Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

— Banca Esperia S.p.A., Milan (private banking; 50%-owned byMediobanca): in the year ended 31 December 2010, the Esperia grouprecorded a profit of €1.4m, up on the €0.4m profit recorded one yearpreviously despite non-recurring restructuring costs and expensestotalling €7.3m (€4.3m). Revenues were up, from €57.6m to €64.6m, onhigher net commissions which increased from €51.7m to €57.7m(despite the reduction in performance fees) linked to the higher assetsunder management/administration, up from €11.2bn to €12.7bn.In the six months ended 30 June 2011, the Esperia group posted apre-tax profit of €2.1m (€0.8m), boosted by total income rising to€33.4m (€31.8m), on higher net fee and commission income (up from€26.8m to €30.7m) with costs virtually stable (at €31.3m, comparedwith €30.7m). During the six months there was an increase in assetsunder management, which climbed to €13,748m (€12,032m), with asignificant rise in the non-discretionary component.The employee headcount comprises 269 staff.— Spafid - Società per Amministrazioni Fiduciarie S.p.A., Milan(fiduciary business; 100%-owned by Mediobanca): in the twelvemonths ended 30 June 2011, Spafid earned a net profit of €1.1m,unchanged versus the previous year, on net fee and commissionincome totalling €3.7m (€3.6m), and after tax of €308,000(€391,000). Securities and value items held on a fiduciary basis at thereporting date were worth €2,014.1m (€2,121.1m).The company employs a total of 20 staff.— Prudentia Fiduciaria S.p.A., Milan (fiduciary business; 100%-ownedby Mediobanca): in the twelve months ended 30 June 2011, thiscompany earned a profit of €579,000 (€209,000), after tax of€317,000 (€154,000). Securities held on a fiduciary basis at thereporting date were worth €66.9m (€66.6m).The company employs a total of 18 staff.– 51