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3.0 BN REDUCTION OF GLOBAL ABS PORTFOLIO; OVER 90% OF CHARGES DUE TO MARK-DOWNS, WITH MODEST INCURRED LOSSES Global ABS portfolio Market Value, Eur bln 15.8 Expected ABS volume (1) Dec 2008-2014, Indexed at 100 100 -0.6 -1.2 -0.5 -0.7 12.7 66 49 Weighted average life: ~4 years Reduction of 3.0 bn 35 24 16 9 4 YE2007 mark-downs Amortization Selective selling FX effects and Other Q1 08 2007 2008 2009 2010 2011 2012 2013 2014 • Almost 20% reduction of Global ABS portfolio in just three months • In April, further ~400 mln reduction via amortization at par and sales without losses • No significant incurred losses and continuing good performance of the underlying assets • Pay-down schedule showing further substantial reduction in 2008: over 2 bn expected 26 (1) Based on model assumptions
PRIVATE BANKING DIVISION: POSITIVE REACTION DESPITE DIFFICULT MARKET CONDITIONS mln 1Q07 1Q08 % ch. on 1Q07 % ch. on 1Q07 PF (1) Total Revenues 370 376 1.6% 0.5% TOTAL FINANCIAL ASSETS (3) (bn) -7.9% 231.4 213.2 q/q net of extr. assets (2) -5.6% +0.3% net of Mkt effect Operating Costs -221 -227 2.7% -1.0% Operating Profit 149 149 0.0% 2.7% AUC & other 101.1 90.5 -5.6% Profit before taxes 140 161 15.0% 18.2% Cost/Income Ratio, % 59.7% 60.4% 64 bp -98 bp AUM 89.5 80.4 -10.5% Revenues/Avg. TFA (2) , bp 82 86 4 bp 3 bp Direct deposits 40.7 42.4 +5.1% FY07 1Q08 • Revenues up y/y (1) , despite bear market conditions and highest ever cash preference from customers, sustained by network reaction both in client acquisition (+3% Clients y/y) and Total Financial Assets (2) , +0.5bn in 1Q08 net of market effect • Decline in commissions (1) (-6% y/y) due to negative industry trend, asset mix and Mifid impact, offset by significant growth in net interest income (1) (+16% y/y) • Strong cost control (-1% y/y) (1) , driven by decrease in other administrative expenses • Profit before taxes (1) +18% y/y driven by Montecarlo branch disposal and lower provisions 27 (1) Data pro-forma for Wealth Cap and Fineco Brokerage activities (2) TFA net of extraordinary assets (transaction which, due to their temporary nature, large size and low profitability, are not considered ordinary operations); figures in 1Q07 is related to FY07, 1Q08 annualized (3) TFA restated due to Wealth Cap and Montecarlo branch disposal
Page 1 and 2: UNICREDIT GROUP 1Q08 Results Alessa
Page 3 and 4: AGENDA UniCredit Group 1Q08 Results
Page 5 and 6: SOLID COMMERCIAL BANKING PERFORMANC
Page 7 and 8: STRONG GROWTH OF LOANS AND DEPOSITS
Page 9 and 10: STRONG OPERATING COST DISCIPLINE: -
Page 11 and 12: GROUP ASSET QUALITY KEEPS IMPROVING
Page 13 and 14: NON OPERATING ITEMS IN 1Q08: POSITI
Page 15 and 16: 6% CORE TIER I YEAR END 2008 TARGET
Page 17 and 18: SIGNIFICANT EVA CREATION FROM COMME
Page 19 and 20: RETAIL ITALY: STRENGTH OF THE NETWO
Page 21 and 22: STRONG COST CUTTING CONFIRMED, WITH
Page 23 and 24: ~1 BN IMPACT IN CREDIT RELATED BUSI
Page 25: MIB MARKETS EXCL. CREDIT RELATED AC
Page 29 and 30: ASSET MANAGEMENT: AUM DOWN 5% EXCLU
Page 31 and 32: CEE REGION: SIGNIFICANT NET INCOME
Page 33 and 34: POLAND’S MARKETS: HEALTHY LENDING
Page 35 and 36: CONCLUSIONS • Commercial banking
Page 37 and 38: AGENDA UniCredit Group 1Q08 Results
Page 39 and 40: HVB: CONTINUED SUCCESSFUL REDUCTION
Page 41 and 42: RETAIL DIVISION: OPERATING PERFORMA
Page 43 and 44: GLOBAL ABS PORTFOLIO: A HIGH QUALIT
Page 45 and 46: HIGH QUALITY LEVERAGED BUY-OUT BUSI
Page 47 and 48: CORPORATE DIVISION: NET WRITE-DOWNS
Page 49 and 50: CEE DIVISION: INCOME STATEMENT mln
Page 51 and 52: CEE DIVISION: REVENUE AND NET INCOM
Page 53 and 54: HVB INCOME STATEMENT mln 1Q07 1Q08

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