Company Presentation

A clear mission based upon aligned interests

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Eurizon Capital has a clear vision:

The growth of its own business is inseparably linked to the success of its clients over the long-term.

A vital part of this relationship is the openness and transparency we share with clients.

Strong foundations, our history

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Eurizon Capital was established in 2008 from the merger of two major firms in the Italian asset management sector.

Twenty-five years of experience in asset management were brought together in a single new entity: Eurizon Capital.

Since our formation, we have therefore been a major player, not just in terms of size, but also by way of experience and professional knowhow.

SanPaolo IMI Banca IntesaBirth of

Intesa SanpaoloIn January

2007

Eurizon Capital Eurizon Investimenti

Birth ofEurizon Capital

In April2008

The Intesa Sanpaolo Group

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The leading banking group in Italy

Leader in all segments, with a market share of 16% in customer loans and 17% in deposits. The largest network in Italy: 5900 branches, market share of 17% and about 11,3 million customers. High concentration in the wealthiest areas of Italy: widespread retail presence in areas accounting for more than 70% of Italian household wealth. Over 8.6 million clients and 1800 branches in 13 countries in Central and Eastern Europe and the Mediterranean Basin International network with locations in 30 countries, providing support for the business of corporate clients outside Italy.

Source: internal – data as at 30/6/2010

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Mutual Funds48,3 %

Segregated Mandates

15,9 % Institutional Mandates

35,8 %

Total AuM €164 Bln.

Number 1 in Italy with a market share of 16,5%

Sources: internal, Assogestioni – data as at 30/6/2010

The leading Asset Manager in Italy

More than 230 Distribution Partners & Institutional Clients Funds: 3,5 mln clients DPM: 128.000 clients

pension funds45,7%

others10,7%

foundations2,6%

financials and corporations

3,1%

health insurance

8,5%

corporate2,9%

bank0,5%

life insurance25,9%

6Source: Strategic Insight Global Flowwatch Dec. 2009, Assogestioni Q3 2009

Market Position Eurizon Capital in the European Fund Market

Rank Asset Manager Country AuM Funds

1 Amundi France Euro 256 bln.2 DWS Germany Euro 139 bln.3 DEKA Germany Euro 124 bln.4 Natixis France Euro 113 bln.5 Union Germany Euro 100 bln.6 BNP Paribas France Euro 86 bln.7 Eurizon Capital Italy Euro 80 bln.8 Allianz Global Investors Germany Euro 76 bln.9 Pioneer Italy Euro 66 bln.10 UBS Switzerland Euro 60 bln.

Asset Management, Organisation

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Head Office in Milan, including main portfolio management activities, business development and support functions

Active quant management

for retail & institutional

clients

Focus on Fund of Hedge

Funds for retail & institutional

clients

Management of Luxembourg Funds and

international business

development

Asset Management, Investment Activity

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Investment Solutions

Alpha Core

Eurizon Capital divides its investment activity in two distinct areas:

15 portfolio management teams for equity, balanced and bond funds; 5 teams for funds of funds, discretionary portfolio management and structured products; 1 team specialised in active quantitative management; 1 team dedicated to institutional clients.

Investment Activity, Investment Solutions

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This department has four major roles within Eurizon Capital:

managing segregated mandates for retail investors and institutional investors; constructing solutions with a multi-asset strategy and selecting

international funds through a team of multi-manager specialists; providing alternative asset management, algorithmic funds and guaranteed investment products; Macro-economic and financial market analysis for top-down asset, country and sector allocation decisions.

Investment Activity, Investment Solutions

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The organisation chart of the department (78 investment professionals):

*Eurizon A.I. is a separate company

Investment Activity, Alpha Core

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This department manages funds investing both in specific asset classes or markets and in non-directional strategies

Investment Management implements a multi-style approach: active management with a discretionary approach for Eurozone products; passive management with a quantitative approach for non-Eurozone products or when the objective is to match the benchmark.

The department manages funds targeted both at retail investors, as well as institutional fund investors

With our subsidiary Epsilon Asset Management, we are also able to offer high conviction products with an active quantitative style.

Investment Activity, Alpha Core

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The organisation chart of the department (85 investment professionals):

Investment Activity, Risk Management

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A solid risk control structure is essential for an asset management firm. Eurizon Capital has developed a state-of-the-art risk management structure:

A team of 25 professionals; Active participation in the investment process; A continually updated proprietary risk platform; Responsibility for the Eurizon Capital GIPS certification.

GIPS Certification attests to investment management industry ethical standards in the way investment performance is presented.

Our Luxembourg Fund Platform

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The range of Eurizon Capital funds spans two major platforms: Luxembourg and Italian. The Luxembourg platform is designed for international clients and organised according to product category: Low Tracking Error (Eurizon EasyFund); High Conviction (Eurizon Stars Fund); Multi-manager products (Eurizon MM Collection Fund); Structured products (structured and guaranteed funds).

Asset classes breakdown as at 30 June 2010 (total mutual funds: €79bn).

Sources: internal, Assogestioni – data as at 30/6/2010

In summary

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Investment true to its wordTransparency in all we do

A solid partner, in terms of: Experience; Resources; Corporate structure; Risk management

Transparency: Investment strategy Positioning Product characteristics

Disclaimer

The content of this document is for information purposes only and is targeted solely to institutional investors.

To the best of the knowledge, information and belief of Eurizon Capital S.A., all information contained herein is accurate as at the date of publication and is provided on an "AS IS" basis and without any warranties of any kind, either expressed or implied. However, neither Eurizon Capital S.A. nor its affiliates nor any directors or employees can or does warrant, guarantee or represent, either expressly or by implication, the accuracy, validity or completeness of such information.

This document contains information covering different Luxembourg-domiciled UCITS III umbrella funds, managed and registered in many locations worldwide. In particular the Funds are registered for marketing in some, but not all EU countries. As such, access to the information contained herein may be restricted by laws and regulations applicable to the user. This information is not intended to be published or made available to any person in any jurisdiction where doing so would result in breach of any applicable laws or regulations. In particular, marketing of certain Funds is restricted to certain jurisdictions only.

The user should ensure that the use of this information and any investment made as a result does not breach any such restrictions. It is the user's responsibility to be informed and to observe all applicable laws and regulations of any relevant jurisdiction.

In particular, the information contained in this document does not constitute investment advice or an offer to sell or the solicitation of any offer to buy any securities or services in the United States to or for the benefit of any United States persons (being residents of the United States or partnerships or corporations organised under the laws of the United States). The Funds have not been registered in the United States under the Investment Company Act of 1940 and units or shares of the Funds are not registered in the United States under the Securities Act of 1933.

The document is not directed at investors in Hong Kong and its content has not been approved by the Hong Kong Securities and Futures Commission.

Under no circumstances may the information contained herein, or any part thereof, be copied, reproduced or redistributed without the express permission of Eurizon Capital S.A.. Neither Eurizon Capital S.A. nor its affiliates, or any directors or employees shall be liable for any damage arising from any person's reliance on such information and shall not be liable for any errors or omissions (including but not limited to errors or omissions made by third parties) in such information.

The information provided herein is subject to change without further notice.