PRESENTATION toPRESENTATION to

US investorsUS investorsOctober 2002October 2002

2

Investor Relations*As at March 31, 2002 - Other figures as at June 30, 2002, Findomestic excluded

Group network: 417 branches

Market share*:

Tuscany, by loans 12.4% - by funding 15.5%

Italy, by loans 1.2% - by funding 1.1%

900,000 customers

Euro 26.2 bn total funding

Euro 12.1 bn customer loans

2001 ROE : 11.3% (13.7% adj)

50% share capital of FINDOMESTIC Banca (Italian consumer credit leader)

Strong regional presence & national leadership in consumer credit

BANCA CR FIRENZE Group - HighlightsBANCA CR FIRENZE Group - Highlights

3

Investor Relations

GROUP HISTORYGROUP HISTORY

Banca CR Firenze turning point

2000 - New Board and top management

2000 - The bank goes public: I.P.O.

2001 - Stake in Findomestic is increased to 50%

1829 - The bank is founded in Florence 1970 / 1985 -

1992 & 1997 - Incorporation as joint-stock company and Group constitution

1999 - The Foundation reduces its stake in favour of two new partners: Sanpaolo IMI e BNP Paribas

The shareholding portfolio takes shape

4

Investor RelationsAs at Sept. 23, 2002 - Source : Datastream

Banca CR Firenze

Banking Index

MIDEX Index

2002

SHARE PRICE PERFORMANCESHARE PRICE PERFORMANCE

Since the IPO CR Firenze has been one of the best performers among the Italian financial institutions

J F M A M J J A S O N D J F M A M J J A S40

50

60

70

80

90

100

110

120

5

Investor RelationsInstitutional investors - Fidelity - official, all others - estimates

Since the IPO the floating shares increased from 25% to 27% of the share capital

Important partners & leading institutional investors

SHAREHOLDER STRUCTURESHAREHOLDER STRUCTURE

CR Firenze Foundation

Altro

Others

Fidelity Invest.Others

BNP Paribas

Sanpaolo IMI

19.5%

41.8%

27.1%

7.0% 4.7%5.5%

Shareholders' Agreemnt

44%

BNP Paribas7%

Sanpaolo IMI15%

Ente CR Firenze22%

Agreement among the three main shareholders (44% of the share capital)

6

Investor Relations

Infogroup Datacentro

Centro

Telemktg.Citylife

PerseoFinance

Pro.Du.Ser.

CR PISTOIA

e PESCIACR ORVIETO CR MIRANDOLA

CR

CIVITAVECCHIA

FindomesticLiberamente

Network

Product Companies Service Companies

Consumer Credit Financial Planners

BANCA CR FIRENZE(Parent Company)

Specialized units by Sanpaolo IMI and BNP Paribas

Eptaconsors

Centrovita

Centro

Leasing

Centro

Factoring

Cerit

CR Firenze

Gest. Int.le

100.0%

51.0%

51.0% 51.0%73.6% 60.9%

80.0%

50.0%

41.0% 46.0%

22.2%

Arval

Italia22.5% 100.0% 100.0%

37.5%50.0%

60.0% 47.8%

XX% - Consolidated stake

THE GROUP STRUCTURETHE GROUP STRUCTURE

7

Investor Relations

Commercial banking

Lending

Asset management

Strategic investments

Consumer credit

As at June 30, 2002

Contribution to net income

Consumer credit26%

Service companies

2%

Commercial Banking

59%

Product companies

13%

BUSINESS MODELBUSINESS MODEL

High diversification of income sources

8

Investor Relations

5,000

Private Customers 800,000

75,000 500,000

82% 17.5% 0.5%

Mo

nth

ly i

nco

me

- E

ur o

Assets - Euro

Mass market

Affluent

Private Bkg.

Group - As at June 30, 2002

SMALLBUSINESS

CORPORATE

Top1%

Big6%

Mid-size9%

Small 20%

Micro64%

> 25

> 2.5

> 1

> 0.25A

nn

ual

sal

es -

Eu

r o m

n

Companies100,000

CUSTOMER SEGMENTATIONCUSTOMER SEGMENTATION

9

Investor Relations

9.7

1.6

9.6

2

9.9

2.2

2000 PF 2001 PF 1H 2002

Customer loans

11% 12%

5% 6%

31%35%

2%

38%

6%

54%

Companies*

Financialcompanies

Other

Public bodies

FindomesticBanks

Eu

ro b

n

CUSTOMER LENDINGCUSTOMER LENDING

Growth coupled with diversification

*Non-financial and family companies, Findomestic excluded

10

Investor Relations

Net NPLs ratio Coverage ratio

2.20%1.65%

1.13%

1.70%

48%52% 53.60% 54.4%

2000 2001 1Q 2002 1H 2002

5 – Excellent 33.9% 37.7% +3.8

4 – Good 21.0% 21.0% ----

3 – Acceptable 19.1 % 20.4% +1.3

2 – Risky 23.7% 18.7% -5.0

1 – Critical 2.3% 2.5% +0.2

1H 2001 1H 2002Loans by rating

+ 510 bp78.8%

ASSET QUALITYASSET QUALITY

The Internal Rating System proved to be effective ...

… in monitoring credit quality

Group

11

Investor Relations

2000/2001 - Offer restructuring

2001 - CR FIRENZE Gestion International,80% owned mutual fund factory (JV with Sanpaolo IMI)

2001 - Strong commitment to improve AUM Net inflows +20% Market share increased by 2.3% in Tuscany

1,353

1,8402,013

2Q 2001 Dec. 2001 1H 2002Euro mln

Ass

ets

man

aged

Equity funds22.0%

Bond funds75.0%

Balanced funds3.0%

Mutual fund portfolio composition

ASSET MANAGEMENTASSET MANAGEMENT

2002 - Net inflows still positive AUM / Indirect funding ratio at 56.5% Ready to switch to equity portfolios

as the market recovers

12

Investor Relations

Return on strategic shareholdings

*Group - As at June 30, 2002

Consumer Credit

Leasing

Asset Management

Factoring

Insurance

18%

21%

14% 14%

1999 2000 2001 1H 02**

Net equity dedicated to strategic shareholdings*

31%

**Estimated annual rate of return

16.5%

7%

4%2%

1.5%

STRATEGIC INVESTMENTSTRATEGIC INVESTMENT

Capital has been allocated to companies which have developed as market leaders

13

Investor Relations

357

204

349

203

360

219

184

114

0

200

400

Eu

ro m

ln

1999 2000 2001 1H 2002

65.8%67.0%

68.2%67.5%

Cost / Income ratio

Personnel expenses

Other expenses

1H 2002 figures are not fully comparables because changes in the scope of consolidation

Strong commitment to reduce the present level

COST / INCOMECOST / INCOME

14

Investor Relations

CONSOLIDATED 2002 INTERIM RESULTSCONSOLIDATED 2002 INTERIM RESULTS

Euro millions

NET INTEREST INCOME

Non-interest income

Equity subsidiaries

TOTAL INCOME

OPERATING INCOME

NET INCOME

Total costs*

Personnel expenses

1H 2001 pf

273.3

171.1

20.1

464.5

142.3

43.4

322.2

186.5

1H 2002

293.1

161.1

24.0

478.2

149.5

46.1

328.7

184.4

Change

7.3%

- 5.8%

19.4%

3.0%

5.0%

6.3%

2.0%

-1.2%

* Goodwill amortization excluded