PRESS RELEASE

CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2015 REFORM OF COOPERATIVE BANKS: THE BOD APPROVES THE COMPULSORY AMENDMENTS TO THE ARTICLES OF ASSOCIATION
COMMERCIAL RESULTS ACCELERATING FURTHER:

· · ·

2015 EXCEEDED EUR 589 MILLION, INCREASING BY 107% Y/Y (THE SUBROGATIONS INVOLVE LESS THAN 15%)
MORTGAGES TO PRIVATE INDIVIDUALS GRANTED IN THE FIRST NINE MONTHS OF NEW LOANS TO BUSINESSES ON THE UP FOR MORE THAN COMPARED TO THE SAME PERIOD LAST YEAR ASSET UNDER MANAGEMENT NET INFLOWS EXCEEDED Y/Y

EUR 878 MILLION INCREASING BY 57.5%

EUR 760 MILLION, INCREASING BY + 73%

CORE OPERATING RESULTS CONFIRMED A GOOD TREND, WITH A SIGNIFICANT INCREASE IN NET FEE AND COMMISSION INCOME INCOME OPERATING COSTS FURTHER DECREASED THE COST OF CREDIT RISK DECREASED

(+ 5.7% Y/Y), WHICH MORE THAN OFFSET THE REDUCTION IN NET INTEREST (-2.7% Y/Y)

(159 BASIS POINTS, 171 BPS AS AT 30 JUNE)

THE SOUND EQUITY WAS CONFIRMED WELL ABOVE THE MINIMUM REGULATORY REQUIREMENTS: COMMON EQUITY TIER

1 RATIO OF 11.7% PHASED IN

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Operating income: EUR 656 million Operating costs: EUR 373 million Operating profit: EUR 282 million Pre-tax profit from continuing operations: EUR 51 million Post-tax profit from continuing operations: EUR 46 million Profit for the period: EUR 63 million

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Loans and receivables with customers: EUR 18.9 billion (- 0.5% compared to the end of December 2014) Direct funding: EUR 21.6 billion (+ 3.9% compared to the end of December 2014) Indirect funding: EUR 12.1 billion (+ 0.9% compared to the end of December 2014) Managed funds: EUR 6.6 billion (+12% compared to the end of December 2014)

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PRESS RELEASE

Sondrio, 10 November 2015 - The Board of Directors of Credito Valtellinese approved the consolidated results as at 30 September 2015, which reflect the first positive signs from the real economy. The trend of loans and receivables improved and the cost of credit risk confirmed a gradual normalisation. Operating margins from customers confirmed a positive trend, supported by the resilience of the net interest income and by positive trend in commission revenues.

Statement of financial position aggregates As at 30 September 2015, loans and receivables with customers stood at EUR 18.9 billion, down 0.5% compared to EUR 19 billion as at 31 December 2014. The trend improved during the year and remained different. Loans to households increased by 5.2%, those to manufacturing businesses increased by 1.6%, the commercial activities and services increased by 0.2%, whereas construction companies are still in decline, because of the ongoing uncertainty on the outlook for the sector, even if transactions in residential construction are recovering. The new mortgages to private individuals in the first nine months of the year exceeded EUR 589 million and more than doubled compared to the same period last year, with a percentage of subrogations limited to less than 15% (system average 30%). With reference to the same period, loans to businesses increased by 57.5%, better than the system average (+16%). The demand for new investments by manufacturing companies increased. Positive signs are confirmed also with regard to credit quality. New non-performing loans slowed down, especially for the less risky categories. At the end of the period, Non-Performing Exposure (NPE), net of impairment losses, totalled EUR 3.4 billion, slightly up (+0.7%) compared to the end of June 2015, with a coverage ratio of 38.1%. Bad loans totalled EUR 1,220 million, increasing by 2% compared to EUR 1,196 million as at 30 June 2015, with a coverage ratio of 55.6%. Based on the new definitions of non-performing exposure (NPE), unlikely to pay loans reached EUR 1,699 million, compared to EUR 1,638 million, with a coverage ratio of 22.6%, whereas EUR 439 million, compared to EUR 500 million at the close of last half year, are represented by past-due non-performing loans. Direct funding amounted to EUR 21.6 billion, up by 3.9% compared to December 2014. Net of the component referring to central counterparties, the funding stood at EUR 18.9 billion, compared to EUR 20.5 billion as at December 2014, decreasing mainly towards asset under management. Indirect funding amounted to EUR 12.1 billion, with a significant growth (+12%) of "assets under management", which totalled EUR 6.6 billion. Asset under management net infolows exceeded EUR 760 million, increasing by +73% y/y, favoured by a market that encourages the customers' propensity to diversify the financial saving. Financial assets amounted to EUR 5.2 billion. Of these, EUR 4.9 billion were represented by Italian government securities, mainly classified in the AFS (Available for sale) portfolio, with a duration of approximately 2.9 years, considering interest-rate risk hedging. The valuation reserve on AFS securities, recorded among equity items net of tax effects, was positive by EUR 32 million compared to EUR -49 million at the end of June 2015. The negative reserve relating


PRESS RELEASE

to Government bonds amounted to EUR -10 million compared to EUR -95 million at the end of June 2015. The liquidity position further improved. The net balance of overall liquidity at three months is currently equal to EUR 4.8 billion. The exposure to the ECB for refinancing operations TLTRO (Targeted Longer-Term Refinancing Operations) is unchanged and stands at EUR 1.5 billion. The liquidity requirements ­ LCR and NSFR ­ were already well above the minimum levels required by Basel 3 for 2018.

Equity and capital ratios As at 30 September 2015, equity attributable to owners of the parent amounted to EUR 2.1 billion. In pursuance of the transitional regime in force since 2014, the common equity TIER1 (CET1), which includes the share of the profit for the first half of 2015 allocated to reserves, amounted to EUR 1.9 million in connection with risk-weighted assets (RWAs) of EUR 16.2 billion. The capital ratios amounted to: - 11.7% for the phased in Common Equity Tier1 ratio, - 11.7% for the phased in Tier1 ratio, - 13.8% for the phased in Total capital ratio.

Income statement In the first nine months of 2015, the net interest income stood at EUR 352 million, decreasing by 2.9%, compared to EUR 363 million of the corresponding period last year. However, the result for the third quarter of 2015 of EUR 114 million was substantially unchanged compared to 3Q 2014. Net interest income from customers showed a good performance, albeit the interest rates remained at low levels, thanks to the positive effects of persistent repricing actions of funding. The commercial spread further improved, reaching 2.60%. Net fee and commission income amounted to EUR 209 million, up by 5.7% year on year (+ 3.9% third quarter of 2015 compared to 3Q14), due to the particularly strong trend of the fee and commissions of the finance area (placement of managed funds and bancassurance), which recorded an increase of approximately 20.7%. Commissions for loan transactions +3.3% and payment systems +1.1% are also recovering, whereas those for current account management decreased - 4.4%. Net trading and hedging income and profit on sales/repurchases stood at EUR 66 million, compared to EUR 111 million of the prior year, characterised by non-recurring results. Net gains on equity-accounted investments contributed by EUR 11 million compared to EUR 13 million of the same period of 2014.


PRESS RELEASE

Operating income totalled EUR 656 million, down compared to EUR 701 million of the first nine months of 2014, considering, however, that the figure includes non-recurring income from financial activities. Operating costs totalled EUR 373 million decreasing by 2.7% compared to the corresponding period of 2014. The decrease is more significant (-3.8%) with regard to personnel expenses, more limited (-0.7%) for other administrative expenses. The operating profit reached EUR 282 million, compared to EUR 317 million of the first nine months of 2014. The comparison is also of little significance, considering that the corresponding period last year included non-recurring income from financial activities. Net impairment losses on loans and receivables and other financial assets totalled EUR 225 million. The cost of credit risk stood at 159 basis points and moved towards a phase of gradual normalisation. Provisions for risks and charges stood at EUR 5.7 million, including the contribution to the Resolution Fund and to the Deposit Guarantee Schemes envisaged by the European regulations of EUR 6.2 million. Pre-tax profit from continuing operations amounted to EUR 51 million, compared to EUR 19 million in the first nine months of 2014, which were however considerably affected by adjustment to loans, also related to the exercise of the Asset Quality Review then in progress. Income taxes, estimated in EUR 5.7 million compared to EUR 9.2 million of the same period last year, incorporate an extraordinary tax benefit related to ACE ("Aid to economic growth" as per Article 1 of Italian Law Decree 201/2011) of about 5 million on the top of the ordinary ACE benefit accrued as at 30 September 2015 for EUR 6.5 million. Considering the gains of EUR 20 million, net of taxes, related to the sale of 100% of Finanziaria San Giacomo carried out in the second quarter of 2015 and of profit attributable to noncontrolling interests of EUR 3 million, the profit for the period was EUR 63 million, compared to EUR 7 million recorded in the first nine months of 2014.


PRESS RELEASE

Current-year outlook The first positive signs from the real economy increased in strength. Industrial production increased in September, the recovery in consumption increased in strength: retail sales were the best in two years. Unemployment decreased and employment increased, also due to the measures adopted by the Government, thus continuing to support household consumption. The economic indicators confirm the strengthening of recovery in our country. GDP increased for the first time from the beginning of the total debt crisis by 1.5% year on year. The more favourable economic conditions give greater visibility to the results of the whole financial year. A stable recovery of loans to customers is expected, in particular to Private individuals and SMEs, with consequent positive effects on economic margins. The margins of commercial banking will still be supported by the improvement of spread from customers, with a further reduction in funding costs, and by the increase in net fee and commission income, offsetting the lower contribution from interest on securities portfolio.

REFORM OF COOPERATIVE BANKS: THE BOD AMENDMENTS TO THE ARTICLES OF ASSOCIATION

APPROVES

THE

COMPULSORY

The Board of Directors approved today the amendments to Articles 27, 29 and 36 of the Articles of Association, in accordance with the provisions of the 9th update to Circular 285 "Supervisory Provisions for banks" of 9 June 2015 and of the implementing instructions of the Supervisory Authorities. Since these were changes to regulatory provisions, the amendments were decided by the Board of Directors of the Bank, pursuant to Article 36, paragraph 4, of the Articles of Association, after obtaining the required authorisation of the Bank of Italy. The measures concerned (i) the increase to 10 of the maximum number of proxies that can be granted to each shareholder for attending the meetings of Creval (Article 27), (ii) the repeal of the provision relating to the shareholder quality for being eligible for the office of director (Article 29), as well as (iii) the decision-making authority of the Board of Directors, in order to ensure the calculation of the shares (and of any other equity instruments issued) in the common equity regulatory capital of the Bank, with regard to the limitation or deferral, in all or in part, of the repayment of the equity instruments belonging to the shareholder exercising the right of withdrawal or being excluded (Article 36). After the entry in the competent Companies Registry, the amended articles of association will be published on the website of Creval. The publication will be reported with a special notice.


PRESS RELEASE

Declaration of the Manager in charge of financial reporting The Manager in charge of financial reporting, Simona Orietti, hereby declares that, pursuant to Article 154-bis, paragraph 2 of the Consolidated Finance Act, the accounting information provided in this report matches the information reported in the company's documents, books and accounting records. Signed Simona Orietti

The Managing Director, Miro Fiordi, will present the consolidated results as at 30 September 2015 to the financial community, during a conference call scheduled for today 10 November at 3.00 p.m. (CET).

Financial statement highlights and the reclassified consolidated Statement of financial position and Income Statement are set below.

Company contacts Investor relations Telephone + 39 02 80637471 Email: investorrelations@creval.it Media relations Telephone +39 02 80637403 Email: mediarelations@creval.it


PRESS RELEASE

FINANCIAL STATEMENT HIGHLIGHTS AND PERFORMANCE INDICATORS
STATEMENT OF FINANCIAL POSITION thousands of EUR)
Loans and receivables with customers Financial assets and liabilities Equity Investments Total assets Direct funding from customers Indirect funding from customers of which: - Managed funds Total funding Equity 6,551,354 33,621,085 2,104,105 6,602,765 34,178,168 2,010,927 5,848,254 32,708,901 2,020,106 -0.78% -1.63% 4.63% 12.02% 2.79% 4.16%

(in

30/09/2015

30/06/2015

31/12/2014

change (1)
1.68% -8.67% 3.12% -0.75% -1.56% -1.75%

change (2)
-0.54% -25.04% -84.44% -6.78% 3.91% 0.85%

18,903,168 4,901,787 31,248 26,859,928 21,556,385 12,064,700

18,590,813 5,367,230 30,303 27,062,432 21,898,623 12,279,545

19,004,863 6,539,442 200,797 28,813,556 20,745,569 11,963,332

(1) Calculated compared to 30/06. (2) Calculated compared to 31/12 of the previous year. As at 30 September 2015, the investment in Istituto Centrale delle Banche Popolari was classified as "150. Non-current assets held for sale and disposal groups" by 18.39%, whereas the remaining 2% was included under item "100. Equity investments".

SOLVENCY RATIOS Common Equity Tier 1 capital/Risk-weighted assets (CET1 capital ratio) Tier 1 capital/Risk-weighted assets (Tier1 capital ratio) Total own funds/Risk-weighted assets (Total capital ratio)

30/09/2015 (*) 11.7% 11.7% 13.8%

30/06/2015 11.5% 11.5% 13.8%

31/12/2014 11% 11% 14%

(*) Figures calculated provisionally pending the submission to the Supervisory Authority.

FINANCIAL STATEMENT RATIOS Indirect funding from customers / Total funding Managed funds / Indirect funding from customers Direct funding from customers / Total liabilities Customer loans / Direct funding from customers Customer loans / Total assets

30/09/2015 35.9% 54.3% 80.3% 87.7% 70.4%

30/06/2015 35.9% 53.8% 80.9% 84.9% 68.7%

31/12/2014 36.6% 48.9% 72.0% 91.6% 66.0%


PRESS RELEASE

CREDIT RISK

30/09/2015

30/06/2015

31/12/2014

change (1) 2.01% 0.72%

change (2) 10.70% 2.29% 5.20%

Net bad loans (in thousands of EUR) Other net doubtful loans (in thousands of EUR) Net non-performing loans (in thousands of EUR) Net bad loans / Loans and receivables with customers Other net doubtful loans / Loans and receivables with customers Net non-performing loans / Loans and receivables with customers Coverage ratio of bad loans Coverage ratio of other doubtful loans Coverage ratio of non-performing loans Cost of credit (*)

1,219,889 2,138,084 3,357,973 6.5% 11.3% 17.8% 55.6% 20.1% 38.1% 1.59%

1,195,809 2,138,160 3,333,969 6.4% 11.5% 17.9% 55.8% 19.0% 37.6% 1.71%

1,101,939 2,090,157 3,192,096 5.8% 11.0% 16.8% 56.0% 18.9% 37.2% 3.41%

(1) Calculated compared to 30/06. (2) Calculated compared to 31/12 of the previous year. (*) Calculated as the ratio between net impairment losses on loans and year-end loans.

ORGANISATIONAL DATA

30/09/2015

30/06/2015

31/12/2014

change (1) 0.07% -1.11%

change (2) -3.65% -1.11%

Number of employees Number of branches (1) Calculated compared to 30/06. (2) Calculated compared to 31/12 of the previous year.

4,119 533

4,116 539

4,275 539

OTHER FINANCIAL INFORMATION

01/01/2015 30/09/2015 57.0% 69

2014

01/01/2014 30/09/2014 54.8% 68

Cost/Income ratio Personnel expenses(*)/Number of employees

55.8% 69

2014 figure calculated net of non-recurring expenses related to the implementation of the "Solidarity Fund" and of the impairment of the customer lists; figure of the first nine months of 2014 restated in accordance with the provisions of IFRS 5. (*) Costs non chargeable to employees removed.


PRESS RELEASE

RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS (in thousands of EUR) 30/09/2015 151,563 89,049 5,101,448 793,524 18,903,168 31,248 661,188 176,947 951,793 26,859,928 31/12/2014 194,289 61,787 6,789,606 839,489 19,004,863 200,797 663,968 3,191 1,055,566 28,813,556 change -21.99% 44.12% -24.86% -5.48% -0.54% -84.44% -0.42% n.s. -9.83% -6.78%

Cash and cash equivalents Financial assets held for trading Available-for-sale financial assets Loans and receivables with banks Loans and receivables with customers Equity Investments Property, equipment and investment property and intangible assets (1) Non-current assets held for sale and disposal groups (3) Other assets (2) Total assets

(1) Include the items "120. Property, equipment and investment property" and "130. Intangible assets". (2) Include the items "140. Tax assets" and "160. Other assets". (3) As at 30 September 2015, the investment in Istituto Centrale delle Banche Popolari was classified as "150. Non-current assets held for sale and disposal groups" by 18.39%, whereas the remaining 2% was included under item "100. Equity investments". LIABILITIES AND EQUITY Due to banks Direct funding from customers (1) Financial liabilities held for trading Hedging derivatives Liabilities associated with disposal groups Other liabilities Provisions for specific purpose (2) Equity attributable to non-controlling interests Equity (3) Total liabilities and equity (in thousands of EUR) 30/09/2015 1,834,858 21,556,385 2,483 286,227 868,430 203,369 4,071 2,104,105 26,859,928 31/12/2014 4,837,374 20,745,569 3,233 308,718 573 635,058 258,471 4,454 2,020,106 28,813,556 change -62.07% 3.91% -23.20% -7.29% -100.00% 36.75% -21.32% -8.60% 4.16% -6.78%

(1) Include the items "20. Due to customers" and "30. Securities issued". (2) Include the items "80. Tax liabilities", "110. Post-employment benefits" and "120. Provisions for risks and charges". (3) Includes items "140. Valuation reserves", "170. Reserves", "180. Share premium reserve", "190. Share Capital", "200. Treasury shares" and "220. Profit for the period".


PRESS RELEASE

RECLASSIFIED CONSOLIDATED INCOME STATEMENT
ITEMS (in thousands of EUR) Q3 2015 01/01/2015 30/09/2015 Q3 2014 01/01/2014 30/09/2014 change (6) -0.19% 3.87% -85.08% -28.58% 0.28% -4.07% -5.22% -0.62% -3.08% -3.54% -4.88% -29.14% 79.86% -99.75% change (7) -2.94% 5.72% 50.64% -18.10% -40.71% 9.76% -6.41% -3.76% -0.65% -4.23% -2.74% -10.87% -26.66% 24.82% -99.71%

Net interest income Net fee and commission income Dividends and similar income Net gains on equity-accounted investments (1) Net trading and hedging income (expense) and profit (loss) on sales/repurchases Other operating net income (5) Operating income Personnel expenses Other administrative expenses (2) Depreciation/amortisation and net impairment losses on property, equipment and investment property and intangible assets (3) Operating costs Operating profit Net impairment losses on loans and receivables and other financial assets Net accruals to provisions for risks and charges Net gains on sales of investments (4) Pre-tax profit from continuing operations Income taxes Post-tax profit from continuing operations Profit (loss) from discontinued operations Profit for the period attributable to non-controlling interests Profit for the period

114,361 67,868 1 851 15,157 4,612 202,850 (72,070) (42,204) (9,044) (123,318) 79,532 (66,859) (1,858) 36 10,851 1,809 12,660 (783) 11,877

351,894 209,148 1,990 10,942 65,877 15,858 655,709 (216,836) (130,051) (26,573) (373,460) 282,249 (225,174) (5,713) 42 51,404 (5,745) 45,659 20,070 (2,985) 62,744

114,584 65,340 5,705 21,223 4,599 211,451 (76,041) (42,469) (9,331) (127,841) 83,610 (94,351) (1,033) 14,488 2,714 2,380 5,094 (401) (638) 4,055

362,561 197,828 1,321 13,361 111,110 14,448 700,629 (225,310) (130,906) (27,747) (383,963) 316,666 (307,043) (4,577) 14,331 19,377 (9,162) 10,215

n.s. 165.28% -23.99% 148.53% -37.30% n.s. n.s. 38.64% n.s.

(863) -100.00% (2,153) 7,199 22.73% 192.90%

(1) Net gains on equity-accounted investments include net gains/losses on equity-accounted investments included in item 240 "Net gains on investments". (2) Other administrative expenses include recoveries of taxes and other recoveries recognised in item 220 "Other operating net income" (EUR 43,504 thousand in the first nine months of 2015 and EUR 43,064 thousand in the first nine months of 2014). (3) Depreciation/amortisation and net impairment losses on property, equipment and investment property and intangible assets include items 200 "Depreciation and net impairment losses on property, equipment and investment property", 210 "Amortisation and net impairment losses on intangible assets" and the accumulated depreciation of costs incurred for leasehold improvements, included in item 220 "Other operating net income" (EUR 2,104 thousand in the first nine months of 2015 and EUR 2,842 thousand in the first nine months of 2014). (4) Net gains on sales of investments include the residual amount of item 240 "Net gains on investments" not included among profit of equity-accounted investments, non-recurring income deriving from the conferment of the business unit in Alba Leasing recognised in item 220 "Other operating net income" (EUR 14,305 thousand as at 30 September 2014), together with item 270 "Net gains on sales of investments". (5) Other income and costs correspond to item 220 "Other operating net income" net of the above reclassifications. (6) Calculated as compared to Q3 of the previous year. (7) Calculated as compared to 01/01-30/09 of the previous year. The corresponding prior year figures were restated, in accordance with the provisions of IFRS 5, as a result of the agreement signed on 22 December 2014 with the Cerved Group whose subject matter was the development of a long-term industrial partnership for the management of non-performing loans. This agreement also included the sale of the subsidiary Finanziaria San Giacomo S.p.A. that took place on 1 April 2015.