Banca Intesa contributed to the FIAT convertendo with a quota of 650 million euro. As at 1st January 2005, the carrying value on the basis of mark to market - which was considered under the generic allowance for loans in the 2004 financial statements - was around 380 million euro, calculated on a Fiat share price  of 5.9 euro.

The convertendo has then been hedged through derivatives, in the framework of the customary company policies of active management of market risk.

Through the above-mentioned hedging, the negative impact of the mark to market of the convertendo on Banca Intesa’s income statement would be limited only to an approximate amount of 20 million euro from the beginning of the current year to date, with respect to a write-down which would have otherwise been equal to around 60 million euro (considering a today value of the convertendo at around 320 million euro, on the basis of the today reference price of FIAT share of  4.795 euro).


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