Gruppo bancario Credito Valtellinese

FURTHER BOND ISSUES FOR CREDITO ARTIGIANO.

From December 2 to December 30 1997, CREDITO ARTIGIANO S.p.A. is launching two new issues with the following characteristics:

"Credito Artigiano Zero Coupon - December 30 1997-1999 7A" bond issue, maximum amount L. 15,000,000,000

Minimum subscription: L.5,000,000

Effect: December 30 1997

Term: 2 years

Issue price: L. 91.77 per nominal L. 100

Interest rate: 5.00 per cent gross annual rate

"Credito Artigiano - TV - December 30 1997-1999 17A" 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
First coupon: 2.60% half-year rate, namely 5.20% 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.