Fonditalia Obiettivo Emergenti R EUR Cap

The Sub-fund, expressed in EURO, will be characterised by three separate phases: (i) an initial subscription period running from September 15, 2017 to November 6, 2017 (the “Initial Subscription Period”); (ii) a period of five years after the Initial Subscription Period during which the Sub-fund will pursue its main investment objective (the “Principal Investment Period”); and (iii) a period subsequent to the Principal Investment Period (the “Post-Investment Period”). The Sub-fund has been designed for subscribers investing in the sub-fund during the Initial Subscription Period and maintaining the investment until the end of the Principal Investment Period. During the Initial Subscription Period, the sub-fund will hold 100% of its net assets in cash, denominated in euros.