Equita S p A : The Board of Directors of Equita Group approves the financial results for the first half ended 30 June 2020. Outlook on 2020 fiscal year

PRESS RELEASE

THE BOARD OF DIRECTORS OF EQUITA GROUP APPROVES THE FINANCIAL RESULTS FOR THE FIRST HALF ENDED 30 JUNE 2020

• CONSOLIDATED NET REVENUES AT EURO 29.1 MILLION AND CONSOLIDATED NET PROFIT AT EURO 5.1 MILLION IN THE FIRST HALF 2020, REPRESENTING A GROWTH OF 14% AND 27% YEAR-ON-YEAR RESPECTIVELY
• RETURN ON TANGIBLE EQUITY AT 19% AND TOTAL CAPITAL RATIO AT 25% AS OF 30 JUNE 2020, CONSISTENTLY ABOVE CAPITAL REQUIREMENTS
• OUTLOOK 2020: THE RESULTS ACHIEVED IN THE FIRST HALF AND THE EXPECTATIONS FOR THE SECOND HALF - ABSENT SIGNIFICANT MARKET CHANGES - LED THE BOARD OF DIRECTORS OF EQUITA TO CONSIDER THE PROPOSAL TO DISTRIBUTE A DIVIDEND BETWEEN EURO 0.18 AND EURO 0.20 PER SHARE IN 2021 (COMPARED TO EURO 0.19 DISTRIBUTED IN JUNE 2020)

Milan, September 10th, 2020

The Board of Directors of Equita Group S.p.A. (the "Company" and, together with its subsidiaries, "Equita" or the "Group") today approved the financial results for the first half ended 30 June 2020.

Andrea Vismara, Chief Executive Officer of Equita, commented: "The results of the first half of 2020 proved the ability of Equita to successfully adapt to unfavourable market situations and demonstrated the effectiveness of the diversification strategy implemented by the Group over the past years. This has allowed Equita to benefit from higher trading volumes coming from clients and to earn several mandates in the financial transactions that were closed in the market over the first six months of the year".

Vismara continued: "These months have been eventful in terms of projects: we signed a medium-long term financing agreement to support our growth plan and diversification strategy, and we appointed an advisory board to support the Group's strategic decisions. We also acquired a 70% stake in K Finance in July to further strengthen our role among the top 10 M&A advisors in Italy and we confirmed our leading position in Institutional Investor's international surveys for the quality of our research, sales & trading and corporate access activities".

Vismara then concluded: "In terms of mandates, we see an interesting pipeline for the coming months. This leads us to be cautiously optimistic for the second half of the year".

CONSOLIDATED NET REVENUES

In the first half 2020, Equita recorded 14% growth in Consolidated Net Revenues, from Euro 25.5 million in 2019 to Euro

29.1 million in 2020. Excluding the contribution of activities unrelated to clients - such as Directional Trading and the impacts of the Group's Investment Portfolio connected to the asset management business as of 30 June 2020 - the Consolidated Net Revenues increased by 31%, from Euro 23.0 million in the first half 2019 to Euro 30.1 million in the first half 2020.

The Global Markets division, which includes Sales & Trading, Client Driven Trading & Market Making activities and Directional Trading, recorded increasing Net Revenues, from Euro 17.1 million in the first half 2019 to Euro 18.2 million in the first half 2020 (+7%), with solid growth in Net Revenues from client-relatedbusiness.

Sales & Trading revenues, net of commissions and interest expenses, grew by 10% in the first half of the year, from Euro

11.3 million in 2019 to Euro 12.4 million in 2020, benefitting from of the ongoing efforts of the trading floor to further diversify the product offering with cross-sellinginitiatives and the higher trading volumes in the market coming from retail and institutional investors. This is demonstrated by growing volumes of equities and fixed income instruments

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PRESS RELEASE

(€ m)	H1 2020	H1 2019	% Var	Q2 2020	Q2 2019	% Var
Global Markets	18,2	17,1	7%	9,1	7,9	15%
Sales & Trading	12,4	11,3	10%	5,6	5,7	(3%)
Client Driven Trading & Market Making	6,8	3,9	78%	3,3	1,7	92%
Directional Trading	(1,0)	1,9	(152%)	0,3	0,5	(41%)
Investment Banking	9,0	5,7	56%	5,0	3,7	35%
Alternative Asset Management	2,0	2,7	(27%)	2,1	1,3	67%
o/w Asset management fees	2,0	2,2	(9%)	1,0	1,1	(11%)
o/w Investment Portfolio	0,0	0,5	(99%)	1,1	0,2	530%
Consolidated Net Revenues	29,1	25,5	14%	16,2	12,9	26%
o/w Client Related	30,2	23,0	31%	14,8	12,2	21%
o/w Non-Client Related (Directional Trading)	(1,0)	1,9	(152%)	0,3	0,5	(41%)
o/w Investment Portfolio	0,0	0,5	(99%)	1,1	0,2	530%

brokered in the first half 2020 for third parties in the Italian markets, rising by 32% and 52% respectively compared to the previous year1. In the same period, Equita was able to maintain its significant market share in the MTA equity market (8%) as well as in the fixed income market (6%)2.

Net Revenues of Client Driven Trading & Market Making activities increased from Euro 3.9 million in the first half 2019 to Euro 6.8 million in the first half 2020 (+78%), thanks to higher brokerage volumes coming from clients and the successful performance of some trading strategies.

Directional Trading instead was affected by the sharp corrections experienced by financial markets during the first months of the year and that impacted the value of the proprietary trading portfolio of Equita. As a result, net revenues of Directional Trading declined from Euro 1.9 million in the first half 2019 to Euro -1.0 million in the first half 20203, despite the improving performance of the second quarter 2020 compared to the first quarter 2020 (Euro 0.3 million and Euro -

1.3 million respectively). Excluding the Directional Trading result, Net Revenues directly linked to business with clients in the Global Markets division (Sales & Trading and Client-Driven& Market Making) grew 27%, from Euro 15.1 million in the first half 2019 to Euro 19.2 million in the first half 2020.

In the second quarter 2020, the Global Markets division recorded growing net revenues (+15% compared to the second quarter 2019), from Euro 7.9 million to Euro 9.1 million, thanks to the solid performance of the Client-Driven& Market Making activities.

It is worth mentioning that in August 2020, Equita confirmed its leading position in the well-renowned rankings published by Institutional Investors - where each year thousands of Italian and international investors vote to nominate the best brokers in the financial industry - for its sales & trading and corporate access activities.

The Investment Banking division increased its Net Revenues by 56% year-on-year, from Euro 5.7 million in the first half 2019 to Euro 9.0 million in the first half 2020, driven by the good performance of all business areas, despite a challenging underlying market.4

In the first half 2020, Equita assisted - in addition to other transactions already disclosed with first quarter results - Cy4Gate as Sole Global Coordinator for its admission to trading on the AIM Italia market of Borsa Italiana (the largest IPO in terms of volumes on the AIM segment since 2018), Trevi Finanziaria as Placement Agent for its increase in share capital, and Intek Group as intermediary in charge of coordinating the collection of acceptances in the takeover of its 2015-2020

1. Source: ASSOSIM. Figure on equities refers to the MTA Italian stock Exchange. Figure on fixed income refers to the DomesticMOT, EuroMOT and ExtraMOT Italian markets.
2. Equita elaboration on ASSOSIM data
3. "Client Driven Trading & Market Making" and "Directional Trading" are an internal reporting representation of Proprietary Trading
4. Volumes of Equity Capital Markets' transactions slightly declined compared to the previous year (-2%), from Euro 4.0 billion in the first half 2019 to Euro 3.9 billion in the first half 2020, with number of transactions declining more significantly by 26%, from 23 to 17. Volumes of Debt Capital Markets' transactions - with specific reference to high yield and not rated corporate issues - declined by 20%, from Euro 1.8 billion in the first half 2019 to Euro 1.5 billion in the first half 2020, despite the stable number of deals executed (4). M&A deals dropped in terms of volumes (from Euro 23 billion in the first half 2020 to Euro 20 billion in the first half 2020, -17%) as well as number of transactions (from 500 to 381, -24%). Source: Equita elaboration on Dealogic (Equity Capital Markets), Bondradar (Debt Capital Markets) and KPMG (M&A)

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notes. Equita also assisted several clients as financial advisor, like Apollo Global Management in the acquisition of Gamenet Group (and as Global Coordinator in the reverse ABB and intermediary in charge of coordinating the collection of acceptances in the takeover of Gamenet shares), Platinum Equity in the acquisition of Farnese Vini, Gruppo Caffo 1915 in the acquisition of PetrusBoonekamp trademark, Newlat Group in the acquisition of Centrale del Latte d'Italia, AMCO - Asset Management Company in the spin-off of the non-performing loans of Banca MPS, MCC - Mediocredito Centrale in the acquisition of Banca Popolare di Bari, Banca Carige in the conversion of saving shares into ordinary shares, and Banco di Sardegna (Gruppo BPER) in the conversion of saving shares into preferred shares. Equita was also appointed financial advisor of AIM Vicenza in the merger with AGSM Verona - the largest recent merger between multiutilities with a value above Euro 1 billion - and confirmed its advisory role assisting the independent board members of large listed companies such as INWIT in the structuring of a joint venture with Vodafone Italia and GEDI in the takeover launched by Exor. Equita was also involved as financial advisor of Intesa Sanpaolo in the takeover bid to acquire UBI Banca, with the transaction finalised after the reporting period.

In the second quarter 2020, the investment banking recorded a 35% increase in net revenues compared to the previous year, from Euro 3.7 million to Euro 5.0 million in 2019, mainly driven by the positive performance of Equity Capital Markets and M&A Advisory business areas.

The first half 2020 results do not include the contribution of Equita K Finance (previously K Finance), primary Italian independent corporate finance boutique specialised in M&A Advisory and acquired by Equita on 14 July 2020.

The Alternative Asset Management division saw its asset management fees (portfolio management and private debt) moving from Euro 2.2 million in the first half 2019 to Euro 2.0 million in the first half 2020 (-9%). This was mainly due to the lower average value of assets under management which were impacted by the market correction that followed the Covid-19 pandemic (Euro 896 million as of 30 June 2020, Euro 852 million as of 31 March 2020, Euro 1.0 billion as of 31 December 2019). By contrast, in the second quarter of the year the Investment Portfolio 5 - after having been hit by the markets' downturn as of 31 March 2020 - fully recovered its value from the beginning of the year, driving up the first half 2020 result to Euro 0.0 million (compared to Euro 0.5 million in the first half 2019).

With specific reference to private debt, in the first half 2020 the team focused on the fundraising of Equita Private Debt Fund II and continued its scouting activities to identify new investment opportunities that could accelerate the investment phase of the second fund once operative.

In the second quarter 2020, the Alternative Asset Management Net Revenues grew by 67%, from Euro 1.3 million in 2019 to Euro 2.1 million in 2020. This result was mainly driven by the strong performance of the Investment Portfolio, supported by the partial recovery of financial markets.

The Research Team supported all business areas of the Group and helped institutional investors make investment decisions on 120 Italian and 40 foreign listed companies. The team also added several debt instruments to the coverage and built a significant presence in the fixed income domain. It is worth mentioning that in August 2020 the Research Team topped Institutional Investor's rankings for the quality of its research and the focus on mid and small caps.

CONSOLIDATED INCOME STATEMENT (RECLASSIFIED)

Personnel costs grew from Euro 11.6 million in the first half 2019 to Euro 13.3 million in the first half 2020 (+15%), consistent with the growth in Net Revenues. The Compensation/Revenues ratio was 46%, in line with the previous year.

5 The Investment Portfolio includes the investments made by the Group in the alternative asset management products that have been launched, with the purpose of further aligning Equita's interests to the investors' ones

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Consolidated Profit & Loss (reclassified, € m)	H1 2020	% R.N.	H1 2019	% R.N.	% Var
Consolidated Net Revenues	29,1	100%	25,5	100%	14%
Personnel costs (1)	(13,3)	(46%)	(11,6)	(46%)	15%
Other operating costs (2)	(8,6)	(30%)	(8,1)	(32%)	6%
of which Information Technology	(2,8)	(10%)	(3,0)	(12%)	(5%)
of which Trading Fees	(1,7)	(6%)	(1,7)	(6%)	5%
of which Other (marketing, governance…) (2)	(4,1)	(14%)	(3,5)	(14%)	16%
Total Costs	(21,9)	(75%)	(19,7)	(77%)	11%
Consolidated Profit before taxes	7,2	25%	5,8	23%	25%
Income taxes	(2,1)	(7%)	(1,8)	(7%)	20%
Consolidated Net Profit	5,1	18%	4,0	16%	27%

1. Such item excludes compensation of Board of Directors and Statutory Auditors
2. Such item includes compensation of Board of Directors and Statutory Auditors, net recoveries on impairment of tangible and intangibles assets and other operating income and expenses

Other operating costs rose from Euro 8.1 million in the first half 2019 to Euro 8.6 million in the first half 2020 (+6%). The increase was due to some additional costs coming from the newly established subsidiary Equita Capital SGR that started its operations on October 1, 2019 (mainly governance expenses), as well as other expenses linked to one-off initiatives like the structuring of the medium-long term financing, the acquisition of Equita K Finance and the charity initiative "Equita Trading for the Recovery". Excluding such impacts (Euro 0.6 million in total), other operating costs were in line with the previous year. Moreover, the increase in Trading Fees (+5%) in the first half 2020 was proportionally lower compared to the increase in Sales & Trading Net Revenues (+10%) while the Information Technologies expenses (-5%) decreased, benefiting from further integration of the Retail Hub which fostered additional synergies. The Cost/Income ratio6 was 75% in the first half 2020, highlighting an improvement from 77% of the previous year.

Consolidated Net Profit was Euro 5.1 million in the first half 2020 (+27% compared to the first half 2019), with a post-tax margin of 18%.

CONSOLIDATED SHAREHOLDERS' EQUITY

Consolidated Shareholders' Equity was Euro 76.9 million as of June 30, 2020, down compared to 2019 year-end (Euro

80.1 million) due to the distribution of Euro 8.6 million dividend paid out in June 2020. The Consolidated Return on Tangible Equity (ROTE)7 was 19% and the Consolidated Total Capital Ratio (TCR) was 25%, consistently above capital requirements.

OUTLOOK

For the second half of the year, Equita's management is confident in a positive trend in Group's results. The second half 2020 is expected to benefit from the consolidation of Equita K Finance - acquired on 14 July 2020 - and from the solid investment banking pipeline. The second half of 2020 will also benefit from the launch of the second private debt fund Equita Private Debt Fund II. The Board of Directors, in view of the expected results for the fiscal year 2020 and the retained earnings of the last three years (approximately Euro 3.9 million), is considering - absent significant changes in the market

• the proposal, to be submitted to the next Shareholders' Meeting, to distribute a dividend between Euro 0.18 and Euro
  0.20 per share (compared to Euro 0.19 paid out in June 2020).

1. Ratio between Total Costs and Net Revenues
2. Calculated excluding the Consolidated Net Profit from Tangible Equity

EQUITA GROUP S.P.A.| VIA TURATI, 9 - 20121 MILAN | TEL. [phone] | [e-mail] | WWW.EQUITA.EU

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