May 13, Q Results. Table of Contents. Q Group Results pg. 10. Q Domestic Market Results. Q Foreign Market Results

Transcription

1 1 May 13, 2010 Results Table of Contents 2 Group Results pg. 10 Results Foreign Results pg. pg Business Update pg. 54 Facts pg. 58

2 2010 : our Statements 3 Statements at year-end 2009 Company growth would continue, as a result of inflows Management fees would increase significantly, thanks to strong growth in assets due to net inflows & the market Performance fees would be lower over the year, compared to exceptional level registered in 2009 Interest spread would drop, due to interest rate trend We forecasted a 2010 net income lower than 2009, but with strong business growth - tangible results in 2011 P&L : the Reality so far 4 Net inflows maintained an accelerated pace: 1.8 bn Management fees grew significantly: 27 mn more vs. Q1 09 Performance fees were higher than expected: 53 mn, adding substantially to our bottom line Interest spread indeed dropped: 10 mn less vs. Q1 09

3 Banca Total Net Inflows 5 1,498 Total Net Inflows of which: * 992 Managed assets (Life & Mutual Funds) Freedom Life assets Q Administered assets (Banking assets) * Third-party structured bonds: replace Index-linked policies & have a similar profitability Sales Networks: ranks number 1 or outclasses the ranking? by Net Inflows 6 a b c a b c Total Net Inflows YTD Total Net Inflows March 2010 Net Inflows into Managed Assets March 2010 Il Sole-24Ore, 01/05/2010 data do not include Life claims

4 Net Inflows into Mutual Funds* mn bn Banking Group (FY08 = 0.89bn; FY09 = 1.97bn; Apr 10 = 676mn) Total Italian Industry (FY08 = bn; FY09 = -0.7bn; Apr 10 = 2.1bn) * including Managed Accounts & Unit-linked policies source: Assogestioni monthly reports Net Inflows into Equity Funds* Banking Group (FY08 = 1.17bn; FY09 = 1.14bn; - Apr '10 = 4mn) -400 Total Italian Industry (FY08 = -29.5bn; FY09 = 3.3bn; - Apr '10 = -271mn) * including Managed Accounts & Unit-linked policies Source: Assogestioni -600

5 Italian A.M. Groups Ranked by Mutual Funds Assets 9 June 2007 Dec June 2008 Dec June 2009 Dec Apr Eurizon Intesa Sanpaolo Intesa Sanpaolo Intesa Sanpaolo Intesa Sanpaolo Intesa Sanpaolo Intesa Sanpaolo 2. Pioneer Pioneer Pioneer Pioneer Pioneer Pioneer Pioneer 3. Crédit Agricole/Intesa UBI Banca UBI Banca UBI Banca UBI Banca UBI Banca UBI Banca 4. UBI Banca Arca Arca Arca Arca Bipiemme/Anima Gruppo Bipiemme 5. Capitalia Banco Popolare MPS MPS Bipiemme/Anima Arca 6. Arca MPS Banco Popolare Prima (MPS) Arca 7. MPS Crédit Agricole Crédit Agricole BNP Paribas Prima BNP Paribas 8. JPMorgan BNP Paribas Generali BNP Paribas BNP Paribas Prima 9. BNP Paribas JPMorgan BNP Paribas Azimut Azimut Azimut Azimut 10. BPVe-No Azimut Banco Popolare Generali Generali Generali 11. Azimut JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan 12. Generali Generali Generali Bipiemme Crédit Agricole Crédit Agricole Amundi 13. Azimut Bipiemme Bipiemme Crédit Agricole Banco Popolare Credem Credem 14. RAS Allianz Allianz Allianz Credem Banco Popolare Banco Popolare 15. Bipiemme Anima Anima Credem Allianz Allianz Allianz 16. Deutsche Bank Credem Credem Anima Polaris Kairos Partners Kairos Partners 17. Credem Deutsche Bank Polaris Polaris Kairos Partners Banca Carige Banca Carige 18. Kairos Partners Kairos Partners Deutsche Bank C.R. Firenze Banca Carige Ersel Deutsche Bank 19. C.R. Firenze C.R. Firenze C.R. Firenze Kairos Partners ICCREA Deutsche Bank Ersel 20. Anima Polaris Kairos Partners Deutsche Bank Deutsche Bank Fondaco ICCREA share: 2.73% 2.79% 2.77% 2.94% 3.36% 3.81% 4.03% source: Assogestioni (underwent M&A operations) 10 Group Results

6 Group Income Statement Q110 Q109 Change Net premiums written 2, % Amounts paid & change in technical reserves (2,682.9) (585.8) +358% 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 6.2 (3.6) n.s. Net financial income % Equity Contribution (Mediobanca & Banca Esperia) % Net income on other investments % Other revenues % Total Revenues % Acquisition costs & other commission expenses (91.6) (62.4) +47% G&A expenses (84.7) (85.5) -1% Amortisation & depreciation (4.9) (4.1) +20% Provisions for risks (4.3) 0.6 n.s. Total Costs (185.5) (151.5) +22% PROFIT BEFORE TAX % Income tax (13.1) (4.7) +177% NET INCOME % tax rate 16.5% 22.1% 11 Group bn Assets under Administration 12 Foreign markets market % Q1 Q

7 Group Assets under Administration 13 31/03/10 31/12/09 Change 31/03/09 Change Life 15, , % 12, % 'Freedom' Life Policies 5, , % 41.1 n.s. Asset management 17, , % 11, % Banking* 6, , % 6, % Consolidation adjustments (8,732.1) (8,167.0) +7% (6,230.8) +40% Banca 35, , % 23, % Banca Esperia ('s share) 5, , % 4, % 's Assets 41, , % 27, % Life % % Asset management % % Banking % % Other % % Consolidation adjustments (232.6) (247.0) -6% (232.6) -0% Foreign s' Assets 1, , % 1, % AUA 43, , % 29, % * retail only Group Net Inflows 14 Q110 Q109 Change Managed Assets Inflows %* 'Freedom' Life Policies (change in assets) n.s. Third-party Structured Bonds Inflows n.s. Administered Assets Inflows % Banca 1, % Banca Esperia ( share) % Foreign s 26.8 (33.6) n.s. NET INFLOWS 1, % * +30% when third-party structured bonds are reclassified in this item

8 15 Results: Income Statement 16 Q110 Q109 Change 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 6.2 (3.3) n.s. Net financial income % Equity contribution (Mediobanca & Banca Esperia) % Net income on other investments % Other revenues % Total Revenues % Acquisition costs & other commission expenses (79.8) (55.2) +45% G&A expenses (75.5) (75.6) -0% Amortisation & depreciation (4.0) (3.5) +16% Provisions for risks (4.4) (0.7) n.s. Total Costs (163.7) (134.9) +21% PROFIT BEFORE TAX % Income tax (13.4) (5.7) +136% NET INCOME % tax rate 16.7% 21.7%

9 Life Revenues ex-commission 17 Q110 Q109 Change INCLUDING 'FREEDOM' LIFE POLICIES Net premiums written 2, % Amounts paid & change in technical reserves (2,661.3) (573.6) +364% LIFE REVENUES EX-COMMISSION % EXCLUDING 'FREEDOM' LIFE POLICIES Net premiums written % Amounts paid & change in technical reserves (364.4) (532.4) -32% LIFE REVENUES EX-COMMISSION % Assets under Administration 18 31/03/10 31/12/09 Change 31/03/09 Change Life 15, , % 12, % Asset management 17, , % 11, % Consolidation adjustments (8,732.1) (8,167.0) +7% (6,230.8) +40% Managed Assets 23, , % 17, % 'Freedom' Life Policies 5, , % 41.1 n.s. Administered Assets* 6, , % 6, % BANCA MEDIOLANUM 35, , % 23, % BANCA ESPERIA ('s share) 5, , % 4, % TOTAL AUA 41, , % 27, % * retail only

10 Equity Content 19 as at 31/03/ % Flexible A.M. Products* 60% Equity 8% Flexible Managed Assets (Life & A.M. Products, excluding Freedom Life Policies) 43% Equity Total Assets (including Administered & Freedom ) 5% Flexible 29% Equity * including funds underlying U-L policies Net Inflows 20 Q110 Q109 Change Life premiums (149.8) 83.1 n.s. Asset management products n.s. Managed Assets Inflows %* 'Freedom' Life Policies (change in assets) n.s. Third-party Structured Bonds n.s. Cash deposits % Repurchase agreements 31.6 (178.4) n.s. bond issues n.s. Other securities under custody (25.6) 12.5 n.s. Administered Assets Inflows % BANCA MEDIOLANUM 1, % BANCA ESPERIA ('s share) % TOTAL NET INFLOWS 1, % * +30% when third-party structured bonds are reclassified in this item

11 Profit by Segment 21 Q110 Q109 Change Life % Asset Management n.s. Banking % Other n.s. PROFIT BEFORE TAX % Life Gross Premiums Written Q110 Q109 Change 22 U-L pension plans o/w Tax Benefit New % -32% U-L endowment policies % U-L whole-life investment policies % Recurring policies (AP)* % Term, Group, Investment policies % U-L whole-life investment policies % I-L policies n.s. 'Tax Benefit New' inbound portability % Single premium policies (SP) % TOTAL NEW BUSINESS % Pension plans in force % Endowment policies in force % Whole-life investment policies in force % TOTAL IN-FORCE BUSINESS % TOTAL GROSS PREMIUMS WRITTEN (EX-'FREEDOM') % o/w Life financial contracts % 'Freedom' Life Policies 2, n.s. * includes automatic increase in premiums & discretionary increases paid (also on discontinued products)

12 s Banca Gross Recurring Inflows New Business +59% YoY M.F. Instalment Plans Life Recurring Policies Q1 09 Q1 10 Life Recurring Policies in detail - New business only Q110 Q109 Change 24 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 % -20% Total increase in premiums %

13 Life Policyholders' Assets 25 31/03/10 31/12/09 Change 31/03/09 Change Traditional 1, , % 1, % Index-linked 5, , % 4, % Unit-linked pension plans 2, , % 1, % Unit-linked endowment policies 3, , % 2, % Unit-linked investment policies 2, , % 1, % Unit-linked 8, , % 6, % o/w equity 76.2% 76.7% -1% 69.3% +10% LIFE ASSETS (EX-'FREEDOM')* 15, , % 12, % Freedom' Life Policies 5, , % 41.1 n.s. * Life financial contracts : 13.8 mn, 2009: 22.1 mn Life Commission Income 26 Unit-linked Products Commission Income Total Commission Income* Q110 Q109 Change Q110 Q109 Change Entry fees Management fees Performance fees % % % % % TOTAL % % * on all products with mutual funds underlying

14 Life Amounts Paid in detail 27 Q110 Q109 Change Claims % Coupons % Maturities % o/w index linked % Natural surrenders % AMOUNTS PAID % Life Surrender Rate expressed as a % of average reserves 28 Q110 Q109 U-L Individual pension plans 0.5% 0.4% Traditional pension plans 0.4% 0.4% U-L 'Europension' endowment policies 1.4% 1.4% U-L whole-life investment policies 4.3% 3.1% Traditional investment policies* 1.4% 2.3% * discontinued products, almost all of which are whole-life

15 Life Natural surrenders trend Whole-life investment policies 29 % MSCI World Index in Euro* Natural Surrenders as a % of avg. reserves , H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H E * source: Datastream Life Index-Linked Maturities nominal value

16 Profit by Segment 31 Q110 Q109 Change Life % Asset Management n.s. Banking % Other n.s. PROFIT BEFORE TAX % Asset Management Gross Inflows 32 Q110 Q109 Change 'Best Brands' % 'Portfolio' % 'Elite' % Total Funds of Funds % Italy-based Funds % 'Challenge' % Total 'unbundled' mutual funds % 'Chorus' managed accounts % 'Real estate' fund & other % TOTAL GROSS INFLOWS INTO A. M. PRODUCTS 1, %

17 Asset Management Net Inflows 33 Q110 Q109 Change 'Best Brands' % 'Portfolio' (17.4) (9.3) +87% 'Elite' (3.8) 0.1 n.s. Total Funds of Funds % Italy-based Funds % 'Challenge' n.s. Total 'unbundled' mutual funds % 'Chorus' managed accounts (5.8) (2.4) +139% 'Real estate' fund & other n.s. TOTAL NET INFLOWS INTO A. M. PRODUCTS % Asset Management Assets - including U-L assets 34 31/03/10 31/12/09 Change 31/03/09 Change 'Best Brands' 2, , % 1, % 'Portfolio' % % 'Elite' % % Funds of Hedge Funds % % Total Funds of Funds 3, , % 2, % Italy-based Funds 1, , % 1, % 'Challenge' 11, , % 7, % Gamax SIF + Gamax funds % % Total 'unbundled' mutual funds 13, , % 8, % 'Chorus' managed accounts % % Real estate-related funds & other % % Adj. for own mutual funds in 'Chorus' & FoFs (862.0) (863.6) -0% (726.7) +19% ASSET MANAGEMENT ASSETS 17, , % 11, %

18 Asset Management Assets* by category and location as at 31/03/2010 Luxembourg 2% 35 Italy 11% Equity 60% Ireland 87% Flexible 11% Other 3% Hedge 2% Money 6% * including U-L assets Bond 16% Balanced 2% Asset Management Commission Income 36 A.M. Products Commission Income Total Commission Income* Q110 Q109 Change Q110 Q109 Change Entry fees Management fees Performance fees % % % % % % TOTAL % % * on all products with mutual funds underlying

19 Profit by Segment 37 Q110 Q109 Change Life % Asset Management n.s. Banking % Other n.s. PROFIT BEFORE TAX % Banking Administered Assets* 38 31/03/10 31/12/09 Change 31/03/09 Change Cash deposits 4, , % 4, % Repurchase agreements % % bond issues % 0.0 n.s. Third-party structured bonds % 0.0 n.s. Other securities under custody 1, , % 1, % BANKING ADMINISTERED ASSETS 6, , % 6, % * retail only

20 Banking Revenues 39 Q110 Q109 Change Interest spread % Net income on investments at fair value 2.7 (3.6) n.s. Banking Net Financial Income % Securities trading fees % o/w third party structured bonds n.s. Service fees % Fee Income % BANKING REVENUES % Bank Accounts & Bank Customers 40 Bank Accounts Bank Customers (primary account holders) 585, , , , , , , , , ,000 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 +3% YoY +3% YoY

21 Freedom Account Results 41 March 2009 to April 2010 Freedom accounts as at ,792 New accounts 49% Conversions 51% Total assets in Freedom accounts o/w new money from new & existing customers 7.12 bn ~ 4.72 bn (66%) Asset split: - non-interest-bearing current account 1.43 bn - associated high-yield Life policy 5.68 bn Costs 42 Q110 Q109 Change Commission expense & acquisition costs (74.1) (50.1) +48% 3rd party A.M. fees & other expenses (2.8) (2.2) +28% Interbank service fees (3.0) (2.9) +3% G&A expenses + Amortisation & depreciation (79.5) (79.1) +1% Provisions for risks (4.4) (0.7) n.s.

22 Net Financial Income & Net Income on Other Investments 43 Q110 Q109 Change Banking % Life % Other 0.2 (1.4) n.s. NET FINANCIAL INCOME % Banking (2.7) (0.5) +398% Life % Other (1.3) 0.0 n.s. NET INCOME ON OTHER INVESTMENTS % Network of Family Bankers 44 31/03/10 31/12/09 Change 31/03/09 Change Licensed 4,896 4,945-1% 5,076-4% Non-licensed % % FAMILY BANKERS 5,202 5,303-2% 5,685-8%

23 Banca Esperia (100%) Highlights 45 Q110 Q109 Change vs. FY09 Profit before Tax % Net Income % o/w share % Assets under Administration 11,964 8, % +7% % in Managed Assets 72.1% 82.2% -12% Gross Inflows % o/w Managed Assets Inflows % Net Inflows % o/w Managed Assets Inflows % Clients 3,749 3, % +30% Private Bankers % +4% 46 Results: Foreign markets

24 Foreign s Spain Highlights 47 Q110 Q109 Change vs. FY09 Profit before Tax (0.1) (2.8) -98% Net Income 0.3 (1.8) n.s. Assets under Administration 1, , % +3% o/w Managed Assets % +3% Gross Inflows % o/w Managed Assets Inflows % Net Inflows 20.9 (22.7) n.s. o/w Managed Assets Inflows 18.6 (2.0) n.s. Dedicated sales network % +2% o/w FA ( model) % +2% Total Customers 86,703 89,666-3% -0% o/w Primary account holders 66,093 65,024 +2% -0% Foreign s Spain Inflows by Distribution Model 48 model Pre-existing Advisors Agents Total Managed Assets Gross Inflows Net Inflows 21.8 (3.2) 18.6 Administered Assets Net Inflows

25 Foreign s Spain Assets under Administration 49 31/03/10 31/12/09 Change 31/03/09 Change Life & pension funds % % Asset Management % % Banking % % Consolidation adjustments (217.4) (233.8) -7% (224.4) -3% SPAIN AUA 1, , % 1, % Foreign s Spain Assets by Distribution Model 50 model Pre-existing Advisors Agents Total Managed Assets Administered Assets SPAIN AUM 1, ,624.6

26 Foreign s Spain Income Statement 51 Q110 Q109 Change Total revenues % Total costs (10.8) (9.6) +12% Profit before Tax (0.1) (2.8) n.s. Income tax % SPAIN NET INCOME 0.3 (1.8) n.s. Foreign s Germany Highlights 52 Q110 Q109 Change vs. FY09 Profit before Tax (0.9) (2.1) -57% Net Income (1.0) (2.1) -53% Assets under Administration % +8% o/w Managed Assets % +6% Gross Inflows 21.3 (0.6) n.s. Net Inflows 5.9 (10.9) n.s. o/w Managed Assets inflows 1.6 (4.1) n.s. o/w Administered Assets inflows 4.4 (6.8) n.s. Financial Advisors % -7% Customers 3,297 3,847-14% -4%

27 Foreign s Income Statement Q110 Q109 Change Net premiums written % Amounts paid & change in technical reserves (21.6) (12.2) +77% Life revenues ex-commission % Entry fees % Management fees % Performance fees n.s. Banking service fees % Other fees % Total commission income % Interest spread % Net income on investments at fair value (0.1) (0.4) -75% Net financial income % Net income on other investments n.s. Other revenues % Total Revenues % Acquisition costs & other commission expenses (11.8) (7.3) +62% G&A expenses (9.3) (10.3) -10% Amortisation & depreciation (0.9) (0.6) +41% Provisions for risks & charges % Total Costs (21.8) (17.0) +28% PROFIT BEFORE TAX (0.9) (4.8) -80% Income tax % NET INCOME (0.6) (3.9) -84% Business Update

28 2010 Business Update April 2010 Product line development: Italy-based funds 55 Optimisation & consolidation of 22 existing funds & FoFs into 5 new funds, o/w 4 in the Flexible category: MEDIOLANUM FLESSIBILE ITALIA MEDIOLANUM FLESSIBILE GLOBALE MEDIOLANUM FLESSIBILE STRATEGICO MEDIOLANUM FLESSIBILE OBBLIGAZIONARIO GLOBALE MEDIOLANUM RISPARMIO DINAMICO Short-term Government Bonds 2010 Business Update May 2010 Product line development: Best Brands Selection series Three new single-branded Funds of Funds developed in exclusive partnership with leading A.M. companies 56 MEDIOLANUM DWS MEGATREND SELECTION Identifies the mega-trends that guide the transformation of the world s economy and invest in funds specialising in sectors such as food-farming, sustainable development, infrastructures, etc. MEDIOLANUM FRANKLIN TEMPLETON EMERGING MARKETS SELECTION Harnesses the potential of emerging markets, investing in equity, government & corporate bonds, and currencies MEDIOLANUM PIMCO INFLATION STRATEGY SELECTION Protects capital from inflation through a sophisticated flexible strategy investing in bonds, inflation-protected bonds, equity, commodities, real estate, and currencies.

29 Freedom Account Customer Assets Development All households acquired as customers through the Freedom account Average assets as at Business Update 57 Month of account opening Mar '09 11% Apr '09 May '09 June '09 '09 Aug '09 Sep '09 Oct '09 Nov '09 Dec '09 '10 Feb '10 Mar '10 Apr. '10 28% 59% 44% 10% 10% 34% 25% 22% 21% 18% 20% 20% 13% 36,972 24% 12% 10% 80,992 21% 21% 0 20,000 40,000 60,000 80, ,000 Bank account Freedom Life policy Securities under custody Managed assets (Life products & Mutual funds) 58 Facts

30 Banking Group Facts as at Group Structure 59 Doris Group 40.5% 36% Fininvest 100% 3.38% (directly & through Vita) Mediobanca 100% 100% Banca Fibanc Bankhaus August Lenz 51% 51% 5% 51% 100% Gestione Fondi Int l Funds Asset Mgmt. Gamax Management 49% 100% 44% 100% 49% Vita Int l Life 100% Banca Esperia 50% Comunicazione Corporate University 50% 100% Banking Business Asset Mgmt. Business Life Business Facts Integrated Structure 60 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

31 Facts Our Integrated & Comprehensive Retail Banking Model 61 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 Facts vs. Current Bank Models 62 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

32 Facts Our Culture, Our Competitive Advantage 63 Our ability to generate positive inflows also in bear markets is explained by our customer-oriented culture especially embodied in two specific areas: The Investment strategy we advocate to our customers that provides solutions according to an analysis of each customer s needs & is based on the concept of diversification Our effective, innovative and committed Training & Communication strategy Facts s Investment Strategy 64 Investor needs remain fundamentally the same, they are not influenced by market crises We advise our customers proposing products & services that correspond to each of their specific needs We do not engage in stock-picking, tactical asset allocation decisions, or market-timing We recommend a series of diversification criteria, the most important being time horizon Equity investments are only considered for the long term (>10 yrs) and are diversified across the global economy to further reduce risk We strongly advise investors who have a long-term outlook to view market crises as buying opportunities Our investment strategy explains the steadiness of our inflows & transfers technical performance into customer performance

33 Facts Training & Communication: TV Specials Two proprietary state-of-the-art tools 65 Corporate TV Network (est. 1989) encrypted programs dedicated to the training of our Family Bankers - Company news - Product information - Online training course support - Inspirational thoughts for personal motivation & sales techniques Channel (est. 2001) web streaming TV channel (free-to air satellite up until 2009) aimed at educating the customer community 2 daily specials dedicated to crisis-related topics were added to the ongoing offer in 2008/2009 Facts Corporate University 66 Inaugurated March 2009 Centralises our training know-how, in coordination with top universities, professors and individuals who are experts in the field Provides our Family Bankers & employees with a resource for life-long education Develops financial education programs dedicated to our customers & the community

34 Facts bn Assets under Administration Foreign markets market Facts Net Profit * 09 Group market Foreign markets * 2008 Adjusted Net Income ex Lehman Bros.

35 Facts Dividend Payout 69 70% 88% 72% 69% 83% 56% 50% 55% 57% 60% 62% 62% 65% % * year CAGR +8% Dividend Payout Net Profit retained Payout ratio * 2008 Adjusted Net Income ex Lehman Bros. Facts Embedded Value 70 VIF 3,122 2,951 3,164 3,072 Adjusted shareholders equity 2,493 2,544 2,029 1,768 1,816 1,496 1,283 2, MCEV** EEV * MCEV methodology for Life business A.M & italian banking business included with EEV methodology

36 03/06/96 03/06/97 03/06/98 03/06/99 03/06/00 03/06/01 03/06/02 03/06/03 03/06/04 03/06/05 03/06/06 03/06/07 03/06/08 03/06/09 Facts 1400 MED.MI Total Return Index* * includes dividend reinvestment, June 3, 1996 March 22, 2010 source: Datastream Facts Banca Family Banker Network 72 6,173 6,382 5,851 5,585 1,342 5,181 5,220 5, ,015 5,002 4,857 2, , , ,163 3,718 3,056 2,954 3,192 1,205 2,595 2,528 2,598 1, ,199 1,069 5,040 5,077 4, ,842 4,114 4,052 4,048 3,978 4,011 3,018 2,046 1,581 1,659 1,915 1,828 1,885 2,200 2, Licensed ( Promotori Finanziari ) Non-licensed (new recruits)

37 Banca Customers Primary account holders (thousands) Facts Facts Thousands Banca Bank accounts March Freedoms strategy launch* * all new customers are acquired through the bank account

38 Facts Total Net Inflows Banca Esperia ( s share) 6000 Banca 1, , ,437 3,225 3, , ,265 1, ,805 1,106 1,689 2, Disclaimer 76 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

39 Investor Relations Contacts 77 Alessandra Lanzone tel.: Lisa Maxon tel.: Luca Mirabelli tel.: Livia Dalla Torre tel.: