Banco BPM SpA

Investor Presentation • Dec 12, 2023

Banco BPM 2023-26: A Solid Success Story

Strongly committed team, ready to deliver Superior Shareholder Value

Sustainable Banking, proudly supporting the Italian Economy

12 December 2023

Disclaimer

This presentation has been prepared by Banco BPM ("Banco BPM") and includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Bank with respect to future events.

Forward-looking statements are statements that are not historical facts. 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. These forward-looking statements and information were developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment.

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 forward-looking statements attributable to Banco BPM or persons acting on its behalf are expressly qualified in their entirety by this disclaimer.

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Banco BPM 2023-26: a Solid Success Story

STRATEGIC PLAN AT A GLANCE

SUSTAINABILITY FULLY INTEGRATED THROUGHOUT THE PLAN

Distinctive Strengths & Performance Track Record

A plan based on solid foundations

WELL-POSITIONED TO EXTRACT FURTHER PROFITABILITY

Data as of 30/09/2023.

Notes: 1. Source: Bank of Italy. For Banco BPM, the figures include the branches of the Parent Bank plus 53 private branches of Banca Aletti as well as 26 other Group outlets. 2. Closing of the "Vera" and "CAA" transactions expected by year end. 3. Closing expected in Q1 2024.

Optimal geographic presence: at the core of the Italian economy

BBPM TERRITORIAL FOOTPRINT

Sources: Infostat, Bank of Italy; IHS; ISTAT

Data as of 30/09/2023.

Notes: 1. For Banco BPM, the branches include the core retail franchise of the Parent Bank plus 53 private banking branches of Banca Aletti as well as 26 other Group outlets. Source: Studies and Research processing on Bank of Italy Supervisory Reports. 2. Calculated including total # of branches at Group level.

Specialized banks & product factories: strategic growth engines

HIGHER REVENUE CONTRIBUTION THANKS TO STRENGTHENED OWNERSHIP STRATEGY FOR KEY BUSINESSES

• 1. Develop top-level product offering for our clients
• 2. Direct involvement in governance and management of the product factories ("significant influence")
• 3. Two revenue streams for Banco BPM: distribution fees and income from companies' results

Notes: 1. New Bancassurance set-up fully operational starting from Jan. 2024, post "Vera" and "CAA" transactions to be closed by year-end. 2. JV with FSI and Iccrea Banca, with closing expected in Q1 2024.

A successful 7-year journey increasing profitability and solidity

2017 – 2019 TRANSFORMATIONAL RESTRUCTURING

• FORMER BANKS' IT, ORGANISATIONAL AND COMMERCIAL INTEGRATION
• NETWORK AND PRODUCT FACTORIES / JVs' SIMPLIFICATION & SPECIALISATION
• MASSIVE DERISKING

2020 – 2021 BUSINESS MODEL AND CAPITAL PROFILE CONSOLIDATION

• DIGITAL & MULTICHANNEL COMMERCIAL MODEL
• IMPROVEMENT IN RISK / CAPITAL POSITION
• STRENGTHENED PROFITABILITY

2022 – 2023 PROFITABILITY AND VALUE CREATION

• STRATEGIC AMBITIONS' ENHANCEMENT
• STEADY INCREASE IN PROFITABILITY
• GOVERNANCE & RISK MANAGEMENT REINFORCEMENT
• RESHAPING OF BANCASSURANCE AND PAYMENTS BUSINESS MODEL
• INVESTMENT GRADE-RATED BY S&P, MOODY'S, FITCH AND DBRS

Notes: 1. 2017 P&L data not fully comparable, due to different accounting standard and reclassification schemes. 2. Calculated as Net Profit from P&L (year x) / Tangible Shareholders' Equity (end-of-period, excluding FY Net Profit, AT1 instruments and Intangible assets net of fiscal effect). 3. Post dividend suspension.

Previous Plan targets for 2024 over-achieved 1 year in advance

Successfully continuing our path of Digital & Sustainability integration

11

Notes: 1. Omnichannel Sales: significantly digital channels-contributed branch sales (e.g., on-line price quotation and product selection/request) and Remote Sales (Self or Remotely-assisted full digital Sales). 2. Oil & Gas, Power generation, Cement, Automotive and Coal. 3. New lending to Corporate and Enterprises belonging to green/low transition risk sectors and green lending products to Corporate and Enterprises (excluding Small Business & Institutional segments). 4. Issued under the GS&S Bonds Framework.

Best share price performance since merger, yet still room for growth

TOP 30 EU BANKS – SHARE PRICE PERFORMANCE JAN 2017 / NOV 2023¹

P/E² : SIGNIFICANT GAP VS. LONG-TERM AVERAGE

2023-26 Strategic Plan Financials

Main underlying macro-economic assumptions

Key opportunities from current market conditions

CURRENT NII LEVEL ACHIEVED ALSO IN

Average Euribor 3M NII / Avg. Total assets

Top Italian Banks by assets¹

LOWER INTEREST RATE CONTEXT SYSTEMIC CHARGES PHASING-OUT ENHANCED CREDIT STANDARDS PREVENTING MAJOR DETERIORATION

• Today's point of departure is stronger than ever:

Italy² – Probability of default (weighted average) - Corporate & SMEs Indexed numbers (1Q 2015= 100)

• In recent years, Italian banks adopted new credit management standards guided by a strict regulatory framework and a rigorous supervisory approach

Top Italian Banks by assets³ - Impact of systemic charges on Net Income

Notes: 1. Banks included in the sample: Unicredit, Intesa Sanpaolo, MPS, Banco Popolare, BPER, BNL, BPM (year 2011); Unicredit, Intesa Sanpaolo, BBPM, BPER, MPS, Crédit Agricole Italia, Credem (1H 2023). 2. Italian Banking System, Corporate as defined in Capital Requirements Regulation, including Businesses with >€1m exposure. 3. Banks included in the sample: Unicredit, Intesa Sanpaolo, BBPM, BPER, Banca Popolare di Sondrio, Credem

Sources: Bank of Italy; EBA Risk Dashboard; Top Italian Banks financial reports 2021, 1H 2023.

Raised P&L ambitions leading to top-level shareholder remuneration

Notes: 1. Calculated as Net Profit from P&L (year x) / Tangible Shareholders' Equity (end-of-period, excluding FY Net Profit, AT1 instruments and Intangible assets net of fiscal effect). 2. Proforma post Basel IV net impact (fully loaded) estimated in 2021. 3. Market cap as of 11/12/2023. ¹⁶

Volumes: back to loan growth, acceleration on indirect funding

CAGR 9M 2023-26

P&L: targets to build further on our current growth trajectory

56% 54% 48% <50%

<50% 2023G factoring renewal of National Labour Contract

2021 2022 9M 2023 2026

2022 data are restated for the application of IFRS 17 to subsidiary and associated insurance companies.

Notes: 1. Including net commissions and fees, income from consolidated Life insurance business, income from associates; 2. Calculated as Net Profit from P&L (year x) / Tangible Shareholders' Equity (end-of-period, excluding FY Net Profit, AT1 instruments and Intangible assets net of fiscal effect). 3. Annualized.

NII and Cost headwinds over-compensated by Fees and Associates

PRE-PROVISION INCOME

NII and Net Commissions: main evolution drivers

COMPENSATING NII REDUCTION…

2023G-2026, €bn

… WITH HIGHER NET COMMISSIONS

2023E-2026, €bn

Income from Life Insurance and Associates: main drivers

• More volumes for higher share of Life products on AuM
• Improved margins thanks to value chain internalization
• Note: 2023 results of Life product factories affected by spike in interest rates; normalization / decrease of interest rates to impact positively in 2024-26 via higher CSM amortization

INCOME FROM CONSOLIDATED (LIFE) INSURANCE INCOME FROM ASSOCIATES

• Largely (>90%) from key product factories:

Contribution to Revenues

2023E-2026, €bn

+ + Bancass. P&C + PayCo

Costs: further efficiencies to offset inflation and increase in investments

COST EVOLUTION DETAILS

2023E-2026, €bn

Including a new headcount reduction plan ~2.6 +0.16 -0.07 -0.09 +0.08 ~2.7 Inflation and impact from new National Labour Contract Network Streamlining & Digitalization Lean operating machine upgrade and benefits from AI 2023E 2026 • Est. additional ~€100m of increased cost of labor following introduction of new National Labour Contract • Inflation on non-HR costs • Phase-out of 400+ cash desks reskilling resources to commercial activities • Completion of network rationalization targeting ~1,250 branches by 2026 • Streamlining IT • Operations automation • Real Estate assets optimization • Zero-based cost design approach • 20% investments increase to enable Acceleration Plan • Leverage Analytics / Machine Learning / Gen AI to transform the bank and to improve productivity Impact of Acceleration Program initiatives o/w: €50m 2023 impact from renewal of National Labour Contract

specifically for 2024-26 (~1,600 exits, ~800 new young hires)

22

IT investment boost led by tech upgrade and digital innovation

IT INVESTMENTS

Cum. 2024-26 vs. Cum. 2021-23, €m

KEY INVESTMENT AREAS

Distinctive track record in Asset Quality & Cost of Risk

Capital position not affected by increased shareholder remuneration

CET1 RATIO EXPECTED EVOLUTION

25 Notes: 1. Including regulatory headwinds (adoption of EBA guidelines) and Danish compromise. 2. Participations, delta FVOCID reserves, DTA and other effects. 3. Pro-forma already including SREP 2024 capital requirements.

Strong P&L enabling to boost shareholder remuneration

Performance Acceleration Program

The seven pillars of our Performance Acceleration Plan

SUSTAINABILITY FULLY INTEGRATED THROUGHOUT THE PLAN

Further developing the integration of our Sustainability strategy

SUSTAINABILITY AMBITIONS EMBEDDED IN THE PLAN

E	• Supporting our clients in their transition path through advisory and commercial offering, paving the way for a Net Zero Strategy • Strengthening the management & monitoring of Climate & Environmental Risk • Keep on reducing our own environmental impact	>€10bn Green & Low Transition risk new lending (avg. P.Y. 2024-26) 1	CARBON NEUTRAL BY 2024 For Net Scope 1&2 emissions2
S	• Further enhancing our People strategy, Generational change and Women empowerment • Strengthening our leadership position as third sector lender • Confirming as a top Community bank with strong impact on our local communities (school and education-driven)	+20% ~€200m Women in New loans to managerial third sector positions YE 2026 (2026) vs. YE 2023	~€5m Donations & contributions for "E" and "S" projects (avg. P.Y. 2024-26)
G	• Short-term and Long-term incentive plans for managers & employees confirmed aligned with ESG targets • Supporting our Digital transformation with a strong Privacy & Cybersecurity management • Further enhancement of ESG risk measurement framework, in coherence with the evolution of external regulation and risks materiality	~15% Share of hirings of Cybersecurity specialists on total hirings of Digital & IT professionals (2024-26)	#200K ESG training hours to employees in 2026

Notes: 1. New lending to Corporate and Enterprises belonging to green/low transition risk sectors (as defined at YE 2023) and green lending products to Corporate and Enterprise segments (excluding small business & institutional segments). 2. Carbon Neutrality for Net Scope 1&2 Market-based emissions.

SME & Corporate: a strong platform for further growth

Notes: 1. Market share calculated on outstanding loans to SMEs and Corporates. 2. 2020 data. Southern Ireland not included due to a fiscal regime not comparable. 3. 2021 data. 4. Customer loyalty survey conducted by external research provider for BBPM on 22 Provinces where BBPM is located. Data refers to the top 7 banks in Italy by total assets (2022).

Sources: Istat, Eurostat

Solid growth by 2026 to be mostly driven by Fees & Commissions

Corporate & Investment Banking: a tailor-made service model

A ROBUST MODEL WITH GROWTH POTENTIAL

BBPM distinctive identity in the midcorporate market…

…with still room for growth in specific clients and business areas

Market Share (internal estimate)

OFFER SCALE UP ADVANCED CUSTOMER SERVICE MODEL BROADEN LEADERSHIP

• Relationship Managers focused on Key Clients and portfolios optimization
• Dedicated effort on clients with additional potential through evolution of segmentation
• Advanced industry coverage: Infrastructure (PNRR), PowerGen, Private Equity,…

THREE MAIN PRIORITIES OF ACTION

• Banca Akros full potential: origination synergies on BBPM's client base, expansion of investment products offering and sales business unit set-up

• Supply Chain Finance: specialists, products, digital platform, growth via M&A of specific target (including fintech)

• Originate to Share as enabler of growth in Structure Finance Business

• Global Transaction Banking digitalization with Artificial Intelligence-driven solutions for economies of scale

Specific focus also on growth in Large Corporate value-added business (i.e. capital markets / bond issuances) leveraging BBPM investment grade rating as enabler

Key targets

Notes: 1. Market share calculated on deal value, based on disclosed data (2022). 2. Market shares relative to Corporate and SMEs. 3. Market share calculated on deal value, based on disclosed data of transactions between €10m and €250m (11M 2023). 4. M/L-term loans (Sec. and Unsec.), incl. revolving. 5. Include growth on net commissions and net financial result. 6. Data refers to corporate clients, share of wallet calculated on drawn credit lines. Sources: Assifact; Mergermarket; Bank of Italy.

SMEs: differentiated approach based on Digital and 360° Advisory

33 Notes: 1. Businesses with turnover up to €5m. 2. Perimeter including Small and Micro Business relationship managers.

ESG Factory for corporates and SMEs: supporting sustainable transition

Notes: 1. "High" and "Very High" transition risk sectors (as defined at YE 2023). 2. New lending to Corporates and Enterprises belonging to green/low transition risk sectors (as defined at YE 2023) and green lending products to Corporate and Enterprise segments (excluding small business & institutional segments). 3. Oil & Gas, Power generation, Cement, Automotive and Coal.

CIB SME

Wealth Mgmt: building on recent progress to further exploit our potential

Sources: Bank of Italy; Peers Annual Reports.

AuM growth and life insurance factory support ~€215m revenue upside

Notes: 1. Conservatively ~2.5p.p. below Prometeia estimates. 2. Excluding Cap. Protected Certificates.

Affluent: four key priorities to enable AuM growth

Private: three key priorities to enable Banca Aletti further growth

~+€95m revenues from deals in P&C Insurance and Payments

Broaden leadership in SMEs & Corporate

Reinforce Wealth Management & Life Insurance

Capture value from P&C Insurance and Payments' deals Benefit from further omnichannel reinforcement

Enhance tech innovation, lean banking, Cybersec Further consolidate a "future-proof" balance sheet

Empower People and Communities

Payments deal announced on 2023 July 14th

• Banco BPM, Gruppo BCC Iccrea and FSI have underwritten a binding agreement for the creation of a strategic partnership
• The agreement provides for the assignment into the joint venture of Banco BPM's payments activities, for a mixed consideration based on cash and shares (28,6% of JV): tot €500m immediate + additional max amount of +€100m
• The Bank will be able to preserve the current commission margins, while fully benefiting from their growth, as well as from the contribution of the profits expected from the JV and its potential accretion in the value of its equity investment

Closing by 1Q 2024 Closing by 2023

• CAA's acquisition of the 65% stake in Banco BPM Assicurazioni S.p.A. and, subject to the repurchase by Banco BPM of the stake currently held by Cattolica Assicurazioni, of 65% in Vera Assicurazioni
• Launch of a 20-year commercial partnership in the Non-Life/Protection sector which will have as its objective the distribution of insurance products to be placed by both the Banco BPM Network and part of Agos Network

P&C AND PAYMENTS GROWTH 2023-26

• Additional value from last 12 months' deals comes from both an increase in fees as well as profit as shareholders

Δ 2023-26 (€m)

Delta fees 2023-26 from Payments

Expected growth in Payments mainly driven by market dynamics

EXPECTED PAYMENTS FEES GROWTH BY DRIVER INITIATIVES DETAILS

Market growth: 85-90% of total growth Avg. GDP + Inflation ~3% + 5 p.p. '23-'26 Digital transactions penetration ~+€30m of fees ~+€20m of income from associate

	Product penetration initiatives		Cross-sell / Up-sell initiatives
•	Marketing and Commercial jointly dedicated investments	•	Up-sell: Focus on Smart POS, premium cards for business segment and digital/mobile payments
•	Additional salesforce to develop LAKA/ Corp. clients	•	Cross-sell: Focus on pushing VAS enabled by the new platform (i.e., Soft Pos;
•	Personalized offers on high potential customer clusters		other specific SME, small and micro businesses services)
•	Leverage on relaunched BBPM's customer base growth ambition

Full deployment within 1 year from closing

P&C proposition to leverage on best-in class partnership with CAA

income from associate

INITIATIVES DETAILS

• New specific 'check-up' tools to map customer needs and insurance gap to stimulate adoption
• Full integration of the insurance offer and commercial routines into new Wealth Management platform
• Exploitation of the newly set-up dedicated Bancassurance Protection commercial organizational unit:
  • +130 FTEs (of which +120 FTEs dislocated across the regions)
  • Continuous specialized training program
• Leveraging on CAA international capabilities to build a new state-of-the-art products and services catalogue

Notes: 1. Non-Motor excl. Credit Protection; Source: Global Data. 2. Source ANIA.

41

Fostering clients' proximity with empowered omnichannel approach

Notes: 1. Retail clients (Individuals + SB). 2. All segments, TRX = transaction. 3. Fully Remote sales = Self, Webank, Remote and Digital Branch. 4. Digital Branch is focused on commercial and advisory activities while offering assistance services.

Leading edge ambition on current omnichannel initiatives

Digital client activation program Omnichannel 1 2 3

• Extension of self / digital product offering
• Digital Sales & Marketing boost program

sales / total sales²

• Completion of Marketing Automation platform (es. real-time engagement of clients)

advisory transformation Network transformation 2.0

• Extension of omnichannel advisory solutions (i.e. Digital-Off-premise; In-app-videocollaboration)
• Integration of WM advisory platform into Advanced CRM/ Marketing automation tools
• Upgrades to retail RMs front end

EXAMPLES OF AI/GENERATIVE AI USE CASES

~€ 70m expected cost saving

• Further reduction of branches and cash desks (opened only half day), also thanks to ~500 new state-of-the-art advanced ATM machines
• In-branch digitalization program (digitalization of network workforce and CX in-branch)
• Further growth/commercial impact of Digit. Branch

• Co-piloting of financial advisory • Digital Branch in/outbound flow optimizer

Clients with at least 1 purchase in last 12 months (%)

(%) Remote and off-premise financial advisory services (%)

• Personalization and funnel optimization of digital marketing contents

Fully remote¹

Notes: 1. Fully Remote sales = Self, Webank, Remote and Digital Branch; Individuals + SB. 2. Excluding Current Accounts. 3. Webank clients and clients without transactions in branch in the last 12 months. 4. Internal and external (outsourced) Customer Center frontline FTE's (annual average).

Acceleration of customer acquisition to sustain deposit volumes

IT platform: a new journey based on four key priorities

innovative, efficient & secure IT

Higher IT investments with an improved "mix" towards transformation

AI @ Scale to transform our way of doing business

Pushing innovation throughout the Group leveraging on Advanced Analytics, Machine Learning & Generative AI with a Group value-driven strategy

Operations efficiency, cost control, lean banking, greener footprint

KEY INITIATIVES

ICT	• Vendor & contract optimization • Technical improvements e.g., consumption reductions, outdated hardware decommission, …	15 % Cash out savings vs. ICT 2023 baseline
Operations	• Back-office automation with Robotic Process Automation (RPA), AI & Generative AI • Simplification / revision of internal processes and internal procedures to enable the operating transformation	20 % Ops productivity increase
Real Estate	• Reduction of non-instrumental assets and working spaces optimization • ~20% reduction in 2026 vs. 2022 in power consumptions (Scope 1&2)	Generating 50 €230M RWA % optimization Non-instrumental Real Estate assets disposal
Other G&A1	• Zero-based cost budgeting and demand management applied also on "run" expenditures • Cost-optimization initiatives on selected cost items (e.g., switch to video surveillance, reducing internal printing, optimizing info-providers, …) • Organizational de-layering	5 % Other G&A1 reduction vs. '23 baseline

BENEFITS

cross-category gross savings identified (2026 vs. 2023)

~€90m

Carbon neutral

for Net Scope 1 & 2 emissions by 2024

Already 100% of electric energy from renewable sources maintained throughout the Plan

48

Distinctive track-record and future-ready "credit-machine"

49

• Credit risk data warehouse: managerial and risk data

integration to support decision-making

Increasing effort and performance on pre-default and prevention

END-TO-END STRENGTHENING IN CREDIT LIFECYCLE MANAGEMENT

Notes: 1. Includes Cancellations, Write-offs, Recoveries, Cure & Other. 2022 data is adjusted to exclude an extraordinary single name disposal. 2. Annualized.

AMBITIONS

Optimization of funding strategy and securities portfolio

STARTING POINT AND STRATEGIC PRIORITIES ESG FOCUS

Notes: 1. Net of maturities. 2. Eligible Taxonomy-aligned categories are: Energy, Construction and Real Estate activities and Manufacture of basic 51 chemical. 3. Issued under the GS&S Bonds Framework. 4. Data referred to the Parent Company (excl. Commercial Bonds, GACS, financial assets at fair value, equity securities).

A comprehensive plan to empower our People

Academy to enhance skills, commitment for better work-life balance

Promoting generational turnover and talent management

Keeping up our commitment to support Communities

CERTIFIED

Project Horizon
Schools, students and community initiatives	Financial education and ESG engagement	Volunteering initiatives	Contributions and donations	Social lending
• Renewal of BBPM project launched in 2018 with the aim of sustaining local social initiatives, in particular improving school equipment and rewarding talented students	• Investments in educational activities to spread financial awareness and promote an economic and financial culture, in collaborations with institutional partners	• Involvement of our employees in corporate community services	• Contributions and donations dedicated to social issues to support local community projects, voluntary associations and non profit organizations • Partnership with AIRC (~5.5k projects and 600 hours dedicated to spreading awareness)	• Strong financial partner of the Third Sector
# of social initiatives for local communities, schools and students	Hours of ESG awareness and financial education training1	Hours of corporate community services	Contributions and donations to support social and environmental projects2 (€m)	New lending to third sector (€m)
>100 Avg. p.y. 2024-26 in line with current yearly value

Notes: 1. Excluding ESG Factory. 2. Includes Foundations activity.

Closing Remarks

Cumulatively ~€6bn of Net Income and €4bn of remuneration

«Core» Revenues1	2022	2023G	2026
Total Revenues (€bn)	4.7	~5.25	~5.4
o/w NII (€bn)	2.3	~3.25	~3.05
o/w "Core" Non-interest income (€bn)	2.0	~2.0	~2.4
Non-interest income on Revenues	~44%	<40%	~45%
Operating costs (€bn)	~2.5	~2.6	~2.7
Cost/income	54%	<50%	<50%
Net Income (€bn)	0.7	>1.2	>1.5
ROTE2	7.0%	~12%	~13.5%
CET 1 RATIO	12.8%	~14%	~14%
		30/09/23
(bps)5 CoR	62	47	~45
GROSS NPE RATIO	4.2%	3.5%	~3.0%
NET NPE RATIO	2.2%	1.8%	~1.5%

EPS GUIDANCE >0.8€ FY 2023 ~0.9€ FY 2024³ CONFIRMED

• €4bn total shareholder remuneration 2023–26

  • 50% of market cap⁴

  • ~€1.3bn remuneration in 2024
  • Introduction of interim dividend

Notes: 1. Includes: NII, Net fees, Income from insurance business and income from associates. 2. Calculated as Net Profit from P&L (year x) / Tangible Shareholders' Equity (end-of-period, excluding FY Net Profit, AT1 instruments and Intangible assets net of fiscal effect). 3. Excluding one-off items. 4. Market cap as of 11/12/2023. 5. Annualized for 9M 2023.

Key financial targets of the Strategic Plan 2023-26

	€bn	2022	2023G	2026
	Total revenues	4.7	~5.25	~5.4
	o/w NII	2.3	~3.25	~3.05
Profit & Loss	o/w "Core" Non-interest income1	2.0	~2.0	~2.4
	Operating costs	-2.5	~2.6	~2.7
	Pre-Provision Income	2.1	~2.65	~2.75
	Net income	0.7	>1.2	>1.5
	Cost / Income ratio	54%	<50%	<50%
Key ratios	RoTE2	7.0%	~12%	~13.5%
	CET 1	12.8%	~14%	~14%
			30/09/23
	Net customer loans	109.5	108.0	~111
	Direct funding from Banking business3	123.4	124.5	>133
Balance sheet & Asset Quality	Indirect funding4	91.3	100.0	>120
	Cor (in bps)	62	47	~45
	Gross NPE ratio	4.2%	3.5%	~3.0%
	Net NPE ratio	2.2%	1.8%	~1.5%

2022 data are restated for the application of IFRS 17 to subsidiary and associated insurance companies.

Notes: 1. Includes: Net fees, Income from insurance business and income from associates. 2. Calculated as Net Profit from P&L (year x)/ Tangible Shareholder Equity 31.12.XX (excluding Net Profit of the period and AT1 instruments). 3. Excluding REPOs and including Cap. Protected Certificates. 4. Excluding Cap. Protected Certificates from AUC.

Detailed ESG Highlights of the Strategic Plan 2023-26

Notes: 1. New lending to Corporate and Enterprises belonging to green/low transition risk sectors (as defined at YE 2023) and green lending products to Corporate and Enterprise segments (excluding small business & institutional segments). 2. Mining and quarrying of hard coal; Manufacture of coke oven products; Coal-based energy production.

ESG Action Plan: further strengthening our Sustainability Governance

ESG ACTION PLAN

Contacts for Investors and Financial Analysts

Banco BPM

Registered Offices: Piazza Meda 4, I-20121 Milano, Italy Corporate Offices: Piazza Nogara 2, I-37121 Verona, Italy

investor.relations@bancobpm.it www.gruppo.bancobpm.it (IR section)