banco bpm group

February 2022

Banco BPM Group

2

1. GROUP PROFILE 3

2. GROUP FY 2021 RESULTS PRESENTATION 8

3. STRATEGIC PLAN 2021-2024 55

AGENDA

Agenda - Banco BPM Group

3

Market share ≥ 15% in 17 provinces, including the location in some highly important industrial clusters

GEOGRAPHIC DISTRIBUTION (ITALY)

North: Centre: South:77% 14% 9%

Leadership in the wealthiest regions of Italy

Lombardy Veneto Piedmont

# branches: # branches: # branches:

557 175 167

Market share: Market share: Market share:

12.7% 8.0% 9.5%

2° 5° 4°

Source for comparison with peers: Studies and Research on Bank of Italy Supervisory Reports as at 31/12/2021.Notes: 1. In addition to the core retail franchise of the Parent Bank (1,427 outlets), this number includes also 55 privatebanking branches of Banca Aletti as well as 26 other Group outlets as at 31/12/2021. 2. Market shares and rankingindicated on the basis of the number of branches as at 31/12/2021, excluding ICCREA and Cassa Centrale Banca.

BANCO BPM: GEOGRAPHICAL FOOTPRINT

NUMBER OF BRANCHES AND NATIONAL MARKET SHARES2

# Customers: ~4 million

# Branches1: 1,508

Market share2: 6.9%

1. Group Profile

2 - 5% >10%5 - 10%0 - 2%

Regional market share1:

1607.2%

1679.5%

7612.7%

343.0%

1378.4%

754.1%

10.2%

10.1%

55712.7%

1758.0%

81.3%

343.4%

71.0%

57.4%

51.4%

55.7%

21.1%

10.3%

575.0%

10.2%

4

608556

124 101 9039 37

465438

10979 79

33 31

64 62

137 6

3 3

1069

917

200138 136

68 55

AMONG THE TOP PLAYERS IN THE ITALIAN BANKING INDUSTRY

#3#3 #3#3

TOTAL ASSETS

€ bn

SHAREHOLDERS' EQUITY

€ bn

NET CUSTOMER LOANS

€ bn

DIRECT FUNDING1

€ bn

#3#3#3#3

Note: 1. Capital-protected Certificates included.For ISP, the direct funding related to theInsurance business is excluded. 1. Group Profile

Data as at 31 December 2021.The benchmark includes: UCI, ISP, MPS, BPER, PopSo,Credem. From 1 July 2021, Credem data includesthe effects of the merger of C.R.Cento

5

AssetManagement

BANCO BPM: GROUP STRUCTURE AS AT 31/12/2021

Private & InvestmentBanking

BancassuranceConsumer

CreditLeasing

& Factoring

100%

100%

19.0%

35.0%

19.4% 39.0% 39.2%

40.0%

100%

39.5%Fully consolidated

Associates

1,427 Retail branches managed by8 Territorial Divisions as at 31/12/2021

to which 55 Private Bank branches and 26 otherGroup outlets are added, for a total Group

franchise of 1,508 branches

Specialisation of Banca Akros in CIB and of Banca Aletti in Private Banking

JV in Life Insurance- branded as

35.0%

JV in Non-LifeInsurance - branded

as

PARENT BANK

1. Group Profile

1

Note: 1. For the evolution of the JVs, see the dedicated section of the Strategic Plan 2021-2024 (slides 97-99)

On March 1, 2022, Banco BPMsigned a share purchaseagreement for the transfer toBanca Popolare di SondrioS.p.A. of its overall stake, equalto 39.5% of the share capital,held in Factorit S.p.A.

6

SUCCESSFULL TURNAROUND SINCE THE MERGER

1. Group Profile

Merger Plan2019 YE Target

Achievedas at YE 2019

- GROSS NPE €30.0BN2 €23.2BN3 €10.1BN €6.4BN

- GROSS NPE RATIO 24.1%2 17.5%3 9.1% 5.6%

- NET NPE RATIO 14.7% 11.1% 5.2% 3.0%

- BRANCHES (#) 2,295 2,082 1,727 1,427

- HEADCOUNT (#) 24,680 22,560 21,941 20,437

- TOTAL OPERATING COST €2,971M5 €2,858M5 €2,604M €2,516M

- COST REDUCTION SINCE 2015 -€228M -€482M -€570M

RATIONALIZATION

COST EFFICIENCY

DERISKING

CAPITAL POSITION

Notes: 1. CET 1 as at 31/12/2019 post suspension of 2019 dividend. 2. IAS 39 data. Restated for managerial purposes (inclusion of a portion of write-offs, in coherence withthe restatement done in 2017). 3. Targets based on GBV, corresponding to original Nominal targets (incl. write-offs) of €23.9bn and of 17.9%, respectively 4. NPE ratioscalculated as per EU Transparency Exercise. 5. Proforma operating cost target, updated to take account of the perimeter change. The data indicated for 2016 as well asfor the 2019 target and for the effective 2019 data are affected by different accounting effects.

31/12/2016

- CET 1 RATIO FL 11.4% 12.9% 13.0%1 13.4%

Achievedas at FY 2021

€3,086M in FY 2015 (pre-merger level)

7

AGENDA


1. GROUP PROFILE 3



8 February 2022

FY 2021 Group Results PresentationGuidance overdelivered - Full confidence in achieving the Strategic Plan Targets

9

DISCLAIMERThis presentation has been prepared by Banco BPM ("Banco BPM"); for the purposes of this notice, "presentation" means this document, any oral presentation, anyquestion and answer session and any written or oral material discussed following the distribution of this document.The distribution of this presentation in other jurisdictions may be restricted by law or regulation. Accordingly, persons who come into possession of this documentshould inform themselves of, and observe, these restrictions. To the fullest extent permitted by applicable law, Banco BPM and its subsidiaries disclaim anyresponsibility or liability for the violation of such restrictions by any person.This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite or otherwise acquire, anysecurities of Banco BPM or any member of its group or any advice or recommendation with respect to such securities, nor should it or any part of it form the basisof, or be relied on in connection with, any contract to purchase or subscribe for any securities in Banco BPM or any member of its group, or investment decision orany commitment whatsoever. This presentation and the information contained herein does not constitute an offer of securities in the United States or to any U.S.person (as defined in Regulation S under the U.S. Securities Act of 1933 (the "Securities Act"), as amended), Canada, Australia, Japan or any other jurisdictionwhere such offer is unlawful.The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating without notice. Certainstatements in this presentation are forward-looking statements about Banco BPM. Forward-looking statements are statements that are not historical facts and arebased on information available to Banco BPM as of the date hereof, relying on scenarios, assumptions, expectations and projections regarding future events whichare subject to uncertainties because dependent on factors most of which are beyond Banco BPM’s control. These statements include financial projections andestimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, andstatements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”,“estimates” and similar expressions. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actualresults or events to differ materially from those expressed or implied by the forward-looking statements. Banco BPM does not undertake any obligation to updateor revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Youshould not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements attributable to Banco BPM or persons acting on its behalf are expressly qualified in their entirety by this disclaimer.None of Banco BPM, its subsidiaries or any of their respective representatives, directors, officers or employees nor any other person accepts any liability whatsoever(in negligence or otherwise) for any loss howsoever arising from any use of this presentation or otherwise arising in connection therewith.By participating to the presentation of the Group results and accepting a copy of this presentation, you agree to be bound by the foregoing limitations regardingthe information disclosed in this presentation.

***This presentation includes both accounting data (based on financial accounts) and internal management data (which are also based on estimates).

Mr. Gianpietro Val, as the manager responsible for preparing the Bank’s accounts, hereby states pursuant to Article 154-bis, paragraph 2 of the FinancialConsolidated Act that the accounting data contained in this presentation correspond to the documentary evidence, corporate books and accounting records.

FY 2021 Group Results Presentation

10

METHODOLOGICAL NOTES Before 30/09/2020, the impact from the change in own credit risk on certificates classified as financial liabilities measured at fair value through

profit or loss was accounted under the item “Net Financial Results” of the Reclassified P&L scheme. Starting from 30/09/2020, this impact net oftax has been reclassified in one new single P&L item: “FV on Own Liabilities net of Tax”; the previous quarters of 2020 have been reclassifiedaccordingly.

Starting from 31/12/2020, an exposure in separate P&L items after tax is also provided for those non-recurring, particularly significant resultsderiving from extraordinary decisions (restructuring charges for the use of the redundancy fund, redundancy incentives, branch closure ratherthan benefits resulting from the decision to realign the fiscal values to the higher accounting values).

It follows that, all the above mentioned items, together with those already shown in previous years after the net result of current activities("Charges relating to the banking system after taxes“ and "Impairment on goodwill“) are placed after the aggregate of the "Net income fromcurrent operations", with the aim of allowing a more immediate understanding of the results of current operations. In light of the newclassification criteria, the economic data relating to the previous periods under comparison have been restated on a consistent basis.

In the area of companies consolidated with the equity method, the second quarter of 2020 has seen the entry of Anima Holding S.p.A., inwhich Banco BPM holds a stake of 19.385%. In the light of the changes brought about in the governance of the company, this stake, which isconsidered of strategic nature and which is destined to be held on a stable basis, is deemed to represent a situation of significant influenceon the side of Banco BPM.

With regard to the reclassified statement of financial position, please note that some comparative balances have been reclassifiedcompared to what had been originally published, in order to reflect the changes in layout and preparation criteria introduced by update 7 ofCircular no. 262, published by the Bank of Italy on 29 October 2021. The update introduced a change in the layout and preparation criteria ofdue from banks represented by demand deposits and current accounts, that must now be posted under the balance sheet line-item “10.Cash and cash equivalents”, instead of the previous line-item “40. Financial assets measured at Amortized Cost”. In light of said change, as ofthe consolidated financial statements at 31 December 2021, due from banks represented by demand deposits and current accounts areposted under the reclassified balance sheet line-item “Cash and cash equivalents”, instead of the line-item “Loans to other banks”. Theprevious periods have been reclassified accordingly.

Group capital ratios included in this presentation are calculated including the net profit of the period and deducting the amount of thedividend pay-out expected for the year.


11

1. Executive Summary 11

2. Key Highlights 18

3. FY 2021 Performance Details 32

Agenda Group FY 2021 Results Presentation


12

PROPOSED DIVIDEND: €19 CENTSDIVIDEND PAYOUT AT 50%: ABOVE STRATEGIC PLAN TARGETS

ADJUSTED NET PROFIT: €710M, WITH A ROTE OF 6.9%1

EPS AT €38 CENTS

Notes: 1. ROTE calculated as FY 2021 Adjusted Net Profit from P&L / Tangible Shareholders’ Equity as at31/12/21 (excluding FY 2021 Net Profit and AT1 instruments). Tangible Shareholder Equity calculated asShareholders’ Net Equity - Intangible assets net of fiscal effect. 2. Calculated over the average closing priceof 2022 YTD at €2.795.

1. Executive Summary

ROOM TO FURTHER INCREASE SHAREHOLDER REMUNERATION OVER THE STRATEGIC PLAN HORIZON

PROFITABILITY

ABOVE GUIDANCE

NET INCOME:€710M Adjusted€569M Stated

SAFE RISK PROFILE WITHFURTHER IMPROVEMENT IN

ASSET QUALITYINDICATORS

STRENGTHENED

SOUND CAPITALPOSITION &

STRENGTHENEDMDA BUFFERS

GROSS NPE RATIO: 5.6%(4.3% EBA definition)

NET NPE RATIO: 3.0%DEFAULT RATE: 1.0%

CET 1 FL: 13.4%

MDA BUFFER FL: 470bps

FY 2021 RESULTSDIVIDEND PROPOSALABOVE GUIDANCE

+€73M vs. GUIDANCE

DIVIDEND YIELD2:6.8%

DIVIDEND PAYOUT: 50%(VS. 40% GUIDANCE)

DIVIDEND PER SHARE:€19 CENTS

13

2021 GUIDANCE: OVERDELIVERED


COST OF RISK

CAPITAL

12281

2020 Stated 2021 Stated 2021Guidance

80/90bps

-41bps

~70bps 55bps

“Core CoR”

13,3% 13,4%

2020 2021 2021Guidance

CET 1 RATIO FL

388bps 470bps

MDA buffer FL

>350bps

~13%

€ m

OPERATING COSTS

2.4302.516


+3.5% Y/Y

Adjusted2,528

+2.8% Y/Y-0.9%

Normalised forCovid-related

savings in 20201

~2.5bn

Adjusted2,459

Notes: 1. See slide 24 for details.

+17bps

21 569

2020 Stated 2021 Stated 2021GuidanceAdjusted

710+114.9% Y/Y

Adjusted330

NET INCOME, EPS & DPS

~530m

EPS (stated) 38 CENTS 35 CENTS

DPS 19 CENTS 14 CENTS

NET INCOME

PRE-PROVISION INCOME

1.7221.995


+15.9% Y/Y

Adjusted1,692

~1.9bn

TOTAL REVENUES

4.152 4.511


+8.6% Y/Y

Adjusted4,469

+7.6% Y/Y

~4.4bn

Adjusted1,941

+14.7% Y/Y

14

OVERPERFORMING PRE-PANDEMIC RESULTSFULL CONFIDENCE IN ACHIEVING PLAN TARGETS

649 330569

~740 ~1,050

2019 Adj. 2020 Adj. 2021 Adj. 2023E 2024E

€ m

NET INCOME

Selected KPIs

710


TOTAL REVENUES

o/w: NII + NET COMMISSIONS

OPERATING COSTS

4.345 4.152 4.469

2019 Adj. 2020 Adj. 2021 Adj. 2023E 2024E

3,7713,771 3,6463,646 3,9533,953 ~4.1BN~4.1BN

2.600 2.459 2.528

2019 Adj. 2020 Adj. 2021 Adj. 2023E 2024ENEW LENDING

202120192024

TARGET

22.722.721.421.4 >26>26

INVESTMENTPRODUCTPLACEMENTS

18.218.214.114.1 ~19.6~19.6

AUM NET INFLOWS +3.4+3.4 +4.4+4.4

€ bn

GROSS NPE RATIO5.6%

4.3% EBA def.5.6%

4.3% EBA def.4.8%4.8%

COST OF RISK81bps

55bps Core81bps

55bps Core48bps48bps74bps74bps

-0.4-0.4

9.1%9.1%

AUM STOCK 65.365.3 78.778.758.358.3

2020

27.427.4

13.013.0

122bps122bps

+0.9+0.9

7.5%7.5%

59.659.6

CET 1 RATIO FL 13.4%13.4% ~14.4%~14.4%13.0%13.0% 13.3%13.3%

~€3.9BN~€3.9BN

~€4.3BN ~€4.6BN

~€2.4BN ~€2.4BN

2023TARGET

>24>24

~19.0~19.0

~+4.0~+4.0

5.4%5.4%

58bps58bps

73.573.5

~14%~14%

59.8%59.8% 59.2%59.2% 56.6%56.6% ~53%~53%<57%<57%

COST/INCOME

15

7,1%

1,5% 1,3% 0,8%

~2.5%

7,6%

3,7% 2,6% 2,2%

31/12/16 31/12/19 31/12/20 31/12/21

NPE STOCK DOWN BY €23.6BN SINCE THE MERGER,WITH AN ADDITIONAL €1BN DERISKING IN THE PIPELINE

18,5

3,6 3,62,2

~6,0

11,5

6,5 5,0 4,2

31/12/16 31/12/19 31/12/20 31/12/21 2024Target

UTP + PD

Bad Loans

STRONG IMPROVEMENT IN ASSET QUALITY, AHEAD OF TARGETS…


GBV, € bn

NPE RATIOS

BAD LOAN COVERAGE

(Including Write-offs)

2019

62.5%62.5%

2020

65.2%65.2%

Excluding Write-offs:

UTP COVERAGE 39.1%39.1% 43.7%43.7%

2021

67.8%67.8%

44.0%44.0%

2016

60.0%60.0%

27.2%27.2%

59.1%59.1% 58.6%58.6%56.2%56.2%

Notes: 1. Includes the restatement for managerial purposes of a portion of write-offs (in coherence with therestatement done in 2017). 2. As per the EU Transparency exercise. 3. Net NPEs over Tangible Net Equity(Shareholders’ Net Equity - Intangible assets net of fiscal effect).

30.0

10.1 8.66.4

NPE COVERAGE

(Including Write-offs)48.1%48.1% 53.4%53.4%

Excluding Write-offs:

53.4%53.4%47.9%47.9%

50.0%50.0% 48.9%48.9%45.0%45.0%

1

14,9%

3,2% 3,1%1,9%

4,8%

9,2%

5,9% 4,4%3,7%

31/12/16 31/12/19 31/12/20 31/12/21

4.3%(EBA definition)2

NET NPE RATIOS24.1%

9.1% 7.5%5.6%

14.7%

5.2% 3.9% 3.0%

GROSS NPE RATIOS

Bad Loanratio

UTP + PDRatio

2024 Target2024 Target

38.6%160.3%TEXASRATIO3

27.2%51.0%

1

~€1bn further deriskingexpected in H1 2022

See slide 26

EoP

16

11,4% 13,0% 13,3% 13,4% ~14.4%

31/12/2016 31/12/2019 31/12/2020 31/12/2021 2024 Target

… COUPLED WITH STRENGTHENED CAPITAL & LIQUIDITY


1

CET 1 RATIO: +200BPS SINCE THE MERGER

162bps 354bps 474bpsCET1 Buffer vs. Min.Requirement (FL)

2

491bps

Notes: 1. CET 1 as at 31/12/2019 post suspension of 2019 dividend. 2. CET 1 as at 31/12/2021, includingthe impact of the proposed dividend payment for FY 2021. 3. Monthly LCR. 4. NSFR in Q4 2021.

LIQUIDITY POSITION: LCR & NSFR

>180% >165% >190% 209%

Dec. 2016 Dec. 2019 Dec. 2020 Dec. 2021

LCR3 NSFR4 >100%, in linewith the Strategic Plan2021-2024 target

~ 590bps

Wide room to handlefull TLTRO III

reimbursement

OUTLOOK FROM 2025:Full Basel IV net impact

estimated ataround -80bps, to be

phased in 8 years andprogressively offset by a

decrease in DTA

SREP Requirementunchanged for 2022

17

KEY DRIVERS OF THE STRATEGIC PLAN: RECENT ACTIONS

PLAN TARGETSNEW LONG-TERM INCENTIVE SCHEME CONSISTENT WITH 2021-2024 STRATEGIC PLAN TARGETSTO BE SUBMITTED TO BANCO BPM’S UPCOMING AGM


ESGBANCASSURANCE SME CENTERS DIGITAL BANKING

Banco BPM joined theUNGC1 and became asupporter of the TCFD2

Banco BPM included inthe MIB ESG Index and inthe Bloomberg G-E Index

Lending policiesintegrated with ESGfactors for all sectors

Integration of climate riskwithin the riskidentification process andfirst climate risk materialityassessment

New “Inclusion Diversity &Social” and “Key People &Talents” units set up

New App dedicated toSME/Business clientslaunched

20% of total sales alreadydriven by advancedanalytics / omnichannelcustomer journeys

>400K clients enrolled onDigital Identity

Digital customer transactionalactivity well above marketaverage (> ~7 p.p.)

Remote transactions at 83%(74% in 2019), supported by astrong increase in APP-basedtransactions: +124% in 2021vs. 2019

8 Workstreams activated,supported by industrialadvisors

Action Plan for thealignment of the productrange and commercialmodel of BPM Vita andVera Vita defined

Joint working groupbetween BBPM & BPM Vitacreated for the projectimplementation,potentially leading to ananticipation of the calloption exercise for BPM Vita

First 135 Focal Pointsactivated

Defined:• 67 new Heads for the SME

Centers• 450 Relationship Managers

Commercial campaignslaunched, involving ~75Kcustomers, o/w:• ~45K customers with

turnover €5-75m: TradeFinance, WholesaleBanking, Derivatives,Payment services

• ~30K customers withturnover <€5m: “Top of theBusiness” (proactive tailor-made advisory services)

Notes: 1. United Nations Global Compact. 2. Task Force on Climate-Related Financial Disclosures.

18






192. Key Highlights

STRONG OPERATING PERFORMANCEWITH REVENUE GROWTH DRIVEN BY

NET COMMISSIONS (+15% Y/Y)

PRE-PROVISION INCOMEAT €1,941M (+14.7% Y/Y)

SIGNIFICANT REDUCTION IN LLPs

NET INCOME AT €710M

Notes:1. See slides 34 for details of adjustment elements .2. Includes: Profit (loss) on FV measurement of tang. assets,Net adj. on other financial assets, Net provisions for risks & charges, Profit (loss) on the disposal of equity, otherelements (pre tax). 3. Other includes: PPA and other elements (after tax). See slide 33 for details of P&L.

€ m FY 2020 FY 2021 Y/Y FY 2020 FY 2021

NET INTEREST INCOME 1,983 2,042 1,983 2,042

NET FEES & COMMISSIONS 1,664 1,911 1,664 1,911

INCOME FROM ASSOCIATES 131 190 131 232

CORE REVENUES 3,777 4,143 9.7% 3,777 4,185

NFR 319 251 319 251

OTHER REVENUES 56 75 56 75

TOT. REVENUES 4,152 4,469 7.6% 4,152 4,5110

OPERATING COSTS -2,459 -2,528 -2,430 -2,516

PRE-PROVISION INCOME 1,692 1,941 14.7% 1,722 1,995

LOAN LOSS PROVISIONS -1,085 -693 -1,337 -887

OTHER2

-17 -26 -79 -187

PROFIT FROM CONTINUING OPER. (pre-tax) 590 1,221 107.1% 306 921

TAXES -90 -350 -14 -254

NET PROFIT FROM CONTINUING OPER. 499 871 74.4% 293 667

SYSTEMIC CHARGES AND OTHER3

-169 -161 -400 -180

REALIG. OF FISCAL VALUES TO ACCOUNT. VALUE 128 82

NET INCOME 330 710 114.9% 21 569

P&L ADJUSTED1 P&L STATED

Adjusted data

FY 2021 WELL ABOVE GUIDANCE:ADJUSTED NET INCOME AT €710M (€569M STATED)

202. Key Highlights

Q4 2021 ADJUSTED NET INCOME AT €145M (€97M STATED)

Notes:1. See slide 34 for details of adjustment elements .2. Includes: Profit (loss) on FV measurement of tang. assets,Net adj. on other financial assets, Net provisions for risks & charges, Profit (loss) on the disposal of equity, otherelements (pre tax). 3. Other includes: PPA and other elements (after tax). See slide 35 for details of P&L.

€ m Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021

NET INTEREST INC!NME 497 522 516 506 497 522 516 506

NET FEES & COMMISSIONS 471 479 475 486 471 479 475 486

INCOME FROM ASSOCIATES 42 57 47 45 42 57 47 87

CORE REVENUES 1,010 1,058 1,039 1,037 1,010 1,058 1,039 1,079

NFR 100 117 36 -1 100 117 36 -1

OTHER REVENUES 18 22 26 9 18 22 26 9

TOT. REVENUES 1,128 1,196 1,101 1,044 1,128 1,196 1,101 1,087

OPERATING COSTS -642 -647 -616 -624 -644 -632 -616 -625

PRE-PROVISION INCOME 486 549 485 420 484 564 485 462

LOAN LOSS PROVISIONS -143 -235 -101 -214 -217 -256 -201 -214

OTHER2

-8 -5 -15 1 -8 -42 -23 -114

PROFIT FROM CONTINUING OPER. (pre-tax) 335 309 369 208 259 267 262 133

TAXES -108 -63 -119 -61 -83 -51 -83 -37

NET PROFIT FROM CONTINUING OPER. 227 246 251 147 176 216 179 96

SYSTEMIC CHARGES AND OTHER3

-76 -15 -68 -2 -76 -34 -68 -2

REALIG. OF FISCAL VALUES TO ACCOUNT. VALUE 0 0 0 0 0 79 0 2

NET INCOME 151 231 183 145 100 261 111 97

P&L ADJUSTED1 P&L STATED

21

HEALTHY VOLUME GROWTH

LOANS GUARANTEED BY THE STATE1«CORE» NET PERF. CUSTOMER LOANS

91,1 98,4 99,7 99,5 109,0

31/12/19 31/12/20 30/09/21 31/12/21

+1.1%

+4.5%

87,8 100,0 102,5 105,0 98,6

31/12/19 31/12/20 30/09/21 31/12/21

C/A & CUSTOMER DEPOSITS ASSETS UNDER MANAGEMENT

+5.1%

+9.4%

58,3 59,6 63,7 65,3 78,7

31/12/19 31/12/20 30/09/21 31/12/21

+9.6%

+5.8%

Net inflows +0.9

2,7 13,017,9 18,3

31/12/19 31/12/20 30/09/21 31/12/21

o/w: €16.7bn Covid measures,guaranteed at 85% (average level)

+3.4-0.4

PerformingGBV

Note: 1. Include all loans guaranteed by the State, Covid and non-Covid measures.

€ bn CAGR 19-21 Chg. 20-21

+41.0%

+159.1%

2. Key Highlights

2024 Target

2024 Target+4.4

2024 Target

CAGR 21-24E+3.1%

CAGR 21-24E+6.4%

22

1.9832.042

FY 20 FY 21

496,8 522,4 516,4 506,0

Q1 21 Q2 21 Q3 21 Q4 21

NET INTEREST INCOME GROWTH IN FY 2021

+3.0%€ m

26.4 23.3

-2.0%

Quarterly trend

Commercial spreads

1,84 1,78 1,80 1,80 1,80 1,78 1,77 1,76

1,33 1,37 1,23 1,18 1,17 1,16 1,16 1,13

-0,51 -0,41 -0,57 -0,62 -0,63 -0,62 -0,61 -0,63Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21

Asset spread Customer spread Liability spreadEuribor

3MAvg.

-0.41 -0.30 -0.48 -0.53 -0.55

Yearly trend

-0.55

NPEcontrib.

111 92 20.7

-0.55

2. Key Highlights

21.4

-0.57

€2,047m excl.-5.8m one-off

reclassification1:+3.3% Y/Y

Note: 1. Reclassification, with no impact at net income level, from ‘Provisions for Risks & Charges to ‘NII’of provisions for fiscal credits related to operations carried out in past years.

Resilient asset spread performance in Q4, whilethe decrease in Euribor impacted mainly theliability spread

Sensitivity to a rate increase in Q4 21 (+100bpsparallel shift): about +€430m

NII in Q4 affected Q/Q by:• - €5.8m one-off reclassification1

• ~- €10m from lower bond portfolio contribution(Italian govies down by €6.2bn in Q4)

Commercial banking: negative Euribor effectfully offset by a positive trend in volumes

€512m excl.-5.8m one-off

reclassification1:-0.9% Q/Q

23

232,3 231,0 248,6 260,3

239,1 247,7 226,7 225,5

Q1 21 Q2 21 Q3 21 Q4 21

Commercial Banking Fees Management & Advisory

485.8475.3471.4 478.7

FEES & COMMISSIONS:STRONGER THAN PRE-PANDEMIC LEVEL AND +15% Y/Y

Note: 1. Management data of the commercial network. Include Funds & Sicav,Bancassurance, Certificates and Managed Accounts & Funds of Funds.

+2.2%

€ m

Quarterly trend

2. Key Highlights

14,1 13,018,2

~ 19,6

FY 19 FY 20 FY 21 Target2024

€ bn

Investment product placements1

928,1 876,0 972,2

866,4 787,9 939,0

FY 19 FY 20 FY 21

Commercial Banking Fees Management & Advisory

€ m

Yearly trend

1,9111,6641,794

+11.0%

+19.2%

Y/Y

+14.9%

+3.2%

In FY 2021, Management & Advisory fees reach €939m (49% of total fees),+19.2% Y/Y, with an important increase in the running component:+€52m Y/Y, which is above the pace of growth embedded in the Strategic Plan

In Q4 2021, total Net fee & Commissions reach €486m (+2.2% Q/Q), driven by agrowth in commercial banking fees (+4.7% Q/Q, at €260m), mainly in relation tonew lending and traditional banking activities (payment & other services)

CAGR 19-21

24

426,9 417,1 409,8 413,9

217,0 214,5 205,8 210,7

Q1 21 Q2 21 Q3 21 Q4 21

Staff costs Other

25.073

21.941 21.66320.565 20.437

Starting point 31/12/19 31/12/20 30/09/2021 31/12/21

Retail Network StreamliningHeadcount Evolution

2.417

1.727 1.7271.427 ~1.300

Startingpoint

31/12/19 31/12/20 31/12/2021 Target2024

300 branches closed in 2021##

OPERATING COSTS: LONG-TERM DOWNWARD TREND CONFIRMED

Notes: 1. FY20 Includes savings from lower variable remuneration and other savings due to thePandemic crisis, for a total of ~€120m. FY21 includes €12.3m of adjustment elements, see slide 34 fordetails. 2. 31/12/2015, Merger Plan starting point.

22

1.697 1.581 1.668

908 849 848

FY 19 FY 20 FY 21Staff costs Other

Total Operating Costs

€ m

2,430 2,516

615.6 624.7643.9

+3.5%

631.6

2. Key Highlights

2,604

-1.7% -0.9% Y/YNormalised1

Y/Y

CAGR 19-21

Down by 1,226 vs 31/12/20, mainly in relation tothe voluntary plan 2021/2022 (total of 1,607)

252. Key HighlightsNotes: 1. Based on managerial data. 2. Only ~€50m related to performing ABI moratoria stilloutstanding.

MIGRATION RATES

STRONG RESILIENCE OF THE COVID MORATORIA PORTFOLIO

Positions currently outstanding which have been subjectto moratoria are concentrated in the best rating classes(83%)

Moratoria completely expired as at 1st Jan. 20222

Low default rate of the moratoria positions expired,including instalments due in Jan. 2022, at 1.5%

STRONG REDUCTION IN COST OF RISK“CORE” LLPs CLOSE TO LONG-TERM TARGETS

€ m

STATED LLPs IN LINE WITH 2021 GUIDANCE,WITH STRONG Y/Y REDUCTION

FY 2021 «CORE» CoR: 55 BPS1

CONSISTENT WITH 2024 TARGET OF 48 BPS

Cost of Risk (bps) 122

TOTAL NON-CORE LLPs AT €286m (CoR 26 BPS)1:

Provisions for derisking strategy (including, in FY 2021, also portfoliodisposals to be completed in 2022)

Other Non-Core elements: Tightening of Stage 2 criteria andmodel changes for some selected portfolios (included in Adj. LLPs)

1.085693 601

251

194

92

FY 20 FY 21

1,337

887

OtherNon-Core

LLPs

«CORE LLPs»

STATED STATED

Adjusted LLPs

81 5555

-33.6%

WORKOUT RATE(Cancellations, Write-offs,Recoveries, Cure & Other)1

DANGER RATE(from UTP to Bad Loans)

DEFAULT RATE(from Performing To NPEs)

FY 19 FY 21FY 20

1.2% 1.0% 1.0%

11.1% 7.5% 9.3%

19.0% 13.8% 20.2%

26

6,4

31/12/21 2024 Target

DERISKING TARGET IN PIPELINE FOR ABOUT €1BN1

CONSOLIDATING THE «LOW NPE BANK» STATUS

~ €1BN OF FURTHER DERISKING IN PIPELINE IN H1 2022:ASSET QUALITY KPIs ALREADY AHEAD OF STRATEGIC PLAN 2024 TARGETS

Gross NPEs Gross NPE Ratio

€ bn

YE 2021Adjusted

5.6%~4.8%

FurtherDerisking inthe pipeline

~€1bn

4.3% EBAdefinition

~€5.4bn

~3.7% EBAdefinition

2. Key Highlights

~€6bn

4.8%

Notes: 1. Of which €650m portfolio disposals already announced in the 9M 2021 results presentation.

27

26,7 20,7 17,7 15,5 19,3 18,912,7

31,6 30,2 32,931,2 33,9 36,8

30,7

31/12/16 31/12/17 31/12/18 31/12/19 31/12/20 30/09/21 31/12/21

FINANCIAL ASSETS, LIQUIDITY & FUNDING:CONSERVATIVE STRATEGY

€ bn

o/w: ItalianGovies

Debt securities

OPTIMIZATION OF DEBT SECURITY PORTFOLIO: REDUCTION OF EXPOSURE IN IT GOVIES

99,1% 82,1% 64,1% 58,7% 66,6% 59,4% 49,7% <50%

31/12/16 31/12/17 31/12/18 31/12/19 31/12/20 30/09/21 31/12/21 2024Target

Share of ItalianGovies on totalGovies ptf.

ITALIAN GOVIES:

• Down by €6.6bn in 2021and by €6.2bn in Q4

• 81% concentrated in theportfolio classified at AC

• Representing 49.7% oftotal Govies portfolio (vs.59.4% as at 30/09/21 and66.6% as at YE 2020)

• Very low sensitivity: BPV1

of the FVOCI portfolio at-€0.6m

STRONG FUNDING POSITION CONFIRMED

TLTRO III: €39.2bn +€1.7bn in Q4, drawn inthe second half of December

BONDS OUTSTANDING2: €17.6bn

SUCCESSFUL ISSUANCE ACTIVITY:€1.6bn wholesale bonds issued in theJan. 2021-Jan. 2022 period

0,500,40

0,300,40

Jan-21 Jun-21 Jul-21 Jan-22

Tier 2

AT1

Senior Pref.

First Social bond issuedunder the new ESG Bond Framework

Notes: 1. Sensitivity per 1 bps change in rates. Management data, including Swaps,Options & Forward. 2. Nominal amount. 3. Cash + Unencumbered Liquid Assets; see slide44 for details.

LIQUIDITY: €44.2bn3

2. Key Highlights

28

ESG INTEGRATION: KEY ACHIEVEMENTS IN Q4 2021

2. Key Highlights

Lending policies integrated with ESG factors for all sectors

Integration of climate risk within the risk identification process and first climate risk materialityassessment

Training for Corporate sales force on new ESG product offering

ESG education at the SDA Bocconi for colleagues active in Private Banking, WM and Advisory(EFPA ESG Certification obtained by a first group of 50 people)

Banco BPM joined the UNGC and becamea supporter of the TCFD in Dec. 2021

BBPM included in the MIB ESG Index in Oct. 2021and in the Bloomberg Gender-Equality Index inJan. 22

Improvement of ESG rating from S&P in Nov. 21

2. Key Highlights

New “Inclusion Diversity & Social” and “Key People and Talents” Units set up in the HR Department

Kick-off of ESG ambassador project: 50 colleagues, representing all the corporate units, selected forspreading the sustainability culture and enhancing the execution of the ESG plan

Respect project: >1,800 managers trained on “Respect, Inclusion and Positive behavior”

Increase in the share of women in managerial positions to 23.4% at YE 2021, from 20.8% at YE 2020

Reduced Scope 1&2 net emissions of more 7% in FY 2021 vs. pre-pandemic level2

Well on track on all 7 Workstreams of the ESG Action Plan1

Note: 1. See slides 51 and 52 for details. 2. Market Based Emissions; 2021 net emissions include also theimpact of the first compensation Project supported by BBPM; pre-pandemic data as at 2019.

29

13,312,3

13,4

31/12/2020 Regulatoryheadwinds

Postregulatoryheadwinds

Organiccapital

generation

Dividends &AT1 coupons

Balancesheet

mgmt. andother

31/12/2021

SIGNIFICANT CAPITAL GENERATIONStrengthened capital buffers, with unchanged SREP requirements for 2022

Fully Loaded CET1 Ratio: yearly evolution

-95bps +18bps-49bps+143bps%

+77bps: Net profit+66bps: RWA reduction1

Notes: All data include also the Net Income of the pertinent period.1. Including negative effect for the increase in the value of participations.2. Accrual for dividends (with an underlying payout ratio of 50%) and AT1 interests.

14,4

Target FL31/12/2024

Strategic Plan Target

OUTLOOK FROM 2025:Full Basel IV net

impact estimated ataround -80bps, to bephased in 8 years andprogressively offset by

a decrease in DTA

Fully Loaded Capital Position%

TIER 1

TOTAL 17.2

14.3

RWA (€bn) 65.9

17.9

15.0

63.766.2

18.2

15.1

31/12/2020 30/09/2021 31/12/2021

Fully Loaded Capital Buffers

Buffer vs.Min. CET1 Req.

MDA Buffer

+474bps

+388bps

+491bps

+470bps

+480bps

+453bps

31/12/2020 30/09/2021 31/12/2021

2

SREP REQUIREMENTS UNCHANGED FOR 2022WITH P2R CONFIRMED AT 2.25%

PHASED-IN AT14.7%

2. Key Highlights

30

FLEXIBILITY TO INCREASE SHAREHOLDER REMUNERATIONWHILE PRESERVING SOUND CAPITAL BUFFERS

ASSUMPTIONS OF THESTRATEGIC PLAN 2021-2024

Notes:

1. Calculated over the average closing price of 2022 YTD at €2.795.2. CET ratios and MDA buffers as at YE 2024, with average Payout and Cumulative ShareholderRemuneration for the period 2021-2024. 3. Dividend and/or Buyback option to be defined.

The confirmation of positive macro and industry trends, coupled with a successful achievement ofBBPM’s Strategic Plan targets, may allow to consider a significant further increase in shareholder remuneration

SENSITIVITYSCENARIO2

2024 TARGETS:

CET1 RATIO FL~14.4%

MDA BUFFER~ 590BPS

CET1 RATIO FL12.5% / 13.0%

MDA BUFFER400 / 450BPS

40% PAYOUT

CUMULATIVE SHAREHOLDERREMUNERATION3

>€2BN

2. Key Highlights

70% PAYOUT50% PAYOUT(DPS PROPOSAL OF €19 CENTS)

2021

CET1 RATIO FL13.4%

MDA BUFFER470BPS

DIVIDEND YIELD: 6.8%1

31

EXCELLENT PERFORMANCE ACHIEVED IN FY 2021…

• Strengthening core operating profitability: Revenues up at €4.5bn, C/I at 56%. PPI up at €2.0bn

• Further improvement in all key asset quality indicators: gross NPE ratio at 5.6% (EBA definition down to 4.3%); net NPE ratio at 3.0%

• Sound capital position: CET 1 ratio FL up at 13.4%, with a strengthened MDA buffer (470bps), +17bps Y/Y despite regulatoryheadwinds for -95bps

…OVERDELIVERING THE RECENT GUIDANCE FOR FY 2021…

…CREATING ADDITIONAL ROOM FOR AN ACCELERATION IN FURTHER DERISKING...

Adjusted Net Income at €710m (€569m stated)

EPS at €38 cents (vs. Guidance of €35 cents)

FINAL REMARKS

Additional derisking to be finalised in H1 2022: pipeline raised to ~€1bn1, with gross adjusted NPE stock below the 2024 target

FULL CONFIDENCE IN ACHIEVING THE STRATEGIC PLAN TARGETSSIGNIFICANT ROOM TO POTENTIALLY FURTHER INCREASE SHAREHOLDER REMUNERATION OVER THE PLAN HORIZON

DIVIDEND DISTRIBUTION ABOVE STRATEGIC PLAN TARGETS

Dividend proposal of €19 cents, with a dividend payout of 50% (vs. 40% guidance)

2. Key HighlightsNotes: 1. Of which €650m portfolio disposals already announced in the 9M 2021 results presentation.

32






33

P&L: FY 2021 STATED AND ADJUSTED COMPARISON

3. FY 2021 Performance Details

Reclassified income statement (€m) FY 20 FY21Chg. Y/Y

%FY 20

adjustedFY21

adjustedChg. Y/Y

%

Net interest income 1,982.6 2,041.6 3.0% 1,982.6 2,041.6 3.0%

Income (loss) from invest. in associates carried at equity 130.8 231.9 77.3% 130.8 189.8 45.1%

Net interest, dividend and similar income 2,113.4 2,273.6 7.6% 2,113.4 2,231.4 5.6%

Net fee and commission income 1,663.8 1,911.2 14.9% 1,663.8 1,911.2 14.9%

Other net operating income 56.0 75.3 34.4% 56.0 75.3 34.4%

Net financial result 318.6 250.7 -21.3% 318.6 250.7 -21.3%

Other operating income 2,038.5 2,237.2 9.7% 2,038.5 2,237.2 9.7%

Total income 4,151.8 4,510.7 8.6% 4,151.8 4,468.6 7.6%

Personnel expenses -1,581.1 -1,667.8 5.5% -1,612.8 -1,682.2 4.3%

Other administrative expenses -593.8 -601.2 1.2% -593.8 -601.2 1.2%

Amortization and depreciation -255.1 -246.8 -3.2% -252.9 -244.8 -3.2%

Operating costs -2,430.1 -2,515.8 3.5% -2,459.5 -2,528.1 2.8%

Profit (loss) from operations 1,721.8 1,995.0 15.9% 1,692.4 1,940.5 14.7%

Net adjustments on loans to customers -1,336.8 -887.2 -33.6% -1,085.4 -693.2 -36.1%

Profit (loss) on FV measurement of tangible assets -36.7 -141.6 n.m. 0.0 0.0

Net adjustments on other financial assets -1.0 -0.3 -68.2% -1.0 -0.3 -68.2%

Net provisions for risks and charges -42.3 -26.0 -38.4% -16.3 -26.0 59.8%

Profit (loss) on the disposal of equity and other invest. 1.2 -18.8 n.m 0.0 0.0

Income (loss) before tax from continuing operations 306.1 921.0 n.m. 589.7 1,221.0 n.m.

Tax on income from continuing operations -13.5 -253.8 n.m. -90.5 -350.4 n.m.

Income (loss) after tax from continuing operations 292.6 667.2 n.m. 499.2 870.6 74.4%

Restructuring costs -187.0 0.0 n.m. 0.0 0.0

Systemic charges after tax -138.9 -145.0 4.4% -119.5 -125.7 5.2%

Realignment of fiscal values to accounting values 128.3 81.7 -36.3% 0.0 0.0

Goodwill impairment -25.1 0.0 n.m. 0.0 0.0

Income (loss) attributable to minority interests 4.2 0.3 -93.3% 4.0 0.3 -92.8%

Purchase Price Allocation after tax -41.5 -39.5 -4.9% -41.5 -39.5 -4.9%

Fair value on own liabilities after Taxes -11.7 4.4 n.m -11.7 4.4 n.m

Net income (loss) for the period 20.9 569.1 n.m. 330.5 710.1 n.m.

34

ADJUSTED P&L: DETAILS ON NON-RECURRING ITEMS


Reclassified income statement (€m) FY21 FY21 adjusted One-off Non-recurring items

Net interest income 2,041.6 2,041.6 0.0

Income (loss) from invest. in associates carried at equity 231.9 189.8 42.1 One-off adjustment booked by a significant associate

Net interest, dividend and similar income 2,273.6 2,231.4 42.1

Net fee and commission income 1,911.2 1,911.2 0.0

Other net operating income 75.3 75.3 0.0

Net financial result 250.7 250.7 0.0

Other operating income 2,237.2 2,237.2 0.0

Total income 4,510.7 4,468.6 42.1

Personnel expenses -1,667.8 -1,682.2 14.4 Covid-related savings

Other administrative expenses -601.2 -601.2 0.0

Amortization and depreciation -246.8 -244.8 -2.0 Adjustments on tangible assets

Operating costs -2,515.8 -2,528.1 12.3

Profit (loss) from operations 1,995.0 1,940.5 54.5

Net adjustments on loans to customers -887.2 -693.2 -194.0 Additional frontloading for the increase in the NPE disposal target

Profit (loss) on FV of tangible assets -141.6 0.0 -141.6 Fair value assessments on properties

Net adjustments on other financial assets -0.3 -0.3 0.0

Net provisions for risks and charges -26.0 -26.0 0.0

Profit (loss) on the disposal of equity and other invest. -18.8 0.0 -18.8 Fair value adjustments on Equity partecipation

Income (loss) before tax from continuing operations 921.0 1,221.0 -300.0

Tax on income from continuing operations -253.8 -350.4 96.5

Income (loss) after tax from continuing operations 667.2 870.6 -203.4

Systemic charges after tax -145.0 -125.7 -19.3 Additional contribution to Italian Resolution Fund

Realignment of fiscal values to accounting values 81.7 0.0 81.7 Related to realignment of fiscal values to accounting values

Goodwill impairment 0.0 0.0 0.0

Income (loss) attributable to minority interests 0.3 0.3 0.0

Purchase Price Allocation after tax -39.5 -39.5 0.0

Fair value on own liabilities after Taxes 4.4 4.4 0.0

Net income (loss) for the period 569.1 710.1 -141.0

35

FY 2021 QUARTERLY P&L RESULTS: STATED


Reclassified income statement (€m) Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Chg. Q/QChg. Q/Q

%

Net interest income 474.1 479.5 519.9 509.0 496.8 522.4 516.4 506.0 -10.4 -2.0%

Income (loss) from invest. in associates carried at equity 22.3 48.0 36.8 23.7 41.5 56.5 46.8 87.1 40.3 86.1%

Net interest, dividend and similar income 496.4 527.5 556.7 532.7 538.4 578.9 563.2 593.1 29.8 5.3%

Net fee and commission income 440.6 376.4 417.7 429.2 471.4 478.7 475.3 485.8 10.5 2.2%

Other net operating income 16.7 14.9 11.7 12.7 18.2 21.7 26.3 9.1 -17.2 -65.5%

Net financial result 0.8 82.7 157.3 77.8 99.7 116.5 35.9 -1.4 -37.3 n.m

Other operating income 458.1 473.9 586.7 519.8 589.3 617.0 537.5 493.4 -44.0 -8.2%

Total income 954.4 1,001.5 1,143.3 1,052.5 1,127.7 1,195.9 1,100.7 1,086.5 -14.2 -1.3%

Personnel expenses -419.0 -398.0 -357.0 -407.2 -426.9 -417.1 -409.8 -413.9 -4.1 1.0%

Other administrative expenses -154.6 -154.1 -159.8 -125.3 -154.1 -153.9 -144.0 -149.1 -5.1 3.5%

Amortization and depreciation -61.4 -61.7 -64.8 -67.2 -62.9 -60.6 -61.8 -61.6 0.2 -0.2%

Operating costs -635.0 -613.8 -581.5 -599.8 -643.9 -631.6 -615.6 -624.7 -9.1 1.5%

Profit (loss) from operations 319.5 387.7 561.8 452.8 483.8 564.2 485.1 461.9 -23.2 -4.8%

Net adjustments on loans to customers -213.2 -263.0 -324.3 -536.2 -217.1 -255.5 -200.6 -214.0 -13.3 6.6%

Profit (loss) on FV measurement of tangible assets -0.3 -5.1 -0.3 -31.0 0.1 -37.0 -7.8 -96.9 -89.1 n.m.

Net adjustments on other financial assets -4.7 -3.7 0.1 7.2 -0.4 0.9 0.2 -1.1 -1.3 n.m

Net provisions for risks and charges 2.2 -9.8 0.9 -35.6 -7.2 -5.6 -15.5 2.3 17.7 n.m

Profit (loss) on the disposal of equity and other invest. 0.1 0.1 1.3 -0.4 0.0 -0.4 0.4 -18.7 -19.1 n.m

Income (loss) before tax from continuing operations 103.5 106.2 239.5 -143.1 259.1 266.7 261.8 133.4 -128.4 -49.0%

Tax on income from continuing operations -25.7 -13.3 -22.5 47.9 -82.7 -50.6 -83.3 -37.2 46.0 -55.3%

Income (loss) after tax from continuing operations 77.8 92.9 217.0 -95.2 176.4 216.0 178.5 96.2 -82.4 -46.1%

Restructuring costs 0.0 0.0 0.0 -187.0 0.0 0.0 0.0 0.0 0.0

Systemic charges after tax -57.5 -18.2 -53.0 -10.2 -59.2 -19.3 -61.7 -4.8 56.9 -92.2%

Realignment of fiscal values to accounting values 0.0 0.0 0.0 128.3 0.0 79.2 0.0 2.5 2.5

Goodwill impairment 0.0 0.0 0.0 -25.1 0.0 0.0 0.0 0.0 0.0

Income (loss) attributable to minority interests 0.0 1.5 2.5 0.2 0.0 0.1 0.0 0.1 0.1

Purchase Price Allocation after tax -6.6 -12.0 -11.4 -11.5 -10.3 -9.7 -10.2 -9.3 0.9 -9.1%

Fair value on own liabilities after Taxes 137.9 -110.7 2.2 -41.1 -6.8 -5.1 4.0 12.3 8.4 n.m.

Net income (loss) for the period 151.6 -46.4 157.3 -241.7 100.1 261.2 110.7 97.1 -13.6 -12.3%

36

318,6250,7

FY 20 FY 21

NET FINANCIAL RESULT, RESERVES & UNREALISED GAINS

€ m

NFR: Yearly trend


-€67.9m

Reserves of Debt Securities at FVOCI Unrealised gains on Debt Securities at ACPre-tax, in € m Pre-tax, in € m

Included neither inthe P&L results, nor inthe Capital Position

Not included in the P&Lresults, but included in

the Capital Position

19891 82 68

31/12/20 30/06/21 30/09/21 31/12/21

875 631 591 530

31/12/20 30/06/21 30/09/21 31/12/21

35,9

-1,4Q3 21 Q4 21

NFR: Quarterly trend

-€37.3m

€ m

37

RECLASSIFIED BALANCE SHEET AS AT 31/12/2021

Note: * “Customer loans” include the Senior Notes of the three GACS transactions.3. FY 2021 Performance Details

31/12/20 30/09/21 31/12/21 Value % Value %

Cash and cash equivalents 9,411 20,133 29,153 19,743 209.8% 9,021 44.8%

Loans and advances measured at AC 119,903 120,156 121,261 1,358 1.1% 1,105 0.9%

- Loans and advances to banks 10,568 11,424 11,878 1,310 12.4% 454 4.0%

- Loans and advances to customers (*) 109,335 108,733 109,383 48 0.0% 651 0.6%

Other financial assets 41,176 42,869 36,326 -4,849 -11.8% -6,543 -15.3%

- Assets measured at FV through PL 9,119 8,560 6,464 -2,654 -29.1% -2,096 -24.5%

- Assets measured at FV through OCI 10,711 12,870 10,675 -36 -0.3% -2,195 -17.1%

- Assets measured at AC 21,346 21,440 19,187 -2,159 -10.1% -2,252 -10.5%

Equity investments 1,665 1,732 1,794 129 7.8% 62 3.6%

Property and equipment 3,552 3,384 3,278 -274 -7.7% -105 -3.1%

Intangible assets 1,219 1,214 1,214 -5 -0.4% -1 0.0%

Tax assets 4,704 4,613 4,540 -164 -3.5% -73 -1.6%

Non-current assets held for sale and discont. operations 73 128 230 157 215.8% 102 79.1%

Other assets 1,983 2,552 2,692 709 35.8% 140 5.5%

Total 183,685 196,781 200,489 16,804 9.1% 3,708 1.9%

Reclassified liabilities (€ m) 31/12/20 30/09/21 31/12/21 Value % Value %

Direct Funding 116,937 119,004 120,213 3,276 2.8% 1,209 1.0%

- Due from customers 102,162 105,306 107,121 4,958 4.9% 1,815 1.7%

- Debt securities and financial liabilities desig. at FV 14,774 13,697 13,092 -1,682 -11.4% -605 -4.4%

Due to banks 33,938 44,084 45,685 11,748 34.6% 1,601 3.6%

Debts for Leasing 760 705 674 -86 -11.4% -31 -4.4%

Other financial liabilities designated at FV 14,015 13,356 15,755 1,740 12.4% 2,399 18.0%

Liability provisions 1,415 1,244 1,197 -219 -15.4% -47 -3.8%

Tax liabilities 465 309 303 -162 -34.8% -6 -1.9%

Liabilities associated with assets held for sale 0 0 0 0 n.m. 0 n.m.

Other liabilities 3,928 5,099 3,566 -362 -9.2% -1,533 -30.1%

Minority interests 2 1 1 -1 -41.5% 0 -11.5%

Shareholders' equity 12,225 12,980 13,095 870 7.1% 115 0.9%

Total 183,685 196,781 200,489 16,804 9.1% 3,708 1.9%

Reclassified assets (€ m)Chg. y/y Chg. in Q4

38

24,118,5

3,3

4,2

FY 20 FY 21

2021 NEW LENDING ABOVE GUIDANCE


€22.7BN NEW LOANS IN 2021, BETTER THAN >€21BN GUIDANCE FOR 2021

€ bn

Note: 1. M/L-term Mortgages (Sec. and Unsec.), Personal Loans, Pool and Structured Finance (including revolving). 2. Valid for the application of the Deposit Facility Rate andthe Special Interest Rate up until 23 June 2021. 3. Valid for the application of the Deposit Facility Rate and the Special Interest Rate from 24 June 2021 to 23 June 2022 andthe application of the Deposit Facility Rate after 23 June 2022.

Strong yearly performance of new lendingto Households: +26.2% (+25.6% in Q4)

Good recovery of new lending toEnterprises & Corporate in Q4 (+21.0%)

Trend of new lending to Enterprises &Corporate impacted by a lower level ofCovid-19 Measures (-€3.2bn y/y)

Well above TLTRO III net lending targets:minimum requirement exceeded for thefirst observation period (ended in March2021)2 and for the additional referenceperiod ending as at 31/12/20213

22.7

Management data

4,8 5,2 3,9 4,7

1,0 1,10,9 1,1

Q1 21 Q2 21 Q3 21 Q4 21

Households

Enterprises &Corporates

5.8 6.34.8

o/w: Covid-19State-guarateednew lending

2.7 2.0 1.4

As a % of totalnew lending

47% 32% 29%

10.2 7.0

37% 31%

TOTAL NEW LENDING1

5.8

0.9

16%

27.4

39

31/12/20 30/09/21 31/12/21 % chg. Y/Y % chg. Q/Q

C/A & Sight deposits 98.5 101.4 104.0 5.6% 2.6%

Time deposits 1.5 1.1 1.0 -32.8% -10.6%

Bonds 14.7 13.7 13.1 -11.1% -4.4%

Other 1.8 1.6 1.5 -16.2% -6.8%

Capital-protected Cert ificates 3.7 3.7 3.6 -3.2% -2.7%

Direct Funding (excl. Repos) 120.1 121.4 123.2 2.5% 1.5%

98,5 101,4 104,0

31/12/2020 30/09/2021 31/12/2021

Capital-protected Certificates

Other

Bonds

Time deposits

C/A & Sight deposits


DIRECT FUNDING

Note:1. Direct funding restated according to a management accounting logic: includes capital-protected certificates, recognized essentially under‘Held-for-trading liabilities’, while it does not include Repos (€0.6bn on 31/12/2021 vs. 1.3bn on 30/09/2021 and €0.5bn on 31/12/2020), mainlyconsisting of transactions with Cassa di Compensazione e Garanzia.

Direct customer funding1 (without Repos)

€ bn

+1.5%

+2.5%

(83.5%)

120.1

(% Share on total)

(82.0%)

123.2

+€5.5bn Y/Y+€2.7bn in Q4

121.4

(84.5%)

40

40,8 44,4 45,8

14,9 15,1 15,53,9 4,1 4,1

31/12/2020 30/09/2021 31/12/2021

Funds & Sicav Bancassurance Managed Accounts and Funds of Funds

32,0 32,9 33,7

31/12/2020 30/09/2021 31/12/2021

INDIRECT CUSTOMER FUNDING AT €99.1BN

Assets under Management (AuM)

€ bn

63.7

Assets under Custody (AuC)1

€ bn

Management data of the commercial network. AuC historic data restated for managerial adjustments.Note: 1. AuC data are net of capital-protected certificates, as they have been regrouped under Direct Funding (see the previous slide).

Total Indirect Customer Funding at €99.1bn: +8.2% Y/Y and +2.6% Q/Q

Increase in AuM to €65.3bn: +9.6% Y/Y, thanks mostly to the excellent performance of Funds and Sicav (+12.2%), due to boththe price and the volume effects. Positive performance also in Bancassurance (+4.0% Y/Y) and in Managed Accounts andFund of Funds (+4.8% Y/Y).

AuC at €33.7bn: +5.5% Y/Y, thanks to the price effect.

59.6

+9.6%

+5.5%

+2.4%

+2.6%


65.3

41

1,250,51

0,105

2,50

1,40

FY 2022 FY 2023 FY 2024

Senior Pref. Subordinated Covered Bonds

FY 2022 FY 2023 FY 2024

Senior Pref. Subordinated

Managerial data based on nominal amounts. Excluding calls.Notes: 1. Maturities for institutional subordinated bonds are limited to the call for the €105m T1 instrument, as communicated to the market in our press release dated23 December 2021. 2. Include also the maturities of Repos with underlying retained Covered Bonds: €0.50bn in FY 2022. 3. With low impact on T2 Capital.

BOND MATURITIES: LIMITED AND MANAGEABLE AMOUNTS

Institutional bond maturities Retail bond maturities

€ bn € bn

1.91

0.0 0.0

0.500.50

32


3.85

1

42

4,3 4,31,7

31/12/20 30/09/21 31/12/21

6,0 6,9 7,0

31/12/20 30/09/21 31/12/21

0,4 0,6 0,1

31/12/20 30/09/21 31/12/21

3,25,5 5,8

31/12/20 30/09/21 31/12/21

1,4 1,90,7

31/12/20 30/09/21 31/12/21

13,612,7 10,3

31/12/20 30/09/21 31/12/21

FOCUS ON GOVIES PORTFOLIO

€ bn

Italian Govies at AC Italian Govies at FVOCI

€ bn € bn

Italian Govies at FVTPL

€ bn

Non-IT Govies at AC Non-IT Govies at FVOCI

€ bn € bn

Non-IT Govies at FVTPL

-83.6%

+5.7%

Notes: 1. Sensitivity per 1 bps change in rates. Management data, includingSwaps, Options & Forward 3. FY 2021 Performance Details

-62.0%-59.9%

-19.1%

+1.6%

-24.4% -60.2% -48.3%

+16.0% +78.4% -78.2%

Basis PointValue1

-€0.6m-€1.0m

Basis PointValue1

-€1.1m-€1.3m -€0.4m-€2.2m

-€0.9m-€1.0m -€1.3m-€1.2m -€0.5m-€1.1m

43

34,0%

20,3%

20,5%

4,3%

21,0%

LIABILITY PROFILE: BONDS OUTSTANDING AND ISSUES

Bonds Outstanding as at 31/12/2021

€17.6bn

CoveredBonds1

Cap.-ProtectedCertificates

SeniorPreferred

Subordinated(T1, AT1 and T2)

€3.7bn, o/w: €0.5bnnot included in OwnFunds Phased-in, butrepresenting MREL-

eligible funding

Nominalamounts

Wholesale bonds issued since 2017

€ bn

Managerial data based on nominal amounts.Note: 1. Include also Repos with underlying retained Covered Bonds.

SeniorNon-preferred

Focus on Wholesale bonds issuedin 2021/Jan. 2022


0,500,40 0,30 0,40

Jan-21 Jun-21 Jul-21 Jan-22

Senior Pref. AT1 Tier 2

First Social bondissued under the newESG Bond Framework

0,50

1,75

2,402,00

1,20

0,40

FY 17 FY 18 FY 19 FY 20 FY 21 Jan. 22

44

SOLID LIQUIDITY POSITION: LCR AT 209% & NSFR >100%1

Total Encumbered Eligible Assets at €52.1bn at YE 2021, o/w: TLTRO III exposure at €39.2bn as at31/12/21 (+€1.7bn in Q4 and +€11.7bn YTD)


Internal management data, net of haircuts.Notes: 1. Monthly LCR (Dec. 2021) and Quarterly NSFR (Q4 2021). 2. Includes assets received as collateral and is net of accrued interests. 3. Refers to securitieslending (uncollateralized high quality liquid assets).

Cash + Unencumbered Assets2

€ bn

44.2

19,912,3

3,1

6,8

8,3

8,9

8,0 19,028,0

2,93,6 4,1

31/12/2020 30/09/2021 31/12/2021

Marketable Securities (Non ECB eligible)

Depo Facilities (O/N) with ECB

Excess ECB deposits

Eligible Assets

€6.2bn averageamount in FY 2021

€16.4bn averageamount in FY 2021

Further liquid assets:

~€2bn HQLA lent3

37.643.2

45

NET PERFORMING LOANS 31/12/20 30/09/21 31/12/21 In % y/y In % q/q

Core customer loans 98.4 99.7 99.5 1.1% -0.2%

- Medium/Long-Term loans 74.0 77.1 77.3 4.4% 0.3%

- Current Accounts 8.0 8.3 8.2 2.7% -0.6%

- Cards & Personal Loans 1.9 1.6 1.3 -29.0% -14.7%

- Other loans 14.5 12.7 12.6 -12.7% -0.9%

Leasing 0.9 0.8 0.7 -18.7% -9.3%

Repos 3.5 2.4 3.7 5.1% 50.2%

GACS Senior Notes 2.3 2.4 2.3 -0.8% -3.7%

Total Net Performing Loans 105.0 105.3 106.1 1.0% 0.8%

CHANGE

105,0 105,3 106,1

4,3 3,5 3,3

31/12/2020 30/09/2021 31/12/2021

€ bn

NET CUSTOMER LOANS

Net Customer Loans2

Satisfactory increase in Performing Loans, with new loans granted at €22.7bn in 20211

NPE

Performing Loans

Notes: 1. Management data. See slide 38 for details. 2. Loans and advances to customers at Amortized Cost, including also the GACS senior notes.

109.3

Net Performing loans inStage 2 at €11.4bn as at

31/12/21, with acoverage of 2.8%

-24.0% Y/Y

+1.0% Y/Y


108.7 109.4

46

Non-FinancialCorporates

57,2%

Households26,0%

Financials9,4%

Other (Public Sector,No-Profit, etc.)

5,3%

GACS Senior Notes2,2%

ANALYSIS OF PERFORMING LOAN PORTFOLIO

Performing customer loan (GBV)breakdown as at 31/12/20211

6.8% 10.8% 11.0%

31/12/20 30/09/21 31/12/21

Stage 1 Stage 2

Staging evolution ofPerforming Loans

GBV in € bn

105.5

€106.6bn

17% represented by State-guaranteed loans with

average guarantee at 85%

Performing portfolio: EAD by risk categories2

89,0% 91,0% 90,8% 91,5% 92,0%

31/12/2020 31/03/2021 30/06/2021 30/09/2021 31/12/2021

Share of Low/Medium risk categories (EAD)

Notes: 1. GBV of on balance-sheet performing exposures. Financials include REPOs with CC&G. Management data. 2. Includes all performing customer loans subject to theinternal rating process (AIRB) + loans assisted by State Guarantess towards counterparties potentially subject to A-IRB. Based on 11 rating classes for rated performing loans.


105.7 106.6

47

31/12/2020 30/09/2021 31/12/2021

Value % Value %

Bad Loans 3,578 2,148 2,190 -1,388 -38.8% 43 2.0%

UTP 4,946 4,386 4,126 -820 -16.6% -260 -5.9%

Past Due 62 63 60 -2 -3.7% -3 -4.8%

NPE 8,586 6,596 6,376 -2,210 -25.7% -220 -3.3%

Performing Loans 105,508 105,724 106,577 1,069 1.0% 853 0.8%

TOTAL CUSTOMER LOANS 114,095 112,320 112,953 -1,141 -1.0% 633 0.6%

31/12/2020 30/09/2021 31/12/2021

Value % Value %

Bad Loans 1,462 934 906 -556 -38.0% -28 -3.0%

UTP 2,785 2,485 2,309 -475 -17.1% -176 -7.1%

Past Due 46 52 45 -1 -2.3% -8 -14.7%

NPE 4,293 3,472 3,261 -1,032 -24.0% -211 -6.1%

Performing Loans 105,042 105,261 106,123 1,081 1.0% 862 0.8%

TOTAL CUSTOMER LOANS 109,335 108,733 109,383 48 0.0% 651 0.6%

31/12/2020 30/09/2021 31/12/2021

Bad Loans 59.1% 56.5% 58.6%

UTP 43.7% 43.3% 44.0%

Past Due 26.4% 16.6% 25.3%

NPE 50.0% 47.4% 48.9%

Performing Loans 0.44% 0.44% 0.43%

TOTAL CUSTOMER LOANS 4.2% 3.2% 3.2%

COVERAGE

%

GROSS EXPOSURES€/m and %

Chg. y/y Chg. in Q4

NET EXPOSURES€/m and %

Chg. y/y Chg. in Q4

ASSET QUALITY DETAILS – LOANS TO CUSTOMERS AT AC

Data refer to Loans to customersmeasured at Amortized Cost, includingalso the GACS Senior Notes.


48

3,58 2,12 2,15 2,19

4,95

4,82 4,39 4,13

0,06

0,11 0,06 0,06

31/12/20 30/06/21 30/09/21 31/12/21

PD

UTP

Bad Loans

NPE EVOLUTION IN 2021: ANOTHER SIGNIFICANT STEP INDERISKING

NPE STOCK DOWN BY €2.2BN IN 2021, O/W: €0.2BN IN Q4

42% 30% 33%Share of Bad Loanson total NPEs (gross)

COVERAGE:TREND DRIVEN BY LOWER SHARE OF BAD LOANS AND HIGHER

SHARE OF SECURED POSITIONS AFTER PROJECT ROCKETS

% Share (GBV) of:

Coverage ratiosindicated in bracketsinclude write-offs

Secured Bad Loans

Secured NPE

8.67.1 6.6

-25.7%

-3.3%

GBV in € bn

4.3 3.7 3.5NET NPEs (€/bn)

6.4

34%

3.3

31/12/20

60%

30/09/21

64%

31/03/21 ADJ.post Rockets 31/12/21

66%

67%

65%

TOTAL NPE

BAD LOANS

UTP

PAST DUE 26.4%

43.7%

59.1%(65.2%)

50.0%(53.4%)

54.9%

45.9%

25.3%

44.0%

48.9%(53.4%)

58.6%(67.8%)

16.6%

43.3%

47.4%(52.1%)

56.5%(66.6%)

67%


49

REASSURING TREND OF NPE FLOWS & MIGRATION RATES

Inflows from Performing to NPEs

483 462

FY 2020 FY 2021

224 158

FY 2020 FY 2021

978 904110

FY 2020 FY 2021

Outflows from NPEs to Perf. Loans

Flows from UTP to Bad Loans

€ m

€ m

€ mUp at €174m including

also loans at FV

Impact from New DoD FTA


1,014

50

CAPITAL POSITION IN DETAILPHASED IN CAPITAL

POSITION (€/m and %)31/12/2020 30/09/2021 31/12/2021

CET 1 Capital 9,597 9,654 9,387

T1 Capital 10,397 10,830 10,564

Total Capital 12,304 12,782 12,524

RWA 65,606 66,374 63,931

CET 1 Ratio 14.63% 14.54% 14.68%

AT1 1.22% 1.77% 1.84%

T1 Ratio 15.85% 16.32% 16.52%

Tier 2 2.91% 2.94% 3.07%

Total Capital Ratio 18.75% 19.26% 19.59%

FULLY PHASED CAPITAL

POSITION (€/m and %)31/12/2020 30/09/2021 31/12/2021

CET 1 Capital 8,736 8,815 8,559

T1 Capital 9,431 9,908 9,652

Total Capital 11,338 11,860 11,613

RWA 65,868 66,167 63,729

CET 1 Ratio 13.26% 13.32% 13.43%

AT1 1.06% 1.65% 1.71%

T1 Ratio 14.32% 14.97% 15.15%

Tier 2 2.89% 2.95% 3.08%

Total Capital Ratio 17.21% 17.92% 18.22%

PHASED IN

RWA COMPOSITION

(€/bn)

31/12/2020 30/09/2021 31/12/2021

CREDIT & COUNTERPARTYRISK

54.9 56.0 54.1

of which: Standard 30.6 29.7 29.7

MARKET RISK 3.5 3.0 2.5

OPERATIONAL RISK 7.0 7.0 7.1

CVA 0.2 0.3 0.3

TOTAL 65.6 66.4 63.9

FULLY PHASED

RWA COMPOSITION

(€/bn)

31/12/2020 30/09/2021 31/12/2021

CREDIT & COUNTERPARTYRISK

55.2 55.8 53.9

of which: Standard 30.9 29.5 29.5

MARKET RISK 3.5 3.0 2.5

OPERATIONAL RISK 7.0 7.0 7.1

CVA 0.2 0.3 0.3

TOTAL 65.9 66.2 63.7

3. FY 2021 Performance DetailsNote: All data include also the Net Income of the pertinent quarters, net of dividendaccrual. 31/12/2020 data are net of the dividend paid in April 2021, for a total of €90.9m.

Leverage ratio Fully Loaded as at 31/12/2021: 5.44%

Leverage ratio Phased-In as at 31/12/2021: 5.92%

51

• Integrate ESG-oriented roles andresponsibilities within all activities

• Integrate ESG topics intocorporate policies

• Incentive scheme strengthenedwith ESG KPIs

• Attention to Inclusion & Diversity(I&D), with focus on femaleempowerment

• Integrate climate-related andenvironmental topics within therisk and lending processes

ESG ACTION PLAN: WELL ON TRACK ON ALL 7 WORKSTREAMS(1/2)

ESG KPIs defined and integrated into the remuneration policy for Top Management

Definition of roles and responsibilities of the ESG Ambassadors and kick-off of the initiative 50 colleagues, representing all the corporate units, selected for spreading the sustainabilityculture and enhancing the execution of the ESG plan

Portfolio mapping aimed at evaluating the Environmental risk

Identification process of climate scenarios of physical and transition risks started

Integration of climate risk within the risk identification process and first climate risk materialityassessment

Lending policies integrated with ESG factors

Dedicated unit “Inclusion Diversity & Social” set up in the HR Department

BBPM included in the Bloomberg Gender-Equality Index in Jan. 22

Gender Programme activated and kick-off of tailor-made paths of female empowerment

Increase in the share of women in managerial positions to 23.4% at YE 2021, from 20.8% at YE2020

ESG training for all the employees, with a more specialized focus on those resources involvedin the Workstreams of our ESG Action Plan

Respect project: >1,800 managers trained on “Respect, Inclusion and Positive behavior”

Start of the “Volontariamo” initiative

KEY ACHIEVEMENTS SO FARACTIVATED WORKSTREAMS


52

• Establish a dedicatedESG commercialoffering

• Define ESG investmentpolicy

• Strengthen consultingand offering of ESGinvestment products

ESG ACTION PLAN: WELL ON TRACK ON ALL 7 WORKSTREAMS(2/2)

Green Social & Sustainable Bonds Framework: first social bond issue perfected and analysis for furtherissues

Increase of the Plafond for ESG investments, new green residential mortgages and new mortgages foryoung people (under 36), backed by public guarantees

Green bancassurance Vera product (“One tree for Trentino” each new bancassurance product sold)

Training for Corporate sales force on Plafond for ESG investments and >600 hours of ESG education forenterprises

Integration of ESG risk in Advisory and Wealth Management

Wider ESG WM product portfolio with Third Parties and our Strategic Partners (Anima Esalogo, AnimaGender Equality, Anima Sistema Comunitam, Vera Financial Futuro Sostenibile); increase of productscompliant with Art. No. 8 and 9 from ~6% at YE 2020 to >14% as at 31/12/2021 of total AuM

ESG Advisor training at the SDA Bocconi for colleagues active in Private Banking, WM and Advisory (EFPAESG Certification obtained by a first group of 50 people)

>6,000 hours of Financial education for our stakeholders

KEY ACHIEVEMENTS SO FARACTIVATED WORKSTREAMS

• Further reduce directenvironmental impacts

• Strengthen relationshipswith internationalorganisations

• Develop ESG metricsand accountability

Conclusion of the first Compensation Project (Tanzania Project) compensating ~800 t. CO2 equivalent

Reduced Scope 1&2 net emissions of more then 7% in FY 2021 vs. pre-pandemic level1

Maintenance of the ISO Environmental, Energy and Occupational Health and Safety certifications

Banco BPM joins the UNGC and becomes a supporter of the TCFD in December 2021

BBPM included in the MIB ESG Index in Oct. 2021

Monitoring and control of the internal implementation of the new regulation for non-financial disclosure

>3,000 “Social Hours” dedicated to Corporate community services

3. FY 2021 Performance DetailsNote: 1. 2021 net emissions include also the impact of the first compensation Projectsupported by BBPM (the Tanzania Project); pre-pandemic data as at 2019.

53

One Board member designated as ESG referent for theICRSC

ESG targets integrated within short and long-term incentiveplans for the Top Management

Products for Energy Efficiency related to fiscal bonuses &Green Mortgages (with Energy Efficiency Mortgage Label)

Activation of the “ESG Action Plan” to fully integrate ESGinto our operating model (7 Workstreams and 32 Projects)

Green, Social and Sustainability Bonds Frameworkpublished and €500m Social Bond issued

Improvement in ESG Ratings (Standard Ethics, ISS,Sustainalytics and S&P) & inclusion in the FTSE MIB ESG index

Banco BPM joined the UNGC andbecame a supporter of the TCFD

Lending policies integrated with ESG factors for all sectors& Integration of climate risk within the risk identificationprocess and first climate risk materiality assessment

New “Inclusion Diversity & Social” and “Key People andTalents” Units set up in the HR Department

OUR PATH TOWARDS A SOUND SUSTAINABILITY STRATEGY

2018/2019 2020 2021

Internal Control and RiskCommittee1 in charge ofoverseeing sustainabilitytopics

First ESG materiality analysis(involvement of the topmanagement)

Definition of internal policiesfor non-financial reportingand ESG KPIs guide

Energy Managerappointment, within theOperations Department

High quality score of “B”assigned by the CarbonDisclosure Project

Creation of the SustainabilityUnit and of the ESG managerialCommittee chaired by the CEO

Mobility Manager appointment,within the HR Department

100% of electricity consumptionfrom certified renewablesources

ISO 45001 Occupational Healthand Safety, ISO 50001 Energyand ISO 14001 Environmentalcertifications obtained

Extraordinary measures for localcommunities and socialprojects (>€6m for socialinitiatives, 3,000 familiesinvolved, >160 schools helped)

€5bn Plafond for ESGinvestments

Notes: 1. In 2021 renamed as Internal Control Risks & Sustainability Committee

Inclusion in theBloomberg G-E Index

Improvement in thescore assigned by CDPfor 2021 to A- (from B)

First green coveredbond successfullylaunched on 9 March2022 (€750m)

Jan./Mar. 2022

54

AGENDA


1. GROUP PROFILE 3



Strategic Plan 2021-2024Delivering value in a new growth-oriented environment

5 November 2021

56

Disclaimer

This presentation has been prepared by Banco BPM ("Banco BPM") and includes certain forward looking statements, projections, objectives and estimatesreflecting the current views of the management of the Bank with respect to future events.Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlyingassumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regardingfuture performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” andsimilar expressions. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results orevents to differ materially from those expressed or implied by the forward-looking statements. These forward-looking statements and information weredeveloped from scenarios based on a number of economic assumptions for a given competitive and regulatory environment.Banco BPM does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events orotherwise, except as may be required by applicable law. You should not place undue reliance on forward-looking statements, which speak only as of thedate of this presentation. All subsequent written and oral forward-looking statements attributable to Banco BPM or persons acting on its behalf are expresslyqualified in their entirety by this disclaimer.The information contained herein has not been independently verified. No representation or warranty, express or implied, is or will be given by Banco BPM,its subsidiaries or any of their respective representative, directors, officers, employees or advisers or any other person as to the accuracy, completeness orfairness of the information contained in this presentation and no responsibility or liability whatsoever is accepted by the same for the accuracy or sufficiencythereof or for any errors, omissions or misstatements negligent or otherwise relating there to.The distribution of this presentation in other jurisdictions may be restricted by law or regulation. Accordingly, persons who come into possession of thisdocument should inform themselves of, and observe, these restrictions. To the fullest extent permitted by applicable law, Banco BPM and its subsidiariesdisclaim any responsibility or liability for the violation of such restrictions by any person.This presentation does not constitute a public offer under any applicable legislation or an offer or invitation to subscribe for, underwrite or otherwise acquire,any securities of Banco BPM or an advice or recommendation with respect to such securities. This presentation and the information contained herein doesnot constitute an offer of securities in the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933 (the "SecuritiesAct"), as amended), Canada, Australia, Japan or any other jurisdiction where such offer is unlawful.For the purposes of this notice, "presentation" means this document, any oral presentation, any question and answer session and any written or oral materialdiscussed following the distribution of this document. By participating to this presentation and accepting a copy of this presentation, you agree to be boundby the foregoing limitations regarding the information disclosed in this presentation.

57

Agenda

Out of the Crisis 58

Banco BPM’s Performance Track Record 61

2021-2024 Strategic Plan – Financials 67

Page

A comprehensive program embracing the whole business model 76

58

Out of the Crisis:A new promising scenario

59

Scenario: multiple sources largely converging on strong GDP growthwith upward Euribor movement mainly in 2024

• Post Covid-19 fiscal recovery boostin EZ and US, with a global traderebound

• Transportation & commodity costshike; supply bottlenecks

• Accelerated climate change rulings• Agreements on MNCs tax regime

• Fiscal expansionary NGEU Plan(passed by single EZ partners)

• ECB action plan implementation• EU Climate Action setting new and

more ambitious targets, on theback of the new taxonomy

• Recovery in 2021 (+~6% GDP)• PNRR1 implementation coupled

with Structural Reform agenda• Investment boost in public and

private sectors

Comprehensive assumptionsfactoring in recently emerged trends

Italy’s Real GDP trend (y/y % change)

Euribor 3m - bps

-0,42 -0,53 -0,49 -0,39 -0,15

2020 2021E 2022E 2023E 2024E

• A (relatively) morepredictableenvironment:domestic andextra-EU economicactivity showingclear signs ofstabilization in 2021

• Italy’s annual GDPtrend: turningpositive in Q3 2021

• Strong progress inCovid-19 pandemiccontainment: Italy'svaccinationcampaign steadilyproceedingtowards theGovernment’sambitious targets

-8,9%

6,0% 4,2% 2,4% 1,5%

2020 2021E 2022E 2023E 2024E

Globaleconomy

EU economy

Italianeconomy

1.PNRR = "Piano Nazionale di Ripresa e Resilienza", i.e. Italy's National Recovery and Resilience PlanSource: Prometeia, Banco BPM Research Department

60

PNRR: the "once-in-a-lifetime" occasion for Italy to re-establish enduring andsustainable growth within the wider “Next Generation EU” initiative

Digitalisation,innovation,

competitivenessand culture

€49.9bn

Greenrevolution and

ecologicaltransition

€69.9bn

Infrastructurefor sustainable

mobility

€31.5bn

Education andresearch

€33.8bn

Inclusion andcohesion

€29.8bn

Healthcare

€20.2bn

Total funding1 €235.2bnExpected boost in bank lending: €150/200bn

PublicAdministration

Cumulative GDP impact2

JusticeCompetitiveenvironment

• A program aimed at transforming the whole Italian economy, fully endorsed by the EU• Huge indirect impact on private investments – and thus on bank lending• A life-time opportunity for our country and, therefore, for a group like Banco BPM, with its strong presence in Italy’s most

dynamic geographic areas and industries

1. Total funding = PNRR €191.5bn + React UE €13.0bn + Complementary fund €36.6bn2. Source: MEF-DT elaboration on QUEST results, PNRR, Estimated GDP impact of PNRR components (percentage deviation from baseline)

2021E 2022E 2023E 2024E 2025E 2026E

0.5% 1.2% 1.9% 2.4% 3.1% 3.6%

6 missions involving all economic activities Comprehensive reform program – main components

Time horizon:2021-2026

Tax Labor law

61

Banco BPM’s performancetrack recordWell-established areas of strength, provenability to deliver

62

BANCO BPM: Well-established areas of strength with clear potential

1. On performing Loans - reference date: 30/06/20212. Source: BBPM elaboration on Istat Dataset "Prodotto interno lordo lato produzione" Edition Dec. 2020

Solid delivery trackrecord

• Successful completion, well ahead of schedule, of a complexintegration

• Strong delivery machine – able to far exceed efficiency and de-risking targets

• Solid financials, built on well-recognized areas of operationalexcellence

Ability to provide afull range ofproducts & services

One of the primaryPrivate Banks in theItalian market

Top Italian broker,market maker and issuerof structured products

Significant value inpartnerships withleading players

Leading national player: significant contribution to NetIncome combined with high growth potential

Top independent AM player

High growth potential especially in non-life, with theopportunity to fully internalize the value chain

Strong franchise inItaly’s wealthiest regions

Regional weight on total loans

to customers1

Lombardy: 41%

Veneto: 12%

Emilia-Romagna: 10%

Piedmont: 8%

~70% of our loans in 4 regions whichtogether represent ~50% of Italy’s GDP2

Integrated leadingdigital brand, onlinesince 1999

63

Challenging environment (2017-2019), %Main items 2015

20192

Target2019

Actual

Asset quality

Gross NPE stock €31.5bn1 €23.2bn €10.1bn

Gross NPE ratio 24.8%1 17.5% 9.1%

Net NPE ratio 15.7% 11.1% 5.2%

Costefficiency

Branches (#) 2,417 2,082 1,717

Staff (#) 25,073 22,560 21,950

Operating costs €3,086m €2,909m €2,604m

ProfitabilityTotal revenues €5,117m €5,209m €4,293m

Net income €594m €1,100m €797m

Capitalposition

CET1 ratio FL 12.3% 12.9% 13.0%

Texas ratio 162% 114% 52%

Solid profitability despite the challenging environment3

Euribor 3M

-0.38

-0.32

2017 2018 2019

-0,5

-0,3

-0,1

0,1

Yearly averageembedded in theStrategic Plan

-0.3 -0.3

+0.1

GDP

1,7

0.9

0.3

0

1

2

2017 2018 2019

1.0

1.2

1.1

1. Nominal values including write-offs2. Strategic plan 2016-20193. Delta vs original assumptions: Euribor (+0.10% Target vs -0.38% actual); GDP growth (+1.0% target vs, 0.3% actual); Change in perimeter:disposal of Gestielle and others; Reduced NII contribution from NPE

Actual

2016/2019 (“Merger”) Plan: mission accomplished, with strongoutperformance in Asset Quality, Cost Efficiency and Capital targets

64

• New digital-based customer interaction, with strengthened useof remote banking channels and new tools and solutions(Advanced Customer Analytics, Big Data, Digital Identity, etc.)

Service model

Operating structure & employees

• Proven flexibility in cost management: ability to reduceOperating Costs by >€170m in 2020 vs. previous year

• Stronger focus on new patterns of agile work to preserve thesafety of customers and colleagues, while ensuring businesscontinuity and commercial effectiveness

• Dedicated commercial efforts immediately activated toprovide our customers with adequate levels of financing,leveraging on public support measures

Customers

State-guaranteed loans1

BBPM market share: Covid State-guaranteed loansvs. Core Customer Loans as at 30/06/20212

Share on Gross Customer Loans (Total stock)

1. Include both Covid-related and Non Covid-related State-guaranteed loans2. Market share of Covid State-guaranteed loans ABI/Bankit data as at end of June 2021; Market share data on Core Customer Loans as at31 July 2021.

Support to the Italian economy, with positiveimpact on BBPM’s overall asset quality

Business Model adapted to the new challenging scenario immediately after the outbreak of Covid-19

Banco BPM reacted promptly to the Covid-19 crisis: accelerationtowards a more flexible and digital-oriented Business Model

7% 9%

Market shareCore Customer loans

Market shareGuaranteed loans

3%

15%

31/12/2019 30/06/2021

65

954 1.001 1.143 1.053 1.128 1.196 1.101

Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21

79 88 98 12279 86 83

Q1 20 H1 20 9M 20 FY 20 Q1 21 H1 21 9M 21

78 93217

-95

176 216 179

Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21

91,1

98,4 99,7

31/12/19 31/12/20 30/09/21

9,1 7,5 7,56,2 5,9

31/12/19 31/12/20 31/03/21 30/06/21 30/09/21

Back on track faster than expected: strong volume and profitabilitygrowth achieved in 9M 2021, with further derisking and solid capital

Volumes Profitability Asset quality & solvency ratios

“Core“ Net perf. Customer Loans, €bn

C/A & Deposits, €bn

Assets under Management, €bn

Total Revenues, €m

Cost of Risk, Progressive annualised data – bps

Net Profit from Continuing Operations, €m

Gross NPE Ratio, %

CET1 Ratio FL, %

MDA Buffer FL, bps

+€128mAdj.

+€227mAdj.

+€246mAdj.

87,8

100 102,5

31/12/19 31/12/20 30/09/21

58,3 59,663,7

31/12/19 31/12/20 30/09/21

13,0 13,3 12,7 12,9 13,3

31/12/19 31/12/20 31/03/21 30/06/21 30/09/21

1. As per the EU Transparency Exercise

~70 ~48

Core CoR

+€251mAdj.

4.8% using EBAdefinition1

250388 375 402 453

31/12/19 31/12/20 31/03/21 30/06/21 30/09/21

66

91,198,4 99,7 102,3

31/12/2019 31/12/2020 30/09/2021 31/12/2023E

1. Include AuM products and Capital Protected Certificates

3,5 3,24,7 4,5

FY 2019Avg. Q

FY 2020Avg. Q

9M 2021Avg. Q

FY 2023EAvg. Q

Investment product placements1

+€1.2bn

Pre-Covid

"Core” net customer loans

OLD 20-23SP Target

Strong evidence of commercial activity being already ahead of the 2023 targets included in the "old"strategic plan, notwithstanding a worse-than-expected macro scenario:

• Wealth Management: strong pace of investment product placements; 2021 progressively emerging as thebest year since the merger

• Core Customer Loans: significant growth since 2019 – faster than previous plan expectations – seizing theopportunity of publicly guaranteed loans

+4.6%

CAGR

OLD 20-23SP Target

Pre-Covid

Solid commercial track record and reliability: ready for new credibleand ambitious strategic targets

+2.9%

€ bn € bn

67

2021-24 STRATEGIC PLANFinancials & KPIs

68

STRATEGIC PLAN 2021-2024New 2021-2024 Strategic Plan targets vs. old 2020-2023 Strategic Plan

Targets of the Old SP 2020-2023 (March 2020)1

~ €4.4bnTotal

Revenues2023E

~ €2.6bnOperating

Costs 2023E

~6%Gross NPEratio 2023E

>7%ROTE 2023E

~ €770mNet Income 2023E

51bpsCost of Risk

2023E

~12.5%CET1 ratio FL 2023E

Targets of the New SP 2021-2024 (November 2021)

~ €4.6bnTotal

Revenues2024E

~ €2.4bnOperating

Costs 2024E

<5%Gross NPEratio 2024E

>9%ROTE 2024E

~ €1,050mNet Income 2024E

48bpsCost of Risk

2024E

~14.4%CET1 ratio FL 2024E

1. P&L data reclassified to ensure homogeneous comparison

69

11,9%

10,0%

13,0% 13,3% 13,3%~14% ~14.4%

2017 2018 2019 2020 30/09/21 2023E 2024E

STRATEGIC PLAN 2021-2024A solid track record, fostering a strong future performance

0,2%

3,7%

6,6%

3,2%

2017ADJ.

2018ADJ.

2019ADJ.

2020ADJ.

2021G 2023E 2024E

63,7%60,6% 59,8% 59,2% ~57%

2017ADJ.

2018ADJ.

2019ADJ.

2020ADJ.

2021G 2023E 2024E

1. Calculated as Net Profit from P&L (year x)/ Tangible Shareholder Equity 31.12.XX (excluding Net Profit of the period and AT1 instruments)2. 2017 and 2018 P&L data not fully comparable, due to different accounting standard (2017) and reclassification schemes (2017 & 2018)3. Calculated as per the EBA EU Transparency Exercise

21,1%

10,8%9,1% 7,5%

5,9% 5,4% 4,8%

2017 2018 2019 2020 30/09/21 2023E 2024E

GROSS NPE RATIO (EoP) CET 1 RATIO FL (EoP)

ROTE1 COST / INCOME RATIO2

Absorbing relevantRegulatory

Headwinds (-95bps)

4.7% EBAdefinition3

Covid-19 Crisis

~5%~7%

>9%

<57%~53%

70

3,9 3,8 4,1 4,1 4,4

2019 ADJ. 2020 2021G 2023E 2024E

2021G data represent the management guidance already provided to the market with the H1 2021 results presentation

1. Include net interest income, net commissions and net income from associates. 2. Excluding also AT1 from Tangible shareholders' equity

o/w core

revenues1

CAGR 2019-2024

+2.4%

4.3 ~4.4 ~4.6

+1.0%

4.2

€ bn-1.3%

2,62,5 ~2.5

~2.4 ~2.4

2019 ADJ. 2020 ADJ. 2021G 2023E 2024E

COST/INCOME

59.2% ~57%59.8%

74122

80/9058 48

2019 2020 2021G 2023E 2024E

649330 ~530

~740~1,050

2019 ADJ. 2020 ADJ. 2021G 2023E 2024E

ROTE2 3.2%6.6%

o/w: 70bps Core

TOTAL REVENUES OPERATING COSTS

COR (in bps) NET INCOME

+2.5%

CAGR 2021-2024

+0.9%-1.4%

~4.3

+10.1%

+25.5%

€ bn

€ m

~53%<57%

~5% >9%~7%

Chg. vs. 2023 (ca. +€260m),with a broadly equal splitamong NII, Net Commissionsand Net Income fromAssociates

Key targets of the Strategic Plan 2021-2024Profitability highlights

71

1.745 1.692-20 +210 +125 -185

+80 +30

2019 2020 2021G 2024ENII Net Fees &Commissions

Pre-Provision Income

€ m CAGR 2021G-2024

Associates

+3.9%

NFR & Other Reductionin Personnel

Expenses

Reductionin Other

Costs

~€1.9bn >€2.1bn

Lower net contribution from TLTROand securities portfolio

Sound commercial bankingperformance, taking advantage ofPNRR-driven volumes and Euriborimprovement

o/w: Management &Advisory fees ca. +€150m,mostly (~85%) due to therunning component

Improvement in the contribution fromAssociates, mainly thanks to the newBancassurance Business Model to beadopted as from 01/01/2024

Strict cost discipline to morethan compensate therenewal of the nationallabour contract andinvestments

Key targets of the Strategic Plan 2021-2024Pre-Provision Income evolution

72

2020 2021G 2023E 2024E

C/A & CUSTOMER DEPOSITS ASSETS UNDER MANAGEMENT«CORE» NET PERF. CUSTOMER LOANS

98,4 99,7 105,3 109,0

31/12/20 30/09/21 2023E 2024E

€ bn

+2.6%

Customer volumesPNRR-enabled lending growth coupled with significant increase in AuM

100,0102,5

100,2 98,6

31/12/20 30/09/21 2023E 2024E

59,6 63,7 73,5 78,7

31/12/20 30/09/21 2023E 2024E

New Lending1 Investment product placements2

Cumulative net AuM Flowsin the period 2021-2024:

+€14.5bno/w: €2.4bn already registered

in 9M 2021

CAGR 2020-2024 CAGR 9M 2021-2024

+3.0%

-0.4%

-1.3%

+7.2%

+7.3%

1. M/L-term loans (Sec. and Unsec.), Pool and Structured Finance (incl. revolving)2. Investment products placements include AuM product and also Capital Protected Certificates

2020 2021G 2023E 2024E

>27>21 >24 >26

>17 ~19 ~19.6~13

73

Maintained above this guidancethroughout the Plan period

Key targets of the Strategic Plan 2021-2024Asset quality, Capital position, Liquidity & Funding

9,1%7,5% 5,9%

5,4% 4,8%

2019 2020 30/09/21 2023E 2024E

-4.3pp

LCR >140%

NSFR >100%

GROSS NPE RATIO

NET NPERATIO

3.9% 3.2%5.2%

LIQUIDITY & FUNDING

Solid buffer vs requirements maintainedon a continuous basis

MREL

1. Calculated as per the EBA EU Transparency Exercise

10.1 8.6 6.6 ~6.5 ~6.0

Stock ofGross NPE,€ bn

~2.5%~3%

EoP

Dividend payout in the period 2021-2024 40%

CET 1 RATIO FL

EoP13,0% 13,3% 13,3% ~14% ~14.4%

2019 2020 30/09/21 2023E 2024E

~540 ~590453388250MDA Buffer(bps)

4.7% EBAdefinition1

74

13.3%

+20 bps -100 bps

-20 bps

Retained

earnings after

dividend &

AT1 coupon

30/09/2021 Business

development

(impact of volume

growth +

participations)

2024E

+210 bps

CET1 ratio Fully Loaded (%)

Other

components

CET1 ratio and MDA bufferSolid capital position and wide buffers further improved

RWA FL €66.2bn ~€68bn

MDA BUFFER FL 453bps ~590bps

OUTLOOK FROM 2025:

• Basel IV net impactestimated at~-80bps, to bephased in 8 years

• Progressive recoveryof DTA deductedfrom CET 1

BUFFER ON CET1MINIMUM REQ. FL

480bps ~ 590bps

14.4%

Detailed in thefollowing exhibit

Considering a dividendpayout of 40% in the

period 2021-2024

• Mainly represented byFVOCI, Intangibles andother components

• Negligible impact fromregulatory headwindsover the plan horizon

BS & Capital

management

actions

75

Capital Management actions: creating additional CET1 capitalequivalent to +20 bps on a net basis over the plan horizon

Negativeimpact

-42 bps

Capitalabsorbing

Positiveimpacts

+62 bps

Consumer Finance:expiration of Agos put option

-26 bps

Bancassurance-16 bps

Profamily run-off+10 bps

Real Estate Optimization+15 bps

Balance Sheet Management+36 bps

Expires in mid-2023 - conservatively assumed as notrenewed

Any restructuring agreement (e.g., put extension, IPO,etc.) might have positive impact on capital

Base case, assuming 100% internalization and applicationof Danish Compromise, as in all similar Eurozone cases

Progressive run-off of historical consumer finance portfolio(~€0.5bn RWA) coming from former BPM subsidiary

Disposal over the plan horizon (~€0.7bn RWA) Focus mainly on properties held as investments

Synthetic securitizations: cumulative impact of ~ +30 bps Other managerial actions (e.g.: cancellation of unused

credit lines): ~ +6 bps

IMPACTS ON CET 1 RATIO DETAILS

Before Basel IV tailwinds

76

2021-24 STRATEGIC PLANBased on 3 rock-solid Pillars, enabled by acomprehensive set of infrastructural measures

77

A comprehensive program embracing the whole business model

3 strongpillars…

…supportedby 3

foundationstones

A newdigital-driven

service model...

Robust Balance Sheet, Asset Quality fully under control

…enablingsustained core

businessgrowth…

… leveragingon effective

productfactories

People, processes & systems as key infrastructural enablers

ESG-integrated business model

1 2 3

1

2

3

78

Since 2020 open only half day –equivalent to <1,500 FTE

BBPM’s DIGITAL TRANSFORMATIONReady for a new digital-driven service model

30% 28% 26% 19% 17%

70% 72% 74% 81% 83%

2017 2018 2019 2020 30/09/2021

Branch-based Remote-based

% Branch and Remote-basedtransactions

Main digital-enabledachievements

Key focus areas

Significant reshapingand optimization of thephysical distributionnetwork

Branches Cash desks

# APP-based transactionsMontlhy average (/000)Remote Banking

increasinglyrepresenting the keychannel for customerinteractions

2.2461.727 1.429

2017 2019 30/09/2021

463 565824

1.3311.747

2017 2018 2019 2020 30/09/2021

4.982

3.3462.423

2017 2019 30/09/2021

#, EoP #, EoP

79

Digital-driven service modelDesigned to address full potential opportunities

Important opportunityto improve the shareof customerspurchasing on arecurring basis

~25% of retail customers

purchasing a product on a12-month basis

Room to increase thecommercialeffectiveness onspecific products

100 100 100129 136 123

Resid.Mortgages

HealthInsurance

POS

BBPM Peers

Significant branch-based transactionvolumes can still be‘digitalised’

Still significant potential of value creation …

Product diffusion among customer base(indexed2)

3

1. Data refer to 20202. Source: Banco BPM elaborations on market research data – reference date 31/12/20203. Only companies with annual revenues below €10m4. Annualized data based on 9M 2021 results

… addressed with a Digital-driven service model based onthree main levers:

Advanced tools for effective omnichannel sales processes

• Customer Engagement switching to a full analytical andomnichannel approach

• Adoption of new Advanced Analytics and Digital marketingcapabilities/ tools

• Accelerated Catalogue Remotization for Products and Services

C

Empowered network specialization & commercial focus

Digital & Mobile-centric daily customer interactions

• New "Digital Branch" set-up based on the attribution of skilledresources dedicated to remote selling activities

• Branch network focused on commercial activities• Specific actions on high-potential segments (e.g. new SME

Business Centers)

• Continuous investments on Digital Platforms, with focus onMobile and SMEs

• Optimization of Customer Service Assistance• Empowerment of Digital adoption initiatives

A

B

Branch-based transactions (#/m) C

1

2019 4.2

2021E

8.4 18.45.8

10.6

2.5

4.23.9

Cash withdrawals

Wire Transfers

MAV/Bills/F24

80

A

1. As reported on 21 October 20212. Includes Cash Withdrawals, Wire Transfers and MAV/F24/bills3. Annualized data based on 9M 2021 results

Continuousinvestments in DigitalPlatforms with focuson “Mobile” and SMEs

Optimization ofCustomer Assistance

Main ActionsDigital & Mobile-centric daily customer interactions

Clients enrolled in digital

% of Remote-based transactions

Best-in-classBankingAPP customerreviews1

4,7/5 on iOsStore

4,7/5 on GoogleStore

Volume reduction in physical operations

Branch-basedoperation2 volumes (m)

Mix of Customer CenterInbound Assistance

• Constant enrichment and innovation of thecustomer Mobile APP to maintain today’sexcellent level of digital customer experienceover time

• Development of dedicated new SME digitalservices (business financial management, SMEmobile APP) and extended ERP integration inpartnership with

• “Voice Of Customer” dedicated AI tools/platforms to support digital services design

• Improved services design and adoption ofself/smart assistance tools driving strongreduction in operator-based share of inboundassistance activities

Digital Adoption

• Empowered adoption initiatives to furtherdrive the enrollment and usage of digitalservices

• Special focus on “Digital Identity” (targetadoption 2024 by > 90% of customers)enabling progressive paperless experience

Digital-driven service model – Matching the digital shift of customerattitudes and activities and pursuing paperless experience

30%

43%

70%

H1 2021

2019 68%

2024E

73%

>80% of which mobile

74%

83%

2019

H1 2021

2024E >90%

2024E

10.6

2019 2021E3

18.4

6.436 59 7564

2019

41

20242021E3

25

Operator-based assistance

100 100 100

E

Self/digital tools

81

B Main ActionsEmpowered commercial focus and network optimization

Evolution of Customer Centers into Digital Branch

% commercialcontacts / Total

# In-branchcash desks

Optimization of in-branch cash desks

• From 2020, all cashdesks opened onlyhalf-day

• Cash tellers to beretrained to perfomcommercialactivities

SME point

Further branchnetwork focus oncommercialactivities and onhigh potentialsegments

• Digital shifting of processes andoperations enabling increasedcommercial time aavailability ofwithin the branch network

• "Industrialized" retail commercialapproach on specific segments/products

• From lead generation to Direct/Remote Sales: proactivecommercial support, fullyintegrated with marketingautomation and Customer Journeys

Customer Centerevolution intoDigital Branch

> 200 FTE’s1 dedi-cated to commercialactivities by 2024 (vs.current ~30)

1. Internal and external (outsourced) total Customer Center frontline FTE’s

Digital-driven service modelIncreasing the commercial focus of the distribution network

2,423

2024E2019 30/09/2021

~1,600

3,346

6%15%

2019 9M 2021 2024E

~70%

Equivalent to< 1,000 FTE

82

Advanced tools for effective omnichannel sales processes

OmnichannelCustomer JourneyApproach

Profound requalification from moretraditional commercial campaigns toa new “Omnichannel CustomerJourney Approach”, based onAdvanced Analytics and coveringmain customer needs/offer categories

Availability of retail product categories on remote channels

% of Customers actively interacting with commercial offers on digitalchannels

BBPM network individual customers

Webank customers

BBPM network SME customers

Availability of retail product categories on remotechannels (i.e. at least one product available in each

category)

Remotization ofProducts andServices Catalogue

Development of Omnichannel Customer Journeys

Empowerment ofDigital marketingcapabilities

Adoption of new marketingautomation architecture and tools tosupport Customer Analytics andintegrated digital marketing activities

Main Actions

Completion of the remotizationroadmap for the main retail productsand services, including remoteadvisory and sales journeys, based oncustomer needs

# of active CustomerJourneys

Onboarding

2021E 2022E 2023E

Personal Loans

Resid. Mortgages

Financial Advisory

Invoice financing Short-term loans

Cards

Non-life Insurance

2021E 2022E 2023E

1. Reference date 30/9/20212. Data refer to the period between 1st July 2020 and 30th June 2021

Digital-driven service modelOmnichannel and Analytics contributing to revenue growth

C

623

2019 2021E1 2024E

>50

30%

36%Jun 20212

2019

2024E >60%

83

Retail sales1

(#, indexed 2019 = 100)

1. “# Sales transactions” on main retail product categories, excluding typical ‘Onboarding’ products (cards and current accounts)2. Advanced analytics-driven Sales: Advanced Analytics insights made available to RM’s or used to generate remote/omnichannel offers3. Remote Sales: Self or Remotely-assisted full digital Sales; Omnichannel Sales: significantly digital channels-contributed branch sales (e.g. onlineprice quotation and product selection/request)4. Data refer to the period between 1st July 2020 and 30th June 20215. Annualized data based on H1 2021 results

… generating further growthA more efficient and effective service model …

% Commercialon total networkemployees

Branch Networkrationalization(#)

Advanced Analytics-drivenSales2

% Retail sales1

mix evolution

Remote and OmnichannelSales3

Digital-driven service model – Enabling a significant expansion of therevenue base and increased commercial focus of the network

2019

30/09/2021

2024E

~65%

~67%

>75%

1,727

2019 Old 2023 target New 2024 target

1,530 ~1,300

~38%

2024E

2019

>60%

2021E4

~22%

~23%

~8%

>50%

100109

131

2021E52019 2024E

84

SMEs Corporate & Investment Banking

Family Banking Wealth Management

Further development of our solidhousehold client base through aninnovative digital approach

A constantly evolving omnichannelapproach based on state-of-the-artproducts and financial advisory tools

Specialization in the service model andadoption of new distribution formats tofacilitate expansion into under-penetrated areas and to improvecross-selling

Further strengthening our role as a keyplayer leveraging on increasedstrategic focus and Group synergies

Digital transformation enabling commercial growth throughout 4 mainsegments/business areas

85

100 104

0

50

100

150

2021 2024E3

26 26 2729

2019 2020 2021E 2024E

Target trajectory 2019-2024

Mortgages1 (€bn)

CAGR 2021E3-2024E (%)

1 2 Core revenues: total amount andbreakdown2 (€m)

+3.2%

1. Loans of Family Banking, excluding NPE2. Core revenues of Family Banking, excluding NPE and AuM/AuC (management data; interest calculated using internal transfer rate)3. Annualized data based on 9M 2021 results4. Margins on loans and deposits include both volume and spread effects

458

361 355

602

2019 2020 2021E 2024E

+19.2%

Margin on Loans4

(2021E = base 100)

3 3

Margin on Deposits4

(2021E = base 100)

+1.3%

+2.7%

3

Net fees &commissions(2021E = base 100)

Total amount (€m)

3CAGR 2021E3-2024E (%)

+9.5%

Non-lifeBancassurancefees

+6.8%Consumer FinanceAgos fees

+3.7%Digital Payments/Cards

Family BankingSignificant growth in core revenues

-100

-48

-150

-100

-50

0

2021E 2024E

-21.8%

100 108

0

50

100

150

2021E 2024E

Mainly driven byEuribor increase

86

Futherdevelopment ofour solid householdclient basethrough aninnovative digitalapproach

Action Drivers

Strategicambition

Fully implementedOmnichannelApproach

Omnichannel-based approach

• Customer-centric focus on financial needs

• Relationship Managers involved to provide adviceand develop business opportunities

Proactive commercial contribution from Digital branch

Marketing automation supporting productivity/commercial penetration realignment on selected areas(e.g. consumer finance)

Focus on ESG andspecific customersegmentopportunities

Customer value management approach leveragingon behavioral clustering and focusing on specificopportunities (e.g. Government guarantees onmortgage loans for younger borrowers, third age, etc.)

refocalization on Millennials and digitalcustomer acquisition, in full synergy with the branchnetwork

High impact of ESG driven by PNRR-relateddevelopment of green mortgage loans as well asenergy requalification of household Real Estate assets(Superbonus 110%)

Leverage on high-standing productfactories

Full exploitation of the collaboration with productfactories: Agos and Bancassurance

HouseholdMortgages(newvolumes)

€4.6bn

Target 2024

vs. €3.8bnin 2019

Selected KPIs

vs. ~€4.3bnin 2021E1

ConsumerFinance(newvolumes)2

€1.1bn

vs. €974min 2019

vs. ~€900min 2021E1

1. Annualized data based on 9M 2021 results2. Booked by AGOS – Banco BPM perceives origination commissions based on new production

Family BankingStrategic ambition, action drivers and commercial KPIs

87

Net WM commissions (€m)AuM (€bn)

Target trajectory 2019-2024 (BBPM + Aletti)

58 60 6479

2019 2020 30/09/2021 2024E

1

63% 63% 64% ~70%

707 644767 920

2019 2020 2021 2024E

+6.3%+7.3%

1. Consolidated data. Core Direct Funding includes Current Account and Deposits2. Annualized data based on 9M 2021 results

% AuM/Total AuM+ AuC

E2

• 9M 2021: AuM Growth of ~€4bn, of which ~€2.4bn net inflows and ~€1.6bn market effect• 2022-24: increasing net inflows up to €4.4bn in 2024, with market effect prudently maintained below €1bn per year

CAGR 9M 2021-2024E (%) CAGR 2021E2-2024E(%)

Wealth ManagementExploit deposit base to increase AuM, with positive impact on revenues

1 2

Running fees to account for ~85% of the totalgrowth in Net WM commissions

88

A constantlyevolvingomnichannelapproach basedon state-of-the-artproducts andfinancial advisorytools

Action Drivers

Continuousevolution of newintegratedcommercialtools

Strong focus onvalue-addedsolutions

Bancassurance

Product factories to be exploited at full scale

Completion of product/service range solutions withESG focus

Asset Management

Expand the range of investment solutions & increaseESG focus

Strengthened quality of revenues through increasedrunning fees

Full synergies with Anima

Strategicambition

CRMAnalytics

CustomerJourneys

WEB Cooperationand Advisory

Key tool forcustomer

analysis andcluster

profiling

Commercialactivity

developedalong

structured“plots”

Full satisfaction ofcustomer needs

through acomprehensiveservice model

1. Data referred to retail individuals, SMEs and private2. Annualized data based on 9M 2021 results

Selected KPIs

Investment Center in orchestratingasset allocation and providing market insights

Wealth ManagementStrategic ambition, action drivers and commercial KPIs

AuM NetInflows1 €4.4bn

Target 2024

vs. €658min 2019

vs. ~€2.4bnin 9M 2021

Totalplacements1 €19.6bn

vs. €11.2bnin 2019

vs.>€17bn

in 2021E2

89

Strategic focus areas

New ServiceModel

EmpoweredValueProposition

Synergicgrowthstrategy

• New customer segmentation(Institutional/UHNWI/Corporate)

• New ESG-focused WM approach, witha dedicated service model

• Reinforced network and centralorganization

• Dedicated SME and corporatesynergies program

• Cross-fertilization with investmentbanking & fiduciary services andInstitutional clients

• dedicated digital solutions

• New family office services

• Expansion in private insurance andprotection solutions

• Private Bankers recruiting plan

• New alternative and private marketproduct offerings

• Empowered Academy

Highlights on current status(forecast 2021)

PrivateBanking

• 270 PrivateBankers/ FinancialAdvisors

• Aletti Fiduciariaand Aletti Suisse

DedicatedHNWI Bank

~70 FinancialSpecialists dedicatedto Banco BPMretail network

InvestmentCenter

€17.4 bn volumesDirect & Indirectfunding• Additional €14.8bn

from other BBPMcustomers/activities1

1. Includes: €7,4bn indirect funding managed deposits for Custodian Bank activities, € 6,7bn of Banco BPM customers managed by BancaAletti (the so-called “Accreditati” ) and € 0.7bn of Institutional customers2. Annualized data based on 9M 2021 results

Wealth ManagementImportant contribution from

Indirectfunding(dedicatedHNWIs’)

€18.3bn

vs. €14.6bnin 2019

vs.~€15.4bnin 2021E2

Fee income €123m

vs. €87min 2019

vs.~€100min 2021E2

o/w AuM(dedicatedHNWIs’)

vs.~€11.3bnin 2021E2

vs. €10.5bnin 2019

€14.3bn

Selected KPIs

Target 2024

90

New public measures generating significant business developmentprospects in Corporate & SME Banking

Super & Ecobonus: alreadycontributing to P&L with a

long-term perspective

• As of 30/9/2021: volumes~€650m, total NII associated~€58m, progressively bookedin P&L according to maturityof underlying assets1, netcommissions ~€5m2

• Total volumes expected byend-2023: ~€3.5bn, leadingto a cumulative NIIcontribution of ~€315m (to bebooked progressively overtime according to maturity ofunderlying assets1)

1. Maturity variable between 5 and 10 yrs depending on the characteristics of the assets2. Net commissions generated on a one-off basis

Impact on lending growth(Focus: B2B Loans, €bn)

~71

~76

~80

~5

~4

31/12/2020

Growth "before" PNRR

31/12/2024E "before"PNRR

PNRR impact

31/12/2024E "after"PNRR

• CAGR “before” PNRR: 1.8%• CAGR “after” PNRR: 3.1%

Ambition:become adistinctiveplayersupportingour clients toexplore andexploit the fullpotentialarising fromthe PNRRthroughoutthe wholevalue chainby playing 2pivotal roles

PNRR full impact potential~€8bn, conservatively reduced

to ~€4bn in our estimates

Reference LendingPartner:Financing/co-financinghigh-value addedprojects, either directlyand/or through thepurchase of tax credits

Advisor of Choice:Offering specializedconsultancy servicesenabling our customersto seize the mainopportunities arisingfrom PNRR

PNRR: a game changer for the Italian market, a unique opportunity for BBPM

91

2831 33

35

2019 2020 2021 2024E

Target trajectory 2019-2024

1. Loans of SMEs, excluding NPE2. Core revenues of SMEs, excluding Wealth management, NPE (management data; interest calculated using internal transfer rate)3. Annualized data based on 9M 2021 results4. Margins on loans and deposits include both volume and spread effect

1.2361.197 1.204

1.395

2019 2020 2021 2024E

SMEsSignificant revenue growth outpacing increase in volumes

Loans to customers1 (€bn, EoP)

+5.0%

E3 E3

+2.6%

+1.8%

+3.2%

-31.4%

3

Core revenues: total amount andbreakdown2 (€m)

Total amount (€m)

CAGR 2021E3-2024E (%) CAGR 2021E3-2024E (%)

+8.6%Up front fees andhedging fees:

+6.8%Acquiring fees:

+6.0%Trade financefees:

1 2

100 105

0

50

100

150

2021 2024E

Net fees &commissions(2021E = base 100)

100 110

0

50

100

150

2021E 2024E

3

-100

-32

-150

-100

-50

0

2021E 2024E

Margins on Loans4

(2021E = base 100)

Margins on Deposits4

(2021E = base 100)


3

92

vs.€7.5bn in

2019

vs.~€8.6bnin 2021E1

vs.~€271min 2021E1

vs.€249m in

2019

Action Drivers

Differentiatedcustomermanagementaccording tocompany sizeand needs

Advisory &financing services

Integratedomnichannel

offer

RelationshipManager

SMEsStrategic ambition, action drivers and commercial KPIs

• PNRR-related financing and services

• Agrifood

• State-incentivized finance

• Ecobonus/Superbonus

Dedicatedinitiatives topursueattractiveopportunities

Composite Coverage Teams with dedicatedSpecialists supporting the local RelationshipManagers in the most strategic service lines

1. Annualized data based on 9M 2021 results2. High-value added business: acquiring, trade receivables, non life insurance, consumer finance, structured finance, hedging, tradefinance and other selected non-traditional services

Transactionalservices

Net fees andcommissions:strategiccomponents2

NewCustomerLoans

Selected KPIs

Target 2024

€10.5bn

€338m

Specialization inthe service modeland adoption ofnew distributionformats tofacilitateexpansion intounder-penetratedareas and toimprove cross-selling

Strategicambition

93

SMEsSignificant contribution expected from new SME Business Centers

FROM

Of which ~70 SME Business Centers in areas with high growth potential forBBPM

in particular: Turin, Bologna, Padua, Vicenza, Treviso, Florence, Bari ...

… with dedicated task forces of development-oriented RelationshipManagers

New Management Modelfor SME clients (€5-75m turnover): serving ~45k SMEs, with loans of ~€20bn

~150 new specialized SME Business Centers (~80 "Full Business Centers"coordinating additional ~70 "teams")

~400 RMs "relocated" from the branch to the new SME point

Customized credit and commercial powers

~5 RMs per Full Business Center, often working side-by-side with PrivateBankers

RelationshipManager"hosted" inside~250 "traditional"branches (~1.6RM per"generalist"branch)

FROMTO

94

34 37 3742

2019 2020 2021 2024

CAGR 20213-2024E (%)

+4.1%

1. Corporate and Institutional, excluding NPE2. Corporate, Institutional and Banca Akros, excluding NPE (management data; interest calculated using internal transfer rate)3. Annualized data based on 9M 2021 results4. High-value-added business: Corporate (trade finance, hedging, structured finance and pro-soluto) + Banca Akros5. Margins on loans and deposits include both volume and spread effect

821 843 871

1.027

2019 2020 2021 2024E

Loans to customers1 (€bn)

Corporate & Investment BankingBuilding on a strong market position to deliver further volume andrevenue growth

Target trajectory 2019-2024 (Corporate + Institutionals + Akros)

E3

+5.6%

E3

+2.2%

+7.3%

-27.9%

3

CAGR 20213-2024E (%)

Core revenues: total amount andbreakdown2 (€m)

Total amount (€m)

High-value-addedbusinesses4:

+3.3%

Net fees &commissions(2021E= base 100)

100 107

2021 2024E

100 110

0

50

100

150

2021E 2024E

3

-100

-32

-150

-100

-50

0

2021E 2024E

Margins on Loans5

(2021E = base 100)

Margins on Deposits5

(2021E = base 100)


3

1 2

95

Action Drivers

Feesgeneratedin high-value-addedbusinesses2

Corporate & Investment BankingStrategic ambition, action drivers and commercial KPIs

NewCustomerLoans

vs. €10.1bnin 2019

vs. €157min 2019

SoW3

vs. 10.6%31/12/2019

1. Annualized data based on 9M 2021 results2. High-value-added businesses: Corporate (trade finance, hedging, structured finance and pro-soluto) and Banca Akros3. SoW of Corporate segment – target referred to end of period

vs. ~€9.1bnin 2021E1

vs. ~€172min 2021E1

vs. 11.2%30/09/2021

Growth inhigh-value-addedbusinesses

Core BusinessOptimizations

Seize thePNRRopportunity

Exploit GroupSynergies

• Reinforce our Leadership position in the Structured Financebusiness, thanks to hiring new selected skills in structuringand strengthening syndication capabilities;

• Bolster our Trade and Structured Export Financing business

• Optimization of the risk-return profile: focus on capitalefficiency & EVA contribution

• Increase in effectiveness through support/analysis tools, i.e.risk- adjusted pricing, forward looking evaluation ofcustomer performance

• Enhance liquidity and support the working capital needs ofCorporate clients (Supply Chain Finance and Tax Credits)

• Finance PPP projects and advise PA in funding keyinfrastructure projects

• Focus on Specific Sectors/ Industries relevant within PNRR

• Tailor-made approach and client centricity as the way toexploit the full capabilities of Banca Akros and Banca Aletti

• Facilitate clients’ access to capital markets and tointernational M&A opportunities (through partnership withOaklins)

Selected KPIs

Target 2024

€11bn

€213m

12.0%

Strengthening ourrole as a keyplayer leveragingon increasedstrategic focusand Groupsynergies

Strategicambition

96

Corporate & Investment BankingInvestment Banking: further reinforcement of

48%34% 35%

23%36% 28%

18% 23%18%

11% 7%19%

2019 2020 2024E

InvestmentBanking

Brokerage

Corporate &Instit. Banking

GlobalMarkets

4 business lines providing specialized support to the Group’s customer baseand generating “stand-alone” revenuesCore Income Breakdown and Net Profit

147 >160Core

Income1

38 >50Net Profit1

Main action drivers

24

125

1. Revenues and net profit on a "stand alone" (individual) basis

• Investment Banking: support and developGroup client base leveraging on theinternational M&A network Oaklins – activein ~50 countries – with further M&Aspecialisation in new industry segments andfacilitate Group clients’ access to capitalmarkets

• Brokerage: capitalize current leadershipposition in placing capabilities andbrokerage activities/equity research, withfurther development of on-line customersand foreign investors

• Corporate & Institutional Banking: promoteinnovation in products (e.g. Direct Listing ofCertificates and Structured insurancepolicies) and services (e.g. Hedging ofselected commodities), with focus ondigitalization and ESG-based products

• Global Markets: enhance trading/marketmaking activities, financial engineering andhedging services

97

STRATEGIC GROWTH ENGINESOur high-value product factories

Bancassurance Asset Management

High growth potential, withopportunity to internalize the wholevalue chain

Top independent AuM player

Consumer Credit

Leading national player: significant and reliable contribution toNet Income, combined with high growth potential

98

BANCASSURANCE: partnerships restructured in 2021, enabling futureBusiness Model evolution – full internalization by end-2023

BipiemmeVita

BipiemmeAssicurazioni

VERA Vita

VeraFinancial

100% 100%

VERAAssicurazioni

VeraProtezione

100%

65%

65% 19%

81%

35%35%

Bancassurance participations: current set-up andrecent developments

April 2021

• Agreement with Cattolica granting Banco BPM a call option toacquire 65% of the Vera JVs

• Call can be exercised starting from mid-2023

July 2021

• Agreement with Covea granting Banco BPM a call option toacquire 100% of BPM Vita

• Call can be exercised starting from September 2021 until end-2023

Potential evolution: key elements to take into account

Optionalities

Banco BPM can choose, at its sole discretion,to internalize the whole Bancassurancebusiness or to activate new partnership(s)

ProductivityWide room to increase Bancassurancevolumes, in line with our peers

Profitability

Additional volumes, together with potentialcost synergies, able to generate importantadditional net profit – on top of the impactcoming from an increase in the stake

Capital

Favorable regulatory treatment expected incase of internalization with the application ofthe “Danish Compromise”

Operationalmodel

Opportunity to leverage on existing –consolidated and scalable – platform providedby BPM Vita/BPM Assicurazioni (currentstaffing: ~130 HC)

99

BANCASSURANCESignificant opportunities, both in life and in non-life

2,8

2,3

2,0 1,9

1,2

0,7

0,0

0,5

1,0

1,5

2,0

2,5

3,0

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 BBPM

DE

Life GWP / # of branches, H1 2021 (€m)

Market Maturity1

LIFEOpportunity from Productivity gap

Productivity Gap Productivity Gap2

GWP/GDP, 2020

Bancassurance penetration,2020

2,1%3,5%

Italy Europe

6,8%10%

Italy Europe

85

108

15

17

BBPM Peers

Credit Protection

Stand Alone (including Motor)

1. "Europe" includes UK, Germany, France and Spain2. Number of Sales transactions / Individual Customers, including automatic renewals where applicable (indexed, 2019 = 100)Source: Economist Intelligence Unit, Ania, ABI, ICEA, Finaccord report, EMF Group, Analyst Presentations and other market researches

NON-LIFEOpportunity from Market Maturity and Productivity Gap

+100

125

100

GWP

~3,150

~2,200~2,650

~4,000

2019 2020 2021 2024E

LIFE

Highly sustainable volumes considering the total salescapacity of BBPM’s network (total placements of investment

products: (€14.2bn in 9M 2021; €19.6bn in 2024E)

NON-LIFE

BANCASSURANCEStrong growth enabled by increased focus on the product

(€m)

~150 ~140

~180

~240

2019 2020 2021 2024E

GWP (€m)

E1

1. Annualized data based on 9M 2021 results

E1

Wide opportunity for BBPM to increase its productivity in theNon-Life insurance business (BBPM 2020 Non-Life Insuranceproduct diffusion on individual customer base is below 15%;

home insurance < 10%; health insurance < 3%) whileexploiting expected market growth

101

THE LEADING INDEPENDENTASSET MANAGER…

…WITH SOLID FINANCIALS… ...WHERE BBPM IS THE KEYSHAREHOLDER

AuM

€59.2bn

€200bn2

€208.5bn

€514.7bn

€521.7bn1

Net Income (€m)

19,39%

10,36%

5,03%

4,97%

2,97%

2,78%

54,51%

BBPM

Poste Italiane

Wellington Mgnt Group LLP

River & Mercantile AM LLP

Norges Bank

DWS Investment

Other

1. Aggregate AuM of Eurizon, Fideuram and Pramerica2. As at 30/09/2021

AuM (€bn)

173186 194 200

2018 2019 2020 30/09/2021

122 146 155 176

2018 2019 2020 9M 2021

ANIMAIndependent asset manager, at the crossroads of potential marketconsolidation options

• Strong volume growth potential generated by Banco BPM’s ambition in WM• Further indirect benefits from Banco BPM’s expansion in Bancassurance, leveraging on consolidated

relationships with BPM Vita and with Vera Vita/Vera Assicurazioni

Data Dec. 2020, source: Assogestioni (April 2021) Source: FY 2020 Financial Statements

102

DOMESTIC CONSUMER CREDIT MARKETEvolution of the overall size

A STRONG POSITIONMarket share

WITH SOLID ECONOMICSNet income (normalised)

60,565,9

53,3

35,1

2018 2019 2020 H1 202113%

13%

21%

266241

208

149

2018 2019 2020 H1 2021Data source: Assofin (automotive captive excluded)

€m€bn

Data source: Assofin market share 2020, cards excluded

AGOSA consolidated value generation history in a solid business

1H

Opportunity toincrease commercialeffectiveness throughalignment of internalproductivity

82 126 167 235

Lowest 3rd 2nd Top

Consumer Finance sales / # of RM’s1 at branch level – Average per quartile, €/000

1. Relationship Managers dedicated at individual customer management level. Data refer to 9M2021

103

STRATEGIC GROWTH ENGINES: SUMMARYMaterial growth in contribution enabled by increased commercialand organizational focus

1. Annualized data based on 9M 2021 results2. Income from associates net of tax as equity profits are not relevant for tax purposes

517 450 590 ~740

2019 2020 2021 2024E

Contribution to fee income (€m)

126 124 149 ~180

~90

2019 2020 2021 2024E

Contribution to income fromassociates2 (€m)

Dedicated focus

• Organizational and Commercial focus on Non-Life Insurance and Consumer Finance(dedicatedSpecialists)

• Leverage on Financial Specialists to support growth in Wealth Management

Complete omni-channel offer

• Roll-out complete range of omnichannel-based product solutions• Increased specialized coverage through remote tools• Explore specific new digital offerings (e.g. instant lending, instant savings…)

Integratedtools

• Introduce a new integrated and analytics-based life-cycle wealth management platform (savings,borrowings, investments, retirement, non-life risks, …)

SIGNIFICANT INCREASE IN CONTRIBUTION "Bancassurance"

E1 E1

+8.0%CAGR 2021E1-2024E (%)

~270Impact ofBancassuranceinternalization

Total contributionfromBancassurance2024E: ~€125m

104

BALANCE SHEET: Further strenghtening in Asset Quality and strong riskcontrol in Financial Investments and Funding Strategies

Credit & Asset quality:Achieve and maintain the status of "low NPE Bank"

Financial Asset & Liability Management:Confirm and further improve Banco BPM’s solid profile

• Strong Liquidity & Funding position, no reliance on ECB’s extraordinaryfunding measures

• Active management of Bond Portfolio investments, with continuing trendaimed at reducing the share of Italian Govies

• Credible NPE strategy based on our strong derisking track record

• New monitoring & management systems set to improve our asset quality inthe coming years

105

3,5

12,6

0,6 1,1 1,5

Credit & Asset Quality – Towards the status of "Low NPE Bank"

24,1% 21,1%10,8% 9,1% 7,5% 6,2% 5,9%

31/12/16 31/12/17 31/12/18 31/12/19 31/12/20 30/06/21 30/09/211

4,8% 5,9%

30/09/21 2023 OLD 2020-23SP Target

2017 20192018 2020 9M 2021

Material and ongoing asset quality improvement since the merger…

1. As per the EU Transparency Exercise2. Exclude -€0.3bn due to IFRS 9 reclassification3. Gross NPE reductions excl. ptf. disposals

Gross NPEratio

72.5% 51.0% 38.6%160.3% 119.4% 31.4% 29.2%Texas ratio3

…ahead of old Strategic plan targets

Gross NPE Ratio – EBA definition1

Derisking drivers

Successful NPE disposal strategyNominal Value of NPE portfolio disposals, €bn

Decreasing Default Rate and effective workout performanceGBV, €bn

1,8 1,8 1,2 1,0 0,7

-2,9-4,0

-2,3-1,4 -1,2

2017 201920182 2020 9M 2021

1.9%

9.5%

1.9%

15.7%

1.2%

19.0%

1.0%

13.8%

0.9%

18.2%

Default rate

Workout rate

Workout3

Gross NPE inflows

TOTAL = €19.3bn

106

Credit & Asset Quality – Asset quality evolution elaborated starting from available estimatesat national level, taking into account BBPM footprint + strong managerial actions

Credit risk datawarehouse

Monitoring & EWsystem evolution

New approach toNPE management

4 strategic initiatives aimedat achieving further assetquality improvements vs."inertial" evolution

Credit policystrengthening

Banco BPM’s footprint allows to assume a "better-than-national-average" inertial asset qualityevolution

~1%

~3%

>6%

>2%

1.5%-2%

<1.5%

Analysis at district ("provincia") level: “Italian BankingIndustry” Default Rate (DR) vs Banco BPM’s loansmarket share. Reference date: Dec. 2020

“Industry”DR

BBPM loansmarket share

2,72,0

1,6

Share ofBBPM loans

0.3%

3.5%

96.2%

Initiatives 2020-24Estimates at national level "Inertial "evolution for Banco BPM

Default rate, %

1.Reference date: 2020 for default rate; 31/12/2020 for BBPM market share and share of BBPM loansSource: Prometeia; Bank of Italy statistics

2022E 2023E 2024E

107

Credit & Asset Quality – New monitoring & management system setto improve our asset quality in the coming years

Advanced credit riskdata warehouse

• Integrated managerial and risk data

• Strengthen granularity enabling full data analytics –based visibilitythroughout the organization supporting decision making

Strengthening ofcredit policies

• Higher policy specialization by sectors (e.g. Agrifood and RealEstate) and inclusion of a dedicated Financial Sustainabilitymodule in line with EBA LOM guidelines

• Clearer focus on risk-reward perspective and support of ESGinitiatives (focus on CO2 reduction and energy savings)

• Strengthened integration with budgeting and MBOs

Monitoring & EarlyWarning systemevolution

• New EW development, leveraging on daily bank accountdata and machine learning techniques

• Improved risk control through workflow-driven strategies

• Performance-based risk prevention, operational KPI settingand monitoring

• Full activation of the JV with Gardant allowing workoutimprovement in bad loans

• Definition of more standardized UTP management approaches,defining quicker and more effective workout solutions

• Activation of a more proactive and intense use DPOs and singlename disposals

New approach toNPE management

1. Includes Cure Rate

Danger rate, %

Default rate, %

Proactive/accelerated usage ofDPO/single name disposals

13,2% 15,2% 17,3%5,1% 5,2% 4,6%

2022E 2023E 2024E

18.3% 20.4% 21.9%

3,5% 4,3% 6,4%

14,7% 12,3% 10,0%

1,8% 1,2% 1,0%

Cure rate, %

NPE Workout rate1, %

New de-risking initiative: €650m additional disposals – already fully provisioned in 9M 2021

2022 estimates include conservativeassumptions on exit trajectory fromCovid-19 pandemic

108

Balance Sheet – Liquidity & Funding strategy and Securities portfoliomanagement

1. Issues net of maturities

Liquidity &Funding

Securitiesportfolio

37,5

9,0

YE

2024E

30/09/21

• Progressive full reimbursement of TLTRO:leveraging on excess liquidity

• Usage of “ordinary ” ECB funding: ECBfunding outstanding at end 2024 expectedat €9bn (wholly represented by L-TRO)

• Reduction of ECB assets from around €28bnto around €3bn

Reduction of reliance on ECB fundingOutstanding, € bn

Net Bond issuances (incl. LT repos) 2021E-2024E1

• +€2.4bn unsecured bonds (Senior and Subordinated)

• +€11.8bn secured bonds (covered bonds, ABS & LT repos)

Balanced share of Italian Govies

Further reduction of Italian Govies in a strategy oriented topreserve stable duration and sensitivities (down to <50% of totalGovies at YE 2024E, vs. 59% as of 30/9/2021)

Solid buffer preservedvs MREL requirementson a continuous basis

LCR well >140%throughout the Plan

NSFR comfortably>100% throughout thePlan

Key Funding & LiquidityTargets

109

INFRASTRUCTURAL ENABLERS: OVERVIEW

People Strategy:

Planning for the future

IT & processes:

New digital-enabled backbone to support the Group transformation

• Streamlined processes fully leveraging on digitalization

• €650+ m IT investments to support the architectural model, omnichannel, IToperating model and cybersecurity

• A people-oriented approach aimed at attracting and retaining talents

• Skills and competence building, coupled with strong cost discipline

110

2,2951,727

~1,530

People strategy – enhanced voluntary retirement scheme coupledwith network rationalization actions to keep costs fully under control

Voluntaryretirementscheme

• A voluntary retirement schemeinvolving ~1,600 HC in 2021-23 +~500 vs. Old Plan Target

• Use of benefits from the solidarityfund, favoring generationalturnover and youth employment,with ~800 new hires between 2021and 2023

1,8711,697 ~1,660

Retailbranches

• Increased ambition vs Old Plantarget: > 200 further closures

1. The original agreement signed in December 2020 had a target of 1,500 exits and 750 new hires. The agreed numbers increased to 1,607and ca. 800, respectively, in Q1 2021

HR costs evolution, €m

Retail branches evolution, # EoP

<1,600

2019 New Plan

2024 Target

2016 ADJ. Old Plan

2023 Target

2019 New Plan

2024 Target

2016 Old Plan

2023 Target

~1,300

o/w: ~1,000 alreadyretired in June 2021

111

People Strategy: planning for the future – A people-orientedapproach aimed to attract and retain talents

• Common sense of purpose: act in the interest of our stakeholder community

• Attractive value proposition: safe and stable work environment, wellbalanced lifestyle, meritocratic reward system

• Strong attention to work-life balance

• Flexible and inclusive leadership style: build trust, respect and collaboration

• Generational turnover enabled by potentiated new hiring plan

• Talent growth supported by tailormade personal development programs

• Young talents attraction and retention: partnership with university, tailor-made development program and a new dedicated Unit in HR department

• Competence building: customized training plans to master globalemerging trends (e,g, digitalization, green footprint, big data &analytics) combined with strong attention to soft skills

• Strong focus on e-learning and mobile learning

• Accelerated learning on-the-job through rotation programs,personalized coaching & mentoring

• Identification of high-potential within the gender program

• Commitment to ambitious diversity targets in managerial roles

• ESG-dedicated education and training classes and a new dedicatedunit in HR department to develop diversity & inclusion

1. Detailed in the following exhibit

A comprehensiveand well-articulated

people strategy…

… preparing theground for the

leaders oftomorrow…

… strongly focusedon the development

of human capital…

… within a clear ESGframework

• “Smart” working days: 500,000 in 2024(+500% vs 2019)

• Wellbeing at work initiatives (W@W): 5,000attendances in dedicated training days in2024 (+120% vs 2021)

Illustrative KPIs – target for 2024

• Women involved in individualdevelopment plan: >2.500

• Volunteer initiatives (VolontariAmo): 5,000hours for corporate community services in2024 (+95% vs 2021)

• Individual development plan involving~40% of population, with focus on: Manager Young People Talents Commercial Network

• Upskilling and Reskilling programs involving~15% of population, with focus on: IT personnel, with actions concerning

big data & analytics Corporate Control Functions personnel,

consistent with the evolution ofregulatory system

100 hirings of young talents graduatedin digital-related disciplines

112

People Strategy: planning for the future – Skill and competencebuilding coupled with strong cost discipline

Virtual Classroom# of sessions

E-learning# Learning object

Digital# of Video/podcast

12,711

Overallgrowthvs. 2020

694

1,822

Investments in up-skilling and re-skilling

Includes voluntary exit plan

~1,700<1,600

~100 ~1,800 ~200

2020 inertialgrowth

2024E -before

managerialactions

impact ofmanagerial

actions

2024E target

Normalized for Covid-related savings

Learning effort – targets 2024

+16.5%

+24.6%

+19.2%

Evolution of HR costs

113

Operationalexcellence

Using data to empower decisions

• Evolve the Data architecture and adopt Advanced Analytics

• Develop data-driven Customer Journeys

Adopt technologies with transformational potential for our business

• Boost IT transformation with new technology (es. Cloud nativeapplication, Machine learning, Microservices, API)

• Open innovation to exploit new “external” opportunities

Delivering outstanding customer experiences

• Consolidate the ‘Mobile first’ approach in the adoption of theomnichannel model

• Partnerships with fintech companies, innovation centers anduniversities for the use of Open Banking solutions

Continuous Improvement and slimming down complexity

• Create a stable operating environment leveraging on ITassets lifecycle process

• DevSecOps lifecycle based on continuous development

Data& Analytics

Emergingtechnologies

Digitaltransformation

Technology enabling the Strategic Plan

Key initiatives 2021-2024 Selected KPIs

€650m+cumulative

’21E-’24E

~€250mcumulative

’21E-’24E

Total ITinvestments…

… o/wdigital-related

Evolution of IT investments, €m

100~135

~170

2020 2021E Annual avg.2022E-24E

+70%

114

Strengthen cybersecurity posture – Resilience and IT riskmanagement

Key initiatives 2021-2024 Selected KPIs

Manage security risks effectively

• Deliver forward-looking visibility on IT risks to empower technologyand business development

• Continuous improvement of confidentiality, availability and integrityof customer data in line with regulatory requirements (GDPR, Privacy)

Build a future-ready cyber-resilient business

• Stay ahead with security research and innovation to unlocktechnology adoption (e.g. Cloud, Online Services, Third Parties, ...)

• Take advantage of DevSecOps to embed security in IT developinglifecycle

Reduce exposure to threats and contain attacks• Layering security defence to improve detection, prevention and recovery

from cyber attacks• Zero-trust approach to keep pace with the evolution of threat landscapes

A pathway from business continuity to organizational resilience

• Adapt the continuity plan to absorb shocks in a complex and rapidlychanging environment

• Enhance recovery solutions to face emerging challenges (e.g.security threats, climate changes, etc.)

Resilience

IT riskevaluation

Security bydesign

Defence-in-depth

€650m+cumulative

’21E-’24E

~€45mcumulative

’21E-’24E

Total ITinvestments…

… o/wsecurity-related

8 ~9~12

2020 2021E Annual avg.2022E-24E

Evolution of security investments,€m

+50%

115

ESG INTEGRATIONThe five Milestones of our ESG strategy

116

SET UP OF THE ESG GOVERNANCE BODIESAND ESG FUNCTION

BOD

ESG COMMITTEE

SUSTAINABILITYUNIT

Responsibile forESG strategy anddisclosure1 Board memberdesignated as ESGreference point forthe ICRSC

Dedicated corporateESG function

INTERNAL CONTROL, RISKS &SUSTAINABILITY COMMITTEE Supervises

sustainability andsocial responsibilityfactors andreporting

Coordinates Groupactivities and ESGtargets

ESG IntegrationGovernance and accountability: important goals already achieved

ESG ACTION PLAN LAUNCHED TO FULLYINTEGRATE ESG INTO OUR OPERATING MODEL

7 WORKSTREAMS:

People

Risk & Credit

Customers: Business

Customers: Wealth Management

Environment

Governance

Stakeholder Engagement& Measurement

ESG TARGETS INTEGRATED INSHORT-TERM & LONG-TERM

INCENTIVE PLANSFOR CEO & MANAGEMENT

IMPROVED ESG RATINGS1:

• Standard Ethics to EE (from EE-)

• ISS Governance Quality Score to 1(from 7)

• Sustainalytics to 25.8 (from 27.7)

GREEN, SOCIAL AND SUSTAINABILITYBOND FRAMEWORK PUBLISHED

(first social bond issued in 2021)

INCLUDED IN THE FTSE MIB ESG INDEX

1. Updated as at 04 November 2021

117

ESG IntegrationMILESTONE 1 – Business

• Strengthening of our ESG commercial offeringwith dedicated workforce specialized in ESGproducts and services

• Expansion of the range of ESG AuM products,aimed at channelling our customers’ savingstowards sustainable initiatives

• Advising Corporate and SME clients to face ESGchallenges with training and workshops

• Enhancing our ESG proprietary investments

• Increasing the issuance of green and socialbonds

ACTION DRIVERS

1. Mortgages granted to customers for property in classes A-B-C or renovated with energy efficiency improvements2. Purchase of real estate tax credit related to “Superbonus 110%”: tax incentives linked to energy redevelopment and seismic risk reductionoperations

In addition dedicated “ESG financial” training planned for SMEs – over 1,500 hours

KEY TARGETS

SHARE OF NEW LENDING TO GREEN/LOW TRANSITION RISK SECTORS > 65%

2020 TARGET 2024

ISSUANCE OF GREEN & SOCIAL BONDS €2.5bn

AKROS AS LEAD MANAGER OR BOOKRUNNER OF ESG BONDS €12.5bn

CUMULATIVE TARGET 2021-2024

CORPORATE BOND PROPRIETARY PORTFOLIO:SHARE OF ESG BONDS

> 30%

BBPM GREEN RESIDENTIAL MORTGAGES (NEW LENDING)1 €4bn

8%

PURCHASE OF REAL ESTATE TAX CREDIT2 €3bn

CUMULATIVE TARGET 2021-2024

118

KEY TARGETS

ESG IntegrationMILESTONE 2 – Risk & Credit

• ESG factors fully integrated into BBPM’s credit policies across all sectors,with tangible results already expected in 2022:

− Exclusion or strictly selective approach for sectors with highenvironmental risk – representing only 2% of our loans1

− Driving change: active support to the climate transition of ourcustomers by dedicated forecasting tools to evaluate and stimulatethe adequacy of ESG business plans

• Risk Management Framework integrated with Climate factors:

− Full inclusion of Climate factors into RAF2, ICAAP and stress testingstarting from 2022

− Climate-related and environmental risk factors fully embedded inBBPM’s Internal Rating System by 2023

ACTION DRIVERS

STOP NEW LENDING TO SECTORSSTRONGLY AFFECTED BY CLIMATETRANSITION:• Mining and quarrying of hard coal• Manufacture of coke oven products• Coal-based energy production

> 80%

RUN-OFF

SIGNING OF: NET-ZERO BANKING ALLIANCE TCFD3

SCIENCE-BASED TARGETS INITIATIVE4

NEW LENDING TO FOSSIL FUELS-RELATED SECTORS LINKED TOTRANSITION PROJECTS

1. Reference date: 30 September 20212. Risk Appetite Framework3. Task Force on Climate- related Financial Disclosures4. Greenhouse gas emissions reduction targets in line with the Paris Climate Agreement

OVER THE PLAN HORIZON

119

• ESG accountability: management incentive schemes to include aselected number of KPIs connected to the differentresponsibility/unit/role, extended to a wider group of managers

• Diversity & Inclusion:

- Talent enhancement and increase in the share of women inmanagerial positions

- In-depth evaluation of the current status of D&I, including GenderPay Gap, in order to define an effective action plan

- Reinforce programs for the reintroduction of personnel onmaternity leave

• Attraction and retention of young talents: partnerships withuniversities, tailor-made development programs

• Identification of ESG ambassadors in all corporate functions,accountable for the integration of ESG topics in our policies by 2024

1. Within the context of the generational turnover program, involving 800 new hires between 2021 and 2023

ESG IntegrationMILESTONE 3 - People Strategy

ACTION DRIVERS

SHARE OF WOMEN IN MANAGERIAL POSITIONS > 30%

TARGET2024

SHARE OF NEW HIRINGS BETWEEN 20-30 YEARS1

> 100

SMART WORKING DAYS

ESG AMBASSADORS


• 400,000 TRAINING HOURS FOR EMPLOYEES ON ESG THEMES

• ONGOING SUPPORT TO OUR EMPLOYEES THROUGH OURSOLID INCLUSIVE WELFARE SYSTEM

KEY TARGETS

> 90%

500,000

120

• New guidance for a responsible use of energy in ourbuildings and new policy for the corporate fleet

• Reduction of net emissions:

− Energy efficiency and Real Estate rationalization

− Process digitalization

− Compensation projects

• Smart working to reduce employee-related Scope 3emissions

• Material reduction of paper waste enabled bycustomer digital identity (adoption > 90% by 2024)

• Maintenance and renewal of existing Certifications1

1. ISO 45001 Occupational Health and Safety, ISO 50001 Energy and ISO 14001 Environmental certifications2. Electricity, Oil and Gas3. Oil and Gas (Market-based)

ESG IntegrationMILESTONE 4 - Environment

ACTION DRIVERS KEY TARGETS

TOTAL2 DIRECT & INDIRECT ENERGYCONSUMPTION (Scope 1 & 2Gigajoule)

TARGET2024

588K732K

2019

-20%

To improve to-30% by 2030

USE OF ELECTRIC ENERGY FROM CERTIFIED RENEWABLE SOURCES

MAINTAINED AT 100%

17.5 K

B

TOTAL NET3 DIRECT & INDIRECT EMISSIONS(Scope 1 & 2 Tons Co2 equivalent)

CDP RATING

INDIRECT EMISSIONS FROM COMMUTERS(Scope 3 Tons Co2 equivalent)

A

-21%

CARBON NEUTRALITYOVER THE PLAN HORIZON

16.6 K 13.1 K

121

ESG IntegrationMILESTONE 5 - Community

ACTION DRIVERS KEY TARGETS

• Subscription of UN Global Compact

• Supporting initiatives aimed at community resilienceand wellbeing: Art and Culture, Charity, Researchand Health, Education, Inclusive Sports projects.

• Sustaining local social initiatives, in particularimproving school equipment and rewardingtalented students

• Confirming BBPM as a strong financial partner for theThird Sector1

Investing in educational activities thereby fostering ourESG culture: financial education, ESG awareness,gender equality in Science, Technology, Engineeringand Mathematics, campaigns engaging partners,suppliers and clients• Involvement of our employees in corporate

community services

1. Non-governmental and non-profit-making organizations or associations, including charities, voluntary and community groups, cooperatives, etc.2. AIRC Italian Association for cancer research. Banco BPM as institutional partner since 2019.


CORPORATE COMMUNITY SERVICES, ESGAWARENESS AND FINANCIAL EDUCATION

> 10,000 hours

GRANTS FOR SUPPORT TO SOCIAL ANDENVIRONMENTAL PROJECTS

~ €10m

NEW LENDING TO THIRD SECTOR > €700m

AIRC2 INSTITUTIONAL PARTNER

5,000researchers &660 projects

SOCIAL INITIATIVES FOR LOCALCOMMUNITIES, SCHOOLS AND STUDENTS

> 300 initiatives

122

2021-24 STRATEGIC PLANConcluding remarks

123

Key targets of the Strategic Plan 2021-2024

1. CAGR calculated based on 2020 costs normalized for lower variable remunerations and other covid-related savings for a total of ca.90m vs. Adjusted data 2. Calculated as Net Profit from P&L (year x)/ Tangible Shareholder Equity 31.12.XX (excluding Net Profit of theperiod and AT1 instruments). 3. Excluding REPOs and including Cap. Protected Certificates. 4. Excluding Cap. Protected Certificatesfrom AUC. 5. Calculated as per the EBA EU Transparency Exercise.

€bn

Profit& Loss

Balancesheet &Capital

2024E2020

4.15

0.33 Adj.

3.2% Adj.

(1.09) Adj.

(2.46) Adj.

91.6

59.2% Adj.

3.65

109.3

122 Stated

13.3%

+ >6 pp

~(6) pp

7.5%

(74)

120.1

0.13

Total revenues

RoTE2

Net income

Loan loss provisions

Indirect funding4

Cost / Income ratio

Operating costs

Net customer loans

Cost of Risk (bps)

Direct funding3

CET1 ratio FL

Gross NPE ratio

o/w NII + Net Commissions

o/w Associates

Net NPE ratio 3.9%

>9%

~111.4

~53%

~121.1

48

4.8%

~132.0

~2.5%

~4.6

~1.05

~(0.58)

~(2.4)

~4.1

~0.28

2023E

~7%

~106.8

<57%

~116.1

58

5.4%

~127.5

~3%

~4.3

~0.74

~(0.68)

~(2.4)

~3.9

~0.18

2021G

~4.4

~0.53

~5%

~(2.5)

96.6

~57%

108.7

80/90

13.3%

5.9%

121.4

3.2%

30/09/21

Key ratios

Key ratios

1.69Pre-Provision Income >2.1~1.9~1.9

CAGR ‘20-’24

+2.4%

+33.4%

-14.6%

-1.1%1

+3.0%

+21.4%

+5.0%

+2.6%

+2.4%

+6.0%

Gross NPE ratio EBAdefinition5 2024E: 4.7%

~14.4%~14%

Delta‘20-’24

124

Concluding remarks

3 strongpillars…

…supported by3 foundation

stones

A successful restructuringstory

Ready to start a new journey:a strengthened businessmodel, allowing increasingeffectiveness

Ambitious targets

Based on prudentestimates of keyperformance drivers

Fully credible, takingour delivery trackrecord into account

A newdigital-driven

servicemodel...

Robust Balance Sheet, Asset Quality fully under control

…enablingsustained

core businessgrowth…

… leveragingon effective

productfactories

People, processes & systems as key infrastructural enablers

ESG-integrated business model

1 2 3

1

2

3

RoTE: >9% NPE RATIO: 4.8% CET1 RATIO: 14.4%

125

I N V E S T O R R E L A T I O N S

Registered Offices: Piazza Meda 4, I-20121 Milan, ItalyCorporate Offices: Piazza Nogara 2, I-37121 Verona, Italy

[email protected] (IR Section)

CONTACTS FOR INVESTORS AND FINANCIAL ANALYSTS

Roberto Peronaglio +39-02-9477.2090

Tom Lucassen +39-045-867.5537

Arne Riscassi +39-02-9477.2091

Silvia Leoni +39-045-867.5613

Carmine Padulese +39-02-9477.2092

banco bpm group

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