Investment in Italy

Investment in Italy1.3Private investment in Italian companiesItalian mergers and acquisitions from 2000 to 2009: value and number of transactions780900Value (bln)1208040605453417 417457 467 459495197600300Number of deals0129 57 48 96 29 120 100 148 56 342000 2001 2002 2003 2004 2005 2006 2007 2008 20090ValueNumber of dealsSource: KPMG Corporate FinanceDue to the weak economic outlook and the credit crunch, in 2008 the M&A market reportedthe lowest volumes of the last four years and fell further in 2009.Until 2008 the average performance of investments in Italian assets was rising and wasconsistently higher than the European and USA markets. Energy and Utilities and FinancialServices are the industries which reported the highest overall deal size in 2009, with EUR23.4 billion and EUR 5.7 billion respectively. Consumer Markets and Industrial Markets arethe sectors with the highest number of transactions, with 50 and 45 deals respectively.16© 2012 KPMG S.p.A., KPMG Advisory S.p.A., KPMG Fides Servizi di Amministrazione S.p.A., KPMG Audit S.p.A., Italian limited liability share capital companies, and Studio Associato Consulenza legale e tributaria, anItalian professional partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.