DONATELLO FUND - MARGHERITA SUBFUND

The Donatello Fund Margherita sub-fund became operative in December 2008 with an initial subscribed equity equal to 29,400,000 euros issued in 588 units each with a value of 50,000 euros. The nominal value of the units changed to €25,000 as of October 5th 2009.

The duration of the sub-fund is of 20 years and allows for subsequent capital increases.

The sub-fund has continued to raise equity by means of subsequent subscriptions, as a result of which the Fund’s subscribed equity increased to 48.176.097 euros issued in 4,772 units as at October31st 2016.