Net Income/(Loss) From Equity Investments

Net income/(loss) from equity investments was a negative euro 17.3 million and consists essentially of financial investments totalling euro 4 million, the Group’s interest in the result of associates for euro 3 million, adjustment of the equity investment in RCS MediaGroup S.p.A. to a value of euro 1.02 per share (aggregate negative impact of euro 16.8 million), and transfer to the income statement of the negative accumulated reserve for euro 10.3 million related to the equity investment in Alitalia S.p.A. classified as available-for-sale financial assets.

The 2010 figure, which was a positive euro 23.4 million, included the result from disposal of the equity investment in Oclaro Inc. for euro 18.4 million.