Fixed Income Investor Presentation October 2019 We look to the future by changing the present Who we are

Our proven track record in Who we are NPE management We are 100% owned by the Italian Ministry of Economy We start to manage the former Banco di and Finance (MEF), with a solid 1996 Napoli’s NPE portfolio capital structure We are a full credit We receive Fitch Special Servicer Rating management company and a 2017 (RSS2-, CSS2- e ABSS2-), confirming partner for all our stakeholders high-level performance in the recovery of in a competitive market residential and corporate loans We are a fast growing We become one of the main players in the company, completing the new 2018 Italian NPE market, thanks to the acquisition set up and changing our name of ~€18bn of impaired loans from Veneto to AMCO banks in compulsory liquidations (LCA) We enter the global debt capital markets We manage €20.6bn NPE and with: (1) the first bond offering in February ~110.000 counterparties 2019 (€250m) and (2) the first benchmark issuance in October (€600m)

2 We changed our name to AMCO

“We look to the future by changing the present.” “We value our 20 year old track record.” “We innovate, investing in technology and human capital.” “We offer new opportunities to our counterparties.”

to play a role in the Italian NPE Our mission is: market for all our stakeholders

to maximize the performance Our objective is: of portfolios under management

3 AMCO: key investment highlights

100% owned by the Italian Ministry of Economy and 1 Finance (MEF)

2 Investment grade rated by S&P and Fitch

3 A fast growing and scalable company

Aiming to play a role in the solution of the NPE 4 problem in Italy

5 Simple B/S structure and strong capital position confirmed in 1H2019 results

4 1 100% owned by the Italian MEF

We are a Financial Intermediary ex art.106 TUB: we recover, manage and invest in NPEs and lend to counterparties

Our activity is regulated and supervised regulates and supervises the Financial intermediaries We operate in the 100% ex art. 106 TUB competitive Italian NPEs market

We are monitored by State auditors

Corte dei Conti monitors AMCO financial activities

5 2 Investment grade rated by S&P and Fitch Confirmed on September 20th 2019 First rating July 23rd, 2019 September 27th, 2018

Rating agency

Issuer Default Long-Term IDR: BBB Long-Term IDR: BBB- Rating Senior Unsecured Debt: BBB Short-Term IDR: F3 Outlook negative Outlook negative These ratings apply also to the October 2019 €600m issuance

Overview “The rating on AMCO primarily reflects our view that “The rating reflects the link between there is an almost certain likelihood that the Italian AMCO and the Italy’s national government would provide AMCO with timely and government and Fitch’s expectations sufficient extraordinary support if it were in of the latter’s willingness to financial distress. S&P therefore equalizes its long- provide any extraordinary term rating on AMCO with our long-term unsolicited support.” (Fitch Ratings Report) sovereign credit rating on Italy S&P views AMCO as a key instrument for the Italian government to clean up troubled banks' balance sheets, thus preserving financial stability, helping lending resume, and fostering economic growth.” (S&P Ratings Report)

6 3 We are a fast-growing and scalable company …

2016 2017 2018 1H2019

Former Banco di Napoli High Risk Former Veneto Banca (1) from Former Banca Pop. Vicenza 20.6 Veneto Banca del Fucino 20.2 0.3 banks

Assets under 10.2 10.4 Management (€bn) 2.6 2.3 8.1 8.1 1.9 1.8

Asset type Gone concern Going concern

Employees (EoP) #71 #71 #144 #211

7 Note (1): Assets under Management: proforma including assets related to Banca del Fucino – The deal was closed on September 14th 2019 3 … with a full credit management service model …

We act as with a wide-ranging value proposition

Recovery of gone concern assets, with different type of COLLECTOR counterparties and guarantees

Management of going concern assets aimed to preserve or restore the counterparty’s business continuity through financial and industrial restructuring CREDIT MANAGER Arranger, Master&Special Servicer and/or Institutional player in securitizations with a pivotal role versus all counterparties Active management of real estate guarantees (ReoCo)

Issuance of new lending to going concern worthy LENDER counterparties

INVESTMENT Co-investor with full alignment of interests with the FUND originator

8 3 … acting as a facilitator for our stakeholders

Specialized Institutional industrial investors co- investors providing financing with capabilities to AMCO to support support corporates’ specific restructuring and restructuring industrial relaunch business cases acts as a pivot for private and institutional players in UTP management Companies under restructuring Banks aiming to reduce with troubled financial their UTP portfolios, position, despite while keeping exposure to solid business rationale potential upside

9 4 We aim to play a role in the Italian NPE market

Rank Player AuM NPE total Rank Player AuM Unlikely to Pay/Past Due € Bn € Bn

1 81,1 1 9,9

2 42,4 2 8,2

3 41,8 3 5,6

4 29,0 4 2,9

5 20,6 5 1,4

6 15,0 6 1,3

7 9,7 7 1,0

8 9,5 8 0,8

9 9 9,2 0,6 deal contribution

10 Banca del Fucino 10 8,2 0,5 contribution

Source: All data retrieved from PwC «The Italian NPL Market», July 2019, excluding internal elaboration for AMCO and Prelios: AMCO AuM consider 1H2019 proforma (including assets related to Banca del Fucino); Prelios proforma includes AuM related to the deal with Intesa Sanpaolo closed on July 31st 2019.

10 5 We manage a diversified range of assets

Originator Asset type On/Off Balance Sheet Impact on P&L Capital impact

Banco di Loans (gone On B/S Net impairment Yes Napoli concern) Loans to customers gain/losses on (NBV) credit risk

Veneto Loans + Notes Off B/S Net fees No banks (gone and Segregated (master & special servicer) accounts €20.6bn going concern) AuM Banca Junior & On B/S Net fees Yes (master & special servicer) del Fucino(1) Mezzanine Financial assets Notes (+ Interests and fees Servicing) from customers Net result of financial activity

Italian Notes, On B/S Net result of Yes Recovery Shares, Financial assets financial activity Fund Bonds €0.5bn Financial Investments

Note (1) The deal was closed on September 14th 2019 11 5 We leverage on a simple balance sheet structure

Assets (€m) Liabilities (€m) BdN Assets 2018 1H 2019 2018 1H 2019 GBV €1.8bn (1) NBV €126m 1,102 Cash and 1,102 liquidity 141 251 Debt Loans to 822 822 Other 126 customer 66 83 47 liabilities AMCO 131 Financial assets Equity Balance Sheet 699 786 (Patrimonio Generale) 502 Other assets 775 Off-balance 106 135 items

Off Balance € bn 18.3 18.5 18.3 18.5 (Patrimoni Destinati) Total AuM € bn 20.2 20.6(2) Our financial assets are mainly composed of Italian Recovery Fund (IRF) and Government bonds We have €250m of new debt issued on February 13th, 2019 We can leverage on a strong capital structure with CET1 ratio of 17.4% versus a regulatory requirement of 8.0% We can support our growth increasing safely our leverage (current D/E ratio is ~ 0.30x)

th Note (1) Not including Banca del Fucino assets (c.€300m). The deal was closed on September 14 2019 12 Note (2) Pro forma for Banca Fucino assets. Including: €1.8bn GBV from former Banco di Napoli, €18.5bn from Patrimoni Destinati from former Veneto Banks, €0.3bn from Banca Fucino (deal closed on September 14th 2019) High quality performance despite one-off costs to set- 5 up an innovative and scalable model €m FY2018 1H2019 Revenues 37.4 23.3 Costs (28.5) (20.1) EBITDA 8.9 3.3 Net impairment gains/losses on credit risk 25.2 9.0 Net accruals to provisions for risks and charges (16.9) (5.5) Others 0.8 (0.2) Net result of financial activity 20.4 7.6 EBIT 38.4 14.1 Net interest from financial activity 0.6 (2.2) Income taxes 8.5 (3.7) NET PROFIT (LOSS) 47.5 8.2

Note: 1H2019 results includes the effects deriving from the first application of IFRS16. The 2018 results do not include these effects as the restatement of the comparative data is not envisaged Revenues are related to the servicing of former Veneto banks portfolios, including Master Servicing fees and Special Servicing fees relating to both non-performing loans and securitizations Costs increase is due to the setting up of an innovative and scalable structure, with 211 employees versus 144 in 2018YE. The “transformation costs” represent two thirds of total costs Net impairment gains on credit risk related to former Banco di Napoli portfolio Net result of financial activity mainly includes the capital gain on the valuation of the investment in the IRF fund (former “Fondo Atlante”)

13 A snapshot on the former Veneto banks deal o MEF Decree 221/2018(1) has put in place two ring-fenced “Patrimoni Destinati” holding the assets acquired from the former Veneto Banca and Banca Popolare di Vicenza (“Veneto banks”) o AMCO acquired, without recourse (pro-soluto), €16.7bn NPE portfolio of Veneto banks, plus €1.6bn of “financed capital” under management

On Balance Liabilities Patrimonio Generale Sheet Equity Banca Popolare di Vicenza Patrimonio Destinato ex- Deferred Net in liquidazione coatta recoveries amministrativa Off Balance BpVi Purchase Price Veneto Banca Sheet Patrimonio Destinato Deferred Servicing in liquidazione coatta ex-Veneto Banca Purchase Price fees amministrativa o The purchase price, initially corresponding to the net book value of the receivables, is regularly reviewed in accordance with the estimated net realisable value o The purchase price is paid quarterly to the “compulsory liquidations”; the quarterly cash flow is equal to all collections realised from the NPE portfolios, net of AMCO’S fees, costs, expenses and new financing to UTP/PD borrowers

Note (1) In accordance to the Law Decree 99/2017. 14 Former Veneto banks deal and the dual involvement of the Italian Republic

1 Shareholder o The Italian Republic fully owns AMCO via MEF 100% 1 o The Italian Republic has a strong interest in 2 Guarantor ensuring AMCO's o The Italian Republic has issued a viability and State guarantee on a loan granted performance by ISP(1) PTF ex- PTF 2 BPVI ex-VB o A potential operational o Such loan has been granted by ISP discontinuity could to the two compulsory liquidations Servicing Net recoveries jeopardise the (expiring in 2022) to fund the negative fees management of impaired imbalance of €6.4bn originated in the Banca Popolare Veneto Banca receivables, increasing context of the acquisition of the “Good di Vicenza Banks” the likelihood that the in liquidazione coatta in liquidazione coatta amministrativa amministrativa State guarantee will be o Therefore, in the event that the two triggered compulsory liquidations are not able to Loan repayment fully repay the loan, ISP may trigger State the State guarantee guarantee

Note that, as part of the deal, Intesa can transfer up to €4bn “high risk” loans (GBV) by April 2021 to former Veneto Banks’ “Patrimoni Destinati” managed by AMCO

Note (1): According to the provisions of Decree Law 99/2017 15 AMCO: key investment highlights

Regulated and 100% owned by the Italian Ministry supervised of Economy and Finance (MEF) 1 by Bank of Italy

Investment grade rated by S&P BBB (S&P) 2 and Fitch BBB- (Fitch)

A fast growing and scalable 20.6 €bn AuM 3 company NPE portfolio

Aiming to play a role in the #5 player by total NPE solution of the NPE problem in 4 #2 player by UTP/PD Italy

Simple B/S structure and strong 17.4% CET1 5 capital position confirmed in 1H2019 (vs. 8.0% minimum results regulatory requirement)

16 Annex Balance Sheet

€m FY2018 1H2019 Loan to banks 83.1 141.1 Loan to customers 131.2 126.5 Financial assets 502.2 699.2 Equity investments 0.2 0.0 Tangible and intangible assets 0.3 7.1 Fiscal assets 70.8 68.4 Other assets 34.7 59.8 ASSETS 822.4 1,102.1 Financial liabilities measured at amortised cost 0.0 250.6 Fiscal liabilities 4.1 7.2 Provisions for risks and charges 35.8 39.7 Other liabilities 7.6 18.8 Equity 3.0 3.0 Reserves 731.5 778.9 Valuation reserves (7.0) (4.3) Profit (loss) for the year 47.5 8.2 LIABILITIES 822.4 1,102.1

18 P&L €m 1H2019 Servicing fees 23.3 Net interest and fees from customer 0.0 Other income and expenses from operating activity - Revenues 23.3 Personnel expenses (12.1) Other administrative expenses (8.0) Expenses (20.1) EBITDA 3.3 Net impairment gain/losses on credit risk 9.0 Net impairment losses on tangible/intangible assets (0.6) Net accruals to provisions for risks and charges (5.5) Other income and expenses 0.4 Net result of financial activity 7.6 EBIT 14.1 Net interest from financial activity (2.2) Profit (loss) before taxes 11.9 Income taxes (3.7) NET PROFIT (LOSS) 8.2

19 ~€21bn NPE portfolio breakdown

Breakdown by asset class … … and geography Originated by Banco di Napoli ~40% going concern positions Gone concern («BdN») and the Veneto banks By Originator (% GBV) By Status (% GBV) 9% 23% 42% 58%

53% 38% 58% 20%

BdN Veneto Vicenza Going Gone North Centre South

Going concern >60% secured assets ~80% corporate counterparties By asset class (% GBV) By counterparty (% GBV) 11% 37% 21%

16% 73%

63% 79%

Secured Unsecured Corporate Retail North Centre South Source: As of 30th of June 2019

20 grazie