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

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Presentation on theme: "Milan, May 14 th 2002 1 st Quarter 2002 Results Alessandro Profumo - CEO UniCredito Italiano Group."— Presentation transcript:

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

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

3 3 2,453 TOTAL REVENUES (Euro mln) OPERATING EXPENSES (Euro mln) 1Q01 01 Avg 1Q02 2,457 2,537 1,242 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 +3.3% +3.4% +4.3% +0.4% +2.2% +6.7% (Euro mln)

4 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) Operating Income GoodwillNet loan loss prov. Other net prov. Net Extr. income TaxesMinoritiesNet +1, amort 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 % 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 1Q restated Q Avg 1Q restated 20.8 (1) 1Q01 01 Avg 1Q (2) 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) (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 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 BankingNew Europe Banking 75.4% 12.6% 4.6% 7.4% 71.4% 13.5% 4.8% 10.1% 1Q’01 restated : Euro 2,591 mln1Q’02: Euro 2,665 mln New Initiatives 0.2% INCREASED CONTRIBUTION OF WHOLESALE BANKING AND NEW EUROPE BUSINESSES...

7 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, ,457 1Q02 1, ,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 8 (Euro mln) New Europe (at unchanged FX) Q01 Italian banking GOOD NET INTEREST INCOME GROWTH DESPITE A WEAK ECONOMIC CICLE BOTH IN ITALY AND IN NEW EUROPE 1Q ,170 1,251 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 1Q011Q02 Avg 01 1Q011Q02 Avg 01 1, % -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 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 COMMISSIONS 01 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 Mutual funds Securities in custody83 - Other services, of which: Insurance products TOTAL Loans granted & received Cash manag. services Segregated accounts

10 10 Total Group Insurance Portfolio as at : Euro 13,434 mln, +7.7% yoy, of which: Euro 9,452 mln unit-linked Euro 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’ Tot: 1,018 1Q’ Tot: 465 1, Q’01 Tot: 1,989 2, Q’01 Tot: 3,988 1Q’02 1, Tot: 2, 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 : Euro 1,018 mln, of which: Euro 963 mln Single Premiums Euro 55 mln Annual Premiums LIFE INSURANCE

11 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) Banking Investment 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’ (1) 1Q’ (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 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) 1Q0101 Avg 1Q02 restated ,242 1,289 1,295 Staff Costs Other costs Depreciation +7.0% -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 (-1.9% y/y) restated +4.3% +0.4%

13 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 Q restated Q02 restated Coverage ratios Net Doubtful Loans/ Total Net Loans Net NPLs/ Total Net Loans On Gross Doubtful Loans On Gross NPLs Net NPLs 3, ,809 Dec. 2001* % ch. on Dec.’01 (Euro mln) 3,770 1,848 1Q’02 * Restated Slight increase of Net NPLs (+2.1% on restated) compensated by the reduction of other doubtful loans (- 2.0% on 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 14 DIVISIONAL CONTRIBUTION TO GROUP NET INCOME 24 (1) 54 (1) % +1.2% N.m. 381 (1) % 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 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 15 1Q2002 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

16 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 Net non interest income Total revenues1, ,903 Administr. costs (incl. depr.) Operating income 1, Net loan loss provisions Net extraordinary income 8 N. m. -2 Net income Other net provisions (Euro mln) Tax expenses Net income for the Group 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 17 2, % 3.30% % 1, % 2, % 3.30% 1Q’ % 1, % 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 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 18 S3 PROJECT IS WELL ON TRACK PHASE 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 1 st 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 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 20 1Q2002 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

21 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 nature By business line 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) * 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 22 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 1 st January 2001 UBM+TL Daily VAR (1) and P&L (Jan Mar. 2002) Euro mln UBM+TL Daily VAR and P&L Daily P&LVaR (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 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% % 17% 33% 1Q02

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

24 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 Non Captive/Total AuM (3) - Assets Breakdown 25,31% 29,22% 30,71% 20% 22% 24% 26% 28% 30% 32% April 2002 New Europe International (Euro mln) USA Italy 30 st Apr (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, , ,904 22,638 84,698 5,851 3,398 1,170 (3) Excluding Proprietary Funds

25 25... AND A STRONG EFFICIENCY IMPROVEMENT LEADING TO A 30% EBIT INCREASE Revenues (1) % Managerial EBIT Managerial C/I Ratio 73% 65% Average AuM Revenues on Av. AuM, bp (2) (1) Revenues from pure Asset Management Managerial EBIT on Av. AuM, bp (2) 37 1Q % Q02/1Q01 % ch. +30% 1Q02/Av.01 % ch. Av.01 1Q02 1Q01 Av.01 1Q02 1Q01 Av.01 1Q02 1Q01 Av.01 1Q % +1.8% 1Q01 Av.01 1Q02 +6% +5% (2) Annualised data Q01 Av.01 1Q02

26 26 (*) Total Investment: Euro 120 mln (calculated with Euro/USD FX as at : 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 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 bringsVALUE CREATIONMomentum* brings MOMENTUM ACQUISITION PERFECTLY FITS PIONEER’S STRATEGY, COMPLETING THE PRODUCT RANGE AND REINFORCING THE DISTRIBUTION NETWORK

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

28 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 1Q % 47.1% Operating Income Total Revenues Cost/Income Non Net Interest Income +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% EFFICIENT COST CONTROL Staff costs down 1.1% at unchanged FX ( 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 1Q011Q02 1Q011Q02 1Q011Q02 1Q011Q % +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 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 C/I Ratio, % ROE,% (2) Calculated at Unchanged FX as at the end of March 2002 * Formerly Pol’nobanka SPLITSKA 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) bp +92 bp

30 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 Q restated Q02 restated Coverage ratios Net Doubtful Loans/ Total Net Loans Net NPLs/ Total Net Loans On Gross Doubtful Loans On Gross NPLs Net NPLs Dec. 2001* % ch. on Dec.’01 (Euro mln) Q’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 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 32 1Q2002 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

33 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 34 Annexes

35 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 ,288 1,169 2, n.m. 1, , Other net provisions* Goodwill depr Q ,251 1,286 2,537 1,295 1, (Euro mln) Minorities Taxes (*) Including provisions to general banking risk fund % ch. on Avg n.m Avg.01 1,218 1,235 2,453 1,289 1,

36 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 Gross NPL % change on Dec. ‘01 Gross NPL/Tot. Gr. Loans,% Net NPL/Tot. Net Loans,% 2,7611, , ,3091, , (1) Mainly Locat, UniCredit Factoring and Parent Company Net Doubtful Loans/Tot. Net Loans,% (Euro mln) 2, , , , Dec.01 (2) , , % change on Dec. ‘01 Dec.01 (2) (2) 2001 restated

37 37 1Q02 RESULTS BREAKDOWN BY DIVISION Italian banking Wholesale banking New Europe banking New Initiatives Corp. Centre & elisions Group total Interest margin (incl. div.) 9901, Net non interest income 9131, Total revenues 1,9032, Administrative costs (incl. depr.) 9531, Operating income 9501, Net provisions and other costs Tax expenses Net income for The Group of which: Staff Goodwill depreciation Net income Extraordinary Income (Euro mln)

38 38 UBMT.Lab ASSET MANAGEMENT (Pioneer+UCI Capital Italia) Interest margin (incl. div.) Net non interest income Total revenues Administrative costs (incl. depr.) Operating income Net income for The Group of which: Staff Net income Extraordinary Income (Euro mln) TOTAL INVESTMENT BANKING (1) TOTAL WHOLESALE BANKING (2) Tax expenses C/I Ratio, % 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 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%) ,4% 47,1% ,4% 60,7% ,1% 45,1% ,6% 47,5% Net loan loss provisions 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)

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