MEDIOBANCA GROUP PROFILE
30 June 2020 AGENDA
1. MB Group profile
a) Group KPIs
b) Wealth Management
c) Consumer Banking
d) Corporate & Investment Banking
e) Principal Investing
Annex
1. 2020 Group figures by divisions MEDIOBANCA: A DIVERSIFIED FINANCIAL GROUP…
MB Group profile Section 1
Key financial information¹
Wealth Consumer Revenues: €2.5bn TFA: €64bn Management Banking Net profit: €600m Loan book: €47bn
ROTE adj5: 10% Gross NPLs/Gross Ls 4.1%
C/I ratio: 47% DPS FY20: €02
No. of staff: 4.9k Payout FY21: 70%4 Corporate & Principal Investment Investing CET1 phase in: 16.1% Loan/funding ratio: 85% Banking Total assets: €79bn Market cap:3 €7.8bn
Revenues GOP RWAs Loans TFAs
WM WM WM WM 10% 12% 28% 23% Affluent Consumer CIB Consumer 44% UHNWI Consumer CIB 47% 25% CIB 42% CIB 41% 23% 43% 29% Consumer 40% 28% Other AM Other Other Other 23% 15% 11% 12% 4%
1) Figures as at end-June 2020 (financial year) 2) In accordance with ECB guidance on Covid crisis 3 3) As at 10 February 2021 4) Subject to removal of ECB restriction, currently in force until 30 September 2021 5) ROTE based on net profit adjusted calculated as GOP net of LLPs, minorities and taxes, with normalized tax rate (33% for Affluent, CIB, Consumer and HF; 25% for PB and AM; 2% for PI). Covid-related impact excluded for FY20 and 4Q20 ...WITH AN INTEGRATED BUSINESS MODEL
MB Group profile Section 1
HIGH SYNERGIC BUSINESS
Capital light Wealth Corporate & Labour intensive Fee driver Fee driver Recurrent Management Inv.Banking Cyclical
REALLOCATION OPPORTUNITY DIVERSIFICATION OPPORTUNITY
EPS/DPS accretive Principal Capital intensive Revenue driver Consumer NII driver Source of capital Investing Banking Anti-cyclical
HIGH RETURN BUSINESS
4 A STORY OF BUSINESS GROWTH AND DEVELOPMENT
MB Group profile Section 1
Founded in 1946 by three state-owned banks (Comit, Credit and Banco di Roma), Mediobanca’s mission was initially to support the rebuilding of Italian industry. Mediobanca became close to the most important Italian industrial families, supporting the growth of their businesses also through equity investments. Mediobanca worked with Italian corporates in their restructuring, privatization and internationalization processes, easing their access to capital markets. Mediobanca pioneered also retail/mid-corporate banking activities, entering the consumer credit sector with Compass (1960), leasing with Selma (1970), residential mortgages with Micos (1992) and private banking with Banca Esperia (2001) and CMB (2003). Listed since 1956, Mediobanca was privatized in 1988. The banking shareholders reduced their stake to 25%, entering into a shareholder agreement with some industrial corporates holding another 25%. The syndicate agreement was reduced over time to roughly 30% and expired on Dec.2018. A light consultation agreement gathers today roughly 12% of the capital. Since 2003, the current management team has focused the corporate strategy on the three core divisions, prioritizing the development of Wealth Management, while sustaining the long standing growth of the other two business: Wealth Management: was born as a division in 2016, gathering all AM driven businesses: Affluent & Premier: the multi-channel digital bank CheBanca! (set up in 2008 as a deposit arm) became a wealth manager in late 2017 when it acquired selected retail activities of Barclays in Italy and launched a fast growing network of financial advisors and relationship managers Private Banking & HNWI: Banca Esperia full control was achieved in 2017 while a stronger integration of CMB was started Asset Management: Cairn Capital, a London based credit specialist, was acquired in 2015, followed in 2018 by RAM Active Investments, Geneva based leading European systematic asset manager. MBSGR was relaunched in 2017 as a group AM factory Consumer credit: in 2008 Compass doubled its size with the acquisition of Linea, thus catching up with the top three consumer lending Italian players; European CIB operations: offices have been opened in Paris (2004), New York (2006), Madrid (2007), Frankfurt (2007) and London (2008). In 2019 Mediobanca strengthened its presence in France through the partnership with Messier Maris & Associés In the meantime Mediobanca has actively managed its equity portfolio, selling off cross-shareholdings, exiting shareholder agreements and disposing of non-strategic stakes. It has remained a key shareholder of Ass. Generali (13% stake).
5 SHAREHOLDERS’ BASE EVOLUTION
MB Group profile Section 1
Mediobanca shareholders’ structure1
12.6% Consultation Agreement2
Institutional investors by region
Mediolanum Institutional 3.3% U.S. 39% Investors Retail & Other 50% 21.4% S.-33 (Benetton) 2.1%
U.K. 18% L. Del Fininvest 2.0% Vecchio 13.2% Italy 14% FINPRIV 1.6%
France 7% Belgium 5% Other <1% 3.6% Rest of Bolloré Group the world 17% 2.8%
Historical syndicated pact expired. A new consultation agreement was signed in December 2018, gathering 12.6% of capital, lasting 3Y, with no restrictions on shares Institutional investors account for 50%, stably split by geographical region: U.S. (39%), U.K. (18%) and Italy (14%)
1) Institutional investor breakdown by geography source: Nasdaq Shareholder Analysis, August 2020 6 2) No provision made for commitments either in terms of lock-up or voting rights over shares syndicated. The agreement governs the means by which shareholders meet to share reflections and considerations regarding the Group’s performance, in accordance with the principle of parity of information versus the market MEDIOBANCA DISTINCTIVENESS…
MB Group profile Section 1
Stable Board and Responsible business Specialization and Strong positioning management in the last approach Innovation in business whose 15Y growth is driven by long-term trends Indepth knowledge of Strong brand value Private-Investment Bank business environment of choice for Italian Leading investment bank in Reputable, trusted, high- entrepreneurs Long-term approach to quality player Southern Europe business Innovative, long-standing One of top 3 operators in Talent-driven profitable consumer bank Strong risk management as organization Italian Consumer Banking part of DNA Unique human-digital Distinctive player in WM bank for affluent customers
High capital generation, Limited exposure to ITA Governance Comprehensive ESG high asset quality macro and adverse progressively evolving approach content regulation
Low exposure to Italian Free float at 100%, CSR involving the whole CET1@14% spread and govies institutional investors at 75% organization Last capital increase in 1998 Low NII sensitivity Board quality steadily Remuneration policy fully Unrivalled asset quality to interest rates and GDP improved/improving in aligned with stakeholders’ Low operational gearing Solid loan book/TFAs growth number, mix of interests over the whole cycle competences, independence
7 …HAS REVERTED INTO AN ONGOING ACCRETIVE VALUE CYCLE
MB Group profile Section 1
STRONG POSITIONING RESPONSIBLE
SPECIALIZED FINANCE DNA REPUTABLE - HIGH QUALITY Effectiveness of MB business model, > Strong brand value focused on high-margin, specialized, Standing and quality long-term growing businesses Ethical approach
STAKEHOLDER-FRIENDLY SOLID
High yield for our shareholders CAPITAL GENERATION CAPABILITY Workplace welfare for our people Possibility to invest Corporate citizenship for our community to enhance positioning
PROFITABLE GROWING ABOVE AVERAGE PERFORMANCE > UNBROKEN GROWTH High profitability and capitalization in human talent, assets and profit All business units repaying capital with no compromise on risk profile
8 MEDIOBANCA GREW AND RESHAPED ACROSS CYCLES...
MB Group profile Section 1
Stronger capital base Different funding and loan book mix
CET1 ratio (%) €bn 53 Funding 55 35 Loans 47 16% Others SME 4% 14% 19% 12% 14% TLTRO 12% 10% 28% 12% 23% Consumer 10% Residential WM 11% Deposits 44% mortgages 28%
69% 52% Large 40% Bonds 34% Corporate
FY June09 FY June20 FY June09 FY June20 June09 June13 June19 June20
Enlarged and diversified revenues, with WM now at 23% (from almost zero), CIB at 23%, Consumer at 42%, PI reduced to 12% (from 30%)
Revenues by product - €bn Fees by division - €bn Revenues by division - €bn 2.5 2.5 12% 5% 12% 1.6 25% WM 1.6 23% PI 47% 26% CIB 30% WM 10% 2% 42% 23% 34% Consumer 57% 24% Consumer CIB 41% 44% 19% 23%
FY June07 FY June20 FY June07 FY June20 NII Fees Trading Equity acc. 9 … SHOWING SOUND RESILIENCE & STAKEHOLDERS REMUNERATION
MB Group profile Section 1
High capital generation (last capital increase in 1998) and high profitability…
CET1 ratio % ROTE adj. %
16.1% 10 10 9 10 14.2% 9 8 14.1% 8 13.3% 7 7 11.7% 12.0% 12.1% 11.1% 11.2% 11.5% 11.1% 5 10.3% 4 4
J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 J-18 J-19 J-20 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 J-18 J-19 J-20
… has enabled MB to return more than €2bn to shareholders, while investing constantly in people
€m Group staff (‘000) Cumulative ~€2.2bn 5.1 5.3 4.9 4.9 0.4 0.3 160 0.2 413 4.1 320 3.8 410 3.6 231 3.5 3.5 3.5 213 FY20 DPS=0 3.2 144 144 127 due to ECB 3.1 42 restrictions
J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 J-18 J-19 J-20 J-09 J-10 J-11 J-12 J-13 J-14 J-15 J-16 J-17 J-18 J-19 J-20
Dividend Buy-back Employees FAs
10 …AND RISK PROFILE OUTSTANDING AT EU LEVEL
MB Group profile Section 1
Loans under moratoria well below Italian average, Stage 2 high coverage, stage 3 aligned to EU averages
Total granted moratoria Stage 2 loans Stage 3 loans % of loans¹ % of loans2 % of loans2 22.0% 25% 20.0% 9.4% 15.0% 2.4% 20% 4.1% 3.5% 10.0% outstanding 12.0% 15% coverage 5.0%10% 51.2% 53.8% 0.0% 8% 46.6% 60.0% 10% -5.0%6% coverage 50.0% 5.4% 40.0% 5% 11.4% -10.0%4% 6.5% 8.0% -15.0%2% 3.7% 3.4% 5.9% 30.0% 0% -20.0%0% 20.0% MB Listed ITA All ITA banks MB EU avg. IT avg. MB EU avg. IT avg. banks Dec20 Sept20 Sept20 Dec20 Sept20 Sept20
MB: buffers well over SREP and MREL requirements MB: liquidity and funding ratios at strong levels
193% >800bps buffer 37.1% MREL liabilities >650bps fully loaded ~2x requirement 166% 165% 160% 164% LCR 155%
16.2% 109% 109% 105% 103% 103% 107% MREL req. NSFR 21.85% SREP req. 7.9%
CET1 ratio (Dec20) MREL liabilities (% RWA, Sept20) Sept19 Dec19 Mar20 June20 Sept20 Dec20
1) MB as at Dec.20. Source: Bank of Italy, as of 29 January 2021 for systemic data; ITA banks’ June20 results presentations, reports and pillar 3 for Listed ITA banks 11 2) Source: EBA Risk Dashboard – Data as of September 2020- %of loans (histogram) and coverage ratio (dots). MB data as of Dec20 BP19-23 MISSION:TO DEFINITIVELY ESTABLISH MEDIOBANCA AS A DISTINCTIVE GROWTH PLAYER
MB Group profile Section 1
Our 2019-23 BP aims to further upgrade the effectiveness of our business model in order to definitively establish Mediobanca as a distinctive growth player in Europe which is consistently valued as a Specialized Financial Group
IN NEXT 4Y MEDIOBANCA WILL STAND OUT BECAUSE OF ITS
DISTINCTIVE BUSINESS MODEL GROWTH CAPABILITIES VALUE CREATION by by by CAPABILITY TO PROFIT FROM BRAND, REVENUES, DELIVERING INDUSTRY LEADING A CHALLENGING MACRO SCENARIO CAPITAL AND PROFIT STAKEHOLDER REMUNERATION
DUE TO
STRONG POSITIONING & BUSINESS SOUND MARKET OPPORTUNITIES SELF-PERPETUATING DIVERSIFICATION and MB ACCRETIVE VALUE CYCLE and MATERIAL INVESTMENTS and CULTURE & SUSTAINABILITY in people, innovation and distribution TALENT/CAPITAL MANAGEMENT
12 SOUND BUSINESS POSITIONING TO TURN A CHALLENGING SCENARIO INTO OPPORTUNITIES
MB Group profile Section 1
Italian WM market worth €4tr, largely MBWM un-managed (65%) will become a market leader with high Specialized operator gaining share growth rates & sustainability
Corporate and Financial Sponsors MACRO activity will stay high in Europe MBCIB OPPORTUNITIES Boutique-type organization to continue will grow its market share in Europe taking market share in M&A and CapMkt
Consumer Banking under-penetrated in Italy. MBCB Changed consumer behavior requiring will leverage its strong positioning new products and distribution to become a front runner once again
Profound restructuring in Mediobanca will focus on growth SECTOR universal/commercial banking due to organically and OPPORTUNITIES unprecedented margin squeeze through M&A
13 BP19/23 STRATEGY, TARGETS CONFIRMED, NOW INCLUDING COVID IMPACT
MB Group profile Section 1
Shift to capital-light fee Revenue growth in a Enhanced return to business challenging environment shareholders
Targeting industry-leading performance
CET1 ratio progressively Revenues growth Earnings growth Profitability growth optimized at 13.5% throughout 2023 +4% CAGR1 +4% EPS CAGR1 ROTE23 @11% with a mix of cash dividend and share buyback
CAPITAL MANAGEMENT POLICY DPS20 = 0, in accordance with ECB recommendation Dividend pay-out @70% in FY21, pending ECB guidance / authorization after end-Sept. 2021 Progressive optimization of CET1 to 13.5% confirmed by end-June 2023 as a mix of cash dividend and buybacks, the size and mix of which will be set annually depending on developments in the pandemic and Mediobanca stock price
14 1) 4YCAGR 19/23, including treasury shares cancellation (subject to ECB authorization) STRONG INVESTMENTS IN PEOPLE AND INNOVATION
Group ambitions Section 1
With no restructuring/rationalization needs and keeping efficiency core in the organization (cost/income 46%) Mediobanca in the next 4Y will invest in human talent and IT/digital upgrade to keep the bank on the top of technological frontier to enhance customer experience given their changing behaviour to enlarge revenues also trough organizational efficiencies
Over 1,000 additional sales people at work… … coupled with €250m in IT investments
~60 ~400 ~600
IT/digital upgrade € ~250m 15% 85% Distribution and coverage: In 4Y up over 1,000 people in 4Y Regulation o/w 2/3 at variable cost
FY19 WM CB CIB BP23T
15 REVENUE GROWTH IN A CHALLENING ENVIROMENT DRIVEN BY K-LIGHT BUSINESS EXECUTION RISK MINIMIZED BY DIVERSIFICATION MB Group profile Section 1
Revenues trend (€bn, 4YCAGR %)
Group 4YCAGR: +4%
+3% ~ 3.0 +3% +6%
+8%
2.5
FY19¹ Wealth Corporate & Consumer Principal Holding BP23T Management Inv. Banking Banking Investing Functions
Capital light Capital intensive
1) Excluding non recurring income in banking book 16 GROUP TARGETS
MB Group profile Section 1
Group Target June19 June23 4Y CAGR Divisional Target June19 June23 4Y CAGR
Revenues (€bn) 2.5 3.0 +4% Revenues (€bn)
EPS (€) 0.93 1.10 +4%3 Wealth Management 0.5 0.7 +8% Corp. & Inv. Banking 0.6 0.8 +6% ROTE adj. 10% 11% +1pp Consumer Banking 1 >1.1 +3% CET1 phase-in 14% ~13.5% ROAC (%) TFAs (€bn) 61 83 +8% Wealth Management 16% 25% +9pp
Loans (€bn) 44 51 +4% Consumer Banking 30% 28/30% ~
Funding (€bn) 51 56 +2% Corp. & Inv. Banking 15% 16% +1pp
Financial targets based on current regulatory requirements and Group scope of consolidation
17 CSR ENHANCEMENT FOR ALL STAKEHOLDERS’ BENEFIT
MB Group profile Section 1
CSR AT BOARD LEVEL (competencies, strategies)
CSR IN THE PLAN WITH TARGET DISCLOSURE (Sustainable Development Goals framework)
CSR TARGETS INCLUDED IN TOP MANAGEMENT LONG-TERM INCENTIVE PLAN
€4m per year in projects with positive Avg. training hours up 25%, to enhance social/environmental impact employees’ competences MB Social Impact Fund: AUM increase at least by 20%
Sustainable bond issue: €500m ~50% of female profiles to be considered for external selections 40% of procurement expenses assessed with CSR criteria All suitable female profiles to be considered for internal Customer satisfaction: promotions and/or vacancies CheBanca! CSI¹ on core segment² @73, NPS¹ @25 Compass: CSI @85, NPS @55
Asset Management: 100% of new investments Energy: 92% from renewable sources, CO2 emissions down screened also with ESG criteria 15%; hybrid cars @90% of MB fleet €700m investments in Italian excellent SMEs RAM: first issue of a carbon neutral fund ESG qualified products in clients’ portfolio +30% CheBanca! Green mortgages up 50%
1) CSI: Customer Satisfaction Index; NPS: Net Promoter Score 18 2) Core: Premier: clients with wealth between €100k and €5m AGENDA
1. MB Group profile
a) Group KPIs
b) Wealth Management
c) Consumer Banking
d) Corporate & Investment Banking
e) Principal Investing
Annex
1. 2020 Group figures by divisions MEDIOBANCA GROUP BUSINESS MODEL
MB Group KPIs Section 1.a Mediobanca Group
Holding Functions Group ALM & Treasury Non core assets (leasing)
Corporate & Investment Consumer Banking Wealth Management Principal Investing Banking (CB) (WM) (PI) (CIB)
Consumer Banking Affluent & Premiere Principal Investing Corporate & Investment Banking Compass CheBanca! Ass. Generali Mediobanca Spa Messier Maris & Associés Private & HNWI Mediobanca PB, CMB
Specialty Finance Mediobanca AM MBFacta MB SGR, CMG MBCredit Solution Cairn, RAM
Corporate Consumer AUA/AUM driven Proprietary client business client business client business equity stakes
20 PROFITABLE AND VALUABLE DIVISIONS
MB Group KPIs Section 1.a
Mediobanca Group as at 30 June 2020 (12M)
Corporate & Investment Consumer Banking Wealth Management Principal Investing Banking (CB) (WM) (PI) (CIB)
Revenues 575m Revenues 1,071m Revenues 584m Revenues 313m GOP 279m GOP 443m GOP 113m GOP 309m Loan book 19bn Loan book 13bn Loan book 13bn TFA 64bn of AUM/AUA 40bn RWA 20bn RWA 12bn RWA 5bn RWA 8bn C/I ratio 48% C/I ratio 28% C/I ratio 77% C/I ratio nm ROAC 13% ROAC 31% ROAC 19% ROAC 18%
Holding Functions Revenues 2,513m (HF) GOP 949m Loan book 47bn Revenues -7m TFA 64bn Loan book 2bn RWA 48bn
RWA 3bn Group MB C/I ratio 47% ROTE adj 10%
21 SUPPORTED BY A STRONG A&L STRUCTURE…
MB Group today Section 1
Specialty Balance sheet as at June 2020 Finance PB deposits 5% Mortgages Total: €78.9bn 16% 22% Retail Other Large deposits Leasing 12% corporate 28% 4% 35% €46.7bn Private €53.9bn Banking ECB 6% Bonds to 10% Loans/ institutional Consumer Loans Funding: 22% lending 59% Funding Bonds 28% 85% to retail 70% 13%
CET1: 16.1% Total Capital: 18.8% Leverage Ratio: 9.7% BB govies 37% Liquidity Treasury Net 35% NSFR: 109%, LCR (end-of period): 165% assets Treasury Treasury €13bn 32% €13bn liabilities 15% NPLs/loans: 4.1% gross, 1.9% net NPLs coverage: 55% Equity Inv. 5% Equity 12% Bad loans/loans: 0.9% gross, 0.2% net Bad loans coverage: 82% Corporate Client & bonds other Trading Assets Liabilities 16% 9% book 2%
Loans : 44% corporate, 56% retail; ~80% Italy, ~20% non-domestic Funding: 56% from retail investors (13% bonds to retail, 28% retail deposits and 16% PB deposits)
22 AGENDA
1. MB Group profile
a) Group KPIs
b) Wealth Management
c) Consumer Banking
d) Corporate & Investment Banking
e) Principal Investing
Annex
1. 2020 Group figures by divisions MB WEALTH MANAGEMENT RATIONALE AND OPPORTUNITIES
Wealth Management Section 1.b
Italy one of the most attractive European markets for WM Size worth €4.4tr, in Affluent (€3.5tr) and Private (€1.0tr) segments Largely un-managed Need for “qualified” offering: non-universal banks gaining market share
MB entered and is now focused on WM with a view to leveraging: Distinctive positioning/branding, unparalleled in the Private/Mid Corp area Wealth Group synergies Management Capital buffer to be redeployed into acquisitions
Mediobanca distinctiveness: Affluent: sustainable, through-the-customer’s-eyes, innovative offer HNWI/UHNWI: leadership based on unique IB/PB model AM: targeting the illiquid segment
Strong Group support to foster WM growth, both organic and through M&A
24 WE ENTERED 3Y AGO AND ARE NOW A WELL-REPUTED PLAYER…
Wealth Management Section 1.b
MBWM gaining positioning Next 4Y Mission
Wealth management players ranking by TFA¹ (€bn, Dec19 peers, MB as at June20)
Become an established player in the 85 81 Affluent segment, by quality and sustainability, with best in class mix of
69 digital/human distribution capabilities 64 59
49
Become a leader in HNWI and UHNWI 29 28 with a unique Private and Investment
20 20 19 18 Bank model, working together with CIB to 15 14 13 offer integrated advisory and investment 10 10 10 5 6 solutions in Private Assets/Markets 4
MBWM Maximize growth and margins in the group value chain reinforcing research & Financial Advisors Specialized product synergies among traditional and centred models Private Banks alternative AM
25 1) MB TFAs excluding AUC. Sources for other players: data from Associazione Italiana Private Banking, companies’ web site, press. Data as at: Dec.19 for Financial Advisors centred models; June19 for Specialized Private Banks …WITH GROWTH ACHIEVED THROUGH SELECTIVE ACQUISITIONS AND ORGANICALLY… Wealth Management Section 1.b
Group AUM/AUA trend (€bn)
66% 63% 63% 63% 39.0 39.8 37.1 1.9 0.8 4.1 9.6 30.0 11.8 55% 3.2 12.4
12.6 17.4 17.7 22.9 16.8 16.3 13.5 10.3 12.5 7.1 8.4 3.9 June16 Barclays, June17 Organic RAM June18 Organic June19 Organic June20 Esperia growth acquisition growth growth acquisitions
AUM+AUA / TFA % Affluent Private* AM
AUM/AUA development continuing fuelled by organic growth and M&A Growth concentrated in managed assets, now 63% of TFAs Strong performance in Affluent and Private (2Y CAGR +11%), also after Covid
26 * In 2016 and 2017 Private segment includes also AM … THANKS TO STRONG INVESTMENTS IN DISTRIBUTION
Wealth Management Section 1.b
Fintech Robo advisory buy and customize best Digital & applications for banking, Platform Robo for advisory saving & investing to increase productivity and efficiency
RMs staff: from 260 to 582 FAs: from 0 to 414
Partnerships 572 582 541 132 414 452 125 127 335 130 260 226 Mortgages 895K SALEFORCE 90 416 445 454 322 Third-party 170 customers distribution 0 65 networks FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20
DIGITAL CRM DIGITAL Private& Affluent& HNWI Premier Institutional Branches right-sized sale forces FA shops: from 0 to 85 MAAM, MBSGR 15 15 15 10 141 85 7 111 110 107 70 59 46 19 0 FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20
27 EXPLOITING OPPORTUNITIES IN AFFLUENT…
Wealth Management Section 1.b
POSITIONING OF CHEBANCA!1 OPPORTUNITIES
2.5% Gross Mgt. Fees Affluent: the most attractive segment in the WM arena. Large / AUM (€3.5tr), profitable, with customers more technology-friendly (low Mediolanum cost to serve) and largely unmanaged 2.0% Azimut Digital transformation and Fintech moving distribution paradigms CheBanca!: well positioned to leverage business model strengths (sustainability& innovation) Leverage1.5% Banca Generali positioning, Fineco to increase market share product, service to close the profitability gap 1.0% CheBanca! CheBanca! FY23 ACTIONS 0.5% Balls size = Saleforce Today AUM ptf Brand repositioning: marketing campaign for affluent clients (current and next generation) to meet their investment needs, 0.0% leverage on joint MB-CB! branded products PBT ex performance 0.1% Increase0.2% scale,0.3% efficiency0.4% 0.5% 0.6% fees/TFA New service model: more in-depth and comprehensive client segmentation to customize services/products according to potential value STRENGTHS Franchise empowerment: commercial staff to increase from 780 to 1,275 (up 60%) focusing on quality and value SUSTAINABILITY INNOVATION Enhancing digital platforms, to supply advisory services via mobile app and remote channels Transparent, valuable, fair-priced Easy, efficient, real omni-channel investment services distribution model Enlarge product offer, leveraging on group capabilities Recurrent and diversified Digital excellence since Investments in training, to upgrade sales force capability to income inception deliver high-quality advisory services
28 1)Source: Peers data from Mediobanca Securities – figures as at June19 annualized … IN PRIVATE /HNWI SEGMENT…
Wealth Management Section 1.b
POSITIONING OPPORTUNITIES
Customer Private banking: valuable and growing segment where MBPB UHNWI segment and CMB could play a distinctive role given their roots, brand, customers and positioning as unique Private-Investment banks for private clients and entrepreneurs Franchise empowerment: staff to increase to from 133 to 160 (up Mediobanca 20%)
ACTIONS
MBPB will work on: Becoming leader in developing investment opportunities in Affluent Private Assets through Club Deals, Private Equity, Italian and Value proposition EU Multi-Asset Manager(1) Strengthening the effective dual PB-IB coverage for MidCaps Investments Global advisory focusing on Key Strategic Clients (Entrepreneurs/UHNWI)
STRENGTHS CMB will: Empower positioning on UHNWI also through rebranding UNIQUE PRIVATE-INVESTMENT INNOVATION Enhance investment and advisory offering for UHNWI and BANKING MODEL Family Offices, also with a deeper segmented approach Dual IB/PB coverage Relaunch a credit proposition (Lombard and real estate Benchmark in private markets by financing) in line with the UHNWI strategy Strong concentration in investment opportunities Invest in Technology and Fintechs to deliver efficiencies and HNWI/UHNWI target clients superior client experience
29 ¹ Epic, Mediobanca Private Markets 1, Mediobanca Private Markets 2, Club deal in real estate …AND IN ASSET MANAGEMENT PRODUCTION
Wealth Management Section 1.b
MAXIMIZING GROWTH AND MARGINS IN THE GROUP VALUE CHAIN REINFORCING RESEARCH & PRODUCT SYNERGIES AMONG TRADITIONAL AND ALTERNATIVE AM
MEDIOBANCA SGR CAIRN CAPITAL RAM
Pivotal role in defining asset allocation strategies Leading illiquid credit manager Leading pure systematic specialist in Product innovation Europe with a strong research focus and with high value added strategies frontrunner in AI Global Active Multiasset, Multimanager Solutions, “New Generation” Target Maturity fund
GOALS
Focus on active research-driven Expand alpha capabilities beyond Expand alpha capabilities and strategies (AA, high conviction Equity…) CLOs competitive edge through research Increase captive networks Roll-out of distribution of recently and development penetration launched UCITS (Strata) ESG implementation Intermediation of third-party products Strengthening co-operation with MB via guided open architecture for launch of new credit funds
30 AGENDA
1. MB Group profile
a) Group KPIs
b) Wealth Management
c) Consumer Banking
d) Corporate & Investment Banking
e) Principal Investing
Annex
1. 2020 Group figures by divisions MB CONSUMER BANKING RATIONALE AND OPPORTUNITIES Consumer Banking Section 1.c
Italian consumer banking an attractive market: Low penetration/low yield environment Banking sector restructuring, with branches reducing massively Upcoming regulation painful for riskier players
MB focus on Consumer Banking with a view to leveraging: Strong positioning (since 1960s) in a high entry barrier business Compass Diversification effect vs Group activities, as an anti-cyclical business High and sustainable profitability
Mediobanca CB a frontrunner in consumer banking with: Outstanding credit scoring, pricing, management capabilities generating superior asset quality Broad, integrated distribution network Best-in-class service with a full product range
Strong Group support to foster growth, both organic and through M&A
32 COMPASS – A PIONEER, INNOVATIVE, PROFITABLE OPERATOR…
Consumer Banking Section 1.c
DISTINCTIVE STRENGTHS POSITIONING
Compass market shares EXCELLENT ASSET QUALITY 11.7% 12.0% 11.7%
AND INDUSTRIALIZED COLLECTION 30% 10.5% 13.0%
OUTSTANDING SCORING 11.0%
25% AND PRICING CAPABILITIES Net NPLs/Loans: 2.5% 9.0% 20% 16% 7.0%
Net Bad Loans /Loans: 0.1% 5.0% 15% NPLs fully covered in 12m 10% 8% 8% 3.0% 10% 7% 1.0% 6% 5% 6% -1.0%
5%
-3.0%
0% -5.0% VALUE-DRIVEN APPROACH EFFICIENT PLATFORM 2016 2017 2018 2019 TO BUSINESS Market growth (YoY) Compass growth (YoY) Very low and stable cost/income (~30%) New production driven solely by risk-adj returns Compass market share Direct distribution growing at variable cost Margin resiliency and profitability preserved Consumer credit ranking¹ (new business, €bn, 2019) BROAD PRODUCT CAPABILITIES BROAD & INTEGRATED BEST-IN-CLASS SERVICE DISTRIBUTION NETWORK UCI 12.3 Findom. 9.4 Compass branches 5,000 €6.4bn new loans, 80% repeat business 172 Compass 3rd parties bank 6.9 branches Agos 6.0 Personal Compass / Special loans Compass Quinto Deutsche 5.9 purpouse 12,600 47% agencies 14% 89 Post offices ISP 4.3 Salary Online business UBI 3.9 guarenateed 200 Cards Credem Cars 7% 39,000 Partnerships/JVs 2.3 15% 17% Dealers Fiditalia 1.3 (car/retail) Finitalia Direct business Indirect business 1.2
33 1) Source: Assofin. New statistics do not include vehicle credit …WITH THE ABILITY TO GROW STEADILY… TEMPORARY SLOWDOWN IN FY20 ONLY DUE TO COVID-19 Consumer Banking Section 1.c
Since 2007 Compass’s loan book has tripled… … as have its revenues (now > €1bn) … Loan growth halted only due to Covid outbreak €bn €m
+3x +3x 1,071 13.2 13.0 996 1,027 12.5 936 11.8 873 11.0 10.4 800 9.3 9.6 687 713 713 8.8 9.1 605 638 8.4 8.1 8.3 592 Linea 379 acquisition 322 3.7
J07 J08 J09 J10 J11 J12 J13 J14 J15 J16 J17 J18 J19 J20 J07 J08 J09 J10 J11 J12 J13 J14 J15 J16 J17 J18 J19 J20
…while careful risk approach has kept CoR under control… …with net profit up 10x: ROAC ~30% Temporary increase in FY20 due to Covid €m, bps €m, % 470 463 550 420 415 411 413 450 +10x
370 372 361 354 347 360 332 336
320 350 315 297 243 247 270 185 258 199 250
220 154 170 150 95 97 120 66 82 50 59 32 39 41 70 22 145 224 298 337 302 311 331 438 413 354 276 242 238 325
20 -50 J07 J08 J09 J10 J11 J12 J13 J14 J15 J16 J17 J18 J19 J20 J07 J08 J09 J10 J11 J12 J13 J14 J15 J16 J17 J18 J19 J20
LLPs CoR 34 LIMITED COR & NEW LOAN CORRELATION WITH GDP STRONG CAPABILITIES IN PRICING, RECOVERY, DISPOSALS Consumer Banking Section 1.c
Linea acquired in 2008. Following 18m spent harmonizing the Covid-19 AQR impact acquired portfolio up to Compass asset quality standards impact
500 (11) 450 (9) 400 411 410 (7) 350 372 361 373 (%) 354 347 360 (5) 300 332 250 (3) 200 243 247 (1) growth 150 199
185 GDP Cost Cost of risk(bps) 1 100 Lehman Sovereign crisis crisis 3 50 5.2 3.8 4.0 4.8 4.9 5.0 5.3 6.0 6.2 6.6 7.0 7.4 6.4 0 5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 New loans (€bn) (1) Compass CoR (1) AQR one-off GDP ITA (2)
3.0% 2.9% 3.0% 2.7% 2.5% 2.3% 2.2% 2.2% 1.8% 1.6% 1.6% 1.5% 1.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Net NPLs/Ls
1) New loans and CoR at fiscal year-end (30 June) 35 2) Source: GDP ITA IMF, World Economic Outlook for historical values until 2019, MB new macro scenario for FY20 forecast STRONG INVESTMENTS AHEAD IN DIRECT DISTRIBUTION…
Consumer Banking Section 1.c
Compass direct franchise trend COMPASS Higher “value” of Compass branch distribution: BRANCH roughly double vs third parties’ channels +75% Compass agencies track record in last 18m: ~350 High productivity: close to long standing +21% 80 Compass branches. Low client cannibalization: 30% of customers are ~200 80 COMPASS new and 50% are in Compass database but not 27 AGENCIES active Resilient margins: broadly in line with branches 164 172 187 Flexible cost structure: at breakeven since year 1 CoR in line with branches as managed by Compass at its standards FY16 FY19 BP23T Branches Agencies Compass Quinto New Compass Quinto agencies to be established: Loyal and reputable agent network dedicated to Direct distribution enlargement salary guaranteed loans, operating exclusively for Launch of Compass Compass-branded branches/agencies to increase COMPASS Flexible cost structure from 200 to over 260 (up 30%), of which ~80 run by QUINTO agents CRM to exploit synergies with Compass clients CQS product appeal increasing: risk mitigation, 80 Compass Quinto-branded agencies to be lower capital absorption due to CRR2 and sector opened to foster salary-backed distribution consolidation needed
36 …EMBRACING INNOVATION IN PRODUCT AND CHANNEL
Consumer Banking Section 1.c
INNOVATION
PRODUCT DISTRIBUTION
1 CLOSED LOOP CARD 3 PP-ONLINE Revolving credit card (designed by Compass on Existing online platform strong enhancement with: MasterCard circuit) whose use is limited to “Instant lending” project: process/technical specific retailers enhancements to minimize “time-to-yes” up to Benefits: easy to use (directly at the cashier), 1h, including automatic identification of clients’ increase client retention for the retailer uploaded ID documents Could evolve to a “full” credit card (able to Online/offline integration for mutual operate widely in POS/ATM/online with collaboration in client assistance between all addendum to contract) distribution channels Partners: large retailers INSTANT CREDIT & E-COMMERCE LOANS 4 COMPASS RENT 2 Partnership with primary operator for E- commerce financing solution Innovative long-term car rental Development of APP-based financing services Focus: used cars (12/24 months vintage) sold by for free instant credit to customers Compass dealers State-of-the-art platform integrated into retailers Customizable offer: both in terms of service marketplace to offer installment-based credit (insurance, assistance, etc.) and car model options
37 AGENDA
1. MB Group profile
a) Group KPIs
b) Wealth Management
c) Consumer Banking
d) Corporate & Investment Banking
e) Principal Investing
Annex
1. 2020 Group figures by divisions MB CORPORATE AND INVESTMENT BANKING RATIONALE & OPPORTUNITIES Corporate & Investment Banking Section 1.d
Investment Banking is the native business of Mediobanca Strong market positioning: leader in Italy, with a growing footprint in Europe Cornerstone of Mediobanca business diversification strategy Resilient over the cycle due to balanced product mix
Investment Banking has been a challenging market in the last decade Boutique-like models continue to outperform bulge-bracket banks M&A to act as growth enabler in a stagnant economic scenario Financial Sponsor activity likely to remain high due to low interest rates and ample dry powder Corporate Investment Banking Mediobanca distinctiveness Strong brand recognition and trustworthiness Client-driven business Boutique-type approach Steady profitability with low gearing and excellent asset quality
Mediobanca CIB is best positioned to exploit the potential of a client-driven business model enhancing its pre-eminent role in Europe
39 MEDIOBANCA CIB DISTINCTIVE MODEL …
Corporate & Investment Banking Section 1.d
SOLID AND WELL DEFINED MARKET POSITIONING NEXT 4Y MISSION
Strong solution Empowerment of origination capabilities capabilities across the full (focus on Italy, Spain, France) for IB CIB product offering Leverage European Capital Market platform and O2D model DISTRIBUTION PLATFORM Empower MidCaps coverage UK, GERMANY & US M&A and CapMkt boutiques aggregator
Leverage MMA partnership Top 3 M&A boutique Integrated trading platform in France with more than 200 deals since Foster cross-fertilization among inception 1st in Italy customer/product clusters (MidCap, M&A Private banking, Financial Sponsors) with >100 deals in last 3Y ECM Capital-light business growth (especially with 30 deals in advisory) last 3Y Capital consumption optimization (especially in lending) Top 10 in M&A in Spain with more than15 deals Cost of risk normalization in last 3Y
40 1) Source: Coalition, IB Index FY18 … DELIVERING SOUND BUSINESS RESULTS …
Corporate & Investment Banking Section 1.d
CIB loan book up @ €19bn … … with significative decrease in UTPs (€m) GROWTH & 18.6 1200 QUALITY 17.9 16.1 1000 15.1 765 767 14.5 800 CIB loan book rebounding 667 642 after the crisis 600 519
Non domestic exposure 400 ~45% of total with good country diversification 200
Net NPLs/Loans: 1.7%¹ 0 Net Bad Ls /Loans: zero¹ 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
CIB revenues client driven and …by geography (~40% non-domestic) diversified by product … Advisory DIVERSIFICATION 20% & EFFICIENCY Non- Domestic Lending domestic Client driven activity with 62% 33% 38% diversified fee income €0.6bn €0.6bn stream CapMkt 25% Cost/income: 48%
Specialty Prop Finance Trading 20% 2% 41 1) Excluding NPLs purchased by MBCS …EXCELLENT QUALITY OF CORPORATE LOAN BOOK…
FY20 Divisional Results - CIB Section 4
WB loan book by sector (as at June 2020) 15% 12% 9% 8% 7% 7% 7% 6% 4% 4% 3% 2% 2% 2% 2% 2% 1% 1% 1% 1% 1% 0.6% 0.4%
WB exposure skewed to IG/crossover2 (as at June20) WB loan portfolio by geography3 (as at June20) Germany 8% France Crossover 9% 19% Spain 8%
Other UK IG 31% 50% 7% Italy Other 53% Europe US 7% 5% RoW 3% 1) “Other” includes sectors with exposure below 2% and low or medium impact from Covid-19: Aerospace, Containers and Packaging, Energy Services, Healthcare, Information Technology, Infrastructure, Metal, Paper and Utilities 42 2) Investment grade (IG) including rating classes from AAA to BBB-, crossover including BB+ rating bucket 3) Geographical breakdown based on the following criteria: i) Country where the company generates >50% of consolidated revenues or, if this criterion is not met, ii) Country where the company has either its managerial centre or its main headquarters … AND OUTSTANDING POSITIONING IN M&A
FY20 Divisional results - CIB Section 4
Mediobanca M&A team has been involved in most Selected M&A Large Corp Transactions since July 2019
industry-shaping deals of 2020, including the merger of Ongoing Ongoing Ongoing March 2020 September 2019 equals between FCA and PSA, the takeover of UBI Banca
by Intesa Sanpaolo, the sale of a minority stake of Tower
Undisclosed €400m Esselunga, and the merger between Inwit and Vodafone € 6,1bn (EqV 100%) € 573m €11bn Public Exchange Offer launched Acquisition of 49.07% stake in by Intesa Sanpaolo on all UBI Disposal of Violetta Caprotti stake Acquisition of €570m hotel Integration of INWIT and Vodafone Tower Banca ordinary shares in Esselunga portfolio from Värde Partners Italia Tower Offshore LNG Toscana by Snam Intesa Sole Financial Advisor Sole Global Coordinator and Financial Advisor to Financial Advisor to Increasing presence in financial sponsors & mid Bookrunner of BPER rights issue Violetta Caprotti Värde Partners Financial Advisor to INWIT Financial Advisor to Snam corporate transactions, due to growing coverage efforts Selected M&A Mid Corp Transactions since July 2019
by the dedicated origination team and ongoing co- March 2020 November 2019 September 2019 September 2019 July 2019 operation with Private Banking. Mediobanca provides advisory services to companies for sell-side processes and
to financial sponsors for buy-side investments Undisclosed €75m Undisclosed €68m ~150m
CBG disposal to Acquisition of ABB’s solar inverter Acquisition of La Pavoni by SMEG Acquisition of Disposal of AMF to Alpha Private business by Fimer Xenon Private Equity FT System by Antares Vision Equity Improved footprint in Europe, including through the strategic partnership with Messier Maris & Associés, Financial advisor to Fimer Financial Advisor to CBG Financial Advisor to Smeg Financial Advisor to Antares Financial Advisor to A.M.F. combining local coverage and industry expertise Selected M&A Sponsors Transactions since July 2019
June 2020 February 2020 August 2019 September 2019 July 2019 M&A Italy FY20 – Ranking by Deal Value1
20.3 19.8 $bn, Deal Value Undisclosed Undisclosed €822m £68.4m Undisclosed Acquisition of Sorgenia by F2i Partial Tender Offer launched by 17.2 and Asterion and contribution Acquisition of a controlling stake Acquisition of Solvia Desarrollos Investindustrial on 3% of the share Clessidra acquisition of a 80% stake Inmobiliarios by Oaktree of Veronagest and San Marco in Engineering by Bain Capital capital of Aston Martin Lagonda in the share capital of L&S Light Bioenergie Financial Advisor to Sole Financial Advisor to F2i and Financial Advisor to 14.3 Financial Advisor to Bain Capital Financial Advisor to Oaktree Clessidra SGR Asterion InvestIndustrial 12.9 12.3 11.4 11.3 10.7 Selected M&A International Transactions since July 2019
June 2020 May 2020 February 2020 December 2019 December 2019
5.4
€2,4bn €515m Undisclosed €30bn €260m Disposal of 80% of Eurobank Financial Planning Services and Has announced the acquisition of Acquisition by Cellnex of a portion of Mezzanine and a portfolio of Power Generation DWS Infrastructure Sale of the Merger of Equals 1,500 telecom towers from Junior Securitization Notes of the and Supply assets from EDP Arenales CSP Solar Plant to Cubico Orange in Spain €7.5bn multi-asset NPE Sustainable Investments Securitization to doValue MB UBS GS IMI Equita KPMG BofA JPM ROTH MS Financial Advisors to Eurobank Exclusive Financial Advisors to Total Sell-side financial advisor to DWS Lead Financial Advisor to PSA Financial Advisor to Cellnex
43 Source: Refinitiv as of June 2020 – Any Italian involvement …AND IN ECM AND DCM
FY20 Divisional Results - CIB Section 4 Mediobanca Capital Markets teams successfully completed several major transactions for both Italian and international clients, including DCM CDP’s ECM Italy FY20 (Bookrunner) inaugural Social Housing bond, Generali’s inaugural green Tier 2 bond and ENI’s dual tranche transaction in the midst of the Covid pandemic, and ECM Nexi Convertible Bond, Unieuro ABB, Nexi ABB, Juventus Rights Issue and 33.3% 33.3% Cellnex Rights Issue 29.2% GVS: first company listed on the Italian stock market (MTA) in 2020. Second 25.0% largest IPO in Europe and among top 25 globally since Covid-19 virus outbreak. Books 6x oversubscribed at final IPO price 20.8% 20.8% Mediobanca continued on its path to increase its international presence, 16.7% 16.7% leading – among others – EDP’s Green Hybrid transaction and Santander’s inaugural green bond, as well as the Cellnex Rights Issue and Convertible 8.3% 8.3% totalpriced deals Bond Mediobanca has been awarded the “best Italian ECM bank of the year” prize by Global Capital for the fourth year in a row and was recognized as #of dealspricedaspercentage of the best Equity House for US, UK and European funds who want to access top MB GS BofA IMI UCG Citi JPM HSBC UBS UBI Italian issuers
Selected DCM Transactions since July 2019 DCM Italy FY20 (Bookrunner)
May 2020 Social Housing February 2020 January 2020 October 2019 September 2019 Bond 25.9%
Tender offer on: Inaugural Green Bond: £ 495m 6.416% callable in Feb-2022 Senior dual-tranche: € 750m 10.125% callable in Jul-2022 € 750m € 1,000m € 1,000m € 750m € 1,250m 7.750% callable in Dec-2022 1.700% 60.5NC5.5 Senior Preferred Bond 19.8% 1.250% May 2026 1.000% Senior Unsecured Bond Green Hybrid Bond Inaugural Green issue: due February 2030 0.300% October 2026 € 1,000m due July 2080 € 750m Subordinated Tier 2 Bullet Notes 18.3% 2.000% May 2031 2.124% due October 2030 Dealer Manager & Joint Joint Bookrunner Joint Bookrunner 16.2% Joint Bookrunner Joint Bookrunner Bookrunner 14.2% 13.2% since July 2019 12.2% 12.2% 11.7% Selected ECM Transactions 10.7%
Italy 2020 Italy 2020 Italy 2020 Italy 2019 Spain 2019 totalpriced deals
€ 500m € 46m € 562m € 300m € 2,500m
Rights Issue #of dealspricedaspercentage of Convertible Bond ABB ABB Rights Issue € 850m Convertible Bond Joint Bookrunner Joint Bookrunner Joint Bookrunner JGC & JBR Joint Bookrunner UCG IMI BNP SocGen MB CASA JPM BAR GS BofA
44 Source: Dealogic, Bond Radar as of June 2020 – No self deals AGENDA
1. MB Group profile
a) Group KPIs
b) Wealth Management
c) Consumer Banking
d) Corporate & Investment Banking
e) Principal Investing
Annex
1. 2020 Group figures by divisions PRINCIPAL INVESTING RATIONALE & OPPORTUNITIES
Principal Investing Section 1.e
AG: high-quality investment (A-rated by Fitch) with sound financial performance: AG BP 2018-21 targets: EPS CAGR range +6-8%; payout range 55-65% Consensus:¹ steady growth in net profit (4YCAGR 2019-23: +2%)
Investment rationale: EPS accretive, revenues stabilizer, ROAC above cost of capital Principal Strong value option as a readily available K-source for potential business Investing growth and transactions
Fully integrated in MB Group diversified business model by Revenue source (insurance business) Capital source (re-deployable in banking business when needed)
46 1) Consensus as at November 2019 PI: SOURCE OF REVENUE AND CAPITAL
Principal Investing Section 1.e
PI EQUITY EXPOSURE Assicurazioni Generali
REVENUES/EPS STABILIZER PROFITABLE INVESTMENT Double-digit ROAC1 AG contribution to AG contribution to Book Value (as at June 2020, € bn) Group revenues Group net profit
11% 11% 11%
Ass.Generali 35% 3.2 12% FY16 FY19 BP23T
Other investments 0.7 CAPITAL-ACCRETIVE READILY AVAILABLE with significant revenue contribution CAPITAL-SOURCE for scale acquisitions AG revenues pro-rata €m 320 304 255 264 280 NO PRESSURE FROM REGULATION (Danish Compromise extended)
FY16 FY17 FY18 FY19 FY20
1) Fully loaded, i.e. without Danish Compromise 47 AGENDA
1. MB Group profile
a) Group KPIs
b) Wealth Management
c) Consumer Banking
d) Corporate & Investment Banking
e) Principal Investment
Annex
1. 2020 Group figures by divisions 12M RESULTS BY DIVISION AS AT 30 JUNE 20
12m figures as at June 20 Annex 1
Wealth Consumer Principal Holding 12m- June20 (€m) CIB Group Management Banking Investing Functions
Net interest income 271 948 271 (7) (55) 1,442 Net treasury income 7 — 78 16 38 136 Net fee and commission income 306 123 226 — 11 630 Equity-accounted companies — — — 304 — 304 Total income 584 1,071 575 313 (7) 2,513 Labour costs (237) (102) (141) (3) (117) (599) Administrative expenses (214) (201) (135) (1) (56) (590) Operating costs (451) (303) (276) (4) (173) (1,189) Loan loss provisions (21) (325) (20) — (10) (375) Provisions for other financial assets (1) — (4) (11) (6) (21) Other income (losses) 2 (5) — — (64) (133) Profit before tax 114 438 275 298 (259) 795 Income tax for the period (33) (141) (92) (3) 76 (191) Minority interest (1) — (2) — (1) (4) Net profit 80 297 181 295 (184) 600
Customer loans 13,184 13,037 18,644 — 1,820 46,685 RWAs 4,952 11,801 20,028 8,122 3,128 48,030 No. of staff 2,021 1,441 630 11 817 4,920
49 INVESTOR CONTACT DETAILS
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: [email protected]
http://www.mediobanca.com
50