Banca dell'Artigianato e dell'Industria resolves on non-performing loan selling

Brescia, June 16, 2004 - In a meeting held today in Brescia, the Board of Directors of Banca dell'Artigianato e dell'Industria (Credito Valtellinese Group) has resolved on non-performing loan selling to Cassa San Giacomo (Group member company responsible for credit risk management and legal advice) for a total amount of about 2.5 million euros. The exact amount will be fixed at a later date, according to the value of credits sold and after some adjustments have been made to the accounting records.
Subject to authorization by the competent Authority, the non-performing loan transaction will be accomplished by the end of July, 2004.