FURTHER BOND ISSUE FOR CREDITO VALTELLINESE

From September 27 to October 11 1999, Credito Valtellinese s. c. a r. l. is launching a new issue with the following characteristics:

• "Credito Valtellinese fixed and variable rate October 12 1999-October 12 2002-11a" maximum amount 8,000,000 Euro
• Minimum subscription: 1,000 Euro
• Effect: October 12 1999
• Term: 3 years
• Interests: deferred half-year coupons
• Gross half-year interest rate:
• 1.45% fixed rate for the first three coupons, namely an annual gross nominal interest rate of 2.90%
• variable rate for the following coupons, namely the Euribor 6 mesi monthly average interest rate minus a 0.625 point spread
• Repayment: single payment at par (1,000 Euro per bond) on October 12 2002

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