Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — FY2021 Earnings Presentation
59 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Jul 29, 2021
Slide 1: Mediobanca 12M Results as at 30 June 2021
MEDIOBANCA 12M RESULTS AS AT 30 JUNE 2021 Milan, 29 July 2021
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. FY21/4Q21 Group results Section 3. FY21/4Q21 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Corporate lending portfolio 3. Divisional tables
Slide 3: V-Shape Recovery in GOP After Covid, Growth Delivered, Distribution Policy Resumed
“V-SHAPE” RECOVERY IN GOP AFTER COVID GROWTH DELIVERED DISTRIBUTION POLICY RESUMED Business model resilience and diversification with no compromise on growth initiatives and asset quality, paved the way for a record year in terms of revenues and “V- shape” recovery in profitability Revenues at all t
Slide 4: FY21 Results: All-Time High Revenues and Fees, Net Profit up 35%
FY21 RESULTS: ALL-TIME HIGH REVENUES (€2.6bn) AND FEES (€0.7bn) NET PROFIT UP 35% TO €808m Executive summary Section 1 Mediobanca Group – FY21 results as at June21 Mediobanca Group – FY21 results as at June21 Revenues Fees CoR Net profit Gross NPL/Ls ROTE adj CET1 ratio EPS 3.2% 16.3%1 €2,628m €745m
Slide 5: Strong 4Q Results: €665m Revenues, €204m Net Profit
STRONG 4Q RESULTS: €665M REVENUES, €204M NET PROFIT Executive summary Section 1 Group: strong quarter Mediobanca Group – 4Q results as at June21 Second highest quarter in the last 12M for revenues (at €665m) and net Revenues Cost/income CoR Net profit profit (at €204m) due to business diversificatio
Slide 6: Dividend Distribution Resumed
DIVIDEND DISTRIBUTION RESUMED¹ Executive summary Section 1 DPS up to €0.66 Payout ratio up to 70% In last 2Y €0.7bn of cumulative (vs BP FY21 @€0.54) shareholder remuneration (€) (€bn) 69% 70% 0.66 0.47 0.47 50% 17% BP Target 48% ECB 0.2 dividend 0.4 0.1 0.6 ban 0.4 FY18 FY19 FY20 FY21 FY18 FY19 FY2
Slide 7: MB Strategic Roadmap and Mission Confirmed
MB STRATEGIC ROADMAP AND MISSION CONFIRMED Executive summary Section 1 MISSION Our 2019-23 BP aims to further upgrade the effectiveness of our business model in order to definitively establish Mediobanca as a distinctive growth player in Europe which is consistently valued as a Specialized Financial
Slide 8: Well on Track to Reach BP23 Targets
WELL ON TRACK TO REACH BP23 TARGETS Executive summary Section 1 TFAs up to €83bn ✓ AUM/AUA up to €59bn ✓ Loans up to €51bn ✓ (4YCAGR +8%) (4YCAGR +11%) (4YCAGR +4%) (€bn) (€bn) (€bn) 59 83 60 51 71 46 44 47 48 61 64 39 40 50 40 BP Target BP Target BP Target 30 20 10 0 FY19 FY20 FY21 FY23 FY19 FY20 F
Slide 9: BP19/23 Plan Confirmed, Covid Impact Fully Recovered
BP19/23 PLAN CONFIRMED, COVID IMPACT FULLY RECOVERED Executive summary Section 1 Shift to capital-light fee Revenue growth in a Enhanced return to business challenging environment shareholders Targeting industry-leading performance Shareholders’ remuneration Revenues growth Earnings growth Profitabi
Slide 10: MB Riding ESG Momentum
MB RIDING ESG MOMENTUM… Executive summary Section 1 Principles for Responsible Banking New Group investment policy Enriched disclosure to come (“PRB”) The Mediobanca Group has become Application spectrum widened to In FY21 we have started several signatory of the principles whose aim ECM/DCM/Corpora
Slide 11: Delivering BP ESG Targets
… DELIVERING BP ESG TARGETS Executive summary Section 1 FY21 non-financial performance SFDR driving AM world Several targets already met, EU ESG regulation kicking in disclosure Employee competences enhanced with training hours up 71% (BPTarget23: 25%). Target review Considering: The new SFDR disclo
Slide 12: Agenda
Agenda Section 1. Executive summary & Strategic overview Section 2. FY21/4Q21 Group results Section 3. FY21/4Q21 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Corporate lending portfolio 3. Divisional tables
Slide 13: Fast, V-Shape GOP Recovery with Revenues Still Growing
FAST, V-SHAPE GOP RECOVERY WITH REVENUES STILL GROWING FY21/4Q21 - Group results Section 2 MB Group GOP risk adj. trend (€m) -17% +20% 1,140 1,142 = +2% -34% +68% +4% +5% 949 C/I 46% C/I 47% C/I 47% GOP Revenues Costs LLPs GOP Revenues Costs LLPs GOP FY19 FY20 FY21 After less than 2 years since the
Slide 14: Unbroken Growth Path (€2.6bn Record Revenues)
UNBROKEN GROWTH PATH (€2.6BN RECORD REVENUES) DUE TO BUSINESS K-LIGHT DIVERSIFICATION FY21/4Q21 - Group results Section 2 Group revenues by source (€m) Group revenues by segment (€m) +2% 2YCAGR +2% 2YCAGR +5% YoY +5% YoY 2,628 2,628 2,525 2,513 2,525 2,513 -11% 272 2,047 295 321 304 332 313 -6% 2,04
Slide 15: NII Resilient, Bottoming Out in 4Q
NII RESILIENT, BOTTOMING OUT IN 4Q READY TO RESTART A LONG-TERM UPWARD TRAJECTORY FY21/4Q21 - Group results Section 2 NII trend (€m and CAGR %) NII by segment (€m) Group NII trend by Q -2% 361 363 1,442 357 351 1,415 1,396 1,442 1,415 344 1,396 1,359 273 271 +6% 287 1,288 899 948 -7% 879 4Q20 1Q21 2
Slide 16: Fees Scaling Up on Robust Growth Trend
FEES SCALING UP ON ROBUST GROWTH TREND (UP 18% YOY) FY21/4Q21 - Group results Section 2 Fee income trend (€m and CAGR %) Fees by segment (€m) Group fee trend by Q +18% 745 189 194 188 173 745 143 611 630 622 630 318 611 226 +41% 228 523 123 123 4Q20 1Q21 2Q21 3Q21 4Q21 128 - 450 2Y CAGR +10% 281 306
Slide 17: Costs Under Control, While Investing
COSTS UNDER CONTROL, WHILE INVESTING FY21/4Q21 - Group results Section 2 +4% +11 Total costs up by €49m driven by: +21 Higher staff costs in line with revenue trend Total costs (€m) 1,162 1,189 1,238 +49 Higher administrative costs related to ongoing +31 investments in distribution, people and IT Ju
Slide 18: Further Improvement in Asset Quality: Moratoria Down to 1.4% of Loans
FURTHER IMPROVEMENT IN ASSET QUALITY: MORATORIA DOWN TO 1.4% OF LOANS… FY21/4Q21 - Group results Section 2 Moratoria: 71% expired; 80% of residual classified in Outstanding moratoria reduced by to 2/3 to 1.4% of Stages 2-3, well covered Group loans Gross carrying amount (€bn, June21)¹ Moratoria as %
Slide 19: Prudent Staging: NPL Incidence Down and Coverage Up
… PRUDENT STAGING: INCIDENCE NPLs DOWN AND COVERAGE RATIOS UP FY21/4Q21 - Group results Section 2 Gross NPLs – Stage 31 Net NPLs – Stage 31 ➢ Stage 3 – Gross NPLs down to 3.2% of (Net exposure/Loans) gross loans (vs 3.4% in March21 and 4.1% in June21). Net NPLs down further in 64.8% 64.9% 8% 70.0% a
Slide 20: Cost of Risk Reduced to 52bps
COST OF RISK REDUCED TO 52bps WITH OVERLAYS TRIPLED to €300m AND HIGHEST-EVER COVERAGE RATIOS FY21/4Q21 - Group results Section 2 CoR trend (bps) 12M COR 12M COR MB Group @ 82bps MB Group @ 52bps Overlay stock evolution Consumer B. @ 247bps 361 Consumer B. @ 198bps CIB @ 11bps CIB @ (21)bps ~€300m 2
Slide 21: Positive Asset Quality Trend in All Divisions
POSITIVE ASSET QUALITY TREND IN ALL DIVISIONS FY21/4Q21 - Group results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) 4.1% 65% 65% 3.4% 3.2% -4% 55% Gross Mediobanca 874 -8% 1.9% 1.2% 1.2% Group 581 560 78 79 72 Net June20 Mar21 June21
Slide 22: CET1 Phase-in 16.3%, Fully Loaded 15.1%
CET1 PHASE-IN @16.3%, FULLY LOADED @15.1%, +50BPS QoQ FY21/4Q21 - Group results Section 2 Phased-in CET1¹ ratio trend Fully loaded CET1¹ ratio trend +34 (35) 15.1% +32 (35) 16.3% +43 16.3% 16.1% (4) 14.6% 14.5% +48 (31) Pay-out Pay-out Pay-out Pay-out Pay-out Pay-out 0% 70% 70% 0% 70% 70% June20 Mar
Slide 23: FY21 Results: Net Profit up 35% to €808m
FY21 RESULTS: NET PROFIT UP 35% TO €808m FY21/4Q21 - Group results Section 2 Financial results Highlights 12m D €m 4Q21 3Q21 4Q20 All time high revenues (up 5% to €2.6bn) due to effective June21 YoY1 business diversification, with strong results also in Q4 (€665m) Total income 2,628 +5% 665 663 606
Slide 24: Agenda
Agenda Section 1. Executive summary & Strategic overview Section 2. FY21/4Q21 Group results Section 3. FY21/4Q21 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Corporate lending portfolio 3. Divisional tables
Slide 25: All Divisions with High Double-Digit ROAC
ALL DIVISIONS WITH HIGH DOUBLE-DIGIT ROAC FY21/4Q21 Divisional results Section 3 Revenues (€m, 12M) GOP risk adj. (€m, 12M) Net profit (€m, 12M) ROAC 10% ROTE adj. +5% 9% +20% +35% Mediobanca 2,628 1,142 808 7% ROTE 9% 2,513 Group 949 600 June20 June21 June20 June21 June20 June21 June20 June21 +7% 2
Slide 26: WM: Material Growth Achieved
WM: MATERIAL GROWTH ACHIEVED REVENUE UP 7%, NET PROFIT UP 25%; ROAC@21% FY21 Divisional results - WM Section 3 Financial results Highlights 12m D €m 4Q21 3Q21 4Q20 Ongoing delivery of BP19-23 in terms of: June21 YoY1 Total income 627 +7% 163 162 140 Investments in distribution with sales force up by
Slide 27: TFAs up 12% to €71bn, AUM +16% to €46bn
TFAs UP 12% TO €71BN, AUM +16% to €46BN FY21 Divisional results - WM Section 3 1.1 Group TFAs trend (€bn) 0.8 0.5 0.1 1Q21 2Q21 3Q21 4Q21 71.5 63.6 4.0 61.4 (1.1) 3.8 3.2 NNM by segment NNM by segment Affluent +2.6 Affluent +3.7 46.3 Private +2.3 39.8 Private +1.1 39.0 AM -1.6 AM -0.9 NNM by product
Slide 28: Fees and Marginality Improved
FEES AND MARGINALITY IMPROVED FY21 Divisional results - WM Section 3 WM fees by source (3M, €m) Asset margin (%) 5 4 11 4 Gross fees ex performance fee/(AUM+AUA) 22 23 17 22 18 19 14 25 11 12 11 8 9 10 6 0.87% 8 60 62 66 0.84% 56 59 57 59 49 0.82% (8) (11) (10) (11) (10) (11) (13) (15) June19 June20
Slide 29: Healthy Trend in Affluent/Private
HEALTHY TREND IN AFFLUENT/PRIVATE FY21 Divisional results - WM Section 3 Revenues (€m) NNM trend (3M,€bn) TFAs stock trend (€bn) €3.7bn +13% +17% +7% €2.6bn 1.2 +10% 32.5 358 0.9 0.5 0.9 27.8 3.4 317 0.9 25.4 297 0.5 0.8 0.8 2.9 +25% Affluent +24% 127 0.3 2.6 12.2 +19% 102 +21% 86 0.3 0.3 9.6 0.7 0.
Slide 30: Consumer B. Solid Business Model and Resilient Profitability
CONSUMER B. SOLID BUSINESS MODEL AND RESILIENT PROFITABILITY NET PROFIT DOWN 6%; ROAC@27% FY21 Divisional results - Consumer Section 3 Financial results Highlights Distribution empowerment ongoing 12M D €m 4Q21 3Q21 4Q20 Direct distribution up to 231 branches (up 8% YoY) of which June21 YoY1 179 pro
Slide 31: New Loans Finally Normalizing
NEW LOANS FINALLY NORMALIZING … FY21 Divisional results - Consumer Section 3 Quarterly new business by product (3M, €bn) Loans portfolio (€bn) 13.7 14 13.2 13.0 12.8 12.9 €6.4bn €6.5bn 13 12 2.0 11 1.9 1.9 10 0.1 1.7 0.1 0.1 1.6 9 0.1 1.5 1.5 0.1 June19 Dec19 June20 Dec20 June21 1.0 0.1 0.1 0.9 0.9
Slide 32: While Asset Quality Climbed to Its Best-Ever Level
…WHILE ASSET QUALITY CLIMBED TO ITS BEST-EVER LEVEL FY21 Divisional results - Consumer Section 3 After first lockdown peak, the early risk indicator has …resulting in a temporary LLPs increase in 4Q20 that decreased to below even healthy pre-Covid level … drove… Early deterioration index (3 months a
Slide 33: CIB: Record Results and Best Credit Quality Ever
CIB: RECORD RESULTS AND BEST CREDIT QUALITY EVER REVENUES UP 21%, NET PROFIT UP 57%, ROAC@16% FY21 Divisional results - CIB Section 3 Financial results Highlights €m 12m D 4Q21 3Q21 4Q20 Effective business diversification, strong market momentum June21 YoY1 (notably in the first half) and positive t
Slide 34: Leading Positioning Confirmed in M&A
LEADING POSITIONING CONFIRMED IN M&A… FY21 Divisional results - CIB Section 3 The Mediobanca M&A team has been involved in several major transactions in the last twelve months, including the Selected M&A Large Corp Transactions since January 2021 Pending Pending sale of ASPI to a consortium led by C
Slide 35: ...and in Capital Markets
…AND IN CAPITAL MARKETS FY21 Divisional results - CIB Section 3 The MB Capital Markets teams successfully completed several major ECM Italy 2021 (Bookrunner) since January 20211 transactions for both Italian and international clients, including in DCM, Banco Santander's green bond, CaixaBank's socia
Slide 36: Principal Investing: Positive Stable Contribution
PRINCIPAL INVESTING: POSITIVE STABLE CONTRIBUTION FY21 Divisional Results - PI Section 3 Financial results Highlights 12M D €m 4Q21 3Q21 4Q20 FY21 net profit at €309m, up 5% YoY as lower revenues June21 YoY1 (down 6% YoY) relating to lower AG contribution were offset by the positive funds’ contribut
Slide 37: HF - Improved Results
HF – IMPROVED RESULTS FY21 – Divisional results - HF Section 3 Financial results Highlights 12m D FY21 loss €166m, 10% lower than FY20, with GOP improving €m 4Q21 3Q21 4Q20 by 20% YoY, due to: June21 YoY1 Total income 22 n.m. (6) 22 6 Positive revenues (€22m vs minus €7m in FY20), boosted Net intere
Slide 38: Funding: Stock Up, CoF Flat at 80bps
FUNDING: STOCK UP, COF FLAT AT 80BPS (vs 3M Euribor) THROUGH TLTRO AND STABLE DEPOSIT GROWTH FY21 Divisional Results - HF Section 3 TLTRO: larger size, but below the €8.8bn full capacity Deposits steadily increasing, now 45% of total funding €bn €bn +0.5 25.2 +1.5 23.8 +1.8 +0.7 22.4 5.7 6.2 (1.0) (
Slide 39: Key Indicators at Comfortable Levels
KEY INDICATORS AT COMFORTABLE LEVELS FY21 Divisional Results - HF Section 3 Buffer comfortably above MREL requirement Liquidity and funding ratios at strong levels MREL Liabilities1: 37.2%RWA 165% 164% 155% 158% Senior MREL 153% Surplus LCR bonds: 16.4% 15.4% SNP: 1.1% 116% Sub: 3.7% 109% 109% 107%
Slide 40: Agenda
Agenda Section 1. Executive summary & Strategic overview Section 2. FY21/4Q21 Group results Section 3. FY21/4Q21 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Corporate lending portfolio 3. Divisional tables
Slide 41: Deep Reshaping Confirms MB as a Growing & Specialized Financial Group
DEEP RESHAPING CONFIRMS MB AS A GROWING & Closing remarks SPECIALIZED FINANCIAL GROUP Section 4 Capital-light revenues1 doubled (>30% of Group revenues) Loan book up to almost €50bn (5YCAGR: +7%) with lower due to TFAs doubling as well (5YCAGR: +18%) density due to ongoing capital absorption optimiz
Slide 42: WM: Stronger Growth & Profitability Ahead
WM: STRONGER GROWTH & PROFITABILITY AHEAD Closing remarks Section 4 New opportunities arising: Sharp increase in savings (~€5tr , +10% YoY) not fully exploited in terms of asset allocation (deposits at all-time highs) Unprecedented acceleration in digital offering, but need for advice/customer inter
Slide 43: Consumer Banking: Ready to Profit from the New Environment
CONSUMER BANKING: READY TO PROFIT FROM THE NEW Closing remarks ENVIRONMENT Section 4 New opportunities arising from: Rebound in consumption following lockdown restrictions, matched with still limited penetration of Consumer lending in Italy Play the front-runner role of digital transition in product
Slide 44: CIB: Leverage Positioning as Private & Investment Bank in Italy
CIB: LEVERAGE POSITIONING AS PRIVATE & INVESTMENT BANK IN ITALY INCREASE SIZE IN FRANCE Closing remarks Section 4 New opportunities arising from Larger revenue pool accessible via new market positioning as The Italian Private and Investment bank Deep restructuring process across all sectors followin
Slide 45: Closing Remarks
CLOSING REMARKS Closing remarks Section 4 During the Covid period Mediobanca has reaffirmed its ability to grow and deliver above industry-average results and profitability due to its distinctive specialized business mix exposed to structural long-term growth and geared towards the best counterparti
Slide 46: Mediobanca 12M/4Q Results as at June 2021
MEDIOBANCA 12M/4Q RESULTS AS AT 30 JUNE 2021 Milan, 29 July 2021
Slide 47: Agenda
Agenda Section 1. Executive summary & Strategic overview Section 2. FY21/4Q21 Group results Section 3. FY21/4Q21 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Corporate lending portfolio 3. Divisional tables
Slide 48: Macro Scenario
MACRO SCENARIO FY21 results as at June 2021 Annex 1 Macro scenario trend Nov19 Scenario - at BP23 approval June20 Scenario after Lockdown 11 Improved Scenario – June 21 2020² 2021² 2022² 2023² 2020² 2021² 2022² 2023² 2020² 2021² 2022² 2023² IT GDP (y/y) 0.3% 0.4% 0.6% 0.7% (10.4%) +4.3% +3.0% +1.6%
Slide 49: Corporate Lending Portfolio
CORPORATE LENDING PORTFOLIO FY21 results as at June 2021 Annex 2 WB loan book by sector (as at June21) 20% High impact from Covid-19 Immediate impact from Covid-19 9% 9% 8% 7% 7% 6% 5% 3% 3% 3% 3% 3% 2% 2% 2% 2% 1% 1% 1% 1% 0.8% 0.5% WB loans by rating (as at June21) WB loans by geography3 (as at Ju
Slide 50: Mediobanca Group P&L
MEDIOBANCA GROUP P&L FY21 results as at June 2021 Annex 3 12m 12m ∆ €m 4Q21 3Q21 2Q21 1Q20 4Q20 June21 June20 YoY1 Total income 2,628 2,513 +5% 665 663 675 626 606 Net interest income 1,415 1,442 -2% 344 351 363 357 361 Fee income 745 630 +18% 173 188 194 189 143 Net treasury income 197 136 +45% 45
Slide 51: Mediobanca Group A&L
MEDIOBANCA GROUP A&L FY21 results as at June 2021 Annex 3 ∆ ∆ €bn June21 Mar21 Dec20 Sept20 June20 QoQ1 YoY1 Funding 56.2 56.6 55.9 56.7 54.9 -1% +2% Bonds 18.4 19.0 18.7 19.3 18.8 -3% -2% Direct deposits (retail&PB) 25.2 25.2 24.6 24.2 23.8 +0% +6% ECB 7.4 7.0 6.2 6.5 5.7 +7% +32% Others 5.1 5.4 6.
Slide 52: Wealth Management Results
WEALTH MANAGEMENT RESULTS FY21 results as at June 2021 Annex 3 12m 12m ∆ €m 4Q21 3Q21 2Q21 1Q20 4Q20 June21 June20 YoY1 Total income 627 584 +7% 163 162 156 146 140 Net interest income 281 271 +4% 72 72 69 68 67 Fee income 336 306 +10% 89 87 85 76 72 Net treasury income 10 7 +54% 2 3 3 2 1 Total cos
Slide 53: Consumer Banking Results
CONSUMER BANKING RESULTS FY21 results as at June 2021 Annex 3 12m 12m ∆ €m 4Q21 3Q21 2Q21 1Q20 4Q20 June21 June20 YoY1 Total income 1,002 1,071 -6% 238 249 256 260 266 Net interest income 879 948 -7% 214 216 223 226 237 Fee income 123 123 - 24 33 33 34 29 Total costs (314) (303) +4% (84) (80) (78) (
Slide 54: CIB Results
CIB RESULTS FY21 results as at June 2021 Annex 3 12m 12m ∆ €m 4Q21 3Q21 2Q21 1Q20 4Q20 June21 June20 YoY1 Total income 698 575 +21% 161 173 182 183 139 Net interest income 287 271 +6% 68 70 77 72 69 Fee income 318 226 +41% 69 77 84 88 52 Net treasury income 93 78 +20% 24 25 21 23 19 Total costs (307
Slide 55: Principal Investing Results
PRINCIPAL INVESTING RESULTS FY21 results as at June 2021 Annex 3 12m 12m ∆ €m 4Q21 3Q21 2Q21 1Q20 4Q20 June21 June20 YoY1 Total income 295 313 -6% 111 61 78 46 61 Impairments 52 (11) n.m. 15 18 6 13 21 Net result 309 295 +5% 110 70 77 52 70 Book value (€bn) 4.4 3.9 +15% 4.4 4.6 4.4 4.2 3.9 Ass. Gene
Slide 56: Holding Function Results
HOLDING FUNCTION RESULTS FY21 results as at June 2021 Annex 3 12m 12m ∆ €m 4Q21 3Q21 2Q21 1Q20 4Q20 June21 June20 YoY1 Total income 22 (7) n.m. (6) 22 8 (3) 6 Net interest income (47) (55) -14% (13) (12) (9) (13) (14) Net treasury income 58 38 +53% 4 32 14 7 19 Fee income 12 11 +11% 3 2 3 3 2 Total
Slide 57: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and investment banking DPS Dividend per share WB Wholesale banking EPS Earning per share EPS adj. Earning per share adjusted1 SF Specialty finance ESG Environmental, Social, Governance CB Consumer banking FAs Fi
Slide 58: Disclaimer & Declaration of Head of Financial Reporting
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-lookin
Slide 59: Investor Contact Details
INVESTOR CONTACT DETAILS 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: investor.relation