Credito Artigiano: Annual General Meeting of the shareholders adopts 2003 balance sheet

Economic indicators recorded positive performances
intermediation margin: + 7.7%
operating income before taxes: + 9.6%
ordinary profit: +7%

Assets held for administration recorded significant increases
total deposits: + 10%
investments: + 11.9%

Appointed new members of the Board of Directors and the Board of Statutory Auditors

Mr Angelo Palma appointed Chairman of the bank, Mr Giovanni De Censi reappointed deputy Chairman

Milan, April 5, 2004 - The Annual General Meeting of the Shareholders of Credito Artigiano, which was held today in Milan, has adopted the balance sheet for the year ended December 31, 2003. The balance sheet for 2003 recorded strong increases in all aggregates, as well as in the main economic indicators.

Details of the profit and loss account are as follows: the intermediation margin stood at € 140.7 million, posting a growth of 7.7 percent over the same period last year; the operating income before taxes rose to € 40.5 million with a 9.6% increase compared with the same period of 2002; ordinary profits recorded a +7% performance to € 28.5 million.

Significant increases were also recorded in all balance-sheet aggregates. Details are as follows: total deposits rose to € 7,129 million (+10%); credits to the customers recorded a +11.9% performance to € 2,821 million.

The Meeting also resolved on the following: distribution of a dividend of € 0.1093 per any of the 122,719,280 outstanding shares to be paid with effect April 16, 2004. Start of dividend entitlement on January 1, 2003. The share will be quoted ex-coupon as from April 13, 2004.

A new management team for Credito Artigiano has been appointed for the period 2004-2006. The following members of the Board of Directors were appointed during the meeting: Giovanni Colombo, Giovanni De Censi, Carlo Feltrinelli, Miro Fiordi, Antonio Magnocavallo, Felice Martinelli, Angelo Palma, Valter Pasqua, and Vincenzo Vedani.

The Board of Statutory Auditors for the period 2004-2006 is composed of the following members: Roberto Campidori, Chairman; Paolo Lazzati and Giuseppe Degrassi (Acting Auditors); Gabriele Villa and Alessandro Panno (Substitute Auditors).

In its meeting held immediately after the Annual General Meeting, the Board of Directors of Credito Artigiano appointed Mr Angelo Palma Chairman of the bank. Mr Giovanni De Censi was reappointed deputy Chairman.

An extraordinary Meeting of the shareholders was also called to resolve on a few changes in the articles of association of the bank associated with the new corporate law.