Joint press release: Credito Valtellinese banking Group and Caboto IntesaBci to launch Euro Medium Term Note program for € 1 billion

Under an agreement signed in London on January 28, 2003, the Credito Valtellinese Group is launching a Euro Medium Term Note program, which is primarily aimed at issuing bonds in private and public capital, including subordinated debts.

The Credito Valtellinese has mandated the company Caboto IntesaBci to act as arranger for the program. Issuers for the Euro Medium Term Note program are three of the Group member companies, i.e. the parent bank Credito Valtellinese, Credito Artigiano and Bancaperta. The program opens up new prospects for the Group, offering more opportunities in terms of international investments. Along with program arranger Caboto IntesaBci and Bancaperta (Group member company entrusted with all activities pertinent to finance and Internet banking), the dealer panel of the program includes ABN Amro, Crédit Agricole Indosuez, Deutsche Bank, Dresdner, HSBC, I.C.B.P.I., J.P. Morgan, Merril Lynch, Natexis, Nomura and UBM.

With a banking network serving most areas in Lombardy, Sicily, Tuscany and Latium, the Credito Valtellinese Group consists of five retail banks, three specialized companies operating in the field of finance and three service companies providing support to the Group's core business. Credito Valtellinese offers a wide range of products and services related to asset management, private banking, corporate finance, remote banking, bank insurance, as well as information technology and real estate management. Over the last few years, the Group has grown rapidly. In fact, it has been able to anticipate the effects produced by the evolution of IT to meet the needs of the Internet era, both in terms of corporate organization and operating policies. In addition, the Group has been able to launch advanced solutions and products on both the domestic and international markets, also thanks to agreements signed with major partners, such as Zurich Julius Baer Group.

As of September 30, 2002, the Group's profits recorded + 29.1% compared with the same period of the previous year. In particular, direct deposits stood at € 7,541 million, while sums receivable from customers at € 6,283 million.