FURTHER BOND ISSUE FOR CREDITO VALTELLINESE

From February 10 to February 25 1999, Credito Valtellinese s. c. a r. l. is launching a new issue with the following characteristics:

• "Credito Valtellinese bond issue fixed and variable rate February 26 1999-February 26 2002-6A" maximum amount 13,000,000 Euro
• Minimum subscription: 1,000 Euro
• Effect: February 26 1999
• Term: 3 years
• Interests: deferred half-year coupons
• Gross half-year interest rate:
  
  • 1,30% fixed fixed rate for the first three coupons, namely an annual gross nominal interest rate of 2.60%
    
  • variable rate for the following coupons, namely the Euribor 6 month monthly average interest rate minus a 0.750 point spread
• Repayment: single payment at par (1,000 Euro per bond) on February 26 2002

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