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NET COMMISSIONS WEAKNESS (-9.3% Y/Y), DUE TO PRESSURE ON<br />
MARKET- RELATED FEES AND CHANGING FOCUS IN RETAIL<br />
NET COMMISSIONS FROM<br />
INVESTMENT SERVICES, mln<br />
1,387<br />
-15.6%<br />
1,170<br />
• Decrease of 16% y/y due to:<br />
mix of bond placed shift from third party to own bonds<br />
lower Asset management fees given market weakness<br />
• Asset Management: -13 bln outflows in 1Q08, over 90%<br />
captive, but…<br />
1Q07<br />
1Q08<br />
• …more than balanced in Retail Italy and Private by sales<br />
of other financial assets (10.2 bln overall), confirming the<br />
strength of UCG customer franchise<br />
OTHER NET COMMISSIONS (1) , mln<br />
-2.6%<br />
1,325 1,290<br />
• Other net commissions stable net of the deconsolidation of<br />
2S Germany and the decrease of derivative sales in Corporate<br />
Austria and Germany (over 30 mln overall)<br />
• Positive trend on fees from loans in CEE<br />
8<br />
1Q07<br />
1Q08<br />
• Retail decrease related to change of focus:<br />
sales of zero-fee accounts, increasing net interest income<br />
zero fee to increase use of more cost efficient Internet channel<br />
•Corporate and MIB fees reflect lower structured finance<br />
activity<br />
(1) Current accounts, loans and guarantees, Collection and payment services, Forex dealing and Other services
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