FURTHER BOND ISSUES FOR CREDITO VALTELLINESE.

From December 15 to December 29 1997, Credito Valtellinese s. c. a r. l. is launching two new issues with the following characteristics:

"Credito Valtellinese Variable Rate December 30 1997-1999 17A" bond issue, maximum amount L. 45,000,000,000

• Minimum subscription: L. 5,000,000
• Effect: December 30 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

"Credito Valtellinese Fixed Rate December 30 1997-1999 7A" bond issue, maximum amount L. 25,000,000,000

• Minimum subscription: L. 5,000,000
• Effect: December 30 1997
• Term: 2 years
• Interests: half-year coupons 2.50% half-year rate, namely 5.00% annual nominal rate

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