Requisitos de Acceso al mercado de Rusia

The commercial policy of the Group is oriented towards growth in volumes administered on behalf of customers, termed financial wealth and summarised in table 7, which is now close to 107 billion euro, an increase of 5,6% on an annual basis, It is the result of positive growth in indirect funding and in assets under management in particular as well as in direct funding.

Financial wealth of customers

Table No. 4

absolute %

Direct funding from customers 51.525.791 48,3% 49.642.145 48,5% 48.985.505 48,4% 2.540.286 5,2% 50.895.904 Indirect funding from customers 55.263.106 51,7% 52.688.620 51,5% 52.132.737 51,6% 3.130.369 6,0% 53.767.063

of which: assets under

management 32.412.890 30,4% 30.636.062 29,9% 29.650.986 29,3% 2.761.904 9,3% 31.400.485

FINANCIAL WEALTH 106.788.897 100,0% 102.330.765 100,0% 101.118.242 100,0% 5.670.655 5,6% 104.662.967

Figures in thousands of euro

31.12.2005 pro-forma B 30.9.2005 pro-forma C 30.9.2006 A 30.6.2006 Changes A/C % % %

Direct funding from customers, which is the sum of “amounts due to customers” (liabilities item 20 on the balance sheet adjusted for policies of a predominantly financial character issued by BPU Assicurazioni Vita, classified under assets under management) and “securities in issue” (liabilities item 30 on the balance sheet), amounted to 51,5 billion euro at the end of September, an improvement of 5,2%.

It can be seen from the relative table contained in the subsequent section, “Figures for the principal companies in the BPU Banca Group”, that significant contributions have been made to growth in the consolidated aggregate over the twelve month period by Banca Popolare di Bergamo (+5,4%) and by the Parent Bank, BPU Banca through international funding (+12%), as well as by IW Bank (+57,3%), Banca Popolare di Ancona (+3,7%), Centrobanca (+5,9%), Banca Carime (+1,8%), la Banca Popolare di Todi (+15,6%) and BPU Banca International (+31,1%). Direct funding for Banca Popolare Commercio e Industria on the other hand remained basically stable, while it is experiencing growth in assets under management.

Direct funding from customers

Table No. 5

absolute %

DUE TO CUSTOMERS

(item 20 Liabilities) 29.607.923 57,5% 29.370.331 59,1% 28.813.075 58,8% 794.848 2,8% 29.431.352 - financial products of BPU

Assicurazioni Vita -620.033 -1,2% -653.436 -1,3% -678.495 -1,4% -58.462 -8,6% -616.963

DUE TO CUSTOMERS 28.987.890 56,3% 28.716.895 57,8% 28.134.580 57,4% 853.310 3,0% 28.814.389

SECURITIES IN ISSUE (item 30

Liabilities) 22.537.901 43,7% 20.925.250 42,2% 20.850.925 42,6% 1.686.976 8,1% 22.081.515

of which: EMTN (*) 4.698.097 9,1% 3.647.520 7,3% 3.448.709 7,0% 1.249.388 36,2% 4.423.097

TOTAL DIRECT FUNDING 51.525.791 100,0% 49.642.145 100,0% 48.985.505 100,0% 2.540.286 5,2% 50.895.904

of which: subordinated liabilities 2.594.688 5,0% 1.919.497 3,9% 2.585.205

of which: - preference shares (*) 415.000 0,8% 415.000 0,8% 415.000 0,8% - - 415.000

- EMTN (*) 1.040.000 2,0% 770.000 1,6% 570.000 1,2% 470.000 82,5% 1.040.000

(*) Nominal values

Figures in thousands of euro 30.9.2006 %

A 31.12.2005 pro-forma B % % Changes A/C 30.6.2006 30.9.2005 pro-forma C

As concerns the types of funding, tables 5 and 6 show that approximately 1,7 billion (66% of the total) of annual growth in the Group’s direct funding, amounting to 2,5 billion, has come from securities funding, while the remaining 0,8 billion has come from the total of the other forms of funding. The latter includes current accounts, driven, amongst other things, by

growth in bundled accounts (the number of Utilio and Duetto accounts increased on an annual basis by 51% and the relative deposits by more than 30%).

Composition of direct funding

Table No. 6

absolute %

Current accounts and deposits 26.077.997 50,6% 26.184.251 52,7% 25.217.159 51,5% 860.838 3,4% 26.158.206 Time deposits 531.031 1,0% 433.097 0,9% 383.559 0,8% 147.472 38,4% 484.427 Funds administered on behalf of public

bodies 5.325 0,0% 5.654 0,0% 6.324 0,0% -999 -15,8% 6.313 Financing 82.653 0,2% 124.390 0,2% 81.066 0,1% 1.587 2,0% 85.962

- financial leasing 1.344 0,0% 3.509 0,0% 3.959 0,0% -2.615 -66,1% 1.749

- other 81.309 0,2% 120.881 0,2% 77.107 0,1% 4.202 5,4% 84.213

Amounts due for commitments to

repurchase own equity instruments - - - - - - - - - Liabilities relating to assets transferred

not derecognised in the accounts 1.763.881 3,5% 1.418.131 2,9% 1.458.021 3,0% 305.860 21,0% 1.521.695 - reverse repurchase agreements 1.763.881 3,5% 1.418.131 2,9% 1.458.021 3,0% 305.860 21,0% 1.521.695 - other - - - - - - - - - Other payables 1.147.036 2,2% 1.204.808 2,4% 1.666.946 3,4% -519.910 -31,2% 1.174.749

- financial funding of BPU Assicurazioni Vita -620.033 -1,2% -653.436 -1,3% -678.495 -1,4% -58.462 -8,6% -616.963

Total amounts due to customers 28.987.890 56,3% 28.716.895 57,8% 28.134.580 57,4% 853.310 3,0% 28.814.389

Bonds 19.388.341 37,6% 17.860.359 36,0% 17.593.778 35,9% 1.794.563 10,2% 18.946.038 Other certificates 3.149.560 6,1% 3.064.891 6,2% 3.257.147 6,7% -107.587 -3,3% 3.135.477

Total securities in issue 22.537.901 43,7% 20.925.250 42,2% 20.850.925 42,6% 1.686.976 8,1% 22.081.515

TOTAL DIRECT FUNDING 51.525.791 100,0% 49.642.145 100,0% 48.985.505 100,0% 2.540.286 5,2% 50.895.904

Figures in thousands of euro 30.9.2006

A % 31.12.2005 pro-forma B 30.6.2006 % 30.9.2005 pro-forma C Changes A/C %

On aggregate “securities in issue” increased during the twelve month period by 8,1% to reach 22,5 billion. The increase in funding from securities was attributable principally to bonds, which increased by 1,8 billion (+10,2%), of which 1,2 billion related to issues made by the Parent Bank on international markets as part of the EMTN programme (Euro Medium Term Notes).

As shown in the table 5, at the end of September existing stocks of those securities amounted to a total of 4.698 million euro, of which 1.040 million were subordinated.

The increase, which amounted to 1.249 million, was the result of eight new issues for 2.305 million (two of which with second level subordination for 500 million and 300 million respectively and one with third level subordination for 200 million), redemptions/calls of 1.050 million (of which 530 million subordinated) and other decreases of 5,6 million euro.

All the securities in the EMTN programme, for which the ceiling was raised from 28th _{July from} 5 billion to 7 billion euro, in line with the plan for funding in 2006, are admitted for trading on the London Stock Exchange.

In the light of the issues scheduled for 2007, in October the Board of Directors of BPU Banca resolved to raise the maximum limit for issues from 7 billion to 10 billion euro, which will only become effective if approved by the London Stock Exchange.

To complete the information on the EMTN programme, BPU Banca made two new issues after the end of the third quarter: the first on 30th _{October 2006, for 300 million euro with a second} level subordination clause and the second on the following 3rd _{November for 250 million.}

* * *

As concerns direct funding for the network banks only, operating figures for monthly averages in the first nine months of the year show that 80,2% of funding from customers came from the retail market, 10,9% from the private market and 8,9% from the corporate market.

Finally table 7 shows the geographical distribution of traditional funding (consisting of current accounts, savings deposits and certificates of deposit) in Italy.

The data confirms the higher concentration in the regions of the North (62,5% of the total), the main markets for Banca Popolare di Bergamo and Banca Popolare Commercio e Industria, compared to southern regions (23,1%), where Banca Carime operates and Central Italy (14,4%), in which Banca Popolare di Ancona operates.

T able No. 7 Percentage of total 30.9.2006 30.6.2006 31.12.2005 30.9.2005 Lombardy 58,98% 58,13% 57,85% 56,30% Calabria 7,45% 7,34% 7,68% 7,88% Puglia 6,99% 6,96% 7,70% 7,31% Latium 6,82% 7,02% 6,95% 8,42% Marches 6,66% 6,81% 6,68% 6,89% Campania 6,14% 6,16% 6,16% 6,22% Piedmont 1,94% 2,45% 2,04% 2,09% Basilicata 1,41% 1,42% 1,43% 1,46% Emilia Romagna 1,00% 1,10% 0,95% 0,86% Umbria 0,89% 0,88% 0,87% 0,85% Abruzzo 0,64% 0,63% 0,61% 0,62% Molise 0,42% 0,40% 0,43% 0,41% Liguria 0,32% 0,32% 0,31% 0,32% Veneto 0,26% 0,30% 0,27% 0,29% Tuscany 0,06% 0,06% 0,05% 0,06% Sicily 0,02% 0,02% 0,02% 0,02% Total 100,00% 100,00% 100,00% 100,00%

Geographical distribution of direct funding from customers by region of location of the branch