STANDARD ETHICS ITALIAN BANKS INDEX REVIEW – JANUARY 2015 Governance Assessment Changes (July 2014 – December 2014) 01/08/2014 – FinecoBank under assessment and momentarily suspended Index Constituents and Weights from 2nd January 2015 Governance Governance Company Weights Company Weights Assessment Assessment 40.50 Unicredit 11.08% 29.50 Mediobanca 3.69% 38.00 Intesa Sanpaolo 8.63% 27.50 Banca Profilo 3.02% 37.00 Banca MPS 7.81% 26.50 Banca Intermobiliare 2.73% 37.00 Banca Popolare Emilia Romagna 7.81% 26.00 Banca IFIS 2.60% 36.50 Credito Valtellinese 7.43% 25.00 Banca Finnat Euramerica 2.35% 35.50 Banca Popolare di Milano 6.72% 21.00 Mediolanum 1.58% 35.50 Banco Popolare 6.72% 21.00 Banco di Desio e della Brianza 1.58% 34.00 Unipol Gruppo Finanziario 5.78% 18.00 Banco di Sardegna 1.17% 33.50 Banca Popolare di Sondrio 5.50% 18.00 Credito Emiliano 1.17% 31.50 UBI Banca 4.50% PENDING Banca Popolare Etruria e Lazio 0.00% 31.00 Banca Carige 4.28% PENDING FinecoBank 0.00% 30.00 Banca Generali 3.88% For inquiries or comments please contact the front office of Standard Ethics at the following e- mail address: [email protected] Important Legal Disclaimer. All rights reserved. Ratings, analyses and statements are statements of opinion as of the date they are expressed and not statements of fact. Standard Ethics' opinions, analyses and ratings are not recommen- dations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. Standard Ethics Ltd does not act as a fiduciary or an investment advisor except where registered as such. In no event shall Standard Ethics Ltd be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost in- come or lost profits and opportunity costs or losses caused by negligence) in connection with any use of its opinions, analyses and ratings. .