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Press Release

At today's meeting, the Chief Executive Officer reported to the Board of Directors with regards to the situation that has received press coverage over the past few days concerning a search warrant issued by the Procura della Repubblica at the Florence Court on 8 October 2015, based on which certain members of the Bank's Board and management are under investigation as part of criminal proceedings relating to the position of the Bulgarella Group, who hold loans granted in the early 2000s by Banco di Sicilia and Capitalia, before the merger with UniCredit.


The Board took due note of the fact that the investigation is still at a very early stage and as such privileged, and the Directors were informed of the results of Audit's examination (which was limited to internal documents and decisions in order to avoid any interference in the investigations currently under way). The Board noted that this preliminary analysis had not shown wrongdoings in the processes, decisions and behaviours of the Bank officers involved, and that the Bank has not taken any final decisions; more specifically, the plan to restructure the Bulgarella Group's debt has not been approved.


The Board of Directors has confirmed its intention to actively follow the developments with regards to both the criminal proceedings and the internal investigation to ensure that it will at all times be in a position to express its informed opinion and also confirmed its confidence in their representatives.




Milan, October 15, 2015