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Milan, May 14 th 2002

UniCredito Italiano Group. 1 st Quarter 2002 Results. Alessandro Profumo - CEO. Milan, May 14 th 2002. Agenda. 1Q2002 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions.

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Milan, May 14 th 2002

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  1. UniCredito Italiano Group 1st Quarter 2002 Results Alessandro Profumo - CEO Milan, May 14th 2002

  2. Agenda • 1Q2002 Group Highlights • Divisional Reporting • Italian Commercial Banking • Wholesale Banking • Investment Banking • Asset Management • New Europe Banking • Conclusions

  3. GOOD INCREASE OF OPERATING INCOME OVER 2001 QUARTERLY AVERAGE THANKS TO REVENUE GROWTH AND COST CONTROL TOTAL REVENUES (Euro mln) OPERATING EXPENSES (Euro mln) +3.3% +4.3% +3.4% +0.4% 2,537 2,457 2,453 1,295 1,289 1,242 01 Avg 01 Avg 1Q01 1Q02 1Q01 1Q02 restated restated restated restated +2.2% OPERATING INCOME (Euro mln) +6.7% 1,242 1,215 1,164 01 Avg 1Q01 1Q02 restated restated

  4. NON-OPERATING ITEMS IN LINE WITH 1Q2001 RESTATED • 14.3% of Operating Income, of which Euro 174 mln Specific provisions and Euro 4 mln for possible loan losses • 0.16% (0.62% Annualised) of Total Net Customers Loans, in line with 1Q’01 (Euro mln) +1,242 -64 -178 -20 -16 -433 • Tax Rate at 44.9%, due to the end of benefits of the Ciampi Law (1) -130 +401 Operating Goodwill Net loan Other net Net Extr. Taxes Minorities Net Income income Income amort. loss prov. prov. (1) In 2001 the Group made lower provisions for taxes (in line with the prescriptions of the Ciampi Law), resulting in a lower tax rate. UCI prudentially made equivalent provisions for risks and charges, neutralising tax benefits from the Ciampi Law in the bottom line

  5. NET INCOME 10.3% UP ON ‘01 AVERAGE RESTATED, EFFICIENCY AND PROFITABILITY STILL AT EXCELLENT LEVELS -3.1% NET INCOME Net income slightly down vs 1Q’01 restated (-3.1%) but significantly higher than 2001 Av. (+10.3%) +10.3% (Euro mln) 414 401 364 01 Avg 1Q01 1Q02 restated restated COST/INCOME RATIO % ROE % 52.6 20.8 (1) 51.0 50.5 18.2 (1) 18.0 (2) 01 Avg 01 Avg 1Q01 1Q01 1Q02 1Q02 restated restated restated restated (1) Calculated on end of period net equity excluding profit for the period and including profit for the previous period allocated to reserves. For 1Q’02 deducting also Euro 234 mln of net shareholders’ equity increase to finance the acquisition of ZABA (not yet consolidated). (2) Calculated on end of period net equity (excluding profit for the period)

  6. INCREASED CONTRIBUTION OF WHOLESALE BANKING AND NEW EUROPE BUSINESSES ... REVENUE COMPOSITION BY BUSINESS AREA (Net of infra-Group dividends and of Corporate Centre & Elisions negative contribution) 1Q’01 restated : Euro 2,591 mln 1Q’02: Euro 2,665 mln 0.2% 13.5% 12.6% 4.6% 4.8% 7.4% 10.1% 71.4% 75.4% Italian Banking New Europe Banking Investment Banking (UBM+TL) Asset Management (Pioneer) New Initiatives

  7. ... SUPPORTING A GOOD REVENUE INCREASE (3.3% Y/Y) WITH STRONG PERFORMANCES OF INTEREST INCOME AND TRADING FROM FINANCIAL TRANSACTIONS TOTAL REVENUES BREAKDOWN (Euro mln) +3.3% 2,537 2,457 • Net interest income up 2.7% on quarterly average 2001 • Diversified mix of revenues: Net Interest Income/Total Revenues still under 50% +7.0% 1,251 1,169 Net interest income -4.4% Net non interest income in line with 1Q01 (-0.2%). Growth in trading profits and other income partially offsets the decrease of net commissions 815 779 Net commissions +3.1% 329 Trading from financial trans. 319 178 154 +15.6% Other income 1Q01 1Q02 restated

  8. GOOD NET INTEREST INCOME GROWTH DESPITE A WEAK ECONOMIC CICLE BOTH IN ITALY AND IN NEW EUROPE Italian banking (Euro mln) • 3.1% increase in customer loans vs. 1Q01 (1.1% on avg 2001 loans) Group (at unchanged FX) -0.3% • 8.1% increase in customer deposits vs. 1Q01 (3.7% on avg 2001 deposits) -1.5% +6.9% 1,004 992 990 • 57 bp increase of mark up vs. 1Q01 (+38bp vs. avg 2001) +3.1% 1,251 • 87 bp reduction of mark down vs. 1Q01 (-58 bp vs. avg 2001) 1,213 1,170 Avg 01 1Q01 1Q02 Based on Bank of Italy Matrix figures New Europe (at unchanged FX) • 18.9% increase in gross retail loans* vs. 1Q01 (+6.0% on avg 01) +17% Avg 01 1Q01 1Q02 • 7.2% increase in gross corporate loans* vs. 1Q01 (+6.0% on avg 01) +11% 245 • 2.2% increase in retail deposits* vs. 1Q01 (+0.9% on avg 01) The parent company benefited from the decrease of interest rates, reducing the interest paid on debt issued and the cost of equity investments financing 221 209 • 9.8% increase in corporate deposits* vs. 1Q01 (+5.7% on avg 01) • Selective lending policy towards less profitable customers Avg 01 1Q01 1Q02 • Widening overall spread between assets and liabilities *Management accounts

  9. NET COMMISSIONS AFFECTED BY THE NEGATIVE CONTRIBUTION FROM MUTUAL FUNDS (Euro mln) NET COMMISSIONS • Decrease in Commissions from Mutual Funds mainly due to lower sales of Luxembourg funds and to the lower share of equity and balanced funds on total AuM: • Av. 1Q02 Equity Funds 45.3% vs. Av. 48.3% in 2001 • Av. 1Q02 Balanced Funds 13.6% vs. 16.4% in 2001 01 Avg* 1Q’02 % ch. Asset management 451 419 -7.1 Mutual funds 331 287 -13.3 Segregated accounts 63 71 +12.7 Insurance products 57 61 +7.0 Securities in custody 83 83 - Other services, of which: 281 277 -1.4 • Still good impact of capital guaranteed products on commissions from segregated accounts and insurance products Loans granted & received 120 114 - 5.0 Cash manag. services 100 106 +6.0 TOTAL 815 779 -4.4 * Consistent with the new Bank of Italy criteria for breakdown of commissions; 1Q’01 restated not available

  10. 868 731 2,734 691 Tot: 465 1,242 1,156 258 384 465 1Q’01 BRILLIANT SALES OF CAPITAL GUARANTEED AND INSURANCE PRODUCTS IN ITALY SUSTAIN OUR CONFIDENCE IN MEETING NET COMMISSIONS BUDGET TARGETS CAPITAL GUARANTEED PRODUCTS: EURO 2.8 Bn NET INFLOWS IN 2002, EURO 10.2 Bn FROM LAUNCH TO APR. ‘02 LIFE INSURANCE • Total Group Insurance Portfolio as at 31.3.02: Euro 13,434 mln, +7.7% yoy, of which: • Euro 9,452 mln unit-linked • Euro 3,982 mln other policies (Euro mln) Tot: 3,988 4,000 386 3,000 Tot: 1,989 Tot: 2,038 • Total New Premiums as at 31.3.02: Euro 1,018 mln, of which: • Euro 963 mln Single Premiums • Euro 55 mln Annual Premiums 16 191 2,000 Tot: 1,018 Tot: 736 1,000 94 632 386 0 2Q’01 3Q’01 4Q’01 1Q’02 April’02 • Increased contribution of annual premiums (Annual/ Total Premiums written: 5.3%, +150 bp vs. 1Q’01), positively impacting the profitability of our sales SegregatedAccounts Unit Linked (UNISTAR) Fund, Equity & Index Linked Notes

  11. STILL GOOD RESULTS IN INCOME FROM FINANCIAL TRANSACTIONS (+3.1% Y/Y) SUPPORTED BY SOUND RISK MANAGEMENT 329 (1) INCOME FROM FINANCIAL TRANSACTIONS (Euro mln) +3.1% • Cautious risk management: • Euro 4.2 mln Av. Daily VAR for UBM in 1Q’02 • Euro 2.8 mln for TL • Euro 5.5 mln UBM+TL 319 (1) +29.5% Investment 179 232 Banking (UBM & TL) • Increased contribution of CorporateLab, accounting for around Euro 216 mln (137 (2) Euro mln inside UBM and 79 Euro mln inside the Italian Banking division).Volumes of derivatives sold to corporate customers (3) up to Euro 8.9 bn (around 46% of total 2001 sales) +0.6% 103 103 Italian banks 31 27 -13.6% New Europe banks 1Q’02 1Q’01 (1) Balance due to other Group companies (2) Of which: Euro 124 mln from Sales, Euro 13 mln from trading (3) Excluding large corporate customers

  12. OPERATING COSTS IN LINE WITH 2001 QUARTERLY AVERAGE, +4.3% ON 1Q’01 RESTATED MAINLY DUE TO INCREASED STAFF COSTS • Staff costs: • +3.2% due to the development of Wholesale Banking (IB and Asset Management) • +0.3% due to the development of New Initiatives (Xelion and Clarima) • +3.5% due to strengthening of commercial units and the incentivisation program (Euro mln) +4.3% +0.4% 1,295 1,289 1,242 +2.5% +7.0% Staff Costs 718 768 749 -1.8% -1.8% • Total Staff from 63,506 (1Q’01restated) to 62,288 as of 31.3.2002 (-1.9% y/y) Other costs 442 442 434 -5.3% • Other costs still do not include the expenses related to the S3 Project Depreciation +13.4% 93 98 82 1Q01 1Q02 01 Avg restated restated

  13. GOOD ASSET QUALITY INDICATORS DESPITE THE ECONOMIC SLOWDOWN, WITH IMPROVED COVERAGE RATIOS Net NPLs and Doubtful Loans as % of Total Net Loans Coverage ratios 56.7 3.3 56.2 3.2 44.5 43.7 1.6 1.6 2001 2001 1Q02 1Q02 restated restated Net Doubtful Loans/ Total Net Loans Net NPLs/ Total Net Loans On Gross Doubtful Loans On Gross NPLs • Slight increase of Net NPLs(+2.1% on 31.12.2001 restated) compensated by the reduction of other doubtful loans (-2.0% on 31.12.2001 restated); stable Net NPL/Tot. Net Loans Ratio % ch. on Dec.’01 Dec. 2001* 1Q’02 (Euro mln) Net Doubtful Loans 3,770 3,770 - • Significantly higher Coverage Ratios: +60 bp on Total Gross NPLs, +80 bp on Tot. Gross Doubtful Loans, thanks to conservative provisioning in all the business areas Net NPLs 1,809 1,848 +2.1 * Restated

  14. DIVISIONAL CONTRIBUTION TO GROUP NET INCOME (Euro mln) GOODWILL AND HOLDING CHARGES: - 55 goodwill depr. - 110 holding loss (net of dividends), of which 95.8 due to financial costs 54(1) -15 24(1) -165(1) 566 122(1) +13.1% N.m. -0.4% N.m. +1.2% +45.1% 401 381(1) -9.0% -3.1% Italian banking(2) Inv. banking(3) Pioneer Group(4) New Europe banking(5) New Initiatives(6) Total pre-Corp. Centre Corp. Centre & elisions(7) Group total Wholesale banking (1)Net of infragroup dividends. Goodwill depreciation is fully charged to Corp. Centre (2) Credito Italiano, Rolo Banca 1473, Cariverona, CRT, Cassamarca, Caritro, CRTrieste, Banca dell’Umbria, CRCarpi, Mediovenezie, BMC, Adalya Banca Imm. Spa, Banque Monegasque, Unicredit Suisse, BAC Marino, CRTS Zagabria, RoloPioneer Lux, Rolo Pioneer Sgr, Gesticredit, Gestiveneto, Fondinvest, Pioneer inv. Management SA, S+R Investimenti, Fida Sim, FRT Sim, Fid. Cordusio, CRV Ireland, CRTS Ireland, Uniriscossioni, Quercia Funding, Unicredit Servizi informativi, Unicredit Prod. Acc., Trivimm, Quercia Software (3) UBM, TradingLab, Euro Capital Structures (4) Group Pioneer Global Asset Management Spa, Unicredit Capital Italia Spa (5) Group Pekao, Bulbank, Pol’nobanka, Splitska Banka (6) Xelion, Clarima (7) Parent Company, other financial companies and elisions

  15. Agenda • 1Q2002 Group Highlights • Divisional Reporting • Italian Commercial Banking • Wholesale Banking • Investment Banking • Asset Management • New Europe Banking • Conclusions

  16. ITALIAN BANKING DIVISION 1Q RESULTS IN LINE WITH INTERNAL EXPECTATIONS; SLIGHT DECREASE OF REVENUES DUE TO LESS FAVOURABLE MARKET ENVIRONMENT (Euro mln) 1Q’02 % ch. 1Q’01 990 Net interest income 992 -0.2 • Stable interest income vs. 1Q01 Net non interest income 963 913 -5.2 1,903 Total revenues 1,955 -2.7 Administr. costs (incl. depr.) -953 -948 +0.5 • Decrease in commissions vs. 1Q01 mainly due to different asset mix (-24 mln Euro) and lower commissions from securities in custody (-20 mln Euro) 950 1,007 -5.7 Operating income Net loan loss provisions -103 -110 -6.4 Other net provisions -20 -23 +15.0 8 -2 Net extraordinary income N. m. • Stable costs vs. 1Q01, with tight costs control expected for 2H02, resulting from the merger of the existing 7 banks into a unique entity -377 -355 Tax expenses -5.8 467 Net income 508 -8.1 381 Net income for the Group 420 -9.3 48.5% Cost/Income ratio(1) 50.1%

  17. SELECTIVE LOAN GROWTH KEEPS ASSET QUALITY AT EXCELLENT LEVEL % Ch. On Dec.01 2001 1Q’02 Net Doubtful Loans 2,681 2,709 1.0% Net NPLs 1,483 1,493 0.7% • Gross NPL • /Gross Loans 2.60% 2.78% +18 bp 7 MAJOR ITALIAN BANKS ONLY • Gross NPL • /Gross Loans T-2 3.30% 3.30% - Coverage on Total Gross Doubtful loans 37.8% 37.9% +10 bp Coverage on Total Gross NPLs 46.3% 46.8% +50 bp • Very limited increase of Net Doubtful Loans and NPLs due to the economic slowdown • Stable Gross NPL/Gross Loans T-2 Ratio • Increased Coverage Ratios

  18. S3 PROJECT IS WELL ON TRACK PHASE 1 (JAN - JULY 2002): FROM 7 BANKS TO THE MERGER IN UCI BANCA INTERNAL COMMUNICATION • Top Management’s Roadshow in the main Italian towns to meet all 7,500 middle managers to share the rationale and targets of the S3 Project LEGAL AND ACCOUNTING • Approved acquisition of the minorities by all the Shareholders’ meetings of the Italian Banks • Assets and Liabilities of the single banks as well as of the Parent Company identified • 1st July 2002: merger date ORGANISATION • Organisational charts as well as branch network redesign for all 3 banks completed • Operational models for the 3 new banks defined • Managing Director and “first line” management of the new 3 banks appointed

  19. ORGANISATION • Complete divisionalisation of UniCredit Banca (headquarters and network) to be completed by Sep02 COMMERCIAL ALIGNMENT & ENHANCEMENT • Harmonisation of product ranges, commercial policies, planning & control tools, credit processing already started; high value product lines to be aligned by Sep02 IT INTEGRATION • Completion of IT for new Private and Corporate Bank by Sep02; fine tuning and customer migration by Dec02 PHASE 2 (JULY 2002 – JANUARY 2003): FROM UCI BANCA TO 3 SEGMENT BANKS (RETAIL, PRIVATE AND CORPORATE)

  20. Agenda • 1Q2002 Group Highlights • Divisional Reporting • Italian Commercial Banking • Wholesale Banking • Investment Banking • Asset Management • New Europe Banking • Conclusions

  21. EXCELLENT RESULTS IN INVESTMENT BANKING, MAINLY DUE TO THE STRONG GROWTH OF CORPORATE DERIVATIVES • High growing, recurring, non-cyclical and stress-proof Trading Profits generated by: • CorporateLab • TradingLab • Institutional deriv. • Securities business (Euro mln) 1Q’01 1Q’02 % ch. Net Interest margin 7 12 +71 Trading profits 179 232 +30 By nature Net Commissions 6 26 +333 Total revenues 192 270 +41 CorporateLab (Corporate Deriv.) 68 137* +101 • Exceptional results for CorporateLab: 1Q’02 Revenues accounting for 62% of FY’01 Results (Euro 220 mln) Investment & Corporate Banking 4 15 +275 By business line Sales & Trading (incl. Inst. Deriv.) 46 63 +37 TradingLab (Retail Derivatives) 74 55 -26 Staff costs -19 -30 +58 • Significant growth in Investment and Corporate Banking, despite the negative market scenario Other costs -26 -27 +4 147 213 +45 Operating income N. m. Net provisions & other costs -4 -5 Tax expenses -60 -86 +43 • Excellent C/I Ratio (21%), 2.3% down on 1Q’01 Net income 83 122 +47 * In 1Q’02 Euro 124 mln from Sales (of which Euro 69 mln through the Italian Network and Euro 55 through Non-Captive distribution) and Euro 13 mln from Trading

  22. TRADING RISKS UNDER STRICT CONTROL, WITH A FURTHER CONSIDERABLE IMPROVEMENT OF THE AV. DAILY P&L / AV. DAILY VAR RATIO Avg Daily P&L / Avg Daily VaR UBM+TL Daily VAR(1) and P&L (Jan. 2001 - Mar. 2002) 33% 23% Euro mln 21% 17% 1999 2000 2001 1Q02 • Low 1Q’02 Average Daily VAR(1),12% up vs 4Q’01 (Euro 5.5 mln vs Euro 4.9 mln) due to increased volumes UBM+TL Daily VAR and P&L • No negative daily P&Ls in 2002 up to end of March • More and more efficient use of VaR Channel: Avg Daily P&L / Avg Daily VaR Ratio from 17% in 1999 to 33% in 1Q2002 • No negative outliner from 1st January 2001 Daily P&L VaR (1) Figure relates to UBM and TL combined; calculation made with a 98-99% asymmetric double tail confidence interval. P&L net of accounting adjustments as of 31.12.2001

  23. Agenda • 1Q2002 Group Highlights • Divisional Reporting • Italian Commercial Banking • Wholesale Banking • Investment Banking • Asset Management • New Europe Banking • Conclusions

  24. BRILLIANT NET SALES IN THE US AND INTERNATIONAL BUSINESS AREAS ... Inv. Perf.(2) 30st Apr. 2002 Net Sales 2001(1) (Euro mln) TOTAL PIONEER AuM 111,049 +2,478 -1,623 111,904 USA 21,742 +1,836 -940 22,638 Italy 85,580 -140 -742 84,698 5,731 +276 -156 5,851 of which Institutional (3) 2,683 +671 +44 3,398 International 1,044 +111 +15 1,170 New Europe Non Captive/Total AuM(3) - Assets Breakdown • Record Net Sales in the US (Euro 1.8 bn vs. Euro 1.4 bn in FY01) and International Division (Euro 671 mln vs. Euro 596 mln in FY01) and positive results in New Europe and Italy-Institutional, completely offsetting negative sales in the Italian Retail Area • Increasing “Non Captive” share on total AuMs (3) 30,71% 32% 29,22% 30% 28% 25,31% 26% 24% 22% 20% 2000 2001 30 April 2002 (1) Based on official BCE FX as at 31.12.2001 (2) Including FX effect (3) Excluding Proprietary Funds

  25. ...AND A STRONG EFFICIENCY IMPROVEMENT LEADING TO A 30% EBIT INCREASE 1Q02/1Q01 % ch. 1Q02/Av.01 % ch. +0.3% +6% +1.8% +5% 112.5 138 112.2 131 +37% 110.5 130 +30% 48 37 35 1Q01 Av.01 1Q02 1Q01 Av.01 1Q02 Revenues (1) Average AuM 1Q01 Av.01 1Q02 49.1 47.3 46.4 Managerial EBIT 73% 72% 65% 17.2 13.4 12.5 1Q01 Av.01 1Q02 Managerial C/I Ratio 1Q01 Av.01 1Q02 1Q01 Av.01 1Q02 Managerial EBIT on Av. AuM, bp (2) Revenues on Av. AuM, bp(2) (1) Revenues from pure Asset Management (2) Annualised data

  26. MOMENTUM ACQUISITION PERFECTLY FITS PIONEER’S STRATEGY, COMPLETING THE PRODUCT RANGE AND REINFORCING THE DISTRIBUTION NETWORK PIONEER brings VALUE CREATION Momentum* brings • Euro 112 bn AuM • Euro 503 mln AuM (Alternative Assets) • Unified investment process and focus on risk management • Strong distribution network • Established operating platform to facilitate growth • PAI Dublin: single strategy products • PAI Milan: multi-manager provider in the Italian market • Strong Operational Risk Management • Creating an extensive Institutional Hedge Fund product provider • Exploiting current growth in Alternative Investment products with an established brand and worldwide distribution capability • Offering a complete set of Alternative Investment products: Single Strategy,Fund of Funds, Structured Products, Managed Accounts • Developing long only business in existing Momentum locations • Cost-saving in marketing & international distribution network development • Euro 1.5 bn AuM as of 31.04.2002 • Strong brand in the FOHF market • Strong track record in FOHF products • Innovative FOHF product development in expanding marketplaces (e.g. Structured products) • Established distribution offices in London, Hong Kong, Israel and Australia (*) Total Investment: Euro 120 mln (calculated with Euro/USD FX as at 10.5.2002: 0.915), approx. 8% of Total AuMs as of Apr.02

  27. Agenda • 1Q2002 Group Highlights • Divisional Reporting • Italian Commercial Banking • Wholesale Banking • Investment Banking • Asset Management • New Europe Banking • Conclusions

  28. OPERATING INCOME UP 23% Y/Y AND NET INCOME GROWTH AT +19% Y/Y (+23% AND +18% AT END 1Q02 FX RESPECTIVELY) • Customer volumes growth constrained by slight delay in macroeconomic pick-up and by tight pricing policy: • Selective Customer Loans growth: +1.5% yoy(2)(+9.6% y/y retail and corporate average volumes) • Customer Deposits: +2.7% yoy(2)(+4% y/y retail and corporate average volumes) (Euro mln) +17.2% Net Interest Income +10.1% Total Revenues At end of March FX +18.4% +10.8% 245 At end of period FX(1) 207 359 324 +23.4% Operating Income +23.4% 1Q01 1Q02 Non Net Interest Income 190 154 1Q01 1Q02 • Negative impact of conservative customer lending activity on commissions (-4.7% y/y) • Positive contribution of other income (+18.2% y/y) due to fees on current account packages 117 114 Cost/Income -2.6% 52.5% -2.6% 1Q01 1Q02 1Q01 1Q02 47.1% -5.4 pp • EFFICIENT COST CONTROL • Staff costs down 1.1% at unchanged FX (-1.158 headcount reduction vs 1Q01) • Tight procurement, centralised purchasing, outsourcing • Real estate restructuring • INCREASED PRODUCTIVITY • Total Revenues per employee up 16% at unchanged FX from Euro 57 th. in 1Q01 to 66 th. in 1Q02 -5.7 pp 1Q01 1Q02 (1) Exchange ratio of 31 mar 02 for 1Q02, exchange ratio of 31 mar 01 for 1Q01 (2) End of period Perimeter: Group Pekao, Bulbank and Unibanka fully consolidated, Splitska at net equity with P&L impact of Euro 2.4 mln in 1Q01 and Euro 4.2 mln in 1Q02 in NE dividend figure

  29. INCREASED CONTRIBUTION TO GROUP’S NET INCOME FROM NEW EUROPE BANKS (+2 pp y/y), DIVISION’S C/I AT EXCELLENT LEVEL THANKS TO RESTRUCTURING NEW EUROPE BANKING NET INCOME – UCI’s PORTION: EURO 54 mln (+12.5% y/y) UNIBANKA* 2% (Euro 1 mln) SPLITSKA 8% (Euro 4 mln) BULBANK 10% (Euro 5 mln) * Formerly Pol’nobanka Differently from FY01 Splitska is consolidated by net equity method GROUP PEKAO80% (Euro 43 mln) Group Pekao Bulbank Uni Banka Total Division (1) % Ch. y/y on Tot. (2) 359 330 15 9 Total Revenues, (Euro mln) +10 Operating Income, (Euro mln) 190 173 8 4 +23 ROE,% 18.4 18.6 11.1 11.4 +92 bp C/I Ratio, % 47.1 47.5 45.1 60.7 -57 bp (1) Balance due to Splitska Banka, consolidated by Net Equity Method (2) Calculated at Unchanged FX as at the end of March 2002

  30. OVERALL ASSET QUALITY OF THE DIVISION PRESERVED THANKS TO PEKAO’S SELECTIVE LENDING POLICY AND EFFECTIVE RECOVERY ACTIONS Net NPLs and Doubtful Loans as % of Total Net Loans Coverage ratios 9.2 78.6 78.6 9.0 56.8 54.6 2.8 2.5 2001 2001 1Q02 1Q02 restated restated Net Doubtful Loans/ Total Net Loans Net NPLs/ Total Net Loans On Gross Doubtful Loans On Gross NPLs • Selective and conservative lending policies (weight of net non-performing and doubtful loans on total loans nearly stable) % ch. on Dec.’01 Dec. 2001* 1Q’02 (Euro mln) • Improvement of coverage ratios Net Doubtful Loans 876 847 -3.3 • Implementation of new lending rules and procedures, active monitoring Net NPLs 240 255 +6.2 • Effective recovery actions * Restated

  31. New IT systems in Pekao and Bulbank to be completed by 2003 • “Credit Excellence Project” to improve credit process and monitoring in all NE banks • New common platform for card processing to increase economies of scale and to enhance competitive advantage • Divisionalisation to lead to improved commercial effectiveness (for Pekao to be completed by June 2002) • Product enlargement (current account packages, investment products, pension funds, life insurance, cards) REVENUE GROWTH, RISK CONTROL AND INCREASED EFFICIENCY TO BE SUPPORTED BY THE IMPLEMENTATION OF NEW PROJECTS

  32. Agenda • 1Q2002 Group Highlights • Divisional Reporting • Italian Commercial Banking • Wholesale Banking • Investment Banking • Asset Management • New Europe Banking • Conclusions

  33. Good Net Income growth on 2001 quarterly average (+10.3%), in line with our expectations and targets • Business diversification enhances the Group’s revenue generation capability (+3.4% on 2001 quarterly average) • Strong innovation capability results in high value added products for corporate and retail customers • Good cost control (+0.4% on 2001 quarterly average), C/I Ratio at excellent levels (51%) • Stable total doubtful loans with higher coverage ratios • S3 project well on track SUMMING UP

  34. Annexes

  35. 1Q02 CONSOLIDATED INCOME STATEMENT (Euro mln) % ch. on Avg. 01 1Q02 % ch. Avg.01 1Q01 Net interest income (incl. dividends) 1,169 +7.0 +2.7 1,251 1,218 Net non interest income 1,288 -0.2 +4.1 1,286 1,235 Total revenues 2,457 2,537 +3.3 2,453 +3.4 Administrative costs (incl. depr.) 1,242 +4.3 +0.4 1,295 1,289 1,242 1,164 Operating income 1,215 +2.2 +6.7 Goodwill depr. 64 +0.0 -7.6 64 69 Net loan loss provisions 175 +1.7 -7.3 178 192 Other net provisions* -33.3 -72.2 30 20 72 Net extraordinary income n.m. n.m. 30 -16 54 Taxes -1.1 +9.8 438 433 394 Minorities +4.8 +2.6 124 130 127 401 364 Net income 414 -3.1 +10.3 Tax rate, % 44.9 44.9 44.5 (*) Including provisions to general banking risk fund

  36. ASSET QUALITY BY DIVISION (Euro mln) Italian banks New Europe banks Other (1) Group Dec.01(2) 1Q02 Dec.01(2) 1Q02 Dec.01(2) 1Q02 Dec.01(2) 1Q02 2,761 2,805 1,119 1,192 245 268 4,125 4,265 Gross NPL % change on Dec. ‘01 +1.6 +6.5 +9.4 +3.4 Gross NPL/Tot. Gr. Loans,% 2.7 2.8 10.3 11.5 1.7 1.6 3.4 3.6 Net NPL/Tot. Net Loans,% 1.5 1.6 2.5 2.8 0.6 0.6 1.6 1.6 Total gross doubtful loans 4,309 4,363 1,928 1,962 457 465 6,694 6,790 % change on Dec. ‘01 +1.2 +1.8 1.8 +1.4 Net Doubtful Loans/Tot. Net Loans,% 2.7 2.8 9.0 9.2 1.5 1.3 3.2 3.3 Coverage ratios • -on total gross NPL, % 46.3 46.8 78.6 78.6 64.9 62.7 56.1 56.7 37.8 37.9 54.6 56.8 53.4 54.0 43.7 44.5 • -on tot. Gross doubtful • loans, % (1) Mainly Locat, UniCredit Factoring and Parent Company (2) 2001 restated

  37. 1Q02 RESULTS BREAKDOWN BY DIVISION (Euro mln) Italian banking Wholesale banking New Initiatives Group total New Europe banking Corp. Centre & elisions Interest margin (incl. div.) 990 4 245 1 11 1,251 Net non interest income 913 395 114 3 -139 1,286 1,903 399 359 4 -128 2,537 Total revenues Administrative costs (incl. depr.) 953 148 169 19 6 1,295 537 83 87 3 58 768 of which: Staff 950 251 190 -15 -134 1,242 Operating income Net provisions and other costs 126 5 50 - 17 198 Goodwill depreciation - - - - 64 64 Tax expenses 355 93 49 - -64 433 Extraordinary Income -2 - +2 - -16 -16 467 153 93 -15 -167 531 Net income 381 146 54 -15 -165 401 Net income for The Group

  38. WHOLESALE BANKING DIVISION INCOME STATEMENT (Euro mln) TOTAL INVESTMENT BANKING(1) ASSET MANAGEMENT (Pioneer+UCI Capital Italia) TOTAL WHOLESALE BANKING (2) UBM T.Lab Interest margin (incl. div.) 19 -7 12 -8 4 Net non interest income 197 62 258 137 395 216 55 270 129 399 Total revenues Administrative costs (incl. depr.) 39 19 57 90 148 24 6 30 52 83 of which: Staff 177 36 213 39 251 Operating income Extraordinary Income 0 0 0 0 0 70 15 86 7 93 Tax expenses 101 21 122 31 153 Net income Net income for The Group 101 21 122 24 146 C/I Ratio, % 18 34 21 69 37 (1) Balance due to roundings and to Euro Capital Structures (52% owned by UBM) (2) Balance due to roundings

  39. NEW EUROPE BANKING: RESULTS BREAKDOWN BY BANK Group PEKAO (53,2%) BULBANK (85,2%) UNI BANKA (72,4%) TOTAL (1) (Euro mln) (UCI stake) Interest margin (incl. div.) 224 10 7 245 Net non interest income 106 5 3 114 Total revenues 330 15 9 359 Operating costs (incl. dep.) 157 7 6 169 - Staff costs 82 3 2 87 - Other costs 59 3 3 64 Net operating income 173 8 4 190 48 47 0 2 Net loan loss provisions 6 81 2 93 Net income 43 5 1 54 Net income (UCI’s portion) ROE 18,6% 11,1% 11,4% 18,4% Cost/income (excl. goodwill dep.) 47,5% 45,1% 60,7% 47,1% 36% 28% 21% 34% Tax Rate (1) Including Euro 4.2 mln due to Splitska Banka consolidation at net equity; balance due to roundings

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