Unicaja Banco S.A.

Investor Presentation • Nov 3, 2021

3Q 2021 Earnings presentation

November 3 rd 2021

Strategic review

December 10th 2021

2

Merger advances at fast speed

Updated calendar			Main milestones achieved
4Q20	Merger announcement		Corporate governance	New organizational structure deployed on August 6th • • Appointed Unicaja's new CEO and Board of Directors • Alignment of internal policies and procedures well advanced
1Q21	Merger approved by Shareholders' Meeting		Shareholders	• Payout target of 50% results • Increasing share liquidity and research coverage
2Q21	Initial efficiency measures undertaken			• Accelerating commercial performance • Most products and pricing aligned since day one
3Q21	Regulatory approval and closing		Business	• Life Insurance agreements and asset management strategy overhaul currently taking place • Joint marketing campaigns and partnerships (ie. Real
4Q21	End of legal negotiation process with unions	(1)		Madrid, Playstation…) • IT integration roadmap well on track
2Q22	IT migration		Technology	• Initial scope for migration and IT development analysis completed

Merger adjustments to unlock future value

Badwill calculation

Liberbank´s Total Equity (July 31st 2021)	€3,125m
Valuation adjustments (net of taxes)	(€994m)
Adjusted Equity	€2,131m
Acquisition price	(€830m)
Badwill	€1,301m

Capital deployment unlocks future value while maintaining strong capital ratios

In addition to the gross valuation adjustments, final restructuring charges to be booked in Q4 once the bank closes negotiations with trade unions

CET 1 FL Ratio. Sep21 (1)

	Valuation adjustments
	Amount in €m (gross of taxes)	CET 1 impact (€m)
Loan book	295	295
Real estate assets	200	200
Intangibles & goodwill	159	44
Macrohedge cancellation	78	-2
Capital markets	156	156
Other adjustments	202	202
Total	1,091	899
Total (net of taxes) (A)	769
DTAs write-off (B)	225
Total (net of taxes) (A+B)	994

Cost synergies higher than initial estimate

Revenue synergies

• Asset allocation Volume growth
• Mutual funds coming from the best internal practice are c.30bps more profitable due to product mix
• Internal best practice has improved profitability by c.20bps in two years
• Current mutual funds penetration over total customer resources is 13% for Unicaja Banco and c.18% for the sector
• We assume Unicaja´s penetration to still stand slightly below sector average in 2023

Mutual funds: Clear opportunities to keep improving fee income by 2023 Lending: Commercial dynamism

Other initiatives

• Life insurance JVs: Restructuring of the joint ventures already currently in negotiations
• Non-life insurance: Distribution agreement with Caser, additional profitability expected starting in 2023
• Other segments: Potential to grow with our 4.5m customer base in consumer lending and payments

Coverage levels will facilitate lower cost of risk and Opex

Best in class coverage levels with a conservative loan book

Conservative loan book: 75% pure retail and public sector

Corporate loans

Residential mortgages

Consumer & other

Total provisioning to normalize at low levels

Credit impairments:

• €295m gross provisions in the valuation adjustments to increase coverage to 72%
• Stage2 loans coverage 2x compared to peers(1)

Real estate assets:

• €200m provisioned in the valuation adjustments to increase coverage to 62%
• Plan to accelerate disposals thus reducing operating and maintenance expenses

Other provisions:

• €202m provisioned in the valuation adjustments to cover potential JVs restructuring and legal charges

Key highlights

Business activity

Financial results

Asset quality

Solvency & Balance Sheet

Key Highlights

Business activity	 Strong commercial momentum maintained in a seasonal weak quarter while integration was taking place  Mutual funds, insurance business and residential mortgages to keep driving growth and profitability	Mutual funds +27% YoY	Mortgages +4.0% YoY
Profitability	 NII temporary influenced by Euribor repricing, lower ALCO contribution and strong liquidity  Fee income keeps delivering growth in a seasonal weak quarter.  Opex savings accelerate as synergies start to crystalize. Organic closure of 10% of the branch network in the year	Recurrent fee income +3.3% QoQ +22% 9M21 vs 9M20	OPEX (incl. D&A) -2.2% QoQ -1.6% 9M21 vs 9M20
Asset quality	 Recurrent cost of risk of 29 basis points in the quarter  Best in class NPA coverage ratio of 67% that will enhance acceleration of disposals reducing maintenance and operating expenses	NPL ratio 3.4%	NPLs Coverage 72.1%
Solvency	 CET 1 FL at 13.6% as of September 2021 (1)  Capital deployed to improve profitability in the near future of the bank while maintaining a strong balance sheet	CET 1 FL excess (2) €1.9bn	Payout target 50%
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Key highlights

Agenda

Business activity

Financial results

Asset quality

Solvency & Balance Sheet

Customer funds

Customer funds breakdown

Million Euros	3Q20	2Q21	3Q21	QoQ	YoY
Customer funds on balance sheet	66,824	70,552	73,283	3.9%	9.7%
Public institutions	5,946	6,960	9,198	32.1%	54.7%
Retail customers	60,704	63,453	63,389	-0.1%	4.4%
Demand deposits	51,748	56,612	56,969	0.6%	10.1%
Term deposits	8,956	6,841	6,420	-6.2%	-28.3%
Customer funds off balance sheet	18,991	21,102	21,443	1.6%	12.9%
Mutual funds	9,282	11,455	11,811	3.1%	27.2%
Pension plans	3,715	3,988	4,005	0.4%	7.8%
Insurance funds	5,081	4,711	4,658	-1.1%	-8.3%
Other	914	947	968	2.2%	5.9%
Total customer funds	85,815	91,654	94,726	3.4%	10.4%

Strong franchise keeps delivering growth in customer funds. Main focus going forward is to keep growing and increasing off balance sheet penetration

Mutual funds

Mutual funds evolution (€bn)

Lending: Performing book

Performing loan book

Million Euros	3Q20	2Q21	3Q21	QoQ	YoY
Public sector	5,029	6,006	5,915	-1.5%	17.6%
Corporate loans	13,775	13,769	13,435	-2.4%	-2.5%
Real Estate developers	978	943	926	-1.8%	-5.3%
Other corporates	12,797	12,827	12,508	-2.5%	-2.3%
Loans to individuals	32,545	34,436	33,729	-2.1%	3.6%
Residential mortgages	29,813	30,966	31,001	0.1%	4.0%
Consumer & other (1)	2,732	3,470	2,728	-21.4%	-0.1%
Total Performing book	51,349	54,211	53,079	-2.1%	3.4%

(1) Impacted by pension payment advances seasonality

Total performing book grows 3.4% YoY and residential mortgages book 4.0%

New lending

Lending: Main portfolios

Residential mortgage portfolio Corporates portfolio

Strong geographic leadership with potential to capture captive clients outside traditional territories

Main KPIs

• 72% at floating rate
• 87% first residence
• 89% loan to value < 80%

We continue to expand our sustainable products with a new green mortgage

Green Mortgage

Agro Eco Sustainable Financing Credit Line

Green Eco Motor Loan

Mobility Master Plan

(financing recharging points for electric or plug-in hybrid vehicles)

Sustainable Investment Funds

(Unifond Sostenible & Liberbank Solidario)

Sustainable Pension Funds

(Uniplan Futuro Sostenible)

16

Key highlights

Agenda

Business activity

Financial results

Asset quality

Solvency & Balance Sheet

Quarterly income statement

3Q21 P&L statement. Proforma¹

Million euros	3Q20	2Q21	3Q21	QoQ (%)	YoY (%)
Net Interest Income	283	266	251	-5.7%	-11.2%
Net fees	100	117	121	3.3%	21.3%
Dividends	2	17	1	-91.3%	-32.2%
Associates	13	23	15	-32.9%	16.3%
Trading income + Exch. Diff.	7	6	4	-35.9%	-49.5%
Other revenues/(expenses)	2	(28)	(7)	-74.5%	nm
Gross Margin	406	400	385	-3.7%	-5.2%
Operating expenses	(237)	(240)	(235)	-2.2%	-0.7%
Personnel expenses	(149)	(145)	(141)	-3.0%	-5.4%
SG&A	(63)	(69)	(70)	2.1%	11.1%
D&A	(24)	(26)	(23)	-9.5%	-3.0%
Pre Provision Profit	170	160	150	-5.8%	-11.5%
Other provisions	(19)	(38)	(12)	-69.0%	-37.4%
Loan loss provision	(108)	(81)	(57)	-29.7%	-47.4%
Other profits or losses	(1)	0	(10)	nm	nm
Pre Tax profit	41	41	71	74.9%	72.2%
Tax	(6)	(5)	(18)	nm	nm
Net Income	35	36	54	49.5%	53.1%

Revenues

• Net interest income: Impacted by the lower Euribor, restructuring of the Alco portfolio in the integration process and increasing excess liquidity
• Fee income: Strong momentum supported by payments, off balance sheet and banking services
• Other revenues: Quarterly comparison impacted by seasonal items in the second quarter
• Expenses Personnel expenses: Includes partial savings from Liberbank´s employees on agreed leave of absence, expected yearly savings of c.€40m
• Amortization: Includes Liberbank´s intangibles write down, expected yearly savings of €15m
• Provisions Credit charges: Influenced by a non recurrent impairment of €16m
• Other provisions: includes some one-offs related with the integration.

(1) P&L includes all 3 months from both Unicaja Banco and Liberbank under Unicaja Banco accounting criteria. Proforma P&L does not include transaction charges of €39m (gross), badwill and €143m of personnel restructuring in 2Q21 coming from Liberbank agreed leave employees.

Net interest income: Yields

Customer spread (1) (%)

Net interest income: Evolution

Net interest income quarterly evolution (€m)

• Loan yield: Average yield down 7 bps QoQ mainly on the back of Euribor repricing which is almost over
• Lending volumes: Keep improving in a seasonal weak quarter and it is expected to keep delivering positive growth
• Fixed income portfolio: Smaller size of the portfolio due to the maturity and the sale of some bonds from Liberbank portfolio
• Money markets / ECB: temporary cost from increased excess liquidity in the quarter
• Wholesale issuances: Lower interest rates and PPA adjustments have a positive impact

Fee income

Fee income evolution. €m

Fee income breakdown

Million Euros	3Q20	2Q21	3Q21	QoQ (%)	9M20	9M21	9M21 vs 9M20 (%)
Recurrent fees	100	117	121	3.3%	292	355	21.6%
Banking Fees	54	67	72	8.2%	162	203	25.2%
Non-Banking fees	46	50	49	-3.1%	130	152	17.1%
Mutual funds	20	24	25	3.0%	55	71	28.1%
Insurance	22	23	19	-15.3%	61	68	11.2%
Other	4	3	5	34.7%	13	13	-1.5%
Non recurrent fees	0	0	0	nm	6	0	nm
Total Fees	100	117	121	3.3%	298	355	19.1%

Fee income keeps delivering strong growth on the back of mutual funds, payments and transactional services

Operating expenses

Since the merger announcement, 153 branches have been closed, 10% of the total network, and average number of employees have decreased by 9% taking into account Liberbank employees on leave of absence

Cost of risk

Loan loss provisions (€m) Quarterly cost of risk(1) (bps)

Key highlights

Agenda

Business activity

Financial results

Solvency & Balance Sheet

Non performing loans

Non performing loans evolution Loan book NPL ratio and coverage

Lower than sector net NPLs
		Sector 1
NPL ratio (%)	3.4%	4.4%
Coverage ratio (%)	72.1%	60%

Foreclosed assets

Non performing assets (€m)

Foreclosed assets quarterly evolution (€m) Foreclosed assets breakdown and coverage

Foreclosed assets (€m)	Gross Debt	NBV	Coverage (€m)	Coverage (%)
Residential	698	324	374	54%
Building under construction	266	92	174	66%
Commercial RE	269	130	139	52%
Land	1,090	335	755	69%
Total	2,323	881	1,442	62%

Key highlights

Agenda

Business activity

Financial results

Asset quality

Solvency (I/II)

CET 1 Fully loaded(1) quarter evolution

• PPA impact. The impact net of taxes amounts to 178bp. In addition the impact coming from DTAs and thresholds together with integration costs(2) implies another 82p
• Following a conservative criteria we write-off € 225m DTAs from balance sheet. The DTAs continue to be claimable with no maturity
• 3Q21 Net Income. The bank generated 15bps organically in the quarter

• Dividend accrual. Payout target of 50%

• It includes € 39m integration costs not included in the PPA

Solvency (II/II)

Fixed income portfolio

Fixed income portfolio breakdown (%)

Liquidity and wholesale funding

(1) Includes covered bonds, T2 and long term repos (and excludes €49 m of AT1 convertible bonds)

Appendix

Share and book value

Share metrics and book value (1)

Share and liquidity:	3Q21
# O/S shares (m)	2,655
Last price (€)	0.90
Max price (€)	0.92
Min price (€)	0.73
Avg. traded volume (#shares m)	3.55
Avg. traded volume (€ m)	2.86
Market Capitalization (€ m)	2,397
Book Value:
BV exc. minorities (€m)	6,013
TBV (€m)	5,929
Ratios:
BVps (€)	2.26
TBVps (€)	2.23
PBV	0.40x
PTBV	0.40x

• The merger with Liberbank was registered on Friday July 30th
• Unicaja Banco issued 1,075 million shares to be exchanged for Liberbank shares under the agreed exchange rate for the merger.
• The newly issued shares started trading on August 2 nd .

Strong shareholder base

Source. CNMV as of 27/10/2021.

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Income statement. Proforma

Million euros	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	QoQ (%)	9M20	9M21	9M21 vs 9M20 (%)
Net Interest Income	287	268	283	286	277	266	251	-5.7%	837	793	-5.3%
Net fees	103	95	100	111	117	117	121	3.3%	298	355	19.1%
Dividends	7	4	2	3	1	17	1	-91.3%	13	19	41.4%
Associates	12	32	13	12	10	23	15	-32.9%	57	49	-15.3%
Trading income + Exch. Diff.	34	35	7	22	17	6	4	-35.9%	76	26	-66.3%
Other revenues/(expenses)	(10)	24	2	(100)	(2)	(28)	(7)	-74.5%	15	(37)	-344.0%
Gross Margin	433	458	406	335	419	400	385	-3.7%	1,297	1,204	-7.2%
Operating expenses	(246)	(243)	(237)	(231)	(239)	(240)	(235)	-2.2%	(726)	(714)	-1.6%
Personnel expenses	(150)	(156)	(149)	(150)	(145)	(145)	(141)	-3.0%	(456)	(432)	-5.4%
SG&A	(74)	(65)	(63)	(56)	(69)	(69)	(70)	2.1%	(202)	(208)	3.0%
D&A	(21)	(22)	(24)	(26)	(25)	(26)	(23)	-9.5%	(67)	(74)	10.0%
Pre Provision Profit	188	214	170	104	180	160	150	-5.8%	572	490	-14.3%
Other provisions (1)	(8)	(17)	(19)	(24)	(15)	(38)	(12)	-69.0%	(44)	(65)	47.0%
Loan loss provision	(69)	(134)	(108)	(104)	(77)	(81)	(57)	-29.7%	(312)	(214)	-31.2%
Other profits or losses	(23)	(55)	(1)	1	4	0	(10)	nm	(79)	(6)	-92.3%
Pre Tax profit	86	9	41	(23)	92	41	71	74.9%	136	204	49.7%
Tax	(21)	1	(6)	6	(26)	(5)	(18)	nm	(26)	(48)	86.9%
Net Income	65	10	35	(17)	66	36	54	49.5%	110	156	41.0%

Legal income statement

Million euros	9M21	Merger adjustments	9M21 (excl. Adjustments)
Net Interest Income	495		495
Net fees	228		228
Dividends	15		15
Associates	31		31
Trading income + Exch. Diff.	31		31
Other revenues/(expenses)	(14)	(17)	3
Gross Margin	786	(17)	804
Operating expenses	(484)		(484)
Personnel expenses	(298)		(298)
SG&A	(139)		(139)
D&A	(47)		(47)
Pre Provision Profit	302	(17)	320
Other provisions	(57)	(22)	(35)
Loan loss provision	(126)		(126)
Other profits or losses	2		2
Badwill	1,301	1,301	0
Pre Tax profit	1,422	1,262	160
Tax	(27)	12	(39)
Net Income	1,395	1,274	120

Balance sheet

Million euros	30/09/2020	31/21/20	30/06/2021	30/09/2021
Cash on hand, Central Banks and Other demand deposits	4,600	6,667	8,855	15,367
Assets held for trading & Finantial assets at fair value through P&L	362	284	169	356
Financial assets at fair value through other comprehensive income	2,440	1,494	1,040	1,346
Financial assets at amortised cost	28,611	29,391	29,676	56,839
Loans and advances to central banks and credit institution	1,115	1,762	1,736	1,453
Loans and advances to customers	27,496	27,629	27,939	55,386
Debt securities at amortised cost	20,564	22,157	20,951	24,932
Hedging derivatives	589	617	657	796
Investment in joint ventures and associates	376	362	368	1,030
Tangible assets	1,155	1,145	1,122	2,273
Intangible assets	73	74	77	84
Tax assets	2,674	2,741	2,770	4,760
Other assets	456	367	393	626
Non current assets held for sale	245	244	235	735
Total Assets	62,145	65,544	66,313	109,144
Financial liabilities held for trading & at fair value through P&L	21	12	24	29
Financial liabilities at amortised cost	55,685	59,053	59,916	99,616
Deposits from central banks	5,011	4,998	5,456	10,318
Deposits from credit institutions	2,306	3,805	3,596	3,864
Customer deposits	46,847	48,701	48,691	82,041
Other Issued Securities	369	363	366	1,916
Other financial liabilities	1,152	1,186	1,807	1,477
Hedging derivatives	455	609	609	1,053
Provisions	798	799	723	1,118
Tax liabilities	268	258	267	411
Other liabilities	842	809	808	902
Total Liabilities	58,070	61,539	62,347	103,131
Own Funds	3,991	4,001	4,049	6,161
Accumulated other comprehensive income	84	4	(84)	(149)
Minority Interests	0	0	1	0
Total Equity	4,075	4,005	3,966	6,013
Total Equity and Liabilities	62,145	65,544	66,313	109,144

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