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INVESTOR RELATIONS
BANCA CR FIRENZE GROUP
March 2002 - U.S.A.
2
INVESTOR RELATIONS
REGIONAL PRESENCE & MARKET SHARE
Strong regional presence (416 branches at 31.12.01)
High market share
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
3
INVESTOR RELATIONS
C. R. FIRENZE Spa - Shareholders’ structure
19%
6%
7%
26%
42%
CR Firenze Foundation
Market
Others
BNP Paribas Sanpaolo
IMI
No. of shares 1,086,236,393
No. of floating shares 290,000,000
Shareholders agreement
CR Firenze Foundation 22%
Sanpaolo IMI 15%
BNP Paribas 7%
44%
4
INVESTOR RELATIONS
Network
C. R. FIRENZEC. R. PISTOIA e PESCIA
C. R. ORVIETO
C. R. CIVITAVECCHIA
C. R. MIRANDOLA
271
63
33
25
24
Total number of branches 416
* As at 30 September 2001
Full range product portfolio
Infogroup
Data Centro
Centro TelemarkentingCitylife
Perseo Finance
Pro. Du. Ser.
CFT Finanziaria
RETAIL BANKINGPRODUCT COMPANIES SERVICE COMPANIES
LIBERAMENTE NETWORK
6
FINDOMESTIC BANCA 96
Centro Leasing
Centro Factoring
Centrovita
CR Firenze Gestion Intl.
Eptaconsors
Arval Italia
CERIT
5
INVESTOR RELATIONS
CREATION of SHAREHOLDER VALUE
2.00%
7.00%
12.00%
17.00%
4.00% 7.00% 10.00%
B. Lombarda
B. Pop. Bergamo
BPCI
B. Pop. Em. Romagna B. Pop. Milano
MPS
B. Pop. Verona
Banca Carige
C.R. Firenze
B. Pop. Sondrio
B. Pop. Lodi
2001
E R
OE
2001E Cost of Capital
B. Pop. Novara
Source : Prometeia Calcolo Oct.30, 2001 - C.R. Firenze ROE : Internal forecast
Banca CR Firenze creates value :
ROE 2001E : 11%
Cost of Capital 2001E = 7%
ROE = Cost of Capital
6
INVESTOR RELATIONS
STOCK TRADING AT DISCOUNT
*BVS & ROE : Prometeia Calcolo - C.R. Firenze 2001E ROE : Internal forecast - Prices : 1 Aug. 01 / 31 Jan. 02 average Data average as axis origination
0
1
2
3
-4.00% 4.00% 12.00% 20.00%
C.R. Firenze
B. Pop. Bergamo
B. Pop. Verona
MPS
B. Lombarda
B. Pop. Novara
B. Pop. MilanoBPCI
B. Pop. Lodi
Banca Carige
B. Pop. Em. Romagna
B. Pop. Sondrio
2001E ROE*
P/B
VS
*
High ROELow P/BVS
Low ROEHigh P/BVS
High ROEHigh P/BVS
Low ROELow P/BVS
UNDERVALUED
7
INVESTOR RELATIONS
RELATIVE SHARE PRICE PERFORMANCE
* See back-up slidesAs at Feb.16, 2002 - Source : Datastream
Since its IPO CR Firenze has been one of the best performers amongst the Italian Financial Institutions
Banca CR Firenze
Comparables Index*
Italian Banking Index
J A S O N D J F M A M J J A S O N D J F50
60
70
80
90
100
110
120
2001 2002
8
INVESTOR RELATIONS
VALUE CREATION
0.062
0.031
0.065
0.036
0.089
0.052
1998 1999 2000
49.6%
55.8%58.0% K = DPS/EPS
DPSEPS
Eu
r
Public status strengthened the commitment to improve profitability (EPS) and increase the DPS ratio.
Higher pay-out ratio (DPS grew more than EPS).
Group
9
INVESTOR RELATIONS
~12
~12
CUSTOMER LOANS EFFICIENCY
5.7%
2.2% 2.0%
2.7%
34.5%
41.8%
48.2%53.0%
0.0%
7.0%
1998 1999 2000 2001E0.0%
65.0%Steady growth coupled with improving quality
7.1
7.6
9.5
>11
0
12
1998 1999 2000 2001E
Eu
ro b
n
Customer loans
Net NPL ratio Coverage ratio
77% 23%
73% 27%
67% 33%
0% 100%
1999
2000
2001E
With mortgage lien Without mortgage lien
10
INVESTOR RELATIONS
INTERNAL RATING SYSTEM
73.5%
70.0%
5,858
2,480
7,000
2,522
0
7500
Sept. 2000 Sept. 2001*
Eu
ro b
ln
5 – 4 – 3 rating 2 – 1 - NPL rating
5 – 4 – 3 rating as % of total loans
5 – Excellent 34.25%
Loans by rating
4 – Good 20.05%
3 – Acceptable 19.20 %
2 – Risky 22.60%
1 – Critical 2.20%
NP Loans 1.70%
The Internal Rating System proved to be effective and reliable
*CRF Group, Findomestic excluded
11
INVESTOR RELATIONS
357.2
203.8
348.5
203
349.5
218.5
100
300
Eu
ro m
n
1999 2000 2001E
COST / INCOME
Strong commitment to reduce this level although Group consolidation makes this possible on a medium term basis only
66.8%
70.5% 70.3%
69.2%
68.2%68.2%
67.5%
65.8%
9.5
C / I ratio, exceptionals excluded
Personnel expenses
Exceptionals
Other expenses
C / I ratio, recovered expenses excluded
Cost / Income ratio
12
INVESTOR RELATIONS
CUSTOMER BASE Segmentation & specialized distribution
Integrated Multichannel Bank with a personal approach reserved for customers with a high-net worth.
ACTION PLAN
•Product s streamlining•Centralized marketing
•Innovation•One 2 One marketing•Dedicated channels
•Innovation•Packaging•Multichanneling
•Offer development•Advisory services•Multichanneling
CHANNELS&
TOOLS
Corporate
Retail
Affluent /Private Bkg.
Small Business
81%
19%
83%
17%
89%
11%
13
INVESTOR RELATIONS
AUM - High quality proprietary funds & Multibranding
Total AUM* > Euro 7 bn
GP + GPF 34.%Mutual Fund 46.%Insurance Prod. 20%
Portfolio Managers nr. 1,150
*FY 2001E
GP + GPF
(Discretional accs./Mutual Funds discretional accs.)
MUTUAL FUNDS
INSURANCEPRODUCTS
1 Manager / 1,250 customers
1 Manager / 200 customers
1 Manager / 200 customers
1 Manager / 65 customers
Retail
AffluentSmall. Buss.
Corporate.
14
INVESTOR RELATIONS
The proprietary mutual fund factoryC.R. FIRENZE GESTION INTERNATIONALE S.A.
Source : Assogestioni
GIOTTO LUX FUNDSince April 2001Luxembourg based Umbrella Fund
35 sub-funds E
uro
mn
Net inflows 200141.5
597.2
728.6
277.2
88.5
-125.8
25.5 12.4
230.8104.6
1,980
-400
0
400
800
1200
1600
2000
Apr. May June July Aug. Sept Oct Nov Dec Gen. Total
Progressive shift of funds to Giotto Lux:
15
INVESTOR RELATIONS
AUM NET INFLOWS
Net inflows were on track at 30 June.
Slightly below the target at 31 December.
TARGET 2001 + 22 %
NET INFLOWS + 20 %
8,500
7,000
Dec. 2000 June 2001 Dec. 2001E
Eu
ro m
n7,770
8,420
8,160
MKT VALUE + 16.6 %
Increasing the Business Mix will be a solid starting point when the equity market recovers.
Market deterioration keeps the total stock value under pressure
16
INVESTOR RELATIONS
22%
78%
Arval Service Lease Italia - Vehicle leasingCentrovita Assicurazioni - InsuranceFindomestic Banca - Consumer credit
Centro Factoring - FactoringCentro Leasing - LeasingEptaconsors - Asset management
STRATEGIC INVESTMENTS
*Group as at Sept. 30, 2001
138.5
24.9
188.8
39.1
198.5
38.8
0
250
Eu
ro m
n
1999 2000 3Q 2001
18.0%20.7%
19.5%
Shareholdings book value
Shareholdings profit
Return on main shareholdings
Shareholdings at book value*... … and their return
198.5
38.8
INVESTOR RELATIONS
March 2002 - U.S.A.
18
INVESTOR RELATIONS
FINDOMESTIC BANCA - Shareholders’ structure
22%
43%35%
C.R. Firenze Group
CetelemBNP Paribas
Group
Banco Sardegna
15% 7%
43%35%
50%
50%
Sept. 1984 - The beginning of the JV with Cetelem S.A. and Banco di Sardegna
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.
INVESTOR RELATIONSA shareholding of CR Firenze Group
19
Widespread distribution High market penetration*
Market share:
by transactions 27.8%
by volume 12.2%
2000 ROE : >18%
3,600,000 customer database
96 Customer Service Centers
Over 65,000 affiliated stores
1,500 employees
S & P rating : ST A2 LT A-
Trentino Alto Adige
Friuli V. Giulia
Veneto
Emilia Romagna
Marche
UmbriaAbruzzo
Molise
Puglia
BasilicataCalabria
Sicilia
SardegnaCampania
Lazio
Toscana
Liguria
Piemonte
Valle d’Aosta
Lombardia
FINDOMESTIC Banca INVESTOR RELATIONS
FINDOMESTIC Banca
* As at Dec. 31, 2000
20
INVESTOR RELATIONS
FINDOMESTIC EURO ZONE
Consolidation in the core area and investments in unserviced markets