Credito Valtellinese Group listed companies to adopt Code of Conduct for internal dealing as from January 1, 2003

The Boards of Directors of the Credito Valtellinese and Credito Artigiano (both are listed on the Italian Stock Exchange) have resolved to adopt the Code of Conduct for internal dealing - which will be in force as from January 1, 2003 - in accordance with the regulations of Borsa Italian S.p.A.

The adopted Code of Conduct provides for the notification of transactions on financial instruments, including those not listed, issued by the Credito Valtellinese and Credito Artigiano, which exceed the limit of 50,000 euros in the quarterly period, as well as of transactions the amount of which, either single or cumulative, exceed the limit of 250,000 euros.

Along with the members of the Board of Directors, Board of Auditors and General Management of the Credito Valtellinese and Credito Artigiano , a number of 'important persons' within the other member companies are subject to compulsory disclosure of the aforementioned transactions, as they have access to significant economic, financial and balance-sheet information on the listed companies and on the Group itself.

In accordance with the Code of Conduct for internal dealing, the Boards of Directors of Credito Valtellinese and Credito Artigiano ( the latter only as far as the transactions on its own financial instruments are concerned), may also decide to entrust, or not to, the aforementioned 'important persons' with the making of such transactions for given periods of time