Tages Capital SGR S.p.A. announces hereby the adhesion to the “Arbitro per le Controversie Finanziarie” (Arbitrator for Financial Disputes) (ACF), of-court dispute resolution system in the financial field between brokers and individual investors other than eligible counterparties referred to in art. 6 paragraph 2 –quater, letter d), and professional customers referred in the following paragraphs 2 –quinquies and 2 –sexies of the TUF, governed by Consob. It is specified that the right to appeal to the Arbitrator himself can not be waived by the investor and is always exercisable, even in the presence of devolution clauses of disputes with other of-court dispute resolution bodies contained in the contracts. For more information, see the Authority’s website of Consob Supervision: www.consob.it and www.acf.consob.it