PRESS RELEASE

FITCH CHANGES CREDIT WATCH TO POSITIVE AFTER CAPITAL INCREASE

APPROVAL

Genoa, 27 September 2019 - Fitch Ratings has revised the Rating Watch on Banca Carige to Positive from Evolving, following the comprehensive capital strengthening manoeuvre approved by the Extraordinary Shareholders' Meeting on 20 September 2019.

In particular, the rating action reflects the agency's view that the successful execution of the rescue plan will avoid a resolution or liquidation of the bank and significantly reduce the risk for senior creditors.

The Credit Watch Positive reflects the expectation that the ratings could be upgraded once the de-risking and recapitalisation transactions are completed, and that their execution will significantly strengthen the Bank's credit profile.

In the Agency's opinion, the execution of the overall capital strengthening manoeuvre will result in better capital ratios and risk metrics than for most of the Bank's domestic peers, strengthen the bank's liquidity position and lead to a normalisation of its funding.

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Banca Carige S.p.A. published this content on 27 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2019 14:37:03 UTC