9M21 Results

Excellent Performance

€4bn Minimum Net Income Target for 2021 Already Achieved and Balance Sheet Further Strengthened

Data A Strong Bank for a Digital World

November 3, 2021

ISP Delivered Excellent Nine-Month Performance with the €4bn Minimum Net Income Target for 2021 Already Achieved…

€4bn Net income (+28.7 % vs 9M20(1), +99% excluding Nexi capital gain(2)), the best 9M since 2008

€1bn Net income in Q3, +80% vs 3Q20(1)

Highest-ever 9M and Q3 Operating income (+3.4% vs 9M20(3) and +7.0% vs 3Q20(3))

The best-ever 9M and Q3 for Commissions (+11.5% vs 9M20(3))

~€55bn growth in Customer financial assets in 9M to fuel Wealth Management engine

Strong decrease in Operating costs (-2.3% vs 9M20(3))

Best-ever 9M and Q3 Operating margin (+9.8% vs 9M20(3) and +19.5% vs 3Q20(3))

€17.3bn Gross NPL stock reduction on a yearly basis (€2.6bn in 9M) coupled with the lowest-ever 9M NPL inflow

Lowest NPL stock since 2007 and the lowest-ever NPL ratios, with Gross NPL ratio at 3.8% and Net NPL ratio at 2.0% (2.9% and 1.5% according to EBA definition)

Excellent performance despite COVID-19 impact and while successfully merging UBI Banca

(1) Excluding accounting effects from the combination with UBI Banca

(2) €1.1bn booked in 2Q20

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

... while Allocating almost €500m out of 9M Pre-tax Profit to Succeed in the Coming Years and Further Strengthen the Sustainability of Results

€ m, pre-tax

ISP Is Ready to Succeed in the Future…

Common Equity ratio(1) at 15.1% (13.8% Fully phased-in) – after €1.9bn cash distribution from reserves paid on 20.10.21 – well above regulatory requirements even under the EBA stress test adverse scenario, coupled with a strong liquidity position, with LCR and NSFR well above 100% and €335bn in Liquid assets

Over €6bn(2) out of 2020 pre-tax profit and almost €500m from 9M pre-tax profit allocated to succeed in the coming years and further strengthen the sustainability of our results

The lowest NPL stock since 2007 and the lowest-ever NPL ratios, with 2018-21 NPL deleveraging target exceeded one year ahead of Plan

Distinctive proactive credit management capabilities (Pulse) coupled with strategic partnerships with leading NPL industrial players (Intrum, Prelios)

High operating efficiency with Cost/Income ratio at 50.1%(3)

Over €1bn yearly synergies from the combination with UBI Banca

Successful evolution towards a "light" distribution model and significant room for further branch reduction

A Wealth Management and Protection company with ~€1.25 trillion in Customer financial assets, with Commissions and Insurance income representing 52.2% of Operating income

Strong digital proposition, with ~12.5m multichannel clients (93% of total clients) and ~7.8m clients using our Mobile App(4), which has been recognised as "Overall Digital Experience Leader" among the European Banking Apps by Forrester

Strong commitment to ESG, with a leading position in the main sustainability indexes and rankings; ISP joined the Net-Zero Banking Alliance and the Net-Zero Asset Managers Initiative committing to align Group emissions(5) to an ambition level of Net-Zero by 2050

ISP awarded "Best Bank in Italy" for the second consecutive year by Euromoney

(4) Data referring to Banca dei Territori perimeter
(5) Own emissions, lending and asset management

⁽¹⁾ Pro-forma fully loaded Basel 3 (30.9.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca, the expected absorption of DTA on losses carried forward and the expected distribution on 9M21 Net income of insurance companies)

⁽²⁾ €2.2bn provisions for future COVID-19 impacts, €2.1bn additional provisions on UBI Banca NPL and Performing loans and €2bn integration charges

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

Profitability	More than €4bn Net income for 2021
Dividend payout	70% cash dividend payout ratio(1) for 2021 Net income (€2.8bn already accrued in 9M), with €1.4bn to be paid as interim dividend on 24 November 2021
Capital	Maintain a solid capital position with a minimum Common Equity ratio(2) of 13% (12% Fully phased-in)

The integration with UBI Banca adds significant value by delivering synergies above €1bn per year with no social costs

(1) Envisaged in the 2018-21 Business Plan

(2) Pro-forma fully loaded Basel 3 (considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca and the expected absorption of DTA on losses carried forward)

GDP Recovery in Q2 and Q3 Was Stronger than Anticipated, with Further Expansion Expected in 2022

National Recovery and Resilience Plan(3) providing Italy with more than €200bn in grants and loans, of which ~€25bn received in August as a pre-financing
ISP to provide more than €400bn in medium-long term lending to businesses and households in support of Italy's Recovery and Resilience Plan(3)

ISP Is Fully Equipped for the Challenges Ahead

9M21: Excellent Performance

Final Remarks

ISP Delivered the Best 9M Net Income since 2008…

(1) Management data including the contribution of the two former Venetian banks – excluding public cash contribution of €3.5bn to offset the impact of the acquisition of certain assets of the two former Venetian banks on ISP's capital ratios

(2) Excluding accounting effects from the combination with UBI Banca

… while Reducing NPL Stock, Increasing NPL Coverage, Strengthening Capital and Reinforcing an Already Resilient Business Model

(1) Not including €4.7bn Gross NPL (€1.7bn Net) booked in Discontinued operations as of 30.9.21
(2) Pro-forma fully loaded Basel 3 (30.9.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca, the expected absorption of DTA on losses carried forward and the expected distribution on 9M21 Net income of insurance companies)
(3) Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(4) Including €1.4bn to be paid as interim dividend on 24.11.21
(5) Excluding Corporate Centre

ISP Is Now Far Better Equipped than Peers to Tackle the Challenges Ahead

Note: figures may not add up exactly due to rounding

(1) Total illiquid assets include Net NPL stock, Level 2 assets and Level 3 assets
(2) Sample: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, Lloyds Banking Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.21 data); Commerzbank, Crédit Agricole Group, Credit Suisse, ING Group and Société Générale (30.6.21 data)
(3) Calculated as the difference between the Fully Loaded CET1 Ratio vs requirements SREP + Combined Buffer; only top European banks that have communicated their SREP requirement
(4) Sample: BBVA, BNP Paribas, Deutsche Bank, Nordea, Santander and UniCredit (30.9.21 data); Commerzbank, Crédit Agricole Group, ING Group, Société Générale (30.6.21 data); Source: Investor Presentations, Press Releases, Conference Calls and Financial Statements
(5) Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

Merger with UBI Banca Successfully Completed, Enabling Additional Value Creation

Our top performing delivery machine at work…
IT	Merger of UBI Banca into ISP successfully completed with: ▪ Migration of 587 UBI Banca branches(1) to BPER Banca on February 22nd (the largest-ever disposal of banking branches in Italy) Completion of IT integration on April 12th ▪ (one of the most extensive IT migrations in Italy involving ~1,000 branches)
Clients	▪ ~2.4m clients transferred to ISP, of which more than 1m multichannel clients (Internet Banking and App) ▪ ~1.4m clients transferred to BPER Banca
People	▪ ~14,500 people onboarded ▪ ~5,250 people supported during the transfer to BPER Banca and to BPPB ▪ New organisational structure implemented
	Two large-scale migrations performed with all ~1,000 former UBI Banca branches and digital channels up and running

… enabling additional value creation with synergies above €1bn per year

Synergies timeline: >80% in 2023, 100% from 2024
~€2bn(2) integration charges fully booked in 4Q20

ISP Is Fully Equipped for the Challenges Ahead

9M21: Excellent Performance

Final Remarks

9M21: Highlights

◼ Excellent economic performance despite COVID-19 containment measures and while successfully merging UBI Banca:
- ❑ €4,006m Net income (+28.7% vs 9M20(1), +99% excluding Nexi capital gain(2)), the best 9M since 2008
- ❑ Q3 Net income at €983m (+80% vs 3Q20(1))
- ❑ Highest-ever 9M and Q3 Operating income (+3.4% vs 9M20(3) and +7.0% vs 3Q20(3)) thanks to the best 9M and Q3 Commissions ever (+11.5% vs 9M20(3))
- ❑ Net interest income growing for the second consecutive quarter (+0.2% vs 2Q21(4))
- ❑ Strong decrease in Operating costs (-2.3% vs 9M20(3)) with Administrative costs down 5.9%
- ❑ Best-ever 9M and Q3 Operating margin (+9.8% vs 9M20(3) and +19.5% vs 3Q20(3)) and Gross income (+15.6% vs 9M20(3), +46% excluding Nexi capital gain(2))
- ❑ Annualised Cost of risk at 44bps(4) (34bps(4) excluding additional provisions on specific NPL portfolios to accelerate deleveraging)
- ❑ Lowest-ever 9M NPL inflow
◼ Best-in-class capital position and balance sheet further strengthened:
- ❑ Common Equity ratio at 15.1%(5) (13.8% Fully phased-in), well above regulatory requirements even under the EBA stress test adverse scenario
- ❑ €2.6bn Gross NPL stock reduction in 9M (€1.1bn in Q3), €17.3bn on a yearly basis
- ❑ Lowest NPL stock since 2007 and lowest-ever NPL ratios, with Gross NPL ratio at 3.8% and Net NPL ratio at 2.0% (2.9% and 1.5% according to EBA definition)
- ❑ Best-in-class leverage ratio: 6.7%
- ❑ Strong liquidity position: LCR and NSFR well above 100%; €335bn in Liquid assets
(1) Excluding accounting effects from the combination with UBI Banca
(2) €1.1bn booked in 2Q20
(4) Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(5) Pro-forma fully loaded Basel 3 (30.9.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca, the expected absorption of DTA on losses carried forward and the expected distribution on 9M21 Net income of insurance companies)

9M21: Strong Growth in Profitability and Further Strengthening of the Balance Sheet

(1) Excluding accounting effects from the combination with UBI Banca
(2) Including UBI Banca
(3) Not including €4.7bn Gross NPL (€1.7bn Net) booked in Discontinued operations as of 30.9.21
(4) Calculated as the difference between the Fully Loaded CET1 Ratio vs requirements SREP + Combined Buffer; only top European banks that have communicated their SREP requirements
(5) Sample: BBVA, BNP Paribas, Deutsche Bank, Nordea, Santander and UniCredit (30.9.21 data); Commerzbank, Crédit Agricole Group, ING Group and Société Générale (30.6.21 data); Source: Investor Presentations, Press Releases, Conference Calls, Financial Statements

Our Excellent Performance Creates Benefits for All Stakeholders

(2) Deriving from Non-performing loans outflow

ISP Successfully Mitigated the COVID-19 Impact

Care for ISP People and Clients ISP People ▪ Remote working enabled for ~78,000 ISP Group People, with "digital coach" to support the switch to smart working and share best practices ▪ Agreements with trade unions for extraordinary measures to support families and childcare and to compensate for COVID-19 work absences in the variable performance bonus(1) calculation ▪ Digital learning enabled for all ISP People in Italy ▪ 6 additional days of paid leave in 2020 for ISP people who worked in the branch network or were unable to work remotely ▪ ~1,800 people hired(2) since January 2020 ▪ "Ascolto e Supporto" project offering mental wellness support to all ISP people ▪ Free insurance policy for adverse vaccination reactions offered to all employees in Italy ISP Clients ▪ ~100% of branches open and fully operational: advisory by appointment only and cash desk service by appointment only in the Italian areas with a higher level of COVID measures (red zones) ▪ Business continuity ensured by the online branch, Internet Banking, App and ATM/Cash machines (98% active) ▪ Activated remote advisory service, with ~31,100 Relationship Managers ▪ Free extension of ISP health insurance policy coverage to include COVID-19 Continuous support to the real economy and society Lending support €150m (equal to 50%) of the ISP Fund for Impact will be used to reduce the socio-economic distress caused by COVID-19 Voluntary donations €100m to the National Health System through the Civil Protection Department €1m from ISP Charity Fund for COVID-19 scientific research €50bn in credit made available to support companies and professionals during the emergency €10m to support families in financial and social difficulty €350k to Associazione Nazionale Alpini for a field hospital in Bergamo €3.5m through ForFunding to Civil Protection Department €10bn in new credit facilities to boost ~2,500 Italian industrial supplier chains €80m Programma Rinascimento, including impact loans to micro-enterprises and start-ups for recovery and re-shaping of their business model €600k from Fondazione Intesa Sanpaolo Onlus for vulnerable individuals €11bn in loans with a SACE guarantee €114bn suspension of existing mortgage and loan installments for families and companies €31bn in loans with a State guarantee (4) (4) 9M21(5) vs 9M20 Enhanced digital service(6) Multichannel App users (4.6/5.0 rating on iOS(8) and 4.5/5.0 on Android(8)) # of digital # of digital # of digital Flexible and secure remote work infrastructure(7) Conference call/ video conference day) day) €6m from CEO (€1m) and top management for healthcare initiatives, with additional voluntary donations from ISP people and Board of Directors (3)

(1) Premio Variabile di Risultato
(2) Italian perimeter including UBI Banca (3) Suspensions granted until 30.9.21 (flows), including renewals, including UBI Banca considering the disposal of branches sold in 1H
(4) As of 30.9.21, including UBI Banca considering the disposal of branches sold in 1H
(5) Including UBI Banca and considering the disposal of branches sold in 1H
(6) Banca dei Territori perimeter
(7) Italian perimeter
(8) As of 30.9.21 (9) Commercial offer sent to the client (website or App) by Relationship manager or online branch, signed electronically by the clients, or self-service purchases (10) Number of payments with digital wallet (e.g., Apple Pay, Samsung Pay, Google Pay) (11) Italian Association of Corporate Security Professionals

Strong value proposition on digital channels enabled immediate business reaction

	clients	~12.5m, ~+1.2m

	App users (4.6/5.0 rating on iOS(8) and 4.5/5.0 on Android(8))	~7.8m, ~+1.1m
Enhanced digital service(6)	# of digital operations	~117.4m, +15%
	# of digital sales(9)	~2.6m, +89%
	# of digital payments(10)	~28.9m, +98%

Flexible and secure remote work	Conference call/ video conference (average usage per day)	~417k, +88k
infrastru cture(7)	Instant messaging (average usage per day)	~443k, +92k

Ranked first, for the second consecutive year, among Italian corporates in the "Cyber Resilience amid a Global Pandemic" by AIPSA(11)
The Intesa Sanpaolo Mobile App was recognised as "Overall Digital Experience Leader" and cited as Best Practice in several categories among the European Banking Apps by Forrester

ISP as the Engine of Sustainable and Inclusive Growth…

ISP as the engine of the real and social economies… … with a strong commitment to the Environment

€76bn in new lending dedicated to the Green Economy, Circular Economy and Green Transition as part of the Group's commitment in support of the Italian NRRP(1)
€50bn in credit available to support companies and professionals throughout the COVID-19 emergency
More than €100m donated to provide COVID-19 relief and €150m (equal to 50%) of the ISP Fund for Impact to be used to reduce socio-economic distress caused by COVID-19

ISP commits to Net-Zero emissions by 2050 (own emissions, lending and asset management) and is part of the Net-Zero Banking Alliance (NZBA)
Eurizon Capital SGR, Fideuram - ISPB Asset Management SGR and Fideuram Asset Management (Ireland) have joined the Net-Zero Asset Managers Initiative (NZAMI)
In October, ISP published its first TCFD Report in accordance with the Recommendations of the "Task Force on Climate Related Financial Disclosures"

⁽¹⁾ Piano Nazionale di Ripresa e Resilienza

Link to video: https://group.intesasanpaolo.com/en/editorial-section/Intesa-Sanpaolo-The-driver-of-sustainable-and-inclusive-development

… with Initiatives Supported by the Dedicated ESG/Climate Program (ISP4ESG) Launched in 4Q19…

Objectives	▪ Consolidating Group leadership around ESG/Climate topics ▪ Prioritising ESG/Climate themes most relevant for the Group
Governance	▪ Specific sessions of the Executive Committee that meets at least every 3 months to discuss ESG/Climate topics ▪ Dedicated ESG Control Room, including 17 Sustainability Managers from all Divisions and Governance areas, coordinated through a central ISP4ESG team, to support the Executive Committee in defining priorities and new initiatives
Initiatives (selected highlights)	▪ Dedicated ESG advisory service and ESG-linked loans to SMEs ▪ ESG specialist coverage and product team supporting IMI C&IB Division Relationship Managers and clients Strong focus on ESG funds (~€100bn(1) managed by Eurizon) ▪ ▪ Strategic framework and product working group aimed at defining the guidelines for sustainable products for the Group and a credit framework that integrates ESG/Climate metrics in accordance with relevant regulations ▪ Dedicated ESG training for ISP People (more than 27,000 colleagues trained) and corporate clients (Skills4capital) ▪ Strengthened the green fleet of hybrid vehicles for ISP people ▪ In July 2021, ISP reviewed its Coal Policy including a phase out of coal mining by 2025, and introduced a new policy on Unconventional Oil & Gas resources with immediate termination of new loans and phase out by 2030 ▪ ISP is currently working on the development of a broad ESG Score at counterparty level for non financial corporates ▪ In September 2021, ISP committed to adopt and implement the Stakeholder Capitalism Metrics developed by the World Economic Forum

Objectives

▪
Consolidating Group leadership around ESG/Climate topics
▪
Prioritising ESG/Climate themes most relevant for the Group

Governance

▪
Specific sessions of the Executive Committee that meets at least every 3 months to discuss
ESG/Climate topics
▪
Dedicated ESG Control Room,
including 17 Sustainability Managers from all Divisions and
Governance areas, coordinated through a central ISP4ESG team, to support the Executive
Committee in defining priorities and new initiatives

Initiatives
(selected
highlights)

▪
Dedicated ESG advisory service and ESG-linked loans to SMEs
▪
ESG specialist coverage and product team supporting IMI C&IB Division Relationship Managers
and clients
Strong focus on ESG funds (~€100bn(1) managed by Eurizon)
▪
▪
Strategic framework and product working group aimed at defining the guidelines for sustainable
products for the Group and a credit framework that integrates ESG/Climate metrics
in accordance
with relevant regulations
▪
Dedicated ESG training for ISP People (more than 27,000 colleagues trained) and corporate clients
(Skills4capital)
▪
Strengthened the green fleet of hybrid vehicles
for ISP people
▪
In July 2021, ISP reviewed its Coal Policy including a phase out of coal mining by 2025, and
introduced a new policy on Unconventional Oil & Gas
resources
with immediate termination of
new loans
and phase out by 2030
▪
ISP is currently working on the development of a broad ESG Score at counterparty level for non
financial corporates
▪
In September 2021, ISP committed to adopt and implement the Stakeholder Capitalism Metrics
developed by the World Economic Forum

… Delivering Tangible Results for Society

SELECTED HIGHLIGHTS COVID-19 related initiatives

€6bn Circular Economy credit plafond: ~€5.7bn disbursed to date (~€3.5bn in 9M21) Green Bond issued in March 2021 for €1.25bn focused on green mortgages granted for the construction or purchase of energy efficient properties (energy classification A and B); the orderbook exceeded €3.5bn. Three other Green Bonds issued in 2019 and 2017 for a total amount of €1.75bn (€750m Circular; €500m renewables and energy efficiency; and €500m renewable energy sectors by UBI) In 9M21, evaluated over 290 startups (~2,930 since 2018) in 4 acceleration programs, with 74 coached startups (~460 since 2018), introducing them to selected investors and ecosystem players (~6,150 to date) In October 2021, ISP launched Digital Loans (D-Loans) aiming at improving the digitalisation of companies

In July 2020, ISP allocated a €2bn plafond for S-Loans (~€1bn granted since launch, of which ~€900m in 9M21) dedicated to SMEs to finance projects aimed at improving their sustainability profile. In April 2021, the product offer was expanded with S-Loan Diversity, and in July 2021 with S-Loan Climate Change. All S-Loans have a reduced interest rate, subject to annual monitoring of 2 KPIs that must be reported in the borrower's annual report. The new S-Loan Climate Change product is eligible for a 80% green guarantee by SACE

Initiatives to reduce child poverty and support people in need well ahead of Business Plan target, delivering since 2018:

~21.9 million meals
~1.3 million dormitory beds
~274,200 medicine prescriptions
~228,000 articles of clothing

ISP's "Giovani e Lavoro" Program, in partnership with Generation, aimed at training and introducing 5,000 young people to the Italian labour market:

~7,000 young people (aged 18-29) applied to the Program in 9M21 (more than 22,000 since 2019)

~950 students interviewed and ~450 students trained/in training through 17 courses in 9M21 (~4,500 students interviewed and ~1,900 students trained/in training since 2019)

~1,800 companies involved since the beginning of the Program

ISP is the Main Sponsor of Generation4Universities, developed by Generation Italy and McKinsey & Company, aimed at facilitating talented senior-year university students facing difficulty in living up to their potential due to external factors to start a successful professional career. The Program, which ended in July, involved 70 students from 31 universities and 18 top-tier Italian corporations as potential employers ▪ Support to working mothers in India and people over 50 who have lost their jobs or have difficulty accessing pension schemes

P-Tech initiative, in partnership with IBM, aimed at training young professionals in new digital skills: mentoring activities with 20 ISP "mentors" for 40 young professionals

(1) Associazione Nazionale Alpini (2) Suspensions granted until 30.9.21 (flows), including renewals, including UBI Banca considering the disposal of branches sold in H1
(3) As of 30.9.21, including UBI Banca considering the disposal of branches sold in H1

Ecobonus: ISP ready to buy tax credits to support families, condominiums and businesses through modular and flexible financial solutions benefitting from the provisions of the "Decreto Rilancio" which raise the deduction to 110% for expenses related to energy efficiency and measures to reduce seismic risk

Donated €100m to strengthen the National Health System through the Civil Protection Department across Italy, and in particular in the most affected areas of Bergamo and Brescia. 16 hospitals and 3 COVID-19 Emergency Centres have benefitted from the donation with the creation of 36 new hospital wards and 500 hospital beds mainly in Intensive and Sub-Intensive Care Units

€10m to support families in financial and social difficulty due to the COVID-19 crisis, of which €5m donated to Ricominciamo Insieme project of the Diocese of Bergamo and €5m donated to the Diocese of Brescia

€6m in donations coming from the CEO (€1m) and top management's 2019 variable compensation, to strengthen healthcare initiatives, with additional voluntary donations coming from ISP people and Board

€3.5m donated through ForFunding – the ISP crowdfunding platform – to support Civil Protection Department COVID initiatives

€1m allocated from the ISP Charity Fund to boost COVID-19 scientific research

€600k intervention by the Fondazione Intesa Sanpaolo Onlus to support entities that have guaranteed primary services and direct assistance to vulnerable individuals

€350k donated to ANA(1) to accelerate the construction of a field hospital in Bergamo

€114bn(2) suspension of existing mortgage and loan installments for families and companies (1st in Italy to launch the initiative before the regulation came into force)

€50bn in credit made available to support companies and professionals aimed at protecting jobs and managing payments during the emergency

€31bn(3) in loans with a State guarantee

€10bn in new credit facilities to boost ~2,500 Italian industrial supplier value chains through enhancement of the Sviluppo Filiere Program

€11bn(3) in loans with a guarantee from SACE (1st in Italy to sign the collaboration protocol with SACE, providing immediate support to large corporates and SMEs under Liquidity Decree)

€80m Programma Rinascimento, including impact loans to micro-enterprises and start-ups, for the recovery and to re-shape their business models for the post COVID-19 era, leveraging on growth and innovation projects boosting economic growth and social and territorial cohesion. Launched in Bergamo (€30m, in partnership with the Municipality) and in Florence (€50m, in partnership with CR Firenze Foundation)

Important national and international partnerships: miart, international fair of modern and contemporary art in Milan; Gazing ball by Jeff Koons, sculpture exhibited in Gallerie d'Italia in Milan in synergy with the exhibit in Palazzo Strozzi in Florence; Under the sky of Venice, artworks from the ISP collections exhibited in Vladivostok (Russia) as part of the official cultural program of the Eastern Economic Forum

Seeing the invisible (Gallerie d'Italia, Vicenza in partnership with CSAR-Università Ca' Foscari, Venice), the new permanent exhibition path dedicated to Russian icons from the Intesa Sanpaolo collection is enriched by an immersive, multimedia and multisensory experience and dialogues with The Celestial Architectures of Valery Koshlyakov, one of the greatest contemporary Russian artists

Presentation of the urban redevelopment project of the Municipality of Milan relating to the Teatro Ringhiera supported by the Cariplo Foundation and Intesa Sanpaolo to bring back a center of culture and social relationships in the life of the boroughs

The advanced training course in Management of artistic heritage and corporate collections has been completed, the first edition of Gallerie d'Italia Academy. 37 students, 80 teachers, 164 hours of remote lectures and webinars, 10 scholarships made available by the Compagnia di San Paolo and the Cariplo Foundation, 4 live streams from Gallerie d'Italia and the 1563 Foundation of Turin

ISP Fund for Impact launched in 4Q18 (~€1.5bn lending capacity). Main initiatives: ▪ "Per Merito", the first line of credit without

in Italy, studying in Italy or abroad; €50m granted in 9M21 (~€141m since the beginning of 2019) ▪ MAMMA@WORK: a highly-subsidised loan launched in July 2020 to balance motherhood and work in their children's early years of life (~€0.6m in 9M21;~€0.8m

XME StudioStation launched in August 2020: loans to families to support distance learning (~€0.5m granted in 9M21; ~€1.7m granted since launch)

▪ "Per Esempio" – dedicated to volunteers of Civil Service, "per Crescere" dedicated to school age children's parents, "per avere Cura" for families with non-self-sufficient relatives. All 3 initiatives launched in July 2021

granted since the launch)

(€0.1m in 9M21)

ISP Leads in the Main Sustainability Indexes and Rankings

The only Italian bank listed in the Dow Jones Sustainability Indices and the 2021 Corporate Knights ''Global 100 Most Sustainable Corporations in the World Index''. Ranked first among peers by Bloomberg (ESG Disclosure Score), Sustainalytics and MSCI

In 2021 ranking by Institutional Investor, ISP was Europe's Best Bank and Italy's Best Company for ESG Aspects

In October 2021, ISP was included in the Euronext - Borsa Italiana MIB ESG Index



67	A	AAA	100	16.4
62	A	AAA	99	20.5
57	A	AAA	95	21.5
56	A	AA	94	22.2
56	A	AA	93	22.2
56	A	AA	93	22.6
55	A	AA	90	22.8
55	A	AA	88	23.0
54	A	AA	87	24.1
54	B	AA	82	24.3
54	B	AA	70	25.2
54	B	A	67	25.6
54	B	A	62	26.8
53	B	A	62	27.1
53	B	A	60	27.8
48	C	A	57	28.6
46	C	BBB	54	30.0

(1) ISP peer group

(D)

Sources: Bloomberg ESG Disclosure Score (Bloomberg as of 30.9.21), CDP Climate Change Score 2020 (https://www.cdp.net/en/companies/companies-scores); MSCI ESG Score (https://www.msci.com/esg-ratings) Data as of 30.9.21; S&P Global (Bloomberg as of 30.9.21); Sustainalytics score (https://www.sustainalytics.com/ ESG Risk Rating as of 30.9.21)

9M: €4bn Net Income, the Best Nine Months since 2008

9M21 P&L – considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

Note: figures may not add up exactly due to rounding

€ m

(1) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group; excluding 9M20 accounting effects from the combination with UBI Banca

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

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

Q3: €1bn Net Income Driven by Solid Core Operating Performance

3Q21 P&L – considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group

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

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

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

Increase in Net Interest Income for the Second Consecutive Quarter

Quarterly comparison Yearly comparison Net interest income, 3Q21 vs 2Q21 € m Net interest income, 9M21 vs 9M20 € m 1 Hedging(2) 2Q21 Net interest income(1) Spread 2 Volumes Financial components 3Q21 Net interest income 1,995 9 (8) 1,999 96 9M20 Volumes Spread Net interest income(3) Hedging(2) Financial components 9M21 Net interest income 21 6,206 96 (473) 5,946 Commercial component Commercial component Revenues managed in an integrated manner to create value Mainly due to NPL stock and securities portfolio reduction

Note: figures may not add up exactly due to rounding

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

(2) ~€170m benefit from hedging on core deposits in 9M21, of which ~€60m in 3Q21

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

Best-ever 9M for Commissions Despite COVID-19 Impact

~€1.25 Trillion in Customer Financial Assets, with an €89bn Increase on a Yearly Basis

Customer financial assets(1)(2)

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

(2) Including UBI Banca, considering the disposal of branches sold in 1H21 and the full line-by-line consolidation of the REYL Group and Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21)

Continued Strong Reduction in Operating Costs while Investing for Growth

~4,000 headcount reduction on a yearly basis, of which ~3,400 in 9M21 (~1,500 in Q3)
~7,200 voluntary exits by 2023 – of which ~2,700 exited in 9M21 – related to the combination with UBI Banca, already agreed with Labour Unions and already fully provisioned (with 3,500 hires by 1H24)
Further branch reduction in light of Mooney and combination with UBI Banca

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

One of the Best Cost/Income Ratios in Europe

Cost/Income(1)

(1) Sample: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, Lloyds Banking Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.21 data); Commerzbank, Crédit Agricole S.A., Credit Suisse, ING Group and Société Générale (30.6.21 data)

€17.3bn Gross NPL Stock Reduction on a Yearly Basis, €2.6bn in 9M

Note: figures may not add up exactly due to rounding

(1) Excluding €5.4bn Gross NPL (€2.1bn Net) booked in Discontinued operations

(2) Excluding €5.2bn Gross NPL (€1.5bn Net) booked in Discontinued operations

(3) Excluding €4.7bn Gross NPL (€1.7bn Net) booked in Discontinued operations

Strong Reduction in Loan Loss Provisions and Cost of Risk Coupled with Lowest-ever NPL Inflow

(2) Inflow to NPL (Bad Loans, Unlikely to Pay and Past Due) from performing loans

(3) Inflow to NPL (Bad Loans, Unlikely to Pay and Past Due) from performing loans minus outflow from NPL into performing loans

(4) Including UBI Banca

Rock-Solid Capital Base, Well Above Regulatory Requirements

Note: figures may not add up exactly due to rounding

(2) Calculated as the difference between the Fully Loaded CET1 Ratio vs requirements SREP + Combined Buffer; only top European banks that have communicated their SREP requirement

(3) Sample: BBVA, BNP Paribas, Deutsche Bank, Nordea, Santander and UniCredit (30.9.21 data); Commerzbank, Crédit Agricole Group, ING Group and Société Générale (30.6.21); Source: Investor Presentations, Press Releases, Conference Calls, Financial

Best-in-Class Excess Capital in Europe

Fully Loaded CET1 Ratio Buffer vs requirements SREP + Combined Buffer(1)(2) bps ~810 ~610 ~460 ~420 ~400 Peer 6 ~520 Peer 1 Peer 2(4) Peer 7 ISP Peer 3(4) Peer 4 Peer 5(4) ~640 Peer 8(4) Peer 9(4) Peer 10 Peer average: ~480bps ~260 ~290 ~650 ~360 ~+170bps Fully Loaded CET1 Ratio(2) , % 15.1 16.9 13.3 13.4 12.8 11.8 (3) 17.0 15.5 15.7 13.2 13.0 Best-in-class leverage ratio: 6.7% 13.8% Fully phased-in

Note: figures may not add up exactly due to rounding

(1) Calculated as the difference between the Fully Loaded CET1 ratio vs requirements SREP + Combined Buffer; the Countercyclical Capital Buffer is estimated; only top European banks that have communicated their SREP requirement

(2) Sample: BBVA, BNP Paribas, Deutsche Bank, Nordea, Santander and UniCredit (30.9.21 data); Commerzbank, Crédit Agricole Group, ING Group and Société Générale (30.6.21 data); Source: Investor Presentations, Press Releases, Conference Calls,

Financial Statements

(3) Pro-forma fully loaded Basel 3 (30.9.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca, the expected absorption of DTA on losses carried forward and the expected distribution on 9M21 Net income of insurance companies)

(4) Share buy-backs already approved by the ECB are deducted from the capital position

Best-in-Class Risk Profile in Terms of Financial Illiquid Assets

Fully Loaded CET1(1)/Total illiquid assets(2) %

(1) Fully Loaded CET1. Sample: Barclays, BBVA, BNP Paribas, Deutsche Bank, HSBC, Lloyds Banking Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (30.9.21 data); Commerzbank, Crédit Agricole Group, Credit Suisse, ING Group and Société Générale (30.6.21 data)

(2) Total illiquid assets include Net NPL stock, Level 2 assets and Level 3 assets. Sample: Barclays, BBVA, Deutsche Bank, HSBC, Lloyds Banking Group, Nordea, Santander, Standard Chartered, UBS and UniCredit (Net NPL 30.9.21 data); BNP Paribas, Commerzbank, Crédit Agricole Group, Credit Suisse, ING Group and Société Générale (Net NPL 30.6.21 data). Level 2 and Level 3 assets 30.6.21 data

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

Capital Position Well Above Regulatory Requirements even in the EBA Stress Test Adverse Scenario

(1) Pro-forma fully loaded Basel 3 (31.12.20 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, the expected absorption of DTA on losses carried forward and DTA related to the combination with UBI Banca arising from PPA, integration charges, the expected distribution of FY20 Net income of insurance companies and – for 2023 – the disposal to BPER Banca of a portion of branches and related assets and liabilities and the neutralisation of the impact related to the 2018-21 Long-Term Incentive Plan LECOIP 2.0 due to the stress test exercise mechanism)

(2) Fully Loaded CET1 Ratio according to EBA definition

(3) Sample: BBVA, BNP Paribas, Commerzbank, Crédit Agricole Group, Deutsche Bank, ING Group, Nordea, Santander, Société Générale and UniCredit

(4) Restrictions on dividend/incentive schemes/AT1 coupon payments

ISP Is Fully Equipped for the Challenges Ahead

9M21: Excellent Performance

Final Remarks

ISP Is Fully Equipped to Continue to Succeed in the Future

ISP delivered an excellent 9M:

Highest Net income since 2008
Highest-ever Operating income and Commissions
Best-ever Operating margin and Gross income
Strong cost reduction
Significant NPL stock reduction and lowest-ever NPL inflow

ISP is fully equipped to succeed in the future:

Best-in-class excess capital, low leverage and strong liquidity
Over €6bn out of 2020 pre-tax profit and almost €500m from 9M pre-tax profit allocated to further strengthen the future sustainability of our results
Low NPL stock
High operating efficiency (Cost/Income ratio at 50.1%(1)) and strategic flexibility in managing costs
Over €1bn yearly synergies from the combination with UBI Banca
Well-diversified and resilient business model
More than €4bn Net income for 2021
Best-in-class distribution to shareholders with a 70%(2) cash dividend payout ratio for 2021 Net income (€2.8bn already accrued in 9M), with €1.4bn to be paid as interim dividend on 24 November 2021
Maintain a solid capital position with a minimum Common Equity ratio(3) of 13% (12% fully phased-in)
Minimum €4bn Net income target for 2021 already achieved despite COVID-19 impact and while successfully merging UBI Banca and allocating significant resources to further strengthen the future sustainability of our results
Rock-solid capital base, well above regulatory requirements even under the EBA stress test adverse scenario

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

⁽²⁾ Envisaged in the 2018-21 Business Plan

⁽³⁾ Pro-forma fully loaded Basel 3 (considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca and the expected absorption of DTA on losses carried forward)

9M21 Results

Detailed Information

Key P&L and Balance Sheet Figures

€ m	9M21(1)		30.9.21
Operating income	15,766	Loans to Customers	463,295
Operating costs	(7,893)	Customer Financial Assets(2)	1,241,420
Cost/Income ratio	50.1%	of which Direct Deposits from Banking Business	535,746
Operating margin 7,873		of which Direct Deposits from Insurance Business and Technical Reserves	203,538
Gross income (loss)	6,205	of which Indirect Customer Deposits	703,721
Net income	4,006	- Assets under Management	464,215
		- Assets under Administration	239,506
		RWA	328,176
		Total Assets	1,071,418

Note: figures may not add up exactly due to rounding

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

Detailed Consolidated P&L Results

Liquidity, Funding and Capital Base

Asset Quality

Divisional Results and Other Information

9M21 vs 9M20: €4bn Net Income, the Best 9M Result since 2008

€ m	9M20	9M21		 %
	redetermined(1) [ A ]	stated(2) [ B ]	redetermined(3) [ C ]	[ C ] / [ A ]
Net interest income	6,206	6,012	5,946	(4.2)
Net fee and commission income	6,283	7,102	7,008	11.5
Income from insurance business	1,249	1,176	1,219	(2.4)
Profits on financial assets and liabilities at fair value	1,482	1,518	1,517	2.4
Other operating income (expenses)	31	90	76	145.2
Operating income	15,251	15,898	15,766	3.4
Personnel expenses	(4,954)	(4,975)	(4,924)	(0.6)
Other administrative expenses	(2,187)	(2,052)	(2,059)	(5.9)
Adjustments to property, equipment and intangible assets	(941)	(908)	(910)	(3.3)
Operating costs	(8,082)	(7,935)	(7,893)	(2.3)
Operating margin	7,169	7,963	7,873	9.8
Net adjustments to loans	(3,053)	(1,550)	(1,544)	(49.4)
Net provisions and net impairment losses on other assets	(244)	(433)	(436)	78.7
Other income (expenses)	35	254	254	625.7
Income (Loss) from discontinued operations	1,459	0	58	(96.0)	+46% excluding
Gross income (loss)	5,366	6,234	6,205	15.6	€1.1bn Nexi capital
Taxes on income	(1,319)	(1,540)	(1,541)	16.8	gain booked in 2Q20
Charges (net of tax) for integration and exit incentives	(64)	(148)	(148)	131.3
Effect of purchase price allocation (net of tax)	3,187	(85)	(85)	n.m.
Levies and other charges concerning the banking industry (net of tax)	(475)	(502)	(4) (489)	2.9
Impairment (net of tax) of goodwill and other intangible assets	0	0	0	n.m.
Minority interests	(319)	47	64	n.m.
Net income	6,376	4,006	4,006	(37.2)

Note: figures may not add up exactly due to rounding

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

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

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

(4) €713m pre-tax of which charges for the Resolution Fund: €278m pre-tax (€192m net of tax), charges for the Deposit Guarantee Scheme: €315m pre-tax (€213m net of tax), and additional contribution to the National Resolution Fund: €103m pre-tax (€69m net of tax)

Q3 vs Q2: €1bn Net Income Driven by Solid Core Operating Performance 2Q21 %

€ m

		3Q21
	redetermined(1)
Net interest income	1,995	1,999	0.2
Net fee and commission income	2,370	2,325	(1.9)
Income from insurance business	456	365	(20.0)
Profits on financial assets and liabilities at fair value	344	378	9.9
Other operating income (expenses)	19	25	31.6
Operating income	5,184	5,092	(1.8)
Personnel expenses	(1,655)	(1,642)	(0.8)
Other administrative expenses	(712)	(694)	(2.5)
Adjustments to property, equipment and intangible assets	(301)	(302)	0.3
Operating costs	(2,668)	(2,638)	(1.1)
Operating margin	2,516	2,454	(2.5)
Net adjustments to loans	(599)	(543)	(9.3)
Net provisions and net impairment losses on other assets	(220)	(82)	(62.7)
Other income (expenses)	(7)	63	n.m.
Income (Loss) from discontinued operations	10	0	(100.0)
Gross income (loss)	1,700	1,892	11.3
Taxes on income	(85)	(619)	628.2
Charges (net of tax) for integration and exit incentives	(55)	(41)	(25.5)
Effect of purchase price allocation (net of tax)	(18)	(51)	183.3
Levies and other charges concerning the banking industry (net of tax)	(83)	(2) (210)	153.0
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	48	12	(75.0)
Net income	1,507	983	(34.8)

Note: figures may not add up exactly due to rounding

MIL-BVA327-15051trim.13-90141/LR

Net Interest Income: Second Consecutive Quarterly Increase Despite All-Time Low Interest Rates

◼ Increase vs Q2 despite the challenging environment and continued all-time low interest rates
◼ 0.3% growth in average Direct deposits from banking business vs Q2 (+6.1% vs 3Q20)
◼ 0.2% growth in average Performing loans to customers vs Q2 (+2.2% vs 3Q20)
◼ Increase in the commercial component
◼ 8.9% growth in average Direct deposits from banking business
◼ 3.3% growth in average Performing loans to customers

Net Interest Income: Increase in the Commercial Component

Note: figures may not add up exactly due to rounding

(1) ~€170m benefit from hedging on core deposits in 9M21, of which ~€60m in 3Q21

Net Fee and Commission Income: Best-ever 9M and Q3

◼ Best Q3 ever

◼ Strong increase vs 3Q20 mainly due to growth in commissions from Commercial banking activities (+8.6%; +€52m)
◼ Decline vs Q2 due to the usual seasonal business slowdown in summer
◼ €4.1bn in AuM net inflows in Q3
◼ 9M21, the best-ever 9M despite multiple lockdowns and while successfully merging UBI Banca
◼ Commissions from Management, dealing and consultancy activities up 13.1% (+€511m)
◼ Commissions from Commercial banking activities up 6.4% (+€114m)
◼ €12.4bn in AuM net inflows in 9M21(1)

Profits on Financial Assets and Liabilities at Fair Value: Excellent Performance

Contributions by Activity

	3Q20 redetermined	2Q21 redetermined	3Q21	9M20 redetermined	9M21(1)
Customers	100	72	74	362	231
Capital markets	(205)	97	158	202	573
Trading and Treasury	224	173	143	938	703
Structured credit products	7	2	3	(19)	10

Note: figures may not add up exactly due to rounding

MIL-BVA327-15051trim.13-90141/LR Operating Costs: Further Significant Reduction while Investing for Growth

(2) Including UBI Banca and not considering the disposal of branches sold in 1H21

Net Adjustments to Loans: Significant Reduction Coupled with a Strong Decrease in NPL Stock and Inflows

gross NPL stock

additional provisions on specific NPL portfolios to accelerate NPL deleveraging
◼ Lowest-ever NPL inflows
◼ €17.3bn gross NPL reduction on a yearly basis

Detailed Consolidated P&L Results

Liquidity, Funding and Capital Base

Asset Quality

Divisional Results and Other Information

Strong Growth in Customer Financial Assets

Note: figures may not add up exactly due to rounding

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

considering, on the basis of management accounts, the contribution of branches sold in 1H21)

Funding Mix

Retail funding represents 83% of Direct deposits from banking business

Note: figures may not add up exactly due to rounding

(1) Including Senior non-preferred

(2) Certificates of deposit + Commercial papers

(3) Including Certificates

Strong Funding Capability: Broad Access to International Markets

High Liquidity: LCR and NSFR Well Above Regulatory Requirements

◼ Refinancing operations with the ECB: ~€131bn(3) consisting entirely of TLTRO III, out of a maximum allowance of ~€133bn

◼ Loan to Deposit ratio(4) at 86%

(4) Loans to Customers/Direct Deposits from Banking Business

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

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

⁽³⁾ €36bn borrowed in March (settlement date 27.3.21), €11bn borrowed in June (settlement date 24.6.21) and €1.5bn borrowed in September (settlement date 29.9.21)

Solid Capital Base

◼ 15.1%(2) pro-forma fully loaded Common Equity Tier 1 ratio (13.8% fully phased-in) ◼ 6.7% leverage ratio

⁽²⁾ Pro-forma fully loaded Basel 3 (30.9.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca, the expected absorption of DTA on losses carried forward and the expected distribution on 9M21 Net income of insurance companies)

⁽¹⁾ Considering the ECB recommendation dated 15.12.20 on dividend policy in the aftermath of the COVID-19 epidemic, the impact from IFRS9 FTA phasing-in (~20bps in 1Q21) and after the deduction of accrued dividends (€2.8bn in 9M21), assumed equal to 70% of the Net income for the period, and coupons accrued on the Additional Tier 1 issues

Detailed Consolidated P&L Results

Liquidity, Funding and Capital Base

Asset Quality

Divisional Results and Other Information

MIL-BVA327-15051trim.13-90141/LR Non-performing Loans: Sizeable and Increased Coverage after Impressive Deleveraging

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

Non-performing Loans: Lowest-ever 9M Inflows

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

(2) 2012 figures recalculated to take into consideration the regulatory changes to Past Due classification criteria introduced by the Bank of Italy (90 days since 2012 vs 180 days up until 31.12.11)

(3) Including UBI Banca

Non-performing Loans: Gross Inflow

Non-performing Loans: Net Inflow

Note: figures may not add up exactly due to rounding

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

Non-performing Loans: Lowest Stock since 2007 and Lowest-ever Ratios

x Gross NPL ratio, %					x Net NPL ratio, %
Gross NPL				Net NPL
€ bn	30.9.20	31.12.20(1)	30.6.21(2)	(3) 30.9.21	€ bn	30.9.20	31.12.20(4)	30.6.21(5)	30.9.21(6)
Bad Loans	20.4	9.6	9.3	9.1	Bad Loans	7.7	4.0	3.7	3.6
- of which forborne	3.2	1.6	1.9	1.9	- of which forborne	1.4	0.7	0.8	0.8
Unlikely to pay	14.2	10.7	9.4	8.4	Unlikely to pay	8.5	6.2	5.5	5.0
- of which forborne	6.3	4.2	3.9	3.5	- of which forborne	4.2	2.8	2.7	2.4
Past Due	1.0	0.6	0.6	0.7	Past Due	0.8	0.5	0.5	0.6
- of which forborne	0.1	-	-	0.1	- of which forborne	0.1	-	-	-
Total	35.6	20.9	19.3	18.3	Total	17.0	10.7	9.7	9.1
	7.0	4.4	4.1	3.8		3.5	2.3	2.1	2.0
				2.9% according to EBA definition					1.5% according to EBA definition

Note: figures may not add up exactly due to rounding

(1) Not including €5.4bn gross NPL booked in Discontinued operations
(2) Not including €5.2bn gross NPL booked in Discontinued operations

(3) Not including €4.7bn gross NPL booked in Discontinued operations

(4) Not including €2.1bn net NPL booked in Discontinued operations

(5) Not including €1.5bn net NPL booked in Discontinued operations

(6) Not including €1.7bn net NPL booked in Discontinued operations

Loans to Customers: A Well-diversified Portfolio

Breakdown by business area (data as at 30.9.21)

◼ Low risk profile of residential mortgage portfolio

❑ Instalment/available income ratio at 31%
❑ Average Loan-to-Value equal to ~60%
❑ Original average maturity equal to ~24 years
❑ Residual average life equal to ~19 years

Breakdown by economic business sector

	30.9.21
Loans of the Italian banks and companies of the Group
Households	30.0%
Public Administration	4.1%
Financial companies	8.7%
Non-financial companies	44.6%
of which:
SERVICES	4.4%
UTILITIES	4.3%
TRANSPORTATION MEANS	3.6%
CONSTRUCTION AND MATERIALS FOR CONSTR.	3.3%
DISTRIBUTION	3.1%
REAL ESTATE	2.9%
TRANSPORT	2.5%
FOOD AND DRINK	2.4%
FASHION	2.3%
METALS AND METAL PRODUCTS	2.2%
ENERGY AND EXTRACTION	2.0%
AGRICULTURE	1.9%
INFRASTRUCTURE	1.6%
TOURISM	1.6%
CHEMICALS, RUBBER AND PLASTICS	1.5%
MECHANICAL	1.4%
PHARMACEUTICAL	0.8%
FURNITURE AND WHITE GOODS	0.8%
ELECTRICAL COMPONENTS AND EQUIPMENT	0.8%
MEDIA	0.5%
WOOD AND PAPER	0.5%
OTHER CONSUMPTION GOODS	0.2%
Loans of international banks and companies of the Group	10.6%
Non-performing loans	2.0%
TOTAL	100.0%

€43bn expired moratoria with ~2%(2) default rate

Note: figures may not add up exactly due to rounding (1) €1.7bn according to EBA criteria (2) Italian perimeter

Detailed Consolidated P&L Results

Liquidity, Funding and Capital Base

Asset Quality

Divisional Results and Other Information

Divisional Financial Highlights

Data as at 30.9.21

	Divisions
	Banca dei Territori	IMI Corporate & Investment Banking	International Subsidiary Banks(1)	Private Banking(2)	Asset Management(3)	Insurance(4)	Corporate Centre / (5) Others	Total redetermined(6)
Operating Income (€ m)	6,681	3,600	1,471	1,781	938	1,180	115	15,766
Operating Margin (€ m)	1,906	2,611	698	1,129	775	894	(140)	7,873
Net Income (€ m)	398	1,775	393	862	557	617	(596)	4,006
Cost/Income (%)	71.5	27.5	52.5	36.6	17.4	24.2	n.m.	50.1
RWA (€ bn)	95.1	111.4	33.9	11.9	2.0	0.0	73.9	328.2
Direct Deposits from Banking Business (€ bn)	286.8	80.9	49.3	52.0	0.0	0.0	66.7	535.7
Loans to Customers (€ bn)	251.1	149.0	37.6	13.2	0.4	0.0	12.0	463.3

Note: figures may not add up exactly due to rounding

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

(2) Fideuram, Intesa Sanpaolo Private Banking, Intesa Sanpaolo Private Bank (Suisse) Morval, REYL Group, and Siref Fiduciaria

(3) Eurizon

(4) Assicurazioni Vita (former Aviva Vita), Bancassurance Popolari, Cargeas Assicurazioni, Fideuram Vita, Intesa Sanpaolo Assicura, Intesa Sanpaolo Life, Intesa Sanpaolo RBM Salute, Intesa Sanpaolo Vita, and Lombarda Vita

(5) Treasury Department, Central Structures and consolidation adjustments

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

Banca dei Territori: 9M21 vs 9M20

	9M20	9M21	%
	redetermined
Net interest income	3,169	2,990	(5.6)
Net fee and commission income	3,335	3,605	8.1
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	86	74	(14.0)
Other operating income (expenses)	4	12	200.0
Operating income	6,594	6,681	1.3
Personnel expenses	(2,675)	(2,605)	(2.6)
Other administrative expenses	(2,232)	(2,165)	(3.0)
Adjustments to property, equipment and intangible assets	(4)	(5)	25.0
Operating costs	(4,911)	(4,775)	(2.8)
Operating margin	1,683	1,906	13.3
Net adjustments to loans	(2,255)	(1,015)	(55.0)
Net provisions and net impairment losses on other assets	(44)	(52)	18.2
Other income (expenses)	29	52	79.3
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	(587)	891	n.m.
Taxes on income	222	(279)	n.m.
Charges (net of tax) for integration and exit incentives	(8)	(19)	137.5
Effect of purchase price allocation (net of tax)	0	(3)	n.m.
Levies and other charges concerning the banking industry (net of tax)	(128)	(190)	48.4
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	(2)	n.m.
Net income	(501)	398	n.m.

Banca dei Territori: Q3 vs Q2

	2Q21	3Q21	%
	redetermined
Net interest income	998	998	(0.1)
Net fee and commission income	1,197	1,204	0.6
Income from insurance business	0	0	4.5
Profits on financial assets and liabilities at fair value	21	24	15.2
Other operating income (expenses)	1	5	719.5
Operating income	2,217	2,231	0.6
Personnel expenses	(867)	(861)	(0.7)
Other administrative expenses	(725)	(725)	0.0
Adjustments to property, equipment and intangible assets	(2)	(2)	1.1
Operating costs	(1,594)	(1,588)	(0.4)
Operating margin	624	643	3.1
Net adjustments to loans	(381)	(348)	(8.7)
Net provisions and net impairment losses on other assets	(7)	(27)	274.9
Other income (expenses)	(0)	52	n.m.
Income (Loss) from discontinued operations	(0)	(0)	n.m.
Gross income (loss)	235	320	36.0
Taxes on income	(79)	(89)	12.7
Charges (net of tax) for integration and exit incentives	(13)	(4)	(72.2)
Effect of purchase price allocation (net of tax)	(1)	(1)	26.7
Levies and other charges concerning the banking industry (net of tax)	0	(190)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(1)	(1)	(18.4)
Net income	141	35	(74.9)

IMI Corporate & Investment Banking: 9M21 vs 9M20

	9M20	9M21	%
	redetermined
Net interest income	1,512	1,587	5.0
Net fee and commission income	776	853	9.9
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	1,214	1,160	(4.4)
Other operating income (expenses)	7	0	(100.0)
Operating income	3,509	3,600	2.6
Personnel expenses	(334)	(355)	6.3
Other administrative expenses	(623)	(618)	(0.8)
Adjustments to property, equipment and intangible assets	(16)	(16)	0.0
Operating costs	(973)	(989)	1.6
Operating margin	2,536	2,611	3.0
Net adjustments to loans	(324)	(38)	(88.3)
Net provisions and net impairment losses on other assets	(41)	0	(100.0)
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	2,171	2,573	18.5
Taxes on income	(712)	(803)	12.8
Charges (net of tax) for integration and exit incentives	(10)	(15)	50.0
Effect of purchase price allocation (net of tax)	0	20	n.m.
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	1,449	1,775	22.5

IMI Corporate & Investment Banking: Q3 vs Q2

	2Q21	3Q21	%
	redetermined
Net interest income	519	529	1.8
Net fee and commission income	294	278	(5.7)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	254	339	33.5
Other operating income (expenses)	(0)	(1)	57.8
Operating income	1,067	1,145	7.3
Personnel expenses	(124)	(122)	(1.5)
Other administrative expenses	(206)	(216)	4.9
Adjustments to property, equipment and intangible assets	(6)	(5)	(8.3)
Operating costs	(335)	(343)	2.3
Operating margin	732	802	9.6
Net adjustments to loans	12	16	29.2
Net provisions and net impairment losses on other assets	5	(3)	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	749	815	8.7
Taxes on income	(230)	(254)	10.5
Charges (net of tax) for integration and exit incentives	(5)	(5)	(8.9)
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	513	555	8.1

International Subsidiary Banks: 9M21 vs 9M20

	9M20	9M21	%
	redetermined
Net interest income	981	988	0.7
Net fee and commission income	368	408	10.9
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	89	104	16.9
Other operating income (expenses)	(25)	(29)	16.0
Operating income	1,413	1,471	4.1
Personnel expenses	(392)	(400)	2.0
Other administrative expenses	(285)	(287)	0.7
Adjustments to property, equipment and intangible assets	(82)	(86)	4.9
Operating costs	(759)	(773)	1.8
Operating margin	654	698	6.7
Net adjustments to loans	(173)	(117)	(32.4)
Net provisions and net impairment losses on other assets	(2)	(24)	n.m.
Other income (expenses)	6	4	(33.3)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	485	561	15.7
Taxes on income	(103)	(117)	13.6
Charges (net of tax) for integration and exit incentives	(29)	(29)	0.0
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking industry (net of tax)	(51)	(22)	(56.9)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	0	0	n.m.
Net income	302	393	30.1

International Subsidiary Banks: Q3 vs Q2

	2Q21	3Q21	%
	redetermined
Net interest income	326	339	4.0
Net fee and commission income	141	145	2.4
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	43	31	(27.1)
Other operating income (expenses)	(11)	(10)	5.0
Operating income	499	504	1.1
Personnel expenses	(134)	(138)	2.6
Other administrative expenses	(93)	(101)	8.0
Adjustments to property, equipment and intangible assets	(29)	(29)	2.2
Operating costs	(256)	(267)	4.5
Operating margin	243	237	(2.6)
Net adjustments to loans	(31)	(40)	30.0
Net provisions and net impairment losses on other assets	(9)	(8)	(17.8)
Other income (expenses)	2	1	(57.2)
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	205	190	(7.3)
Taxes on income	(40)	(34)	(15.4)
Charges (net of tax) for integration and exit incentives	(10)	(10)	(0.8)
Effect of purchase price allocation (net of tax)	0	0	n.m.
Levies and other charges concerning the banking industry (net of tax)	(8)	(5)	(43.8)
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	0	n.m.
Net income	147	142	(3.5)

Private Banking: 9M21 vs 9M20

	9M20 redetermined	9M21	%

Net interest income	195	161	(17.4)
Net fee and commission income	1,408	1,558	10.7
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	30	41	36.7
Other operating income (expenses)	4	21	425.0
Operating income	1,637	1,781	8.8
Personnel expenses	(343)	(344)	0.3
Other administrative expenses	(244)	(254)	4.1
Adjustments to property, equipment and intangible assets	(51)	(54)	5.9
Operating costs	(638)	(652)	2.2
Operating margin	999	1,129	13.0
Net adjustments to loans	(21)	0	(100.0)
Net provisions and net impairment losses on other assets	(36)	(28)	(22.2)
Other income (expenses)	6	194	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	948	1,295	36.6
Taxes on income	(293)	(390)	33.1
Charges (net of tax) for integration and exit incentives	(12)	(14)	16.7
Effect of purchase price allocation (net of tax)	(1)	(16)	n.m.
Levies and other charges concerning the banking industry (net of tax)	(13)	(15)	15.4
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	6	2	(66.7)
Net income	635	862	35.7

Private Banking: Q3 vs Q2

€	m

	2Q21	3Q21	%
	redetermined
Net interest income	53	55	3.2
Net fee and commission income	518	518	0.0
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	12	9	(26.2)
Other operating income (expenses)	7	6	(5.8)
Operating income	591	589	(0.4)
Personnel expenses	(116)	(118)
Other administrative expenses	(91)	(84)	(7.7)
Adjustments to property, equipment and intangible assets	(17)	(18)
Operating costs	(224)	(220)	(1.8)
Operating margin	366	368	0.5
Net adjustments to loans	1	(1)	n.m.
Net provisions and net impairment losses on other assets	(9)	(11)	20.5
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	358	356	(0.5)
Taxes on income	(106)	(103)	(3.1)
Charges (net of tax) for integration and exit incentives	(6)	(4)	(32.8)
Effect of purchase price allocation (net of tax)	(11)	(5)	(56.0)
Levies and other charges concerning the banking industry (net of tax)	0	(15)	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	2	2
Net income	237	231	(2.3)

Asset Management: 9M21 vs 9M20

	9M20	9M21	%
	redetermined
Net interest income	0	(1)	n.m.
Net fee and commission income	698	887	27.1
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(2)	(3)	50.0
Other operating income (expenses)	23	55	139.1
Operating income	719	938	30.5
Personnel expenses	(71)	(78)	9.9
Other administrative expenses	(80)	(80)	0.0
Adjustments to property, equipment and intangible assets	(5)	(5)	0.0
Operating costs	(156)	(163)	4.5
Operating margin	563	775	37.7
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	0	1	n.m.
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	563	776	37.8
Taxes on income	(149)	(205)	37.6
Charges (net of tax) for integration and exit incentives	0	(2)	n.m.
Effect of purchase price allocation (net of tax)	0	(3)	n.m.
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(35)	(9)	(74.3)
Net income	379	557	47.0

Asset Management: Q3 vs Q2

	2Q21	3Q21	%
	redetermined
Net interest income	(0)	(0)	(53.6)
Net fee and commission income	310	291	(5.8)
Income from insurance business	0	0	n.m.
Profits on financial assets and liabilities at fair value	(1)	(1)	(13.3)
Other operating income (expenses)	23	15	(36.8)
Operating income	332	305	(8.1)
Personnel expenses	(27)	(28)	2.3
Other administrative expenses	(26)	(28)	8.4
Adjustments to property, equipment and intangible assets	(2)	(2)	(0.8)
Operating costs	(55)	(57)	5.1
Operating margin	278	248	(10.7)
Net adjustments to loans	(0)	0	n.m.
Net provisions and net impairment losses on other assets	0	0	74.0
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	278	248	(10.8)
Taxes on income	(73)	(64)	(13.5)
Charges (net of tax) for integration and exit incentives	(1)	(1)	45.9
Effect of purchase price allocation (net of tax)	0	(3)	n.m.
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(0)	1	n.m.
Net income	204	181	(11.1)

Insurance: 9M21 vs 9M20

	9M20	9M21	%
	redetermined
Net interest income	0	0	n.m.
Net fee and commission income	(2)	1	n.m.
Income from insurance business	1,183	1,189	0.5
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(3)	(10)	233.3
Operating income	1,178	1,180	0.2
Personnel expenses	(100)	(103)	3.0
Other administrative expenses	(162)	(168)	3.7
Adjustments to property, equipment and intangible assets	(14)	(15)	7.1
Operating costs	(276)	(286)	3.6
Operating margin	902	894	(0.9)
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	(26)	(155)	496.2
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	876	739	(15.6)
Taxes on income	(247)	(173)	(30.0)
Charges (net of tax) for integration and exit incentives	(11)	(18)	63.6
Effect of purchase price allocation (net of tax)	(14)	(16)	14.3
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	(128)	85	n.m.
Net income	476	617	29.6

Insurance: Q3 vs Q2

	2Q21	3Q21	%
	redetermined
Net interest income	(0)	(0)	1.8
Net fee and commission income	0	0	27.1
Income from insurance business	439	364	(17.1)
Profits on financial assets and liabilities at fair value	0	0	n.m.
Other operating income (expenses)	(2)	(4)	(94.2)
Operating income	437	360	(17.6)
Personnel expenses	(38)	(31)	(17.8)
Other administrative expenses	(59)	(61)	2.2
Adjustments to property, equipment and intangible assets	(5)	(5)	(3.7)
Operating costs	(102)	(96)	(5.5)
Operating margin	335	263	(21.3)
Net adjustments to loans	0	0	n.m.
Net provisions and net impairment losses on other assets	(128)	(24)	(81.5)
Other income (expenses)	0	0	n.m.
Income (Loss) from discontinued operations	0	0	n.m.
Gross income (loss)	207	240	16.0
Taxes on income	(30)	(63)	109.7
Charges (net of tax) for integration and exit incentives	(6)	(11)	77.7
Effect of purchase price allocation (net of tax)	(7)	(4)	(48.5)
Levies and other charges concerning the banking industry (net of tax)	0	0	n.m.
Impairment (net of tax) of goodwill and other intangible assets	0	0	n.m.
Minority interests	51	16	(69.5)
Net income	214	178	(17.1)

Quarterly P&L

€ m

	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21
	redetermined(1)
Net interest income	2,040	2,037	2,129	2,072	1,952	1,995	1,999
Net fee and commission income	2,122	2,014	2,147	2,442	2,313	2,370	2,325
Income from insurance business	440	456	353	436	398	456	365
Profits on financial assets and liabilities at fair value	1,049	306	127	193	795	344	378
Other operating income (expenses)	1	29	1	6	32	19	25
Operating income	5,652	4,842	4,757	5,149	5,490	5,184	5,092
Personnel expenses	(1,646)	(1,662)	(1,646)	(1,744)	(1,627)	(1,655)	(1,642)
Other administrative expenses	(696)	(747)	(744)	(898)	(653)	(712)	(694)
Adjustments to property, equipment and intangible assets	(314)	(314)	(313)	(315)	(307)	(301)	(302)
Operating costs	(2,656)	(2,723)	(2,703)	(2,957)	(2,587)	(2,668)	(2,638)
Operating margin	2,996	2,119	2,054	2,192	2,903	2,516	2,454
Net adjustments to loans	(538)	(1,543)	(972)	(1,440)	(402)	(599)	(543)
Net provisions and net impairment losses on other assets	(431)	251	(64)	(121)	(134)	(220)	(82)
Other income (expenses)	13	0	22	62	198	(7)	63
Income (Loss) from discontinued operations	149	1,230	80	129	48	10	0
Gross income (loss)	2,189	2,057	1,120	822	2,613	1,700	1,892
Taxes on income	(635)	(362)	(322)	(191)	(837)	(85)	(619)
Charges (net of tax) for integration and exit incentives	(15)	(22)	(27)	(1,485)	(52)	(55)	(41)
Effect of purchase price allocation (net of tax)	(26)	(24)	3,237	(1,227)	(16)	(18)	(51)
Levies and other charges concerning the banking industry (net of tax)	(206)	(91)	(178)	(38)	(196)	(83)	(210)
Impairment (net of tax) of goodwill and other intangible assets	0	0	0	(912)	0	0	0
Minority interests	(156)	(143)	(20)	(68)	4	48	12
Net income	1,151	1,415	3,810	(3,099)	1,516	1,507	983

€546m and €393m respectively when excluding the accounting effect of the combination with UBI Banca and of the impairment of goodwill

Note: figures may not add up exactly due to rounding

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

Net Fee and Commission Income: Quarterly Development Breakdown

€ m

	Net Fee and Commission Income
	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21
				redetermined(1)
Guarantees given / received	51	48	47	50	47	55	61
Collection and payment services	124	113	115	140	137	139	138
Current accounts	352	353	360	366	344	352	352
Credit and debit cards	65	73	85	89	61	106	108
Commercial banking activities	592	587	607	645	589	652	659
Dealing and placement of securities	199	168	193	229	295	288	211
Currency dealing	1	1	2	2	3	3	3
Portfolio management	663	649	687	844	733	781	764
Distribution of insurance products	388	365	396	418	406	383	401
Other	73	60	67	68	53	45	54
Management, dealing and consultancy activities	1,324	1,243	1,345	1,561	1,490	1,500	1,433
Other net fee and commission income	206	184	195	236	234	218	233
Net fee and commission income	2,122	2,014	2,147	2,442	2,313	2,370	2,325

Note: figures may not add up exactly due to rounding

Market Leadership in Italy

(1) Excluding Corporate Centre
(2) Data as at 30.9.21
(3) Including bonds
(4) Mutual funds; data as at 30.6.21
(5) Data as at 30.6.21

International Subsidiary Banks: Key P&L Data by Country

Note: excluding the Russian subsidiary Banca Intesa which is included in IMI C&IB

International Subsidiary Banks by Country: 8% of the Group's Total Loans

International Subsidiary Banks by Country: 8% of the Group's Total Loans
Data as at 30.9.21
											Total CEE		Total
	Hungary	Slovakia	Slovenia	Croatia	Bosnia	Serbia	Albania	Romania	Moldova	Ukraine		Egypt
Oper. Income (€ m)	149	341	5 0	323	3 4	207	3 1	2 9	8	1 1	1,182	275	1,457
% of Group total	0.9%	2.2%	0.3%	2.0%	0.2%	1.3%	0.2%	0.2%	0.0%	0.1%	7.5%	1.7%	9.2%
Net income (€ m)	3 6	8 8	1 3	116	1 1	7 4	8	(1)	2	(4)	343	9 6	439
% of Group total	0.9%	2.2%	0.3%	2.9%	0.3%	1.9%	0.2%	n.m.	0.1%	n.m.	8.6%	2.4%	11.0%
Customer Deposits (€ bn)	5.0	17.2	2.7	10.6	0.8	4.9	1.4	1.0	0.2	0.2	44.0	5.0	49.0
% of Group total	0.9%	3.2%	0.5%	2.0%	0.2%	0.9%	0.3%	0.2%	0.0%	0.0%	8.2%	0.9%	9.1%
Customer Loans (€ bn)	3.3	16.1	2.0	7.2	0.8	4.0	0.4	0.9	0.1	0.1	34.9	2.7	37.6
% of Group total	0.7%	3.5%	0.4%	1.6%	0.2%	0.9%	0.1%	0.2%	0.0%	0.0%	7.5%	0.6%	8.1%
Total Assets (€ bn)	7.0	22.4	3.4	13.6	1.2	6.7	1.6	1.4	0.2	0.3	57.8	6.3	64.0
% of Group total	0.7%	2.1%	0.3%	1.3%	0.1%	0.6%	0.2%	0.1%	0.0%	0.0%	5.4%	0.6%	6.0%
Book value (€ m) - intangibles	729 29	1,760 125	324 6	1,898 25	177 2	1,001 38	198 3	178 4	3 5 2	5 9 3	6,358 237	665 9	7,023 245

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

International Subsidiary Banks by Country: Loan Breakdown and Coverage

Data as at 30.9.21

											Total		Total
	Hungary	Slovakia	Slovenia	Croatia	Bosnia	Serbia	Albania	Romania	Moldova	Ukraine	CEE	Egypt
Performing loans (€ bn) of which:	3.3	16.0	1.9	7.0	0.8	3.9	0.4	0.8	0.1	0.1	34.4	2.6	37.0
Retail local currency	48%	61%	43%	32%	32%	24%	21%	15%	55%	33%	46%	59%	47%
Retail foreign currency	0%	0%	0%	21%	14%	29%	13%	15%	0%	0%	8%	0%	8%
Corporate local currency	23%	33%	57%	23%	16%	6%	14%	45%	18%	48%	28%	29%	28%
Corporate foreign currency	28%	6%	0%	24%	38%	41%	52%	25%	27%	19%	17%	12%	17%
Bad loans(1) (€ m)		9 82	1	66	5	17	4	8	0	0	192	0	192
Unlikely to pay(2) (€ m)	57	65	17	165	9	26	4	22	1	0	366	65	431
Performing loans coverage	1.4%	0.6%	1.0%	1.8%	2.1%	1.7%	1.6%	2.0%	3.3%	0.8%	1.1%	1.2%	1.1%
Bad loans(1) coverage	61%	69%	93%	67%	74%	72%	56%	58%	60%	n.m.	68%	100%	70%
Unlikely to pay(2) coverage	43%	48%	50%	34%	36%	49%	43%	39%	52%	n.m.	41%	48%	42%
Annualised cost of credit(3) (bps)	24	39	6	46	65	51	78	104	n.m.	17	40	58	42

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

(1) Sofferenze

(2) Including Past due

(3) Net adjustments to loans/Net customer loans

MIL-BVA327-15051trim.13-90141/LR Common Equity Tier 1 Ratio as at 30.9.21: from Phased-in to Pro-forma Fully Loaded

E-MARKET SDIR
CERTIFIED

	~€ bn	~bps
Direct-deduction relevant items
DTA on losses carried forward(1) IFRS9 transitional adjustment	1.9 (1.5)	58 (45)
Total	0.4	13
Cap relevant items(*)(2)
Total	0.0	25
(*) as a memo, constituents of deductions subject to cap:
- Other DTA(3)	1.6
- Investments in banking and financial companies	2.0
RWA from 100% weighted DTA(4)	(9.4)	43
Total estimated impact		81
Pro-forma fully loaded Common Equity Tier 1 ratio		15.1%

Note: figures may not add up exactly due to rounding

⁽¹⁾ Considering the expected absorption of DTA on losses carried forward (€2.1bn as at 30.9.21)

⁽²⁾ Following the application of the Danish Compromise, insurance investments are risk weighted instead of being deducted from capital. In the amount of insurance investments, the expected distribution on 9M21 Net income of insurance companies is considered, which for the sake of simplicity is left included in the benefit allocated to this caption

⁽³⁾ Other DTA: mostly related to provisions for risks and charges, considering the total absorption of DTA related to IFSR9 FTA (€1.2bn as at 30.9.21) and DTA related to the non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks (€0.1bn as at 30.9.21) and DTA related to the acquisition of UBI Banca (€0.7bn as at 30.9.21). DTA related to goodwill realignment and adjustments to loans are excluded due to their treatment as credits to tax authorities

⁽⁴⁾ Considering the total absorption of DTA convertible into tax credit related to goodwill realignment (€6.3bn as at 30.9.21) and adjustments to loans (€3.1bn as at 30.9.21)

Total Exposure(1) by Main Countries

€ m

	DEBT SECURITIES
	Banking Business
	AC	FVTOCI	FVTPL(2)	Total	Insurance Business(3)	Total	LOANS
EU Countries	34,692	43,284	9,013	86,989	82,748	169,737	429,985
Austria	122	173	85	380	387	767	654
Belgium	803	2,604	386	3,793	718	4,511	1,118
Bulgaria	0	0	0	0	129	129	25
Croatia	208	665	153	1,026	251	1,277	7,246
Cyprus	0	0	0	0	101	101	26
Czech Republic	99	0	0	99	42	141	793
Denmark	33	8	0	41	77	118	50
Estonia	0	0	0	0	2	2	6
Finland	15	46	-21	40	167	207	599
France	2,901	5,005	-188	7,718	5,877	13,595	12,004
Germany	1,307	1,826	236	3,369	2,656	6,025	8,014
Greece	62	0	31	93	6	99	72
Hungary	400	891	44	1,335	63	1,398	3,180
Ireland	464	1,287	446	2,197	175	2,372	798
Italy	22,911	18,080	9,234	50,225	64,330	114,555	362,895
Latvia	0	0	3	3	21	24	28
Lithuania	0	0	0	0	0	0	1
Luxembourg	236	535	203	974	158	1,132	7,614
Malta	0	0	0	0	0	0	119
The Netherlands	267	891	107	1,265	1,398	2,663	1,876
Poland	198	167	0	365	62	427	1,123
Portugal	203	452	-70	585	727	1,312	154
Romania	66	385	23	474	468	942	1,027
Slovakia	0	472	15	487	48	535	14,132
Slovenia	1	232	-23	210	63	273	1,883
Spain	4,372	9,321	-1,651	12,042	4,665	16,707	4,137
Sweden	24	244	0	268	157	425	411
Albania	194	381	1	576	30	606	458
Egypt	0	1,779	2	1,781	124	1,905	3,173
Japan	59	2,429	3	2,491	203	2,694	811
Russia	0	102	6	108	65	173	5,688
Serbia	7	688	65	760	104	864	4,207
United Kingdom	638	546	35	1,219	1,951	3,170	15,816
U.S.A.	2,197	4,895	140	7,232	3,288	10,520	7,101
Other Countries	1,620	6,068	133	7,821	3,751	11,572	26,167
Total	39,407	60,172	9,398	108,977	92,264	201,241	# 493,406

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

(1) Exposure to sovereign risks (central and local governments), banks and other customers. Book Value of Debt Securities and Net Loans as at 30.9.21

(2) Taking into account cash short positions

(3) Excluding securities in which money is collected through insurance policies where the total risk is retained by the insured

Exposure to Sovereign Risks(1) by Main Countries

€ m

	DEBT SECURITIES
	Banking Business Insurance						FVTOCI/AFS	LOANS
	AC		FVTOCI FVTPL(2)	Total	Business(3)	Total	Reserve (4)
EU Countries	22,823	35,675	6,746	65,244	71,829	137,073	387	11,881
Austria	0	71	83	154	258	412	-1	0
Belgium	757	2,534	384	3,675	502	4,177	-30	0
Bulgaria	0	0	0	0	67	67	0	0
Croatia	148	665	153	966	241	1,207	6	1,235
Cyprus	0	0	0	0	101	101	-7	0
Czech Republic	0	0	0	0	0	0	0	0
Denmark	0	0	0	0	0	0	0	0
Estonia	0	0	0	0	0	0	0	0
Finland	0	0	-19	-19	37	18	0	0
France	2,363	3,577	-179	5,761	2,970	8,731	-80	4
Germany	512	772	69	1,353	1,453	2,806	-7	0
Greece	0	0	31	31	6	37	0	0
Hungary	216	867	44	1,127	50	1,177	9	118
Ireland	143	293	-5	431	134	565	1	0
Italy	14,552	16,144	7,717	38,413	61,060	99,473	495	10,083
Latvia	0	0	3	3	21	24	0	28
Lithuania	0	0	0	0	0	0	0	0
Luxembourg	0	221	184	405	0	405	1	0
Malta	0	0	0	0	0	0	0	0
The Netherlands	52	121	13	186	334	520	-2	0
Poland	51	69	0	120	26	146	0	0
Portugal	84	435	-117	402	653	1,055	-5	0
Romania	66	385	23	474	445	919	-5	5
Slovakia	0	444	15	459	0	459	4	181
Slovenia	1	224	-23	202	63	265	-3	179
Spain	3,878	8,829	-1,630	11,077	3,408	14,485	11	48
Sweden	0	24	0	24	0	24	0	0
Albania	194	381	1	576	30	606	3	1
Egypt	0	1,779	2	1,781	124	1,905	7	304
Japan	0	2,127	0	2,127	0	2,127	9	0
Russia	0	90	6	96	0	96	1	0
Serbia	7	688	65	760	104	864	4	75
United Kingdom	0	134	9	143	64	207	-5	0
U.S.A.	1,340	3,437	34	4,811	6	4,817	-127	0
Other Countries	1,289	4,240	108	5,637	1,490	7,127	-51	4,986
Total	25,653	48,551	6,971	81,175	73,647	154,822	228	# 17,247

Banking Business Government bond duration: 6.4y Adjusted duration due to hedging: 0.3y

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

(1) Exposure to central and local governments. Book Value of Debt Securities and Net Loans as at 30.9.21

(2) Taking into account cash short positions

(3) Excluding securities in which money is collected through insurance policies where the total risk is retained by the insured

(4) Net of tax and allocation to insurance products under separate management

MIL-BVA327-15051trim.13-90141/LR

Exposure to Banks by Main Countries(1)

€ m

	DEBT SECURITIES
			Banking Business
	AC	FVTOCI	FVTPL(2)	Total	Insurance Business(3)	Total	LOANS
EU Countries	1,918	3,924	694	6,536	3,990	10,526	25,444
Austria	104	52	2	158	97	255	374
Belgium	11	49	0	60	74	134	483
Bulgaria	0	0	0	0	0	0	0
Croatia	42	0	0	42	0	42	26
Cyprus	0	0	0	0	0	0	0
Czech Republic	0	0	0	0	0	0	0
Denmark	20	8	0	28	54	82	34
Estonia	0	0	0	0	0	0	0
Finland	9	14	-2	21	66	87	55
France	284	966	-33	1,217	1,391	2,608	10,082
Germany	69	625	172	866	239	1,105	6,455
Greece	0	0	0	0	0	0	54
Hungary	126	18	0	144	11	155	68
Ireland	0	27	0	27	0	27	416
Italy	897	1,057	609	2,563	1,282	3,845	5,421
Latvia	0	0	0	0	0	0	0
Lithuania	0	0	0	0	0	0	0
Luxembourg	0	162	4	166	10	176	852
Malta	0	0	0	0	0	0	64
The Netherlands	101	296	-2	395	315	710	186
Poland	0	89	0	89	0	89	6
Portugal	0	17	1	18	0	18	4
Romania	0	0	0	0	0	0	104
Slovakia	0	28	0	28	0	28	0
Slovenia	0	8	0	8	0	8	2
Spain	237	352	-57	532	433	965	715
Sweden	18	156	0	174	18	192	43
Albania	0	0	0	0	0	0	15
Egypt	0	0	0	0	0	0	64
Japan	29	110	0	139	64	203	76
Russia	0	12	0	12	0	12	155
Serbia	0	0	0	0	0	0	58
United Kingdom	157	224	11	392	586	978	4,404
U.S.A.	292	799	50	1,141	1,718	2,859	984
Other Countries	124	1,298	11	1,433	904	2,337	5,848
Total	2,520	6,367	766	9,653	7,262	16,915	# 37,048

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

(1) Book Value of Debt Securities and Net Loans as at 30.9.21

(2) Taking into account cash short positions

(3) Excluding securities in which money is collected through insurance policies where the total risk is retained by the insured

Exposure to Other Customers by Main Countries(1)

€ m

	DEBT SECURITIES
			Banking Business		Insurance		LOANS
	AC	FVTOCI	FVTPL(2)	Total	Business(3)	Total
EU Countries	9,951	3,685	1,573	15,209	6,929	22,138	392,660
Austria	18	50	0	68	32	100	280
Belgium	35	21	2	58	142	200	635
Bulgaria	0	0	0	0	62	62	25
Croatia	18	0	0	18	10	28	5,985
Cyprus	0	0	0	0	0	0	26
Czech Republic	99	0	0	99	42	141	793
Denmark	13	0	0	13	23	36	16
Estonia	0	0	0	0	2	2	6
Finland	6	32	0	38	64	102	544
France	254	462	24	740	1,516	2,256	1,918
Germany	726	429	-5	1,150	964	2,114	1,559
Greece	62	0	0	62	0	62	18
Hungary	58	6	0	64	2	66	2,994
Ireland	321	967	451	1,739	41	1,780	382
Italy	7,462	879	908	9,249	1,988	11,237	347,391
Latvia	0	0	0	0	0	0	0
Lithuania	0	0	0	0	0	0	1
Luxembourg	236	152	15	403	148	551	6,762
Malta	0	0	0	0	0	0	55
The Netherlands	114	474	96	684	749	1,433	1,690
Poland	147	9	0	156	36	192	1,117
Portugal	119	0	46	165	74	239	150
Romania	0	0	0	0	23	23	918
Slovakia	0	0	0	0	48	48	13,951
Slovenia	0	0	0	0	0	0	1,702
Spain	257	140	36	433	824	1,257	3,374
Sweden	6	64	0	70	139	209	368
Albania	0	0	0	0	0	0	442
Egypt	0	0	0	0	0	0	2,805
Japan	30	192	3	225	139	364	735
Russia	0	0	0	0	65	65	5,533
Serbia	0	0	0	0	0	0	4,074
United Kingdom	481	188	15	684	1,301	1,985	11,412
U.S.A.	565	659	56	1,280	1,564	2,844	6,117
Other Countries	207	530	14	751	1,357	2,108	15,333
Total	11,234	5,254	1,661	18,149	11,355	29,504	# 439,111

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

(1) Book Value of Debt Securities and Net Loans as at 30.9.21

(2) Taking into account cash short positions

(3) Excluding securities in which money is collected through insurance policies where the total risk is retained by the insured

Disclaimer

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

* * *

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

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

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

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Intesa Sanpaolo

4465_ip_2021-11-03_89273cea-44c9-41c9-8952-ca70ac0f2d49.pdf

9M21 Results

Excellent Performance

Data A Strong Bank for a Digital World

ISP Delivered Excellent Nine-Month Performance with the €4bn Minimum Net Income Target for 2021 Already Achieved…

Excellent performance despite COVID-19 impact and while successfully merging UBI Banca

ISP Is Ready to Succeed in the Future…

ISP awarded "Best Bank in Italy" for the second consecutive year by Euromoney

The integration with UBI Banca adds significant value by delivering synergies above €1bn per year with no social costs

GDP Recovery in Q2 and Q3 Was Stronger than Anticipated, with Further Expansion Expected in 2022

ISP Is Fully Equipped for the Challenges Ahead

ISP Delivered the Best 9M Net Income since 2008…

… while Reducing NPL Stock, Increasing NPL Coverage, Strengthening Capital and Reinforcing an Already Resilient Business Model

ISP Is Now Far Better Equipped than Peers to Tackle the Challenges Ahead

Merger with UBI Banca Successfully Completed, Enabling Additional Value Creation

… enabling additional value creation with synergies above €1bn per year

ISP Is Fully Equipped for the Challenges Ahead

9M21: Highlights

9M21: Strong Growth in Profitability and Further Strengthening of the Balance Sheet

Our Excellent Performance Creates Benefits for All Stakeholders

ISP Successfully Mitigated the COVID-19 Impact

Strong value proposition on digital channels enabled immediate business reaction

ISP as the Engine of Sustainable and Inclusive Growth…

… with Initiatives Supported by the Dedicated ESG/Climate Program (ISP4ESG) Launched in 4Q19…

… Delivering Tangible Results for Society

ISP Leads in the Main Sustainability Indexes and Rankings

(1) ISP peer group

9M: €4bn Net Income, the Best Nine Months since 2008

Q3: €1bn Net Income Driven by Solid Core Operating Performance

Increase in Net Interest Income for the Second Consecutive Quarter

Best-ever 9M for Commissions Despite COVID-19 Impact

~€1.25 Trillion in Customer Financial Assets, with an €89bn Increase on a Yearly Basis

Customer financial assets(1)(2)

Continued Strong Reduction in Operating Costs while Investing for Growth

One of the Best Cost/Income Ratios in Europe

Cost/Income(1)

€17.3bn Gross NPL Stock Reduction on a Yearly Basis, €2.6bn in 9M

Strong Reduction in Loan Loss Provisions and Cost of Risk Coupled with Lowest-ever NPL Inflow

Rock-Solid Capital Base, Well Above Regulatory Requirements

Best-in-Class Excess Capital in Europe

Best-in-Class Risk Profile in Terms of Financial Illiquid Assets

Capital Position Well Above Regulatory Requirements even in the EBA Stress Test Adverse Scenario

Final Remarks

ISP Is Fully Equipped to Continue to Succeed in the Future

9M21 Results

Detailed Information

Key P&L and Balance Sheet Figures

9M21 vs 9M20: €4bn Net Income, the Best 9M Result since 2008

Q3 vs Q2: €1bn Net Income Driven by Solid Core Operating Performance 2Q21 %

Net Interest Income: Second Consecutive Quarterly Increase Despite All-Time Low Interest Rates

Net Interest Income: Increase in the Commercial Component

Net Fee and Commission Income: Best-ever 9M and Q3

◼ Best Q3 ever

Profits on Financial Assets and Liabilities at Fair Value: Excellent Performance

Contributions by Activity

MIL-BVA327-15051trim.13-90141/LR Operating Costs: Further Significant Reduction while Investing for Growth

Net Adjustments to Loans: Significant Reduction Coupled with a Strong Decrease in NPL Stock and Inflows

Strong Growth in Customer Financial Assets

Funding Mix

Retail funding represents 83% of Direct deposits from banking business

Strong Funding Capability: Broad Access to International Markets

High Liquidity: LCR and NSFR Well Above Regulatory Requirements

Solid Capital Base

MIL-BVA327-15051trim.13-90141/LR Non-performing Loans: Sizeable and Increased Coverage after Impressive Deleveraging

Non-performing Loans: Lowest-ever 9M Inflows

Non-performing Loans: Gross Inflow

Non-performing Loans: Net Inflow

Non-performing Loans: Lowest Stock since 2007 and Lowest-ever Ratios

Loans to Customers: A Well-diversified Portfolio

Breakdown by business area (data as at 30.9.21)

◼ Low risk profile of residential mortgage portfolio

Breakdown by economic business sector

€43bn expired moratoria with ~2%(2) default rate

Divisional Financial Highlights

Data as at 30.9.21

Banca dei Territori: 9M21 vs 9M20

Banca dei Territori: Q3 vs Q2

IMI Corporate & Investment Banking: 9M21 vs 9M20