NAV

NAV was computed excluding the value of the treasury shares and considering:

• the price at the end of the period for investments in listed companies,
• the value of non-listed companies, where determinable, based on market multiples or specific evaluations or, when such information is not available, on equity as reflected in the most recent approved financial statements drawn up in accordance with the IAS/IFRS accounting and financial reporting standards or with local accounting principles,
• the market value of real estate assets;

taking account of the deferred tax effect.