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RECONCILIATION BETWEEN THE PARENT COMPANY'S RESULTS AND NET EQUITY AND THOSE OF THE GROUP

As required by the CONSOB Circular of July 28th, 2006, the following table presents a reconciliation between the 2006 results and net equity at December 31st, 2006 of the parent company Pirelli & C. Real Estate S.p.A. with the corresponding consolidated amounts:


(Euro/thousands) Net equity at 12.31.2006 Net income at 12.31.2006
Financial statements of Pirelli & C. Real Estate S.p.A. 520.541 103.717
Difference between carrying amount of subsidiaries and corresponding share of their net equity 103,596 99,420
Difference between carrying amount of associates and joint ventures and corresponding share of their net equity 92,859 43,474
Dividends collected from subsidiaries 0 (65,572)
Intragroup transactions (14,518) (9,724)
Other consolidation adjustments (2,211) (11,855)
Consolidated financial statements of the Pirelli RE Group (Group share) 700,267 159,460