9.b. RESERVES

The evolution and breakdown of the item "Reserves" is given below:

The "Share premium reserve" totalled € 33,602 thousand at December 31 2008, compared to € 33,359 thousand at December 31 2007. The change was due to the subscription of stock option plans for € 243 thousand.

The "Fair value reserve" stood at € 38,033 thousand at December 31 2008 and referred for the positive amounts of € 6,351 thousand to the valuation of "Securities" in item 7.g. and for € 37,320 thousand to the valuation of "Available-for-sale financial assets" in item 8.f. and also to the negative change of € 5,668 thousand from the valuation of hedging instruments.

The "Translation reserve" had a negative balance of € 18,409 thousand at December 31 2008 with the following breakdown:

The item "Other reserves" had the following breakdown at December 31 2008:

The changes in treasury stock during the year were as follows: