UNICREDITO ITALIANO GROUP 9M 2004 Results Alessandro Profumo - CEO Milan - November, 12 nd 2004

2 AGENDA 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

3 3Q EXECUTIVE SUMMARY: QUALITY DRIVING GROUP RESULTS Continuous growth of lending activity (+1.5% q/q and +10.4% y/y ex. Repos), with market share improvement in Italy (10.96% as of Sep 04, +8 bp vs. Jun 04) Growth of managed assets (+7.7% y/y) with increased market shares in Italy (13.69% as of Oct 04, +18 bp vs. Jun 04) and Poland (32.68% as of Sep 04, +43bp vs. Jun 04) Evidence of improvement in revenue quality: Good growth of net interest income from Italian commercial business (+3.2% q/q, +6.8% y/y) Recurring net commissions resilience (net of adverse seasonal effects) Estimated Core Tier 1 ratio at 7.6%, vs. 7.4% in 1H04… 67.5 mln shares purchased to date Better coverage ratios on total doubtful loans (48.0%, +86 bp vs. Jun 04) and NPLs (60.1%, +87 bp vs. Jun 04), with annualised cost of risk at 65 bp (stable vs. FY2003 net of Parmalat)

Q03 1,130 3Q03 1,581 1,504 9M039M04 NET INCOME (Euro mln) ROE 1 1 Calculated on end of period net equity excluding profit for the period 3,680 3,310 9M039M04 OPERATING INCOME (Euro mln) COST/INCOME RATIO -4.9% -10.1% 57.0% (+2.0 pp on Dec03) 16.7% (-1.0 pp on Dec03) 455 3Q % 1, Q04 1,210 2Q04 3Q % 466 1Q04 1,070 1Q04 GROWING NET INCOME Y/Y (+1.3% ON 3Q03). Q/Q COMPARISON AFFECTED BY NEGATIVE SEASONAL EFFECT

5 STRONG NET INTEREST INCOME (EX. DIV.) COMING FROM COMMERCIAL BUSINESS (+3.2% Q/Q AND +6.8% Y/Y IN ITALY), THANKS TO PRICING RESILIENCE … NET INTEREST INCOME excl. Dividends 4Q031Q043Q032Q031Q03 New Europe Italy ex. Parent Company Avg. Euribor 2.46% 2.78% 2.14% 2.09% 2.16% 2Q % Mark-up on short term (1) UBI vs. System (3), % Mark-down (2) UCB vs. System (3), % (1) Mark-up = Interest rate on short term loans - Euribor 1M. EOP data (2) Mark-down = Euribor 1M - Interest rate on deposits in current accounts. EOP data ITALY: TREND OF MARK-UP& MARK-DOWN 1,140 1,189 1,160 1,193 1, ,007 1, Q % 1,217 1, Memo Parent Company: (3) System data as of end of August 2004 Net Interest income Dividends (4) (4) Excl. infra-group dividends +3.2% +6.8% Parent Co. subtotal

6 % ch. on Dec03 % ch. on Jun04 … AND GOOD VOLUME GROWTH MAINLY SUPPORTED BY RETAIL AND NEW EUROPE IN 3Q04 Sep04 TOTAL CUSTOMER LOANS 1 Breakdown By Division (bn) 1 Excl. Repos Retail Division: good performance, thanks to continued growth in households’ mortgages (+16.1% on Dec03) and to the pick-up of Small Business lending (+7.2% on Dec03) Corporate Division substantially stable (-0.3% on Dec03) mainly due to lower lending to large corporates counterbalanced by growth in SMEs and other corporate customers; good increase in m/l term (+9.2% 2 Sep04/Dec03 in UBI) New Europe Division up 8.0% at unchanged FX on Dec03, positive contribution of Pekao (+11.1% on Dec03, +3.5% at unchanged FX) +4.1 Retail+11.2 Corporate-0.3 New Europe+12.0 TOTAL GROUP+5.7 Other % ch. on Sep Source: Bank of Italy Matrix 3 Incl. ANBI

7 UCI LOAN GROWTH IN ITALY OUTPERFORMS INDUSTRY WITH A MAJOR SHIFT TOWARDS M/L TERM CONTINUED MARKET SHARE GAINS Italian industry Total Loans 1, y/y % ch. UCI 2 Italian industry Medium/Long Term Loans 1, y/y % ch. UCI 2 On M/L term loans 1 On total loans 1 UCI 2 Market Share Increasing positive gap of UCI y/y total loans growth vs. industry since Sep 03 (from +0.8% in Sep 03 to +6.2% in Sep04) UCI total loans market share constantly improving from Mar03 (+97 bp, from 9,99% in Mar03 to 10,96% in Sep04) 1 Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) 2 Proforma incl. ANBI

8 Net commissions (excluding up-front) down 7.9% on 2Q mainly due to lower contribution from Corporate Division: Less fees from Corporate Finance activity (~ -25 mln) Adverse seasonal effect on Uniriscossioni Good resilience of fees from Foreign Trade and Transaction Services vs. 2Q Commissions from segregated accounts up 3.3% on 2Q04 Up-front fees down 25.9% on 2Q Net commissions (excluding up front) up 0.7% on 3Q03 with further improvement in net commission mix (weight of up- front on total to 10.8% from 18.2% in 3Q03) 1 Related to UniCredit Banca and UniCredit Private Banking data restated on management accounts RECURRING NET COMMISSIONS UP 0.7% Y/Y Q/Q COMPARISON IMPACTED BY ADVERSE SEASONAL EFFECT NET COMMISSIONS 781 1Q Q Q Q Q03 Up-front Other Q M04/9M03: -1.2% Weight of Up-front on Total (%) Q % -7.9% %

9 Sep Jun (1) Plain vanilla Mutual and Hedge Funds distributed in Italy (Total AuM in Mutual and Hedge Funds in Italy, including Mutual Funds in Segregated Accounts and Unit Linked, 70.2 bn as at vs 67.6 bn as at , +3.8% - Source: Assogestioni) MUTUAL FUNDS (Italy): continued outperformance for net sales in the first 10 months of 2004 … HEDGE FUNDS (Worldwide): positive inflows confirmed in 3Q (~260 mln), leading to record 1.4 bn net sales in 9M04 (+217% Y/Y) TOTAL AUMs IN LINE WITH JUN04 BUT +7.7% Y/Y; VERY POSITIVE Q/Q GROWTH OF HIGHER VALUE ADDED PRODUCTS (SEGREGATED ACCOUNTS +5.8% AND BANCASSURANCE +2.0%) AND CONTINUED INCREASE OF MKT. SHARE IN MUTUAL FUNDS Focus on Sales of AM products DEC.03 … being the only mkt. share net gainer among the big players UCI JUN.04SEP %13.51%13.63% UCI TOTAL AUM (bn) ItalyUS, New Europe & Intl. Mutual & Hedge Funds 1 Segregated Accounts Insurance Sep % vs Sep % +7.6% +16.2% -6.2% +2.1% -0.5% +0.1% +2.0% +5.8% -3.5% +20.7% vs Sep % vs Sep. 03 ASSET MIX (PGAM) Avg.9M03 Equity + Hedge Avg.1Q04Avg.2Q %29.8%30.0% Bond + Liquidity63.0%60.7%60.9% Balanced + others10.3%9.5%9.1% UCI (Total) ITALIAN SYSTEM -9, OCT % US, New Europe & International Avg.3Q % 61.3% 8.6%

Negative seasonality penalising both Corporate (i.e. less than 10 mln revenues in August) and Institutional Derivatives (i.e. less than 4 mln revenues in August) INCOME FROM FINANCIAL TRANSACTIONS (mln) 4Q031Q032Q033Q03 Corporate Derivatives Institutional Derivatives Q Q Reduction of the Y/Y gap vs 2003 for Corporate Derivatives (-44% as of Sep.04 vs -48% as of Jun.04) … Higher 3Q/2Q contribution of Retail Derivatives, New Europe and Parent Company 3Q (1) Data restated: revenues deriving from structured products distributed through non-captive networks (previously classified as Retail Derivatives) now classified as Institutional Derivatives … and +10.6% Y/Y growth for Institutional Derivatives in 9M04 (~218 mln vs ~197 mln) INCOME FROM FINANCIAL TRANSACTIONS: CONTINUOUS REDUCTION OF THE Y/Y GAP VS 2003 (FROM –25% AS OF JUNE TO –22% AS OF SEPTEMBER), DESPITE THE NEGATIVE SEASONALITY AFFECTING CORPORATE AND INSTITUTIONAL DERIVATIVES 9M03: 1,048 mln9M04: 820 mln (-21.8% Y/Y)

11 OPERATING COSTS DOWN BY 2.8% 3Q/2Q04 MAINLY THANKS TO A DECREASE IN OTHER ADMINISTRATIVE EXPENSES. FIRST HEADCOUNT REDUCTION SINCE SEP03 OPERATING COSTS BREAKDOWN (Euro mln) PERSONNEL COSTS 3Q/2Q decreasing by -1.4%. First signs of headcount reduction OTHER ADMIN. EXPENSES 3Q/2Q -7.1% also thanks to a seasonal reduction of advertising costs (-10 mln) Personnel costs 9M039M04 4,225 2, % +5.3% +3.4% 2,529 1, Other adm. expenses Depr. & amort. 4,386 1, Q04 1, % +7.0% -7.1% -1.4% , Q % DEPRECIATION 3Q/2Q +7.0% mainly due to UCB (+3.6 mln for new branch layout, replacement ATM) 3Q04 69, ,136 2Q04 Headcount reduction 3Q/2Q

12 NON OPERATING ITEMS IN 3Q CHARACTERISED BY LOWER NET WRITE- DOWNS OF LOANS AND NET EXTRAORDINARY INCOME vs. 2Q Operating income Goodwill amort. Net Income Net write-downs of loans Other net provisions 1 Net extraord. income Taxes Minorities 1Q04 1, Q04 1, , ,504 9M Tax Rate at 34.3% vs. 41.7% in 3Q03 benefiting from tax calculation on consolidated P&L, substantially stable on 2Q04 (34.6%) -222 mln net write-downs of loans down 24 mln vs. 2Q04 due to lower net write- downs in Corporate division -21 mln and in Retail division -4 mln Net write-downs of financial investments +4 mln Provisions for risks & charges -26 mln 15 mln net capital gains from disposals 23 mln release of reserves previously created 1 Net write-downs of financial investments, provisions for risks and charges and provision to reserve for general banking risks 3Q04 1,

13 Coverage ratio 60.1%+87 bp Provisions on performing loans 1, % Coverage ratio 1.01%+1 bp Gross Doubtful Loans 9, % Coverage ratio 48.0%+86 bp Stated cost of risk (annualised) 65 bp+1 bp 4 Weight on Gross Loans 6.60%-1 bp mln, where not specified Gross Non Performing Loans 6, % Weight on Gross Loans 4.57%+6 bp (4) Calculated on FY03 cost of risk (76 bp) net of extraordinary provisions on Parmalat (12 bp) 9M04 ch. on 2003 Sep. 04 ch. on Jun. 04 ASSET QUALITY: LIMITED Q/Q GROWTH OF GROSS DOUBTFUL LOANS AND SUBSTANTIAL INCREASE OF COVERAGE RATIOS (2) Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing (3) Calculated adding back to total provisions the fiscal write-offs of UniCredit Banca and UniCredit Banca d’Impresa only 3Q % 3Q net flows of New Doubtful Loans 2 slightly higher than 2Q (402 mln vs 372) but 20.6% lower than first 2 quarters Average 3.1% increase of Gross NPLs vs Jun. 04 (mainly due to shift from Watchlist Loans) partly offset by a 3.7% reduction of Watchlist Loans (2,412 mln as of Sep. vs 2,506 mln as of Jun.) Improved coverage ratios; coverage ratios adding back fiscal write-offs 3 at a high 70.6% on NPLs (+62 bp Q/Q) and at 58.4% on Total Doubtful Loans (+88 bp Q/Q) 2.9% increase of provision on performing loans vs Jun. 04, with coverage ratio at 1.01% % 3.09% 3.14% 4.60% 4.78% 4.84% Italian Banking System Weight of Total Gross NPLs 1 on Total Gross Loans in Italy much lower than for the Italian Banking System (1) Calculated as Total Gross NPLs/Total Gross Customers Loans granted to corporate and retail customers residents in Italy (Source: BankIT data) Average 1Q04 + 2Q04 (ex New Europe)

14 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

15 RETAIL DIVISION: GOOD Q/Q PERFORMANCE, WITH TOTAL REVENUES UP 3.2% THANKS TO GROWTH OF NET INTEREST INCOME (+4% EX. DIV.) AND NET COMMISSIONS (+1.5%) 3Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % , % ch. on 2Q bp 9M04 ch. on FY03 Cost of risk 49 bp-1 bp Good growth of net interest income (+6.5% y/y excl. dividends) sustained by volume growth in all segments Spread on deposits (1) at 1.57%, slightly up vs. 2Q04 (+2 bp) Good performance of commissions (+1.5% vs. 2Q04 despite negative seasonal effects), thanks to excellent sales of Focus Invest (the new investment product for affluent customers launched in July) Good increase of Operating Income (+11.3% q/q), resulting from operating costs substantially aligned with 2Q Almost 19,000 net new customers acquired in 3Q04 (1) Management accounts Decrease of 200 employees in 3Q

16 POSITIVE SIGNS FROM ALL KEY MARKETS WITH GROWTH TARGETS: EXCELLENT GROWTH IN STOCKS OF RESIDENTIAL MORTGAGES, CONSUMER FINANCING … RESIDENTIAL MORTGAGES STOCK, bnNEW FLOWS, bn Good performance in the flow of new mortgages of both UCB and UBCasa (+22% y/y for both) Growth coming mainly from partnership channel, with 49% y/y increase Avg. amount of mortgage from 93,000 (2003 avg.) to 102,000 Euros (9M04 avg.), up 12.7% CONSUMER FINANCING Excellent growth of stock (2.5 bn as of September), +18% vs. Dec 03 and +9.6% vs. June 04 Excellent results of the focus on captive customers (more than 200,000 revolving sold in 9 months vs. 6,000 in FY03) Acceleration in flow of personal loans granted through UCB branches (342 mln in 3Q vs. 281 in 2Q) driven by the launch of Credit Express in May 04 DEC039M % 9M039M % NEW FLOWS OF PERSONAL LOANS FY039M04 95 mln 248 mln TOTAL SPENDING 3) (+270k revolving cards in 9M04) 3Q average spread on new mortgages (1) : UCB at 1.28%, unchanged vs. 2Q04 UBCasa at 1.46%, slightly up vs. 2Q04 (+1 bp) (1) Management accounts 2Q mkt share (2) 17.17% 17.61% 17.63% (2) Related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin VOLUMES PRICING VOLUMES 3Q average spread on new production (1) : revolving cards at 9.87%, +43 bp vs. 2Q04 personal loans at 5.40%, -2 bp vs. 2Q04 PRICING (3) POS and ATM spending through revolving cards 9M039M mln 886 mln +52%

17 … AND SMALL BUSINESS LENDING, THANKS TO CONTINUED INCREASE IN CUSTOMER ACQUISITION RATE AND IN PRESENCE OF A RESILIENT SPREAD STOCK, bn Growth of acquisition rate mainly driven by development regions, also thanks to the implementation of the brand new network of Developers (680 developers up and running) 9M04DEC03 UCB AVERAGE MONTHLY ACQUISITION RATE TOTAL BANKDEVELOPMENT REGIONSSTRENGTHENING REGIONS FY03 3Q04 FY03 3Q04 FY03 3Q04 SHORT TERM SPREAD (1) FY039M04 GOOD RESULTS OF THE RECENT FOCUS ON SMALL BUSINESS ALREADY VISIBLE IN STOCK GROWTH Continuous growth of stock, with 2.8% increase vs. June 04 Resilience of short term spread (1), substantially in line with 1H04 (+1 bp) (1) Management accounts, includes also maximum overdraft charges % 8.63% 8.41% 0.49% 0.64% 0.70% 0.93% 0.32% 0.46% +31% +33% +44% 52,000 new Small Business customers acquired in 9M04

18 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

19 CORPORATE DIVISION: GOOD PERFORMANCE OF NET INTEREST INCOME, COST CONTROL AND LOWER WRITE-DOWNS ON LOANS OFFSET BY THE NEGATIVE SEASONALITY ON NON-INTEREST INCOME AND THE LACK OF EXTRAORDINARY GAINS POSTED IN 2Q 3Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % % ch. on 2Q bp 9M04 ch. on FY03 Cost of risk (annualised) 77 bp+8 bp 1 Good growth of net interest income (+3.7% Q/Q and +5.9% Y/Y excluding dividends) almost totally driven by UBI Net write-downs on loans Net extraordinary income +1n.s. (1) Calculated on FY03 cost of risk (91 bp) net of extraordinary provisions on Parmalat (22 bp) (mln) Net non interest income penalised by the negative seasonality for derivatives (income from financial transactions from 282 mln in 2Q to 178 mln in 3Q) and by the lower contribution of Corporate Finance fees (from ~36 mln in 2Q to ~11 mln in 3Q) Operating costs decrease (-5.4% 3Q/2Q) mainly due to lower administrative expenses (less services provided to customers due to seasonality and effective cost control) Net write-downs on loans back to “normalised levels” (-21 mln vs 2Q) 37.5% 3Q/2Q reduction of Net Income also due to very limited extraordinary income (1 mln vs 64 mln posted in 2Q 2 ) (2) Of which ~55 mln write-back of provisions created for fiscal purposes – “tax cleared accounts” by UBM

20 UBI AVG. CUSTOMER LOANS 1, bn +2.5% UBI AVG. TOTAL LENDING SPREAD (1), % 2.21% 2.32% 2.41% (1) Average quarterly figures; only performing loans (“impieghi vivi”) taken into account NET INTEREST INCOME GROWTH DRIVEN BY UBI’S HIGHER AVERAGE LOANS COUPLED WITH EFFECTIVE PRICING Q032Q043Q043Q032Q043Q04 (mln, end of period figures) Largest groups Dec03 7,389 Jun04 Aug04 2 6,3595,173 % ch. Aug04/ Jun % SMEs & other corporate 27,39028,60828, % Public Sect. & Others 4 6,8117,8728,1453.5% (4) Including non-financial companies with Total Revenues lower than 1.5 mln (5) Data as of Dec03 and Jun04 restated in order to reflect a new share of wallet calculation criteria adopted from July ’04, which excludes loans to non-residents in Italy Financial companies4,4463,4783, % TOTAL 5 46,03646,31745, % - Share of Wallet12.3%12.7%12.8% bp Continuous growth of loans to core SMEs customers (+0.2% as of Aug04 2 vs Jun04) … (3) Discount the securitisation of ~230 mln for Neafidi district bond and ~170 mln loans issued in conjunction with UniCredit Banca MedioCredito. Share of wallet at ~13.0% adding back these amounts +9 bp UBI NET INTEREST MARGIN (excluding dividends), mln Q032Q043Q04 o/w: M/L (2) Source: Credit Bureau; data as of September 2004 not yet available … and of Share of Wallet (12.8% as of Aug04 vs 12.7% as of Jun04) … … with a good contribution of M/L lending (from avg bn in 2Q to avg bn in 3Q) +4.2% Q/Q +11.0% Y/Y

21 CORPORATE DIVISION: NET COMMISSIONS SIGNIFICANT RESILIENCE OF LEAST VOLATILE COMPONENTS OF NET COMMISSIONS, DESPITE LOW “AUGUST” BUSINESS VOLUMES. 3Q NET FLOWS OF NEW DOUBTFUL LOANS SIGNIFICANTLY LOWER THAN THE FIRST 2 QUARTERS AVERAGE (-10.5%) (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 (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 Q Q % vs 2Q Net commissions impacted by the lower contribution of Corporate Finance fees 1 (~11 mln in 3Q vs ~36 mln in 2Q) and the negative seasonality for UniRiscossioni ~35 mln from foreign trade services (vs ~37 mln in 2Q and ~27 mln in 1Q) (1) UBI+UBM+Banca MedioCredito (mln) CORPORATE DIVISION: NET FLOWS OF NEW DOUBTFUL LOANS 2 3Q net flows of new doubtful loans higher than in 2Q (232 mln vs 143 mln), but significantly lower than the first 2 quarters Average (-10.5%) 3Q04 ~260 ~232 Average 1Q04 + 2Q % (mln) Of which: To Loans to be Restructured Q Default Rate 3 at 0.37% (vs 0.42% in the first 2 quarters Average) Q % vs 1Q Very good resilience of the least volatile components, despite lower business volumes in August: ~16 mln from transaction services (vs ~17 mln in 2Q and ~16 mln in 1Q)

22 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

23 3Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % % ch. on 2Q bp Net extraordinary income (mln - % Change at Fixed FX) Tax Rate, % Including Repos PRIVATE & AM DIVISION: OPERATING INCOME INCREASE THANKS TO HIGHER EFFICIENCY; CONTINUED GROWTH OF TOTAL FINANCIAL ASSETS … Vs 10.3% in 2Q (bn) Sep.03 restated Jun.04 Securities in custody Direct deposits 1 AUM Sep Total Financial Assets: 0.4% Q/Q increase (+9.6% Y/Y at fixed FX), with higher weight of hedge funds (from 1.40% as of Sep.03 to 2.26% as of Jun.04 and to 2.38% as of Sep.04) +0.4% PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS Slight Q/Q decrease (-8 mln at fixed FX), mainly due to lower upfront fees (-6 mln at fixed FX) Operating income: +2.3% Q/Q thanks to strict cost control (-10 mln Q/Q operating costs at fixed FX, mainly marketing and travel expenses) Significant +6.9% growth in 9M04 vs 9M03, driven by the strong +9.6% increase of Total Financial Assets (at fixed FX) Net income: -4.3% Q/Q (at fixed FX) totally due to taxes back to a “normalised” level (one-off benefits in 2Q coming from “first-time fiscal consolidation” of PGAM and Xelion) Total revenues:

24 … MAINLY THANKS TO PIONEER AUM INCREASE COUPLED WITH POSITIVE SALES IN ALL THE BUSINESS DIVISIONS Growth of total AUM driven by market performance and positive net sales in all the business divisions, with excellent results in the International (ex Italy) business division and in alternative investments (bn) AUM Sep.03 pro-forma AUM Sep M04 Net Sales Italy 165 Net Sales breakdown: International (ex Italy) 1,670 1 US 286 New Europe 287 Alternative Invest. 1,385 TOTAL PGAM 2, % Q/Q +0.9% at fixed FX Significant increase of market shares in Italy (from 13.39% as of Dec.03 to 13.63% as of Sep.04 and 13.69% as of Oct.04 – Mutual Funds, Assogestioni perimeter) and in Poland (from 30.36% as of Dec.03 to 32.25% as of Jun.04 and 32.68% as of Sep.04 – Investment Funds) AUM Jun “Institutional and Third party strategy” already paying off: Institutional+Third Party AUM/Total AUM ratio from 34.7% as of Dec.03 to 35.8% as of Sep % Y/Y +9.5% at fixed FX 1 Data gross of ~500 mln AUM withdrawn by an Institutional client in the last days of September and given back to Pioneer (as previously agreed) at the beginning of October

25 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

26 Operating Costs down 2.5% on 2Q04 due to decreasing trend in major banks (Pekao, and Zaba) thanks to active cost management 3Q04 KEY HIGHLIGHTS: NET INCOME UP 18.9% Q/Q THANKS TO REVENUE GROWTH, COST CONTROL AND LOWER COST OF RISK. INCREASING CONTRIBUTION ON OPERATING INCOME OF ZABA AND KFS Attributable Net Income 3Q04 (Euro mln) 113 Total revenues 445 Operating income 210 Cost/Income 52.8% Cost of Risk 3 (annualised) 91 bp - o/w net interest income At unchanged FX 1 Net write-downs of loans -30 ROE (9M04 data, y/y % ch.) % ch. on 2Q pp -5 bp o/w net commissions % ITAS 2 Excluding dividends Operating costs Total Revenues up 1.8% on 2Q04: Net interest income +1.6% on 2Q04: KFS (+9.2%) and Bulbank (+4.5%) performance partially counterbalanced by Zaba (-3.0%) and Pekao (-0.2%); +4.8% incl. dividends and other income from equity investments (+9 mln from Istratourist 4 ) Net commissions -5.7% on 2Q04: decrease in Pekao offsets positive trends of Bulbank, Zaba and KFS mainly due to loan growth Further reduction of Cost of Risk (-5 bp q/q) and higher coverage of Doubtful loans (to 72.4% from 68.5% in Jun04) Attributable Net Income up 18.9% also benefiting from disposal of securities and equity investments in Pekao (7 mln) Tax Rate 15.2% +4.3 pp 3 Calculated as Net Loan Loss Provisions of 3Q04 on Net customers Loans at period-end 1 Excluding for KFS (included at current FX) % ch. on 3Q pp -3 bp pp pp 4 Company, operating in tourism business, accounted by equity method in Zaba

27 1 Excluding for KFS (included at current FX) INCREASING NET CUSTOMER LOANS FOR NE BANKS (PEKAO STABLE ON JUN04). TREND IN MUTUAL FUNDS AFFECTED BY LOWER SALES IN POLAND AND CROATIA ITAS % ch. on Jun04 Sep04 (Euro mln) % ch. on Dec03 Net Customer Loans - o/w Pekao Mortgages ,261 5,750 1,953 - o/w Pekao LC o/w Pekao Mutual Funds Deposits ,577 10,690 4,431 - o/w Pekao ,607 NET CUSTOMER LOANS 3Q/2Q04: Good growth (+4.1%) driven by acceleration in Bulbank (+20.5%) and Zaba (+5.4%); further increase in KFS (+3.7%), Pekao substantially stable (-0.1%) 2 PPIM At unchanged FX 1 MORTGAGES continuing good trend: Pekao: market share in new LC mortgages +1.9 pp on 2Q04 (to 25.5%) Zaba: stock +7.7% on 2Q04, improved leadership position with 41.6% market share (+40 bp on 2Q04) MUTUAL FUNDS in PEKAO: Improved market share 2 : +0.4 pp on 2Q04 (to 32.7%); Further increase of equity and balanced funds 2 to 51.3% (from 50% in 2Q04) 3 New Europe Business Area of Pioneer is included at current FX DEPOSITS: ~ +430 mln on Jun04 linked to bond issued by Zaba (total amount 450 mln) Assets administr. for customers ,724

28 Annex

29 * Net write-downs of financial investments, provisions for risks and charges, provisions for possible loan losses and provisions to reserve for general banking risk 3Q04 & 9M04 CONSOLIDATED INCOME STATEMENT Net extraordinary income Net non interest income Total revenues Operating income Provisions on loans Administrative costs (incl. depr.) Other net provisions* Goodwill depr. (Euro mln) Minorities Taxes % ch. on 3Q03 Net interest income (incl. div.) - of which Dividends n.m % ch. on 2Q04 3Q04 1,215 2,493 -1,463 1, , y/y % ch. 9M04 3,898 7,696 -4,386 3, , Net income ,

30 Retail Division Corporate Division Priv.& AM Division NE Division Total Group 1 Total revenues +3.2%-16.6%-3.5%+2.4%-8.2% Operating costs Operating income Net write-downs of loans Net income for the Group C/I Ratio -0.2%-5.4%-6.4%-2.1%-2.8% +11.3%-21.4%+2.0%+8.0%-14.9% -5.1%-14.5%n.m.-1.1%-10.1% +23.2%-37.5%-4.3%+19.9%-22.1% -2.3 pp+4.0 pp-2.0 pp-2.4 pp+3.3 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 3Q04 1, , , , %34.0%63.6%52.8%58.7% 3 Including all the employees of Koc Financial Services (3,908 as at ) Employees 3 25,2616,3883,66729,78771,110 3Q04 RESULTS % Change vs 2Q04 2 Change in pp vs 2Q04 2

31 -on tot. Gross doubtful loans, % 37.6%37.1%47.2%68.5%37.9%36.5%72.4%48.0% -on total gross NPL, % 48.5%42.0%83.2%59.3%48.7%42.6%84.5%60.1% Total gross doubtful loans 3,3902,7982,8379, %+1.4% Net Doubtful Loans/Tot. Net Loans,% 3.64%4.03%2.71%7.03% 3, % +2.6%+2.5% 2, % 2, % 9, % % change on Jun.04 Gross Doubtful Loans/Tot. Gr. Loans,%6.61%6.28%4.19%19.1%6.23%4.32%18.1%6.60% Total net doubtful loans 2,1141, , %-0.2% 2, %+3.6% 1, ,839 % change on Jun.04 ASSET QUALITY: DETAILS BY DIVISIONS Coverage ratios Retail Division Jun. 04Sep Balance due to other Group companies (mln - Data at end of period FX) Corporate Division NE DivisionTotal Group 1 Gross NPL % change on Jun.04 Gross NPL/Tot. Gr. Loans,% Net NPL/Tot. Net Loans,% 2,0341,8902,2366, %+3.1% 3.77%2.83%15.0%4.51% 2.00%1.69%2.95%1.91% 2, % 1.98% +3.0%+2.6% 1, % 1.72% 2, % 2.71% 6, % 1.91% Net NPL % change on Jun.04 1,0471, , %+1.1% 1, %+1.6% 1, ,577 Jun. 04Sep. 04Jun. 04Sep. 04Jun. 04Sep. 04

32 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: 9M04 RESULTS BREAKDOWN BY COMPANY - o/w: Net write-down of loans 1,505 1,317 2,821 -2, , ,746 1,420 3,166 -2, , (1) Balance due to rounding and elisions of infragroup dividends and goodwill amortisation CR Carpi (2) Net of consolidation adjustments

33 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), % 2Q pro-forma (3) 2Q % -0.2% (1) Includes short term and m/l term loans (2) Includes only households mortgages (3) Including ANBI +11.0% +4.2% +7.8% +0.6% +18.3% +0.4% +1.6% UCB AVG. MARK UP (5) (Small Business), % 1Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q (4) 2Q04 increase vs. December is due to the issue of bonds by UBCasa to fund mortgage book expansion 3Q (4) % +4.7% +2.8% +9.6% -1.6% -2.3% +0.1% +1.2% +6.5% 2Q Q Q (5) Source: Bank of Italy matrix data (4) Q Q Q

34 NET COMMISSIONS GROWTH COMING FROM GOOD SALES OF FOCUS INVEST. UP-FRONT FEES REPRESENTING 22% OF TOTAL COMMISSIONS IN 9M04, IN LINE WITH INTERNAL EXPECTATIONS 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 3Q Q/q % ch n.m Q Includes management fees related to underlying Mutual Funds

35 RETAIL DIVISION - DETAILS ON ASSET QUALITY Slight increase of Gross Doubtful Loans (+2.6% Q/Q), driven by increased Gross NPLs (+3.0%) Coverage ratio 48.7%+15 bp Sep 04 ch. on Jun 04 Provisions on performing loans % Coverage ratio 0.58%+1 bp Gross Doubtful Loans 3, % Coverage ratio 37.9%+28 bp Weight on Gross Loans 6.23%-5 bp mln, where not specified Gross Non Performing Loans 2, % Weight on Gross Loans 3.75%-2 bp Cost of risk (annualised) 49 bp-1 bp Increased provisions on performing loans, with slight increase in coverage ratio (+1 bp) Cost of risk in line with previous year 9M04 ch. on 2003 Reduced weight of both Gross Doubtful Loans and Gross NPLs on Total Gross Loans, respectively -5 bp and -2 bp (1) Defined as flow from in bonis loans to any category of doutbtful loans - flow from any category of doubtful loans to in bonis loans Increased coverage ratios, both on Doubtful Loans (+28 bp) and on Non Performing Loans (+15 bp) 3Q % 2Q Q04 3Q net flows of New Doubtful Loans 2 decline vs. previous 2 quarters:

36 GOOD CUSTOMER SATISFACTION IMPROVEMENTS IN PRIVATE AND SMALL BUSINESS SEGMENTS, CONSISTENTLY OUTPERFORMING COMPETITION IN A CONTEXT OF GROWING MARKET SHARES PRIVATE CUSTOMERS, TRIM INDEX (1) 20033Q Q 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) 20033Q Q04 41 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

37 CORPORATE DIVISION: 9M04 INCOME STATEMENT- BREAKDOWN BY COMPANY Interest margin (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 % % % ,139 1,201 2,340 1, % Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

38 CORPORATE DIVISION: 3Q04 AND 9M04 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) 3Q04/2Q04 % ch. 3Q % M04 3Q04/3Q03 % ch. y/y % ch bp n.s bp n.s , , % ,139 1, bp n.s

39 CORPORATE DIVISION - DETAILS ON ASSET QUALITY Coverage ratio 42.0%+61 bp 9M04 ch. on 2003 Provisions on performing loans % Coverage ratio 1.23%+5 bp Gross Doubtful Loans 2, % Coverage ratio 36.5%-66 bp Cost of risk (annualised) 77 bp+8 bp 2 Weight on Gross Loans 4.32%+13 bp mln, where not specified Gross Non Performing Loans 1, % Weight on Gross Loans 2.92%+9 bp Increased coverage on NPLs (+61 bp vs Jun.04). Coverage ratios adding back fiscal write-offs 3 : at 69.2% on NPLs (+67 bp vs Jun.04) at 59.9% on Total Doubtful Loans (almost stable vs Jun.04) +3.6% increase of provision on performing loans vs Jun. 04, also due to 23 mln provisions on the automotive sector. Coverage ratio on performing loans at an high 1.23% 9M04 cost of risk (annualised) 8 bp up vs FY03 net of extraordinary provisions on Parmalat, mainly due to high provisions on a single position posted in 1H04; cost of risk at 68 bp (in line with FY03) net of provisions on this “single position” Increase of Gross Doubtful Loans (+2.5% vs Jun.04) driven by Gross NPLs (+2.6% vs Jun.04) and Loans to be Restructured (from 372 mln as of Jun.04 to 400 mln as of Sep.04, +7.5%), offsetting the benefits of decreasing of Gross Watchlist Loans (from 532 mln as of Jun.04 to 522 mln as of Sep.04, -2.0%) Sep. 04 ch. on Jun. 04 (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 (3) Fiscal write-offs related to UBI only

40 (Euro mln) Net interest income 328 Net income for the group Cost Income RATIO, % % Net non interest income 130 Total revenues Operating costs Operating income Net write-downs of loans Other net provisions Of which: 89 - Trading profits 35 - Net commissions UNICREDIT BANCA D’IMPRESA: 3Q04 AND 9M04 INCOME STATEMENT 3Q04/2Q04 % ch. 3Q049M04 3Q04/3Q03 % ch. y/y % ch bp bp % 428 1, bp

41 UBM: 3Q04 AND 9M04 INCOME STATEMENT (Euro mln) Financial Products Sales and Trading Investment Banking Total revenues Staff costs Other costs (incl. depr.) Operating income Net income C/I Ratio of which derivatives % Net extraord. income- Taxes-39 3Q04/2Q04 % ch. 3Q049M04 3Q04/3Q03 % ch. y/y % ch ,394bp n.s bp n.s % bp n.s M04/9M03 % ch. calculated netting 31 mln of tax credit on dividends accounted in 9M03

42 UBM Daily VAR 2 and P&L (Jan 04 – Sep 04) Euro mln Daily P&L VaR 2 Calculated using a 98-99% asymmetric double tail confidence interval 9M04 avg. daily VAR: 3.9 mln UBM 1 VAR CHANNEL 1 Pls. note that, the graph reflects UBM standing alone until June 30, From July 1 st, 2004 it reflects UBM new perimeter (incl. TradingLab, merged in UBM from July 1 st, 2004) UBM stand alone UBM after merger of TradingLab

43 PRIVATE & AM DIVISION: 9M04 INCOME STATEMENT – BREAKDOWN BY COMPANY Net interest income 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 % 21 UPB + Subsidiaries % % n.s. 1 PGAM Group UniCredit Xelion Banca n.s. 48 Other Companies 1 1 Mainly companies deriving from the acquisition of ING and not integrated in UniCredit Xelion Banca 2 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

44 PRIVATE & AM DIVISION: 3Q04 AND 9M04 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, % 3Q04/2Q04 % ch. 3Q % M04 3Q04/3Q03 % ch. Y/y % ch bp n.s bp n.s % bp (Euro mln - Data at current FX, % ch. at fixed FX)

45 3 Including Momentum 1 Balance due to roundings Italy New Europe (Euro mln) 89,095 2,577 TOTAL PIONEER Alternative Investments 3 119,436 2, ,408 1,385 US21, International (ex-Italy) 3 5,8801,670 AuM as at US in USD27, ,326 3, ,362 3,847 23,001 7,947 AuM as at ,543 AuM as at ,641 22,657 7,767 3, ,183 3,800 28,858 Net sales 9M04 PGAM GROUP: DEC03-OCT04 NET SALES AND AUM TREND 2 Provisional figures; balance due to Market Performance (including FX effect) 2, , Net sales Oct.04 Mkt. Perf. 9M04

46 VERY GOOD COMMERCIAL RESULTS FOR UPB AND XELION 1 1 All data related to Total Financial Assets, Financial Assets per PFA, and Net Sales relate to Xelion+ING (2003 data are pro-forma), excluding figures related to ex-ING PFA who did not agree on Xelion’s mandate – Source: Assoreti +0.6% bn Total Financial Assets, +0.6% Q/Q and +8.4% Y/Y, with higher weight of Hedge Funds (from 0.8% as of Sep.03 to 2.2% as of Jun.04 to 2.3% as of Sep.04) 309 mln net sales in 3Q04, with strong contribution of hedge funds (85 mln, more than 25% on the total) 70 mln Total Financial Assets per client-manager, vs 69.7 mln as of Jun.04 and 66.1 mln as of Sep.03 TOTAL FINANCIAL ASSETS (bn) Sep.04Jun.04Sep.03 ~11.3 bn Total Financial Assets (+3.2% Q/Q and Y/Y) Higher Financial Assets per PFA: from ~4.3 mln as of Sep.03 to ~5.1 mln as of Jun.04, to ~5.3 mln as of Sep.04, +25% Y/Y TOTAL FINANCIAL ASSETS (bn) % 11.3 Sep.04Jun.04Sep

47 Finanza & Futuro Rasbank + BNL Inv.ti 4 Credem + Euromob. 6,692Credem + 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 BNL Investimenti recently acquired by RasBank Source: Assoreti Net Inflows: Euro 1,547 Mln, 1 st in Italy Data as at – Mln TOTAL NET INFLOWS 2 & 3 Xelion1,547 Mediolanum1,008 Azimut889 Banca Generali Fineco370 Credit Suisse 272Rasbank + BNL Inv.ti Finanza & Futuro-188 Fideuram + SPI-783 Data as at ,122 PFAs, 5 th in Italy NUMBER OF PFAs Fideuram + SPI4,349 Mediolanum4,078 3,955 Banca Generali2,336 Finanza & Futuro1,160 Banca 121 1,102 Azimut Tot. Fin. Assets: ~11.3 bn, 5 th in Italy Data as at – Mln TOTAL FINANCIAL ASSETS Fideuram + SPI57,731 Mediolanum20,371 Rasbank + BNL Inv.ti 4 18,489 7,935Azimut 7,852 Credit Suisse7,069 Xelion11,314 13,702 Fineco6,187 Net Inflows per PFA 1 : 2 rd among Top- Players Data as at – Mln NET INFLOWS PER PFA 2 & 3 Azimut1.10 Xelion0.71 Credit Suisse0.65 Credem + Euromob Banca Generali 0.23 Finanza & Futuro Fideuram + SPI-0.18 Fineco 0.21 XELION: CONFIRMED LEADERSHIP FOR TOTAL NET SALES IN 9M04 (WITH A STRONG 25.7% MKT. SHARE) AND OUTSTANDING PRODUCTIVITY PER PFA Rasbank + BNL Inv.ti 4 Xelion2,122 Fineco1,520 MediolanumCredem + Euromob. Banca Generali

48 2.4% 1 GOOD NET INCOME GROWTH IN 3Q BENEFITING FROM HIGHER REVENUES, LOWER COSTS AND DECREASED COST OF RISK (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 7.7% % % % 1 1 Weight of the bank Total Revenues in 3Q04 on Division Total Revenues – only UCI’s portion; balance due to UniLeasing Romania and Xelion Poland Net income for the Group Cost/Income ratio (%) NEW EUROPE DIVISION % ch. on 3Q n.m pp 3.2% 1 BREAKDOWN OF REVENUES ITAS 3Q % ch. on 2Q n.m pp 9M , y/y % ch pp

49 FURTER IMPROVEMENT IN NEW EUROPE ASSET QUALITY WITH HIGHER COVERAGE RATIOS Net NPLs and Doubtful Loans as % of Total Net Loans 83.2 Jun04 Sep Coverage ratios On Gross Doubtful Loans On Gross NPLs Net NPL/ Loans % Sep04 Total NE ch. on Jun04 (pp) Net Doubtful/ Loans % Sep04 ch. on Jun04 (pp) At unchanged FX Zaba Unibanka Pekao Bulbank KFS Further improvement in Coverage ratios and cost of risk Cost of risk bp (bp, annualised) Sep04FY03 1 Calculated as Net Loan Loss Provisions on Net Customer Loans at period-end, 9M04 data annualised Zivno Decreasing Net Doubtful/Net Loans and Net NPL/Net Loans ratios in NE Decreased gross watchlist (-21.0% on Jun04) driven by Zaba (-67.8%) and Pekao (-17.4%) with higher coverage ratio (+1.2 pp to 14.2%) ITAS

50 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income TOTAL , % 53.9% Net provisions Balance due to roundings and other small companies (Euro mln) (UCI stake) Net income 3 (UCI’s portion) of which: Staff costs of which: Other costs -253 NEW EUROPE DIVISION: 9M04 RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans -96 UNI BANKA (77.2%) % 73.3% BULBANK (85.2%) % 34.8% Group PEKAO (53.0%) % 55.4% % 54.8% Group ZABA (81.9%) % 76.1% % 42.2% KFS 2 (50.0%) Consolidated with proportional method (50%) % 88.2% Zivno (96.6%) +0 UniCredit Romania (99.9%) ITAS Banks’ data gross of consolidation adjustment 3 Net of consolidation adjustment

51 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 Net income for the Group 5 % ch. 4 on 3Q03 3Q % ch. on 2Q n.m n.m n.m ITAS Data gross of consolidation adjustment 9M y/y % ch n.m Net of consolidation adjustment

52 2 Calculated as Net Loan Loss Provisions of 2Q04 on Net customers Loans at period-end PEKAO RESULTS IN 3Q04: REVENUES IMPACTED BY LOWER CONTRIBUTION OF MUTUAL FUNDS COMMISSIONS, GOOD COST CONTROL AND IMPROVED ASSET QUALITY ITAS 1 Excluding dividends Total Revenues down 8.4% on 2Q, as a result of: Substantially stable net interest income (-0.2% on 2Q04), positively impacted by commercial banking activity spread counterbalanced by negative impact of debt securities spread Lower net commissions mainly due to decreasing sale of Mutual Funds and lower fees from lending activity Costs down -1.4% on 2Q04 thanks to good cost control Improved cost of risk also thanks to better macroeconomic environment, increased coverage of doubtful loans (73.4% from 70.2% in Jun04) Net Income for the Group down 4.9% on 2Q04 (that benefited from a one-off release of deferred tax) and up 47.0% on 3Q03 At unchanged FX Data gross of consolidation adjustment Attributable Net Income 3Q04 (Euro mln) 44 Total revenues 222 Operating income 93 Cost/Income 57.8% Cost of Risk 2 (annualised) 95 bp - o/w net interest income Net write-downs of loans -14 ROE (9M04 data, y/y % ch.) % ch. on 2Q pp -8 bp o/w net commissions % Operating costs Tax Rate 10.8% +6.7 pp % ch. on 3Q pp +11 bp pp pp

53 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 3Q03 3Q % ch. on 2Q n.m n.m n.m M y/y % ch n.m Data gross of consolidation adjustment (excluding Net Income for the Group that is net)