Caboto and Ubm to launch senior Euro-denominated Bond Issue for Credito Valtellinese

Milan, October 8, 2004 - Credito Valtellinese has launched a 5-year variable-rate bond issue of 300 million euros. Senior bond issue (issue price 99.857) pays a coupon of 3 months Euribor + 25 basis points with redemption at par at maturity. The issue was placed by Caboto and Ubm acting as joint book runners while Bancaperta (Credito Valtellinese Group) has acted as senior co-lead manager.

Bonds will by issued within a Euro Medium Term Note program launched by Credito Valtellinese and will be listed on the Luxembourg Stock Exchange. The rating expected is Baa1 by Moody's.

With a banking network consisting of 316 branch offices serving most areas in Lombardy, Sicily, Tuscany and Latium and net assets for € 11,039 million, the Credito Valtellinese Group is made up of six banks (four retail banks and two specialized banks), a company involved in the collection of taxes and three service companies providing support to its banking core business. Credito Valtellinese offers a wide range of products and services, among which asset management, private banking, remote banking, bank insurance, as well as technical services in the fields of information technology and real estate management.

Bancaperta is the Group company entrusted with finance and web banking. At present, there are over 177,000 customers benefiting from a range of services and facilities offered via the Internet through the banc@perta Line.