Reverse stock split of creval ordinary shares: composition of share capital and filing of updated bylaws

This communication does not constitute an offer or an invitation to subscribe for or purchase any securities. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful. The securities may not be offered or sold in the United States unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Credito Valtellinese does not intend to register any portion of the offering of the securities in the United States. Any public offering of securities to be made in the United States would be made by means of a prospectus that could be obtained from Credito Valtellinese and that would contain detailed information about the bank and management, as well as financial statements. There will be no public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.

La presente comunicazione non costituisce un'offerta o un invito a sottoscrivere o acquistare titoli. I titoli non sono stati e non saranno registrati negli Stati Uniti ai sensi dell' United States Securities Act of 1933 (come successivamente modificato) (the "Securities Act"), o in Australia, Canada o Giappone, nonché in qualsiasi altro Paese in cui tale offerta o sollecitazione sia soggetta all'autorizzazione da parte di autorità locali o comunque vietata ai sensi di legge. I titoli ivi indicati non possono essere offerti o venduti negli Stati Uniti, salvo che siano registrati ai sensi del Securities Act o in presenza di un'esenzione alla registrazione applicabile ai sensi del Securities Act. Credito Valtellinese non intende registrare alcuna parte dell'offerta dei titoli negli Stati Uniti. Qualsiasi offerta pubblica di strumenti da promuovere negli Stati Uniti sarà svolta mediante un prospetto che potrà essere ottenuto da Credito Valtellinese e conterrà informazioni dettagliate circa la banca e la sua gestione, nonché i bilanci. Non ci sarà offerta pubblica dei titoli negli Stati Uniti. Copie di questo annuncio non vengono preparate né possono essere distribuite o inoltrate negli Stati Uniti, in Canada, Australia o Giappone.

REVERSE STOCK SPLIT OF CREVAL ORDINARY SHARES:

COMPOSITION OF SHARE CAPITAL AND FILING OF UPDATED

BYLAWS

Sondrio, 8 January 2018 - Pursuant to Article 85-bis of the Regulation adopted by Consob with resolution No. 11971/99 as amended, Credito Valtellinese S.p.A. ("Creval" or the "Bank") hereby gives notice of the new composition of the Bank's share capital, fully subscribed and paid-in, as a result of the reverse stock split of the Creval ordinary shares. The reverse stock split has been executed pursuant to the resolution taken by the shareholders' extraordinary meeting of 19 December 2017, on the basis of No. 1 new ordinary share with no par value, regular ranking for dividends (ISIN Code IT0005319444) coupon No. 1, every No. 10 existing ordinary shares with no par value (ISIN Code IT0005242026), coupon No. 1, after the cancellation of No. 6 ordinary shares for the sole purpose of making the transaction numerically possible and without reducing the share capital of the Bank.

The updated bylaws, which reflects the reverse stock split transaction, have been filed with the Companies' Register of Sondrio as of today and have been published on the Bank's internet sitewww.gruppocreval.com - Sezione Governance, as well as on the site of Borsa Italiana S.p.A. (www.borsaitaliana.it) and on the authorized storage mechanism "eMarket Storage" (www.emarketstorage.com). The Bank's new bylaws are also available to the shareholders at the Creval's registered office in Sondrio.

This communication does not constitute an offer or an invitation to subscribe for or purchase any securities. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful. The securities may not be offered or sold in the United States unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Credito Valtellinese does not intend to register any portion of the offering of the securities in the United States. Any public offering of securities to be made in the United States would be made by means of a prospectus that could be obtained from Credito Valtellinese and that would contain detailed information about the bank and management, as well as financial statements. There will be no public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.

La presente comunicazione non costituisce un'offerta o un invito a sottoscrivere o acquistare titoli. I titoli non sono stati e non saranno registrati negli Stati Uniti ai sensi dell' United States Securities Act of 1933 (come successivamente modificato) (the "Securities Act"), o in Australia, Canada o Giappone, nonché in qualsiasi altro Paese in cui tale offerta o sollecitazione sia soggetta all'autorizzazione da parte di autorità locali o comunque vietata ai sensi di legge. I titoli ivi indicati non possono essere offerti o venduti negli Stati Uniti, salvo che siano registrati ai sensi del Securities Act o in presenza di un'esenzione alla registrazione applicabile ai sensi del Securities Act. Credito Valtellinese non intende registrare alcuna parte dell'offerta dei titoli negli Stati Uniti. Qualsiasi offerta pubblica di strumenti da promuovere negli Stati Uniti sarà svolta mediante un prospetto che potrà essere ottenuto da Credito Valtellinese e conterrà informazioni dettagliate circa la banca e la sua gestione, nonché i bilanci. Non ci sarà offerta pubblica dei titoli negli Stati Uniti. Copie di questo annuncio non vengono preparate né possono essere distribuite o inoltrate negli Stati Uniti, in Canada, Australia o Giappone.

The current composition of Creval's share capital, post execution of the reverse stock split transaction, is represented below, together with the evidence of its previous composition.

Current Share Capital			Previous Share Capital
Euro	No. of shares	Single Share's Value	Euro	No. of shares	Single Share's Value
Total, of which:	1.846.816.830,42	11.088.723 (1)	-	1.846.816.830,42	110.887.236 (2)	-
Ordinary shares (regular ranking)	1.846.816.830,42	11.088.723 (1)	-	1.846.816.830,42	110.887.236 (2)	-

• (1) ISIN IT0005319444, coupon No. 1

• (2) ISIN IT0005242026, coupon No. 1

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