1. 1 UNICREDITO ITALIANO GROUP 1 st Half 2004 Results Alessandro Profumo - CEO London - September, 14 th 2004

2. 2 AGENDA 1H04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

3. 3 2Q DELIVERY CONFIRMING STRATEGIC DIRECTION Continuous growth of lending activity, with market shares improvement in Retail and Corporate business and in Asset Management in Italy Q/Q acceleration of Net Interest Income, supported by volume growth and pricing resilience Net Commissions increase, even with a lower dependence from up-front Reduction of flows of new doubtful loans and improvement in asset quality indicators Growth of Net Income over the last two quarters

4. 4 380 4Q03 1,026 4Q03 NET INCOME UP 25.1% Q/Q BENEFITING FROM HIGHER CONTRIBUTION OF ALL REVENUE SOURCES. Y/Y DECREASE DUE TO DECLINE IN INTEREST RATES AND SLOWDOWN IN CORPORATE DERIVATIVES 1,132 1,049 1H031H04 NET INCOME (Euro mln) ROE 1 1 Calculated on end of period net equity excluding profit for the period 2,550 2,280 1H031H04 OPERATING INCOME (Euro mln) COST/INCOME RATIO -7.3% -10.6% 56.2% (+1.2 pp on Dec03) 17.5% (-0.2 pp on Dec03) 583 2Q04 +25.1% 1,210 466 1Q04 1,070 1Q04 2Q04 +13.1%

5. 5 GOOD IMPROVEMENT IN NET INTEREST INCOME (+1.7% Q/Q EXCL. DIVIDENDS) BOTH IN ITALY (BEST QUARTER SINCE 1Q03) AND IN NEW EUROPE, THANKS TO PRICING RESILIENCE … NET INTEREST INCOME excl. Dividends 4Q031Q043Q032Q031Q03 New Europe Italy Avg. Euribor 2.46% 2.78% 2.14% 2.09% 2.16% 2Q04 2.09% Mark-up on short term (1) UBI vs. System, % Mark-down (2) UCB vs. System, % (1) Mark-up = Interest rate on short term loans - Euribor 1M. EOP data (2) Mark-down = Euribor 1M - Interest rate on deposits in current accounts. EOP data ITALY: TREND OF MARK-UP & MARK-DOWN 1,140 1,189 1,160 1,193 1,251 886929910925988 1,210 940 254260250268263 270

6. 6 % ch. on Dec03 % ch. on Mar04 … AND GOOD VOLUME GROWTH CONTRIBUTED BY ALL DIVISIONS Jun04 TOTAL CUSTOMER LOANS 1 Breakdown By Division (bn) 1 Excl. Repos Retail Division: good performance, thanks to continued growth in households’ mortgages (+11% on Dec03) and to the pick-up of Small Business lending (+4.2% on Dec03) Corporate Division: growing 2Q04 mainly driven by UBI, with a strong contribution of m/l term lending, up 4.8% 2 on 1Q04 New Europe Division up 4.1% at unchanged FX on Dec03, positive contribution of Pekao (+7.6% on Dec03, +3.5% at unchanged FX) +5.5 Retail+7.5 Corporate+0.3 New Europe+7.6 TOTAL GROUP+4.2 Other 52.4 63.0 12.7 131.3 3.1 +4.6 +3.1 +3.8 -3.0+21.3 +13.4 +10.2 +4.7 +10.5 -5.2 % ch. on Jun03 3 2 Source: Bank of Italy Matrix 3 Incl. ANBI

7. 7 UCI LOAN GROWTH IN ITALY OUTPERFORMS INDUSTRY WITH A MAJOR SHIFT TOWARDS M/L TERM CONTINUED MARKET SHARE GAINS IN 2003 Italian industry Total Loans 1, y/y % ch. UCI 2 Italian industry Medium/Long Term Loans 1, y/y % ch. UCI 2 On M/L term loans 1 On total loans 1 UCI 2 Market Share Widening of UCI positive gap vs industry on y/y total loans growth from Sep 03 (from +0.8% in Sep 03 to +6.4% in June 04) Constant increase in UCI total loans market share (+89 bp from 9,99% in Mar03 to 10,88% in Jun04) with a focus on m/l term, improving 29 bp Jun04 vs Mar04 1 Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) 2 Proforma incl. ANBI

8. 8 1 Related to UniCredit Banca and UniCredit Private Banking data restated on management accounts NET COMMISSIONS INCREASE 7.1% ON 1Q04 (+2.0% 1H04/1H03) MAINLY DRIVEN BY HIGHER COMMISSIONS FROM LOANS GRANTED & RECEIVED (+23.4% ON 1Q04) NET COMMISSIONS 781 1Q03 798 1Q04 839 2Q03 830 3Q03 857 4Q03 Up-front 1 109 154 171 151 179 Other 627 660679 686 689 855 2Q04 112 743 Net commissions (excluding up-front) continue to growth (+7.8% on 1Q04) benefiting from: Corporate Finance (+19.7 mln on 1Q04) activity Foreign Trade Services (+10.4 mln on 1Q04) Trend of Up-front fees (+3% on 1Q04) due to higher sales of Bancassurance products; confirmed strategy of reduced emphasis on structured bonds Net commission mix f urther improvement (decreasing weight of up-front on total to 13.1% in 2Q04) Commissions from Mutual Funds up 11.3% (1H04/1H03) driven by higher stock of AUM +7.1% 1H04/1H03: +2.0% +7.8% Weight of Up-front on Total 19.7%21.3%18.2%20.0%13.6%13.1%

9. 9 (1) Plain vanilla Mutual and Hedge Funds distributed in Italy (Total AuM in Mutual and Hedge Funds in Italy, including Mutual Funds in Segregated Accounts and Unit Linked, 70.0 bn as at 30.6.2004 vs 68.7 bn as at 31.12.2003, +1.9% - Source: Assogestioni) MUTUAL FUNDS (Italy): in a very difficult environment for Mutual Funds in Italy, UCI strongly outperformed its main competitors for net sales in the first 8 months of 2004 … HEDGE FUNDS (Worldwide): record net sales in 1H04 (1,123 mln) coupled with a strong 2Q/1Q acceleration (699 mln in 2Q vs 424 mln in 1Q, +65%) 4.9% AUM GROWTH VS DEC.03 DRIVING A STRONG INCREASE OF MARKET SHARE IN MUTUAL FUNDS IN ITALY; EXCELLENT PERFORMANCE OF HEDGE FUND NET SALES Focus on Sales of AM products DEC.03 … being the only Mkt. Share net gainer among the big players UCI MAR.04JUN.04 13.39%13.49%13.51% UCI TOTAL AUM (bn) ItalyUS, New Europe & Intl. Mutual & Hedge Funds 1 Segregated Accounts Insurance Dec. 03 +2.3% vs Dec. 03 Mar. 04 43.5 23.1 22.0 34.4 42.8 22.7 20.6 31.3 117.4 +10.1% +4.8% +7.0% +1.6% +1.5% 123.0 Jun. 04 42.9 22.6 35.0 123.1 +1.5% +0.1% +2.9% -2.0% -1.4% +11.8% vs Dec. 03 +4.9% vs Dec. 03 (2) UCI’s Total Net Sales of Mutual Funds were affected in the first 8 months of 2004 by outflows mainly deriving from ex-ING PFAs who did not sign Xelion’s mandate (-696 mln) ASSET MIX (PGAM) Avg.2003 Equity + Hedge Avg.1Q04Avg.2Q04 27.3%29.8%30.0% Bond + Liquidity62.7%60.7%60.9% Balanced + others10.0%9.5%9.1% UCI (Total) 2 ITALIAN SYSTEM -5,264 -118 +578 UCI (ex ING) 2 AUG.04 13.61% US, New Europe & International

10. 10 Acceleration of Corporate Derivatives (+31.7% 2Q/1Q), posting the best result in the last 4 quarters … INCOME FROM FINANCIAL TRANSACTIONS (mln) INCOME FROM FINANCIAL TRANSACTIONS: STRONG REDUCTION OF THE Y/Y GAP VS 2003 (FROM -33% AS OF MARCH TO -25% AS OF JUNE), MAINLY DRIVEN BY RECOVERY OF CORPORATE AND DEVELOPMENT OF INSTITUTIONAL DERIVATIVES 292 1Q04 239 4Q03 436 1Q03 268 349 2Q03 204 263 3Q03 105 97 105 Corporate Derivatives 2Q04 Institutional Derivatives 51 42 47 45 63 295 139 72 … and reducing the Y/Y gap vs 2003 (-48% as of Jun.04 vs –61% as of Mar.04) Further development of Derivatives for Institutional customers (72 mln, +14.3% 2Q/1Q) … Lower 2Q/1Q contribution of New Europe and Parent Company … and recovery of Derivatives for Retail customers (33 mln in 2Q vs 25 mln in 1Q, +30%)

11. 11 OPERATING COSTS UP 2.7% 1H04/1H03. QUARTERLY TREND +6.1% IMPACTED BY OTHER ADMINISTRATIVE EXPENSES OPERATING COSTS BREAKDOWN (Euro mln) PERSONNEL COSTS 2Q/1Q increasing by +1.8% (+15.1 mln), but +1.0% at constant fx DEPRECIATION 2Q/1Q +7.5% (+8 mln) mainly impacted by investments in new branches layout and increase in IT investments OTHER ADMIN. EXPENSES 2Q/1Q +13.5% (+64.4 mln; 59.5 at constant fx) primarily linked to an increase in: advertising (+8.6 mln of which 4.7 in New Europe) postal tariffs (+18.7 mln) special projects in UCB (+8.4 mln) costs directly linked to increased business and partially recovered with higher revenues (+4.7 mln i.e. indirect taxes and credit information and searches) Personnel costs 1H031H04 2,846 1,639 -2.7% +3.4% +3.1% 1,689 981 226 Other adm. expenses Depr. & amort. 2,923 1,014 220 2Q04 1,418 837 +6.1% +7.5% +13.5% +1.8% 852 475 106 1,505 539 114 1Q04 +2.7% 1 Varadinska Banka

12. 12 NON OPERATING ITEMS IN 2Q CHARACTERISED BY HIGHER NET WRITE- DOWNS OF LOANS AND NET EXTRAORDINARY INCOME AND BY LOWER TAX RATE vs. 1Q Operating income Goodwill amort. Net Income Net write-downs of loans Other net provisions 1 Net extraord. income Taxes Minorities 1Q04 1,070 -71 466 2Q04 1,210 -72 583 -192 -9 -246 -27 2100 -296 -38 -335 -47 2,280 -143 1,049 1H04 -438 -36 102 -631 -85 Tax Rate at 34.7% vs. 37.0% in 1Q04 benefiting from lower taxes in New Europe (mainly one-off in Pekao), substantially stable on 2Q03 (34.6%) -246 mln net write-downs of loans up 54 mln vs. 1Q04 due to higher net write-downs in Corporate division +38 mln (mainly due to write-down on a specific position) and in Retail division +17 mln (mainly due to write- down of one significant position and to write- off of some other small positions) Net write-downs of financial investments -1 mln Provisions for risks & charges -26 mln 110 mln release of reserves previously created o/w 67 mln write-back of provisions created for fiscal purposes “tax cleared accounts” 1 Net write-downs of financial investments, provisions for risks and charges and provision to reserve for general banking risks

13. 13 Coverage ratio 59.3%+10 bp Provisions on performing loans 1,290+5.2% Coverage ratio 1.00%+1 bp Gross Doubtful Loans 9,180-0.4% Coverage ratio 47.2%+80 bp Stated cost of risk (annualised) 66 bp+2 bp 3 Weight on Gross Loans 6.61%-33 bp mln, where not specified Gross Non Performing Loans 6,259+2.5% Weight on Gross Loans 4.51%-9 bp (3) Calculated on FY03 cost of risk (76 bp) net of extraordinary provisions on Parmalat (12 bp) 1H04 ch. on 2003 Jun. 04 ch. on Mar. 04 1H04 cost of risk at 66 bp, almost in line with FY03 net of extraordinary provisions on Parmalat +5.2% increase of provision on performing loans vs Mar. 04, with coverage ratio reaching 1.00% +2.5% increase of Gross NPLs vs Mar. 04 (mainly due to shift from Watchlist Loans) counterbalanced by a strong –6.7% reduction of Watchlist Loans (2,505 mln as of Jun.04) Improved coverage ratios; coverage ratios adding back fiscal write-offs 2 at 70.0% on NPLs (+48 bp Q/Q) and at 57.5% on Total Doubtful Loans (+130 bp Q/Q) SIGNIFICANT Q/Q REDUCTION OF NET FLOWS OF NEW DOUBTFUL LOANS 1 WITH A SLIGHT IMPROVEMENT OF MAIN ASSET QUALITY RATIOS: LOWER GROSS DOUBTFUL LOANS AND INCREASED COVERAGE RATIOS Strong 2Q/1Q reduction of net flows of New Doubtful Loans 1 (372 mln in 2Q vs 642 mln in 1Q, -42.1%) mainly driven by Corporate Division (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 (2) Calculated adding back to total provisions the fiscal write-offs of UniCredit Banca and UniCredit Banca d’Impresa only Increased collections of doubtful loans (386 mln in 2Q vs 379 mln in 1Q, +1.9%) thanks to effective workout procedures

14. 14 CONFIRMED OUTSTANDING SOLVENCY RATIOS, WITH CORE TIER 1 RATIO OF 7.4%. RISK ADJUSTED PROFITABILITY STILL AT HIGH LEVELS 4,869 2,930 Retail Division Corporate Division New Europe Division CAPITAL ABSORPTION 82 288 VALUE CREATION 10,094Group Total (3) 462 NOPAT 226 508 1,001 RARORAC % 5.6 11.8 9.2 MARGINAL RARORAC % 8.2 12.0 13.4 mln NOPAT (a) Risk taken (1) (b) Shareholder’s value added (c) =(a)-COE (2) Value added per unit of risk taken (c)/(b) From 7.0% (Dec 03) to 7.4% (1H04) ESTIMATED CORE TIER 1 RATIO (considering all RWA) From 11.1% (Dec 03) to 11.5% (1H04) ESTIMATED TOTAL CAPITAL RATIO (considering all RWA) From Euro 146.1 bn (Dec 03) to Euro 147.4 bn (1H 04), +0.9% TOTAL RWA Private & AM Division 1,19764 132 10.7 (1) Minimum regulatory capital, market risks, credit risks and operational risks (2) The Cost of Equity is related to the capital employed (Net equity for the Group and allocated capital for the business units) (3) Balance due to Corporate Center and Other companies, respectively +39 for NOPAT, 1,429 for Capital absorption and 7 for Value Creation 23.6 86621 96 4.926.5

15. 15 1H04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

16. 16 RETAIL DIVISION: GOOD Q/Q PERFORMANCE, WITH TOTAL REVENUES UP 4.2% DRIVEN BY NET COMMISSIONS AND NET INTEREST INCOME 2Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % 579 479 1,058 -748 310 131 70.7 % ch. on 1Q04 +2.9 +5.7 +4.2 +4.0 +4.5 +3.3 -10 bp 1H04 ch. on FY03 Cost of risk 49 bp-1 bp Good growth of net interest income (+1.3% excl. dividends vs. 1Q04) sustained by volume growth in all segments Spread on deposits at 1.55%, slightly up vs. 1Q04 (+1 bp) Net non interest income growth sustained by the good performance of commissions (+7.3% vs. 1Q04), thanks to increased sales of bancassurance products and increased number of transactions of Small Business customers Operating costs increase due to higher administrative expenses related to projects undergoing (advertising campaigns +6 mln vs. 1Q, other projects +8 mln) and higher postal costs (+13 mln vs. 1Q), while staff costs are substantially in line with 1Q04 (-0.2% Q/Q) Almost 40,000 net new customers acquired in 2Q04

17. 17 POSITIVE SIGNS FROM ALL KEY MARKETS WITH GROWTH TARGETS: EXCELLENT GROWTH IN STOCKS OF RESIDENTIAL MORTGAGES, CONSUMER FINANCING … RESIDENTIAL MORTGAGES STOCK, bnNEW FLOWS, bn Good performance in the flow of new mortgages of both UCB (+26% y/y) and UBCasa (+30% y/y) Growth coming mainly from partnership channel, with 49% y/y increase Avg. amount of mortgage from 93,000 (2003 avg.) to 102,000 Euros (1H04 avg.), up 15.5% CONSUMER FINANCING Growth in stock (at 2.3 bn, +7.8% vs. Dec 03) thanks to good flows of revolving cards and personal loans Excellent results of the focus on captive customers (more than 170,000 revolving sold in 6 months vs. 6,000 in FY03) Acceleration in flow of personal loans granted (277 mln in 2Q vs. 183 in 1Q) driven by the launch of Credit Express in May 04. Market share (3) from 9.3% in 1Q to 12.1% in 2Q DEC031H04 26.2 29.2 +11.0% 1H031H04 3.4 4.3 +27.4% NEW FLOWS OF PERSONAL LOANS FY031H04 95 mln 155 mln TOTAL SPENDING (4) (+170,000 revolving cards in 1H04) 2Q average spread on new mortgages (1) : UCB at 1.28%, -1 bp vs. 1Q04 UBCasa at 1.45%, slightly up vs. 1Q04 (+4 bp) (1) Management accounts 1Q04 27.5 mkt share (2) 17.17% 17.48% 17.68% mkt share (3) 2.4% 7.3% (2) Related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin (3) Calculated on ASSOFIN data, related to revolving and pay-later credit cards VOLUMES PRICING VOLUMES 2Q average spread on new production (1) : revolving cards at 9.02%, -52 bp vs. 1Q04 personal loans at 5.43%, +1 bp vs. 1Q04 PRICING (4) POS and ATM spending through revolving cards 1H031H04 393 mln 461 mln +17.2%

18. 18 … AND SMALL BUSINESS LENDING, THANKS TO CONTINUED INCREASE IN CUSTOMER ACQUISITION RATE AND IN PRESENCE OF A RESILIENT SPREAD, WITH CLEAR POTENTIAL FOR FURTHER GROWTH STOCK, bn Growth of acquisition rate mainly driven by development regions, also thanks to the implementation of the brand new network of Developers (675 developers up and running at the end of June) 1H04DEC03 UCB AVERAGE MONTHLY ACQUISITION RATE TOTAL BANKDEVELOPMENT REGIONSSTRENGTHENING REGIONS FY03 1Q042Q04 FY03 1Q042Q04 FY03 1Q042Q04 SHORT TERM SPREAD (1) 1H03 FY031H04 Good results of the recent focus on Small Business already visible in good stock growth and in a growing number of transactions sustaining the good performance of commissions Stock growth mainly concentrated in 2Q04, +3.0% vs. 1Q04 Resilience of short term spread (1), substantially in line with FY03 (1) Management accounts, includes also maximum overdraft charges Low usage-to-facilities ratio (2) (47% in SB vs. 52% mkt avg) due to “youth” of many customers. July best month ever in growth of new customers. Average time before taking up the cash loan is ~1,5 month after account opening. Customers arrive at full usage in ~2 years (2) Ratio between the utilised credit line and the total credit line available for usage 12.1 12.6 +4.2% 8.71% 8.63% 8.40% 0.49% 0.58% 0.80% 0.70% 0.86% 1.28% 0.32% 0.40% 0.51% +38%+49% +26% CLEAR FURTHER POTENTIAL 37,000 new Small Business customers in 1H04 (~1% of total market)

19. 19 GOOD CUSTOMER SATISFACTION IMPROVEMENTS IN PRIVATE AND SMALL BUSINESS SEGMENTS, CONSISTENTLY OUTPERFORMING COMPETITION IN A CONTEXT OF GROWING MARKET SHARES PRIVATE CUSTOMERS, TRIM INDEX 2003July 04 47 51 2003July 04 43 41 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 2003July 04 42 49 2003July 04 41 35 UNICREDIT BANCAAVG. TOP 4 COMPETITORS Dedicated service model Improved advisory on lending products Focus on quality of sales Source: NFO Infratest, Customer satisfaction analyses

20. 20 DELIVERING ON STRATEGY IN RETAIL DIVISION INCREASED MARKET SHARES IN KEY MARKETS INCREASED CUSTOMER SATISFACTION START OF GROWTH OF NET INTEREST INCOME NET COMMISSIONS LESS DEPENDING FROM UP-FRONT DRIVEN SALES GROWTH OF CUSTOMER ACQUISITION RATES START OF VOLUME GROWTH

21. 21 1H04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

22. 22 CORPORATE DIVISION: VERY STRONG Q/Q PERFORMANCE, WITH TOTAL REVENUES UP 13.0% MAINLY DRIVEN BY NET NON INTEREST INCOME 2Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % 384 477 861 -258 603 308 30.0 % ch. on 1Q04 +4.3 +21.2 +13.0 +5.5 +16.6 +25.4 -214 bp 1H04 ch. on FY03 Cost of risk (annualised) 78 bp+10 bp 1 Growth of net interest income (+1.8% excl. dividends vs. 1Q04) Strong net non interest income growth (+21.2%), sustained by the excellent performance of commissions (+26.0% vs 1Q04, mainly thanks to Corporate Finance and Foreign Trade Services) and the strong recovery of profits from financial transactions (+23.6% vs 1Q04, basically thanks to derivatives) Operating costs increase totally due to higher administrative expenses (+12.7%) related to the increase volume of services provided to the customers 2 ; staff costs perfectly in line with 1Q04 (stable at 134 mln) Net write-downs on loans -144+36.3 Net extraordinary income 64n.s. (1) Calculated on FY03 cost of risk (91 bp) net of extraordinary provisions on Parmalat (23 bp) (2) As these costs were strictly related to higher business volumes, they have often been partially recovered from the customers as fee income 1H04 cost of risk (annualised) 10 bp up vs FY03 net of extraordinary provisions on Parmalat, mainly due to high provisions on a single position; cost of risk at 64 bp net of provisions on this “single position” Net income up 25.4% Q/Q, benefiting also from 64 mln net extraordinary income (o/w 55 mln write-back of provisions created for fiscal purposes “tax cleared accounts” by UBM) (mln)

23. 23 UBI CUSTOMER LOANS, bn +3.8% UBI AVG. TOTAL LENDING SPREAD (1) 2.32% 1 2.32% 2.31% +3.8% Q/Q Loan growth, concentrated in the core SMEs customers (Share of Wallet from 12.2% to 12.7%, +44 bp) … Average Lending Spread substantially in line with 1Q04 (1) Management accounts; average quarterly figures, apart from 2003 (average yearly figure) LOAN GROWTH CONCENTRATED IN THE CORE SMEs SEGMENT WHILE MAINTAINING SPREADS, … 47,648 45,747 47,477 Dec. 03Mar. 04Jun. 0420031Q042Q04 (mln) Largest groups Dec03 7,842 Mar04Jun04 6,9416,534 % ch. Jun04/ Mar04 -5.9% SMEs27,33527,04828,516 3 +5.4% Public Sect. & Others 4 7,4187,4848,48613.4% (4) Including non-financial companies with Total Revenues lower than 1.5 mln (5) Balance due to roundings; Source: Credit Bureau – differences with accounting figures due to different sources of data Financial companies4,4123,6843,466-5.9% TOTAL 5 47,00745,15947,002+4.1% - Share of Wallet12.3%12.2%12.7% 3 +44 bp (2) Source: BankIT Matrix data … and a strong contribution of the LT component 2 (from 19.3 bn as of Mar.04 to 20.2 bn as of Jun.04, +4.8%) … with a significant acceleration in Lazio+Lombardy (from 9,954 mln to 10,696 mln, +7.4%) … (3) Discount the securitisation of ~230 mln for Neafidi district bond and ~170 mln loans issued in conjunction with UniCredit Banca MedioCredito. Share of wallet at 12.9% adding back these amounts

24. 24 CORPORATE DIVISION: NET COMMISSIONS BOOSTED BY “REVENUE MULTIPLIER” CORPORATE DIVISION: REDUCTION OF NET FLOWS OF NEW DOUBTFUL LOANS 1 Significant Q/Q reduction of net flows of new doubtful loans (-62.1%) … … FACING LOWER DEFAULT RATES AND LEVERAGING ON THE “REVENUE MULTIPLIER” (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 2Q04 376.6 142.9 1Q04 -62.1% (mln) Of which: To Loans to be Restructured 152.0 9.4 … even netting 1Q of the exceptional flows of Loans to be Restructured (-40.6% net of Loans to be Restructured) 2Q Default Rate 2 at 0.23% (vs 0.6% in 1Q) (2) 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 31.12.2003 2Q04 142.9 1Q04 +26.0% 139.7 176.0 Higher loans, higher share of wallet, deeper relation with the customers leading to more high value added services: +36.3 mln Net Commissions Q/Q, of which: +10.4 mln from foreign trade services (from 26.9 mln in 1Q to 37.3 mln in 2Q) +19.7 mln from Corporate Finance 3 (from 16.1 mln in 1Q to 35.8 mln in 2Q) (3) UBI+UBM+Banca MedioCredito (mln) 224.6 133.5

25. 25 SUMMING UP: DELIVERING STRATEGY IN CORPORATE DIVISION … WHILE MAINTAINING SPREADS LOAN GROWTH … … LEADING TO HIGHER SHARE OF WALLET … … AND CONCENTRATED IN CORE SMEs CUSTOMERS … … WITH FOCUS ON LONGER MATURITIES … FEE INCOME BOOSTED BY “REVENUE MULTIPLIER”

26. 26 1H04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

27. 27 2Q04 Net interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. depr.) Operating income Net income for the Group Cost Income ratio, % 23 263 286 -188 98 92 65.7 % ch. on 1Q04 -4.4 +1.2 +0.7 +1.6 -1.1 +36.9 +61 bp Net extraordinary income 9n.s. (mln - % Change at Fixed FX) Tax Rate, % 10.4 (bn) Jun.03 restated Mar.04 Securities in custody Direct deposits 1 AUM 6.0 22.4 118.3 5.8 23.5 129.6 146.7 158.9 Jun.04 5.9 24.7 130.1 160.7 1 Including Repos PRIVATE & AM DIVISION: INCREASED CONTRIBUTION TO THE GROUP’S NET INCOME AND CONTINUED GROWTH OF TOTAL FINANCIAL ASSETS … +1.1% Q/Q increase of Total Financial Assets, with higher weight of hedge funds (from 1.85% as of Mar.04 to 2.26% as of Jun.04) … +1.1% PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS … leading to 1.2% Q/Q growth of Net non interest income, despite the very difficult environment for Asset Management in Italy Stronger contribution to the Group’s net income (92 mln, +36.9% Q/Q) Vs 30.1% in 1Q Significant +12.0% growth of Net non interest income in 1H04 vs 1H03, driven by the strong +10.5% increase of Total Financial Assets (at fixed FX) Lower taxes (from 30 mln in 1Q to 11 mln in 2Q), due to benefits of “fiscal consolidation” of PGAM and Xelion

28. 28 2,118 … THANKS TO PIONEER AUM INCREASE COUPLED WITH POSITIVE SALES IN ALL THE BUSINESS DIVISIONS … AUM at new record high driven by market performance and positive net sales in all the business divisions, with excellent results in the International (ex Italy) business division and in alternative investments (mln) AUM Dec.03 1H04 Net Sales 1H04 Mkt. Perf. 2 AUM Jun.04 119,436 1 3,135 124,689 1H04 Net Sales Italy 255 Net Sales breakdown: International (ex Italy) 1,264 US 352 New Europe 247 Alternative Invest. 1,123 TOTAL PGAM 2,118 2 Including FX effect +4.4% +3.6% at fixed FX 1 Pro-forma including ING-Pixel, SGR New Europe and the Real Estate Fund incorporated at the end of 2003 TOTAL PGAM ex ING-Pixel 3 2,715 Italy ex ING-Pixel 3 852 3 Total Net Sales in Italy were affected in 1H04 by outflows mainly deriving from ex-ING/Pixel PFAs who did not sign Xelion’s mandate (-597 mln in 1H04) Significant increase of market shares in Italy (from 13.39% as of Dec.03 to 13.51% as of Jun.04 and 13.61% as of Aug.04 – Mutual Funds, Assogestioni perimeter) and in Poland (from 30.36% as of Dec.03 to 32.25% as of Jun.04 – Investment Funds)

29. 29 … AND THE GOOD COMMERCIAL RESULTS OF UPB AND XELION 1 1 All data related to Total Financial Assets, Financial Assets per PFA, and Net Sales relate to Xelion+ING (2003 data are pro-forma), excluding figures related to ex-ING PFA who did not agree on Xelion’s mandate – Source: Assoreti 2Q04 142.9 1Q04 +28.4% 848 1,088 NET SALES, QUARTERLY TREND (mln) 39.9 bn Total Financial Assets, +2.7% Q/Q and +6.1% vs Dec.03, with higher weight of Hedge Funds (from 1.5% as of Mar.04 to 2.2% as of Jun.04) 1,088 mln net sales in 2Q04 (best quarter since inception), with strong contribution of hedge funds (219 mln, more than 20% on the total) 69.7 mln Total Financial Assets per client-manager, +1.9% Q/Q and +4.4% vs Dec03 TOTAL FIN. ASSETS, QUARTERLY TREND (bn) Jun.04 11.0 Mar.04 +3.9% 10.4 Dec.03 10.6 Leadership for Net Sales in Italy (1,026 mln in 1H04), with a high 24.4% market share and acceleration in 2Q (539 mln in 2Q vs 487 mln in 1Q, +10.7%) ~11.0 bn Total Financial Assets (+3.9% Q/Q and +5.5 on Dec03) Higher Financial Assets per PFA: from ~4.6 mln as of Dec.03 to ~5.1 mln as of Jun.04, +10.9%

30. 30 1H04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division AGENDA

31. 31 2Q04 KEY HIGHLIGHTS: NET INCOME UP 11.9% Q/Q, BENEFITING FROM REVENUE GROWTH, IMPROVED COST OF RISK AND LOWER TAXES. CONFIRMED GOOD PROFITABILITY AND EFFICIENCY LEVELS Attributable Net Income 2Q04 (Euro mln) 94 Total revenues 431 Operating income 193 Cost/Income 55.2% Cost of Risk 3 24 bp - o/w net interest income 2 264 At unchanged FX 1 Net write-downs of loans -30 ROE (1H04 data, y/y % ch.) % ch. on 1Q04 +11.9 +2.1 -1.5 +1.6 pp -4 bp -0.9 - o/w net commissions 104 -2.1 -10.9 +1.8 pp 19.1% ITAS 2 Excluding dividends Operating costs -238 +5.3 Confirmed positive macroeconomic environment in all NE countries Total Revenues up 2.1% (+5.2% incl. KFS at unch. FX) on 1Q04: Net interest income -0.9% on 1Q04: Pekao +1.0%, Bulbank +12.9% offset by negative trend in Zaba and in KFS FX (incl. KFS at unch. FX NII of the division: +2.9% on 1Q) Net commissions -2.1% on 1Q04 (+1.3% incl. KFS at unch.FX) : increase in Zaba and Bulbank, negative impact of KFS FX Other non operating income from 13 mln in 1Q04 to 41 mln in 2Q04 Operating Costs up 5.3% on 1Q04 (+7.7% incl. KFS at unchanged FX), mainly due to higher costs in Zaba (approx. +7 mln o/w approx. 3 mln one-off 4 ) Further improvement of Cost of Risk (-4 bp q/q) and higher coverage of Doubtful loans (to 68.5% from 66.0% in Mar04) Attributable Net Income up 11.9% on 1Q04 thanks to lower provision needs and taxes Tax Rate 11.1% -14.7 pp 3 Calculated as Net Loan Loss Provisions of 2Q04 on Net customers Loans at period-end 1 Excluding for KFS (included at current FX) 4 Due to integration of Varadinska Banka in Zaba and to the merge of two Bosnian banks in a new-co - o/w other non oper. Inc. 41 n.m.

32. 32 3 Calculated as Net Loan Loss Provisions of 2Q04 on Net customers Loans at period-end PEKAO RESULTS IN 2Q04: IMPROVED PROFITABILITY AND EFFICIENCY THANKS TO TURNAROUND IN NET INTEREST INCOME, GOOD COST CONTROL, LOWER PROVISIONS AND TAXES Attributable Net Income 2 2Q04 (Euro mln) 45 Total revenues 235 Operating income 109 Cost/Income 53.7% Cost of Risk 3 26 bp - o/w net interest income 1 124 Net write-downs of loans -14 ROE (1H04 data, y/y % ch.) % ch. on 1Q04 +31.5 +3.7 +6.9 -1.1 pp -14 bp +1.0 - o/w net commissions 54 -1.8 -32.0 +4.6 pp 21.0% ITAS 1 Excluding dividends Operating costs -126 +1.6 Confirmed strong GDP growth (> +6% y/y in 1H04), and tightening stance of monetary policy resulting in +1.25 pp of Central Bank’s interest rate from July up to now Total Revenues up 3.7% on 1Q, as a result of: Increasing trend in net interest income (+1.0% on 1Q04), benefiting from slight recovery in deposit spread and stable spread on debt securities Lower net commissions due to decreasing sale of Mutual Funds although improving its leadership position Costs under control with improved efficiency (C/I to 53.7%) Further reduction of provisions also thanks to better macroeconomic environment, increased coverage of doubtful loans (70.2% from 66.7% in Mar04) Net Income for the Group up 31.5% on 1Q04 also benefiting from a one-off release of deferred tax provisions caused by the change in corporate tax rate (approx. 10 mln) Tax Rate 4.1% -18.1 pp At unchanged FX Data gross of consolidation adjustment - o/w other net oper. Inc. 42 +42.5 2 Net of consolidation adjustment

33. 33 1 Excluding for KFS (included at current FX) INCREASING NET CUSTOMER LOANS DRIVEN BY PEKAO. TREND IN MUTUAL FUNDS AFFECTED BY LOWER SALES IN POLAND ITAS % ch. on Mar04 Jun04 (Euro mln) % ch. on Dec03 Net Customer Loans - o/w Pekao Mortgages +2.6 +2.7 +4.0 +3.2 +7.2+12.5 12,734 5,572 1,817 - o/w Pekao LC +21.0+35.8383 - o/w Pekao Mutual Funds 3 -1.2-2.2 -0.1+19.1 Deposits -0.8-0.921,038 10,235 4,250 - o/w Pekao 2 -0.2+11.72,493 NET CUSTOMER LOANS: Good growth (+2.6% on 1Q04) driven by acceleration of Pekao in 2Q04; further increase in KFS (+9.8% on 1Q04), consolidation in Zaba (+0.7% on 1Q04) 2 PPIM At unchanged FX 1 MORTGAGES further increasing: Pekao: market share in new LC mortgages +3.9 pp on 1Q04 (to 23.6%) Zaba: outstanding volume +5.2% on 1Q04, leadership confirmed with 41.2% market share (+20 bp on 1Q04) MUTUAL FUNDS: Improvement of market share: Pekao 2 : +40 bp on 1Q04 (to 32.3%), Zaba: +113 bp on 1Q04 (to 44.4%) Higher share of equity and balanced funds in Pekao 2 from 47% in 1Q04 to 50% in 2Q04 Assets administr. for customers 3 +0.2+5.133,345 3 New Europe Business Area of Pioneer is included at current FX

34. 34 Annex

35. 35 * Net write-downs of financial investments, provisions for risks and charges, provisions for possible loan losses and provisions to reserve for general banking risk 2Q04 & 1H04 CONSOLIDATED INCOME STATEMENT Net extraordinary income Net non interest income Total revenues Operating income Provisions on loans Administrative costs (incl. depr.) Other net provisions* Goodwill depr. (Euro mln) Minorities Taxes % ch. on 2Q03 Net interest income (incl. div.) - of which Dividends -0.2 -0.3 +23.0 +104.1 +5.4 -6.5 -66.3 +2.9 +46.9 -2.6 -0.3 % ch. on 1Q04 2Q04 1,388 2,715 -1,505 1,210 -246 100 -27 -72 -47 -335 1,327 117 +7.2 +9.1 +28.1 n.m. +6.1 +13.1 n.m. +1.4 +23.7 +13.2 +11.2 n.m.-15.2 y/y % ch. 1H04 2,683 5,203 2,923 2,280 -438 102 -36 -143 -85 -631 2,520 121 Net income-5.5 583 +25.1 1,049 -7.3 -4.6 -3.6 +20.7 +47.8 +2.7 -10.6 -73.5 +5.1 +21.4 -19.3 -2.5 -14.2

36. 36 Retail Division Corporate Division Priv.& AM Division NE Division Total Group 1 Total revenues +4.2%+13.0%+0.9%+8.2%9.1% Operating costs Operating income Net write-downs of loans Net income for the Group C/I Ratio +4.0%+5.5%+1.9%+11.6%+6.1% +4.5%+16.6%-0.9%+4.3%+13.1% +31.0%+36.3%n.m.-4.9%+28.1% +3.3%+25.4%+37.2%+18.9%+25.1% -0.1 pp-2.1 pp+0.6 pp+1.7 pp-1.6 pp 1 Balance due to the Parent Company, other Group companies and elisions 2 Calculated on data at end of period FX (Euro mln - Data at end of period FX) DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 2Q04 1,0588612864432,715 -748-258-188-244-1,505 310603991981,210 -73-144-31-246 1313089298583 70.7%30.0%65.7%55.1%55.4% 3 Including all the employees of Koc Financial Services (3,886 as at 30.06.2004) Employees 3 25,4676,3673,67429,78471,214 2Q04 RESULTS % Change vs 1Q04 2 Change in pp vs 1Q04 2

37. 37 -on tot. Gross doubtful loans, % 37.4%37.6%46.4%66.0%37.6%37.1%68.5%47.2% -on total gross NPL, % 48.5%44.0%81.7%59.2%48.5%42.0%83.2%59.3% Total gross doubtful loans 3,3212,8952,8279,215 0.3%-0.4% Net Doubtful Loans/Tot. Net Loans,% 3.88%4.14%2.92%7.97% 3,390 4.03% 2.1%-3.3% 2,798 2.71% 2,837 7.03% 9,180 3.64% % change on Mar.04 Gross Doubtful Loans/Tot. Gr. Loans,%6.94%6.43%4.54%20.0%6.28%4.19%19.1%6.61% Total net doubtful loans 2,0771,8079624,940 -7.0%-1.8% 2,114 1.8%-2.6% 1,7608954,850 % change on Mar.04 ASSET QUALITY: DETAILS BY DIVISIONS Coverage ratios Retail Division Mar. 04Jun. 04 1 Balance due to other Group companies (mln - Data at end of period FX) Corporate Division NE DivisionTotal Group 1 Gross NPL % change on Mar.04 Gross NPL/Tot. Gr. Loans,% Net NPL/Tot. Net Loans,% 1,9661,8832,1586,107 3.6%2.5% 3.81%2.95%15.3%4.60% 2.02%1.70%3.27%1.96% 2,034 3.77% 2.00% +3.5%0.4% 1,890 2.83% 1.69% 2,236 15.0% 2.95% 6,259 4.51% 1.91% Net NPL % change on Mar.04 1,0131,0543942,493 -4.9%2.2% 1,047 3.4%3.9% 1,0963752,549 Mar. 04Jun. 04Mar. 04Jun. 04Mar. 04Jun. 04

38. 38 Interest income (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income Cost/income ratio, % TOTAL (1) Banca d. Umbria UniCredit Banca Net provisions mln Net income for the Group (2) UBCasa - of which: Staff costs - of which: Other costs Clarima RETAIL DIVISION: 1H04 RESULTS BREAKDOWN BY COMPANY - o/w: Net write-down of loans 993 868 1,860 -1,333 527 233 71.7 196 -714 -619 -101 -113 51 36 87 -48 39 19 55.6 18 -25 -23 -5 -8 56 6 62 -36 26 13 58.7 16 -13 -23 -7 50 12 63 -32 30 12 51.5 12 -9 -23 -14 -16 1,141 933 2,074 -1,468 606 258 70.8 258 -770 -698 -128 -145 (1) Balance due to roundings and elisions of infragroup dividends and goodwill amortisation CR Carpi 19 11 30 -17 13 7 56.8 7 -9 -8 -2 (2) Net of consolidation adjustmentS

39. 39 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 UCB AVG. MARK UP (5) (Households), % Other deposits Households c/accounts Bonds EOP DEPOSITS, Euro bn UCB AVG. MARK-DOWN (5) (Households), % 1Q04 2003 pro-forma (3) 1Q042003 50.1 64.1 27.5 +4.6% -0.3% 21.5 (4) 12.2 2.1 8.3 (1) Includes short term and m/l term loans (2) Includes only households mortgages (3) Including ANBI 15.4 27.2 +4.5% +1.2% -0.5% -0.2% +21.6% +0.4% +0.2% 48.8 26.3 12.1 2.1 8.3 60.2 17.7 15.3 27.2 1Q032Q033Q034Q03 7.18 7.33 7.04 1Q032Q033Q034Q03 2.32 2.03 1.78 1.72 1Q04 7.03 1Q04 1.65 UCB AVG. MARK UP (5) (Small Business), % 1Q032Q033Q034Q03 5.99 5.93 5.95 5.69 1Q04 5.60 (4) 1Q04 increase vs. December is due to the issue of bonds by UBCasa to fund mortgage book expansion 2Q04 52.4 63.9 29.2 21.0 (4) 12.6 2.3 8.3 15.4 27.6 +2.7% +6.1% +3.0% +8.3% +0.8% -2.8% = +1.4% +6.5% 2Q04 7.08 2Q04 1.65 2Q04 5.47 (5) Source: Bank of Italy matrix data

40. 40 NET COMMISSIONS GROWTH COMING FROM INCREASED SALES OF BANCASSURANCE PRODUCTS AND HIGHER SMALL BUSINESS PAYMENT RELATED FEES. UP-FRONT FEES REPRESENTING 27.8% OF TOTAL COMMISSIONS IN 1H04, IN LINE WITH INTERNAL EXPECTATIONS RETAIL DIVISION: NET COMMISSIONS mln Securities in custody TOTAL RETAIL DIVISION Total Commissions from Wealth Management -Mutual funds 1 -Segregated Accounts 2 Other services -Insurance Products 2 Breakdown by nature 1 Includes subscription and management fees from Plain Vanilla Mutual Funds 2 Includes management fees related to underlying Mutual Funds 2Q04 48 324 151 56 11 125 85 Q/q % ch. -10.5 +7.3 +1.8 -5.9 -6.9 +25.0 +8.9 1Q04 54 302 149 59 11 100 78

41. 41 RETAIL DIVISION - DETAILS ON ASSET QUALITY Slight increase of Gross Doubtful Loans (+2.1% Q/Q), driven by increased Gross NPLs (+3.5%) while Gross Watchlist are flat vs. previous quarter (+0.1%) Coverage ratio 48.5%+2 bp Jun 04 ch. on 1Q04 Provisions on performing loans 288+3.4% Coverage ratio 0.57%-1 bp Gross Doubtful Loans 3,390+2.1% Coverage ratio 37.6%+19 bp Weight on Gross Loans 6.28%-15 bp mln, where not specified Gross Non Performing Loans 2,034+3.5% Weight on Gross Loans 3.77%-4 bp Cost of risk (annualised) 49 bp-1 bp Coverage ratio on Gross Doubtful Loans slightly increased vs. 1Q04 (+19 bp) Stability of coverage ratio on performing loans, with increase in provisions substantially reflecting good loan growth Cost of risk in line with previous year 1H04 ch. on 2003 Reduced weight of both Gross Doubtful Loans and Gross NPLs on Total Gross Loans, respectively -15 bp and -4 bp Significant reduction Q/Q of net flows of New Doubtful Loans (1), -14% (1) Defined as flow from in bonis loans to any category of doutbtful loans - flow from any category of doubtful loans to in bonis loans

42. 42 CORPORATE DIVISION: 1H04 INCOME STATEMENT- BREAKDOWN BY COMPANY Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income TOTAL 2 UBI Net provisions (Euro mln) Net income for the group - of which: Staff costs - of which: Other admin. expenses Other companies - o/w: Net write-downs of loans 633 298 931 667 -112 -151 -264 250 28.3% Cost/income Ratio -234 -238 UBM 1 LOCAT 1 Including TradingLab, merged in UBM starting from 1.7.2004 -6 445 439 323 -52 -56 -116 242 26.4% 7 5 97 13 110 83 -10 -15 -27 38 24.2% -16 -17 27 115 142 46 -49 -45 -96 24 23 67.3% -7 -9 751 871 1,622 1,120 -223 -267 -502 554 553 30.9% -250 -259 2 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

43. 43 CORPORATE DIVISION: 2Q04 AND 1H04 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, % (Euro mln) 2Q04/1Q04 % ch. 2Q04 861 -258 603 -207 30.0% 64 -151 308 384 477 1H04 2Q04/2Q03 % ch. 1H04/1H03 % ch. +13.0 +5.5 +16.6 +26.0 -214 bp n.s. +40.7 +25.4 +25.2 +4.3 +21.2 -0.2 -3.9 +1.5 +30.9 -115 bp n.s. -9.7 +8.7 +7.9 -4.5 +3.5 1,622 502 1,120 -372 30.9% 65 -259 553 554 751 871 -8.5 -3.1 -10.8 -7.5 +171 bp n.s. +8.8 -12.2 -12.8 -0.5 -14.4

44. 44 CORPORATE DIVISION - DETAILS ON ASSET QUALITY Coverage ratio 42.0%-200 bp 1H04 ch. on 2003 Provisions on performing loans 758+4.6% Coverage ratio 1.18%-1 bp Gross Doubtful Loans 2,798-3.3% Coverage ratio 37.1%-47 bp Cost of risk (annualised) 78 bp+10 bp 2 Weight on Gross Loans 4.19%-35 bp mln, where not specified Gross Non Performing Loans 1,890+0.4% Weight on Gross Loans 2.83%-12 bp Drop of coverage on NPLs (-200 bp vs Mar.04) mainly due to the high fiscal write-downs accounted in 2Q (182 mln vs 103 mln in 1Q) +4.6% increase of provision on performing loans vs Mar. 04, also due to 21 mln provisions on the automotive sector. Coverage ratio on performing loans confirmed at an high 1.18% 1H04 cost of risk (annualised) 10 bp up vs FY03 net of extraordinary provisions on Parmalat, mainly due to high provisions on a single position; cost of risk at 64 bp net of provisions on this “single position” Reduction of Gross Doubtful Loans (-3.3% vs Mar.04) mainly due to a significant decrease of Gross Watchlist Loans (from 622 mln as of Mar.04 to 532 mln as of Jun.04, -14.3%), given the substantial stability of Gross NPLs (+0.4% vs Mar.04) Jun. 04 ch. on Mar. 04 (2) Calculated on FY03 cost of risk (91 bp) net of extraordinary provisions on Parmalat (23 bp) Very strong 2Q/1Q reduction of net flows of New Doubtful Loans 1 (143 mln in 2Q vs 377 mln in 1Q, -62.1%) (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

45. 45 (Euro mln) Net interest income 314 Net income for the group Cost Income RATIO, % 114 27.9% Net non interest income 161 Total revenues Operating costs Operating income 475 -133 342 Net write-downs of loans Other net provisions -135 -5 Of which: 96 - Trading profits 63 - Net commissions UNICREDIT BANCA D’IMPRESA: 2Q04 AND 1H04 INCOME STATEMENT 2Q04/1Q04 % ch. 2Q041H04 2Q04/2Q03 % ch. 1H04/1H03 % ch. -1.7 -16.6 -80 bp +17.1 +3.9 +1.0 +5.1 +35.6 n.s. +6.1 +38.8 +4.9 0.2 -91 bp -8.7 -0.1 -3.3 +1.2 +3.5 -43.8 +15.4 -28.8 633 250 28.3% 298 931 -264 668 -234 -3.4 186 108 +6.2 -10.7 44 bp -15.8 -2.0 -0.4 -2.6 +31.8 -85.2 +18.7 -43.1

46. 46 UBM: 2Q04 AND 1H04 INCOME STATEMENT (Euro mln) Financial Products Sales and Trading Investment Banking Total revenues Staff costs Other costs (incl. depr.) Operating income Net income C/I Ratio of which derivatives 249 -28 -34 188 159 24.6% 211 38 183 Net extraord. income56 Taxes-89 2Q04/1Q04 % ch. 2Q041H04 2Q04/2Q03 % ch. 1H04/1H03 % ch. +31.2 -3.0 +28.8 +38.8 +93 -414 bp +20.0 +169.6 +26.2 n.s. +65.4 -7.0 -22.5 -3.5 -4.8 +22.4 -174 bp -23.1 +54.0 -20.6 n.s. +76 439 -56 -60 323 242 26.4% 386 52 328 57 -143 -27.5 -23.5 -2.8 -31.4 -18.0 +415 bp -32.3 -20.2 -32.8 n.s. -10.5

47. 47 UBM Daily VAR (1) and P&L (Jan 04 – Jun 04) Euro mln Daily P&L VaR 1 Calculated using a 98-99% asymmetric double tail confidence interval 1H04 avg. daily VAR: 3.6 mln vs 3.8 mln in 1H03 UBM VAR CHANNEL

48. 48 PRIVATE & AM DIVISION: 1H04 INCOME STATEMENT – BREAKDOWN BY COMPANY Net interest income 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 (Euro mln) Net extraordinary income TOTAL DIVISION 2 49 521 570 -372 -165 -192 198 -2 164 159 65.3% 9 UPB + Subsidiaries 44 129 173 -112 -63 -47 61 40 39 64.9% 3 5 360 365 -191 -90 -95 174 104 100 52.4% 7 7 26 33 -56 -7 -45 -23 0 -20 n.s. 0 PGAM Group UniCredit Xelion Banca 1 7 8 -12 -5 -6 -4 -2 35 n.s. 48 Other Companies 1 1 Mainly companies deriving from the acquisition of ING and not integrated in UniCredit Xelion Banca 2 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

49. 49 PRIVATE & AM DIVISION: 2Q04 AND 1H04 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, % 2Q04/1Q04 % ch. 2Q04 286 -188 98 -11 65.7% 9 - 92 96 23 263 1H04 2Q04/2Q03 % ch. 1H04/1H03 % ch. +0.7 +1.6 -1.1 -62.7 +61bp n.s. +36.9 +39.5 -4.4 +1.2 +6.0 +5.9 +6.1 -62.7 -6 bp n.s. +49.3 +61.5 -1.1 +6.7 570 -372 198 -41 65.3% 9 -2 159 164 49 521 +11.2 +9.9 +13.7 -21.3 -77 bp -3.6 -79.6 +27.3 +35.2 +4.0 +12.0 (Euro mln - Data at fixed FX)

50. 50 3 Including Momentum 1 Balance due to roundings Italy New Europe (Euro mln) 89,095 2,577 TOTAL PIONEER Alternative Investments 3 119,436 2,449 255 247 2,118 1,123 US21,884352 International (ex-Italy) 3 5,8801,264 AuM as at 31.12.2003 US in USD27,639456 90,973 2,952 124,689 3,635 23,379 7,385 AuM as at 30.06.2004 1 28,417 AuM as at 31.08.2004 2 91,412 23,182 7,644 3,019 125,257 3,828 28,076 Net sales 1H04 PGAM GROUP: DEC03-AUG04 NET SALES AND AUM TREND 2 Provisional figures; balance due to Market Performance (including FX effect) 1,623 128 3,135 63 1,143 241 322 110 35 297 205 -66 218 -81 Net sales Jul-Aug04 Mkt. Perf. 1H04

51. 51 Credem + Euromob. 6,553Credem + Euromob. 1 Calculated on average PFAs 2 AUMs, Securities in Custody, Bancassurance and liquidity 3 Ranking taking into account only the 10 major Italian players by Total Financial Assets as at 30.6.2004 4 BNL Investimenti recently acquired by RasBank Source: Assoreti data as at 30.6.2004 Net Inflows: Euro 1,026 Mln, 1 st in Italy Data as at 30.6.2004 – Mln TOTAL NET INFLOWS 2 Xelion1,026 Mediolanum702 Azimut572 Banca Generali398 282 Fineco250 Credit Suisse162 Rasbank + BNL Inv.ti 4 125 Finanza & Futuro-132 Fideuram + SPI-452 Data as at 30.6.2004 2,175 PFAs, 5 th in Italy NUMBER OF PFAs Fideuram + SPI4,381 Mediolanum 4,093 4,055 Banca Generali2,366 Finanza & Futuro1,182 Azimut 1,109 Banca 121884 868 Tot. Fin. Assets: ~11.0 bn, 5 th in Italy Data as at 30.6.2004 – Mln TOTAL FINANCIAL ASSETS Fideuram + SPI58,110 Mediolanum20,425 Rasbank + BNL Inv.ti 4 18,795 Finanza & Futuro8,078 Azimut7,674 Credit Suisse7,020 Xelion10,957 13,914 Fineco6,104 Net Inflows per PFA 1 : 3 rd among Top- Players Data as at 30.6.2004 – Mln NET INFLOWS PER PFA 2 & 3 Azimut0.69 Xelion0.47 Credit Suisse0.51 Credem + Euromob.0.26 0.17 Banca Generali0.16 Finanza & Futuro0.11 0.03 Fideuram + SPI-0.10 Fineco0.16 EXCELLENT COMMERCIAL RESULTS FOR XELION IN 1H04: LEADERSHIP FOR TOTAL NET SALES (WITH A STRONG 24.4% MKT. SHARE) AND HIGH PRODUCTIVITY PER PFA Rasbank + BNL Inv.ti 4 Xelion2,175 Fineco1,576 Mediolanum Rasbank + BNL Inv.ti 4 Credem + Euromob. Banca Generali

52. 52 3.0% 1 2.2% 1 GOOD NET INCOME GROWTH IN 2Q BENEFITING FROM HIGHER REVENUES AND DECREASED COST OF RISK (Euro mln) 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 7.9% 1 41.9% 1 18.2% 1 22.8% 1 1 Weight of the bank Total Revenues in 2Q04 on Division Total Revenues – only UCI’s portion; balance due to UniLeasing Romania and Xelion Poland Net income for the Group Cost/Income ratio (%) NEW EUROPE DIVISION % ch. on 2Q03 -0.4 +2.5 +0.7 +2.1 -4.8 n.m. +16.9 -74.9 -61.9 +10.6 +0.8 pp 3.4% 1 BREAKDOWN OF REVENUES ITAS 2Q04 270 161 431 -238 193 -30 -7 138 -2 -16 94 55.2 % ch. on 1Q04 +1.5 +3.2 +2.1 +5.3 -1.5 -10.9 n.m. +14.0 n.m. -62.8 +11.9 +1.6 pp 1H04 536 317 853 -464 389 -65 -4 259 -2 -59 178 54.4 y/y % ch. +1.1 +12.4 +5.0 +2.7 +8.1 -10.5 n.m. +17.7 -37.2 -29.8 +16.3 -1.3 pp

53. 53 IMPROVED ASSET QUALITY IN ALL NEW EUROPE BANKS INCREASED COVERAGE RATIOS Net NPLs and Doubtful Loans as % of Total Net Loans 81.8 Mar04 Jun04 83.2 66.0 68.5 Coverage ratios On Gross Doubtful Loans On Gross NPLs Net NPL/ Loans % Jun04 Total NE -0.7 2.9 ch. on Mar04 (pp) Net Doubtful/ Loans % Jun04 ch. on Mar04 (pp) 7.0-0.3 At unchanged FX Zaba -0.4 1.94.4 -0.2 Unibanka -0.7 3.46.3 -0.2 Pekao -1.1 4.310.1 -0.4 Bulbank 0.2 -0.1 1.8 0.0 KFS -0.7 2.85.7 -0.4 Good improvement in Coverage ratios Cost of risk 1 -15 bp (bp, annualised) 117 102 1H04FY03 1 Calculated as Net Loan Loss Provisions on Net Customer Loans at period-end, 1H04 data annualised Zivno 0.7 -0.5 3.4 -0.1 Decreasing Net Doubtful/Net Loans and Net NPL/Net Loans ratios in all NE banks Total provisions on Performing Loans to 200 mln (+7.1% on Mar04) with an increase in the coverage ratio (+5 bp to 1.66%) Decreased gross other Doubtful 2 (-13.4% on Mar04) driven by Pekao ITAS 2 Total Doubtful – NPL, of which approx. 95% are watchlist

54. 54 Interest margin (incl. div.) Net non interest income Total revenues Operating costs (incl. dep.) Net operating income Net income ROE Cost/income TOTAL 1 536 317 853 -464 389 259 19.1% 54.4% Net provisions -67 1 Balance due to roundings and other small companies (Euro mln) (UCI stake) Net income 3 (UCI’s portion) 178 - of which: Staff costs -233 - of which: Other costs -168 NEW EUROPE DIVISION: 1H04 RESULTS BREAKDOWN BY BANK - o/w: Net write-down of loans -65 UNI BANKA (77.2%) 12 10 23 -16 7 5 13.7% 68.3% -2 4 -7 -6 -2 BULBANK (85.2%) 30 19 49 -17 32 19.9% 34.6% -2 25 21 -7 -2 Group PEKAO (53.0%) 251 210 461 -250 211 21.0% 54.3% 144 -40 79 -125 -91 -35 130 43 172 -102 70 50 16.6% 59.2% -7 41 Group ZABA (81.9%) -55 -33 -11 6 6 12 -9 3 1 4.3% 75.5% -4 -2 1 89 21 110 -48 62 32 23.5% 43.5% -23 -19 -13 32 KFS 2 (50.0%) -12 2 Consolidated with proportional method (50%) 14 7 21 -19 2 +4 8.8% 88.6% -9 -7 +0 +4 Zivno (96.5%) +0 UniCredit Romania (99.9%) ITAS Banks’ data gross of consolidation adjustment 3 Net of consolidation adjustment

55. 55 CONSOLIDATED INCOME STATEMENT: PEKAO 3 Including provisions to reserve for general banking risk 1 Including dividends 2 Including depreciations 4 At unchanged FX (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 5 % ch. 4 on 2Q03 2Q04 127 107 235 -126 109 -14 -6 80 -4 -3 45 % ch. on 1Q04 4 +3.0 +4.5 +3.7 +1.6 +6.9 -32.0 n.m. +25.9 n.m. -81.1 +31.5 -1.7 +22.1 +7.9 -0.2 +19.8 +20.7 n.m. +41.0 n.m. -84.3 +48.9 ITAS Data gross of consolidation adjustment 1H04 251 210 461 -250 211 -35 -5 144 -5 -22 79 y/y % ch. 4 -7.2 +18.4 +2.9 -1.1 +8.1 -31.9 n.m. +27.1 n.m. -51.2 +30.2 5 Net of consolidation adjustment

56. 56 3 Including provisions to reserve for general banking risk 1 Including dividends 2 Including depreciations 4 At unchanged FX CONSOLIDATED INCOME STATEMENT: ZAGREBACKA ITAS (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 2Q03 2Q04 66 17 83 -54 28 -5 -2 20 +4 -6 16 % ch. on 1Q04 4 +3.3 -34.9 -7.7 +14.3 -32.7 -25.3 n.m. -33.2 n.m. -22.6 -33.2 -1.7 -45.4 -15.5 +2.7 -37.0 -56.6 n.m. -28.2 n.m. +23.8 -28.9 1H04 130 43 172 -102 70 -11 50 +4 -13 41 y/y % ch. 4 +6.4 -13.7 +0.5 +4.9 -5.1 +23.4 n.m. -6.5 n.m. +1.2 -5.9 Data gross of consolidation adjustment (excluding Net Income for the Group that is net)