FURTHER BOND ISSUES FOR CREDITO VALTELLINESE

From October 8 to October 23 1997, Credito Valtellinese s. c. a r. l. is launching two new issues with the following characteristics:

"Credito Valtellinese Variable Rate October 24 1997-1999 15A" bond issue, maximum amount L. 20,000,000,000

• Minimum subscription: L. 5,000,000
• Effect: October 24 1997
• Term: 2 years
• Interests: half-year coupons
• First coupon: 2.65% half-year rate, namely 5.30% annual nominal rate
• Following coupons: 6-month BOT net yield + 0.15 points