FURTHER BOND ISSUE FOR CREDITO ARTIGIANO

From November 3 to November 14 1997, CREDITO ARTIGIANO S.p.A. is launching a new bond issue with the following characteristics:

"Credito Artigiano Variable Rate - November 17 1997-1999 15A" bond issue, maximum amount L. 10,000,000,000

• Minimum subscription: L.5,000,000
• Effect: November 17 1997
• Term: 2 years
• Interests: half-year coupons
• First coupon: 2.55% half-year rate, namely 5.10% annual nominal rate
• Following coupons: 6-month BOT net yield + 0.15 points

The bond issue characteristics are reported in detail in the regulations available at Credito Artigiano counters, where bonds can be subscribed and any useful explanation can be asked.