A p r i l R e s u l t s B u s i n e s s P l a n

Specialized units provided by Sanpaolo IMI and BNP Paribas BANCA CR FIRENZE (Parent Company) Infogroup Datacentro Centro Telemktg. Citylife Perseo Finance CR PISTOIA e PESCIA CR ORVIETOCR MIRANDOLA CR CIVITAVECCHIA Findomestic Liberamente Network Product Companies Service Companies Consumer Credit Financial Planners Centrovita Centro Leasing Centro Factoring Cerit CR Firenze Gest. Int.le 100.0% 51.0% 73.6%73.8% 80.0% 50.0% 41.0% 46.0% Arval Italia 22.5% 100.0% 97.1% 50.0% 60.0% Changes in the Group composition 2

3 INTEREST MARGIN % PF Change Euro mn NON-INTEREST INCOME % Net commissions & other net income % of which net commissions % Trading % Equity investments % TOTAL INCOME % 2002 Consolidated results Dividends %

2002 Consolidated results TOTAL COSTS % +1.4 % % PF Change Ex FINDOMESTIC Banca CR Firenze Euro mn Personnel expenses % FLAT % Other costs % +3.9 % % Depreciation % +2.4 % +3.2 % OPERATING INCOME % Goodwill amortisation % Total provisions % Exceptionals % Taxes & minorities % GROUP NET INCOME * % 4 * 2001 net income benefited by Euro 6.4 mn transfer from General Banking Risk reserve

DIRECT FUNDING 12,340 11, % Change INDIRECT FUNDING 13,956 14, % Assets under custody 5,758 6, % Assets under management 8,198 8, % of which Discretionary accs. 1,948 2, % Mutual funds 4,471 4, % Insurance Products 1,779 1, % TOTAL FINANCIAL ASSETS 26,296 25, % Euro mn Total Financial Assets 5

Portfolio composition: by segment, average - by sector, B CR Firenze Customers loans 6 uGrowth, diversification and balance 25% 7% 6% 10% 5% 2% 16% Customer loans - Findomestic Industrial prod. Commerce Textile Building Hotels & transp. Agricol.& food Mineral & Energy Families Others Communication

Credit quality uClose loan quality monitoring 7 Net NPLs/Net loans Gross NPLs/Gross loansNet NPLs cover ratio Gross NPLs Net NPLs Euro mn

u1999 NPL securitisation recoveries: far better then the best case scenario Credit quality - Perseo 8

Business Plan 9

Index 1.21 Index 1.15 Index 1.54 Banca CR Firenze Group Index 0.97 uComparison with other regional banks shows there is no local roots advantage Competitive positioning 10

11.2%** Firenze Terni Arezzo Grosseto Modena Viterbo Massa Prato Siena Livorno Pisa Perugia Mantova Pistoia Funding Lucca 8.6%** Lending Firenze Terni Arezzo Grosseto Modena Viterbo Massa Prato Siena Livorno Pisa Perugia Mantova Pistoia Lucca uHighly diversified market share and penetration index in the different local areas 11 * Market share / Employee market share - as at 30/09/02 ** B.CR Firenze Group average Competitive positioning Much room for improvement

12 Performance analysis uCorporate macro-segment shows a negative performance * B. CR Firenze - Contribution to commercial banking net income

656,000 Mass Market 140,000 Affluent 85,000 Small Business 4,000 Private Bkg 15,000 Corporate uTwo markets - Retail Banking & Corporate & Private Banking uTransfer of the Small Business segment to the Retail market uTwo vertically organized marketing Divisions New marketing model RETAIL BRANCHES CORPORATE CENTERS PRIVATE BKG. CENTERS CORPORATE & PRIVATE BANKING DIVISION RETAIL DIVISION 13 C U S T O M E R B A S E

Retail Division Retail Division F O C U S O N Industrialization of marketing actions (CRM) Packaging of offer Reduction of service costs Further customization of relationship Increase in cross- and up-selling Continuous development of financial planners network Targets and Actions FAMILY SMALL BUSINESS AFFLUENT 14

FAMILY Pro-active marketing campaigns uPropensity score uFine-tuning of customer knowledge (Customer Insight techniques) Identification of priority products (Next Product ) uCluster analysis Reduction in portfolio managers from 408 to 345 (-15%) Event management uEvent definition and link to marketing actions 15 Targets and Actions Industrialization of marketing actions (CRM) Packaging of offer Reduction of service costs

SMALL BUSINESS SMALL BUSINESS New integrated loan and marketing score platform utime saving (-30%) Outbound and inbound call centers New catalogue design u59% reduction in number of products from 506 to 207 u8 new package products:4 deposit and 4 loan products Revision and simplification of the credit granting process Reduction in portfolio managers from 326 to 245 (-25%) 16 Targets and Actions Industrialization of marketing actions (CRM) Packaging of offer Reduction of service costs

17 AFFLUENT Extension of portfolio model to all branches Implementation of Personal Financial Planning uPortfolios adjustment to risk profile / Increase in commissions Asset under custody portfolio advisory Increase in portfolio managers from 154 to 313 (+103%) Financial planners: 200 by 2005 Targets and Actions Further customization of relationship Increase in cross- and up-selling Continuous development of financial planners network

Corporate & Private Bkg. Division Customization of relationship and Client Plan introduction Monitoring of credit quality Increase in penetration and focusing on areas with great development potential New service model: dedicated portfolio managers Dedicated offer development Sinergies with Corporate segment F O C U S O N CORPORATES PRIVATE BANKING 18 Targets and Actions

CORPORATES 19 Perugia Siena Arezzo Avenza Empoli Montevarchi Firenze Est Firenze Ovest Grosseto Pisa-Livorno Prato Santa Croce Viareggio 12 Corporate Centers + 2 Aid points 120 portfolio managers Dedicated marketing structure Top foreign trade advisory Leading role of portfolio managers 40 specialized consultants Client Plan introduction Service model Targets and Actions BOLOGNA Sesto F.no

Profitable capital allocation Implementation of Internal Rating system Fine-tuning of the present pricing method uRisk-adjusted pricing Switch to customers with higher credit standing and lower risk/profitability ratio 20 Pricing Risk (Internal Rating) Target curve HighLow Spread Targets and Actions CORPORATES

PRIVATE BANKING PRIVATE BANKING Siena Arezzo Empoli Firenze Est Firenze Ovest Prato Viareggio Corner Avenza Montevarchi Corner Grosseto Corner Pisa- Livorno Corner Santa Croce Corner Sesto F.no Corner Perugia 8 Investment Centers and 6 Corners at the Corporate Centers 47 portfolio managers Dedicated marketing structure Investment Centers Leading role of portfolio managers Dedicated Personal Financial Planning Service model 21 Targets and Actions

PRIVATE BANKING PRIVATE BANKING Introduction of Discretionary Accounts with prior consent Customized Discretionary Accounts (multibrand & multimanager) Alternative investments uFunds of hedge funds uFunds of private equity funds uReal Estate funds New derivatives platform Specialized advisory uFiscal and succession advisory services uTax planning 22 Dedicated offer Targets and Actions

TARGETS 23

EPS % CAGR 24 uThe new marketing model will bring important improvement in profitability Target lineBase line

uIncrease in profitability from every segment uCorporate macro-segment will reach a positive contribution 2002 & 2005 total income breakdown % % RetailAffluent TOTAL INCOME Private Banking % % Corporate Center 43.9 Small Business Corporate Finance 18.5 Shareholdings % % % %* % 2002 total income2005 total income increase * Negative performance due to 2002 Eptaconsors extraordinary dividend

ROE and Cost/Income 26 uNet growth in overall profitability uBusiness plan implementation costs will have an impact mainly in 2003 Cost / IncomeROE

Costs breakdown to TOTAL COSTS % +1.5 % +1.7 % Change FINDOMESTIC B. CR Firenze CAGR Excluded Euro mn Personnel expenses % % % Other costs % % % Depriciation % % %

A p r i l R e s u l t s B u s i n e s s P l a n

Back-up slides 28

Capital ratios TIER 1* % Change Euro mn TIER % Deductions % REGULATORY CAPITAL 1, , % SOLVENCY RATIO 9.8% 8.3%+ 150 bp TIER 1 RATIO 6.2% 5.7%+ 50 bp * Core capital - No preference shares issued 29

GDP+1.4%+ 2.6%+ 2.5% Domestic Demand+2.0%+ 2.5%+ 2.5% Inflation+2.2%+ 2.1%+ 1.7% Customer Loans+5.4%+ 6.2%+ 6.1% Direct funding+4.7%+ 5.1%+ 5.1% Spread (Mk-up+Mk-down)+3.5%+ 3.4%+ 3.4% Prometeia, December 2002 Macroeconomic scenario 30

Banks headcount reduction Personnel expenses: +1.4% CAGR Personnel 31 Group Banks uHeadcount reduction uIncentive plan (around Euro 12,5 million) uOld / New personnel salary ratio around 2:1 Cerit uSector regulations: use of sector redundancy fund

Findomestic Banca – Consumer credit Findomestic Banca 3.97 BNL 3.27 Fiatsava 2.92 Destsche Bank Prestitempo 2.24 Agos Itafinco new business volume Vehicles Home appliances Personal Loans Revolving 2003 new business trend 32 Personal loans Home appliances Vehicle financing Revolving cards 2003 New business NPLs ratio Cover ratio 0.95% 1.12%