Credito Valtellinese Group: Banca Artigianato e dell'Industria SpA finalises the transfer of non-performing loans to Finanziaria San Giacomo SpA

Sondrio, Friday 4 August 2006 - On today's date an agreement was signed to transfer non-performing loans without recourse from Banca dell'Artigianato e dell'Industria SpA to Finanziaria San Giacomo Spa, a member of the Credito Valtellinese group specialised in managing problem loans. The total price paid was € 1,924,065.59, equal to the value of the loans themselves on 31 March 2006, determined according to IAS rules.

Transfer of the loans in question will come into effect on August 12, 2006. The final transfer amount will be established based on the aforementioned price, which was calculated in relation to the financial transactions occurring between March 31, 2006 and August 12, 2006, possible adjustments during that time period (in accordance with IAS/IFRS criteria), as well as any other potential adjustments made during the same period and relating to extraordinary circumstances, such as bankruptcy or other legal proceedings.

For further information, contact:

Tiziana Camozzi
Institutional Communication and Press Service
Telephone 02 80637471
Email: camozzi.tiziana@creval.it

Raffaella Premoli
Institutional Communication and Press Service
Telephone 02 80637403
Email: premoli.raffaella@creval.it