Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

A.3.2.3 Annual changes in financial liabilities recognized at fair value (level 3liabilities)Held for trading ¹ ²FINANCIAL LIABILITIESRecognized at fairvalueHedges1. Balance at start of period 260,792 — —2. Additions 119,021 — —2.1 Issues 88,662 — —2.2 Losses recognized in: 30,359 — —2.2.1 profit and loss account 30,359 — —- of which, losses 30,359 — —2.2.2 net equity — — —2.3 Transfers from other levels — — —2.4 Other additions — — —3. Reductions 167,795 — —3.1 Redemptions 123,163 — —3.2 Buybacks — — —3.3 Profits recignized in: 39,740 — —3.3.1 profit and loss account 39,740 — —- of which, gains 39,740 — —3.3.2 net equity — — —3.4 Transfers to other levels — — —3.5 Other reductions4,892 — —4. Balance at end of period 212,018 — —¹ Net of the market value of options covering those attached to bond issues by Mediobanca (€395m at 30/6/11 and €333m at30/6/10) as well as options traded (€670m and €319m respectively), the values of which are recorded as both assets andliabilities for the same amount.² The amount of the issues is entirely due to the sale of options on listed securities dynamically hedged with the underlyingshare.306 –