Credem Group Index

CREDEM GROUP INDEX

01 Group Overview and Business Model

02 1H21 Group Results

2 CREDEM: AMONG THE TOP 10 LARGEST LISTED BANKS IN ITALY

Credito Emiliano, established in Reggio Emilia (Emilia Romagna) in 1910, is among the top 10 largest Italian listed banking groups, with €62 billion in total assets, 6,341 employees and 426 branches all over the country (as of 1H21). It holds a strong presence in the Emilia-Romagna region (where the Group’s headquarter is located): one of Italy’s wealthiest regions, accounting for about 10% of the Italian GDP. The banking group is formed by several companies covering all main retail and corporate financial services, including leasing, factoring, asset management, life and general insurance. Credito Emiliano SpA has been listed on the Italian Stock Exchange since 1997 (CE.MI).

1H21 TOTAL ASSETS MARKET CAP € billion € billion

46.1 1,057 950

24.0

199 146 135 4.1 2.5 62 53 2.0 1.6 1.1 17 0.4

Peer 2 Peer 1 Peer 3 Peer 4 Peer 5 CREDEM Peer 6 Peer 7 Peer 2 Peer 1 Peer 3 Peer 5 CREDEM Peer 6 Peer 4 Peer 7

Total Assets: source listed banks’ consolidated balance sheet as at June 30, 2021; Market Cap: source Borsa Italiana as at 17 3 September, 2021. Peer group: Unicredit, IntesaSanPaolo, Banco-BPM, MPS, BPER, Pop. Sondrio, B. Desio GROUP SHAREHOLDERS’ BASE

Credemholding is a pure financial holding company with no other significant asset, except for the stake in Credem

SREP REQUIREMENT

76.95%

Credem is the parent company of the Banking Group Free Float 23.05% MREL TARGET

Source: internal data as at July 24, 2021 4 A DISTRIBUTION NETWORK WITH A NATIONAL FOOTPRINT NUMBER OF BRANCHES PER REGION

2 2018 2019 2020 1H21 4 50 25 Branches 487 459 429 458* 14 Corporate 37 37 37 37 133 Centres 7 Small Business 25 7 62 57 57 56 4 Network Centres

3 Credem Points 52 54 62 65 22 1 Banca 38 39 Euromobiliare 16 15 14 14 1 financial stores 6 Financial 812 831 833 839 27 Advisors Avvera FA and 196 193 209 237 Agents 50 Agents Salary backed loans Agents 183 202 236 289 and other staff

Source: Internal data as at June 30, 2021 5 * Number of branches as at August 8, 2021 including CR Cento A BUSINESS MODEL BASED ON WEALTH MANAGEMENT AND RETAIL BANKING Retail & Commercial Banking

Retail and Corporate Wealth Management Commercia l Banking Other activities and Insurance

100% 100% 100% 100% Asset Management Private Banking Consumer Lending Remote banking and document management

Fiduciary Company 100% 100% Parmesan cheese warehousing and seasoning 100% 100% Leasing Factoring

100% 100% Asset Management Facility management Promoted and managed

(*) by Credem Group

100% 70% Spv (Covered Bond Life Insurance and Sicav (*) Pension Fund Programme)

(*) (*) (*) BLUE EYE SOLUTIONS SRL SATA SRL ADVISORY SIM Information Technology Advanced Application 100% 50% 75% 75% Investment Firm General Insurance Solutions Technology

Source: internal data as at June 30, 2021 6 * Not included in the Banking Group Perimeter WEALTH MANAGEMENT FOCUS - VOLUMES

Customers’ AUM: 42% of 26% 29% 31% 33% 33% 37% 42% total funding 19% 15% 21% 14% 31% 19% 23%

55% 55% 46% 53% 37% 43% 36%

Peer 1 Peer 3 Peer 5 Peer 4 Peer 7 Peer 2 CREDEM

Deposits + Bonds AUC AUM + Insurance Reserves

Credem has a remarkable incidence of AUM and Insurance products compared to other Italian banks, thanks to the strong know-how in the wealth management area, confirming its highly diversified business model

Source: banks balance sheet as of 1H21. Peer group: Unicredit, IntesaSanPaolo, Banco-BPM, MPS, BPER, Banco Desio. BP Sondrio 7 does not disclose such figure ASSET QUALITY 1H21 GROSS NPE RATIO As of 1H21, Credem gross NPL ratio was 7,0% 6,2% 2.6%, remarkably lower than the average of Average: 5.0% 5,7% the peer group and already below the 5,1% 4,5% 4,7% threshold set by EBA (5%). Such figure 4,1% confirmed the outstanding asset quality of 2,6% the Group, best in class in Italy and broadly in line with EU average at 2.5%*

CREDEM Peer 2 Peer 4 Peer 1 Peer 7 Peer 5 Peer 3 Peer 6 1H21 COST OF RISK 152 The excellent asset quality, the absence of a significant deterioration in the loan portfolio and the updating of internal 91 models led the Cost of Risk in the negative Average: 56 70 area, at -10 bps, compared to an average of 41 46 33 56 bps. Net of non-recurring items on the 25 performing component, the Cost of Risk -10 would be equal to 9 bps, well below the Industry average CREDEM Peer 1 Peer 6 Peer 4 Peer 2 Peer 7 Peer 3 Peer 5

Source: banks balance sheet and press release as of 1H21. Peer group: Unicredit, IntesaSanPaolo, Banco-BPM, MPS, BPER, Pop. Sondrio, B. Desio. * 1Q21 ECB banking statistics 8 RETURN ON EQUITY

Italian Banks Credem EU Banks

6.9

2.0 0.4

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

The Group maintained a high profitability, also during the financial crisis, without performing any capital increase and constantly paying dividends, while continuously strenghtening its capital position through organic capital generation

Figures %. Source: EBA 4Q20 Risk Dashboard 9 CREDEM’S RATINGS

Republic Intesa Banco Banca Ratings UniCredit Credem BPER MPS of Italy Sanpaolo BPM Carige

Baseline Credit Baa3 Baa3 Baa3 Baa3 Ba3 Ba2 B3 Caa1 Assessment Short-Term P-3 P-2 P-2 P-3 P-3 P-3 NP NP Deposit Rating

Outlook (deposits) Stable Stable Stable Stable Stable Stable RUR* Positive

Long-Term Rating BBB- BBB- BBB- BBB- - BB B B-

Short-Term Rating F3 F3 F3 F3 - B B B

Outlook / Review Stable Stable Stable Stable - Stable RWN* Negative

Source: Companies’ websites and rating agencies’ reports as at September, 2021 10 *Rating Watch Positive/Negative/Rating Under Review INDEX

01 Group Overview and Business Model

02 1H21 Group Results

11 1H21: KEY POINTS

LOANS GROWTH NPL RATIO*

Loans to customers Credit quality: equal to €29.8 billion, best-in-class in +8.9% up by almost 9% YoY Italy and close growth, approx 3x 4.1% to the EU compared to the average 3.2% Industry 2.6% 2.5%

PROFITABILITY CAPITAL

Net Profit 14.38% Capital soundness at 6.82% the top in the Industry 10.2% CET1 with 682 bps buffer on 1H21 minimum capital 136.4 7.56% million requirement Annualized ROTE

* Source Significant Italian Banks average and EU average: ECB, Supervisory Banking Statistics 1Q21 12 (https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.supervisorybankingstatistics_first_quarter_2021_202107~26652c2b08.en.pdf) STRESS TEST RESULTS

The results of the last stress test, published by the ECB, confirmed Credem’s capital soundness, and placed the Group in the best range in terms of prudential CET1 ratio depletion in case of an economic adverse scenario (<300 bps impact on CET1 ratio). Out of the the major Italian banks participating into the exercise, only Credem reported an impact below 300 bps, and this result places the Group among the top 5 banks of the exercise conducted by the ECB and among the best 16 banks within the 101 major European credit institutions involved by both EBA and ECB

CET1 Ratio depletion* in Adverse Scenario

< 300 bps

300 bps > 600 bps

> 600 bps

*Source Italian and European average based on results published on: https://www.eba.europa.eu/risk-analysis-and-data/eu-wide-stress-testing 13 https://www.bankingsupervision.europa.eu/banking/tasks/stresstests/html/index.en.html A GROWING DIGITAL APPROACH

1 INTERNET BANKING RETAIL DIGITAL OPERATION: 4  >655,000 contracts (+3.5%) MIGRATION TREND  +20% of online operations vs June 2020  Incidence on bank accounts at  As of June 2021, more than 68% vs 66% FY20 90% of overall transactions was carry out through digital channels (internet banking, 2 MOBILE - RETAIL mobile banking and ATM), with peaks almost at 95% in  Mobile channel up by 35% vs the Corporate segment June 2020  Continuous growth of mobile- only accesses and operations

3 INTERNET BANKING - CORPORATE

 131,000 active clients (+3.6%)  Incidence on bank accounts at 70% vs 69% FY20

Figures YTD SUSTAINABILITY

ENVIRONMENT SOCIETY GOVERNANCE

Carbon neutrality by 2025: • 181 recruitments in 1H21 of which Start of a project for the • Achieved 100% use of 46% women integration of climate and recycled paper • The Group sponsors the anti- transition risks within the • The Group started a COVID-19 vaccination campaign credit processes complete renewal process of the AUSL of Reggio Emilia of all credit and debit cards (Emilia-Romagna) in recycled PVC

15 RECLASSIFIED INCOME STATEMENT

Δvs Δvs • Revenues kept growing, with €/million 1Q21 2Q21 1H20 1H21 1Q21 1H20 Operating Income at €640 million in the first half (+11.0% vs 1H20), thanks to the Operating 335.7 304.1 -9.4% 576.4 639.8 11.0% stability of the NII and the remarkable Income progression of the fee component Core Op. Income 292.8 294.0 0.4% 539.5 586.8 8.8% • Operating costs, net of integration Payroll. -137.8 -131.0 -4.9% -252.9 -268.8 6.3% costs, up 5.9% vs 1H20, in line with the Admin. Expenses -50.8 -48.6 -4.3% -94.9 -99.4 4.7% revenue trend confirming the Group’s Integration Costs -6.0 -10.8 n.s. -16.8 n.s. flexibility to adapt the cost components Operating costs -194.6 -190.4 -2.2% -347.8 -385.0 10.7% according to the income dynamics D&A -21.9 -22.3 1.8% -42.4 -44.2 4.2% • Positive effect of LLPs, thanks to a Net Op. Profit 119.2 91.4 -23.3% 186.2 210.6 13.1% relevant recovery on the collective LLP -3.7 18.9 n.s. -52.2 15.2 n.s. provisions, driven by the internal model Net Operating update, and after the covid-related 115.5 110.3 -4.5% 134.0 225.8 68.5% Profit net of LLPs provisions made in 2020 Provisions and • Net profit in the quarter rose sharply to -23.1 -3.0 -87.0% -20.8 -26.1 25.5% Extraord. items over €74 million, bringing the 1H21 profit Pre Tax Profit 92.4 107.3 16.1% 113.2 199.7 76.4% to €136.4 million (+75.1% vs 1H20), Taxes -30.4 -32.8 7.9% -35.2 -63.2 79.5% despite €23.9 million** of contributions to Single Resolution Fund Net Profit 62.0 74.4 20.0% 77.9 136.4 75.1%

* Figure net of integration costs ** Figure gross of fiscal effect 16 Core Operating Income: net of Financial activities and Performance fee NET INTEREST INCOME (1/3) NET INTEREST INCOME: EVOLUTION EURIBOR AND SPREAD BTP/BUND 0.5% 0.4% +2.7% 199 230 171 0.3% 131 0.2% 133 122 0.1% 116 117 117 103 102 130 112 90 -0.1% -0.2% -0.30% -0.3% -0.41% -0.47% -0.4% 30 -0.52% -0.54% -0.54% -0.5% -0.6% -0.7% -70 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Of which ECB depo costs 3 months Euribor (avg) Spread BTP vs Bund 10 yrs (bps) 0.0 -0.1 -4.6 -7.3 -9.8 -11.7

2.5 CUSTOMER SPREAD • Net Interest Income up by approximately 1% vs 1Q21 and by more than 10% vs 2Q20, excluding ECB deposits costs, 2.0 1.73 1.71 1.57 thanks to the greater contribution of the TLTRO, the 1.49 1.45 1.44 1.5 increase of loans and the reallocation of the securities

1.0 portfolio 1.69 1.68 1.55 1.47 1.43 1.43 0.5 • Customer spread remained stable, despite the current level 0.05 0.02 0.02 0.02 0.02 0.01 of rates and the strong competition emphasized by the 0.0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 excess liquidity in the System Spread Average loans rate Average deposit rate

Net interest income: €, million. The 2020 and 2021 Net interest income figures include costs related to the excess liquidity on ECB 17 account, reclassified until 2020 in banking fees. NET INTEREST INCOME (2/3) CUSTOMERS SPREAD  The competitive environment led to a further 2.10 reduction in the average rate of loans for the

1.90 System (-4 bps vs 1Q21). The reduction for Credem

1.85

1.78

1.78 1.77

1.74 was lower (-1 bps vs 1Q21)

1.69 1.68

1.55 -0.31 

1.47 Similarly, the decline in the deposit rate continued 1.43 1.50 1.43 both for the System and for Credem, whose level, at historic low, was 1 basis point  As regards Credem, the customer spread 0.90 remained stable, compared to that of the Industry 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 down by about 3 bps Credem: spread Industry: spread LOANS TO CUSTOMERS DEPOSIT RATE

2.60 2.47 2.40 2.31 2.28 2.25 2.21 0.57 2.10 0.60 0.55 0.52 1.73 1.71 0.50 0.48 1.57 -0.77 0.47 1.60 1.49 1.45 1.44

1.10 - 0.46 0.60 0.05 0.02 0.02 0.02 0.02 0.01 0.10 - 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Credem: average loans rate Industry: average loans rate Credem: average deposit rate Industry: average deposit rate

Credem SpA management accounting (%); Industry: source ABI monthly outlook July 2021 18 NET INTEREST INCOME (3/3)

SECURITIES PORTFOLIO BREAKDOWN 5.1 bn 4.5 bn 4.6 bn  The overall securities portfolio exceeded 100% 10 billion as a result of new purchases of 90% foreign government bonds. This repositioning allowed for greater 80% 43% geographical diversification and an 50% 45% 70% 60% 59% 58% improvement in the average rating  In addition, BTP exposure decreased to 60% 45% of the total. Over 93% of Italian 5% 4% 50% 4% Govies was accounted in HTC 40% 3%  Average duration up to 5.1 years 32% 5% 5% 26% 29% 11% 30% 14% 14% 1H21 (FY20) 20% Average Maturity: 5.1 years 4.3 28% 25% 10% 20% 17% 21% 22% 0% 1Q20 1H20 9M20 FY20 1Q21 1H21 Rating: 23% 21% 55% Other non-Italy Other Govies / EFSF/ EIB Other Italy Italian Govies A BBB 8,657 10,809 8,957 8,613 7,794 10,249 AAA / AA

Total €, million

Credem SpA management accounting. The remaining amount not included in the mentioned rating classes is represented by unrated securities 19 NON INTEREST MARGIN Total 186.4 162.0 187.2 185.6 218.3 187.4

40.7 19.4 6.9 27.8 2.9 Performance Fees 4.1 51.0 53.6 50.6 51.6 Income from 49.8 48.0 Financial Activities 17.1 13.4 Banking Fees 14.6 15.4 10.2 14.4

Insurance Income

96.0 94.4 101.5 104.7 Asset Management 91.4 86.3 and Brokerage Fees

1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 «Core» NIM* 155.8 155.7 165.8 169.2 175.4 177.3 + 13.9% Remarkable progression of the core NIM which exceeded €177 million in the quarter (+13.9% vs 2Q20) thanks to the high diversification of revenues which guarantees sustainable growth of the fee components. AM fees kept growing and reached €104.7 million (+21.3% vs 2Q20), benefitting from the increase in AuM and the positive outcome of some placements in the quarter. Excellent result of Banking fees (+11.7% vs 2Q20), confirming the excellent recovery of traditional business compared to the lockdown that characterized the second quarter of 2020. The performance of the Insurance income remained positive, at €13.4 million, after the significant 1Q21 result

Figures €, million. * Core NIM: net of non-recurring items (Income from Financial Activities, Performance Fees). Total NIM Includes the aggregate «other incomes» 20 OPERATING COSTS AND D&A OPERATING COSTS EMPLOYEES / NETWORKS +16.3% Employees 6,341 184 164 170 187 195 190 6,195 6,201 6,219 6,288 6,0686,140 185 6 5,899 11 5,763 5,6045,609 52 49 51 49 5,5445,519 135 43 49

85 132 121 121 139 138 131 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21 1H21

35 Financial Advisors 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 885 Payroll Administrative Expenses Integration Costs 855 831 833 839 839 Op. Costs 827 820 812 net of I.C. 184 164 170 187 189 180 795 770 785 750 +9.7% D&A 21.0 21.4 21.8 22.2 21.9 22.3

+4.2% Payroll decreased and were in line with the pre-pandemic levels of 1Q20. Net of the higher integration costs (€16.8 million 1H21) relating to the merger with CRCento, administrative expenses were substantially stable and in line with figures reported in the last 4 quarters. On the other hand, the strong commitment of the Group on investments continued, as can be seen from the growth in D&A (+4.2% vs 2Q20)

Operating Costs: €, million. P&L figures include Ifrs 16 impacts 21 LOANS TO CUSTOMERS LOANS TO CUSTOMERS: EVOLUTION

8,364 8,578 9,017 24,000 5,699 7,119 7,964

20,000 Other Loans 16,000 7,484 7,733 8,329 8,722 8,909 Residential 7,993 Mortgage Leasing 12,000 2,656 2,710 2,753 2,838 2,852 2,924 Short-Term8,000 Loans 10,342 4,000 9,859 9,393 9,769 9,489 8,999

0 1Q20 1H20 9M20 2020 1Q21 1H21 Total 26,181 27,421 28,103 29,299 29,641 29,849

+ 8.9%  Material performance of Loans to Customers (+8.9% vs 2Q20), with a net production of ~ €2.5 billion in the last 12 months, not only benefitting from government measures, but also thanks to the Group's ability to support its customers’ needs with its product range  Indeed, "Residential Mortgages" and "Leasing" showed a material growth and were up respectively by 15.2% and 7.9% vs 1H20 Figures in €, million. 1Q20: caption 40.b of Balance Sheet 30,541 €mn includes: 26,181 €mn of loans to customers, 676 €mn of Repos and 3,684 €mn of securities. 1H20: 33,344 = 27,421 + 300 + 5,623. 9M20: 33,303 = 28,103 + 0 + 5,200. FY20: 34,354 = 22 29,299 + 0 + 5,055. 1Q21: 34,568 = 29,641 + 0 + 4,927. 1H21: 35.379 = 29.849 + 0 + 5.531. COVID 19 EMERGENCY: TOTAL DELIVERED LOANS

GOVERNMENT AND SYSTEM INITIATIVES

Moratoria* State-backed guaranteed loans** «Cura Italia» Decree, «Accordo Abi» and «Liquidità» Decree «Fondo di solidarietà prima casa»

FY20 3,610 FY20 1Q21 3,081 3,130 3,155 1Q21 1H21 2,703 2,752 1H21 2,461 2,111 2,216 1,828 1,977 1,690

526 592 620 480 403 149

HOUSEHOLDS CORPORATES TOTAL <30K >30K TOTAL

Residual value of outstanding moratoria kept decreasing and stood at less than €2 billion, down by approximately €1.2 billion compared to March 2021 figure. Instead, support to the economy continued with the disbursement of "guaranteed loans" which reached approximately €3 billion, up by more than €300 million vs 1Q21

* Residual Outstanding Value ** Total disbursed 23 LOANS: COMPARISON WITH THE INDUSTRY LOANS TO CUSTOMERS GROWTH* MARKET SHARES** EVOLUTION

1.97% +8.9% YoY 1.89% 1.95% 1.86% 1.9% 1.79% Industry 1.77% Credem 1.66% +63.0% 1.58% 1.6% 1.48%

1.28% 1.3% 3.2% YoY 1.20% MS on Performing Loans 1.16% 1.07%

1.0% dec. dec. dec. dec. dec. dec. dec. dec. dec. dec. may. dec. may. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 2021 2.9 2.2 3.8 9.2 5.5 4.2 2.9 1.2 4.7 5.9 5.7

Credem over-performance YoY (Δ%)

 The continuous growth of loans (+8.9% YoY) confirmed the Group constant over-performance, leading the aggregate to grow 3x compared to the Industry (+3.2% YoY)  Coherently, Market Shares kept growing (+11 bps vs May 2020), reaching a new peak at 1.97%

** Figures based at 2010 (2010: base 100). Industry: source ABI Monthly Outlook July 2021, private sector and public 24 administration **Market shares referred to retail, corporate customers and small business (net of financial institutions) GROUP CUSTOMERS FUNDING: NET INFLOWS BREAKDOWN

2,961 2,680 AUC Direct Deposits AUM + Insurance 1,945 Total Net Inflows 1,666 1,783 1,635 1,268 1,193 1,093

570 434 491 462 517 343 446 214

-35 -82 -48 1H17 1H18 1H19 1H20 1H21 1H17 1H18 1H19 1H20 1H21

Remarkable performance of AuM net inflows (+267% vs 1H20), which exceeded € 1.6 billion in 1H21, and confirmed the centrality of the Group in the customers’ wealth management decisions. The net production of direct deposits amounted to €1.1 billion, representing an opportunity for a progressive conversion into AuM

25 DEPOSITS, AUM AND INSURANCE

€, million 2020 1Q21 1H21 Direct Deposits remained broadly stable, while the expansion of AUM continued and grew by more than Sight / Saving Depo. 30,321 31,347 31,557 5% vs 1Q21, mainly thanks to the further increase of net inflows. Excellent performance of Insurance CD and Other Deposits 495 887 557 Reserves, up by more than 3 p.p. in the last quarter Direct Deposits 30,815 32,235 32,114

Wholesale Bonds* 2,608 2,608 2,608

Insurance Reserves 7,807 7,982 8,246 Portfolio Management 6,169 5,891 6,276 DIRECT DEPOSITS & RETAIL BONDS** +14.8% YoY Mutual Funds & Sicav 13,519 13,873 14,432 Others & Third Parties’ Industry 10,255 10,774 11,494 Products Credem +127% AUM 29,943 30,538 32,202

AUM + Insurance 37,750 38,520 40,448 +6.8% YoY AUC 10,463 10,823 11,090

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21

* Nominal value at issuing date ** Figures based at 2010 (2010: base 100). Industry: source ABI Monthly Outlook July 2021 26 BONDS ISSUANCES AND MATURITIES ISSUANCES MATURITIES 1000 Covered Bond 100 + 750 Wholesale 800 Covered Bond 2,000 600 500: SNP 500 SNP 1,500 750: CB 400 850 1,000 750 750 200: T2 Tier 2 1,250 107,5: T2 200 500 Tier 2 Tier 2 500 CRVita CRVita 750 200 307.5 100 107.5 - 0 50 2019 2020 2021 2021 2024 2025 2026 2027 2028 2030 2031

 The Group issued (value date 7 July) a €750 million Covered bond, with 7 years maturity, to replace the covered bond expiring in November 2021. In 2H21 there will be the possibility of the early redemption of 50 million Subordinate (10NC5)  The Group is evaluating the opportunity of potential new issuances also for the purposes of the new MREL requirement

Credem SpA management accounting in €, million 27 CREDIT QUALITY: GROSS NPL RATIO GROSS NON PERFORMING LOANS 900 2019 578 600 2020 445 403 399 378 350 1H21 300 Disposals ~40+70mn Disposals 53 ~33 mn 49 45 0 Gross Bad Loans Gross UTP Loans Gross Past Due Loans % on Loans (Credem) 2.1 1.5 1.3 1.5 1.3 1.2 0.2 0.2 0.1 % on Loans (Industry)* 3.7 2.5 2.5 3.2 2.6 2.6 0.2 0.2 0.2 GROSS NPL RATIO 7.0% • Despite the significant volumes expansion, Gross Total NPLs furtherly 6.0%EBA** threshold reduced and stood at €798 million, (-8.9% 5.0% 4.4% 4.1% vs FY20), also thanks to a bad loans 4.0% 3.8% disposal carried out in 2Q21 2.9% 3.0% 2.6% • Coherently, Gross NPL ratio kept 2.0% decreasing to 2.6%, compared to 4.1% average of significant Italian banks *** 1.0% 2018 2019 2020 1H21 1Q21 ITA

* Source: ABI, internal calculation on Bank of Italy figures (TRI30266). System data refer to 1Q21 **European Banking Authority (EBA) Guidelines page 7 (eba.europa.eu) *** Source: ECB, Supervisory Banking Statistics 1Q21 28 (https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.supervisorybankingstatistics_first_quarter_2021_202107~26652c2b0 8.en.pdf) NPL: ACCOUNTING COVERAGE

Coverage NPL Gross Net Coverage Shortfall* (€, million) (€, million) (€, million) incl. Shortfall

Bad Loans 402.9 109.9 72.7% 60.8 87.8% + Net NPL +377.5 UTP Loans 349.8 230.7 34.0% 5.8 35.7% - Shortfall - 65.9 = NPL net of Shortfall 311.6 Total NPL (1Q21) 798.1 377.5 52.7% 65.9 61.0%

 Significant reduction in Net NPL that fell by 10.3% in the first half and stood at €377.5 million. Compared to the levels at the end of 2020, coverage ratio on NPL increased and stood at almost 53%. Coverage on Bad Loans grew at 72.7%, confirming the absence of significant NPL inflows, while reporting a negative Cost of Risk  Further reduction in Net Bad Loans that reached an incidence on Net Loans** of 0.37%, compared to 1.04% of the Industry***  Comprehensive Coverage including Shortfall was at the highest levels in the Industry, at almost 87.8% on Bad Loans and 61.0% on total NPL

Figures in €, million. *Shortfall is calculated as the difference between ELBE – Expected Loss Best Estimate (which represents the best estimate of the expected loss for each credit exposure, given its stage and the current economic environment) and 29 Net Adjustments to Loans. **Loans to Customers net of Repos and securities. ***Source: ABI Monthly Outlook July 2021, figures as of May 2021 COST OF RISK

70 59 55 52 60 42 44 50 38 40 31 32 34 47 45 24 24 30 39 41 20 34 30 19 5 10 27 21 13 9 0 15 5 -10 -10 -20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21 1H21

Cost of risk Cost of risk (net of non-recurring events)

• The absence of a significant deterioration in COST OF RISK: HISTORY the loan portfolio and the updating of internal models – which, given the better 80 70 62 macroeconomic expectations, allowed a 59 55 60 Default 52 Parmalat 44 recovery on the collective provisions made 31 38 40 35 35 34 32 34 in 2020 - led the Cost of Risk in the negative 27 21 24 24 19 20 Historical area at -10 bps 20 Average 5 7 33 bps • Net of non-recurring items on the 0 -10 performing component, the Cost of Risk -20 would be equal to 9 bps, well below the

-40 Industry average

Figures in bps. Calculated as Loan Loss Provisions / Loans to Customers (net of Repos and securities) 30 12,000 18,000 6,000 10,000 15,000 5,000 ASSETS & LIABILITIES 0 0 through P&L* Wholesale Fin. Assets Bonds - 55

2,608 1H21 1Q21 1H21 1Q21 2,608 62 Wholesale Other - 2,733 Fin. Assets

HTCS* 2,424

5,162 Wholesale * Funding Source 4,111 EIB/CDP 194 : internal

194 Fin. Assets LIABILITIES

HTC* 5,314 ECB - Tltro ASSETS calculation

II/III 7,840 6,075 7,840 . companies)* Figures Fin. Assets (insurance Deposits &

Repos 32,235 6,758 in 32,114 6,853 € , Bonds - Retail million

0 Due from banks

Funding 11,242

0 Retail

Insurance 11,310 Reserves 7,982

8,246 customers Loans to 29,641

Equity 3,123 29,849 3,200     the the Equity with Covered the in unchanged, Institutional growing while deposits The components the securities increased, Loans the 2 value greater Q recent insurance 21 third level HTC increased, net Bond date remained portfolio, to as t quarter profit bonds hey contribution issue of in and reserves well ( 750 will July customers thanks customer were following increase both of as million) stable, HTCS kept still the the 31 to of in LIQUIDITY RATIOS NSFR LCR 300% 135% 270% 125% 126% 245% 240% 210% 210% 199% 180% 150% 120% 90% 2019 2020 1H21 2019 2020 1H21

 Both LCR e NSFR ratios were well above 1.251.30 LOAN TO DEPOSIT RATIO* minimum capital requirements, enabling the 1.151.20 Group to have a greater flexibility in setting 1.051.10 1.00 0.91 0.92 0.89 future funding strategies 0.900.95 0.85  0.750.80 ECB unencumbered ‘‘eligible’’ securities (net 0.70 of haircut) equalled to €1.2 billion (1.9% of 0.600.65 0.55 Total Assets). On the other hand ECB liquidity 0.450.50 0.40 deposits stood at €10.7 billion 0.300.35 0.200.25 2019 2020 1H21

* Loans to Customers / Total Deposits. Loans to Customers are net of Repos with Institutional and Loans to Group’s SPVs. Deposits include Institutional Bonds 32 CONSOLIDATED CAPITAL RATIOS CET1 RATIO CAPITAL AND CAPITAL RATIOS CREDEMHOLDING*

Banking Group Credemholding 15.0% 2,400 €, million 2020 1H21 2019 2020 1H21 14.4% 14.0% 2,200 CET 1 2,580 2,677 2,039 2,340 2,432 14.0% Total Capital 2,932 2,983 2,339 2,746 2,816 13.5% 2,000 1,800 Capital absorption from: 1,324 1,340 1,206 1,337 1,353 13.0% 12.7% Credit and Counterparty 1,184 1,199 1,048 1,184 1,199 1,600 1,400 Market 5 5 27 18 18 12.0% Operational 136 136 131 136 136 1,200

CET 1 Ratio 15.6% 16.0% 13.5% 14.0% 14.4% 11.0% 1,000 800 Tot. Capital Ratio 17.7% 17.8% 15.5% 16.4% 16.7% 10.0% 600 RWAs 16,555 16,744 15,074 16,713 16,908 2018 2019 2020 1H21 CET1 Ratio CET1 Capital 682 bps Buffer vs Srep 2021 (7.56%) Banking Group CET1 ratio increased to 16.0%, thanks to the inclusion of 1H21 Net Profit and despite the expansion of RWAs. At Credemholding level (prudential perimeter), CET1 ratio also increased and stood at 14.4%, with a wide buffer vs 2021 SREP requirement of 682 bps

Fully phased data. * Capital ratio relating to the prudential supervisory perimeter placed on Credemholding. The Group 33 formally requested ECB the authorization to include profit in the Common Equity Tier 1 Capital, pursuant to art. 26 (2) CRR DISCLAIMER AND CONTACTS

The manager responsible for preparing the company’s financial reports Mr. Paolo Tommasini of Credito Emiliano S.p.A., 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 forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Investor Relations Team Contacts Aharon Sperduti – Head of IR Giulia Bruni - IR [email protected] [email protected] +39 335-7247591 +39 338-5059406