CREDEM, strong growth in 1h2022: net income +14.2%, loans +12.3%, more than 68,000 new customers (total 1.36 million)

PRESS RELEASE

CREDEM, STRONG GROWTH IN 1H2022:

NET INCOME +14.2%, LOANS +12.3%, MORE THAN 68,000 NEW CUSTOMERS (TOTAL 1.36 MILLION )

The constant growth of the Group contributes to the country's development. Strong

attention to innovation, digitalization, sustainability and people

Focus on the management of high-net-worth customers with the announcement of

the creation of Credem Euromobiliare Private Banking (active since 2023)

PROFITABILITY

• Consolidated Net Profit of €155.7 million, +14.2% compared to June 2021 after the disbursement of €26 million contribution to the funds to support distressed banks;
• Annualized ROE(1) 9.6%, annualized ROTE(2) 11.2%.

CAPITAL SOUNDNESS AND ASSET QUALITY

• Indicators at the top of the Industry in Italy and in Europe to protect customers and the market: Banking Group Common Equity Tier 1 Ratio(3) at 14.92%, Credemholding Common Equity Tier 1 Ratio(3) (prudential perimeter) at 13.46% compared to the minimum 7.56% assigned by the ECB(4);
• more than €1 billion margin on regulatory capital requirements;
• low incidence of non performing loans, at 2.19% of loans (Gross NPL Ratio(5)) compared to the 2.98% average of Italian banks(6);
• annualized cost of credit(7) at -1 bp, best in class in the Industry.

ENHANCEMENT OF THE SERVICE MODEL

• More than 68,000 new customers(8), 1,359,500 total clients;
• loans to customers(9) at €33.5 billion, +12.3% compared to the same period of 2021 (almost six times the system(10), up by 2.1%);
• client assets(9) at €84.3 billion (+0.7% YoY), of which AUM at €31 billion (-3.8% YoY) and direct customer deposits up to €34.6 billion (+7.8% YoY). Insurance products at €8.3 billion (+0.9% YoY);
• the commercial networks of the bank (Commercial Banking Business Unit)(11), consisting of 511 retail branches, business centers and centers dedicated to small businesses (small business centers), reached a total of €49.7 billion of deposits (+1.4% YoY) and € 25.6 billion of loans (+10.1% YoY). Within this structure, the network of financial advisors (526 professionals) recorded €7.6 billion of deposits (nearly stable compared to the end of June 2021, -0.4% YoY), €800 million of loans (+5.3% YoY) and 19 professionals recruited from the beginning of 2022. Strong support for all types of corporates clients: loans of €14.1 billion (+11.8% YoY) and 8,500 new corporate clients;
• new digital services, to facilitate the relationship between the bank and clients, for investment, protection products, and products for household savings. In the first half of the year 38.8 million transactions were made through digital channels (93.9% of the total), there were more than 600,000 interactions through customer service channels (telephone, email, social media and chat) and more than 21 million visits to the website credem.it;
• In July, announcement of the creation of a new legal entity called "Credem - Euromobiliare Private Banking", focused on the management of customers with high worth, representing the union of Banca

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PRESS RELEASE

Euromobiliare (100% Credem Spa) which counted at the end of June €13.4 billions of assets and 400 professionals including private bankers and financial advisors, and of the private banking structure of Credem, with €23.3 billion of assets managed by 287 private bankers. The aim is to further strengthen the specialization of channels and support structures for "private" customers and increase the level of service offered also thanks to the synergies with the Group's product companies and constant investments in technology and innovation to help improve the financial and living wellness of customers. The project, whose finalization is subject to obtaining the required authorizations from the supervisory authorities, represents an important step in the development of the Credem Group's private banking started in October 2020 with the creation of a single governance of the two structures active in this segment, private banking Credem and Banca Euromobiliare;

• in the area of asset management (Wealth Management Area) the development of new products and services continued with a strong focus on sustainable investments (three new specialized investment funds) and the gradual use of artificial intelligence in the construction of investment products for customers (launch of a testing platform, in collaboration with Noonum, for the selection of stocks to be included in portfolios); strong attention to the issue of insurance protection;
• Avvera (100% Credem company active in mortgages and consumer credit): important contribution to the acquisition of new customers for the Group (nearly 26,000 new customers), €749 million loans
  (+32% compared to the end of June 2021 ) and more than 196 new professionals;
• leasing and factoring ongoing development. Credemleasing reached €558.9 million of total contracts, an increase of 13% compared to the previous year. Credemfactor recorded €2.4 billion (+
  19.9%) of gross receivables sold (turnover).

INNOVATION

• Ongoing development of the Corporate Venture Capital with the investment in 17 startups, from the start of the project to the end of June 2022, that offer innovative technologies and models to strengthen the core business of the Group, support its evolution and generate value for clients;
• the Group received the National Award for Innovation for the non-possessory revolving pledge project on commodities supported by blockchain technology;
• important investments aimed at increasing the level of customer service and strengthening the company area called Area Futuro (IT system, organization, innovation and Credemtel specialized in the development of digital solutions) with the hiring of 30 new people.

INVESTMENTS IN PEOPLE

• 166 hires in 1H22 to support the growth of the Group;
• more than 92% of employees with an active remote working contract;
• ongoing training, with 17,800 days of training, mainly remotely;
• strong investments in the development of the digital skills of the Group's people with needs analysis and specific training activities.

SUSTAINABILITY

• Launched a project to collect environmental, social and governance (ESG) data related to a first sample of corporate clients to carry out an analysis of the impact on credit risk;
• first issuance of a social bond to finance assets with a positive social impact (subordinated
  Social Bond Tier 2) for €200 million;

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PRESS RELEASE

Today, the Board of Directors of Credem, chaired by Lucio Igino Zanon di Valgiurata, approved the consolidated results as at 30 June 2022 which confirmed the Group's ability to generate consistent profitability even in adverse scenarios. These results were achieved thanks to a diversified and resilient business model based on the needs of the different customer segments and a strong capital soundness and high asset quality. In particular, the Group closed with a consolidated net profit of €155.7 million, up by 14.2% compared to the end of June 2021. The figure included the disbursement of € 25.9 million, gross of tax effect, contribution to funds to support the distressed banks. Annualized ROE(1) was 9.6%.

General Manager Nazzareno Gregori will present the results to the financial community tomorrow, Friday 5 August 2022, during a conference call at 10.30 AM CET.

"The last few years have been a severe testing for the entire national and international economic and social system", Nazzareno Gregori, Credem General Manager affirmed "The strong uncertainty in which we found ourselves operating", continued Gregori, "highlighted the importance of investing and planning in the long term while maintaining the ability to react and adapt quickly to sudden changes in the scenario, first of all through listening and being close to customers. This is the strategic approach that we adopted and that allowed us to consistently achieve excellent results. We continue to focus strongly on the development of our business model, on investments in people, on innovation, on the digitalization of the relationship with customers and on sustainability. The goal is to continue to support the projects of families and corporates and to protect and enhance the assets that customers entrust to us".

> THE HALF-YEAR AT A GLANCE

In the first six months of the year, the Group continued to support the economy with loans to customers(9) which reached €33.5 billion, up 12.3% compared to 1H21 (+€3.7 billion in absolute value), with a growth of more than six times the system average(10) (+2.1% in the same period) and constant attention to asset quality.

In this scenario the Group continued the development of the bancassurance model, which proved to be particularly effective in managing the needs of customers, who continued to demonstrate confidence in the Group's ability to protect and enhance their savings. Nearly 68,000 new customers were acquired(8) and the Group's customers funding(9) reached €84.3 billion, up by 0.7% compared to the first half of 2021, with direct customer deposits increasing 7.8% to €34.6 billion. AUM amounted to € 31 billion (-3.8% YoY). Insurance reserves amounted to €8.3 billion (+ 0.9% compared to the first half of 2021) and the premiums of life and non-life protection products reached €40.6 million (+ 13.5% compared to the end of June 2021).

Asset quality remained at the highest levels in the industry with Gross NPL Ratio(5) which further decreased, despite being already at the top of the market, to 2.19% , compared to 2.98% of the average of Italian significant banks(6), with coverage levels among the highest in the industry (coverage level including shortfall(12) at 59.1% on non-performing loans and 84.8% on bad loans). The annualized cost of credit(7) was -1 bp, due to some non-recurringwrite-backs and the positive result of a bad loans disposal, showing a distinctive positioning in the market.

Group reaffirmed its strong capital soundness, in favor of all stakeholders, with Banking Group CET1 Ratio(3) at 14.92% despite the strong support to the economy and the needs of customers.

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PRESS RELEASE

Credemholding CET1 Ratio(3) (prudential perimeter) stood at 13.46% with 590 bps margin compared to the minimum regulatory level (including the additional SREP requirement(4) assigned by the European Central Bank) of 7.56% for 2021 (lowest requirement among European commercial banks directly supervised by the ECB).

The annualized ROTE(2) was equal to 11.2%, the annualized ROE1) 9.6%.

During 1H22, the Group continued to invest heavily in the organizational model, in the distribution networks, in the asset management product factories, in people, innovation and sustainability. In detail:

• the commercial networks of the bank(11), consisting of 511 branches, business centers and dedicated structures for small businesses (small business centers) reached €49.7 billion in funding (+1.4% YoY) and € 25.6 billion in loans (+10.1% YoY). Within this distribution structure, the network of financial advisors (526 professionals) reached €7.6 billion in funding (nearly stable, - 0.4% YoY) and € 800 million in loans (+5,3% YoY); 19 professionals were recruited from the beginning of 2022. Strong support for all corporate customer segments (from small business to large corporates) with loans amounting to €14.1 billion (+11.8% YoY) and significant customer growth with 8,500 new corporate clients reached, confirming the effectiveness of the commercial expansion strategy;
• Avvera (mortgages and consumer credit, 100% Credem) consistently contributed to the acquisition of new customers with nearly 26,000 new customers. In detail, the company recorded €749 million in loans disbursed and brokered in the first half of 2022 (+32% YoY), with 196 new professionals, bringing the total number of active agents and collaborators to 772, in addition to the collaboration of almost 1,686 affiliated operators. The channel dedicated to targeted loans became fully operational, reaching nearly €164 million of loans disbursed in 1H22 and 29 agents in the structure in addition to 67 collaborators;
• in the Wealth Management Area, the expansion and specialization of the range of Euromobiliare Asset Management SGR was intense with the launch of three new products that met both the need to expand the set of strategies available to managers from an advisory perspective. At the end of June 2022, the sustainable assets managed by the companies of the Wealth Management and Insurance Area of Credem Group(13) amounted to nearly €6 billion, up by 88.7% compared to
  June 2021. Project activities also continued for the progressive diffusion of the use of innovative tools for the construction of investment products. Euromobiliare Asset Management SGR launched the operational testing phase of the Noonum artificial intelligence platform with the aim of increasing the ability to manage and analyze data and unstructured information of the companies active in the market and improve selection of companies to be included in product portfolios. In the first half of the year, Credemassicurazioni (50% Credem and 50% Reale Mutua Assicurazioni) launched some initiatives in favor of customers who own the Protection Health and Income Protection products to fully benefit from the policy also in the pandemic context which limited its exercise;
• in July the Group announced the creation of a new company called "Credem - Euromobiliare private banking", focusing on the management of customers with important worth, representing the union of Banca Euromobiliare (100% Credem Spa) which counted at the end of June €13.4

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PRESS RELEASE

billions of assets and 400 professionals including private bankers and financial consultants and of the private banking structure of Credem with €23.3 billion of assets managed by 287 private bankers. The goal is to further strengthen the specialization of channels and support structures for "private" customers, increase the level of service offered also thanks to the synergies with the Group's product companies and constant investments in technology and innovation to help improve the financial and living wellness of customers. The project, whose finalization is subject to the required authorizations from the supervisory authorities, represents an important step in the development of the Credem Group's private banking started in October 2020 with the creation of a single governance of the two structures active in this segment, private banking Credem and Banca Euromobiliare;

• leasing and factoring ongoing development. In the first six months of the year, Credemleasing reached a total of €558.9 million in total contracts, an increase of 13% compared to the same period of the previous year. Credemfactor recorded at the end of the first half of the year €2.4 billion (+ 19.9%) gross flow of receivables sold (turnover);
• ongoing digital evolution, to facilitate the relationship between the bank and customers with the launch, thanks to the signing of partnerships, of new services in investments, insurance protection, health assistance and savings in household expenses. In addition, activities to foster the digital transformation in the relationship between bank and customers continued: in the first half of the year, 38.8 million transactions were made through digital channels (93.9% of the total), there were more than 600,000 interactions through customer service channels (telephone, email, social media and chat) and more than 21 million visits to the website credem.it;
• regarding innovation, the development of the Corporate Venture Capital (CVC) initiative launched in April 2021 continued with the finalization, from the launch to the end of June 2022, of investments in 17 startups in the banking and insurance sector, also through the entry as an investor in "Fin + Tech", the path to support the development of new technological companies in the financial and insurance sector born from an initiative of CDP Venture Capital Sgr. The objective is to identify innovative technologies and models to strengthen the Group's core business, support its evolution and generate value for clients. The bank also received the
  "National Innovation Award" for the "Inventory Chain Platform" project based on the non- possessory revolving pledge on goods supported, for the first time in Europe, by blockchain technology. Important investments were also made to increase the level of customer service and strengthen the company area called Area Futuro (IT system, organization, innovation and Credemtel specialized in the development of digital solutions) with the addition of 30 new dedicated professionals;
• Ongoing investments in people with 166 hires to support the organic growth of the Group. The huge investments in technology and innovation made in recent years kept allowing the access to remote working with over 92% of employees with an active agile employment contract. The intense training activity continued, even remotely, with over 17,800 days of training provided. A developing programme started to reinforce the digital culture and the skills of the Group's people in this area;
• in the area of sustainability, a partnership was formalized to structure a collection of environmental, social and governance (ESG) data on a first sample of companies to carry out an analysis of the impact on credit risk; after an initial phase, the target is to extend the activity to all the Group's client companies. In detail, a technological solution will be implemented, in line

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