Group Results 2015 2015 Highlights Strong volumes expansion - - PowerPoint PPT Presentation

Group Results 2015

2

2015 Highlights

Strong volumes’ expansion compared to substantially stable volumes for the industry: Loans up by 6% in the quarter (+€1.4 billion) and by 5.3% YoY (+€1.1 billion) compared to an industry’s growth of 0.1% Direct Deposits from Customers and Retail Bonds up by 5.9% QoQ (+€1.1 billion) and by 7.0% YoY (+€1.3 billion) compared to the industry’s performance negative by 0.6%. AUM and Insurance Reserves still on the rise, by 14% YoY (+€3.4 billion) All indicators related to the solidity of the Group improved: LtD* down to 1.03 compared to 1.06 at the end of 2014 and to 1.10 at the end of 2013 86% of corporate loans concentrated to the 4 best ratings’ classes (historical peak) Net NPLs Ratio (3.5%) decreasing continuously from 4.0% at the end of 2013 CET1 ratio fully-phased at 12.3%** (13.3% on Credem Group perimeter) Net profit up by 9.5% YoY despite the contribution of more than €31 million to the Resolution Fund and DGS

(*) Loans to Customers net of Repos with Institutional and Loans to Group’s SPVs, Deposits includes Bonds to Institutionals (**) Referred to Credemholding’s supervisory prudential perimeter

3

Income Statement

• FY15 «core» Revenues were in line with 2014, thanks to commissions and fees, that offset the lower

contribution of the securities’ portfolio due to the choice of reducing the exposure to Italian Government bonds.

• Net Profit was up 9.5% YoY despite the provisions to the Single Resolution Fund and the Deposit

Guaranteed Scheme (for €28.0 and €4.0 million, respectively, gross of the fiscal effect on the whole year).

Euro, million 4Q14 3Q15 4Q15 % vs. 4Q14 % vs. 3Q15 2014 2015 % y/y Operating Income 261.1 248.2 267.8 2.5% 7.9% 1.068.3 1.127.0 5.5% Operating Income net of Trading and Performance Fees 247.7 244.6 253.4 2.3% 3.6% 995.1 990.8

• 0.4%

Operating Costs

• 167.1
• 162.1
• 172.0

2.9% 6.1%

• 654.8
• 683.3

4.4% D&A

• 9.9
• 10.3
• 11.0

11.1% 6.8%

• 38.7
• 40.8

5.4% Net Operating Profit 84.1 75.8 84.8 0.8% 11.8% 374.8 402.9 7.5% Net Adj. To Loans

• 37.0
• 18.2
• 31.5
• 14.9%

73.1%

• 114.9
• 113.8
• 1.0%

Provision for Risks and Charges

• 3.3
• 8.1
• 0.2

n.a. n.a.

• 8.2
• 17.7

n.a.

• Extraord. Income/Expenses

0.2

• 0.9
• 34.1

n.a. n.a.

• 0.2
• 32.2

n.a. Pre Tax Profit 44.0 48.6 19.0

• 56.9%
• 61.0%

251.5 239.2

• 4.9%

Taxes/Minorities

• 20.7
• 17.7
• 3.1
• 85.0%
• 82.5%
• 99.7
• 73.0
• 26.8%

Net Profit for the Period 23.3 30.9 15.9

• 32.0%
• 48.7%

151.8 166.2 9.5%

0.30% 0.31% 0.17% 0.08% 0.05% 0.01% -0.03%

• 0.09%

196 159 154 146 116 127 121 103 50 100 150 200 250

• 0.2%
• 0.1%

0.1% 0.2% 0.3% 0.4% Euribor 3 months Spread BTP vs. Bund (10 years) 2.38 2.36 2.22 2.11 2.14 2.12 2.07 2.04 3.38 3.31 3.12 2.96 2.92 2.76 2.62 2.51 1.00 0.94 0.90 0.85 0.78 0.64 0.55 0.47 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Spread Average Loans rate Average Deposits rate

123.6122.2125.6 119.4 106.2103.8 111.2 117.0 70 80 90 100 110 120 130 1Q142Q143Q144Q141Q152Q153Q154Q15

4 € Million

Net Interest Margin (1/3)

bps

Quarterly Net Interest Margin Quarterly Customers’ Spread

(Credem SpA management reporting)

Euribor and BTP/Bund: Spread Evolution After hitting a minimum in the 2Q15, Net Interest Margin confirmed a QoQ growth also in 4Q15, mainly thank to a strong performance on lending volumes. As for the customers’ spread, the continuous efforts to reduce the cost of funding were not entirely sufficient to compensate the negative effect caused by interest rates decrease.

3.33 3.18 2.70 2.51 3.79 3.79 3.43 3.31

• 0.50

1.00 1.50 2.00 2.50 3.00 3.50 4.00 2013 2014 2015 4Q2015 Credem: Average Loans rate Industry: Average Loans rate 1.22 0.92 0.61 0.47 1.96 1.68 1.30 1.21

• 0.50

1.00 1.50 2.00 2.50 2013 2014 2015 4Q2015 Credem: Average Deposits rate Industry: Average Deposits rate 2.11 2.26 2.09 2.04 1.82 2.10 2.12 2.10 0.00 0.50 1.00 1.50 2.00 2.50 2013 2014 2015 4Q2015 Credem: spread Industry: spread 5 %

Net Interest Margin (2/3)

The aggressive strategy pursued by the Group with the aim of increasing its market shares continued in 2015. As a result, the gap between the group and the Industry on Average Loan Rate widened to 79bps at the end of the year (compared to circa 45bps in the past) On the other hand, the higher reduction of cost of funding compared to the system (from 70bps to 73bps QoQ) is not enough to

• ffset loan rate evolution, affecting the spread
• 0.74%

%

• 0.46%

0.29%

Source: IBA Monthly Outlook January 2016

0.16% %

• 0.60%
• 0.73%
• 0.03%
• 0.70%
• 0.79%
• 0.76%
• 0.73%
• 0.06%

Evolution of Average Loan Rate

(Credem SpA management reporting)

Evolution of Average Deposit Rate

(Credem SpA management reporting)

Evolution of Average Customers’ Spread

(Credem SpA management reporting)

39% 49% 10% 2% 0% 20% 40% 60% 80% 100% Rating distribution

Other BBB A AAA/AA

4.9 1 2 3 4 5 6

• Avg. Maturity

13% 15% 17% 14% 16% 18% 60% 38% 10% 11% 10% 9% 62% 56% 13% 39% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2013 2014 1Q15 2015

Other non-Italy Other Govies/ EFSF/ BEI Other Italy Italian Govies

6

Net Interest Margin (3/3)

After the disposal of the Italian sovereign bonds realized in 1Q15, the portfolio has been repositioned bringing the exposure to «Italy risk» from 67% at the end of 2014 to the current 48% Thank to the strong portfolio’s diversification, about 40%

• f

securities are AAA or AA

5,902 6,219 6,154 6,420

Duration and breakdown by rating

(Credem SpA management reporting)

Securities’ Portfolio Breakdown by Issuer

(Credem SpA management reporting)

Banking Group securities’ portfolio (€ mln)

425 37 48 19 452 47 61 18 494 52 122 20 100 200 300 400 500 600

Net Fees Insurance Income Trading Other

2013 2014 2015

58.1 61.2 60.9 61.8 68.5 74.1 71.2 67.8 11.8 13.4 11.6 9.7 24 7.6 8.6 11.5 49.5 47.9 48.4 52.5 49.3 48.9 48.6 52.2 4.5 4.9 3.8 4.3 5 5.4 5.0 4.9 39.1 5.4 13.2 3.4 97.1 15.9 2.9 6.5 10.00 7.9 50 100 150 200 250 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 € Million Performance Fees Trading Other Banking Fees Insurance Income Management & Brokerage Fees

7

Non Interest Income

Banking and Insurance Fees performed well in 4Q15, whereas AUM Fees were penalized in the quarter by higher commission expenses Net Commissions continued to grow significantly (+€42 million in 2015 and +€27 million in 2014)

123.9 127.4 124.7 NII net of Trading and Perform. Fees 163.1 133.8 128.3 138.9 146.8 141.7 136.0 133.4 246.9 136.4 154.1 +16% vs. 2013 +38% vs. 2013 137.0 150.8

Non Interest Income: Quarterly Evolution Non Interest Income: YoY Comparison

1% 1% 1% 39% 33% 24% 40% 45% 51% 20% 21% 24% 0% 20% 40% 60% 80% 100% 2013 2014 2015 Money Market Bonds Balanced/ Flexible Equity 12% 9% 7% 49% 49% 44% 33% 35% 42% 6% 7% 7% 0% 20% 40% 60% 80% 100% 2013 2014 2015 Money Market Bonds Balanced/ Flexible Equity

20,923 24,617 26,866 27,129 27,081 28,056 15,000 20,000 25,000 30,000 2013 2014 1Q15 2Q15 3Q15 2015 8

AUM and Insurance Fees growth YoY was caused by the continuing expansion of volumes, that increased by 34% compared to the end of 2013 and by 14% compared to the end of 2014 The volumes’ expansion is flanked by the positive effect coming from the asset mix, for which the increasing incidence

• f

flexible/balanced and equity products produces higher management fees +34%

AUM and Insurance Reserves

AUM and Insurance Reserves Evolution Third Parties’ Products Breakdown by Asset Class (Group management reporting) Mutual Funds and SICAVs Breakdown by Asset Class (Group management reporting)

98 158 217 272 359 353 394 377 200 400 600 1,0021,006 885 795 750 770 785 827 500 1,000 1,500 5,993 5,740 5,5445,5195,6045,609 5,7635,899 5,200 5,400 5,600 5,800 6,000 6,200 2008 2009 2010 2011 2012 2013 2014 2015

113 113 109 122 121 117 112 123 54 52 48 45 55 57 50 49

50 100 150 200 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Personell Costs Administrative Expenses

9

Operating Costs

€ Million

• Operating Costs trend (+4.4% YoY) is in line

with expectation and coherent with a growth strategy, even if operating costs increase is progressing at a slower pace than in the recent past (+4.8% YoY as at 9M15; +6.8% YoY as at FY2014)

• The Group continued to support the commercial

capabilities, hiring new professionals and Financial Advisors 167 164 157 167 176 174 162 172 Operating Costs: Quarterly Evolution Employees/ Networks Employees Financial Advisers Creacasa and Salary Backed Loans Agents

67% 73% 77% 77% 78% 84% 86% 50% 60% 70% 80% 90% 2009 2010 2011 2012 2013 2014 2015

% of loans to corporate customers in top 4 rating classes

7,484 7,667 8,114 8,296 8,742 9,834 9,176 10,328 1,941 1,935 2,001 2,042 2,014 2,100 2,169 2,175 5,534 5,845 6,282 6,241 6,127 6,235 6,329 6,392 2,577 3,323 3,324 3,370 3,056 3,339 3,614 3,755 4,000 8,000 12,000 16,000 20,000 24,000 2009 2010 2011 2012 2013 2014 9M15 2015

Short-Term Loans Leasing Residential Mortgage Other Loans

10

As usual, the last quarter of the year was very strong in terms of volumes’ growth resulting in a new historical peak (+6.4% in the quarter and 5.3% YoY) Performances of Short Term Loans (+5% YoY) and Other Loans (+12.5%YoY) to corporates, as well as Residential Mortgages (2.5% YoY) and Leasing (+3.6% YoY) reflect a better macro-economic scenario Credit quality reached a new historical maximum with 86% of corporate loans to customers belonging to the best 4 rating classes

€ Mil.

17.536 18.770 19.721 19.949 17.536 18.884 20.643 19.938 19.938 21.695 21.289 21.310 21.508 22.649 19.995 23.093

Loans to Customers (net of Repos with Institutional and Loans to Group’s SPVs)

Loans to Customers (Balance Sheets figures)

Corporate Loans Distribution by Rating

(Credem SpA management reporting)

Loans to Customers

0.55% 0.45% 0.44% 0.43% 0.40% 0.41% 0.41% 0.3% 0.4% 0.4% 0.5% 0.5% 0.6% 0.6% dec. 2010 dec. 2011 dec. 2012 dec. 2013 dec. 2014 jun. 2015

• ct.

2015 MS on Gross Bad Loans 1.07% 1.16% 1.20% 1.28% 1.45% 1.44% 1.47% 1.0% 1.1% 1.2% 1.3% 1.4% 1.5% dec. 2010 dec. 2011 dec. 2012 dec. 2013 dec. 2014 jun. 2015

• ct.

2015 MS on performing loans 4.2% 2.2%

• 1.1%
• 3.9%
• 1.3%

0.1% 7.0% 5.1% 1.2%

• 0.1%

7.9% 5.3%

• 6.0%
• 4.0%
• 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2010 2011 2012 2013 2014 2015

Industry Credem 11 Credem over- performance (∆ %)

2.8 2.9 2.2 5.2 3.8 The steady improvement of Market Shares is confirmed by October 2015 figures. A further advance is expected at the end of 2015 (statistics not yet available) Once again, Credem Group was able to outperform the industry by more than 5% in 2015 9.2

Loans: comparison with the Industry

Loans to Retail and Public Sectors Growth Rates Market shares on retail and corporate customers and small business (net of financial institutions)

(Credem SpA management reporting)

Source: IBA Monthly Outlook January 2016; Bankit data: data flows from «Matrice dei Conti Bankit (Bastra1)» since December 2011, Bankit Public database (Bollettino Bankit) until November 2011

2.10% 2.18% 2.15% 2.16% 2.22% 2.26% 2.00% 2.05% 2.10% 2.15% 2.20% 2.25% 2.30% 2010 2011 2012 2013 2014 2015*

12

With stocks growing 2.5% YoY, new inflows in 2015 increased by a substantial 27% Mortgages’ market share reached a maximum since 2008. Quite remarkably, it is 50% higher in comparison with Group’s total loans’ market share

Source: Italian Banks Association – Market Shares (*) Data as at October 2015

Inflows: +27%

Residential Mortgages: comparison with the Industry

Residential Mortgages Inflows

(Credem SpA management reporting)

Residential Mortgages’ Stock: Market Share

• 1.8%
• 1.2%
• 0.6%

2.1% 7.9% 7.0%

• 4.0%
• 2.0%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 2013 2014 2015

Industry Credem

Deposits, Bonds and AUM

13

Euro, million 2012 2013 2014 9M15 2015 Sight/ Saving Deposits 13.066 13.625 15.335 15.676 16.979 CD and Other Deposits 256 260 333 475 460 Direct Deposits 13.322 13.885 15.668 16.151 17.439 Bonds

• Institutional
• Retail

4.149 879 3.270 4.187 1.131 3.056 4.718 2.105 2.613 4.623 2.300 2.323 4.477 2.349 2.128 Direct Dep & Retail Bonds 16.592 16.941 18.281 18.474 19.567 Insurance Reserves 2.617 3.236 4.409 5.336 5.513 Portfolio Management 3.747 3.766 4.481 5.233 5.648 Mutual Funds 2.944 3.051 3.420 3.969 4.090 SICAVs 5.047 5.314 5.882 5.922 5.979 Other and Third Parties products 4.478 5.556 6.425 6.621 6.826 AUM 16.216 17.687 20.208 21.745 22.543

Direct Deposits & Retail Bonds : yearly growth rates

(*) Loans to Customers net of Repos with Institutional and Loans to Group’s SPVs, Deposits includes Institutional Bonds (e.g. Covered Bonds) Source: IBA monthly Outlook

Fonte: ABI montlhy Outlook

Still in 2015 all main aggregates grew very well: AUM +€1.4 billion (+11.6% YoY), Insurance Reserves +€1.1 billion (+25% YoY), Direct Deposits & Retail Bonds +€1.3 billion (+7.0% YoY) In comparison with the industry, it is clear that the Group can grow well above the average, pairing its loan growth with a similar, hence equilibrated, increase of funding from clientele

1.21% 1.61% 1.41% 1.46% 0.91% 4.43% 5.59% 4.53% 5.85% 3.15% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2011 2012 2013 2014 1H15 IBA Panel* Credem

14

AUM growth is in line with Group’s customers’ base expansion that, as at June 2015 was growing at 3.5 times more than the industry average The increase of the number of customers is paired by the increase of the customers’ satisfaction, as confirmed by the Doxa surveys realized in the last 2 years

(*) IBA calculation on an internal panel

Customers’ Satisfaction

85% 87% 80% 85% 90% 2014 2015

Retail Customers’ Evolution: Comparison with the Industry

Number of Customers with a Current Account: Net Increase (%)

• 750

500 750 249 100

• 200

400 600 800 1,000 1,200 2016 2017 2018 2019 2020 2021 2025 2028 312 523 600 1,500 249 784 1,407 938 1,473 365 38

• 500

1,000 1,500 2,000 2,500 2010 2011 2012 2013 2014 2015 Wholesale Retail 354 1,141 400 200 400 600 800 1,000 1,200 2016 2017 2018 15 € Million € Million

Direct Deposits’ growth (+€1.8 billion in 2015) allowed the Group to reduce significantly the issuance of new bonds The maturities profile of the Group, even if not showing significant concentration,

• ffers higher repricing opportunities in

2017 when almost half of the retail bonds currently outstanding will mature

Bonds issued and future maturities

Bonds Issued

(Credem SpA management account)

Bonds Maturities

(Credem SpA management account)

Retail Bonds Institutional Bonds

70 25 27 42 46 26 22

• 10

20 30 40 50 60 70 80 2009 2010 2011 2012 2013 2014 2015

870.5 428.1 96.1 889.8 438.6 94.7 909.7 451.0 70.0 200 400 600 800 1000 Gross Bad Loans Gross Unlikely to pay Gross Past Due € Milioni

1H15 9M15 2015

16

Credit Quality

Source: IBA; internal calculation on Bank of Italy figures (*) Value at November 2015 (source: IBA Monthly Outlook) (**) 2014 amounts were calculated according to the following formula: (Gross Impaired Loans as at the end of the year, €1,334 million + NPLs disposed, €44 million – Gross Impaired Loans as at the end of the previous year, €1,285 million) divided by 4

Gross Non Performing Loans Quarterly Average Gross NPLs’ Net Inflows (€, Million)**

3.9

% on Loans(Credem) % on Loans (Industry)

9.6 1.9 0.4 4.1 10.0 2.0 0.4 3.9 10.4* 1.9 0.3 6.3 6.4 0.8 0.8

• As for Gross NPLs incidence on loans,

the gap between Credem Group and the industry continued to widen. Credem was stable or better in every aggregate: as at September 30, 2015 the gross NPLs ratio was 6.5% whereas the industry’s one was 17.1%

• New NPLs average quarterly generation

improved from €46 million in 2013, to €22 million in 2015

57.4 56.0 55.4 58.2 58.6 59.1 59.6 60.8 50 52 54 56 58 60 62 2010 2011 2012 2013 2014 1H15 9M15 2015 36.3 35.8 35.0 38.7 40.7 42.8 43.2 44.6 30 32 34 36 38 40 42 44 46 2010 2011 2012 2013 2014 1H15 9M15 2015 17

Non Performing Loans’ Coverage

Euro, Million 2013 2014 9M15 2015 Net Bad Loans 334.4 341.7 356.8 Unlikely to Pay 362.8 348.9 376.2 Net Past-due 100.2 96.6 60.0 Total Net NPLs 788.4 797.4 787.2 793.0 Net NPLs’ Ratio* 4.0% 3.7% 3.8% 3.5%

Net Non Performing Loans Net Non Performing Loans Bad Loans’ Coverage (%) Non Performing Loans’ Coverage (%)

(*) Loans to Customers net of Repos with Institutional and Loans to Group’s SPVs

Total Net NPls are have being fairly stable for the last 8 quarters. While NPLs ratio has being moving down from 4.0% to 3.5% during the same period of time The low level

• f

new NPLs allows a progressive coverage increase. Bad Loans’ Coverage is now above 60% while NPLs’ coverage is about 45%

21 31 70 7 19 20 35 35 62 34 27 44 59 55 52 10 20 30 40 50 60 70 80

59 27 31 52 55 70 60 51 52 47 37 39 41 45 39 39 37 41

• 10

20 30 40 50 60 70 2013 1Q14 1H14 9M14 2014 1Q15 1H15 9M15 2015 Cost of risk Cost of risk (net of "non recurrent" items)

18

After 1Q15 remarkable non recurrent provisioning finalized to increase the coverage of Unlikely to Pay and Past Due Loans, the Cost of Risk stabilized around 50 bps Normalized Cost of Risk improved from 45 bps in 2014 to about 40 bps at the end of the 2015

Crack Parmalat Historical average

Cost of Risk

Cost of Risk (bps) Cost of Risk: history (bps)

2,300 2,809 645 1,750 16,151 2,323 5,336 2,421 2,349 2,727 714 1.000 1,750 17,439 2,128 5,513 2,480 5,000 10,000 15,000 20,000 9M15 2015

128 5 6,492 5,191 495 21,310 118 6,301 5,502 500 23,093 6,000 12,000 18,000 24,000

• Fin. Assets

held for trading*

• Fin. Assets at

fair value*

• Fin. Assets
• av. for sale*
• Fin. Assets

(insurance companies)* Due from banks Loans to customers 9M15 2015 19

On the liabilities’ side, Deposits from Customers increased (+€1.3 billion QoQ) balancing the loans’ growth ECB exposure also augmented, with a very conservative stance (as confirmed, on the other side, by the repos’ increase) Within the assets, Loans grew significantly QoQ: +€1.8 billion

• f which €0.4 billion were

repos to institutional (therefore the increase in loans to the clientele was €1.4 billion QoQ)

(*) Internal Esstimates

Assets & Liabilities

Assets (Euro, Million) Liabilities (Euro, Million)

Equity Clientele Institutional

1.14 1.14 1.10 1.06 1.03 1.00 1.02 1.04 1.06 1.08 1.10 1.12 1.14 1.16 2011 2012 2013 2014 2015

149% 179% 144% 50% 70% 90% 110% 130% 150% 170% 190% 2013 2014 2015E 124% 116% 124% 50% 60% 70% 80% 90% 100% 110% 120% 130% 2013 2014 2015E

20

NSFR LCR Both ratios are estimated to remain, well above the future target thresholds set by the regulation, with NSFR in further improvement at 124% and LCR at 144% ECB eligible securities at the end of 2015 were €3.3 billion (circa 9% of Total Assets)

Source: internal estimates as at Dec 31, 2015

Loan to Deposit Ratio*

(*) Loans to Customers net of Repos with Institutional and Loans to Group’s SPVs, Deposits includes Institutional Bonds

Liquidity Ratios

20% 80% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Impact on Tier 2 capital as at 12/31/2015 60 75 200 50 100 150 200 250 300 350 Outstanding as at 12/31/2015

21

Subordinated Bonds Issued

Outstanding Subordinated Bonds as at Dec 31, 2015

(Banking Group)

Since 2012 the Group has not been issuing subordinated bonds to its retail customers. As of today, only €60 million are partially computable as Tier 2 Capital (grandfathering) As for their incidence on capital, partially computable subordinated bonds to retail account for just 20% of Tier 2 capital at consolidated level Issued to Institutional Issued to Retail (not computable as Tier 2 Capital) Issued to Retail (partially computable as Tier 2 Capital as currently in grandfathering) Incidence on Group Consolidated Capital Issued to Retail Issued to Institutional

1,864 1,803 1,834 1,958 1,983 2,010 500 1,000 1,500 2,000 2,500 2014 9M15 2015 1,861 1,751 1,791 1,969 1,917 1,955 500 1,000 1,500 2,000 2,500 2014 9M15 2015

22

Capital ratios evolution

Consolidated Capital Ratios “prudential perimeter” (phased-in) Also in 4Q15 the Group continued to balance successfully a significant loans growth with an organic capital generation Capital ratios calculation takes into account a dividend of €0.15 per share on Credem, in line with 2014 11.1% 11.8% 13.6% 14.9%

Fully phased ratios: CET1 at 12.3%; Tier Total 14.0%

Capital Ratios on Banking Group (phased-in) 14.0% 15.4% 11.1% 11.7%

Fully phased ratios: CET1 at 13.3%; Tier Total 15.2%)

13.8% 15.2% 13.5% 14.8% 2013 2014

Common Equity Tier 1 (CET1) Tier Total Capital

RWA 16.733.5 12.843.0 13.251.3

23

Disclaimer and Contacts

Investor Relations Team

Daniele Morlini – Head of IR dmorlini@credem.it +39 0522582785 Paolo Pratissoli ppratissoli@credem.it +39 0522583029 Benedetta Levi blevi@credem.it +39 0522582580

The manager responsible for preparing the company’s financial reports Mr. Paolo Tommasini of Credito Emiliano S.p.A., declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records. ***

This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words “may,” “will,” “should,” “plan,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company’s future financial position and results of

• perations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to
• participate. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction
• f actual results. The Group’s ability to achieve its projected objectives or results is dependent on many factors which are outside management’s
• control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such

forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no

• bligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may

be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.