FURTHER BOND ISSUES FOR CREDITO VALTELLINESE

From October 20 to November 9 1998, Credito Valtellinese s. c. a r. l. is launching a new issue with the following characteristics:

• "Credito Valtellinese bond issue fixed and variable rate November 10 1998-2001-2A" maximum amount 30,000,000,000 lire
• Minimum subscription: 5,000,000 lire
• Effect: November 10 1998
• Term: 3 years
• Interests: half-year coupons as follows:
• 1.80% half-year rate for the first three coupons, namely 3.60% annual gross nominal rate
• the last three coupons are RIBOR 6 MESI index-linked minus a 0.750 point spread

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