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Information Memorandum dated 10 October 2017 Name of Programme UNICREDIT BANK IRELAND p.l.c. EURO-COMMERCIAL PAPER PROGRAMME Name of Issuer UNICREDIT BANK IRELAND p.l.c. Type of Programme GUARANTEED, EURO-COMMERCIAL PAPER PROGRAMME Programme Size €15,000,000,000 Guarantor UNICREDIT S.p.A. Ratings of the Programme This Programme is rated by Moody's Investors Service Limited and Standard & Poor's Credit Market Services Europe Limited Arrangers BARCLAYS UNICREDIT BANK Issue and Paying Agent THE BANK OF NEW YORK MELLON, LONDON BRANCH Dealers BARCLAYS BOFA MERRILL LYNCH CITIGROUP CREDIT SUISSE GOLDMAN SACHS INTERNATIONAL ING NATWEST MARKETS UBS INVESTMENT BANK UNICREDIT BANK UNICREDIT BANK IRELAND p.l.c. Effective date of this Information Memorandum 10 October 2017 Disclaimer clauses for Dealers, Issue and Paying Agent and Arrangers See "Important Notice" set out on pages ii-v hereof IMPORTANT NOTICE This information memorandum (together with any supplemental information memorandum and the information incorporated herein by reference, the "Information Memorandum") contains summary information provided by UniCredit Bank Ireland p.l.c. (the "Issuer") and UniCredit S.p.A. (the "Guarantor") in connection with a euro-commercial paper programme (the "Programme") under which the Issuer may issue and have outstanding at any time euro-commercial paper notes (the "Notes") up to a maximum aggregate amount of €15,000,000,000 or its equivalent in alternative currencies. Under the Programme, the Issuer may issue Notes outside the United States pursuant to Regulation S ("Regulation S") of the United States Securities Act of 1933, as amended (the "Securities Act") which will have the benefit of a deed of guarantee dated 10 October 2017 and entered into by the Guarantor (the "Guarantee"). The Issuer and the Guarantor have, pursuant to an amended and restated dealer agreement dated 10 October 2017 (the "Dealer Agreement"), appointed Barclays Bank PLC and UniCredit Bank AG as arrangers for the Programme (together, the "Arrangers"), and have appointed Bank of America Merrill Lynch International Limited, Barclays Bank PLC, Citibank Europe plc, UK Branch, Credit Suisse Securities (Europe) Limited, Goldman Sachs International, ING Bank N.V., The Royal Bank of Scotland plc (trading as NatWest Markets), UBS Limited, UniCredit Bank AG and UniCredit Bank Ireland p.l.c. as dealers for the Notes under the Programme (the "Dealers") and authorised and requested the Dealers to circulate this Information Memorandum in connection with the Programme on their behalf to purchasers or potential purchasers of the Notes. In accordance with the Short-Term European Paper ("STEP") initiative, this Programme has been submitted to the STEP Secretariat in order to apply for the STEP label in respect of Notes to be issued with a maturity of not more than 364 days from and including the date of issue. The status of STEP compliance of this Programme can be determined from the STEP market website (initially www.stepmarket.org). This website is not sponsored by the Issuer or the Guarantor and neither the Issuer or the Guarantor is responsible for its content or availability. THE NOTES AND THE GUARANTEE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S")) ("U.S. PERSONS") UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER JURISDICTION. The Notes and the Guarantee have not been approved or disapproved by the United States Securities and Exchange Commission or any other securities commission or other regulatory authority in the United States, nor have the foregoing authorities approved this Information Memorandum or confirmed the accuracy or determined the adequacy of the information contained in this Information Memorandum. Any representation to the contrary is unlawful. The Issuer and the Guarantor have confirmed to the Arrangers and the Dealers that, in the context of the Programme, to the best of their knowledge (having taken all reasonable care to ensure that such is the case) the information contained or incorporated by reference in this Information Memorandum relating to themselves and the Programme is true and accurate in all material respects and not misleading in any material respect and that there are no other facts the omission of which makes this Information Memorandum as a whole or any such information contained or incorporated by reference therein misleading in any material respect and that, save as disclosed in this Information Memorandum or in any information incorporated by reference herein, since the date of the last published audited financial statements there has been no material adverse change in the prospects of the Issuer or the Guarantor and there has been no significant change in the financial or trading position of the UniCredit banking group (the "Group" or the “UniCredit Group”). Neither the delivery of this Information Memorandum nor any offer or sale made on the basis of the information contained in this Information Memorandum shall under any circumstances create any implication that this Information Memorandum is accurate at any time subsequent to the date thereof with 173721-5-4073-v7.0 - ii- 70-40587184 respect to the Issuer or the Guarantor or that there has been no change in the business, financial condition or affairs of the Issuer or the Guarantor since the date thereof (save in so far as this Information Memorandum, as the same may be updated, amended, supplemented or superseded from time to time, may include disclosure concerning the Issuer or the Guarantor). No person is authorised by the Issuer or the Guarantor to give any information or to make any representation not contained in this Information Memorandum and any information or representation not contained therein must not be relied upon as having been authorised. Neither the Arranger nor any Dealer has independently verified the information contained in this Information Memorandum. Accordingly, no representation, warranty or undertaking, express or implied, is made by any of the Arrangers or Dealers or any of their respective affiliates and no responsibility or liability is accepted by any of the Arrangers or Dealers or by any of their respective affiliates as to the accuracy or completeness of the information contained or incorporated by reference in this Information Memorandum or of any errors in or omissions from, any other information provided by the Issuer or the Guarantor in connection with the Programme. No Arranger or Dealer or any of their respective affiliates accepts any liability in relation to the information contained or incorporated by reference in this Information Memorandum or any other information provided by the Issuer or the Guarantor in connection with the Programme. The information contained in this Information Memorandum is not intended to provide the basis of any credit, taxation or other evaluation, and should not be construed as a recommendation by any of the Arrangers, the Dealers, the Issuer or the Guarantor that any recipient of this Information Memorandum should purchase Notes. Each such recipient must make and shall be deemed to have made its own independent assessment and investigation of the financial condition, affairs and creditworthiness of the Issuer and the Guarantor and of the Programme as it may deem necessary and must base any investment decision upon such independent assessment and investigation and not on this Information Memorandum. Neither the Arrangers nor any of the Dealers undertake to review the business or financial condition or affairs of the Issuer or the Guarantor during the life of the Programme, nor undertake to advise any recipient of this Information Memorandum of any information or change in such information coming to the Arrangers' or any Dealer's attention. Neither the Arrangers nor any of the Dealers accept any liability in relation to this Information Memorandum or its distribution by any other person. This Information Memorandum does not, and is not intended to, constitute an offer or invitation to any person to purchase Notes. The distribution of this Information Memorandum and the offering for sale of Notes or any interest in such Notes or any rights in respect of such Notes, in certain jurisdictions, may be restricted by law. Persons obtaining this Information Memorandum or any Notes or any interest in such Notes or any rights in respect of such Notes are required by the Issuer, the Guarantor, the Arrangers and the Dealers to inform themselves about and to observe any such restrictions. In particular, but without limitation, such persons are required to comply with the restrictions on offers or sales of Notes and on distribution of this Information Memorandum and other information in relation to the Notes, the Issuer and the Guarantor as set out under "Selling Restrictions" below. No application will be made at any time to list the Notes on any stock exchange. A communication of an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) received in connection with the issue or sale of any Notes will only be made in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer or the Guarantor or would not apply to the Issuer or the Guarantor if they were not authorised persons. Tax No comment is made, and no advice is given by the Issuer, the Guarantor, the Arrangers or any Dealer in respect of taxation matters relating to the Notes and each investor is advised to consult its own professional adviser.
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