Unicredit — Investor Presentation 2021

Jul 30, 2021

30 July 2021

Table of contents

Introductory remarks

• Page 4: Key highlights
• Page 5: Outcome of preliminary assessment
• Page 6: Strategic review framework
• Page 7: First 100 days
• Page 8: Financial levers
• Page 9: Key financial highlights

Financial highlights

• Page 11: Group key figures
• Page 12: Net interest
• Page 13: Fees
• Page 14: Trading and dividends
• Page 15: Costs
• Page 16: LLPs and CoR
• Page 17: Group asset quality
• Page 18: CET1

Closing remarks

▪ Page 20: Outlook 2021

Annex

• Page 22: Group P&L
• Page 23: Commercial loans & rates
• Page 24: Commercial deposits & rates
• Page 25: Group TFAs
• Page 26: Non operating items 2020
• Page 27: Non operating items 2021
• Page 28: Risk story Expected loss
• Page 29: Risk story Loan book by sector
• Page 30: Risk story Loan book by sector deep dive
• Page 31: Risk story Moratoria
• Page 32: Risk story Moratoria expirations
• Page 33: Risk story State guarantees
• Page 34: Risk story Asset quality by division
• Page 35: Risk story Non Core asset quality
• Page 36: Risk story Loan book by stage
• Page 37: RWAs
• Page 38: Tangible equity
• Page 39-42: End notes
• Page 43: Disclaimer

Click on « page x» to go to the page

Click on to come back to the «Table of contents»

Click on «See pages 39-42» in each page for the "End notes"

Agenda

Introductory remarks Andrea Orcel – Group Chief Executive Officer

Financial highlights Stefano Porro – Group Chief Financial Officer

Closing remarks Andrea Orcel – Group Chief Executive Officer

Annex

Key highlights of 2Q21

Introductory remarks – Key highlights

New organisational structure including dedicated management team for Italy

Simplification, clients and digital as guiding principles to underpin strategy

Continued strong performance through 2Q21 leading to 1H21 underlying RoTE¹ at 7.7% and CET1 ratio at 15.5%

UniCredit: a strong pan-European franchise with sizeable untapped potential

Introductory remarks – Outcome of preliminary assessment

5

Guiding principles to underpin strategy: simplification, clients and digital

The end notes are an integral part of this presentation. See pages 39-42 at the back of this presentation for information related to the financial metrics and defined terms in this presentation

6

Actions delivered in the first 100 days

Ownership and accountability integral to reduce bureaucracy and complexity, releasing energy to deliver faster for our clients

New simplified organisational structure

• Leadership team streamlined
• Number of committees in UniCredit SpA reduced by 65%
• Total hours spent in UniCredit SpA committees reduced by 55%

Proximity to clients

• Dedicated management team for Italy, fully empowered
• Co-Heads minimised; Layers removed
• Automated decision-making on residential mortgages and small businesses in Italy
• Reduced number of decisions requiring Holding approval by >25% in CEE

Digital & Data elevated to own competence line

• Digital, technology, data and information with own division
• Elevated to Group Executive Committee

• New Group Executive Committee

Introductory remarks – First 100 days

• Committee streamlining in UniCredit SpA
• Anticipation of Q2 Results

• Dedicated management team for Italy
• Redesign of first line of business areas and region

• CEO delegation of powers underway
• Committee streamlining in Germany, CEE underway

Levers to deliver returns above cost of equity

Operational efficiency • Simplification • Digitalisation • Cost efficiency Capital efficiency • Review capital allocation Revenue growth • Normalise risk appetite • Regain market share • Further grow capital-light fee generating businesses "…overriding objective to deliver sustainable returns above the cost of equity over the cycle… …powered by risk-adjusted revenue growth, capital efficiency, operational efficiency…"

• Re-allocate capital to high return businesses • Improve efficiency and RWA density

8

Robust commercial performance and solid profitability

Introductory remarks – Key financial highlights

• Signs of recovery across UniCredit's franchise • Net interest +1.0% Q/Q, starting to stabilise Commercial performance
  • Continued strong quarterly performance in fees +21.4% Y/Y

Cost efficiency	• Continued focus on costs, almost flat year on year
	• Cost/income ratio at 53.7% in 1H21

Balance
sheet

9

• Group gross NPE ratio improving to 4.7%
• Strong CET1 ratio at 15.5% with CET1 MDA buffer at 647bps
• Tangible equity increasing 1.3% Q/Q mainly thanks to net profit

1H21 underlying RoTE¹ at 7.7%

Agenda

Introductory remarks Andrea Orcel – Group Chief Executive Officer

Financial highlights Stefano Porro – Group Chief Financial Officer

Closing remarks Andrea Orcel – Group Chief Executive Officer

Annex

1.1bn underlying net profit in 2Q21

Key financial events of the quarter

• Conclusion of 179m "First Share Buy-Back Programme 2021"
• Cash dividend of 268m paid for a total ordinary capital return of 447m
• €1bn inaugural Green Bond (Senior Preferred)
• S&P improved UniCredit SpA's outlook to 'stable' from 'negative'
• €750m Additional Tier 1 issuance
• \$2bn dual-tranche Senior Preferred transaction

	2Q21	%∆ vs 1Q21	%∆ vs 2Q20
Revenues, bn	4.4	-6.1%	+5.5%
Costs, bn	-2.5	+2.0%	+0.8%
CoR, bps	33	+18	-45
Underlying net profit1 , bn	1.1	+24.7%	n.m.
CET1 MDA buffer, bps	(a) 647	-42	+167
Tangible equity, EoP bn	52.3	+1.3%	+2.5%
Underlying RoTE2 , %	8.5	+1.6p.p.	+4.3p.p.

11 (a) 2Q21 CET1 MDA transitional buffer at 708bps.

Net interest starting to stabilise

Financial highlights – Net interest

▪ Net interest income¹ up +1.0% Q/Q supported by TLTRO additional take-up at end of 1Q21 (+15m Q/Q) and days effect (+13m Q/Q)

• Positive contribution from loan volumes showing first signs of recovery
• Customer loan rates still impacted by lower yielding loans issued under government guarantee schemes and continued competition

Another strong quarterly performance in fees

▪ Continued strong commercial activity with AuM upfront fees up > 150% Y/Y thanks to AuM gross sales >100% Y/Y mainly in Italy. AuM management fees +13.1% Y/Y benefiting from higher average volumes

▪ Financing fees up 2.7% Y/Y thanks to strong rebound in credit protection insurance sales

13

▪ Transactional fees up 10.9% Y/Y reflecting increase in GDP sensitive fees as lockdowns eased

High quality trading income driven by recurring client activity

▪ Trading income up 100.7% 1H/1H thanks to client driven trading up 27.7% 1H/1H with strong performance mainly from fixed income and currencies

▪ 2Q21 dividends up 102.0% Y/Y with positive contribution both from other equity and financial investments (+48m Y/Y) and Yapi (+15m Y/Y)

Quarterly costs in line with FY21 guidance

▪ 1H/1H HR costs lower by 1.9% thanks to FTEs reduction (-3.4% Y/Y) mainly in CB Italy, CEE and CB Germany

▪ 1H/1H Non HR costs flat with lower credit recovery expenses and real estate costs partially offsetting higher IT expenses and depreciation

▪ FY21 guidance confirmed flat to FY19 with total costs at 9.9bn

FY21 underlying CoR guidance improved to below 40bps

▪ 2Q21 stated CoR at 33bps, benefitting from better than expected asset quality partially offset by regulatory headwinds

• FY21 guidance of underlying CoR(c) now below 40bps, stated CoR now below 50bps
• (a) Specific LLPs: analytical and statistical LLPs related to non performing portfolio (stage 3), excluding updates in NPE selling scenario.
• (b) Includes among others: IFRS9 macro economic scenario update, sector based provisioning, IFRS9 methodological enhancements, proactive classification and coverage increases in Stage 2.
• 16 (c) Underlying CoR: defined as stated CoR excluding regulatory headwinds.

Sustained improvement in asset quality

▪ Coverage ratio down 0.6 p.p. Q/Q mainly due to mix effect with bad loans reduction at higher coverage

▪ Gross NPE ratio for Group excluding Non Core in line with European average (EBA definition)

Solid CET1 ratio at 15.5% despite absorbing 49bps of regulatory headwinds

Financial highlights – CET1

• 2Q21 CET1 MDA buffer at 647bps, down 42bps Q/Q mainly driven by higher RWAs partly compensated by positive underlying net profit
• Extraordinary capital distribution of 652m later in 2021, fully in the form of share buybacks, already approved by AGM(b)
• CET1 MDA buffer target at 200-250bps

(a) Not yet including extraordinary share buyback of 652m already approved by AGM and subject to ECB approval.

18 (b) Subject to ECB approval and not expected to commence before 01 Oct 21.

Agenda

Introductory remarks Andrea Orcel – Group Chief Executive Officer

Financial highlights Stefano Porro – Group Chief Financial Officer

Closing remarks Andrea Orcel – Group Chief Executive Officer

Annex

Outlook 2021

Agenda

Introductory remarks Andrea Orcel – Group Chief Executive Officer

Financial highlights Stefano Porro – Group Chief Financial Officer

Closing remarks Andrea Orcel – Group Chief Executive Officer

Group P&L

Data in m	2Q20	1Q21	2Q21	∆ % vs 1Q21	∆ % vs 2Q20	1H20	1H21	∆ % vs 1H20
Total revenues	4,168	4,686	4,398	-6.1%	+5.5%	8,544	9,084	+6.3%
Operating costs	-2,442	-2,413	-2,461	+2.0%	+0.8%	-4,933	-4,874	-1.2%
Gross operating profit	1,726	2,272	1,937	-14.8%	+12.2%	3,610	4,209	+16.6%
LLPs	-937	-167	-360	n.m.	-61.6%	-2,198	-527	-76.0%
Net operating profit	788	2,105	1,577	-25.1%	+100.0%	1,412	3,682	n.m.
Other charges & provisions	-185	-702	-214	-69.5%	+15.6%	-713	-916	+28.5%
o/w Systemic charges	-166	-620	-125	-79.8%	-24.6%	-703	-745	+5.9%
Integration costs	-6	0	-7	n.m.	+15.4%	-1,352	-7	-99.5%
Profit (loss) from investments	-92	-195	15	n.m.	n.m.	-1,353	-181	-86.7%
Profit before taxes	505	1,207	1,371	+13.6%	n.m.	-2,007	2,578	n.m.
Income taxes	-73	-314	-331	+5.5%	n.m.	-213	-646	n.m.
Net profit from discontinued operations	1	1	0	-97.8%	-96.6%	1	1	+74.4%
Goodwill impairment	-8	0	0	n.m.	-100.0%	-8	0	-100.0%
Stated net profit	420	887	1,034	+16.5%	n.m.	-2,286	1,921	n.m.
Underlying net profit1	528	883	1,101	+24.7%	n.m.	368	1,985	n.m.

Additional comments

▪ Balance of other operating income/expenses -97m Q/Q mainly due to SIA agreement renegotiation in 1Q21

▪ Majority of annual systemic charges booked in 1Q, up 1H/1H reflecting higher contribution due to Single Resolution Fund following system wide expansion of customer deposits in 2020

▪ 2Q21 profit from investments mainly Includes positive Real Estate evaluation and -€37m of Yapi Fair Value evaluation

▪ 2Q21 stated tax rate at 24%

Commercial loans and customer rates by division

Commercial deposits and customer rates by division

Group TFAs

▪ 2Q21 TFA net sales +7.2bn, o/w: AuM net sales +2.1bn driven by CB Italy, AuC net sales +2.7bn and deposits +2.4bn

▪ 2Q21 TFA market performance +10.8bn thanks to AuM market performance +4.0bn and AuC market performance +6.9bn

Annex – Group TFAs¹

2020 Non operating items

Annex – Non operating items 2020

2020					2020
		Amount before taxes, m	Net profit, m	Division			Amount before taxes, m	Net profit, m	Division
	deconsolidation1 Yapi	-1,576	-1,576	GCC		Regulatory headwinds impact on CoR	-4	-3	CB Germany
	Integration costs in Italy	-1,347	-1,272	All divisions2	3Q	Non Core accelerated rundown	-4	-4	Non Core
1Q	Additional real estate disposals	+516	+296	GCC		Real estate valuation	-5	-5	All divisions
	Regulatory headwinds impact on CoR	-5	-3	CB Germany
	Real estate valuation3	+9	+9	All divisions		Regulatory headwinds impact on CoR4	-557	-519	All divisions
	Regulatory headwinds impact on CoR	-6	-4	CB Germany, CEE, CIB	4Q	Non Core accelerated rundown	-8	-8	Non Core
2Q	Non Core accelerated rundown	-98	-98	Non Core		Real estate valuation	30	23	All divisions
	Real estate valuation	-5	-7	All divisions		Goodwill impairment	-878	-878	GCC

2021 Non operating items

27

		2021
		Amount before taxes, m	Net profit, m	Division
1Q	Real estate valuation	+4	+4	CB Austria, CEE, GCC, Non Core
2Q	Regulatory headwinds impact on CoR	-129	-85	All divisions (excl. Non Core)
	Real estate valuation	+25	+18	All divisions (excl. CB Italy)

Annex – Non operating items 2021

Expected loss on stock and new business

(a) Group excluding Non Core.

28 (b) Impact of state guarantees on EL on new business was -2bps in FY20, -1bp 1H21.

Loan book by sector

Annex – Risk story - Loan book by sector

• (a) Gross performing customer loan end-of-period = total loans to customers at face value (i.e. before deduction of provisions), including repos and (in divisional figures) intercompany, excluding non performing
• 29 (i.e. bad loans, unlikely to pay, and past due) and debt securities.

Loan book by sector deep dive

• (a) Gross performing customer loan equal to total loans to customers at face value (i.e. before deduction of provisions), including repos and (in divisional figures) intercompany, excluding non performing (i.e. bad loans, unlikely to pay, and past due) and debt securities.
• 30 (b) Total gross performing customer loans for 2Q21 at 433bn of which 10% high impact, 14% medium impact, 17% moderate impact, 58% low impact.

Moratoria

Annex – Risk story - Moratoria

Moratoria: expiration dates and volumes in Italy and CEE

State guaranteed volumes

Annex – Risk story – State guarantees

Asset quality by division

Annex – Risk story – Asset quality by division

34

Non Core

Annex – Risk story – Non Core asset quality

▪ Non Core FY21 full runoff confirmed, with majority of rundown taking place in 2H21

Gross loans breakdown by stages

Annex – Risk story - Loan book by stage

Risk weighted assets

Annex - RWAs

• Credit RWA up 13.2bn Q/Q driven by:
  • − Regulatory headwinds (+10.0bn Q/Q including procyclicality)
  • − Business evolution (+1.8bn Q/Q mainly due to loan dynamics partially offset by new state guarantees)
• Market RWA down 0.9bn Q/Q
• Operational RWA up 0.6bn Q/Q

Tangible equity and tangible book value per share

38

End notes (1/4)

Please note that numbers may not add up due to rounding, and some figures are managerial.

This note refer to the metric and/or defined term presented on page 4 (Key highlights):

1. Based on underlying net profit. See page 26-27 in annex for details.

These notes refer to the metric and/or defined term presented on page 5 (Outcome of preliminary assessment):

• 1. Ranking by total assets.
• 1. The positioning vs other main Peers in CE region is as of 1Q21; UniCredit figures are excluding Profit Centre Milan; ERSTE Austria in CE perimeter ranking consists of Erste Bank Oesterreich & Subsidiaries, Savings banks and Other Austria.
• 1. The positioning vs other main Peers in EE region is as of 1Q21; UniCredit figures are excluding Profit Centre Milan.
• 1. Geographical representation based on 1H21 managerial figures, for illustrative purposes only.

This note refer to the metric and/or defined term presented on page 9 (Financial highlights):

1. Based on underlying net profit. See page 26-27 in annex for details.

These notes refer to the metric and/or defined term presented on page 11 (Group key figures):

• 1. Underlying net profit is the basis for the ordinary capital distribution policy. See page 26-27 in annex for details.
• 1. Based on underlying net profit. See page 26-27 in annex for details.

These notes refer to the metric and/or defined term presented on page 12 (Net interest):

• 1. Net contribution from hedging strategy of non-maturity deposits in 2Q21 at 368.2m, +4.8m Q/Q and +39.2m Y/Y.
• 1. Other includes: margin from impaired loans, time value, days effect, FX effect, one-offs and other minor items.

These notes refer to the metric and/or defined term presented on page 14 (Trading and dividends):

• 1. Include dividends and equity investments. Yapi is valued by the equity method (at 32% stake for Jan 20 and at 20% thereafter) and contributes to the dividend line of the Group P&L based on managerial view.
• 1. Valuation adjustments (XVA) include: Debt/Credit Value Adjustment (DVA/CVA), Funding Valuation Adjustments (FuVA) and hedging desk.

This note refers to the metric and/or defined term presented on page 15 (Costs):

1. Non HR costs include "other administrative expenses", "recovery of expenses" and "amortisation, depreciation and impairment losses on intangible and tangible assets".

End notes (2/4)

This note refer to the metric and/or defined term presented on page 17 (Group asset quality):

1. Gross non performing exposure end-of-period including gross bad loans, gross unlikely to pay and gross past due. Gross past due at 1,021m in 2Q21 (-10.9% Q/Q and +7.7% Y/Y).

These notes refer to the metric and/or defined term presented on page 18 (CET1 capital):

• 1. MDA buffer is relevant for regulatory purposes only versus the CET1 ratio transitional, at 708bps; CET1 MDA requirements at 9.03% in 2Q21.
• 1. Underlying net profit is the basis for the ordinary capital distribution policy. See page 26-27 in annex for details.
• 1. Payment of coupon on AT1 instruments at 194m pre tax in 2Q21. Dividend accrual based on 30% of 2Q21 underlying net profit. Payment of coupon on CASHES at 0m pre and post tax in 2Q21.
• 1. In 2Q21 CET1 ratio impact from FVOCI -2bps, o/w -2bps due to BTP.
• 1. BTP sensitivity: +10bps parallel shift of BTP asset swap spreads has a -2.5bps pre and -1.8bps post tax impact on the fully loaded CET1 ratio as at 30 Jun 21.
• 1. TRY sensitivity: 10% depreciation of the TRY has -0.6bps net impact on the fully loaded CET1 ratio. Managerial data as at 30 Jun 21.
• 1. DBO sensitivity: 10bps decrease in discount rate has a -4.6bps pre and -3.3bps post tax impact on the fully loaded CET1 ratio as at 30 Jun 21.
• 1. Including non-operating items, see page 27 in annex for details.

These notes refer to the metric and/or defined term presented on page 20 (Closing remarks):

• 1. Underlying CoR: defined as stated CoR excluding regulatory headwinds.
• 1. Underlying net profit is the basis for the ordinary capital distribution policy. See page 26-27 in annex for details.

This note refer to the metric and/or defined term presented on page 22 (Group P&L):

1. Underlying net profit is the basis for the ordinary capital distribution policy. See page 26-27 in annex for details.

These notes refer to the metric and/or defined term presented on page 23 (Commercial loans & rates):

• 1. Average gross commercial performing loans excluding repos are managerial figures and are calculated as daily averages.
• 1. Gross customer performing loan rates calculated assuming 365 days convention, adjusted for 360 days convention where analytically available, and based on average gross balances.
• 1. Includes Group Corporate Centre and Non Core.

These notes refer to the metric and/or defined term presented on page 24 (Commercial deposits & rates):

• 1. Average commercial deposits excluding repos are managerial figures and are calculated as daily averages. Deposits net of Group Bonds placed by the network.
• 1. Gross customer performing deposits rates calculated assuming 365 days convention, adjusted for 360 days convention where analytically available, and based on average gross balances.

End notes (3/4)

This note refer to the metric and/or defined term presented on page 25 (TFAs):

1. Refers to Group commercial Total Financial Assets. Non-commercial elements, i.e. CIB, Group Corporate Centre, Non Core and Leasing/Factoring are excluded. Numbers are managerial figures.

These notes refers to the metric and/or defined term presented on page 26 (Non operating items 2020):

• 1. Adjustment for Yapi MtM valuation (previously -1,669m) applied retroactively in 1Q20.
• 1. 1Q20 integration costs in: CB Italy equals to -742m, CB Germany equals to +0m, CB Austria equals to -0m, CEE equals to -11m, CIB equals to -19m, GCC equals to -489m and Non Core equals to -10m.
• 1. Adjustment for Real Estate MtM valuation (previously zero) applied retroactively in 1Q20.
• 1. Including new definition of default.

This note refer to the metric and/or defined term presented on page 28 (Expected loss):

1. Always excludes regulatory headwinds. For stock: 0bps in 2Q20; 0bps in 1Q21 and 3bps in 2Q21. For the new business: 0bps in 2Q20; 0bps in 1Q21 and 2bps in 2Q21. EL New Business based on managerial estimate, leveraging on May data where relevant.

This note refer to the metric and/or defined term presented on page 29 (Loan book by sector):

1. Investment grade based on internal rating scale definition.

This note refer to the metric and/or defined term presented on page 30 (Loan book by sector deep dive):

1. Investment grade based on internal rating scale definition.

These notes refer to the metric and/or defined term presented on page 31 (Moratoria):

• 1. Data as of as of 30 Jun 21, including all Covid-19 initiatives. Volumes in Enterprises include Leasing. CEE consolidated data. Rating distribution calculated on the basis of internal details.
• 1. Figures based on legal entities. Includes also CIB clients.
• 1. Opt-out means that the moratoria is automatically granted to all clients which can then decide not to have it. It applies to Hungary, however in comparison to 2020 in 2021 to be included under moratoria the clients needs to submit notification to the bank. Serbia also still reflected under opt-out, even though from the beginning of 2021 an opt-in moratoria is in place. The reason is substantial expired amount of opt-out moratoria in 2020.

This note refer to the metric and/or defined term presented on page 32 (Moratoria expiration):

1. Data as of 30 Jun 21.

End notes (4/4)

These notes refer to the metric and/or defined term presented on page 33 (State guarantees):

• 1. Data as of 30 Jun 21, including all Covid-19 initiatives. CEE consolidated data. The percentage covered by guarantee calculated on managerial figures.
• 1. Figures based on legal entities. Includes also CIB clients.
• 1. Data as of 30 Jun 21.
• 1. For CEE incl. ~0.4bn€ in Hungary under Covid-19 subsidised funding schemes from the national bank as one of the state support measures.

These notes refer to the metric and/or defined term presented on page 34 (Asset quality by division):

• 1. Including Profit Centre Milan.
• 1. The sum of the divisions shown is not equal to the Group excluding Non Core as excludes Group Corporate Centre.

This note refer to the metric and/or defined term presented on page 35 (Non Core asset quality):

1. Gross non performing exposure end-of-period including gross bad loans, gross unlikely to pay and gross past due.

This note refer to the metric and/or defined term presented on page 36 (Loan book by stage):

1. 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 (comprising bad loans, unlikely to pay, and past due); debt securities and non current assets held for disposal are excluded.

This note refers to the metric and/or defined term presented on page 37 (RWA):

1. Business evolution: changes related to customer driven activities (mainly loans. Including guaranteed loans). Regulatory headwinds includes: regulatory changes (eg. CRR or CRD) determining variations of RWA; Procyclicality: change in macroeconomy or client's credit worthiness; Models: methodological changes to existing or new models. Business actions: initiatives to decrease RWA (e.g. securitisations, collateral related actions). FX effect: impact from exposures in foreign currencies. Other credit includes extraordinary/non-recurring disposals.

This note refers to the metric and/or defined term presented on page 38 (Tangible equity):

1. End-of-period tangible book value per share equals end-of-period tangible equity divided by end-of period number of shares excluding treasury shares. Number of shares 2,226m as of 30 Jun 21.

Disclaimer

This presentation includes "forward-looking statements" which 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") and are therefore inherently uncertain. 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 forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance.

The information and opinions contained in this presentation are provided as at the date hereof and the Company undertakes no obligation to provide further information, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except if required by applicable law. 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.

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.

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.