Bper Banca — Investor Presentation 2018

May 8, 2018

1Q18 consolidated results

Alessandro Vandelli - Chief Executive Officer8 May 2018

Disclaimer

METHODOLOGICAL NOTE The entry into force of the new international financial reporting standard IFRS 9 from ¹ January 2018, first-time application of which took place under the transition rules, and the recent update of Bank of Italy Circular 262, which revised, among other things, the separate and consolidated financial statement schedules in order to implement the new standard, have led to inconsistencies in the figures compared with the previous year. It is also worth reiterating that 2017 for the BPER Group featured ^a change in the scope of consolidation following the acquisition of 100% of Nuova Carife, which was completed on 30 June 2017; this entity was subsequently absorbed by the parent company BPER Banca on ²⁰ November 2017. In this context, in order to allow ^a comparison of the figures in the income statement as homogeneous as possible with respect to the previous year, the figures are shown on ^a consolidated basis as at 31 March 2018, estimating their values according to the previous rules, with the best approximation possible. It should also be noted that as ^a result of the acquisition of Nuova Carife, these figures are comparable with the same scope of consolidation only for the third and fourth quarters of 2017, which already included their effects. On the other hand, the consolidated balance sheet at 31 December 2017 was recalculated as of ¹ January 2018 and restated according to the new schedules in line with the new IFRS 9 classification, thereby becoming directly comparable with the balance sheet figures as at 31 March 2018. The figures subject to these interventions are specifically defined, in the context of this document, as pro-forma and/or pro-formatted.

This document has been prepared by "BPER Banca" solely for information purposes, and only in order to present its strategies and main financial figures.

The information contained in this document has not been audited.

No guarantee, express or implied, can be given as to the document's contents, nor should the completeness, correctness or accuracy of the information or opinions herein be relied upon.

BPER Banca, its advisors and its representatives decline all liability (for negligence or any other cause) for any loss occasioned by the use of this document or its contents. All forecasts contained herein have been prepared on the basis of specific assumptions which could prove wrong, in which case the actual data would differ from the figures given herein.

No part of this document may be regarded as forming the basis for any contract or agreement.

No part of the information contained herein may for any purpose be reproduced or published as ^a whole or in part, nor may such information be disseminated.

The Manager responsible for preparing the Company's financial reports, Marco Bonfatti, declares, in accordance with art. 154-bis, para. 2, of the "Consolidated Financial Services Act" (Legislative Order No. 58/1998), that the accounting information contained in this document corresponds to documentary records, ledgers and accounting entries.

Marco Bonfatti

Manager responsible for preparing the Company's financial reports

BPER Banca S.p.A., Bank with head office in Modena Via San Carlo, 8/20 - VAT number and Business Register no. 01153230360 -Share capital fully subscribed and paid in, amounts to Euro 1,443,925,305 and is represented by 481,308,435 registered ordinary shares- Bank Registration no. 4932 ABI code 5387.6- Tel.059/2021111 – Fax 059/2022033 6 email: bpergroup@bper.it - PEC: bper@pec.gruppobper.it Member of the Interbank Deposit Guarantee Fund - Parent Company of BPER Banca Group - Registered in the Register of Banking group with code 5387.6, bper@pec.gruppobper.it - bper.it - gruppobper.it

Executive summary

1Q18 Net profit of 251.0 €/mn

• The best quarter in the history of the Group
• Net operating income at 325.9 €/mn supported by a very positive trend of net commissions and trading income (mainly thanks to realized gains on bonds)
• Cost of credit strongly down to 22 bps annualized (112 bps in 2017)

CET1 ratio Phase In at 14.6%

• Sound capital position with a very large buffer vs minimum regulatory requirement (SREP 2018 at 8.125%)
• CET1 ratio Fully phased at 11.7% as of 31 Mar.'18

NPE ratio down to 19.3% - coverage at the highest levels in Italy after IFRS9 FTA

• NPE portfolio of 6.4 €/bn selected for potential disposal according to IFRS9 FTA
• •Additional provisions required for ^a total amount exceeding 1.1 €/bn to increase coverage
• •NPE coverage at 57.4%; Bad loans coverage at 66.5%; Unlikely to Pay coverage at 39.9%
• NPE Strategy 2018-2020 more ambitious target: NPE gross ratio at 11.5% in 2020 and below 10.0% in 2021

Q 8 1 1	l R t e s u s
	 E i t e c e s m m a r x u v u y
	 d S 8 N P E t t t r a e g y 2 0 1 -2 0 2 0 : u p a e
	 l h B t t t a a n c e s e e s r c r e u u
	 f d l i P t r o a n o s s
	 d d l d L i i i i t t q a n c a p a a e q a c u y u y
	 l k i F n a r e m a r s
A n n e	e s x

NPE Strategy 2018-20201: 3 main pillars

• NPE portfolio selected for potential disposal for a gross amount of 6.4 €/bn, representing 2/3 of the total NPE portfolio
• The net values of this portfolio were aligned with those achievable in a probable disposal scenario, along with IFRS9 introduction from 1 January 2018
• This action required additional provisions for a total amount exceeding 1.1 €/bn, facilitating the alignment of coverage at the highest levels of the Italian banking system
• Bad loans disposal expected for c. 3.5/4.0 €/bn in the period 2018- 2020, of which bad loans securitization transactions:
• oc.1.0 €/bn - Banco di Sardegna closing expected by 1H18
• c. 2.0 €/bn BPER Banca closing expected by the end of 2018
• Strong improvement in default and cure rates via optimisation of the performing loans quality and the NPE management processes within Group's Credit and Business Areas
• Further bad loans segmentation and workout strategies related to the closure procedures for the Bad Loan portfolio, while increasing the extrajudicial transactions relative to current levels
• Increasing write-off activity

| Strettamente riservato e confidenziale

| Strettamente riservato e confidenziale NPE Strategy 2018-20201 update: gross NPE ratio target at 11.5% for 2020

Gross NPE ratio trend and target (%)

1Q18 Results

Executive summary

NPE Strategy 2018-2020: update

Balance sheet structure

Profit and loss

Liquidity and capital adequacy

Final remarks

Annexes

Switch in favour of AuM and Bancassurance continues

Direct funding: bonds

New Tier 2 10NC5 issued in May'17 for a benchmark size of 500 €/mn and a coupon of 5.125%

Total Funding (€/mn) Direct Funding breakdown (%)

€ / m n	D 1 7 e c	M 1 8 a r	C h ( % ) g
Cu d ig h t a ts t rre n cc ou n a n s de i ts p os	3 5, 2 8 6	3 5, 3 2 8	0. 1 % +
T im de i ts e p os	2, 4 6 5	2, 8 1 2	1 4. % 5 +
Re ha ts p ur c se a g re em en	2, 1 4 9	1, 0 9 4	4 9. 1 % -
O he ho loa t t- te r s r rm ns	2, 8 0 4	2, 6 6 6	4. 9 % -
Bo ds n	5, 3 9 2	5, 0 1 6	7. 0 % -
Ce i f ica t te r s	0 7	6 6	6. 0 % -
Ce i f ica f de i t te t r s o p os	2, 0 9 1	1, 9 3 8	7. 3 % -
D ire de i t c to ts c us m er p os	5 0, 2 4 6	4 8, 9 1 9	2. 6 % -

| Strettamente riservato e confidenziale Net customer loans down mainly due to coverage increase and seasonality

Customer loans (€/mn) Customer loans breakdown (net figures; €/mn )

	D 1 7 e c	M 1 8 a r	C ( ) h % g
Cu t a ts rre n cc ou n	1 1 5, 5	4, 8 0 0	6. 8 % -
M loa tg or ag e ns	2 8, 7 8 4	2 8, 0 8 1	2. 4 % -
Re ha ts p ur c se a g re em en	0	1 0 3	n. m
fac Le d ing to as es a n r	3, 6 2 3	3, 4 4 0	5. 0 % -
O he ion t tra t r ns ac s	1 0, 0 1 5	8, 9 8 0	1 0. % 7 -
Ne lo t to to an s c us m er s	4 6 0 9 7,	4 5, 4 0 4	-4 6 %
De b i ies t s t ec ur	4 7 7	3, 3 0 2	3 4 2. 2 %
Ne lo ( b ) t to to 4 0 an s c us m er s	5 4 8, 3 6	5 4 8, 7 0	0. 7 %

AuM and Bancassurance1 stocks up and AuM net inflows still sound in 1Q18

Equity, Balanced and Flexible funds55.4%

Monetary and Bonds 44.6%

Indirect Deposits and Bancassurance1 (€/mn)

Indirect Deposits and Bancassurance1 composition (%)

AuM net inflows2 (€/mn)

AuM composition2 (%)

(1) Life-insurance products (2) figures from data management system Note: figures in this page may not add exactly due to rounding differences

| Strettamente riservato e confidenziale Gross NPE ratio further decline and coverage at the highest levels in Italy

Gross and Net NPE (% on total loans)

2.21.90.14.2Dec 17 Mar 18

Bad loansUnlikely to pay Past due Total

Cash coverage ratios (%)

Ma '1 r.		8		De 1 7 c	M 1 8 ar
	1 9. 3 %		Ba d loa ( "S f fe ") ns o re nz e	5 9. 3 %	6 6. 5 %
	0. 2 % 6. 2 %		in lu d in i f f te c g wr -o	6 3. 7 %	7 0. 3 %
			Un l i ke ly to p ay	2 7. 2 %	3 9. 9 %
		9. 3 %	Pa du t s e	1 0. 6 %	1 3. 3 %
1 2.	9 %	0. 2 % 4. 2 %	N P E	4 8. 7 %	5 7. 4
		4. 9 %	in in i f f lu d te c g wr -o	5 2. 6 %	6 0. 7 %
			Pe fo ing r rm e xp os ur es	0. 5 %	0. 5 %
			To l c d i i ta t re	1 0. 1 %	1 1. 4

| Strettamente riservato e confidenziale Financial Assets portfolio re-mix with the reduction of Italian govies weight

Government bond portfolio (€/bn) Financial Assets breakdown (€/mn; %)

/m € n	( ) F V P & L	C F V O I	C A	To l ta	% l to ta on
Bo ds n	8 6 2	0 9, 5 7	8 4, 0 3	6 1 4, 2 3	9 4. 0 %
Eq i ty u	1 4 5	2 9 1		6 4 3	2. 9 %
Fu ds d S ica n a n v	3 5 1			1 3 5	2. 3 %
O he * t r	1 2 2			2 1 2	0. 8 %
To l ta	1, 2 4 6	9, 8 6 1	4, 0 3 8	1 5, 1 4 5	1 0 0. 0 %
To l a f ta s o
3 1. 1 2. 2 0 1 7	1, 3 2 7	1 3, 3 9 5	9 4 0	1 5, 6 6 2
C hg Y T D ( % )	6. 1 % -	2 6. 4 % -	3 2 9. 6 % +	3. 3 % -

Bond PTF duration1: 2.8y in Mar.'18 (2.2y in Dec.'17)

Q 8 1 1	l R t e s u s
	 i E t e c e s m m a r x u v u y
	 d S 8 N P E t t t r a e g y 2 0 1 -2 0 2 0 : u p a e
	 l h B t t t a a n c e s e e s r c r e u u
	 f d l i P t r o a n o s s
	 d d l d i i i i L t t q a n c a p a a e q a c u y u y
	 l k i F n a r e m a r s

| Strettamente riservato e confidenziale 1Q18 Net profit of 251.0 €/mn, the best quarter in the history of the Group

1Q18 Reclassified consolidated Profit & Loss (€/mn) IFRS9

See methodological note in the disclaimer and annexes for pro-forma description .

Following application of the 5th update of Bank of Italy Circular 262/2005, the value of this item at 31 March 2018 includes € 29.1 million relating to interest on the time value of money on non-performing loans, which in the comparative period were included under "Impairment adjustments to loans". Furthermore, the application of the same Circular envisages not to include in this caption a portion of the interest on exposures classified as non-performing relating to loans to customers which for the period amounted to € 3.5 million. See methodological note in the disclaimer for pro-forma description.

(*) Caption exposed net of "Recovery of taxes" reallocated, for better representation, at caption 180 b) "Other administrative expenses", where relative tax costs are accounted (31.8 €/mn in 1Q18 and 30.4 €/mn in 1Q17) Nuova Carife has been included in Consolidated P&L respectively from 3Q17.For non-recurring and other items 2017/18 and other explanations on reclassified consolidated Profit & Loss see annexes. Note: n.m.: Not meaningful; Figures in this page may not add exactly due to rounding differences.

Resilient Core income.

NII substantially stable vs 4Q18 on pro-forma basis and considering the calendar effect

Core Income (€/mn)

Net Interest Income (€/mn)

Net Interest Income contribution* (€/mn)

| Strettamente riservato e confidenziale

Net Interest Income evolution (€/mn)

+7.0%+1.8%292.0 285.2 290.7 283.4 306.2 53.3 54.6 55.7 54.6 47.8 9.9 11.7 12.1 13.3 12.6 -36.2 -35.6 -39.9 -37.8 -33.9 -30.4 -30.1 -32.3 -33.2 -31.8 -0.4 -3.7 -6.1 -6.2 -7.6 1Q17 2Q17 3Q17 4Q17 1Q18Loans Debt securities ptf. Other Securities Debts Other Total figures 288.1 282.0 280.2 274.1 293.2 Pro-forma: 267.6

(*) Figures from Consolidated Profit and Loss (Bank of Italy format Circular 262/2005)- Item 10 «Interest and similar income» (TLTRO2 benefit included among "Other") and Item 20 «Interest and similar expense». TLTRO2 benefit of 33.7 €/mn in FY17 (1Q17 of 5.1 €/mn, 9.3 €/mn in 2Q17, 9.3 €/mn in 3Q17, 10.0 €/mn in 4Q17 ). TLTRO2 benefit of 9.3 €/mn in 1Q18 Note Nuova Carife has been included in BPER Banca Group in 3Q17

Page | 16

Note: figures in this page may not add exactly due to rounding difference

First signals of stabilization of spread

Net Interest Income contribution (%)

Spread1 (%)

Spread1 contribution (%)

-0.33 -0.33 -0.33 -0.33 -0.332.18 2.06 2.03 1.95 2.10 0.36 0.32 0.36 0.35 0.33 1.81 1.74 1.67 1.59 1.77 1Q17 2Q17 3Q17 4Q17 1Q18Euribor 3M (avg) Tot. Assets yield Tot. Liabilities cost Spread Pro-forma: 1.94% Pro-forma: 1.61%Pro-forma: 2.28%

(1): 2Q17, 3Q17, 4Q17 and 1Q18 spread calculated taking into account the available deposit with ECB

Note: figures from data management system

Note: figures in this page may not add exactly due to rounding differences

Mark up & mark down (%)

| Strettamente riservato e confidenziale

| Strettamente riservato e confidenziale Strong performance of net commissions (thanks to AuM and Bancassurance) and Trading income (thanks to realized gains on bonds)

	Ma 1 7 r	( % ) l to ta on	Ma 1 8 r	( % ) l to ta on	C hg /y ( % ) y
In d ire de i d ba t ts a c p os n nca ssu ran ce	5 2. 1	2 9. 3 %	6 8. 4	3 4. 5 %	3 1. 4 % +
As de dy ( Au C ) ts u to se n r c us	4. 1		4. 1		0. 2 % +
As de ( Au M ) ts u t se n r m an ag em en	3 8. 9		5 2. 0		3 3. 5 % +	+3 4.1 %
Ba nc as su ran ce	9. 0		1 2. 3		3 6. 3 % +
Cr d i ds l lec ion d p t ca t ts e r co s a n ay me n ,	3 4. 0	1 9. 2 %	3 5. 5	1 9 % 7.	4. 4 % +
Lo d g tee an s a n ua ran s	8 1. 0	4 5. 7 %	8 2. 2	4 1. 5 %	1. 5 % +
O he iss ion t r co mm s	1 0. 3	5. 8 %	1 2. 0	6. 1 %	1 6. 7 % +
To l ta	1 4 7 7.	1 0 0. 0 %	1 9 8. 1	1 0 0. 0 %	1 1. % 7 +

AuM up-front fees of 8.1 €/mn in 1Q18 (5.0 €/mn in 1Q17), weighing 4.1% on total net commissions

Trading income evolution (€/mn)

Dividends and Trading income breakdown (€/mn; %)

	M 1 7 a r	M 1 8 a r
D iv i de ds n	0. 3	0. 6
Tr d ing inc a om e	2 4. 7	1 5 3. 6
Re l ize d g in / los a a s	1 1. 7	1 5 6. 4
P lus	2 0. 4	1 8. 4
M inu s	7. 4 -	2 4. 1 -
O he t rs	0. 1 -	3. 0
To l ta	2 5. 0	1 5 4. 2

Operating costs down by 5.1% vs 4Q17

Operating costs breakdown (€/mn; %)

Note: figures in this page may not add exactly due to rounding differences

(*) Figures from data management system

(1): 100% of the share capital acquisition completed in Jun.'17 and then merged into the Parent Bank BPER Banca in Nov.'17; for details of the deal see 30 Jun.'17 and 20 Nov.'17 press releases

| Strettamente riservato e confidenziale

Cost of credit strong decline to 22 bps annualized vs 112 bps in 2017

151.0-83.9%24.4Pro-forma: 1.26

Provisions breakdown (€/mn)

Net Provisions for Risks and Charges (€/mn)

Total figures

(1) In 2018 cost of credit is calculated using caption 40-b) customers loans excluding debt securities (2) For details see annexes Note: Nuova Carife has been included in BPER Banca Group from 3Q17.

Note. Figures in this page may not add exactly due to rounding differences

Cost of credit1 (bps)

Contribution to Funds2 (€/mn)

1Q18 Results

Executive summary

NPE Strategy 2018-2020: update

Balance sheet structure

Profit and loss

Liquidity and capital adequacy

Final remarks

Annexes

| Strettamente riservato e confidenziale Good liquidity position and high level of unencumbered eligible assets

• •ECB exposure of 9.3 €/bn in Mar.'18 fully composed of TLTRO2 operations (4.1 €/bn TLTRO2 in Jun.'16 and 1 €/bn TLTRO2 in Dec.'16 and 4.2 €/bn in Mar.'17)
• •LCR and NSFR above 100%

| Strettamente riservato e confidenziale Strong capital positions even after IFRS9 FTA and provisioning action

B3 Common Equity Tier 1 Ratios (%)*

	B 3 F l l P h d a s e u y
€ /m n	Ma 1 7 r	De 1 7 c	Ma 1 8 r
Co Eq i T I E R 1 ty m m on u	4, 3 1 0	4, 4 6 5	3, 6 8 5
T I E R 1	4, 3 4 5	4, 4 8 8	3, 6 8 7
Ow Fu ds n n	4, 4 0 7	3 6 6 5,	4, 6 4 5
To l R W A ta	3 2, 8 8 3	3 2, 5 7 3	3 1, 2 3 4

	B F l l 3 u y	P h d a s e
/m € n	Ma 1 7 r	De 1 7 c	Ma 1 8 r
Co Eq i T I E R Ra io ty 1 t m m on u	1 3. 1 %	1 3. 7 %	1 1. 7 %
T I E R 1 Ra io t	1 3. 2 %	1 3. 8 %	1 1. 8 %
Ow Fu ds Ra io t n n	1 4. 4 %	1 6. 5 %	1 4. 6 %

(*) The Fully Phased Common Equity Tier 1 ("CET1") ratio, estimated in January 2019 in accordance with the new Basel 3 regulations and the Phased In CET1 ratio have been calculated taking into account the profit for the period allocable to equity.

(1): see details on pag. 42 Note: Reg. 2395/2017 "Transitional provisions to mitigate the impact of introducing IFRS 9 on Own Funds" introduced the "phased-in" relating to the impacts on Own Funds of the new standard IFRS 9, which offers banks the possibility to mitigate the impact on Own Funds in ^a transitional period of 5 years (from March 2018 to December 2022) by sterilizing the effect in CET1 with the application of decreasing percentages over time. The BPER Banca Group has chosen to adopt the so-called "static approach", to be applied to the impact resulting from comparison between the IAS 39 adjustments at 31/12/2017 and the IFRS 9 adjustments at 1/1/2018.

l Q 8 R t 1 1 e s u s
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 i E t x e c u v e s u m m a	r y
-------------------------------------------------------------------------	--------

NPE Strategy 2018-2020: update

Balance sheet structure

Profit and loss

Liquidity and capital adequacy

Final remarks

Annexes

| Strettamente riservato e confidenziale Final remarks: delivering on asset quality while maintaining a solid capital base

High confidence about the evolution of the Group's asset quality after IFRS9 FTA

• Large NPE portfolio selected for potential disposal: 6.4 €/bn (2/3 of the total NPE)
• Coverage at the highest levels of the Italian banking system
• The portfolio net values aligned with those achievable in a probable disposal scenario
• NPE Strategy 2018-2020 more ambitious target:
• NPE gross ratio target at 11.5% in 2020 and below 10.0% in 2021

Sound capital position and improvement of recurring capital generation

• CET1 ratio Phased in at 14.6% with a very large buffer vs SREP 2018
• CET1 ratio Fully phased target at 11.7%

Better profitability expectations

• Reduction of cost of risk on a recurring basis going forward
• Improving revenues with a particular focus on commissions
• Low taxation for an extended period of time

1Q18 Results

Executive summary

NPE Strategy 2018-2020: update

Balance sheet structure

Profit and loss

Liquidity and capital adequacy

Final remarks

Annexes

Reclassified consolidated Profit & Loss

					2 0	1 7		2 0 1 8
								1 Q 1 8	C hg /q q
Ca ion pt s	( /m ) € n	Ma 1 7 r	Ma 1 8 r	1 Q 1 7	2 Q 1 7	3 Q 1 7	4 Q 1 7	Pr fo o rm a	( ) %
10+ 20	Ne in inc t ter t es om e	2 8 8. 1	2 9 3. 2	2 8 8. 1	2 8 2. 0	2 8 0. 2	2 4. 1 7	2 6 6 7.	-2. 4 %
40+ 50	Ne iss ion t c om m s	1 7 7. 4	1 9 8. 1	1 7 7. 4	1 8 1. 9	1 8 4. 8	1 9 6. 6	1 9 8. 1	0. 8 % +
	Co Inc re om e	4 6 5. 5	4 9 1. 4	4 6 5. 5	4 6 3. 9	4 6 5. 0	4 7 0. 7	4 6 5. 7	-1. 1 %
70	D iv i de ds n	0. 3	0. 6	0. 3	1 0. 8	0. 5	0. 8	0. 6	-2 5. 6 %
80+ 90+ 100 +11 0	Tr d ing ins a g a	2 4. 7	1 5 3. 6	2 4. 7	2 5. 9	2 0. 5	3 2. 1	1 5 3. 6	n.m
230	O he / r t ts r c os ev en ue s	1 0. 3	1 1. 5	1 0. 3	1 4. 3	2 3. 6	1 0. 0	1 1. 5	1 4. 7 % +
	Op ing Inc t er a om e	5 0 0. 8	5 6 7. 1	5 0 0. 8	5 1 4. 8	5 0 9. 6	5 1 3. 7	6 3 1. 4	2 2. 9 % +
a) 190	S f f e ta xp en se s	1 9 4. 1 -	2 0 7. 5 -	1 9 4. 1 -	1 9 1. 6 -	1 9 1. 7 -	2 0 6. 1 -	2 0 7. 5 -	0. % 7 +
b) 190	A dm in is ive * tra t ex p en se s	9 6. 6 -	1 0 2. 3 -	9 6. 6 -	1 0 4. 9 -	1 0 7. 5 -	1 1 6. 7 -	1 0 2. 3 -	-1 2. 3 %
210 +22 0	De ia ion & Am iza ion t t t p rec s or s	1 8. 7 -	2 1. 3 -	1 8. 7 -	2 2. 0 -	2 0. 7 -	2 6. 1 -	2 1. 3 -	-1 8. 2 %
	Op ing t ts er a co s	3 0 9. 4 -	3 3 1. 2 -	3 0 9. 4 -	3 1 8. 4 -	3 1 9. 8 -	3 4 8. 9 -	3 3 1. 2 -	1 % -5.
	Ne Op ing Inc t t er a om e	1 9 1. 3	3 2 5. 9	1 9 1. 3	1 9 6. 4	1 8 9. 8	1 6 4. 8	3 0 0. 3	8 2. 2 % +
a) 130	f Ne im irm d j ina ia l a t t a tm ts to ts p a en us en nc ss e ise d c t a t t a mo r os	-1 3 3. 6	2 6. 1 -	1 3 3. 6 -	1 8 9. 7 -	8 9. 7 -	1 2 3. 0 -	0. 5 -	n.m
b) 130	Ne im irm d j f ina ia l a t t a tm ts to ts p a en us en nc ss e fa ir v lue hro h o he he ive t t t a a ug r c om p re ns inc om e	-1 4 7.	1. 8	1 2. 7 -	2. 4 5 -	2 2. 9 -	3 1. 8 -	1. 8	n.m
130	Ne im irm d j t t a tm ts p a en us en	5 1 1. 0 -	2 4. 4 -	1 4 6. 3 -	2 4 2. 1 -	1 1 2. 7 -	5 1 4. 8 -	5. 1 2	n.m
200	Ne Pr is ion for R is ks d C ha t ov s an rg es	1. 0 -	1 1. 7 -	5. 7 -	9 5. -	9. 3 -	9. 7 -	2 6 5. -	n.m
	Co ( S G S, S ) i bu ion Fu ds R F, D F I T D- V tr t to n n	1 8. 1 -	2 0. 3 -	1 8. 1 -	2. 1	2 0. 2 -	1. 6 -	2 0. 3 -	n.m
250 +27 0+2 80	Ne he inc t o t r om e	3. 7	2. 8	3. 7	1 3 3. 6	4. 9	2 1. 3 -	2. 8	n.m
290	( ) Pr f i los be fo t tax o s re es	2 5. 0	2 7 2. 4	2 5. 0	8 4. 0	5 2. 6	3 7. 5	2 7 2. 4	n. m
300	Ta xe s	7. 7 -	6. 9 -	7. 7 -	1 7. 9	2 3. 7 -	8. 7 -	6. 9 -	-2 0. 7 %
330	f i ( ) Ne t p t los ro s	1 7. 3	2 6 5. 5	1 7. 3	1 0 2. 0	2 8. 9	2 8. 8	2 6 5. 5	n. m
340	M ino i In ty ter ts r es	2. 7 -	1 4. 5 -	2. 7 -	2. 5	1. 0	1. 3 -	1 4. 5 -	n.m
350	Pr f i ( los ) fo he io d t t o s r p er in ing he Pa Co ta to t t p er re n mp an y	1 4. 6	2 5 1. 0	1 4. 6	1 0 4. 5	2 9. 9	2 5 7.	2 5 1. 0	n.m
	/ inc t co s om e	6 1. 8 %	5 0. 4 %	6 1. 8 %	6 1. 9 %	6 2. 8 %	6 7. 9 %
	/ ( in inc iss ion ) t t ter t t c co s ne es om e + ne om m s	6 6. 5 %	6 7. 4 %	6 6. 5 %	6 8. 6 %	6 8. 8 %	7 4. 1 %
	f c d i ( bp ) t o t co s re s	2 9	6	9 2	0 4	9 1	2 6
	f i / l inc t p t to ta ne ro om e	3. 4 %	4 0. 4 %	3. 4 %	1 9. 8 %	5. 7 %	5. 6 %
	tax te ra	3 1. 0 %	2. 5 %	3 1. 0 %	2 1. 3 %	4 5. 1 %	2 3. 3 %

See methodological note in the disclaimer for pro-forma description

Note: n.m.: Not meaningful; Figures in this page may not add exactly due to rounding differences. For non-recurring and other items 2017/18 and other explanations on reclassified consolidated Profit & Loss see annexes. Following application of the 5th update of Bank of Italy Circular 262/2005, the value of this item at 31 March 2018 includes € 29.1 million relating to interest on the time value of money on non-performing loans, which in the comparative period were included under "Impairment adjustments to loans". Furthermore, the application of the same Circular envisages not to include in this caption a portion of the interest on exposures classified as non-performing relating to loans to customers which for the period amounted to € 3.5 million. See methodological note in the disclaimer for pro-forma description.

(*) Caption exposed net of "Recovery of taxes" reallocated, for better representation, at caption 180 b) "Other administrative expenses", where relative tax costs are accounted (31.8 €/mn in 1Q18 and 30.4 €/mn in 1Q17) Nuova Carife has been included in Consolidated P&L respectively from 3Q17

Main non-recurring and other items P&L 2018 and 2017

No extraordinary items are present in 1Q18. In other items there are ordinary contribution to the SRF for 20.3 €/mn.

List of all non-recurring and other items in 2017:

	Ite m	Ca ion ( f C irc / ) t Ba k o Ita ly Fo at; lar 2 6 2 2 0 0 5 p n rm u n.	/m € n	ip ion De t sc r
No ing n-r ec ur r	ite ms
1 Q 1 7
	Go dw i l l a d e ity inv tm ts o n q es en u	Ne im irm d j A F S ( Ca 1 3 0- b ) t t a ust . to p a en p.	-17 2	Imp irm ( At lan Fu ds F I T D- S V ) t te a en n ,
Q 2 1 7
	Go dw i l l a d e ity inv tm ts o n q es en u	Ne ive dw i l l re ise d in f it o los ( Ca 2 6 ) at 5 g g oo co g n p ro r s p.	1 3 0. 7 +	Ba dw i l l o Nu Ca i fe n ov a r
	Go dw i l l a d e ity inv tm ts o n q u es en	Ga in o d isp l o f f ina ia l as A F S ( Ca 1 0 0- b ) ts n os a nc se p.	6. 9 +	Ca ita l g in fro Ba i l ic h i Sp p a m ss a
	Go dw i l l a d e ity inv tm ts o n q u es en	S ( Ca ) Ne im irm d j A F 1 3 0- b t t a ust . to p a en p.	-5 0. 8	( S ) Imp irm At lan Fu d, F I T D- V, he t te ot a en n rs
	Pro lan d e ip ert t a p y, p n q u	( Ca ) Ne d j lan d e ip. 2 0 0 t a ust . to ert t a p rop y, p n q u p.	3. 4 -	Ne d j lan d e ip. t a ust . to ert t a p rop y, p n q u
	Ot he r	Ne im irm d j loa ( Ca ) t t a ust . to 1 0 0-a p a en ns p.	-1 3. 1	Lo d isp l o f loa ss on os a ns
3 Q 1 7
	Go dw i l l a d e ity inv tm ts o n q es en u	Ne im irm d j A F S ( Ca 1 3 0- b ) t t a ust . to p a en p.	-2 0. 9	Str d ina i bu ion F I T D- S V a d At lan Fu d ntr t te ao r ry co n n
	Go dw i l l a d e ity inv tm ts o n q es en u	Ne im irm d j A F S ( Ca 1 3 0- b ) t t a ust . to p a en p.	3 -5.	Ne im irm d j A F S t t a ust . to p a en
	Go dw i l l a d e ity inv tm ts o n q es en u	Ga in o d isp l o f f ina ia l as A F S ( Ca 1 0 0- b ) ts n os a nc se p.	2. 8 +	D isp ls o f f ina ia l as A F S ts os a nc se
	Ot he r	Ne im irm d j loa ( Ca 1 0 0-a ) t t a ust . to p a en ns p.	-5. 0	Lo d isp l o f loa ss on os a ns
Q 4 1 7
	Go dw i l l a d e ity inv tm ts o n q u es en	f ( Ca ) Ne ive dw i l l re ise d in it o los 2 6 5 at g g oo co g n p ro r s p.	6 0. 2 +	Ca fe Ba dw i l l o Nu i n ov a r
	Go dw i l l a d e ity inv tm ts o n q u es en	Ga f f S ( Ca ) in o d isp l o ina ia l as ts A F 1 0 0- b n os a nc se p.	2. 3 +	f f S D isp ls o ina ia l as ts A F os a nc se
	Go dw i l l a d e ity inv tm ts o n q u es en	A d j dw i l l ( Ca ) ust nts to 2 6 0 me g oo p.	3 0. 0 -	A d j dw i l l ust nts to me g oo
	Go dw i l l a d e ity inv tm ts o n q u es en	Ne im irm d j A F S ( Ca b ) t t a ust . to 1 3 0- p a en p.	+0 .5	Ne im irm d j A F S t t a ust . to p a en
	Go dw i l l a d e ity inv tm ts o n q u es en	Ne im irm d j. he f ina ( Ca d ) t t a to ot ets 1 3 0- p a en r n. a ss p.	17 4 -	Ne im irm d j he f ina ia l as t t a ust nts to ot ts p a en me r nc se
	Ot he r	Ne im irm d j loa ( Ca 1 0 0-a ) t t a ust . to p a en ns p.	-2. 7	Lo d isp l o f loa ss on os a ns
	Pro lan d e ip ert t a p p n q y, u	Ne d j lan d e ip. ( Ca 2 0 0 ) t a ust . to ert t a p rop p n q p. y, u	4. 6 -	Ne d j lan d e ip. t a ust . to ert t a p rop p n q y, u
	To l ta		3 3. 0 +
he ite r ms
1 Q 1 7		A dm in ist ive ( Ca ion b ) rat t 1 8 0- ex p en se p	1 8. 0 -	Or S ( "S ") d ina ntr i bu t ion to t he ing le Re lut ion Fu d R F ry co so n
2 Q 1 7		A dm in ist ive ( Ca ion b ) rat t 1 8 0- ex p en se p	+2 1	fro S ( "S ") W ite -ba k ing le Re lut ion Fu d R F r c m so n
3 Q 1 7		A dm in ist ive ( Ca ion 1 8 0- b ) rat t ex p en se p	-2 0. 2	Or d ina i bu ion he De its Gu Sc he ( "D ntr t to t nte ry co p os ara e me s
4 Q 1 7		A dm in ist ive ( Ca ion 1 8 0- b ) rat t ex p en se p	-1. 6	Or d ina i bu ion he De its Gu Sc he ( "D ntr t to t nte ry co p os ara e me s
	To ta l		-3 7. 7

NUOVA CARIFE DEAL. BPER Banca completed the acquisition of 100% of the share capital of Nuova Cassa di Risparmio di Ferrara S.p.A. ("Nuova Carife") from the Single Resolution Fund on 30 June. On 20 November 2017, Nuova Carife has been absorbed into BPER Banca.

Main terms of the deal related to Nuova Carife acquisition are the following: Shareholders' equity: 156.0 €/mn; Price paid: 1 euro; Purchase Price Allocation process (PPA): +34.9 €/mn; Badwill through P&L: +190.9 €/mn

Asset quality breakdown

( /m ) Gr € os s e xp os ur es n	Ma 1 7 r	Ju 1 7 n	Se 1 7 p	De 1 7 c	Ma 1 8 r	C hg Y / Y
	%	%	%	%	%	A bs C hg ( % )
No Pe fo ing Ex ( N P Es ) n r rm p os ure s	1 1, 0 3 6 2 1. 7 %	1 1, 0 3 2 2 1. 1 %	1 0, 8 5 3 2 0. 8 %	1 0, 5 3 2 1 9. 8 %	9, 8 6 8 1 9. 3 %	1, 1 6 8 1 0. 6 % - -
Ba d loa ns	7, 0 2 6 1 3. 8 %	7, 1 0 8 1 3. 6 %	7, 1 2 7 1 3. 6 %	7, 1 0 9 1 3. 4 %	6, 5 8 4 1 2. 9 %	4 4 2 6. 3 % - -
Un l i ke ly loa to p ay ns	3, 8 5 6 7. 6 %	3, 7 1 6 7. 1 %	3, 5 7 6 6. 8 %	3, 3 1 8 6. 2 %	3, 1 9 0 6. 2 %	6 6 6 1 7. 3 % - -
Pa du loa t s e ns	1 4 0. 3 % 5	2 0 8 0. 4 %	1 0 0. 3 % 5	1 0 0. 2 % 5	9 4 0. 2 %	6 0 3 9. 0 % - -
Gr fo ing loa os s p er rm ns	3 9, 8 6 6 7 8. 3 %	4 1, 3 3 3 7 8. 9 %	4 1, 4 2 3 7 9. 2 %	4 2, 6 3 8 8 0. 2 %	4 1, 3 8 3 8 0. 8 %	1, 5 1 7 3. 8 % +
To l g ta ro ss ex p os ur es	5 0, 9 0 2 1 0 0. 0 %	5 2, 3 6 5 1 0 0. 0 %	5 2, 2 7 6 1 0 0. 0 %	5 3, 1 7 0 1 0 0. 0 %	5 1, 2 5 1 1 0 0. 0 %	3 4 9 0. 7 % +

j ( /m ) A d tm ts to loa € us en ns n	Ma 1 7 r		Ju 1 7 n		Se 1 7 p		De 1 7 c		Ma 1 8 r		C / hg Y Y
		( ) % co ve ra g e		( ) % co ve ra g e		( ) % co ve ra g e		( ) % co ve ra g e		( ) % co ve ra g e	A bs	C ( ) hg %
A d j N P Es tm ts to us en	0 3 0 5,	4 6 % 5.	1 2 5, 7	4 6. 9 %	1 6 5, 7	4 % 7. 7	1 2 9 5,	4 8. % 7	6 6 1 5,	4 % 5 7.	6 3 1	1 2. % 5 +
Ba d loa ns	4, 0 8 5	5 8. 1 %	4, 1 7 6	5 8. 8 %	4, 2 0 6	5 9. 0 %	4, 2 1 6	5 9. 3 %	4, 3 7 7	6 6. 5 %	2 9 2	7. 1 % +
Un l i ke ly loa to p ay ns	9 3 3	2 4. 2 %	9 8 0	2 6. 4 %	9 3 5	2 6. % 7	9 0 2	2 2 % 7.	1, 2 2 7	3 9. 9 %	3 3 9	3 6. 3 % +
Pa du loa t s e ns	1 2	8. 0 %	1 6	7. 9 %	1 7	1 1. 2 %	1 1	1 0. 6 %	1 2	1 3. 3 %	0	0. 0 % +
A d j fo ing loa tm ts to us en p er rm ns	1 8 7	0. 4 %	1 9 6	0. % 5	1 9 3	0. % 5	2 2 6	0. % 5	1 8 6	0. % 5	8	4. % 5 +
To l a d j ta tm ts us en	5, 2 0 8	1 0. 2 %	5, 3 6 8	1 0. 3 %	5, 3 6 9	1 0. 3 %	5, 5 5 3	1 0. 1 %	5, 8 4 7	1 1. 4 %	6 3 9	1 2. 3 % +

( /m ) Ne € t e xp os ur es n	Ma 1 7 r		Ju 1 7 n		Se 1 7 p		De 1 7 c		Ma 1 8 r		C hg Y / Y
		%		%		%		%		%	A bs	C ( ) hg %
( ) No Pe fo ing Ex N P Es n r rm p os ure s	6, 0 0 6	1 3. 1 %	5, 8 6 0	1 2. 5 %	5, 6 7 6	1 2. 1 %	5, 4 0 3	1 1. 3 %	4, 2 0 7	9. 3 %	1, 7 9 9 -	3 0. 0 % -
Ba d loa ns	2, 9 4 1	6. 4 %	2, 9 3 2	6. 2 %	2, 9 2 1	6. 2 %	2, 8 9 3	6. 1 %	2, 2 0 7	4. 9 %	3 4 7 -	2 0 % 5. -
Un l i ke ly loa to p ay ns	2, 9 2 3	6. 4 %	2, 7 3 6	5. 8 %	2, 6 2 2	5. 6 %	2, 4 1 6	5. 1 %	1, 9 1 8	4. 2 %	1, 0 0 5 -	3 4. 4 % -
Pa du loa t s e ns	1 4 2	0. 3 %	1 9 2	0. 5 %	1 3 3	0. 3 %	9 4	0. 2 %	8 2	0. 2 %	6 0 -	4 2. 3 % -
Ne fo ing loa t p er rm ns	3 9, 6 8 8	8 6. 9 %	4 1, 1 3 7	8 % 7. 5	4 1, 2 3 1	8 9 % 7.	4 2, 4 1 2	8 8. % 7	4 1, 1 9 7	9 0. % 7	1, 0 9 5	3. 8 % +
To l n ta t e e xp os ur es	4 5, 6 9 4	1 0 0. 0 %	4 6, 9 9 7	1 0 0. 0 %	4 6, 9 0 7	1 0 0. 0 %	4 8 1 5 7,	1 0 0. 0 %	4 5, 4 0 4	1 0 0. 0 %	2 9 0 -	0. 6 % -

Bonds maturities and issues details

Mar 17 Dec 17 Mar 18 Chg Y/Y (%) Wholesale bonds 3.0 2.7 3.0 11.1% o/w covered bonds 2.5 2.5 2.5 0.0%o/w subordinated bonds 0.5 0.2 0.5 150.0% Retail bonds 2.4 3.1 2.0 -35.5%o/w subordinated bonds 0.4 0.3 0.3 0.0%Total bonds 5.45.8 5.0 -13.8%

Bonds issued (€/bn)

2018 Bonds maturities (€/bn)

Outstanding bonds (€/bn)

Bonds maturities breakdown (€/bn)

0.5

0.1

0.5

0.7

1.7

First-time application (FTA) of IFRS 9

IFRS 9 came into force from ¹ January 2018, introducing important and substantial changes:

• • in the Classification and Measurement of financial instruments, creating new categories for their initial recognition, as well as specific rules on the accounting treatment of subsequent changes in value; the allocation of assets to the new portfolios has led to positive changes in their measurement, equal to 127 million;
• • identifying the riskiness of the performing portfolio, requiring separate evidence of the positions that have undergone ^a Significant Increase in Credit Risk (or SICR, to be assessed on ^a lifetime basis); the gross loans subject to SICR ("Stage ²") amount to 7 billion, 16.9% of gross performing loans to customers, the higher net provision as ^a result of applying these rules to total loans to customers amounted to 27.7 million, plus 2.6 million on total amounts due from banks and 7.3 million on the securities portfolio owned;
• • if required, potential adjustments to non-performing loans are estimated with ^a prospective outlook, based on an assessment of multiple or differentiated scenarios; as mentioned previously, the impact of the sale scenarios required additional adjustments of 1.1 billion.

Application of these changes led to ^a restatement of the opening balances for the year, the effect of which was booked to equity, for ^a total net balance of 1,084 million (of which ²⁰¹ million pertaining to minority interests), net of the tax effect where recorded.

The level of capitalization remains high, even taking into account the effects of FTA of IFRS 9 as explained above. In fact, the fully phased CET1 ratio at ¹ January 2018 is 11.1% while the one calculated phased in, benefiting from the delayed impact provided for by EU Regulation 2395/2017, is more than 13.6%.

Contacts for Investors and Financial Analysts

G i l b B t e r o o r g	h i
H d f I t e a o n v e s o	R l i t r e a o n s
S C V i l 8 a a n a r o,	/ 2 0
4 1 1 2 1 M d o e n a	I l t a y -
P h. 3 9 0 9 2 0 2 5 +	2 1 9 4
i l i l b b t e- m a g e r o. :	@ h i b i t o r g p e r.

Alessandro Simonazzi Head of Planning & Control Via San Carlo, 8/20

41121 Modena - Italy

Ph. +39 059 2022014

e-mail: alessandro.simonazzi@bper.it

Nicola Sponghi Investor RelationsVia San Carlo, 8/20 41121 Modena - Italy Ph. +39 059 2022219e-mail: nicola.sponghi@bper.it