Credito Valtellinese banking Group to launch new policy Global Orizzonti 2

Sondrio, October 22, 2003 - The Credito Valtellinese banking Group, in association with the company Global Assicurazioni S.p.A., are launching a new series of index-linked policies under the name of 'Global Orizzonti 2'. Capital repayment is linked to the performance of investments consisting of bonds and a basket of three major stock indices.

Global Orizzonti 2 is designed to provide capital repayment at maturity and to produce a guaranteed minimum yield of 2% a year, which is paid periodically. During the first three years, Global Orizzonti 2 carries fixed coupons payable annually (2%). In the subsequent years, the coupon amount is linked to the performance of the prices of major stock indices Eurostoxx 50 Standard&Poors 500 and Nikkei 225.

In a period of high volatility of the stock markets, Global Orizzonti 2 allows the investors to benefit from the bullish phases of the major international stock exchanges while at the same time providing insurance and financial solutions specifically designed to face stock market uncertainty.

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