Milan, 20 October 2006 – SOPAF announces that it has today completed the purchase of 66.6% of
the share capital of Private Wealth Management SGR S.p.A. (PWM SGR) for a total price of roughly
EUR 3.8 million. The investment was purchased from several of the founding shareholders of PWM
SGR, including Orefici S.p.A., Ersel Financial S.p.A, and Sella Holding Banca S.p.A. Considering
PWM SGR holds 9.9% of its own share capital, the 66.6% interest is actually equivalent to 74% of the
voting capital. The investment was purchased following the procurement of the Bank of Italy's
authorization in the month of August 2006.
Doing business since 2002, PWM SGR manages and distributes six Italian-law hedge funds which are
held by institutional investors and high net-worth individuals: Pwm Technology Fund, Pwm Low
Volatility Fund, NS Investments, Pwm Global Income Low Volatility Fund, Pwm Multistrategy Fund,
and Pwm Recovery Fund. The assets under management by the funds total EUR 231 million (data as
of 30 June 2006).

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For additional information
SOPAF S.p.A.
Maria Antonietta Barelli – Tel. +39-02 72142429 – +39-335 6200990
Twister communications group
Claudia Caracausi – Tel. +39-02 438114212 – +39-338 4476613
Giovanni Landolfi – Tel. +39-02 438114200 – +39-335 7117028