Credito Valtellinese Group: changes to the consolidated financial statements as at 31.12.2005 approved in accordance with the operative instructions issued by the Banca d'Italia on 3 April 2006

Sondrio, 6 April 2006. The Board of Directors of Credito Valtellinese met today, having been called for and urgent meeting, to examine and approve a number of changes to the consolidated financial statements as at 31.12.2005 approved on 21 March 2006. In accordance with new operating instructions for the banking system issued on April 3 by the Banca d'Italia concerning calculation methods for the financial statements as at 31.12.2005 for the reduction of taxes resulting from the re-valuation of real estate assets as per Law no. 266 dated 23.12.2005 ("2006 Financial Law").

The application of new calculation methods lead to a re-calculation of net results for the year in € 55.5 million (+11.1% on the figure as at December 2004) compared to € 92.9 million previously registered and communicated to the market on March 21 - as a result of the direct calculation into net assets of a positive non-recurrent component regarding the tax benefit from the abovementioned re-valuation law, equal to €37.4 million, previously entered in the income statement and already attributed to the revaluation reserve in supervisory capital.

As a result of this different accounting method, income tax for the year now totals € 61.8 million, compared to € 17 million previously registered and minority interests stand at € 10.5 million, compared to € 18 million from before. No changes have been made to the individual financial statements belonging to the Parent Company Credito Valtellinese S.c., which was drafted in accordance with Legislative Decree 87/92. Therefore, during the Board meeting called for 21 April 2006 - and should a second session be necessary, for April 22 - the proposal will be made for the distribution of a dividend of € 0.40 per share, unchanged from what was communicated to the market on March 21 and equal to that distributed during the previous financial year. Said dividend is spread over a greater number of shares (+18.9%) making up the share capital, as a result of the conversion of the first tranche of the "Credito Valtellinese 2.8% 2004-2007 convertible" bond loan, which lead to 12,457,831 new shares being issued during the course of the year.

Accounting schedules: balance sheets and income statements reclassified at a consolidated level) (drafted according to IAS/IFRS international accounting principles)
- available in italian -

For further information, contact:

Enzo Rocca
General Director Deltas S.p.A.
Telephone 0342 522647 02 80637813
Email: rocca.enzo@creval.it

Tiziana Camozzi
Institutional Communication Service Deltas S.p.A.
Telephone 02 80637471
Email: camozzi.tiziana@creval.it