CAPITAL TRANSACTION

In accordance with Articles of Association art 12, the Board of Directors of Credito Valtellinese S.c. a r.l. has resolved on the cancellation of 1,000,000 of its own shares (namely 1.91% of the capital stock, share price: 8.307 euros)

The resolution has been taken in accordance with the special power of proxy given to the Board of Directors during the stockholders' annual meeting