Board of Directors of Banca dell'Artigianato e dell'Industria approves half-yearly report as of June 30, 2003

Brescia, September 3, 2003 - In a meeting held today in Brescia, the Board of Directors of Banca dell'Artigianato e dell'Industria - a Credito Valtellinese Group member bank - has examined and unanimously approved the financial statement and the half-yearly report for the period ended June 30, 2003, which recorded increases in the main balance-sheet aggregates as well as in all economic indicators, perfectly in line with the expected results.

As at June 30, 2003, total deposits stood at € 122.4 million (up over 19% compared with the same period of 2002; + 30% compared with December 31, 2002), of which € 91.9 million direct deposits and € 30.5 million indirect deposits.

Sums receivable from customers stood at € 111 million (+ 49% compared with June 30, 2002; + 25% compared with December 31, 2002).

Following the conversion of the third tranche of a subordinated bond issue, the capital stock figure saw an increase by 5.2 million euros.

As at June 30, 2003, net assets stood at € 27 million, compared with € 22.6 million at June 30, 2002 (+ 20%)

The interest margin stood at € 1.9 million, compared with € 1.4 million for the same period of 2002 (+ 39%)

Operating costs, consisting of administrative expenses and value adjustments in respect of both tangible and intangible fixed assets, amounted to € 2.2 million (+ 13.4%). In particular, administrative expenses totalled € 2 million, compared with € 1.7 million for the same period of last year (+ 19%).

The gross operating income recorded € 390,000 compared with € 27,000 for the same period of last year.

After entering adjustments and provisions for covering risks and charges for € 960,000 (€ 500,000 as at June 30, 2002), ordinary profits amounted in all to € - 569,000 (+ 4%).

Taxes for the period amounted to € 14,000. As a consequence, as at June 30, 2003, net profits stood at € -607,000 compared with € -599,000 for the same period of 2002.