The other major subsidiaries

Galeazzo Srl, a property company that manages the leasing of its properties to third parties, closed the 2008 financial year with a net profit of € 103 thousand, compared with € 67 thousand in 2007.

Columbus Carige Immobiliare SpA, that manage the leasing of instrumental properties to Group companies and is active in the purchase of properties destined for resale (merchandise assets), closed the 2008 financial year with a net profit of € 791 thousand, compared with € 898 thousand in 2007. During the year, the company bought two properties to be leased out, for a total amount of € 2.4 million, and took in € 0.3 million in revenues from purchase/sale activities.
As at 31 December, the book value of merchandise assets remained unchanged at € 10.8 million.

Immobiliare Vernazza SpA closed the 2008 financial year with a net profit of € 655 thousand, compared with € 969 thousand in 2007. The fall in profits in the period was due to the loss of revenues from a part of the premises that was not leased.

Immobiliare Carisa Srl closed the 2008 financial year with a net profit of € 156 thousand, compared with a loss of € 6 thousand in 2007; this result is tied to the sale of properties that generated a gain of € 335 thousand.

Centro Fiduciario CF SpA ended the financial year with a net profit of € 333 thousand, up by 72.2% compared to 2007.

Production revenues amounted to € 1.2 million (+15.1% over 2007), comprised of fiduciary administration commissions of € 614 thousand (-2.8% compared with 2007) and € 557 thousand in fees paid to the Parent bank for the provision of fiduciary services to bank customers (+44.6% against 2007). Against said revenues, ordinary operating costs amounted to € 753 thousand (+1.9% over 2007). The ordinary operating profit amounted to € 419 million, an annual increase of 50.1%. Extraordinary operations recorded an increase in financial revenues, up by 18% from € 80 thousand in 2007 to € 94 thousand in 2008. Net of taxes of € 179 thousand, profit hit € 333 thousand, annual growth of 72.2%.