Capital increase of Credito Valtellinese: fixed rate of return on convertible bond issue

Sondrio, Mon. February 16, 2004 - The purpose of this press release is to inform that the Board of Directors of Credito Valtellinese has fixed the annual pre-tax nominal rate of return on convertible bond issue 'Credito Valtellinese 2004-2007' at 2.8%.
In accordance with the resolutions adopted by the Extraordinary General Meeting, which was held on November 15, 2003, the total amount of this bond issue is € 293,665,000. Bonds will be offered to holders of Credito Valtellinese shares on the basis of 1 bond (nominal value € 1,000) for every 200 shares held.
All requirements/procedures pertaining to this bond issue are in the process of being fulfilled.