Carige securities

In 2008, the financial crisis and the ongoing economic recession had heavy impacts on the performance of stock market indexes, which dropped by half in the main markets throughout the world, with particularly big troughs in January, March, July and October, corresponding with a worsening of recession indicators.

The Italian market was no exception: the Mibtel (Milano Indice Borsa Telematica or Milan Stock Exchange) general index fell by 49% in the twelve month period, dropping more heavily in the second half of the year. The banking sector, especially exposed to the current crisis, saw a similar trend with a 57.3% decrease in the MIB banking index.

Even Banca Carige's ordinary shares, in their fourteenth year of being listed on the Mercato Telematico Azionario (Telematic Share Market), fell in value; the price at the end of 2008 stood was € 1.737, a 49.7% decrease in twelve months, lower however, than the drop in the MIB banking index. During the year, the average price of the share was equal to € 2.352, compared to € 3.526 in 2007.

Savings shares, admitted to MTA quotation starting on 4 December, 2002, showed a decrease too: they were listed at € 2.015 compared with € 3.464 at the end of 2007 (41.8%). The average price was € 2.482, in comparison with € 3.784 in the previous year.

The trend in volumes increased however: in 2008, 517.4 million ordinary shares were traded (335.2 million in 2007), totalling € 1,232.3 million (€ 1,183 million in 2007) and 1.5 million savings shares (1.1 million in 2007) amounting to € 3.7 million (€ 4 million in 2007).

In the first few months of 2009, the share price saw a significant recovery; as at 20 March, the ordinary share was being listed at € 2.1375, a 23.1% increase from the beginning of the year while the savings share was being quoted at € 2.38, a jump of 18.1%.

In 2008, a dividend of € 0.080 per ordinary share and € 0.100 per savings share was paid (€ 0.075 and € 0.095 respectively in 2007).