Banca Popolare di Milano : Resignation of a management board member

PRESS RELEASE

RESIGNATION OF A MANAGEMENT BOARD MEMBER

Milan - 27 September 2016 BPM would like to announce that, with effect from

28 September 2016, Davide Croff has resigned as a member of the Management Board of Banca Popolare di Milano S.c.a r.l. ("BPM"). This is to ensure compliance with article 36 (prohibition of interlocking) of Legislative Decree 201/2011, converted with amendments by Law 214/2011.

In this regard, it should be noted - in accordance with the requirements of article IA.2.6.7 of the Market Regulation Instructions - that Davide Croff (i) qualified as a non-independent "executive director" as defined in article 148, paragraph 3, of the CFA and pursuant to article 3 of the Code of Conduct of Listed Companies, (ii) was a member of the Credit and Loans Committee, and (iii) is the holder of 2,040 BPM shares.

The Bank would like to express its thanks to Davide Croff for his active contribution, always in favour of the BPM Group.

For information:

Investor Relations and Research

Roberto Peronaglio

+39 02.77.00.2057

[e-mail]

Communication

Matteo Cidda

+39 02.77.00.7438

[e-mail]

Press Office

Monica Provini

+39 02.77.00.3515

[e-mail]

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