Banca Popolare di Sondrio S p A : Scope Ratings confirms the Bank's "BBB-" rating, improves outlook from "stable" to "positive

______________________________________________________________________________________________

PRESS RELEASE

BANCA POPOLARE DI SONDRIO:

• SCOPE RATINGS UPGRADES THE OUTLOOK FROM "STABLE" TO "POSITIVE" DUE TO THE STRONG FINANCIAL FUNDAMENTALS
• ISSUER RATING CONFIRMED AT THE INVESTMENT GRADE "BBB-"

Please advised that the agency Scope Ratings, at the end of the annual rating review process, confirmed the issuer rating assigned to Banca Popolare di Sondrio at investment grade "BBB-" and improved the outlook from "stable" to "positive".

The improvement in the outlook reflects the rating agency's assessment of the positive evolution of the Bank's financial fundamentals over the last two years, characterised in particular by the strong action taken to reduce impaired loans, whose stock was halved, bringing the gross NPL ratio to 5.8%.

The agency's expectation is that the credit profile over the next 12-18 months will continue to improve, taken into account that capital ratios at the end of last year - with the CET 1 ratio phased-in at 15.8% and fully loaded at 15.7% - were already well above regulatory requirements.

Scope Ratings also points out that Banca Popolare di Sondrio has maintained a good performance even during the difficult context related to the pandemic, confirming its

1

______________________________________________________________________________________________

Banca Popolare di Sondrio

______________________________________________________________________________________________

historical track record of profitability that places it above the average of Italian banking

institutions.

Please find attached the press release issued late yesterday evening by Scope Ratings.

Sondrio, 24 March 2022

Company contacts:
Investor Relations	Relazioni esterne
Michele Minelli	Paolo Lorenzini
0342-528.745	0342-528.212
[e-mail]	[e-mail]
Image Building
Cristina Fossati
Anna Pirtali
02-890.11.300
[e-mail]

The English translation is provided only for the benefit of the reader and in the case of discrepancies the Italian version shall prevail.

2

______________________________________________________________________________________________

Banca Popolare di Sondrio