Milan, May 14th 2002

1st Quarter 2002 Results

Alessandro Profumo - CEO

UniCredito Italiano Group

2

1Q2002 Group Highlights

Divisional Reporting

Italian Commercial Banking

Wholesale Banking

Investment Banking

Asset Management

New Europe Banking

Conclusions

Agenda

3

2,453

TOTAL REVENUES (Euro mln) OPERATING EXPENSES (Euro mln)

1Q01 01 Avg 1Q02

2,457 2,5371,242

1Q01 01 Avg 1Q02

1,289 1,295

OPERATING INCOME

GOOD INCREASE OF OPERATING INCOME OVER 2001 QUARTERLY AVERAGE THANKS TO REVENUE GROWTH AND COST CONTROL

1,215

1Q01 01 Avg 1Q02

1,164 1,242

restated restated restatedrestated

restatedrestated

+3.3%

+3.4%

+4.3%

+0.4%

+2.2%

+6.7%(Euro mln)

4

Tax Rate at 44.9%, due to the end of benefits of the Ciampi Law (1)

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

NON-OPERATING ITEMS IN LINE WITH 1Q2001 RESTATED

(Euro mln)

OperatingIncome

Goodwill Net loanloss prov.

Other netprov.

Net Extr.income

Taxes Minorities Net

+1,242 -64

amort.

-178

-20-16 -433

-130

+401

Income

(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

+10.3%

ROE %COST/INCOME RATIO %

NET INCOME(Euro mln)

NET INCOME 10.3% UP ON ‘01 AVERAGE RESTATED, EFFICIENCY AND PROFITABILITY STILL AT EXCELLENT LEVELS

401

1Q01 01 Avg 1Q02

414364

restatedrestated

50.5

1Q01

51.0

01 Avg 1Q02

52.6

restatedrestated

20.8 (1)

1Q01 01 Avg 1Q02

18.0 (2)

restatedrestated

(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).

18.2 (1)

(2) Calculated on end of period net equity (excluding profit for the period)

Net income slightly down vs 1Q’01 restated (-3.1%) but significantly higher than 2001 Av.

(+10.3%)

-3.1%

6

REVENUE COMPOSITION BY BUSINESS AREA (Net of infra-Group dividends and of Corporate Centre & Elisions negative contribution)

Asset Management (Pioneer)

Investment Banking (UBM+TL)

Italian Banking New Europe Banking

75.4%

12.6%4.6%

7.4%

71.4%

13.5%4.8%

10.1%

1Q’01 restated : Euro 2,591 mln 1Q’02: Euro 2,665 mln

New Initiatives

0.2%

INCREASED CONTRIBUTION OF WHOLESALE BANKING AND NEW EUROPE BUSINESSES ...

7

TOTAL REVENUES BREAKDOWN

... SUPPORTING A GOOD REVENUE INCREASE (3.3% Y/Y) WITH STRONG PERFORMANCES OF INTEREST INCOME AND TRADING FROM FINANCIAL TRANSACTIONS

1Q01

1,169

815

319

154

2,457

1Q02

1,251

779

329

178

2,537

Net commissions

Net interest income

Trading from financial trans.

Other income

+7.0%

-4.4%

+15.6%

+3.1%

+3.3%Net interest income up

2.7% on quarterly average 2001

Diversified mix of revenues: Net Interest Income/Total Revenues still under 50%

Net non interest income in line with 1Q01 (-0.2%).Growth in trading profits and other income partially offsets the decrease of net commissions

(Euro mln)

restated

8

(Euro mln)

New Europe (at unchanged FX)

992 990

1Q01

Italian banking

GOOD NET INTEREST INCOME GROWTH DESPITE A WEAK ECONOMIC CICLE BOTH IN ITALY AND IN NEW EUROPE

1Q02

209245

1,1701,251

Group(at unchanged FX)

3.1% increase in customer loans vs. 1Q01 (1.1% on avg 2001 loans)

8.1% increase in customer deposits vs. 1Q01 (3.7% on avg 2001 deposits)

57 bp increase of mark up vs. 1Q01 (+38bp vs. avg 2001)

87 bp reduction of mark down vs. 1Q01 (-58 bp vs. avg 2001)

18.9% increase in gross retail loans* vs. 1Q01 (+6.0% 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

1,213

Avg 01

1Q01 1Q02Avg 01

1Q01 1Q02Avg 01

1,004

221

-0.3%

-1.5%

+17%

+11%

+6.9%

+3.1%

Based on Bank of Italy Matrix figures

7.2% increase in gross corporate loans* vs. 1Q01 (+6.0% on avg 01)

2.2% increase in retail deposits* vs. 1Q01 (+0.9% on avg 01)

9.8% increase in corporate deposits* vs. 1Q01 (+5.7% on avg 01)

Selective lending policy towards less profitable customers

Widening overall spread between assets and liabilities*Management accounts

9

Still good impact of capital guaranteed products on commissions from segregated accounts and insurance products

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

NET COMMISSIONS AFFECTED BY THE NEGATIVE CONTRIBUTION FROM MUTUAL FUNDS

NET COMMISSIONS01 Avg* 1Q’02 % ch.

(Euro mln)

* Consistent with the new Bank of Italy criteria for breakdown of commissions; 1Q’01 restated not available

Asset management 419451 -7.1

Mutual funds 287331 -13.3

Securities in custody 8383 -

Other services, of which: 277281 -1.4

Insurance products 6157 +7.0

TOTAL 779815 -4.4

Loans granted & received 120 114 - 5.0

Cash manag. services 100 106 +6.0

Segregated accounts 7163 +12.7

10

Total Group Insurance Portfolio as at 31.3.02: Euro 13,434 mln, +7.7% yoy, of which:

Euro 9,452 mln unit-linkedEuro 3,982 mln other policies

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

2Q’01

386

632

Tot: 1,018

1Q’01

465

Tot: 465

1,242

731

16

3Q’01

Tot: 1,989

2,734

868

386

4Q’01

Tot: 3,988

1Q’02

1,156

691

191

Tot: 2,038

384

258

94

April’02

Tot: 736

1,000

2,000

(Euro mln)

0

Segregated Accounts

Unit Linked (UNISTAR)

Fund, Equity & Index Linked Notes

3,000

4,000

Increased contribution of annual premiums (Annual/ Total Premiums written: 5.3%, +150 bp vs. 1Q’01), positively impacting the profitability of our sales

Total New Premiums as at 31.3.02: Euro 1,018 mln, of which:

Euro 963 mln Single Premiums

Euro 55 mln Annual Premiums

LIFE INSURANCE

11

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

STILL GOOD RESULTS IN INCOME FROM FINANCIAL TRANSACTIONS (+3.1% Y/Y) SUPPORTED BY SOUND RISK MANAGEMENT

INCOME FROM FINANCIAL TRANSACTIONS(Euro mln)

BankingInvestment

Italian banks

New Europe banks

(1) Balance due to other Group companies

+3.1%

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)

1Q’02

232

103

27

329 (1)

1Q’01

179

103

31

319 (1)

+0.6%

-13.6%

(UBM & TL)

(2) Of which: Euro 124 mln from Sales, Euro 13 mln from trading

+29.5%

(3) Excluding large corporate customers

12

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

OPERATING COSTS IN LINE WITH 2001 QUARTERLY AVERAGE, +4.3% ON 1Q’01 RESTATED MAINLY DUE TO INCREASED STAFF COSTS

(Euro mln)

1Q01 01 Avg1Q02restated

718 749768

442 442434

82 9893

1,242 1,2891,295

Staff Costs

Other costs

Depreciation

+7.0%

-1.8% -1.8%

+2.5%

+13.4% -5.3% Other costs still do not include the expenses related to the S3 Project

Total Staff from 63,506 (1Q’01 restated) to 62,288 as of 31.3.2002 (-1.9% y/y)

restated

+4.3%

+0.4%

13

Net Doubtful Loans

GOOD ASSET QUALITY INDICATORS DESPITE THE ECONOMIC SLOWDOWN, WITH IMPROVED COVERAGE RATIOS

Net NPLs and Doubtful Loans as % of Total Net Loans

3.2

2001 1Q02

3.3

1.6 1.6

restated

56.2

2001 1Q02restated

56.7

43.7 44.5

Coverage ratios

Net Doubtful Loans/ Total Net Loans

Net NPLs/ Total Net Loans

On Gross Doubtful Loans

On Gross NPLs

Net NPLs

3,770 -

+2.11,809

Dec. 2001*

% ch. on

Dec.’01(Euro mln)

3,770

1,848

1Q’02

* Restated

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

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

14

DIVISIONAL CONTRIBUTION TO GROUP NET INCOME

24(1)54(1)

-15+13.1%

+1.2% N.m.

381(1) 401-9.0%

566

Italian banking(2)

Wholesale banking

New Europe

banking(5)

New Initiatives(6)

Corp. Centre & elisions(7)

Group total

Total pre-Corp. Centre

-165(1)

GOODWILL AND HOLDING CHARGES:

- 55 goodwill depr.- 110 holding loss (net of

dividends), of which 95.8 due to financial costs

(Euro mln)

-3.1%

N.m.122(1)

+45.1% -0.4%

Inv. banking(3)

Pioneer Group(4)

(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

1Q2002 Group Highlights

Divisional Reporting

Italian Commercial Banking

Wholesale Banking

Investment Banking

Asset Management

New Europe Banking

Conclusions

Agenda

16

Decrease in commissions vs. 1Q01 mainly due to different asset mix (-24 mln Euro) and lower commissions from securities in custody (-20 mln Euro)

1Q’01 % ch.1Q’02

Cost/Income ratio(1) 48.5% 50.1%

Net interest income 992 -0.2990

Net non interest income 963 -5.2913

Total revenues 1,955 -2.71,903

Administr. costs (incl. depr.) -948 +0.5-953

Operating income 1,007 -5.7950

Net loan loss provisions -110 -6.4-103

Net extraordinary income 8 N. m.-2

Net income -8.1508 467

Other net provisions -20 +15.0-23

(Euro mln)

Tax expenses -377 -5.8-355

Net income for the Group -9.3420 381

ITALIAN BANKING DIVISION 1Q RESULTS IN LINE WITH INTERNAL EXPECTATIONS; SLIGHT DECREASE OF REVENUES DUE TO LESS FAVOURABLE MARKET ENVIRONMENT

Stable interest income vs. 1Q01

Stable costs vs. 1Q01, with tight costs control expected for 2H02, resulting from the merger of the existing 7 banks into a unique entity

17

2,681

2.60%

3.30%

2001

37.8%

1,483

46.3%

2,709

2.78%

3.30%

1Q’02

37.9%

1,493

46.8%

SELECTIVE LOAN GROWTH KEEPS ASSET QUALITY AT EXCELLENT LEVEL

Gross NPL/Gross Loans

Gross NPL/Gross Loans T-2

Coverage on Total Gross Doubtful loans

Stable Gross NPL/Gross Loans T-2 Ratio

Increased Coverage Ratios

Net Doubtful Loans

Net NPLs

1.0%

+18 bp

-

+10 bp

0.7%

+50 bp

% Ch. On Dec.01

Coverage on Total Gross NPLs

7 MAJOR ITALIAN BANKS ONLY

Very limited increase of Net Doubtful Loans and NPLs due to the economic slowdown

18

S3 PROJECT IS WELL ON TRACKPHASE 1 (JAN - JULY 2002): FROM 7 BANKS TO THE MERGER IN UCI BANCA

Approved acquisition of the minorities by all the Shareholders’ meetings of the Italian Banks

Managing Director and “first line” management of the new 3 banks appointed

Assets and Liabilities of the single banks as well as of the Parent Company identified

1st July 2002: merger date

Organisational charts as well as branch network redesign for all 3 banks completed

Operational models for the 3 new banks defined

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

ORGANISATION

19

PHASE 2 (JULY 2002 – JANUARY 2003):FROM UCI BANCA TO 3 SEGMENT BANKS (RETAIL, PRIVATE AND CORPORATE)

IT INTEGRATION

Completion of IT for new Private and Corporate Bank by Sep02; fine tuning and customer migration by Dec02

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

ORGANISATION

Complete divisionalisation of UniCredit Banca (headquarters and network) to be completed by Sep02

20

1Q2002 Group Highlights

Divisional Reporting

Italian Commercial Banking

Wholesale Banking

Investment Banking

Asset Management

New Europe Banking

Conclusions

Agenda

21

High growing, recurring, non-cyclical and stress-proof Trading Profits generated by:

CorporateLab TradingLab Institutional deriv. Securities

business

Excellent C/I Ratio (21%), 2.3% down on 1Q’01

EXCELLENT RESULTS IN INVESTMENT BANKING, MAINLY DUE TO THE STRONG GROWTH OF CORPORATE DERIVATIVES

1Q’01 % ch.1Q’02

By n

atu

reB

y b

usin

ess

lin

e

Net Interest margin

Trading profits

Total revenues

Net Commissions

Staff costs

Operating income

Net provisions & other costs

Tax expenses

Other costs

Net income

Sales & Trading (incl. Inst. Deriv.)

Investment & Corporate Banking

CorporateLab (Corporate Deriv.)

TradingLab (Retail Derivatives)

(Euro mln)

7

179

6

192

68

4

46

74

-19

-26

147

-4

-60

83

12

232

26

270

137*

15

63

55

-30

-27

213

-5

-86

122

+71

+30

+333

+41

+101

+275

+37

-26

+58

+4

+45

+43

+47

Exceptional results for CorporateLab: 1Q’02 Revenues accounting for 62% of FY’01 Results (Euro 220 mln)

Significant growth in Investment and Corporate Banking, despite the negative market scenario

* 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

N. m.

22

-8

-6

-4

-2

0

2

4

6

8

TRADING RISKS UNDER STRICT CONTROL,WITH A FURTHER CONSIDERABLE IMPROVEMENT OF THE AV. DAILY P&L / AV. DAILY VAR RATIO

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

No negative daily P&Ls in 2002 up to end of March

No negative outliner from 1st

January 2001

UBM+TL Daily VAR(1) and P&L (Jan. 2001 - Mar. 2002)

Euro mln

UB

M+

TL D

aily V

AR

an

d P

&L

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

More and more efficient use of VaR Channel: Avg Daily P&L / Avg Daily VaR Ratio from 17% in 1999 to 33% in 1Q2002

Avg Daily P&L / Avg Daily VaR

21%

1999 2000 2001

23%

17%

33%

1Q02

23

1Q2002 Group Highlights

Divisional Reporting

Italian Commercial Banking

Wholesale Banking

Investment Banking

Asset Management

New Europe Banking

Conclusions

Agenda

24

BRILLIANT NET SALES IN THE US AND INTERNATIONAL BUSINESS AREAS ...

TOTAL PIONEER AuM

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)

(2) Including FX effect(1) Based on official BCE FX as at 31.12.2001

Non Captive/Total AuM(3) - Assets Breakdown

25,31%

29,22%

30,71%

20%

22%

24%

26%

28%

30%

32%

2000 2001 30 April 2002

New Europe

International

(Euro mln)

USA

Italy

30st Apr. 2002

2001(1) Inv.Perf.(2)

of which Institutional (3)

Net Sales

111,049

21,742

85,580

5,731

2,683

1,044

+2,478

+1,836

-140

+276

+671

+111

-1,623

-940

-742

-156

+44

+15

111,904

22,638

84,698

5,851

3,398

1,170

(3) Excluding Proprietary Funds

25

...AND A STRONG EFFICIENCY IMPROVEMENT LEADING TO A 30% EBIT INCREASE

Revenues (1)

130 138+37%

Managerial EBIT

35

48

Managerial C/I Ratio

73%65%

112.2 112.5

Average AuM

46.4 49.1

Revenues on Av. AuM, bp(2)

(1) Revenues from pure Asset Management

Managerial EBIT on Av. AuM, bp (2)

37

1Q01

131

72%

110.5

47.3

1Q02/1Q01% ch.

+30%

1Q02/Av.01% ch.

Av.01 1Q02

1Q01 Av.01 1Q02

1Q01 Av.01 1Q02

1Q01 Av.01 1Q02

+0.3%

+1.8%

1Q01 Av.01 1Q02

+6%

+5%

(2) Annualised data

12.5

17.213.4

1Q01 Av.01 1Q02

26(*) 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

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

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

PIONEER brings VALUE CREATION Momentum* brings

MOMENTUM ACQUISITION PERFECTLYFITS PIONEER’S STRATEGY, COMPLETING THE PRODUCT RANGE AND REINFORCING THE DISTRIBUTION NETWORK

27

1Q2002 Group Highlights

Divisional Reporting

Italian Commercial Banking

Wholesale Banking

Investment Banking

Asset Management

New Europe Banking

Conclusions

Agenda

28

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)

Net Interest Income

1Q01

154190

324359

52.5%

47.1%

Operating Income

Total Revenues

Cost/Income

207245

117 114

Non NetInterestIncome

+23.4%

-5.4 pp

(Euro mln)

OPERATING INCOME UP 23% Y/Y AND NET INCOME GROWTH AT +19% Y/Y (+23% AND +18% AT END 1Q02 FX RESPECTIVELY)

+23.4%

-2.6%

-2.6%

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

At end of March FX

At end of period FX(1)

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

(1) Exchange ratio of 31 mar 02 for 1Q02, exchange ratio of 31 mar 01 for 1Q01

(2) End of period

1Q02

1Q01 1Q02

1Q01 1Q02

1Q01 1Q02

1Q01 1Q02

+10.8%

+10.1%

+18.4%

+17.2%

-5.7 pp

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(1) Balance due to Splitska Banka, consolidated by Net Equity Method

NEW EUROPE BANKING NET INCOME – UCI’s PORTION: EURO 54 mln (+12.5% y/y)

BULBANK 10%(Euro 5 mln)

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

GROUP PEKAO 80% (Euro 43 mln)

Total Division (1)

Total Revenues, (Euro mln)

Operating Income, (Euro mln)

Uni Banka

Group Pekao

Bulbank

9

4

15

8173

330

C/I Ratio, % 60.745.147.5

359

190

47.1

ROE,% 11.411.118.6 18.4

(2) Calculated at Unchanged FX as at the end of March 2002

* Formerly Pol’nobankaSPLITSKA 8% (Euro 4 mln)

UNIBANKA* 2% (Euro 1 mln)

Differently from FY01 Splitska is

consolidated by net equity method

% Ch. y/y on Tot. (2)

+10

+23

-57 bp

+92 bp

30

Net Doubtful Loans

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

9.0

2001 1Q02

9.2

2.5 2.8

restated

78.6

2001 1Q02restated

78.6

54.6 56.8

Coverage ratios

Net Doubtful Loans/ Total Net Loans

Net NPLs/ Total Net Loans

On Gross Doubtful Loans

On Gross NPLs

Net NPLs

876 -3.3

+6.2240

Dec. 2001*

% ch. on

Dec.’01(Euro mln)

847

255

1Q’02

* Restated

Selective and conservative lending policies (weight of net non-performing and doubtful loans on total loans nearly stable)

Improvement of coverage ratios

Implementation of new lending rules and procedures, active monitoring

Effective recovery actions

31

New IT systems in Pekao and Bulbank to be completed by 2003

REVENUE GROWTH, RISK CONTROL AND INCREASED EFFICIENCY TO BE SUPPORTED BY THE IMPLEMENTATION OF NEW PROJECTS

“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)

32

1Q2002 Group Highlights

Divisional Reporting

Italian Commercial Banking

Wholesale Banking

Investment Banking

Asset Management

New Europe Banking

Conclusions

Agenda

33

SUMMING UP

S3 project well on track

Strong innovation capability results in high value added products for corporate and retail customers

Business diversification enhances the Group’s revenue generation capability (+3.4% on 2001 quarterly average)

Good cost control (+0.4% on 2001 quarterly average), C/I Ratio at excellent levels (51%)

Stable total doubtful loans with higher coverage ratios

Good Net Income growth on 2001 quarterly average (+10.3%), in line with our expectations and targets

34

Annexes

35

1Q02 CONSOLIDATED INCOME STATEMENT

Net extraordinary income

Net interest income (incl. dividends)

Net non interest income

Total revenues

Operating income

Tax rate, %

Net loan loss provisions

1Q01 % ch.

Administrative costs (incl. depr.)

Net income -3.1

1,288

1,169

2,457

175

30

+7.0

-0.2

+3.3

414

+1.7

n.m.

1,242 +4.3

1,215 +2.2

Other net provisions* 30 -33.3

44.9

Goodwill depr. 64 +0.0

1Q02

44.9

1,251

1,286

2,537

1,295

1,242

178

-16

401

20

64

(Euro mln)

Minorities 124 +4.8130

Taxes 438 -1.1433

(*) Including provisions to general banking risk fund

% ch. on Avg. 01

+10.3

+2.7

+4.1

+3.4

-7.3

n.m.

+0.4

+6.7

-72.2

-7.6

Avg.01

1,218

1,235

2,453

1,289

1,164

192

54

364

72

69

+2.6127

+9.8394

44.5

36

ASSET QUALITY BY DIVISION

Coverage ratios

-on total gross NPL, %

-on tot. Gross doubtful loans, %

Total gross doubtful loans

Italian banks

Dec.01(2) 1Q02

New Europe banks

Other (1) Group

1Q02 1Q02 1Q02

Gross NPL% change on Dec. ‘01

Gross NPL/Tot. Gr. Loans,%

Net NPL/Tot. Net Loans,%

2,761 1,119 245 4,125

+9.4 +3.4

2.7 10.3 1.7 3.4

1.5 2.5 0.6 1.6

4,309 1,928 457 6,694

1.8 +1.4

46.3 78.6 64.9 56.1

37.8 54.6 43.7

(1) Mainly Locat, UniCredit Factoring and Parent Company

Net Doubtful Loans/Tot. Net Loans,%

3.22.7 9.0 1.5

53.4

(Euro mln)

2,805

2.8

1.6

4,363

46.8

37.9

2.8

+1.6

+1.2

+6.5

+1.8

1,192

11.5

2.8

1,962

78.6

56.8

9.2

Dec.01(2)

268

1.6

0.6

465

62.7

1.3

54.0

4,265

3.6

1.6

6,790

56.7

44.5

3.3

% change on Dec. ‘01

Dec.01(2) Dec.01(2)

(2) 2001 restated

37

1Q02 RESULTS BREAKDOWN BY DIVISION

Italian banking

Wholesale banking

New Europe banking

New Initiatives

Corp. Centre

& elisions

Group total

Interest margin (incl. div.) 990 1,2514 245 1 11

Net non interest income 913 1,286395 114 3 -139

Total revenues 1,903 2,537399 359 4 -128Administrative costs (incl. depr.) 953 1,295148 169 19 6

Operating income 950 1,242251 190 -15 -134Net provisions and other costs

126 1985 50 - 17

Tax expenses 355 43393 49 - -64

Net income for The Group 381 401146 54 -15 -165

of which: Staff 537 76883 87 3 58

Goodwill depreciation - 64- - - 64

Net income 467 531153 93 -15 -167

Extraordinary Income -2 -16- +2 - -16

(Euro mln)

38

UBM T.Lab

ASSET MANAGEMENT (Pioneer+UCI Capital Italia)

Interest margin (incl. div.) 19 -7 12 -8 4

Net non interest income 197 62 258 137 395

Total revenues 216 55 270 129 399

Administrative costs (incl. depr.)

39 19 57 90 148

Operating income 177 36 213 39 251

70

0 0 0 0

Net income for The Group 101 21 122 24 146

of which: Staff 24 6 30 52 83

Net income 101 21 122 31 153

Extraordinary Income 0

15 86 7 93

(Euro mln) TOTALINVESTMENT BANKING(1)

TOTALWHOLESALE BANKING (2)

Tax expenses

C/I Ratio, % 18 34 21 69 37

WHOLESALE BANKING DIVISION INCOME STATEMENT

(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

Interest margin (incl. div.)

Net non interest income

Total revenues

Operating costs (incl. dep.)

Net operating income

Net income

ROE

Cost/income(excl. goodwill dep.)

- Staff costs

- Other costs

TOTAL (1)UNI BANKA (72,4%)

Group PEKAO (53,2%)

BULBANK (85,2%)

224 10 7 245

114

359

169

190

93

18,4%

47,1%

3

9

6

4

2

11,4%

60,7%

5

15

7

8

11,1%

45,1%

106

330

157

173

18,6%

47,5%

81

872382

643359

Net loan loss provisions 482047

Tax Rate 34%28%36% 21%

(1) Including Euro 4.2 mln due to Splitska Banka consolidation at net equity; balance due to roundings

(Euro mln)

(UCI stake)

6

Net income (UCI’s portion) 54143 5