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THE BOARD OF DIRECTORS APPOINTS UNANIMOUSLY MIRO FIORDI CHAIRMAN GIOVANNI DE CENSI HONORARY CHAIRMAN MICHELE COLOMBO DEPUTY CHAIRMAN GOVERNANCE COMMITTEES

Sondrio, 26 April 2016 ­ During today's meeting, the Board of Directors appointed unanimously Miro Fiordi Chairman, effective as from 1st May 2016, and Michele Colombo Deputy Chairman. The Board, taking also into account what resulted during the Shareholders' Meeting held on 23rd April, also appointed Giovanni De Censi Honorary Chairman. Therefore, the Board appointed the members of the Executive Committee, who will remain in office until the Shareholders' Meeting for the approval of the financial statements at 31 December 2016. In addition to Chairman and Deputy Chairman, the Directors Isabella Bruno Tolomei Frigerio, Gabriele Cogliati, Giovanni De Censi, Gionni Gritti and Paolo Scarallo were also appointed members of the Executive Committee for the current financial year. Finally, the Board of Directors set up the following internal committees for the 2016 ­ 2018 three-year period, by indicating their members: - Nomination Committee: Maria Elena Galbiati (*) (Chairman), Mariarosa Borroni (*) and Tiziana Mevio (*); - Remuneration Committee: Mariarosa Borroni (*) ***(Chairman), Maria Elena Galbiati (*) and Alberto Sciumè (*); - Risk Committee: Elena Beccalli (*) ** (Chairman), Paolo Stefano Giudici (*) ** and Alberto Sciumè (*); - RPT (Related Party Transactions) Committee: Alberto Sciumè (*) (Chairman), Paolo Stefano Giudici (*) and Flavio Ferrari (*);

Considering the appointment of Miro Fiordi as Chairman of the Board of Directors of the Bank and of its subsequent termination from the office of General Manager, today's Board also identified, in collaboration with the newly established Nomination Committee, the new General Manager. The independence requirements will be checked, pursuant to Article 148, paragraph 3, of Italian Legislative Decree no. 58 of 24 February 1998 and to the Corporate Governance Code of Listed


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Companies, also on the basis of statements made by members of Company Officers, on the occasion of the next meeting of the Board of Directors. The outcome of this review will be communicated to the market. (*) Qualified as independent directors in accordance with Italian Legislative Decree no. 58 of 24 February 1998 and the Corporate Governance Code of Listed Companies. ** Qualified director with experience in accounting and financial matters or risk management (Risk Committee) *** Qualified director in possession of adequate knowledge and experience of finance or remuneration policies (Remuneration Committee)

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