PRESS RELEASE 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 dello United States Securities Act of 1933 (come successivamente modificato) (il "Securities Act") o in Australia, Canada o Giappone, nonché in qualsiasi altro Paese in cui tale offerta o sollecitazione è 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 o a U.S. persons, salvo che siano registrati ai sensi del Securities Act o in presenza di un’esenzione alla registrazione applicabile ai sensi del Securities Act. I titoli oggetto della presente comunicazione saranno offerti esclusivamente al di fuori degli Stati Uniti sulla base della Regulation S del Securities Act. Copie di questo annuncio non vengono preparate né possono essere distribuite o inoltrate negli Stati Uniti, in Canada, Australia o Giappone. 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 or to U.S. persons unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The securities referred to herein will be offered exclusively outside of the United States in reliance on Regulation S under the Securities Act. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan. CREDITO VALTELLINESE’S BOARD OF DIRECTORS SET THE FINAL TERMS OF THE SHARE CAPITAL INCREASE UNDERWRITING AGREEMENT EXECUTED Sondrio, 22 May 2014 –Credito Valtellinese’s board of directors today approved the final terms of the share capital increase up to a maximum of EUR 400 million, resolved by the same board of directors on 15 April 2014, based on the authorisation granted by the shareholders’ meeting on 12 April 2014. The board of directors resolved to issue up to no. 624,963,248 new Creval shares, without par value and having the same characteristics as the Creval shares already outstanding, including the same dividend entitlement (godimento regolare) to be pre-emptively offered to Creval’s shareholders (the “Offer”) at a subscription price of EUR 0.64 each, of which EUR 0.14 as share premium, at a right issue ratio of no. 13 newly issued Creval shares for no. 10 Creval shares held. Therefore, the overall maximum amount of the Offer will be EUR 399,976,478.72. The subscription price was determined, in accordance with the resolution of Creval’s board of directors, by applying a discount of 34.05 per cent. to the Theoretical Ex Right Price of Creval shares calculated based on Creval shares official stock exchange closing price, equal to EUR 1.40. Please note that according to the Offer timetable, the issue rights to subscribe the newly issued Creval shares are exercisable from 26 May 2014 until 20 June 2014, included (the “Offer Period”); these rights expire at the end of this period. The rights can be traded on the Mercato Telematico Azionario from 26 May 2014 until 13 June 2014, included. The Offer final terms will be included in a supplement to the prospectus, which will be published, following Consob’s approval, before the Offer Period starts. The Offer is granted in full by Banca Imi S.p.A., Credit Suisse Securities (Europe) Limited and Mediobanca - Banca di Credito Finanziario S.p.A., acting as Joint Global Coordinator and Joint Bookrunner, by Barclays and BNP Paribas, as Joint Bookrunner, by Equita, Keefe, Bruyette & Woods - A Stifel Company, as Co-Bookrunner and by Banca Akros S.p.A. and Intermonte, PRESS RELEASE 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 dello United States Securities Act of 1933 (come successivamente modificato) (il "Securities Act") o in Australia, Canada o Giappone, nonché in qualsiasi altro Paese in cui tale offerta o sollecitazione è 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 o a U.S. persons, salvo che siano registrati ai sensi del Securities Act o in presenza di un’esenzione alla registrazione applicabile ai sensi del Securities Act. I titoli oggetto della presente comunicazione saranno offerti esclusivamente al di fuori degli Stati Uniti sulla base della Regulation S del Securities Act. Copie di questo annuncio non vengono preparate né possono essere distribuite o inoltrate negli Stati Uniti, in Canada, Australia o Giappone. 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 or to U.S. persons unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The securities referred to herein will be offered exclusively outside of the United States in reliance on Regulation S under the Securities Act. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan. acting as Co-Lead Manager, in accordance with the terms and conditions of the underwriting agreement executed today. The prospectus and the supplement will be made available in accordance with applicable law at Credito Valtellinese’s registered office in Sondrio, Piazza Quadrivio, no.8 and on its website www.creval.it. Contatti societari Investor relations Telefono + 39 02 80637471 Email: [email protected] Media relations Telefono +39 02 80637403 Email: [email protected]