A strong bank for a sustainable world

9M22 Results

High-quality earnings driven by strong acceleration of Net interest income

A Zero-NPL Bank with Russia exposure strongly reduced and approaching zero

November 4, 2022

€4.4bn 9M Net income (€1.1bn in Q3) when excluding Russia de-risking(1), the best 9M since 2008

~65% reduction of Russia exposure in Q3 (-€2.3bn), down to 0.3% of Group customer loans

€3.3bn 9M stated Net income (€930m in Q3), thanks to the highest-ever Operating income and Operating margin

€2.3bn(2) dividends already accrued in 9M, of which €1.4bn to be paid as an interim dividend on 23.11.22

Significant growth in Net interest income (+8.2% vs 9M21(3)) with strong acceleration in Q3 (+14.1% vs Q2(4) and +19.4% vs 3Q21(4) despite lower contribution of TLTRO)

The best-ever 9M and Q3 for Insurance income (+6.9% vs 9M21(3)) with growing P&C contribution

Strong decrease in Operating costs (-1.8% vs 9M21(3)) with Cost/Income ratio down to 49.4% while investing in technology

€3.9bn gross NPL stock reduction in 9M and lowest-ever net NPL stock and ratio (at 1.0%(5))

Zero-NPL Bank status driving low underlying Cost of risk (27bps(6)) coupled with the lowest-ever 9M NPL inflow(7)

Execution of the 2022-2025 Business Plan proceeding at full speed, with key industrial initiatives well underway: fully equipped to continue succeeding in the future

(1) €1.3bn provisions/writedowns for Russia-Ukraine exposure, of which €0.2bn in Q3
(2) 70% cash dividend payout ratio as envisaged in the 2022-2025 Business Plan
(3) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group. In addition, 2021, 1Q22 and 2Q22 data restated to reflect the consolidation of Compagnie de Banque Privée Quilvest (Fideuram Group) since July 2022 and the sale of Intesa Sanpaolo Formazione at end-June 2022
(4) Data restated to reflect the consolidation of Compagnie de Banque Privée Quilvest (Fideuram Group) since July 2022 and the sale of Intesa Sanpaolo Formazione at end-June 2022
(5) According to EBA definition
(6) Annualised excluding €1.3bn provisions for Russia-Ukraine exposure and €0.3bn release of part of generic provisions conservatively booked in 2020 for COVID-19 impacts
(7) Excluding Russia-Ukraine exposure

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The best 9M Net income since 2008 when excluding Russia de-risking

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Russia exposure reduced by ~65%, down to 0.3% of Group customer loans

9M22: high-quality earnings

2022-2025 Business Plan proceeding at full speed

ISP is well equipped for a challenging environment

Final remarks

MIL-BVA362-03032014-90141/VR 9M: €4.4bn Net income when excluding Russia de-risking, driven by high-quality operating performance

9M22 P&L € m

Note: figures may not add up exactly due to rounding. 2021, 1Q22 and 2Q22 data restated to reflect the consolidation of Compagnie de Banque Privée Quilvest (Fideuram Group) since July 2022 and the sale of Intesa Sanpaolo Formazione at end-June 2022 (1) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

(2) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations

(3) Excluding managers/manager equivalents

(4) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests

MIL-BVA362-03032014-90141/VR Q3: €1.1bn Net income when excluding Russia de-risking, driven by high-quality operating performance

(2) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests

Net interest income gaining momentum with strong acceleration in Q3…

Note: 2021, 1Q22 and 2Q22 data restated to reflect the consolidation of Compagnie de Banque Privée Quilvest (Fideuram Group) since July 2022 and the sale of Intesa Sanpaolo Formazione at end-June 2022

(1) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

(2) Quarterly average

(3) In a twelve-month period

(4) Yearly average

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… thanks to the commercial component

(1) Including hedging on core deposits

(2) 9M/quarterly average

(3) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

MIL-BVA362-03032014-90141/VR ~€1.2 trillion in Customer financial assets to fuel Wealth Management engine and drive Net interest income growth

Valore Insieme(2): €11bn Customer financial assets inflow in 9M

Note: figures may not add up exactly due to rounding. 2021, 1Q22 and 2Q22 data restated to reflect the consolidation of Compagnie de Banque Privée Quilvest (Fideuram Group) since July 2022

(1) Net of duplications between Direct Deposits and Indirect Customer Deposits

(2) Advanced advisory service for Affluent and Exclusive clients

Continued strong reduction in Operating costs while investing in technology and growth

~1,100 hires in 2021 and 9M22, with an additional ~3,500 hires by 2025
~2,130 headcount reduction in 9M with further ~4,400 voluntary exits by 1Q25, already agreed with Labour Unions and fully provisioned

One of the best Cost/Income ratios in Europe

(1) Sample: Barclays, BBVA, BNP Paribas, Credit Suisse, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.22 data); Commerzbank, Crédit Agricole S.A. and Société Générale (30.6.22 data)

Zero-NPL Bank status…

(1) Based on EBA definition

(2) Excluding €4.7bn gross NPL (€1.7bn net) booked in Discontinued operations

(3) Excluding €3.8bn gross NPL (€0.9bn net) booked in Discontinued operations

(4) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans

(5) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans minus outflow from NPL into Performing loans

(6) 2012 figures recalculated to take into consideration the regulatory changes to Past due classification criteria introduced by the Bank of Italy (90 days since 2012 vs 180 days up until 31.12.11)

(7) Excluding Russia-Ukraine exposure (€0.5bn gross/net inflow)

… driving low underlying Cost of risk…

… with NPL inflow down to historical low and coverage up in Q3

(1) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans. Excluding Russia-Ukraine exposure

(2) Inflow to NPL (Bad loans, Unlikely to pay and Past due) from Performing loans minus outflow from NPL into Performing loans. Excluding Russia-Ukraine exposure

(3) Excluding €4.5bn gross NPL (€1.2bn net) booked in Discontinued operations
(4) Excluding €4.1bn gross NPL (€1.0bn net) booked in Discontinued operations
(5) Excluding €3.8bn gross NPL (€0.9bn net) booked in Discontinued operations
(6) Data as at 30.9.22 taking into account 2022 NPL disposal (€0.8bn gross, €0.4bn net) already funded in 4Q21 and still booked in NPL as at 30.9.22

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… positioning ISP among the best banks in Europe for NPL stock and ratios

(1) Including only banks in the EBA Transparency Exercise. Sample: BBVA, Deutsche Bank, ING Group, Nordea, Santander and UniCredit as at 30.9.22; BNP Paribas, Commerzbank, Crédit Agricole Group and Société Générale as at 30.6.22 (2) According to EBA definition. Data as at 30.6.21

Source: EBA Transparency Exercise, Investor presentations, press releases, conference calls and financial statements

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Solid capital base, well above regulatory requirements

~110bps additional benefit from DTA absorption (of which ~40bps in the 2022-2025 Business Plan horizon) not included in the fully phased-in CET1 ratio
~15bps impact on CET1 ratio from regulatory headwinds and ~5bps impact from Russia-Ukraine RWA inflation in 9M
Best-in-class leverage ratio: 5.3%(3)

(3) Including exposures with the ECB

⁽¹⁾ Decision regarding second tranche of the buyback (€1.7bn) to be taken by the time the FY22 results are approved

⁽²⁾ 30.9.22 financial statements considering the total absorption of DTA related to IFRS9 FTA, DTA convertible in tax credit related to goodwill realignment and adjustments to loans, DTA related to non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks, as well as the expected absorption of DTA related to the combination with UBI Banca and to the new agreement with Labour Unions signed on 16.11.21 and DTA on losses carried forward, and the expected distribution on 9M22 Net income of insurance companies

All stakeholders benefit from our solid performance

(3) Deriving from Non-performing loans outflow 18

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9M22: high-quality earnings

2022-2025 Business Plan proceeding at full speed

ISP is well equipped for a challenging environment

Final remarks

2022-2025 Business Plan proceeding at full speed

Our People are our most important asset

Massive upfront de-risking, slashing Cost of risk

Key highlights
	Massive deleveraging with €3.9bn gross NPL stock reduction in 9M, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target
	Focus on modular approach and sectorial forward looking – factoring in the macroeconomic scenario – and on proactive credit management
	Focus on dedicated Banca dei Territori Division action plan, with strong management of underlying Cost of risk, NPL inflows from Performing loans and new solutions for new needs arising in the current scenario
Massive upfront de-risking, slashing	Cybersecurity anti-fraud protection extended to new products and services for retail customers, including the use of Artificial Intelligence; adoption of Open Source Intelligence solutions to empower Cyber Threat Intelligence capability
Cost of risk	Enhanced protection of both the remote access to company applications and the access to corporate workstations enabling multi-factor authentication, and at the same time improving user experiences through frictionless processes
	Set up of the Anti Financial Crime (AFC) Digital Hub, aimed at becoming a national and international centre open to other financial institutions and intermediaries in the system, with the goal of combating money laundering and terrorism through new technologies and Artificial Intelligence, based on a public-private collaboration model which enables the introduction of innovation (applied research) in business processes
	Set up of the new AFC model based on an international platform and competence centres specialised in Transaction Monitoring and Know Your Customers
	The Active Credit Portfolio Steering (ACPS) unit completed credit risk protection transactions for a total of €5.9bn in 9M, including the first Italian credit risk transfer transactions on portfolios of commercial real estate and leasing contracts, and has continued to broaden the scope of synthetic schemes as part of the Active Credit Risk Management Program which includes outstanding volumes of €21bn
	The ACPS unit has strengthened the capital efficiency initiatives and enhanced the credit strategy guidance shifting €15bn of new lending in 9M to economic sectors with the best risk/return profile and developed alternative financing solutions for "high risk" clients
	Scale up of the Originate to share business model, increasing the distribution capabilities to optimise the return on capital

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Structural Cost reduction, enabled by technology

Key highlights
Structural Cost reduction, enabled by technology	▪ New Digital Bank (Isybank ) setup well underway: Delivery Unit "Domain Isy Tech" already operational with ~300 dedicated specialists, contract with Thought Machine finalised and technological masterplan defined ▪ New head of Isybank , new head of Domain Isy Tech and new head of Sales & Marketing Digital Retail hired and operational ▪ Defined the Isybank offering structure and functionalities ▪ Insourcing of core capabilities in IT ongoing with ~420 people already hired ▪ AI Lab in Turin already operating (setup of Centai Institute) ▪ More than 500 branches closed in 4Q21/9M22 in light of Isybank launch ▪ Digital platform for analytical cost management up and running, with 23 efficiency initiatives already identified ▪ Carried out the selection of tools to support the negotiation and scouting activities of potential suppliers ▪ Rationalisation of real estate in Italy in progress, with a reduction of ~275k sqm in 4Q21/9M22 ▪ ~1,950 voluntary exits in 9M(1) ▪ Implementation of digital functions and services in Serbia and Hungary ongoing ▪ Go-live of the new core banking system in Egypt and alignment of digital channels ▪ Ongoing functional and technical analysis activities in Slovakia and Albania for the adoption of the new core banking system target platform ▪ Digital Process Transformation: processes identified and activated E2E transformation activities, leveraging both on Process Intelligent Automation and traditional reengineering methods (especially involving procurement processes, customer onboarding and control management processes) The Intesa Sanpaolo Mobile App was again recognised by Forrester as "Overall Digital Experience Leader" and this year ranked first among all EMEA banking Apps and cited as best practice in several European Banking App categories

Key highlights

Structural Cost
reduction, enabled by
technology

▪
New Digital Bank (Isybank
) setup well underway: Delivery Unit "Domain Isy
Tech" already operational with ~300
dedicated specialists, contract with Thought Machine finalised and technological masterplan defined
▪
New head of Isybank
, new head of Domain Isy
Tech and new head of Sales & Marketing Digital Retail hired and
operational
▪
Defined the Isybank
offering structure and functionalities
▪
Insourcing of core capabilities in IT ongoing with ~420 people already hired
▪
AI Lab in Turin already operating (setup of Centai Institute)
▪
More than 500 branches closed in 4Q21/9M22 in light of Isybank
launch
▪
Digital platform for analytical cost management up and running, with 23 efficiency initiatives already identified
▪
Carried out the selection of tools to support the negotiation and scouting activities of potential suppliers
▪
Rationalisation of real estate in Italy in progress, with a reduction of ~275k sqm in 4Q21/9M22
▪
~1,950 voluntary exits in 9M(1)
▪
Implementation of digital functions and services in Serbia and Hungary ongoing
▪
Go-live of the new core banking system in Egypt and alignment of digital channels
▪
Ongoing functional and technical analysis activities in Slovakia and Albania for the adoption of the new core banking system
target platform
▪
Digital Process
Transformation: processes
identified
and activated
E2E transformation
activities, leveraging
both
on
Process
Intelligent
Automation and traditional
reengineering methods
(especially
involving
procurement processes,
customer onboarding
and control management processes)
The Intesa Sanpaolo Mobile App was again recognised
by Forrester as "Overall Digital Experience Leader" and this year
ranked first among all EMEA banking Apps and cited as best practice in several European Banking App categories

Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/2)

Key highlights
Growth in Commissions, driven by Wealth Management, Protection & Advisory	▪ New dedicated service model for Exclusive clients fully implemented
	▪ Enhancement of the product offering (new AM/Insurance products) and further growth of the advanced advisory service "Valore Insieme" for Affluent and Exclusive clients: 35,000 new contracts and €11bn in Customer financial asset inflows in 9M
	▪ Introduction of new functionalities of Robo4Advisor by BlackRock to generate investment advice on selected products (funds, insurance products and certificates) to support relationship managers
	▪ Adoption of the BlackRock Aladdin Wealth and Aladdin Risk platforms for investment services: Aladdin Wealth module for BdT and Fideuram (first release), Aladdin Risk and Aladdin Enterprise module for FAM/FAMI(1) for investment services
	▪ New features for UHNWI(2) client advisory tools, strengthening of service model for family offices and planned the integration of ESG principles in the new single advanced advisory model
	▪ Completed the first closing of the alternative fund Art.8 Fideuram Alternative Investments Sustainable Private Markets and ongoing enrichment of the alternative funds offering from leading international players through partnerships with specialised platforms
	▪ Released new features of Fideuram's online investment and trading platform enabling clients to independently open accounts and subscribe to asset management products and launch of the new Fideuram Direct brand and logo to strengthen the multi-channel offering. Since the beginning of October, Alpian – the first Swiss private digital Bank – is operative with a mobile-only platform providing multi-currency, wealth management and financial advisory services with experienced consultants
	▪ Launched multiple new asset management and insurance products (e.g. dedicated offer for clients with excess liquidity and capital protection funds)
	▪ Continued enhancement of ESG product offering for asset management and insurance
	▪ Launched digital platform "IncentNow" for enterprises to provide information to Italian companies and institutions on the (3) opportunities offered by public tenders related to the "Piano Nazionale di Ripresa e Resilienza"

(1) Fideuram Asset Management / Fideuram Asset Management Ireland

(2) Ultra High Net Worth Individuals

(3) National Recovery and Resilience Plan

Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/2)

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Key highlights
Growth in Commissions, driven by Wealth Management, Protection & Advisory	▪ Launched webinars and workshops with clients aimed at educating and sharing views on key topics (e.g. digital transition) ▪ Developed commercial initiatives to support clients in different sectors (e.g. Energy, TMT, Infrastructure) to optimise the incorporation of European and Italian post-pandemic recovery plans ▪ Go live of Cardea, an innovative and digital platform for financial institutions ▪ Strengthening the corporate digital platform (Inbiz) in the EU with focus on Cash & Trade, leveraging the partnership approach with Fintechs ▪ Ongoing upgrade of Global Markets IT platforms (e.g. Equity) ▪ Ongoing strengthening of origination activities, both in Italy and abroad, also through the enhancement of the Originate-to-Share model ▪ Launched an ESG value proposition initiative for the corporate and SME segments of Group banks in Slovakia, Hungary, Croatia, Serbia and Egypt ▪ Ongoing development of synergies - in Global Market, Structured Finance and Investment Banking - between IMI C&IB and Group banks in Slovakia, Czech Republic, Hungary and Croatia ▪ Accelerated ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors ▪ Finalised the Master Cooperation Agreement with a leading insurance group to distribute bancassurance products in Slovakia, Croatia, Hungary, Serbia and Slovenia. Concluded the Local Distribution Agreement in Slovakia, Serbia and Slovenia ▪ Launched "Confirming" factoring product in five additional markets: Slovakia, Serbia, Romania, Slovenia and Albania ▪ Further development in the protection and health insurance business through the establishment of "InSalute Servizi," a new third party administrator in partnership with Reale Group, for the specialised management of health and welfare benefits, with a push towards digital services

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/4)

Expanding food and shelter program for people in need to counter poverty by providing concrete aid throughout the Italian territory and abroad supporting the humanitarian emergency in Ukraine. In 9M, more than 14.6 million interventions carried out, providing ~10.5 million meals, over 2 million dormitory spaces, ~2 million medicine prescriptions and 134,000 articles of clothing
Employability and inclusive education:

Unparalleled support to address social needs

—"Giovani e Lavoro" program aimed at training and introducing more than 3,000 young people to the Italian labour market in the 2022- 2025 Business Plan horizon. Over 6,300 students (aged 18-29) applied for the program in 9M: more than 1,200 interviewed and more than 500 trained/in-training through 21 courses (over 2,700 trained/in-training since 2019). Over 2,200 companies involved since its inception in 2019. The second edition of the "Generation4Universities" program started in May and which is drawing to a close, involved ~100 students from 36 universities and 31 top-tier Italian corporations as potential employers
—Inclusive education program: strengthened partnerships with main Italian universities and schools (620 schools and more than 1,920 students in 9M) to promote educational inclusion, supporting merit and social mobility. The School4Life project was launched in 2022 to combat early school abandonment, with companies and schools working together with students, teachers and families. Among the projects for the enhancement of talent and merit, the Tesi in Azienda initiative aims at orienting students towards the most recent issues in the work environment (more than 100 students in 9M)
Social housing: setup of the project underway (developing 6-8k social housing units for youth and seniors)
Granted ~€6.5bn in social lending (€25bn cumulative flows announced in the Business Plan)
Lending to the third sector: in 9M, granted loans supporting non-profit organisations for a total of €310m

Strong focus on financial inclusion

▪ Fund for Impact: in 9M, €37.5m made available to support the needs of people and families to ensure wider and more sustainable access to credit, with dedicated programs such as: per Merito (credit line without guarantees to be repaid in 30 years dedicated to university students, studying in Italy or abroad), mamma@work (loan to discourage new mothers from leaving work and supporting motherhood in the first years of life of the children), per Crescere (funds for the training and education of school-age children dedicated to fragile families), per avere Cura (lending to support families taking care of non self-sufficient people) and other solutions (e.g. Obiettivo Pensione, per Esempio, XME Studio Station)

▪ Lending for Urban Regeneration: in 9M, committed ~€600m in new loans to support investments in student housing, services and sustainable infrastructure, in addition to the most important urban regeneration initiatives underway in Italy. Promotion of academic initiatives to define ESG evaluation methodologies for the impact of urban regeneration

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/4)

Gallerie d'Italia:
- 2 new museums opened in May (doubling the number of Gallerie d'Italia venues to 4): in Turin, a museum dedicated to photography, the digital world and ESG topics; the Naples museum houses 680 artworks from the Bank's collections from archeology to contemporary art. 11 exhibitions in total, from January to September and ~315,000 visitors
- 690 educational workshops attended by ~15,000 children and young people from local schools and 176 paths designed for vulnerable audiences in which ~2,600 people took part (all activities free of charge)
213 artworks from private art collections on loan for 45 temporary exhibitions hosted in Italy and abroad

Continuous commitment to culture

▪ Training and projects for young people in the art and culture professions: within the Gallerie d'Italia Academy, the 2nd edition of the Executive Course for young managers of cultural heritage, in collaboration with the Ministry of Culture (30 students, 8 scholarships, 60 teachers, 162 hours of lessons) and the first project of a three-year collaboration between Gallerie d'Italia-Turin and IED-Istituto Europeo di Design-Turin (21 students of the Photography Course involved) were concluded. The Euploos Project continues at the Uffizi Galleries in Florence for the digitalisation of their Department of Prints and Drawings (1,364 scientific files; 2,937 images)

▪ Partnership with public and private, national and international institutions and museums: relationship with Foundations, international fairs (Miart in Milan, Turin Book Fair, Photography Festival in Cortona), Italian museums (including Palazzo Strozzi in Florence, National Archaeological Museum of Naples), support for Bergamo Brescia Italian Capital of Culture 2023, dialogue with foreign offices (Italian Embassy in Brussels, Petit Palais and Italian Embassy in Paris)

Initiatives for startup growth and the development of innovation ecosystems:
- Turin: launched the fourth class of "Torino Cities of the Future Accelerator" program managed by Techstars. Since 2019, 35 accelerated startups (11 Italian teams), >30 proofs of concept with local stakeholders, ~€51m in capital raised and over 310 new resources hired after acceleration
- Florence: launched applications for the second class of the three-year "Italian Life Style Accelerator Program" managed by Nana Bianca; in the first class 6 Italian startups accelerated (>210 candidates, 85% Italian), >€2m in capital raised

Promoting innovation (1/2)

Naples: concluded the first class of the acceleration program "Terra Next" (Bioeconomy) for 8 startups (~130 candidates, 83% Italian), with Cassa Depositi e Prestiti, Cariplo Factory, corporate and scientific partners, with the patronage of "Ministero della Transizione Ecologica"
Up2Stars, initiative developed by the Banca dei Territori Division with the support of Intesa Sanpaolo Innovation Center, aimed at 40 startups on 4 vertical pillars (Digital/Industry 4.0; Bioeconomy, focused on Agritech and Foodtech; Medtech/Healthcare; Aerospace). Concluded three programs (>450 candidates), the application phase for the fourth has begun
In Action ESG Climate, an initiative developed by the Insurance Division with the support of Intesa Sanpaolo Innovation Center, to promote the development of new solutions to combat climate change and support the green transition through technological innovation and development of new business models, ended with €500,000 awarded to the best three projects presented
2 startup acceleration programs for clients ended in mid-October (>15 startups accelerated)

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2022-2025 Business Plan proceeding at full speed

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/4)

Innovation projects: 165 innovation projects launched in 9M (~800 innovation projects expected in the 2022-2025 Business Plan horizon)
Development of multi-disciplinary applied research projects, of which 12 in progress in the fields of AI, robotics, neuroscience and >5 to be launched by the end of 2022

Promoting innovation (2/2)

Business transformation: ~25 corporates involved in open innovation programs. Support to Compagnia di San Paolo and Cariplo Foundations for their "Bando Evoluzioni" program related to digitalisation of the non-profit sector completed. Launched a new Circular Economy Open Innovation program focused on energy
Diffusion of innovation mindset/culture: launched podcast series on innovation ("A prova di futuro") for the spread of the culture of innovation; 30 positioning and match making(1) events held (with more than 2,100 participants) and 10 innovation reports on technologies and trends released
Neva SGR investments in startups: >€44m in 9M of which over €20m in Q3
Following the Group's adherence to Net-Zero alliances (NZBA, NZAMI and NZAOA)(2):
- In February 2022, 2030 targets set for 4 high-emitting sectors (Oil & Gas, Power Generation, Automotive and Coal Mining over 60% of financed emissions for NFC in NZBA sectors) published in the 2022-2025 Business Plan
- In April 2022, ISP's commitment to the SBTi validation was published on the SBTi website
- In October 2022, Eurizon Capital SGR, Fideuram Asset Management SGR, Fideuram Asset Management Ireland and the Intesa Sanpaolo Vita Insurance Group published their first interim targets(3)
Ongoing active engagement (among others):
- Participation in GFANZ(4), NZBA, NZAOA, IIGCC(5) workgroups/workstreams, with concrete contribution to relevant publications and dedicated case studies
- In June 2022, ISP became an investor signatory of CDP
- In October 2022, Eurizon joined the CDP Science-Based Targets Campaign, promoting the environmental transparency of companies
The Group's Guidelines for the governance of ESG risks were revised in April 2022 in line with regulatory developments and climate and environmental initiatives underway

Accelerating commitment to Net-Zero

⁽¹⁾ Positioning event: event in which a leading player illustrates innovation topics; match-making event: event which fosters a match between supply and demand of innovation

⁽²⁾ In 4Q21 adhesion to Net-Zero Banking Alliance, Net-Zero Asset Managers Initiative, Net-Zero Asset Owner Alliance and Net-Zero Insurance Alliance

⁽³⁾ Please refer to https://group.intesasanpaolo.com/content/dam/portalgroup/repository-documenti/sostenibilt%C3%A0/comunicati-stampa/2022/PR\_Obiettivi%20Net\_Zero\_wealth\_management\_Gruppo\_ISP.pdf

⁽⁴⁾ Glasgow Financial Alliance for Net-Zero

⁽⁵⁾ Institutional Investors' Group on Climate Change

2022-2025 Business Plan proceeding at full speed

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/4)

	▪ ~€29bn disbursed in 2021 and 9M out of the €76bn in new lending available for the green economy, circular economy and green transition in relation to the "2021-2026 Piano Nazionale di Ripresa e Resilienza" (1)
	▪ €8bn circular economy credit facility announced in the 2022-2025 Business Plan; in 9M, 284 projects assessed and validated for an amount of €7.5bn; granted €3.3bn in 131 transactions (of which €2bn related to green finance) and €2.6bn disbursed (of which €1.1bn related to green finance); renewed partnership with Ellen McArthur Foundation and with Cariplo Factory on Circular Economy Lab
	▪ Activated the first six ESG Laboratories (in Venice, Padua, Brescia, Bergamo, Cuneo and Bari-Taranto), a physical and virtual meeting point to support SMEs in approaching sustainability, and evolution of the advisory services offered by partners (e.g. Circularity, Nativa, CE Lab and others)
	▪ Continued enrichment of the S-Loan product range dedicated to SMEs to finance projects aimed at improving their sustainability profile (5 product lines: S Loan ESG, S-Loan Diversity, S-Loan Climate Change; S-Loan Agribusiness and S-Loan Tourism). ~€1.8bn in 9M (~€3.2bn granted since launch). In March 2022, ISP won the Milano Finanza Banking Awards for its S-Loan product and for the dedicated ESG training platform for corporate clients (Skills4ESG)
Supporting	▪ In October 2021, launch of Digital Loans (D-Loans) aimed at improving the digitalisation of companies: €20m disbursed in 9M (€21m since launch)
clients through the ESG/climate transition	▪ In December 2021, launch of Suite Loans aimed at incentivising investments in the redevelopment/improvement of hotel facilities and accommodation services: €9m disbursed since launch
	▪ Accelerated ESG advisory to corporates to steer the energy transition through a scalable approach, with a focus on energy, infrastructure and the automotive & industrial sectors
	▪ New group proposition in voluntary carbon market under development, with clear roles assigned to Retail and Corporate Divisions and product/service perimeter defined, with initial focus on forest management activities
	▪ Launched an ESG value proposition initiative for the corporate and SME segments of Group banks in Slovakia, Hungary, Croatia, Serbia and Egypt
	Enhancement of ESG investment products both for asset management and insurance with penetration increasing to 51% of total AuM(2) ▪
	▪ Launch of the first Net Zero fund "Eurizon Step 50 Objective Net Zero" which invests in companies with targets for net zero greenhouse gas emissions by 2050
	▪ Continuous commitment to Stewardship activities: in 9M, Eurizon Capital SGR took part in 227 shareholders' meetings (of which 72% are issuers listed abroad) and 414 engagements (of which 54% on ESG issues)
	▪ Revised the Fideuram Advisory model to embed ESG principles in need-based financial planning and launched a comprehensive ESG certification training program for bankers with more than 41,000 hours already provided in 9M
	▪ In 9M, the Private Banking Division carried out 40 Customer Events (26 in person and 14 digitally) for a total of 7,823 participants (2,180 in person and 5,643 digitally)
	Reinforced ISP ESG governance, with the Risks Committee becoming the Risks and Sustainability Committee with enhanced ESG responsibilities from April 2022

MIL-BVA362-03032014-90141/VR

Confirmed leading ESG position in the main sustainability indexes and rankings

Top ranking(1) for Sustainability

The only Italian bank listed in the Dow Jones Sustainability Indices

Ranked first among peer group by Bloomberg (ESG Disclosure Score), Sustainalytics and MSCI

In January 2022, ISP was confirmed in the Bloomberg Gender-Equality Index

In September 2022, ISP was ranked second bank worldwide in the Refinitiv D&I Index

In February 2022, ISP received the S&P Global Sustainability Award – Bronze Class

In the 2022 ranking by Institutional Investor, ISP was confirmed first in Europe for ESG aspects

		A		AAA		99	15.4
62		A		AAA		99	19.4
62		A		AAA		97	20.1
62		A	AA			94	20.6
62		A	AA			94	21.3
61		A	AA			94	21.7
60		A	AA			93	22.0
59	B		AA			92	22.0
59	B		AA			92	22.3
58	B		AA		81		22.5
58	B		AA		79		23.9
56	B		AA		78		24.3
53	B		AA		71		24.9
53	B		AA		70		25.0
52	B		A		70		25.9
51	B		A		69		28.6

(1) ISP peer group

Source: Bloomberg ESG Disclosure Score (Bloomberg as at 30.9.22), CDP Climate Change Score 2021 (https://www.cdp.net/en/companies/companies-scores); MSCI ESG Score (https://www.msci.com/esg-ratings) data as at 30.9.22; S&P Global (Bloomberg as at 30.9.22); Sustainalytics score (https://www.sustainalytics.com/esg-ratings; as at 30.9.22)

30.5

Our People are our most important asset

MIL-BVA362-03032014-90141/VR

Key highlights

Our People are our most

important asset

~1,100 professionals hired throughout 2021 and 9M
~1,450 people reskilled in 9M
~8.4m training hours delivered in 9M
More than 120 talents have already completed their development path as part of the International Talent Program, still ongoing for other ~200 resources: ~150 new talents have been selected and started the Program at the end of October
~430 key people have been selected mostly among Middle Management for dedicated development and training initiatives
Live webinars, podcasts, video content, articles and other ongoing initiatives, also on site, to foster employee wellbeing
Implemented the new Long-Term Incentive Plan to support the 2022-2025 Business Plan goals and foster individual entrepreneurship
Completed the creation of the new leading education player in Italy through the combination between ISP Formazione and Digit'Ed, a Nextalia Fund company
Defined and shared 2022 Diversity & Inclusion goals for every organisational unit, including the implementation of the new commitment related to equal gender access to senior leadership roles; monitoring of the 2022 goals for each Division and Governance Area launched; started collaboration with ISPROUD, the first employee-based community within the Group, currently welcoming more than 400 LGBTQ+ People and allies
ISP recognised in Refinitiv's Global Diversity and Inclusion Index, as first European Bank, second worldwide, and the only one in Italy among the 100 most inclusive and diversity-focused workplaces

▪ ISP recognised as Top Employer 2022(1) and ranked at the top of LinkedIn's Top Companies 2022 list

€48m one-off contribution to ISP People(2) to mitigate the impact from inflation

(1) By Top Employers Institute (2) Booked in Q2 in Other income (expenses). Excluding managers/manager equivalents

ISP has implemented multiple humanitarian projects to support the Ukrainian population and Pravex Bank colleagues

The Extraordinary Fund for the donation of €10m in support of the humanitarian emergency in Ukraine has been fully utilised: 60% for initiatives abroad (in Ukraine and at its borders) and 40% in Italy (for arriving refugees) thanks to collaboration agreements signed with important humanitarian organisations:
- ‒ Agreements have been signed with UNHCR(1) , Caritas, CESVI(2) , Banco Farmaceutico, Consiglio Italiano per i Rifugiati, Vicariato di Roma, Confederazione Nazionale delle Misericordie d'Italia, European Food Banks Federation, AVSI(3) , Azione Contro la Fame, Robert F. Kennedy Human Rights Italia and Bambini nel Deserto Onlus to support projects for humanitarian protection, housing, direct economic support, health and psychological assistance, distribution of basic necessities and the integration of Ukrainian refugees in Italy
- − Collected the fundraising in favour of UNHCR(1) , through ISP ForFunding crowdfunding platform, collecting €1.1m; the Bank has doubled the amount collected
Fundraising:
- Through ForFunding, to support Fondazione RAVA for children's hospitals in Ukraine (total amount collected: €354k) with a direct donation from ISP
- Through the Group International Subsidiaries in 5 Eastern European countries, to support different local ONGs (total amount collected: €255k)
The ISP Charity Fund has guaranteed support to two organisations directly operating in Ukraine: Doctors Without Borders and Fondazione Soleterre for the distribution of emergency medical supplies to hospitals, training for health facility staff, the reception and continuity care of children with oncological pathologies

Donated(4) 6,300 hours of paid leave to employees willing to volunteer to host refugees or to cooperate outside Italy with NGOs and non-profit organisations for humanitarian and social purposes. ISP people can contribute by donating their time, increasing the hours already provided by ISP ▪ Agreed concession, with free loan for use, of IMMIT building in Bergamo to the Ukrainian Zlaghoda Association to collect donated goods
Key support initiatives for Pravex Bank colleagues

Donations and other support initiatives for

Ukraine

>260 people (95 families) have been welcomed by the International Subsidiary Banks Division outside Ukraine
Arrangements to host ~210 Pravex Bank colleagues and their family members in Italy in apartments, residences and other accommodations. Use of a Bank building to host ~35 workstations for Pravex Bank colleagues
Contribution by ISP Onlus of €3,000 to each Pravex Bank colleague fleeing with children <18 years old (total of €250k)
To facilitate the integration of Pravex Bank colleagues' families housed in ~40 apartments owned by the Group and residential facilities in Bergamo, other initiatives have been activated such as sports activities and support for administrative activities, ensuring school access by providing devices for distance learning with Ukrainian schools
Partnership with Caritas to provide services (e.g. healthcare), linguistic and cultural assistance

(1) United Nations High Commissioner for Refugees (2) Cooperazione e Sviluppo (3) Associazione Volontari per il Servizio Internazionale (4) Agreed with Labour Unions

The 2022-2025 Business Plan formula

		Our People are our most important asset
Massive upfront de-risking, slashing Cost of risk	Structural Cost reduction, enabled by technology	Growth in Commissions, driven by Wealth Management, Protection & Advisory	Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate
~1% net NPL ratio(1)	€2bn Cost savings	~€100bn growth in AuM	~€25bn in social
~40bps Cost of risk(1)	€5bn investments in technology and growth	~57% of Revenues from fee based business(2)	lending/contribution to society ~€90bn in new loans to support the green transition
		€6.5bn Net income target for 2025 confirmed, with potential upside from an interest rate increase, high flexibility in managing Costs and Zero-NPL Bank status already achieved

(1) Throughout the entire Business Plan horizon

(2) Commissions and Insurance income

9M22: high-quality earnings

2022-2025 Business Plan proceeding at full speed

ISP is well equipped for a challenging environment

Final remarks

MIL-BVA362-03032014-90141/VR ISP is facing a challenging environment with a stronger Balance sheet compared to the last downturn…

(1) Decision regarding second tranche of the buyback (€1.7bn) to be taken by the time the FY22 results are approved
(2) Basel 3

⁽³⁾ 30.9.22 financial statements considering the total absorption of DTA related to IFRS9 FTA, DTA convertible in tax credit related to goodwill realignment and adjustments to loans, DTA related to non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks, as well as the expected absorption of DTA related to the combination with UBI Banca and to the new agreement with Labour Unions signed on 16.11.21 and DTA on losses carried forward, and the expected distribution on 9M22 Net income of insurance companies

⁽⁴⁾ According to EBA definition

… and a more resilient and efficient business model with additional benefits from interest rate increases

ISP is far better equipped than its peers to tackle the challenges ahead...

Note: figures may not add up exactly due to rounding

(1) Fully phased-in CET1. Sample: Barclays, BBVA, BNP Paribas, Credit Suisse, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.22 data); Commerzbank, Crédit Agricole S.A. and Société Générale (30.6.22 data)

(2) Total illiquid assets include net NPL stock, Level 2 assets and Level 3 assets. Sample: Barclays, BBVA, Credit Suisse, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (net NPL 30.9.22 data); BNP Paribas, Commerzbank, Crédit Agricole S.A. and Société Générale (net NPL 30.6.22 data). Level 2 and Level 3 assets 30.6.22 data

(3) Decision regarding second tranche of the buyback (€1.7bn) to be taken by the time the FY22 results are approved
(4) Calculated as the difference between the Fully phased-in CET1 ratio, taking into account the share buyback approved by the ECB, vs requirements SREP + combined buffer
(5) Sample: BBVA, BNP Paribas, Deutsche Bank, ING Group, Nordea, Santander and UniCredit (30.9.22 data); Commerzbank, Crédit Agricole S.A and Société Générale (30.6.22 data)

(6) Sample: Barclays, BBVA, BNP Paribas, Credit Suisse, Deutsche Bank, HSBC, ING Group, Lloyds Banking Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.22 data); Commerzbank, Crédit Agricole S.A. and Société Générale (30.6.22 data)

... and is a best-in-class model of resilience across all dimensions

Resilience dimensions		ISP strengths
		Financial resilience	▪ Best-in-class profitability with €4.4bn 9M Net income when excluding Russia de-risking ▪ Solid capital base, well above regulatory requirements and strong liquidity position with LCR and NSFR well above 100%
Brand, reputation & ESG alignment	Financial resilience	Operational resilience	▪ High operating efficiency with one of the best Cost/Income ratios in Europe, with a lean operating model and strong integration capabilities ▪ Significant strategic flexibility in managing Costs with continuous Cost reduction in absolute terms despite strong investments in technology and growth
Business model Resilience framework	Operational resilience	Digital & technological resilience	▪ Top-notch digital proposition with 93% of household clients already multichannel(1) ▪ New Digital Bank (Isybank) setup well underway with the Delivery Unit "Domain Isy Tech" already operational
Organisational	Digital & technological	Organisational resilience	▪ Streamlined organisation improving efficiency and reducing time-to-market ▪ Highly-motivated People with continuous Workforce renewal through reskilling/upskilling
resilience	resilience	Business model	▪ Unique and well-balanced business model with a strong contribution of Net fees and commissions and Insurance income to Operating income ▪ Zero-NPL Bank status driving low underlying Cost of risk
		Brand, reputation & ESG alignment	▪ ISP recognised as Top Employer 2022(2) and ranked at the top of LinkedIn's Top Companies 2022 list ▪ Leading position in the main sustainability indexes and rankings, with a world-class position in Social Impact and a strong focus on climate

(1) Banca dei Territori perimeter (Italian retail and SME division) (2) By Top Employers Institute

The Italian economy is also stronger than in the past…

(1) Source: Italian Government estimates
(2) Data as at 31.3.11
(3) Data as at 31.12.11
(4) Data as at 31.3.22
(5) Data as at 31.7.22

(6) Source: Bank of Italy; Financial debt net of liquidity / (Financial debt net of liquidity + Shareholders' equity)

… despite a likely slowdown in 2023 followed by an acceleration in 2024

Italian GDP YoY evolution		The Italian economy is resilient thanks to solid fundamentals
%	Households	▪ Strong Italian household wealth at €11,000bn, of which €5,000bn in financial assets, coupled with low household debt ▪ Significant growth in household savings since the start of the COVID-19 pandemic, with 6% annual deposit growth on average in 2020-21 vs 3% in the previous six years
3.3 1.4 0.3	Corporates	▪ Very resilient Italian SMEs, quickly recovering after the COVID-19 emergency with historically-low default rates maintained after the end of moratoria ▪ Export-oriented companies highly diversified in terms of industry and size, Italian exports have outperformed Germany's by around 20% over the past 5 years(2) ▪ High trade surplus net of energy: €89.3bn in 2021, €48.5bn in Jan-Aug 2022
2022 2023 2024 expected(1) forecast(1) forecast(1)	Banking system	▪ Banking system played an important role in mitigating the economic impact of the COVID-19 emergency on households and companies
	Italian Government and EU support	▪ Extensive support to the economy from the Italian Government, with measures worth ~€66bn approved since September 2021 (3.7% of GDP) ▪ EU financial support (Next Generation EU) to fund the National Recovery and Resilience Plan, providing Italy with more than €200bn in grants and loans, of which €25bn received in 2021, €42bn expected in 2022 and €35bn in 2023

9M22: high-quality earnings

2022-2025 Business Plan proceeding at full speed

ISP is well equipped for a challenging environment

Final remarks

MIL-BVA362-03032014-90141/VR ISP is fully equipped to succeed in challenging environments, as demonstrated during the COVID-19 emergency and previous crises

ISP delivered excellent 9M performance driven by high-quality earnings…

€4.4bn Net income when excluding Russia de-risking
Strong acceleration of Net interest income in Q3 (+14.1% vs Q2(1))
Highest-ever Operating income and Operating margin
Strong decrease in Operating costs (-1.8% vs 9M21(2))
Further significant NPL stock reduction and lowest-ever net NPL stock and ratio
~65% reduction of Russia exposure in Q3 (-€2.3bn), down to 0.3% of Group customer loans

… and is fully equipped to succeed in challenging environments

Resilient profitability, solid capital position, low leverage and strong liquidity
Zero-NPL Bank with net NPL ratio at 1%(3) and low underlying Cost of risk
Well-diversified and resilient business model
Net interest income gaining momentum
High strategic flexibility in managing Costs, with Cost/Income ratio at 49.4%
€0.4bn overlay in generic provisions still available
Low and adequately provisioned Russia-Ukraine exposure

Execution of the 2022-2025 Business Plan proceeding at full speed, with key industrial initiatives well underway: fully equipped to continue succeeding in the future

⁽¹⁾ Data restated to reflect the consolidation of Compagnie de Banque Privée Quilvest (Fideuram Group) since July 2022 and the sale of Intesa Sanpaolo Formazione at end-June 2022

⁽²⁾ Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group. In addition, 2021, 1Q22 and 2Q22 data restated to reflect the consolidation of Compagnie de Banque Privée Quilvest (Fideuram Group) since July 2022 and the sale of Intesa Sanpaolo Formazione at end-June 2022 (3) According to EBA definition

MIL-BVA362-03032014-90141/VR Strong Q3 operating performance and massive reduction of Russia exposure enable a >€4bn Net income guidance for 2022…

, € bn

(1) Net of Export Credit Agencies guarantees and provisions

(2) Taking into account the €0.4bn sale finalised at the beginning of October (€0.3bn net)

(3) Even with the very conservative assumption of ~40% coverage on Russia-Ukraine exposure implying the move to Stage 3 for most of the exposure

€6.5bn Net income target for 2025 confirmed, with a clear and strong upside from any interest rate increase

Basel 3/Basel 4 fully phased-in CET1 ratio target >12% through the 2022-2025 Business Plan horizon

€1.7bn additional capital return to Shareholders through buyback already finalised (equivalent to ~5% of the total number of shares pre-buyback)

70% cash dividend payout in each year of the Business Plan (€2.3bn dividends already accrued in 9M for 2022, with €1.4bn to be paid as an interim dividend on 23.11.22)

Decision regarding second tranche of the buyback (€1.7bn) to be taken by the time the FY22 results are approved

Any additional distribution to be evaluated year-by-year from 2023

MIL-BVA362-03032014-90141/VR

9M22 Results

Detailed information

Key P&L and Balance sheet figures

€ m	9M22		30.9.22
Operating income	15,796	Loans to customers	473,746
Operating costs	(7,804)	Customer financial assets(1)	1,195,676
Cost/Income ratio	49.4%	of which Direct deposits from banking business	550,678
Operating margin	7,992	of which Direct deposits from insurance business and technical reserves	173,945
Gross income (loss)	6,043	of which Indirect customer deposits	643,382
Net income	3,284	- Assets under management	427,021
		- Assets under administration	216,361
		RWA	324,364

Total assets 1,023,005

Detailed consolidated P&L results

Liquidity, Funding and Capital base

Asset quality

Divisional results and other information

9M22 vs 9M21: €4.4bn Net income when excluding Russia de-risking

€ m

		9M21	9M22	 %
	stated(1) [ A ]	redetermined(2) [ B ]	[ C ]	[ C ] / [ B ]

Net interest income	6,016	5,950	6,436	8.2
Net fee and commission income	7,103	7,009	6,697	(4.5)
Income from insurance business	1,176	1,219	1,303	6.9
Profits on financial assets and liabilities at fair value	1,525	1,524	1,380	(9.4)
Other operating income (expenses)	93	79	(20)	n.m.
Operating income	15,913	15,781	15,796	0.1
Personnel expenses	(4,968)	(4,917)	(4,821)	(2.0)
Other administrative expenses	(2,118)	(2,125)	(2,047)	(3.7)
Adjustments to property, equipment and intangible assets	(904)	(906)	(936)	3.3
Operating costs	(7,990)	(7,948)	(7,804)	(1.8)
Operating margin	7,923	7,833	7,992	2.0
Net adjustments to loans	(1,550)	(1,544)	(1,928)	24.9
Net provisions and net impairment losses on other assets	(433)	(436)	(168)	(61.5)
Other income (expenses)	254	254	147	(42.1)
Income (Loss) from discontinued operations	0	58	0	(100.0)
Gross income (loss)	6,194	6,165	6,043	(2.0)
Taxes on income	(1,526)	(1,527)	(2,009)	31.6
Charges (net of tax) for integration and exit incentives	(148)	(148)	(62)	(58.1)
Effect of purchase price allocation (net of tax)	(85)	(85)	(152)	78.8
Levies and other charges concerning the banking industry (net of tax)	(502)	(489)	(3) (544)	11.2
Impairment (net of tax) of goodwill and other intangible assets	0	0	0	n.m.
Minority interests	73	90	8	(91.1)
Net income	4,006	4,006	3,284	(18.0)

Including €1.3bn provisions for Russia-Ukraine exposure in 9M22

€4,367m, +9.0% excluding provisions/writedowns for Russia-Ukraine exposure in 9M22

(1) Including the contribution of branches sold in 1H21 and the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni from the effective date of their acquisition and REYL Group from 1.1.21

(2) Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

(3) €792m pre-tax of which charges for the Resolution Fund: €363m pre-tax (€249m net of tax) and charges for the Deposit Guarantee Scheme: €405m pre-tax (€275m net of tax)

Q3 vs Q2: €1.1bn Net income when excluding Russia de-risking

	2Q22	3Q22	 %
Net interest income	2,092	2,387	14.1
Net fee and commission income	2,255	2,153	(4.5)
Income from insurance business	465	436	(6.2)
Profits on financial assets and liabilities at fair value	560	51	(90.9)
Other operating income (expenses)	(12)	(12)	0.0
Operating income	5,360	5,015	(6.4)
Personnel expenses	(1,613)	(1,632)	1.2
Other administrative expenses	(718)	(695)	(3.2)
Adjustments to property, equipment and intangible assets	(309)	(313)	1.3
Operating costs	(2,640)	(2,640)	0.0
Operating margin	2,720	2,375	(12.7)
Net adjustments to loans	(730)	(496)	(32.1)
Net provisions and net impairment losses on other assets	(63)	(45)	(28.6)
Other income (expenses)	147	4	(97.3)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	2,074	1,838	(11.4)
Taxes on income	(670)	(562)	(16.1)
Charges (net of tax) for integration and exit incentives	(23)	(23)	0.0
Effect of purchase price allocation (net of tax)	(47)	(51)	8.5
Levies and other charges concerning the banking industry (net of tax)	(12)	(1) (266)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	8	(6)	n.m.
Net income	1,330	930	(30.1)

€1,606m and €1,091m respectively when excluding provisions/writedowns for Russia-Ukraine exposure

Including €0.3bn in Q2 and €0.2bn in Q3 provisions for Russia-Ukraine exposure

MIL-BVA362-03032014-90141/VR

MIL-BVA362-03032014-90141/VR Net interest income: significant yearly growth with strong acceleration in Q3 thanks to the commercial component

(1) Including hedging on core deposits

⁽²⁾ Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

Commissions from Commercial banking activities up 4.5% (+€30m) vs Q2 and 7.5% (+€49m) vs 3Q21
Decline vs Q2 due to the usual seasonal business slowdown in summer and negative market performance
-5.5% vs 3Q21 excluding performance fees
Commissions from Commercial banking activities up 5.6% (+€105m)
-2.3% excluding performance fees
+€5.9bn in AuM net inflow on a yearly basis

(1) Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

Profits on financial assets and liabilities at fair value: €1.4bn in 9M

MIL-BVA362-03032014-90141/VR

Operating costs: significant yearly reduction while investing in technology and growth

considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

MIL-BVA362-03032014-90141/VR

Net adjustments to loans: strong decrease when excluding Russia de-risking

Twenty-eighth quarter of continuous reduction in net NPL stock
Strong reduction vs 3Q21 and Q2 when excluding provisions for Russia-Ukraine exposure
Increased NPL coverage in Q3 (+2.1pp vs Q2)
Annualised Cost of credit at 27bps when excluding €1.3bn provisions for Russia-Ukraine exposure and €0.3bn release (in Q1) of part of generic provisions conservatively booked in 2020 for COVID-19 impacts
Lowest-ever 9M NPL inflow(2)
€6.9bn gross NPL reduction on a yearly basis (€7.7bn(3) on a pro-forma basis)

(2) Excluding Russia-Ukraine exposure

⁽¹⁾ Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

⁽³⁾ Taking into account 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 30.9.22 (€0.8bn gross, €0.4bn net)

Detailed consolidated P&L results

Liquidity, Funding and Capital base

Asset quality

Divisional results and other information

~€1.2 trillion in Customer financial assets

% 30.9.22 vs 30.9.21, 31.12.21 and 30.6.22

Funding mix

Retail funding represents 84% of Direct deposits from banking business

Note: figures may not add up exactly due to rounding

(1) Including Senior non-preferred

(2) Certificates of deposit + Commercial papers

(3) Including Certificates

Strong funding capability: broad access to international markets

◼ In October, inaugural €750m 7y social senior preferred bond placed, with the net proceeds to be allocated to finance or refinance Social Categories as defined within the Green, Social and Sustainability Bond Framework. 87% demand from foreign investors; orderbooks oversubscription ~1.7x

Note: figures may not add up exactly due to rounding

(1) ISP stand-alone

(2) Aligned with ICMA's Green Bond Principles (2021), Social Bond Principles (2021) and Sustainability Bond Guidelines (2021), as well as - wherever possible and on a best effort basis - with the EU Taxonomy Climate Delegated Act (2021)

High liquidity: LCR and NSFR well above regulatory requirements

▪ Refinancing operations with the ECB: ~€115bn(3) consisting entirely of TLTRO III

▪ Loan to Deposit ratio(4) at 86%

(4) Loans to customers/Direct deposits from banking business

MIL-BVA362-03032014-90141/VR

⁽¹⁾ Stock of own-account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash & deposits with Central Banks

⁽²⁾ Eligible assets freely available (excluding assets used as collateral and including eligible assets received as collateral) and cash & deposits with Central Banks

⁽³⁾ TLTRO tranches: III.2: ~€10m - maturity 21.12.22; III.3: €18bn - maturity 29.3.23; III.4: ~€48bn - maturity 28.6.23; III.7: €36bn - maturity 27.3.24; III.8: ~€11bn - maturity 26.6.24; III.9: €1.5bn - maturity 25.9.24; III.10: €0.5bn - maturity 18.12.24

Solid Capital base

12.4% fully phased-in CET1 ratio(2), not including ~110bps additional benefit from DTA absorption (of which ~40bps in the 2022-2025 Business Plan horizon) and including ~50bps impact from the second tranche of buyback (€1.7bn) authorised by the ECB (12.9% fully phased-in CET1 ratio not including the second tranche of buyback)
~15bps impact on CET1 ratio from regulatory headwinds and ~5bps impact from Russia-Ukraine RWA inflation in 9M
5.3%(3) leverage ratio
(1) 70% cash dividend payout ratio as envisaged in the 2022-2025 Business Plan, including €1.4bn to be paid as an interim dividend on 23.11.22

⁽²⁾ 13.6% pro-forma fully loaded Basel 3 (30.9.22 financial statements considering the total absorption of DTA related to IFRS9 FTA (€1.0bn as at 30.9.22), DTA convertible in tax credit related to goodwill realignment (€5.7bn as at 30.9.22) and adjustments to loans (€2.7bn as at 30.9.22), DTA related to non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks (€0.1bn as at 30.9.22), as well as the expected absorption of DTA related to the combination with UBI Banca and to the new agreement with trade unions signed on 16.11.21 (€0.4bn as at 30.9.22) and DTA on losses carried forward (€2.1bn as at 30.9.22), and the expected distribution on 9M22 Net income of insurance companies)

Detailed consolidated P&L results

Liquidity, Funding and Capital base

Asset quality

Divisional results and other information

Non-performing loans: massive deleveraging

x Gross NPL ratio, %				x x Net NPL ratio, % Gross and net NPL ratio based on EBA definition, %
Gross NPL					Net NPL
€ bn	30.9.21(1)	31.12.21(2)	30.6.22(3)		30.9.22(4)		€ bn	30.9.21(1)	31.12.21(2)	30.6.22(3)	30.9.22(4)
Bad loans	9.1	7.2	3.4		3.8		Bad loans	3.6	2.1	1.2	1.3
- of which forborne	1.9	1.5	0.7		0.8		- of which forborne	0.8	0.5	0.3	0.3
Unlikely to pay	8.4	7.3	7.0		7.0		Unlikely to pay	5.0	4.3	4.4	4.2
- of which forborne	3.5	2.9	3.1	Of which	2.9	Of which	- of which forborne	2.4	2.1	2.1	1.9 Of which	Of which
Past due	0.7	0.8	0.7	€0.4bn related to Russia	0.6	€0.5bn related to Russia	Past due	0.6	0.6	0.5	€0.2bn related to 0.5	€0.2bn related to Russia
- of which forborne	0.1	0.2	0.1	Ukraine exposure	0.1	Ukraine exposure	- of which forborne	-	0.1	0.1	Russia 0.1 Ukraine exposure	Ukraine exposure
Total	18.3	15.2	11.1		11.4	€10.6bn pro-forma(5)	Total	9.1	7.1	6.2	6.0	€5.6bn pro-forma(5)
	3.8	3.2	2.3		2.4	2.2% (5) pro-forma		2.0	1.5	1.3	1.3	1.2% pro-forma(5)
	2.9	2.4	1.8		1.9	1.7% pro-forma(5)		1.5	1.2	1.0	1.0	0.9% pro-forma(5)

Lowest-ever net NPL stock and ratios with the twenty-eighth quarter of continuous reduction in net NPL stock

Note: figures may not add up exactly due to rounding

(1) Not including €4.7bn gross (€1.7bn net) NPL booked in Discontinued operations
(2) Not including €4.5bn gross (€1.2bn net) NPL booked in Discontinued operations
(3) Not including €4.1bn gross (€1.0bn net) NPL booked in Discontinued operations
(4) Not including €3.8bn gross (€0.9bn net) NPL booked in Discontinued operations
(5) Taking into account 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 30.9.22 (€0.8bn gross, €0.4bn net)

Non-performing loans: sizeable and increased coverage in Q3

Cash coverage; %

(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

MIL-BVA362-03032014-90141/VR

(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

(2) Excluding Russia-Ukraine exposure (€0.5bn gross/net inflow)

(3) 2012 figures recalculated to take into consideration the regulatory changes to Past due classification criteria introduced by the Bank of Italy (90 days since 2012 vs 180 days up until 31.12.11)

Non-performing loans gross inflow

€ m

Note: figures may not add up exactly due to rounding

(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

MIL-BVA362-03032014-90141/VR

Non-performing loans net inflow

MIL-BVA362-03032014-90141/VR

Note: figures may not add up exactly due to rounding

(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)

Loans to customers: a well-diversified portfolio

◼ Low risk profile of residential mortgage portfolio
- ❑ Instalment/available income ratio at 31%
- ❑ Average Loan-to-Value equal to ~59%
- ❑ Original average maturity equal to ~24 years
- ❑ Residual average life equal to ~19 years

Non-retail loans of the Italian banks and companies of the Group Breakdown by economic business sector Breakdown by business area (data as at 30.9.22)

	30.9.22
Public Administration	4.6%
Financial companies	8.5%
Non-financial companies	45.1%
of which:
UTILITIES	5.2%
SERVICES	4.4%
REAL ESTATE	3.5%
DISTRIBUTION	3.3%
CONSTRUCTION AND MATERIALS FOR CONSTR.	3.2%
FOOD AND DRINK	2.5%
METALS AND METAL PRODUCTS	2.5%
INFRASTRUCTURE	2.4%
FASHION	2.2%
ENERGY AND EXTRACTION	2.1%
TRANSPORTATION MEANS	1.9%
MECHANICAL	1.8%
CHEMICALS, RUBBER AND PLASTICS	1.8%
TOURISM	1.7%
AGRICULTURE	1.6%
TRANSPORT	1.4%
ELECTRICAL COMPONENTS AND EQUIPMENT	0.9%
PHARMACEUTICAL	0.8%
FURNITURE AND WHITE GOODS	0.8%
MEDIA	0.5%
WOOD AND PAPER	0.5%
OTHER CONSUMPTION GOODS	0.2%

MIL-BVA362-03032014-90141/VR €2.3bn reduction of exposure to Russia in Q3, now limited to ~0.3% of Group customer loans

€ bn, data as at 30.9.22	Local presence
	Russia (Banca Intesa)	Ukraine (Pravex Bank)	Cross-border exposure to Russia(1)
Loans to customers (net of ECA guarantees and provisions)	0.3(2)	(2) -	1.05(3)
ECA(4) guarantees	-	-	0.9(5)
Due from banks (net provisions)	0.7	0.07	0.05(6)
Bonds (net writedowns)	0.05	n.m.	0.04(7)
Derivatives	n.m.	-	n.m.
RWA	2.2	0.1	2.9(8)
Total assets	1.7	0.2	n.a.
Intragroup funding	0.3	-	n.a.

Cross-border exposure to Russia largely performing and classified as Stage 2

(1) Exposure to Russian counterparties included in the SDN lists of names to which sanctions apply is equal to only €0.4bn. Cross-border exposure to Ukraine not meaningful

(2) There is also an off-balance for Russia of €0.2bn (of which €0.1bn undrawn committed lines) and €0.07bn for Ukraine

(3) Net of Export Credit Agencies guarantees and provisions, taking into account the €0.4bn sale finalised at the beginning of October (€0.3bn net). There is also an off-balance of €0.2bn (of which €0.04bn undrawn committed lines)

(4) Export Credit Agencies

(5) There are also Export Credit Agencies guarantees against an off-balance of €0.5bn (entirely against undrawn committed lines)

(6) There is also an off-balance of €0.2bn (no undrawn committed lines)

(7) Including insurance business (concerning policies where the total risk is not retained by the insured)

(8) Taking into account the sale finalised at the beginning of October

Detailed consolidated P&L results

Liquidity, Funding and Capital base

Asset quality

Divisional results and other information

Divisional financial highlights

Data as at 30.9.22

	Divisions
	Banca dei Territori	IMI Corporate & Investment Banking	International Subsidiary Banks(1)	Private Banking(2)	Asset Management(3)	Insurance (4)	Corporate Centre / (5) Others	Total
Operating income (€ m)	6,526	3,451	1,619	1,749	724	1,237	490	15,796
Operating margin (€ m)	1,885	2,429	817	1,083	572	968	238	7,992
Net income (€ m)	729	539	353	750	435	646	(168)	3,284
Cost/Income (%)	71.1	29.6	49.5	38.1	21.0	21.7	n.m.	49.4
RWA (€ bn)	87.9	116.0	36.3	13.1	1.9	0.0	69.2	324.4
Direct deposits from banking business (€ bn)	290.7	94.4	53.1	56.2	0.0	0.0	56.3	550.7
Loans to customers (€ bn)	253.4	149.2	40.6	14.8	0.5	0.0	15.2	473.7

Note: figures may not add up exactly due to rounding

(1) Excluding the Russian subsidiary Banca Intesa which is included in the IMI C&IB Division

(2) Compagnie de Banque Privée Quilvest, Fideuram, Intesa Sanpaolo Private Banking, IW Private Investments, REYL Group, and Siref Fiduciaria

(3) Eurizon

(4) Cargeas Assicurazioni, Fideuram Vita, Intesa Sanpaolo Assicura, Intesa Sanpaolo Insurance Agency, Intesa Sanpaolo Life, Intesa Sanpaolo RBM Salute, and Intesa Sanpaolo Vita

(5) Treasury Department, Central Structures and consolidation adjustments

Banca dei Territori: 9M22 vs 9M21

	9M21	9M22	%
	redetermined
Net interest income	2,949	2,907	(1.4)
Net fee and commission income	3,587	3,529	(1.6)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	75	90	20.0
Other operating income (expenses)	8	0	(100.0)
Operating income	6,619	6,526	(1.4)
Personnel expenses	(2,594)	(2,503)	(3.5)
Other administrative expenses	(2,205)	(2,136)	(3.1)
Adjustments to property, equipment and intangible assets	(4)	(2)	(50.0)
Operating costs	(4,803)	(4,641)	(3.4)
Operating margin	1,816	1,885	3.8
Net adjustments to loans	(1,014)	(415)	(59.1)
Net provisions and net impairment losses on other assets	(51)	(44)	(13.7)
Other income (expenses)	52	11	(78.8)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	803	1,437	79.0
Taxes on income	(249)	(475)	90.8
Charges (net of tax) for integration and exit incentives	(19)	(14)	(26.3)
Effect of purchase price allocation (net of tax)	(21)	(26)	23.8
Levies and other charges concerning the banking industry (net of tax)	(190)	(206)	8.4
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	22	13	(40.9)
Net income	346	729	110.7

Banca dei Territori: Q3 vs Q2

	2Q22	3Q22	%

Net interest income	979	970	(1.0)
Net fee and commission income	1,185	1,152	(2.8)
Income from insurance business	0	(0)	n.m.
Profits on financial assets and liabilities at fair value	29	31	5.7
Other operating income (expenses)	4	(6)	n.m.
Operating income	2,198	2,146	(2.4)
Personnel expenses	(846)	(831)	(1.8)
Other administrative expenses	(721)	(709)	(1.8)
Adjustments to property, equipment and intangible assets	(1)	(1)	(13.2)
Operating costs	(1,568)	(1,540)	(1.8)
Operating margin	630	606	(3.9)
Net adjustments to loans	(400)	(157)	(60.8)
Net provisions and net impairment losses on other assets	(24)	(5)	(78.0)
Other income (expenses)	11	(0)	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	218	443	103.5
Taxes on income	(68)	(150)	118.9
Charges (net of tax) for integration and exit incentives	(5)	(7)	31.8
Effect of purchase price allocation (net of tax)	(10)	(8)	(17.5)
Levies and other charges concerning the banking industry (net of tax)	0	(206)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	6	0	(92.9)
Net income	141	73	(48.0)

IMI Corporate & Investment Banking: 9M22 vs 9M21

€ m

	9M21	9M22	%
	redetermined
Net interest income	1,655	1,528	(7.7)
Net fee and commission income	824	861	4.5
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	1,179	1,064	(9.8)
Other operating income (expenses)	0	(2)	n.m.
Operating income	3,658	3,451	(5.7)
Personnel expenses	(357)	(370)	3.6
Other administrative expenses	(621)	(636)	2.4
Adjustments to property, equipment and intangible assets	(16)	(16)	0.0
Operating costs	(994)	(1,022)	2.8
Operating margin	2,664	2,429	(8.8)
Net adjustments to loans	(39)	(1,356)	n.m.	Including €1,128m provisions for Russia-Ukraine exposure in 9M22
Net provisions and net impairment losses on other assets	(1)	(105)	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	2,624	968	(63.1)
Taxes on income	(820)	(415)	(49.4)
Charges (net of tax) for integration and exit incentives	(15)	(15)	0.0
Effect of purchase price allocation (net of tax)	20	0	(100.0)
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	2	1	(50.0)	€1,463m, (19.2)% excluding
Net income	1,811	539	(70.2)	provisions/writedowns for Russia Ukraine exposure in 9M22

Note: figures may not add up exactly due to rounding

IMI Corporate & Investment Banking: Q3 vs Q2

€ m

	2Q22	3Q22	%
Net interest income	494	560	13.4
Net fee and commission income	273	291	6.7
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	402	38	(90.6)
Other operating income (expenses)	(0)	(1)	(321.5)
Operating income	1,169	888	(24.0)
Personnel expenses	(120)	(136)	13.0
Other administrative expenses	(223)	(214)	(4.1)
Adjustments to property, equipment and intangible assets	(4)	(7)	66.4
Operating costs	(347)	(356)	2.6
Operating margin	822	532	(35.3)
Net adjustments to loans	(349)	(284)	(18.5)
Net provisions and net impairment losses on other assets	(35)	(45)	28.2
Other income (expenses)	(0)	(0)	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	438	202	(53.8)
Taxes on income	(199)	(63)	(68.2)
Charges (net of tax) for integration and exit incentives	(5)	(5)	3.1
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	(0)	n.m.
Net income	234	134	(42.8)

Including €268m in Q2 and €181m in Q3 provisions for Russia-Ukraine exposure

€488m and €262m respectively when excluding provisions/writedowns for Russia-Ukraine exposure

Note: figures may not add up exactly due to rounding

International Subsidiary Banks: 9M22 vs 9M21

€ m

	9M21	9M22	%
	redetermined
Net interest income	988	1,132	14.6
Net fee and commission income	408	436	6.9
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	104	99	(4.8)
Other operating income (expenses)	(29)	(48)	65.5
Operating income	1,471	1,619	10.1
Personnel expenses	(398)	(410)	3.0
Other administrative expenses	(292)	(307)	5.1
Adjustments to property, equipment and intangible assets	(84)	(85)	1.2
Operating costs	(774)	(802)	3.6
Operating margin	697	817	17.2
Net adjustments to loans	(118)	(233)	97.5	Including €161m provisions for Russia-Ukraine exposure in 9M22
Net provisions and net impairment losses on other assets	(23)	(12)	(47.8)
Other income (expenses)	5	3	(40.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	561	575	2.5
Taxes on income	(117)	(160)	36.8
Charges (net of tax) for integration and exit incentives	(29)	(31)	6.9
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking industry (net of tax)	(22)	(31)	40.9
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.	€510m, +29.8% excluding
Net income	393	353	(10.2)	provisions/writedowns for Russia Ukraine exposure in 9M22

Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in the IMI C&IB Division

International Subsidiary Banks: Q3 vs Q2

€ m

	2Q22	3Q22	%

Net interest income	366	423	15.7
Net fee and commission income	150	146	(3.0)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	49	20	(58.7)
Other operating income (expenses)	(19)	(16)	(16.5)
Operating income	546	573	5.0
Personnel expenses	(132)	(145)	9.9
Other administrative expenses	(102)	(109)	6.5
Adjustments to property, equipment and intangible assets	(28)	(29)	6.6
Operating costs	(262)	(284)	8.2
Operating margin	284	290	2.0	Including €24m in Q2 and €15m in Q3
Net adjustments to loans	(52)	(45)	(12.0)	provisions for Russia-Ukraine
Net provisions and net impairment losses on other assets	(9)	2	n.m.	exposure
Other income (expenses)	1	2	165.6
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	224	248	10.7
Taxes on income	(68)	(43)	(37.3)
Charges (net of tax) for integration and exit incentives	(10)	(12)	17.3
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking industry (net of tax)	(14)	(7)	(50.4)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	131	186	41.6

€155m and €199m respectively when excluding provisions/writedowns for Russia-Ukraine exposure

Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in the IMI C&IB Division

Private Banking: 9M22 vs 9M21

	9M21	9M22	%
	redetermined
Net interest income	164	203	23.8
Net fee and commission income	1,565	1,505	(3.8)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	49	29	(40.8)
Other operating income (expenses)	23	12	(47.8)
Operating income	1,801	1,749	(2.9)
Personnel expenses	(343)	(340)	(0.9)
Other administrative expenses	(266)	(265)	(0.4)
Adjustments to property, equipment and intangible assets	(56)	(61)	8.9
Operating costs	(665)	(666)	0.2
Operating margin	1,136	1,083	(4.7)
Net adjustments to loans	0	(7)	n.m.
Net provisions and net impairment losses on other assets	(28)	22	n.m.
Other income (expenses)	194	0	(100.0)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	1,302	1,098	(15.7)
Taxes on income	(391)	(291)	(25.6)
Charges (net of tax) for integration and exit incentives	(14)	(22)	57.1
Effect of purchase price allocation (net of tax)	(16)	(15)	(6.3)
Levies and other charges concerning the banking industry (net of tax)	(15)	(19)	26.7
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(3)	(1)	(66.7)
Net income	863	750	(13.1)

	2Q22	3Q22	%

Net interest income	53	102	92.7
Net fee and commission income	512	482	(5.9)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	12	4	(69.2)
Other operating income (expenses)	7	2	(68.9)
Operating income	583	589	1.0
Personnel expenses	(115)	(116)	0.8
Other administrative expenses	(94)	(80)	(15.1)
Adjustments to property, equipment and intangible assets	(20)	(21)	6.0
Operating costs	(229)	(217)	(5.3)
Operating margin	354	372	5.1
Net adjustments to loans	(5)	(4)	(10.7)
Net provisions and net impairment losses on other assets	10	9	(12.4)
Other income (expenses)	0	(0)	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	359	376	4.7
Taxes on income	(76)	(111)	47.0
Charges (net of tax) for integration and exit incentives	(8)	(6)	(23.2)
Effect of purchase price allocation (net of tax)	(5)	(5)	(3.6)
Levies and other charges concerning the banking industry (net of tax)	0	(19)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(1)	0	n.m.
Net income	269	235	(12.6)

Asset Management: 9M22 vs 9M21

	9M21	9M22	%
	redetermined
Net interest income	(1)	0	(100.0)
Net fee and commission income	887	690	(22.2)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(3)	(22)	n.m.
Other operating income (expenses)	55	56	1.8
Operating income	938	724	(22.8)
Personnel expenses	(78)	(73)	(6.4)
Other administrative expenses	(79)	(74)	(6.3)
Adjustments to property, equipment and intangible assets	(5)	(5)	0.0
Operating costs	(162)	(152)	(6.2)
Operating margin	776	572	(26.3)
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	0	0	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	776	572	(26.3)
Taxes on income	(205)	(132)	(35.6)
Charges (net of tax) for integration and exit incentives	(2)	(1)	(50.0)
Effect of purchase price allocation (net of tax)	(3)	(3)	0.0
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(9)	(1)	(88.9)
Net income	557	435	(21.9)

	2Q22	3Q22	%

Net interest income	(0)	0	n.m.
Net fee and commission income	231	218	(5.6)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(10)	(7)	25.1
Other operating income (expenses)	21	18	(12.4)
Operating income	242	229	(5.3)
Personnel expenses	(25)	(25)	2.4
Other administrative expenses	(24)	(25)	3.4
Adjustments to property, equipment and intangible assets	(1)	(2)	2.4
Operating costs	(51)	(52)	2.9
Operating margin	191	177	(7.5)
Net adjustments to loans	(0)	0	n.m.
Net provisions and net impairment losses on other assets	0	0	23.5
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	191	177	(7.6)
Taxes on income	(33)	(43)	31.1
Charges (net of tax) for integration and exit incentives	(0)	(0)	(43.9)
Effect of purchase price allocation (net of tax)	(1)	(1)	0.0
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	(0)	11.9
Net income	157	132	(15.7)

Insurance: 9M22 vs 9M21

	9M21	9M22	%
	redetermined
Net interest income	0	0	n.m.
Net fee and commission income	1	2	100.0
Income from insurance business	1,189	1,245	4.7
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(10)	(10)	0.0
Operating income	1,180	1,237	4.8
Personnel expenses	(102)	(100)	(2.0)
Other administrative expenses	(170)	(155)	(8.8)
Adjustments to property, equipment and intangible assets	(15)	(14)	(6.7)
Operating costs	(287)	(269)	(6.3)
Operating margin	893	968	8.4
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	(155)	(12)	(92.3)
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	738	956	29.5
Taxes on income	(173)	(253)	46.2
Charges (net of tax) for integration and exit incentives	(18)	(7)	(61.1)
Effect of purchase price allocation (net of tax)	(16)	(49)	206.3
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	86	(1)	n.m.
Net income	617	646	4.7

Insurance: Q3 vs Q2

	2Q22	3Q22	%

Net interest income	(0)	(0)	16.7
Net fee and commission income	1	1	(0.8)
Income from insurance business	442	415	(6.2)
Profits on financial assets and liabilities at fair value	(0)	(0)	64.8
Other operating income (expenses)	(4)	(3)	25.5
Operating income	439	413	(6.0)
Personnel expenses	(34)	(32)	(6.3)
Other administrative expenses	(53)	(55)	3.4
Adjustments to property, equipment and intangible assets	(5)	(5)	(0.8)
Operating costs	(93)	(92)	(0.4)
Operating margin	347	321	(7.5)
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	(2)	(3)	83.7
Other income (expenses)	0	(0)	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	345	318	(7.9)
Taxes on income	(93)	(87)	(5.7)
Charges (net of tax) for integration and exit incentives	(3)	(3)	26.3
Effect of purchase price allocation (net of tax)	(15)	(17)	13.6
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	1	(1)	n.m.
Net income	236	209	(11.2)

Quarterly P&L

€ m

	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22
		redetermined(1)
Net interest income	1,953	1,997	2,000	1,955	1,957	2,092	2,387
Net fee and commission income	2,317	2,369	2,323	2,518	2,289	2,255	2,153
Income from insurance business	398	456	365	410	402	465	436
Profits on financial assets and liabilities at fair value	798	346	380	111	769	560	51
Other operating income (expenses)	32	21	26	18	4	(12)	(12)
Operating income	5,498	5,189	5,094	5,012	5,421	5,360	5,015
Personnel expenses	(1,629)	(1,652)	(1,636)	(1,826)	(1,576)	(1,613)	(1,632)
Other administrative expenses	(675)	(734)	(716)	(869)	(634)	(718)	(695)
Adjustments to property, equipment and intangible assets	(306)	(299)	(301)	(337)	(314)	(309)	(313)
Operating costs	(2,610)	(2,685)	(2,653)	(3,032)	(2,524)	(2,640)	(2,640)
Operating margin	2,888	2,504	2,441	1,980	2,897	2,720	2,375
Net adjustments to loans	(402)	(599)	(543)	(1,222)	(702)	(730)	(496)
Net provisions and net impairment losses on other assets	(134)	(220)	(82)	(415)	(60)	(63)	(45)
Other income (expenses)	198	(7)	63	78	(4)	147	4
Income (Loss) from discontinued operations	48	10	0	0	0	0	0
Gross income (loss)	2,598	1,688	1,879	421	2,131	2,074	1,838
Taxes on income	(832)	(81)	(614)	(78)	(777)	(670)	(562)
Charges (net of tax) for integration and exit incentives	(52)	(55)	(41)	(291)	(16)	(23)	(23)
Effect of purchase price allocation (net of tax)	(16)	(18)	(51)	46	(54)	(47)	(51)
Levies and other charges concerning the banking industry (net of tax)	(196)	(83)	(210)	(23)	(266)	(12)	(266)
Impairment (net of tax) of goodwill and other intangible assets	0	0	0	0	0	0	0
Minority interests	14	56	20	104	6	8	(6)
Net income	1,516	1,507	983	179	1,024	1,330	930

Net fee and commission income: quarterly development breakdown

€ m

Net fee and commission income
	1Q21 2Q21		3Q21	4Q21	1Q22	2Q22	3Q22
	redetermined(1)
Guarantees given / received	42	51	57	52	47	54	86
Collection and payment services	137	139	138	138	139	164	156
Current accounts	344	353	352	365	346	348	348
Credit and debit cards	61	106	108	89	83	108	114
Commercial banking activities	584	649	655	644	615	674	704
Dealing and placement of securities	293	284	209	229	228	153	134
Currency dealing	3	3	3	4	2	3	4
Portfolio management	732	775	758	877	704	676	660
Distribution of insurance products	406	383	401	417	403	421	357
Other	61	53	61	112	75	56	59
Management, dealing and consultancy activities	1,495	1,498	1,432	1,639	1,412	1,309	1,214
Other net fee and commission income	238	222	236	235	262	272	235
Net fee and commission income	2,317	2,369	2,323	2,518	2,289	2,255	2,153

Market leadership in Italy

Note: figures may not add up exactly due to rounding

(1) Excluding Corporate centre
(2) Data as at 30.9.22
(3) Including bonds
(4) Data as at 30.6.22
(5) Mutual funds; data as at 30.6.22

International Subsidiary Banks by country

Data as at 30.9.22

											Total		Total	% of the
	Hungary	Slovakia	Slovenia	Croatia	Bosnia	Serbia	Albania	Romania	Moldova	Ukraine	CEE	Egypt		Group
Operating income (€ m)	229	357	57	334	34	238	32	33	13	15	1,341	286	1,627	10.3%
Operating costs (€ m)	79	163	33	139	17	86	18	23	8	16	581	119	700	9.0%
Net adjustments to loans (€ m)	17	35	6	(2)	2	28	(1)	0	1	130	217	16	233	12.1%
Net income (€ m)	66	102	10	152	12	87	9	6	4	(132)	317	101	418	12.7%
Customer deposits (€ bn)	4.8	18.2	3.0	12.4	0.9	5.1	1.5	1.0	0.2	0.2	47.3	5.4	52.8	9.6%
Customer loans (€ bn)	3.4	17.2	2.3	8.1	0.8	4.5	0.5	0.9	0.1	0.0	37.8	2.9	40.6	8.6%
Performing loans (€ bn)	3.3	17.1	2.3	7.9	0.8	4.5	0.5	0.8	0.1	0.0	37.3	2.8	40.1	8.6%
of which:
Retail local currency	50%	59%	42%	27%	33%	22%	20%	13%	58%	n.m.	44%	54%	44%
Retail foreign currency	0%	0%	0%	24%	13%	29%	13%	13%	0%	n.m.	9%	0%	9%
Corporate local currency	12%	34%	58%	24%	21%	7%	16%	46%	18%	n.m.	28%	36%	28%
Corporate foreign currency	37%	7%	0%	26%	32%	41%	51%	28%	24%	n.m.	19%	10%	19%
Non-performing loans (€ m)	74	94	6	189	16	47	9	20	3	0	458	70	528	8.8%
Non-performing loans coverage	44%	72%	79%	51%	53%	62%	47%	57%	25%	100%	63%	61%	62%
Annualised Cost of credit (1) (bps)	68	27	34	n.m.	38	81	n.m.	3	108	n.m.	77	76	77

31bps and 34bps respectively when excluding provisions in Ukraine

Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in the IMI C&IB Division (1) Net adjustments to loans/Net customer loans

MIL-BVA362-03032014-90141/VR

Total exposure(1) by main countries

€ m

	AC	FVTOCI	FVTPL(2)	Total(3)	LOANS
EU Countries	43,247	33,680	1,983	78,910	435,576
Austria	878	268	-8	1,138	1,018
Belgium	3,438	2,255	-12	5,681	1,339
Bulgaria	0	0	-3	-3	13
Croatia	281	1,173	80	1,534	7,945
Cyprus	0	0	0	0	14
Czech Republic	140	0	0	140	1,001
Denmark	42	38	4	84	56
Estonia	0	0	0	0	5
Finland	270	40	-22	288	519
France	7,156	4,297	-239	11,214	7,704
Germany	889	1,482	-20	2,351	6,970
Greece	37	0	-3	34	16
Hungary	328	753	55	1,136	3,479
Ireland	785	1,067	632	2,484	612
Italy	22,244	13,834	1,071	37,149	366,929
Latvia	0	0	0	0	25
Lithuania	0	0	0	0	1
Luxembourg	463	690	252	1,405	9,027
Malta	0	0	0	0	127
The Netherlands	1,089	806	142	2,037	2,231
Poland	286	109	0	395	968
Portugal	570	640	-13	1,197	141
Romania	66	364	18	448	1,015
Slovakia	0	695	1	696	14,705
Slovenia	1	216	2	219	2,255
Spain	4,261	4,690	41	8,992	6,867
Sweden	23	263	5	291	594
Albania	103	466	3	572	506
Egypt	133	1,573	0	1,706	3,512
Japan	66	2,862	53	2,981	361
Russia	4	72	0	76	2,543
Serbia	7	527	0	534	4,840
United Kingdom	680	625	52	1,357	12,769
U.S.A.	2,539	9,441	313	12,293	8,920
Other Countries	3,876	6,275	177	10,328	29,573
Total	50,655	55,521		2,581 108,757 #	498,600

Note: management accounts. Figures may not add up exactly due to rounding

(1) Exposure to sovereign risks (central and local governments), banks and other customers. Book Value of Debt Securities and Net Loans as at 30.9.22

(2) Taking into account cash short positions

Exposure to sovereign risks(1) by main countries

DEBT SECURITIES
	Banking Business				LOANS
	AC	FVTOCI	FVTPL(2) Total(3)
EU Countries	30,839	25,521	-961	55,399	10,674
Austria	615	170	-23	762	0
Belgium	2,342	2,187	-25	4,504	0
Bulgaria	0	0	-3	-3	0
Croatia	158	1,173	80	1,411	1,377
Cyprus	0	0	0	0	0
Czech Republic	0	0	0	0	0
Denmark	0	0	0	0	0
Estonia	0	0	0	0	0
Finland	255	0	-26	229	0
France	6,453	2,669	-417	8,705	30
Germany	263	466	-90	639	0
Greece	0	0	-7	-7	0
Hungary	143	717	55	915	284
Ireland	336	84	6	426	0	Banking business government bond
						duration: 6.5y
Italy	15,005	11,558	-500	26,063	8,566	Adjusted duration due to hedging: 0.6y
Latvia	0	0	0	0	21
Lithuania	0	0	0	0	0
Luxembourg	265	363	124	752	0
Malta	0	0	0	0	0
The Netherlands	828	0	30	858	0
Poland	30	63	0	93	0
Portugal	390	640	-32	998	0
Romania	66	364	18	448	4
Slovakia	0	670	1	671	160
Slovenia	1	209	2	212	183
Spain	3,689	4,188	-154	7,723	49
Sweden	0	0	0	0	0
Albania	103	466	3	572	1
Egypt	133	1,573	0	1,706	475
Japan	0	2,329	0	2,329	0
Russia	0	72	0	72	0
Serbia	7	527	0	534	119
United Kingdom	0	176	-1	175	0
U.S.A.	1,527	7,937	92	9,556	0
Other Countries	2,273	3,667	103	6,043	4,833
Total	34,882	42,268	-764	76,386 #	16,102

Note: management accounts. Figures may not add up exactly due to rounding

(1) Exposure to central and local governments. Book Value of Debt Securities and Net Loans as at 30.9.22

(2) Taking into account cash short positions

(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €55,295m (of which €45,754m in Italy). The total of FVTOCI and AFS reserves (net of tax and allocation to insurance products under separate management) amounts to -€2,082m (of which -€876m in Italy)

Exposure to banks by main countries(1)

€ m

			DEBT SECURITIES Banking Business
	AC	FVTOCI	FVTPL(2)	Total(3)	LOANS
EU Countries	2,325	4,159	1,286	7,770	22,911
Austria	247	56	12	315	156
Belgium	12	48	8	68	325
Bulgaria	0	0	0	0	0
Croatia	42	0	0	42	63
Cyprus	0	0	0	0	0
Czech Republic	0	0	0	0	20
Denmark	28	8	2	38	7
Estonia	0	0	0	0	0
Finland	9	0	3	12	13
France	354	830	22	1,206	4,612
Germany	284	550	40	874	3,559
Greece	0	0	4	4	4
Hungary	124	36	0	160	287
Ireland	0	27	0	27	313
Italy	730	1,453	935	3,118	9,506
Latvia	0	0	0	0	0
Lithuania	0	0	0	0	0
Luxembourg	91	240	112	443	1,145
Malta	0	0	0	0	91
The Netherlands	131	332	-5	458	277
Poland	0	39	0	39	5
Portugal	0	0	2	2	1
Romania	0	0	0	0	99
Slovakia	0	25	0	25	0
Slovenia	0	7	0	7	2
Spain	255	368	147	770	2,334
Sweden	18	140	4	162	92
Albania	0	0	0	0	1
Egypt	0	0	0	0	85
Japan	37	227	0	264	25
Russia	0	0	0	0	114
Serbia	0	0	0	0	129
United Kingdom	183	271	36	490	1,650
U.S.A.	325	795	177	1,297	230
Other Countries	145	1,745	58	1,948	5,886
Total	3,015	7,197	1,557	11,769 #	31,031

Note: management accounts. Figures may not add up exactly due to rounding

(1) Book Value of Debt Securities and Net Loans as at 30.9.22

(2) Taking into account cash short positions

Exposure to other customers by main countries(1)

			DEBT SECURITIES
		Banking Business
	AC	FVTOCI	FVTPL(2)	Total(3)	LOANS
EU Countries	10,083	4,000	1,658	15,741	401,991
Austria	16	42	3	61	862
Belgium	1,084	20	5	1,109	1,014
Bulgaria	0	0	0	0	13
Croatia	81	0	0	81	6,505
Cyprus	0	0	0	0	14
Czech Republic	140	0	0	140	981
Denmark	14	30	2	46	49
Estonia	0	0	0	0	5
Finland	6	40	1	47	506
France	349	798	156	1,303	3,062
Germany	342	466	30	838	3,411
Greece	37	0	0	37	12
Hungary	61	0	0	61	2,908
Ireland	449	956	626	2,031	299
Italy	6,509	823	636	7,968	348,857
Latvia	0	0	0	0
Lithuania	0	0	0	0
Luxembourg	107	87	16	210	7,882
Malta	0	0	0	0	36
The Netherlands	130	474	117	721	1,954
Poland	256	7	0	263	963
Portugal	180	0	17	197	140
Romania	0	0	0	0	912
Slovakia	0	0	0	0	14,545
Slovenia	0	0	0	0	2,070
Spain	317	134	48	499	4,484
Sweden	5	123	1	129	502
Albania	0	0	0	0	504
Egypt	0	0	0	0	2,952
Japan	29	306	53	388	336
Russia	4	0	0	4	2,429
Serbia	0	0	0	0	4,592
United Kingdom	497	178	17	692	11,119
U.S.A.	687	709	44	1,440	8,690
Other Countries	1,458	863	16	2,337	18,854
Total	12,758	6,056	1,788	20,602 #	451,467

Note: management accounts. Figures may not add up exactly due to rounding

(1) Book Value of Debt Securities and Net Loans as at 30.9.22

(2) Taking into account cash short positions

"The manager responsible for preparing the company's financial reports, Fabrizio Dabbene, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records".

* * *

This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate.

Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions.

All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

AI Terminal

Intesa Sanpaolo

4465_ip_2022-11-04_7d9c2b84-ea1f-4a7e-9e3b-21e420ee513b.pdf

A strong bank for a sustainable world

9M22 Results

The best 9M Net income since 2008 when excluding Russia de-risking

Russia exposure reduced by ~65%, down to 0.3% of Group customer loans

9M22: high-quality earnings

MIL-BVA362-03032014-90141/VR 9M: €4.4bn Net income when excluding Russia de-risking, driven by high-quality operating performance

MIL-BVA362-03032014-90141/VR Q3: €1.1bn Net income when excluding Russia de-risking, driven by high-quality operating performance

Net interest income gaining momentum with strong acceleration in Q3…

… thanks to the commercial component

MIL-BVA362-03032014-90141/VR ~€1.2 trillion in Customer financial assets to fuel Wealth Management engine and drive Net interest income growth

Continued strong reduction in Operating costs while investing in technology and growth

One of the best Cost/Income ratios in Europe

Zero-NPL Bank status…

… driving low underlying Cost of risk…

… with NPL inflow down to historical low and coverage up in Q3

… positioning ISP among the best banks in Europe for NPL stock and ratios

Solid capital base, well above regulatory requirements

All stakeholders benefit from our solid performance

2022-2025 Business Plan proceeding at full speed

2022-2025 Business Plan proceeding at full speed

Massive upfront de-risking, slashing Cost of risk

Structural Cost reduction, enabled by technology

Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/2)

Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/2)

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/4)

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/4)

Continuous commitment to culture

2022-2025 Business Plan proceeding at full speed

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/4)

Promoting innovation (2/2)

2022-2025 Business Plan proceeding at full speed

Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/4)

Confirmed leading ESG position in the main sustainability indexes and rankings

Our People are our most important asset

Key highlights

€48m one-off contribution to ISP People(2) to mitigate the impact from inflation

ISP has implemented multiple humanitarian projects to support the Ukrainian population and Pravex Bank colleagues

The 2022-2025 Business Plan formula

MIL-BVA362-03032014-90141/VR ISP is facing a challenging environment with a stronger Balance sheet compared to the last downturn…

… and a more resilient and efficient business model with additional benefits from interest rate increases

ISP is far better equipped than its peers to tackle the challenges ahead...

... and is a best-in-class model of resilience across all dimensions

The Italian economy is also stronger than in the past…

… despite a likely slowdown in 2023 followed by an acceleration in 2024

MIL-BVA362-03032014-90141/VR ISP is fully equipped to succeed in challenging environments, as demonstrated during the COVID-19 emergency and previous crises

ISP delivered excellent 9M performance driven by high-quality earnings…

… and is fully equipped to succeed in challenging environments

Execution of the 2022-2025 Business Plan proceeding at full speed, with key industrial initiatives well underway: fully equipped to continue succeeding in the future

MIL-BVA362-03032014-90141/VR Strong Q3 operating performance and massive reduction of Russia exposure enable a >€4bn Net income guidance for 2022…

9M22 Results

Detailed information

Key P&L and Balance sheet figures

Detailed consolidated P&L results

9M22 vs 9M21: €4.4bn Net income when excluding Russia de-risking

Q3 vs Q2: €1.1bn Net income when excluding Russia de-risking

MIL-BVA362-03032014-90141/VR Net interest income: significant yearly growth with strong acceleration in Q3 thanks to the commercial component

Profits on financial assets and liabilities at fair value: €1.4bn in 9M

Operating costs: significant yearly reduction while investing in technology and growth

Net adjustments to loans: strong decrease when excluding Russia de-risking

~€1.2 trillion in Customer financial assets

% 30.9.22 vs 30.9.21, 31.12.21 and 30.6.22

Funding mix

Retail funding represents 84% of Direct deposits from banking business

Strong funding capability: broad access to international markets

High liquidity: LCR and NSFR well above regulatory requirements

Solid Capital base

Non-performing loans: massive deleveraging

Non-performing loans: sizeable and increased coverage in Q3

Cash coverage; %

Non-performing loans gross inflow

Non-performing loans net inflow

Loans to customers: a well-diversified portfolio

Non-retail loans of the Italian banks and companies of the Group Breakdown by economic business sector Breakdown by business area (data as at 30.9.22)

MIL-BVA362-03032014-90141/VR €2.3bn reduction of exposure to Russia in Q3, now limited to ~0.3% of Group customer loans

Cross-border exposure to Russia largely performing and classified as Stage 2

Divisional financial highlights

Banca dei Territori: 9M22 vs 9M21