Credito Valtellinese banking Group to launch new policy Global Orizzonti 1

Sondrio, July 9, 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 Orizzonti 1 '. Capital repayment is linked to the performance of investments consisting of bonds and a basket of 20 shares.

The investment term is six years. Global Orizzonti 1 is designed to provide capital repayment at maturity and to produce a guaranteed minimum yield of 5.5% a year, which is paid periodically. During the first year, Global Orizzonti 1 carries fixed coupons payable semi-annually (2.5% and 3% respectively). In the subsequent years, the coupon amount is linked to the performance of the prices of the 20 constituent shares in the basket.

Global Orizzonti 1 allows the investors to benefit also from the high volatility of the stock market consisting of negative and positive stock price variations, thereby assuring a yield also during the bearish phases.

This new product, of which the minimum investment amount is € 2,500, will only be available for the customers of the Credito Valtellinese banking Group until August 13, 2003.