996 - Banca Antonveneta

Relevant events occurred after the closing of 2007 Financial StatementsHOPA S.p.A.In the 31.12.2007 Financial Statements, among the assets designated at fair value, the Bank valued € 0.70 its share inHOPA (No. 65,951,416 shares), which corresponds to 4.773% of joint stock, classified among assets designed at fairvalue.As already reported in the press at the beginning of March 2008, due to the particularly negative trend of Telecomshares, starting from February 2008, and to HOPA inability to build up the granted warrantees on the existing loans, theexecution on its Telecom shares was levied and the shares themselves were sold in the market to allow a refund of theexisting loans. Such a sale determined a significant capital loss for HOPA considering the charging values of TelecomItalia shares in its own Financial Statements.The trend of Telecom share therefore caused an impairment of HOPA net financial situation, with a consequent negativeimpact on the FV of the investment. Such an event has a negative outcome on a new valuation, estimated around 0.33 €per share, with an overall impact of € 42.2m (net € 40.5m), attributable respectively to Banca Antonveneta for € 24.4m(net € 22.7m) and to its subsidiary Interbanca for € 17.8 (equals to the net). Such an event will be mirrored in 2008Financial Statements.Banca Italease S.p.A.This is a financial asset held by the Parent and classified under the available for sale portfolio. As at 31st December 2007,the stock amount, € -7.6m, was ascribed to P&L on the basis of a new value of € 9.175 per share (reference price as at28th December € 9.567).In the first part of 2008, following the market negative trend, the exchange rate of the share decreased, and as at 17 thMarch its market value was € 5.285, with a negative effect on the evaluation stocks of € 21.8m.Outlook for 2008Please see the same Chapter of the Directors’ Consolidated Report.213