INVESTOR RELATIONS
BANCA CR FIRENZE
GROUP
March 2002 - U.S.A.
REGIONAL PRESENCE & MARKET SHARE
INVESTOR RELATIONS
Strong regional presence
High market share
(416 branches at 31.12.01)
 Tuscany market share*

by deposit 15.6%

by loans 12.7%
 900,000 customers
 Over 60,000 on-line customers
 Euro 24.8 bln total deposits
 Euro 11.2 bln customer loans
 Net NPL ratio 1.7%
 2001E ROE 11%
*As at Sept. 30, 2001
2
C. R. FIRENZE Spa - Shareholders’ structure
INVESTOR RELATIONS
CR Firenze
Foundation
Market
42%
26%
6%
Others
7%
BNP
Paribas
Shareholders agreement
 CR Firenze Foundation
22%
 Sanpaolo IMI
15%
 BNP Paribas
7%
19%
44%
Sanpaolo
IMI
No. of shares
No. of floating shares
1,086,236,393
290,000,000
3
Network
INVESTOR RELATIONS
Full range product portfolio
C. R. FIRENZE
271
Centrovita
C. R. PISTOIA e PESCIA
63
Infogroup
CR Firenze Gestion Intl.
C. R. ORVIETO
33
Data Centro
Centro Leasing
C. R. CIVITAVECCHIA
25
Centro
Telemarkenting
Centro Factoring
C. R. MIRANDOLA
24
Citylife
Eptaconsors
Total number of branches 416
Arval Italia
LIBERAMENTE NETWORK
CERIT
FINDOMESTIC BANCA
PRODUCT COMPANIES
* As at 30 September 2001
RETAIL BANKING
6
96
Perseo Finance
Pro. Du. Ser.
CFT Finanziaria
SERVICE COMPANIES
4
CREATION of SHAREHOLDER VALUE
INVESTOR RELATIONS
Banca CR Firenze creates value :
17.00%
2001E ROE
 ROE 2001E : 11%
 Cost of Capital 2001E = 7%
B. Lombarda
MPS
12.00%
B. Pop. Verona
B. Pop. Em. Romagna
C.R. Firenze
B. Pop. Milano
B. Pop. Bergamo
ROE = Cost of Capital
B. Pop. Sondrio
7.00%
B. Pop. Novara
Banca Carige
B. Pop. Lodi
BPCI
2.00%
4.00%
7.00%
2001E Cost of Capital
Source : Prometeia Calcolo Oct.30, 2001 - C.R. Firenze ROE : Internal forecast
10.00%
5
STOCK TRADING AT DISCOUNT
INVESTOR RELATIONS
3
Low ROE
High P/BVS
High ROE
High P/BVS
B. Pop. Sondrio
B. Lombarda
B. Pop. Em. Romagna
2
B. Pop. Novara
Banca Carige
-4.00%
MPS
4.00% B. Pop. Bergamo
B. Pop. Lodi
12.00%
20.00%
B. Pop. Verona
1
B. Pop. Milano
P/BVS*
BPCI
Low ROE
Low P/BVS
2001E ROE*
0
C.R. Firenze
UNDERVALUED
High ROE
Low P/BVS
*BVS & ROE : Prometeia Calcolo - C.R. Firenze 2001E ROE : Internal forecast - Prices : 1 Aug. 01 / 31 Jan. 02 average
Data average as axis origination
6
RELATIVE SHARE PRICE PERFORMANCE
INVESTOR RELATIONS
Since its IPO CR Firenze has been one of the best performers
amongst the Italian Financial Institutions
120
110
Banca CR Firenze
100
90
Comparables Index*
80
70
Italian Banking Index
60
50
J
A
S
O
N
D
J
2001
As at Feb.16, 2002 - Source : Datastream
F
M
A
M
J
J
A
S
O
N
D
J
F
2002
* See back-up slides
7
VALUE CREATION
INVESTOR RELATIONS
58.0%
55.8%
49.6%
0.089
0.065
0.062
0.052
0.036
1998
1999
EPS
Group
Public status strengthened the
commitment
to
improve
profitability
(EPS)
and
increase the DPS ratio.
Higher pay-out ratio (DPS
grew more than EPS).
Eur
0.031
K = DPS/EPS
2000
DPS
8
CUSTOMER LOANS EFFICIENCY
INVESTOR RELATIONS
Steady growth coupled with
improving quality
7.0%
65.0%
~1253.0%
5.7%
48.2%
41.8%
34.5%
2.7%
2.2%
2.0%
~12
12
>11
0.0%
0.0%
1998
1999
Net NPL ratio
2000
2001E
Coverage ratio
9.5
Euro bn
7.6
7.1
2001E
0
1998
1999
2000
2001E
2000
67%
33%
73%
27%
77%
23%
Customer loans
1999
0%
With mortgage lien
100%
Without mortgage lien
9
INTERNAL RATING SYSTEM
INVESTOR RELATIONS
The Internal Rating System proved to be effective and reliable
73.5%
Loans by rating
70.0%
34.25%
4 – Good
20.05%
3 – Acceptable
19.20 %
2 – Risky
22.60%
1 – Critical
2.20%
NP Loans
1.70%
7,000
5,858
Euro bln
5 – Excellent
7500
2,480
2,522
0
Sept. 2000
5 – 4 – 3 rating
Sept. 2001*
2 – 1 - NPL rating
5 – 4 – 3 rating as % of total loans
*CRF Group, Findomestic excluded
10
COST / INCOME
INVESTOR RELATIONS
Strong commitment to reduce this level although Group
consolidation makes this possible on a medium term basis only
70.5%
70.3%
69.2%
68.2%
67.5%
68.2%
66.8%
65.8%
9.5
357.2
349.5
348.5
300
Euro mn
Personnel expenses
218.5
203.8
203
Other expenses
Exceptionals
Cost / Income ratio
C / I ratio, recovered expenses excluded
C / I ratio, exceptionals excluded
100
1999
2000
2001E
11
CUSTOMER BASE
Segmentation & specialized distribution
INVESTOR RELATIONS
Integrated Multichannel Bank with a personal approach reserved for customers
with a high-net worth.
ACTION PLAN
Retail
81%
•Product s streamlining
•Centralized marketing
Affluent /
Private Bkg.
19%
•Innovation
•One 2 One marketing
•Dedicated channels
83%
•Innovation
•Packaging
•Multichanneling
17%
•Offer development
•Advisory services
•Multichanneling
CHANNELS
&
TOOLS
89%
Small
Business
11%
Corporate
12
AUM - High quality proprietary funds & Multibranding
INVESTOR RELATIONS
Total AUM*
> Euro 7 bn
 GP + GPF
34.%
 Mutual Fund
46.%
 Insurance Prod. 20%
Portfolio Managers
Retail
Affluent
Small. Buss.
Corporate.




nr. 1,150
1 Manager / 1,250 customers
1 Manager / 200 customers
1 Manager / 200 customers
1 Manager /
65 customers
GP + GPF
(Discretional accs./Mutual Funds
discretional accs.)
MUTUAL FUNDS
INSURANCE
PRODUCTS
*FY 2001E
13
C.R. FIRENZE GESTION INTERNATIONALE S.A.
The proprietary mutual fund factory
INVESTOR RELATIONS
GIOTTO LUX FUND
Since April 2001
Luxembourg based Umbrella Fund
35 sub-funds
1,980
2000
1600
1200
728.6
800
Euro mn
Net inflows 2001
597.2
277.2
400
230.8
88.5
41.5
25.5
104.6
12.4
0
-125.8
-400
Apr.
May June July
Aug. Sept
Oct
Nov
Dec
Gen. Total
Progressive shift of funds to Giotto Lux:
Source : Assogestioni
14
AUM NET INFLOWS
INVESTOR RELATIONS
Net inflows were on track
at 30 June.
Slightly below the target
at 31 December.
TARGET 2001
+ 22 %
NET INFLOWS
+ 20 %
MKT VALUE
+ 16.6 %
 Market
8,500
deterioration
keeps the total stock
value under pressure
8,420
8,160
7,770
 Increasing the Business
Mix will be a solid
starting point when the
equity market recovers.
7,000
Dec. 2000
June 2001
Dec. 2001E
15
STRATEGIC INVESTMENTS
INVESTOR RELATIONS
… and their return
Shareholdings at book value*...
250
18.0%
20.7%
19.5%
22%
198.5
198.5
188.8
Euro mn
138.5
78%
39.1
38.8
24.9
0
1999
2000
3Q 2001
Return on main shareholdings
Shareholdings book value
Shareholdings profit
Arval Service Lease Italia
Centrovita Assicurazioni
Findomestic Banca
*Group as at Sept. 30, 2001
- Vehicle leasing
- Insurance
- Consumer credit
Centro Factoring
Centro Leasing
Eptaconsors
- Factoring
- Leasing
- Asset management
16
INVESTOR RELATIONS
March 2002 - U.S.A.
FINDOMESTIC BANCA - Shareholders’ structure
INVESTOR RELATIONS
C.R.
Firenze
Group
Cetelem
BNP Paribas
Group
35%
Sept. 1984 - The beginning of the JV with Cetelem
S.A. and Banco di Sardegna
43%
22%
Banco
Sardegna
35%
43%
15%
7%
50%
50%
June 2001 - Shareholders agreement between
C.R. Firenze and Cetelem S.A. in order to exercise
joint control over the Company
Sept. 2001 - B. di Sardegna resolved to accept the
offer from C. R. Firenze and Cetelem.
18
FINDOMESTIC
Banca Banca
FINDOMESTIC
INVESTOR
RELATIONS
RELATIONS
A shareholding of INVESTOR
CR Firenze
Group
Widespread distribution
High market penetration*
Trentino Alto Adige
Valle
d’Aosta
Lombardia


 Market share:

Friuli V. Giulia


Piemonte 

by transactions 27.8%

by volume 12.2%
Veneto

Liguria
Toscana
 Emilia Romagna


Marche
 2000 ROE : >18%
 Umbria
Lazio

Abruzzo
Molise

 3,600,000 customer database

Puglia

Campania

Sardegna
Calabria


 96 Customer Service Centers
 Over 65,000 affiliated stores
 1,500 employees
Sicilia

* As at Dec. 31, 2000

 S & P rating : ST A2 LT A19
FINDOMESTIC EURO ZONE
INVESTOR RELATIONS
Consolidation in the core area and investments
in unserviced markets
20