Consolidated quarterly report as of 30 September 2007

The quarterly report as of September 30, 2007, of the Banco Desio Group has been prepared pursuant to Article 82 of the Issuers’ Regulations in force, in accordance with the International Accounting Standards and the compilation rules issued by the Bank of Italy through the Circular Letter no. 262 of 22 December 2005.

After Anima SGRp.A. left the Group, as an effect of the sale of 29.72% of the share capital by Parent Company Banco di Desio e della Brianza S.p.A. last July, with the consequent loss of control over the company under current legislation (Article 23 of T.U.B. (Testo Unico Bancario, Italian Consolidated Banking Law and Article 93 of T.U.F. (Testo Unico della Finanza - Italian Consolidated Law on Finance)) - although it is still classified as related company under Article 2359 of the Italian Civil Code by virtue of the Parent Company’s 21.19% holding - the present quarterly consolidated accounts present a position that is substantially different from that of previous periods (especially as regards income statement items “fee and commission income”, “fee and commission expense”,
“administrative expenses”, “profits/(losses) on equity investments” and “(profit)/loss for the period attributable to minority interests”).

A pro forma accounts statement at 30 September 2006 has been prepared in order to make comparison of the individual items in the periods concerned more homogeneous, after the sale of the Anima SGRp.A. holding. The amounts in the statement have been determined by reclassifying accounts data without altering the result for the period.

It should also be noted that the result for the period ended 30 September 2007 considers the Anima SGRp.A. portion of profits for the previous quarter, namely the period ended 30 June 2007, because the results at 30 September 2007 were not known at the time.

Finally, the accounts statement used for this report was prepared also using estimates different from those employed in the preparation of the annual financial statements: specifically, forecast data from the various expenditure budgets were also used in order to calculate administrative expenses.