Banco BPM SpA

Investor Presentation • Nov 5, 2020

9M 2020 Group Results Presentation

5 November ²⁰²⁰

DISCLAIMER

This presentation has been prepared by Banco BPM ("Banco BPM"); for the purposes of this notice, "presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed following the distribution of this document.

The distribution of this presentation in other jurisdictions may be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of, and observe, these restrictions. To the fullest extent permitted by applicable law, Banco BPM and its subsidiaries disclaim any responsibility or liability for the violation of such restrictions by any person.

This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Banco BPM or any member of its group or any advice or recommendation with respect to such securities, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities in Banco BPM or any member of its group, or investment decision or any commitment whatsoever. This presentation and the information contained herein does not constitute an offer of securities in the United States or to any U.S. person (as defined in Regulation ^S under the U.S. Securities Act of ¹⁹³³ (the "Securities Act"), as amended), Canada, Australia, Japan or any other jurisdiction where such offer is unlawful.

The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating without notice. Certain statements in this presentation are forward-looking statements about Banco BPM. Forward-looking statements are statements that are not historical facts and are based on information available to Banco BPM as of the date hereof, relying on scenarios, assumptions, expectations and projections regarding future events which are subject to uncertainties because dependent on factors most of which are beyond Banco BPM's control. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions. By their nature, forward-looking statements involve ^a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Banco BPM does not undertake any obligation to update or revise any forward-looking statements, whether as ^a result of new information, future events or otherwise, except as may be required by applicable law. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forwardlooking statements attributable to Banco BPM or persons acting on its behalf are expressly qualified in their entirety by this disclaimer.

None of Banco BPM, its subsidiaries or any of their respective representatives, directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or otherwise arising in connection therewith.

By participating to the presentation of the Group results and accepting ^a copy of this presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this presentation. ***

This presentation includes both accounting data (based on financial accounts) and internal management data (which are also based on estimates).

Mr. Gianpietro Val, as the manager responsible for preparing the Bank's accounts, hereby states pursuant to Article 154-bis, paragraph ² of the Financial Consolidated Act that the accounting data contained in this presentation correspond to the documentary evidence, corporate books and accounting records.

29M 2020 Group Results Presentation

METHODOLOGICAL NOTES

• Before 30/09/2020, the impact from the change in own credit risk on certificates classified as financial liabilities measured at fair value through profit or loss was accounted under the item "Net Financial Results" of the Reclassified P&L scheme. Starting from 30/09/2020, this impact net of tax has been reclassified in one new single P&L item: "FV on Own Liabilities net of Tax"; the previous quarters of ²⁰¹⁹ and ²⁰²⁰ have been reclassified accordingly.
• Before 31/03/2020, the impact of the PPA (Purchase Price Allocation) of the business combinations of the former Banca Popolare di Milano Group and of the former Banca Popolare Italiana and Banca Italease Groups, was split and registered under the following items: "Net interest income", "Other net operating income" and "Tax on income from continuing operations". Starting from Q1 2020, the aggregated impact net of tax of this PPA has been regrouped and reclassified in one new single P&L item: "PPA after tax"; the previous quarters of ²⁰¹⁹ have been reclassified accordingly.
• Due to the change of the valuation criteria applied to the Group's properties and artworks, starting from 31/12/2019, ^a new item called «Profit & Loss on Fair Value measurement of tangible assets» has been introduced in the reclassified P&L scheme as at 31/12/2019. In this item, also the depreciations of properties previously accounted in the item "Amortisation & Depreciation" within the "Operating Costs" have been reclassified, restating accordingly all the previous quarters of ²⁰¹⁹ for coherence. Furthermore, considering that the new accounting principle does not foresee for the amortisation of investment properties, the amortisation on such assets in the first three quarters of ²⁰¹⁹ has been cancelled; as ^a consequence, the Item "Amortization and Depreciation" as well as the net result of the first three quarters of ²⁰¹⁹ have been re-determined.
• It is reminded that, in Q2 2019, the assets and liabilities (mainly composed by customer loans for an amount of €1,352m) referred to the non-captive business of the subsidiary Profamily were classified as discontinued operations according to IFRS5 standard, but then, in Q4 2019, they have been re-classified line-by-line under the relevant Balance Sheet items. While the official Balance Sheet Scheme as at 30/09/2019 still maintains Profamily non-captive volumes classified as discontinued operations, in this presentation, in order to allow ^a proper comparison, the data of Customer Loans as at 30/09/2019 have been restated re-including Profamily non-captive volumes.
• It is also reminded that, on ¹⁶ April 2019, Banco BPM accepted the binding offer submitted by Illimity Bank S.p.A. and regarding the sale of ^a portfolio of Leasing Bad Loans. More in detail, the disposal concerns ^a portfolio for ^a nominal value of about €650 million at the cut-off date of 30th June 2018, mainly composed of receivables deriving from the active and passive legal relationships related to leasing contracts classified as bad loans, together with the related agreements, legal relationships, immovable or movable assets and the underlying contracts. The closure of the operation is subject to precedent conditions that are customary for transactions of this kind, including the notarial certification for the transferability of the assets, and shall be executed in various phases. Starting from Q2 2019, the loans subject to this transaction (€607m GBV and €156m NBV as at 30/06/2019) have been reclassified as non-current asset held for sale according to the IFRS5 standard. As at 30/09/2020, the residual amount of these loans stood at €114 ^m GBV and at €38 ^m NBV.
• In the area of companies consolidated with the equity method, the second quarter of ²⁰²⁰ has seen the entry of Anima Holding S.p.A., in which Banco BPM holds ^a stake of 19.385%. In the light of the changes brought about in the governance of the company, this stake, which is considered of strategic nature and which is destined to be held on ^a stable basis, is deemed to represent ^a situation of significant influence on the side of Banco BPM.
• Please note that, on ⁴ April 2020, the Annual Shareholders' Meeting of Banco BPM didn't discuss and vote on item ² of the agenda (Resolutions on the allocation and distribution of profits); this is in order to acknowledge the guidelines provided by the ECB on ²⁷ March 2020, with which, in order to strengthen the capital resources of relevant banks subject to its monitoring, and in order to be able to make use of the more extensive resources in support of households and businesses in the current situation brought about by the ongoing Covid-19 health emergency, it requested the banks, inter alia, not to proceed with the payment of dividends (still not approved) and not to assume any irrevocable commitment for their payment for the years ²⁰¹⁹ and ²⁰²⁰ at least until ¹ October 2020. It is also noted that on ²⁷ July 2020, the ECB announced the extension of the afore-mentioned dividend ban from 01/10/2020 to 31/12/2020. The capital ratios included in this presentation are calculated coherently with this decision, i.e. including the entire net income as at 31/12/2019. Furthermore, the ratios as at 31/03/2020, 30/06/2020 and 30/09/2020 are here reported including also the net income of the quarters.

39M 2020 Group Results Presentation

Agenda

i h l i h h i i H t K A t A t F & g g s : e y c e v e m e n s c o n o c u s	4
f i 9 2 0 2 0 t l M P D e r o r m a n c e e a s :	2 2
f i i i t b l t P r o a y -	2 3
l S h t B a a n c e e e -	2 8
i i i i F d d L d t n n g a n q u u -	2 9
i i C t L d F C d t Q l t s o m e r o a n s a n o c s o n r e a u u u y -	3 7
i i i C t l P t a p a o s o n -	4 3
	y

49M 2020 Group Results Presentation

9M 2020 PERFORMANCE: RESILIENCE AND RECOVERY

STRONG OPERATING RESULTS

Rebound in «core» revenues (+9.5% q/q) Further reduction in costs (-5.2% q/q)

Healthy build-up in Pre-Provision Income (€1.27bn in 9M; +6.4% y/y and +44.9% q/q)

SIGNIFICANT ACHIEVEMENTS IN A DIFFICULT ENVIRONMENT STILL IMPACTED BY COVID-19

ADOPTION OF NEW DERISKING STRATEGY

New impulse to NPE reduction via disposals (up to €1.2bn by YE 2020), for a total derisking of ~€21.4bn vs. YE 2016 1Cost of Risk confirmed at ~100bps for FY 2020E

ACTION FOCUS: STRENGTHEN QUALITY OF PERFORMING LOAN PORTFOLIO

Strengthening of internal credit management Focus on quality of Moratoria and State-guaranteed lending

SOLID CAPITAL POSITION

Further improvement in capital ratios and buffers (CET 1 FL Adj. 13.6%) 2

9M 2020 Group Results Presentation

Note: 1. Decrease of Gross NPEs in the period 31/12/2016 - 30/09/2020, adjusted post upcoming portfolio disposals. 2.Including headwinds expected in Q4; see slide 13 for details.

COVID-19: EXPERIENCE OF RECENT MONTHS ENABLING TO FACE THE NEW EMERGENCY

In order to ensure continuity of core banking activities during the first phase of the lockdown, BBPM has implemented Technical and Operational solutions to face the new emergency minimising its impact and preserving commercial effectiveness

Improve smart working: substitute desktop with laptop, deploy collaboration software, increase internet bandwidth, deliver mobile phone, introduce BYOD usage

Regulate branch services: services by appointment, increase Contact Center to manage higher volume, review of process to manage online requests

Personal safety devices: distribution of masks, plexiglass, gloves and sanitizing gel

New processes for emergency management and development of customer relationships on ^a digital basis, empowering the omnichannel approach

Enforce controls: collect from intelligence feeds indicator on security threats, create controls to monitor emerging risks, execute assessment to evaluate exposure

Improve security: introduce multi factor authentication, block access to company cloud services from outside Italy, increase the VPN usage both for site-2-site for suppliers and client-2-site for employees, improve training and awareness for employees and customers

STRONG REBOUND OF COMMERCIAL ACTIVITIES

Well prepared to face the second wave

1. Highlights: Key Achievements & Action Focus ⁷Note: 1. Data refer to Households. 2. Transactions on mobile and tablet devices. 3. Include Funds & Sicav, Bancassurance, Certificates and Managed Accounts & Funds of Funds. 4. Include M/L-term Mortgages (Secured and Unsecured), Personal Loans, Pool and Structured Finance.

8

COVID-19: KEY MEASURES AT A GLANCE

Moratoria measures: Total underlying loan exposure at €15.6bn as at 30/09/20

COVID-19: MEASURES FOSTERING PORTFOLIO QUALITY & SAFETY

Note: 1. ABI Press Release of 14/10/20. 2. Transport & Storage services; Accomodation, Restaurants & Travel Agencies; Textile fibers & Leather; Automotive trade; Means of Transport; Construction.

COVID-19: PROACTIVE CREDIT MANAGEMENT

NEW AND TAILOR-MADE CREDIT MONITORING & MANAGEMENT PROCESS

STRATEGY FOR LOANS UNDER MORATORIA:

Specific additional monitoring programs, fed by clusters based on economic sectors and Key Risk Indicators

• •Targeted action plan identified for each cluster
• • Tailor-made contact campaigns with first focus oncustomers belonging to the sectors most impacted and/or to the highest risk classes, with a view to analyze the customer's condition and to activate a proactive response

STRATEGY FOR PERFORMING PORTFOLIO:

Workflow-driven Monitoring Platform

Early Warning System

• • More effective and tailor-made credit management developed
• •Timeliness and accuracy of credit monitoring improved

• • Wide selection of triggers for early warning detection of positions in watchlist (includes all counterparties with potential future events of default)

• Highlights: Key Achievements & Action FocusNote: 1. Contacted customers declaring no need for further intervention from Banco BPM.

SOUND NEW LENDING PERFORMANCE

€20.3bn new Loans in 9M 2020¹, o/w €7.1bn Covid-19 measures guaranteed by the State

Notes: 1. Include M/L-term Mortgages (Secured and Unsecured), Personal Loans, Pool and Structured Finance. Internal management data. 2.Based on rated new lending portfolio, representing ~90% of total new lending.

P&L AT A GLANCE

Resilient performance in a challenging environment

	Q 1 2 0 2 0	Q 2 2 0 2 0	Q 3 2 0 2 0	/ q q	9 2 0 2 0 M
N E T I N T E R E S T I N C O M E	€ 4 7 4 m	€ 4 8 0 m	€ 5 2 0 m	+8 4 %	€ 1, 4 7 4 m
S C O S S O F E E M M I I N &	€ 4 4 1 m	€ 3 6 7 m	€ 4 8 1 m	+1 1. 0 %	€ 2 3 1, 5 m
1 N F R	€ 1 m	€ 8 3 m	€ 1 5 7 m		€ 2 4 1 m
O S T H E R R E V E N U E	€ 3 9 m	€ 6 3 m	€ 4 8 m		€ 0 1 5 m
T O T. R E V E N U E S	€ 9 5 4 m	€ 1, 0 0 1 m	€ 1, 1 4 3 m	% +1 4. 2	€ 3, 0 9 9 m
O P E R A T I N G C O S T S	€ 6 3 5 m -	€ 6 1 4 m -	€ 5 8 2 m -	% -5 2	€ 1, 8 3 0 m -
P R E- P R O V I S I O N I N C O M E	€ 3 1 9 m	€ 3 8 8 m	€ 5 6 2 m	+4 4. 9 %	€ 1, 2 6 9 m
O O S S O S O S L A N L P R V I I N	€ 2 3 1 m -	€ 2 6 3 m -	€ 3 2 4 m -		€ 8 0 1 m -
4 N E T I N C O M E	€ 1 5 2 m	€- 4 6 m	€ 1 5 7 m		€ 2 6 3 m

SOUND QUARTERLY GROWTH OF NII

• SOLID RECOVERY IN FEES AND COMMISSIONS VS. Q2
• STRONG NFR IN Q3, MAINLY THANKS TO THE REVALUATION OF THE SIA STAKE²
• FURTHER REDUCTION IN COSTS, THANKS ALSO TO LOWER VARIABLE PART OF REMUNERATION AND ONE-OFF COVID -RELATED SAVINGS3

SOLID PRE-PROVISION INCOME GENERATION ALLOWING TO FUND FURTHER DERISKING

Notes: 1. Exluding FV on own liabilites. 2. Positive valuation effect on the SIA stake (+€147m). 3. See slide 20 for details. 4. Include the result from FV on own liabilities (after tax): €29.4m in 9M 2020, o/w: €137.9m in Q1; -€110.7m in Q2; €2.2m in Q3.

CAPITAL POSITION: STRONG CET1 RATIOS

Ratios and buffers further strengthened: well positioned to face the tough scenario¹

Solid CET ¹ ratios, with an improvement even on an Adjusted basis (i.e. including regulatory headwinds expected in Q4 2020)

Adjusted MDA buffer stands at +414bps on ^a fully loaded basis, confirming the Group's solid capital position

NEW ACCELERATED DERISKING STRATEGY

Portfolio disposals up to €1.2bn under way reaffirming Banco BPM's solid derisking

• UTP 'Project 'Django': GBV ~€1bn • #149 positions• 56% Real Estate/44% Other industrial sectors• Average vintage: 4.8 yearsStatus BAD LOANS 'Project 'Titan':GBV ~€0.2bn • Leasing Portfolio contributed to a multi-originator GACSStatus Next steps Two portfolio disposals already at an advanced stage: Project 'Django': UTP portfolio sale Project 'Titan': Bad Loan securitisation (leasing portfolio) IFRS 9 impact at CoR level already booked in Q3 due to change in management On 5 November:• Offers and structure of the transaction formally approved • DD completed
• Next steps

• •Closing expected by YE 2020

• •Tranching finalisation

• •Closing expected by YE 2020
• Potential additional single name disposals are also under review and may come forth in Q4
• New disposal strategy maintaining the expected Cost of Risk guidance of about ¹⁰⁰ bps for FY 2020, including also potential additional single name disposals

strategy (Disposal vs. Workout)

STRONG REDUCTION IN NPE: WELL AHEAD OF INTERNAL TARGETS

Improvement in asset quality to continue through further derisking

Note: 1. Include Project 'Django' and Project 'Titan'. 2. Net NPEs over Tangible Net Equity (Shareholders' Net Equity - Intangible assets). Data as at 30/09/19 are adjusted for the reclassification of the Profamily non-Captive loan portfolio (see Methodological Notes).

SAFE TREND ACROSS ASSET QUALITY METRICS & PROVISIONS

SOLID BALANCE SHEET POSITION CONFIRMED

Note: 1. Internal Management data of the Commercial Network as at 31/10/2020. 2. Monthly LCR (September 2020) and Quarterly NSFR (Q3 2020); unencumbered eligible securities as at 31/10/2020. 3.Included neither in the P&L results, nor in the Capital Position.

NET INTEREST INCOME: HIGHLIGHTS

Notes: 1. Includes: ALM, financial activities, Hedging, interest on Bonds (Retail and Institutional) and other elements.

NET FEES: ROBUST QUARTERLY REBOUND

• Net fees and commissions come in at €417.7m in Q3 (+11.0% q/q), with healthy progress both in Commercial fees (+6.6% q/q) and Management & Advisory fees (+16.2% q/q)
• Monthly trend of Investment product placements in Q3 shows ^a sound recovery in September, confirmed also in October

Note: 1. Management data of the commercial network. Include Funds & Sicav, Bancassurance, Certificates and Managed Accounts & Funds of Funds.

Investment product placements: monthly trend¹

OPERATING COSTS: QUARTERLY COMPARISON

Note: 1. Mainly due to lower variable remuneration (ca. €20m). 2. Includes contribution from lower variable remuneration and one-off Covid 19-related savings, for a total of ca. €60m. 3. Net of non-recurring items and, for 2017 and 2018, net also of PPA to ensure a homogeneous comparison. See slide 25 for 9M 2020 non-recurring items.

21

FINAL REMARKS & 2020 OUTLOOK

9M ²⁰²⁰ Performance: Net income at €263m

• Strong Pre-Provision Income: at €1.27bn, with solid quarterly progression
• New derisking strategy aimed at ensuring ^a further improvement in asset quality: Gross NPE ratio Adj. down at 7.7%
• Solid capital position & wide capital buffers, even after factoring in headwinds expected in Q4: Adjusted CET ¹ FL at 13.6 %
• Quality of loan portfolio supported by significant acquisition of State guarantees

FY ²⁰²⁰ Outlook

Uncertain environment: new Government measures introduced to protect health while minimizing impact on economic activitiesBuilding on the recent experience, Banco BPM is equipped to confirm an overall positive performance for FY 2020

	i i i i 1. H h l h t K A h t A t F & g g s : e c e e m e n s c o n o c s y v u
C i l t a p a :	S l i d b f f f i d, l l b h i i i f 2 0 b M D A t t t t t 5 + o e r c o n r m e e a o e e m n m m s r a e g c a r g e o p s u w v u
Q l i A t t s s e a : u y	t i f d d i k i t t i d l t i f d d i t i l t i t i E x e c u o n o a n n o u n c e e r s n g r a n s a c o n s a n e x p o r a o n o a o n a o p p o r u n e s f i i f i C t k t t d t d 1 0 0 b o s o r s e x p e c a o n c o n r m e a a r o u n p s
i O t C t p e r a n g o s s :	i i i i S t t t t l t t t t h t l t r c c o s c o n r o o c o n n e, n r e s p o n s e o e e e r n a e n r o n m e n u x v
C R o r e e v e n u e s :	t b t d b h l t h t d i l d i l l b t h i t i O f f t N I I T L T R I I I o e s u p p o r e y a e a y r e n n e n n g a s w e a s y e p o s v e e e c F t d t f i t h i b j t t t h l t i f t h C i d- 1 9 i t t i e e s e x p e c e o c o n r m e r r e c o v e r y, s u e c o e e v o u o n o e o v s u a o n

Agenda

1	i i i i h l h t h t t H K A A F & g g s : e y c e v e m e n s c o n o c u s	4
2	f i 9 2 0 2 0 t l M P D e r o r m a n c e e a s :	2 2
	f i i i P t b l t r o a y -	2 3
	l S h B t a a n c e e e -	2 8
	d i d i i d i F L t n n g a n q u u y -	2 9
	C d C d i Q l i t L F t t s o m e r o a n s a n o c s o n r e a u u u y -	3 7
	C i l i i t P t a p a o s o n -	4 3

9M 2020 QUARTERLY P&L RESULTS

€ S P L T A T E D & m	Q 2 0 2 0 1	Q 2 2 0 2 0	Q 3 2 0 2 0	C hg / . q q	1 S € P & L A D J U T E D m	Q 1 2 0 2 0	Q 2 2 0 2 0	Q 3 2 0 2 0	C hg / . q q
N I I	4 4. 7 1	4 9. 7 5	9. 9 5 1	8. 4 %	N I I	4 7 4. 1	4 7 9. 5	5 1 9. 9	8. 4 %
S C O S S O S F E E & M M I I N	4 4 0. 6	3 6. 4 7	4 1 7. 7	0 % 1 1.	F E E S C O M M I S S I O N S &	4 4 0. 6	3 7 6. 4	4 1 7. 7	% 1 1. 0
C S N E T F I N A N I A L R E U L T	0. 8	8 2. 7	3 1 5 7.	9 0. 2 %	N E T F I N A N C I A L R E S U L T	0. 8	8 2. 7	1 5 7. 3	9 0. 2 %
T O T A L I N C O M E	9 5 4. 4	1, 0 0 1. 5	1, 1 4 3. 3	% 1 4. 2	T O T A L I N C O M E	9 5 4. 4	1, 0 0 1. 5	1, 1 4 3. 3	1 4. 2 %
S C O S S T A F F T	-4 9. 0 1	-3 9 8. 0	-3 0 5 7.	0. 3 % -1	S T A F F C O S T S	-4 1 9. 0	-3 9 8. 0	-3 8 8. 5	-2 4 %
O T H E R A D M I N C O S T S	-1 5 4. 6	-1 5 4. 1	-1 5 9. 8	% 3. 7	O C O S S T H E R A D M I N T	4. 6 -1 5	4. 0 -1 5	9. 8 -1 5	3. 8 %
D & A	-6 4 1.	-6 1. 7	-6 4. 8	0 % 5.	D A &	-5 9. 8	-6 1. 1	-6 4. 5	5. 5 %
O P E R A T I N G C O S T S	-6 3 5. 0	-6 1 3. 8	-5 8 1. 5	% -5 2	O G C O S S P E R A T I N T	-6 3 3. 4	-6 3. 2 1	-6 2. 8 1	-0 % 1
P R O F I T F R O M O P E R A T I O N S	3 1 9. 5	3 8 7. 7	5 6 1. 8	% 4 4. 9	P R O F I T F R O M O P E R A T I O N S	3 2 1. 0	3 8 8. 3	5 3 0. 5	3 6. 6 %
L L Ps	-2 1 3. 2	-2 6 3. 0	-3 2 4. 3	% 2 3. 3	L L Ps	-2 1 3. 2	-2 6 3. 0	-3 2 4. 3	2 3. 3 %
2 O T H E R	-2 7	8. -1 5	2. 0	n.m	2 O T H E R	-2 5	-1 3. 5	1. 0	n.m
P R E- T A X P R O F I T	1 0 3. 5	1 0 6. 2	2 3 9. 5	n.m	O P R E- T A X P R F I T	0 3 1 5.	8 1 1 1.	2 0 2 7.	% 8 5. 4
T A X	-2 5. 7	-1 3. 3	-2 2. 5	6 9. 0 %	T A X	-2 6. 3	4. 8 -1	2. 0 -1	8. % -1 7
S S C C G S ( f ) Y T E M I H A R E t o ta ne xe s	-5 7. 5	8. 2 -1	3. 0 -5	n.m	S Y S T E M I C C H A R G E S ( t o f ta ) ne xe s	-5 7. 5	-	-5 3. 0	n.m
N E T I N C O M E B E F O R E P P A	2 0. 3	7 6. 3	1 6 6. 5	1 1 8. 3 %	C O O N E T I N M E B E F R E P P A	2 1. 5	9 8. 3	4 4. 1 7	4 2 % 7.
P P A A F T E R T A X	-6 6	-1 2. 0	-1 1. 4	-4 5 %	P P A A F T E R T A X	-6 6	2. 0 -1	4 -1 1.	-
F V O N O W N L I A B I L I T I E S A F T E R T A X	1 3 7. 9	-1 1 0. 7	2. 2	n.m	F V O N O W N L I A B I L I T I E S A F T E R T A X	1 3 7. 9	-1 1 0. 7	2. 2	n.m
N E T I N C O M E	1 5 1. 6	-4 6. 4	1 5 7. 3	n.m	N E T I N C O M E	1 5 2. 8	-2 4. 4	1 3 5. 5	n.m

Notes: 1. Adjusted for non-recurring items shown in slide 25. 2. Other includes: Profit (loss) on FV measurement of tang. assets, Net adj . on other financial assets, Net provisions for risks & charges, Profit (loss) on the disposal of equity and other investments.

P&L: ANNUAL AND QUARTERLY COMPARISON

cla ssi fie d i Re tat t nc om e s em en	9M 20 19	9M 20 20	Ch Y/ Y g.	Ch Y/ Y g.	Q1 20 20	Q 2 2 020	Q 3 2 020	Ch Q / Q g.	Ch Q / Q g.
( in mi llio n) eu ro				%					%
Ne t in ter est in co me	1, 507 .1	1, 473 .5	-33 .6	-2. 2%	474 .1	479 .5	519 .9	40. 4	% 8.4
Inc e ( los s) fro inv est nts in iat om m me ass oc es rrie d a ity t e ca qu	97. 3	107 .1	9.7	10. 0%	22. 3	48. 0	36. 8	-11 .3	-23 .5%
t in ter est div ide nd d s im ila r in Ne an co me ,	604 .4 1,	580 .6 1,	-23 .8	5% -1.	496 .4	527 .5	556 .7	29. 1	% 5.5
Ne t fe nd issi in e a co mm on co me	1, 332 .3	1, 234 .6	-97 .7	-7. 3%	440 .6	376 .4	417 .7	41. 3	0% 11.
Ot he tin inc et r n op era g om e	59. 9	43. 3	-16 .6	-27 .8%	16. 7	14. 9	11. 7	-3.2	-21 .4%
Ne t fi ial ult na nc res	143 .8	240 .8	97. 0	67. 4%	0.8	82. 7	157 .3	74. 6	2% 90.
Ot he ing in rat r o pe co me	536 .0 1,	518 1, .7	.3 -17	1% -1.	458 .1	473 .9	586 .7	112 .7	23. 8%
Tot al inc om e	3, 140 .4	3, 099 .3	-41 .1	-1. 3%	954 .4	001 1, .5	143 .3 1,	141 .9	14. 2%
Pe el rso nn exp en ses	-1, 259 .5	-1, 173 .9	85. 6	8% -6.	-41 9.0	-39 8.0	-35 7.0	41. 0	.3% -10
Ot he dm inis tiv tra r a e e xp en ses	-48 8.8	-46 8.5	20. 3	-4. 2%	-15 4.6	-15 4.1	-15 9.8	-5. 7	3.7 %
Am ort iza tio nd de cia tio n a pre n	-19 9.7	-18 7.9	11. 8	-5. 9%	-61 .4	-61 .7	-64 .8	-3. 1	% 5.0
tin Op ost era g c s	-1, 947 .9	-1, 830 .3	117 .6	0% -6.	-63 5.0	-61 3.8	-58 1.5	32. 2	-5. 2%
Pro fit ( los s) fro tio m op era ns	1, 192 .5	1, 269 .0	76. 5	6.4 %	319 .5	387 .7	561 .8	174 .1	44. 9%
dju Ne t a stm ts o n lo s to sto en an cu me rs	-55 8.0	-80 0.6	-24 2.6	5% 43.	-21 3.2	-26 3.0	-32 4.3	-61 .3	23. 3%
fit ( los s) o t o f ta ibl ts Pro n F V m ea sur em en ng e a sse	-27 .5	-5. 7	21. 8	-79 .2%	-0. 3	-5.0	-0. 3	4.7	-93 .8%
Ne t a dju stm ts o the r fi ial ets en n o na nc ass	4.2	-8. 3	-12 .4	n.m	-4. 7	-3. 7	0.1	3.8	n.m
isio for ris Ne t p ks d c ha rov ns an rge s	-8.4	-6. 7	1.7	.1% -20	2.2	-9.8	0.9	10. 7	n.m
fit ( los s) o he di sal of uit nd he Pro n t ot spo eq y a r inv est nts me	336 .8	1.5	-33 5.2	-99 .5%	0.1	0.1	1.3	1.2	n.m
Inc e ( los s) be for e t fro nti ing om ax m co nu tio op era ns	939 .5	449 .2	-49 0.3	-52 .2%	103 .5	106 .3	239 .5	133 .2	n.m
in fro nti ing tio Tax on co me m co nu op era ns	-13 2.4	-61 .5	70. 9	-53 .6%	-25 .7	-13 .3	-22 .5	-9.2	69. 0%
ic aft Sys tem ch tax arg es er	-88 .4	-12 8.7	-40 .3	6% 45.	-57 .5	-18 .2	-53 .0	-34 .8	191 .7%
Inc e ( los s) a ttri bu tab le t ino rity in ter est om o m s	6.3	4.0	-2. 3	-36 .2%	0.0	1.5	2.5	1.0	64. 0%
Ne t in ( los s) of PPA d n et of lua tio co me gro ss an va n eff t o lia bil itie ec n o wn s	725 .0	263 .1	-46 1.9	-63 .7%	20. 3	76. 3	166 .5	90. 2	n.m
ice ati af Pu rch Pr Al loc ter ta ase on x	-11 .0	-29 .9	-18 .9	n.m	-6. 6	-12 .0	.4 -11	0.5	-4. 5%
Fai lia bili tie fte alu r Ta r v e o n o wn s a xes	-12 .8	29. 4	42. 2	n.m	137 .9	-11 0.7	2.2	112 .9	n.m
t in ( los s) for th eri od Ne co me e p	701 .2	262 .5	-43 8.7	-62 .6%	.6 151	-46 .4	.3 157	203 .7	n.m

ADJUSTED P&L: DETAILS ON NON-RECURRING ITEMS

Rec las sifi ed inc tat ent om e s em ( in e mi llio n) uro	9M 20 20	20 ad 9M 20 jus ted	On ff e-o	No rrin item nd n-r ecu g s a ext rdi tem ic c ha rao na ry sys rge s
t in inc Ne ter est om e	1,4 73. 5	1,4 73. 5	0.0
e ( loss ) fro inv in iat Inc est nts om m me ass oc es rrie d a t e ity ca qu	107 .1	107 .1	0.0
Ne t in ter est , d ivid end d s imi lar in an com e	1,5 80. 6	1,5 80. 6	0.0
t fe nd issio n in Ne e a co mm co me	1,2 34. 6	1,23 4.6	0.0
ting inc Oth et er n op era om e	43. 3	43. 3	0.0
Ne t fi nci al r lt na esu	240 .8	240 .8	0.0
Oth ting in er op era com e	1,5 18. 7	1,5 18. 7	0.0
al inc Tot om e	3,0 99. 3	3,0 99. 3	0.0
Per nel son ex pe nse s	-1,1 73. 9	-1,2 05. 5	31.	vid ing 6 Co lat ed - re sav s
Oth dm inis tra tive er a ex pe nse s	-46 8.5	-46 8.5	0.0
iza tio nd de cia tio Am ort n a pre n	-18 7.9	-18 5.5	-2.4	Ad jus n in ible tm ent tan set s o g as s
Op ting sts era co	-1,8 30. 3	-1,8 59. 4	29. 1
Pro fit ( los s) fro rat ion m o pe s	1,2 69. 0	1,2 39. 8	29. 2
dju Ne t a stm ent n lo s to sto s o an cu me rs	-80 0.6	-80 0.6	0.0
fit ( loss ) o of ible Pro n F V m ent ta set ea sur em ng as s	-5.7	0.0	-5.7	Ap lica tio f th lua tio od el o ert ies d p n o e n ew va n m n p rop an rks art wo
Ne t a dju stm ent the r fin cia l as set s o n o an s	-8.3	-8.3	0.0
isio ns f risk Ne t p nd cha rov or s a rge s	-6.7	-6.7	0.0
Pro fit ( loss ) o n t he dis sal of uity d o the po eq an r inv est nts me	1.5	0.0	1.5	l Es tat ain Rea e g s
e ( los s) bef ta x fr ntin uin Inc om ore om co g tio op era ns	449 .2	424 .3	24. 9
inc e fr ntin uin ion Tax rat on om om co g o pe s	-61 .5	-53 .1	-8.4	rdin fis l ite Ext rao ary ca ms
Sys tem ic c ha fte r ta rge s a x	-12 8.7	0.5 -11	-18 .2	Ad dit ion al c trib utio n t o It alia sol utio n fu nd on n re
Inc e ( loss ) a ttri bu tab le t ino rity int sts om o m ere	4.0	3.8	0.2	Oth er
t in e ( los s) g f PP nd net of lua tio Ne A a com ros s o va n effe lia bil itie ct o n o wn s	263 .1	264 .4	-1.3
Pur cha Pric e A lloc ati aft er t se on ax	-29 .9	-29 .9	0.0
Fai n li iliti aft lue ab er T r va on ow es axe s	29. 4	29. 4	0.0
t in e ( los s) for th eri od Ne com e p	262 .5	263 .9	-1.4

	9M 20 20	20 ad 9M 20 jus ted	ff On e-o	No rrin item nd n-r ecu g s a ext rdi tem ic c ha rao na ry sys rge s
	1,4 73. 5	1,4 73. 5	0.0
	107 .1	107 .1	0.0
	43. 3	43. 3	0.0
	1,5 18. 7	1,5 18. 7	0.0
	3,0 99. 3	3,0 99. 3	0.0
	-1,1 73. 9	-1,2 05. 5	31.	6 Co vid lat ed ing - re sav s
cia tio n	-18 7.9	-18 5.5	-2.4	jus n in ible Ad tm ent tan set s o g as s
	-1,8 30. 3	-1,8 59. 4	29. 1
of ible ent ta set em ng as s	-5.7	0.0	-5.7	lica tio f th lua tio od el o ies d Ap ert p n o e n ew va n m n p rop an art rks wo
	1.5	0.0	1.5	l Es ain Rea tat e g s
	449 .2	424 .3	24. 9
	-12 8.7	-11 0.5	-18 .2	dit ion trib utio alia utio n fu Ad al c n t o It sol nd on n re
	263 .1	264 .4	-1.3

ADJUSTED P&L: ANNUAL COMPARISON

Rec las sifi ed inc tat ent om e s em ( in e mi llio n) uro	9M 20 19 ad jus ted	9M 20 20 ad jus ted	Ch Y/Y g.	Ch Y/Y g. %
Ne t in ter est inc om e	1,5 07. 1	1,4 73. 5	-33 .6	-2.2 %
Inc e ( loss ) fro inv est nts in iat om m me ass oc es rrie d a t e ity ca qu	97. 3	107 .1	9.7	% 10.0
t in ivid imi in Ne ter est , d end d s lar an com e	1,6 04. 4	1,5 80. 6	-23 .8	% -1.5
Ne t fe nd issio n in e a co mm co me	1,3 32. 3	1,2 34. 6	-97 .7	% -7.3
Oth et ting inc er n op era om e	59. 9	43. 3	-16 .6	-27 .8%
Ne t fi nci al r lt na esu	143 .8	240 .8	97. 0	67. 4%
Oth ting in er op era com e	36. 0 1,5	18. 1,5 7	.3 -17	% -1.1
Tot al inc om e	3,1 40. 4	3,0 99. 3	-41 .1	-1.3 %
Per nel son ex pe nse s	-1,2 59. 5	-1,2 05. 5	54. 0	-4.3 %
inis tive Oth dm tra er a ex pe nse s	-48 8.8	-46 8.5	20. 3	% -4.2
Am ort iza tio nd de cia tio n a pre n	-19 7.0	-18 5.5	11. 5	-5.9 %
ting Op sts era co	-1,9 45. 3	-1,8 59. 4	85. 8	-4.4 %
Pro fit ( los s) fro rat ion m o pe s	1,1 95. 1	1,2 39. 8	44. 7	3.7 %
t a dju stm ent n lo s to sto Ne s o an cu me rs	8.0 -55	-80 0.6	-24 2.6	43. 5%
Ne t a dju stm ent the r fin cia l as set s o n o an s	4.2	-8.3	-12 .4	n.m
Ne t p isio ns f risk nd cha rov or s a rge s	-2.2	-6.7	-4.5	n.m
e ( los s) bef x fr ntin uin Inc ta om ore om co g tio op era ns	639 .1	424 .3	-21 4.8	-33 .6%
inc e fr ntin uin rat ion Tax on om om co g o pe s	-15 3.3	-53 .1	100 .2	-65 .4%
Sys tem ic c ha fte r ta rge s a x	-73 .1	-11 0.5	-37 .4	51. 1%
e ( ) a ttri ino rity int Inc loss bu tab le t sts om o m ere	5.8	3.8	-2.0	-34 .7%
Ne t in e ( los s) g f PP A a nd net of lua tio com ros s o va n effe ct o lia bil itie n o wn s	418 .4	264 .4	-15 4.0	-36 .8%
Pric ati af Pur cha e A lloc ter ta se on x	-11 .0	-29 .9	-18 .9	n.m
Fai lue n li ab iliti aft er T r va on ow es axe s	-12 .8	29. 4	42. 2	n.m
Ne t in e ( los s) for th eri od com e p	394 .6	263 .9	-13 0.7	-33 .1%

COMPREHENSIVE PROFITABILITY

€ ^m

		Q 2 0 9 1 1	Q 2 2 0 9 1	Q 3 2 0 9 1	Q 2 0 2 0 1	Q 2 2 0 2 0	Q 3 2 0 2 0	9 2 0 9 M 1	9 2 0 2 0 M
A	C O P & L N E T I N M E	4 1 5 5.	4 4 6 7.	9 8. 2	6 1 5 1.	4 6. 4 -	3 1 5 7.	0 2 7 1.	2 6 2. 5
B.	O C O C C C O T H E R N E T I N M E D I R E T L Y A U N T E D T O E Q U I T Y / f b t S i t i t R D o w e s e r v e s o e e c u r e s a	1 1 0. 5	1 3. 5	1 5 9. 2	2 8 9. 7 -	1 5 1. 1	7 6. 7	2 8 3. 2	6 1. 9 -
	O C ( t f t ) F V I n e o a x / f i t S i t i t R E o w e s e r v e s o q u y e c u r e s a O C ( t f t ) F V I n e o a x	9 1. 5 1 9. 5	6 4. 3 3 1. 9 -	2 6. 0 1 2 6. 3	8 0. 1 1 - 1 1 4. 9 -	4. 3 1 5 5. 4 -	8 9. 5 1 7. 2 -	2 8 8 1. 1 4. 0	6 3. 8 1 3 7. 5 -
A B. +	C O S C O M P R E H E N I V E N E T I N M E O F T H E G R O U P	2 6 9 5.	4 6 1. 1	2 4 5 7.	3 8. 1 1 -	0 4. 1 7	2 3 4. 0	9 8 4. 5	2 0 0. 6

RECLASSIFIED BALANCE SHEET AS AT 30/09/2020

cla ssi fie d ts € m Re					Ch g. y	/y	Ch YT g.	D	Ch in g.	Q 3
( ) as se	/ / 30 09 20 19	/ / 31 12 19	/ / 30 06 20	/ / 30 09 20	Va lue	%	Va lue	%	Va lue	%
Ca sh d sh uiv ale nts an ca eq	80 8	91 3	83 8	80 6	-2	-0. 2%	-10 7	-1 1.7 %	-32	-3. 8%
nd dv red C Lo t A an s a a an ce s m ea su a	114 96 7 ,	89 0 115 ,	12 21 3 1,	125 68 0 ,	10, 2 71	9.3 %	9, 79 0	8.4 %	4, 46 6	3.7 %
Lo nd dv s t ba nk an s a a an ce o s -	9, 30 5	10, 04 4	12, 82 5	16, 96 2	7, 65 7	82 .3%	6, 91 7	68 .9%	4, 13 7	32 .3%
Lo nd dv s t sto ( *) an s a a an ce o cu m ers -	105 66 2 ,	105 84 5 ,	108 38 9 ,	108 71 8 ,	3, 05 5	2.9 %	2, 87 2	2.7 %	32 9	0.3 %
Ot he r fi ial ts na nc a sse	39 54 8 ,	37 06 9 ,	43 88 5 ,	46 95 4 ,	7, 40 6	18 .7%	9, 88 5	26 .7%	3, 06 9	7.0 %
A ts red t F V thr h P L sse m ea su a ou g -	8, 42 8	7, 28 5	9, 07 5	10, 54 8	2, 120	25 .2%	3, 26 3	44 .8%	1, 47 3	16. 2%
A ts red t F V thr h O CI sse m ea su a ou g -	13, 112	12, 52 7	13, 112	13, 85 3	74 1	5.7 %	1, 32 6	10 .6%	74 1	% 5.6
A ts red t A C sse m ea su a -	18, 00 8	17, 25 7	21 69 8 ,	22 55 3 ,	4, 54 5	25 .2%	5, 29 6	30 .7%	85 5	3.9 %
Eq uit inv tm ts y es en	1, 35 4	1, 38 6	1, 57 7	1, 63 8	28 4	21 .0%	25 2	18 .2%	61	3.9 %
rty nd ipm t Pro pe a e qu en	3, 45 0	3, 62 4	3, 52 2	3, 49 7	47	1.4 %	-12 7	-3. 5%	-25	-0. 7%
ibl Int ts an g e a sse	1, 26 2	1, 26 9	1, 26 1	1, 24 8	-14	1% -1.	-2 1	7% -1.	-12	0% -1.
ts Ta x a sse	4, 82 7	4, 62 0	4, 62 8	4, 61 8	-20 9	-4. 3%	-1	0.0 %	-10	-0. 2%
fo isc tio No t a ts he ld ale nd d t. n-c urr en sse r s a on op era ns	1, 56 2	13 1	105	11 1	-1, 45 1	.9% -92	-20	.4% -15	6	% 5.3
Ot he ts r a sse	2, 61 6	2, 136	2, 38 5	2, 10 1	-5 15	-19 .7%	-35	-1. 6%	-28 4	-1 1.9 %
l To ta	0, 39 17 5	16 03 8 7,	9, 41 17 5	18 6, 65 4	16 25 9 ,	9.5 %	19 61 6 ,	.7% 11	23 9 7,	4.0 %
Re cla ssi fie d lia bil itie s ( € m )	30 / 09 / 20 19	31 / 12 / 19	30 / 06 / 20	30 / 09 / 20	Va lue	%	Va lue	%	Va lue	%
Du e t ba nk o s	29 61 3 ,	28 51 6 ,	32 93 0 ,	31 88 8 ,	2, 27 5	% 7.7	3, 37 2	.8% 11	-1, 04 2	2% -3.
Dir t F din ec un g	11 1, 31 2	109 50 6 ,	115 23 4 ,	115 41 7 ,	4, 105	3.7 %	5, 91 0	5.4 %	183	0.2 %
fr D ust ue om c om ers -	96 88 0 ,	93 37 5 ,	98 76 9 ,	99 42 4 ,	2, 54 4	% 2.6	6, 04 9	% 6.5	65 4	% 0.7
D eb t s uri tie nd fin cia l li ab ilit ies d ig t F V ec s a an es . a -	14, 43 2	16 13 1 ,	16, 46 4	15, 99 3	1, 56 1	10 .8%	-13 8	-0. 9%	-47 1	-2. 9%
bt s f ing De Le or as	3 75	73 3	68 2	67 2	-8 1	-10 .7%	-60	-8. 2%	-10	4% -1.
Ot he r fi ial lia bil itie s d ign at ed t F V na nc es a	8, 08 7	10 91 9 ,	11, 49 9	19, 58 8	11, 50 1	142 .2%	8, 66 9	79 .4%	8, 08 9	70 .3%
Lia bil ity isio p rov ns	47 1, 5	48 1, 7	27 8 1,	18 1, 7	-28 8	-19 .5%	-30 0	-20 .2%	-9 1	1% -7.
iab ilit ies Ta x l	54 3	61 9	61 2	63 8	94	.3% 17	18	% 2.9	26	% 4.2
Lia bil itie cia te d w ith ts he ld fo ale s a sso a sse r s	50	5	4	3	-47	-94 .9%	-3	-50 .4%	-2	-40 .0%
Ot he r li ab ilit ies	6, 99 7	3, 36 6	4, 94 2	4, 80 4	-2, 193	-3 1.3 %	1, 43 8	42 .7%	-13 8	-2. 8%
Mi rity in te ts no res	37	26	25	22	-15	-39 .9%	-4	-15 .5%	-3	-10 .3%
Sh eh old ' e ity ar ers qu	11, 52 8	11 86 1 ,	12, 21 1	12, 43 6	90 8	7.9 %	57 5	4.8 %	22 5	1.8 %
To ta l	17 0, 39 5	16 7, 03 8	17 9, 41 5	18 6, 65 4	16 25 9 ,	9.5 %	19 61 6 ,	11 .7%	7, 23 9	4.0 %

Note: * "Customer loans" include the Senior Notes of the two GACS transactions and, as at 30/09/19, exclude Profamily non-captive portfolio classified as discontinued operations (see Methoodological Notes).

30/09/2019 data are restated for the incorporation of the effects due to the change of the valuation criteria applied to the Group's properties and artworks starting from 31/12/2019.

DIRECT FUNDING

Solid position confirmed in Corefunding, with a strong further increase in core deposits

€ bn				0. 3 % +1	% +7 8
i i f i C t l- t t d C t t a p a p r o e c e e r c a e s O t h e r d B o n s	1 1 4.	0 6. 5 3. 1 9 1. 4 8 1.	0 1 1 6. 1 1. 6	8. 9 3. 2 1. 8		1 3. 1 1 5.	4 1 7. 3. 3 1. 7 9 1. 6
i d i T t m e e p o s s i i C / A S h t d t & g e p o s s	(	8 5. 2 8 0. 0 % )	8 6. ( 9. 7 1	2 % )	9 4 1. ( 9. 9 % ) 7	9 ( 8	4. 8 + 0. 8 % )
% ) S ha to ta l re o n	3 0 /	0 9 / 2 0 9 1	3 / 2 / 2 1 1	0 9 1	3 0 / 0 6 / 2 0 2 0	3 0 / 0	9 / 2 0 2 0
C G H A N E	3 0 / 0 9 / 9 1	3 / 2 / 9 1 1 1	3 0 / 0 6 / 2 0	3 0 / 0 9 / 2 0	% / In Y Y	% In Y T D	% Q 3 In
ig i C / A S h t de ts & p os	8 5. 2	8 6. 2	9 1. 4	9 4. 8	% 1 1. 3	% 1 0. 1	% 3. 8
im de i ts T e p os	8 1.	6 1.	1. 7	6 1.	0. 8 % -1	0. 0 %	-2 % 1
Bo ds n	1 4. 4	1 6. 1	1 6. 4	1 5. 9	% 1 1. 1	% -0 7	% -2 8
O t he r	1. 9	1. 8	1. 8	1. 7	% -1 1. 8	% -5 7	% -7 8
Ca i ta l-p te te d Ce t i f ica te p ro c r s	3. 1	3. 2	3. 1	3. 3	5. 5 %	2. 3 %	5. 9 %
ire in D t Fu d ( ) l. Re c n g ex c p os	1 0 6. 5	1 0 8. 9	1 1 4. 4	1 1 7. 4	% 1 0. 3	% 7. 8	% 2. 6

Direct customer funding¹ (without Repos)

Note:

1. Direct funding restated according to ^a management logic: it includes capital-protected certificates, recognized essentially under 'Held-fortrading liabilities', while it does not include Repos (€1.31bn at September ²⁰²⁰ vs. €7.98bn at September 2019), mainly transactions with Cassa di Compensazione ^e Garanzia.

BONDS OUTSTANDING: WELL DIVERSIFIED PORTFOLIO

Bonds Outstanding as at 30/09/2020

Total bonds outstanding at €19.9bn

• Successful issuance activity in 2020, 68% of FY ²⁰²⁰ Wholesale bond maturities: AT1 in Jan. (€400m), Senior Non-Preferred in Feb. (€750m) and T2 in Sep. (€500m)
• Very manageable amount of wholesale bond maturities in Q4 ²⁰²⁰ (€1.4bn) and FY ²⁰²¹ (€2.4bn), considering the strong liquidity position (with unencumbered eligible assets at €22.1bn, highly exceeding total bonds outstanding)

Managerial data based on nominal amounts.

Notes: 1.Include also Repos with underlying retained Covered Bonds.

BOND MATURITIES: LIMITED AND MANAGEABLE AMOUNTS

Managerial data based on nominal amounts, including calls.

Note: 1. With negligible impact on T2 Capital. See slide 43 for details. 2. Include also the maturities of Repos with underlying retained Covered Bonds: €0.45bn in 2021 and €0.50bn in 2022.

SECURITIES: INCREASED WEIGHT OF THE AC PORTFOLIO

€ b n				3 0 / 0 9 / 9 1	3 / 2 / 9 1 1 1	3 0 / 0 6 / 2 0	3 0 / 0 9 / 2 0	C h / g. y y	C h Y T D g.	C h i Q 3 g. n
	b i i D t t e s e c u r e s			3 4. 2	3 2 1.	3 8. 3	3 9. 9	6. % 1 5	2 % 7. 7	4. 2 %
	i t i t i O E q u y s e c u r e s,	d f p e n- e n u n	d i t i t & P s r v a e e q u y	2. 2	2. 5	6 1.	9 1.	4. % -1 5	-2 6. 2 %	9. % 1 5
	T O T A L S E C U R I T I E S			3 6. 4	3 3. 8	3 9. 9	4 1. 8	% 1 4. 6	% 2 3. 6	% 4. 8
	b S i i l i C i i F D t t E t t & o c s o n e e c r e s : o o n o m p o s o n u u v u
€ b n		3 6 1.		3 2.	3 4. 2	3 1. 2	3 8.	3	3 9. 9
D	b t i t i e s e c u r e s		3 0. 2	9						/ € 3. 0 b o : n w t F V T P L a
o	/ I t l i w : a a n	2 6. 7	2 0. 7	1 7. 7	1 9. 3	1 5. 5	2 1.	7	2 3. 9
	G i o v e s	3 1 / 1 2 / 1 6	3 1 / 1 2 / 1 7	3 1 / 1 2 / 1 8	3 0 / 0 9 / 1 9	3 1 / 1 2 / 1	9 3 0 / 0	6 / 2 0 3	0 / 0 9 / 2 0
			3 0 / 0 9 / 2 0 9 1		3 0 / 0	9 / 2 0 2 0
C l	i f i i t	F V O C I 3 6. 8 %		F V 3	O C I 3. 8 %
a s o	s c a o n f D b t e	€ 2. 6 b 1 n		A C € 1 3.	5 b n		A C	t l i I a	G i a n o v e s	i l m a n y
S e	i i t c r e s u		€ 3 4. 2 b n	2. 6 % 5	€ 3	9. 9 b n	5 6. 5 % € 2 2. 6 b n	c o n c t f o r	t t d i e n r a e n l i ( o o s e e n e	t h C A e t l i d ) x s e
			€	8. 0 b 1 n				p
			F V T P L € 3. 6 b n		F V T P L
			% 1 0. 6		% 9. 7	€ 3. 8 b n	2. 9	2 0 2 0 f M P e r	D o r m a n c e	i l 3 2 t e a s

FOCUS ON GOVIES PORTFOLIO

Non-IT Govies at AC

Non-IT Govies at FVOCI

Italian Govies at FVTPL 48% maturing by next year

Non-IT Govies at FVTPL

Notes: 1. Management data, including hedging strategies (Swap & Options).

FINANCIAL PORTFOLIO: NET FINANCIAL RESULT AND RESERVES/UNREALISED GAINS

Net Financial Result

(excl. FV on Own Liabilities)

NFR at €157.3m in Q3 (against €82.7m in Q2 and €0.8min Q1), strongly impacted by the positive valuation effect on the SIA stake (+€147m)

Reserves of Debt Securities at FVOCIPre-tax, in € ^m~€210m as at €210m 31/10/20203166

Unrealised gains on Debt Securities at AC2

Notes: 1. Impact from the change in FV on Own Liabilities (before tax) at +€206.0m in Q1 2020, -€165.4m in Q2 2020 and +€3.3m in Q3 2020. These amounts have been reclassified into a separate item after tax. 2. Debt Securities accounted at Amortised Costs are subject to a specific policy which sets dedicated limits to the amount of disposals allowed throughout the year. 3.Internal management data.

SOLID LIQUIDITY POSITION: LCR AT 198% & NSFR >100%¹

Internal management data, net of haircuts.

Notes: 1. Monthly LCR (September 2020) and Quarterly NSFR (Q3 2020). 2. Includes assets received as collateral. 3. Refers to securities lending (uncollateralized high quality liquid assets).

INDIRECT CUSTOMER FUNDING AT €88.4BN

• Total Indirect Customer Funding at €88.4bn, basically unchanged vs. 30/06/2020.
• Marginal increase in AUM (+0.3% q/q), mainly thanks to Funds e Sicav, which has compensated the slight decrease in Bancassurance.
• AUC almost stable in Q3; resilience in volume effect on a yearly-basis, being penalized by the price effect (-€1.8bn)

Management data of the commercial network. AUC historic data restated for managerial adjustments.Note: 1. AuC data are net of capital-protected certificates, as they have been regrouped under Direct Funding (see slide 29).

ANALYSIS OF PERFORMING LOAN PORTFOLIO

Customer loan (GBV) breakdown as at 30/09/20201

Staging evolution:Performing Loans in 9M 2020

Performing portfolio: EAD by risk categories2

Moderate impact of the Covid related crisis on the Performing Loan portfolio in 9M 2020, thanks to a range of external support measures and bank-specific actions

June: 86.1% March: 87.8%

September: 86.5%

Note: 1. GBV of on balance-sheet performing exposures. Financials include REPOs with CC&G. Internal management data. 2. Includes all performing customer loans subject to the internal rating process (AIRB). Based on 11 rating classes for rated performing loans.

NET CUSTOMER LOANS

Satisfactory increase in Performing Loans, with new loans granted at €20.3bn in 9M 2020¹

Notes: 1. Management data. See slide ¹¹ for details. 2. Loans and advances to customers at Amortized Cost, including also the GACS senior notes (Exodus since June ²⁰¹⁸ and, moreover, ACE since March 2019).

Data as at 30/09/19 are adjusted for the reclassification of the Profamily non-Captive loan portfolio (see Methodological Notes).

ASSET QUALITY DETAILS

G R O S S E X P O S U R E S	3 0 / 0 9 / 2 0 1 9	3 1 / 1 2 / 2 0 1 9	3 0 / 0 6 / 2 0 2 0	3 0 / 0 9 / 2 0 2 0	C hg	/ . y y	C hg	Y T D C hg		in Q 3
€ /m d % a n	Inc l. Pro fa i ly m				Va lue	%	Va lue	%	Va lue	%
Ba d Lo an s	3, 3 9 5	3, 5 6 5	3, 5 3 0	3, 6 1 5	2 2 0	% 6. 5	5 0	% 1. 4	8 4	% 2. 4
U T P	6, 9 4 9	6, 4 2 4	6, 9 1 5	6, 0 6 7	-8 2 7	2. 6 % -1	-3 4 7	4 % -5	-8 2	3 % -1
Pa t Du s e	1 3 1	9 8	1 5 0	1 0 0	-3 1	-2 3. 4 %	2	1. 8 %	-5 0	-3 3. 1 %
N P E	1 0, 4 7 4	1 0, 0 8 7	9, 8 3 9	9, 7 9 1	-6 8 3	% -6 5	-2 9 6	% -2 9	-4 8	% -0 5
for ing Pe Lo r m an s	0 4 3 8 1 1,	0 0, 6 3 1 1	0 3, 4 3 1 1	0 4, 0 6 4 1	2, 6 2 6	2. 6 %	3, 4 3 3	3. 4 %	6 3 3	0. 6 %
T O T A L C U S T O M E R L O A N S	1 1 1, 9 1 2	1 1 0, 7 1 8	1 1 3, 2 6 9	1 1 3, 8 5 5	1, 9 4 2	1. 7 %	3, 1 3 7	2. 8 %	5 8 5	0. 5 %

N E T E X P O S U R E S	3 0 / 0 9 / 2 0 9 1	3 / 2 / 2 0 9 1 1 1	3 0 / 0 6 / 2 0 2 0	3 0 / 0 9 / 2 0 2 0	C hg	/ . y y	C hg	Y T D	C hg	in Q 3
€ /m d % a n	l. fa i ly Inc Pro m				lue Va	%	lue Va	%	lue Va	%
Ba d Lo an s	1, 4 8 8	1, 5 6 0	1, 5 4 9	1, 5 3 2	4 4	% 3. 0	-2 8	% -1 8	-1 7	% -1 1
U T P	4, 3 3 7	3, 9 2 1	3, 3 9 7	3, 4 8 0	-8 9 3	-2 0. 4 %	-4 3 2	0 % -1 1.	-2 8 5	-6 9 %
Pa t Du s e	1 0 7	7 3	1 1 1	7 8	-2 9	-2 6. 7 %	5	7. 4 %	-3 3	-2 9. 6 %
N P E	5, 9 6 8	5, 5 4 4	5, 3 9 9	5, 0 9 1	-8 7 7	% -1 4. 7	-4 5 4	% -8 2	-3 0 9	% -5 7
for ing Pe Lo r m an s	0 0 2 1 1, 7	0 0, 3 0 1 1	0 2, 9 8 9 1	0 3, 6 2 1 7	2, 5 5 5	2. % 5	3, 3 2 6	3. 3 %	6 3 8	0. 6 %
O C S O O S T T A L U T M E R L A N	0 0 4 0 1 7,	0 8 4 1 5, 5	0 8, 3 8 9 1	0 8, 8 1 7 1	6 8 1, 7	6 % 1.	2, 8 2 7	2. % 7	3 2 9	0. 3 %

C O V E R A G E	3 0 / 0 9 / 2 0 1 9	3 1 / 1 2 / 2 0 1 9	3 0 / 0 6 / 2 0 2 0	3 0 / 0 9 / 2 0 2 0
%	Inc l. Pro fa i ly m
d Ba Lo an s	6. 2 % 5	6. 2 % 5	6. % 5 1	6 % 5 7.
U T P	3 7. 1 %	3 9. 1 %	3 9. 3 %	4 2. 7 %
Pa t Du s e	% 1 8. 2	% 2 5. 9	% 2 5. 6	% 2 1. 8
N P E	4 3. 0 %	4 0 % 5.	4 % 5. 1	4 8. 0 %
Pe for ing Lo r m an s	0. 3 6 %	0. 3 3 %	0. 4 3 %	0. 4 2 %
T O T A L C U S T O M E R L O A N S	4. 4 %	4. 4 %	4. 3 %	4. 5 %

Data refer to Loans and advances to customers measured at Amortized Cost, including also the GACS Senior Notes.

Data as at 30/09/19 are adjusted for the reclassification of the Profamily non-Captive loan portfolio (see Methodological Notes).

NPE FLOWS

9M ²⁰²⁰ shows an improvement in inflows to NPEs as well as in flows from UTP to Bad Loans vs. 9M ²⁰¹⁹

The challenging macroeconomic scenario has impacted mainly the outflows to performing loans

IMPROVING TREND IN ASSET QUALITY

Gross NPEs: -€20.2bn vs. YE 2016, o/w: -€1.7bn in 2019 and an additional -€0.3bn in 9M 2020

Note: 1. Includes a restatement for managerial purposes (inclusion of a portion of write-offs, in coherence with the restatement done in 2017).

UTP LOANS: HIGH SHARE OF RESTRUCTURED & SECURED POSITIONS

CAPITAL POSITION: STRONG RATIOS & BUFFERS

Further strengthening in ratios and buffers: well positioned to face the tough scenario

43expected in Q4 2020 in relation to Operational and Market risks (for a total of -50bps), while the MDA buffer on the Adjusted Total Capital Ratios includes also the maturity, in November 2020, of a T2 instrument, with a very limited residual recognizable amount of €14m.

CAPITAL POSITION IN DETAIL

P H A S E D I N C A P I T A L ( % ) € / d P O S I T I O N m a n	3 / 2 / 9 1 1 1	3 / 0 3 / 2 0 1	3 0 / 0 6 / 2 0	3 0 / 0 9 / 2 0
C E T 1 C i ta l ap	9, 5 8 6	9, 4 4 9	9, 5 8 5	9, 7 8 5
T 1 C i ta l ap	1 0, 0 1 7	1 0, 2 5 3	1 0, 3 8 8	1 0, 5 8 9
ta l C i ta l To ap	4 2 1 1, 5	6 3 6 1 1,	6 6 1 1, 7	2, 2 3 1 5
R W A	6 5, 8 4 1	6 5, 4 3 5	6 5, 0 9 0	6 3, 3 8 1
io C E T 1 Ra t	% 1 4. 5 6	% 1 4. 4 4	% 1 4. 7 3	% 1 5. 4 4
A T 1	0. 6 6 %	2 3 % 1.	2 3 % 1.	2 % 1. 7
t io T 1 Ra	2 % 1 5. 1	6 % 1 5. 7	9 6 % 1 5.	6. % 1 7 1
ie 2 T r	2. 3 2 %	2. % 1 1	9 8 % 1.	2. 6 3 %
l C i l io To ta ta Ra t ap	3 % 1 7. 5	8 % 1 7. 7	9 4 % 1 7.	9. 3 3 % 1

S C F U L L Y P H A E D A P I T A L ( % ) € / d P O S I T I O N m a n	3 1 / 1 2 / 1 9	3 1 / 0 3 / 2 0	3 0 / 0 6 / 2 0	3 0 / 0 9 / 2 0
C C i l E T 1 ta ap T 1 C i ta l ap ta l C i ta l To ap	8, 4 3 5 8, 7 5 4 0, 2 8 0 1	8, 4 2 3 9, 1 2 2 0, 0 6 1 5	8, 6 9 2 9, 3 9 0 0, 6 9 1 7	9, 0 0 6 9, 7 0 4 3 6 9 1 1,
R W A	6 5, 8 5 6	6 5, 3 5 3	6 5, 3 1 7	6 3, 8 6 9
io C E T 1 Ra t	% 1 2. 8 4	% 1 2. 8 9	% 1 3. 3 1	% 1 4. 1 0
A T 1	% 0. 4 6	% 1. 0 7	% 1. 0 7	% 1. 0 9
T 1 Ra t io	1 3. 2 9 %	1 3. 9 6 %	1 4. 3 8 %	1 5. 1 9 %
ie T 2 r	% 2. 3 2	% 2. 1 2	% 1. 9 7	% 2. 6 1
To ta l C i ta l Ra t io ap	1 5. 6 1 %	1 6. 0 8 %	1 6. 3 5 %	1 7. 8 0 %

R W A C O M P O S I T I O N ( € / bn )	3 1 / 1 2 / 1 9	3 1 / 0 3 / 2 0	3 0 / 0 6 / 2 0	3 0 / 0 9 / 2 0
C R E D I T C O U N T E R P A R T Y & S R I K	5 7. 7	6. 9 5	6. 9 5	0 5 5.
f w h ic h: S ta da d o n r	2 9. 3	2 9. 1	2 9. 1	2 9. 0
S M A R K E T R I K	9 1.	2. 3	2. 0	2. 2
O P E R A T I O N A L R I S K	6. 0	6. 0	6. 0	6. 0
C V A	0. 2	0. 2	0. 2	0. 2
T O T A L	6 5. 8	6 5. 4	6 5. 1	6 3. 4

R W A C O M P O S I T I O N ( € / b ) n	3 1 / 1 2 / 1 9	3 1 / 0 3 / 2 0	3 0 / 0 6 / 2 0	3 0 / 0 9 / 2 0
C R E D I T C O U N T E R P A R T Y & R I S K	5 7. 7	5 6. 9	5 7. 1	5 5. 5
f w h i h S t d d o c : a n a r	2 9. 3	2 9. 1	2 9. 3	2 9. 5
S M A R K E T R I K	9 1.	2. 3	2. 0	2. 2
O O S P E R A T I N A L R I K	6. 0	6. 0	6. 0	6. 0
C V A	0. 2	0. 2	0. 2	0. 2
O T T A L	6 8 5.	6 4 5.	6 3 5.	6 3. 9

Note: 2020 data include also the Net Income of the pertinent quarters. 2. 9M 2020 Performance Details

44

CONTACTS FOR INVESTORS AND FINANCIAL ANALYSTS

I N V E S T O R R E L A T I O N S

Ro b to Pe l io e r ro na g	3 9- 0 2- 9 4 7 7. 2 0 9 0 +
To Lu m c a s s e n	3 9- 0 4 8 6 3 5- 7. 5 5 7 +
is i Ar R ne c a s s	3 9- 0 2- 9 4 2 0 9 7 7. 1 +
i ia i S lv Le o n	3 9- 0 4 5- 8 6 7. 5 6 1 3 +
C in du le Pa a rm e s e	3 9- 0 2- 9 4 2 0 9 2 7 7. +

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