Banca Piccolo Credito Valtellinese : Merger of Credito Siciliano into Credito Valtellinese approval

PRESS RELEASE

MERGER OF CREDITO SICILIANO INTO CREDITO

VALTELLINESE APPROVAL

Sondrio, 22nd May 2018 - Notice is hereby given that the Board of Directors of Credito Valtellinese S.p.A. ("Creval") and the Extraordinary Shareholders' Meeting of Credito Siciliano

S.p.A. ("Credito Siciliano") approved the merger by incorporation of Credito Siciliano into Creval (the "Merger").

Please note that the Effective Exchange Ratio has been fixed into no. 78,35 Creval's new shares, without nominal value, per each Credito Siciliano's share, without nominal value.

Since the incorporating Creval holds 98,5% of the share capital of Credito Siciliano which will be incorporated, the Merger is perfected in a simplified form in accordance to Article 2505-bis of the Italian Civil Code.

In particular, Credito Siciliano's shareholders, other than Creval, have the right to sell their

shares to Creval pursuant to Article 2505-bis of the Italian Civil Code (the "Right to Sell") at the price of Euro 19.68 per share. According to the provisions of the Merger Project, the Right to

Sell may be exercised, for all or part of the held shares, by registered letter return receipt requested to be sent within 15 days as of the registration with the Company Register of Credito Siciliano's Extraordinary Shareholders' Meeting resolution, that has approved the Merger Project.

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.

Corporate contacts