As concerns the location of operations in Countries at risk, the Group has no presence in any of the countries listed by the OECD as tax havens, while it has a marginal presence (a representative office and an asset management company) in two of the companies classified as having a privileged tax regime (Hong Kong and Singapore) and it has no presence in any country classified as at risk of money-laundering or terrorism by the lists of the International Financial Action Group and/or the Italian Ministry of the Economy and Finance.