Arturo Nattino - Banca Finnat

Star Conference 2009Milan, 25 th March 20091

AGENDATHE BANCA FINNAT GROUP AND ITS BUSINESS DYNAMICSArturo NattinoKEY ECONOMIC FIGURESGian Franco Traverso Guicciardi2

The Banca Finnat Group and its business dynamicsArturo NattinoGeneral Manager3

BRIEF HISTORY1898 Origins - The history of the Bank began with the Nattino family in 1898 when Pietro Nattinostarted financial operations in the banking sector, and went on to become a Stockbroker.19401945 To respond better to the various demands of the market, Arturo Nattino established “FinanziariaFratelli G. & A. Nattino - a Stock Brokerage Firm”.1950 At the end of the 1950s the family took over Terme Demaniali di Acqui S.p.A, (a company establishedin 1929) which held the concession for the use of mineral and thermal springs in the municipality ofAcqui Terme1963 Euramerica Finanziaria Internazionale was established with the Morgan Group, the Vatican Organisations and theNattino Group as joint partners. Euramerica operated successfully in the Corporate Finance field1970 In the second half of the century, with the expiry of the thermal spring concession, Terme Acqui expanded its operations in thefinance sector and together with high ranking partners launched a series of initiatives buying equity investments in variouscompanies (Acqua di Nepi, Acqua Ferrarelle, Tirrenia Gas, Napoletana Gas, and Acqua SanGemini)4

BRIEF HISTORY19801992 Merger of Euramerica Finanziaria and Finnat – creation of Finnat Euramerica SIM.The Nattino family, which retains control of the company, is joined by Banco di Sicilia, holding the remaining 49% of company’sequity1998 Transformation of Finnat EuramericaSIM into Banca Finnat Euramerica2002 Terme Demaniali di Acqui – holder of 51% of the share capital of Banca Finnat Euramerica – acquires theremaining 49% held by Banco di Sicilia2003 Merger by incorporation of Banca Finnat Euramerica into Terme Demaniali d’Acqui; name of the resulting company listed on theSTAR segment of the Italian stock market changed to Banca Finnat Euramerica.Conversion of savings shares into ordinary shares.Subsidiary “Investire Immobiliare”in the real estate funds sector2004 Subsidiary CALIPSO (Corporate AssetLiability Performing Solutions) begins operationsbegins operations, set to become a major player5

STRENGTHS•ASSET MANAGEMENT AND FINANCIAL BROKERAGE AS COREBUSINESSES• NICHE POSITION• HIGH AVERAGE WEALTH PER CUSTOMER• VERY LOYAL CUSTOMER BASE• PREDOMINANTLY GUARANTEED LENDING ACTIVITY• DIVERSIFIED REVENUES• NO PROPRIETARY TRADING ON RISKY ASSETS• COMPLETELY INDEPENDENT OPERATIONS• SOUND BALANCE SHEET6

Banca Finnat Euramerica SpACap. Sociale- Share Capital Euro 72.576.000THE GROUP100%Finnat Investments SpA5%Finnat Fiduciaria SpA95%100%Fedra Fiduciaria SpAInvestire Immobiliare SGR SpA76,4%70%Finnat Gestioni SAFinnat Real Estate Srl100%99,86%New Millennium Advisory SAFinnat Servizi Assicurativi Srl51%Calipso SpA80,38%20%20%25%Previra InvestSIM SpAImpre Finanziariad’Impresa SpASigefi Italia PrivateEquity SpA7

OUR BRANCHESMilan branchPerugia branchNovi Ligure branchMain office in Rome+2 Branches8

GROUP BUSINESSBanca Finnat GroupPrivate Investment Advisory & Real Estate FundsBanking Banking Corporate FinancePortfolio Management Brokerage M&A Establishment & ManagementConsulting and assistance in Asset Management Listings of retail and Institutionalfinancial, legal, tax and Investment Advisory Structured Finance market fundsinheritance matters Placement Services Business PlanningBanking Services Risk Management Trust Services Insurance ServicesConsultingFamily Office9

BREAKDOWN OF REVENUES (€/000)At 31 December 200863,60 % Net Commissions (63%)24,70% Dividends (9%)- 8,05% Trading on own account (18,40%)19,70% Interest Margin (9,65%)2008 2007* VAR %Trading on own account -2.714 9.750 -Net commissions 21.454 33.435 -35,80%Dividends 8.334 4.798 73,70%Interest Margin 6.654 5.128 29,80%* Net of LSEG/Borsa Italiana deal10

INCOME BY OPERATIONAL BUSINESSat 31 December 200838,99% Proprietary trading/Treasury/Credits (37,05%)7,53% Advisory (6%)26,64% Real estate funds (33%)3,94% Trust Services (3,25%)8,47% Investment banking (7,5%)14,42% Private banking (13,20%)11

GROWTH IN TOTAL AUM (€/000)10.000.0009.000.0008.000.0007.624.3297.962.6428.980.360 9.096.0838.547.7297.000.0006.000.0005.688.4585.000.0004.000.0003.000.0002.000.0001.000.0000Dic. 03 Dic. 04 Dic. 05 Dic. 06 Dic. 07 Dic. 08CAGR = 8,50%12

BREAKDOWN OF TOTAL ASSETSUNDER MANAGEMENT (€/000)at 31 December 200824,10% Real estate funds(23,80%)12,40% Discretionary Managed portfolios (14,90%)6,5% Sicav (3,6%)57% Administered and trust accounts (57,70%)Breakdown of total AUM 2008 2007 VAR%Administered and trust accounts 4.867.873 5.243.458 -7,20%Discretionary managed portfolios 1.062.299 1.356.098 -21,70%Sicav 555.125 331.980 67,20%Real estate funds 2.062.432 2.164.547 -4,70%13

GROWTH IN DISCRETIONARY MANAGEDACCOUNTS(€/000)1.600.0001.400.0001.200.0001.049.5191.234.4931.356.0981.062.2991.000.000800.000764.376822.637600.000400.000200.0000Dic. 03 Dic. 04 Dic. 05 Dic. 06 Dic. 07 Dic. 08CAGR =6,80%14

GROWTH IN SICAV (€/000)700.000600.000555.125500.000400.000300.000200.000100.000139.853165.336324.623 333.132 331.9800Dic. 03 Dic. 04 Dic. 05 Dic. 06 Dic. 07 Dic. 08CAGR =31,70%15

GROWTH IN ADMINISTEREDACCOUNTS* (€/000)6.000.0005.000.0005.132.1564.617.9035.332.051 5.243.4584.867.8734.000.0004.145.2403.000.0002.000.0001.000.0000Dic. 03 Dic. 04 Dic. 05 Dic. 06 Dic. 07 Dic. 08CAGR =3,30%* Including Trust services16

GROWTH IN REAL ESTATE FUNDS(€/000)2.500.0002.000.0001.970.5972.080.6832.164.5472.062.4321.500.0001.504.2001.000.000638.989500.0000Dic. 03 Dic. 04 Dic. 05 Dic. 06 Dic. 07 Dic.08CAGR =26,40%17

REAL ESTATE ASSETS OF MAINMANAGEMENT COMPANIES *(€/M)7.000,006.590,406.000,005.000,004.000,004.119,303.000,003.209,702.676,902.000,002.071,30 2.007,501.442,70 1.415,701.169,70 1.122,601.000,000,00Pirelli ReInv.ImmobiliareBnp Paribas First Atlantic FabricaImmobiliareFondiImmobiliari Ita.Beni StabiliGruppoGeneraliGR DeutscheBankAedes* Figures as at 30 june 2008 (Source Assogestioni)18

Key economic figuresGian Franco Traverso GuicciardiInvestor Relations Manager20

RECLASSIFIED CONSOLIDATEDSTATEMENT OF INCOME (€/000)31.12.08* 31.12.07 Variaz. %Net interest income 6.654 5.128 29,8%Dividends 8.334 4.798 73,7%Net commissions 21.454 33.435 -35,8%Profit on financial transaction -2.714 87.178 -Total operating income 33.728 130.539 -74,2%Administrative costs -25.655 -29.312 -12,5%Amortisation -831 -847 -1,9%Other operating charges or income 288 722 -60,1%Net allocations to provisions for risks and charges -34 234 -Operating expenses -26.232 -29.203 -10,2%Profit (loss) on equity investments 12.468 153 -Gross operating profit 19.964 101.489 -80,3%Provisions for value adjustments -52.229 -192 -Net operating profit -32.265 101.297 -Income tax -396 -15.751 -minority interests 760 370 -Net profit for the period -33.421 85.176* Preliminary figures, not certified21

RECLASSIFIED CONSOLIDATEDSTATEMENT OF INCOME EX LSEG (€/000)31.12.08* 31.12.07 Variaz. %Net interest income 6.654 5.128 29,8%Dividends 8.334 4.798 73,7%Net commissions 21.454 33.435 -35,8%Profit on financial transaction -2.714 9.750 -Total operating income 33.728 53.111 -36,5%Administrative costs -25.655 -29.312 -12,5%Amortisation -831 -847 -1,9%Other operating charges or income 288 722 -60,1%Net allocations to provisions for risks and charges -34 234 -Operating expenses -26.232 -29.203 -10,2%Profit (loss) on equity investments 12.468 153 -Gross operating profit 19.964 24.061 -17,0%Provisions for value adjustments -368 -192Net operating profit 19.596 23.869 -17,9%Income tax -3.604 -6.000 -minority interests 760 370 -Net profit for the period 15.232 17.500 -13,0%* Preliminary figures, not certified22

SUMMARY OF GROUP PERFORMANCE (%)2004 2005 2006 2007* 2008*Net Commissions/total operating income64,30 83,80 72,30 63,00 63,60Cost/income ratio 60,30 44,40 59,00 55,00 77,80Gross operating profit/total operating income 39,80 55,60 41,00 45,30 59,20Net operating profit/operating profit 99,20 97,90 99,70 99,20 98,20Net profit/gross operating profit 68,50 63,70 71,20 72,70 76,30ROE (annualized)) 10,20 16,90 8,70 12,10 10,40* Net of LSEG/Borsa Italiana deal23

CONTACTSInvestor Relations ManagerGian Franco Traverso GuicciardiTel. +39 06 69933440 - Fax +39 06 6784950E-mail: g.traverso@finnat.itPress OfficeSECMarco FraquelliTel. +39 02 62499979E-mail: fraquelli@secrp.it24