CREDITO SICILIANO APPROVES DRAFT BALANCE SHEET FOR 2002. RESTRUCTURING PLAN LEADS TO POSITIVE OPERATING PERFORMANCE

Palermo, February 27, 2003. The Board of Directors of Credito Siciliano S.p.A. has approved the draft balance sheet for the year ended December 31, 2002.

Established July 1, 2002 following the merger of the local banks Banca Popolare Santa Venera, Banca Regionale Sant'Angelo and Cassa San Giacomo with the company Leasingroup, over the second half of 2002 in accordance with the restructuring guidelines, the Sicilian bank has been committed to further improving its operating performance by strengthening an already existing banking network consisting of 130 branch offices and consolidating its commercial relationship with the local communities and regional economy.

Below are figures pertaining to the main balance-sheet aggregates, which are not directly comparable with those for the previous year (referred to Banca Regionale Sant'Angelo S.p.A. only). As at December 31, 2002, global deposits recorded € 2,874.4 million, direct deposits € 1,841.9 million, indirect deposits € 1,032.5 million (of which 88.1 million deposits held for administration and 98.1 million insurance deposits), investments € 1,099.2 million.

As regards the company profit and loss account, the interest margin stood at € 61.5 million, the intermediation margin at € 134.3 million. Operating costs amounted in all to € 127.8 million; the gross operating income consequently recorded € 6.5 million.

After entering provisions and adjustments for € 4.5 million, a movement in the reserve for general banking risks for € 1.65 million, extraordinary proceeds for € 470,200 and taxes on income for € 4.1 million, net profits for the year recorded € 14,300.

The annual Shareholders' Meeting will be held on April 4, 2003 to resolve on the balance sheet for 2002 and the allocation of the year's profits.

During the second half of 2002, the Credito Valtellinese banking Group has also been committed to offering a wider range of services to its clientele, with the launch of cart@perta (a pre-paid debit card, which you can re-charge via the Internet by clicking cart@perta on banc@perta homepage) and banc@pertaCBI (the inter-bank corporate banking service to operate with any bank around Italy just at a mouse click) on the occasion of Smau Sicilia 2002.