1. 2004 CONSOLIDATED RESULTS Alessandro Profumo - CEO Milan - March, 15 th 2005

2. 2 2004 ACHIEVEMENTS Strengthened competitive positioning in Italian banking (market share on loans (1) : +37 bp y/y) Revenue mix enhances stability and predictability of earnings: interest income excl. dividends up 3.7% y/y A well diversified business portfolio supports profitability (New Europe net income: +29% y/y, Private & AM net income: +59% y/y) Improved profitability (Net Income: +8.7% y/y) Effective cost management (headcount down 677 on Jun04) Strong volumes growth (AuM: +9.0% y/y, Loans: +10.8% y/y) provides a sound platform for 2005 (1) Pro-forma, including 2.5 bn relative to the Locat securitisation and 0.5 bn relative to the District Bonds

3. 3 A YEAR OF IMPROVED PROFITABILITY 4Q04 BEST QUARTER OF THE YEAR Total Revenues Euro mln 10,375 2,131 0.336 EPS (2) (Euro) 0.205 -0.7% +8.7% +0.026 +0.034 Operating Income Net Income FY04 Y/Y ch. DPS (3) (Euro) 4,434-5.8% 17.9% ROE (1) +20 bp +5.3% +65.0% % ch. on 4Q03 +9.6% 2,679 627 4Q04 1,124 (1) Calculated on end of period net equity excluding profit for the period (2) N° of shares in 2004 net of 87 mln of treasury stock (3) To be proposed to the AGM 7.35% +38 bp Core Tier I ratio

4. 4 ENHANCED QUALITY OF REVENUES – NET INTEREST INCOME UP 4Q03 New Europe Italy Avg. Euribor 1,140 885 255 3Q04 2.38% 1,217 943 274 NET INTEREST INCOME excl. Dividends 1,304 981 323 4Q04 2.11% Strong interest income growth despite unfavourable interest rate environment Good acceleration Q/Q both in Italy and New Europe Sustained volume growth driving net interest income 2003 4,746 3,709 1,037 4,920 3,794 1,126 2004 +3.7% +2.3% +8.6% +7.2% +4.1% +18.0% +14.4%

5. 5 STRONG VOLUME GROWTH - GAINING MARKET SHARE WHILE MAINTAINING PRICING PREMIUM Total loans (3) up 7.6% y/y, Retail: +16.2% y/y driven by mortgages and consumer credit Corporate: +0.1% y/y, +4.9% gross of securitisations (Locat and district bonds) New Europe: +18.6% y/y (+10.6% at unchanged FX) Stable lending spread y/y (3.82% vs 3.84%) with increasing pricing premium vs industry (53bp vs 38bp y/y) UCI LENDING MARKET SHARE IN ITALY (2) Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) (3) Net of repos On M/L term loans (2) On total loans (2) 11.11% (1) Pro-forma on total loans (2) ex securitisations (1) Pro-forma, including 2.5 bn relative to the Locat securitisation and 0.5 bn relative to the District Bonds

6. 6 LOWER PROPORTION OF UP-FRONT ADDS TO STABILITY OF EARNINGS 92 158 85 649 404 (1) Up-front on AUM and AUC referred to UniCredit Banca, UniCredit Private Banking and Xelion Accounting data NET COMMISSIONS (Euro mln) Up-front (1) Other Weight of Up-front on Total (%) 869 10.6 4Q04 777 857 4Q03 699 18.4 3Q04 11.1 682 767 Total net commissions substantially stable y/y, with improved quality Other net commissions growth key drivers: Fees on guarantees given & loans, +9.5% y/y Fees on segregated accounts & mutual funds (excl. up-front), +11.0% y/y Increasing trend in 4Q04 mainly driven by corporate transaction services and AUM growth -0.5% 19.612.3 3,307 3,289 2,658 2,885 20032004 +8.5% -37.7% +1.4% +13.3% +8.3% +13.9%

7. 7 ENTERING 2005 WITH TOTAL ASSETS UNDER MANAGEMENT AT RECORD HIGH UCI TOTAL AUM (bn) Dec03 UCI mkt. share 3 13.39% Dec04 13.76% UCI the only market share gainer among the big Players in Italy High value added inflows of hedge funds worldwide: 1,431 mln, +48% y/y (1) +2.1% Dec04/Sep04 % change and +7.1% Y/Y % change net of SAFECO AM acquisition completed in 4Q04 Sustained out-performance of the Italian mutual fund market in net sales in 2004 (3) Calculated according to the “old” classification methodology adopted by Assogestioni (pro-forma data for all market players adopting the “new” Assogestioni methodology not available yet) 123 Dec04 128 Sep04 Dec03 117 +4.9% +3.9% 1 +9.0% 1 vs Dec03 Exploiting the value of being a global player: +21.9% y/y growth of AUM in the international business units 2 (2) US + New Europe + International (ex Itlay) Stability of pricing over the last year Italy International 2 31 35 38 86 88 90 +21.9% vs Dec03 +4.6 vs Dec03

8. 8 145 INCOME FROM FINANCIAL TRANSACTIONS (mln) REDUCED WEIGHT OF DERIVATIVES ON CONSOLIDATED REVENUES 4Q03 Of which: Derivatives 1 239 184 3Q04 233 99 4Q04 173 20032004 1,287 993 1,070 694 -22.8% -35.1% Derivatives penalised by extraordinary 2003 results and by the transition of Corporate Derivatives market to the maturity phase -27.9% -25.7% -31.3% Expected stabilisation of consolidated income from financial transactions around 2004 levels (1) Corporate + Institutional + Retail Derivatives

9. 9 EFFECTIVE COST MANAGEMENT (+2.2% Y/Y AND -1.2% 4Q04/4Q03 AT CONSTANT FX) OPERATING COSTS BREAKDOWN (mln) Personnel costs 20032004 3,280 3,388 1,972 490 Other admin. expenses Depr. & amort. 2,081 472 4Q04 840 859 501 122 566 130 3Q04 834 533 150 4Q03 Head count reduction well in progress (-677 from Jun04 to Dec04). Benefits will accrue in 2005 1,517 1,463 1,555 5,742 5,941 +6.3% +13.0% +2.3% +2.5% +6.6% +3.5% +5.5% +3.3% -3.7% Operating costs up 3.5% y/y (up 1.7% at costant fx and adjusted for ANBI) +1.7% +3.2% +1.7% Adjusted by FX effect and acquisition of ANBI -4.1% TOTAL COSTS Personnel costs up 3.3% y/y including new labour contract (up 1.7% at costant fx and adjusted for ANBI)

10. 10 GLOBAL BANKING SERVICES: DELIVERY ON PLAN TARGETS UPA: first steps in Romania (35 people hired in 1Q05 in training process) ICT synergies (approx. 10 mln cost savings from insourcing in 2005) Real estate rationalisation (sale of non core assets in 2004, 128 UCB branches to be closed in 2005) Legal entities reduction (C. R. Carpi and Banca dell’Umbria to be merged into UCI banks in 2005) Staff downsizing (-727 vs 1H04) well on track 2004 39,858 39,368 1H04 -727 Italy 39,131 Feb05

11. 11 Stated cost of risk Provisions on performing loans 1,307-1.6% Coverage ratio 0.96%-5 bp Gross Doubtful Loans 9,469+1.7% 63 bp-1 bp 2 Weight on Gross Loans 6.47%-13 bp mln, where not specified Gross Non Performing Loans 6,586+2.1% Weight on Gross Loans 4.50%-7 bp (2) Calculated on FY03 cost of risk (76 bp) net of extraordinary provisions on Parmalat (12 bp) 2004 ch. on 2003 Dec04 ch. on Sep04 ASSET QUALITY: SIGNIFICANT REDUCTION OF NET FLOWS OF NEW DOUBTFUL LOANS (1) Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing Limited growth of gross doubtful loans (+1.7% q/q and +6.3% y/y) Increased coverage ratios on doubtful loans: Cost of risk at 63 bp (of which 16 bp for provisions on performing loans), in line with 2003 net of Parmalat 2 60.2% on NPLs (vs 59.7% as of Dec03) 48.2% on total doubtful (vs 47.1% as of Dec03) 1.3 bn provisions on performing loans (+116 mln vs Dec03) 190 2003 2,208 2004 1,925 -12.8% Of which: Parmalat -4.6% ex Parmalat NET FLOWS OF NEW DOUBTFUL LOANS 1, (mln)

12. 12 MAIN NON OPERATING EFFECTS IN 2004 Lower tax rate mainly due to tax-free extraordinary gains, positive effects of “tax calculation on consolidated P&L” Tax rate from 39% to 32% Restructuring charges fully expensed in 2004-246 mln Release of provisions for general banking risks+130 mln Extraordinary gains to offset restructuring charges Deferred taxes Disposal of real estate +155 mln +132 mln EFFECT Provisions to “future charges related to shareholdings”-73 mln

13. 13 PERFORMANCE VS. 2007 STRATEGIC PLAN 62 (1 ) (2) Pro-forma, excluding Parmalat provisions % weight of up-front revenues 2003 12.5 2007 6.7 Italy, total lending mkt share, % 2003 10.74 2007 12.60 2004 (1) Cost Income ratio, % 2003 55 2007 50 Cost of risk, pb 2007 60 2004 57.3 2004 7.8 11.11 2003 76 2004 63 64 (2) Further reduction of weight of up- front revenues on total (wealth management and derivatives) Customer satisfaction as a driver for market shares increase Processes Revenues Service to customers Process redesign leading to efficiency improvements AssetsCost of risk reduction (1) Pro-forma, including 2.5 bn relative to the Locat securitisation and 0.5 bn relative to the District Bonds

14. 14 GROUP RESULTS BENEFITING FROM BUSINESS DIVERSIFICATION CONTRIBUTION TO GROUP NET INCOME BY DIVISION y/y % ch. 949Corporate-2.7% 545Retail-6.7% 2,131 TOTAL GROUP +8.7% 398New Europe+29.2% CONTRIBUTION TO GROUP NET INCOME PRE CORPORATE CENTRE AND ELISIONS 390Private & AM+58.5% mln

15. 15 CAPITAL ALLOCATION – DIRECTING CAPITAL TO HIGHER-RETURN BUSINESSES (1) End of period, net of minorities (3) Pay-out ratio: 60% 2004 RORAC (4) 36.9% 30.8% 19.8% 17.4% 17.7% Private & AM NERetailCorporateGroup Cost of equity 8.58% ABSORBED CAPITAL (1) Total Group 9.6 bn 2003 +2.5 y/y % ch. (2) 9.8 bn 2004 Retail 51.3%+0.9 28.9% NE 27.7%+10.0 12.9% Corporate 12.4%+9.3 49.1% Private & AM 8.6%+12.09.1% Divisional weight Excess Capital (3) 0.2 bn0.8 bn Marginal RARORAC (4) Return on risk adjusted capital = Marginal Rarorac + Cost of Equity (2) On Absorbed Capital

16. 16 RETAIL DIVISION: STRONG LENDING MARKET SHARE INCREASE DRIVING NET INTEREST INCOME TURNAROUND (1) Management accounts (2) Management accounts, includes also maximum overdraft charges 630 596 557 547 563 570 593 612 1Q032Q033Q034Q031Q042Q043Q044Q04 STEADY GROWTH OF NET INTEREST INCOME (ex dividends) Mortgages +22.9% y/y Consumer credit +31.2% y/y Small Business +10.8% y/y 4Q average spread (1) on: new mortgages at 1.28% for UCB (stable q/q) and 1.43% for UBCasa (-3 bp q/q) small business (2) s/term loans at 8.37% (+5 bp q/q) revolving cards at 10.62% (+6 bp q/q) EXCELLENT LENDING GROWTH, +16.4% Y/Y GOOD PRICING RESILIENCE IN ALL KEY MARKETS Avg. Euribor 2.46% 2.78% 2.14% 2.09% 2.16% 2.09% 2.11% 2.15%

17. 17 -610 vs. June 04 RETAIL DIVISION OPERATIONAL ACHIEVEMENTS 1H04 25,467 2004 25,136 TOTAL STAFF EFFECTIVE COST MANAGEMENT ALREADY TANGIBLE… HIGH FOCUS ON WEALTH MANAGEMENT PRODUCTS GENERATING RECURRING REVENUES 2003 0.1 2004 3.5 SALES OF SEGR. ACCOUNTS INVESTING IN FUNDS, bn GOOD CUSTOMER SATISFACTION POSITIVELY IMPACTING CHURN RATE UniCredit Banca: 70,000 Small Business customers acquired 30,000 net new Small Business customers … WITH BENEFITS FROM STAFF REDUCTION EXPECTED IN 2005 2002 (1) 2,956 2003 (1) 2,930 OPERATING COSTS, mln 2004 2,957 FEB 05 24,857 (1) Pro-forma to make perimeter comparable with 2004

18. 18 CORPORATE DIVISION: NET INTEREST INCOME GROWTH DRIVEN BY HIGHER LOANS AND RESILIENT SPREAD (2) Only UBI + UBMC (Source: BankIT Matrix) (3) Calculated on SMEs + Other corporate. Discount the securitisation of ~500 mln for Neafidi and Eurafidi district bonds. Share of wallet at ~12.6% adding back these amounts NET INTEREST INCOME (excl. dividends), (mln) (1) Of which ~12 mln recovered as “Other income” 20032004 1,421 1,486 +4.6% 23.4 TOTAL LOANS (ex Repos), (bn) Dec03 62.8 Dec04 (Gross of securitisations) 65.9 +4.9% y/y Of which: M/L 2 25.6 +9.2% y/y 3 Securitisations Loan growth impacted by securitisations for ~3 bn (2.5 bn Locat in 4Q and 0.5 bn district bonds in 1Q & 4Q); y/y growth at 4.9% gross of securitisations Significant contribution of M/L term lending UBI share of wallet at 12.4% 3 (vs 12.3% as at Dec03) Higher lending spreads for UBI (2.34% Avg. 2004, +8 bp y/y) 356 387 360 4Q033Q044Q04 +1.1% -7.0% 4Q negatively impacted by Locat securitisation (~22 mln 1 )

19. 19 HIGH FOCUS ON SERVICE REVENUES NET COMMISSIONS, (mln) 20032004 571 604+5.8% 143 131 157 4Q033Q044Q04 +9.4% +19.4% Foreign trade services: 135 mln, +24.1% y/y Transaction services: 71 mln, +7.8% y/y Commercial focus on most recurring service-revenues: More balanced revenue composition for UBM Derivatives still main source of revenues for UBM (~75%) … … with a more balanced mix: higher weight of Institutional … … and lower weight of Corporate Derivatives

20. 20 Dec04 … with increased market shares: PRIVATE & ASSET MANAGEMENT DIVISION: SIGNIFICANT GROWTH OF TOTAL FINANCIAL ASSETS LEADING TO HIGHER REVENUES Strong Tot. Financial Assets growth (+12.0% y/y 1, up to 172 bn) … All figures at unchanged FX (1) 10.3% net of SAFECO AM acquisition, completed in 4Q04 … driven by good net sales … Asset Management: 3.5 bn Asset Gathering: 8 bn 2, of which 1.2 bn of AM products Italy – Mutual Funds13.76% Poland – Invest. Funds34.46% Xelion – Net Sales 4 25.23% (4) Assoreti perimeter (2) Of which 4.9 bn related to relevant equity investments transferred under UPB’s custody 20032004 1,085 1,167 91 78 +7.5% TOTAL REVENUES (bn) Up-front fees Net Commissions (ex up-front fees) Other revenues 912 815 179 177 -1.1% -13.5% +11.9% Same growth than Total Financial Assets = stability of pricing Dec03 13.39% 30.36% 13.66% Asset Management: +10.0% y/y, up to 130 bn Asset Gathering: +11.2% y/y, up to 66 bn … and excellent performances … 32 nd percentile rank on average worldwide for Pioneer “long funds” 24 th percentile rank for mutual funds sold in Italy 3 vs Italian peers (3) Calculated on the aggregate Italy + Luxemburg domiciled Pioneer branded mutual funds

21. 21 ENHANCED EFFICIENCY AND STRONG OPERATING INCOME PERFORMANCE All figures at unchanged FX Improved efficiency, exploiting economies of scale Operating Income: 4Q04 best quarter since P&AM Division inception Net income up to 390 mln (+61% y/y) also positively impacted by extraordinary items and lower taxes 68 mln extraordinary gains (of which ~60% related to deferred taxes) Tax rate -14.5 pp (to 16.4%) mainly due to benefits from fiscal consolidation and tax- free extraordinary gains C/I RATIO, % 3Q044Q04 63.7 59.9 -374bp 20032004 64.1 63.2 -77bp OPERATING INCOME (mln) 3Q044Q04 99 135 +36.9% 20032004 390 429 +9.8%

22. 22 GOOD LENDING GROWTH: +10.5% Y/Y (+18.5% at current FX) GROWTH IN MUTUAL FUNDS DRIVING HIGHER REVENUES AND GAINS IN MARKET SHARE All figures stated at unchanged FX (1) Management accounts in LAS ITAS 2004 1,647 2003 Mortgages (1) (Euro mln) 2,104 +27.8% 2004 281 2003 Leasing (Euro mln) 385 +36.7% 2004 1,854 2003 Consumer credit (1) (Euro mln) 2,056 +10.9% 2004 3,566 2003 Mutual Funds (2) (Euro mln) 4,835 +35.6% 2004 628 2003 Net non interest income (Euro mln) 681 +8.4% 2004 30.4% 2003 Market share (PPIM (3) ) 34.5% +4.1 pp NEW EUROPE DIVISION: SIGNIFICANT VOLUME GROWTH (3) Pioneer Pekao Investment Management (2) New Europe Business Area of Pioneer is included at current FX

23. 23 CONSTANT IMPROVEMENT IN ASSET QUALITY NET INCOME POSITIVELY IMPACTED BY LOWER TAXES HIGHER OPERATING INCOME: +6.6% Y/Y ITAS 2004 1,751 2003 Total Revenues (Euro mln) 1,835 +4.8% 2004 56.0 2003 Cost/income (%) 55.2 -0.8 pp 2004 122 2003 Cost of risk (bp) 89 -33 bp 2004 64.1% 2003 Coverage ratio of doubtful loans 70.8% +6.7 pp 2004 25.3 2003 Tax rate (%) 17.6 -7.7 pp 2004 324 2003 Attributable Net income (Euro mln) 398 +22.8% GOOD ECONOMIC PERFORMANCE COUPLED WITH IMPROVED ASSET QUALITY All figures stated at unchanged FX

24. 24 NET INCOME FOR THE GROUP y/y % ch. 167 Pekao+39.6% 102Zaba+10.6% NE Division 73 KFS+25.5% 56Others+5.7% PEKAO, ZABA & KFS INCREASE THEIR WEIGHT IN THE GROUP PEKAO Strong volume growth (mortgages (1) +80.6% y/y, mutual funds (2) +28.9% y/y) Focus on revenues from services (net non interest income +13.8% y/y) Improved asset quality (net doubtful loans -36% y/y) Lower tax rate (statutory and one-off) ZABA Increased volumes (net loans +8.3% y/y, deposits +10.4% y/y) Good asset quality (net doubtful loans -25.8% y/y) Launch of new products in corporate (mainly cash management & leasing) and in retail (196,000 new C/A packages) KFS Higher quality of revenues through fee generating products (+15% mutual funds stock, 245,000 new cards, 6.800 new C/A packages) Decreased cost of risk (to 179 bp from 282 bp in 2003) Strong increase in n° of clients (approx. +158,000) (1) Management accounts in LAS, only LC (2) Pioneer Pekao Investment Management All figures stated at unchanged FX 398+22.8 (3) % (3) +29.2% at current FX

25. 25 2005 PRIORITIES: HOLDING THE BAR TO ACHIEVE 3-YEAR PLAN TARGETS Building on 2004 achievements: Growth in market shares in lending and financial assets to drive revenue growth: Higher lending volumes in mortgages, consumer credit, small business in Italy and New Europe Increase share of wallet of corporate customers while enhancing service revenue contribution Leveraging on AM division global presence to increase AuMs Cross-selling of asset gathering products to existing small business customers Deliver efficiency improvement in line with 3-year plan Strict control of cost of risk Active Capital Management driving value creation and total shareholder return

26. 2004 RESULTS - ANNEXES

27. 27 AGENDA Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

28. 28 (1) Net write-downs of financial investments, provisions for risks and charges, provisions for possible loan losses and provisions to reserve for general banking risk 4Q04 & FY04 CONSOLIDATED INCOME STATEMENT Net extraordinary income Net non interest income Total revenues Operating income Provisions on loans Administrative costs (incl. depr.) Other net provisions (1) Goodwill depr. (Euro mln) Minorities Taxes % ch. on 4Q03 Net interest income (incl. div.) - of which Dividends -3.7 +5.3 -41.7 -61.9 +2.5 +9.6 -23.5 +1.7 +54.5 -32.5 +15.2 % ch. on 3Q04 4Q04 1,277 2,679 -1,555 1,124 -231 61 -91 -61 -34 -141 1,402 98 +5.1 +7.5 +4.1 +10.9 +6.3 +9.1 n.m. -15.3 -32.0 -46.6 +9.7 +60.7+27.3 y/y % ch. FY04 5,175 10,375 -5,941 4,434 -891 218 -149 -276 -169 -1,036 5,200 280 Net income+65.0 627 +37.8 2,131 +8.7 -5.3 -0.7 -6.9 +1.4 +3.5 -5.8 -46.8 +4.5 +36.3 -22.4 +4.3 +16.2

29. 29 Retail Division Corporate Division Priv.& AM Division NE Division Total Group (1) Total revenues +6.0%-3.3%+18.2%+16.4%+7.5% Operating costs Operating income Net write-downs of loans Net income for the Group C/I Ratio -0.5%+9.5%+10.8%+29.2%+6.3% +20.1%-9.2%+30.7%-1.5%+9.1% +21.5%-16.5%n.m.-4.3%+4.1% -21.9%+4.9%+63.6%-7.4%+37.8% -4.2 pp+4.6 pp-4.0 pp+5.8 pp-0.7 pp (1) Balance due to the Parent Company, other Group companies and elisions (2) Calculated on data at end of period FX (Euro mln - Data at end of period FX) DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 4Q04 1,1576953245292,679 -743-267-193-309-1,555 4144281312191,124 -84-103-1.5-30-231 126203143106627 64.2%38.4%59.6%58.6%58.0% (3) Including all the employees of Koc Financial Services (3,921 as at 31.12.2004) Employees (3) 25,1366,3343,70029,54070,543 4Q04 RESULTS % Change vs 3Q04 (2) Change in pp vs 3Q04 (2)

30. 30 NET INTEREST INCOME 4Q031Q043Q032Q031Q03 Avg. Euribor 2.46% 2.78% 2.14% 2.09% 2.16% 2Q04 2.09% 1,140 1,189 1,160 1,193 1,251 885930911924988 1,210 939 255259251268263 270 3Q04 2.11% 1,217 943 274 (1) Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) NET INTEREST INCOME excl. Dividends 1,304 981 323 4Q04 2.15% +4.1% +10.9% On M/L term loans (1) On total loans (1) UCI (2) Market Share Italian industry Total Loans (1), y/y % ch. UCI (2) (2) Proforma including ANBI in 2003 and excluding Locat and District Bonds securitisations in 2004 New Europe Italy ex. Parent Company 11.11% (1) On total loans (1) ex securitisations +7.2% +14.4%

31. 31 % ch. on Dec03 % ch. on Sep04 GOOD VOLUME GROWTH MAINLY SUPPORTED BY RETAIL AND NEW EUROPE Dec04 TOTAL CUSTOMER LOANS 1 Breakdown By Division (bn) 1 Excl. Repos +6.0 Retail+16.2 Corporate+0.1 New Europe+18.6 TOTAL GROUP+7.6 Other 56.7 62.9 14.0 135.6 2.0 +4.5 +0.4 +1.8 -35.3-20.9 +2.5New Europe (unchanged FX)+10.614.0

32. 32 Up-front (1) Other Weight of Up-front on Total (%) NET COMMISSIONS: QUARTERLY TREND 869 10.6 4Q04 92 777 781 1Q03 798 1Q04 839 2Q03 830 3Q03 857 4Q03 686 630 699 673 656 151 183 157 158 112 855 2Q04 116 19.321.818.918.414.113.6 3Q04 85 11.1 682 739 +13.9% 767 (1) Up-front on AUM and AUC referred to UniCredit Banca, UniCredit Private Banking and Xelion Accounting data

33. 33 41.4 23.9 23.1 34.8 123.2 Dec04 40.4 25.8 23.9 37.9 128.0 Sep04 NET SALES OF MUTUAL FUNDS (Italy): UCI vs ITALIAN INDUSTRY DETAILS ON TRENDS OF UCI’S TOTAL ASSET UNDER MANAGEMENT AND MARKET SHARE IN THE ITALIAN MUTUAL FUND INDUSTRY Dec03 UCI Jun04Sep04 13.39%13.51%13.63% UCI TOTAL AUM (bn) ItalyUS, New Europe & Intl. Mutual & Hedge Funds Segregated Accounts Insurance Dec03 +4.6% vs Dec. 03 42.8 22.7 20.6 31.3 117.4 +11.2% +4.9% +12.1% +5.3% -3.3% +9.0% +3.9% 1 +3.4% +7.6% -2.2% +21.2% vs Dec. 03 +9.0% 1 vs Dec. 03 ASSET MIX (PGAM) Avg.3Q03 Equity + Hedge Avg.4Q04 30.1%31.0% Bond + Liquidity61.3%61.4% Balanced + others8.6%7.6% Dec04 13.76% US, New Europe & International -391 UCI ITALIAN INDUSTRY -9,803 TOP 3 PLAYERS (EX UCI) -18,117 Avg.2003Avg.2004 27.4%30.3% 62.5%61.1% 10.1%8.6% MUTUAL FUNDS (Italy): UCI’S MARKET SHARE 2 EVOLUTION (2) Calculated according to the “old” classification methodology adopted by Assogestioni (pro-forma data for all market players adopting the “new” Assogestioni methodology not available yet) (1) +2.1% Dec04/Sep04 % change and +7.1% Y/Y % change net of SAFECO AM acquisition completed in 4Q04

34. 34 INCOME FROM FINANCIAL TRANSACTIONS (mln) 99 145 4Q031Q032Q033Q03 436 365 349 324 263 196 239 184 292 1Q04 199 2Q04 295 252 3Q04 233 4Q04 173 DETAILS ON CONSOLIDATED INCOME FROM FINANCIAL TRANSACTIONS – QUARTERLY TREND Of which: Derivatives 1 (1) Corporate + Institutional + Retail Derivatives

35. 35 NON OPERATING ITEMS Operating income Goodwill amort. Net Income Net write-downs of loans Other net provisions (1) Net extraord. income Taxes Minorities 1Q04 1,070 -71 466 -192 -9 2 -296 -38 2Q04 1,210 -72 583 -246 -27 100 -335 -47 4,434 -276 2,131 FY04 -891 -279 218 -1,036 -169 (1) Net write-downs of financial investments & provisions for risks and charges 3Q04 1,030 -72 455 -222 -22 55 -264 -50 4Q04 1,124 -61 627 -231 -221 61 -141 -34 Reserve for general bkg risk --130-

36. 36 -on tot. Gross doubtful loans, % 37.9%36.5%48.0%72.4%38.2%35.7%70.8%48.2% -on total gross NPL, % 48.7%42.6%84.5%60.1%48.7%40.7%84.8%60.2% Total gross doubtful loans 3,4792,8692,8069,311 +8.4%+1.7% Net Doubtful Loans/Tot. Net Loans,% 3.58%3.98%2.82%5.83% 3,536 3.86% +1.6%-4.0% 2,755 2.62% 3,040 6.32% 9,469 3.49% % change on Sep04 Gross Doubtful Loans/Tot. Gr. Loans,%6.60%6.23%4.32%18.1%6.06%3.97%18.5%6.47% Total net doubtful loans 2,1601,8237744,839 +14.8%+1.3% 2,185 +1.2%-2.8% 1,7718884,901 % change on Sep04 ASSET QUALITY: DETAILS BY DIVISIONS Coverage ratios Retail Division Sep 04Dec 04 1 Balance due to other Group companies (mln - Data at end of period FX) Corporate Division NE DivisionTotal Group 1 Gross NPL % change on Sep04 Gross NPL/Tot. Gr. Loans,% Net NPL/Tot. Net Loans,% 2,0951,9402,3206,451 +5.6%+2.1% 3.75%2.92%15.0%4.57% 1.98%1.72%2.71%1.91% 2,153 3.69% 1.95% +2.8%-2.5% 1,891 2.72% 1.66% 2,450 14.9% 2.66% 6,586 4.50% 1.87% Net NPL % change on Sep04 1,0751,1133592,577 +3.9%+1.7% 1,105 +2.7%+0.9% 1,1223732,621 Sep 04Dec.04Sep 04Dec 04Sep 04Dec 04

37. 37 Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

38. 38 RETAIL DIVISION: P&L Interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income Cost/income ratio, % Y/y % ch. Q/q % ch. 4Q04 Net provisions mln Net income for the Group (2) Y/y % ch. - of which: Staff costs - of which: Other adm. expenses - o/w: Net write-down of loans 614 543 1,157 -743 414 126 64.2 126 -388 -334 -84 -110 +1.5 +11.5 +6.0 -0.5 +20.1 -21.8 -421 bp -21.9 +0.7 +0.2 +21.5 +36.2 +13.9 +10.6 +12.3 +3.4 +32.8 +59.8 -552 bp +54.9 +3.3 +12.4 -3.1 -12.3 +0.9 -2.3 -0.6 +2.6 -6.8 -6.6 +211 bp -6.7 +2.8 +4.9 +15.2 +5.6 2004 2,360 1,963 4,323 -2,957 1,366 546 68.4 545 -1,543 -1,322 -281 -335 Net extraordinary income (loss)-123n.m. -129

39. 39 Interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income Cost/income ratio, % TOTAL (1) Banca d. Umbria UniCredit Banca Net provisions mln Net income for the Group (2) UBCasa - of which: Staff costs - of which: Other costs Clarima RETAIL DIVISION: 2004 RESULTS BREAKDOWN BY COMPANY - o/w: Net write-down of loans 2,031 1,817 3,848 -2,681 1,168 412 69.7 396 -1,431 -1,166 -208 -302 107 73 180 -97 83 62 53.8 39 -51 -42 -12 -16 113 12 125 -72 53 21 57.8 28 -24 -45 -23 113 37 150 -72 78 47 48.1 47 -18 -53 -37 2,360 1,963 4,323 -2,957 1,366 546 68.4 545 -1,543 -1,322 -281 -335 (1) Balance due to rounding and elisions of infragroup dividends and goodwill amortisation CR Carpi 37 23 60 -35 25 15 58.8 14 -18 -15 -2 (2) Net of consolidation adjustments and minorities Net extraordinary income (loss) -132311-129-

40. 40 4.8 5.7 RETAIL DIVISION - MORTGAGES AND CONSUMER FINANCING RESIDENTIAL MORTGAGES STOCK, bnNEW FLOWS, bn CONSUMER FINANCING DEC03DEC04 26.2 32.4 +22.9% NEW FLOWS OF PERSONAL LOANS, mln 20032004 93 mln 339 mln REVOLVING CARDS TOTAL SPENDING (3) (+275k revolving cards in 2004) 2Q04 29.3 mkt share (1) 17.17% 17.61% 17.71% (1) Group market share, related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin (3) POS and ATM spending 20032004 693 1,163 +67.9% 20032004 6.9 8.4 +20.9% 2.0 2.5 UCB UBCasa +19.3% +24.1% DEC03DEC04 2.1 2.8 +31.2% STOCK, bn (2) Calculated on ASSOFIN data. Not calculated in 2003 because personal loans were sold directly by UCB and not through Clarima mkt share (4) 2.4% 7.4% 2004 mkt share (2) at 13.2% (4) Calculated on ASSOFIN data

41. 41 RETAIL DIVISION - SMALL BUSINESS STOCK, SPREAD AND CUSTOMER ACQUISITION STOCK, bn 20042003 SHORT TERM SPREAD (1) 20031Q04 (1) Management accounts, includes also maximum overdraft charges 15.0 16.6 +10.8% 8.63% 8.21% 2Q04 8.25% 3Q04 8.32% 4Q04 8.37% 4Q031Q04 12,600 18,000 2Q04 19,000 3Q04 15,000 4Q04 17,500 QUARTERLY TRENDS IN SMALL BUSINESS CUSTOMER ACQUISITION

42. 42 RETAIL DIVISION - CUSTOMER LOANS AND CUSTOMER DEPOSITS BREAKDOWN AND DETAILS OF SHORT TERM SPREADS SB loans (1) Residential mortgages (2) Cons. credit Other loans EOP LOANS, Euro bn UCB AVG. MARK UP (5) (Households), % Other deposits Households c/accounts Bonds EOP DEPOSITS, Euro bn UCB AVG. MARK-DOWN (5) (Households), % 2Q04 2003 pro-forma (3) 2Q042003 +8.1% (1) Includes short term and m/l term loans (2) Includes only households mortgages (3) Including ANBI +11.0% +3.3% +7.8% +0.2% +18.3% +0.4% +1.6% 48.8 26.2 15.0 2.1 5.5 60.2 17.7 15.3 27.2 UCB AVG. MARK UP (5) (Small Business), % 7.18 1Q03 2.32 5.99 7.18 2Q03 2.03 5.93 7.33 3Q03 1.78 5.95 7.04 4Q03 1.72 5.69 7.03 1Q04 1.65 5.60 (4) 2Q04 increase vs. December is due to the issue of bonds by UBCasa to fund mortgage book expansion 4Q04 56.7 67.2 32.2 22.8 (4) 16.6 2.8 5.0 15.1 29.3 +7.4% +10.5% +7.3% +21.8% -8.1% +8.8% -1.9% +6.2% +6.5% 7.08 2Q04 1.65 5.47 (5) Source: Bank of Italy matrix data 52.4 63.9 29.2 21.0 (4) 15.5 2.3 5.5 15.4 27.6 7.33 3Q04 1.67 5.55 +5.1% 7.21 4Q04 1.71 5.42 1Q032Q033Q034Q031Q042Q043Q044Q04 1Q032Q033Q034Q031Q042Q043Q044Q04

43. 43 RETAIL DIVISION - NET COMMISSIONS RETAIL DIVISION: NET COMMISSIONS mln Securities in custody TOTAL RETAIL DIVISION Total Commissions from Wealth Management -Mutual funds (1) -Segregated Accounts (2) Other services -Insurance Products (3) Breakdown by nature (1) Includes subscription and management fees from Plain Vanilla Mutual Funds (2) Includes management fees related to underlying Mutual Funds. Net commissions related to Focus Invest do no impact consolidated results Y/y % ch. +18.2 +9.5 +2.7 -41.8 n.m. +12.4 -5.4 4Q04 98 386 159 38 45 129 77 (3) Includes management fees related to underlying Mutual Funds Q/q % ch. +100.1 +17.4 +0.2 -23.9 +3.2 +6.6 +16.7 2004 248 1,341 619 203 110 474 305 Y/y % ch. -18.3 -3.6 -7.1 -5.8 +64.4 +12.6 -20.4

44. 44 RETAIL DIVISION - DETAILS ON ASSET QUALITY Coverage ratio 48.7%+4 bp Provisions on performing loans 315+4.3% Coverage ratio 0.58%-2 bp Gross Doubtful Loans 3,536+1.6% Coverage ratio 38.2%+30 bp Weight on Gross Loans 6.06%-17 bp mln, where not specified Gross Non Performing Loans 2,153+2.8% Weight on Gross Loans 3.69%-6 bp Cost of risk 50 bp- bp Dec. 04 ch. on Sep. 04 2004 ch. on 2003 (1) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans -5.7% 20032004 908 856 REDUCTION OF NET FLOWS OF NEW DOUBTFUL LOANS (1) VS. 2003 … -8.0% 1H042H04 446 410 … CONFIRMED BY 2H04 TREND VS. 1H04

45. 45 CUSTOMER SATISFACTION PRIVATE CUSTOMERS, TRIM INDEX (1) 20034Q04 47 51 20034Q04 43 40 UNICREDIT BANCAAVG. TOP 4 COMPETITORS Stability of front-end relationship with customers Improved waiting time (shorter queues) Improved advisory on investment services, with room for further improvement SMALL BUSINESS, TRIM INDEX (1) 20034Q04 42 48 20034Q04 41 36 UNICREDIT BANCAAVG. TOP 4 COMPETITORS Dedicated service model Improved advisory on lending products Focus on quality of sales Source: NFO Infratest, Customer satisfaction analyses (1) On a scale from 0 to 70

46. 46 Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

47. 47 CORPORATE DIVISION: 2004 INCOME STATEMENT- BREAKDOWN BY COMPANY Net Interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income TOTAL 1 UBI Net provisions (Euro mln) Net income for the group - of which: Staff costs - of which: Other admin. expenses Other companies - o/w: Net write-downs of loans 1,287 584 1,871 1,338 -231 -299 -533 505 493 28.5% Cost/income Ratio -450 -504 UBMLOCAT -32 684 652 426 -103 -107 -226 308 309 34.7% 9 3 186 30 216 160 -22 -31 -56 93 96 25.7% -23 -25 64 233 297 99 -102 -88 -198 44 51 66.8% -6 -31 1,504 1,531 3,035 2,022 -458 -526 -1,013 950 949 33.4% -476 -562 1 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

48. 48 CORPORATE DIVISION: 4Q04 AND 2004 INCOME STATEMENT Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net extraordinary income Net income Total net provisions Taxes Net income for the group Cost Income ratio, % (Euro mln) 4Q04/3Q04 % ch. 4Q04 695 -267 428 -70 38.4% 20 -175 203 365 330 2004 4Q04/4Q03 % ch. y/y % ch. -3.2 +9.4 -9.7 -54.5 +449bp n.s. +36.7 +5.2 -5.9 - -5.8 +6.0 -11.9 +12.9 +438bp n.s. -40.9 +89.7 +3.4 -14.3 3,035 1,013 2,022 -596 33.4% 86 -562 949 950 1,504 1,531 -7.1 -0.9 -9.9 -4.6 +210bp n.s. -12.3 -2.7 -3.0 +2.0 -14.6

49. 49 CORPORATE DIVISION - DETAILS ON ASSET QUALITY Coverage ratio 40.7%-198 bp 2004 ch. on 2003 Provisions on performing loans 751-4.4% Coverage ratio 1.13%-10 bp Gross Doubtful Loans 2,755-4.0% Coverage ratio 35.7%-74 bp Cost of risk 70 bp+1 bp 2 Weight on Gross Loans 3.97%-35 bp mln, where not specified Gross Non Performing Loans 1,891-2.5% Weight on Gross Loans 2.72%-19 bp Dec04 ch. on Sep04 (2) Calculated on FY03 cost of risk (91 bp) net of extraordinary provisions on Parmalat (22 bp) (1) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans NET FLOWS OF NEW DOUBTFUL LOANS 1, (mln) 1Q04 377 -43.4% 2Q043Q044Q04 143 233 132

50. 50 (Euro mln) Net interest income 326 Net income for the group Cost Income RATIO, % 132 28.4% Net non interest income 156 Total revenues Operating costs Operating income 482 -137 345 Net write-downs of loans Other net provisions -100 -49 Of which: 102 - Trading profits 40 - Net commissions UNICREDIT BANCA D’IMPRESA: 4Q04 AND 2004 INCOME STATEMENT 4Q04/3Q04 % ch. 4Q042004 4Q04/4Q03 % ch. y/y % ch. -0.5 +11.8 -46 bp +19.3 +5.2 +3.5 +5.9 -13.1 n.s. +14.9 +15.3 +13.6 +187.0 +12 bp +17.9 +14.9 +15.4 +14.8 -57.0 n.s. +18.7 -5.3 1,287 493 28.5% 584 1,871 -533 1,338 -450 -54 378 184 +9.2 +12.8 -22 bp -6.3 +3.8 +3.0 +4.1 -10.7 +35.1 +15.4 -33.9

51. 51 21.4 UBI AVG. CUSTOMER LOANS 1, bn +2.4% UBI AVG. TOTAL LENDING SPREAD (1), % 2.18% 2.40% 2.30% (1) Average quarterly figures; only performing loans (“impieghi vivi”) taken into account 45.0 46.5 47.6 4Q033Q044Q044Q033Q044Q04 (mln, end of period figures) Largest groups Dec03 2 7,369 Dec04 2 4,904 Y/Y % ch. -33.5% SMEs & other corporate 27,55928,538+3.6% Public Sect. & Others 3 6,86410,106+47.2% (3) Including non-financial companies with Total Revenues lower than 1.5 mln (around 7 bn as of Dec04 vs 4.7 bn as of Dec03) Financial companies4,2443,348-21.1% TOTAL46,03646,896+1.9% - Share of Wallet12.3%12.4%+10 bp -10 bp UBI NET INTEREST MARGIN (excluding dividends), mln 295 325 323 4Q033Q044Q04 o/w: M/L 18.6 19.7 (2) Source: Credit Bureau -0.6% q/q +9.5% y/y UBI: NET INTEREST INCOME (excluding DIVIDENDS) QUARTERLY TREND & LOAN PORTFOLIO COMPOSITION

52. 52 UBM: 4Q04 AND 2004 INCOME STATEMENT (Euro mln) Total revenues Staff costs Other costs (incl. depr.) Operating income Net income C/I Ratio 80 -24 -36 21 26 73.6% Net extraord. income 6 Taxes 4Q04/3Q04 % ch. 4Q042004 4Q04/4Q03 % ch. y/y % ch. -39.4 -14.8 +51.9 -74.0 -36.9 vs. 38.5% n.s. -52.8 -19.7 -5.3 -79.5 -58.4 vs.39.3% +34.1 n.s. 652 -107 -119 426 309 34.7% 63 -184 -33.9 -21.0 -7.6 -41.0 -31.3 +786 bp n.s. -28.5 Net interest income (incl. div.) Net non interest income -15 96 +49.6 -33.1 n.s. -44.1 -32 684 n.s. -24.5 Avg. daily VAR 1 3.9 n.s. 1 Pls. note that the avg. daily VAR refers to UBM standing alone for 2003 and 1H04, while for 2H04 it reflects UBM new perimeter (incl. TradingLab, merged in UBM from July 1 st, 2004) 3.9 n.s.

53. 53 Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

54. 54 PRIVATE & AM DIVISION: 2004 INCOME STATEMENT – BREAKDOWN BY COMPANY Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Operating income Net income Cost/Income Ratio Total net provisions Net income for the group - of which: Staff costs - of which: other admin. expenses (Euro mln) Net extraordinary income TOTAL DIVISION 2 101 1,066 1,167 -738 -331 -377 429 -20 401 390 63.2% 68 UPB + Subsidiaries 74 282 356 -233 -130 -99 123 -8 68 65 65.5% - 11 722 733 -377 -176 -186 356 +4 257 351 51.5% 53 14 54 68 -110 -16 -85 -43 -4 -35 -25 n.s. 5 PGAM Group UniCredit Xelion Banca 2 9 11 -18 -9 -7 -2 -5 n.s. 10 Other Companies 1 1 Mainly companies deriving from the acquisition of ING and not integrated in UniCredit Xelion Banca and UIB Luxemburg 2 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

55. 55 PRIVATE & AM DIVISION: 4Q04 AND 2004 INCOME STATEMENT Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net extraordinary income Net income Total net provisions Taxes Net income for the Group Cost Income ratio, % 4Q04/3Q04 % ch. 4Q04 324 -193 131 -14 59.6% 47 -18 143 146 28 296 2004 4Q04/4Q03 % ch. Y/y % ch. +24.1 +16.8 +36.9 -25.5 -374 bp n.s. +68.1 +64.9 +11.8 +25.3 +9.9 +31.8 -39.9 -665 bp n.s. -18.1 n.s. +14.0 +9.6 1,167 -738 429 -76 63.2% 68 -20 390 401 101 1,066 +7.5 +6.2 +9.8 -29.3 -77 bp n.s. -37.1 +61.1 +64.8 +6.9 +7.5 (Euro mln - Data at current FX, % ch. at fixed FX)

56. 56 1 Including Repos PRIVATE & AM DIVISION: DETAILS ON TOTAL FINANCIAL ASSETS Y/Y AND 4Q/3Q TRENDS 3 Including Euro 2.3 bn deriving from the acquisition of SAFECO AM completed in December 2004 (bn - Data at end of period FX) Securities in custody Direct deposits 1 AUMs PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS +5.1% 2 +10.8% Y/Y Dec03 5.7 25.5 124.0 6.1 26.9 130.6 155.2 163.6 6.9 29.3 135.7 3 171.9 3 Sep04Dec04 +12.0% Y/Y at fixed FX 2 +6.4% at fixed FX

57. 57 1 Balance due to roundings Italy New Europe 89,095 2,577 TOTAL PIONEER Alternative Investments 3 119,436 2,449 -28 716 3,499 1,431 US21,884767 International (ex-Italy) 5,8802,045 AuM as at 31.12.2003 US in USD27,6391,009 92,809 3,702 129,614 3 3,830 25,032 3 8,071 AuM as at 31.12.2004 1 34,096 3 AuM as at 28.2.2005 2 93,925 25,678 8,746 4,171 132,520 4,084 34,042 2004 Net sales PIONEER GROUP: DETAILS ON NET SALES AND AUM TREND (Dec03-Feb04) 2 Provisional figures; balance due to Market Performance (including FX effect) 3,742 408 4,403 -49 106 147 1,891 30 239 439 177 -210 380 -275 Net sales Jan-Feb.05 2004 Mkt. Perf. (mln - Data at end of period FX) 3 Balance due to SAFECO AM acquisition (Euro 2,276 mln, around USD 3 bn)

58. 58 Finanza & Futuro Rasbank + BNL Inv.ti 4 Credem + Euromob. 6,905Credem + Euromob. 1 Calculated on average PFAs 2 AUMs, Securities in Custody, Bancassurance and liquidity 3 Ranking taking into account only the 10 major Italian players by Total Financial Assets as at 31.12.2004 4 BNL Investimenti acquired by RasBank during 2004 Source: Assoreti Net Inflows: 2,019 Mln, 1 st in Italy Data as at 31.12.2004 – Mln TOTAL NET INFLOWS 2 & 3 Xelion2,019 Mediolanum1,285 Azimut1,035 Banca Generali773 607 Credem + Euromob.513 Credit Suisse 409Rasbank + BNL Inv.ti 4 211 Finanza & Futuro-174 Fideuram + SPI-867 Data as at 31.12.2004 2,060 PFAs, 5 th in Italy NUMBER OF PFAs Fideuram + SPI4,273 Mediolanum4,049 3,811 Banca Generali2,220 Finanza & Futuro1,150 Banca 121 1,082 Azimut881 698 Tot. Fin. Assets: ~12.1 bn, 5 th in Italy Data as at 31.12.2004 – Mln TOTAL FINANCIAL ASSETS Fideuram + SPI58,882 Mediolanum20,804 Rasbank + BNL Inv.ti 4 18,946 8,413Azimut 7,852 Credit Suisse7,123 Xelion12,058 14,132 Fineco6,474 Net Inflows per PFA 1 : 2 rd among Top- Players Data as at 31.12.2004 – Mln NET INFLOWS PER PFA 2 & 3 Azimut1.27 Xelion0.94 Credit Suisse0.67 Credem + Euromob.0.47 0.39 Banca Generali 0.32 Finanza & Futuro 0.10 -0.15 Fideuram + SPI-0.20 Mediolanum 0.29 XELION: LEADERSHIP FOR TOTAL NET SALES (25.2% MARKET SHARE) AND OUTSTANDING PRODUCTIVITY PER PFA Rasbank + BNL Inv.ti 4 Xelion2,060 Fineco1,476 Fineco Banca Generali

59. 59 Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

60. 60 2.7% (1) 2.1% (1) (Euro mln) Net interest income (2) Net non interest income Total revenues Operating Costs (3) Operating income Net write-down of loans Net extraordinary income Net income Other net provisions (4) Taxes (4) Including provisions to reserve for general banking risk (2) Including dividends (3) Including depreciation %ch. at unchanged FX 6.7% (1) 42.4% (1) 18.9% (1) 23.3% (1) (1) Weight of the bank Total Revenues in 4Q04 on Division Total Revenues – only UCI’s portion; balance due to UniLeasing Romania and Xelion Poland Net income for the Group Tax Rate (%) NEW EUROPE DIVISION % ch. on 4Q03 +6.0 +6.7 +6.3 +5.7 +7.1 -41.8 +90.9 +49.0 -54.3 +41.7 +38.6 -1.1 pp 3.5% (1) BREAKDOWN OF REVENUES ITAS 4Q04 299 176 475 -279 196 -26 21 143 -14 -34 97 19.1 % ch. on 3Q04 +1.0 +6.0 +2.8 +13.9 -9.7 -16.7 +50.0 -15.4 n.m. +13.3 -16.4 +4.1 pp FY04 1,154 681 1,835 -1,013 822 -125 31 585 -18 -125 398 17.6 y/y % ch. +2.8 +8.4 +4.8 +3.4 +6.6 -19.4 -13.9 +27.7 -54.3 -19.4 +22.8 -7.7 pp Cost of Risk (bp)89 -33 bp ROE (%)19.9 +2.7 pp Cost/Income ratio (%) -0.4 pp 58.7 +5.7 pp 55.2 -0.8 pp NEW EUROPE DIVISION: 4Q04 & FY04 INCOME STATEMENT

61. 61 (1) Excluding for KFS (included at current FX) NEW EUROPE DIVISION: 4Q04 & FY04 TREND IN VOLUMES ITAS % ch. on Sep04 Dec04 (Euro mln) % ch. on Dec03 Net Customer Loans - o/w Pekao Mortgages (2) +2.5 +1.4 +10.5 +4.7 +5.0+27.8 14,051 6,255 2,097 - o/w Pekao LC +13.4+80.6564 - o/w Pekao (3) Mutual Funds (4) -6.9-8.0 +9.0+35.6 Deposits -1.9+3.522,974 10,667 4,835 - o/w Pekao (5) +13.9+28.93,187 NET CUSTOMER LOANS 4Q04/3Q04: Bulbank +17.7%, KFS +3.0%, Zaba +1.6% Dec04/Dec03: Bulbank +52.8%, KFS +31.7%, Zaba +8.3% (5) Pioneer Pekao Investment Management At unchanged FX (1) MUTUAL FUNDS in PEKAO: Market share (5) : to 34.5 up 4.1 pp y/y (2) Management accounts in LAS (4) New Europe Business Area of Pioneer is included at current FX (3) Deposits: -2.1% y/y, -3.0% q/q also considering the impact of Zloty appreciation vs. Dollar; Total customer savings: +4.6% y/y, +1.3% q/q

62. 62 NEW EUROPE ASSET QUALITY Net NPLs and Doubtful Loans as % of Total Net Loans 84.5 Sep04 Dec04 84.8 72.4 70.8 Coverage ratios On Gross Doubtful Loans On Gross NPLs Net NPL/ Loans % Dep04 Total NE +0.4 2.7 ch. on Sep04 (pp) Net Doubtful/ Loans % Dec04 ch. on Sep04 (pp) 6.3-0.1 At unchanged FX Zaba +0.2 2.03.1 +0.2 Unibanka 0.0 3.15.9 +0.3 Pekao -0.8 3.77.9 -0.4 Bulbank 0.1 +0.6 1.7 0.0 KFS +0.2 2.75.3 +0.4 Cost of risk (1) -33 bp (bp, annualised) 122 89 20042003 (1) Calculated as Net Loan Loss Provisions on Net Customer Loans at period-end ITAS

63. 63 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income TOTAL (1) 1,154 681 1,835 -1,013 822 585 19.9% 55.2% Net provisions -143 (1) Balance due to roundings and other small companies (Euro mln) (UCI stake) Net income (3) (UCI’s portion) 398 - of which: Staff costs -492 - of which: Other costs -382 NEW EUROPE DIVISION: FY04 RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans -125 UNI BANKA (77.2%) 25 19 44 -34 10 12.4% 78.3% -6 8 -14 -15 -5 BULBANK (85.2%) 65 35 100 -43 57 18.0% 42.8% -5 44 37 -15 -21 -4 Group PEKAO (53.0%) 566 450 1,016 -560 456 21.1% 55.1% 336 -84 167 -278 -204 -74 256 106 362 -200 162 126 22.3% 55.1% -12 102 Group ZABA (81.9%) -104 -68 -14 14 13 27 -22 5 2 2.9% 80.3% -10 -4 1 -3 192 48 240 -107 134 73 25.9% 44.4% -50 -45 -30 73 KFS (2) (50.0%) -24 (2) Consolidated with proportional method (50%) 29 16 46 -40 5 6 6.6% 88.6% -18 -15 -2 3 Zivno (96.6%) UniCredit Romania (99.9%) ITAS Banks’ data gross of consolidation adjustment (3) Net of consolidation adjustment

64. 64 CONSOLIDATED INCOME STATEMENT: PEKAO (3) Including provisions to reserve for general banking risk (1) Including dividends (2) Including depreciations (4) At unchanged FX (Euro mln) Net interest income (1) Net non interest income Total revenues Operating costs (2) Operating income Net write-down of loans Net extraordinary income Net income Other net provisions (3) Taxes % ch. (4) on 4Q03 4Q04 149 119 267 -145 122 -20 +12 91 -2 -21 % ch. on 3Q04 (4) +7.0 +19.7 +12.3 +5.2 +22.0 +35.8 -7.8 +6.8 -38.0 +106.6 +3.3 +19.7 +10.0 -0.4 +25.5 -54.6 n.m. +139.3 -20.4 +61.8 ITAS Data gross of consolidation adjustment FY04 566 450 1,016 -560 456 -74 +19 336 -10 -56 y/y % ch. (4) -3.9 +13.8 +3.3 -0.9 +8.8 -37.4 +18.0 +48.8 n.m. -35.7 Net income for the Group (5) 41 -12.6 +104.1 167 +39.6 (5) Net of consolidation adjustment ROE21.1% +6.1 pp Cost of Risk 118 bp -80 bp Cost/Income 54.2% -3.6 pp -5.7 pp 55.1% -2.3 pp Tax Rate19.0% +8.2 pp -6.8 pp 14.2% -13.5 pp

65. 65 (3) Including provisions to reserve for general banking risk (1) Including dividends (2) Including depreciations (4) At unchanged FX CONSOLIDATED INCOME STATEMENT: ZAGREBACKA ITAS (Euro mln) Net interest income (1) Net non interest income Total revenues Operating costs (2) Operating income Net write-down of loans Net extraordinary income Net income Other net provisions (3) Taxes Net income for the Group % ch. (4) on 4Q03 4Q04 62 21 98 -55 43 +5 38 -5 -11 31 % ch. on 3Q04 (4) -10.7 +21.8 -1.1 +17.0 -17.4 n.m. -6.2 n.m. +43.9 -6.6 -21.4 +7.5 -12.9 -8.4 -18.1 -47.5 n.m. +12.3 -76.9 +75.0 +5.3 FY04 256 106 362 -200 162 -14 +5 126 +1 -30 102 y/y % ch. (4) -0.6 -1.3 -0.8 n.m. +10.3 -106.2% +25.9 +10.6 Data gross of consolidation adjustment (excluding Net Income for the Group that is net)