Consumer Online Finance - Presentation by Marco Pescarmona, Founder & CEO of Gruppo MutuiOnline at the NOAH 2014 Conference in London, Old Billingsgate on the 13th of November 2014.

1. NOAH Conference
London, 13 November 2014

3. 2
Until 2011 Gruppo MutuiOnline was highly focused on the Italian
retail credit market…
Broking Business Process Outsourcing
Multi-brand
broking of
mortgages
through
Internet and
telephone
Multi-brand
broking of
consumer
loans
through
Internet
Multi-brand
broking of
mortgages
through
physical
network
Remote
mortgage
packaging
services
Mortgage
underwriting
and closing
services
Employee
loan
underwriting
and closing
services
VISION
To be the most
innovative financial
services company
capturing the
opportunities
stemming from the
evolution of the
underdeveloped
Italian retail credit
market

4. 7%22%33% 24%
93%
78%
67%
76%
0
6
12
18
24
30
36
2006A 2007A (a) 2008A 2009A (b) 2010A 2011A
BPO Div ision Broking Div ision
17,6
8,5
EBIT
(€m)
CAGR
+29%
Broking Division BPO Division
20,9
Note: (a) Excludes one off costs related to restructuring of the Group and the IPO of the Company amounting to €816,000
(b) EBIT margin at Gourp level includes EBIT of Cercassicurazioni.it S.r.l. amounting to -€528,000
…this allowed us to build a leadership position and deliver
strong results
21,9
EBIT margin
(%)
57%
24%
43%
57%
63%61%
45%
17%
9%
26%
31%
41%44%
47%47%
39%
0%
10%
20%
30%
40%
50%
60%
70%
2006A 2007A (a) 2008A 2009A (b) 2010A 2011A
Broking Div ision BPO Div ision Group
59%
28%
22,0
84%
16%
30,9
77%
23%
34%40%
42%
40%
66%
60%
58%
60%
0
10
20
30
40
50
60
70
2006A 2007A 2008A 2009A 2010A 2011A
BPO Division Broking Division
37,7
21,8
Group Revenues
(€m)
CAGR
+27%
46,3 47,9
53,4
61%
39%
71,8
58%
42%

5. Between 2011 and 2012 the Italian retail credit market suddenly
collapsed because of the financial crisis
4
New mortgage applications in Italy
YoY Change (percent)
•First phase:
severe supply
restrictions
(starting Sep
2011)
•Second phase
(from 2012/13):
complete lack of
demand
In 2 yrs
-70%

6. 1. Restructure (to survive with -70% loan volumes)
- Adjustment of media spend in Broking (semi-automatic, because of lower demand)
- Reduction of excess capacity (i.e. many layoffs), especially in BPO
- Drastic reduction of variable compensation
- Review all other costs
2. Create cash buffer (just in case Italy went under)
- Borrow in 2011 just before window closes, despite positive cash position
- Drastically reduce dividend payout
5
FIRST:
STABILIZE
BUSINESS
TO SURVIVE
SECOND:
DIVERSIFY TO
RE-CREATE
GROWTH
The collapse of our reference market forced us to intervene
forcefully to stabilise the business and re-create growth
Broking Division
- 2011/2: Develop insurance aggregator
- 2012: Develop bank account aggregator
- Fall 2012: Start TV advertising with Segugio brand (insurance focus)
- 2013: Start utility aggregator (under Segugio brand)
BPO Division
- End of 2011: Acquire loan portofolio servicing company
- 2013: Acquire two insurance BPO companies
- Jan 2014: Start asset management BPO business (quasi-greenfield)

7. 6
Thanks to these actions the business is now recovering and
growth potential is much higher than before
Consolidated Quarterly Results
Euro Million

8. Some final deep thoughts on change
Shit happens… for us three times in 14 years
When in trouble you should not complain but roll up your
sleeves, fix broken things and start back from what is left
You deliver more when your back is against the wall… but it is
not a fun experience
Focus delivers the highest value, but some diversification (and
cash) can protect your company