FinecoBank S p A : PR - FinecoBank 1H 2020

Results at June 30th, 2020 approved

OUTSTANDING INDUSTRIAL RESULTS IN THE FIRST HALF OF THE YEAR

THE STRENGTH OF OUR BUSINESS MODEL IS CONFIRMED

OUR FINTECH DNA ALLOWS US TO CATCH THE FURTHER ACCELERATION OF

STRUCTURAL TRENDS IN PLACE

• • Strong growth in net profit1 thanks to the diversified business
  • • 
      model: €181.0 million (+30.1% y/y)
    • Gross operating profits1: €274.8 million (+40.2% a/a)
    • • • Revenues1: €407.0 million (+25.8% y/y)
      • Operating costs: 132.2 million (+3.7% y/y)
    • Cost/income ratio1 declining to 32.5% (-6.9 p.p. y/y)
  • Solid capital position: CET1 at 24.12% (pro-forma2 at 18.36%)
• Dividend: Fineco aligning to ECB and Bank of Italy recommendation

Milano, July 31st, 2020

The Board of Directors of FinecoBank S.p.A. has approved the results as of June 30th, 2020. Alessandro Foti, CEO and General Manager of FinecoBank, stated:

"The excellent results recorded in the first half of 2020 confirm Fineco's ability to grow in every market phase. In a complex context, all business areas have achieved positive results taking advantage of digitalization boost. Thanks to technological support our personal advisors have been able to keep the relationship with customers even in difficult times, and the net sales results confirm their ability to meet the need of a more professional management of their savings. At the same time, the boost of brokerage reflects the value and the efficiency of our platform which allows the access to a wider base of customers, focused on the medium- long term horizon. Fineco's business model and the constant commitment in sustainability, especially as for

1. Figures net of non-recurring items recorded in the first half of 2020: -€1.2 million gross (-€0.8 million net) valuation related to the Voluntary Scheme fair value.
   Non-recurring items recorded in the first half of 2019: -€4.3 million gross (-€2.9 million net) valuation related to the Voluntary Scheme fair value in the second quarter of 2019; -€0.4 million gross (-€0.3 million net) valuation related to the Voluntary Scheme fair value in the first quarter of 2019. Patent Box: -€0.9 million in the first quarter of 2019; -€0.9 million in the second quarter of 2019.
2. Pro-formaCET1 includes the amount related to 2019 dividend payment of 32.0 €/cents per share suspended by the Board of Directors on April 6th, 2020

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transparency and fairness towards customers represent the pillars of a continuous growth of the bank in the coming future".

1H20 HIGHLIGHTS

UPDATE INIZIATIVE

FINECOBANK

• Revenues1 at €407.0 million, +25.8% y/y led by Brokerage area (+107.0% y/y), thanks to the combined effect of the reshape of our product offer, the enlargement of the clients base, the increase of Fineco market share and the higher market volatility, and by Investing area (+5.4% a/a), thanks to the contribution of Fineco Asset Management and to the higher impact of Guided Products and Services. The Banking area performed positively (+4.4% a/a), supported by an increase in transactional liquidity and lending activity.
• Operating costs at €132.2 milioni, +3.7% y/y. Cost/Income ratio1 at 32.5%, down by 6.9 percentage points y/y confirming the Bank's operational efficiency.
• Net profit1 at €181.0 million, +30.1% y/y
• Fineco is continuously developing its UK offer. The success of the first marketing campaign confirms how the one-stop-solutionoffered by the Bank is very well welcomed. In the following months we will continue to further widen our investing offer.
• The process of reshape of the brokerage offer is continuing with the launch of new products and services (Asian markets, CFD, new release of the platform PowerDesk)
• Activities continued to develop Fineco Asset Management which, also thanks to the recent launch of FAM Target Boost decumulation funds and the FAM Global Defence fund, has confirmed its increasing capacity to promptly and effectively respond to customer needs

TOTAL FINANCIAL ASSETS AND NET SALES

Total Financial Assets (TFA) at June 30th, 2020 amounted to €82.6 billion, up 8.9% compared to June 2019. Stock of Assets under Management was €40.1 billion, up 8.9% y/y, assets under custody amounted to €16.5 billion (+8.3% y/y), while the stock of direct deposits amounted to €26.1 billion (+9.4% y/y) thanks to the continuous growth in new customers and "transactional" deposits.

In particular, the TFA related to Private Banking customers, i.e. with assets above €500,000, totalled €33.0 billion, up by 10.2% y/y.

In the first half of 2020, inflows totalled €4.7 billion (+42.4% y/y), again proving to be solid, of high quality and gathered without short-term commercial incentives. The asset mix shifted positively towards asset under management, standing at €1.6 billion in the period (+13.1% y/y), highlighting a more cautious approach by clients who are favouring more conservative products. Inflows in asset under custody stood at €2.6 billion in the period, confirming clients' increased interest towards financial markets through Fineco brokerage platform, while direct deposits flows totalled €569 million.

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Since the start of the year, inflows into "Guided products & services" reached €1.7 billion, confirming customer appreciation.

The ratio of Guided Products compared to total AuM rose to 72% compared to 69% in June2019.

On June 30th, 2020 the network was composed of 2,569 personal financial advisors operating across the country through 399 Fineco Centers. Inflows in the first six months of the year through the PFA network were €4.1 billion.

As at June 30th, 2020, Fineco Asset Management managed €14.2 billion of assets, of which €8.9 billion were retail class (+32.3% y/y) and around €5.3 billion institutional class (+3.9% y/y).

In the first half of 2020, about 45,600 new customers were acquired. Confirming the strong focus on the quality of clients, total financial assets related to new current account are on average 42% higher compared to the ones acquired in the first 11 months of 2019, before the announcement of the smart repricing on banking services. The total number of customers as at June 30th, 2020 was approximately 1,359,260 (+3.1% y/y).

MAIN INCOME STATEMENT RESULTS AT 30.06.2020

Figures and variations in this section are shown net of non-recurring items1

mln	1Q19	2Q19		1H19		1Q20	2Q20		1H20		1H20/	2Q20/	2Q20/
Adj. (1)	Adj. (2)		Adj.		Adj. (1)	Adj. (2)		Adj.		1H19	2Q19	1Q20
Net interest income	70.4	71.4	141.8	68.2	70.1	138.2	-2.5%	-1.9%	2.8%
Net commissions	77.4	81.3	158.6	105.0	104.8	209.7	32.2%	28.9%	-0.2%
Trading profit	10.3	12.3	22.6	27.6	30.1	57.7	155.2%	143.8%	9.1%
Other expenses/income	0.2	0.3	0.5	0.6	0.8	1.4		n.s.	140.1%	44.1%
Total revenues	158.2	165.4		323.5		201.3	205.8		407.0		25.8%	24.4%	2.2%
Staff expenses	-21.7	-22.4	-44.1	-24.0	-24.9	-48.9	10.9%	10.9%	3.7%
Other admin.expenses	-38.5	-34.4	-72.9	-36.5	-34.6	-71.1	-2.5%	0.5%	-5.0%
Impairment/write-backs on intangible	-5.1	-5.4	-10.5	-6.1	-6.2	-12.3	16.7%	15.7%	2.5%
and tangible assets
Operating expenses	-65.3	-62.3	-127.5	-66.5	-65.7	-132.2	3.7%	5.6%	-1.2%
Gross operating profit	92.9	103.1		196.0		134.8	140.0		274.8		40.2%	35.8%	3.9%
Other charges and provisions	-1.0	-2.9	-3.8	-1.1	-6.5	-7.6	99.0%	127.9%	n.s.
LLP	-1.3	1.1	-0.1	-1.0	-2.7	-3.7		n.s.	n.s.	181.0%
Profit from investments	-0.7	6.5	5.8	-0.1	-3.7	-3.8	-165.8%	-157.7%	n.s.
Profit before taxes	90.0	107.8		197.8		132.6	127.1		259.7		31.3%	17.8%	-4.1%
Income taxes	-26.5	-32.2	-58.8	-40.4	-38.3	-78.7	33.9%	19.0%	-5.0%
Net profit adjusted	63.5	75.6		139.1		92.2	88.7		181.0		30.1%	17.4%	-3.8%

Revenues for the first half of 2020 totalled €407.0 million, up 25.8% compared to €323.5 million in the same period of the previous year, mainly thanks to the positive contribution of net commission and trading profit.

Net interest income stood at €138.2 million, down 2.5% from €141.8 million at June 30th, 2019, mainly due to the fall in market interest rates, with the positive contribution from volume effect, higher lending activity and a more dynamic Treasury management (revenues generated by Other Treasury activities have been recasted in the line). The average gross margin on interest-earning assets in the first half of 2020 was 1.06% compared to 1.26% in the same period of 2019.

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Net commissions at June 30th, 2020 stood at €209.7 million, up 32.2% from €158.6 million at June 30th 2020. This increase is mainly due to the rise in net commissions in the Brokerage area (+100.2% y/y) thanks to the combined effect of the reshape of our product offer, the enlargement of the clients base, the increase of Fineco market share (Assosim market share on equity traded volumes at 28.0% as of June 30th, 2020, +1.4

1. y/y) and the higher market volatility in the period. Investing area grew by 5.4% y/y thanks to Fineco Asset Management contribution and the higher impact of Guided Products and Services, while banking fees grew by 90.3% y/y.

Trading profit amounted to €57.7 million in the first half of 2020 (+155.2% y/y), mainly thanks to the contribution from the Brokerage area (€49.2 million, +172.4% y/y). Trading profit also includes the income components from financial instruments accounted under "Other financial instruments measured at fair value" which include the Visa INC class "C" preferred shares, whose fair-value measurements led to a positive result of €0.1 million in the first half of 2020 (+€1.2 million in 2Q20 and €-1.1 million in 1Q20; in the first half of 2019 the item was equal to +€1.9 million). It also includes profits coming from the sale of government bonds held in "Financial assets designated at fair value through other comprehensive income" and in "Financial assets at amortized cost" for a total value of €8.8 million (€5.0 million in 2Q20 and €3.8 million in 1Q20; in the first half of 2019 the item was equal to €2.8 million).

Operating costs in the first half of 2020 were well under control at €132.2 million, up 3.7% y/y mainly due to higher staff expenses. The cost/income ratio was equal to 32.5%, down by 6.9 percentage points y/y.

Staff expenses totalled €48.9 million (+10.9% y/y) mainly due to the increase in the number of employees, which rose to 1,244 as of June 30th, 2020 from 1,176 as of June 30th, 2019 also due to the gradual internalisation of some services following the exit from the UniCredit Group.

Gross operating profit came to €274.8 million, up by 40.2% y/y.

Other charges and provisions in the first half of 2020 totalled €-7.6 million, increasing by €-4.0 million due to higher provisions following the decision to refund to a cluster of clients the fees related to the smart repricing charged between February and June 2020, following the communication received by the Guarantor for Competition and the Market Authority (A.G.C.M.). Therefore, based on the discussions had with the Authority, the Bank, although fully confirming the correctness of its decisions, has considered appropriate to refund the cluster of customers related to the commercial practice in question.

Loan loss provisions amounted to €-3.7 million, increasing compared to the €-0.1 million recorded in the first half of 2019. After the health emergency caused by the spread of COVID-19 virus, in the second quarter the Banks has updated the macroeconomic scenario as required under IFRS9, leading to €-1.1 million of higher provisions, of which €-0.25 million related to commercial loans: a limited amount also thanks to the quality of the loan book of the Bank. The cost of risk is flat at 14 basis points.

Please note that in the first half of 2019 the Bank recorded an increase in write-backs partly due to the reduction in exposures with UniCredit and partly to their collateralization as per the Pledge Agreement agreed between FinecoBank and the UniCredit Group.

Profit on Investments amounted to €-3.8 million, after the aforementioned update of the macroeconomic scenario under IFRS9, which led to higher provisions towards the Bank's government and institutional exposures for an amount of €-3.6 million.

Please note that the €5.8 million recorded in the first half of 2019 benefitted from a write-back of approximately €6.5 million thanks to the collateralization of the exposure towards the UniCredit bonds due to the Pledge Agreement agreed between FinecoBank and the UniCredit Group.

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Profit before taxes amounted to €259.7 million, up by 31.3% compared to €197.8 million in the first half of 2019.

Net profit for the period was equal to €181.0 million, up by 30.1% y/y.

MAIN INCOME STATEMENT RESULTS FOR THE SECOND QUARTER 2020

Revenues are equal to €205.8 million, up by 2.2% compared to the previous quarter and by 24.4% compared to the second quarter of 2019.

Net Interest Income in the second quarter is equal to €70.1 million, growing by 2.8% compared to the previous quarter thanks to the contribution of a more dynamic Treasury management and to the lower cost of funding due to the decrease of the Libor. Net interest income is down 1.9% compared to the second quarter of 2019 due to the fall in market interest rates.

The average gross margin on interest-earning assets in the second quarter of 2020 was 1.04% compared to 1.08% in the first quarter of 2020 and 1.25% in the second quarter of 2019.

Net commissions stood at €104.8 million, flat compared to the previous quarter and increasing by 28.9% y/y thanks to the contribution of all the business areas.

Trading profit is equal to €30.1 million, up by €2.5 million compared to the previous quarter and by €17.7 million y/y.

Operating costs in the second quarter of 2020 totalled €65.7 million, down by 1.2% compared to the previous quarter, affected by the seasonal nature of this item, mainly due to contributions paid for activities carried out by PFAs (Firr and Enasarco). Operating costs are up by 5.6% compared to the same quarter of the previous year, mainly due to higher staff expenses.

Operating profit was equal to €140.0 million, up by 3.9% q/q and 35.8% y/y.

Other charges and provisions in the second quarter of 2020 totalled €-6.5 million. Please note that in the quarter have been recorded €-4.0 million of higher provisions following the communication received by the Guarantor for Competition and the Market Authority (A.G.C.M.).

Loan loss provisions amounted to €-2.7 million, while the figure was equal to €-1.0 million in the first quarter of 2020 and €+1.1 million in the second quarter of 2019. Please note that in the first half of 2019 the Bank recorded an increase in write-backs partly due to the reduction in exposures with UniCredit and partly to their collateralization as per the Pledge Agreement agreed between FinecoBank and the UniCredit Group.

Profit on Investments amounted to €-3.7 million, compared to €-0.1 million in the first quarter of 2020 and €6.5 million in the second quarter of 2019, which benefitted from a write-back thanks to the collateralization of the exposure towards the UniCredit bonds due to the Pledge Agreement agreed between FinecoBank and the UniCredit Group.

Profit before taxes amounted to €127.1 million, decreasing by 4.1% compared to the previous quarter and increasing by 17.8% y/y.

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Net profit in the period amounted to €88.7 million, decreasing compared to the €92.2 million of the previous quarter and increasing by 17.4% y/y.

LOANS TO CUSTOMERS

Loans to customers at June 30th, 2020 totalled €4,204 million, up by 12.4% compared to March 31st, 2020 and by 14.3% compared to December 31st, 2019.

The amount of non-performing loans (loans with insolvent borrowers, unlikely to pay and non-performing loans/past due) net of impairment totalled €4.7 million (€3.6 million at March 31st, 2020 and December 31st, 2019), with an 82.8% coverage ratio. The ratio between the amount of non-performing loans and total loans to ordinary customers came to 0.12% (0.11% at March 31st, 2020 and December 31st, 2019).

SHAREHOLDERS' EQUITY AND CAPITAL RATIOS

Consolidated shareholders' equity came to €1,558 million and includes the profit for 2019 which was €288.4 million; it was up €81 million mainly due to the net profit of the second quarter of 2020.

Consolidated shareholders' equity is up by €78.6 million compared to March 31st, 2020 and by €173.2 million compared to December 31st, 2019, mainly due to the profit respectively in the second quarter 2020 and first half 2020, net of the coupon payment of Fineco AT1 instruments in the second quarter 2020 (€-9.9 million, net of tax).

The Bank confirms its solid capital position with a CET1 ratio of 24.12% as of June 30th, 2020 (including the amount of the 2019 dividend suspended by the Board of Directors on April 6th, 2020), compared to 24.19% as of 31 December 2019 pro-forma. The pro-forma figure as of June 30th, 2020 is 18.36% (calculated excluding the amount of the aforementioned 2019 dividend from CET1 Capital) compared to 18.12% reported in the 2019 Financial Statements approved by the Board of Directors on February 11th, 2020.

The Tier 1 ratio and the Total Capital Ratio were equal to 38.88% as of June 30th, 2020 (33,12% of June 30th, 2020 pro-forma) compared to 39.73% as of December 31st, 2019 pro-forma (33,67 % reported in the 2019 Financial Statements approved by the Board of Directors on February 11th, 2020).

The leverage ratio was 4.41% in June 2020 compared to 4.54% pro-forma in December 2019. The pro-forma figure was 3.76% in June 2020 compared to 3.85% reported in the 2019 Financial Statements approved by the Board of Directors on February 11th, 2020.

BANK OF ITALY RECOMMENDATION ON DIVIDEND

In accordance with the reference regulations, guidance from the regulators and established best practice, the Board of Directors decided on April 6th, 2020 to suspend the proposal regarding the distribution to shareholders of a dividend equal to 0.32 euro per share, totaling 195,052,000 euro, on the agenda of the Ordinary Shareholders' Meeting convened for April 28th, 2020, and resolved to propose the allocation to reserves of net profit for the financial year 2019 to the same Shareholders' Meeting. The Shareholders' Meeting convened on April 28th, 2020 has approved the proposal.

On July 28th, 2020 the European Central Bank and Bank of Italy (referring to less significant banks) have renewed until January 1st, 2021 the recommendation to not pay the dividends for the financial years 2019 and 2020 (including the distribution of reserves), to not undertake any irrevocable commitment to pay dividends for the same periods and to refrain from share buy-backs aimed at remunerating shareholders. FinecoBank confirms it will comply with the abovementioned recommendation, refraining from proposing the dividend distribution and from convening the relative Shareholders' Meeting, and therefore will not

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undertake any irrevocable commitment to pay the dividends for the financial years 2019 and 2020 until January 1st, 2021.

SIGNIFICANT EVENTS IN Q2 2020 AND SUBSEQUENT EVENTS

No other significant events occurred after June 30th, 2020.

NEW INITIATIVES MONITORING

Fineco is continuously developing its UK offer. In the second quarter the Bank started its first marketing campaign, with its one-stop-solution offer very well welcomed. In the following months we will continue to futher widen our investing offer.

The reshape of the brokerage offering is continuing, after the recent launch of CFD and the enlargement of its multicurrency offering.

Lastly, activities continued to develop Fineco Asset Management which, also thanks to the recent launch of FAM Target Boost decumulation funds and the FAM Global Defence fund, has confirmed its increasing capacity to promptly and effectively respond to customer needs.

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CONSOLIDATED BALANCE SHEET

(Amounts in €thousand)

	Amounts as at			Changes
ASSETS	June 30, 2020 December 31, 2019		Amounts	%
Cash and cash balances	909,802		754,386	155,416	56.1%
Financial assets held for trading	14,591		7,933	6,658	62.5%
Loans and receivables with banks	723,189		566,033	157,156	10.5%
Loans and receivables with customers	4,204,291		3,679,829	524,462	1.7%
Financial investments	22,946,524		22,304,892	641,632	4.9%
Hedging instruments	75,577		64,939	10,638	17.7%
Property, plant and equipment	153,685		152,048	1,637	0.6%
Goodwill	89,602		89,602	-	-
Other intangible assets	36,592		37,492	(900)	-1.2%
Tax assets	4,186		23,444	(19,258)	-85.9%
Other assets	254,169		342,309	(88,140)	-40.9%
Total assets	29,412,208		28,022,907	1,389,301	5.3%
					(Amounts in €thousand)
	Amounts as at			Changes
LIABILITIES AND SHAREHOLDERS' EQUITY	June 30, 2020 December 31, 2019		Amounts	%
Deposits from banks	113,137		154,653	(41,516)	-26.8%
Deposits from customers	27,021,199		25,919,858	1,101,341	4.2%
Financial liabilities held for trading	8,209		3,777	4,432	117.3%
Hedging instruments	207,116		94,950	112,166	118.1%
Tax liabilities	62,928		11,437	51,491	450.2%
Other liabilities	443,965		455,748	(11,783)	-2.6%
Shareholders' equity	1,555,654		1,382,484	173,170	12.5%
- capital and reserves	1,373,995		1,093,117	280,878	25.7%
- revaluation reserves	1,485		1,002	483	48.2%
- net profit	180,174		288,365	(108,191)	-37.5%
Total liabilities and Shareholders' equity	29,412,208		28,022,907	1,389,301	5.0%

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CONDENSED BALANCE SHEET- QUARTERLY FIGURES

(Amounts in €thousand)

	June 30, 2019	September 30, 2019	December 31, 2019	March 31, 2020	June 30, 2020
ASSETS
Cash and cash balances	1,230,599	1,208,686	754,386	1,177,380	909,802
Financial assets held for trading	7,475	10,592	7,933	12,888	14,591
Loans and receivables with banks	710,347	824,635	566,033	625,247	723,189
Loans and receivables with customers	3,408,661	3,567,804	3,679,829	3,741,000	4,204,291
Financial investments	19,912,177	21,521,272	22,304,892	23,400,694	22,946,524
Hedging instruments	49,365	71,941	64,939	76,454	75,577
Property, plant and equipment	143,801	148,644	152,048	152,973	153,685
Goodwill	89,602	89,602	89,602	89,602	89,602
Other intangible assets	8,760	8,760	37,492	37,053	36,592
Tax assets	3,498	7,688	23,444	3,300	4,186
Other assets	270,368	300,341	342,309	202,426	254,169
Total assets	25,834,653	27,759,965	28,022,907	29,519,017	29,412,208
				(Amounts in €thousand)
	June 30, 2019	September 30, 2019	December 31, 2019	March 31, 2020	June 30, 2020
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits from banks	206,643	188,171	154,653	330,927	113,137
Deposits from customers	24,139,699	25,428,742	25,919,858	27,202,155	27,021,199
Financial liabilities held for trading	2,413	4,734	3,777	11,039	8,209
Hedging instruments	84,086	156,435	94,950	143,500	207,116
Tax liabilities	64,779	50,929	11,437	32,254	62,928
Other liabilities	409,355	642,227	455,748	322,068	443,965
Shareholders' equity	927,678	1,288,727	1,382,484	1,477,074	1,555,654
- capital and reserves	800,766	1,100,134	1,093,117	1,382,491	1,373,995
- revaluation reserves	(7,202)	(6,566)	1,002	3,152	1,485
- net profit	134,114	195,159	288,365	91,431	180,174
Total liabilities and Shareholders' equity	25,834,653	27,759,965	28,022,907	29,519,017	29,412,208

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CONSOLIDATED INCOME STATEMENT

(Amounts in €thousand)

	2Q 20	2Q 19	Changes
	Am ounts	%
Net interest	138,229	141,767	(3,538)	-2.5%
Net fee and commission income	209,739	158,643	51,096	32.2%
Net trading, hedging and fair value income	56,482	17,837	38,645	216.7%
Net other expenses/income	1,392	537	855	159.2%
OPERATING INCOME	405,842	318,784	87,058	27.3%
Staff expenses	(48,893)	(44,097)	(4,796)	10.9%
Other administrative expenses	(123,338)	(123,742)	404	-0.3%
Recovery of expenses	52,263	50,817	1,446	2.8%
Impairment/write-backs on intangible and tangible assets	(12,268)	(10,510)	(1,758)	16.7%
Operating costs	(132,236)	(127,532)	(4,704)	3.7%
OPERATING PROFIT (LOSS)	273,606	191,252	82,354	43.1%
commitments	(3,670)	(146)	(3,524)	2413.7%
NET OPERATING PROFIT (LOSS)	269,936	191,106	78,830	41.2%
Other charges and provisions	(7,636)	(3,836)	(3,800)	99.1%
Net income from investments	(3,818)	5,805	(9,623)	-165.8%
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS	258,482	193,075	65,407	33.9%
Income tax for the year	(78,308)	(58,961)	(19,347)	32.8%
OPERATIONS	180,174	134,114	46,060	34.3%
PROFIT (LOSS) FOR THE PERIOD	180,174	134,114	46,060	34.3%

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CONSOLIDATED INCOME STATEMENT - QUARTERLY FIGURES

(Amounts in €thousand)

	Year	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter		1st Quarter	2nd Quarter
	2019	2019	2019	2019	2019		2020	2020
Net interest	281,277	70,366	71,401	69,806	69,704	68,164	70,065
Net fee and commission income	325,171	77,361	81,282	84,253	82,275	104,954	104,785
Net trading, hedging and fair value income	44,761	9,811	8,026	11,601	15,323	26,394	30,088
Net other expenses/income	3,608	196	341	147	2,924	570	822
OPERATING INCOME	654,817	157,734	161,050	165,807	170,226	200,082	205,760
Staff expenses	(90,152)	(21,653)	(22,444)	(22,497)	(23,558)	(24,007)	(24,886)
Other administrative expenses	(240,638)	(65,073)	(58,669)	(56,019)	(60,877)	(60,257)	(63,081)
Recovery of expenses	104,068	26,590	24,227	26,669	26,582	23,807	28,456
Impairment/write-backs on intangible and tangible assets	(22,864)	(5,144)	(5,366)	(5,783)	(6,571)	(6,058)	(6,210)
Operating costs	(249,586)	(65,280)	(62,252)	(57,630)	(64,424)	(66,515)	(65,721)
OPERATING PROFIT (LOSS)	405,231	92,454	98,798	108,177	105,802	133,567	140,039
commitments	(1,970)	(1,270)	1,124	(1,227)	(597)	(963)	(2,707)
NET OPERATING PROFIT (LOSS)	403,261	91,184	99,922	106,950	105,205	132,604	137,332
Other charges and provisions	(27,152)	(980)	(2,856)	(19,780)	(3,536)	(1,124)	(6,512)
Integration costs	-	(2)	2	-	-	-	-
Net income from investments	7,377	(658)	6,463	450	1,122	(89)	(3,729)
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS	383,486	89,544	103,531	87,620	102,791	131,391	127,091
Income tax for the year	(95,121)	(27,272)	(31,689)	(26,575)	(9,585)	(39,960)	(38,348)
OPERATIONS	288,365	62,272	71,842	61,045	93,206	91,431	88,743
PROFIT (LOSS) FOR THE PERIOD	288,365	62,272	71,842	61,045	93,206	91,431	88,743

Starting from June 30th, 2020, revenues resulting from the Other Treasury activities are now accounted within the line "Net Interest" of the reclassified income statement. The activity, which started in 2020, generated €74,000 of revenues in the first quarter, which have been reclassified.

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DISCLAIMER

This Press Release may contain written and oral "forward-looking statements", which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of FinecoBank S.p.A. (the "Company"). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward- looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Press Release are provided as at the present date and are subject to change without notice. Neither this Press Release nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.

The information, statements and opinions contained in this Press Release are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Press Release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.

Declaration of Financial Reporting Officer

The undersigned Lorena Pelliciari, as Nominated Official in charge of drawing up Company Accounts of FinecoBank S.p.A.,

DECLARES

as prescribed by Article 154(a), second paragraph of the "Testo Unico della Finanza" (the "Single Financial Services Act") that the information disclosed in this document corresponds to the documentary records, ledgers and accounting data.

Milan, 31 July 2020

The Nominated Official in charge of drawing up

the Company's Accounts

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FinecoBank

FinecoBank is one of the most important FinTech banks in Europe. Listed on the FTSE MIB, Fineco offers a business model that is unique in Europe, combining the best platforms with a large network of financial advisors. It offers a single account with banking, trading and investment services, on transactional and advisory platforms developed with proprietary technologies. Fineco is a leading bank in brokerage in Europe, and one of the most important players in Private Banking in Italy, offering advanced and tailor-made advisory services. Since 2017, FinecoBank has also been in the UK with an offer focused on brokerage, banking and investment services. Fineco Asset Management was founded in Dublin in 2018, with a mission to develop investment solutions in partnership with top international asset managers

Contact info:
Fineco - Media Relations	Fineco - Investor Relations
Tel.: [phone]	Tel. [phone]/2358
[e-mail]	[e-mail]
Barabino & Partners
Tel. [phone]
Emma Ascani
[e-mail]
[phone]

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