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Approval of the Merger Project Between BPI and BPVN and of the Business Plan of BANCO POPOLARE

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Approval of the Merger Project Between BPI and BPVN and of the Business Plan of BANCO POPOLARE Approval of the merger project between BPI and BPVN and of the Business Plan of BANCO POPOLARE − Establishment of a new co-operative Banca Popolare, listed Parent Bank − Establishment of two new banks in the form of a joint-stock company (“New BPL” and “New BPV-SGSP”) − Constitution of the 3rd largest Italian Banking Group by branch network − Guidelines approved for the Business Plan The merger project The Boards of Directors of the Banca Popolare Italiana (BPI) and the Banco Popolare di Verona e Novara (BPVN) have approved the plan to merge the two banks, which includes establishment of a new banking company in the form of a cooperative company, whose function will be that of Holding Parent Bank and which will be listed on the Italian stock exchange. The new bank will be called the BANCO POPOLARE Soc. Coop. and will have its registered office in Verona with administrative head offices in Lodi and Verona and stable organization also in Novara. The Banco will focus its business on the savings and loans, in its various forms, to both its own shareholders as well as non-shareholders, being guided by the principles of popular credit, paying special attention to the territory where its subsidiary banks operate and where the Group has its branch network, with particular consideration being given to small and medium-sized enterprises and co- operatives. The following operations will be carried out as part of the merger project: a) conferment by the BPI banking company, essentially made up of its branch network located mainly in areas where the bank traditionally originated and of all controlling interests in other banks that constitute the BPI Group in favour of a joint-stock company (“New BPL”) owned entirely by the Banco Popolare, with registered office and administrative head office in Lodi, on the understanding that the spin off will be subject to execution of the merger; b) conferment by the BPVN banking company, essentially made up of the BPVN branch network located mainly in areas where the bank traditionally originated, in favour of a joint-stock company (“New BPV- SGSP”) owned entirely by the Banco Popolare, with registered office and administrative head office in Verona, on the understanding that the spin off will be subject to execution of the merger. The Banca Popolare di Novara S.p.A., the Credito Bergamasco S.p.A., and the Cassa di Risparmio di Lucca, Pisa e Livorno S.p.A. will respectively maintain their current head offices in Novara, Bergamo and Lucca. The admission to listing on regulated markets managed by the Borsa Italiana S.p.A. and specifically on the Electronic Equities Market (Mercato Telematico Azionario delle Azioni) of the constituent bank, as well as convertible bonds making up the Convertible Debenture Loan 4.75% (CDL) and the "Banca Popolare Italiana Cooperativa Ordinary Share Warrants” (Warrants) resulting from loans already issued by the BPI and whose obligations will be accepted by the BPI as a result of the merger, represents a prerequisite for execution of the actual merger. Purpose of operation The Banco Popolare wishes to achieve a company structure and a system of corporate governance that focuses on the pursuit of the following objectives: − to align the need for a cohesive management and governing unit with the need for representation of original elements in the banking association and with the presence of principles of economic democracy typical for the model of popular credit. − to preserve the original co-operative matrix, to develop mutual customer relationships, and to promote territorial origins in the respective vocational areas, all of which elements will be joined with the major efficiency of branch processes and with the sharing of a joint industrial project that is distinguished by its innovation and market-orientation. 1 The new bank’s charter The merger will take place by means of establishing a new co-operative company whose charter will include the following: a) term of the company: 31 December 2040; b) share capital: registered capital is variable and unlimited; it is represented by registered shares, each with a nominal value of €3.60. The charter of the established Banco Popolare also stipulates that the Joint Management Board is authorised to issue a predetermined maximum number of ordinary shares, each with a nominal value of €3.60 and more precisely: 1. until 1 June 2010, for up to €28,468,969.20, by issue of up to 7,908,047 ordinary shares, of a nominal value of €3.60 each, for the sole purpose of converting convertible bonds to CDL from the former BPI, which will be accepted by the established Banco Popolare, on the assumption that prior to completion of the merger, conversion rights must not have been exercised in full by the owners, in accordance with the procedure and terms of the relevant regulation; 2. between 1 July 2008 and 31 December 2010, for up to €178,052,173.20, by issue of up to 49,458,937 ordinary shares, of a nominal value of €3.60 each, for the sole purpose of exercising ex BPI warrants, liabilities for which will be assumed by the established Banco Popolare. The charter also stipulates that the registered capital of the established Banco Popolare may increase by up to €11,691,000, by issue of up to 3,247,500 ordinary shares, of a nominal value of €3.60 each, for the purpose of the stock option plan for which provision has already been made by the management of the former BPVN and its subsidiaries. c) shareholders: no shareholder may own a number of shares whose total nominal value exceeds the legal limit. All individuals duly subscribed to the BPI and BPVN stock register for the purpose of the merger will be subscribed to the Holding stock register with full ability to exercise all administrative rights. According to the by-laws, the annual shareholders’ meeting for the approval of the allocation of the net income and the annual nomination of the members of the Management Board may be held either in Lodi or in Verona. In its capacity as Parent Bank, the company exercises management, control and coordination activities, issuing regulations to the various components of the Group in accordance with the instructions issued by the Supervisory Authority, as well as ensuring the stability of the Group. Territorial origin In order to make the most of its own origins, the company is devoting special attention to territories where its subsidiary banks operate and where the network can best express its own operational presence in the financial areas traditionally served. With a view to constantly supporting these values, it has been decided that a proportion of the net profit, no less than 7.5%, shall be allocated for purposes of assistance, charity and socio-economic promotion of the territory, resulting in the following territorial distribution: a) 8/24 to the Fondazione BPI; b) 6/24 to the Fondazione Banca Popolare di Novara per il Territorio; c) 1/24 to the Fondazione di culto Banco S. Geminiano e S. Prospero; d) 9/24 to the Fondazione BPV. Business Plan The Business Plan set up in collaboration with Bain & Co. will permit development of the full potential of the Banco Popolare, which as of 30 September 2006 ranked third in Italy for the number of branches (nearly 2,200), with more than 3 million customers, mainly families and small/medium sized businesses in Northern Italy, with approximately €74 billion of direct customer deposits (6th place on a national scale), 107 billion of indirect deposits and customer loans of around 74 billion (6th place on a national scale). The strategy of the Banco Popolare is to appeal to the development of traditional core business, enhancing the geographical complementarity of the branch network, with strong ties to the territory and excellence of the buildings produced which, for the first time in a banking consolidation process, will result in greater revenue synergies versus cost synergies. 2 The Banco Popolare will benefit from synergies of 500 million, 227 of which relate to cost, 146 to revenue and 127 to productivity alignment. The cost income ratio will stand at 43% at Group level (45% net of Bipitalia Ducato and Efibanca). The ambitious targets scheduled by the Business Plan for 2007-2010 will be achieved, thus appealing to the Banco Popolare’s key points of excellence: - Strength of the branch network – “Banca delle Piazze” - Efficiency and reliability - Business portfolio - Capital management Strength of the branch network The branch network of the new group differs from it competitors due to the improved quality of the franchise, with an average market share of 10% in Northern Italy and with a market share exceeding 10% in 21 Italian provinces. The excellent geographical positioning of the network is also distinguished by negligible branch overlap and the presence of well-defined territorial offices with clear geographic responsibilities, which will enable the Business Plan to be accomplished more quickly. The "Banca delle Piazze" strategy shared by both Groups, essentially based on territorial origins, will later support growth in the retail and SME sectors. The objective for average annual income growth from 2006-2010 is estimated at 10.7%, thanks to the alignment of the productivity of the commercial networks. Efficiency and soundness The Banco Popolare, which has a high level of efficiency to start with, shows average staffing costs below that of the banking system as a whole, in addition to the lower average age (41) of its 21,000 employees and excellent professional skills. Economies of scale will help to contain administrative and information technology costs, whose average annual increase is estimated at 2.1% including depreciation, while staffing costs will record average annual growth of 3.8%, with the staff of the BPI retail banks whose costs will rise by 3% yearly.
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