2016FY Results

Just have a little patience

2

Disclaimer and safe harbour statements

These slides have been prepared by Anima Holding S.p.A. (“Anima”, the “Company” and together with its subsidiaries the “Group”), solely for a presentationto investors. These slides are being shown for information purposes and neither this document nor any copy thereof may be reproduced, further distributed toany other person or published, in whole or in part, for any purpose. The information contained in this document (“Information”) has been provided by theCompany or obtained from publicly available sources and has not been independently verified.None of the Company or any of their respective affiliates, directors, officers, advisers, agents or employees, nor any other person make any representation orwarranty, express or implied, as to, and no reliance should be placed on, the fairness, accuracy, materiality, completeness or correctness of the Informationor any opinions contained herein. This presentation may contain financial information and/or operating data and/or market information regarding thebusiness, assets and liabilities of the Company and its consolidated subsidiaries and the results of operations and markets in which the Company and itsconsolidated subsidiaries are active. Such financial information may not have been audited, reviewed or verified by any independent accounting firm and/orsuch operating or market information may be based on management estimates or on reports prepared by third parties which neither the Company nor theBanks have independently verified. It is not the intention of the Company to provide, and you may not rely on these materials as providing, a complete orcomprehensive analysis of the Company’s financial or trading position or prospects. This presentation speaks as of its date and will not be updated. TheInformation included in this presentation may be subject to updating, completion, revision and amendment and such Information may change materiallywithout notice. No person is under any obligation to update or keep current the Information contained in this presentation and any estimates, opinions andprojections expressed relating thereto are subject to change without notice. Neither the Company nor any of their respective affiliates, directors, officers,advisers, agents or employees, nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from anyuse of these materials or its contents or otherwise arising in connection with this presentation.

This document includes forward-looking statements which include statements regarding ANIMA’s business strategy, financial condition, results of operationsand market data, as well as other statements that are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risksand uncertainties that could cause actual outcomes and results to be materially different from those projected. Readers are cautioned not to place unduereliance on these forward-looking statements. Except for any ongoing obligation to disclose material information as required by the relevant regulations,ANIMA does not have any intention or obligation to publicly update or revise any forward-looking statements after ANIMA distributes this document, whetherto reflect any future events or circumstances or otherwise.

Any projections, estimates, forecasts, targets, prospects, returns and/or opinions contained in this presentation involve elements of subjective judgment andanalysis and are based upon the best judgment of the Company as of the date of this presentation. No representation or warranty is given as to theachievement or reasonableness of, and no reliance should be placed on, any valuations, forecasts, estimates, opinions and projections contained in thispresentation. In all cases, recipients should conduct their own investigation and analysis on the Company and the Information contained in this presentation.Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words“believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions.A multitude of factors can cause actual events to differ significantly from any anticipated development. Forward-looking statements contained in thispresentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No oneundertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You shouldnot place undue reliance on forward-looking statements, which speak only as of the date of this presentation and are subject to change without notice.

3

2016FY - Table of contents

1

2

Anima…who

Anima…what

Anima…why

Anima…how much3

4

4

ANIMA highlights – Different, yet unique

Source: ANIMA

Solid results delivered in a challenging environment amid markets’ volatility and macro turbulences

Highest level of AuM (€72.7b) driven by strong inflows in the institutional segment

Net income yoy reduction highlyimpacted by lower performance fees

DPS confirmed at 0.25€

Healthy growth as a result of the positive mix of diversified ordinarybusiness, new partnerships (Poste) and focus on operating leverage

72.7 AuM (€bn)

233.1 Net commissions (€m)in line with 2015

101.2 Net Income (€m)

-20% vs. 2015

+4.6 Net New Money (€bn)

+9% vs. 2015

2016 at a glance

127.7 Adj. Net Income (€m)

-15% vs. 2015

5

2016FY - Table of contents

Anima…who

Anima…what

Anima…why

Anima…how much

1

2

3

4

6

Anima AuM evolution

Source: ANIMA, data in € bn

4.6

66.9

Mkt effect

1.2

NNM Mkt effect

46.6

+17%

AuM 2013

7.6

NNM

3.0

Mkt effect

57.1

AuM 2014

8.6

AuM 2015

+23%

AuM 2016

1.2

NNM

72.7

+9%

7

2016FY net inflows breakdown

Source: ANIMA – data in €bn

27.24733.637

39.640

1.229

5.61166.887

AuM 2015 EoP

Inst

itut

iona

lRe

tail

72.692

AuM 2016 EoP

39.055

Mkt effectNNM

4.565

-1.046

Retail flows negative in Q1 and Q4 due to bumpy marketsand turmoil of the Italianbanking sector

Highest ever recordedInstitutional flows even net of the BMPS prop fin expirationand consistent with the increased focus on thissegment

8

2016FY net inflows breakdown by quarter

Source: ANIMA – data in €b

7.11

0.86

0.73

4.61

0.92

2016FY

4.57

Retail

‐1.49

‐1.05

Q4

0.10

‐0.76

Q3

-0.77

‐1.49

‐0.01

Q2

0.88

‐0.05

Q1

4.37

‐0.24

Institutional

PropfinBMPS prop fin expiration

9

INSTITUTIONAL – 46% AuM = €33.6bnRETAIL - 54% AuM = €39.1bn

Strategic partners*

84.0%

Other banks9.1%

FAs6.4%

Other0.5%

Insurance36.6%

Wrap#

30.1%

Pension funds 9.6%

Poste11.3%

Fund users/subadvisory

12.4%

Source: ANIMA Data as of 31-Dec-2016* Includes BMPS, BPM, Cre.Val. and BPPB # Wrap: Anima funds invested by other products managed by Anima

All segments of the institutional business recordedpositive NNM in 2016

Strong contribution by Poste Italiane NNM with mutualfunds and U/L

Stable breakdown of retail AuM stock

Strategic partners share in line with 2015 EoP

Business by segment

10

2016FY net inflows in mutual funds by asset class

Source: ANIMA – data in €m

*includes balanced up to 20% in equities

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

500

600

700

800

900

1,000

Cash Bond* Balanced Flexible Equity

11

5 years of significant shift in product mix

Source: ANIMA

3.4%

39.6%

29.1%

14.2%

13.7%

Flexible

Balanced

Bond

Cash

2015

Equity

4.2%

41.2%

13.6%

27.8%

13.3%

2014

3.8%

46.9%

8.1%

27.5%

13.7%

2013

5.3%

47.8%

5.4%

25.2%

16.4%

2012

7.7%

48.1%

6.4%

18.2%

19.6%

2011

10.5%

50.0%

7.0%

10.9%

21.6%

2016

17.1%32.1%

12

2016 funds’ breakdown by category

Investment performance

Source: Bloomberg - FIDMGEND Index for Italian Industry. ASSOGESTIONI for IT Industry funds breakdown by category

42.2% 39.6%

8.4% 14.2%

24.4%29.1%

21.3%13.7%

Balanced

Bond

Cash

Equity

Flexible

ANIMA

3.4%

IT Industry

3.8%

2014-2016 funds’ WAP

2015

3.5%

1.7%

2014

4.9%4.7%

2.1%

2016

2.6%

ANIMAIT Industry

13

2016FY - Table of contents

Anima…who

Anima…what

Anima…why

Anima…how much

1

2

3

4

Appendix5

14

€m 2016 % 2015

Net commissions 233.106 233.935

Performance fees 20.607 57.313

Total revenues 253.713 -13% 291.248

Personnel costo/w fixedo/w variable

(33.352)(25.059)(8.293)

(40.102)(23.254)(16.848)

Other expense (29.007) (30.221)

Total expense (62.359) -11% (70.323)

EBITDA 191.354 -13% 220.925

Non recurring costs (1.600) (2.750)

LTIP expense (10.352) (12.243)

Other income/(cost) 0.568 (0.337)

D&A (18.400) (18.789)

EBIT 161.570 -13% 186.806

Net financial charges (4.802) (3.747)

PBT 156.768 -14% 183.059

Income tax (55.588) (56.173)

Net income 101.180 -20% 126.886

Adjusted net income 127.734 -15% 150.518

P&L overview

Non cash PPA amortization; amortization of capitalized costs of financing One off components and non‐recurring costs (M&A, asset disposals, lay‐off incentives)

bps/avg AuM 2016 2015

Retail 30.7 34.5

Institutional* 28.8 30.2

Average 30.1 33.4

Cost/income 2016 2015

On total revenues 24.6% 24.1%

Ex performance fees 26.8% 30.1%

Net commission margin declined also as a result of the shift towards institutional segment, and negative market effect on the most profitable asset classes in Q1

Institutional margin decreasing mainly due to very large mandates awarded in Q1 and expiration of BMPS propfin mandate in June 2016

LTIP expense reduced to reflect the final KPI achievements (around 93%). Lower expense also for the remaining period Jan-Apr 2017

Net financial charges and income tax affected by one-off settlement

Cost income ratio still improving net of perf. fees, and best in class on total revenues

*2015 margin restated to reflect similar contribution of expired BMPS prop fin mandate

15

Net commission trend Personnel cost trend

Source: ANIMA - data in €m

57.057.260.058.860.158.559.8

55.6

3Q162Q161Q164Q153Q152Q151Q15 4Q16

Decrease in fixed fees mainly due to the expiration of the BMPS prop fin mandate in Q3 (approx €2.5m lower revenues per quarter)

6.1 6.0 5.5 5.7 6.2 6.75.7 6.4

8.0

3.12.1

3.7 2.52.5

2.5 0.9

8.7

4Q15

9.4

3Q15

7.7

2Q15

9.1

1Q15

14.1

1Q16 2Q16

9.2

3Q16

8.2

4Q16

7.3

Slight increase in the fixed component and strong reduction in the variable remuneration also linked to the very limited contribution of performance feeslinked to absolute HWM criteria

Fixed

Variable

227246~€ 2.5m per quarter

less fees due to expired prop fin mandate

16

Opex breakdown – focus on operating leverage

Source: ANIMA - data in €m

16.3 15.9

8.87.4

5.15.7

-4.0%

Other opex

Outsourcing

Marketing

2016

29.0

2015

30.2

Marketing expense increase more than offset by around €1.8m cost savings in other areas, particularly in outsourcing

Operating leverage still improving even in a year of margin erosion

8.89.5

11.112.3

11.412.9

14.314.3-38.5%

20161H1620151H1520141H1420131H13

OPEX/AuM in bps

17

Exploiting operating leverage

Source: ANIMA - data in €m

75.4%1.5%

75.9%73.5%72.1%

24.6%24.1%26.5%27.9%‐4.1%

26.8%

2016

30.1%

2014

‐10.7%

2015

30.7%

2013

37.6%

EBITDA margin as a % of total revenues

OPEX as a % of total revenues

OPEX as a % of revenues ex perf.fees

18

Tax settlement impact

Source: ANIMA - data in €m

2016 stated chg 2016

restated

EBITDA 191.354 191.354

D&A and other cost (29.784) 595 (29.189)

EBIT 161.570 595 162.165

Interest expense (4.802) 839 (3.963)

PBT 156.768 1.434 158.202

Income tax (55.588) 8.056 (47.533)

Net profit 101.180 9.490 110.670

ANIMA reached on July 7th 2016 a settlement with the Italian Revenue Agency covering the years between 2004 and 2014 for a total charge of €8.9 million related to a differentcalculation of the transfer pricing between the Irish subsidiary and the Italian entities

Ordinary tax rate for 2016FY is 30.0%, slightly decling yoy (30.7% in 2015FY)

€8.9m one-off charge

Consultancies and other fees

19

Net financial position

€m 2016 2015

Bank loan (180.0) (180.0)

TOTAL DEBT (180.0) (180.0)

Cash 215.2 285.8

Securities 141.9 67.9

Perf. fee receivables 15.8 11.5

TOTAL CASH 372.9 365.2

NET FINANCIAL POSITION 192.9 185.2

Source: ANIMA

-180.0 -180.0 -180.0

222.9

365.2 372.9

2015

185.2

2014

42.9

2016

192.9

Total cash

Total debtat Holding level

Mainly in operatingcos (subsidiaries)

€125m dividend distribution in 2015-2016

~€75m dividend for 2016FY (€0.25 DPS) submitted to AGM approval in April 2017

Proposed dividend -for the third year above the 50% payout policy- reflects the Group’s cash generation, flexible and low-leveraged balance sheet and a synthesis of growth opportunities’ funding and capital distribution to shareholders

20

2016FY - Table of contents

Anima…who

Anima…what

Anima…why

Anima…how much

1

2

3

4

21

The ANIMA – Poste partnership (1/2)

Source: ANIMA

Continued support with 8 new product launches during 2016

Training delivered to the sales network: 137 events in 2016

2.0 2.1 2.3 2.42.7 2.7 3.0 3.2 3.3 3.5 3.7 3.8 4.0

4.3

Oct-16 Dec-16Jul-16 Nov-16Aug-16 Feb-17Sep-16 Jan-17Jun-16May-16Apr-16Mar-16Feb-16Jan-16

Cedola Dinamica Nov’22

Evoluzione 3D 2016 I

Evoluzione 3D Jul’21

Soluzione Flessibile U/L

Cedola Dinamica Feb’23

Mix 3 Cedola Dinamica May’23

Cedola Chiara May’22

AuM

in €

bn

22

2%

98%

POSTE - ~€76b

The ANIMA – Poste partnership (2/2)

Source: ANIMA /Assogestioni as of 31.12.2016 POSTE GROUP figures as of 9M16

54%46%

ANIMA - ~€73b

28%

72%

ANIMA+POSTE ~ €150b

24%

41%

10%

23%

2%

POSTE GROUP ~€493b

Saving books Bonds Deposits Life insurance Mutual funds

Poste SGRAuM

Retail

Retail

98%2%

POSTE - ~€76b

Retail

Retail

Institutional

Institutional

Institutional

23

Closing remarks

2013 2014 2015 2016

6.8%

9.5%

2.8%

15.1%

8.4%

16.2%

5.0%

8.5%

Also in 2016 ANIMA showed strong reaction to a very challenging and rapidly evolvingscenario; the result is represented by a growththat for ANIMA is almost 2x the Italian Industry

Three main strategic moves were undertaken:• Exploiting new opportunities in the institutional

segment helped offsetting difficult moments in the retail banking distribution

• Cost reduction was effective to keep a solidoperational leverage even in a lower marginenvironment

• External growth opportunities accelerate the dimensional jump further widening the distributionnetwork

The management aims to proceed on this healthy growth path with unchanged determination always focusing on shareholders’ value creation

ANIMA Assogestioni ex ANIM

Source: ANIMA /Assogestioni

NN

M a

sa

% of

pre

viou

sye

aren

d A

uM

ANIMA: different, yet unique!

Il presente materiale non può in nessun caso essere interpretato come consulenza, invito all’investimento, offerta o raccomandazione per l’acquisto o la vendita di strumentifinanziari, né costituisce sollecitazione al pubblico risparmio. ANIMA è esonerata da qualsiasi responsabilità derivante da un uso improprio del presente materiale al pubblico,effettuato in violazione delle disposizioni degli Organi di Vigilanza anche in materia di pubblicità. I rendimenti passati non sono indicativi di quelli futuri. Prima di aderire leggereil Prospetto, disponibile presso la sede della società, i collocatori e sul sito www.animasgr.it.

This document is not intended to be an offer or solicitation, investment advice or recommendation for the purchase or sell any financial instruments and it cannot be disclosed tothird parties and/or distributed to the public.This is an informative report and its content is not intended and cannot be used improperly, also as advertising, for the placementof any fund managed by ANIMA Sgr, accordingly to Italian law. The Company assumes the hereby given information as accurate and reliable, but it does not guarantee itsprecision and it shaIl not therefore be liable for its use by the addressees. Past performance is not indicative of future returns.For detailed information, please consult the sales prospectus available at ANIMA Headquarter, third parties distributors and on our corporate website www.animasgr.it.

Anima Holding spaCorso Garibaldi, 99I – 20121 Milanowww.animaholding.it

Investor RelationsFabrizio ArmoneTel. +39.02.63536.226fabrizio.armone@animaholding.it