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PRESS RELEASE


STANDARD & POOR'S UPGRADES THE LONG TERM RATING ON BANCA POPOLARE DI MILANO AND BANCA AKROS TO 'BB-' (FROM 'B+') AND AFFIRMS THE SHORT TERM RATING AT 'B'. THE OUTLOOK IS STABLE


Milan, 2 December 2015 - The International rating agency Standard & Poor's upgraded the long term rating on Banca Popolare di Milano S.C.a r.l. and Banca Akros by 1 notch to 'BB-' (from 'B+'). The short term rating 'B' and the outlook 'Stable' are affirmed.

The upgrade reflects Standard & Poor's expectations that BPM's corporate governance will rapidly improve once the bank has completed the announced transformation into a joint stock company. Specifically, Standard & Poor's raised BPM's stand-alone credit profile (SACP) by 2 notches to 'bb-' (from 'b'), given the improvement of the bank's Business Position. In addition, the rating agency removed the 1 notch Sovereign Support, due to lower and less predictable extraordinary government support for Italian banks according to the new regulatory framework introduced by the Bank Recovery and Resolution Directive ('BRRD').


The press release of Standard & Poor's dated 2 December 2015 is available on the Rating Agency website www.standardandpoors.com.


Please note that the original version of this press release is in Italian. In case of misunderstandings the Italian version shall prevail.


Information:


Banca Popolare di Milano


Communication

Matteo Cidda

+39 02.77.00.7438

matteo.cidda@bpm.it

Investor Relations & Research

Roberto Peronaglio

+39 02.77.00.2057

investor.relations@bpm.it


Press Office

Monica Provini

+39 02.77.00.3515

monica.provini@bpm.it

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