GRUPPO CARIGE

London 18th November 2009 GRUPPO CARIGE 1 Agenda

Carige Group at a glance

Key financial highlights

3Q09 results

Strategic Priorities

GRUPPO CARIGE 2 Group today

~50,000 small shareholders

Fondazione CR Assicurazioni Genova e CEP Market Generali Imperia

44.06% 14.98% 2.97% (*) 37.99%

Banca Carige SpA Cassa di Risparmio di Genova e Imperia

Banking Insurance Finance Trustee

• Banca Carige • Carige Vita Nuova (life) • Carige AM SGR •Centro Fiduciario • CR Savona • Car iige Ass.ni (non life) • CditiCreditis (Consumer •CR Carrara credit) • BM Lucca •B. Cesare Ponti Main Companies Only

5,881 1.9 M CUSTOMERS 643 BRANCHES & EQUITY 385 INSURANCE OUTLETS EMPLOYEES (1.2 M BANKING; 0,7M ASSURANCE) 3.6 € BILLION 827 CONSULTANTS

Operational and accounting data as at 30 September 2009 - (*) After communication to Consob on 6 October 2009

GRUPPO CARIGE 3 Growth through a long season of acquisitions

Year Capital collected Mln. Euro Year Acquisitions Mln. Euro

1994-95 IPO 105 1993-95-99 Cassa di Risparmio di Savona 228 Bond conversion into new shares 1996-97 61 1991-06-09 Insurance companies 473 ** Capital increase underwritten by La Basilese 1997 46 1999-2007 74

Capital increase underwritten by 1998 116 2000 21 branches from 60 institutional investors Capital increase underwritten by CNCEP, 1999 236 2001 61 branches from Gruppo Intesa 277 CDC, WestLB Capital increases and issue of subordinated 2003-06 521 2002 42 branches from Gruppo Cap italia 127 convertible bonds 2006 Issue of a LT2 loan 500 2003 Cassa di Risparmio di Carrara 174

2008 Capital increase 957 2004-2008 Banca Cesare Ponti 61 Issue of subordinated loans (Tier 1, Lower 510 2008 79 branches from 853 Tier 2, Upper Tier 2, Tier 3)

2009 Issue of a LT2 loan 100 2008 40 branches from Group 115

2010 Issue of convertible bonds 400 *

Total 3,552 Total 2,442 * Approved on 3 November 2009 by the Shareholders' Meeting and on 9 November 2009 by the Board of Directors. ** Including the future capital increase in Carige Vita Nuova. Subject to of Italy's authorisation.

GRUPPO CARIGE 4 A more and more diversified network

The network today new ex ISP ex Unicredit branches branches branches

4 7

1/1 69 / 60 46/ 30 643 58/ 24 71/56/ 46/31 56/22 40 28/20/1818 France 79 253/13 56/ 24 57/20 5/4/ 11 1 522 2 2/1/ 75 137 13 40/33/ 3537 23 9/33 1989 2007 TODAY 76 11/ 24 23 11/23 100% 72% 71% 2625 96% 48% 39%

63/37/ 5352 % of Banking branches 643 % of Branches Branches Insurance outlets 385 in Northern Italy in

GRUPPO CARIGE Operational data 5 Among the top Italian banking Groups

Market Cap(1) (€b) Total Assets 1H09 (€b)

983 •Ordinary shares 3.2 €b 42. 3 #6 #8 38.1 • Savings shares 0.5 €b 638

7.3 656.5 212 404.0 3.7 2.5 2.2 122 121 58 2.0 1.3 1.3 44 34 29 23 22

(()1) Data as at 11 November 2009 Domestic Branch Network 1H09 (#) C/I (%) 1H09

73.9% 5,900 #6 65. 5% 65.9% 66.8% #8 57.8% 64. 2% 4,865 55.9% 56.1% 57.4% 59.2% 60.1%

38.9% 3,120 2,175 2,007 1,284 799 642 582 497 262

Source: Companies data

GRUPPO CARIGE Operational data and accounting data (1H09 report) 6 Among the top Italian banking Groups

Customer to Loans 1H09 (€b) Net NPL ratio (%) 1H09

#8 6.8% 585. 1 62%6.2% #8 Average: 5.4% 386.3 5.1% 4.5% 4.8% 4.2% 4.3% 3.6% 3.3% 145.1 24%2.4% 96.8 82.8 1.9% 43.2 32.0 21.4 19.4 16.8 16.6

Tier 1 (%) 1H09 Net Bad Loan ratio (%) 1H09

2.8% #4 CT1 ratio (pre-gov. bonds) #5 T1 ratio (pre-gov. bonds) #8

10,5 Average: 1.9% 1.7% 1.7% 1.8% 8,7 8,5 1.5% 7,9 7,77,77,77,7 1.4% 6,9 1,4 7,3 0,5 080,8 080,8 080,8 1 ,9 12%1.2% 0,2 1,1 1,6 11%1.1% 1,4 10,5 0,5 0.8% 0.8% 7,9 7,2 6,9 6,9 6,9 6,7 0.7% 6,2 5,2 5,2

Other additional Tier 1 Government Bonds Core Tier 1

Source: Companies data GRUPPO CARIGE Operational data and accounting data (1H09 report) 7 Agenda

Carige Group at a glance

Key financial highlights

1H09 results

Strategic Priorities

GRUPPO CARIGE 8 Focus on retail

by segment by area (*)

SME South & Isles 38.0% Centre 6.4% Public 18.7% Ligur ia L Entities 36.8% Large 4.1% O Corporate Other A 9.7% 7.6%

N Private & S Small Affluent Business 2.4% 10.4% North Mass 38.2% Market (*) by customers’ residence 27.8% LOANS TO CUSTOMERS 3Q09 : 21.9 €b T by segment O by area T A Other South & Isles L 18.1% CtCentre 59%5.9% 12.6%

D Affluent & Mass E Private Market P 20.7% 50.3% O S North Liguria Corporate 21.4% 60.1% I 10.8% T S TOTAL DEPOSITS 3Q09 : 44.6 €b

Small business = turnover<1 m ; SMEs= <100 m€; Large Corporate= >100 m€ Data as at 30 SbSeptember 2009 Mass Market: total deposits < 80 k€, Affluent > 80 k€, Private > 500 k€

Operational and accounting data (3Q09 report) GRUPPO CARIGE 9 Customer based funding

Funding

Interbank €m % deposits 4% Customer ItInterb ank deposit s 1,052 .5 434.3 deposits money market deposits Securitisation 86% and current accounts 784.2 3.2 1% other deposits 268.3 1.1 Subordinated loans Customer deposits 21,179.2 86.1 EMTN 4% ppgrogramme shthort term deposit s 14,166 .1 57.6 4% medium/long term deposits 7,013.1 28.5 and bonds

EMTN programme 938.0 3.8 Retail bonds deposits 50.0 0.2 bonds 888.0 363.6

Subordinated loans 1,091.5 4.4 300 New issues for 1.7 floating rate bonds 1,081.6 4.4 €b over the last 12 convertible fixed rate bonds 9.9 0.0 months (0.9 €b net of expired bonds) Securitisation 327.1 1.3 200 RMBS performing securities 327.1 1.3 €m TOTAL FUNDING 24,588.4 100.0 100

Funding includes further 97.7 million from the securitization carried out in 2001, derecognised in the financial statement ‐ pursuant to the exemption allowed by IFRS 1 Nov‐08 Dec‐08 Jan‐09 Feb‐09 Mar‐09 Apr‐09 May‐09 Jun‐09 Jul‐09 Aug‐09 Sep‐09 Oct‐09 on first time adoption

issued bonds expired bonds

Data as at 30 September 2009 Data as at November 2009

GRUPPO CARIGE Operational data and accounting data (3Q09 report) 10 No pressure on liquidity

Current Debt Maturity Profile 2008 and 2009 institutional operations

Operation Issue Date

2008

Capital increase 957 € m March

Tier 3 100 € m June

2.186 2.112 Lower Tier 2 100 € m June

2.200 500 m 2.000 caaabllable in 2011 Tier 1 160 € m December 1.800 1.600 Covered bonds (*) 500 € m December 1.361 1.400 1.088 1.200 PL Securitization 853 € m December 1.000 907 800 Upper Tier 2 150 € m December 600 112 173 418 301 400 218 2009 80 200 21 5 0 Lower Tier 2 100 € m June 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2023 Covered Bonds (*) 1,000 € m November Customers Institutional Total 3,920 € m

€m (*) On a 5 € b plafond Data as at November 2009

GRUPPO CARIGE Operational data 11 Inaugural covered bond issue - Cover pool highlights

Cover pool 2.3 €b

Commercial/Residential Geographical distribution

Commercial South & Isles Centre 4.79% 10.91% 9.72%

Residential North 95.21% 79.38%

Current LTV Interest Rate Type

70 ‐ 80 18.4% 60 ‐ 70 18.5% 50 ‐ 60 17.1% 40 ‐ 50 15.3% 30 ‐ 40 13.6% Fixed 20 ‐ 30 9.6% 46.20% 10 ‐ 20 6.0% Floating <10 1.7% 53.80% Average LTV 50.32% Average outstanding maturity 20.36 years

Figures refer to volume of originated mortgages GRUPPO CARIGE 12 Inaugural covered bond issue - Bond allocation

Transaction details

Issuer/Guarantor Banca Carige SpA/Carige Covered Bond Srl Rating (Exp.) Aaa (Moody's). AAA (Fitch) Issue size EUR 1.000 mln Status Inaugural Obbligazioni Bancarie Garantite Maturity Date 25‐nov‐16 Value Date 05‐nov‐09 pon 3.75% CouRe‐offer price/Spread 99.917% / MS +60 bps Listing Luxemburg ISIN TBD Joint Lead Managers BancaUBS Carige,UniCredit UniCredit (no books),Group Group DB,(HVB) HSBC, (HVB) ,

Investor distribution (allocation) Geographical distribution (allocation)

4% 1% 3% 2% 5% 6% 6% 41% 22% 10% 44%

30% 26%

Fund manager Bank Italy Germany France Pension Fund UK/Ireland Finland CH/Austria Insurance Other Iberia

GRUPPO CARIGE 13 Sound assets

Total asset breakdown Financial assets (*)

Intangible assets Other 1.709 2.926 Tangible assets 5% 9% 1.117 Mutual funds 3% Debt securities 2% 85% Hedge funds Financial assets <1% 7.246 Net loans to Hedging 21% customers structured 21.410 62% notes 8%

Securitization Equity and 1% private equity 3%

(*) Data do not include the stake in and Total assets 34.4 €b the notional value underlying customers’ index linked policies Total 6.3 €b

Gross loan splitting Debt securities, securitisation and structured notes rating

bad loans AA 4% 62% mortgage loans to individuals 38%

m/l term A 73,7% consumer credit 25% 5% loans to corporate short tem 57% 23% AAA BBB 4% Other 7% 3% Total 5.9 €b Gross loans to customers 21.9 €b

Data as at 30 September 2009 GRUPPO CARIGE Operational data and accounting data (3Q09 report) 14 Sound credit policy

NPL ratio (%) Bad loan ratio (%)

80%8.0% 80%8.0% 7.4% 6.0% 6.0% 5.5% 3.6% 4.0% 4.0% 2.0% 2.0% 2.0% 0.0% 0.0% Dec 06 Dec 07 Dec 08 Sept 09 Dec 06 Dec 07 Dec 08 Sept 09

Gross bad loan ratio Net bad loan ratio Gross NPL ratio Net NPL ratio

NPL growth on December 2008 System (Jun 09 109.7 €b; + 31%) Carige Group (Sept 09 1.6 €b; + 26.2%)

60.000 900 +26.1% +18.9% 800 +15.8% 50.000 +10.5% +8.8% +34,1% 700 40.000 +14.2% 600

500 ‐1.1% +0.6% +12.6% m 30.000 mm € € 400 +8.30% 20.000 300 ‐6.2% +4.6% +24.7% +39% 200 10.000 ...... +16.9% 100 +0.8% ‐ ‐ Dec 08 Mar 09 Jun 09 Dec 08 Mar 09 Jun 09 StSept 09

Bad Loans Watchlist Loans Rescheduled Loans Past due Source: B.I.P. Bollettino Statistico

Operational data and accounting data (FY06 report - FY07 report – FY08 report – GRUPPO CARIGE 1H09 report – 3Q09 report) 15 …in line with the competitors

10% 1.0% 0.5%

7% MPS 8% 0.5% 6.5% 31%3.1% 0.5% 0.5% 0.7%

INTESA UNICREDIT 3.7%SANPAOLO 90% 2.0% 5.3% 2.8%

93% 92% NPL 7% Past Due 8% 0.7% 1.2% 0.3% Bad 7% 0.4% 3.0% Loans 0.6% BANCO Rescheduled 0.6% 2.2% POPOLARE 3.3% CARIGE BPM 4.1%

92% 1.9% Watchlist 3.8% 93% 3% 93% 9% 0.6% 0.9% Performing 0.1% Loans CREDEM BPER 1.7% 4.9% 0.9% 4.5%

Percentage calculated on gross 97% loans to customers basis 91%

Source: Companies data Operational data and accounting data (1H09 report) GRUPPO CARIGE 16 Robust capital ratios and low leverage

Capital Ratios (%)

3Q09 14.00% TOTAL CAPITAL RATIO 10.04% 12.00% TIER 1 RATIO 7.70% 10.00% T1 min Core TIER1 RATIO 6.90% T1 recommended 8.00% T1 Carige Group TCR min 6.00% TCR recommended 4.00% TCR Carige Group

Core T1 Carige Group 2.00% 2001 2002 2003 2004 2005 2006 2007 2008 Sept 2009

Tangible Common Equity (*) – 1H09

26.5 27.3 24.2 23.0 20.3 17.3 17.4 17.9 16.0 16.4 13.0

(* ) Total assets net of Source: Companies data intangible / Equity

Operational data and accounting data (1H09 report) GRUPPO CARIGE 17 Agenda

Carige Group at a glance

Key financial highlights

3Q09 results

Strategic Priorities

GRUPPO CARIGE 18 3Q09 – Growth of Deposits and Loans

TOTAL DEPOSITS €b LOANS TO CUSTOMERS €b

LOANS TO CUSTOMERS 44.6 21.9 + 12.1% 42.4 + 5.3% =93.4%

CUSTOMER DIRECT DEPOSITS 19.6 +2.6% + 9.7%

3Q08 3Q09 3Q08 3Q09

DIRECT DEPOSITS €b LOANS TO INDIVIDUALS €b

23.5 + 14.7% 7.2 + 8.6% 20.5 6.7 + 12.1% + 5.2%

3Q08 3Q09 3Q08 3Q09

INDIRECT DEPOSITS €b LOANS TO CORPORATE €b

13.2 21.9 change +15.7% 21.1 -3.5% 11.5 change net of + 14.9% -6.3% UC branches’ contribution

UC branches’ contribution 3Q08 3Q09 3Q08 3Q09

Operational data and accounting data (3Q08 report – 3Q09 report) GRUPPO CARIGE 19 3Q09 – Steady net profit

PROFIT CORE REVENUES (*) €m + 0.2% €m

783.7 766.5 251 -2.2% 235.2

Gross profit 163.3 163 + 6.7%

3Q08 3Q09 3Q08 3Q09

OTHER REVENUES COSTS €m €m

37.6 … 470.4 +10.3% -23.2 426.5

3Q08 3Q09 3Q08 3Q09

change (*) Core revenues = Net interest income + Net commissions + Dividends

Operational data and accounting data (3Q08 report – 3Q09 report) GRUPPO CARIGE 20 3Q09 – Results of the Group’s companies

‐6,1% Change 3Q09/3Q08 179,2

‐30% ‐44,1% 10,6 787 ,8 ,,%1 % ‐44 ,1% … 70,5% ‐51 2,7 0,6 0,8 0,5 CARIGE Cassa di Cassa di Banca del Banca CREDITIS SGR Risparmio di Risparmio di Monte di Cesare Ponti Savona Carrara Lucca Carige Vita Nuova Carige Assicurazioni

2.1 0,7 5,6 12. 3 ‐0.6 ‐14,8 ‐25

‐27.5

2008 2009

IAS No IAS IAS No IAS

Data as at 30 september 2009 €m

Operational data and accounting data (3Q09 report) GRUPPO CARIGE 21 Agenda

Carige Group at a glance

Key financial highlights

3Q09 results

Strategic Priorities

GRUPPO CARIGE 22 Our mission

Carige Group aims to be a national financial conglomerate equipped to provide banking, financial, insurance and pension solutions, focused on retail, pursuant to the development of resources and structures and the enhancement of an integrated multi-channel distribution system

Quality of Conglomerate National Retail resources and Multi-channel structures

• Complete offer of • Widespread • FiFocusing on • Specialisation of • Distribution banking, financial presence in Italy families, SMEs distribution and system based and insurance especially in and local public production structures on branches, products and certain areas and mobile and entities • Unitary management services strong presence in remote channel of the Group’s key- Liguria • Widespread and • AtiAggregation poiitnt intensive use of expertises for smaller • Focused on the technology • Professional relationship with development of local communities human resources • IT system in line with best practice

GRUPPO CARIGE 23 In the light of the results of the acquired banks…

Year of Loans and Net Income C/I ROE the deal Deposits (€ b) (€ m) (%) (%) CAGR Pre-dldeal 2008 Pre-dldeal 2008 Pre-dldeal 2008 Pre-dldeal 2008

∆ p.p. +18.8 p.p. -38.3 p.p. 10.1% 33.9% 86.5 21.5 8,5 Banca del Monte 48.2 1999 0.7 1.9 di Lucca 0.6 2.7 (#21 branches)branches) -20.8 p.p. +10.3 p.p. 3.3% 17%

23.6 13.9 4 71.4 Cassa di Risparmio 1999 2.8 50.6 di Savona 5.7 3.6 (#50 branches)branches) -24.2 p.p. +11.3 ppp.p. 6% 25% 17.6 12.5 73.6 49.4 Cassa di Risparmio 2003 2.9 di Carrara 2.1 4.1 6.3 (#34 branches)branches)

91.6 +9 p.p. 7.3% … 77.6 Banca 2004 Cesare Ponti (Dec) 1.1 1.4 1.7 -14 p.p. 6.0 (#4 branches) -0.6 -3.0 “Pre-deal” data refer to the last Annual report before the acquisition. “Pre-deal” data of Banca Cesare Ponti refer to 2004 Annual report. CAGR= compound average growth rate

Source: Companies data GRUPPO CARIGE 24 …and of the purchased branches…

CAGR Year of Loans and Total revenues C/I (*) the deal Deposits (€ b) (€ m) (%)

∆ p.p. 2000 2008 2002 2008 2002 2008

of which: -32.4 p.p. 6.3% loans 7.7% +17.6% 66.4 Banco di Sicilia 0.8 18.4 34.0 (#(#2121 branches)branches) 2000 0.5 10.1

2002 2008 2001 2008 2002 2008 of whic h: -27 p.p. 8.9% loans 6.9% +18.6% 69.8 3.6 43.7 59.0 2.0 32.0 (#61 branches) 2001

2003 2008 2002 2008 2003 2008 of which: 5.5% -36.4 ppp.p. 25%2.5% loans +9.6% 74.4 52.8 2002 2.1 2.4 38.3 38.0 (#42 branches)branches)

(*): direct costs only CAGR= compound average growth rate

Source: Companies data GRUPPO CARIGE 25 …the last two acquisitions…

CAGR Date of Loans and Total revenues C/I (*) the deal Deposits (€ b) (€ m) (%) 2008 2008 2008 target

84.8 Intesa 6.0 Sanpaolo March 55.5 (#79) 2008 ~35%

UCB Dec 90.1% 330.0 (#40) 2008 151.5 ~ 3%35%

ISP+UCB branches Other Carige branches Future growth based mainly on Other Loans to loans corporate customer corporate Other 41% 46% development loans Loans to (* ) direct costs only 54% corporate 59%

GRUPPO CARIGE 26 …show a high potential…

Total intermediation/ Employees/Branch Customers//pyemployee employee (€/000) 4,9 5,2 312 4,2 30,4 221 213 15 12,2

Liguria Extra Of which ex Liguria Extra Liguria Of which ex Liguria Extra Liguria Of which ex Liguria ISP/UC ISP/UC ISP/UC

Loans/ total Contribution*/employee Deposits/employee intermediation (€/000) (€/m) 42% 262 22,1 27% 24% 102 8,8 9,3 51

Liguria Extra Liguria Of which ex Liguria Extra Liguria Of which ex Liguria Extra Liguria Of which ex ISP/UC ISP/UC ISP/UC

Data as at 31 May 2009 * Contribution = revenues – direct costs

Operational data GRUPPO CARIGE 27 …to exploit

The ex ISP/UC branches: • are essentially retail; Actions • have a quite limited development of loans; • have relatively high rent costs; Objective Focus on • are relatively overstaffed. •Campaigns/commercial New customers’ actions acquisition •HR •Products The objective is to bring into alignment the performance of these branches to those of •Layout/logistics Liguria, increasing, at the same time, the Higher •HR retention •Pricing/conditions local penetration.

The project being carried out is focused on ex ISP/UC branches but it also regards other extra Enhancement •Products Liguria branches. It aims: of the existing •HR portfolio

• to point out the short and medium term •Volumes remix priority on each branch •Loans repricing Profitability •Funding repricing • to allow a constant monitoring of the •HR outcomes

• to encourage the managerial approach •HR evolution of the coordination between the Costs •Rentals renegotiation different levels of area manager •Branch relocation

GRUPPO CARIGE 28 The investment in the insurance companies…

In 1997, Banca Carige took over two insurance companies, one operating in Life sector (Carige Vita Nuova, former Basilese Vita Nuova) and one operating in Non life sector (Carige Assicurazioni, former Levante Norditalia), for an overall consideration of 472.6 million, 271.4 million in the Life Company and 201.2 million for the Non life Comppyany.

The total investments made by the bank to take the control of these two companies and to strengthen them are lower than the multiples paid in the last main market transactions.

GRUPPO CARIGE 29 …the life company…

Multiples transactions in Life sectors

Price/ Price/ Goodwill (1)/ Year Target Bidder Quota Price Premiums Equity Premiums

2005 Bipiemme Vita Fondiaria - SAI 46,0% 94,3 40,0% 3,93X 29,8% 2007 Arca Vita BPER 20,0% 53,0 43,9% 2,13X 23,3% 2007 MPS Vita AXA 50,0% 831,1 51,0% 373X3,73X 37,3% 2007 Berica Vita (Pop Vicenza) Cattolica Assicurazioni 50,0% 20,9 16,3% 1,28X 3,6% 2007 Vicenza Life (Pop Vicenza) Cattolica Assicurazioni 50,0% 23,2 26,8% 2,43X 15,8% 2007 BPV Vita Fondiaria - SAI 50,0% 530,0 147,2% 4,94X 117,4% 2007 DWS Vita Zurich Investment Life Spa 100,0% 97,3 121,2% 2,30X 68,6% 2008 UBI Vita AVIVA 50,0% 65,0 41,9% 1,57X 15,2% 2008 Quadrifoglio Vita S.p.A. MPS 50,0% 92,5 52,8% 1,77X 22,9% 2008 Quadrifoglio Vita S.p.A. AXA MPS Assicurazioni Vita S.p.A. 100,0% 141,5 40,4% 1,35X 10,5% 2008 Chiara Vita S.p.A. Helvetia SA 70,0% 79,6 119,1% 2,25X 66,1% 2008 CredemVita Credem 50,0% 50,0 16,9% 1,49X 5,6% 2008 BCC Vita Cattolica Assicurazioni 51,0% 44 72,6% 1,82X 32,8% Average 60,8% 2,38X 34,5%

Carige Vita Nuova Banca Carige 100% 271,4 28,6% 1.63X 11,0%

Carige Vita Nuova Pro Forma (2) Banca Carige 100,0% 203,4 21,4% 1.22X 3,8%

(1) Goodwill assessed as the difference between Price and Equity (2) Investments excluding the surplus realized by Carige Assicurazioni by selling to the Parent Company Banca Carige the 80% of its stake in Carige Vita Nuova (68 €/m) in 1999 and 2000.

GRUPPO CARIGE 30 …and the non life company

Multiples transactions in Non life sectors

Price/ Goodwill (1)/ Year Target Bidder Quota Price Premiums Price/ Equity Premiums 2006 Liguria Assicurazioni Fondiaria - SAI 100.0% 148.1 84.4% 2.96X 55.9% 2006 Toro Assicurazioni Investitori Istituzionali 10.0% 327.4 115.4% 1.36X 30.8% 2006 Fineco Assicurazioni Fondiaria - SAI 51.0% 56.0 >250% >5 >200%

2006 Toro Assicurazioni Generali 55.5% 2,139.0 136.6% 2.68X 85.7% 2006 Toro Assicurazioni Generali 33.5% 1,318.4 139.7% 2.74X 88.7% 2006 Duomo Assicurazioni Mapfre 50.0% 473.0 89.6% 2.37X 51.7% 2007 Aurora Assicurazioni Unipol 29.2% 657.2 67.9% 2.02X 34.2% 2007 Novara Assicura AVIVA 50.0% 250 >250% >5 >200%

2007 Toro Assicurazioni Generali 1.5% 61.0 139.8% 2.75X 88.9% 2007 Nuova Tirrena Groupama 100.0% 1,250.0 153.7% 4.52X 119.6% 2007 MPS Danni AXA 50.0% 181.4 >250% >5 >200% 2008 Padana Assicurazioni SpA Helvetia SA 100.0% 44.0 45.5% 0.25X neg.

2008 Crede m Ass icu cura azio oni Reale Mutua Assicurazioni 50.0% 18 1433%.2% 2.92X 99%4.2% 2009 UBI Assicurazioni BNP/ FORTIS 50.0% 120 150.8% 4.04X 113.5%

Average 115.2% 2.60X 76.3%

Carige Assicurazioni Banca Carige 98.4% 201.2 37.9% 1.42X 11.2%

Carige Assicurazioni Pro Forma (2) Banca Carige 98.4% 338.8 63.8% 239X2.39X 37.1%

(1) Goodwill assessed as the difference between Price and Equity (2) Investiments, including settlement costs (losses) and the surplus realized by selling to the Parent Company the 80% of the stake in Carige Vita Nuova (68 €m) in 1999 and 2000.

GRUPPO CARIGE 31 The bancassurance is growing well

Life Premiums 95% via 786 banking branches

588

153

€/m 1999 2008 3Q09

Stock premiums / 3.5% 5.0% 6.3% Indirect deposits

Source: Company data

GRUPPO CARIGE 32 The non life business needed some intervention: on the portfolio…

Portfolio mix 1999 Portfolio mix 3Q09

18.2%

42.5% 10.1% 50. 1% 7.4%

71.7%

Motor ins. Other car ins. P&C Ins. Motor ins. Other car ins. P&C Ins.

Number of motor insurance contracts Number of motor insurance contracts ~1,200,000 ~590,000 Number of insurance outlets 781 Number of insurance outlets 385 Claims ~206,000 Claims ~60,000

• Premium reduction policy in risky segments (Motor Ins.)

• Network rationalisation of the motor insurance agents

GRUPPO CARIGE 33 …and on the reserves

Over 2006–2007-2008 the company strengthened the reserves (169.6 €m) and recorded 77.4 €m in P&L account due to the utilisation of reserves for the cancellation of a reinsurance contract.

Technical reserve increase and technical reserves/premium ratio 183%

123% 939

€m 639

1999 2008

Technical reserves Technical reserves/Premiums

GRUPPO CARIGE 34 The next step to integrate the insurance business

Working area Target

• Personal data acquisition of the insurance companies’ customers 1 ICT/ General register • Identification of the customers in common between bank and insurance companies

Commercial development • Data analysis for defining specific commercial actions (cross selling) 2 on insurance companies’ customers

Network integration 3 • Complete revision of the operating and commercial processes to relaunch (Assurbanca)( ) the project

4 Bancassurance – CPI sale • CPI sale, pricing process review

• Guidelines definition to manage external communication Marketing & 5 • Enhancing cost synergies of the communication campaigns communication • Simplify the communication between Bank and insurance companies

6 Real estate • New synergies in the real estate acquisition and management

7 Bancassurance products • Integration of the assurance products in the bank’s products list

8 Creditis • Sale of assurance products together with financial services and credit cards

GRUPPO CARIGE 35 The next Convertible Bond Issue

Soft mandatory convertible bond scheme

Maximum nominal amount: €400 million

Duration: 5 years

Annual coupon payable in arrear from 2011 to 2015

100% of the ppprincipal amount

Early redemption faculty for the bondholders to redeem the bonds in Carige ordinary shares (1 share per 1 bond) after 18 months from the Closing Date and until the Maturity Date

Early redemption faculty for the Issuer, after 18 months from the Closing Date to redeem the bonds by issuing ordinary shares (11 new shares per 10 bonds) and making a possible additional cash payment for granting a 10% premium

Board’s resolution to submit to the Extraordinary meeting the proposal to Authorisation Board’s resolution to proceed with proceed with a convertible bond issue by the Bank of Italy a convertible bond issue

SEPTEMBER 2009 OCTOBER 2009 NOVEMBER 2009 1Q2010

Request of the Extraordinary Announcement and authorisation Meeting closing date to the Bank of Italy

GRUPPO CARIGE 36 Disclaimer

This document has been prepared by Banca Carige SpA solely for information purposes and for use in presentation of the Group’s strategies and financials. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither the company, its advisors or representatives shall have any liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary.

This document does not constit ut e an off er or invit ati on to purch ase or sub scrib e for any sh ares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

The distribution of this presentation in certain jurisdictions may be restricted by law. Recipients of this presentation should inform themselves about and observe such restrictions.

The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations.

***** The manager responsible for preparing the company’s financial reports Daria Bagnasco, Planning and Accounting Head Office Manager of Banca CARIGE S. p. A., declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records.

GRUPPO CARIGE 37 Contacts

Giacomo Burro CFO & Wealth Management Director [email protected] Tel: +390105794580

Maurizio Marchiori Head of Planning & Control [email protected] Tel: +390105794868

Emilio Chiesi Head of International Funding & UK Representative [email protected] Tel: +442076002608

Roberta Famà Head of Analysis, Planning & IR investor.relations@carige .it Tel: +390105794877

GRUPPO CARIGE 38