25.07.2018

CRÉDIT AGRICOLE ASSURANCES ANNOUNCES THE COMPLETION OF THE PURCHASE OF 104,500,000 ORDINARY SHARES OF CREDITO VALTELLINESE S.P.A.

CREDIT AGRICOLE ASSURANCES ANNOUNCES THE COMPLETION OF THE PURCHASE OF 104,500,000 ORDINARY SHARES OF CREDITO VALTELLINESE S.P.A. THROUGH A REVERSE ACCELERATED BOOK‐BUILDING ADDRESSED TO QUALIFIED INVESTORS AND INTERNATIONAL INSTITUTIONAL INVESTORS

Crédit Agricole Assurances (“CAA”) announces the completion of the purchase of no. 104,500,000 ordinary shares of Credito Valtellinese S.p.A. (“CreVal” or the “Bank”), equal to approximately 1,5% of CreVal share capital, through a reverse accelerated bookbuilding exclusively addressed to qualified investors and international institutional investors (the “Transaction”).

J.P. Morgan Securities plc acted as sole dealer-manager (the “Manager”) in the context of the Transaction.

The purchase price of such shares is equal to Euro 0.1079 per share, for a total aggregate consideration of approximately Euro 11.3 million. The purchase has been made by CAA by means of available cash resources. The settlement of the Transaction will take place on 27 July 2018.

Following the Transaction CAA holds approximately 1.5% of CreVal share capital. The relevant reporting duties will be carried out in due course pursuant to applicable laws and regulations.

As previously disclosed, CAA or its affiliates may engage in further purchases until their aggregate shareholding reaches the Target Stake and the lock up period of 180 days will commence on the date the Target Stake is achieved.

Crédit Agricole Assurances, Europe's leading bank insurer, holds all of Crédit Agricole's insurance entities. The group offers a range of products and services for savings, retirement, health, death & disability and property insurance. They are distributed via Crédit Agricole group banks in France and in 9 other countries worldwide, by wealth management advisers and insurance agents. Crédit Agricole Assurances companies meet the needs of individuals, professionals, farmers and businesses. Crédit Agricole Assurances has 4,400 employees. Its sales at the end of 2017 amounted to €30.4 billion (IFRS).

www.ca-assurances.com