1. Banca CR Firenze Lino Moscatelli Managing Director Merrill Lynch Banking & Insurance CEO Conference 2005 London, 4 - 6 October 2005 Setting the Agenda for 2010

2. 2 Where we are at the end of the 2003-2005 Plan Future Opportunities Table of Contents

3. 3 Full perimeter of consolidation Banca CR Firenze Group Structure Banca CR Firenze CR Pistoia CR Spezia CR Civitavecchia CR Orvieto CR Mirandola Infogroup Centrovita CRF Gestion Int Cerit SRT Findomestic Centro Factoring Centro Leasing Citylife 50% 100% 60% 68,1% 51% 73,6% 99,9% 100% 51% 47,7% 37,5% 80% 68,1% Retail Banking Assets Management Tax Collection IT Services Consumer credit & Financial Services

4. 4 Net loans to customers Consolidated Key Figures for 1994-2004 (*) (*) 2004 data on a proforma basis and including Findomestic consolidated at equity Total financial assets 12.491 21.812 33.847 Net income Total Income

5. 5 2004 Resuls vs Targets Achieved growth in overall profitability –EPS at 9 cents/Euro, ahead of target –Cost / Income at 66%, ahead of target. Ample room for further improvement Business PlanActual Business PlanActual EPSCost/Income

6. 6 The Italian macroeconomic scenario Italian growth prospects remain uncertain Banks P&Ls remain sound, but may be affected by: –Growing indebtedness of small enterprises –Non banking players competing in funding and treasury management –Families tending to reduce the number of bank accounts –Banks’ approach too focused on selling rather than on clients’ expectations

7. 7 Our Strategic Guidelines Internal network expansion Service quality Improvement of customer satisfaction Development of new businesses Further efficiency improvement Group integration Multi-channel architecture Growth Quality of relation Cost control

8. 8 Expected results Growth New branches New customers Profit increase

9. 9 Network & Percentage of Territorial Coverage RegionBranches% As at 30/6/2005 518 branches in all < 1 1 < = 5 5 <= 15 > 15 Number of branches per 100,000 inhabitants Tuscany33765% Liguria5110% Latium5010% Umbria428% Emilia Romagna296% Lombardy82% Veneto10% Total518100% Arezzo 35 Terni 23 Grosseto 16 Prato 15 Lucca 22 Leghorn 9 Siena 19 Perugia 19 Viterbo 14 Pisa 13 Pistoia 53 Mantova 8 Modena 18 Bologna 8 Florence 137 Rome 36 Massa-Carrara 18 La Spezia 51 Verona 1 Parma 2 Reggio Emilia 1 Financial advisors

10. 10 Profit increase Expected results Quality of relations New branches New customers Better management of current customers Profit increase New procedures

11. 11 Commercial Position: Individuals Business Areas Bank’s Positioning Business Growth Note: The dimension of the bubble shows the current importance of the Business Area in terms of margins Pension schemes Personal insurances Consumer credit Mortgages Cash - payments Investments High growth potential Only potential for selective investments to improve service quality and maintain market shares Potential for further investments to improve the bank’s position and exploit good growth ratios

12. 12 Commercial Position: “SMEs & Corporates” (≥2.5 M€ Turnover) Business Areas Ind.& Spec. credit Leasing 1 Domestic payables/ receivables Currencies Factoring 1 Structured finance Agriculture Financing Foreign payables/ receivables Internationalization serv. Bank guarantees Financial risk coverage Bank’s Positioning Business Growth Selective investments to follow the opportunities offered by our market Maintain market shares The dimension of the bubbles shows the current importance of the Business Area in terms of margins Investments to exploit the expected growth of high margin products 1) Seeking to increase commercial consistency with the product companies Corporate = 2% of customers and 6% of total loans

13. 13 Profit increase Expected results Cost control New branches New procedures Streamlining New customers Better management of current customers Efficiency improvement Profit increase

14. 14 Current Organization Model CRFCRF CRCCRCCROCROCRPCRPCRMCRMCRSCRS CENTRALIZED SERVICES 69,8% 83,7%77,1%83,0%73,0%76,3% 3,464 employees ( 3,387 net, excludes intercompany staff ) 621 employees170 employees218 employees189 employees518 employees Network/Total Employees Current Target 90,0%85,0% 90,0% XX,X%

15. 15 Profit increase Expected results Multi- channel architecture New branches New procedures New customers Better management of current customers Profit increase IT investments New services Low prices Streamlining Efficiency improvement New organization Branch staff reduction

16. 16 IT System Current applications architecture Bank 1 Teller SW Bank SW Group SW Management & Regulatory reporting Bank 2 Teller SW Bank SW Group SW Management & Regulatory reporting Bank n Teller SW Bank SW Group SW Management & Regulatory reporting Common services Common interface ATM - Internet - GSM PDA - Digital TV ATM - Internet - GSM PDA - Digital TV

17. 17 Common Interface ATM - Internet GSM - PDA Digital TV ATM - Internet GSM - PDA Digital TV Costs control - ICT Management streamlining Teller SW Common Services Group SW Management & Regulatory Reporting Data Integration Middleware Bank 1 SW Bank 2 SW Bank n SW

18. 18 Multi-channel architecture Common Interface ATM - Internet GSM - PDA Digital TV ATM - Internet GSM - PDA Digital TV Teller SW Cost reduction Better service to customers Branches freed from low value activities

19. 19 Expected retirement A large number of employees will reach the minimal age for retirement and may leave the company between 2006-2008 Period H.R. who have reached or will reach retirement age Banca CR FirenzeOther Banks 2005 150 50 2006 120 2007 80 2008 50 Total 400 450 25 Other Banks’ Headquarters 250 Parent Company’s Network 150 Parent Company’s Headquarters 25 Other Banks’ Network

20. 20 Replacement Expected retirement Headcount reduction RetirementReplacement Technology Organization