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Fixed Income Investor Presentation October 2019 We Look to the Future by Changing the Present Who We Are

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Fixed Income Investor Presentation October 2019 We Look to the Future by Changing the Present Who We Are Fixed Income Investor Presentation 2019 October 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 Bank of Italy 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 Intesa Sanpaolo 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.
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