Unicredit XII Italian Conference

Transcription

1 1 Rome, May 21-22, 2009 Table of Contents 2 pg. 3 Results Foreign Results Facts pg. pg. pg

2 Q1 Group Income Statement 3 Net premiums written % Amounts paid & change in technical reserves (585.8) (748.1) -22% Life revenues ex-commission % Entry fees % Management fees % Performance fees % Banking service fees % Other fees % Total commission income % Interest spread % Net income on investments at fair value (3.6) (10.2) -64% Net financial income % Net income on other investments 1.8* % Other revenues % Total Revenues % Acquisition costs & other commission expenses (60.8) (65.6) -7% G&A expenses (86.3) (78.9) +9% Amortisation & depreciation (4.1) (3.8) +8% Provisions for risks & charges (1.4) (1.1) +24% Total Costs (152.5) (149.4) +2% PROFIT BEFORE TAX % Income tax (4.7) (9.4) -50% NET INCOME % tax rate 22.1% 23.4% * includes Banca Esperia's net contribution ( 0.7 mn) bn Group AuA Trend 4 Foreign markets market Q1 Q

3 Q1 Group Assets under Administration 5 31/03/09 31/12/08 Change 31/03/08 Change Life 12, , % 13, % 'Freedom' Life Assets 41.1 n.s. n.s. Asset management 11, , % 13, % Banking* 6, , % 5, % Consolidation adjustments (6,230.8) (6,462.2) -4% (7,421.1) -16% Banca 23, , % 25, % Banca Esperia (48.5%) 4, , % 4, % 's Assets 27, , % 29, % Life % % Asset management % % Banking % 1, % Other % % Consolidation adjustments (232.6) (218.0) +7% (248.2) -6% Foreign s' Assets 1, , % 2, % AUA 29, , % 32, % * retail only Q1 Group Net Inflows 6 Managed Assets % Net change in 'Freedom' Life assets 40.0 n.s. Administered Assets % Banca % Banca Esperia (48.5%)* 71.8 (224.6) n.s. Foreign s (33.6) (86.3) -61% NET INFLOWS % * A new measurement method was introduced for FY08 for Banca Esperia's net inflows, allowing for an accurate representation of actual flows. Comparison with prior data is therefore not meaningful

4 Our Culture, Our Competitive Advantage 7 Our ability to generate positive inflows also in bear markets is explained by our customer-oriented culture especially demonstrated in two specific areas: Investment strategy based on the concept of diversification along with emotional guidance provided by the Family Banker effective, innovative and committed Communication strategy s Investment Strategy 8 Transfers technical performance into customer performance Backed by proper emotional guidance from Family Bankers Advice is not based on stock-picking, tactical asset allocation decisions, or market-timing We recommend following a series of diversification criteria The most important diversification criterion is time horizon: equity is only considered for the long term (>10 years) Equity investments are diversified across the global economy to further reduce risk We advise investors with a longer-term outlook to view market crises as buying opportunities

5 Communication in Times of Crisis 9 To get customers to understand the basic principles of our investment strategy, reversing any negative mood created by the media & word-of-mouth To effectively keep in touch with all our publics at all times To convey the important message that in a down market a loss is incurred only if money is withdrawn from equity investments Communication in Times of Crisis: a Three-fold Objective 10 Interpret what is really happening in the market & the opportunities involved Reassure both advisors & customers and compensate for the myopic, negative messages of the media Reinforce the investment strategy the company has always recommended

6 Communication in Times of Crisis: TV Specials Two proprietary state-of-the-art tools 11 Corporate TV Network - dedicated to our internal communication Channel - geared toward the customer community - Company news - Product information - Online training course support - Inspirational thoughts for personal motivation & sales techniques On top of the ongoing Corporate TV offer 2 special daily programs added dedicated to crisis-related topics Communication in Times of Crisis: Forum 12 Panels of highly respected and influential entrepreneurs, economists & journalists Provide insights about the crisis, with suggestions & examples of the best ways to manage Broadcasts can be followed by the public at large on the Channel & over the internet in 4 languages

7 Building Customer Trust 13 Our communication efforts - besides helping us to maintain positive net inflows - also work in the direction of keeping up a trust-based relationship with our customers Our constant contact with the customers builds trust, at a time when competition tends to avoid any kind of interaction Family Bankers are backed and supported by the company in the customer contact effort Our ongoing investments in educating, training & supporting our Family Bankers are now showing the benefits more than ever April: the Turning Point 14 What the market takes away today, it gives back tomorrow - with interest upturn in April already showing positive consequences - Very strong performance fees (~ 40 mn) - Management fees gradually picking up (mutual funds assets up 8%; equity funds assets up 13%) Customer confidence building up again - fuelling the sales of index-linked policies in April following a bleak Q market I-L sales Mar April

8 Banca Net Inflows % YoY 1, Total Net Inflows o/w Managed Assets (Life & mutual funds) % YoY -Apr 08 -Apr 09 (preliminary data) Net Inflows into Managed Assets 16 Banca vs. other Italian Networks - mn 1, H1 07 FY 07 H1 08 FY Q1 09 Banca Other Italian Networks -7,113-10,648 source: Assoreti (as of 2008 Life claims are not included)

9 Q1 & March 2009 Il Sole-24 Ore : Italian Networks ranked by Net Inflows 17 (25/04/2009) Net Inflows into Mutual Funds* 18 Banking Group - mn Jul Jul Jul Jul Jul Jul Jul Jul Jul bn Banking Group (FY 08 = 891 mn; -Apr 09 = 522 mn) Total Italian Industry (FY 08 = bn; -Apr 09 = bn) * including Managed Accounts & Unit-linked policies source: Assogestioni bn bn

10 Net Inflows into Equity Funds* 19 Banking Group - mn July July July July July July July July Jul Banking Group (FY 08 = 598 mn; -Apr 2009 = 401 mn) Total Italian Industry (FY 08 = bn; -Apr 09 = -367 mn) * Including Managed Accounts & Unit-linked policies Source: Assogestioni Italian A.M. Groups ranked by Mutual Funds Assets 20 June 2007 December 2007 June 2008 March 2009 April Eurizon Intesa Sanpaolo Intesa Sanpaolo Intesa Sanpaolo Intesa Sanpaolo 2. Pioneer Pioneer Pioneer Pioneer Pioneer 3. Crédit Agricole/Intesa UBI Banca UBI Banca UBI Banca UBI Banca 4. UBI Banca Arca Arca Arca Arca 5. Capitalia Banco Popolare MPS MPS Bipiemme/Anima 6. Arca MPS Banco Popolare MPS 7. MPS Crédit Agricole Crédit Agricole BNP Paribas 8. JPMorgan BNP Paribas Generali BNP Paribas 9. BNP Paribas JPMorgan BNP Paribas Azimut Generali 10. BPVe-No Azimut JPMorgan Azimut 11. Azimut JPMorgan Bipiemme JPMorgan 12. Generali Generali Generali Crédit Agricole Crédit Agricole 13. Azimut Bipiemme Bipiemme Banco Popolare Banco Popolare 14. RAS Allianz Allianz Allianz Allianz 15. Bipiemme Anima Anima Credem Credem 16. Deutsche Bank Credem Credem Polaris Polaris 17. Credem Deutsche Bank Polaris Anima Kairos Partners 18. Kairos Partners Kairos Partners Deutsche Bank Kairos Partners Fondaco 19. C.R. Firenze C.R. Firenze C.R. Firenze Fondaco B. Carige 20. Anima Polaris Kairos Partners B. Carige ICCREA source: Assogestioni. Companies that underwent M&A operations are highlighted in blue

11 Investing in Credibility Outstanding inflows fuelled by our heavy investments in reputation during the crisis 21 Interest spread cut for all mortgage customers (June 2008, renouncing ~ 65 mn of future revenues) Free protection against total permanent disability at no charge for all mortgage customers (July 2008, worth ~ 65 mn over a 22-year time span) Substitution of Lehman Brothers bonds underlying I-L policies (October 2008, 160 mn pre-tax, entirely born by the two major shareholders with no impact on minority shareholders) Investments totalling 290 mn not in scale with a company with 130 mn in profits but proportionate to the size of the company we want to become A Leap in Magnitude 22 is about to make a leap in magnitude a transition in the size and dimension in terms of assets and quality of our customer base

12 23 Results: Income Statement Net premiums written Amounts paid & change in technical reserves (573.6) (725.0) -22% -21% Life revenues ex-commission % Entry fees % Management fees % Performance fees % Banking service fees % Other fees % Total commission income % Interest spread Net income on investments at fair value 43.8 (3.3) 34.7 (8.8) +26% -62% Net financial income % Net income on other investments Other revenues (0.3) 6.3 n.s. -4% Total Revenues % Acquisition costs & other commission expenses (53.5) (56.3) -5% G&A expenses (76.3) (68.7) +11% Amortisation & depreciation (3.5) (3.2) +8% Provisions for risks & charges (2.6) (1.1) +139% Total Costs (135.9) (129.3) +5% PROFIT BEFORE TAX % Income tax (5.7) (9.7) -42% NET INCOME (EXCLUDING ESPERIA) % BANCA ESPERIA NET CONTRIBUTION % NET INCOME % tax rate 22.3% 23.2% 24

13 Assets under Administration 25 31/03/09 31/12/08 Change 31/03/08 Change Life 12, , % 13, % Asset management 11, , % 13, % Consolidation adjustments (6,230.8) (6,462.2) -4% (7,421.1) -16% Managed Assets 17, , % 20, % 'Freedom' Life Assets 41.1 n.s. n.s. Banking* 6, , % 5, % Administered Assets 6, , % 5, % BANCA MEDIOLANUM 23, , % 25, % BANCA ESPERIA (48.5%) 4, , % 4, % TOTAL AUA 27, , % 29, % * retail only Equity Content 26 as of 31/03/2009 Mutual Funds* 57% Equity Managed Assets (Life & A.M. Products) 36% Equity Total Assets (including Administered) 29% Equity * including funds underlying U-L policies

14 Net Inflows 27 Life premiums % Asset management products (89.4) n.s. Managed Assets Inflows % Net change in 'Freedom' Life assets 40.0 n.s. Cash deposits (58.6) n.s. Securities in custody % Repurchase agreements (178.4) n.s. Administered Assets Inflows % BANCA MEDIOLANUM % BANCA ESPERIA (48.5%)* 71.8 (224.6) n.s. TOTAL NET INFLOWS % * A new measurement method was introduced for FY08 for Banca Esperia's net inflows, allowing for an accurate representation of actual flows. Comparison with prior data is therefore not meaningful Gross Inflows 28 Gross premiums written % Asset management products % Managed Assets Inflows 1, , % Net change in 'Freedom' Life assets 40.0 n.s. Cash deposits (58.6) n.s. Securities in custody % Repurchase agreements (178.4) n.s. Administered Assets Inflows % Other % BANCA MEDIOLANUM 1, , % BANCA ESPERIA (48.5%) % TOTAL GROSS INFLOWS 1, , %

15 Profit by Segment 29 Life % Asset Management % Banking % Other % PROFIT BEFORE TAX % excluding Banca Esperia Life GrossPremiumsWritten 30 U-L pension plans* o/w Tax Benefit New ** -67% -71% U-L endowment policies (Europension, Capital New)* U-L whole-life investment policies* % -40% Recurring policies (AP) % Term, Group, Investment policies % U-L whole-life investment policies I-L policies % -48% 'Tax Benefit New' inbound portability % Single premium policies (SP) % TOTAL NEW BUSINESS % Pension plans in force % Endowment policies in force (Europension) Whole-life investment policies in force % -19% TOTAL IN-FORCE BUSINESS % TOTAL GROSS PREMIUMS WRITTEN (EX-'FREEDOM') % o/w Life financial contracts % 'Freedom' Life policies n.s. * includes automatic increase in premiums & discretionary increases paid (also on discontinued products) ** included an exceptional carryover from the sign-ups of year 2007, the initial year of the pension reform

16 Life Recurring Policies in detail mn - New business only 31 U-L pension plans % (Tax Benefit, My Pension, Tax Benefit New) o/w automatic increase in premiums % o/w discretionary increase in premiums already paid % Traditional pension plans % (Automatic increase in premiums only) U-L endowment policies % (Europension, Capital New) o/w automatic increase in premiums % o/w discretionary increase in premiums already paid % U-L whole-life investment policies % (Life Funds, Alternative Funds, Premium Plan) o/w automatic increase in premiums % RECURRING POLICIES % o/w automatic increase in premiums o/w discretionary increase in premiums already paid % -69% Total increase in premiums % Life Policyholders' Assets 32 31/03/09 31/12/08 Change 31/03/08 Change Traditional 1, , % 1, % 'Freedom' Life assets 41.1 n.s. n.s. Index-linked* 4, , % 5, % Unit-linked pension plans 1, , % 1, % Unit-linked endowment policies 2, , % 3, % Unit-linked investment policies 1, , % 2, % Unit-linked 6, , % 7, % o/w equity 69.3% 69.3% +0% 72.2% -4% LIFE ASSETS 12, , % 13, % * Life financial contracts : mn, 2008: mn

17 Life Commission Income 33 Unit-linked Products Commission Income Total Commission Income* Entry fees Management fees Performance fees % % % % % TOTAL % % * on all products with mutual funds underlying Life Amounts Paid & Change in Reserves 34 Claims, coupons & maturities % Natural surrenders % Surrenders from transformation n.s. Amounts paid % Change in technical reserves % Recovery from reinsurance (1.5) (1.5) -4% AMOUNTS PAID & CHANGE IN RESERVES %

18 Life Surrender Rate expressed as a % of average reserves 35 Q109 Q108 U-L Individual pension plans 0.4% 0.5% Traditional pension plans 0.4% 0.4% U-L 'Europension' endowment policies 1.4% 1.4% U-L whole-life investment policies 3.1% 4.0% Traditional investment policies* 2.3% 3.0% * discontinued products, almost all of which are whole-life Profit by Segment 36 Life % Asset Management % Banking % Other % PROFIT BEFORE TAX % excluding Banca Esperia

19 Asset Management Gross Inflows 37 'Best Brands' n.s. 'Portfolio' % 'Elite' % Total Funds of Funds % Italy-based Funds % 'Challenge' % 'Top Managers' * n.s. Total 'unbundled' mutual funds % 'Chorus' managed accounts % 'Real estate' fund & other % TOTAL GROSS INFLOWS INTO A. M. PRODUCTS % * transformed into 'Best Brands' FoFs in August 2008 Asset Management Gross Inflows by category as of 31/03/ Equity 37% Balanced 1% Other 4% Bond 27% Money 31%

20 Asset Management Assets mn - including U-L assets 39 31/03/09 31/12/08 Change 31/03/08 Change 'Best Brands' 1, , % 12.4 n.s. 'Portfolio' % 1, % 'Elite' % % Funds of Hedge Funds % % Total Funds of Funds 2, , % 1, % Italy-based Funds 1, , % 1, % 'Challenge' 7, , % 7, % 'Top Managers' * 0.0 n.s. 2,986.6 n.s. Gamax SIF + Gamax funds % % Total 'unbundled' mutual funds 8, , % 12, % 'Chorus' managed accounts % % Real estate-related funds & other % % Adj. for own mutual funds in 'Chorus' & FoFs (726.7) (649.6) +12% (1,042.7) -30% ASSET MANAGEMENT ASSETS 11, , % 13, % * In Aug. 2008, 'Top Managers' became 'Best Brands' FoFs. Assets underlying U-L were moved to 'Challenge' as of 31/03/2009 Asset Management Assets* by category and location Luxembourg 2% 40 Italy 13% Equity 55,9% Ireland 85% Other 12,9% Money 10,8% Bond 16,6% * including U-L assets Balanced 3,8%

21 Asset Management Commission Income 41 A.M. Products Commission Income Total Commission Income* Entry fees Management fees Performance fees % % % % % % TOTAL % % * on all products with mutual funds underlying Profit by Segment 42 Life % Asset Management % Banking % Other % PROFIT BEFORE TAX % excluding Banca Esperia

22 Banking Assets* 43 31/03/09 31/12/08 Change 31/03/08 Change Cash deposits 4, , % 3, % Securities in custody 1, , % 1, % Repurchase agreements % % BANKING ASSETS 6, , % 5, % * retail only Banking Revenues 44 Interest spread % Net income on investments at fair value (3.6) (1.9) +90% Banking Net Financial Income % Securities % Service fees % o/w fees from 3rd party loans & mortgages n.s. Fee Income % BANKING REVENUES %

23 Banking Bank Accounts & Bank Customers 45 Bank Accounts Bank Customers (primary account holders) 565, , , , , , , , , ,000 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 +5% YoY +5% YoY Costs 46 Commission expense & acquisition costs* (48.9) (48.8) +0% 3rd party A.M. fees & other expenses (1.7) (4.5) -61% Interbank service fees (2.9) (3.0) -4% G&A expenses + Amortisation & depreciation (79.8) (71.9) +11% Provisions for risks & charges (2.6) (1.1) +139% * actual sales network take-home totalled 50.3 mn including 'Tax Benefit New' fees paid in advance

24 Net Financial Income & Net Income on Other Investments 47 Interest spread % Net income on investments at fair value (3.6) (1.9) +90% Banking % Life 4.5 (0.7) n.s. o/w unrealised losses 0.3 (6.9) n.s. Other (1.4) (3.2) -57% NET FINANCIAL INCOME % Banking n.s. Life n.s. Other* % Net impairment of financial investments (2.1) (1.6) +31% NET INCOME ON OTHER INVESTMENTS* 1.1 (0.3) n.s. * does not include Banca Esperia's net contribution ( 0.7 mn) Network of Family Bankers 48 31/03/09 31/12/08 Change 31/03/08 Change Licensed 5,076 5,077-0% 5,096-0% Non-licensed % 1,260-52% FAMILY BANKERS 5,685 5,851-3% 6,356-11%

25 Banca Esperia (100%) Highlights 49 Profit before Tax % Net Income % o/w share % Assets under Administration 8,275 8,896-7% % in Managed Assets 82.2% 85.0% -3% Gross Inflows % o/w Managed Assets Inflows % Net Inflows 148 (463) n.s.* o/w Managed Assets Inflows 226 (332) n.s.* Clients 3,003 2,916 +3% Private Bankers % * A new measurement method was introduced for FY08 for net inflows, allowing for an accurate representation of actual flows. Comparison with prior data is therefore not meaningful 50 Results: Foreign markets

26 Foreign s Spain Highlights 51 Net Income (1.8) (0.6) +206% Assets under Administration 1, , % o/w Managed Assets , % Gross Inflows % o/w Managed Assets Inflows % Net Inflows (22.7) (93.0) -76% o/w Managed Assets Inflows (2.0) (35.0) -94% Dedicated sales network % o/w FA ( model) % Customers 65,024 64,605 +1% Foreign s Spain Net Inflows into Mutual Funds* Jul Jul Jul Jul Fibanc ( model advisors only) Total Spanish Industry -60 * including Managed Accounts & Unit-linked policies source: Inverco

27 Foreign s Spain Assets under Administration 53 31/03/09 31/12/08 Change 31/03/08 Change Life & pension funds % % Asset Management % % Banking % 1, % Consolidation adjustments (224.4) (218.0) +3% (242.4) -7% SPAIN AUA 1, , % 2, % Foreign s Spain Income Statement 54 Total revenues % Total costs (9.6) (12.2) -21% Profit before Tax (2.8) (0.9) n.s. Income tax % SPAIN NET INCOME (1.8) (0.6) n.s.

28 Foreign s Germany - B.A. Lenz Highlights 55 Net Income (2.3) (2.1) +10% Assets under Administration % o/w Managed Assets % Inflows into Managed Assets Gross Inflows % Net Inflows (0.5) 3.3 n.s. Inflows into Administered Assets Net Inflows (6.8) 19.1 n.s. Financial Advisors % Customers 3,847 4,383-12% Foreign s Income Statement Net premiums written % Amounts paid & change in technical reserves (12.2) (23.1) -47% Life revenues ex commission % Entry fees % Management fees Performance fees % +123% Banking service fees % Other fees % Total commission income % Interest spread Net income on investments at fair value 2.6 (0.4) 3.5 (1.4) -27% -74% Net financial income % Net income on other investments Other revenues n.s. -51% Total Revenues % Acquisition costs & other commission expenses (7.3) (9.3) -22% G&A expenses (10.3) (10.6) -2% Amortisation & depreciation Provisions for risks & charges (0.6) 1.2 (0.6) % n.s. Total Costs (17.0) (20.5) -17% 56 PROFIT BEFORE TAX (4.8) (2.6) +83% Income tax % NET INCOME (3.9) (2.3) +66%

29 57 Facts Facts Group Structure 58 Fininvest Doris Family 41% 36% 2% Mediobanca 100% Banking Group 100% 100% Banca Fibanc Bankhaus August Lenz 51% 51% 5% 51% 100% Gestione Fondi Int l Funds Asset Mgmt. Gamax Holding 49% 44% 49% 100% 100% Vita Int l Life 100% Banca Esperia 48.5% Comunicazione Corporate University 48.5% 100% Banking Business Asset Mgmt. Business Life Business

30 Facts Integrated Structure 59 We integrate the asset gathering business of Life & mutual funds with the banking business Life Insurance Mutual Funds Bank on the strength of an avant-garde model Facts Our Integrated & Comprehensive Retail Banking Model 60 Information Internet web site TV-based services (Teletext) Mobile devices (PDA / Smartphone) Automated Telephone Services (VRU / SMS) Entire ATM network 15,000 3rd-party branches Cash logistics Low added-value transactions Banking Services Centre CUSTOMER Family Banker TM High added-value transactions Real time customer portfolio alerts

31 Facts vs. Current Bank Models 61 Traditional bank (the human relationship) On-line bank (freedom) The model unifies the advantages of the on-line with the traditional invalidating the concept of branch proximity -> Freedom in Banking at the same time enhancing the human touch -> one-to-one relationship with the Family Banker TM Facts bn Assets under Administration 62 Foreign markets market year CAGR +12%

32 Facts Net Profit year CAGR +6% * Group market Foreign markets * 2008 Adjusted Net Income ex Lehman Bros. Facts Dividend Payout 64 50% 56% 55% 57% 70% 60% 88% 62% 72% 62% 65% 69% % * year CAGR +10% Dividend Payout Net Profit retained Payout ratio * 2008 Adjusted Net Income ex Lehman Bros.

33 Facts Embedded Value 65 VIF Adjusted shareholders equity 10-year CAGR +13% 2,493 3,122 2,951 3,164 2,544 2,029 1,7681,816 1,496 1,283 2, * including Spain & Italian banking business EEV* Facts 1400 MED.MI Total Return Index* year CAGR - 4.8% 0 03/06/96 03/12/96 03/06/97 03/12/97 03/06/98 03/12/98 03/06/99 03/12/99 03/06/00 03/12/00 03/06/01 03/12/01 03/06/02 03/12/02 03/06/03 03/12/03 03/06/04 03/12/04 03/06/05 03/12/05 03/06/06 03/12/06 03/06/07 03/12/07 03/06/08 03/12/08 * includes dividend reinvestment, June 3, 1996 December 29, 2008 source: Datastream

34 Facts Banca Family Banker Network 67 2, ,581 2, ,659 3,056 1,010 2,046 2, ,915 2,598 2,954 3, ,069 1,828 1, ,200 3,718 1,205 2,513 5,181 2,163 3,018 5,585 1,743 3, year CAGR +6% 5,015 5,220 5,002 4, ,242 4,114 4,052 4,048 3,978 6, ,851 1, ,162 5, , Licensed ( Promotori Finanziari ) Non-licensed (new recruits) Banca Customers Primary account holders Facts year CAGR: +7% 714, , , , , , , , , , , , ,

35 Facts Banca Bank accounts March Freedoms strategy launch* CAGR: +13% , , , , , , , , , * all new customers are acquired through the bank account Facts 4000 Banca Total Net Inflows ,225 3,437 3,059 1,544 1,265 1,546 1,805 1,689 2,

36 71 Thank you! Any questions? Disclaimer 72 This document has been prepared by S.p.A. for the sole purpose of providing information and presenting the Group s strategies. The information, opinions, valuations and forecasts it contains have not been audited by any independent body; they may be altered at any time without notice. No guarantee, express or implicit, is given by S.p.A. or by any of the Group companies as to the reliability, completeness or accuracy of the information or opinions in the present document. Publication, communication to others, and reproduction of all or any of this document s contents are forbidden, except with the express written consent of S.p.A. Neither S.p.A., nor the companies belonging to the Group, nor their representatives, managers or employees accept liability for any losses directly or indirectly resulting in any manner whatsoever from use of the present document or of information in any way attributable thereto. Forecasts in this document has been prepared with the greatest care, but is nevertheless based on assumptions which could prove wrong because of risk factors outside the control of S.p.A. and the Group companies. There is no guarantee that present forecasts will match future performance. This document is not a recommendation to invest in any financial instrument, nor an invitation to subscribe or purchase shares, nor is any part thereof intended to serve as a basis or reference source for any contract or undertaking whatsoever on the part of S.p.A. or any of the companies belonging to the Group. Receipt of this document implies acceptance of its limitations as described above. DECLARATION BY THE SENIOR MANAGER IN CHARGE OF DRAWING UP COMPANY ACCOUNTS The undersigned, Mr. Luigi Del Fabbro, declares, pursuant to Section 154 bis (2) of Legislative Decree 58/98 Testo Unico della Finanza, that the accounting data set out in this presentation agree with the documentary records, books and accounting entries. The senior manager in charge of drawing up Company Accounts Luigi Del Fabbro

37 Investor Relations Contacts 73 Alessandra Lanzone tel.: Lisa Maxon tel.: Luca Mirabelli tel.: Livia Dalla Torre tel.: