INVESTOR RELATIONS

CR FIRENZE GROUP

Merrill LynchEuropean Midcap Financial Conference

London, 12 December 2001

Lino MoscatelliChief Executive Officer

2

INVESTOR RELATIONS

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

NETWORK

Full range product portfolio

SERVICE COMPANIES

FINDOMESTIC BANCAFINDOMESTIC BANCA

CENTROVITACENTROVITA

CR Firenze GESTION Int.lCR Firenze GESTION Int.l

ARVAL ITALIAARVAL ITALIA

CENTRO LEASINGCENTRO LEASING

CENTRO FACTORINGCENTRO FACTORING

EPTACONSORSEPTACONSORS

InfogroupInfogroup

Data CentroData Centro

Centro TelemarketingCentro Telemarketing

CFT FinanziariaCFT Finanziaria

City LifeCity Life

Perseo FinancePerseo Finance

Pro. Du. SerPro. Du. Ser

C.R. PISTOIA e PESCIA C.R. PISTOIA e PESCIA

C.R. ORVIETOC.R. ORVIETO

C.R. CIVITAVECCHIAC.R. CIVITAVECCHIA

C.R. MIRANDOLAC.R. MIRANDOLA

269269

6363

3333

2525

2323

C.R. FIRENZEC.R. FIRENZE

Total n. of branchesTotal n. of branches 413413

PRODUCT COMPANIES

4

INVESTOR RELATIONS

19%

6%

7%

26%

42%

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 Foundation 22%

Sanpaolo IMI 15%

BNP Paribas 7%

Capital structure Shareholders’ pie

5

INVESTOR RELATIONS

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

J A S O N D J F M A M J J A S O N50

60

70

80

90

100

110

120

CR Firenze

Comparables Index

Italian Banking Index

6

INVESTOR RELATIONS

STOCK TRADING AT DISCOUNT

*Source : Prometeia Calcolo and CRF **Source : Reuter

0

1

2

3

0.00% 10.00% 20.00%

C.R. FirenzeB. 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/B

VS

**

As at 28 Sept.2001 - Data average as axis origination

High ROELow P/BVS

Low ROEHigh P/BVS

High ROEHigh P/BVS

Low ROELow P/BVS

UNDERVALUED

7

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

ro

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

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

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

INSURANCEPRODUCTS

1 Manager / 1,000 customers

1 Manager / 200 customers

1 Manager / 150 customers

1 Manager / 65 customers

Retail

AffluentSmall. Buss.

Corporate.

10

INVESTOR RELATIONS

C.R. FIRENZE GESTION INTERNATIONALE S.A.

** Source : Assogestioni

Since April 2001Luxembourg based Umbrella Fund

35 sub-funds

GIOTTO LUX FUND

* Stock value at market price

20%

80%CR FIRENZE

SANPAOLO IMI

The proprietary mutual fund factory

(1,170.0)

41.7

597.2728.6

277.288.5

(125.8)

1,552*

(1,600.0)

0.0

1,600.0

EPTAFUND

Apr.M

ayJu

neJu

lyAug

Sept.

Oct

.

Eu

ro m

n

20

01

Ne

t in

flo

ws

**

Profitable shift from Eptafund to Giotto Lux

25.6

11

INVESTOR RELATIONS

AUM INFLOWS

Target track 31 Dec. Stock + net inflows

8,500

7,770

7,000

31/12/2000 30/03/2001 30/06/2001 30/09/2001 31/12/2001

+11 %

TARGET 2001

+ 22%

+15 %

Stock at market value

Eu

ro m

n

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 lineat 30 September

12

INVESTOR RELATIONS

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

Centro Factoring - FactoringCentro Leasing - LeasingEptaconsors - Asset management

STRATEGIC INVESTMENTS

*Group - 31 Dec. 2000

62.4

11.9

68.9

25.8

94.6

38.9

0

130

Eu

ro m

n

1998 1999 2000

20.60%

18.60%

8.30%

Consolidated net profit

Profit of companies at equity

Return on shareholdings

Remarkable return on shareholdings

Shareholdings at book value*

22%

78%

13

INVESTOR RELATIONS

FINDOMESTIC BANCA - Shareholders’ structure

35% 43%

22%

C.R. Firenze Group

Cetelem

BNP Paribas Group

Banco Sardegna

15% 7%

43%35%

50%50%

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.