1. 9M05 CONSOLIDATED RESULTS Alessandro Profumo - CEO Milan - November, 10 th 2005

2. 2 3Q05 ACHIEVEMENTS (1) : EXCELLENT PERFORMANCE BASED ON GOOD QUALITY REVENUE GROWTH AND COST CONTROL Operating income: 1,295 mln, +25.8% y/y based on total revenues up 14.0% y/y and limited cost increase (+2.8% y/y (2) ) Outstanding results in asset management: AuM: 152 bn (+18.9% on Dec04) Net Sales: 7.8 bn in 9M05 vs 2.4 bn in 9M04 Mutual Funds market share in Italy: 15.30% in Oct05 vs 14.54% in Dec04 Strong net income: 622 mln in 3Q05 (+36.7% y/y), 676 in IAS 1,923 mln in 9M05 (+27.9% y/y), 2,118 in IAS Improving Asset Quality (3) : Limited increase of net doubtful loans (+1.1% on Jun05) Improved coverage ratios on tot. doubtful loans (57.1% in Sep05 vs 56.5% in Jun05) (2) Calculated on operating costs net of recovered taxes. Data at constant FX Revenues supported by core commercial banking business and wealth management: Double-digit growth in net interest income (+11.9% y/y) Strong increase in net commissions (+24.4% y/y) (3) Data in IAS (1) Italian GAAP

3. 3 SOLID 3Q05 RESULTS, EXCELLENT Y/Y GROWTH Total Revenues (ITAS, mln) 8,446 1,923 52 bp +9.7% +27.9% -11 bp Operating Income Net Income 9M05Y/Y ch. 3,851+16.4% 54.4% C/I Ratio, % 7.79% -16 bp Tier I ratio Cost of Risk, bp (2) (1) 2004 data calculated excluding IAS 32 & 39 Ch. on FY04 9M05 34.4% Tax Rate, % -2.6 pp -0.9 pp 2,842 622 3Q05 1,295 54.4% 35.2% -1.7% +2.1% % ch. on 2Q05 -3.8% +1.0 pp -0.9 pp +14.0% +36.7% % ch. on 3Q04 +25.8% -4.3 pp +0.9 pp Normalized for Fiat Convertendo (~180 mln) (3) ; stated figure at 36 bp (3) Conversion of Convertendo FIAT at the end of September determined approx. +180 mln write-back of loan-loss provisions (made in the past) and a simultaneous write-down of the FIAT stake for approx. the same amount 53.2% C/I Ratio IAS, % -2.6 (1) pp53.2%n.a.-4.0 (1) pp 59 bp n.a. Cost of Risk IAS, bp (2) (2) 9M05 data annualised

4. 4 Recognition of loans time value under IAS Convertendo FIAT: different classification between IAS and ITAS (~180 mln) Mark to market of AFS portfolio (mainly in NE) accounted in the P&L in ITAS and directly against net equity under IAS 3Q05 RESULTS IAS VS. ITALIAN GAAP (mln) 3Q05 ITAS 3Q05 IAS Net income 676 622 Total revenues 2,803 2,842 Administrative costs (incl. depr.) -1,492 -1,547 Gross operating profit 1,311 1,295 Profit/loss & net writedowns on loans -192 22 - o/w net interest income (excl. div.) 1,376 1,361 - o/w net commissions 1,111 954 - o/w trading income 227 208 Profit/loss & net writedowns on invest. 27 -179 Goodwill depreciation - -78 Fees on current accounts’ deposits accounted in other income in ITAS while in net commissions in IAS No goodwill amortization in IAS Recovered expenses accounted in other income in ITAS while in costs in IAS MAIN DIFFERENCES

5. 5 NET INTEREST INCOME UP BOTH Q/Q AND Y/Y NET INTEREST INCOME excl. Dividends (mln) 3Q04 ITAS New Europe Italy 1,217 943 274 2Q05 ITAS 1,286 973 309 1,361 1,027 334 3Q05 ITAS Comments on quarterly trend Italy: good volume effect coupled with slight lending spread pressure, in line with the entire system Good volume growth in retail division in all segments Corporate division benefiting from higher avg. lending volumes and better deposit spread in UBI New Europe: +7.1% at constant FX, sustained by strong volume growth (+4.2% at constant FX vs. June 05) +5.9% +5.5% +8.1% +11.9% Q/Q % ch. 3,974 3,065 909 9M05 IAS 1,376 1,056 320 3Q05 IAS 9M04 ITAS 9M05 ITAS +8.4% +6.3% +15.9% 2,813 803 3,921 2,990 931 Y/Y % ch. 3,616

6. 6 5.0 14.4 4.2 17.1 16.3 4.7 DEC 04 10.83% 11.05% INCREASED LENDING VOLUMES IN ALL DIVISIONS AND STABLE MARKET SHARES Retail: loan growth driven by mortgages, consumer credit and small business Corporate: up 7.5% vs Dec 04 with good contribution of m/l term (+7.6% (2) vs Dec 04) New Europe: +14.7% vs. Dec 04 at unchanged FX with good growth in all banks (Pekao +4.6%, Bulbank +20.9%, Zaba +17.5%, Koc +34.9%) Slight recovery of lending spread at the end of September (3.76% (4) ) with widening pricing premium vs industry (55 bp (4) ) (1) Data as of January, 1st 2005, including IAS 32-39 application (2) Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) SEP 05 (3) On total loans10.77% On M/L term loans10.85% JUN 05 (3) 10.79% 10.85% JUN 05 150.5 153.2 Corporate New Europe DEC 04 (1) SEP 05 140.4 Retail 66.4 71.3 60.0 71.4 +9.1% Other 54.6 58.7 % ch. vs JUN 05 +1.8% +4.9% +2.2% +0.2% +12.4% TOTAL CUSTOMER LOANS (IAS, bn) UCI LENDING MARKET SHARES (2) IN ITALY Excluding 3 bn mortgages securitisation, market shares would be: 10.98% (+15 bp on Dec 04) on total loans 11.19% (+14 bp on Dec 04) on M/L term loans (3) Including 3 bn mortgages securitisation (4) End of period data

7. 7 VERY GOOD PERFORMANCE OF NET COMMISSIONS BENEFITING FROM FEES ON ASSET MANAGEMENT PRODUCTS AND ON INVESTMENT BANKING Growth 3Q05/2Q05 driven by fees on asset management products (467 mln in 3Q05, +7.3%) and tax collection fees (+35 mln o/w 23 mln one-off related to 1H05) partially offset by lower investment banking fees in 3Q05 Y/Y growth key drivers: Fees on asset management products: +26.6% 3Q05/3Q04 and +14.0% 9M05/9M04 (to 1,335 mln) Corporate Division: foreign-trade (+3 mln 3Q/3Q, +12 mln 9M/9M), investment banking (1) (+14 mln 3Q/3Q, +45 mln 9M/9M) and transaction services (+2 mln 3Q/3Q, +5 mln 9M/9M) 3Q04 ITAS 767 2Q05 ITAS 929 NET COMMISSIONS (mln) 954 3Q05 ITAS +2.8% +24.4% Q/Q % ch. 3,204 9M05 IAS 1,111 3Q05 IAS 9M04 ITAS 9M05 ITAS +13.8% 2,753 Y/Y % ch. 2,419 (1) Corporate finance + Equity capital market + Debt capital market Higher net commissions in IAS mainly due to fees on deposits in current account accounted as other income according to Italian GAAP

8. 8 Dec04 STRONG ACCELERATION OF GROUP AUM GROWTH: +24 BN YTD, +11 BN IN THE LAST THREE MONTHS, OF WHICH 4 BN FROM AMSOUTH ACQUISITION (3) Calculated according to the “new” classification methodology adopted by Assogestioni since January 2005 (1) US + New Europe + International (ex Italy) UCI TOTAL AUM (bn) 141 Sep05 152 (2) Jun05 Dec04 128 +8.1% Italy International (1,2) 38 44 50 90 97 102 +15.2% +4.9% % ch. vs Jun05 UCI mkt. share (3) 14.54% … leading to continued gains in market share and # 2 ranking UCI is undisputed leader of the Italian market in mutual funds’ net sales: 4,242 mln out of 7,393 mln for the entire system as at end October 05… A clear growth story based on Pioneer global presence: +21 bn AUM in 9 months, of which almost 12 bn in the international business units (1,2) (+43.3% y/y) Further improvement in asset mix with positive impact on average pricing 15.24% Oct05 15.30% Sep05 (2) Including 4.3bn AuM of AmSouth acquired on September 26, 2005; Total AuM growth excluding AmSouth assets is + 15.5% vs. Dec04 and +5.1% vs. Jun05 +18.9% Strong contribution from UPB and Xelion: 2.1 bn net sales of asset management products in 9M05 (+108% vs 9M04) Solid and consistent performance versus competitors in the worldwide ranking : Pioneer funds rank in the 32th percentile on a 1-year basis and in the 28nd percentile on a 3-year basis

9. 9 3Q05 penalised by negative mark-to-market of AFS government bond portfolios in New Europe (-11 mln vs a positive 49 mln mark-to-market accounted in 2Q05) Good performance of Institutional derivatives in 3Q05; corporate derivatives, penalised by seasonal effect in 3Q, in line with expectations INCOME FROM FINANCIAL TRANSACTIONS (mln) INCOME FROM FINANCIAL TRANSACTIONS AFFECTED BY LOWER CONTRIBUTION OF DERIVATIVES AND MARK-TO-MARKET OF GOVERNMENT BOND PORTFOLIOS IN NEW EUROPE Of which: Derivatives (Corporate + Institutional + Retail) 3Q04 ITAS 233 2Q05 ITAS 276 208 3Q05 ITAS -24.6% -13.7% -10.7% Q/Q % ch. 9M05 IAS 3Q05 IAS 9M04 ITAS 9M05 ITAS Y/Y % ch. 137 820 594 772 484 -5.9% -18.5% 159 144 -4.9% 227 137 746 484 ITAS/IAS gaps mainly related to mark-to-market of AFS bond portfolios in New Europe, accounted in the P&L under ITAS and directly against net equity under IAS

10. 10 Lower personnel costs (-0.5% 3Q/2Q), mainly thanks to staff reduction in Italy (-263 people) Y/Y increase of total costs (+2.8% equal to +40 mln) driven by marketing expenses (+11.6 mln) and personnel costs (+12 mln for renewal of labour contract and +8 mln for bonuses linked to UCI labour agreement – VAP) +88 mln personnel costs (+3.4%), of which +24 mln linked to bonuses as per UCI labour contract “VAP”, + approx. 40 mln due to higher accruals for MBO +35 mln other admin. expenses (+ 2.5%), mainly due to real estate maintenance costs and rents (+18 mln) and marketing and advertising expenses (+10 mln) GOOD COSTS CONTROL, ALMOST NO GROWTH VS. 2Q05 Y/Y TRENDS AFFECTED BY FX EFFECT AND HIGHER INDIRECT TAXES OPERATING COSTS (net of taxes recovered in the “other net revenues” line) 2,529 2,652 1,367 342 1,426 319 4,238 4,397 +3.8% +4.4% +4.8% -6.6% Personnel costs Other admin. expenses Depr. & amort. 886 883 480 108 490 109 841 449 122 3Q04 ITAS 1,412 1,474 1,482 +0.5% +1.9% -0.3% +4.9% +1.2% Q/Q % ch. 2Q05 ITAS 3Q05 ITAS 9M04 ITAS 9M05 ITAS Taxes recovered in the “other net revenues” line 50 71 65 148 198 +2.8% at constant FX +2.1% at constant FX Quarterly trends (at constant FX and net of taxes recovered in the “other net revenues” line): 9M results (at constant FX and net of taxes recovered in the “other net revenues” line): (mln) 3Q ITAS/IAS gap (1,547 mln vs 1,492 mln) due to recovered expenses (1) (1) See annex for details

11. 11 ASSET QUALITY: SIGNIFICANT REDUCTION OF COST OF RISK AND INCREASED COVERAGE RATIOS Weight on Net Loans Provisions on performing loans 1,259-1.3% Coverage ratio 0.84%-2 bp Total Net Doubtful Loans 4,280+1.1% Weight on Net Loans 2.79%-2 bp mln, where not specified - IAS Net Non Performing Loans 2,168+0.6% 1.42%-2 bp Sep05 ch. on Jun05 (1) Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing 9M04 1,417 9M05 1,412 -0.3% Slight y/y reduction of net flows of new doubtful loans (1) Cost of risk ( 9M annualised - ITAS ) 52 bp (2) -11 bp Sep05 ch. on 2004 (2) Calculated adding back to net loan loss provisions ~180 mln net write-backs on Convertendo FIAT Very limited q/q increase of net NPLs (+0.6%), net watchlist (+0.7%) and total net doubtful (+1.1%) Increased coverage ratios on doubtful loans: Net loan loss provisions impacted by Convertendo FIAT and one-off write-backs in New Europe and Corporate Division ~1.3 bn provisions on performing loans, slightly lower than Jun05 but +64 mln vs Dic04; 0.84% coverage ratio 68.2% on NPLs (vs 67.7% as of Jun05) 34.9% on watchlist (vs 32.7% as of Jun05) 57.1% on total doubtful (vs 56.5% as of Jun05) Binding offers received for the sale of ~1.7 bn gross NPLs (equal to ~0.5 bn net NPLs); exclusive negotiation in progress Significant reduction of cost of risk: 36 bp in 9M05 vs 63 bp in FY04; 52 bp (2) normalised for Convertendo FIAT Cost of risk ( 9M annualised - IAS ) 59 bp (mln, ITAS)

12. 12 GROUP RESULTS BENEFITING FROM BUSINESS DIVERSIFICATION 9M05 OPERATING INCOME BY DIVISION y/y % ch. 1,561Corporate-1.1% 1,227Retail+33.6% 3,852 TOTAL GROUP +16.4% 800New Europe+32.6% CONTRIBUTION TO 9M05 GROUP OP. INCOME PRE CORPORATE CENTRE AND ELISIONS 444Private & AM+46.3% Mln, ITAS

13. 13 RETAIL DIVISION: STRONG LENDING VOLUMES INCREASE DRIVING NET INTEREST INCOME TURNAROUND EXCELLENT LENDING GROWTH (+9.4% Y/Y) … Household mortgages (1) +9.8% y/y (+3.9% vs. Dec04) Consumer credit +38.5% y/y (+24.7% vs. Dec04) Small Business +12.7% y/y (+7.3% vs. Dec04), mainly thanks to s/term loans … AND GOOD SPREAD RESILIENCE IN ALL KEY MARKETS… 3Q average spread (2) on: new mortgages at 1.28% for UCB (+1 bp q/q) and 1.44% for UBCasa (+3 bp q/q) small business (3) s/term loans at 7.37% (-22 bp q/q) revolving cards at 11.89% (+12 bp q/q) … SUSTAINING NET INTEREST INCOME SOUND PERFORMANCE (despite mortgage securitisation penalising 2Q by 8 mln and 3Q by 13 mln) 3Q04 584 2Q05 605 NET INTEREST INCOME (ex. div.), mln 3Q05 604 (2) Management accounts (3) Management accounts, including also maximum overdraft charges +3.4% (+5.7% ex securitisation) (1) Trend due to 3 bn securitisation carried out in 2Q05. Excluding securitisation, mortgage growth would be +18.9% y/y and +12.5% vs. Dec04 ITAS

14. 14 STAFF COSTS (mln, ITAS) -1,068 vs. June 04 9M04 25,176 2004 25,051 TOTAL STAFF 9M05 24,314 RETAIL DIVISION OPERATIONAL ACHIEVEMENTS STAFF REDUCTION PLAN WELL ON TRACK (~55% of the total reduction announced in the 3 year plan already achieved)… CONTINUED FOCUS ON WEALTH MANAGEMENT PRODUCTS GENERATING RECURRING REVENUES SALES OF SEGR. ACCOUNTS INVESTING IN FUNDS, bn … WITH CLEAR EFFECTS ON TOTAL STAFF COSTS, DESPITE NEW LABOUR CONTRACT EXCELLENT CONTRIBUTION TO GROUP NET INCOME CONTRIB. TO GROUP NET INCOME (mln, ITAS) 3Q04 155 2Q05 182 3Q05 195 3Q04 1.7 2Q05 1.7 3Q05 2.2 3Q04 383 2Q05 385 3Q05 382 +25.6%

15. 15 394 369 384 3Q042Q053Q05 -2.5% +4.0% +2.8% gross of securitisations (~21 mln) CORPORATE DIVISION: NET INTEREST INCOME SUSTAINED BY HIGHER AVERAGE LOANS AND DEPOSIT SPREADS, OFFSETTING LOWER LENDING SPREADS (2) Only UBI + UBMC (Source: BankIT Matrix) (3) Calculated on SMEs and other non-financial enterprises excluding largest Groups. Source: Credit Bureau data as of Aug05 NET INTEREST INCOME (excl. dividends), (ITAS, mln) (1) Almost totally recovered as “Other income” 9M049M05 1,152 1,118 +1.7% Locat + District bond securitisations impact (1) 1,172 54 -3.0% TOTAL LOANS (ex Repos), (ITAS, bn) Of which: M/L (2) Significant y/y growth of customers loans (+5.3% gross of securitisations), mainly driven by M/L-term lending (+10.9%) Slight q/q reduction of customers loans (~0.8 bn) almost totally due to conversion of Convertendo FIAT (~0.6 bn) at the end of Sept.05; 3Q05 avg. loans significantly higher than 2Q05 (i.e. +2.1 bn for UBI) due to the strong increase in 2Q05 Reduction of lending spreads for UBI (2.01% Avg. 3Q05, -9 bp q/q) partly offset by increased deposit spread (0.94% Avg. 3Q05, +10 bp q/q) 64.1 68.5 67.7 Sep04Jun05Sep05 +5.6% -1.1% vs Jun05 25.9 28.9 28.7 +5.3% gross of securitisations -0.9% vs Jun05 q/q % ch. UBI share of wallet at 14.3% (3) (vs 13.8% as of Dec04 and 14.2% as of Jun05) +10.9%

16. 16 FOCUS ON SERVICE REVENUES AND RISK PROFILE: STRONG Y/Y GROWTH OF NET COMMISSIONS AND LOWER FLOWS OF NEW DOUBTFUL LOANS NET COMMISSIONS (ITAS, mln) 9M049M05 319 392+23.1% 90 146 116 3Q042Q053Q05 +28.7% -20.6% Foreign trade services: 111 mln in 9M05 (+11.6% y/y), 38 mln in 3Q (+7.7% 3q05/3q04) Transaction services: 54 mln in 9M05 (+9.9% y/y), 18 mln in 3Q (+12.3% 3q05/3q04) Continued increase of UBM’s revenue stream diversification Derivatives: 68% in 9M05 (-10 pp) Investment Banking (1) : 17% in 9M05 (+6 pp) Sales & Trading on cash products: 15% in 9M05 (+4 pp) NET FLOWS OF NEW DOUBTFUL LOANS (2) (ITAS, mln) Default Rate (3) at 0.87% in 9M05 vs 1.20% in 9M04 Strong y/y reduction of net flows of new doubtful loans in 9M05 (2) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans 9M049M05 752 583-22.5% q/q % ch. (3) Defined as: (Flows from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans)/ Total Gross In Bonis Loans as of previous 31 December Investment Banking (1) : 141 mln in 9M05, (+47.0% y/y), 34 mln in 3Q (+73.3% 3q05/3q04) (1) Investment Banking: Corporate Finance (UBI, UBM and UBMC) + Equity Capital Market (UBM) + Debt Capital Market (UBM)

17. 17 31 15 47 PRIVATE & ASSET MANAGEMENT DIVISION: STRONG REVENUE GROWTH DRIVEN BY INCREASING ASSETS AND MARGINS Significant growth of Tot. Financial Assets (ITAS, bn) All figures at unchanged FX Excellent net sales in 9M05: Asset Management: 7.8 bn net sales, vs 2.4 bn in 9M04 Asset Gathering (UPB+Xelion): 4.4 bn net sales in 9M05 (+65% y/y), of which c. 2.1 bn of asset management products, i.e. 47% of net sales, vs. 23% as of June 30, 2005. (1) Till year-end 2004 performance fees on long-only funds were cashed by Pioneer once a year at year-end, with a seasonal effect in 4Q. Starting from 2005 they are calculated and cashed on a quarterly basis TOTAL REVENUES (ITAS, mln) Up-front fees Management & other fees Performance fees (1) 2Q05 328 359 +9.5% +7.0% 3Q043Q05 281 222 12 1 249 26 6 266 Q/Q % ch. NII & other 46 47 165 190 203 Sep04Jun05Sep05 29 78 140 9M04 855 1004 9M05 41 10 757 135 +13.3% +17.5% +6.9% vs Jun05 (+4.5% excl. 4.3bn assets of AmSouth) 669 +20.3% +27.8% Strong improvement in margins thanks to product and asset mix: Asset Mix (Pioneer): avg. weight of stocks and equity funds at 31%in 3Q05, up 398 bp y/y and 145 bp q/q; avg. weight of hedge funds at 3.0% in 3Q05, flat y/y and q/q Margins (2) (in bp of average AuM): up from 59.4 bp in 2Q05 to 60.5 bp in 3Q05; up from 58.6 bp in 9M04 to 59.8 bp in 9M05 (2) Net commissions, excluding performance fees 23.8% Performance fees (1) increased by 155% q/q thanks to a strong contribution from hedge funds (fees on Italian funds were flat q/q)

18. 18 STEEP ACCELERATION IN OPERATING INCOME GROWTH BOTH Q/Q AND Y/Y, THANKS TO RISING REVENUES, MARGINS IMPROVEMENTS AND COST CONTROL All figures at unchanged FX Revenue rising q/q (+9.5%) and y/y (+17.5%), driven by sales of Focus Invest and by a clear improvement in the asset mix Net income for the Group at 121 mln in 3Q05 (+18.6% q/q) and 322 mln in 9M05 (+28.4% y/y) Strong operating income growth, +20% q/q, confirming an excellent trend (+45.5%9M05/9M04), thanks to revenue growth and cost control OPERATING INCOME (ITAS, mln) 2Q053Q05 140 168 +20.0% 9M049M05 305 444 +45.5% C/I RATIO, % 2Q053Q05 57.1 53.0 9M049M05 64.3 55.8 -850 bp-412 bp C/I ratio further declining by 412 bp q/q (-850 bp 9M05/9M04); costs growing at a very moderate pace compared to revenues (+1.6% q/q and +2.0% 9M05/9M04)

19. 19 NEW EUROPE DIVISION: REVENUES GOOD PERFORMANCE SUPPORTED BY FURTHER VOLUME GROWTH SIGNIFICANT LENDING GROWTH: +19.1% Y/Y (+28.8% at current FX) … Mortgages (1) (Euro mln) Sep05 2,365 Jun05 2.567 2,070 Sep04 +24.0% Consumer credit (1) (Euro mln) Sep05 1,851 Jun05 2,068 1,533 Sep04 +34.9%... AND CONTINUED DEVELOPMENT IN MUTUAL FUNDS … Direct Deposits (Euro bn) Sep05 24.2 Jun05 24.624.4 Sep04 +0.7% Mutual Funds (2) (Euro mln) Sep05 6,339 Jun05 7,007 4,583 Sep04 +52.9% (1) Management accounts in LAS (2) New Europe Business Area of Pioneer is included at current FX … POSITIVELY IMPACTING ON REVENUE INCREASE Net interest income (Euro mln) 9M05 931 328 3Q05 +6.2% Y/Y % ch. +10.0% Y/Y % ch. Net non interest income (Euro mln) 9M05 647 200 3Q05 +22.5% Y/Y % ch. +14.3% Y/Y % ch. All figures at unchanged FX – P&L & BS in ITAS +15.9% +34.3% % ch. at current FX

20. 20 Total Revenues +12.5% 9M/9M (+11.1% 3Q05/3Q04) Operating Costs +4.9% 9M/9M (+5.3% 3Q05/3Q04) Cost/Income ratio 50.2% in 9M05, -3.6 pp y/y BETTER ASSET QUALITY Improved coverage ratio of doubtful loans (to 76.8% (3), +6.6 pp vs. 01/01/05) Lower weight of net NPL on total net loans (to 1.6% (3) vs. 2.3% as at 01/01/05) STRONG RESULTS: ASSET QUALITY, EFFICIENCY AND PROFITABILITY STILL IMPROVING GOOD PERFORMANCE OF OPERATING INCOME 9M05 272 3Q05 800 299 2Q05 +21.3% Y/Y % ch. +17.6% 3Q05/3Q04 % ch. Cost of risk (1) (bp) 9M05 90 FY04 -20 bp 9M05 161 3Q05 404 136 2Q05 +27.5% Y/Y % ch. +30.0% 3Q05/3Q04 % ch. EXCELLENT NET INCOME GROWTH Operating Income (Euro mln) Attributable Net income (Euro mln) (1) 9M05 data annualised Excl. one off write back in Zaba (2) 54 70 (2) Write-back of approx. 21 mln as release of funds for guaranteed loans (3) Data in IAS All figures at unchanged FX – P&L in ITAS % ch. at current FX +38.4% +32.6%

21. 21 UPDATE ON HVB DEAL: MAIN ACHIEVEMENTS SO FAR … Success of HVB offer, following: 88.14% acceptance level as of 24 October 2005 (end of Acceptance Period (1) ), well above the 65% threshold (1) Additional Acceptance Period (pursuant to the German Takeover Act) until 11 November 2005 Unconditional merger control clearance received from EU Commission on 18 October 2005 Issuance of verification by an independent expert that the value of the HVB Shares tendered conforms to the expert evaluation rendered to UniCredit shareholders’ meeting on 29 July 2005 resolving on the capital increase Very positive results also on BA-CA offer : (2) Additional Acceptance Period (pursuant to the Austrian Takeover Act) until 18 November 2005 10.64% acceptance level as of 31 October 2005 (end of Acceptance Period (2) ) representing ~47% of the free float 88.17% of BA-CA aggregate share capital held by UniCredit directly and through HVB Integration process proceeding as planned (within the limits still imposed by applicable laws) : Integration Office, 7 CEO’s Projects, 8 Cooperation Teams working as “main integration engine” Ready for Day 1 management; definition of a smooth integration plan well on track Shares representing 10.59% of the share capital tendered in the exchange offer and shares representing 0.05% of the share capital tendered in the cash offer

22. 22 … AND NEXT EXPECTED STEPS End of Additional Acceptance periods of HVB and BA-CA offers, respectively 11/18 November Publication of final result of shares tendered during Additional Acceptance Period of HVB offer 17 November Settlement of HVB offer and commencement of trading of UniCredit shares on FSE 23 November UniCredit BoD passing resolution to liberate capital increase for settlement of HVB offer. Birth of the New Group 18 November 21 November UniCredit shares admitted to listing on FSE 30 November UniCredit BoD passing resolution to liberate capital increase for settlement of BA-CA offer Beginning of December Settlement of BA-CA offer UniCredit Shareholders’ Meeting; election of new BoD (24 members) to enter in charge for the financial years 2006-2008 16 December

23. 23 NEW GROUP’S NEXT FINANCIAL COMMUNICATION EVENTS 22 March 2006 (1) FY05 consolidated results 12 May 2006 (1) Annual Shareholders’ General Meeting for approval of FY05 consolidated results (1) Tentative date 1Q06 consolidated results Beginning of July 2006 New Group’s First Investor Day: bottom-up Divisional Plan Update on the integration process

24. 9M05 CONSOLIDATED RESULTS Annexes

25. 25 y/y% ch. (1) 9M05 3,878 -92 -676 -160 -1,090 2,118 +28.4 +76.9 +15.6 +2.4 +20.3 +22.9 258 n.m. -4,400 3,974 8,278 +9.1 +3.9 +11.9 3,204 +11.3 746 -8.6 -2,622 +5.1 171 +5.6 53.2% -2.6 pp VERY GOOD PERFORMANCE OF UCI Gross operating profit Provisions for risk & charges Net write-downs on loans IAS, mln Minorities Taxes Net income Net Profit (loss) on investments (1) 3Q04 & 9M04 excluding IAS 32 & 39 Administrative costs (incl. depr.) - of which net interest income (excl. div.) Total revenues - of which net commissions - of which trading income - of which staff costs - of which recovered expenses COST/INCOME ratio (%) y/y% ch. (1) 3Q05 1,311 -24 -192 -64 -382 +0.0 +23.4 -13.1 +25.5 +39.4 676 +32.5 27 +50.0 -1,492 1,376 +4.9 +14.4 2,803 +12.8 1,111 +19.6 227 -1.3 -880 +5.3 58 +1.8 53.2% -4.0 pp

26. 26 9M05 & 3Q05 RESULTS IAS VS. ITALIAN GAAP Gross operating profit Provisions for risk & charges Administrative costs (incl. depr.) (mln) Minorities Taxes - of which net interest income (excl. div.) 9M05 ITAS 9M05 IAS -4,400 3,878 -92 -676 -160 -1,090 3,974 -112 -4,595 3,851 -408 -177 -1,101 3,921 3Q05 ITAS 3Q05 IAS -1,492 1,311 -24 -192 -64 -382 1,376 Net income 2,118 1,923 676 622 Total revenues 8,278 8,446 2,803 2,842 -26 -1,547 1,295 22 -60 -371 1,361 - of which net commissions 3,204 2,753 1,111 954 - of which trading income 746 772 227 208 - of which staff costs -2,622 -2,652 -880 -884 - of which recovered expenses 171 - 58 - 258 -175 27 -179 Goodwill depreciation - -237 - -78 Net extraordinary income - 282 - 19 Net write-downs on loans Net Profit (loss) on investments

27. 27 (1) Net write-downs of financial investments and provisions for risks and charges 3Q05 & 9M05 CONSOLIDATED INCOME STATEMENT Net extraordinary income Net non interest income Total revenues Operating income Provisions on loans Administrative costs (incl. depr.) Other net provisions (1) Goodwill depr. Minorities Taxes % ch. on 3Q04 Net interest income (incl. div.) - of which Dividends +19.1 +14.0 -110.1 -64.5 +5.7 +25.8 n.m. +9.0 +21.2 +40.5 +9.2 % ch. on 2Q05 3Q05 1,447 2,842 -1,547 1,295 +22 19 -205 -78 -60 -371 1,395 34 -2.5 -1.7 -110.3 -64.6 +0.1 -3.8 n.m. -11.5 -11.2 -2.9 -0.9 n.m.+35.3 y/y % ch. 9M05 4,343 8,446 -4.595 3,851 -408 282 -287 -237 -177 -1,101 4,103 182 Net income+36.7 622 +2.1 1,923 +27.9 +11.4 +9.7 -38.3 +79.3 +4.8 +16.4 n.m. +10.4 +30.7 +23.0 +8.0 +0.1 ITAS, mln

28. 28 Retail Division Corporate Division Priv.& AM Division NE Division Total Group (1) Total revenues -1.7%-37.8%+8.3%-2.5%-1.7% Operating costs Operating income Net write-downs of loans Net income for the Group C/I Ratio -2.4%+1.4%+0.5%+2.1%+0.1% -0.4%-7.8%+18.8%-6.7%-3.8% +18.6%-210.5%-201.5%-98.1%-110.3% +7.0%-7.9%+17.5%+19.8%+2.1% -0.5 pp+2.1 pp-4.1 pp+2.3 pp+1.0 pp (1) Balance due to the Parent Company, other Group companies and elisions (2) Calculated on data at end of period FX (mln - Data at end of period FX) DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 3Q05 1,1587213595592,842 -749-236-190-280-1,547 4104861692791,295 -90110122 195234121164622 64.6%32.7%53.0%50.0%54.4% (3) IAS Including all the employees of Koc Financial Services (3,942 as at 30.09.2005) Employees (3) 24,3605,4263,57230,85871,314 3Q05 RESULTS % Change vs 2Q05 (2) Change in pp vs 2Q05 (2) ITAS, mln

29. 29 OPERATING COSTS - DETAILS ON ITAS/IAS RECONCILIATION: GAP ALMOST TOTALLY DUE TO RECOVERED EXPENSES 3Q05 OPERATING COSTS: FROM ITAS TO IAS (mln) 9Q05 OPERATING COSTS: FROM ITAS TO IAS (mln) IAS 19 – Employees’ benefits (1) 3Q05 ITAS 3Q05 IAS -18 +16 +28 1,547 1,492 Share-based payments Consolidation perimeter changes OthersRecovered expenses Property Depreciation -58 -7 -16 (1) Actuarial evaluation of personnel long-term benefits: TFR, pension funds, bonuses and deferred compensation IAS 19 – Employees’ benefits (1) 9M05 ITAS 9M05 IAS -66 +34 +82 4,595 4,400 Share-based payments Consolidation perimeter changes OthersRecovered expenses Property Depreciation -171 -20 -54

30. 30 NON OPERATING ITEMS Operating income Goodwill amort. Net Income Net write-downs of loans Other net provisions (1) Net extraord. income Taxes Minorities 2Q05 1,347 -89 609 -216 -39 55 -382 -69 3Q04 1,030 -72 455 -222 -22 55 -264 -50 1,295 -78 622 3Q05 22 -205 19 -371 -60 (1) Net write-downs of financial investments & provisions for risks and charges 9M05 3,851 -237 1,923 -408 -287 282 -1,101 -177 9M04 3,310 -215 1,504 -660 -58 157 -895 -135 ITAS, mln

31. 31 -on tot. Gross doubtful loans, %54.4%53.3% -on total gross NPL, % 63.9%61.9% Total gross doubtful loans 3,608 Net Doubtful Loans/Tot. Net Loans,% 2.81% 3,731 2.90% +3.4% change on Jun 05 Gross Doubtful Loans/Tot. Gr. Loans,%5.91%5.98% Total net doubtful loans 1,6461,743 +5.9% change on Jun 05 ASSET QUALITY: DETAILS BY DIVISIONS Coverage ratios Retail Division Jun 05Sep 05 (1) Balance due to other Group companies ( IAS, mln - Data at end of period FX) Corporate Division NE DivisionTotal Group (1) Gross NPL % change on Jun 05 Gross NPL/Tot. Gr. Loans,% Net NPL/Tot. Net Loans,% 2,202 3.61% 1.36% 2,244 3.60% 1.42% +1.9% Net NPL % change on Jun 05 796854 +7.3% Jun 05Sep 05Jun 05Sep 05Jun 05Sep 05 41.9%41.8% 49.6%50.0% 3,085 2.51% 3,158 2.57% +2.4% 4.21%4.31% 1,7911,839 +2.7% 1,973 2.69% 1.39% 2,031 2.77% 1.42% +2.9% 9951,015 +2.0% 73.2%76.8% 85.6%88.6% 2,912 4.78% 2,946 3.98% +1.2% 15.58%15.03% 781682 -12.7% 2,376 12.71% 2.09% 2,419 12.35% 1.61% +1.8% 342275 -19.6% 56.5%57.1% 67.7%68.2% 9,726 2.81% 9,970 2.79% +2.5% 6.18%6.23% 4,2324,280 +1.1% 6,678 4.25% 1.43% 6,819 4.26% 1.42% +2.1% 2,1562,168 +0.6%

32. 32 UNICREDIT GROUP RATINGS Long Term S&P Short Term Outlook Financial Strength Last Change Moody’s Fitch Ratings A+ A1 A+ A-1 P-1 F1 Negative Stable 28.10.05 03.11.05 28.10.05 - B- B/C (1) (1) Individual Rating

33. 33 Details on 9M05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division AGENDA

34. 34 Interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income Cost/income ratio, % TOTAL (1) UniCredit Banca Net provisions Mln, ITAS Net income for the Group (2) Clarima - of which: Staff costs - of which: Other adm. expenses RETAIL DIVISION: 9M05 RESULTS BREAKDOWN BY COMPANY - o/w: Net write-down of loans 1,618 1,607 3,225 -2,163 1,062 628 67.1 457 -1,135 -974 -188 -222 121 39 159 -59 100 34 37.1 34 -15 -44 -42 -44 (1) Balance due to rounding and elisions of infragroup dividends, goodwill amortisation and consolidation adjustments (2) Net of consolidation adjustments and minorities Net extraordinary income (loss) 161 1,850 1,652 3,503 -2,275 1,227 559 65.0 559 -1,168 -1,052 -249 -284 +4 UBCasa 99 7 105 -54 52 27 50.7 32 -17 -35 -18 1 NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB

35. 35 RETAIL DIVISION: P&L Interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income Cost/income ratio, % Q/q % ch. 3Q05 Net provisions Mln, ITAS Net income for the Group (2) Y/y % ch. - of which: Staff costs - of which: Other adm. expenses - o/w: Net write-down of loans 623 536 1,158 -749 410 195 64.6 195 -382 -347 -90 -99 +2.2 -5.8 -1.7 -2.4 -0.4 +7.2 -45 bp +7.0 -0.8 -4.0 +18.6 +9.2 +3.4 +10.9 +7.4 +0.6 +22.6 +25.3 -438 bp +25.6 -0.2 +3.8 +31.4 +24.4 Net extraordinary income (loss)+2n.m. Y/y % ch. 9M05 +7.6 +17.4 +12.0 +3.1 +33.6 +38.9 -566 bp +39.2 +1.7 +6.3 +27.8 +27.7 n.m. 1,850 1,652 3,503 -2,275 1,227 559 65.0 559 -1,168 -1,052 -249 -284 +4 NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB

36. 36 4.5 4.7 RETAIL DIVISION - MORTGAGES AND CONSUMER FINANCING RESIDENTIAL MORTGAGES STOCK, bnNEW FLOWS, bn CONSUMER FINANCING 9M049M05 30.5 33.5 +9.8% (2) NEW FLOWS OF PERSONAL LOANS, mln 9M049M05 195 mln 201 mln REVOLVING CARDS TOTAL SPENDING (3) (+235k revolving cards in 9M05) DEC04 32.2 mkt share (1) 17.67% 17.76% 16.76% (2) (1) Group market share, related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin (2) Excluding 3 bn securitisation, mortgage growth would be +18.9% y/y and market share 17.75% 9M049M05 886 1,334 +50.5% 9M049M05 6.5 6.6 +1.3% 2.0 1.9 UCB UBCasa +6.1% -9.1% STOCK, bn 9M049M05 2.5 3.5 +38.5% DEC04 2.8 (3) POS and ATM spending

37. 37 RETAIL DIVISION - SMALL BUSINESS STOCK, SPREAD AND CUSTOMER ACQUISITION STOCK, bn, ITAS 9M05 SHORT TERM SPREAD (1) NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB 16.0 +7.3% 1Q04 18,000 2Q04 19,000 3Q04 15,000 4Q04 17,500 QUARTERLY TRENDS IN SMALL BUSINESS CUSTOMER ACQUISITION 1Q05 17,000 2004 14.9 1H05 15.6 2Q05 19,000 3Q05 12,000 (1) Management accounts, includes also maximum overdraft charges 1Q04 7.99% 7.96% 2Q04 7.99% 3Q04 7.98% 4Q04 7.87% 1Q05 7.59% 2Q05 7.35% 3Q05

38. 38 DEC04 2Q05 56.3 67.8 32.2 23.1 15.6 3.3 5.1 14.8 29.9 +0.1% +4.9% +18.9% -0.3% +1.2% -1.6% +2.1% 55.1 67.2 32.2 22.8 14.9 2.8 5.2 15.1 29.3 RETAIL DIVISION - CUSTOMER LOANS AND CUSTOMER DEPOSITS BREAKDOWN AND DETAILS OF SHORT TERM SPREADS SB loans (1) Residential mortgages (2) Cons. credit Other loans EOP LOANS, Euro bn, ITAS UCB AVG. MARK UP (3) (Households), % Other deposits Households c/accounts Bonds EOP DEPOSITS, Euro bn, ITAS UCB AVG. MARK-DOWN (3) (Households), % UCB AVG. MARK UP (3) (Small Business), % 7.03 1Q04 1.65 5.60 7.08 2Q04 1.65 5.47 (2) Includes only households mortgages (3) Source: Bank of Italy matrix data 3Q05 57.6 68.3 33.5 24.0 16.0 3.5 4.6 14.6 29.8 7.33 3Q04 1.67 5.55 +1.8% 7.21 4Q04 1.71 5.42 1Q042Q043Q044Q04 1Q042Q043Q044Q04 7.27 1Q05 1.70 5.43 1Q05 7.30 2Q05 1.70 5.34 2Q05 +4.1% +2.3% +4.9% -9.9% +2.4% 7.20 3Q05 1.69 5.23 3Q05 NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB (1) Includes short term and m/l term loans +4.0% -1.7% -0.4%

39. 39 RETAIL DIVISION - DETAILS ON ASSET QUALITY Provisions on performing loans 372-2.6 % Coverage ratio 0.63%-2 bp Net Non Performing Loans 854+7.3% Weight on Net Loans 1.42%+7 bp mln, where not specified - IAS Total Net Doubtful Loans 1,743+5.9% Weight on Net Loans 2.90%+8 bp Sep 05 ch. on Jun 05 +1.2% 9M049M05 624 632 NET FLOWS OF NEW DOUBTFUL LOANS (1) (mln, ITAS) (1) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans Cost of risk ( 9M annualised - ITAS ) 58 bp+8 bp Sep 05 ch. on 2004 Cost of risk ( 9M annualised - IAS ) 60 bp

40. 40 Details on 9M05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division AGENDA

41. 41 CORPORATE DIVISION: 9M05 INCOME STATEMENT- BREAKDOWN BY COMPANY Net Interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income TOTAL 1 UBI Net provisions (Euro mln, ITAS) Net income for the group - of which: Staff costs - of which: Other admin. expenses Other companies - o/w: Net write-downs of loans 988 461 1,449 1,027 -187 -233 -422 429 425 29.1% Cost/income Ratio -72 -293 UBMLOCAT -8 547 539 364 -86 -82 -175 220 218 32.5% -4 104 69 173 131 -17 -24 -42 66 69 24.5% -15 -18 52 42 94 41 -26 -22 -53 26 29 56.9% 1 2 1,136 1,117 2,253 1,561 -315 -360 -692 742 30.7% -87 -313 1 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

42. 42 CORPORATE DIVISION: 9M05 INCOME STATEMENT Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income Total net provisions Taxes Net income for the group Cost Income ratio, % (Euro mln, ITAS) 3Q05/2Q05 % ch. 3Q05 721 -236 485 -170 32.7% 82 234 233 384 337 3Q05/3Q04 % ch. -5.0 +1.4 -7.8 -1.1 +205bp n.s. -7.9 -8.3 +0.1 -10.2 +5.5 +9.0 +3.8 +13.2 +106bp n.s. +22.1 +21.8 -2.8 +16.8 9M05 Y/Y % ch. 2,253 -692 1,561 -514 30.7% -313 742 1,136 1,117 +0.7 +4.8 -1.1 -0.4 +122bp n.s. +0.2 +0.1 -2.6 +4.2

43. 43 CORPORATE DIVISION - DETAILS ON ASSET QUALITY (1) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans 752 583 9M049M05 -22.5% (2) Calculated adding back to net loan loss provisions ~180 mln net write-backs on Convertenda FIAT; stated figure at 16 bp NET FLOWS OF NEW DOUBTFUL LOANS (1) (mln, ITAS) Weight on Net Loans Provisions on performing loans 5955.5% Coverage ratio 0.85%+3 bp Total Net Doubtful Loans 1,839+2.7% Weight on Net Loans 2.57%+6 bp mln, where not specified - IAS Net Non Performing Loans 1,015+2.0% 1.42%+3 bp Sep05 ch. on Jun05 Cost of risk ( 9M annualised - ITAS ) 50 bp (2) -20 bp Sep05 ch. on 2004 Cost of risk ( 9M annualised - IAS ) 62 bp

44. 44 (Euro mln, ITAS) Net interest income 335 Net income for the group Cost Income RATIO, % 152 29.0% Net non interest income 147 Total revenues Operating costs Operating income 483 -140 342 Net write-downs of loans Other net provisions 116 -191 Of which: 103 - Trading profits 36 - Net commissions UNICREDIT BANCA D’IMPRESA: 9M05 INCOME STATEMENT 3Q05/2Q05 % ch. 3Q05 3Q05/3Q04 % ch. +3.4 +6.3 -24 bp -11.8 -1.8 -2.6 -1.4 n.s. -14.3 -5.7 +0.3 +25.6 +30 bp +11.4 +3.4 +4.5 +3.0 n.s. +13.3 +1.7 988 425 29.1% 461 1,449 -422 1,027 -72 -221 321 121 Y/Y % ch. 9M05 +0.7 +14.8 +65 bp +6.0 +2.4 +4.7 +1.4 -79.6 n.s. +14.7 -16.4

45. 45 UBM: 9M05 INCOME STATEMENT (Euro mln, ITAS) Total revenues Staff costs Other costs (incl. depr.) Operating income Net income C/I Ratio 152 -32 88 51 42% Taxes -37 3Q05/2Q05 % ch. 3Q05 3Q05/3Q04 % ch. -15.8 +57.4 -9.7 -29.4 -31.6 vs 31% -23.0 +14.6 +16.2 +35.3 +8.2 -26.3 +344 bp -7.2 Net interest income (incl. div.) Net non interest income -2 154 n.s. -11.1 n.s. +7.9 539 -82 -93 364 218 32.5% -143 Y/Y % ch. 9M05 -5.7 -2.5 +12.4 -10.1 -23.2 +327bp -21.4 -8 547 -53.2 -7.1

46. 46 Details on 9M05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division AGENDA

47. 47 PRIVATE & AM DIVISION: 9M05 INCOME STATEMENT – BREAKDOWN BY COMPANY Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Operating income Net income Cost/Income Ratio Total net provisions Net income for the Group - of which: Staff costs - of which: other admin. expenses (ITAS, Euro mln) Net extraordinary income TOTAL DIVISION 2 81 924 1,004 -561 -265 -278 444 -8 334 322 55.8% +4 UPB + Subsidiaries 69 221 290 -170 -101 -66 120 -4 82 59 58.6% +10 11 651 662 -299 -145 -144 363 192 281 45.2% +3 10 50 60 -88 -16 -66 -28 -4 -27 -21 n.m. +1 PGAM Group 1 UniCredit Xelion Banca 3 1 4 -4 -2 0 +1 1 1 n.s. +1 UC Luxemburg 1 The Net Income and Net Income for the Group lines of PGAM Group are gross of goodwill amortisation 2 Balance due to rounding and elisions of intra-group dividends and goodwill amortisation

48. 48 PRIVATE & AM DIVISION: 3Q05 AND 9M05 INCOME STATEMENT Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net extraordinary income Net income Total net provisions Taxes Net income for the Group Cost Income ratio, % 3Q05/2Q05 % ch. 3Q05 359 -190 169 -40 53.0% -2 121 126 26 333 9M05 3Q05/3Q04 % ch. Y/y % ch. +9.5 +1.6 +20.0 +19.4 -412 bp n.m. +18.6 +18.4 -4.8 +10.8 +27.8 +7.0 +63.5 +74.5 -1027 bp n.m. +35.5 +35.2 +6.2 +29.8 1,004 -561 444 -106 55.8% +4 -8 322 334 81 924 +17.5 +2.0 +45.5 +61.9 -850 bp n.m. +28.4 +28.7 +8.3 +18.4 (ITAS, Euro mln - Data at current FX, % ch. at fixed FX)

49. 49 (1) Including Repos PRIVATE & AM DIVISION: DETAILS ON TOTAL FINANCIAL ASSETS Y/Y AND 3Q/2Q TRENDS (bn - data at constant FX) Securities in custody Direct deposits (1) AUMs PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS Sep04 6.3 27.5 131.5 7.6 32.5 150.3 165.3 190.4 7.3 33.8 162.2 203.3 Jun05Sep05 % weight of AUM products 79.879.079.5 +4.5% +6.9% ex AmSouth +20.4% y/y +23.0% y/y ex AmSouth AmSouth acquisition (2) accounts for 4.3 bn AUM (2) AmSouth acquired by Pioneer on 26.09.05; AuM $ 5.17 bn

50. 50 (1) Balance due to rounding Italy New Markets 92,809 3,885 TOTAL PIONEER Alternative Investments 129,614 3,830 5,744 1,617 7,794 214 - US ex AmSouth25,032-581 International (ex-Italy) 7,888 1,013 AuM as at 31.12.2004 US in USD34,096-721 105,161 5,442 149,642 4,384 28,338 10,701 AuM as at 30.09.2005 (1) 39,295 AuM as at 31.10.05 (2) 104,462 31,818 10,614 5,376 152,270 4,454 38,255 9M05 Net sales PIONEER GROUP: DETAILS ON NET SALES AND AUM TREND (Oct05) (2) Provisional figures; balance due to Market Performance (including FX effect) 6,608 1,196 12,234 340 3,887 544 750 484 66 574 75 -149 172 -179 Net sales Oct05 9M05 Mkt. Perf. (mln - Data at end of period FX) - AmSouth acquisition (3) 4,293 (3) US32,63225,032-5813,887 of which TOTAL PIONEER incl. AmSouth 153,935 (3) Acquired on September 26, 2005, AuM $ 5,179.8 mln 129,6147,79412,234152,270574

51. 51 Finanza & Futuro Rasbank Credem + Euromob. 7,617Credem + Euromob. 1 Calculated on average PFAs 2 AUMs, Securities in Custody, Bancassurance and liquidity 3 Ranking taking into account only the 10 largest Italian players by Total Financial Assets as at 30.06.2005 Source: Assoreti Net Inflows: 788 Mln, 3 rd in Italy Data as at 30.09.05 – Mln TOTAL NET INFLOWS 2 & 3 Xelion1,247 Mediolanum1,043 Azimut1,369 Banca Generali1,570 530 Credem + Euromob.668 223Rasbank Fideuram + SPI755 Data as at 30.09.05 1,965 PFAs, 5 th in Italy NUMBER OF PFAs Fideuram + SPI4,143 Mediolanum3,999 3,655 Banca Generali4,889 Finanza & Futuro1,076 Bipielle Network 1,070 Banca SAI1,483 1,093 Tot. Fin. Assets: ~13.4 bn, 5 th in Italy Data as at 30.06.2005 – Mln TOTAL FINANCIAL ASSETS Fideuram + SPI61,094 Mediolanum22,583 Rasbank20,032 10,114Azimut 8,008 Xelion13,401 16,761 Fineco6,945 Net Inflows per PFA 1 : 3 rd among Top- Players Data as at 30.09.05 – Mln NET INFLOWS PER PFA 2 & 3 Azimut1.51 Xelion0.62 Credem + Euromob.0.62 0.37 Mediolanum 0.32 Finanza & Futuro 0.18 0.06 Fideuram + SPI 0.07 Banca Generali 0.26 XELION: SECOND BEST PLAYER IN NET SALES (14% MARKET SHARE) AND GOOD PRODUCTIVITY PER PFA Rasbank Xelion1,974 Fineco1,419 Fineco Banca Generali Bipielle Network-0.06Bipielle Network4,379 Finanza & Futuro75 -67Bipielle Network

52. 52 Details on 9M05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division AGENDA

53. 53 2.4% (1) Net interest income (2) Net non interest income Total revenues Operating Costs (3) Operating income Net write-down of loans Net extraordinary income Net income Other net provisions (4) Taxes (4) Including provisions to reserve for general banking risk (2) Including dividends (3) Including depreciation %ch. at unchanged FX 6.8% (1) 40.8% (1) 21.3% (1) 22.2% (1) (1) Weight of the bank Total Revenues in 9M05 on Division Total Revenues – only UCI’s portion; balance due to UniLeasing Romaniaand Xelion Poland Net income for the Group Tax Rate (%) NEW EUROPE DIVISION % ch. on 3Q04 +9.3 +14.3 +11.1 +5.3 +17.6 n.m. -90.3 +22.8 -61.4 +64.4 +30.0 +4.2 pp 3.5% (1) BREAKDOWN OF REVENUES 3Q05 344 200 544 -272 272 -0 2 219 -53.4 161 19.6 % ch. on 2Q05 +9.5 -22.2 -4.8 -0.1 -9.1 n.m. -29.7 +4.9 -76.4 +3.8 +18.4 -17 bp 9M05 960 647 1,607 -807 800 -69 7 583 -8 -147 404 20.1 y/y % ch. +6.6 +22.5 +12.5 +4.9 +21.3 -34.7 -39.1 +26.0 66.4 +51.1 +27.5 +2.8 pp Cost of Risk (bp)54 -36 bp ROE (%)22.9 +2.6 pp Cost/Income ratio (%) -2.8 pp 50.1 +2.4 pp 50.2 -3.6 pp NEW EUROPE DIVISION: 3Q05 & 9M05 INCOME STATEMENT ITAS, Euro mln

54. 54 NEW EUROPE DIVISION: 3Q05 & 9M05 TREND IN VOLUMES % ch. on Jun05 Sep05 (Euro mln) % ch. on Sep04 Net Customer Loans - o/w Pekao Mortgages (1) +4.2 +0.8 +19.1 +9.9 +8.5+24.0 17,069 7,060 2,567 - o/w Pekao LC +11.0+46.1758 Mutual Funds (3) +10.5+52.97,007 - o/w Pekao (4) +9.9+58.04,604 NET CUSTOMER LOANS 3Q05/2Q05: KFS +11.4%, Zaba +5.7%, Bulbank +3.6% Sep05/Sep04: Bulbank +41.8%, KFS +38.9%, Zaba +19.7% (4) Pioneer Pekao Investment Management At unchanged FX MUTUAL FUNDS in PEKAO: Market share (4) : to 33.8% up 1.1 pp y/y (1) Management accounts in LAS (3) New Europe Business Area of Pioneer is included at current FX ITAS (2) Total savings = Deposits + Mutual Funds - o/w Pekao +2.8+8.3 Total Savings (2) +3.5+8.931,579 15,948

55. 55 NEW EUROPE ASSET QUALITY Net NPLs and Doubtful Loans as % of Total Net Loans 85.6 Jun05 Sep05 88.6 73.2 76.8 Coverage ratios (%) On Gross Doubtful Loans On Gross NPLs Net NPL/ Loans % Sep05 Total NE -0.8 1.6 ch. on Jun05 (pp) Net Doubtful/ Loans % Sep05 ch. on Jun05 (pp) 4.0-0.5 At current FX Zaba -0.1 1.42.2 -0.1 Unibanka -0.3 1.12.2 -0.5 Pekao -1.3 2.14.7 -0.9 Bulbank 0.2 -0.1 1.2 - KFS -0.5 1.63.7 -0.1 Cost of risk (1) -36 bp (bp, annualised) 90 54 9M052004 (1) Calculated as Net Loan Loss Provisions on Net Customer Loans at period-end, 9M05 data annualised ITAS -20 bp Excl. one off write back in Zaba (2) 70 (2) Write-back of approx. 21 mln as release of liability funds for guaranteed loans IAS

56. 56 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income TOTAL (1) 960 647 1,607 -807 800 583 22.9% 50.2% Net provisions -76 (1) Balance due to roundings, other small companies & adjustments to be ITAS compliant (ITAS Euro mln) (UCI stake) Net income (3) (UCI’s portion) 404 - of which: Staff costs -408 - of which: Other costs -288 NEW EUROPE DIVISION: 9M05 RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans -69 UNI BANKA (77.2%) 16 17 34 -28 6 8 13.7% 82.6% 1 7 -12 +1 BULBANK (86.1%) 56 31 87 -31 56 22.0% 35.2% -7 42 36 -12 -5 Group PEKAO (52.9%) 480 367 847 -434 413 22.3% 51.2% 297 -47 171 -225 -149 -47 206 93 298 -153 146 116 22.0% 51.2% -4 95 Group ZABA (81.9%) -82 -49 13 26 -20 6 4 8.0% 77.3% -10 -9 -2 4 175 59 234 -99 135 86 31.3 42.2% -50 -38 -17 86 KFS (2) (50.0%) -15 (2) Consolidated with proportional method (50%) 24 16 40 -32 8 7 8.2% 79.9% -14 -12 1 6 Zivno (96.6%) 1 UniCredit Romania (99.9%) Banks’ data gross of consolidation adjustment (3) Net of consolidation adjustment

57. 57 VERY GOOD PERFORMANCE OF NE BANKS IN 9M05 PEKAO Revenue growth (+8.5% y/y, +5.1% 3Q05/3Q04) thanks to good performance of net interest income (+6.5% y/y, +4.1% q/q), benefiting also from significant lending growth: +9.9% y/y, +0.8% q/q (o/w mortgages (1) +46.1% y/y, +11.0% q/q & consumer loans +45.8% y/y, +13.4% q/q) Stable costs, further efficiency improvement (C/I to 51.2%, -4.2 pp y/y) Stock of Mutual Funds still increasing (+58.0% y/y, +9.9% q/q) ZABA Operating income: +18.6% y/y, mainly due to net interest income growth, positive impact of securities transactions and cost control (+2.5% y/y) Strong lending growth: net loans +19.7% y/y, +5.7% q/q (o/w mortgages (3) +15.8% y/y, +8.5% q/q, consumer loans (3) +22.0% y/y, +8.0% q/q) KFS Operating income: +18.3% y/y, mainly thanks to net interest income and net commission growth Significant lending growth: net loans +38.9% y/y, +11.4% q/q, (o/w consumer loans (3) +98.9% y/y, +25.5% q/q) Further development of fee generating products: Mutual Funds +17% y/y, +1% q/q; ~100,000 cards and ~16,000 C/A packages sold in 3Q05 (1) Management accounts in LAS, only LC ITAS - All figures stated at unchanged FX (2) 9M05 data annualised (3) Management accounts in LAS, only bank

58. 58 CONSOLIDATED INCOME STATEMENT: PEKAO (3) Including provisions to reserve for general banking risk (1) Including dividends (2) Including depreciations (Euro mln) Net interest income (1) Net non interest income Total revenues Operating costs (2) Operating income Net write-down of loans Net extraordinary income Net income Other net provisions (3) Taxes % ch. on 3Q04 3Q05 173 125 298 -145 153 -17 111 -0 -24 % ch. on 2Q05 +7.9 +1.5 +5.1 -0.1 +10.6 +23.4 n.m. +7.9 n.m. +14.7 +19.7 +20.8 +20.1 +0.8 +46.6 +12.9 n.m. +25.2 n.m. +121.4 Data gross of consolidation adjustment 9M05 480 367 847 -434 413 -47 -2 297 -0 -67 y/y % ch. +10.4 +6.2 +8.5 +0.3 +18.7 -16.6 n.m. +16.4 -97.5 +87.4 Net income for the Group (4) 56 -21.1 +26.8 171 +28.9 (4) Net of consolidation adjustment ROE22.3% +1.3 pp Cost of Risk 89 bp -28 bp Cost/Income 49% -2.5 pp -9.3 pp 51.2% -4.2 pp Tax Rate18% +0.9 pp +6.8 pp 18.4% +6.1 pp % ch. at unchanged FX ITAS

59. 59 (3) Including provisions to reserve for general banking risk (1) Including dividends (2) Including depreciations (4) At unchanged FX CONSOLIDATED INCOME STATEMENT: ZAGREBACKA (Euro mln) Net interest income (1) Net non interest income Total revenues Operating costs (2) Operating income Net write-down of loans Net extraordinary income Net income Other net provisions (3) Taxes Net income for the Group % ch. (4) on 3Q04 3Q05 78 43 122 -52 70 +16 +0 71 -14 58 % ch. on 2Q05 (4) +20.6 +49.8 +29.7 -0.6 +67.7 n.m. -47.4 +214.0 +120.7 +145.9 +214.0 +9.4 +43.9 +19.6 +7.9 +30.3 n.m. -64.7 +71.8 -120.1 +89.0 +71.6 9M05 206 93 298 -153 146 +1 116 -3 -26 95 y/y % ch. (4) +3.2 +27.7 +9.7 +2.5 +18.6 -93.8 n.m. +28.2 -147.4 +31.6 +28.7 Data gross of consolidation adjustment (excluding Net Income for the Group that is net) ITAS % ch. at unchanged FX