1. INVESTOR RELATIONS BANCA CR FIRENZE GROUP March 2002 - U.S.A.

2. INVESTOR RELATIONS 2 REGIONAL PRESENCE & MARKET SHARE Strong regional presence (416 branches at 31.12.01) High market share Tuscany market share* by deposit 15.6% by loans 12.7% 900,000 customers Over 60,000 on-line customers Euro 24.8 bln total deposits Euro 11.2 bln customer loans Net NPL ratio 1.7% 2001E ROE 11% *As at Sept. 30, 2001

3. INVESTOR RELATIONS 3 C. R. FIRENZE Spa - Shareholders structure CR Firenze Foundation Market Others BNP Paribas Sanpaolo IMI No. of shares1,086,236,393 No. of floating shares 290,000,000 Shareholders agreement CR Firenze Foundation22% Sanpaolo IMI 15% BNP Paribas 7% 44%

4. INVESTOR RELATIONS 4 Network C. R. FIRENZE C. R. PISTOIA e PESCIA C. R. ORVIETO C. R. CIVITAVECCHIA C. R. MIRANDOLA 271 63 33 25 24 Total number of branches416 * As at 30 September 2001 Full range product portfolio Infogroup Data Centro Centro Telemarkenting Citylife Perseo Finance Pro. Du. Ser. CFT Finanziaria RETAIL BANKING PRODUCT COMPANIESSERVICE COMPANIES LIBERAMENTE NETWORK 6 FINDOMESTIC BANCA 96 Centro Leasing Centro Factoring Centrovita CR Firenze Gestion Intl. Eptaconsors Arval Italia CERIT

5. INVESTOR RELATIONS 5 CREATION of SHAREHOLDER VALUE B. Lombarda B. Pop. Bergamo BPCI B. Pop. Em. Romagna B. Pop. Milano MPS B. Pop. Verona Banca Carige C.R. Firenze B. Pop. Sondrio B. Pop. Lodi 2001E ROE 2001E Cost of Capital B. Pop. Novara Source : Prometeia Calcolo Oct.30, 2001 - C.R. Firenze ROE : Internal forecast Banca CR Firenze creates value : ROE 2001E : 11% Cost of Capital 2001E = 7% ROE = Cost of Capital

6. INVESTOR RELATIONS 6 STOCK TRADING AT DISCOUNT *BVS & ROE : Prometeia Calcolo - C.R. Firenze 2001E ROE : Internal forecast - Prices : 1 Aug. 01 / 31 Jan. 02 average Data average as axis origination C.R. Firenze B. Pop. Bergamo B. Pop. Verona MPS B. Lombarda B. Pop. Novara B. Pop. Milano BPCI B. Pop. Lodi Banca Carige B. Pop. Em. Romagna B. Pop. Sondrio 2001E ROE* P/BVS* High ROE Low P/BVS Low ROE High P/BVS High ROE High P/BVS Low ROE Low P/BVS UNDERVALUED

7. INVESTOR RELATIONS 7 RELATIVE SHARE PRICE PERFORMANCE * See back-up slides As at Feb.16, 2002 - Source : Datastream Since its IPO CR Firenze has been one of the best performers amongst the Italian Financial Institutions Banca CR Firenze Comparables Index* Italian Banking Index JASONDJFMAMJJASONDJF 50 60 70 80 90 100 110 120 20012002

8. INVESTOR RELATIONS 8 VALUE CREATION K = DPS/EPS DPS EPS Eur Public status strengthened the commitment to improve profitability (EPS) and increase the DPS ratio. Higher pay-out ratio (DPS grew more than EPS). Group

9. INVESTOR RELATIONS 9 ~ 12 CUSTOMER LOANS EFFICIENCY Steady growth coupled with improving quality Euro bn Customer loans Net NPL ratioCoverage ratio With mortgage lienWithout mortgage lien

10. INVESTOR RELATIONS 10 INTERNAL RATING SYSTEM Euro bln 5 – 4 – 3 rating2 – 1 - NPL rating 5 – 4 – 3 rating as % of total loans 5 – Excellent34.25% Loans by rating 4 – Good 20.05% 3 – Acceptable19.20 % 2 – Risky22.60% 1 – Critical 2.20% NP Loans 1.70% The Internal Rating System proved to be effective and reliable *CRF Group, Findomestic excluded

11. INVESTOR RELATIONS 11 COST / INCOME Strong commitment to reduce this level although Group consolidation makes this possible on a medium term basis only 9.5 C / I ratio, exceptionals excluded Personnel expenses Exceptionals Other expenses C / I ratio, recovered expenses excluded Cost / Income ratio

12. INVESTOR RELATIONS 12 CUSTOMER BASE Segmentation & specialized distribution Integrated Multichannel Bank with a personal approach reserved for customers with a high-net worth. ACTION PLAN Product s streamlining Centralized marketing Innovation One 2 One marketing Dedicated channels Innovation Packaging Multichanneling Offer development Advisory services Multichanneling CHANNELS & TOOLS Corporate Retail Affluent / Private Bkg. Small Business 81% 19% 83% 17% 89% 11%

13. INVESTOR RELATIONS 13 AUM - High quality proprietary funds & Multibranding Total AUM* > Euro 7 bn GP + GPF 34.% Mutual Fund 46.% Insurance Prod. 20% Portfolio Managers nr. 1,150 *FY 2001E GP + GPF (Discretional accs./Mutual Funds discretional accs.) MUTUAL FUNDS INSURANCE PRODUCTS 1 Manager / 1,250 customers 1 Manager / 200 customers 1 Manager / 65 customers Retail Affluent Small. Buss. Corporate.

14. INVESTOR RELATIONS 14 The proprietary mutual fund factory C.R. FIRENZE GESTION INTERNATIONALE S.A. Source : Assogestioni GIOTTO LUX FUND Since April 2001 Luxembourg based Umbrella Fund 35 sub-funds Euro mn Net inflows 2001 Progressive shift of funds to Giotto Lux:

15. INVESTOR RELATIONS 15 AUM NET INFLOWS Net inflows were on track at 30 June. Slightly below the target at 31 December. TARGET 2001 + 22 % NET INFLOWS + 20 % Euro mn 7,770 8,420 8,160 MKT VALUE + 16.6 % Increasing the Business Mix will be a solid starting point when the equity market recovers. Market deterioration keeps the total stock value under pressure

16. INVESTOR RELATIONS 16 Arval Service LeaseItalia - Vehicle leasing CentrovitaAssicurazioni - Insurance FindomesticBanca - Consumer credit Centro Factoring - Factoring Centro Leasing - Leasing Eptaconsors - Asset management STRATEGIC INVESTMENTS *Group as at Sept. 30, 2001 Shareholdings book value Shareholdings profit Return on main shareholdings Shareholdings at book value *...… and their return 198.5 38.8

17. INVESTOR RELATIONS March 2002 - U.S.A.

18. INVESTOR RELATIONS 18 FINDOMESTIC BANCA - Shareholders structure C.R. Firenze Group Cetelem BNP Paribas Group Banco Sardegna Sept. 1984 - The beginning of the JV with Cetelem S.A. and Banco di Sardegna June 2001 - Shareholders agreement between C.R. Firenze and Cetelem S.A. in order to exercise joint control over the Company Sept. 2001 - B. di Sardegna resolved to accept the offer from C. R. Firenze and Cetelem.

19. INVESTOR RELATIONS A shareholding of CR Firenze Group 19 Widespread distribution High market penetration * Market share: by transactions 27.8% by volume 12.2% 2000 ROE : >18% 3,600,000 customer database 96 Customer Service Centers Over 65,000 affiliated stores 1,500 employees S & P rating : ST A2 LT A- Trentino Alto Adige Friuli V. Giulia Veneto Emilia Romagna Marche Umbria Abruzzo Molise Puglia Basilicata Calabria Sicilia Sardegna Campania Lazio Toscana Liguria Piemonte Valle dAosta Lombardia FINDOMESTIC Banca INVESTOR RELATIONS FINDOMESTIC Banca * As at Dec. 31, 2000

20. INVESTOR RELATIONS 20 FINDOMESTIC EURO ZONE Consolidation in the core area and investments in unserviced markets