Aperta Sgr and American Express Bank sign a partnership agreement for the management of an Italian equity fund

Milan, 6 April 2007 - Aperta Sgr* ((an asset management company belonging to the Credito Valtellinese Group) and American Express Bank**have signed an agreement for the management of an Italian equity fund.

The fund will be managed by Aperta Sgr and, beginning in June, will be distributed by the American Express Funds open-ended investment company (SICAV) on both the Italian and European markets (including Austria, Germany, Greece, Spain, Portugal and Switzerland), ranging as far afield as Asia, thereby granting Aperta Sgr access to new foreign markets.

The agreement is the first of its kind signed by American Express Bank and an Italian company. .

AAmerican Express Bank chose Aperta Sgr after a thorough analysis directed towards achieving a full understanding of the latter's management abilities and strengths.
The decisive factors were the bottom-up management approach that Aperta Sgr typically employs and its excellent track record.

"We are proud that a highly qualified international company such as American Express Bank appreciated the abilities that our management team has developed in its twenty years of experience in the asset management sector and has entrusted their new Italian equity fund to us," - ," commented the Chairman of Aperta Sgr, Agostino Fusconi.

"This agreement," added Miro Fiordi, General Manager of Credito Valtellinese , "has rewarded our Group for its skills in savings and asset management. The Group entered the sector in 1984 with the goal of offering customers valid alternatives to traditional investment custody and consulting services, which were gradually expanded over the years to keep step with the increasing complexity of financial markets and the need to have sophisticated products and competent, reliable managers who could be trusted with investment decisions - the same managers who make up the Aperta Sgr team today."

"This agreement is part of our constant commitment to providing access to the best asset management companies. We are convinced that Aperta Sgr is such a company. We are very pleased that we have forged this important partnership: Aperta Sgr enjoys an excellent reputation, and boasts proven experience and abilities that will allow us to continue to offer our international customers high-quality investment funds. The deal also allowed American Express Bank to further expand its product line to include an equity fund specialised in the Italian market, which will permit us to satisfy the needs of investors who follow developments in the market closely as well as to further consolidate our presence in Italy," commented Bob Friedman, Executive Director of American Express Bank, and Chairman of the American Express Funds Sicav.

*Aperta Sgr is the Credito Valtellinese Group's asset management company; in operation since 1 October, 2005, it manages the assets of Group customers in addition to managing and promoting mutual funds and pension funds.
Aperta SGR S.p.A. benefits from the skills that the Group has developed in its more than twenty years of operation and constantly aims to increase its specialisation and internal and external visibility. The company's traditional management philosophy is shaped by a value-based orientation. The asset-management team follows an active management policy focused on stock-picking aimed at finding companies that are undervalued in terms of the financial fundamentals and the growth prospects of the companies themselves and their respective business sectors in order to create investment value.

**American Express Bank is the banking subsidiary of the American Express Company. Founded in 1919, it provides investment products and services to international financial institutions through its 75 offices and presence in 47 countries around the world.

For further information, contact:

Michele De Dosso
Credito Valtellinese Banking Group
Communications and Public Relations
Telephone +39 0280.637.340
Fax +39 0280.637.308
Email: dedosso.michele@creval.it