Credito Emiliano : Fitch affirms ratings

PRESS RELEASE

CREDEM: FITCH AFFIRMS RATINGS

Today, Fitch Ratings (Fitch) has affirmed all Credito Emiliano's (Credem) ratings.

Fitch rating action on Credem is detailed below:

•  Long Term IDR: "BBB", Outlook: "Stable"

•  Short Term IDR: "F2"

•  Support Rating: "5"

•  Support Rating Floor: "No Floor"

•  Derivative Counterparty Rating: "BBB(dcr)"

Such ratings reflect Group's diversified and stable business model, which has to date resulted in a more resilient profitability and a healthier asset quality than its Italian peers. In particular, Fitch highlighted the following aspects:

•  Wealth management and insurance companies, that have contributed to maintain fees and commissions steady and to stabilize the bank's profitability during the years of low interest rates

•  Strong underwriting standards and a strategy of targeting lower risk, more affluent customers have resulted in low and stable loan impairment charges supporting profitability during a time where the domestic banking sector was affected by the management of large stocks of non performing loans

•  Healthy asset quality, furtherly improved over the last few years, also thanks to strong credit controls

•  Capitalization was maintained with satisfactory buffers over regulatory minimums.

The original Fitch Ratings' press release is available on the agency's website.

Reggio Emilia, June, 13th 2017

Contacts:

Media Relations Credem +39 02 77426202 / +39 0522 582075rel@credem.it

CREDITO EMILIANO SPA

(Chairman)

Investor Relations Credem +39 0522 582785 / 583611investor@credem.it

www.credem.it