FinecoBank — Investor Presentation 2023

May 9, 2023

Alessandro Foti CEO and General Manager

1Q23 Results

FINECO. SIMPLIFYING BANKING.

Milan, May 9 th 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. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
• ◼ The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States or in the Other Countries. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.
• ◼ This Presentation has been prepared on a voluntary basis and, therefore, FinecoBank is not bound to prepare similar presentations in the future, unless where provided by law. Neither the Company nor any of its representatives, directors or employees shall be liable at any time in connection with this Presentation or any of its contents for any indirect or incidental damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection of any use and/or reliance placed on it.
• ◼ For the above-mentioned purposes, "Presentation" means this document, and any oral presentation, any question-and-answer session and any written or oral material discussed following the distribution of this document. By participating to this Presentation and accepting a copy of this Presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this Presentation.

Agenda

❑ Next steps

❑ Fineco international business

❑ Key messages

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 growth of the business…

• ◼ 1Q23 adj. Net Profit at 147 mln, +19.1% y/y(1) (+61% y/y excluding 1Q22 Profits from Treasury management)
• ◼ 1Q23 adj. Revenues at 294 mln, +14.9% y/y(1) mainly supported by Net Financial Income (+46% y/y, o/w NII +165%) and Investing (+2% y/y). Brokerage confirmed a structurally higher floor vs pre-pandemic levels
• ◼ Operating Costs well under control at -73 mln, +6.4% y/y (+4.6% 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 25.0%
• ◼ Net sales in 1Q23 at 2.7 bn, o/w AUM at 1.0 bn. TFA at 112 bn with AuM at 54.1 bn. April: Strong net sales at 831 mln, o/w AUM at 267mln (with FAM retail net sales at 343 mln) and AUC at 755 mln and Deposits at –191 mln. Brokerage revenues estimated at ~12 mln (>10% vs average April revenues in 2017-2019 y/y), very solid taking into account the seasonality in the month (lower trading days and market volumes)

… with solid capital and liquidity position

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

◼ CET1 ratio at 21.80%,TCR at 32.41%, Leverage ratio at 4.21%

(2)Excluding costs strictly related to the growth of the business, mainly FAM (-0.9 mln y/y) and marketing (-0.4 mln y/y)

◼ LCR at 803%(3) , NSFR at 377%

FY23 Guidance and going forward: strong growth confirmed

• ◼ Expected Net Financial Income for FY23 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 (~2 mln), for UK operational costs (~3 mln) and eventually additional marketing expenses
• ◼ Cost of Risk: in a range 5/9 bps in 2023
• ◼ Growing CET1 ratio and Leverage ratio

(3)Avg 12 months (4) Assumptions based on forward rate curve as of May 8th, 2023

4

Delivering strong Net Profit in every market condition

Adj. Net Profit at 147.3mln, +19.1% y/y boosted by strong acceleration of Investing, confirming the effectiveness of our initiatives, and Net Financial Income. Strong operating leverage confirmed

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

(2) Adj. Cost/Income and Adj. RoE calculated net of non recurring items. ROE has been recasted and is now calculated as annualised adj.net profit divided by average book equity for the period (excl. valuation reserves). Previously it also excluded dividends for which distribution is expected.

(3) Excluding costs strictly related to the growth of the business, mainly FAM (-0.9 mln y/y) and marketing (-0.4 mln y/y)

Revenues growth supported by all our initiatives

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

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

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

6

(3) The ineffectiveness of the hedging derivatives was equal to +5.1 mln in 1Q22 and -4.3 mln in 1Q23. 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

Our priority: accelerating on Investing

Improving margins thanks to the higher control on the Investing value chain through FAM. Quarterly comparison characterized by usual seasonality on PFA and FAM

Focus on FAM

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

• ✓ Thanks to the full control of the value chain, FAM can offer at the same time both an efficient pricing for clients and retain higher margins
• ✓ Further evolution in the Global Defence solutions after the strong success of the previous waves with a new product innovation: launch of the Global Defence Multistrategy, a fully in-house developed solution allowing clients to build a protected exposure towards equity
• ✓ FAM has launched its investment solutions based on passive funds and ETF with diversified solutions and different risk profiles

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

Structural growth in revenues: the floor has gone up in a clear way in any market environment

>35% higher

vs avg 2018/2019 after recent events created a bridge between brokerage and investing

• ➢ Avg executed orders per month: 4
• ➢ Avg age: 50 years old
• ➢ Mostly linked to a PFA to manage their savings, and with Avg TFA > €200k
• ➢ 85% of new active clients investing on plain vanilla instruments (i.e. listed equity, ETFs) and not leveraged products
• ➢ Leadership in Italy on equity traded volumes: market share at 26.4% in FY22 (Assosim)

Cost efficiency and operating leverage confirmed in our DNA

(1) Excluding costs strictly related to the growth of the business in 1Q23, mainly: FAM (-0.9 mln y/y, o/w -0.2 mln y/y related to Staff Expenses and -0.7 mln y/y related to Non HR costs) and marketing (-0.4 mln y/y)

High quality lending

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

Cost of Risk on commercial loans (2)

• ◼ Cost of Risk well under control thanks to the constant improvement in the quality of the credit which is mainly secured and low risk
• ◼ We confirm our strategy aims to build a safe lending portfolio, offering these products exclusively to our very well known base of clients, leveraging on a deep internal IT culture, powerful data warehouse system and Big Data analytics
• ◼ NPE at 24 mln with a coverage ratio at 84%, NPE ratio at 0.40%
• ◼ LLP equal to 0.7 mln in 1Q23
• ◼ Less than 300 mortgages moratories have been granted until now, o/w only less than 5 are active

11

Capital Ratios

Best in class capital position and low risk balance sheet

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

TFA and Net Sales evolution

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

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

Clients' profile and focus on Private Banking

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

(2) FinecoBank stated figures: € 22.2 bn in 2016, € 25.9 bn in 2017, € 25.8 bn in 2018, € 33.4 bn in 2019, € 38.6 bn in 2020, € 48.8 bn in 2021, € 43.2 bn in 9M22 and € 48.9 bn in 1Q23

(3) AIPB (Associazione Italiana Private Banking) figures as of FY22. AIPB stated figures: € 776 bn in 2016, € 806 bn in 2017, € 778 bn in 2018, € 884 bn in 2019, € 932 bn in 2020, € 1,037 bn in 2021, € 994 bn in FY22

Deep dive on our transactional liquidity

16

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

Very strong liquidity ratios

HQLA/Deposits

Fineco as of 31.03.2023. HQLA/Deposits based on the Pillar III EU LIQ1 Template as of 31.12.2022: - HQLA total weighted value, 12-month average; - 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, UBS, UCG, Santander, SocGen

LCR

Agenda

❑ Fineco Results

❑ Fineco international business

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, with a peak in 4Q23
• Going forward we expect it to keep on benefiting from the new interest rates scenario
• ➢ 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 April 30th) 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)
• o PFAs: net increase in a range of 100-120 PFAs expected

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 (~2 mln), for UK operational costs (~3 mln) and eventually additional marketing expenses
• ◼ 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 50 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 focus on keeping the mix mainly skewed towards AUM thanks to the new initiatives we are undertaking

(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

⁽¹⁾ Assumptions based on forward rate curve as of May 8th, 2023

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 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 Results

❑ Next steps

❑ Fineco international business

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

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

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

TRANSPARENCY

Fairness and respect for all our stakeholders

• ✓ FAM as a champion of ESG: PERFORMANCE FEES FREE trademark
• ✓ FAIR PRICING
• ✓ LOW UPFRONT FEES (only ~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 (2/3)

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

• ✓ 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 31st December 2022

26

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

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

(*) 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. 27

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

29 (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).

Agenda

❑ Fineco Results

❑ Next steps

❑ Fineco international business

❑ Key messages

Revenues by Product Area

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

1Q23 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 deposits, treasury and credit products. Investing includes revenues generated by asset under management products; Brokerage includes revenues from trading activity.

Banking

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

Managerial Data

Brokerage

Structurally higher revenues floor compared to pre-pandemic levels

Managerial Data

33

Investing

Increasing revenues y/y thanks to volume effect and to the higher contribution by FAM, which is taking more control of the Investing value chain, supporting our margins. Very limited upfront fees, representing only ~1% of Investing fees

Annex

P&L pro-forma

P&L pro-forma(1)

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

36

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
	(1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj	(1) Adj
Net financial income	107 5	68 9	84 2	131 6	392 2	157 4
o/w Net interest income	59 3	67 6	84 3	131 6	342 8	157 4
o/w Profit from treasury	48 1	1 3	0 0	0 0	49 4	0 0
Dividends	0 0	-0 1	0 0	-0 1	-0 3	0 0
Net commissions	118 6	113 9	114 1	119 0	465 6	120 9
Trading profit	29 2	25 9	21 4	13 8	90 4	15 1
Other expenses/income	0 4	0 1	0 1	-0 4	0 2	0 2
Total revenues	255 7	208 6	219 8	263 9	948 1	293 7
Staff expenses	-28 3	-29 2	-29 0	-30 8	-117 3	-29 8
Other admin .expenses	-34 0	-31 3	-32 2	-39 1	-136 7	-37 0
D&A	-6 6	-6 6	-6 6	-7 0	-26 9	-6 6
Operating expenses	-69 0	-67 1	-67 8	-77 0	-280 8	-73 4
Gross operating profit	186 7	141 6	152 0	187 0	667 2	220 3
Provisions	-10 2	-2 3	-41 6	-3 6	8 -57	-9 3
o/w Systemic charges	-7 7	0 0	-39 0	-1 0	-47 7	-6 6
LLP	-0 8	-0 4	-0 3	-1 6	-3 1	-0 7
Profit from investments	-0 6	-0 2	-0 3	-0 5	-1 6	-0 7
Profit before taxes	175 1	138 7	109 8	181 2	604 8	209 6
Income taxes	-51 5	-39 8	-29 6	-55 1	-176 0	-62 4
(1) Net profit adjusted	123 6	98 9	80 2	126 1	428 8	147 3

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

(1) Net of non recurring items (see page 36 for details) 37

1Q23 P&L FinecoBank and Fineco Asset Management

	Fineco Asset		FinecoBank	FinecoBank
mln	Management		Individual	Consolidated
Net financial income	0 0		157 4	157 4
Dividends	0 0		0 0	0 0
Net commissions	35 9		84 9	120 9
Trading profit	0 0		15 1	15 1
Other expenses/income	-0 2		0 5	0 2
Total revenues	35 8		257 9	293 7
Staff expenses	-2 7		-27 1	-29 8
Other admin.exp. net of recoveries	-2 6		-34 4	-37 0
D&A	-0 2		-6 4	-6 6
Operating expenses	-5 5		-67 9	-73 4
Gross operating profit	30 3		190 0	220 3
Provisions	0 0		-9 3	-9 3
LLP	0 0		-0 6	-0 7
Profit on Investments	0 0		-0 7	-0 7
Profit before taxes	30 3		179 3	209 6
Income taxes	-3 8		-58 6	-62 4
Net profit for the period	26 5		120 8	147 3

Details on Net Interest Income

mln	1Q22	Volumes & Margins	2Q22	Volumes & Margins	3Q22	Volumes & Margins	4Q22	Volumes & Margins	FY22	Volumes & Margins	1Q23	Volumes & Margins
Financial Investments Net Margin	36.1	24,330 0.60%	42.1	24,766 0.68%	57.0	24,684 0.92%	89.4	24,330 1.46%	224.7	24,527 0.92%	105.6	23,608 1.81%
Gross margin	36.2	0.60%	42.5	0.69%	58.8	0.94%	92.0	1.50%	229.5	0.94%	109.3	1.88%
(1) Treasury activities Net Margin	4.4	2,786 0.63%	5.1	3,551 0.57%	3.5	3,448 0.40%	5.2	3,141 0.66%	18.1	3,231 0.56%	3.0	3,231 0.38%
Leverage - Long	3.4	172	3.0	149	2.8	133	2.7	117	11.8	143	3.4	134
Net Margin		7.98%		7.94%		8.25%		9.08%		8.25%		10.43%
Credit Tax Net Margin	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%
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%
o/w Current accounts 4.4		2,132	4.8	2,196	5.4	2,301	13.1	2,359	27.7	2,247	18.1	2,345
Net Margin		0.83%		0.87%		0.94%		2.21%		1.23%		3.12%
o/w Cards	1.0	35	1.0	34	1.0	35	1.0	35	4.0	34	1.0	34
Net Margin		11.44%		11.50%		11.52%		11.53%		11.50%		11.53%
o/w Personal loans	4.5	506	4.7	523	4.8	539	5.1	550	19.1	530	5.3	558
Net Margin		3.64%		3.58%		3.57%		3.67%		3.62%		3.88%
o/w Mortgages	3.7	2,517	4.3	2,590	6.0	2,625	11.2	2,624	25.2	2,589	16.1	2,612
Net Margin		0.60%		0.67%		0.90%		1.69%		0.97%		2.51%
Other	-0.3		-0.3		-0.3		-0.6		-1.6		-0.9
Total	59.3		67.6		84.3		131.6		342.8		157.4
Gross Margin Cost of Deposits		0.73% 0.00%		0.79% -0.01%		0.99% -0.02%		1.57% -0.03%		1.03% -0.01%		1.95% -0.04%

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

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

39

Net financial income: focus on financial investments

Transactional liquidity invested in a diversified portfolio

(1) 1Q23 "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

40

Focus on Bond portfolio

UniCredit bonds run-offs

ISIN	Currency	(€ m) Amount	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	972 5		Euribor 3m	1 57%

New interest rates environment

➢ Below a comparison of the forward rate curve behind the guidance to the market during the 4Q22 and 1Q23 conference calls

		2023	2024
	of	of	of	of
	as	as	as	as
	03/02/23	08/05/23	03/02/23	08/05/23
Euribor	3	3	2	3
1M	05%	20%	92%	07%
AVG
Euribor	3	3	2	3
3M	19%	35%	86%	06%
AVG
EURIRS	2	2	2	2
5Y	66%	93%	48%	74%
AVG
EURIRS	2	2	2	2
10Y	64%	92%	58%	86%
AVG
EU (Supranational) (1) 10Y EOP	2 63%	3 00%	2 60%	2 97%

42

Net Financial Income: focus on Lending

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

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

43

(2) Credit Lombard allows to change pledged assets without closing and re-opening the credit line, allowing more flexibility and efficiency with floor at zero (3) Expected yield are referred to the stock. Assumptions for Mortgages and Lombard Loans are based on forward rate curve as of May 8th, 2023

Details on Net Commissions

Net commissions by product area
mln	4Q21	1Q22	2Q22	3Q22	4Q22	FY22	1Q23
Banking	5	5	13	5	15	56	14
	13	12	8	14	3	2	6
Brokerage	30	32	24	20	22	100	31
	6	6	2	9	7	5	3
o/w
Equity	26	28	18	16	16	79	22
	2	1	3	1	5	0	8
Bond	1	0	3	0	2	7	3
	2	6	0	9	7	2	9
Derivatives	2	3	2	2	2	12	3
	8	5	8	9	9	0	2
Other commissions	0 4	0 4	0 1	1 0	0 7	2 3	1 4
Investing	82	73	75	78	80	309	75
	3	5	8	7	9	0	0
o/w
Placement fees	1 9	1 7	1 3	1 2	1 0	2 5	0 9
fees Management	91 9	93 2	91 8	94 6	92 6	372 1	94 8
PFA's:	-7	-8	-8	-9	-9	-35	-8
incentives	7	7	0	3	2	1	1
to
PFA's:	-1	-1	-0	-0	-0	-2	-0
LTI	0	0	8	1	8	7	8
to
Other	-7	-11	-8	-7	-7	-35	-11
PFA	0	8	5	7	2	2	9
costs
Other commissions	4 2	0 0	0 0	0 0	4 6	4 6	0 0
Other	0	0	0	0	0	0	0
(Corporate	0	0	0	0	0	0	0
Center)
Total	126	118	113	114	119	465	120
	4	6	9	1	0	6	9

Revenues breakdown by Product Area

Revenues by product area
mln	1Q22	2Q22	3Q22	4Q22	FY22	1Q23
financial Net income	104 4	66 3	81 8	129 5	382 0	154 9
o/w Net interest income	56 3	65 0	81 8	129 5	332 6	154 9
o/w Profit from Treasury Management	48 1	1 3	0 0	0 0	49 4	0 0
Net commissions	12 5	13 8	14 5	15 3	56 2	14 6
Trading profit	1 5	6 6	2 9	-2 4	12 2	-4 3
Other	0 1	0 0	0 1	0 2	0 4	0 1
Total Banking	122 1	86 7	99 3	142 6	450 7	165 3
Net interest income	3 5	3 1	2 8	2 4	11 7	2 9
Net commissions	32 6	24 2	20 9	22 7	100 5	31 3
Trading profit	23 7	20 0	18 3	16 2	78 2	19 0
Other	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
Net interest income	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
Trading profit	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
Total Investing	73 4	75 7	78 6	80 4	308 1	74 8

Breakdown Total Financial Assets

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

o/w Guided Products & Services	41 018 ,	38 842 ,	38 811 ,	40 221 ,	42 249 ,
o/w TFA FAM retail	15 249 ,	14 627 ,	14 765 ,	15 772 ,	17 416 ,
o/w TFA Private Banking	47 133 ,	43 304 ,	43 153 ,	45 252 ,	48 932 ,

The item "Other" within AUC has been reclassified, and now excludes assets within Third-party deposit current accounts

Increasing quality and productivity of the Network

Balance Sheet

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

Safe Balance Sheet: simple, highly liquid

Diversified investment portfolio

• ◼ 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 4bps, cautious approach on mortgages (LTV ~49%, avg maturity 18 yrs)
• ◼ Strong competitive advantage leveraging on Big Data Analytics and internal IT culture (resulting in unmatched user experience and high customer satisfaction), continuous in-house innovation (i.e. look-through implementation with significant benefits on CET1 ratio), ownership and control of critical infrastructure

Rock-solid capital position

(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 0.2bn bank current accounts as of Mar.2023

Leverage Ratio Sensitivity

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
-2000	4 65%	4 68%	4 70%	4 73%	4 76%	4 79%	4 81%	4 84%	4 87%	5 01%	5 14%	5 28%	5 42%	5 56%	5 69%	5 83%
-1500	4 58%	4 61%	4 64%	4 66%	4 69%	4 72%	4 75%	4 77%	4 80%	4 94%	5 07%	5 21%	5 34%	5 48%	5 61%	5 74%
-1000	4 52%	4 54%	4 57%	4 60%	4 62%	4 65%	4 68%	4 71%	4 73%	4 87%	00% 5	13% 5	27% 5	40% 5	53% 5	66% 5
-500	4 45%	4 48%	4 51%	4 53%	4 56%	4 59%	4 61%	4 64%	4 67%	4 80%	4 93%	5 06%	5 19%	5 32%	5 46%	5 59%
	0 4 39%	4 42%	4 44%	4 47%	4 50%	4 52%	4 55%	4 58%	4 60%	4 73%	4 86%	4 99%	5 12%	5 25%	5 38%	5 51%
500	4 33%	4 36%	4 38%	4 41%	4 44%	4 46%	4 49%	4 51%	4 54%	4 67%	4 80%	4 93%	5 05%	5 18%	5 31%	5 44%
1	4	4	4	4	4	4	4	4	4	4	4	4	4	11%	24%	36%
000	27%	30%	33%	35%	38%	40%	43%	45%	48%	61%	73%	86%	99%	5	5	5
,
1	4	4	4	4	4	4	4	4	4	4	4	4	4	5	5	5
500	22%	24%	27%	29%	32%	34%	37%	39%	42%	55%	67%	80%	92%	05%	17%	29%
,
2	4	4	4	4	4	4	4	4	4	4	4	4	4	4	5	5
000	16%	19%	21%	24%	26%	29%	31%	34%	36%	49%	61%	73%	86%	98%	10%	23%
,
2	4	4	4	4	4	4	4	4	4	4	4	4	4	4	5	5
500	11%	13%	16%	18%	21%	23%	26%	28%	31%	43%	55%	67%	80%	92%	04%	16%
,
3	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4	09%
000	06%	08%	11%	13%	15%	18%	20%	23%	25%	37%	49%	61%	74%	86%	97%	5
,
4	3	3	4	4	4	4	4	4	4	4	4	4	4	4	4	4
000	96%	98%	00%	03%	05%	08%	10%	12%	15%	27%	38%	50%	62%	74%	85%	97%
,
5	3	3	3	3	3	3	4	4	4	4	4	4	4	4	4	4
000	86%	88%	91%	93%	95%	98%	00%	02%	05%	16%	28%	39%	51%	62%	74%	85%
,
6	3	3	3	3	3	3	3	3	3	4	4	4	4	4	4	4
000	77%	79%	82%	84%	86%	88%	91%	93%	95%	06%	18%	29%	40%	51%	63%	74%
,
000	3	3	3	3	3	3	3	3	3	3	4	4	4	4	4	4
7	68%	71%	73%	75%	77%	79%	82%	84%	86%	97%	08%	19%	30%	41%	52%	63%
,
8	3	3	3	3	3	3	3	3	3	3	3	4	4	4	4	4
000	60%	62%	64%	67%	69%	71%	73%	75%	77%	88%	99%	10%	20%	31%	42%	53%
,
9	3	3	3	3	3	3	3	3	3	3	3	4	4	4	4	4
000	52%	54%	56%	58%	61%	63%	65%	67%	69%	80%	90%	01%	11%	22%	32%	43%
,
10	3	3	3	3	3	3	3	3	3	3	3	3	4	4	4	4
000	44%	47%	49%	51%	53%	55%	57%	59%	61%	71%	82%	92%	02%	13%	23%	33%
,

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%

A new market structure enlarging our growth opportunities

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

The current environment has significantly changed

Acceleration of structural trends reshaping our society

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

New interest rates environment (1)

2023 AVG Euribor 3M at 335 bps 2023 AVG EURIRS 10Y at 292 bps

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

Net Financial Income: Expected strong increase vs recent past…	Investing: Strong results in a challenging environment thanks to resilient inflows and FAM	Brokerage: Higher floor thanks to our quality target market and business model
…thanks to the strong gearing to the interest rates of our quality and capital light NII: driven by our clients' valuable transactional liquidity and not by lending as for other banks	Inflows driven by structural trends, top-quality product offer and fair pricing. Growing contribution by FAM, which is taking a higher control of the value chain	Target market focused on wealthy and financially aware clients and our one-stop solution business model

Delivering on our discontinuities

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

INITIATIVES TO KEEP UNDER CONTROL OUR BALANCE SHEET

STRONG COMMERCIAL FOCUS ON AUM:

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

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

• ➢ Decumulation products key to move clients from liquidity towards AUM thanks to our wide gamma of FAM Target (~40 decumulation vehicles)
• ➢ New FAM offer: launch of investment solutions based on passive funds with diversified solutions based on different risk profiles. FAM has also launched its ETF offer
• ➢ New FAM solutions based on capital preservation: Smart Global Defence
• ➢ Pension funds for risk-averse clients
• ➢ Distribution of third-parties savings accounts live

3

ROBUST ACCELERATION IN PFAs PRODUCTIVITY through:

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

• ➢ New marketing campaigning tool based on our Big Data analytics in deployment phase. New Investing homepage released with dedicated contents to stimulate clients activity

IMPROVE THE QUALITY OF OUR CLIENT BASE:

➢ Exploiting our pricing power: more selective in our client acquisition

1

Fineco Asset Management in a nutshell

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

Preserving our best price/quality ratio

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

Commitment to Net Zero emissions by 2050

Aware of the importance of environmental and climate matters, in 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: • rd Coupon fixed at 4.82% for the initial 5.5 years. First call date: June 3 , 2023 • Private placement, fully subscribed by UniCredit SpA • Semi-annual coupon. Coupon (net of taxes) will impact directly Equity reserves
➢ 16th €300 mln Senior Preferred issued on February , 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 • 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

Main Financial Ratios

	Mar	Jun	Sep	Dec	Mar
	22	22	22	22	23
(1) PFA TFA / PFA (mln)	32 8	31 2	31 1	31 9	33 3
FAM retail / Fineco AUM (2)	28%	29%	29%	30%	32%
Cost / income Ratio (3)	27 0%	29 3%	29 8%	29 6%	25 0%
CET	19	19	20	20	21
1	3%	1%	4%	8%	8%
Ratio
(4)	27	26	23	23	29
Adjusted	8%	1%	1%	8%	7%
RoE
Ratio	3	3	3	4	4
(5)	80%	82%	88%	03%	21%
Leverage

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

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

(3) C/I ratio net of non recurring items (see page 36 for details) calculated as Operating Costs divided by Revenues net of non recurring items

(4) RoE recasted: annualized Net Profit, net of non recurring items (see page 36 for details) divided by the average book shareholders' equity for the period (excluding revaluation reserves). Previously it also excluded dividends for which distribution is expected.

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