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Milan, November 15 th 2001

UNICREDITO ITALIANO CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2001. Milan, November 15 th 2001. UCI MAJOR STRENGHTS. Good revenue generation (Tot. Revenues: +2.6% on Sep00) thanks to a prompt reaction to adverse market conditions.

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Milan, November 15 th 2001

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  1. UNICREDITO ITALIANO CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2001 Milan, November 15th 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) Capability to improve market shares in high value-added businesses (mutual funds in Italy and US, bancassurance) Efficiency at excellence level despite important investments Cost/Income: 53.2%)

  3. GOOD REVENUE GROWTH (+2.6%), AVERAGE 2001 QUARTERLY NET INCOME UP 5.7% (on 2000 average) NET OF GOODWILL AMORTISATION TOTAL REVENUES OPERATING INCOME (Euro mln) +2.6% 7,233 -5.7% 7,047 +3.5% 3,591 3,387 -1.1% 2,411 2,329 1,141 1,129 Sep01 Sep01 Sep00 Average Q00 Sep00 Average Q00 Average Q01 Average Q01 NET INCOME -16.9% 1,340 No impact of “Ciampi Law” (in case of cancellation of fiscal benefits) +5.7% 1,113 -1.6% 426* 403* 377° 371 Sep01 Sep00 Average Q00 Average Q01 *Excl. goodwill amortisation related to the Group °Excl. provisioning of fiscal benefits of “Ciampi Law” related to year 98-99

  4. CONSOLIDATED INCOME STATEMENT (as at 30 September 2001) (Euro mln) Sep01 % Ch. Sep00 3,722 Interest margin (incl. dividends) 3,531 +5.4 3,511 Net non interest income 3,516 -0.1 Total revenues 7,233 7,047 +2.6 Administrative costs (incl. depr.) 3,846 3,456 +11.3 3,387 Operating income 3,591 -5.7 Goodwill depr. 192 61 +214.8 Net loan loss provisions 579 497 +16.5 Other net provisions 204 229 +12.3 164 122 Net extraordinary income -25.6 1,113 Net income 1,340 -16.9 Tax rate, % 41.0 41.9 49.0 Cost/Income, % 53.2 ROE, % 24.6 18.4

  5. DIVERSIFIED SOURCES OF REVENUES ALLOWED THE GROUP TO ACHIEVE A 2.6% REVENUE GROWTH (on Sep00) DESPITE THE DECLINE IN NET COMMISSIONS (Euro mln) TOTAL REVENUES BREAKDOWN 7,233 Good contribution of Italian Banking (+12.1%) and New Europe Banking (+7.5%) partially reduced by cost of equity investments financing +2.6% 7,047 +5.4% 3.722 Net Interest Income 3.531 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 -7.5% 2.356 Net Commissions 2.548 674 +29.1% Trading Income 522 481 446 Other Income +7.8% Sep00 Sep01

  6. ADVERSE FINANCIAL SCENARIO HAD A LIMITED IMPACT ON TOTAL COMMISSIONS (-7.5%) Limited impact of financial turmoil on asset management commissions (-6.1%) (Euro mln) Sep00 % Ch. Sep01 NET COMMISSIONS Asset management 1,321 1,240 -6.1 Further increase in commissions from insurance products ( up 21.5% on Sep00) • Mutual funds + • Segregated accounts 1,200 1,093 -8.9 • Insurance products 121 147 +21.5 Negative impact on securities in custody revenues (-37.2%) due to significant reduction in customer portfolio turnover Securities in custody 414 260 -37.2 Other services 812 856 +5.4 Significant increase of commissions from cash management services and loans granted (+5.1% on Sep00) 2,547 2,356 -7.5 Total

  7. 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) LIFE INSURANCE: 12.6% MKT. SHARE ON NEW PREMIUMS (LEADERSHIP IN ITALY) • 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 2001 Cumulated Net Flows (Jan-Oct 2001) (Euro mln) UCI 896 • 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 Mediolanum 1,382 820 MPS San Paolo - IMI 344 Bipop -1,479 • Annual/Single Premiums Ratio: 5.9% -4,933 IntesaBci • Total New Premiums in unit-linked : Euro 2,954 mln Industry -2,977

  8. ... AND SHOWS BRILLIANT RESULTS IN ALL FOREIGN COUNTRIES WHERE IT OPERATES Assets under Management: sold by Pioneer through third party distributors 2000(1) Net Sales Inv. Perf.(2) 31 Oct. 2001 (Euro mln) TOTAL 28,674 +2,322 -2,889 28,107 USA 21,209 +900 -2,660 19,449 Italy 4,561 +777 +156 5,494 Institutional International 2,290 +538 -345 2,483 New Europe 614 +107 -40 681 • 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 31.12.2000) • Increased market share in USA: from 1.27% as at Dec00 to 1.29% as at end of September 2001 (1) Based on official BCE FX as at 29.12.2000 (2) Including FX effect

  9. CAPITAL GUARANTEED PRODUCTS: EURO 4.87 bln CUMULATED INFLOWS AS AT 31.10.2001 (Euro mln) 407 1,400 1,200 16 1,000 298 800 600 991 381 251 465 197 400 774 236 200 260 214 208 172 0 MAR 2001 MAY 2001 JUNE 2001 JULY 2001 AUG. 2001 SEPT. 2001 OCT. 2001 Fund Indexed Notes SegregatedAccounts Unit Linked IN ADVERSE MARKET CONDITIONS UCI SUCCESSFULLY FOCUSED ON HIGH VALUE CAPITAL GUARANTEED PRODUCTS PRODUCT RANGE: Base 108 Linea Protetta Valore Più Spinnaker Cap. Premium UniStar All Banks

  10. PROFIT FROM FINANCIAL TRANSACTIONS HAD A BRILLIANT PERFORMANCE (+29.1% ON Sep00) THANKS TO RISK MANAGEMENT SERVICES FOR CORPORATES INCOME FROM FINANCIAL TRANSACTIONS (Euro mln) % Ch. on Sep00 3Q01 Sep01 • Cautious risk management: average daily VaR as at Sep01 of Euro 3.4 mln for UBM and Euro 3.0 mln for Tradinglab 215* +29.1% 674* 31 160 TradingLab +12.2% 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 48 UBM (excl. TL) 199 85 253 Italian Banking +121.9% 70 133 New Europe +35.7% * Balance due to other Group companies

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

  12. OPERATING COSTS UP 6.7% (ON A COMPARABLE BASIS) SUPPORT OUR REVENUE GROWTH % Ch. % Ch. excl. Pioneer in ‘01 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 Total Operating Costs (Euro mln) +11.3% +6.7% 3,846 2,228 +9.5% +5.6% Staff costs Staff down from 65,859 (Sett00) to 64,552 1,348 Other costs +13.1% +7% Other costs: + 7% (y/y on a comparable basis) to support development projects 270 +14.8% +17.4% Depreciation Sep01

  13. STRUCTURAL C/I AT EXCELLENCE LEVEL Sep 2001 C/I 53.2% • 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 C/I at end 2001 in line with first nine months and lower than budget thanks to cost savings actions 1.0% Develop.projects 0.8% New Initiatives 3.8% Acquisitions • New Initiatives: • Xelion and Clarima projects well on track • Impact of investments in 4Q01 higher than in previous ones 47.6% Structural C/I Recent Acquisitions: Impact on consolidated C/I confirmed

  14. IMPROVED ASSET QUALITY (NPL: – 8.8%, TOTAL DOUBTFUL LOANS: –6.1% on Dec00) THANKS TO SECURITISATION DEAL OF 1H01 (Euro mln) Sep01 Dec00 % Ch. Coverage ratios -on Total gross NPL (%) (1) 56.8% 57.6% +0.8pp Good coverage ratios, thanks to conservative provisioning 45.1% -0.1 pp 45.2% -on Total gross doubtful loans (%) (2) Volumes Gross NPL 4,636 4,227 -8.8% Securitisation of Euro 660 mln done by Cariverona and Mediovenezie in 1H01 Total doubtful loans 7,028 6,598 -6.1% Gross NPL/Tot. gross loans (%) 3.9% 3.4% - 0.5 pp Net NPL/Tot. net loans (%) 1.7% 1.5% - 0.2 pp WE ARE PROMPTLY REACTING THROUGH: • 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 (1) Total specific provisions for NPL/Total gross NPL (2) Total specific provisions for doubtful loans/ Total gross doubtful loans

  15. DIVISIONAL CONTRIBUTION TO GROUP NET INCOME (Euro mln) • GOODWILL AND HOLDING CHARGES: • Euro 167 mln goodwill depreciation • Euro 328 mln holding loss (net of dividends) -38 147(1) 1,593 76(1) -480(1) n.s. 148(1) +9.7% -1.6% n.s. -9.5% -13.5% 1,260(1) 1,113 +1.6% -16.9% Asset Management(4) Italian Banking(2) Inv. banking(3) New Europe Banking(5) New Initiatives(6) Total pre-Corp. Centre Corp. Centre & elisions(7) Total Group Wholesale banking (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 (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

  16. 2001 OUTLOOK 2001 net income higher compared to 2000 figure 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 Asset quality under control thanks to the loan selection process developed in the last years and to the implementation of credit risk management tools

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