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NET COMMISSIONS WEAKNESS (-9.3% Y/Y), DUE TO PRESSURE ON MARKET- RELATED FEES AND CHANGING FOCUS IN RETAIL NET COMMISSIONS FROM INVESTMENT SERVICES, mln 1,387 -15.6% 1,170 • Decrease of 16% y/y due to: mix of bond placed shift from third party to own bonds lower Asset management fees given market weakness • Asset Management: -13 bln outflows in 1Q08, over 90% captive, but… 1Q07 1Q08 • …more than balanced in Retail Italy and Private by sales of other financial assets (10.2 bln overall), confirming the strength of UCG customer franchise OTHER NET COMMISSIONS (1) , mln -2.6% 1,325 1,290 • Other net commissions stable net of the deconsolidation of 2S Germany and the decrease of derivative sales in Corporate Austria and Germany (over 30 mln overall) • Positive trend on fees from loans in CEE 8 1Q07 1Q08 • Retail decrease related to change of focus: sales of zero-fee accounts, increasing net interest income zero fee to increase use of more cost efficient Internet channel •Corporate and MIB fees reflect lower structured finance activity (1) Current accounts, loans and guarantees, Collection and payment services, Forex dealing and Other services
STRONG OPERATING COST DISCIPLINE: -1.3% Y/Y AT CONSTANT FX AND PERIMETER; -4% Y/Y NET OF CEE REGION STAFF EXPENSES OTHER ADMIN. EXPENSES AND EXPENSE RECOVERIES (mln) (mln) (mln) -1.8% -3.4% +6.5% +2.4% +2.1% -0.7% DEPRECIATION +0.8% -3.6% +4.6% +0.7% 2,541 2,445 2,496 1,244 1,334 1,325 303 357 -11.2% -13.8% 317 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08 • Staff costs reduced by 3.4% y/y at constant FX and perimeter, as FTE savings more than offset the impact of growth initiatives: 9 Significant headcount rationalization initiatives across the <strong>Group</strong> Lower variable compensation in MIB and AM, following financial market downturn Negative impact from labor contract renewals in Italy and Germany (~30 mln) Growth in CEE Region, +12.4% y/y at constant FX & Perimeter, mainly due to network expansion • Other administrative expenses up 2.4% y/y at constant FX and perimeter, despite +16.2% y/y in CEE Region due to branch openings At constant FX & Perimeter
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: STRONG GROWTH OF LOANS AND DEPOSITS
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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