Supervised bodies governed by private law

Norma Fund - SIAE, at 31 December 2019, holds no. 1,658 units (equal to 100% of the shares issued) for a total net value of € 186,451,226 (unit value of € 112,455.504) of the "Norma" closed-end real estate investment fund, reserved for institutional investors and established on 19 December 2011. The subscribed assets of the Fund as of 31 December 2019 amounted to € 164,609,996 corresponding to 1,658 units.

AIDA Fund - The Norma Fund at the end of 2012 acquired the AIDA real estate fund. This Fund launched its operations in 2011 with an initial subscribed capital of € 63,900,000 divided into 639 units with a unit value of € 100,000. The Fund currently has subscribed assets of € 79,073,964. The total net value of the fund as at 31/12/2019 is equal to € 64,505,966 (796 units with a unit value of € 81,037.646).

Nabucco Fund - SIAE (for the Solidarity Fund), on 2 October 2014, subscribed no. 312 shares for a total value of € 31,200,000 (unit value of € 100,000.00) of the “Nabucco” closed-end real estate investment fund, reserved for institutional investors. The total net value of the fund at 31/12/2019 is € 32,710,938 (312 units with a unit value of € 104,842,750).

Pentagramma Fund - On 3 August 2015 SIAE subscribed no. 2,950,000 units of the SICAV-SIF Indaco Pentagramma for a total value of € 295,000,000 (unit value of € 100). On 31 December 2015, additional shares were subscribed for 595,474.394 (unit value of € 100.76) linked to SIAE’s management of the Solidarity Fund, for a total value of € 60,000,000. In May and June 2016, SIAE acquired further no. 1,166,747.690 shares with a nominal value of € 102.85 each (total value € 120,000,000) and n. 1,366,386,882 shares with a nominal value of € 102.46 (€ 140,000,000). In 2018, SIAE subscribed to a further n. 107,407,141 shares with a nominal value of € 102.10 each (total value € 10,966,269) and, at the same nominal value, to no. 11,664,533 shares (total value € 1,190,949), the latter belonging to SIAE for the Solidarity Fund. Therefore the book value of the Fund as at 31/12/2019 is equal to € 627,157,218. The total market value of the Fund as at 31/12/2019 is equal to € 630,799,935. SIAE holds 100% of the shares of the fund, the deposit of which is entrusted to Banca Profilo.

Cf. Transparency Report 2019