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Prospectus - Notowania

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• Tangible assets: breakdown of assets valued at fair value<br />

The information regarding tangible assets as at September 30, 2009 and December 31, 2008,<br />

2007 and 2006 is shown below, valued at fair value.<br />

( millions of €)<br />

Tangible<br />

assets<br />

Valued at fair value or revalued % change<br />

09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006<br />

A.<br />

Instrumental<br />

assets<br />

1.1 owned - - - - - - -<br />

a) land - - - - - - -<br />

b) buildings - - - - - - -<br />

c) furniture - - - - - - -<br />

d) electronic<br />

systems<br />

- - - - - - -<br />

e) other - - - - - - -<br />

1.2 acquired<br />

under<br />

financial<br />

lease<br />

- - - - - - -<br />

a) land - - - - - -<br />

b) buildings - - - - - - -<br />

c) furniture - - - - - - -<br />

d) electronic<br />

systems<br />

- - - - - - -<br />

e) other - - - - - - -<br />

Total A - - - - - - -<br />

B. Assets held<br />

for<br />

investment<br />

2.1 owned 1,260 1,307 1,458 - -3.6% -10.4% n.a.<br />

a) land 294 315 331 - -6.7% -4.8% n.a.<br />

b) buildings 966 992 1,127 - -2.6% -12.0% n.a.<br />

2.2 acquired<br />

under<br />

financial<br />

lease<br />

- - - - -<br />

a) land - - - - - n.a.<br />

b) buildings - - - - - n.a.<br />

c) other - - - - - n.a.<br />

Total B 1,260 1,307 1,458 - -3.6% -10.4% n.a.<br />

Total (A+B) 1,260 1,307 1,458 - -3.6% -10.4% n.a.<br />

Pursuant to the provisions of the reference accounting standards, since 2007, following the consolidation of Euro-Immoprofil,<br />

the Group has used the model of recalculation of value for the valuation of real estate investments connected with liabilities<br />

which recognise a return linked to the fair value of said investments.<br />

- 171 -

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