Entry of Merrill Lynch into SGR and approval of rules and regulations

ACF ADHESION

F2iFondi italiani per le infrastrutture (Italian Funds for infrastructure) Società di Gestione del Risparmio S.p.A. (F2i SGR) announces hereby the adhesion to the “Arbitro per le Controversie Finanziarie” (Arbitrator for Financial Disputes) (ACF), of-court dispute resolution system in the financial field between brokers and individual investors other than eligible counterparties refferred to in art. 6 paragraph 2 -quater, letter d), and professional customers refferred in the following paragraphs 2 -quinquies and 2 -sexies of the TUF, governed by Consob. It is specified that the right to appeal to the Arbitrator himself can not be waived by the investor and is always exercisable, even in the presence of devolution clauses of disputes with other of-court dispute resolution bodies contained in the contracts. For more information, see the Authority's website of Consob Supervision: www.consob.it e www.act.consob.it

F2i SGR S.p.A. has been registered with the Bank of Italy under number 101 of the Register of AMCs (under Article 35 of the Italian Consolidated Finance Act - AIF Managers section) since July 2007.

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