Thanks to the increase in the number of products with ESG characteristics placed and the intensification of the internal training path, the net income for ESG products increased from Euro million in 2019 to Euro 636 million in 2020, while the stock under management in sectors identified as ESG at 31/12/2020 is Euro 2,177 million, compared to 1,602 million in 2019. 103 BANCA ETICA AND ETICA SGR BPER Banca is a shareholder of Banca Etica and Etica Sgr (stake of 10.00%) and is the top placement agent of Etica Sgr funds in the country.