Credito Artigiano: information regarding the status of the implementation of the systems and procedures for adopting the IAS/IFRS international accounting principles

Milan, March 15, 2005 - Pursuant to CONSOB Memorandum DME/5015175 of March 10, 2005, as an addendum to the March 1, 2005 press release regarding the approval of the draft financial statements at December 31, 2004 by the Board of Directors of Credito Artigiano, we are providing the following information on the activities undertaken regarding the transition to the IAS/IFRS.

As the bank is not required to prepare consolidated financial statements, the individual financial statements will be drawn up using the new IAS/IFRS beginning in 2006. Conformity to the new regulations, which is also necessary in preparing the consolidated financial statements of the Parent Company Credito Valtellinese, has called for the implementation of new and the revision of existing operating processes. These activities began in 2004 and will be concluded in 2005.

The data necessary for the restatement of the 2004 financial statements in accordance with the IAS/IFRS is not yet available. Lastly, at present, no audit firm has been appointed to review the data resulting from the transition process.

For more information, contact:

Vittorio Pellegatta
Direzione Amministrativa
Telephone 02 80637365
Email: pellegatta.vittorio@creval.it

Tiziana Camozzi
Servizio Comunicazione istituzionale
Telephone 02 80637471
Email: camozzi.tiziana@creval.it