Unicredit — Investor Presentation 2021

Dec 9, 2021

UniCredit Unlocked

UniCredit Strategy Day Milan, 9 December 2021

UniCredit Unlocked

Empowering Communities to Progress

UniCredit Today 13 leading banks with unrivalled distribution power and truly diverse talent

UniCredit Today Stakeholder perceptions are still far away from our potential

Clients

I applied for a loan and it took a lot to complete the process – too slow, too complex

People working in the branch are so busy …

Is it possible that I'm supposed to go to the branch to sign papers? What about the digital era?

Employees

We are losing new potential business opportunities because there are too many internal hurdles, bureaucracy

We have a proliferation of committees … slowing down the time-to-market

Multiple layers of checks make it difficult to work and to support our clients

BUREAUCRACY

Complex Not digital INEFFICIENT Difficult waiting Slow changing

UNCLEAR PURPOSE Mistakes Rules Risks forbidden FearRESISTANT AVERSION

Investors

Is UCG still in restructuring mode?

The problem is not so much how much capital to keep but how to make it work

UniCredit needs to show simplification in its geographic exposure

Extremely high stated net income volatility

VOLATILITY

UNCLEAR

Restructuring Weak profitability UNDERVALUED Excess capital Unfocused

COMPLEX

Low returns LIMITED REVENUE

4

UniCredit Today Stakeholder perceptions are still far away from our potential

required

prevents people from delivering their best

Need to move out of a period of retrenchment and restructuring into an era of purpose, growth and value creation

recurrent RoTE

capital distribution

Uncertain and insufficient

Unicredit's potential

Grow in our regions and develop our client franchise

• Quality growth both from existing and new clients
• Develop best-in-class products and services: either in-house or with external partners

Change our business model and how our people operate

• Grow capital-light business, focusing on value-added products and services for clients
• Targeted cost efficiency to fund investment and deliver operating leverage

Deliver economies of scale from our footprint of banks

• Unite our 13 banks in one integrated group
• Central steering where it adds value; local empowerment within a clear risk framework

Transform our technology leveraging Digital & Data

• Redesign operating model: reclaiming core competencies in-house
• New way of working: centred around clients and common platforms

Embed sustainability in all that we do

• Leading by example, striving for the same high standards that we seek from those we do business with
• Equipping ourselves with tools to support our clients and communities to navigate the transition

RoTE of c.10% by 2024 and sustainable distribution of at least 16bn between 2021-24 via three interconnecting levers

For our clients: delivery of best-in-class products and services For our investors: creating long term shareholder value For us: uniting behind a single ambition and shared principles Win.

The Right Way.

Together.

Integrity Ownership Care

As one team and with a common purpose As true partners to all our stakeholders

7

UniCredit Unlocked

Optimise Today

Build for Tomorrow

Optimise Today Connecting to our clients in a unified way across Europe

Optimise Today: Clients A unified approach: putting clients back at the centre

¹⁰ From a heterogeneous client service model to a unified client approach

Optimise Today: People Culture of empowerment, centred around the client

Optimise Today: People United behind a single ambition and purpose

A new mindset

The Right Way. Together.

Inspired to deliver for our clients

• Entrepreneurial spirit, within clear guidelines
• Empowered by decisions occurring at the right place

The Bank for Europe's Future

Galvanised by a Win. common objective

• Reclaiming pride in our businesses and our services
• Driving together to take back market share

Truly European perspective

• Uniquely pan-European footprint and heritage
• Supporting high employee mobility

Optimise Today: Organisation From a complex, siloed model to a lean Group working in partnership

13 banks connected by a common model, technology, data platform and principles to deliver best-in-class products and services to our clients

Optimise Today: Organisation Client coverage harmonised and fully returned to our banks and people

Clients

Approached in a unified way: harmonised service segments and standardised delivery model

People Accountable for decisions made for clients, within a clear risk and behaviour framework

Organisation

Providing the tools to enable excellence:

• Digital & Data to support bespoke service
• Best-in-class product factories to deliver quality

Optimise Today: Organisation Focused on our strengths, striving for excellence for our clients

15

Optimise Today: Organisation True access to value-added services for our Corporate clients

Corporate Solutions

Unique differentiators in our model ...

Extensive Corporate client base with longstanding relationships

High quality service tailored and delivered to the client segment's need

Cross-border positioning with ability to support clients in trade, transactional and growth ambitions

... coupled with product range that meets clients' needs, that adapts, and that innovates

¹⁷ Wholly focused on expanding the level of service requested by our existing core client relationships

Optimise Today: Organisation The right model for our clients and for us

Individual Solutions

The model that delivers results …

High retention of value chain coming together with best-in-class partners

High returns: 25% Revenue / RWA in Italian insurance

Targeted scale and leading market share where it counts

• 800bn TFA

• 1 unit linked (c.40% market share) ¹

• 2 non-life¹

• 10% mutual funds market share in Italy

... and is fit for our footprint

Optimise Today: Organisation Ambition to grow significantly, offering simpler solutions for clients

UniCredit Unlocked

Optimise Today

Build for Tomorrow

Build for Tomorrow Investing in digital, data and our people

Total IT investments¹ 2022-24

User experience New platform for unique and consistent experience across devices

New digital offering

Digital onboarding, lending, advice

Payment value chain

Simpler, faster, real-time payment management

Cyber security

Several initiatives aimed at continuously strengthening our cyber security defences

Case studies

Smart banking

Germany

Advice and services available in a branch, online, via app or via voicebot

Smart invest

Croatia

Launch of simple advisory tool for effective and sustainable sales of investment product

AI-powered recruiting

Czech Republic and Slovakia

Smart recruitment chatbot which interviews, analyses and sorts candidates for first round according to suitability

High speed consumer loans Austria

Pre-approved loans granted in under 5 minutes both within the branch and remotely

3.6^k New hires² 2022-24 New hires +1.5k Business o/w +200 Germany +300 CE & EE +100 Control functions +900 Italy

+2.1k Digital & Data

Build for Tomorrow: Digital & Data A new way of working, investment model and client approach

Internalisation and rationalisation

Reclaim core competencies and skillset

Rationalise external organisation and partners

Modular and reusable solutions which can be scaled across our Group

Global technology, business, and data platforms to maximise reusability, scale, cost efficiency and speed

Amplified through efficiencies and scale

Self-funded through cost reductions from internalisation

Spend better targeted thanks to synergies from Group approach

Focused on value creation around our clients

Organisation structured around products

Functions working together to deliver quality at speed

Build for Tomorrow: Digital & Data Internalising core competencies and rationalising the digital organisation

External, high cost project managers replaced with internal product managers and developers, all leveraging public cloud and benefitting from its current state of maturity

Build for Tomorrow: Digital & Data A new way of working: platforms to deliver reusable, quality solutions at speed

Business and data platforms built around the needs of a global experience: current cloud maturity and learnings from first movers act as enablers

Build for Tomorrow: Digital & Data Increased impact of investment: through efficiency and scale

Strategic IT budget allocation leveraging under-utilised critical mass to facilitate a Digital & Data strategy befitting a global institution

Build for Tomorrow: Digital & Data Organised around products and platforms with an agile way of working

From Traditional, functional, fragmented

and duplicative approach To Digital, centred around clients' needs, organised around products, leveraging common platforms

Product approach instead of functional approach, supported by use of cloud, automation, APIs and real-time client data

Build for Tomorrow: Digital & Data Data and AI to learn at scale and continuously adapt to change

Relevant conversations

Personalisation at scale based on persistent IDs across all stages of the client lifecycle

Simple banking

Straight-through processing journey design to provide smooth financial experience

Smarter products

Data-driven product design approach for a superior client experience to boost sales

Faster and smarter decision making

Real-time data accessibility and self-service consumption leading to better decision and shorter time-to-value

AI-powered growth

Smarter, more responsible and scalable AI to enable data-driven advisory with guided selection of business opportunities

Ecosystem thinking

Provide value added services exploiting third party trusted data

Environment Social Governance

Our greenhouse gas emissions

reduction vs. 2008 Net Zero

by 2030 1

Renewable energy

79% usage in our premises 100% ITA 100% GER 97% AUT

Paperless and plastic-free

No single-use plastic items in UniCredit buildings by end 2022

Corporate citizenship and philanthropic initiatives

^>40^m contribution to communities²

Education and impact

100^k

young people educated

1.9^m beneficiaries of

direct and indirect

social financing

Global policies

• ESG policies, statements and commitments
• Human capital policies and joint declarations
• Compliance key policies

Strong diversity and inclusion framework

46%

40% 33%

female BoD

female

female Leadership team

Actions on gender pay gap

GEC

Striving to hold ourselves to the same high standards we seek from those we do business with

²⁹ Equipping ourselves with tools to support our clients and communities to navigate the transition

UniCredit Unlocked Our financial goals

Optimise Today

Build for Tomorrow

Our financial goals Initiatives already delivering results

Clients grouped the same way; service models adjusting

New client-focused organisational structure; refined management team

Digital transformation in flight

First evidence of the impact of these initiatives 2021 RoTE >7% and constant CET1 despite headwinds

Macroeconomic advantages from our positioning Striving to deliver alpha

Our financial goals UniCredit Unlocked

3 levers Drive higher sustainable returns through interconnected levers

Total costs

Deliver a lower absolute cost base while funding digital transformation and investing in the business

Allocated capital

Optimal capital allocation and active portfolio management driven by RoTE maximisation

Revenue minus LLP

Driven by revenue that delivers profitability above the Cost of Equity and recovery of natural market share with risk discipline Levers largely under management control

Revenue mix and stable Cost of Risk largely under management control

3 levers: Cost Our principles for operational excellence

3 levers: Cost Driving operating leverage whilst funding higher investments

3 levers: Capital and Net Revenue Our principles for capital deployment maximise risk-adjusted returns

… Or disinvest

pockets of inefficiency

3 levers: Capital Capital-light fee business and optimisation of capital allocation drive returns

Granular analysis of lending portfolio to reallocate capital to higher return areas

Distribution of returns by sub-segment, illustrative

³⁸ Using return-on-capital lens to decide where to drive revenue

3 levers: Capital Active portfolio management and capital allocation boost returns on RWA

Net revenue / RWA

³⁹ Net revenue to RWA growing by 45bps, almost entirely from active portfolio management

3 levers: Net Revenue Incremental capital-light net revenue growth through tangible actions

• Recover natural market share in higher risk-adjusted margin products
• Focus on shorter term lending to boost portfolio rotation
• Conservative assumption of full TLTRO repayment by 2024
• Stable Cost of Risk given origination in regions with lower risk
• Filling gaps in the product shelf in Individual Solutions and payments
• Build out advisory platform, including ESG offering, to drive Corporate fee growth
• Deposit conversion to better return products for clients

3 levers: Net Revenue Supporting our clients' green and social transition

Environmental Lending

Incremental revenue of 0.2bn with bulk of the facilities to support clients in green transition

ESG Investment Products¹ >40% of 2024 AuM invested in ESG products

150bn Sustainable Bonds

Significant contribution to the origination of sustainable bonds coming from Recovery and Resilience Facility funds

Social Lending

Expanding the scope of Social Lending to activities

⁴¹ Innovative product offering and enhanced advisory service to support our clients as their needs change

3 levers: Net Revenue Network empowered to drive within well-defined risk parameters

Origination in regions with lower risk …

… leading to a stable Cost of Risk and decreasing gross NPE ratio

Continuous monitoring of risk-adjusted profitability, operating with discipline and accountability

3 levers Combination of levers deliver c.10% RoTE with manageable execution risk

⁴³ Majority of RoTE accretion is through levers largely under management control

45% of 2024 allocated capital to countries with sovereign rating higher than A¹ , up from 41% 2021

New business model does not rely on capital-intensive revenue to grow, hence allowing for a significant increase in the distributable amount while maintaining a robust CET1 ratio: c.3x former model

Organic capital generation each year ... ... funds a consistent and significant distribution for investors

Our organic CET1 generation and high starting point gives us confidence in our goal to return at least 16bn between 2021-24

Distribution Robust capital position with deployment options

Stronger …

... whilst retaining deployment flexibility

Disciplined approach to inorganic options

• Strategic consistency
• Strengthen the business
• Accretive to returns and distribution within reasonable time

UniCredit Unlocked

Our regions

Optimise Today

Build for Tomorrow

Our regions We will leverage our solid foundations across our footprint

Scale

inherent advantage in technology and in our business model

⁴⁹ A group of 13 banks delivering more than the sum of the single components

Each region

Our regions Limited correlation between market share and profitability

From c.60% of allocated capital in segments with RoAC higher than 10% in 2021, to 100% in 2024

Italy Strong positioning and distribution power

A well-established scale business ...

		yet to be fully realised			Positive momentum in macro
	Market > share1	10 % loans	10 > % mutual funds3	TFA / GDP6 Personal debt	3.0% Italy 45%	2.4% EU-19 63%
		Personal loans4	Bank assurance5	/ GDP6 Insurance premium	Italy	EU-19
	3Q21	11 + %	11 + %	/ GDP7	1.1% Italy	EU
7 m clients	vs. 4Q20	4 + p.p.	2 + p.p.	● ●	GDP recovery, decreasing unemployment Almost one third of Recovery and Resiliency Facility funds	allocated to Italy

Net AuM sales

⁺23% 3Q21 vs. 4Q20

• GDP recovery, decreasing unemployment
• Almost one third of Recovery and Resiliency Facility funds allocated to Italy
• Underpenetrated non-life insurance market
• Environment of high personal savings and low debt

1.1%

Plan to reinforce client franchise and run at full potential

52

Italy

People

Organisation

Initiatives Facts

• Enhanced offering of investment and insurance for Retail and SMEs
• Rebuild natural share in high risk-adjusted return businesses keeping a stable Cost of Risk
• Reshape and strengthen network to improve frontline effectiveness
• Faster decision making and people empowerment

⁻30% Headquarter

functions

cancelled

^>25bn

Investment products placement¹

⁺1.7^k

⁺10%

Consumer loans 2021-24 CAGR

Branch gross new hires for advisory and protection

● Network process redesign to digitally native client experience

● Fully leverage digital trends

^>200 Administrative network activities ⁺2^x Digital sales / total sales

⁻70%

Time to 'Yes' for Consumer Finance products

Germany Strong bank supporting the German economy and society

Powerhouse in Bavaria, strong base for Mittlestand position across the country

6k Subsidiaries of German Corporates serviced in UniCredit's international network

Client-centric business model

60^k

Private Banking clients … with Best portfolio management and advice for 9 consecutive years

50^k

Small and Medium Corporate clients, Germany's backbone, with Best NPS in 2021

1

League table for Green and ESG linked loans¹

Largest economy in EU with focus on exports

43%

of GDP export related³

^>14bn

millionaires5

Germany To be a leader with respect to profitability

Germany Business growth and optimisation of operative model

People

Organisation

Initiatives Facts

• Superior ESG advisory capabilities to support clients' green transition
• Leverage strong position as the Go-to bank for Corporates with more industry expertise
• Targeted investments in growth areas, such as Private Banking
• Faster decision making and people empowerment

● Streamline process, product catalogue and variations enabling headquarter efficiencies

● Digitalisation and automation allow lower cost-to-serve

AuM Private Banking 2021-24 growth

⁺6%

Loans to Small and Medium Corporate 2021-24 CAGR

^>250 Business new hires by 2024

Non-business costs 2021-24 CAGR

⁻9%

⁻75% Time-to-cash for Consumer Finance

⁻40%

Simplification of Retail product variations

Digital sales / total sales

Austria, Czech Republic, Hungary, Slovakia, Slovenia

Solid positioning with leadership in Austria

11% loan market share¹

Balanced mix, strong market shares and recognised expertise

Loan market share in region¹

8% Retail 14% Corporate

Best

• … for SME in Austria
• … Investment Bank in Austria
• … Private Bank in Czech Republic
• … Social Impact Bank in Hungary

Potential from funds and improving macro trends

Yearly GDP growth²

• GDP growth in plan horizon above eurozone average
• About 62bn of Recovery and Resiliency Facility funds allocated to UC countries in Central Europe (c.12% of their GDP³ )
• Strong economic connections within the region, with Italy and with Germany

Central Europe Focusing on structural review of operating model and targeted growth …

Austria, Czech Republic, Hungary, Slovakia, Slovenia

Austria, Czech Republic, Hungary, Slovakia, Slovenia

People

Organisation

Initiatives Facts

• Improved client service model supported by digital offering and seamless client experience
• Enriched product offering including advisory on green transition
• Further client acquisition thanks to digitalisation and synergies between Retail and Corporate
• Simplified and automated credit processes to support faster decision making
• Transform Bank Austria into a more efficient institution via redesign of operating model
• Investment in Digital & Data to enable lower cost-to-serve and enhance client experience

⁺12% Net client growth 2021-24

⁺1%

Above the market Corporate growth 2021-24

^>50% Digital sales / total sales 2024

⁻10p.p. Cost / Income 2021-24

c.2out of3

Clients digitally active 2024

Bosnia Herzegovina, Bulgaria, Croatia, Romania, Russia, Serbia

Balanced business mix and excellent market recognition Fast growing economies

1 in Bosnia, Bulgaria and Croatia

Top 3

for Corporate in Serbia and Romania³

Best Bank in Bulgaria and Bosnia

Best Private Bank in Bulgaria and Croatia

Trade Finance market leader in Bosnia, Bulgaria, Russia and Serbia

• GDP growth in plan horizon at 3.7%
• About 50bn of Recovery and Resiliency Facility funds allocated to UC countries in Eastern Europe (c.16% of their GDP⁵ )
• Average yearly loans growth around 6% over plan horizon

Eastern Europe Consolidate leadership to further boost net revenue and enhance returns

Bosnia Herzegovina, Bulgaria, Croatia, Romania, Russia, Serbia

Bosnia Herzegovina, Bulgaria, Croatia, Romania, Russia, Serbia

Initiatives

• Innovative service model (remote hubs) for Micro and Small Corporates, improved multichannel client journeys for individual clients
• Enriched offering including investment and protection solutions, green advisory and financing, liquidity management

People

Organisation

• Streamlining of operating model, allowing further synergies in a leaner organisation
• Optimised credit processes to empower the banks to take faster decisions, being accountable for higher competence levels
• Digitalisation of offering and enablement of remote sales
• Investment in Digital & Data to enable lower cost-to-serve and enhance client experience

Facts

2021-24

⁺12% Net client growth ⁺6%

Fees 2021-24 CAGR

⁻50% Simplification of Retail product

⁺2^x Local credit approvals

catalogue

⁺30%

Active digital user growth 2021-24

⁺35%

Digital sales / total sales growth 2021-24

All businesses delivering improved returns through different levers

		3 levers contribution to RoAC	improvement		RoAC 2024	Fees to revenue 2024	Net revenue to RWA 2024	Delta weight allocated capital 2021-24
Italy		60%	20%	20%	>12%	c.55%	c.6%	38% 44%
Germany	25%	30%	45%		>10%	c.30%	c.5%	27% 25%
Central Europe	10%	65%		25%	>13%	c.30%	c.5%	20% 17%
Eastern Europe	30%		65%	5%	>16%	c.20%	c.6%	13% 11%
Group	30%	30%		40%	c.11%	c.40%	5.3%	2024 2021
	Capital	Net revenue		Cost

Latent strategic flexibility with the ability to change pace across different geographic profiles

UniCredit Unlocked

Optimise Today

Build for Tomorrow

UniCredit Unlocked Our strategic imperatives and financial goals

Grow in our regions and develop our client franchise

Change our business model and how our people operate

Deliver economies of scale from our footprint of banks

Transform our technology leveraging Digital & Data

Embed sustainability in all that we do

RoTE of c.10% by 2024 and sustainable distribution of at least 16bn between 2021-24 via three interconnecting levers

UniCredit Unlocked Our financial ambition

	2021 (Guidance)	2024
Net revenue	16 > bn	17 > bn
Fees, % of revenue	38 c. %	40 c. %
Cost / Income	56 c. %	50 c. %
Net profit	3.3 > bn	4.5 > bn
RoTE	7.0 > %	10 c. %
Organic capital generation		150 c. bps per annum
CET1	13.5-14 %	12.5-13 %
Total ESG volumes		150 bn cumulative 2022-24

⁶⁶ ≥16bn shareholder distribution 2021-24

UniCredit Unlocked Why UniCredit?

Delivering a RoTE of c.10% by 2024

UniCredit Unlocked Our commitment to 2024 and beyond

Maintaining an attractive growth, return profile and distribution policy

UniCredit Unlocked

Empowering Communities to Progress

Annex

UniCredit Strategy Day Milan, 9 December 2021

2021 one-offs

Market Share of Loans¹

Ranked #1 nation-wide Balanced mix and strong market share in all segments Improving macro trends

Loan market share in region¹

Retail

10%

Corporate

Best

… Bank for SME … Investment Bank … Private Bank and Wealth Manager

Yearly GDP growth²

5.1%
	2.1%	1.6%
2022	2023	2024

• 10% GDP growth in plan horizon above eurozone average

  • High and raising private consumption
  • Low and declining unemployment data
  • Banking sector resilient with steady positive trend

Austria Aiming at growing further with structural review of operating model

73

Austria Regaining natural market share in core products

People

Organisation

Initiatives

• Fast implementation of a state-of-the-art technological client-centric framework
• Expand client reach, exploit opportunities

● All business segments with increasing value generation, contributing above cost of capital

business and operations, reducing costs

● Process automation transforming the way to do

● Redesigned streamlined operating model leveraging organisational simplification and digitalisation

● Lean business model to reduce complexity and

boost business effectiveness

Facts

⁺4p.p. RoAC 2021-24 ⁺8p.p. Consumer loans market share vs. 2021

⁻12% cost reduction 2021-24

⁻13p.p.

Cost / Income 2021-24

^>50%

Investments in growth and optimisation

Notes

UniCredit Strategy Day Milan, 9 December 2021

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 of any forward-looking 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. 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.

This presentation may contain summarised information or information that has not been audited, and its recipients are invited to consult the documentation and public information made available by UniCredit.

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 accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

Information related to this presentation

General notes

End notes are an integral part of this presentation. See slides from 78 at the back of this presentation for information related to the financial metrics and

All data throughout the documents are in Euros

defined terms in this presentation

Numbers throughout the presentation may not add up precisely to the totals provided in tables and text due to rounding

CET1 ratio fully loaded throughout the document, unless otherwise stated

Allocated capital calculated as 13.0% of RWA plus deductions throughout the document

Main definitions

"Net revenue"	means (i) revenue, minus (ii) Loan Loss Provisions
"Clients"	means those clients that made at least one transaction in the last three months
"Stated net profit"	means accounting net profit
"Net profit"	only for the Group: means Stated net profit (for 2021 Underlying net profit) adjusted for AT1, CASHES coupons and impacts from DTAs from tax loss carry forward sustainability test
"Underlying net profit"	means stated net profit adjusted for non-operating items
"RoTE"	means (i) net profit – as defined above, over (ii) average tangible equity excluding AT1, CASHES and DTA from tax loss carry forward contribution
"Organic capital generation"	means CET1r evolution deriving from (i) stated net profit excluding DTAs from tax loss carry forward and (ii) RWA dynamic net of regulatory headwinds
"Cost lever"	calculated as proportional impact of gross cost savings on RoTE/RoAC delta
"Capital lever"	calculated as positive impact of active portfolio management (and disposals) on tangible equity/allocated capital delta
"Net Revenue lever"	calculated as proportional impact of delta net revenue on RoTE/RoAC delta

Slide 3	UniCredit Today	1. Refers to Group Executive Committee and first line reporting to Group Executive Committee 2. Data as of 3Q21 3. Positioning as per total assets, 2Q21. Eastern Europe excluding Russia
Slide 4	Stakeholder perceptions	Source: Restated quotes from internally conducted surveys among employees and externally conducted research among clients and investors
Slide 6	Our strategic imperatives	All data referring to 2021-24 unless otherwise stated
Slide 9	Optimise Today: Connecting to our clients	1. Total headcounts as of 3Q21 2. Refers to Corporate and Individual Solutions (please refer to slides 15-19)
Slide 10	Optimise Today: Clients	1. Thresholds for Retail based on TFAs, for Corporates on total revenue. Segmentation thresholds are for illustrative purposes only 2. Expected 2021 revenue split between Corporate and Retail
Slide 11	Optimise Today: People	1. Number of approvals taken by Italian territorial hub in 2020 which will be taken directly by the business
Slide 14	Optimise Today: Organisation	Expected 2021 Data unless otherwise stated 1. Based on Underlying net profit and normalized tax rate

Slide 18	Optimise Today: Organisation	1. New business market share in Italian bancassurance market. Source: IAMA monitor database, internal elaboration
Slide 21	Build for Tomorrow: Investing	1. Investments not fully comparable to previous disclosure due to pricing model change 2. Hires related to new investments only, not including turnover replacement. Rounded figures
Slide 28	Build for Tomorrow: Sustainability	Data as of 3Q21 1. 2030 target on own emission 2. Measured by the former London Benchmarking Group (LBG), now Business for Societal Impact (B4SI) reporting framework
Slide 32	Macro	Source: GDP and Banking Sector Total Loan Growth based on UniCredit Macroeconomic and Banking Projections, October 2021. Aggregations are weighted average considering allocated capital. 3M Euribor based on the future from Bloomberg at 07/12/2021. The RRF from European Commission, 2021. Category split from Bruegel dataset as of July 2021, referring to EU countries that submitted the plan 1. Average of yearly changes 2. Excluding Austria
Slide 33	Our financial goals	1. Impact of Active Portfolio Management on CET1 capital (please refer to slide 39) 2. Investments not fully comparable to previous disclosure due to pricing model changes 3. Net Profit divided by average outstanding shares, assuming a fixed P/TBV multiple for share buyback 4. Defined as (i) Gross Non Performing Exposures comprising bad loans, unlikely to pay, and past due; TO (ii) Gross Loans to clients excluding debt securities 5. Defined as (i) Non Performing Exposures after deduction of provisions comprising bad loans, unlikely to pay, and past due; TO (ii) Loans to client after deduction of provisions and excluding debt securities
79		6. Subject to supervisory and shareholders approvals and M&A

Slide 35	Costs	1. 2.	Staff costs and expenses of controlling, supporting and governance functions Staff costs and expenses directly (e.g. frontline) or indirectly (e.g. back office) linked to revenue generation and client management
Slide 36	Cost walk	1. 2.	Calculated as Revenue CAGR 2021-24 minus Cost CAGR 2021-24 Please refer to slide 71 in annex for details
Slide 38	Delta net revenue	1.	Percentage calculated as Fees over Net Revenue
Slide 39	RWA walk	1.	Impact for 2025 equal to c.50bps pre mitigation actions
Slide 40	Delta net revenue walk	1. 2. 3.	Delta contribution from products with margins higher than average Delta contribution from products with commercial aim to recovery natural market share Delta contribution from non-commercial items
Slide 41	ESG transition	1.	Based on Art. 8 and 9 SFDR regulation
Slide 42	Risk	1.	Cost of Risk calculated as LLPs of the period divided by average net client loans including repos

Slide 43	RoTE walk	1.	Stated RoTE calculated as (i) stated net profit, TO (ii) average tangible equity excluding AT1
Slide 44	Balance sheet and liquidity	1.	Based on S&P
Slide 46	Capital distribution	1.	Cash payout ratio for 2022 is expected at 35%
Slide 51	Italy positioning	1. 2. 3. 4. 5. 6. 7.	Market share of total loans and mutual funds as of September 2021. Regional market share of loans as of August 2021 Regional GDP data as of 2019, Istat Calculated as (i) AuM products of UC Italy perimeter; TO (ii) market "Retail" products, net of institutional products and closed end funds; from Assogestioni Report Based on new production Bankassurance P&C (CPI and protection) – Last available source related to 2021 refer to 2Q21 Refers to Household data as of 1Q21, ECB statistical Data Warehouse Insurance premium refer to 2019 non-life insurance penetration excluding Motor. EU data refers to Germany, France and Spain. Gross data from OECD, IVASS and Eiopa
Slide 52	Italy financial KPIs	1. 2. 3.	2021-24 CAGR gross of active portfolio management actions and disposals 2021-24 CAGR gross of NII headwinds and disposals For 2021 based on Underlying net profit and normalised tax rate
Slide 53	Italy industrial KPIs	1.	Refer to net sales AuM 2022-24 cumulative

Slide 54	Germany positioning	1. From Dealogic as of October 2021, category 'All German Green and ESG-linked loans ' 2. Based on UniCredit Macroeconomic Projections, October 2021 3. GDP export related % as of 2020, from Federal Statistical Office (Destatis) 4. Mittelstand clients based on current segmentation between 1.5m and 50m turnover, corporate sales tax statistics 5. As of 2020, Capgemini World Wealth Report 2021
Slide 56	Germany industrial KPIs	1. Including DCM
Slide 57	Central Europe positioning	Source: Best Bank for SME and Investment Bank in Austria and Private Bank in Czech Republic as of 2021, Global Finance Magazine. Best Social Impact Bank in Hungary as of 2021, Effect 2030 Community Investment Award 1. As of September 2021 2. Based on UniCredit Macroeconomic Projections, October 2021. Aggregations are weighted average based on allocated capital 3. GDP data for % on RRF as of 2020 from UniCredit Macroeconomic Research. Aggregations are weighted average based on loans and grants amounts

Slide 60	Eastern Europe positioning	Source: Best Bank and Private Bank in Bulgaria as of 2021, Global Finance Magazine. Best bank in Bosnia and Private Bank in Croatia as of 2021, Euromoney. Trade Finance market leader in Bosnia, Bulgaria, Russia and Serbia as of 2021, Euromoney 1. As of September 2021 2. For the whole region, as of 2Q21 3. Based on gross loans, as of June 2021, IFRS data 4. GDP and Banking Sector Total Loan Growth based on UniCredit Macroeconomic and Banking Projections, October 2021 Aggregations are weighted average considering allocated capital 5. GDP data for % on RRF as of 2020 from UniCredit Macroeconomic Research. Aggregations are weighted average based on loans and grants amounts
Slide 67	Why UniCredit?	1. Managerial target 2024 2. 2024 3. Calculated as revenue CAGR minus cost CAGR 4. Net profit divided by average outstanding shares, assuming a fixed P/TBV multiple for share buyback 5. Share buyback plus cash dividends cumulative (o/w cash payout ratio for 2022 is expected at 35%) 6. Market capitalisation as of 06/12/2021
Slide 72	Austria positioning	1. As of September 2021 2. GDP Growth based on UniCredit Macroeconomic Projections, October 2021
Slide 74	Austria industrial KPIs	1. Refers to Euro portfolio only