Mediocreval SpA (special purpose bank belonging to the Credito Valtellinese Group ): the first tranche of the capital increase - equal to € 29,376,000 - offered as an option to shareholders, approved by the Extraordinary Shareholders' meeting on 2 December 2005, came to a positive conclusion.

Sondrio 20 February 2006 - further to the press release dated 16 December 2005, where notice was given, with reference to previous press releases, on the phases of implementation for the Mediocreval SpA (formerly Cassa San Giacomo SpA) strategic repositioning project within the Credito Valtellinese Group, notice was given that procedures had been laid out for the first tranche of the capital increase, approved by the Extraordinary Shareholder's Meeting of 2 December 2005.

Specifically, for the aforementioned tranche, equal to € 29,376,000, of which € 14,688,000 in share capital and € 14,688,000 as premium, please note that all 4,896,000 shares - at a nominal value of € 3 - belonging to the tranche were underwritten at the end of the option offer period.

Mediocreval capital has therefore increased from € 29,376,000 to € 44,064,000.

The positive conclusion of the abovementioned operation will allow the Bank's programme to expand activities, focused on starting operations in the medium and long term loan sector, to rest on a solid equity base.

For further information, contact:

Alberto Della Penna
Deltas General Office
Telephone: +39 0342/522664
Email: dellapenna.alberto@creval.it

Filippo Grieco
General Director at Mediocreval
Telephone: +39 0342 522302
Email: grieco.filippo@creval.it