INTESA SANPAOLO LAUNCHES A NEW SUBORDINATED LOWER TIER II OF A MAXIMUM NOMINAL AMOUNT OF 2.5 BILLION EURO

Torino, Milano, 27 August 2008 – Today, Intesa Sanpaolo published the final terms of a Subordinated Lower Tier II bond issue of a maximum nominal amount of 2.5 billion euro targeted to the domestic market.

It is a seven-year, fixed rate bond, with reimbursement of capital in five subsequent annual instalments starting from 30 September 2011, issued under Intesa Sanpaolo’s Programme of Subordinated Lower Tier II Bond Issue with Fixed Rate or Fixed Rate - Step up or Fixed Rate - Step down.

The coupon, payable annually in arrears on 30 September of each year from and including 30 September 2009 up to the maturity date, is equal to 4.00%.

The offer price is 93.50%.

Considering that it was offered below par, the effective gross yield for the investor - calculated at the issue date assuming that the bond is held to maturity - is equal to 5.54% p.a. equivalent to 5 years mid swap rate plus 100 basis points (based on 20 August 2008 market conditions).

Placement is from 1 to 26 September 2008, with settlement date on 30 September 2008.

Minimum denomination of the bond issue is Euro 1,000 and multiple.

The bond is offered to the Italian market, excluding professional clients. It will be listed on the “Sistema Multilaterale di Negoziazione EuroTLX”, organised and managed by “TLX S.p.A.”.

Managers for the placement of the bond are Intesa Sanpaolo S.p.A., Cassa di Risparmio di Padova e Rovigo S.p.A., Cassa di Risparmio in Bologna S.p.A., Cassa di Risparmio di Venezia S.p.A., Cassa di Risparmio del Friuli Venezia Giulia S.p.A., Banca dell’Adriatico S.p.A., Cassa dei Risparmi di Forlì e della Romagna S.p.A., Banco di Napoli S.p.A., Intesa Sanpaolo Private Banking S.p.A., Banca Fideuram S.p.A. (also through its wholly-owned subsidiary Sanpaolo Invest SIM S.p.A.), Banca di Trento e Bolzano S.p.A., Cassa di Risparmio della Provincia di Viterbo S.p.A., Cassa di Risparmio di Ascoli Piceno S.p.A., Cassa di Risparmio di Città di Castello S.p.A., Cassa di Risparmio di Fano S.p.A., Cassa di Risparmio di Foligno S.p.A., Cassa di Risparmio di Rieti S.p.A., Cassa di Risparmio di Spoleto S.p.A., Cassa di Risparmio di Terni e Narni S.p.A., Banca CR Firenze S.p.A., Cassa di Risparmio della Spezia S.p.A., Cassa di Risparmio di Civitavecchia S.p.A., Cassa di Risparmio di Pistoia e Pescia S.p.A. and Cassa di Risparmio di Orvieto S.p.A..

The ratings assigned to Intesa Sanpaolo’s senior long-term debt are: Aa2 by Moody’s, AA- by Standard & Poor’s and AA- by Fitch.

This communication does not constitute an offer or an invitation to subscribe for or purchase any bonds. This information must be considered accessible only to those persons who: (a) are physically present in Italy and (b) are not (i) residents in the United States of America, Canada, Australia, Japan or any other country where the Offer is not allowed in the absence of specific exemptions or authorisations on the part of the competent authorities (the "Other Countries") and (ii) are not, and do not act on behalf of or for the benefit of, United States Persons according to the definition contained in Regulation S of the United States Securities Act of 1933, as subsequently amended. The Bonds have not been and will not be registered pursuant to the United States Securities Act of 1933, as amended, or pursuant to any financial regulations in any of the States of the United States of America. Neither the Securities and Exchange Commission (SEC) nor any other supervisory authority in the United States has approved or disapproved the Bonds or pronounced itself as to the accuracy or inaccuracy of the Prospectus. The Offer will be made exclusively in Italy. The Offer is not being made in the United States of America, Canada, Australia, Japan, the Other Countries in the regards of any person residing in the same countries or in the Other Countries. Therefore, no document pertaining to the Offer shall be distributed in the United States of America, Canada, Australia, Japan or the Other Countries.

 

 

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