1H05 CONSOLIDATED RESULTS Alessandro Profumo - CEO Milan - September, 13 th 2005

2 SUMMARY OF CONTENTS Transition to International Accounting Standards: no major impact on net income and shareholders’ equity for the Group 1H05 and 2Q05 results in ITAS: strong performance of the Group

3 2Q05 ACHIEVEMENTS Strengthened competitive positioning in Italian banking (lending market share +20 bp 3, mutual funds market share +35 bp vs Dec04) Solid performance of operating income (+11.4% y/y) benefiting from top- line growth (+6.5% y/y) and cost control (+1.4% y/y 1 ) Continued headcount reduction, in advance of the plan: -1,159 vs Jun04 and -669 vs Dec04 in Italy Continued volume growth (AuM: +6 bn, Loans 2 : +4.3 bn q/q), despite UCB mortgage securitisation (3 bn) (2) Ex-repos Net income at 608 mln in 2Q05 (+4.3% y/y) and at 1.3 bn in 1H05 (+24% y/y) (3) Gross of UCB mortgage securitization (1) Calculated on operating costs net of recovered taxes

4 STRONG RESULTS, FURTHER OPERATING INCOME IMPROVEMENT Total Revenues (mln) 5,604 1, bp +7.7% +24.0% -5 bp Operating Income Net Income 1H05Y/Y ch. 2, % 54.4% C/I Ratio, % 8.03% +9 bp Tier I ratio Cost of Risk, bp (2) (2) 1H05 data annualised Ch. on FY04 1H % Tax Rate, % -179 bp -174 bp 2, Q05 1, % 36.1% +6.6% -12.1% % ch. on 1Q % -202 bp +412 bp +6.5% +4.3% % ch. on 2Q % -203 bp +143 bp Deltas mainly due to tax free gain from disposal of “Serenissima” stake in 1Q % C/I Ratio net of recovered taxes (1), % -206 bp52.3%-211 bp-232 bp (1) Calculated excluding, both from costs and revenues, taxes recovered and accounted in the “other net revenues” line

5 NET INTEREST INCOME UP BOTH Q/Q AND Y/Y 2Q04 New Europe Italy 1, Q05 1, NET INTEREST INCOME excl. Dividends (mln) 1, Q05 Sustained volume growth in all divisions driving net interest income good performance Italy: Negative impact of UCB mortgage securitisation on Italy contribution (~7 mln in 2 months) Slight margin compression (mainly in UBI) driving lending spread to 3.61% (-25 bp Q/Q) (2), in line with system trend New Europe: Good volume growth in all New Europe banks, both at current and unchanged FX Slight margin compression in major banks, with the exception of Pekao 1H04 2,399 1, ,560 1, H % +5.0% +12.7% +0.9% -1.1% +7.5% +6.2% Q/Q % ch. Underlying y/y growth (1) would be +8.4% (1) Y/y % ch. adjusted for securitisations (Locat, District bonds and UCB) (2) End of period short term spread (UBI + UCB) towards non financial companies

DEC % 11.05% INCREASED LENDING VOLUMES AND MARKET SHARE GAINS WHILE MAINTAINING PRICING PREMIUM Retail: loan growth driven by mortgages, consumer credit and small business. 2Q05 impacted by 3 bn mortgage securitisation Corporate: up 5.0% vs Mar 05 with m/l term still growing (+3.4% 2 ) New Europe: +6.4% at unchanged FX with q/q increases in all banks (Pekao +5.2%, Bulbank +1.5%, Zaba +5.2%, Koc +11.6%) Good lending spread (3.61%) with pricing premium vs industry (37 bp) 1 Net of repos 2 Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) 3 Including 3 bn mortgages securitisation. JUN 05 3 On total loans10.79% On M/L term loans10.85% MAR % 11.13% MAR Corporate New Europe JUN 04JUN Retail % Other % ch. vs MAR % +8.4% -0.7% +5.0% +7.9% TOTAL CUSTOMER LOANS 1 (bn) UCI LENDING MARKET SHARES 2 IN ITALY Excluding 3 bn mortgages securitisation, market shares would be: 11.03% (+20 bp on Dec 04) on total loans 11.23% (+18 bp on Dec 04) on M/L term loans

7 NET COMMISSIONS DRIVEN BY SPECIFIC FOCUS ON ASSET MANAGEMENT PRODUCTS AND BY FURTHER DEVELOPMENT OF TRANSACTIONAL AND LENDING RELATED FEES (1) Up-front on AUM and AUC referred to UniCredit Banca, UniCredit Private Banking and Xelion NET COMMISSIONS (mln) +8.8% 1,653 1,799 1,423 1,587 1H041H % -7.8% Up-front (1) Other 928 2Q Q Q % -13.8% +9.8% Q/Q % ch. +8.7% +12.7% Y/Y % ch. (2) Corporate finance + Equity capital market + Debt capital market Key drivers of the growth: Strategic focus on recurring fees: segregated accounts & mutual funds fees (excl. up- front) up 25 mln 2Q05/1Q05 and 95 mln 1H05/1H04 Corporate Division: foreign-trade (+7 mln 2Q/1Q, +9 mln 1H/1H), investment banking (2) (+11 mln 2Q/1Q, +35 mln 1H/1H) and transaction services (+1 mln 2Q/1Q, +4 mln 1H/1H) Trend of up-front fees impacted by lower emphasis on sales of third party structured bonds

8 Dec04 GROUP AUM REACHING NEW HEIGHTS: +18 BN IN ONE YEAR, +6 BN JUST IN THE LAST THREE MONTHS (2) Calculated according to the “new” classification methodology adopted by Assogestioni since January 2005 (1) US + New Europe + International (ex Italy) UCI TOTAL AUM (bn) 135 Jun Mar05 Jun % Italy International % +3.2% +14.3% % ch. vs Mar05 UCI mkt. share % … leading to continued gains in market share and # 2 ranking 4.6 bn net sales for Pioneer worldwide in 1H05 (vs 2.1 bn in 1H04) UCI’s strong out-performance of the Italian market in mutual funds’ net sales: 3,421 mln out of 7,295 mln for the entire system as at end August 05… A clear growth story based on Pioneer global presence: +18 bn AUM in 12 months, of which almost 9 bn in the international business units 1 (+24.9% y/y) Slight improvement of average pricing 14.89% Aug % Jun05 Solid and consistent performance: 15 out of 47 US funds awarded 4 or 5 stars by Morningstar as well as 11 out of 65 Italian or Luxemburg funds

9 188 INCOME FROM FINANCIAL TRANSACTIONS (mln) INCOME FROM FINANCIAL TRANSACTIONS SLIGHTLY AFFECTED BY LOWER CONTRIBUTION OF DERIVATIVES 2Q Q Q H041H % -22.9% -6.5% -4.0% -15.4% Lower contribution of derivatives to consolidated revenues (6.2% in 1H05 vs 8.6% in 1H04) Of which: Derivatives (Corporate + Institutional + Retail) q/q % ch. 2H05: y/y trend of derivatives expected to improve, mainly thanks to development of Institutional Derivatives Reduction of derivatives largely balanced by New Europe, benefiting also from positive mark-to-market of government bond portfolios in 2Q05

10 Quarterly trends (at constant FX and net of taxes recovered in the “other net revenues” line): Personnel costs under control: -0.5% Q/Q, mainly thanks to staff reduction in Italy Other adm. expenses: +4.3% Q/Q, mainly driven by advertising and marketing expenses in Retail division COSTS GROWTH MAINLY DRIVEN BY SIGNIFICANT FX EFFECT OPERATING COSTS BREAKDOWN (net of taxes recovered in the “other net revenues” line) (mln) 1H041H05 1,689 1, ,825 2, % +2.2% +4.7% -4.5% Personnel costs Other admin. expenses Depr. & amort. 2Q Q Q04 1,454 1,440 1, % +5.7% +0.3% +1.4% +5.2% TOTAL COSTS Q/Q % ch. Half year results (at constant FX and net of taxes recovered in the “other net revenues” line): Total operating costs growing only by 1.7% Personnel costs increase +3.5% mainly due to higher staff in NE division, higher accruals for MBOs (mainly Retail and NE Divisions) and bonuses linked to UCI labour agreement (VAP) Other admin. expenses almost in line with 1H04 (+0.6%) Taxes recovered in the “other net revenues” line

11 GLOBAL BANKING SERVICES: WELL ON TRACK VS PLAN TARGETS REAL ESTATE: rationalisation of real estate assets including 51 UCB branches closed in 1H05 LEGAL ENTITIES RATIONALISATION: de-merger of UBMC “core” banking and project finance activities respectively in favour of UBI and a new dedicated company (effective from January 2006); approved merger into UCI segment banks of C.R. Carpi and Banca dell’Umbria (effective from July 2005) UPA ROMANIA: received authorization for activity transfer, 87 people hired (as of June 2005) partly still having training & partly already active CALL CENTER: 3 largest call centres consolidated into 1 (same location and IT platform), ~250 people involved (~80% of total); consolidation of the other 4 call centres expected in 2006 PURCHASING: positive impact in 2005 from doubled on-line purchases in Italy Staff downsizing (-1,159 vs 1H04, -669 vs. Dec04) better than expected ,858 39,368 1H04 -1,159 ITALY 38,699 1H05

12 Weight on Net Loans Provisions on performing loans 1, % Coverage ratio 0.97%- Total Net Doubtful Loans 5, % Weight on Net Loans 3.46%+0.4 bp mln, where not specified Net Non Performing Loans 2, % 1.80%-4 bp Jun05 ch. on Mar05 ASSET QUALITY: REDUCTION OF FLOWS OF NEW DOUBTFUL LOANS AND INCREASED COVERAGE RATIOS ON NPLs AND WATCHLIST (1) Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing Very limited increase of net NPLs (+0.5% q/q) and q/q reduction of net watchlist (-0.3% q/q) Coverage ratios increased on NPLs (60.6% vs 60.2% as of Mar05) and watchlist (20.2% vs 19.8% as of Mar05), while stable on total doubtful (48%) and performing loans (0.97%) Net loan loss provisions at 216 mln in 2Q05, in line with 1Q; 1H05 cost of risk (annualised) at 58 bp (-5 bp vs FY04), of which 17 bp for provisions on performing loans 1.4 bn provisions on performing loans (+37 mln vs Mar05); no additional provisions on Convertendo FIAT: conversion loss totally provisioned for at current market prices 1H04 1,014 1H % NET FLOWS OF NEW DOUBTFUL LOANS 1 (mln) Stated cost of risk (annualised) 58 bp-5 bp Jun05 ch. on 2004 Total net doubtful loans increase (+143 mln, +2.9% q/q,) almost totally driven by restructured loans 2 (+103 mln) and by loans to countries at risk (+32 mln), the latter mainly due to very prudent BanKIT rules for Bosnia (2) Mainly due to changed accounting rules for new loans granted to single borrowers whose old credit lines had been restructured (these new loans could be classified as performing under the old rules while with the new ones they must be classified as restructured as well) -8.3% netting 1H05 of 66 mln loans “under restructuring” moved to “performing” and thereafter re-classified as “restructured” in 1Q05 (Shifts due to the new classification categories adopted by BankIT since )

13 GROUP RESULTS BENEFITING FROM BUSINESS DIVERSIFICATION 1H05 OPERATING INCOME BY DIVISION y/y % ch. 1,063Corporate-3.2% 838Retail+38.3% 2,556 TOTAL GROUP +12.1% 521New Europe+33.9% CONTRIBUTION TO 1H05 GROUP OP. INCOME PRE CORPORATE CENTRE AND ELISIONS 273Private & AM+37.9% mln

14 (1) Average data, net of minorities (3) End of period, Pay-out ratio: Dps of previous year semestralised 1H05 RORAC (4) ABSORBED CAPITAL (1) Total Group 9.6 bn 1H % ch. on 1H04 (2) 10.2 bn 1H05 Retail 51.0% % NE 27.6% % Corporate 12.1% % Private & AM 9.3% % Divisional weight Excess Capital (3) 0.7 bn1.1 bn (4) Return on risk adjusted capital = Marginal Rarorac + Cost of Equity (2) On Absorbed Capital 42.7% 35.5% 24.3% 19.6% 23.5% Private & AM NERetailCorporateGroup Cost of equity 8.58% Marginal RARORAC RISK ADJUSTED PROFITABILITY CONFIRMED AT HIGH LEVELS Y/Y significant increase in EVA for Private, Retail and NE Divisions, thanks to high net income growth (RORAC +7.6, +5.5 & +1.6 pp y/y respectively)

15 RETAIL DIVISION: STRONG LENDING MARKET SHARE INCREASE DRIVING NET INTEREST INCOME TURNAROUND EXCELLENT LENDING GROWTH (+10.4% Y/Y) … Household mortgages (1) +10.4% y/y (-0.1% vs. Dec04) Consumer credit +44.7% y/y (+18.9% vs. Dec04) Small Business +11.8% y/y (+4.1% vs. Dec04), mainly thanks to s/term loans … AND GOOD SPREAD RESILIENCE IN ALL KEY MARKETS… 2Q average spread (2) on: new mortgages at 1.27% for UCB (+1 bp q/q) and 1.41% for UBCasa (+2 bp q/q) small business (3) s/term loans at 7.59% (-28 bp q/q) revolving cards at 11.77% (+40 bp q/q) … SUSTAINING NET INTEREST INCOME SOUND PERFORMANCE (despite mortgage securitisation carried out in 2Q penalising Q/Q trend by 7 mln) 2Q Q NET INTEREST INCOME (ex. div.), mln 2Q (2) Management accounts (3) Management accounts, including also maximum overdraft charges +7.7% (+8.9% ex securitisation) (1) Trend due to 3 bn securitisation carried out in 2Q05. Excluding securitisation, mortgage growth would be +20.5% y/y and +9.0% vs. Dec04

16 STAFF COSTS, mln -834 vs. June 04 1H04 25, ,136 TOTAL STAFF 1H05 24,633 RETAIL DIVISION OPERATIONAL ACHIEVEMENTS STAFF REDUCTION PLAN WELL ON TRACK (~50% of the total reduction announced in the plan already achieved)… CONTINUED FOCUS ON WEALTH MANAGEMENT PRODUCTS GENERATING RECURRING REVENUES SALES OF SEGR. ACCOUNTS INVESTING IN FUNDS, bn … WITH CLEAR EFFECTS ON TOTAL STAFF COSTS, DESPITE NEW LABOUR CONTRACT EXCELLENT CONTRIBUTION TO GROUP NET INCOME CONTRIB. TO GROUP NET INCOME, mln 2Q Q Q Q Q Q Q Q Q %

Q041Q052Q % +1.3% +2.1% gross of securitisations (~20 mln) CORPORATE DIVISION: STRONG LENDING GROWTH SUSTAINS NET INTEREST INCOME, OFFSETTING LOWER SPREADS (2) Only UBI + UBMC (Source: BankIT Matrix) (3) Calculated on SMEs and other non-financial enterprises excluding largest Groups. Source: Credit Bureau data as of Jun05 NET INTEREST INCOME (excl. dividends), (mln) (1) Almost totally recovered as “Other income” 1H041H % Locat + District bond securitisations impact % TOTAL LOANS (ex Repos), (bn) Of which: M/L 2 Significant growth of customers loans: +10.0% y/y gross of securitisations, +5.0% q/q … … with positive contribution of M/L term lending (+14.0% y/y and +3.4% q/q) Reduction of lending spreads for UBI (2.12% Avg. 2Q05, -10 bp q/q and -13 bp y/y) Jun04Mar05Jun % +5.0% vs Mar % gross of securitisations +3.4% vs Mar05 q/q % ch. UBI share of wallet 3 at 13.8% (vs 13.4% as of Dec04)

18 FOCUS ON SERVICE REVENUES AND RISK PROFILE NET COMMISSIONS, (mln) 1H041H % Q041Q052Q % +11.5% Foreign trade services: 74 mln in 1H05 (+14.5% y/y), 40 mln in 2Q05 (+21.0% 2q/1q) Transaction services: 37 mln in 1H05 (+11.7% y/y), 19 mln in 2Q05 (+5.5% 2q/1q) More balanced revenue composition for UBM in 1H05 vs 1H04 Derivatives: 67% (-10 pp) Investment Banking 1 : 19% (+7 pp) Sales & Trading on cash products: 14% (+3 pp) NET FLOWS OF NEW DOUBTFUL LOANS 2, (mln) Default Rate 3 at 0.68% in 1H05 vs 0.83% in 1H04 Relevant reductions of net flows of new doubtful loans both in 2Q05 vs 1Q05 and in 1H05 vs 1H04 (2) 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 1H041H % 1Q052Q % q/q % ch. (3) Defined as: (Flows from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans)/ Total Gross In Bonis Loans as of previous 31 December Investment Banking 1 : 107 mln in 1H05, (+47.7% y/y), 59 mln in 2Q05 (+22.2% 2q/1q) (1) Investment Banking: Corporate Finance (UBI, UBM and UBMC) + Equity Capital Market (UBM) + Debt Capital Market (UBM)

PRIVATE & ASSET MANAGEMENT DIVISION: CONTINUED ASSET AND RECURRING MANAGEMENT FEES GROWTH Significant growth of Tot. Financial Assets (bn) All figures at unchanged FX Excellent net sales in 1H05: Asset Management: 4.6 bn net sales, vs 2.1 bn in 1H04 Asset Gathering (UPB+Xelion): 3.3 bn net sales in 1H05 (+24% y/y), of which c. 0.9 bn of AM products (1) Assoreti perimeter Xelion: top-league performance in net sales in Italy (1), ranking # 2 with 14% market share (as of end June 05) (2) Till year-end 2004 performance fees on long-only funds were cashed by Pioneer once a year at year-end, with a seasonal effect in 4Q. Starting from 2005 they are calculated and cashed on a quarterly basis TOTAL REVENUES (mln) Up-front fees Management & other fees Performance fees (2) 1Q % +3.3% 2Q042Q Q/Q % ch. NII & other Jun04Mar05Jun % H H % 12.8% +4.7% vs Mar % +14.1% Resilient margins thanks to product and asset mix: Asset Mix (Pioneer): avg. weight of stocks and equity funds at 29.5%in 1H05, up 203bp y/y; avg. weight of hedge funds at 3.1% in 1H05, up 55bp y/y; Margins (3) (in bp of average AuM): up from 57.6bp in 1H04 to 59.1bp in 1H05 (3) Net commissions, excluding performance fees

20 EXCELLENT VALUE CREATION THANKS TO REVENUE GROWTH AND STRONG EFFICIENCY GAINS All figures at unchanged FX Revenue rising q/q (+3.2%) and y/y (+12.8%), driven by sales of Focus Invest and the new Investment Program and by improvement in the asset mix Net income for the Group at 102 mln in 2Q05 (+4.3% q/q) and 199 mln in 1H05 (+25.1% y/y) 2Q05 operating income increased by 4.7% vs 1Q, confirming an excellent trend (+37.5%1H05/1H04,) thanks to revenue growth and cost control OPERATING INCOME (mln) 1Q052Q % 1H041H % C/I RATIO, % 1Q052Q H041H bp-62bp C/I ratio further declining by 62bp q/q (-763bp 1H05/1H04); expected moderate recovery of costs for new projects in 2H05 at Pioneer

21 STRONG LENDING GROWTH: +18.9% Y/Y (+27.5% at current FX) FURTHER DEVELOPMENT OF MUTUAL FUNDS WITH POSITIVE IMPACT ON REVENUES AND MARKET SHARE All figures at unchanged FX – P&L in ITAS (1) Management accounts in LAS NEW EUROPE DIVISION: CONTINUED VOLUME GROWTH SUSTAINING REVENUES GOOD PERFORMANCE (3) Pioneer Pekao Investment Management (2) New Europe Business Area of Pioneer is included at current FX Mortgages (1) (Euro mln) Jun05 2,231 Mar05 2,355 1,904 Jun % Consumer credit (1) (Euro mln) Jun05 1,660 Mar05 1,856 1,393 Jun % Mutual Funds (2) (Euro mln) Jun05 5,707 Mar05 6,347 4,361 Jun % Market share (PPIM (3) ) Jun Mar Jun pp Net non interest income (Euro mln) 1H Q Q % Y/Y % ch % 2Q/2Q % ch. Net interest income (Euro mln) 1H Q Q % Y/Y % ch. +4.0% 2Q/2Q % ch.

22 (1) 1H05 data annualised IMPROVED ASSET QUALITY RATIOS CAUTIOUS PROVISIONING POLICY AND GOOD PROFITABILITY STRONG OPERATING INCOME INCREASE: +23.5% vs. 1H04, +37.2% 2Q05/2Q04 Total Revenues (Euro mln) Cost/income (%) Cost of risk (1) (bp) Coverage ratio on doubtful loans Attributable Net income (Euro mln) STRONG GROWTH IN OPERATING INCOME DRIVEN BY REVENUE INCREASE; IMPROVED EFFICIENCY AND PROFITABILITY All figures at unchanged FX – P&L in ITAS 1H % Dec % 68.4% 1H04 1H05 90 FY04 84 Net Provisions on loans (Euro mln) -6 bp 1H Q05 1, Q % Y/Y % ch % 2Q/2Q % ch. 1H % 2Q % 53.2% 1Q pp Y/Y ch pp 2Q/2Q ch pp Y/Y ch. 1H Q Q % Y/Y % ch % 2Q/2Q % ch. 1H Q Q % Y/Y % ch % 2Q/2Q % ch.

23 UCI APPROACH TO IAS/IFRS ADOPTION 3Q05 and FY2005 financial statements, including Management Discussion & Analysis and explanatory notes, will be prepared according to IAS Disclosure on IAS: First Time Adoption adjustments on 31/12/2004 Shareholders’ Equity (excluding IAS 39) and 1/1/2005 Shareholders’ Equity (with IAS 39 applied) Reconciliation from IT GAAP to IAS of 2004 Net Income (ex IAS 39, in annex) and 1H05 Net Income and Shareholders Equity (with IAS 39 applied) “Prudent attitude” in the adoption of IAS. In order to minimize volatility on Shareholders Equity & Net income: No revaluation of Real Estate No restatement on past Business Combinations Synchronized IAS and Basel 2 approach on loan loss provisioning

24 1H05 IAS 1 1,442 14,900 1H05 ITAS 1,301 14,223 % ch. NO MAJOR IMPACT OF IAS APPLICATION ON UCI 1H05 NET INCOME AND SHAREHOLDERS’ EQUITY No changes in our Business Model due to the IAS Transition Net Income Shareholders’ Equity +4.8 As anticipated, no substantial changes between Net Income and Shareholders’ Equity reported under Italian GAAP vs. IAS: Impact of First Time Adoption on Shareholders Equity not material Negligible impact on Net Income (main effect due to goodwill amortisation) Positive impact of IAS 39 in First Time Adoption 1 Including IAS 32/39 and IFRS 4 mln

25 IFRS TRANSITION: IMPACT ON SHAREHOLDERS’ EQUITY SHAREHOLDERS’ EQUITY ,035 SHAREHOLDERS’ EQUITY ,373 FINANCIAL INSTRUMENTS (IAS 39) Time value recognition on loans Holdings Other financial instruments at Fair Value , GOODWILL (IFRS 3) 2004 goodwill amortization Negative consolidation differences Impairment of goodwill EMPLOYEE BENEFITS (IAS 19, IFRS 2) Share-based payments (stock options & stock granting) TFR, pension funds, bonuses and deferred compensation OTHER MINOR IMPACTS Deferred tax assets Other impacts Minorities TREASURY SHARES (IAS 32) Treasury shares directly deducted from equity-358 mln FIXED ASSETS (IAS 16 & 38) Positive impact from write-back of land depreciation Write-off of intangible assets

26 1H05 CONSOLIDATED NET INCOME: FROM ITALIAN GAAP TO IAS Net Income ITAS Net Income IAS mln 1,301 1, Goodwill +11 Fixed assets -12 Employee benefits +14 Other -26 Loans and financial instruments valued at amortized cost Provisions for risk & charges Consolidation perimeter Financial instruments at fair value -13

27 HVB DEAL: WHAT HAS BEEN DONE SO FAR Initial proceedings with all relevant Regulatory and Antitrust Authorities; approvals already received by a number of key Regulators (BankIT, Bafin, FMA-Austria) Approval by UniCredit EGM Offers on HVB and Bank Austria launched Recommendation by HVB Management Board and positive statement from HVB Supervisory Board Integration Unit established, with responsibility for monitoring the implementation process both at parent company and subsidiary level (within the limits imposed by applicable laws) Ongoing COMPLETION OF THE TRANSACTION EXPECTED WITHIN THIS YEAR

1H05 CONSOLIDATED RESULTS Annexes

29 Details on 1H05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division Details on IAS reporting AGENDA

30 (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 2Q05 & 1H05 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. (mln) Minorities Taxes % ch. on 2Q04 Net interest income (incl. div.) - of which Dividends % ch. on 1Q05 2Q05 1,483 2,892 -1,545 1, , n.m.+5.1 y/y % ch. 1H05 2,896 5,604 -3,048 2, , Net income , n.m n.m

31 Retail Division Corporate Division Priv.& AM Division NE Division Total Group (1) Total revenues +1.1%-2.0%+5.9%+20.7%+6.6% Operating costs Operating income Net write-downs of loans Net income for the Group C/I Ratio +1.0%+3.8%+4.8%+8.0%+2.8% +1.3%-4.4%+7.4%+35.2%+11.5% -9.0%+4.2%n.m.+34.5%+0.7% +0.6%-1.1%+6.8%+32.6%-12.1% -0.1 pp+1.7 pp-0.6 pp-5.6 pp-2.0 pp (1) Balance due to the Parent Company, other Group companies and elisions (2) Calculated on data at end of period FX (mln - Data at end of period FX) DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 2Q05 1, , , , %30.8%57.3%47.8%53.4% (3) Including all the employees of Koc Financial Services (3,999 as at ) Employees (3) 24,6335,1923,52729,86570,258 2Q05 RESULTS % Change vs 1Q05 (2) Change in pp vs 1Q05 (2)

32 NON OPERATING ITEMS Operating income Goodwill amort. Net Income Net write-downs of loans Other net provisions (1) Net extraord. income Taxes Minorities 1Q05 1, Q04 1, , Q (1) Net write-downs of financial investments & provisions for risks and charges 1H05 2, , H04 2, , (mln)

33 -on tot. Gross doubtful loans, %38.6%33.5%48.1%71.9%38.7%32.4%73.5%48.0% -on total gross NPL, % 48.7%39.5%85.1%60.2%48.8%39.5%86.0%60.6% Total gross doubtful loans 3,6202,8583,0479, %+2.7% Net Doubtful Loans/Tot. Net Loans,% 3.46%3.82%2.73%5.71% 3, % +2.4%+4.0% 2, % 3, % 9, % % change on Mar 05 Gross Doubtful Loans/Tot. Gr. Loans,%6.40%6.04%4.01%17.5%6.22%4.00%16.4%6.40% Total net doubtful loans 2,2231, , %+2.9% 2, %+5.7% 2, ,179 % change on Mar 05 ASSET QUALITY: DETAILS BY DIVISIONS Coverage ratios Retail Division Mar 05Jun 05 1 Balance due to other Group companies (mln - Data at end of period FX) Corporate Division NE DivisionTotal Group 1 Gross NPL % change on Mar 05 Gross NPL/Tot. Gr. Loans,% Net NPL/Tot. Net Loans,% 2,2361,8662,4896, %+1.7% 3.73%2.62%14.3%4.43% 1.97%1.62%2.48%1.84% 2, % 2.01% +1.7%+1.4% 1, % 1.58% 2, % 2.18% 6, % 1.80% Net NPL % change on Mar 05 1,1461, , %+0.5% 1, %+1.4% 1, ,690 Mar 05Jun 05Mar 05Jun 05Mar 05Jun 05

34 Details on 1H05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division Details on IAS reporting AGENDA

35 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: 1H05 RESULTS BREAKDOWN BY COMPANY - o/w: Net write-down of loans 1,038 1,041 2,079 -1, (1) Balance due to rounding and elisions of infragroup dividends, goodwill amortisation and consolidation adjustments CR Carpi (2) Net of consolidation adjustments and minorities Net extraordinary income (loss) ,245 1,124 2,370 -1,

36 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, % Q/q % ch. 2Q05 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 , bp bp Net extraordinary income (loss)+3n.m Y/y % ch. 1H05 1,245 1,124 2,370 -1, bp n.m.

RETAIL DIVISION - MORTGAGES AND CONSUMER FINANCING RESIDENTIAL MORTGAGES STOCK, bnNEW FLOWS, bn CONSUMER FINANCING 1H041H % (2) NEW FLOWS OF PERSONAL LOANS, mln 1H041H mln 122 mln REVOLVING CARDS TOTAL SPENDING (3) (+179k revolving cards in 1H05) DEC mkt share (1) 17.61% 17.71% 16.60% (2) (1) Group market share, related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin (2) Excluding 3 bn securitisation, mortgage growth would be +20.5% y/y and market share 17.62% 1H041H % 1H041H % UCB UBCasa +8.3% -8.2% STOCK, bn 1H041H % DEC (3) POS and ATM spending

38 RETAIL DIVISION - SMALL BUSINESS STOCK, SPREAD AND CUSTOMER ACQUISITION STOCK, bn 1H05 SHORT TERM SPREAD (1) 1Q04 (1) Management accounts, includes also maximum overdraft charges % 8.08% 7.96% 2Q % 3Q % 4Q % 1Q04 18,000 2Q04 19,000 3Q04 15,000 4Q04 17,500 QUARTERLY TRENDS IN SMALL BUSINESS CUSTOMER ACQUISITION 1Q05 17, % 2Q05 1Q Q05 19,000

39 DEC04 1Q % +1.2% +8.1% -2.7% -4.5% +4.4% +0.5% 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 (3) (Households), % Other deposits Households c/accounts Bonds EOP DEPOSITS, Euro bn UCB AVG. MARK-DOWN (3) (Households), % (1) Includes short term and m/l term loans (2) Includes only households mortgages UCB AVG. MARK UP (3) (Small Business), % Q Q (3) Source: Bank of Italy matrix data 2Q Q % Q Q042Q043Q044Q04 1Q042Q043Q044Q Q Q Q Q % +2.9% +10% +1.9% -0.7% (+4.4% ex securitisation)

40 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 n.m Q (3) Includes management fees related to underlying Mutual Funds Q/q % ch H Y/y % ch n.m

41 RETAIL DIVISION - DETAILS ON ASSET QUALITY Provisions on performing loans % Coverage ratio 0.59%+1 bp Net Non Performing Loans 1, % Weight on Net Loans 2.01%+4 bp mln, where not specified Total Net Doubtful Loans 2, % Weight on Net Loans (2) 3.93%+11 bp Cost of risk (1) 56 bp+6 bp 1H05 ch. on Mar 05 1H05 ch. on 2004 (1) Annualised -7.0% 1H041H REDUCTION OF NET FLOWS OF NEW DOUBTFUL LOANS (3) VS. 1H04 (3) 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 (2) Excluding the 3 bn mortgage securitisation, the weight of Total Net Doubtful Loans on Net loans would be 3.73%, down 9 bp Q/Q

42 Details on 1H05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division Details on IAS reporting AGENDA

43 CORPORATE DIVISION: 1H05 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 % Cost/income Ratio UBMLOCAT % % % ,515 1, % Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

44 CORPORATE DIVISION: 1H05 INCOME STATEMENT Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income Total net provisions Taxes Net income for the group Cost Income ratio, % (Euro mln) 2Q05/1Q05 % ch. 2Q % Q05/2Q04 % ch bp bp H05 Y/Y % ch. 1, , % bp

45 CORPORATE DIVISION - DETAILS ON ASSET QUALITY (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) H041H % Weight on Net Loans Provisions on performing loans % Coverage ratio 1.07%-2 bp Total Net Doubtful Loans 2, % Weight on Net Loans 2.77%+4 bp mln, where not specified Net Non Performing Loans 1, % 1.58%-4 bp Jun05 ch. on Mar05 Stated cost of risk (annualised) 54 bp-16 bp Jun05 ch. on 2004

46 (Euro mln) Net interest income 317 Net income for the group Cost Income RATIO, % % Net non interest income 165 Total revenues Operating costs Operating income Net write-downs of loans Other net provisions Of which: Trading profits 37 - Net commissions UNICREDIT BANCA D’IMPRESA: 1H05 INCOME STATEMENT 2Q05/1Q05 % ch. 2Q05 2Q05/2Q04 % ch bp bp % Y/Y % ch. 1H bp n.s

47 UBM: 1H05 INCOME STATEMENT (Euro mln) Total revenues Staff costs Other costs (incl. depr.) Operating income Net income C/I Ratio % Net extraord. income 2 Taxes -47 2Q05/1Q05 % ch. 2Q05 2Q05/2Q04 % ch bp n.s bp Net interest income (incl. div.) Net non interest income n.s % Y/Y % ch. 1H bp

48 Details on 1H05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division Details on IAS reporting AGENDA

49 PRIVATE & AM DIVISION: 1H05 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 % 5 UPB + Subsidiaries % % n.s. 1 PGAM Group 1 UniCredit Xelion Banca n.s. 0 UC Luxemburg 1 The Net Income and Net Income for the Group lines of PGAM Group are gross of goodwill amortisation 2 Balance due to rounding and elisions of intra-group dividends and goodwill amortisation

50 PRIVATE & AM DIVISION: 2Q05 AND 1H05 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, % 2Q05/1Q05 % ch. 2Q % H05 2Q05/2Q04 % ch. Y/y % ch bp n.s bp n.s % bp n.s (Euro mln - Data at current FX, % ch. at fixed FX)

51 1 Including Repos PRIVATE & AM DIVISION: DETAILS ON TOTAL FINANCIAL ASSETS Y/Y AND 2Q/1Q TRENDS (bn - data at constant FX) Securities in custody Direct deposits 1 AUMs PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS +4.7% +16% Y/Y Jun Mar05Jun05 % weight of AUM products

52 1 Balance due to rounding Italy New Markets 92,809 3,702 TOTAL PIONEER Alternative Investments 3 129,614 3,830 3, , US25, International (ex-Italy) 7, AuM as at US in USD34, ,342 4, ,580 4,363 27,841 9,529 AuM as at ,665 3 AuM as at ,415 28,113 10,449 5, ,152 4, ,292 1H05 Net sales PIONEER GROUP: DETAILS ON NET SALES AND AUM TREND (Jan05-Aug05) 2 Provisional figures; balance due to Market Performance (including FX effect) 4, , , , , Net sales Jul-Aug.05 1H05 Mkt. Perf. (mln - Data at end of period FX)

53 Finanza & Futuro RasbankCredem + Euromob.7,617Credem + Euromob. 1 Calculated on average PFAs 2 AUMs, Securities in Custody, Bancassurance and liquidity 3 Ranking taking into account only the 10 largest Italian players by Total Financial Assets as at Source: Assoreti Net Inflows: 788 Mln, 3 rd in Italy Data as at – Mln TOTAL NET INFLOWS 2 & 3 Xelion788 Mediolanum730 Azimut910 Banca Generali1, Credem + Euromob Rasbank Fideuram + SPI345 Data as at ,965 PFAs, 5 th in Italy NUMBER OF PFAs Fideuram + SPI4,155 Mediolanum3,980 3,668 Banca Generali4,906 Finanza & Futuro1,098 Bipielle Network 1,078 Banca SAI1,481 1,125 Tot. Fin. Assets: ~13.4 bn, 5 th in Italy Data as at – Mln TOTAL FINANCIAL ASSETS Fideuram + SPI61,094 Mediolanum22,583 Rasbank20,032 10,114Azimut 8,008 Xelion13,401 16,761 Fineco6,945 Net Inflows per PFA 1 : 3 rd among Top- Players Data as at – Mln NET INFLOWS PER PFA 2 & 3 Azimut1.01 Xelion0.39 Credem + Euromob Mediolanum 0.20 Finanza & Futuro Fideuram + SPI Banca Generali 0.18 XELION: SECOND BEST PLAYER IN NET SALES (14% MARKET SHARE) AND GOOD PRODUCTIVITY PER PFA Rasbank Xelion1,965 Fineco1,445 Fineco Banca Generali Bipielle Network-0.05Bipielle Network4, Finanza & Futuro-94 Bipielle Network

54 Details on 1H05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division Details on IAS reporting AGENDA

55 2.6% (1) 2.3% (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 7.2% (1) 40.5% (1) 22.2% (1) 21.2% (1) (1) Weight of the bank Total Revenues in 1H05 on Division Total Revenues – only UCI’s portion; balance due to UniLeasing Romania, UniLeasing Bulgaria and Xelion Poland Net income for the Group Tax Rate (%) NEW EUROPE DIVISION % ch. on 2Q n.m n.m pp 3.5% (1) BREAKDOWN OF REVENUES ITAS 2Q % ch. on 1Q pp 1H , y/y % ch n.m n.m pp Cost of Risk (bp)84 -6 bp ROE (%) pp Cost/Income ratio (%) -7.1 pp pp pp NEW EUROPE DIVISION: 2Q05 & 1H05 INCOME STATEMENT

56 NEW EUROPE DIVISION: 2Q05 & 1H05 TREND IN VOLUMES ITAS % ch. on Mar05 Jun05 (Euro mln) % ch. on Dec04 Net Customer Loans - o/w Pekao Mortgages (1) ,238 6,796 2,355 - o/w Pekao LC o/w Pekao Mutual Funds (2) Deposits ,936 10,992 6,347 - o/w Pekao (3) ,063 NET CUSTOMER LOANS 2Q05/1Q05: KFS +11.6%, Zaba +5.0%, Bulbank +1.6% Jun05/Jun04: Bulbank +64.8%, KFS +33.5%, Zaba +19.4% (3) Pioneer Pekao Investment Management At unchanged FX MUTUAL FUNDS in PEKAO: Market share (3) : to 36.4 up 4.1 pp y/y (1) Management accounts in LAS (2) New Europe Business Area of Pioneer is included at current FX

57 NEW EUROPE ASSET QUALITY Net NPLs and Doubtful Loans as % of Total Net Loans 85.1 Mar05 Jun Coverage ratios (%) On Gross Doubtful Loans On Gross NPLs Net NPL/ Loans % Jun05 Total NE ch. on Mar05 (pp) Net Doubtful/ Loans % Jun05 ch. on Mar05 (pp) At unchanged FX Zaba Unibanka Pekao Bulbank KFS Cost of risk (1) -6 bp (bp, annualised) H (1) Calculated as Net Loan Loss Provisions on Net Customer Loans at period-end, 1H05 data annualised ITAS

58 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income TOTAL (1) , % 50.3% Net provisions -75 (1) Balance due to roundings, other small companies & adjustments to be ITAS compliant (Euro mln) (UCI stake) Net income (3) (UCI’s portion) of which: Staff costs of which: Other costs -187 NEW EUROPE DIVISION: 1H05 RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans -68 UNI BANKA (77.2%) % 79.3% BULBANK (86.1%) % 33.9% Group PEKAO (52.9%) % 52.6% % 57.0% Group ZABA (81.9%) % 80.0% % 41.9% KFS (2) (50.0%) -17 (2) Consolidated with proportional method (50%) % 82.4% Zivno (96.6%) 0 UniCredit Romania (99.9%) ITAS Banks’ data gross of consolidation adjustment (3) Net of consolidation adjustment

59 VERY GOOD PERFORMANCE OF NE BANKS IN 1H05 PEKAO Revenue growth (+3.1% y/y, +7.0% q/q) thanks to good performance of net interest income (+4.1% y/y, +6.3% q/q), benefiting also from significant lending growth: +8.9% y/y, +5.2% q/q (o/w mortgages (1) +54.3% y/y, +9.2% q/q & consumer loans +16.6% y/y, +31.2% q/q) Stable costs with improved efficiency (C/I to 52.6%, -1.6 pp y/y) Lower cost of risk: -33 bp vs. Dec04 to 85 bp (2) and improved doubtful loans coverage ratio (+1.8 pp q/q to 78.7%) Further growth in Mutual Funds (+45.7% y/y, +11.4% q/q) ZABA Operating income: +9.6% y/y, mainly thanks to mark to market of securities portfolio Cautious provisioning policy Further lending growth: net loans +19.4% y/y, +5.0% q/q (o/w mortgages (3) +14.9% y/y, +2.8% q/q, consumer loans (3) +33.0% y/y, +3.9% q/q) Improvement in Mutual Funds: +55% y/y, +18% q/q KFS Strong lending growth: net loans +33.5% y/y, +11.6% q/q, with positive impact on net interest income (+17% y/y, +6.1 q/q) Lower negative impact of monetary loss (+10 mln y/y) Focus on retail products: Mutual Funds +23% y/y, +6% q/q; ~51,000 cards and ~14,000 C/A packages sold in 2Q05 (1) Management accounts in LAS, only LC All figures stated at unchanged FX (2) 1H05 data annualised (3) Management accounts in LAS, only bank

60 CONSOLIDATED INCOME STATEMENT: PEKAO (3) Including provisions to reserve for general banking risk (1) Including dividends (2) Including depreciations (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. on 2Q04 2Q % ch. on 1Q n.m (5) n.m. ITAS Data gross of consolidation adjustment 1H y/y % ch (6) +3.1 (7) Net income for the Group (4) (4) Net of consolidation adjustment ROE20.9% -0.1 pp Cost of Risk 85 bp -33 bp Cost/Income 51% -3.2 pp -2.7 pp 52.6% -1.6 pp Tax Rate17% -4.5 pp pp 18.8% +5.8 pp (7) +5.4% without “one off items” in 2004 % ch. at unchanged FX (5) +9.4% without “one off items” in 2004 (6) +5.0% without “one off items” in 2004

61 (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 2Q04 2Q % ch. on 1Q05 (4) n.m n.m n.m H y/y % ch. (4) n.m n.m Data gross of consolidation adjustment (excluding Net Income for the Group that is net)

62 Details on 1H05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division Details on IAS reporting AGENDA

63 Reserve for loan losses Deferred taxes NEGLIGIBLE IMPACT OF IAS ADOPTION ON 2004 CONSOLIDATED NET INCOME Net Income ITAS Net Income IAS mln 2,131 2,069 Goodwill Fixed assets Reserve for General Banking Risks Reserve for risk & charges Employee benefits Other NON RECURRING IMPACT OF IAS TRANSITION = -281 MLN