PRESS RELEASE. BANCA IMI: THE BOARD of DIRECTORS APPROVES THE RESULTS AS AT DECEMBER 31 ST 2014

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1 PRESS RELEASE BANCA IMI: THE BOARD of DIRECTORS APPROVES THE RESULTS AS AT DECEMBER 31 ST 2014 Consolidated profit for the year of 506 million euro, more than trebled from 147 million euro as at 31 December 2013 Consolidated total income of 1,330 million euro (+2.6% on 31 December 2013) Operating profit of 924 million euro, slightly down (-1.5%) on 31 December 2013 CET1 Ratio and Tier Total Ratio to 12.4% with the new Basel 3 rules, after providing for dividends of 500 million euro Banca IMI ranks first in Italy among bookrunners on the primary debt capital market Milan, March 2 nd 2015 The meeting of the Board of Directors of Banca IMI, the investment bank led by managing director Gaetano Miccichè General Manager and head of the Corporate and Investment Banking Division of the Intesa Sanpaolo Group and by the general manager Mauro Micillo, held today under the chair of Fabio Roversi Monaco, has approved the individual and consolidated results as at December 31 st As already announced on February 10 th 2014, the end-of-year final balance records a consolidated profit for the year of million euro, more than trebled from million euro as at 31 December In the previous final balance, the impairment losses, which had essentially impacted the Structured Finance segment, stood at 270 million (against the current 144 million). Concurrently, the goodwill entered at the time of the transfer had been fully written off, with a negative impact on the income statement of 194 million euro. The profit for the year 2013 had also been impacted by greater taxes of approximately 60 million as a result of the introduction, limited to the then-current financial period, of an additional IRES tax of 8.5%. The operating profit for the year 2014 stands at million, slightly down from million as at 31 December The 1.5% reduction essentially derives from the trend of operating costs up to million against the previous million with a net growth derived by the planned strategic investments and by the variable component of the remuneration, within the framework of the application of the incentive scheme in support of the Intesa Sanpaolo Group's growth.

2 The cost/income ratio stands at 30.5%, compared to the previous 27.5%, with total income having risen to 1,330 million euro (+2.6%) despite the difficult market situation that marked the summer months and the end of the year, thereby impacting investment choices and primary market opportunities, and the low interest rate scenario that reduced customers' hedging flows. The capital requirements as at 31 December 2014, calculated with the Basel 3 rules, record a Total Capital Ratio composed solely of the Common Equity Tier 1 - at 12.4%; the coefficient already takes into account the proposal for allocation of a 500 million dividend, and stands at a significantly higher level than the minimum required for the year 2014 and the full phase-in ratio envisaged by the regulation once in full operation. *** The total income break-down includes contributions by the areas: markets (948 million euro), structured finance (253 million euro) and investment banking (128 million euro). The performance recorded by total revenues appears to be even more significant in the light of the results recorded by international investment banks, which show a general decline in capital market activities, against a 4% growth for Banca IMI on a consolidated basis. In the Equity Capital Market business, worthy of note are the numerous mandates acquired for new transactions on the primary market, thereby also managing the resulting increase in flows from the secondary market, coming from Italian and international customers. Banca IMI participated in the IPOs by Anima, Fincantieri, Cerved, Rai Way and in the capital increases by Credito Valtellinese, B.Pop.Sondrio, Banco Popolare, Trevi Finanziaria, Deutsche Bank, Raiffeisen Bank International, Alpha Bank, Peugeot, Banco Espirito Santo, London Stock Exchange and FCA. In the Debt Capital Market business, Banca IMI handled 45 transactions acting as bookrunner, thereby confirming its leadership in terms of number and value, with over 16.8 billion euro, both in the general rankings and in those relating to corporate and highyield segments (source: Thomson Reuters). The bank also ranks first in the sovereign segment, with a value of 11.3 billion euro. The bank acted as bookrunner for corporate customers, among others, in the issues of Wind, CMC Ravenna and Maccaferri, in the hybrid bonds issued by Gas Natural, Accor, ENEL, EDF (5 billion euro and 750 million GBP), as well as in HERA's green bond. The Advisory business in Italy ranked in first place in terms of number of transactions completed (source: Thomson Reuters), covering all business sectors and customer segments. In the Structured Finance business, the synergies with the foreign network of Intesa Sanpaolo's CIB Division enabled greater access to foreign markets; in the International

3 Structured Finance area, financing transactions were managed in the EMEA (for a total of 10 billion euro), Asia Pacific and Americas areas, covering the energy and extraction sectors in particular. The distribution of investment products confirmed the success of the certificates, addressed to European share indexes and Italian and foreign single stocks, with over 3 billion new premiums sold. The direct listing on Borsa Italiana's MOT segment saw the launch of 10 issues in a currency other than the Euro (USD, AUD and NZD), for a value of approximately 900 million. Innovative is the issue of a dual currency BRL bond, with direct settlement in EUR. ***

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6 The Manager responsible for preparing the Company s financial reports, Angelo Bonfatti, declares, pursuant to Paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to what appears in the documentary entries, books and accounting entries. * * * Banca IMI, the investment bank of the Intesa Sanpaolo Group, operates in Banking, Capital Markets and Structured Finance on the main national and international markets via its offices in Milan, Rome, London and Banca IMI Securities Corp. in New York. Banca IMI offers its services to banks, businesses, institutional investors, governments and public authorities. It is one of the top Italian financial operators, with a strong presence in share and bond placements, in extraordinary finance operations and in securities trading. Making use of the wealth of national and international contacts of the Intesa Sanpaolo Group, it can also boast historical leadership in the Italian structured finance market: it supports the growth of Italian and international customers with usually medium/long-term financial operations and has distinctive capabilities as financial advisory, especially in the real estate sector and in project and the specialised lending sector. It assists corporate customers in collecting risk and debt capital. It acts as financial advisor. It organises risk management products for businesses, institutional investors and local authorities. It structures and creates investment products for retail customers. Through the Market Hub, its market access platform, it dynamically searches for the Best Execution of MiFID-compliant orders and allows over 350 Italian and foreign institutional investors access to more than 70 national and international markets (equity, derivative and bond markets). Banca IMI has a Moody's rating of Baa2, an S&P rating of BBB- and a Fitch rating of BBB+. For information: Intesa Sanpaolo Media Relations Corporate & Investment Banking and International Media Tel: