CARIGE GROUP

2011 – 2014 Strategic Plan

Sustained growth thhhrough value creation

Milan, 17 May 2011 Agenda

Our growth process Our Strategic Plan •Scenario •Strategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

2 Agenda

Our growth process Our Strategic Plan •Scenario •Strategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

3 The Carige Group

~50,000 small shareholders Fondazione CR BPCE SA Assicurazioni Market Genova eImperiae Imperia Generali

44.06% (1) 14.98% (1) 2.97% (1) 37.99% (1)

Banca Carige SpA Cassa di Risparmio di Genova e Imperia

Banking activities Insurance activities Financial activities Trustee activities

Federal model •BancaCarige • Carige Vita Nuova (life •CarigeAM SGR • Trust Centre • CR Savona insurance) • Creditis (Consumer •CR Carrara • Carige Ass.ni (non-life credit) Main companies • BM Lucca insurance) •B. CesarePonti Proprietary product factories

1.9 M CUSTOMERS 6,003 667 BRANCHES & SHAREHOLDERS' EQUITY (12MBANK;1.2 M ; EMPLOYEES 432 INSURANCE OUTLETS € 3.5 BILLION 0.7M INSURANCE)

(1) Ownership percentage calculated on the basis of ordinary shares only Data as at 31 December 2010 4 Equity investments

• Centralised consolidation of IT and management systems • Decentralised network and credit governance with a predetermined delegated powers system FEDERAL • Brand maintenance MODEL • Service contracts • Proximity to the territory through local directors and managers

Marginal administrative and organisational costs, largely lower than the benefits in terms of business and knowledge of the local realities

• Production margins complementing distribution margins PRODUCT • Greater control on business activities FACTORIES • Products tailored on the customers • Lower organisational complexity due to owning the factory vs partnerships • Cost, commercial and financial synergies

5 An increasingly diversified network...

The network today Former Former Former new ISP MPS branches branches branches branches 5 8 667 1/1 73/74 46/ 39 2 56/30 28/ 21 643 22 France 254/ 14 40 79/22 5/12 1 2/9 79 522 2 16 204 39/38 42 9/33 6 1994 2007 2009 TODAY 3 11/24 100% 25 72% 71% 69%

96% 48% 39% 38% 63/48

Insurance outlets 432 % of branches % of branches Bank branches 667 in the North in the region

Data as at 31/12/10 6 … resulting from internal growth and M&A

 Since 1990(1) 214 branches have been opened (103 in Liguria and 111 in 9 Extra-Liguria regions GOALS ernal owth

tt (Piedmont, Lombardy, Emilia Romagna, Veneto, rr g In Tuscany, Marche, Lazio, Sardinia, Sicily)  Territorial diversification  Acquisition of 4 and 6

business units for a total of 265  Reduction of branches and 2 insurance concentration companies risks (industry As of the date  Acquisition premiums in line with risks, of listing (2): strategic relevance (location, geographic production characteristics, size, risks, product € 2.6 billion synergies with insurance agents, risks, etc.) A invested in etc.) and with medium - to long -

&& M&A  term income outlook Expansion of the distribution M  Prices paid for insurance companies € 3.8 billion network among much lower than comparable financing which to transactions (Price/Premiums for sources allocate the Life: 21.4% vs. an average of collected(3) costs of central 60.8%; for non-Life: 63.8% vs. an structures average of 115 .2%) , in that they (scale reflected the need for thorough economies) restructuring and re-launching (1) Primo Piano sportelli; (2) La quotazione è avvenuta il 17/1/1995 ;(3) Aumenti di capitale e prestiti subordinati 7 Growth in the results of subsidiary banks...

Year of Loans and Deposits Net profit C/I acquisition (€ bln) (€ mln) (%) CAGR PePre- 2010 Pre- 2010 Pre- 2010 acquisition acquisition acquisition ∆ p.p. -26.7 p.p. 11.2% 17.7% 86.5 3.6 Banca del Monte 59.8 1999 0.7 2.2 di Lucca 0.6 (22 branches)branches) -7.9 p.p. 4.3% 6.5% 11.4 4.5 71.4 Cassa di Risparmio 1999 2.8 63.5 di Savona 5.7 (50 branches) -1.8 p.p. 63%6.3% 21%2.1%

4.7 73.6 71.8 Cassa di Risparmio 2003 3.2 di Carrara 2.1 4.1 (35 branches)

91.6 … 75.1 Banca December 12.7% Cesare Ponti 2004 1.1 2.3 1.7 -16.5 p.p. (6 branches) -0.6

“Pre-acquisition” data refer to the latest approved financial statements prior to the acquisition. CAGR= “Pre-acquisition” data of Banca Cesare Ponti refer to the 2004 financial statements. compound annual average growth rate 8 …and of the branches acquired

Year of Loans and Deposits Total revenues C/I (2) CAGR acquisition (€ bln) (€ m) (1) (%) ∆ p.p. 2000 2010 2002 2010 2002 2010 -10.6 p.p. 6.7% 4.1% 66.4 55.8 0.5 0.9 10.1 14 (21 branches) 2000 2002 2010 2001 2010 2002 2010 6.8% 28%2.8% -7.7p.p.

54.7 43.7 59.0 51.3 2.0 3.6 (61 branches) 2001 2003 2010 2002 2010 2003 2010 -15 p.p. 1.8% 0.7% 74.4 59.4 40.1 2002 2.1 2.4 38.3 (42 branc hes ) 2008 2010

2008 2010 2008 2010 +15.4 p.p. -1.6% -5% 70.9 Intesa 55.5 MMarcharch 646.4 626.2 84.8 76.6 Sanpaolo 2008 (79 branches) 2008 2010 2008 2010 2008 2010 … 3.5% -16.6 p.p. Decem ber UCB 24.1 90.1 73.6 1.5 1.6 (40 branches) 2008 3.0 (1) annualized data CAGR= compound annual average growth rate (2) includes direct costs only 9 Qualitative growth

Loans percentage in Greater territorial Liguria dropped diversification from 64% to 38%

The share of the top 20 Groups decreased by 8+ Reduction in the concentration of p.p. (to 9.7%) major borrowers and that of the top 50 Groups by 9+ p.p. (to 15.3%)

The incidence of Significant scale economies operating costs per branch dropped by 13%

10 Quantitative growth since listing…

TOTAL ASSETS FIA EMPLOYEES (number) (€bln) (€bln) 50.7 46x4.6x 40.0 4.4x Indirect 2x Other 24.1 deposits 14.6 assets 6,003

467 insurance 8.8 Loans 11.6 Direct 3.2 25.4 26.6 deposits 5,536 banking 6.0 3,226 5.6 5.6 1994 2010 1994 2010 1994 2010

COST INCOME NET PROFIT SHAREHOLDERS' EQUITY (€ mln) (€ bln)

79.6% -20p.p. 10x 2.3x 3.5 177.2 0.8 59.9% 1.5 (1) 2.7 16.9 0.8 0.7 1994 2010 1994 2010 1994 2010 (1) pro-forma figure inclusive of the AFS reserve established against the revaluation of the equity investment in the

11 …and sustained growth during the crisis

COMPARISON OF PROFITS FOR THE 2005-2007 AND 2008-2010 PERIODS (€ Mln)

AVERAGE BANKS (2) -51.1% 3,207

AVERAGE 1,568 PEERS (1) CARIGE -48.5% +24%

661 588 474 340

Italian banks Average peers Carige

Profits 2005 - 2007 Profits 2008 - 2010

(1) Source: financial statements of Banca Popolare Emilia Romagna, , Banca Popolare di Vicenza, , (2) Source: financial statements of , Banca Popolare Emilia Romagna, Banca Popolare di Milano, Banca Popolare di Sondrio, Banca Popolare di Vicenza, Credito Bergamasco, Credito Emiliano, Credito Valtellinese, Intesa San Paolo, Monte Paschi Siena, Unione di Banche Italiane, Unicredit 12 Dividends policy

Dividends per ordinary share(€) Dividends and share capital (1995-2010) (€ bln)

2.42,4

1.4141,4

Dividends Capital Dividendidistributed distribuitiincreases Aumenti di capitale

DIVIDENDS • ensuring low volatility and improving trends in POLICY shareholder returns AIMED AT: • creating favourable conditions for the success of capital strengthening measures.

13 Agenda

Our growth process Our Strategic Plan •Scenario •SSaegytrategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

14 2011 - 2014 Targets

2010PF CAGR CARIGE GROUP 2010 2014 2010PF-2014 ()(1)

Direct deposits (€ bln)26.6 26.6 32.9 5.5% Indirect deposits (€ bln)24.1 24.1 31.2 6.7% Total deposits (€ bln) 50.7 50.7 64.1 6.1% Loans to customers (€ bln ) 25.4 25.4 31.1 52%5.2%

Net profit (€ mln) 177 179 263 10.1% Shareholders' equity (€ bln) 353.5 353.5 404.0 34%3.4%

Cost income 59.9%60.0% 50.3% -9.7 pp Cost of risk 0.45% 0.46% 0.50% +4 bps ROE adj. (2) 6.5% 6.6% 8.1% +1.5 pp ROTE (3) 9.9% 10.1% 11.5% +1.4 pp

2010 2014

Core Tier 1/Common Equity 6.0% 8.0% Total capital ratio 9.1% 10.2%

(1) Pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 (2) Shareholders' equity net of the Bank of Italy equity investment revaluation reserve (3) Shareholders' equity net of goodwill CAGR= compound annual average growth rate 15 Competitive scenario - Italy

SOCIO-POLITICAL SCENARIO REGULATORY SCENARIO

• Aging society and net population decrease • New standards governing the banking industry: Basel III • Integration: 2.4 million new immigrants, numbers growing (increased capital requirements and stricter liquidity fast, low level of bankarisation management requirements) and reputation risk • Job instability and new family life cycles: increasing rates of • Constraints and restrictions for consumer protection divorces, common-law couples, “extended” and “mixed” (maximum overdraft charges, usury interest rate, mortgage • Decreased propensity to save and increased propensity to portability, Mifid, PSD,…) consume and borrow • Introduction of Solvency II on solvency requirements for the insurance sector

ECONOMIC SCENARIO • Globalisation vs nationalistic tensions • Growth of global GDP driven mainly by emerging countitries (Asi aaswell as LtiLatin AiAmerica and Afri ca) • Slow recovery of the Italian economy (1% growth of the GDP over the plan period) • Progressive raise of interest rates as of 2011

TECHNOLOGY SCENARIO COMPETITION SCENARIO

• Widespread digitalisation • Possible new wave of M&As driven by the need to optimize • Use of technology and inter-channelling in areas where no capital and liquidity physical offices exist • Shrinking of unit margins on traditional products and • Opportunity to let customers' needs emerge: customers simultaneous search for maximum distribution efficiency and are called on to plan products and services interactively commercial effectiveness (e.g. “shopping cart style” modular current accounts) • New competitors: large-scale distribution, telecom • New, technologically advanced payment methods to providers, application and network/virtual community acquire new young customers administrators • Channels addressing the electronic social networks • Easier to compare prices of financial service offerings and customers' readiness to switch to a different provider

16 Economic scenario - Italy

ECONOMIC AND FINANCIAL VARIABLES 2010 2011 2012 2013 2014

Real GDP (Var %) 1.2 0.9 1.0 1.4 1.0

Inflation rate (%) 1.5 2.9 1.7 1.7 2.1

ECB rate (end of period) (%) 1.00 1.75 2.00 2.25 2.50

Average 6-month Euribor (%) 1.1 1.6 2.3 2.5 2.7

Customer deposits (Var %) 111.1 373.7 434.3 464.6 404.0

Loans to customers (Var %) 5.0 7.3 6.3 6.0 4.5

Source: Research institutes consensus

Modest GDP growth and interest rates still at historically low levels

17 “New normal” characterized by increasingly strict and lasting regulatory requirements

RltRegulatory Structural Compliance and New capital and Credit and risk liquidity and reputational financial of cost financing risk normal leverage

What the regulators Core capital (4.5%) + Liquidity coverage ratio Anti-cyclical Full procedural expect buffer (2.5%)=7% and Net stable funding provisions compliance and (as at 2019), min ratio > 100% (TBD) 2015 observance of Mifid/ Anti- leverage TBD (2017)1 – 2018 requirements money laundering/ Transparency/other rules What the market expects Core capital8l 8%, Trade sources/ loans > Provisions structurally Full compliance with the (shareholders and min. leverage 3% 100% < 50 bps rules investors)

Sound balance sheet Solvency Access to credit Simplicity, transparency What cust omers expect stttructure anddd advice

The challenge for Italian banks: to achieve adequate profitability consistent with the cost of capital

1 During the parallel run period (2013-2017), the Basel Committee will test a 3% minimum leverage ratio threshold. 18 Agenda

Our growth process Our Strategic Plan •Scenario •SSaegytrategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

19 Underlying Strategic Approach

GROWTH FOR CUSTOMER INNOVATION INDEPENDENCE FOCUS

MEDIUM- TO LONG-TERM VALUE CREATION FOR ALL STAKEHOLDERS WITH A VIEW TO MAINTAINING A KEY INDEPENDENT ROLE IN THE ITALIAN BANKING SYSTEM

PROXIMITY TO THE LOCAL WORK ETHICS SKILLS COMMUNITIES

Bank accountable to the COMMUNITY

20 Strategic Mission

Financial People and Inter- National Retail conglomerate technology channelling

• Full range of • Deeply rooted • Focus on • Unitary • Branch-based banking, presence in households, management of distribution with financial and Liguria, handicraft “key” group skills a progressive insurance progressively firms, • Employees' development of products and extending to shopkeepers, professional/ inter-channelling services; the national small and personal • Specialized • Control on territory on a medium development service model profitability multi-local enterprices, • ICT as adrivera driver according to deriving from basis local bodies of innovation customer base product • Aggregating • Focus on segment factories centre for local simple, entities transparent • Federal model products to enhance the benefits of proximity to the looacal communities

21 Strategy: from definition…

STRATEGIC DIRECTIONS STRATEGIC GOALS

• Higher commercial productivity: . Improvement of cross selling 1 . Product portfolios evolving towards higher-margin, higher- Development of revenues and commission products (upselling) commercial offering: “discover” business areas (territories, . Lowe r bus in ess perf orm an ce v ari an ce products, customers) that still • Broader customer base have untapped value potential • Development of inter-channelling • Service model fine-tuning • Review of the pricing policies 2 New sales processes to free up resources for commercial activities Rationalisation of operating costs and • processes: constant striving for technical • Personnel's proactive commercial attitude and operating efficiency • Efficient cost base and process management

3 • Focus on retail and institutional deposits Optimisation of liquidity, capital and • Closing of the intermediation circuit cost of risk: efficient allocation of short resources • Active capital management in a Basel 3 perspective • Qualitative selection and management of credit

4 Focus on innovation and skills: not Widespread use of technology only on processes and products, but • also on human resources' behaviours • Recognition of merit and social skills • Optimal use of skills and abilities (knowledge and know-how) 22 …to implementation

STRATEGIC INITIATIVES

1. Strengthening of the Liguria network 2. Reduction of the productivity gap between Liguria and Extra-Liguria operations 3. Reduction of the productivity variance between branches 4. Optimisation of the Group's local presence 5. Development of integrated inter-channelling 6. PiiPricing op tim isa tion 7. Service model refinement for corporates 8. Proactive credit management 9. Risk monitoring and management 10. Development of corporate services 11. Private segment enhancement 12. Development of offerings to immigrants 13. Cost & lean management 14. Improved communications 23 Agenda

Our growth process Our Strategic Plan •Scenario •SSaegytrategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

24 1. Strengthening of the Liguria network

CURRENT POSITIONING

• History of strong roots in Liguria with a leading market share and good performance in terms of commercial productivity

• Areas of improvement in the ownership of products (cross selling) , both for households and for corporates, and in the acquisition of newly bankarized customers (young people, immigrants) Increase in commercial performance, both in terms of loans and deposits per person (from approx. 28 to approx. 33 million; +15%) LINES OF ACTION aadocossnd of cross-selling ( fro m 4.17 to 4.58; +10%) • Opportunity to take advantage of the region's infrastructural revamping to play our role in supporting the community

• Micro-marketing programmes aimed at boosting cross-selling/upselling for customers, resulting in maintained number of customers and progressively increasing markets shares among young customers

25 Productivity in Liguria

Customer cross-selling Loans and Deposits x LU (Labour Units) (€ Mln)

+10% 4.584,58 +15% 32,832.8

4174.,17 28,528.5

(1) 2010 2014 2010 2014 Liguria Network Liguria Network

Customer cross-sellinggy by se gment

7.8 2010 7.57,5 7,8 2014 6.36,3 5.85,8 4.9 454454,.5 4,9 454.5 4.7474,7 3.9 454,5 3.43,4 3,9

Mass Market Affluent Private Small Business Mid Corporate

(1) Estimated number of LUs assuming constant resources and 5 new resources per new branch 26 2. Reduction of the productivity gap between Liguria and Extra-Liguria operations

CURRENT POSITIONING

• Growing proportion of the Extra -Liguria network; however, gaps in productivity (revenues/ volumes per employee) and market shares are still to be filled

Reduce the gaps compared LINES OF ACTION to the Liguria Network , both in terms of cross-selling • Improve branch efficiency through the use of (gap from -19% to -13%) new online applications supporting sales and of loans and deposits activities, with employees ' schedules and per employee gap from - product catalogues fed by the CRM system 46% to -40%) • Alignment of Liguria and Extra-Liguria network performances through the acquisition of new customers, with special focus on corporate customers, and the development of closer relationships with local associations/entities.

27 Realignment of commercial performances between networks

Customer cross-selling

-13% -19% 4.584,58 4174.17 PiProgressive 4,17 3.963,96 realignment between 3.353,35 the two networks through an improvement in commercial productivity Liguria Non-L Liguria Non-L in terms of increased 2010 2014(1) cross-selling (from 3.35 to 3.96, or +18%) and Loans and Deposits x LU (€ mln) of loans and deposits 3232.,8 8 -40% per employee from 28.528,5 -46% 15.5 to 20 million 18,120 (+29%) 15.515,5

Liguria Non-L Liguria Non-L (1) 2010 2014

(1) Estimated number of LUs assuming constant resources and 5 new resources per new branch 28 3. Reduction of productivity variance between branches

CURRENT POSITIONING

• Strong variance in commercial performance between the branches, even within the same local markets

• Greater internal variance for the Extra-Liguria network, in particular with reference to newly PiProgressive recovery o f opened or recently acquired branches potential revenues for a total of 8 million through multiple measures: acquisition and LINES OF ACTION idbfincreased number of customers, development in • Full implementation of the new commercial breadth and depth (number mechanism consisting of the central analytical and average quantity of CRM and sales support tools podcts)podctemiproducts), product remix ( up • Launch of local micro-marketing actions focused -selling) and repricing on under-performing branches, accompanied by a turnover of branch managers and local market managers, so as to align the best resources with the best commercial potentials.

• Full implementation of service models still only partially in place, and careful assessment of options for reallocation/conversion into lean, eltlectron illically opera tdbted branc hes

29 The new commercial mechanism

The reduction in productivity variance between branches is achieved through the adoption of: • a business mechanism organized and supported by an innovative central analytical CRM and aided, during the operational phase, by the use of different channels, and within the Branch by easy-to-access and easy-to-use sales support tools • • a shared commercial method built and maintained “with the network” and “for the network”

Analytical CRM Operational CRM

AliAnalysis of cus tomer b bhiehaviours, with the support of innovative statistical “Grounding” of the commercial models for the banking sector (use of The new opportunities generated by the Current and prospective value of the commercial analytical marketing, to reach the relations, constant monitoring of relation mechanism customer with the best business migrations in the different value statuses proposition using the different in order to identify their needs and define interconnected channels. a business strategy to meet these needs in the most appropriate way

The new business mechanism supports the Network's development actions, and enables the systematic, widespread adoption of a shared commercial method

30 Analytical CRM

Sub-segmentation by value

Adult, low-debt 1.600 customers, very • Better knowledge of customers, active on direct channels Young high-debt customers 1.400 generally active on traditional channels Breakdown of customers r's value ee 1.200 of their overall “value” and of the 1.000 Senior customers High-debt adults, very low-activity active on direct channels into consistent groups 800 investors Custom most appropriate commercial 600 Low-activity customers holding current accounts only Young, high activity based on their value and customers with many services but 400 no investment and lending 200 "Dormant" customersproducts strategies for its sustainable without a current accounts purchase behaviours 0 - 0123456 Services owned growth over time

PitiPropensity scoring • Support to business Forecast of the development through initiatives likelihood that the accurately addressed at customer will accept the customers' specific needs, and offer and buy therefore “targeted”

Abandonment scoring • Preservation of the customer Prior identification of base, by anticipating the signs of deteriorating relationships dissatisfaction that may lead and assignment of a score customers to abandon the Bank indicating the likelihood that each individual customer • Imppelem en tatotation o f co mme rc caial will abandon the Bank initiatives on the basis of budget Analysis of inter-segment dynamics allocation optimisation

HighRisparmiatori activity investors Attivi ValoreHigh Value Alto Identification of the main methodologies (customer/contact YoungGiovani high-debt indebitati customers ValoreHigh Value Alto High-debt,Adulti indebitatihigh-activit y “migrations” of customers ROI) activitymolto adultsattivi Medium-highValore Medio/Alto Value AdultiLow activity risparmiatori adults pocoinvestors attivi between different value Valore Medio Value Valore Medium-high Value GiovaniYoung, moltohigh-activity attivi senza finanziamenti/Investimenticustomers Valorewithout Medio/Basso loans/investments Medium-high Value statuses and analysis of the ClientiLow-activity poco attivi customers con with currentc/c accounts Valore Basso Low value DormantClienti dormienti customers, no no effectiveness of business currentc/c accounts ValoreVery Bassissimo low value Churn initiatives 31 Operational CRM

IdiidlCIndividual Customer Sh eet in dicat ing, in a ddit ion to t he Reactive commercial customer's position: action • customer's value • product to be offered/ “best next action” Any contact is a sales ! • customer alerts,,y(g if any (e.g. customer at risk of opportunity leaving the bank) Branch alert highlighting the presence of ongoing initiatives on the customer

Business Form containing lists of customers to be Proactive commercial contacted for commercial actions action Documentation in support of branch colleagues with Contacts on the product selling arguments, commercial speeches maximized, optimized branch Network

Increasingly simple, integrated tools with operating procedures to close the sale; by becoming part of day-by-day operations, these tools support commercial activities based on a common approach

32 Productivity(1) by branch clusters

-40% -33% -26% -24% 23 24 19 21 14 16

2010 2014 2010 2014 2010 2014

TitilTop quintile - Mean Top 4 quintiles - Mean Last quintile - Mean

Cluster 1 (2)

EpectedesltofExpected result of -53% -46% branch productivity realignment: higher 24 -40% -32% 19 19 revenues for € 8 million 15 13 9

2010 2014 2010 2014 2010 2014 Toppq quintile - Mean Toppq 4 quintiles - Mean Last quintile - Mean Cluster 2 (3)

14 branch clusters have been identified

(1) Number of products sold (excluding the Finance area) / LU/ month (2) Cluster 1: large, historical branches, high-value customers, saturated market, focus on deposits (3) Cluster 2: medium-size branches, deeply rooted, medium-saturation market, focus on deposits 33 4. Optimisation of the Group's local presence

CURRENT POSITIONING

• 10 provinces with market shares > 5% and 17 with market shares > 3%; the remaining 42 provinces have market shares lower than 3% and show areas of operational improvement (management of human resources mobility, costs and investments in the territory, etc.) as well as commercial improvement (l(scale an d scope e ffects on circul arity, bdbrand, •Selective growth of market shares pricing, etc.) in the provinces with existing • Extra-Liguria Network requiring further branches to achieve critical mass, rationalisation/strengthening actions and penetration into new provinces considered attractive (48 openings planned in the Branch Plan) LINES• Opening/ OF reallocation ACTION of branches in particularly attractive locations, to improve •Achievement of the break-even • Local coverage and create synergies with the existing bank branches and insurance outlets point no later than 3 years after branch start-up • Opening of semi-automated branches as an alternative or replacement of existing branches •Total additional net profit at the • Progressive seamless integration of the branches end of the plan period: € 4.5 with the other channels million

• Development priority in Northern Italy (Veneto , Piedmont, Emilia Romagna, Lombardy) and possible implementations in a rationalisation/completion perspective in other regions 34 Branch market shares by province

>20% >5% >3% >2% >1% <1%

35.00%35,00%

30.00%30,00%

25.00% 25,00%

20.00%20,00%

15.00% 15,00%

10.00%10,00%

5.00% 5,00%

0.00%0,00% ASTI RIETI ENNA PAVIA LUCCA COMO CUNEO MASSA LATINA PARMA BARI NUORO PISA PISTOIA TORINO FIRENZE SASSARI VENEZIA RAGUSA IMPERIA SAVONA GENOVA PADOVA TRAPANI CATANIA MESSINA LIVORNO LECCE ROMA TARANTO LA SPEZIA LA AOSTA SIRACUSA PALERMO PIACENZA RIMINI PRATO ORISTANO VARESE AREZZO FOGGIA MILANO ROVIGO BRESCIA FROSINONE TREVISO NOVARA ANCONA VERONA VICENZA VITERBO AGRIGENTO CAGLIARI PERUGIA VERCELLI MODENA BOLOGNA ALESSANDRIA BERGAMO CREMONA MANTOVA GROSSETO OLBIA-TEMPIO REGGIO EMILIA REGGIO ONZA E BRIANZA E ONZA ASOLI PICENO ASOLI FORLI'-CESENA -CUSIO-OSSOLA A-ANDRIA-TRANI OO TT M VERBAN BARLET

Data as at 31/12/10 35 2011-2014 Branch Plan

THE NETWORK IN 2014 (715 BRANCHES; 440 INSURANCE OUTLETS) RESULTS OF NEW

Lombardy OPENINGS 2014 Valle 14 (€ bln) d'Aosta Veneto 1 4 TOTAL DEPOSITS 2 Emilia ~1,547.5 87 50 Romagna (FIA) 6 60 34 259 Marche Piedmont 2 4 GROSS LOANS ~884.8 91 7 Liguria 2 France 1 5

Tuscany 39 NET PROFIT ~4.5 12 2 9 NUMBER OF 11 215 EMPLOYEES

NUMBER OF 2011-2014 48 63 BRANCHES 48 OPENINGS

Openings 2011-2014 Number of branches as at 31/12/2014 36 5. Development of integrated inter-channelling

CURRENT POSITIONING •Progressive increase of the time dedicated to consulting, • Highly customized service offerings through relationship management 'high-touch' relationships (i.e. managed directly and sale of products by branch personnel), vital for local presence, but resulting in high industrial production costs •Achievement of excellence • “Opportunity” cost, relating to the time levels in the inter-channel dedicated by network resources to low-value service, leading to increased added activities, which could otherwise be devoted to business and customer relation customer satisfaction and development loyyyalty

•Improved revenues and penetration of new LINES OF ACTION customers linked to innovative products • Local presence through a hub-and-spoke service model, based on hub branches and full-service or cashless lean branches (spokes) •Increased contacts (approx. 6 mln ppyer year) • Development of technology to support distribution through “integrated inter- channelling”; these applications recognize the •Operations on other customers consistently - allowing them to channels from 39% to 50% interact whenever, wherever and any way they prefer – and all ow pr ice differen tia tion

• Reduction of service costs by shifting operations to innovative channels 37 The inter-channel distribution model

Branch

Internet Banking Kiosk Branch Call Consultants Totem Mobile terminals/ counter Center banking ATMs

Customer experience

Improvement of inter-channel customer experience: an “always on” bank with a sigg(pppy)pnificant increase (approx. 6 mln per year) of proactive contacts generated on the different channels corresponding to future investments for approx. € 30 mln 38 Use of the operational CRM in an inter-channel perspective

Example: Mortgages 2 1 The website advertises a The current or new mortgage with the potential possibility of simulating a customer visits repayment plan the website

3

The current or potential customers perform the Marketing 5a simulation initiatives based The call centre on inter-channel contacts the potential customer 4 strategies to offer products The current or potential customers provide their personal data for future contact 5b

The manager meets 5 current and/or potential customers The current or potential to provide further customers receive information promotional materials via mail/ e-mail 39 Inter-channelling for higher operational efficiency

+1.7% +5.1% +13.6% 400 CAGR 2010-2014 Operations by channel

240 39% 50%

1100 61% 50% 900 668662 715

2010 2014

Number of Number of ATMs Sportelli ATM e Cash In OnlineOnline (1) Branch Other channels branches and cash-ins contracts 2010 2014 (thousand)

CAGR= compound annual average growth rate 40 6.1 Pricing optimisation: Loans

CURRENT POSITIONING

• Strong variance on loan rates, wihith margins for improvement of the correlation between price and strategic considerations on the level of the overall business relationship, or between price and counterparty riskiness •Progressive increase of the ROA on loans and increase • Increasing legal and reputational constraints (usury rate, transparency, mortgage portability, of the net interest income, etc.) limiting the possibility of optimal loan the loan volumes/risk pricing at system level undertaken/regulatory capital absorbed being equal

•Progressive loan remix LINES OF ACTION based on risk-return considerations • Use if the new CRM system to assess the overall business relation with the counterparty to determine the interest rate to be applied

• Greater use of methodologies for the determination and application of the risk adjusted minimum rate

• Greater control on the actual application of bibusiness and rikisk-bdbased priiicing rules, bthboth in thesaleandpost-salephase

41 Risk adjusted pricing

Pricing - Risk class

0.0% -0.2% 0.0% -0.4% -0.6% -0.7%-0.9% -0.8% -0.7% -14%1.4% -1.8%

% misalignment of -46%4.6% the actual pricing compared to the theoretical pricing -12.6% consistent with the -12.8% risk class

-76.9%

PD Classes 123 4 5 6 7 8 9 1011121314Total

Excellent/Good Fair/Uncertain Bad/Very bad

Value (€ mln) 0.00.0 0.0 0.0 -0.1 0.0 -0.1 -0.2 -0.1 -0.3 -0.7 -1.5 -2.3 -4.1 -9.5

Analysis performed on a sample of the current Small Business customer base 42 6.2 Pricing optimisation: new current account offering

CURRENT POSITIONING

• Offering to be reviewed in light of a current account market characterized by gggrowing decomposition and dynamism of product and service offerings (from "package" to modular •Simplification of the offering "shopping cart" current accounts) and reduction of organisational complexity

•Increased sales and cross- LINES OF ACTION selling volumes

• Development and full implementation of a new •Incremental revenues current account offering estimated in approx. 7-10 million • Introduction of limits to the use of derogations for accessory services, with the development of new sales tools (configurator)

43 The new current account offering: rationales

Development of the range of the current accounts offered to customers

Greater customisation and modularity of the services offered

Focus on simpler communication aspects

More advisory approach focused on service contents

Use of commercial leverage (dynamic discount mechanisms) to promote cross -selling

Incentivise inter-channelling with a push approach on products like internet banking and ATM

44 Estimated financial benefits

Action Action Leverage

New offerings for + pricing new customers Sale of new offering + volumes/products Reactivation of old + pricing Migration to new offering products + volumes/products

Higher standard prices of branch + pricing PiiPricing wire transfers adjustments Fewer permanent waivers on -waivers branch wire transfers

Introduction of a floor for spot -waivers Limits to waivers waivers on branch wire transfers

Flow of incremental revenues: 7 - 10 million

45 7. Service model refinement for corporates

CURRENT POSITIONING •Progressive growth of • Widely diverse Small Business segment: revenues generated by small (independent contractors, Small Economic business. On the Small Operators (SEOs), small corporates); the services currently provided by SB managers are Business segment: increased unable to take full advantage of the percentage of customers opportunities managed with a relational approach from 57% to 81%; • Some adjustments are also required in the other business segments greater commercial effectiveness: increased revenues from the 7.5 million segment LINES OF ACTION •Progressive growth of the • Refinement of segmentation criteria to identify revenues (particularly from current small business and to offer more commissions) generated by advanced service models and greater use of high-potential SMEs and consultants higher profitability on • In the future, possible separate service offerings capital/financing represented to professionals and to SEOs (shop owners etc.) by loans to large corporates

• Refinement of the segmentation criteria and the related service models for large corporates and high-potential SMEs

46 The new segmentation of corporates

AS IS TO BE • Large Corporate focused on Large Corporate Large Corporate ‘key Corporate customers’ no. of customers: ~ 420 no. of customers: ~ 600 no. of teams: 3 no. of teams: 5 • Team with growing operating independence (also for Sales revenues > € 100M Sales re ve nues > € 100M assistants) to stimulate a Bank credit lines > € 10M Bank credit lines > € 10M “High-potential” customers greater propensity to conduct development activities, Mid Corporate particularly outside Liguria Mid Corporate no. of customers: ~ 7,500 no. of cust omers: ~ 9 ,300 no. of teams: ~ 55 • Strong commission generating no. of teams: ~ 60 Sales revenues > € 2.5M offering Short-term System credit Sales revenues > € 1.5M • Management of Small Business Short-term System credit lines lines > € 500K > € 250K customers through a dedicated Small Business in-branch advisor no. of customers: ~ 31,000 no. of employees: ~ 210 Management of the Small Small Business • Business segment in a retail no. of customers: ~ 62,200 no. of employees: ~ 260 System credldit lines > € 30K logic and model POE (retail) no. of customers: ~ 32,800

47 8. Proactive credit management

CURRENT POSITIONING

• Careful and prudent credit management, also considering the specific phase of the economic cycle, with areas for •Progressive improvement of improvement in the proactive management of lending the risk/return profile of the policies: from the definition of the target portfolio allocated by area/ segment/ economic sector/ rating class, to the total loan portfolio, recovery dynamic management of non -performing ( NPL)andpre) and pre- of the reppgricing mar gins and non-performing loans (“grey area”) reduction of the expected loss associated with new disbursements (containment of the cost of risk within 50 LINES OF ACTION b.p.)

• Active loan management throughout the entire life cycle: from •Increase of the net current the planning of targets and lending policy restrictions to the dynamic management of both performing and non -performing value recovered from loans loans: under restructuring and non- 1.. Definition of the target portfolio to improve diversification and performing loans credit quality, and to reduce the cost of risk; 2. Strong supervision and constant monitoring also of the “grey areas” relating to pre-non-performing loans; •Containment of future losses 3. Strengthening of corporate loan restructuring activities, also associated with pre-non- through synergies to be developed using the SMEs/Large Corporate enterprise service model and a new segmentation performing loans (so-called model; "grey area") 4. Review of the level of independence and loan approval processes on the basis of ratings with progressive repricing, of the expected loss and of the price applied; 5. Strengthening of the systems, resources and organisation of in- court and out-of-court proceedings for the recovery of non- performing loans 48 Evolution of active loan management and effects on capital, funding and cost of risk

Loan granting Strategic orientation Monitoring of restrictions

Steps Functions in charge Actions Capital Liquidity Profitability

Definition of Loans/ Loan Definition of lending policies/ Governance, target portfolio/ √ √ √ 3-year target Governance and loan allocation by √ √ √ portfolio Control (for impacts on area/segment/rati √ √ √ capital/ funding/risk ng √ √ concentration) Rating Risk Managg,ement, Segmentation of assignment/ Loans and Lending service/ product √ √ √ Resolution and Committee (Sales for offerings and √ √ √ indication of risk- overall customer processes √ √ based pricing profitability issues) provided. Risk- √ based price AtfAssessment of Risk Management, SitlSecurity value √ √ √ securities (firstly Loans (LGD impact, dynamic analysis √ √ real estate) price mitigation) √ √ Syndacation (in Risk Mgt, Loan Mgt, Assessment of √ sales), performing Governance and profitability trade- √ √ √ portfolio transfers , Control, Finance off vs . RWA/ √ √ √ including synthetic (securitisations) funding/ √ transfers concentration √ Management and Loan Management, Proactive M&A, restructuring of Loans, Corporate restructuring √ √ √ pre-non- Services, Sales actions √ √ √ performing loans √ Credit collection- Bankruptcy Credit collection, Litigations, Governance proceedings, √ √ √ foreclosure of and Control (for participation in RE √ √ √ securities and sale impacts on capital and auctions √ √ of NPL portfolios idindexes /IR)

Loan repayment 49 Performing portfolio monitoring model

• Detect positions with signs of deterioration on the basis of rating systems and other indicators if applicable (early warnings) Detection • Calculate synthetic anomaly indicators summarizing potential risks at individual customer level PROCESS AND • Provide a wide -ranging, in-depth view of the causes that have led to the specific TOOLS management situation (“Monitora”) • Identify macro-objectives and a set of actions to be undertaken for each of the management situations, in line with the manager's decision-making independence Management • Determine the process that will give the account managers and the Network responsibility for the execution of management plans • Monitor the adoption of appropriate management actions and the effects thereof CENTRALISED FUNCTIONS DECENTRALISED FUNCTIONS

LOANS DEPARTMENT TERRITORIAL AREA DEPT.

ORGANIsationAL LOAN MANAGEMENT LOAN GOVERNANCE CHANGES DEPARTMENT DEPARTMENT COCS

IMPAIRED LOANS LOAN OFFICE MONITORING LOAN OFFICE MONITORING OFFICER

Constant monitoringgy for the early identification and manag gygement of any signs of deterioration of the positions, assignment of responsibilities and actions to be implemented according to severity 50 Impaired loans portfolio monitoring model

AVERAGE RATE OF RECOVERY ON SETTLED POSITIONS 55.1% 48% 53% 40%

CARIGE Player1 Player2 Player3

Average life 2.4 4.4 3.0 7.0 Average ticket (K€) 80 96 61 136 mortgage % 28% 20% 16% 33% Maintenance of high Source: Bain analysis recovery performances also in •New application Tool •Con str ucti on of a the near future MEASURES portfolio from the non- ADOPTED IN THE performing positions under a manager LAST THREE YEARS •Concomitant IN ANTICIPATION Organisation reorganisation of the Litigation Department OF CREDIT (Redistribution of QUALITY workloads, segmented by type, use of external DETERIORATION Process credit collectors, etc.) •Review of recovery management processes

51 9. Risk monitoring and management

CURRENT POSITIONING

• Strong credit risk monitoring, related to the •Benefits from a capitalisation Group's prudence and long-term culture increase in the order of 100- • Progressive implementation of analysis, 200 b.p. at core capital level, monitoring and management models, still to be in the event of advanced IRB improved in a perspective of proactive adjustment management and advanced qualification towards the Regulators •Strengthening of the bank's perception as a solid, solvent • "Improvable" integration of the risk views and risk -advanced bank assumed at product company level •Top positioning among medium-sized Italian banks for the internalisation of ratings in LINES OF ACTION commercial procedures (segmentation criteria, • Development and full implementation of credit delegations, risk pricing etc.) rating and loan portfolio models, and review of •Top positioning for compliance the lending processes and organisational/ICT and reputation risk procedures toobta inadddvanced IRB compliance management • Integration of the views of financial, loan and pure risks, consolidated by the Group CRO (including, for market risks, also the insurance company portfolio)

• Strengthening of the monitoring of fraud and reputation/compliance risk 52 Level of coverage

The level of coverage of impaired loans is in line with the System coverage level(1), keeping in mind the following: High portion of the impaired loan portfolio supported by mortgage securities (59% vs. 48% System average) Less risky composition of the impairment loan portfolio (non-performing loans: 47.7% vs. 54.4% System average; watch list loans: 27.9% vs. 31.5%; past due loans: 18.2% vs. 5.5%) Intensive write-off policy conducted over time on impairment loans still recorded in the financial statements

Loan portfolio characterized by high granularity of the positions and turnover

High percentage of mortgage loans (47%) taken out in Liguria, where the real estate market maintains steady prices

(1) Peer group used for benchmarking on data as at 30/9/2010: Unicredit, Intesa San Paolo, Banco popolare, Monte Paschi di Siena, Unione di Banche Italiane, Banca Popolare di Milano, Credito Emiliano, Banca Popolare Emilia Romagna 53 Switching to the IRB Advanced system

ACTIONS

New segmentation Estimated expected LGD model for Lar ge Corpo rates benefits in terms of core capital: Development of non-rated 100-200 b.p. counterppyarty models

PD recalibration for Privates and Small businesses, and 10% LGD increase

54 10. Development of corporate services

•Increased profitability from support to SME CURRENT POSITIONING internationalisation, also thr ough indust dustaarial allia acesnces • Creation of a new Business Services department with international banks to launch systematic initiatives for the (higher revenues for approx. € development of commission income (foreign 12-15 million once fully operations, insurance and financial coverage, implemented) corporate portal)

• Customers on "traditional" management •Support to the growing methods, based on loans, with modest complexity of business development of supplementary services. Limited activities - as a result of offering of advanced services to large corporates globalisation, technology and high-potential medium sized corporates innovation and constantly evolving supply and target markets - through electronic LINES OF ACTION solutions (e.g. Corporate Portal • Offer competitive international services designed and related service offering) to meet SME needs, in support of the that will generate new internationalisation process, through "local" customer-side commission alliances if appropriate income and improve banking and corporate process • Take full advantage of CARIGE Group's efficiency excellence and skills (products and technologies) in the Corporate area, including through the development of the new corporate portal •Increased insurance coverage rate for the corporate • Strengthen synergies with the Group's insurance segment, with positive effects companies for the offering of products to on commission income corporate customers 55 Service generated revenues: Growth margins

Segmentation of Carige Corporate customers Percentage of customers with international loans by sales revenues

IntlEstero loan solo with IntlEstero loans conCarige Carige only conwith CarigeCarige (2%) &ealtri others % of customers with international loans (9%) Intl loans with Estero solo 61% conother altre banks banche only 60% (12%) 50%

40 37% System Carige 26% 21% System 23% 20 16% NoSenza intl loans 13% estero 7% Carige 11% (77%) 0 > 50 €mln 20-50 €mln 5-20 €mln < 5 €mln

Use of online channels – Carige Corporate 100% 17% 9% 74% 43% 74% of Mid Corporate customers

5% operate with online tools; of 26% these, only 5% has an active CBI Analysis base No online Non-operating Customers Passive CBI Active CBI Operating mid Corporates channels online with active online banking online banking channels

56 Support to companies' internationalisation

Where it would be interesting to go … … emerging Countries… … requirements/ opportunities for CARIGE

Eastern Europe

• Strengthened ability to assist SME Russia customers in conducting import/export business; distinctive ability to support SMEs in the development and realisation of their competitive globalisation China projects (delocalisation, JV with local partners) Cairo . Development of international services “at home” IdiIndia . DlDevelopment of support servi ces th at can be offered through correspondent banks, and through cooperation agreements with specialized partners if Indonesia possible . Industrial alliance, if the conditions exist, with an investment bank for globalisation (M&A, JV, obtainment of Africa capital, etc.)

Brazil

57 11. Private segment enhancement

CURRENT POSITIONING for Banca Ponti

• Banca Cesare Ponti is a commercial bank with its •Development of Banca own legal personality and brand, dedicated to the Ponti's customer portfolio Private segment through the service model • Central competence structures (Ponti, Private Dept., Finance, CARIGE SGR, etc.) in network with •Opening of new branches each other, with differentiated approaches based on private bankers according to territory (Banca Ponti dedicated to Lombardy, Banca Carige's Private Division providing service in other regions) for Carige

•Development of the Private customer portfolio and of LINES OF ACTION “false mass market • Differentiation of the service offerings. Consulting services extended to asset pp,rotection, management of customers” generational passages, portfolio risk governance and monitoring •Constant interaction with • Development of Banca Cesare Ponti as a centre of Corporate and Small excellence of the Group. In Lombardy, centralisation business consultants and “l”“seamless” switchi ng of PiPriva teand prospective Private customers from Carige to Ponti with development of strong interactions with the Carige •Increase in the average network (branches, Corporate managers, Small number of products held Business managers) from 7.2 to 7.5 (+4%) • Extension of the common service model to all of the Group's Private customers, and development of strong •15% reduction of interactions with the Bank's territorial network. administrative processing Adoption of a Private branch model time 58 Banca Ponti: economic and financial targets

Banca Ponti's Net Profit growth (€ mln)

CAGR 32.1% 2010-2014

Banca Ponti's FIA growth (€ mln)

11.9% 2,907 3,040 2,694 2,434 1,935

CAGR= compound annual average growth rate

Direct Deposits Indirect Deposits 59 Development of Carige's potential Private customers

There is a 40% potential of mass-marktket, multi ltilple bkbank 61% customers

39%

39% 61%

Mass Market Multiple bank Holding "active" Holding “marginal” accounts customers customers accounts with other with Carige Banks

Customer base expansion: use the broad Mass Market customer base to identify potential Affluent/ Private customers

60 Development of Carige's Private segment

Cross-selling by segment +4% 7.47,4 7,17.1 +11% 6.06,0 5,45.4 +7% +7% +19% 4.44,4 4.44,4 4,14.1 4,14.1 3.73,7 3,13.1

2010 2014 2010 2014 2010 2014 2010 2014 2010 2014 Mass Market Affluent Private Small Business Mid Corporate

61 12. Development of offerings to immigrants

CURRENT POSITIONING •Higher number of new • Growing number of immigrants in Italy (approx. 5 immigrant customers million, including 2 million Muslims sensitive to the Shariah rules of Islamic finance) only partially addressed acquired through the by CARIGE physical network and • GiGrowing number and amountsof remittances to the through hdiiliiii digital initiatives immigrants' families in the countries of origin (transfers through companies specialising in remittances) addressed to ethnic • Agreement with foreign banks for remittances abroad; communities some branches with specific layouts dedicated to the immigrant population •Customers' average age decreasing (focus on younger, more "dynamic" LINES OF ACTION cust)tomers)

• Identification of customer potential in relation to the presence of branches in areas with large ethnic •Increase in direct and communities indirect deposits, also • Implementation of adhocbusinesspartnershipsand alliances with companies specializing in immigrants' through the remittance online remittances to their Countries of origin service • Identification of specific requirements and new offering of Islamic finance/insurance products • Careful monitoring of key risk factors associated with this customer segment

62 Financial inclusion as a key integration factor for the "new Italians"

CARIGE has approximately 58,000 foreign customers, over a total population in Italy of more than 5 million. CARIGE's target customer base is composed by 30% of Latin Americans (particularly from Ecuador), with dedicated remittance programmes already lhdlaunched thhhrough partnerships wihith corresponding bkbanks inLatinAmerica

Legal status Integraton and Life cycle Settling acquisition & consolidation definitive settling

Send money Send money home Send home Manage cash Purchase durable Financial money Manage cash Purchase goods needs home OhOwn a home durable goods Get insured

Products Remittances Personal loans Basic saving Mortgages typically and insurance Insurance owned Current account Consumer finance products products ATM Credit cards Prepaid cards

63 An increasingly important customer segment

The “non-EU cistizens" market share has grown from 0 .73% to Increase in traded volumes for non-EU citizens (€ mln) 0.80% (32,000 customers in 2010)

CAGR +9.4% 9.4% growth of 2010-2014 1.075,2 traded volumes 1,075.2 Va 751.4751,4 Expected revenues: ~ 9 million by the end of the plan period 2010 2014

64 Traded volumes = FIA + loans CAGR – Compound annual growth rate 13. Cost & lean management

CURRENT POSITIONING

• Good level of operating efficiency compared with average industry levels. However, there are areas for improvement, including process simplification and load disbursement time •Further improvement of ASA efficiency through savings from renegotiations and LINES OF ACTION selection of preferred suppliers • Constant monitoring of overhead and administrative costs, with opportunities for the further promotion of marketing programmes and •Savings on costs and centralised, competitive supplier management • Process analysis to identify time/resource saving FTE resources related to opportunities the process efficiency • Strengthening of the parent company's monitoring on subsidiaries' costs processes programme and back (including insurance companies etc.). office centralised • Roll-out and full implementation of the back consolida tion office centralisation programme, aimed at reducing costs through scale/scope economies, as well as improving the quality of the services provided (common standards, less reworking, and Six Sigma total quality programmes). Opportunity to develop non-captive offerings of said services with profit objectives

65 Cost reduction

Staff costs/Loans and Deposits(1) 0.52%0,52% -5 bps

0.47%0,47% Staff costs+Overhead costs/Loans and Deposits(1)

0.79%0,79% -2-7 bps 2010 2014

0.72%0,72%

Overhead costs/Loans and Deposits(1) 2010 2014 0.27%0,27% -2 bps

0.25%0,25%

2010 2014

(1) FIA + Gross loans to customers 66 14. Improved communications

CURRENT POSITIONING •Optimized perception by the financial community, • Areas for improvement in institutional communications to the domestic and resulting in lower stock international financial community, particularly in rating volatility (improved terms of structured and proactive stock performance) communication planning • Communications to other non-financial institutions (consumer associations, lblabour •Optimized communications unions, printed and online media, TV, with the different Universities etc.) mainly implemented on specific stakeholders, supporting the occasions Group's image of • Advertising campaigns and sponsorships in line with bdbudge tlim ita tions transparency, strong shared values and openness to dialogue LINES OF ACTION •Optimised costs of customer • Revamping of communications to the financial community through structured, proactive contact/new customer planning of meetings and events aimed at acquisition and strengthened improving the amount and quality of the commercial “brand equity” of information provided, as well as "listening" the bank , increasingly opportunities for senior management • Revamping of communications to non-financial perceived as "multi- institutions, with more proactive intervention territorial" proposals (in coordination with Investor and Media Relations) • Revamping and review of advertising and sponsorship campaigns (with a focus on investment/event managed on a "local community" basis) 67 Agenda

Our growth process Our Strategic Plan •Current scenario •SSaegytrategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

68 Organisation Chart

Non-life Life Consumer Investment Corporate Finance Loans Production Insurance Insurance credit management Services

Distribution channels and Commercial planning and Business segments ppyayment services support and CRM

Retail Banking

Distribution and Marketing Corporate Banking Direct channels

Bank branches

Insurance outlets

Human & technological resources

Administrative services

Governance and Control

69 Technology: Management and development

•Intensive investments process Technological innovation •Improved production efficiency •Higher commercial efficiency

•Reduction of back-office processing time and activities, resulting in the freeing up of resources for commercial activities, thus reducing costs and improving process quality ICTC •Development of new sales software, functionalities, inter- Development channelling and new highly digitalized products/ services, aimed at maximizing effectiveness and business returns on current and new customers (particularly digital natives and young people)

•Significant increase of the time dedicated by branch employees to customer relation and sales activities; improved effectiveness from the use of online sales support software Value creation •Establishment of CARIGE as a “best practice” medium-sized Italian bank in ICT innovation, using the latter as a lever to differentiate offerings and to increase customers even in areas not directly managed through the physical network

70 Technological development projects

Development

. Mobile banking . CRM . Accounting information system . Management dashboard . Online bank . Customer database . Terms & Conditions system . New front office . Payment systems . Product catalogue . Mortgages and loans . Web finance . CO. GE. and financial statements

. Credit lines, Basel II and III . Totem and communications . Internet security . Branc h secu ri ty . Disaster recovery . Paper dematerialisation

. Reports to Security . Transparency

Strength- ening

Optimisation Innovation

71 Technology investments

Technology expenditures and investments (€ mln)

current expenditures

investments

Total 4 years 152 million 296 million 295 million of which investments: 69 million 165 million 154 million 72 Human Resources Management: strategic approach and action areas

1. Optimisation of human •Variable management systems depending on capital as ability to strategic choices and on the attract, retain and environmental/economic context developp, human resources, Human Resources •Consistent use of resources along the entire “life and careful management Management operating cycl”(le” (acquisition, integration, deve lopment, exit ) of related and derivative systems within the corporate system costs •New network dimensioning system •Full implementation of a new HR information 2. People as vital assets for system the company's life, source •Talent selection and retention of knowledge and •Training in support of change innovation capabilities •Professional development paths 3. Development of the •Ensure a more stringent link between company dis tinc tive qua lities o f needs and hiring policies/selection criteria, with Development systems training aimed not only at technical specialisation CARIGE employees in an but also at cross-company movement, and entrepreneurial/business development paths inspired by the principle of perspective and in terms mobility, both geographically and horizontally of positive behaviours, (between functions, in terms of on-the-job both internally and tii)training) externally towards customers •Remuneration system 4. Strengthening of the sense of belonging •Assessment system (particularly for •Career system employees coming from • Careful management of the interdependence other banking Reward systems levels between the three systems, aimed at optimizing/ realizing the potential of objectively institutions) assessed, consistently paid resources, within a career path designed to enhance the long -term 5. Development of relational contribution of individual employees with respect skills for sales network, to company strategies account managers and consultants 73 Human Resources

HEADCOUNT EVOLUTION STAFF COSTS EVOLUTION (€ mln)

0.31% 0.42% CAGR Turnover 2010 - 2014 ~69%

CORE GROWTH (1) 13%1.3%

3.3% 452.1452,1 392392.,4 397397.,3

2010 2010 PF 2014

(1)= excluding Branch Plan and non-recurring items

2010 2014 5% benefit in terms of number of resources ffffrom process efficiency Network 73.3% improvement employees 69.2%

CAGR= 2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired 74 on 31/5/2010 compound annual average growth rate Effects of ICT and Human Resources costs on the gross operating income

EFFECTS OF ICT AND STAFF COSTS ON THE GROSS OPERATING INCOME

39.0% 38.8% 36.6% 35.1% 33.3%

36.8% 36.4% 34.2% 32.9% 31.3%

2.2% 2.4% 2.4% 2.1% 2.0%

2010 p.f. 2011 2012 2013 2014

ICT costs Staff costs

2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 75 Agenda

Our growth process Our Strategic Plan •Scenario •SSaegytrategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

76 “New normal”: regulatory constraints and key indicators

Regulatory Structural Compliance and New capital and Credit and risk liquidity and reputational financial of cost financing risk normal leverage

CARIGE today (YE 2010) Core Capital at 6% Deposits/ imp. 105%, Allocations = 45 bps Constant risk Leverage at 4.7% LCR 57%, NSFR 99% (last 3 years) monitoring and supervision CARIGE target (YE 2014) Core capital 8%, All 3 ratios > 100% Allocations ≤ 50 bps Organisational and Leverage at 4 .9% process actions/ CARIGE values approach

Plan constraint indexes to “Revenues/ RWA” “Revenues/ sources” “Revenues/ Alloc.” (8.9 “Customer be monitored (4.6% today; target > (3.8% today; target > today; target > 12) satisfaction” today (1) 6%) 5%) 68% (2); target > 75%)

Goals: maximisation of revenues and profitability in accordance with the constraints

(1) Revenues = gross operating income + net result of insurance management; (2) Source: ABI monitoring; the system percentage is 56%; 77 2014 Results: FIA

CAGR DIRECT DEPOSITS 2010 - 2014 €mln

5,5%5.5%

32,93132.931 26.58426,584 FIA €mln

61%661%6,.1%1% Ci 2010 2014

64.13964,139 INDIRECT DEPOSITS 50.67450,674 €mln

6.7%6,7%

31,20831.208

2010 2014 24,09124.091

2010 2014

CAGR= compound annual average growth rate 78 2014 Results: direct deposits

CAGR 2010 - 2014 SHORT €mln

3,3%3.3%

17,825 DIRECT DEPOSITS 17.825 €mln 15,68015.680

5.5%5,5%

2010 2014 32,93132.931 26,58426.584 MEDIUM LONG €mln

8,5%8.5%

15.10615,106 2010 2014 10,90410.904

CAGR= compound annual average growth rate 2010 2014 79 2014 Results: AAF

ASSETS UNDER MANAGEMENT CAGR €mln 2010 - 2014 88.3%,3% 14.24214,242 10,34210.342

INDIRECT DEPOSITS 2010 2014 €mln

CUSTOMER ASSETS IN CUSTODY €mln 6,7%6.7%

3.1%3,1% 31,20831.208 9,9229.922 11.19811,198 24,09124.091

2010 2014

INSURANCE COMP. ASSETS IN CUSTODY €mln

2010 2014 10.8%10,8% 5,7695.769 3,8273.827

CAGR= compound annual average growth rate 2010 2014 80 2014 Results: assets under management

MUTUAL FUNDS CAGR €mln 2010 - 2014

75%77,5.5%% 7.3487,348 5,5035.503

ASSETS UNDER MANAGEMENT €mln 2010 2014

BANCASSURANCE PRODUCTS 8,3%8.3% €mln 14,24214.242 9,5%9.5% 10,34210.342 5.9415,941 4.1344,134

2010 2014

ASSETS MANAGEMENT €mln

2010 2014 7.8%7,8%

953 705

CAGR= compound annual average growth rate 2010 2014 81 2014 Results: loans

CAGR LOANS TO INDIVIDUALS (1) LOANS TO CORPORATES (1) €mln 2010 - 2014 €mln

6.0%6,0% 5.7%5,7%

9,9389.938 18,83718.837 7,8777.877 15,08615.086

LOANS €mln 2010 2014 2010 2014

5.2%5,2%

31,13031.130 25.,373 SHORT (2) MEDIUM LONG €mln €mln

2.3%2,3% 6.0%6,0%

6,5396.539 7,1507.150 22,40222.402 2010 2014 17,72417.724

2010 2014 2010 2014 CAGR= compound annual average growth rate (1) Management breakdown; (2) Including currency, excluding non-performing 82 2014 Results: credit risk

NET IMPAIRED AND NON-PERFORMING LOANS NET NON-PERFORMING LOANS (%) ON CT1 €mln

CAGR 2010 - 2014 -18.3%

CORE TIER 1/CET1 1,304.2 2,198.5

AVAILABLE MARGIN COMPOSITION OF IMPAIRED LOANS AND COST OF RISK

CAGR 2010 PF - 2014 According to the Strategic Plan, by 2014 the percentage of non- performing loans will be maintained around 50%

CAGR – Compound annual growth rate (1) gross operating income/net loans 83 2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 2014: Results interest rate scenario

CARIGE RETAIL CUSTOMERS SPREAD

+ 49 b.p.

SYSTEM RATES 2.852,85 2.362,36

+1.50+1,50 +1.74+1,74 +1.65+1,65 2.732,73 2,502.50 2.552,55 2010 2014

CARIGE RETAIL AND INSTITUTIONAL CUSTOMERS SPREAD (1) 1.001,00 1.081,08 0.810,81 + 5 b.p.

Euribor 3m rate Euribor 6m rate TassoECB rate BCE (end (fine of Tasso Euribor 3m Tasso Euribor 6m 2.112,11 2,162.16 perperid)ioidioddo)) ((di)(averagemedio)) ((di)(averagemedio) ) 2010 2014

2010 2014

(1) Loans to customers and direct deposits according to the accounting definition: it includes, among the loans, active repos and interest bearing postal bonds, as well as other minor non-commercial entries; among the deposits, loans issued on institutional markets (EMTN, Covered bonds and subordinated loans), as well as other non-commercial entries. 84 2014 Results: gross operating income

CAGR NET INTEREST INCOME €mln 2010 - 2014

CAGR 2010 PF - 2014

GROSS OPERATING INCOME €mln

REVENUES FROM SERVICES €mln

2010 2010 P.F. 2014

Bank Group 880.7 894.4 1,167.5

Insurance Group 186.7 186.7 278.5

CAGR – Compound annual growth rate 85 2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 2014 Results: revenues from services

NET COMMISSIONS €mln CAGR 2010 - 2014 6,3%6.3% 55.8%,8% 379,2379.2 CAGR 297,3297.3 302.2302,2 2010 PF - 2014

REVENUES FROM SERVICES 2010 2010 PF 2014 FINANCE (1) €mln €mln

-99%9.9% 3,8%3.8% -99%9,9% 3,5%3.5% -9,9%-9.9% 62.862,8 62.862,8 420.6420,6 41.441,4 362362,3.3 367,367.22

2010 2010 PF 2014

OTHER REVENUES (()2) €mln

2010 2010 PF 2014 2,22.2 2,22.2

(1): dividends, profits/losses on trading, plus/minus from evaluation (items 70, 80, 90, 100 b-c-d and 110). (2): profits/losses from loan sales/repurchases (item 100 a). - CAGR= compound annual average growth rate 2010 2010 PF 2014 86 2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 Gross operating income evolution

CAGR BANK NET INTEREST INCOME 2010 PF - 2014 €mln

NET BANK COMMISSIONS €mln

CAGR – Compound annual growth rate 87 2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 2014 Results: operating costs

STAFF COSTS CAGR €mln 2010 - 2014 Core growth CAGR 1.3% 2010 PF - 2014

OPERATING COSTS €mln

OVERHEAD COSTS €mln 1.4% net of new openings

OTHER COSTS

COST INCOME

59,9%59.9% 60.0% 50,3%50.3%

2010 2010 PF 2014

CAGR – Compound annual growth rate 88 2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 Operating cost evolution

CAGR 2010 PF - 2014

CAGR 2010 PF adj. - 2014

(1) Without the deduction of social security costs not recorded in the income statement for non-recurrent events CAGR – Compound annual growth rate 2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 89 2014 Results: profits

CAGR PROFIT €mln 2010 - 2014

CAGR 2010 PF - 2014

Adj. ROE . (2) ROTE (1)

88.1%,1% 11,5%11.5% 17.5% Adj. 6.5%6,5% 99%999%9,.9%9% (2)

2010 2014 2010 2014 (1) ROTE: Return on tangible equity: net profit /Shareholders' equity net of goodwill (2) Shareholders' equity net of the Bank of Italy equity investment revaluation reserve CAGR – Compound annual growth rate 90 2010 pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010 Product company targets

INSURANCE COMPANIES SGR CREDITIS

CAGR 2010 - 2014

9.9%9,9% 8,0%8.0% 18,6%18.6% 6,879 6.879 791 350 55.063,063 05%01,5%.5% - 1.304, 400 893 6,5296.529 5.0635,063 605542 618575

2010 2014 2010 2014 2010 2014 Non-life Life diOf cui which non non-captive captive insuranceDanni insuranceVitaLife

Net premiums Assets Under Management Outstanding €mln €mln €mln

91 CAGR – Compound annual growth rate Carige Assicurazioni's turnaround (Non-life company)

Actions envisaged in the Industrial Plan

• Turnaround of the Agency Network and Brokers (with critical profitability) Distribution • Divestment of business lines (Lega, healthcare facilities, ...) • General portfolio restructuring/cleaning • Bancassurance Auto

• Struct ural revi ew o f thi r d-party lia bility ra tes (rev iew o f parame ters as well as prices) Rates • Review of Elementary insurance pricing

• Full implementation of the current settlement model (in-sourcing, netkt)twork, etc.) Claims • Strengthening of previous generation crash programme • Innovation of the settlement model (Bancassurance, initiatives for the reduction of the average current cost , etc .)

92 Non-life insurance segment: development of the banking channel

Collection of non-life premiums through the banking channel (€ mln)

CAGR 2010-2014

+46.4%

93 CAGR – Compound annual growth rate Non-life insurance segment: strengthening of previous generation reserves

Balance of previous generation reserves (€ mln) y car tt Total ‘10-‘14: -99.8 € mln hird par hird

TT Reserves/Premiums(%) 109% 104% 105% 103% 105%

ntary Total ‘10-‘14: ee -45 € mln Elem Reserves/Premiums(%) 122% 135% 140% 135% 135%

94 Development of Carige Vita Nuova (Life company)

• Innovation of the offering range as a key factor to compete in the market, in the face of increased Assumed competition and rising rates market scenario • Assumed scenario of evolution of the financial markets in line with the post-crisis trend

• Ability to innovate the offering range: -Strengthening of the roles dedicated to product development and competition monitoring Internal key -Optimisation of the IT system in support of business factors developp(gpment (e.g. development of more com plex products) • Improvement of the operating mechanism's efficiency

95 Life premiums portfolio

Collection of Carige Vita Nuova premiums ( € mln)

CAGR 2010-2014 +9.9%

Weight of the banking channel ~ 90%

96 CAGR – Compound annual growth rate Insurance Companies' profitability

Carige Assicurazioni's net income according to the statutory financial statements (€ mln)

CAGR … 2010-2014 3131.,0 0 27.027,0

19.019,0

2.02,0

2010 2011 2012 2013 2014 -6,1-6.1 Carige Vita Nuova's net income according to the statutory financial statements (€ mln)

CAGR +8.2% 2010-2014 22.622,6 20.920,9 17,5 18.118,1 16,. 5 17.5

2010 2011 2012 2013 2014 97 CAGR – Compound annual growth rate Potential for shared bank/insurance customers

Customer sharing within the Group New bank customers referred by (100% = 1. 9 mln) insurance agents

2011E: 44%4.4% 4,000 51.9%

1,550

5/2011

43.7%

Strong commitment to making use of the commercial synergies deriving from cross offeringg,pgys to the two customer bases, which is progressively producing significant results. It is estimated that shared customers will be 7% of the total by 2014. 98 Capital management

PRIORITY Achievement of the 8% requirement within OBJECTIVES the Plan period, through organic growth

MEASURES THAT CAN BE LEVERAGED ADDITIONAL ELEMENTS

condition created in 2. allocation of future 4. Validation of internal rating 2010: profits system 1. issue of the 2010 - 3. optimisation of the 5. Recogg(nition (at least p)partial) of 2015 soft mandatory balance sheet structure goodwill loan, convertible on (e.g.: sale of interests 6. management of insurance risk initiative of the of less than 10% in in a conglomerate perspective subibbscribers an dfd of bkbanks and di insurance the Bank from companies) September 2011

The Group could implement additional capital strengthening measures to seize the opportititunities that shldhould present themsel ves as a result of the possible competitive evolution characterizing the Italian banking system 99 Common Equity evolution with the regulations in force from time to time

8.3 – 8.8 1.3 – 1.8 7.7 – 8.2

€ Milion

(1) Including deduction of savings shares (-0.8), calculation of dividends (+0.7), impacts for the deduction of non-significant equity investments(- 1.1), benefits for the deduction of insurance (+0.4), non-calculation of negative reserves on AFS (+0.6) and the effects of the weighting of deductibles (-0.5) (2) Conversion price ranging from 1.8 to 2.4 euro (3) Including deduction of the remaining percentage (50%) of equity investments in banks, financial and insurance companies (-0.4) and deduction of insurance shareholdings (-0.9) 100 Funding policies

• Achievement and maintenance of new liquidity PRIORITY levels and source/loan stability in accordance with BIS III > 100% OBJECTIVES • Containment of the funding gap on the Extra- Liguria network (from 11.2% to 7.5%)

MEASURES THAT CAN BE LEVERAGED

Obtainment of steady Additional lending Remix of retail deposit medium-term liquidity and structure balancing products qualified to improve funding at the most initiatives: new the liquidity ratio: fixed deposits and repos with favourable financial covered bond issues, durations longer than 1 condit ions for cap ita l securiiitisat ions an d month. balancing and early sales of NPLs; In the Extra-Liguria network, adjustment to the new Basel valuation of financial closing of the intermediation III standards: structured assets that can be circuit: “support” to loans programme of institutional placed with the EBC granted to corporates bond issues in 2014 through deposit flows (e.g.: opening of current accounts byypyp, company partners, employees, supplies)

101 Maturities and new medium-long term flows

Medium-long term deposits (€ bln)

Balance (new flows – 1.5 0.9 1.0 1.2 maturities)

2.0 1.7 1.7 171.7

-141.4 -1.7 -1.3 -1.6

102 Closing of the intermediation circuit

Closing of the funding gap (€ bln)

10.8 10 9.9 11.3 8.5 9.8 8.5 7.6

11.2% 7.5% -15.9% -14.4% 1 0.8 -1.3 -1.4

LoansImp DepositsRacc GAP LoansImp DepositsRacc GAP LoansImp DepositsRacc GAP LoansImp DepositsRacc GAP Liguria Extra-Liguria Liguria Extra-Liguria

2010 2014

Funding Gap: Percentage of loans not funded through direct customer deposits

103 Profit sensitivity

Net profit sensitivity to variations in Italy'sGDPandECBrates( s GDP and ECB rates (€ mln)

104 Agenda

Our growth process Our Strategic Plan •Scenario •Strategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

105 First quarter 2011: Growing volumes…

FIA LOANS (1) €bln €bln

LOANS TO INDIVIDUALS (2) DIRECT DEPOSITS €bln €bln

LOANS TO CORPORATES (2) INDIRECT DEPOSITS €bln €bln

(1) excluding repos; (2) management breakdown 106 …with positive income returns

NET PROFIT GROSS OPERATING INCOME €mln €mln

NET INTEREST INCOME OPERATING COSTS €mln €mln

LOAN VALUE ADJUSTMENTS NET COMMISSIONS €mln €mln

107 Retail bond maturities and placement

Total maturities 2011: 1.1 bln

New bdg production 2011: 1.7 bln

February sales € 358 mln: January sales € 304 mln: € 344 mln placements € 297 mln placements € 14 mln price list purchases € 7 mln price list purchases

358 March sales € 263 mln: Total sales as at 30 April € € 250 mln placements 1,043 mln VS maturities of € € 13 mln price list purchases 304 557 mln 263

April sales € 118 mln: 249 € 111 mln placements € 7l7 mln pr ice litlist purc hases

118 138 187 88 77 80 79 39 22 32 42 9

January February March April May June July August September October November December

108 Our growth process Our Strategic Plan •Scenario •Strategy •Strategic initiatives •Organisational structures •Targets The first quarter of 2011 Conclusions

109 Strategic initiatives under the responsibility of the different Organisational Areas

DISTRIBUTION 1 Revenue • Strengthening of the Liguria network and offering • Reduction of the productivity gap between Liguria and Extra-Liguria operations development • Reduction of the productivity variance between branches • Optimisation of the Group's local presence • Development of integrated inter-channelling 2 Operating cost • Service model refinement for corporates • Private segment enhancement optimisation PRODUCTION • Proactive credit management 3 • Development of corporate services Optimisation • Pricing optimisation • Development of offerings to immigrants of liquidity • Product factory optimisation capital and cost RESOURCES of risk • Cost & lean management • Technology management and development • Human Resources management • Improved communications 4 Focus on innovation and GOVERNANCE AND CONTROL skills • Funding policies • Capital optimisation policies (capital management) • Risk monitoring and management

110 CARIGE in 2014: a new step in the long-term value creation process…

Glo ba lisat ion

…

… Digitalisation

…

2014 CARIGE in the new digital and CARIGE at the global normal end of the plan period Carige Group is 2010 CARIGE today Deregulation Carige Group an independent Carige Group with 715 financial with 667 branches, 440 conglomerate, br anches, 432 insurance outlets , focusing CARIGE post insurance 6,100 selectively on 1995 employees; €95 listing outlets, 6,003 product bln loans and factories; Carige Spa employees; €76 deposits; SE 4 with 204 bln loans and bln; net profit market leader in branches (of deposits; SE 3.5 263 mln in 2014 high bln; net profit concentration 1989 CARIGE before the whic h 187 i n Among the top 177 mln areas; leading enforcement of new Liguria), 3,226 10 groups for employees; branch network ICT inter- rules for savings Fifth largest channel banks, with 137 €10.2 bln capitalisation size loans and intermediary; branches, 2,962 bank in Italy top performer in employees; €6.6 bln deposits; Equity 0. 7 bln; Tenth largest service and ldditloans and deposits; branch network profitability/crea SE 0.2 bln; net profit net profit 36.2 mln in Italy tion of economic 20.5 mln value 111 Disclaimer

This document has been prepared by Banca Carige S.p.A. solely for information purposes and solely to present the Group's strategies and key financial data. The Company, its consultants and representatives shall not be held responsible (for losses arising from negligence or any other reasons))y for any losses arisin g from the use of this document and of the contents hereof. All forward-looking information contained in this document have been prepared on the basis of assumptions that may prove incorrect, and therefore the results may vary. In forming their own opinion, readers should keep in mind the aforesaid factors. This document does not constitute an offer or solicitation to purchase or subscribe shares, and no part of this document can be regarded as the basis of any contract or agreement. None of the information contained herein may be reproduced, published or distributed, in full or in part, for whatever purpose. By accepting this notice you agree to all the limits listed above.

*****

The Officer in charge of preparing the Company’s accounting documents, Daria Bagnasco, Deputy General Manager Governance and Control of Banca CARIGE S.p.A., declares, under subparagraph 2 of art. 154 bis of the Consolidated Financial Act, that the consolidated accounting information relati ng t o B anca CARIGE G roup provid e d in this present ati on mat ch es th e i nf ormati on report ed on the Company’s documents, books and accounting records.

112 Contacts

Giacomo B urro CFO & Wealth Management Head Office Manager [email protected] Tel: +390105794580

MiiMaurizio MhiiMarchiori Head of Planning & Control [email protected] Tel: +390105794868

Emilio Chiesi International Funding [email protected] Tel: +390105794568

Roberta Famà Head ofAnalysis, Planning & IR Dept. [email protected] Tel: +390105794877

Investor Relations [email protected] Tel: +390105794877

113