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					9M05 CONSOLIDATED RESULTS

Alessandro Profumo - CEO




Milan - November, 10th 2005
                   3Q05 ACHIEVEMENTS(1): EXCELLENT PERFORMANCE BASED ON GOOD
                   QUALITY REVENUE GROWTH AND COST CONTROL


         Operating income: 1,295 mln, +25.8% y/y based on total revenues up 14.0% y/y
          and limited cost increase (+2.8% y/y(2))

         Revenues supported by core commercial banking business and wealth management:
                 Double-digit growth in net interest income (+11.9% y/y)
                 Strong increase in net commissions (+24.4% y/y)

         Outstanding results in asset management:
                 AuM: 152 bn (+18.9% on Dec04)
                 Net Sales: 7.8 bn in 9M05 vs 2.4 bn in 9M04
                 Mutual Funds market share in Italy: 15.30% in Oct05 vs 14.54% in Dec04
         Improving Asset Quality(3):
                 Limited increase of net doubtful loans (+1.1% on Jun05)
                 Improved coverage ratios on tot. doubtful loans (57.1% in Sep05 vs 56.5% in Jun05)

         Strong net income:
                 622 mln in 3Q05 (+36.7% y/y), 676 in IAS
                 1,923 mln in 9M05 (+27.9% y/y), 2,118 in IAS
                                                                                2
(1) Italian GAAP
(2) Calculated on operating costs net of recovered taxes. Data at constant FX

(3) Data in IAS
                         SOLID 3Q05 RESULTS, EXCELLENT Y/Y GROWTH


                                                                                                               % ch.       % ch. on
               (ITAS, mln)                         9M05            Y/Y ch.                     3Q05
                                                                                                              on 2Q05       3Q04
         Total Revenues                            8,446            +9.7%                       2,842            -1.7%      +14.0%

         Operating Income                          3,851          +16.4%                        1,295            -3.8%      +25.8%

         Net Income                                1,923          +27.9%                           622           +2.1%      +36.7%

         C/I Ratio, %                              54.4%           -2.6 pp                     54.4%           +1.0 pp      -4.3 pp

         C/I Ratio IAS, %                          53.2%         -2.6(1) pp                    53.2%                n.a.   -4.0(1) pp

         Tax Rate, %                               34.4%           -0.9 pp                     35.2%            -0.9 pp     +0.9 pp
                                                                   Ch. on
                                                   9M05
                                                                   FY04
                                                                                             Normalized for Fiat
         Cost of Risk,       bp(2)                 52 bp           -11 bp                    Convertendo (~180
                                                                                             mln)(3); stated figure
         Cost of Risk IAS, bp(2)                   59 bp               n.a.                  at 36 bp

         Tier I ratio                              7.79%           -16 bp
(1)
                                                                          3    (2)
      2004 data calculated excluding IAS 32 & 39                                     9M05 data annualised
(3)Conversion of Convertendo FIAT at the end of September determined approx. +180 mln write-back of loan-loss provisions
  (made in the past) and a simultaneous write-down of the FIAT stake for approx. the same amount
                  3Q05 RESULTS IAS VS. ITALIAN GAAP


(mln)                                            3Q05     3Q05
                                                  IAS     ITAS                MAIN DIFFERENCES

   Total revenues                                2,803    2,842        Fees on current accounts’ deposits
                                                                        accounted in other income in ITAS
                                                                        while in net commissions in IAS
        - o/w net interest income (excl. div.)    1,376    1,361
                                                                       Mark to market of AFS portfolio
        - o/w net commissions                     1,111         954     (mainly in NE) accounted in the P&L in
                                                                        ITAS and directly against net equity
        - o/w trading income                       227          208     under IAS

   Administrative costs (incl. depr.)            -1,492   -1,547       Recovered expenses accounted in
                                                                        other income in ITAS while in costs
                                                                        in IAS
Gross operating profit                           1,311    1,295
                                                                       No goodwill amortization in IAS
    Goodwill depreciation                             -         -78

    Profit/loss & net writedowns on loans          -192         22     Recognition of loans time value under
                                                                        IAS
    Profit/loss & net writedowns on invest.         27      -179       Convertendo FIAT: different
                                                                        classification between IAS and ITAS
                                                                        (~180 mln)
Net income                                         676      622
                                                            4
             NET INTEREST INCOME UP BOTH Q/Q AND Y/Y


NET INTEREST INCOME excl. Dividends                (mln)


                           +11.9%
                                               Q/Q % ch.                                   Y/Y % ch.
                                      1,361     +5.9%          1,376                 3,921   +8.4% 3,974
                           1,286                                            3,616
                1,217

                                       1,027                    1,056       2,813    2,990     +6.3%      3,065
 Italy            943         973               +5.5%


 New Europe       274         309        334    +8.1%             320         803      931    +15.9%       909

                 3Q04       2Q05       3Q05                      3Q05       9M04     9M05                 9M05
                 ITAS       ITAS       ITAS                       IAS       ITAS     ITAS                  IAS

Comments on quarterly trend
 Italy: good volume effect coupled with slight lending spread pressure, in line with the entire system
      Good volume growth in retail division in all segments
      Corporate division benefiting from higher avg. lending volumes and better deposit spread in UBI
 New Europe: +7.1% at constant FX, sustained by strong volume growth (+4.2% at constant FX vs. June 05)

                                                        5
                      INCREASED LENDING VOLUMES IN ALL DIVISIONS AND STABLE MARKET
                      SHARES


     TOTAL CUSTOMER LOANS                                                                 UCI LENDING MARKET SHARES(2) IN ITALY
     (IAS, bn)                                                                % ch. vs
                                                  +9.1%                       JUN 05
                                                                                                                               DEC 04    JUN 05(3)   SEP 05(3)
                                                                  153.2         +1.8%
                                                  150.5
                                  140.4                                                          On total loans               10.83%     10.79%      10.77%
                                                    58.7               60.0     +2.2%
      Retail
                                     54.6                                                        On M/L term loans            11.05%     10.85%      10.85%


      Corporate                      66.4           71.3               71.4     +0.2%           Excluding 3 bn mortgages securitisation, market
                                                                                                 shares would be:
      New Europe                     14.4           16.3               17.1     +4.9%               10.98% (+15 bp on Dec 04) on total loans
      Other                           5.0            4.2               4.7     +12.4%
                                                                                                    11.19% (+14 bp on Dec 04) on M/L term loans
                                DEC 04(1)         JUN 05         SEP 05



      Retail: loan growth driven by mortgages, consumer credit and small business
      Corporate: up 7.5% vs Dec 04 with good contribution of m/l term (+7.6% (2) vs Dec 04)
      New Europe: +14.7% vs. Dec 04 at unchanged FX with good growth in all banks (Pekao +4.6%,
       Bulbank +20.9%, Zaba +17.5%, Koc +34.9%)
      Slight recovery of lending spread at the end of September (3.76%(4)) with widening pricing premium
       vs industry (55 bp(4))

                                                                                    6
(1) Data as of January, 1st 2005, including IAS 32-39 application                        (3)   Including 3 bn mortgages securitisation
(2) Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos)                     (4)   End of period data
                  VERY GOOD PERFORMANCE OF NET COMMISSIONS BENEFITING FROM
                  FEES ON ASSET MANAGEMENT PRODUCTS AND ON INVESTMENT
                  BANKING
NET COMMISSIONS (mln)
                        +24.4%                                                                  Y/Y % ch.   3,204
                                                 Q/Q % ch.
                                                                        1,111
                                                  +2.8%                                 2,753   +13.8%
                        929            954
                                                                                2,419
         767




        3Q04            2Q05          3Q05                              3Q05    9M04    9M05                9M05
        ITAS            ITAS          ITAS                               IAS    ITAS    ITAS                 IAS

 Growth 3Q05/2Q05 driven by fees on asset management products (467 mln in 3Q05, +7.3%) and tax
  collection fees (+35 mln o/w 23 mln one-off related to 1H05) partially offset by lower investment banking fees
  in 3Q05
 Y/Y growth key drivers:
      Fees on asset management products: +26.6% 3Q05/3Q04 and +14.0% 9M05/9M04 (to 1,335 mln)
      Corporate Division: foreign-trade (+3 mln 3Q/3Q, +12 mln 9M/9M), investment banking(1) (+14 mln
        3Q/3Q, +45 mln 9M/9M) and transaction services (+2 mln 3Q/3Q, +5 mln 9M/9M)
 Higher net commissions in IAS mainly due to fees on deposits in current account accounted as other
  income according to Italian GAAP
(1)
                                                                        7
      Corporate finance + Equity capital market + Debt capital market
                          STRONG ACCELERATION OF GROUP AUM GROWTH: +24 BN YTD,
                          +11 BN IN THE LAST THREE MONTHS, OF WHICH 4 BN FROM
                          AMSOUTH ACQUISITION

        UCI TOTAL AUM                                                                                           A clear growth story based on Pioneer
       (bn)                                                                                                      global presence: +21 bn AUM in 9
                                                                                    % ch. vs                     months, of which almost 12 bn in the
                                                    +18.9%                           Jun05                       international business units(1,2)
                                                                                                                 (+43.3% y/y)
                                                                     152(2)           +8.1%
                                                      141                                                       Strong contribution from UPB and Xelion:
                                       128                                                                       2.1 bn net sales of asset management
                                                                        50           +15.2%                      products in 9M05 (+108% vs 9M04)
                                                        44
         International(1,2)             38                                                                      UCI is undisputed leader of the Italian
                                                                                                                 market in mutual funds’ net sales: 4,242
                                                                                                                 mln out of 7,393 mln for the entire system
                                                                       102            +4.9%                      as at end October 05…
         Italy                          90              97
                                                                                                                … leading to continued gains in market
                                                                                                                 share and # 2 ranking
                                     Dec04          Jun05            Sep05
                                                                                                                                     Dec04         Sep05   Oct05
                                                                                                                UCI mkt. share(3) 14.54% 15.24% 15.30%
           Solid and consistent performance versus competitors
            in the worldwide ranking : Pioneer funds rank in the 32th
            percentile on a 1-year basis and in the 28nd percentile on a                                        Further improvement in asset mix with
            3-year basis                                                                                         positive impact on average pricing
(1)                                                                                          8
      US + New Europe + International (ex Italy)
(2)   Including 4.3bn AuM of AmSouth acquired on September 26, 2005; Total AuM growth excluding AmSouth assets is + 15.5% vs. Dec04 and +5.1% vs. Jun05
(3)   Calculated according to the “new” classification methodology adopted by Assogestioni since January 2005
                  INCOME FROM FINANCIAL TRANSACTIONS AFFECTED BY LOWER
                  CONTRIBUTION OF DERIVATIVES AND MARK-TO-MARKET OF
                  GOVERNMENT BOND PORTFOLIOS IN NEW EUROPE

INCOME FROM FINANCIAL TRANSACTIONS (mln)

                                 -10.7%
                                                 Q/Q % ch.                                     Y/Y % ch.
                                  276
                                                                               820
                          233                                                           772     -5.9%
                                                                                                            746
                                          208     -24.6%         227
                                 -4.9%


     Of which:
    Derivatives                                                                594
                          144     159     137    -13.7%          137                     484    -18.5%      484
     (Corporate +
Institutional + Retail)


                          3Q04   2Q05     3Q05                   3Q05         9M04      9M05               9M05
                          ITAS   ITAS     ITAS                    IAS         ITAS      ITAS                IAS


  3Q05 penalised by negative mark-to-market of AFS government bond portfolios in New Europe (-11 mln vs a
   positive 49 mln mark-to-market accounted in 2Q05)
  ITAS/IAS gaps mainly related to mark-to-market of AFS bond portfolios in New Europe, accounted in the P&L
   under ITAS and directly against net equity under IAS
  Good performance of Institutional derivatives in 3Q05; corporate derivatives, penalised by seasonal effect in
   3Q, in line with expectations

                                                           9
                       GOOD COSTS CONTROL, ALMOST NO GROWTH VS. 2Q05
                       Y/Y TRENDS AFFECTED BY FX EFFECT AND HIGHER INDIRECT TAXES

OPERATING COSTS (net of taxes recovered in the “other net revenues” line)
(mln)
                                                 +2.8%     at constant FX

                                                 +4.9%
                                                                                                               4,397      +3.8%      +2.1%
                                                                            Q/Q % ch.            4,238          319       -6.6%    at constant FX

                                                1,474         1,482              +0.5%            342
                                                                 109             +1.2%                         1,426      +4.4%
                                  1,412           108                                             1,367
Depr. & amort.                      122           480            490             +1.9%
Other admin. expenses               449
                                                                                                               2,652      +4.8%
                                                  886            883             -0.3%           2,529
Personnel costs                     841

                                   3Q04          2Q05          3Q05                              9M04           9M05
                                   ITAS          ITAS          ITAS                              ITAS           ITAS
Taxes recovered in the “other                                                                                   198
                                    50             71            65                               148
net revenues” line

  Quarterly trends (at constant FX and net of taxes recovered in the “other net revenues” line):
       Lower personnel costs (-0.5% 3Q/2Q), mainly thanks to staff reduction in Italy (-263 people)
       Y/Y increase of total costs (+2.8% equal to +40 mln) driven by marketing expenses (+11.6 mln) and personnel costs (+12 mln for renewal
        of labour contract and +8 mln for bonuses linked to UCI labour agreement – VAP)

  9M results (at constant FX and net of taxes recovered in the “other net revenues” line):
       +88 mln personnel costs (+3.4%), of which +24 mln linked to bonuses as per UCI labour contract “VAP”, + approx. 40 mln due to higher
        accruals for MBO
       +35 mln other admin. expenses (+ 2.5%), mainly due to real estate maintenance costs and rents (+18 mln) and marketing and
        advertising expenses (+10 mln)

  3Q ITAS/IAS gap (1,547 mln vs 1,492 mln) due to recovered expenses(1)
                                                                            10
(1)   See annex for details
                               ASSET QUALITY: SIGNIFICANT REDUCTION OF COST OF RISK AND
                               INCREASED COVERAGE RATIOS


                                                                                                             Slight y/y reduction of net flows of new doubtful loans(1)

                                                                                       ch. on                        (mln, ITAS)                  1,417   1,412 -0.3%
                                                                    Sep05
          mln, where not specified - IAS                                               Jun05

         Net Non Performing Loans                                       2,168            +0.6%
         Weight on Net Loans                                           1.42%               -2 bp
                                                                                                                                                  9M04    9M05

         Total Net Doubtful Loans                                       4,280            +1.1%               Very limited q/q increase of net NPLs (+0.6%), net watchlist
                                                                                                              (+0.7%) and total net doubtful (+1.1%)
         Weight on Net Loans                                           2.79%               -2 bp
                                                                                                             Increased coverage ratios on doubtful loans:
                                                                                                                  68.2% on NPLs (vs 67.7% as of Jun05)
         Provisions on performing loans                                 1,259             -1.3%                   34.9% on watchlist (vs 32.7% as of Jun05)
                                                                                                                  57.1% on total doubtful (vs 56.5% as of Jun05)
         Coverage ratio                                                0.84%            -2 bp
                                                                                                             ~1.3 bn provisions on performing loans, slightly lower than
                                                                                                              Jun05 but +64 mln vs Dic04; 0.84% coverage ratio
                                                                                       ch. on
                                                                     Sep05                                   Net loan loss provisions impacted by Convertendo FIAT and
                                                                                        2004
                                                                                                              one-off write-backs in New Europe and Corporate Division
         Cost of risk ( 9M annualised - ITAS)                        52 bp(2)            -11 bp
                                                                                                             Significant reduction of cost of risk: 36 bp in 9M05 vs 63
         Cost of risk ( 9M annualised - IAS)                          59 bp                                   bp in FY04; 52 bp(2) normalised for Convertendo FIAT

                                                                                                             Binding offers received for the sale of ~1.7 bn gross NPLs
                                                                                                              (equal to ~0.5 bn net NPLs); exclusive negotiation in progress
                                                                                                          11
(1)   Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing
(2)   Calculated adding back to net loan loss provisions ~180 mln net write-backs on Convertendo FIAT
               GROUP RESULTS BENEFITING FROM BUSINESS DIVERSIFICATION



9M05 OPERATING INCOME BY DIVISION                         CONTRIBUTION TO 9M05 GROUP OP. INCOME
                                                           PRE CORPORATE CENTRE AND ELISIONS
Mln, ITAS
                                              y/y % ch.



Corporate                       1,561          -1.1%                      19.8%

                                                                                                     30.4%


                                                               11.0%
Retail                    1,227               +33.6%
                                                                                      38.7%

New Europe                800                 +32.6%

                                                                  RETAIL DIVISION             CORPORATE DIVISION
                                                                  PRIVATE & AM DIVISION       NEW EUROPE DIVISION
Private & AM        444                      +46.3%


TOTAL GROUP                             3,852 +16.4%


                                                    12
                     RETAIL DIVISION: STRONG LENDING VOLUMES INCREASE DRIVING NET
                     INTEREST INCOME TURNAROUND

      ITAS
                                                                              Household mortgages(1) +9.8% y/y (+3.9% vs. Dec04)
       EXCELLENT LENDING GROWTH                                              Consumer credit +38.5% y/y (+24.7% vs. Dec04)
        (+9.4% Y/Y) …                                                         Small Business +12.7% y/y (+7.3% vs. Dec04), mainly
                                                                               thanks to s/term loans

                                                                            3Q average spread(2) on:
                                                                             new mortgages at 1.28% for UCB (+1 bp q/q) and
       … AND GOOD SPREAD                                                     1.44% for UBCasa (+3 bp q/q)
        RESILIENCE IN ALL KEY
        MARKETS…                                                             small business(3) s/term loans at 7.37% (-22 bp q/q)
                                                                             revolving cards at 11.89% (+12 bp q/q)


                                                                                              NET INTEREST INCOME (ex. div.), mln
                                                                                                                                               +3.4%
       … SUSTAINING NET INTEREST                                                                                                      (+5.7% ex securitisation)
                                                                                                                    605          604
        INCOME SOUND PERFORMANCE
                                                                                                        584
             (despite mortgage securitisation
             penalising 2Q by 8 mln and 3Q by 13 mln)

                                                                                                        3Q04        2Q05        3Q05
                                                                                       13
(1) Trend due to 3 bn securitisation carried out in 2Q05. Excluding securitisation, mortgage growth would be +18.9% y/y and +12.5% vs. Dec04
(2) Management accounts
(3) Management accounts, including also maximum overdraft charges
            RETAIL DIVISION OPERATIONAL ACHIEVEMENTS


                                                                 SALES OF SEGR. ACCOUNTS
                                                                 INVESTING IN FUNDS, bn
 CONTINUED FOCUS ON WEALTH MANAGEMENT                                                2.2
  PRODUCTS GENERATING RECURRING REVENUES                            1.7      1.7


                                                                    3Q04    2Q05     3Q05

                                                                 TOTAL STAFF                  -1,068 vs.
 STAFF REDUCTION PLAN WELL ON TRACK                               25,176                      June 04
                                                                            25,051
  (~55% of the total reduction announced in the 3                                    24,314
  year plan already achieved)…
                                                                    9M04    2004     9M05

                                                                 STAFF COSTS (mln, ITAS)
 … WITH CLEAR EFFECTS ON TOTAL STAFF                                        385
                                                                    383               382
  COSTS, DESPITE NEW LABOUR CONTRACT

                                                                    3Q04    2Q05     3Q05

                                                         CONTRIB. TO GROUP NET INCOME (mln, ITAS)
                                                                                      195        +25.6%
                                                                             182
 EXCELLENT CONTRIBUTION TO GROUP NET                               155
  INCOME

                                                                    3Q04    2Q05     3Q05
                                                    14
                       CORPORATE DIVISION: NET INTEREST INCOME SUSTAINED BY HIGHER
                       AVERAGE LOANS AND DEPOSIT SPREADS, OFFSETTING LOWER
                       LENDING SPREADS

 NET INTEREST INCOME (excl. dividends),                                          (ITAS, mln)
                                            +2.8%       gross of securitisations (~21 mln)


                                             -2.5%                                                              1,172 +1.7%
                                                                                                    1,152
                                                                      q/q % ch.
                                394                                                                              54
                                                             384      +4.0%                                                        Locat + District
                                              369                                                               1,118            bond securitisations
                                                                                                                        -3.0%
                                                                                                                                      impact(1)




                              3Q04          2Q05            3Q05                                    9M04        9M05

 TOTAL LOANS (ex Repos), (ITAS, bn)                                                             Significant y/y growth of customers loans (+5.3% gross of
                                                                                                 securitisations), mainly driven by M/L-term lending (+10.9%)
                                         +5.3%      gross of securitisations
                                                                                                Slight q/q reduction of customers loans (~0.8 bn) almost
                                         +5.6%
                                                                                                 totally due to conversion of Convertendo FIAT (~0.6 bn) at
                                                                     -1.1% vs                    the end of Sept.05; 3Q05 avg. loans significantly higher
                                          68.5          67.7
                            64.1                                      Jun05                      than 2Q05 (i.e. +2.1 bn for UBI) due to the strong increase
                                                                                                 in 2Q05
                                        +10.9%                                                  UBI share of wallet at 14.3%(3) (vs 13.8% as of Dec04 and
                                                                                                 14.2% as of Jun05)
            Of which:                     28.9          28.7         -0.9% vs                   Reduction of lending spreads for UBI (2.01% Avg. 3Q05,
                            25.9                                      Jun05
              M/L(2)                                                                             -9 bp q/q) partly offset by increased deposit spread
                           Sep04        Jun05          Sep05                                     (0.94% Avg. 3Q05, +10 bp q/q)
                                                                                         15
(1)   Almost totally recovered as “Other income”                       (2)   Only UBI + UBMC (Source: BankIT Matrix)
(3) Calculated   on SMEs and other non-financial enterprises excluding largest Groups. Source: Credit Bureau data as of Aug05
                             FOCUS ON SERVICE REVENUES AND RISK PROFILE: STRONG Y/Y
                             GROWTH OF NET COMMISSIONS AND LOWER FLOWS OF NEW
                             DOUBTFUL LOANS

      NET COMMISSIONS (ITAS, mln)
                                                                                                                         Investment Banking(1): 141 mln in 9M05,
                             392      +23.1%                             +28.7%                                           (+47.0% y/y), 34 mln in 3Q (+73.3% 3q05/3q04)
           319                                                             146                       q/q % ch.

                                                                                             116 -20.6%                  Foreign trade services: 111 mln in 9M05
                                                           90                                                             (+11.6% y/y), 38 mln in 3Q (+7.7% 3q05/3q04)

                                                                                                                         Transaction services: 54 mln in 9M05
          9M04              9M05                        3Q04              2Q05              3Q05                          (+9.9% y/y), 18 mln in 3Q (+12.3% 3q05/3q04)

                                                                                                         Derivatives: 68% in 9M05 (-10 pp)
       Continued increase of UBM’s                                                                      Investment Banking(1): 17% in 9M05 (+6 pp)
        revenue stream diversification
                                                                                                         Sales & Trading on cash products: 15% in 9M05 (+4 pp)

      NET FLOWS OF NEW DOUBTFUL LOANS(2) (ITAS, mln)
                                   752
                                                     583        -22.5%
                                                                                                   Strong y/y reduction of net flows of new doubtful loans
                                                                                                    in 9M05

                                                                                                   Default Rate(3) at 0.87% in 9M05 vs 1.20% in 9M04
                                  9M04              9M05
                                                                                                         16
(1)   Investment Banking: Corporate Finance (UBI, UBM and UBMC) + Equity Capital Market (UBM) + Debt Capital Market (UBM)
(2)   Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans
(3)   Defined as: (Flows from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans)/ Total Gross In Bonis Loans as of previous 31 December
                     PRIVATE & ASSET MANAGEMENT DIVISION: STRONG REVENUE
                     GROWTH DRIVEN BY INCREASING ASSETS AND MARGINS


       Significant growth of Tot. Financial Assets (ITAS, bn)                                                   Excellent net sales in 9M05:
                                         23.8%
                                                                                                                     Asset Management: 7.8 bn net sales,
                                                          203                                                         vs 2.4 bn in 9M04
                                                                  +6.9% vs Jun05 (+4.5% excl.
                                          190
                           165                                    4.3bn assets of AmSouth)
                                                                                                                     Asset Gathering (UPB+Xelion): 4.4
                                                                                                                      bn net sales in 9M05 (+65% y/y), of
                                                                                                                      which c. 2.1 bn of asset management
                                                                                                                      products, i.e. 47% of net sales, vs. 23%
                          Sep04         Jun05           Sep05                                                         as of June 30, 2005.

  TOTAL REVENUES (ITAS, mln)                                                                                     Strong improvement in margins
                                                             Q/Q %
                                    +27.8%                    ch.
                                                                                                                  thanks to product and asset mix:
                                                                                              1004
                                                    359                                               +17.5%
                                                                                                                       Asset Mix (Pioneer): avg. weight of stocks
                                       328                   +9.5%              855           140
                                                                                                                        and equity funds at 31%in 3Q05, up 398 bp
                                                     47
                                        47           15                         135            29                       y/y and 145 bp q/q; avg. weight of hedge
                          281                        31                                                                 funds at 3.0% in 3Q05, flat y/y and q/q
                                         6                                                     78
NII & other                46                                                    10
                                        26
Performance     fees(1)     1                                                    41
                           12                                                                                          Margins(2) (in bp of average AuM): up from
Up-front fees
                                    +20.3%                                                    757     +13.3%            59.4 bp in 2Q05 to 60.5 bp in 3Q05; up from
                                                    266      +7.0%                                                      58.6 bp in 9M04 to 59.8 bp in 9M05
Management
                                       249                                      669
& other fees
                          222
                                                                                                                       Performance fees(1) increased by 155% q/q
                                                                                                                        thanks to a strong contribution from hedge
                                                                                                                        funds (fees on Italian funds were flat q/q)
                          3Q04       2Q05          3Q05                        9M04        9M05

All figures at unchanged FX                                                              17
(1) Till year-end 2004 performance fees on long-only funds were cashed by Pioneer once a year at year-end, with a
seasonal effect in 4Q. Starting from 2005 they are calculated and cashed on a quarterly basis
(2) Net commissions, excluding performance fees
               STEEP ACCELERATION IN OPERATING INCOME GROWTH BOTH Q/Q
               AND Y/Y, THANKS TO RISING REVENUES, MARGINS IMPROVEMENTS
               AND COST CONTROL


                                                           OPERATING INCOME (ITAS, mln)
      Strong operating income growth, +20%
       q/q, confirming an excellent trend                                            444 +45.5%
       (+45.5%9M05/9M04), thanks to revenue         140    168                305
                                                                  +20.0%
       growth and cost control


      Revenue rising q/q (+9.5%) and y/y
       (+17.5%), driven by sales of Focus
                                                    2Q05   3Q05              9M04    9M05
       Invest and by a clear improvement
       in the asset mix
                                                                     C/I RATIO, %
                                                                              64.3
      C/I ratio further declining by 412 bp        57.1   53.0 -412 bp              55.8 -850 bp
       q/q (-850 bp 9M05/9M04); costs
       growing at a very moderate pace
       compared to revenues (+1.6% q/q
       and +2.0% 9M05/9M04)
                                                    2Q05   3Q05              9M04    9M05

       Net income for the Group at 121 mln in 3Q05 (+18.6% q/q) and 322 mln in 9M05
        (+28.4% y/y)


                                               18
All figures at unchanged FX
                NEW EUROPE DIVISION: REVENUES GOOD PERFORMANCE
                SUPPORTED BY FURTHER VOLUME GROWTH

All figures at unchanged FX – P&L & BS in ITAS
                                                           Mortgages(1) (Euro mln)                 Consumer credit(1) (Euro mln)
    SIGNIFICANT                                                                                                +34.9%
                                                                     +24.0%
     LENDING GROWTH:
     +19.1% Y/Y (+28.8%                                                        2.567                                      2,068
                                                                     2,365                                      1,851
     at current FX) …                                      2,070                                       1,533



                                                          Sep04      Jun05     Sep05                   Sep04    Jun05     Sep05

                                                           Direct Deposits (Euro bn)               Mutual Funds(2) (Euro mln)
                                                                     +0.7%                                      +52.9%
    ... AND CONTINUED
     DEVELOPMENT IN                                        24.4      24.2       24.6                            6,339      7,007
     MUTUAL FUNDS …                                                                                    4,583


                                                          Sep04      Jun05     Sep05                   Sep04    Jun05     Sep05
                                                           Net interest income (Euro mln) Net non interest income
                                                                                                   (Euro mln)
                                                              Y/Y % ch.         Y/Y % ch.                    Y/Y % ch.      Y/Y % ch.
  … POSITIVELY                                                              931 +6.2%                                   647 +22.5%
                                                              +10.0%                                       +14.3%
   IMPACTING ON REVENUE                                     328                    +15.9%                200                       +34.3%
   INCREASE
                                                           3Q05              9M05                       3Q05             9M05
 (1)
                                                                        19
     Management accounts in LAS                                                        % ch. at current FX
 (2) New Europe Business Area of Pioneer is included at current FX
                      STRONG RESULTS: ASSET QUALITY, EFFICIENCY AND PROFITABILITY
                      STILL IMPROVING

      All figures at unchanged FX – P&L in ITAS

                                                    Operating Income (Euro mln)                                Total Revenues +12.5% 9M/9M
                                                                 3Q05/3Q04
        GOOD                                                      % ch.    Y/Y % ch.                           (+11.1% 3Q05/3Q04)
         PERFORMANCE                                              +17.6% 800 +21.3%
                                                      299                                                      Operating Costs +4.9% 9M/9M
                                                               272
         OF OPERATING                                                         +32.6%                            (+5.3% 3Q05/3Q04)
         INCOME                                                                                                Cost/Income ratio 50.2% in
                                                     2Q05     3Q05               9M05                           9M05, -3.6 pp y/y

                                                    Cost of risk(1) (bp)                                       Improved coverage ratio of
                                                                                                                doubtful loans (to 76.8%(3), +6.6
        BETTER ASSET                                    90
                                                                        -20 bp        Excl. one off
                                                                                      write back in             pp vs. 01/01/05)
                                                                   70                    Zaba(2)
         QUALITY                                                                                               Lower weight of net NPL on
                                                                  54
                                                                                                                total net loans (to 1.6%(3) vs.
                                                       FY04      9M05                                           2.3% as at 01/01/05)
                                                                                                        Attributable Net income (Euro mln)
                                                                                                                           3Q05/3Q04   Y/Y % ch.
                                                                                                                              % ch.
        EXCELLENT NET                                                                                                      +30.0% 404   +27.5%
         INCOME GROWTH                                                                                           136
                                                                                                                          161              +38.4%


                                                                                                                 2Q05    3Q05       9M05
                                                                                 20
(1)   9M05 data annualised                                                                (3)   Data in IAS
(2)   Write-back of approx. 21 mln as release of funds for guaranteed loans                                   % ch. at current FX
                             UPDATE ON HVB DEAL: MAIN ACHIEVEMENTS SO FAR …



              Success of HVB offer, following:
                   88.14% acceptance level as of 24 October 2005 (end of Acceptance Period(1)), well above the 65%
                    threshold
                   Unconditional merger control clearance received from EU Commission on 18 October 2005
                   Issuance of verification by an independent expert that the value of the HVB Shares tendered
                    conforms to the expert evaluation rendered to UniCredit shareholders’ meeting on 29 July 2005
                    resolving on the capital increase

              Very positive results also on BA-CA offer:
                   10.64% acceptance level as of 31 October 2005 (end of Acceptance Period(2)) representing ~47%
                    of the free float
                   Shares representing 10.59% of the share capital tendered in the exchange offer and shares
                    representing 0.05% of the share capital tendered in the cash offer
                   88.17% of BA-CA aggregate share capital held by UniCredit directly and through HVB

              Integration process proceeding as planned (within the limits still imposed by applicable laws):
                   Integration Office, 7 CEO’s Projects, 8 Cooperation Teams working as “main integration engine”
                   Ready for Day 1 management; definition of a smooth integration plan well on track

                                                                                                    21
(1)   Additional Acceptance Period (pursuant to the German Takeover Act) until 11 November 2005
(2)   Additional Acceptance Period (pursuant to the Austrian Takeover Act) until 18 November 2005
      … AND NEXT EXPECTED STEPS




11/18 November    End of Additional Acceptance periods of HVB and BA-CA offers, respectively

                  Publication of final result of shares tendered during Additional Acceptance
 17 November       Period of HVB offer

                  UniCredit BoD passing resolution to liberate capital increase for settlement of
18 November        HVB offer. Birth of the New Group

 21 November      UniCredit shares admitted to listing on FSE

                  Settlement of HVB offer and commencement of trading of UniCredit
23 November        shares on FSE

                  UniCredit BoD passing resolution to liberate capital increase for settlement of
 30 November
                   BA-CA offer

Beginning of
                  Settlement of BA-CA offer
 December

                  UniCredit Shareholders’ Meeting; election of new BoD (24
16 December        members) to enter in charge for the financial years 2006-2008


                                            22
                       NEW GROUP’S NEXT FINANCIAL COMMUNICATION EVENTS




                                 FY05 consolidated results
       22 March 2006(1)
                                 Update on the integration process


                                 1Q06 consolidated results
         12 May 2006(1)
                                 Annual Shareholders’ General Meeting for approval of FY05
                                  consolidated results


          Beginning of
                                 New Group’s First Investor Day: bottom-up Divisional Plan
           July 2006




                                                   23
(1)   Tentative date
9M05 CONSOLIDATED RESULTS

Annexes
                        VERY GOOD PERFORMANCE OF UCI


                                                         IAS, mln       9M05      y/y% ch.(1)   3Q05     y/y% ch.(1)

           Total revenues                                               8,278        +9.1       2,803      +12.8
                     - of which net interest income (excl. div.)         3,974       +11.9       1,376       +14.4
                     - of which net commissions                          3,204       +11.3       1,111       +19.6
                     - of which trading income                             746         -8.6        227        -1.3

           Administrative costs (incl. depr.)                           -4,400       +3.9       -1,492       +4.9
                     - of which staff costs                              -2,622       +5.1        -880        +5.3
                     - of which recovered expenses                         171        +5.6          58        +1.8

         Gross operating profit                                         3,878       +15.6       1,311      +23.4
                Provisions for risk & charges                              -92       +76.9         -24       +0.0
                Net write-downs on loans                                  -676        +2.4        -192       -13.1
                Net Profit (loss) on investments                           258        n.m.         27       +50.0
                Taxes                                                   -1,090       +22.9        -382      +39.4
                Minorities                                                -160       +20.3         -64      +25.5
         Net income                                                     2,118       +28.4         676      +32.5
       COST/INCOME ratio (%)                                            53.2%     -2.6 pp       53.2%    -4.0 pp
                                                                   25
(1)   3Q04 & 9M04 excluding IAS 32 & 39
                9M05 & 3Q05 RESULTS IAS VS. ITALIAN GAAP


(mln)
                                                               9M05 IAS 9M05 ITAS   3Q05 IAS 3Q05 ITAS
    Total revenues                                               8,278    8,446       2,803    2,842
            - of which net interest income (excl. div.)           3,974    3,921       1,376    1,361
            - of which net commissions                            3,204    2,753       1,111      954
            - of which trading income                              746       772        227       208

    Administrative costs (incl. depr.)                          -4,400    -4,595     -1,492    -1,547
            - of which staff costs                               -2,622    -2,652       -880     -884
            - of which recovered expenses                          171          -        58         -

  Gross operating profit                                         3,878    3,851       1,311    1,295
        Goodwill depreciation                                         -     -237           -      -78
        Provisions for risk & charges                              -92      -112        -24       -26
        Net write-downs on loans                                  -676      -408       -192       22
        Net Profit (loss) on investments                           258      -175         27      -179
        Net extraordinary income                                      -      282           -      19
        Taxes                                                    -1,090   -1,101       -382      -371
        Minorities                                                -160      -177        -64       -60
  Net income                                                     2,118    1,923        676       622
                                                          26
                      3Q05 & 9M05 CONSOLIDATED INCOME STATEMENT



                                                                                            % ch. on   % ch. on            y/y % ch.
                                              ITAS, mln                   3Q05               2Q05       3Q04      9M05
               Net interest income (incl. div.)                               1,395            -0.9       +9.2     4,103      +8.0
                     - of which Dividends                                        34            n.m.      +35.3      182       +0.1

               Net non interest income                                        1,447            -2.5      +19.1     4,343     +11.4
       Total revenues                                                         2,842            -1.7     +14.0     8,446       +9.7
               Administrative costs (incl. depr.)                             -1,547           +0.1       +5.7    -4.595      +4.8
       Operating income                                                       1,295            -3.8     +25.8     3,851     +16.4
               Goodwill depr.                                                   -78           -11.5       +9.0      -237     +10.4
               Provisions on loans                                              +22          -110.3     -110.1      -408     -38.3
               Other net provisions(1)                                         -205            n.m.      n.m.       -287      n.m.
               Net extraordinary income                                          19           -64.6      -64.5      282      +79.3
               Taxes                                                           -371            -2.9      +40.5    -1,101     +23.0
               Minorities                                                       -60           -11.2      +21.2      -177     +30.7
       Net income                                                              622            +2.1      +36.7     1,923     +27.9


                                                                                       27
(1)   Net write-downs of financial investments and provisions for risks and
      charges
                         DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 3Q05


      3Q05 RESULTS                                        Retail              Corporate            Priv.& AM               NE              Total
      (mln - Data at end of period FX)
                                               ITAS, mln Division              Division             Division             Division         Group(1)

         Total revenues                                           1,158               721                 359                  559         2,842
         % Change vs 2Q05(2)                                      -1.7%            -37.8%              +8.3%                 -2.5%         -1.7%

         Operating costs                                            -749            -236                 -190                 -280        -1,547
         % Change vs 2Q05(2)                                      -2.4%            +1.4%               +0.5%                +2.1%          +0.1%

         Operating income                                            410              486                 169                  279         1,295
         % Change vs 2Q05(2)                                      -0.4%             -7.8%             +18.8%                 -6.7%         -3.8%

         Net write-downs of loans                                     -90             110                     1                   -1          22
         % Change vs         2Q05(2)                            +18.6%         -210.5%              -201.5%                -98.1%         -110.3%

         Net income for the Group                                    195              234                 121                  164          622
         % Change vs 2Q05(2)                                     +7.0%              -7.9%             +17.5%              +19.8%           +2.1%

         C/I Ratio                                                 64.6%           32.7%               53.0%                 50.0%         54.4%
         Change in pp vs 2Q05(2)                                  -0.5 pp          +2.1 pp              -4.1 pp             +2.3 pp        +1.0 pp

         Employees(3)                                            24,360            5,426                3,572             30,858           71,314

                                                                              28
(1)   Balance due to the Parent Company, other Group companies and elisions          (3)
                                                                                       IAS Including all the employees of Koc Financial
(2)                                                                                    Services (3,942 as at 30.09.2005)
      Calculated on data at end of period FX
                            OPERATING COSTS - DETAILS ON ITAS/IAS RECONCILIATION:
                            GAP ALMOST TOTALLY DUE TO RECOVERED EXPENSES


       3Q05 OPERATING COSTS: FROM ITAS TO IAS                                      (mln)

                             1,547
                                                                 +16
                                                                                                                      +28                    1,492
                                               -18
                                                                                   -58                -7                            -16




                                              IAS 19 –        Share-based        Recovered           Property       Consolidation   Others
                             3Q05           Employees’         payments          expenses          Depreciation       perimeter              3Q05
                             ITAS            benefits(1)                                                              changes                 IAS

       9Q05 OPERATING COSTS: FROM ITAS TO IAS                                      (mln)


                             4,595
                                                                 +34
                                                                                                                       +82
                                               -66                                                                                           4,400
                                                                                  -171               -20                            -54




                                              IAS 19 –        Share-based        Recovered           Property       Consolidation   Others
                             9M05           Employees’         payments          expenses          Depreciation       perimeter              9M05
                             ITAS            benefits(1)                                                              changes                 IAS

                                                                                             29
(1)   Actuarial evaluation of personnel long-term benefits: TFR, pension funds, bonuses and deferred compensation
                       NON OPERATING ITEMS




                                                             3Q05               2Q05       3Q04    9M05     9M04
                                    ITAS, mln
                      Operating income                       1,295              1,347      1,030   3,851    3,310

                      Goodwill amort.                           -78                  -89     -72    -237     -215

                      Net write-downs of
                      loans                                      22                 -216   -222     -408     -660

                      Other net provisions(1)                 -205                   -39     -22    -287      -58

                      Net extraord. income                       19                  55      55      282     157

                      Taxes                                   -371                  -382   -264    -1,101    -895


                      Minorities                                -60                  -69     -50    -177     -135


                  Net Income                                   622                  609     455    1,923    1,504


                                                                                      30
(1)   Net write-downs of financial investments & provisions for risks and charges
                     ASSET QUALITY: DETAILS BY DIVISIONS


                                              Retail Division          Corporate         NE Division        Total Group(1)
                                                                        Division
 (IAS, mln - Data at end of period FX)
                                             Jun 05   Sep 05         Jun 05   Sep 05    Jun 05   Sep 05    Jun 05   Sep 05

  Gross NPL                                  2,202      2,244        1,973     2,031    2,376     2,419    6,678      6,819
  % change on Jun 05                                   +1.9%                  +2.9%               +1.8%              +2.1%
  Gross NPL/Tot. Gr. Loans,%                 3.61%     3.60%         2.69%    2.77%    12.71%    12.35%    4.25%     4.26%

  Net NPL                                      796        854          995     1,015      342       275    2,156      2,168
  % change on Jun 05                                   +7.3%                  +2.0%              -19.6%              +0.6%
  Net NPL/Tot. Net Loans,%                   1.36%     1.42%         1.39%    1.42%    2.09%      1.61%    1.43%     1.42%

  Total gross doubtful loans                 3,608      3,731        3,085     3,158    2,912      2,946   9,726      9,970
  % change on Jun 05                                   +3.4%                  +2.4%               +1.2%              +2.5%
  Gross Doubtful Loans/Tot. Gr. Loans,%      5.91%     5.98%         4.21%    4.31%    15.58%    15.03%    6.18%     6.23%

  Total net doubtful loans                   1,646      1,743        1,791     1,839      781       682    4,232      4,280
  % change on Jun 05                                   +5.9%                  +2.7%              -12.7%              +1.1%
  Net Doubtful Loans/Tot. Net Loans,%        2.81%     2.90%         2.51%    2.57%    4.78%      3.98%    2.81%     2.79%

  Coverage ratios
        -on total gross NPL, %               63.9%     61.9%         49.6%    50.0%    85.6%      88.6%    67.7%     68.2%

        -on tot. Gross doubtful loans, %     54.4%     53.3%         41.9%    41.8%    73.2%      76.8%    56.5%     57.1%

                                                                31
(1) Balance   due to other Group companies
                          UNICREDIT GROUP RATINGS




                                    Long     Short                   Financial    Last
                                                          Outlook
                                    Term     Term                    Strength    Change


         S&P                        A+        A-1         Negative       -       28.10.05



         Moody’s                    A1        P-1         Stable        B-       03.11.05



         Fitch Ratings              A+        F1          Stable      B/C(1)     28.10.05




                                                     32
(1)   Individual Rating
AGENDA




  Details on 9M05 consolidated results
  Divisional Reporting
     Retail Division
     Corporate Division
     Private Banking & AM Division
     New Europe Division




                          33
                     RETAIL DIVISION: 9M05 RESULTS BREAKDOWN BY COMPANY


Mln, ITAS                                                                                       UniCredit
                                                                                                                  Clarima         UBCasa        TOTAL(1)
                                                                                                 Banca
          Interest income (incl. div.)                                                              1,618              121                99     1,850
          Net non interest income                                                                   1,607                39                7     1,652
  Total revenues                                                                                    3,225              159               105     3,503
          Operating costs (incl. dep.)                                                             -2,163               -59               -54    -2,275
                - of which: Staff costs                                                            -1,135               -15               -17    -1,168
                - of which: Other adm. expenses                                                       -974              -44               -35    -1,052
  Net operating income                                                                              1,062              100                52     1,227
          Net provisions                                                                              -222              -44               -18     -284
               - o/w: Net write-down of loans                                                         -188              -42               -18     -249
         Net extraordinary income (loss)                                                              161                -1                1        +4

  Net income                                                                                          628                34               27       559
  Net income for the Group(2)                                                                         457                34               32       559
  Cost/income ratio, %                                                                                67.1            37.1               50.7     65.0
                                                                                      34
NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB
(1) Balance due to rounding and elisions of infragroup dividends, goodwill amortisation and consolidation adjustments
(2) Net of consolidation adjustments and minorities
                    RETAIL DIVISION: P&L


Mln, ITAS                                                                                      Q/q             Y/y                                Y/y
                                                                             3Q05                                                 9M05
                                                                                              % ch.           % ch.                              % ch.
                Interest income (incl. div.)                                     623              +2.2            +3.4              1,850          +7.6

                Net non interest income                                          536              -5.8          +10.9               1,652         +17.4

        Total revenues                                                        1,158               -1.7            +7.4             3,503         +12.0
                Operating costs (incl. dep.)                                    -749              -2.4            +0.6             -2,275          +3.1

                      - of which: Staff costs                                   -382              -0.8             -0.2            -1,168          +1.7

                      - of which: Other adm. expenses                           -347              -4.0            +3.8             -1,052          +6.3

        Net operating income                                                     410              -0.4          +22.6              1,227         +33.6
                Net provisions                                                    -99             +9.2          +24.4                    -284     +27.7

                      - o/w: Net write-down of loans                              -90           +18.6           +31.4                    -249     +27.8

                Net extraordinary income (loss)                                    +2            n.m.             n.m.                    +4       n.m.

        Net income                                                               195             +7.2           +25.3                    559     +38.9
        Net income for the Group(2)                                              195             +7.0           +25.6                    559     +39.2
        Cost/income ratio, %                                                    64.6          -45 bp         -438 bp                 65.0       -566 bp
                                                                                    35
NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB
                    RETAIL DIVISION - MORTGAGES AND CONSUMER FINANCING


RESIDENTIAL MORTGAGES
  STOCK, bn                                                                        NEW FLOWS, bn
                          mkt share(1)
                           17.67% 17.76%
                                                 16.76%(2)                                                                +1.3%
                                                             +9.8%(2)
                                                    33.5                                                           6.6
                                         32.2                                                          6.5
                             30.5                                                                                               -9.1%
                                                                                     UBCasa            2.0         1.9

                                                                                     UCB               4.5         4.7         +6.1%

                             9M04      DEC04       9M05                                               9M04        9M05

CONSUMER FINANCING
  STOCK, bn                                             NEW FLOWS OF                                             REVOLVING CARDS TOTAL
                                                        PERSONAL LOANS, mln                                      SPENDING(3) (+235k revolving
                                                                                                                 cards in 9M05)

                                                                                   +50.5%

                                3.5                                        1,334
                                        +38.5%
                    2.8                                                                                                        201 mln
                                                                886                                                195 mln
         2.5




       9M04       DEC04       9M05                             9M04           9M05                                    9M04          9M05
                                                                                   36
(1) Group market share, related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin
(2) Excluding 3 bn securitisation, mortgage growth would be +18.9% y/y and market share 17.75%
(3) POS and ATM spending
                     RETAIL DIVISION - SMALL BUSINESS STOCK, SPREAD AND CUSTOMER
                     ACQUISITION




        STOCK, bn, ITAS                                                          SHORT TERM SPREAD(1)
                                              +7.3%                      7.99%
                                                                                       7.96%        7.99%        7.98%
                                     16.0                                                                                      7.87%
         14.9          15.6                                                                                                              7.59%   7.35%




         2004          1H05          9M05                                 1Q04         2Q04          3Q04         4Q04          1Q05     2Q05    3Q05



        QUARTERLY TRENDS IN SMALL BUSINESS CUSTOMER ACQUISITION

                                                          19,000                                                19,000
                                            18,000                                   17,500        17,000
                                                                       15,000
                                                                                                                             12,000



                                             1Q04          2Q04         3Q04          4Q04          1Q05         2Q05         3Q05




                                                                                    37
NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB
(1) Management accounts, includes also maximum overdraft charges
                      RETAIL DIVISION - CUSTOMER LOANS AND CUSTOMER DEPOSITS
                      BREAKDOWN AND DETAILS OF SHORT TERM SPREADS

EOP LOANS, Euro bn, ITAS                                                        +2.4%         UCB AVG. MARK UP(3) (Small Business), %
                                                                        57.6
Other loans                  55.1                  56.3                   4.6                          5.60    5.47    5.55     5.42   5.43   5.34   5.23
Cons. credit                   5.2      -0.3%        5.1      -9.9%       3.5
                               2.8     +18.9%        3.3      +4.9%
SB loans (1)                                                             16.0
                             14.9        +4.9%     15.6       +2.3%
                                                                                                      1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05
                                                                                              UCB AVG. MARK UP(3) (Households), %
Residential                                                              33.5                                          7.33     7.21   7.27   7.30   7.20
                             32.2                  32.2                                                7.03    7.08
mortgages (2)                            +0.1%                +4.1%




                           DEC04                  2Q05                 3Q05                           1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05

EOP DEPOSITS, Euro bn, ITAS                                                     +1.8%         UCB AVG. MARK-DOWN(3) (Households), %
                                                   67.8                  68.3
                             67.2

                             22.8       +1.2%      23.1       +4.0%      24.0
Bonds
Other deposits                          -1.6%      14.8       -1.7%      14.6                                          1.67     1.71   1.70   1.70   1.69
                             15.1                                                                      1.65    1.65

Households                   29.3       +2.1%      29.9       -0.4%      29.8
c/accounts
                           DEC04                  2Q05                 3Q05                           1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05
                                                                                38
NOTE: historical data have been restated to reflect the spin-off of CR Carpi         (2)   Includes only households mortgages
and Banca dell’Umbria activities between UCB, UBI and UPB                            (3)   Source: Bank of Italy matrix data
(1) Includes short term and m/l term loans
                         RETAIL DIVISION - DETAILS ON ASSET QUALITY



  mln, where not specified - IAS                                        ch. on
                                                         Sep 05
                                                                        Jun 05
 Net Non Performing Loans                                      854        +7.3%
 Weight on Net Loans                                       1.42%           +7 bp
                                                                                            NET FLOWS OF NEW DOUBTFUL LOANS(1) (mln, ITAS)


 Total Net Doubtful Loans                                   1,743         +5.9%                                                                     +1.2%
 Weight on Net Loans                                       2.90%           +8 bp
                                                                                                                  624                       632


 Provisions on performing loans                                372        -2.6 %
 Coverage ratio                                            0.63%            -2 bp

                                                                         ch. on                                  9M04                      9M05
                                                         Sep 05
                                                                          2004
 Cost of risk ( 9M annualised - ITAS)                      58 bp          +8 bp
 Cost of risk ( 9M annualised - IAS)                       60 bp


                                                                                       39
(1)   Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans
AGENDA




  Details on 9M05 consolidated results
  Divisional Reporting
     Retail Division
     Corporate Division
     Private Banking & AM Division
     New Europe Division




                          40
                         CORPORATE DIVISION: 9M05 INCOME STATEMENT- BREAKDOWN BY
                         COMPANY


                                                                                                                 Other
     (Euro mln, ITAS)                                                    UBI                  UBM     LOCAT    companies   TOTAL1


             Net Interest income (incl. div.)                               988                  -8      104        52      1,136

             Net non interest income                                        461                 547       69        42      1,117

     Total revenues                                                       1,449                 539      173        94      2,253
             Operating costs (incl. dep.)                                   -422               -175      -42       -53       -692

                   - of which: Staff costs                                  -233                -82      -24       -22       -360

                   - of which: Other admin. expenses                        -187                -86      -17       -26       -315

     Net operating income                                                 1,027                 364      131        41      1,561

             Net provisions                                                 -293                 -4      -18         2       -313

                  - o/w: Net write-downs of loans                            -72                 -1      -15         1        -87

     Net income                                                             429                 220       66        26       742

     Net income for the group                                               425                 218       69        29       742

     Cost/income Ratio                                                   29.1%                32.5%    24.5%     56.9%     30.7%



                                                                                     41
1   Balance due to roundings and elisions of infragroup dividends and goodwill amortisation
               CORPORATE DIVISION: 9M05 INCOME STATEMENT



 (Euro mln, ITAS)                                     3Q05/2Q05 3Q05/3Q04             Y/Y
                                         3Q05           % ch.     % ch.
                                                                            9M05      % ch.

      Net interest income (incl. div.)     384            +0.1      -2.8    1,136       -2.6

      Net non interest income              337           -10.2     +16.8     1,117      +4.2

Total revenues                            721             -5.0     +5.5     2,253      +0.7
      Operating costs (incl. depr.)       -236            +1.4      +9.0     -692       +4.8

Operating income                          485             -7.8     +3.8     1,561       -1.1
      Total net provisions                 82             n.s.      n.s.     -313       n.s.

      Taxes                               -170            -1.1     +13.2     -514       -0.4

Net income                                233             -8.3    +21.8       742      +0.1

Net income for the group                  234             -7.9    +22.1       742      +0.2
Cost Income ratio, %                     32.7%        +205bp     +106bp     30.7%    +122bp



                                                 42
                              CORPORATE DIVISION - DETAILS ON ASSET QUALITY




                                                                     Sep05              ch. on
          mln, where not specified - IAS                                                Jun05

         Net Non Performing Loans                                       1,015             +2.0%                 NET FLOWS OF NEW DOUBTFUL LOANS(1) (mln, ITAS)
         Weight on Net Loans                                           1.42%               +3 bp
                                                                                                                                             752
         Total Net Doubtful Loans                                       1,839             +2.7%                                                     583    -22.5%
         Weight on Net Loans                                           2.57%               +6 bp


         Provisions on performing loans                                    595              5.5%
         Coverage ratio                                                0.85%             +3 bp
                                                                                                                                            9M04    9M05
                                                                                        ch. on
                                                                      Sep05
                                                                                         2004
         Cost of risk ( 9M annualised - ITAS)                         50 bp(2)            -20 bp
         Cost of risk ( 9M annualised - IAS)                           62 bp




                                                                                                           43
(1)   Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans
(2)   Calculated adding back to net loan loss provisions ~180 mln net write-backs on Convertenda FIAT; stated figure at 16 bp
               UNICREDIT BANCA D’IMPRESA: 9M05 INCOME STATEMENT


(Euro mln, ITAS)                           3Q05/2Q05 3Q05/3Q04              Y/Y
                                  3Q05       % ch.     % ch.      9M05     % ch.

     Net interest income            335           +3.4     +0.3     988      +0.7

     Net non interest income        147          -11.8    +11.4     461      +6.0

       Of which:
       - Net commissions            103          -14.3    +13.3     321     +14.7
       - Trading profits             36           -5.7     +1.7     121      -16.4

 Total revenues                     483           -1.8    +3.4    1,449      +2.4
    Operating costs                 -140          -2.6     +4.5     -422     +4.7
 Operating income                   342           -1.4    +3.0    1,027      +1.4
    Net write-downs of loans        116           n.s.     n.s.      -72     -79.6

    Other net provisions            -191          n.s.     n.s.     -221      n.s.

 Net income for the group           152          +6.3    +25.6      425     +14.8
 Cost Income RATIO, %             29.0%         -24 bp   +30 bp   29.1%    +65 bp

                                           44
              UBM: 9M05 INCOME STATEMENT




                                      3Q05     3Q05/2Q05    3Q05/3Q04   9M05     Y/Y
   (Euro mln, ITAS)                              % ch.        % ch.             % ch.

   Net interest income (incl. div.)      -2          n.s.      n.s.        -8    -53.2
   Net non interest income              154         -11.1     +7.9        547     -7.1
Total revenues                         152          -15.8    +14.6       539     -5.7
   Staff costs                          -32         +57.4    +16.2        -82     -2.5
   Other costs (incl. depr.)            -32          -9.7    +35.3        -93   +12.4
Operating income                        88          -29.4     +8.2       364    -10.1
   Taxes                                -37         -23.0      -7.2      -143    -21.4
Net income                              51          -31.6    -26.3       218    -23.2
C/I Ratio                              42%         vs 31% +344 bp       32.5%   +327bp



                                              45
AGENDA




  Details on 9M05 consolidated results
  Divisional Reporting
     Retail Division
     Corporate Division
     Private Banking & AM Division
     New Europe Division




                          46
                      PRIVATE & AM DIVISION: 9M05 INCOME STATEMENT – BREAKDOWN
                      BY COMPANY



                                                                    UPB                          UniCredit        UC
                                                                      +             PGAM Group1 Xelion Banca                TOTAL
         (ITAS, Euro mln)                                                                                      Luxemburg   DIVISION2
                                                                 Subsidiaries
         Net interest income (incl. div.)                                69                   11      10           3           81

         Net non interest income                                       221                   651      50           1          924

  Total revenues                                                       290                   662      60           4        1,004

          Operating costs (incl. dep.)                                 -170                 -299     -88           -4        -561

               - of which: Staff costs                                 -101                 -145     -16           -2        -265

               - of which: other admin. expenses                        -66                 -144     -66           -1        -278

  Operating income                                                     120                   363     -28           0          444

         Total net provisions                                             -4                  -1      -4          +1           -8

         Net extraordinary income                                      +10                   +3       +1          +1           +4

  Net income                                                             82                  192     -27           1          334
 Net income for the Group                                                59                  281     -21           1          322

  Cost/Income Ratio                                                  58.6%                  45.2%   n.m.          n.s.       55.8%



                                                                                  47
1 The Net Income and Net Income for the Group lines of PGAM Group are gross
  of goodwill amortisation
2 Balance due to rounding and elisions of intra-group dividends and goodwill amortisation
             PRIVATE & AM DIVISION: 3Q05 AND 9M05 INCOME STATEMENT


    (ITAS, Euro mln - Data at current FX,
    % ch. at fixed FX)                                   3Q05/2Q05 3Q05/3Q04           Y/y % ch.
                                            3Q05           % ch.     % ch.     9M05

     Net interest income (incl. div.)          26            -4.8      +6.2       81       +8.3
     Net non interest income                  333           +10.8     +29.8      924     +18.4

Total revenues                                359           +9.5      +27.8    1,004     +17.5
     Operating costs (incl. depr.)           -190            +1.6      +7.0     -561       +2.0

Operating income                              169          +20.0      +63.5      444     +45.5
     Total net provisions                      -1            n.m.      n.m.       -8      n.m.
     Net extraordinary income                  -2            n.m.      n.m.       +4      n.m.

     Taxes                                    -40           +19.4     +74.5     -106     +61.9

Net income                                    126          +18.4      +35.2      334     +28.7

Net income for the Group                      121          +18.6      +35.5      322     +28.4
Cost Income ratio, %                        53.0%        -412 bp    -1027 bp   55.8%   -850 bp


                                                    48
                   PRIVATE & AM DIVISION: DETAILS ON TOTAL FINANCIAL ASSETS Y/Y
                   AND 3Q/2Q TRENDS



         PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS
          (bn - data at constant FX)
                                                                                                       +23.0% y/y
                                                                                    +6.9%
                                                                                    +4.5%   ex AmSouth +20.4% y/y ex AmSouth

                                                                                             203.3
                                                                            190.4                              AmSouth
                                                                                                               acquisition(2)
                                                               165.3                                           accounts for
                                                                                                               4.3 bn AUM
                                                                                              162.2
                                                                            150.3
                        AUMs                                   131.5




                                                                             32.5             33.8
                        Securities in custody                   27.5

                        Direct deposits(1)                      6.3          7.6               7.3

                                                               Sep04        Jun05            Sep05
                            % weight of AUM
                            products                            79.5         79.0             79.8

                                                                       49
(1)   Including Repos
(2) AmSouth   acquired by Pioneer on 26.09.05; AuM $ 5.17 bn
                         PIONEER GROUP: DETAILS ON NET SALES AND AUM
                         TREND (Oct05)




                                                    AuM as at        9M05 Net      9M05 Mkt.    AuM as at      Net sales   AuM as at
                                                    31.12.2004        sales          Perf.     30.09.2005(1)    Oct05      31.10.05(2)
      (mln - Data at end of period FX)

       Italy                                           92,809           5,744        6,608         105,161         484       104,462

       International (ex-Italy)                         7,888           1,617        1,196          10,701         172        10,614

       US                                              25,032            -581        3,887          32,632         -149       31,818
       of which
               - US ex AmSouth                         25,032            -581        3,887          28,338

               - AmSouth acquisition(3)                                                            4,293(3)

       US in USD                                       34,096            -721          750          39,295         -179       38,255

       New Markets                                      3,885           1,013          544           5,442          66          5,376


TOTAL PIONEER                                         129,614           7,794       12,234         149,642         574       152,270

TOTAL PIONEER incl. AmSouth                           129,614           7,794       12,234         153,935         574       152,270


       Alternative Investments                          3,830             214          340           4,384          75          4,454




(1)                                                                         50
    Balance due to rounding
(2) Provisional figures; balance due to Market Performance (including FX effect)
(3) Acquired on September 26, 2005, AuM $ 5,179.8 mln
                        XELION: SECOND BEST PLAYER IN NET SALES
                        (14% MARKET SHARE) AND GOOD PRODUCTIVITY PER PFA


    Data as at 30.06.2005 – Mln                        Data as at 30.09.05                                     Data as at 30.09.05 – Mln           Data as at 30.09.05 – Mln

        Tot. Fin. Assets:                                                                                      Net Inflows per PFA1:                       Net Inflows:
                                                                1,965 PFAs,
           ~13.4 bn,                                                                                             3rd among Top-                             788 Mln,
                                                                 5th in Italy
           5th in Italy                                                                                                Players                              3rd in Italy

TOTAL FINANCIAL ASSETS                                 NUMBER OF PFAs                                          NET INFLOWS PER PFA 2 & 3           TOTAL NET INFLOWS            2&3


    Fideuram + SPI                   61,094            Fideuram + SPI                         4,143            Azimut                      1.51    Banca Generali              1,570
    Mediolanum                       22,583            Banca Generali                         4,889            Credem + Euromob.           0.62    Azimut                      1,369
    Rasbank                          20,032            Mediolanum                             3,999            Xelion                      0.62    Xelion                      1,247
    Banca Generali                   16,761            Rasbank                                3,655            Fineco                      0.37    Mediolanum                  1,043

    Xelion                          13,401              Xelion                               1,974             Banca Generali              0.32    Fideuram + SPI                755
    Azimut                            10,114           Banca SAI                              1,483            Mediolanum                  0.26    Credem + Euromob.             668

    Finanza & Futuro                    8,008          Fineco                                 1,419            Fideuram + SPI              0.18    Fineco                        530
    Credem + Euromob.                   7,617          Bipielle Network                       1,093            Finanza & Futuro            0.07    Rasbank                       223

    Fineco                              6,945          Finanza & Futuro                       1,076            Rasbank                     0.06    Finanza & Futuro               75
    Bipielle Network                    4,379          Credem + Euromob.                      1,070            Bipielle Network            -0.06   Bipielle Network              -67

    Source: Assoreti

1
                                                                                                        51
  Calculated on average PFAs
2 AUMs, Securities in Custody, Bancassurance and liquidity
3 Ranking taking into account only the 10 largest Italian players by Total Financial Assets as at 30.06.2005
AGENDA




  Details on 9M05 consolidated results
  Divisional Reporting
     Retail Division
     Corporate Division
     Private Banking & AM Division
     New Europe Division




                          52
                            NEW EUROPE DIVISION: 3Q05 & 9M05 INCOME STATEMENT


                                                    %ch. at unchanged FX                                   % ch.   % ch.                                     y/y %
NEW EUROPE DIVISION                                                                                  3Q05 on 2Q05 on 3Q04                       9M05          ch.
                                                                        ITAS, Euro mln
                                                      Net interest income(2)                            344          +9.5          +9.3               960      +6.6
                            BREAKDOWN
                            OF REVENUES     Net non interest income                                     200         -22.2        +14.3                647     +22.5
                                       Total revenues                                                  544           -4.8         +11.1         1,607         +12.5
                               40.8%(1)
                                                      Operating Costs(3)                               -272          -0.1          +5.3               -807     +4.9

                               22.2%(1)      Operating income                                          272           -9.1        +17.6                800     +21.3
                                                     Net write-down of loans                              -0        n.m.           n.m.                -69    -34.7
                               21.3%(1)              Other net provisions(4)                              -1        -76.4         -61.4                 -8     66.4
                                                     Net extraordinary income                              2        -29.7         -90.3                 7     -39.1
                                6.8%(1)              Taxes                                            -53.4          +3.8        +64.4                -147    +51.1

                                              Net income                                               219           +4.9        +22.8                583     +26.0
                                3.5%(1)
                                              Net income for the Group                                 161          +18.4        +30.0                404     +27.5

                                2.4%(1)       ROE (%)                                                                                             22.9       +2.6 pp
                                              Cost of Risk (bp)                                                                                     54        -36 bp
                                2.4%(1)       Cost/Income ratio (%)                                   50.1 +2.4 pp              -2.8 pp           50.2       -3.6 pp
                                              Tax Rate (%)                                            19.6 -17 bp              +4.2 pp            20.1       +2.8 pp
  Weight of the bank Total Revenues in 9M05 on Division Total Revenues – only
(1)                                                                             53   (3) Including   depreciation
  UCI’s portion; balance due to UniLeasing Romaniaand Xelion Poland                  (4)   Including provisions to reserve for general banking risk
(2)   Including dividends
                            NEW EUROPE DIVISION: 3Q05 & 9M05 TREND IN VOLUMES




                                                     % ch.        % ch.
                                        Sep05         on           on
        At unchanged FX               (Euro mln)
                                                     Jun05        Sep04
                            ITAS
       Net Customer Loans               17,069          +4.2          +19.1
                                                                                    NET CUSTOMER LOANS
           - o/w Pekao                    7,060         +0.8           +9.9                  3Q05/2Q05: KFS +11.4%, Zaba
                                                                                              +5.7%, Bulbank +3.6%
       Mortgages(1)                       2,567         +8.5          +24.0                  Sep05/Sep04: Bulbank +41.8%, KFS
                                                                                              +38.9%, Zaba +19.7%
          - o/w Pekao LC                     758      +11.0           +46.1


       Total Savings(2)                 31,579          +3.5           +8.9

           - o/w Pekao                  15,948          +2.8           +8.3
                                                                                    MUTUAL FUNDS in PEKAO:
       Mutual    Funds(3)                 7,007       +10.5           +52.9                  Market share(4): to 33.8% up 1.1 pp y/y
          - o/w Pekao(4)                  4,604         +9.9          +58.0




(1)
                                                                              54     (4)
      Management accounts in LAS                                                           Pioneer Pekao Investment Management
(2)   Total savings = Deposits + Mutual Funds
(3)   New Europe Business Area of Pioneer is included at current FX
                       NEW EUROPE ASSET QUALITY



                                                                                        IAS       Coverage ratios (%)
         Net NPLs and Doubtful Loans as % of
         Total Net Loans                                                                                85.6                       88.6
                                                                                               73.2                    76.8


                                                         Net
           IAS                Net NPL/      ch. on                    ch. on
                                                       Doubtful/
                              Loans %       Jun05                     Jun05
                                                       Loans %
         At current FX         Sep05         (pp)
                                                        Sep05
                                                                       (pp)
                                                                                                  Jun05                       Sep05
          Pekao                   2.1         -0.9          4.7         -1.3
                                                                                                 On Gross Doubtful
          Zaba                    1.4         -0.1          2.2         -0.1                     Loans
                                                                                                                              On Gross NPLs

          KFS                     1.6         -0.1          3.7         -0.5
          Bulbank                 0.2             -         1.2         -0.1
                                                                                        ITAS
                                                                                                        Cost of risk(1)
          Unibanka                1.1         -0.5          2.2         -0.3                               (bp, annualised)
                                                                                                                                      Excl. one off
                                                                                                                        -20 bp        write back in
         Total NE                 1.6        -0.5           4.0       -0.8                            90                                 Zaba(2)
                                                                                                                     70
                                                                                                                                -36 bp
                                                                                                                      54

                                                                                                      2004           9M05

(1)
                                                                                55
  Calculated as Net Loan Loss Provisions on Net Customer Loans at period-end,
  9M05 data annualised
(2)   Write-back of approx. 21 mln as release of liability funds for guaranteed loans
                     NEW EUROPE DIVISION: 9M05 RESULTS BREAKDOWN BY BANK



 (ITAS Euro mln)                                       Group       BULBANKUNI BANKA Group UniCredit                         KFS(2)     Zivno    TOTAL(1)
                                                      PEKAO                 (77.2%) ZABA (81.9%)Romania                    (50.0%)    (96.6%)
                                (UCI stake)           (52.9%)       (86.1%)                     (99.9%)
        Interest margin (incl. div.)                       480             56          16          206            13           175        24       960
        Net non interest income                            367             31          17            93           13             59       16       647

Total revenues                                            847              87          34          298            26           234        40     1,607
        Operating costs (incl. dep.)                      -434             -31        -28         -153           -20            -99      -32      -807

              - of which: Staff costs                     -225             -12        -12           -82          -10            -50      -14      -408

              - of which: Other costs                     -149             -12        -12           -49            -9           -38      -12      -288

Net operating income                                      413              56           6          146             6           135         8       800
        Net provisions                                     -47              -7          1            -4            -2           -17        1        -76

              - o/w: Net write-down of loans               -47              -5         +1            -1            -2           -15        1        -69

Net income                                                297              42           8          116             4            86         7       583

Net income(3) (UCI’s portion)                             171              36           7           95             4            86         6       404

ROE                                                    22.3%          22.0%       13.7%         22.0%           8.0%          31.3      8.2%     22.9%
Cost/income                                            51.2%          35.2%       82.6%         51.2%         77.3%         42.2%      79.9%     50.2%


(1) Balance  due to roundings, other small companies & adjustments to be         56   Banks’ data gross of consolidation adjustment
     ITAS compliant
(2) Consolidated with proportional method (50%)

(3) Net of consolidation adjustment
               VERY GOOD PERFORMANCE OF NE BANKS IN 9M05


                                                                                     ITAS - All figures stated at unchanged FX
      PEKAO

       Revenue growth (+8.5% y/y, +5.1% 3Q05/3Q04) thanks to good performance of net interest
        income (+6.5% y/y, +4.1% q/q), benefiting also from significant lending growth: +9.9% y/y, +0.8%
        q/q (o/w mortgages(1) +46.1% y/y, +11.0% q/q & consumer loans +45.8% y/y, +13.4% q/q)
       Stable costs, further efficiency improvement (C/I to 51.2%, -4.2 pp y/y)
       Stock of Mutual Funds still increasing (+58.0% y/y, +9.9% q/q)

      ZABA

       Operating income: +18.6% y/y, mainly due to net interest income growth, positive impact of
        securities transactions and cost control (+2.5% y/y)
       Strong lending growth: net loans +19.7% y/y, +5.7% q/q (o/w mortgages(3) +15.8% y/y, +8.5% q/q,
        consumer loans(3) +22.0% y/y, +8.0% q/q)

      KFS

       Operating income: +18.3% y/y, mainly thanks to net interest income and net commission growth
       Significant lending growth: net loans +38.9% y/y, +11.4% q/q, (o/w consumer loans(3) +98.9% y/y,
        +25.5% q/q)
       Further development of fee generating products: Mutual Funds +17% y/y, +1% q/q; ~100,000 cards
        and ~16,000 C/A packages sold in 3Q05
(1)
                                                       57   (3)
    Management accounts in LAS, only LC                           Management accounts in LAS, only bank
(2) 9M05 data annualised
                       CONSOLIDATED INCOME STATEMENT: PEKAO

               (Euro mln)               ITAS                                 % ch. on   % ch. on
                                        % ch. at unchanged FX   3Q05                                              9M05           y/y % ch.
                                                                              2Q05       3Q04
                  Net interest income(1)                         173            +7.9        +19.7                    480           +10.4
                  Net non interest income                        125            +1.5        +20.8                    367            +6.2
         Total revenues                                          298           +5.1       +20.1                      847           +8.5
                  Operating costs(2)                             -145           -0.1         +0.8                   -434            +0.3
         Operating income                                        153          +10.6       +46.6                      413          +18.7
                  Net write-down of loans                         -17          +23.4       +12.9                      -47          -16.6
                  Other net provisions(3)                          -0           n.m.         n.m.                       -0         -97.5
                  Net extraordinary income                         -1           n.m.         n.m.                       -2          n.m.
                  Taxes                                           -24          +14.7      +121.4                      -67          +87.4
         Net income                                              111           +7.9       +25.2                      297          +16.4
         Net income for the Group(4)                              56           -21.1      +26.8                      171          +28.9
         ROE                                                                                                      22.3%          +1.3 pp
         Cost of Risk                                                                                              89 bp          -28 bp
         Cost/Income                                            49%          -2.5 pp      -9.3 pp                 51.2%          -4.2 pp
         Tax Rate                                               18%          +0.9 pp      +6.8 pp                 18.4%          +6.1 pp
                                                                        58
(1) Including dividends      (2) Including depreciations                                Data gross of consolidation adjustment
(3) Including provisions to reserve for general banking risk

(4) Net of consolidation adjustment
                       CONSOLIDATED INCOME STATEMENT: ZAGREBACKA

               (Euro mln)
                                                                            % ch. on        % ch.(4)                             y/y %
                                        ITAS                    3Q05                                                 9M05
                                        % ch. at unchanged FX
                                                                            2Q05(4)         on 3Q04                              ch.(4)

                  Net interest income(1)                          78          +20.6             +9.4                     206      +3.2

                  Net non interest income                         43          +49.8           +43.9                       93     +27.7

         Total revenues                                          122         +29.7           +19.6                      298       +9.7
                  Operating costs(2)                             -52               -0.6         +7.9                    -153      +2.5

         Operating income                                         70         +67.7           +30.3                      146      +18.6
                  Net write-down of loans                        +16               n.m.         n.m.                       -1     -93.8

                  Other net provisions(3)                         -1         +120.7          -120.1                        -3    -147.4

                  Net extraordinary income                        +0           -47.4           -64.7                      +1      n.m.

                  Taxes                                          -14         +145.9           +89.0                      -26     +31.6

         Net income                                               71        +214.0           +71.8                      116      +28.2

         Net income for the Group                                 58        +214.0           +71.6                        95     +28.7
                                                                       59
(1) Including dividends                                                      (4)
                                                                               At unchanged FX
(2) Including depreciations                                                  Data gross of consolidation adjustment (excluding
(3) Including provisions to reserve for general banking risk
                                                                             Net Income for the Group that is net)

				
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