UNICREDITO ITALIANO GROUP Built to deliver Alessandro Profumo - CEO Morgan Stanley European Banks Conference London - April 6 th, 2005

2 UCI AT A GLANCE Current market cap around Euro 29 bn Home markets in Italy and Central Europe Global player in Asset Management Euro 128 bn AUM Main market shares in Italy: customer loans10.8% household mortgages17.7% customer deposits10.1% mutual funds13.8% Main market shares in New Europe: DepositsMutual funds Poland 12.7%34.5% Croatia 29.2%39.8% Turkey 4.7%12.1% 70,543 employees (29,540 in New Europe) 4,528 branches (1,373 in New Europe) ROE 17.9%, Cost/Income Ratio 57.3% Private & AM 11% New Europe 18% Corporate 29% Retail 42% TOTAL 2004 REVENUES: Euro 10.4 bn 2004 data

3 ORGANIZATION BUILT TO LEVERAGE OPPORTUNITIES IN ALL OUR CUSTOMER SEGMENTS AND MARKETS (1) Consumer Finance (2) Retail residential mortgages (3) Leasing (4) Asset Gathering from affluent clients New Europe Pekao (Poland) Zagrebacka (Croatia) Bulbank (Bulgaria) KFS (Turkey) UniBanka (Slovakia) UC Romania Zivnostenska (Czech Rep.) Corporate UBM Locat (3) Clarima (1) UBCasa (2) Retail Private & AM Pioneer Xelion (4) Global Banking Services division Human Resources Processes and organization Central operations (UPA) IT Real Estate Purchasing process

4 A SUCCESSFUL GROWTH PATH INTERNATIONALIZATION % % Weight of New Europe on Group Revenues STATURE Risk weighted assets, Euro bn CAGR % PROFITABILITY EPS, Euro CAGR % PRODUCTIVITY Net Income per employee, Euro x 000

5 VISIBILITY AND SUSTAINABILITY OF EARNINGS BOLSTERED BY DIVERSIFICATION OF REVENUE MIX AND BUSINESS PORTFOLIO STRONG VOLUME GROWTH Assets under management up 9.0% Customer loans up 10.8% STRENGTHENED COMPETITIVE POSITION Lending market share in Italy (1) up 37 bp Mutual funds market share in Italy (2) up 39 bp ENHANCED REVENUE MIX Interest income excl. dividends up 3.7% EFFECTIVE COST MANAGEMENT Headcount down 677 in 2H ACHIEVEMENTS (1) Pro-forma, including Euro 2.5 bn relative to the Locat securitization and Euro 0.5 bn relative to the District Bonds (1) Calculated according to the “old” classification methodology adopted by Assogestioni

6 Total Revenues Euro mln 10,375 2, EPS (2) (Euro) % +8.7% Operating Income Net Income FY04 Y/Y ch. DPS (3) (Euro) 4, % 17.9% ROE (1) +20 bp +5.3% +65.0% % ch. on 4Q % 2, Q04 1,124 (1) Calculated on end of period net equity excluding profit for the period (2) N° of shares in 2004 net of 87 mln treasury shares (3) To be proposed to the AGM 7.35% +38 bp Core Tier I ratio IMPROVING PROFITABILITY QUARTER AFTER QUARTER

7 62 (1 ) (2) Pro-forma, excluding Parmalat provisions up-front revenues as % of total Italy, total customer loan mkt share, % (1) Cost Income ratio, % Cost of risk, bp (2) Weight of up-front revenues continues to drop Customer satisfaction drives market share gains Efficiency Revenues Service quality Process redesign provides key to efficiency improvements AssetsCost of risk reduction (1) Pro-forma, including Euro 2.5 bn relative to the Locat securitization and Euro 0.5 bn relative to the District Bonds 2004 PERFORMANCE ON TRACK VS STRATEGIC PLAN

8 GROUP RESULTS BENEFITING FROM BUSINESS DIVERSIFICATION CONTRIBUTION TO GROUP NET INCOME BY DIVISION y/y % ch. 949Corporate-2.7% 545Retail-6.7% 2,131 TOTAL GROUP +8.7% 398New Europe+29.2% CONTRIBUTION TO GROUP NET INCOME PRE CORPORATE CENTER AND ELISIONS 390Private & AM+58.5% Euro mln

9 CAPITAL ALLOCATION – DIRECTING CAPITAL TO HIGHER-RETURN BUSINESSES (1) End of period, net of minorities (3) Pay-out ratio: 60% 2004 RORAC (4) 36.9% 30.8% 19.8% 17.4% 17.7% Private & AM NERetailCorporateGroup Cost of equity 8.58% ABSORBED CAPITAL (1) Total Group 9.6 bn y/y % ch. (2) 9.8 bn 2004 Retail 51.3% % NE 27.7% % Corporate 12.4% % Private & AM 8.6% % Divisional weight Excess Capital (3) 0.2 bn0.8 bn Marginal RARORAC (4) Return on risk adjusted capital = Marginal Rarorac + Cost of Equity (2) On Absorbed Capital Euro

10 RETAIL DIVISION GROW MARKET SHARE Focus on products with longer revenue streams FOCUS ON SUSTAINABLE REVENUES IMPROVE EFFICIENCY THROUGH ACTIVE COST MANAGEMENT Leverage the skills of “Category Killers” (mortgages and consumer credit) Enhance product innovation/redesign Implement two brand new “hunter” networks Increase customer satisfaction Redesign processes to facilitate headcount reduction Rationalize branch network OBJECTIVESMAIN ACTIONS Focus on small business customers (1) (1) Turnover < 3 mln Euro

Q032Q033Q034Q031Q042Q043Q044Q04 Avg. Euribor 2.46% 2.78% 2.14% 2.09% 2.16% 2.09% 2.11% 2.15% FOCUS ON VOLUME/MARKET SHARE GROWTH TO SUSTAIN NET INTEREST INCOME EXCELLENT LENDING GROWTH (+16.1% Y/Y) … Mortgages +22.9% y/y Consumer credit +31.2% y/y Small Business +10.8% y/y … AND GOOD SPREAD RESILIENCE IN ALL KEY MARKETS… 4Q average spread (3) on: new mortgages at 1.28% for UCB (stable q/q) and 1.43% for UBCasa (-3 bp q/q) small business (4) s/term loans at 8.37% (+5 bp q/q) revolving cards at 10.62% (+6 bp q/q) … SUSTAINING STEADY NET INTEREST INCOME GROWTH (ex. dividends) … WITH HIGHER MARKET SHARES… Market share on: household mortgages (1) at 17.71% (+54 bp) new flows of consumer credit (2) at 4.3% (+395 bp) (3) Management accounts (4) Management accounts, includes also maximum overdraft charges (1) Group market share, related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin (2) Calculated on ASSOFIN data

12 IMPROVED CUSTOMER ACQUISITION CAPABILITIES & SUSTAINED FOCUS ON PRODUCTS WITH LONGER REVENUE STREAMS STRONG FOCUS ON WEALTH MANAGEMENT PRODUCTS GENERATING RECURRING REVENUES SALES OF SEGR. ACCOUNTS INVESTING IN FUNDS, Euro bn IMPROVED CUSTOMER SATISFACTION POSITIVELY IMPACTING CHURN RATE UniCredit Banca: Overall acquisition rate increased from 5.4% (2003) to 6.7% (2004) 30,000 net new Small Business customers

vs. June 04 COST MANAGEMENT EFFORT ALREADY PRODUCING TANGIBLE RESULTS WITH FURTHER BENEFITS EXPECTED IN 2005 TOTAL STAFF EFFECTIVE COST MANAGEMENT ALREADY TANGIBLE… … WITH BENEFITS FROM STAFF REDUCTION EXPECTED IN 2005 OPERATING COSTS, Euro mln 2002 (1) 2, (1) 2, ,957 1H04 25, ,136 FEB 05 24,857 (1) Pro-forma to make perimeter comparable with more branches to be closed in 2005 UCB BRANCHES BRANCH NETWORK REORGANIZATION ALREADY UNDERGOING, IN LINE WITH 3 YEAR PLAN TARGETS ,754 Branches closed ,591

14 CORPORATE DIVISION Implement new service model: tighten relationship and improved customer understanding Focus on share of wallet IMPROVE REVENUE MIX Rebalance UBM’s revenue stream Leverage the “service-revenue multiplier” OBJECTIVESMAIN ACTIONS BECOME “THE FINANCIAL PARTNER” FOR OUR CUSTOMERS Increase lending volumes with focus on M/L term lending while maintaining spreads

ACHIEVEMENTS LOAN GROWTH WITH HIGHER SPREADS UBI share of wallet at 12.4% (vs. 12.3% as at Dec03) 2004 average lending spreads at 2.34% (+8bp vs 2003) Net interest income: +4.6% y/y Net commission +5.8% y/y Commercial focus on most recurring service revenues - Foreign trade services: Euro 135 mln, +24% y/y - Transaction services: Euro 71 mln, +7.8% y/y MORE BALANCED REVENUE COMPOSITION FOR UBM Higher weight of Institutional Derivatives and Investment Banking Lower weight of Corporate Derivatives TOTAL LOANS (ex Repos), Euro bn 23.4 Dec Dec % y/y Of which: M/L % y/y 3 Securitization GROWTH OF LEAST VOLATILE REVENUE COMPONENTS

16 PRIVATE & ASSET MANAGEMENT DIVISION GROW ASSET BASE IMPROVE EFFICIENCY THROUGH ECONOMIES OF SCALE ACHIEVE PERFORMANCE EXCELLENCE International: focus on institutional mandates and open architectures Italy: Provide high-quality wealth management advice and services to all Italian clients Streamline Asset Gathering New Europe: manage the transition from non-managed to managed assets US: round out product range OBJECTIVESMAIN ACTIONS

ACHIEVEMENTS STRONG GROWTH IN TOTAL FINANCIAL ASSETS AND REVENUES All figures at unchanged FX EXCELLENT PERFORMANCES 32 nd percentile rank on avg. worldwide for Pioneer “long funds” 1 st quartile rank for mutual funds sold in Italy vs Italian peers INCREASED MKT. SHARE Dec04 Italy – Mutual Funds13.76% Poland – Invest. Funds34.46% Xelion – Net Sales25.23% Dec % 30.36% 13.66% IMPROVED EFFICIENCY AND STRONG OPERATING PERFORMANCE C/I RATIO, % bp % OPERATING INCOME, Euro mln FIN. ASSETS, Euro bn % ,085 1, % TOTAL REVENUES, Euro mln

18 NEW EUROPE DIVISION STRENGTHEN ORGANIC GROWTH ON SELECTED CUSTOMER SEGMENTS EVALUATE POTENTIAL VALUE- CREATING ACQUISITIONS MAINTAIN STRICT RISK & COST CONTROL A single strategy fine-tuned to compete successfully in each market/bank OBJECTIVESMAIN ACTIONS Leverage existing customer base in larger NE banks Broaden customer base in smaller NE banks Develop dedicated service models for Retail & Small Business Enrich product offering Bid for Yapi Kredi in Turkey and assess new opportunities in selected countries Optimize IT systems, purchasing processes & back office

ACHIEVEMENTS STRONG VOLUME GROWTH Net loans +10.5% y/y (+18.5% at current FX), mainly mortgages (1) +27.8% y/y (+35.1% at current FX) Mutual Funds (2) +35.6% y/y (1) Management accounts in LAS All figures stated at unchanged FX (2) New Europe Business Area of Pioneer is included at current FX MARKET SHARE GAINS Mutual Funds: PPIM (3) +4.1 pp y/y to 34.5% Stock of mortgages: Pekao (4) +4.5 pp y/y to 16.5%, Zaba holds its leadership position (40.2%) (4) Only Local Currency (3) Pioneer Pekao Investment Management IMPROVED EFFICIENCY Cost/Income -0.8 pp y/y to 55.2% BETTER ASSET QUALITY Cost of risk -33 bp y/y to 89 bp Coverage ratio of doubtful loans +6.7 pp to 70.8% , Total Revenues (Euro mln) 1, % (+13.5% at current FX)

20 GLOBAL BANKING SERVICES DIVISION EFFECTIVE GROUP-WIDE COST MANAGEMENT Right size Group headcount Optimize processes and service model Rationalize corporate structure and Real Estate Foster synergies in ICT Create a central operations center in Romania BECOME BEST-IN-CLASS SERVICE PROVIDER OBJECTIVESMAIN ACTIONS

21 ACHIEVEMENTS SO FAR UPA: first steps in Romania (35 people hired in 1Q05 in training process) ICT synergies (approx. Euro 10 mln cost savings from in-sourcing in 2005) Real estate rationalization (sale of non-core assets in 2004, 128 UCB branches to be closed in 2005) Legal entities reduction (C. R. Carpi and Banca dell’Umbria to be merged into UCI banks in 2005) Headcount reduction (-727 vs 1H04) well on track ,858 39,368 1H04 ITALY 39,131 Feb05

MAINTAIN TIGHT FOCUS ON ACHIEVING 3-YEAR PLAN TARGETS Building on 2004 achievements: Gain market share in lending and financial assets to drive revenue growth: Increase lending volume in mortgages, consumer credit, small business in Italy and New Europe Raise corporate share of wallet while enhancing service revenue contribution Leverage global presence of AM division to increase AuMs Cross-sell asset-gathering products to existing small business customers Deliver efficiency improvement in line with 3-year plan Maintain strict control over cost of risk Drive value creation and shareholder return through active capital management

UNICREDITO ITALIANO GROUP Built to deliver Alessandro Profumo - CEO Morgan Stanley European Banks Conference London - April 6 th, 2005

24 Annex

25 CUSTOMER SATISFACTION PRIVATE CUSTOMERS, TRIM INDEX (1) 20034Q Q UNICREDIT BANCAAVG. TOP 4 COMPETITORS Stability of front-end relationship with customers Improved waiting time (shorter queues) Improved advisory on investment services, with room for further improvement SMALL BUSINESS, TRIM INDEX (1) 20034Q Q UNICREDIT BANCAAVG. TOP 4 COMPETITORS Dedicated service model Improved advisory on lending products Focus on quality of sales Source: NFO Infratest, Customer satisfaction analyses (1) On a scale from 0 to 70