Banca Carige S p A Cassa di Risparmio di Genova e Imperia : SottotitoloResults as at 30 September 2022

PRESS RELEASE

RESULTS1 AS AT 30 SEPTEMBER 2022

Third quarter at breakeven

Cost/income ratio of core business below 70%

High asset quality and robust capital ratios

The Bank consolidated its path to turnaround and relaunch of its profitability before the merger by absorption into BPER Banca, approved this morning by the Shareholders' Meetings of Banca Carige and Banca del Monte di Lucca

Genoa, 04 November 2022 - Banca Carige's Board of Directors approved the quarterly financial statements as at 30 September 2022, prepared with a scope in line with the previous years reported by the Carige Group.

The analyses of the trends in the core business, the trend in volumes and the financial and capital situation made it possible to take account of the targets gradually achieved in the path to profit recovery and risk profile normalisation, progress that will be consolidated in the context of the sustainable growth strategy of the BPER Group.

The third quarter of the year - the last quarter subject to voluntary disclosure before the execution of the corporate transaction through which, as of 28 November 2022, Banca Carige and Banca del Monte di Lucca will be merged by absorption into the Parent Company BPER Banca2 - closed with a net result substantially at breakeven (-EUR 2.9 mln), despite the

1. Quarterly financial statements as at 30 September 2022 referred to the scope of the former Carige Group
2. The Parent Company BPER Banca, as a consequence of the merger by absorption, will gain direct control of Banca Cesare Ponti and of other shareholdings of Banca Carige that were part of the former Carige Group

inclusion of system charges for an amount of EUR 21.3 mln (over a total of EUR 31.8 mln accounted in the 9 months); by linearly distributing these charges over the year3 and excluding non-recurring items4, the third quarter closed at breakeven (-EUR 0.2 mln).

The capital gain earned on the back of the disposal of the loans against pledge business concluded and announced on 30 September 2022 (amounting to gross EUR 8.0 bn) is not included, since it is effective as of 1 October 2022; with its inclusion, the quarter would close in positive territory.

The trend in core business5, in the third quarter, noted a positive Gross Operating Profit (loss) (GOP)6 for an amount of EUR 40.5 mln, the best operating result since 2016 (6 times the GOP of the third quarter of 2021 and approximately twice the GOP of the previous quarters of 2022), with operating income7 gradually growing to EUR 129.8 mln and operating expenses8 down to EUR 89.3 mln, respectively as a consequence of the growth in top line revenues and of the policies of structural containment of management cost; by detracting a cost of credit of EUR 16.9 mln (in the nine months, 44 bps annualised), the Gross Operating Profit (loss) was a positive EUR 23.6 mln.

The cost/income ratio of core business (operating expense/operating income) significantly increased, settling on a value below 70%.

The first nine months of 2022 closed with a net loss of EUR 224.0 mln (of which EUR 221 mln related to the first six months of the year), mainly on the back of the recognition of significant non-recurring items (for a gross total of EUR 212.9 mln, EUR 192.0 mln net), mostly determined by the review of value assumptions of some accounting items, in addition to the effects of some strategic choices in the context of activities related to the integration process into the Parent Company BPER Banca.

1. Together with the linearisation of other minor "seasonal" phenomena, such as the dividends collected from the Bank of
   Italy (EUR 10.2 mln accounted in the first quarter) and the dividends collected from Creditis (EUR 1.8 mln accounted in the third quarter)
2. In the third quarter, non-recurring items amounted to +EUR 11.6 mln
3. The notes on the income statement are based on the reclassified income statement, as detailed at the end of this document
4. Gross Operating Profit (loss) = Operating income - Operating expense
5. Operating income = sum of Net interest income, Net fee and commission income, Dividends and other income, Net profit (loss) from core trading and other core operating income/expense
6. Operating expense = sum of Personnel expenses, Recurring net adjustments to/recoveries on property and equipment, and intangible assets, and Recurring administrative expenses

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Net of these non-recurring items, the nine months closed with a net loss of EUR 31.6 mln, confirming the positive trend of the income statement compared to the loss of EUR 62.6 mln in the first nine months of 2021 (net of some non-recurring components, for a like-for-like comparison).

With regard to the major risk profiles:

- the quality of the loan portfolio remained stable during the quarter, with net non- performing loans accounting for 2.7%9 and an average coverage of 54.1%, including write-offs;

• capital ratios confirm the soundness of the Bank, settling on the following levels: fully loaded CET1 Ratio at 13.2% (phased-in CET1 Ratio at 14.0%) and fully loaded Total Capital Ratio at 15.6% (phased-in Total Capital Ratio at 16.5%), with fully loaded RWAs amounting to EUR 8.6 bn (phased-in RWAs amounting to EUR 8.7 bn).
• significant liquidity position: the Liquidity Coverage Ratio (LCR) amounted to 273% and the Net Stable Funding Ratio (NSFR) was over 130%.

Matteo Bigarelli, General Manager of Banca Carige, commented: "From the industrial point of view, the most significant data, and the one that makes us the most proud, concerns the third quarter, clearly the most positive in several years, as it sees Carige go back to an area of balanced operational management at the level of core business. This is thanks to the strong commitment that the people of Carige, both in the distribution network and in the internal structures, have been showing for months to consolidate the commercial position of the Bank and, at the same time, to ensure the most efficient completion of the integration in BPER Banca, expected by the end of November. With a situation of gradual efficiency recovery (as confirmed by the trend in cost/income ratio), adequate capital solidity and good quality of the loan portfolio, Carige already represents a platform that can fully develop the synergies estimated by the Parent Company BPER Banca, as a result of the upcoming merger; in perspective, the Bank will be able to generate further value for the territory and for its customers thanks to advanced service models, that unite physical presence with advanced

9 2.8% net of assets belonging to the scope of disposal due to the sale of no. 40 branches to Banco Desio and the disposal of the loans against pledge business.

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digital solutions, and one of the most complete ranges of financial products for institutions, businesses and privates."

*****

Following up on the conclusion of the process of compliance with the purchase obligations, pursuant to art. 108, para. 2 of the Consolidated Law on Banking ("TUF"), for the shares of Banca Carige S.p.A. and the subsequent execution of the joint process for the compliance with the purchase obligation pursuant to art. 108, para 1 of the TUF and the associated right to purchase pursuant to art. 111 of the TUF, as of 20 September 2022 BPER Banca S.p.A. holds 100% of Banca Carige's share capital with the subsequent registration to the shareholder register from the Issuer. Borsa Italiana S.p.A., with provision no. 8882 of 12 September 2022, decided the suspension of Banca Carige's ordinary shares from trading on Euronext Milan and the de-listing of these shares as of 20 September 2022.

Today, the Shareholders' Meetings of Banca Carige and Banca del Monte di Lucca approved the plan for the merger by absorption into BPER Banca.

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Income statement reclassification criteria

The Consolidated Income Statement was reclassified to enhance the understandability of the operating income, by segregating recurring and/or core business-related items (Operating Expenses or Operating Income, depending on their sign, with their difference corresponding to Gross Operating Profit/Loss) from non-recurring and non-core business components.

The identification of profit and loss items and their accounting treatment over time (based on both accounting and operational data) follows the criteria listed below:

• are considered 'non-recurring';
• • profit (loss) from disposal of all fixed assets (equity investments, property and equipment);
  • profit and loss items associated with efficiency-raising, restructuring initiatives, etc. (e.g. charges for Redundancy Fund access, early-retirement/exit incentives/severance, gains/losses on disposal/repurchase of loans, charges linked to Strategic Plan adoption; charges deriving from the Business Plan of the Parent Company BPER Banca);
  • profit and loss items not expected to recur (e.g. penalties, impairment of fixed assets, goodwill and other intangible assets, effects from regulatory and/or methodological changes, exceptional results)
• contributions and other banking system charges (contributions to the Resolution Fund and the Interbank Deposit Protection Fund, valuation of the stakes held in the Atlante Fund and the Voluntary Scheme of the Italian Interbank Deposit Protection Fund, and any other similar contributions that may become payable in the future, in addition to fees paid to continue deducting eligible deferred tax assets) are considered "non-core".

The application of the foregoing criteria specifically leads to the following reclassification of P&L items (where stated, the items correspond to the items of the Consolidated Income Statement prepared in accordance with the criteria set by the Bank of Italy's latest update to Circular No. 262/2005). Although criteria previously adopted have substantially remained unaltered, some items have been modified compared to the wording used until the reporting of results as at 30 September 2020 (see list below).

• "Net Interest Income" corresponds to item "30. Net Interest income";
• "Net fee and commission income" corresponds to item "60. Net fee and commission income";
• "Dividends and similar income" corresponds to item "70. Dividends and similar income";
• The item "Net profit (loss) from core trading" includes items "80. Net profit (loss) from trading", "90. Net profit (loss) from hedging", "100a. Profits /losses on disposal or repurchase of financial assets at amortised cost" (for the securities component only), "100b. Profits (losses) on disposal or repurchase of financial assets at fair value through other comprehensive income", "100c. Profits (losses) on disposal or repurchase of financial liabilities" and "110. Profits (losses) on financial assets/liabilities at fair value through profit or loss (for the securities component only) of the Consolidated Income Statement net of non-core items, referred to under "Non-core trading";
• "Other core operating income (expense)" corresponds to item "230. Other operating income (expense)", net of tax recovery included in "Recurring administrative expenses" and, unlike previously reported, net of other operating income (expense) relating to non-recurring items (see below);
• "Personnel expenses net of early-retirementcosts" corresponds to Item "190a. Administrative expenses - personnel expenses" net of non-recurring items, consisting in costs for early-retirement / exit incentives and severance negotiations);
• "Recurring net adjustments to/recoveries on property and equipment, and intangible assets" includes items "210. Net adjustments to/recoveries on property and equipment" and "220. Net adjustments to/recoveries on intangible assets", net of non-recurringitems, which are identified separately under item "Non-recurringadjustments to/recoveries on property and equipment and intangible assets" (see below);
• "Recurring administrative expenses" corresponds to item "190b. Administrative expenses - other administrative expenses", net of:
• • Administrative expenses associated with extraordinary operations established by the Strategic Plan and, from the second quarter of 2022, associated with the Business Plan of the Parent Company BPER Banca, joined under the item "Strategic Plan charges relating to non-recurring items" (see below);
  • contributions to the National/Single Resolution Fund (NRF/SRF) and the Deposit Guarantee Scheme (DGS/FITD) included in "Contributions and other banking system charges"
  • Deferred Tax Asset (DTA) fees convertible into tax credits;

and include tax recovery under item "230. Other operating expense (income)";

• "Net losses/recoveries on impairment of loans to banks and customers" includes Items "110. Profits (losses) on financial assets/liabilities at fair value through profit or loss" (for the loans component only), "130a. Net losses/recoveries on impairment of financial assets at amortised cost" and "140. Gains (losses) due to contractual modifications not resulting in derecognition;
• "Profits /losses on disposal or repurchase of financial assets at amortised cost" " corresponds to same-headingitem
  "100a" for the loans component only, net of the capital gain earned in the fourth quarter of 2020 from the disposal of performing loans measured at amortised cost, which is included in the new item "Other non-core operating income (expense)" (see below);

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