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Anima Banco Bpm Distribution Agreement

The documentwww.animasgr.it/IT/InvestorRelations/ComunicatiStampaAvvisi/Comunicati/2017/Comunicato of Banco-ANIMA 04082017_ENG.pdf the agreement describes Anima Holding as a transaction of “greater importance” (since Banco BPM currently holds 14.27% of The Capital of Anima Holding); In accordance with the current regulations, it was approved by the Board of Directors of Anima Holding after receiving the positive opinion of the contracting parties present. The information document must be available to the public under administrative conditions. Banco BPM`s distribution network, together with Anima`s other strategic partners, has more than 4,800 bank branches. Anima Holding shareholders approved a capital increase of up to 300 million euros at a general meeting on 15 December to finance the deal. Aletti Gestielle has also given the green light to the distribution of 161.5 million euros of reserves to Banco BPM. The binding declaration of intent provides that the final agreements on the reflection of Aletti SGR will be drawn up as soon as possible after the completion of the usual anIMA due diligence, with a view to concluding the contract by the end of 2017; the possibility of signing binding agreements on the transfer of delegated portfolio management activities could also take place at the expiry of that date. The transaction, approved today by the directors of Banco BPM and ANIMA, is subject to the usual conditions of these transactions (including administrative authorizations). The agreement opened the door to a further extension of the level of the partnership. He would insist on the transfer of the delegated portfolio management activities from Banca Aletti to Anima. Banca Aletti currently operates this business on behalf of certain insurance joint ventures in which Banco BPM holds interests.

The strengths of the two asset management companies, which will continue to be separated from the outset, will thus be grouped into a set of distinctive features that are almost unique in the domestic market, creating a group that will serve 150 different asset managers (banks and advisory networks), including the networks of two primary national banks (BMPS and BPM) with a total of 3,800 branches. The new group aims to strengthen product and service innovation to better meet the changing needs of the market and customers and builds on the excellence of both companies in asset management, as well as the know-how of distribution networks. As part of the transaction, Banco BPM will sell its 100% interest in Aletti Gestielle SGR (“Aletti SGR”) for a consideration of 700 million euros, which will be increased after closing for excess equity and net profits for the period. The agreement also allows for a 20-year strategic partnership between ANIMA Holding (ANIMA) and Banco BPM through commercial distribution agreements. The transaction has been approved by both boards of directors and is subject to the usual closing conditions and regulatory approvals. Today`s agreement provides that the strategic partnership between Banco BPM and ANIMA and related commercial distribution agreements will apply to the entire Banco BPM group for a period of 20 years from the reference date. Banco BPM, born last year from the merger of Banca Popolare di Milano and Banco Popolare, has already concluded a distribution agreement with Anima until 2030.