Credito Valtellinese 2.8% 2004-2007 Convertible Bond Issue (ISIN Code IT0003628473)
Maturity of third instalment of issue and exercise of conversion

It is announced that on 19 April 2007 the third and final instalment of the issue will reach maturity, € 400.00 per note of the original par value of € 1,000.

From 19 March to 18 April, 2007, bondholders will have the option of requesting that in lieu of receiving payment, the instalment be converted into 55 shares of Credito Valtellinese stock, with a conversion value of approximately € 7.27 per share (€ 3 of par value and € 4.27 of share premium).

The new shares will pay dividends starting on 1.1.2007 and will be credited to the securities portfolio by the tenth day of stock market operations after the final day on which conversion may be requested.

Bonds may be converted at all Credito Valtellinese branches and through all authorised intermediaries participating in Monte Titoli S.p.A.

Payment of interest
Furthermore, it is announced that effective 19 April 2007 annual interest accrued on the issue as at said date will be paid at the nominal yearly rate of 2.8%, corresponding to € 11.2 gross of the withholding tax required by the law per each note of € 400 of the original par value of € 1,000.