Prospectus - Notowania

This result should not be considered as representative neither of the result for Q4, nor for the
Group performance for the entire year. The results of Q4 for 2009, in fact, if compared with
those of the previous quarter point out:
• the persistence of unfavourable conditions in the macroeconomic context in the most part of
the markets within which the Group operates;
• the reduction of the operating result due, amongst other things, to a decrease of the revenue
from trading activities, to a slowing down of the Group transactions in the capital markets
sector and the recent level of instability of the financial markets, in particular subsequent to
the economic difficulties in Greece, Spain and Dubai;
• an increase of the operating costs primarily connected to the seasonality of payments that
physiologically tend to increase at the end of the year;
• further allocations, or an increase of the same for coverage of possible losses from loans in
countries currently exposed to a deterioration of the economic conditions or that the Group
could be forced to perform also bearing in mind the regulatory requisites of the different
countries.
- 257 -