CANCELLATION OF CV SHARES

Sondrio, Tuesday August 6 2002 - In accordance with Articles of Association article 12, the Board of Directors of Credito Valtellinese S.c. a r.l. has resolved on the cancellation of 1,000,000 of its own shares (namely 1.87% of the capital stock, share price: € 8.49)

The resolution has been taken in accordance with the special power of proxy given to the Board of Directors during the stockholders' annual meeting