LIST OF INTERMEDIARIES SELECTED TO SEND/EXECUTE ORDERS Orders concerning shares List of Intermediaries selected to send/execute orders - "Intermediaries' discretion" method The SGR sends orders to Intermediaries selected from intermediaries that can ensure the highest execution quality on a permanent basis, according to the terms indicated above, preferring intermediaries that, while offering the same quality of service, charge lower trading fees. Aspects considered when assessing Intermediaries include the ability to offer access on a continual basis to the primary market and assistance and information to the SGR during execution.

Equity Italy (Large Cap) BANCA IMI CRÉDIT SUISSE EQUITA INTERMONTE KEPLER CHEUVREUX UBS

Equity Italy (Small/Mid Cap) BANCA IMI - B. AKROS CITIGROUP EQUITA INTERMONTE KEPLER CHEUVREUX MEDIOBANCA UBS

Equity Europe Developed Markets (Large Cap) OF AMERICA BANK CITIGROUP CRÉDIT SUISSE EXANE J.P. MORGAN KEPLER CHEUVREUX UBS

Equity Europe Developed Markets (Small/Mid Cap) BANK OF AMERICA BARCLAYS BANK CITIGROUP CRÉDIT SUISSE EXANE GOLDMAN SACHS J.P. MORGAN KEPLER CHEUVREUX MORGAN STANLEY UBS

Equity North American Markets ALLIANCE BERNSTEIN BANK OF AMERICA BARCLAYS BANK CITIGROUP CRÉDIT SUISSE GOLDMAN SACHS J.P. MORGAN MORGAN STANLEY UBS

Equity Latin American Markets BANK OF AMERICA CITIGROUP CRÉDIT SUISSE J.P. MORGAN MORGAN STANLEY UBS

Equity Central and Eastern Europe (CEE), Middle East and Africa (MEA) Markets BANK OF AMERICA CITIGROUP GOLDMAN SACHS J.P. MORGAN MORGAN STANLEY UBS

Equity Asia (Developed Markets + Emerging Markets) BANK OF AMERICA CITIGROUP GOLDMAN SACHS J.P. MORGAN MORGAN STANLEY NOMURA ORIENT FINANCE UBS

Orders concerning shares List of Intermediaries selected to send/execute orders - "Program" method The SGR believes that the best interest of managed assets is achieved through an execution that not only attempts to obtain the best price in absolute terms, but also considers as preferable a price which, avoiding market lows or highs, best represents the execution day (of a portion thereof), as indicated above. This execution procedure normally involves sending all orders generated at the same time to the same intermediary in order to minimise the cost and have the certainty that all orders are executed. For this purpose, the SGR selects the Intermediaries to send orders to, from those with the professional and technological facilities and with access to Execution Venues which can guarantee these execution procedures, preferring intermediaries that, while offering the same quality of service, charge lower trading fees. Aspects considered when assessing Intermediaries include the ability to offer assistance on a continual basis and information to the SGR during execution.

Equity Program Trade Global BANCA IMI BANK OF AMERICA BARCLAYS BANK CITIGROUP CRÉDIT SUISSE EXANE GOLDMAN SACHS J.P. MORGAN MORGAN STANLEY UBS

List of Intermediaries and Execution Venues to send/execute orders - Liquid bonds The SGR executes orders according to one of the following procedures:

- directly on regulated markets; - selecting the intermediary with whom to execute the order, using electronic trading platforms (MTF or OTF), or - requesting at least three Intermediaries for a quotation for the specific order, establishing a maximum time for the reply and executing the transaction with the intermediary prepared to execute the entire order at the best price, comparing it with quotations indicated on electronic circuits. The Execution Venues or Intermediaries sent requests for quotations are selected based on their ability to guarantee on a permanent basis execution in best conditions, considering the operating facilities, response times and proposed prices.

Government Bonds Italy BANCA IMI BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY UBS

Government Bonds ex Italy (Developed Markets) BANCA IMI BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE DEUTSCHE BANK GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY UBS

Government Bonds ex Europe (Developed Markets) BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE DEUTSCHE BANK GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY ROYAL BANK OF CANADA UBS

Fixed Income Emerging BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP DEUTSCHE BANK GOLDMAN SACHS HSBC J.P. MORGAN JEFFERIES MORGAN STANLEY

Fixed Income High Grade BANCA IMI BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY ROYAL BANK OF CANADA SOCIETE GENERALE

Fixed Income High Yield BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT SUISSE GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY UBS UNICREDIT List of Intermediaries and Execution Venues to send/execute orders - Bonds with a poor liquidity Where possible, the SGR tries to adopt the same strategy used for "liquid" securities, but in the absence of several Intermediaries prepared to trade, it may contact just one counterparty, thus giving priority to the likelihood of execution and obtaining, in order to operate in the best interest of managed assets, a prior determination of the fair value of the traded instrument from dedicated units of the SGR. Intermediaries sent requests for quotations or with whom transactions are carried out are selected according to the same criteria used for transactions with liquid securities.

Government Bonds Italy BANCA IMI BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE DEUTSCHE BANK GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY UBS UNICREDIT

Government Bonds ex Italy (Developed Markets) BANCA IMI BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE DEUTSCHE BANK GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY UBS

Government Bonds ex Europe (Developed Markets) BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE DEUTSCHE BANK GOLDMAN SACHS HSBC J.P. MORGAN

MORGAN STANLEY ROYAL BANK OF CANADA UBS

Fixed Income Emerging BANCO SANTANDER BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP DEUTSCHE BANK GOLDMAN SACHS HSBC J.P. MORGAN JEFFERIES MORGAN STANLEY STANDARD CHARTERED

Fixed Income High Grade BANCA IMI BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY ROYAL BANK OF CANADA SOCIETE GENERALE

Fixed Income High Yield BANK OF AMERICA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT SUISSE GOLDMAN SACHS HSBC J.P. MORGAN MORGAN STANLEY ROYAL BANK OF SCOTLAND UBS UNICREDIT Orders concerning foreign currencies List of Intermediaries selected to send/execute orders The Intermediaries sent requests for quotations are selected based on their ability to guarantee on a permanent basis execution in best conditions, considering the operating facilities, response times, proposed prices and reliability of the intermediary.

Forex BANCA IMI BANK OF AMERICA BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE DEUTSCHE BANK GOLDMAN SACHS J.P. MORGAN MORGAN STANLEY SOCIETE GENERALE UBS UNICREDIT Orders concerning units of CIUs List of Intermediaries selected to send/execute orders The SGR selects intermediaries to send orders to based on the lower execution cost, from intermediaries that have access to the highest number of Execution Venues and have technological facilities that promote the exchange of order and executed order streams.

ETF (shares) BANCA IMI BARCLAYS BANK FLOW TRADERS GOLDMAN SACHS JANE STREET MORGAN STANLEY SOCIETE GENERALE SUSQUEHANNA UNICREDIT

ETF (Bonds) BANCA IMI BARCLAYS BANK CITIGROUP FLOW TRADERS JANE STREET KEPLER CHEUVREUX SOCIETE GENERALE SUSQUEHANNA UNICREDIT Orders concerning unlisted derivatives List of Intermediaries selected to send/execute orders The SGR selects intermediaries of a high standing for order execution, that guarantee high execution and settlement likelihoods on a permanent basis and have an administrative structure capable of managing rapid and efficient relations with the SGR during all stages of the transaction and a continual, complete data stream.

Unlisted derivatives (shares) BANCA IMI BANK OF AMERICA BNP PARIBAS CRÉDIT AGRICOLE CRÉDIT SUISSE GOLDMAN SACHS J.P. MORGAN MORGAN STANLEY SOCIETE GENERALE UBS

Unlisted derivatives (bonds) BANCA IMI BANK OF AMERICA BNP PARIBAS CITIGROUP CRÉDIT AGRICOLE DEUTSCHE BANK GOLDMAN SACHS J.P. MORGAN MORGAN STANLEY UBS

Orders concerning listed derivatives List of Intermediaries selected to send/execute orders The SGR sends orders to Intermediaries of a high standing, selected from intermediaries that can ensure the highest execution quality on a permanent basis, according to the terms indicated above, preferring intermediaries that charge lower execution and settlement fees and that have an administrative structure capable of managing rapid and efficient relations with the SGR during all stages of the transaction and a continual, complete data stream.

Listed derivatives (Shares and Bonds) BANCA IMI S.P.A., BNP PARIBAS S.A., BOFA SECURITIES EUROPE SA, SECURITIES (EUROPE) LTD, DEUTSCHE BANK A.G., GOLDMAN SACHS BANK EUROPE SE, HSBC FRANCE SA, JP MORGAN AG, MEDIOBANCA, MORGAN STANLEY EUROPE SE, SOCIÉTÉ GÉNÉRALE S.A. UBS EUROPE SE Orders concerning receivables and securities representing receivables List of Intermediaries selected to send/execute orders

Real & Alternative Assets ABS BANCA IMI BANK OF AMERICA BARCLAYS BANK BNP PARIBAS BPCE CRÉDIT AGRICOLE DEUTSCHE BANK GOLDMAN SACHS HSBC MORGAN STANLEY MPS

Real & Alternative Assets Loans BANCO BILBAO VIZCAYA BARCLAYS BANK BNP PARIBAS CITIGROUP CRÉDIT SUISSE DEUTSCHE BANK HSBC J.P. MORGAN MORGAN STANLEY UBS