Eurizon Strategia Flessibile

EurizonCapital s.a. Eurizon Strategia Flessibile A Mutual Fund ( Fonds Commun de Placement ) governed by the Law of Luxembourg Subscriptions cannot be accepted on the basis of this financial report. Subscriptions are only valid if made on the basis of the current Prospectus, the Key Investor Information Document, accompanied by a copy of the latest annual report or a copy of the subsequent semi-annual report if it has been published. Annual report as at 31 March 2014

Eurizon Strategia Flessibile Table of contents Organisation of the Fund 3 Board of Directors of the Management Company's report on the management of the Fund 7 Report of the Réviseur d Entreprises Agréé 9 Comparative Net Asset Values over the last three years 11 Combined Statement of Net Assets 12 Combined Statement of Changes in Net Assets 13 Eurizon Strategia Flessibile - Obbligazioni 12-2015 14 Statement of Net Assets 14 Statement of Changes in Net Assets 15 Portfolio 16 Commitments on future contracts 17 Forward foreign exchange contracts 18 Swap contracts 19 Eurizon Strategia Flessibile - Obbligazioni 03-2016 20 Statement of Net Assets 20 Statement of Changes in Net Assets 21 Portfolio 22 Commitments on future contracts 23 Forward foreign exchange contracts 24 Swap contracts 25 Eurizon Strategia Flessibile - Obbligazioni 06-2016 26 Statement of Net Assets 26 Statement of Changes in Net Assets 27 Portfolio 28 Commitments on future contracts 29 Forward foreign exchange contracts 30 Swap contracts 31 Notes to the financial statements 32 2

ORGANISATION OF THE FUND Eurizon Strategia Flessibile MANAGEMENT COMPANY AND PROMOTER Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg) R.C.S. Luxembourg B 28.536 BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY Chairman of the Board of Directors Mr. Mauro MICILLO Managing Director of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) (until 31 December 2013) Chairman of the Board of Directors Mr. Tommaso CORCOS Managing Director of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) (since 10 February 2014) Vice-Chairman of the Board of Directors Mr. Daniel GROS Independent Director Resident of Brussels (Belgium) Managing Director Mr. Massimo MAZZINI General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Massimo TORCHIANA Co-General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Alex SCHMITT Independent Director, Lawyer, Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Carlo NICOLETTI Independent Director Resident of Rüschlikon (Switzerland) 3

ORGANISATION OF THE FUND Eurizon Strategia Flessibile DEPOSITARY BANK AND PAYING AGENT State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT INVESTMENT MANAGER State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) (these functions have been delegated by Eurizon Capital S.A.) Eurizon Capital SGR S.p.A. 3, Piazzetta Giordano dell Amore l-20121 Milan (Italy) (this function has been delegated by Eurizon Capital S.A.) INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANY KPMG Luxembourg S.à r.l. 9, Allée Scheffer L - 2520 Luxembourg (Grand Duchy of Luxembourg) 4

ORGANISATION OF THE FUND Eurizon Strategia Flessibile CONSTITUTION Eurizon Strategia Flessibile (the Fund ) was created under the name of Eurizon Focus Strategia Flessibile in the Grand Duchy of Luxembourg on 17 August 2010 in the form of a mutual investment fund in transferable securities governed by the Law of Luxembourg, and is subject to Part I of the Law of 17 December 2010 on Undertakings for Collective Investment ( UCI ). The Management Company has decided to modify the Fund s name from Eurizon Focus Strategia Flessibile to Eurizon Strategia Flessibile with effective date 28 February 2011. The management regulations (the Management Regulations ), after having been approved by the Board of Directors of the management company Eurizon Capital S.A. (the Management Company ), have been signed by State Street Bank Luxembourg S.A., the Depositary Bank, on 17 August 2010 and the notification of the filing with the Registre de Commerce et des Sociétés in the Grand Duchy of Luxembourg has been published in the Mémorial, Recueil Spécial des Sociétés et Associations on 10 September 2010. Amendments were made to the Management Regulations and the mention of the filing with the Registre de Commerce et des Sociétés in Luxembourg was published in the Mémorial, Recueil Spécial des Sociétés et Associations on 10 December 2010, on 28 February 2011, on 2 April 2012, on 26 October 2012 and on 3 March 2014. The Management Regulations in force have been filed with the Registre de Commerce et des Sociétés in Luxembourg, where they may be consulted, and where copies can be obtained. The Fund has been established for an indefinite period. The Fund is an umbrella fund. The Sub-Funds which are active as of 31 March 2014 are listed below: Eurizon Strategia Flessibile - Obbligazioni 12-2015 launched on 1 October 2010, Eurizon Strategia Flessibile - Obbligazioni 03-2016 launched on 17 December 2010, Eurizon Strategia Flessibile - Obbligazioni 06-2016 launched on 5 April 2011. The different Units which are available to investors are detailed in note 10 Units of the Fund of the notes to the financial statements. GENERAL MEETING The Annual General Meeting of the Shareholders of the Management Company is held in Luxembourg, at its registered office, on the last Tuesday of March at 3 p.m. and if such day is not a business day in the Grand Duchy of Luxembourg, the next business day. INFORMATION FOR UNITHOLDERS Copies of audited annual reports as at 31 March and copies of unaudited semi-annual reports as at 30 September are available free of charge to Unitholders at the Depositary Bank, other establishments specified by the latter, and at the registered office of the Management Company. The periodic reports contain all information relative to the Fund, the composition and development of its assets. The financial year begins on 1 April and ends on 31 March. The Net Asset Value as well as the subscription and redemption prices of the Fund Units can also be obtained from the Depositary Bank. Other information intended for participants is published in the Mémorial, Recueil Spécial des Sociétés et Associations and in the Registre de Commerce et des Sociétés in Luxembourg, if this publication is specified by the Management Regulations or by law. 5

ORGANISATION OF THE FUND Eurizon Strategia Flessibile GLOBAL EXPOSURE The method used to calculate the global exposure is the commitment approach. 6

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY'S REPORT ON THE MANAGEMENT OF THE FUND Dear Unitholders, Market Performance The reference period (1 April 2013 - despite some periods of volatility. 31 March 2014) was generally positive for riskier financial assets, From a macroeconomic point of view, there was an upturn in global activity led by the United States, although US figures were below expectations in the first quarter of 2014 as a result of the prolonged period of bad weather. There were also signs of gradual cyclical improvement in the Eurozone which, for example, ended the period with corporate confidence indices firmly on the upturn. However, the indicators from emerging economies were uncertain overall, with weak growth and inflation generally higher than the target levels set by central banks. There was a moment of uncertainty for the markets in May and June 2013 when the US Federal Reserve announced it intended to gradually reduce quantitative easing (tapering). This prospect caused a rapid rise in bond yields in the US and Germany, sparked a general fall in risky assets and, above all, produced strong outflows of assets {shares and bonds) from emerging economies. The Federal Reserve (Fed) then decided to postpone its tapering announcement until its December meeting, after having received further reassuring indicators of economic recovery, and after the 2014 budget had been agreed. The markets reacted favourably to this decision and took it as a sign of the Fed's confidence in the US economy. Moreover, at the meeting of 19 March 2014, the US central bank started to turn attention to the timing of initial interest rate rises (mid-2015), a further sign of the Fed's confidence in the stability of the economic recovery. With regard to the Eurozone, the German elections of September 2013 that produced a broad coalition government with Angela Merkel still at the helm, the decision of the European Central Bank (ECB) to cut interest rates to 0.25% at the start of November (motivated by the desire to slow the fall in inflation, which dropped to 0. 7% in October) and the agreement reached in December on the mechanism for resolving bank failures, an important step on the road to banking union, were all notable. As were the tensions between Ukraine and Russia over the Crimea, which created a temporary return to volatility in the markets at the end of the period in question (particularly in the first half of March 2014). Looking at the performance of the global bond market, the year in question ended with a slightly positive performance expressed in local currency (1% according to the JP Morgan Global Index). With regard to geographical areas, the Eurozone performed well, gaining 6.1 %, while the US market contracted by 1.6% and emerging economies recorded a loss of 1.9%. Despite some volatile periods, the overall balance for the year was favourable for global stock markets (MSCI World Index in local currency) which recorded a gain of 18.6%. Looking at the main geographical areas, the Eurozone recorded a significant rise (24%), followed by the United States (21.3 %) and the Pacific exchanges (10.6%). The gains for emerging economies were very modest, however (3.4%). They were affected by a combination of unfavourable inflation and economic growth. On the foreign exchange markets, the period closed with a general strengthening of the euro against the main currencies, particularly against the US dollar (7.3%) and the yen (17.6%). The currency dynamic also influenced performance expressed in euro on markets outside the Eurozone. The global stock market, for example, saw the gain in euros fall to 10.9% (compared to 18.6% in local currency). It should be noted that performance converted into euros for stock markets in emerging countries actually slid into negative territory (-8.2%). The global bond market recorded a loss of 6% in euros (compared with a gain of 1 % in local currency).

Activity of the Fund At the end of March 2014, Eurizon Strategia Flessibile was composed of 3 Sub-Funds for an overall net asset value of EUR 790 284 565,59. The annual in - and outflows as well as the net assets as of 31 March 2014 of each Sub-Fund are shown in the following table (in EUR), which encompasses each Class of Units: DENOMINATION OF THE SUB-FUNDS SUBSCRIPTIONS REDEMPTIONS NET ASSETS Eurizon Strategia Flessibile - Obbligazioni 12-2015 - (119 449 573,69 143 438 549,95 Eurizon Strategia Flessibile - Obbligazioni 03-2016 - (226 839 951,77 274 814 850,61 Eurizon Strategia Flessibile - Obbligazioni 06-2016 - (321 869 300,81 372 031 165,03 Eurizon Strategia Flessibile - (668 158 826,27) 790 284 565,59 In the course of the financial year, the Sub-Funds of Eurizon Strategla Flessibile reported the following performances (gross performance excluding dividends): Eurizon Strategia Flessibile - Obbligazioni 12-2015 (RD Units): +5,02% Eurizon Strategia Flessibile - Obbligazioni 03-2016 (RD Units): +5,68% Eurizon Strategia Flessibile - Obbligazioni 06-2016 (RD Units): +5,99%. '- ---- Luxembourg, 25 June 2014 1 C~e_ Massimo TORCHIANA Director Co-General Manager Massimo MAZZINI Managing Director General Manager

ABCD To the Unitholders of Eurizon Strategia Flessibile 8, Avenue de la Liberté L-1930 Luxembourg REPORT OF THE REVISEUR D ENTREPRISES AGREE We have audited the accompanying financial statements of Eurizon Strategia Flessibile and each of its sub-funds, which comprise the statement of net assets, the portfolio, the commitments on future contracts, the forward foreign exchange contracts and the swap contracts as at 31 March 2014 and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Board of Directors of the Management Company responsibility for the financial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d Entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Eurizon Strategia Flessibile and each of its sub-funds as of 31 March 2014 and of the results of their operations and changes in their net assets for the year then ended in accordance with 9

REPORT OF THE REVISEUR D'ENTREPRISES AGREE (CONTINUED) Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary infonnation included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such infonnation. However, we have no observation to make concerning such infonnation in the context of the financial statements taken as a whole. Luxembourg, 15 July 2014 KPMG Luxembourg S.a r.1. Cabinet d 'vision agree 10

Eurizon Strategia Flessibile COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS 31 March 2014 31 March 2013 31 March 2012 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Eurizon Strategia Flessibile - Obbligazioni 12-2015 Class RD Units EUR 143 438 549,95 110,68 257 334 752,91 108,28 443 034 133,43 102,35 Total net assets EUR 143 438 549,95 257 334 752,91 443 034 133,43 Eurizon Strategia Flessibile - Obbligazioni 03-2016 Class RD Units EUR 274 814 850,61 113,62 493 603 931,49 110,47 856 780 181,50 103,96 Total net assets EUR 274 814 850,61 493 603 931,49 856 780 181,51 Eurizon Strategia Flessibile - Obbligazioni 06-2016 Class RD Units EUR 372 031 165,03 112,20 678 955 432,58 108,81 1 099 802 057,34 102,81 Total net assets EUR 372 031 165,03 678 955 432,58 1 099 802 057,34 11

Eurizon Strategia Flessibile COMBINED STATEMENT OF NET ASSETS AS AT 31 MARCH 2014 IN EUR Assets Notes Investments in securities (Note 2) 785 782 362,48 Banks 6 297 956,83 Amounts due from brokers 1 479 870,88 Swap premium paid (Note 13) 3 497,29 Unrealised profit on forward foreign exchange contracts (Note 13) 201 456,00 Unrealised profit on swap contracts (Note 13) 8 421 626,62 Interest receivable on swap contracts (Note 13) 68 000,08 Other interest receivable 6 873 813,93 Receivable on investments sold 2 226 830,17 Total assets 811 355 414,28 Liabilities Swap premium received (Note 13) (6 074 200,92) Unrealised loss on forward foreign exchange contracts (Note 13) (516 270,71) Unrealised loss on future contracts (Note 13) (92 030,88) Payable on redemptions (2 986 402,40) Other liabilities (Note 8) (11 401 943,78) Total liabilities (21 070 848,69) Total net assets 790 284 565,59 12

Eurizon Strategia Flessibile COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2014 IN EUR Net assets at the beginning of the year Notes 1 429 894 116,98 Net income from investments (Note 2) 36 974 998,65 Interest on bank accounts 19 212,62 Interest received on swap contracts (Note 13) 2 603 124,99 Other income (Note 10) 2 601 740,54 Total income 42 199 076,80 Management fee (Note 5) (6 354 430,33) Performance fee (Note 6) (11 066 261,72) Depositary fee (Note 7) (531 444,19) Subscription tax (Note 3) (491 453,75) Interest on bank accounts (45,34) Other charges and taxes (Notes 4, 7) (1 235 842,08) Total expenses (19 679 477,41) Net investment income / (loss) 22 519 599,39 Net realised profit / (loss) on sales of investments, currencies and other financial instruments 28 972 376,70 Change in unrealised appreciation / (depreciation) on - investments (Note 2) 1 373 701,30 - forward foreign exchange contracts (Note 13) (921 997,71) - foreign currencies (3 153,80) - future contracts (Note 13) (92 030,88) - swap contracts (Note 13) 8 570 285,33 Net result of operations for the year 60 418 780,33 Redemptions for the year (668 158 826,27) Dividend distributions (Note 11) (31 869 505,45) Net assets at the end of the year 790 284 565,59 13

Eurizon Strategia Flessibile - Obbligazioni 12-2015 STATEMENT OF NET ASSETS AS AT 31 MARCH 2014 IN EUR Assets Notes Investments in securities (Note 2) 142 542 519,06 Banks 1 963 310,68 Amounts due from brokers 194 487,48 Unrealised profit on forward foreign exchange contracts (Note 13) 37 306,67 Unrealised profit on swap contracts (Note 13) 1 452 667,34 Interest receivable on swap contracts (Note 13) 12 333,36 Other interest receivable 1 475 791,10 Total assets 147 678 415,69 Liabilities Swap premium received (Note 13) (1 073 713,84) Unrealised loss on forward foreign exchange contracts (Note 13) (93 021,75) Unrealised loss on future contracts (Note 13) (17 097,48) Payable on redemptions (398 536,55) Other liabilities (Note 8) (2 657 496,12) Total liabilities (4 239 865,74) Total net assets 143 438 549,95 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 110,68 1 296 004,120 14

Eurizon Strategia Flessibile - Obbligazioni 12-2015 STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2014 IN EUR Net assets at the beginning of the year Notes 257 334 752,91 Net income from investments (Note 2) 6 341 183,08 Interest on bank accounts 5 243,49 Interest received on swap contracts (Note 13) 478 638,93 Other income (Note 10) 456 731,63 Total income 7 281 797,13 Management fee (Note 5) (1 173 925,53) Performance fee (Note 6) (1 733 290,32) Depositary fee (Note 7) (98 206,96) Subscription tax (Note 3) (90 809,22) Interest on bank accounts (16,78) Other charges and taxes (Notes 4, 7) (232 281,10) Total expenses (3 328 529,91) Net investment income / (loss) 3 953 267,22 Net realised profit / (loss) on sales of investments, currencies and other financial instruments 4 608 676,96 Change in unrealised appreciation / (depreciation) on - investments (Note 2) 688 205,62 - forward foreign exchange contracts (Note 13) (183 683,98) - foreign currencies (224,41) - future contracts (Note 13) (17 097,48) - swap contracts (Note 13) 812 010,39 Net result of operations for the year 9 861 154,32 Redemptions for the year (119 449 573,69) Dividend distributions (Note 11) (4 307 783,59) Net assets at the end of the year 143 438 549,95 15

Eurizon Strategia Flessibile - Obbligazioni 12-2015 PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO 136 381 078,11 142 542 519,06 99,38 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING 136 381 078,11 142 542 519,06 99,38 Ordinary Bonds 135 217 107,11 141 336 702,06 98,54 ITALY 126 515 455,96 131 972 396,56 92,01 Government 123 137 376,96 128 497 034,56 89,59 30 000 000,00 BTP 3.75% 15/04/2016 EUR 29 842 260,00 31 758 000,00 22,14 30 000 000,00 BTP 3.00% 01/11/2015 EUR 29 304 507,40 31 077 000,00 21,67 15 000 000,00 BTP 2.75% 01/12/2015 EUR 15 279 000,00 15 498 150,00 10,80 10 587 200,00 BTP 2.10% 15/09/2016 EUR 10 661 674,86 11 116 560,00 7,75 10 057 016,20 BTP 2.45% 26/03/2016 EUR 10 228 217,22 10 381 857,82 7,24 7 526 560,65 BTP 2.55% 22/10/2016 EUR 7 777 162,08 7 828 375,73 5,46 6 007 020,00 BTP 3.55% 11/06/2016 EUR 6 362 912,40 6 341 611,01 4,42 5 000 000,00 BTP 3.75% 01/08/2016 EUR 4 989 348,00 5 321 500,00 3,71 5 000 000,00 BTP 3.75% 01/08/2015 EUR 5 006 975,00 5 200 300,00 3,63 3 600 000,00 BTP 4.50% 01/03/2024 EUR 3 685 320,00 3 973 680,00 2,77 Finance 3 378 079,00 3 475 362,00 2,42 3 300 000,00 INTESA SANPAOLO SPA 4.125% 14/01/2016 EUR 3 378 079,00 3 475 362,00 2,42 SPAIN 4 755 861,17 4 933 368,00 3,44 Finance 3 739 308,67 3 873 708,00 2,70 1 400 000,00 SANTANDER INTERNATIONAL DEBT SAU 4.625% EUR 1 448 668,67 1 493 730,00 1,04 21/03/2016 1 300 000,00 BBVA SENIOR FINANCE SAU 3.25% 21/03/2016 EUR 1 298 810,00 1 354 288,00 0,94 1 000 000,00 BBVA SENIOR FINANCE SAU 3.25% 23/04/2015 EUR 991 830,00 1 025 690,00 0,72 Telecommunication 1 016 552,50 1 059 660,00 0,74 1 000 000,00 TELEFONICA EMISIONES SAU 4.375% 02/02/2016 EUR 1 016 552,50 1 059 660,00 0,74 NETHERLANDS 3 095 539,98 3 457 187,50 2,41 Multi-Utilities 3 095 539,98 3 457 187,50 2,41 3 250 000,00 EDP FINANCE BV 4.625% 13/06/2016 EUR 3 095 539,98 3 457 187,50 2,41 HUNGARY 850 250,00 973 750,00 0,68 Energy 850 250,00 973 750,00 0,68 950 000,00 MOL HUNGARIAN OIL AND GAS 3.875% 05/10/2015 EUR 850 250,00 973 750,00 0,68 Floating rate notes 1 163 971,00 1 205 817,00 0,84 ITALY 1 163 971,00 1 205 817,00 0,84 Finance 698 551,00 705 362,00 0,49 700 000,00 INTESA SANPAOLO SPA FRN 11/01/2016 EUR 698 551,00 705 362,00 0,49 Government 465 420,00 500 455,00 0,35 500 000,00 CCT FRN 01/09/2015 EUR 465 420,00 500 455,00 0,35 Total Portfolio 136 381 078,11 142 542 519,06 99,38 16

Eurizon Strategia Flessibile - Obbligazioni 12-2015 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2014 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment (17 097,48) 11 613 780,00 Unrealised loss on future contracts and commitment (17 097,48) 11 613 780,00 100 000 (81) Sale EURO BUND 06/06/2014 EUR (17 097,48) 11 613 780,00 17

Eurizon Strategia Flessibile - Obbligazioni 12-2015 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2014 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts (55 715,08) Unrealised profit on forward foreign exchange contracts 37 306,67 07/05/2014 1 851 330,74 EUR 2 500 000,00 USD 37 306,67 Unrealised loss on forward foreign exchange contracts (93 021,75) 14/04/2014 10 000 000,00 USD 7 348 791,27 EUR (93 021,75) 18

Eurizon Strategia Flessibile - Obbligazioni 12-2015 SWAP CONTRACTS AS AT 31 MARCH 2014 Underlying name Currency Position Notional Counterparty Maturity Interest receivable/ (payable) (EUR) Unrealised profit / (loss) (EUR) CREDIT DEFAULT SWAP CONTRACTS 12 333,36 1 452 667,34 CREDIT AGRICOLE (LONDON) EUR S 5 000 000,00 BNP PARIBAS, LONDON 20/12/2015 1 666,67 216 575,14 (1) TELECOM ITALIA SPA EUR S 5 000 000,00 BANCA IMI SPA 20/12/2015 1 666,67 337 536,21 (2) ANGLO AMERICAN PLC EUR S 2 000 000,00 BNP PARIBAS, LONDON 20/12/2015 666,67 34 093,47 (3) UNICREDIT SPA EUR S 5 000 000,00 BNP PARIBAS, LONDON 20/12/2015 1 666,67 192 031,17 (4) SOCIETE GENERALE EUR S 5 000 000,00 BANCA IMI SPA 20/12/2015 1 666,67 143 534,32 (5) ING BANK NV EUR S 5 000 000,00 BNP PARIBAS, LONDON 20/12/2015 1 666,67 140 393,43 (6) ENEL SOCIETA PER AZIONI EUR S 5 000 000,00 DEUTSCHE BANK AG, 20/12/2015 1 666,67 213 335,90 (7) LONDON AXA SA EUR S 5 000 000,00 DEUTSCHE BANK AG, LONDON 20/12/2015 1 666,67 175 167,70 (8) The underlying exposures are as follows (EUR): (1) 6 015 929,50 (2) 5 509 623,29 (3) 2 218 113,15 (4) 5 667 956,16 (5) 5 239 161,64 (6) 6 044 853,42 (7) 5 808 254,11 (8) 5 204 300,69 19

Eurizon Strategia Flessibile - Obbligazioni 03-2016 STATEMENT OF NET ASSETS AS AT 31 MARCH 2014 IN EUR Assets Notes Investments in securities (Note 2) 272 131 064,73 Banks 3 379 769,69 Amounts due from brokers 569 365,24 Swap premium paid (Note 13) 3 497,29 Unrealised profit on forward foreign exchange contracts (Note 13) 67 152,00 Unrealised profit on swap contracts (Note 13) 2 941 483,03 Interest receivable on swap contracts (Note 13) 25 666,72 Other interest receivable 2 632 053,09 Total assets 281 750 051,79 Liabilities Swap premium received (Note 13) (2 030 580,02) Unrealised loss on forward foreign exchange contracts (Note 13) (176 741,32) Unrealised loss on future contracts (Note 13) (32 295,24) Payable on redemptions (1 202 473,46) Other liabilities (Note 8) (3 493 111,14) Total liabilities (6 935 201,18) Total net assets 274 814 850,61 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 113,62 2 418 653,059 20

Eurizon Strategia Flessibile - Obbligazioni 03-2016 STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2014 IN EUR Net assets at the beginning of the year Notes 493 603 931,49 Net income from investments (Note 2) 12 674 704,21 Interest on bank accounts 9 415,68 Interest received on swap contracts (Note 13) 964 611,11 Other income (Note 10) 899 597,55 Total income 14 548 328,55 Management fee (Note 5) (2 191 006,48) Performance fee (Note 6) (3 698 218,43) Depositary fee (Note 7) (183 230,05) Subscription tax (Note 3) (169 845,02) Interest on bank accounts (17,61) Other charges and taxes (Notes 4, 7) (425 613,33) Total expenses (6 667 930,92) Net investment income / (loss) 7 880 397,63 Net realised profit / (loss) on sales of investments, currencies and other financial instruments 10 927 333,50 Change in unrealised appreciation / (depreciation) on - investments (Note 2) (1 153 627,97) - forward foreign exchange contracts (Note 13) (268 069,79) - foreign currencies (2 318,49) - future contracts (Note 13) (32 295,24) - swap contracts (Note 13) 3 422 921,54 Net result of operations for the year 20 774 341,18 Redemptions for the year (226 839 951,77) Dividend distributions (Note 11) (12 723 470,29) Net assets at the end of the year 274 814 850,61 21

Eurizon Strategia Flessibile - Obbligazioni 03-2016 PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO 260 795 434,87 272 131 064,73 99,02 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING 260 795 434,87 272 131 064,73 99,02 Ordinary Bonds 259 049 678,39 270 320 651,73 98,36 ITALY 241 580 786,63 251 893 676,73 91,66 Government 220 628 158,77 230 616 195,73 83,92 58 000 000,00 BTP 3.75% 15/04/2016 EUR 57 637 165,41 61 398 800,00 22,34 46 801 649,65 BTP 2.55% 22/10/2016 EUR 48 380 151,04 48 678 395,80 17,71 45 000 000,00 BTP 2.25% 15/05/2016 EUR 45 090 000,00 46 287 000,00 16,84 31 000 000,00 BTP 3.75% 01/08/2016 EUR 30 170 192,00 32 993 300,00 12,01 13 007 901,20 BTP 2.45% 26/03/2016 EUR 12 945 857,05 13 428 056,41 4,89 9 628 251,89 BTP 3.55% 11/06/2016 EUR 9 764 359,08 10 164 545,52 3,70 8 469 760,00 BTP 2.10% 15/09/2016 EUR 8 546 393,68 8 893 248,00 3,24 6 500 000,00 BTP 4.50% 01/03/2024 EUR 6 654 050,00 7 174 700,00 2,61 1 000 000,00 BTP 4.00% 01/02/2017 EUR 960 336,87 1 080 200,00 0,39 500 000,00 BTP 3.00% 01/11/2015 EUR 479 653,64 517 950,00 0,19 Finance 12 870 266,20 13 419 981,00 4,88 6 400 000,00 INTESA SANPAOLO SPA 4.125% 14/01/2016 EUR 6 551 216,00 6 740 096,00 2,45 2 500 000,00 UNIONE DI BANCHE ITALIANE SCPA 4.50% EUR 2 497 899,20 2 669 050,00 0,97 22/02/2016 2 400 000,00 BANCO POPOLARE SC 3.75% 28/01/2016 EUR 2 395 056,00 2 466 000,00 0,90 1 500 000,00 BANCA POPOLARE DI MILANO SCARL 3.25% 16/11/2015 EUR 1 426 095,00 1 544 835,00 0,56 Telecommunication 8 082 361,66 7 857 500,00 2,86 7 000 000,00 TELECOM ITALIA SPA 8.25% 21/03/2016 EUR 8 082 361,66 7 857 500,00 2,86 SPAIN 6 379 891,30 6 573 600,00 2,39 Telecommunication 3 689 376,26 3 799 530,00 1,38 3 500 000,00 TELEFONICA EMISIONES SAU 5.496% 01/04/2016 EUR 3 689 376,26 3 799 530,00 1,38 Finance 2 690 515,04 2 774 070,00 1,01 2 600 000,00 SANTANDER INTERNATIONAL DEBT SAU 4.625% EUR 2 690 515,04 2 774 070,00 1,01 21/03/2016 FRANCE 5 714 093,72 6 068 250,00 2,21 Finance 5 714 093,72 6 068 250,00 2,21 5 800 000,00 BANQUE PSA FINANCE SA 4.25% 25/02/2016 EUR 5 714 093,72 6 068 250,00 2,21 NETHERLANDS 3 723 781,74 3 991 375,00 1,45 Multi-Utilities 3 723 781,74 3 991 375,00 1,45 3 700 000,00 EDP FINANCE BV 5.875% 01/02/2016 EUR 3 723 781,74 3 991 375,00 1,45 HUNGARY 1 651 125,00 1 793 750,00 0,65 Energy 1 651 125,00 1 793 750,00 0,65 1 750 000,00 MOL HUNGARIAN OIL AND GAS 3.875% 05/10/2015 EUR 1 651 125,00 1 793 750,00 0,65 Floating rate notes 1 745 756,48 1 810 413,00 0,66 ITALY 1 745 756,48 1 810 413,00 0,66 Finance 1 297 309,00 1 309 958,00 0,48 1 300 000,00 INTESA SANPAOLO SPA FRN 11/01/2016 EUR 1 297 309,00 1 309 958,00 0,48 Government 448 447,48 500 455,00 0,18 500 000,00 CCT FRN 01/09/2015 EUR 448 447,48 500 455,00 0,18 Total Portfolio 260 795 434,87 272 131 064,73 99,02 22

Eurizon Strategia Flessibile - Obbligazioni 03-2016 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2014 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment (32 295,24) 21 937 140,00 Unrealised loss on future contracts and commitment (32 295,24) 21 937 140,00 100 000 (153) Sale EURO-BUND 06/06/2014 EUR (32 295,24) 21 937 140,00 23

Eurizon Strategia Flessibile - Obbligazioni 03-2016 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2014 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts (109 589,32) Unrealised profit on forward foreign exchange contracts 67 152,00 07/05/2014 3 332 395,33 EUR 4 500 000,00 USD 67 152,00 Unrealised loss on forward foreign exchange contracts (176 741,32) 14/04/2014 19 000 000,00 USD 13 962 703,41 EUR (176 741,32) 24

Eurizon Strategia Flessibile - Obbligazioni 03-2016 SWAP CONTRACTS AS AT 31 MARCH 2014 Underlying name Currency Position Notional Counterparty Maturity Interest receivable/ (payable) (EUR) Unrealised profit / (loss) (EUR) CREDIT DEFAULT SWAP CONTRACTS 25 666,72 2 941 483,03 BANCO BILBAO VIZCAYA ARGENTARI EUR S 5 000 000,00 BANCA IMI SPA 20/03/2016 1 666,67 405 293,41 (1) SOCIETE GENERALE EUR S 5 000 000,00 BANCA IMI SPA 20/03/2016 1 666,67 154 928,89 (2) ENEL SPA EUR S 5 000 000,00 BNP PARIBAS, LONDON 20/03/2016 1 666,67 148 186,65 (3) UNICREDIT SPA EUR S 5 000 000,00 DEUTSCHE BANK SPA, 20/03/2016 1 666,67 231 853,35 (4) MILANO AXA EUR S 5 000 000,00 DEUTSCHE BANK SPA, 20/03/2016 1 666,67 158 283,80 (5) MILANO SOCIETE GENERALE EUR S 5 000 000,00 BANCA IMI SPA 20/03/2016 1 666,67 146 441,34 (6) ING BANK NV EUR S 5 000 000,00 BNP PARIBAS, LONDON 20/03/2016 1 666,67 92 682,44 (7) ENEL SPA EUR S 5 000 000,00 BANCA IMI SPA 20/03/2016 1 666,67 141 472,54 (8) CREDIT AGRICOLE SA EUR S 5 000 000,00 BANCA IMI SPA 20/03/2016 1 666,67 159 813,09 (9) AXA EUR S 5 000 000,00 DEUTSCHE BANK SPA, 20/03/2016 1 666,67 153 825,69 (10) MILANO BANCO BILBAO VIZCAYA ARGENTARI EUR S 5 000 000,00 BANCA IMI SPA 20/03/2016 1 666,67 328 571,74 (11) ANGLO AMERICAN PLC EUR S 2 000 000,00 BNP PARIBAS, LONDON 20/03/2016 666,67 13 302,31 (12) SANTANDER INTL DEBT SA EUR S 5 000 000,00 BANCA IMI SPA 20/03/2016 1 666,67 278 584,78 (13) ING BANK NV EUR S 5 000 000,00 BNP PARIBAS, LONDON 20/03/2016 1 666,67 88 111,33 (14) UNICREDIT SPA EUR S 5 000 000,00 BNP PARIBAS, LONDON 20/03/2016 1 666,67 252 817,91 (15) CREDIT AGRICOLE SA EUR S 5 000 000,00 BNP PARIBAS, LONDON 20/03/2016 1 666,67 187 313,76 (16) The underlying exposures are as follows (EUR): (1) 5 442 791,09 (2) 5 239 161,64 (3) 5 808 254,11 (4) 5 667 956,16 (5) 5 808 254,11 (6) 5 239 161,64 (7) 6 044 853,42 (8) 5 808 254,11 (9) 6 015 929,50 (10) 5 808 254,11 (11) 5 442 791,10 (12) 2 218 113,15 (13) 6 201 450,00 (14) 6 044 853,42 (15) 5 667 956,16 (16) 6 015 929,50 25

Eurizon Strategia Flessibile - Obbligazioni 06-2016 STATEMENT OF NET ASSETS AS AT 31 MARCH 2014 IN EUR Assets Notes Investments in securities (Note 2) 371 108 778,69 Banks 954 876,46 Amounts due from brokers 716 018,16 Unrealised profit on forward foreign exchange contracts (Note 13) 96 997,33 Unrealised profit on swap contracts (Note 13) 4 027 476,25 Interest receivable on swap contracts (Note 13) 30 000,00 Other interest receivable 2 765 969,74 Receivable on investments sold 2 226 830,17 Total assets 381 926 946,80 Liabilities Swap premium received (Note 13) (2 969 907,06) Unrealised loss on forward foreign exchange contracts (Note 13) (246 507,64) Unrealised loss on future contracts (Note 13) (42 638,16) Payable on redemptions (1 385 392,39) Other liabilities (Note 8) (5 251 336,52) Total liabilities (9 895 781,77) Total net assets 372 031 165,03 Currency Net Asset Value per Unit Units outstanding Class RD Units EUR 112,20 3 315 918,587 26

Eurizon Strategia Flessibile - Obbligazioni 06-2016 STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 MARCH 2014 IN EUR Net assets at the beginning of the year Notes 678 955 432,58 Net income from investments (Note 2) 17 959 111,36 Interest on bank accounts 4 553,45 Interest received on swap contracts (Note 13) 1 159 874,95 Other income (Note 10) 1 245 411,36 Total income 20 368 951,12 Management fee (Note 5) (2 989 498,32) Performance fee (Note 6) (5 634 752,97) Depositary fee (Note 7) (250 007,18) Subscription tax (Note 3) (230 799,51) Interest on bank accounts (10,95) Other charges and taxes (Notes 4, 7) (577 947,65) Total expenses (9 683 016,58) Net investment income / (loss) 10 685 934,54 Net realised profit / (loss) on sales of investments, currencies and other financial instruments 13 436 366,24 Change in unrealised appreciation / (depreciation) on - investments (Note 2) 1 839 123,65 - forward foreign exchange contracts (Note 13) (470 243,94) - foreign currencies (610,90) - future contracts (Note 13) (42 638,16) - swap contracts (Note 13) 4 335 353,40 Net result of operations for the year 29 783 284,83 Redemptions for the year (321 869 300,81) Dividend distributions (Note 11) (14 838 251,57) Net assets at the end of the year 372 031 165,03 27

Eurizon Strategia Flessibile - Obbligazioni 06-2016 PORTFOLIO AS AT 31 MARCH 2014 IN EUR Nominal / Quantity Description Currency Acquisition cost Carrying amount value % of Net Assets PORTFOLIO 353 904 832,68 371 108 778,69 99,75 TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENTS ADMITTED TO OFFICIAL STOCK EXCHANGE LISTING 353 904 832,68 371 108 778,69 99,75 Ordinary Bonds 352 108 558,68 369 294 990,69 99,26 ITALY 340 727 787,94 357 325 880,69 96,05 Government 312 732 422,35 328 780 252,19 88,38 76 000 000,00 BTP 3.75% 01/08/2016 EUR 74 668 878,08 80 886 800,00 21,74 73 000 000,00 BTP 4.75% 15/09/2016 EUR 75 877 249,38 79 591 900,00 21,40 49 000 000,00 BTP 3.75% 15/04/2016 EUR 48 699 339,07 51 871 400,00 13,94 47 762 062,35 BTP 2.55% 22/10/2016 EUR 49 216 249,01 49 677 321,05 13,35 25 166 410,27 BTP 3.55% 11/06/2016 EUR 25 929 095,84 26 568 179,32 7,14 12 030 608,10 BTP 2.45% 26/03/2016 EUR 12 046 246,56 12 419 196,74 3,34 10 587 200,00 BTP 2.10% 15/09/2016 EUR 10 475 724,75 11 116 560,00 2,99 9 000 000,00 BTP 4.50% 01/03/2024 EUR 9 213 300,00 9 934 200,00 2,67 5 990 100,00 BTP 2.25% 22/04/2017 EUR 6 122 867,17 6 174 595,08 1,66 500 000,00 BTP 4.00% 01/02/2017 EUR 483 472,49 540 100,00 0,15 Finance 20 423 190,59 21 249 378,50 5,71 9 000 000,00 INTESA SANPAOLO SPA 4.125% 14/01/2016 EUR 9 212 692,00 9 478 260,00 2,55 4 150 000,00 BANCA POPOLARE DI MILANO SCARL 3.25% EUR 4 009 648,74 4 274 043,50 1,15 16/11/2015 3 750 000,00 UNIONE DI BANCHE ITALIANE SCPA 4.50% EUR 3 807 853,85 4 003 575,00 1,07 22/02/2016 3 400 000,00 BANCO POPOLARE SC 3.75% 28/01/2016 EUR 3 392 996,00 3 493 500,00 0,94 Telecommunication 7 572 175,00 7 296 250,00 1,96 6 500 000,00 TELECOM ITALIA SPA 8.25% 21/03/2016 EUR 7 572 175,00 7 296 250,00 1,96 FRANCE 4 721 620,00 4 917 375,00 1,32 Finance 4 721 620,00 4 917 375,00 1,32 4 700 000,00 BANQUE PSA FINANCE SA 4.25% 25/02/2016 EUR 4 721 620,00 4 917 375,00 1,32 SPAIN 3 151 728,74 3 238 110,00 0,87 Telecommunication 2 116 900,00 2 171 160,00 0,58 2 000 000,00 TELEFONICA EMISIONES SAU 5.496% 01/04/2016 EUR 2 116 900,00 2 171 160,00 0,58 Finance 1 034 828,74 1 066 950,00 0,29 1 000 000,00 SANTANDER INTERNATIONAL DEBT SAU 4.625% EUR 1 034 828,74 1 066 950,00 0,29 21/03/2016 NETHERLANDS 2 269 042,00 2 481 125,00 0,66 Multi-Utilities 2 269 042,00 2 481 125,00 0,66 2 300 000,00 EDP FINANCE BV 5.875% 01/02/2016 EUR 2 269 042,00 2 481 125,00 0,66 HUNGARY 1 238 380,00 1 332 500,00 0,36 Energy 1 238 380,00 1 332 500,00 0,36 1 300 000,00 MOL HUNGARIAN OIL AND GAS 3.875% 05/10/2015 EUR 1 238 380,00 1 332 500,00 0,36 Floating rate notes 1 796 274,00 1 813 788,00 0,49 ITALY 1 796 274,00 1 813 788,00 0,49 Finance 1 796 274,00 1 813 788,00 0,49 1 800 000,00 INTESA SANPAOLO SPA FRN 11/01/2016 EUR 1 796 274,00 1 813 788,00 0,49 Total Portfolio 353 904 832,68 371 108 778,69 99,75 28

Eurizon Strategia Flessibile - Obbligazioni 06-2016 COMMITMENTS ON FUTURE CONTRACTS AS AT 31 MARCH 2014 Size Quantity Purchase / Sale Description Maturity Currency Unrealised profit / (loss) (EUR) Commitment (EUR) Total Unrealised profit / (loss) on future contracts and commitment (42 638,16) 28 962 760,00 Unrealised loss on future contracts and commitment (42 638,16) 28 962 760,00 100 000 (202) Sale EURO BUND 06/06/2014 EUR (42 638,16) 28 962 760,00 29

Eurizon Strategia Flessibile - Obbligazioni 06-2016 FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 MARCH 2014 Maturity Purchase commitment in currency Sale commitment in currency Unrealised profit/(loss) (EUR) Total Unrealised profit / (loss) on forward foreign exchange contracts (149 510,31) Unrealised profit on forward foreign exchange contracts 96 997,33 07/05/2014 4 813 459,91 EUR 6 500 000,00 USD 96 997,33 Unrealised loss on forward foreign exchange contracts (246 507,64) 14/04/2014 26 500 000,00 USD 19 474 296,87 EUR (246 507,64) 30

Eurizon Strategia Flessibile - Obbligazioni 06-2016 SWAP CONTRACTS AS AT 31 MARCH 2014 Underlying name Currency Position Notional Counterparty Maturity Interest receivable/ (payable) (EUR) Unrealised profit / (loss) (EUR) CREDIT DEFAULT SWAP CONTRACTS 30 000,00 4 027 476,25 ANGLO AMERICAN PLC EUR S 4 000 000,00 BNP PARIBAS, LONDON 20/06/2016 1 333,33 90 234,83 (1) ANGLO AMERICAN PLC EUR S 4 000 000,00 JPMORGAN CHASE 20/06/2016 1 333,33 90 357,16 (2) BANK NA AXA SA SENIOR EUR S 11 000 000,00 DEUTSCHE BANK AG, 20/06/2016 3 666,67 486 810,71 (3) LONDON ENEL SPA EUR S 11 000 000,00 JPMORGAN CHASE 20/06/2016 3 666,67 369 884,27 (4) BANK NA UNICREDIT SPA EUR S 12 000 000,00 BNP PARIBAS, LONDON 20/06/2016 4 000,00 519 402,37 (5) BBVA SENIOR FINANCE SA EUR S 9 000 000,00 JPMORGAN CHASE 20/06/2016 3 000,00 772 965,56 (6) BANK NA BANCO SANTANDER SA EUR S 10 000 000,00 BANCA IMI SPA 20/06/2016 3 333,33 682 366,61 (7) SOCIETE GENERALE EUR S 12 500 000,00 JPMORGAN CHASE 20/06/2016 4 166,67 378 760,39 (8) BANK NA CREDIT AGRICOLE SA EUR S 12 500 000,00 BANCA IMI SPA 20/06/2016 4 166,67 355 630,99 (9) BBVA SENIOR FINANCE SA EUR S 4 000 000,00 DEUTSCHE BANK AG, LONDON 20/06/2016 1 333,33 281 063,36 (10) The underlying exposures are as follows (EUR): (1) 4 715 245,48 (2) 4 715 245,48 (3) 11 449 461,51 (4) 12 778 159,04 (5) 12 000 000,00 (6) 8 441 556,85 (7) 12 402 900,00 (8) 13 097 904,11 (9) 15 039 823,75 (10) 5 709 700,00 31

NOTES TO THE FINANCIAL STATEMENTS Eurizon Strategia Flessibile 1. ACTIVITY Eurizon Strategia Flessibile (the Fund ) was established in the Grand Duchy of Luxembourg on 17 August 2010 in accordance with Part I of the Law of 20 December 2002 on Undertakings for Collective Investment in transferable securities as amended. Since 1 July 2011, the Fund is governed by the Luxembourg Law of 17 December 2010. The Fund, by virtue of being a common fund in transferable securities, does not possess legal personality. The Fund is a joint ownership of transferable securities and other financial assets as authorized by law, managed by the Management Company on the basis of the risk spreading principle, on behalf of and in the sole interest of the co-owners (the Unitholders ), who are committed only to the extent of their investment. Its assets are owned jointly and indivisibly by the Unitholders and constitute a holding separate from the Management Company s holdings. All of the jointly owned Units have equal rights. There is no maximum limit set on the amount of wealth or the number of Units of jointly owned property which comprise the net assets of the Fund. The minimum net assets of the Fund are to be at least EUR 1 250 000,00. The respective rights and obligations of the Unitholders, the Management Company and the Depositary Bank are defined in the Management Regulations and laws. By agreement with the Depositary Bank and pursuant to the Laws of the Grand Duchy of Luxembourg, the Management Company may make amendments in the Management Regulations if it considers them useful for the interest of Unitholders. These amendments are published in the Mémorial, Recueil Spécial des Sociétés et Associations and, in principle, become effective as of the time of their signature. In order to offer investments with different levels of risks, Eurizon Strategia Flessibile is subdivided into a range of Sub- Funds. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Fund keeps the books of each Sub-Fund in its respective currency and the financial statements were prepared in EUR in accordance with the Luxembourg regulations relating to Undertakings for Collective Investment and in particular using the following valuation rules: a) Valuation of investment securities Investment securities, including zero-coupon bonds and money market instruments, quoted on an official stock exchange or on another regulated market are valued according to the last known price and, in the event of being quoted on several markets, according to the last known price of the principal market. Valuation of investment securities, including zero-coupon bonds and money market instruments, not quoted on an official stock exchange or on another regulated market is fixed in a reasonable way on the basis of the sale prices anticipated cautiously and in good faith or, in the absence of a market value, according to the probable value in the reasonable estimation of the Board of Directors of the Management Company. The value of each investment in open-ended investment funds, either listed or not, is based on the last known Net Asset Value on the Valuation Day. b) Net realised profit / (loss) on sales of investments Realised profits or losses made on the sales of investments are calculated according to the average cost. c) Cost of purchase of securities in portfolios For securities denominated in currencies other than the base currency of the Sub-Fund, the purchase price is calculated based on the closing exchange rates prevailing at the date of the purchase. d) Forward foreign exchange contracts Forward foreign exchange contracts are valued at forward foreign exchange rates for the remaining period to run until maturity at the date of valuation. Unrealised profits and losses are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading Change in unrealised appreciation / (depreciation) on forward foreign exchange contracts. 32

NOTES TO THE FINANCIAL STATEMENTS Eurizon Strategia Flessibile e) Future contracts Commitments related to future contracts are recorded off balance sheet and future contracts are valued according to the last available contract price. Unrealised profits and losses on future contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading Change in unrealised appreciation / (depreciation) on future contracts. Guarantee deposits and margin calls are recorded under the Statement of Net Assets under the headings Amounts due from brokers and Amounts due to brokers. f) Swap contracts Swaps are, in general, contracts by which two parties commit themselves during a given period to exchange two flows, one in exchange of the other, determined on the basis of a nominal value. The flows may be linked to interest rate(s), exchange rate(s), share(s), index(es) or credit event(s). Swap contracts are valued using the difference between the values of forecasted flows the counterparty is to pay to the Sub-Fund and those owed by the Sub-Fund to its counterparties. Unrealised profits and losses on swap contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading Change in unrealised appreciation / (depreciation) on swap contracts. The captions Swap premium received and Swap premium paid of the Statement of Net Assets correspond to the amount paid or received by the Fund when contracting a credit default swap. This amount stands for the cost of the relating swap contracts. Swap contracts are presented at clean price in the Statement of Net Assets. g) Reverse repurchase agreements Reverse repurchase agreements (reverse repos) consist of a purchase of securities with a simultaneous agreement to resell them at a specific future date and price. The sale price corresponds to the purchase price increased by an interest rate. For reverse repurchase agreements, interest returns which consist of the difference between the purchase price and the sale price of the securities are accounted for on a prorata temporis basis over the course of the operation and recorded in the Statement of Changes in Net Assets under the heading Net income from investments (in EUR). h) Combined statements of the Fund The combined statements correspond to the sum of the statements of each Sub-Fund. i) Formation expenses Formation expenses were amortized from the end of the initial subscription period over the Sub-Fund s first investment year. j) Income Dividends are recognised on the date on which the Shares/Units concerned are quoted ex-dividend, net of withholding tax. Interest is calculated on a prorata temporis basis. k) Translation of items expressed in foreign currencies Assets and liabilities denominated in foreign currencies are converted into the base currency of the Sub-Fund at the closing exchange rates of the final day of the financial year. Income and expenses denominated in currencies other than the base currency of the Sub-Fund are converted into the currency of the Sub-Fund at the closing exchange rates in force on the date of the transaction. The resulting realised and unrealised profit or loss made on foreign exchange is included in the Statement of Changes in Net Assets; any unrealised profit or loss on currencies of foreign cash positions, receivables and payables denominated in currencies other than the base currency of the Sub-Fund being recorded under the heading Change in unrealised appreciation / (depreciation) on foreign currencies. The main exchange rates as at 31 March 2014 are: 1 EUR = 0,8267 GBP 1 EUR = 1,3782 USD 33

NOTES TO THE FINANCIAL STATEMENTS Eurizon Strategia Flessibile l) Net Asset Value per Unit The Net Asset Value of each Sub-Fund is equal to the difference between the total assets and the liabilities of the Sub- Fund. The Net Asset Value per Unit is calculated by dividing the Net Asset Value by the number of Units outstanding on the day of calculation. 3. TAXATION The Fund is governed by Luxembourg tax laws applicable to investment funds. It is up to prospective purchasers of Units of the Fund to inquire about the laws and rules applicable to the acquisition, holding and possibly sale of Units, taking into account their residence or nationality. As legislation now stands, the Fund is subject to the Luxembourg subscription tax at an annual rate of 0,05% calculated on the Net Asset Value of each Sub-Fund at the end of each quarter in question and payable quarterly. The value of the assets represented by Units/Shares held in Luxembourg UCIs shall be exempt from the subscription tax, provided such UCIs have already been subject to the subscription tax in Luxembourg. 4. OTHER CHARGES AND TAXES The caption Other charges and taxes is composed of registration fees payable to the Authority of Control and other professional fees (administrative agent, registrar and transfer agent fee, transactions fee and miscellaneous). 5. MANAGEMENT FEE The Management Company, as remuneration for its services, is entitled to receive a management fee calculated according to the Net Asset Value of each Sub-Fund of the Fund. As at 31 March 2014, the rates in force for each Sub- Fund are the following: Sub-Funds Annual management fee rate Eurizon Strategia Flessibile - Obbligazioni 12-2015 0,60% Eurizon Strategia Flessibile - Obbligazioni 03-2016 0,60% Eurizon Strategia Flessibile - Obbligazioni 06-2016 0,60% This fee is calculated on the basis of the monthly average Net Asset Value over the month and is payable monthly. Investments done by each Sub-Fund in Units/Shares of UCITS and/or other UCI may lead investors to support twice certain expenses such as subscriptions fees, redemptions fees, Depositary fees, administrative fees and management fees. The total amount of the management fees applied on the related UCITS or UCI in which the Sub-Fund invests as well as the total amount of any rebates of the management fees applied on UCITS or UCI managed by third companies are transferred to the Sub-Funds on a quarterly basis and registered in the Statement of Changes in Net Assets under the heading Other income. During the year from 1 April 2013 until 31 March 2014, the Sub-Funds did not receive any income on rebates. 6. PERFORMANCE FEE In addition, the Management Company is entitled to receive a performance fee, the existence and amount of which are defined according to the following conditions: Eurizon Strategia Flessibile - Obbligazioni 12-2015 A performance fee of 20% is levied on the Sub-Fund when the Net Asset Value per Unit outperforms the maximum value between (i) the last Net Asset Value per Unit of the Initial Subscription Period 1 increased by the return of the Barclays Euro Treasury Bond Dec 2015 index (the Index ) + 0,30% p.a. over the same period and (ii) the last Net Asset Value per Unit of the Initial Subscription Period increased by the return of the average Euro OverNight Index Average ( EONIA ) recorded in December 2010, such maximum value being defined as the Threshold Value. Such outperformance corresponds to the difference between the Net Asset Value per Unit and the Threshold Value divided by the last Net Asset Value per Unit of the Initial Subscription Period. 34