Gruppo bancario Credito Valtellinese

FURTHER BOND ISSUES FOR CREDITO ARTIGIANO

CREDITO ARTIGIANO S.p.A. is launching two new issues with the following characteristics:

"Credito Artigiano Zero Coupon - February 16 1998-2000 8A" bond issue, maximum amount L. 15,000,000,000

Subscription period: from January 21 1998 to February 13 1998

Minimum subscription: 5,000,000 lire

Effect: February 16 1998

Term: 2 years

Issue price: L. 93.02 per nominal L. 100

Interest rate: 4.20 per cent gross annual rate

"Credito Artigiano - TV - February 5 1998-2000 18A" bond issue, maximum amount L. 25,000,000,000

Subscription period: from January 21 1998 to February 4 1998
Minimum subscription: 5,000,000 lire
Effect: February 5 1998
Term: 2 years
Interests: half-year coupons
First coupon: 2.35% half-year rate, namely 4.70% 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.