Milan, November 15th 2001

UNICREDITO ITALIANO

CONSOLIDATED RESULTS AS AT 30 SEPTEMBER 2001

2

UCI MAJOR STRENGHTS

Good revenue generation (Tot. Revenues: +2.6% on Sep00) thanks to a prompt reaction to adverse market conditions

Integrated model of production, risk management and distribution supports the launch of new capital protected products (extremely interesting in the current financial scenario)

Efficiency at excellence level despite important investments Cost/Income: 53.2%)

Capability to improve market shares in high value-added businesses (mutual funds in Italy and US, bancassurance)

3

377°

GOOD REVENUE GROWTH (+2.6%), AVERAGE 2001 QUARTERLY NET INCOME UP 5.7% (on 2000 average) NET OF GOODWILL AMORTISATION

TOTAL REVENUES OPERATING INCOME

Sep00

(Euro mln)

AverageQ00

7,047 7,233+3.5%

NET INCOME

No impact of “Ciampi Law” (in case of cancellation of

fiscal benefits)

2,411

Sep01

2,329

AverageQ01

Sep00 Average Q00

3,591 3,387 -1.1%

1,129

Sep01

1,141

AverageQ01

-5.7%

Sep00 Average Q00

1,3401,113

+5.7%

371

Sep01 Average Q01

-16.9%

403* 426*

*Excl. goodwill amortisation related to the Group°Excl. provisioning of fiscal benefits of “Ciampi Law” related to year 98-99

-1.6%

+2.6%

4

CONSOLIDATED INCOME STATEMENT (as at 30 September 2001)

(Euro mln)Sep00 % Ch.

-16.9

3,516

3,531

7,047

497

164

+5.4

-0.1

+2.6

1,340

+16.5

-25.6

3,456 +11.3

3,591 -5.7

204 +12.3

49.0

41.0

61 +214.8

24.6

Sep01

53.2

41.9

3,722

3,511

7,233

3,387

579

122

1,113

229

192

18.4

3,846

Net extraordinary income

Interest margin (incl. dividends)

Net non interest income

Total revenues

Operating income

Cost/Income, %

Tax rate, %

Net loan loss provisions

Administrative costs (incl. depr.)

Net income

Other net provisions

Goodwill depr.

ROE, %

5

Sep00

3.531

2.548

522446

7,047

Sep01

3.722

2.356

674481

7,233

Net Commissions

Trading IncomeOther Income

+5.4%

-7.5%

+7.8%

+29.1%

+2.6% Good contribution of Italian Banking (+12.1%) and New Europe Banking (+7.5%) partially reduced by cost of equity investments financing

Net non interest income down 0.1% on Sep00 due to positive trend in other income and trading profits that compensates the decline in net commissions

(Euro mln)

DIVERSIFIED SOURCES OF REVENUES ALLOWED THE GROUP TO ACHIEVE A 2.6% REVENUE GROWTH (on Sep00) DESPITE THE DECLINE IN NET COMMISSIONS

TOTAL REVENUES BREAKDOWN

Net Interest Income

6

Sep00 Sep01 % Ch.

1,240

1,093

147

260

856

2,356

1,321

1,200

121

414

812

2,547

-6.1

-8.9

-37.2

+5.4

+21.5

-7.5

Negative impact on securities in custody revenues (-37.2%) due to significant reduction in customer portfolio turnover

Limited impact of financial turmoil on asset management commissions (-6.1%)

Further increase in commissions from insurance products ( up 21.5% on Sep00)

Significant increase of commissions from cash management services and loans granted (+5.1% on Sep00)

NET COMMISSIONS

Asset management

Securities in custody

Total

Insurance products

Mutual funds +Segregated accounts

(Euro mln)

Other services

ADVERSE FINANCIAL SCENARIO HAD A LIMITED IMPACT ON TOTAL COMMISSIONS (-7.5%)

7

Total Group Insurance Portfolio as at Sep01: Euro 11,043 mln, +19.6% yoy, of which:

Euro 7,140 mln unit-linkedEuro 3,903 mln other policies

UCI CONFIRMS ITS EXCELLENT DISTRIBUTION CAPABILITIES OF MUTUAL FUNDS AND BANCASSURANCE PRODUCTS IN ITALY...

MUTUAL FUNDS: INCREASE OF MKT. SHARE ON STOCK IN ITALY FROM13.33% (DEC 00) TO 13.47% (OCT 01)

San Paolo - IMI

MPS 820

-2,977Industry

1,382Mediolanum

344

-4,933IntesaBci

-1,479Bipop

896UCI

2001 Cumulated Net Flows (Jan-Oct 2001)

(Euro mln)

Total New Premiums in unit-linked : Euro 2,954 mln

Annual/Single Premiums Ratio: 5.9%

Total New Premiums as at Sep01: Euro 2,978 mln, +17.2% yoy, of which:

Euro 2,813 mln Single Premiums

Euro 165 mln Annual Premiums

LIFE INSURANCE: 12.6% MKT. SHAREON NEW PREMIUMS

(LEADERSHIP IN ITALY)

8

Assets under Management: sold by Pioneer through third party distributors

... AND SHOWS BRILLIANT RESULTS IN ALL FOREIGN COUNTRIES WHERE IT OPERATES

Leadership in the institutional segment thanks to a strong contribution from pension products marketed to institutional customers (pension funds as at 30.09: +17.2% vs 31.12.2000)

Increased market share in USA: from 1.27% as at Dec00 to 1.29% as at end of September 2001

(2) Including FX effect

TOTAL

New Europe

International

(Euro mln)

USA

Italy

31 Oct.2001

2000(1) Inv.Perf.(2)

Institutional

Net Sales

21,209

2,290

614

4,561

28,674

+900

+538

+107

+777

+2,322

19,449

2,483

681

5,494

28,107

-2,660

-345

-40

+156

-2,889

(1) Based on official BCE FX as at 29.12.2000

9

IN ADVERSE MARKET CONDITIONS UCI SUCCESSFULLY FOCUSED ON HIGH VALUE CAPITAL GUARANTEED PRODUCTS

CAPITAL GUARANTEED PRODUCTS: EURO 4.87 blnCUMULATED INFLOWS AS AT 31.10.2001

260200

400

600

800

1,000

(Euro mln)

0 208

774

298

197 236

214 172

MAY 2001

JUNE 2001

JULY 2001

AUG. 2001

SEPT. 2001

Segregated Accounts

Unit Linked

MAR 2001

465 381

251

16

Fund Indexed Notes

1,200

1,400

OCT. 2001

991

407

PRODUCT RANGE:

Base 108

Valore Più

Cap. Premium

Linea Protetta

UniStar

Spinnaker

All Banks

10

INCOME FROM FINANCIAL TRANSACTIONS(Euro mln)

UBM (excl. TL)

TradingLab

Italian Banking

+12.2%

+35.7%New Europe

+121.9%

* Balance due to other Group companies

+29.1% Cautious risk management:

average daily VaR as at Sep01 of Euro 3.4 mln for UBM and Euro 3.0 mln for Tradinglab

Increasing impact of CorporateLab, accounting for approx. 279 Euro mln (135 Euro mln inside UBM and 144 Euro mln inside the Italian Banking division). Corporate derivatives volume up to 13.1 Euro bln

160

199

253

133

674*

Sep01 3Q01% Ch.

on Sep00

31

48

85

70

215*

PROFIT FROM FINANCIAL TRANSACTIONS HAD A BRILLIANT PERFORMANCE (+29.1% ON Sep00) THANKS TO RISK MANAGEMENT SERVICES FOR CORPORATES

11

(€8,000)

(€6,000)

(€4,000)

(€2,000)

€ 0

€ 2,000

€ 4,000

€ 6,000

€ 8,000

03-s

et-0

1

05-s

et-0

1

07-s

et-0

1

11-s

et-0

1

13-s

et-0

1

17-s

et-0

1

19-s

et-0

1

21-s

et-0

1

25-s

et-0

1

27-s

et-0

1

01-o

tt-0

1

03-o

tt-0

1

05-o

tt-0

1

09-o

tt-0

1

11-o

tt-0

1

15-o

tt-0

1

17-o

tt-0

1

19-o

tt-0

1

23-o

tt-0

1

25-o

tt-0

1

29-o

tt-0

1

31-o

tt-0

1

02-n

ov-0

1

06-n

ov-0

1

08-n

ov-0

1

12-n

ov-0

1

VaR

, P

&L (

K E

UR

)

DAI LY P&L VAR

Positive P&L Trend

Decreasing VaR Trend

EUR 2.5m loss on Sep 11th

VaR increase followed by position cutting

Significant loss on Trading businesses only on September 11th (Euro 2.5 mln)

Good recovery in October and November (as of 12th): Euro 1 mln average

daily Net Profit from trading vs Euro 0.55 mln in September

UBM AND TRADINGLAB PROVED RESILIENCE TO MARKET STRESS

VaR vs P&L UBM + TL (Sep-Nov 2001)

12

Total Operating Costs(Euro mln)

Staff costs

Other costs

% Ch.

+9.5%

+17.4%Depreciation

+13.1%

+11.3%

Staff costs:

+3.9% Pioneer acquisition

+2% development of Investment Banking and Asset Management

+3.6% investments in sales effectiveness, incentivisation program, implementation of new labour agreement

Sep01

2,228

1,348

270

3,846

% Ch. excl. Pioneer

in ‘01

+6.7%

+14.8%

+7%

+5.6%

Other costs:

+ 7% (y/y on a comparable basis) to support development projects

Staff down from 65,859 (Sett00) to 64,552

OPERATING COSTS UP 6.7% (ON A COMPARABLE BASIS) SUPPORT OUR REVENUE GROWTH

13

Sep 2001C/I 53.2%

New Initiatives: Xelion and Clarima projects well on

track Impact of investments in 4Q01 higher

than in previous ones

1.0%

0.8%

3.8%

47.6%

Develop.projects

Acquisitions

New Initiatives

C/I at end 2001 in line

with first nine months and lower than

budget thanks to cost

savings actions

Italian Banks: Key projects on restructuring the

network well under way with lower investments compared to budget

Pioneer: Turnaround in USA going on faster

than planned Costs lower than budgeted, especially

on advertising

Recent Acquisitions:Impact on consolidated C/I confirmed

Structural C/I

STRUCTURAL C/I AT EXCELLENCE LEVEL

14

Focused and selective lending policy Full implementation of the new lending procedures, based on the introduction

of the “Rating” (as the main indicator to assess counterparts’ solvency), active monitoring and effective recovery actions in New Europe

IMPROVED ASSET QUALITY (NPL: – 8.8%, TOTAL DOUBTFUL LOANS: –6.1% on Dec00) THANKS TO SECURITISATION DEAL OF 1H01

% Ch.Dec00Coverage ratios

-on Total gross NPL (%) (1)

-on Total gross doubtful loans (%) (2)

+0.8pp

-0.1 pp

(1) Total specific provisions for NPL/Total gross NPL

(2) Total specific provisions for doubtful loans/ Total gross doubtful loans

56.8%

45.2%

Sep01

57.6%

45.1%

(Euro mln)

WE ARE PROMPTLY REACTING THROUGH:

Volumes

Gross NPL 4,636 -8.8%4,227

Total doubtful loans 7,028 -6.1%6,598

Gross NPL/Tot. gross loans (%)

Net NPL/Tot. net loans (%)

3.9% - 0.5 pp

1.7% - 0.2 pp

3.4%

1.5%

Good coverage ratios, thanks to conservative provisioning

Securitisation of Euro 660 mln done by Cariverona and Mediovenezie in 1H01

15

DIVISIONAL CONTRIBUTION TO GROUP NET INCOME

76(1)147(1) -38+9.7%

-9.5%n.s.

1,260(1)

1,113+1.6%

1,593

Italian Banking(2)

Wholesale banking

New Europe

Banking(5)

New Initiatives(6)

Corp. Centre & elisions(7)

Total Group

Total pre-Corp. Centre

-480(1)

(Euro mln)

-16.9%

n.s.148(1)

-13.5%-1.6%

Inv. banking(3)

Asset Management(4)

(1) Net of infragroup dividends. Goodwill depreciation is fully charged to Corp. Centre(2) Credito Italiano, Rolo Banca 1473, Cariverona, CRT, Cassamarca, Caritro, CRTrieste,

Banca dell’Umbria, CRCarpi, Mediovenezie, BMC, Mediocredito dell’Umbria, Banque Monegasque, Unicredit Suisse, BAC S. Marino, CRTS Zagabria, RoloPioneer Lux, Rolo Pioneer Sgr, Gestiveneto, Fondinvest, Gesticredit, Pioneer Inv. Man. SA, S+R Investimenti, Fida Sim, FRT Sim, Fid. Cordusio, CRV Ireland, CRTS Ireland, Uniriscossioni

(3) UBM, TradingLab

(4) Pioneer Global Asset Management, Pioneer Investment Management SpA, Pioneer Alternative Investments Sgr, Pioneer Group USA, Pioneer Investment Management LTD, Pioneer Alternative Investments LTD, Pioneer Institutional Investment Management SA

(5) Pekao Group, Bulbank, Pol’nobanka, Splitska Banka(6) Xelion, Clarima(7) Parent Company, other financial companies and elisions

GOODWILL AND HOLDING CHARGES: - Euro 167 mln goodwill depreciation - Euro 328 mln holding loss (net of dividends)

16

2001 net income higher compared to 2000 figure

2001 OUTLOOK

Asset quality under control thanks to the loan selection process developed in the last years and to the implementation of credit risk management tools

Positive contribution of net interest income to revenue growth, in line with the first nine months

Revenues from services improving on 3Q01 thanks to the launch of new products, corporate services and an improvement of Investment Banking