Investor Day – Bologna, 13th June 2003

PRIVATE & AM DIVISION

2003-2006 STRATEGIC PLAN

Andrea Moneta Head of Private & AM Division

2

The reference scenario

Private & Asset Management Division

UniCredit Private Banking

UniCredit Xelion Banca

Pioneer Group

Conclusions

AGENDA

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

… three different business …

PRIVATE & ASSET MANAGEMENT DIVISION

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

Three players …

… 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

~3,000 young skilful Staff1

Worldwide selective presence in the most important financial centres: Milan, Boston, Dublin, London, Paris, Madrid, Hong Kong, Singapore, Lugano, Monaco, San Marino, ecc

~Euro 130 bn Tot. Financial Assets

~2,500 sales people2

1 Figure net of around 1,700 Xelion PFAs

2 Figure including UniCredit PB Private Bankers, Xelion PFAs and Pioneer salesmen

6

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 …

Wealth Planning

ALM Strategies

Hedge Funds

Total Return Products

Retirement Schemes

… THANKS TO EXCELLENCE IN:

Global Research based Investment Processes

Risk Management

Distribution, advisory and client proximity

INNOVATIVE PRODUCTS … … WITH HIGH GROWTH POTENTIAL AND VALUE ADDED…

Source: BCG analysis on Intersec, Sanford B data

0.05 EnhancedIndexing

1.8

0.1 0.5

Private Equity

Market growth 2001-2006 projections

Margins

> 10% / year

5.5

Index funds

13.5

Active equities

10.9 Active bonds

0.9 Real estate

Structuredprod. 0.2 0.5 Quantitative

Prod.

Hedge Funds

0.7Commodities

Traditional products

Innovative products

2001 size($ 5 Tr)

High Alpha products

< 10% / year

Money Market

ETF

7

Enlargement of the offer with High-Alfa products

… 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

Leverage on strong distribution capabilities in US and in the “International” business unit

Support to UCI’s networks in Italy and development of new partnerships with third parties

Active management, ALM solutions and world-class performance

8

AGENDA

The reference scenario

Private & Asset Management Division

UniCredit Private Banking

UniCredit Xelion Banca

Pioneer Group

Conclusions

9

~40,000 households

~Euro 36 bn Direct and Indirect Deposits

~560 Private Bankers

UNICREDIT PRIVATE BANKING: A NEW LARGE PRIVATE BANK WITH A HIGH POTENTIAL TO INCREASE PENETRATION IN HIGH VALUE ADDED SERVICES

KEY FIGURES

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

UPB CURRENT PORTFOLIO MIX

51%

36%

13%

18%

28%

28%

31% 36%

59%

0%

25%

50%

75%

100%

UPB Average Asset Mix2

UPB MedianAsset Mix2

UPB 1st QuartileAsset Mix2

Securities in Custody

Plain-vanilla Mutual Funds

Segregated Accounts & Bancassurance

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 PORTIONOF TOTAL FINANCIAL WEALTH

HNWI: Total Financial Assets > Euro 500K;Affluent: Euro 50K to Euro 500K; Mass: < Euro 50KSource: 2000, ISTAT Statistics and PwC Analysis

WEALTH DISTRIBUTION AND UCI PB MARKET SHARES IN ITALY

Wealth in Italy by region1

UniCredit PB Market Shares by region

3.5%

2%

4%

5%

9%

6%

9%

9%26%10%

1 Weighted Average of mean pro-capite salary and deposits by region

Source: UCI PB – Strategic Marketing calculations on UCI Group data

Other sources show a percentage between 30% and 40%

88%

26% 20%

10%

52%55%

22% 25%

2%

Affluent HNWI

Mass

~21 mlnFamilies

~€ 2,000 bn

~€ 11bn

Total Banking Assets

Families Total Banking Profits

>500K Euro

<500K Euro 3.7%

2.4%

6.6%2.2% 7,7%

7.8%

2.3%

9.3%

4.2%5.6%

4.2%

2.3%

3.5%

1.6%

3.7%

2.4%

6.6%2.2% 7,7%

7.8%

2.3%

9.3%

4.2%5.6%

4.2%

2.3%

3.5%

1.6%

3.7%

2.4%

6.6%2.2% 7,7%

7.8%

2.3%

9.3%

4.2%5.6%

4.2%

2.3%

3.5%

1.6%

11

Players with a specialised Private Banking offerNon-specialised Local and National players

THE HIGH FRAGMENTATION OF THE ITALIAN MARKET ALLOWS GAINING MARKET SHARES FROM NON-SPECIALISED NATIONAL PLAYERS…

Major players in Private Banking in Italy

Bank AssetsMkt.

Share*

1. Banca Intesa1 43,0 bn 6,7 %

2. SPIMI1 + Fideuram2 41,8 bn 6,6 %

3. 36,0 bn 5,7 %

4. MPS (+Steinhauslin)1 10,0 bn 1,6 %

5. Credem (+Euromob.)1 10,0 bn 1,6 %

6. BIM (+Symphonia)3 8,4 bn 1.3 %

7. Banca Aletti (BPVN)3 6,3 bn 1,0 %

8. Ersel3 5,2 bn 0,8 %

9. UBS Italia4 5,2 bn 0,8 %

10. Deutsche Bank4 4,2 bn 0,7 %

11. Credit Suisse4 4,2 bn 0,7 %

1 Source: Company presentations2 Source: SPIMI Investor Relations (data do not include Banca Cardine)3 Source: Company websites4 Source: UCI calculations on Accenture data on Private Banking in Italy

< 30%

> 70%

* 2002 Total Banking Direct & Indirect Deposits (Liquidity, AUMs and Securities in Custody)

Source: UCI Strategic Marketing calculations on 2002 BankIT data

TOTAL PB MARKET IN ITALY*:Euro 630 bn

LEGENDA: Specialised competitors in RED

12

… 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

Source: UniCredit Private Banking Marketing calculations on MagStat data

20%

40%

40%Top 6 prov .

30 prov .

Other prov .

% Private Banking Financial Assets

Attr

activ

enes

s

Com

petit

ion

Ancona

FerraraSavona

MantovaAlessandria

Biella

Lecco

Salerno

Trento

Parma

VicenzaPavia

Palermo

Perugia

Varese

Modena

Firenze VeronaTreviso

Napoli

Genova

Como

Brescia

BergamoBariPadova

Cuneo

Venezia

0%

5%

10%

15%

20%

25%

30%

35%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%

Potential PB Financial Assets (%)

Fo

reig

n o

r S

pec

ialis

ed P

laye

rs in

th

e p

rovi

nce

s(%

on

29 p

laye

rs ta

ken

into

acc

ount

)

Udine

Cremona

R. Emilia

Novara

Milano (96.6%)

Roma (82.8%)

Torino (34.5%)

Bologna (44.8%)

20%

40%

40%Top 6 prov .

30 prov .

Other prov .

% Private Banking Financial Assets

Attr

activ

enes

s

Com

petit

ion

Ancona

FerraraSavona

MantovaAlessandria

Biella

Lecco

Salerno

Trento

Parma

VicenzaPavia

Palermo

Perugia

Varese

Modena

Firenze VeronaTreviso

Napoli

Genova

Como

Brescia

BergamoBariPadova

Cuneo

Venezia

0%

5%

10%

15%

20%

25%

30%

35%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%

Potential PB Financial Assets (%)

Fo

reig

n o

r S

pec

ialis

ed P

laye

rs in

th

e p

rovi

nce

s(%

on

29 p

laye

rs ta

ken

into

acc

ount

)

Udine

Cremona

R. Emilia

Novara

Milano (96.6%)

Roma (82.2%)

Torino (34.5%)

Bologna (44.8%)

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

POSITIONINGUCI PB COMPETITIVE

ADVANTAGESCompetitors

All categories of Private clients

Large but weak Focused strategyNATIONAL DOMESTIC PLAYERS

Upper Private clients/ Large Accounts

(Total Financial Assets>10 mln Euro)

Strong for brand and tradition, but limited (on-shore)

Wide-spread presence all-across the country

Deeper knowledge/ understanding of the clients

FOREIGN PLAYERS

Lower Private clients (500K Euro<Total Financial

Assets<1 mln Euro)

Consolidated long-term “trust” with the client

Sub-scaled

Wider offer of products/ services

Higher service quality

Superior skills Synergies with other

Group companies

LOCAL DOMESTIC PLAYERS

Dedicated business model

14

Innovative and dedicated offering to each targeted client segment

Portfolio management, active advisory on securities and wealth management services (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

IN THIS CONTEXT UNICREDIT PRIVATE BANKING WILL EXPLOIT MARKET OPPORTUNITIES IN ITALY IN ORDER TO GROW …

… AND STRATEGIC GUIDELINESKEY GOAL …

15

… ACTING WITH FOUR MAIN OPERATING TOOLS…

OPERATING TOOLS

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, Advisory on Securities in Custody (Active Advisory and Investment Advisory), Wealth Planning

Improvement of private bankers’ competencies and productivity through a “team approach”

1. SHARE OF WALLET INCREASE

ACTIONS

Optimisation of Group synergies through referrals from UniCredit Banca d’Impresa, UBM and Locat

Focus on high potential under-served areas, with low competition from specialised players

Recruitment of private bankers and increased number of relationship managers in target areas/”provinces”

2. 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

3. 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

4. CLIENT RETENTION

16

53%1

11%

12%

CAGR 02-06

15%

18%

13%

7%

~150

~300

2002 Pro-forma

~36,000

~16,300

~17,100

~560

~51%

Operating Income

Revenues

Euro mln

Total Dir. + Ind. Deposits1

of which:

Asset under Management1

Securities in custody1

Private Bankers1

1 End of period data

Cost/Income

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 …

6%

7%

CAGR 02-06 Baseline

17

... THROUGH A TAILORED STRATEGY

Existing customers

New customers

Efficiency Risk mgmtIntra-group synergies

Corporate businessUCBUPB

New EuropePioneerUBMTradingLab

High importance

Low importance

Retail businessPioneerUBI

Revenue growth

Private Banking business

PioneerUBMUBI

18

AGENDA

The reference scenario

Private & Asset Management Division

UniCredit Private Banking

UniCredit Xelion Banca

Pioneer Group

Conclusions

19

792 809

1,112

635 550

734

527 608

683

2000 2002 2006

ITALIAN HOUSEHOLDS’ BANKING FINANCIAL ASSETS 1

136115

199

15

26

48

411

15

2000 2002 2006

PFA Networks Mkt. Share on Total Household Financial Assets: 7.9% in 2000; 7.7% in 2002; 10.3% in 2006E

NETWORKS OF FINANCIAL ADVISORS ARE IMPORTANT ANDLONG ESTABLISHED PLAYERS WITH HIGH GROWTH RATES ANDA SIGNIFICANT PRESENCE IN THE HIGHEST VALUE ADDED SEGMENTS OF HOUSEHOLDS’ SAVINGS

1 Source: Network Studi UCI on BankIT data2 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)

HOUSEHOLDS’ FINANCIAL ASSETS: 2000-2006 DYNAMICS(Data in Euro bn and % changes expressed as period CAGRs)

PFA Networks Mkt. Share on Total AuMs: 15.5% in 2000; 12.9% in 2002; 16.1% in 2006E

155

AuMs

Liquidity

262

152+66%

+32%

-8%

+15%

+8%

+17%

TOTAL FINANCIAL ASSETS GATHERED BY PFA NETWORKS2

1,954

AuMs

Securities in Custody

Liquidity

2,529

1,967

+7%

-7%

+1%

+3%

+8%

+8%

Total:~7%Total: +3,3%

(net of performance effect)

+0,3%

Total: +5,3%(net of performance effect)

Total:~15%

-1%

Liquidity

Securities in Custody

AuMs

AuMs

Securities in Custody

Liquidity

Securities in Custody

20

MARKET CONCENTRATION

TODAY ITALIAN PFA NETWORK INDUSTRY IS IN A TRANSITION PHASE: THERE ARE TOO MANY PLAYERS IN THE MARKET, MOST OF THEM FACING HARD TIMES, ….

0

5

10

15

20

25

30

35

40

45

50

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Source: Assoreti data as at 31.3.2003

AUMs BY COMPANY1 PFAs BY COMPANY1

Total PFAs:~34,700Total AuMs:

~Euro 152 bn

1 LEGENDA: Different colours identify different industry players

First 5 players (on 40) owning more than 60%

of Total AuMs

First 5 players employing

~43% of Total PFAs

Source: Assoreti data as at 31.3.2003

21

… 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

0

20

40

60

80

100

120

Source: Sample of Financial Statements as at 31.12.2001

Average income per PFA: Euro 56K (Euro

46K excluding Fideuram)

Source: Assoreti data as at 31.3.2003

0

2

4

6

8

10

12

14

16

18

20

Average AuMs per PFA: Euro 4.4 mln (Euro 3.4 mln

excluding the first 2 players)

1 LEGENDA: Different colours identify different industry players

22

THEREFORE THERE IS ROOM FOR A PLAYER ABLE TO ATTRACT THE BEST PROFESSIONALS AND XELION ENJOYS COMPETITIVE ADVANTAGES

XELION’S COMPETITIVE ADVANTAGES:

WIDESPREAD PRESENCE AND COMPLETE SERVICE

“Proximity services” provided by the Group branch networks for all the financial transactions requiring “materiality”. Distinctive competitive advantage, hard to replicate for competitors

Traditional banking services, as the result of being a multi-channel bank

MULTI-BRAND MODEL + ADVANCED TECHNOLOGICAL PLATFORM

Multi-brand model to reinforce independence of advice. High quality service for clients and PFAs guaranteed by the effective technological platform. Related investments already done

Structurally more flexible and faster in adapting products and services to customers’ and PFAs’ needs, as the result of being a separate legal entity

PART OF UCI GROUP AND OF PRIVATE & AM DIVISION

Great importance of UCI brand for reassuring clients and trusting PFAs

Strong integration with production (Pioneer Group)

23

XELION AIMS AT INCREASING THE NUMBER ANDTHE QUALITY INDEED OF ITS PFAs

AUMs PER PFAs AND NUMBER PFAs(Data in Euro mln as at 31.12.2002 vs 31.12.1999)

Fineco

Mediolanum

B.ca Primavera

SPI

F&F

RasBank

Fideuram

0

2

4

6

8

10

12

14

16

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

Number of PFAs

AU

Ms

pe

r P

FA

Sample Average1

Source: Assoreti (RasBank merged with Ras Investimenti SIM)

2,288

6.1

Industry Leader:Focused on PFAs (and clients) of the highest market segment with a

wide sale force

“Commercial engines”:focused on PFAs (and clients) of

the medium market segment with a wide sale force

Xelio

n

1 Sample made of 10 major players

24

Data as at 30.04.03

1 AUMs, Securities in Custody, Bancassurance and liquiditySource: Assoreti

Net Inflows per PFA:2nd among Top-

Players and 4th in Italy

Net Inflows:Euro 690 Mln,

1st in Italy

1,683 PFAs,5th in Italy

Tot. Fin. Assets:Euro 5.3 bn,

8th in Italy

ENCOURAGING 2002 AND 2003 TO-DATE RESULTS: EXCELLENT NET INFLOWS AND HIGH ATTRACTIVENESS FOR NEW PFAs …

NUMBER OF PFAs

Fideuram + SPI 4,577

Mediolanum 4,147

Rasbank 3,154

Fineco Group 1,756

Xelion 1,683

Banca Primavera 1,592

Finanza & Futuro 1,424

Banca 121 1,390

Banca Generali 1,153

Banca Bnl Investimenti 1,047

TOTAL FINANCIAL ASSETS

Fideuram + SPI 53,697

Mediolanum 17,011

Rasbank 12,266

Finanza & Futuro 7,910

Credit Suisse 6,170

Banca Generali 5,745

Azimut 5,662

Xelion 5,330

Banca Primavera 5,330

Fineco 4,923

TOTAL NET INFLOWS1

Xelion 691

Credit Suisse 546

Mediolanum 449

Fideuram + SPI 422

ING Sviluppo 266

Azimut 217

Rasbank 197

Banca della Rete 184

Bipielle 176

Banca Primavera 172

NET INFLOWS PER PFA1

Credit Suisse 1.65

Xelion 0.41

Azimut 0.30

Banca Primavera 0.11

Mediolanum 0.11

Fideuram + SPI 0.09

Banca Generali 0.07

Rasbank 0.06

Fineco 0.04

Finanza & Futuro -0.01

Data as at 30.04.2003 – Euro mlnData as at 31.03.2003 – Euro mln Data as at 30.04.2003 – Euro mln

25

… AS THE RESULT OF A STRATEGY BASED ON AN AMBITIOUS AND CLEARLY DEFINED KEY GOAL …

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 new affluent clients for UCI Group, with benefits for Pioneer, UniCredit Banca and product companies (cross selling of mortgages, credit cards, consumer finance, ...)

… AND STRATEGIC GUIDELINES

BECOMING A TOP PLAYER IN

THE ASSET GATHERING

MARKET, STANDING OUT

FOR:

Independence of Advice

Quality of Service

Easiness and proximity

KEY GOAL…

26

Operating Profit area

Xelion Growth Path

… WHICH WILL LEAD XELION TO IMPORTANT COMMERCIAL AND FINANCIAL RESULTS

Euro mln

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

2002 Pro-forma

Cost/Income ~260% 90%1

Operating Income ~-50 +101

Revenues (Xelion stand alone) ~30 40%

Total Dir. + Ind. Deposits1 ~4,950 32%

Financial Advisers1 1,720 3%

CAGR 02-06

Revenues (at Group level) ~45 35%

2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

Nu

mb

er

of

PF

As

8,000

6,000

4,000

2,000

Break-even edge (Xelion stand-alone)

Break-even analysis

(data in Euro ,000)

AUMs per PFAs

Break-even edge (at Group level)

Operating Loss area

27

AGENDA

The reference scenario

Private & Asset Management Division

UniCredit Private Banking

UniCredit Xelion Banca

Pioneer Group

Conclusions

28

Greater scope for integration between 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

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”: big opportunities for active asset managers offering absolute return products and asset/liability management solutions 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

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

… 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)

Perf Port v. Bmk Rank*

Pioneer Funds - Core European Equity

Micropal Equity Europe

-47.1 5.1 1Q

Pioneer Funds - Top European Players*

Micropal Equity Europe

-30.8 42.9 1Q

Pioneer Funds - European Small Companies*

Micropal Small

Companies Europe

-9.2 15.4 1Q

Funds Peer Category

3 Years or Since Inception

Eu

rop

ea

n

Perf Port v. Bmk Rank*

Pioneer Fund Lipper Large Cap Core -32.6 10.3 1Q

Pioneer Value Lipper Large Cap Value -15.7 5.4 1Q

Pioneer High Yield Lipper High Current Yield 31.0 25.4 1Q

Funds Peer Category

3 Years or Since Inception

US

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

Europe - Examples of 1st Quartile portfolios1 US - Examples of 1st Quartile portfolios1

0123456789

10

JP M

org

an

PIO

NE

ER

UB

S

Fid

elit

y

Mer

rill

Lyn

ch

Dex

ia

Pic

tet

Vo

nto

bel

Tem

ple

ton

AX

A

Cre

dit

Su

isse

Cre

dit

Ag

rico

le

BN

P P

arib

as

Ru

ssel

l

ING

Bar

ing

Deu

tsch

e B

ank

HS

BC

AB

N A

MR

O

Cit

igro

up

Sch

rod

er

Pu

tnam

So

c. G

en.

Am

ex

Bar

clay

s

31

FURTHER STRENGTHENING ITS

POSITION IN THE ASSET

MANAGEMENT INDUSTRY

LEVERAGING ON:

Infra-Division and Group

synergies

Wide high quality offering

Advice skills

… PIONEER HAS SET OUT AN AMBITIOUS GOAL …

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

… AND STRATEGIC GUIDELINESKEY GOAL…

32

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

… WHICH WILL BE PURSUED WITH SPECIFIC ACTIONS IN EACH BUSINESS AREA …

ITALY

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

INTERNATIONAL(ex-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

NEW EUROPE Management of the euro-convergence for households’ assets Development of leadership in retirement products Continuous support to UCI’s expansion in the area

33

… RESULTING IN IMPORTANT GROWTH TARGETS

2002 Pro-formaEuro mln

1 End of period data

CAGR 02-06

Cost/Income ~63% 57%1

Revenues ~540 10%

Operating Income ~200 14%

Total AUMs* ~104,000 12%

AUMs CAGR due to:

~4% performance effect

~ 8% net sale effect

Hedge fund weight on Total AUMs from 1,5% to 3,6%

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

2002 Pro-formaEuro mln

PRESENT RARORAC 31%2

Growth rates higher than traditional banking business

Lower Economic Capital absorption

Potential out-performance for integrated and specialised Players

Cost/Income 61% 58%1

MARGINAL RARORAC 23% 43%1

RARORAC -7% +18%1

CAGR 02-06

Revenues 1,070 10%

Operating Income 420 13%

Economic Capital

1 End of period data

2 Calculated at year-end 2003

750 3%