Real Estate NAV Dec 2007

(Euro Bn)

December 2007

		Book Value 100%	Book Value PQ	Market Value 100%	Market Value PQ	Unreal. Cap. Gain PQ
RESIDENTIAL		3.79	1.45	4.12	1.58	0.13
	HOLD PORTFOLIO	0.00	0.00	0.00	0.00	0.00
	TRADING PORTFOLIO	3.36	1.28	3.61	1.38	0.10
	DEVELOPMENT	0.43	0.17	0.52	0.20	0.03
COMMERCIAL		6.46	1.57	7.27	1.73	0.16
	HOLD PORTFOLIO	2.18	0.70	2.18	0.70	0.00
	TRADING PORTFOILIO	3.89	0.71	4.62	0.85	0.14
DEVELOPMENT		0.40	0.15	0.48	0.18	0.02
Other		0.55	0.19	0.63	0.22	0.03
NPL (BV)		2.38	0.67	2.38	0.67	0.00
Commercial third parties funds		0.51	0.00	0.59	0.00	0.00
TOT Asset UM		13.70	3.88	15.00	4.19	0.32 - A
of which TOTAL TRADING PORTFOLIO wo DGAG & BIB		6.07	1.53	7.23	1.83	0.29 (*)
Net Equity (incl Treasury Shares)						0.75 -B
TOT NAV						1.06 - A+B

(*) The % margin calculated as a ratio between Pro-quota Unrealized Capital Gain and Market Value is 16%