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Gruppo Banca Popolare Italiana As at 31 March 2006

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Gruppo Banca Popolare Italiana As at 31 March 2006 MARCH 31, 2006 - QUARTERLY REPORT MANAGEMENT BODIES OF THE BANK Members of the Board of Directors DINO PIERO MARIO GIARDA CHAIRMAN DIVO GRONCHI CHIEF EXECUTIVE OFFICER ENRICO PEROTTI SENIOR DEPUTY CHAIRMAN VITTORIO CODA DEPUTY CHAIRMAN 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 DIRECTOR Members of the Board of Statutory Auditors GIANANDREA GOISIS CHAIRMAN LUIGI CORSI STATUTORY AUDITOR GABRIELE CAMILLO ERBA STATUTORY AUDITOR GIORDANO MASSA STATUTORY AUDITOR PIETRO MAZZOLA STATUTORY AUDITOR GIANPAOLO FORNASARI ALTERNATE AUDITOR MASSIMO MUSTARELLI ALTERNATE AUDITOR General Management FRANCO BARONIO GENERAL MANAGER 3 BANCA POPOLARE ITALIANA Soc. Coop. 70,86% put 2,65% + 0,81% Reti Bancarie S.p.A. 100,00% Banca Popolare di Crema 94,47% 51,00% Bipielle ICT S.p.A. S.p.A. Banca Caripe S.p.A. put 44,00% 100,00% Banca Popolare di Lodi 0,04% Banca Popolare di 99,43% 52,32% Banca Popolare di Capital Company L.L.C. Cremona S.p.A. Mantova S.p.A. 100,00% Banca Popolare di Lodi 20,93% Cassa di Risparmio di 46,28% 61,25% Banca Valori S.p.A. Capital Company L.L.C. II put Lucca S.p.A. 12,39% 100,00% 100,00% Banca Popolare di Lodi 100,00% Cassa di Risparmi di Nazionale Fiduciaria Capital Company L.L.C. III Livorno S.p.A. S.p.A. 100,00% 70,12% Bipielle 100,00% Critefi SIM S.p.A. Riscossioni S.p.A. Castimm S.r.l. 60,00% 100,00% 34,00% Bipielle International Tiepolo Finance S.r.l. Assipromos S.r.l. Holding S.A. 4,00% 20,00% 30,00% Unione 86,00% Fiduciaria S.p.A. Bipielle Bank Bipielle Società di Gestione 70,00% (Suisse) S.A. del Credito S.p.A. 5,31% 60,00% 72,00% Bipielle International 10,28% UK Ltd Arca SGR S.p.A. Tiepolo Finance II S.r.l. 100,00% 5,12% Area Life International Assurance Ltd 4,85% 5,00% 2,50% Cassa di Risparmio di Centrosim S.p.A. 100,00% 5,00% Pisa S.p.A. 5,00% 19,99% C.R. Bolzano S.p.A. 40,00% Cartesio Alternative Investments S.G.R. S.p.A 95,00% Bipitalia Broker S.r.l. LEGENDA Parent Bank and subholding companies Fully consolidated companies Companies carried at equity Companies valued at cost Gruppo Banca Popolare Italiana as at 31 march 2006 87,45% put 4,49% 7,32% Bipielle Investimenti S.p.A. Gruppo Partecipazioni italiane S.p.A. 82,67% 100,00% 99,61% Bipitalia Ducato S.p.A. Efibanca S.p.A. 28,35% 50,00% Efibanca Palladio Bipitalia Gestioni SGR 96,96% Ali S.p.A. S.p.A. Finanziaria SGR S.p.A. 80,00% 29,57% 21,21% Gruppo Palladio Comital Saiag S.p.A. put Finanziaria Bipielle Alternative SGR 20,00% 21,21% S.p.A. 38,71% 5,00% Deroma S.p.A. Glass Italy BV Bipielle Fondi Immobiliari 100,00% SGR S.p.A. 20,00% 100,00% Acque Minerali Riunite Fidia Farmaceutici S.p.A. S.p.A. Italfortune International 90,00% Advisor S.p.A. 20,00% IGLI S.p.A. Banca Bipielle Network 98,86% S.p.A. 51,00% AB Capital S.p.A. 100,00% 21,51% Bipielle Previdenza Assicurativa S.r.l. Tortella S.p.A. 1,00% 99,00% 100,00% Bipielle Real Estate Royle West Ltd S.p.A. 100,00% Bipielle Immobili 99,74% Bipielle Leasing S.p.A. Strumentali S.p.A. 100,00% Basileus S.p.A. 50,00% Finoa S.r.l. 100,00% 100,00% Lido dei Coralli S.r.l. Perseo Immobiliare S.r.l. 100,00% Aviva Previdenza S.p.A. 100,00% 100,00% Antares Immobiliare S.r.l. Nadir Immobiliare S.r.l. 80,96% Eurovita Assicurazioni 100,00% 100,00% S.p.A. B.S.R. G.T.I. S.r.l. Azimuth Immobiliare S.r.l. Andromeda Immobiliare 100,00% 100,00% Antilia Immobiliare S.r.l. S.r.l. 50,00% Buon Viaggio S.p.A. 20,00% 75,00% Bussentina Soc. coop. Framo Soc. coop. Solidarietà & Finanza SIM 20,00% 100,00% 30,00% S.p.A. Sirio immobiliare S.r.l. Portone Soc. coop. 100,00% Carfid S.r.l. 100,00% Lisbona Immobiliare S.r.l. 50,00% 100,00% 50,00% Pegaso Immobiliare S.r.l. Hotel Project Lisboa Lda GROUP FINANCIAL HIGHLIGHTS % chng % chng Amounts in Euro/000 31/03/2006 31/12/2005 31/03/2005 31/12/2005 31/03/2005 Consolidated balance sheet Total assets 46,266,571 47,322,515 -2.23% Total loans 31,189,658 32,425,959 -3.81% of which: - customer loans 27,397,690 27,968,762 -2.04% Financial assets 5,955,447 5,964,761 -0.16% Shareholdings 482,635 487,644 -1.03% Total payables 39,002,685 39,428,822 -1.08% of which: - due to customers and securities in issue 34,587,590 34,637,203 -0.14% Indirect deposits 38,359,351 36,869,892 4.04% of which: - managed 22,857,181 21,092,304 8.37% Net interbank position 515,374 (334,422) n/a Group shareholders' equity and minority 3,293,274 3,247,975 1.39% interests (including profit/loss) of which: - Group shareholders' equity (including 2,854,804 2,786,311 2.46% Group profit/loss) Consolidated income statement Net interest 182,364 216,296 -15.69% Net commissions 102,217 101,515 0.69% Net income from trading activities 42,726 52,124 -18.03% Net operating income 382,891 406,545 -5.82% Operating expenses (274,240) (315,309) -13.02% Income from operating activities 109,155 90,846 20.15% Net adjustments to loans (37,313) (34,203) 9.09% Net income 51,700 30,198 71.20% Operating structure Number of employees 8,504 8,598 8,654 Number of financial advisors 989 1,045 Number of branches 979 979 976 Ratios ROE 7.38% -21.07% 6.95% ROA 0.45% -1.57% 0.41% Net interest income/Total income including 28.52% 23.71% 27.37% financial and insurance operations Administrative expenses/Total income 61.43% 79.52% 60.50% including financial and insurance operations Gross financial assets/Total assets 12.87% 12.60% Net NPL / Customer loans 3.21% 1.08% Net adjustments for impairment of loans / Net 0.14% 2.69% loans 6 SCENARIO IN THE FIRST QUARTER OF 2006 The global economic picture at the start of 2006 is showing signs of increased growth, spearheaded by the major emerging markets, whose impressive flow of supply is helping to mitigate the inflationary pressures caused by raw materials subject to constant price fluctuation. Confirmation that the US economy is going in the right direction comes from the figure for Gross Domestic Product which, in the first quarter of 2006, grew at a rate of 4.8%. This figure represents the expected bounce-back from the modest +1.7% recorded in the final period of 2005. Japan also hit the headlines in the quarter, with the decision of the Bank of Japan to end five years of monetary policy in which official interest rates were held at zero as a way of providing a significant quantitative boost to the economy. In the Eurozone, the various economic indicators are pointing towards improvement: growth forecasts (closer to 2% in the quarter), surveys among traders and unemployment. Based on these circumstances, at the start of March, the European Central Bank increased the key interest rate again to 2.50%. Growth has come later in Italy where inflationary tensions (2.2% in March) remain in line with the European average. The primary challenge in the short term is the management of public accounts, estimated to have a deficit of 4.1% in the current year, showing no improvement on 2005. As regards the financial industry, the system of mutual funds ended the quarter with strong deposits (+€4.4 billion) while deposits are starting to pick up for all banks after a seasonal lull at the start of the year. Lending remains buoyant in the households’ component but moderate for companies. EVENTS DURING THE QUARTER In the first quarter of 2006, the foundations were laid for overcoming the difficulties that the Gruppo BPI experienced in 2005. A summary of the main events that occurred up to March 31, 2006 is given below. Corporate Governance actions and management change On January 28, 2006, during the Shareholders' Meeting called for the replacement of the outgoing Board of Directors, the number of members of the Board of Directors was determined to be 16 and the following were elected as Directors: Guido Duccio Castellotti, Pier Antonio Ciampicali, Costantino Coccoli, Vittorio Coda, Maria Luisa Di Battista, Dino Piero Giarda, Bruno Giuffrè, Divo Gronchi, Andrea Guidi, Augusto Machirelli, Pietro Manzonetto, Roberto Nicola Martone, Mario Minoja, Giorgio Olmo, Enrico Perotti and Roberto Schmid. Furthermore, the Shareholders also added to the Board of Statutory Auditors by electing the following as Statutory Auditors: Gabriele Camillo Erba, Luigi Corsi and Giordano Massa; and the following as Alternate Auditors: Gianpaolo Fornasari and Massimo Mustarelli. The Shareholders' Meeting also re-approved the Financial Statements for the year ended December 31, 2004, amending the approval resolution previously made by the Board on April 30, 2005. This was necessary following the comments made by CONSOB and led to negative adjustments totalling €195 million in the income statement, thus making the Parent Bank's loss for the year €23.3 million.
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