INVESTOR RELATIONS

BANCA CR FIRENZE GROUP

March 2002 - U.S.A.

2

INVESTOR RELATIONS

REGIONAL PRESENCE & MARKET SHARE

Strong regional presence (416 branches at 31.12.01)

High market share

Tuscany market share* by deposit 15.6% by loans 12.7%

900,000 customers

Over 60,000 on-line customers

Euro 24.8 bln total deposits

Euro 11.2 bln customer loans

Net NPL ratio 1.7%

2001E ROE 11%

*As at Sept. 30, 2001

3

INVESTOR RELATIONS

C. R. FIRENZE Spa - Shareholders’ structure

19%

6%

7%

26%

42%

CR Firenze Foundation

Market

Others

BNP Paribas Sanpaolo

IMI

No. of shares 1,086,236,393

No. of floating shares 290,000,000

Shareholders agreement

CR Firenze Foundation 22%

Sanpaolo IMI 15%

BNP Paribas 7%

44%

4

INVESTOR RELATIONS

Network

C. R. FIRENZEC. R. PISTOIA e PESCIA

C. R. ORVIETO

C. R. CIVITAVECCHIA

C. R. MIRANDOLA

271

63

33

25

24

Total number of branches 416

* As at 30 September 2001

Full range product portfolio

Infogroup

Data Centro

Centro TelemarkentingCitylife

Perseo Finance

Pro. Du. Ser.

CFT Finanziaria

RETAIL BANKINGPRODUCT COMPANIES SERVICE COMPANIES

LIBERAMENTE NETWORK

6

FINDOMESTIC BANCA 96

Centro Leasing

Centro Factoring

Centrovita

CR Firenze Gestion Intl.

Eptaconsors

Arval Italia

CERIT

5

INVESTOR RELATIONS

CREATION of SHAREHOLDER VALUE

2.00%

7.00%

12.00%

17.00%

4.00% 7.00% 10.00%

B. Lombarda

B. Pop. Bergamo

BPCI

B. Pop. Em. Romagna B. Pop. Milano

MPS

B. Pop. Verona

Banca Carige

C.R. Firenze

B. Pop. Sondrio

B. Pop. Lodi

2001

E R

OE

2001E Cost of Capital

B. Pop. Novara

Source : Prometeia Calcolo Oct.30, 2001 - C.R. Firenze ROE : Internal forecast

Banca CR Firenze creates value :

ROE 2001E : 11%

Cost of Capital 2001E = 7%

ROE = Cost of Capital

6

INVESTOR RELATIONS

STOCK TRADING AT DISCOUNT

*BVS & ROE : Prometeia Calcolo - C.R. Firenze 2001E ROE : Internal forecast - Prices : 1 Aug. 01 / 31 Jan. 02 average Data average as axis origination

0

1

2

3

-4.00% 4.00% 12.00% 20.00%

C.R. Firenze

B. Pop. Bergamo

B. Pop. Verona

MPS

B. Lombarda

B. Pop. Novara

B. Pop. MilanoBPCI

B. Pop. Lodi

Banca Carige

B. Pop. Em. Romagna

B. Pop. Sondrio

2001E ROE*

P/B

VS

*

High ROELow P/BVS

Low ROEHigh P/BVS

High ROEHigh P/BVS

Low ROELow P/BVS

UNDERVALUED

7

INVESTOR RELATIONS

RELATIVE SHARE PRICE PERFORMANCE

* See back-up slidesAs at Feb.16, 2002 - Source : Datastream

Since its IPO CR Firenze has been one of the best performers amongst the Italian Financial Institutions

Banca CR Firenze

Comparables Index*

Italian Banking Index

J A S O N D J F M A M J J A S O N D J F50

60

70

80

90

100

110

120

2001 2002

8

INVESTOR RELATIONS

VALUE CREATION

0.062

0.031

0.065

0.036

0.089

0.052

1998 1999 2000

49.6%

55.8%58.0% K = DPS/EPS

DPSEPS

Eu

r

Public status strengthened the commitment to improve profitability (EPS) and increase the DPS ratio.

Higher pay-out ratio (DPS grew more than EPS).

Group

9

INVESTOR RELATIONS

~12

~12

CUSTOMER LOANS EFFICIENCY

5.7%

2.2% 2.0%

2.7%

34.5%

41.8%

48.2%53.0%

0.0%

7.0%

1998 1999 2000 2001E0.0%

65.0%Steady growth coupled with improving quality

7.1

7.6

9.5

>11

0

12

1998 1999 2000 2001E

Eu

ro b

n

Customer loans

Net NPL ratio Coverage ratio

77% 23%

73% 27%

67% 33%

0% 100%

1999

2000

2001E

With mortgage lien Without mortgage lien

10

INVESTOR RELATIONS

INTERNAL RATING SYSTEM

73.5%

70.0%

5,858

2,480

7,000

2,522

0

7500

Sept. 2000 Sept. 2001*

Eu

ro b

ln

5 – 4 – 3 rating 2 – 1 - NPL rating

5 – 4 – 3 rating as % of total loans

5 – Excellent 34.25%

Loans by rating

4 – Good 20.05%

3 – Acceptable 19.20 %

2 – Risky 22.60%

1 – Critical 2.20%

NP Loans 1.70%

The Internal Rating System proved to be effective and reliable

*CRF Group, Findomestic excluded

11

INVESTOR RELATIONS

357.2

203.8

348.5

203

349.5

218.5

100

300

Eu

ro m

n

1999 2000 2001E

COST / INCOME

Strong commitment to reduce this level although Group consolidation makes this possible on a medium term basis only

66.8%

70.5% 70.3%

69.2%

68.2%68.2%

67.5%

65.8%

9.5

C / I ratio, exceptionals excluded

Personnel expenses

Exceptionals

Other expenses

C / I ratio, recovered expenses excluded

Cost / Income ratio

12

INVESTOR RELATIONS

CUSTOMER BASE Segmentation & specialized distribution

Integrated Multichannel Bank with a personal approach reserved for customers with a high-net worth.

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

81%

19%

83%

17%

89%

11%

13

INVESTOR RELATIONS

AUM - High quality proprietary funds & Multibranding

Total AUM* > Euro 7 bn

GP + GPF 34.%Mutual Fund 46.%Insurance Prod. 20%

Portfolio Managers nr. 1,150

*FY 2001E

GP + GPF

(Discretional accs./Mutual Funds discretional accs.)

MUTUAL FUNDS

INSURANCEPRODUCTS

1 Manager / 1,250 customers

1 Manager / 200 customers

1 Manager / 200 customers

1 Manager / 65 customers

Retail

AffluentSmall. Buss.

Corporate.

14

INVESTOR RELATIONS

The proprietary mutual fund factoryC.R. FIRENZE GESTION INTERNATIONALE S.A.

Source : Assogestioni

GIOTTO LUX FUNDSince April 2001Luxembourg based Umbrella Fund

35 sub-funds E

uro

mn

Net inflows 200141.5

597.2

728.6

277.2

88.5

-125.8

25.5 12.4

230.8104.6

1,980

-400

0

400

800

1200

1600

2000

Apr. May June July Aug. Sept Oct Nov Dec Gen. Total

Progressive shift of funds to Giotto Lux:

15

INVESTOR RELATIONS

AUM NET INFLOWS

Net inflows were on track at 30 June.

Slightly below the target at 31 December.

TARGET 2001 + 22 %

NET INFLOWS + 20 %

8,500

7,000

Dec. 2000 June 2001 Dec. 2001E

Eu

ro m

n7,770

8,420

8,160

MKT VALUE + 16.6 %

Increasing the Business Mix will be a solid starting point when the equity market recovers.

Market deterioration keeps the total stock value under pressure

16

INVESTOR RELATIONS

22%

78%

Arval Service Lease Italia - Vehicle leasingCentrovita Assicurazioni - InsuranceFindomestic Banca - Consumer credit

Centro Factoring - FactoringCentro Leasing - LeasingEptaconsors - Asset management

STRATEGIC INVESTMENTS

*Group as at Sept. 30, 2001

138.5

24.9

188.8

39.1

198.5

38.8

0

250

Eu

ro m

n

1999 2000 3Q 2001

18.0%20.7%

19.5%

Shareholdings book value

Shareholdings profit

Return on main shareholdings

Shareholdings at book value*... … and their return

198.5

38.8

INVESTOR RELATIONS

March 2002 - U.S.A.

18

INVESTOR RELATIONS

FINDOMESTIC BANCA - Shareholders’ structure

22%

43%35%

C.R. Firenze Group

CetelemBNP Paribas

Group

Banco Sardegna

15% 7%

43%35%

50%

50%

Sept. 1984 - The beginning of the JV with Cetelem S.A. and Banco di Sardegna

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.

INVESTOR RELATIONSA shareholding of CR Firenze Group

19

Widespread distribution High market penetration*

Market share:

by transactions 27.8%

by volume 12.2%

2000 ROE : >18%

3,600,000 customer database

96 Customer Service Centers

Over 65,000 affiliated stores

1,500 employees

S & P rating : ST A2 LT A-

Trentino Alto Adige

Friuli V. Giulia

Veneto

Emilia Romagna

Marche

UmbriaAbruzzo

Molise

Puglia

BasilicataCalabria

Sicilia

SardegnaCampania

Lazio

Toscana

Liguria

Piemonte

Valle d’Aosta

Lombardia

FINDOMESTIC Banca INVESTOR RELATIONS

FINDOMESTIC Banca

* As at Dec. 31, 2000

20

INVESTOR RELATIONS

FINDOMESTIC EURO ZONE

Consolidation in the core area and investments in unserviced markets