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TOTAL REVENUES -16% Y/Y BUT +8.4% IN COMMERCIAL BANKING, WITH DOUBLE DIGIT INCREASE OF NET INTEREST INCOME NET INTEREST INCOME (1) (mln) +13.5% +2.1% NET COMMISSIONS (mln) -9.3% -8.4% TRADING INCOME (mln) -1,559 mln 3,933 4,372 4,462 2,712 2,687 2,460 876 -362 mln 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 -321 -683 • Net interest income +13.5% y/y, mainly driven by good volume expansion and higher deposit spread • Net commissions -9.3% y/y driven by commissions from investment services (-16% y/y), impacted by market weakness but also by : higher sales of own rather than third party bonds (with different accounting rules) outflows in AuM compensated with sales of other financial assets • Trading income down, mainly due to the valuation of credit related activities in MIB Markets 6 (1) Excluding dividends
STRONG GROWTH OF LOANS AND DEPOSITS IN COMMERCIAL BANKING AS MAIN DRIVER OF NET INTEREST INCOME GROWTH CUSTOMER LOANS (y/y % ch.) 38.9% • Strong growth in CEE Region, +23.8% y/y at constant FX & perimeter 5.6% 8.4% -4.9% • Corporate +9.9% y/y in Italy; solid contribution from Austria and Germany. Strong repricing protecting margins • Retail +11.7% y/y in Italy; reduction of low profitability assets in Germany. Repricing in place for mortgages CEE Retail Corporate Private CUSTOMER DEPOSITS (y/y % ch.) 13.6% 12.5% 5.7% 24.4% • Current client preference for cash leading to: Continuing strong growth in both Corporate and Retail, particularly in Austria and Germany Private up over 20% y/y • Good leverage to market recovery, via potential re-mix of customers’ assets in Retail and Private CEE Retail Corporate Private 7 Widening of deposit spread, re-pricing actions ongoing to offset higher cost of funding CEE Region y/y % ch. at current FX and perimeter
Page 1 and 2: UNICREDIT GROUP 1Q08 Results Alessa
Page 3 and 4: AGENDA UniCredit Group 1Q08 Results
Page 5: SOLID COMMERCIAL BANKING PERFORMANC
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 and 26: MIB MARKETS EXCL. CREDIT RELATED AC
Page 27 and 28: PRIVATE BANKING DIVISION: POSITIVE
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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