FURTHER BOND ISSUE FOR CREDITO ARTIGIANO

From April 16 1998 to May 14 1998, CREDITO ARTIGIANO S.p.A. is launching a new issue with the following characteristics:

"Credito Artigiano - TV - May 15 1998-2000 21A" 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: May 15 1998
• Term: 2 years
• Interests: half-year coupons
• First coupon: 2.25% half-year rate, namely 5.50% 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.