 65% 63% 64%

(€/bn)	Jun 22	Mar 23	Jun 23
CET1 Capital	0 93	1 03	1 07
Tier1 Capital	1 43	1 53	1 57
Capital Total	1 43	1 53	1 57
RWA	4 85	4 71	4 61
o/w credit	3 55	3 29	3 18
o/w market	0 05	0 04	0 05
o/w operational	1 26	1 38	1 38
HQLA	19 24	19 39	19 38

EBA stress tests: a rock solid position even in an adverse scenario

➢ The results of the stress test exercise confirm our solid capital position: the impact on capital adequacy ratios, lower than 300 bps in the adverse scenario, places Fineco among the top three Italian banks and among the best European banks.

➢ More in details, Fineco reported an improvement of the CET1 ratio in the adverse scenario

Very strong liquidity ratios

LCR

HQLA/Deposits

Fineco as of 30.06.2023. HQLA/Deposits based on Pillar III "EU LIQ1 Template" as of 31 March 2023: HQLA 12-month average weighted value; Deposits calculated as retail deposits and deposits from small business customers plus operational and non operational deposits, total unweighted value, 12-month average. Peers are: BBVA, B.BPM, BNP Paribas, BPER, CABK, Commerzbank, Credem, Credit Agricole, Danske, Deutsche Bank, HSBC, ISP, Lloyds, Mediobanca, Santander, SocGen, UBS, UCG.

Agenda

❑ Fineco Financial Results

✓Fineco Commercial Results

❑ Next steps

❑ Fineco international business

❑ Key messages

Clients' acquisition: strong acceleration in our organic growth

Keeping on enjoying the secular growth trends and improving the marketing efficiency thanks to Big Data Analytics

Clients' profile and focus on Private Banking

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

(2) AIPB (Associazione Italiana Private Banking) figures as of 1Q23

15

TFA and Net Sales evolution

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

Breakdown of 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

Best PFAs productivity among main asset gatherers

Fineco confirms to be the perfect partner for professionals looking to grow in a sustainable way

Source for peers: latest Assoreti figures as of June 2023. Peers: B.Generali, B.Mediolanum, Fideuram Group Fineco and Peer3 figures also include AUC under advisory

18

Deep dive on our transactional liquidity

Our business model has fully fledged banking platform used by all our clients for their daily activities

Granular and retail deposit base, very sticky thanks to the quality of our customer experience

Focus on net inflows and stickiness of deposits

Deep diving on liquidity transformation

(1) Cluster of clients made as of Dec.2022

Balance of bank transfers firmly positive

➢ Clients with TFA >€100k are investing the liquidity in excess: PB clients liquidity at 13% of TFA, lowest on records since the launch of PB at the end of 2015

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

2023 Guidance and outlook going forward

Our diversified business model key to successfully deal with the current volatile environment

◼ BANKING REVENUES:

➢ Net financial income (NFI: net interest income + Profit from Treasury management) expectations(1) :

FY23: NFI growth around 70% vs FY22

Going forward we expect it to keep on benefiting from the interest rates scenario and the stabilization of deposits

➢ Banking fees:

FY23: expected stable vs FY22

◼ INVESTING REVENUES expectations: acceleration in revenues and margins

FY23:

o Revenues increase high single digit y/y (including market effect up to the end of July) with higher ManFees after-tax margins y/y with different assumptions and a better mix: FAM retail net sales improved at around 5 bn, and overall AUM net sales expected at around 4 bn (embedding outflows in insurance wrappers)

FY24:

• o AUM net sales at around 5 bn (FAM retail net sales around 4.5bn)
• o ManFee margins after-tax confirmed up to ~55bps in 2024 (pre-tax ~73bps)
• ◼ BROKERAGE REVENUES: countercyclical business, it is expected to remain strong with a floor - in relative terms with respect to the market context - definitely higher than in the pre-Covid period

◼ OPERATING COSTS expectations:

For FY23: growth of around 6% y/y, not including additional costs for: FAM strategic discontinuity (~2 mln) and additional marketing expenses (at least ~3 mln)

• ◼ 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
• ◼ SYSTEMIC CHARGES: around -50 mln of DGS+SRF (2)
• ◼ CAPITAL RATIOS: growing CET1 and Leverage Ratio in FY23 (for details see slide 45 in Annex)
• ◼ DPS: going forward we expect a constantly increasing dividend per share
• ◼ COST OF RISK: in a range between 5-9 bps in FY23 thanks to the quality of our portfolio
• ◼ NET SALES: robust, high quality and with a priority on keeping the mix mainly skewed towards AUM thanks to the new initiatives we are undertaking

(1) Assumptions based on forward rate curve as of July 28th, 2023

22 (2) In provisions for risk and charges based on the increase of protected deposits within the banking system. The final contribution will be communicated by FITD in the month of December

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

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

❑ Next steps

✓Fineco international business

❑ Key messages

Fineco international business

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

Agenda

❑ Fineco Financial Results

❑ Fineco Commercial Results

❑ Next steps

❑ Fineco international business

Long term sustainability at the heart of Fineco business model (1/2)

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 ~1% 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 (2/2)

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

• ✓ 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

Shareholders

• ✓ Net-Zero emissions to be achieved by 2050
• ✓ 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(1)
People engagement	Average 2021-2023	People Survey
funds(2) ESG rating for all new	EOY 2023	% of new funds with ESG evaluation

Strategy & Goals Initiatives & KPIs

• ✓ Broad offer of products with ESG features(3) both on:
  • Investing (i.e., 87% of funds have ESG rating by Morningstar; 57% of funds distributed and 44% of FAM funds are classified under Art. 8 of SFDR(4); 4% of funds distributed and 1% of FAM funds are classified under Art. 9 of SFDR)
  • and Banking & Credit ("Green mortgages", 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 certified

in line with the EU Eco-Management and Audit Scheme (EMAS)

(1) Which captures the strength of the relationship with the customer defined as performance but also as the degree of preference towards the brand (2) Excluding UK, which represents a new market for Fineco

(3) As of 30st June 2023

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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

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

30 (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; 3Q22: -39.0 mln gross, - 26.1 mln net, 4Q22: -1.0mln gross, -0.7mln net).

Annex

P&L pro-forma

P&L pro-forma(1)

mln	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	1H22	1H23
financial Net income	107 5	68 9	84 2	131 6	392 2	157 4	170 8	176 4	328 3
o/w Net Interest Income	59 3	67 6	84 3	131 6	342 8	157 4	170 8	127 0	328 2
o/w Profit from treasury management	48 1	1 3	0 0	0 0	49 4	0 0	0 1	49 4	0 1
Dividends	0 0	-0 1	0 0	-0 1	-0 3	0 0	0 0	-0 1	0 0
Net commissions	118 6	113 9	114 1	119 0	465 6	120 9	121 3	232 5	242 1
Trading profit	29 0	25 9	21 2	13 8	89 9	15 1	15 0	54 8	30 1
Other expenses/income	0 4	0 1	0 1	-0 4	0 2	0 2	0 0	0 4	0 2
Total revenues	255 4	208 6	219 7	263 9	947 6	293 7	307 0	464 0	600 7
Staff expenses	-28 3	-29 2	-29 0	-30 8	-117 3	-29 8	-30 6	-57 5	-60 4
Other of admin recoveries net .exp.	-34 0	-31 3	-32 2	-39 1	-136 7	-37 0	-33 9	-65 3	-70 9
D&A	-6 6	-6 6	-6 6	0 -7	-26 9	-6 6	-6 6	-13 2	-13 2
Operating expenses	-69 0	-67 1	-67 8	-77 0	-280 8	-73 4	-71 1	-136 0	-144 5
Gross operating profit	186 4	141 6	151 8	187 0	666 8	220 3	235 9	328 0	456 2
Provisions	-10 2	-2 3	-41 6	-3 6	-57 8	-9 3	-2 7	-12 5	-12 0
o/w Systemic charges	-7 7	0 0	-39 0	-1 0	-47 7	-6 6	0 0	-7 7	-6 6
LLP	-0 8	-0 4	-0 3	-1 6	-3 1	-0 7	-1 4	-1 2	-2 1
Profit from investments	-0 6	-0 2	-0 3	-0 5	-1 6	-0 7	0 1	-0 8	-0 6
Profit before taxes	174 8	138 7	109 6	181 2	604 4	209 6	231 9	313 5	441 5
Income taxes	-51 4	-39 8	-29 6	-55 1	-175 9	-62 4	-70 3	-91 2	-132 6
Net profit for the period	123 5	98 9	80 0	126 1	428 5	147 3	161 6	222 4	308 9
(2) profit adjusted Net	123 6	98 9	80 2	126 1	428 8	147 3	161 6	222 5	308 9
Non recurring items (mln , gross)	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	1H22	1H23
(3) (Trading Profit) Extraord systemic charges	-0 3	0 0	-0 2	0 0	-0 5	0 0	0 0	-0 3	0 0
Total	-0 3	0 0	-0 2	0 0	-0 5	0 0	0 0	-0 3	0 0

(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

32

Note: FY22 systemic charges includes €125 thousand related to the contribution to the operating expenses of the Voluntary Scheme

P&L net of non recurring items

mln	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	1H22	1H23
	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(1)
	Adj	Adj	Adj	Adj	Adj	Adj	Adj	Adj	Adj
financial	107	68	84	131	392	157	170	176	328
Net	5	9	2	6	2	4	8	4	3
income
o/w Net interest income	59 3	67 6	84 3	131 6	342 8	157 4	170 8	127 0	328 2
o/w Profit from treasury	48 1	1 3	0 0	0 0	49 4	0 0	0 1	49 4	0 1
Dividends	0	-0	0	-0	-0	0	0	-0	0
	0	1	0	1	3	0	0	1	0
Net commissions	118 6	113 9	114 1	119 0	465 6	120 9	121 3	232 5	242 1
profit Trading	29 2	25 9	21 4	13 8	90 4	15 1	15 0	55 1	30 1
Other expenses/income	0 4	0 1	0 1	-0 4	0 2	0 2	0 0	0 4	0 2
Total revenues	255 7	208 6	219 8	263 9	948 1	293 7	307 0	464 3	600 7
Staff expenses	-28 3	-29 2	-29 0	-30 8	-117 3	-29 8	-30 6	-57 5	-60 4
Other	-34	-31	-32	-39	-136	-37	-33	-65	-70
admin	0	3	2	1	7	0	9	3	9
.expenses
D&A	-6	-6	-6	0	-26	-6	-6	-13	-13
	6	6	6	-7	9	6	6	2	2
Operating expenses	-69 0	-67 1	-67 8	-77 0	-280 8	-73 4	-71 1	-136 0	-144 5
Gross	186	141	152	187	667	220	235	328	456
operating	7	6	0	0	2	3	9	3	2
profit
Provisions	-10	-2	-41	-3	-57	-9	-2	-12	-12
	2	3	6	6	8	3	7	5	0
o/w	-7	0	-39	-1	-47	-6	0	-7	-6
Systemic	7	0	0	0	7	6	0	7	6
charges
LLP	-0	-0	-0	-1	-3	-0	-1	-1	-2
	8	4	3	6	1	7	4	2	1
Profit	-0	-0	-0	-0	-1	-0	0	-0	-0
from	6	2	3	5	6	7	1	8	6
investments
Profit	175	138	109	181	604	209	231	313	441
before	1	7	8	2	8	6	9	8	5
taxes
Income taxes	-51 5	-39 8	-29 6	1 -55	-176 0	-62 4	-70 3	-91 3	-132 6
(1) Net profit adjusted	123 6	98 9	80 2	126 1	428 8	147 3	161 6	5 222	308 9

P&L pro-forma(1) net of non recurring items

(1) Net of non recurring items (see page 32 for details) 33

Note: FY22 systemic charges includes €125 thousand related to the contribution to the operating expenses of the Voluntary Scheme

1H23 P&L FinecoBank and Fineco Asset Management

	Fineco Asset		FinecoBank		FinecoBank
mln	Management		Individual		Consolidated
Net financial income	0 3		328 0		328 3
Dividends	0 0		29 6		0 0
Net commissions	73 5		168 6		242 1
Trading profit	0 0		30 1		30 1
Other expenses/income	-0 3		0 7		0 2
Total revenues	73 5		557 0		600 7
Staff expenses	-5 4		0 -55		-60 4
Other admin.exp. net of recoveries	-4 7	-66 4			-70 9
D&A	-12 9 -0 3				-13 2
Operating expenses	-10 4		-134 3		-144 5
Gross operating profit	63 1		422 7		456 2
Provisions	0 0		-12 0		-12 0
LLP	0 0		-2 1		-2 1
Profit on Investments	0 0		-0 6		-0 6
Profit before taxes	63 1		408 0		441 5
Income taxes	-8 0		-124 7		-132 6
Net profit for the period	55 1		283 3		308 9

Details on Net Interest Income

mln	1Q22	Volumes & Margins	2Q22	Volumes & Margins	3Q22	Volumes & Margins	4Q22	Volumes & Margins	FY22	Volumes & Margins	1Q23	Volumes & Margins	2Q23	Volumes & Margins	1H22	Volumes & Margins	1H23	Volumes & Margins
Financial Investments Net Margin	40.5	27,303 0.60%	47.2	28,790 0.66%	60.5	28,604 0.84%	94.7	28,464 1.32%	242.8	28,290 0.86%	108.7	27,846 1.58%	111.0	26,545 1.68%	87.6	28,047 0.63%	219.7	27,196 1.63%
Gross margin	40.6	0.60%	47.6	0.66%	62.3	0.86%	97.2	1.36%	247.7	0.88%	112.3	1.64%	115.2	1.74%	88.2	0.63%	227.5	1.69%
Leverage - Long	3.4	172	3.0	149	2.8	133	2.7	117	11.8	143	3.4	134	4.4	158	6.3	161	7.8	146
Net Margin		7.98%		7.94%		8.25%		9.08%		8.25%		10.43%		11.15%		7.96%		10.83%
Tax Credit Net	2.2	541 1.62%	3.1	696 1.76%	4.1	846 1.90%	4.5	983 1.80%	13.7	766 1.79%	5.7	1,200 1.93%	7.3	1,409 2.07%	5.2	619 1.70%	13.0	1,305 2.01%
Margin
Lending Net Margin	13.6	5,189 1.07%	14.7	5,343 1.11%	17.2	5,499 1.24%	30.4	5,568 2.17%	76.0	5,400 1.41%	40.5	5,549 2.96%	49.1	5,454 3.61%	28.4	5,266 1.09%	89.6	5,501 3.28%
Other	-0.3		-0.3		-0.3		-0.6		-1.6		-0.9		-1.0		-0.6		-1.9
Total	59.3		67.6		84.3		131.6		342.8		157.4		170.8		127.0		328.2
Gross Margin Cost of Deposits 3M EUR (avg)		0.73% 0.00% -0.53%		0.78% -0.01% -0.35%		0.98% -0.02% 0.44%		1.52% -0.03% 1.74%		1.01% -0.01% 0.33%		1.89% -0.04% 2.63%		2.10% -0.05% 3.36%		0.76% 0.00% -0.44%		2.00% -0.05% 3.00%

«Financial Investments» have been recasted for a better representation of the Asset side of the Balance Sheet, and now also include the line «Treasury activities».

In details:

35

• volumes have been recasted and include: financial assets, interbank exposures (including cash deposited at Bank of Italy) and variation margins

• NII on «Financial Investments» now also include the line «Treasury activities»

• Gross and Net margins have been recasted accordingly

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

Net financial income: focus on financial investments

Transactional liquidity invested in a diversified portfolio

(1) 2Q23 "Other" includes: 1.5bn France, 1.0bn Ireland, 0.7bn Belgium, 0.7bn Austria, 0.6bn USA, 0.3bn Portugal, 0.2bn Germany, 0.2bn Chile, 0.2bn China, 0.1bn Saudi Arabia, 0.1bn other

(2) Sovereign Supranational Agencies and Local Authority

(3) Calculated considering hedging bonds

36

Focus on Bond portfolio

UniCredit bonds run-offs

ISIN	Currency	Amount (€ m)	Maturity	Indexation	Spread
IT0005217606	Euro	350 0	11-Oct-23	Euribor 3m	1 65%
IT0005241317	Euro	622 5	2-Feb-24	Euribor 3m	1 52%
Total	Euro	5 972		Euribor 3m	57% 1

New interest rates environment

➢ Below a comparison of the forward rate curve behind the guidance to the market during the 1Q23 and 2Q23 conference calls

		2023		2024
	of	of	of	of
	as	as	as	as
	08/05/23	28/07/23	08/05/23	28/07/23
Euribor	3	3	3	3
1M	20%	31%	07%	65%
AVG
Euribor	35%	3	3	3
3M	3	46%	06%	68%
AVG
EURIRS	2	3	2	2
5Y	93%	06%	74%	97%
AVG
EURIRS	2	3	2	3
10Y	92%	01%	86%	03%
AVG
(Supranational) EU (1) 5Y EOP	2 70%	2 94%	2 60%	2 76%

38

Details on Net Commissions

					Net commissions by product area
mln	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	1H22	1H23
Banking	12	13	14	15	56	14	15	26	30
	5	8	5	3	2	6	6	3	2
Brokerage	32	24	20	22	100	31	24	56	55
	6	2	9	7	5	3	2	9	5
o/w
Equity	28	18	16	16	79	22	16	46	38
	1	3	1	5	0	8	1	5	9
Bond	0	3	0	2	2	3	1	3	9
	6	0	9	7	7	9	5	6	0
Derivatives	3	2	2	2	12	3	2	6	5
	5	8	9	9	0	2	4	3	6
Other commissions	0 4	0 1	1 0	0 7	2 3	1 4	0 6	0 5	2 0
Investing	73	75	78	80	309	75	81	149	156
	5	8	7	9	0	0	5	3	5
o/w
fees Placement	1 7	1 3	1 2	1 0	5 2	0 9	0 8	3 1	1 7
Management fees	93 2	91 8	94 6	92 6	372 1	94 8	98 1	185 0	192 9
PFA's:	-8	-8	-9	-9	-35	-8	-8	-16	-16
incentives	7	0	3	2	1	1	6	6	7
to
PFA's:	-1	-0	-0	-0	-2	-0	-0	-1	-1
LTI	0	8	1	8	7	8	7	8	5
to
Other	-11	-8	-7	2	-35	-11	-8	-20	-19
PFA	8	5	7	-7	2	9	0	3	9
costs
Other commissions	0 0	0 0	0 0	4 6	4 6	0 0	0 0	0 0	0 0
(Corporate	0	0	0	0	0	0	0	0	0
Center)	0	0	0	0	0	0	0	0	0
Other
Total	118	113	114	119	465	120	121	232	242
	6	9	1	0	6	9	3	5	1

Revenues breakdown by Product Area

mln	1Q22	2Q22	3Q22	4Q22	FY22	1Q23	2Q23	1H22	1H23
Net financial income	104 4	66 3	81 8	129 5	382 0	154 9	167 5	170 7	322 3
o/w Net interest income	56 3	65 0	81 8	129 5	332 6	154 9	167 4	121 2	322 2
o/w Profit from Treasury Management	48 1	1 3	0 0	0 0	49 4	0 0	0 1	49 4	0 1
Net commissions	12 5	13 8	14 5	15 3	56 2	14 6	15 6	26 3	30 2
profit Trading	5 1	6 6	2 9	-2 4	12 2	-4 3	-0 8	11 7	-5 1
Other	0 1	0 0	0 1	0 2	0 4	0 1	0 0	0 1	0 1
Total Banking	122 1	86 7	99 3	142 6	450 7	165 3	182 2	208 9	347 5
Net interest income	3 5	3 1	2 8	2 4	11 7	2 9	3 6	6 5	6 5
Net commissions	32 6	24 2	20 9	22 7	100 5	31 3	24 2	56 8	55 5
Trading profit	23 7	20 0	18 3	16 2	78 2	19 0	15 3	43 7	34 4
Other	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Total Brokerage	59 7	47 3	42 0	41 3	190 4	53 2	43 1	107 1	96 4
Net interest income	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Net commissions	73 5	8 75	78 7	80 9	309 0	0 75	81 5	149 3	156 5
Trading profit	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0	0 0
Other	-0 1	-0 1	-0 1	-0 6	-0 9	-0 2	-0 1	-0 2	-0 3
Investing Total	73 4	75 7	78 6	80 4	308 1	74 8	81 4	149 1	156 2

Revenues by product area

1H23 weight on total revenues for each product area

26%

16%

Breakdown Total Financial Assets

mln	Mar 22	Jun 22	Sep 22	Dec 22	Mar 23	Jun 23
AUM	53 651 ,	50 789 ,	50 708 ,	52 073 ,	54 132 ,	55 803 ,
o/w Funds and Sicav	35 985 ,	33 182 ,	32 806 ,	33 827 ,	35 962 ,	37 373 ,
o/w Insurance	15 354 ,	15 421 ,	15 643 ,	15 595 ,	15 052 ,	14 708 ,
o/w GPM	326	308	303	318	331	346
o/w AuC deposits under advisory +	1 986 ,	1 878 ,	1 956 ,	2 332 ,	2 787 ,	3 377 ,
o/w in Advice	617	600	627	748	898	1 084 ,
o/w in Plus	1 369 ,	1 277 ,	1 329 ,	1 584 ,	1 889 ,	2 292 ,
AUC	22 804 ,	21 497 ,	21 547 ,	23 915 ,	28 505 ,	31 567 ,
Equity	16 853 ,	15 109 ,	14 946 ,	15 448 ,	17 235 ,	17 894 ,
Bond	5 777 ,	6 167 ,	6 340 ,	7 989 ,	10 643 ,	12 984 ,
Third-party deposit current accounts	114	143	166	361	505	564
Other	60	78	95	117	122	126
Direct Deposits	30 362 ,	30 518 ,	30 658 ,	30 570 ,	29 340 ,	28 510 ,
o/w Sight	30 362 ,	30 518 ,	30 658 ,	30 570 ,	29 340 ,	28 510 ,
o/w Term	0	0	0	0	0	0
Total	106 817 ,	102 804 ,	102 914 ,	106 558 ,	111 977 ,	115 881 ,

o/w TFA FAM retail	15 249 ,	14 627 ,	14 765 ,	15 772 ,	17 416 ,	18 635 ,
o/w TFA Private Banking	47 133 ,	43 304 ,	43 153 ,	45 252 ,	48 932 ,	51 614 ,

Increasing quality and productivity of the Network

Balance Sheet

mln	Mar 22	Jun 22	Sep 22	Dec 22	Mar 23	Jun 23
(1) Due from Banks	2 132 ,	1 943 ,	2 139 ,	1 896 ,	1 860 ,	1 934 ,
Customer Loans	6 088 ,	6 311 ,	6 318 ,	6 446 ,	6 312 ,	6 184 ,
Financial Assets	25 389 ,	25 315 ,	25 091 ,	24 651 ,	24 366 ,	22 630 ,
Tangible and Intangible Assets	276	274	270	273	268	269
Derivatives	466	949	1 390 ,	1 425 ,	1 300 ,	1 029 ,
Tax credit acquired	601	827	902	1 093 ,	1 314 ,	1 342 ,
Other Assets	446	460	440	485	461	427
Total Assets	35 399 ,	36 078 ,	551 36 ,	36 269 ,	35 881 ,	33 816 ,
Customer Deposits	30 736 ,	30 828 ,	30 945 ,	31 696 ,	30 878 ,	29 188 ,
Due Banks to	1 808 ,	2 333 ,	2 791 ,	1 677 ,	1 606 ,	1 300 ,
Debt securities	498	499	500	498	799	803
Derivatives	-1	3	-4	-3	-8	-13
Funds and other Liabilities	503	706	525	491	548	628
Equity	1 855 ,	1 709 ,	1 793 ,	1 910 ,	2 058 ,	1 911 ,
Total Liabilities and Equity	35 399 ,	36 078 ,	551 36 ,	36 269 ,	35 881 ,	33 816 ,

Safe Balance Sheet: simple, highly liquid

• ◼ Investment strategy based on a diversified blend of EU government 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: 2.9 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 5bps, cautious approach on mortgages
• ◼ 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 and liquidity position

(1) Financial assets as reported in the Balance Sheet include the variation in the fair value of hedged bonds for the portion attributable to the risk hedged with the derivative instrument

(2) Due from banks includes 1.2bn cash deposited at Bank of Italy and 0.3bn bank current accounts as of Jun.2023

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 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 in line with our guidance

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
	-4000	5.54%	5.57%	5.60%	5.63%	5.66%	5.70%	5.73%	5.76%	5.79%	5.95%	6.11%	6.26%	6.42%	6.58%	6.73%	6.89%
	-3500	5.44%	5.48%	5.51%	5.54%	5.57%	5.60%	5.63%	5.66%	5.69%	5.85%	6.01%	6.16%	6.32%	6.47%	6.62%	6.78%
	-3000	5.36%	5.39%	5.42%	5.45%	5.48%	5.51%	5.54%	5.57%	5.60%	5.76%	5.91%	6.06%	6.21%	6.36%	6.52%	6.67%
	-2500	5.27%	5.30%	5.33%	5.36%	5.39%	5.42%	5.45%	5.48%	5.51%	5.66%	5.81%	5.96%	6.11%	6.26%	6.41%	6.56%
	-2000	5.19%	5.22%	5.25%	5.28%	5.31%	5.34%	5.37%	5.40%	5.43%	5.57%	5.72%	5.87%	6.02%	6.17%	6.31%	6.46%
	-1500	5.11%	5.14%	5.16%	5.19%	5.22%	5.25%	5.28%	5.31%	5.34%	5.49%	5.63%	5.78%	5.93%	6.07%	6.21%	6.36%
	-1000	5.03%	5.06%	5.09%	5.11%	5.14%	5.17%	5.20%	5.23%	5.26%	5.40%	5.55%	5.69%	5.84%	5.98%	6.12%	6.26%
n)	-500	4.95%	4.98%	5.01%	5.04%	5.07%	5.09%	5.12%	5.15%	5.18%	5.32%	5.47%	5.61%	5.75%	5.89%	6.03%	6.17%
ml	0	4.88%	4.91%	4.93%	4.96%	4.99%	5.02%	5.05%	5.08%	5.10%	5.24%	5.38%	5.52%	5.66%	5.80%	5.94%	6.08%
s (	500	4.81%	4.83%	4.86%	4.89%	4.92%	4.95%	4.97%	5.00%	5.03%	5.17%	5.31%	5.44%	5.58%	5.72%	5.85%	5.99%
e	1000	4.74%	4.76%	4.79%	4.82%	4.85%	4.87%	4.90%	4.93%	4.96%	5.09%	5.23%	5.37%	5.50%	5.64%	5.77%	5.91%
ur	1500	4.67%	4.70%	4.72%	4.75%	4.78%	4.81%	4.83%	4.86%	4.89%	5.02%	5.16%	5.29%	5.42%	5.56%	5.69%	5.82%
s o	2000	4.60%	4.63%	4.66%	4.68%	4.71%	4.74%	4.76%	4.79%	4.82%	4.95%	5.08%	5.22%	5.35%	5.48%	5.61%	5.74%
p	2500	4.54%	4.57%	4.59%	4.62%	4.65%	4.67%	4.70%	4.72%	4.75%	4.88%	5.01%	5.14%	5.27%	5.40%	5.53%	5.66%
x E	3000	4.48%	4.50%	4.53%	4.56%	4.58%	4.61%	4.63%	4.66%	4.69%	4.82%	4.95%	5.07%	5.20%	5.33%	5.46%	5.59%
al	4000	4.36%	4.38%	4.41%	4.44%	4.46%	4.49%	4.51%	4.54%	4.56%	4.69%	4.81%	4.94%	5.07%	5.19%	5.32%	5.44%
ot	5000	4.25%	4.27%	4.30%	4.32%	4.35%	4.37%	4.39%	4.42%	4.44%	4.57%	4.69%	4.81%	4.94%	5.06%	5.18%	5.30%
T	6000	4.14%	4.16%	4.19%	4.21%	4.24%	4.26%	4.28%	4.31%	4.33%	4.45%	4.57%	4.69%	4.81%	4.93%	5.05%	5.17%
	7000	4.04%	4.06%	4.08%	4.11%	4.13%	4.16%	4.18%	4.20%	4.23%	4.34%	4.46%	4.58%	4.69%	4.81%	4.93%	5.04%
	8000	3.94%	3.96%	3.99%	4.01%	4.03%	4.06%	4.08%	4.10%	4.12%	4.24%	4.35%	4.47%	4.58%	4.70%	4.81%	4.92%
	9000	3.85%	3.87%	3.89%	3.92%	3.94%	3.96%	3.98%	4.01%	4.03%	4.14%	4.25%	4.36%	4.48%	4.59%	4.70%	4.81%
	10000	3.76%	3.78%	3.80%	3.83%	3.85%	3.87%	3.89%	3.91%	3.94%	4.05%	4.16%	4.26%	4.37%	4.48%	4.59%	4.70%

Considering our organic capital generation after dividend distribution and payment of AT1 coupon, also in case of extremely adverse market scenario, our Leverage ratio would comfortably remain above regulatory requirements and in line with our guidance

LR > 4.0% 3.5% < LR < 4.0% 3.0% < LR < 3.5%

Fineco Asset Management in a nutshell

FAM is active on 6 business lines with the following products (Core Series, FAM Evolution, FAM Series, Passive and Smart Factors funds, FAM Evolution Target family and FAM Series Global Defence / Target family), providing not only the expertise of the best Asset Managers but also solutions managed internally by FAM to deepen further the range of strategies and the flexibility of FAM catalogue of products.

KEY BENEFITS:

• ✓ 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

Preserving our best price/quality ratio

ESG Ratings and Indices

(*) In February 2023, the score was updated to 69/100 as a result of in-depth investigations due to some requests for clarification sent by Fineco on the scores awarded.

(**) In 2021, FinecoBank responded to the 'minimum' version of the CDP Climate Change questionnaire, dedicated to companies in their first year of submission. The questionnaire response was made public on the dedicated CDP portal but did not provide a CDP scoring.

Commitment to Net Zero emissions by 2050

Aware of the importance of environmental and climate matters, in 2022 the BoD approved the Net-Zero emissions plan to 2050 regarding both operational and financed emissions

(1) For the sovereign issuers, the source for mapping Net-Zero targets is:https://www.climatewatchdata.org/. In "Policy Document" and "In law" targets are accepted, while "In Political Pledge" targets are not accepted. For bank issuers, Net-Zero targets on financed emissions are accepted.

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

Funding

Senior Preferred instrument	AT1 instruments
➢ 14th €500 mln Senior Preferred issued on October , 2021 in order to be immediately compliant with the Fully Loaded MREL Requirement on Leverage Ratio Exposure (LRE), 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 4x the offer • The instrument has been rated BBB by S&P	➢ 23rd €200 mln perpetual AT1 issued on January , 2018: • Coupon fixed at 7.363% until June 2028. Call date each six months (June and December) • Private placement, fully subscribed by UniCredit SpA • Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
➢ €300 mln Senior Preferred issued on February 16th , 2023 in order to have an additional buffer above the Fully Loaded MREL Requirement on LRE. • Annual coupon at 4.625% (5 years Mid Swap Rate plus 150 bps vs initial guidance of 175bps) for the first 5 years, floating rate between the fifth and sixth year • Public placement with a strong demand, 4x the offer • The instrument has been rated BBB by S&P	➢ €300 mln 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. First rd call date: December 3 , 2024 (reset spread 6.144%) • 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