Report for half year to 30 June 2000

Report for half year to 30 June 2000 Limited Liability Company Registered Office and Headquarters in Florence Share Capital: Lire 1.065.367.273.000 fully paid Reserves: Lire 265.861.984.376 Register of Companies: no. 61452 Fiscal and VAT Code: 04385190485 Banking Register: no. 5120 Cassa di Risparmio di Firenze Group Banking Group Register: no. 6160.6

Contents Directors, Executive Committee, Statutory Auditors and General Management Pag. 7 Introduction - General information on the half-year report» 9 Parent company and consolidated financial statements» 11 Notes to the half-year report:» 19 Part A - Information on activities» 21 Part B - Valuation methods and accounting principles» 47 Part C - Information on the consolidated balance sheet» 55 Part D - Information on the consolidated profit and loss account» 73 Part E - Other information» 79 Part F - Consolidation area» 83 Appendices to the half-year report» 87 5

Board of Directors Chairman Aureliano Benedetti Vice Chairman Giampiero Busi Directors Piero Antinori Paolo Campaioli Francesco Corsi Ferruccio Ferragamo Ambrogio Folonari Lionardo Ginori Lisci Massimo Mattera Pier Giovanni Marzili Giuseppe Morbidelli Giuseppe Spadafora Bernard Müller Ivano Paci Foscolo Poggiolini Executive Committee Chairman Aureliano Benedetti Vice Chairman Giampiero Busi Members Francesco Corsi Massimo Mattera Pier Giovanni Marzili Giuseppe Morbidelli Giuseppe Spadafora Board of Statutory Auditors Chairman Vieri Fiori Acting Auditors Francesco Corsi Marco Sacconi Substitute Auditors Francesco Maria Mancini Giuseppe Rogantini Picco General Management General Manager Lino Moscatelli Deputy General Manager Carlo Alberto Falzetti 7

Cassa di Risparmio di Firenze Group 30 June 2000* ENTE CR FIRENZE 68,18% SANPAOLO IMI 14,98% BNP PARIBAS 6,99% NUOVA HOLDING SUBALPINA 4,11% ENTE CR PISTOIA 3,95% OTHER BANKS 1,64% - Banca Carige Spa 0,82 - CR Padova e Rovigo Spa 0,82 OTHERS 0,14% CR FIRENZE SPA GROUP COMPANIES direct CR CR CR holding Pistoia spa Civitavecchia Orvieto Infogroup Total Data Centro Spa 82,474% 15,709% 1,816% 100% Infogroup Spa 94,000% 4,000% 1,000% 1,000% 100% CFT Finanziaria Spa 57,692% 9,853% 67,587% Credito Fondiario Toscano Spa 57,400% 10,145% 67,545% CR Civitavecchia Spa 51,000% 51,000% CR Orvieto Spa 51,57% 51,57% CR Pistoia e Pescia Spa 51,000% o.s. 51,000 Sogetes Spa 100,000% 100,000 Insurance Company Centrovita Assicurazioni Spa 43,000% 8,000% 51% BANK & FINANCE COMPANIES direct CR CR CR HELD OVER 20% holding Pistoia spa Civitavecchia Orvieto Infogroup Total Findomestic Banca Spa 33,333% 2,000% 35,333% Findomestic Sviluppo 33,333% 2,000% 35,333% Centro Factoring Spa 40,863% 5,052% 0,033% 45,948% Centro Leasing Spa 20,922% 6,695% 0,561% 28,178% Eptaconsors spa 20,240% 20,240% Perseo Finance srl 60,000% 60,000% Sviluppo Industriale Pistoia Spa 27,751% 27,751 OTHER COMPANIES direct CR CR CR HELD OVER 20% holding Pistoia spa Civitavecchia Orvieto Infogroup Total CityLife Spa pp. 37,500% n.p. 37,500% Centro di Telemarketing Spa 50,000% 50,000% Professional Ducato Servizi Spa 41,036% 6,793% 47,829% Arval Italia Spa 22,500% 22,500% Info2B srl 10,000% 90,000% 100% Informatica Nuova Srl 20,000% 20,000% Centro Sperimentale Vivaismo Srl 20,000% 20,000% * Excluding Inf. Casse Toscane S.p.A. which is in liquidation. 8

General information on the half-year report Introduction On 17 July 2000 Cassa di Risparmio di Firenze SpA s ordinary shares were admitted to the Italian Stock Exchange official listing. As a result, as from that date it has become necessary to publish on a quarterly basis certain schedules and information as prescribed by the Regulations issued by Consob, the Italian Stock Exchange Regulator. The halfyear report at 30 June 2000 has accordingly been prepared for this purpose, on the basis of the said Regulations and taking account of the provisions of Legislative Decree 87 of 1992 and subsequent Instructions issued by the Bank of Italy. The half-year report at 30 June 2000 comprises the financial statements (parent company and consolidated balance sheets and profit and loss accounts) and the notes and supplementary information thereto, all drawn up pursuant to the above regulations, provisions and instructions. The data set forth in the financial statements and notes and supplementary information are expressed in millions of lire, as required by the Consob Regulations, unless otherwise indicated. The financial statements contain comparative figures at 31 December 1999, coming from the financial statements prepared as of that date, and at 30 June 1999. With regard to the figures for the first half year of 1999, it should be noted that this data was not published at the time because there was no legal requirement to do so pursuant to the regulations relating to unlisted banks. Finally, when considering the comparative figures, it should be noted that at 30 June 2000 the two savings banks Cassa di Risparmio di Orvieto SpA and Cassa di Risparmio di Civitavecchia SpA were consolidated for the first time. The following documents are also attached to the half-year report: reclassified consolidated profit and loss account; statement of changes in consolidated shareholders equity; reconciliation between shareholders equity and net profit for the period as appearing in the parent company and the consolidated financial statements. PricewaterhouseCoopers SpA performs a limited review of the half-year report of Cassa di Risparmio di Firenze Group report in accordance with the recommendations made by Consob on the matter. 9

Parent company and consolidated financial statements

Consolidated balance sheet (millions of lire) Assets 30 June 2000 31 December 1999 30 June 1999 10 Cash and cash on deposit with central banks and post offices 113,961 123,715 94,297 20 Italian government securities and similar securities eligible for refinancing with central banks 1,436,018 1,775,392 2,910,397 30 Amounts due from banks 3,014,114 2,619,821 2,500,827 (a) sight 1,130,506 299,460 1,539,516 (b) other 1,883,608 2,320,361 961,311 40 Customer loans 16,333,969 14,750,969 13,910,015 - loans from third-party funds under administration 2,719 3,121 3,356 50 Bonds and other debt securities 4,560,410 3,671,112 2,472,407 (a) of public issuers 3,832,895 3,159,040 2,147,732 (b) of banks 524,288 327,751 261,546 - own securities 125,549 57,952 59,810 (c) of financial institutions 84,284 81,310 44,186 (d) of other issuers 118,943 103,011 18,943 60 Shares and other equity securities 212,733 189,589 194,578 70 Participating interests other than in group companies 535,218 591,215 651,931 (a) valued on equity method 279,307 327,725 333,050 (b) other 255,911 263,490 318,881 80 Participating interests in group companies 25,179 22,202 19,555 (a) valued on equity method 22,540 19,595 16,986 (b) other 2,639 2,607 2,569 90 Goodwill arising on consolidation 180,074 95,973 108,128 100 Goodwill on equity-valued holdings 705 25,097 27,527 110 Intangible assets 98,655 86,340 73,499 - formation, start-up and similar costs 118 163 314 - goodwill 12 14 120 Property and equipment 593,492 583,351 597,593 150 Other assets 2,161,106 1,747,529 3,261,689 160 Accrued income and prepayments 173,536 127,436 124,035 (a) accrued income 168,509 121,970 121,405 (b) prepayments 5,027 5,466 2,630 - issue discounts on securities 846 1,262 TOTAL ASSETS 29,439,170 26,409,741 26,946,478 13

Consolidated balance sheet (millions of lire) Liabilities and shareholders equity 30 June 2000 31 December 1999 30 June 1999 10 Amounts due to banks 2,917,748 2,282,160 2,074,964 (a) sight 428,884 535,469 171,952 (b) at maturity date or notice 2,488,864 1,746,691 1,903,012 20 Customer deposits 12,999,831 11,983,215 11,046,981 (a) sight 10,979,288 10,152,313 10,169,635 (b) at maturity date or notice 2,020,543 1,830,902 877,346 30 Debt securities issued 7,107,395 6,711,319 6,097,106 (a) bonds 5,461,655 5,076,006 4,431,868 (b) certificates of deposit 1,500,702 1,483,473 1,509,339 (c) other 145,038 151,840 155,899 40 Third-party funds under administration 8,382 8,865 4,147 50 Other liabilities 2,828,865 2,016,000 4,190,819 60 Accrued liabilities and deferred income 190,745 151,680 191,538 (a) accrued liabilities 167,072 128,786 178,496 (b) deferred income 23,673 22,894 13,042 70 Staff severance indemnity provision 270,968 252,714 245,007 80 Provisions for risks and charges 466,224 436,018 392,724 (a) provisions for pension and similar liabilities 276,976 252,056 256,931 (b) accrued taxes 93,250 100,469 56,295 (c) consolidation provision for future risks and charges 1,665 (d) other provisions 94,333 83,493 79,498 90 Provisions for loan losses 73,607 71,081 49,937 100 Reserve for general banking risks 105,100 105,100 102,040 110 Subordinated debt 680,000 680,000 725,000 120 Negative differences on consolidated holdings 7,491 8,161 6,969 130 Negative differences on equity-valued holdings 4,251 4,254 4,321 140 Minority interests 319,206 241,135 240,462 150 Share capital 1,065,367 1,063,832 1,000,000 160 Share premium 632 632 117,702 170 Reserves 301,567 260,169 400,686 (a) legal reserve 216,288 214,414 205,908 (c) statutory reserve 31,750 3,986 157,781 (d) other reserves 53,529 41,769 36,997 180 Revaluation reserves 8,212 200 Net profit for the year 83,579 133,406 56,075 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 29,439,170 26,409,741 26,946,478 Consolidated guarantees and commitments (milions of lire) 30 June 2000 31 December 1999 30 June 1999 10 Guarantees issued 1,065,172 1,045,995 951,399 - acceptances 35,199 32,411 19,613 - other guarantees 1,029,973 1,013,584 931,786 20 Commitments 1,038,538 604,697 1,636,472 14

Consolidated profit and loss account Half year ended Year ended Half year ended 30 June 2000 31 December 1999 30 June 1999 10 Interest earned and similar income 643,812) 1,095,133) 562,063) - on customer loans 485,108) 830,986) 427,551) - on debt securities 112,057) 201,820) 105,902) 20 Interest expense and similar charges (289,616) (464,074) (234,215) - on customer deposits (108,509) (155,894) (75,847) - on debt securities (126,578) (222,314) (115,552) 30 Dividends and other income 17,092) 105,974) 11,051) (a) on shares and other equity securities 512) 2,753) 1,533) (b) on participating interests, other than in group companies 16,580) 101,380) 8,532) (c) on participating interests in group companies 0) 1,841) 986) 40 Commissions earned 244,329) 477,551) 224,309) 50 Commissions expense (15,551) (28,065) (12,804) 60 Gains (losses) on financial transactions 27,664) 29,353) 28,461) 70 Other operating income 87,310) 135,001) 69,038) 80 Administrative expenses (481,345) (873,775) (451,620) (a) personnel expense (309,096) (588,117) (298,650) - salaries and wages (223,771) (422,086) (214,546) - social security contributions (51,576) (102,601) (53,188) - staff severance indemnities (19,496) (35,042) (18,641) - pensions and similar obligations (8,146) (17,218) (6,435) (millions of lire) (b) other administrative expenses (172,249) (285,658) (152,970) 90 Value adjustments to intangible assets and property and equipment (60,388) (100,474) (52,156) 100 Provisions for risks and charges (7,316) (29,327) (2,000) 110 Other operating expenses (7,750) (43,835) (2,468) 120 Value adjustments to loans and provisions for guarantees (80,734) (246,724) (98,819) 130 Value re-adjustments to loans and reversals of provisions for guarantees 40,158) 77,896) 48,563) 140 Provisions for loan losses (5,568) (20,832) (9,325) 150 Value adjustments to non-current financial assets (186) (1,941) (362) 160 Value re-adjustments to non-current financial assets 9) 187) 191) 170 Profits/(Losses) of companies valued on equity method 34,042) 36,451) 20,562) 180 Profit from ordinary operations 145,962) 148,499) 100,469) 190 Exceptional income 31,098) 139,504) 16,373) 200 Exceptional charges (18,603) (31,135) (4,572) 210 Gain (loss) on exceptional items - net 12,495) 108,369) 11,801) 230 Change in reserve for general banking risks 0) (3,060) 0) 240 Income taxes for the year (67,468) (97,643) (46,868) 250 Profit for the year pertaining to minority interests (7,410) (22,759) (9,327) 260 Net profit for the year 83,579) 133,406) 56,075) 15

Balance Sheet (millions of lire) Assets 30 June 2000 31 December 1999 30 June 1999 10 Cash and cash on deposit with central banks and post offices 75,283 103,294 76,447 20 Italian government securities and similar securities eligible for refinancing with 471,375 1,090,879 1,863,287 30 Amounts due from banks 2,815,190 2,281,035 2,262,950 (a) sight 1,079,184 303,062 1,427,879 (b) other 1,736,006 1,977,973 835,071 40 Customer loans 12,252,650 11,537,740 10,801,754 - loans from third-party funds under administration 1,792 2,031 2,122 50 Bonds and other debt securities 3,810,358 3,077,636 2,113,740 (a) of public issuers 3,207,778 2,601,671 1,817,494 (b) of banks 438,859 304,459 238,478 - own securities 111,544 46,338 52,425 (c) of financial institutions 70,880 70,793 41,386 (d) of other issuers 92,841 100,713 16,382 60 Shares and other equity securities 147,109 180,063 213,090 70 Participating interests, other than in group companies 404,979 512,311 571,116 80 Participating interests in group companies 610,544 404,748 101,105 90 Intangible assets 72,171 70,160 60,628 100 Property and equipment 470,472 490,796 503,619 130 Other assets 1,804,987 1,540,006 3,172,749 140 Accrued income and prepayments 119,677 97,090 85,006 (a) accrued income 117,030 94,471 84,253 (b) prepayments 2,647 2,619 753 - issue discounts on securities 177 240 0 TOTAL ASSETS 23,054,795 21,385,758 21,825,491 16

Balance Sheet Liabilities and shareholders equity 30 June 2000 31 December 1999 30 June 1999 10 Amounts due to banks 2,891,838 1,868,778 1,806,930 (a) sight 578,146 425,353 165,602 (b) at maturity date or notice 2,313,692 1,443,425 1,641,328 20 Customer deposits 9,988,578 10,084,604 9,158,206 (a) sight 8,360,288 8,526,127 8,467,906 (b) at maturity date or notice 1,628,290 1,558,477 690,300 30 Debt securities issued 4,936,743 4,756,228 4,139,742 (a) bonds 3,668,700 3,404,275 2,783,225 (b) certificates of deposit 1,146,929 1,225,935 1,225,746 (c) other 121,114 126,018 130,771 40 Third-party funds under administration 7,455 7,778 2,916 50 Other liabilities 2,338,740 1,799,653 3,753,837 60 Accrued liabilities and deferred income 136,649 121,088 142,803 (a) accrued liabilities 116,194 101,320 131,704 (b) deferred income 20,455 19,768 11,099 70 Staff severance indemnity provision 211,816 208,718 203,665 80 Provisions for risks and charges 321,801 319,903 262,209 (a) provisions for pension and similar liabilities 209,540 197,683 204,943 (b) accrued taxes 62,929 74,264 28,551 (c) other provisions 49,332 47,956 28,715 90 Provisions for loan losses 27,323 31,256 36,846 100 Reserve for general banking risks 100,000 100,000 100,000 110 Subordinated debt 680,000 680,000 680,000 120 Share capital 1,065,367 1,063,832 1,000,000 130 Share premium 632 632 117,702 140 Reserves 265,230 229,602 375,521 (a) legal reserve 212,773 212,773 204,273 (c) statutory reserve 23,760 231 151,248 (d) other reserves 28,697 16,598 20,000 170 Net profit for the year 82,623 113,686 45,114 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 23,054,795 21,385,758 21,825,491 Guarantees and commitments (milions of lire) 30 June 2000 31 December 1999 30 June 1999 10 Guarantees issued 841,401 891,808 794,244 - acceptances 31,765 29,432 16,934 - other guarantees 809,636 862,376 777,310 20 Commitments 1,119,584 491,088 1,493,210 17

Profit and loss account Half year ended Year ended Half year ended 30 June 2000 31 December 1999 30 June 1999 10 Interest earned and similar income 469,610) 843,491) 430,356) - on customer loans 356,533) 641,796) 329,731) - on debt securities 75,394) 144,382) 76,192) 20 Interest expense and similar charges (220,093) (350,802) (174,694) - on customer deposits (85,593) (128,779) (63,508) - on debt securities (87,108) (151,959) (79,000) 30 Dividends and other income 61,661) 113,035) 33,739) (a) on shares and other equity securities 352) 5,404) 2,108) (b) on participating interests, other than in group companies 36,329) 99,775) 31,631) (c) on participating interests in group companies 24,980) 7,856) 0) 40 Commissions earned 201,507) 421,366) 211,109) 50 Commissions expense (12,734) (24,860) (11,093) 60 Gains (losses) on financial transactions 27,418) 34,755) 21,842) 70 Other operating income 59,146) 92,734) 34,012) 80 Administrative expenses (372,829) (751,484) (373,810) (a) personnel expense (233,169) (468,353) (239,000) - salaries and wages (171,251) (339,563) (175,005) - social security contributions (37,371) (80,415) (40,421) - staff severance indemnities (15,035) (28,575) (15,164) - pensions and similar obligations (4,239) (11,896) (4,448) (milions of lire) (b) other administrative expenses (139,660) (283,131) (134,810) 90 Value adjustments to intangible assets and property and equipment (35,500) (67,535) (36,300) 100 Provisions for risks and charges (2,600) (23,224) (2,000) 110 Other operating expenses (2,951) (4,870) (784) 120 Value adjustments to loans and provisions for guarantees and commitments (60,249) (213,661) (83,607) 130 Value re-adjustments to loans and reversals of provisions for guarantees 26,878) 44,936) 36,163) 140 Provisions for loan losses (1,372) (2,544) (4,521) 150 Value adjustments to non-current financial assets (166) (2,181) (1,288) 160 Value re-adjustments to non-current financial assets 1,514) 19,718) 775) 170 Profit from ordinary operations 139,240) 128,874) 79,899) 180 Exceptional income 23,274) 101,522) 9,433) 190 Exceptional charges (14,891) (27,734) (3,732) 200 Gain on exceptional items - net 8,383) 73,788) 5,701) 220 Income taxes for the year (65,000) (88,976) (40,486) 230 Net profit for the year 82,623) 113,686) 45,114) 18