Banca Monte dei Paschi di Siena S p A : BOARD APPROVES CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2022

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BOARD APPROVES CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2022

EUR 2.5 BILLION CAPITAL INCREASE SUCCESSFULLY COMPLETED:

CET1 RATIO FULLY LOADED PRO FORMA AT 14.7%

RESTRUCTURING COSTS OF EUR 925 MILLION RELATING TO VOLUNTARY EXITS OF

MORE THAN 4,000 RESOURCES ALREADY BOOKED

AS AT 30 SEPTEMBER NET PROFIT EXCLUDING RESTRUCTURING COSTS FOR

VOLUNTARY EXITS AT EUR 565 MILLION BOOSTED BY PRE-TAX PROFIT OF EUR 150

MILLION AND POSITIVE TAX IMPACT1OF EUR 415 MILLION

NET RESULT AT EUR -360 MILLION INCLUDING ONE-OFF RESTRUCTURING COSTS

LINKED TO VOLUNTARY EXITS

DOUBLE-DIGIT GROWTH IN PRE-PROVISION PROFIT (+13.5% Y/Y EXCLUDING

CONTRIBUTION FROM SALE OF SECURITIES)

DOUBLE-DIGIT INCREASE IN NET INTEREST INCOME: +15.7% Y/Y AND +12.7% Q/Q

THANKS TO POSITIVE COMMERCIAL SPREAD DYNAMICS

TREND IN FEES AND COMMISSIONS AFFECTED BY LOWER CONTRIBUTION OF UPFRONT WEALTH MANAGEMENT FEES; LEVEL OF BANKING FEES STABLE

RETAIL PERFORMING LOANS GROWING IN LINE WITH THE FOCUS OF THE PLAN

STRATEGY

OPTIMISATION OF COMMERCIAL FUNDING CONFIRMED WITH Y/Y REDUCTION OF

FUNDING DRIVEN BY TIME DEPOSITS

OPERATING COSTS UNDER CONTROL; FROM 1 DECEMBER WILL BENEFIT FROM THE

EXPECTED REDUCTION OF WORKFORCE

PROFORMA NPEs AT EUR 3.2 BILLION, DOWN 24% Y/Y THANKS TO DISPOSAL OF NPE

PORTFOLIO:

• GROSS NPE RATIO PROFORMA AT 4%(-100 BPS VS. 30 SEPTEMBER 2021)

1Revaluation of DTAs following adoption, with an appropriate prudent approach, of new income projections in the 2022-2026 Business Plan, approved by the Board of Directors on 22 June.

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• NPE COVERAGE PROFORMA AT 47.8% (ca.+2.2 P.P.VS. JUNE 2022)
• • PROVISIONING RATE IN 9M22 AT 55 BPS

LIQUIDITY POSITION: LCR AT 185% AND NSFR AT 139%

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Siena, 11 November 2022 -The Board of Directors of Banca Monte dei Paschi di Siena S.p.A. (the "Bank"), who met until yesterday evening under the chairmanship of Patrizia Grieco, has reviewed and approved the consolidated results as at 30 September 2022.

The EUR 2.5 billion capital increase, one of the pillars of the 2022-26 Strategic Plan, was completed on 4 November 2022, significantly strengthening capital ratios, with a proforma CET 1 ratio and Tier 1 ratio post-capital increase of 15.7% (14.7% fully loaded) and a Total Capital Ratio of 19.5%.

The proforma capital ratios already include the recognition of restructuring costs of EUR 925 million related to the voluntary exit of more than 4,000 employees. Excluding these restructuring costs, net profit as at 30 September 2022 stands at EUR 565 million, supported by a pre-tax profit of EUR 150 million and a positive tax impact of EUR 415 million.

Group profit and loss results as at 30 September 2022

The Group's total revenuesas at 30 September 2022 stand at EUR 2,248 million, slightly down (- 0.5%) year-on-year, mainly due to the decrease in other income from banking business, which in the first nine months of 2022 was affected by lower profits from the sale of securities, lower profits from trading and a lower contribution from equity investments in the insurance associates AXA. Income from banking activities, on the other hand, registers a year-on-year increase thanks to the improvement in net interest income, which more than offsets the decrease in net fees and commissions, mainly linked to market volatility.

Revenues for the third quarter of 2022 show a decrease of 1.7% compared to the previous quarter. Specifically, there was (i) an increase in income from banking activities compared to the previous quarter (+1.5%), thanks to the growth in net interest income (+12.7%) only partly offset by the reduction in net fees and commissions (-9.0%), and (ii) an increase in other income from banking business, driven by the higher contribution from equity investments in the insurance associates AXA. These trends were more than offset by a reduction in other operating income and expenses.

Net interest incomeas of September 30, 2022 stands at EUR 1,040 million, a marked increase compared to the same period in 2021 (+15.7%), driven mainly by (i) the higher contribution of the commercial segment, thanks to higher interest income on loans generated by the rise in interest rates and the lower cost of funding largely linked to the reduction in volumes, and (ii) the lower cost of wholesale funding, which also benefited from the maturity of certain bonds. On the other hand, a year-on-year reduction was seen in the contribution from transactions with central banks: the lower cost of deposits with central banks (amounting to EUR 46 million as at 30 September 2022 and EUR 75 million as at 30 September 2021) was, in fact, more than offset by the decrease in the positive effects of access to TLTRO 3 auctions (amounting to EUR 162 million in the first nine months of 2022 and EUR 202 million in the same period of the previous year).

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Net interest income for the third quarter of 2022 was up from the previous quarter (+12.7%) mainly due to the higher contribution from commercial lending, which benefited from the further rise in interest rates. This increase was only partly offset by the higher cost of funding and the reduced contribution from transactions with central banks. In fact, it should be noted that the lower cost of deposits with central banks was more than offset by the decrease in the TLTRO benefit resulting mainly from the expiry of the additional special interest rate period.

Net fees and commissionsas at 30 September 2022, amounting to EUR 1,055 million, are down Y/Y (-5.2%) due to high market volatility. The decline is attributable to the lower income from wealth management (-11.6%), largely owing to the decline in commissions on product placements. Income from the protection and services on securities are also down, while continuing commissions remain largely stable. Fees and commissions from traditional banking services register an upturn compared to the same period of the previous year, while other net fees and commissions are slightly lower also due to the lower contribution of MPS Capital Services.

The 3Q22 contribution registers a downturn Q/Q (-9.0%), mainly owing to the reduction in wealth management commissions (EUR -27 million) due also to seasonality. Both product placement commissions and continuing commissions are down.

Dividends, similar income and profit (loss) on investmentsamount to EUR 55 millionand are down EUR 20 million compared to 30 September 2021 as a result of the lower income from equity investments in insurance associates AXA2while the 3Q22 contribution is up EUR 19 million compared to the previous quarter, due to the higher income from equity investments in insurance companies.

Net profit (loss) from trading, financial assets/liabilities measured at fair value and gains from disposals/repurchasesas at 30 September 2022 amounts to EUR 74 million, down EUR 117 million from the figures recorded in the same period of the previous year and with the 3Q22 result falling EUR 15 million compared to the previous quarter.

The following items also contribute to revenues:

• Net income from hedging, in the amount of EUR +9 million,up from the first nine months of 2021 (at EUR +8 million) and with the 3Q22 result down compared to the previous quarter (EUR -2.4 million);
• Other operating expenses/income with a positive balance of EUR 16 million,an improvement on the result recorded in the first nine months of 2021 (at EUR -26 million). The Q3 contribution, amounting to EUR -3 million, registers a downturn from the previous quarter (at EUR 22 million).

As at 30 September 2022, operating expensesamount to EUR 1,592 million, largely stable year- on-year (+0.3%) and with 3Q22 registering a reduction compared to the previous quarter (-1.7%). An analysis of the individual aggregates shows that:

2AXA-MPS is consolidated at net equity in the Group's financial accounts.

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• Personnel expenses, amounting to EUR 1,067 million, are down 1% Y/Y, having benefitted from the downward headcount trend. The 3Q22 result registers a decrease from the previous quarter (-0.8%).
• Non-HRcosts, amounting to EUR 394 million,are up compared to the same period of the previous year (+4.3%), which had also benefitted from contingent assets for one-off legal expenses and energy cost increases. By contrast, the 3Q22 contribution registers a decrease from the previous quarter (-4.3%), which had been affected by the aforementioned one-off legal expenses.
• Net value adjustments to property, plant and equipment and intangible assetsas at 30 September 2022 amount to EUR 132 millionand remain stable year-on-year. The result registers a decrease compared to the previous quarter (-1.3%).

As a result of the above trends, the Group's pre-provisionprofitamounts to EUR 656 million(EUR 673 million as at 30 September 2021), with 3Q22 contributing EUR 202 million, falling by approximately EUR 3 million against the previous quarter.

The cost of customer loans booked by the Group as at 30 September 2022 amounts to EUR 320 million, up from the EUR 28 million registered in the same period of the previous year. The figure for the first nine months of 2022 includes adjustments relating to the disposal of non-performing loans resulting from the use of disposal scenarios in the estimation models, as well as the cost deriving from the updated macroeconomic base scenario. The figure for the first nine months of 2021, on the other hand, included a net negative effect of approximately EUR 28 million due to the cost resulting from the updated statistical valuation models and certain methodological refinements, partially offset by write-backs arising from the updated macroeconomic scenarios. Excluding these effects, the aggregate still shows an increase compared to the first nine months of 2021 mainly due to the write- backs (amounting to approximately EUR 130 million) registered last year on a number of significant positions, for which certain corporate events had improved their risk profile.

The cost of customer loans in 3Q22, which stands at EUR 95 million, is down from the EUR 114 million recorded in the previous quarter. Excluding the effects from the recognition of adjustments relating to the disposal of non-performing loans and the cost resulting from the updated macroeconomic base scenario, the aggregate is up in the quarter-on-quarter comparison largely due to the higher adjustments on default positions while the cost of new flows to default is down.

As at 30 September 2022, the ratio between the annualised cost of customer loans and the sum of customer loans plus the value of securities from the disposal/securitisation of NPLs reflects a provisioning rate of 55 bps(57 bps as at 30 June 2022 and 31 bps as at 31 December 2021).

The Group's net operating resultas at 30 September 2022 shows a positive balance of approximately EUR 338 millionagainst a positive balance of EUR 648 million recorded in the same period of the previous year. The 3Q22 result of EUR 107 million is up from the previous quarter, which registered a positive balance of EUR 94 million.

The following items also contribute to the result for the year:

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• Other net provisions for risk and chargesin the amount of EUR 43 millionin write-backs, an improvement on the EUR 66 million in provisions registered in the same period of the previous year. Also contributing to the positive economic balance were the release of provisions due to (i) the improvement registered in the risk profile of certain types of legal risks and (ii) the increase in the discounting effect, as a result of the interest rate trends recorded over the period. The third quarter of 2022 contributes with a release of EUR 121 million compared to a provision of approximately EUR 50 million registered in the previous quarter.
• Other gains (losses) on investmentsamounting to EUR +4 million, compared to a profit of EUR 2 million recorded in the same period of the previous year, with a positive contribution in 3Q22 of EUR 3 million compared to EUR -0.7 million registered in the previous quarter.
• Restructuringcosts/one-offchargestotalling EUR-928million,compared to EUR -8 million recorded in the first nine months of 2021. The 3Q22 result stands at EUR -925 million, compared to EUR -3 million in the previous quarter. The figure for the 3Q22 includes provisions for the redundancy/solidarity fund scheme, as per the Trade Union agreement of 4 August 2022.
• Risks and charges related to SRF, DGS and similar schemes,totalling EUR-172million,consisting of the Group's contribution due to the Single Resolution Fund (SRF), recognised in 1Q22 in the amount of EUR 89 million, the estimated portion for the Interbank Deposit Protection Fund (DGS) recognised in the 3Q22 in the amount of EUR 83 million. The balance registered in the same period of the previous year was EUR -159 million.
• DTA fees, totalling EUR-47million, remain largely unchanged compared to the same period of last year. The amount, calculated according to the criteria of Law Decree 59/2016 converted into Law No. 119 of 30 June 2016, consists of the fees due as at 30 September 2022 for DTAs (Deferred Tax Assets) which are convertible into tax credits.
• Net gains (losses) from measurement at fair value of tangible and intangible assets,in the amount of EUR-11millionas at 30 September 2022, all registered in the second quarter of 2022. The aggregate showed a negative balance of EUR 28 million as at 30 September 2021.
• Gains (losses) on disposal of investmentstotalling EUR +0.8 million.The aggregate showed a positive balance of EUR 14 million as at 30 September 2021 following the sale of real estate last year.

As a result of the above trends, the Group's pre-taxloss for the yearamounts to EUR 774 millionvs. a positive balance of EUR 356 million registered as at 30 September 2021. The 3Q22 result stands at EUR -794 million against EUR 16 million registered in the previous quarter.

Taxes on profit (loss) from continuing operations record a positive contribution of EUR 415 million (or EUR 35 million as at 30 September 2021), almost entirely due to the revaluation of DTAs booked in the third quarter, following the successful outcome of the capital increase transaction. The revaluation is due to the adoption, with an appropriate prudent approach, of the new income projections in the 2022-2026 Business Plan approved by the Board of Directors on 22 June 2022.

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