Gruppo MutuiOnline ITALY \ Diversified Financials

Gruppo MutuiOnline ITALY \ Diversified Financials 2Q09 Results BUY (Unchanged) Target: 6.2 (prev. 5) Risk: High STOCK DATA Price 4.7 Bloomberg Code MOL IM Market Cap. ( mn) 185 Free Float 40% Shares Out. (mn) 40 52-week range 2.2-4.8 Daily Volumes (mn) 0.00 PERFORMANCE 1M 3M 12M Absolute 9.1% 12.5% 15.4% Rel. To FTSE all shares -4.6% 5.5% 42.4% MAIN METRICS 2008 2009E 2010E Group Revenues 46.3 47.0 54.9 EBIT 21.9 19.2 23.7 Net Income 14.8 13.1 15.6 EPS - cents 37.4 33.1 39.5 Adj. EPS - cents 37.4 33.1 39.5 DPS ord - cents 20.6 30.7 26.4 MULTIPLES 2008 2009E 2010E P/E adj 12.5 x 14.1 x 11.8 x P/NAV 7.7 x 6.5 x 5.9 x Div. Yield ord 4.4% 6.6% 5.6% VOLUMES 2008 2009E 2010E MOL: Amount Closed 1,136 1,489 1,703 POL: Amount Closed 384 468 638 Volumes pkg (FEC) 1,516 967 1,085 MKT SHARES 2008 2009E 2010E Mkt share MOL 2.1% 3.2% 3.5% Mkt share POL 0.6% 0.6% 0.8% PRICE ORD. LAST 365 DAYS 4.6 4.1 3.6 3.1 2.6 2.1 Rel vs ITLMS index (RHS) ANALYSTS Giovanni Razzoli, CFA+39 02 6204.957 MOL IM Equity (LHS) g.razzoli@equitasim.it August 7, 2009 # 286 1.50 1.4 0 1.3 0 1.2 0 1.10 1.0 0 0.90 0.80 TWO-FACED RESULTS Gruppo Mutuionline (MOL) posted a net income of 3.9mn (+5% YoY) or 21% above estimates on higher contribution of Broking division and a fiscal one-off. Results 21% above estimates thanks to Broking and tax rate MOL posted a net income of 3.9mn (+5% YoY) vs our estimate of 3.2mn on higher revenues in the Broking division and a positive fiscal one-off (tax rate is 26% vs 35% exp). Net of extraordinary items bottom line remains 7% above estimates. As in the past, stronger-than-expected revenue generation (+3% vs -3%) was driven by Broking division (+25% vs +16%) with a mix of higher volumes and lower margins. Weaker operating performance in the BPO division, but clients acquisitions should support EBIT going forward On the contrary BPO division performance was below expectations in terms of EBIT ( 0.3mn -83% YoY vs 0.5mn) as a result of the bottoming-out of margin to 7% (ie the lowest level ever recorded). Such performance reflects the division s operating leverage in light of a significant reduction of volumes (we estimate a -36% and -14% on a FY basis in FEC and CEI business line). Going forward we expect a recovery in EBIT which should benefit from the full contribution in terms of volumes of the three new outsourcing contracts launched in 1Q. CF generation remains strong One of the brightest spots in this set of result was the cash-flow generation which remained strong, as net cash rose by c 5mn. EOP net cash now stands at around 17mn ie 10% of the market cap. Management is thus studying options to increase the dividend flow, in order to improve the leverage of the company which can translate into a extra-dividend of 0.5 ps with a 7% positive impact on valuation, in our view. Fine tuning of 2009-11E (+4%) pending to assess the impact of newly acquired clients in the BPO division In order to reflect higher volume-driven revenues in the Broking division and the fiscal one-off we have increased (+4%) our 2009-11 estimates. We expect MOL to exceed a 3% market share in the mortgage market on a FY basis vs a previous estimate of 2.5%. Target price increase to 6.2 (15x 2010E Adj PE), BUY confirmed We have increased target price to 6.2 from 5 as a result of (a) estimates revision and (b) 23% increase in valuation of the BPO division to reflect the reduced risk attached to the business reflecting the increased diversification of portfolio of clients. Our positive stance is supported by: 1. Valuation. We believe current multiple of 14x earnings is unduly punitive for a company which is expected to deliver a >20% earnings CAGR over the next two years; 2. Earnings momentum. We expect an acceleration of growth in 2010 when the newly acquired contracts in the BPO division take full effect 3. Cash-flow generation. Thanks to a business model which is not capital intensive other than a unique growth profile - the company is a cash-cow which will pay-back more than 10% of the market cap in the next two years offering a >5% yield p.a.. IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 1

MAIN FIGURES mn 2006 2007 2008 2009E 2010E 2011E Consolidated Revenues 21.8 37.7 46.3 47.0 54.9 65.9 Growth 66.2% 72.7% 22.8% 1.5% 16.7% 20.1% EBITDA 9.6 18.6 22.8 20.0 24.5 32.0 Growth 72.6% 93.1% 22.5% -12.0% 22.1% 30.7% Margin 44.1% 49.3% 49.2% 42.6% 44.6% 48.6% EBIT 8.5 17.6 21.9 19.2 23.7 31.2 Growth 85.3% 106.3% 24.4% -12.0% 23.1% 31.7% Margin 39.0% 46.6% 47.2% 40.9% 43.2% 47.3% Net Income 5.2 9.7 14.8 13.1 15.6 20.6 Growth 29.4% 88.8% 51.6% -11.3% 19.3% 31.7% Margin 23.6% 25.8% 31.9% 27.9% 28.5% 31.2% Adj Net Income 5.2 10.0 14.8 13.1 15.6 20.6 Growth 24.4% 94.5% 47.4% -11.4% 19.3% 31.7% Margin 23.6% 26.6% 31.9% 27.9% 28.5% 31.2% SHARE DATA 2006 2007 2008 2009E 2010E 2011E EPS - cents 13.0 24.6 37.4 33.1 39.5 52.1 Growth 29.4% 88.8% 51.6% -11.3% 19.3% 31.7% Adj. EPS - cents 13.0 25.4 37.4 33.1 39.5 52.1 Growth 24.4% 94.5% 47.4% -11.4% 19.3% 31.7% DPS ord - cents 0.0 5.0 20.6 30.7 26.4 33.0 NAVPS - cents 16.2 36.6 60.7 71.7 79.5 103.4 REMUNERATION 2006 2007 2008 2009E 2010E 2011E Div. Yield ord 0.0% 1.1% 4.4% 6.6% 5.6% 7.0% FCF yield 2.7% 3.0% 7.9% 7.0% 7.7% 9.8% ROE 115.0% 93.3% 76.7% 50.1% 52.3% 57.0% ROCE 80.1% 102.7% 128.1% 161.4% 195.8% 229.5% MARKET RATIO 2006 2007 2008 2009E 2010E 2011E P/E 35.3 x 18.7 x 12.5 x 14.1 x 11.8 x 9.0 x P/E adj 35.3 x 18.1 x 12.5 x 14.1 x 11.8 x 9.0 x P/NAV 28.4 x 12.6 x 7.7 x 6.5 x 5.9 x 4.5 x P/SALES 8.3 x 4.8 x 4.0 x 3.9 x 3.4 x 2.8 x P&L BROKING 2006 2007 2008 2009E 2010E 2011E Rrevenues 12.7 22.7 27.8 31.2 37.4 43.8 Growth 53.0% 78.7% 22.5% 12.1% 20.2% 17.0% o/w: MOL 9.7 16.1 15.8 18.4 20.9 24.0 Growth 51.7% 65.8% -1.6% 15.9% 14.0% 14.8% o/w: POL 2.3 4.0 8.6 10.3 14.0 17.1 Growth 52.0% 75.4% 115.5% 19.5% 36.4% 21.8% o/w: CP 0.7 2.6 3.3 2.0 2.0 2.2 Growth 77.5% 266.2% 28.3% -40.6% -1.5% 11.5% Ebit 5.7 13.5 17.0 17.7 21.7 27.0 Growth 94.7% 135.5% 25.9% 3.9% 22.6% 24.5% Margin 45.1% 59.5% 61.2% 56.7% 57.9% 61.5% P&L BPO 2006 2007 2008 2009E 2010E 2011E Rrevenues 9.1 15.0 18.5 15.8 17.4 22.1 Growth 88.8% 64.3% 23.3% -14.4% 10.0% 26.6% o/w: FEC 4.2 5.9 6.7 3.9 4.3 6.3 Growth 71.0% 42.4% 12.2% -41.9% 12.2% 46.2% o/w: CEI 3.4 5.1 6.3 5.7 5.7 7.3 Growth 43.2% 48.6% 23.3% -9.0% -0.8% 27.9% o/w: CLC 1.5 4.0 5.7 6.3 7.4 8.4 Growth n.a. 159.5% 44.7% 9.0% 18.4% 14.0% Ebit 2.8 4.1 4.8 1.6 2.0 4.2 Growth 68.4% 47.1% 17.1% -67.3% 28.4% 109.6% Margin 30.5% 27.3% 25.9% 9.9% 11.6% 19.2% IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 2

2Q RESULTS MOL posted a net income of 3.9mn (+5% YoY) vs our estimate of 3.2mn on higher revenues in the Broking division and a positive fiscal one-off (tax rate is 26% vs 35% exp). Net of extraordinary items bottom line remains 7% above estimates. EXPECTED AND ACTUAL 2Q RESULTS ( mn) 1Q08 % 2Q08 % 3Q08 % 4Q08 % 1Q09 % 2Q09 % 2Q09 % Exp Act Total revenues 9.2 100.0 11.9 100.0 11.4 100.0 13.8 100.0 11.3 100.0 11.6 100.0 12.3 100.0 y/y change 45% 27% 38% 0% 21% -3% -10% Operating costs -5.2-56.5-6.1-51.3-5.6-49.3-7.5-54.5-6.4-57.2-6.6-57.0-7.0-56.9 y/y change 42% 23% 25% 7% 30% 8% 0% EBIT 4.0 43.5 5.8 48.7 5.8 50.7 6.3 45.5 4.8 42.8 5.0 43.0 5.3 43.1 y/y change 48% 32% 53% -6% 10% -14% -21% Net profit 2.6 28.3 3.7 31.1 3.7 32.3 4.8 34.6 3.2 28.4 3.2 27.9 3.9 31.7 y/y change 117% 56% 73% 18% 35% -13% -3% Divisional Analysis Broking revenues 4.8 100.0 6.6 100.0 7.2 100.0 9.2 100.0 7.3 100.0 7.7 100.0 8.2 100.0 y/y change 41% 20% 42% 5% 32% 16% -6% EBIT 2.7 56.3 4.1 62.6 4.7 64.9 5.5 59.7 4.2 57.1 4.4 58.0 5.0 61.0 y/y change 54% 23% 47% 5% 24% 7% -4% BPO revenues 4.4 100.0 5.3 100.0 4.2 100.0 4.6 100.0 4.0 100.0 3.9 100.0 4.1 100.0 y/y change 49% 38% 31% -8% 4% -26% -18% EBIT 1.3 29.5 1.7 31.7 1.1 26.0 0.7 15.8 0.7 16.8 0.5 13.5 0.3 7.0 y/y change 36% 64% 66% -50% -34% -69% -80% Better revenue generation in the Broking division As in the past, stronger-than-expected revenue generation (+3% vs -3%) was driven by Broking division (+25% vs +16%) with a mix of higher volumes and lower margins especially in the Mutuionline business line due to the contribution of remortgaging which features lower fees (we may assume something in the region of 1% vs an average of 1.3%). Lead generation in the Prestitionline business line (30% of the division renvenues) remained strong also in 2Q, confirming the anticyclical nature of this business line. MOL does not expect this to fully translate into business growth given the lower risk appetite of financial institutions. We believe our model already captures this effect as we expect a 40% growth in leads generated on a FY basis translating into a 14% volume growth as a result of a c3pp reduction in the closing rate to 19%. Credit Panel business line (distribution of mortgage products trough the physical channel via intermediaries 8% of division revenues) is also suffering from a reduced risk appetite of banks: MOL has thus added two banks (out of a total of 3 providers) to the panel in order to support volumes growth. IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 3

Weaker operating performance in the BPO division. BPO division performance was instead below expectations in terms of EBIT ( 0.3mn -83% YoY vs 0.5mn) as a result of the bottoming of margins to 7% ie the lowest level ever recorded vs 13.5% expected. BPO EBIT Margin (%) 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Source: EQUITA SIM estimates Such performance reflects the division s operating leverage in light of a significant reduction of volumes (we estimate a -36% and -14% on a FY basis in FEC and CEI business line). CLC business line (outsourcing services for salary-granted loans) is also suffering from a revision of service agreement with one of the two business line s clients translating into a reduction of services rendered and average unitary fee..but clients acquisitions should support EBIT going forward Going forward we nevertheless expect a recovery in BPO division EBIT which should benefit from the full contribution in terms of volumes of the three new outsourcing contracts launched in 1Q. MOL has also signed a letter of intent with an online bank for outsourcing of commercial and back-office services which may contribute to the division revenues from 2010. This is the first new client in the FEC business line added since the IPO of the company. CF generation remains strong, improvement of liability structure is realistic One of the brightest spots in this set of results was the cash-flow generation which remained strong, as net cash rose by c 5mn. EOP net cash now stands at around 17mn ie 10% of the market cap. From a medium term perspective, MOL has the flexibility to organically improve organically liability structure or exploit additional growth options via acquisitions. During the conference call we were led to understand that acquisitions are quite unlikely given the unique profile of MOL s divisions. Management is thus studying options to increase the dividend flow, in order to improve the leverage of the company. Asset revaluation could be a possibility, but a specific law is required (example, the possibility to revalue the brand Mutuionline was mentioned). Based on our calculations, MOL could pay up to 20mn of jumbo-dividend (ie all the cash generated until June 2010) on top of the 12mn of ordinary dividend we expect out of 2009 net income, with a positive impact on valuation of 7%. IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 4

Fine tuning of 200911E (+4%) pending to assess the impact of newly acquired clients in the BPO division In order to reflect higher volume-driven revenues in the Broking division and the fiscal one-off we have increased (+4%) our 2009-11 estimates. We expect MOL to exceed a 3% market share in the mortgage market on a FY basis vs a previous estimate of 2.5%. A more structural revision of estimates is subject to a more in-depth assessment of the contribution of the newly acquired clients in the BPO division. PREVIOUS AND CURRENT 2009-2011 ESTIMATES ( mn) 2007 % 2008 % 2009E % 2009E % 2010E % 2010E % 2010E % 2011E % Prev Curr Prev Curr Prev Curr Total revenues 37.7 100.0 46.3 100.0 45.1 100.0 47.0 100.0 51.2 100.0 54.9 100.0 63.8 100.0 65.9 100.0 y/y change 73% 23% -3% 2% 14% 17% 24% 20% Operating costs -20.1-53.4-24.4-52.8-26.5-56.7-27.8-59.1-29.5-57.5-31.2-56.8-34.0-53.3-34.7-52.7 y/y change 51% 21% 8% 14% 11% 12% 15% 11% EBIT 17.6 46.6 21.9 47.2 18.6 43.3 19.2 40.9 21.8 47.2 23.7 43.2 29.8 43.2 31.2 47.3 y/y change 106% 24% -15% -12% 17% 23% 37% 32% Net profit 9.7 25.8 14.8 31.9 12.6 27.6 13.1 27.9 14.7 28.8 15.6 28.5 20.0 31.4 20.6 31.2 y/y change 89% 52% -15% -11% 17% 19% 36% 32% Divisional Analysis Broking revenues 22.7 100.0 27.8 100.0 28.8 100.0 31.2 100.0 33.3 100.0 37.4 100.0 40.7 100.0 43.8 100.0 y/y change 79% 22% 4% 12% 16% 20% 22% 17% EBIT 13.5 59.5 17.0 61.2 17.0 57.1 17.7 56.7 19.7 59.3 21.7 57.9 25.4 62.3 27.0 61.5 y/y change 136% 26% 0% 4% 16% 23% 29% 24% BPO revenues 15.0 100.0 18.5 100.0 16.3 100.0 15.8 100.0 18.5 100.0 17.4 100.0 23.0 100.0 22.1 100.0 y/y change 64% 23% -12% -14% 13% 10% 25% 27% EBIT 4.1 27.3 4.8 25.9 1.9 27.2 1.6 9.9 2.6 14.0 2.0 11.6 5.4 23.3 4.2 19.2 y/y change 47% 17% -61% -67% 39% 28% 108% 110% IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 5

MOL REVENUE MODEL: PREVIOUS AND CURRENT ESTIMATES 2008 2009E 2010E 2011E Curr Prev Change Curr Prev Change Curr Prev Change Italian retail mortgage new production New production ( mn) 55,217 46,934 49,695-6% 48,115 50,945-6% 49,813 52,743-6% change -12.0% -15.0% -10.0% 2.5% 2.5% 3.5% 3.5% o/w: remortgaging 8,283 5,163 5,466-6% 5,774 6,113-6% 6,974 7,384-6% change 32.0% -37.7% -34.0% 11.8% 11.8% 20.8% 20.8% Mortagages / GDP 22.8% 24.5% 24.7% - 26.2% 26.6% - 27.9% 28.5% - Broking division Revenues 27.8 31.2 28.8 8% 37.4 33.3 12% 43.8 40.7 8% change 22% 12% 4% 20% 16% - 17% 22% - o/w: MOL 15.8 18.4 16.7 10% 20.9 18.5 13% 24.0 25.1-4% o/w: POL 8.6 10.3 9.3 11% 14.0 11.7 20% 17.1 12.3 39% o/w: CP 3.3 2.0 2.3-15% 2.0 2.6-25% 2.2 2.9-25% EBIT 17.0 17.7 17.0 4% 21.7 19.7 10% 27.0 25.4 6% change 26% 4% 0% - 23% 16% - 24% 29% - Margin (%) 61.2% 56.7% 59.1% - 57.9% 59.3% - 61.5% 62.3% - Volumes 7% MOL 1,136 1,489 1,249 19% 1,703 1,385 23% 1,960 1,889 4% POL 384 468 421 11% 638 532 20% 814 585 39% MKt share (MOL) 2.06% 3.17% 2.51% - 3.54% 2.72% - 3.94% 3.58% - BPO division Revenues 18.5 15.8 16.0-1% 17.4 17.9-3% 22.1 22.0 0% change 23% -14% -14% - 10% 12% - 27% 23% - o/w: FEC 6.7 3.9 3.6 8% 4.3 4.1 7% 6.3 5.9 8% o/w: CEI 6.3 5.7 4.1 40% 5.7 4.6 23% 7.3 5.8 25% o/w: CLC 5.6 6.3 8.3-25% 7.4 9.3-20% 8.4 10.3-18% EBIT 4.8 1.6 1.6 0% 2.0 2.0-1% 4.2 4.4-3% change 17% -67% -67% - 28% 29% - 110% 115% - Margin (%) 25.9% 9.9% 9.8% - 11.6% 11.3% - 19.2% 19.8% - Volumes FEC N/A 967 1,018-5% 1,085 1,157-6% 1,586 1,677-5% CEI N/A 2,332 2,041 14% 2,587 2,301 12% 3,277 2,990 10% CLC N/A 849 849 0% 971 971 0% 1,141 1,113 2% Group Revenues 46.3 47.0 44.8 5% 54.9 51.2 7% 65.9 62.7 5% change 23% 2% -3% 17% 14% 20% 22% EBIT 21.8 19.2 18.6 3% 23.7 21.8 9% 31.2 29.8 5% change 24% -12% -15% 23% 17% 32% 37% Margin (%) 47.1% 40.9% 41.5% 43.2% 42.5% 47.3% 47.4% Net income 14.8 13.1 12.6 4% 15.6 14.7 6% 20.6 20.0 3% change 52% -11% -14% 19% 17% 32% 36% Update of the valuation: target price increased to 6.2 ps (15x 2010E Adj PE) In order to reflect the increase in estimates, we have updated our valuation from 5 ps to 6.2 ps, corresponding to a 2010E Adj PE of 15x. The increase in target price is the result of: 1. The 4% average increase in 2009-11 estimates as a result of higher revenues in the Broking division. 2. A 23% increase in the valuation of the BPO division, as a result of a reduction in the cost of risk (via reduction of beta from 1.3 to 1.1) which we consider appropriate as a result of an increased diversification of the portfolio of clients. IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 6

COMPANY EVALUATION Broking division - mn Value PS % Sum of operating FCF 70 1.8 29.5 PV of Terminal Value 100 2.5 42.2 Adj PE NFP 0 0.0 0.0 2009E 2010E Subtotal equity value 169 4.3 71.8 14.7 11.9 BPO division - mn Value PS % Sum of operating FCF 16 0.4 6.7 PV of Terminal Value 51 1.3 21.6 Adj PE NFP 0 0.0 0.0 2009E 2010E Subtotal equity value 67 1.7 28.2 65.0 50.2 Total valuation 236 6.0 100.0 Adj PE # of shares ex treasury 38.0-2009E 2010E Target price 6.2-18.0 15.1 DCF ASSUMPTIONS Broking Division BPO Division Explicit period Ebit CAGR 16.6% Explicit period Ebit CAGR -4.1% Beta levered 1.0 Beta levered 1.1 g 2.0% g 3.5% K(e) 8.4% K(e) 8.4% Our valuation does not assume any improvement in the liability structure of the company which, based on our calculations, may increase valaution by another 0.4 ps (%). IMPACT ON VALUATION OF RELEVERAGE ( mn) 2010E Adj Net Income pre extradividend 15.6 Implied P/E in our TP (x) 15.1 Company valuation 236 # of shares out standing (mn) 39.5 Treasury shares 1.5 As a % of total shares outstanding 3.8% # of shares ex treasury shares 38.0 Target price ( ps) 6.2 Extradividend 21 Cost of carry (%) 2.0% Cost of carry (net, mn) 0.3 Adj Net income after extradividend 15.4 Target P/E 15.1 Company valuation after extradividend 232 Extradividend 21 Total valuation 253 # of shares outstanding 38.0 New target price ( ps) 6.6 Change vs pre releverage valuation (%) 7% We maintain our BUY recommendation on MOL, updating target price to 6.2 ps (15x 2010E Adj PE). Our positive stance is supported by: 1. Valuation. We believe current multiple of 14x earnings is unduly punitive for a company which is expected to deliver a >20% earnings CAGR over the next two years; 2. Earnings momentum. We expect an acceleration of growth in 2010 when the newly acquired contracts in the BPO division take full effect 3. Cash-flow generation. Thanks to a business model which is not capital intensive other than a unique growth profile - the company is a cash-cow which will pay-back more than 10% of the market cap in the next two years offering a >5% yield p.a. IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 7

SENSITIVITY ANALYSIS A sensitivity analysis run on our valuation of MOL is provided below: MOL VALUATION SENSITIVITY ( ) Broking division ke BPO division Ke 7.4% 8.4% 9.4% 7.4% 7.5 6.7 6.1 8.4% 7.0 6.2 5.6 9.4% 6.7 5.9 5.3 Source: EQUITA SIM estimates STATEMENT OF RISK The main factors that could adversely affect our positive view on MOL are the following: Collapse of the domestic residential real estate market; Significant heightening in retail lending competition, resulting in a tangible margin squeeze; Waning of the public s propensity to use remote channels; A technological problem harming the trust of customers in the BPO division s outsourcing services; Loss of a major BPO division client. APPENDIX MAIN FIGURES mn 2006 2007 2008 2009E 2010E 2011E Broking Revenues 12.7 22.7 27.8 31.2 37.4 43.8 Growth 53% 79% 22% 12% 20% 17% Bpo Revenues 9.1 15.0 18.5 15.8 17.4 22.1 Growth 89% 64% 23% -14% 10% 27% Consolidated Revenues 21.8 37.7 46.3 47.0 54.9 65.9 Growth 66% 73% 23% 2% 17% 20% EBITDA 9.6 18.6 22.8 20.0 24.5 32.0 Growth 73% 93% 23% -12% 22% 31% Margin 44% 49% 49% 43% 45% 49% EBIT 8.5 17.6 21.9 19.2 23.7 31.2 Growth 85.3% 106% 24% -12% 23% 32% Margin 39.0% 46.6% 47.2% 40.9% 43.2% 47.3% - - - - - - - Net Income 5.2 9.7 14.8 13.1 15.6 20.6 Growth 29% 89% 52% -11% 19% 32% Margin 24% 26% 32% 28% 28% 31% Adj Net Income 5.2 10.0 14.8 13.1 15.6 20.6 Growth 24% 95% 47% -11% 19% 32% Margin 23.6% 26.6% 31.9% 27.9% 28.5% 31.2% Source: EQUITA SIM estimates IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 8

INFORMATION PURSUANT TO ARTICLE 69 ET SEQ. OF CONSOB (Italian securities & exchange commission) REGULATION no. 11971/1999 This publication has been prepared by Giovanni Razzoli, CFA on behalf of EQUITA SIM SpA (licensed to practice by CONSOB resolution no. 11761 of December 22nd 1998 and registered as no. 67 in the Italian central register of investment service companies and financial intermediaries) In the past EQUITA SIM has published studies on Gruppo MutuiOnline. EQUITA SIM is distributing today this publication to more than 700 qualified operators and to unqualified operators via Borsa Italiana website. The prices of the financial instruments shown in the report are the reference prices posted on the day before publication of the same. EQUITA SIM intends to provide continuous coverage of the financial instrument forming the subject of the present publication, with a semi-annual frequency and, in any case, with a frequency consistent with the timing of the issuer s periodical financial reporting and of any exceptional event occurring in the issuer s sphere of activity. The information contained in this publication is based on sources believed to be reliable. Although EQUITA SIM makes every reasonable endeavour to obtain information from sources that it deems to be reliable, it accepts no responsibility or liability as to the completeness, accuracy or exactitude of such information. If there are doubts in this respect, EQUITA SIM clearly highlights this circumstance. The most important sources of information used are the issuer s public corporate documentation (such as, for example, annual and interim reports, press releases, and presentations) besides information made available by financial service companies (such as, for example, Bloomberg and Reuters) and domestic and international business publications. It is EQUITA SIM s practice to submit a pre-publication draft of its reports for review to the Investor Relations Department of the issuer forming the subject of the report, solely for the purpose of correcting any inadvertent material inaccuracies. This note has not been submitted to the issuer. EQUITA SIM has adopted internal procedures able to assure the independence of its financial analysts and that establish appropriate rules of conduct for them. Furthermore, it is pointed out that EQUITA SIM SpA is an intermediary licensed to provide all investment services as per Italian Legislative Decree no. 58/1998. Given this, EQUITA SIM might hold positions in and execute transactions concerning the financial instruments covered by the present publication, or could provide, or wish to provide, investment and/or related services to the issuers of the financial instruments covered by this publication. Consequently, it might have a potential conflict of interest concerning the issuers, financial issuers and transactions forming the subject of the present publication. EQUITA SIM S.p.A. performs, or has performed in the last 12 months, the role of specialist for financial instruments issued by GRUPPO MUTUIONLINE SPA EQUITA SIM S.p.A. performs, or has performed in the last 12 months, the role of intermediary in charge of the execution of the buy back plan approved by the shareholders' meeting of GRUPPO MUTUIONLINE SPA In addition, it is also pointed out that, within the constraints of current internal procedures, EQUITA SIM s directors, employees and/or outside professionals might hold long or short positions in the financial instruments covered by this publication and buy or sell them at any time, both on their own account and that of third parties. The remuneration of the financial analysts who have produced the publication is not directly linked to corporate finance transactions undertaken by EQUITA SIM. The recommendations to BUY, HOLD and REDUCE are based on Expected Total Return (ETR expected absolute performance in the next 12 months inclusive of the dividend paid out by the stock s issuer) and on the degree of risk associated with the stock, as per the matrix shown in the table. The level of risk is based on the stock s liquidity and volatility and on the analyst s opinion of the business model of the company being analysed. Due to fluctuations of the stock, the ETR might temporarily fall outside the ranges shown in the table. EXPECTED TOTAL RETURN FOR THE VARIOUS CATEGORIES OF RECOMMENDATION AND RISK PROFILE RECOMMENDATION/RATING Low Risk Medium Risk High Risk BUY ETR >= 7.5% ETR >= 10% ETR >= 15% HOLD -5% <ETR< 7.5% -5% <ETR< 10% 0% <ETR< 15% REDUCE ETR <= -5% ETR <= -5% ETR <= 0% The methods preferred by EQUITA SIM to evaluate and set a value on the stocks forming the subject of the publication, and therefore the Expected Total Return in 12 months, are those most commonly used in market practice, i.e. multiples comparison (comparison with market ratios, e.g. P/E, EV/EBITDA, and others, expressed by stocks belonging to the same or similar sectors), or classical financial methods such as discounted cash flow (DCF) models, or others based on similar concepts. For financial stocks, EQUITA SIM also uses valuation methods based on comparison of ROE (ROEV return on embedded value in the case of insurance companies), cost of capital and P/BV (P/EV ratio of price to embedded value in the case of insurance companies). MOST RECENT CHANGES IN RECOMMENDATION AND/OR IN TARGET PRICE (OLD ONES IN BRACKETS): Date Rec. Target Price ( ) Risk Comment 10 November 2008 BUY (BUY) 5.7 (6.8) Medium Change in estimates 16 February 2009 BUY (BUY) 5 (5.7) High Change in estimates DISCLAIMER The purpose of this publication is merely to provide information that is up to date and as accurate as possible. the publication does not represent to be, nor can it be construed as being, an offer or solicitation to buy, subscribe or sell financial products or instruments, or to execute any operation whatsoever concerning such products or instruments. EQUITA SIM does not guarantee any specific result as regards the information contained in the present publication, and accepts no responsibility or liability for the outcome of the transactions recommended therein or for the results produced by such transactions. Each and every investment/divestiture decision is the sole responsibility of the party receiving the advice and recommendations, who is free to decide whether or not to implement them. Therefore, EQUITA SIM and/or the author of the present publication cannot in any way be held liable for any losses, damage or lower earnings that the party using the publication might suffer following execution of transactions on the basis of the information and/or recommendations contained therein. The estimates and opinions expressed in the publication may be subject to change without notice. EQUITY RATING DISPERSION AS JUNE 30 2009 (art. 69-quinquies c. 2 lett. B e c. 3 reg. Consob 11971/99) COMPANIES COVERED COMPANIES COVERED WITH BANKING RELATIONSHIP BUY 53.1% 61.5% HOLD 30.9% 23.1% REDUCE 14.2% 7.7% NOT RATED 1.9% 7.7% IMPORTANT DISCLOSURES APPEAR AT THE BACK OF THIS REPORT 9