Intesa Sanpaolo

Governance Information • Apr 12, 2024

Report on Corporate Governance and Ownership Structures Report on Remuneration

Intesa Sanpaolo S.p.A. Registered office: Piazza San Carlo, 156 10121 Torino Secondary registered office: Via Monte di Pietà, 8 20121 Milano Share capital 8,549,266,378.64 euro Torino Company Register and Fiscal Code 00799960158 VAT number 10810700152 included in the National Register of Banks No. 5361 ABI Code 3069.2 Member of the National Interbank Deposit Guarantee Fund and of the National Guarantee Fund, and Parent Company of "Intesa Sanpaolo" banking group, included in the National Register of Banking Groups.

In accordance with Article 9 ter, paragraph 3, of the Shareholder Rights Directive II and Article 84-quater, paragraph 1, of the Issuers' Regulation, this document replaces the document previously published on 8 April 2014.

Contents

	r aye
Glossary	9
REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP
STRUCTURES	11
Introduction	13
Adoption of the Corporate Governance Code	15
PART I - PROFILE OF THE COMPANY AND THE GROUP	17
Corporate Governance model The Intesa Sanpaolo Group - The role of the Parent Company and management and coordination activities - Group Regulations	17 18 18 19
PART II - INFORMATION ON OWNERSHIP STRUCTURES	21
Introduction Share capital - Ordinary shares and savings shares - Securities Traded on Non-European Markets - Treasury shares Share Transfers Shareholder Base - Main Shareholders - Shareholders' agreements "Change of control" clauses Allocated Assets	21 21 21 22 22 22 22 22 22 23 23
PART III - INFORMATION ON THE ADOPTION OF THE CORPORATE GOVERNANCE CODE AND OTHER INFORMATION ON GOVERNANCE	25
The Supervisory Board	25
DUTIES OF THE SUPERVISORY BOARD	25
Composition of the Supervisory Board - Composition and appointment - Term of office, replacement and removal - Chairman and Deputy Chairpersons - Requirements of integrity and professionalism - Management or control positions of Supervisory Board Members	27 27 29 30 31 31
INDEPENDENT MEMBERS	32
SUPERVISORY BOARD'S INTERNAL COMMITTEES: COMPOSITION AND DUTIES	34

- Control Committee - Nomination Committee	35 38
- Remuneration Committee	39
- Strategy Committee	41
- Financial Statements Committee	42
- Related Party Transactions Committee	43
SUPERVISORY BOARD OPERATIONS	44
- Calling of Meetings	44
- Reports to Board Members - Conduct of meetings and the decision-making process	45 45
- Frequency of meetings and Board Member attendance	46
- Contestation of resolutions	46
- Self-assessment of extent, composition and operations	46
The Management Board	48
DUTIES AND POWERS OF THE MANAGEMENT BOARD	48
COMPOSITION OF THE MANAGEMENT BOARD	50
- Composition and appointment	50
- Term of office, replacement and removal	51
- Executive and non-executive Members	51
- Chairman and Deputy Chairpersons	52
- Managing Director	53
- Independent Management Board Members	54 55
- Requirements of integrity and professionalism - Management or control positions of Management Board Members	55
MANAGEMENT BOARD OPERATIONS	56
- Calling of Meetings	56
- Reports to Board Members	56
- Conduct of meetings and the decision-making process - Frequency of meetings and Board Member attendance	57 58
- Contestation of resolutions	ਦੇ ਰੋ
- Self-assessment of size, composition and operations	ਦੇ ਰੋ
POWERS	60
INFORMATION FLOWS TO CORPORATE BODIES AND BETWEEN CORPORATE BODIES	61
Operating Structure	63
- Business Units, Governance Areas and Head Office Departments	63
- General Managers	63
- Group Committees	64
The internal control and risk management system	ર્દિક
MAIN CHARACTERISTICS	65
THE ROLE OF CORPORATE BODIES	66
THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S FINANCIAL REPORTS	67
INTERNAL CONTROL OF Accounting and FINANCIAL DISCLOSURE	ਦਰ
THE CHIEF RISK OFFICER	70
- Risk Management	70
- Compliance	71
- Credit Quality Monitoring	72
- Internal Validation	73
- Anti Money Laundering	73

INTERNAL AUDITING	73
MANAGEMENT OF CONFLICTS OF INTEREST - Introduction	75 75
- Interests of Management Board Members - Interests of Supervisory Board Members	75 75
- Transactions with related parties and associated entities	75
- Obligations of Board Members and General Managers of the Bank	76
- Conflict of interest management policy	77
- Personal transactions rules	77
I HE SURVEILLANCE BODY AND THE ORGANISATIONAL, MANAGEMENT AND CONTROL MODEL PURSUANT TO LEGISLATIVE DECREE 231/2001	78
INDEPENDENT AUDITING	79
Treatment of corporate information	81
- Inside information	81
- Internal Dealing and Insiders List	81
Relations with shareholders and the financial community – The website	83
Shareholders' Meetings: procedures and shareholders' rights	84
- The Shareholders' Meeting of Intesa Sanpaolo	84
- Duties of the Shareholders' Meeting	84
- Calling and conduct of work	84
- Additions to the agenda and submission of new proposed resolutions	85
- Right to ask questions on items on the agenda	85
- Participation and representation - The Appointed Representative	86 86
- Voting rights - Quorum and voting majorities	86
- Contestation of shareholder resolutions	87
- The Special Savings Shareholders' Meeting	87
- The right of withdrawal	88
Corporate social responsibility	89
PART IV - SUMMARY TABLES	91
Table No. 1: Composition of the Supervisory Board and Committees	91
Table No. 2: List of other management or control offices of Members of the
Supervisory Board in other companies quoted on requlated markets (also abroad), in
financial, banking, insurance or large companies	92
Table No. 3: Composition of the Management Board	ರಿಗ
Table No. 4: List of other management or control offices of Members of the Management Board in other companies quoted on regulated markets (also abroad), in financial, banking, insurance or large companies	ਰ 5
REPORT ON REMUNERATION	97
Introduction	ਰੇਰੇ
SECTION I	101
1. Procedures for adoption and implementation of the remuneration policies	101
- 1.1. The role of Corporate bodies 1.1.a. The Shareholders' Meeting	101 101

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Table No. 1: Remuneration paid to members of the Supervisory Board and Management Board, General Managers and other Key Managers
	125
Table No. 2: Stock options assigned to members of the Management Board, General Managers and other Key Managers	138
Table No. 3A: Incentive plans based on financial instruments other than stock options, in favour of members of the Management Board, General Managers and other Key Managers	139
Table No. 3B: Monetary incentive plans in favour of members of the Management Board, General Managers and other Key Managers	141
Equity investments	145
Table No. 1: Equity investments of members of the Supervisory Board and Management Board and of the General Managers	145
Table No. 2: Equity investments of other Key Managers	146
PART III - AGGREGATE QUANTITATIVE INFORMATION PURSUANT TO THE SUPERVISORY PROVISIONS OF THE BANK OF ITALY	147
The 2013 incentive system for Top Management and Risk Takers	147
Quantitative information subdivided by business area	150
Quantitative information subdivided among the various categories of "key personnel"	151
PART IV - INTERNAL AUDITING DEPARTMENT ASSESSMENT OF THE REMUNERATION SYSTEM	153
APPENDIX	155
Table No. 1: Check List	157
Table No. 2: "Art. 123-bis - Report on Corporate governance and ownership structures"	172
Table No. 3: "Art. 123-ter - Report on remuneration"	174

Glossary

Articles of Association:

Intesa Sanpaolo's Articles of Association (available in the Governance section of the Bank's website)

Banking Group or Intesa Sanpaolo Banking Group:

the Banking Group, composed of the Parent Company Intesa Sanpaolo and the banking, financial and instrumental companies – with registered offices in Italy and abroad – controlled directly or indirectly by the Parent Company

Bank of Italy:

the Bank of Italy - central bank of the Republic of Italy and part of the European System of Central Banks and the Eurosystem - is a public institution whose main functions aim at granting, among other, the stability and efficiency of the financial system by pursuing sound and prudent management of financial intermediaries as well as compliance with relevant laws in force (also see the website www.bancaditalia.it)

Bank's website or Company's website

the website group.intesasanpaolo.com

Borsa Italiana Regulations:

regulations governing markets organised and managed by Borsa Italiana

c.c.: Italian Civil Code

Consob:

Commissione Nazionale per le Società e la Borsa, the independent authority whose purpose is to safeguard investors, efficiency, transparency and development of the Italian securities market (also see the website www.consob.it)

Consob Regulation on related parties:

regulation issued by Consob with resolution 17221 of 12 March 2010 (and subsequent amendments), governing transactions with related parties by companies using the venture capital market directly or through subsidiaries

Consolidated Law on Banking:

Italian Legislative Decree no. 385 of 1 September 1993 – Consolidated Law on Banking

Consolidated Law on Finance (CLF):

Italian Legislative Decree no. 58 of 24 February 1998 – Consolidated Law on Finance

Corporate Governance Code or Code:

Corporate Governance Code for listed companies, published in March 2006 and updated through December 2011 by the Corporate Governance Committee, on corporate governance principles applicable to companies quoted on the stock exchange

Financial Stability Board or FSB:

Financial Stability Board, independent body that collaborates with the national and international financial institutions to develop and implement effective regulatory, supervisory and other specific sector policies in the interest of global financial stability (also see the website www.financialstabilityboard.org)

Group or Intesa Sanpaolo Group:

the Group, composed of the Parent Company Intesa Sanpaolo and companies controlled directly or indirectly by the same, including companies that are not part of the Banking Group – with registered offices in Italy and abroad

Intesa Sanpaolo or Company or Bank:

Intesa Sanpaolo S.p.A.

Issuers' Regulation:

regulation implementing the Consolidated Law on Finance and governing issuers, adopted by Consob Resolution 11971 dated 14 May 1999, and subsequent amendments thereto

Italian Stock Exchange or Borsa Italiana:

Borsa Italiana S.p.A. is the company responsible in Italy for the organisation, management and development of markets for the trading of financial instruments, on which Intesa Sanpaolo S.p.A. instruments are also quoted (also see the website www.borsaitaliana.it)

Joint Bank of Italy/Consob Regulation:

regulation issued jointly, pursuant to the Consolidated Law on Finance, by the Bank of Italy and Consob on 29 October 2007, governing the organisation and procedures of intermediaries providing investment services

Manager responsible for preparing the Company's financial reports:

Manager responsible for preparing the Company's financial reports (pursuant to art. 154-bis of the Consolidated Law on Finance)

Parent Company:

Intesa Sanpaolo, the Parent Company of the Banking Group, pursuant to the Consolidated Law on Banking

Report on Governance:

the Report on Corporate Governance and Ownership Structures drawn up pursuant to Article 123-bis of the Consolidated Law on Finance

Report on Remuneration:

the Report on Remuneration drawn up pursuant to Article 123-ter of the Consolidated Law on Finance and subsequent implementation provisions

Supervisory Provisions:

regulations issued by the Bank of Italy as part of its supervisory functions, applicable to banks and banking groups

Supervisory Provisions on corporate governance:

"Supervisory provisions concerning banks' organisation and corporate governance", adopted by the Bank of Italy on 4 March 2008, and subsequent note issued by the Bank of Italy on 11 January 2012 on the application of such Provisions

Supervisory Provisions on remuneration:

"Provisions regarding remuneration and incentive policies and practices in banks and in banking groups", issued by the Bank of Italy on 30 March 2011

Report on Corporate Governance and Ownership Structures

27 March 2014

Introduction

This Report, available in the "Governance" section of the Company's website, has been prepared in accordance with Article 123-bis of the Consolidated Law on Finance, which requires issuers to provide the market yearly with a set of information, precisely identified by the said Article, on their ownership structures, their compliance to some corporate governance codes, their corporate bodies structure and operation as well as their corporate governance practices.

In addition to being required by law, the Report also represents an opportunity for Intesa Sanpaolo to carry out a periodic overall self-analysis, as well as an important means of communication with its shareholders, investors and the market, illustrating the governance mechanisms that drive the Bank's operations.

Within this framework, the Report describes the levels of compliance with the Corporate Governance Code, and identifies the rare cases of discordance with the latter and the reasons supporting them, also considering the peculiarities of the dual management and control model.

Specifically, the Report is divided into four parts. Part I provides a brief description of the Bank and its corporate governance model, together with a description of the Intesa Sanpaolo Group. Part II discloses information on the ownership structure, except for certain information that has been included in Part III for the purposes of greater clarity. Part III contains more precise information on the Bank's corporate bodies and structure, as well as on the internal control and risk management system. Lastly, Part IV contains a series of tables providing summary information on the structure of the Supervisory Board and Management Board.

Further information on the implementation of Article 6 of the Code is also included in the Report on Remuneration.

For more immediate interpretation, specific margin notes citing the relevant Principles and Criteria of the Code have been provided alongside the text, along with the requirements of paragraph 1 (ownership structures) and paragraph 2 (corporate governance) of Article 123-bis of the Consolidated Law on Finance.

The Appendix to this document contains two check lists that indicate, on one side, the Principles and Criteria of the Code and the provisions of Article 123-bis and, on the other side, the relative implementation (with any amendments) or non-application, with reference to the page of the document in which the matter is discussed.

However, these check lists should be read together with the clarifying notes and details provided in the Report as regards application of the individual provisions.

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Unless otherwise stated, the information contained in this Report is updated as at 27 March 2014, the date of its approval by the Management Board and of the relative acknowledgement by the Supervisory Board.

This Report was audited for consistency by the independent auditors KPMG, in accordance with the aforementioned Article 123-bis. Their findings are published in the Independent Auditors' Reports, prepared in accordance with Article 14 of Italian Legislative Decree no. 39/2010, annexed to the Parent Company and consolidated 2013 financial statements.

Adoption of the Corporate Governance Code

Intesa Sanpaolo has adopted the Corporate Governance Code, as updated through December 2011, available on the Borsa Italiana website (under Borsa Italiana/Rules/Corporate Governance). Consequently, the Bank's governance is also shaped by the aims and instructions contained in the same, with a view to ensuring the effective and transparent separation of the roles and responsibilities of its Corporate bodies, and, in particular, also in accordance with supervisory provisions, checks and balances between strategic supervision, management and control functions.

Intesa Sanpaolo, however, has also adapted the principles and criteria of the Code to its own dual governance system, this option being offered by the Code for alternatives to the traditional governance model, in a manner consistent with the objectives of good corporate governance, transparent reporting and the protection of investors and the market, as well as of the interests of all stakeholders with which the Bank interacts in its business.

Furthermore, the Bank is aware that efficient corporate governance is essential for the pursuit of its objectives, and it constantly updates its corporate governance structure in order to bring it in line not only with the changing regulations, but also with national and international best practices and with the corporate governance principles and recommendations promoted by the main Bodies and Authorities (i.e. the Financial Stability Board, the Basel Committee on Banking Supervision and the European Banking Authority).

All the above, with no prejudice to strict compliance with the overall regulatory framework and, in particular, the supervisory provisions issued by the Bank of Italy and regulations contained in the Consolidated Law on Banking, pursuant to which, Intesa Sanpaolo, as a bank, must however shape its organisational structure.

Art. 123 bis (2), (a) CLF

10.P.1.

Part I – Profile of the Company and the Group

Intesa Sanpaolo is a Bank quoted on the MTA market (Mercato Telematico Azionario) organised and managed by Borsa Italiana. The purpose of the Company is the deposit-taking and the carrying out of all forms of lending activities, both directly and through its subsidiaries, together with any other transactions instrumental or related to the achievement of its corporate purpose.

Corporate Governance model

Intesa Sanpaolo adopts the dual management and control model, consisting of a supervisory board, whose members are appointed by the shareholders' meeting, and a management board, whose members are appointed by the supervisory board, pursuant to Articles 2409-octies et seq. of the Italian Civil Code and Articles 147-ter et seq. of the Consolidated Law on Finance.

The duties and rules of operation of Intesa Sanpaolo's corporate bodies are set forth in provisions of laws and regulations, relevant resolutions passed by competent Authorities, the Articles of Association and internal Rules.

In general terms, the Supervisory Board, in addition to performing control duties typical of the board of statutory auditors, is also charged, according to the regulatory provisions, with certain duties traditionally attributed to the meeting and, on the basis of a provision of the Articles of Association adopted in accordance with Article 2409-terdecies, f-bis) of the Italian Civil Code, with strategic supervisory functions. The Management Board, on the other hand, has full and exclusive power over company management and, to the extent of its separate duties, contributes to strategic supervisory functions. In compliance with the general guidelines and programs approved, the Management Board has exclusive power over ordinary and extraordinary company management.

Based on the Supervisory Provisions on corporate governance, the role of strategic supervision is focused on the Supervisory Board.

After more than seven years' experience, the dual model adopted by Intesa Sanpaolo confirms its concrete operation and consistency with respect to the Bank's overall structure, demonstrating its capacity to meet the efficiency and effectiveness needs of governance and of the control system of a structured and complex Group.

This model ensures that both bodies liaise in the implementation of strategic supervision in a framework of transparent, well-defined duties, in which proposals prepared by the Management Board are submitted for approval of the Supervisory Board.

The roles assigned to the two Bodies emphasise, in fact, the separation of control, steering and strategic supervision functions on the one hand, and the management function on the other. This separation offers a better definition of the Bodies' roles and responsibilities by means of a check and balance system, and guarantees that fundamental decisions are subject to twofold examination, in order to ensure the sound and prudent management of the Bank.

Detailed information concerning the corporate bodies is contained in specific sections of the third part of the Report.

Certain provisions of the Code concerning the board of directors and individual directors under the traditional system are considered applicable to the Management Board and Supervisory Board each as a whole as well as to their individual members, given that the Articles of Association assign significant powers of strategic supervision to the latter. Moreover, provisions concerning control bodies have been applied to the Supervisory Board, as well as provisions concerning the management of operations have been applied to the Management Board.

10.P.1. 10.P.3.

10.C.1.

Note that in 2013 the banking sector regulations were affected by a number of important EU measures, some of which still under development, requiring that banks assess the appropriate action to adapt their governance rules by the prescribed deadlines. For the banks, corporate governance rules are therefore expected to offer less room for self-governance decisions.

In fact, in June 2013 Directive 2013/36/EC on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (CRD IV) was adopted. Amongst other things, the Directive envisages provisions in terms of strengthening the responsibility of bodies and requirements for directors, limits on holding multiple offices and a further refinement of remuneration regulations.

In addition, consistent with guidance issued by the European Banking Authority (EBA), in July 2013 the Bank of Italy issued new Provisions on internal control, business continuity and information systems, contemplating a strong enhancement of corporate bodies' responsibilities in such matters.

Lastly, in December 2013 the Bank of Italy launched a consultation on certain amendments to its Supervisory Provisions on corporate governance and Supervisory Provisions on remuneration, in order to implement the new concepts of Directive 2013/36/EC. In particular, the consultation on corporate governance envisages major new elements in terms of roles, responsibilities and qualitative/quantitative membership of corporate bodies, also incorporating a number of other governance guidelines issued by the EBA in 2011.

It should be emphasised that the description of the Intesa Sanpaolo governance system provided in this Report should be considered to refer to the actual situation as at the date of its approval. The new regulatory framework gradually outlined during 2013 made it necessary to launch an analysis process which, in certain aspects, could result in action to align with the new rules.

The Intesa Sanpaolo Group

The role of the Parent Company and management and coordination activities

The Intesa Sanpaolo Group provides banking, financial, investment, collective asset management and insurance services.

Intesa Sanpaolo is the Parent Company of the Banking Group bearing its name and holds controlling interests in other companies belonging to the broader business group.

As Parent Company of the Banking Group, Intesa Sanpaolo is responsible, pursuant to the Consolidated Law on Banking, for the management and coordination of the companies belonging to the Banking Group and issues provisions as required for the implementation of Bank of Italy instructions in the interest of the Group's stability. The Group's subsidiaries must comply with such provisions.

Intesa Sanpaolo verifies individual Banking Group members' compliance with and adoption of the provisions issued as instructed by the Bank of Italy in order to ensure consistency. In particular, this refers to reporting regulations and regulatory supervision on, amongst other things, capital adequacy, investments that can be held, risk containment, corporate governance, the administrative and accounting organisation and internal controls, together with the remuneration and incentive systems, without prejudice to the responsibility of the subsidiaries' corporate bodies to ensure the accuracy of information flows and the adequacy of production and control procedures of the figures provided.

Within the Banking Group – without prejudice to the prerogatives of Intesa Sanpaolo as Parent Company and the aforementioned obligations regarding full implementation of supervisory regulations – subholdings can be identified as responsible for coordination activities on behalf of direct or indirect subsidiaries. Sub-holdings are required to observe, and ensure observation by their subsidiaries, of instructions issued by Intesa Sanpaolo in exercising its management and coordination activities, and to provide data and information on their own activities and those of its subsidiaries.

Currently the role of sub-holding is covered by Banca CR Firenze and Banca Fideuram, which exercise management and coordination over their own subsidiaries on behalf of Intesa Sanpaolo.

In accordance with Legislative Decree 142/2005, the Intesa Sanpaolo Group constitutes a "financial conglomerate" – whose main field of activity is banking – subject to supplementary supervision, exercised

by the competent Authorities and coordinated by the Bank of Italy, for the purpose of guaranteeing safeguards for the stability of the financial conglomerate as a whole and of its member companies.

Intesa Sanpaolo is at the helm of this financial conglomerate and, as such, is also required to ensure compliance with the regulations on prudential supervision.

Furthermore, pursuant to Articles 2497 et seq. of the Italian Civil Code, Intesa Sanpaolo exercises policy, management and coordination activities for all other companies belonging to the broader business group.

In this context, note that Intesa Sanpaolo also exercises these activities over the insurance company Intesa Sanpaolo Vita, which, pursuant to Legislative Decree 209/2005 (the "Private Insurance Code") and related enactment provisions, is parent company of the Intesa Sanpaolo Vita Insurance Group. As such, Intesa Sanpaolo Vita exercises policy, management and coordination activities over Intesa Sanpaolo Assicura, pursuant to Articles 2497 et seq. of the Italian Civil Code.

In its capacity as Parent Company, Intesa Sanpaolo adopts specific risk management procedures and internal control mechanisms for the coordinated and unified management of the Group's various companies, with a view to guaranteeing compliance with statutory requirements, ensuring sound and prudent management, safeguarding the profitability and value of the Parent Company's investments and the investments of each Group company, and warding off any potential threat to the capital base of each Group entity.

Group Regulations

In consideration of the common business strategy and for the purpose of optimising synergies created by the Group, while at the same time maximising the key strengths of the various entities, the Company has adopted Group Regulations which govern the institutional operations of the Intesa Sanpaolo Group and intragroup transactions in accordance with supervisory regulations, which assign responsibility for the overall consistency of group governance to the parent company, through management and coordination activities.

The Regulations are the reference discipline for relations between Intesa Sanpaolo and Group companies and between the latter, whose conduct – in compliance with legal independence and the principles of correct governance and management of such companies – must reflect common organisational and management rules.

The document specifically defines the Group's overall architecture and guarantees standardised management, through compliance with the basic operating principles and through the policy, management and support role of the competent departments within the Parent Company. In this way the Regulations identify precise responsibilities for the Parent Company and Group companies, in a unique and reciprocal commitment framework.

All Group companies adopt the Regulations by means of a specific resolution adopted by the competent corporate bodies.

For the purpose of actual application of rules contained in the Regulations, Intesa Sanpaolo has designed reporting procedures to be followed with subsidiaries, through which the latter refer to the Parent Company with regard, amongst other things, to prior authorisation of corporate transactions, equity investments and on governance issues as well as activating adequate information flows to the Parent Company.

The Parent Company also prepares and distributes Group governance documents, targeted at either individual Group members or the Group as a whole and addressing either general governance matters or specific issues. The management bodies of the companies that receive these documents are required to implement the instructions provided, as far as they are concerned, immediately, promptly informing their senior managers of the requirement in order to identify implementation methods.

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For the main Intesa Sanpaolo Group subsidiaries and the related business areas, reference should be made to the Bank's website, section About us/Organisational structure.

Part II – Information on Ownership Structures

Introduction

This part of the Report provides information on the ownership structure of Intesa Sanpaolo, in accordance with Article 123-bis, paragraph 1, of the Consolidated Law on Finance.

However, some of the information required under paragraph 1 has been exhaustively provided in Part III of this Report, to refer to for greater detail. In particular:

• the topic of shareholders' rights and voting rights at Meetings is examined in the chapter on Meetings;
• the rules applying to the appointment and replacement of members of the Supervisory Board and Management Board are discussed in the chapters on these Corporate bodies.

Furthermore, information on the absence of agreements between the Company and Members of the Supervisory or Management Board, providing for indemnities in the event of resignation, dismissal without just cause or termination of employment, is contained in the Report on Remuneration.

Share capital

Share capital subscribed and paid-in totals 8,549,266,378.64 euro, divided into 16,440,896,882 shares of a nominal value of 0.52 euro each, of which 15,508,406,321 ordinary shares (equal to 94.33% of share capital) and 932,490,561 non-convertible savings shares (equal to 5.67% of share capital).

On this point, the share capital has been recently increased twice following rationalisation transactions of the Group: the first share capital increase from 8,545,681,412.32 euro to 8,545,738,608.16 euro was completed as of 9 December 2013, following the merger by incorporation of the subsidiary Sudameris S.A.; the second share capital increase from 8,545,738,608.16 euro to 8,549,266,378.64 euro was completed as of 1 January 2014 following the merger by incorporation of the subsidiary Centro Leasing S.p.A..

The Articles of Association do not delegate any powers to the Management Board for share capital increases pursuant to Article 2443 of the Italian Civil Code or powers to issue equity-related financial instruments.

No shares exist that confer special controlling interests to their holders.

Ordinary shares and savings shares

Each ordinary share confers the right to cast one vote at ordinary and extraordinary Shareholders' Meetings.

Savings shares, which may be in bearer form, do not confer the right to vote in ordinary and extraordinary shareholders' meetings but entitle the holder only to attend and vote at the Special Meeting of savings shareholders.

Pursuant to the Articles of Association, savings shares are also recognised pre-emption rights in the event of reimbursement of share capital on the entire nominal value, and the right to a dividend higher than that of ordinary shares, according to the rules specified below.

Based on the Articles of Association, the responsibility for resolutions on the distribution of profits lies with the ordinary Shareholders' Meeting, on recommendation of the Management Board.

Net income as reported in the financial statements, net of allocations to the legal reserve and the unavailable portion as required by law, shall be distributed to shareholders as follows:

a) a dividend of up to 5% of the nominal value of the non-convertible savings shares shall be distributed to non-convertible savings shares. If in a financial year the dividend is less than 5% of the nominal value Art. 123 bis (1), (a) CLF

bis (1), (m) CLF Art. 123-

Art. 123-

bis (1), (d) CLF

Art. 123-
bis (1),
(a) CLF

of the non-convertible savings shares, the difference shall be added to the preferred dividend paid in the following two accounting periods;

b) the remaining net income, made available for distribution by the Shareholders' Meeting, shall be divided among all shares so that the dividend allocated to non-convertible savings shares is higher than that allocated to ordinary shares by 2% of the nominal share value.

Securities Traded on Non-European Markets

American Depositary Receipts (ADRs), certificates on Intesa Sanpaolo ordinary shares, are outstanding, currently deposited with and managed by the Bank of New York Mellon. Following the deregistration of the ADRs with the SEC, the securities were admitted to trading in the United States on the OTC market only.

Treasury shares

As at 31 December 2013 the Bank's share portfolio contained 10,114,426 treasury shares, of whom 3,642,455 were purchased in 2013 as functional to the Incentive System for employees. Limited packets of shares are held by other Group companies as part of their own ordinary banking and financial activities or as functional to the aforesaid Incentive System.

Art. 123 bis (1), (c) CLF

Art. 123 bis (1), (a) CLF

Art. 123 bis (1), (m) CLF

Share Transfers

There are no limits envisaged to the possession or transfer of shares.

Within Intesa Sanpaolo, there are no employee stock ownership schemes that envisage that voting rights are not to be exercised directly by the employees themselves. For information regarding the existing incentive system, refer to the Report on Remuneration.

Shareholder Base

Main Shareholders

According to records in the Shareholders' Register and other available information, there are approximately 312,800 Intesa Sanpaolo shareholders. The table below provides the list of shareholders which, pursuant to Article 120 of the Consolidated Law on Finance and other information received by the Bank, directly and/or indirectly hold more than 2% of ordinary share capital.

Declaring Company	Direct shareholder (if other than the declaring company)	% of ordinary share capital
Compagnia di San Paolo	----	9.713%
Blackrock Inc.		5,004%
Fondazione Cariplo	----	4.946%
Fondazione C.R. Padova e Rovigo	----	4.514%
Ente C.R. Firenze	----	3.319%
Assicurazioni Generali S.p.A.		2,629%
	Alleanza Assicurazioni S.p.A	1,291%
	Generali Italia S.p.A.	1.127%
	other group companies	0,211%
Fondazione C.R. in Bologna	----	2.022%

Art. 123 bis (1), g) CLF

Shareholders' agreements

The renewal of Intesa Sanpaolo's Supervisory Board members for 2013/2014/2015 by the Shareholders' Meeting of 22 April 2013 led to the signing of shareholders' agreements, pursuant to Article 122 of the Consolidated Law on Finance, for the presentation and voting on single lists by the signatories.

Two agreements in particular were signed and disclosed, as prescribed by law: one in which the signatories were Compagnia di San Paolo and Fondazione Cariplo, and the other signed by Fondazione Cassa di Risparmio di Padova e Rovigo, Ente Cassa di Risparmio di Firenze and Fondazione Cassa di Risparmio in Bologna.

Art. 123 bis (1), (h) CLF

Both agreements, signed on 15 March and 21 March 2013, respectively, expired on appointment of the Supervisory Board. The related provisions, in fact, lapsed when the lists of candidates were defined and the agreed voting rights exercised in favour of those candidates.

There are no other shareholders' agreements pursuant to Article 122 of the Consolidated Law on Finance.

---

"Change of control" clauses

As part of their normal business activities, the Bank and other Group companies are usually party to framework agreements and contracts (especially for funding) which, according to standard financial market practice for certain types of relations, envisage specific effects in the event of a "change of control" (agreements "which take effect, alter or terminate upon a change of control of the Company and/or as a result of related events").

No such framework agreement or contract may be considered significant, per se, in terms of amount or effect on a consolidated basis.

Allocated Assets

As at the reporting date, Intesa Sanpaolo has not allocated assets for specific dealings in accordance with the Italian Civil Code.

Part III – Information on the adoption of the Corporate Governance Code and other information on governance

The Supervisory Board

The Supervisory Board is governed by the legal and regulatory provisions and by the Articles of Association. It is the highest body in the dual management and control system adopted by Intesa Sanpaolo and performs steering, strategic supervision and control duties.

For effective implementation of these duties, the Supervisory Board receives support from Committees, appointed by the Board within its members and described in a specific section of this Report.

The Supervisory Board has adopted its own Regulations which, among other things, aim to outline – in accordance with the applicable laws in force – its responsibilities, as well as govern its organisation and operating methods, also taking into account the principles and criteria of the Corporate Governance Code. The Regulations apply to the Supervisory Board jointly as a whole and severally to the Chairman and Members of the Board, who as such contribute to forming the decisions of the Board.

Duties of the Supervisory Board

The Supervisory Board is assigned functions that are traditionally performed by the Shareholders' Meeting, such as the appointment, revocation and determination of remuneration of Members of the Management Board.

The Supervisory Board is also responsible for approving the Parent Company's and consolidated financial statements. This significant duty is completed after a thorough examination of the draft financial statements submitted by the Management Board. When examining the Parent Company's financial statements, the Supervisory Board also analyses the proposed allocation of profit as formulated by the Management Board and expresses its opinion to the Shareholders' Meeting in its report on supervisory activities, as per Article 153 of the Consolidated Law on Finance.

As to strategic supervision, pursuant to Article 2409-terdecies, paragraph 1, letter f-bis) of the Italian Civil Code, the Supervisory Board has been entrusted with duties which strengthen its steering powers and permit the collegial involvement of its members in the main governance decisions of the Bank and the Group.

Accordingly, the Supervisory Board, pursuant to the Articles of Association and upon proposal of the Management Board:

• decides upon general planning and the strategic steering of the Company and the Group;
• approves the business and/or financial plans and budgets of the Company and the Group and their amendment, if any;
• authorises strategic transactions, as identified in the Articles of Association;
• approves strategic guidelines and policies regarding risk management;
• approves the remuneration policies for employees and other staff;

without prejudice to the Management Board's responsibility for action taken.

In particular, the Supervisory Board authorises:

• (i) Management Board proposals to be submitted to the Shareholders' Meeting on share capital transactions, issues of convertible and cum warrant bonds in securities of the Company, mergers and spin-offs and other amendments to the Articles of Association, without prejudice to the Shareholders' powers to submit proposals as envisaged by law;
• (ii) purchases or sales by the Company and its subsidiaries of controlling stakes in companies whose unit value exceeds 6% of consolidated regulatory capital;
• (iii) investments or disinvestments entailing commitments for the Company totalling, for each transaction, more than 6% of consolidated regulatory capital;

1.P.1. 8.P.2.

1.C.1. f)

1.C.1. a) and f)

(iv) other transactions as expressly identified by the Articles of Association.

Furthermore, the Supervisory Board may represent to the Management Board its opinion, in order for relevant proposals to be drafted, with reference to significant strategic transactions. The Supervisory Board has not yet exercised this right with reference to specific transactions. However, in 2013 the steering function was performed in relation to the reorganisation and assignment of responsibilities to the Banca dei Territori Division.

The Supervisory Board receives, at least every three months, reports regarding, amongst other things, the general development of operations, transactions with a major economic, financial and capital impact, and transactions with related parties and, on a quarterly basis, reports on the key performance data for the period compared with system data.

With regard to the Internal Capital Adequacy Assessment Process or ICAAP, the Supervisory Board, on the recommendation of the Management Board, approves the general guidelines of the internal process, ensures timely adaptation to significant changes in the strategic guidelines, organisational structure and operational environment and promotes use of the ICAAP's results for strategic purposes and business decisions. In this context, on the recommendation of the Management Board, it approves the definition of the maximum acceptable risk level for the Group (its "risk appetite") and the correlated system of limits at the level of overall risk and specific risks (the "risk appetite framework"). It also approves, on the recommendation of the Management Board, the ICAAP Report (prepared annually and when exceptional circumstances require a review of the process) to be submitted to the Bank of Italy, the total internal capital and the final opinion on adequacy of the current and prospective regulatory capital, along with supporting documentation, to be submitted to the Supervisory Authority using the required procedures. In 2013, a complete ICAAP Report was prepared using current data as at the end of 2012 and prospective data for the end of 2013, and was submitted to the Supervisory Authority by the scheduled deadline of 30 April 2013. The Supervisory Board's resolution to approve the report was based on an in-depth look at the process itself, the assessment outcomes of the process and the process report, with the support of the Control Committee.

As stated, the Supervisory Board is responsible for the control of the Bank and therefore performs the duties envisaged in Article 149, paragraph 1, of the Consolidated Law on Finance, as indicated in the Articles of Association. These duties mainly involve the supervision of, amongst other things, compliance with legal and regulatory provisions and the Articles of Association, correct governance, and the adequacy of the organisational structures and administration and accounting system.

The Supervisory Board is also responsible for control duties as envisaged in regulatory provisions. Among these is the task of assessing the efficiency and adequacy of the internal control system, with particular reference to risk control, internal audit operations and the IT accounting system. As part of control activities, the Supervisory Board monitors the independence of the audit firm, in liaison with the Control Committee, pursuant to Article 19 of Italian Legislative Decree 39/2010. 7.P.3.

As a control Body, the Supervisory Board must also inform the Bank of Italy and, where envisaged, Consob without delay of all other acts or facts of which it becomes aware in the exercise of its duties, and which could represent management irregularities or a violation of regulations governing banking activities or financial intermediation.

According to the provisions of Article 154-bis of the Consolidated Law on Finance, another task of the Supervisory Board is to express an opinion on the appointment of the Manager responsible for preparing the Company's financial reports and, pursuant to the Articles of Association, of the heads of the internal control functions. In this respect, note the opinion in favour of the appointment of the head of the Compliance Department with effect from 1 July 2013.

Lastly, according to a specific provision of the Articles of Association and a consolidated tradition in support of culture and charities, the Supervisory Board is also required to resolve upon the cultural initiatives of the Bank and Group and manage the "Allowance for charitable, social and cultural contributions", set up by the Shareholders' Meeting from the allocation of a part of net income. In this respect, the Supervisory Board adopted a specific regulation that identifies the principles and application criteria for the management of the aforementioned Allowance, delegating relevant tasks which for this purpose are attributed by the Articles of Association to the Supervisory Board and its Chairman.

1.C.1. b)

8.P.2.

Given the significance and complexity of the matters and duties which, together with related regulations and the Articles of Association, are the responsibility of the Supervisory Board, and taking into account the provisions of Article 151-bis, paragraph 3, of the Consolidated Law on Finance, the Board receives support from a specific support Structure.

The role of the General Secretariat of the Supervisory Board is to provide support to the Board, the Chairman, Deputy Chairmen and Committees formed within the Board in the performance of their respective duties, also with regard to the preventive analysis and study of relevant matters.

In addition, this office provides support to the Supervisory Board Secretary in the performance of his/her duties, with particular reference to those linked to the carrying of resolutions for which Supervisory Board and Management Board intervention is required, and guarantees contact with the corporate Bodies with Bank management responsibilities on all matters of interest to the Board. In performing its duties, the General Secretariat of the Supervisory Board acts in liaison with other Bank and Group departments.

Composition of the Supervisory Board

Composition and appointment

Monica Schiraldi

The Supervisory Board is composed of a minimum of 15 up to a maximum of 21 members, shareholders or otherwise, appointed by the Shareholders' Meeting. The Articles of Association require that at least ten members should be independent in accordance with the Code, and that four are enrolled in the register of auditors and have practised the legal auditing of accounts for a period of at least three years. The minority gender must be reserved at least the number of members established by current laws in force on the matter of equal access to the administrative and control bodies of listed companies.

The Supervisory Board in office at the date of publication of this Report is composed of 19 members: Giovanni Bazoli – Chairman Gianfranco Carbonato – Deputy Chairperson Mario Bertolissi - Deputy Chairperson Gianluigi Baccolini Francesco Bianchi Rosalba Casiraghi Carlo Corradini Franco Dalla Sega – Secretary Piergiuseppe Dolcini Jean-Paul Fitoussi Edoardo Gaffeo Pietro Garibaldi Rossella Locatelli Giulio Stefano Lubatti Marco Mangiagalli Iacopo Mazzei Beatrice Ramasco Marcella Sarale

The Members were elected by the Bank's Ordinary Shareholders' Meeting held on 22 April 2013, upon determination of their number, pursuant to Article 23 of the Articles of Association.

In compliance with the current Supervisory Provisions on corporate governance, for the purpose of submission of candidatures the outgoing Supervisory Board prepared and made available to shareholders a document illustrating the optimum theoretical profile of its composition, also with regard to candidates' professionalism and independence.

The Supervisory Board was elected in compliance with legal, regulatory and statutory provisions. In particular, the Supervisory Board is elected on the basis of lists of candidates submitted by a number of shareholders representing at least 0.5% of the total ordinary share capital, or other percentage as

3.C.3. 1.C.1. i)

Art. 123 bis (2), d) CLF

Art. 123 bis (1), l) CLF

established by current regulations. The above percentage corresponds to that established by the Issuers Regulation (art. 144-quater).

As envisaged in the Articles of Association, lists containing the names of two or more candidates must be filed at the registered office at least 25 days prior to the date of the Shareholders' Meeting, together with the identification data of the shareholders nominating the lists, the percentage of share capital they hold jointly, comprehensive information on the personal and professional background of the candidates, and a declaration by the candidates stating that they meet all the statutory, regulatory and law criteria required for appointment to the Board and, where applicable, the independence criteria required by the Corporate Governance Code, and their acceptance of the nomination. Certificates attesting ownership of the shares must be produced at least 21 days prior to the Shareholders' Meeting.

Shareholders nominating candidates, with the exception of those that jointly represent a controlling or relative majority interest, file, pursuant to Article 144-sexies, paragraph 4, letter b) of the Issuers' Regulation, declarations stating that they are not affiliated in any way (as per Article 144-quinquies of the Issuers' Regulation and Consob Communication 9017893 of 26 February 2009) with the abovementioned controlling/majority shareholders.

The control Body, with the support of the Control Committee, is required to examine the lists of candidates filed and the absence of affiliations.

The Supervisory Board appointments procedure envisages a Member election system with a proportional list voting mechanism that also ensures that minority shareholders are represented as prescribed by law for listed companies, i.e. at least one Member must be elected by minority shareholders that have no direct or indirect link with shareholders presenting or voting on the list receiving most votes. Seven of the current Supervisory Board members are from minority lists.

For election purposes, members were chosen proportionately from each list that has obtained votes, which were divided by one, two, three, four and so on depending on the number of members to be elected. The resulting quotients were progressively assigned to the candidates on each list in the agreed order. The quotients assigned to the candidates on the various lists were then arranged in a single list in decreasing order. The Supervisory Board Members elected were those achieving the highest quotients.

The appointment procedure guarantees that the minority gender be reserved the number of Directors established by the current laws in force on the matter of equal access to the administrative and control bodies of companies listed on regulated markets. In this respect, note that one fifth of the members is reserved to the minority gender.

The Articles of Association also cover special situations. If more than one candidate obtains the same quotient, the candidate appointed is that on the list from which no Board Member has yet been appointed or from which the least number of Members has been appointed. If all lists have failed to appoint a Board Member or if all lists have appointed the same number of Members, the candidate on the list achieving the highest number of votes is appointed. If lists receive an equal number of votes and the quotients are equal, a second ballot is arranged on which the entire Shareholders' Meeting votes. The candidate appointed is that achieving the simple majority of votes.

The Articles of Association also contemplate a supplementary mechanism in the event that an insufficient number of Board Members have been elected meeting the independence criteria provided for by the Code and/or the registration and professional practice requirements for auditors and/or the gender equilibrium requirement established by current applicable legislation, as well as specific provisions in the event that only one list or no lists are filed.

Where the number of members of the Supervisory Board is set at a lower number than the maximum provided, the Shareholders' Meeting may increase their number during the term of office of the Supervisory Board elected. New members may be elected at ordinary Shareholders' Meetings in accordance with Article 23 of the Articles of Association, using list voting procedures.

At the time of renewal of the Board in 2013, Members from the following lists were elected:

ƒ from List 1, the majority list submitted by Compagnia di San Paolo and Fondazione Cariplo with interests in the Bank's share capital of 9.713% and 4.946%, respectively, the following 12 Board

Members were elected: Giovanni Bazoli, Jean-Paul Fitoussi, Gianfranco Carbonato, Rossella Locatelli, Beatrice Ramasco, Giulio Stefano Lubatti, Carlo Corradini, Monica Schiraldi, Giuseppe Berta, Franco Dalla Sega, Pietro Garibaldi, and Piergiuseppe Dolcini;

• ƒ from List 2, the minority list submitted by Fondazione Cassa di Risparmio di Padova e Rovigo, Ente Cassa di Risparmio di Firenze and Fondazione Cassa di Risparmio in Bologna, with respective interests in the Bank's share capital of 4.514%, 3.319% and 2.022%, the following five Board Members were elected: Mario Bertolissi, Jacopo Mazzei, Gianluigi Baccolini, Edoardo Gaffeo, and Francesco Bianchi;
• ƒ from List 3, the minority list submitted by Aletti Gestielle SGR S.p.A., Allianz Global Investors Italia SGR S.p.A., Anima SGR S.p.A., Arca SGR S.p.A., BancoPosta Fondi SGR S.p.A., BNP Paribas Investment Partners SGR S.p.A., Eurizon Capital SGR S.p.A., Eurizon Capital SA, Fideuram Investimenti SGR S.p.A., Fideuram Gestions SA, Interfund Sicav, Mediolanum Gestioni Fondi SGR S.p.A., Mediolanum International Funds Limited, Pioneer Asset Management SA and Pioneer Investment Management SGRp.A., with a combined interest in the Bank's share capital of more than 0.5%, the following 2 Board Members were elected: Rosalba Casiraghi and Marco Mangiagalli.

The Bank website ("Governance" section) provides brief biographical and professional notes on the Members in office. More comprehensive information on the personal and professional background of each Member is available in the documentation published in the Bank's website upon appointment, and is attached to the list filed by shareholders from which each elected Board Member was taken.

For additional information on the appointment of Supervisory Board Members, see the relative provisions of the Articles of Association.

Term of office, replacement and removal

Members of the Supervisory Board remain in office for three financial years, with their term of office expiring at the date of the subsequent Shareholders' Meeting provided for by Article 2364-bis, of the Italian Civil Code, and they may be re-elected.

The term of office for the current Supervisory Board Members covers the years 2013/2014/2015.

Where during the year a member of the Supervisory Board leaves service for whatever reason, he/she is to be substituted by the first non-appointed candidate belonging to the list on which the outgoing Supervisory Board Member was nominated, while continuing to ensure observance of the gender equilibrium required by current applicable legislation (to this end, the Articles of Association envisage specific mechanisms, to which reference should be made for further details) and observance of legal, regulatory and statutory requirements for the Member to be replaced. If for whatever reason this is not possible, the Board Member who left service will be substituted without delay by the Ordinary Shareholders' Meeting with resolution passed by a simple majority of votes cast upon the proposal of the parties with voting right attending the Meeting, without the presentation of lists. The above is in any event subject to the principles of gender equilibrium and the protection of minorities.

The procedures envisaged in the Articles of Association for the replacement of Board Members were applied in 2013 on appointment of Marcella Sarale, following her acceptance of the office on 21 May 2013. This Board Member, in possession of the legal and regulatory requirements, was in fact the first candidate not elected from the same list as Giuseppe Berta, who resigned with effect from 16 May 2013.

The terms of all Supervisory Board Members, including those who were appointed during the course of the term, will expire simultaneously on the date of the Shareholders' Meeting convened pursuant to the aforementioned Article 2364-bis of the Italian Civil Code, in relation to the proposal for the allocation of net income for 2015.

Where during the year, for whatever reason, the majority of the Members of the Supervisory Board resigns, the entire Supervisory Board will forfeit office as of the date on which the new appointed Members take office. A Shareholders' Meeting for the appointment of a new Supervisory Board is to be called without delay, in accordance with the provisions of the Articles of Association.

The members of the Supervisory Board may be revoked by the Shareholders' Meeting at any time, by a resolution passed with the favourable vote of at least one-fifth of the share capital, without prejudice to the right of the Member to be indemnified if the revocation occurs without just cause. The Shareholders' Meeting may revoke members of the Control Committee with just cause, in accordance with the Articles of Association.

Art. 123-bis c. 1, l), CLF

Chairman and Deputy Chairpersons

1.C.1. i)

The Shareholders' Meeting of 22 April 2013 appointed Giovanni Bazoli as Chairman of the Supervisory Board, confirming the office already held.

In accordance with Article 2409-duodecies, paragraph 9 of the Italian Civil Code, the Articles of Association determine the powers of the Chairman of the Supervisory Board.

In light of the governance model adopted by Intesa Sanpaolo and the duties attributed by the Articles of Association, as specified in the Supervisory Board Regulations, the Chairman plays a significant role in the Bank, enhanced by distinguished authority and experience as well as time dedicated to duties.

The Chairman has the power to drive Supervisory Board activities and has the duty to promote productive and continuous cooperation with the Management Board, its Chairman and Managing Director, also for the purpose of identifying and sharing strategies and general guidelines of the Bank and the Group with regard to the duties of each corporate Body.

Pursuant to the Articles of Association, in a manner functional to the exercise of Supervisory Board duties, the Chairman performs tasks relating to:

• a) the corporate Bodies and their operations;
• b) the Bank's strategies and general guidelines;
• c) supervision and control duties;
• d) external relations.

With regard to corporate Bodies and their operations, the Chairman supervises and implements such operations, thereby contributing to the productive interaction with management functions and the balance of powers pursuant to the corporate governance system adopted by Intesa Sanpaolo; liaisons with the Management Board through its Chairman and the Managing Director; supervises relations with shareholders, verifying that such relations are managed correctly, in agreement with the Chairman of the Management Board and with the Managing Director.

With regard to duties relating to strategies and general guidelines, amongst other things, the Chairman requests and receives information on specific Bank and Group management aspects and on management performance and outlook in general from the Chairman of the Management Board and the Managing Director.

The Chairman of the Supervisory Board does not participate in Management Board meetings in order to avoid influencing its work. This decision, implemented since the introduction of the current dual management and control model, is consistent with the prerogatives of the role of Chairman and upholds the operational independence of the Management Board.

With regard to supervisory and control duties, amongst other things, the Chairman of the Supervisory Board supervises and implements control procedures and systems for Bank and Group activities.

The Chairman is not a member of the Control Committee, in line with the Supervisory Provisions on corporate governance, adopted by the Articles of Association, to ensure objective and impartial relations between the many duties assigned to the Supervisory Board. 7.C.3.

In relation to Supervisory Board control activities, the Chairman is responsible for relations with the Supervisory Authorities and reports to the Board on the activities conducted by Authorities, including any inspections on the Bank or Group companies.

Lastly, with regard to the Supervisory Board's duties on cultural initiatives of the Bank and Group, the Chairman of the Supervisory Board has the duty of planning these initiatives, after consulting the Chairman of the Management Board and the Managing Director and subsequently managing the initiatives with particular reference to updating of the historic, archaeological and artistic heritage and management of the Allowance for charitable, social and cultural contributions. In this respect, the Chairman of the Supervisory Board exercises duties attributed by the Articles of Association, as specified in the Supervisory Board Regulations, with operating support from the General Secretariat of the Supervisory Board.

The Articles of Association require the Shareholders' Meeting to appoint two Deputy Chairpersons for the Supervisory Board. The exercise of their duties is also regulated by the Articles of Association and Supervisory Board Regulations, in the case of the absence or unavailability of the Chairman. The Shareholders' Meeting of 22 April 2013 appointed Gianfranco Carbonato and Mario Bertolissi as Deputy Chairpersons.

Requirements of integrity and professionalism

The integrity requirements aim to ensure that the Bank can rely on corporate bodies composed of individuals of proven honesty and moral integrity.

Accordingly, as expressly provided for by the Articles of Association and as representatives of a quoted bank, Supervisory Board Members are required to meet the integrity requirements set forth for bank managers (Regulation adopted with Ministerial Decree 161 of 18 March 1998), as well as those of integrity and professionalism set forth for statutory auditors of quoted companies (Regulation adopted with Ministerial Decree 162 of 30 March 2000).

The steering and strategic supervision role attributed to the Supervisory Board also affects the qualifications of its members, who must therefore also possess the requirements of professionalism for members of bank boards of directors (Regulation adopted with Ministerial Decree 161 of 18 March 1998) which include, amongst other things, having successfully practised the profession for at least three years through proper and qualified activities or functions relevant to the office covered. Consequently, the Chairman of the Supervisory Board is required to have at least five years' experience in exercising the aforementioned functions or professional activities.

Moreover, again based on the Articles of Association, at least four members of the Board must be included on the register of auditors and must have at least three years' professional experience in the legal auditing of accounts. Four members of the Board currently possess the requirement of professionalism.

Within 30 days of appointment, the Supervisory Board verifies that each Member meets such requirements, in compliance with supervisory provisions issued by the Bank of Italy, together with the requirement of independence pursuant to Article 148, paragraph 3 of the Consolidated Law on Finance. The Board also verifies the grounds for independence according to criteria indicated in the Corporate Governance Code with regard to individuals declaring possession of such grounds at the time of appointment. For each Member, following the verification procedure launched on 29 April 2013, by resolution of 21 May 2013 the Supervisory Board verified compliance with said requirements of independence, based on documentation provided by the parties involved, as requested by or already held by the Bank. This verification was repeated when Marcella Sarale was appointed Supervisory Board Member to replace Giuseppe Berta.

Management or control positions of Supervisory Board Members

Each Board Member is responsible for examining and assessing the conditions which enable him/her to perform his/her duties diligently and dedicating the time necessary, also with regard to membership of Supervisory Board Committees.

With regard to rules on the accumulation of offices by Supervisory Board Members, the Board has not set a maximum number of offices that can be held since Board Members are subject to the accumulation of office limits envisaged in current pro tempore legal and regulatory provisions or in the Articles of Association.

As members of the control body of a quoted company, Supervisory Board Members are required to comply with the Consob reporting requirements in regard to the number of offices held in joint-stock companies upon appointment, along with all subsequent variations (new offices, terminations, approval of financial statement data) within the deadlines and according to the instructions envisaged by the Issuers' Regulation. In accordance with the provisions of Article 144-quinquesdecies of the Issuers' Regulation, Consob discloses on its website information regarding management or control offices held by members of control bodies of quoted companies and with widely-distributed shares. The information disclosed by Consob reflects the content of declarations provided by the Supervisory Board Members, who have sole responsibility for the accuracy of publicly disclosed information. According to the Issuers' Regulation, those holding the office of member of the control body of only one issuer (quoted company 3.C.4. 8.C.1.

1.C.2. 8.C.2.

1.C.3.

or company with widely-distributed shares) are exonerated from compliance with the aforementioned reporting requirements relating to offices held in joint-stock companies.

In accordance with Supervisory Board Regulations and in line with the Supervisory Provisions on corporate governance, Supervisory Board Members cannot accept office in any corporate body other than control bodies with other Group Companies or within the financial conglomerate, or with companies with which the Bank holds direct or indirect strategic investments, equal to 10% of the share capital or the voting rights at the shareholders' meetings of the company or 5% of the banking group's consolidated regulatory capital. Each Member respects this provision.

Furthermore, given the growing focus on the availability of time and resources for the exercise of duties associated with the office, when reporting to the Shareholders' Meeting on the qualitative/quantitative composition deemed optimal, the Supervisory Board recommended that its members should not hold other offices on the control bodies of companies in the Intesa Sanpaolo Group or of investee companies over which Intesa Sanpaolo exercises significant influence (without prejudice to the legally-established prohibition of membership in the management bodies of Group companies).

On that occasion, the Supervisory Board extended its recommendation to Management Board members in reference to offices in management bodies.

Following the coming into effect of Article 36 of Law Decree 201/2011 (the "interlocking prohibition"), converted with amendments into Law 214/2011, Supervisory Board Members cannot accept or exercise office in the management, supervisory or control bodies of competing companies or groups of companies operating in the credit, insurance or financial markets.

In this respect, note that the Supervisory Board Members holding offices that are covered by the prohibition must inform the board of the option exercised within 90 days of their appointment. If the option is not exercised by said deadline, the Supervisory Board Member in question is required to confirm to the Board that the offices held do not give rise to situations of incompatibility pursuant to the abovementioned Article 36, stating the reasons in detail.

By resolution of 21 May 2013, i.e. before expiry of the 90-day deadline mentioned above – the Supervisory Board, after reviewing the positions and arguments submitted by each member, acknowledged that there were no grounds for 17 of its members to be considered ineligible for office at Intesa Sanpaolo due to incompatibility. On 25 June 2013 the outcome of the verification was positive in reference to another two Board Members. At the same meeting, the absence of incompatibility of the incoming member – replacing the resigning member – was also successfully ascertained.

Members of the Supervisory Board are required to renew each year their certification that they do not hold offices in the management, supervisory or control bodies of competing enterprises or groups of enterprises, to allow the plenary meeting of the Board to perform its annual assessment.

Board Members are required to inform the Bank of any office accepted in other companies and entities. As an attachment to this Report, in compliance with the Corporate Governance Code, summary table 1 indicates the number of other management and control offices that Members of the Supervisory Board have reported as held in other companies quoted on regulated markets (also abroad), in financial, banking, insurance or large companies, while table 2 contains a list of such offices.

Independent members

All Members of the Supervisory Board are required to satisfy the independence criteria of Article 148, paragraph 3, of the Consolidated Law on Finance. Accordingly, the law requires, inter alia, the absence of any self-employment or established employment, or any other relations of an economic or professional nature between the Member and the Bank or its subsidiaries, parent companies or companies subject to joint control, which could otherwise compromise independence.

In this respect, in 2008 Consob provided elements useful to understanding what relations can be classed as "other relations of a professional nature" and indications of elements to be taken into consideration in assessing whether such relations might compromise the independence of members of control bodies.

Given the importance attributed by law to the aforementioned independence requirements – which in operating terms imply that, should they occur, certain circumstances render incompatible the office of

3.P.1.

3.C.1. 3.C.2. 8.C.1.

3.C.5.

member of the Supervisory Board – the Bank requires that each Member provides an annual declaration confirming the continued possession of independence requirements.

Before approving this Report, the Supervisory Board assessed the independence of all Members, each of whom confirmed, as requested by the Bank, he/she continues to satisfy all the independence criteria mentioned above.

The Articles of Association also require that at least ten members of the Supervisory Board must meet the independence requirements envisaged in the Corporate Governance Code.

At the time their candidatures are submitted, Members of the Supervisory Board are asked to certify their independence, under their own responsibility, in accordance with the application criteria indicated in the Code. Each Board Member claiming independence must evaluate his/her own situation based on the parameters listed in the aforementioned criteria. The relevant declarations, following appointment, were disclosed to the market.

The Supervisory Board assesses the independent status of Members based on information available to the Bank or on statements provided by the Members themselves, acquired upon request.

The Supervisory Board incorporated the abovementioned operational method into its own Regulations, considering it adequate also for its role as a control Body and confirming that assessment of the independence of its own members will not diverge from the principles of the Code.

After appointment, the Supervisory Board carries out an annual verification that each Member satisfies the criteria of independence.

Prior to approval of this Report, and in order to allow the Supervisory Board to assess whether or not its members are independent, each Board Member was asked to carry out a personal assessment of his/her own independence status, taking into consideration the application criteria given in Article 3 of the Code and providing a specific declaration in this respect.

The last verification was carried out prior to approval of this Report on 25 February 2014. All Supervisory Board Members, based on declarations made by each of them and on information already available to the Bank, were found to be in possession of the independence criteria pursuant to Article 148, paragraph 3 of the Consolidated Law on Finance. With respect to the requirements of the Code, the following 16 Members were determined to be independent: Mario Bertolissi, Gianluigi Baccolini, Francesco Bianchi, Rosalba Casiraghi, Carlo Corradini, Franco Dalla Sega, Piergiuseppe Dolcini, Jean-Paul Fitoussi, Edoardo Gaffeo, Pietro Garibaldi, Giulio Stefano Lubatti, Marco Mangiagalli, Iacopo Mazzei, Beatrice Ramasco, Marcella Sarale, and Monica Schiraldi.

Their number allows them to participate in all the Committees established by the Board, in order to make full use of their respective professional competences in relation to the specific duties attributed to each Committee. In this regard, the composition of the Committees, particularly the Control Committee and Remuneration Committee, also proves compliant with the provisions of Articles of Association, as amended to comply with the Supervisory Provisions on corporate governance, and the Related Party Transactions Committee with the Consob Regulation on related parties and the regulation issued by the Bank of Italy on 12 December 2011 governing activities at risk and conflicts of interest of banks and banking groups in relation to "associated entities."

The Bank's website has an updated list of Members which points out for each one whether or not the status of independence according to the Code applies.

The Supervisory Board Regulations envisage the option that at least once a year the independent Members of the Board should meet in the absence of other Members, pursuant to the Code, following call by the more senior independent Board Member in age terms, that minutes of the meeting are drafted and reported to the next full meeting of the Supervisory Board. As at the date of approval of this Report, the independent Members have not yet felt the need to hold such a meeting, also given the composition of the Board. Likewise, and again given that it was composed almost entirely of independent Board Members, the Supervisory Board decided not to appoint a lead independent director.

3.C.3.

3.C.6. 2.C.3. 2.C.4.

Supervisory Board's Internal Committees: composition and duties

In accordance with its previous term, the Supervisory Board has established six Committees, three of which specifically envisaged by the Articles of Association (Remuneration Committee, Nomination Committee and Control Committee): 4.P.1. 4.C.1. a) b) and c) 4.C.2.

• x Control Committee, currently composed of five members, all independent pursuant to the Code, of which three are enrolled with the Register of Auditors and have practised the legal auditing of accounts for a period of at least three years; 7.P.4.
• x Nomination Committee, currently composed of five members, among whom the Chairman of the Supervisory Board, who chairs it; currently three members are independent pursuant to the Code; 5.P.1.
  • x Remuneration Committee, currently composed of three members, all independent according to the Code; one member is also enrolled with the Register of Auditors and has practised the legal auditing of accounts for a period of at least three years;
    • x Strategy Committee, currently composed of five members, including the Chairman of the Supervisory Board, who chairs it; three of its members are independent pursuant to the Code;
    • x Financial Statements Committee, currently composed of five members, of which four are independent pursuant to the Code;
    • x Related Party Transactions Committee, currently composed of three effective members and one alternate member, all independent according to the Code; one effective member is enrolled with the Register of Auditors and has practised the legal auditing of accounts for a period of at least three years. This Committee is dedicated exclusively to transactions with related parties of Intesa Sanpaolo and associated entities of the Group, with the exception of those pertaining to remuneration, which fall within the purview of the Remuneration Committee.

In establishing the Committees, the Supervisory Board took into consideration the independence requirements and the professional characteristics and experience of its Members, so that each Committee is composed of members whose competence and professional skills are appropriate in terms of the duties attributed and is able to ensure the performance of tasks in a timely manner.

The activities of each Committee are coordinated and directed by a Chairman designated by the Supervisory Board. The Chairman calls the meetings and describes the activities, proposals and guidelines of the Committee during meetings of the Supervisory Board. In the event of absence or impediment of the Chairman, the longest-serving member or, in the case of equal terms of service, the eldest member takes on the functions.

The duties of each Committee are specified in special Regulations, approved by the Supervisory Board, which govern the operation and organisation of the Committees. 4.C.1. b)

With regard to their specific specialist duties, the Committees play an important role in the research, analysis and in-depth study of matters put forth before the Supervisory Board. Such activities – also expressed in the formulation of proposals, recommendations, assessments and opinions – facilitate the task of the Supervisory Board in making reasoned decisions, without limiting the powers and responsibilities of the Board, and rather increasing the effectiveness and efficiency of its work, particularly with regard to the discussion of sensitive matters which could be a source of conflict of interest.

Meetings are generally held at the Torino registered office and Milano secondary office. Meetings may also be validly held through telecommunication methods; such meetings are considered to have been held at the location of the Chairman.

• The Regulations of each Committee require that minutes specific to each meeting are prepared by an appointed secretary, who may also be a non-Board Member, in which case the secretary should be selected from the General Secretariat of the Supervisory Board. 4.C.1. d)
• Each Committee may ask the Bank Structures and, where permitted in their Regulations, those of Subsidiaries, for access to any information considered necessary to perform their assigned duties. Such access may (except for the Nomination Committee) be direct or via the General Secretariat of the Supervisory Board and also, where envisaged, via Structures established for this purpose (the Control Committee also makes use of the Internal Auditing and Compliance Departments). 4.C.1. e)

6.P.3.

Every Committee meeting receives the support of preliminary work performed by the General Secretariat of the Supervisory Board. Committees can also make use of external consultants, the right to do so being explicitly indicated in each set of regulations, except those pertaining to the Nomination Committee. Individuals who are not part of a committee may attend Committee meetings provided they are invited by the Committee concerned, and only in relation to specific items on the agenda.

Also in consideration of the time dedicated to each task in hand, Committee work is always performed in a constructive climate of exchange and dialogue among the respective members, encouraging personal contributions, open discussion and criticism not only among Board Members but also with heads of the control functions, Business Units, Governance Areas and of the various organisational Structures involved in meetings to the extent of their duties.

The Chairman of the Supervisory Board - with the exception of the Related Party Transactions Committee - has the right to participate in the work of any Committee that he is not a member of, without voting rights. This right, however, was not exercised in 2013 either, with a view to preserving the Chairman's role of maintaining a fair balance among all the many duties and responsibilities of the Supervisory Board. The same right envisaged for the Chairman of the Supervisory Board in relation to each Committee is also reserved to the Secretary of the Board and to the Head of the General Secretariat of the Supervisory Board, who normally participate in the work of the Committees. For the Related Party Transactions Committee, this right is contemplated for the Head of the General Secretariat of the Supervisory Board.

Detailed information regarding each Committee in office, its composition, its duties and the tasks attributed to each are listed below, in addition to details on its meetings and the attendance of its members.

Control Committee

Control Committee in office until 22 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Giulio Stefano Lubatti - Chairman	X	X	100%	01.01.2007
Gianluca Ponzellini	X	X	100%	01.01.2007
Rosalba Casiraghi	X	X	100%	01.01.2007
Pietro Garibaldi		X	100%	01.01.2007
Livio Torio	X	X	100%	01.01.2007
The average duration of the Committee's meetings was approximately four hours.

Control Committee appointed by resolution of the Supervisory Board of 29 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal	Independent pursuant to the Code	Attendance percentage at meetings	In office since
	auditing of accounts
Giulio Stefano Lubatti - Chairman	X	X	98%	01.01.2007
Rosalba Casiraghi	X	X	98%	01.01.2007
Carlo Corradini		X	100%	22.04.2013
Edoardo Gaffeo		X	100%	22.04.2013
Beatrice Ramasco	X	X	100%	22.04.2013
The average duration of the Committee's meetings was approximately five hours.

4.C.1. f)

4.C.1. g)

1.C.1.i)

The Control Committee - whose role has been strengthened in the Articles of Association also for the purposes of its stability (the Members of the Control Committee may be removed by the Shareholders' Meeting or replaced by the Supervisory Board solely with just cause) - is the permanent reference point for the Company's organisational Structures in charge of control functions; in fact, it is from these Structures that the Committee receives periodic reports or briefings on specific situations or company trends.

Within the scope of the Supervisory Board, the Control Committee proposes, advises and investigates on matters regarding the internal control system, risk management and the IT accounting system, submitting opinions where required by laws in force or when expressly required by the Bank of Italy. 7.P.3. d) 8.C.5.

In performing its duties, it takes into account the supervisory tasks envisaged by Article 19 of Italian Legislative Decree 39/2010.

With reference to risk management, the Committee, among other things, supports the Supervisory Board:

• for the purposes of approving Management Board proposals (such as the periodic review of risk management policies, the adoption of internal systems for calculating regulatory capital requirements, and the ICAAP);
• with the contribution of the relevant internal control departments, in monitoring the actual use of internal management systems ("use test") and their compliance with regulatory requirements;
• in guaranteeing the periodic auditing of the operations, efficiency and effectiveness of the risk management and control system and related procedures, promptly reporting audit results to the Supervisory Board; where shortcomings or anomalies are found, the Committee proposes appropriate corrective measures to the Supervisory Board; 7.C.1. b)
  • in auditing the internal capital adequacy assessment process, in both current and prospective terms, for the Bank's total consolidated capital with respect to the significant risks to which the Bank and the Group are exposed;
  • in assessing the operation and adequacy of the internal risk measurement systems in order to determine capital requirements.

With reference to the IT accounting system, the Committee supports the Supervisory Board by, among other tasks:

• in liaison with the Manager responsible for preparing the Company's financial reports and the independent auditors, assessing the correct application of accounting standards and their consistency in drafting the Parent Company's and consolidated financial statements; 7.C.2. a)
  • evaluating proposals submitted by the independent auditors with regard to their assignment and relative fees, as well as the audit plan and the results described in the report and letter of recommendations;
• monitoring the effectiveness of the auditing process, exchanging data and information with the independent auditors, also pursuant to Article 150, paragraph 3, of the Consolidated Law on Finance, for the performance of their respective tasks. 7.C.1. e)

With reference to the internal control system, the Committee supports the Supervisory Board by, among other tasks:

• verifying that structures for performing risk management duties are defined by the relevant departments consistently with the strategic guidelines approved by the Supervisory Board and that said departments (in particular the Risk Management, Internal Auditing and Compliance Departments and the Anti-Money Laundering and Validation Functions) are guaranteed an appropriate level of independence, along with adequate funding and resources, both qualitative and quantitative, for the exercise of their duties;
• examining periodic reports from the Risk Management, Internal Auditing and Compliance Departments and the Anti-Money Laundering Function, together with briefings on specific situations or company trends, and making related observations and proposing resolutions for approval by the Supervisory Board, when required; 7.C.2. c)
• assessing the degree of efficiency and adequacy of the internal control system, with particular reference to risk control, the functioning of internal auditing and the IT accounting system. 7.C.2. d)

The Committee also:

• promptly informs the Supervisory Board of any action or fact that may be regarded as significant under Article 52 of the Consolidated Law on Banking, and makes any necessary reports and/or reprimands to the competent bodies and/or authorities;

7.C.1. a)

• supports the Supervisory Board in performing the supervisory activities required by law;
• evaluates the general rules and criteria aimed at ensuring transparency and substantial and procedural fairness in transactions with related parties; to this end, it submits, also in the interest of the Management Board, an opinion on adoption of procedures governing transactions with related parties and associated entities pursuant to the Consob Regulation on Related Parties and to the Bank of Italy's Supervisory Provisions;
• in liaison with the Corporate Social Responsibility Unit and the Internal Auditing Department, supervises compliance with the principles and values of the Bank's Code of Ethics;
• cooperates with the Supervisory Board, in liaison with the Financial Statements Committee, in preparing the report on supervisory activities performed, for submission to the Meeting, pursuant to Article 153 of the Consolidated Law on Finance.

The Committee may at any time, through the Company's appropriate functions (Internal Auditing and Compliance Departments and Anti-Money Laundering Function), carry out inspections and controls, and exchange information with the control bodies of Group companies with respect to their management and control systems and the general performance of their business.

While reference should also be made to the contents of the Report of the Supervisory Board to the Meeting on the supervisory activities performed in 2013, pursuant to art. 153 of the Consolidated Law on Finance and art. 25.1.3 of the Articles of Association, it may be remarked that in 2013 the Committee continued to meet with the heads of the Bank's main organisational structures and with the independent auditors, also for the purposes of Article 150 of the Consolidated Law on Finance, improving and consolidating, on a regular basis, the existing information flows, in particular from the Internal Auditing, Compliance and Risk Management Departments.

In terms of risk management, the Committee continued its examination of the risk management policies at the Group level and constantly monitored correspondence with the Supervisory Authorities, also as regards verification activities conducted by these Authorities at the Bank and Group companies. Specifically, the Committee oversaw inspections and audits, issuing opinions where required, carrying out the necessary analyses and assessments and requesting regular updates on matters and, with specific reference to the Parent Company, lent its support to the Supervisory Board for connected decisions.

Moreover, special Committee attention was paid to the internal capital adequacy assessment process of the Group (ICAAP).

With support from the General Secretariat of the Supervisory Board, the Committee makes use of a constantly updated planning tool to organise its tasks.

In 2013 the Control Committee held 48 meetings, including some joint meetings held with the Financial Statements Committee, providing detailed information at every Supervisory Board meeting, also by means of specific reports, on the activities and main findings of the Committee, and, on a half-yearly basis, reporting summarily on the effectiveness of the internal control system.

In this respect, note that the Committee assisted the Supervisory Board in examining the new Supervisory Provisions on internal controls, business continuity and information systems issued by the Bank of Italy, and in the self-assessment of the company's position in relation to these regulatory provisions. This task concluded with the preparation of a gap analysis report, required by the Supervisory Authority and submitted to it (for further details, please see the section "The internal control and risk management system").

A copy of the Control Committee's half-yearly report to the Supervisory Board is issued by the Chairman of the Supervisory Board to the Chairman of the Management Board and the Managing Director in order to enhance information exchange between the bodies with strategic, management and control duties. During the year, the Committee held a series of regular meetings with the Managing Director, to ensure constant reporting of activities.

In accordance with the Articles of Association, members of the Control Committee participate in meetings of the Management Board.

7.C.2. b)

7.C.2. e)

The Committee also performs the duties and tasks of a Surveillance Body pursuant to Italian Legislative Decree 231/2001 on the administrative liability of companies, supervising operations and compliance with the Organisational, Management and Control model adopted by the Bank.

In this role it examines the audit plans prepared each year by the heads of the internal control functions. 7.C.1. c)

Nomination Committee

Nomination Committee until 22 April 2013 1.C.1. i)

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Giovanni Bazoli – Chairman			100%	01.01.2007
Mario Bertolissi		X	100%	01.05.2010
Gianguido Sacchi Morsiani		X	100%	01.01.2007
Pietro Garibaldi		X	100%	01.01.2007
Riccardo Varaldo		X	100%	30.04.2008

The average duration of the Committee's meetings was approximately one hour.

Nomination Committee appointed by resolution of the Supervisory Board of 29 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Giovanni Bazoli – Chairman			100%	01.01.2007
Mario Bertolissi		X	100%	01.05.2010
Gianfranco Carbonato			100%	22.04.2013
Gianluigi Baccolini		X	100%	22.04.2013
Iacopo Mazzei		X	100%	22.04.2013
The average duration of the Committee's meetings was approximately one hour.

In accordance with the provisions of the Articles of Association, the current Nomination Committee consists of a majority of Board Members satisfying the independence criteria envisaged by the Code. 5.P.1.

The Nomination Committee is expected to support the Supervisory Board in the consulting, selection and propositional tasks regarding the nomination of members of the Management Board and of one or more General Managers, in accordance with the law, the Articles of Association and the supervisory regulations.

As stated above, in relation to renewal of the Supervisory Board by the Shareholders' Meeting of 22 April 2013, the Nomination Committee provided support to the Board in identifying the optimal theoretical profile of its candidates. The Committee also assisted the Board in determining the number of members of the Management Board, their appointment and the identification of the Executive Board Members and the Managing Director. 1.C.1. h)

From this same perspective, once the new Boards have been appointed, the Committee collaborated in verifying that their actual qualitative and quantitative composition corresponded to that deemed optimal. As regards its functions, the Nomination Committee:

(i) supports the Supervisory Board in appointing the Management Board, so as to ensure that the Members of the latter are qualified and sufficient in number to perform the Board's duties. To this end, the Committee:

• submits proposals to the Supervisory Board concerning, inter alia, the composition of the Management Board and the professional skills considered appropriate to the Management Board;
• based on the aforementioned criteria and in compliance with the requirements of the Articles of Association and pro tempore rules in force for individuals performing bank administration duties, submits proposals to the Supervisory Board regarding the appointment of Management Board Members and the replacement of Members who for any reason whatsoever leave office;
• submits proposals to the Supervisory Board regarding appointment of the Chairman and one or two Deputy Chairmen of the Management Board;
• submits proposals to the Supervisory Board regarding indication to the Management Board of the candidate for appointment as Managing Director;
• submits proposals to the Supervisory Board regarding the appointment of executive Management Board Members;
• (ii) supports the Supervisory Board in expressing an opinion on the appointment and removal of one or more General Managers, pursuant to the Articles of Association.

In 2013 the Nomination Committee held five meetings, in addition to providing support to the Corporate Bodies for their renewal, also to assist the Supervisory Board in relation to its opinion in favour of the appointment of a General Manager, Deputy to the CEO and the appointment of the new Managing Director, Carlo Messina, to replace Enrico Tommaso Cucchiani.

Remuneration Committee

Remuneration Committee until 22 April 2013

Members Inclusion in the Register of Auditors and professional practise of legal auditing of accounts Independent pursuant to the Code Attendance percentage at meetings In office since Gianluca Ponzellini – Chairman X X 100% 01.01.2007 Marco Mangiagalli X 100% 01.05.2010 Fabio Pasquini X X 100% 01.05.2010 The average duration of the Committee's meetings was approximately two hours.

Remuneration Committee appointed by resolution of the Supervisory Board of 29 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Marco Mangiagalli – Chairman		X	100%	01.01.2007
Rosalba Casiraghi	X	X	100%	01.01.2007
Piergiuseppe Dolcini		X	100%	22.04.2013
The average duration of the Committee's meetings was approximately two hours.

The Articles of Association require the majority of members of the Remuneration Committee to satisfy the

6.P.3.

1.C.1. i)

independence criteria set forth in the Code.

All Members of the Remuneration Committee satisfy said independence criteria and have adequate knowledge of and experience in finance and remuneration policies.

The Remuneration Committee is responsible for proposing and advising the Supervisory Board on matters of remuneration, in accordance with law, the Articles of Association, and supervisory regulations. These duties have been strengthened following introduction of the Supervisory Provisions on remuneration. Its duties include:

• submitting proposals to the Supervisory Board on the identification of criteria for the remuneration of Management Board Members, to be submitted to the shareholders' meeting for approval, taking into consideration risk management policies, corporate strategies, and the possibility of recognising a variable remuneration component, which will be linked to mechanisms aimed at ensuring a connection with effective, long-term performance;
• submitting proposals to the Supervisory Board regarding fees payable to the Members, Chairman and Deputy Chairpersons of the Management Board, as well as to the Managing Director, executive Management Board Members and Management Board Members vested with special capacities, duties or powers, on the basis of remuneration criteria and any financial instrument-6.C.5.
  • based plans approved by the Meeting; - assisting the Supervisory Board in the examination, for the purpose of their approval, of policies on the remuneration of employees and other staff not bound by an employment agreement, on the recommendation of the Management Board;
  • supporting the Supervisory Board in the examination of Management Board proposals that are to be submitted to the Shareholders' Meeting on remuneration-related matters;
  • supporting the Supervisory Board in advising the Management Board on the remuneration of General Managers;
  • supporting the Supervisory Board in advising the Management Board on the remuneration of the Manager responsible for preparing the Company's financial reports and of the heads of control functions;
    • periodically assessing the criteria adopted for the remuneration of key senior managers in the Bank's organisational and operational structure and heads of control functions, supervising their application on the basis of information provided by the Management Board and submitting general recommendations to the Supervisory Board on such matters;
      • submitting opinions and proposals on the adoption of any stock option or stock granting plans;
      • checking the application of decisions taken by the Supervisory Board based on proposals submitted.

From 1 January 2011, this Committee is also required to express its motivated opinion on remuneration matters concerning transactions with related parties, where envisaged by the Intesa Sanpaolo Group Regulations on the management of transactions with related parties, adopted by the Bank in accordance with the Consob Regulation on related parties.

In 2013 the Remuneration Committee held 15 meetings. With reference to the Supervisory Provisions in question, the Committee provided support to the Supervisory Board for adoption of the new remuneration policies for Management Board Members appointed for the period 2013-2015. Based on these policies, after their approval by the Shareholders' Meeting and subject to the Committee's opinion, the Supervisory Board decided the remuneration due to Management Board Members. 6.C.5.

With regard to matters strictly associated with its own duties, the Committee also assisted the Supervisory Board in approving amendments to the incentive system for Top Management and Risk Takers and their related terms of implementation, and formulated proposals to the Board concerning the variable remuneration of the Managing Director for 2012, identification of objectives and target setting for the allocation of any variable remuneration for 2013, and implementation of the remuneration policy for Management Board Members in reference to the variable component for 2012.

• The Committee which is not qualified in terms of compensation of the Board to which it belongs, as this is determined by the Shareholders' Meeting – supported the Supervisory Board in expressing an opinion regarding the variable remuneration of General Managers, heads of control functions and the Manager responsible for preparing the Company's financial reports, in relation to achievement of the 2012 budget objectives as well as to determination of the parameters for recognition of the variable remuneration for the 2013 budget. 6.C.6.
• In 2013, the Committee consulted, as an independent expert, a leading specialist company in order to determine the remuneration for the new Managing Director appointed on 29 September 2013. For additional information on remuneration, see Title II of the Report on Remuneration. 6.C.7.

6.C.3.

6.C.3.

40

1.C.1. i)

Strategy Committee

Strategy Committee until 22 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Giovanni Bazoli – Chairman			100%	01.01.2007
Mario Bertolissi - Deputy Chairman		X	100%	01.05.2010
Jean Paul Fitoussi (from 06.09.11)		X	100%	01.05.2010
Gianluca Ferrero (up to 26.04.12)	X	X	100%	01.01.2007
Gianguido Sacchi Morsiani (since 19.06.12)			100%	01.01.2007
Guido Ghisolfi		X	100%	16.11.2011
The average duration of the Committee's meetings was approximately two hours.

Strategy Committee appointed by resolution of the Supervisory Board of 29 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Giovanni Bazoli – Chairman			100%	01.01.2007
Mario Bertolissi - Deputy Chairman		X	88%	01.05.2010
Jean-Paul Fitoussi		X	100%	01.05.2010
Gianfranco Carbonato			67%	22.04.2013
Francesco Bianchi		X	100%	22.04.2013
The average duration of the Committee's meetings was approximately two hours.

The Strategy Committee assists and advises the Supervisory Board in the performance of its duties as the designated Body, pursuant to Article 25.1.2 of the Articles of Association, and on the recommendation of the Management Board, in charge of: (i) decisions concerning general programmes and strategic guidelines, and (ii) the approval of business and/or financial plans and/or the budgets of the Bank and the Group; (iii) the authorisation of strategic transactions.

Among its various duties, the Strategy Committee:

• may submit suggestions to the Supervisory Board for guidelines to be presented to the Management Board, where it is responsible for making the related proposal upon strategic transactions, as identified under the Articles of Association;
• supports the Supervisory Board in examining the Bank and Group's risk appetite, and in measuring current and prospective total internal capital and total capital, in accordance with multi-year plans and annual budgets, so as to determine capital adequacy at the Group level.

In 2013 the Committee held five meetings. The work done included an examination of the 2013 budget, the definition of the maximum level of risk acceptable to the Group and the related system of limits at the level of total risk and specific risks (the "risk appetite framework") for the purposes of the ICAAP process and the strategies forming the basis of the Banca dei Territori Division reorganisation and related impact on the business areas.

Financial Statements Committee

Financial Statements Committee until 22 April 2013 1.C.1. i)

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Marco Spadacini – Chairman	X	X	94%	01.05.2010
Luigi Arturo Bianchi		X	100%	01.05.2010
Gianni Marchesini		X	100%	01.05.2010
Eugenio Pavarani	X	X	100%	20.07.2011
Gianguido Sacchi Morsiani (up to 19.06.12)		X	100%	01.01.2007
Gianfranco Carbonato (from 19.06.12)			50%	28.05.2012
The average duration of the Committee's meetings was approximately two and a half hours.

Financial Statements Committee appointed by resolution of the Supervisory Board of 29 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Rossella Locatelli - Chairwoman			100%	22.04.2013
Gianluigi Baccolini		X	100%	22.04.2013
Pietro Garibaldi		X	100%	01.01.2007
Giuseppe Berta (up to 16.05.13)		X	0%	22.04.2013
Marcella Sarale (from 21.05.13)		X	100%	21.05.2013
Monica Schiraldi		X	100%	22.04.2013
The average duration of the Committee's meetings was approximately two and a half hours.

The Committee supports the Supervisory Board in a consulting role (i) in performing its duty regarding approval of the Parent Company's and consolidated financial statements; (ii) in measuring regulatory capital; and (iii) in examining information on the development of Bank and Group operations, received periodically from the Management Board, in compliance with the Articles of Association; as part of these duties with reference to financial statements, the Committee:

• studies issues relating to preparation of the Parent Company's and consolidated financial statements, and to this end may obtain information from the Manager responsible for preparing the Company's financial reports;
• analyses the logic and processes involved in the preparation of the financial reports of the Bank and the Group (including quarterly and half-yearly reports);
• examines, together with the Control Committee, the documentation and reports supporting the statutory attestation of the Manager responsible for preparing the Company's financial reports, and proposes related resolutions for approval by the Supervisory Board;
• examines the drafts of the Parent Company's and the consolidated financial statements approved by the Management Board and submits recommendations to the Supervisory Board;
• examines the quarterly and half-yearly reports prepared by the Management Board and reports to the Supervisory Board.

In addition to this, the Committee cooperates, together with the Control Committee, with the Supervisory Board in preparing the report on supervisory work completed, to be submitted to the Shareholders' Meeting pursuant to Article 153 of the Consolidated Law on Finance.

As envisaged in the related Regulations, members of the Control Committee and the Manager responsible for preparing the Company's financial reports have the right to participate in Financial Statements Committee meetings, without voting rights.

The Committee's Chairwoman duly reported to the Supervisory Board on the Committee's activities in 2013, which saw the participation of officers from the Administration and Tax Department, Corporate Affairs Department and Risk Management Department, as well as – for examination of issues under their specific expertise – the International Subsidiary Banks Division, Consorzio Studi e Ricerche Fiscali (Tax Studies and Research Consortium) and the Chief Lending Officer. Meetings were also held with the independent auditors, also for the purposes of Article 150 of the Consolidated Law on Finance.

In particular, the Committee:

• analysed the preparation procedures for the Parent Company's and the consolidated financial statements, involving an examination of the relative Guidelines and connected analyses;
• examined and reported on the draft Parent Company's financial statements and the consolidated financial statements for the Group for 2012, supporting the Supervisory Board in the approval process;
• received updates on changes in the accounting regulations;
• received reports on capital ratios;
• examined the audit reports relating to the Parent Company's and consolidated financial statements as at 31 December 2012, with no findings of note, and the report pursuant to Article 19 of Italian Legislative Decree 39/2010, which introduces the requirement for independent auditors of public interest entities to prepare a report on the fundamental issues arising from the audit, as well as any significant shortcomings identified;
• received updates on loans to customers in relation to the management and valuation of nonperforming loans and the valuation method for performing loans.

Finally, through its specific report, the Committee supported the Supervisory Board in examining the Halfyearly Report and the Quarterly Reports as at 31 March and 30 September 2013.

In 2013 the Financial Statements Committee met 15 times, including joint meetings with the Control Committee.

Related Party Transactions Committee

Related Party Transactions Committee until 22 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Franco Dalla Sega – Chairman	X	X	100 %	01.01.2007
Rosalba Casiraghi	X	X	100 %	01.01.2007
Marco Mangiagalli		X	100 %	01.05.2010
Fabio Pasquini (alternate)	X	X	100 %	01.05.2010
The average duration of the Committee's meetings was approximately two hours.

Related Party Transactions Committee appointed by resolution of the Supervisory Board of 29 April 2013

Members	Inclusion in the Register of Auditors and professional practise of legal auditing of accounts	Independent pursuant to the Code	Attendance percentage at meetings	In office since
Franco Dalla Sega – Chairman	X	X	100%	01.01.2007
Marco Mangiagalli		X	100%	01.05.2010
Pietro Garibaldi		X	100%	01.01.2007
Carlo Corradini (alternate)		X	100%	22.04.2013
The average duration of the Committee's meetings was approximately three and a half hours.

The Committee performs the duties assigned to it by the Consob Regulation, Bank of Italy provisions and Group Regulations with regard to transactions with related parties of Intesa Sanpaolo and associated entities of the Group carried out by the Bank or by its subsidiaries.

The Committee does not oversee the Bank's transactions with related parties concerning remuneration issues.

In exercising its duties, the Committee:

• expresses a motivated opinion on the Bank's interest in carrying out the Transaction, as well as on the suitability and fairness of the related conditions;
• expresses an opinion if the transaction involves subsidiaries and, where it is influenced by the Bank management and coordination activities, indicates - through the opinion under the previous point the reasons and interests influencing it;
• where envisaged by the Regulations, participates in the negotiation and analysis phases, receiving a complete and timely flow of information and with the faculty of requesting information and submitting comments to the delegated bodies and to the parties conducting the negotiations or analysis.

In 2013 the Committee met 23 times and examined 55 transactions. A favourable, non-binding opinion was issued for each of these transactions, almost all of which were classified as less significant transactions. The Committee also received 4 notices from the competent units of the Bank regarding transactions with related parties that followed the decision-making procedure pursuant to Article 136 of the Consolidated Law on Banking and decisions to classify positions with related parties and/or Group associated entities as substandard or doubtful.

Supervisory Board operations

1.P.2.

1.P.1.

The role of strategic supervision entrusted to the Supervisory Board involves Supervisory Board Members in key decisions, including, as mentioned, approval of the Business Plan and the strategic guidelines identified to achieve results set out in the plan, liaising with the Management Board, also through the constant supervision of general operations development, to pursue Group consolidation objectives, growth and the creation of value for shareholders over the medium-long term, without prejudice to observance of the sound and prudent management and capital adequacy of the Bank.

Board Members are bound to secrecy on any documents, data or information of a confidential or privileged nature that they may learn through the performance of duties, and to uphold the confidentiality of the information beyond their term of office. They are also required to comply with the procedure adopted for internal management and external communication of said documents or information.

Calling of Meetings

Board meetings are called by the Chairman or, in the event of absence or impediment, by the Deputy Chairman, normally on a monthly basis, in accordance with terms established in the Articles of Association, or at the initiative of the Chairman, as he deems necessary, or upon request of just one Board Member, unless particular reasons hinder the holding of meetings and, in any event, in cases envisaged by law and the Articles of Association.

1.C.5.

The meeting is called by the issue of a convocation notice containing the agenda of matters for discussion, addressed to each member of the Board at least four days prior to the date of the meeting. In particularly urgent situations, the meeting may be called by giving 24 hours' notice.

The Supervisory Board generally meets alternatively at the Torino registered office and Milano secondary office or, exceptionally, at another venue in Italy.

Reports to Board Members

When Board meetings are called, the Members of the Supervisory Board are provided, to all extents possible, with information and documents relevant to the agenda items to be discussed for informed decisions to be made.

Also in 2013, the General Secretariat of the Supervisory Board ensured compliance with the methods and timing envisaged in the Supervisory Board Regulations and procedures to ensure compliance with any instructions received from Authorities.

For every Supervisory Board meeting, the agenda is required to include reports on the activities of the Committees.

The documentation provided at meetings of the Board is filed in company records and remains available for consultation at the Secretariat.

From the second half of 2013, each Board Member has access to a dedicated portal on which documents relating to all Supervisory Board Meetings and those of the Committees he/she participates in can be consulted.

Conduct of meetings and the decision-making process

Board meetings are always conducted in an atmosphere of open and constructive discussion between members, with the added value of contributions from the Committees. A sense of responsibility adopted in office along with the skills acquired by each member have contributed to consolidating the structure and operation of the corporate Body, in which specific individual competences help contribute to discussions in a cohesive, cooperative context in order to make reasoned, informed and, usually, unanimous decisions.

The adopted governance model offers the option of enlisting specific professional qualities and competences of all Members, also by means of participation in at least one of the Committees established by the Board.

The participation in such Committees, together with the technical competence acquired outside the Bank, during studies, in the exercise of professions or other corporate offices, fosters the Members' contribution of their specific skills to the Board's work.

Members of the Supervisory Board, on the basis of information that must be received from the Management Board, and the support of the Committees and the General Secretariat of the Supervisory Board, act and pass resolutions independently and with full knowledge of the facts.

In 2013, as previously, the Chairman of the Supervisory Board invited the Chairman of the Management Board and the Managing Director to take part in Supervisory Board Meetings each time achieved results were presented, or when a general and/or strategic issue was addressed, as well as the Heads of Business Units, Governance Areas, Head Office Departments and Internal Control Functions of the Bank to provide information and figures as appropriate on matters submitted for examination by the Board.

The Articles of Association permit the holding of valid meetings through remote connection systems, provided that the identity of those attending can be verified and that all are able to follow discussions and intervene in real time with regard to the matters on the agenda as well as view, receive and transmit documents.

At least the Chairman and the Secretary must always be physically present at the venue officially designated as that in which the Board Meeting is deemed to have taken place.

2.P.2.

1.C.6.

8.P.1. 1.P.2.

For the validity of decisions a majority of members in office must be present at the meeting; resolutions are adopted with vote in favour by the absolute majority of members attending the meeting, without prejudice to special decisions, e.g. those relating to the appointment of the Chairman and of one or two Deputy Chairmen of the Management Board, for which vote in favour by the majority of Supervisory Board Members in office is necessary.

Minutes are prepared for each meeting, fully illustrating the agenda items discussed and related decisions adopted.

Frequency of meetings and Board Member attendance

In 2013 the Supervisory Board met a total of 17 times, with the following attendance percentage for each Member:

100%	Marco Mangiagalli	100%
94%	Piergiuseppe Dolcini	100%
100%	Edoardo Gaffeo	100%
100%	Pietro Garibaldi	100%
100%	Rossella Locatelli	100%
100%	Iacopo Mazzei	100%
100%	Beatrice Ramasco	100%
94%	Marcella Sarale (from 21.05.13)	100%
100%	Monica Schiraldi	100%
94%	Giuseppe Berta (up to 16.05.13)	100%
100%

In 2014, the Supervisory Board had held three meetings at the date of approval of this Report.

The Company's 2014 financial calendar indicates 7 April 2014 as the date of the Supervisory Board meeting for approval of the Parent Company's and consolidated financial statements as at 31 December 2013.

Contestation of resolutions

Resolutions adopted by the Supervisory Board in breach of law or the Articles of Association may only be contested by Board Members who were absent from the relative meeting or who voted against or abstained, by and no later than 90 days from the date the resolution was adopted.

Shareholders may also contest the resolutions of the Supervisory Board where a resolution is prejudicial to their rights. In this case, as to terms and procedures for contesting resolutions, provisions governing the contestation of shareholder resolutions shall apply, as per Articles 2377-2378 of the Italian Civil Code.

Special rules are in place for contesting resolutions approving the financial statements, in accordance with Article 157 of the Consolidated Law on Finance and Article 2409-quaterdecies, paragraph 2, of the Italian Civil Code.

Self-assessment of extent, composition and operations

The Members of the Supervisory Board are aware of the duties and responsibilities inherent to their office. Upon appointment, they receive detailed information on their office, as well as on the obligations connected to their function, also in terms of the applicable regulations. The Secretariat ensures they receive prompt updates on the regulatory scenario, also with respect to the duties and obligations of members of control bodies.

Each year, the Supervisory Board carries out an assessment of its adequacy in terms of powers, size, composition and operations, also in accordance with its Regulations. The Bank of Italy reserves specific provisions, issued in 2008 and currently under review, for this activity. Those provisions lay down the tasks assigned to collegial bodies with functions of strategic supervision, management and control in order to ensure optimal qualitative and quantitative composition in conjunction with appointment and on ongoing basis. The Bank of Italy requires rigorous, thorough self-assessment on a periodic basis, aimed at certifying

2.C.2.

1.C.1. i)

full operation, identifying any critical areas and adopting the appropriate measures, with respect to the intermediary's size, complexity and operations.

1.C.1. h)

Consequently, the Supervisory Board, at its meeting of 25 February 2014, renewed its self-assessment, with the support of the Control Committee and Nomination Committee, without using any external consultants. As is customary, said self-assessment consisted of detailed analysis of the functions actually carried out by the Board and by its Committees during the year, aimed at verifying, in light of their respective duties and powers, the degree of completion of the activities performed and identifying any area requiring greater attention.

With reference to the interlocking prohibition, all Board Members in office have confirmed that they have no offices incompatible with that held with Intesa Sanpaolo.

Furthermore, in reference to the verification of Board operations, with due regard to the size, complexity and operations of the Bank, each Board Member expressed his own opinion in a questionnaire on the size, composition and operation of the Board and its Committees. The results of the questionnaire confirm the general adequacy of the Board, with a number of points for consideration in the future with particular reference to the size of the Board and the operations of the Committees.

Taking the above into consideration, the Supervisory Board expressed its adequacy assessment in reference to:

• powers assigned by law and by the Articles of Association which allow the Board to perform its duties efficiently;
• size, which is consistent with the many duties performed by the Board and allows the appointment of a higher number of Committees than envisaged by regulations;
• composition, which benefits from the experience, skills and professional characteristics of the Board Members in reference to banking business – also regarding risk management and control methods – and the rules and dynamics of the economic and financial system of reference;
• operations, covering the entire scope of responsibilities as a result of the organisational model adopted, and the fundamental support provided by the General Secretariat of the Supervisory Board.

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Operating Structure

Business Units, Governance Areas and Head Office Departments

In terms of organisational logic and to ensure that Group governance has the necessary overall coherence, the Parent Company is divided into Business Units – comprising business line aggregations with similar characteristics in terms of products and services provided and in terms of the regulatory framework – Head Office Departments and Staff Units, most of which are grouped into five Governance Areas under the direct responsibility of the Managing Director and CEO (Chief Operating Officer, Chief Lending Officer, Chief Risk Officer, Chief Governance Officer and Wealth Management) and of the Chief Financial Officer, likewise reporting to the Managing Director and CEO.

The head of the Governance Area of the Chief Operating Officer, within the scope of his/her duties, works with Intesa Sanpaolo Group Services, which are responsible for providing services and support to the Group that meet effectiveness, efficiency and quality standards.

The following Governance Areas were set up with effect from 22 May 2013:

• x Chief Governance Officer, responsible for the Supervisory Board Secretariat, the Office of the Chairman of the Management Board, the Corporate Affairs Department, the Corporate Social Responsibility, International Regulatory and Antitrust Affairs, Laboratorio Banca e Società units, and the Institutional Investments Service. The Legal Affairs Department also reports functionally to the Chief Governance Officer;
• x Wealth Management, which coordinates the companies Eurizon Capital, Intesa Sanpaolo Assicura, Intesa Sanpaolo Previdenza and Intesa Sanpaolo Vita.

On 30 September 2013 the Administration and Tax Department was placed under the responsibility of the Managing Director and CEO.

The Internal Auditing Department holds a special position in the organisation, in order to enjoy the necessary autonomy and independence, reporting directly to the Chairmen of the Management and Supervisory Boards.

The Managers in charge of Business Units, Governance Areas, the Chief Financial Officer, Head Office Departments, Staff Units and Group companies, in the general policy and guidelines framework, are responsible for the achievement of objectives in their specific business areas, also through the optimum use of assigned human and technical resources.

For additional information on Intesa Sanpaolo's organisational structure, reference should be made to the Bank's website ("About us" Section, "Organisational structure" and "Top management" pages).

General Managers

The Management Board, upon proposal by the Managing Director and after consultation with the Supervisory Board, is responsible for the appointment, removal and the determination of the powers and remuneration of one or more General Managers, one of whom acts as deputy to the Managing Director, excluding functions which must be performed by the latter.

The General Managers report to the Managing Director within the scope of their roles and responsibilities, and assist the Managing Director in the management of the company to the extent of the powers delegated to them upon their appointment.

Until 21 May 2013, Intesa Sanpaolo's organisational structure included three General Managers: Giuseppe Castagna, General Manager and Head of the Banca dei Territori Division, who left the Bank on 24 June 2013; Gaetano Miccichè, General Manager and Head of the Corporate and Investment Banking Division, and Carlo Messina, General Manager and Head of the Chief Financial Officer Area. On 22 May 2013 the Management Board appointed Carlo Messina as Head of the Banca dei Territori Division and on 29 September 2013 the Management Board appointed Carlo Messina as Managing Director and CEO, without prejudice to the office as General Manager. At the time of publication of this Report the office of General Manager acting as deputy to the Managing Director – pursuant to art. 27 of the Articles of Association – has not been assigned. Until 29 September 2013 such deputising duties were attributed to Carlo Messina.

The Management Board has therefore appointed the Managing Director and CEO, and the Head of the Corporate and Investment Banking Division as General Managers, without prejudice – in accordance with

the principle of the unified management of the Bank – to the Managing Director's responsibility for the general management of all Bank and Group operations.

Group Committees

As part of the mechanisms to guarantee effective management of operational matters relevant to the entire Group, to more effectively govern the risk profile within the Group, and to guarantee an adequate level of internal communication and discussion, special Intragroup Committees are established by the Bank, composed of Bank Executives and Members of the Group's top management:

• Coordination Committee, consultative body with the role of facilitating intragroup operations and top level communication between the Bank Departments, with a view to sharing and coordinating the main corporate decisions;
• Group Risk Governance Committee, formed with decision–making, consultative and reporting powers to ensure the monitoring and management of risks and the safeguarding of corporate value at Group level. The Committee also coordinates the internal control system, in implementation of the strategic guidelines and management policies defined by the Corporate Bodies;
• Group Financial Risk Committee, technical body with a decision–making and reporting role, focusing on proprietary financial risks of the banking and trading book and on Active Value Management, which operates on the basis of operating powers and duties assigned by the Management Board;
• Group Compliance and Operational Risk Committee, technical body with a decision-making, consultative and reporting role with the aim of stepping up co-ordination and interdepartmental co-operation mechanisms, and facilitating the effective management of operational and compliance risks, which operates within the scope of the guidelines set by the Corporate Bodies, on the basis of the operational and functional powers delegated by the Management Board;
• Group Credit Committee, technical body with a decision-making and consultative role that has the task of guaranteeing coordinated management of issues relating to credit risk to the extent of its assigned powers;
• Group International Markets Coordination Committee, a body with a reporting and consultative role that has the task of promoting synergistic action and appropriate sharing of information by Managers of the Business Units of the Bank and the Group operating on international markets, and of strengthening the interdepartmental coordination and communications between the Business Units and the Governance Areas.

The internal control and risk management system

Main characteristics

As previously mentioned, the supervisory regulations on internal control system were recently subject to significant amendments. On 2 July 2013, in fact, the Bank of Italy issued the new regulations (and included them in the New regulations for the prudential supervision of banks – Circular 263/2006) on "internal control system", which introduced a number of new, important elements compared to the previous regulatory framework. Banks must adapt to the new regulations by 1 July 2014, or later dates for certain specific obligations.

As requested of all Italian banks by the Supervisory Authority, Intesa Sanpaolo sent the Bank of Italy a selfassessment of its corporate position with respect to the new regulations and prepared a plan of measures to be adopted to ensure full compliance with the new provisions.

In this respect, it should be emphasised that the description of the internal control and risk management system illustrated in this chapter should be considered to refer to the position as at the date of approval of this Report, without prejudice to the forthcoming implementation – during 2014 and, for certain aspects, also in 2015 – of measures to adapt to the changing regulatory framework.

The internal control and risk management system consists of a set of rules, procedures and organisational departments aimed at ensuring compliance with Bank strategies and the achievement of the following objectives:

• effectiveness and efficiency of the Bank processes;
• safeguard of asset value and protection from losses;
• reliability and integrity of accounting and management information;
• transaction compliance with the law, supervisory regulations, the Articles of Association, policies, plans, guidelines and internal procedures and regulations.

In line with corporate law and bank supervisory regulations, and consistent with indications in the Corporate Governance Code, the Bank has adopted an internal control and risk management system aimed at identifying, measuring, managing and monitoring, on an ongoing basis, the risks for the Bank and the Group, involving the Corporate Bodies, special internal control functions, the Surveillance Body pursuant to Italian Legislative Decree 231/2001, and the Manager responsible for preparing the Company's financial reports. The independent auditors also contribute to the internal control system.

In the implementation of the guidelines set forth by the Corporate Bodies, the internal control system of the Bank and the Group is designed to constantly monitor, identify and manage business-related risks. Under this system, the primary reference are supervisory provisions on the prudential control of companies and banking groups, and regulations on organisation and corporate governance of Banks and of financial, service and investment conglomerates, taking into account developments in international best practices.

The internal control and risk management system is divided into three levels:

• the first level consists of line controls that are conducted by operating departments (by the person performing the relevant activity plus hierarchical controls), or are incorporated into procedures or backoffice activities;
• the second level falls mainly under the responsibility of the Chief Risk Officer and includes specific functions that involve:
  • x risk management controls, which are aimed at contributing to the definition of risk measurement methodologies, at verifying compliance with the limits assigned to the various operating departments and at controlling the consistency of the operations of individual productive areas with the assigned risk-return targets;
  • x compliance controls, which are aimed at preventing the risk of incurring legal and administrative penalties, significant financial loss or damage to reputation as a consequence of infringements of laws and regulations or voluntary codes;
  • x compliance controls with regard to anti-money laundering, combating the financing of terrorism and embargo management;
  • x credit granting controls, including the correct process of assignment and updating of ratings, controls on the management process for non-performing and doubtful loans and monitoring of credit quality;

7.P.1. 7.P.2.

Art. 123 bis (2), (b) CLF

7.C.1. a) 7.P.1.

• x internal validation controls, in accordance with Bank of Italy Circular 263/2006;
• the third level consists of internal auditing activities run by the Internal Auditing Department, a separate, independent structure from the operating structures, whose aim is to identify anomalous operations and breaches of procedures and regulations, and to assess the overall functioning of the internal control system. 7.P.3. b)
• In this context, the adequacy of essential system elements is assessed on an ongoing basis by the Corporate Bodies, and is taken into consideration in the report on operations attached to the Parent Company's financial statements as prepared by the Management Board, in this Report and in the report of the Supervisory Board pursuant to Article 153 of the Consolidated Law on Finance. 7.C.1. b) 7.P.3.
• Given the above, a description is provided below of the main elements of the internal control and risk management system, also indicating the breakdown of financial reporting controls (in reference to the duties of the Manager responsible for preparing the Company's financial reports, the financial reporting control system and audit), corporate control functions as defined in the Bank of Italy Circular 263/2006 (risk management, compliance with regulations, internal audit, anti-money laundering and validation) and crime prevention models. 7.C.1. d)
• The Supervisory Board, as the Control Body, is the centre of the control system, with the task of supervising compliance with legal and regulatory provisions, and the Articles of Association as well as correct governance and the adequacy of the Bank's organisational and accounting structures. 7.P.3.

In this context, among its various duties, the Board is responsible for ensuring the effectiveness of all the Departments involved in the internal control system and their adequate coordination.

The rules, regulations and procedures that aim to ensure the achievement of these objectives of relevance to the Bank include the Corporate Governance Project prepared in accordance with the Supervisory Provisions on corporate governance, the Group Regulations, the Organisational, Management and Control Model pursuant to Legislative Decree 231/2001, the Supervisory Board Regulations and the Management Board Regulations, the Group Committee Regulations and other so-called "governance documents", including the main risk management and control guidelines, the compliance guidelines, the administrative and financial governance guidelines and the Pillar III Disclosure guidelines.

These documents outline the main information flows required for the purposes of coordinating control functions, including the information provided by control functions to the Bank's Corporate Bodies and, in particular, the Control Committee, and the information exchanged between control functions.

Lastly, it should be remembered that the abovementioned Bank of Italy provisions on the internal control system envisage that, to ensure coordination and interaction between the various departments and bodies responsible for control (envisaged in corporate, accounting and supervisory regulations), the body responsible for strategic supervision approves a specific document stating the duties, responsibilities and coordination/cooperation methods between the various control functions involved (the "Coordination Document").

In light of the foregoing, and in consideration of the changing conditions on financial markets in recent years, in 2013 an assessment was launched of the internal control system, with the aim of assessing its solidity and efficacy and identifying any guidelines for its evolution aimed at rendering it more consistent with the Group's needs in the light of the business model adopted. The assessment results formed the basis of Intesa Sanpaolo's self-assessment report, required from all Italian banks by the Supervisory Authority.

The role of Corporate Bodies

7.P.3. a) 7.C.1.

Given the considerable importance of the subject and based on the implementation of the dual management and control model, both Corporate Bodies involved in strategic supervision of the Bank play an active role in risk management and control activities; in particular:

• the Management Board defines the Bank's risk appetite and the related risk management policies to be submitted to the approval of the Supervisory Board and is responsible for the establishment and maintenance of effective risk management and control systems and internal control systems for the implementation of strategic guidelines, assessing its overall operations by taking into account all

operating areas of the Group. It approves specific guidelines aimed at ensuring the efficacy of the business risk identification, measurement and management system, including the risk mitigation techniques, and defines the guidelines in terms of the Group's exposure to reputational risk. It continuously verifies the overall efficiency and effectiveness of the risk management and control system; it defines the responsibilities of the corporate departments involved so that the relative tasks are clearly assigned and potential conflicts of interest avoided. It defines the information flows aimed at ensuring that the Corporate Bodies and control functions have full knowledge of and governance over the risk factors; it implements the ICAAP.

Moreover, on the recommendation of the Managing Director, the Management Board adopts appropriate resolutions for submission to the Supervisory Board of guidelines to ensure the adequacy of the organisational, administrative and accounting structure; it appoints and removes, with the approval of the Supervisory Board, the heads of internal control functions. The Management Board defines guidelines for the approval and control of transactions with related parties to be submitted for approval by the Supervisory Board; and it is responsible for the management and coordination of the Group, with strategic-management control and technical-operational control over Group activities;

• the Supervisory Board, at the proposal of the Management Board, is responsible for approving the Bank's risk appetite and general risk management policies and their periodic review, in order to ensure their effectiveness over time. In this context, the Supervisory Board verifies that the risk control functions are organised in line with the strategic objectives, as well as assessing and supervising the efficiency and adequacy of the internal control system and correct exercise of strategic and management control by the Parent Company over Group companies.

As already mentioned, the Managing Director is in charge of ensuring proper functioning of control measures. Consequently, Management Board resolutions on risk management policy and internal control are taken on the recommendation and proposal of the Managing Director, who in general is responsible for the measures necessary for ensuring that an effective and efficient control system is established and maintained. In addition, the Managing Director steers the implementation of guidelines resolved by the Management and Supervisory Boards by the Departments concerned.

As already mentioned, the Supervisory Board, with the support of the Control Committee, also assesses the degree of efficiency and adequacy of the internal control system, with particular reference to risk control, internal audits and the IT accounting system. The Articles of Association define the role of the Control Committee as a permanent reference point for all internal control functions, from which it is to receive specific information. Accordingly, the Control Committee reports to the Supervisory Board on any management irregularities or breaches of regulations found through the exercise of its duties and responsibilities.

The Manager responsible for preparing the Company's financial reports

The Management Board, based on the opinion of the Supervisory Board, appointed Ernesto Riva as the Manager responsible for preparing the Company's financial reports, pursuant to the provisions of Article 154-bis of the Consolidated Law on Finance.

In accordance with the Articles of Association, the Manager responsible for preparing the Company's financial reports shall be chosen among the Bank's executives and must meet specific professional requirements connected to adequate skills in financial and accounting disclosures, management or control of the related administrative procedures, gained in a period of at least five years in positions of responsibility in operating departments within the Bank, Group or other companies or entities comparable in terms of activities and organisational structures. The Manager responsible for preparing the Company's financial reports must also meet integrity requirements for members of control bodies of quoted companies envisaged under current regulations.

The Manager responsible for preparing the Company's financial reports has the task of monitoring the internal control system in terms of accounting and financial disclosures. In accordance with the aforementioned Article 154-bis, the Manager is required to:

• certify that the documents and disclosures disseminated by the Bank to the market and regarding interim and annual accounting information correspond to corporate records, books and accounts;

7.P.3. d)

7.P.3. a)-i) 7.C.4.

• jointly with the Managing Director, in a specific report attached to the Parent Company's and consolidated financial statements and to the condensed half-yearly reports, certify the adequacy and actual application of administrative and accounting procedures, the compliance of company accounting reports with the records, books and accounts and their capacity to provide a true and fair presentation of the Bank's balance sheet, income statement and financial situation and those of companies included in the scope of consolidation, and that the report on operations includes a reliable analysis of business performance and results, the position of the issuer and the overall position of companies included in the scope of consolidation, together with a description of the main risks and uncertainties to which the Group is exposed.

For this purpose, the Supervisory Board and the Management Board approved the corporate "Guidelines for administrative and financial governance", which govern:

• the corporate governance model enabling the Manager responsible for preparing the Company's financial reports to constantly verify the adequacy and effective application of administrative and accounting procedures at Group level;
• the system of information flows that subsidiaries are expected to transpose to the Manager responsible for preparing the financial reports, to strengthen the level of monitoring of information to be used in the presentation of the Group's balance sheet, income statement and financial position and the main risks and uncertainties to which it is exposed;
• the system of certifications to the Managing Director and the Manager responsible for preparing the Company's financial reports from the Parent Company and subsidiary Departments, in terms of related compliance with regulatory obligations and company regulations;
• the communication flows from the Manager responsible for preparing the Company's financial reports towards Corporate Bodies and the exchange of information with independent auditors.

The Manager responsible for preparing the Company's financial reports plays a steering and coordination role in Group companies with regard to administrative and accounting matters and in the supervision of internal control system functional to accounting and financial reporting. To this end, the Manager responsible for preparing the Company's financial reports plans the activities that the Group is required to perform over the year and is responsible for:

• coordinating the instructions issued to the companies for the correct and uniform application of the accounting standards, rules and measurement criteria, formalised as part of the Group accounting regulations and subject to regular periodic updates;
• preparing administrative and accounting procedures for producing the annual separate and consolidated financial statements, and coordinating process development measures to comply with financial reporting obligations to national and supranational authorities;
• verifying the adequacy and effective application of administrative and accounting procedures over the period, also by subsidiaries subject to the laws of countries that are not European Union member states, in accordance with relevant Consob regulations, through a structured assessment process, the findings of which are formally included in a Report on the internal control system functional to the financial reporting process;
• monitoring the data acquisition process for the information required to produce the Group's balance sheet, income statement and financial situation, especially with reference to the main risks and uncertainties to which Group companies are exposed;
• supervising the compliance of information contained in corporate documents disclosed to the market, such as public Pillar III disclosures and the Report on Corporate Governance and Ownership Structures subject to opinions from the independent auditors, and statements accompanying the issue and public offering of bonds on the domestic and international markets;
• providing feedback on recommendations formulated by the Independent Auditors on audit of the Parent Company's separate financial statements and on the Group consolidated financial statements for the purpose of continuous improvement of procedures affecting accounting data in the financial reporting process;
• supervising the assignments granted to independent auditors to monitor the auditors' independence and impartiality, in compliance with legal provisions and in accordance with methods governed by Group Regulations, the implementation of which calls for periodic reporting to the Management Board and Control Committee.

In the light of the relative responsibilities, the Manager responsible for preparing the Company's financial reports is also assigned adequate powers and means to perform his/her duties. In particular, said Manager

has a dedicated organisational structure and is also supported by the other control functions of the Parent Company as regards the performance of specific assessments for actual application of the administrative and accounting procedures.

In order to allow the Management Board to monitor the adequacy of the powers and means assigned, as well as the effective observance of administrative and accounting procedures, the Manager responsible for preparing the Company's financial reports issues a periodic report to the Board on activities performed, on any critical points emerging and on remedial action taken, and, on a half-yearly basis, a report on the results of internal control system assessments of the financial reporting process requiring certification by the Managing Director and the Manager responsible for preparing the Company's financial reports in accordance with regulations.

These reports are also submitted to the Control Committee, which reports to the Supervisory Board in order for it to perform its supervisory task of monitoring the IT accounting system, as required by law and the Articles of Association.

Internal control of accounting and financial disclosure

The adopted reference model identified by Intesa Sanpaolo for verification of the adequacy and actual application of internal controls on the accounting and financial reporting process is based on the COSO and COBIT Framework, the generally accepted reference standards at international level . The model provides for the existence of:

• an adequate internal control system at corporate level to reduce the risk of errors or incorrect conduct; this is achieved through the verification of elements such as adequate governance systems, conduct standards based on ethics and integrity, effective organisational departments, clear attribution of powers and responsibilities, adequate risk policies, effective codes of conduct and fraud prevention systems and personnel disciplinary systems;
• administration and accounting procedures for the preparation of financial statements and, more generally, financial reporting to the market, with long-term monitoring of their adequacy and effective implementation; this category of procedures includes administrative and accounting processes in the strictest sense along with steering and control processes (planning, management control, risk control), used in preparing disclosures, business processes (credit, finance, wealth management, etc.), in relation to the assessment and reporting stages of assets and liabilities recorded in the accounting records, governance rules for the technological and applications infrastructure and the main operations in support of all stages from the accounting entry up to the reporting in the financial statements;

The model is applied according to a risk-based logic, selecting the companies, the administration and accounting procedures and the governance rules for the IT infrastructure and the applications considered relevant for the purpose of the Group's accounting and financial reporting.

Following the activities conducted for each Group company, an Internal Control System Report is prepared on the financial reporting process which describes: a) the main profiles of operational and valuation complexity, indicating the organisational setup and the application architectures instrumental to the financial reporting process, together with the related control procedures; b) the findings of audits conducted during the year, indicating any shortcomings found and action taken to remedy them; the final assessment stage is managed in concert with the Manager responsible for preparing the Company's financial reports to ensure the application of standard opinion-forming criteria, further studying the material nature of critical points found in relation to the consolidated financial statements; c) the recommendations expressed by the Independent Auditors on audit of the financial statements to improve procedures affecting the accounting data. The Reports discuss the considerations formed by the Company's management and are signed by its own relevant Body, together with a certification to the Manager responsible for preparing the Company's financial reports confirming compliance with

The COSO Framework was prepared by the Committee of Sponsoring Organizations of the Treadway Commission, the U.S. organisation dedicated to improving the quality of financial reporting through ethical standards and an effective system for corporate governance and organisation. The COBIT Framework - Control Objectives for IT and related technology is a set of rules prepared by the IT Governance Institute, the U.S. organisation whose aim is to define and improve the standards of corporate IT.

regulatory obligations. These are also made available to the Boards of Statutory Auditors and to the Independent Auditors to promote their involvement and ongoing monitoring action.

On completion of the annual audit plan, the Manager responsible for preparing the Company's financial reports prepares a Group report for the Management Board and the Control Committee to illustrate: a) the implementation status of the administrative and financial governance model, with an indication of the main initiatives promoted during the year to strengthen the administrative and accounting system; b) an update on any shortcomings found with an indication of the risks to reporting, related balance sheet and income statement aggregates, accounts and transaction categories that could be affected, and the compensatory controls that had a mitigating effect; c) the summary opinion on the financial reporting process, taking into account the opinions expressed by the companies' management and by the Independent Auditors.

The model used offers a reasonable guarantee of the reliability of accounting and financial information. As evidenced by the COSO Framework, any internal control system, even if well designed and operational, cannot completely exclude malfunction or fraud that could affect such information.

The Chief Risk Officer

The Chief Risk Officer, to which the Governance Area that includes the Risk Management and Compliance Departments reports, together with the Credit Quality Monitoring Unit, the Anti-Money Laundering Service and the Internal Validation Unit, representing a "second line of defence" in the management of corporate risks that is separate and independent from the business support functions.

The Chief Risk Officer is responsible for:

• consistent with corporate strategies and objectives, defining guidelines and policies on risk management and compliance with regulations;
• coordinating the implementation of guidelines and policies on risk management and compliance with regulations by the relevant Group business units, and in the various corporate departments;
• guaranteeing the measurement and control of Group exposure to the various types of risk, also verifying the implementation of guidelines and policies as above;
• guaranteeing the monitoring of credit quality and the observance of credit-related guidelines and strategies through the constant monitoring of risk, and submitting proposals on the structure of delegated powers of the Corporate Bodies;
• supervising the identification and monitoring of any misalignment of current regulations, and arranging consulting, support and sensitisation as appropriate on regulations to the corporate Departments;
• ensuring the monitoring of compliance risk in terms of anti-money laundering, combating the financing of terrorism and embargo management.

Risk Management

Policies concerning the assumption and management of risk are approved by the Supervisory Board on the recommendation of the Management Board. The Management Board, in turn, relies on the support of the specific Group Committees mentioned earlier, whereas both collegial Bodies draw on support from the Chief Risk Officer, who reports directly to the Chief Executive Officer.

The risk management strategy aims to achieve an integrated and consistent management of risks, in consideration of the Group's risk profile within the macroeconomic scenario, while fostering a culture of risk-awareness.

The Group Risk Governance Committee, chaired by the Managing Director and CEO, ensures the monitoring and management of risks and the safeguarding of corporate value at Group level, in implementation of the strategic guidelines and management policies defined by the Corporate Bodies. It is assigned important responsibilities for the implementation of risk control strategies, such as:

• examining and validating in advance of presentation to the Corporate Bodies the strategies and, for risks not monitored by other Group committees, Group policies for managing risks, so as to ensure steering and coordination of the main risk management measures;
• ensuring compliance with Supervisory Authority instructions and provisions with regard to risk governance and related reporting transparency;

• ensuring that the Managing Director and CEO and the Management Board have an overall view of risk exposure, by reporting any non-compliance and/or breaches of relevant policy;
• identifying, analysing and monitoring situations of potentially significant deterioration of risk and directly managing events of specific impact and relevance, with implications for the Group's reputation;
• ensuring the adequacy and effectiveness of the risk measurement and reporting system architecture for risks not monitored by other Group Committees, assessing consistency between business guidelines and management tools/processes; on this point the Committee supervises the results of risk management model validation processes for these types of risk;
• assessing the adequacy of the Group's equity and regulatory capital, as well as the allocation of capital to business units on the basis of plan objectives and risk tolerance objectives;
• verifying the consistency of capital requirements and risk measurement with accounting policies;
• verifying the Group's overall credit risk profile, co-ordinating corrective action and strategic guidelines in relation to credit risk and lending policies;
• allocation of risk limits to the Divisions/Departments and setting country risk limits (by country, duration and type of operations) and credit risk concentration limits, in accordance with the decisions of the Management Board;
• defining business continuity strategies for disaster recovery purposes.

The Committee is also responsible for Basel II governance and supervising the projects and measures necessary to guarantee compliance.

The Group Financial Risk Committee is responsible for matters concerning the assumption of financial risks (in both the trading and banking books). The Committee, chaired by the Chief Risk Officer and the Chief Financial Officer, is responsible for evaluating, in advance of approval by Corporate Bodies, the methodological and measurement guidelines for financial risks and proposals for operational limits, in addition to defining the distribution thereof amongst the Group's major units. The Committee verifies the financial risk profile of the Group and its main operational units. It also provides operational guidelines in implementation of the strategic guidelines and risk management policies laid down by Corporate Bodies in respect of management of the banking book, liquidity, interest rate and exchange risk and periodically verifies the Group's overall financial risk profile, as well as appropriate measures aimed at modifying it.

The Group Compliance and Operational Risk Committee, chaired by the Chief Risk Officer, has the task of supervising the implementation of operational risk management guidelines and policies, in accordance with indications provided by the Corporate Bodies, in terms of operational risks and compliance. It periodically verifies the Group's overall operational risk profile, defining any corrective actions, coordinating and monitoring the effectiveness of the main mitigation activities and, in accordance with indications received from the Corporate Bodies, approving the operational risk transfer strategies.

Within the Chief Risk Officer's governance area, the Risk Management Department is in charge of the operational implementation of management strategies and guidelines along the decision-making chain, down to each of the Bank's operational units. The Risk Management Department is also responsible for the risk management methods and controls implemented in each business unit, reporting on the general situation to the corporate governance bodies, proposing operational limits on financial risks (for both the banking and trading books), promoting the use of risk measurement tools in granting and monitoring loans and risk concentration, overseeing the methodological and organisational framework for operational risks, using capital-at-risk measurements in management reporting and for assessing the Group's internal capital adequacy, and ensuring statutory reports are sent to Supervisory Authorities.

For the purposes described above, Intesa Sanpaolo uses a wide-ranging set of tools and techniques for risk assessment and management which take from best practices, as comprehensively described in the notes to the Financial Statements and the Pillar III - Basel II Disclosure.

Compliance

In accordance with the Bank of Italy's Supervisory Provisions, which require the compliance department to be independent from operating departments and separate from internal auditing, the Compliance Department reports directly to the Chief Risk Officer.

The current Head of the Compliance Department was appointed by the Management Board with effect from 1 July 2013 on the recommendation of the Managing Director and with approval from the Supervisory Board, and has the necessary autonomy and independence from the operating Departments.

The Compliance Department is responsible for Group level management of the risk of non-compliance with regulations, meaning the risk of incurring legal and administrative penalties, significant financial loss or damage to reputation as a consequence of infringements of laws and regulations or voluntary codes, by preparing guidelines, policies and methodologies in relation to the management of compliance risk.

The "Compliance Guidelines", approved by the Management Board and Supervisory Board, implement the Group's Compliance Model, identifying the roles and responsibilities of the Corporate Bodies and corporate departments in monitoring compliance risk. Specifically, directly on behalf of the Parent Company and subsidiaries with an outsourcing contract, the Compliance Department performs all activities relating to compliance with Bank of Italy supervisory provisions and the Joint Bank of Italy-Consob Regulation on regulatory areas of strategic importance or for which centralised management of compliance risk is considered necessary, consistent with industrial association guidelines and best market practices: investment services, insurance and pension-related intermediation, market abuse, public offerings, contractual transparency, customer protection regulations and initiatives, usury, payment systems, administrative liability of Entities, custody services.

The Bank has also identified certain regulatory areas in any event significant in terms of compliance risk, for which the related duties of the Compliance Department are performed by other corporate departments, all with an adequate level of independence and the required skills: internal dealing, register of persons with access to inside information on Intesa Sanpaolo and Group company securities, safeguarding of competition, transactions with related parties, obligations binding on the Banking Group officers, protection of privacy, occupational safety, environmental protection. In these regulatory areas, the Compliance Department has the role of defining guidelines and methodologies for the monitoring and measurement of compliance risk, coordinating compliance initiatives also in terms of prioritising the related risk, verifying their actual implementation by the Control Departments and producing a full report on related results to the Corporate Bodies.

With regard to the Group Compliance Model, a review is currently in progress to adapt to the new Bank of Italy provisions for internal control systems issued in July 2013, which assign responsibility for compliance risk management for all regulatory aspects applying to corporate activities to the Compliance Department, with the option of tailoring regulatory tasks for which suitable forms of specialised monitoring are envisaged.

The Compliance Department plays a coordination and controlling role on behalf of subsidiaries not in service and for Branches abroad, whose internal compliance offices report directly to the central Compliance Department.

Credit Quality Monitoring

As part of the credit governance processes, the Credit Quality Monitoring Unit is responsible for monitoring risk and credit quality through second level controls, as well as for the implementation of any corrective measures by the Business Units, the Chief Risk Officer's departments and the Debt Collection Department, according to the positions in question. Specifically, it carries out controls on the lending processes, monitors the process for management of non-performing and doubtful loans, proposes to the Chief Risk Officer – in agreement with the Chief Lending Officer and Chief Operating Officer departments – criteria for the classification of positions as non-performing and doubtful loans and periodically reports on significant issues regarding credit quality, also in relation to specific status levels (performing, nonperforming, overdrawn/past due, substandard, restructured and doubtful) and significant exposures.

It also carries out monitoring and control of the rating updates and the loan assessment process for reporting purposes.

The Service also contributes to the process of making credit strategy proposals, through assessment of credit quality, and to their structuring, based on the relevant credit management variables.

Finally, the Credit Quality Monitoring Unit assigns the Chief Risk Officer the powers to grant and manage loans, defining the limits and criteria for their determination.

Internal Validation

The Internal Validation Unit reports directly to the Chief Risk Officer and is independent of the units that manage internal system development activities and the internal auditing department. It ensures that internal models, whether already operational or in the development stages, are validated with regard to all risk profiles covered by Pillars I and II of the Basel II Accord, in accordance with the independence requirements established by the Bank of Italy.

With respect to the first pillar in particular, it conducts ongoing assessments of risk management and measurement systems in terms of models, processes, information technology infrastructure and their compliance over time with regulatory provisions, company needs and changes in the market of reference by developing adequate methodologies, tools and operating solutions.

With respect to pillar-two risks, the Internal Validation Unit conducts analyses of methodologies, verifying in particular that the measurement or assessment metrics adopted in quantifying significant risks are economically and statistically consistent, the methodologies adopted and estimates produced to measure and assess significant risks are robust and comparing alternative methodologies for measuring and aggregating individual risks.

The unit also manages the internal validation process at the Group level, interacting with Supervisory Authorities, the company bodies of reference and the units responsible for the level-three controls provided for in regulations. The unit adopts a decentralised approach for companies with local validation units (certain international companies), coordinating and supervising the activities of such companies, and a centralised approach for the others.

Anti-Money Laundering

In implementation of the Bank of Italy provisions issued on 10 March 2011 in terms of organisation, procedures and internal controls of anti-money laundering, and as a further development of the governance model already implemented at Intesa Sanpaolo, the Anti-Money Laundering Service was established, carried out by the Anti-Money Laundering Service, reporting directly to the Chief Risk Officer.

The Head of the Anti-Money Laundering Unit was appointed by the Management Board, on the recommendation of the Supervisory Board and with approval by the Control Committee. He/she operates with the necessary autonomy and independence from the operating Departments and carries out supervision at the Group level across all corporate Departments that are assigned the various tasks as part of compliance with anti-money laundering regulations.

The Anti-Money Laundering Service is a specialist, second-level control function and is specifically responsible for preventing and combating the implementation of money laundering transactions and financing of terrorism at the Group level. It reports directly to the Governing Bodies and has access to all activities within the Bank, as well as any information significant for the performance of its duties.

The "Guidelines on anti-money laundering, combating the financing of terrorism and embargo management" approved in July 2011 and amended in December 2013 by the Management Board and Supervisory Board identify the key principles and define responsibilities, duties and main processes for the Parent Company and for all Group companies in managing the risk of money laundering, in combating terrorism financing and in managing embargoes.

To ensure a uniform approach to managing money laundering risk at the Group level, there is a high level of coordination between the local units within Group companies and the Anti-Money Laundering Service, with reference to both the reporting of suspicious activity as well as monitoring of the adequacy of the processes and procedures envisaged to mitigate money laundering risk.

Internal Auditing

Internal auditing activities are performed by a special head office Department - Internal Auditing - which reports directly to the Chairman of the Management Board and the Chairman of the Supervisory Board. It also liaises with the Control Committee and has no direct operating responsibilities.

As part of its duties the Department also liaises with the Internal Auditing Departments of Group companies.

The Head of the Internal Auditing Department – appointed by the Management Board on the recommendation of the Managing Director and subject to approval from the Supervisory Board – has the necessary autonomy and independence from the operating Departments. The Internal Control Manager 7.P.3. b) 7.C.5. b)

7.C.1. 7.C.5. c)

has the adequate resources and funding to perform his/her duties and has no constraints in the access to company data, archives and assets.

The Internal Auditing Department performs overall third-level assessment of the internal control systems, reporting possible improvements to the Corporate Bodies.

In particular, the Department assesses the completeness, adequacy, functionality and reliability of the components of the internal control systems, the risk management process and corporate processes, also with regard to their capacity to identify errors and irregularities. In this context, amongst others, it audits the risk control and regulatory compliance departments, also through participation in plans, in order to create value added and to improve the effectiveness of the control and corporate governance processes. The audit action directly concerns Intesa Sanpaolo and the Group companies.

The Internal Auditing Department is also responsible for assessing the effectiveness of the processing of defining the Risk Assessment Framework and related compliance of Bank operations.

The Internal Auditing Department uses personnel with the appropriate professional skills and expertise and ensures that its activities are performed in accordance with international best practice and standards for internal auditing established by the Institute of Internal Auditors (IIA). Internal auditors conduct their activity in accordance with the principles laid down in the Internal Auditor's Code of Ethics, inspired by that proposed by the Institute of International Auditors. The Department has earned the maximum rating in the external Quality Assurance Review envisaged by the international standards: "Generally Compliant".

In performing its duties, the Internal Auditing Departments uses structured risk assessment methods for the various areas, identifying existing situations of most interest and the main new risk factors. In this context, it takes into account any specific requests for further study made by the Corporate Bodies as a whole and, more specifically, by the director responsible for the risk management and control system. Based on the assessments emerging from risk assessment and the resulting priorities, the Department prepares and submits an Annual Intervention Plan for prior examination to the Control Committee and subsequent approval by the Management Board and the Supervisory Board, on the basis of which it conducts its activities during the subsequent year. The Audit Plan includes the verification of reliability of the IT systems, including the accounting recognition systems.

The Plan can be changed during the year as a result of extraordinary events, also deriving from potential development of risks and from new requests from the Corporate Bodies or from the director responsible for the internal control and risk management system.

It supports corporate governance and ensures that top management, the Corporate Bodies and the competent authorities (Bank of Italy, Consob, etc.) promptly and systematically receive information on the status of the control system and on the outcome of activities performed.

Audit is performed directly for the Parent Company and for Banche dei Territori, as well as for subsidiaries with an outsourcing contract; for other Group companies, on the other hand, indirect control is maintained.

In such cases, indirect audit is conducted via the steering and practical coordination of the Auditing departments of the Italian and international banks and subsidiaries, to guarantee control consistency and adequate attention to the different types of risks, also verifying the effectiveness and efficiency levels under both structural and operational profiles. Furthermore, direct audit and verification are also performed in its institutional capacity as Parent Company.

Any weak points are systematically reported to the Departments involved for prompt improvement action, monitored by follow-up activities. 7.C.4. 7.C.5. f)

Internal control system audits from the checks are periodically submitted to the Control Committee, Management Board and Supervisory Board which require detailed updates also on the progress status of remedial action on weak points. Significant events and negative reports are referred promptly to the Control Committee, with which subsequent periodic meetings are held to analyse and study the issues further. They are also reported to the Chairman of the Management Board and to the CEO (director responsible for the internal control and risk management system).

A similar approach is used with regard to administrative liability pursuant to Italian Legislative Decree 231/2001 for the Control Committee in its capacity as a Surveillance Body.

7.C.5. a) and g)

74

The Internal Auditing Department ensures constant assessment of its own efficacy and efficiency in line with the internal "quality assurance and improvement" plan drafted in accordance with the recommendations of international standards for professional audit practice.

Management of conflicts of interest

Introduction

In line with corporate law, banking supervisory regulations and Consob provisions, and in accordance with the instructions of the Corporate Governance Code, the Bank has adopted a system of rules designed to ensure that transactions carried out with Intesa Sanpaolo related parties, transactions with associated entities of the Intesa Sanpaolo Group and transactions in which a corporate Board Member has a personal interest or interest on behalf of third parties, are performed in a transparent manner and meet criteria of substantial and procedural fairness.

Interests of Management Board Members

In line with the provisions of Article 2391 of the Italian Civil Code, the Management Board Regulations require each Board Member to inform the other Management Board Members and the control Body of any personal interests held or interests held on behalf of third parties, with reference to a specific corporate transaction governed by the Board, specifying the nature, terms, origin and extent of the interests.

In accordance with the abovementioned provisions, the Management Board has jurisdiction over decisions regarding transactions in which the Managing Director possesses an interest on his/her own account or through a third party and must therefore abstain from the decision. In such cases, any resolution adopted by the Management Board is to suitably explain the reasons and convenience of the transaction for the Bank. In addition, in accordance with the provisions of the Group's Code of Conduct and the Group regulations on the management of transactions with related parties of Intesa Sanpaolo and associated entities of the Group, all company officers, employees and other staff in the performance of their respective duties are to abstain from making decisions and engaging in activities contrary to, or in conflict with, the interests of the Bank and/or the Group, or otherwise incompatible with their duties.

Where there are grounds for its application, the special decision-making procedure set forth in Article 136 of the Consolidated Law on Banking is to be followed.

Interests of Supervisory Board Members

In line with the provisions of the Corporate Governance Code, the Supervisory Board Regulations require each Board Member holding a personal interest or interests on behalf of third parties, whether direct or indirect, in a specific transaction under examination by the Supervisory Board to promptly and fully inform the Supervisory Board of the nature, terms, origin and extent of the interests.

Furthermore, the Articles of Association contemplate a provision governing the transparency of interests held by Supervisory Board Members in transactions of strategic importance. Based on this provision, any Member of the Supervisory Board who holds a personal interest or interest on behalf of third parties in a transaction deemed strategic under Article 25.1.2 of the Articles of Association, is required to disclose the interest and state its nature, terms, origin and extent. In this case, any resolution adopted by the Supervisory Board is to suitably explain the reasons and convenience of the transaction for the Bank.

Where applicable, the provisions of Article 136 of the Consolidated Law on Banking also apply to Supervisory Board Members.

Transactions with related parties and associated entities

As of 31 December 2012, the Group has applied the "Group Procedures regulating the conduct of related party transactions of Intesa Sanpaolo S.p.A. and Group associated entities", approved in June 2012 by the Management Board and Supervisory Board, upon favourable opinion by the Control Committee. These Procedures, which replace those previously adopted in 2010, take into account both the rules issued by Consob, pursuant to Article 2391-bis of the Italian Civil Code, as well as the Supervisory Provisions introduced by the Bank of Italy on 12 December 2011 on risk and conflicts of interest of banks and banking groups with respect to associated entities, issued in accordance with Article 53, paragraph 4 et 8.C.3.

75

seq. of the Consolidated Law on Banking and CICR (Interdepartmental Committee for Credit and Savings) Resolution 277 of 29 July 2008.

The Procedures, the full text of which is available on the Bank's website (Governance/Company documents section), apply to the entire Intesa Sanpaolo Group and govern the dealings with related parties of Intesa Sanpaolo and associated entities of the Intesa Sanpaolo Group with respect to the following aspects:

• x the criteria for identifying related parties and associated entities;
• x the process of analysis, decision-making and information to the Corporate Bodies on transactions executed by Group companies with related parties and associated entities, and the terms and conditions for involvement of the Supervisory Board's independent Committee (Related Party Transactions Committee);
• x market disclosure for transactions with related parties;
• x the prudential limits and obligations for periodic reporting to the Bank of Italy on activities at risk in relation to associated entities;
• x the rules regarding organisational control and monitoring, to which paragraph 12 of the Group Procedures regulating the conduct of related party transactions of Intesa Sanpaolo S.p.A. and Group associated entities is specifically dedicated;
• x the general rules for disclosure and abstention for the management of the personal interests of officers, employees and company staff, including other than associated entities.

Pursuant to the mentioned Procedures, the following are considered related parties of Intesa Sanpaolo: parties that exercise control or significant influence, subsidiaries and associates, joint ventures, pension funds of the Group, Officers and Key Managers of Intesa Sanpaolo and their close family members and significant shareholdings.

The set of associated entities of the Group consists of the associated entities of each bank of the Group (including the Parent Company) and each significant intermediary monitored with regulatory capital greater than 2% of the consolidated shareholders' equity. The following are considered to be associated entities for each significant bank or intermediary monitored of the Group: i) shareholders that exercise control, significant influence or that are required to request authorisation pursuant to Article 19 of the Consolidated Law on Banking or that may appoint a member of the management or strategic supervisory body and the relative corporate groups; ii) subsidiaries, associated companies under joint control and associated companies, as well as the companies controlled by the latter, also jointly with others; iii) corporate officers and their relative close family members up the second degree and significant shareholdings.

As a form of self-regulation, the Bank has extended the regulations in terms of transactions with related parties, as well as those on activities involving risk and conflicts of interest with respect to associated entities, to shareholders of Intesa Sanpaolo and to the relative corporate groups with an equity investment in the Bank's voting capital of over 2%, calculated only based on shares owned or under management. This approach allows closer monitoring of transactions with the main shareholders - by subjecting them to the same requirements for assessment, approval and subsequent disclosure to the Corporate Bodies and the market as for transactions with related parties and associated entities - and by keeping the risk activities carried out by the Group with said parties within the prudential limits set by the Bank of Italy.

A more detailed description of the Group procedures is provided in Part H of the Notes to the separate and consolidated financial statements, available on the Bank's website.

Obligations of Board Members and General Managers of the Bank

Article 136 of the Consolidated Law on Banking requires the adoption of a more thorough decisionmaking procedure (unanimous decision by the management body and favourable vote of members of the control body) in order to allow the bank officers to contract obligations, directly or indirectly, with the bank of which they act as officers.

The banking regulation is supported by criminal penalties.

In Intesa Sanpaolo, the special decision-making procedure set forth in Article 136 of the Consolidated Law on Banking – even regarding related parties or associated entities – requires a prior resolution adopted unanimously by the Management Board, with the unanimous approval of the members of the Supervisory

Board. Without the approval of all the members of the control body, it is strictly prohibited for the transaction in question to go ahead.

Conflict of interest management policy

In compliance with the laws and regulations in effect prior to the entry into force of the Markets in Financial Instruments Directive (MiFID), Intesa Sanpaolo had already introduced the "Guidelines", now "Rules for the management of conflicts of interest and inside and confidential information flows regarding third-party issuers", identifying relevant organisational principles and procedural rules to manage conflicts of interest.

In 2009, the Bank's Corporate Bodies approved a "Conflicts of interest management policy" which amended internal regulations to comply with the provisions of the Joint Bank of Italy/Consob Regulations and the Consob Regulation on Intermediaries. Said Regulations, issued in implementation of the MiFID, step up obligations regarding the identification and management of conflicts of interest through the introduction of the following requirements:

• the express provision of a conflicts of interest policy that identifies conflict situations and how they are to be managed;
• alongside conflicts of interest that may arise between an intermediary and a customer, the inclusion of conflicts that may arise between a relevant person of the intermediary and the customer, between an entity with a controlling interest in the intermediary and a customer, and between two or more customers of the intermediary;
• the establishment of a register to systematically record each and every situation where a conflict of interest arises and how the situation is dealt with.

In accordance with the Regulations, the Policy adopted by Intesa Sanpaolo provides for:

• the mapping of conflicts: a list of circumstances that generate or may generate a conflict of interests at the Group level, which may harm the interests of one or more customers;
• the identification of management measures: a list identifying the procedures and organisational measures to be adopted to manage conflicts of interest, including those adopted prior to the entry into force of MiFID.

In subsequent years, certain fine-tuning measures were taken in order to bring the content thereof into line with developments in the business model.

Personal transactions rules

In 2009, Intesa Sanpaolo's Corporate Bodies approved the internal regulations on personal transactions, in compliance with the Joint Bank of Italy/Consob Regulations, issued in implementation of MiFID. The Regulations require intermediaries to adopt procedures to prevent relevant persons involved in activities that may give rise to conflicts of interest, or that have access to inside or confidential information, from performing personal transactions prohibited under regulations governing market abuse, or that involve the abuse or disclosure of confidential information, or that breach regulations governing conflicts of interest.

Personal transactions Rules are applicable to all Group companies that provide investment services, as well as asset management companies and open-ended collective investment schemes, and identify as relevant persons: (i) corporate officers; (ii) managers, employees and other natural persons involved in the provision of investment services under outsourcing agreements; (iii) shareholders that are natural persons and that hold a corporate office in a Group company; (iv) shareholders that are legal entities and that hold equity interests in a quoted or non-quoted Group company of over 2% or 20% respectively and have officers on the corporate bodies of the company, with the exception of shareholders that are legal entities subject to supervision and joint-stock companies that have adopted the models contemplated by Italian Legislative Decree 231/2001.

The Rules introduce a set of specific restrictions on the transactions that relevant persons may perform, in order to prevent conflicts of interests or the abuse of inside or confidential information from arising in areas of greatest risk (e.g. investment banking, treasury services, proprietary trading, trading services, equity investment management, portfolio or UCI management, investment research studies, corporate customer relationship management, financial institutions, public entities and companies or loan arrangements with such customers).

Relevant persons are required to notify their companies of any transactions they order through accounts held in their name or held jointly in their name at companies other than the Italian banks of the Intesa

Sanpaolo Group, as well as any transactions they order through accounts held by persons for whom the relevant person has power of attorney, and any transactions ordered on their behalf by any third person.

For situations of greatest risk involving relevant persons subject to specific restrictions, in accordance with regulations in force, the Rules require notification of the names of all persons with whom the relevant person has kinship ties (spouse or cohabiting partner, children living at home, and any other relative up to the fourth degree of kin that has lived with the relevant person for at least a year at the transaction date) or close links (natural persons or legal entities linked to the relevant person through a controlling interest or equity interests of over 20% of the voting rights or share capital of a company).

In order to identify any non-compliance with the Rules, all personal transactions performed by or on behalf of relevant persons are subject to registration and monitoring, together with any transactions ordered through accounts held at Intesa Sanpaolo or other Italian bank of the Group, by persons with kinship ties or close links to relevant persons subject to specific restrictions.

The Surveillance Body and the Organisational, Management and Control Model pursuant to Legislative Decree 231/2001

In Intesa Sanpaolo, the role and responsibilities of the Surveillance Body as per Legislative Decree 231/2001 are, as previously mentioned, assigned to the Control Committee, along with the necessary powers and capacities to fulfil such tasks.

Conferring the aforementioned supervisory function on the Control Committee guarantees a high degree of independence in exercising the duties set out in the aforementioned Decree, in that the Committee incorporates the prescribed characteristics of independence and professionalism and, at the same time, is aware of the corporate facts required to efficiently perform this role.

The decision made by the Bank was determined to be, ex post, consistent with the provisions of the law. In fact, Article 14 of Italian Law 183/2011 allows joint-stock companies to assign the duties of the Surveillance Body to the control body, in order to simplify controls within the company.

The members of the Control Committee are, therefore, also effective members of the Surveillance Body, whose composition includes three alternate members of the same Body, selected from professionals outside of the Board. The latter may act in the place of effective members, within the limits of the functions assigned to Surveillance Body members, where more than one effective member is suspended or temporarily unable to act, as in the cases contemplated by the Model. To date, no alternate member has been required to substitute an effective member.

In 2013, following renewal of the Corporate Bodies, the Supervisory Board confirmed the decision previously adopted, appointing members of the Control Committee from among Surveillance Body members and confirmed two of the three alternate members of the Body.

Intesa Sanpaolo, by decision of its Management Board and Supervisory Board, has adopted an "Organisational, Management and Control Model" for the prevention of crime, in accordance with Italian Legislative Decree 231/2001 (the "Model").

For each category of offences contemplated by Legislative Decree 231/2001, the Model identifies "sensitive" company areas and, for each area, the company activities where there is a risk of the illicit offences being committed (so-called "sensitive activities"). For each sensitive activity, control principles and rules of conduct have been set forth, applicable to the people involved in such activities.

In particular, the Model outlines the reference legal context, the role and responsibility of the Departments involved in its adoption, the efficient implementation and updating of the Model itself, the "sensitive" areas related to the type of illegal acts prevented, and the areas of company activity in which the risk of committing such acts may emerge, the behavioural principles and control rules for their prevention, related information flows and the disciplinary system.

The Model is fully and effectively implemented in daily operations through the connection between each sensitive area and the dynamic management of processes and the reference internal regulations. Being

based on the control and behavioural principles stated for each activity, these regulations govern company operations at the various levels, thereby forming an integral part of the Model itself.

The Surveillance Body is responsible for supervising implementation and compliance with the Model and for providing support to the Corporate Bodies for implementation and updating purposes. Specifically, the Surveillance Body, with support from the Internal Auditing and Compliance Departments, guarantees constant and independent supervision over the regular performance of Bank operations and processes to prevent and/or identify the emergence of anomalous or risky conduct or events. It assesses the operational nature of the internal control system as a whole and its adequacy in guaranteeing the effectiveness and efficiency of the control processes identified, and ensures their compliance with policies established by the corporate governance Bodies and with internal and external regulations.

The operations and duties of the Surveillance Body, which met 22 times in 2013, in addition to those indicated in the Model, were specified in a special section of the "Regulations for the Control Committee and Surveillance Body, pursuant to Legislative Decree 231/2001", adopted by the Supervisory Board.

With reference to the value of the Model, Intesa Sanpaolo pushed ahead with the roll-out of the internal communication and staff training plan to facilitate the dissemination of the provisions of the Decree and of the Organisation Model adopted, so that awareness of the subject and observance of the related rules become an integral part of the professional portfolio of each employee. In particular, the Body agreed on the expedience of further reinforcement within the Model of the compulsory nature of 231 training by establishing specific training activities for international branch personnel.

In addition to this, without prejudice to the separate responsibility of each Group company for the adoption and effective implementation of their own models under the Decree, the Bank, in its capacity as Parent Company, has formalised a series of guidelines on this topic for its subsidiaries with regard, among other things, to the appointment of a Surveillance Body, the preparation of staff training plans, the adoption of suitable controls for sensitive processes, and periodic reports to the Parent Company's Compliance Department.

In particular, on proposal of the Management Board the Supervisory Board authorised subsidiaries to assign their Boards of Statutory Auditors the duties of Surveillance Body, without prejudice to the need to ensure adequate separation of roles, in a manner similar to the practice at Intesa Sanpaolo.

The Surveillance Bodies of subsidiaries are responsible for monitoring the implementation of the model and compliance with the statutory requirements of the Decree, and for reporting to the Parent Company's Surveillance Body on their respective activities.

The "Organisational, Management and Control Model" adopted by Intesa Sanpaolo is available in the Governance section of the Bank's website.

Independent Auditing

For Intesa Sanpaolo, as a quoted company (Public Interest Entity pursuant to the relevant regulations), auditing of the accounts may only be conducted by an independent auditing firm (Auditor), responsible for verifying, during the year, the regular keeping of corporate accounts and the proper recording of management operations in the books, and for expressing, through the appropriate reports, an opinion on the Parent Company's and consolidated financial statements, as well as on the half-yearly report, after ascertaining that they correspond to the accounting entries and related audits and that such records comply with the relevant regulations.

The independent auditors are KPMG S.p.A., to which the ordinary Shareholders' Meeting of 10 May 2011 awarded the engagement for financial years 2012-2020, on proposal of the Supervisory Board.

In order to monitor compliance with laws governing independent auditors engaged for the auditing of the accounts of Group companies, while ensuring the conditions to protect the independence of independent auditors, Intesa Sanpaolo has adopted specific Group Regulations used to introduce a supervisory system aimed at monitoring the appointment of independent auditors and other engagements awarded by the

Parent Company's Departments and Group companies to independent auditors, their business networks and their affiliates, in accordance with the guidelines set forth by the Management Board and Supervisory Board.

Based on current Group provisions, the appointment of independent auditors by Parent Company Departments and Group companies to provide services other than accounting audits requires prior examination by the Manager responsible for preparing the Parent Company's financial reports and subsequently by the Parent Company's Control Committee or Board of Statutory Auditors of the company concerned. The Manager responsible for preparing the Parent Company's financial reports is also responsible for reporting to the Control Committee, the Supervisory Board and the Management Board on a periodic basis - as well as to Consob, as required by laws in force - on Group assignments awarded during the period to the independent auditors of the Parent Company and other Group companies by the Group and the fees paid to them over the year.

Treatment of corporate information

Inside information

Intesa Sanpaolo - aware that the flow of price-sensitive information must be governed, pursuant to the provisions in force, according to the principles of fairness, clarity and equal access to information - has already adopted the "Regulation on disclosure to the market of inside information", governing the internal management and treatment of sensitive information and procedures to be observed for the external disclosure of documents and information regarding Intesa Sanpaolo and its subsidiaries, with particular reference to price sensitive data pursuant to Article 114, paragraph 1 of the Consolidated Law on Finance.

The recipients of the Regulation - also prepared in the light of Article 18.1 letter f) and Article 26.1 letter l) of the Articles of Association and the provisions of the Group Regulation on corporate disclosure management - are all persons whose role or duties grant them access to and/or management of price sensitive information and/or information that could become price sensitive (i.e. members of the corporate Bodies, executives, employees and contractors of the Bank and its subsidiaries).

The Regulation identifies the Managing Director, Chairman of the Management Board and Chairman of the Supervisory Board, along with other Group employees and departments identified by said Managing Director and Chairmen as the persons authorised to issue disclosures - also to the market - of inside information on the Bank and the Group.

The Regulation envisages the adoption of any necessary precautionary measures in the treatment of sensitive information, in order to avoid jeopardising its confidential nature, and also outlines a procedure for the management and external disclosure of inside information of which Bank Departments may become aware as a result of their specific operating responsibilities.

In following these regulations, the Bank uses the External Relations Department and Investor Relations and Rating Agencies Services, which report directly to the Chief Financial Officer. The first of these – answerable to the Chairman of the Supervisory Board, Chairman of the Management Board, Managing Director and CEO – is responsible for managing press and media relations and relations with consumer associations; Investor Relations is responsible for managing relations with institutional investors and financial analysts in order to standardise the disclosure of information and news on operations, results, strategies and business outlook of the Group and, lastly, Rating Agencies is responsible for relations with the rating agencies.

Internal Dealing and Insiders List

In compliance with the provisions contained in the Consolidated Law on Finance and the Issuers' Regulation, Intesa Sanpaolo has adopted specific Internal Dealing Regulations, aimed at adapting internal regulations and procedures to the rules on reporting requirements for transactions involving financial instruments issued by the Bank (or other related financial instruments) by relevant officers and/or strictly related parties, in order to ensure the necessary transparency and consistency of disclosures to the market.

These Regulations, in addition to identifying the "relevant parties" (members of the corporate Bodies, General Managers and Key Managers of Bank departments), defining their conduct and disclosure requirements, also forbid such transactions in the 30 days preceding the Management Board meeting called to approve the draft financial statements and the half-yearly report and in the 15 days preceding the Management Board meetings called to approve interim reports. Each relevant party is informed of the aforementioned "blocking periods" on a timely basis.

The Regulations also identify the Head of the Corporate Affairs Department as the "competent party" for receiving, managing and disclosing information, supported by the Corporate Secretariat, where the Register of "relevant parties" is kept.

Any transactions by "relevant parties" are also published on the Bank's website (Governance/Internal Dealing section), through which the text of the Regulations can also be consulted.

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1C.1.j)

Again on the basis of provisions contained in the Consolidated Law on Finance and the implementing provisions issued by Consob, Intesa Sanpaolo has created and regularly updates a register of people who, due to their work or professional activities or duties performed, have permanent or occasional access to inside information concerning the Bank (the "Insiders List").

The regular and accurate updating of the Insiders List is governed by specific internal rules that, on the one hand, identify the people who by virtue of their role and/or responsibilities have permanent access to inside information, and on the other, set forth the criteria to be used to identify any people who may have occasional access to such information as a result of participating in relevant and strategic projects. All Group companies that issue quoted securities are required to keep and update an Insiders List identifying the people who, by virtue of their work or professional activities or duties performed, have permanent or occasional access to inside information concerning the companies. The List has been created by Intesa Sanpaolo Group Services to identify the people who may have access to inside information on Group quoted issuers, on whose behalf Intesa Sanpaolo Group Services operates under ongoing mandates.

In compliance with the same law, a Temporary Insiders List – Third-Party Issuers has been created and is regularly updated, identifying all people who, by virtue of the duties they perform on behalf of third-party issuers of quoted securities, have occasional access to inside information on said issuers. The List is kept and updated in accordance with the "Rules for the management of conflicts of interest and inside and confidential information flows regarding third-party issuers.

Considering the importance of the topic and the consequent objective of implementing future monitoring, the internal regulations are subject to constant fine-tuning and development.

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Corporate social responsibility

In setting long-term growth and creation of value objectives, Intesa Sanpaolo is aware of the social and environmental developments that accompany the business activities of the Bank and the Group. It therefore promotes a style of growth that concentrates on long-term sustainability of results, in support of economies and the communities in the areas in which it operates, placing special focus on environmental protection and enhancement and on providing significant benefits for all stakeholders.

In order to monitor and coordinate the various issues related to social responsibility, there is a dedicated Intesa Sanpaolo business unit – the Corporate Social Responsibility Unit – and CSR officers have been appointed in all the Group's main entities and banks. Specific management tools have also been adopted in this respect, including the Code of Ethics and policies on specific sectors of the Bank activities, in addition to the Sustainability Report.

The Code of Ethics – the Group's constitutional charter – is a governance document approved by the Management and Supervisory Boards. It spells out the reference culture and values of Intesa Sanpaolo that lead to conduct principles to be followed by all individuals – internal and external - with whom direct or indirect relations are entertained: first of all, customers, shareholders and employees, but also suppliers, the community and the local areas in which the Bank operates, in addition to the natural environment affected by the activities of any business. The Corporate Social Responsibility Unit reports annually to the Control Committee with regard to its application.

All of the Personnel in the Group, both in Italy and abroad, are expected to behave in a manner that complies and is consistent with the values and principles described in the Code of Ethics and each company in the Group is expected to ensure the adherence of its actions and activities to the values and principles prescribed, albeit consistent with its own specific characteristics.

By way of the Sustainability Report, prepared on the basis of international reporting standards and published on the Bank's website, also in interactive form, Intesa Sanpaolo is accountable to stakeholders regarding activities performed during the year. This demonstrates the ability to operate in a manner consistent with stated values and with the principle of development along the lines of economic, social and environmental sustainability. A Summary of the Report, prepared on the basis of Linee Guida dei Dottori Commercialisti (Italian Accounting Profession Guidelines), is published as part of the Report on Operations in the Parent Company's Financial Statements.

Part IV – Summary Tables*

Table No. 1: Composition of the Supervisory Board and Committees

Director	Office	Independent pursuant to the Corporate Governance Code	No. of other offices held	Control Committee	Nomination Committee	Remuneration Committee	Strategy Committee	Financial Statements Committee	Related Party Transactions Committee
Giovanni Bazoli	Chairman				X		X
Gianfranco Carbonato	Deputy Chairman		5		X		X
Mario Bertolissi	Deputy Chairman	X	1		X		X
Gianluigi Baccolini	Director	X	1		X			X
Francesco Bianchi	Director	X	1				X
Rosalba Casiraghi	Director	X	7	X		X
Carlo Corradini	Director	X	3	X					X (alternate)
Franco Dalla Sega	Director and Secretary to the Board	X	2						X
Piergiuseppe Dolcini	Director	X	2			X
Jean-Paul Fitoussi	Director	X	2				X
Edoardo Gaffeo	Director	X		X
Pietro Garibaldi	Director	X						X	X
Rossella Locatelli	Director		1					X
Giulio Stefano Lubatti	Director	X	2	X
Marco Mangiagalli	Director	X	2			X			X
Iacopo Mazzei	Director	X	3		X
Beatrice Ramasco	Director	X	12	X
Marcella Sarale (from 21/05/2013)	Director	X						X
Monica Schiraldi	Director	X	2					X

*Information referred to Board Members in office

Table No. 2: List of other management or control offices of Members of the Supervisory Board in other companies quoted on regulated markets (also abroad), in financial, banking, insurance or large companies

Member	Office	Company
Giovanni Bazoli
Mario Bertolissi	Director	Equitalia S.p.A.
Gianfranco Carbonato Gianluigi Baccolini	Chairman and Managing Director Chairman Chairman Director Director Managing Director	Prima Industrie S.p.A. Prima Electro S.p.A. Prima Power North America Inc. Gruppo Iren (up to 27/06/2013) Prima Power Suzhou Co. Ltd. (since 23/08/2013) Renografica S.r.l.
Francesco Bianchi	Managing Director	H7 S.p.A.
Rosalba Casiraghi	Chairperson, Board of Auditors Chairperson, Board of Auditors Chairperson, Board of Auditors Chairperson, Board of Auditors Director Director Director Director	Banca CR Firenze S.p.A. (*) (up to 25/03/2013) Non Performing Loans S.p.A. Nuovo Trasporto Viaggiatori S.p.A. Telecom Italia Media S.p.A. (since 05/04/2013) Luisa Spagnoli S.p.A. Spa.Im S.r.l. Spa.Pi. S.r.l. NH Hoteles S.A.
Carlo Corradini	Director Director Director	PLT Energia S.p.A. Fine Sounds S.p.A. YLF S.p.A.
Franco Dalla Sega	Chairman, Board of Auditors Chairman Standing Auditor	Intesa Previdenza SIM S.p.A. (*) (up to 18/03/2013) Mittel S.p.A. R.C.S. Mediagroup S.p.A.
Piergiuseppe Dolcini	Chairman Director	Hera Luce S.r.l. Hera S.p.A.
Jean-Paul Fitoussi	Director Director	Telecom Italia S.p.A. Pirelli S.p.A. (since 13/05/2013)
Pietro Garibaldi
Edoardo Gaffeo
Rossella Locatelli	Supervisory Board Member	Darma Sgr in liquidation
Giulio Stefano Lubatti	Chairman, Board of Auditors Chairman, Board of Auditors	Banco di Napoli S.p.A. () Eurizon Capital Sgr S.p.A. ()
Marco Mangiagalli	Director Director	Luxottica Group S.p.A. Autogrill S.p.A.
Iacopo Mazzei	Director Director Director	Marchesi Mazzei S.p.A. ADF Aeroporto di Firenze S.p.A. Residenziale Immobiliare 2004 S.p.A.

Member	Office	Company
Beatrice Ramasco	Standing Auditor Chairman, Board of Auditors Chairman, Board of Auditors Chairman, Board of Auditors Chairman, Board of Auditors Chairman, Board of Auditors Chairman, Board of Auditors Standing Auditor Standing Auditor Standing Auditor Standing Auditor Alternate Auditor	IBM Italia S.p.A. Fiat Partecipazioni S.p.A. Fiat Sepin S.c.p.a. Iveco Acentro S.p.A. Iveco Partecipazioni Finanziarie S.r.l. Astra Veicoli Industriali S.p.A. IN.TE.S.A. Tyco Electronics AMP Italia S.p.A. Comau S.p.A. SEDES Sapientiae S.r.l. Teknofarma S.p.A. Automotive Lighting Italia S.p.A.
Marcella Sarale (since 21/05/2013)
Monica Schiraldi	Managing Director Representative	Ca.Nova S.p.A. GTT S.p.A.

(*) Intesa Sanpaolo Group companies

Table No. 3: Composition of the Management Board

Director	Office	Executive	Manager	Non-executive	Independent pursuant to art. 148, Consolidated Law on Finance	No. of other offices held
Gian Maria Gros-Pietro	Chairman			X	X	4
Marcello Sala	Senior Deputy Chairman	X				1
Giovanni Costa	Deputy Chairman	X				2
Carlo Messina	Managing Director and Chief Executive Officer	X
Carla Patrizia Ferrari	Director			X		1
Piera Filippi	Director			X	X	1
Gaetano Micciché	Director	X	X			4
Francesco Micheli	Director	X	X			1
Giuseppe Morbidelli	Director			X		1
Bruno Picca	Director	X	X			1

Table No. 4: List of other management or control offices of Members of the Management Board in other companies quoted on regulated markets (also abroad), in financial, banking, insurance or large companies

Director	Office	Company
Gian Maria Gros-Pietro	Chairman Director Director Director	ASTM S.p.A. Caltagirone S.p.A. Edison S.p.A. Fiat S.p.A.
Marcello Sala	Deputy Chairman	Bank of Alexandria S.A.E. (*)
Giovanni Costa	Chairman Director	Cassa di Risparmio del Veneto S.p.A. (*) Edizione S.r.l.
Carlo Messina
Carla Patrizia Ferrari	Advisory Board Member	Ambienta SGR
Piera Filippi	Managing Director	DECAR S.p.A.
Gaetano Micciché	Managing Director Director Director Director	Banca IMI S.p.A. (*) Pirelli & C. S.p.A. Prada S.p.A. Telecom Italia S.p.A.
Francesco Micheli	Managing Director and General Manager	Intesa Sanpaolo Group Services S.c.p.A. (*)
Giuseppe Morbidelli	Chairman	Cassa di Risparmio di Firenze S.p.A. (*)
Bruno Picca	Director	Intesa Sanpaolo Group Services S.c.p.A. (*)

(*) Intesa Sanpaolo Group companies

Report on Remuneration

7 April 2014

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The Senior Deputy Chairman also continues to receive the additional fixed, gross amount of 150,000 euro, due to a special task assigned previously by the Management with the Managing Director and in coordination with the Chairman of the Management Board, to handle development of the Bank's and the Group's international relations and internationalisation projects.

For the the Supervisory Board had established a fixed annual remuneration of 350,000 euro, in addition to that as member of the Management Board, confirming the additional remuneration associated with the office of General Manager and CEO as the fixed qross annual amount of 1,800,000 euro, and the current contractual terms that characterised the employment relations with the person concerned and the existing insurance and welfare benefits.

Following from his office as Management , the Management Board decided to exercise its option of Board member, unilateral termination of his managerial employment contract, which envisaged the title of General . With regard to this decision, the economic terms established at Manager, the time of recruitment were applied, particularly those established in the signed "Stability Agreement" which envisaged the payment of 3.6 million euro gross.

At the time of appointment of as the new Managing Director . the Supervisory Board decided to establish the gross annual remuneration payable to him as General Manager and CEO of Intesa Sanpaolo as 1,300,000 euro, on the one hand confirming the additional remuneration components already recognised to as supplementary pension scheme, insurance coverage and accident insurance together with further contractual benefits, and on the gross annual remuneration associated with the office of Managing Director (350,000 euro) as resolved by the Board

As mentioned previously, the remuneration of Management Board Members selected from Group Managers does not envisage additional fixed remuneration for this office.

3.4. Variable remuneration for the Managing Director and Executive Management Board Members

6 P 1 6 P 2. 6.C.1. a) 6.C.1.c) The Supervisory Board decisions reqarding the 2013 incentive system reserved for the Managing Director and CEO and the Executive Management Board Members takes into account the changes to the 2013 incentive system for Top Managers and Risk Takers (details of which can be found in the specific section) and specifically:

• the provision for individual bonus cap equal to 100% of gross annual remuneration, thereby adopting the CRD IV Directive regime in advance; and
• the introduction of an indicator (the "Q Factor") measuring the residual risk level;

without prejudice to payment of the bonus 50% in cash and 50% in shares, referring to both the upfront and deferred portions.

Consequently, and in compliance with the principle that activation of the incentive system must be consistent and compatible with the distribution of dividends, the Supervisory Board established the variable component of remuneration for the , as follows,

• also in relation to the office of Chief Executive Officer:
• euro, with a maximum multiple of 1;
• verification of compliance with the regulatory requirement in terms of Core Tier 1 ratio and achievement of Income before Tax from Continuing Operations of 2,319 million euro in order to activate the system;
• -
• • verification of the achievement of the assigned targets, sub-divided into the Group targets (the KPIs identified for the implementation of strategic drivers Productivity, Profitability and Cost of Risk/Sustainability, accounting for 70%) and those relating to qualitative evaluation (accounting for 30% of the total), the latter referring to actions taken, against which to measure managerial qualities, and to particularly key projects.

Comparison between the results obtained and targets, weighted according to pre-established weights, would have indicated the Tarqet Bonus percentage achieved: the variable remuneration would then have been obtained by multiplying that percentage by the base amount of variable remuneration (1,800,000 euro). The "Q Factor" would then have been verified, calculated in reference to the entire Intesa Sanpaolo Group.

After calculating the variable remuneration as above, 60% would have been subject to deferral in equal parts over the next three years, with payment (in 2015, 2016 and 2017) subject to the following Malus conditions: Core Tier 1 ratio exceeding the regulatory threshold; AV2 consistent with the Group's Risk Appetite Framework; a positive Income before Tax from Continuing Operations, net of any contribution of profits from the buyback of Bank's own liabilities, from the fair value measurement of Bank's liabilities and from income components arising from accounting policies following changes to the internal model on demand positions.

Moreover, the variable remuneration component is paid, in accordance with the applicable rules, in financial instruments, equal to 50% of the amount paid upfront and 100% and 50% of the second and third deferred portions, respectively. Each payment of these components is subject to a holding period.

Taking into consideration all of the above with regard resignation and to the related recognition to him of the amount established under the signed "Stability Agreement", the incentive system to the benefit of the person concerned has lapsed.

With reference instead - and likewise the three Executive Management Board Members appointed from among Group Managers – the Supervisory Board has confirmed the bonus system reserved for Key Personnel of the Intesa Sanpaolo Group, under the terms of the board resolution of 16 July 2013, again referring to the dedicated section on this matter for further details.

Lastly, in relation to the two Deputy Chairpersons, without prejudice to the aforementioned need for consistency between activation of the incentive system and the remuneration of shareholders, the Supervisory Board has decided that the variable component should be established as follows:

• base amount equal to 20% of the fixed component for the office, as determined by the Supervisory Board in its resolution of 9 May 2013;
• threshold;
• verification of compliance with the regulatory requirement in terms of Core Tier 1 ratio and achievement of Income before Tax from Continuing Operations of 2,319 million euro in order to activate the system;
• verification of the achievement of the targets assigned to at the time. in relation to the Group, namely the KPIs identified for the implementation of the strategic drivers Productivity, Profitability and Cost of Risk/Sustainability.

The comparison between results achieved and the above targets, with the related weighting, determines the Target Bonus percentage achieved, and multiplying this by the base amount gives the variable remuneration due for 2013.

60% will be subject to deferral in equal parts over the next three years, with payment in 2015, 2016 and 2017 subject to verification of the following Malus conditions: Core Tier 1 ratio exceeding the requlatory threshold; AV2 consistent with the Group's Risk Appetite Framework; a positive Income before Tax from Continuing Operations, net of any contribution of profits from the buyback of Bank's own liabilities, from the fair value measurement of Bank's liabilities and from income components arising from accounting policies following changes to the internal model on demand positions.

Given the above, in terms of activation of the 2013 Incentive System, the minimum conditions required by the aforementioned Regulations are met' solely as a consequence of the effects on the income statement deriving from the recognition of the new stakes in the Bank of Italy replacing the previous stakes already held and cancelled by the Bank of Italy due to Law Decree no. 133/2013 converted into Law no. 5/2014

6 C 1 a) 6.C. 1.d) 6 C 1 e)

^ี Particular reference is made to the condition that requires a positive Income before Tax from Continuing Operations, net of any contribution of profits from the buyback of Bank's own liabilities, from the fair value measurement of Bank's liabilities and from income components arising from accounting policies following changes to the internal model on demand positions.

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ĐŚĂŶŐĞŽĨĐŽŶƚƌŽůŝƐĐŽŶƐŝĚĞƌĞĚƚŽŚĂǀĞŽĐĐƵƌƌĞĚŝŶƚŚĞĞǀĞŶƚŽĨĂĐƋƵŝƐŝƚŝŽŶŽĨĐŽŶƚƌŽůŽĨƚŚĞ/ŶƚĞƐĂ^ĂŶƉĂŽůŽ'ƌŽƵƉďLJƚŚŝƌĚƉĂƌƚŝĞƐ;ŽƚŚĞƌƚŚĂŶƚŚĞĐƵƌƌĞŶƚ ƐŚĂƌĞŚŽůĚĞƌƐͿ ƚŚƌŽƵŐŚƉƵďůŝĐ ƚĂŬĞŽǀĞƌďŝĚ͕ƉƌŝǀĂƚĞĂŐƌĞĞŵĞŶƚƐŽƌĂŶLJŽƚŚĞƌŵĞƚŚŽĚ ;Ğ͘Ő͕͘ŵĞƌŐĞƌƐ͕ĂĐƋƵŝƐŝƚŝŽŶƐ͕ƐƉŝŶͲŽĨĨƐ͕ĞdžƚƌĂŽƌĚŝŶĂƌLJ ƚƌĂŶƐĂĐƚŝŽŶƐͿ͕ǁŚĞƌĞ ͞ĐŽŶƚƌŽů͟ŐĞŶĞƌĂůůLJƌĞĨĞƌƐƚŽ͗;ĂͿƉŽƐƐĞƐƐŝŽŶŽĨŽǀĞƌŚĂůĨŽĨƚŚĞǀŽƚŝŶŐĐĂƉŝƚĂůŽƌ;ďͿƚŚĞƉŽƐƐŝďŝůŝƚLJƚŽĞdžĞƌĐŝƐĞƐƵďƐƚĂŶƚŝĂůĐŽŶƚƌŽůŽǀĞƌƚŚĞĐŽŵƉĂŶLJ͕ƐƵĐŚĂƐďLJ ĚĞƚĞƌŵŝŶŝŶŐŽƌƌĞŵŽǀŝŶŐĂůůŽƌƉĂƌƚŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚďŽĚŝĞƐ͕Žƌ;ĐͿƚŚĞƉŽƐƐŝďŝůŝƚLJƚŽŐƵŝĚĞƚŚĞĨŝŶĂŶĐŝĂůƉŽůŝĐŝĞƐŽƌ͕ŝŶŐĞŶĞƌĂů͕ŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞĐŽŵƉĂŶLJ͘

5.8 Termination of the employment agreement

The termination of service of personnel with state pension rights and/or A.G.O. 6.1.1.) pension treatment does not result in loss of the right to payment of the entitled amounts, even deferred. In all other cases, the company has the right to award any amounts, depending on the specific situations, on termination of the employment contract, also through consensual retrenchment agreements providing termination indemnities.

In any case, observance of the principles contained in the Group's Code of Ethics excludes the possibility of "golden parachutes" to its managers and employees, meaning individual agreements signed ex ante (i.e. prior to termination of the employment contract) that govern remuneration agreed in the event of early termination of employment.

In recent years, the Bank has signed specific agreements with the trade unions with regard to the "solidarity fund", applied to employees of all grades, including executives, which also governs the treatment of sums payable to personnel on termination of service in the event of extraordinary transactions and/or company reorganisations.

5.9 Discretionary pension benefits

Discretionary pension benefits, when recognised, are assigned to beneficiaries in accordance with the | 6.1.1.1) regulations in force and, therefore:

• in the case of resources who are not entitled to receive a pension, will be invested in Intesa Sanpaolo shares or other related instruments, held by the bank for a period of at least five years and subject to ex post adjustment mechanisms related to the Group's performance net of risk;
• in the case of resources entitled to a pension, will be invested in Intesa Sanpaolo shares or other related instruments and held by the bank for a period of at least five years.

Section II

PART | - GENERAL INFORMATION

Description of remuneration items and consistency with the relevant policy

The remuneration of Board Members, General Managers and other Key Managers consists of:

• a) a fixed component including, for:
  • 1. Supervisory Board Members, the remuneration resolved by the Shareholders' Meeting, including compensation for the performance of special offices and attendance fees;
  • 1. Management Board Members, the remuneration resolved by the Supervisory Board in accordance with the specific remuneration policies approved by the Shareholders' Meeting, including compensation for the performance of special offices;
  • 1. General Managers and other Key Managers, the gross remuneration amount defined individally based on the contractual agreement, the role held, the responsibilities assigned, and the specific experience and expertise acquired by the manager, including any indemnity;
• b) Members are not entitled), linked to performance and aligned to the short-and long-term results actually achieved by the Bank and by the Group overall, resulting from application of the incentive systems approved by the relative corporate bodies in accordance with the remuneration policies in force. The variable component includes the incentive plan based, inter alia, on financial instruments targeted at the Top Management and Risk Takers, approved pursuant to the remuneration policies by the Management Board and the Supervisory Board, each within the scope of its remit;
• c) a component resulting from valuation of the benefits assigned to the General Managers and other Key Managers and including the amount paid by the company into the manager's supplementary pension fund and the premiums (taxable) paid by the Company for the relative insurance coverage; the statements do not include any other benefits granted to said personnel (for example, a company car) that are not taxable, also due to specific conditions under company policy (for example, if a monetary contribution by the manager is required).

Generally, no specific agreements are envisaged or formalised to govern benefits or indemnity to be paid on termination of the employment relationship to Directors, General Managers and the other Key Managers, to which, in addition to the payment of the fees envisaged by the Italian Civil Code and, if such parties are employees, by the national collective employment agreement, the provisions in the previous paragraphs 2.4, 3.5 and 5.9 of Section I shall apply.

6.C.2

Art. 123-

ter (4), (a)

PART II - QUANTITATIVE ANALYTICAL TABLES

Remuneration

Table No. 1: Remuneration paid to members of the Supervisory Board and Management Board, General Managers

													(euro/000)
	Office			Fixed	Remunerati on for			Non-equity variable remuneration				Fair Value of equity remuneration	Indemnity for end of office
Name and Surname		Office held since	End of office	remu nerati on	participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Profit sharing	Non- monetary benefits	Other remunera tion	Tota		or termination of employment
		01/01/2013	31/12/2013	800							800
		01/01/2013	31/12/2013	100							100
		01/01/2013	31/12/2013		h)	ு					9
		01/01/2013	31/12/2013		h)	ರಿ					9
		01/01/2013	31/12/2013	108							108
		01/01/2013	31/12/2013	100							100
		01/01/2013	31/12/2013			ರಿ					9
		01/01/2013	31/12/2013			ರಿ					9
		01/01/2013	31/12/2013	100							100
		22/04/2013	31/12/2013	୧୫							୧୫
		01/01/2013	22/04/2013		l	ട					ნ
		29/04/2013	31/12/2013			5					5
		29/04/2013	31/12/2013			ব					4

Name and Surname				Fixed	Remunerati			Non-equity variable remuneration					Indemnity for end of office
	Office	Office held since	End of office	remu nerati on	on for participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Profit sharing	Non- monetary benefits	Other remunera tion	Total	Fair Value of equity remuneration	or termination of employment
		22/04/2013	31/12/2013	୧୫							୧୫
		29/04/2013	31/12/2013			5					5
		29/04/2013	31/12/2013			16					16
		22/04/2013	31/12/2013	67							67
		29/04/2013	31/12/2013			5					5
		01/01/2013	31/12/2013	100							100
		01/01/2013	22/04/2013			10					10
		29/04/2013	31/12/2013			18					18
		01/01/2013	31/12/2013			ଞ୍ଚିତ					86
		01/01/2013	31/12/2013			ਤਰੇ					ਤਰੇ
a)		01/01/2013	25/03/2013	16	2	3					21
a)		01/01/2013	31/12/2013	44							44
a)		01/01/2013	31/12/2013	38							38
		22/04/2013	31/12/2013	୧୫							୧୫
		29/04/2013	31/12/2013			56					56
		29/04/2013	31/12/2013			5					5
		29/04/2013	31/12/2013			27					27

Name and Surname	Office			Fixed	Remunerati on for	Attend ance		Non-equity variable remuneration	Non-	Other		Fair Value of equity remuneration	Indemnity for end of office
		Office held since	End of office	remu nerati oni	participatio n in committees	fees	Bonus and other incentiv es (x)	Profit sharing	monetary benefits	remunera tion	Total		or termination of employment
		01/01/2013	31/12/2013	100							100
		01/01/2013	31/12/2013	100							100
		01/01/2013	31/12/2013		10	35					45
a)		01/01/2013	18/03/2013
a)		01/01/2013	31/12/2013	58							ട് 8
		22/04/2013	31/12/2013	67							67
		29/04/2013	31/12/2013		ー	18					18
		01/01/2013	31/12/2013	100							100
		01/01/2013	31/12/2013		-	ு					9
a)		19/05/2013	31/12/2013	32							32
a)		01/01/2013	31/12/2013	110	રક						175
		22/04/2013	31/12/2013	67							67
		29/04/2013	31/12/2013			ട്‌ട					56
		29/04/2013	31/12/2013			27					27

-

Name and Surname	Office	Office held since	End of office	Fixed remu nerati on	Remunerati on for participatio n in committees	Attend ance fees	Non-equity variable remuneration Bonus and Profit other sharing incentiv es (x)	Non- monetary benefits	Other remunera tion	Total	Fair Value ofi equity remuneration	Indemnity for end of office or termination of employment
		01/01/2013	22/04/2013	41						41
		01/01/2013	31/12/2013	100						100
		29/04/2013	31/12/2013			16				16
		29/04/2013	31/12/2013			27				27
		01/01/2013	22/04/2013			4				4
		01/01/2013	22/04/2013			32				32
		01/01/2013	22/04/2013			12				12
		22/04/2013	31/12/2013	୧୫						୧୫
		29/04/2013	31/12/2013		k)	16				16
a)		01/01/2013	22/04/2013	3						3
		01/01/2013	31/12/2013	100						100
		01/01/2013	31/12/2013		10	86				તેરૂ
		01/01/2013	31/12/2013			ਤੇਰੇ				ਤੇਰੇ
a)		01/01/2013	31/12/2013	85		3				88
a)		01/01/2013	31/12/2013	71						71
a)		01/01/2013	31/12/2013	7						7

Name and Surname		Office held since		Fixed	Remunerati on for participatio n in committees	Attend		Non-equity variable remuneration		Other remunera tion		Fair Value of equity remuneration	Indemnity for end of office
	Office		End of office	Remu nerati on		ance fees	Bonus and other incentiv es (x)	Profit Sharing	Non- monetary benefits		Total		or termination of employment
		01/01/2013	31/12/2013	100							100
		01/01/2013	22/04/2013		-	10					10
		29/04/2013	31/12/2013		j)	18					18
		01/01/2013	31/12/2013		-	ਪਤੇ					43
		22/04/2013	31/12/2013	୧୫							୧୫
		29/04/2013	31/12/2013			ട					5
		22/04/2013	31/12/2013	67							67
		29/04/2013	31/12/2013			ട്ട്					ટેર
		29/04/2013	31/12/2013			27					27
		21/05/2013	31/12/2013	62							62
		21/05/2013	31/12/2013			14					14
		22/04/2013	31/12/2013	୧୫							୧୫
		29/04/2013	31/12/2013			16					16

Name and Surname	Office	Office held since	End of office	Fixed Remu nerati on	Remunerati on for participatio n in committees	Attend ance fees	Non-equity variable remuneration Bonus and Profit other Sharing incentiv es (x)	Non- monetary benefits	Other remunera tion	Total	Fair Value of equity remuneration	Indemnity for end of office or termination of employment
		01/01/2013	22/04/2013	31						31
		01/01/2013	22/04/2013		-	12				12
a)		17/04/2013	31/12/2013	23						23
a)		01/01/2013	23/04/2013	-
a)		01/01/2013	19/04/2013	2						2
		01/01/2013	22/04/2013	31						31
		01/01/2013	22/04/2013		–	2				2
		01/01/2013	22/04/2013	31						31
		01/01/2013	22/04/2013		l	12				12
a)		24/04/2013	31/12/2013	21						21
		01/01/2013	22/04/2013	31						31
		01/01/2013	22/04/2013			10				10
		01/01/2013	22/04/2013			10				10
a)		24/04/2013	31/12/2013	25	ട	1				32
a)		19/03/2013	31/12/2013	36						36

-

Name and Surname	Office	Office he d since	End of office	Fixed Remu nerati on	Remunerati on for participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Non-equity variable remuneration Profit Sharing	Non- monetary benefits	Other remunera tion	Total	Fair Value of equity remuneration	Indemnity for end of office or termination of employment
		01/01/2013	22/04/2013	31							31
		01/01/2013	22/04/2013		-	12					12
a)		01/01/2013	31/12/2013	25		2					27
a)		01/01/2013	23/04/2013	22							22
a)		01/01/2013	19/03/2013	16							16
		01/01/2013	22/04/2013	31							31
		01/01/2013	22/04/2013		i)	10					10
		01/01/2013	22/04/2013		-	32					32
		01/01/2013	22/04/2013			12					12
a)		01/01/2013	31/12/2013	70		2					72
		01/01/2013	22/04/2013	31							31
		01/01/2013	22/04/2013			4					ব
		01/01/2013	22/04/2013			4					ব
a)		24/04/2013	31/12/2013	83							83
		01/01/2013	22/04/2013	31							31
		01/01/2013	22/04/2013		10	12					22

EMARKET
SDIR

Name and Surname	Office	Office held since	End of office	Fixed Remu nerati on	Remunerati on for participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Non-equity variable remuneration Profit Sharing	Non- monetary benefits	Other remunera tion	Total	Fair Value of equity remuneration	Indemnity for end of office or termination of employment
		01/01/2013	22/04/2013	31							31
		01/01/2013	22/04/2013			32					32
		01/01/2013	22/04/2013			12					12
a)		01/01/2013	31/12/2013	58		2					୧୦
a)		01/01/2013	31/12/2013	64		2					୧୧
a)		01/01/2013	31/12/2013	37	ব						41
a)		01/01/2013	31/12/2013	10							10
a)		01/01/2013	31/12/2013	30	ব	2					36
a)		01/01/2013	31/12/2013	-
		01/01/2013	22/04/2013	31							31
		01/01/2013	22/04/2013			4					4
		22/04/2013	17/05/2013	5							5
		29/04/2013	17/05/2013
		09/05/2013	31/12/2013	519							519
		09/05/2013	31/12/2013	ર્દ							65

-

	Office	Office held since		Fixed Remu nerati on	Remunerati on for			Non-equity variable remuneration					Indemnity for end of office
Name and Surname			End of office		participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Profit Sharing	Non- monetary benefits	Other remunera tion	Total	Fair Value of equity remuneration	or termination of employment
		01/01/2013	31/12/2013	168							168
		01/01/2013	31/12/2013	118			14				132
		01/01/2013	31/12/2013	150							150
a)		01/01/2013	30/09/2013	17							17
a)		01/10/2013	31/12/2013	8							8
		01/01/2013	31/12/2013	168							168
		01/01/2013	31/12/2013	118			14				132
a)		01/01/2013	31/12/2013	250		4					254
		01/01/2013	31/12/2013	1.092			480		ਦਰੇ		1,631
		29/09/2013	31/12/2013	88							88
		09/05/2013	31/12/2013	g)
a)		17/04/2013	13/12/2013	d)
a)		01/01/2013	19/03/2013	d)
		09/05/2013	31/12/2013	୧୮							ട്ട
a)		01/01/2013	25/07/2013	b)
		09/05/2013	31/12/2013	୧୮							ട്ട

EMARKET
SDIR

Name and Surname	Office	Office held since	End of office	Fixed Remu nerati on	Remunerati on for participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Non-equity variable remuneration Profit Sharing	Non- monetary benefits	Other remunera tion	Total	Fair Value of equity remuneration	Indemnity for end of office or termination of employment
		01/01/2013	31/12/2013	1.193			640		52		1,885
		09/05/2013	31/12/2013	ದು
a)		01/01/2013	31/12/2013	c)
a) a)		01/01/2013 05/11/2013	31/12/2013 31/12/2013	c) c)
a)		01/01/2013	31/12/2013	c)
a)		01/01/2013	03/07/2013	c)
		29/09/2013	31/12/2013	g)
		01/01/2013	31/12/2013	റ്ററ					72		1,032
a)		01/01/2013	31/12/2013
		09/05/2013	31/12/2013	ട്ട							65
a		01/01/2013	31/12/2013	250							250
		09/05/2013	31/12/2013	g)
		01/01/2013	31/12/2013	942			310		ಲಿತ		1,315
a)		01/01/2013	31/12/2013	-							-

EMARKET
SDIR

Name and Surname	Office	Office he d since	End of office	Fixed Remu nerati on	Remunerati on for participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Non-equity variable remuneration Profit Sharing	Non- monetary benefits	Other remunera tion	Total	Fair Value of equity remuneration	Indemnity for end of office or termination of employment
		01/01/2013	09/05/2013	283							283
		01/01/2013	09/05/2013	ਦੇਤੋ							ਦੇਤੇ
a)		15/05/2013	31/12/2013	113							113
		01/01/2013	29/09/2013	261							261
		01/01/2013	29/09/2013	92							92
		01/01/2013	31/12/2013	1.800					377		2,177		3,600 (1)
		01/01/2013	09/05/2013	54							54
a)		01/01/2013	31/12/2013	30		1					31
a)		01/01/2013	31/12/2013	100							100
		01/01/2013	09/05/2013	106			12				118
		01/01/2013	09/05/2013	53							53
a)		01/01/2013	13/09/2013	77	70						147
a)		01/01/2013	31/12/2013	ਰੇਰੇ							ਰੇਰੇ
a)		01/01/2013	03/07/2013

Name and Surname				Fixed	Remunerati		Non-equity variable remuneration						Indemnity for end of office
	Office	Office held since	End of office	Remu nerati on	on for participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Profit Sharing	Non- monetary benefits	Other remunera tion	Total	Fair Value of equity remuneration	or termination of employment
		01/01/2013	09/05/2013	106			12				118
a)		01/01/2013	31/12/2013	୧୦							୧୦
a)		01/01/2013	25/07/2013	6		1					7
a)		26/07/2013	31/12/2013	21							21
		01/01/2013	09/05/2013	106			12				118
ਰ		01/01/2013	17/04/2013	୧୧		1					67
		01/01/2013	12/06/2013	339					25		364		450 (2)
ਰ)		01/01/2013	12/06/2013	ਦਰੇ					б		75
a)		01/01/2013	04/07/2013	-
a)		01/01/2013	23/09/2013	e)
a)		01/01/2013	19/04/2013	e)
a)		01/01/2013	04/07/2013	e)

Name and Surname	Office	Office held since	End of office	Fixed Remu nerati on	Remunerati on for participatio n in committees	Attend ance fees	Bonus and other incentiv es (x)	Non-equity variable remuneration Profit Sharing	Non- monetary benefits	Other remunera tion	Tota	Fair Value of equity remuneration	Indemnity for end of office or termination of employment
Key managers	Total remuneration in the company drawing up the financial statements			4,947			1,842		238		7,027		1,750 (3)
(****)	Total remuneration and attendance fees, in subsidiaries and associates			916 f)			283				1,199 f)

The Chairmen of the Supervisory Board and the Maragement Board have waved one third of their remuneration, as of 1st May 2013 until 22 April 2013.

Superisor Board members have wavel, as of 1st July 2013, one third of fixed fees due in relation to their office and any ad personan assignments granted by the Board a) Remuneration/Attendance fees in subsidiaries and associates.

b) Remoneation for offices halt in subsidiares and or associatives of heast spaces of heast be of housed in the teen included in this teen, as it was fully ransfered to the Bank.

c) Remonerion for offices held in subsitions and research of these Sampolo S.p., which annums to 230 thousand e.org. has not been included in this item, as it was fully to re the Bank.

d) Remuneation for offices had in subsidiaries and of thes Sarpedo S.p.A., which anounts to 24 thousand euro, has not been included in this item, as i was fully rensbered to Bank.

e) Removedor for offices hell in subsidiares as epresentatives of hitses Sappords to 7 thousand ever has not been industed in this terr, as it vas fully forstered to the Bank.

f Other remuneation for offices and rassociatives of htess Snoado 5,0, which annums to 37 thousand evol, na not been industin this lem, a it was filly (ramsered to the Bank

o) Executive Members of the Management Board who are Managers of the remuneration due in relation to the office

Compression of the considered to the contract and consequent of the property of the comments of the comments of the comments of the comments of the comments of the comments o
waived the remuneration for the offices of	(50 thousand euro) and (50 thousand euro).
waived the 33 thousand euro remuneration for the office of
waived the 30 thousand euro remuneration for the office of
waived the 30 thousand euro remuneration for the office of
receives an additional remuneration for the	l of the Bank and of the Group.
(**) Remuneration to	l refers to the period from 1/1/2013 to 22/4/2013. For the period from 29/4/2013 to 31/12/2013 Mr. Dalla
Sega waived the 30 thousand euro remuneration.

f *** Nemureation to the of the period from 172013 to 2242013. For the period from 2942013 to 3112/2013 Mr.

thousand euro remuneration

(***)Remuneration refers to 11 Key Managers, 10 of which still in office as at 31 December 2013.

st The anounts se out refer exclusives of the incertives alocated in provises francial years againt the estils and and on 2012, no onus is payable for 2013 (e table 3B for details).

(1) Penalty for early unilateral termination under the stability agreement signed upon hiring.

(2) Indemnity in lieu of advance notice under the current National Collective Bargaining Agreement for Executives.

(3) Exit incentives inclusive of all benefits due under the Bargaining Agreement for executives of the credit sector.

				year	Options held at the beginning of the	Options assigned during the year						Options exercised during the year			Options expired during the year	Options held at end of the year	Options for the year
A	B	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15) = (2) + (5) = (11) - (14)	(16)
Name and Surname	Office	Plan	Number of Exercis options	e price	Possible exercise period (from-to)	Number of options	Exercis e price	Possible exercise period (from-to)	Fair value at assignm ent date	Assignm ent date	Market price of underlying shares upon assignmen t of ontions	Number of options	Exercis e price	Market price of underlyi ng shares at exercise date	Number of Number of options	options	Fair value

Table No. 2: Stock options assigned to members of the Management Board, General Managers

N.J. The figures incitated to the emuneration assigned by the financis statements, the assigment of stock options to subsidiaries and essociates in or envisaged. (*) Exercisable during pre-established time periods.

			assigned in previous years and not vested during the year	Financial instruments			Financial instruments assigned during the year			Financia instruments vested during the year and not assigned	Financial instruments vested during the year and assigned	Financia instruments for the year
A Name and surname	B Office	(1) Plan	(2) Number and type of financial instrume nts	(3) Vesting period	(4) Number and type of financial instrumen is	(5) Fair value at assign ment date	(6) Vesting period	(7) Assign ment date	(8) Market price at assignment	(9) Number and type of financial instruments	(10) Number and type of financial instruments	(11) Value at maturity date	(12) Fair value
		2011 Incentive
		2012 Incentive								682,335
		2013 Incentive
		2011 Incentive	422,660	March 2014/June 2016						65,025
		2012 Incentive	379,075	March 2015/June 2017
		2013 Incentive
		2011 Incentive
		2012 Incentive	454,890	March 2015/June 2017
		2013 Incentive
		2011 Incentive								117,042
		2012 Incentive								171,758
		2013 Incentive
		2011 Incentive	52,019	March 2014/June						5,039
		2012 Incentive		2016
		2013 Incentive

Table No. 34: Incentive plans based on financial instruments other than stock options, in favour of members of the Management Board, General Managers and other Kev Managers (euro/000)

| EMARKET

			assigned in previous years and not vested during the year	Financial instruments			Financial instruments assigned during the year			Financia instruments vested during the year and not assigned	Financial instruments vested during the year and assigned		Financia instruments for the year
A	B	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Name and surname	Office	Plan	Number and type of financial instrume nts	Vesting period	Number and type of financia instrumen is	Fair value at assign ment date	Vesting period	Assign ment date	Market price at assignment financial	Number and type of instruments	Number and type of financial instruments	Value at maturity date	Fair value
		2011 Incentive	190,196	March						29,261
		2012 Incentive	151,630	2014/June 2016 March 2015/June
		2013 Incentive		2017
		2011 Incentive
		2012 Incentive
		2013 Incentive
	Key managers (remuneration assigned by Intesa Sanpaolo)	2011 Incentive	1,194,007	March 2014/June 2016						183,693
		2012 Incentive	1,273,644	March 2015/June 2017
		2013 Incentive
	Key managers (remuneration assigned by subsidiaries)	2011 Incentive	177,733	March 2014/June 2016						17,340
		2012 Incentive	576,192	March 2015/June 2017
		2013 Incentive

1 Incentives defined in relation to the office of General Manager of Banco di Napoli.

2 Incentives defined in relation to previous managerial offices in the Intesa Sanpaolo Group.

N.E. The figures indicated refer to the remonent or, where indicated, by subsidiaries the assigment of vailable remuneration by associates in ot envisaged

(euro/000) B (1) (2) (3) (4) A Bonus for the year Bonus for previous year Office (A) (C) Name and Surname Plan (B) (A) (B) (C) Other Bonuses Payable/Pai Still Erogabile / Periodo di No longer Differito Erogato differimento payable (a) d deferred 2011 Incentive 2012 Incentive 14 28 -2013 Incentive 2011 Incentive 2012 Incentive 14 28 2013 Incentive 2011 Incentive 2012 Incentive 12 24 2013 Incentive 2011 Incentive 2012 Incentive 12 24 2013 Incentive

Table No. 3B: Monetary incentive plans in favour of members of the Management Board, General Managers and other Key Managers

EMARKET
SDIR

A	B	(1)		(2)			(3)		(4)
	Office	Plan	Bonus for the year		Bonus for previous year
Name and Surname			(A)	(B)	(C)	(A)	(B)	(C)	Other Bonuses
			Erogabile / Erogato	Differito	Periodo di differimento	No longer payable (a)	Payable/Pai d	Still deferred
		2011 Incentive
		2012 Incentive					12	24
		2013 Incentive
		2011 Incentive						8
		2012 Incentive
		2013 Incentive
		2011 Incentive
		2012 Incentive				540
		2013 Incentive
		2010 Incentive					280
		2011 Incentive						100
		2012 Incentive					200	100
		2013 Incentive

A	B	(1)		(2)			(3)		(4)
	Office	Plan	Bonus for the year		Bonus for previous year
Name and Surname			(A)	(B)	(C)	(A)	(B)	(C)	Other Bonuses
			Erogabile / Erogato	Differito	Periodo di differimento	No longer payable (a)	Payable/Pai d	Still deferred
		2010 Incentive					400	-
		2011 Incentive
		2012 Incentive				-	240	120
		2013 Incentive
		2011 Incentive				16
		2012 Incentive				91
		2013 Incentive
		2010 Incentive					230	-
		2011 Incentive						45
		2012 Incentive					80	40
		2013 Incentive
		2011 Incentive
		2012 Incentive
		2013 Incentive

A	B	(1)		(2)			(3)		(4)
			Bonus for the year			Bonus for previous year
Name and Surname	Office	Plan	(A)	(B)	(C)	(A)	(B)	(C)	Other Bonuses
			Erogabile / Erogato	Differito	Periodo di differimento	No longer payable (a)	Payable/Pai ರ	Still deferred
Key Managers		2010 Incentive					1,170	-
(Remuneration assigned by Intesa Sanpaolo)		2011 Incentive					-	283
		2012 Incentive				-	672	336
		2013 Incentive
Key Managers		2011 Incentive					-	27
(Remuneration assigned by subsidiaries)		2012 Incentive				-	283	141
		2013 Incentive

1 Incentives defined in relation to previous managerial offices in the Group.

2 Incentives 2011 e 2012 defined in relation to the office of General Manager of Banco di Napoli.

N.E. The figures indicated refer to the remuneration or, where initiated, by subsitians; the assigment of variable emuneration by associates in or envisaged.

Equity investments

Table No. 1: Equity investments of the Supervisory Board and Management Board and of the General Managers

Name and surname	Office	Subsidiary	Number of shares held at the end of prior year	Number of shares Number of shares purchased	so d	Number of shares held at the end of current year (*)
		Intesa Sanpaolo ordinary shares	19,284			19,284
2)		Intesa Sanpaolo ordinary shares	105,031			105,031
(2)		Intesa Sanpaolo savings shares	19,000			19,000
(3)		Intesa Sanpaolo ordinary shares	2,200			2,200
(1)		Intesa Sanpaolo ordinary shares	1,017			1,017
(4)		Intesa Sanpaolo ordinary shares	417 (a)			417
		Intesa Sanpaolo ordinary shares	3,720			3,720
		Intesa Sanpaolo ordinary shares	52,856 (b)			52,856
		Intesa Sanpaolo ordinary shares	570,553			570,553
		Intesa Sanpaolo ordinary shares	1,800,124			1,800,124
		Intesa Sanpaolo ordinary shares	500,000			500,000
		Intesa Sanpaolo ordinary shares	16,020 (a)			16,020
		Intesa Sanpaolo ordinary shares	19,506,171 (b)			19,506,171
		Intesa Sanpaolo ordinary shares	20,000			20,000
(6)		Intesa Sanpaolo ordinary shares	900,210			900,210

(*) or at the beginning/end of office, if different from the aforesaid reference period

(1) in office up to 9 May 2013 (2) in office up to 16 June 2013 (3) in office from 9 May 2013 (4) in office from 29 April 2013

(5) in office from 29 September 2013 (6) in office up to 22 April 2013

(a) Shares owned by spouse

(b) Shares held indirectly.

Table No. 2: Equity investments of other Key Managers

Number of other key managers	Subsidiary	Number of shares held at the end of prior year	Number of shares purchased	Number of shares sold	Number of shares held at the end of current year
	Intesa Sanpaolo ordinary shares (a)	3,410,431			1,309,495
11 (*)	Intesa Sanpaolo non convertible savings shares (a)	5,000			5,000

(*) Total number of other key managers including those who do not hold any equity investments.

(a) Of which 10,743 ordinary shares and 5,000 non convertible savings shares pertaining to spouse.

Please Note : The values at the beginning and of the period take into account the composition of "Other key managers".

PART III - AGGREGATE QUANTITATIVE INFORMATION PURSUANT TO THE SUPERVISORY PROVISIONS OF THE BANK OF ITALY

The 2013 incentive system for Top Management and Risk Takers

Introduction

On 12 March 2013, Intesa Sanpaolo's remuneration and incentive policies were approved by the Supervisory Board - upon proposal of the Management Board - and submitted, to the extent of its responsibilities, to an advisory vote by the Shareholders' Meeting of 22 April 2013, which was favourable. On 16 July 2013, the Management and Supervisory Boards approved, to the extent of their responsibilities, the incentive system for Top Management and Risk Takers (hereinatter also the "System"), implementing said policies.

The System is fully consistent with the recent requlatory provisions, with particular reference to:

• identification of "Key personnel", meaning those whose decisions have a significant impact on the Bank's risk profile, to which specific remuneration rules must be applied in terms of payment of variable remuneration;
• the ratio of the fixed component to the variable component of remuneration, suitably balanced;
  • the structure of the variable component, of which:
    • a) at least 40% (which can be raised to 60% for executive directors, top managers and heads of the main business lines, corporate functions or geographical areas) must be subject to deferred payment systems for a period of at least 3 years;
    • b) at least 50% must be disbursed in shares or instruments linked to shares; this percentage is applied, in the same proportion, to the deferred variable component as well as to the nondeferred (upfront) component;
• the presence of a specific retention mechanism (of at least 2 years for the upfront component, shorter for the deferred component) for the financial instruments pursuant to point b);

Recipients

The System is addressed to "Key personnel", as defined by the Supervisory Provisions, identified by the Management and Supervisory Boards, each acting under its remit, as the Chief Executive Officer, the General Managers, the other Key Managers, the heads of the Company Control Functions at Group level, including the relative main hierarchical and functional heads of the main corporate functions and business areas and the persons defined by the regulations as "risk takers", who may take on significant risks for the Group, such as, merely by way of example, the heads of the main business units of Banca IMI, for a total of about 110 resources.

Therefore, recipients include managers who have regular access to privileged information and have the power to make management decisions which may affect the Group's evolution and outlook.

Plan rationale

Incentive plans are designed, in general terms, to retain managers and support their motivation to achieve the company's long-term goals. Where they include financial instrument-based compensation, they also strengthen the alignment of Management conduct, Shareholders' interests and medium-/long-term results, also via the managers' direct participation in corporate risk.

Under this approach, the plans are an integral component of the Intesa Sanpaolo Group compensation system addressed to executive officers and Remaining Personnel, fully in line with its investment in human capital development, in the framework of a policy targeting sustainable long-term development and accountability vis-à-vis all stakeholders, by incentivising the achievement of targets identified by the competent corporate functions from among the indicators that best reflect Group profitability over time, also taking account of risks assumed, the cost of capital, liquidity and the level of capital base required to handle the activities implemented.

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Quantitative information subdivided by business area

As shown in the previous paragraph, non-activation of the 2013 Incentive System results in a zero variable portion in the pay mix of each business area.

COMPARISON OF PERCENT DISTRIBUTION OF STAFF, FIXED COST AND VARIABLE COMPONENT FOR 2013
	Staff 2013	Fixed Cost 2013	Variable Component 2013
Central Structures (including Top Management)	12%	16%	0%
Banca dei Territori	52%	62%	0%
Corporate & Investment Banking	3%	6%	0%
Banca Fideuram	2%	3%	0%
Eurizon Capital	1%	1%	0%
International Subsidiary Banks	30%	12%	0%

Quantitative information subdivided among the various categories of "key personnel"

Population as at 31.12.2013)	No.	Percent ratio of the Fixed Component to the Variable Component of Remuneration		Remuneration 2013		Detail of Variable Component 2013				Variable deferred amount from prior years ":	( Inna in smilisternit) Variable deferred amount and upfront
		The oretical	Actual	Fixed Remuneration	Variable Remuneration	Upfront Cash	Upfront Shares	Deferred Cash	Deferred Shares	Accrued following 2013 performance	Not accrued	shares from prior years paid in 2013:
	1	Max 100%		2.153							1.080
	1	Max 100%		1.180						333	67	413
GM, Other Key Managers" and MD/GM of the main Business Units/Companies	13	Max 100%		8.525						2.264	217	2.236
Heads of the Company Control Functions	6	Max 67%		3.172	=					367	74	709
Other individuals who individually or collectively take on significant risk	89	Max 100%		22.661	=					3.402	762	2.803

1 The amount indicated under the column "Fixed Remuneration" also includes remuneration received as

2 Excluding 3 Key Managers who are included under Managers of Internal Control Functions.

· The anount indicated under the column "Fixed Remaneration" also includes any annualits paid as role indennity.

" The anunts indical nolse, use thriling of the stars assigned to Management in pior years under the inserved in process and effective resimes can't elley resimed only in upcoming years, given the retention period and in any case subject to remaining in office with the exception of specific cases.

As shown in the table above, deferred bonus portions accrued during the year but assigned in prior years (2010 Incentive System), as well as the upfront cash bonus portion for the 2012 Incentive System, were paid during 2013.

In consideration of this, and taking into account the fixed remuneration levels recognised, a total of 8 Managers, in office as at 31 December 2013, had a total remuneration for 2013 of at least 1 million euro. More specifically:

• 1 Manager with total remuneration of between 2 and 2.5 million euro;
• . 2 Managers with total remuneration of between 1.5 and 2 million euro;
• 5 Managers with total remuneration of between 1 and 1.5 million euro.

As regards the information required on employee termination indemnities defined during the year, it is specified that, apart from

– and there was 1 case of termination of Key Managers and 4 cases of Managers under the "Key Personnel" category in 2013.

The total amount of termination indemnities payable to these 7 Managers amounts to 7,381 thousand euro, the highest of which is 3,600 thousand euro, to be paid during 2014 to

as a penalty for early unilateral termination, in application of the stability agreement signed upon hiring.

No Managers under the "Key Personnel" category were recruited on the market in 2013.

INTERNAL AUDITING DEPARTMENT IV PART ASSESSMENT OF THE REMUNERATION SYSTEM

The Internal Auditing Department has carried out the planned audit, aimed at analysing the operational practices followed in defining the incentive system for the year 2013, in terms of consistency with the policies resolved by the Bodies and the relative provisions issued by the Bank of Italy.

The audit aimed to verify the main operational phases of the quantification and approval of the 2013 incentive system and its main components (economic requirements, provisions, certification of results achieved, any allocation of the bonus pool to the Departments), as well as incentives for Key Personnel and for Heads of the Control Functions.

With a view to improving the efficacy of the system, taking advantage of a number of innovations introduced by CRD 4 in advance, in addition to the Supervisory Authority's recommendations during 2013, amendments to the 2013 incentive system have been approved by the Boards, with regard to aspects under their responsibility, such as: the introduction of a cap on the variable portion, which cannot exceed 100% of the annual gross fixed remuneration, and reduction of the "relevant bonus" threshold.

The structure of the system has been assessed by the Compliance Department as being compliant with the regulations.The recommendations made following the audits conducted the prior year have been adopted, except for the request to formalise the principles of the incentive system within the bank's internal regulations, to be carried out in 2014.

With regard to 2013, despite the presence of indicators consistent with the thresholds envisaged for access to the approved incentive system, taking into consideration the applicable external regulations (which exclude the contribution of "non-recurring" or "valuation" income components), the revaluation gain in the Bank of Italy stake has been removed from the income amount for the purposes of the incentive system. The minimum threshold envisaged by the rules for access to the incentive system is therefore considered not to have been achieved, and was consequently not activated for 2013.

Moreover, the intention to use provisions - allocated by those Group companies that achieved results higher than budget - has been expressed, for targeted "management" initiatives, with a view to maintaining adequate motivational and/or retention levels. The establishment of principles and selection and assignment criteria has been recommended for such initiatives.

Based on the observations thus far, the Internal Auditing Department has expressed an opinion of adequacy of the operational procedure followed, in accordance with the policies and application profiles defined.

The audit will be completed with the assessment of the aforementioned management initiatives, together with corroboration of the deferred portions for the years 2011 and 2012.

In addition to the information presented in the Report on Remuneration illustrated for the Shareholders' Meeting on 22 April 2013, the following is a summary of the 2nd stage of the process of disbursing incentives accrued in 2012, which took place in June and July 2013, including the deferred portion.

The amounts disbursed are "in line" with the bonus pool allocations except for a limited number of exceptions concerning the Remaining Staff, in any event budgeted for in the 2013 labour costs. The incentives assigned to Key Managers and Heads of the Control Functions reflect the levels stated in the Report on Remuneration. For these officers the correct disbursement of amounts deferred for 2010 and 2011 has also been assessed.

Albeit with certain limits, the application of the forced "ranking" system for Key Personnel and the Extended Scope led to selectivity in line with the planned objectives. Improvements to the level of selectivity of the Head Office Departments and Middle Management were recommended. For the Remaining Staff, in a scenario of overall adequacy, it was found that certain bonuses had not been deferred and this should be more accurately monitored in future.

Appendix

Table No. 1: Check List

	Principles and Criteria of the Corporate Governance Code	adaptations as Applied with appropriate	Not applied	Not applicable	Page of the Report
	1. ROLE OF THE BOARD OF DIRECTORS
	1.P.1. Listed companies are governed by a Board of Directors that meets at regular intervals, adopts an organisation and a modus operandi which enable it to perform its functions in an effective manner.	>			Page 25, 44 (S.B.) Page 48, 56 (M.B.)
	1.P.2. The directors act and make decisions with full knowledge of the facts and autonomously pursuing and placing priority on the objective of creating value for the shareholders over a medium-long term period.				Page 44, 45 (S.B.) Page 50,56 (M.B.)
1.C.1.	The Board of Directors shall:
	a) examine and approve the strategic, operational and financial plans of both the issuer and the corporate group it heads, monitoring periodically the related implementation; it defines the issuer's corporate governance and the relevant group structure;				Page 25 (S.B.) Page 48 (M.B.)
	b) define the risk profile, both as to nature and level of risks, in a manner consistent with the issuer's strategic objectives;				Page 26 (5.B.) Page 48 (M.B.)
	c) evaluate the adequacy of the organizational, administrative and accounting structure of the issuer as well as of its strategically significant subsidiaries in particular with regard to the internal control system and risk management;				Page 48 (M.B.)
	d) specity the trequency, in any case no less than once every three months, with which the delegated bodies must report to the Board on the activities performed in the exercise of the powers delegated to them;				Page 60, 61 (M.B.)
	e) evaluate the general performance of the company, paying particular attention to the information received from the delegated bodies and periodically comparing the results achieved with those planned;				Page 49 (M.B.) Page 61
	f) resolve upon transactions to be carried out by the issuer or its controlled companies having a significant impact on the issuer's strategies, profitability, assets and liabilities or financial position; to this end, the Board shall establish general criteria for identifying the material transactions;				Page 25 (S.B.) Page 49 (M.B.)
	q) perform at least annually an evaluation of the performance of the Board of Directors and its committees, as well as their size and composition, taking into account the professional competence, experience (including managerial experience) gender of its members and number of years as director. Where the Board of Directors avails of consultants for such a self-assessment, the Corporate Governance Report shall provide information on other services, it any, performed by such consultants to the issuer or to companies having a control relationship with the issuer;				Page 46 (5.B.) Page 59 (M.B.)
	h) taking into account the outcome of the evaluation mentioned √ under the previous item g), report its view to shareholders on the professional profiles deemed appropriate for the composition of the Board of Directors, prior to its nomination;				Page 38, 47 (5.B.)

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Principles and Criteria of the Corporate Governance Code	adaptations as Applied with appropriate	Not applied	Not applicable	Page of the Report
5.C.2. The Board of Directors shall evaluate whether to adopt a plan for the succession of executive directors. In the event of adoption of such a plan, the issuer shall disclose it in the Corporate Governance Report. The review on the preparation of the above mentioned plan shall be carried out by the nomination committee or by another committee established within the Board of Directors in charge of this task.		V		Page 51 (M.B.)
6. REMUNERATION OF DIRECTORS
6.P.1. The remuneration of directors and key management personnel shall be established in a sufficient amount to attract, retain and motivate people with the professional skills necessary to successfully manage the issuer.				Page 105,106 (M.B.) page110, 114
6.P.2. The remuneration of executive directors and key management personnel shall be defined in such a way as to align their interests with pursuing the priority objective of the creation of value for the shareholders in a medium-long term timeframe. With regard to directors with managerial powers or performing, also de-facto, functions related to business management, as well as with regard to key management personnel, a significant part of the remuneration shall be linked to achieving specific performance objectives, possibly including non-economic objectives, identified in advance and determined consistently with the guidelines contained in the policy described in principle 6.P.4.	์			Page 102, 110, 112, 117, 149 Page 106 (M.B.)
The remuneration of non-executive directors shall be proportionate to the commitment required from each of them, also taking into account their possible participation in one or more committees.
6.P.3. The Board of Directors shall establish among its members a remuneration committee, made up of independent directors. Alternatively, the committee may be made up of non executive directors, the majority of which to be independent; in this case, the chairman of the committee is selected among the independent directors. At least one committee member shall have an adequate knowledge and experience in finance or remuneration policies, to be assessed by the Board of Directors at the time of his/her appointment.				Page 34, 39 (S.B.)
6.P.4. The Board of Directors shall, upon proposal of the remuneration - √ committee, establish a policy for the remuneration of directors and key management personnel.				Page 101, 110 Page 105 (M.B.)
6.C.1. The policy for the remuneration of executive directors and other - √ directors covering particular offices shall define guidelines on the issues and consistently with the criteria detailed below:				Page 108 (M.B.)
a) the non-variable component and the variable component are properly balanced according to issuer's strategic objectives and risk management policy, taking into account the business sector in which it operates and the nature of the business carried out;	V			Page 106, 107 (M.B.) Page 112, 113, 114, 115,117
b) upper limits for variable components shall be established;	V			Page 115, 117
c) the non-variable component shall be sufficient to reward the director when the variable component was not delivered because of the failure to achieve the performance objectives specified by the	V			Page 113, 114, 115,117 Page 106 (M.B.)

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Table No. 2: "Art 123-bis - Report on corporate governance and ownership structures"

Art 123-bis - Report on corporate governance and ownership structures		Page of the Report
1. The management report of issuers with securities admitted to trading on regulated markets shall contain a specific section entitled: "Report on corporate governance and ownership structures", providing detailed information on:
	a) the capital structure, including securities not traded on a regulated market in page 21, 22 an EU Member State, with an indication of the different classes of shares and, tor each class of shares, the related rights and obligations and the percentage of total share capital represented;
	b) any restriction on the transfer of securities, e.g. limitations in the possession page 22 of securities or the need to obtain consent from the company or other securities holders;
	c) significant direct and indirect holdings, for example through pyramid page 22 structures and cross-holdings, as stated in reports submitted pursuant to article 120;
	d) if known, the holders of any securities with special control rights and a page 21 description of such rights;
	e) the mechanism for the exercise of voting rights in any employee share scheme page 22 where voting rights are not exercised directly by the employees;
	f) any restrictions on voting rights, such as limitations of the voting rights of page 86 holders of a given percentage or number of votes, deadlines for the exercise of voting rights, or systems whereby, with the company's cooperation, the financial rights attached to the securities are separate from the holding of securities;
	g) agreements known to the company pursuant to article 122;	page 22
	h) any significant agreements to which the company is party and which take page 23 effect, alter or terminate upon a change of control of the company, and the effects thereot, except where their nature is such that their disclosure would be seriously prejudicial to the company; this exception shall not apply where the company is specifically obliged to disclose such information on the basis of other legal requirements;
	i) agreements between companies and directors, members of the control body page 103 (S.B.) or supervisory council which envisage indemnities in event of resignation or page 108 (M.B.) dismissal without just cause, or if their employment contract should terminate as a result of a takeover bid;
	I) rules applying to the appointment and replacement of directors and members page 27, 29 (S.B.) of the control body or supervisory council, and to amendments to the articles page 50, 51 (M.B.) of association if different from those applied as a supplementary measure; page 86
	m) the existence of delegated powers regarding share capital increases pursuant page 21 (M.B.) to article 2443 of the Italian Civil Code or powers of the directors or members page 22 of the control body to issue security-related financial instruments or to authorise the purchase of own shares.

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Contacts

Intesa Sanpaolo S.p.A.

Registered office

Piazza San Carlo, 156 10121 Torino Telephone: +39 011 555 1

Secondary registered office

Via Monte di Pietà, 8 20121 Milano Telephone: +39 02 879 11

Company Secretariat

Telephone: +39 011 555 2762 - 8213 Fax +39 011 555 2322 E-mail: segreteria.societaria@intesasanpaolo.com adempimenti.societari@intesasanpaolo.com

Internet: http://group.intesasanpaolo.com