Prospectus - Notowania

As far as the CEE business segment is concerned, an increase was recorded, albeit a
marginal one in absolute terms, despite the rise in refinancing costs due to the adverse
economic trends.
Contrary to the other business segments, in 2009 CIB recorded an extremely positive
performance which offset the losses recorded by the other segments by 52.2%. This
trend in net interest income is to be attributed to the selective approach in new
disbursements, to an increase in profitability and to an increase in customer deposits,
which rose by a total of 10% (including the securities subscribed). The growth in the
CIB net interest income was at the same time adversely affected by the erosion of the
dividends component due to the 2009 performance of the Austria component and to
the excellent performance recorded in 2008 in Germany linked to distributions by
private equity funds.
With regard to income from brokerage and other income, the Group posted total
income of € 7.6 billion, up on the first nine months of 2008 but with a different
composition. While the trading, hedging and fair value income generated profits of €
1.7 billion against losses of € 730 million in 2008 (€ +2,381 million), in September net
fees and commissions recorded a downturn of 19%, falling from € 7 billion to € 5.7
billion in 2008. With regard to the latter it is however necessary to specify that the
Group was able to benefit, from as early as Q2, from a reversal of trend which was
consolidated in the last months, and which was the result of a greater propensity for
risk on the part of investors and of the gradual return to the stock market. The balance
of other income and costs (€ 304 million compared to the € 379 million in the first
nine months of 2008), while falling by 19.8% compared to the same period of the
previous year, has not had a decisive effect on income from brokerage and other
income.
Performance by business segment shows CIB to have posted a recovery mainly
deriving from the results in trading, increased for € 1,815 million, combined with the
growth in the Corporate Centre and CEE, has offset and exceeded the decreases
recorded in the other segments in the scope of revenue from brokerage and others
(totalling €1,056 million) which are mainly concentrated in the Asset Management
business segment
With regard to the total net interest income, the table below provides a breakdown of
the net interest income on the basis of the average reference equity components.
(in millions of €) 09.30.2009 09.30.2008
Average balances/Interest income and Average
expense
balances 1 Average interest Average
Interest rate balances 1 Average interest
Assets
Performing assets
Interest rate
1. Financial instruments, excluding loans 100,265 3,012 4.01% 146,083 5,751 5.25%
2. Loans to banks 88,109 1,371 2.07% 111,035 3,703 4.45%
3. Loans to customers 605,511 21,241 4.68% 606,449 28,741 6.32%
Total performing assets 793,885 25,624 4.30% 863,567 38,195 5.90%
Other assets 210,337 314 0.20% 183,967 510 0.37%
Total average assets 1,004,222 25,938 3.44% 1,047,534 38,705 4.93%
Liabilities
Interest bearing liabilities
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