PresentationPresentation toto FixedFixed IncomeIncome InvestorsInvestors June 2002 ContentsContents Mediobanca Section I Profile, shareholders and organisation chart Section II Wholesale - Corporate Banking Section III Wholesale - Investment Banking Section IV Retail financial services Section V Private Banking Section VI Research Section VII Capitalisation Section VIII Asset quality Section IX Cost efficiency, productivity and profitability Section X Treasury Section XI Business Plan 2002-2005 Section XII Transaction indicative highlights Appendices Appendix 1 Financial statements Appendix 2 Standard and Poor's ratings to italian financial institutions 2 ProfileProfile Mediobanca Profile, shareholders and organisation chart Section I p Mediobanca, founded in 1946, is the leading investment bank in Italy p Mediobanca’s central position in the Italian capital market is due to long-term close relationships with major Italian leading companies and with the international financial community p Business plan 2002-2005 focuses on enhancing wholesale banking business, developing private banking and private equity, adding international dimension to the bank’s structure p Core shareholders’ pact controls 46% of share capital. It was confirmed in 2001 until 2004 p Members of shareholders’ pact include key players in the Italian and European financial and business community p Market capitalisation as at 5th June 2002 was € 7.828bn p Mediobanca shares are constituents of Milan Stock Exchange “blue chip” index MIB 30 p Mediobanca enjoys excellent capitalisation: 19% Tier 1 at year end 2001, with no hybrid components p Regulated by Bank of Italy and Consob p Standard & Poors’ recently assigned AA- long term credit rating to Mediobanca with stable outlook, the best S&P rating to an Italian bank 3 ProfileProfile Mediobanca Profile, shareholders and organisation chart Section I MediobancaMediobanca GroupGroup Mediobanca S.p.A. 100% 100% 100% 60% Mediobanca Sade Finanziaria Spafid Tradevco1 International 100% 100% 100% Prudentia Compass Prominvestment Fiduciaria 100% 61.65% 100% 100% 100% 100% MB Finstrutture- SelmaBipiemme Seteci Cofactor Micos Banca Creditech -Intersomer Leasing 69% 100% Ricerche e 80% 95% Palladio Technostart Teleleasing Studi Leasing1 1) Remained stock held by company as own shares 4 ProfileProfile Mediobanca Profile, shareholders and organisation chart Section I Mediobanca’sMediobanca’s businessesbusinesses i Main businesses p Corporate Banking p Investment Banking p Equity Investment i Financial services through p Spafid: Trust business specialist subsidiaries p Compass: Consumer credit p Selmabipiemme, Palladio and Teleleasing: Leasing p Cofactor: Factoring p Micos Banca: Mortgage lending p Technostart: Venture capital p Banca Esperia (a Mediobanca-Mediolanum joint-venture): Private banking p Fidia: Private equity i Research p R&S: independent sectors’ and companies’ financial analysis 5 ProfileProfile Mediobanca Profile, shareholders and organisation chart Section I MediobancaMediobanca atat aa glanceglance Consolidated Highlights FYs ended 30 June 30/6/99 30/6/00 30/6/01 31/12/01 € bn € bn € bn € bn Total assets 24.3 26.2 28.4 28.3 Loans to customers 14.3 17.0 16.9 16.6 Investment securities (book value) 2.8 3.1 3.3 3.0 Investment securities (market value) 6.5 7.7 8.0 7.7 Shareholders’ equity (excl.net profit) 3.4 3.7 4.3 4.8 Total capital ratio 21.6% 19.5% 20.8% 24.3% Tier 1 ratio (no hybrid) 18.0% 15.9% 17.4% 19.1% € m € m € m € m Total income 644 620 680 250 Net profit 204 282 297 189* Average number of Group’s employees 1,110 1,155 1,214 1,205 * Group’s interim net profit for the six months to 31/12/2001 is based on the tax rate in the previous financial year 6 ShareholdersShareholders Mediobanca Profile, shareholders and organisation chart Section I i As at 31 December 2001 p Mediobanca has approximately 55,000 Mediobanca’sMediobanca’s shareholdersshareholders the Bank's share capital was € 389,264,707.50 shareholders at March 2002 represented by 778,529,415 € 0.50 par value registered shares Mutual funds i Core shareholders p A controlling syndicate among core 7% controlling syndicate shareholders holds 46% of Mediobanca’s Core share capital. The pact was reconfirmed in shareholders* August 2001 and will last until 1 July 2004. 46% The syndicate includes p i Banks UniCredito Italiano (8.75%), Banca di Roma (8.75%), Commerzbank Intl. (1.80%) and Mediolanum (1.98%) p i Other main Italmobiliare (2.76%) Generali (2%), investors La Fondiaria (1.93%), RAS (1.93%), Corporates SAI (2.11%), Fiat (1.93%), Olivetti Private 33% (1.93%), Pirelli (1.93%), Finpriv individuals (1.75%), Burgo (1.46%) 14% i Other investors p Other investors represent 5.24% of share capital in the pact Foreign shareholders 18% * Under the terms of the agreement, syndicated shareholders have the right to increase their aggregate holdings from approx 46% to 49% 7 OrganisationOrganisation chartchart Mediobanca Profile, shareholders and organisation chart Section I Chief Executive Officer Personnel Internal Audit Office Department Rome Research Representative Department Office Investment Corporate Banking Banking Division Division Investment Capital General Equity Industry Banking Markets & Resources Investment Research Industrial Treasury Division Equity Investment Credit & Banking Capital Financial Structured Markets Institutions Finance 8 OrganisationOrganisation chartchart Mediobanca Wholesale - Corporate Banking Section II DIVISIONECorporate CORPORATE Banking BANKING Division Capital Market & Credit Research Credit & Structured Treasury Finance Equity and Proprietary Fixed Income Equity and Central Regional DCM Fixed Income Funding Sales Fixed Income Relationship Relationship Trading Derivatives Corporate Acquisition Project Export Securitisation Lending Finance Finance Finance Syndication 9 Mediobanca’sMediobanca’s strenghtsstrenghts andand expertiseexpertise Mediobanca Wholesale - Corporate Banking Section II i Relationship p Long term clients’ relationship and industry-specific financing needs assessment capability i Monitoring p One-to-one constant client monitoring also through regional network helps to avoid crisis situations i Integrated approach p Lean organisation enables to devise, structure and rapidly implement complex financing strategies i Underwriting p Strong capitalisation and financial flexibility to back major deals through substantial underwriting commitments i Syndication/Distribution p Established loans syndication/bonds distribution teams, ensure successful primary market execution i Trading p Deep insight into corporate bonds primary and secondary market: 240 corporate bonds traded via Bloomberg Trading System MEDX i Products p Products range include i corporate lending p bilateral loans, acquisition & leveraged finance, project finance, export finance, and structured securitisation, syndicated loans finance p i debt capital market corporate bonds, hybrid capital for financial institutions, exchangeable bonds, issuers’ bondholders’ meeting organisation 10 CorporateCorporate bondsbonds marketmarket andand SyndicationSyndication loanloan marketmarket Mediobanca Wholesale - Corporate Banking Section II CorporateCorporate bondsbonds:: Mediobanca’sMediobanca’s bookrunnerbookrunner positionposition byby volumevolume forfor ItalianItalian IssuersIssuers ((exclexcl.. banksbanks)) 1999 2000 2001 Bank volume Bank volume Bank volume € m € m € m Mediobanca 6,319 Mediobanca 2,375 JP Morgan 6,594 Lehman Brothers 6,223 JP Morgan 1,875 Lehman Brothers 3,377 JP Morgan 4,853 Merrill Lynch 1,129 IntesaBCI 2,719 Csfb 4,348 IntesaBCI 1,088 Morgan Stanley 2,400 Merrill Lynch 2,690 Lehman Brothers 1,083 Mediobanca 2,117 Source: Dealogic Bondware SyndicationSyndication loanloanmarket:market: Mediobanca’sMediobanca’spositionposition bybyvolumevolume forfor ItalianItalian BorrowersBorrowers 1999 2000 2001 Bank volume Bank volume Bank volume € m € m € m Mediobanca 12,270 Mediobanca 15,715 JP Morgan 12,690 JP Morgan 7,165 JP Morgan 15,679 Mediobanca 8,333 CSFB 6,825 Morgan Stanley 12,478 Citigroup 3,539 Lehman 5,690 Barclays 5,258 IntesaBci 3,209 IntesaBci 2,740 ABN-AMRO 5,124 San Paolo IMI 3,091 Source: Dealogic Loanware, proportional credit 11 WholesaleWholesale –– InvestmentInvestment BankingBanking Mediobanca Wholesale - Investment Banking Section III The Investment Banking Division is divided into four main areas p Equity Investments: Mediobanca has built up a significant investment portfolio, comprising leading industrial, banking and insurance groups listed in Italy and elsewhere p Investment Banking Financial Institutions: area in charge of corporate finance advisories for financial institutions such as banks and insurance companies p Investment Banking Industrial: area in charge of corporate finance advisories for industrial companies p Equity Capital Markets: Mediobanca has played an active role in the equity capital market since its inception, with offers to public and private placings of equities and equity- linked securities forming an important part of its operations InvestmentDIVISIONE CORPORATE Banking BANKING Division Investment Equity Banking Investment Equity Capital Investments Financial Banking Markets Institutions Industrial 12 MainMain equityequity investmentsinvestments inin listedlisted companiescompanies** Mediobanca Wholesale - Investment Banking Section III Book value as at Capital gains/losses Industry Selected Listed investments As % of share i The Bank’s long term capital 28.03.02 (€ m) 28.03.02 (€ m) relationships