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Report and Financial Statements of the Parent Bank and Consolidated Financial Statements for the Year Ended on December 31, 2006

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Report and Financial Statements of the Parent Bank and Consolidated Financial Statements for the Year Ended on December 31, 2006 REPORT AND FINANCIAL STATEMENTS OF THE PARENT BANK AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED ON DECEMBER 31, 2006 nd (142 YEAR OF OPERATION) 1 Banca Popolare Italiana Società cooperativa Listed in the Register of Cooperative Companies Registered and executive offices: Lodi 26900 - Via Polenghi Lombardo, 13 Share capital on December 31, 2006: €2,047,081,617 fully paid in Tax code, VAT number, and registration in the Lodi Business Register: 00691360150 Member of the Interbank Fund for the Protection of Deposits 2 Listed in the Register of Banks Parent Bank of Gruppo Creditizio Banca Popolare Italiana Listed in the Register of Banking Groups 3 Contents CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT BODIES OF THE BANK 7 GRUPPO BANCA POPOLARE ITALIANA THROUGH DECEMBER 31, 2006 10 CONSOLIDATED REPORT ON OPERATIONS 11 2006 FINANCIAL REVIEW 14 GRUPPO BANCA POPOLARE ITALIANA 2006 BUSINESS REVIEW 16 THE ROAD TOWARDS THE MERGER 30 IMPORTANT DEVELOPMENTS OCCURRING AFTER DECEMBER 31, 2006 34 BUSINESS OUTLOOK 37 STRUCTURE OF GRUPPO BANCA POPOLARE ITALIANA 38 OPERATING AGGREGATES 57 CONSOLIDATED FUNDS UNDER ADMINISTRATION 57 CONSOLIDATED LOANS 60 PERFORMANCE OF BANCA POPOLARE ITALIANA STOCK 63 RATING AGENCY ASSESSMENT 65 SHAREHOLDERS’ EQUITY 66 REGULATORY CAPITAL 66 INCOME TRENDS 67 QUARTERLY CHANGES IN THE INCOME STATEMENT 71 PERFORMANCE OF THE MAIN COMPANIES 73 CORPORATE GOVERNANCE 88 FINANCIAL STATEMENTS 109 CONSOLIDATED BALANCE SHEET 111 CONSOLIDATED INCOME STATEMENT 113 STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY 114 CONSOLIDATED CASH FLOW STATEMENT 116 CONSOLIDATED NOTES 118 PART A - ACCOUNTING POLICIES 118 PART B - INFORMATION ON THE CONSOLIDATED BALANCE SHEET 133 PART C - INFORMATION ON THE CONSOLIDATED INCOME STATEMENT 186 PART D - SEGMENT REPORTING 207 4 PART E - INFORMATION ON RISKS AND ON THE RELATED HEDGING POLICIES 213 PART F - INFORMATION ON SHAREHOLDERS' EQUITY 269 PART G - COMBINATION TRANSACTIONS INVOLVING BUSINESSES OR BUSINESS 274 DIVISIONS PART H - RELATED PARTY TRANSACTIONS 277 PART I - PAYMENT AGREEMENTS BASED ON OWN CAPITAL INSTRUMENTS 278 INDEPENDENT AUDITORS' REPORT 279 5 Contents INDIVIDUAL FINANCIAL STATEMENTS 283 REPORT ON OPERATIONS 285 FINANCIAL HIGHLIGHTS 286 BANCA POPOLARE ITALIANA 2006 REVIEW 287 THE ROAD TOWARDS THE MERGER 299 IMPORTANT DEVELOPMENTS OCCURRING AFTER DECEMBER 31, 2006 303 BUSINESS OUTLOOK 306 PERFORMANCE OF BANCA POPOLARE ITALIANA 307 FUNDS UNDER ADMINISTRATION 307 LOANS 309 SHAREHOLDERS’ EQUITY 311 REGULATORY CAPITAL 311 INCOME TRENDS 312 ADDITIONAL INFORMATION 315 PROPOSED RESOLUTION 316 FINANCIAL STATEMENTS 317 SEPARATE BALANCE SHEET 319 SEPARATE INCOME STATEMENT 321 SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 322 SEPARATE CASH FLOW STATEMENT 324 NOTES TO THE FINANCIAL STATEMENTS: 326 PART A - ACCOUNTING POLICIES 326 PART B - INFORMATION ON THE SEPARATE BALANCE SHEET 338 PART C - INFORMATION ON THE SEPARATE INCOME STATEMENT 377 PART D - SEGMENT REPORTING 392 PART E - INFORMATION ON RISKS AND ON THE RELATED HEDGING POLICIES 393 PART F - INFORMATION ON SHAREHOLDERS' EQUITY 443 PART G - COMBINATION TRANSACTIONS INVOLVING BUSINESSES OR BUSINESS DIVISIONS 452 PART H - RELATED PARTY TRANSACTIONS 456 PART I - PAYMENT AGREEMENTS BASED ON OWN CAPITAL INSTRUMENTS 464 APPENDICES: 465 6 STATEMENT OF CHANGES IN THE DEFINED-CONTRIBUTION PENSION FUND 465 BOARD OF STATUTORY AUDITORS' REPORT 467 INDEPENDENT AUDITORS' REPORT 475 7 NOTICE OF SHAREHOLDERS' MEETING The Bank's Shareholders are invited to attend the Ordinary Shareholders' Meeting to be held at first call on Monday, April 30, 2007 at 9.30 a.m. at the Bank's registered office (Via Polenghi Lombardo 13, Lodi) and, if necessary, at second call on SATURDAY MAY 5, 2007 at 9.30 am at the Bipitalia City Auditorium (Via Polenghi Lombardo 13, Lodi) to discuss the following: AGENDA 1. Examination of the Financial Statements for the year ended December 31, 2006, after hearing the reports of the Board of Directors and the Board of Statutory Auditors; related business. 2. Determination of the unit share value pursuant to Art. 6, subsections 1 and 2, of the Articles of Association. 3. Appointment (by well-founded proposal of the Board of Statutory Auditors) of the independent auditing firm to audit the Financial Statements of the Bank and the Consolidated Financial Statements and Semi-Annual Report of the Gruppo Banca Popolare Italiana from 2007 to 2015 in accordance with article 159 of Legislative Decree no. 58 of 1998, and the approval of the associated fees. Related business. 4. Fixing of Directors’ fees for 2007. 5. Election of the Board of Arbitrators for the three-year period 2007-2009. 8 INDEPENDENT AUDITORS The individual and consolidated financial statements have been audited by Deloitte & Touche S.p.A. pursuant to Art. 155 of Legislative Decree no. 58 of February 24, 1998 and in fulfilment of the resolution of the Shareholders' Meeting held on April 24, 2004, which appointed the independent auditors for the three-year period 2004/2006. 9 MANAGEMENT BODIES OF THE BANK Members of the Board of Directors CHAIRMAN DINO PIERO MARIO GIARDA CHIEF EXECUTIVE OFFICER DIVO GRONCHI SENIOR DEPUTY CHAIRMAN ENRICO PEROTTI DEPUTY CHAIRMAN VITTORIO CODA DIRECTOR GUIDO CASTELLOTTI DIRECTOR PIERANTONIO CIAMPICALI DIRECTOR COSTANTINO COCCOLI DIRECTOR MARIA LUISA DI BATTISTA DIRECTOR BRUNO GIOVANNI GIUFFRÈ DIRECTOR ANDREA GUIDI DIRECTOR AUGUSTO MACHIRELLI DIRECTOR PIETRO MANZONETTO DIRECTOR ROBERTO NICOLA ALBINO MARTONE DIRECTOR MARIO MINOJA DIRECTOR GIORGIO OLMO DIRECTOR ROBERTO SCHMID Members of the Board of Statutory Auditors CHAIRMAN GIANANDREA GOISIS STATUTORY AUDITOR LUIGI CORSI STATUTORY AUDITOR GABRIELE CAMILLO ERBA STATUTORY AUDITOR GIORDANO MASSA STATUTORY AUDITOR GIANPAOLO FORNASARI ALTERNATE AUDITOR MASSIMO MUSTARELLI ALTERNATE AUDITOR PAOLO PEROLINI Members of the Board of Arbitrators CHAIRMAN VITTORIO LOCATELLI STATUTORY ARBITRATOR GIUSEPPE BUSSI STATUTORY ARBITRATOR GAETANO CORNALBA STATUTORY ARBITRATOR ATTILIO GARBELLI STATUTORY ARBITRATOR GIOVANNI MOLINARI ALTERNATE ARBITRATOR BRUNO PEZZINI 10 General Management GENERAL MANAGER FRANCO BARONIO 11 12 Report on operations Consolidated Financial Statements for the year ended December 31, 2006 13 BANCA POPOLARE ITALIANA Soc. Coop. 94,47% Banca Popolare 100% 100% Bipitalia Ducato S.p.A. Bipielle ICT S.p.A. di Crema S.p.A. 99,51% Banca Popolare Bipitalia 96,96% 100% Bipitalia Broker S.r.l. di Cremona S.p.A. Gestioni SGR S.p.A. 51,00% 80,00% Bipitalia 20,00% 100% Banca CARIPE S.p.A. Bipielle Real Estate S.p.A. put 44,00% Alternative SGR S.p.A. 55,01% Banca Popolare Italfortune International 100% 100% Basileus S.p.A. di Mantova S.p.A. Advisors S.A. 85,02% Bipielle Fondi Immobiliari 100% 100% Banca Valori S.p.A. Lido dei Coralli S.r.l. SGR S.p.A. 100% 99,61% 100% Nazionale Fiduciaria S.p.A. Efibanca S.p.A. Sirio Immobiliare S.r.l. 100% 50,00% Efibanca Palladio Finanziaria 100% Critefi SIM S.p.A. Nadir Immobiliare S.r.l. SGR S.p.A. 72,26% Cassa di Risparmio di Lucca 51,00% 8 società immobiliari AB Capital S.p.A. put 6,66% Pisa e Livorno S.p.A. non operative 34,00% 21,51% 100% (*) Assipromos S.r.l. Tortella S.p.A. Royle West Ltd 100% 100% Gruppo Acque Minerali Cartesio Alternative 40,00% Castimm S.r.l. Riunite Investments SGR S.p.A. 100% Bipielle Società di Gestione 28,35% Gruppo Partecipazioni 99,10% (*) Ali S.p.A del Credito S.p.A. Italiane 60,00% 29,86% Tiepolo Finance II S.r.l. Gruppo Comital Saiag 100% Bipielle International 5,00% Glass Italy BV Holding S.A. 5,00% 86% 50,00% Bipielle Bank (Suisse) S.A Finoa S.r.l. 10,00% 72% 81,14% B.P.I. International UK Ltd Eurovita Assicurazioni S.p.A. Area Life International 100% 100% Aviva Previdenza S.p.A. Assurance Ltd 99,63% 24% (*) Banca Bipielle Network S.p.A Unione Fiduciaria S.p.A. Bipielle Previdenza 100% 22,35% (*) Centrosim S.p.A. Assicurativa S.r.l. 100% Banca Popolare di Lodi 20,71% (*) Arca SGR S.p.A. Capital Company L.L.C. 100% Banca Popolare di Lodi Capital Company L.L.C. II LEGENDA 100% Banca Popolare di Lodi Capital Company L.L.C. III Fully consolidated companies Companies carried at equity 60,00% Tiepolo Finance S.r.l. (*) % owned by Gruppo BPI CONSOLIDATED REPORT ON OPERATIONS 15 16 GROUP FINANCIAL HIGHLIGHTS 31/12/2005 31/12/2006 % change Pro forma Balance sheet Total assets 46,787,071 47,322,515 -1.13% Total loans 33,569,379 32,412,055 3.57% of which customer loans 28,735,907 27,955,054 2.79% Financial assets 4,785,796 5,421,044 -11.72% Shareholdings 151,168 487,644 -69.00% Total payables 38,135,411 39,172,974 -2.65% of which customer accounts and debt securities in issue 32,138,095 34,384,923 -6.53% Indirect deposits 33,260,783 34,642,883 -3.99% of which assets under management 18,575,664 18,294,066 1.54% Net interbank position -1,163,844 -331,050 -251.56% Shareholders' equity attributable to the Group and minority 4,103,419 3,247,975 26.34% interests (including profit/loss) of which Shareholders' equity attributable to the Group (incl. profit/loss) 3,955,825 2,786,311 41.97% Income statement Net interest income 840,100 758,189 10.80% Total income 1,500,738 1,277,565 17.47% Net adjustments to loans and financial assets -432,468 -968,457 -55.34% Administrative expenses -999,363 -982,078 1.76% Profit (loss) from continuing operations before tax 142,564 -822,841 117.33% Net profit (loss) (excluding minority interests) 3,421 -699,879 100.49% Net profit (loss) attributable to the Group -39,861 -743,893 94.64% Operating structure Number of employees 8,579 8,384 Number of branches 973 979 Ratios ROE n/a n/a ROA n/a
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