The Net Asset Value (NAV) at March 31, 2012, is €7,470 million. This is an increase of €1,150 million (+18.2%) over €6,320 million at December 31, 2011.

The composition and change in NAV are the following.

    Change vs
€ millions 3/1/2009 12/31/2011 3/31/2012 3/1/200912/31/2011
Listed Investments 2,464 5,655 6,848 4,384 1,193
Private Investments 750 1,201 1,196 446 (5)
Investment Value 3,214 6,856 8,044 4,830 1,188
Financial Liabilities (1,157) (1,142) (1,284) (127) (142)
Financial Assets 1,121 816 920 (201) 104
Net Financial Position (36) (326) (364) (328) (38)
Ordinary holding costs capitalized over 10 years (210) (210) (210) - -
Net Asset Value 2,968 6,320 7,470 4,502 1,150

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The investment value at March 31, 2012 has been calculated by valuing the listed investments held in Fiat Industrial, SGS, Fiat, Sequana, Juventus Football Club at trading prices, and other investments and private investment holdings at fair value determined annually by independent experts (last update at December 31, 2011). EXOR ordinary, preferred and savings treasury stock is measured at share trading prices, except ordinary shares used to service the stock option plan, which are measured at the option exercise price if lower than the share trading price.

NAV is presented with the aim of aiding analysts and investors in forming their own assessments.

The following pie chart shows the composition of the value of investments at March 31, 2012 (€8,044 million).
“Other” includes the private investments in C&W Group, Alpitour, Almacantar, Gruppo Banca Leonardo, Banijay Holding, The Economist Newspaper, Vision, NoCo A and Perella Weinberg Funds and also sundry investments.

Investments denominated in Swiss francs, U.S. dollars and Pounds sterling are translated at the market trading rates of 1.2045, 1.3356 and 0.8339 respectively.

Chart of value of investments

Change in NAV compared to MSCI Index (Morgan Stanley Capital World Index) in Euro

Evoluzione Nav Trimestrale

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