Supervised bodies governed by private law

Norma Fund - Until 31 December 2017, SIAE, holds nr. 1.658 shares (equal to 100% of the shares issued) for a total net value of € 177.398.681 ( share unit value € 106.995,586) of the Closed Property Mutual Investment Fund "Norma", reserved to institutional investors and established on 19 December 2011. Up to December 31st 2017 the subscribed capital is equal to € 164.609.996 (nr. 1.658 shares).

AIDA Fund - At the end of 2012 Norma Fund incorporated AIDA Property Investment Fund. This Fund started to be operative in 2011 by an initial subscribed capital equal to € 63.900.000 subdivided into 639 shares of € 100.000 unit value. To date the subscribed capital is equal to € 79.073.964. Up to December 31st 2017 the overall net value of the Fund is equal to € 75.702.955 (nr. 796 shares whose unit value is € 95.987,682).

Nabucco Fund - On 2 October 2014 SIAE Solidarity Fund subscribed nr. 312 shares for a total value of € 31,200,000 (share unit value € 100,000.00) of the Closed Property Mutual Investment Fund "Nabucco", reserved to institutional investors. The overall net value of the Fund as of December 31st 2017 amounts to € 32.465.225 (nr. 312 shares whose unit value is € 104.055,208).

Pentagramma Fund - On August 3rd 2015, SIAE subscribed 2.950.000 shares of SICAV-SIF Indaco Pentagramma for an overall value of € 295.000.000 (unit value € 100). On December 31st further 595.474,394 (unit value € 100,76) were subscribed, bound to the administration of Solidarity Fund. In May and June 2016 further nr. 1.166.747,690 were purchased (unit value €102,85) e nr. 1.366.386,882 (unit value € 102,46). Siae holds 100% of the fund's shares, whose deposit is entrusted to Banca Profilo e Banca Fucino. The overall net value of the Fund as of December 31st 2017 amounts to € 615.000.000.

Cf. Transparency Report 2017