PRESS RELEASE

INTESA SAN PAOLO: ANTITRUST OKAYS NEW MEASURES ON AGRICOLE PARTICIPATION. FRENCH BANK SHARES (EQUAL TO 3.819%) DEPOSITED WITH CLEARSTREAM TRUST COMPANY. VOTING RIGHTS FOR OUTSTANDING SHARES STERILIZED. BANK TO BE EXCLUDED FROM ISP GOVERNANCE FOR THE MINIMUM RESIDUAL PART

Procedure concluded without sanctions in acknowledgement of initiatives adopted by the parties during the proceedings.  If implemented, the new measures suffice to eliminate existing ties between the two banks.

In a meeting on 13 July 2011, the Autorità Garante della Concorrenza e del Mercato examined new measures presented by Intesa SanPaolo (ISP) and Crédit Agricole (CA) in the context of non-compliance procedures for this bank group.  The measures were deemed sufficient to eliminate existing ties between the two banks, ensuring that CA shall be considered (for Antitrust purposes) a third operator that is independent from ISP.

More specifically, CA announced the use of their own CACEIS Investor Services subsidiary by depositing ISP's entire 3.819% share in two separate Clearstream accounts. Outstanding shares still held in ordinary capital were deposited in the first account (a.k.a. "restricted account") and the minimum residual part was deposited in the second. CA provided Clearstream with irrevocable instructions to prevent the exercise of voting rights for the shares in the restricted account. The specifics of the order consist of:

1) an explicit prohibition on withdrawing shares from the deposit - except for sales to third parties, not the connected subjects - unless ISP receives prior approval from the Authority to proceed in this direction;

2) the order not to execute CA instructions to deposit shares for voting in ISP meetings or in any case to exercise any related voting rights;

3) the order to provide both ISP and the Authority with any information that might be requested concerning the participation.

With regards to the minimum residual share deposited in the second account, CA shall not submit a list of nominees for the ISP Supervisory Board, shall not participate in voting for Supervisory Board renewals, and shall neither nominate nor express CA business exponents (whether directly or indirectly connected to it) in the ISP supervisory, managerial or executive bodies.

For its part, ISP presented the Authority with the implementation methods to be used for these initiatives. For CA's part, the bank will need to provide the Authority with the documentation on the governance restrictions.

In light of the measures implemented by these parties during the course of the proceedings, the Antitrust Authority decided to refrain from imposing sanctions on ISP.

Rome - 13 July 2011