Here are the main operations carried out in September 2025:

• I sold my entire position in MEDIOBANCA (subject to a takeover bid/tender offer by MPS) with a gain of +100%, not counting the dividends received over the years.
• With the proceeds, I bought MPS shares with the intention of increasing my dividend flow.
• I sold CALTAGIRONE EDITORE with a profit of +9% plus one dividend collected.
• I sold DANIELI with a profit of +42% plus several dividends collected.
• I sold TAMBURI and GAROFALO HEALTHCARE essentially at par (break-even), having collected some dividends.
• Two certificates were reimbursed to me (DE000UJ6RCE3, CH1453358595); with the proceeds, I purchased the following certificates: CH1467586934, CH1476719021, DE000VG36PH5, CH1453369014.