Banca Generali S.p.a. · MIL:BGN

Banca Generali — H1 2018 Earnings Presentation

56 slides from Banca Generali's earnings presentation, September 2018

  1. Slide 1: Banca Generali Investor Presentation September 2018

    BANCA GENERALI INVESTOR PRESENTATION SEPTEMBER 2018

  2. Slide 2: Preliminary remarks

    Preliminary remarks 3 1H 2018 results 8 Net Inflows, assets and recruiting 21 Business update 25 Deep dive on sector 29 Deep dive on strategy 37

  3. Slide 3: Executive Summary

    EXECUTIVE SUMMARY Solid business trend NET INFLOWS  Commercial trend exceeding expectations: net inflows at €3.1bn. Growing relative €3.1bn (-17% yoy) contribution from existing FAs  Total assets at €58.1bn (+11%), with managed assets at 76% and stable asset mix. Assets under Advisory already at €

  4. Slide 4: 1H 2018 Results: Key Takeaways

    1H 2018 RESULTS: KEY TAKEAWAYS 1H 2017* TOTAL BANKING INCOME (€ m) 1H 2018 % Chg Net Interest Income 31.6 28.1 -11.1% (reported -5%, adjusted +28%) Net income (loss) from trading activities and Dividends 9.4 20.6 119.3% Net Financial Income 41.0 48.6 18.7% Net financial income up 19% on de-risking.

  5. Slide 5: Net Profit

    NET PROFIT SIGNIFICANT INCREASE IN RECURRING PROFITS NET PROFIT DEVELOPMENT 108.1 (40.2) (0.3) (2.9) 31.8 (0.4) 92.6 1.7 No relevant (4.6) Cost discipline write-off position (3.5) Higher tax-rate 34.5 73.0 Unfavourable YoY comparison partially Resilient business offset by higher mix also supported t

  6. Slide 6: Adjusted Net Profit

    ADJUSTED NET PROFIT STEADY INCREASE ADJ. INTERIM ADJ. QUARTERLY NET NET PROFIT PROFIT MOVING AVERAGE 1 +65% 30 27.8  Adj. Net profit 58.1 28 steadily improving 26 (+65% YoY at 26.2 24 22.1 interim level) +47% 35.1 22 21.2 20 18.9  Adj. net profit 18 17.8 quarterly moving 16.8 16 17.0 average up by

  7. Slide 7: 1H 2018 results

    Preliminary remarks 3 1H 2018 results 8 Net Inflows, assets and recruiting 21 Business update 25 Deep dive on sector 29 Deep dive on strategy 37

  8. Slide 8: Revenues: Net Financial Income

    REVENUES: NET FINANCIAL INCOME PICK-UP IN NII IN 2Q18 NET FINANCIAL INCOME NET INTEREST INCOME (NII)  Higher Net financial income 41.0 48.6 (+19% YoY) on successful de- +13% 20.6 risking strategy that boosted 9.4 trading gains and increased 15.7 15.8 (m/€) 15.5 (m/€) 14.3 14.9 liquidity in 1Q 2018

  9. Slide 9: Focus on Banking Book

    FOCUS ON BANKING BOOK BANKING BOOK DURATION MATURITY BOND PORTFOLIO BOND PORTFOLIO BY SECTOR BY COUPON 8% 3.7 3.5 3.5 2.3 1.7 1.3 2.0 37% 1.3 63% 92% 2017 1H18 2017 1H18 Duration Maturity Duration HTCS/AFS Maturity HTCS/AFS IT Govt Corp. Financial Fixed rate Floating rate BOND PORTFOLIO BY MATURITY

  10. Slide 10: Revenues: Net Fee Income

    REVENUES: NET FEE INCOME FEE BREAKDOWN GROSS FEES  Recurring fees +14% (management, entry & NET FEE INCOME +25% -70% banking) up by 15% 280.0 317.9 gross, +26% net 28.9 36.1 74.0 22.6 194.4 174.7  Solid management 22.6 fees (+14%) driven by 74.0 Management fees Entry & banking fees Performance fee

  11. Slide 11: Pay-out to FAs

    PAY-OUT TO FAS FLEXIBLE BUSINESS MODEL PAY-OUT TO FAs PAY-OUT TO THIRD-PARTIES  Lower pay-out ratio to FAs (-3.3 p.p.) at 53.1% 54.3% interim level linked to 51.0% lower cost of growth (lower recruitment, more 16.2 18.6 15.1 defensive product mix) 6.3% 6.7% 6.0%  Ordinary pay-out to 2.1 2.6 FAs st

  12. Slide 12: Revenues: Management Fees & Margin

    REVENUES: MANAGEMENT FEES & MARGIN QUARTERLY TREND (M/€) MANAGEMENT 144.7 150.6 156.5 158.1 159.8 116.1 116.9 118.6 116.7 120.4 125.2 130.0 135.3 FEES 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 TOTAL AVG. 52.9 54.8 56.3 56.9 (bn/€) MANAGED 43.2 44.8 46.2 49.0 51.2 39.8 39.8 40.

  13. Slide 13: Revenues: Other Fees

    REVENUES: OTHER FEES QUARTERLY TREND (M/€) 10.3 FRONT 7.6 5.5 5.8 5.0 6.5 3.6 3.9 4.4 3.6 4.6 4.7 3.7 FEES 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 BANKING 13.0 (M/€) 9.5 9.9 11.6 11.6 7.5 6.2 7.1 9.2 8.8 8.2 FEES 6.8 6.1 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

  14. Slide 14: Breakdown of Annualised Gross Fee-Margin

    BREAKDOWN OF ANNUALISED GROSS FEE-MARGIN STABLE FEE MARGINS MANAGEMENT FEES ENTRY FEES  Flat management fee margin (112 bps) in line with targets 1.16 1.12 1.13 1.12 1.12 1.07 1.11 0.11 0.11  Higher entry fee 0.08 0.04 0.04 0.03 0.05 margin (+2bps qoq) (%) (%) thanks to new product launches (certi

  15. Slide 15: Operating Costs Breakdown

    OPERATING COSTS BREAKDOWN COST DISCIPLINE CONFIRMED  Limited cost increase OPERATING COSTS COST BREAKDOWN (+0.4%) on tight cost 43.7 43.3 control 93.2 93.6  Contribution to bank 35.3 rescue funds (BRRD & 33.6 -0.9% FITD) more than doubled on €1m extraordinary +0.4% +5% contribution -32%  Lower sa

  16. Slide 16: Cost Ratios

    COST RATIOS OPERATING LEVERAGE OPERATING COSTS/TOTAL COST/INCOME RATIO ASSETS 59.0%  Operating 0.54% 52.6% costs/Total assets 0.51% 53.9% 53.4% 52.3% (-2bps YTD) 51.1% pointing for further 0.45% improvement in 46.5% 0.42% operating efficiency 42.5% 42.7% 0.38% 40.3% 41.0%38.1%  Cost/Income ratio 0

  17. Slide 17: Capital Position (1/3)

    CAPITAL POSITION (1/3) SOLID CAPITAL POSITION DESPITE MARKET VOLATILITY CET1 RATIO TOTAL CAPITAL RATIO  CET 1 AT 18.2% 18.5% (0.3%) 20.2% (0.4%) 19.8% (-30 bps YTD after 18.2% Final FTA) about 3X min. SREP 6.5% 10.2% requirements  TCR at 19.8 (-40bps YTD after Final FTA) 2017 reported 1H18 (FTA 20

  18. Slide 18: Capital Position (2/3)

    CAPITAL POSITION (2/3) FINAL FTA ADOPTION OF IFRS 9 AND IFRS 15 (1/2) CORE BANKING CORE BB CLASSIFICATION FINAL FTA ADOPTION OF IFRS 9 BOOK KEY HIGHLIGHTS (CORE BB) PROVISIONAL FINAL 0.1 0 31.12.2017 Rationale 1.2 HTCS (BN/€)  Preserving capital buffer for M&As €5.7bn 4.4 2.7 3.0 HTC Others  Intro

  19. Slide 19: Capital Position (3/3)

    CAPITAL POSITION (3/3) FINAL FTA ADOPTION OF IFRS 9 AND IFRS 15 (2/2) NET EQUITY CET1 RATIO TCR RATIO PROVISIONAL FINAL PROVISIONAL FINAL PROVISIONAL FINAL FINAL FTA 740.3 733.2 19.5% 19.2% 21.2% 20.9% 01.01.2018 Vs. (-1.0%) (-30 bps) (-30 bps) PROVISIONAL 792.4 779.2 20.3% 19.8% 22.0% 21.5% FTA 31.

  20. Slide 20: Net Inflows, assets and recruiting

    Preliminary remarks 3 1H 2018 results 8 Net Inflows, assets and recruiting 21 Business update 25 Deep dive on sector 29 Deep dive on strategy 37

  21. Slide 21: Total Assets

    TOTAL ASSETS VOLUMES AND MIX TOTAL ASSETS BREAKDOWN OF MANAGED SOLUTIONS 55.7 58.1 28.0 28.8 52.1 25.4 5.6 5.2 28.8 5.7 25.4 28.0 8.7 8.0 6.7 15.1 6.3 7.1 7.1 14.7 14.9 (BN/€) 6.7 7.3 7.8 12.0 12.8 14.1 1H17 2017 2H18 1H17 2017 1H18 Banking products Traditional life policies Managed solutions Insura

  22. Slide 22: Net Inflows

    NET INFLOWS MORE DEFENSIVE PRODUCT MIX TOTAL NET INFLOWS NET INFLOWS IN MANAGED SOLUTIONS 3.8 3.1 3.4 1.2 1.4 3.4 1.4 0.2 1.5 0.9 (bn/€) (bn/€) 1.5 0.3 0.9 0.6 0.4 -0.2 -0.4 1H17 1H18 1H17 1H18 Banking products Traditional life policies Managed solutions Insurance wrappers Financial wrappers Funds/S

  23. Slide 23: FA Network and Recruiting

    FA NETWORK AND RECRUITING EVER GROWING NETWORK BOTH BY SIZE AND QUALITY No. of FAs BY CLUSTER DELIVERY FROM EXISTING FAs 1,980 1,897 1,936 1,980 11% 12% 13%  75% of the network with net inflows >0 51% 52% 52% FAs as of 2016 89%  58% of total net inflows in 1H 2018 38% 36% 35% 1H17 2017 1H18 New re

  24. Slide 24: Business update

    Preliminary remarks 3 1H 2018 results 8 Net Inflows, assets and recruiting 21 Business update 25 Deep dive on sector 29 Deep dive on strategy 37

  25. Slide 25: Business Agenda (1/3)

    BUSINESS AGENDA (1/3) NEW BUSINESS INITIATIVES IN-HOUSE SICAV LUX IM NET INFLOWS SINCE INCEPTION  Launched in April with 38 sub-funds. 15.0 15.2 Additional 20 new sub funds to be launched LUX IM (Ex- BG 1.1 1.3 3.7 4.9 Sicav) in 4Q 2018 0.2 0.2 0.2 BG Alternative 0.2 0.2 LUX IM  (BN/€) New perform

  26. Slide 26: Business Agenda (2/3)

    BUSINESS AGENDA (2/3) NEW BUSINESS INITIATIVES ASSETS 5.0 ADVISORY 20-25 FEES  Target of closing the gap with AIPB (BN/€) 2.2 ADVANCED in terms of advisory penetration 0.5 over time and €5bn by 2021 ADVISORY 0.4 4.2  Fee-on-top expected to stabilise at (m/€) (BGPA) 0.6 2.3 0.3 0.4 0.3 40-45 bps ov

  27. Slide 27: Business Agenda (3/3)

    BUSINESS AGENDA (3/3) NEW BUSINESS INITIATIVES SIGHT DEPOSITS  Strong growth in deposits (+22% YoY) accelerating with volatility in financial markets 5.9 6.8 6.8 Cost of linked to strong brand reputation 5.5 funding at SIGHT 0  Interest rate sensitivity to +100bps parallel shift of the curve estim

  28. Slide 28: Deep dive on sector

    Preliminary remarks 3 1H 2018 results 8 Net Inflows, assets and recruiting 21 Business update 25 Deep dive on sector 29 Deep dive on strategy 37

  29. Slide 29: High Italian Household Wealth (1/3)

    HIGH ITALIAN HOUSEHOLD WEALTH (1/3) WITH LOW LEVELS OF FINANCIAL DEBT ITALIAN HOUSEHOLD WEALTH 9.4 9.4 9.4 9.5 9.6 9.7 9.6 9.6 9.6 9.8 9.1 9.3 8.4 3.8 3.8 3.7 3.6 3.8 4.0 4.1 4.2 4.2 4.4 4.2 4.0 3.9 5.8 6.1 6.2 6.3 6.5 6.4 6.3 6.1 6.0 6.0 6.0 4.8 5.4 (tn/€) -0.7 -0.8 -0.8 -0.9 -0.9 -0.9 -0.9 -0.9 -0

  30. Slide 30: High Italian Household Wealth (2/3)

    HIGH ITALIAN HOUSEHOLD WEALTH (2/3) THE SEVENTH COUNTRY BY TOTAL WEALTH AND NUMBER OF MILLIONAIRES COUNTRY RANKING BY # OF MILLIONAIRES COUNTRY RANKING BY TOTAL WEALTH1, 2017 (total wealth $1-5mln1), 2017 12.6 93.6 29.0 2.6 23.7 2.0 1.8 1.8 (million individuals) 1.7 14.1 13.7 13.0 1.2 1.1 10.9 1.0 0

  31. Slide 31: High Italian Household Wealth (3/3)

    HIGH ITALIAN HOUSEHOLD WEALTH (3/3) WITH ONGOING REBALANCING FROM ADMINISTERED INTO MANAGED ASSETS ITALIAN HOUSEHOLD PRIVATE FINANCIAL WEALTH 4,177 4,185 4,406 Other assets +36% 3,979 4,070 167 +40% 122 125 Insurance & 3,801 121 3,616 122 119 996 pension fund 123 839 900 953 769 733 712 342 411 451

  32. Slide 32: Real Estate Wealth

    REAL ESTATE WEALTH STRUCTURAL CHANGE IN PERCEPTION OF REAL ESTATE FOR INVESTMENT PURPOSES RESIDENTIAL REAL ESTATE TRANSACTION: VOLUMES AND PRICES Between 2010 and 2017, the vast majority of real estate transactions involved existing dwellings: with all likelihood, 110 (1Q10 = 100) forced sellers in

  33. Slide 33: FA Networks: Growing Strongly (1/3)

    FA NETWORKS: GROWING STRONGLY (1/3) PRIMARILY DRIVEN BY NET INFLOWS FINANCIAL ADVISORY NETWORKS ASSET UNDER MANAGEMENT 471 519 434 93 101 5y 89 CAGR1 378 417 (bn/€) 315 345 206 225 237 184 220 236 231 257 279 10.2% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Assoreti ISPB contri

  34. Slide 34: FA Networks: Growing Strongly (2/3)

    FA NETWORKS: GROWING STRONGLY (2/3) WITH INCREASING MARKET SHARE – STILL AT LOW LEVELS Detailed next MARKET SHARE OF ASSORETI ON ITALIAN FINANCIAL WEALTH BANKING SECTOR: ONGOING ADJUSTMENTS  Frequent capital increases over the decade and 11.8% resolution of some small banks 11.2%  Sector consolida

  35. Slide 35: FA Networks: Growing Category Recognition (3/3)

    FA NETWORKS: GROWING CATEGORY RECOGNITION (3/3) TRANSITION TOWARDS GREATER QUALITY ACCOMPLISHED AVERAGE INDUSTRY PORTFOLIO 23.1  In the aftermath of the Global 20.6 19.2 3.7 Financial Crisis, the Italian 3.4 Financial Advisory industry 3.4 <3x1 entered a restructuring phase 13.1 14.5 15.8 17.2 19.4

  36. Slide 36: Deep dive on strategy

    Preliminary remarks 3 1H 2018 results 8 Net Inflows, assets and recruiting 21 Business update 25 Deep dive on sector 29 Deep dive on strategy 37

  37. Slide 37: Banca Generali in a Nutshell

    BANCA GENERALI IN A NUTSHELL KEY FACTS AND FIGURES COMPANY STRUCTURE VISION AND MISSION Banking and Asset Fiduciary Wealth Management Services Management Our VISION is to be the first Private Bank, unique by Services value of service and innovation FAs Network Our MISSION is to be trusted advisors t

  38. Slide 38: Hub Approach

    HUB APPROACH ECOSYSTEM APPROACH FOR VERTICAL SPECIALIZATIONS SERVICES TECHNOLOGY PRODUCTS  Banking services (payments and  Platforms  Bank Account lending)  Training  Custody Account  Wealth Management (financial  Communication and Marketing  Insurance assets, real-estate, corporate finance,

  39. Slide 39: Best-in-Class Commercial Results (1/3)

    BEST-IN-CLASS COMMERCIAL RESULTS (1/3) THE FASTEST GROWING PLAYERS IN THE INDUSTRY BANCA GENERALI TOTAL ASSETS MARKET SHARE ON ASSETS1 55.7 41.6 47.5 5Y 12.6% 13.3% 36.6 CAGR 11.6% 12.1% +3.1pp 23.6 26.2 29.1 16.3% 10.3% 10.1% 10.0% 10.1% 10.2% 10.4% (5y) 21.4 22.2 23.3 9.2% 9.0% 20.7 19.0 15.8 7.7%

  40. Slide 40: Best-in-Class Commercial Results (2/3)

    BEST-IN-CLASS COMMERCIAL RESULTS (2/3) THE FASTEST GROWING PLAYERS IN THE INDUSTRY BANCA GENERALI AVERAGE MARKET AVERAGE FAs NET 2.7x INFLOWS1 FAs NET INFLOWS 3.5 3.1 2.7 2.4 1.3 1.3 1.5 1.2 1.3 1.0 1.0 1.1 0.7 0.7 0.8 0.9 0.5 0.5 0.7 0.7 0.4 0.4 0.5 (m/€) 0.4 0.4 0.2 (m/€) 2005 2006 2007 2008 2009

  41. Slide 41: Hard-to-Match Competitive Position (3/3)

    HARD-TO-MATCH COMPETITIVE POSITION (3/3) BUILT THROUGH A MULTI-YEAR STRATEGIC REPOSITIONING BANCA GENERALI FINANCIAL ADVISORY NETWORK PHASE 1 PHASE 2 IN: + 476 IN: + 743 2005 – 2012: - 553 FAs OUT: -1,029 2013 – 2017: + 483 FAs OUT: - 260 2,006 1,936 1,862 1,793 1,841 1,635 1,645 1,715 1,564 1,499 1

  42. Slide 42: Strategic Pillars

    STRATEGIC PILLARS THREE STRATEGIC PRIORITIES Quality of the Network BG Assoreti AVG. AUM FAs PER CAPITA 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1-17 Wealth Management Approach Digital Mindset 42

  43. Slide 43: Quality of the Network

    QUALITY OF THE NETWORK FAS’ PROFILE MOVING PRIVATE 5% 8% 9% 10% 12% 13% 36% 42% No. of FAs 46% 48% 52% 52% by clusters 59% 50% 45% 42% 36% 35% 2013 2014 2015 2016 2017 1H18 <15 mln 15-50 mln >50 mln 24% 30% 32% 35% ASSETS by 39% 41% cluster of 49% 50% FAs 51% 50% 50% 48% 27% 20% 17% 15% 11% 11% 2013

  44. Slide 44: Quality of the Network: Customer Base

    QUALITY OF THE NETWORK CUSTOMER BASE FOLLOWING No. of clients (>€10K) and related assets No. of clients with assets >€500K 64% 64% 22,962 220.9 57.9 62% 21,951 60% 10% 18,633 58% 16,073 32% 54% 13,939 1.6 1.6 1.6 64% 1.6 10,746 1.5 58% 1.5 27% (€ bn) 9% No. of clients >€10K Total related assets 2013

  45. Slide 45: Quality of the FA Network: 2018 Key Projects

    QUALITY OF THE FA NETWORK 2018 KEY PROJECTS 2018 2019 Key business initiatives 1Q 2Q 3Q 4Q Reorganisation of the network to further FA Network enhance private and WM market reorganisation positioning and to provide bespoke support to each FA’s clusters Focus on on a well-balance growth with a Organi

  46. Slide 46: Wealth Management Approach

    WEALTH MANAGEMENT APPROACH RATIONALE: PROTECT CLIENTS’ ENTIRE WEALTH PRODUCT OFFER SERVICES Banking, Insurance & Asset Management Financial & Non Financial Services Comprehensive product offer (from banking to Advisory on the clients’ entire wealth (real estate, insurance and managed solutions) corp

  47. Slide 47: Product Offer

    PRODUCT OFFER ASSET GROWTH BY PRODUCT A Banking B A-la-carte offer C Wrappers 55.7 7.3 7.3 4.0 7.1 6.8 6.4 13.6 26.2 5.0 3.1 6.8 14.9 8.5 12.8 7.8 2012 Banking products Traditional life Funds Portfolio Insurance 2017 management wrappers D BG Fund Management Luxembourg 47

  48. Slide 48: Services (1/3)

    SERVICES (1/3) NEW OFFERINGS TAKING GROUND WEALTH MANAGEMENT NETWORK ADOPTION OF THE HOLISTIC APPROACH APPROACH in clients advisory across the retail network HOLISTIC APPROACH 41% FAs ADVANCED APPROACH 31% FAs BASE FAs 28% FAs Data as of 31.06.2018 48

  49. Slide 49: Wealth Management Approach: 2018 Key Projects

    WEALTH MANAGEMENT APPROACH 2018 KEY PROJECTS 2018 PIPELINE 2019 Key business initiatives 1Q 2Q 3Q 4Q Ongoing expansion of BG Advisory Advisory contract based on the strong start in 2017. Target €5bn by 2021 (€1.5bn YTD) Increased penetration of certificates Private Certificates for private clients t

  50. Slide 50: Digital Mindset

    DIGITAL MINDSET FRAMEWORK 1 KEY DIGITAL MINDSET PRINCIPLES 2 DIGITAL TRANSFORMATION WAVES ADVISOR HUB MODEL BANK FOCUS ON END-USER CLIENT EXPERIENCE 3 THE ORGANIZATIONAL MODEL - FROM GO DIGITAL TO BE DIGITAL SKILLS ORGANIZATION PROCESS 50

  51. Slide 51: Digital Transformation Wave: The Advisor Digital Desk

    DIGITAL TRANSFORMATION WAVE THE ADVISOR DIGITAL DESK Press Release & Risk Analysis & Products Market Analysis Multi-device Advisory Tools approach Remuneration Sales Monitoring Recruiting Marketing Support Training Support 51

  52. Slide 52: Digital Transformation Wave: Bank Organisation

    DIGITAL TRANSFORMATION WAVE BANK ORGANISATION BG EASY way Optimizing the Bank’s processes through workflow simplification, automation of activities and new outsourcing / insourcing scenarios BG SPACE way BG DIGITAL way Redefining the relationship with Activating new digital services to Clients in ph

  53. Slide 53: Saxo Partnership - Strategic Rationale

    DIGITAL TRANSFORMATIONAL WAVE SAXO PARTNERSHIP - STRATEGIC RATIONALE • Improve the quality and range of BG’s current offer CLIENT • Enhance customer experience • Reach new customer segments and expand existing ones • Increase penetration of existing and new customers BANCA • Improve profitability of

  54. Slide 54: Digital Mindset: 2018 Key Projects

    DIGITAL MINDSET 2018 KEY PROJECTS 2018 2019 Key business initiatives 1Q 2Q 3Q 4Q New plartform to be combined with BGPA Robo-4-Advisors and support FA daily activity and advisory services on an ongoing basis Expanding offer of Lombard lending Lending platform services through the brand new digital p

  55. Slide 55: 2018 Upcoming Events and Investor Relations Contacts

    2018 UPCOMING EVENTS NOVEMBER Investor Relations Su Mo Tu We Th Fr Sa Contacts 1 2 3 4 5 6 7 8 9 10 Giuliana Pagliari Investor Relations Manager 11 12 13 14 15 16 17 9M 2018 results Phone +39 02 6076 5548 18 19 20 21 22 23 24 Mobile +39 331 65 30 620 Investor Conference call 25 26 27 28 29 30 E-mail

  56. Slide 56: Disclaimer

    DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the documented results, books and

Banca Generali — H1 2018 Earnings Presentation on 6ix