Prelios S.G.R. S.p.A.

_{COMPLIANCE STATEMENT}

_{Through its compliance officer, Prelios SGR guarantees that all corporate activities are supported by constant compliance with current legal and regulatory frameworks, corporate procedures, and fund term sheets. It verifies that corporate procedures ensure prevention of breaches of legal and regulatory frameworks and guarantee compliance with self-regulation standards in terms of monitoring client activities for money laundering practices. Corporate procedures are also aligned with protection of personal data processed by the SGR, also on behalf of the managed alternative investment funds. The compliance officer reports directly to the Board of Directors and the Board of Auditors and is hierarchically autonomous with respect to the operating units.}