Capital increase in connection with the public voluntary exchange offer over the Saving Shares of Banco di Sardegna S.p.A.

Following the filing with the Companies’ Register of Modena, on 12 November 2019, of the resolution of the Board of Directors of BPER Banca S.p.A. (“BPER”) exercising the power to increase BPER’s corporate capital in connection with the Offer, the shareholders’ of BPER representing at least a twentieth of BPER’s corporate capital may require, pursuant to article 2443, paragraph 4, of the Italian civil code, within thirty days following the abovementioned filing date, that, upon the initiative of BPER’s directors, a new valuation of the assets in kind to be contributed (i.e., saving shares of Banco di Sardegna S.p.A.) is carried out pursuant to, and for the purposes of, article 2343 of the Italian civil code.