Banca Carige's BoD approves consolidated results as at 30 September 2021

PRESS RELEASE

BANCA CARIGE'S BOARD OF DIRECTORS APPROVES

THE GROUPS' CONSOLIDATED RESULTS AS AT

30 SEPTEMBER 20211

Confirmed the trend of core profitability recovery

• ACCELERATION OF THE NET OPERATING INCOME THAT RETURNS POSITIVE IN THE QUARTER: +EUR 8.8 MLN VS -EUR 6.5 MLN OF THE SECOND QUARTER AND -EUR 23.2 MLN OF THE FIRST QUARTER OF 2021
• SIGNIFICANT GROWTH OF TOP-LINE NET REVENUES (NII + NET FEE AND COMMISSIONS): +15.4% Y/Y1
• NET INTEREST INCOME +21.1%1
• NET FEES AND COMMISSIONS +11.8%1
• COSTS STRUCTURALLY REDUCED: -2.0% Y/Y1, WITH A TREND OF PERSONNEL WHICH, IN LINE WITH FORECASTS, HIGHLIGHTED A PROGRESSIVE DECREASE OF THE WORKFORCE (-9.4% OVER THE LAST YEAR) AND THE RELATED EXPENSES (-6.7%1)
• ANNUALISED COST OF CREDIT 38 BPS (74 BPS OVER NINE MONTHS OF 20201)
• THE GRADUAL IMPLEMENTATION OF THE NEW SERVICE MODEL, RELEASED AS FROM JANUARY 2021, HAS BEGUN TO GENERATE POSITIVE RESULTS IN THE COMMERCIAL MOMENTUM2, WITH INCREASING AGGREGATES COMPARED TO 30 SEPTEMBER 2020 AND 31 DECEMBER 2020:
• • +EUR 1.1 BN (+9.7%) IN SHORT-TERM FUNDING FROM HOUSEHOLDS AND

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

2 Operational data

1

BUSINESSES OVER THE YEAR, EXCEEDING EUR 12 BN (+8.6% IN THE NINE- MONTH PERIOD)

• EXCELLENT PERFORMANCE OF ASSETS UNDER MANAGEMENT COMPARED TO THE MARKET AVERAGE IN THE FIRST NINE MONTHS OF

20213: +10.2% GROUP'S NET FUNDING VS MARKET AVERAGE OF +4.7%Errore.

Il segnalibro non è definito.3

• • +EUR 0.5 BN (+4.3%) LOANS TO HOUSEHOLDS AND BUSINESSES, EUR 11.8 BN2 (+2.4% IN THE NINE-MONTH PERIOD)
  • TWICE THE AVERAGE PERFORMANCE OF THE MARKET4 (+50.9% VS +26.8% MARKET AVERAGE4) FOR PERSONAL LOANS2 IN THE FIRST NINE MONTHS OF THE YEAR
  • TO DATE, THE GROUP PROCESSED 50% OF THE APPLICATIONS FOR 110% TAX BONUS APPLIED FOR IN LIGURIA
• ASSET QUALITY PRESERVED AT THE BEST MARKET LEVELS
• • NON-PERFORMINGLOANS TO CUSTOMERS, NET OF IMPAIRMENT PROVISIONS STABLE AT EUR 0.3 BN
  • NPE RATIO: 5.0% GROSS, 2.6% NET (VS. BANKING SYSTEM AVERAGE OF 5.2% AND 2.5% RESPECTIVELY5)
  • AVERAGE NON-PERFORMING LOAN BOOK COVERAGE OF 50.7% (52.1% INCLUDING WRITE OFFS)
  • PERFORMING LOAN BOOK COVERAGE STABLE AT 0.9%, CONFIRMED FAR BEYOND BANKING SYSTEM AVERAGE5
• LOSS FOR THE NINE MONTHS EQUAL TO EUR 76.6 MLN, AFFECTEB BY A EUR
• 1. MLN WORTH OF NON RECURRING COMPONENT PRUDENTIALLY PROVISIONED AT THE END OF THE INSPECTION ON TRANSPARENCY (-EUR
  1. 1AS AT 30 SEPTEMBER 2020)

Genoa, 10 November 2021 - At its meeting today, Banca Carige's Board of Directors has approved the Group's consolidated results as at 30 September 2021.

During the period, the growth trend of the core component of top-line revenues (NII and net fees and commissions totalled EUR 284.7 mln) both compared to the nine-month period of

3 Source: Assogestioni

4Source: internal processing of Assofin data

5 Source: Press releases and presentations published for the period ended 30 June 2021(Intesa, UniCredit, Banco BPM, MPS, BPER, Credem, BP Sondrio and Crédit Agricole Italia)

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20201 (+15.4%) and the previous quarters of the year, especially the second quarter (+2.9%6) despite the seasonal effects (August) included in the quarter just ended.

The net interest income growth (EUR 116.5 mln in the nine-month period) is significant: +21.1%1 compared to the nine-month period of 2020 and supported compared to the 2Q21 and 3Q2020 (+6.0% and +10.8% respectively), mainly on the back of a slight increase in loan portfolio income and the decrease in the cost of funding. Net fees and commissions (EUR 168.2 mln) also accelerated: +11.8%1 compared to the nine-month period of 2020.

Operating expenses (EUR 286.9 mln over the nine-month period) have been structurally reduced over time, with personnel expenses (EUR 161.7 mln), falling by 6.7% Y/Y1.

The portfolio of net non-performing loans to customers is stable at EUR 306.5 mln, reflecting a robust credit quality that remains at the highest level in the industry with a gross and net NPE ratio at 5.0% and 2.6%. Therefore, the cost of risk on loans to customers is 38 bps (annualised) over the nine-month period.

The fruitful win-back actions, which allowed the Group to regain important market shares in the previous quarters, especially in loans to SMEs by providing state-guaranteed loans, turned into tangible help for households and local footprint through the support to the 110% Superbonus tax incentive where the Bank's market share is 50% in Liguria, in line with the national level.

Loans to consumer customers and businesses (EUR 11.8 bn) were up by 2.4% over the nine- month period and 4.3% during the year, confirming their excellent quality, with collateralised loans equal to 62% of the aggregate, while State guarantees back around 54% of the remaining 38% portfolio; the moratoria outstanding as at 30 September 2021 granted to support households and enterprises dropped to EUR 508 mln without evidence of particular difficulties; 98% of performing exposures with expired moratoria are regularly being repaid; 75% of the regularly repaid performing exposures with expired moratoria are of mortgage nature, and 92% of the exposures in arrears with expired moratoria are related to relations of mortgage nature.

6 Net of a positive non-recurring fee and commission component recorded in the second quarter. 3

Direct funding from retail and corporate customers, totalling EUR 13.4 bn, confirmed the positive trends of the previous quarters growing both over the nine-month period (+4.7%) and in the year (+5.1%), with the short-term component up by EUR 1.0 bn (+8.6%) compared to December 2020 and EUR 1.1 bn (+9.7%) compared to September 2020.

Assets under management grew to EUR 12.0 bn - a Group's all-time high - up by 4.6% over the nine month-period and 8.2% in the year. Strong growth also for mutual funds (EUR 5.6 bn; +10.5% over the nine month-period and +16.4% in the year) and portfolio management reaching EUR 0.6 bn at the end of September, up by 27.1% compared to the end of December 2020 and by 77.1% in the year.

The further confirmation of the volume trend and top-line growth also recorded in the 3Q2021, corroborate the effectiveness of the commercial momentum and of the several restructuring initiatives of the service model implemented so far, providing innovative solutions as the Remote Offering.

The implementation of an integrated multi-channel approach, aimed at giving value to digital tools that facilitate a relationship reconciling the needs of the customer and its own relational skills, is also a way for the Bank to sustain profitability growth in the coming quarters, in line with the forecasts of the Strategic Plan. This scenario includes the upcoming Smart Branches, as well as the cutting-edge technologies for Private Managers currently being released.

The level of RWAs (measured under the standardised approach) remained stable at EUR 9.2 bn7, with capital ratios in excess of regulatory requirements: phased-in CET1 ratio of 11.0%7 and phased-in Total Capital ratio of 13.3%7.

Over the 2021 nine months, no positive economic effect arose from non-recording DTAs equal to approximately EUR 21 mln, for off-balance sheet DTAs totalling roughly EUR 512 mln. As at 30 September 2021, the amount of DTAs recognised in the financial statements totalled EUR 781 mln.

Following the trend in the first nine months of the year totalling a loss of EUR 76.6 mln, the Bank is still focused on achieving the profitability targets of the Plan, since it can count on the "continued, full and convinced commitment to support Banca Carige and to continue its

7 Operational estimate, pending official supervisory reporting. 4

process of turnaround, commercial development, efficiency-raising and capital optimisation of the Bank" as publicly declared on 28 July 2021 by Italian Interbank Deposit Protection Fund (FITD), the current controlling shareholder, who started the process of selecting a partner for the Group's business combination.

With reference to the minutes delivered on 27 April 2021, at the end of the inspection on transparency, yesterday, 9 November, the Bank of Italy has informed, and clarified its expectations concerning compensations for fee and commission applications for the previous years. Pending a more accurate definition which will be completed within the first half of the next year, the Bank prudentially set additional provisions for an amount of EUR 22.6 mln, in addition to the EUR 10.4 mln worth of provisions set aside in the 2020 Financial Statements. In a regulatory context so controversial that, in 2018, the publication of Guidelines was requested to the Supervisory Authority, the Bank carried out the quantification of said provisions through a regulatory reading that it considers to be well founded.

Francesco Guido, CEO of Banca Carige, comments on the results: "The quarter just ended confirms that Carige's march towards recovering profitability continues through the tight control on the quality of credit assets and the gradual implementation of the activities defined in the Plan. Although the final balance is invalidated by a contingent liability not related to the core business and which could be successively reabsorbed, the Bank's health is excellent and consolidates the positive business growth recorded in previous quarters. Thanks to the priceless contribution of our workforce, we will continue boosting the development of the Group's banks, supporting even more both the households and the businesses in our local footprint."

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