Net Asset Value

The total asset value was determined by using the following valuation criteria:

– equity investments in listed companies are valued on the basis of the arithmetic average of the closing prices, in the 20 trading days prior to the valuation date;

– equity investments in unlisted companies are valued at the purchase cost in the 12 months following acquisition. Subsequently, the equity investments are valued at the carrying value or the value corresponding to the pro-rata equity, referring to the last statement of financial position available at the valuation date;

– investment properties are valued at market value, as determined by third-party and internal appraisals;

– the Net financial indebtedness includes the financial payables of the Parent Company and the 100% owned holdings net of cash and cash equivalents and liquid financial investments at the valuation date;

– assets and liabilities denominated in foreign currency are converted at the exchange rate at the date of determination of the Net Asset Value.