Unicredit — Earnings Release 2022

Jan 31, 2023

UniCredit Unlocked

RECORD 4Q AND BEST YEAR IN OVER A DECADE: TRANSFORMED AND POSITIONED TO WIN

4Q22 & FY22 Group Results Milan, 31 January 2023

A RECORD YEAR, WELL AHEAD OF UNICREDIT UNLOCKED AND PROTECTING THE FUTURE

All figures related to Group incl. Russia unless otherwise specified

1. 2024 Cost target based on Cost / Income ratio 2 2. Please refer to the FY22 results press release for additional details on Share Buyback 3. Distribution subject to supervisory and shareholder approvals

A RECORD YEAR, WELL AHEAD OF UNICREDIT UNLOCKED AND PROTECTING THE FUTURE

A structurally improved bank, delivering alpha

A stepped up run-rate across our three levers, with further upside

All supporting growing distributions while further strengthening CET1: both best-in-class 2021-22 TRANSFORMED

2023-24

WINNING

Continued transformation to unlock further value from improved baseline

Lines of defence strengthened – equal to 1.2x CoR – securing in a negative or propelling in a positive future environment

2021-2022 Ensuring confidence in future results and distributions

3

A RECORD YEAR, WELL AHEAD OF UNICREDIT UNLOCKED AND PROTECTING THE FUTURE

2021-22 TRANSFORMED

2023-24 WINNING

A STRUCTURALLY IMPROVED BANK

• Clear vision and strategy: embedding our principles, values and ESG commitments
• Industrial and cultural transformation progressing at pace
• Quality growth: underpinned by capital and operational excellence, delivering a step-up in sustainable returns and distributions

DELIVERING OUTSTANDING ALPHA-DRIVEN RESULTS

• Record 4Q: eighth consecutive quarter of consistent quality growth
• Best year in over a decade, ahead of Unlocked 2024, with organic capital generation still above a record Net Income
• Results achieved despite Russia, TLTRO and cost one-offs, and while increasing overlays and provisions

ALL BUSINESSES DELIVERING ACROSS ALL KEY LEVERS

• Client Solutions: key engine for quality sustainable revenue (c.45% of Group revenue)
• Regions: all above plan
• ESG: business volumes above target; continuing to support our communities
• Russia: franchise resized and repositioned with significantly reduced exposure at minimum cost

EXECUTION OF STRATEGY ACROSS ALL LEVERS LEADING TO: 40% GROWTH IN DISTRIBUTION1 TO €5.25BN +78BPS INCREASE IN ALREADY BEST-IN-CLASS CET1r TO 14.9%2

A unifying vision

The Bank for Europe's future VISION

A new benchmark for banking

CONTINUOUS SEARCH FOR EXCELLENCE DELIVERING FOR ALL OUR STAKEHOLDERS

A strategy to deliver more predictable and higher rated earnings

STRATEGY

UniCredit Unlocked

A structurally improved bank, with a refocused commercial franchise, quality earnings, and a refined operating model

CENTERED ON OUR CLIENTS, PURPOSE AND PROFITABILITY

Sustainable profitable growth delivering a positive impact.

EMPOWERED ORGANISATION CONNECTING CLIENTS ACROSS EUROPE

13 banks with unique cross-border positioning.

Unique pan-European footprint with unified client franchise to deliver at scale. Culture of empowerment: decision-making closer to our clients.

COMPREHENSIVE QUALITY OFFERING MEETING CLIENTS' NEEDS

A 2 product factories complemented by an ecosystem of best-in-class partners. Scale effect attracting talent and best-in-class partners, driving growth. Enabling integrated local coverage to outperform peers: punching above their weight.

DIGITAL AND OPERATIONS – "THE CENTRE" – AS KEY ENABLER

Digital and data rationalized - cyber further improved - efficient operations. Optimize existing technological machine, reclaiming core competencies. Simplifying products, processes and operations to streamline delivery to our clients.

A NEW MINDSET TO WIN THE FUTURE

Principles and values unite our people and inspire our communities.

Win, the right way, together: always acting through an entrepreneurial spirit guiding growth. Lead by example and embed our principles and values and ESG in everything we do

STRATEGIC PARTNERS

Leverage our solid foundations and implement an industrial transformation: ⁶ moving from retrenchment to sustainable profitable growth

⁷ Measurable industrial initiatives, in execution since Day 1

UniCredit - Strictly Confidential

structures, moving closer

DELAYERING THE ORGANISATION

to clients ⁻28%

to 4 coverage regions

ORGANISATION

From 5 siloed business divisions

REINFORCING FACTORIES

Number of managerial

committees ⁻60%

EMPOWERING PEOPLE

SIMPLIFYING THE STREAMLINING PROCESSES

65%

delegations with increased thresholds, empowering local decision-making within clear framework

Selected highlights of our industrial transformation

DIGITAL

PEOPLE &

Group banking processes under

Net Zero: set targets on first three priority sectors and accompanying our clients on their transition journey

UniCredit - Strictly Confidential Exceeding our ESG and related commitments

CLIENTS

INNOVATION

• Released Net Zero 2030 targets on first three priority sectors
• ESG corporate advisory accelerated
• €11.4bn new Green lending1
• €41.5bn new investment products2 and sustainable bonds3
• 3 own green bond issuances in 2022: €0.5bn Austria, €0.5bn Germany, €1bn Italy
• Sustainable Steel Principles signed
• Only bank in the CEO Alliance for Europe action tank for a more
• Achieved plastic free in all buildings in 2022
• First Italian bank in Finance for Biodiversity Pledge

sustainable and resilient Europe

• New member of Ellen MacArthur Foundation
• First bank to obtain GRESB scoring on corporate RE portfolio

• ESG representation at Group Executive Committee
• Sustainability KPIs in CEO and Top Management remuneration
• Strong policy framework in controversial sectors
• ESG product guidelines as part of greenwashing prevention framework

DIVERSITY & INCLUSION

• Group Executive Committee:
  • 43% female
  • 64% international presence
• €100m to close gender gap on an equal pay for equal job base during 2022-24
• First EU bank obtaining EDGE certification in Austria, Germany and Italy
• First ever Culture and Diversity Week in 4Q22 joined by >14k employees

EDUCATION

• 239k financial education beneficiaries, (e.g., Banking Academy in Italy)
• New UC Foundation strategy to fight school drop-outs and sponsoring research via scholarship

INNOVATION

• New partnerships to promote culture and social
• >700 start-ups screened in StartLab '22 edition and focus on ESG for '23 applications
• Culture roadshows for employees

SOCIAL

• €4.8bn social financing1 via micro-credit, impact financing and lending to disadvantaged areas
• €36.5m of direct social contribution in 2022

COMMUNITIES

• Launched "UniCredit for Italy", to support clients and communities in uncertain environment
• Support to our people with 2022 extraordinary inflation relief across our geographies

1. Including ESG-linked lending 2. Based on Art. 8 and 9 SFDR regulation 3. All regions, including sustainability linked bonds

⁸ Leading by example to support our clients in a just and fair transition

⁹ Positive jaws to deliver predictable results in the future

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

Y/Y

Figures Group including Russia; FY17-22 figures of Group excluding Turkey and Fineco for comparison purposes unless otherwise specified 1. Group figures as at the original reporting date, for further details please refer to p. 9 of the presentation for the Bank of America Merrill Lynch 2022 Financials Conference in the Investors section of our website

5% … AND CAPITAL EXCELLENCE 105 110

NEW RUN-RATE OF GROSS REVENUE GROWTH1 …

… DRIVING OPERATIONAL EXCELLENCE

COMPELLING POSITIVE JAWS EFFECT

UniCredit - Strictly Confidential

Delivering quality growth, operational and capital excellence

Top tier sustainable profitability, accelerating vs. peers

UniCredit - Strictly Confidential

MOVING AT AN ACCELERATED PACE VS. PEERS ACROSS ALL LEVERS1

FY22 ROTE WELL AHEAD OF UNICREDIT UNLOCKED DESPITE OVERLAYS AND RUSSIA'S ABSORPTION

UniCredit figures Group including Russia

• 1. UniCredit adjusted for 313m 3Q22 negative TLTRO one-off; Peers' publicly available data adjusted for Revenue, Cost and LLP one-offs;
• Selected peers: BBVA, Banco BPM, BNP Paribas, Commerzbank, Credit Agricole S.A., Deutsche bank, Erste Bank Group, ING, Intesa Sanpaolo, Santander, Société Générale

10 2. RoTE with UniCredit Unlocked methodology (See Annex); FY21 and FY20 Underlying Net Profit; Avg. FY17-19 simple average of recasted figures of Group excluding Turkey and Fineco for comparison purposes

Record 4Q underpinning UniCredit's best year

	4Q22	Group		FY22	Group
In million		Y/Y	excl. Russia		FY/FY
Net Revenue	5,191	+44%	4,735	18,448
o/w Fees1	1,839	−1%	1,785	7,824
o/w NII	3,426	+43%	3,198	10,692
Total Costs	−2,474	+0.5%	−2,394	−9,560
GOP	3,246	+65%	2,971	10,782
Net Profit2	1,457	+2.2x	1,440	5,227
RoTE	11.8%	+6.4p.p.	12.2%	10.7%
RoTE @13% CET1r	14.1%	+7.8p.p.	14.7%	12.3%
C/I Ratio	43.2%	−12.4p.p.	44.6%	47.0%
CET1r, pro-forma for FY22 distribution3	14.9%

	FY/FY	excl. Russia
18,448	+13%	18,072
7,824	+4%	7,626
10,692	+19%	9,935
−9,560	−2%	−9,278
10,782	+32%	9,806
5,227	+48%	5,447
10.7%	+3.4p.p.	11.7%
12.3%	+3.7p.p.	13.5%
47.0%	−7.5p.p.	48.6%

UniCredit - Strictly Confidential

2022 RESULTS 3 LEVERS LARGELY UNDER MANAGEMENT CONTROL, GIVING CONFIDENCE IN OUR STRATEGY

Group including Russia unless otherwise specified

1. Incl. client hedging fees accounted within trading profit 2. Refer to Annex for Net Profit definition 3. Distribution subject to supervisory and shareholder approvals

¹¹ Our mantra: deliver consistent results, each and every quarter

Strengthened lines of defence and absorbed one-offs

UniCredit - Strictly Confidential

1.2bn NET OF TAX

RECORD NET PROFIT ACHIEVED

NOTWITHSTANDING HEADWINDS AND ACTIONS TAKEN TO SECURE THE FUTURE

0.5bn

Incremental overlays and provisions to pre-empt the future and secure CoR

0.2bn

Negative Russia P&L effect FY22

0.2bn Fully absorbed TLTRO contractual charges and related impact on hedging derivatives

0.3bn

One-off integration costs and inflation relief

Group including Russia unless otherwise specified 1. Stated Net Profit including 1.2bn headwinds and management actions

¹² Results achieved without shortcuts preparing us to continue to WIN in the future

Consistent performance surpassing targets across all levers

Figures Group including Russia; Avg. FY17-19 based on simple average of recasted figures of Group excluding Turkey and Fineco for comparison purposes; 2024 UniCredit Unlocked figures as presented in December 2021

1. Net Profit and RoTE with UniCredit Unlocked methodology (See Annex)

2. Guidance for UniCredit Group including Russia as communicated in the period from Dec 10th 2021- 1Q22 for all metrics except RWA (FY22 UniCredit Unlocked target); implied RoTE guidance given Net Profit guidance

Delivering exceptional per-share value creation

UniCredit - Strictly Confidential

FY22 distribution subject to supervisory and shareholder approvals

1. Net Profit with UniCredit Unlocked methodology (See Annex); FY17-2019 Group excluding Turkey and Fineco for comparison purposes. 2. End of period diluted shares net of treasury shares and net of shares under CASHES usufruct.

3. Calculated at the price as of 27 January 2023. 4. EPS is calculated using Net Profit as per the definition above, divided by the average diluted shares (defined as above) in the period.

5. FY22 distribution subject to supervisory and shareholder approvals. 6. FY22 DPS best estimate, please refer to the FY22 results press release for additional details.

Absolute growth enhanced by share buy-backs, boosting EPS ¹⁴ and resulting in exceptional shareholder value creation

A challenging year, mitigated by alpha actions

UniCredit - Strictly Confidential

ACHIEVEMENTS

HIGHEST NII in over a decade

Fee generation

C/I in over a decade with reduced cost base

STRENGTHENED

Asset quality: lowest NPEr in over a decade and €1.8bn overlays

HIGHEST Net Profit in over a decade

Strong positive Moderate negative EFFECT ON RISK ADJUSTED PROFITABILITY

Outsized capital generation funding distribution and higher CET1r

FY22 distribution subject to supervisory and shareholder approvals

1. Stated Net Profit net of DTA TLCF write-up

Focused capital strategy drives sustainable results, and provides capacity for investments and for future distribution

16

Client Solutions: recurring and scalable capital-light generation

UniCredit - Strictly Confidential

CONTINUING STRONG AND DURABLE PERFORMANCE CONFIRMING SUCCESS OF THE BUSINESS MODEL

Manufacturing quality products due to scale thanks to centralised factories serving local coverage with full potential still to be reached

Revenues as of 31 December 2022, all deltas FY/FY

Engine of sustainable capital-light, fee-based revenue ¹⁷ (c.45% of total Group)

Italy: Strong alpha returns achieved while protecting the future

UniCredit - Strictly Confidential

Fees1 (+1.2%), with Financing and Transaction fees offsetting investment product market volatility

Solid NPE ratio at 2.5% (UTP and Past Due >80% Total NPE), with prudent coverage at c.45% coupled by stock overlays at c. 1.2bn protecting the future

Excellent capital generation boosted by client profitability, capital efficiency and sustained active portfolio management with granular approach

Profit before Tax +75%

CONTINUING TO SUPPORT OUR COMMUNITIES KEY 2022 INITIATIVES AND ACHIEVEMENTS

UniCredit for Italy: a plan to actively support our clients and local communities

Digital platform to facilitate access to Next Gen EU funds

UniCredit and PwC Italy agreement to facilitate 120k Italian companies' access to calls for tenders

Strong investments to best serve our clients and communities

1,000 hirings; 442 branches refurbished

(c.+1,000 hirings in network in 2022;

2022 in Italy Euromoney

Best Bank3

442 branches refurbished)

Market Leader Bank3

Corporate Banking, Corporate Social Responsibility, Digital Solutions Euromoney

ESG Product4

First Basket Bond in Italy. New Production FY22 4.3bn green lending & 2.5bn social lending

Data as of 31 December 2022, all deltas FY/FY

Germany: transformed into a profitable capital generating bank

UniCredit - Strictly Confidential

FY data, all deltas FY/FY

1.8bn Profit before Tax +187%

CONTINUING TO SUPPORT OUR COMMUNITIES KEY 2022 INITIATIVES AND ACHIEVEMENTS

All German Green & ESG-linked Syndicated Loans with 18% market share in Germany Supported largest residential solar debt fundraising in EU for c.30,000 new solar systems, storage units and EV chargers

Top Employer Germany

Distinguished in corporate culture & work environment, career development or health management services

#1 Green Loans Retail transformation program

Launch of "Smart Banking" a scalable multi-channel operating model for 1.3m mass market clients

Porsche AG IPO

Joint Bookrunner largest ever non-government IPO in Germany

−8.5bn efficiency measures achieved in 2022, bringing RWA down -2% while loans up +2%

Organic Capital Generation2

RoAC C.11%

+52bps

Cost gross savings −240m Y/Y driven by structural and continuing simplification and streamlining supporting investments and business growth

(e.g. c.300 FTE hirings in business; digital strategy channel for corporates)

+7.3%

Strong NII (+2.8%) driven by continuing selective commercial growth

Fees1 (+9.7%), with strong investment and transaction fees

Prudent and pro-active approach on LLP protecting future Cost of Risk

Data as of 31 December 2022, all deltas FY/FY

Greentech fundraising

Net

CE: profitable franchise with Austria industrially transforming

UniCredit - Strictly Confidential

FY data, all deltas FY/FY

#1

Strong Revenue supported by sustained NII thanks to proactive management of rates pass-through

Organisational streamlining and careful cost management to prevent and minimise inflation impacts

Cost / Income

Cost

Austria on track in Cost / Income normalisation with improved profitability

+43bps Organic Capital Generation1

Ongoing capital optimisation, improved Risk Density despite regulatory headwinds

All countries delivering double digit RoAC

CONTINUING TO SUPPORT OUR COMMUNITIES KEY 2022 INITIATIVES AND ACHIEVEMENTS

⁻2.9%

Absolute cost base

46.3%

>8,000 Financing solar development Retail digitalisation program

GoGreen Account	Completion in
awarded with	CZSK with 55k
the Austrian	account opened,
Environmental	30% of loans
Certificate	sold via mobile

Small business lending process redesigned in Hungary, 5 days time to decision2

New fully digital cash loan product in Slovenia

Bank Austria for ESG related Bonds. Advisory mandate for 4bn 1st Green Bond of Republic of Austria

Accounts to Ukraine population In Czech Republic and Slovakia. #2 mobile branches set up at rescue centres in Prague and Brno

Net Revenue

UniCredit Bank Hungary as one of main financing institutions in sustainable solar energy developments in Hungary

expanded client base

and prudent coverage

Data as of 31 December 2022, all deltas FY/FY 20 1. Organic capital generation on Group RWAs and excluding regulatory headwinds 2. In governmental programs

and quality volume growth leveraging solid and

Preserved Asset Quality, stable NPE ratio

EE: continued momentum proving resiliency of the franchise

UniCredit - Strictly Confidential

FY data, all deltas FY/FY

0.9bn Profit before Tax +27%

Organisational streamlining, digitalisation and automation allowing to mitigate inflationary pressures maitaining top notch Cost / Income

new business, strictly within the defined risk frame and focusing on profitable business relationships consuming fewer RWA

Selective and prudent approach to

CONTINUING TO SUPPORT OUR COMMUNITIES KEY 2022 INITIATIVES AND ACHIEVEMENTS

Green financing

#1 for corporate green bonds in EE region, with leading share of financed Renewable Energy. Largest solar project in Bulgaria, wind project in Serbia and integrated recycling park in Romania

Social financing and participation

Frontrunners in impact financing and sustainability programs. Financial literacy initiatives in all EE. Women entrepreneurship initiatives in Serbia and Romania

coupled with solid client base

Solid NII (+11.4%) driven by exceptional new business origination and interest rates active management

Strong fees1 (+12.3%) supported by intensified

transactional business and cross selling

Proactive management of processes and risk models and first synthetic securitisation in Bulgaria and in UniCredit CE&EE Capital efficiency

Digital excellence

Mobile cash loans in in Bulgaria, Croatia and Romania. Remote advisory in Croatia. #1 financial app in Bulgaria with >1m downloads

CEE awards

Euromoney Best Bank in Transaction Services, Advisory and Cash Management. Global Finance Best Trade Finance Bank and Best Supply Chain Finance Bank

Russia: resized, refocused and rationalised at minimum cost

UniCredit - Strictly Confidential

8 March 2022 4Q22

Exposure reduction in Local Net Loans, Guarantees and Letters of Credit are based on official FX rates published by Central Bank of Russia as per 31 December 2022 1. 4Q22 vs 1Q22 2. Total absolute reduction in Local Net Loans, guarantees and Letters of Credit 3. Gross of LLPs, refer to Annex p.42 for details 4. Excluding the positive excess MtM of FX hedging of excess capital 5. CET1r at 13.3% is 1Q22 pro-forma for 1bn 2nd SBB tranche and the -128bps extreme loss assessment (net of -92bps already taken in 1Q22)

A RECORD YEAR, WELL AHEAD OF UNICREDIT UNLOCKED AND PROTECTING THE FUTURE

2021-22 TRANSFORMED Financial highlights 4Q22 and FY22

2023-24 2021-2022

S. PORRO (CFO)

WINNING

UniCredit - Strictly Confidential

Revenue growth driven by rate environment and strong commercial activities

Net interest income and elevated client trading activity Y/Y more than offsetting impact of market volatility on AuM fees and lower dividends

UniCredit - Strictly Confidential

Net interest income benefitting from client rate dynamics and TLTRO

Net interest income: FY23 further upside with conservative assumptions

UniCredit - Strictly Confidential

Resilient outcome in a challenging year thanks to diversified fee mix

UniCredit - Strictly Confidential

Continued strong delivery on costs discipline despite major inflation impact

UniCredit - Strictly Confidential

Low cost of risk reflecting solid credit portfolio and building substantial overlays

Increased overlays in 4Q22 for geo-political risks to mitigate potential future impact

Overlays increased to c.1.8bn in FY22 equivalent to over one year of cost of risk1

Default rate at 0.9%, confirming the good quality of the portfolio

Broadly stable EL both on stock (35bps) and on new business (26bps)

Further reduction of NPE and improvement of mix

Gross NPE ratio for Group excl. Russia using more conservative EBA definition is 2.0% at 4Q22 (stable Q/Q), compared to weighted average of EBA sample banks of 1.8% (as of 3Q22)

4Q22 notable items

Group including Russia		Group excl. Russia
	4Q22	Q/Q	Y/Y
Net Operating Profit	2.3bn	+20%	n.m.
Integration costs	-0.3bn	-	-79%	Integration costs booked in Italy and Germany
Profit (loss) from investments	-0.2bn 0.1bn	-	-	Largely due to positive impact of CNP Vita Assicura S.p.A. sale completion offset by other negative items
Income taxes	0.4bn	-	-68%	DTA write-up in Italy and Austria of c.850m
Stated Net Profit	2.5bn 2.4bn	+79%	-
Net Profit	1.5bn 1.4bn	+8%	-
RoTE	11.8% 12.2%	+1 p.p.	+7 p.p.
Diluted EPS (Eur)	0.73	+11%	+158%	2021 second share buyback tranche of 1bn completed with all shares cancelled on 14/12/2022 (87m shares equal to 4.3% of share capital)1

31

1. Together with the "first share buyback tranche for 2021" of 1.6bn, repurchased and cancelled c. 249m shares, equal to c.11% of share capital

RWA efficiency showing management focus on profitability and return on capital

FY22 capital significantly improved allowing much higher distributions

FY22 CET1r well above FY21 even netting for 5.25bn distribution1 and Russia residual "extreme loss" assessment2

UniCredit - Strictly Confidential

As of 31 December 2022: +10bps parallel shift of BTP asset swap spreads has -2bps (-61m) pre and -1.4bps (-44m) post tax impact on the fully loaded CET1 ratio

1. Subject to supervisory and shareholder approval

33

2. Refer to page 42 in annex for details. Residual impact from "extreme loss" assessment at 31 December 2022 equal to -58bps.

3. Using the requirement as of 31 December 2022. Please note that P2R has changed since 1 January 2023 as communicated in the related press release of 15 December 2022

A RECORD YEAR, WELL AHEAD OF UNICREDIT UNLOCKED AND PROTECTING THE FUTURE

2023-24 WINNING

2021-22 TRANSFORMED

MAINTAINING MOMENTUM TO DELIVER OUR VISION, STRATEGY AND INDUSTRIAL PLAN

COMMERCIAL FRANCHISE CONTINUING TO STENGTHEN

• Front line revitalised and empowered, on new run-rate
• Strengthened lines of defence with headroom on cost of risk
• Selective growth of NII and fees: firm grip on costs whilst continuing to invest; RWA efficiency key

OPERATING MODEL OUR CORE FOCUS

• Accelerate process streamlining: renewed vigour across Group
• Harmonisation of middle and back offices on clear principles
• Further rationalisation of technology, funding Change
• Unwavering commitment to ESG

INVESTING IN OUR FUTURE FUNDED BY EFFICIENCIES

• Continue business investments to underpin future sustainable growth
• Take back control of core technological skills
• Highly selective partnerships strategy, enabling best-inclass offering to clients

2021-2022

Ready to continue delivering excellence and growth under any scenario leveraging on clear management priorities

New predictable run-rate with secured cost of risk

PREDICTABLE PROFITABILITY

Sustainable increase in GOP +29% vs. historical average levels

STRUCTURALLY STEPPED-UP PROFITABILITY

pass-through capability

Fees: proven high quality, predictable and diversified fees

Trading: keep momentum on the back of a reorganized structure

Costs: inflationary relief and a strong track record of effective cost reduction

SECURED PRE-PROVISION PROFIT SECURED COST OF RISK

Strong, high quality and 456bn robust credit portfolio

STRONG CREDIT PORTFOLIO

Avg. FY22 FY17-191 37.3bn 7.7% 12.5bn 2.7% 76% 45% Low Gross NPE with improved quality Bad loans Ratio Stock

c.80% Investment

Strict discipline and vigilant approach on new business

1.1% default rate, lowest in recent years even before Covid outbreak

c.1% exposure to high-risk sectors3

grade exposure2

UniCredit Unlocked target CoR absorption capacity with overlays built on highly 1.2x covered portfolio

PRE-EMPTIVE STAGING AND HIGHER COVERAGE THAN PEERS

Coverage ratio4, 3Q22

All figures related to Group including Russia, unless otherwise specified

1. FY17-19 based on simple average of recasted Group figures; Gross operating profit delta calculated on Group excluding Turkey and Fineco for comparison purposes

• 2. Investment grade incidence based on EaD using differentiated local masterscales, computed on Group excluding Russia perimeter net of Individuals and Private, Wealth Management
• 3. Performed assessment on selected Enterprises portfolio. See Annex for additional details. Total EaD reported including only Enterprises and Individuals segments

4. Publicly available data as of 3Q22 (2Q22 when data for 3Q22 not available); Calculated as the simple average of the ratio for the following peers: BBVA, Banco BPM (2Q22), BNP Paribas (2Q22),

Commerzbank, Credit Agricole S.A (2Q22)., Deutschebank, ErsteBank Group, ING, Intesa Sanpaolo, Santander; UniCredit Group as of 3Q22 for comparison purposes

Positioned to deliver on our commitments

36

STRUCTURALLY IMPROVED PROFITABILITY TO DELIVER UNDER ANY SCENARIO

STRONG PORTFOLIO AND PRUDENT OVERLAYS TO BE DEPLOYED OR RELEASED IN THE COMING TWO YEARS

OUTSIZED ORGANIC CAPITAL GENERATION SUPPORTING SUSTAINABLE DISTRIBUTIONS

	FY23 GUIDANCE1
Net revenue	18.5 > bn
Net interest	11.3 > bn
Costs	9.7 < bn
Cost of risk	30 35 - bps
Net Profit	Broadly in line with FY22

Aiming for FY23 distribution2 broadly in line with FY22

UniCredit - Strictly Confidential

A RECORD YEAR, WELL AHEAD OF UNICREDIT UNLOCKED AND PROTECTING THE FUTURE

Net Zero: a milestone in our journey to a more sustainable UniCredit

1. Among sectors identified by Net Zero Banking Alliance 2. Drawn exposure as of 31 December 2021 of the in-scope perimeter, which may be impacted by future evolution of committed undrawn

3. Baseline and targets could be updated over time according to guidance and methodology evolutions and/or data quality enhancements 4. Scope 3 category 11 (i.e., use of sold products) 5. Scope 3 "Tank To Wheel" category 11

6. Green financing allowed beyond 2028 only for clients that are not coal developers (no increase in coal business since September 2020) and with a phase out plan in line with Local National Energy and Climate Plan

Updated mild recession base case macro scenario

GDP growth and inflation of UniCredit footprint are calculated based on a GDP and inflation weighted average of the respective countries (weighted by nominal GDP)

Group P&L and selected metrics

Group incl. Russia						Group excl. Russia
All figures in bn Unless otherwise stated	4Q21	1Q22	2Q22	3Q22	4Q22	FY21	FY22		4Q22	FY21	FY22
Revenue	4.4	5.0	4.8	4.8	5.7	17.9	20.3		5.4	17.3	19.1
Costs	-2.5	-2.3	-2.4	-2.4	-2.5	-9.8	-9.6		-2.4	-9.5	-9.3
Gross Operating Profit	2.0	2.7	2.4	2.4	3.2	8.2	10.8		3.0	7.8	9.8
LLPs	-0.8	-1.3	0.0	-0.1	-0.5	-1.6	-1.9		-0.6	-1.6	-1.0
Net Operating Profit	1.2	1.4	2.4	2.4	2.7	6.5	8.9		2.3	6.2	8.8
Systemic Charges	-0.1	-0.7	-0.1	-0.3	-0.0	-1.0	-1.1		-0.0	-1.0	-1.1
Integration Costs	-1.3	-0.0	0.0	-0.0	-0.3	-1.3	-0.3		-0.3	-1.3	-0.3
Stated Net Profit	-0.9	0.3	2.0	1.7	2.5	2.1	6.5		2.4	1.9	6.7
Net Profit	0.7	0.3	1.8	1.7	1.5	3.5	5.2		1.4	3.3	5.4
Cost / Income ratio, %	56	47	49	49	43	54	47		45	55	49
Cost of Risk, bps	73	114	0	7	46	37	41		56	37	23
Tax rate, %	n.m.	55%	19%	18%	n.m.	n.m.	11%		n.m.	n.m.	12%
CET1r (stated), %	15.03%	14.00%	15.73%	15.41%	16.00%	15.03%	16.00%		-	-	-
RWA	322.0	329.9	316.7	320.0	308.5	322.0	308.5		292.3	310.5	292.3
RoTE, %	5.5%	2.3%	15.1%	13.7%	11.8%	7.3%	10.7%		12.2%	7.1%	11.7%
Diluted EPS, Eur	0.30	0.13	0.84	0.81	0.73	1.58	2.50		0.73	1.49	2.61
Tangible book value per share, Eur	24.1	24.2	25.9	27.2	28.4	24.1	28.4		-	-	-

CET1r quarterly evolution

FY22 distribution subject to supervisory and shareholder approvals

41 1. Using the requirement as of 31 December 2022. Please note that P2R has changed since 1 January 2023 as communicated in the related press release of 15 December 2022

Russia exposure details

		RUSSIA MAX EXPOSURE		EXTREME LOSS ASSESSMENT1				CAPITAL EQUIVALENT OF FY22 P&L AND EQUITY IMPACTS		RESIDUAL2 IMPACT FROM EXTREME LOSS ASSESSMENT1
	Exposure, bn	8th March 31st Press of December Release		End of April as per 1Q22 market presentation		31st of December		Taken in FY22		31st of December
	CET1r impact	bn	bn	bn	bps	bn	bps	bn	bps	bps
	Participation	3 -1.9	3 -3.0	3 -2.6	4 -46	3 -3.0	4 -41	3 +0.5	4 -10	4 -41
N O	Derivatives	-1.0	-0.5	-0.4	-15	-0.2	-6	-0.1	-2	-6
---------------------------- N LOCAL ATI ARTICIP O N P	Cross-border exposure5	-4.5	-1.6	-1.9	4 -54	-0.9	4 -24	-0.6	4 -19	4 -5
	Additional intragroup exposure6		-0.2	-0.3	-12	-0.2	-6	+0.0	+0	-6
	Total impact	-7.4	-5.3	-5.2	-128	-4.2	-77	-0.2	-31	-58
									13.3%8 at 1Q22	14.3%

Lower impact due to lower participation value driven by FX reserve and conservative internal sovereign rating downgrade

Intragroup only and fully collateralised; -0.1bn taken in FY22 is cost taken in 1Q22

Exposure reduced due to prepayments at a better than provisioned value. End-of-period coverage of c.35%

CET1r pro-forma7 for hypothetical -58bps residual impact2 from extreme loss assessment

c.-66% reduction equivalent to -4.1bn since March9

on non-local participation exposures, executed at minimum cost thanks to management proactive actions

• 1. Includes certain financial and credit assumptions and cross border recoverability of c.46%
• 2. Hypothetical impact on CET1r if extreme loss scenario materialises (not UniCredit base case); Residual means not already reflected in actual 4Q22 CET1r
• 3. Incl. P&L and Capital
• 4. Incl. movement in RWA
• 5. Gross of LLPs and Net of Export Credit Agency guarantees of c.0.5bn 42 and additional intragroup exposure
• 6. Gross of LLPs and Net of Export Credit Agency guarantees of c.0.0bn
• 7. CET1r as of 31 December is pro-forma for FY22 distribution, subject to supervisory and shareholder approval
• 8. CET1r at 13.3% is 1Q22 pro-forma for 1bn 2nd SBB tranche and the -128bps extreme loss assessment (net of -92bps already taken in 1Q22)
• 9. Delta since 8 March excluding change in FX hedging (+0.7bn included in derivatives as of 8 March)

Loan and deposit volumes

	4Q22 avg gross commercial performing loans, bn	vs 3Q22	Gross customer performing loan rates 4Q22 (vs 3Q22)	4Q22 avg commercial deposits, bn	vs 3Q22	Customer deposits rates 4Q22 (vs 3Q22)
Italy	166	-1%	2.69% (+69bps)	195	-1%	-0.13% (-11bps)
Germany	113	-1%	2.53% (+47bps)	144	-2%	-0.48% (-34bps)
Central Europe	91	+1% At constant FX	2.79% (+71bps at constant FX)	94	+2% At constant FX	-0.95% (-38bps at constant FX)
Eastern Europe	32	+1% At constant FX	4.42% (+47bps at constant FX)	43	+3% At constant FX	-0.54% (-10bps at constant FX)
Group excluding Russia	403	-1%	2.80% (+61bps)	476	-0%	-0.43% (-23bps)
Russia	9	-15% At constant FX	7.54% (+79bps at constant FX)	13	-3% At constant FX	-1.52% (+37bps at constant FX)
Group	412	-1%	2.91% (+59bps)	488	-1%	-0.46% (-20bps)

Total Financial Assets

Spill-over analysis confirming soundness of Group risk profile

Spill-over	1.	recession) to measure tail risks and impacts on asset quality and LLPs Macro scenarios stress (including
analysis	2.	Additionally, name-by-name analysis focused on:
			Energy intensive sectors (e.g. Machinery and Metals, Utilities, Automotive, Chemicals, Building materials and others) •
A		Name-by-name analysis	Supply chain constraints and direct links on trade flows versus Russia/Ukraine •
		on Enterprises	High risk exposure at c.1% of total Group EaD1 which equals <2% of Enterprises

• No evidence of deterioration currently recorded on Focus Enterprises portfolio

Spotlight on • Small Business at only c.4% of Group EaD1

small business • Exposure highly secured (>60%)

• Limited consumer finance (4% of EaD1, o/w ITA 6%, GER 1%), low mortgage LTV (c.55% on mortgage stock)
• Early warning indicators not showing significant signs of deterioration
  • Analysis of potential effects from stressed inflation and interest rates confirms resilience of portfolio debt repayment capacity

Managerial figures

45 1. Total EaD reported including only Enterprises and Individuals segments, Enterprises split based on managerial industry clustering

Group gross loans breakdown by stages

Total loans to customers end-of-period, at face value (i.e. before deduction of provisions), including active repos and (in divisional figures) intercompany, both performing and non performing 46 (comprising bad loans, unlikely to pay, and past due); debt securities and non current assets held for disposal are excluded

UniCredit - Strictly Confidential

End notes

UniCredit - Strictly Confidential

Disclaimer

This presentation may contain "forward-looking statements" which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of UniCredit S.p.A. (the "Company"). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents or expectations of any forwardlooking statements and thus, such forward-looking statements are not a reliable indicator of future performance.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.

The information, statements and opinions contained in this presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. Any recipient is therefore responsible for his own independent investigations and assessments regarding the risks, benefits, adequacy and suitability of any operation carried out after the date of this presentation. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries. Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about and observing any such restrictions.

Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154 bis, paragraph 2) Stefano Porro, in his capacity as manager responsible for the preparation of the Company's financial reports declares that the accounting information contained in this presentation reflects the UniCredit Group's documented results, financial accounts and accounting records.

For the aforementioned purposes, "presentation" means this document, and any oral presentation, any question-and-answer session and any written or oral material discussed following the distribution of this document. By participating to this presentation and accepting a copy of this presentation, you agree to be bound by the foregoing limitations regarding the information disclosed in this presentation.

Neither the Company nor any member of the UniCredit Group nor any of its or their respective representatives, directors or employees shall be liable at any time in connection with this presentation or any of its contents for any indirect or incidental damages including, but not limited to, loss of profits or loss of opportunity, or any other liability whatsoever which may arise in connection of any use and/or reliance placed on it.

Information related to this presentation (1/3)

UniCredit - Strictly Confidential

General notes

End notes are an integral part of this presentation.

All data throughout the documents are in Euros

• Numbers throughout the presentation may not add up precisely to the totals provided in tables and text due to rounding
• Russia includes the local bank and legal entities, plus the cross border exposure booked in UniCredit SpA
• CET1 ratio fully loaded throughout the document, unless otherwise stated
• Allocated capital calculated as 13.0% of RWA plus deductions throughout the document
• Shareholder distribution subject to supervisory and shareholder approvals

Figures relating to the last quarter 2021 and the first quarter 2022 have been restated to following the reclassification of UniCredit Leasing S.p.A. and its controlled company and of UniCredit Leasing GMBH and its controlled companies out of the non current assets held for sale.

49

Information related to this presentation (2/3)

Main definitions

"Clients"	means those clients that made at least one transaction in the last three months
"Cost of risk"	based on reclassified P&L and Balance sheet, calculated as (i) LLPs of the period (annualised in the interim periods) over (ii) average loans to customers (including active repos, excluding debt securities and IFRS5 reclassified assets).
"Coverage ratio (on NPE)"	Stock of LLPs on NPEs over Gross NPEs excluding IFRS5 reclassified assets
"Customer Loan"	Net performing and non-performing loans to customers excluding active repos, debt securities, intercompany for divisions
"Default rate"	Percentage of gross loans migrating from performing to non performing over a given period (annualized) divided by the initial amount of gross performing loans
"Diluted EPS"	calculated as Net Profit - as defined below - on avg. number of diluted shares (i.e. outstanding shares excluding avg. treasury and CASHES usufruct shares)
"Expected Loss (EL)"	based on performing portfolio with details for both stock and new business done since January current year. Calculated as expected loss over exposure at default
"Gross Comm. Perf. Loan AVG"	Average stock for the period of performing Loans to commercial clients (e.g. excluding markets counterparts and operations); managerial figures, key driver of the NII generated by the network activity
"Gross NPEs"	Loan to customers non performing exposures before deduction of provisions, comprising bad loans, unlikely to pay, and past due (including active repos, excluding debt securities and IFRS5 reclassified assets)
"Gross NPE Ratio"	Gross non performing exposures over gross loans to customers (including active repos, excluding debt securities and IFRS5 reclassified assets)
"Net NPEs"	Loan to customers non performing exposures after deduction of provisions, comprising bad loans, unlikely to pay, and past due (including active repos, excluding debt securities and IFRS5 reclassified assets)

UniCredit - Strictly Confidential

Information related to this presentation (3/3)

Main definitions

"Net NPE Ratio"	Net non performing exposures over net loans to customers (including active repos, excluding debt securities and IFRS5 reclassified assets)
"Net profit"	means Stated net profit adjusted for AT1 and CASHES coupons and impacts from DTAs tax loss carry forward contribution; for 2021 also adjusted for non-operating items
"Net revenue"	means (i) revenue, minus (ii) Loan Loss Provisions
"Organic capital generation"	calculated as (Net Profit excluding Russia [unless otherwise stated] excluding DTA TLCF write up and pre AT1 & CASHES less delta RWA excluding Regulatory Headwinds x CET1r actual)/ RWA
"RoTE"	means (i) net profit – as defined above, over (ii) average tangible equity – as defined below, minus CASHES and DTA from tax loss carry forward contribution
"Stated net profit"	means accounting net profit
"Regulatory headwinds"	Regulatory Headwinds are mostly driven by regulatory changes, model maintenance and PD scenario including rating dynamics (impacting on both RWA and capital), shortfall and calendar provisioning (impacting on capital)
"SBB"	Share buy back - repurchasing of shares by the company that issued them to reduce the number of shares available on the open market
"UTP"	means "unlikely to pay": the classification in this category is the result of the judgment of the bank about the unlikeliness, without recourse to actions such as realizing collaterals, that the obligor will pay in full (principal and/or interest) its credit obligations
"Tangible Book Value"	for Group calculated as Shareholders' equity (including Group stated profit of the period) less intangible assets (goodwill and other intangibles), less AT1 component
"TBVpS"	Tangible Book Value per Share - for Group calculated as End of Period tangible equity over End of Period number of shares excluding treasury shares

UniCredit - Strictly Confidential