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Investor Day – Bologna, 13 th June 2003

PRIVATE & AM DIVISION 2003-2006 STRATEGIC PLAN Andrea Moneta Head of Private & AM Division. Investor Day – Bologna, 13 th June 2003. AGENDA. The reference scenario Private & Asset Management Division UniCredit Private Banking UniCredit Xelion Banca Pioneer Group Conclusions.

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Investor Day – Bologna, 13 th June 2003

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  1. PRIVATE & AM DIVISION2003-2006 STRATEGIC PLANAndrea Moneta Head of Private & AM Division Investor Day – Bologna, 13th June 2003

  2. AGENDA • The reference scenario • Private & Asset Management Division • UniCredit Private Banking • UniCredit Xelion Banca • Pioneer Group • Conclusions

  3. THE REFERENCE SCENARIO – EXECUTIVE SUMMARY • Moderate recovery of the economic cycle, at a lower pace than current potential • Re-alignment of financial market performance and real economy • High households’ saving rates, especially in Italy • Financial wealth expected to rise again • Households’ financial assets relatively under-weighted on total wealth in EU and Italy compared with US • AuM share on total financial assets in Italy lower than in EU and US, but expected to increase in the next three years • Pension fund turning-point is coming closer • Concentration of wealth expected to increase Opportunities for the Private & AM Division

  4. AGENDA • The reference scenario • Private & Asset Management Division • UniCredit Private Banking • UniCredit Xelion Banca • Pioneer Group • Conclusions

  5. THE PRIVATE & ASSET MANAGEMENT DIVISION IS UCI’S ANSWER TO THE GROWING COMPLEXITY OF FINANCIAL MARKETS, IN ORDER TO FACE THE CHALLENGES AND TO EXPLOIT THE OPPORTUNITIES OF THE WEALTH MANAGEMENT BUSINESS PRIVATE & ASSET MANAGEMENT DIVISION • Three players … • ~3,000 young skilful Staff1 • ~2,500 sales people2 • … three different business … • Worldwide selective presence in the most important financial centres: Milan, Boston, Dublin, London, Paris, Madrid, Hong Kong, Singapore, Lugano, Monaco, San Marino, ecc • … with different geographic focus … • … one single target: managing financial wealth through first-class products and services, leveraging on the strong integration between production and distribution • ~Euro 130 bn Tot. Financial Assets 1 Figure net of around 1,700 Xelion PFAs 2 Figure including UniCredit PB Private Bankers, Xelion PFAs and Pioneer salesmen

  6. Market growth Hedge Funds ETF 2001-2006 projections 0.5 High Alpha products 0.1 0.05Enhanced Indexing Private Equity Commodities > 10% / year 0.7 Structured prod. 0.2 5.5 0.5 Quantitative Prod. Index funds Traditional products 0.9 Real estate < 10% / year 13.5 Active bonds 10.9 Innovative products 1.8 Active equities 2001 size ($ 5 Tr) Margins Money Market IN A CONTEXT OF LOW INTEREST RATES AND LOW EQUITY RETURN, OPPORTUNITIES IN THE WEALTH MANAGEMENT BUSINESS COULD BE EXPLOITED ONLY BY PLAYERS ABLE TO LEVERAGING ON INNOVATION AND ADVICE … INNOVATIVE PRODUCTS … … WITH HIGH GROWTH POTENTIAL AND VALUE ADDED… • Wealth Planning • ALM Strategies • Hedge Funds • Total Return Products • Retirement Schemes Source: BCG analysis on Intersec,Sanford B data … THANKS TO EXCELLENCE IN: • Global Research based Investment Processes • Risk Management • Distribution, advisory and client proximity

  7. … AND WITH CLEARLY DEFINED STRATEGIC PRIORITIES • Increase of market shares in Italy, through the acquisition of new clients and a higher share of wallet of existing customers • Independent advice • Innovative and tailor-made offering • Active management, ALM solutions and world-class performance • Enlargement of the offer with High-Alfa products • Support to UCI’s networks in Italy and development of new partnerships with third parties • Leverage on strong distribution capabilities in US and in the “International” business unit

  8. AGENDA • The reference scenario • Private & Asset Management Division • UniCredit Private Banking • UniCredit Xelion Banca • Pioneer Group • Conclusions

  9. 100% 31% 36% 75% 59% 18% 50% 28% 28% 51% 25% 36% 13% 0% UPB Average Asset Mix2 UPB Median Asset Mix2 UPB 1st Quartile Asset Mix2 Securities in Custody Plain-vanilla Mutual Funds Segregated Accounts & Bancassurance UNICREDIT PRIVATE BANKING: A NEW LARGE PRIVATE BANK WITH A HIGH POTENTIAL TO INCREASE PENETRATION IN HIGH VALUE ADDED SERVICES KEY FIGURES UPB CURRENT PORTFOLIO MIX • ~Euro 36 bn Direct and Indirect Deposits • ~40,000 households • ~560 Private Bankers • More than 150 branches • Market Shares1: • 1.8% in AUMs • 2.4% in Mutual Funds • 2.5% in Securities in Custody 1 Source (for Total Italian Market data): UCI calculations on Assogestioni and BankIT data 2 Data related to Average, Median and 1st Quartile UPB customers as at 30.4.2003

  10. PRIVATE BANKING IS A VERY INTERESTING MARKET IN ITALY, WITH FEW INDIVIDUALS CONTROLLING A HIGH PORTION OF TOTAL FINANCIAL WEALTH Other sources show a percentage between 30% and 40% WEALTH DISTRIBUTION AND UCI PB MARKET SHARES IN ITALY Wealth in Italy by region1 UniCredit PB Market Shares by region ~21 mln Families ~€ 2,000 bn ~€ 11 bn HNWI 2% >500K Euro Affluent 10% 22% 25% 52% <500K Euro Mass 55% 88% 26% 20% Families Total Banking Assets Total Banking Profits HNWI: Total Financial Assets > Euro 500K; Affluent: Euro 50K to Euro 500K; Mass: < Euro 50K Source: 2000, ISTAT Statistics and PwC Analysis 1 Weighted Average of mean pro-capite salary and deposits by region Source: UCI PB – Strategic Marketing calculations on UCI Group data

  11. THE HIGH FRAGMENTATION OF THE ITALIAN MARKET ALLOWS GAINING MARKET SHARES FROM NON-SPECIALISED NATIONAL PLAYERS… Major players in Private Banking in Italy TOTAL PB MARKET IN ITALY*: Euro 630 bn Mkt. Share* Bank Assets • Banca Intesa1 43,0 bn 6,7 % • SPIMI1 + Fideuram2 41,8 bn 6,6 % • 36,0 bn 5,7 % • MPS (+Steinhauslin)1 10,0 bn 1,6 % • Credem (+Euromob.)1 10,0 bn 1,6 % • BIM (+Symphonia)3 8,4 bn 1.3 % • Banca Aletti (BPVN)3 6,3 bn 1,0 % • Ersel3 5,2 bn 0,8 % • UBS Italia4 5,2 bn 0,8 % • Deutsche Bank4 4,2 bn 0,7 % • Credit Suisse4 4,2 bn 0,7 % < 30% > 70% LEGENDA: Specialised competitors in RED • Source: Company presentations • Source: SPIMI Investor Relations (data do not include Banca Cardine) 3 Source: Company websites 4 Source: UCI calculations on Accenture data on Private Banking in Italy * 2002 Total Banking Direct & Indirect Deposits (Liquidity, AUMs and Securities in Custody) Source: UCI Strategic Marketing calculations on 2002 BankIT data

  12. % Private Banking % Private Banking Financial Assets Financial Assets Milano Milano (96.6%) (96.6%) 35% 35% Roma (82.2%) Roma (82.8%) Bologna (44.8%) Bologna (44.8%) Genova Genova 30% 30% Torino Torino (34.5%) (34.5%) Napoli Napoli 40% 40% 25% 25% Top 6 Top 6 prov prov . . Firenze Firenze Treviso Treviso Verona Verona 20% 20% Attractiveness Attractiveness Competition Competition Brescia Brescia Foreign or Specialised Players in the provinces Foreign or Specialised Players in the provinces (% on 29 players taken into account) (% on 29 players taken into account) 15% 15% Bari Bari Bergamo Bergamo Venezia Venezia Padova Padova 10% 10% R. R. Emilia Emilia Perugia Perugia 40% 40% Modena Modena Pavia Pavia Udine Udine Vicenza Vicenza 30 30 prov prov . . Ancona Ancona Palermo Palermo Parma Parma Cuneo Cuneo Savona Savona Ferrara Ferrara Lecco Lecco 5% 5% Cremona Cremona Varese Varese Biella Biella Como Como Trento Trento Mantova Mantova Alessandria Alessandria Novara Novara Salerno Salerno 0% 0% 0.0% 0.0% 0.5% 0.5% 1.0% 1.0% 1.5% 1.5% 2.0% 2.0% 2.5% 2.5% 3.0% 3.0% 3.5% 3.5% 20% 20% Potential PB Financial Assets (%) Potential PB Financial Assets (%) Other Other prov prov . . Source: UniCredit Private Banking Marketing calculations on MagStat data … WHILE IN THE AREAS WHERE SPECIALISED PLAYERSOPERATE MANY HIGH POTENTIAL “PROVINCES” ARE STILL UNDER-SERVED Distribution of the first 36 Italian “provinces” by potential for private banking and presence of specialised competitors UniCredit PB is present in 59 (out of 103) “provinces”, representing 88% Total Private Banking Financial Assets in Italy

  13. UNICREDIT PRIVATE BANKING CAN LEVERAGE ON ITS STRONG COMPETITIVE POSITION IN ORDER TO ENJOY AN HIGH GROWTH POTENTIAL TARGET CUSTOMERS UCI PB COMPETITIVE ADVANTAGES POSITIONING Competitors • Higher service quality • Wider offer of products/ services • Consolidated long-term “trust” with the client LOCAL DOMESTIC PLAYERS Lower Private clients (500K Euro<Total Financial Assets<1 mln Euro) • Superior skills • Synergies with other Group companies • Sub-scaled • Dedicated business model NATIONAL DOMESTIC PLAYERS All categories of Private clients • Large but weak • Focused strategy • Wide-spread presence all-across the country Upper Private clients/ Large Accounts (Total Financial Assets> 10 mln Euro) • Strong for brand and tradition, but limited (on-shore) FOREIGN PLAYERS • Deeper knowledge/ understanding of the clients

  14. IN THIS CONTEXT UNICREDIT PRIVATE BANKING WILL EXPLOIT MARKET OPPORTUNITIES IN ITALY IN ORDER TO GROW … KEY GOAL … … AND STRATEGIC GUIDELINES • Innovative and dedicated offering to each targeted client segment • Portfolio management, active advisory on securities and wealth managementservices (holistic approach to total financial assets, family businesses and real estate properties) as core offer • Group synergies with UniCredit Banca d’Impresa, Pioneer and product companies • First-class service model through high quality processes, long-term relationships and confidentiality • LEVERAGING ON COMPETITIVE ADVANTAGES IN ORDER TO BECOME UNDISPUTED LEADER AS FOR: • Reputation • Market Share • Profitability

  15. Service Model diversified by client segments and geographic presence • Upgrade of product range, leveraging also on Pioneer/UBM’s competencies, and development of new services: Active Portfolio Management, Advisoryon Securities in Custody (Active Advisory and Investment Advisory), Wealth Planning • Improvement of private bankers’competencies and productivity through a “team approach” • SHARE OF WALLET INCREASE • Optimisation of Group synergies through referrals from UniCredit Banca d’Impresa, UBM and Locat • Focus on high potentialunder-servedareas, with low competition from specialised players • Recruitment of private bankers and increased number of relationship managers in target areas/”provinces” • ACQUISITION OF NEW CLIENTS • Asset Mix Optimisation leveraging on growing asset management skills spread over the network and on new Asset Management services from UPAM • Pricing policies review with alignment to value added embedded in the services and increasing portion of recurrent revenues • VALUE ADDED INCREASE • Focus on highest value clients with the highest “abandon risk” • Review of processes highly impacting on customers’ satisfaction and launch of Loyalty Programs • CLIENT RETENTION … ACTING WITH FOUR MAIN OPERATING TOOLS… OPERATING TOOLS ACTIONS

  16. CAGR 02-06 Baseline • Revenues and financial assets higher than baseline thanks to the strategy implementation • Relevant investments for growth • Market share on Households’ Total Banking Assets from 1,9% to 2,5% • Market share on Private Total Banking Assets from 5,7% to 7,5% … WHICH WILL ALLOW THE BANK TO REACH ITS DEMANDING 2006 FINANCIAL TARGETS … CAGR 02-06 2002 Pro-forma Euro mln 6% ~300 12% Revenues ~150 11% Operating Income ~51% 53%1 Cost/Income 7% ~36,000 15% Total Dir. + Ind. Deposits1 of which: ~16,300 18% Asset under Management1 ~17,100 13% Securities in custody1 ~560 7% Private Bankers1 1 End of period data

  17. ... THROUGH A TAILORED STRATEGY High importance Revenue growth Low importance Existing customers New customers Intra-group synergies Efficiency Risk mgmt Pioneer UBM UBI Private Banking business Pioneer UBI Retail business UCB UPB Corporate business Pioneer UBM TradingLab New Europe

  18. AGENDA • The reference scenario • Private & Asset Management Division • UniCredit Private Banking • UniCredit Xelion Banca • Pioneer Group • Conclusions

  19. Total: ~15% NETWORKS OF FINANCIAL ADVISORS ARE IMPORTANT AND LONG ESTABLISHED PLAYERS WITH HIGH GROWTH RATES AND A SIGNIFICANT PRESENCE IN THE HIGHEST VALUE ADDED SEGMENTS OF HOUSEHOLDS’ SAVINGS HOUSEHOLDS’ FINANCIAL ASSETS: 2000-2006 DYNAMICS (Data in Euro bn and % changes expressed as period CAGRs) TOTAL FINANCIAL ASSETS GATHERED BY PFA NETWORKS2 ITALIAN HOUSEHOLDS’ BANKING FINANCIAL ASSETS 1 262 2,529 Total: Total: +5,3% (net of performance effect) Total: +3,3% (net of performance effect) 15 ~7% +0,3% 48 Liquidity -1% 1,967 1,954 +8% Liquidity +3% Liquidity Liquidity +17% 155 152 +66% +7% Securities in Custody 4 11 15 +32% Securities in Custody 26 Securities in Custody Securities in Custody +8% AuMs +15% -7% 199 AuMs AuMs 136 AuMs 115 -8% +8% +1% 2000 2002 2006 PFA Networks Mkt. Share on Total Household Financial Assets: 7.9% in 2000; 7.7% in 2002; 10.3% in 2006E PFA Networks Mkt. Share on Total AuMs: 15.5% in 2000; 12.9% in 2002; 16.1% in 2006E 1 Source: Network Studi UCI on BankIT data 2 Source: Assoreti data and Eurisko-Prometeia estimates (growth of PFA Networks’ market share vs banks is a market trend foreseen also by McKinsey for the whole Continental Europe)

  20. 50 4500 45 4000 40 3500 35 3000 30 2500 25 2000 20 1500 15 1000 10 5 500 0 0 TODAY ITALIAN PFA NETWORK INDUSTRY IS IN A TRANSITION PHASE: THERE ARE TOO MANY PLAYERS IN THE MARKET, MOST OF THEM FACING HARD TIMES, …. MARKET CONCENTRATION AUMs BY COMPANY1 PFAs BY COMPANY1 First 5 players employing ~43% of Total PFAs First 5 players (on 40) owning more than 60% of Total AuMs Total PFAs: ~34,700 Total AuMs: ~Euro 152 bn Source: Assoreti data as at 31.3.2003 Source: Assoreti data as at 31.3.2003 1 LEGENDA: Different colours identify different industry players

  21. 20 Average income per PFA: Euro 56K (Euro 46K excluding Fideuram) 18 Average AuMs per PFA: Euro 4.4 mln (Euro 3.4 mln excluding the first 2 players) 16 14 12 10 8 6 4 2 0 Source: Assoreti data as at 31.3.2003 Source: Sample of Financial Statements as at 31.12.2001 … AND TOO MANY PFAs, MOST OF THEM WITH POOR INCOME; FURTHERMORE INSIDE THE COMPANIES AUMs ARE NOT EQUALLY DISTRIBUTED, WITH FEW PFAs CONTROLLING AN IMPORTANT SHARE OF THEM Average AUM per PFA by company1 Average wage per PFA1 • Only the first 7 players granted PFAs with gross income yearly wages higher than Euro 40K • The industry will restructure and concentrate 1 LEGENDA: Different colours identify different industry players

  22. Great importance of UCI brandfor reassuring clients and trusting PFAs PART OF UCI GROUP AND OF PRIVATE & AM DIVISION • Strong integration with production (Pioneer Group) • “Proximity services” provided by the Group branch networks for all the financial transactions requiring “materiality”. Distinctive competitive advantage, hard to replicate for competitors WIDESPREAD PRESENCE AND COMPLETE SERVICE • Traditional banking services, as the result of being a multi-channel bank • Multi-brand modelto reinforce independence of advice.High quality service for clients and PFAs guaranteed by the effective technological platform. Related investments already done MULTI-BRAND MODEL + ADVANCED TECHNOLOGICAL PLATFORM • Structurally more flexible and faster in adapting products and services to customers’ and PFAs’ needs, as the result of being a separate legal entity THEREFORE THERE IS ROOM FOR A PLAYER ABLE TO ATTRACT THE BEST PROFESSIONALS AND XELION ENJOYS COMPETITIVE ADVANTAGES XELION’S COMPETITIVE ADVANTAGES:

  23. XELION AIMS AT INCREASING THE NUMBER AND THE QUALITY INDEED OF ITS PFAs AUMs PER PFAs AND NUMBER PFAs (Data in Euro mln as at 31.12.2002 vs 31.12.1999) Industry Leader: Focused on PFAs (and clients) of the highest market segment with a wide sale force 2,288 16 14 Fideuram 12 Sample Average1 10 AUMs per PFA Xelion 8 SPI 6.1 6 F&F Mediolanum 4 “Commercial engines”: focused on PFAs (and clients) of the medium market segment with a wide sale force RasBank Fineco B.ca Primavera 2 0 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Number of PFAs Source: Assoreti (RasBank merged with Ras Investimenti SIM) 1 Sample made of 10 major players

  24. ENCOURAGING 2002 AND 2003 TO-DATE RESULTS: EXCELLENT NET INFLOWS AND HIGH ATTRACTIVENESS FOR NEW PFAs … Data as at 31.03.2003 – Euro mln Data as at 30.04.2003 – Euro mln Data as at 30.04.2003 – Euro mln Data as at 30.04.03 1,683 PFAs, 5th in Italy Tot. Fin. Assets: Euro 5.3 bn, 8th in Italy Net Inflows: Euro 690 Mln, 1st in Italy Net Inflows per PFA: 2nd among Top- Players and 4th in Italy 1 AUMs, Securities in Custody, Bancassurance and liquidity Source: Assoreti

  25. Achieving Critical Mass through the combination of: • Growth of average financial assets of existing PFAs (reduction of marginal PFAs) • Aggressive recruitment of PFAs with high average portfolios • Asset mix reshape towards Life & Pension products and fully integrated advice services (I.e.: financial planning) • Acquisition of newaffluent clientsfor UCI Group, with benefits for Pioneer, UniCredit Banca and product companies (cross selling of mortgages, credit cards, consumer finance, ...) … AS THE RESULT OF A STRATEGY BASED ON AN AMBITIOUS AND CLEARLY DEFINED KEY GOAL … KEY GOAL… … AND STRATEGIC GUIDELINES • BECOMING A TOP PLAYER IN THE ASSET GATHERING MARKET, STANDING OUT FOR: • Independence of Advice • Quality of Service • Easiness and proximity

  26. ~30 40% Revenues (Xelion stand alone) ~45 35% Revenues (at Group level) ~-50 +101 Operating Income ~260% 90%1 Cost/Income ~4,950 32% Total Dir. + Ind. Deposits1 1,720 3% Financial Advisers1 … WHICH WILL LEAD XELION TO IMPORTANT COMMERCIAL AND FINANCIAL RESULTS CAGR 02-06 2002 Pro-forma Break-even analysis (data in Euro ,000) Euro mln 8,000 Break-even edge (Xelion stand-alone) 6,000 Break-even edge (at Group level) Operating Profit area Number of PFAs 4,000 2,000 Xelion Growth Path Operating Loss area 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 AUMs per PFAs 1 End of period data • Strong recruitment of high-standing PFAs and reduction of those with low productivity • Already well on-track: revenues growth 1Q03 vs. 1Q02: +48% Xelion stand alone, +45% at Group level

  27. AGENDA • The reference scenario • Private & Asset Management Division • UniCredit Private Banking • UniCredit Xelion Banca • Pioneer Group • Conclusions

  28. THE REFERENCE SCENARIO WILL DEEPLY IMPACT ASSET MANAGEMENT INDUSTRY, ESPECIALLY IN CONTINENTAL EUROPE • Retail Investors less risk oriented, more focused on “funding future needs” and searching for trust and specialised advice • Slower growth of “open architecture” with proprietary model still dominating; acceleration in “preferred partnerships” • Need of appropriate skills to address the “new phase”: bigopportunities for active asset managers offering absolute return products and asset/liability managementsolutions either for Institutional or Retail clients (“INSTIVIDUAL Model”) • Strong producers benefiting from difficulties of less “investment performing”, less cost-efficient and less distribution-advantaged peers Greater scope for integrationbetween production and distribution in order to advise clients on longer term needs and to provide individuals with in-built advice services, traditionally reserved to large institutions

  29. LEVERAGING ON ITS DISTINCTIVE SKILLS … • Best practice in terms of Governance, Risk Management and disciplined Investment Process based on a unified global research • Active management with adaptable production capabilities • Innovation capabilities in terms of products, distribution agreements and customized solutions, enhanced by the long-term experience in providing UCI banks and Third Parties with a continuous flow of solutions • Ability to integrate and turnaround (Pioneer US and Momentum acquisitions), while maintaining profitability even in bear markets • Scalability of model and potential economies of scale in the production/distribution/operations chain STRENGTH: Global House (EU+US) with the ability of serving both proprietary networks and open platforms, optimising know-how and synergies

  30. 10 9 8 7 6 5 4 3 2 1 0 UBS AXA Dexia Pictet Amex HSBC Russell Putnam Fidelity Barclays Vontobel Schroder Citigroup PIONEER Soc. Gen. Templeton JP Morgan ING Baring ABN AMRO BNP Paribas Merrill Lynch Credit Suisse Deutsche Bank Credit Agricole … AND ON ITS SOUND TRACK-RECORD IN TERMS OF INVESTMENT PERFORMANCES … Standard and Poor's Fund Rankings 2002 – Funds sold in Europe (Number of funds of different categories with top 10 rankings by Asset Manager) US - Examples of 1st Quartile portfolios1 Europe - Examples of 1st Quartile portfolios1 1 Portfolios are measured against a benchmark net of withholding taxes and charges against the portfolio. Information as at 11.04.03 * Measured since inception

  31. Top-ranking performances • Further widening of the product range, also through third parties partnerships: • Absolute return solutions • Dynamic ALM either for Insitutional and Retail clients • Retirement products and Financial Planning • Implementation of an advice-pull model in distribution also thanks to proprietary Advice platforms … PIONEER HAS SET OUT AN AMBITIOUS GOAL … KEY GOAL… … AND STRATEGIC GUIDELINES • FURTHER STRENGTHENING ITS POSITION IN THE ASSET MANAGEMENT INDUSTRY LEVERAGING ON: • Infra-Division and Group synergies • Wide high quality offering • Advice skills

  32. Retail Clients (Mass, Affluent & Private) • Product Innovation • II and III Pillar Retirement Schemes • Tailor-made Research and Advisory department, in order to satisfy private and affluent clients’ needs (synergies with UniCredit Private Banking and Xelion) • Institutional Clients • Further strengthening of the leadership in the segment and development of new relations ITALY • Leverage on excellence in key product segments and low marginal distribution costs • Free advisory expertise for sale-networks and distributors • Leverage on leading ALM know-how for institutional clients INTERNATIONAL (ex-Italy) • Full exploitation of the strong distribution in order to grow in the non-proprietary fund segment • Wider offer through high quality products with sound track-record (development or acquisition of high star products) • Development of wraps & segregated accounts US • Management of the euro-convergence for households’ assets • Development of leadership in retirement products • Continuous support to UCI’s expansion in the area NEW EUROPE … WHICH WILL BE PURSUED WITH SPECIFIC ACTIONS IN EACH BUSINESS AREA …

  33. … RESULTING IN IMPORTANT GROWTH TARGETS CAGR 02-06 2002 Pro-forma • AUMs CAGR due to: • ~4% performance effect • ~ 8% net sale effect • Hedge fund weight on Total AUMs from 1,5% to 3,6% Euro mln ~540 10% Revenues ~200 14% Operating Income ~63% 57%1 Cost/Income 12% ~104,000 Total AUMs* 1 End of period data

  34. AGENDA • The reference scenario • Private & Asset Management Division • UniCredit Private Banking • UniCredit Xelion Banca • Pioneer Group • Conclusions

  35. SUMMING UP: HIGH VALUE CREATION AND GROWTH CAGR 02-06 2002 Pro-forma Euro mln 1,070 10% • Growth rates higher than traditional banking business • Lower Economic Capital absorption • Potential out-performance for integrated and specialised Players Revenues 420 13% Operating Income 61% 58%1 Cost/Income 750 3% Economic Capital -7% +18%1 RARORAC 23% 43%1 MARGINAL RARORAC 31%2 PRESENT RARORAC 1 End of period data 2 Calculated at year-end 2003

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