CREDITO ARTIGIANO'S VERY POSITIVE DEBUT IN PIAZZA AFFARI

Milan, July 14 1999 - This morning, Credito Artigiano made his debut in Piazza Affari. Credito Artigiano shares were exchanged for 3.80 Euro, namely 10% more than the reference price, which had been fixed in 3.49 Euro, as a weighed average of the three financial instruments included in the "parcel" offered last week. 42,000 parcels were offered to private investors. Each parcel included 750 shares - 500 of which offered for sale at 4.85 Euro each and 250 offered for subscription at 2.35 Euro each - and one subordinate convertible bond worth 1,000 Euro. The aggregate price was 4,012.5 Euro. CREDITO VALTELLINESE and BANCA COMMERCIALE ITALIANA co-ordinated the public offering, which started on July 6 and lasted until July 7. BANCA COMMERCIALE ITALIANA also sponsored Credito Artigiano official listing. Offerors were fully satisfied. In fact, more than 35,000 investors applied for approximately 58,000 "parcels". Credito Artigiano share official price was fixed in 3.678 Euro, namely 5.4% more than the reference price, fixed in 3.49 Euro. Altogether 295,250 shares were exchanged. "Credito Artigiano TV 1999/2004" subordinate convertible bond issue bonds official price was fixed in 138.80 Euro. Stefano Preda (Borsa Italiana Chairman), Massimo Capuano (Borsa Italiana Managing Director), Giovanni De Censi (Credito Valtellinese Managing Director), Renato Bartesaghi (Credito Valtellinese General Manager), Bassano Baroni (Credito Artigiano Chairman), Luciano Camagni (Credito Artigiano General Manager), Giovanni Paolo Monti (Credito Artigiano Under-General Manager), Alberto Varisco (Banca Commerciale Joint-General Manager) attended the ceremony that traditionally accompanies the dealing inception.

"We particularly appreciated the lively dealings, during the first day of Credito Artigiano official listing. They confirmed the investors' interest in our company - the General Manager Luciano Camagni said - Now, our main target is pursuing the company further development and not to betray our shareholders' confidence."

In 1946, the entrepreneur Giuseppe Vismara and the Cardinal of Milan, Idelfonso Schuster, agreed upon Credito Artigiano foundation. Since the origins, the bank has been characterised by a strong interest in its territory. Credito Artigiano preferred to establish personalised relationships with its customers, who were above all families, craftsmen, traders, small and middle-sized enterprises. It paid particular attention to the non-profit organizations. Credito Artigiano, moreover, was always active in the social field; in particular it was close to art and culture. In fact, it recently contributed to the initiative the Ministry for the Cultural Patrimony and cultural activities undertook, in order to take " Lady with the Ermine", Leonardo Da Vinci's masterpiece, in Italy. The exhibition was hosted in the Palazzo del Quirinale, in Rome, in Brera picture gallery, in Milan, and in Palazzo Pitti, in Florence. More than 300,000 people visited it. Today, the Milan bank operates through its 59 counters that mainly concentrate in the province of Milan, Rome, Florence and Prato. Credito Artigiano is opening four new branches within the end of 1999. The bank development strategies are aimed at increasing the number of counters, improving its technologies, and increasing its range of products, making its staff more efficient and qualified and adopting effective alliance policies. Since 1995, Credito Artigiano has been a member of Credito Valtellinese banking Group and has been sharing the parent bank principles and guidelines. Its strategic policy led Credito Valtellinese Group to entrust a number of service companies, which operate for all banks belonging to the group, carrying out activities not directly concerned with banking. In this way, all the group banks can constantly look over their specific markets. As regards its range of products, in order to satisfy the customers' increasing financial and insurance needs, Credito Artigiano has been offering particular forms of saving and insurance-bank. It also established strategic partnerships with the Swiss group Julius Baer and with Società Cattolica di Assicurazione. Credito Artigiano always aimed at satisfying the customers' needs, in the framework of a global quality approach. In fact, in 1997, Credito Artigiano was assigned the "Quality Certification" for "application processing, disbursement and management of credit facilities", in accordance with the international norm UNI EN ISO 9002. One year later, Credito Artigiano obtained the quality certification for its fund transfers via payment systems. In 1998, Credito Artigiano net profit totalled 16 billion, 50% more than in 1997. The intermediation margin totalled 235 billion (+27.3%), thanks to the interest margin 10.4% increase (from 114.3 to 126.3 billion) and to the considerable increase in net commissions (50%, 50.5 to 75.7 billion). In comparison with direct incomes amounting to 3,563 billion (+4.3%), indirect incomes - including saving deposits that saw an increase of 47%, totalling 1,936 billion - totalled 5,500 billion (+25%). Investments totalled 2,286 billion (+14.7%). The unpaid bills/investments ratio touched 2.1%. At the end of 1998, Credito Artigiano property totalled 288 billion, that is a considerably greater result than in 1997 (+ 24.7%).