The final terms and conditions for implementation of the share capital increase approved by the Extraordinary Shareholders' Meeting of February 10, 2007 have been determined

Euro 10 is the price of shares (with Bonus share) offered in option to shareholders, together with free 2008 and 2009 warrants

Subscription period: May 21 - June 22

Sondrio, May 16 2007. Having obtained CONSOB approval for the publication of the Offering Circular, the Board of Directors - which convened today - set the final terms and conditions for the offering of a maximum of 53,529,588 ordinary Credito Valtllinese shares (with bonus share), a maximum of 21,411,834 2008 warrants and a maximum of 21,411,834 2009 warrants.

The shares will be offered in option to Credito Valtellinese shareholders on the initial transaction date, in the following ratio:

- 1 new share with nominal value of Euro 3.50, to be granted on January 1, 2007 per ordinary share held, at the price of Euro 10 each, together with, at no cost, two 2008 warrants and two 2009 warrants per each unit of 5 subscribed shares,
- in addition, a free bonus share is to be granted per each unit of 10 subscribed shares held until July 12, 2008 - the centenary of the bank's establishment.

Shares can be subscribed by exercising the relative share option rights during the inclusive period between May 21 - June 21, 2007 at any branch of any bank within the Credito Valtellinese Group and at any intermediary listed in the Monte Titoli S.p.A. centralised management system, without the subscriber incurring any charge or ancillary fees.

The share options will be traded on Borsa Italiana S.p.A.'s MTA in the inclusive period of May 21 - June 15, 2007. Under the terms of article 2441, paragraph 3 of the Italian Civil Code, unexercised share options will be offered, in an Italian Stock Market open market for at least five days. Notification of this offer will be provided in a subsequent communication.

New issue shares will be automatically listed on the blue chip segment of Borsa Italiana's MTA, together with shares under current circulation and the 2008 and 2009 warrant listings have already been arranged by Borsa Italiana by virtue of provision No. 5267 of 14 May while the start date of the relative negotiations will be subsequently set by Borsa Italiana once the requirements of the Rules for markets managed by Borsa Italiana itself have been met.

The outcome of the operation is guaranteed by the Milan branch of Bayerische Hypo-und Vereinsbank AG, which will act as guarantor for the subscription of any unsubscribed shares and of any unexercised share options.

The Prospectus, containing full details of the offering, will be available from the Registered Office of Credito Valtellinese, from Borsa Italiana S.p.A. and on the website of the company at www.creval.it and of Borsa Italian at www.borsaitaliana.it.

For further information, contact:

Tiziana Camozzi
Institutional Communication and Press Service
Telephone 0280.637.471
Email: camozzi.tiziana@creval.it

Raffaella Premoli
Institutional Communication and Press Service
Telephone 0280.637.403
Email: raffaella.premoli@creval.it