Mediocreval and the Gruppo Giovani Imprenditori (GGI- Young Entrepreneurs Group) of Sondrio Confindustria join in supporting investments in technological innovation.

Sondrio, November 14, 2006 - The Gruppo Giovani Imprenditori in the province of Sondrio and Mediocreval SpA, a company which belongs to the Credito Valtellinese bank group, and focuses on the area of protection against credit risk and the management and issuing of medium to long-term financing, signed a contract today for a € 5,000,000 line of credit establishing a revolving fund. The credit limit is to be re-established periodically, thanks to regular payments made on loans and possibly having loans paid-off in advance.

The contract was signed by General Director Filippo Greco on behalf of Mediocreval SpA, and by President Paolo Mainetti for the Gruppo Giovani Imprenditori in the province of Sondrio.

The general director of Credito Valtellinese, Miro Fiordi, was also present for the signing of the contract.

The agreement is meant to aid in granting financing to business owners belonging to the GGI of Sondrio Confindustria, who will use the funding for investments in technological innovation. It constitutes a new model for relations between business owners and the bank system, which rewards skillful planning through its program of applying for credit to be used for innovation.

Financing will be granted based exclusively on the evaluation of the plan and will not require any sort of initial deposit to be made.

The maximum duration of financing will be 84 months, with an interest rate equal to a 3-month Euribor, increased by a variable spread based on the company's rating.

The evaluation of individual plans follow a process which includes:

• presentation of the business plan to the Secretary of the GGI of Sondrio Confindustria, given by the association members;
• evaluation of the plan and verification that the applicant meets requirements, carried out by an ad hoc committee formed within the GGI of Sondrio;
• subsequent presentation of the business plan at the bank;
• convocation of a joint technical committee consisting of two members chosen by the bank and two by the GGI of Sondrio Confindustria, to evaluate the plan;
• resolution and subsequent granting of financing by Mediocreval based on the evaluation of merit performed by the joint technical committee.

Each individual plan can generally be financed for a maximum amount of € 150,000; however, it may not exceed 80% of the total value of the investment.

The following may be financed:

• costs for personnel trained in the area of research and development;
• consulting services directly relating to the plan;
• purchase of instruments, equipment, machinery, hardware, and software (only that which is appropriate for the actual functioning of the plan);
• purchase of patents, licenses, creation of prototypes and pilot systems, on the condition that they are not marketed;
• expenditures for obtaining patents and/or safeguarding trademarks.

Companies of all sizes and legal forms may take advantage of financing, on the condition that they appear on the Registrar of Companies, in accordance with regulations, and that the business owner is a member of the GGI of Sondrio Confindustria Sondrio; business owners not belonging to the GGI at the time of application may be eligible for automatic membership upon Mediocreval's approval of financing.

Further information and technical assistance is available at all Credito Valtellinese counters and the reception desk of GGI of Confindustria.