The Extraordinary and Ordinary Shareholders' Meeting of Credito Valtellinese:

has approved amendments to its articles of association in connection with the Savings Protection Law and the new rules and procedures for the shareholders' meeting

has approved the financial statements as at 31 December 2006 and the distribution of a dividend of € 0.40 per share

has extended the Board of Directors' authorisation to purchase and sell own shares up to a maximum of 4 million shares and a value of € 50 million

has appointed the Board of Directors, Board of Statutory Auditors, and the Board of Arbitrators for the three-year period 2007-2009

GIOVANNI DE CENSI RE-ELECTED CHAIRMAN

GIULIANO ZUCCOLI APPOINTED DEPUTY CHAIRMAN

EXECUTIVE COMMITTEE AND OTHER GOVERNANCE COMMITTEES APPOINTED

Sondrio, 21 April 2007 - A meeting of the shareholders of Credito Valtellinese was held today with an extraordinary and an ordinary session, chaired by Giovanni De Censi, and attended by more than one thousand shareholders.

During the extraordinary session, the meeting approved the amendments to the articles of association aimed at bringing them into full compliance with the savings protection law.

In particular, the articles pertaining to the appointment of the Board of Directors were restated in order to incorporate the provisions concerning independent directors, appointment of directors by voting by list, and replacement of directors who leave office before their term is up.

Changes were made to the text of the articles of association pertaining to the appointment of the Board of Statutory Auditors by voting by list, the election of the Chairman of the Board of Statutory Auditors, and the replacement of Auditors who leave office before their term is up; provisions were added regarding the requirements for serving as Statutory Auditor in relation to other positions filled.

A new article was introduced governing the methods of appointment and requirements for the Manager charged with preparing accounting documents, and a temporary provision was added stating that the efficacy of the amendments to the articles of association is contingent upon their compliance with the provisions of law or regulations in force at the time, considering that the secondary legal context is still under development.

During the ordinary session:

• " the meeting approved the financial statements and the associated proposal for the appropriation of net profit for the year, which calls for the distribution of a dividend of € 0.40 per share, with ex-dividend date of 30 April 2007.
• " The Board of Directors was granted an extension of its authorisation to purchase and sell own shares in accordance with article 12 of the articles of association, in order to support the trading of the stock as part of ordinary brokerage activity, up to a maximum of 4 million shares, against a total of more than 91 million outstanding shares, and up to a maximum value of € 50 million, valid until the date of the next ordinary shareholders' meeting called to approve the financial statements, and under the conditions disclosed to the market in a release issued on 20 March 2007.
• " Changes were also made to the rules and procedures for the shareholders' meeting, which had been approved by the shareholders' meeting held on 17 February 2001, to bring them into line with the amendments to the articles of association concerning the appointment of administrative and control bodies passed during the extraordinary session.
• " All previous members of the Board of Directors were re-appointed, and will remain in office for the three-year period 2007-2009, in accordance with article 31 of the articles of association, as amended by the Extraordinary' Shareholders' Meeting held on 10 February 2007.

A list of fifteen candidates was submitted to the head office within the deadline set in the articles of association, resulting in the appointment of the following directors: Franco Bettini, Gabriele Cogliati, Michele Colombo, Giovanni Continella, Mario Cotelli, Giovanni De Censi, Franco Moro, Angelo Palma, Valter Pasqua, Maurizio Quadrio, Alberto Ribolla, Giuliano Zuccoli, as well as Fabio Bresesti, Paolo De Santis and Vico Valassi as independent directors pursuant to article 148, subsection three, of Italian Legislative Decree No. 58 of 24 February 1998.

• " The following were appointed to the Board of Statutory Auditors for 2007-2009: Roberto Campidori, Chairman; Angelo Garavaglia and Alfonso Rapella, Statutory Auditors; and Aldo Cottica and Gabriele Villa, Substitute Auditors.
• " The following were appointed to the Board of Arbitrators for 2007-2009: Emilio Berbenni, Francesco Bertini, and Emilio Rigamonti, as Regular Arbitrators, and Adriano Bassi and Silvano Valenti, as Substitute Arbitrators.

The Board of Directors, which met after the shareholders' meeting, confirmed Giovanni De Censi as Chairman and as Giuliano Zuccoli Deputy Chairman. The Board of Directors also appointed the members of the Executive Committee for 2007. In addition to the Chairman and Deputy Chairman, who are rightful members according to the company's articles of association, Fabio Bresesti, Gabriele Cogliati, Mario Cotelli and Franco Moro will also serve on the Executive Committee. The Board of Directors then assessed whether according to the Code of Self-Discipline of Listed Companies the independence requirements had been met by the non-executive directors Gabriele Cogliati, Michele Colombo, Franco Moro, Valter Pasqua, Maurizio Quadrio, and Alberto Ribolla, in addition to the aforementioned Fabio Bresesti, Paolo De Santis and Vico Valassi.

Lastly, the new members of the Governance Committee were appointed for the three-year period 2007-2009:
- Strategic Committee: Giovanni De Censi - Chairman, Angelo Palma, Valter Pasqua, Alberto Ribolla, Vico Valassi and Giuliano Zuccoli.
- Nomination Committee: Mario Cotelli - Chairman, Paolo De Santis and Valter Pasqua.
- Remuneration Committee: Giovanni Continella - Chairman, Michele Colombo and Alberto Ribolla.
- Internal Oversight Committee: Maurizio Quadrio - Chairman, Franco Bettini, Franco Moro and Valter Pasqua.

Name	Executive Committee	Independent	Strategic Committee	Appointment Committee	Remuneration Committee	Internal Oversight Committee
DE CENSI GIOVANNI (*)	X	NO	C
ZUCCOLI GIULIANO (*)	X	NO	X
COTELLI MARIO (*)	X	NO		C
BETTINI FRANCO		NO				X
BRESESTI FABIO	X	YES
COGLIATI GABRIELE	X	YES
COLOMBO MICHELE		YES			X
CONTINELLA GIOVANNI		NO			C
DE SANTIS PAOLO		YES		X
MORO FRANCO	X	YES				X
PALMA ANGELO		NO	X
PASQUA VALTER		YES	X	X		X
QUADRIO MAURIZIO		YES				C
RIBOLLA ALBERTO		YES	X		X
VALASSI VICO		YES	X

(*) Executive Director.
C= Chairman

Company Contacts

Tiziana Camozzi
Institutional Communication and Press Service
Telephone 02 80637471
Email: camozzi.tiziana@creval.it

Raffaella Premoli
Institutional Communication and Press Service
Telephone 02 80637403
Email: premoli.raffaella@creval.it