2015FY Results

Pride and prejudice

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

2015FY - Table of contents

1

2

Anima…who

Anima…what

Anima…why

Anima…how much3

4

4

ANIMA highlights – Different, yet unique

Source: ANIMA

Organic growth very strong driven by the retail segment

New partnership with Poste Italiane: the beginning of a long term growth opportunity

Operating leverage still effectivewith a 75% EBITDA margin in spiteof new hirings and investments to accomodate the strong growth

€0.25DPS above the 50% payoutratio floor as in 2014 due to strong cash generation and very lean yetflexible balance sheet

66.9 AuM (€bn)

291.2 Total revenues (€m)+28% vs. 2014

150.5 Adj. Net Income (€m)

+36% vs. 2014

+8.6 Net New Money (€bn)

+17% vs. 2014

2015 at a glance

5

2015FY - 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

3.0

NNM

7.6

AuM 2013 EoP

46.6

Mkt effect

2.5

NNM

3.4

AuM 2012 EoP

40.7

Mkt effect

+17% yoy

AuM 2014 Eop

57.1

+15% yoy

66.9

Mkt effect

1.2

NNM

8.6

+23% yoy

AuM 2015 EoP

Q4

Q3

Q2

Q1 2.4

2.6

1.5

1.1

Q1

Q2

2.2

2.3

Q3 2.5

Q4 1.6

7

2015 net inflows breakdown

Source: ANIMA – data in €bn

23.21827.247

1.158

3.371

5.237

33.903

39.640

Mkt effectNNM

8.608

Inst

itut

iona

l

AuM 2015 EoP

66.887

Reta

il

AuM 2014 EoP

57.121Retail leading net inflow: 1/3 of total in 2013, 2/3 in 2014 and in 2015

Outflows from insurance linkedproducts more than offset by otherinstitutional business and by growingweight of «wrap» solutions mainlyrelated to Anima target date funds

8

INSTITUTIONAL – 41% AuM = €27.2bnRETAIL - 59% AuM = €39.6bn

Strategic partners*

83.9%

Other banks8.7%

FAs6.9%

Other0.5%

Insurance40.8%Pension

funds10.2%

Wrap#

29.7%

BMPS p.fin.§5.5%

Fund users/subadvisory

13.8%

Source: ANIMA Data as of 31-Dec-2015* Includes BMPS, BPM, Cre.Val. and BPPB § €1.5bn mandate expiring June 2016 # Wrap: Anima funds invested by other Anima products (funds and individual mandates)

2015 AuM growth: €3.4bn

Positive NNM results in the subadvisory and fund userssegment with Poste additionally contributing in Q4

Increase of the wrap component (was 19.8% at 2014YE)as a result of product offering

Reduction in the insurance segment

2015 AuM growth: €5.2bn

Strong performance of strategic partners with a share of retail AuM in line with the previous year (was 83.5% at 2014FY)

Improved positive contribution by other channels(banks, FA networks)

Business by segment

9

2015FY net inflows in mutual funds breakdown by asset class

Source: ANIMA – data in €m

*includes balanced up to 20% in equities

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250

3,500Cash Bond* Balanced Flexible Equity

10

2015 funds’ WAP Breakdown of mutual funds by category

Investment performance

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

ANIMA

3.48%

IT Industry

1.71%

41.4% 41.2%

8.1% 13.6%

24.1%27.8%

22.3%13.3%

Cash

Equity

Bond

Balanced

Flexible

ANIMA

4.2%

IT Industry

4.2%

11

Overall WAP and by category as of December 31st 2015

Source: Bloomberg – Industry represented by Italian mutual funds average by category – Fideuram INDEX

ANIMA

3.48

Industry

1.71

ANIMA

-0.07

Industry

-0.33 ANIMA

1.92

Industry

0.78

ANIMA

9.22

Industry

7.03

ANIMA

2.46

Industry

1.45

Industry ANIMA

4.864.66

WAP

LIQ

UID

ITY

BON

D

BALA

NCE

D

FLEX

IBLE

EQU

ITY

12

Istituto Tedesco Qualità e Finanza

Best Big Italian FundManager in 2015

Italian Funds, BIGBest fund manager

MF – Investor Yearbook 2016Italian Asset manager with the

highest average rating *

2015 awards

Pioneer

Eurizon

Eurizon

Pioneer

1

2

3

1

2

3 Eurizon

Arca

1

2

3

* Among AM with at least 30 funds with MF ratingFor further information: www.istituto-qualita.com, www.ilsole24ore.com/altorendimento, Investor Yearbook 2016.

13

2015 awards – communication campaign

Going live on Italian financial newspapers, websites, partners’ networks

14

Poste Italiane agreement - update

Poste Italiane and ANIMA signed on July 31st 2015 a 10 years commercial agreement

The ANIMA Group shall cooperate with BancoPosta Fondi SGR in the origination, development and management of tailor made investment solutions targeting Poste retail client base, as well as in the training and support of the distribution network

First product (Evoluzione 3D) launched on September 24th 2015: €150m net inflows

As of January 1st 2016 ANIMA is the investment manager of 3 existing open ended funds of BancoPosta Fondi (1 mixed fixed income, 1 balanced and 1 global equities), with AuMof around €1.8bn: NNM positive contribution ytd

On January 13th 2016 start of the placement of the second target date fund: Evoluzione 3D 2016 I (flexible) and on February 24th 2016 start of the placement of the third one: Cedola Dinamica 2022 (balanced) - €147m collected as of March 10th by both funds

Total AuM managed on behalf of Poste Group: around €2.2bn

3 open ended funds and 2 target date funds open to subscription

Source: ANIMA

15

2015FY - Table of contents

Anima…who

Anima…what

Anima…why

Anima…how much

1

2

3

4

16

€m 2015 % 2014

Net commissions 233.935 195.892

Performance fees 57.313 31.048

Total revenues 291.248 28% 226.940

Personnel costo/w fixedo/w variable

(40.102)(23.254)(16.848)

(33.047)(22.658)(10.388)

Other expense (30.221) (27.122)

Total expense (70.323) 17% (60.169)

EBITDA 220.925 32% 166.771

Non recurring costs (2.750) (3.711)

LTIP expense (12.243) (4.655)

Other income/(cost) (0.337) 2.279

D&A (18.789) (20.480)

EBIT 186.806 33% 140.203

Net financial charges (3.747) (17.752)

PBT 183.059 50% 122.451

Income tax (56.173) (37.600)

Net income 126.886 50% 84.851

Adjusted net income 150.518 36% 110.533

P&L overview

*Including BMPS prop finance mandate expiring June 2016

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

bps/avg AuM 2015 2014

Retail 34.5 36.8

Institutional* 31.9 29.2

Institutional ex BMPS p.fin. 29.5 26.1

Average 33.4 33.7

Cost/income 2015 2014

On total revenues 24.1% 26.5%

Ex performance fees 30.1% 30.7%

Substantially stable margins on average

Equity exposure in target date funds isusually reached investing in Anima equityfunds (wrap), thus increasing the institutional margin

Cost income ratio improving also net of performance fees

17

Recurrent and performance fees by quarter

Source: ANIMA data in €m

58.559.855.6

50.748.450.846.042.641.239.939.5

60.1+23.4%

3Q152Q151Q154Q143Q142Q141Q144Q133Q132Q131Q13 4Q15

0.8

8.8

35.3

2.72.5

13.7

4.85.14.84.810.4 11.87.4

31.9

3Q152Q151Q154Q14

12.2

3Q142Q141Q144Q13

42.3

3Q132Q131Q13 4Q15

12.4

0.6

Performance fees pointing usualcontribution between 10 and 20%

At the end of 2015 AuM eligible for performance fees was 28% of total AuM

Two calculation metodologies on Italian(85%) and foreign domiciled funds (15%):

HWM (no calendar year reset) or yearly comparison with the relevant

benchmark of the product

TR index as a benchmark since 2016 (BoInew rule) will reduce overperformance in line with the amount of yearly cashed in dividends

0

10

20

30

2011 2012 2013 2014 2015

20%14%

26%

18%

5%

Performance feesas a % of total net revenues

Performance feesas a % of total net revenues

Steadily increasing contribution of recurrent revenues

HWM

12mo.

Recurrent fees

Performance fees

18

Net commission trend Personnel cost trend

Source: ANIMA - data in €m

58.559.855.6

50.748.4

50.846.0

60.1

3Q142Q141Q14 4Q153Q152Q151Q154Q14

Substantially stable margins excluding contribution from placement fees and other revenues

5.9 5.7 5.3 5.7 6.1 6.0 5.5

4.32.9

2.8

8.0

5.7

3.12.1

3.77.7

3Q152Q151Q15

9.1 9.4

4Q15

14.1

4Q14

6.20.5

3Q14

8.1

2Q14

8.6

1Q14

10.2

Increase in personnel cost is mainly due to higher variable compensation with a link to performance fees cashed and overall results of the Group against the budget

31.8 31.7

33.8 35.2

31.7

32.8

31.6

32.9

31.5

32.7

Net commissions (bp)

«Core» Net commissions (bp)

Fixed

Variable

32.1

34.4

32.1

33.4 32.8

31.5

19

Improving operating leverage

Source: ANIMA - data in €m

73.5% 75.9%72.1%

2.6%

24.1%

‐7.1%

26.5%27.9%

‐10.5%

30.1%37.6%

30.7%

20152013 2014

EBITDA margin as a % of total revenues

OPEX as a % of total revenues

OPEX as a % of revenues ex perf.fees

20

Focus on cost structure

Source: ANIMA - data in €m

27.1 30.2

22.723.3

10.4

16.8

Opex

Pers. Fixed

2015

Pers. Variable

70.3

2014

60.2

Cost base increased in 2015 mostly because of variable compensation

€26m higher performance fees and €38m higherfixed fees and other revenues translated into€6m higher variable compensation (approx 10% of the top line growth) and €4m higher fixedcosts and opex

Opex include marketing and other cost of sales as well as the outsourcing of non-core activities, being therefore linked to AuM growthbut also providing significant flexibility

For 2016 we expect a lower total cost sincethe full impact of the increased base linked to the Poste partnership (FY instead of H2 only) will be more than offset increased focus on cost control (including lower variable comp.)

28% increase in the top line - 17% cost growth

2016 total cost set to decline vs. 2015

21

Net financial position

€m 2015 2014

Bank loan (180.0) (180.0)

TOTAL DEBT (180.0) (180.0)

Cash 285.8 171.1

Securities 67.9 43.7

Perf. fee receivables 11.5 8.1

TOTAL CASH 365.2 222.9

NET FINANCIAL POSITION 185.2 42.9

Source: ANIMA - *subject to AGM approval

222.9365.2

-180.0Total debt

2015

Total cash

185.2

-180.0

2014

42.9

at Holding level

Mainly in operatingcos (subsidiaries)

0.250€*

0.173€

Dividend

2015

0.423€

2014

0.283€

+50%

0.167€

Ret.Earnings 0.116€

€142m cash generation in 2015 (almostequivalent to the adjusted net income)

Dividend proposal for 2015 €75m i.e. €0.25DPS (around 4% dividend yield)

Balance sheet remains very flexible and ready to increase leverage should M&A become available

22

2015FY - Table of contents

Anima…who

Anima…what

Anima…why

Anima…how much

1

2

3

4

23

Retail gross inflows

Closing remarks

59

100‐41%

2015FY 2016YTD

Base 2015= 100

Monthly gross flows as a % of previous period end AuM

2016 started with strong negative markets, nevertheless ANIMA collected €3.9b in the first two months thanks to the institutional business In the same period the retail suffered due more to a cautious approach to new investments rather than to larger outflows

Retail gross outflows

105100

+5%

2015FY 2016YTD

The good resiliency of the AuM proves how ANIMA was successful both in the asset allocation for retail clients (risk-adjusted returns with focus on capital preservation) and in the support to the distributors to manage clients’ concerns in turbulent phases

24

Closing remarks

The reluctance of retail clients to invest in volatile environment usually improves after market stabilise and negative headlines fade away as March preliminary figures confirm

26.0%

32.0%

12.0%

34.0%

12.0%

44.0%38.0%

Feb’16

no

…positive

… negative

2.0%

Mar’16

…very negative

68.0%

42.0%

26.0%13.0%

27.0%

15.0%

don’t know

not really

not at all

4.0%yes

Mar’16Feb’16

5.0%

Source: ANIMA – research carried out by Eumetra Monterosa – sample: 800 people representative of the Italian population

Did you hear financial news? Is it a good moment to invest?

25

Closing remarks

Source: OECD – financial asset by country (stats.oecd.org)

In spite of negative markets in the past few weeks, the underlying environment remains very benign for AM industry in Italy

Preference of retail clients remain for liquid investments and capital preservation with increasing demand for advisory

Banks remain very focussed on the feegeneration, with the ECB decision on March 10th 2016 constituting an additionallong term support, since the roll-over of banks’ funding doesn’t represent an issue

The conversion of AuC into AuM was quite strong in the past three years so it is expected to continue yet at a lower pace

02468

101214161820222426283032

2010 2012

Stocks

Life&pension

Deposits

Bank bonds

2014 3Q15

Other bonds

Funds

Italian households’ net wealth in %

26

Closing remarks

ANIMA started its solid growth path 3 years ago also thanks to distribution channelsand client diversificationGrowth expectation (under «normal» market conditions) remains strong supported by the institutional business able to well compensate the expected slowdown in the retail flows

ANIMA: different, yet unique!

2,542 2,686 3,371

898

4,8945,231

‐1,500

4,500

Institutional

Retail

2016E

6,400

3,400

2015

8,602

2014

7,580

2013

3,44026%

74% 35%

65%61%

39%

€1.9b Institu

tional

large on

e‐off flows

~4,500

June

Janu

ary

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