Merger by incorporation of Credito Siciliano S.p.a. into Credito Valtellinese S.p.a.: effective exchange ratio...

PRESS RELEASE

MERGER BY INCORPORATION OF CREDITO SICILIANO S.P.A.

INTO CREDITO VALTELLINESE S.P.A.:

EFFECTIVE EXCHANGE RATIO EQUAL TO No. 78,35 CREVAL'S

SHARES PER EACH CREDITO SICILIANO'S SHARE

Sondrio, 8th May 2018 - With reference to the previous press releases on 20th December 2017 and 5th January 2018 concerning the merger project by incorporation of Credito Siciliano S.p.A. into Credito Valtellinese S.p.A., notice is hereby given that, today, the Board of Directors of Creval has acknowledged and agreed with the content of the Effective Exchange Ratio calculated by the Indipendent Common Expert Deloitte Financial Advisory Services S.r.l. as follows: no. 78,35 Creval's new shares, without nominal value, per each Credito Siciliano's share, without nominal value.

Such Effective Exchange Ratio has been determined applying the adjustment formula specifically set forth in the Merger Project. In fact, the adjustment was required in order to maintain financially and substantially unchanged the adequacy of the original exchange ratio (Exchange Ratio Base, equal to nr. 2 Creval's shares per each Credito Siciliano's share) after (i) the shares' reverse split approved by the Extraordinary Meeting of Creval on 19th December 2017 and executed on 8th January 2018 and (ii) the execution of Creval capital increase that has taken place in March 2018.

For any further information concerning the incorporation transaction, please see the Merger Project made available on the websiteswww.gruppocreval.comand www.emarketstorage.com, and filed with the Sondrio and Catania Company Registers.

The merger deed execution and the date of the related legal effects - expected by the end of the first half of 2018 - will be subsequently disclosed to market.

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