Strength, stability and future: MoraBanc

Sustainable profits growth

PROFIT GROWTH 2016-2018 We’re very happy to have consolidated Practically all of MoraBanc’s main (MILLIONS OF EUROS) our path to growth after the profound indicators improved in 2018. We’re a changes undergone by the Bank in solid, fully digital bank with an recent years, in a particularly challenging efficient team 100% focused on environment for financial institutions clients, and these key factors enable both globally and in the Andorran market. us to continue to grow.

Pedro González Grau Lluís Alsina Alvarez MoraBanc’s Chairman 23,0 23,5 24,1 MoraBanc’s General Manager

2016 2017 2018

Sound and stable foundations

BBB RATING - 6.539,7 M€ 24,7% 371,3% 8,6% STABLE OUTLOOK ASSETS UNDER CAPITAL RATIO LIQUIDITY RATIO PROFITABILITY (ROE) since 2015 MANAGEMENT (CET1 phase in) (LCR average value) EU average* 6.2% (Fitch Ratings) Stable despite adverse 21,5% fully loaded EU average* 145.6% market conditions EU average* 14,3%

Internationalisation of our business

DIVERSIFICATION OF ASSETS MULTI-CUSTODY DIVERSIFICATION UNDER MANAGEMENT

CLIENTS OF 121 MORA WEALTH DIFFERENT MANAGEMENT NATIONALITIES London ZURICH AND MIAMI Hamburg 29% Luxembourg Geneva Zurich DISTRIBUTION Monaco Andorra OF AUM IN % Miami

MoraBanc and its subsidiaries ANDORRA Jurisdictions with custodian banks 71%

We invest in the Andorran economy while maintaining strong solvency

1.040,6 M€ +35% 58,3% 3,8% 3,2% CREDIT NEW CREDIT LOANS-TO-DEPOSIT IMPROVEMENT IN THE OF PROFITS INVESTMENT AND LOANS RATIO CREDIT QUALITY INVESTED IN +9.6% compared to Compared to 2017 EU average* Non-performing loan ratio SOCIAL ACTION 2017 118.66% at 31/12/2018

* Source: www.bankingsupervision.europa.eu/statistics A differentiated service

WE HAVE CLIENT SATISFACTION THE BEST DIGITAL BANK Asset (NPS) IN ANDORRA Management 26,98% +26% MoraBanc and Goldman Sachs Asset Management use of electronic banking*** have agreed to expand and reinforce their portfolio Above the average value proposition and advice to clients, who will gain for the sector in ** exclusive access in Andorra to the management 2.5% services of the global leading investment bank.

Open architecture Alignment of interests ** Source: https://www.lavanguardia.com/economia/20190128/4633587 Better financial support *** Awards for the Best Digital Bank in Andorra, World Finance (2017 and 2018)

We meet the highest international standards

IMPLEMENTATION OF IFRS AND CRD IV SOLVENCY DIRECTIVE MORE PROFESSIONAL AND TRANSPARENT, AND FULLY COMPARABLE

FULLY LOADED CET 1 CAPITAL RATIO LEVERAGE RATIO LIQUIDITY COVERAGE RATIO (LCR)

MoraBanc 21,51% MoraBanc 10,36% MoraBanc 371,30%

Morgan Stanley 16,80% Morgan Stanley 6,50% Banca March 293,60%

Swedbank 16,80% Citigroup 6,40% CaixaBank 200,00%

Banca March 16,30% BBVA 6,40% Credit Suisse 184,00%

EU average 14,64% CaixaBank 5,60% 169,00%

Deutsche Bank 13,60% Bankia 5,56% Bankia 163,00%

Barclays 13,20% EU average 5,41% Santander 158,00%

Credit Suisse 12,60% Credit Suisse 5,20% Morgan Stanley 145,00%

Bankia 12,51% Barclays 5,10% 145,00%

Citigroup 11,90% Santander 5,10% 144,00%

CaixaBank 11,80% Swedbank 5,10% EU average 143,56%

BNP 11,80% BNP 4,50% BNP 132,00%

Bankinter 11,75% Société Générale 4,30% BBVA 127,00%

Société Générale 11,50% Deutsche Bank 4,10% Société Générale 124,00%

Santander 11,30% Citigroup 121,00%

BBVA 11,30%

Source: Prepared by the authors; financial statements of the banks as at 31/12/2018

www.morabanc.ad

Mora Banc Grup, SA, AFA registration number: EB06/95