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2 GROUP NET INCOME (€ mn) * % ROE (goodwill adj.) 13.0% 11.1% bp ROE 10.2% 8.9% bp COST / INCOME67.0% 67.1% --- NET NPLs RATIO1.14% 1.06% + 8 bp 2003 results at a glance Change * 2002 net income has been adjusted for 2002 Eptaconsors extraordinary dividend

3 Business segment results PF2001 PF PF2001 PF Retail banking %62%72% Consumer credit %27%19% Product companies %10%6% Gross income * as % of gross income Service companies 5542% Tax collection -220%-1% 1% * € mn - Goodwill and taxes excluded

4 Total income 2003 total income € 1,009.5 mn [+5.7%] % change has been adjusted for 2002 Eptaconsors extraordinary dividend +4.0% € mn Interest margin +11.8% Non-interest income € mn Dividends 9.3 Co s at equity 15.0  Banks’ spread compression  Positive trend for companies at equity  Strong contribution from consumer credit  Greater commissions and trading income, less dividend payouts

5 Interest margin * Mark-up + mark-down 4Q ’02 1Q 2Q 3Q 4Q’03 Bank customers’ spread * 3 months Euribor € mn 2002 quarters Avg. total spread 3.29% 2003 quarters Avg. total spread 3.14% € mn

6 Non-interest income AUM Collect. & pay’t serv. +8.7% +15.8% 2002PF 2003 Net commissions +7.9% Net other inc. +6.0% Trading inc % +11.8% € mn

7 Total costs Goodwill excluded - * The % change is in comparison to “Ex Findomestic 2002PF” +2.6% € mn 2002PF 2003 (ex Findomestic)* +1.1% PF Change CAGR Ex Findomestic Personnel exp %0.9% Other costs %4.2% Depreciation %-6.3%  Cost control achieved  Personnel expenses slightly affected by labour contract renewal  Restructuring costs better then expected

8 Operating and net incomes € mn - % change has been adjusted for Eptaconsors 2002 extraordinary dividend +12.8% +30.4% +16.8% +22.4% +8.3% -13.5% -44.1%  Clear improvement in operating income  Better tax rate  Prudent provisions management  Assets streamlining

9 Total financial assets € mn Indir. Funding +4.2% Direct funding +7.7% 26,296 27, % Assets under mng. +7.9% Assets under custody -1.0% Bonds +14.9% Sight borrowing +7.7% Other -12.7%

10 Assets under management Discr. Accounts +20.5% Mutual funds -3.7% 8,198 8, % Insurance products +23.1% Portfolio composition Discr. accountsInsurance prod.Mutual funds € mn

11 Customer loans Small Business Corporate Consumer Credit Retail Public admin. € mn +7.1%  Good increase despite non-favourable economic cycle  High portfolio balance thanks to consumer credit  Real estate financing (+ 13.6%): an important contribution  Volumes moved towards retail and P.A.

12 Credit quality Controlled credit risk loans 69% +240 bp Self-liquidating Collateral sec. Not secured Personal sec. Other Net NPLs/Net loans Gross NPLs/Gross loansNet NPLs cover ratio 53.5% 54.4% 52.6% % 2.28% 2.36% 1.14% 1.06% 1.14%  Credit quality is unchanged  Increase in guaranteed and self-liquidating loans  The internal rating system shows more loans in “good shape”

13 CORPORATE & PRIVATE BKG. RETAIL BRANCHES RETAIL CORPORATE CENTERS 117 staff 109 portfolio managers 13 centers * 14 special prod. advisors 8 credit managers 12 branch managers PRIVATE BKG. CENTERS 48 portfolio managers 9 centers * 11 staff Network restructuring program 704 staff 366 Family portfolio mgr s 278 branches * 301 Personal portfolio mgr s 272 Business portfolio mgr s 254 branch managers STRUCTURE COMPLETED by SEPTEMBER 2003 * Banca CR Firenze only

14 € mn - * Core capital - No preference shares issued Capital ratios H change Tier 1 * % Tier % Deductions % Regulatory capital 1,620.31, , % Risk weighted assets 15, , , % SOLVENCY ratio 10.61%9.30%9.80% 0.81 bp TIER 1 ratio 5.68%5.55%6.21% bp

15 C A S S A D I R I S P A R M I O D E L L A S P E Z I A

16 Strategic rationale " " " " " CR Spezia Parma CR Mirandola Bologna CR Firenze  Territorially adjacent to the area currently presided by Banca CR Firenze Group  The opportunity to rationalize the limited number of overlaps  Ideal platform for West-East development  Area of the city of Parma  Possibility of joining forces with the CR Mirandola area  Asset structure efficiency enhancement within an overall group management context CR Spezia

17  Strong franchise - Market share *  funding 46.8%, loans 25.5%, branches 38.%  High level liquidity  loans/funding ratio at 62%  AUM/Indirect funding ratio at 64% å progressive switch to Group companies’ products  Company’s main features  Governance rules that will allow real efficiency enhancement  Majority of members of the Board of Directors and the Executive Committee  Appointment of the General Manager Main characteristics * Main business territory (Province of La Spezia) CR Spezia

18 Actions  Rapid Group integration  Extension of the Banca CR Firenze business model  Centralization of key functions, such as -Planning & Risk Management -Finance -Auditing -Asset Managment -Accounting  Support for innovative commercial actions  Transfer of decision-making powers to the local level  Strengthen risk control  Enrichment of the product range CR Spezia

19 NET INCOME % ROE 1.9% 3.3% bp COST / INCOME 75.0% 78.1% -310 bp TAX RATE 75.9% 60.6% +1,530 bp 2003 results at a glance Change TOTAL FIN. ASSETS , % of which AUM % CUSTOMER LOANS Net NPLs ratio 3.2% 3.4% -20 bp € million

20 Targets Tax rate Cost/income ROE Net income € mn  Total financial assets +7% CAGR ( AUM +11% )  Customers loans +12% “

T A R G E T S U P D A T E

22 GDP 0.5% 1.6% 2.3% Old* 1.4% 2.6% 2.5% Macroeconomic scenario Domestic demand 1.3% 2.1% 2.9% Old* 2.0% 2.5% 2.5% Disposable income 1.3% 1.8% 2.3% Old* 1.4% 2.0% 2.2% Lending 6.3% 6.5% 6.2% Old* 5.4% 6.2% 6.1% Lending rate (avg.) 5.0% 4.7% 4.8% Old* 5.3% 5.6% 5.9% Direct funding 4.3% 4.4% 4.3% Old* 4.7% 5.1% 5.1% Source: Prometeia, December * Figures underlying Business Plan

23 TOTAL COSTS % +3.2 % +0.8 % 2002 PF 2005 Change - New Change - Old FINDOMESTIC CAGR CAGR Excluded - CAGR Personnel expenses % % % Other costs % % % Depreciation FLAT % % Cost breakdown update € million

24 EPS and Cost/Income With CR Spezia * Without CR SpeziaNewOld EPS Cost/Income * EPS takes into account the capital increase connected to the acquisition

25 F I N D O M E S T I C B A N C A C O N S U M E R C R E D I T

26 Torino Milano Bologna Bari Reggio C. Palermo Sassari Udine Cosenza Perugia Ancona Verona Padova Genova Firenze Roma Napoli Lecce Pescara Salerno Cagliari Catania 2003 results at a glance 2003 LEADING FINANCIAL COMPANIES FINDOMESTIC 4.6 FIATSAVA3.0 AGOS ITAFINCO2.7 DEUTSCHE BANK2.4 FIDITALIA1.8 GR. FINEMIRO1.7 BIPIELLE DUCATO1.6 FINCONSUMO1.4 € billion Net income (euro mn) 90.6(+45%) ROE 25.7% Market share 13.4% S&P ratings Long termA+(1 notch up) Short termA1(positive outlook) Main figures

27 Volumes and credit quality Euro mn New business NPLs ratio Italian GDP annual increase 2003 / %

28 Growth comparison Findomestic Market 2003 New business growth Agos DB Cards - Volumes Cartasi Findomestic Cartasi Agos BPL Cards - Transactions Findomestic DB Agos BPL Personal loans - Volumes € million /000,000

29 Source: ASSOFIN and Prometeia The Italian market: recent developments Total outstanding Consumer credit Durable goods consumption % - CAGR € mn E

30 A prospective outlook Source: Goldman Sachs , October

31 B A C K - U P

32 Carinord2 fanout costs 6.7 CR Spezia Foundation 38.22% CR della Spezia - The deal Banca INTESA 29.87% Stake Euro mn PBV x TOTAL 68.09% Dedicated capital increase mispricing TOTAL 68.09% Put option 31.9% TOTAL %

33 Asset under management * Net inflows, source: Assogestioni ** Business territory, source: Prometeia Dec LEADING ASSET GATHERERS * Sanpaolo IMI 5,615 BPU 2,920 ANIMA 2,231 BANCA CR FIRENZE 1,632 CREDEM 1,491 MPS 1,449 B. LOMBARDA 1,333 POSTE ITALIANE 1,288 Euro mn AUM market share ** (ex insurance products) Insurance product market share **

Consumer credit / G.D.P Consumer credit / Household consumption Consumer credit - Market comparison

35 Household consumption New vehicles Furniture Personal loans Credit cards Electronics Source: ASSOFIN and Prometeia. 1Q ’98 household consumption=100 Consumer credit - Low price sensitivity

36  One of the best performer since the enactment of the Italian “Securitisation Law” (1999) Perseo Finance: NPLs securitisation

37  Euro 521 million of “in bonis” residential mortgage loans: no value adjustment required so far CR Firenze Mutui: mortgage loans securitisation Class Face amount/ million Yield Underwriting price Rating Fitch/Moody's/S&P A151.3Euribor 3 m + 19 bp100AAA / Aaa / AAA A2425.6Euribor 3 m + 28 bp100AAA / Aaa / AAA B28.2Euribor 3 m + 75 bp100A / A2 / A C7.7Euribor 3 m bp100BBB / Bbb / BBB D8.2Floating BCRF portfolio

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