25 May 2010 GRUPPO CARIGE 1

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1 GRUPPO CARIGE 25 May 2010 GRUPPO CARIGE 1

2 Agenda Carige Group at a glance Key financial highlights FY09 results 1Q10 results Strategic Priorities GRUPPO CARIGE 2

3 Banca Carige Group today Fondazione CR Genova e Imperia CEP Groupe BPCE Assicurazioni Generali Market ~50,000 small shareholders 44.06% 14.98% 2.97% 37.99% Banca Carige SpA Cassa di Risparmio di Genova e Imperia Banking Insurance Finance Trustee Banca Carige CR Savona CR Carrara BM Lucca B. Cesare Ponti Carige Vita Nuova (life) Carige Ass.ni (non life) Carige AM SGR Creditis (Consumer credit) Centro Fiduciario Main Companies Only 5,895 EMPLOYEES 1.9 M CUSTOMERS (1.2 M BANKING; 0,7M ASSURANCE) 665 BRANCHES (*) & 414 INSURANCE OUTLETS 842 CONSULTANTS EQUITY 3.8 BILLION Operational and accounting data as at 31 March 2010 (*) Including the 22 MPS branches GRUPPO CARIGE 3

4 Growth through a long season of acquisitions Year Capital collected Mln. Euro Year Acquisitions Mln. Euro IPO Cassa di Risparmio di Savona Bond conversion into new shares Insurance companies Capital increase underwritten by La Basilese Capital increase underwritten by institutional investors Capital increase underwritten by CNCEP, CDC, WestLB Capital increases and issue of subordinated convertible bonds Banca del Monte di Lucca branches from Banco di Sicilia branches from Gruppo Intesa branches from Gruppo Capitalia Issue of a LT2 loan Cassa di Risparmio di Carrara Capital increase Banca Cesare Ponti 69 Issue of subordinated loans (Tier 1, Lower Tier 2, Upper Tier 2, Tier 3) branches from Intesa Sanpaolo Issue of a LT2 loan branches from UniCredit Group Issue of convertible bonds branches from Monte Paschi 130 * Total 3,544 Total 2,586 * Amount subject to price adjustment GRUPPO CARIGE 4

5 All the 22 ex MPS branches are located in Tuscany. Carige purchased 22 branches from Monte dei Paschi di Siena ex MPS branches Other Carige s branches 22 BRANCHES Direct Deposits Indirect Deposits 871m 667m Loans (*) Price (**) 850m 130m Customers 59,000 Employees 156 data as at 30 Sept (*) Average amount (Jan-Sept 2009) (**)Subject to adjustment Total branches in Tuscany 79 GRUPPO CARIGE 5

6 A more and more diversified network The network today (*) new branches ex ISP branches ex Unicredit branches ex MPS branches France 1 1/1 56/ /64 46/ 35 28/ / 14 79/21 5/12 2/ / /23 9/ % 72% 71% 96% 48% 39% 665 TODAY 69% 38% Banking branches 665 Insurance outlets 414 (*) ex MPS branches included 63/52 % of Branches in Northern Italy % of Branches in Liguria GRUPPO CARIGE Operational data 6

7 Among the top Italian banking Groups Market Cap (1) ( b) Total Assets FY09 ( b) 37.8 Ordinary shares 2.7 b Savings shares 0.5 b 29.6 # # (1) Data as at 12 May 2010 Domestic Branch Network FY09 (#) C/I (%) FY09 5,991 #8 #4 4,696 3, % 2, ,955 1, % 55.7% 56.9% 58.1% 64.2% 66.5% 66.8% 69.1% 69.8% 70.7% Source: Companies data GRUPPO CARIGE Operational data and accounting data (FY09 report) 7

8 Among the top Italian banking Groups Loans to Customer FY09 ( b) ROE (%) FY % * Net of the AFS reserve established against the revaluation of the equity investment in the Bank of Italy 374 #8 #2 7.2% 5.6% 4.1% % 3.0% 2.9% % 2.4% 2.4% % 1.5% Core Tier 1 ratio (%) FY09 Tier 1 ratio (%) FY09 8.1% 8.0% 7.6% 7.4% 7.1% 7.1% 7.0% 6.6% #6 #7 * Data as at 3Q % 6.2% 8.7% 8.6% 8.5% 8.4% 8.0% 7.9% 7.7% 7.5% 7.2% 6.6% Source: Companies data GRUPPO CARIGE Operational data and accounting data (FY09 report) 8

9 Agenda Carige Group at a glance Key financial highlights FY09 results 1Q10 results Strategic Priorities GRUPPO CARIGE 9

10 Focus on retail L O A N S T O T A L Public Entities 4.4% SME 37.3% by segment Other 9.5% Private & Affluent 2.4% Mass Market 26.8% Small Business Large Corporate 9.6% by segment Other 20.3% 10.1% Centre 18.5% North 37.5% LOANS TO CUSTOMERS FY09 : 23.1 b Affluent & Mass Market 48.5% Centre 12.5% D Private E 20.4% P O S North I Corporate 22.0% T 10.8% S TOTAL DEPOSITS FY09 : 46.9 b Small business = turnover<1 m ; SMEs= <100 m ; Large Corporate= >100 m Mass Market: total deposits < 80 k, Affluent > 80 k, Private > 500 k by area (*) South & Isles 6.3% Liguria 37.7% (*) by customers residence by area South & Isles 5.6% Liguria 59.8% Data as at 31 December 2009 Operational data and accounting data (FY09 report) GRUPPO CARIGE 10

11 Customer based funding Funding 1Q10 m % Interbank deposits , money market deposits and current accounts other deposits Customer deposits 22, short term deposits 14, medium/long term deposits and bonds 7, EMTN programme deposits bonds Subordinated loans floating rate bonds convertible fixed rate bonds Securitisation RMBS performing securities Covered Bonds 1, TOTAL FUNDING 26, m Interbank deposits 5% Covered Bonds 4% Securitisation 1% Subordinated loans 4% EMTN programme 4% New issues for 1.6 b in FY09 (0.8 b net of expired bonds) Retail bonds Customer deposits 83% New issues for 0.6 b in 1Q10 (0.7 b net of expired bonds) Funding as at 31 March 2010 includes further: million from the securitization carried out in 2001, derecognised in the financial statement pursuant to the exemption allowed by IFRS 1 on first time adoption -500 million of covered bonds eligible for RePo 100 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 issued bonds expired bonds Data as at March 2010 GRUPPO CARIGE Operational data and accounting data (1Q10 report) 11

12 No pressure on liquidity Current Debt Maturity Profile Capital market operations Operation Issue Date 2008 Capital increase 957 m March 451 m callable in 2011 Tier m June Lower Tier m June 2,130 Tier m December 2,200 2,000 Covered bonds (*) 500 m December 1,800 1,635 1,623 1,600 1,437 PL Securitization 853 m December 1,400 Upper Tier m December 1,200 1, , Lower Tier m June Covered Bonds (*) 1,000 m November m Convertible bonds 400 m February Customers Institutional Totale Total 4,320 m (*) On a 5 b plafond Data as at March 2010 GRUPPO CARIGE Operational data 12

13 Sound assets Total asset breakdown Financial assets (*) Intangible assets % Tangible assets 1.1 3% Other % Financial assets % Total assets 37.3 b Net loans to customers % Debt securities 94% Mutual funds 2% Hedge funds <1% Equity and Securitization private equity 1% 3% (*) Data do not include the stake in Bank of Italy and the notional value underlying customers index linked policies Total 6.8 b Gross loan splitting Debt securities and securitisation short tem 21% bad loans 4% mortgage loans to individuals 37% m/l term consumer credit 4% loans to corporate 58% AAA 5% BBB 7% Other 2% 75% AA 67% A 19% Gross loans to customers 22.9 b Total 6.4 b Data as at 31 March 2010 GRUPPO CARIGE Operational data and accounting data (1Q10 report) 13

14 Sound credit policy NPL ratio (%) Bad loan ratio (%) 10.0% 8.0% 6.0% 4.0% 2.0% Dec 07 Dec 08 Mar 09 Dec 09 Mar % 6.7% 6.0% 4.0% 2.0% 0.0% Dec 07 Dec 08 Mar 09 Dec 09 Mar % 2.2% Gross NPL ratio Net NPL ratio Gross bad loan ratio Net bad loan ratio Gross NPL growth on December % System Dec 09 (132.8 b; +52.6%) +14.4% +31.2% +19.8% +35.9% +40.6% +40,7% +47,6% +20.4% +36.5% +59.4% +70,4% % 08 Mar 09 June 09 Sept 09 Dec Carige Group Dec 09 (1.9 b; +47.6%) % +26.1% +10.5% +15.8% +12.6% +8.7% +95,7% 1.1% +0.6% 6.2% +8.3% +4.6% % 08 Mar 09 June 09 Sept 09 Dec 09 Sofferenze Incagli Ristrutturati Past due Source: B.I.P. Bollettino Statistico Operational data and accounting data (FY07 report FY08 report 1Q09 report GRUPPO CARIGE 1H09 report 3Q09 report - FY09 report 1Q10 report) 14

15 Robust capital ratios Capital Ratios (%) FY09 TOTAL CAPITAL RATIO 10.03% TIER 1 RATIO 7.87% Core TIER1 RATIO 7.06% T1 min T1 recommended T1 Carige Group TCR min TCR recommended TCR Carige Group Core T1 Carige Group 14.00% 12.00% 10.00% 800% 8.00% 6.00% 4.00% 2.00% Official data reported to the Bank of Italy GRUPPO CARIGE 15

16 Agenda Carige Group at a glance Key financial highlights FY09 results 1Q10 results Strategic Priorities GRUPPO CARIGE 16

17 FY09 Growth of Deposits and Loans TOTAL DEPOSITS b GROSS LOANS TO CUSTOMERS b % % 21.1 FY08 FY09 FY08 FY09 of which: DIRECT DEPOSITS b LOANS TO INDIVIDUALS CUSTOMER b DIRECT DEPOSITS % =98% LOANS % TO CUSTOMERS 7.2 FY08 FY09 FY08 FY09 INDIRECT DEPOSITS b LOANS TO CORPORATES b % change % FY08 FY09 FY08 FY09 Operational data and accounting data (FY08 report FY09 report) GRUPPO CARIGE 17

18 FY09 Steady net profit PROFIT CORE REVENUES (*) m -0.1% m , , % FY Gross profit +1.4% FY09 FY08 FY09 Effect of interest rate change -250 m OTHER REVENUES COSTS m m % FY08 FY09 FY08 FY09 From acquisitions 74.3 b of direct operating costs change (*) Core revenues = Net interest income + Net commissions + Dividends Operational data and accounting data (FY08 report FY09 report) GRUPPO CARIGE 18

19 FY09 Results of the Group s companies 10% Change FY09/FY % 47.2% % 48.0% 4.0 0, CARIGE Cassa di Cassa di Banca del Banca Risparmio di Risparmio di Monte di Cesare Ponti Savona Carrara Lucca CREDITIS SGR Carige Vita Nuova Carige Assicurazioni , IAS No IAS IAS No IAS Data as at 31 December 2009 m Operational data and accounting data (FY09 report) GRUPPO CARIGE 19

20 Agenda Carige Group at a glance Key financial highlights FY09 results 1Q10 results Strategic Priorities GRUPPO CARIGE 20

21 1Q10 Growth of Deposits and Loans TOTAL DEPOSITS b b GROSS LOANS TO CUSTOMERS b % % Q09 1Q10 1Q09 1Q10 of which: DIRECT DEPOSITS b LOANS TO INDIVIDUALS CUSTOMER b DIRECT DEPOSITS =98% 25.5 LOANS % TO CUSTOMERS % 7.2 1Q09 1Q10 1Q09 1Q10 INDIRECT DEPOSITS LOANS TO CORPORATES b b -0.1% change % 1Q09 1Q10 1Q09 1Q10 Operational data and accounting data (1Q09 report 1Q10 report) GRUPPO CARIGE 21

22 1Q10 Steady net profit 75.0 PROFIT CORE REVENUES (*) Q09 1Q10 m m -28.9% Gross profit % -24.7% Effect of interest rate change 1Q09 1Q m OTHER REVENUES COSTS m m % % 1Q09 1Q10 1Q09 1Q10 From acquisitions 18.7 b of direct operating costs change (*) Core revenues = Net interest income + Net commissions + Dividends Operational data and accounting data (1Q09 report 1Q10 report) GRUPPO CARIGE 22

23 Agenda Carige Group at a glance Key financial highlights FY09 results 1Q10 results Strategic Priorities GRUPPO CARIGE 23

24 Our mission Carige Group aims to be a national financial conglomerate equipped to provide banking, financial, insurance and pension solutions, focused on retail, pursuant to the development of resources and structures and the enhancement of an integrated multi-channel distribution system Quality of Conglomerate National Retail resources and Multi-channel structures Complete offer of Widespread Focusing on Specialisation of Distribution banking, financial presence in Italy families, SMEs distribution and system based and insurance especially in and local public production structures on branches, products and certain areas and entities mobile and Unitary management services strong presence in remote Aggregation point for smaller banks Liguria Focused on the relationship with local communities Widespread and intensive use of technology of the Group s key- expertises Professional development of human resources IT system in line with best practice channels GRUPPO CARIGE 24

25 Growing results from the acquired banks CAGR p.p. Banca del Monte di Lucca (#21 branches) Cassa di Risparmio di Savona (#50 branches) Cassa di Risparmio di Carrara (#34 branches) Year of the deal Loans and Deposits ( b) Pre-deal % 3.9% 59% 5.9% Net Income ( m) C/I (%) ROE (%) Pre-deal 2009 Pre-deal 2009 Pre-deal % % % p.p p.p p.p p.p p.p p.p. pp Banca Cesare Ponti (#4 branches) 2004 (Dec) 9.4% p.p Pre-deal data refer to the last Annual report before the acquisition. Pre-deal data of Banca Cesare Ponti refer to 2004 Annual report. CAGR= compound average growth rate +6.1p.p. 3.1 Source: Companies data GRUPPO CARIGE 25

26 and from the purchased branches CAGR p.p. Banco di Sicilia (#21 branches) Year of the deal 2000 Loans and Deposits ( b) % 7.0% 7.7% % 5.5% C/I (*) Total revenues ( m) (%) p.p p.p. pp Banca Intesa (#61 branches) Capitalia (#42 branches) Intesa Sanpaolo (#79 branches) UCB (#40 branches) March 2008 Dec % 2.5 Deal -5.8% % p.p. 4.2% p.p % CAGR= compound average growth rate p.p (*): direct costs only Operational data GRUPPO CARIGE 26

27 The last two acquisitions show a high potential Employees/Branch Customers/employee Total intermediation/ employee ( /m) Liguria Extra Liguria Of which ex ISP/UC Liguria Extra Liguria Of which ex ISP/UC Liguria Extra Liguria Of which ex ISP/UC 29% Loans/ total intermediation 43% 25% Contribution*/employee ( /000) Deposits/employee ( /m) Liguria Extra Liguria Of which ex ISP/UC Liguria Extra Liguria Of which ex ISP/UC Liguria Extra Liguria Of which ex ISP/UC Data as at 31 December 2009 * Contribution = revenues direct costs Operational data GRUPPO CARIGE 27

28 to exploit The ex ISP/UC branches: are essentially retail; have quite limited volumes of loans; have relatively high rent costs; are relatively overstaffed. The objective is to bring into alignment the performance of these branches to those of Liguria, increasing, at the same time, the local penetration. The project being carried out is focused on ex ISP/UC branches but it also regards other extra Liguria branches. It aims: to point out the short and medium term priority on each branch to allow a constant monitoring of the outcomes to encourage the managerial approach evolution of the coordination between the different levels of area manager Objective New customers acquisition Higher retention Enhancement of the existing portfolio Profitability Costs Actions Focus on Campaigns/commercial actions HR Products Layout/logistics HR Pricing/conditions Products HR Volumes remix Loans repricing Funding repricing HR HR Rentals renegotiation Branch relocation GRUPPO CARIGE 28

29 The investment in the insurance companies In 1997, Banca Carige took over two insurance companies, one operating in Life sector (Carige Vita Nuova, former Basilese Vita Nuova) and one operating in Non life sector (Carige Assicurazioni, former Levante Norditalia), for an overall consideration of million, million in the Life Company and million for the Non life Company. The total investments made by the bank to take the control of these two companies and to strengthen them are lower than the multiples paid in the last main market transactions. GRUPPO CARIGE 29

30 the life company Transaction multiples in Life Sector Year Target Bidder Quota Price ( m) Price/ Premiums Price/ Equity Goodwill (1)/ Premiums 2005 Bipiemme Vita Fondiaria - SAI 46.0% % 3.93X 29.8% 2007 Arca Vita BPER 20.0% % 2.13X 23.3% 2007 MPS Vita AXA 50.0% % 3.73X 37.3% 2007 Berica Vita (Pop Vicenza) Cattolica Assicurazioni 50.0% % 1.28X 3.6% 2007 Vicenza Life (Pop Vicenza) Cattolica Assicurazioni 50.0% % 2.43X 15.8% 2007 BPV Vita Fondiaria - SAI 50.0% % 4.94X 117.4% 2007 DWS Vita Zurich Investment Life Spa 100.0% % 2.30X 68.6% 2008 UBI Vita AVIVA 50.0% % 1.57X 15.2% 2008 Quadrifoglio Vita S.p.A. MPS 50.0% % 1.77X 22.9% 2008 Quadrifoglio Vita S.p.A. AXA MPS Assicurazioni Vita S.p.A % % 1.35X 10.5% 2008 Chiara Vita S.p.A. Helvetia SA 70.0% % 2.25X 66.1% 2008 CredemVita Credem 50.0% % 1.49X 5.6% 2008 BCC Vita Cattolica Assicurazioni 51.0% % 1.82X 32.8% Average 60.8% 2.38X 34.5% Carige Vita Nuova Banca Carige 100% % 1,63X 11.0% Carige Vita Nuova Pro Forma (2) Banca Carige 100.0% 0% % 122X 1,22X 38% 3.8% (1) Goodwill assessed as the difference between Price and Equity (2) Investments excluding the surplus gained by Carige Assicurazioni by selling to the Parent Company Banca Carige 80% of its stake in Carige Vita Nuova (68 m) in 1999 and 2000 GRUPPO CARIGE 30

31 and the non life company Transaction multiples in Non life Sector Year Target Bidder Quota Price ( m) Price/ Premiums Price/ Equity Goodwill (1)/ Premiums 2006 Liguria Assicurazioni Fondiaria - SAI 100.0% % 2.96X 55.9% 2006 Toro Assicurazioni Investitori Istituzionali 10.0% % 1.36X 30.8% 2006 Fineco Assicurazioni Fondiaria - SAI 51.0% 56.0 >250% >5 >200% 2006 Toro Assicurazioni Generali 55.5% 2, % 2.68X 85.7% 2006 Toro Assicurazioni Generali 33.5% 1, % 2.74X 88.7% 2006 Duomo Assicurazioni Mapfre 50.0% % 2.37X 51.7% 2007 Aurora Assicurazioni Unipol 29.2% % 2.02X 34.2% 2007 Novara Assicura AVIVA 50.0% 250 >250% >5 >200% 2007 Toro Assicurazioni Generali 1.5% % 2.75X 88.9% 2007 Nuova Tirrena Groupama 100.0% 1, % 4.52X 119.6% 2007 MPS Danni AXA 50.0% >250% >5 >200% 2008 Padana Assicurazioni SpA Helvetia SA 100.0% % 0.25X neg Credem Assicurazioni Reale Mutua Assicurazioni 50.0% % 2.92X 94.2% 2009 UBI Assicurazioni BNP/ FORTIS 50.0% % 4.04X 113.5% Average 115.2% 2.60X 76.3% Carige Assicurazioni Banca Carige 98.4% % 1,42X 11.2% Carige Assicurazioni Pro Forma (2) Banca Carige 98.4% % 2,39X 37.1% (1) Goodwill assessed as the difference between Price and Equity (2) Investments including settlement costs (losses) and the surplus gained by selling to the Parent Company 80% of the stake in Carige Vita Nuova (68 m) in 1999 GRUPPO CARIGE 31

32 The bancassurance is growing well Life Premiums % via banking branches m Q10 Stock premiums / Total deposits 3.5% 5.0% 6.4% 7.0% Source: Company data GRUPPO CARIGE 32

33 The non life business needed some intervention: on the portfolio Portfolio mix Portfolio mix 18.2% 10.1% 51.1% 1% 7.4% 41.5% 71.7% Motor ins. Other car ins. P&C Ins. Motor ins. Other car ins. P&C Ins. Number of motor insurance contracts ~1,200,000 Number of insurance outlets 781 Claims ~206,000 Number of motor insurance contracts ~ Number of insurance outlets 391 Claims ~83,000 Portfolio reduction policy in more risky segments (Motor Ins.) Network rationalisation of the motor insurance agents GRUPPO CARIGE 33

34 and on the reserves Over in order to balance the books of previous years, the company charged approx 300 million to strengthen the reserves and to settle claims m m m m m Technical reserve increase and technical reserves/premium ratio 178% Technical reserves/premiums m 123% Technical reserves GRUPPO CARIGE 34

35 The next steps to integrating the insurance business Working area Target 1 ICT/ General register Personal data acquisition of the insurance companies customers Identification of the customers in common between bank and insurance companies Commercial development on insurance companies customers Network integration (Assurbanca) Bancassurance CPI sale Marketing & communication Data analysis for defining specific commercial actions (cross selling) Complete revision of the operating and commercial processes CPI sale, pricing process review Guidelines definition to manage external communication Enhancing cost synergies of the communication campaigns Simplify the communication between Bank and insurance companies 6 Real estate New synergies in the real estate acquisition and management 7 Bancassurance products Integration of the assurance products in the bank s products list 8 Creditis Sale of assurance products together with financial services and credit cards GRUPPO CARIGE 35

36 The Convertible Bond Issue On 18th March 2010 the Convertible Bond Issue has been successfully concluded with the exercise of all the option rights and thus no intervention by the underwriting syndicate was required. The issue has the following characteristics: ti Soft mandatory convertible bond scheme Number of bonds issued: 163,165, Nominal value: 2.40 each Total nominal amount: 392 million Offerinoptiontotheshareholdersof BancaCarige(ata ratio of 1 convertible bond for every 11 shares) and to the bondholders of Banca Carige, 1,50% subordinato ibrido con premio al rimborso convertibile in azioni ordinarie (at a ratio of 8 convertible bonds for every 77 bonds) Annual coupon payable in arrear from 2011 to 2015: 4.75% Capital increase at the service of the convertible bonds: maximum 179 million Issue of maximum 179,481,904 ordinary shares Early redemption faculty for the bondholders to redeem the bonds in Carige ordinary shares (1 share per 1 bond) after 18 months from the Closing Date and until the Maturity Date Early redemption faculty for the Issuer, after 18 months from the Closing Date to redeem the bonds by issuing ordinary shares (11 new shares per 10 bonds) and making a possible additional cash payment for granting a 10% premium GRUPPO CARIGE 36

37 Disclaimer This document has been prepared by Banca Carige SpA solely for information purposes and for use in presentation of the Group s strategies and financials. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither the company, its advisors or representatives shall have any liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute t an offer or invitation it ti to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The distribution of this presentation in certain jurisdictions may be restricted by law. Recipients of this presentation should inform themselves about and observe such restrictions. The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations. ***** The manager responsible for preparing the company s financial reports Daria Bagnasco, Planning and Accounting Head Office Manager of Banca CARIGE S.p.A., declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information of Banca CARIGE S.p.A. and the consolidated accounting information of Banca CARIGE Group contained in this presentation correspond to the document results, books and accounting records. GRUPPO CARIGE 37

38 Contacts Giacomo Burro CFO & Wealth Management Head Office Manager Tel: Maurizio Marchiori Head of Planning & Control Tel: Emilio Chiesi Head of International Funding i it Tel.: Investor Relations Tel: GRUPPO CARIGE 38

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