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ASSET MANAGEMENT: AUM DOWN 5% EXCLUDING MARKET EFFECT<br />
AUM EVOLUTION<br />
ASSETS UNDER MANAGEMENT (1) -11.6%<br />
(Eur bn)<br />
International<br />
CEE<br />
US<br />
Austria<br />
Germany<br />
Italy<br />
257.0<br />
14.1<br />
10.4<br />
45.3<br />
16.0<br />
38.0<br />
133.1<br />
227.1<br />
11.5<br />
9.0<br />
39.5<br />
15.2<br />
33.8<br />
118.1<br />
-5% net of<br />
Mkt effect<br />
(Eur bn)<br />
257<br />
-13<br />
o/w captive<br />
Italy -10<br />
-17<br />
o/w 3bn exchange<br />
rate (2) effect<br />
227<br />
Dec07<br />
1Q08<br />
Dec07<br />
net sales<br />
Mkt effect<br />
March08<br />
29<br />
• Total AuM -11.6% ytd reflecting adverse industry trend, mainly market and exchange rate effect; positive<br />
sales momentum in higher margin alternative products and global institutional (730 mln net sales in 1Q08)<br />
• International: reduced AuM driven by negative market effect and exchange rate impact. Positive net sales in non<br />
proprietary global institutional and alternatives<br />
• CEE: AuM shortfall mainly due to negative contribution of Poland (-598 mln in the quarter) following industry outflows<br />
• US: decrease in AuM mainly due to negative exchange rate (-7.4% ytd) and unfavorable market performance<br />
• Italy: negative affected by market performance, MIFID impacts and net sales mainly due to former Capitalia network<br />
• Germany & Austria: decreasing AuM related to redemptions mainly in low-margin institutional channel<br />
(1) Excluding Fimit<br />
(2) On US only
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