CORRECTION OF 2013 FINANCIAL STATEMENTS INFORMATION PURSUANT TO IAS 8 (Accounting policies, changes in accounting estimates and errors)

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PRESS RELEASE CORRECTION OF 2013 FINANCIAL STATEMENTS INFORMATION PURSUANT TO IAS 8 (Accounting policies, changes in accounting estimates and errors) Genoa, 3 August 2017 The Bank informs that, in

1 PRESS RELEASE CORRECTION OF 2013 FINANCIAL STATEMENTS INFORMATION PURSUANT TO IAS 8 (Accounting policies, changes in accounting estimates and errors) Genoa, 3 August 2017 The Bank informs that, in the meeting held today, the Board of Directors decided to take the necessary steps as specified herein in order to put an end to the challenge proceedings raised with respect to the resolutions concerning the approval of both the Separate and the Consolidated Financial Statements of Banca Carige as of 31 December To this end, the Board of Directors, having revoked the resolution adopted on 27 March 2014 approving the draft of the Separate and of the Consolidated Financial Statements of Banca Carige as of 31 December 2013, has approved the draft of the Separate Banca Carige Financial Statements as well as the Consolidated Financial Statements as at 31 December As a consequence of that, the Bank will convene a Shareholders' Meeting to approve the Financial Statements at hand. Such newly approved Financial Statements will supersede over the former ones only with reference to the financial disclosure integration (integrazione informativa) which, according to the Italian Securities and Exchange Commission (Consob), re-establishes a correct framework of information, all the remaining parts of the aforesaid Financial Statements being unchanged. In this regard, it is worth noting that Consob served against the Bank a writ of summons, dated 8 January 2015, requesting the Court of Genoa to: (i) declare null and void the

2 resolution approving Banca Carige Separate Financial Statements as at 31 December 2013 on the grounds that such Financial Statements are not compliant with international accounting standards IAS 1, 8 and 36, and (ii) verify whether the Consolidated Financial Statements as at 31 December 2013 are not compliant with IAS 1, 8 and 36. According to Consob, the non-correct application of IAS 8 was allegedly due to the fact that the balance-sheet (saldi patrimoniali) as at 31 December 2012 were not re-determined with respect to (i) the goodwill booked in the Banca Carige Group Consolidated Financial Statements and (ii) the equity investments in the banking and insurance subsidiaries booked in Banca Carige s statutory Financial Statements, and accordingly such figures were not reflected in the opening balance (saldi di apertura) as at 31 December According to the writ of summons, the breach of IAS 36 allegedly refers to the impairment test of the consolidated goodwill and to the value of equity investments as at 31 December 2012, whose effects reflect to the opening balance (saldi di apertura) of Banca Carige Financial Statements as at 31 December The breach of IAS 1 should be ascribed to the general accrual principle (competenza economica - par. 27 and 28) because, given that goodwill and the equity investments as at 31 December 2012 were not restated, the balance-sheet as at 31 December 2013 reported depreciations related to the balance-sheet as at 31 December More in details, according to Consob, Banca Carige reflected in its Financial Statements as at 31 December 2013 only some of the issues raised by the former with decision assumed pursuant to art. 154-ter, par. 7, of Legislative Decree no. 58/1998 (the Consolidated Law on Finance) on 10 January 2014, making some amendments to the Banca Carige Financial

3 Statements as at 31 December The Bank, instead, did not accept the other issues raised by Consob with the above mentioned decision, related to certain other balance-sheet items. In particular, with regard to Banca Carige Financial Statements as at 31 December 2012, the Bank has allegedly breached IAS 8 since the latter did not amend the figures related to goodwill and equity investments held in the banking and insurance subsidiaries, which were booked in the comparative items (saldi comparativi) of the Financial Statements as at 31 December During the challenge proceedings brought before the Court of Genoa, the Judge ordered a technical appraisal and appointed Prof. Mario Massari as Court-appointed technical consultant (the Consultant ). The Consultant filed his final report on March In his report he (i) agreed with the objection raised by Consob regarding the fact that the Bank s plan would not have been prepared by the Bank according to the principles of reasonable and supportable assumptions set out in IAS 36, paragraph 33(a), and (ii) considered the Financial Statements not compliant with IAS 8 and IAS 36. In particular, the Consultant concluded its report by stating that the opening balances related to the Bank s Separate and Consolidated Financial Statements as at 31 December 2013 (corresponding to the closing balance related to the Financial Statements as at 31 December 2012) regarding the goodwill of the cash generating units carrying on banking activity (CGU bancarie), are not compliant with International Accounting Standard (IAS) 8. This conclusion is based, in particular, on the non-compliance to IAS 36 of the evaluation related to the impairment test of the CGU and of the bank subsidiaries in the Financial Statements as at 31 December 2012.

4 For the purposes of putting an end to the dispute with Consob and with the aim at providing a clear informative pattern, also in light of the fact that the matter at hand has only informative purposes in relation to facts long-gone occurred, the Bank recognises the mistake in which the latter incurred in releasing the plan forecasts formulated by its management in March Indeed, such forecasts were not adequately amended in accordance with the indications contained in the Business plan dated May 2012, notwithstanding the significant worsening of the macro-economic and financial indicators. The Bank, supported by the opinion released by the Consultant, deems not practicable, as at today, to reformulate the plan forecasts. In fact, the Bank holds that although the reformulation would be theoretically feasible from a technical perspective, such exercise would lead to results having no credibility given that it would be necessary to take into account the historical perspective as well as certain information, also internal, referred to the specific moment and context pursuant to which the Bank management operated. More specifically, in consideration of the fact that the assumptions under which a budgeting plan is carried out and the parameters utilised for the related assessment consist of a unique system, it would not be proper to amend an input or parameter without reconsidering all the other elements. In order to determine the exact portion of the impairment of the consolidated goodwill of the CGUs of the Bank s subsidiaries operated in September 2013 that should have been carried out already during tax period 2012, it would be necessary to redraft the related budgeting plan as well as the entire evaluation process which would include a new estimation of the different parameters utilising the market data, the criteria and the expectations of that time.

5 With reference to the case at hand, the above would result in a mere simulation exercise, as the redraft of the budgeting plan should be carried out (i) by a different management and a different board of directors; (ii) considering the context as it was in 4 years ago; and (iii) defining different development hypotheses related to the subsidiary banks (which as of today no longer exist as distinct legal entities) and new criteria for the estimation of parameters in use not considering the events occurred over the last four years, characterised by a development of the Italian bank system which has never been observed since the end of the war. To conclude, the exercise would be lacking a sufficient degree of objectivity and would thus not allow to properly allocate between tax periods 2012 and 2013 following the accrual basis principle the relevant portion of impairment. Such an exercise would therefore be of no use for the disclosure purposes. The Bank further clarifies that the goodwill at stake has been fully impaired in the Interim Report as at September Accordingly, even in a scenario where it would have been possible to amend the opening balances of the 2013 Financial Statements, no effect would have been observed in the closing balances for the same period and the following ones. In consideration of the above, the Bank is of the opinion that the opening balances of the 2013 Financial Statements cannot reliably be re-determined as at today and that, as a consequence, the provisions set forth in paragraphs 50 to 53 of IAS 8 - requiring merely informative corrections - apply in the case at hand. Consob is of the opinion that the relevant disclosure reporting the admission of the error, combined with the new resolutions approving the Bank s Separate and Consolidated

6 Financial Statements as at 31 December 2013, are able to re-establish a correct framework of information and determine the extinction of the disputed claims brought before the Court of Genoa. * * * INVESTOR RELATIONS & RESEARCH EXTERNAL RELATIONS tel tel fax fax investor.relations@carige.it relazioni.esterne@carige.it Image Building tel carige@imagebuilding.it

Press Release. Milan, 2 January Il Sole 24 Ore S.p.A. (hereinafter also Sole" or the "Company") hereby announces the following.

Press Release. Milan, 2 January Il Sole 24 Ore S.p.A. (hereinafter also Sole or the Company) hereby announces the following. Press Release Consolidated financial statements for the year ended 31 December 2017 of Il Sole 24 Ore S.p.A.. Information pursuant to art. 154-ter, par. 7, of Legislative Decree no. 58/98 Milan, 2 January