Gestioni Attive vs Benchmark

Gestioni Attive vs 31 Maggio 20

Indice Gestioni Attive vs Contenitore OMNIA - Allegato A Schede delle singole linee Active Beta Active Beta 15 Active Beta 30 Active Beta 50 Pag. 6 Pag. 7 Pag. 8 Gestioni Attive vs : Indice Active Beta 65 Active Beta 80 Active Beta Europe 15 Active Beta Europe 30 Active Beta Europe 50 Active Beta Europe 65 Active Beta Europe 80 Active Beta Emerging Plus 15 Active Beta Emerging Plus 30 Active Beta Emerging Plus 50 Active Beta Hedged 15 Active Beta Hedged 30 Active Beta Hedged 50 Active Beta Hedged 65 Active Beta Hedged 80 Pag. 9 Pag. 10 Pag. Pag. Pag. 13 Pag. 14 Pag. 15 Pag. 16 Pag. 17 Pag. 18 Pag. 19 Pag. 20 Pag. 21 Pag. 22 Pag. 23

Schede delle singole linee Multi Active Beta Multi Active Beta 15 Multi Active Beta 30 Multi Active Beta 50 Multi Active Beta 65 Multi Active Beta 80 Schede delle singole linee Omega Omega Pag. 24 Pag. 25 Pag. 26 Pag. 27 Pag. 28 Pag. 29 Gestioni Attive vs : Indice Allegati Dettaglio Portafogli - Gestioni Active Beta Pag. 30 Dettaglio Portafogli - Gestioni Active Beta Europe Pag. 31 Dettaglio Portafogli - Gestioni Active Beta Emerging Plus Pag. 32 Dettaglio Portafogli - Gestioni Active Beta Hedged Pag. 33 Dettaglio Portafogli - Gestioni Multi Active Beta Pag. 34 Dettaglio Portafogli - Gestioni Omega Pag. 35 Questo documento non costituisce o contiene offerte, inviti ad offrire, messaggi promozionali o sollecitazione all acquisto o alla vendita di strumenti finanziari rivolti al pubblico ed è destinato ad uso esclusivo interno dei soggetti incaricati del collocamento dei prodotti offerti da Banca Fideuram, ai quali è fatto divieto di farne uso diverso. Le scelte di investimento ed i rendimenti passati non sono indicativi di quelli futuri. Fideuram Investimenti Sgr SpA si riserva il diritto di

Contenitore OMNIA - Allegato B Schede delle singole linee Global Market Bond Global Market Equities Equipe 20 Equipe 40 Synthesis 40 Progress 30 Progress 50 Pag. 36 Pag. 37 Pag. 38 Pag. 39 Pag. 40 Pag. 41 Pag. 42 Gestioni Attive vs : Indice Portfolio Sicura Profit Prudente Profit Conservativa Profit Molto Moderata Profit Moderata Profit Equilibrata Profit Dinamica Profit Molto Dinamica Pag. 43 Pag. 44 Pag. 45 Pag. 46 Pag. 47 Pag. 48 Pag. 49 Pag. 50

Allegati Dettaglio Portafogli - Gestioni Global Market Dettaglio Portafogli - Gestioni Equipe Dettaglio Portafogli - Gestioni Synthesis Dettaglio Portafogli - Gestioni Progress Dettaglio Portafogli - Gestioni Portfolio Sicura Dettaglio Portafogli - Gestioni Profit Pag. 51 Pag. 52 Pag. 53 Pag. 54 Pag. 55 Pag. 56 Gestioni Attive vs : Indice Glossario Legenda

Active Beta 15 FIDEURAM Investimenti - Dati al 31 Maggio 20 108 106 104 102 100 98 96 94 92 Jun- Jul- Aug- Sep- Oct- Nov- -0.48% -0.17% -0.85% -0.20% Dec- Jan- Feb- 1.60% Mar- 3.34% 3.10% al Apr- 4.39% 5.99% 5.73% Monetario 6.57% 3.05% 2 69.53% 73.40% 65.00% Azionario 16.41% 15.84% 15.00% 3.82% 3.79% Convertible 1.89% 1.82% Altro 1.78% 2.10% Esposizione azionaria massima 0% - 30% Inizio gestione 17-07-2006 Medio Soglia minima di ingresso 50000 Volatilità realizzata 5.37 % 0.00 0.09 0.40 2.76 20,0% JP Morgan Cash Index Euro 6 months in Euro 55,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 15,0% MSCI AC WORLD in EUR 10,0% iboxx Euro Corporates in Euro -0.62 1.01 al Euro 78.64% 80.44% 86.40% Sterlina 1.23% 1.17% 1.22% Dollaro 9.97% 9.15% 7.22% Yen 1.33% 0.59% 1.17% Altre divise 8.83% 8.65% 3.99% -0.03 0.02-0.08 0.08-0.02-0.08 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta 15 Monetario -3.52% Azionario -0.57% -0.03% Convertible -0.07% Altro 3.87% 0.32% -16.95% 8.40% 0.84% 3.79% 1.82% 2.10% Euro 1.80% Sterlina -0.06% Dollaro -0.82% Yen -0.74% Altre divise -0.18% -5.96% -0.05% -0.58% 1.93% 4.66% al Gov. Euro 1-3 16.06% 15.18% 27.46% Gov. Euro 3-5 20.15% 19.08% 21.53% 29.21% 30.02% 35.63% 3.22% 3.31% Obbl. Altro 31.36% 32.41% 15.38% al Az. Europa 22.18% 21.51% 22.30% 46.86% 47.90% 47.92% Az. Giappone 8.02% 7.92% 7.80% Az.Pacifico ex Giapp. 6.37% 6.28% 4.81% Az. Emergenti 16.57% 16.39%.82% 4.35% Gov. Euro 1-3 -0.88% Gov. Euro 3-5 -1.07% Obbl. Altro 0.81% 0.09% 1.05% -.28% -2.45% -5.61% 3.31% 17.03% Az. Europa -0.67% Az. Giappone -0.10% Az.Pacifico ex Giapp. -0.09% Az. Emergenti -0.18% 1.04% -0.79% -0.02% -4.35% 0.% 1.47% 3.57% al 3.28 3.51 2.80 0.23 0.71 6

Active Beta 30 FIDEURAM Investimenti - Dati al 31 Maggio 20 107.5 105.0 102.5 100.0 97.5 95.0 92.5 90.0 Jun- Jul- Aug- Sep- Oct- Nov- -1.% -0.65% -1.47% -0.69% Dec- Jan- 0.24% Feb- Mar- 3.85% 3.52% 3.85% al Apr- 6.80% 6.50% Monetario 0.% 1 59.69% 60.41% 6 Azionario 32.25% 31.27% 3 3.72% 3.70% Convertible 1.90% 1.85% Altro 2.33% 2.77% Esposizione azionaria massima 10% - 50% Inizio gestione 17-07-2006 Medio alto Soglia minima di ingresso 50000 Volatilità realizzata 7.93 % 0.00 0.04 0.38 2.53 10,0% JP Morgan Cash Index Euro 6 months in Euro 50,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 30,0% MSCI AC WORLD in EUR 10,0% iboxx Euro Corporates in Euro -1.21 1.94 al Euro 64.77% 68.35% 72.78% Sterlina 2.43% 2.32% 2.45% Dollaro 18.99% 15.41% 14.45% Yen 2.61% 1.17% 2.34% Altre divise.20%.75% 7.98% -0.03 0.02-0.08 0.08-0.02-0.10 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta 30 Monetario -0.% Azionario -0.98% -0.02% Convertible -0.05% Altro 0.72% 0.44% -1 0.41% 1.27% 3.70% 1.85% 2.77% Euro 3.58% Sterlina -0.% Dollaro -3.58% Yen -1.44% Altre divise 1.55% -4.43% -0.13% -1.17% 0.96% 4.77% al Gov. Euro 1-3.49% 7.45% 27.04% Gov. Euro 3-5 20.10% 19.94% 21.20% 30.36% 32.45% 35.09% 3.43% 3.70% Obbl. Altro 33.62% 36.46% 16.67% al Az. Europa 22.30% 21.53% 22.30% 46.72% 47.63% 47.92% Az. Giappone 8.04% 7.94% 7.80% Az.Pacifico ex Giapp. 6.38% 6.29% 4.81% Az. Emergenti 16.56% 16.61%.82% 4.35% Gov. Euro 1-3 -5.04% Gov. Euro 3-5 -0.16% Obbl. Altro 2.09% 0.27% 2.84% -19.59% -1.26% -2.64% 3.70% 19.79% Az. Europa -0.77% Az. Giappone -0.10% Az.Pacifico ex Giapp. -0.09% Az. Emergenti 0.91% 0.05% -0.77% -0.29% -4.35% 0.14% 1.48% 3.79% al 2.86 3.03 2.54 0.17 0.49 7

Active Beta 50 FIDEURAM Investimenti - Dati al 31 Maggio 20 105 100 95 90 85 Jun- Jul- Aug- Sep- Oct- -1.94% -1.05% -2.18% -0.95% -1.79% Nov- Dec- Jan- Feb- Mar- 4.15% 4.14% 2.85% al Apr- 7.16% 7.25% Monetario 4.63% 2.07% 15.00% 34.77% 38.03% 35.00% Azionario 53.06% 51.71% 5 2.26% 2.26% Convertible 1.93% 1.89% Altro 3.35% 4.04% Esposizione azionaria massima 30% - 70% Inizio gestione 17-07-2006 Medio alto Soglia minima di ingresso 50000 Volatilità realizzata.30 % 0.00 0.07 0.34 1.70 15,0% JP Morgan Cash Index Euro 6 months in Euro 25,0% Citigroup EGBI in Euro 50,0% MSCI AC WORLD in EUR 10,0% iboxx Euro Corporates in Euro -2.00 3. al Euro 46.76% 52.60% 54.64% Sterlina 4.01% 3.83% 4.08% Dollaro 29.64% 23.92% 24.08% Yen 4.28% 1.93% 3.90% Altre divise 15.31% 17.72% 13.30% -0.02 0.01-0.08 0.08-0.02-0.13 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta 50 Monetario -2.56% Azionario -1.35% Convertible -0.04% Altro 3.26% 0.69% -.93% 3.03% 1.71% 2.26% 1.89% 4.04% Euro 5.84% Sterlina -0.18% Dollaro -5.72% Yen -2.35% Altre divise 2.41% -2.04% -0.25% -0.16% -1.97% 4.42% al Gov. Euro 1-3 6.79% 6.26% 17.27% Gov. Euro 3-5 13.17%.15% 13.54% 18.46% 19.31% 22.41% 6.76% 6.50% 18.21% 5.55% 5.56% Obbl. Altro 49.27% 50.22% 28.57% al Az. Europa 22.30% 21.54% 22.30% 46.73% 47.66% 47.92% Az. Giappone 8.04% 7.93% 7.80% Az.Pacifico ex Giapp. 6.38% 6.29% 4.81% Az. Emergenti 16.55% 16.58%.82% 4.35% Gov. Euro 1-3 -0.53% Gov. Euro 3-5 -1.02% -0.26% Obbl. Altro 0.85% 0.01% 0.95% -.01% -1.39% -3.10% -.71% 5.56% 21.65% Az. Europa -0.76% Az. Giappone -0.% Az.Pacifico ex Giapp. -0.09% Az. Emergenti 0.93% 0.03% -0.76% -0.26% -4.35% 0.13% 1.48% 3.76% al 1.87 2.07 2.06 0.20 0.01 8

Active Beta 65 FIDEURAM Investimenti - Dati al 31 Maggio 20 0 105 100 95 90 85 Jun- Jul- Aug- Sep- Oct- -2.67% -1.82% -2.96% -1.88% -2.99% Nov- Dec- Jan- Feb- 2.01% Mar- 4.22% 3.94% al Apr- 7.47% 7.37% Monetario 25.74% 26.31% 35.00% Azionario 68.45% 67.18% 65.00% 0.88% 0.88% Convertible 1.50% 1.48% Altro 3.43% 4.15% Esposizione azionaria massima 45% - 85% Inizio gestione 17-07-2006 Soglia minima di ingresso 50000 Volatilità realizzata 13.98 % 0.00 0.01 0.19 1.07 al Euro 36.52% 43.83% 41.03% Sterlina 5.17% 4.98% 5.31% Dollaro 36.51% 29.31% 31.30% Yen 5.51% 2.52% 5.07% Altre divise 16.29% 19.36% 17.29% Alto 35,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 65,0% MSCI AC WORLD in EUR 3.93-2.59-0.01 0.01-0.06 0.10-0.03-0.14 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta 65 Monetario 0.57% Azionario -1.27% Convertible -0.02% Altro 0.72% -8.69% 2.18% 0.88% 1.48% 4.15% Euro 7.31% Sterlina -0.19% Dollaro -7.20% Yen -2.99% Altre divise 3.07% -0.33% -1.99% -2.55% 2.80% 2.07% al Gov. Euro 1-3 13.75% 9.65% 32.45% Gov. Euro 3-5 27.43% 27.27% 25.44% 36.88% 41.05% 42.% 3.43% 3.70% Obbl. Altro 18.51% 18.33% al Az. Europa 22.29% 21.53% 22.30% 46.74% 47.66% 47.92% Az. Giappone 8.04% 7.94% 7.80% Az.Pacifico ex Giapp. 6.38% 6.29% 4.81% Az. Emergenti 16.55% 16.58%.82% 4.35% Gov. Euro 1-3 -4.10% Gov. Euro 3-5 -0.16% Obbl. Altro -0.18% 4.17% 0.27% -22.80% -1.06% 1.83% 3.70% 18.33% Az. Europa -0.76% Az. Giappone -0.10% Az.Pacifico ex Giapp. -0.09% Az. Emergenti 0.92% 0.03% -0.77% -0.26% -4.35% 0.14% 1.48% 3.76% al 1.25 1.34 1.46 0.09-0. 9

Active Beta 80 FIDEURAM Investimenti - Dati al 31 Maggio 20 0 105 100 95 90 85 80 Jun- Jul- Aug- Sep- -3.30% -2.33% -3.47% -2.30% -4.21% Oct- Nov- Dec- Jan- Feb- 1.00% Mar- 4.51% 4.16% al Apr- 7.83% 7.63% Monetario 13.51% 13.93% 2 Azionario 82.95% 82.05% 8 Convertible 1.00% 0.99% Altro 2.54% 3.03% Esposizione azionaria massima 60% - 100% Inizio gestione 02-05-2008 Soglia minima di ingresso 50000 Volatilità realizzata 16.56 % 0.00 0.00 0.10 0.56 al Euro 24.48% 32.91% 27.43% Sterlina 6.26% 6.07% 6.53% Dollaro 43.53% 35.14% 38.52% Yen 6.67% 3.07% 6.24% Altre divise 19.06% 22.81% 21.28% Alto 20,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 80,0% MSCI AC WORLD in EUR -3.14 4.71-0.04 0. -0.04-0. Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta 80 Monetario 0.42% Azionario -0.90% Convertible -0.01% Altro 0.49% -6.07% 2.05% 0.99% 3.03% Euro 8.43% Sterlina -0.19% Dollaro -8.39% Yen -3.60% Altre divise 3.75% -0.46% -3.38% -3.17% 5.48% 1.53% al Gov. Euro 1-3 13.75% 9.65% 32.45% Gov. Euro 3-5 27.43% 27.26% 25.44% 36.89% 41.05% 42.% 3.43% 3.71% Obbl. Altro 18.50% 18.33% al Az. Europa 22.28% 21.52% 22.30% 46.75% 47.68% 47.92% Az. Giappone 8.04% 7.94% 7.80% Az.Pacifico ex Giapp. 6.38% 6.29% 4.81% Az. Emergenti 16.55% 16.57%.82% 4.35% Gov. Euro 1-3 -4.10% Gov. Euro 3-5 -0.17% Obbl. Altro -0.17% 4.16% 0.28% -22.80% -1.06% 1.82% 3.71% 18.33% Az. Europa -0.76% Az. Giappone -0.10% Az.Pacifico ex Giapp. -0.09% Az. Emergenti 0.93% 0.02% -0.78% -0.24% -4.35% 0.14% 1.48% 3.75% al 0.66 0.71 0.84 0.05-0.13 10

Active Beta Europe 15 FIDEURAM Investimenti - Dati al 31 Maggio 20 106 104 102 100 98 96 94 92 90 Jun- Jul- Aug- Sep- Oct- -1.31% -0.86% -2.% -1.22% Nov- -0.71% Dec- Jan- Feb- Mar- 2.25% 2.06% 2.08% al Apr- 4.66% 4.46% Monetario 8.83% 5.38% 2 67.38% 71.84% 65.00% Azionario 16.18% 15.31% 15.00% 3.89% 3.90% Convertible 1.91% 1.87% Altro 1.81% 1.70% Esposizione azionaria massima 0% - 30% Inizio gestione 02-05-2008 Medio Soglia minima di ingresso 50000 Volatilità realizzata 5.95 % 0.00 0.10 0.19 2.51 20,0% JP Morgan Cash Index Euro 6 months in Euro 55,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 15,0% MSCI EUROPE in Euro 10,0% iboxx Euro Corporates in Euro -1.14 0.27 al Euro 86.73% 87.00% 91.25% Sterlina 5.57% 5.35% 5.49% Dollaro Yen Altre divise 7.70% 7.65% 3.26% -0.03 0.02-0.08 0.08-0.13-0.18 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Europe 15 Monetario -3.45% Azionario -0.87% Convertible -0.04% Altro -0.% 4.46% 0.01% -14.62% 6.84% 0.31% 3.90% 1.87% 1.70% Euro 0.27% Sterlina -0.22% Dollaro Yen Altre divise -0.05% -4.25% -0.14% 4.39% al Gov. Euro 1-3 16.60% 15.71% 27.46% Gov. Euro 3-5 20.83% 19.74% 21.53% 30.18% 31.04% 35.63% Obbl. Altro 32.39% 33.51% 15.38% al Az. Europa 10 10 10 Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti Gov. Euro 1-3 -0.89% Gov. Euro 3-5 -1.09% Obbl. Altro 0.86% 1.% -.75% -1.79% -4.59% 18.13% Az. Europa Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti al 3. 3.38 2.80 0.26 0.58

Active Beta Europe 30 FIDEURAM Investimenti - Dati al 31 Maggio 20 105.0 102.5 100.0 97.5 95.0 92.5 90.0 87.5 Jun- Jul- Aug- -2.53% -2.03% -3.69% -2.72% -3.93% Sep- Oct- Nov- -0.72% Dec- Jan- Feb- Mar- 1.97% 1.43% al Apr- 4.39% 3.94% Monetario 2.17% 1 57.82% 61.48% 6 Azionario 31.85% 30.44% 3 3.85% 3.90% Convertible 1.95% 1.93% Altro 2.36% 2.25% Esposizione azionaria massima 10% - 50% Inizio gestione 02-05-2008 Medio alto Soglia minima di ingresso 50000 Volatilità realizzata 9.15 % 0.00 0.04 0.18 2.28 10,0% JP Morgan Cash Index Euro 6 months in Euro 50,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 30,0% MSCI EUROPE in Euro 10,0% iboxx Euro Corporates in Euro -2.29 0.44 al Euro 78.27% 78.65% 82.49% Sterlina 10.96% 10.65% 10.98% Dollaro Yen Altre divise 10.77% 10.70% 6.53% -0.03 0.02-0.08 0.08-0.16-0.23 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Europe 30 Monetario -2.17% Azionario -1.41% Convertible -0.02% Altro -0.% 0.05% 3.66% -1 1.48% 0.44% 3.90% 1.93% 2.25% Euro 0.38% Sterlina -0.31% Dollaro Yen Altre divise -0.07% -3.84% -0.33% 4.17% Gov. Euro 1-3.93% 10.92% 27.04% Gov. Euro 3-5 20.82% 2 21.20% 31.46% 32.52% 35.09% Obbl. Altro 34.79% 36.56% 16.67% Gov. Euro 1-3 -2.01% Gov. Euro 3-5 -0.82% Obbl. Altro 1.06% 1.77% al -16.% -1.20% -2.57% 19.89% Az. Europa 10 10 10 Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti Az. Europa Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti al al 2.72 2.97 2.54 0.25 0.43

Active Beta Europe 50 FIDEURAM Investimenti - Dati al 31 Maggio 20 105 100 95 90 85 Jun- Jul- Aug- Sep- -4.28% -3.34% -5.74% -4.31% -8.34% -4.65% Oct- Nov- Dec- Jan- Feb- 1.13% 0.63% Mar- 3.28% 2.96% al Apr- Monetario 6.60% 4.17% 15.00% 32.89% 37.02% 35.00% Azionario 52.67% 50.98% 5 2.40% 2.48% Convertible 2.01% 2.02% Altro 3.43% 3.33% Esposizione azionaria massima 30% - 70% Inizio gestione 02-05-2008 Medio alto Soglia minima di ingresso 50000 Volatilità realizzata 13.36 % 0.00 0.07 0.15 1.46 15,0% JP Morgan Cash Index Euro 6 months in Euro 25,0% Citigroup EGBI in Euro 50,0% MSCI EUROPE in Euro 10,0% iboxx Euro Corporates in Euro -3.94 0.52 al Euro 67.41% 67.73% 70.82% Sterlina 18.13% 17.82% 18.30% Dollaro Yen Altre divise 14.46% 14.45% 10.88% -0.02 0.01-0.08 0.08-0.23-0.33 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Europe 50 Monetario -2.43% Azionario -1.69% Convertible Altro -0.10% 0.08% 0.01% 4.13% -10.83% 2.02% 0.98% 2.48% 2.02% 3.33% Euro 0.32% Sterlina -0.31% Dollaro Yen Altre divise -0.01% -3.09% -0.48% 3.57% al Gov. Euro 1-3 9.93% 6.61% 17.27% Gov. Euro 3-5 13.96%.88% 13.54% 19.56% 20.45% 22.41% 7.16% 6.90% 18.21% Obbl. Altro 49.39% 53.16% 28.57% al Az. Europa 10 10 10 Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti Gov. Euro 1-3 -3.32% Gov. Euro 3-5 -1.08% -0.26% Obbl. Altro 0.89% 3.77% -10.66% -0.66% -1.96% -.31% 24.59% Az. Europa Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti al 1.72 2.00 2.06 0.28-0.06 13

Active Beta Europe 65 FIDEURAM Investimenti - Dati al 31 Maggio 20 100 95 90 85 80 Jun- Jul- Aug- Sep- -5.59% -4.80% -7.40% -6.22% -.27% -7.61% Oct- Nov- -0.63% Dec- Jan- 2.52% 1.79% 0.42% Feb- Mar- al Apr- Monetario 0.89% 25.03% 27.34% 35.00% Azionario 68.06% 66.64% 65.00% 0.96% 1.00% Convertible 1.52% 1.55% Altro 3.54% 3.47% Esposizione azionaria massima 45% - 85% Inizio gestione 02-05-2008 Soglia minima di ingresso 50000 Volatilità realizzata 16.78 % 0.00 0.01 0.10 0.96 al Euro 61.48% 61.61% 62.06% Sterlina 23.42% 23.29% 23.79% Dollaro Yen Altre divise 15.10% 15.10% 14.15% Alto 35,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 65,0% MSCI EUROPE in Euro -5.21 0.44-0.01 0.01-0.06 0.10-0.24-0.33 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Europe 65 Monetario -0.89% Azionario Convertible Altro -1.42% -0.07% 2.31% 0.04% 0.03% -7.66% 1.64% 1.00% 1.55% 3.47% Euro 0.13% Sterlina -0.13% Dollaro Yen Altre divise -0.45% -0.50% 0.95% Gov. Euro 1-3 14.25% 13.14% 32.45% Gov. Euro 3-5 28.40% 27.34% 25.44% 38.19% 41.14% 42.% Obbl. Altro 19.16% 18.38% Gov. Euro 1-3 -1.% Gov. Euro 3-5 -1.06% Obbl. Altro -0.78% 2.95% al -19.31% -0.97% 1.90% 18.38% Az. Europa 10 10 10 Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti Az. Europa Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti al al 1.20 1.35 1.46 0.15-0. 14

Active Beta Europe 80 FIDEURAM Investimenti - Dati al 31 Maggio 20 100 95 90 85 80 75 Jun- Jul- Aug- Sep- -6.75% -5.99% -8.73% -7.62% -14.13% -10.68% Oct- Nov- -0.07% -1.47% Dec- Jan- Feb- 1.86% 0.76% Mar- al Apr- Monetario 0.47% 13.24% 14.62% 2 Azionario 82.62% 81.71% 8 Convertible 1.02% 1.04% Altro 2.65% 2.63% Esposizione azionaria massima 60% - 100% Inizio gestione 02-05-2008 Soglia minima di ingresso 50000 Volatilità realizzata 20.05 % 0.00 0.01 0.05 0.49 al Euro 54.05% 53.81% 53.30% Sterlina 28.43% 28.55% 29.29% Dollaro Yen Altre divise 17.52% 17.64% 17.41% Alto 20,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 80,0% MSCI EUROPE in Euro -6.40 0.33-0.04 0. -0.19-0.25 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Europe 80 Monetario -0.47% Azionario -0.91% Convertible Altro -0.02% 0.02% 1.38% -5.38% 1.71% 1.04% 2.63% Euro -0.24% Sterlina Dollaro Yen Altre divise 0.% 0.% -0.74% 0.51% 0.23% Gov. Euro 1-3 14.25% 13.14% 32.45% Gov. Euro 3-5 28.39% 27.34% 25.44% 38.20% 41.13% 42.% Obbl. Altro 19.16% 18.39% Gov. Euro 1-3 -1.% Gov. Euro 3-5 -1.05% Obbl. Altro -0.77% 2.93% al -19.31% -0.98% 1.90% 18.39% Az. Europa 10 10 10 Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti Az. Europa Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti al al 0.64 0.72 0.84 0.08-0. 15

Active Beta Emerging Plus 15 FIDEURAM Investimenti - Dati al 31 Maggio 20 107.5 105.0 102.5 100.0 97.5 95.0 92.5 90.0-0.53% -0.45% -0.95% -0.67% Monetario 0.01% Azionario Convertible Altro Jun- Jul- Aug- -0.52% -0.20% Sep- Oct- 0.39% 0.32% Nov- Dec- Jan- Feb- Mar- 3.86% 3.32% 1.68% 3.82% al -10.62% Apr- 6.48% 5.88% Monetario 4.37% 4.38% 15.00% 71.27% 71.66% 65.00% Azionario 16.36% 15.84% 15.00% Convertible 6.22% 6.02% 5.00% Altro 1.78% 2.10% 6.66% 0.84% 1.02% 2.10% Esposizione azionaria massima 0% - 15% Inizio gestione 15--2010 Medio Soglia minima di ingresso 50000 Volatilità realizzata 5.94 % al Euro 73.74% 76.70% 81.% Sterlina 0.99% 0.95% 0.99% Dollaro 10.53% 7.82% 5.86% Yen 1.07% 0.47% 0.94% Altre divise 13.67% 14.06%.09% Sterlina Dollaro Yen Altre divise 0.00 0.07 0.42 Euro 2.96% -0.04% -2.71% 15,0% JP Morgan Cash Index Euro 6 months in Euro 5,0% JP Morgan GBI-EM Global Diversified Composite in EUR 50,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 5,0% UBS Global Convertible Focus Index Euro Hdg 15,0% MSCI AC World DM&EM GDP wgt custom in EUR 10,0% iboxx Euro Corporates in Euro -0.60% 3.06 0.39% -0.55 1. -0.26-4.42% 0.26-0.04% -0.47% 1.96% 2.97% -0.02-0.08 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Emerging Plus 15 al Gov. Euro 1-3.88%.77% 24.96% Gov. Euro 3-5 18.88% 18.76% 19.57% 27.35% 29.58% 32.40% 3.% 3.37% Obbl. Altro 37.77% 35.52% 23.07% al Az. Europa 17.88% 17.41% 17.94% 37.54% 38.24% 38.58% Az. Giappone 6.45% 6.34% 6.27% Az.Pacifico ex Giapp. 5.% 5.03% 3.87% Az. Emergenti 33.01% 32.98% 29.84% 3.50% Gov. Euro 1-3 -0.% Gov. Euro 3-5 -0.% Obbl. Altro -2.25% 2.23% 0.25% -.19% -0.81% -2.82% 3.37%.45% Az. Europa -0.47% Az. Giappone -0.% Az.Pacifico ex Giapp. -0.09% Az. Emergenti -0.03% 0.70% -0.53% -0.34% -3.50% 0.07% 1.16% 3.14% al 3.40 3.46 2.91 0.06 0.55 16

Active Beta Emerging Plus 30 FIDEURAM Investimenti - Dati al 31 Maggio 20 107.5 105.0 102.5 100.0 97.5 95.0 92.5 90.0 87.5-1.17% -1.00% -1.68% -1.33% -0.05% Monetario 0.01% Azionario Convertible Altro Jun- Jul- Aug- -0.90% -0.17% Sep- Oct- 0.62% 0.44% Nov- Dec- Jan- Feb- 4.29% 3.64% 2.80% al -8.25% Mar- Apr- 7.08% 6.36% Monetario 1.74% 1.75% 1 57.55% 58.17% 55.00% Azionario 32.13% 31.23% 3 Convertible 6.25% 6.08% 5.00% Altro 2.33% 2.77% 3.17% 1.23% 1.08% 2.77% Esposizione azionaria massima 10% - 50% Inizio gestione 15--2010 Medio alto Soglia minima di ingresso 50000 Volatilità realizzata 8.54 % al Euro 60.18% 64.30% 67.24% Sterlina 1.94% 1.88% 1.97% Dollaro 18.37%.84%.73% Yen 2.09% 0.94% 1.88% Altre divise 17.42% 20.04% 17.18% Sterlina Dollaro Yen Altre divise 0.00 0.05 0.36 Euro 4.% -0.06% -5.53% 10,0% JP Morgan Cash Index Euro 6 months in Euro 5,0% JP Morgan GBI-EM Global Diversified Composite in EUR 40,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 5,0% UBS Global Convertible Focus Index Euro Hdg 30,0% MSCI AC World DM&EM GDP wgt custom in EUR 10,0% iboxx Euro Corporates in Euro -1.15% 2.64 2.62% -1.10 2.10-0.26-2.94% -0.09% -0.94% 0.26 1.% -0.02-0.10 Monetario Azionario Convertible Altro 2.86% Gestioni Attive vs : Active Beta Emerging Plus 30 al Gov. Euro 1-3 8.64% 8.57% 23.60% Gov. Euro 3-5 18.03% 17.91% 18.50% 27.00% 29.14% 30.63% 3.53% 3.81% Obbl. Altro 42.80% 40.57% 27.27% al Az. Europa 17.88% 17.44% 17.94% 37.50% 38.14% 38.58% Az. Giappone 6.46% 6.36% 6.27% Az.Pacifico ex Giapp. 5.% 5.04% 3.87% Az. Emergenti 33.04% 33.02% 29.84% 3.50% Gov. Euro 1-3 -0.07% Gov. Euro 3-5 -0.% Obbl. Altro -2.23% 2.14% 0.28% -15.03% -0.59% -1.49% 3.81% 13.30% Az. Europa -0.44% Az. Giappone -0.10% Az.Pacifico ex Giapp. -0.08% Az. Emergenti -0.02% 0.64% -0.50% -0.44% -3.50% 0.09% 1.17% 3.18% al 2.79 2.87 2.47 0.08 0.40 17

Active Beta Emerging Plus 50 FIDEURAM Investimenti - Dati al 31 Maggio 20 105 100 95 90 85-2.02% -1.72% -2.57% -2.22% -1.98% Monetario Azionario Convertible Altro Jun- Jul- Aug- -1.21% -0.14% Sep- Oct- 0.66% 0.69% Nov- Dec- Jan- Feb- 1.49% Mar- 4.72% 4.10% al -6.96% Apr- 7.64% 7.15% Monetario 37.38% 38.04% 45.00% Azionario 52.91% 51.70% 5 Convertible 6.35% 6.21% 5.00% Altro 3.36% 4.05% 1.70% 1.21% 4.05% Esposizione azionaria massima 30% -70% Inizio gestione 15--2010 Medio alto Soglia minima di ingresso 50000 Volatilità realizzata.07 % al Euro 43.19% 48.71% 48.74% Sterlina 3.20% 3.10% 3.28% Dollaro 28.69% 19.60% 19.54% Yen 3.43% 1.55% 3.14% Altre divise 21.49% 27.04% 25.30% Sterlina Dollaro Yen Altre divise 0.00 0.01 0.26 Euro 5.52% -0.10% -9.09% 5,0% JP Morgan GBI-EM Global Diversified Composite in EUR 30,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 5,0% UBS Global Convertible Focus Index Euro Hdg 50,0% MSCI AC World DM&EM GDP wgt custom in EUR 10,0% iboxx Euro Corporates in Euro -1.88% 1.90 5.55% -1.84 3.36-0.26-0.03% -0.18% -1.59% 0.26 0.06% -0.02-0.13 Monetario Azionario Convertible Altro 1.74% Gestioni Attive vs : Active Beta Emerging Plus 50 al Gov. Euro 1-3 0.51% 0.50% 21.64% Gov. Euro 3-5 18.81% 18.65% 16.96% 23.02% 25.06% 28.07% 4.89% 5.27% Obbl. Altro 52.76% 50.52% 33.33% al Az. Europa 17.89% 17.43% 17.94% 37.50% 38.15% 38.58% Az. Giappone 6.46% 6.36% 6.27% Az.Pacifico ex Giapp. 5.% 5.04% 3.87% Az. Emergenti 33.03% 33.02% 29.84% 3.50% Gov. Euro 1-3 -0.01% Gov. Euro 3-5 -0.16% Obbl. Altro -2.24% 2.04% 0.38% -21.14% -3.01% 1.69% 5.27% 17.19% Az. Europa -0.46% Az. Giappone -0.10% Az.Pacifico ex Giapp. -0.08% Az. Emergenti -0.01% 0.65% -0.51% -0.43% -3.50% 0.09% 1.17% 3.18% al 1.88 1.94 2.00 0.06-0.06 18

Active Beta Hedged 15 FIDEURAM Investimenti - Dati al 31 Maggio 20 107.5 105.0 102.5 100.0 97.5 95.0 92.5 90.0 Jun- Jul- Aug- Sep- Oct- Nov- -1.38% -0.82% -1.89% -0.93% -0.09% Dec- Jan- Feb- Mar- 2.61% 2.63% 2.91% al Apr- 4.83% 4.89% Monetario 8.80% 5.36% 2 67.10% 71.61% 65.00% Azionario 16.53% 15.59% 15.00% 3.87% 3.88% Convertible 1.90% 1.86% Altro 1.80% 1.70% Esposizione azionaria massima 0% - 30% Inizio gestione 02-05-2008 Medio Soglia minima di ingresso 50000 Volatilità realizzata 5.66 % 0.00 0.10 0.18 2.52 20,0% JP Morgan Cash Index Euro 6 months in Euro 55,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 15,0% MSCI AC World only World ex Europe 100% hedged in EUR 10,0% iboxx Euro Corporates in Euro -1.21 0.63 al Euro 90.98% 91.04% 96.53% Sterlina 1.23% 1.20% 1.22% Dollaro 0.04% 0.04% Yen Altre divise 7.75% 7.72% 2.25% -0.03 0.02-0.08 0.08-0. -0.18 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Hedged 15 Monetario -3.44% Azionario -0.94% Convertible -0.04% Altro -0.10% 4.51% 0.01% -14.64% 6.61% 0.59% 3.88% 1.86% 1.70% Euro 0.06% Sterlina -0.03% Dollaro Yen Altre divise -0.03% -5.49% -0.02% 0.04% 5.47% al Gov. Euro 1-3 16.60% 15.71% 27.46% Gov. Euro 3-5 20.83% 19.74% 21.53% 30.19% 31.04% 35.63% Obbl. Altro 32.38% 33.51% 15.38% al Az. Europa 22.10% 22.43% 22.29% 46.77% 46.41% 47.92% Az. Giappone 8.47% 8.% 7.79% Az.Pacifico ex Giapp. 6.40% 6.40% 4.80% Az. Emergenti 16.26% 16.64%.85% 4.35% Gov. Euro 1-3 -0.89% Gov. Euro 3-5 -1.09% Obbl. Altro 0.85% 1.13% -.75% -1.79% -4.59% 18.13% Az. Europa 0.33% Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti -0.36% -0.35% 0.38% -1.51% -4.35% 0.14% 0.33% 1.60% 3.79% al 3. 3.36 2.80 0.25 0.56 19

Active Beta Hedged 30 FIDEURAM Investimenti - Dati al 31 Maggio 20 107.5 105.0 102.5 100.0 97.5 95.0 92.5 90.0 87.5 Jun- Jul- Aug- Sep- -2.55% -1.96% -3.06% -2.15% -2.66% Oct- Nov- Dec- Jan- Feb- 0.91% Mar- 2.78% 2.56% al Apr- 4.77% 4.79% Monetario 2.15% 1 57.32% 60.98% 6 Azionario 32.45% 31.01% 3 3.82% 3.88% Convertible 1.92% 1.90% Altro 2.34% 2.23% Esposizione azionaria massima 10% - 50% Inizio gestione 02-05-2008 Medio alto Soglia minima di ingresso 50000 Volatilità realizzata 8.41 % 0.00 0.04 0.17 2.30 10,0% JP Morgan Cash Index Euro 6 months in Euro 50,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 30,0% MSCI AC World only World ex Europe 100% hedged in EUR 10,0% iboxx Euro Corporates in Euro -2.31 1.23 al Euro 86.60% 86.61% 93.06% Sterlina 2.42% 2.37% 2.45% Dollaro 1.87% 0.07% Yen Altre divise 9.% 10.95% 4.49% -0.03 0.02-0.08 0.08-0.16-0.23 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Hedged 30 Monetario -2.15% Azionario -1.44% Convertible -0.02% Altro -0.% 0.06% 3.66% -1 0.98% 1.01% 3.88% 1.90% 2.23% Euro 0.01% Sterlina -0.05% Dollaro -1.80% Yen Altre divise 1.84% -6.45% -0.08% 0.07% 6.46% Gov. Euro 1-3.93% 10.92% 27.04% Gov. Euro 3-5 20.81% 2 21.20% 31.46% 32.52% 35.09% Obbl. Altro 34.80% 36.56% 16.67% Gov. Euro 1-3 -2.01% Gov. Euro 3-5 -0.81% Obbl. Altro 1.06% 1.76% al -16.% -1.20% -2.57% 19.89% Az. Europa 22.05% 22.17% 22.29% 46.74% 46.38% 47.92% Az. Giappone 8.44% 8.08% 7.79% Az.Pacifico ex Giapp. 6.39% 6.38% 4.80% Az. Emergenti 16.38% 16.99%.85% 4.35% Az. Europa 0.% Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti -0.36% -0.36% -0.01% 0.61% al -0.% -1.54% -4.35% 0.29% 1.58% 4.14% al 2.70 2.94 2.54 0.24 0.40 20

Active Beta Hedged 50 FIDEURAM Investimenti - Dati al 31 Maggio 20 105.0 102.5 100.0 97.5 95.0 92.5 90.0 87.5 85.0 Jun- Jul- Aug- -6.16% Sep- -4.13% -3.22% -4.61% -3.39% Oct- -2.00% Nov- Dec- Jan- Feb- Mar- 2.57% 2.51% 4.06% 4.37% al Apr- Monetario 6.52% 4.% 15.00% 32.49% 36.55% 35.00% Azionario 53.27% 51.66% 5 2.37% 2.43% Convertible 1.96% 1.97% Altro 3.39% 3.28% Esposizione azionaria massima 30% - 70% Inizio gestione 02-05-2008 Medio alto Soglia minima di ingresso 50000 Volatilità realizzata. % 0.00 0.07 0.15 1.49 15,0% JP Morgan Cash Index Euro 6 months in Euro 25,0% Citigroup EGBI in Euro 50,0% MSCI AC World only World ex Europe 100% hedged in EUR 10,0% iboxx Euro Corporates in Euro -3.80 1.94 al Euro 81.29% 81.15% 88.44% Sterlina 3.98% 3.94% 4.08% Dollaro 2.90% 0.% Yen Altre divise.83% 14.80% 7.48% -0.02 0.02-0.08 0.08-0.23-0.33 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Hedged 50 Monetario -2.41% Azionario -1.61% Convertible Altro -0.% 0.06% 0.01% 4.06% -10.89% 1.55% 1.66% 2.43% 1.97% 3.28% Euro -0.14% Sterlina -0.04% Dollaro -2.79% Yen Altre divise 2.97% -7.29% -0.14% 0.% 7.32% al Gov. Euro 1-3 9.94% 6.62% 17.27% Gov. Euro 3-5 13.96%.88% 13.54% 19.54% 20.44% 22.41% 7.16% 6.89% 18.21% Obbl. Altro 49.40% 53.17% 28.57% al Az. Europa 22.05% 22.17% 22.29% 46.75% 46.41% 47.92% Az. Giappone 8.44% 8.08% 7.79% Az.Pacifico ex Giapp. 6.39% 6.38% 4.80% Az. Emergenti 16.37% 16.96%.85% 4.35% Gov. Euro 1-3 -3.32% Gov. Euro 3-5 -1.08% -0.27% Obbl. Altro 0.90% 3.77% -10.65% -0.66% -1.97% -.32% 24.60% Az. Europa 0.% -0.34% Az. Giappone -0.36% Az.Pacifico ex Giapp. -0.01% Az. Emergenti 0.59% -0.% -1.51% -4.35% 0.29% 1.58% 4.% al 1.70 1.96 2.06 0.26-0.10 21

Active Beta Hedged 65 FIDEURAM Investimenti - Dati al 31 Maggio 20 105 100 95 90 85 80 Jun- Jul- Aug- -8.30% Sep- -5.27% -4.64% -5.79% -5.04% -4.26% Oct- Nov- Dec- Jan- Feb- 3.75% 3.61% 2.46% 1.79% Mar- al Apr- Monetario 0.88% 24.61% 26.82% 35.00% Azionario 68.61% 67.28% 65.00% 0.94% 0.98% Convertible 1.49% 1.52% Altro 3.47% 3.40% Esposizione azionaria massima 45% - 85% Inizio gestione 02-05-2008 Soglia minima di ingresso 50000 Volatilità realizzata 15.06 % al Euro 79.44% 79.19% 84.97% Sterlina 5.% 5.13% 5.30% Dollaro 3.64% 0.15% Yen Altre divise.80% 15.53% 9.73% Alto 35,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 65,0% MSCI AC World only World ex Europe 100% hedged in EUR 0.00 0.01 0.10 0.98 2.44 0.01-4.90-0.01-0.06 0.10-0.24-0.33 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Hedged 65 Monetario -0.88% Azionario Convertible Altro -1.33% -0.07% 2.21% 0.04% 0.03% -8.18% 2.28% 0.98% 1.52% 3.40% Euro -0.25% Sterlina Dollaro -3.49% Yen Altre divise 0.01% 3.73% -5.78% -0.17% 0.15% 5.80% Gov. Euro 1-3 14.24% 13.14% 32.45% Gov. Euro 3-5 28.40% 27.35% 25.44% 38.20% 41.14% 42.% Obbl. Altro 19.16% 18.37% Gov. Euro 1-3 -1.10% Gov. Euro 3-5 -1.05% Obbl. Altro -0.79% 2.94% al -19.31% -0.97% 1.91% 18.37% Az. Europa 22.05% 22.17% 22.29% 46.76% 46.42% 47.92% Az. Giappone 8.44% 8.08% 7.79% Az.Pacifico ex Giapp. 6.39% 6.38% 4.80% Az. Emergenti 16.36% 16.95%.85% 4.35% Az. Europa 0.% Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti -0.34% -0.36% -0.01% 0.59% al -0.% -1.50% -4.35% 0.29% 1.58% 4.10% al 1.18 1.32 1.46 0.14-0.14 22

Active Beta Hedged 80 FIDEURAM Investimenti - Dati al 31 Maggio 20 105 100 95 90 85 80 Jun- Jul- Aug- Sep- -6.27% -5.79% -6.68% -6.19% -10.42% -6.66% Oct- Nov- Dec- Jan- Feb- 3.50% 2.97% 2.52% 1.48% Mar- al Apr- Monetario 0.46%.97% 14.28% 2 Azionario 82.99% 82.14% 8 Convertible 0.99% 1.02% Altro 2.59% 2.56% Esposizione azionaria massima 60% - 100% Inizio gestione 02-05-2008 Soglia minima di ingresso 50000 Volatilità realizzata 17.87 % al Euro 75.93% 75.44% 81.49% Sterlina 6.20% 6.27% 6.53% Dollaro 4.31% 0.18% Yen Altre divise 13.56% 18.%.98% Alto 20,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 80,0% MSCI AC World only World ex Europe 100% hedged in EUR 2.89 0.00 0.01 0.05 0.51-5.93-0.04 0. -0.18-0.24 Monetario Azionario Convertible Altro Gestioni Attive vs : Active Beta Hedged 80 Monetario -0.46% Azionario -0.85% Convertible Altro -0.03% 0.03% 1.31% -5.72% 2.14% 1.02% 2.56% Euro -0.49% Sterlina Dollaro -4.13% Yen Altre divise 0.07% 4.55% -6.05% -0.26% 0.18% 6.13% Gov. Euro 1-3 14.24% 13.14% 32.45% Gov. Euro 3-5 28.40% 27.35% 25.44% 38.21% 41.14% 42.% Obbl. Altro 19.15% 18.37% Gov. Euro 1-3 -1.10% Gov. Euro 3-5 -1.05% Obbl. Altro -0.78% 2.93% al -19.31% -0.97% 1.91% 18.37% Az. Europa 22.05% 22.17% 22.29% 46.76% 46.43% 47.92% Az. Giappone 8.44% 8.08% 7.79% Az.Pacifico ex Giapp. 6.39% 6.38% 4.80% Az. Emergenti 16.36% 16.94%.85% 4.35% Az. Europa 0.% Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti -0.33% -0.36% -0.01% 0.58% al -0.% -1.49% -4.35% 0.29% 1.58% 4.09% al 0.62 0.70 0.84 0.08-0.14 23

Multi Active Beta 15 FIDEURAM Investimenti - Dati al 31 Maggio 20 106 104 102 100 98 96 94 92 90 Jun- Jul- Aug- Sep- -1.37% -0.75% -2.36% -1.% Oct- -1.41% Nov- Dec- Jan- Feb- Mar- 1.80% 1.70% 2.15% al Apr- 3.85% 4.25% Monetario 19.29%.30% 2 57.04% 66.20% 65.00% Azionario 15.92% 14.85% 15.00% 3.99% 4.01% Convertible 1.94% 1.91% Altro 1.82% 1.73% Esposizione azionaria massima 0% - 30% Inizio gestione 19-06-2006 Medio Soglia minima di ingresso 250000 Volatilità realizzata 5.93 % 0.00 0.18 0.20 2.39 20,0% JP Morgan Cash Index Euro 6 months in Euro 55,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 15,0% DJ STOXX 50 in Euro 10,0% iboxx Euro Corporates in Euro -0.25-0.03-1.23 al Euro 89.08% 89.31% 90.97% Sterlina 4.71% 4.47% 5.87% Dollaro Yen Altre divise 6.21% 6.22% 3.16% 0.02-0.08 0.08-0.13-0.18 Monetario Azionario Convertible Altro Gestioni Attive vs : Multi Active Beta 15 Monetario -7.99% Azionario -1.07% Convertible -0.03% Altro -0.09% 9.16% 0.02% -8.70% -0.15% 1.20% 4.01% 1.91% 1.73% Euro 0.23% Sterlina -0.24% Dollaro Yen Altre divise 0.01% -1.66% -1.40% 3.06% Gov. Euro 1-3 1.39% 3.48% 27.46% Gov. Euro 3-5 24.62% 26.10% 21.53% 35.68% 33.86% 35.63% Obbl. Altro 38.31% 36.56% 15.38% Gov. Euro 1-3 2.09% Gov. Euro 3-5 1.48% -1.82% Obbl. Altro -1.75% al -23.98% -1.77% 4.57% 21.18% Az. Europa 10 10 10 Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti Az. Europa Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti al al 2.96 3.36 2.80 0.40 0.56 24

Multi Active Beta 30 FIDEURAM Investimenti - Dati al 31 Maggio 20 107.5 105.0 102.5 100.0 97.5 95.0 92.5 90.0 87.5 Jun- Jul- Aug- Sep- Oct- -1.66% -1.29% -2.53% -1.71% -2.18% Nov- Dec- Jan- Feb- 2.80% 1.87% 1.37% Mar- al Apr- 5.21% 4.78% Monetario 5.08% 1.50% 1 54.86% 59.47% 6 Azionario 31.89% 30.43% 3 3.87% 3.88% Convertible 1.95% 1.91% Altro 2.35% 2.81% Esposizione azionaria massima 10% - 50% Inizio gestione 02-05-2008 Medio alto Soglia minima di ingresso 250000 Volatilità realizzata 8.49 % 0.00 0.08 0.38 2.46 10,0% JP Morgan Cash Index Euro 6 months in Euro 50,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 20,0% DJ STOXX 50 in Euro 10,0% MSCI ACWI ex EUROPE in Euro 10,0% iboxx Euro Corporates in Euro -1.78 0.79 al Euro 73.09% 74.80% 77.97% Sterlina 6.58% 6.27% 7.82% Dollaro 8.80% 8.19% 6.20% Yen 1.16% 0.52% 1.00% Altre divise 10.37% 10.22% 7.01% -0.03 0.02-0.08 0.08-0.02-0.10 Monetario Azionario Convertible Altro Gestioni Attive vs : Multi Active Beta 30 Monetario -3.58% Azionario -1.46% Convertible -0.04% Altro 4.61% 0.01% 0.46% -8.50% -0.53% 0.43% 3.88% 1.91% 2.81% Euro 1.71% Sterlina -0.31% Dollaro -0.61% Yen -0.64% Altre divise -0.15% -3.17% -1.55% -0.48% 1.99% 3.21% al Gov. Euro 1-3 4.48% 27.04% Gov. Euro 3-5 21.95% 25.49% 21.20% 33.14% 33.30% 35.09% 3.75% 3.79% Obbl. Altro 36.68% 37.42% 16.67% al Az. Europa 65.10% 63.98% 66.67% 21.05% 22.01% 20.56% Az. Giappone 3.61% 3.65% 3.34% Az.Pacifico ex Giapp. 2.87% 2.90% 2.06% Az. Emergenti 7.37% 7.46% 5.50% 1.87% Gov. Euro 1-3 -4.48% Gov. Euro 3-5 Obbl. Altro 3.54% 0.16% 0.04% 0.74% -27.04% -1.79% 4.29% 3.79% 20.75% Az. Europa -1.% Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti 0.96% 0.04% 0.03% 0.09% -2.69% -1.87% 1.45% 0.31% 0.84% 1.96% al 2.78 3.08 2.54 0.30 0.54 25

Multi Active Beta 50 FIDEURAM Investimenti - Dati al 31 Maggio 20 105 100 95 90 85 Jun- Jul- Aug- Sep- -2.51% -1.67% -3.31% -1.97% -4.17% Oct- Nov- Dec- Jan- 0.38% Feb- Mar- 3.00% 2.33% al Apr- 5.53% 5.41% Monetario 5.04% 0.50% 15.00% 34.46% 39.96% 35.00% Azionario 52.80% 51.13% 5 2.34% 2.36% Convertible 1.98% 1.94% Altro 3.38% 4.% Esposizione azionaria massima 30% - 70% Inizio gestione 02-05-2008 Medio alto Soglia minima di ingresso 250000 Volatilità realizzata.84 % 0.00 0.08 0.33 1.68 15,0% JP Morgan Cash Index Euro 6 months in Euro 25,0% Citigroup EGBI in Euro 25,0% DJ STOXX 50 in Euro 25,0% MSCI ACWI ex EUROPE in Euro 10,0% iboxx Euro Corporates in Euro -2.58 1.91 al Euro 55.03% 58.88% 59.95% Sterlina 8.15% 7.81% 9.78% Dollaro 20.40% 16.74% 15.49% Yen 2.85% 1.30% 2.51% Altre divise 13.57% 15.27%.27% -0.02 0.01-0.08 0.08-0.02-0.13 Monetario Azionario Convertible Altro Gestioni Attive vs : Multi Active Beta 50 Monetario -4.54% Azionario -1.67% Convertible -0.04% Altro 5.50% 0.02% 0.73% -14.50% 4.96% 1.13% 2.36% 1.94% 4.% Euro 3.85% Sterlina -0.34% Dollaro -3.66% Yen -1.55% Altre divise 1.70% -1.07% -1.97% -1.21% 1.25% 3.00% al Gov. Euro 1-3 5.81% 5.08% 17.27% Gov. Euro 3-5 13.31% 16.55% 13.54% 18.64% 18.53% 22.41% 6.83% 6.25% 18.21% 5.61% 5.34% Obbl. Altro 49.80% 48.25% 28.57% al Az. Europa 48.09% 46.82% 5 31.21% 32.28% 30.84% Az. Giappone 5.37% 5.38% 5.02% Az.Pacifico ex Giapp. 4.26% 4.26% 3.09% Az. Emergenti.07%.26% 8.25% 2.80% Gov. Euro 1-3 -0.73% Gov. Euro 3-5 -0.% -0.58% -0.27% Obbl. Altro -1.55% 3.24% -.19% -3.88% -.96% 3.01% 5.34% 19.68% Az. Europa -1.27% Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti 1.07% 0.01% 0.19% -3.18% -2.80% 1.44% 0.36% 1.17% 3.01% al 1.87 2.16 2.06 0.29 0.10 26

Multi Active Beta 65 FIDEURAM Investimenti - Dati al 31 Maggio 20 105 100 95 90 85 Jun- Jul- Aug- -5.84% Sep- -3.31% -2.50% -4.29% -2.99% Oct- Nov- -0.69% Dec- Jan- Feb- Mar- 2.81% 1.88% al Apr- 5.53% 5.30% Monetario 1.18% 1.21% 24.66% 25.43% 35.00% Azionario 68.26% 66.70% 65.00% 0.92% 0.93% Convertible 1.51% 1.50% Altro 3.47% 4.23% Esposizione azionaria massima 45% - 85% Inizio gestione 19-06-2006 Soglia minima di ingresso 250000 Volatilità realizzata 14.61 % 0.00 0.01 0.19 1.06 al Euro 45.95% 51.13% 46.94% Sterlina 9.55% 9.21%.74% Dollaro 26.55% 21.43% 21.69% Yen 3.95% 1.82% 3.51% Altre divise 14.00% 16.41% 16.% Alto 35,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 30,0% DJ STOXX 50 in Euro 35,0% MSCI ACWI ex EUROPE in Euro -3.23 2.51-0.01 0.01-0.06 0.10-0.03-0.13 Monetario Azionario Convertible Altro Gestioni Attive vs : Multi Active Beta 65 Monetario 0.03% 0.77% Azionario -1.56% 0.01% Convertible -0.01% Altro 0.76% -9.57% 1.21% 1.70% 0.93% 1.50% 4.23% Euro 5.18% Sterlina -0.34% Dollaro -5.% Yen -2.13% Altre divise 2.41% -2.53% -0.26% -1.69% 4.19% 0.29% al Gov. Euro 1-3 9.49% 5.23% 32.45% Gov. Euro 3-5 28.80% 28.62% 25.44% 38.69% 43.04% 42.% 4.79% 3.88% Obbl. Altro 19.44% 19.23% al Az. Europa 44.15% 42.89% 46.16% 33.57% 34.64% 33.22% Az. Giappone 5.78% 5.78% 5.40% Az.Pacifico ex Giapp. 4.58% 4.58% 3.33% Az. Emergenti.92%.% 8.88% 3.01% Gov. Euro 1-3 -4.26% Gov. Euro 3-5 -0.18% -0.91% Obbl. Altro -0.21% 4.35% -27.22% 3.18% 0.93% 3.88% 19.23% Az. Europa -1.26% Az. Giappone Az.Pacifico ex Giapp. Az. Emergenti 1.07% 0.19% -3.27% -3.01% 1.42% 0.38% 1.25% 3.23% al 1.24 1.34 1.46 0.10-0. 27

Multi Active Beta 80 FIDEURAM Investimenti - Dati al 31 Maggio 20 105 100 95 90 85 80 Jun- Jul- Aug- -7.38% Sep- -3.98% -3.06% -4.86% -3.51% Oct- -1.92% Nov- Dec- Jan- Feb- Mar- 2.99% 1.85% al Apr- 5.71% 5.33% Monetario 13.57% 14.% 2 Azionario 82.84% 81.78% 8 Convertible 1.01% 1.01% Altro 2.58% 3.10% Esposizione azionaria massima 60% - 100% Inizio gestione 02-05-2008 Soglia minima di ingresso 250000 Volatilità realizzata 17.25 % 0.00 0.00 0.10 0.56 al Euro 34.39% 40.46% 33.94% Sterlina.07% 10.79% 13.69% Dollaro 32.88% 26.65% 27.89% Yen 4.99% 2.32% 4.51% Altre divise 16.67% 19.78% 19.97% Alto 20,0% Citigroup EMU Gov. Bond Index 1-10 Y in Euro 35,0% DJ STOXX 50 in Euro 45,0% MSCI ACWI ex EUROPE in Euro -3.80 3.28-0.04 0. -0.04-0. Monetario Azionario Convertible Altro Gestioni Attive vs : Multi Active Beta 80 Monetario 0.54% Azionario -1.06% Convertible Altro 0.52% -5.89% 1.78% 1.01% 3.10% Euro 6.07% Sterlina -0.28% Dollaro -6.23% Yen -2.67% Altre divise 3.% -2.90% -1.24% -2.19% -0.19% 6.52% al Gov. Euro 1-3 13.74% 9.64% 32.45% Gov. Euro 3-5 27.42% 27.26% 25.44% 36.88% 41.05% 42.% 3.44% 3.71% Obbl. Altro 18.52% 18.34% al Az. Europa 41.75% 40.55% 43.75% 35.03% 36.10% 34.70% Az. Giappone 6.02% 6.01% 5.64% Az.Pacifico ex Giapp. 4.78% 4.76% 3.48% Az. Emergenti.42%.58% 9.28% 3.15% Gov. Euro 1-3 -4.10% Gov. Euro 3-5 -0.16% Obbl. Altro -0.18% 4.17% 0.27% -22.81% -1.06% 1.82% 3.71% 18.34% Az. Europa -1.20% Az. Giappone -0.01% Az.Pacifico ex Giapp. -0.02% Az. Emergenti 1.07% 0.16% -3.20% -3.15% 1.40% 0.37% 1.28% 3.30% al 0.66 0.72 0.84 0.06-0. 28

Omega FIDEURAM Investimenti - Dati al 31 Maggio 20 107 106 105 104 103 102 101 100 99 Jun- Jul- Aug- Sep- Oct- Nov- -0.35% -0.08% -0.80% -0.% Dec- Jan- 1.31% 0.18% 1.34% 0.74% Feb- al 2.77% 2.77% Mar- Apr- Monetario 35.16% 27.75% 75.00% 64.84% 72.25% 25.00% Convertible Altro Esposizione azionaria massima 0% Inizio gestione 02-05-2008 Medio basso Soglia minima di ingresso 50000 Volatilità realizzata 1.48 % 0.46 0.01 Monetario 75,0% MTS Lordo BOT (ex Banca d'italia) in Euro 25,0% Citigroup EGBI 1-5 years in Euro -0.02-0.30 al Euro 10 10 10 Sterlina Dollaro Yen Altre divise Gestioni Attive vs : Omega Monetario -7.41% Convertible Altro 7.41% -47.25% 47.25% Euro Sterlina Dollaro Yen Altre divise Gov. Euro 1-3 51.93% 54.87% 56.06% Gov. Euro 3-5 48.07% 45.13% 43.94% Obbl. Altro Gov. Euro 1-3 2.94% Gov. Euro 3-5 Obbl. Altro -2.94% al -1.19% 1.19% al 1.76 1.92 0.95 0.16 0.97 29

Dettaglio Portafogli FIDEURAM Investimenti - Dati al 31 Maggio 20 Gestioni Active Beta Dati al 31 Maggio 20 Strumento Active Beta 15 Active Beta 30 Active Beta 50 Active Beta 65 Active Beta 80 ETF 1.77% 2.38% 3.58% 3.61% 2.42% FONDI 98.23% 97.62% 96.42% 96.39% 97.58% Titoli Totale 10 10 10 10 10 Strumento Active Beta 15 Active Beta 30 Active Beta 50 Active Beta 65 Active Beta 80 ABERDEEN GLOBAL EMERGING MARKETS EQ "I2" 1.79% 2.77% 3.48% 4.% ALLIANZ US EQUITY "IT" ACC 2.92% 4.32% 5.81% 6.80% DB PHYSICAL GOLD ETC EUR 1.77% 2.38% 3.58% 3.61% 2.42% FIDEURAM FUND COMMODITIES 0.33% 0.39% 0.46% 0.54% 0.61% FIDEURAM FUND MARSHALL WACE TOPS 3.79% 3.70% 2.26% 0.88% FONDITALIA BOND GLOBAL HIGH YIELD CLASSE T 0.45% 0.36% 0.39% HENDERSON HOR-PAN EU EQ-I2EUR 1.23% 1.55% 2.69% 3.46% 4.24% INTERFUND BOND GLOBAL EMERGING MARKETS 4.28% 3.24% 2.55% 1.58% 0.84% INTERFUND BOND GLOBAL HIGH YIELD 1.42% 1.80% 1.38% 0.79% 0.42% INTERFUND BOND US PLUS 2.43% 2.23% 2.% 0.97% 0.52% INTERFUND EM MKT LOC CRNCY BOND CLASSE A 4.37% 4.26% 3.73% 1.19% 0.63% INTERFUND EQUITY EUROPE 1.98% 4.78% 7.78% 10.13%.35% INTERFUND EQUITY GLOBAL EMERGING MARKETS 2.45% 1.87% 3.49% 4.74% 5.98% INTERFUND EQUITY ITALY 0.20% 0.40% 0.67% 0.87% 1.06% INTERFUND EQUITY JAPAN CLASSE A 0.59% 1.17% 1.94% 2.52% 3.07% INTERFUND EQUITY JAPAN CLASSE H 0.66% 1.31% 2.17% 2.82% 3.44% INTERFUND EQUITY PACIFIC EX JAPAN CLASSE A 0.99% 1.97% 3.25% 4.23% 5.16% INTERFUND EQUITY USA CLASSE A 6.68% 8.43% 14.64% 18.48% 22.70% INTERFUND EQUITY USA CLASSE H 0.91% 1.79% 2.96% 3.85% 4.70% INTERFUND EURO BOND LONG TERM 2.47% INTERFUND EURO BOND MEDIUM TERM 22.04% 19.60% 7.34% 10.80% 5.72% INTERFUND EURO BOND SHORT TERM 1-3.14% 4.50% 2.38% 2.54% 1.34% INTERFUND EURO BOND SHORT TERM 3-5 14.01%.05% 4.62% 7.17% 3.80% INTERFUND EURO CORPORATE BOND 7.72% 7.37% 6.83% 0.20% 0.10% INTERFUND EURO CURRENCY 3.05% 2.07% INTERFUND GLOBAL CONVERTIBLES 1.82% 1.85% 1.89% 1.48% 0.99% INTERFUND INFLATION LINKED 1.61% 1.26% 0.84% 0.55% 0.29% JF INDIA "C" 0.15% 0.36% 0.57% 0.71% 0.86% PIMCO-GBL INV GRADE-IEURHD-ACC 3.93% 3.74% 3.39% 0.51% 0.27% SCHRODER ISF CHINA OPPORTUNITIES "C" 1.18% 1.75% 2.20% 2.64% UBS LUX EQ-USA GROWTH-Q$ 1.76% 2.72% 3.89% 4.93% stioni Attive vs : dettaglio portafogli Totale 10 100.01% 100.01% 10 10 30

Dettaglio Portafogli FIDEURAM Investimenti - Dati al 31 Maggio 20 Gestioni Active Beta Europe Dati al 31 Maggio 20 Strumento ActiveBeta Europe 15 Active Beta Europe 30 Active Beta Europe 50 Active Beta Europe 65 Active Beta Europe 80 ETF 1.37% 1.85% 2.82% 2.87% 1.93% FONDI 98.63% 98.15% 97.18% 97.13% 98.07% Titoli Totale 10 10 10 10 10 Strumento ActiveBeta Europe 15 Active Beta Europe 30 Active Beta Europe 50 Active Beta Europe 65 Active Beta Europe 80 PIMCO-GBL INV GRADE-IEURHD-ACC 2.24% 2.08% 2.40% 0.23% INTERFUND EQUITY ITALY 0.68% 1.36% 2.30% 3.02% 3.72% INTERFUND EURO BOND SHORT TERM 1-3.28% 6.71% 2.45% 3.59% 1.92% INTERFUND EURO BOND LONG TERM 2.55% FIDEURAM FUND MARSHALL WACE TOPS 3.90% 3.90% 2.48% 1.00% FIDEURAM FUND COMMODITIES 0.34% 0.41% 0.51% 0.61% 0.69% FONDITALIA BOND GLOBAL HIGH YIELD CLASSE T 0.46% 0.36% 0.40% INTERFUND INFLATION LINKED 1.63% 1.29% 0.87% 0.58% 0.31% INTERFUND GLOBAL CONVERTIBLES 1.87% 1.93% 2.02% 1.55% 1.04% INTERFUND BOND GLOBAL HIGH YIELD 1.44% 1.84% 1.42% 0.82% 0.44% INTERFUND EURO BOND MEDIUM TERM 22.30% 19.99% 7.57%.25% 6.02% BGF-EUROPEAN FUND-EURD2 4.98% 6.16% 7.71% INTERFUND EURO CORPORATE BOND 9.54% 9.25% 8.% 0.51% 0.39% INTERFUND EQUITY EUROPE 9.17% 19.23% 33.46% 47.05% 59.75% HENDERSON HOR-PAN EU EQ-I2EUR 5.46% 9.85% 10.25% 10.39% 10.54% DB PHYSICAL GOLD EURO HEDGED 1.37% 1.85% 2.82% 2.87% 1.93% INTERFUND BOND GLOBAL EMERGING MARKETS 4.33% 3.31% 2.63% 1.65% 0.88% INTERFUND EM MKT LOC CRNCY BOND CLASSE A 4.43% 4.35% 3.84% 1.24% 0.66% INTERFUND EURO BOND SHORT TERM 3-5 14.18%.30% 4.77% 7.48% 4.00% INTERFUND EURO CURRENCY 5.38% 4.17% Gestioni Attive vs : dettaglio portafogli Totale 10 100.01% 100.01% 10 10 31

Dettaglio Portafogli FIDEURAM Investimenti - Dati al 31 Maggio 20 Gestioni Active Beta Emerging Plus Dati al 31 Maggio 20 Strumento ActiveBeta Emerging Plus 15 ETF 1.78% FONDI 98.22% Titoli Active Beta Emerging Plus 30 Active Beta Emerging Plus 50 2.38% 3.59% 97.62% 96.41% Totale 10 10 10 Strumento ActiveBeta Emerging Plus 15 INTERFUND EQUITY PACIFIC EX JAPAN CLASSE A 0.80% UBS LUX EQ-USA GROWTH-Q$ INTERFUND EQUITY USA CLASSE H 0.73% INTERFUND EQUITY EUROPE 0.91% SCHRODER ISF CHINA OPPORTUNITIES "C" 1.06% INTERFUND BOND GLOBAL HIGH YIELD 1.41% INTERFUND EURO CURRENCY 4.38% INTERFUND INFLATION LINKED 1.60% INTERFUND EQUITY ITALY 0.16% PICTET EUR CORP BONDS "I" ACC PICTET EUR CORP BONDS "I" ACC FIDEURAM FUND COMMODITIES 0.32% INTERFUND EQUITY JAPAN CLASSE H 0.53% INTERFUND EQUITY JAPAN CLASSE A 0.47% JF INDIA "C" 0.34% INTERFUND EQUITY USA CLASSE A 5.33% INTERFUND GLOBAL CONVERTIBLES 6.02% INTERFUND EURO BOND SHORT TERM 1-3 9.15% INTERFUND EM MKT LOC CRNCY BOND CLASSE A 7.51% INTERFUND EURO BOND MEDIUM TERM 21.19% INTERFUND EURO BOND SHORT TERM 3-5 13.45% INTERFUND EURO CORPORATE BOND 7.97% ABERDEEN GLOBAL EMERGING MARKETS EQ "I2" 2.06% ALLIANZ US EQUITY "IT" ACC INTERFUND BOND US PLUS 2.41% INTERFUND BOND GLOBAL EMERGING MARKETS 2.75% DB PHYSICAL GOLD ETC EUR 1.78% PIMCO-GBL INV GRADE-IEURHD-ACC 4.22% INTERFUND EQUITY GLOBAL EMERGING MARKETS 1.77% HENDERSON HOR-PAN EU EQ-I2EUR 1.68% Active Beta Emerging Plus 30 Active Beta Emerging Plus 50 1.57% 2.61% 1.49% 2.35% 1.43% 2.37% 1.69% 3.06% 1.97% 3.09% 1.78% 1.13% 1.75% 1.25% 0.79% 0.33% 0.54% 0.39% 0.46% 1.05% 1.74% 0.94% 1.55% 0.63% 0.99% 6.61%.28% 6.08% 6.21% 4.98% 0.19% 7.16% 5.75% 16.95% 9.53% 10.42% 7.10% 7.56% 6.74% 4.09% 6.72% 2.37% 3.73% 2.21% 2.00% 2.04% 1.65% 2.38% 3.59% 3.81% 3.16% 3.63% 6.27% 3.43% 5.41% Gestioni Attive vs : dettaglio portafogli Totale 10 99.99% 100.01% 32

Dettaglio Portafogli FIDEURAM Investimenti - Dati al 31 Maggio 20 Gestioni Active Beta Hedged Dati al 31 Maggio 20 Strumento Active Beta Hedged 15 Active Beta Hedged 30 Active Beta Hedged 50 Active Beta Hedged 65 Active Beta Hedged 80 ETF 1.36% 1.83% 2.78% 2.81% 1.89% FONDI 98.64% 98.17% 97.22% 97.19% 98.% Titoli Totale 10 10 10 10 10 Strumento Active Beta Hedged 15 Active Beta Hedged 30 Active Beta Hedged 50 Active Beta Hedged 65 Active Beta Hedged 80 INTERFUND EURO BOND SHORT TERM 1-3.25% 6.66% 2.42% 3.52% 1.88% PIMCO-GBL INV GRADE-IEURHD-ACC 1.71% 1.61% 1.99% INTERFUND GLOBAL CONVERTIBLES 1.86% 1.90% 1.97% 1.52% 1.02% INTERFUND BOND GLOBAL EMERGING MARKETS 4.32% 3.28% 2.59% 1.62% 0.86% INTERFUND EURO BOND LONG TERM 2.52% FIDEURAM FUND MARSHALL WACE TOPS 3.88% 3.88% 2.43% 0.98% SCHRODER ISF CHINA OPPORTUNITIES "C" 1.25% 1.85% 2.33% 2.74% INTERFUND EQUITY ITALY 0.21% 0.41% 0.68% 0.89% 1.09% FIDEURAM FUND COMMODITIES 0.34% 0.40% 0.50% 0.59% 0.67% FONDITALIA BOND GLOBAL HIGH YIELD CLASSE T 0.45% 0.36% 0.40% INTERFUND BOND GLOBAL HIGH YIELD 1.43% 1.83% 1.40% 0.80% 0.43% INTERFUND INFLATION LINKED 1.63% 1.28% 0.86% 0.57% 0.30% JF INDIA "C" 0.44% 0.70% 0.89% 1.07% DB PHYSICAL GOLD EURO HEDGED 1.36% 1.83% 2.78% 2.81% 1.89% INTERFUND EQUITY EUROPE 0.84% 3.26% 5.48% 7.18% 8.82% HENDERSON HOR-PAN EU EQ-I2EUR 2.45% 3.21% 5.29% 6.84% 8.30% INTERFUND EURO BOND SHORT TERM 3-5 14.14%.20% 4.71% 7.33% 3.90% INTERFUND EQUITY USA CLASSE H 7.24%.30% 20.19% 26.30% 31.95% INTERFUND EURO CORPORATE BOND 10.03% 9.62% 8.40% 0.72% 0.38% INTERFUND EURO BOND MEDIUM TERM 22.23% 19.81% 7.47%.03% 5.87% INTERFUND EQUITY JAPAN CLASSE H 1.27% 2.50% 4.17% 5.44% 6.64% INTERFUND EQUITY GLOBAL EMERGING MARKETS 2.59% 1.77% 3.36% 4.58% 5.80% INTERFUND EQUITY PACIFIC EX JAPAN CLASSE H 1.00% 1.98% 3.29% 4.29% 5.24% ABERDEEN GLOBAL EMERGING MARKETS EQ "I2" 1.81% 2.84% 3.60% 4.30% INTERFUND EURO CURRENCY 5.36% 4.% INTERFUND EM MKT LOC CRNCY BOND CLASSE A 4.42% 4.32% 3.80% 1.22% 0.65% JANUS INTECH US CORE "I"(EUR) ACC 2.09% 3.79% 4.94% 6.20% Gestioni Attive vs : dettaglio portafogli Totale 100.01% 10 99.99% 99.99% 10 33

Dettaglio Portafogli Gestioni Multi Active Beta Dati al 31 Maggio 20 Strumento Multi Active Beta 15 Multi Active Beta 30 Multi Active Beta 50 Multi Active Beta 65 Multi Active Beta 80 ETF 1.37% 2.40% 3.62% 3.66% 2.46% FONDI 84.43% 91.35% 89.78% 87.80% 88.86% Titoli 14.20% 6.25% 6.60% 8.54% 8.68% Totale 10 10 10 10 10 Strumento Multi Active Beta 15 Multi Active Beta 30 Multi Active Beta 50 Multi Active Beta 65 Multi Active Beta 80 ABERDEEN GLOBAL EMERGING MARKETS EQ "I2" 1.91% 2.66% 3.29% ALLIANZ SE-REG 0.55% 0.55% 0.58% 0.76% 0.77% ALLIANZ US EQUITY "IT" ACC 3.00% 5.97% 5.33% ALSTOM 0.48% 0.49% 0.51% 0.67% 0.68% BARCLAYS PLC 0.39% 0.40% 0.42% 0.54% 0.55% BOUYGUES SA 0.34% 0.34% 0.36% 0.47% 0.48% BP PLC 0.50% 0.51% 0.54% 0.70% 0.71% BTPS 2 1/2 07/01/ 2.92% DB PHYSICAL GOLD ETC EUR 2.40% 3.62% 3.66% 2.46% DB PHYSICAL GOLD EURO HEDGED 1.37% DBR 507/04/ 3.23% DEUTSCHE TELEKOM AG-REG 0.33% 0.33% 0.35% 0.45% 0.46% EDF 0.32% 0.33% 0.34% 0.44% 0.45% ENDESA SA 0.26% 0.27% 0.28% 0.37% 0.37% ENI SPA 0.72% 0.73% 0.77% 0.99% 1.01% FIDEURAM FUND COMMODITIES 0.35% 0.41% 0.48% 0.57% 0.64% FIDEURAM FUND MARSHALL WACE TOPS 4.01% 3.88% 2.36% 0.93% FONDITALIA BOND GLOBAL HIGH YIELD CLASSE T 0.46% 0.36% 0.40% GDF SUEZ 0.40% 0.41% 0.43% 0.56% 0.57% GLAXOSMITHKLINE PLC 0.67% 0.68% 0.71% 0.92% 0.94% HENDERSON HOR-PAN EU EQ-I2EUR 4.28% 4.28% 4.90% 6.82% INTERFUND BOND GLOBAL EMERGING MARKETS 4.36% 3.27% 2.57% 1.61% 0.85% INTERFUND BOND GLOBAL HIGH YIELD 1.45% 1.82% 1.39% 0.80% 0.42% INTERFUND BOND US PLUS 2.26% 2.13% 0.99% 0.52% INTERFUND EM MKT LOC CRNCY BOND CLASSE A 4.46% 4.30% 3.76% 1.20% 0.64% INTERFUND EQUITY EUROPE 7.94% 8.52%.51% 14.35% 16.63% INTERFUND EQUITY GLOBAL EMERGING MARKETS 2.27% 2.29% 3.35% 4.45% INTERFUND EQUITY ITALY 0.76% 0.42% 0.59% 0.82% 1.03% INTERFUND EQUITY JAPAN CLASSE A 0.52% 1.30% 1.82% 2.32% INTERFUND EQUITY JAPAN CLASSE H 0.59% 1.45% 2.04% 2.60% INTERFUND EQUITY PACIFIC EX JAPAN CLASSE A 0.88% 2.18% 3.05% 3.90% INTERFUND EQUITY USA CLASSE A 5.89% 9.60% 10.23% 16.33% INTERFUND EQUITY USA CLASSE H 0.80% 1.98% 2.78% 3.55% INTERFUND EURO BOND LONG TERM 2.50% INTERFUND EURO BOND MEDIUM TERM 22.41% 19.79% 7.41% 10.95% 5.79% INTERFUND EURO BOND SHORT TERM 1-3 2.31% 2.03% 1.33% 1.36% INTERFUND EURO BOND SHORT TERM 3-5 17.28% 15.16% 6.61% 7.28% 3.85% INTERFUND EURO CORPORATE BOND 9.52% 7.37% 6.84% 0.20% 0.% INTERFUND EURO CURRENCY 3.26% 1.50% 0.50% 1.21% INTERFUND GLOBAL CONVERTIBLES 1.91% 1.91% 1.94% 1.50% 1.01% INTERFUND INFLATION LINKED 1.64% 1.28% 0.85% 0.56% 0.30% JF INDIA "C" 0.22% 0.24% 0.30% OBL 4 1/4 10// 1.89% FIDEURAM Investimenti - Dati al 31 Maggio 20 PIMCO-GBL INV GRADE-IEURHD-ACC 2.31% 3.86% 3.48% 0.52% 0.28% REED ELSEVIER NV 0.53% 0.54% 0.58% 0.75% 0.76% SANOFI 0.57% 0.58% 0.61% 0.79% 0.81% SCHRODER ISF CHINA OPPORTUNITIES "C" 1.33% 1.83% 2.24% UBS LUX EQ-USA GROWTH-Q$ 1.92% 4.% 4.31% UNICREDIT SPA 0.09% 0.09% 0.09% 0.% 0.% Gestioni Attive vs : dettaglio portafogli Totale 99.99% 99.99% 10 10 100.01% 34