(This English version is a courtesy translation from the Italian original document which remains the definitive version) MERGER PROJECT FOR THE MERGER of Banca Regionale Europea S.p.A., Banca Popolare Commercio e Industria S.p.A., Banca Carime S.p.A., Banca Popolare di Ancona S.p.A., Banca Popolare di Bergamo S.p.A., Banco di Brescia S.p.A. and Banca di Valle Camonica S.p.A. into Unione di Banche Italiane S.p.A. drafted pursuant to art. 2501-ter of the Italian Civil Code WHEREAS A Unione di Banche Italiane S.p.A. ("UBI Banca" or the "Merging Company") is a company authorised to engage in banking activity pursuant to Legislative Decree No. 385 of 1 September 1993 (the "Consolidated Banking Act") and is the parent company of the Unione di Banche Italiane Banking Group (the "UBI Group"). B Banca Regionale Europea S.p.A. ("BRE"), Banca Popolare Commercio e Industria S.p.A. ("BPCI"), Banca Carime S.p.A. ("CARIME"), Banca Popolare di Ancona S.p.A. ("BPA"), Banca Popolare di Bergamo S.p.A. ("BPB"), Banco di Brescia San Paolo CAB S.p.A. ("BBS") and Banca di Valle Camonica S.p.A. ("BVC" and, together with BRE, BPCI, Carime, BPA, BPB and BBS, the "Merged Companies"), also companies authorised to engage in banking activity pursuant to the Consolidated Banking Act, are banks belonging to the UBI Group, and thus subject to management and coordination by UBI Banca, which controls them as follows: 74.784% of the share capital of BRE (ordinary shares, privileged shares and savings shares), 75.629% of its share capital with voting rights (ordinary shares and privileged shares) and 79.904% of its share capital represented by ordinary shares; 83.763% of BPCI; 99.989% of Carime; 99.585% of BPA; 100% of BPB and BBS; 98.726% of BVC overall, with 89.887% held by UBI Banca and 8.839% by BBS. C Within the framework of a project aimed at reorganising the UBI Group, it was decided to merge BRE, BPCI, Carime, BPA, BPB, BBS and BVC into UBI Banca (the "Merger") in order to rationalise and simplify the UBI Group's organisational and governance structure, so as to increase the efficacy of guidance, oversight and control activities and thus to achieve cost savings and improve operating efficiency. * * * * In the light of the foregoing, the Board of Directors of UBI Banca and the Boards of Directors of the Merged Companies have drawn up this Merger Project pursuant to art. 2501-ter of the Italian Civil Code (the "Merger Project"). This Merger Project has been prepared in a unitary manner, over a single period, without prejudice to (i) the independent nature of each of the merger transactions involving the individual Merged Companies and the resulting possibility of implementing the Merger Project in whole or in part through the merger of all or only some of the Merged Companies and (ii) the possibility that the Merger may also be implemented through separate deeds and/or with effects from different dates. 1) Companies Participating in the Merger Merging Company Unione di Banche Italiane S.p.A. Registered Head Office in Bergamo, at 8 Piazza Vittorio Veneto Fully paid-up share capital of € 2,254,371,430.00, divided into 901,748,572 ordinary shares without nominal value Tax code, VAT number and Bergamo Company Registrar number 03053920165 Register of Banks number 5678 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund UBI shares are listed on the Mercato Telematico Azionario (screen based stock market) organised and managed by Borsa Italiana S.p.A. Merged Companies Banca Regionale Europea S.p.A. Registered offices in Cuneo, at Via Roma 13 Fully paid-up share capital of € 587,892,824.35, divided into 904,450,499 shares with a nominal value of € 0.65 each (789,548,506 ordinary shares, 68,591,443 privileged shares with preferential treatment in the distribution of profits and redemption and 46,310,550 savings shares) Tax code, VAT number and Cuneo Company Registrar number 01127760047 Register of Banks number 5240 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund Banca Popolare Commercio e Industria S.p.A. Registered offices in Milan, at Via Monte di Pietà 7 Fully paid-up share capital of € 934,150,467.60, divided into 889,667,112 ordinary shares with a nominal value of € 1.05 each Tax code, VAT number and Milan Company Registrar number 03910420961 Register of Banks number 5560 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund Banca Carime S.p.A. Registered offices in Cosenza, at Viale Crati snc Fully paid-up share capital of € 1,468,208,505.92, divided into 1,411,738,948 ordinary shares with a nominal value of € 1.04 each. 2 Tax code, VAT number and Cosenza Company Registrar number 13336590156 Register of Banks number 5562 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund Banca Popolare di Ancona Società per Azioni Registered offices in Jesi (AN), at Via Don Battistoni 4 Fully paid-up share capital of € 147,301,670.32, divided into 24,468,716 ordinary shares with a nominal value of € 6.02 each. Tax Code, VAT number and Ancona Company Registrar number 00078240421 Register of Banks No. 301 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund Banca Popolare di Bergamo S.p.A. Registered Head Office in Bergamo, at 8 Piazza Vittorio Veneto Fully paid-up share capital of € 1,350,514,252.00, divided into 1,350,514,252 ordinary shares with a nominal value of € 1.00 each. Tax code, VAT number and Bergamo Company Registrar number 03034840169 Register of Banks No. 5561 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund Banco di Brescia San Paolo CAB Società per Azioni Registered offices in Brescia, at Corso Martiri della Libertà 13 Fully paid-up share capital of € 615,632,230.88, divided into 905,341,516 ordinary shares with a nominal value of € 0.68 each. Tax code, VAT number and Brescia Company Registrar number 03480180177 Register of Banks No. 5393 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund Banca di Valle Camonica – Società per Azioni Registered offices at Breno (BS), Piazza della Repubblica 2 Fully paid-up share capital of € 3,176,883.00, divided into 3,176,883 ordinary shares with a nominal value of € 1.00 each Tax code and Brescia Company Registrar number 00283770170, VAT number 00550080980 Register of Banks No. 83 Member of the Interbank Deposit Protection Fund and the National Guarantee Fund 2) Merging Company's Articles of Association As a consequence of the Merger, the Merging Company will increase its share capital by a maximum of € 189,444,377.50, by issuing a maximum of 75,777,751 ordinary shares without nominal value in service of the exchange ratios indicated in section 3) of this Merger Project. In detail, the share capital increase will be attributable as follows: € 96,024,597.50 to the merger of BRE, with the issuance of 38,409,839 shares; € 91,078,612.50 to the merger of BPCI, with the issuance of 36,431,445 shares; € 1,543,650.00 to the merger of BPA, with the issuance of 617,460 shares; € 60,042.50 to the merger of Carmine, with the issuance of 24,017 shares; and € 737,475.00 to the merger of BVC, with the issuance of 294,990 shares. 3 The merger of BPB and BBS will not have any effect on the Merging Company's share capital or the number of its shares: since BPB and BBS are fully owned by UBI Banca, all share capital of both of these Merged Companies will be cancelled without exchange. In any event, the above is without prejudice to different amounts of the individual share capital increases and the different amounts of new shares due to the application of the rounding mechanism described in section 4) below and, in the case of the merger of BRE, (i) the possible preliminary purchase by UBI Banca of savings shares from non-controlling shareholders other than the Cassa di Risparmio di Cuneo Foundation, or (ii) the possible exercise of the right of withdrawal - as illustrated in section 7) below - by the holders of such savings shares. The following may be remarked with regard to the amount of the above capital increases and the amounts of the shares to be issued accordingly: in the case of the merger of BRE, the Merging Company will purchase 50,473,189 privileged shares (accounting for 5.581% of share capital and 5.882% of share capital with voting rights) and 18,240,680 savings shares (accounting for 2.017% of share capital) for cash from one of BRE's shareholders, the Cassa di Risparmio di Cuneo Foundation, by the date of execution of the deed of merger for the merger of BRE; in the case of the merger of BVC, if the transaction in question is concluded with an effective date for legal purposes prior to the date of the merger of BBS, the Merging Company will purchase the 280,794 BVC shares held by BBS (accounting for 8.839% of share capital) for cash. Art. 5.1 of the Articles of Association of UBI Banca will be amended accordingly, in order to reflect the new amount of share capital and the new number of shares. In this regard, given that, as mentioned above and illustrated in further detail in section 6) below, the individual merger transactions may also be concluded with different effective dates for legal purposes, art.