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ASSET MANAGEMENT DIVISION: PERFORMANCE AFFECTED<br />
BY AUM REDUCTION DUE TO MARKET TURMOIL<br />
mln<br />
1Q07<br />
1Q08<br />
% ch. on<br />
1Q07<br />
Total Revenues 382 317 -17.0%<br />
Operating Costs -154 -118 -23.4%<br />
Operating Profit 228 199 -12.7%<br />
Profit before taxes 224 225 0.4%<br />
Cost/Income Ratio, % 40.3% 37.2% -3.1 pp<br />
Revenues/Avg. AUM (1) , bp 57 bp 52 bp -5 bp<br />
• Revenues heavily reflecting market crisis:<br />
Client risk aversion and cash<br />
preference<br />
Credit and equity bear markets<br />
Exchange rate effects<br />
• Commissions impacted by lower performance<br />
fees and decreasing management fees<br />
• Cost management, -23.4% y/y, driven by cost<br />
reduction initiatives and lower variable<br />
compensation<br />
• Profit before taxes stable y/y; 1Q08<br />
positively affected by +25 mln one-off related<br />
to Capitalia Custodian Banking business sale<br />
and lower restructuring costs<br />
28<br />
(1) Figures in 1Q07 are related to FY07; 1Q08 annualized
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