Mediobanca Banca di Credito Finanziario S p A : CheBanca! BoD Financial statements for year ended 30 June 2021 approved

PRESS RELEASE

CheBanca! Board of Directors' Meeting

Financial statements for year ended 30 June 2021 approved

CheBanca! has accelerated on its growth path in FY21,

in accordance with the direction outlined in the 2019-23 Strategic Plan

The bank's specialized business model, with its advisory-based approach integrated with best-in-class technologies, backed by ongoing enhancement of both distribution and product offering, has enabled it to come through the continuing pandemic successfully and deliver record results

TFAs up 17% to €32.5bn, with AUM up 25% to €15.6bn

NNM of €3.7bn, up 45%

Revenues up 13%, to €358m, with fees up 24% to €127m

Net profit up 53%, to €49m

TFAs increased to €32.5bn (up 17.2% YoY, up 3.7% QoQ), in all segments

AUM/AUA up to €15.6bn (up 25% YoY, up 6.8% QoQ), deposits up to €16.9bn (up 10.8% YoY, up 1.0% QoQ)

NNM of €3.7bn in 12M, €2.1bn of which AUM/AUA,

on substantial growth in AUM in 2H

€1.6bn in 1H, €2.1bn in 2H, with NNM of €0.7bn in AUM/AUA in 4Q

Customer loans totalling €11.1bn (up 8.1% YoY; up 1.5% in 4Q), with new loans in residential

mortgages at high levels (€2.2bn, stable YoY), €0.5bn of which in 4Q (vs €0.6bn in 3Q)

Strong investments in distribution for the fourth year running, with recruitment

resuming after the Covid-related slowdown:

951 professionals and 205 POS

Premier relationship managers total 486 (7 added in 4Q, 32 in 12M), responsible for €1.1bn of AUM/AUA in 12M

Financial advisors total 465 (18 added in 4Q, 51 in 12M), responsible for €1.0bn of AUM/AUA in 12M

107 CheBanca! branches and 98 FAs offices (13 in 12M)

CheBanca! S.p.A. - Sede Legale: Viale Bodio 37, Palazzo 4, 20158 Milano - Capitale Sociale € 506.250.000,00 i.v. - Codice Fiscale, Partita IVA e Iscrizione al Registro delle Imprese di Milano n° 10359360152 - Codice ABI 03058.5 - Banca iscritta all'Albo delle Banche e appartenente al Gruppo Bancario Mediobanca iscritto all'Albo dei Gruppi Bancari - Banca iscritta al Registro Unico degli Intermediari Assicurativi e Riassicurativi - Socio unico, direzione e coordinamento: Mediobanca S.p.A. - Aderente al Fondo Interbancario di Tutela dei Depositi e al Fondo Nazionale di Garanzia. CheBanca!® è un marchio registrato di CheBanca! S.p.A

Revenues, profit and cost/income ratio continue their positive trajectory:

Revenues total €358m (up 13%), on net interest income of €229m (up 7%)

and fee income of €127m (up 24%)

Growth in fee income is testimony to ongoing enhancement of the product offering and asset profitability

Cost/income ratio down from 79% to 75%, despite the continuing investments in distribution and expansion in

the scope of operations (operating costs up 7%, to €268m)

Loan loss provisions flat, cost of risk 0.17%

Net profit up 52.7%, to €48.7m

4Q results show continuing growth in revenues (to €93.9m) and fee income (to €34m), and consolidation at the

net profit level (€12.3m) due to the seasonal nature of operating costs

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OPERATIONS AND PRODUCT PORTFOLIO DEVELOPMENT

The programme of investments continued in the twelve months, in accordance with the direction outlined in the Mediobanca Group 2019-23 Strategic Plan, with ongoing commitment to the areas of digital innovation, distribution, by refurbishing existing branch offices and selecting new openings, and communications, in particular with the "Alza la tua visione" campaign ("Raise your vision"), to differentiate CheBanca! as a long-term partner of choice in financial advisory and planning services).

In accordance with the measures required to address the ongoing medical emergency, operations at the branches and the FAs' offices have been by appointment only, leveraging on the use of remote collaboration instruments where possible, guaranteeing continuous and ongoing coverage or relations with clients.

Customer relations continue to strengthen, as demonstrated by the high and increasing customer satisfaction levels reported.

The increase in investments has been carried on with a view to requalifying the portfolio with a view to increasing diversification.

The portfolio management platform has been further expanded in the past year, with seven new distribution agreements signed. The following placements have been successfully completed: Mediobanca SGR's "Mediobanca Diversified Credit Portfolio 2026 Target Maturity Fund", raising subscriptions of €112m; RAM's "Sustainable Flexible Fund", raising subscriptions of €100m; plus 24 issues of bonds and certificates, giving priority to structures that offer high levels of protection consistent with the market trend in the last year.

A strategic partnership in the area of digital payments has been entered into with Nexi during the twelve months. This agreement enables CheBanca! to expand the range of payment cards offered to clients and provide access to new advanced services and features.

Enhancement of the distribution structure has continued, with 32 premier relationship managers and 51 FAs recruited during the twelve months. Overall the distribution network now consists of 486 premier relationship

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managers (vs 454 at end-June 2020) and 465 FAs (vs 414 at end-June 2020), working at 205 branches and POS (vs 192 at end-June 2020).

GROWTH IN BUSINESS VOLUMES

TFAs UP 17.2% TO €32.5bn, CUSTOMER LOANS UP 8.1% TO €11.1bn

• Total Financial Assets ("TFAs") totalled €32.5bn, up 17.2% YoY, with a 25% increase in AUM/AUA to reach €15.6bn. The market effect was positive (€1.1bn), confirming the balanced asset allocation.
• Net New Money ("NNM") for 12M totalled €3.7bn, reflecting a marked growth trend in the second half- year (€1.6bn in 1H 2020-21, €2.1bn in 2H 2020-21), mostly consisting of AUM/AUA (€2.1bn). The positive trend was confirmed in 4Q, with more than €0.7bn of NNM in AUM/AUA. The main items performed as follows:

1. AUM: €1.8bn AUM (€0.8bn in 1H 2020-21, €1.0bn in 2H 2020-21);o AUA: €0.3bn (€0.1bn in 1H 2020-21, €0.2bn in 2H 2020-21);

1. Direct funding: €1.6bn (€0.7bn in 1H 2020-21, €0.9bn in 2H 2020-21),with a reduction in the more expensive components. Of the various items, the highest loyalty-retaining transactional component continues to grow, reaching €11.3bn (up €1.7bn; or 15%).

Both distribution channels made strong and balanced contributions to the growth in managed assets:

1. Premier relationship managers: €1.1bn in NNM in the AUM/AUA component. TFAs managed by the proprietary channel totalled €25.8bn, €11.0bn of which in AUM/AUA;

1. Financial Advisors: €1.0bn in NNM in the AUM/AUA component. TFAs managed by the Financial Advisors channel totalled €6.8bn, €4.6bn of which in AUM/AUA.

Loans to households (residential mortgages) climbed during the period, from €10.2bn to €11.1bn, on new mortgage loans of €2.2bn (unchanged from last year). Gross NPLs increased, from €194.9m to €210.5m, and account for 1.9% of total loans (also unchanged versus last year). Net NPLs increased from €110.3m to €112.5m, and represent 1% of net loans with a coverage ratio of 46.6% (vs 43.4% at the start of the year). Net bad debts account for 0.4% of net loans and decreased from €46.3m to €43.2m due mainly to an increase in the coverage ratio, which rose from 56.2% to 60.3%. As far as regards the impact of mortgage repayment suspensions due to the Covid-19 pandemic, of the €652.9m total amount granted €210.6m is outstanding (1.9% of total loans); 91% of this has been prudentially reclassified to stage 2 or stage 3 in view of the ongoing pandemic and having regard to the ECB guidance in this area. Of the moratoria that have expired, 80% have resumed regular repayments, with just 1.7% recording instances of non-payment.

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PROFITABILITY CONTINUES TO IMPROVE

REVENUES UP 12.8% TO €358.0m, NET PROFIT UP 52.7% TO €48.7m

The profit and loss account reflects a healthy performance compared to last year:

• Revenues were up 12.8% (or €40.6m; from €317.4m to €358m), due in particular to fee income which continues to grow significantly, up 24.2% (or €24.7m; from €101.9m to €126.6m), in particular recurring fees (up 23.2%) and management fees (up 21.6%). Net interest income also rose by 7.1% (or €15.2m; from €214.1m to €229.3m);
• Operating costs rose by 7.2% (or €18.0m; from €249.8m to €267.8m), chiefly due to labour costs which increased by €6.4m (up 5.5%; from €115.7m to €122.1m) linked to enhancement of the distribution structure, the increase in operations, and development of the franchise, plus also administrative expenses, up €11.6m (or 8.7%; from €134.1m to €145.7m), driven by investments in communications, the rebranding activities, the increase in POS and expansion of activities;
• The cost/income ratio improved significantly, from 78.7% to 74.8%;
• Loan loss provisions reduced slightly, down €0.8m (from €19.4m to €18.6m), reflecting the fact that the difficulties encountered in credit recovery activities during the lockdown period last year are now largely over, plus the good performance in terms of the moratoria that have been successfully completed, despite higher provisioning due to reclassifications of loans still under moratoria arrangements; the cost of risk decreased from 0.19% to 0.17%;
• GOP grew to €73.0m, up 51.8% on the €48.1m reported last year;
• Net profit climbed to €48.7m, up 52.7% on the €31.9m reported last year.

The earnings results for 4Q (i.e. three months ended 30 June 2021)reflect the following performances relative to 3Q:

• Revenues in 4Q were up 3.4% (or €3.1m; from €90.8m to €93.9m): of the main revenue items, net interest income increased by 2.8% (or €1.6m; from €57.9m to €59.5m), as did fees, by 5.9% (€1.9m; from €32.1m to €34.0m). The management fee component continues to be substantial;
• Operating costs were up 9.3% QoQ (or €6.2m; from €66.6m to €72.8m), chiefly due to seasonal factors related to operations and expansion;
• Loan loss provisions decreased by €1.0m (down 23.8%, from €4.2m to €3.2m), despite the accounts with moratoria still outstanding being reclassified to stage 2 and stage 3;
• GOP decreased by €2.1m QoQ (from €20.3m to €18.2m; a reduction of 10.3%);
• Net profit decreased by €1.4m QoQ (from €13.7m to €12.3m; a reduction of 10.2%).

CHEBANCA! COMMITMENT TO CSR

CheBanca!'s commitment to supporting the community has been strengthened during the year. Following the launch of two projects in 2020 (the first in conjunction with the "Hope" non-profit organization to acquire medical machinery and equipment to help the hospitals of Lombardy, the second with the Progetto Arca Onlus

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Foundation to support a thousand families in difficulty by regularly delivering food parcels and necessity goods to them), in January 2021 CheBanca! repeated the solidarity initiative linked to the deposit account promotion, with the Bank committing to use 1x1000 of the amounts tied to support charitable initiatives.

The first project launched from funds raised in 2021 has been the partnership with Dynamo Camp Onlus, in which CheBanca! has financed a year of aquatic play therapy and climbing/adventure park activities for more than 1,800 children and young people with serious and/or chronic illnesses or disabilities.

The bank also continues to support the Academy of Woodwork, a social craft business set up from the partnership between CheBanca! and the "Contrada degli Artigiani" social co-operative, to counter the phenomenon of young people leaving school early by facilitating the inclusion of young people with social economic and personal difficulties in the workplace.

The partnership with the Teatro Nazionale di Milano has also been renewed: a prestigious institution in terms of its social and cultural value, the Milan National Theatre supports and promotes shows, musicals, concerts, and training initiatives for the young generations in these disciplines.

Milan, 23 July 2021

Mediobanca Investor Relations	Mediobanca Media Relations
Tel. no.: (0039) 02-8829.860	Tel. no.: (0039) 02-8829.627
[e-mail]	[e-mail]

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