GRUPPO POPOLARE DI VERONA E NOVARA

AGGREGATE AND PRO-FORMA FINANCIAL HIGHLIGHTS AS OF 31 DECEMBER 2001

Pro-forma
(€ 000, unless otherwise indicated) BPV BPN Aggregate Pro-forma
adjustments

Balance sheet
Customer loans (gross) 19,419,150 12,829,533 32,248,683 -9,433 32,239,250
Value adjustments on loans and provisions for guarantees and
commitments 362,247 622,222 984,469 - 984,469
Customer loans (net) 19,056,903 12,207,311 31,264,214 -9,433 31,254,781
Securities 2,574,512 3,031,534 5,606,046 - 5,606,046
Participations 212,253 220,721 432,974 10,937 443,911
Total assets 30,588,789 20,353,587 50,942,376 -137,513 50,804,863
Direct customer funds (1) 19,628,005 14,555,916 34,183,921 -34 34,183,887
Direct customer funds (2) 20,394,760 14,743,042 35,137,802 -34 35,137,768
Shareholders' equity (3) 1,936,962 1,518,721 3,455,683 -467,475 2,988,208
Non-performing loans (gross) 465,172 1,253,870 1,719,042 - 1,719,042
Non-performing loan write-downs 193,468 518,895 712,363 - 712,363
Non-performing loans (net) 271,704 734,975 1,006,679 - 1,006,679
Other impaired loans (gross) 442,457 377,461 819,918 - 819,918
Other impaired loan write-downs 42,224 45,584 87,808 - 87,808
Other impaired loans (net) 400,233 331,877 732,110 - 732,110

Profit & loss accounts

Net interest income 733,292 501,275 1,234,567 -21,017 1,213,550
Net non-interest income 522,276 385,074 907,350 3,201 910,551
Net interest & other banking income 1,255,568 886,349 2,141,917 -17,816 2,124,101
Operating costs (4) 727,933 610,934 1,338,867 - 1,338,867
Operating income 527,635 275,415 803,050 -17,816 785,234
Income before extraordinary items 396,012 171,819 567,831 -17,816 550,015
Net income of the period 208,881 108,729 317,610 -8,761 308,849

Shares
Number of shares (5) 234,089,464 278,146,547 367,599,807
Operating income per share (euro) 2.25 0.99 2.14
Income before extraordinary items per share (euro) 1.69 0.62 1.50
Earnings per share (euro) 0.89 0.39 0.84
Shareholders' equity per share (euro) (3) 8.27 5.46 8.13

Other
Average customer funds volumes 31,798,000
Average customer loans volumes 32,092,000
Branches 603 536 1,139 - 1,139
Employees (average) 6,879 6,396 13,275 - 13,275
GRUPPO POPOLARE DI VERONA E NOVARA
RATIO ANALYSIS AS OF 31 DECEMBER 2001

RATIO ANALYSIS BPV BPN Aggregate Pro-forma

Balance sheet ratios (%)

Customer loans (net) / Direct customer funds (2) 95.2% 87.0% 91.8% 91.8%
Shareholders' equity (3) / Direct customer funds (2) 9.5% 10.3% 9.8% 8.5%
Shareholders' equity (3) / Customer loans (gross) 10.0% 11.8% 10.7% 9.3%
Shareholders' equity (3) / Total assets 6.3% 7.5% 6.8% 5.9%

Profitability ratios (%)

Net interest income / Total assets 2.4% 2.5% 2.4% 2.4%
Net interest & other banking income / Total assets 4.1% 4.4% 4.2% 4.2%
Net non-interest income/ Net interest & other banking income 41.6% 43.4% 42.4% 42.9%
Personnel costs / Net interest & other banking income 34.2% 43.5% 38.0% 38.4%
Value adjustments on customers loans / Net income before
extraordinary items 16.5% 45.2% 26.4% 27.0%
Operating income / Total assets 1.7% 1.4% 1.6% 1.5%
Income before extraordinary items / Total assets 1.3% 0.8% 1.1% 1.1%
Net income / Total assets (ROA) 0.7% 0.5% 0.6% 0.6%
Net income / Shareholders' equity (ROE) 12.1% 7.7% 10.1% 11.5%

Credit quality ratios (%)

Watchlist loans (net) / Customer loans (net) 1.8% 2.4% 2.0% 2.0%
Non-performing loan (net) / Customer loans (net) 1.4% 6.0% 3.2% 3.2%
Non-performing loan (gross) / Customer loans (gross) 2.4% 9.8% 5.3% 5.3%
Non-performing loan write-downs / Non-performing loans (gross) 41.6% 41.4% 41.4% 41.4%
Quarterly non-performing loan growth 3.9% -10.3% -6.8% -6.8%

Productivity ratios (€ 000)

Direct customer funds (2) / Employees (average) 2,965 2,305 2,647 2,647
Customer loans (gross) / Employees (average) 2,823 2,006 2,429 2,429
Net interest & other banking income / Employees (average) 183 139 161 160
Personnel costs / Employees (average) 62 60 61 61

(1) Includes direct customer deposits, securities issued and other customer accounts
(2) Includes direct customer deposits, securities issued, other customer accounts and subordinated debt
(3) Includes net income for the period
(4) Includes administrative costs, net of taxes recovered from customers, and
adjustments on tangible and intangible fixed assets, except for those arising from goodwill,
on positive differences on consolidation and applicationof the equity method
(5) Nominal value of BPV and BPN shares is 2.58 euro. Nominal value of BPVN shares is 3.6 euro; their number has been determined
applying the exchange ratio to the number of shares outstanding as of 31 March 2002.