Credito Valtellinese Group: Finalization of assignment of Mediocreval S.p.A. non-performing loans to Finanziaria San Giacomo S.p.A.

Sondrio, July 4, 2006 - The contract concerning assignment without recourse of Mediocreval S.p.A. non-performing loans to Finanziaria San Giacomo S.p.A. (a fully owned subsidiary of Mediocreval S.p.A.) was finalized today, for a total price of € 113,103,000, corresponding to the value of the loans as of March 31, 2006, calculated according to IAS.

Transfer of the loans in question will come into effect on July 8, 2006. The definitive 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 July 7, 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.
Upon conclusion of this transaction, Mediocreval will be able to officially begin its own operations in the granting and management of medium/long-term financing at Group level.

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