FURTHER BOND ISSUES FOR CREDITO VALTELLINESE

From January 7 to January 19 1998, Credito Valtellinese s.c.a.r.l. is launching a new issue with the following characteristics:

"Credito Valtellinese Fixed Rate January 20 1998-2000 8A" bond issue, maximum amount L. 20,000,000,000

• Minimum subscription: 5,000,000 lire
• Effect: January 20 1998
• Term: 2 years
• Interests: half-year coupons
• 2.20% half-year rate, namely 4.40% annual nominal rate

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