Analysts & Press Presentation. Fabrizio Viola - CEO Bernardo Mingrone - CFO

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1 Analysts & Press Presentation Fabrizio Viola - CEO Bernardo Mingrone - CFO Siena 24 th September 2015

2 Executive Summary Settlement agreement with Nomura on the Alexandria transaction Closing of the last legacy issue linked to the previous management Significant improvement of the Bank s capital position: +56bps on transitional Basel 3 CET1 and +70bps on fully-loaded Basel 3 CET1 EUR 257mln increase in Tangible Equity Transaction termination costs lower by approx. EUR 440mln Negative one-off impact of approximately EUR 88mln after tax on 3Q15 P&L Positive impact on future P&L (NII) of approx. EUR 40mln per year from now on EUR 500mln improvement in liquidity position page 2

3 Contents Description of transaction Impacts of settlement agreement page 3

4 Alexandria - Description of transaction 2006 investment in CDOs 2009 restructuring of underlying securities with switch into lower risk assets, in particular: o purchase of long-term government bonds (BTPs) coming to maturity in 2034, for a nominal amount of EUR 3,050mln. The purchase of BTPs was effected by way of an asset swap consisting in: a forward purchase of BTPs and an interest rate swap, whereby BMPS undertook to pay the fixed rate coupon received on the BTPs in exchange for an interest rate set at 3m Euribor + spread, calculated on EUR 3,050mln o spot sale of BTPs of a nominal value of EUR 3,050mln, against a sale price of EUR 3,102mln, i.e. a consideration inclusive of interest accrued on the BTPs until date of transaction settlement (long term repo with maturity in 2034 like the BTP Asset Swap) and commitment to repurchase the BTPs due in 2034 from Nomura for the same nominal amount; for the entire duration of the agreement, BMPS pays Nomura an interest rate set at 3m Euribor + spread, calculated on the consideration received, while Nomura pays BMPS the coupon received on the BTPs due in 2034 o granting of a repo facility to Nomura with maturity on 1 september 2040, whereby Nomura can use the credit line granted by delivering BTPs or similar securities to BMPS for a total maximum amount of EUR 3,050mln. The Parent Company receives interest at 3- month Euribor from Nomura on the consideration paid to Nomura against delivery of said securities, in addition to fees calculated on the amount of the credit line granted (EUR 3,050mln) page 4

5 Contents Description of transaction Impacts of settlement agreement page 5

6 Impacts * on CET1 ratio CET 1 ratio fully loaded 10.7% +68bps -16bps +18bps 11.4% From a capital standpoint, with respect to figures as at 1H15 the agreement brings about a positive impact of approx. 70bps on the fullyloaded Basel 3 CET1 and 56bps in terms of transitional CET1 Jun-15 CET1 Fully loaded Proforma** Net AFS Reserve and related DTA CET 1 ratio transitional Net losses and related DTA RWA effect & Other effects CET1 Fully loaded Proforma +68bps -16bps +4bps 11.3% 11.9% The set of terminated transactions will stop producing regulatory capital volatility (AFS reserve deduction) With regard to the large exposure risk closing the transaction excludes any possible breach of the regulatory ratio versus Nomura (25%) going forward Jun-15 CET1 Transitional Proforma** Net AFS Reserve and related DTA Net losses and related DTA RWA effect & Other effects CET1 Transitional Proforma *Figures from operational data management system **Basel 3 ratios, pro-forma including the payment of NFIs coupon through the issue of new shares. The Bis 3 fully loaded ratio has been estimated including the filter on AFS net reserves on European Government bonds, except for Alexandria transaction page 6

7 Impacts * on P&L Impacts on P&L as at 17 September 2015( /mln) As part of termination BMPS has acquired a portfolio of financial instruments mainly consisting of BTPs of approx. EUR 2.6bn nominal value. Positive contribution to NII of about EUR 40mln p.a. going forward *Figures from operational data management system page 7

8 Disclaimer This document has been prepared by Gruppo Monte dei Paschi di Siena solely for information purposes and for use in presentations of the Group s strategies and financials. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither the company, nor its advisors or representatives shall have any liability whatsoever (in negligence nor otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations. page 8

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