HistoryHistory andand missionmission overview

i Founded after World War II by Banca Commerciale Italiana, Credito Italiano and Banco di Roma, the 1946 three state-owned “ of national interest” i Foundation Mission: to support the rebuilding of the Italian industry through supply of medium/long- term financing and advisory services to enterprises

i 1956: listing on Milan stock market (the first banking group listed after the war) i 1950s: supporting growth of leading Italian groups outside Italy i 1950s-70s Trustee business via Spafid (1951), followed by consumer credit with Compass (1960) and leasing with Selma (1970) Development

i Key role in supporting Italian industry restructuring: MB became “house ” for major Italian industrials 1970s i By mid-1970s MB’s equity investment portfolio included Generali (4.5%), Fiat (2.5%), Montedison Restructuring of (2.5%), Olivetti (5%), Pirelli & C. (3.3%) and Fondiaria (10%) Italian industry i Faced with increasing public presence in the Italian economy, MB resolved to maintain its professional and operational independence and arranged its own privatization 1988 i Core shareholder’s agreement between banks (25%) and private enterprises (25%) set up Privatization

i 1990s-present day: shift towards fee-based services and increase in size of equity investment portfolio (Generali 14.1%) i New valued-added segments entered: private equity - private banking (CMB and Banca Esperia) Recent years i New management team and refocused strategy since 2003 i Sharp increase in profitability and market capitalization: third-largest Italian bank with market cap. of approx. €15bn (€6bn in 2003) KeyKey featuresfeatures Mediobanca overview

Mediobanca today is the leading investment bank in Italy, with Qualified Valuable equity shareholder base investment portfolio p unrivalled relations with Italian corporates, providing them with high- quality advisory and financial services Unique corporate Integrated and culture profitable p easy access to high net Independent business model worth individuals and management team families,often synergic with corporate business

Excellent asset Sound quality capital base High cost efficiency High free capital generation ShareholderShareholder basebase Mediobanca overview p The stability of MB’s No. syndicated shares % of share capital shareholder base is today Capitalia 76,772,879 9.4% ensured by a Unicredito Italiano 70,982,659 8.7% shareholders’ Mediolanum 15,423,157 1.9% agreement (48%) Commerzbank 13,984,357 1.7% p The shareholder base is Total Group A (banking group) 177,163,052 21.7% broad and superior in terms of quality, Fondiaria - Sai Group (Ligresti family) 31,447,510 3.8% including many of the Italmobiliare Group (Pesenty family) 21,494,278 2.6% key players in both the Assicurazioni Generali Group 17,505,846 2.1% Italian and European Pirelli & C. 15,003,207 1.8% financial and business FIN.PRIV. (*) 13,657,350 1.7% communities Soc. Acciai Bolzano SIAB (Amenduni family) 6,000,000 0.7% p Since 2003 effort has been Ferrero (Ferrero family) 5,450,000 0.7% put into ensuring that a Dorint Holding (Della Valle family) 3,900,000 0.5% larger share of the Pecci Group (Pecci family) 3,893,000 0.5% bank’s capital is held by Sinpar (Lucchini family) 3,210,000 0.4% institutional investors / Officine Meccaniche G. Cerutti (Cerutti family) 2,509,068 0.3% free float Oscar Zannoni 2,500,000 0.3% p In order to preserve MB’s Others 14,700,432 1.8% independence, the soon- to-be combined UCI- Total Group B (private group) 141,270,691 17.3% Capitalia group will Financière du Perguet (Bollorè group) 38,925,230 4.8% hold only 9.4%; the Groupama 23,356,482 2.9% other shares will be sold to Santusa Holding (Santander group) 10,950,000 1.3% existing/new members of shareholders’ agreement Total Group C (French group) 73,231,712 9.0% Total syndicated 391,665,455 47.9% DualisDualistt governancgovernancee modelmodel Mediobanca overview

p Mediobanca adopted a dualistic corporate governance model at a general meeting held on 27 June 2007

p The dualist model of governance is based on a clear distinction between supervisory and direction activities on the one hand, which will be the responsibility of a Supervisory Board, and management and administration of the company on the other, to be entrusted to a Management Board

p This separation of roles and responsibilities between governing bodies will enable the bank’s governance to function in such a way as to provide a better reflection of MB’s ownership structure and its operational requirements, and to facilitate the Group’s expansion on international markets more effectively

General meeting

Supervisory Board Supervisory and direction

Management and Management Board administration

CEO Sole CEO IntegratedIntegrated businessbusiness modelmodel Mediobanca overview p Mediobanca’s business model operates on four main business lines: wholesale banking, equity investment portfolio, retail financial services and private banking p Integrated offering of lending, advisory and capital market services in wholesale banking division p Cross-fertilization between wholesale and private banking: corporate relations are sources of private banking contacts and vice versa p Business and risk diversification obtained through retail financial services and EIP

Wholesale Equity Investment Private Retail Financial Services Banking Portfolio Banking

Coverage and Off shore Ass. Generali Consumer Corporate Compagnie (14.1%) Credit Monégasque de Finance Banque

On shore Lending and RCS Media Group Leasing Banca Esperia Structured Finance (13.7%) (48.5%)

Capital Mortgage Markets Finance

AFS Equity investments

Group MediobancaMediobanca Group:Group: keykey figuresfigures Mediobanca overview

Mediobanca Group June 04 June 05 June 06

Revenues (€ m) 1,044 1,157 1,512

Net profit (€ m) 536 632 858

RWA (€ bn) 29.7 33.3 40.3

Net equity (€ bn) 4.6 5.4 5.9

ROE 11% 12% 15%

Cost/income ratio 34% 31% 26%

Tier 1 ratio 17% 16% 14%

Total capital ratio 20% 20% 17%

NPLs ratio 0% 0% 0%

Rating AA- AA- AA-

Group DivisiDivisionalonal peperformancerformance Mediobanca overview

Banking

June 06 WB RFS PB¹ Banking² EIP Group

Revenues (€ m) 682 441 116 1,208 304 1,512 Breakdown 45% 29% 7% 80% 20% Y/Y +52% +23% +14% +51% +13% +31% Net profit (€ m) 467 79 44 589 269 858 Breakdown 54% 9% 5% 69% 31% Y/Y +77% +19% +26% +61x +1% +36%

Loans (€ bn) 12.3 8.8 0.4 21.4 21.4 Breakdown 57% 41% 2% Y/Y +17% +21% -17% +18% +18%

AUM (€ bn) 11.3 11.3 Y/Y +5% +5% RWA (€ bn) 30.2 7.3 0.8 38.3 2.0 40.3 Breakdown 75% 18% 2% 95% 5%

Allocated K (€ bn) 2.4 0.5 0.1 3.0 2.0 Y/Y +23% +19% +5% +21% +8% Cost/income ratio 26% 38% 60% 32% 2% 26% Bad loans/loans 0% 1% 0% 0% 0% ROAC³ 17% 18% 39% 22% 14%

Capital allocation criteria : WB = 8% RWA; RFS = 7% RWA; EIP = 100% RWA; PB = 1% AUM 1) Banca Esperia booked pro-rata. 2) Also includes consolidation adjustments. 3) On adjusted net profit

Group WholesaleWholesale banking:banking: structurestructure Wholesale Banking

June 06 Coverage and Lending and Capital corporate finance structured finance markets Revenues (€ m) 682 Breakdown 45% Integrated customer Y/Y +52% approach

Net profit (€ m) 467 Breakdown 54% Y/Y +77% p Coverage, p Corporate lending p Equities origination p Loans (€ bn) 12.3 p Structured finance Fixed income p Breakdown 57% ProductsProducts andand Advisory p Export finance p ALM & treasury p Y/Y +17% servicesservices M&A p Credit analysis p Equity research p Corporate Allocated K (€ bn) 2.4 restructuring Y/Y +23%

Cost/income DealsDeals valvalueue € 107bn € 103bn € 18bn ratio 26% Bad loans/loans 0% DealsDeals no.no. 58 57 25 ROAC 17% No. of front No. of front 78 49 66 officeoffice ststaffaff

WB EIP RFS PB IncreasingIncreasing internationalinternational presencepresence Wholesale Banking

Direct presence Next targets

France p Branch in Paris set up in 2004 p Lending and investment banking activities

Germany p Branch in Frankfurt set up in mid 2007 p Lending and investment banking activities

Spain p Branch in Madrid operative from autumn 2007 p Lending and investment banking activities

U.S. p Brokerage activity set up in NY

U.K. p To be developed

Russia p To be developed

WB EIP RFS PB MediobancaMediobanca positioningpositioning Wholesale Banking

2003 2004 2005 2006 2007 M&A¹M&A¹ Volume Volume Volume Volume Volume Bank (€ m) Bank (€ m) Bank (€ m) Bank (€ m) Bank (€ m)

Lazard 47,112 Mediobanca 9,308 Merrill Lynch 69,578 Mediobanca 37,944 Citi 131,615 Goldman Sachs 40,985 Lazard 7,576 JP Morgan 61,810 Rothschild 23,469 Merrill Lynch 126,946 JP Morgan 32,557 Citi 5,334 Goldman Sachs 47,491 Goldman Sachs 18,368 Mediobanca 120,598 Mediobanca 28,111 Rothschild 5,008 Mediobanca 38,515 Morgan Stanley 17,546 105,217 Citi 27,413 4,776 Lazard 37,599 Lehman Brothers 16,289 JP Morgan 78,992

2003 2004 2005 2006 2007 EquityEquity issuanceissuance11 Volume Volume Volume Volume Volume Bank (€ m) Bank (€ m) Bank (€ m) Bank (€ m) Bank (€ m)

Morgan Stanley 1,366 Mediobanca 2,852 Mediobanca 5,048 Mediobanca 4,121 Mediobanca 1,843 Mediobanca 1,273 Morgan Stanley 2,266 JP Morgan 2,489 Morgan Stanley 2,802 Goldman Sachs 893 Intesa SanPaolo 901 Goldman Sachs 418 Morgan Stanley 1,931 Credit Suisse 1,991 Lehman Brothers 822 Group 631 BMPS 286 Merrill Lynch 1,844 Goldman Sachs 1,757 Unicredit Group 549 Goldman Sachs 484 JP Morgan 286 1,707 Deutsche Bank 1,471 Intesa SanPaolo 513

SyndicatedSyndicated loloansans 2003 2004 2005 2006 2007 bookrunners22 Volume Volume Volume Volume Volume bookrunners Bank (€ m) Bank (€ m) Bank (€ m) Bank (€ m) Bank (€ m)

Intesa SanPaolo 9,554 Mediobanca 5,400 BNP Paribas/BNL 6,493 Mediobanca 5.628 Intesa SanPaolo 13,609 HVB/UBM 8,998 Intesa SanPaolo 4,846 Mediobanca 5,305 Citi 3,430 UniCredit Group 9,058 JP Morgan 5,447 HVB/UBM 4,753 Deutsche Bank 4,489 RBS 2,881 Mediobanca 8,899 Mediobanca 4,889 JP Morgan 4,069 RB of Scotland 3,927 HVB/UBM 2,845 UBS 7,000 Capital 2,651 BNP Paribas/BNL 3,860 SanPaolo IMI 3,636 Intesa SanPaolo 2,516 BSCH 7,000

1) Source: Thomson Financial 2) Source: Dealogic Loanware All league tables are July-June of the subsequent year (Mediobanca’s financial year)

WB EIP RFS PB EquityEquity investmentinvestment portfolio:portfolio: structurestructure Equity Investment Portfolio

Current EIP composition Revenues (€ m) Net asset value (June 06 - € bn) p 14.12% Ass. Generali 5.5 p 13.66% RCS Media In past 3 years p focus on value p stakes managed actively p emphasis on profitability 5.1 and dividend stream p non-strategic portfolio 3.3 halved

+11% 311 June 06 3.2 2.2 Revenues (€ m) 311 288 Breakdown 20% 279 Y/Y +13% Net profit (€ m) 269 254 1.9 Breakdown 31% Y/Y +1% RWA (€ bn) 2.0 Breakdown 5% Allocated K (€ bn) 2.0 June 05 June 06 Book Unrealized NAV Y/Y +8% value gains ROAC 14% Assicurazioni Generali RCS Media Group

WB EIP RFS PB RReetailtail financialfinancial services:services: structurestructure Retail Financial Services

June 06 Mediobanca S.p.A. Personal financial services Leasing

Revenues (€ m) 441 Breakdown 29% Y/Y +23% 100.0%

Net profit (€ m) 79 Breakdown 9% Compass S.p.A. Y/Y +19% Consumer credit

Loans (€ bn) 8.8 Breakdown 41% 1 100.0% 100.0% 60.0% Y/Y +21%

Allocated K (€ bn) 0.5 Y/Y +19% Micos Banca Cofactor Selma Bipiemme Mortgage lending NPL management Cost/income 38% ratio 95.0%2 80.0%3 Bad loans/loans 1% ROAC 18% Palladio Tele Leasing Leasing

1) 40% owned by BPM Group 2) 5% owned by Palladio Leasing 3) 20% owned by Telecom Italia WB EIP RFS PB PersonalPersonal ffiinnaancncialial servicRetaservicil finaesesncial services Retail FinancialSection Services III

Branches No. Branches No.

North 37 North Italy 6 Centre 40 Centre Italy 9 South 41 South Italy 9

France 5

Total 118 Total 29 ∆ 3y +60% ∆ 3y +60% June 06

Loans (€ bn) 5.0 Consumer lending % Residential mortgages of which: Compass 3.2 of which: Micos 1.7 Auto loans 32% Personal loans 43% New loans (€ bn) 2.8 Spec. purpose 18% of which: Compass 2.3 Cards 7% of which: Micos 0.5

WB EIP RFS PB LeasLeasinging Retail financial services Retail FinancialSection Services III

Branches no. Branches no. Branches 1

Total 7 Total 4

+ 710 branches + 301 branches Banca Pop. Milano Banca Pop. Vicenza

June 06

Loans (€ bn) 3.8 Finance leasing % Resident. mortgages % Operating leasing of which: Selma 2.1 of which: Palladio 1.2 Real estate 36% Real estate 57% of which: Teleleasing 0.5 Equipment 33% Equipment 31% Shipping 16% Shipping 3% New loans (€ bn) 1.7 Auto 16% Auto 10% of which: Selma 1.0 of which: Micos 0.5 of which: Teleleasing 0.3

WB EIP RFS PB PrivatePrivate banking:banking: businessbusiness setset upup fromfrom scratchscratch Private Banking p Mediobanca decided to enter private banking in 2001 as a result of

p strong synergies arising with wholesale banking

p sizeable demand from customers for tailor-made wealth management services p Business set up from scratch in the last five years

p BE: founded in 2001

p CMB: stake owned since 1989, fully owned since 2004 p Private banking starting to impact on consolidated figures: 6% revenues, 5% net profit p Total AUM almost € 16bn p Cost/income ratio improved significantly in last few years (to ~60%) p High profitability: ~40% ROAC

WB EIP RFS PB PrivatePrivate banking:banking: keykey figuresfigures Private Banking

June 06 AUM (€ bn)

15.8 Revenues (€ m) 116 12.1 14.8 10.0 Breakdown 6% 8.7 Y/Y +14% 7.7 6.3 6.6 7.1 7.1 Net profit (€ m) 44 5.5 3.7 Breakdown 5% 2.5 Y/Y +26%

Loans (€ bn) 0.4 June 02 June 03 June 04 June 05 June 06 Breakdown 2% 100% Compagnie Monégasque 100% Banca Esperia Y/Y -17%

AUM (€ bn) 15.8 Total revenues (€ m) Total net profit (€ m) Y/Y +5% Allocated K (€ bn) 0.1 1,512 858 1,157 Y/Y +5% 1,044 799 536 540 Cost/income 60% 696 ratio 255 ROAC 39% 101 116 91 44 15 54 17 34 20 1 2 June 02 June 03 June 04 June 05 June 06 June 02 June 03 June 04 June 05 June 06

Mediobanca Group Private banking* * Contribution to MB Group (100% CMB, 48.5% BE) WB EIP RFS PB