FURTHER BOND ISSUES FOR CREDITO VALTELLINESE

From July 27 to August 6 1998, Credito Valtellinese s. c. a r. l. is launching a new issue with the following characteristics:

• "Credito Valtellinese fixed rate August 7 1998-2000-13A" bond issue, maximum amount 25,000,000,000 lire
• Minimum subscription: 5,000,000 lire
• Effect: August 7 1998
• Term: 2 years
• Interests: half-year coupons
• 1.85% half-year rate, namely 3.70% 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.