2.Gains (losses) on disposals and impairments of investments

In 2011, gains (losses) on disposals and impairments of investments include the loss of €8.0 million on the sale of the remaining 12,857,142 Intesa Sanpaolo shares (0.08% of ordinary share capital) with proceeds of €16.4 million and the impairment of €56.2 million taken up on the investment in Juventus Football Club.

Commercial Register No.64236277 Legal notes | Credits