Banca Carige S p A Cassa di Risparmio di Genova e Imperia : Financial Statements for the period 01.02.2020-31.12.2020

FINANCIAL STATEMENTS FOR THE PERIOD 01.02.2020- 31.12.2020

BANCA CARIGE S.P.A.

FINANCIAL REPORT FOR THE PERIOD

01.02.2020-31.12.2020

INTRODUCTION	4
NOTICE OF SHAREHOLDERS' MEETING	5
STRUCTURE OF THE BANCA CARIGE GROUP	6
BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDEPENDENT AUDITORS AS	7
AT 31 DECEMBER 2020
BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDEPENDENT AUDITORS AS	8
AT DATE OF PUBLICATION
FINANCIAL HIGHLIGHTS FOR THE BANK	9
REPORT ON OPERATIONS	11
-	Real economy and money market	12
-	Covid-19: Regulatory measures and Carige Group initiatives	16
-	Key events in the reporting period	25
-	Corporate governance	31
- Non-Financial Report	31
-	Carige share price	32
-	Profit & Loss results	33
-	Balance sheet items, funding and lending	38
-	Fixed assets, equity investments and treasury shares	46
-	Cash Flow Statement, Shareholders' Equity and Risk Management	46
-	Relations with shareholders and investees	48
-	Main risks and uncertainties and outlook on operations	50
BANCA CARIGE'S SEPARATE FINANCIAL REPORT	53
BANCA CARIGE'S FINANCIAL STATEMENTS	54
-	Balance sheet	55
-	Income Statement	57
-	Statement of comprehensive income	58
-	Statement of changes in Shareholders' equity	59
-	Statement of cash flows	61
EXPLANATORY NOTES	63
Part A - Accounting Policies	64
A 1 - Introduction	65
Section 1 - Statement of compliance with international accounting standards	65
Section 2 - Preparation criteria	66
Section 3 - Subsequent events	78
Section 4 - Other information	79
A 2 - Main items of the Financial Statements	85
A 4 - Information on fair value	125
A 5 - Information on "Day one profit/loss"	133
Part B - Balance sheet	134
Part C - Income Statement	204
Part D - Comprehensive Income	230
Part E - Information on risks and risk hedging policies	232
Part F - Shareholders' equity	319
Part G - Business combinations	325
Part H - Related-party transactions	327
Part I - Share-based payments	331
Part L - Segment reporting	333
Part M - Leases	334
CERTIFICATION OF THE FINANCIAL STATEMENTS PURSUANT TO ART. 81-TER OF CONSOB	341
REGULATION NO. 11971 OF 14 MAY 1999, AS SUBSEQUENTLY AMENDED AND
SUPPLEMENTED

BANCA CARIGE S.p.A. - Cassa di Risparmio di Genova e Imperia

Registered Office: Genoa, Via Cassa di Risparmio, 15

PROPOSAL FOR THE SHAREHOLDERS' MEETING	343
BOARD OF STATUTORY AUDITORS' REPORT	345
INDEPENDENT	AUDITORS' REPORT ON BANCA CARIGE S.P.A.'S FINANCIAL STATEMENTS	363
ANNEXES		372
NOTE	The following conventional signs are used in the tables of the Report on Operations and the Financial

Statements:

• when data is nil
• when data is not significant

BANCA CARIGE S.p.A. - Cassa di Risparmio di Genova e Imperia

Registered Office: Genoa, Via Cassa di Risparmio, 15

INTRODUCTION

The Banca Carige S.p.A.'s Financial Statements for the period 1 February 2020 - 31 December 2020 were prepared in accordance with the international accounting standards IAS/IFRS in force as at this reporting date and related interpretations (SIC/IFRIC) officially approved by the European Commission and in line with guidance provided by the Bank of Italy in its Circular No. 262 of 22 December 2005 and subsequent updates (Banks' Financial Statements: Layout and Preparation), having regard to the additions published on 15 December 2020 to the provisions of the same Circular by the Bank of Italy in the context of the Covid-19 pandemic1, as well as to the 'Covid-19 - Warning notice on financial statements', published by Consob on 16 February 20212.

In the preparation of these Financial Statements, account was also taken, as far as applicable, of the interpretative and supporting documents issued by the main European and international institutions that provide recommendations on the information to be disclosed in the Financial Report, in relation to the application of certain standards (in particular IFRS 9) or certain transactions in the context of the Covid- 19 pandemic.

This Financial Report comprises the Financial Statements as at 31 December 2020, the Explanatory Notes and Annexes, and is accompanied by the Directors' Report on Operations. Included in the financial statements are the:

• Balance sheet;
• Income Statement;
• Statement of comprehensive income;
• Statement of changes in Shareholders' equity;
• Statement of cash flows.

The Report on Operations provides the required information concerning business performance as a whole and for the various segments of the Bank's business, as well as main risks and uncertainties encountered, particularly in consideration of the effects arising from the Covid 19 crisis.

The Financial Statements are audited by EY S.p.A.

For further information on issues not dealt with in detail in this Report, reference should be made to the information provided in the Consolidated Report on Operations.

1. This communication supplements the provisions governing banks' financial statements contained in Circular 262 of 2005 and subsequent updates, with a view to providing the market with information on the effects that Covid19 and the measures to support the economy have had on the strategies, objectives and policies of risk management and on the profit/loss and balance sheet position of intermediaries.
2. Warning notice No. 1/21 of 16 February 2021, re.: COVID - 19 - measures to support the economy - Warning notice on the information to be provided: by supervised issuers, supervisory bodies and auditing firms in relation to the 2020 financial statements prepared in accordance with the international accounting standards; by companies publishing 2020 non-financial reports; by listed issuers and supervisory bodies at meetings where resolutions on capital measures are adopted; by preparers of bidding documents and prospectuses; by issuers subject to the Market Abuse Regulation (MAR).

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NOTICE OF SHAREHOLDERS' MEETING

BANCA CARIGE S.p.A. - Cassa di Risparmio di Genova e Imperia

Registered Office: Via Cassa di Risparmio 15, Genoa Share capital EUR 1,915,163,696.00, fully paid-in

Genoa Companies' Register - Tax Code - VAT no. 03285880104

Società Capogruppo del Gruppo Banca CARIGE iscritto nell'Albo dei gruppi bancari presso la Banca d'Italia

NOTICE OF ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING

The parties entitled to vote in the Shareholders' Meeting of BANCA CARIGE S.p.A. - Cassa di Risparmio di Genova e Imperia are called to attend the Ordinary and Extraordinary Shareholders' Meeting, which will be held in one call at the Bank's Head Office in Genoa, Via Cassa di Risparmio 15, on 20 April 2021 at 10:30 a.m., to resolve upon the following

AGENDA

Ordinary session:

1. Approval of the Separate Financial Statements as at 31 December 2020 and presentation of the Consolidated Financial Statements
2. Report on the Remuneration Policy and compensation paid

Extraordinary session:

1) Proposal for an optional reduction of share capital to cover losses: related and ensuing resolutions

Full information is available on the corporate website www.gruppocarige.it, under Governance/Shareholders' Meetings.

Genoa, 18 March 2021

for the Board of Directors

The Chairman

Giuseppe Boccuzzi

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