1. NEW EUROPE: UCIs SECOND HOME MARKET Paolo Fiorentino Head of New Europe Division ING EMEA Financials Conference 2004 London - April, 20 th 2004

2. 2 AGENDA UCI Group and New Europe Division Highlights Why New Europe Strategy and Business Model Recent Results and 2004 Outlook

3. 3 FY2003 KEY FIGURES MKT CAP. Euro 25.4 bn 1 NET INCOME Euro 1,961 mln ROE 2 17.7% BRANCH NETWORK 4,637 3 UCI AT A GLANCE 1 As of 15 April 2004 TOTAL ASSETS Euro 238 bn DIRECT DEPOSITS Euro 135 bn C/I RATIO 54.5% REVENUES Euro 10,465 mln 2 Calculated on end of period net equity, excluding 2003 net income 3 KFS: 100%

4. 4 Pekao New Europe division Private & AM division Pioneer Xelion Corporate division UBM BMC Locat Clarima UBCasa Retail division Zagrebacka KFS Bulbank UniBanka UC Romania Zivnostenska 44.6%29.6%10.1% 15.7% Weight on 2003 Group revenues pre Corporate Centre and elisions Employees (Dec 2003) o/w Italy 1 o/w New Europe 70,851 40,982 29,869 Branches (Dec 2003) o/w Italy o/w New Europe o/w other countries 4,637 3,275 1,355 7 1 Including other countries ex-New Europe TODAY THE NEW EUROPE DIVISION ACCOUNTS FOR 16% OF THE GROUP’S TOTAL REVENUES

5. 5 Total assets (Euro mln) Market share both on loans and on dep. Net income (Euro mln) Branches 1,492 2% 6 26 Bulbank - Bulgaria 85.2% acquired in October 2000 End of 2003 data Group Pekao - Poland 53.0%, acquired in May 1999 Total assets (Euro mln) Market share on Loans Market share on Deposits Net income (Euro mln) Branches UniCredit – Romania 99.9%, acquired in May 2002 Total assets (Euro mln) Market share on Loans Market share on Deposits Net income (Euro mln) Branches Zagrebacka Group-Croatia Bosnia-Herzegovina 81.9%, acquired in March 2002 7,627 25% 31% 114 193 UniBanka - Slovakia Total assets (Euro mln) Market share on Loans Market share on Deposits Net income (Euro mln) Branches 940 6% 4% 7 68 77.1%, acquired in October 2000 Total AuM in New Europe of Euro 2.3 billion (as at 31.12.03) Pioneer Koç Fin. Serv. - Turkey 50%, acquired in October 2002 Warsaw Bratislava Sofia Zagreb Bucarest Prague Istanbul Zivnostenska Banka Czech Rep. 97.7%, acquired in February 2003 Other presences: Pekao Ukraina, Koc Azerbaijan Total assets (Euro mln) Market share on Loans Market share on Deposits Net income (Euro mln) Branches 12,915 11% 15% 195 801 174 2% 1% 3 28 Total assets (Euro mln) Market share on Loans Market share on Deposits Net income (Euro mln) Branches 1,444 10% 18% 47 91 Total assets (Euro mln) Market share on Loans Market share on Deposits Net income (Euro mln) Branches 5,226 4% 5% 116 148 UCI ACQUIRED A LEADING ROLE IN NEW EUROPE BEING AMONG THE TOP PLAYERS IN THE MOST RELEVANT MARKETS 6.6%40.1%18.4%2.7%1.5%26.5% Weight of the bank Total Revenues on Division Total Revenues – only UCI’s portion; balance due to Demir Romlease,Demir Securities, ZBT, ZBAM, and Xelion Poland 3.7%

6. 6 AGENDA UCI Group and New Europe Division Highlights Why New Europe Strategy and Business Model Recent Results and 2004 Outlook

7. 7 47% of current EU population 8% of EU GDP NEW EUROPE: A LARGE MARKET WITH HIGH GROWTH POTENTIAL Year 2003 data Population, mln GDP, Euro bn Per Capita GDP, Euro EU 377 9,307 24,686 NE(12) 176 4,135 728 Total 552 10,035 Loans +Deposits, Euro bn 17,91956118,480 Loans+Deposits/GDP % 193%70% Note: NE (12) including all countries which already started a more or less advanced process for EU convergence. In particular, those set for enlargement in May 2004, plus Bulgaria, Romania, Turkey and Croatia. *EU only for this figures is referred to EU12; **2004-2006 CAGR Weight of country’s GDP on Total NE area GDP in 2003 (%) 25.5 Poland 10.3 Hungary 11.0 Czech Rep. 4.0 Slovakia 3.3 Slovenia 3.4 Croatia 28.9 Turkey UCI is present in the most relevant NE countries (82% of GDP in the area) 2.4 Bulgaria Romania 6.9 4.4 Baltics 728 NE GDP (bn) New Europe Excl Turkey EU* 2000200120022003e2004-06** 3.9 3.5 2.8 1.6 2.8 0.9 3.8 0.4 1.9 4.4 GDP Growth 18,179 183%

8. 8 STILL UNDERDEVELOPED RETAIL MARKET 2 2001 figures (Loans+Deposits)/GDP Cards per ths inhabitants 2 1,280 EU New Europe 1 349 BANKING PENETRATION in 2003 Lower weight of Asset Management, expected to partially substitute deposits Mortgages and consumer credit expected to be the key retail products 54.3 UCI’s 3 Italian Banks UCI’s NE banks 35.6 Non Interest Income/Total revenues in 2003 (%) Life Insuran. Pension Funds Mutual Funds Retail Bank Deposits 33% 15% 18% 34% EU 3 73% 11% 7% 9% New Europe 4 Breakdown of retail financial assets 3 2001 data considering France, Germany, Italy, Spain and UK as proxy for EU 4 Countries with UCI’s presence 193% New Europe 1 EU 70% Share loans retail over total loans 50%50% EU New Europe 1 33% 1 Poland, Hungary, Slovenia, Czech Rep., Slovakia, Estonia, Latvia, Lithuania, Bulgaria, Romania, Croatia, Turkey,

9. 9 DECREASING RISKS AND GROWING STABILIZATION NE declining risk represented by fast decreasing country spread compared to Euro area yield curve Moody’s Rating Upgrade Apr 03- Mar 04 EU entry date Spread SUEMI* 31 Mar 04 Countries with UCI presence B1/stable Not defined yet 248.80 TK A2/stable May 2004 44.09 PL A1/stable May 2004 - CZ Ba3/stable + 2007169.04 RO A3/stable May 2004 13.43 SK Baa3/stable2007 1 107.10 HR Ba2/stable ++ 2007131.21 BG *Spread over Euro yield Interest Rates Curve - SUEMI

10. 10 AGENDA UCI Group and New Europe Division Highlights Why New Europe Strategy and Business Model Recent Results and 2004 Outlook

11. 11 NEW EUROPE DIVISION: STRATEGIC OBJECTIVES Different strategic focus with: “Leading Banks” in 3-4 countries: N.1 player in the market, focused on constant improvement of bottom line while maintaining market shares and fulfilling their institutional role within local communities “Emerging Leaders” in 3-4 countries: banks focused on growth through enlargement of Golden Customer’s base (customer acquisition program) with final goal of being in the “top 5” in the market Clear N.1 Banking Group in New Europe for profitability, value creation, cost/income and AUMs Best risk manager in the New Europe region Focus on building a long term sustainable franchise and on assuring higher customer loyalty, through a superior quality of services Future growth driven mainly by organic growth (with some potential acquisitions) Possible completion of geographic coverage in New Europe, also leveraging on “managerial hubs” (eg. Zaba, Pekao)

12. 12 UCI’s COMMERCIAL PRESENCE IS RELEVANT IN THE REGION: 1.355 BRANCHES IN 8 COUNTRIES AND ALMOST 18,300 FRONT OFFICE STAFF … 1 79 operative PFAs + 45 PFAs on training in Xelion Polska Poland FO staff ~11,800 PFAs¹ ~ 125 Branches 801 Croatia & Bosnia Herzegovina FO staff ~2,400 Branches 193 Turkey FO staff ~1,750 Branches 148 Bulgaria FO staff ~950 Branches 91 Slovakia FO staff ~600 Branches 68 Czech Republic FO staff ~400 Branches 26 Romania FO staff ~350 Branches 28 18,300 Front-office staff 1,355 Branches Pekao Zivno UniBanka UCR Bulbank KFS

13. 13 Family Banking SB/Affluent Private Corporate … SUPPORTED BY SPECIALISED SERVICE MODELS BY SEGMENT SERVING AROUND 6,6 MILLION CLIENTS IN THE AREA N° of Clients N° of dedicated Salesforce 14.200 Each Bank has a specific divisionalised organisation: Pekao has 4 business divisions (Family, VIP-SME, Private, Corporate) KFS and Zivno have 3 business divisions (Retail, Private, Corporate) Zaba, Bulbank, UCR and UniBanka have 2 business divisions (Retail, Corporate) ~5,5 mln ~1 mln Golden clients ~60.000 Target Products 1.100 AUM Packages Credit cards For Affluent: AUM, Life insurance, Packages, Credit cards Mortgages For SB: Packages Lending Accumulation plans Pension Funds Packages Credit cards Mortgages Cash Management Trade finance Structured and Project Finance Leasing

14. 14 KNOW HOW TRANSFER THROUGH CROSS BORDER PROJECTS AND UCI MANAGEMENT’S COMMITMENT (PARTNERSHIP COMMITTEE) A team of ~45 expatriates covering key positions in 7 countries (Commercial and Control functions) A team of ~70 people in NE Division supporting the banks in their key strategic projects Planning & Development Retail & Corporate Credit risk & processes Organisation & HR IT Strategy Legal issues A group of ~20 people in UCI Holding dedicated to NE banks Around 100 projects launched during 2003 in NE banks Cross Border projects UCI/New Europe Cross border transfer of niches of excellence in New Europe banks A variety of areas of intervention Launch of new products Client acquisition Network expansion Sales performance culture Credit processes and tools Projects People

15. 15 AGENDA UCI Group and New Europe Division Highlights Why New Europe Strategy and Business Model Recent Results and 2004 Outlook

16. 16 RESULTS SO FAR Perimeter for 1999: Group Pekao only; for 2000 and 2001: Group Pekao, Bulbank, Unibanka and Splitska (sold in Apr. 02); for 2002: Group Pekao, Zagrebacka Banka, Bulbank, UniBanka, UniCredit Romania; for 2003: Group Pekao, Zagrebacka Banka, KFS, Zivnostenska, Bulbank, UniBanka, UniCredit Romania Branches Total Revenues CAGR +19.8% (Euro mln) 1999 2003 786 1,619 Operating Income CAGR +30.8% (Euro mln) 244 715 1999 2003 Cost/Income -13.1 pp 1999 2003 69.0% 55.9% Net Profit for the Group CAGR +69.7% (Euro mln) 1999 2003 37 307 ROE +13.2 pp 17.4% 4.2% 1999 2003 1 Including KFS 100% At Current FX +635 Branches 1999 2003 1 720 1,355

17. 17 2003 RESULTS SHOW A GOOD GROWTH OF NET INCOME THANKS TO HIGHER NET COMMISSIONS, COST CONTROL AND LOWER PROVISIONS NEEDS Attr. Net Income FY03 (Euro mln) y/y % ch. +45.5 307 Total revenues -3.2 1,619 Operating income -10.7 715 FY03 (Euro mln) y/y % ch. Loans +3.2 11,848 Deposits +0.5 20,555 AUM 3 +54.1 2,346 Cost/Income +3.7 pp 55.9% Cost of Risk -72 bp 2 117 bp - o/w net interest income 1 -3.6 1,036 At unchanged FX - of which commissions +26.9 418 Net write-downs of loans -61.5 -139 ROE +3.8 pp 17.4% NET INCOME FOR THE GROUP up 45.5% y/y Net interest income -3.6% y/y mainly hit by Pekao results, acceleration in 4Q03 (+3.7% on 3Q03) primarily thanks to Pekao and Zaba Higher growth in net commissions benefiting from development of AUM 3 products (stock: +54.1% y/y) Operating costs +3.6% linked to IT investments and variable staff compensation Decreased cost of risk (117 bp), improved NPL and Doubtful loans coverage ratios VOLUMES: Customer loans up 3.2% supported by higher growth in Croatia, Bulgaria and Turkey negatively impacted by Poland Further switch from deposits to AUM 3 New Europe business area of Pioneer ITAS 2 Deducting extraordinary provisions from 2002 stated figure 1 Excluding dividends

18. 18 NE BANKS POSITIONING IN KEY RETAIL PRODUCTS IS IMPROVING … AUM Key issues 1 Pioneer Market Share in Poland 2 In Romania MFs are going to be launched Achievements/Positioning Leverage on Pioneer expertise Segment-tailored AUM products Development of innovative structured products with TLab and UBM Leaders in MFs: Pekao ~ 30% market share 1, Zaba ~49% and Bulgaria ~40%, Other NE banks are in top five competitors list 2 Leading position in Structured Time Deposits Bulbank and Zaba: first movers in structured products (Bulbank also in MFs) Mortgages Enrichment of product offer (Mortgage + Life Insurance) Cross selling commercial campaigns (Pekao) Development of cooperation agreements with external partners (real estate agents) Sales process optimization: fast and easy process, highly skilled salesforce and dedicated location (Pekao, Bulbank, Unibanka) High credit quality, thanks to the implementation of application processing system and the adoption of sound credit policies Launch of mortgages in UCR Excellent sales results: Zaba: Leader with 40% market share Pekao: strong acceleration in LC mortgages in 1Q04 Bulbank: 133% volume growth and +68% in new mortgages (1Q04/1Q03) UniBanka: sales of mortgage loans started in July 2002 reaching the 5th position in the market

19. 19 … THANKS TO A NUMBER OF PRODUCT INNOVATION PROJECTS RUNNING … Key issuesAchievements/Positioning Cards (Debit and Credit) Bancassurance Completion of distribution agreements (Allianz 1, Aviva 2 ) and product innovation (Unit Linked for Bulbank and Zaba as first movers in 2004) Zaba and Pekao leaders in 2003 new business (life) to be considered good starting point 1 Life: Bulgaria, Croatia, Poland (pre JV agreement), Slovakia,Turkey. Non Life: Romania 2 Life: Czech Republic. Small Business Implementation of complete product offer based on client segmentation across NE Banks New distribution channels Adequate risk management and organisation UCI / NE Banks treated as Key Global Client by MasterCard Launch of revolving cards in all NE Banks Launch of card business in UCR Instalment payment option launched for all KOC Credit Card (400 K – EOP 2003) Massive Visa Electron issuing at ZABA (500 K - in 9 months) First movers in launch of dedicated packages Specific credit product offer Dedicated SB leasing offer in Pekao and Zaba Implementation of CPA tool - Client Profile Assessment Dedicated service model with Relationship managers with micro/ small business portfolios assigned Joint service model (SB + owner) to cross capture opportunities

20. 20 … ALSO IN CORPORATE BANKING Cash Management Key issuesAchievements Structured and Project Finance Specialised cash management units in all NE banks: Focus on upgrading the product shelf Introduction of new value added products (cash pooling, direct debit, etc.) Same training to specialists for supporting sales Increasing capabilities in Project Finance in key markets (Poland, Croatia, Bulgaria, Turkey) Offer completed and marketed Sales started KPIs inserted in all RM targets Strenghtened teams in Bank Pekao, Zaba and Koc Prestigious transactions already won in Poland (KHGM, Simoldes, SSN, others) and in Croatia Trade finance Interfactoring agreement with UCI Factoring for cross-border factoring Refocusing of sales force for trade finance products Successful completion Volumes increased in Zivno and Koc Sales force refocus already completed in Pekao

21. 21 CAREFUL RISK MANAGEMENT 2002-2004 CREDIT EXCELLENCE PROGRAM, GOOD RESULTS IN 2003 Cost of risk 1 -38.1% (bp, annualised) 189 2 117 20032002 79.9 2002 2003 81.3 62.6 64.1 Coverage ratios On Gross Doubtful Loans On Gross NPLs Net NPL/ Loans % Dec03 Total NE -0.2 3.3 ch. on Dec02 (pp) Net Doubtful/ Loans % Dec03 ch. on Dec02 (pp) 8.6-0.1 At unchanged FX Ow: Zaba -0.8 2.24.6 -0.7 Ow: Pekao +1.6 4.712.9 +0.9 Total provisions on Performing Loans to 168 mln (+82.8% on Dec02) with an increase in the coverage ratio (+0.6 pp to 1.5%) 5 credit modules designed, set-up and implemented (corporate underwriting, management and workout, individuals and small business underwriting) UCI Group credit corporate governance defined and introduced (i.e. large exposure management, credit tableau de bord, …) Skill assessments and training prepared and launched for roles involved in credit activities Tactical actions: credit diagnostics and contingency plan actions Learning organisation (3,800 people involved throughout New Europe) 1 Calculated as Net Loan Loss Provisions on Net customers Loans at period-end 2 Data obtained deducting extraordinary provisions from stated figure

22. 22 2004 DIVISIONAL OUTLOOK IS VERY POSITIVE WITH SIGNIFICANT REVENUE GROWTH EXPECTED MAINLY DUE TO AN INCREASE IN COMMISSIONS Significant revenue growth with strong push on net commissions Volumes growth both in loans and in Assets under Management Improvement in cost/income ratio and bottom line results Implementation of relevant strategic projects to support future growth Salesforce management program Client acquisition and development project throughout New Europe Network expansion in Turkey and Czech Republic Customer and employee satisfaction project in Poland and Croatia Reengineering projects to improve operational efficiency Credit learning program Decrease in cost of risk, with improvement of NPL ratio and increase of the coverage ratio Further macroeconomic improvement all over the New Europe area Reduction of country risk

23. 23 Annex

24. 24 Net extraordinary income Net non interest income Total revenues Operating income Provisions on loans Administrative costs (incl. depr.) Net income Other net provisions* Goodwill depr. (Euro mln) Minorities Taxes % ch. on 3Q03 4Q03 1,306 2,541 -1,510 1,031 -440 160 380 -76 -60 -19 -216 * Net write-downs of financial investments, provisions for risks and charges and provisions to reserve for general banking risk % ch. on 4Q02 UNICREDITO ITALIANO: FY03 CONSOLIDATED INCOME STATEMENT y/y % ch. +8.9 +7.7 +1.8 -2.5 -41.1 +1.6 +2.0 -49.0 +7.8 FY03 Net interest income (incl. div.) 1,235 -3.8 5,088 5,377 10,465 -5,703 4,762 -1,001 215 1,961 -236 -264 -22.3 -129 +4.0 -1,386 - of which Dividends 84 +35.6 293 -15.4 +0.2 +1.6 n.m. +10.3 -8.9 n.m. -11.8 -44.3 -37.7 +8.0 +7.0 +1.0 +32.5 -27.2 +2.7 -1.2 -75.4 +1.7 -34.0 +18.2 +3.1-4.6 n.m.+68.0

25. 25 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income TOTAL 1 1,042 577 1,619 -904 715 427 17.4% 55.9% Net provisions -177 1 Balance due to roundings and other small companies (Euro mln) (UCI stake) Net income (UCI’s portion) 307 - of which: Staff costs -446 - of which: Other costs -336 NEW EUROPE DIVISION: RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans -139 UNI BANKA (77.1%) 27 13 40 -29 11 7 10.1% 73.4% -7 5 -13 -5 BULBANK (85.2%) 50 37 87 -34 53 20.2% 39.1% +6 47 40 -14 -15 +5 Group PEKAO (53.0%) 510 344 853 -490 363 14.9% 57.5% 195 -107 104 -243 -182 -103 257 108 365 -201 164 114 21.7% 55.1% -27 93 Group ZABA (81.9%) -112 -65 -4 7 10 17 -12 5 3 10.5% 71.4% -6 -5 -2 3 162 46 208 -94 114 58 28.6% 45.1% -40 -39 58 KFS 2 (50.0%) -29 2 Consolidated with proportional method (50%) 26 16 43 -35 7 6 7.0% 82.9% -15 -13 -2 6 Zivno (97.7%) -2 UniCredit Romania (99.9%) ITAS Banks’ data net of consolidation adjustment

26. 26 1 Excluding dividends MACROECONOMIC TREND IN POLAND: Economic strenghtening (GDP+4.7% 4Q03/4Q02, +3.7% FY03/FY02) reverting the upward trend in NPLs ratio, started in 1996 150 bp cut of interest rate creating pressure on net interest income Recovery in households savings and change in customer behaviour supported sale of mutual funds IMPROVED PROFITABILITY thanks to commissions growth and reduced Cost of Risk Net interest income down 19.0% y/y mainly impacted by decreased spread on deposits (from 2.6% to 1.7%) and debt securities (from 2.4% to 1.5%) Net commissions up 30.5% y/y benefiting from increased AUM 2 (stock +85.5%, mkt share +6.5 pp to 30.4%) and from quality upgrade of C/A Increased coverage ratio on doubtful loans (64.5% in Dec03 from 62.1% in Dec02) and on NPL (82.3% vs. 81.4%) SPECIAL PROJECTS: Development of credit scoring system New IT implementation allowing further optimisation of staff level: headcount -6.4% to 16,641 and -6.3% to 15,826 at bank level VOLUMES: Customer loans down 12.6% y/y: decreased corporate lending and FX mortgages partially counterbalanced by a good increase in local currency retail mortgages flow PEKAO 2003 KEY HIGHLIGHTS: IMPROVED PROFITABILITY THANKS TO HIGHER COMMISSIONS AND LOWER PROVISIONS NEEDS AND DESPITE PRESSURE ON NET INTEREST INCOME FY03 (Euro mln) y/y % ch. Total revenues -16.3 853 FY03 (Euro mln) y/y % ch. Loans -12.6 5,192 Deposits -5.2 10,071 AUM 2 +85.5 2,146 At unchanged FX Attr. Net Income +14.8 104 Operating income -34.5 363 Cost/Income +11.8 pp 57.5% Cost of Risk -3.3 pp 198 bp - o/w net interest income 1 -19.0 512 - of which commissions +30.5 234 Net write-downs of loans -67.1 -103 ROE +2.2 pp 14.9% 2 PPIM Data net of consolidation adjustment ITAS

27. 27 MACROECONOMIC SCENARIO 2004 PRODUCT FOCUS, LEVERAGING ON ECONOMIC GROWTH, SALESFORCE AND BRANCH MODEL 2004 PRODUCT FOCUS Continued economic recovery: GDP: +4.2% in 04E (+3.7% in 03) cagr 04/06 4.8% Loans: +10.2% in 04E (+8.1% in 03) cagr 04/06 +9.8% Deposits: +5.0% in 04E (+3.7% in 03) cagr 04/06 +6.5% Push on mortgages: Strong market growth +29% in 2004e Shorter granting process, enriched product offer, new distribution channels through alliances Selective focus on lending to SME and Mid corporate Evolving households preferences in terms of saving products (AUM/Total deposits 1 from 10.3% in 2003 to 12.1% in 2004) Leader in mutual funds: Product enrichment, leveraging on Pioneer expertise Increased client penetration and new clients acquisition Accumulation Plans (PAK) offer Stabilisation of interest rates, still with pressure on margins Focus on commissions generating products: Massive charge/credit cards campaign Continued upgrade of current accounts New cash management offer Positive impact of economic recovery on loan portfolio quality and on cost of risk Decreased NPL ratio Improvement in NPL portfolio management and workout activity 1 Including AUM

28. 28 Data net of consolidation adjustment 2004 STRATEGIC PRODUCTS AND FORECAST 2003 MAIN ACTIONS GOOD RESULTS IN 2003 FOR ZABA, KOC AND ZIVNO; PROMISING FORECAST FOR 2004 Divisionalisation and segment based product innovation Credit process optimisation Preparation activity for Integration of VABA 1 in Zaba Implementation of new organisational model and reinforcement of management team Improved service model and credit process Repositioning of local Brand Cross selling and retention activities Further efficiency improvement after the merger of VABA 1 in ZABA and of the two Bosnian banks Market Shares consolidation Strong acquisition of new clients Network expansion (+20 branches) Launch of new products (C/A packages, Pioneer funds, PAC 2 ) Increase in net commissions with strong push on AUM, package products and credit cards Strong acquisition of new clients Network expansion: around +100% in n° of branches Improvements in efficiency Increase in market shares 1 Varazdinska Banka 2 Capital Accumulation Plans 2003 RESULTS 3 Strong increase in operating income (+28.2% y/y) Good cost control (-2.7% y/y) Higher loans mkt sh. (to 25.2%, +1.2 pp), mkt sh. in AUM at 49% Strong contribution of net commissions (+79.2% y/y) driven by AUM (mkt sh. 13%) Significant revenue growth (+45.8% y/y) Costs under control (-1.2% y/y) Increase in revenues with flat costs Strong improvement in bottom line results 3 at unchanged FX excluding for KFS ITAS KFS Zagrebacka

29. 29 TREND IN VOLUMES AND COMMERCIAL INDICATORS VOLUMES (at unchanged FX) COMMERCIAL INDICATORS Front Office Staff/ Tot. Staff 2 61.1% 59.7% Dec02 Dec03 Branches 2 1,355 1,347 Dec02 Dec03 Active Customers 2 (mln) 6.6 6.0 Dec02 Dec03 15% golden other 2 KFS is included at 100% Deposits (Euro bn) Loans (Euro bn) Assets under Management 1 (Euro bn) Jun02Dec03Dec02 2.3 2.0 1.5 +14.7% +54.1% Jun03Dec03 Dec02 11.8 11.7 11.5 +1.0% +3.2% Jun03Dec03 Dec02 20.6 20.2 20.4 +1.7% +0.5% 1 New Europe business area of Pioneer ITAS

30. 30 Euro 1,6 bn AUM (+91.8% on Dec02) +1,000 new active Private clients (+21.6%) 1° in leasing, among top 3 in AM KFS PEKAO Euro 1.7 bn AUM in Mutual Funds 1 (+112% on Dec02) Market Share in Mutual Funds 2 +6.5 pp (to 30.4%) Euro 154 mln AUM in Pension Funds (+39.6% on Dec02) Euro 95 mln AUM in Accumulation Plans Euro 82 mln AUM in Mutual Funds (+36.8% on Dec02) Euro 10 mln in Life Insurance (+97.4% y/y) +110,000 C/A in 2003 (to 1.7 mln) Flow of new mortgage +33.8% (to 340 mln) Total loans mkt share +1.2 pp (to 25.2%) ZABA UNIBANKA Euro 12.2 mln AUM (from 3.1 mln in 2002) +30% Affluent clients (to 19,500) +40 bp mkt share on Deposits Loans +105% (to Euro 110 mln) Deposits +110% (to Euro 99 mln), mkt sh. +50bp (to 1,1%) New retail C/A +90% (to 13,000) UCROMANIA Credit and Debit Cards +33% ZIVNO BULBANK Corporate Loans +61% on Dec02, mkt share +1.3 pp (to 11.7%) Flow of new mortgage +68.5% (to 10.3 mln) +66.000 clients (+24.3% on Dec02) 2003 SUCCESSFUL COMMERCIAL ACHIEVEMENTS SUPPORT THE REVENUE GENERATION IMPROVEMENT IN MARKET SHARES 1 Mutual funds distributed by Pekao 2 Total PPIM Mutual Funds

31. 31 3 Including Momentum 1 Balance due to market and FX effects Italy New Europe (Euro mln) 80,759 1,522 TOTAL PIONEER Alternative Investments 3 103,687 1,517 632 284 2,104 107 US17,665962 International (ex-Italy) 3 3,741226 AuM as of 31.12.2002 2Q03 2003 Quarterly Net Sales 1,253 362 3,330 191 1,149 566 US in USD18.5251,035 85,876 2,347 115,985 2,449 21,884 5,878 AuM as of 30.12.2003 1 27,639 AuM as of 29.02.2004 2 90,237 23,480 6,170 2,659 122,546 2,710 29,1571,299 3Q03 -126 331 1,161 256 703 253 794 1Q03 372 69 2,349 411 993 915 1,177 4Q03 PGAM GROUP: QUARTERLY EVOLUTION OF 2003 NET SALES AND DEC02-FEB04 AUM TREND 2 Provisional figures including ING (not included in 2003 data). ING AUM as of 29.2.2004: 2,867 mln More than 80% through UCI NE Banks

32. 32 THE 2002-2004 “REACHING CREDIT EXCELLENCE IN NE” PROGRAM: DECREASING COST OF RISK IN EACH PHASE OF THE PROCESS FOR ALL THE CUSTOMER SEGMENTS WorkoutManagementUnderwriting Corporate Small Businesses Retail 1.Electronic underwriting tool 2.Credit rating system 4. Credit management system 3. Application processing system 6. Workout systemt 5. Anomalies management system 7. Collection system 8. Credit corporate governance 9. Credit Tableau de Bord 10. Learning organisation (3,800 people involved throughout New Europe) Cross-bank project

33. 33 Provide an overview of the main specialized lending products and services Module 3: Specialized lending STRUCTURE OF THE REACHING CREDIT EXCELLENCE DIPLOMA Provide a broad perspective of the entire credit system, illustrating the logics behind the definition of credit strategies and policies Module 1: Credit organization, strategy and policies Provide a hands-on experience of UCIs most advanced credit underwriting methodologies and processes Module 2: Underwriting Provide an understanding of UCIs most advanced logics, methodologies and processes for Corporate and SB credit monitoring Module 4: Credit monitoring and management Illustrate UCI most advanced logics and methodologies for the workout of Corporate and Retail not performing loans Module 5: Workout and debt restructuring