BANCAPERTA SpA - CREDITO VALTELLINESE GROUP - ESTABLISHES APERTA SICAV

APERTA SICAV, open-end investment company based in Boulevard Emmanuel Servais, 20 - 2535, Grand Duchy of Luxembourg, was established on May 14 2002 with the support of Bancaperta S.p.A., a Credito Valtellinese Group member company specialized in asset management activities.

After launching stocks assets administrations in 1984, funds, in association with Julius Baer Group, in 1997 and, recently, insurance assets administrations and multimanager assets administrations, the Group is thus further increasing its presence on the market with Aperta Sicav.

Bancaperta can boast great expertise in this field, as the company has been entrusted with the role of adviser for the Italian Stock Fund and Italian Bond Fund offered by Julius Baer Multicooperation Sicav since 1998. In fact, Bancaperta has been given important awards in accordance with internationally accepted standards.

APERTA SICAV is an investment company based in Luxembourg and organized in conformity with the EU regulations in this field. As for most investment companies, Aperta Sicav consists of several divisions (umbrella-Sicav), each of which is taken care of by a different company. The management of Aperta Sicav is as follows: Credito Valtellinese Group (with Bancaperta S.p.A. as adviser), Zurich UBS AG (with Aperta Gestioni Patrimoniali SA and Colombo Gestioni Patrimoniali SA - two companies based in Lugano - as advisers), Banque Privée Edmond de Rothschild SA. Banque Privée Edmond de Rothschild SA is also entrusted with the role of bank of custody, transfer agent, domicile agent, managing agent and payment agent.

The shares of Aperta Sicav will be included in the Credito Valtellinese assets administrations lines and are expected to be available to the clientele for purchase