FONDAZIONE MARCEGAGLIA ONLUS Financial statements as at 31 st December Independent Auditors' Report

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1 FONDAZIONE MARCEGAGLIA ONLUS Financial statements as at 31 st December 2010 Independent Auditors' Report 1

2 Deloitte Deloitte & Touche S.p.A. Via Tortona, Milano Italy Tel: Fax: INDEPENDENT AUDITORS' REPORT To the President of FONDAZIONE MARCEGAGLIA 1. We audited the consolidated financial statements of Fondazione Marcegaglia (the "Foundation") for the period ended on 31 st December The drafting of the financial statements pursuant to the relevant regulations is entrusted to, and responsibility of, the Foundation's Directors. Our responsibility is to give our professional opinion on the financial statements on the basis of our audit. This report is not issued in compliance with the relevant legislation, as the auditing of its Financial Statements is not mandatory for the Foundation. 2. Our audit was carried out according to the established accounting principles as issued by the Italian National Council of Accountants and Tax Advisers and recommended by Consob. According to said auditing principles, the audit was planned and carried out with the aim of acquiring all necessary information to ascertain whether the consolidated financial statements contain material errors or, on the contrary, are substantially correct. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed. We believe that the results of our work are a reasonable basis for our professional opinion. It must be noted that the Company was incorporated on July 14 th, The Company's financial statements, therefore, does not contain any grounds for comparison, as this is the company's first financial year. 3. It is our opinion that the financial statements of Fondazione Marcegaglia as at 31 st December 2010 comply with the principles regulating their drafting; they are therefore a clear and true and correct representation of the financial standing and the economic results of the Foundation. Patrizia Arienti Partner Milan, 27 th April 2011 Ancona Bari Bergamo Bologna Brescia Cagliari Firenze Genova Milano Napoli Padova Parma Perugia Roma Torino Treviso Verona Sede Legate: Via Tortona, Milano - Capitale Sociale: Euro ,00 i.v. Codice Fiscale/Registro delle Imprese Milano n R.E.A. Milano n Partita IVA; IT Member of Deloitte Touche Tohmatsu Limited

3 FONDAZIONE MARCEGAGLIA ONLUS Tax code VAT number VIA GIOVANNI DELLA CASA MILANO MI Milan's Register of Companies n Organisation's Endowment Fund Euro125, fully paid up FINANCIAL STATEMENTS AS AT 31 st December 2010 BALANCE SHEET - ASSETS 31/12/2010 A) Receivables from shareholders for still pending payments I) called for part 0 II) not called for part 0 A) Total receivables from shareholders for still pending payments 0 B) Fixed assets I) INTANGIBLES 1) Intangible fixed assets 6,000 I) TOTAL INTANGIBLES 6,000 II) TANGIBLE ASSETS 1) Tangible fixed assets 5,476 III) INVESTMENTS 0 B) TOTAL FIXED ASSETS 11,476 C) Current assets 1) INVENTORY II) Receivables: 1) Falling due within the financial year 3,408 II) Total receivables 3,408 III) FINANCIAL ACTIVITIES (other than fixed assets) 0 IV) LIQUID ASSETS 131,241 C) TOTAL CURRENT ASSETS 134,649 D) Accruals and deferrals 818 BALANCE SHEET TOTAL - ASSETS 146,943

4 BALANCE SHEET - LIABILITIES 31/12/2010 A) Net assets I) Organisation's endowment fund 125,000 II) Share premium fund 0 III) Revaluation reserves 0 IV) Legal reserve 0 V) Statutory reserves 0 VI) Treasury stock reserve 0 VII) Other reserves 0 VIII) Profits (losses) carried forward 0 IX) Operating results of the current period 2,500 A) TOTAL NET ASSETS 127,500 B) RISK AND CONTINGENCY FUNDS 0 C) SEVERANCE PAY 0 D) DEBTS 0 1) Falling due in the next the financial year 19,443 D) TOTAL DEBTS 19,443 E) ACCRUALS AND DEFERRALS 0 BALANCE SHEET TOTAL - LIABILITIES 146,943 DIRECTORS' REPORT - REVENUES 31/12/2010 A) INCOME 2) Income from fund raising 2.1 other income 37,610 4) Financial and capital income 4.1 From bank deposits 313 A) TOTAL INCOME 37,923 DIRECTORS' REPORT - CHARGES 31/12/2010 B) EXPENSES 4) Financial and capital charges 4.1 for bank deposits 112 6) General Supporting Charges 6.1 Materials Services 12, Staff 20, Amortisations 1, Sundry operating expenses 399 B) TOTAL CHARGES 35,423 POSITIVE OPERATING RESULTS 2,500 This balance sheet is consistent with the accounting records.

5 FONDAZIONE MARCEGAGLIA ONLUS Tax code VAT number VIA GIOVANNI DELLA CASA MILANO MI Milan's Register of Companies n Organisation's Endowment Fund Euro125, fully paid up Financial statements as at 31st December 2010 Notes to the financial statements Fondazione Marcegaglia was incorporated on July 14 th, 2010 and obtained the certification as ONLUS (non-profit organisation) on October 28 th, 2010, with an endowment fund of 125,000; as at December 31 st, 2010 it had not yet been certified as a legal entity pursuant to D.P.R. n 361 of 10/05/2000, although such certification should be forthcoming in Structure and contents of the Financial Statements. Pursuant to its Articles of Association, the first financial year closed on December 31 st, The financial statements were drafted pursuant to the recommendation issued in July 2000 by the Commissione Aziende Non Profit (Non-Profit Organisations Committee) of the Italian National Council of Accountants and to the "Guidelines and templates for the drafting of financial statements of non-profit organisations". The Foundation has concluded its first year of activity and, therefore, the data contained in its financial statements have no terms of comparison and these notes do not comment upon any variations as against previous years. The financial statements were prepared according to the standard template for enterprises, as included in the Civil Code, taking into account the peculiarities that characterise the asset structure of the foundation, and with the purpose of informing the public on how funds were raised and used during the relevant period in the different management areas. The figures included in the financial statements are expressed in Euros. There are no parent concerns. As at December 31 st, 2010, Fondazione Marcegaglia ONLUS had two regularly contracted project workers. Sect. 1 - EVALUATION CRITERIA APPLIED The criteria applied to assess the items of the financial statements comply with the provisions of art of the Italian Civil Code. The evaluation of balance sheet items was carried out on the basis of the general prudential criteria and on an accrual basis, with a view to continuing the activity, and taking into account the economic role of the assets and liabilities under consideration. For the purposes of the items posted in the financial statements, the economic purpose of the various transactions, rather than their legal form, prevails, with full disclosure thereon in these notes.

6 Intangibles The intangible fixed assets are posted/assessed at their purchase or production cost, inclusive of all accessory charges, and are being systematically depreciated according to their residual life and taking into account the provisions of paragraph 5) of art of the Italian Civil Code. In details: start up and expansion costs were posted among the assets on the basis of their usefulness that spans several years. Depreciation is calculated over five years, with the straight-line method and the amount of costs not yet depreciated is amply covered by the existing reserves. Tangible fixed assets Tangible assets are booked at the cost of purchase, including additional charges, and the costs directly attributable to the relevant asset. Ordinary maintenance costs are fully attributed to the profit and loss account. Increasing maintenance costs are attributed to the assets they refer to and depreciated at the same time as the relevant asset according to the latter residual life. Tangible fixed assets are depreciated systematically in every financial year, with the straight-line method, in a percentage that is proportional to their residual life and taking into account also the asset's physical wear and tear; for the first year of use of the assets the rates are reduced by 50%, in consideration of the asset's actual participation in the production process, which is considered to have occurred, on average, in mid-period. Depreciation on assets that were transferred or disposed of during the period was not posted. The depreciation rates used for the individual categories of assets are: Office machinery and data processing systems: 10% to 20%. Other pluriannual charges: 33.33%. Receivables Receivables are booked at the presumable realisable value. Cash on hand Assets in the form of cash on hand are booked at their nominal value. Accruals and deferrals Accruals and deferrals are booked on an accrual basis, with reference to when they were actually incurred. They are percentages of charges and income that are in common between two or more financial years.

7 Debts Debts are booked under liabilities at their nominal value, as shown in the documents and accounts. Charges and Income Charges and income are booked on an accrual basis, independently from the date of collection or payment, net of returns, discounts, allowances and bonuses. Income from institutional activities refer to charitable donations. BALANCE SHEET ASSETS Fixed assets Balance sheet code B I 01 FIXED ASSETS - INTANGIBLES Intangibles Increases 7,500 Decreases (1,500) Final worth 6,000 Intangibles refer to the Foundation incorporation expenses. Balance sheet code B II 01 FIXED ASSETS - TANGIBLE FIXED ASSETS Tangible fixed assets Initial worth Increases 5,745 Decreases 0 Final worth 5,745 Tangible fixed assets refer to the purchase of ordinary and electronic office machinery. Balance sheet code B II 02 FIXED ASSETS - TANGIBLE FIXED ASSETS Intangibles depreciation reserve Increases 269 Decreases 0 Final worth 269

8 The intangibles depreciation reserve is increased due to the effects of usual depreciation. Current assets Balance sheet code C II 01 CURRENTS ASSETS - RECEIVABLES Due within the next twelve months Increases 3,408 Decreases 0 Final worth 3,408 This item mainly includes receivables from the Internal Revenue Service for VAT payments, as the Foundation has not yet received acknowledgement as non-profit organisation; offsetting shall only be possible upon official recognition. Balance sheet code C IV CURRENT ASSETS LIQUID ASSETS Increases Decreases (34,044) Final worth 131,241 The balance represents all the freely available active current accounts Balance sheet code D ACCRUALS AND DEFERRALS Increases 818 Decreases 0 Final worth 818 The increase of deferred charges is due to the 2011 share of the phone and travel expenses.

9 LIABILITIES RESERVES AND SEVERANCE PAY As at December 31st, 2010, the Foundation had no employees. OTHER LIABILITY HEADINGS Balance sheet code D 01 DEBTS falling due in the next financial year Increases 53,751 Decreases (34,308) Final worth 19,443 The increase of debts falling due in the next financial year is a consequence of the ordinary activities. Debts are mainly payable to suppliers and collaborators. Balance sheet code Al TOTAL Organisation's endowment fund Restricted reserve pursuant to the By-laws of July 14th, ,000 Results for the current period 2,500 Net assets as at December 31st, , ,500 CONCLUSIONS FINAL CONSIDERATIONS It must be underscored once more that the assessment criteria described herein comply with the statutory accounting regulations and that the results of the financial statements correspond to the values taken from the accounts, maintained pursuant to the regulations from time to time in force. These notes, and the financial statements as a whole, are a clear and true and correct representation of the financial standing and the economic results of the Foundation. The profits of the Foundation represent the charitable donations received in the 2010 financial year. Such donations allowed the Foundation to manage its institutional activities, cover all expenses and record some profits. With regard to the allocation of said profits, the Board of Directors moves that they be carried forward. Page 7

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