FURTHER BOND ISSUES FOR CREDITO VALTELLINESE

From March 30 to April 8 1998, Credito Valtellinese s. c. a r. l. is launching a new issue with
the following characteristics:

• "Credito Valtellinese fixed rate April 9 1998-2000 10A" bond issue, maximum amount 20,000,000,000 lire
• Minimum subscription: 5,000,000 lire
• Effect: April 9 1998
• Term: 2 years
• Interests: half-year coupons
• 2.00% half-year rate, namely 4.00% annual gross nominal rate

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