Bond issue Credito Valtellinese 2.8% 2004-2007 convertible. Trading started

Sondrio, July 22, 2004 - Upon authorization from Consob of July 21, 2004, supplemental information on the listing admission for bond issue Credito Valtellinese 2.8% 2004-2007 convertible has been published today.
In accordance with the disposition No 3538 of Borsa Italiana dated July 22, 2004, screen-based trading of these bonds on Mercato Telematico Italiano (MTA, the Italian screen-based Stock Exchange) is scheduled to commence on July 26, 2004. The minimum trading unit is 1 bond of nominal value € 1,000.