Credito Valtellinese banking Group to launch new policy Global Cedola 2

Sondrio, June 27, 2003 - The Credito Valtellinese banking Group, in association with the company Global Assicurazioni S.p.A., are launching a new series of policies under the name of 'Global Cedola 2'. Capital repayment is linked to the performance of special investments, mainly consisting of bonds.

Global Cedola 2 produces a guaranteed minimum yield of 2.25% a year. The investment term is five years, during which investors may also benefit from higher yields depending on the investment performance.

Global Cedola 2 offers all the advantages of an insurance policy. The minimum investment amount is € 5,000. Global Cedola 2 can be surrendered with no penalties after 1 year.

This new product will only be available for the customers of the Credito Valtellinese banking Group until July 31, 2003.