1. INVESTOR RELATIONS CR FIRENZE GROUP Merrill Lynch European Midcap Financial Conference London, 12 December 2001 Lino Moscatelli Chief Executive Officer

2. INVESTOR RELATIONS 2 REGIONAL PRESENCE & MARKET SHARE Strong regional presence (413 branches at 30.09.01) High market share Tuscany market share* by deposit 15.1% by branches 14.3% 800,000 customers Overs 60,000 on-line customers Euro 24.8 bln total deposits Euro 11.2 bln customer loans** Net NPL ratio 1.7% 2001 1H ROE 10.5% * As at 30 June 2001 ** As at 30 September 2001

3. INVESTOR RELATIONS 3 NETWORK Full range product portfolio SERVICE COMPANIES FINDOMESTIC BANCA CENTROVITA CR Firenze GESTION Int.l ARVAL ITALIA CENTRO LEASING CENTRO FACTORING EPTACONSORS Infogroup Data Centro Centro Telemarketing CFT Finanziaria City Life Perseo Finance Pro. Du. Ser C.R. PISTOIA e PESCIA C.R. ORVIETO C.R. CIVITAVECCHIA C.R. MIRANDOLA 269 63 33 25 23 C.R. FIRENZE Total n. of branches 413 PRODUCT COMPANIES

4. INVESTOR RELATIONS 4 CR Firenze Foundation Market Others BNP Paribas Sanpaolo IMI C. R. FIRENZE Spa No. of shares 1,086,236,393 No. of floating shares 290,000,000 Shareholders agreement CR Firenze Foundation22% Sanpaolo IMI 15% BNP Paribas 7% Capital structureShareholders pie

5. INVESTOR RELATIONS 5 RELATIVE SHARE PRICE PERFORMANCE As at 15 Nov. 2001 - Source : Datastream Since its IPO, CR Firenze has been one of the best performers amongst the Italian Financial Institutions CR Firenze Comparables Index Italian Banking Index

6. INVESTOR RELATIONS 6 STOCK TRADING AT DISCOUNT *Source : Prometeia Calcolo and CRF**Source : Reuter C.R. Firenze B. Pop. Bergamo B. Pop. Verona MPS B. Lombarda B. Pop. Novara B. Pop. Milano BPCI B. Pop. Lodi Banca Carige B. Pop. Em. Romagna B. Pop. Sondrio 2001E ROE* P/BVS** As at 28 Sept.2001 - Data average as axis origination High ROE Low P/BVS Low ROE High P/BVS High ROE High P/BVS Low ROE Low P/BVS UNDERVALUED

7. INVESTOR RELATIONS 7 VALUE CREATION K = DPS/EPS DPS EPS Euro Public status strengthened the commitment to improve profitability (EPS) and increase the DPS ratio. Higher pay-out ratio (DPS grew more than EPS).

8. INVESTOR RELATIONS 8 CUSTOMER BASE Segmentation & specialized distribution Integrated Multichannel Bank : home banking, GSM, call center, B2B website together with a personal approach reserved for high-net worth customers. ACTION PLAN Product s streamlining Centralized marketing Innovation One 2 One marketing Dedicated channels Innovation Packaging Multichanneling Offer development Advisory services Multichanneling CHANNELS & TOOLS Corporate Retail Affluent / Private Bkg. Small Business 85% 15% 87% 13% 90% 10%

9. INVESTOR RELATIONS 9 AUM - High quality proprietary funds & Multibranding Total AUM* Euro 7.49 bn GP + GPF 31.1% Mutual Fund 47.9% Insurance Prod. 21.0% Portfolio Managers nr. 1,060 *As at 30 September 2001 GP + GPF (Discretional accs./Mutual Funds discretional accs.) MUTUAL FUNDS INSURANCE PRODUCTS 1 Manager / 1,000 customers 1 Manager / 200 customers 1 Manager / 150 customers 1 Manager / 65 customers Retail Affluent Small. Buss. Corporate.

10. INVESTOR RELATIONS 10 C.R. FIRENZE GESTION INTERNATIONALE S.A. ** Source : Assogestioni Since April 2001 Luxembourg based Umbrella Fund 35 sub-funds GIOTTO LUX FUND * Stock value at market price CR FIRENZE SANPAOLO IMI The proprietary mutual fund factory Euro mn 2001 Net inflows** Profitable shift from Eptafund to Giotto Lux 25.6

11. INVESTOR RELATIONS 11 AUM INFLOWS Target track 31 Dec. Stock + net inflows +11 % TARGET 2001 + 22% +15 % Stock at market value Euro mn Increasing the Business Mix will be a solid starting point when the equity market recovers. Market deterioration keeps the total stock value under pressure 8,045 Net inflows were on track at 30 June Slightly below the target trend line at 30 September

12. INVESTOR RELATIONS 12 Arval Service LeaseItalia - Vehicle lease CentrovitaAssicurazioni - Insurance FindomesticBanca - Consumer credit Centro Factoring - Factoring Centro Leasing - Leasing Eptaconsors - Asset management STRATEGIC INVESTMENTS *Group - 31 Dec. 2000 Consolidated net profit Profit of companies at equity Return on shareholdings Remarkable return on shareholdings

13. INVESTOR RELATIONS 13 FINDOMESTIC BANCA - Shareholders structure C.R. Firenze Group Cetelem BNP Paribas Group Banco Sardegna Sept. 1984 June 2001 - Shareholders agreement between C.R. Firenze and Cetelem S.A. in order to exercise joint control over the Company Sept. 2001 - B. di Sardegna resolved to accept the offer from C. R. Firenze and Cetelem.