Banca Carige S p A Cassa di Risparmio di Genova e Imperia : Approval of preliminary results as at 31 December 2021

PRESS RELEASE

BANCA CARIGE'S BOARD OF DIRECTORS APPROVES

THE GROUP'S CONSOLIDATED PRELIMINARY

RESULTS AS AT 31 DECEMBER 20211

2021 registered a significant growth in volumes and the gradual acceleration of core

profitability recovery, reflecting the effects of the new service model

The loss reduced to EUR 90 mln compared to the -EUR 279 mln of the previous year1

substantially in line with the closing target set in the budget

• SIGNIFICANT GROWTH OF TOP-LINE REVENUES (NII + NET FEE AND COMMISSIONS): +12.7% Y/Y1

1. NET INTEREST INCOME +15.1%1

• 1. NET FEES AND COMMISSIONS +11.2%1
• OPERATING EXPENSES ON A STRUCTURAL DOWNTREND: -3.5%1 Y/Y
• 1. PERSONNEL EXPENSES -8.0%1 (-11.2% IN THE FOURTH QUARTER VS THE SAME PERIOD OF 2020)

o CORE ADMINISTRATIVE EXPENSES -1.5%1 (-10.1% IN THE FOURTH

QUARTER OF 2021 VS THE FOURTH QUARTER OF 2020)

• PROFIT (LOSS) BEFORE TAX IS POSITIVE AGAIN: +EUR 18.9 MLN VS -EUR 34.4 MLN IN 20201

1 With the month of January 2020 being included in the Financial Statements for the period under Temporary Administration, the results for the twelve months of 2021 are not comparable with those of the twelve months of 2020. Any comparison with the twelve months of 2020 - if commented on - is the result of a twelve-month redistribution of the first eleven months (February/December) of the 2020 ordinary course of administration. The notes on the income statement are based on the attached reclassified Income Statement.

1

• COST OF CREDIT IS GRADUALLY STABILISING: 33 BPS (80 BPS IN 20201); 48 BPS INCLUDING THE LOSSES POSTED (15 BPS) ON A SECURITY HELD AGAINST THE RESTRUCTURING OF A LOAN AS PART OF A BANKING SYSTEM TRANSACTION
• POSITIVE DEVELOPMENTS IN COMMERCIAL MOMENTUM2, WITH AGGREGATES REMARKABLY INCREASING COMPARED TO 31 DECEMBER 2020:
• • +EUR 1.0 BN (+8.5%) IN SHORT-TERM FUNDING FROM HOUSEHOLDS AND BUSINESSES OVER THE YEAR, AMOUNTING TO EUR 12.5 BN
  • ASSETS UNDER MANAGEMENT TO AN ALL-TIME HIGH;(EUR 12.1 BN, +6.0% Y/Y)
  • EXCELLENT PERFORMANCE OF ASSETS UNDER MANAGEMENT COMPARED TO THE MARKET AVERAGE3: +11.8% GROUP'S NET FUNDING VS MARKET AVERAGE OF +6.1%
  • SUSTAINABLE GROWTH IN LOANS TO HOUSEHOLDS AND BUSINESSES TO EUR 11.7 BN (+1.8%)
  • EXTRAORDINARY GROWTH OF CONSUMER CREDIT (+56.8%) AND BANCASSURANCE PRODUCTS (+52.1%)
• TIGHT CONTROL OVER ASSET QUALITY:
• • NON-PERFORMINGLOANS TO CUSTOMERS NET OF IMPAIRMENT PROVISIONS STABILISED AT EUR 0.3 BN
  • NPE RATIO: GROSS 5.0% AND NET 2.6%,
  • AVERAGE NON-PERFORMING LOAN BOOK COVERAGE OF 50.0% (51.3% INCLUDING WRITE OFFS)
  • PERFORMING LOAN BOOK COVERAGE OF 0.8%

1. Operational data
2. Source: Assogestioni

2

Genoa, 09 February 2022 - At its meeting today, Banca Carige's Board of Directors has approved the Group's consolidated results as at 31 December 2021.

Over the year, the effects of the new service model released as from January 2021 gradually consolidated, boosting the growth trend of the top-line revenues core components (net interest income and net commissions totalled EUR 381.6 mln) both compared to the twelve months of 20201 (+12.7%), and with the fourth quarter of 2020 (+6.4%).

Significant growth in the typical business figures: specifically, net interest income (EUR

155.2 mln) increased by 15.1%1 compared to the previous year, as a result of the reduction in cost of funding and the increase in loan portfolio income; net fee and commission income totalled EUR 226.4 mln, showing a marked acceleration: +11.2%1 compared to 2020, and respectively +4.7% and +9.9% compared to 4Q2021, 3Q2021 and 4Q2020.

Operating expenses (EUR 389.7 mln), have been structurally and steadily reduced over time, mainly with personnel expenses falling to EUR 215,5 mln, down 8.0%1 over the year and 11.2% comparing the last quarter of 2021 with the same period of 2020 (in 2021, the Group's headcount decreased by 341 units, 9.4% compared to the end of 2020).

The gross non-performing loan portfolio to customers decreased from EUR 632.0 mln to EUR

618.4 mln (-2.1%) and was substantially stable in net terms, at EUR 309.2 mln, reflecting a credit quality that is robust again, with gross and net NPE ratio of 5.0% and 2.6% respectively.

Loans to consumer customers and businesses2(EUR 11.7 bn) grew by 1.8% over twelve months, confirming a quality portfolio, with 82% of secured loans: 62% by collateral and around 20% by State guarantee (54% of the unsecured portfolio). Outstanding moratoria2 as at 31 December 2021, granted to support households and enterprises, totalled EUR 441.1 mln (EUR 33.8 mln as at the end of January 2022), without evidence of particular difficulties regarding the foreseeable resumption of payments at the end of the moratorium period.

The cost of credit risk to customers in the twelve months stood at 33 bps, 48 bps if the higher losses estimated on a security resulting from the previous loan restructuring are included.

The commercial drive being able to count on the deployment of the initiatives of the new distribution model as from January 2021 allowed the Group to be proactive on the market,

3

thus considerably increasing its market shares, primarily in loans to SMEs (granting loans with state guarantees) and with initiatives to support households and local footprint.

Direct funding from retail and corporate customers2, totalling EUR 13.3 bn, has shown a steady positive trend (+4.1% YoY, equal to EUR 0.5 bn of growth), with the short-term component increasing to EUR 12.5 bn (+8.5%).

In addition to the service model relaunch, the Group's renewed capacity is achieved by:

• the new Wealth Management model introduced by Banca Cesare Ponti (BCP) mainly in the last part of the year by placing the first issue of investment certificates and the provision of advanced tools to provide financial advisory services;
• the omni-channel approach underlying the Remote Banking tools and the opening of the first three Smart Branches in the last quarter;
• the birth of "Futuro Liguria" in the first part of 2021, a project aimed at strengthening the regional economy after the pandemic coming together with the clear objective of providing corporate customers with the best tools to attract the funds allocated by the NRRP and encouraging them to increase their competitiveness.

Assets under management increased to EUR 12.1 bn - all-time high for the Group - up 6.0% during the year. Among the aggregates, the growth in mutual funds (EUR 5.7 bn; +12.8% YoY) and asset management (EUR 0.6 bn, up 38.5% compared to the end of December 2020) is clearly strong.

The Group's commercial relaunch efforts during the year just ended resulted in an outstanding performance as to volume growth, both in consumer credit (+56.8% yearly cumulative variation) and bancassurance products (+52.1% yearly cumulative variation).

The level of RWAs (Risk Weighted Assets) - measured under the standardised approach - further decreased to EUR 9.2 bn4 (-EUR 0.3 bn); capital ratios are thus equal to: phased-in CET1 ratio of 10.9%4 and phased-in Total Capital ratio of 13.2%4.

The Group's liquidity position continued to be robust, with cash and unencumbered eligible assets (Counterbalancing Capacity) totalling EUR 4.1 bn (EUR 3.6 bn as at December 2020) and liquidity ratios in excess of prudential requirements.

4 Operational estimate, pending official supervisory reporting. 4

Financial year 2021 closed with a profit (loss) before tax of -EUR 86.5 and includes some negative non-recurring items, such as:

• provisions on a prudential basis for EUR 22.6 mln (in addition to EUR 10.4 mln allocated in 2020 budget) referred to indemnities for commissions charged in previous years;
• the estimated higher losses on securities previously underwritten in connection with the System-wide restructuring of a credit position that led to recognising EUR 15.1 mln of impairment loss over the year,

that have more than offset the positive effect of other non-recurring items registered during the year, such as:

• the release of provision for EUR 15.2 mln on the back of the renegotiation of distribution agreements.
• a positive effect for EUR 5.2 mln net mainly due to recognition of bancassurance commissions of (non-life and life business) related to Group's placements of previous periods;
• the significant increase in gains on shareholdings for EUR 10.8 mln1

In 2021, too, around EUR 28.0 mln of DTAs (Deferred Tax Assets) were not recognised; hence, off-balance sheet DTAs totalled approximately EUR 519 mln.

The net profit (loss) for the year is -EUR 90.0 mln, thus improving significantly compared to the previous year closed with a loss of EUR 279.0 mln1, and is substantially in line with the closing target set in the budget for 2021 (-EUR 84.0 mln).

Francesco Guido, CEO of Banca Carige, comments on the results: "The spirit and extraordinary resolution of Banca Carige's personnel allowed us to strengthen and reaffirm the relationship of trust with our customers and to further advance in the project of the commercial relaunch, always keeping a higher speed than the system average. This effort is all the more so praiseworthy because of the extraordinary hardship and unforeseen events we faced. My warmest thanks to our Personnel and Customers."

In view of the approval of the final results as of 31 December 2021, scheduled on 9 March 2022, and of the outcome pf the due diligence currently underway that could lead to

5