[PPT] - 2Q18 and 1H18 Results Milan, 7 August 2018 Agenda UniCredit at a PowerPoint Presentation

SLIDE 1

Fixed Income Presentation 2Q18 and 1H18 Results

Milan, 7 August 2018

SLIDE 2

Agenda

2 1

UniCredit at a glance

2

Transform 2019 update

3

2Q18 P&L results

4

Asset quality

5

Capital position

6

Funding & Liquidity

SLIDE 3

3

Resilient commercial dynamics delivering sustainable results

UniCredit at a glance

1. Group and Group Core adjusted net profit and RoTE exclude the net impact of the Pekao disposal (-310m 2Q17) and the net profit from Pekao and Pioneer (+48m in 1Q17, +73m in 2Q17). RoTE

calculated at CMD perimeter, taking into account the capital increase and Pekao and Pioneer disposals as of 1 January 2017 2. As of 29 June 2018. BTP sensitivity: +10bps parallel shift of BTP asset swap spreads has a -3.8bps (or -137m) pre and -2.6bps (or -95m) post tax impact on the fully loaded CET1 ratio (capital)

1 2 3 4 5 6

Transform 2019 is fully on track, delivering sustainable results. Strong Core Bank performance with 1H18 Group Core net profit at 2.6bn, up 4.2% 1H/1H vs. adjusted(1). 1H18 Group Core RoTE at 10.9%, up 0.2p.p. 1H/1H vs. adjusted(1). FY19 Group Core RoTE target >10% confirmed Resilient underlying Group revenues with net interest up 1.6% Q/Q and fees down 0.3% Y/Y. Positive commercial dynamics with higher lending volumes (+9.0bn Q/Q Group Core) and positive net AuM sales (+3.2bn in 2Q18 Group) despite challenging markets Operating model transformation progressing ahead of schedule. Achieved 87% of FTE reduction target and 84% of branch closure

target. FY18 Group costs below 11.0bn and FY19 10.6bn cost target confirmed

Accelerated Non Core rundown proceeding as planned. 2Q18 Non Core gross NPEs at 22.2bn, new target 19bn for year end 2018 2Q18 Group Core gross NPE ratio down 85bps Y/Y to 4.4%. FY18 Group CoR expected to be below 68bps 2Q18 Group CET1 ratio at 12.51%. CET1 ratio for year end 2018 confirmed between 12.3% and 12.6%. 2019 CET1 ratio target confirmed >12.5%. CET1 ratio target for year end 2018 and 2019 are both assuming BTP spreads remain at current levels(2)

UniCredit: a pan-European winner

SLIDE 4

UniCredit: a simple successful pan-European Commercial Bank with a fully plugged in CIB, delivering a unique Western, Central & Eastern European network

Commercial Banking model delivering unique Western, Central and Eastern European network to extensive Retail and Corporate client franchise "One Bank" business model replicated across full network, driving synergies and streamlined operations CIB fully plugged into Commercial Banking, enabling cross-selling and synergies across business lines and countries Low risk profile business model benefiting from diversification and a more stable macro/regulatory environment 26.1 million clients(1) 81% revenues from Commercial Banking(2) Commercial Banks with leadership position(3) in 12 out of 14 countries(4) €1.3bn joint CIB-Commercial Banking revenues(5) 51% revenues

utside Italy
1. Data as of 2Q18 includes 100% clients in Yapi 2. Business division revenues as of 1H18: CB Italy, CB Germany, CB Austria, CEE and Fineco 3. Data as of 4Q17, ranking between #1 and #5 of market

share in terms of total assets according to local accounting standard 4. Austria, Bosnia, Bulgaria, Croatia, Czech Republic, Germany, Hungary, Italy, Romania, Serbia, Slovakia, Slovenia 5. Data as of June 2018 includes revenues from GTB, ECM, DCM, M&A, Markets products from Commercial Banking clients and structured finance products from Corporate Sources: for total assets, central bank statistics, if available, or local company reports

4 UniCredit at a glance 1 2 3 4 5 6

SLIDE 5

Strong local Commercial Banks

Strong competitive advantage across countries and products

Rank by assets in Europe(2) Germany Austria CEE Italy # clients, m(1) 1.6 1.6 8.9 14.0 Revenues by geography(3)

1. Data as of 2Q18 includes 100% clients on Yapi 2. Data as of FY17 based on available public data. For Germany, only private banks, for CEE compared to Erste, KBC, Intesa Sanpaolo, OTP, RBI (data as
f FY17) 3. Data as of 1H18 based on regional view 4. Data as of 2Q18 based on available public data; peers include: BNP Paribas, Deutsche Bank, Intesa Sanpaolo, Santander, Société Générale 5.

Dealogic as of 4 July 2018; period: 1 Jan – 30 Jun 2018. All Syndicated Loans in Euro, All EMEA Bonds in Euro 6. Source: www.euromoney.com 7. Source: www.gfmag.com

Loans to corporates in EU zone, €bn(4) 20% 21% 9% 49% Italy CEE Austria Germany Peer 3 Peer 2 UniCredit Peer 1 Peer 5 Peer 4 5 1 2 3 4 5 6

"Go to" bank for European "Mittelstand" Corporates 2 3 1 1

EMEA rankings(5) All Bonds in Italy and Germany(5) Syndicated Loans in Italy, Austria, CEE(5) EMEA Bonds in Euro by # of transactions(5)

Best-in-class CIB product provider Awards 1 1 2

#1 Bank for Trade Finance in Austria,

Bulgaria, Croatia and CEE in 2018 (7)

#1 Global Trade Finance Best Services Provider in 2018 (6)
#1 in CEE, Bosnia & Herzegovina, Bulgaria, Croatia,

Hungary, Italy, Romania, Serbia and Turkey in 2018 (6)

#1 Bank for Liquidity Management Western Europe

and in CEE, in Italy and in Austria in 2018 (7)

#1 Supply Chain Finance Provider in CEE in 2018 (7)
#1 Sub-custodian Bank in CEE, Austria, Bulgaria, Czech

Republic, Serbia and Slovenia in 2018 (7)

UniCredit at a glance

SLIDE 6

Agenda

6 1

UniCredit at a glance

2

Transform 2019 update

3

2Q18 P&L results

4

Asset quality

5

Capital position

6

Funding & Liquidity

SLIDE 7

2018 2015

UniCredit key targets

1 2 3 4 5 6

Revenues, €bn Cost/income Cost, €bn Cost of Risk Net Income, €bn RoTE CET1 FL ratio Group Gross NPEs, €bn Group Gross NPE Ratio Group Net NPEs, €bn RWA, €bn Group Core Gross NPE Ratio

7

Non Core Gross NPE, €bn

2019 2Q18 1H18

20.4 4.9 10.1 20.1 20.6

12.2
2.7
5.4
11.0
10.6

1.5 1.0 2.1 4.7 60.0% 53.7% 53.6% <55% <52% 103bps 45bps 45bps 68bps 55bps 4% 8.5% 8.7% >9% 10.4% 12.51% 12.51% 12.3-12.6% >12.5% 361 360.7 360.7 406 77.8 42.6 42.6 37.9 52.0 22.2 22.2 19 14.9 16.0% 8.7% 8.7% 7.5% 6.1% 4.4% 4.4% 4.7% 38.3 16.7 16.7 16.6 Transform 2019 update

SLIDE 8

8

Transform 2019 achievements (1/2)

1 2 3 4 5 6 Transform 2019 update

2Q18 Group fully loaded CET1 ratio at 12.51%, impacted by -35bps from FVOCI(1)
Fully loaded CET1 ratio for year end 2018 confirmed between 12.3% and 12.6%(2)
2019 fully loaded CET1 ratio target confirmed >12.5%(2)
2Q18 Group gross NPE ratio improved to 8.7% (-243bps Y/Y) with Group gross NPEs

down 10.2bn Y/Y and 2.0bn Q/Q, of which 1.1bn(3) disposals in 2Q18

Group Core gross NPE ratio 4.4% down 85bps Y/Y, getting closer to the EBA average(4)
Accelerated Non Core rundown proceeding as planned. 2Q18 Non Core gross NPEs at

22.2bn, new target 19bn for year end 2018

58 branch closures Q/Q and 790 since December 2015 in Western Europe. 84% of 944

Transform 2019 target achieved

FTEs down by 1,725 Q/Q and 12,312 since December 2015. 87% of the 14k Transform

2019 target achieved STRENGTHEN AND OPTIMISE CAPITAL Strong capitalisation IMPROVE ASSET QUALITY Ongoing de-risking Accelerated Non Core rundown by 2021 TRANSFORM OPERATING MODEL Branch and FTE reductions ahead of schedule

1. In 2Q18 CET1 ratio impact from FVOCI -35bps, o/w -30bps due to BTP spread widening 2. At current BTP spread levels as of 29 June 2018. BTP sensitivity: +10bps parallel shift of BTP asset swap

spreads has a -3.8bps (or -137m) pre and -2.6bps (or -95m) post tax impact on the fully loaded CET1 ratio (capital) 3. Of which 0.5bn in Non Core 4. Weighted average of EBA sample banks is 3.9%. Source: EBA risk dashboard (data as of 1Q18)

SLIDE 9

Transform 2019 achievements (2/2)

Transform 2019 update

9

1. Transactions concluded through ATM, online, mobile or Contact Centre 2. Percentage of remote sales calculated on total bank products that have a direct selling process 3. Including Yapi at 100%.

Ratio defined as number of retail mobile users as percentage of active customers 4. Source: Dealogic, as of 4 July 2018. Period 1 January – 30 June 2018; rankings by volume, unless otherwise stated

5. FY15 actual and FY19 target recasted as of June 2018, previously 5.1% and 3.5% respectively

9

Weight of Group Corporate Centre of total costs at 3.4% 1H18, -0.5p.p. 1H/1H (FY15

actual: 5.2%, FY19 target(5): 3.6%)

1 2 3 4 5 6

MAXIMISE COMMERCIAL BANK VALUE Commercial partnerships Multichannel offer/ customer experience E2E redesign and streamlining Leading Debt and Trade Finance house in Europe ADOPT LEAN BUT STEERING CENTRE Group CC streamlining

In CEE, two strategic Bancassurance partnerships signed with Allianz and Generali
In Italy, consumer finance partnership formed with Poste Italiane
UniCredit first bank to offer cross-border instant payments
First transaction on we.trade blockchain trade platform, of which UniCredit is a founding partner
In Italy remote sales(1) increased further by 6.1p.p. Y/Y, reaching 23.5% of total bank sales(2)
In CEE, the mobile user penetration(3) improved by 2.1p.p. Q/Q to 36%
Signed partnership with Meniga to offer new digital services to improve digital customer

experience, starting in Italy and Serbia

In Italy, the E2E process redesign continues to be successfully executed: 2 additional processes

launched; in total, 13 E2E redesigns have been launched so far

Leading franchise confirmed: Ranking #1 in “All Bonds in EUR” in Italy and Germany, #2 in

“EMEA All Bonds in EUR” by number of transactions, #3 combined Bonds and Loans in EMEA

EUR. Furthermore #1 in Financial Advisory by number of deals in Germany, Italy and CEE (#2 in

Austria) demonstrating the strength of the fully plugged-in CIB platform(4)

SLIDE 10

Agenda

10 1

UniCredit at a glance

2

Transform 2019 update

3

2Q18 P&L results

4

Asset quality

5

Capital position

6

Funding & Liquidity

SLIDE 11

14% 6% 15% 16% 11% 55% n.m. n.m. n.m. n.m.

Group Core – 1H18 RoTE 10.9%, up 0.2p.p. 1H/1H vs. adjusted(1)

RoTE(1)

1 2 3 4 5 6

1. Group Core adjusted net profit and RoTE exclude the net impact of the Pekao disposal (-310m 2Q17) and the net profit from Pekao and Pioneer (+48m in 1Q17, +73m in 2Q17). RoTE calculated at

CMD perimeter, taking into account the capital increase and Pekao and Pioneer disposals as of 1 January 2017 2. Normalised 1H18 RoAC: CIB 10.6%, CB Germany 5.0%

1H18 RoAC(2)

5,473

779

6,252 1,422 1,591 369 159 472 181 Group 1,024 Non Core

285

Group Core 1,310 Group CC 49 Fineco 23 CIB CEE CB Austria CB Germany 57 CB Italy 1H18 2,566 1H17 2,275 2Q18 1,310 1Q18 1,256 2Q17 1,164

2.5bn adjusted(1) 1.4bn adjusted(1)

Grou Group p Cor Core net et pr prof

fit,

it, m

1H18 Group Core RoTE at 10.9%, up 0.2p.p. 1H/1H vs. adjusted(1).

CEE and CB Italy as main drivers

FY19 Group Core RoTE target >10% confirmed

Net profit by division 2Q18, m

10.5% 12.0% 11.3% 10.7% 10.9%

2Q18 P&L results 11

SLIDE 12

Group Core – 1H18 net profit 2.6bn, up 4.2% 1H/1H vs. adjusted(1)

1. Group Core adjusted net profit and RoTE exclude the net impact of the Pekao disposal (-310m 2Q17) and the net profit from Pekao and Pioneer (+48m in 1Q17, +73m in 2Q17). RoTE calculated at

CMD perimeter, taking into account the capital increase and Pekao and Pioneer disposals as of 1 January 2017 2. 2Q17 one-off in net interest (+90m) related to release of a tax provision in CB Germany 3. Weighted average of EBA sample banks is 3.9%. Source: EBA risk dashboard (data as of 1Q18)

1 2 3 4 5 6

Mai ain dri drivers

Revenues at 5.0bn in 2Q18 (-3.9% Y/Y), impacted by lower

trading (-27.1% Y/Y), and a 90m positive one-off(2) net interest item in 2Q17

Resilient commercial revenues: net interest (+1.7% Q/Q,
0.9% Y/Y) and fees (-0.7% Y/Y). Good performance in fees

in CB Italy, up 0.9% Y/Y

Costs down 6.9% Y/Y and 2.4% Q/Q thanks to continued

strong focus on cost discipline. 1H18 C/I ratio at 53.0%, down 2.3p.p. 1H/1H

LLPs down 65.7% Y/Y to 116m as supportive risk

environment led to write-backs in CIB, CB Austria and CEE, resulting in a low CoR of 11bps in 2Q18

Gross NPE ratio 4.4%(3), down by 85bps Y/Y
2Q18 net profit at 1.3bn, down 6.4% Y/Y vs. adjusted(1).

2Q18 net profit up 12.6% Y/Y on a stated basis

Data in m Total revenues 5,156 5,132 4,957

3.4%
3.9%

10,283 10,089

1.9%
/w Net interest

2,684 2,615 2,659 +1.7%

0.9%

5,296 5,274

0.4%
/w Fees

1,754 1,761 1,742

1.1%
0.7%

3,474 3,503 +0.8%

/w Trading

462 501 337

32.7%
27.1%

1,048 838

20.1%

Operating costs

2,837
2,705
2,641
2.4%
6.9%
5,682
5,346
5.9%

Gross operating profit 2,319 2,426 2,317

4.5%
0.1%

4,600 4,743 +3.1% LLP

338
371
116
68.7%
65.7%
837
487
41.8%

Net operating profit 1,981 2,056 2,201 +7.1% +11.1% 3,764 4,256 +13.1% Net profit 1,164 1,256 1,310 +4.3% +12.6% 2,275 2,566 +12.8% Adjusted net profit(1) 1,400 1,256 1,310 +4.3%

6.4%

2,464 2,566 +4.2% Adjusted RoTE(1) 12.0% 10.5% 11.3% +0.8p.p.

0.7p.p.

10.7% 10.9% +0.2p.p. C/I 55.0% 52.7% 53.3% +0.5p.p.

1.8p.p.

55.3% 53.0%

2.3p.p.

CoR (bps) 32 35 11

24bps
21bps

40 22

17

Gross NPE ratio 5.3% 4.7% 4.4%

29bps
85bps

5.3% 4.4%

85bps

1H17 1H18 ∆ % vs. 1H17 2Q17 ∆ % vs.2Q17 1Q18 2Q18 ∆ % vs.1Q18

2Q18 P&L results 12

SLIDE 13

Group – 2Q18 net profit 1.0bn, down 13.3% Y/Y vs. adjusted(1) due to higher

ther charges & provisions
1. Group adjusted net profit excludes the net impact of the Pekao disposal (-310m 2Q17) and the net profit from Pekao and Pioneer (+48m in 1Q17, +73m in 2Q17) 2. 2Q17 one-off in net interest

(+90m) related to release of a tax provision in CB Germany

1 2 3 4 5 6

Data in m Total revenues 5,172 5,114 4,947

3.3%
4.3%

10,323 10,061

2.5%
/w Net interest

2,748 2,636 2,678 +1.6%

2.6%

5,408 5,314

1.7%
/w Fees

1,730 1,750 1,725

1.4%
0.3%

3,432 3,475 +1.3%

/w Trading

462 478 331

30.8%
28.5%

1,053 809

23.2%

Operating costs

2,858
2,738
2,659
2.9%
7.0%
5,744
5,396
6.1%

Gross operating profit 2,315 2,376 2,289

3.7%
1.1%

4,579 4,665 +1.9% Loan loss provisions

661
496
504

+1.5%

23.7%
1,427
1,000
29.9%

Net operating profit 1,654 1,880 1,785

5.1%

+7.9% 3,152 3,665 +16.3% Other charges & provisions

135
519
662

+27.5% n.m.

598
1,181

+97.5%

/w Systemic charges
19
465
158
66.1%

n.m.

453
623

+37.3% Profit before taxes 1,338 1,389 1,325

4.6%
0.9%

2,392 2,715 +13.5% Income taxes

143
221
258

+17.1% +81.0%

362
479

+32.3% Net profit from discontinued operations

133
1

15 n.m. n.m. 29 14

52.1%

Net profit 945 1,112 1,024

7.9%

+8.3% 1,853 2,136 +15.3% Adjusted net profit(1) 1,182 1,112 1,024

7.9%
13.3%

2,041 2,136 +4.7% 1H17 1H18 ∆ % vs. 1H17 2Q17 ∆ % vs.1Q18 ∆ % vs.2Q17 1Q18 2Q18

Mai ain dri drivers

Revenues down 4.3% Y/Y, due to lower trading and a 90m

positive one-off(2) net interest item in 2Q17

Net interest at 2.7bn, up 1.6% Q/Q thanks to higher lending

volumes compensating ongoing pressure on customer rates

Resilient fees down only 0.3% Y/Y, due to lower investment

(-3.4% Y/Y) and financing fees (-6.9% Y/Y) compensated by higher transactional fees (+9.6% Y/Y)

Costs down 7.0% Y/Y (-2.9% Q/Q) thanks to lower HR (-7.6%

Y/Y, -1.4% Q/Q) and non HR costs (-6.0% Y/Y, -5.1% Q/Q). FTEs down 1,725 Q/Q

LLPs down 23.7% Y/Y, leading to a low CoR of 45bps with

5bps impact from models, mainly thanks to the supportive risk environment that led to write-backs in CIB, CB Austria and CEE. FY18 CoR expected to be below 68bps

Other charges & provisions up 27.5% Q/Q including 158m

systemic charges with 52m additional contribution to the National Resolution Fund (NRF) in Italy and some non- recurring items

2Q18 P&L results 13

SLIDE 14

0.33%

Net et Inter Interest, t, m

Group – 2Q18 Group net interest at 2.7bn (+1.6% Q/Q). Transactional fees compensating lower investment and financing fees

542 424 733 708 1,438 592 1,186 1,083 594 902 851 428 455 730 1,447

1.4%

+1.3%

0.3%

Transactional Financing Investment

1H18

3,475

1H17

3,432

2Q18

1,725

1Q18

1,750

2Q17

1,730

Net interest margin

1.47%

5,314 5,408 2,678 2,636 2,748 1H17

+1.6%

2Q18 1H18

2.6%

1Q18 2Q17

1.7%

(flat Q/Q)

Average Euribor 3M

2Q18 P&L results 1 2 3 4 5 6

Fee Fees an and d com commis issio ions, m

2Q18 net interest 2.7bn, up 1.6% Q/Q thanks to higher loan

volumes and lower average funding costs

Fees down 0.3% Y/Y, due to lower investment (-3.4% Y/Y) and

financing fees (-6.9% Y/Y) compensated by higher transactional fees (+9.6% Y/Y)

1.47% 1.42%

14

SLIDE 15

Group – Trading income down 28.5% Y/Y

Dividends(1), m

15

351 393 845 208 726 333

23.2%
30.8%
28.5%

Other trading Client Driven

1H18 809 83 1H17 1,053 2Q18 331

2

1Q18 478 85 2Q17 462 111

100 177 183 97 90 176 86 83 187 97 +4.5%

1.8%
5.1%

Yapi (at equity) Other dividends

1H18 369 1H17 353 2Q18 180 1Q18 189 2Q17 183

1. Include dividends and equity investments. Yapi is valued at equity method and contributes to the dividend line to the Group P&L based on managerial view 2. Collateral Valuation Adjustments

(OIS), Debt/Credit Value Adjustment (DVA/CVA), Fair Value Adjustment and Funding Valuation Adjustment (FVA) 3.Turkish Lira (TRY) sensitivity: 10% depreciation of the TRY has around -2bps net impact (-6bps from capital, +4bps from RWA) on the fully loaded CET1 ratio. Managerial data as of 30th June 2018.

2Q18 P&L results 1 2 3 4 5 6

Trading income down 28.5% Y/Y and 30.8% Q/Q in an

unfavourable market which led to lower client activity

Client driven trading includes valuation adjustments(2)

equal to +31m in 2Q18 (+67m in 1Q18 and +23m in 2Q17)

Yapi´s contribution up 27.9% Y/Y at constant FX, down 3.4% Y/Y at current

FX due to the depreciation of the Turkish Lira

Yapi is consolidated at equity from an accounting point of view. The only

contribution to the Group's P&L is the pro rata share of Yapi's net income in the dividend line, less than 2% of Group revenues

The regulatory consolidation of RWA is pro rata, contributing 25.4bn
The Turkish Lira FX sensitivity for the Group's CET1 ratio is low, only around

2bps net impact for 10% adverse FX move(3)

Trading income, m

351 393 845

2

208 726 333

23.2%
30.8%
28.5%

Other trading

1Q18 1,053 2Q18 331 1H17 83 809

Client Driven

1H18 478 85 2Q17 462 111

SLIDE 16

FTE FTEs (eop eop)

1. Branch figures consistent with CMD perimeter

Group – Costs down 7.0% Y/Y, down 2.9% Q/Q FY18 costs below 11.0bn, FY19 10.6bn cost target confirmed

1

2 3 4 5 6

Bra Branch ches(1) Mai ain dri drivers

Execution of Transform 2019

progressing ahead of schedule:  87% of FTE reduction target achieved (12k out of 14k)  84% of branch closures completed (790 out of 944)

FTEs down 6,649 Y/Y, branches

down 417 Y/Y

C/I 53.6% in 1H18, down 2.0p.p.

1H/1H. FY18 <55% C/I target confirmed

2Q18 total costs at 2.66bn, down

7.0% Y/Y

FY18 costs below 11.0bn, FY19

10.6bn cost target confirmed

6.1%
7.0%
2.9%

1H18 5,396 1H17 5,744 2Q18 2,659 1Q18 2,738 2Q17 2,858 C/I

1,725
6,649

W.E. CEE 2Q18 88,640 64,647 23,992 1Q18 90,365 66,334 24,031 2Q17 95,288 71,035 24,254

61
417

W.E. CEE 2Q18 4,698 3,019 1,679 1Q18 4,759 3,077 1,682 2Q17 5,115 3,345 1,770

Q/Q Q/Q

Co Costs, , m

55.3% 53.5% 53.7% 55.6% 53.6%

0.2%
0.2%
1.9%

2Q18 P&L results 16

2.5%

SLIDE 17

Loan loss provisions, m

Group – 2Q18 LLPs down 23.7% Y/Y. Gross NPE ratio 8.7%, down 243bps Y/Y

Cost of risk

Cov. ratio

gross NPE Gross NPE ratio

504 496 661

29.9%

1H17 1,000 1H18

23.7%

+1.5% 1,427 2Q18 1Q18 2Q17 1 2 3 4 5 6

2Q18 LLPs down 23.7% Y/Y to 504m mainly driven by non-

recurring write-backs in CIB

2Q18 CoR at low 45bps, o/w 5bps models impact. FY18 CoR

expected to be below 68bps

Group gross NPE ratio improved to 8.7% in 2Q18, down 243bps

Y/Y. Coverage ratio increased to 60.9% (up 441bps Y/Y)

Group Core gross NPE ratio 4.4%, down 85bps Y/Y
CoR across divisions in 2Q18:

 CB Italy CoR at 61bps, down 9bps Y/Y with limited models impact (2bps)  CB Germany CoR at 17bps still seasonally low (-1bp Y/Y) thanks to supportive risk environment  CB Austria CoR at -14bps thanks to net write-backs  CEE low at 65bps thanks to continued write-backs  CIB at -77bps driven by non-recurring write-backs

Main drivers

60bps 45bps 45bps 65bps 45bps 56.5% 60.3% 60.9% 11.2% 9.5% 8.7%

/w 5bps

models impact

/w 2bps

models impact

2Q18 P&L results 17

SLIDE 18

Agenda

18 1

UniCredit at a glance

2

Transform 2019 update

3

2Q18 P&L results

4

Asset quality

5

Capital position

6

Funding & Liquidity

SLIDE 19

Asset quality

.w. Gross bad loans, bn
.w. Gross unlikely to pay, bn

Non performing exposures, bn

Group – Asset quality further improved in the quarter with lower gross NPE ratio, improved to 8.7% (-243 bps Y/Y)

24.2 20.2 Coverage ratio Gross NPE ratio Coverage ratio Net bad loans Net NPE ratio Net NPE 1 2 3 4 5 6 1 2 3 4 5 6

19.3%
4.4%

2Q18

42.6

16.7 25.9 1Q18

44.6

17.7 26.9 2Q17

52.8

23.0 29.8

Coverage ratio Net UTP

10.0

29.9

19.9

24.1

2Q18 6.4 17.7 1Q18 18.4 6.8

25.2

2Q17

4.4%
19.5%

21.6

12.1 9.5

18.3

10.3 2Q17 8.1

17.5

9.6 1Q18 7.9

18.9%

2Q18

4.5%

11.2% 9.5% 8.7% 5.2% 4.0% 3.6% 56.5% 60.3% 60.9% 66.5% 73.0% 73.5% 43.9% 44.1% 45.1%

19 37.9

2019

7.5% 3.5% >54%

SLIDE 20

.w. Gross unlikely to pay, bn
.w. Gross bad loans, bn
1. Gross NPEs including gross bad loans, gross unlikely to pay and gross past due. Gross past due at 117m in 2Q18 (-10.1% Q/Q and -38.3% Y/Y) 2. Already below initial target of 19.2bn for FY19

given at CMD16

Non Core – Gross NPEs 22.2bn, down 25.4% Y/Y and 6.2% Q/Q New gross NPE target 19bn for year end 2018

6.2%
25.4%

2Q18 22.2 8.1 1Q18 23.6 8.9 2Q17 29.7 12.8 Coverage ratio Gross NPE ratio Net NPEs

6.1%
25.2%

2Q18 8.3 4.6 1Q18 8.8 5.0 2Q17 11.1 6.1 Coverage ratio Net UTP Coverage ratio Asset quality Net NPE ratio 2019 14.9 6.4 2018 19

6.2%
25.3%

2Q18 13.8 3.4 1Q18 14.7 3.8 2Q17 18.4 6.6 Net bad loans 1 2 3

Non performing exposures(1), bn

100% 100% >57% 88.7% 89.8% 90.1% 78.1% 78.1% 78.0% 57.0% 62.4% 63.4% 64.4% 73.9% 75.1% 45.2% 43.6% 44.3% 20 4 5 6

New target(2)

SLIDE 21

Non Core – Further decisive actions to accelerate the Non Core rundown to 2021 from 2025

63.4 NPEs coverage, % Bad loans cov., % 75.1 UTP coverage, % 44.3

1. 11.1bn bad loans, 3.6bn UTP and 0.2bn Past Due 2. FY18 target disposals of 2bn

Net Loans, €bn 10.4 Performing NPE

2019

14.9

2Q18

24.6 22.2 2.4

3Q16

56.3 49.6 6.7

9.7
31.7

2021

Gross Loans, €bn Gross loans, €bn

Total FINO phase 2 closed in Jan 2018 Mostly corporate Mainly driven by corporate, small business Both single name and portfolios Cash recoveries on workout and UTP Active portfolios' management and cost optimization

>57 >63 >38 6.4

(1)

Sep16-Jun18 Jun18-Dec19 Other movements (i.e. Debt to Equity)

53.5 60.5 33.3 29.5

1 2 3 4 5 6 1 2 3 4 5 6 FINO "Back" to Core Repayments Disposals(2) Recoveries Write-offs Other

Actions of Non Core rundown Non Core evolution

Full rundown

3.0
0.6
4.1
4.0
2.1
17.0
1.0
31.7
9.7
2.1
2.2
0.8
2.8
1.8

Asset quality 21

SLIDE 22

Agenda

22 1

UniCredit at a glance

2

Transform 2019 update

3

2Q18 P&L results

4

Asset quality

5

Capital position

6

Funding & Liquidity

SLIDE 23

Capital position

Group – 2Q18 CET1 ratio at 12.51%, impacted by -35bps from FVOCI(1)

2Q18 stated 12.51% RWA dynamics(3)

26bps

FVOCI(1), FX(3), DBO reserves

48bps

20% dividend accrual & coupons(2)

10bps

Net profit 2Q18 +29bps 1Q18 stated 13.06% 23

1. In 2Q18 CET1 ratio impact from FVOCI -35bps, o/w -30bps due to BTP spread widening 2. In 2Q18 payment of coupons on AT1 instruments (131m pre tax) and CASHES (30m pre and post tax)
3. In 2Q18 TRY depreciation had a total net impact on CET1 ratio of -1.8bps, o/w -5.5bps from capital shown in "FX" and +3.7bps from RWA shown in "RWA dynamics"
4. Assuming BTP spreads remain at current levels (As of 29 June 2018). BTP sensitivity: +10bps parallel shift of BTP asset swap spreads has a -3.8bps (or -137m) pre and -2.6bps (or -95m) post tax

impact on the fully loaded CET1 ratio (capital) FVOCI: -35bps FX: -10bps DBO: -3bps Regulation, models and procyclicality: -2bps

Fully loaded Common Equity Tier 1 ratio, %

CET1 ratio down 56bps Q/Q, negatively impacted by FVOCI mainly BTP spread widening. RWA dynamics driven by a strong loan growth

were mostly compensated by earnings generation

CET1 ratio for year end 2018 confirmed between 12.3% and 12.6%(4) as the negative impact from BTP spread widening is compensated by

partial slippage of impact from models, procyclicality and EBA guidelines to 1Q19

1 2 3 4 5 6 1 2 3 4 5 6

SLIDE 24

€46 bn

CE CET1 tran transitio itional al(1)

Group – Transitional capital ratios well above MDA levels

2017 Basel 3 phase-in 80% 2018 Basel 3 phase-in 100%

1. Phase-in of net liability related to Defined Benefit Obligation at 60% in 2017 and 80% in 2018

Absolute amount for CET1 transitional, Tier1 capital transitional and total capital transitional

2017 Basel 3 phase-in 80% 2018 Basel 3 phase-in 100% 2017 Basel 3 phase-in 80% 2018 Basel 3 phase-in 100% 24 CET1 11.71% AT1 0.94% CET1 11.71% AT1 0.94% CET1 13.94% AT1 1.38% T2 2.87%

0.6p.p.

2Q18 12.57% 1Q18 13.13%

0.6p.p.

2Q18 14.12% 12.57% 1.55% 1Q18 14.71%

0.7p.p.

2Q18 16.42% 12.57% 1.55% 2.31% 1Q18 17.13%

CET1 AT1 CET1 AT1 T2

9.16% MDA 2Q18 10.66% MDA 2Q18 12.66% MDA 2Q18

Capital position 1 2 3 4 5 6 1 2 3 4 5 6

Ti Tier 1 1 tran transitio itional al(1) Tota Total l cap capital tal tran transitio ional(1

(1) €45 bn €52 bn €51 bn €60 bn €59 bn

€x bn

SLIDE 25

Solid fully loaded CET1 ratio at 12.51% and leverage ratio at 5.2%

1. FL CET1 calculated as FL CET1 ratio * RWA (FL where available) 2. Fully loaded Total Capital where available, calculated as Total Capital ratio * RWA (FL where available) 3. FL leverage

ratio where available; Peers: BBVA, BNP, Commerzbank, CASA, DB, HSBC, ISP, ING Group, Nordea, SAN, SG. FX exchange rate at 30 June 2018

25

35.0 Peer 2 24.4 Peer 1 22.5 Peer 10 75.4 Peer 9 64.2 Peer 8 47.9 UC 45.1 Peer 7 44.8 Peer 6 40.2 Peer 5 38.7 Peer 4 38.4 Peer 3 Peer 11 146.5

Total assets €/bn Total capital(2)

Peer 8 Peer 11 Peer 9 5.6 UC 5.6 Peer 10 6.4 5.2 Peer 3 4.1 Peer 2 4.0 Peer 1 4.0 5.0 Peer 7 5.0 Peer 6 4.6 Peer 5 4.3 Peer 4 4.1 Peers Avg. 4.8% 59.2 61.1 48.3 58.8 54.2 52.5 31.1 28.1 209.3 95.5 84.7 61.7 794 1,603 570 470 906 1,298 690 2,998 1,421 2,234 1,434 824

2Q18 1Q18

Capital position 1 2 3 4 5 6 1 2 3 4 5 6

Fully loaded CET1 capital(1) as of June 18, €bn Fully loaded Basel 3 Leverage ratio(3) as of June 18, %

SLIDE 26

Agenda

26 1

UniCredit at a glance

2

Transform 2019 update

3

2Q18 P&L results

4

Asset quality

5

Capital position

6

Funding & Liquidity

SLIDE 27

Well diversified and centrally coordinated funding and liquidity profile

1. Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey

CEE Banks (11 CEE countries(1)) Western Europe

UniCredit SpA is operating as the Group Holding as well as the Italian
perating bank:

 TLAC/MREL issuer assuming Single-Point-of-Entry (SPE)  Coordinated Group-wide funding and liquidity management to optimise market access and funding costs  Diversified by geography and funding sources

Funding & Liquidity 1 2 3 4 5 6 1 2 3 4 5 6

27

SLIDE 28

41 94 30

Strong and disciplined liquidity management

€135bn liquid assets immediately available,

well above 100% of wholesale funding maturing in 1 year

UniCredit S.p.A. LCR and NSFR >100%

Additional eligible assets available within 12 months(1) Cash and Deposits with Central Banks Unencumbered assets (immediately available)

165 135

€bn

LCR NSFR(2) >100% >100%

Note: Managerial figures

1. Unencumbered assets are represented by all the assets immediately available to be used with Central Banks. Additional eligible assets (available within 12 months) consist of all the other

assets eligible within 1 year time 2. As of March 2018

28

Funding & Liquidity 1 2 3 4 5 6 1 2 3 4 5 6

2Q18 strong liquidity buffer Compliant with key liquidity ratios

SLIDE 29

Optimised TLAC funding plan: all issuances from UniCredit SpA coherent with SPE model

Note: Managerial figures

1. 2019 TLAC transitional requirement (Pillar 1 MREL) 2. 5.6bn, outstanding senior bonds, not part of the funding plan 3. For comparison purposes vs. Previous Funding Plan, 1.7bn Supranational

funding in Bank Austria would have to be excluded

Updated funding plan 3.5 3.4 4.5 6.0 0.75 2.4 4.5 4.5

f which

to be issued

17.4 12.2

CET1 ratio

AT1 Tier 2

TLAC requirement(1): >19.6%

Senior outstanding TLAC eligible (2) Senior Preferred Senior Non Preferred

Subordinated req.: >17.1%

2.5% Senior bond exemption

€bn Previously 13.35bn Previously 26.4bn

Target 2019 >20.5% >18.0%

€bn

Total 26.4 14.1 20.0 18.3 26.3 5.8 26.5

78.7

Previous 17.4

76.0

New

Supranational and other M/L term funding Covered Bonds Unsecured funding TLAC funding plan

(3)

29

As of CMD17 As of June-18

Funding & Liquidity

UniCredit Group funding plan 2017 – 2019 UniCredit SpA TLAC funding plan: 2017 – 2019

1 2 3 4 5 6 1 2 3 4 5 6

SLIDE 30

As of end of July, c. 32% or c. €8.7bn of the 2018 Group Funding Plan is executed

UniCredit Group 2018 funding plan

Italy Germany Austria

2018 (Planned)

CEE(1) Italy Germany Austria

2018 (Realised)(2)

CEE(1) 8.7bn(3) 6.3% 29.4% 32.0% 32.3%

Note: Managerial figures

1. Including Yapi at 100% 2. As of 27th of July 2018 3. Excluding 1.0bn AT1 already executed in December 2017

2018 (Planned)

27.5bn

TLAC Funding Plan:

Euro 1.0bn AT1 pre-funding already

executed in December 2017, not reported in 2018 funding plan realised

In the first part of January 2018, UniCredit

SpA successfully issued its debut 5-year Non-Preferred Senior Notes for a total amount of Euro 1.5 bn targeted to institutional investors

Supranational and other m/l term funding Covered Bonds Unsecured Funding TLAC Funding Plan 5.9% 33.9% 30.5% 29.7%

30

27.5bn 25.2% 5.3% 28.0% 41.5% Funding & Liquidity 1 2 3 4 5 6 1 2 3 4 5 6

2018 M/L Term Funding Plan by region 2018 M/L Term Funding Plan by product

SLIDE 31

Issuance Ratings SpA BBB/Stable/A2(1) (bbb)(2) Baa1/Positive/P2(1) (ba1)(2) BBB/Stable/F2(1) (bbb)(2)

 Following the upgrade at end of Oct-17, UC SpA has been affirmed on Apr-18: “…our view that UC group will continue to build on its strengths--its strong franchises…make further progress in tackling its stock

f

nonperforming exposures in Italy"  UC SpA's outlook changed to positive from stable on Jan-18 indicating: “...rating agency's increased confidence that the bank will ultimately reach its 2019 targets, which will establish a more solid solvency profile”  UC SpA affirmed on Dec-17: “the bank has made good progress in implementing its strategic plan, which it recently updated, and that it is in a good position to meet its planned targets”

Senior Non Preferred T2 AT1 OBGI (Ital CB)(6) OBGII (Ital CB)(7) BBB- BB+ nr A+ nr Senior Non Preferred T2 AT1 OBGI (Ital CB)(6) OBGII (Ital CB)(7) Baa3 Ba1 nr Aa2 Aa2 Senior Non Preferred T2 AT1 OBGI (Ital CB)(6) OBGII (Ital CB)(7) BBB BBB- B+ AA nr Italy BBB/Stable/A2(1) Baa2/RevforDowngrade/P2(1) BBB/Stable/F2(1) BBB+/Develop(3)/A2(1) (bbb+)(2) A2(5)/Stable/P1(1) (baa2)(2) BBB+/Negative/F2(1) (bbb+)(2) BBB+/Negative/A2(1) (bbb+)(2) Baa1/Develop(4)/P2(1) (baa3)(2) Not Rated

Ratings Overview

1 Order: Long-Term Sr Unsecured Debt Rating / Outlook or Watch-Review / Short-Term Rating 2. Stand-Alone Rating 3. Outlook "Developing" due to uncertainties around resolution process

4. Outlook 'Developing' due to changes in the liability structure and uncertainty of the bank's future issuance activity 5. Deposit and Senior-Senior rating shown, while Junior Senior Debt at 'Baa3'
6. Soft Bullet 7. Conditional Pass Through

31

Funding & Liquidity 1 2 3 4 5 6 1 2 3 4 5 6

Issuance Ratings Issuance Ratings

SLIDE 32

32

Disclaimer

This Presentation may contain written and oral “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements 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”). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and

pinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. 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. 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 accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.