Unicaja Banco S.A.

Investor Presentation • Dec 10, 2021

December 10th 2021

Agenda

2024 Strategic Plan

Key initiatives

Main financial targets

Closing remarks

Unicaja strong foundation

(1) It includes gross lending and on-balance and off-balance customer resources (2) Caja Cantabria, Caja Extremadura, Cajastur and CCM merger in 2010 cost base (€ 799m) vs 2020 Liberbank cost base (€ 376m) and Unicaja banco merger with CEISS initial cost base of € 681m in 2015 vs 1H21 annualized cost base (€ 562m). Branch network reduction during that time horizon (3) Liberbank and Unicaja Banco simple average CET1 increase during 2018- 1H21. Excluding the € 143m restructuring costs booked in 2Q21 by Liberbank

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Strategic Plan 2024 pillars

A larger, efficient, more profitable, sustainable and digital bank with a low risk profile and increasing remuneration to shareholders

1	Accelerate commercial activity via deeper specialization	• Residential mortgages as a vector for customer acquisition with an attractive RAROC • Room to increase consumer lending with existing customers • Fee-income engines: mutual funds, insurance and payments	Capital generation (1)
		• Generating more sustainable profitability with higher contribution from retail banking and fee income	€1.5bn
2	Improve efficiency through operational excellence	• Commitment to the continuous optimization of expenses, levering on factories and automation to improve productivity • Redesign of the relationship model with our customers promoting digital channels and scaling remote management	2022-2024E
3	Advanced risk management with a conservative profile	• Plan focuses on low risk portfolios, mortgages and consumer with existing customers • Best-in-class NPA coverage ratio of 67%, will enable the acceleration of disposal and a low cost of risk • Focus on pre-approved models	ROTE (adj. excess capital) (2) >8% 2024E
	4 Digital banking	5 Sustainability

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Macro scenario in Spain

Conservative interest rates environment assumed in the financial targets for the plan

Source: Bank of Spain and internal research. Forward curve as of November 30th (Bloomberg).

Main financial targets

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Agenda

Strategic Plan 2024

Key initiatives

Main financial targets

Closing remarks

Residential mortgages

Key segment where we find long term loyal customer relationship

Attractive profitability and low risk

Expertise & opportunity	• Agile admission process allows physical and remote sales workforce to be fully dedicated to commercial tasks • Average time to cash <25 days • Mortgage sector expected to perform well (+6.5% 2021-24)
Multi channel	• Remote channels account for 66% of total 2021 new lending in the best internal practice • Proven capacity to grow in competitive regions like Madrid or Barcelona
Profitability	• Attractive RAROC >20% (advanced models). All new lending (2) on IRB from early 2022 • Cross-selling opportunities. Best internal practice is to sell three additional products
Low risk profile	• 62% Loan to value (90% of stock <80% LtV) • 96% first residence

Ambition 2021–24

~6% NII CAGR | (+€65m 24 vs 21)

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Consumer lending

Focus on improving existing customers conversion through more automatized processes for pre-approved loans

Assets under management

Well identified levers to increase profitability and penetration over total customer resources

Volumes	• Target to reach mutual funds weight of 17%, slightly below current average for the sector (1) • Internal best practice grew at ~20% annually over the last 4 years • Ambition to distribute >75% ESG funds (article 8) by 2024
Mutual funds mix	• Internal best practice avg. fee margin is ~90bps, ~30bps more profitable than the other network explained by the asset mix • Internal best practice has improved profitability by ~20bps in two years
Other AuMs	Current plan is not taking into consideration additional levers to improve profitability • Customer acquisition: Assumptions to mainly work with existing customer base • Other AuMs: the Plan assumes conservative assumptions for pension plans and insurance
Ambition 2021–24	~20% Fees CAGR (+€80m 24 vs 21)

Insurance business

Bolstering a strong commercial systematic to optimize insurance products sale

as restructuring negotiations progress

Ambition 2021–24

~11% Fees CAGR | (+€30m 24 vs 21)

Payments - Issuing

Enhancement of our issuing value proposition to promote usage among our customers

Market share close the existing gap in terms of turnover while growing with the market in number of cards

Advanced risk management (pre approved, limits, etc.) to maximise penetration and usage in our customer base

End-to-end digital experience improving campaigns success rate

Full product mix (including Buy Now Pay Later)

Ambition 2021–24(3)

~8% Fees CAGR | (+€20m 24 vs 21)

(1) Bank of Spain, (2) Cards data is as of Sep21 and turnover is 9M21 annualized ,(3) It does not include Revenues through NII, included in consumer loans

Agenda

Strategic Plan

Key initiatives

Main financial targets

Closing remarks

Loan book and customer resources

Allocating excess liquidity to growing loan book, mainly mortgages, and mutual funds

Loan book

Billion Euros	Sep-21	2024E
Retail lending	34	41
Residential mortgage	31	39
Consumer loans	2	3
Public sector	6	6
Business lending	13	15
Other	1	1
Total lending	54	64

Customer resources

Billion Euros	Sep-21	2024E
Customer funds on balance-sheet	72	75
Retail	53	59
Corporates	11	10
Public sector	8	6
Customer funds off balance-sheet	21	28
Mutual Funds	12	18
Pension Plans	4	4
Savings insurance	5	4
Other	1	1
Total Customer funds	93	103

	Sep-21	2024E
Loan to deposit (%)	75%	85%

Net Interest Income

Conservative interest rate scenario assumptions with an increasing retail contribution that offsets lower wholesale income

Net interest income (€m)

Tailwinds

A. Households lending volumes. Repricing of the back book to current low Euribor is over

B. Charging custodian fees(1) to corporates and public sector. As of September 21 there are €2.9bn at 20bp

E. High coupon wholesale funding maturities more than offset €2.3bn of MREL issuances

Headwinds

• D. Assuming TLTRO program is not renewed (€10.5bn @ 1.0% in 2021)
• C. Lower contribution from the ALCO portfolio

Higher quality and more sustainable NII (2)

Fee income

To increase by ~8% CAGR 2021-2024E led by cross selling, customer acquisition and off balance sheet growth

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Total expenses

Total gross savings of €210m after reaching an agreement with the trade unions

Banking margin evolution

By 2024 banking margin supported by retail banking business, higher fees and lower operating expenses

Cost of risk and other provisions

To go back to pre-pandemic levels by 2023 supported by current coverage levels and lending mix in the coming years

Other provisions

• Other provisions include conservative assumptions on litigation risk, mainly mortgage floors and mortgages expenses claims
• The legal provisions included in the plan would not leave any open risk at the end of the projection period

2022-24E Avg. Other Provisions

~15-20m/quarter

downward trend during the Plan

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Asset quality targets

Ambition to keep reducing non-performing assets at increased speed

Conservative risk management

• 1 Early recognition
  • ~40% of the NPLs are subjective

2 Conservative loan book

~70% of loan book is residential mortgages and public sector

Loan growth in the plan comes from residential mortgages and preapproved consumer loans

3 Best in class coverage levels to remain strong

67% NPA coverage ratio (Sep. 21)

9% Stage 2 loans coverage ratio (Sep. 21), ~2X sector average(1)

Capital

CET1 fully-loaded evolution 2021-24E (bps)

Tailwinds:

• Lower RWAs from IRB migration (not included)
• Accumulated net profit
• Lower impact from thresholds. Combined and individual thresholds' deductions reduce as CET1 increase
• Recovery of DTAs:
  • Net profit generation allows to absorb DTAs
  • DTAs temporary differences which arise from restructuring costs gradually fade away as former employees receive the compensation and adjustments materialize

Headwinds:

• RWAs. Loan growth from low capital consumption portfolios, mainly mortgages
• Dividends and AT1 coupons

Neutral:

• Regulation
• TRIM

Excess capital and remuneration

CET 1 FL target 12.5% >14% CET 1 FL Ratio 2024E CET 1 FL 2024 excess (1) > €600m Dividend payout 50% Excess capital will be allocated to further improve profitability and additional shareholder remuneration Maximize total shareholder return Total Capital 2024E Capital position well above requirements >17% MDA distance 2024E > 500pb ~ 1.5bn (2) Capital generation ~6% TBV/sh. + dividends (3) 2021-24 CAGR Capital management Main capital metrics

MREL and issuance plan

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SP 5NC4

€ 600m at 1.0%

Ambition for next senior issuance to be ESG

AT1 PNC5.5

€ 500m at 4.875%

ROTE ambition

Improved profitability supported by fee income, lower operating expenses and normalization of cost of risk

Bps

Agenda

Strategic Plan

Key initiatives

Main financial targets

Closing remarks

Focus shifts to sustainable profit, commercial activity and capital return

Financial targets include conservative assumptions in different segments that leave potential upside and room to manoeuver

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

Levers not included in the financial targets

Financial targets include conservative assumptions in different segments that leave potential upside and room to maneuver

1 Interest rate environment & TLTRO 2 Regulatory expenses

No rate increase assumed

50bps parallel increase of the interest rates curve means 10% additional net interest income(1) in the second year

No TLTRO extension assumed which implies lower ~€100m of NII 2024 vs 2021

3 Insurance restructuring 4 New business / clients

No upside included

No upside included in 2022-24 ambition from the restructuring of the life insurance business

No growth in life insurance JVs equity accounted income

Single resolution fund

Single resolution fund contribution is expected to drop very materially after 2023 with an impact of ~€31m per year We keep including that cost in our Plan

No upside included

No upside included from business segments with a very low current contribution (FX, Comex, brokerage, BNPL…)

Strategic Plan 2024 implementation and execution

Calendar and work plan 2022 - 2024

0 2 3Q21 Q 4	4Q21	1Q22	2Q2022-2024
 Legal integration (regulatory merger approval and closing)	 End of legal negotiation process with unions  Strategic Plan 2024 approval	 Launch of Strategic Plan 2024 (execution) Quick-wins: short-term initiatives (during 2022) to improve revenues, reduce costs or develop capabilities Strategic projects: transformational or cross area projects with longer duration	 IT migration (2Q22)  Strategic Plan 2024 monitoring on a regular basis: • Strategic Plan led by the Steering Committee and supervised by the Board of Directors • All initiatives sponsored by members of the Steering Committee

Annex

1 - Accelerate commercial activity through deeper specialization

New organizational structure to support commercial dynamics with focus on customers and profitability

2 - Improve efficiency through operational excellence

Levering cost savings initiatives, shared technology and investments to offload operations and increase value added service employees

Main focus

Redesign of processes with a customer-centric vision to reduce timing and expenses

Organisational model

Streamline back office processes frees up employees time to focus on sales and value added services

Automation & digitalisation

Offload administrative and operational workload from network and central services

Advanced use of data

Wider use of machine learning to improve efficiency and conversion rates

3 - Advanced risk management with a conservative profile

Developing agile processes and advance data analytic tools while maintaining a conservative approach

Streamline credit management

• Enhancement of risk management tools (models, decision engine, monitoring framework) to improve speed and reliability

Scale current digital and remote capacity

• To support remote management capabilities seeking increased time to cash and improved debt recovery

Evolution and optimization of pre approved models

• Target to update and optimize existing pre-approved models for individuals and develop new models for strategic segments

Maintaining a low risk profile

• Lending growth for strategic plan comes from residential mortgages and pre-approved consumer lending

4 - Digital banking

Levering on existing capacity and selective investments to provide a comprehensive digital offering

Main digital targets

5 - Sustainability in the centre of our business

Clear environmental and social vocation in the development of our activity since our inception

Main achievements

• New ESG business unit
• Members of UN Global compact and PRB Collective Commitment to Climate Action
• Contribution of ~500 homes to the Social Housing Fund
• Meeting corporate governance standards (1)

ESG product offering

• Green Mortgage (EPC Label A Incentive)
• Agro ECO Sustainable credit line
• Self-consumption renewal energy personal loans
• Green ECO Motor Loan & Mobility master plan
• Sustainable investment & pension funds
• Electric cars insurance

Commitments

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D

• Renewed product and services offering, with a focus on financial transparency
• Commitment to reducing Entity's carbon footprint
• Sustainability-conscious culture and climate risk awareness, identification and management
• Engagement in CSR and Financial Education

Ambition 2024 >75% ESG funds (article 8)

Ambition for next senior issuance to be ESG

Important legal information

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

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

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

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

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

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

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Investor relations

ir@unicaja.es