Investment properties

The table below shows the main changes in land and buildings (investment properties) in the reporting period, i.e. those held
to earn rentals or capital appreciation or both, and their fair value.

(€ million)31.12.201331.12.2012
Gross bookvalue as at 31 december previous year 14,802 14,879
Accumulated depreciation and impairment as at 31 december previous year -1,903 -1,797
Carrying amount as at 31 december previous year 12,899 13,082
Foreign currency translation effects -39 3
Increases 700 327
Capitalized expenses 108 90
Changes in consolidation scope 70 -50
Reclassification -98 148
Decreases −526 -442
Depreciation of the period -181 −177
Net impairment loss of the period -106 -81
Carrying amount as at the end of the period 12,828 12,899
Accumulated amortization and impairment as at the end of the period 2,046 1,903
Gross bookvalue as at the end of the period 14,873 14,802
Fair value 17,910 18,209

The fair value of land and buildings (investment properties) at the end of the reporting period is mainly based on external
appraisals.

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328