1. UNICREDITO ITALIANO GROUP 1 st Quarter 2003 Results Alessandro Profumo - CEO May, 14 th 2003

2. 2 DISCLAIMER Starting from 1 January 2003, UCI operates in Italy through three new born segment banks (UniCredit Banca, UniCredit Banca d’Impresa, UniCredit Private Banking) resulting from the merger and the following spin-off of the former 7 regional banks Given the lack of 2002 quarterly accounting data comparable to 1Q03 for the three new segment banks and in order to facilitate the comprehension of y/y and q/q trends for the Italian banking activity, we provide a comparison between 2002 and 2003 on the aggregated results of the three new segment banks (former 7 regional banks pro-forma in 2002) We provide a 2002 pro-forma for the aggregate three banks in order to consider the changes in perimeter and pricing due to S3 project implementation (reorganisation of the Group’s Real Estate properties and rationalisation of some companies) Accordingly, the divisional structure of the Group has been changed with the creation of a Retail Division, a Corporate Division and a Private & AM Division

3. 3 NEW DIVISIONAL STRUCTURE New Europe Banks New Europe division Private & AM division Pioneer Xelion Corporate division UBM BMC (3) Locat (4) Clarima (1) Adalya (2) TradingLab Retail division (1) Consumer Finance (2) Retail mortgages (3) M/l term corporate financing (4) Leasing

4. 4 AGENDA 1Q03 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division Conclusions

5. 5 POSITIVE TREND IN TOTAL REVENUES AND GOOD COST CONTROL, AFTER THE START UP OF THE NEW 3 SEGMENT BANKS AND DESPITE THE STILL NOT FAVOURABLE ECONOMIC SCENARIO At unchanged FX (1) TOTAL REVENUES (Euro mln) OPERATING EXPENSES (Euro mln) COST/INCOME RATIO % 4Q021Q03 2,507 2,656 1Q02 2,675 4Q021Q03 1,464 1,399 1Q02 1,373 FY021Q03 54.5 52.7 1Q02 51.3 -178 bp +134 bp +7.8% +5.9% -0.7% +1.7% -3.1% -4.4% +1.9% +4.2% (1) Calculated on the FX of all the currencies of New Europe countries where UCI is present with fully consolidated banks.

6. 6 At unchanged FX (1) OPERATING INCOME (Euro mln) GOOD NET INCOME GROWTH (+5.5% on 1Q02, +14.4% on Avg02) HIGH PROFITABILITY LEVELS RECONFIRMED (ROE AT 18.3% IN 1Q03, +1.1 pp on FY02) ROE (2) % 17.2 18.3 18.4 +1.1 pp -0.1 pp FY021Q031Q02 NET INCOME (Euro mln) 352 515 488 4Q021Q031Q02 (2) Calculated on end of period net equity excluding profit for the period and dividends related to FY02 1,043 1,257 1,302 4Q021Q031Q02 +23.2% +20.5% -3.5% -0.9% +47.4% +46.2% +5.5% +7.6% (1) Calculated on the FX of all the currencies of New Europe countries where UCI is present with fully consolidated banks.

7. 7 WITH THE NEW DIVISIONAL STRUCTURE WE CONFIRM A WELL DIVERSIFIED BUSINESS PORTFOLIO (Euro mln) 45.8% 7.9% 14.1% 100% 32.2% (1) Parent Company, USI, UPA, Audit, other companies and elisions 210 374 1,219 2,656 2,658 Retail Division Private & AM Division New Europe Division Corp. Centre and elisions (1) Group Total Total pre- Corp. Centre -2 855 Corporate Division Weight of the division on Total pre Corporate Centre REVENUE COMPOSITION BY DIVISION

8. 8 TOTAL DEPOSITS NEARLY STABLE ON DEC02 (-0.9%) LINKED TO A SHIFT INTO INDIRECT DEPOSITS (+1.7% ON DEC02) -0.9% -3.3% DIRECT DEPOSITS: BREAKDOWN BY DIVISION** (bn) TOTAL DEPOSITS* (bn) Dec02 1Q03 339.9 Dec02 1Q03 108.8 112.5 Retail New Europe Corporate 55.7 21.2 20.4 55.0 19.6 21.9 -7.2% -1.3% Other Direct deposits mainly hit by funding policy (bonds: -1.9% on Dec02) and by the FX impact (Zloty: -9%, $: -3.7% on Dec02) with outflows into indirect funds Indirect deposits up 1.7% on Dec02 due to an increase in administered (+4.1%) and a slight decrease in managed funds (-0.8%). This last trend is determined by a negative impact both of market performance (MSCI: -5.6% on Dec02) and FX, nearly completely counterbalanced by positive inflows Direct Indirect -19.4% 211.6 215.3 -5.2% +1.7% 128.3 121.6 336.9 15.2 12.3 *Incl. Repos ** Excl. Repos Retail Division down 1.3% on Dec02 with a different customer deposit mix: Stable C/A Negative trend of bonds and CDs Corporate Division down 19.4% also hit by seasonal corporate fiscal payments concentrated in the beginning of the year New Europe Division down 7.2% on Dec02 impacted by FX (-1% at unchanged FX) +7.2%

9. 9 CUSTOMER LOANS DOWN 1.3% ON DEC02 TOTAL CUSTOMER LOANS* BREAKDOWN BY DIVISION * Excl. Repos Retail Division: substantial stability (+0.5% on Dec02) with a shift towards medium/long term loans Corporate Division down 2.7% on Dec02 due to rationalisation of credit lines and a reduction of higher risk exposures New Europe Division down 2.9% on Dec02 hit by Zloty devaluation (+3.4% at unchanged FX) bn -1.3% Dec02 1Q03 110.6 112.1 Retail New Europe Corporate 41.4 11.8 2.9 41.6 11.5 3.1 -2.9% +0.5% Other -2.7% 56.054.5 +6.3%

10. 10 GOOD RESULTS IN 1Q03 COMPARED BOTH WITH 1Q02 AND 4Q02, HELPED BY THE INCREASED SPREAD IN ITALY AND THE IMPROVEMENT OF THE PARENT COMPANY MORE THAN COMPENSATING WEAKER RESULTS IN NEW EUROPE NET INTEREST INCOME (Euro mln) 1Q03 y/y % Ch. on 4Q02 Corporate Centre & elisions-14-68.6-64.3 TOTAL GROUP1,258-3.9+1.5 1,258-0.6 At constant FX +3.7 New Europe Banking256-22.3-15.4 256-10.4 At constant FX -7.5 Aggr. 3 Banks898-0.9+4.0 - UCI Banca (Retail Division) - UCI Banca d’Impresa (Corporate Division) - UCI Private Banking (PB & AM Division) 588 294 15 Other Group companies118+0.6+6.1 Dividends & oth. income from equity inv. 1 6n.m. 1 Respectively 28 mln in 1Q02 and 49 mln in 4Q02

11. 11 GOOD RESILIENCE OF NET COMMISSIONS (-1.4% YoY, -0.4% QoQ AT UNCHANGED FX) 1Q03 YoY % Ch. % Ch. on 4Q02 PGAM Group (PB & AM Division) 115-11.0%+3.1% TOTAL GROUP787-2.7%-1.5% 787-1.4% At constant FX -0.4% New Europe Banking86-5.4%-10.4% 86+8.0% At constant FX -3.0% Aggr. 3 Banks448-4.9%-0.2% - UCI Banca (Retail Division) - UCI Banca d’Impresa (Corporate Division) - UCI Private Banking (PB & AM Division) 330 74 44 Oth. Group companies, Corp. Centre & El.107+15.8%-15.2% NET COMMISSIONS (Euro mln) Breakdown by company/division UBM (Corporate Division) 31+21.3%+88.1%

12. 12 GOOD IMPROVEMENT (+5.7%) OF COMMISSIONS FROM WEALTH MANAGEMENT VS 4Q02 … NET COMMISSIONS (Euro mln) 1Q03 YoY % Ch. % Ch. on 4Q02 Securities in custody75+10.3%-11.8% TOTAL GROUP787-2.7%-1.5% Total Commissions from Wealth Management 410-7.2%+5.7% - Mutual funds 1 - Segregated Accounts 2 269-12.7%+0.7% 32-56.2%-20.0% Other services302+1.0%-7.6% - Insurance Products 2 109+78.7%+34.6% (1) Includes subscription and management fees from Plain Vanilla Mutual Funds and management fees from Mutual Funds in Segregated Accounts and in Unit Linked (2) Management fees related to Mutual Funds underlying Segregated Accounts and Unit Linked not included (see note 1) Breakdown by nature

13. 13 … DRIVEN BY STRONG SALES OF INSURANCE PRODUCTS IN ITALY AND MUTUAL FUNDS ABROAD, OFFSETTING THE SLIGHT DECREASE OF TOTAL AUMs ON DEC. 2002 AND THE LESS FAVOURABLE ASSET MIX (1) Plain vanilla Mutual Funds distributed in Italy (Total AuM in Mutual Funds in Italy, including Mutual Funds in Segregated Accounts and Unit Linked, Euro 61.0 bn as at 31.3.2003 vs Euro 62.6 bn as at 31.12.2002, -2.5% - Source: Assogestioni) UCI TOTAL AuM (Euro bn) Mutual Funds (1) Segregated Accounts Insurance Negative impact of market and US$ devaluation on Total AUMs and Asset Mix… … counterbalanced by excellent commercial results Italy USA, New Europe & Intl. PGAM AuM: Evolution by Asset Class Equities Balanced Hedge Bonds Money Market 12.9% 28.0% 13.3% 45.4% 0.4% 4Q02 Avg.1Q02 Avg.1Q03 Avg. 16.5% 30.9% 15.0% 36.4% 1.2% 18.9% 38.3% 13.4% 27.8% 1.6% ITALY USA, NEW EUROPE & INT. Bancassurance 1Q03 Total New Premiums written: Euro 1,766 mln (+73.6% YoY, +68.8% on 4Q02), of which around 700 mln in Capital Guaranteed UNISTAR (+3.1% YoY, +52% on 4Q02). Mutual Funds 1Q03 Gross Sales 27.5% up YoY and +14.9% on 4Q02 (13.3 bn vs 10.4 bn in 1Q02 and 11.6 bn in 4Q02) Net Sales in USA sticking on 2002 momentum: 962 mln, +15.6% on 1Q02 at unchanged FX Positive Net Sales in the International Division - ex Italy (Euro 226 mln) and strong trend in New Europe (Euro 284 mln, +302%) Confirmed leadership in the segment: 18.9% mkt share in bancassurance (17.6% in 2002); 14.9% mkt share on total market (11.7% in 2002) Euro 183 mln Recurring Premiums written (+237% YoY and +310% on 4Q02) 31.12.’0231.3.’02 37.6 26.0 15.3 23.5 102.4 45.4 28.1 13.5 28.5 115.5 -17.2% -7.5% +13.3% -17.5% -11.3% -1.0% vs 31.12.’02 31.03.’03 36.4 25.3 16.4 23.7 101.8 -3.2% -2.6% +7.3% +0.1% -0.6%

14. 14 BRILLIANT RESULT (+20% Y/Y) FROM FINANCIAL TRANSACTIONS DRIVEN BY THE CORPORATE DIVISION INCOME FROM FINANCIAL TRANSACTIONS (Euro mln) 1Q03 YoY % Ch. % Ch. on 4Q02 UBM (Corporate Division) 23437.4n.m. (1) TOTAL GROUP 43319.999.5 433 22.0 At constant FX 104.2 New Europe Banking30-48.4-50.6 30 -42.7 At constant FX -45.9 Aggr. 3 Banks97 9.5 140.5 - UCI Banca (Retail Division) - UCI Banca d’Impresa (Corporate Division) - UCI Private Banking (PB &AM Division) -3 102 -2 TradingLab (Retail Division) 62-0.8n.m. (2) Corporate Centre & elisions10-148.6-60.2 Other Group companies1-47.5-72.1 1 Amount in Euro in 4Q02: 72 mln 2 Amount in Euro in 4Q02: 17 mln

15. 15 OPERATING COSTS UNDER CONTROL (+1.9% Y/Y) 1Q03 YoY % Ch. % Ch. on 4Q02 TOTAL GROUP1,3991.9-4.4 1,399 4.2 At constant FX -3.1 Aggr. 3 Banks 8300.9-5.5 - UCI Banca (Retail Division) 665 - UCI Banca d’Impresa (Corporate Division) 128 - UCI Private Banking (PB & AM Division) 37 OPERATING COSTS BREAKDOWN (Euro mln) By Company / Division (1) PGAM Group (PB & AM Division) 84 -5.1 -1.1 UBM (Corporate Division) 4719.72.1 Depreciation1074.9-31.4 Other Costs4812.6-2.0 Staff Costs8111.1-0.7 By Nature New Europe Banking211-14.7-18.4 211 -2.5 At constant FX -11.7 1 Balance of total costs by company/division due to Corporate Centre, elisions and other Group companies

16. 16 Euro 164 mln Specific provisions (of which write-downs for Euro 298 mln and write-backs for Euro 134 mln), down 11.8% vs. 1Q02 (- 7.5% at constant FX) mainly due to lower net write-downs of KFS and UBM Disposal of Investments (Polcard) for Euro 15 mln Net Write-downs of Financial Investments Euro 15 mln, mainly due to Commerzbank Provisions for risks & charges Euro 40 mln NON OPERATING ITEMS CHARACTERISED BY A CONSERVATIVE PROVISIONING POLICY AND A LOW EXTRAORDINARY INCOME (Euro mln) Operating income Goodwill amort. Net loan loss prov. Other net prov 1 Net extr. income TaxesMinorities 1,257 -66 -164 -55 +20 -437 -40 515 Net Income Tax Rate at 44.3% 1 Net write-downs of financial investments, Provisions for risks and charges, Provision to Reserve for General Banking risks

17. 17 DECREASING NET NPLS AND TOTAL DOUBTFUL LOANS IN ABSOLUTE TERMS; SLIGHT DETERIORATION OF NET NPLs AND NET DOUBTFUL LOANS ON TOTAL NET LOANS RATIOS MAINLY DUE LOWER TOTAL LOANS Total Net Doub. Loans Net NPLs 4,259-0.8% -0.2%2,150 Dec 02% Ch. (Euro mln) 4,227 2,145 Mar 03 Conservative provisioning policies in Italy, particularly in Corporate Banking, with increased coverage ratios either for Retail Banking (from 37.7% to 37.9% on Total Doubtful) or for Corporate Banking (from 40.6% to 41.7%) Net NPLs and Doubtful Loans as % of Total Net Loans 3.71% 31.3.’03 3.77% 1.87% 1.91% 60.7% 60.3% 48.2% 48.1% Coverage ratios Net Doubtful Loans/ Total Net Loans Net NPLs/ Total Net Loans On Gross Doubtful Loans On Gross NPLs 31.12.’0231.3.’0331.12.’02 Other Net Doubtful Loans 2,109-1.3%2,082 4.0% reduction of Gross and Net NPLs in New Europe as a result of the improved macroeconomic scenario and efficient workout policies Calculated on Loans at 31.12.2002 3.68% 1.87%

18. 18 DIVISIONAL CONTRIBUTION TO GROUP NET INCOME 44.7 (1) 64.4 (1) 238.6 (1) 515 673.0 Retail Division (2) New Europe Division (5) Corp. Centre & elisions (6) Group total Total pre- Corp. Centre & elisions -158.0 (1) GOODWILL AND HOLDING CHARGES: - 69 goodwill depr. - 120 holding loss (net of dividends), of which 24 negative interest income (Euro mln) +7.7% 325.3 (1) Corporate Division (3) Private & AM Division (4) (1) Net of infragroup dividends. Goodwill depreciation is fully charged to Corp. Centre (2 ) UniCredit Banca, Banca dell’Umbria, CRCarpi, TradingLab, TredingLab Inc., Clarima, Adalya, UniCredit Fondi, Pioneer Inv. Man. Luxemboug, Rolo Pioneer Luxembourg, UniCredit Capital Italia, Vivacity, Grofofactor, Creditras Previdenza (3) UniCredit Banca d’Impresa, UBM, Locat, Locat Rent, Locat Zagreb, BMC, Unicredito Gestione Crediti, UniRiscossioni, UCI Factoring, i-Faber, Quercia Funding, S+R Investimenti, Sviluppo Nord Ovest, Ventura Finance, UCI Internal Serivces, Broker Credit, UniCredit ServiceLab, Euro Capital Structures (4) UniCredit Private Banking, Pioneer Global Asset Management Spa, Xelion, Bac Marino, Bac Fiduciaria, Banque Monegasque, Cordusio Fiduciaria, FRT SIM, UniCredit Suisse, Rolo Pioneer SGRpA (5) Group Pekao, Bulbank, Unibanka, Group Zagrebacka, UniCredit Romania, KFS (6) Parent Company, USI, UPA, other financial companies and elisions From 7.21% (Dec 02) to 7.13% (1Q03) CORE TIER 1 RATIO (considering all RWA) From 11.89% (Dec 02) to 11.10% (1Q03) TOTAL CAPITAL RATIO (considering all RWA)

19. 19 TOTAL GROUP PRIVATE & AM RETAIL CORPORATE Net provisions 21927155 Balance due to roundings (Euro mln) 39 NEW EUROPE Interest income (incl. div.) 628376181,264253-11 Net non interest income 1,3921924785921219 Total revenues 2,6562108551,219374-2 Operating costs (incl. dep.) 1,39914923273821169 Net operating income 1,25761622481163-70 Net income 5554624232898-158 Cost/income ratio 52.7%71.0%27.2%60.6%56.4%n.m. 52 Net Income for the Group 5154523932564-158 CORPORATE CENTRE & ELISION DIVISIONAL CONTRIBUTION TO GROUP P&L Capital Absorption 9,4374864,4252,8661,043617

20. 20 AGENDA 1Q03 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division Conclusions

21. 21 RETAIL DIVISION: BREAKDOWN OF REVENUES BY COMPANY AND INCOME STATEMENT OF THE DIVISION 1Q03 Net interest income (incl. div.) 627 Net non interest income 592 Total revenues 1,219 Administrative costs (incl. depr.) 738 Operating income 481 Net write-down of loans 46 Net extraordinary income -4 Net income 242 Other net provisions 9 Taxes 180 Net income for the Group 239 1 Pre Corporate Centre and Elisions 2 Asset Management Distribution companies: UniCredit Fondi, Pioneer Inv. Management, Rolo Pioneer Lux. e UniCredit Capital Italia 45.8% of Group Revenues 1 1,219 RETAIL DIVISION TOTAL REVENUES (Euro mln) 4.6% 87.6% 0.1%0.2%2.3% SGR 2 1.7% Other companies Cost Income ratio, % 60.6 3.5%

22. 22 UNICREDIT BANCA 1Q03 RESULTS CHARACTERISED BY GOOD PERFORMANCE IN TERMS OF SALES ACTIVITIES AND TIGHT COST CONTROL 1Q03 Net interest income (incl. div.) 588 Net non interest income 480 Total revenues 1,068 Administrative costs (incl. depr.) 665 Operating income 403 Net write-down of loans 41 Net extraordinary income -5 Other net provisions 8 Taxes 152 Net income for the Group 197 Change in deposits mix vs Dec 02, resulting from stability in current accounts and decrease in bonds, CDs and savings accounts Substantial stability of loans vs Dec 02, resulting from lower short term and increased m/l term loans, driven by residential mortgages Good improvement in mark-up (5.96%, +32bp on Jan03) more than offsetting the decrease in mark-down (1.93%, -23bp on Jan03), with short term spread up 9bp Good sales of third party bonds (1.6bn, in line with the excellent results of 4Q02 pro- forma) and bancassurance products (1.4 bn single premiums, +74% on 4Q and 167 mln recurring premiums, + 271% on 4Q) Good reduction of employees (-382, from 24,681 at Dec 02 to 24,299 at end of March), with incentivisation costs lower than budgeted Cost Income ratio, % 62.3 Net write-downs on loans resulting from 74 write-downs and 33 write-backs (of which 14 effective collections) (Euro mln)

23. 23 AGENDA 1Q2003 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division Conclusions

24. 24 CORPORATE DIVISION: BREAKDOWN OF REVENUES BY COMPANY AND INCOME STATEMENT OF THE DIVISION (Euro mln) 1 Pre Corporate Centre and Elisions CORPORATE DIVISION TOTAL REVENUES 855 33.0% 55.2% 5.2%2.3%4.2% Other Companies 32.2 % of Group Revenues 1 1Q03 Net interest income (incl. div.) 376 Net non interest income 478 Total revenues 855 Administrative costs (incl. depr.) 232 Operating income 622 Net write-down of loans 55 Net extraordinary income 4 Net income 328 Other net provisions 15 Taxes 228 Net income for the Group 325 Cost Income ratio, % 27.2

25. 25 UNICREDIT BANCA D’IMPRESA 1Q03 RESULTS SHOW EXCELLENT EFFICIENCY THANKS TO GOOD REVENUES (Euro mln) 1Q03 Net interest income 294 Net non interest income 178 Total revenues 472 Administrative costs 128 Operating income 344 Net write-downs of loans 47 Net extraordinary income 1 Net income 165 Other net provisions 15 Taxes 118 Net income for the Group 165 Cost Income RATIO, % 27.1 Loans to customers at 39,333 mln in line with end of 2002 (-0.4%), but showing a consistent improvement of the pricing (mark up at 2.69, +49 bps vs Dec. 02). Short term component weights around 60% Deposits (excl. Repos) at 7,597 mln with mark down at 1.24 (-35 bps vs Dec. 02) Commissions at 74 mln mainly deriving from current accounts and foreign transaction services Very good result of trading profits totalling 102 mln deriving almost all from derivatives products Net write-downs of loans deriving from 68 mln of write offs and 21 mln of write backs (o.w. 15 mln from collections)

26. 26 AGENDA 1Q03 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division Conclusions

27. 27 PRIVATE BANKING & ASSET MANAGEMENT DIVISION: BREAKDOWN OF REVENUES BY COMPANY AND INCOME STATEMENT OF THE DIVISION 7.9% of the Group 1 Total Revenues 210.2 PRIVATE BANKING & AM DIVISION TOTAL REVENUES (Euro mln) 58.1%28.8%8.5% Other 2 4.6% 1Q03 Net interest income (incl. div.) 18.0 Net non interest income 192.2 Total revenues 210.2 Administrative costs (incl. depr.) 149.3 Operating income 60.9 Net write-down of loans 1.0 Net extraordinary income 4.9 Net income 46.1 Other net provisions 1.2 Taxes 17.5 Net income for the Group 44.7 Cost Income ratio, % 71.0 (1) Pre Corporate Centre & Elisions (2) BAC S. Marino, BAC S. Marino Fiduciaria, UPAM, Cordusio Fiduciaria, FRT Sim, UniCredit Suisse Bank, Banque Monegasque de Gestion.

28. 28 UNICREDIT PRIVATE BANKING: THE START-UP OF THE BIGGEST ITALIAN PRIVATE BANK Total Direct + Indirect Deposits slightly decreasing on Dec 2002 (Euro 36.4 bn as at 31.03 vs Euro 36.6 as at 31.12), mainly due to the negative impact of market performance on AUMs (-Euro 243 mln), not completely offset by the increase of direct deposits Around 95,200 customers as at end of March, with 376 net acquisition of clients in 3 months 1Q03 Net interest income (incl. div.) 15.1 Net non interest income 45.4 Total revenues 60.6 Administrative costs (incl. depr.) 37.3 Operating income 23.3 Taxes 10.1 Net income for the Group 12.0 Cost Income ratio, % 61.5 Net commissions at Euro 44.0 mln, of which: Euro 30.4 mln from Asset Management 1 Euro 13.1 mln from Securities in Custody 1 of which: - Net commissions 44.0 of which: - Staff costs - Administrative expenses 22.3 15.0 (1) Management accounts 153 branches and 557 Private Bankers as at end of March (53.8% of total staff) Euro 12.0 mln contribution to Net income for the Group (UCI PB stand alone); Euro 16.6 mln including subsidiaries 2 (2) BAC S. Marino, BAC S. Marino Fiduciaria, UPAM, Cordusio Fiduciaria, FRT Sim, UniCredit Suisse Bank, Banque Monegasque de Gestion.

29. 29 AGENDA 1Q03 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division Conclusions

30. 30 NEW EUROPE DIVISION: BREAKDOWN OF REVENUES BY BANKS AND INCOME STATEMENT OF THE DIVISION (Euro mln) 1Q03 Net interest income 3 253 Net non interest income 121 Total revenues 374 Administrative costs 4 211 Operating income 163 Net write-down of loans 41 Net extraordinary income 16 Net income 98 Other net provisions 5 2 Taxes 42 y/y % ch. 6 -10.9 -15.9 -12.6 -2.5 -22.9 -18.8 n.m. -9.3 n.m. -21.1 -7.7 5 Including provisions to reserve for general banking risk 3 Including dividends 4 Including depreciations 6 At unchanged FX 374 6.9% 2 51.1% 2 13.7% 2 3.3% 2 1.4% 2 23.5% 2 1 Pre Corporate Centre and Elisions 2 Weight of the bank Total Revenues on Division Total Revenues – only UCI’s portion % ch. on 4Q02 6 -8.0 -31.1 -17.0 -11.7 -23.0 -58.7 n.m. +55.6 n.m. +20.8 Net income for the Group 64 +64.5 Cost/Income ratio (%) 56.4 53.0 8 50.2 7 14.1% of Group Revenues 1 NEW EUROPE DIVISION TOTAL REVENUES (Euro mln) 7 in 1Q02 8 in 4Q02

31. 31 DIVISIONAL KEY HIGHLIGHTS Divisional results negatively affected by the still not favourable macroeconomic environment and FX impact in Poland (Zloty devaluation -18.8% y/y, -9.0% on Dec02) Volumes Net customer loans (+4.9% y/y, +3.4% on 4Q02 at unchanged FX) hit by decreased lending in Pekao more than counterbalanced by the other banks Direct deposits (-2.4% y/y, -1.0% on 4Q02 at unchanged FX) with a higher weight of securities (from 0.8% in 1Q02 to 2.1% in 1Q03) mainly driven by increased bonds in Pekao in order to exploit fiscal benefits Assets under Management: 2.3 bn in 1Q03, +33% y/y, +8.1% on 4Q02 Increased net income of the division in the last quarter to 64 mln in 1Q03 (-7.7% y/y, + 64.5% on 4Q02 at unchanged FX) supported by an overall good cost control and a lower impact of Pekao’s provisioning Zivnostenska Banka A successful acquisition of the 10 th Czech Republic Bank ranked on total assets (close last February) Special projects Development of new IT systems Divisionalisation and focus on attractive segments to sustain growing revenue generation Credit process redesign to reduce risk Development of one single Pan European platform for Credit Card business

32. 32 ASSET QUALITY IN NEW EUROPE NEGATIVELY IMPACTED BY ECONOMIC SCENARIO IN POLAND, IMPROVEMENT IN ALL OTHER COUNTRIES Net Doubtful Loans Net NPLs and Doubtful Loans as % of Total Net Loans 80.3 2002 1Q03 80.3 63.5 62.5 Coverage ratios On Gross Doubtful Loans On Gross NPLs Net NPLs 999 +7.7 +3.1 396 Dec 02 % ch. (Euro mln) 1,076 408 Net Doubtful/Loans ratio up 0.4% on Dec02 impacted by a not favourable macroeconomic environment in Pekao nearly counterbalanced by an improvement in all other NE banks (Zaba -0.5pp, KFS –0.5 pp, Bulbank -0.7pp, Unibanka -0.4pp on Dec02) Stable coverage ratio on gross NPLs loans, slight decrease on gross Doubtful due to a different mix (lower weight of NPLs) 1Q03 Net NPL/ Loans % 1Q03 Total NE +0.43.5 ch. on Dec02 (pp) Net Doubtful/ Loans % 1Q03 ch. on Dec02 (pp) 9.3-0.0 Net Loans +3.4 11,17811,553 At unchanged FX Zaba -0.5 2.54.9 -0.4 Unibanka -0.4 4.14.9 -0.2 Pekao +1.0 4.112.3 +0.3 Bulbank 0.2 -0.7 2.5 -0.1 KFS -0.5 4.08.6 -0.7 Stable net NPLs/Net Loans ratio

33. 33 AGENDA 1Q03 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division Conclusions

34. 34 SUMMING UP Net income growth (+5.5% on 1Q02, +14.4% on Avg02), despite a still not favourable economic environment High profitability (ROE at 18.3% in 1Q03) and efficiency (Cost/Income ratio at 52.7% in 1Q03) levels reconfirmed Good start up of the new three segment banks in the 1Q03 Good revenue generation supported by a well diversified business portfolio

35. 35 Annex

36. 36 Net extraordinary income Net interest income (incl. div.) Net non interest income Total revenues Operating income Net write-down of loans Y/Y % ch. Administrative costs (incl. depr.) Net income +5.5 -5.5 +4.0 -0.7 -11.8 n.m. +1.9 -3.5 Other net provisions* n.m. Goodwill depr. -4.3 1Q03 1,264 1,392 2,656 1,399 1,257 164 20 515 55 66 (Euro mln) Minorities-45.2 40 Taxes-2.0 437 (*) Including provisions to reserve for general banking risk +46.2 -1.9 +14.3 +5.9 -50.3 n.m. -4.4 +20.5 n.m. +11.9 +33.3 n.m. % ch. on 4Q02 1Q03 CONSOLIDATED INCOME STATEMENT

37. 37 DIVISIONAL CONTRIBUTION TO THE GROUP OPERATING INCOME (Euro mln) 36.2% 4.6% 12.3% 100% 46.9% (1) Parent Company, USI, UPA, Audit, other companies and elisions 61 163 481 1,257 1,327 Retail Division Private & AM Division New Europe Division Corp. Centre and elisions (1) Group Total Total pre- Corp. Centre -70 622 Corporate Division Weight of the division on Total pre Corporate Centre OPERATING INCOME: COMPOSITION BY DIVISION

38. 38 ASSET QUALITY: DETAILS BY DIVISIONS Coverage ratios -on total gross NPL, % -on tot. Gross doubtful loans, % Total gross doubtful loans Retail Banking Dec. 02Mar. 03 Gross NPL % change on Dec. ‘01 Gross NPL/Tot. Gr. Loans,% Net NPL/Tot. Net Loans,% 1,6081,5832,1595,466 -4.0%-1.2% 3.77%2.66%15.6%4,57% 1.99%1.49%3.57%1,87% 2,5852,3602,9648,225 -3.1%-1.0% 48.8%45.5%80.3%60.7% 37.7%40.6%48.2% (1) Balance due to other Group companies (mainly Parent Company) Net Doubtful Loans/Tot. Net Loans,% 3,71%3.89%2,42%9.09% 63.5% (Euro mln) 1,614 3.77% 1.99% 2,608 48.6% 37.9% 3.89% +0.4% +0.9% +1.3% -0.1% 1,604 2.82% 1.57% 2,357 45.8% 41.7% 2,48% 2,072 15.4% 3.53% 2,873 80.3% 9.31% 62.5% 5,402 4,62% 1,91% 8,140 60.3% 48.1% 3,77% % change on Dec. ‘01 Corporate Banking NE BankingTotal Group 1 Dec. 02Mar. 03Dec. 02Mar. 03Dec. 02Mar. 03 Gross Doubtful Loans/Tot. Gr. Loans,% 6,87%6.07%3.97%21.4%6.08%4,14%21.4%6,96%

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 (2) Other banks (1) UniCredit Banca Net provisions (2) Balance due to roundings (Euro mln) Net income for the Group TradingLab - of which: Staff costs - of which: Other costs Other companies RETAIL DIVISION: RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans 588 480 1,068 665 403 197 62.3 197 361 304 41 49 36 21 57 33 24 11 58.1 9 18 15 3 3 -8 63 55 17 38 23 31.3 23 6 11 - - 28 39 23 16 11 n.m. 11 5 18 2 3 628 592 1,219 738 481 242 60.6 239 390 348 46 55 (1) CR Carpi, Banca dell’Umbria

40. 40 IMPROVED COVERAGE RATIO ON GROSS DOUBTFUL LOANS THANKS TO CONSERVATIVE PROVISIONING POLICY, DESPITE THE SLIGHT INCREASE IN TOTAL DOUBTFUL LOANS Total Net Doub. Loans Net NPLs 1,378+0.6 +0.7717 Dec 02% Ch. (Euro mln) 1,386 722 Mar 03 Conservative provisioning policy, with increased coverage ratio on Gross Doubtful Loans (from 39.5% to 39.7%) Increase in total provisions (+1.3% on Dec02) more than offsetting the 0.9% increase of Gross Doubtful Loans, leading to 0.6% increase in Net Doubtful Loans Increased coverage on performing loans (from 52 bp as at Dec02 to 60 bp) Net NPLs and Doubtful Loans as % of Total Net Loans 3.71% 31.3.’03 3.73% 1.93% 1.94% 50.2% 50.0% 39.5% 39.7% Coverage ratios Net Doubtful Loans/ Total Net Loans Net NPLs/ Total Net Loans On Gross Doubtful Loans On Gross NPLs 31.12.’0231.3.’0331.12.’02 Other Net Doubtful Loans 661+0.5664 3.73% 1.94% Calculated on Loans at Dec 2002

41. 41 BREAKDOWN OF DEPOSITS AND LOANS 1Q03 Current Accounts 32.0 Savings Accounts 4.6 DEPOSITS 53.2 Repos 2.7 VOLUMES (Euro bn) CDs & other time deposits 1.8 Bonds 12.0 Source: Bank of Italy Matrix data 1Q03 Current Accounts 1.9 Mortgages 18.6 LOANS to private customers Personal loans 2.0 Other loans 0.4 Current Accounts 7.5 Mortgages 24.8 LOANS 36.4 Personal loans 2.1 Other loans 2.0 22.9 Current Accounts 5.1 Mortgages 5.0 LOANS to small business 1 Personal loans 0.1 Other loans 1.4 11.6 1 Defined following Bank of Italy Matrix definitions, as sum of Imprese produttive, Quasi società non finanziarie con meno di 20 addetti and Famiglie produttrici

42. 42 TRADINGLAB PROFIT & LOSS 1Q03 Net interest income (incl. div.) -7.6 Net non interest income 63.1 Total revenues 55.5 Administrative costs (incl. depr.) 17.4 Operating income 38.1 Net extraordinary income - Taxes 15.3 Net income for the Group 22.7 y/y % ch. +0.7 +1.3 +1.4 -6.2 +5.3 - -0.3 +8.7 Cost Income ratio, % 31.3-253 bp (Euro mln) Good increase in Structured bonds origination (+121% y/y and +47% vs 4Q02), with a slight reduction in the average spread Lower turnover on Covered Warrants (-62% y/y and - 12% vs 4Q02), with increased market share vs. 4Q (38.6% from 35.2%) Non captive revenues representing 63.8% of the total, from 59.3% in 2002 Decrease in administrative costs mainly driven by the decrease in advertising expenses

43. 43 (1) Balance due to roundings CORPORATE DIVISION: RESULTS BREAKDOWN BY BANK Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income TOTAL (2) Locat Unicredit Banca d’Impresa UBM Net provisions (Euro mln) (UCI stake) Net income (UCI’s portion) - of which: Staff costs - of which: Other costs Other companies (1) - o/w: Net write-down of loans (100%) (88%) 294 178 472 344 58 70 128 165 27.1% Cost/income 15 62 16 266 282 236 15 32 47 142 16.6% 52 -7 45 14 8 6 31 4 4 16 14 30.2% 14 41 56 43 20 24 11 4 -3 5 4 76.8% 376 478 855 232 130 102 622 71 15 328 325 27.2%

44. 44 UNICREDIT BANCA D’ IMPRESA: BREAKDOWN OF DEPOSITS AND LOANS VOLUMES (Euro bn) Source: Bank of Italy Matrix data 1 Turnover > Euro 250 mln 2 Euro 250 mln >Turnover > Euro 2.5-3.5 mln 1Q03 Current Accounts 7.4 Savings Accounts 0.2 DEPOSITS 7.9 Repos 0.3 Current Accounts 11.2 Other short term loans 13.1 LOANS 39.3 Mortgages 7.8 Other m/l term loans 7.2 1Q03 Public Bodies 1.6 Large Corporate 1 4.5 LOANS by class of customer 39.3 SMEs 2 33.2 1Q03

45. 45 ASSET QUALITY RATIOS SHOWING A SLIGHT DETERIORATION OF NPLs AS A CONSEQUENCE OF THE MACROECONOMIC ENVIRONMENT Total Net Doub. Loans Net NPLs 868.6-2.5 5.1431.2 Dec 02 % Ch.on Dec02 (Euro mln) 846.9 453.2 1Q03 Conservative provisioning policy leads to an increased coverage ratio on gross doubtful loans (from 34.6% as at Dec. 02 to 36.0% in 1Q03) Despite a decrease in Gross Doubtful Loans (-0.3% from Dec. 02 to March 03) we have increased the total provisions by 4.0%, driving down total Net Doubtful Loans by 2.5% Net NPLs and Doubtful Loans as % of Total Net Loans 2.12% 1Q03 2.12% 1.05% 1.13% 40.1% 39.5% 34.6% 36.0% Coverage ratios Net Doubtful Loans/ Total Net Loans Net NPLs/ Total Net Loans On Gross Doubtful Loans On Gross NPLs Dec 021Q03Dec 02 Other Net Doubtful Loans 437.4-10.0393.7 Net NPLs and net watchlist represent respectively 53.5% and 29.4% of the total net doubtful loans Calculated on Loans at Dec 2002 2.07% 1.11%

46. 46 EXCELLENT RESULTS OF UBM WITH TOTAL REVENUES, OPERATING INCOME AND NET INCOME INCREASING RESPECTIVELY BY 31%, 33% AND 40% Y/Y * Of which Euro 166 mln from sales (51.2% captive and 48.8% non-captive) and Euro 21 mln from trading Revenues increase (30.7% y/y) driven by the good performance of the derivative business and the investment and corporate banking activities (the closing of the deal “Autostrade” generated approx. 21 mln) Excellent efficiency, with Cost / Income at 16.6% despite an increase in operating costs (+19.7% y/y) mainly due to a rise in staff costs (e.g.: + 93 employees vs 1Q02) and depreciation (+28.6% y/y). 1Q03 (Euro mln) y/y % ch. CorporateLab (Corporate Derivatives) Investment & Corporate Banking Sales & Trading (incl. Institutional Deriv.) Total revenues 28230.7 Staff costs3233.1 Other costs (incl. depr.) 15-2.7 Operating income23633.2 Net income14240.2 C/I Ratio 16.6%-153 bp 187* 40 55 +36 +160 -12

47. 47 UBM Daily VAR (1) and P&L (Jan 2002 – April 2003) Euro mln Daily P&L VaR (1) Figure are calculated with a 98-99% asymmetric double tail confidence interval. Slight widening of the VAR channel starting from January 2003 mainly due to an increase in interest rates derivatives volumes Still conservative policy in risk measurement 1Q03 avg. daily VAR at Euro 3.5 mln vs 4.2 in 1Q02 and vs 3.0 in 4Q02 UBM VAR CHANNEL

48. 48 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income Cost/Income Tax Rate TOTAL 1 PGAM Group Unicredit Private Banking Net provisions (1) Balance due to roundings (Euro mln) Net income (UCI’s portion) Xelion - of which: Staff costs - of which: Other costs Other companies PRIVATE & AM DIVISION: 1Q03 INCOME STATEMENT BREAKDOWN BY COMPANY - o/w: Net write-down of loans 18 192 210 149 76 65 61 2 1 46 45 71.0% 27.6% 15 45 60 37 22 15 23 1 1 12 61.5% 45.7% -4 126 122 84 46 34 38 0 0 37 68.8% 12.4% 1 9 10 18 2 12 -8 0 0 n.m. n.a. 6 12 18 10 6 4 8 1 0 5 4 55.6% n.a.

49. 49 VERY GOOD NET SALES FOR PIONEER IN 1Q03, WITH STRONG RESULTS IN ALTERNATIVE INVESTMENTS. EXCELLENT RESULTS IN APRIL: NET SALES AROUND 50% OF TOTAL 1Q03 (2) Including Momentum. (1) Balance due to market and FX effects (3) Data already included in the other divisions Italy New Europe (Euro mln) 80,759 1,522 TOTAL PGAM - Captive65,699 Alternative Investments 3 103,688 1,517 1Q03 Net Sales 632 284 268 2,104 107 79,944 1,674 64,471 103,019 1,614 April 2003 Net Sales 146 82 -40 1,032 63 2003 AuMs as of 30.04 1 81,106 USA17,66596217,65153718,772 International (ex-Italy) 2 3,7412263,7502674,065 1,822 65,368 105,765 1,681 Positive contribution of all the Business Divisions either in 1Q02 or in April 1Q03 Net sales +17% y/y, driven by USA (+15.6% y/y at unchanged FX), Italy (+459% y/y) and New Europe (+302.2% y/y) 2003 AuMs as of 31.03 1 2002 AuMs as of 31.12 - Non captive15,06036415,47318615,738

50. 50 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income TOTAL (1) UNI BANKA (76.3%) Group PEKAO (53.2%) BULBANK (85.2%) 144128253 121 374 211 163 98 17.4% 56.4% 3 11 7 4 2 17.7% 67.2% 8 20 8 12 16.5% 38.8% 91 236 129 106 16.8% 54.9% 58 Net provisions 392-241 (1) Balance due to roundings (Euro mln) (UCI stake) 10 Net income (UCI’s portion) 641319 53 18 71 42 28 25 20.4% 60.3% -4 19 Group ZABA (81.9%) - of which: Staff costs 107 346625 - of which: Other costs 76334712 NEW EUROPE DIVISION: RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans 412-241-2 2 2 4 3 1 0 n.m. 73.6% 1 1 1 0 UniCredit Romania (99.8%) 1 35 34 22 12 3 12.8% 63.9% 8 10 1 3 (2) KFS (50.0%) 0 (2) Consolidation with proportional method (50%)

51. 51 1Q03 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) 1Q03 Net interest income 1 144 Net non interest income 91 Total revenues 236 Administrative costs 2 129 Operating income 106 Net write-down of loans 41 Net extraordinary income 16 Net income 58 Other net provisions 3 0 Taxes 23 y/y % ch. 4 Net income for the Group 31 % ch. on 4Q02 4 -20.7 +6.2 -12.1 1.7 -24.5 +8.0 n.m. -12.6 n.m. -38.5 -11.3 -11.0 -27.8 -18.4 0.2 -33.4 -45.4 n.m. +25.3 n.m. -14.7 +22.9

52. 52 3 Including provisions to reserve for general banking risk 1 Including dividends 2 Including depreciations 4 At unchanged FX (Euro mln) 1Q03 Net interest income 1 Net non interest income Total revenues Administrative costs 2 Operating income Net write-down of loans Net extraordinary income Net income Other net provisions 3 Taxes y/y % ch. 4 Net income for the Group % ch. on 4Q02 4 +26.3 53 -61.9 18 -20.5 71 -5.5 42 -36.0 28 n.m. -2 n.m. 0 -25.4 25 n.m. -2 -5.8 8 -27.5 19 -4.9 -49.4 -22.3 -36.7 +18.4 n.m. 1Q03 CONSOLIDATED INCOME STATEMENT: ZAGREBACKA