CONSOLIDATED FINANCIAL STATEMENTS FOR FY2000 Net profit = ITL 183 bn (+45%) ROE = 11.2% (up from 7.7%) Dividend = ITL 100 per share (+43%) Total administrative expenses = -4.3% Net loans and advances = + 18.10% Total collections = over ITL 47,500 bn Indirect collections = ITL 26,933 bn (+14.5%)

The Cassa di Firenze banking group expanded further in 2000 with acquisition of controlling stakes in Cassa di Risparmio di Civitavecchia SpA and Cassa di Risparmio di Orvieto SpA, followed by acquisition at the beginning of 2001 of control of Cassa di Risparmio di Mirandola SpA. Today, the group has a sales network of 405 branches in 5 regions of Italy. The physical branch network is accompanied by the virtual bank, which is performing strongly, whilst the group is now also setting up a financial promoter and store network. This reflects the group’s multi-channel strategy for sale of the products of a series of companies specialised in consumer credit (Findomestic SpA), asset management (Epta Group and the newly founded asset management company CR Firenze Gestion Internationale SA), and leasing and factoring (Centro Leasing SpA and Centro Factoring SpA).

Today, the Board of Directors of the Cassa di Firenze banking group, presided over by Mr Aureliano Benedetti, approved the operating and consolidated financial statements for 2000. Results rewarded the Group’s efforts and the Board has thus decided to propose to shareholders a dividend of ITL 100 per share, up by 43% over 1999 – when the company was not yet listed. This confirms the commitment made by the bank in July 2000 during the Public Offer for Sale to apply a payout policy designed to reward shareholders. The proposed payment date is May 24th 2001 (with coupon detachment on May 21st 2001). Contacts : Investor Relations - Marco Falleri ++39 055 2612284 Fax++39 055 2612298

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The Group posted consolidated net profit of ITL 183 bn, with a 45% increase over pro-forma 1999 figures including the Civitavecchia and Orvieto savings banks for the purposes of like-for-like comparison. Based on the same aggregate, the favourable trend in net interest income, commissions, and profits from consolidated shareholdings, together with the decrease in administrative expenses, led to operating profit of ITL 487 bn up by 20%. Net interest income, net of dividends, totalled ITL 752 billion with an 8% YoY increase. The result was heavily affected, in 1999, of the extraordinary dividend of ITL 79 billion paid by ICCRI (the central bank for savings banks). Net of this item, aggregate growth would be 5.10% on a like-for-like basis. Total income, boosted by progress in service income – which in turn was driven by asset-management, brokerage and advisory services, as well as by the growth of profits from stakes in product companies – increased by ITL 143 bn, up 10.7%. On a like-for-like basis the increase in total income would have been ITL 46 bn, up 3.2%. The major commitment to cost control, despite the Group’s expansionary phase, produced tangible effects with an overall decrease in administrative expenses of some ITL 40 bn (-4.30%) versus 1999 on a likefor-like base. Of this saving, ITL 23 bn related to payroll costs and ITL 17 bn to other G&A costs. The cost/income ratio is therefore 67% from 1999 like-for-like basis. Net extraordinary income in 2000 totalled just ITL 18 bn, as opposed to ITL 116 bn in 1999, thereby indirectly confirming the positive performance of ordinary business. ROE was 11.2%, up from 7.7% in 1999 on a like-for-like basis. The Board of Directors having acknowledged the good results for the year decided to grant no.500 shares to the parent company's employees. Total collections totalled ITL 47,572 bn with a 7.5% like-for-like increase. While direct collections showed general stability, indirect collections touched on ITL 27,000 bn, rising by 14.5%, with key drivers being

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bank-assurance (+39.6%) and administered assets (+28.4%), an indispensable indirect driver for growth in assets under management. Customer loans and advances amounted to ITL 18,327 bn with a 24.2% increase (18.1% on a like-forlike basis). Growth was strong in both the short-term and medium-/long-term segments. Risk monitoring as per the parent company’s procedures, now being extended to all the group’s banks, led to further reduction of net risk items by 13%, whilst coverage of non-performing loans exceeded 48%. The improvement in credit quality made it possible to achieve these results as well as a 45.5% reduction in net adjustments and provisions of ITL 106 bn. FY2000 featured continuation of activities concerning Group integration. On the one hand, these related to design of corporate governance processes for both the parent company and subsidiaries and, on the other, to upgrading of the efficiency and profitability of the Group’s overall organisation. The model applied features gradual centralisation in the parent company of those activities that, when performed on a unified basis, supply added value in terms of standard processes, economy of resources, enhanced operational efficiency, and quality of results. As regards the commercial area, the parent company’s Customer & Marketing Directorate has taken on responsibility for all planning and co-ordination of individual actions – the sole group “factory” for all product/segment and marketing aspects. Fiscal year 2000 also marked completion of efforts to extend the parent company’s budget control tools to the group’s other banks. These permit profitability analysis by customer, product, profit centre and other aggregates with control by the parent company over business generation and the accuracy of data for the entire group. In the area of administration, accounting and official reporting, all functions that do not have to be mandatorily performed by the individual banks were centralised in order to comply with regulations. As regards lending, the house organic lending regulations defined by the parent company are now being spread to all the group’s banks with any adaptations being authorised on a case-by-case basis by the parent

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company. This also means elimination of any weaknesses present in the group banks’ individual sets of regulations. The information technology work needed to activate the group’s centralised credit-risk database was completed. Centralisation of the internal audit function at parent-company level is now at an advanced stage of implementation. In the area of human resource management, FY2000 featured ongoing consolidation of the coordinating role played by the parent company. This focused on the adoption of common group-wide policies as regards both to the contingent management of problems relating to application of the new national collective agreement and to the more general challenge of training, hiring, performance appraisal, and relationships with trade-union organisations. The actions outlined above join those already completed in previous years for unification of the information system of the group’s four banks and for creation and strengthening of a centralised business unit. The latter is proceeding with gradual centralisation of back-office activities for branches with the objective of (a) making business processes increasingly efficient and effective and (b) freeing up greater resources for redeployment to commercial – i.e. business-generation – activities.

(Full financial statements are attached).

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FY2000 FINANCIAL STATEMENTS of CASSA di RISPARMIO di FIRENZE SpA

Summary of key consolidated P&L and balance-sheet data:

NET PROFIT

ITL 154.6 bn (+36%)

NET INTEREST INCOME

+ 8.10%

SERVICE INCOME

+ 4.70%

OPERATING PROFIT

+ 10.00%

ORDINARY OPERATING PROFIT

+ 90.10%

-------------------------------------------------------------------------------------------TOTAL COLLECTIONS

37,265 bn (+8%)

DIRECT COLLECTIONS

Stable at around 15,500 bn

INDIRECT COLLECTIONS

21,807 bn (+ 15.00%)

CUSTOMER LOANS & ADVANCES

ITL 13,813 bn (+20%)

(Full financial statements are attached).

Florence, March 26th 2001

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CASSA RISPARMIO FIRENZE CONSOLIDATED BALANCE SHEET (millions of lire)

ASSETS

31 dicembre 2000

31 dicembre 1999

10 Cash and cash on deposit with central banks

and post offices

143.362

123.715

20 Italian government securities and similar

securities eligible for refinancing with central banks 30 Amounts due from banks

862.816

1.775.392

2.046.747

2.619.821

(a) sight

515.173

299.460

(b) other

1.531.574

2.320.361

40 Customer loans

18.327.209

14.750.969

including: - loans from third-party funds under administration

2.396

50 Bonds and other debt securities

(a) of public issuers (b) of banks

3.121 3.711.363

3.671.112

2.963.197

3.159.040

536.658

327.751

181.159

57.952

including: - own securities (c) of financial institutions (d) of other issuers

79.947

81.310

131.561

103.011

60 Shares and other equity securities

512.182

189.589

70 Participating interests,

737.186

591.215

other than in group companies (a) valued on equity method

344.624

(b) other

392.562

80 Participating interests in group companies

(a) valued on equity method (b) other

327.725 263.490 30.370

27.955 2.415

90 Goodwill arising on consolidation

22.202 19.595 2.607

200.433

100 Goodwill on equity-valued holdings 110 Intangible assets

95.973

605

25.097

96.155

86.340

including: - formation, start-up and similar costs - goodwill

95

163

8

120 Property and equipment 140 Own shares 150 Other assets 160 Accrued income and prepayments

(a) accrued income (b) prepayments

12 590.720

583.351

659

0

2.118.731

1.747.529

152.110

127.436

146.081

121.970

6.029

5.466

521

1.262

including: - issue discounts on securities

TOTAL ASSETS

29.530.648

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26.409.741

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CASSA RISPARMIO FIRENZE CONSOLIDATED BALANCE SHEET (millions of lire)

LIABILITIES AND SHAREHOLDERS' EQUITY

31 dicembre 2000

10 Amounts due to banks (a) sight

31 dicembre 1999

3.167.509 948.911

(b) at maturity date or notice

2.218.598

20 Customer deposits (a) sight

1.746.691 13.131.108

11.281.205

(b) at maturity date or notice

2.282.160 535.469

1.849.903

30 Debt securities issued

11.983.215 10.152.313 1.830.902

6.828.537

6.711.319

(a) bonds

5.292.520

5.076.006

(b) certificates of deposit

1.240.769

1.483.473

(c) other

295.248

40 Third-party funds under administration 50 Other liabilities 60 Accrued liabilities and deferred income

151.840 8.722

8.865

2.639.084

2.016.000

184.437

151.680

(a) accrued liabilities

168.764

128.786

(b) deferred income

15.673

22.894

70 Staff severance indemnity provision

80 Provisions for risks and charges (a) provisions for pension and similar liabilities (b) accrued taxes (d) other provisions

246.269

252.714

566.265

436.018

302.272

252.056

167.602

100.469

96.391

90 Provisions for loan losses

83.493 55.753

71.081

100 Reserve for general banking risks

110.749

105.100

110 Subordinated debt

680.000

680.000

120 Negative differences on consolidated holdings

7.491

8.161

130 Negative differences on equity-valued holdings

4.248

4.254

140 Minority interests 150 Share capital 160 Share premium 170 Reserves (a) legal reserve

331.362

241.135

1.065.367

1.063.832

632

632

306.209

260.169

216.304

(b) reserve for own shares

214.414

659

0

(c) statutory reserve

31.933

3.986

(d) other reserves

57.313

41.769

180 Revaluation reserves

13.735

0

200 Net profit for the year

183.171

133.406

29.530.648

26.409.741

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

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CASSA RISPARMIO FIRENZE CONSOLIDATED PROFIT AND LOSS ACCOUNT (millions of lire) VOCI 10

31 dicembre 2000

Interest earned and similar income

31 dicembre 1999 1.405.032

1.095.133

including: - on customer loans - on debt securities 20

1.064.478

830.986

230.876

201.820

Interest expense and similar charges

-653.517

-464.074

including:

30

- on customer deposits

-249.493

- on debt securities

-266.370

Dividends and other income (a) on shares and other equity securities (b) on participating interests, other than in group companies (c) on participating interests in group companies

-155.894 -222.314 17.921

105.974

975

2.753

16.946

101.380

0

1.841

40

Commissions earned

518.999

477.551

50

Commissions expense

-39.809

-28.065

60

Gains (losses) on financial transactions

35.753

29.353

65

Revenues on FIP fund

16.964

0

70

Other operating income

186.179

135.001

80

Administrative expenses (a) personnel expense

-900.156

-873.775

-604.424

-588.117

- salaries and wages

-430.511

-422.086

- social security contributions

-106.646

-102.601

- staff severance indemnities

-38.088

-35.042

- pensions and similar obligations

-16.889

-17.218

-295.732

-285.658

including:

(b) other administrative expenses 85

Costs on FIP fund

90

Value adjustments to intangible assets and property and equipment

-16.964

0

-125.409

-100.474

100 Provisions for risks and charges

-18.389

-29.327

110 Other operating expenses

-72.797

-43.835

-171.854

-246.724

120 Value adjustments to loans and provisions for guarantees and commitments 130 Value re-adjustments to loans and reversals of provisions for guarantees and commitments

72.259

77.896

140 Provisions for loan losses

-8.597

-20.832

-4.155

-1.941

150 Value adjustments to non-current financial assets 160 Value re-adjustments to non-current financial assets 170 Profits/(Losses) of companies valued on equity method 180 Profit from ordinary operations

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187

88.847

36.451

330.314

148.499

190 Exceptional income

81.625

139.504

200 Exceptional charges

-64.113

-31.135

17.512

108.369

210 Gain (loss) on exceptional items - net 230 Change in reserve for general banking risks 240 Income taxes for the year

-5.649

-3.060

-142.736

-97.643

250 Profit for the year pertaining to minority interests

-16.270

-22.759

260 Net profit for the year

183.171

133.406

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