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1 e n g l i s h v e r s i o n c o m p a n y r e p o r t

2 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: o m p a n y r e p blu oltremare verde oliva rosso corsa nero inchiostro rosso pompei rosa antico giallo ocra

3 , ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: o r t : : : bianco carta

4 , c o m p a n y r e p o r t , ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

5 , ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: Honorary Chairman Giuseppe Lignana Board of Direction (triennio ) Chairman Giorgio Cefis Vice Chairman Aldo Marchi Chief Executive Officer Girolamo Marchi Directors Enrico Benaglio Alessandro Bertani Fabio Buscarini Gianni Mion Alberto Motta Renato Pagliaro Alfonso Sonato Statutory Audit Committee (triennio ) Independent Auditors Reconta Ernst & Young spa Chairman Ugo Rock Standing Auditors Franco Corgnati Gaetano Terrin Alternate Auditors Pierluigi Davide Fabio Gallio

6 Contents, c o m p a n y r e p o r t , ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

7 , ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: Highlights Group Market Production Sales Prices Costs Investments R&D Environment Products Personnel Energy Financial Risk Management Litigation Significant Events Occurring After Year-end and Business Outlook Development Guidelines and Three-year Business Plan ( ) Results and Financial Position of the Burgo Group Results and Financial Position of the Parent Company - Burgo Group Spa Performance of Subsidiaries and Associated Companies Corporate Governance and Internal Audit Protection of Privacy-Italian Law No. 196 of 30 June 2003

8 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 2,856,000 tons of paper sold in 2006

9 , ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: Burgo Group Highlights 2006 Net sales ( /mln) 2,288 EBITDA ( /mln) 195 Net income ( /mln) 21 Cash flow (from operating activities) ( /mln) 47 Net financial debt ( /mln) 1,210 Technical investments ( /mln) 86 Personnel 5,518 Sales by volume (t) 2,856,000

10 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: BURGO GROUP highlights ,500 2,000 1,500 1,000 1,938 2,202 2,288 Net sales ( /mln) ebitda 100 ( /mln) Net income ( /mln) Cash Flow (from operating activities) ( /mln) Burgo Group highlights

11 , ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: ,000 1,500 1, ,379 1,215 1,210 Net financial debt ( /mln) Technical investments ( /mln) 20 6,000 5,872 5,000 5,633 5,518 4,000 3,000 2,000 1,000 Personnel at 31 December 3,000 2,500 2,000 1,500 1, ,558 2,832 2,856 Sales by volume (t/000)

12 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: the group Mission The Group s mission is to be the preferred European manufacturer for clients due to the quality of its products and services. The Burgo Group s desire to compete on a complex market has led it to evolve into what may be referred to as a paper industry system, with activities ranging from paper production, distribution, and recycling, to the management of forest products; the study, planning, executing and engineering of papermaking plants; factoring, and the production and sale of energy. The Group s grasp of the processes and industries that surround paper products allows it to achieve synergies, resulting in the constant spread and development of know-how, the integration of technologies and functions, increased quality and development capacity, and optimisation of costs. The strategic objectives of the Group, pursued in accordance with the principles of sustainable development, are: strengthening competitiveness by enhancing productivity at the plants, reducing costs and improving the professionalism and technical expertise of personnel customer satisfaction in terms of a complete product range and the quality of products and services tcreation hof value e g r o u p

13 11, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: the GROUP Established January 2007, the Burgo Group is the leading Southern European producer of graphic paper for printing. It offers a full range of high-quality papers, devotes special attention to the environment, develops new solutions in partnership with its customers, and is constantly engaged in researching and developing new products: all of these aspects are part of the Burgo Group s firm commitment to be a reliable partner for the printing and publishing industries, and the paper distribution sector.

14 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: the group: BURGO GROUP activities { {paper graphic paper (paper solutions) specialty paper ( distribution of paper { fibrous raw materials chemical pulp mechanical pulp de-inked pulp energy ( { other activities plant design collection and selection of recycled paper factoring management of forest products

15 13, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: PAPER The Group has 14 plants (13 in Italy and 1 in Belgium) with a total manufacturing capacity of 2,997,000 t/y, of which 81% is the production of coated mechanical reels (CMR) and coated woodfree (CWF), designed for magazines, catalogues, commercial printing, and books. 8% of the manufacturing capacity is focused on the production of uncoated papers for publishing and office paper, 4% on the production of newsprint, and 7% on specialty papers and papers for flexible packaging. Coated and uncoated graphic papers are sold under the Burgo and Marchi brand names, while specialty papers and papers for flexible packing are distributed under the Mosaico brand (the latter being the name of the Group s new Specialty Business Unit, which was created in January 2007 specifically to manage papers that require specific skills and know-how due to their characteristics and intended uses). With market share of more than 13%, the Group is one of the top four manufacturers in Europe of mechanical and woodfree coated papers.

16 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: the group: BURGO GROUP activities the mills Virton - Burgo Ardennes (Belgium)- 356,000 t/a - 1pm Toscolano (bs) - 187,000 t/a - 2pm Chiampo (vi) - 44,000 t/a - 1pm Tolmezzo (ud) - 164,000 t/a - 3pm Mantova - 140,000 t/a - 1pm Verzuolo (cn) - 567,000 t/a - 2pm Duino (ts) - 420,000 t/a - 3pm Villorba (tv) - 181,000 t/a - 2pm Treviso - 60,000 t/a - 2pm Lugo (vi) - 65,000 t/a - 2pm Sarego (vi) - 144,000 t/a - 1pm Avezzano (aq) - 255,000 t/a - 2pm Chieti - 161,000 t/a - 2pm Sora (FR) - 253,000 t/a - 2pm pm = paper machine Burgo Group is the leading Southern European producer of graphic papers.

17 15, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: coated mechanical coated woodfree specialty uncoated newsprint Avezzano (aq) Burgo Ardennes (Belgium) Chiampo (vi) Chieti Duino (ts) Lugo (vi) Mantova Sarego (vi) Sora (FR) Tolmezzo (ud) Toscolano (bs) Treviso Verzuolo (cn) Villorba (tv)

18 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: the group: BURGO GROUP activities FIBROUS RAW MATERIALS The Group manufactures 950,000 tonnes per year of fibrous raw materials, including chemical pulp, mechanical pulp, and de-inked pulp, which are mainly used to meet its internal needs. Around 50% of the chemical pulp produced is sold on the market. DISTRIBUTION OF PAPER The Group is engaged in the distribution of paper products through two own distribution networks, Burgo Distribuzione, which is leader in Italy, and Ebix in Spain, one of the leading and most well-established local distributors. Their product ranges offer to customers Burgo Group and third-party papers to provide full and complete service, drawing on the widespread coverage of the business offices and warehouses. ENERGY The paper industry is energy intensive, and over the years the Group has consequently equipped itself with power generation plants. Today their output is sufficient to meet the energy requirements of the Group s production facilities. All of its plants have a low environmental impact because they are hydroelectric, cogeneration facilities powered by natural gas, and biomass power plants using processing byproducts. The Group has established the Energy Business Unit, which operates in three different sectors: :: industrial, to increase the installed power and energy transport and to reduce the energy cost of the production units

19 17, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: :: energy management, or centralised management of production and consumption measures by Group plants, the hourly balancing of flows over the network, logistic management of natural gas, and hourly programming of production in the Group plants :: commercial, through Burgo Energia srl, for the acquisition of national and international electrical energy and production surplus from the Group plants, and for sale to non-self-sufficient plants and the free market, in part through the Electricity stock exchange. OTHER ACTIVITIES Through the Technology&Investment (T&I) Department, the Group works in designing plants for the manufacture of paper and in the field of technical and technological assistance for maintaining plants and consistently increasing their efficiency. Also active in this area, Comecart spa specialises in mechanical constructions for the paper plants of the Group and third parties. The Group provides the following services: :: factoring services - targeted largely at its suppliers, through Burgo Factor spa, :: collection, selection and treatment of waste paper through Italmaceri srl, :: management of forest products, specifically locating wood for the production of pulp, through Sefe sarl, :: waste water treatment through Società Gestione Impianto Alto Tagliamento srl.

20 , c o m p a n y r e p o r t , ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

21 19, ::::::::::::::::::::::::: ::::::::::::::::::::::::::::::::::

22 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 2006 MARKET Europe s papermaking industry continued to run surplus production capacity throughout European demand for graphic paper held substantially steady (+0.1%) despite the positive performance of the economic conditions (GDP +2.8%). Investment in printed advertising in Europe was up 2.2%, but its overall weight decreased, displaced by audiovisual media. During 2006, increased exports and plant closures, resulting in a drop in production capacity of more than 1.7 million tonnes (editor s note: further closures have been announced in 2007 for an additional 1.2 million tonnes), only partially attenuated the unbalance between supply and demand for graphic papers. As a result, prices held generally stable, although different paper types performed differently, and did not offset increased costs, especially for energy and raw materials.

23 21, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: As regards the main segments in which the Group operates coated mechanical reels (CMR) and coated woodfree (CWF) European demand for coated mechanical reel papers fell by 1.6% from 2005, partly due to replacement with lower-quality paper types, whereas demand for coated woodfree papers rose by 1.6%. The average prices of both types held substantially steady. European demand for newsprint was up 2.1% over 2005, and prices increased by an average of 5%. Under these circumstances, the Group posted a decrease in earnings figures from Western Europe demand Coated Mechanical Coated Woodfree 8,000 (t/000) 7,000 6,000 5,000 4,000 Source: PPPC

24 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 2006 market Deliveries Capacity Capacity Ratio 11,000 Coated Mechanical (t/000) 9,000 7,000 4,000 11,000 Coated Woodfree (t/000) 9,000 7,000 5,000 3,000 Source: PPPC

25 23, ::::::::::::::::::::::::: ::::::::::::::::::::::::::::::::::

26 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: PRODUCTION In 2006 paper production was largely unchanged from the previous year, despite the shut down at the Marzabotto plant in July In further detail, the production of coated mechanical reel papers, and, consequently, of the mechanical and de-inked pulp used to produce these types of papers, was down due to the weakness of this market segment in Europe. The production of electrical energy was also affected by the drop in the number of production days in some plants as compared to the previous year. Production Change % Paper t/000 2,824 2, Pulp t/ Mechanical Pulp and Deink t/ Electrical Power kwh/mln 2,893 2,

27 25, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: SALES Businesses /mln Change % Paper 2,024 2, % of total sales Pulp % of total sales 3 4 Energy % of total sales 4 6 Other sales % of total sales 1 1 2,202 2, Markets /mln Change % Italy 1,028 1, % of total sales Other European 985 1, countries % of total sales Non European countries % of total sales 8 8 2,202 2,

28 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: sales Consolidated turnover amounted to 2,288 million ( 2,202 million in 2005), up 3.9%. More than 74% of this increase was generated by greater revenues from the energy sector, with a 12% contribution by larger pulp revenues. Paper sales were substantially stable, due to both stable volumes and prices. As regards revenues from the energy sector, the 2006 figure was driven by the sharp upturn in the volumes of electrical energy sold to third parties by Burgo Energia (+58%) and the average increase in prices (19%), in addition to other increases in income, including those deriving from the sale of green certificates on the Italian and Belgian markets. Sales by Volume t/ % 2006 % Change % CMR 1, , CWF 1, , Total Coated 2, , Newsprint Uncoated and other graphic paper Total Packaging and other Total graphic paper 2, ,

29 27, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: Sales by Businesses 2006 Sales by Markets 2006 Energy Chemical Pulp Others Non-European Countries Paper Total 2,288,000 Other Europe Total 2,288,000 Italy Sales by Volume 2006 Uncoated and other graphic Packaging and other Newsprint Coated Woodfree Total t 2,856,000 Coated Mechanical

30 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: PRICES During 2006, prices performed differently by product type and target market. Taking Burgo s product mix and markets into account, paper sales prices were on average substantially stable (-0.3%). Whereas newsprint posted an increase in average price of more than 4%, and uncoated papers were up more than 3%, the coated papers (CMR and CWF) showed a slight drop in average prices. : $;:: :

31 29, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: COSTS In 2006, the average price of long-fibre NBSK pulp rose more than 11%, and that of short-fibre pulp by 9%, bringing the respective prices up to $730/t and $505/t. These increases were only partially offset by the appreciation of the euro against the US dollar. Over the first few months of 2007, the price of NBSK pulp has risen an additional 5%. In terms of energy costs, the scenario was generally worse than in 2005, especially as regards the provisioning costs of primary energy sources (natural gas was up 29%), which increased approximately 63 million. The increase in the price of oil (+20%) also had an indirect impact on transport costs and the prices of chemical products. Over the first few months of 2007, the price of oil has remained unstable, penalizing Italian paper-makers compared to foreign competitors. :

32 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: prices, costs NBSK Pulp Price (current prices) Source: Assocarta based on PPI data i Q. iii Q. i Q. iii Q. i Q. iii Q. i Q. iii Q. i Q. iii Q. i Q. iii Q. i Q. iii Q. i Q. iii Q. i Q. iii Q. i Q. iii Q. i Q. iii Q. Graphic Paper Prices ( /t - constant average prices 1995;1981 = 100) Source: Assocarta based on Milan CCIAA data Newsprint Magazine papers Other graphic papers

33 31, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: Chemical pulp and several papers prices ( /t - december 1993 = 100) Source: Assocarta based on PPI and Milan CCIAA data NBSK Pulp Magazine papers Coated woodfree papers

34 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: INVESTMENTS During the period, the Group s overall technical investments amounted to approximately 86 million. Work continued on modernising technology and improving quality in Group facilities, including: :: the reconstruction of PM1 in Duino :: reconstruction of the machine head and installation of a new head-box on PM5 in Lugo :: he modernisation of the press section of PM3 in Tolmezzo and the addition of an offset press in Sarego :: the modernisation of the steam and condensate plant of PM1 in Avezzano :: the installation of new coating heads on PM8 in Verzuolo, PM1 in Avezzano and PM2 in Duino. At the Avezzano mill, work was completed on the construction of the new finished goods warehouse with floor space of 10,850 m². At Burgo Ardennes, work has been conducted to adapt emissions to current regulations and to improve the efficiency of the BWE boiler.

35 33, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: With the aim of improving the Group s competitiveness, energy savings and cost reduction activities continued at all facilities. The following actions are planned for 2007: :: work on the Mantua, Avezzano, Sora and Villorba plants :: the reconstruction of the hydroelectric power plant in Canistro (L Aquila) to increase the production of electrical energy from renewable sources.

36 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: RESEARCH AND DEVELOPMENT During 2006, R&D continued to focus on activities in two main areas: improving product income margins and enhancing product quality to meet customers needs. R&D activity involved internal structures (laboratories and plants) and external organisations (research centres, supplier pilot plants and associations), and was aimed at identifying the solutions best suited to respond to the expectations of the company and those of its customers, with a special focus on safeguarding the environment. In the raw materials field, precise studies and analyses were conducted to maximise efficiency in order to decrease costs while increasing product quality. Work continued at the Mantua mill on devising a method to re-use waste newspapers printed using flexography, in cooperation with the European task force. Turning to products, research in the coated mechanical reels sector focused on the development of new products and the improvement of the brightness, opacity and the surface of certain existing paper grades.

37 35, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: Moving on to the coated woodfree paper sector, the studies conducted to optimise production processes on PM10 in Toscolano and PM1 in Sora are worthy of note. In the Chieti mill, studies focused on triple-coated, single-layer high substance boards, whereas an internally developed pulp grade that improves uncoated papers for prints and photocopiers was implemented in Tolmezzo, following the changes implemented in the pulp plant. Lastly, new papers for metallizing, flexible packaging, and packaging board were developed in the mills of Mosaico Specialty Papers Division.

38 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ENVIRONMENT During 2006, work continued towards under ISO (International certification Organisation for Standardisation) 14001:2004 standards, with the involvement of the Environment Management System of all mills. The Chieti and Tolmezzo mills obtained certification in July and September, respectively, whereas the procedure is currently underway for the Lugo and Treviso mills. EMAS (Eco-Management and Audit Scheme) registration was renewed at the Toscolano mill, and procedures were activated to obtain registration for the Mantua, Sarego and Burgo Ardennes mills. Work continued towards obtaining certification of the fibrous raw materials chain of custody in accordance with international standards at coated paper production mills and the Tolmezzo mill. Today, Burgo Group has six mills (Avezzano, Chieti, Sarego, Sora, Tolmezzo and Toscolano) with CoC (Chain of Custody) according to FSC standards (Forest Stewardship Council) and a mill (Burgo Ardennes) with CoC according to PEFC standards (Pan European Forest Certification). A system has been organised to ensure the traceability of the origins of fibrous materials and to deal with the market s increasingly pressing demands for controlled-origin products (at present the Burgo Group produces more than 15 brands FSC certified).

39 37, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: The Group obtained Integrated Environmental Authorization (IEA) pursuant to IPPC (Integrated Pollution Prevention and Control) guidelines for the Mantua, Chieti and Avezzano mills, whereas the Group s other plants have activated the authorization procedure. {{ The Emission Trading procedure was also completed for all Group plants. The Group had a net emissions credit in In consideration of the merger of Burgo and Marchi at the end of 2006, the Environmental Management System was reorganised over the course of the year by combining the methods and procedures and providing internal training. It is also planned to unify the COC certifications according to FSC standards of the several mills into one multisite certificate.

40 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: PRODUCTS One of the of the Burgo Group strengths is the complete range of the graphic papers it produces: the Group offers coated and uncoated papers with substances, finishes and characteristics that meet the various specific needs of the graphics and publishing sectors. With this in mind, in 2006 the Group expanded its range of uncoated and coated papers with FSC mixed sources certification, and introduced coated woodfree papers with PEFC certification. These certifications indicate that the paper has been produced with fibres originating in forests managed in an environmentally-responsible manner and with an eye to protecting biodiversity. The R4 Chorus PEFC and Chorus Art brands (the latter has FSC certification for the North American market) of coated papers, along with the Ethica, Repro80 Blu and Viola brands (FSC certified) of uncoated papers, round out the range of existing products that meet the needs of customers who are in turn asked to make environmentally-safe publishing or print products. Lastly, the range of pure chemical pulp boards for use in high-quality graphics applications was expanded to include Prisma Silk 2sc 500 g/m², designed for cover pages, post cards, DVD/CD covers, promocards, and so forth, due to its rigidity and excellent printing quality.

41 39, ::::::::::::::::::::::::: ::::::::::::::::::::::::::::::::::, ; :!

42 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: PERSONNEL In 2006 the Group continued its initiatives to reorganise its personnel. At the end of 2006, personnel showed a reduction of 118 units compared to the close of the previous year. At year end, the Group employed a total of 5,518 resources (against 5,636 at the end of 2005), broken down into 1,502 executives, managers, and employees (1,525), and 4,013 workers (4,108). he company signed a memorandum of understanding with labour union representatives governing the closure of the Marzabotto mill at the end of An agreement was later reached for the application of redundancy schemes to the mill s employees. Approximately 27,500 hours were devoted to professional training of Group personnel. Group accident figures continued to improve in 2006, especially the frequency index, whereas the gravity index worsened slightly, although remaining well under the national average for the paper sector. Personnel at 31 December Change % Burgo Group 4,623 4, Italian subsidiaries Foreign subsidiaries ,636 5,

43 41, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: ENERGY In 2006, the Energy Business Unit continued to work towards the functional consolidation of its steam and electrical energy generation plants, the management of dispatching over the grid according to the new economic-merit based rules, and the search for business opportunities on the free market. In this context, the Group operated an Energy System in Italy of around 4.8 billion KWh (in addition to 0.26 billion KWh in power generation at Burgo Ardennes), investing in operating maintenance and/or upgrades. Burgo Energia developed non-captive sales activity of approximately 1.8 billion kwh, buying and selling on the Italian Electricity stock exchange and the bilateral trading market. Finally, planning work continued for the first high-tension long-distance power lines linking Italy and Austria (Somplago-Wurmlach) over buried cable only.

44 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: FINANCIAL RISK MANAGEMENT As part of its business operations, the Group is exposed to market risks such as, for example, exchange-rate risk, interest-rate risk, credit risk and liquidity risk. Financial hedging instruments are used to reduce the volatility that these risks may transfer to the income statement. EXCHANGE-RATE RISK Exchange-rate risk derives from the Group s sales transactions with foreign counterparties (transaction risk). Most of the exposure (around 98%) is accounted for by the US dollar and pound sterling. The Group s exchange-rate risk policy calls for hedging of at least 70% of net exposures in USD and GBP over a maximum time horizon of four months, corresponding to the normal length of a business cycle. Through 31 December 2006, the nominal value of hedging instruments in euro consisting solely of forward contracts totalled 46.5 million at the firm-wide level, or approximately 85% of the overall exposures of 55 million. RISKS ASSOCIATED WITH THE FLUCTUATION OF INTEREST RATES Interest-rate volatility has a direct impact on the costs recognised in the income statement. The Group s policy aims to limit this volatility, in part through the use of hedging derivatives. These instruments (swaps, caps, collars, swaptions) are directly correlated with financial debts in terms of maturity, maximum par value, repayment schedules, method of calculation of interest rates,

45 43, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: or the projected development of the financial debts, and comply with IFRS hedge-accounting rules. Through 31 December 2006, the nominal value of debt hedged using derivative instruments totalled 1,092 million, of which 525 million in nominal value with execution from 2007, 2009 and RISK OF DEVALUATION OF EQUITIES IN PORTFOLIO The trading prices of the equities in portfolio (currently Mediobanca and Intesa Sanpaolo stock) fluctuate along with the performance of the stock market. To limit the impact of these fluctuations, hedging derivatives (collars) were set up in 2006 on a total of 25 million in Intesa Sanpaolo stock with maturity in January BUSINESS CREDIT RISK The large number and geographical extension of customers limit the business credit risk to which the Group is exposed. Some types of receivables are also covered by insurance. To further reduce this risk, the Group has established an internal credit control and management structure that constantly monitors individual positions in direct contact with sales managers. FINANCIAL CREDIT RISK This risk derives from the Group s dealings with financial institutions, namely from the scenario in which the latter are not able to meet their obligations in relation to various types of financial transactions. The Group deals with financial counterparties of good standing.

46 , c o m p a n y r e p o r t , :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: LIQUIDITY RISK Considering the intensive capital needs typical of the sector, fixed assets are fully covered by Group capital and medium/long-term debt, whereas sales needs are met by drawing on secured credit facilities and revocable short-term credit facilities. LITIGATION The European Commission concluded its investigation into alleged practices aimed at restricting competition on the part of newsprint and coated-paper producers, which extended to all of the largest European companies, including Burgo. No provisions were issued vis-à-vis the Company.

47 45, ::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::: SIGNIFICANT EVENTS OCCURRING AFTER YEAR-END AND BUSINESS OUTLOOK Considering the investments called for in the new three-year plan, the company is currently engaged in obtaining new medium/long-term credit facilities from leading banks with terms consistent with the firm s projected investment profile and expected cash flows. Following the expiration of a hedging operation (collars) on 25,000,000 shares of Intesa Sanpaolo stock at the beginning of 2007, the firm sold the securities in question in January 2007 for a cash value of approximately 125 million, thereby improving its net financial debt. Analysts and experts predict a slight increase in demand for graphic papers (+0.8%), as well as coated mechanical reel papers (+2.2%) and coated woodfree papers (+1%). It is foreseen the increase of the capacity ratio (from 89% to 95% for CMR papers and 89% to 92% for CWF papers), partly through plants closure programme, which will eliminate a total of approximately 3 million tonnes over the two-year period Turning to raw materials costs, contrary to the projections, the price of long-fibre NBSK pulp rose over the first few months of the year. The volatility of the main exogenous variables (paper prices, energy costs, and raw materials prices) means that it is still too early to estimate the income figures for the year. In terms of management activity, the Group is committed to achieving the goals set out in the strategic plan and developing its sales presence on its various markets.

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