Credito Valtellinese Group and Cattolica Group annul agreement

Milan, March 20th 2002 - As the Credito Valtellinese Group and the Cattolica Group have now changed their strategic plans and as a consequence of increased competition, the two Groups have annulled the agreement they signed in 1996.

The parties have also annulled their reciprocal holdings. In particular:

• The Credito Valtellinese has acquired from the Cattolica Assicurazioni: 5.56% of the controlled company Bancaperta SpA's stock for € 4,490,200.00; 5% of the Credito Artigiano SpA's stock for € 20,664,052.56, which means € 3.66 per share; a number of the Credito Artigiano's convertible bonds 1999-2004 for an overall nominal value of € 3,750,000, in all € 4,950,000.00

• Cattolica, in its turn, has acquired 5% of the controlled company Risparmio & Previdenza SpA's stock from the Credito Valtellinese for € 2,258,625.00