Mediobanca S p A : 9M RESULTS AS AT 31 MARCH 2020

MEDIOBANCA

3Q20/9M RESULTS AS AT

31 MARCH 2020

Milan, 7 May 2020

AGENDA

Section 1. MB well equipped to cope with Covid-19

Section 2. Covid-19 impact

Section 3. Group results as at March 2020 Section 4. Closing remarks

Annexes

1. Quarterly segmental reporting tables
2. Glossary

MEDIOBANCA GREW AND RESHAPED ACROSS CYCLES...

Disciplined growth in revenue-generating assets reflected in increase in revenues, while keeping efficiency …

TFA - €bn			Loans - €bn
		61
			44
		35
		39

		10YCAGR Revenues: +5%
3.5	46		46
3.0		40	46
2.5
		2.5
2.0

45

40

		17
		10	22
		7

1.5

1.0

0.5

0.0

1.6

35

30

25

June09		June19	June09	June19
		Deposits		AUM/AUA

J-09J-10J-11J-12J-13J-14	J-15J-16J-17J-18J-19
		Revenues (€bn)		MB cost/income (%)

…and asset quality¹ strong, generating sound ordinary earnings always able to cover LLPs

						4.6%	4.7%	4.4%
					4.2%
				3.7%
			3.2%						2.9%
		2.6%
	2.2%									1.9%
1.6%
			0.2%	0.5%	0.6%	0.6%	0.5%	0.4%	0.3%	0.2%
0.0%	0.0%	0.1%

J-09J-10J-11J-12J-13J-14	J-15J-16J-17J-18J-19
		ITA banks: Net bad loans/Net Loans			MB: Net bad loans/Net Loans

31) Source: ABI

10YCAGR GOP risk adj.: +12%

					230	168
141	147		127	142		124
119
					87
								62	52
871	1,046	1,159	1,201	876	1,028	1,198	1,155	1,172	1,304	1,363
(504)	(517)	(424)	(468)	(507)	(736)	(533)	(419)	(317)	(247)	(223)

J-09J-10J-11J-12J-13	J-14J-15J-16	J-17J-18J-19
		GOP (€m) before LLPs			LLPs (€m)		CoR (bps)

… SHOWING SOUND RESILIENCE & STAKEHOLDERS REMUNERATION

High capital generation (last capital increase in 1998) and high profitability…

CET1 ratio %			ROTE adj. %
		14.2% 14.1%	9				10	10
		13.3%	9
				8
	11.5% 11.7%	12.0% 12.1%	8		7	7
11.1% 11.2%
	11.1%	5
10.3%			4	4

J-09J-10J-11J-12J-13J-14J-15J-16J-17J-18J-19

J-09J-10J-11J-12J-13J-14J-15J-16J-17J-18J-19

… has enabled MB to return more than €2bn to shareholders, while investing constantly in people

€m																										Group staff ('000)
									Cumulative ~€2.2bn																																														5.1
																																																							4.9	4.9
																																																																		0.3
																							413			160																											4.1						0.2
																			320																												3.8
																								410											3.5	3.5	3.6
144			144							213			231										3.1	3.2	3.5
		42				127
J-09J-10	J-11J-12J-13	J-14J-15J-16J-17J-18J-19			J-09J-10J-11			J-12				J-13			J-14					J-15J-16J-17			J-18J-19
							Dividend					Buy-back																						Employees				FAs

4

(from 30%)

MB ENTERED COVID-19 CRISIS IN A STRONGER POSITION

COMPARED TO THE TWO PREVIOUS ONES…

Stronger capital base							Different funding and loan book mix
CET1 ratio (%)										€bn	Funding	51						35	Loans	44
						14%				53
														Others								SME		4%
			12%										19%		12%						14%
													TLTRO
10%											8%						23%	Consumer		30%
												12%
																	WM								Residential
																	44%						11%		26%
																						mortgages
															69%		Deposits
																						52%
																									Large
																Bonds								40%
													36%
																							Corporate
														FY June09				FY June19	FY June09					FY June19
		June09			June13			June19

Enlarged and diversified revenues, with WM now at 22% (from almost zero), CIB at 25%, Consumer at 40%, PI reduced to 13%

Revenues by product - €bn	2.5			Fees by division - €bn	Revenues by division - €bn
																2.5
							13%
																	13%
1.6				8%				WM										PI
						1.6				22%
			24%
			26%							CIB	44%			30%								WM
			10%							40%
			23%					36%				2%							Consumer
						55%							24%
			41%							Consumer			44%								CIB
															25%
										20%
			FY June07			FY June19
								FY June07	FY June19

NII Fees Trading Equity acc.

5

…AND STRONGER THAN MOST OF THE EU BANKS

Stronger in capital…

MB buffer over SREP: ~600bps, among the highest in EU

Avg. 9.9%

8.25%

Bank 1

Bank 2 MB Bank 3

Bank 4

Bank 5

Bank 6

Bank 7

Bank 8

Bank 9

Bank 10

Bank 11

Bank 12

Bank 13

Bank 14

Bank 15

Bank 16

Bank 17

Bank 18

Bank 19

Bank 20

Bank 21

Bank 22

Bank 23

Bank 24

Bank 25

Bank 26

Bank 27

ITA banks SREP1EU banks SREP1

….better leverage ratios…

Leverage ratio3- MB vs EU

10%	8.2%
8%
6%	5.6%

4%

2%

0%

MB

EU avg.

…stronger in asset quality…

10%	Stage 32	- MB vs ITA and EU
8%			54%	60.0%
	46%
	43%		50.0%
6%
4%				40.0%
2%				30.0%
0%	3.8%	3.1%	6.9%	20.0%
	MB	EU avg.	IT avg.

…with lower exposure to Govies...

EBA transparency - 30 June 2019

323%

				277%	284%	289%
			257%
		205%	233%
	204%			153%	162%
			110%
				238%		275%
125%	156%	147%	161%
37%
			147%		130%	127%
88%			72%
49%	58%	39%		48%
MB	Bank 1 Bank 2 Bank 3 Bank 4 Bank 5 Bank 6 Bank 7 Bank 8

Domestic govies/CET1		Other govies/CET1

61) SREP before any changes from the application of CRD V Article 105 brought forward by the ECB in March 2020

1. Source: EBA Risk Dashboard - Data as of Dec.19 - %of loans (histogram) and coverage ratio (dots)
2. Source: EBA Risk Dashboard - Data as of Dec.19

AGENDA

Section 1. MB well equipped to cope with Covid-19

Section 2. Covid-19 impact

Section 3. Group results as at March 2020 Section 4. Closing remarks

Annexes

1. Quarterly segmental reporting tables
2. Glossary

COVID-19 - MEDIOBANCA GROUP CRISIS MANAGEMENT

AND SUPPORT IN THE EMERGENCY

March 2020: Italy was the first EU nation of many to be impacted by the outbreak of a healthcare crisis, unprecedented in modern times, withsevere consequences in terms of human, social and economic losses.

No-one expected this emergency, but MB has demonstrated its ability to respond, helped by our

strong governance structure, solid and effective technology platform and robust balance sheet.

MEDIOBANCA SUPPORT HAS BEEN DIRECTED TOWARDS:

OUR STAFF

Prioritizing health and safety through:

Large-scale incentivization of working from home (today @70% of the total workforce),no travel and meetings

Reduced working hours for retail branches (mornings only, by

appointment)

Covid-19 healthcare coverage andpsychological counselling service (24/7) activated

Webinars, videos and newsletters to engage, assist and supportour people in everyday life under lockdown

OUR CLIENTS

Assuring continuity and protection with:

Successful multi-channel model with strong digital offering, almost all branches open (refitted to reduce risk of infection)

Procedures to apply government decrees and measures to support economy signed by sector associations activated immediately (all segments involved: ABI, the Italian consumer credit, factoring, leasing associations)

Measures may be extended to include categories not covered by

measures to support specific needs

OUR COMMUNITY

Providing donations to:

Hospitals, municipality of Milan and region of Lombardy through a€1.2m contribution made by Mediobanca and afund-raisingcampaign among staff

Non-profit organizations through a CheBanca! campaign on deposits.1

The first €0.3m has already been

donatedto Hope, to buy healthcare equipment

Chairman, CEO and GM to donate 30% of their fixed salary toCovid-19initiatives. The Directors and

Statutory Auditors will also contribute 20% of their annual emoluments to these initiatives

8	1) CheBanca! will donate 0.1% of the tied deposits made under the current promotional interest rates campaign offer.

COVID-19 - SPECIFIC INITIATIVES FOR OUR CLIENTS

Covid-19 Impact

WEALTH MANAGEMENT

Advisory services intensified for affluent and private customers to cope with market volatility, identification of risk mitigation strategies and opportunities in all asset classes; new savings products launched

Communications programme on:

Use of digital channels, online payments and IT security

Branch offices and customer service hours

Market trends and investments

Revision of processes to make now digital operations that required physical presence

Advisory services for our Private Banking clients wishingto make a tangible contribution for the current emergency by encouraging contact

with healthcare firms, charitable institutions and administrations.

CONSUMER BANKING

Pure digital channel enhanced to allow loan applications from home ande-commerceincluding:

Branch office reachable directly from the website www.compass.it (for use via PC/smart phone): the client is contacted within 24 hours and can proceed to apply for credit (documents are signed on appointment at the branch office, or using advanced digital signature technologies with the documents sent via email)

Simplified instructions for payments from home

Bar codes generated

automatically via smart phones

to allow payments to be made via supermarket checkouts

Section 2

CIB

Investment Banking

Management of impact on CF &

ECM deals in progress

Identification of growth opportunities post-crisis featuring financial flexibility and solid ownership structures

Debt Division

Understanding extraordinary

measures implemented by government to access all available options promptly

Assistance in identifying alternative sources to bank finance and providing liquidity

Markets Division

Dedicated customer support in high market stress

Identification of risk mitigation strategies & opportunities in all asset classes

Anti-crisis measures have been instituted with dedicated teams and simplified procedures

9

COVID-19: HEAVY IMPACT ON FINANCIAL MARKETS…

Covid-19 Impact

Euro Stoxx 600

450
430
410
390
370
350
330				328
310
290
270
250
Jan-20	Feb-20	Mar-20	Apr-20	May-20

Section 2

VIX
90
80
70
60
50
40				38
30
20
10
0
Jan-20	Feb-20	Mar-20	Apr-20	May-20

BTP/Bund spread 5Y and 10Y (bps)

300

250

200

150

100

50 May-19Jul-19Sep-19Nov-19Dec-19Feb-20Apr-20

BTP/Bund Spread 10 Y		BTP/Bund Spread 5 Y

Focus post Covid-19

1. bps

50 20-Feb11-Mar31-Mar20-Apr

iTraxx Main and Itraxx Xover1(bps)

150				750
130				650
110				550
90				450
70				350
50				250
30				150
May-19	Aug-19	Nov-19	Feb-20	May-20
	Main (LHS)		Xover (RHS)

10Source: Bloomberg, 4thMay 2020

1. iTraxx Main: Index composed by 125 CDS of European IG corporates; Itraxx Xover: Index composed by 75 CDS of the most liquid sub-IG European corporates

…HOUSEHOLD BEHAVIOUR…

Covid-19 Impact

WM¹

Net New Money mix back to liquidity Advisors have shown resilience thanks to strong client relations

(NNM, € bn)

Jan-192.1

Feb-192.6

Mar-19			3.2

Jan-20	3.6
Feb-20	4.2
Mar-20	3.8

AUM/AUA

Deposits

MORTGAGES2

New business significantly reduced due to financial uncertainties and the impact of lockdown on legal/valuation activities

(New loans, € bn)

Jan-19 2.6

Feb-192.5

Mar-19 2.8

Jan-203.2

Feb-20

3.4

Mar-202.1

Section 2

CONSUMER LENDING³

New business has dropped by 40% in

March, and as much as 70% in the last two

weeks ,on demand halving

(New loans, € bn)
Jan-19								5.4
Feb-19						5.2
									5.7
Mar-19

Jan-20

5.5

Feb-20

5.4

Mar-20

3.5

Personal loans

SP loans

Car loans

Credit cards

Salary loans

11 1) Source: Assoreti

1. Source: Assofin (sample covering 12 of the major Italian banking groups)
2. Source: Assofin

…AND INVESTMENT BANKING VOLUMES…

Covid-19 Impact

M&A

The M&A rebound ground to a halt, with transaction volumes slowing in March vs February 2020, both in Italy and other core markets

Jan-19 1

Feb-19 2

Mar-19 2

Italy

Jan-20 1

Feb-20 7

Mar-20 3

ECM

ECM activity further reduced in core markets, with Italy lagging behind on already depressed volumes

Jan-19 0.00

Feb-19 0.04

Mar-19 0.65

Jan-20 0.8

Feb-20 0.2

Mar-20 0.01

Section 2

DCM

DCM showed resilience in core markets, while Italy was impacted by the sudden spread widening

Jan-19 10

Feb-19 6

Mar-19 11

Jan-20 14

Feb-20 5.3

Mar-20 0

Mediobanca Core Markets (ITA, FR, SPA, POR, GR)

Jan-19		11		Jan-19		0.4
Feb-19	8		Feb-19	0.4
Mar-19	7			Mar-19	3.9
Jan-20			10		Jan-20
						3.0
Feb-20				26	Feb-20			2.3
Mar-20		6			Mar-20		0.5

Jan-19	61
Feb-19	38
Mar-19	44
Jan-20	70
Feb-20	37
Mar-20	22

12	Sources: Dealogic, Thomson Reuters, announced deals, $bn

MB MONTHLY ACTIVITY YTD - WM STRONGLY RESILIENT…

Covid-19 Impact

Section 2

Net New Money by product	Net New Money by segment		TFAs
	(Affluent & Private, €bn)			(Total, €bn)				(€bn)
€1.1bn NNM in 3Q		€0.6bn NNM in 3Q				-6% QoQ
			0.6
0.4	0.4		0.1	0.3	0.3			-		+0.6
	0.3		-
						0.3
					0,4					(4,1)
	0,3			0,4	0,3		0.3
				(0,1)		63.7
		0.5	(0,1)	(0,3)				60.2
0,3			(0.6)
	0,4
0,1	0,2
			Jan20	Feb20	Mar20	Apr20
Jan20	Feb20	Mar20	Apr20	Dec19	NNM	MKt	Mar20
	Deposits	AUM/AUA			Affluent	Private	AM				effect

NNM in the Affluent and Private segment improving month-on-month since the start of the year, with deposits becoming dominant in March and April 2020 as result of the"flight to quality", as seen in the previous crisis, a generalrisk-offattitude and a shift towards more conservative allocation strategies

NNM in AUM products slightly negative in 4 weeks only (3 weeks of March plus the first week of April), reflecting the resilience of

the CheBanca! sales and service channels andspecific initiatives for clients in Private (i.e.short-termand liquidity investment, specific solutions to satisfy highly liquid clients interested in an overweight of equity/new investment strategies)

Outflows in AM not linked toCOVID-19: in the first three months the outflows were due to RAM (as for all the systemic alternative), and in April due to the closure of certain unprofitable institutional mandates by MB SGR

TFAs were down 6% to €60bn, due solely to themarket effect which was mitigated by prudent asset allocation

13

…REBOUND IN CORPORATE, HEAVY REDUCTION IN RETAIL

Covid-19 Impact

Corporate new loans (€bn)

	Term loan
	RCF							0.8
											0.4
				0.4				0.5
	0.3					0.3		0.3	0.3
	0.2			0.2
	19	20		19	20		19	20		19	20
	Jan.		Feb.		March		April

Mortgages new loans (€bn)

	0.20	0.14 0.17	0.15
0.12		0.11	0.12 0.07
19	20	19	20	19	20	19	20
Jan.	Feb.	March	April

Section 2

Consumer new loans (€bn)

0.6	0.6	0.6	0.7	0.7		0.7
					0.4
							0.1
19	20	19	20	19	20	19	20
Jan.	Feb.	March	April

Corporate lending: ~€1bn in drawdowns due to the COVID-19 emergency: due to quality of the Mediobanca loan book, drawdowns were driven by clients' prudent approach and willingness to keep cash available and for working capital facilities

Mortgages: demand reduced by 60% in the second half of March and in April 2020as a result of the lockdown

Consumer credit: despite the effectiveness of the digital channels, new business recorded a slump of 80% in the second half of

March and in April 2020 due to collapse in consumption(limitations on mobility, shops closed, lack of liquidity)

14

AGENDA

Section 1. MB well equipped to cope with Covid-19

Section 2. Covid-19 impact

Section 3. Group results as at March 2020 Section 4. Closing remarks

Annexes

1. Quarterly segmental reporting tables
2. Glossary

GROUP P&L: STRONG CORE REVENUES WITH NII +3% AND FEES +6%

Group results at March 2020

Financial results

€m	9m	YoY1	3Q	2Q	3Q
Mar20	Mar20	Dec19	Mar19
Total income	1,907	+1%	582	641	607
Net interest income	1,082	3%	360	362	346
Fee income	487	6%	159	174	149
Net treasury income	89	-41%	(3)	57	53
Equity accounted co.	250	11%	66	48	59
Total costs	(891)	4%	(300)	(309)	(291)
GOP	1,016	-1%	282	333	316
Loan loss provisions	(210)	30%	(100)	(44)	(52)
Impairments, disposals	(32)	n.m.	(41)	5	5
Non recurring(SRF/DGS incl.)	(56)	51%	(41)	(16)	(26)
PBT	718	-13%	101	277	243
Net result	552	-12%	85	197	176
TFA- €bn	60.2	-2%	60.2	63.7	61.3
Customer loans - €bn	47.4	+10%	47.4	46.3	43.3
Funding - €bn	53.9	+4%	53.9	52.1	52.0
RWA- €bn	47.3	+2%	47.3	47.1	46.5
Cost/income ratio (%)	47	+2pp	52	48	48
Cost of risk (bps)	61	+10bps	85	39	48
Gross NPLs/Ls (%)	3.8%		3.8%	3.9%	4.2%
ROTE adj. (%)	10%		8%	10%	9%
CET1 ratio (%)	13.9%		13.9%	14.1%	14.3%

16

1. YoY: 9m March20 / 9m March19

Section 3

Highlights

Despite the COVID-19 impact on March, last quarter shows sound banking results with €360m in NII (up 4% YOY and flat QoQ) and €159m in fees (up 7% YoY, down 9% QoQ);net profit halved to €85m with doubled LLPs (CoR@ 85bps) and €41m in seed capital impairment charges.Strong NNM, withTFAs at €60bn,down 6% QOQ due exclusively to sharp,limited negative market effect.Strong new loan origination, first in Consumer then in Corporate, with customer loans up 3% QoQ to €47bn driven by CIB (up €1bn or 5% to €18.9bn) and WM (up 3% to € 13bn), Consumer flat at 13.7bn.Funding at € 54bn.

Revenues record good performance in 9M, up 1% despite poor last Q trading income, due to robust performance in NII (up 3%) and fees (up 6%); the

increase in costs (up 4%) reflects the distribution network enhancement and leavesGOP flat at €1,016m. Increased LLPs (up 30% to €210), provisions to SRF/DGS funds (€50m) and impairmentsbring net profit down 12% to €552m.

Operational gearing remains sound (cost/income ratio @47%), asset quality and capitalization strong (gross NPLS/LS 3.8% and CET1 ratio 13.9%),profitability high

(ROTE adj. 10%)

LOAN BOOK UP WITH ASSET QUALITY REMAINING DISTINCTIVE…

Group results at March 2020

Section3

Loans: diversification & quality

€bn	Mar20	Dec19	QoQ1	Mar19
Loans to customers	47.4	46.3	+3%	43.3
CIB	18.9	18.0	+5%	17.3
Wholesale	16.5	15.3	+8%	15.0
Specialty Finance	2.4	2.7	-13%	2.3
Consumer	13.7	13.7	-	13.0
WM	13.0	12.6	+3%	11.0
Mortgage	10.1	9.8	+3%	8.6
Private banking	2.9	2.8	+4%	2.4
Leasing	1.8	1.9	-3%	2.0

• Despite the impact ofCOVID-19on new lending in March on Consumer, loans grew in the quarter (up 3%) driven by stronger Wholesale (up 8%)
• Diversification & quality the key differentiating factors:
• • CIB(up 5% QoQ, up 9% YoY): ~75% of portfolio in IG and crossover rating area, limited exposure to sectors impacted by COVID-19, low concentration by ticket, geography, sector
  • Mortgages(up 3% QoQ, up 17% YoY): residential,
    low LTV (avg: 51%)
  • Consumer(flat QoQ, up 5% YoY): low correlation with GDP proven in past crisis

Asset quality: confirmed strong

		NEW DoD1
€bn	Mar20	Dec19	QoQ2	Mar19
Gross NPLs on loans (%)	3.83%	3.87%	-0.04%	4.2%
Net NPLs on loans (%)		1.84%		1.8%
1.78%	-0.06%
NPLs coverage	55,1%	53,9%	+1.2%	58%
Net Bad Loans on loans (%)	0.16%	0.17%	-0.01%	0.3%
Bad Loans coverage	80,8%	79,7%	+1.1%	78%
Texas ratio	12.7%	12.7%		12.0%

• NPLs/Ls down, both gross(from 3.87% to 3.83%)and net NPLs (from 1.84% to 1.78%)
• Net Bad Loans/Ls downfrom 0.17% to 0.16%
• Coverage up in all categories: NPLs from 53.9% to 55.1%; Bad Loans from 79.7% to 80.8%
• "In bonis" coverage at 1.1%(Consumer @2.8%) and CIB (0.4%)

171) Following the introduction of the new definition of default (DoD), as of September 2019 ~€120m of net exposure (90% of which in Consumer Banking) was moved from stage 2 to stage 3

1. QoQ: March20 / Dec19 - YoY: March20 / March19

…WITHOUT MAJOR IMPACT FROM COVID-19 DUE TO…

Group results at March 2020

Section 3

Limited impactof COVID-19 emergency on asset quality as at March 2020

				Stage 1¹						Stage 2¹					Stage 3¹
120%										1.0%	16.0%										20.0%
0.5%		0.5%		0.5%												08%	58%					55%
110%																	54%
									0.5%		10.1%	10.3%	10.5%	15.0%
100%											11.0%	06%
									0.0%										10.0%
90%
80%										-0.5% 6.0%										04%
																		5.0%
70%		88%			90%			90%		-1.0%		6.8%			5.3%			5.9%		0.0% 02%
60%																	4.2%			3.9%			3.8%
									-1.5%1.0%
50%																			-5.0%00%
Mar19	Dec19	Mar20	Mar19 Dec19 Mar20
Mar19	Dec19	Mar20
		-4.0%	-10.0%

Loans under moratoria

70.0%

• €0.5bn gross (~1% Group loans) as at
• • 
    60.0%50.0%March 2020, of which
  • ~75% in leasing and ~25% in consumer40.0%- 90% Stage 1 loans, 10% Stage 2

30.0%

➢No automatic migration from Stage 1 to20.0%Stage 2 as a result ofCOVID-19

10.0%repayment deferrals

MB Group performing portfolio(Stage1 & 2)above IT and EU average (Dec19)

120%		Stage 1²		1.0%	25%
110%
0.4%	0.2%	0.2%	0.5%	20%
100%
90%				0.0%	15%
80%				-0.5%	10%
70%	92%	90%	84%	-1.0%	5%
60%
50%				-1.5%	0%
	MB	EU avg.	IT avg.

Stage 2²

10.4%

3.7% 3.5%

4.6%	6.8%	8.8%

MB

EU avg.

IT avg.

20.0%	10%		Stage 3²
			54%	60.0%
15.0%	8%
		46%
10.0%		43%		50.0%
6%
5.0%
4%				40.0%
0.0%
-5.0%	2.42%%				30.0%
3.8%	3.1%	6.9%
	UTP
-10.0%	0%				20.0%
		MB	EU avg.	IT avg.

181) Figures in the graphs in upper part of the slide refer to Customers Loan Book and therefore may differ from EBA Dashbord. In particular EBA includes NPLs purchased and treasury balances that are excluded in MB classification

1. Source: EBA Risk Dashboard - Data as of Dec.19 - %of loans (histogram) and coverage ratio (dots)

…IN CORPORATE: LIMITED EXPOSURE TO SECTORS IMPACTED BY COVID-19

AND SMES, PORTFOLIO FOCUSED ON IG COUNTERPARTIES

Group results at March 2020

Section 3

WB loan book by sector (as at March 2020)

15% 14%

High impact from Covid-19		Immediate impact from Covid-19

9%	9%	8%
		7%																6%
		4%	4%	4%	3%	3%	2%	2%
					2%	2%	2%	1%	1%	1%	0.6%	0.6%	0.4%
												0.0%

WB exposure skewed to IG/crossover2(as at Mar.20)	WB loan portfolio by geography3(as at Mar.20)
					Germany	France
			➢High quality confirmed on sector	7%
			11%
				Spain
	Crossover	highly impacted by COVID-19
			7%
		22%	➢70% IG+crossover
					UK
			➢LBOs only 2%
IG					7%
	Other		Low ticket in riskier buckets
	➢			Other
51%
27%		Italy
					Europe
					51%		US 8%

5%

RoW

4%

1) «Other» includes sectors with exposure below 2% and low or medium impact from Covid-19: Containers and Packaging, Energy Services, Information Technology, Integrated Utilities, Infrastructure, Paper, Power Generation, Regulated Utilities

192) Investment grade (IG) including rating classes from AAA to BBB-, cross over including BB+ rating bucket

3) Geographical breakdown based on the following criteria: i) Country where the company generates >50% of consolidated revenues or, in case such criteria is not met, ii) Country where the company has either its managerial center or its main headquarter

• IN CONSUMER : LIMITED COR & NEW LOAN CORRELATION WITH GDP,

STRONG CAPABILITIES IN PRICING, RECOVERY, DISPOSALS

Group results at March 2020		Section 3
			Linea acquired in 2008. Following 18m spent harmonizing the		AQR impact
500			acquired portfolio up to Compass asset quality standards
						(10)

	450																	(8)
	400
			415			411				410							(6)
of risk (bps)	350														growth (%)
			372	361				360			373
300		344			354	347							(4)
							332
299
250																(2)
															185
200														243
Cost														199		0	GDP
150
			Lehman			Sovereign										2
	100
				crisis			crisis
	50	1.9	2.3	2.4	5.2	3.8	4.0	4.8	4.9	5.0	5.3		6.0	6.2	6.6	7.0	7.4	4
	0
	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014		2015	2016	2017	2018	2019
					New loans (€bn) (1)	Compass CoR (1)	AQR one-off	GDP ITA (2)
Compass book by product (as at Mar.20)						Prudent approach to risk	Coverage
													Default
						Regular activity has	been stopped	by	7%				bonis	3%
							rates
		Salary loans			lockdown, but our historical strengths are:
		Car		6%
	Credit cards	15%	17%	Special	➢	Outstanding pricing capability		5%							2%
		5%
				➢	New business driven solely by risk-
					Purpose	4%
					8%		adjusted returns										1%
					➢Strong	collection	process	relying	on	3%
			Personal				internal	platform	and	third-party	2%							0%
						network
			loans								Jun-14Sep-14Dec-14Mar-15Jun-15Sep-15Dec-15Mar-16Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20
					➢	Regular NPLs disposals
			55%

20	1)	New loans and CoR at fiscal year-end (30 June)
2)	Source: GDP ITA, IMF, World Economic Outlook April 2020

ASSET QUALITY CONFIRMED AS STRONG IN ALL DIVISIONS

Group results at March 2020

Section 3

Mediobanca

Group

Corporate &

Investment Banking

(CIB)

Consumer Banking

(CB)

Net NPLs

("deteriorate")
From stage 2	-1%
for new DoD1
792	844	836
Mar19	Dec19	Mar20
	+1%
342	322	325
Mar19	Dec19	Mar20

From stage 2	-2%
for new DoD1
189	295	291
Mar19	Dec19	Mar20

of which bad loans

("sofferenze")

+1%

11576 77

Mar19 Dec19 Mar20

0	0	0
Mar19	Dec19	Mar20

14 15 15

Mar19 Dec19 Mar20

NPL coverage

58%	54%	55%
Mar19	Dec19	Mar20
46%	42%	42%

Mar19	Dec19	Mar20
74%	67%	68%
Mar19	Dec19	Mar20
57%

NPL as % of loans

4.2%	3.9%	3.8%
		Gross
1.8%	1.8%	1.8%
		Net
Mar19	Dec19	Mar20
3.7%	3.1%	3.0%
2.0%	1.8%	1.7%
Mar19	Dec19	Mar20
5.2%	6.1%	6.3%
1.5%	2.2%	2.1%
Mar19	Dec19	Mar20
2.9%

Wealth

Management

(WM)

Leasing

-3%

141110 107

Mar19 Dec19 Mar20

-2%

120 117 114

Mar19 Dec19 Mar20

7342 +5%44

Mar19 Dec19 Mar20

-6%

28 19 18

Mar19 Dec19 Mar20

	46%	48%
Mar19	Dec19	Mar20
39%	36%	36%
Mar19	Dec19	Mar20

	1.6%	1.5%
1.3%	0.9%	0.8%
Mar19	Dec19	Mar20
9.5%	9.3%	9.4%
6.0%	6.2%	6.2%
Mar19	Dec19	Mar20

211) Following the introduction of the new definition of default (DoD), as of September 2019 ~€120m of net exposure (90% of which in Consumer Banking) was moved from stage 2 to stage 3

FUNDING & CAPITAL AT COMFORTABLE LEVELS

	Group results at March 2020							Section 3
		Funding & liquidity: comfortable position in a stressed scenario
							FY20 funding plan 100% completed at pre-crisis levels (avg
	€bn		Mar20	Dec19		Mar19	CoF flat at 80 bps).Capital structure optimization on track
		QoQ1	with inaugural SNP issued in January
							Solid WM deposits trend: up 2% QoQ to €22.4bn
	Funding		53.9	52.1	+3%	52.0
		Larger options on TLTRO: €4.7bn (€1.5bn drawn, €1.2bn
	Bonds		19.2	19.4	-1%	19.2
			reimbursed). Maximum TLTRO drawable amount
	Direct deposits (retail&PB)		22.4	21.9	+2%	22.6		increased to roughly €8bn (from €5bn)
	ECB		4.7	4.3	+8%	4.3	Liquidity and banking book position
	Others		7.6	6.5	+17%	5.9		€7.3bn CBC,ow €3.9 HQLA securities and €1.1bn deposits
	Treasury and securities at FV		11.9	11.4	+4%	14.2
			at ECB.CBC up to over €9bn with new rules on collateral
	LCR		166%	193%		209%		haircut.
	NSFR		103%	103%		107%	Low govies exposure: €5.4bn, ow 3.3bn Italian (around
								50% of CET1) with a 3.7Y duration.

Capital: ~600 bps buffer on MDA, among the highest in Europe

€bn	Mar20	Dec19	QoQ1	Mar19
CET1 capital	6,565	6,661	-1%	6,623
Total capital	7,908	8,073	-2%	8,265
RWAs	47.3	47.1	-	46.5
CET1 ratio (%)2	13.9	14.1	-25bps	14.3
TC ratio (%) 2	16.7	17.1	-40bps	17.8

• CET1 @13.9% with a ~600 bps buffer on MDA(SREP CET1 requirement down to 7.94% from 8.25% on new rules on P2R2)
• Distribution policy updatein line with ECB recommendation
• • No dividend accrual in Q3 but dividend already accrued until Dec.19 maintained. New guideline on dividend withfull-year results (July 2020).
  • Buyback authorized in Oct. 2018 completed, with 4.7% of share capital bought back. Cancellation of share process confirmed after EGM

221) QoQ: March20 / Dec19

1. In March 2020 the ECB brought forward application of CRD V Article 105. This means that 75% of Mediobanca's P2R (1.25%) is now met by CET1 instruments and the other 25% with Tier 2 instruments, bringing the SREP minimum CET1 requirement down from 8.25% to 7.94%.

CET1 STABLE AT @14% INCLUDING DPS ACCRUAL

EARNINGS GENERATION, RWA CONTROL AND CAUTIOUS ASSET ALLOCATION

CET1¹ @ 13.9%, with ~60 bps of already accrued dividend as at

RWA under control at 47bn (Mar20, €bn)

Dec19 maintained.

WM: flat QoQ

14.1%

+20bps

-

13.9%

Dividend

-20bps

-15bps

-10bps

Dividend

accrued

accrued

~60bps

~60bps

Dec19	Earnings	AG	Valuation	RWA	Other	March20
		deductions	reserves

CET1 ratio stable ~14% with~60bps dividend already accrued as at Dec19 maintained, no additional accrual in last Q in accordance with ECB guidelines

CET1 at high levels due to earning generation (up 20bps) and Modest impact from markets and RWA:

-15bps of lower valuation reserves due to market drop, half of which

related to Italian govies.

-10 bps from <1% growth in RWA

Temporary impact from AG:-20bps higher deduction from AG to be reversed with AG dividend distribution in Q4

10%

CIB	44%	€47.3bn	27%	Consumer
+2% QoQ		FLAT		Flat QoQ

19%

Others: -2% QoQ

MB: low Govies exposure (Mar20, €bn)

	Book value	% CET1
Total Govies	5.4	81%
Italy	3.3	49%
- HTC	1.5	22%
- HTCS	1.8	27%
Germany	0.8	12%
France	0.5	8%
US	0.5	8%
Other	0.3	4%

231. Managerial calculation as at March20 differs from that stated in the Common Reporting (COREP), as it includes the result for the period (not subject to authorization pursuant to Article 26 CRR), which accounts for approx. 20bps of CET1, CET1 fully loaded @12.7% (with DC for 106bps of CET1 and IFRS9 fully phased for 16bps of CET1).

WM: BUSINESS MODEL RESILIENCE AND EFFECTIVENESS CONFIRMED

NET PROFIT UP 19%; ROAC@21%

Group results at March 2020

Financial results

		€m	9m	YoY1	3m	3m	3m
		Mar20	Mar20	Dec19	Mar19
	Total income	444	+8%	145	159	137
	Net interest income	204	+5%	66	69	66
	Fee income	235	+12%	77	89	69
	Net treasury income	5	-	3	1	2
	Total costs	(338)	+5%	(113)	(117)	(107)
	GOP		106	+21%	31	42	30
	Loan provisions	(12)	+74%	(4)	(4)	(0)
	PBT		95	+16%	26	40	31
	Net profit	67	+19%	18	29	20
	TFA- €bn	60.2	-2%	60.2	63.7	61.3
	NNM- €bn	1.9	-65%	0.6	1.0	1.8
	Customer loans - €bn	13.0	+18%	13.0	12.6	11.0
	Gross NPLs/Ls (%)	1.5%		1.5%	1.6%	2.9%
	Cost/income ratio (%)	76	-3pp	78	74	78
	Cost of risk (bps)	13	+5bps	13	11	1
	ROAC (%)	21		18	24	16
	Revenues breakdown
	Affluent	237	+8%	78	82	74
	Private and other	150	+16%	50	55	43
	Asset Management	57	-4%	17	22	20
	Fees by sources
	Recurring	251	+9%	86	87	78
	Performance	12	n.m.	0	11	1
	Passive	(29)	+33%	(10)	(10)	(8)
		1) YoY: 9m Mar20/9mMar19
24

Section 3

Highlights

Business model resilience and effectiveness confirmed in the new environment:

Digitalization & advice:born digital in Affluent, sharp acceleration of remote channel in Private, sales force dedicated to client needs

Strong advice andsustainable mix in terms of AUM offer: €0.5bn out of €1.1bn total positive NNM in Affluent/Private, no outflows in March. Deposits up by €0.5bn. Limited market effect on TFAs (down 6%)

Fair pricing with low performance fees limited drop of

fee income in 3M

€0.5bn net outflows mainly due to liquid strategies of Alternative AM further impacted by market trend

In the 9M revenues up 8% to €444m driven by NII (up 5% to

€204m) and robust fees (up 12% to €235m); the increase in costs (up 5%) reflects the distribution network enhancement and leavesGOP up 21% at €106m.Net profit up 19% to €67m, with ROAC at 21%

Enlarged network:sales force up by 20 (15 in Affluent and

5 in Private) to 1,000 professionals (Affluent: 409 CF and

454 RM; Private: 137 bankers)

TFAs: POSITIVE NNM IN PRIVATE & AFFLUENT, DEPOSITS UP

Group results at March 2020

Section 3

Group TFAs trend (€bn)

61.4

62.4

63.7

60.2

0.6

0.3

1.0

0.7

0.3

(4.1)

NNM by segment

NNM by segment

NNM by segment

39.0

Affluent

+0.3

39.8

Affluent

+0.5

41.8

Affluent

+0.9

37.8

Private

+0.7

Private

+0.2

Private

+0.3

AM

-0.7

AM

+0.3

AM

-0.5

NNM by product

NNM by product

NNM by product

AUM/AUA

+0.3

AUM/AUA

+1.6

AUM/AUA

-

22.4

Deposits

-

22.6

Deposits

-0.6

21.9

Deposits

+0.6

22.4

J-19

NNM

Other¹

S-19

NNM

Other¹

D-19

NNM

Other¹

M-20

Deposits AUM/AUA

Pace of growth accelerating in Affluent: in last 3m NNM positive by €0.9bn, versus €0.5bn and €0.3bn recorded in the previous

two quarters. In last 3M NNMsplit: 30% proprietary network and 70% FAs

Strong performance in Private Banking, with NNM positive by €0.3bn in last 3M (€0.2bn and €0.7bn in previous two quarters)

Deposits increased by €0.5bn to over €22bn

TFAs impacted by: i) market correction limited to 6%; ii) outflows in systematic liquid strategies, consistent with asset class mkt trend, partially offset by illiquid assets

25	1) Including market effect

CONSUMER: ASSET QUALITY PRESERVED DUE TO VALUE-DRIVEN APPROACH

NET PROFIT DOWN 3%; ROAC@29%

Group results at March 2020

Financial results

€m	9m	YoY1	3m	3m	3m
Mar20	Mar20	Dec19	Mar19
Total income	805	+5%	273	264	257
ow Net interest income	711	+5%	237	239	224
Total costs	(227)	+5%	(77)	(79)	(75)
GOP	579	+5%	196	185	182
Loan provisions	(204)	+17%	(76)	(63)	(61)
PBT	370	-2%	120	118	121
Net profit	248	-3%	81	79	82
New loans - €bn
5.6	+3%	1.7	2.0	1.9
Customer loans - €bn	13.7	+5%	13.7	13.7	13.0
Gross NPLs/Ls (%)	6.3%		6.3%	6.1%	5.2%
Cost/income ratio (%)	28		28	30	29
Cost of risk (bps)	202	+19bps	223	185	188
ROAC (%)	29		28	28	30

New loans by product (€ bn)

				1.9	2.0	1.9			2.0
																		0.1	1.7
									0.1
				0.1				0.3				0.1			0.3
				0.2
							0.3
																0.1
						0.3
				0.2				0.2							0.2
										0.2
				0.3				0.3						0.3		0.2
										0.3
													0.3
				1.0				1.0									1.0
										0.9
													0.8
				3Q19				4Q19				1Q20	2Q20		3Q20
		Personal loans		Car loans			SP loans		Credit Cards			Salary-guaranteed loans
					YoY: 9m Mar20/9mMar19
26		1)

Section 3

Highlights

Business model resilience confirmed in the new environment:

Strong product diversification: personal loans ~50% of new loans, highly profitable

Broad and integrated distribution network, with already good effectiveness in digital channel

Strong customer relationships: 80% is repeat business

Value-driven approach to business, with new business driven solely byrisk-adj.returns: CoR and asset quality historically kept under control even in tough times

Low correlation with GDP for COR and new loans

Last 3M saw €81m net profit - flat QoQ and YoY - despite

New loans falling by18% QoQ and 12% YoYdue to drop in demand following COVID-19 lockdown (weekly new loans dropped to ~20% ofpre-Coronavirusavg.); NII up 6% YoY driven by volume growth (up 5%), flat QoQ

LLPs growth (up 22% QoQ to €76m)to reflect

deterioration of risk, effect of mobility restrictions on

payment and collection activities: [e-mail] quality ratios confirmed strong

9M closed with revenues at €805m (up 5%), net profit at €248m (down 3%) andROAC at 29%

At end-April 2020 Compass decided not to pursue acquisition of 19.9% of BFI asCOVID-19has made the financials of the agreement unrealistic and changed business priorities.

CIB: RESILIENCE FOSTERED BY CLIENT-DRIVEN APPROACH & DIVERSIFICATION

NET PROFIT DOWN 26%, ROAC@11%

Group results at March 2020

Financial results

€m	9m	YoY1	3m	3m	3m
Mar20	Mar20	Dec19	Mar19
Total income	436	-9%	104	182	145
Net interest income	203	-1%	67	67	66
Fee income	174	-0%	52	65	52
Net treasury income	59	-40%	(15)	50	27
Total costs	(213)	+8%	(69)	(74)	(68)
GOP	223	-21%	35	108	77
Loan loss provisions	13	-49%	(17)	23	11
PBT	236	-23%	18	130	89
Net result	155	-26%	11	87	63
Customer loans - €bn		+9%		18.0	17.3
18.9	18.9
Gross NPLs/Ls (%)	3.0%		3.0%	3.1%	3.7%
Cost/income ratio (%)	49	+8pp	66	41	47
Cost of risk (bps)	(9)	+11bps	37	(52)	(25)
ROAC (%)	11		3	19	13

Section 3

Highlights

Business model diversification fostering resilience:

Financing(notably Lending and Specialty Finance):

strong revenueswith low-risk profile portfolio; loan book up 9% YoY and 5% QoQ,driven by corporate revolver draws

IB business(M&A and CapMkt): activity softened, after a strong start of the year in M&A, focusing on clients' recovery needs and opportunities in post-emergency environment

Markets and tradingaffected by market volatility and dislocation

3M net profit (€11m)penalized by slowdown in deal execution, negative treasury income (by €15m) and lower LLPs writebacks

Revenue by product (€m)

																	182
			145
					149				150					51
			47				50					48								104
															30
																			43
			34
						30					30					19
																			30
			59				14					32					39
						25									9					33
											6
			4				10									34					6
										31
			20
			19																19
			(18)																			(28)
			3Q19				4Q19					1Q20	2Q20					3Q20
			1)	YoY: 9m Mar20/9mMar19
27

Lending

Specialty fin

Trading prop.

Market, Sales

& Other

CapMkt¹

Advisory

Asset quality indicators confirmed strong and

Writebacks ongoing in selected positions

Temporary request for waiver on covenants, not postponement of payments

9M results show revenues of €436m and net profit of

€155m; operational gearing remains strong, with

cost/income ratio at 49% and ROAC at 11%

PI - NET PROFIT +3%, ROAC@14%

Group results at March 2020

Financial results

€m	9m	YoY1	3m	3m	3m
Mar20	Mar20	Dec19	Mar19
Total income	252	+9%	67	49	60
Impairments	(32)	n.m.	(40)	5	4
Net result	225	+3%	38	51	60
Book value - €bn	4.3	+15%	4.3	4.5	3.7
Ass. Generali (13%)	3.7	+20%	3.7	3.8	3.1
Other investments	0.6	-5%	0.6	0.6	0.6
Market value - €bn	3.1	-22%	3.1	4.4	4.0
Ass. Generali	2.5	-25%	2.5	3.7	3.3
RWA - €bn	5.7	-6%	5.7	5.7	6.1
ROAC (%)	14		15	11	11

Trend in seed capital (€m)

Equity			Credit	393	-9%
385		355

		208				216
								202
		177				177
								153
		Mar19				Dec19				Mar20

Section 3

Highlights

3Q20 net profit down 36% YoY to €38m due to impairment (~€40m) charges to the seed capital portfolio2for Cairn and RAM (down 9% QoQ to €355m).

Despite 3Q impairment, net profit for 9M rose 3% to €225m, on 9% revenue growth (to €252m) with contribution from AG up 11% to €67m in 3M

PI portfolio BV up 15% to €4.3bn driven by Ass. Generali BV

growth (from €3.1bn to €3.7bn)2due to net profit

generation and FVOCI reserve increase (up by ~€0.5bn) to be partially reversed with the dividend payment. AG FVOCI variation neutral on MB CET1 due to deduction mechanism.

AG book value trend3(€bn): MB stake@12.92%

		0.1		-3%
			(0,2)
3.1	3.8			3.7
Mar19	Dec19	Net profit	FVOCI	Mar20
			reserve

281) YoY: 9m Mar20/9mMar19

1. Seed capital portfolio is almost entirely constituted by Cairn (credit) and RAM (equity) funds.
2. Ass. Generali book value as of March 20 is computed based on AG's financial data as of Dec 19 (anteCovid-19)

HF - COMFORTABLE FUNDING AND LIQUIDITY POSITIONS

Group results at March 2020

Financial results

€m	9m	YoY1	3m	3m	3m
Mar20	Mar20	Dec19	Mar19
Total income	(13)	n.m.	(1)	(5)	13
Net interest income	(41)	+11%	(10)	(15)	(13)
Net treasury income	19	-46%	7	6	23
Fee income	9	+11%	2	3	4
Total costs	(125)	-2%	(45)	(42)	(46)
GOP	(137)	+14%	(46)	(47)	(33)
Loan provisions	(6)	+24%	(3)	(2)	(2)
Other (SRF/DGS incl.)	(52)	+31%	(40)	(12)	(28)
Income taxes & minorities	55	+12%	25	15	12
Net profit	(141)	+21%	(64)	(46)	(51)
Customer loans - €bn	1.8	-8%	1.8	1.9	2.0
Banking book - €bn	6.0	-12%	6.0	5.6	6.9

Key issuance since July 2019

Issue date		Bond type	Size (€m)	Spread at issue	Investor
	Jul-19		Covered	750	MS+53bps	Institutional
	Jul-19		Senior Pref.	500	MS+137bps	Institutional
Nov-19		ABS	600	3mE+57bps	Institutional
Dec-19		Senior Pref.	500	MS+103bps	Institutional
Jan-20		SNP	500	MS+130bps	Institutional
		1)	YoY: 9m Mar20/9mMar19
29

Section 3

Highlights

Comfortable funding and liquidity position, as FY20 funding plan 100% completed withcost of funding flat at 80 bps. Key indicators >100% (LCR 166%, NSFR 103%). Wide range of funding options available in the next quarters: deposit growth, secured funding, TLTRO and tactical unsecured issuances

3M net result in line with previous quarters if adjusted for non-operating items (SFR/DGS provisions €37m in 3M vs €12m in 2Q)

Central costs under control (down 2%)

Leasing: deleveraging ongoing (loans down 8% YoY)

MB bonds issues & redemptions (€bn, CoF bps vs Euribor3M)

Avg.cost expiring bonds		120	135	150	100
Avg.cost issued bonds	95
		Issuances	4.1	3.5			3.3
					2.5
		Redemptions			0.9
					9M Mar20		4Q20		12M		12M
								June20		June21		June22

AGENDA

Section 1. MB well equipped to cope with Covid-19

Section 2. Covid-19 impact

Section 3. Group results as at March 2020 Section 4. Closing remarks

Annexes

1. Quarterly segmental reporting tables
2. Glossary

	WHAT'S NEXT
Closing remarks	Section 4

9M20 SHOW STRONG RESULTS

Robustperformance in core revenues, strong new lending business and NNM

Superior asset quality and capitalization confirmed: CET1@14% with 60bps dividend accrued

High profitability with ROTE @10%

MB HAS PROVED TO BE ABLE TO GROW AND DELIVER REVENUE DIVERSIFICATION THROUGH CYCLES

FOSTERING ITS SOLIDITY WITH IMPROVED CAPITAL RATIO AND ASSET QUALITY

MB BETTER EQUIPPED TO COPE WITH COVID-19 CRISIS COMPARED TO THE TWO PREVIOUS ONES

WE KEEP ON IN IMPLEMENTING BUSINESS PLAN VISION AND ACTIONS,

TURNING THE CURRENT MACRO SCENARIO INTO AN OPPORTUNITY

In the next Qs we expecthigher contribution to Group profitability from WM, lower revenues from Consumer/CIB as long as loan book/pipeline are rebuilt

First positive signs in April: trading & mkt. positions recovering, credit collection and corporate activity restarted

We do see concrete possibilities to improve positioning in each business due to strong franchise and capital

Capital generation will remain strong: FY21 CET1~15%¹ even in the case of CoR@100bps

doubled compared with pre-Covid level: June19@52bps

With full year results in July20 MB will adjust the IFRS 9 indicators to the new macro scenario and issue new guidance on

the distribution 2020 in line with the ECB recommendations[2]

1. Pre dividend distribution/buyback
2. The treasury share buyback scheme, authorized by shareholders at the ordinary Annual General Meeting held on 27 October

	2018 and the European Central Bank pursuant to Articles 77-78 of Regulation (EU) 575/2013 (CRR) on 23 October 2018, was
31	ended on 25 March 2020, with a total of 41.8 million shares bought back (equal to 4.7% of the company's share capital).
Accordingly, shareholders will be asked to approve cancellation of the treasury shares. Application for approval of the new
	buyback scheme will be resumed in FY 2020-21, in accordance with the ECB guidelines

AGENDA

Section 1. MB well equipped to cope with Covid-19

Section 2. Covid-19 impact

Section 3. Group results as at March 2020 Section 4. Closing remarks

Annexes

1. Quarterly segmental reporting tables
2. Glossary

MEDIOBANCA GROUP P&L

9M results as at March 2020								Annex 1
	€m	9m	9m	∆	3Q20	2Q20	1Q20	4Q19	3Q19
	Mar20	Mar19	YoY1
Total income	1,907	1,884	1%	582	641	684	641	607
Net interest income	1,082	1,047	3%	360	362	359	349	346
Fee income	487	462	6%	159	174	155	150	149
Net treasury income	89	151	-41%	(3)	57	35	46	53
Equity accounted co.	250	225	11%	66	48	136	96	59
Total costs	(891)	(853)	4%	(300)	(309)	(283)	(309)	(291)
Labour costs	(454)	(428)	6%	(150)	(159)	(145)	(154)	(145)
Administrative expenses	(437)	(425)	3%	(150)	(150)	(138)	(155)	(146)
Loan loss provisions	(210)	(161)	30%	(100)	(44)	(65)	(61)	(52)
GOP risk adjusted	807	870	-7%	182	288	337	271	264
Impairments, disposals	(32)	(6)	n.m.	(41)	5	4	4	5
Non recurring (SRF/DGS contribution)	(56)	(37)	51%	(41)	(16)	0	(17)	(26)
PBT		718	826	-13%	101	277	341	258	243
Income taxes & minorities	(166)	(200)	-17%	(16)	(80)	(70)	(61)	(67)
Net result	552	626	-12%	85	197	271	197	176
Cost/income ratio (%)	47	45	+2pp	52	48	41	48	48
LLPs/Ls (bps)	61	51	+10bps	85	39	58	56	48
ROTE (%)	10	10	-
33	1) YoY= Mar20/Mar19

MEDIOBANCA GROUP A&L

9M results as at March 2020						Annex 1
€bn	Mar20	Dec19	June19	Mar19	∆	∆
QoQ1	YoY1
Funding	53.9	52.1	51.4	52.0	+3%	+4%
Bonds	19.2	19.4	18.5	19.2	-	+0%
Direct deposits (retail&PB)	22.4	21.9	22.4	22.6	+2%	-1%
ECB	4.7	4.3	4.3	4.3	-	-
Others	7.6	6.5	6.1	5.9	+17%	+30%
Loans to customers	47.4	46.3	44.4	43.3	+3%	+10%
CIB	18.9	18.0	17.9	17.3	-	+9%
Wholesale	16.5	15.3	15.6	15.0	+8%	+10%
Specialty Finance	2.4	2.7	2.3	2.3	-13%	+3%
Consumer	13.7	13.7	13.2	13.0	-0%	+5%
WM	13.0	12.6	11.4	11.0	+3%	+18%
Mortgage	10.1	9.8	9.0	8.6	+3%	+17%
Private banking	2.9	2.8	2.4	2.4	+4%	+23%
Leasing	1.8	1.9	2.0	2.0	-3%	-8%
Treasury and securities at FV	11.9	11.4	12.8	14.2	+4%	-16%
RWAs	47.3	47.1	46.3	46.5	+0%	+2%
Loans/Funding ratio	88%	89%	86%	83%
CET1 ratio (%)2	13.9	14.1	14.1	14.3
TC ratio (%) 2	16.7	17.1	17.5	17.8

	1)	YoY=Mar20/Mar19; QoQ=Mar20/Dec19
2)	Managerial calculation as at March20 differs from that stated in the Common Reporting (COREP), as it includes the result for the
34		period (not subject to authorization pursuant to Article 26 CRR), which accounts for approx. 20bps of CET1, CET1 fully loaded @12.7%

(with DC for 106bps of CET1 and IFRS9 fully phased for 16bps of CET1)

WEALTH MANAGEMENT RESULTS

9M results as at March 2020								Annex 1
		€m	9m	9m	∆	3Q20	2Q20	1Q20	4Q19	3Q19
		Mar20	Mar19	YoY1
Total income	444	410	+8%	145	159	140	138	137
Net interest income	204	194	+5%	66	69	69	66	66
Fee income	235	210	+12%	77	89	70	71	69
Net treasury income	5	5	+0%	3	1	2	1	2
Total costs	(338)	(322)	+5%	(113)	(117)	(108)	(112)	(107)
Loan provisions	(12)	(7)	+74%	(4)	(4)	(4)	(5)	(0)
Operating profit	94	80	+17%	27	38	28	21	30
Other		1	1		(2)	2	1	(0)	1
Income taxes & minorities	(28)	(25)	+11%	(8)	(12)	(9)	(6)	(10)
Net profit	67	56	+19%	18	29	20	15	20
Cost/income ratio (%)	76	79	-3pp	78	74	77	81	78
LLPs/Ls (bps)	13	8	+5bps	13	11	14	18	1
Loans (€bn)	13.0	11.0	+18%	13.0	12.6	12.1	11.4	11.0
TFA (€bn)	60.2	61.3	-2%	60.2	63.7	62.4	61.4	61.3
AUM/AUA	37.8	39.1	-3%	37.8	41.8	39.8	39.0	39.1
Deposits	22.4	22.2	+1%	22.4	21.9	22.6	22.4	22.2
NNM (€bn)	1.9	5.5	-65%	0.6	1.0	0.3	(0.2)	1.8
AUM/AUA	1.9	2.1	-7%	0.0	1.6	0.3	(0.1)	0.3
Deposits	(0)	3.4	-100%	0.6	(0.6)	0.0	(0.0)	1.5
RWA (€bn)	4.7	4.3	+9%	4.7	4.7	4.7	4.5	4.3
ROAC (%)	21	16	+5pp
35		1) YoY= Mar20/Mar19

CONSUMER BANKING RESULTS

9M results as at March 2020								Annex 1
		€m	9m	9m	∆	3Q20	2Q20	1Q20	4Q19	3Q19
		Mar20	Mar19	YoY1
Total income	805	770	+5%	273	264	267	257	257
Net interest income	711	675	+5%	237	239	235	224	224
Fee income	94	95	-2%	36	25	33	33	32
Total costs	(227)	(216)	+5%	(77)	(79)	(70)	(77)	(75)
Loan provisions	(204)	(175)	+17%	(76)	(63)	(65)	(63)	(61)
GOP risk adjusted	374	379	-1%	120	123	132	117	121
Other		(5)	0		0	(5)	0	0	0
Income taxes	(122)	(123)	-1%	(40)	(39)	(44)	(36)	(40)
Net profit	248	256	-3%	81	79	88	80	82
Cost/income ratio (%)	28	28	-	28	30	26	30	29
LLPs/Ls (bps)	202	183	+19bps	223	185	197	193	188
New loans (€bn)	5.6	5.4	+3%	1.7	2.0	1.9	2.0	1.9
Loans (€bn)	13.7	13.0	+5%	13.7	13.7	13.4	13.2	13.0
RWAs (€bn)	12.9	12.2	+5%	12.9	12.9	12.7	12.6	12.2
ROAC (%)	29	31	-2pp
36		1) YoY= Mar20/Mar19

CIB RESULTS

9M results as at March 2020								Annex 1
		€m	9m	9m	∆	3Q20	2Q20	1Q20	4Q19	3Q19
		Mar20	Mar19	YoY1
Total income	436	478	-9%	104	182	150	149	145
Net interest income	203	205	-1%	67	67	69	68	66
Fee income	174	175	-0%	52	65	57	53	52
Net treasury income	59	98	-40%	(15)	50	24	28	27
Total costs	(213)	(198)	+8%	(69)	(74)	(69)	(72)	(68)
Loan loss provisions	13	25		(17)	23	7	11	11
GOP risk adjusted	236	305	-23%	18	131	87	89	88
Other		0	2		0	-1	0	-1	1
Income taxes & minorities	(80)	(99)	-19%	(7)	(43)	(30)	(30)	(27)
Net result	155	209	-26%	11	87	57	57	63
Cost/income ratio (%)	49	41	+8pp	66	41	46	48	47
LLPs/Ls (bps)	(9)	(20)	+11bps	37	(52)	(15)	(25)	(25)
Loans (€bn)	18.9	17.3	+9%	18.9	18.0	17.6	17.9	17.3
RWAs (€bn)	20.8	20.0	-	20.8	20.3	19.7	20.1	20.0
ROAC (%)	11	15	-4pp
37		1) YoY= Mar20/Mar19

PRINCIPAL INVESTING RESULTS

9M results as at March 2020								Annex 1
€m	9m	9m	∆	3Q20	2Q20	1Q20	4Q19	3Q19
Mar20	Mar19	YoY1
Total income	252	231	+9%	67	49	137	102	60
Impairments	(32)	(7)	n.m.	(40)	5	3	3	4
Net result	225	219	+3%	38	51	136	95	60
Book value (€bn)	4.3	3.7	+15%	4.3	4.5	4.2	3.9	3.7
Ass. Generali (13%)	3.7	3.1	+20%	3.7	3.8	3.5	3.2	3.1
Other investments	0.6	0.6	-5%	0.6	0.6	0.7	0.7	0.6
Market value (€bn)	3.1	4.0	-22%	3.1	4.4	4.3	4.0	4.0
Ass. Generali	2.5	3.3	-25%	2.5	3.7	3.6	3.3	3.3
RWA (€bn)	5.7	6.1	-6%	5.7	5.7	5.5	5.6	6.1
ROAC (%)	14	15	-1pp

38	1) YoY= Mar20/Mar19

HOLDING FUNCTION RESULTS

9M results as at March 2020								Annex 1
€m	9m	9m	∆	3Q20	2Q20	1Q20	4Q19	3Q19
Mar20	Mar19	YoY1
Total income	(13)	7		(1)	(5)	(6)	(1)	13
Net interest income	(41)	(37)	+11%	(10)	(15)	(16)	(10)	(13)
Net treasury income	19	35	-46%	7	6	6	10	23
Fee income	9	8	+11%	2	3	4	-1	4
Total costs	(125)	(127)	-2%	(45)	(42)	(38)	(50)	(46)
Loan provisions	(6)	(5)	+24%	(3)	(2)	(2)	(4)	(2)
GOP risk adjusted	(144)	(126)	+14%	(49)	(49)	(46)	(56)	(35)
Other (incl. SRF/DGS contribution)	(52)	(40)		(40)	(12)	0	(15)	(28)
Income taxes & minorities	55	49	+12%	25	15	16	19	12
Net profit	(141)	(116)	+21%	(64)	(46)	(31)	(51)	(51)
LLPs/Ls (bps)	44	36	+8bps	54	33	46	63	44
Banking book (€bn)	6.0	6.9	-12%	6.0	5.6	5.7	5.6	6.9
New loans (€bn)	0.2	0.3	-29%	0.0	0.1	0.1	0.1	0.1
Loans (€bn)	1.8	2.0	-8%	1.8	1.9	1.9	2.0	2.0
RWA	3.2	3.9	-16%	3.2	3.4	3.4	3.5	3.9

39	1) YoY= Mar20/Mar19

AGENDA

Section 1. MB well equipped to cope with Covid-19

Section 2. Covid-19 impact

Section 3. Group results as at March 2020 Section 4. Closing remarks

Annexes

1. Quarterly segmental reporting tables
2. Glossary

GLOSSARY

MEDIOBANCA BUSINESS SEGMENT

CIB	Corporate and investment banking
WB	Wholesale banking
SF	Specialty finance
CB	Consumer banking
WM	Wealth management
PI	Principal Investing
AG	Assicurazioni Generali
HF	Holding functions
PROFIT & LOSS (P&L) and BALANCE SHEET
AIRB	Advanced Internal Rating-Based
ALM	Asset and liabilities management

PROFIT & LOSS (P&L) and BALANCE SHEET

DPS	Dividend per share
EPS	Earning per share
ESG	Environmental, Social, Governance
FAs	Financial Advisors
FVOCI	Fair Value to Other Comprehensive Income
GOP	Gross operating profit
Leverage ratio	CET1 / Total Assets (FINREP definition)
Ls	Loans
LLPs	Loan loss provisions
M&A	Merger and acquisitions
NAV	Net asset value
NII	Net Interest income
NNM	Net new money (AUM/AUA/Deposits)

AUA

AUC

AUM

BVPS

C/I

CBC

CET1 Phase-in

CET1 Fully Loaded

CoF

CoE

CoR

CSR

DGS

Asset under administration

Asset under custody

Asset under management

Book value per share

Cost /Income

Counter Balance Capacity

Calculated with "Danish Compromise" (Art. 471 CRR2, applicable until Dec.24) and in compliance with the concentration limit. Transitional arrangements referred to IFRS 9, according to Reg.(EU) 2017/2395 of the EU Parliament /Council.

Calculation including the full IFRS 9 impact and with the AG investment deducted in full.

Cost of funding

Cost of equity

Cost of risk

Corporate Social Responsibility

Deposit guarantee scheme

NP	Net profit
NPLs	Group NPLS net of NPLs purchased by MBCS
PBT	Profit before taxes
RM	Relationship managers
ROAC adj.	Adjusted return on allocated capital1
ROTE adj.	Adjusted return on tangible equity2
RWA	Risk weighted asset
SRF	Single resolution fund
TC	Total capital
Texas ratio	Net NPLs/CET1
TFA	AUM+ AUA+Deposits

Notes

1. Adjusted return on allocated capital:average allocated K = 9% RWAs (for
   PI: 9% RWA + capital deducted from CET1). Gains/losses from AFS disposals, impairments and positive/negative one-off items excluded, normalized tax rate = 33%. For Private Banking normalized tax rate = 25%
2. Return on tangible equity: net profit excluding non-recurring items /
   Shareholders' equity - goodwill

41

DISCLAIMER & DECLARATION OF HEAD OF FINANCIAL REPORTING

Disclaimer

This document includes certain projections, estimates, forecasts and consequent targets which reflect the current views of Mediobanca - Banca di Credito Finanziario S.p.A. (the "Company") with regard to future events ("forward-looking statements").

These forward-looking statements include, but are not limited to, all statements other than actual data, historical or current, including those regarding the Group's future financial position and operating results, strategy, plans, objectives and future developments in the markets where the Group operates or is intending to operate.

All forward-looking statements, based on information available to the Company as of the date hereof, rely on scenarios, assumptions, expectations and projections regarding future events which are subject to uncertainties because dependent on

factors most of which are beyond the Company's control. Such uncertainties may cause actual results and performances that

differ, including materially, from those projected in or implied by the data present; therefore the forward-looking statements are not a reliable indicator of future performances.

The information and opinions included in this document refer to the date hereof and accordingly may change without notice. The Company, however, undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Due to the risks and uncertainties described above, readers are advised not to place undue reliance on such forward-looking statements as a prediction of actual results. No decision as to whether to execute a contract or subscribe to an investment should be based or rely on this document, or any part thereof, or the fact of its having been distributed.

Declaration by Head of Company Financial Reporting

As required by Article 154-bis, paragraph 2 of Italian Legislative Decree 58/98, the undersigned hereby declares that the stated accounting information contained in this report conforms to the documents, account ledgers and book entries of the company.

Head of Company Financial Reporting

Emanuele Flappini

42

INVESTOR CONTACTS

Mediobanca Group

Investor Relations

Piazzetta Cuccia 1, 20121 Milan, Italy

Jessica Spina	Tel. no. (0039) 02-8829.860
Luisa Demaria	Tel. no. (0039) 02-8829.647
Matteo Carotta	Tel. no. (0039) 02-8829.290
Marcella Malpangotto	Tel. no. (0039) 02-8829.428

Email: [e-mail]

http://www.mediobanca.com

43