Milan, November 15 th 2001 UNICREDITO ITALIANO CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2001

2 UCI MAJOR STRENGHTS Good revenue generation (Tot. Revenues: +2.6% on Sep00) thanks to a prompt reaction to adverse market conditions Integrated model of production, risk management and distribution supports the launch of new capital protected products (extremely interesting in the current financial scenario) Efficiency at excellence level despite important investments Cost/Income: 53.2%) Capability to improve market shares in high value-added businesses (mutual funds in Italy and US, bancassurance)

3 377° GOOD REVENUE GROWTH (+2.6%), AVERAGE 2001 QUARTERLY NET INCOME UP 5.7% (on 2000 average) NET OF GOODWILL AMORTISATION TOTAL REVENUESOPERATING INCOME Sep00 (Euro mln) Average Q00 7,047 7, % NET INCOME No impact of “Ciampi Law” (in case of cancellation of fiscal benefits) 2,411 Sep01 2,329 Average Q01 Sep00Average Q00 3,591 3, % 1,129 Sep01 1,141 Average Q % Sep00Average Q00 1,340 1, % 371 Sep01 Average Q % 403 * 426 * *Excl. goodwill amortisation related to the Group °Excl. provisioning of fiscal benefits of “Ciampi Law” related to year % +2.6%

4 CONSOLIDATED INCOME STATEMENT (as at 30 September 2001) (Euro mln) Sep00 % Ch ,516 3,531 7, , , , Sep ,722 3,511 7,233 3, , ,846 Net extraordinary income Interest margin (incl. dividends) Net non interest income Total revenues Operating income Cost/Income, % Tax rate, % Net loan loss provisions Administrative costs (incl. depr.) Net income Other net provisions Goodwill depr. ROE, %

5 Sep ,047 Sep ,233 Net Commissions Trading Income Other Income +5.4% -7.5% +7.8% +29.1% +2.6% Good contribution of Italian Banking (+12.1%) and New Europe Banking (+7.5%) partially reduced by cost of equity investments financing Net non interest income down 0.1% on Sep00 due to positive trend in other income and trading profits that compensates the decline in net commissions (Euro mln) DIVERSIFIED SOURCES OF REVENUES ALLOWED THE GROUP TO ACHIEVE A 2.6% REVENUE GROWTH (on Sep00) DESPITE THE DECLINE IN NET COMMISSIONS TOTAL REVENUES BREAKDOWN Net Interest Income

6 Sep00 Sep01 % Ch. 1,240 1, ,356 1,321 1, , Negative impact on securities in custody revenues (-37.2%) due to significant reduction in customer portfolio turnover Limited impact of financial turmoil on asset management commissions (-6.1%) Further increase in commissions from insurance products ( up 21.5% on Sep00) Significant increase of commissions from cash management services and loans granted (+5.1% on Sep00) NET COMMISSIONS Asset management Securities in custody Total Insurance products Mutual funds + Segregated accounts (Euro mln) Other services ADVERSE FINANCIAL SCENARIO HAD A LIMITED IMPACT ON TOTAL COMMISSIONS (-7.5%)

7 Total Group Insurance Portfolio as at Sep01: Euro 11,043 mln, +19.6% yoy, of which: Euro 7,140 mln unit-linked Euro 3,903 mln other policies UCI CONFIRMS ITS EXCELLENT DISTRIBUTION CAPABILITIES OF MUTUAL FUNDS AND BANCASSURANCE PRODUCTS IN ITALY... MUTUAL FUNDS: INCREASE OF MKT. SHARE ON STOCK IN ITALY FROM 13.33% (DEC 00) TO 13.47% (OCT 01) San Paolo - IMI MPS ,977Industry 1,382Mediolanum ,933 IntesaBci -1,479Bipop 896 UCI 2001 Cumulated Net Flows (Jan-Oct 2001) (Euro mln) Total New Premiums in unit- linked : Euro 2,954 mln Annual/Single Premiums Ratio: 5.9% Total New Premiums as at Sep01: Euro 2,978 mln, +17.2% yoy, of which: Euro 2,813 mln Single Premiums Euro 165 mln Annual Premiums LIFE INSURANCE: 12.6% MKT. SHARE ON NEW PREMIUMS (LEADERSHIP IN ITALY)

8 Assets under Management: sold by Pioneer through third party distributors... AND SHOWS BRILLIANT RESULTS IN ALL FOREIGN COUNTRIES WHERE IT OPERATES Leadership in the institutional segment thanks to a strong contribution from pension products marketed to institutional customers (pension funds as at 30.09: +17.2% vs ) Increased market share in USA: from 1.27% as at Dec00 to 1.29% as at end of September 2001 (2) Including FX effect TOTAL New Europe International (Euro mln) USA Italy 31 Oct (1) Inv. Perf. (2) Institutional Net Sales 21,209 2, ,561 28, ,322 19,449 2, ,494 28,107 -2, ,889 (1) Based on official BCE FX as at

9 IN ADVERSE MARKET CONDITIONS UCI SUCCESSFULLY FOCUSED ON HIGH VALUE CAPITAL GUARANTEED PRODUCTS CAPITAL GUARANTEED PRODUCTS: EURO 4.87 bln CUMULATED INFLOWS AS AT ,000 (Euro mln) MAY 2001 JUNE 2001 JULY 2001 AUG SEPT Segregated Accounts Unit Linked MAR Fund Indexed Notes 1,200 1,400 OCT PRODUCT RANGE: Base 108 Valore Più Cap. Premium Linea Protetta UniStar Spinnaker All Banks

10 INCOME FROM FINANCIAL TRANSACTIONS (Euro mln) UBM (excl. TL) TradingLab Italian Banking +12.2% +35.7% New Europe % * Balance due to other Group companies +29.1% Cautious risk management: average daily VaR as at Sep01 of Euro 3.4 mln for UBM and Euro 3.0 mln for Tradinglab Increasing impact of CorporateLab, accounting for approx. 279 Euro mln (135 Euro mln inside UBM and 144 Euro mln inside the Italian Banking division). Corporate derivatives volume up to 13.1 Euro bln * Sep01 3Q01 % Ch. on Sep * PROFIT FROM FINANCIAL TRANSACTIONS HAD A BRILLIANT PERFORMANCE (+29.1% ON Sep00) THANKS TO RISK MANAGEMENT SERVICES FOR CORPORATES

11 Significant loss on Trading businesses only on September 11 th (Euro 2.5 mln) Good recovery in October and November (as of 12 th ): Euro 1 mln average daily Net Profit from trading vs Euro 0.55 mln in September UBM AND TRADINGLAB PROVED RESILIENCE TO MARKET STRESS VaR vs P&L UBM + TL (Sep-Nov 2001)

12 Total Operating Costs (Euro mln) Staff costs Other costs % Ch. +9.5% +17.4% Depreciation +13.1% +11.3% Staff costs: +3.9% Pioneer acquisition +2% development of Investment Banking and Asset Management +3.6% investments in sales effectiveness, incentivisation program, implementation of new labour agreement Sep01 2,228 1, ,846 % Ch. excl. Pioneer in ‘ % +14.8% +7% +5.6% Other costs: + 7% (y/y on a comparable basis) to support development projects Staff down from 65,859 (Sett00) to 64,552 OPERATING COSTS UP 6.7% (ON A COMPARABLE BASIS) SUPPORT OUR REVENUE GROWTH

13 Sep 2001 C/I 53.2% New Initiatives :  Xelion and Clarima projects well on track  Impact of investments in 4Q01 higher than in previous ones 1.0% 0.8% 3.8% 47.6% Develop.projects Acquisitions New Initiatives C/I at end 2001 in line with first nine months and lower than budget thanks to cost savings actions Italian Banks:  Key projects on restructuring the network well under way with lower investments compared to budget Pioneer:  Turnaround in USA going on faster than planned  Costs lower than budgeted, especially on advertising Recent Acquisitions : Impact on consolidated C/I confirmed Structural C/I STRUCTURAL C/I AT EXCELLENCE LEVEL

14 Focused and selective lending policy Full implementation of the new lending procedures, based on the introduction of the “Rating” (as the main indicator to assess counterparts’ solvency), active monitoring and effective recovery actions in New Europe IMPROVED ASSET QUALITY (NPL: – 8.8%, TOTAL DOUBTFUL LOANS: –6.1% on Dec00) THANKS TO SECURITISATION DEAL OF 1H01 % Ch. Dec00 Coverage ratios -on Total gross NPL (%) (1) -on Total gross doubtful loans (%) (2) +0.8pp -0.1 pp (1) Total specific provisions for NPL/Total gross NPL (2) Total specific provisions for doubtful loans/ Total gross doubtful loans 56.8% 45.2% Sep % 45.1% (Euro mln) WE ARE PROMPTLY REACTING THROUGH: Volumes Gross NPL4, %4,227 Total doubtful loans7, %6,598 Gross NPL/Tot. gross loans (%) Net NPL/Tot. net loans (%) 3.9%- 0.5 pp 1.7%- 0.2 pp 3.4% 1.5% Good coverage ratios, thanks to conservative provisioning Securitisation of Euro 660 mln done by Cariverona and Mediovenezie in 1H01

15 DIVISIONAL CONTRIBUTION TO GROUP NET INCOME 76 (1) 147 (1) % -9.5% n.s. 1,260 (1) 1, % 1,593 Italian Banking (2) Wholesale banking New Europe Banking (5) New Initiatives (6) Corp. Centre & elisions (7 ) Total Group Total pre- Corp. Centre -480 (1) (Euro mln) -16.9% n.s. 148 (1) -13.5% -1.6% Inv. banking (3 ) Asset Management (4) (1) Net of infragroup dividends. Goodwill depreciation is fully charged to Corp. Centre (2) Credito Italiano, Rolo Banca 1473, Cariverona, CRT, Cassamarca, Caritro, CRTrieste, Banca dell’Umbria, CRCarpi, Mediovenezie, BMC, Mediocredito dell’Umbria, Banque Monegasque, Unicredit Suisse, BAC S. Marino, CRTS Zagabria, RoloPioneer Lux, Rolo Pioneer Sgr, Gestiveneto, Fondinvest, Gesticredit, Pioneer Inv. Man. SA, S+R Investimenti, Fida Sim, FRT Sim, Fid. Cordusio, CRV Ireland, CRTS Ireland, Uniriscossioni (3) UBM, TradingLab (4) Pioneer Global Asset Management, Pioneer Investment Management SpA, Pioneer Alternative Investments Sgr, Pioneer Group USA, Pioneer Investment Management LTD, Pioneer Alternative Investments LTD, Pioneer Institutional Investment Management SA (5) Pekao Group, Bulbank, Pol’nobanka, Splitska Banka (6) Xelion, Clarima (7) Parent Company, other financial companies and elisions GOODWILL AND HOLDING CHARGES: - Euro 167 mln goodwill depreciation - Euro 328 mln holding loss (net of dividends)

net income higher compared to 2000 figure 2001 OUTLOOK Asset quality under control thanks to the loan selection process developed in the last years and to the implementation of credit risk management tools Positive contribution of net interest income to revenue growth, in line with the first nine months Revenues from services improving on 3Q01 thanks to the launch of new products, corporate services and an improvement of Investment Banking