Fitch Rating Review

PRESS RELEASE

FITCH RATINGS REMOVES THE RATING WATCH NEGATIVE (RWN) AND DOWNGRADES THE RATINGS OF BANCA AKROS S.P.A.

THE SHARE CAPITAL OF BANCA AKROS S.P.A. IS NOW FULLY OWNED BY BPM

The international rating agency Fitch Ratings, as part of its review of the ratings of the Parent Company Banca Popolare di Milano, revised the long-term rating (LT IDR) of Banca Akros from “BB+” to “BB-” and the Viability Rating (VR) from “bb+” to “bb-“, removing the Rating Negative Watch; the agency has also confirmed the short-term rating of “B”. The Outlook is “Stable”.

For full details, please refer to Fitch Ratings’ press release of 23 December 2016, available on the rating agency’s website www.fitchratings.com.

On 27 December 2016, Banca Popolare di Milano s.c.a r.l. purchased the share capital stake in Banca Akros S.p.A. from Fondazione Cassa di Risparmio di Alessandria, which it previously held

Therefore, Banca Akros S.p.A. is now wholly owned by Banca Popolare di Milano s.c. a r.l. and will be wholly owned by Banco BPM S.p.A. as from 1 January 2017.