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MIB DIVISION: 696 MLN PRE-TAX LOSS DUE TO SHARP DROP IN<br />
MARK TO MARKET VALUATIONS RELATED TO CURRENT CRISIS<br />
MIB main KPIs<br />
MIB total revenues, mln<br />
mln<br />
1Q07 4Q07 1Q08<br />
1,237<br />
1,167<br />
Total Revenues 1,237 381 -295<br />
Operating Costs -466 -356 -379<br />
455<br />
381<br />
Operating Profit 771 25 -674<br />
Net write-downs on loans -1 -11 -39<br />
-295<br />
Profit before taxes 984 150 -696<br />
1Q 07 2Q 07 3Q 07 4Q 07 1Q 08<br />
Confirmed full mark to market valuation on credit items<br />
Mark to market valuations of ~ EUR 1 bn driven by illiquidity in the markets. Catch-up<br />
potential when back to normalized markets<br />
Costs -19% y/y, mainly due to lower accruals for variable compensation. Several cost<br />
control initiatives launched, to pay off going forward<br />
22<br />
Net write-downs on loans at 39 mln, back to normalized levels, after years of very benign<br />
credit cycle
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