Banca Carige S p A Cassa di Risparmio di Genova e Imperia : SottotitoloPress Release of the Parent Company BPER Banca - Consolidated results as at 30 June 2022

PRESS RELEASE

CONSOLIDATED RESULTS AS AT 30 June 2022

1H22 NET PROFIT: € 1,384.8 MLN (€ 316.6 MLN NET OF ONE-OFFS1)

RESULTS INCLUDE THE EFFECTS OF THE ACQUISITION OF BANCA CARIGE COMPLETED IN

JUNE, WITH THE UPSIDE ALREADY VISIBLE IN VOLUMES AND CREDIT QUALITY

RECURRING PROFITABILITY2 CONTINUED TO RISE IN 2Q22, CONFIRMING THE BPER GROUP'S

REVENUE GENERATION CAPACITY DESPITE THE DIFFICULT EXTERNAL ENVIRONMENT:

• Net profit: € 203.9 mln (+81.0% Q/Q)
• Operating income: € 916.1 mln (+3.7% Q/Q)
• Net Interest income: € 409.0 mln (+8.7% Q/Q)
• Net commission income: € 463.4 mln (+2.9% Q/Q)

CREDIT QUALITY CONTINUES TO IMPROVE, ALSO BENEFITTING FROM THE ONBOARDING OF

BANCA CARIGE

GROSS NPE RATIO AT 4.3%, DOWN FROM 4.9% IN THE PREVIOUS QUARTER (5.7% AT

30/06/2021) AND EXPECTED TO SIGNIFICANTLY DECLINE FURTHER

VIA THE DISPOSAL OF € 2.5 BN IN NPEs

• Net NPE Ratio: 1.8% vs. 2.0% in the previous quarter
• High NPE coverage (60.3%). Coverage of bad loans 75.6%, UTPs 46.6% and Stage 2 performing loans 4.2%
• Annualised default rate at 0.8%, down from end-2021 (0.9%)
• Annualised cost of credit at 47 bps, down on 1Q22 (57 bps)

THE CAPITAL POSITION REMAINS HIGH, WITH A PRO-FORMA FULLY PHASED CET 1 RATIO3

OF ~13.4%

SHARP INCREASE IN VOLUMES THANKS TO BOTH BANCA CARIGE'S INTEGRATION AND

POSITIVE COMMERCIAL DYNAMICS

NET PERFORMING LOANS: € 89.5 BN (+15.4% ON END-2021)

LOANS GRANTED IN 2Q22: € 4.3 BN (+34% Q/Q)

DIRECT FUNDING INCREASED TO € 114.5 BN (+12.9% ON END-2021)

BPER Banca S.p.A., Head Office in Via San Carlo 8/20, Modena - Tax Code and Modena Companies Register No. 01153230360 - Company belonging to the BPER BANCA GROUP VAT, VAT No. 03830780361 - Share capital Euro 2,100,435,182.40 - ABI Code 5387.6 - Register of Banks No. 4932 - Member of the Interbank Deposit Guarantee Fund and of the National Guarantee Fund - Parent Company of the BPER Banca S.p.A. Banking Group - Register of Banking Groups No. 5387.6 - Tel. [phone] - Telefax +39 059.2022033 - e- mail: [e-mail] - Certified e-mail (PEC): [e-mail] - bper.it - istituzionale.bper.it

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Modena - 4 August 2022. The Board of Directors of BPER Banca (the "Bank") has examined and approved the Bank separate and Group consolidated results as at 30 June 2022.

Bper's Chief Executive Officer Piero Luigi Montani commented: The half year just ended marks another important step in our growth strategy, thanks to the onboarding of Banca Carige into the BPER Group last June. The transaction further strengthens our competitive position on a national scale in geographies where our footprint was limited, and will contribute to increasing our future profitability, with an upside in credit quality already visibly reflected in our results as at 30 June 2022. Although impacted by major non-recurringitems primarily in connection with the acquisition of Banca Carige recognised in the second quarter of the year, results are very satisfactory and reflect a growing core business profitability, driven by an increase in both net interest income and net commission income, with operating costs under control.

Lending and funding volumes have increased significantly as a result of both the Group's scale-up and commercial momentum.

Credit quality is likewise further improving, with still very low default rates and the gross NPE ratio edging down to 4.3% from 4.9% in the previous quarter, expected to decline further, in the wake of the disposal of additional non- performing portfolios and the NPL platform.

The capital position remains high, with a pro-forma fully phased CET1 ratio of 13.4%, which allows us to face the difficult external environment with confidence.

The second half of the year will see us completing the integration of Banca Carige and implementation of the multiple projects recently initiated as part of our 2022-2025 Business Plan, which will contribute major benefits in terms of streamlining the operating structure and increasing profitability from as early as 2023.

********************

With reference to the acquisition of Banca Carige, the business combination has been accounted for as a single transaction, in accordance with the relevant accounting standards and practices, i.e. by factoring in the effects, and related charges, of the (mandatory) Tender Offer even though it is still being finalised.

The BPER Group's Consolidated Half-Year Report for the period ended 30 June 2022, as approved by the Board of Directors of BPER Banca today, includes the separate balance sheet accounts developed at a managerial level by Banca Carige according to the applicable accounting standards and consistent with Carige being part of the BPER Group, which were provided to the Parent Company in compliance with current legislation and as instructed by the Parent Company.

As known, on 25 July 2022 the President of the Companies Section of the Court of Genoa, by a decree issued inaudita altera parte, suspended -as a protective measure- the execution of the resolution of Banca Carige's Shareholders Meeting of 15 June 2022 which, among other aspects, appointed Carige's Board of Directors. The hearing for discussion of the Decree was set for 9 August 2022. The Board of Directors' meeting of Banca Carige was therefore unable to meet on 2 August 2022 - as initially scheduled according to the financial calendar - for the approval of the consolidated half-year financial report as at 30 June 2022 (see Banca Carige's Press Releases of 26 July 2022 and 1 August 2022).

For a better understanding of Banca Carige's contribution to the Group's Consolidated Financial Report for the period ended 30 June 2022, its individual balance sheet schedules as at 30 June 2022 are annexed to this press release.

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Consolidated income statement4: key figures

Banca Carige's profit and loss for the first half of 2022 has been included in the item "Badwill".

Net interest income amounted to € 785.4 mln, up 7.8% on 1H21, particularly as a result of a higher branch network contribution, totalling € 698.8 mln (+10.5% y/y). Key contributors also included TLTRO-III funds (net of interest paid on deposits with the ECB) for an amount of € 56.8 mln (€ 56.7 mln in 1H21) and the securities portfolio for an amount of € 53.7 mln (€ 55.6 mln in 1H21). In 2Q22, the aggregate totalled € 409.0 mln and was up 8.7% q/q on the back of rising customer spread, increased lending volumes and a stronger contribution from the securities portfolio.

Net commission income totalled € 914.0 mln, up 24.5% on the same period of last year. In particular, commissions on indirect deposits and bancassurance settled at € 357.1 mln (+15.7% y/y), fees and commissions on traditional banking amounted to € 516.6 mln (+26.8% y/y) and non-life bancassurance commissions totalled €

40.3 mln (+122.8% y/y). The figure for the second quarter of 2022 totalled € 463.4 mln, up 2.9% q/q, driven both by € 263.7 mln in traditional banking services (+4.3% q/q) and € 26.5 mln in non-life bancassurance (+92.5% q/q).

Dividends amounted to € 15.9 mln, up 13.9% y/y.

Net income from financial activities amounted to a positive € 84.4 mln as compared to € 119.7 mln in 1H21.

Operating income totalled € 1,787.0 mln, up 11.8% y/y, driven by increased core revenues (net interest income and net commission income), amounting to € 1,699.4 mln (+16.2% y/y).

Operating costs amounted to € 1,148.3 mln as against € 1,111.5 mln for the same period last year. More

specifically:

• Staff costs totalled € 711.5 mln as compared to € 657.2 mln for the first half of 2021. The aggregate for the second quarter of 2022 amounts to € 359.4 mln, up 2.1% q/q and includes € 24.0 mln in adjustments to the cost for the workforce optimisation effort announced in December last year. Net of this cost, the aggregate was down 4.7% q/q.
• Other administrative expenses amounted to € 342.7 mln as compared to € 347.3 mln for the first half of 2021. For 2Q22 the amount was € 181.2 mln, up 13.2% q/q due to increased one-off charges in relation to the process of Banca Carige's acquisition, amounting to € 9.0 mln. Excluding this cost, other administrative expenses were up 7.6% q/q, reflecting the costs incurred for the start-up of the new Business Plan projects.
• Net adjustments to property, plant, equipment and intangible assets amounted to € 94.1 mln (€ 107.0 mln in 1H21). In the second quarter of 2022, the aggregate amounted to € 48.5 mln, up 6.4% q/q.

Net operating income amounted to € 638.7 mln, an increase compared to € 487.0 mln posted in the same period

last year (+31.2%).

Net impairment losses for credit risk totalled € 217.1 mln vs. € 576.4 mln in 1H21 and included € 20.8 mln worth of provisions for on-balance sheet credit exposures to Russia (classified as "other financial assets"). The figure for the second quarter totalled € 103.9 mln, down 8.2% q/q.

The annualised cost of credit is thus 47 bps5, declining from an annualised cost of 67 bps for 2021 and down further q/q (57 bps in 1Q22).

Net provisions for risks and charges amounted to € 41.0 mln (vs. € 50.5 mln in the first half of 2021). The aggregate includes € 8.0 mln in off-balance sheet exposures (endorsement loans) to borrowers based in Russia.

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The contributions to banking system funds amounted to € 45.7 mln and relate to the amount paid to the Single Resolution Fund (SRF) for 2022.

In the interests of clarity, please note that these contributions are shown in a separate line in the reclassified income statement, whereas they are included in caption 190 b) "Other administrative expenses" in the Bank of Italy's schedule.

Gain on a bargain purchase. The provisional badwill arising from the Purchase Price Allocation (PPA) process required by IFRS 3 "Business Combinations"6 with regard to Banca Carige's acquisition, was posted to this caption and calculated as follows:

Shareholders' equity of Banca Carige as at	1,619.9
30/06/2022
Cost of Mandatory Tender Offer	-125.8
Fair Value of non-performing loans	-145.0
Fair Value of property, plant and equipment	-69.2
Disposal of Carige branches	-60.0
Contingent liabilities	-56.6
Tax effects and other	25.2
Provisional badwill as at 30/06/22	1,188.4

(in €mln)

It is additionally observed that Banca Carige's shareholders' equity as at 30/06/22 includes the € 221.1 mln net loss for the first six months of the year, comprising € 212.5 mln negative non-recurring items referring primarily to provisions and impairment losses.

Gains (Losses) on investments amounted to € 7.0 mln in contrast with a loss of € 253.3 mln in the first half of 2021, which included € 230.4 mln in impairment losses on goodwill.

Profit before tax from continuing operations totalled € 1,530.3 mln. The result for the second quarter of 2022 amounted to € 1,372.0 mln which, net of non-recurring items, totalled € 229.4 mln, up 44.9% q/q.

Income taxes amounted to € 135.3 and included € 74.3 mln worth of non-recurring items recognised in the second quarter of 2022.

As a result, profit for the period totalled € 1,395.0 mln, inclusive of € 10.2 mln in profit for the period pertaining to minority interests.

The profit for the period pertaining to the Parent Company therefore amounted to € 1,384.8 mln. Excluding one-offsamounting to € 1,068.3 mln, profit totalled € 316.6 mln, of which € 203.9 mln booked in 2Q22, up 81.0% q/q.

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Consolidated balance sheet: key figures

The balance sheet accounts as at 30/06/2022 include Banca Carige' figures line by line, as Banca Carige was included in the Group's scope of consolidation on 3 June 2022.

In addition, as a result of the agreement for the disposal of 48 branches which was entered into on the same date, their assets and liabilities were respectively reclassified under items 130 "Other Assets" and 80 "Other Liabilities".

Unless otherwise specified, percentage changes refer to figures being compared with data as at 31/12/21.

Direct deposits from customers (deposits from customers, debt securities in issue and financial liabilities designated at fair value) amounted to € 114.5 bn (o.w. € 14.6 bn contributed to by Banca Carige) up 12.9%. The key contributor to the aggregate amount was funding from retail/corporate customers, totalling € 106.9 bn and consisting mainly of current accounts and deposits for an amount of € 101.0 bn, up 10.0%. Institutional funding amounted to € 7.6 bn, up 46.6% including as a result of the issuance of subordinated and senior bonds during the six-month period.

Indirect funding from customers, totalling € 163.5 bn, was down 1.7% due to the financial markets negative performance in the first half of the year. More specifically:

• Assets under management totalled € 59.5 bn, of which € 1.8 bn traceable to Banca Carige net of the tranche pertaining to the ARCA funds (€ 4.1 bn);
• Life insurance premiums underwritten amounted to € 23.9 bn, of which € 4.5 bn contributed to by Banca Carige.
• Assets under custody totalled € 80.2 bn, of which € 8.5 bn contributed to by Banca Carige.

Gross loans to customers amounted to € 94.1 bn (of which € 10.7 bn contributed to by Banca Carige), up 14.8%. As part of the aggregate, performing loans amounted to € 90.1 bn, up 15.5% and non-performing loans totalled €

4.1 bn (inclusive of € 148 mln from Banca Carige). The share of gross non-performing loans to total gross loans (gross NPE Ratio) is 4.3%, down from 4.9% in the previous quarter, as a combined result of low default rates and Banca Carige's non-performing loans having been acquired net of the loan losses already taken as part of the PPA.

As regards the breakdown of gross non-performing loans, bad loans amounted to € 2.0 bn (broadly unchanged since end-2021),unlikely-to-pay(UTP) exposures settled at € 1.9 bn (+3.2%), past due exposures amounted to € 128.9 mln (+0.9%).

Net loans to customers amounted to € 91.1 bn (of which € 10.6 bn from Banca Carige), up 15.1%. As part of this item, net performing loans totalled € 89.5 bn, up 15.4%.

Net non-performing loans amount to € 1.6 bn (of which € 148 mln from Banca Carige) and account for 1.8% of total net loans to customers (net NPE ratio), down from the previous quarter (2.0%). The coverage ratio of total non- performing loans stands at 60.3%.

With reference to the individual components of NPLs, net bad loans amount to € 0.5 bn (-13.4%) with coverage rising to 75.6% (vs. 71.8% at end-2021);net UTP loans amount to € 1.0 bn (+11.2%) with coverage of 46.6%; net past due loans amount to € 93.2 mln (-1.5%) with coverage of 27.7%.

Performing loan coverage settled at 0.66%, up from 0.57% at end-2021; in particular, Stage 2 loan coverage is 4.2% vs. 3.5% at the end of 2021.

The € 2.1 bn negative net interbank position is the result of the difference between € 26.6 bn in loans to banks and € 28.8 bn in loans from banks. Refinancing operations of the BPER Group with the European Central Bank (ECB), entirely consisting in TLTRO III funds with a maturity of three years, totalled € 21.9 bn (of which €3.5 bn

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