Banca Piccolo Credito Valtellinese : The Bank of Italy sets the capital requirements of the Creval Group as a result of the "SREP" - significant...

PRESS RELEASE

THE BANK OF ITALY SETS THE CAPITAL REQUIREMENTS OF

THE CREVAL GROUP AS A RESULT OF THE "SREP"

SIGNIFICANT REDUCTION OF ADDITIONAL CAPITAL

REQUIREMENTS ("ADD-ON") COMPARED TO 2017

Sondrio, 8 May 2018 - Creval informs that the Bank of Italy, following the outcome of the Supervisory review and evaluation process, has communicated its decision concerning the capital requirements (the "SREP decision"), to be complied with starting from the own funds regulatory reporting as at 30 June 2018.

Said requirements have been set, on a consolidated basis, as follows:

• - Common Equity Tier 1 ratio (CET1 ratio) of 7.075%, as the sum of the regulatory minimum Pillar1 requirement of 4.50%, of an additional Pillar2 requirement of 0.70% following the SREP outcome, and of the Capital Conservation Buffer for the remaining part;

• - Tier1 ratio of 8.813%, as the sum of the regulatory minimum Pillar1 requirement of 6%, of an additional Pillar2 requirement of 0.938% following the SREP outcome, and of the Capital Conservation Buffer for the remaining part;

• - Total Capital ratio of 11.125%, as the sum of the regulatory minimum Pillar1 requirement of 8%, of an additional Pillar2 requirement of 1.25% following the SREP outcome, and of the Capital Conservation Buffer for the remaining part.

The capital ratios as at 31 March 2018, on a consolidated basis, calculated by applying the phased-in transitional regime, are well above the minimum required, as they amount, respectively:

• - CET1 ratio at 14.4%

• - Tier1 ratio at 14.5%

• - Total Capital ratio at 16.2%.

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