1. UCI 2001 First Half Results September 2001

2. 2 1H2001 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

3. 3 UCI MAJOR STRENGTHS Good revenue generation (Tot. Revenues: +5.5% on 1H00) thanks to a prompt reaction to adverse market conditions Synergies between production and distribution as a competitive advantage with benefits in all Business Divisions Efficiency at excellence level despite important investments (C/I: 52.6%) Capability to improve market shares in high value-added businesses (mutual funds in Italy and US, bancassurance, corporate derivatives)

4. 4 GOOD REVENUE GROWTH, OPERATING AND NET INCOME INCREASING OVER AVERAGE 2000 FIGURES IN LINE WITH FULL YEAR EXPECTATIONS TOTAL REVENUESOPERATING INCOME 1H00 00 Avg (Euro mln) 1H01 4,691 4,948 2,413 1H00 00 Avg 1H01 2,283 2,345 +5.5% +6.2% -2.8% +2.7% NET INCOME 918 1H00 1H01 803 00 Avg 754 698 * -12.5% +6.5% * Including provisioning of fiscal benefits of the Ciampi Law” related to year 98-99 “Ciampi Law” provisioning for related period: 1H00: Euro 42 mln 2000: Euro 85 mln 1H01: Euro 49 mln 4,659

5. 5 TOTAL REVENUES BREAKDOWN DIVERSIFIED SOURCES OF REVENUES ALLOWED THE GROUP TO ACHIEVE 5.5% REVENUE GROWTH DESPITE THE DECLINE IN NET COMMISSIONS 1H00 2,303 1,753 342 293 4,691 1H01 2,517 1,621 459 351 4,948 Net commissions Net interest income Trading profits Other income +9.3% -7.5% +19.8% +34.2% +5.5% Good contribution of Italian Banking division (+13.5%) and New Europe Banking (+26.3%) partially reduced by cost of debt and hedging of equity investments Net non interest income up 1.8% on 1H00 due to positive trend in other income and trading profits that more than compensates the decline in net commissions (Euro mln)

6. 6 ADVERSE FINANCIAL SCENARIO HAD A LIMITED IMPACT ON TOTAL COMMISSIONS (-7.5%) NET COMMISSIONS 1H00 1H01 % ch. Asset management Securities in custody Other services Total Insurance products Mutual funds + Segregated accounts 826 730 96 176 619 1,621 871 777 94 328 554 1,753 -5.2 -6.0 -46.3 +11.7 +2.1 -7.5 (Euro mln) Negative impact on securities in custody revenues (-46.3%) due to significant reduction in customer portfolio turnover Limited impact of financial turmoil on asset management commissions (-5.2%) Further increase in commissions from insurance products up 2.1% on 1H00 Significant increase of commissions from cash management services and loans granted (+13.5% on 1H00))

7. 7 PROFIT FROM FINANCIAL TRANSACTIONS HAD A BRILLIANT PERFORMANCE (+34.2% ON 1H00) THANKS TO THE CONTRIBUTION OF UBM AND TRADINGLAB INCOME FROM FINANCIAL TRANSACTIONS (Euro mln) UBM (excl. TL) TradingLab Italian banks +35.3% -8.7% New Europe banks +154.5% * Balance due to Other Group companies +34.2% Cautious risk management: average daily VaR of only Euro 3 mln for UBM and Euro 3 mln for TL during 1H01 Increasing impact of CorporateLab, accounting for around 190 Euro mln (89 Euro mln inside UBM and 102 Euro mln inside the Italian Banking division). Corporate derivatives volume up 59.3% on 1H00 to 8.8 Euro bln 1H01 129 151 168 63 459 *

8. 8 Total Operating Costs (Euro mln) Staff Costs Other costs % ch. +13% +25% Depreciation +14.5% +14.3% Staff costs: +4,9% Pioneeer acquisition +2.2% development of Wholesale Banking +1.6% Zloty appreciation +4.3% investments in sales effectiveness, incentivisation program 1H01 1,517 906 180 2,603 % ch. Excl. Pioneer in ‘01 +7.9% +20.8% +5.3% +8.1% OPERATING COSTS UP 7.9% (ON A COMPARABLE BASIS) SUPPORT OUR REVENUE GROWTH Other costs: +9.2% Pioneer impact, of which Euro 28 mln for advertising campaign Staff from 66,897 (1H00) to 65,194

9. 9 1H 2001 C/I 52.6% New Initiatives :  Xelion and Clarima projects well on track  Impact of investments higher in 2H01 1.5% 0.7% 4.3% 46.1% Develop. projects Acquisitions New Initiatives Revenue targets confirmed STRUCTURAL C/I AT EXCELLENCE LEVEL 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 FY01 C/I will be lower than the targeted 55.3% thanks to lower investments needed to stick to our revenue targets (market conditions effect) Recent Acquisitions : Impact on consolidated C/I confirmed Structural C/I ratio

10. 10 DIVISIONAL CONTRIBUTION TO GROUP NET INCOME 65.4 (1) 89.4 (1) -25.9 +100.2% N.m. 878.2 (1) 803 +9.7% 1,137.3 Italian banking (2) Wholesale banking New Europe banking (5) New Initiatives (6) Corp. Centre & elisions (7 ) Group total Total pre- Corp. Centre -334 (1) GOODWILL AND HOLDING CHARGES: - 113 goodwill depr. - 208 holding loss (net of dividends), of which 80% due to financial costs (Euro mln) -12.5% N.m. 130.2 (1) +10.6% +12.2% Inv. banking (3 ) Pioneer Group (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 Marino, CRTS Zagabria, RoloPioneer Lux, Rolo Pioneer Sgr, Gestiveneto, Fondinvest, Pioneer inv. Management 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 Fonds Marketing GMBH, Gestilux (5) Group Pekao, Bulbank, Pol’nobanka, Splitska Banka (6) Xelion, Clarima (7) Parent Company, other financial companies and elisions

11. 11 1H2001 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

12. 12 ITALIAN BANKING DIVISION: KEY HIGHLIGHTS SIGNIFICANT INVESTMENT ON QUALITY OF BANKS’ SERVICE MODELS FOR FUTURE GROWTH GOOD RESULTS DESPITE A DIFFICULT MARKET SCENARIO SYNERGIES WITH PRODUCTION CONTINUE TO ADD VALUE SOUND COST CONTROL STABILISING COST-INCOME DESPITE INVESTMENTS Started roll-out of new service models for affluent and mass market customers Ability to promptly react to difficult market conditions, with significant growth in mutual funds, bancassurance and corporate derivatives, more than compensating decrease in AuM due to financial markets turmoil Significant synergies between production and distribution with new products for retail customers (capital guaranteed and asset management) and new services for corporates (risk management services) Cost Income ratio at 46.8%, 45.6% without project investments

13. 13 ITALIAN BANKING DIVISION : INCREASED REVENUE GENERATION THANKS TO POSITIVE TREND IN NET INTEREST INCOME AND TIGHT COST CONTROL 1H00 1H01 1,936 1,996 3,608 3,754 46.3% 1,790 2,032 Operating Income Total revenues Cost/Income Net interest incomeNet non interest income +3.1% +4% 46.8% +50 bp +13.5% (Euro mln) 1H00 1H01 1,818 1,722 -5.3% 1H00 1H01 + “Ordinary” Cost Income Impact on Cost Income of project investments Impact on Cost Income of Cost Excellence project + 46.0% + 1.2% -0.4% =

14. 14 BUSINESS DIVERSIFICATION AND SALES EFFECTIVENESS IN THE SEGMENTS ALLOWED US TO MORE THAN OFFSET THE NEGATIVE IMPACT OF AuM MARKET VALUE DECREASE 1H01 OVER 1H00 INCREASE/DECREASE (FIGURES OF 7 COMMERCIAL BANKS+ BMC) Total revenues 1H00 Total revenues 1H01 Market effect on asset management Interest income Commissions on Bancassurance Income from risk management services Other * Commissions on transactional services 3,612 3,424 -187 +242 +11 +48 +26 * including dividends Effect of financial markets turmoil on asset management commissions Combined effect of increase in volumes (loans) and higher spreads (deposits) Good increase in premiums written Excellent trend in notional amounts of risks covered: + 59% on 1H01 Increased number of transactions (Euro mln)

15. 15 1H00 1H01 2,242 2,226 947 988 888 Total Revenues Mass Market Affluent & Private Banking -0.7% +4.3% 785 1H00 1H01 RETAIL SEGMENT: STABLE REVENUES DESPITE ADVERSE MARKET CONDITIONS -11.6% Deposits: stable deposits (-1.5% on 1H00) and improving spreads (2.98%, +54 bp on 1H00) 407 453 Small Business +11.2% 1H00 1H01 Limited impact of “bear” markets on AuM (+3.9% on Dec. 00), due to the predominance of bonds in customers’ portfolio Negative impact of “bear” markets on AuM (-3.7% on 1H00) Lower turnover of administered portfolios Increase in commissions, with commissions on deposits & services/total revenues going from 44.9% in 1H00 to 46.9% in 1H01 Loans: good growth of loans (+16% on 1H00) and stable spreads (2.37%, -19 bp on 1H00). Excellent volumes in mortgages, +16% on 1H00 Deposits: good increase of deposits (+4.3% on 1H00) and improving spreads (3.05%, +56 bp on 1H00) Loans: good growth of loans (+9% on 1H00) and improving spreads (3.95%, -7 bp on 1H00) (Euro mln)

16. 16 Net inflows UCI (Jan-Aug 2001) -443 Jan-01 -315 Feb-01 231 Mar-01 378 Apr-01 344 May-01 1,008 Jun-01 Jul-01 UCI IS THE LEADER IN 2001 MUTUAL FUNDS INFLOWS... 358 Aug-01 865Industry 1,142Mediolanum 1,053San Paolo - IMI -3,431 IntesaBci -724Bipop 851MPS 1,559 UCI 2001 cumulated inflows (Jan-Aug 2001) 2 nd 3 rd 6 th 5 th 4 th st INCREASE OF MARKET SHARE ON MUTUAL FUNDS STOCK FROM 13.34% (DEC 00) TO 13.64% (AUG 01) (Euro mln)

17. 17... AS WELL AS IN BANCASSURANCE 1H01 % ch. on 1H00 Insurance policy portfolio Unit linked Other policies Premium Written 10,979 7,126 3,852 +25.4 +41.3 +3.8 +18.0 +0.6 +30.0 single annual Annual/Total premium written, % (Euro mln) Jun01 Aug 01 Rank in Italy * 1 st 5 th 1 st % ch. on Dec00 GROUP PORTFOLIO NEW PRODUCTION Unit linked of which: * Bancassurance only 2,0732,645 1,940 133 2,486 159 6.46.0 2,621 2,055 Rank in Italy * 1 st N.s. 1 st Excellent new production of life premiums (+2.3% on 1H00), confirming UCI leadership both in bancassurance and in total market. First two months of 2H01 reinforce the outstanding trend of first half (+13% on Aug 00) 1H01 market share in life premiums: 13.3% on total market 18.8% on bancassurance compared to a 10.3% market share in deposits Good growth of annual premiums (+2.1% on 1H00, +2.7 on Aug 00)

18. 18 CORPORATE PROFITABILITY IMPROVED IN A FAST GROWING LENDING MARKET THANKS TO STRONG SALES OF VALUE ADDED SERVICES (Euro mln) 1H00 1H01 584 700 363 402 221 Total revenues Net interest income Net non interest income +19.9% +10.7% 298 1H00 1H01 +34.9% 1H00 1H01 Derivatives/Risk Management * : + 95% on 1H00 Commissions from transactional services: +17% on 1H00 Commissions from foreign trade: +17% on 1H00 Other: +18% on 1H00 * Average 55% of Group revenues on derivatives (remaining 45% in Wholesale Banking) Income from deposits and services/total revenues from 49.0% in 1H00 to 53.1% in 1H01

19. 19 SELECTIVE GROWTH TO MAINTAIN ASSET QUALITY AT EXCELLENCE LEVEL DEFAULT LIKELIHOOD (1) WEIGHT ON LOAN PORTFOLIO % GROWTH (1HO1 ON DEC 00) Gross NPL/Gross Loans from 3.4% (Dec 00) to 2.7% (1H01) Net NPL/Net Loans from 1.8% (Dec 00) to 1.5% (1H01) Coverage ratio on gross NPL from 47.5% (Dec 00) to 44.5% (1H01) LOW (2) MEDIUM (3) HIGH (4) 51.1% 37.0% 11.9% 12.8 - 0.3 0.1 Total portfolio 100%6.0 (1) Based on internal calculations, taking into account historical trends of NPL, doubtful loans and watch-list loans, sector historical trends and expectations Net Doubtful Loans/Total Net Loans from 3.1% (Dec 00) to 2.8% (1H01) Note:in 1H01 Cariverona and Mediovenezie carried out a securitisation of Gross NPL for 660 mln Euro, impacting all Asset Quality indicators (2) Main sectors included: Metal products, Farm & industrial machinery, Other industrial products, Electrical materials & supplies, Energy products, Other sales-oriented services (3) Main sectors included: Commercial services, Textile leather & clothing, Food beverages & tobacco (4) Sectors included: Construction and public works, TMT, Transport related services

20. 20 1H2001 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

21. 21 INVESTMENT BANKING: KEY HIGHLIGHTS LEADERSHIP IN THE PRODUCTION OF DERIVATIVES MARKETED TO INSTITUTIONAL AND CORPORATE CUSTOMERS TO SATISFY RISK MANAGEMENT NEEDS (CORPORATELAB) LEADERSHIP IN THE ITALIAN MARKET OF GOVERNMENT BONDS AND SUCCESSFUL DIVERSIFICATION IN CORPORATE BONDS ® ABILITY TO INNOVATE AND DIVERSIFY THE PRODUCT RANGE new products launched in order to maintain the leadership in the derivatives market for retail investors in a context of declining market volatility PROMPT REACTION TO WORSENED MARKET CONDITIONS: TL CHANGED THE REVENUE MIX BY PUSHING THE ORIGINATION OF STRUCTURED PRODUCTS Being a domestic leader in Investment Banking Being a multi-local leader in specialised financial products for retail investors

22. 22 GROUP’S INVESTMENT BANKING SHOWS A GOOD INCREASE IN NET INCOME IN DIFFICULT MARKET CONDITIONS AND WITH A DECREASING RISK Net Income Total Revenue Euro mln C/I ratio (%) Net operating income 217.9 314.4 30.7 130.2 1H01 276.8 117.7 24.7 208.5 1H00% Ch. +13.3 +10.6 +6 pp +4.5 Strong revenue increase at CorporateLab (+83%) and Fixed Income Sales & Trading (+78%) more than offsetting declining commissions from Equity desks C/I ratio still at excellent level, growing by 6 pp because of IT expenses and increasing headcount (507, +122 on Dec 00) Key figures UBM AND TRADINGLAB CONFIRM THEIR TRACK RECORD OF STABLE EARNING GENERATION AND EFFICIENT RISK MANAGEMENT Strong increase in average daily trading revenue.... …with declining risks 1H01 4.634.13 1H00 Average daily VaR (2) -11% Euro mln 1H01 1.87 2.31 1H00 Average daily Trading Net Revenues (1) +24% Euro mln (1) Figure relates to UBM and TL combined; average daily Trading Net Revenue is defined as: (End of Period Trading Profits + Net Interest Margin)/(# of working days) (2) Figure relates to UBM and TL combined;

23. 23 LEADERSHIP IN SPECIALISED FINANCIAL PRODUCTS WITH LOW CORRELATION TO EQUITY MARKETS ALLOWED UBM TO ACHIEVE DOUBLE DIGIT REVENUE GROWTH (1H01 VS 1H00) Derivatives * Capital Markets & Corporate Finance Euro mln Fixed Income * Equities * * Sales & Trading Equity Fixed Income Corporate Banking 2.4 4.3 2.2 CorporateLab Institutional 100.4 22.3 Revenue composition by business area 6.7 42.9 13.4 187.9 Total Leading player in the new STAR segment of the Italian Stock Exchange (specialist for 13 stocks out of 29) UBM strengthened its absolute leadership on MTS (4.8% mkt share) and reached a significant share (3.3%) in the main EuroMTS markets; rank 1 in fixed income Euro denominated issues of Italian Banks KEY HIGHLIGHTS 122.7 1H01 25.7 76.2 24.2 25.9 152.0 9.2 - 16.5 54.8 21.4 1H00% Ch. -74.1 +61.0 +77.9 -48.1 +23.6 -53.9 n.s. -85.4 +83.3 +3.9 CORPORATELAB Over 2000 corporate customers served through the network of Italian commercial banks Outstanding role in the fast growing market of liability management for public entities: CL has already won 16 mandates

24. 24  Turnover increased from Euro 7bn in 1H00 to 12.1bn 1H01; 32 intermediaries signed (22 active)  Increasing attractiveness: Multi-product (Equities, Fixed Income, Derivatives) and Multi-brand exchange(JPM will start on 4Q01)  From ECN to Regulated Market with a pan- European Strategy CONSOLIDATION OF REVENUES AND MARKET SHARE THANKS TO INNOVATION AND DIVERSIFICATION OF THE PRODUCT RANGE 42% average 1H01 market share in Italy despite increasing competition from new entrants KEY HIGHLIGHTS ® Revenue composition by product type Net Income Total Revenue Euro mln C/I ratio (%) Net operating income 89.4 29.3 53.9 1H01 Key figures 126.5 Revenue Mix:  diversification in revenue sources  effort to rebalance the revenue mix increasing Origination/Structured Products component  widening of the product range (market making of Derivatives Linked Notes) Agency OriginationMarket Making 24% 71% 5% Euro 126.5 mln TLX R

25. 25 1H2001 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

26. 26 RATIONALISATION OF THE OPERATIONAL STRUCTURE TO COMPLETE THE INTERNATIONALISATION PROCESS Unification of global investment process with the integration of Dublin and Boston research activity; expanded distribution on a regional basis including the Far East and Latin America Improving management control and accountability through the creation of the sub- holding PGAM SpA ASSET MANAGEMENT – PIONEER: KEY HIGHLIGHTS SYNERGIES BETWEEN PRODUCTION (PIONEER) AND DISTRIBUTION (ITALIAN BANKING DIVISION) IN ITALY: UCI INCREASED ITS MARKET SHARE THANKS TO A strong contribution from bancassurance (unit-linked) An effective sales force which recorded net inflows in mutual funds clearly outperforming competitors SYNERGIES WITHIN THE WHOLESALE BANKING DIVISION AND PRODUCT INNOVATION Joint product development with UBM and TradingLab (capital protected products linked to a basket of Pioneer funds) New specialised funds in Luxembourg family of funds and new alternative products INCREASE IN MARKET SHARE IN THE US AND OTHER INTERNATIONAL MARKETS Successful marketing campaign relaunching the Pioneer brand and strengthening the sales force

27. 27 Total Revenues 1H01 Operating costs Gross operating income Group’s Net Profit (excluding extraordinaries (2) ) 277.2 214.7 62.5 55.3 (Euro mln) The successful turnaround of inflows is already paying-off in terms of revenue generation (+22% Vs. 1H00 pro-forma (1) ) C/I at 77.5%, turnaround costs and expenses linked to the integration and development of the organisational structure Gross operating income affected by impact of turnaround costs Net Profit benefits from the positive effect of lower than expected income taxes (1) Pro-forma based on UCI estimates (not accounting figures) including Pioneer results in 1H00 Group’s income statement (2) Around 20 mln Euro of extraordinaries arising from the sale of 49% of Pioneer Pekao Investment Management SA from PIM USA to Pekao and other minor disposals PIONEER HAD A GOOD INCREASE IN REVENUES (ON A PRO-FORMA BASIS); EFFICIENCY RATIO TEMPORARILY AFFECTED BY THE COSTS OF TURNAROUND Trend Vs. 1H00 Percentage changes over 1H00 reported figures are not meaningful because of differences in consolidation perimeter

28. 28 Asset under Management, sold by Pioneer through third party distributors PIONEER OUTPERFORMED COMPETITORS IN ALL THE COUNTRIES WHERE IT OPERATES… TOTAL New Europe International (Euro mln) +709 +345 +22 USA Italy 20,948 2,252 590 -1,383 -88 -50 20,274 2,509 562 31.08.01 2000 Net sales Inv. Perf. (1) Institutional +7395,300 28,645+1815 4,561 28,351-1,521 - (2) Market share including institutional and retail customers Leadership in the institutional segment thanks to a strong contribution from life insurance and pension products marketed to institutional customers (unit-linked +43%; pension funds +37% vs 1H00) Good increase in market share (2) (from 13.33% in Dec00 to 13.58% in Jun01 and 13.64% in Aug01) (1) Including FX effect

29. 29 -16.1 238.0 25.1 51.0 60.5 79.4 62.0 147.6 50 100 150 200 250 jan-01 feb-01 mar-01 apr-01 may-01 jun-01 jul-01 aug-01 36.1 13.2 48.0 17.0 28.5 29.8 11.7 163.0 - 20 40 60 80 100 120 140 160 USA Net Inflows, USD mln International Net Inflows, Euro mln jan-01 feb-01 mar-01 apr-01 may-01 jun-01 jul-01 aug-01 …CONSISTENTLY RECORDING NET INFLOWS OF FUNDS NOT ONLY IN THE DOMESTIC MARKET BUT ALSO IN THE US AND OTHER INTERNATIONAL MARKETS Good increase in AuM at the International division (+11.4 vs Dec 00), leveraging on the long lasting presence of Pioneer in Germany; a new office in Singapore is opening soon to host fund managers and sales people Mkt share increased in the US (from 1.24% in Oct00 at acquisition to 1.28% in Jun01) thanks to a successful marketing effort, the quality of performance and consistency of investment style

30. 30 1H2001 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

31. 31 BRILLIANT ECONOMIC RESULTS: +42% NET OPERATING PROFIT GROWTH (+17.3% AT FIXED FX), THANKS TO: Revenue generation (+24% yoy, +2.1% at fixed fx) and diversification (Net commissions/Total Revenues 19.7%,+1.6% yoy) Strict cost control (C/I Ratio down by 5.9%) NEW EUROPE BANKING: KEY HIGHLIGHTS... DESPITE A DETERIORATED MACROECONOMIC ENVIRONMENT IN POLAND (ALTHOUGH THE REGION IS THE LEAST HURTED BY GLOBAL SLOWDOWN): Relevant macroeconomic slowdown (2.3% real GDP growth in 1Q’01 vs 5.9% in 1Q’00 and 4.3% expected for FY’01 at the beginning of 2001) Strong reduction of Polish reference interest rates (375 bp in 6 months) COMPETITIVE ADVANTAGES COMING OUT IN POLAND FOR BANK PEKAO: Bank PEKAO clearly outperformed all major domestic competitors in 1H’01 INCREASED CONTRIBUTION OF BULBANK, SPLITSKA AND POL’NOBANKA TO THE DIVISION NET PROFIT As a first result of the ongoing restructuring process, all the other three New Europe Banks have achieved significant net profit improvements in 1H’01

32. 32 Net Interest Margin 1H’00 1H’01 228 324 574 710 60.3% 54.4% Operating Income Total Revenues Cost/Income 1H’00 1H’01 359 452 104 141 Net Commission and Fee income 1H’00 1H’01 +42% +24% +26% -5.9+pp (Euro mln) IN 1H’01 NEW EUROPE BANKING ACHIEVED A 17.3% NET OPERATING INCOME AND A 50.2% NET PROFIT GROWTH... +17.3% +2.1% +4.8% +35% +10.9% STRICT COST CONTROL: -3,619 headcount over 1H’00; -1,028 in Group PEKAO over 31.12.2000 -8.3% SG&A and other operating costs At Unchanged FX At 30.6 FX Gross Customer Loans: +9.5% yoy* Customer Deposits: +6.9% yoy* * Calculated on average daily balances at unchanged FX

33. 33 WE REACTED PROMPTLY THROUGH:... DESPITE A TOUGH MACROECONOMIC AND COMPETITIVE SCENARIO IN POLAND 1Q’00 2Q’00 3Q’00 4Q’00 1Q’01 5.9% 5.0% 3.1% 2.4% 2.3% POLISH REAL GDP GROWTH * 1H’00 3Q’00 4Q’00 1Q’01 1H’01 18.3% POLISH SHORT TERM INT. RATES * 19.3% 19.2% 17.2% 15.9% Relevant slowdown in GDP growth: +2.3% expected for 2001 vs +4.3% at the beginning of the year Macroeconomic slowdown reflected by Bank PEKAO Customer Loans (+1.8% on FY00) and Customer Deposits (+2.1% on FY00) growth rates Reference interest rates cut by 375 bp by the Polish Central Bank in 1H’01 Pressure on Interest Margins, particularly on Deposits: Mark Down for Bank PEKAO: 3.38% in 1H’01 vs 3.99% in 1H’00 Implementation of the Customer Segmentation Approach Higher emphasis on cost control and acceleration in recovery actions New High Value Products (EuroGarantia) Rapid repricing policies Particularly conservative lending policies * Source: EIU

34. 34 ASSET QUALITY: THE SITUATION IS UNDER CONTROL, DESPITE A SLIGHT DETERIORATION RELATED TO THE POLISH SLOWDOWN % Ch. (Fixed FX) FY’00 Coverage ratios -on Total gross NPL (%) (1) -on Total gross doubtful loans (%) (2) -0.4 pp -0.8 pp (1) Total specific provisions for NPL/Total gross NPL (2) Total specific provisions for doubtful loans/ Total gross doubtful loans 86.8% 59.4% 1H’01 86.4% 58.6% (Euro mln) WE ARE PROMPTLY REACTING THROUGH: Focused and selective lending policy The full implementation of the new lending procedures, based on the introduction of the “Rating” (as the main indicator to assess counterparts’ solvency) and active monitoring Effective recovery actions Volumes Total gross loans9,846+3.5%11,503 Gross NPL916+14.5%1,168 Gross NPL/Tot. gross loans (%) Net NPL/Tot. net loans (%) 9.3%+0.8 pp 1.4%+0.1 pp 10.1% 1.5% KEY HIGHLIGHTS Still very high coverage ratios, thanks to conservative provisioning Very selective and conservative lending policies Deterioration of asset quality mainly due to the economic slowdown in Poland in 1H’01

35. 35 BANK PEKAO KEEPS ON GROWING AT A FAST PACE, OUTPERFORMING ALL THE MAJOR DOMESTIC COMPETITORS IN 1H’01 Yoy % growth (1) Pekao 49.9 Net Profit -17.6 Best perf. Pekao (4) Banking System (3) Pekao 24.1 36.6 Net Commissions 10.3 Best perf. Fortis Bank Banking System (3) (1) Calculated on data based on Polish accounting standards at unchanged FX; all data are unconsolidated (2) Salaries, statutory employment costs, Non-personnel costs, Taxes and charges, Contribution and payment to Bank, Other costs (3) Considered Kredyt Bank, BSK, LG Petro Bank, BZWBK, BRE, BH, BPH, PBK, BOS, BIG BG, Fortis Bank, BWR, Amerbank, Bank Czestochowa, Deutsche 24 (not included Pekao) (4) BZWBK 1H’01 net income growth (+1,080%) thanks to benefits arising from the merge between BZ and WBK Pekao 4.1 Net Interest Income -27.7 Best perf. Pekao Banking System (3) Pekao -8.3 Overheads costs (2) 16.2 Best perf. Pekao Banking System (3) 49.9

36. 36 NEW EUROPE BANKING NET PROFIT ANTE MINORITIES: EURO 157 mln SPLITSKA 3.2% (+0.2%) BULBANK 9.8% (-0.4%) THE CONTRIBUTION OF BULBANK, SPLITSKA AND POL’NOBANKA TO THE NET PROFIT OF THE DIVISION IS INCREASING, THANKS TO THE IMPROVEMENTS IN EFFICIENCY AND PROFITABILITY (1) At Unchanged FX (2) Net of extraordinary FX trading loss related to Kuna/Euro floatation. The C/I Ratio non-adjusted figure is 53.6% (3) Net Profit of Euro 3 mln. vs Net Loss of Euro 13 mln. in 1H’00 partly as results of extraordinary recovery and related release of provisions GROUP PEKAO 85.4% (-1.4%) POL’NOBANKA 1.6% (n.m.) Net operating income Net Profit SPLITSKA POL’NO BANKA Group PEKAO BULBANK +250.4% N.m. (3) +16.3% (2) +58.5% +12.1% +48.2%+23.1% +17.4% (Change on 1H’00) (1) C/I Ratio - 1H’01 69.5%50.8% (2) 40.1%54.8% C/I Ratio - % Ch. over 1H’00 -19.3pp-1.9pp (2) -6.0pp-6.2pp

37. 37 UCI 2H ACTION PLAN OUR ACTION PLAN FOR THE SECOND HALF WILL ALLOW US TO OFFSET THE EFFECTS OF THE POLISH SLOWDOWN, SECURING HIGH GROWTH RATES FOR THE WHOLE NEW EUROPE BANKING DIVISION Rapid repricing decisions (especially on Deposits) in case of further Interest rate cuts in Poland Still strict cost control policies: further improvements in C/I Ratio expected Focus on the Affluent segment: new financial corner and new account managers New high added value products (mainly mutual funds and bancassurance) to repeat the success of EuroGarantia Focus on asset quality monitoring and doubtful loans recovery

38. 38 1H2001 Group Highlights Divisional Reporting Italian Commercial Banking Wholesale Banking Investment Banking Asset Management New Europe Banking Conclusions Agenda

39. 39 WE ARE ABLE AND COMMITTED TO CREATE EXTRA VALUE FOR OUR SHAREHOLDERS, OPTIMISING CAPITAL ALLOCATION AND ABSORPTION 13 1,285 461 7,552 Italian banking Wholesale banking New Europe banking New Initiatives Adj ROE % 25.12 14.3 18.73 CAPITAL ABSORPTION 828 -31 67 103 VALUE CREATION 6,976Group total20.98417 RORAC % 30.9 N.s. 22.0 73.5 24.2 Adj NET INCOME 1,168 (3) -29 142 (3) 170 (3) 843 RARORAC % 21.9 N.s. 10.4 44.5 12.0 Net Income + goodwill depreciation Shareholder’s profitability Risk taken (1) Profitability per unit of risk taken Shareholder’s value added Value added per unit of risk taken (a)(b)(c)/(b) (c) = (a) - COE (2) (a)/(b) (1) Minimum regulatory capital, market risks, credit risks and operational risks (see Annex for definition) (2) The Cost of Equity is related to the capital employed (Net equity for the Group and allocated capital for the business units) (3) Includes minorities and elisions MARGINAL RARORAC % 22.3 N.s. 15.8 82.6 16.0 N.s. (Euro mln) Tier 1 from 6.85% (Dec 00) to 7.12% (1H01)

40. 40 SUMMING UP Good 1H01 results despite difficult market conditions Annualised 1H01 bottom line representative of the full year expected performance Well balanced business portfolio Significant investments to sustain future growth

41. 41 Annexes

42. 42 1H01 CONSOLIDATED INCOME STATEMENT Net extraordinary income Interest margin (incl. dividends) Net non interest income Total revenues Operating income Cost/Income ratio (excl. goodwill dep.) Tax rate Net loan loss provisions Administrative costs (incl. depr.) Net income Other net provisions Goodwill depr. ROE (Euro mln) 1H00 % ch. -12.5 2,388 2,303 4,691 353 108 +9.3 +1.8 +5.5 918 +11.0 -13.0 2,278+14.3 2,413-2.8 141 -100.1 48.6% 41.5% 40+227.5 25.4% 1H01 52.6% 41.0% 2,517 2,431 4,948 2,603 2,345 392 94 803 165 131 20.0%

43. 43 INDIRECT DEPOSITS GREW THANKS TO GOOD CONTRIBUTION FROM SECURITIES IN CUSTODY AND INSURANCE PRODUCTS INDIRECT DEPOSITS ASSET MANAGEMENT SECURITIES IN CUSTODY TOTAL 30.06.0030.06.01 % ch. Vs. Dec00 USA International New Europe Mutual Funds (1) Italy Segregated accounts in funds Unit-linked Other segregated accounts (1) Directly placed 50,141 7,126 49,715 17,155 21,306 5,045 3,852 3,711 Other insurance products 10,57911,007 114,842115,191-0.3 +0.9 -19.5 -3.9 +41.2 +3.8 88,854 22,800 2,576 613 90,784 21,384 2,411 612 -2.1 +6.6 -6.8 +0.2 108,145 20,238 +0.9 +30.0 112,037 226,879 10,580 89,843 20,948 2,252 590 113,634 221,779 -0.0 +0.6 -1.1 +8.8 +14.4 +3.9 +3.6 +1.1 +2.3 99,047 214,238 +13.1 +5.9 Of which: (Euro mln) 31.12.00 49,718 5,480 3,828 -15.2 % ch. Vs. Jun00

44. 44 ITALIAN BANKING DIVISION PROFIT & LOSS Net extraordinary income Interest margin (incl. dividends) Net non interest income Total revenues Operating income Cost/Income ratio (excl. goodwill dep.) Net loan loss provisions 1H00 % ch. Administrative costs (incl. depr.) Net income +7.1 1,818 1,790 3,608 223 57 +13.5 +-5.3 +4.0 976 +0.9 +10.5 1,672+5.1 1,936+3.1 Other net provisions 75 +12.0 46.3% 1H01 46.8% 2,032 1,722 3,754 1,758 1,996 225 63 1,045 84 (Euro mln) Tax expenses 724 -1.8 711 Net income for the Group +9.8800 878

45. 45 UBMTradingLab ASSET MANAGEMENT (PIONEER) Interest margin (incl. div.) 19.5-4.415.1-4.910.2 Net non interest income 168.4130.9299.3282.1581.4 Total revenues 187.9126.5314.4277.2591.6 Administrative costs (incl. depr.) 59.437.196.5214.7311.2 Operating income 128.589.4217.962.5280.4 48.4 --3.821.117.3 Net income for The Group 76.353.9130.265.3195.5 of which: Staff 28.911.940.894.9135.7 Net income 76.353.9130.280.5210.7 Extraordinary Income -3.8 35.583.93.187.0 (Euro mln) TOTAL INVEST. B. (UBM+TLB) TOTAL WHOLESALE B. Tax expenses C/I Ratio 31.629.330.777.552.6 WHOLESALE BANKING DIVISION PROFIT & LOSS

46. 46 NEW EUROPE BANKING: RESULTS BREAKDOWN BY BANK Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income (excl. goodwill dep.) - Staff costs - Other costs TOTAL (1) SPLITSKA BANKA (62.6%) POL’NO BANKA (72.4%) Group PEKAO (53.2%) BULBANK (85.2%) 392272311452 258 710 386 324 157 15.8% 54.4% 7 18 12 6 3 13.2% 69.5% 4 27 15 12 5 13.5% 50.8% (2) 8 35 14 21 15 14.3% 40.1% 239 631 346 285 67 16.2% 1,076 54.8% 134 12.4% 201587182 185777164 Net loan loss provisions 8437173 Tax Rate 31.3%n.s.27.3%32.9%n.s. Capital Absorption RARORAC Value Creation UCI’s portion: 89 mln Euro (3) (3) The figure is calculated taking into account UCI’s shareholding (1) Balance due to roundings and elisions (Euro mln) (2) Net of extraordinary FX trading loss related to Kuna/Euro floatation. The C/I Ratio non-adjusted figure is 53.6%

47. 47 Minimum regulatory capital (Tier 1 ratio target * RWA) - Minimum regulatory capital RARORAC = VALUE CREATION CAPITAL ABSORPTION - Ke * Employed capital Market risk Credit risk Operational risk (*) +++ Cost of equity = 8,79% Net income of the year Adjusted for the yearly amortisation of goodwill Net equity as of previous year-end less distributed dividends plus goodwill and share capital increase VaR (if available) or 70% of regulatory market risks 4% RWA Calculated following the guidelines contained in New Basel Capital Accord by adding 20% to the minimum regulatory requirements THE METHODOLOGY FOR RARORAC CALCULATION (*) Included in Tier 1 ratio target