Net Asset Value

Valuation criteria

LISTED INVESTMENTS

Listed investments and other listed securities are valued at the arithmetic average of the closing prices over the 20 stock exchange days preceding the valuation date.

UNLISTED INVESTMENTS

Unlisted investments are valued based on the valuation method that best reflects their most recent fair value, which can be (i) a valuation determined by independent experts, (ii) a valuation that reflects the net asset value of the investment, or (iii) a valuation at cost if the investment was recently completed.

FUNDS OR OTHER INVESTMENT VEHICLES

Investments in funds or other investment vehicles are valued at the NAV or at Edizione’s share of the value reported by the fund.

NET FINANCIAL DEBT

Net financial debt includes the financial liabilities of Edizione S.p.A. and the 100% controlled financial sub-holdings as of the valuation date, net of available cash and liquid financial investments as of the same date.

OTHER COMPONENTS OF THE NAV

Edizione’s future structural costs are not included in the calculation of the NAV, since this is a short-term valuation of the assets held.
Assets and liabilities in foreign currencies are converted at the prevailing exchange rate on the NAV calculation date.
The above methods may change should this give a more accurate valuation of the asset.