The Board of Directors of Banca dell'Artigianato e dell'Industria examines the financial and equity picture as at 30 June 2005

(in millions of euros)	June 2005	December 2004	%	June 2004	%
Direct deposits	281.9	198.5	+ 42%	156.3	+ 80%
Indirect deposits	54	48.8	+ 10%	42.2	+ 28%
Loans	283.6	197.4	+ 43%	167	+ 70%

(in millions of euros)	June 2005	June 2004	%
Interest margin	3.9	2.8	+ 39%
Brokerage margin	5.5	3.7	+ 46%
Gross operating profit	0.7	0.9	- 20%

Brescia, 31 August 2005 - The Board of Directors of Banca dell'Artigianato e dell'Industria S.p.A., a bank in the Credito Valtellinese group, today examined figures regarding operations for the first half of 2005, which confirm the favourable trend in primary combined assets already seen in the first quarter of the year.

The bank's activity in the first half of 2005 points to a growth in direct deposits, which reached 282 million euros (+ 80% compared to 30/06/2004 and + 42% compared to 31/12/2004). Indirect deposits total 54 million euros, with a 28% increase compared to June and 10% compared to December of last year.

The positive trend also continues in loans to customers, which stood at 284 million euros, up 70% compared to 30 June 2004 and 43% from the beginning of the year.

Net equity as at 30 June 2005 amounted to 38 million euros, up 15.6% compared to the figure of 32.9 million as at 31 December 2004, and 16.6% compared to 32.6 million as at 30/6/2004; the increase in assets is to be ascribed to the conversion of the fifth and final tranche of the subordinated convertible bond and the exercise of warrant options connected to shares deriving from the conversion.

As regards the income statement, due to the considerable increase in the volume of managed assets, the interest margin stands at 3.9 million euros (+39% compared to June 2004). The brokerage margin, due to the trend seen in the interest margin as well as the sizeable increase in net commissions on services (70.7%), comes in at 5.5 million euros, with an increase in absolute value of 1.8 million euros (+46%), compared to 30 June 2004.

Administrative expenses (personnel costs and general overhead) amount to 4.4 million euros, up 71% compared to June 2004, primarily due to increased operations stemming from the bank's progressive realisation of a major territorial growth plan, particularly in the region of Veneto. In the last twelve months, 4 new branches have been opened. The current distribution network, which includes the Desenzano del Garda office opened in July 2005, includes 13 branches.