Mediobanca — Investor Presentation 2021

Oct 27, 2021

Agenda

• Section 1. Executive summary
• Section 2. 1Q Group results
• Section 3. Divisional results
• Section 4. Closing remarks

Annexes

• 1. Divisional results by quarter
• 1. Glossary

1Q22: RECORD QUARTER SUPPORTED BY SUSTAINABLE GROWTH IN ALL BUSINESSES

Executive summary Section 1

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All business segment trends ahead of expectations, high recurring component WM: larger distribution scale and enhanced offering delivered strong growth in revenues and profit

Private Investment Banking model increasingly effective with growing market share Investment Banking revenues robust, good pipeline ahead Consumer Banking resuming pre-Covid new loans production with excellent asset quality

MB Group ESG profile and commitment continuing to improve

Strong 1Q22 results: revenues up 13% YoY to €706m, net profit up 31% YoY to €262m Record fees (€203m, up 17% QoQ and 7% YoY) driven by WM (€96m, up 8% QoQ and 27% YoY) and robust CIB client business performance (€85m, up 23% QoQ and down 4% YoY)

NII back to growth (€358m, up 4% QoQ and flat YoY), driven by volume/mix recovery in Consumer Banking (€226m, up 6% QoQ and flat YoY)

Strong asset quality supported decreasing cost of risk (51bps) Default rates at minimum, gross NPL/Ls@3.1%, NPL coverage@67%, overlays completely intact CoR at 51bps vs 56bps in 4Q21 and 61bps in 1Q21

GOP and net profit up ~30%, the best-ever quarterly banking performances GOP risk-adjusted up to €341m (up 28% YoY and 29% QoQ) Net profit soared to €262m (up 31% YoY and 29% QoQ)

High profitability - 11% ROTE - on healthy capital ratios CET1¹ phase in @16.1%, FL @15%, with 70% DPS accrued and Bybrook acquisition completed (10bps)

1) CET1 phase-in. Managerial calculation that differs from the one used in the COREP Common Reporting exercise due to the retained earnings generated in the period (not subject to authorization under Article 26 of the CRR) and based on a dividend payout ratio of 70%. Retained earnings impact on CET1 as to approx. 20bps.

1Q/3M RESULTS: SNAPSHOT

Executive summary Section 1

Mediobanca Group – 1Q results as at September (€)
Revenues	Cost/income	CoR	Net profit
€706m +6% QoQ +13% YoY	43% -7pp QoQ -3pp YoY	51 bps -5bps QoQ -10bps YoY	€262m +29% QoQ +31% YoY

WM: ROAC @ 27%

Growth confirmed in revenues and profitability, moving the business to a visibly larger scale

High quality of fees, with material growth in management fees and no reliance on performance fees

Ongoing distribution enhancement and product offer upgrade

Consumer Banking: ROAC @ 34%

Consumer Banking back to pre-Covid level

New loans at €1.8bn, with improved mix, NII back to growth

Excellent asset quality trend: NPL ratio at 1.6% (net) with further enhancement in coverage ratios (78% NPL)

CIB: ROAC @ 15%

Strong start to FY22 due to robust trend of client business activity and effectiveness of Private-IB model Solid pipeline ahead in all business segments

Asset quality confirmed as superior

Mediobanca Group – 1Q results as at September (€)
Gross NPL/Ls	ROTE adj	CET1 ratio	DPS
3.1% FY21: 3.2% 1Q21: 4.2%	11% FY21: 9% 1Q21: 9%	16.1% -20bps QoQ -10bps YoY	70% payout accrual

Wealth Management – 1Q results as at September
Revenues	Net profit	TFAs	ROAC
€172m +5% QoQ +18% YoY	€32m +24% QoQ +48% YoY	€75bn +5% QoQ +17% YoY	27% +7pp QoQ +7pp YoY

Consumer Banking – 1Q results as at September
Revenues	Net profit	CoR	ROAC
€257m +8% QoQ -1% YoY	€90m +43% QoQ +26% YoY	160 bps -23bps QoQ -88bps YoY	34% +10pp QoQ +7pp YoY

Corporate & Investment Banking – 1Q results as at September
Revenues	Net profit	CoR	ROAC
€185m +15% QoQ +1% YoY	€69m +29% QoQ -19% YoY	8 bps +3bps QoQ +46bps YoY	15% +4pp QoQ -4pp YoY

Agenda

Section 1.	Executive summary
------------	-------------------	--

Section 2. 1Q Group results

Section 3. Divisional results

Section 4. Closing remarks

Annexes

• 1. Divisional results by quarter
• 1. Glossary

1Q22 RESULTS: REVENUES UP 13% TO €706m NET PROFIT UP 31% TO €262m, ROTE 11%

Financial results Highlights

€m	1Q22 Sept21	4Q21 June21	1Q21 Sept20	D YoY1	D QoQ1
Total income	706	665	626	+13%	+6%
Net interest income	358	344	357	+0%	+4%
Net fee income	203	173	189	+7%	+17%
Trading income	50	45	36	+40%	+10%
Equity acc. com.	95	102	44	n.m.	-7%
WM	172	163	146	+18%	+5%
Consumer B.	257	238	260	-1%	+8%
CIB	185	161	183	+1%	+15%
PI	98	111	46	+113%	-12%
Total costs	(303)	(333)	(288)	+5%	-9%
Loan loss provisions	(62)	(67)	(72)	-13%	-7%
GOP risk-adjusted	341	265	266	+28%	+29%
Other	5	6	13	-60%	-17%
PBT	347	271	280	+24%	+28%
Net profit	262	204	200	+31%	+29%
TFAs - €bn	75.2	71.5	64.2	+17%	5%
Customer loans -€bn	48.9	48.4	46.8	+4%	1%
Funding - €bn	57.8	56.2	56.7	+2%	3%
RWA - €bn	47.2	47.2	47.6	-1%	+0%
Cost/income (%)	43	50	46	-3pp	-7pp
Cost of risk (bps)	51	56	61	-10bps	-5bps
Gross NPLs/Ls (%)	3.1%	3.2%	4.2%
NPL coverage (%)	67.2%	64.9%	56.5%
ROTE adj. (%)	11%	8%	9%
CET1 phased-in (%)	16.1%	16.3%	16.2%	-10bps	-20bps

• Revenue-generating assets increased:
• TFAs up 17% YoY to €75bn due to organic growth (€9bn) in Premier and PB and M&A (€2.1bn)
• Customer loans up 4% YoY driven by all segments
• Growth in revenues (up 13% YoY, up 6% QoQ) due to core sources
• NII back to grow (up 4% QoQ) due to Consumer recovery
• Record fees (up 17% QoQ and up 7% YoY) driven by WM & CIB
• Robust trend in all businesses despite seasonality
• Wealth Management: strong performance, up 18% YoY and 5% QoQ, driven by higher recurring fees on AUM/AUA
• CIB: robust trend, up 1% YoY and 15% QoQ, despite the lack of jumbo deals (ISP/UBI last year), due to strong client business and effective Private Investment Banking model
• Consumer Banking back to pre-Covid levels: down 1% YoY but up 8% QoQ, with new loans improving in size (€1.8bn in 1Q22 vs €1.5bn in 1Q21) and mix (47% personal Ls in 1Q22, 40% in 1Q21)
• PI: high contribution
• Cost/income ratio @43%, with ongoing investments (costs + 5% YoY)
• LLPs and CoR reduced further (CoR @51bps in 1Q22 vs 56bps in 4Q21 and 61bps in 1Q21 – LLPs down 7% QoQ) due to positive trends in asset quality and highest-ever coverage ratios
• CET1 phased-in at 16.1% (down 20bps QoQ and 10bps YoY) due to Bybrook acquisition (-10bps) and higher deduction on larger AG book value. 70% dividend payout accrued
• Profitability improved to 11% ROTE

REVENUE GENERATION CAPABILITY MATERIALLY INCREASED IN LAST 12 REVENUES GENERATED BY WM&CIB HAVE RETURNED TO LEVELS SIGNIFICANTLY ABOVE PRE-COVID, CONSUMER B. CLOSING THE GAP

1Q - Group results Section 2

Revenues at highest-ever levels …

Group revenues, €m, 3M WM revenues, €m, 3M

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+18% YoY +5% QoQ

… with WM definitively transitioned to new, larger scale…

… CIB staying high with more sustainable mix… … and Consumer Banking rebounding after lockdowns

CIB revenues, €m, 3M CB revenues, €m, 3M

BUSINESS MODEL BASED ON VALUE ADDED PRODUCT/SERVICE INCREASINGLY EFFECTIVE 1Q - Group results Section 2

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CIB: solid underlying lending volumes…

Consumer: new loans recovering in volume and mix

Auto Special purpose Personal loans Credit cards Salary guar.

… and Private-Investment Banking taking bigger market share

• Good pipeline in Advisory, DCM/ECM, Acquisition Finance, IPOs and increasing cross-selling between businesses
• Sound contribution by all client businesses, domestically and internationally (France in particular). Specialty Finance growing again in NPLs business
• MB/BlackRock co-investment initiative launched at MBPB with €1.4bn commitment raised over 5-7 year time horizon

NII BACK TO GROWTH (UP 4% QoQ)

1Q - Group results Section 2

NII trend by division (€m)

• NII resilient due to A&L management and cost of funding optimization. In 1Q22 NII up 4% QoQ due to:
• Consumer B. bottoming out, with positive impact from volume growth and margins improvement on better mix
• Volume growth across divisions, despite the still tough margin environment
• Visible recovery potential ahead merely to return to pre-Covid level: Consumer average volumes now growing steadily QoQ (up 1%) on new loans recovery (€1.8bn in 1Q22), but still €0.6bn below pre-Covid level

Quarterly NII trend (€m)

Margin effect Volume effect

Loan book by segment (€bn)

²⁾ Including €3m – positive and not one-off - due to the new rules on the Lexitor sentence (Article 125, Italian Banking Act), which restore upfront costs on early repayments of contracts executed before 25 July 2021

RECORD FEES FOR THE FIRST TIME > €200M, HIGHLY DIVERSIFIED & SUSTAINABLE

1Q - Group results Section 2

• New quarterly record in fee income of €203m in 1Q22 (up 17% QoQ and 7% YoY), with strong recurring component in WM and less concentrated fee pool in CIB:
• WM: up 8% QoQ and 27% YoY, reflecting material increase in management fees (up 12% QoQ and 27% YoY), backed by growing AUM/AUA quality, and a partial contribution from MB/Blackrock co-investments initiative, which will generate management fees starting from next quarters
• CIB: satisfactory trend in 1Q22 after a record FY21 (fees up 23% QoQ but down 4% YoY), with sound performance in Advisory business despite lack of jumbo deals and in lending; lower ECM but good pipeline ahead
• Consumer Banking: still impacted by lower insurance product sales

FURTHER IMPROVEMENT IN ASSET QUALITY: MORATORIA DOWN TO 1% OF LOANS

1Q - Group results Section 2

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Moratoria: 80% expired; 99% of residual positions classified in Stages 2-3, well covered

	Gross carrying amount (€bn, Sept21)¹
	Total granted	% expired	Total Outstanding	o/w Stage 2-3 (Sept21)	o/w Stage 2-3 (June21)
MB Group	2.38	80%	0.47	99%	80%
Consumer	1.06	97%	0.03	99%	96%
Mortgages	0.64	74%	0.17	100%	91%
Leasing	0.67	59%	0.27	100%	73%

Outstanding moratoria reduced to 1% of Group loans

Total loans under moratoria reduced to €0.5bn as at Sept21, or 1% of Group loans. Conservative approach: 99% of residual loans under moratoria classified as stage 2-3 with coverage up

• Consumer B. 97% expired. Residual managed according to ordinary criteria
• Mortgages 74% expired. Residual: 100% classified to stage 2/3 and ~60% expiring by end-Dec.21
• Leasing 59% expired. Residual: 100% classified to stage 2/3 and ~98% expiring by end-Dec.21²

1) Including moratoria granted outside of laws/category association arrangements.

2) Most of the residual moratoria are subject to Article 56 of the "Cura Italia" decree; the "Decreto Sostegni-bis" Decree issued on 25 May 2021 allowed clients to request postponement of the moratoria termination from 30 June 2021 until 31 December 2021.

PRUDENT STAGING: NPLs INCIDENCE DOWN AND COVERAGE RATIOS UP

1Q - Group results Section 2

4.2% 3.2% 3.1% 56.5% 64.9% 67.2% Sept20 June21 Sept21 Gross Exposure/Loans Coverage

Gross NPLs – Stage 3¹ Net NPLs – Stage 3¹ (Net exposure/Loans)

Performing Loans – Stage 2¹

Performing Loans – Stage 1¹

➢ Stage 3 – Gross NPLs broadly stable QoQ at 3.1% of gross loans (vs 4.2% in Sept20). Net NPLs down in both absolute and relative terms, reflecting further enhancement in coverage ratio (67% in Sept21 vs 65% in Jun21)

• ➢ Stage 2 down in both absolute (by 3% QoQ) and relative terms, mainly related to CIB and mortgages. Coverage ratio at ~10%
• ➢ Performing loans coverage ratio broadly flat at 1.37% with overlays/buffer not yet reversed

Performing Loans coverage ratio

1) Figures in the graphs in upper part of the slide refer to the Customers Loan Book and may therefore differ from the EBA Dashboard. In particular, the EBA includes NPLs purchased and treasury balances that are excluded from the MB classification. In Stage 3 gross NPLs MBCS excluded

COST OF RISK REDUCED TO 51bps WITH NO OVERLAYS REVERSED AND RECORD COVERAGE RATIOS

1Q - Group results Section 2

CoR trend (bps)

• 1Q22 Group CoR down to 51bps with no overlays reversed (more than €300m overlays set aside, ~€210m in Consumer Banking and the remaining in CIB) and record coverage ratios of NPLs (67%) and performing Ls (1.4%)
• Consumer Banking: COR down to 160bps, on positive trend in default rates, record coverage ratios of NPLs (78%) and performing loans (3.7%)
• CIB: CoR at 8bps, with some writebacks linked to repayment of exposures/improvements in rating. NPLs ratio confirmed at lowest levels (net 0.5% to loans)

POSITIVE ASSET QUALITY TREND IN ALL DIVISIONS

1Q - Group results Section 2

CET1 PHASE-IN @16.1% WITH LARGE BUFFER OVER REQUIREMENTS

1Q - Group results Section 2

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Phased-in CET1¹ ratio trend

Capital on agenda at AGM (28/10/21)

• Dividend payment: €0.66 DPS, with impact already embedded in CET1
• Treasury shares cancellation: 22.6 million shares, with impact already embedded in CET1
• New buyback programme: up to 3% of capital (~26 million shares) with ~65bps deduction still not accrued in CET1

Phased-in CET1 ratio¹ @16.1% (down 20bps QoQ and 10bps YoY) with:

• +45bps from organic generation (earnings and RWAs)
• -10bps from closing of Bybrook acquisition
• -20bps from higher deductions relating to Assicurazioni Generali
• -40bps from MB dividend accrual in line with 70% payout guidance

Large buffer over SREP confirmed (>800bps), leaving room for additional M&A

1) CET1 phase-in. Managerial calculation that differs from the one used in the COREP Common Reporting exercise due to the retained earnings generated in the period (not subject to authorization under Article 26 of the CRR) and based on a dividend payout ratio of 70%. Retained earnings impact on CET1 as to approx. 20bps.

MEDIOBANCA ESG: SIGNIFICANT STEP AHEAD

1Q - Group results Section 2

MARKET - Mediobanca part of the MIB ESG index including the top 40 companies ranked according to ESG criteria in line with the UN Global Compact principles, and weighted on the basis of the free float market capitalization.

RATING – MSCI rating on Mediobanca up from "BB" to "A"

DISCLOSURE - FY21 Consolidated non-financial statement enhanced with: i) assessment for progressive alignment with SASB¹ and TCFD² requests; ii) calculation of economic value generated and distributed to stakeholders; iii) Group's tax strategy policy

ENVIRONMENT - Supporting our clients targeting climate change

• ESG/green credit product footprint now material with ~ €2,1bn of stock o/w:
• 86% corporate
• 9% mortgages
• 5% consumer

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• Strong ESG funds growth (% of ESG qualified funds @39%)³
• DCM top-notch positioning in the ESG space with 15 transactions for a total issued amount in excess of € 11bn since January

SOCIAL – supporting our community with sport and environment

• MB Sport Camp run for the fifth year at the Beccaria Institute for Young Offenders in Milan to promote competition, respect for rules and fair play through sport
• New rugby pitch inaugurated as part of the TOGETHER/INSIEME social inclusion project addressing the most vulnerable peripheral areas in terms of their economic and social conditions.
• 2,000 trees planted in Milan area within projects shared with Reteclima and Fondazione Mission Bambini

GOVERNANCE – improvement with 2021 AGM proposals

• Remuneration policy: senior management STI scorecards enhanced with quantitative ESG targets to support ESG/green product development
• Governance enhanced by changes to the Articles:
• Removal of requirement to have Group managers in the BoD,
• Increased minorities presence in the BoD with one seat reserved to Institutional Investors

BEYOND ESG & SUSTAINABILITY- A NEW STRATEGIC DIRECTION – 16 November 2021

Greetings and introduction by Alberto Nagel followed by two roundtables with institutional investors and CIB corporate clients

Agenda

Section 1.	Executive summary
------------	-------------------	--

Section 2. 1Q Group results

Section 3. Divisional results

Section 4. Closing remarks

Annexes

• 1. Divisional results by quarter
• 1. Glossary

WM: BUSINESS SET ON LARGER SCALE

1Q - Divisional results Section 3

Financial results Highlights

€m	1Q22 Sept21	4Q21 June21	1Q21 Sept20	D YoY1	D QoQ1
Total income	172	163	146	+18%	+5%
Net interest income	74	72	68	+9%	+2%
Fee income	96	89	76	+27%	+8%
Net treasury income	3	2	2	+13%	+17%
Total costs	(123)	(128)	(109)	+13%	-4%
Loan provisions	(4)	(2)	(6)	-29%	+83%
GOP risk-adj	45	33	31	+46%	+38%
PBT	46	36	31	+47%	+29%
Net profit	32	26	22	+48%	+24%
TFA - €bn	75.2	71.5	64.2	+17%	+5%
AUM/AUA	49.1	46.3	40.0	+23%	+6%
Deposits	26.1	25.2	24.2	+8%	+4%
NNM - €bn	1.4	1.1	0.4	3x	+29%
Customer loans - €bn	14.5	14.4	13.5	+8%	+1%
Gross NPLs/Ls (%)	1.5%	1.6%	1.6%
Cost/income ratio (%)	71	79	75	-4pp	-8pp
Cost of risk (bps)	12	6	18	-6bps	+6bps
ROAC (%)	27	20	20	+7pp	+7pp
Revenues breakdown
Premier	95	94	83	+15%	+2%
Private and other	59	56	48	+23%	+7%
Asset Management	18	14	15	+21%	+26%
Saleforce	1,103	1,083	1,031	+7%	+2%
Bankers – Private	132	132	137	-4%	+0%
RM – Premier	495	486	472	+5%	+2%
FA – Premier	476	465	422	+13%	+2%

• Ongoing delivery of BP19-23 strategy:
• Distribution enhancement: with 20 people added to the salesforce in 3M to reach 1,103 professionals
• Brand and product upgrade: launch of MB/Blackrock co-investments, new MB SGR Target Maturity fund,² new thematic/customized investment lines for MBPB and CB! discretionary mandates
• M&A: Bybrook acquired (~€2bn in stressed/distressed credit)³
• NNM: €1.4bn, of which €1.8bn in Premier & Private (€0.9bn AUM and €0.9bn deposits), only partly offset by €0.4bn of outflows/optimization in non-profitable institutional mandates. Large liquidity inflows in MBPB 1/3 due to money motion events.
• TFAs: up 17% YoY and up 5% QoQ to €75m, driven by 23% growth in AUM/AUA (18% net of Bybrook) and 8% growth in deposits
• 1Q22 net profit up 48% YoY and 24% QoQ to €32m, with ROAC @ 27%, reflecting:
• Revenues at €172m (up 18% YoY and 5% QoQ), reaching their highest quarterly level and definitively set on a larger scale. Strong quality of fees, backed by a notable increase in management fees (up 27% YoY and 12% QoQ) and no reliance on performance fees
• Cost/income ratio cut to 71% despite ongoing investments in talent and innovation (costs up 13% YoY)

1) YoY: 3M Sept21/Sept20. QoQ: 3M Sept21/June21

2) Mediobanca Diversified Credit Portfolio 2027

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3) Bybrook consolidated from 1 September 2021, contributing €2.7m in revenues and ~€1m in costs

BALANCED ORGANIC AND NON-ORGANIC TFA GROWTH BYBROOK CONSOLIDATION FROM 1 SEPTEMBER

1Q - Divisional results Section 3

AUM/AUA Deposits

Quarterly TFA trend (€bn) Long-term TFA trend (€bn)

Strong growth in TFAs, up 5% QoQ (17% YoY) to €75bn, driven by:

• Organic growth: €1.7bn, with strong contribution from Premier & Private (€1.8bn NNM), outflows in AM (€0.4bn, due to optimization in non-profitable institutional mandates) and positive market effect (€0.2bn)
• Acquisitions: €2.1bn from Bybrook acquisition, adding another piece to the already large contribution from the previous years' acquisitions to TFA growth

PREMIER/PRIVATE: AUM AND FEES UP

1Q - Divisional results Section 3

ENHANCED DISTRIBUTION AND DISTICTIVE OFFERING

1Q - Divisional results Section 3

PB: wide private markets platform

MBPB Initiative	Product	Date	Committed Size (€bn)	AUM (Sept21, €bn)
	PM1	2019	0.1	0.1
Private Markets	PM2	2019	0.1	0.1
Programs	PM3	2020	0.1	0.1
	BlackRock	2021	1.4	0
Club Deals	TEC	2017	0.5	n.m.3
Real Estate Inv.	Re Fund	2019-2020	0.42	0.2
Private Capital GPs	Intro	2020	0.1	n.m.3
TOTAL			2.7	0.5

1) Peer group: Italian asset gatherers (Fineco, Azimut, Banca Generali, B. Mediolanum) FAs for CB! including both Financial Advisors and Relationship Managers. Source: Company press releases, earning results and Assoreti

2) GAV. €180m NAV

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3) Not classified as AUM

… with superior productivity

(AUM NNM per-capita, €m: NNM Jul21-Sept21/#FAs¹ )

AM: platform enriched with Bybrook

CONSUMER BANKING: ON TRACK TO RETURN TO PRE-COVID LEVELS NEW LOANS RECOVERING IN VOLUMES AND MIX

1Q - Divisional results Section 3

Financial results

€m	1Q22 Sept21	4Q21 June21	1Q21 Sept20	D YoY1	D QoQ1
Total income	257	238	260	-1%	+8%
ow Net interest income	226	214	226	+0%	+6%
Total costs	(72)	(84)	(73)	-2%	-14%
Loan provisions	(52)	(59)	(81)	-35%	-11%
GOP risk adj.	133	96	106	+26%	+39%
PBT	133	96	106	+26%	+39%
Net profit	90	63	72	+26%	+43%
New loans - €bn	1.8	1.9	1.5	+22%	-3%
Customer loans - €bn	13.1	12.9	12.9	+1%	+1%
Gross NPLs/Ls (%)	6.7%	6.9%	7.5%
Cost/income ratio (%)	28	35	28	-	-7pp
Cost of risk (bps)	160	183	248	-88bps	-23bps
ROAC (%)	34	24	27	+7pp	+10pp

Highlights

• Ongoing distribution enhancement:
• Total direct branches number 233, 179 of which proprietary, 54 run by agents (+2 in 1Q22), and 49 Compass V agencies
• Solid trend of digital distribution (26% of direct personal loans)
• Launch of Compass Link, with 9 new agents recruited
• New loans €1.8bn (close to pre-Covid level), up 22% YoY, reflecting gradual recovery in consumer spending after end of lockdowns, but down 3% QoQ due to seasonality
• Mix reshaping back to profitable profile: personal loans recovering (up 42% YoY), now at 47% of total new loans, well above 1Q21 (40%), but still with room for improvement to return to pre-Covid mix (~52%)
• 1Q22 net profit at €90m, up 43% YoY and 26% QoQ:
• Revenues down 1% YoY but up 8% QoQ, as NII resumes growth, on recovering avg. volumes/improving margins
• Costs under control, with C/I stable ~30%
• LLPs down 35% YoY and 11% QoQ, reflecting positive trend in default rates and no more issues with moratoria. CoR at the lowest-ever level (160bps), with ~€210m overlays already set aside in previous quarters
• Asset quality at its best-ever level: net NPLs/Ls down to 1.6% (vs 1.8% in June21) with further improvement in coverage ratios for both NPLs (up 2pp to 78%) and performing (from 3.62% to 3.70%)
• Reduction of new business generated by third parties' banking branches, already embedded in BP23 numbers

DIGITAL: WHERE CUSTOMER EXPERIENCE MEETS PROFITABILITY

1Q - Divisional results Section 3

• In the post-pandemic environment a digital offering is a commodity but a smooth customer experience is a trademark that remains firmly branded in clients' minds. Compass is focusing investments on:
• Compass app upgrade from transactional to relational tool (featuring offers, services and cross-selling)
• Integration between channels (web, telephone/smartphone, branches) to serve clients remotely
• Simplifying and enriching payments methods (credit cards, web or shops by dedicated bar code).
• Compass investments aims at minimizing time-to-yes and request dropouts while assuring a safe, reliable, quick and effective process to clients.

IH17 IIH17 IH18 IIH18 IH19 IIH19 IH20 IIH20 IH21 IIH21 IQ22

• Strong platform growing through progressive and continuous features enhancement.
• In 1Q22 ~80% of loans applications processed in 1 day and ~ 40% in 1 hour.

Digital loans at 26% of direct new personal loans (%) Pagolight (Compass' BNPL¹ launched in June 2021) enlarging distribution platform through commercial agreements

Credit can be provided immediately before payment. More than 2.000 point of sales served

ASSET QUALITY AT ITS BEST-EVER LEVEL

1Q - Divisional results Section 3

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Ongoing healthy trend in early risk indicators … … resulting in the lowest CoR level ever …

Early deterioration index (3 months average)

… with further decrease in net NPL stock …

Consumer Banking Net NPLs, stock (€m) and incidence to loans (%)

…and coverage of performing (3.70%) and NPLs (78%) at highest-ever levels

Coverage ratios trend

1) Following the introduction of the new definition of default (DoD), as of Sep19 ~€120m of net exposure (90% of which in Consumer Banking) was moved from stage 2 to stage 3

CIB: SOLID QUARTER WITH EXPECTED POSITIVE TREND

1Q - Divisional results Section 3

Financial results Highlights

€m	1Q22 Sept21	4Q21 June21	1Q21 Sept20	D YoY1	D QoQ1
Total income	185	161	183	+1%	+15%
Net interest income	68	68	72	-5%	+0%
Fee income	85	69	88	-4%	+23%
Net treasury income	32	24	23	+39%	+30%
Total costs	(76)	(80)	(73)	+3%	-6%
Loan loss provisions	(4)	(2)	18	n.m.	+70%
GOP risk adj.	105	79	127	-17%	+34%
PBT	105	81	128	-18%	+30%
Net result	69	53	85	-19%	+29%
Customer loans - €bn	19.5	19.3	18.6	+5%	+1%
Gross NPLs/Ls (%)	1.2%	1.2%	3.0%
Cost/income ratio (%)	41	50	40	+1pp	-9pp
Cost of risk (bps)	8	5	(38)	+46bps	+3bps
ROAC (%)	15	11	19	-4pp	+4pp

Revenue by product (€m)

• Strong start to FY22 in CIB, with revenues staying high at €185m (up 15% QoQ and 1% YoY), despite lack of jumbo deals (Intesa-UBI last year) that drove the record level posted in 1Q21. Strong performance in almost all business areas and positive pipeline ahead:
• Advisory: €39m of fees, close to record level seen in 1Q21 with sound contribution in midcaps confirming the validity of the Private-IB model
• Lending: solid trend, with revenues up 8% QoQ and 6% YoY, with strong contribution from the fee component
• ECM slowing temporarily, but positive trend expected in next quarters; solid DCM activity
• CMS: stable contribution
• Specialty Finance: NPL business growing again
• Costs kept under control, with healthy cost/income ratio @41% (down 9pp QoQ)
• CoR at 8bps, with limited writebacks linked to repayments or rating improvements (vs €26m writebacks in 1Q21 related to Burgo). Asset quality confirmed strong: gross NPL ratio at 1.2% and coverage at 55%
• ROAC @15%, reflecting net profit of €69m (up 29% QoQ and down 19% YoY due only to lower credit write-backs)

LEADING POSITIONING CONFIRMED IN M&A…

1Q - Divisional results Section 3

M&A Italy 2021 – Ranking by Deal Value since January 2021¹

• Mediobanca M&A team has been involved in most industry-shaping transactions of the last three quarters, including the acquisition of Cerved by ION, the disposal of Autostrade per l'Italia by Atlantia, the disposal of Hydro assets by ERG and the PTO launched by Generali on Cattolica
• Strengthened coverage of Mid-Cap segment thanks to growing coverage efforts, enhanced cross-selling with other MB Group products and co-operation with Private Banking Division
• Increasing participation in Financial Sponsors driven transactions thanks to the dedicated origination team
• Enhanced footprint in Europe, combining local coverage and industry expertise, including through the strategic partnership with Messier & Associés and an important involvement in major international transactions

Selected M&A International Transactions

Selected M&A Large Corp Transactions

Selected M&A Mid Corp Transactions

Selected M&A Financial Sponsors Transactions

…AND IN ECM AND DCM

1Q - Divisional results Section 3

• Mediobanca Capital Markets teams successfully completed several major transactions for both Italian and international clients, including in DCM, Popolare di Sondrio's inaugural green Senior Preferred notes, EDP's green hybrid dual-tranche, ERG's green senior notes and ENEL's triple-tranche SLB, in ECM Seco's IPO, Antares' Re-IPO, Autogrill's and EuroNext's Rights Issue, San Lorenzo's and Brunello Cucinelli's Accelerated Bookbuilding
• Equity Capital Markets have seen a record level of activity during the first 9 months of 2021 with several issuers tapping the market. Mediobanca's involvement in the most important transactions confirmed its leadership in the Italian market with an increasing presence also in other European countries
• Mediobanca further consolidated its leading DCM position in the ESG market, participating in ENEL's triple-tranche SLB, ERG's green senior notes, EDP's green hybrid offering and structuring Banca Popolare di Sondrio inaugural green Senior Preferred notes
• Increasing international presence, lead-managing among others Euronext and SSP rights issues, plus EDP's green hybrid bond

Selected ECM Transactions

July 2021	June 2021	May 2021	May 2021	May 2021	January 2021
€30m ABB	€24m ABB	€161m IPO	€225m Re-IPO	€1,820m Rights Issue	€600m Right Issue
		Joint Global Coordinator &	Joint Global Coordinator &		Joint Global Coordinator &
Sole Bookrunner	Sole Bookrunner	Joint Bookrunner	Joint Bookrunner	Joint Bookrunner	Joint Bookrunner

Selected DCM Transactions

27

1) Source: Dealogic, Bond Radar as of September 2021 – No self deals

2) Source: BondRadar, as of September 2021 – Including only EUR-denominated deals and excluding sovereign and corporate high-yield transactions

ECM Italy 2021 (Bookrunner) since January 2021¹

DCM Italy 2021 (Bookrunner) since January 2021²

PRINCIPAL INVESTING: POSITIVE CONTRIBUTION

1Q - Divisional results Section 3

Financial results Highlights

€m	1Q22 Sept21	4Q21 June21	1Q21 Sept20	D YoY1	D QoQ1
Total income	98	111	46	n.m.	-12%
Impairments	3	15	13	-75%	-78%
Net result	97	110	52	+87%	-12%
Book value - €bn	4.5	4.4	4.2	+9%	+2%
Ass. Generali (13%)	3.7	3.7	3.5	+8%	+2%
Other investments	0.8	0.7	0.7	+14%	+1%
Market value - €bn	4.2	4.2	3.1	+36%	+1%
Ass. Generali	3.5	3.4	2.4	+42%	+1%
RWA - €bn	7.1	7.2	7.9	-11%	-3%
ROAC (%)	15	17	13	+2pp	-2pp

• 1Q22 net profit at €97m, up 87% YoY on higher AG contribution, as 1Q21 results was affected by negative non-recurring items. 2
• Neutral impact from PE funds and seed capital in 1Q22 (€3m in 1Q22 vs €15m in 4Q21 and €13m in 1Q21)
• AG book value up 8% YoY due to net profit and higher AFS reserves net of dividend distributed; up 2% QoQ mainly due to net profit
• AG market valuation up 42% YoY to €3.5bn
• High and steady profitability: ROAC 15%

HOLDING FUNCTIONS – IMPROVED RESULTS

1Q - Divisional results Section 3

Financial results Highlights

29

€m	1Q22 Sept21	4Q21 June21	1Q21 Sept20	D YoY1	D QoQ1
Total income	(1)	(6)	(3)	-56%	-78%
Net interest income	(14)	(13)	(13)	+4%	+5%
Net treasury income	10	4	7	+41%	n.m.
Fee income	3	3	3	-26%	-26%
Total costs	(36)	(43)	(37)	-3%	-18%
GOP	(37)	(49)	(39)	-7%	-24%
Loan provisions	(2)	(4)	(3)	-31%	-46%
Other (SRF/DGS incl.)	1	(13)	(1)	n.m.	n.m.
Income taxes & minorities	12	17	14	-14%	-32%
Net profit	(26)	(49)	(30)	-14%	-46%
Customer loans - €bn	1.7	1.8	1.8	-4%	-2%
Funding - €bn	57.8	56.2	56.7	+2%	+3%
Bonds	18.8	18.4	19.3	-3%	+2%
WM direct deposits	26.1	25.2	24.2	+8%	+4%
ECB	8.5	7.4	6.5	+31%	+14%
Others	4.4	5.1	6.7	-34%	-13%
Treasury & securities at FV	15.8	14.4	15.7	+1%	+10%
LCR	152%	158%	166%
NSFR3	116%	116%	109%

• 1Q22 loss €26m, 14% lower YoY, with GOP improving by 7% YoY, on higher contribution from Treasury and cost control (down 3% YoY)
• Funding stock at €58bn, up 3% QoQ and 2% YoY:
• €0.5bn senior non-preferred bond issued in Sept.21
• TLTRO3: further €1bn drawn in 1Q22, leading to a total amount of €8.5bn, close to full capacity (€8.8bn)
• WM deposits up 4% QoQ and 8% YoY
• CoF @60bps,² flat QoQ and ~5bps below avg. FY21
• Treasury assets €14.9bn, up 10% QoQ: €5.6bn liquidity (ow €3.2bn at ECB) and €5.5bn in banking book govies (ow €3.5bn Italian govies)
• Loans at €1.7bn, down 4% YoY due to ongoing leasing optimization
• All key-indicators at comfortable levels:
• LCR at 152%
• NSFR at 116%
• CBC at €11.3bn

1) YoY: 3M Sept21/Sept20. QoQ: 3M Sept21/June21

2) COF restated according to new methodology that embeds the modelled duration of deposits

3) NSFR disclosed as required by the new CRR (Regulation (EU) 2019/876) from 28 June 2021

Agenda

• Section 1. Executive summary
• Section 2. 1Q Group results
• Section 3. Divisional results
• Section 4. Closing remarks

Annexes

• 1. Divisional results by quarter
• 1. Glossary

CLOSING REMARKS

1Q22: record quarter by revenues, fees and net profit… Revenues up 13% YOY to €706m, ow fees for the first time above €200m (+7% YoY) Net profit up 31% to €262m, ROTE at 11%

…supported by sustainable growth in all businesses all of which have increased their revenue generation capabilities materially NII growth driven by Consumer Banking, closing the gap vs new business levels pre Covid Fee income growth driven by WM, set on a larger scale, and CIB, combining the high effectiveness of Private & Investment Banking model with positive market trends

For the next quarters we forecast a normalized scenario

• Growth in profitable assets: TFAs leveraged in size and mix (higher AUM) and loans driven by WM and Consumer Banking recovering
• Growth in revenues: NII bottomed out, now sustainable at pre-Covid level fees capitalizing on record FY21
• Flat cost/income ratio despite ongoing investment in distribution platform and digital empowerment
• CoR: industrial CoR expected excellent as in 1Q22
• Shareholders' remuneration: deletion of treasury shares and new 3% share buyback program in next Q¹

Agenda

• Section 1. Executive summary
• Section 2. 1Q Group results
• Section 3. Divisional results
• Section 5. Closing remarks

Annexes

• 1. Divisional results by quarter
• 1. Glossary

MEDIOBANCA GROUP P&L

3M results as at September 2021							Annex
€m	1Q22 Sept21	4Q21 June21	3Q21 Mar21	2Q21 Dec20	1Q21 Sept20	D QoQ1	D YoY1
Total income	706	665	663	675	626	+6%	+13%
Net interest income	358	344	351	363	357	+4%	+0%
Fee income	203	173	188	194	189	+17%	+7%
Net treasury income	50	45	65	51	36	+10%	+40%
Equity accounted co.	95	102	59	67	44	-7%	n.m.
Total costs	(303)	(333)	(314)	(303)	(288)	-9%	5%
Labour costs	(156)	(167)	(163)	(153)	(152)	-6%	+3%
Administrative expenses	(146)	(166)	(151)	(150)	(136)	-12%	+8%
Loan loss provisions	(62)	(67)	(64)	(46)	(72)	-7%	-13%
Operating profit	341	265	285	326	266	+29%	+28%
Impairments, disposals	5	16	19	(0)	13
Non recurring (SRF/DGS contribution)	1	(10)	(42)	(33)	0
PBT	347	271	261	292	280	+28%	+24%
Income taxes & min.	(85)	(68)	(68)	(82)	(80)	+26%	+7%
Net profit	262	204	193	211	200	+29%	+31%
Cost/income ratio (%)	43	50	47	45	46	-7pp	-3pp
Cost of risk (bps)	51	56	53	39	61	-5bps	-10bps

MEDIOBANCA GROUP A&L

3M results as at September 2021 Annex

€bn	Sept21	June21	Sept20	D QoQ1	D YoY1
Funding	57.8	56.2	56.7	+3%	+2%
Bonds	18.8	18.4	19.3	+2%	-3%
Direct deposits (retail&PB)	26.1	25.2	24.2	+4%	+8%
ECB	8.5	7.4	6.5	+14%	+31%
Others	4.4	5.1	6.7	-13%	-34%
Loans to customers	48.9	48.4	46.8	+1%	+4%
CIB	19.5	19.3	18.6	+1%	+5%
Wholesale	16.9	16.6	16.5	+2%	+2%
Specialty Finance	2.6	2.7	2.1	-2%	+27%
Consumer	13.1	12.9	12.9	+1%	+1%
WM	14.5	14.4	13.5	+1%	+8%
Mortgage lending	11.1	11.1	10.4	+0%	+7%
Private Banking	3.4	3.3	3.1	+3%	+10%
Leasing	1.7	1.8	1.8	-2%	-4%
Treasury and securities at FV	15.8	14.4	15.7	+10%	+1%
TFAs	75.2	71.5	64.2	+5%	+17%
of which AUM/AUA	49.1	46.3	40.0	+6%	+23%
of which deposits	26.1	25.2	24.2	+4%	+8%
Loans/Funding ratio	85%	86%	83%	-1pp	+2pp
CET1 ratio2 (%)	16.1%	16.3%	16.2%
TC ratio2 (%)	18.6%	18.9%	18.8%

35

1) YoY= Sept21/Sept20 QoQ= Sept21/June21

2) CET1 phase-in. Managerial calculation that differs from the one used in the COREP Common Reporting exercise due to the retained earnings generated in the period (not subject to authorization under Article 26 of the CRR) and based on a dividend payout of 70%. Retained earnings impact on CET1 as to approx. 20.

WEALTH MANAGEMENT RESULTS

3M results as at September 2021 Annex

€m	1Q22 Sept21	4Q21 June21	3Q21 Mar21	2Q21 Dec20	1Q21 Sept20	D QoQ1	D YoY1
Total income	172	163	162	156	146	+5%	+18%
Net interest income	74	72	72	69	68	+2%	+9%
Fee income	96	89	87	85	76	+8%	+27%
Net treasury income	3	2	3	3	2	+17%	+13%
Total costs	(123)	(128)	(119)	(115)	(109)	-4%	+13%
Loan provisions	(4)	(2)	(5)	(6)	(6)	+83%	-29%
GOP risk adj.	45	33	38	36	31	38%	46%
Other	1	3	1	1	0
Income taxes & min.	(14)	(9)	(12)	(12)	(9)	+45%	+46%
Net profit	32	26	27	25	22	+24%	+48%
Cost/income ratio (%)	71	79	74	73	75	-8pp	-4pp
LLPs/Ls (bps)	12	6	13	17	18	+6bps	-6bps
Loans (€bn)	14.5	14.4	14.3	14.0	13.5	+1%	+8%
TFA (€bn)	75.2	71.5	69.3	66.6	64.2	+5%	+17%
of which AUM/AUA (€bn)	49.1	46.3	44.1	42.0	40.0	+6%	+23%
of which deposits (€bn)	26.1	25.2	25.2	24.6	24.2	+4%	+8%
RWA (€bn)	5.2	5.2	5.0	5.0	4.9	-1%	+6%
ROAC	27	20	24	23	20	+7pp	+7pp

CONSUMER BANKING RESULTS

3M results as at September 2021 Annex

€m	1Q22 Sept21	4Q21 June21	3Q21 Mar21	2Q21 Dec20	1Q21 Sept20	D QoQ1	D YoY1
Total income	257	238	249	256	260	+8%	-1%
Net interest income	226	214	216	223	226	+6%	n.m.
Fee income	31	24	33	33	34	+31%	-9%
Total costs	(72)	(84)	(80)	(78)	(73)	-14%	-2%
Loan provisions	(52)	(59)	(55)	(63)	(81)	-11%	-35%
GOP risk adjusted	133	96	113	115	106	+39%	+26%
Income taxes	(43)	(33)	(35)	(34)	(34)	+31%	+27%
Net profit	90	63	78	66	72	+43%	+26%
Cost/income ratio (%)	28	35	32	30	28	-7pp	-0pp
LLPs/Ls (bps)	160	183	174	196	248	-23bps	-88bps
New loans (€bn)	1.8	1.9	1.6	1.5	1.5	-3%	+22%
Loans (€bn)	13.1	12.9	12.8	12.8	12.9	+1%	+1%
RWAs (€bn)	11.8	11.8	11.5	11.5	11.6	+0%	+1%
ROAC (%)	34	24	29	30	27	+10pp	+7pp

CORPORATE & INVESTMENT BANKING RESULTS

3M results as at September 2021 Annex

€m	1Q22 Sept21	4Q21 June21	3Q21 Mar21	2Q21 Dec20	1Q21 Sept20	D QoQ1	D YoY1
Total income	185	161	173	182	183	+15%	+1%
Net interest income	68	68	70	77	72	+0%	-5%
Fee income	85	69	77	84	88	+23%	-4%
Net treasury income	32	24	25	21	23	+30%	+39%
Total costs	(76)	(80)	(79)	(74)	(73)	-6%	+3%
Loan loss provisions	(4)	(2)	(1)	26	18	+70%	n.m.
GOP risk adjusted	105	79	93	133	127	+34%	-17%
Other	0	2	(0)	(1)	1
Income taxes & min.	(37)	(28)	(31)	(47)	(43)	+31%	-16%
Net profit	69	53	61	86	85	+29%	-19%
Cost/income ratio (%)	41	50	46	41	40	-9pp	+1pp
LLPs/Ls (bps)	8	5	3	(54)	(38)	+3bps	+46bps
Loans (€bn)	19.5	19.3	18.9	19.5	18.6	+1%	+5%
RWAs (€bn)	20.3	19.9	20.0	20.7	20.0	+2%	+1%
ROAC (%)	15	11	13	19	19	+4pp	-4pp

PRINCIPAL INVESTING RESULTS

3M results as at September 2021 Annex

€m	1Q22 Sept21	4Q21 June21	3Q21 Mar21	2Q21 Dec20	1Q21 Sept20	D QoQ1	D YoY1
Total income	98	111	61	78	46	-12%	n.m.
Impairments	3	15	18	6	13
Net profit	97	110	70	77	52	-12%	87%
Book value (€bn)	4.5	4.4	4.6	4.4	4.2	+2%	+9%
Ass. Generali (13%)	3.7	3.7	3.9	3.7	3.5	+2%	+8%
AFS stakes	0.8	0.7	0.7	0.7	0.7	+1%	+14%
Market value (€bn)	4.2	4.2	4.2	3.6	3.1	+1%	+35%
Ass. Generali	3.5	3.4	3.5	2.9	2.4	+1%	+42%
RWA (€bn)	7.1	7.2	8.1	8.3	7.9	-3%	-11%
ROAC (%)	15	17	9	14	13	-2pp	+2pp

HOLDING FUNCTIONS RESULTS

3M results as at September 2021 Annex

€m	1Q22 Sept21	4Q21 June21	3Q21 Mar21	2Q21 Dec20	1Q21 Sept20	D QoQ1	D YoY1
Total income	(1)	(6)	22	8	(3)	-78%	-56%
Net interest income	(14)	(13)	(12)	(9)	(13)	+5%	+4%
Net treasury income	10	4	32	14	7	n.m.	+41%
Fee income	3	3	2	3	3	-26%	-26%
Total costs	(36)	(43)	(40)	(41)	(37)	-18%	-3%
Loan provisions	(2)	(4)	(3)	(3)	(3)	-46%	-31%
GOP risk adj.	(39)	(53)	(20)	(36)	(43)	-26%	-9%
Other (incl. SRF/DGS contribution¹)	1	(13)	(42)	(25)	(1)
Income taxes & minorities	12	17	18	17	14
Net profit	(26)	(49)	(45)	(43)	(30)	-46%	-14%
LLPs/Ls (leasing, bps)	50	92	58	67	71	-42bps	-21bps
Banking book (€bn)	6.2	6.1	5.8	6.2	6.3	+1%	-3%
Loans (leasing, €bn)	1.7	1.8	1.8	1.8	1.8	-2%	-4%
RWA	3.0	3.0	3.1	3.2	3.2	+0%	-7%

GLOSSARY

Corporate and investment banking	DPS	Dividend per share
	EPS	Earning per share
		Financial Advisors
		Gross operating profit
Assicurazioni Generali
Holding functions		Loans
		Loan loss provisions
		Net asset value
Asset and liabilities management
Asset under administration
		Net Interest income
		Net profit
		Profit before taxes
Calculated with "Danish Compromise" (Art. 471 CRR2,		Relationship managers
to IFRS 9, according to Reg.(EU) 2017/2395 of the EU		Risk weighted asset
		Single resolution fund
		Total capital
the AG investment deducted in full.		Net NPLs/CET1
Cost of funding	TFA	AUM+ AUA+Deposits
	Notes
	1) Based on net profit	adjusted (see
Corporate Social Responsibility
	MEDIOBANCA BUSINESS SEGMENT Wholesale banking Specialty finance Consumer banking Wealth management Principal Investing PROFIT & LOSS (P&L) and BALANCE SHEET Advanced Internal Rating-Based Asset under custody Asset under management Book value per share Cost /Income Counter Balance Capacity applicable until Dec.24) and in compliance with the concentration limit. Transitional arrangements referred Parliament /Council. Calculation including the full IFRS 9 impact and with Cost of equity Cost of risk	FAs GOP Ls LLPs NAV Net profit adjusted NII NP PBT RM RWA SRF TC Texas ratio

	PROFIT & LOSS (P&L) and BALANCE SHEET
DPS	Dividend per share
EPS	Earning per share
EPS adj.	Earning per share adjusted1
ESG	Environmental, Social, Governance
FAs	Financial Advisors
FVOCI	Fair Value to Other Comprehensive Income
GOP	Gross operating profit
Leverage ratio	CET1 / Total Assets (FINREP definition)
Ls	Loans
LLPs	Loan loss provisions
M&A	Merger and acquisitions
NAV	Net asset value
Net profit adjusted	GOP net of LLPs, minorities and taxes, with normalized tax rate (33% for Premier, CIB, Consumer and HF; 25% for PB and AM 25%; 4.16% for PI). Covid-related impact excluded for FY20 and 4Q20
NII	Net Interest income
NNM	Net new money (AUM/AUA/Deposits)
NP	Net profit
NPLs	Group NPLS net of NPLs purchased by MBCS
PBT	Profit before taxes
RM	Relationship managers
ROAC	Adjusted return on allocated capital2
ROTE adj.	Adjusted return on tangible equity1
RWA	Risk weighted asset
SRF	Single resolution fund
TC	Total capital
Texas ratio	Net NPLs/CET1
TFA	AUM+ AUA+Deposits

1) Based on net profit adjusted (see above)

2) Adjusted return on allocated capital: average allocated K = 9% RWAs (for PI: 9% RWA + capital deducted from CET1). Net profit adjusted (see

DISCLAIMER & DECLARATION OF HEAD OF FINANCIAL REPORTING

Disclaimer

This document includes certain projections, estimates, forecasts and consequent targets which reflect the current views of Mediobanca – Banca di Credito Finanziario S.p.A. (the "Company") with regard to future events ("forward-looking statements").

These forward-looking statements include, but are not limited to, all statements other than actual data, historical or current, including those regarding the Group's future financial position and operating results, strategy, plans, objectives and future developments in the markets where the Group operates or is intending to operate.

All forward-looking statements, based on information available to the Company as of the date hereof, rely on scenarios, assumptions, expectations and projections regarding future events which are subject to uncertainties because dependent on factors most of which are beyond the Company's control. Such uncertainties may cause actual results and performances that differ, including materially, from those projected in or implied by the data present; therefore the forward-looking statements are not a reliable indicator of future performances.

The information and opinions included in this document refer to the date hereof and accordingly may change without notice. The Company, however, undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Due to the risks and uncertainties described above, readers are advised not to place undue reliance on such forward-looking statements as a prediction of actual results. No decision as to whether to execute a contract or subscribe to an investment should be based or rely on this document, or any part thereof, or the fact of its having been distributed.

Declaration by Head of Company Financial Reporting

As required by Article 154-bis, paragraph 2 of Italian Legislative Decree 58/98, the undersigned hereby declares that the stated accounting information contained in this report conforms to the documents, account ledgers and book entries of the company.

Head of Company Financial Reporting Emanuele Flappini

INVESTOR CONTACTS

Mediobanca Group Investor Relations

Piazzetta Cuccia 1, 20121 Milan, Italy

Jessica Spina Tel. no. (0039) 02-8829.860 Luisa Demaria Tel. no. (0039) 02-8829.647 Matteo Carotta Tel. no. (0039) 02-8829.290 Marcella Malpangotto Tel. no. (0039) 02-8829.428

Email: investor.relations@mediobanca.com

http://www.mediobanca.com