The consolidated net income after taxes reached 228.2 M€ in the first nine months of 2015, 19.3% lower than the first three quarters of the previous year. The Net Asset Value (NAV) reached 3,507.0 M€ at 30 September 2015, equivalent to € 60.22 per share, 4.4% less than the NAV per share at the end of 2014. Alba's share price of €37.25 on this same date represents a discount of 38.1% to the NAV per share.

In October, Alba distributed an interim dividend of € 0.50 per share to its shareholders that amounted to a 29.1 M€ disbursement.

During the first nine months of 2015, Alba made investments of 314.8 M€, and divestments amounting to 446.5 M€.

The main investments made by Alba in the first nine months of 2015 were the following:
• Purchase of office premises located on Paseo de la Castellana 89 in Madrid for 147.0 M€.
• Purchase of an 8.03% holding in Euskaltel's share capital for 96.5 M€ as a result of the initial public offering made by this Company on 1 July. Alba is currently the second largest shareholder in Euskaltel.
• Purchase of an additional 1.71% of BME for 52.8 M€, reaching a 10.00% holding in their share capital.
• In late July, through Deyá Capital, its development capital vehicle, Alba acquired a stake of 18.89% in In Store Media, with a pay-out of 15 M €. In Store Media is a company specialized in the management of advertising means in points of sale, with a significant international presence in Europe and Latin America.

Conversely, the main divestments made during this period were the following:
• Sale of 2.05% of ACS for 204.4 M€, resulting in capital gains of 98.2 M€. In this transaction, Alba obtained an annual IRR of 12.0% for 17 and a half years.
• Sale, through an accelerated placement among institutional investors, of 3.10% of Acerinox for 118.3 M€, resulting in net capital gains of 26.4 M€. In this transaction, Alba obtained an annual IRR of 4.8% for 13 and a half years.
• Sale, through Deyá Capital, of the 12.0% participation in Pepe Jeans for 81.8 M€, the first divestment by vehicles managed by Artá Capital SGEIC. Alba obtained an annual IRR of 17.5% for 5 years.
• Sale of 1.20% of Indra for 21.7 M€. These shares were bought in the fourth quarter of 2014, being the sale price 27.7% greater than the purchase price.
• Sale, through Deyá Capital, of the 21.66% participation in the capital of OCIBAR for 16.1 M€, the second divestment by vehicles managed by Artá Capital SGEIC. Alba obtained an annual IRR of 10.1% for just over 7 years.
• Sale of the entire holding of 14.54% in Antevenio for a total amount of 1.6 M€.

As of September 30th, 2015, Alba's investment portfolio included the following stakes:
Listed companies Unlisted companies
ACS (11.8%) Mecalux (24.4%)
Acerinox (19.6%) Panasa (26.4%)
BME (10.0%) Ros Roca (17.4%)
Ebro Foods (10.0%) Flex (19.8%)
Indra (11.3%) Siresa Campus (17.4%)
Viscofan (6.9%) EnCampus (32.8%)
Euskaltel (8.0%) In-Store Media (18.9%)
Clínica Baviera (20.0%)

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