cassa di risparmio di genova e imperia - banca carige

-1-BANCA CARIGE GROUP

September 2005

BANCA CARIGEBANCA CARIGECassa di Risparmio di Genova e Imperia


Agenda

Carige’s project: history and results

The 2005-2007 Business Plan

The adoption of IAS and 1H 2005 results

Carige share performance


Carige’s project: history and resultsCarige’s project: history and results





Historical evolution

A long historyas one of the

oldest banks in the world

1483 1483 -- 19891989 1990 1990 -- 19981998 1999 1999 -- 20032003

IndependenceIndependence through through growthgrowth

Capital base strengthening and

opening to new shareholders:

from savings bank to stock company

Expansion and diversification:

from a regional to a multilocal

network and from a bank to a

financial conglomerate


Timeline of events

1483 1846 1929 1967 1991 1992 1994 1995 1997 1998 1999 2000–2002 2003 20041483 1846 1929 1967 1991 1992 1994 1995 1997 1998 1999 2000–2002 2003 2004

Capital increase reserved to institutional investors

AcqubBdCa

isition of 124 ranches from

S, Intesa and pitalia

Establishment of Carige AM SGR SpA - acquisition of Banca C. Ponti

Establishment of Cassa di Risparmio di Genova

Change of name to Cassa di Risparmio di Genova e Imperia

IPO: first savings bank to be floated on the Italian Stock Exchange

Creation of a Multifunctional group

Foundation of Monte di Pietà di Genova

Merger of Monte di Pietà into Cassa di Risparmio di Genova

Banca Carige becomes the banking subsidiary of Foundation

Commitment of the Foundation to privatise Banca Carige.

Merger of financial subsidiaries

Assco

Acquisition of the Italian insurance activities of Baloise Group; the non life company Carige

.ni and the life mpany Carige Vita

Nuova (formerly LevanteAss.ni and Basilese Vita Nuova)

Intepaag(CNCE, Wand El acquiand CassaRispSa

Sharecapital increase; acquisition of Cassa di Risparmio di Carrara

rnational rtnership reements

estLB Monte);

sition of BML di

armio di vona


M&A activity

Year Capital cash flows AmountsEuro mn

Year Investments AmountsEuro mn

1994-95 IPO 105 1993-95-99 Cassa di Risparmio di Savona 225

1996-97 Bond conversion into new shares 61 1991-2004 Insurance companies 290

1997 Capital increase underwritten by La Basilese

46 1999 - 2002 Banca del Monte di Lucca 63

1998 116

2000 21 branches from Banco di Sicilia 60

1999 236

2001 61 branches from Intesa 277

2001 Issue of a subordinated loan 400

2002 42 branches from Capitalia 127

2003 306

2003 Cassa di Risparmio di Carrara 176

Total 1,270 Total 1,256

Capital increase underwritten By CNCEP, CDC, WestLB

Capital increase and issue of subordinated convertible bonds 2004 Banca Cesare Ponti 38

Capital increase underwritten by institutional investors


The structure of the Group

43.37%43.37% 11.02%11.02% 6.41%6.41% 39.20%39.20%

Fondazione CR Genova e Imperia

CNCE WestLB Others

Centro Fiduciario C.F. S.p.A.

Carige AM SGR S.p.A.

47.50%

54.00%

95.90%

98.24%

100.00%76.93%

60.00%

99.50%

0.50%0.50%

100.00%100.00%

InsuranceBanking FinancialTrustee

CR Carrara90.00%

PRIAMAR Finance Srl

60.00%51. 09%Immobiliare Ettore

Vernazza S.p.A.

Columbus Carige Immobiliare S.p.A.

Galeazzo S.r.l.

100.00%

99.99%

90.00%

0.01%0.01%

10% as own shares

Real Estate

Immobiliare Carisa S.r.l.

20.00%20.00%

1,25% as own shares

Cesare Ponti

Banca Carige S.p.A. Banca Carige S.p.A. -- Cassa di Risparmio di Genova e ImperiaCassa di Risparmio di Genova e Imperia


Expansion of Carige in Italy in the period 1989-2005

Insurance outlets only

35/2440/62 12/30

19/19

53/271/5

2/11

33/37 9/34

7/24

38/53

14 7

1329

3

27

245 (~50%) branchesin Liguria

Loans and deposits Market share in Liguria

~33%

245/15

31

2

131 (96%) branchesin Liguria and 94 (69%) in

Genoa province

131

Banking branches

Insurance outlets

1989 2005

Branches/outlets Employees Regions ProvincesBranches Employees Regions Provinces

Bank 137 2,962 4 8 Banks (*) 495 4,777 12/20 55/103Insurances 407 375 20/20 98/103Group 902 5,152 20/20 99/103

(*) Nice (France) included.


Carige Group results (1989-2004)

Total intermediation Capital and reserves

8,380

41,820

1989 2004

CAGR*:11.3%

226

1,500

1989 2004

CAGR*:13.4%

Net profit

20,5

100,9

1989 2004

CAGR*:11.2%

Employees

2,962

4,787

1989 2004

CAGR*:3.3%

Millions of Euro. Banca Cesare Ponti included.

*CAGR = compound annual growth rate


Carige Group: ranking in Italian Market

Total assets 17th

Total Intermediation from customers 18th

Shareholders' equity 13th

Employees 16th

Branches 14th

Net Profit 16th

Fitch A

Moody’s A2

Standard&Poor’s A-

Fitch A

Moody’s A2

Standard&Poor’s A-



The 2005-2007 Business PlanThe 2005-2007 Business Plan




Future evolution

Capital base strengthening and

opening to new shareholders:

from savings bank to stock company

1990 1990 -- 19981998 1999 1999 -- 20032003 2004 2004 -- 20072007

IndependenceIndependence through through growthgrowth

Expansion and diversification:

from a regional to a local network

and from a bank to a financial

conglomerate

Rationalisation and Rationalisation and profitability profitability

enhancementenhancement


Our mission

The strategic objective of Carige Group is to become a nationalnational financialfinancialconglomerateconglomerate equipped to provide banking, financial, insurance and pension solutions establishing strong ties with local marketslocal markets, able to differentiate in the quality of service through an integratedintegrated multimulti--channelchannel distribution distribution

systemsystem and the quality ofquality of resources and structuresresources and structures..

Conglomerate National Quality of resources and structuresQuality of service

• Complete offer of banking, financial and insurance products and services

• Aggregation point for smaller banks

• Stronghold in Liguria

• Out of Liguria it distinguishes itself for the attention to the relationship with local communities

• Focus on retail

• Widespread and intensive use of technology

• Specialisation of distribution and production structures

• Unitary management of the Group’s key-expertises

• Professional development of human resources


• Profitability enhancement of each business area (lending, wealth management, payment system, insurance)

• Profitability enhancement of banking and insurance subsidiaries

• Cost Management

Strengthening of operating efficiency and profitability enhancement

The core priorities of the 2005-2007 Strategic Plan

Growth through productivity improvement

• Increase of volumes per employee:

cross-selling, up-selling and retention in Liguria

rising of market share outside Liguria, also in synergy with insurance agents

Risk management• Re-engineering of business processes

• Control of the economic impact of risks


188.3 20.5%Dividends 86,5 1.1%

1,883 5.1%

ROE 10.0%Cost Income Ratio 54.0%

P/BV 1.99P/E 19.9EPS (€) 0.163 18.9%

40.2 5.3%Net profit (€ mn)Total Intermediation (€ bn)

Capital and reserves (€ mn)

107.583,6

1,622

6.6%61.6%

2.0731.290.097

34.3

Net profit (€ mn) 184.5 22.3%Capital and reserves (€ mn) 1,730 4.9%

ROE 10.7%Cost Income Ratio 57.6%

Tier 1 ratio 8.8%Total capital ratio 9.9%

Capital in excess (€ mn) 279 11.0%

Total Intermediation (€ bn) 48.2 4.8%100.91,500

6.7%65.1%

7.4%9.6%

204

41.8

Expected results

20072007

CARIGE GROUPCARIGE GROUP

CARIGE BANKCARIGE BANK

CAGR07-04CAGR07-0420042004

Data PRE-IAS


The Group’s operating income

CAGR*:7.4%

OPERATING

INCOME

COSTS

614.4

CAGR*:3.8%

489.1

532,4405.1

576.2

1000

1200

143.8 181.5

178.7193.6

291.9

312.3

-

100

200

300

400

500

600

700

800

2004Depreciations and amortisation of assets

CAGR*:9,5 %

CAGR*:5,6 %

CAGR*:2.3%

CAGR*:2.7%

CAGR*:8.1%

1,108.6

894.2800

Net operating income 600

400450

CAGR*07-04:14.6%

421

280

200400

350 0300 2004 2007250 Net interest income non interest income200

150

100 687.450

...-20072004

Cost income ratio 65.1% ... 57.6%

2007

*CAGR = compound annual growth rate administrative costs personnel


New Openings 2005-2009

In addition to the Strategic Plan, the Group has drawn up a plan to increase the number of its branches between 2005 and 2009. The new branches will be localised in the regions next to Liguria(Lombardia, Piemonte, Emilia Romagna, Toscana), in order to enforce the brand where it already exists.

The Plan foresees 82 openings (59 with Carige brands and 23 with brands of the other banks of the Group).

The localisation of the new branches responds to two main principles:

- market attractiveness: client potential, competition.

- achievement of a minimum market share: in the most attractive areas, we have selected those where the new openings allow us to achieve a market share of 5 p.c., which we consider to be the minimum (market share) to grant a sufficient presence to develop the business.


Main Projects of Business Plan 2005-2007

In order to achieve the goals of Business Plan 2005-2007 Banca Carige has implemented these projects:

Re-definition of the organisational structure

Commercial strengthening program

The enforcement of the collaboration “branches -insurance agents”

Liguria project

Cost management program






Liguria project



MarketingMarketing

Planning and Control

Non life Loans dept.

(Private and Corporate)

Insurances network

PM PMLife SGR Finance Payment

systems

PM

Outside Liguria branches

PM

Planning and Control

Public relationsPublic

relationsInternal AuditingInternal Auditing

Management/ Auditing

Management/ Auditing

The new organisational structure

ProductionProduction

Wealth Management

Liguria branchesDistributionDistribution

RESOURCES (Personnel and ICT)

ADMINISTRATIONSupportSupport

PM : Product marketing


The new organisation chart

GENERAL MANAGERGENERAL MANAGER

DEPUTY GENERAL MANAGERADMINISTRATION

DEPUTYGENERAL MANAGER

PRODUCTS

DEPUTY GENERAL MANAGER

NETWORK

Planning control and organization

Public relations

Internal auditing

Control and management

of risks

General and Legal secretary

Accountancy

Human resources

ICT

Loans dept.

Wealthmanagement

Credits recovery

Services centre

Liguria

North Italy

South Italy

Commercial support innovatory projects

Problematic credits …

Corporate

Retail

•Payment •systems

• Marketing• Commercial

planning...

PLANNING&

CONTROL

SUPPORT PRODUCTION DISTRIBUTION






Liguria project



Analysis of the network

Network’sCost/Income

Number of branches

Operating costsMillions of euro

251

Areas

Liguria Branches Outside Liguria have levels of commercial performance that have to be increased

236

242

The Bank has immediately concentrated its attention on 91 branches by means of a “shock therapy”

* Direct operating costs (personnel + rent + other direct costs)

33%

50%

Cost/ income Rate

North/South Italia

43%Gross operating income

::

Millions of euro

589

The analysis does not include all Group branches.


Aims of the project

The commercial strengthening program of the network sets two macro-targets

Ensure the attainment of the commercial plan targets, allowing both short term results and the achievement of system levels (cost/income of every branch of intervention <50%)

Carry out the organisational conditions (structure, skills and systems) to permanently support the Network in further commercial development of the Group (“selling more and selling better”)


Key themes of the project

Creation of a customer analysis system that, for homogeneous customer clusters, identifies:- the financial needs of the target customers to be filled- the possible gaps between current and potential supply

Introduction of dedicated sale channels- Branch commercial resources dedicated entirely to the development of the existing customers-Developers dedicated to the activity of acquisition of new customers- Supporting out-bound call center

Identification of commercial initiatives / alliances on the target customers(existing and new) to support and direct the commercial activity of the network through- creation of target customers lists- indication of the commercial approach to follow

Introduction of a tool that provides the branches with a structured method for the attainment of the targets and the work planning

Construction of a commercial trend monitoring system with the target: - to help the network to analyse and to upgrade the effectiveness of the commercial action - to improve head office validation and tuning and commercial initiatives

CommercialEnterprises/alliances

Developers

Commercial sighting machine

Commercial planning

BranchComm. resources

Callcenter

Customer analysis

Channels management

A ->B ->C ->Monitoring system

2

3

4

1.1 1.2

3 2

4

1


Identification of target customers

Through customer segmentation in homogeneous groups by financial needs / products in portfolio

Sales activity structured by commercial initiatives developed by the central structures, identifying the products to boost / the supply package for the segments of target customers

Through the combination of 3 approaches:– External targeted lists– Internal referrals– Alliances with third parties

Sale activity highlighted on a limited set of attack products

Existing customersExisting customers

New customersNew customers

Target customers Identifying the target customers Commercial approach


Phases and first results of the project

N. of branches

Area

29

27

Phase 1 2004 Nov

2005 Jan

2005 Mar

2005 May

2005 Jun

42 2005 Sept

Lazio, Umbria, Puglia

Lombardia, Piemonte, Emilia, Veneto

Sicilia, Sardegna

Lazio, Umbria, Puglia, Sicilia, Sardegna

Lombardia, Veneto

Piemonte, Emilia R.

29

32

30

Start

Phase 2

Phase 3

Phase 4

Phase 5

Phase 6

33 2005 OctToscana (CR Carrara)

Phase 7

C/I 2004%

C/I 2005E%

ChangeThe first

91branches

70 66 -4


Steps/measures in the commercialisation of our products (1/2)

“Marketing Funnel” Business Developers and Call Center

More than 2,500 new customers

More than 30 appointments over 100 calls from call center activity

4,017

2,586

4,924

6,603

11,527

35,492 23,96535,492

Potential Customers

Contacts Not interested

Interested Still to visit

Visits Unsuccess Success

100% 100% 68% 32% 14% 19% 11% 7%

Data at 2005/09/02


Steps/measures in the commercialisation of our products (2/2)

“Marketing Funnel” Branch actions

Branches sold ~43,000 new products (more than 100% of period target)

About 1 contact out of 3 has positive result

About 40% of potential customers must be still contacted

186,411 73,671

Number of contacts

Not interested to buy

Interested to buy

Customers developed (at least 1 product sold)

Still to contact

23%

43,450

112,740 64,192

5,098

Potential Customers

100% 40% 60% 34% 3% 38% of contacts

Data at 2005/09/02


Summary of results

Expected economic impact of first 91 branches at the end of 2005

� Revenues: +6 €M (+11%); +30 €M at the end of 2007

� Cost/income: - 4 p.p. (from 70% to 66%)

� Volumes: + 330 million (+17%)

Qualitative results

� A more effective way of doing which will be extended

throughout the Group over the next two years so giving a

base for sustainable and continual growth






Liguria project



Shared customers30

0

250

500

750

1,000

1,250

1,500

1,750

There is a high potential to “swap” customers.

Shared customersShared customers

Liguria

Extra Liguria

Liguria

1015

704

360

635

655

69

To

tal

cust

om

ers

Ban

ks’

cust

om

ers

Insu

ran

ces’

cust

om

ers

1,719

995

724

1,000

1,250

1,500

1,750

n. of customers

[‘000]

10

20

Potential of the collaboration

Customers of the GroupCustomers of the Groupn. of

customers [‘000]

750

500

250

0 Extra Liguria


How collaboration works

CUSTOMERS

Prepare bank customers’ lists

Bank headquarters

Bank headquarters

Insurance headquarters

Insurance headquarters

Exploitation of the respective customer relationships and product skills

Branch managerBranch

manager

Prepare insurance customers’ lists

Insurance agent

Insurance agent

contacts his customers and schedules the appointments

with the local

contacts his customers and schedules the appointments

with the local

Insurance agent

Insurance agent

Branch managerBranch

manager

SALE OF BANKING AND FINANCIAL PRODUCTS TO INSURANCE CUSTOMERS:

“ASSURBANCA”

SALE OF INSURANCE PRODUCTS TO BANK

CUSTOMERS: “BANCASSURANCE”


Commercial results of the project (Assurbanca)

“Marketing Funnel” Assurbanca Project (Banking services sold by bank branches to insurance customers; 165 insurance agents and 185 branches)

Success(Contracts

signed)

1,964

a 14 % hit rate is very high, if compared to the average levels of any other sales campaign (2- 5%)

About 75% of potential customers have still to be contacted.

55,988 41,716

Contacts Not Interested Visits

5,6944,250

14,272 8,578

1,4442,286

Still to contact

Still to visit

UnsuccessPotential Customers interested

14% ofcontacts100% 75% 25% 15% 10% 3% 8% 4% 4%

Data at 2005/09/02


Commercial results of the project (Bancassurance)

“Marketing Funnel” Bancassurance Project(Insurance services sold by insurance agents to bank customers)

Contacts Interested Visits Success(Contracts signed)

32,325 17,733

Not interested

Still to visit

UnsuccessStill to contact

2,792

Rate of success: 19%

55% of potential customers have still to be contacted.

8,9815,228

14,592 5,611

3,7532436

Potential Customers

100% 55% 45% 17% 28% 12% 16% 8% 9% 19% of contacts

Data at 2005/09/02


Commercial strengthening program and “Insieme di Più”: the expected revenues

From the projects “Commercial strengthening program”

and the collaboration with the insurance agents

(“Insieme di Più”) we expect revenues for € 100M, half

of which coming from new customers






Liguria project



The actions planned for Ligurian network

Carige is defining a set of interventions all over the client lifecycle process. A further phase of segmentation of customers is being implemented and consultants dedicated to affluent and small business segments have been created in addition to the ones dedicated to private, large corporate and SME segments.

Developing existing customers

Acquiring new customers

Retaining existing customers

Customer lifecycle

Private SME

AffluentSmallBusiness

Mass Market

Large corporate

3

37

94

200114

consultants


Cross selling opportunities

0

50.000

100.000

150.000

200.000

N° clients

LiguriaExtra Liguria

1 2 3 4 5 6 7 8 9 10+ N° products

More than 300,000 clients (40% of the total) have only a product. Thispotential of growth can be exploited also in Liguria, where, though the

historical presence, the cross-selling index is still low.


Affluent and small business: the beginnings

Affluent Small business

Start: July 2005 Sept. 2005

Customers: 34,000 20,000

Consultants: 114 200

Branches: 93 200






Liguria project



Rationale

Cost Management

Centralisation of the purchasing

office

New functions at a Group level Key activities

Management of deals and purchasesInside and outside benchmarking

prices service

Price/volume analysisZero based costing

Cost Management

Control of expense levelsSupport to short and medium term planningIdentification of areas where savings are needed and possible

“Total Cost of Ownership”Process Reengineering

Two organisational units were created to manage the Group’s operating costs


Cost Management Program: results for area of intervention

Eur/000

IMPACT ON OPERATING COSTS

(31Dec 2004)

1,000

2,000

3,000

4,000

5,000

6,000

7,000

TLC SAVING (contracts already

signed)

MAIL

1,6

2.713

IT(PdL)

0,9

MARKETING

SAVINGS

7,4

1,0

0,6

SECURITY

0,8

TLC

2,7

0,5

ENERGY

0,18,000

9,0008,8

0,4 0,2

10,000

11,0000,2

COMMUNICATIONS

0,2

MOTORVEHICLES

0,4

IT(Maintenance)

TOTAL IMPACT ONOPERATING COSTS

1,2

POSHR SAVINGS

10,8 €M

0,6

2,5

8,3

INFOPROVIDER

ECONOMATO

Still To do Already implemented

Work in progress




The adoption of IAS and 1H2005 resultsThe adoption of IAS and 1H2005 results



First Time Adoption of IAS - impacts on ConsolidatedNet Equity

+573

Securitization

206(37)

Loans to customers

(8)

71,678

Tangible fixed assets

(127)

Capital and reserves at 2005/01/01

Intangible fixed assets

Reserves for risks and charges

515 (*)

Financial assets

18

Other items

2,251

+573

+26+26

1,704

Without Bank of Italy participation revaluation


post IAS

Millions of euro. Fiscal effect net.(*) The item includes the revaluation of Bank of Italy participation for €547 M


First Time Adoption of IAS - impacts on Net Equity of Banca Carige S.p.A.

+551+551

+12+12

2,279556 (*) (42)

1,740

(95)1,728 178 (7)

Securitization

(35)

Loans to customers

6

Without Bank of Italy participation revaluation


post IAS


Intangible fixed assets

Reserves for risks and charges

Tangible fixed assets

Other items

Financial assets

Millions of euro. Fiscal effect net.(*) The item includes the revaluation of Bank of Italy participation for €539 M


1H2005 results - Group

CONSOLIDATED HIGHLIGHTSChange %

30/6/05 31/12/04 31/12/04 30/6/04 30/6/04 6/05 6/05(1) (2) pro forma (1) (2) pro forma (1) 12/04 p.f. 6/04 p.f.

BALANCE SHEET (3)Total assets 23,473,293 20,786,317 22,139,494 20,307,174 21,629,159 6.0 8.5Funding 16,673,129 15,247,497 15,971,166 14,658,747 15,367,653 4.4 8.5– Customer Deposits (a) 14,922,460 14,265,671 14,989,340 13,368,235 14,077,141 -0.4 6.0– Deposits from Banks 1,750,669 981,826 981,826 1,290,512 1,290,512 78.3 35.7Other Financial Intermediation Activities (OFIA) (b) 17,373,712 16,615,838 16,615,838 16,081,299 16,081,299 4.6 8.0– Assets Under Management 8,982,696 8,406,719 8,406,719 8,082,391 8,082,391 6.9 11.1– Assets in Custody 8,391,016 8,209,119 8,209,119 7,998,908 7,998,908 2.2 4.9Total Financial Intermediation Activities (TFIA) (a+b) 32,296,172 30,881,509 31,605,178 29,449,534 30,158,440 2.2 7.1Lending (4) 18,913,636 17,250,447 18,057,261 16,566,315 17,628,265 4.7 7.3– Loans to Customers (4) 12,998,485 11,610,381 12,378,009 11,417,403 12,441,304 5.0 4.5– Loans to Banks (4) 1,231,046 1,576,866 1,576,866 1,243,804 1,243,804 -21.9 -1.0 – Securities (4) 4,684,105 4,063,200 4,102,386 3,905,108 3,943,158 14.2 18.8Shareholders’ Equity 2,153,327 1,734,456 2,115,717 1,691,604 2,063,659 1.8 4.4(1) IAS/IFRS 32 e 39 including. (2) IAS/IFRS 32 e 39 excluding. (3) Thousand of euro. '(4) Impariment losses including. (5) Data at 12/31/04.

(6) Risk-Weightef Assets calculated on the basis of current supervision principles. Estimates on the basis of IAS/IFRS principles: a) Risk-Weighted Asset at 6/30/05: 13,809.4 million; b) Tier 1: 5.83%; c) Total Capital Ratio: 10.51%.


1H2005 results - Group

CONSOLIDATED HIGHLIGHTSChange %

30/6/05 31/12/04 30/6/04 6/05 6/05(1) (2) (2) 12/04 6/04

INCOME STATEMENT (3)Operating Income 398,496 732,628 0 348,834 0.0 14.2Net income from financial operations 365,974 569,688 0 236,666 0.0 54.6Income before Taxation 129,951 163,824 0 77,806 0.0 67.0Net Income 82,600 111,214 0 57,102 0.0 44.7RESOURCES (5)Number of branches 495 495 495 491 491 0.0 0.8Number of employees 4,779 4,787 4,787 4,691 4,691 -0.2 1.9FINANCIAL RATIOS Operating costs/

Operating Income 61.28% 58.32% #DIV/0! 49.65% #DIV/0!Income before Taxation/

Shareholders’ Equity 6.04% 9.45% 0.00% 4.60% 0.00%ROE 3.84% 6.42% 0.00% 3.38% 0.00%ROAE 3.87% 6.40% 3.33%SOLVENCY RATIOS (6)Risk-Weighted Assets (RWA) (3) 13,666.1 12,439.7 12,036.0 12,036.0 0.0 9.9 13.5Tier 1 % of RWA 6.93% 7.38% 7.23% 7.23% 0.00%Total Capital % of RWA 9.58% 9.64% 9.70% 9.70% 0.00%

(1) IAS/IFRS 32 e 39 including. (2) IAS/IFRS 32 e 39 excluding. (3) Thousand of euro. '(4) Impariment losses including. (5) Data at 12/31/04.



1H2005 results - Banca Carige S.p.A.

FINANCIAL HIGHLIGHTS - Banca Carige S.p.A.

Change %30/6/05 31/12/04 31/12/04 30/6/04 30/6/04 6/05 6/05

(1) (2) pro forma (1) (2) pro forma (1) 12/04 p.f. 6/04 p.f.BALANCE SHEET (3)Total assets 18,416,500 16,014,217 17,359,526 15,816,602 17,145,310 6.1 7.4

Funding 14,247,761 12,941,390 13,684,455 12,561,439 13,346,355 4.1 6.8– Customer Deposits (a) 12,403,570 11,811,966 12,555,031 11,153,969 11,938,885 -1.2 3.9– Deposits from Banks 1,844,191 1,129,424 1,129,424 1,407,470 1,407,470 63.3 31.0

Other Financial Intermediation Activities (OFIA) (b) 14,287,480 13,640,556 13,640,556 13,215,580 13,215,580 4.7 8.1– Assets Under Management 7,459,241 6,977,540 6,977,540 6,708,456 6,708,456 6.9 11.2– Assets in Custody 6,828,239 6,663,016 6,663,016 6,507,124 6,507,124 2.5 4.9

Total Financial Intermediation Activities (TFIA) (a+b) 26,691,050 25,452,522 26,195,587 24,369,549 25,154,465 1.9 6.1

Lending (4) 15,544,737 13,482,027 14,833,873 13,191,297 14,616,776 4.8 6.3– Loans to Customers (4) 10,669,486 9,349,132 10,144,243 9,424,502 10,303,005 5.2 3.6– Loans to Banks (4) 1,292,913 1,595,491 1,595,491 1,216,408 1,216,408 -19.0 6.3– Securities (4) 3,582,338 2,537,404 3,094,139 2,550,387 3,097,363 15.8 15.7

Shareholders’ Equity 2,202,021 1,772,242 2,188,632 1,730,938 2,137,624 0.6 3.0

(1) IAS/IFRS 32 e 39 including.

(2) IAS/IFRS 32 e 39 excluding.

(3) Thousand of euro.

(4) Impariment losses including.

(5) Data at 12/31/04.


1H2005 results - Banca Carige S.p.A.

FINANCIAL HIGHLIGHTS - Banca Carige S.p.A.

30/6/05 31/12/04 30/6/04 6/05 6/05(1) (2) (2) 12/04 p.f. 6/04 p.f.

INCOME STATEMENT (3)Operating Income 342,038 572,483 # 288,499 ## 18.6Net income from financial operations 314,432 418,106 # 180,654 ## 74.1Income before Taxation 137,492 112,395 # 70,534 ## 94.9Net Income 103,504 89,969 # 59,132 ## 75.0RESOURCES (5)Number of branches 393 393 393 # 0.0 0.0Number of employees 3,720 3,719 3,734 # 0.0 -0.4 FINANCIAL RATIOS Operating costs/

Operating Income 51.74% 53.38% # 38.14% ##

Income before Taxation/Shareholders’ Equity 6.24% 6.34% # 4.07% ##

ROE 4.70% 5.08% # 3.42% ##ROAE 5.21% 5.10% # 3.39% ##SOLVENCY RATIOS (6)Risk-Weighted Assets (RWA) (3) 12,073.1 10,955.8 # 10,722.1 ## 10.2 12.6Tier 1 % of RWA 9.99% 10.73% # 10.48% ##Total Capital % of RWA 12.90% 13.19% # 13.09% ##(1) IAS/IFRS 32 e 39 including.

(2) IAS/IFRS 32 e 39 excluding.

(3) Thousand of euro.

(4) Impariment losses including.

(5) Data at 12/31/04.






Carige share performanceCarige share performance


10 years of success...

Today Carige is one of the main Italian banking groups, with ~1,000 points of sale. It includes five banks, two insurance companies and an asset management company.

For these reasons our share was ranked (by “IlMondo”) as one of the 30 most reliable shares in the world.

Carige celebrates the tenth anniversary of listing: ten years of success.

The confidence placed in the Bank by the 40,000 shareholders has made the share price triple, from €1 to €3. This, means, considering the annual dividends, an average return of ~16 p.c. per year.


Ordinary shares

0

Market capitalisation: ~ €3.4 bnMarket capitalisation: ~ €3.4 bn

Capital gain (a) 11.2%

Dividend Yield (b) 4.6%

Total Return (a+b) 15.8%

Price 13 September 2005 (3.039 €)

Annual average yield per ordinary share since 1994

Official Price (€)

3,5

3,0

2,5

2,0

1,5

1,0IPO

17 Jan 95 1997 1999 2001 TODAY2003

A survey of “Il Mondo” of 1st October 2004 on the performances of 1,288 shares listed on the most important world markets (*) in the period 2000-2004 stated that carige is one of the 30 most reliable shares in the world.

(*) Mibtel, Dow Jones Eurostoxx, Smi Zurich, Ftse 100 London, Nasdaq 100 and S&P 500.


Cassa di Risparmio di Genova e ImperiaBANCA CARIGEBANCA CARIGE

INVESTOR RELATIONSVia Cassa di Risparmio 15

16123 GENOVATel. 39 010 579 2701- 4877

Fax. 39 010 579 4875e-mail: [email protected]

http: www.gruppocarige.it

cassa di risparmio di genova e imperia - banca carige

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