Investments in associates and joint ventures

(in thousands of Euros)

12/31/2007

12/31/2006

Beginning balance

3,825,928

4,542,902

Acquisition/change in share capital and reserves

260,103

1,228,115

Distribution of dividends

(164,562)

(87,188)

Disposals and wind-ups

(3,352,603)

(50,972)

Share of earnings (losses)

118,608

103,958

Reclassifications and other

(159,359)

(1,941,245)

Movement in provisions for other liabilities and charges

6,079

30,358

534,194

3,825,928

(in thousands of Euros)

12/31/2006

Acquisition/ change in share capital and reserves/other

Distribution of dividends/ reserves

Disposals and wind-ups

Share of
earnings (losses)

Reclassifications and other

Movements in prov. for other liabil. and charges

12/31/2007

Dixia S.r.l.

5,589

(52)

-

-

(177)

92

-

5,452

Orione Immobiliare
Prima S.p.A.

1,712

2,005

-

-

(3,155)

-

-

562

Sci Roev Texas
Partners L.P.

2,224

-

-

-

(1,000)

-

-

1,224

Spazio Investment N.V.

47,564

15,506

(1,552)

-

7,008

500

-

69,026

Turismo e Immobiliare S.p.A.

4,147

2,369

-

-

(747)

-

-

5,769

Eurostazioni S.p.A.

53,616

-

(1,675)

-

1,745

-

-

53,686

Other PRE group
companies

(2,104)

329

(60)

(173)

(1,195)

382

(2,821)

Other Group companies

1,761

18

-

-

204

(459)

-

1,524

Total investments in associates

114,509

20,175

(3,287)

(173)

2,683

133

382

134,422

(in thousands of Euros)

12/31/2006

Acquisition/ change in share capital and reserves/other

Distribution of dividends/ reserves

Disposals and wind-ups

Share of
earnings (losses)

Reclassifications and other

Movements in prov. for other liabil. and charges

12/31/2007

Afrodite S.à r.l.

3,843

117

(3,095)

-

2,085

-

-

2,950

Aida RE B.V.

-

6,236

-

(11,340)

-

5,104

-

Alceo B.V.

-

2,310

-

-

(1,442)

-

(304)

564

Alimede Luxembourg S.à.r.l.

54

2,051

-

-

1,062

-

-

3,167

Alnitak S.à r.l.

2,106

(43)

-

-

295

-

-

2,358

Altair Zander Italia S.r.l.

70

-

-

-

82

-

-

152

Aree Urbane S.r.l.

7,920

-

-

-

(1,138)

-

-

6,782

Artemide S.à r.l.

2,417

(123)

(1,850)

-

1,252

-

-

1,696

Austin S.à.r.l.

3,790

-

(2,083)

-

4,027

76

-

5,810

Bicocca S.à.r.l.

-

388

-

-

(139)

(137)

112

Bresso Energia S.r.l.

-

3

-

-

(2)

-

1

Capitol Immobiliare S.r.l.

39

100

-

-

(71)

-

-

68

Castello S.r.l.

144

-

-

-

53

-

-

197

Colombo S.à.r.l.

5,530

-

(924)

-

14,334

-

-

18,940

Consorzio ARP

53

1

-

-

-

-

-

54

Consorzio G6 Advisor

22

-

-

-

-

-

-

22

Continuum S.r.l.

4,688

(85)

-

-

(1,050)

-

-

3,553

Dallas S.à.r.l.

3,790

-

(2,083)

-

4,027

76

-

5,810

Delamain S.à.r.l.

-

4,529

-

-

17,473

(1,088)

-

20,914

Dolcetto Otto S.r.l.

11

129

-

3

(143)

-

-

-

Domogest S.r.l.
(in liquidation)

1,025

(32)

-

(993)

-

-

-

-

Doria S.à.r.l.

5,422

-

(918)

-

14,329

-

-

18,833

Elle Dieci S.c.a.r.l.

40

-

-

-

-

-

-

40

Elle Tre S.c.a.r.l.

40

-

-

-

-

-

-

40

Erice S.r.l.

1,251

173

(2,646)

-

2,699

-

-

1,477

Espelha - Serviços de Consultadoria L.d.A.

39,222

-

(48,300)

-

12,480

-

-

3,402

European NPL S.A.

9,196

9,630

-

-

2,932

-

-

21,758

Fattoria Medicea S.r.l.

525

-

-

-

(41)

-

-

484

Finprema S.r.l.

-

2

-

-

-

-

-

2

Galatea S.r.l.

-

-

-

-

106

-

(36)

70

Gamma RE B.V.

-

105,742

(29,418)

(19,899)

30,178

(1,972)

-

84,631

Gestioni Immobiliari
2003 S.r.l.

98

489

-

(284)

(303)

-

-

-

Golfo Aranci S.p.A. -
Società di trasformazione urbana

1,378

1,533

-

-

(175)

-

-

2,736

Jamesmail B.V.

-

4,982

(376)

(556)

(4,050)

-

Kurpromenade 12 Timmendorfer
Strand GG KG

-

6,194

-

(50)

208

-

-

6,352

Immobiliare Prizia S.r.l.

6,351

-

-

-

(310)

(92)

-

5,949

IN Holdings I S.à.r.l.

407

-

-

-

(233)

-

-

174

Induxia S.r.l.

1,806

-

-

-

(698)

-

-

1,108

Inimm Due S.à.r.l.

3,959

85

(3,522)

-

808

-

-

1,330

Iniziative Immobiliari S.r.l.

7,385

-

(2,659)

-

(711)

-

-

4,015

Landgesellschaft Schleswing Holstein mbh

-

19,254

-

-

698

-

-

19,952

Localto ReoCo S.r.l.

4

4

-

-

(4)

-

-

4

Maro S.r.l.

42

806

-

-

(267)

-

-

581

Masaccio S.r.l.

195

-

-

-

-

-

-

195

Masseto I B.V.

18,467

(14)

(21,199)

-

3,212

(161)

-

305

Max B.V.

5,134

39

(2,250)

-

1,552

83

-

4,558

Mistral Real Estate B.V.

-

17,229

-

-

(795)

-

-

16,434

(in thousands of Euros)

12/31/2006

Acquisition/ change in share capital and reserves/other

Distribution of dividends/ reserves

Disposals and wind-ups

Share of
earnings (losses)

Reclassifications and other

Movements in prov. for other liabil. and charges

12/31/2007

M.S.M.C. Italy Holding B.V.

12,527

(91)

(2,957)

-

(1,518)

1,972

-

9,933

MP Facility S.p.A.

1,237

195

-

-

2,408

-

-

3,840

Nabucco RE B.V.

-

28,681

-

-

3,298

(31,979)

-

-

Nashville S.à.r.l.

3,791

-

(2,083)

-

4,027

74

-

5,809

Progetto Casa - Fondo comune investimento

-

12,493

-

-

(98)

-

-

12,395

Polish Investments Real Estate Holding B.V.

2,416

(19)

-

-

(465)

-

-

1,932

Polish Investments Real Estate Holding II B.V.

-

1,288

-

-

(32)

-

-

1,256

Popoy Holding B.V.

16,008

8

(17,133)

(14)

3,320

(10)

-

2,179

Progetto Bicocca
La Piazza S.r.l.

372

510

-

-

190

-

-

1,072

Progetto Nuovo
Sant'Anna S.r.l.

1,458

1,487

-

(1,485)

(423)

-

-

1,037

Progetto Gioberti S.r.l.

358

-

-

-

(330)

-

-

28

Quadrifoglio Milano S.p.A.

5,374

138

-

-

(249)

-

-

5,263

Resi S.r.l. (ex-Dolcetto Cinque S.r.l.)

8

-

-

-

(2)

-

-

6

Resident Baltic GmbH

-

262

-

-

-

-

-

262

Resident Berlin 1 P&K GmbH

3,855

372

-

-

11

-

-

4,238

Resident Brandeburg GmbH

-

1

-

-

-

-

-

1

Resident Sachsen P&K GmbH

-

162

-

-

(3)

-

-

159

Resident West GmbH

-

209

-

-

(16)

-

-

193

Rinascente/Upim S.r.l.

4,645

298

-

-

(2,312)

-

-

2,631

Riva dei Ronchi S.r.l.

719

-

-

-

(166)

-

-

553

Roca S.r.l.

341

3,241

-

-

(883)

-

-

2,699

S.AN.CO S.c.a.r.l.

2

-

-

-

-

-

-

2

S.I.MA.GEST2 S.c.a.r.l.

-

15

-

-

-

-

-

15

Sicily Investments S.à.r.l.

5

507

-

-

308

-

-

820

Solaia Real Estate B.V.

-

2,377

-

-

1,890

(4,267)

-

-

Solaia RE S.à.r.l.

-

5

-

-

-

8,317

-

8,322

Solaris S.r.l.

4,308

62

-

-

(1,772)

-

-

2,598

S.I. Real Estate
Holding B.V.

4,502

-

(3,000)

-

(417)

(500)

-

585

S.I.G. RE B.V.

-

3,285

-

-

(279)

-

-

3,006

Tamerice Immobiliare S.r.l.

14,783

(3)

(14,231)

-

2,240

1,088

-

3,877

Theta RE B.V.

-

7

(11)

31,990

31,976

Tizian Wohnen 1 GmbH

2,764

-

-

(272)

12

-

-

2,504

Tizian Wohnen 2 GmbH

1,148

-

-

(107)

10

-

-

1,051

Trinacria Capital S.à.r.l.

5

594

-

-

368

-

-

967

Trinoro S.à r.l.

3

(1)

-

-

(5)

-

3

-

Trixia S.r.l.

798

-

-

-

(1,728)

-

930

-

Verwaltung Mercado Ottensen
Grundstuecksgesellschaft

-

10

-

-

-

-

-

10

Vespucci S.à.r.l.

5,529

-

(924)

-

14,344

-

-

18,949

Vesta Finance S.r.l.

12

-

-

-

-

-

-

12

Waterfront Flegreo S.p.A.

172

(3)

-

-

(11)

-

-

158

Altre società gruppo PRE

-

109

-

-

(5)

-

-

104

Solar Utility S.p.a.

-

2,000

-

-

(250)

-

-

1,750

Olimpia S.p.A.

3,487,855

-

-

(3,328,953)

(158,902)

-

-

Total investments in joint ventures

3,711,419

239,928

(161,275)

(3,352,430)

115,925

(159,492)

5,697

399,772

Total investments in associates and joint ventures

3,825,928

260,103

(164,562)

(3,352,603)

118,608

(159,359)

6,079

534,194

(in thousands of Euros)

Associates

Joint Ventures

Non-current assets

700,244

3,063,440

Current assets

561,781

8,832,618

Non-current liabilities

540,387

6,003,301

Current liabilities

156,964

4,025,930

Revenues from sales and services

203,020

2,615,749

Costs

(195,027)

(3,173,250)

Income

79,955

450,469