Banca Carige S p A Cassa di Risparmio di Genova e Imperia : DRAFT SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2021 APPROVED

PRESS RELEASE

DRAFT SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS

AS AT 31 DECEMBER 2021 APPROVED

The significant growth in volumes and the gradual acceleration of

profitability recovery confirmed

The loss decreased to EUR 92.7 mln compared to the -EUR 251.6 mln of

the previous year1

Genoa, 9 March 2022 - The Board of Directors of Banca Carige approved the Parent Company's Draft Separate and the Carige Group's Consolidated financial statements for the year ended on 31 December 2021, which will be submitted under the terms of law to the soon-to-be-convened Shareholders' Meeting, scheduled for 21 April 2022.

The Group's statements for the year 2021 closed with a net loss (EUR 92.7 mln), confirming its clear improvement compared to the previous year's loss (EUR 251.6 mln)1 and remaining essentially aligned with the value preliminarily approved and communicated to the market on 9 February 2022 (EUR 90.0 mln), with differences limited to some items deriving from updates in the assessments of assets such as loan and real estate portfolios, distribution contracts and Deferred Tax Assets (DTAs).

In particular, as a result of deep dives conducted to assess the recoverability of DTAs over time, as at 31 December 2021, on a consolidated level, the amount of DTAs recognised in the financial statements totalled EUR 784 mln, while off-balance sheet DTAs amounted to EUR 515 mln.

1 The results for the year 2020 refers to the 11-month ordinary administration period (from February to December)

Definitive phased-in capital ratios as at 31 December 2021 remained essentially unchanged compared to the preliminary results: CET1 ratio at 10.8% 2 and Total Capital ratio at 13.1%2, with an RWA level of EUR 9.2 bn.

The 2022 budget, approved today with the associated forward-looking simulation, allowed carrying out assessments of the existence, in a stand-alone scenario, of the going concern assumption and the recoverability of tax assets recognised in the financial statements. It is believed that, during the year, this exercise - as well as the Strategic Plan last updated on February 2021 - will no longer be suitable to represent the Carige Group's strategies and the expectations for economic and financial evolution, both in the (unlikely) hypothesis of a continuation of the stand-alone situation beyond the short term and in the event of completion of the business combination, expected in the short term.

This is in light of the recently arisen significant circumstances: (i) the contents of the "2021 SREP Letter" received on 4 February 2022, with which the European Central Bank informed the Bank of the increase of the economic and financial expectations to be fulfilled in the event of the continuation of the stand-alone scenario over the medium term; (ii) the signing, which occurred on 14 February 2022, of the agreement in preparation of the business combination, based on which it is expected that, within the first half of 2022, the BPER Banca Group, subject to obtaining the necessary authorisations, will acquire the controlling interest of the Bank, currently held by the Interbank Deposit Protection Fund and by the Voluntary Intervention Scheme.

During the same Board of Directors' Meeting, together with the financial statements prepared in compliance with the provisions of the Delegated Regulation (EU) 2019/815, the Non-Financial Disclosure pursuant to Law Decree no. 254/2016, the Report on Remuneration Policy and compensation paid pursuant to art. 123-Ter of the Italian Consolidated Law on Finance and the annual Corporate Governance and

2 Fully loaded ratios as at 31 December 2021 are respectively: CET1 ratio 9.0% and TC ratio 11.3%

2

Ownership Structure Report pursuant to art. 123-Bis of the Italian Consolidated Law

on Finance for 2021 were approved.

Declaration of the Manager responsible for preparing the Company's financial reports pursuant to art. 154-bis, para. 2 of Legislative Decree No. 58/1998 (Consolidated Law on Finance)

Pursuant to Article 154-bis, paragraph 2, of the Italian Consolidated Law on Finance, the Manager responsible for preparing Banca Carige S.p.A.'s financial reports, Mr. Mauro Mangani, declares that the accounting information contained in this Press Release corresponds to the underlying documentary evidence, books and accounting records.

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Provided below are the updated breakdown tables, including the 2021 consolidated Balance Sheet and Income Statement and reclassified consolidated Income Statement.

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ANNEXES

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CONSOLIDATED BALANCE SHEET

ASSETS (EUR/000)
		Situation as at	Change
		31/12/2021	31/12/2020	Absolute	%
10.	CASH AND CASH EQUIVALENTS	286,354	288,010	(1,656)	(0.6)
20.	FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS	152,555	168,601	(16,046)	(9.5)
20. a)	FINANCIAL ASSETS HELD FOR TRADING	1,547	1,728	(181)	(10.5)
20. c)	OTHER FINANCIAL ASSETS MANDATORILY AT FAIR VALUE	151,008	166,873	(15,865)	(9.5)
30.	FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER	2,634,413	2,608,558	25,855	1.0
COMPREHENSIVE INCOME
40.	FINANCIAL ASSETS AT AMORTISED COST	16,625,975	16,303,338	322,637	2.0
40. a)	LOANS TO BANKS	4,425,518	3,938,828	486,690	12.4
40. b)	LOANS TO CUSTOMERS	12,200,457	12,364,510	(164,053)	(1.3)
50.	HEDGING DERIVATIVES	11,556	9,355	2,201	23.5
70.	EQUITY INVESTMENTS	110,935	94,257	16,678	17.7
90.	PROPERTY AND EQUIPMENT	820,538	850,624	(30,086)	(3.5)
100.	INTANGIBLE ASSETS	90,350	85,594	4,756	5.6
110.	TAX ASSETS	1,212,353	1,413,628	(201,275)	(14.2)
110. a)	CURRENT	428,827	586,154	(157,327)	(26.8)
110. b)	DEFERRED	783,526	827,474	(43,948)	(5.3)
120.	NON CURRENT ASSETS AND GROUPS OF ASSETS HELD FOR	6,671	-	6,671	…
SALE
130.	OTHER ASSETS	358,120	208,271	149,849	71.9
	TOTAL ASSETS	22,309,820	22,030,236	279,584	1.3

The balances as at 31 December 2020 reflect, compared to those published, the effects deriving from the implementation of the 7th update of Bank of Italy's Circular no. 262 "Banks' financial statements: layout and preparation". Loans to banks repayable on demand, amounting to 20,315 thousand, have been reclassified from the item "Loans to Banks" to the item "Cash and Cash Equivalents".

LIABILITIES AND SHAREHOLDERS' EQUITY (EUR/000)	Situation as at	Change
		31/12/2021	31/12/2020	Absolute	%
10.	FINANCIAL LIABILITIES AT AMORTISED COST	20,077,925	19,771,001	306,924	1.6
10. a)	DUE TO BANKS	3,811,005	3,843,524	(32,519)	(0.8)
10. b)	DUE TO CUSTOMERS	13,644,421	12,819,390	825,031	6.4
10. c)	SECURITIES ISSUED	2,622,499	3,108,087	(485,588)	(15.6)
20.	FINANCIAL LIABILITIES HELD FOR TRADING	747	1,056	(309)	(29.3)
30.	FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE	2,520	-	2,520	…
40.	HEDGING DERIVATIVES	267,394	247,079	20,315	8.2
60.	TAX LIABILITIES	8,989	10,229	(1,240)	(12.1)
60. a)	CURRENT	1,953	3,025	(1,072)	(35.4)
60. b)	DEFERRED	7,036	7,204	(168)	(2.3)
80.	OTHER LIABILITIES	418,475	326,496	91,979	28.2
90.	EMPLOYEE TERMINATION INDEMNITIES	31,097	38,245	(7,148)	(18.7)
100.	ALLOWANCES FOR RISKS AND CHARGES:	231,207	276,223	(45,016)	(16.3)
100. a)	COMMITMENTS AND GUARANTEES GIVEN	16,957	18,831	(1,874)	(10.0)
100. b)	POST-EMPLOYMENT BENEFITS	21,132	26,523	(5,391)	(20.3)
100. c)	OTHER ALLOWANCES FOR RISKS AND CHARGES	193,118	230,869	(37,751)	(16.4)
120.	VALUATION RESERVES	(75,651)	(79,996)	4,345	(5.4)
150.	RESERVES	99,022	(844,873)	943,895	…
160.	SHARE PREMIUM RESERVE	-	623,922	(623,922)	(100.0)
170.	SHARE CAPITAL	1,343,571	1,915,164	(571,593)	(29.8)
180.	TREASURY SHARES (-)	(15,536)	(15,536)	-	-
190.	NON-CONTROLLING INTERESTS (+/-)	12,789	12,867	(78)	(0.6)
200.	NET PROFIT (LOSS) FOR THE PERIOD (+/-)	(92,729)	(251,641)	158,912	(63.2)
	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	22,309,820	22,030,236	279,584	1.3

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