NET ASSET VALUE

Italmobiliare Net Asset Value (NAV), taking account of:

  - the last market price of the equity investments in listed companies for the period;
  - the value of unlisted companies on the basis of market multiples or specific
    valuations when it is possible to determine such value;
  - the shareholders’ equity of other equity investments, determined in accordance
    with the IAS/IFRS standards, if available, or otherwise in accordance with local
    accounting standards;
  - the higher value of any property owned;
  - tax

at 30 September 2011 was 1,277.1 million euro

at 30 June 2011 was 1,581.3 million euro

at 31 March 2011 was 1,744.2 million euro

at 31 December 2010 was 1,654.9 million euro

at 30 September 2010 was 1,729.4 million euro