REPUBLIC OF SAN MARINO DECREE - LAW October 29, 2013 151 (Ratification Decree-Law 118 of August 20, 2013) We the Captains Regent of the Most Serene Republic of San Marino The Decree - Law 118 of August 20, 2013 - "Amendments and additions December 6, 2011 to the Law n. 191 "pension reform: Establishment of the complementary system", promulgated: Given the necessity and urgency referred to in Article 2, paragraph 2, point b) of the Constitutional Law 183 of 15 December 2005 and Article 12 of the Qualified Law December 15, 2005 184 including: - the need to integrate the Law 6 December 2011 n. 191 "pension reform: establishment of the complement system" with provisions that, for reasons of cost and functionality, enabling the use and management of resources of FONDISS by third parties as well as outsourcing - compared to the Central Bank of the Republic of San Marino - the "custodian" authority; - The urgent need to adopt such legislation to allow the rapid adoption of the Regulation FONDISS and consequently the operation of the same FONDISS, Given the decision of the Congress of State no. 30 adopted at its meeting on August 6, 2013; Given the amendments to the above Decree in connection with ratification of the same by the Great and General Council at its meeting on 24 October 2013; Having regard to the Great and General Council resolution 32 of 24 October 2013; Having regard to Articles 8 and 9, paragraph 5, of the Qualified Law n.186 / 2005; We promulgate and publish the final text of the Decree - Law 118 of 20 August 2013 as amended as a result of the amendments approved by the Great and General Council at the time of ratification: AMENDMENTS AND SUPPLEMENTS TO THE LAW 6 December 2011 # 191 " SOCIAL SECURITY REFORM: ESTABLISHMENT oF tHE SYSTEM ADDITIONAL "Art. 1 1. the fourth paragraph of Article 11 of Law no. 191/2011 is amended as follows: "FONDISS can manage resources directly without any intermediation, while complying with the limits laid down in this article bearing in mind the pursuit of the members.". Art. 2 1. The fifth paragraph of Article 11 of Law no. 191/2011 is amended as follows: "The Executive Committee may decide to make use of third parties through the signing of appropriate agreements as provided for in Article 5, paragraph 7, of this Act. The third subject, identified as managers, must necessarily be chosen from those who are authorized to exercise, in San Marino, of the confidential activities pursuant to Annex 1 of Law 165 of 17 November 2005, Letters D4, E, F and G, or between foreign entities, which have their registered office in a country within the European Union, who carry out, under the legislation in force in its State, assets equivalent to those identified above. ". Art. 3 1. Article 14 of Law no. 191/2011 is amended as follows: "Art. 14 (Custodian) The FONDISS resources are deposited at the Central Bank of the Republic of San Marino who will perform the functions as Custodian, with the possibility to outsource for reasons of cost service. The Custodian can not be entrusted with FONDISS management activities. The custodian bank executes instructions provided by the manager or directly from FONDISS, in the event that the Executive Committee decides to make direct investment activities, only if these instructions do not result contrary to the Rules or under this Act. ". The Custodian Bank's activities will be governed by a special agreement between FONDISS and the Central Bank in accordance with the criteria of economy in favor of the Fund. Article 4 1. Article 19 of Law no. 191/2011 is amended as follows: "Art. 19 (Agreement with the Institute for Social Security) For the management of the administrative and accounting activities, for the collection of contributions and the disbursement of benefits is expected the special stipulation agreement with the Institute for Social security, with the responsibility of FONDISS charges. This Convention shall be subject to approval of the State Congress. To carry out these activities will be necessary to adapt the organizational and technical structure of the offices of the Institute for Social Security. The Institute for Social Security may, in agreement with the Executive Committee of FONDISS, whether to outsource, to parties of San Marino law, the functions mentioned in the first paragraph. ". Given at Our Residence, this day of 29 October 2013/1713 THE CAPTAINS REGENT Gian Carlo Capicchioni - Anna Maria Muccioli p.IL SECRETARY OF STATE FOR INTERNAL AFFAIRS SECRETARY OF STATE Pasquale Valentini