Unicaja Banco S.A.

Investor Presentation • Feb 3, 2022

4Q 2021 Earnings presentation

February 3rd 2022

Agenda

1. Key highlights

2. Business activity

3. Financial results

4. Asset quality

5. Solvency & balance sheet

6. Closing remarks

Merger keeps advancing at fast speed

(1) It includes shareholder remuneration and CET1-FL increase during 2022-24, (2) Excess capital over the 12.5% CET1 target (deducting AT1 coupons). ROTE without deducting excess capital would be >7.5%

3

Key highlights

Key Highlights

Business activity	 Strong quarter commercially with a clear focus on our core business  Main strategic plan levers, residential mortgages, consumer lending, insurance and mutual funds already delivering	Mutual funds Mortgages stock Consumer loans (new production)	+23% YoY +3% YoY +28% QoQ
Profitability	 NII to start recovering in 1Q22 after absorbing Euribor repricing, the restructuring of the ALCO portfolio and excess liquidity management  Fee income keeps delivering in all core revenue lines, ahead of the Plan  Opex; accelerated synergies already visible	Fee income Operating expenses	+19.5% 2021 vs 2020 -2% 2021 vs 2020
Asset quality	 Cost of risk down in 2H21 at c.40 basis points  Conservative profile and frontloading NPL recognition, 40% of NPLs are subjective  ~70% of 4Q21 NPL entries were subjective	NPL Ratio NPL Coverage	3.5% 68.5%
Solvency	 CET 1 FL of 12.5% as of December 2021 in line with management target and well (1), above regulatory requirements  Capital deployed to improve profitability in the near future while maintaining a strong balance sheet	CET 1 FL excess (2) Dividend payout target	€1.6bn 50%

Business activity

Customer funds

Customer funds breakdown

Million Euros	4Q20	3Q21	4Q21	QoQ	YoY
Customer funds on balance sheet	68,145	73,283	73,969	0.9%	8.5%
Public institutions	5,575	9,198	9,259	0.7%	66.1%
Retail customers	62,570	64,085	64,710	1.0%	3.4%
Demand Deposits	54,343	56,969	58,424	2.6%	7.5%
Term Deposits	8,035	6,420	6,104	-4.9%	-24.0%
Other funds	192	696	182	-73.9%	-5.2%
Customer funds off balance sheet	19,750	21,443	22,038	2.8%	11.6%
Mutual funds	10,063	11,811	12,410	5.1%	23.3%
Pension plans	3,859	4,005	4,033	0.7%	4.5%
Insurance funds	4,940	4,658	4,546	-2.4%	-8.0%
Other(1)	887	968	1,049	8.4%	18.3%
Total customer funds	87,894	94,726	96,007	1.4%	9.2%

Mutual funds

Mutual funds evolution (€bn)

Insurance

2021 +12%

Lending: Performing book

Performing loan book (€m)

Million Euros	4Q20	3Q21	4Q21	QoQ	YoY
Public sector	5,708	5,915	5,563	-6.0%	-2.5%
Corporate loans	13,674	13,435	14,093	4.9%	3.1%
Real Estate developers	1,020	926	841	-9.2%	-17.6%
Other corporates	12,653	12,508	13,253	5.9%	4.7%
Loans to individuals	32,899	33,729	33,866	0.4%	2.9%
Residential mortgages	30,168	31,001	31,090	0.3%	3.1%
Consumer & other	2,730	2,728	2,776	1.7%	1.7%
Total Performing book	52,281	53,079	53,522	0.8%	2.4%

New lending

Lending: Main portfolios

Residential mortgage portfolio Corporate portfolio

Strong geographic leadership model with proven capacity to grow in regions with lower physical presence

Main KPIs

• 70% at floating rate
• 92% first residence
• 91% loan to value < 80%

Residential mortgage portfolio stock breakdown.

Digital business

Clear strategy levering on existing capacity and selective investments to provide a comprehensive digital offering

1 Scaling up remote capabilities. Technology has never been as accessible as today, being selective on the right developments allows Unicaja Banco to compete on digital banking

2 Omni channel strategy: To enhance our customers convenience by accessing a wide range of product offering in different channels

3 Levering on strong partnerships: to build up our digital ecosystem, acquire attractive customers and deliver holistic product offering for our customers

Sustainability in the center of our business

Spanish Next Generation funds €140bn

Unicaja Banco NGEU Funds client simulator

Three steps simulator with all the information needed to manage and request NGEU Funds

• Push commercial activity through client support
• Identification, processing and management of EU Funds
• Non-customer acquisition facilitator
• Improve customer loyalty ratios
• Contribute to improve the competitiveness of our clients
• Investment in digitalization and sustainability

		EXELUTIVO CLIENTES UNESLIA B
MMITA TUS AYUDAS	INFORMACIÓN ÚTIL	ACCESO ILIMITADO
le avudas n sobre las convocatorias que te requisitos, plazos	C Recomendaciones Te explicantos las claves para maximizar las posibilidades de obtener las avudas.	C Opinion del experto Duenta con informa de nuestros experto
importe de las avudas a las que seber.	S Información util Plantillas y quias para facilitar la presentación de solicitudes.	G Sequimiento de las Gestion y sequimier trabvenclones favori
ration firest tas, accede al servicio de de ayudas públicas.	S Noticias. Te mantenemos al dia sobre las ültimas noticias relacionadas con los fondos.	C Alertas personalizas Servicio de alertas o ajustan a tu empres

Financial results

Quarterly income statement

4Q21 P&L statement. Proforma1

Million euros	4Q20	3Q21	4Q21	QoQ (%)	YoY (%)
Net Interest Income	286	251	235	-6.4%	-17.8%
Dividends	3	1	5	233.4%	44.8%
Associates	12	15	10	-37.9%	-22.8%
Net Fees	111	121	134	10.6%	20.5%
Trading income + Exch. Diff.	22	4	21	496.0%	-4.5%
Other revenues/(expenses)	(100)	(7)	(91)	na	-8.4%
Gross Margin	335	385	313	-18.8%	-6.6%
Operating expenses	(231)	(235)	(223)	-5.2%	-3.6%
Personnel expenses	(150)	(141)	(140)	-1.1%	-6.8%
SG&A	(56)	(70)	(61)	-13.2%	9.8%
D&A	(26)	(23)	(22)	-5.3%	-13.9%
Pre Provision Profit	104	150	90	-40.0%	-13.3%
Other provisions	(24)	(12)	(34)	-1.0%	41.5%
Loan loss provision	(104)	(57)	(56)	187.5%	-45.7%
Other profits or losses	1	(10)	(23)	129.5%	na
Pre Tax profit	(23)	71	(24)	na	3.1%
Tax	6	(18)	5	na	-8.4%
Net Income	(17)	54	(18)	na	7.1%

Revenues

• Net interest income: Impacted by fixed income portfolio restructuring and excess liquidity
• Fee income: Sustainable growth on the back of core business lines (mutual funds, insurance business and transaction banking)
• Other revenues: Seasonally weak quarter from the Deposit Guarantee Fund contribution € 89m
• Expenses Personnel expenses: Synergies in place from employees on agreed leave from Liberbank provisioned in 2Q21
• General expenses: Year end adjustment takes place in the last quarter
• Provisions Other provisions: include non-mandatory prudential provisions to increase coverage on financial guarantees
• Credit charges: cost of risk starts downward trend, c.40 basis points in the 2H21
• Other profits or losses: One-off impact from the valuation models assuming conservative assumptions

(1) P&L includes both Unicaja Banco and Liberbank under Unicaja Banco accounting criteria. Proforma P&L does not include transaction charges of €39m (gross) in 3Q21,€377m of restructuring charges accounted in 4Q21 and badwill coming from the merger between Unicaja Banco and Liberbank.

Net interest income: Yields

Customer spread (1) (%)

Net interest income: Evolution

Net interest income quarterly evolution. (€m)

Fee income

Fee income evolution. (€m) Fee income breakdown (€m)

Million Euros	4Q20	3Q21	4Q21	QoQ (%)	2020	2021	2021 vs 2020 (%)
Recurrent fees	111	121	134	10.6%	403	489	21.3%
Banking Fees	63	72	79	9.8%	226	283	25.3%
Non-Banking fees	48	49	55	11.8%	178	207	16.2%
Mutual funds	21	25	27	6.0%	77	97	27.3%
Insurance	23	19	24	26.3%	84	92	9.5%
Other	4	5	4	-17.2%	17	17	-0.4
Non recurrent fees	0	0	0	na	6	0	na
Total Fees	111	121	134	10.6%	409	489	19.5%

Operating expenses

Cost of risk

(1) Annualized quarterly cost of risk over EOP gross loans. 21

Asset quality

Non performing loans

Non performing loans evolution

Coverage (%) c.70% NPL entries in 4Q21 are subjective NPLs ~65% of 4Q21 recoveries were

cash or curing

Loan book NPL ratio and coverage

NPLs breakdown

	Corporates (excl. RED)
--	------------------------	--	--

• Real Estate Developers
• Residential mortgages
• Other individuals

Stock (€m)	55,483
Stage 1	49,952
Stage 2	3,570
Stage 3	1,961
Coverage level	68.5%
Stage 1	0.3%
Stage 2	8.9%

Foreclosed assets

Foreclosed assets quarterly evolution. (€m)

Non performing assets. (€m)

Foreclosed assets breakdown and coverage

Foreclosed assets (€m)	Gross Debt	NBV	Coverage (€m)	Coverage (%)
Residential	702	313	389	55%
Building under construction	245	87	158	65%
Commercial RE	212	106	106	50%
Land	1,050	318	732	70%
Total	2,209	823	1,385	63%

1. Net NPA ratio calculated as NPA (net of provisions) over net lending plus net foreclosed assets

Solvency & balance sheet

Solvency (I/II)

CET 1 Fully loaded(1),(2) quarterly evolution. (€m)

Solvency (II/II)

Capital ratios. December 2021 Regulatory requirements(1).

	Wholesale funding issuances
Date	Type	Amount	Orders	Coupon
10 Nov 2021	AT1 PerpNC5.5	€500m	c. 3x	4.875%
24 Nov 2021	SP 5NC4	€660m	c. 2x	1.000%
11 Jan 2022	T2 10.5NC5.5	€300m	c. 3x	3.125%

Fixed income portfolio

Fixed income portfolio evolution (€bn)

Fixed income portfolio breakdown (%)

Private debt

28

Liquidity and wholesale funding

(1) Includes covered bonds, T2, senior and long term repos (excludes AT1 and Liberbank €300m T2 with call

	2022	2023	2024	>2024	Total
Tier 2 (*)	300	-	300	-	600
Senior preferred	-	-	-	660	660
Covered Bonds	492	450	-	5,722	6,664
Total	792	450	300	6,382	7,924

(*) Does not include the newly issued €300m of T2 to replace current ones with 2022 maturity.

Closing remarks

Closing remarks

Good start towards fulfilling the 2024 strategic plan targets

(1) Excluding trading income (2) Excess capital over the 12.5% CET1 target (deducting AT1 coupons) ROTE without adjusted excess capital >7.5% (3) It includes shareholder remuneration and CET1-FL increase during 2022-24 (4) Shareholder remuneration assumes a payout of 50% fully in cash

Appendix

Share and book value

Share metrics and book value (1) Shareholder base

Share and liquidity:	4Q21
# O/S shares (m)	2,655
Last price (€)	0.87
Max price (€)	0.95
Min price (€)	0.77
Avg. traded volume (#shares m)	3,021
Avg. traded volume (€ m)	2,615
Market Capitalization (€ m)	2,307
Book Value:
BV exc. minorities (€m)	5,778
TBV (€m)	5,698
Ratios:
BVps (€)	2.18
TBVps (€)	2.15
PBV	0.40x
PTBV	0.40x

Source. CNMV as of 31/12/2021.

Income statement. Proforma

Million euros	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	QoQ (%)	2020	2021	2021 vs 2020 (%)
Net Interest Income	287	268	283	286	277	266	251	235	-6.4%	1,123	1,028	-8.5%
Dividends	7	4	2	3	1	17	1	5	233.4%	17	24	42.1%
Associates	12	32	13	12	10	23	15	10	-37.9%	70	58	-16.6%
Net fees	103	95	100	111	117	117	121	134	10.6%	409	489	19.5%
Trading income + Exch. Diff.	34	35	7	22	17	6	4	21	496.0%	98	47	-52.4%
Other revenues/(expenses)	(10)	24	2	(100)	(2)	(28)	(7)	(91)	1168.1%	(85)	(129)	52.3%
Gross Margin	433	458	406	335	419	400	385	313	-18.7%	1,632	1,517	-7.1%
Operating expenses	(246)	(243)	(237)	(231)	(239)	(240)	(235)	(223)	-5.2%	(957)	(937)	-2.1%
Personnel expenses	(150)	(156)	(149)	(150)	(145)	(145)	(141)	(140)	-1.1%	(606)	(571)	-5.7%
SG&A	(74)	(65)	(63)	(56)	(69)	(69)	(70)	(61)	-13.2%	(258)	(269)	4.5%
D&A	(21)	(22)	(24)	(26)	(25)	(26)	(23)	(22)	-5.3%	(93)	(96)	3.4%
Pre Provision Profit	188	214	170	104	180	160	150	90	-40.0%	676	580	-14.1%
Other provisions (1)	(8)	(17)	(19)	(24)	(15)	(38)	(12)	(34)	187.5%	(69)	(100)	45.0%
Loan loss provision	(69)	(134)	(108)	(104)	(77)	(81)	(57)	(56)	-1.0%	(415)	(271)	-34.8%
Other profits or losses	(23)	(55)	(1)	1	4	0	(10)	(23)	129.5%	(79)	(29)	-62.5%
Pre Tax profit	86	9	41	(23)	92	41	71	(24)	na	113	180	59.1%
Tax	(21)	1	(6)	6	(26)	(5)	(18)	5	na	(20)	(43)	115.1%
Net Income	65	10	35	(17)	66	36	54	(18)	na	93	137	47.2%

Note: All information is prepared on a pro forma basis for comparability. (1) 2Q21 exclude early retirees provision booked by Liberbank of €143m. 3Q21 excludes badwill, €39m of transaction charges and 4Q21 excludes €377m of restructuring charges (gross figures)

Legal income statement

Million euros	2021	Merger adjustments
Net Interest Income	730
Dividends	19
Associates	40
Net fees	362
Trading income + Exch. Diff.	52
Other revenues/(expenses)	(105)	(17)
Gross Margin	1,099	(17)
Operating expenses	(706)
Personnel expenses	(437)
SG&A	(200)
D&A	(69)
Pre Provision Profit	392	(17)
Other provisions	(469)	(399)
Loan loss provision	(182)
Other profits or losses	(22)
Badwill	1,301	1,301
Pre Tax profit	1,021	885
Tax	92	125
Net Income	1,113	1,010

Balance sheet

Million euros	31/21/20	30/09/2021	31/12/2021
Cash on hand, Central Banks and Other demand deposits	6,667	15,367	21,298
Assets held for trading & Finantial assets at fair value through P&L	284	356	273
Financial assets at fair value through other comprehensive income	1,494	1,346	1,298
Financial assets at amortised cost	29,391	56,839	57,142
Loans and advances to central banks and credit institution	1,762	1,453	1,119
Loans and advances to customers	27,629	55,386	56,023
Debt securities at amortised cost	22,157	24,932	24,850
Hedging derivatives	617	796	815
Investment in joint ventures and associates	362	1,030	1,052
Tangible assets	1,145	2,273	2,249
Intangible assets	74	84	80
Tax assets	2,741	4,760	5,250
Other assets	367	626	544
Non current assets held for sale	244	735	700
Total Assets	65,544	109,144	115,550
Financial liabilities held for trading & at fair value through P&L	12	29	31
Financial liabilities at amortised cost	59,053	99,616	105,476
Deposits from central Banks	4,998	10,318	10,292
Deposits from credit institutions	3,805	3,864	6,665
Customer Deposits	48,701	82,041	84,154
Other Issued Securities	363	1,916	2,498
Other financial liabilities	1,186	1,477	1,867
Hedging derivatives	609	1,053	1,000
Provisions	799	1,118	1,428
Tax liabilities	258	411	389
Other liabilities	809	902	900
Total Liabilities	61,539	103,131	109,224
Own Funds	4,001	6,161	6,416
Accumulated other comprehensive income	4	(149)	(90)
Total Equity	4,005	6,013	6,326
Total Equity and Liabilities	65,544	109,144	115,550

Important legal information

This presentation (the Presentation) has been prepared by Unicaja Banco, S.A. (the Company or Unicaja Banco) for informational use only.

The recipient of this presentation has the obligation of undertaking its own analysis of the Company. The information provided herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company. The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities, and, unless otherwise stated, it has not been verified by the Company or any other person.

The information contained in the Presentation may be subject to change without notice and must not be relied upon for any purpose. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of any information contained in this document and, by hereby, shall not be taken for granted. Each Unicaja Banco and its affiliates, advisors or agents expressly disclaims any and all liabilities which may be based on this document, the information contained or referred to therein, any errors therein or omissions therefrom. Neither the Company, nor any of its affiliates, advisors or agents undertake any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained or referred to in the Presentation.

Unicaja Banco cautions that this Presentation may contain forward looking statements with respect to the business, financial condition, results of operations, strategy, plans and objectives of the Unicaja Banco and its affiliates. While these forward looking statements represent Unicaja Banco's judgment and future expectations concerning the development of its business, a certain number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from the current expectations of Unicaja Banco and its affiliates. These factors include, but are not limited to, (1) general market, macroeconomic, governmental, political and regulatory trends; (2) movements in local and international securities markets, currency exchange rate and interest rates; (3) competitive pressures; (4) technical developments; and (5) changes in the financial position or credit worthiness of Unicaja Banco's and its affiliates customers, obligors and counterparts. These and other risk factors published in past and future filings and reports of Unicaja Banco, including those with the Spanish Securities and Exchange Commission (CNMV) and available to the public both in Unicaja Banco's website (https://www.unicajabanco.com) and in the CNMV's website (https://www.cnmv.es), as well as other risk factors currently unknown or not foreseeable, which may be beyond Unicaja Banco's control, could adversely affect its business and financial performance and cause actual results to differ materially from those implied in the forward-looking statements.

Market and competitive position data in the Presentation has generally been obtained from industry publications and surveys or studies conducted by third-party sources. Peer firm information presented herein has been taken from peer firm public reports. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Unicaja Banco has not independently verified such data and can provide no assurance of its accuracy or completeness. Likewise, certain statements in the Presentation regarding the market and competitive position data are based on the internal analyses of Unicaja Banco, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent source and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or Unicaja Banco's competitive position data contained in the Presentation.

This Presentation includes accounts and estimations issued by the management, which may have not been audited by the Company's auditors. In addition, this document includes certain Alternative Performance Measures (APMs) as defined in the guidelines on Alternative Performance Measures published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es) (the ESMA guidelines). This report uses certain APMs, which are performance measures that have been calculated using the financial information from Unicaja Banco and its affiliates but that are not defined or detailed in the applicable financial framework and therefore have neither been audited nor are capable of being completely audited. These APMs are aimed to enable a better understanding of Unicaja Banco's and its affiliates' financial performance but should be considered only as additional disclosures and in no case as a replacement of the financial information prepared under International Financial Reporting Standards (IFRS). Moreover, the way the Unicaja Banco defines and calculates these measures may differ to the way these are calculated by other companies, and therefore they may not be comparable. Please refer to Unicaja Banco's past and future filings and reports including those with CNMV and available to the public both in Unicaja Banco's website (https://www.unicajabanco.com) and in the CNMV's website (https://www.cnmv.es) for further details of the APMs used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In any case, the financial information included in this Presentation has not been reviewed to the extent of its accuracy and completeness and, therefore, neither such financial information nor the APMs shall be relied upon.

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Investor relations

ir@unicaja.es