Prospectus - Notowania

In the financial year ended as at December 31, 2007 the Group was committed in
several areas. Growth was achieved both through internal lines, through actions aimed
at strengthening relations with customers, and at increasing the efficiency of structures
and processes, and through external lines in the markets of operation (in October,
through the merger with Capitalia, in December with the finalisation of the acquisition
of ATF in Kazakhstan). The consolidated yearly results as at December 31, 2007
included the contribution of Capitalia only for the fourth quarter. Net profit amounted
to €5,901 million, an increase of 8.3% on 2006, though in the presence of €1,174
million in integration costs, essentially relating to the merger with Capitalia, in
addition to provisions for risks and charges of €622 million, which were significantly
balanced, on the whole, by net profit from investments of €1,533 million, including
€603 million realised through the disposal of interest in Mediobanca. Despite the
complexity of the actions implemented and the difficult market situation, the Group’s
operating profit reached €11,807 million, an increase of 11.9% on the previous period,
not considering the contribution of Capitalia. The improvement can be attributed to
both the growth in revenues and the continued cost containment measures. Almost all
business segments contributed significantly to the increase in operating profit, with the
exception of the Markets & Investment Banking business segment, which from Q3
2007 was affected by the turbulence in the financial markets caused by the subprime
mortgage crisis in the United States. Net loans to customers as at December 31, 2007,
amounting to €575 billion, increased over the year by about 30%, including Capitalia.
Net of Capitalia, the stock of loans to customers amounted to €476 billion, +7.8% on
the previous year. The growth in loans was particularly high in the business segments
Corporate (+30% before the effects of PPA as a result of the operation with Capitalia)
and CEE (+31%, with sharp growth in Turkey, Russia and Hungary). Important
contributions were also provided by the leasing (+25% net of Capitalia) and consumer
credit (+25.7% net of Capitalia) product companies, while the trend in mortgages was
more or less in line with the previous year. Customer deposits (excluding securities)
including Capitalia totalled €390 billion, an increase of 36% on the previous year. Net
of Capitalia, the stock of customer deposits amounted to €328 billion, up 14% on the
previous year: also in this case, the Corporate business segment showed significant
growth (+20%), in addition to the Retail segment (+10%).
During the year ended as at December 31, 2006, the necessary reorganisation
processes for the purpose of integration, including operational integration, with all the
entities in the HVB Group acquired at the end of the previous year. Net profit
amounted to €5,448 million, while operating profit reached €10,206 million. Nonrecurring
items, with net profit from investments (€1,184 million) provided a positive
contribution to the achievement of these results, more than offsetting the provisions
for risks and charges (€473 million) and the costs for integration with the HVB Group
(€465 million). All business segments contributed positively to the operating profit,
with significant growth in the CEE area. These results can be attributed to greater
oversight of the more mature markets (Italy, Germany, Austria) and growth in the
emerging markets of CEE countries. As at December 31, 2006 net loans to customers
amounted to €441 billion, up on the previous period, specifically due to the growth in
CEE countries and in Italy. Customer deposits (excluding securities) stood at €288
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