Banca Carige S p A Cassa di Risparmio di Genova e Imperia : SottotitoloBanca Carige's BoD approves the consolidated results as at 30 June 2022

PRESS RELEASE

BOARD OF DIRECTORS APPROVES

CONSOLIDATED RESULTS1 AS AT 30 JUNE 2022

• SINCE 3 JUNE 2022, FOLLOWING THE CONCLUSION OF THE ACQUISITION OF THE CONTROLLING INTEREST PREVIOUSLY HELD BY THE INTERBANK DEPOSIT PROTECTION FUND (FITD) AND BY THE VOLUNTARY SCHEME (SVI), CARIGE HAS BECOME PART THE BPER GROUP
• NET PROFIT (LOSS) FOR THE SECOND QUARTER, AMOUNTING TO -EUR 212.4 MLN, IS SIGNIFICANTLY AFFECTED BY NON-RECURRING COMPONENTS, AMONG WHICH THOSE ASSOCIATED WITH THE REVIEW OF VALUE ASSUMPTIONS OF SOME ACCOUNTING ITEMS IN THE CONTEXT OF THE GRADUAL INTEGRATION WITH THE PARENT COMPANY BPER BANCA (ALREADY PROVIDED FOR DURING THE ACQUISITION PHASE) SHOULD BE NOTED
• NET OF THE ONE-OFF COMPONENTS, WHOSE IMPACT AMOUNTED TO A TOTAL OF EUR 205.0 MLN NET, PROFIT (LOSS) FOR THE QUARTER AMOUNTED TO -EUR 7.4 MLN, UP FROM THE PROFIT (LOSS) OF THE FIRST QUARTER (-EUR 8.7 MLN ON A COMPARABLE BASIS)
• IN PARTICULAR, AMONG ONE OFF COMPONENTS, GROSS OF THE TAX EFFECTS RECORDED, THE FOLLOWING SHOULD BE NOTED:

1. THE ENTIRE RELEASE OF CASH FLOW HEDGE (CFH) RESERVE RELATED TO COVERAGE CLOSED IN 2015 AND AMOUNTING TO -EUR 81.3 MLN

1. THE IMPAIRMENT OF INTANGIBLE FIXED ASSETS IN VIEW OF THE IT IN-SOURCING, AS SET OUT IN THE PARENT COMPANY'S BUSINESS PLAN,
   WITH A FURTHER IMPACT OF -EUR 109.0 MLN

o PROVISIONS FOR POTENTIAL PENALTIES AND INDEMNITIES

AMOUNTING TO EUR 36.8 MLN

∙ THE GOOD QUALITY OF THE LOAN PORTFOLIO IS CONFIRMED, WITH NET

1 Referred to the scope of the former Carige Group

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NON-PERFORMING LOANS ACCOUNTING FOR 2.6% AND A FURTHER INCREASE IN COVERAGE OF MORE THAN 2% DURING THE SIX MONTHS (NOW AMOUNTING TO 53.5%)

• CAPITAL RATIOS STABLE: FULLY LOADED CET1 RATIO AT 13.1% AND FULLY LOADED TOTAL CAPITAL RATIO AT 15.6%

Genoa, 19 August 2022 - At its meeting today, Banca Carige's Board of Directors approved the consolidated results1 as at 30 June 2022, as a result of the revocation of the decree that suspended the execution of the resolution of the Shareholders' Meeting of 15 June 2022 appointing the Governing Body, ordered by the Court of Genoa with the order filed on 16 August 2022.

Matteo Bigarelli, General Manager of Carige, commented: "The results achieved in the first six months confirmed Carige's growth trend in spite of the most complex and difficult geopolitical context and market environment in the last few years. The resistance once again demonstrated by the people of Carige allowed us to consolidate the Bank's strong position and closeness to its local footprint, by being a point of reference for households and businesses, especially in Liguria, the region where the Bank is rooted. The good performance of top-linerevenues and the constant attention to curbing expenses are the base on which the relaunch should be built, in the interest of all of the Bank's stakeholders. The positive trend will be consolidated over the next quarters, through the gradual extension of the Group's offer of products and services, without prejudice to the focus on the continuation of the integration into BPER Banca, which is expected to be completed within the year".

The first half of 2022 closed with a net loss of EUR 221.1 mln, essentially attributable to the registration in the second quarter of significant non-recurring elements for a net total of EUR

205.0 mln, mainly due to the review of value assumption of some accounting items and to the consequences of some strategic choices in the context of the activities aimed at the gradual integration into the Parent Company BPER Banca.

Net of these non-recurring elements, the six months closed with a net loss of EUR 17.1 mln, confirming the positive trend of the income statement compared to the loss of EUR 48.0 mln in the first six months of 2021 (net of some non-recurring components, for a like-for-like comparison).

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The second quarter, normalised to take into account the above-mentionednon-recurring elements, closed with a net loss of EUR 7.4 mln, also improving from the loss of EUR 8.7 mln of the first quarter (on a comparable basis).

More specifically, the gross operating profit (loss) for the first half of 2022 amounted to a positive EUR 40.9 mln, confirming in the second quarter the operating income growth trend observed in previous periods, and is determined as a difference between operating income, amounting to EUR 232.6 mln (+14.3% compared to the first half of 2021), and operating expenses, essentially stable at EUR 191.8 mln (+0.7% compared to EUR 190.4 mln in the first half of 2021). Among the operating income, net interest income amounted to EUR 102.3 mln (+36.8% compared to EUR 74.7 mln in the first half of 2021) and benefitted from the calculation of interest income on TLTRO3 funding tranches for EUR 12.3 mln (adjustment to the method used by the Parent Company, net of which the performance would amount to +20.3%), while net fee and commission income decreased to EUR 107.5 mln (-4.6% compared to EUR 112.6 mln in the first half of 2021) due to the negative performance of the financial markets during the six months and to the estimation of potential penalties; net of one-off components, the aggregate grows 3.3% compared to the EUR 107.4 mln in the first half of 2021 (including a non-recurring component mainly due to commissions recognised by Amissima in relation to placements of bancassurance products). Top line revenues therefore amounted to EUR 209.7 mln, up 11.9% (+10.3% net of the above-mentionedone-offs).

Core trading contribution in the period amounted to EUR 17.8 mln, including EUR 10.5 mln worth of dividends almost entirely relating to the stake held in the Bank of Italy (now down to 3.001%).

Net losses/recoveries on impairment of loans to banks and customers, including changes in fair value of loans classified as Assets mandatorily at fair value, amounted to EUR 34.1 mln (EUR 43.5 mln in the first half of 2021). Write-downsinclude standard portfolio dynamics and the actions undertaken to mitigate the effects related to the Russia/Ukraine crisis, implementing the latest update of the macro-economicscenarios (that reduced the growth forecasts estimated in January 2022), the application of prudential margins and the continuation, in line with the previous quarter, of some specific overlays on the riskiest counterparties belonging to the sectors most vulnerable to the consequences of the conflict.

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(Annualised) cost of credit2 for the six months is 45 bps3.

Net operating profit (loss) was therefore positive for EUR 6.8 mln (-EUR 2.1 mln net of one-off components compared to -EUR 32.4 mln in the same period of 2021, normalised).

Net profit (loss) from non-coretrading, negative for EUR 87.2 mln, included a negative one-off impact for an amount of EUR 81.3 mln due to the release of gross Cash Flow Hedge (CFH) reserve, referred to the coverage closed in 2015, that occurred in view of the business combination with the Parent Company BPER Banca.

Strategic Plan charges relating to non-recurring items, together with net adjustments to/recoveries on property and equipment and intangible assets and provisions for risks and charges, include a gross one-offcomponent amounting to -EUR109.0 mln, determined by the perspective of IT in-sourcingset out in the BPER Banca Group's Business Plan, which led to the subsequent impairment of intangible fixed assets associated with software and the recalculation of charges associated with contractual payments.

Contributions and other banking system charges (SRF and DGS) and DTA fees amounted to EUR 17.5 mln (EUR 20.6 mln in the first half of 2021); after deducting these, profit (loss) before tax was thus a negative EUR 240.5 mln (-EUR16.1 mln net of one-offcomponents compared to -EUR45.3 mln in the first half of 2021, normalised). Taxes were a positive EUR

19.4 mln, following the revaluation of the entire amount of deferred tax assets in light of the conclusion of the business combination and the subsequent entry into the BPER Group, leading to a net profit (loss) of -EUR 221.1 mln - net of non-controlling interests. Net of one- off components, the six-month net profit (loss) amounted to -EUR 17.1 mln, which is compared to -EUR 48.0 mln in the first half of 2021 (normalised), reflecting the gradual improvement of profit (loss) already observed over the quarters (-EUR 7.4 mln in the second quarter of 2022 compared to -EUR 8.7 mln in the first quarter of 2022).

The quality of the loan portfolio gained over time is confirmed, accounting for 2.6% of net non-performing exposures on the total net loans to customers (accounting for a gross 5.3%)4.

1. For the component relating to impairment losses on loans to customers classified as Financial Assets at amortised cost
2. 49 bps excluding the loan book belonging to the scope held for sale due to the sale of no. 40 branches to Banco Desio and the disposal of the loans against pledge activities.
3. Respectively 2.7% and 5.6% net of the disposal group (disposal of branches to Banco Desio and of the loans against pledge activities)

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NPE coverage amounted to 53.5%5, including write-offs, up more than 2% compared to the same data in December 2021.

As far as funding and lending6 volumes are concerned, without taking into account the reclassification of the disposal of branches to Banco Desio and of the loans against pledge activities under the disposal group:

• direct funding amounted to EUR 15.9 bn (-2.2% compared to December 2021 due to the trend in securities in issue; +1.9% aggregate growth over the six months net of the trend in repos and of institutional deadlines7);
• indirect funding, whose decline is mostly attributable to the negative performance of financial markets during the six months, amounted to EUR 19.1 bn (with AuM amounting to EUR 11.2 bn; -7.5% compared to December 2021);
• loans to customers amounted to EUR 11.8 bn (-1.1% over the six months).

Achieved a high level of capitalisation: Fully loaded CET1 Ratio at 13.1% (phased-in CET1 Ratio at 14.0%) and fully loaded Total Capital Ratio at 15.6% (phased-in Total Capital Ratio at 16.4%), well above regulatory requirements, with RWAs amounting to EUR 8.8 bn.

Liquidity indicators also remained high: the Liquidity Coverage Ratio ("LCR") was 286% and the Net Stable Funding Ratio ("NSFR") was 141%.

Banca CARIGE also informs that, following the request submitted by a shareholder holding the minimum percentage of capital required by regulations, the Board of Directors has today resolved upon the formal call of the Savings Shareholders' Meeting, which will take plane on 27 September 2022 at 10.30 a.m. The notice of call containing the agenda for the Meeting and the Report prepared by the Savings Shareholder will be published on the Bank's corporate website, under the section Governance - "Shareholders Meeting", and through all other means and within the deadlines established by regulations in force.

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1. 54.0% excluding the loan book 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 activities.
2. Direct funding at EUR 14.7 bn, indirect funding at EUR 18.2 bn (with AuM amounting to EUR 10.4 bn) and loans to customers at EUR 10.8 bn, net of the disposal scope - referred to the branches sold to Banco Desio and to the loans against pledge activities - classified under assets held for sale pursuant to the IFRS5 accounting principle
3. Operational data

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