FURTHER BOND ISSUES FOR CREDITO VALTELLINESE

From August 19 to September 16 1997, Credito Valtellinese s. c. a r. l. is launching two new issues with the following characteristics:

"Credito Valtellinese Variable Rate September 17 1997-1999 14A" bond issue, maximum amount L. 15,000,000,000

• Minimum subscription: L. 5,000,000
• Effect: September 17 1997
• Term: 2 years
• Interests: half-year coupons
• First coupon: 2.85% half-year rate, namely 5.70% annual nominal rate
• Following coupons: 6-month BOT net yield + 0.25 points

"Credito Valtellinese Fixed Rate September 17 1997-1999 SA" bond issue, maximum amount L. 15,000,000,000

• Minimum subscription: L. 5,000,000
• Effect: September 17 1997
• Term: 2 years
• Interests: half-year coupons 2.65% half-year rate, namely 5.30% annual nominal rate

The bond issue characteristics are reported in detail in the regulations available at Credito Valtellinese counters, where bonds can be subscribed.