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TREVI: STRONG DECREASE IN NET EXPOSURE, ALIGNMENT TO<br />
UNICREDIT VALUATION STANDARDS<br />
Trevi Net Exposure<br />
(mln)<br />
1,991<br />
-32%<br />
Dec. 2006<br />
Dec. 2007<br />
March 2008<br />
1,370<br />
1,351<br />
617<br />
-26%<br />
-49%<br />
459 455<br />
-49%<br />
695 679<br />
359 351<br />
-20%<br />
552<br />
545<br />
Trevi 1 Trevi 2 Trevi 3 Trevi Total<br />
Coverage % 74% 76% 71% 73%<br />
+10% p.p.<br />
from Dec.06<br />
Collaterized<br />
Exposure %<br />
20% 71% 18% 32%<br />
• Since April ’08 Trevi portfolio under direct control of UGC Banca (S&P best<br />
rating for an European servicer)<br />
38<br />
• New management IT platform and new business model (based on external<br />
consultants) already implemented
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