MAIN TRANSACTIONS CLOSED AFTER 1 JULY 2005

• Acquisition of several units of the FIP-Fondo Immobili Pubblici, through the shareholding Five Stars S.A.
• Acquisition of 49% of Polis Fondi SGR p.A.
• Acquisition of an equity investment in Sadi S.p.A.
• Transfer of the equity investment in Sviluppo Vittoria S.r.l., a company promoting property development initiatives in Milan
• Transfer of the equity investment in Sisal S.p.A., a company active in gaming, betting and lottery
  

• Acquisition of an equity investment in Management & Capitali S.p.A., an investment company specialized in the relaunching and development of companies with financial and/or operating difficulties.
• Acquisition of several units of the Aster Fund, a closed-end real estate investment fund, for qualified investors, set up by Vegagest SGR.
• Acquisition of 66,6% of Private Wealth Management SGR S.p.A.
• Acquisition of an equity investment in Res Finco AG, active in the renewable energy sector
• Incorporation of China Opportunity Sicàr 
• Incorporation of the real estate fund Tergeste
• Transfer of several equity investments in the real estate area; among them: Santi Apostoli S.r.l., a company which owns a building in Rome, and Vector 101 S.r.l., a company which owns a building in Milan
  

• Acquisition of the remaining 70% of Sopaf Capital Management SGR S.p.A.
• Acquisition of an equity investment in Banca Network Investimenti S.p.A.
• Acquisition of an equity investment in Area Life International Assurance Ltd
• Acquisition of some additional units of FIP-Fondo Immobili Pubblici
• Transfer of the equity investment in Immsi S.p.A.
• Transfer of the units of the Aster Fund
  

• Acquisition of an equity investment in Aviva Previdenza S.p.A.
• Acquisition of the remaining 23,4% of Private Wealth Management SGR S.p.A.
• Acquisition of an equity investment in Sun System S.p.A.
• Transfer of the units of FIP-Fondo Immobili Pubblici acquired in 2007
• Transfer of the equity investments in four companies active in the industrial sector: AFT S.p.A., Green Bit S.p.A., Res Finco AG and Sila Holding Industriale S.p.A.