Presentation 3Q19 and 9M19 Results

Milan, 7 November 2019 Agenda

1 UniCredit at a glance

2 Transform 2019 update

3 3Q19 results

4 Asset quality

5 Capital

6 Funding & Liquidity

2 3Q19 net profit at 1.1bn, CET1 ratio at 12.60% 1 2 3 4 5 6 UniCredit at a glance Strong quarterly results with no exceptional items. Resilient commercial dynamics • 3Q19 Group stated net profit of 1.1bn equal to 3Q19 Group adjusted net profit, up 25.7% Y/Y(1),(2) • 9M19 adjusted Group Core RoTE at 10.6% up 0.2p.p. 9M/9M(2). 9M19 adjusted Group RoTE at 8.7% up 0.4p.p. 9M/9M(2)

Focused execution of Transform 2019 continues to deliver tangible results • Net FTE and branch reduction targets achieved • 3Q19 costs at 2.5bn, down 1.8% Y/Y. FY19 costs of 10.1bn confirmed • 3Q19 Group gross NPE ratio at 5.7%(3). 3Q19 Non Core gross NPEs 11.2bn, down 9.3bn Y/Y • 3Q19 NPE disposals of 5.4bn(3), including 4.1bn of residential mortgages

Solid capital position and successful execution of mitigation actions(4) • 3Q19 CET1 ratio at 12.60%(5), MDA buffer of 252bps. 3Q19 TLAC ratio 21.85%(6), MDA buffer of 226bps • 3Q19 tangible equity up 1.7% Q/Q to 51.6bn, TBVpS up 1.7% Q/Q to 23.1

(1) Y/Y change refers to adjusted net profit. (2) Group and Group Core adjusted net profit and RoTE exclude net impacts from the impairment of Yapi (-846m in 3Q18), disposal of real estate (+258m in 1Q19), Fineco (+1,176m in 2Q19) and one-offs (-351m in 2Q19, o/w Ocean Breeze disposal -178m and others -173m (o/w -151m Core and -22m Non Core)). (3) Figures as of 3Q19 benefit from IFRS5 classification of a NPL residential mortgage portfolio in Italy of 4.1bn (gross book value). 3 (4) Including disposal of real estate in 1Q19, Fineco in 2Q19 and 3Q19. (5) Including +31bps from 3Q19 Fineco disposal as per guidance. (6) 3Q19 TLAC ratio 21.85%, o/w 19.37% TLAC subordination ratio and 2.5% senior preferred exemption. UniCredit: a simple successful pan-European Commercial Bank with a fully plugged in CIB, delivering a unique Western, Central & Eastern European network

1 2 3 4 5 6 UniCredit at a glance

25.5 million clients(1) Commercial Banking model delivering unique Western, Central and Eastern 80% revenues from European network to extensive Retail and Corporate client franchise Commercial Banking(2)

Commercial Banks with "One Bank" business model replicated across full network, driving synergies leadership position(3) in and streamlined operations 12(4) out of 14 countries

€2.2bn CIB fully plugged into Commercial Banking, enabling cross-selling and joint CIB-Commercial synergies across business lines and countries Banking revenues(5)

Low risk profile business model benefiting from diversification and a more 53% revenues stable macro/regulatory environment outside Italy(6)

(1) Data as of 3Q19 includes 100% clients in Yapi. (2) Business division revenues as of 9M19: CB Italy, CB Germany, CB Austria, CEE. (3) Data as of 2Q19, ranking between #1 and #5 in terms of total assets according to local accounting standards. (4) Austria, Bosnia, Bulgaria, Croatia, Czech Republic, Germany, Hungary, Italy, Serbia, Slovakia, Slovenia, Turkey. 4 (5) Data as of September 2019 include revenues from GTB, ECM, DCM, M&A, Factoring, Markets products from Commercial Banking clients and structured products from Corporate clients. (6) Data as of 9M19 based on regional view.

Strong competitive advantage across countries and products

1 2 3 4 5 6 UniCredit at a glance Strong local "Go to" bank for European "Mittelstand" Best-in-class Commercial Banks Corporates CIB product provider (1) # clients, m Rank by assets in Loans to corporates in Eurozone, €bn(4) EMEA rankings(5) Europe(2) All Bonds in Euro in Italy, Germany and 1 Italy 7.6 2 Peer 1 Austria(5) Germany 1.6 3 Syndicated Loans in Italy, Austria and CEE(5) 1 Austria 1.6 1 UniCredit EMEA Bonds in Euro by # of transactions(5) 2 CEE 14.7 1 Revenues by geography(3) Peer 2 Awards6 CEE Peer 3 Euromoney Cash Mgmt 2019: 22% • Market Leader: CEE, AT, BA, BG, HR, HU, IT, RO, RS, SK, SI, TK Peer 4 Austria 10% 47% Italy • Best Service provider: AT, BA, HR, DE, IT, RO, RS, SK, SI Peer 5 21% The Banker 2019: Germany Peer 6 • Transaction Banking award for Western Europe

(1) Data as of 3Q19 includes 100% clients on Yapi. (2) Data as of 3Q19 based on available public data. For Germany, only private banks, for CEE compared to Erste, KBC, Intesa Sanpaolo, OTP, RBI, SocGen, UC data incl. Yapi pro quota, for Austria ranking as of FY18 . (3) Data as of 3Q19 based on regional view. (4) Data as of 3Q19, where available (otherwise as of 2Q19), based on available public data; peers include: BNP, Deutsche Bank, Santander, HSBC, ISP, Société Générale. FX exchange rate at 30 September 2019 5 (5) Source: Dealogic, as at 1 October 2019. Period: 1 January – 30 September 2019; rankings by volume, unless otherwise stated. (6) Source: www.euromoney.com; https://www.thebanker.com/Awards/Transaction-Banking-Awards Agenda

1 UniCredit at a glance

2 Transform 2019 update

3 3Q19 results

4 Asset quality

5 Capital

6 Funding & Liquidity

6 UniCredit 2019 key targets

1 2 3 4 5 6 Transform 2019 update 20152 3Q19 9M19 20193 Revenues, €bn 20.4 4.7 14.0 18.7

Costs, €bn -12.2 -2.5 -7.4 -10.1

Net profit, €bn 1.5 1.1 4.3

Adjusted net profit(1), €bn 1.1 3.3 4.7

Cost/Income 60.0% 52.1% 53.0% 53-54%

Cost of risk 103bps 47bps 49bps 55bps

RoTE(1) 4% 8.6% 8.7% >9%

Group Core RoTE(1) 10.4% 10.6% >10%

FL CET1 ratio 10.4% 12.60% 12.60%

CET1 MDA buffer, bps 252 252 200-250 RWA, €bn 361 388 388 404

Group gross NPEs, €bn 77.8 28.8 28.8 <33

Non Core gross NPEs, €bn 52.0 11.2 11.2 <10

Group gross NPEs ratio 16.0% 5.7% 5.7% <6.7%

Group Core gross NPEs ratio 6.1% 3.6% 3.6% 4.7% (1) Group and Group Core adjusted net profit and RoTE exclude net impacts from disposal of real estate (+258m in 1Q19), Fineco (+1,176m in 2Q19) and one-offs (-351m in 2Q19, o/w Ocean Breeze disposal - 178m and others -173m (o/w -151m Core and -22m Non Core)). 7 (2) Data recasted as FY 2018 perimeter. Fineco included in FY2018 perimeter. (3) FY 2019 targets Transform 2019 achievements (1/2)

1 2 3 4 5 6 Transform 2019 update

FY19 CET1 ratio • 3Q19 CET1 ratio at 12.60%. MDA buffer of 252bps guidance confirmed • 2019 CET1 MDA buffer confirmed at the upper end of target range of 200-250bps(1) by STRENGTHEN year end TLAC guidance AND OPTIMISE • 3Q19 TLAC ratio 21.85%(2), MDA buffer of 226bps, well above the target of being at the confirmed CAPITAL upper end of 50-100bps range, also thanks to pre-funding TLAC pre-funding at • Successful pre-funding of TLAC with 1.25bn Tier 2 placement with a coupon of 2.0%, at tight spread 240bps(3), the tightest issue spread for UniCredit's Tier 2 since 2011

Group gross NPE ratio • 3Q19 Group gross NPE ratio improved to 5.7% (-264bps Y/Y)(4) with Group gross NPEs below 6% down 12.0bn Y/Y and 5.7bn Q/Q, of which 5.4bn(4),(5) disposals in 3Q19 IMPROVE ASSET QUALITY FY19 Non Core gross • Group Core gross NPE ratio 3.6%(4),(6), down 78bps Y/Y, well below FY19 4.7% target NPEs below 10bn • FY19 Non Core gross NPEs below 10bn

Transform 2019 • Transform 2019 Western European branch closure target achieved. Branches down by 19 TRANSFORM branch and FTE targets Q/Q OPERATING achieved • Transform 2019 net FTE reduction target of 14,000 achieved. FTEs down by 184 Q/Q MODEL FY19 costs confirmed • FY19 cost confirmed at 10.1bn, materially better than original Transform 2019 target (1) Assuming BTP spreads remain at 3Q19 levels. (2) 3Q19 TLAC ratio 21.85%, o/w 19.37% TLAC subordination ratio and 2.5% senior preferred exemption. (3) Over mid of equivalent maturity. (4) Figures as of 3Q19 benefit from IFRS5 classification of a NPL residential mortgage portfolio. 8 (5) Of which 4.0bn in Non Core. (6) Weighted average "NPL" ratio of EBA sample banks is 3.0%. Source: EBA risk dashboard (data as at 2Q19). UniCredit's definition of "NPE" ratio is more conservative than EBA. Comparable "NPL" ratio for UniCredit at 3Q19 would be 3.2% for Group Core.

Transform 2019 achievements (2/2)

1 2 3 4 5 6 Transform 2019 update • “Made4Italy”, a new initiative to support Italian SMEs and promote an integrated agri-tourism Support for sector, supported by 5bn of new financing and consultancy services real economy and • Agreement with the European Investment Fund to support Italian micro enterprises with community additional 60m • Subscription of the first social impact of 5m • Successful joint venture with Allianz with over 100,000 clients choosing My Care Family, an MAXIMISE Commercial innovative non-life product customised to cover a wide range of client needs COMMERCIAL partnerships • Memorandum of Understanding signed with the Export-Import Bank of China to intensify BANK VALUE cooperation between Chinese, Italian and Central Eastern European companies • Euromoney Cash Management 2019: Best Service Provider in 9 European countries Industry awards • The Banker Transaction Banking Award 2019: Best Transaction Services Provider in W.E. • Leading bond and loan market franchise confirmed: #2 in “EMEA All Bonds in EUR” by Leading European CIB number of transactions, #1 in EMEA Syndicated Loans in All Currencies in Italy, Austria and franchise CEE, #2 in Germany(1) ADOPT LEAN Governance BUT • Cesare Bisoni appointed as new Chairman STEERING • The ratio of GCC costs to total costs is down to 3.3% in 9M19. FY19 target of 3.5% confirmed 9 Group CC streamlining CENTRE

(1) Source: Dealogic, as at 1 October 2019. Period: 1 January – 30 September 2019; rankings by volume, unless otherwise stated. 9 Agenda

1 UniCredit at a glance

2 Transform 2019 update

3 3Q19 results

4 Asset quality

5 Capital

6 Funding & Liquidity

10 Group Core – Adjusted 9M19 RoTE 10.6% up 0.2p.p. 9M/9M(1)

1 2 3 4 5 6 3Q19 results Group Core adjusted net profit(1), m Adjusted net profit by division 3Q19, m 9M19 RoAC(2) +6.0% CB Italy 344 11%

+22.1% 3,819 3,604 CB Germany 88 17% +5.4% CB Austria 119 16% 1,051 1,217 1,284 CEE 1,591445 16%

3Q18 2Q19 3Q19 9M18 9M19 CIB 1,422413 13%

Group CC -126 n.m. RoTE 9.3% 10.1% 10.4% 10.4% 10.6% Group Core 1,284 n.m.

• Adjusted 9M19 Group Core RoTE at 10.6%, up 0.2p.p. 9M/9M(1) Non Core 6,252 -183 n.m.

• CEE and CIB main drivers Group 1,101 -779 n.m. • FY19 Group Core RoTE target >10% confirmed 5,473 (1) Group and Group Core adjusted net profit and RoTE exclude net impacts from the impairment of Yapi (-846m in 3Q18), disposal of real estate (+258m in 1Q19), Fineco (+1,176m in 2Q19) and one- offs (-351m in 2Q19, o/w Ocean Breeze disposal -178m and others -173m (o/w -151m Core and -22m Non Core)). 11 (2) Stated 9M19 RoAC. Normalised for non recurring items, 9M19 RoAC are: CB Italy 11.1%, CB Germany 8.8%, CB Austria 13.5% and CIB 12.6%.

Group Core – Adjusted 3Q19 net profit 1.3bn up 22.1% Y/Y(1) Adjusted 9M19 RoTE at 10.6% up 0.2p.p. 9M/9M(1)

1 2 3 4 5 6 3Q19 results Data in m Δ % Δ % Δ % vs. Main drivers 3Q18 2Q19 3Q19 9M18 9M19 vs.2Q19 vs.3Q18 9M18 • Revenues up 2.2% Y/Y thanks to resilient commercial dynamics and trading Total revenues 4,604 4,521 4,708 +4.1% +2.2% 14,218 13,996 -1.6% • Net up 0.6% Q/Q with days effect and higher loan o/w Net interest 2,659 2,549 2,564 +0.6% -3.6% 7,767 7,689 -1.0% volumes partially offsetting lower loan rates o/w Fees 1,517 1,562 1,567 +0.3% +3.3% 4,755 4,667 -1.9% • Fees up 3.3% Y/Y thanks to investment fees (+9.4% Y/Y) and o/w Trading 307 259 376 +45.0% +22.2% 1,118 1,079 -3.5% transactional fees (+3.6% Y/Y) Operating costs -2,449 -2,410 -2,401 -0.4% -2.0% -7,557 -7,283 -3.6% • Trading up 22.2% Y/Y thanks to stronger underlying client activity Gross operating profit 2,155 2,111 2,306 +9.2% +7.0% 6,661 6,714 +0.8% • 438,000 gross new clients in 3Q19 (-4.7% Y/Y) LLPs -478 -514 -416 -19.0% -12.9% -961 -1,294 +34.6% • Gross new loan production(2) at 67.3bn in 9M19 (-14.0% 9M/9M) Net operating profit 1,678 1,597 1,890 +18.3% +12.7% 5,700 5,420 -4.9% Net profit 204 2,065 1,284 -37.8% n.m. 2,757 4,924 +78.6% • Costs down 2.0% Y/Y thanks to continued strong focus on cost discipline. 9M19 C/I ratio at 52.0%, down 1.1p.p. 9M/9M Adjusted net profit(1) 1,051 1,217 1,284 +5.4% +22.1% 3,604 3,819 +6.0%

• LLPs down 12.9% Y/Y as the overall risk environment remains Adjusted RoTE(1) 9.3% 10.1% 10.4% +0.3p.p. +1.1p.p. 10.4% 10.6% +0.2p.p. supportive C/I 53.2% 53.3% 51.0% -2.3p.p. -2.2p.p. 53.2% 52.0% -1.1p.p. • Gross NPE ratio 3.6%(3),(4), down 78bps Y/Y, well below FY19 4.7% target CoR (bps) 43 44 35 -9 -7 29 37 +8 (1) • 9M19 adjusted RoTE at 10.6% up 0.2p.p. 9M/9M Gross NPE ratio 4.4% 3.9% 3.6% -35bps -78bps 4.4% 3.6% -78bps (1) Group and Group Core adjusted net profit and RoTE exclude net impacts from the impairment of Yapi (-846m in 3Q18), disposal of real estate (+258m in 1Q19), Fineco (+1,176m in 2Q19) and one- offs (-351m in 2Q19, o/w Ocean Breeze disposal -178m and others -173m (o/w -151m Core and -22m Non Core)). (2) Managerial figures. (3) Weighted average "NPL" ratio of EBA sample banks is 3.0%. Source: EBA risk dashboard (data as at 2Q19). UniCredit's definition of "NPE" ratio is more conservative than EBA. Comparable "NPL" ratio 12 for UniCredit at 3Q19 would be 3.2% for Group Core. (4) Figures as of 3Q19 benefit from IFRS5 classification of a NPL residential mortgage portfolio.

Group – Adjusted 3Q19 net profit 1.1bn up 25.7% Y/Y(1) Adjusted 9M19 net profit 3.3bn up 8.2% 9M/9M(1)

1 2 3 4 5 6 3Q19 results

Data in m Δ % Δ % Δ % vs. Main drivers 3Q18 2Q19 3Q19 9M18 9M19 vs.2Q19 vs.3Q18 9M18 • Net interest flat Q/Q with days effect and higher loan volumes partially offsetting lower loan rates Total revenues 4,622 4,517 4,701 +4.1% +1.7% 14,270 13,984 -2.0% o/w Net interest 2,689 2,554 2,555 +0.1% -5.0% 7,858 7,688 -2.2% • Fees up 3.0% Y/Y thanks to investment fees (+9.4% Y/Y) and o/w Fees 1,523 1,565 1,569 +0.3% +3.0% 4,777 4,675 -2.1% transactional fees (+3.2% Y/Y) o/w Trading 293 253 378 +49.2% +28.9% 1,075 1,073 -0.1% • Costs at 2.5bn in 3Q19 down 1.8% Y/Y thanks to lower HR costs Operating costs -2,497 -2,452 -2,451 -0.0% -1.8% -7,695 -7,418 -3.6% (-1.9% Y/Y) and Non HR costs (-1.6% Y/Y) Gross operating profit 2,126 2,065 2,250 +9.0% +5.9% 6,575 6,567 -0.1% • LLPs down 19.1% Y/Y, leading to 47bps CoR in 3Q19 (including LLPs -696 -707 -563 -20.4% -19.1% -1,693 -1,738 +2.6% -1bp of models) Net operating profit 1,430 1,357 1,687 +24.3% +18.0% 4,882 4,829 -1.1% Other charges & provisions -725 -236 -187 -20.7% -74.2% -1,902 -637 -66.5% • Other charges & provisions down 74.2% Y/Y, 3Q18 impacted by provisions for US sanctions o/w Systemic charges -134 -118 -148 +24.8% +10.3% -772 -804 +4.1% Profit from investments -655 -307 -45 -85.2% -93.1% -434 39 n.m. • Stated 9M19 tax rate 25.8% Profit before taxes 47 812 1,453 +78.8% n.m. 2,552 4,224 +65.5% • 3Q19 Group stated net profit of 1.1bn equal to 3Q19 Group Income taxes -20 -174 -341 +96.6% n.m. -440 -1,092 n.m. (1),(2) Net profit from discontinued adjusted net profit, up 25.7% Y/Y 59 1,307 0 -100.0% -99.7% 223 1,372 n.m. operations Net profit 29 1,854 1,101 -40.6% n.m. 2,165 4,342 n.m.

Adjusted net profit(1) 875 1,029 1,101 +7.0% +25.7% 3,012 3,258 +8.2%

(1) Group and Group Core adjusted net profit and RoTE exclude net impacts from the impairment of Yapi (-846m in 3Q18), disposal of real estate (+258m in 1Q19), Fineco (+1,176m in 2Q19) and one- 13 offs (-351m in 2Q19, o/w Ocean Breeze disposal -178m and others -173m (o/w -151m Core and -22m Non Core)). (2) Y/Y change refers to adjusted net profit. Group – 3Q19 net interest at 2.6bn flat Q/Q despite lower EURIBOR Fees up 3.0% Y/Y thanks to investment fees 1 2 3 4 5 6 3Q19 results Net Interest (1), m Fees and commissions, m

-2.2% -2.1%

7,858 7,688 4,777 4,675

-5.0% Average 1,794 1,715 Euribor 3M +0.1% +3.0% -0.40% 2,689 2,554 2,555 +0.3% 1,339 1,257 (-8bps Q/Q) 1,523 1,565 1,569 Investment 536 586 586 3Q18 2Q19 3Q19 9M18 9M19 Financing 431 406 409 1,644 1,703 Transactional Net 556 574 574 interest 1.40% 1.34% 1.30% (2) 3Q18 2Q19 3Q19 9M18 9M19

• Net interest flat Q/Q with days effect and higher loan volumes • Fees up 3.0% Y/Y thanks to investment fees (+9.4% Y/Y) and partially offsetting lower loan rates transactional fees (+3.2% Y/Y)

14 (1) Net contribution from hedging strategy of non-maturity deposits in 3Q19 at 353m, +4.4m Q/Q and -16.1m Y/Y. (2) Net interest margin calculated as interest income divided by interest earning assets minus interest expenses divided by interest bearing liabilities.

Group – Trading income up 28.9% Y/Y thanks to stronger underlying client activity

1 2 3 4 5 6 3Q19 results Trading income, m Dividends(2), m

-0.1%

1,075 +28.9% 1,073 +8.6% +64.7% 504 +49.2% 464 +18.6% 896 959 293 378 258 293 Client driven 253 Other dividends 154 183 111 312 112 Other trading 269 270 Yapi (at equity) 91 207 211 115 177 87 24 -17 66 24 63 71 3Q18 2Q19 3Q19 9M18 9M19 3Q18 2Q19 3Q19 9M18 9M19

• Trading income up 28.9% Y/Y thanks to stronger underlying • Strong contribution from Yapi, up 98.7% Y/Y at constant FX (1) client activity, despite negative impact from XVA (-17m Y/Y) • The regulatory consolidation of Yapi's RWA is pro rata (23.0bn) (1) • Client driven trading includes valuation adjustments (XVA ) • The TRY FX sensitivity on the Group's CET1 ratio is positive at around +1bp equal to +5m in 3Q19 (-61m in 2Q19 and +22m in 3Q18) net impact for 10% adverse FX move(3) • Expected average quarterly run rate of around 300m • Other dividends up 28.6% Y/Y mainly thanks to insurance JVs in Italy confirmed (1) Valuation adjustments (XVA) include: Debt/Credit Value Adjustment (DVA/CVA), Funding Valuation Adjustments (FuVa) and Hedging desk. (2) Include dividends and equity investments. Yapi is valued by the equity method and contributes to the dividend line of the Group P&L based on managerial view. 15 (3) TRY sensitivity: 10% depreciation of the TRY has around +1bp net impact (-3bps from capital, +4bps from RWA) on the fully loaded CET1 ratio. Managerial data as at 30 September 2019.

Group – 3Q19 Group costs at 2.5bn down 1.8% Y/Y and stable Q/Q FY19 costs confirmed at 10.1bn 1 2 3 4 5 6 3Q19 results Main drivers Costs, m FTEs (end-of-period) -2,127 • Transform 2019 targets for net FTE reduction and Western European -3.6% -184 Q/Q branch closures achieved 86,779 84,836 84,652 7,695 7,418 CEE 24,263 24,281 24,308 +0.1% • FTEs down 2,127 Y/Y, branches -1.8% down 137 Y/Y W.E. 62,516 60,555 60,345 -0.3% -0.0% 3Q18 2Q19 3Q19 • 3Q19 total costs at 2.5bn down 1.8% Y/Y and stable Q/Q 2,497 2,452 2,451 Branches(1) • FY19 costs confirmed at 10.1bn -137 -19 • 9M19 C/I 53.0%, down 0.9p.p. 3Q18 2Q19 3Q19 9M18 9M19 Q/Q 9M/9M 4,653 4,535 4,516 C/I 54.0% 54.3% 52.1% 53.9% 53.0% CEE 1,675 1,651 1,648 -0.2%

W.E. 2,978 2,884 2,868 -0.6%

3Q18 2Q19 3Q19

16 (1) Branch figures consistent with CMD 2016 perimeter.

Group – 3Q19 LLPs down 19.1% Y/Y Gross NPE ratio 5.7% down 264bps Y/Y

1 2 3 4 5 6 3Q19 results Main drivers Loan loss provisions, m • 3Q19 LLPs down 19.1% Y/Y, leading to CoR of 47bps, including -1bp of models. 9M19 CoR at 49bps, FY19 55bps CoR target confirmed, 2.6% including 4bps from models -19.1% 1,693 1,738 • Group gross NPE ratio improved to 5.7%(1) in 3Q19, down 264bps Y/Y. -20.4% Coverage ratio at 61.0%, up 0.1p.p. Y/Y 696 707 • Group Core gross NPE ratio at 3.6%(1),(2) in 3Q19, down 78bps Y/Y, 563 well below FY19 4.7% target • CoR across divisions in 3Q19: 3Q18 2Q19 3Q19 9M18 9M19 • CB Italy CoR at 70bps. FY19 CoR will be in the low 70s bps due to o/w +1bp models o/w -1bp models impact residential mortgage transaction impact 50bps 49bps • CB Germany CoR at 12bps. FY19 CoR expected to be low Cost of risk 61bps 60bps 47bps

• CB Austria CoR at 17bps. FY19 CoR expected to be very low Cov. ratio o/w +2bps o/w 0bps 60.9% 61.0% 61.0% gross NPE models impact models impact • CEE CoR at 68bps thanks to a supportive risk environment. FY19 CoR will be well below 102bps target Gross NPE ratio 8.4% 7.0% 5.7% • CIB CoR at 1bp. FY19 CoR target confirmed at 21bps

17 (1) Figures as of 3Q19 benefit from IFRS5 classification of a NPL residential mortgage portfolio. (2) Weighted average "NPL" ratio of EBA sample banks is 3.0%. Source: EBA risk dashboard (data as at 2Q19). UniCredit's definition of "NPE" ratio is more conservative than EBA. Comparable "NPL" ratio for UniCredit at 3Q19 would be 3.2% for Group Core. Agenda

1 UniCredit at a glance

2 Transform 2019 update

3 3Q19 results

4 Asset quality

5 Capital

6 Funding & Liquidity

18 Group – 3Q19 Group gross NPE ratio at 5.7% (-264bps Y/Y) Coverage ratio at 61.0 % up 0.1p.p. Y/Y

1 2 3 4 5 6 Asset quality Non performing exposures(1), bn o/w Gross bad loans, bn

-37.0%

-29.5% -24.0% 23.1 19.1 -16.4% 14.5 40.8 Net bad 34.4 loans 6.3 5.3 4.0 28.8 3Q18 2Q19 3Q19 Coverage Net NPE ratio 72.8% 72.2% 72.2% 16.0 24.213.4 20.211.2 3Q18 2Q19 3Q19 o/w Gross unlikely to pay, bn

Gross NPE -20.4% ratio 8.4% 7.0% 5.7% -7.2% Net NPE 16.7 ratio 3.5% 2.9% 2.3% 14.4 13.3

Coverage Net UTP 9.0 7.5 6.6 ratio 60.9% 61.0% 61.0% 3Q18 2Q19 3Q19

Coverage ratio 46.2% 47.9% 50.7% 19 (1) Gross NPEs including gross bad loans, gross unlikely to pay and gross past due.

Non Core – Gross NPEs at 11.2bn, down 45.3% Y/Y and 28.4% Q/Q Coverage ratio 65.8%, up 1.5p.p. Y/Y

1 2 3 4 5 6 Asset quality Non performing exposures(1), bn o/w Gross bad loans, bn -50.5% -45.3% -35.9% 13.0 20.5 -28.4% 10.0 6.4 15.7 Net bad loans 3.3 2.6 1.7 11.2 <10 3Q18 2Q19 3Q19 Coverage Net NPEs 7.3 ratio 74.7% 74.6% 74.1% 5.3 3.8 3Q18 2Q19 3Q19 2019 Target o/w Gross unlikely to pay, bn -35.8% Gross NPE 92.6% 100.0% 100.0% 100% ratio -14.9% 7.4 Net NPE 5.6 4.8 ratio 82.9% 100.0% 100.0% Net UTP 4.0 2.8 2.2 Coverage >57% 3Q18 2Q19 3Q19 ratio 64.4% 66.0% 65.8% Coverage ratio 46.7% 50.6% 54.8% 20 (1) Gross NPEs including gross bad loans, gross unlikely to pay and gross past due. Gross past due at 23m in 3Q19 (-17.4% Q/Q and -80.4% Y/Y).

2021 Non Core runoff fully on track

1 2 3 4 5 6 Asset quality Non Core evolution Actions of Non Core rundown Gross Loans, €bn Sep16-Sep19 €bn -45.1 56.3 FINO FINO phase 2 closed in Jan 2018 -17.0

6.7 "Back" to Core Mostly corporate -5.5 11.2 Performing <10 49.6 Full Mainly driven by corporate, Repayments -0.9 NPE rundown small business 0 3Q16 3Q19 2019 2021 Disposals Both single name and portfolios -11.0

Cash recoveries on workout and Net Loans, €bn 29.5 3.8 <4 Recoveries -3.3 UTP

NPEs coverage, % 53.5 65.8 >57 Active portfolios' management Write-offs -5.9 and cost optimization UTP coverage, % 33.3 54.8 >38 Other movements (i.e. Debt to Other -1.5 Equity) Bad loans cov., % 60.5 74.1 >63 Total -45.1

21 Rounding differences may occur.

Agenda

1 UniCredit at a glance

2 Transform 2019 update

3 3Q19 results

4 Asset quality

5 Capital

6 Funding & Liquidity

22

Group – CET1 ratio at 12.60% thanks to disposal of the remaining stake in Fineco and retained earnings, CET1 MDA buffer of 252bps

1 2 3 4 5 6 Capital Common Equity Tier 1 ratio, %

+28bps 12.08% +31bps +1bps +0bps +2bps 12.60% -10bps

FVOCI: +17bps Regulatory: +3bps FX: +1bp o/w TRY: +2bps TRY: -2bps DBO: -17bps

2Q19 stated Fineco disposal(1) Net profit Dividend & FVOCI(3,4), FX(5), RWA dynamics(7) Other(7) 3Q19 stated 3Q19 AT1/CASHES DBO(6) reserves coupons(2)

• 3Q19 CET1 ratio at 12.60% up 53bps Q/Q thanks to disposal of the remaining stake in Fineco and retained earnings • CET1 MDA buffer by year end 2019 confirmed at the upper end of 200-250bps(8) target range (1) Combined impact on CET1 ratio from sale of second tranche of Fineco in July 2019, primarily resulting from the reversal of the 15% threshold deduction. (2) Payment of coupons on AT1 instruments (34m pre tax in 3Q19, 371m expected for FY19) and CASHES (31m pre and post tax in 3Q19, 124m expected for FY19). Dividends accrued on adjusted net profit. (3) In 3Q19 CET1 ratio impact from FVOCI +17bps, o/w +14bps thanks to BTP. (4) BTP sensitivity: +10bps parallel shift of BTP spreads has a -2.3bps pre and -1.7bps post tax impact on the fully loaded CET1 ratio as at 30 September 2019. (5) TRY sensitivity: 10% depreciation of the TRY has around +1bp net impact (-3bps from capital, +4bps from RWA) on the fully loaded CET1 ratio. Managerial data as at 30 September 2019. 23 (6) DBO sensitivity: 10bps decrease in discount rate has a -4bps pre and -3bps post tax impact on the fully loaded CET1 ratio as at 30 September 2019. (7) Excluding impact from disposal of Fineco. (8) Assuming BTP spreads remain at 3Q19 levels. Group – Capital ratios well above MDA levels

1 2 3 4 5 6 Capital CET1 Tier 1 Total capital

13.59% 11.59% +0.9 p.p. MDA 3Q19 MDA 3Q19 17.11% 16.21% +0.6 p.p. 2.88% 14.23% T2 2.87% T2 +0.5 p.p. 13.63% 12.60% AT1 12.08% 1.63% AT11.63 1.38%% AT1 AT1 0.94% AT1 0.94%

CET1 CET1 13.94% CET1 11.71% CET1 CET1 11.71% 10.09% 12.60% 12.60% MDA 3Q19

2Q19 3Q19 2Q19 3Q19 2Q19 3Q19

€46.7bn €48.9 bn €52.8 bn €55.2 bn €62.8 bn €66.4bn

24 Absolute amount for CET1, Tier1 capital and total capital transitional. Solid fully loaded CET1 ratio at 12.6% and leverage ratio at 5.04%

1 2 3 4 5 6 Capital Fully loaded CET1 capital(1) as of September 19, €bn

€/bn 113.6 3Q19 69.3 81.1 2Q19 37.4 38.1 42.6 43.4 46.0 46.7 48.9 24.0 24.1

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 UniCredit Peer 9 Peer 10 Peer 11

Total capital(2) 29.4 31.4 55.6 49.3 57.9 64.7 59.9 60.7 66.4 90.1 104.1 160.7

Total assets 518 586 1,714 828 709 1,389 1,501 922 863 1,518 2,510 2,503 Fully loaded Basel 3 Leverage ratio(3) as of September 19, %

6.90 5.40 5.50 Peers 4.40 4.50 5.00 5.04 5.05 3.92 4.00 4.30 4.30 Avg. 4.8%

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 UniCredit Peer 8 Peer 9 Peer 10 Peer 11

(1) FL CET1 capital where available or calculated as FL CET1 ratio * RWA (FL where available) 25 (2) Transitional Total Capital for UniCredit. Fully loaded Total Capital where available or calculated as Total Capital ratio * RWA (FL where available) (3) FL leverage ratio where available. Peers: BBVA, BNP, CASA, CBK, DBK, HSBC, ISP, ING Group, Nordea, Santander, SocGen. FX exchange rate at 30 September 2019 Agenda

1 UniCredit at a glance

2 Transform 2019 update

3 3Q19 results

4 Asset quality

5 Capital

6 Funding & Liquidity

26 Well diversified and centrally coordinated funding and liquidity profile

1 2 3 4 5 6 Funding & Liquidity

 UniCredit S.p.A. acts as the Group Holding as well as the Italian operating bank and is the TLAC/MREL issuer under 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  All Group Legal Entities to become self-funded by progressively minimising intragroup exposures  During the first 9 months of 2019 the Group has maintained a very disciplined market approach in terms of funding execution Western CEE Banks Europe (11 CEE countries(1))

27 (1) Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey. Strong and disciplined liquidity steering

1 2 3 4 5 6 Funding & Liquidity 3Q19 strong liquidity buffer 3Q19 Compliant with key liquidity ratios €bn 199 Additional eligible (2) (3) assets available 24 Group LCR Group NSFR within 12 months(1) >100% >100%

Cash and Deposits 57 with Central Banks

175 Unencumbered assets 118 (immediately available)(1)

• €175bn liquid assets immediately available, well above • UniCredit S.p.A. LCR(2) and NSFR(3) >100% 100% of wholesale funding maturing in 1 year

(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 28 assets eligible within 1 year time. Figures are net of ECB haircut. (2) Regulatory figure as of September 2019. (3) Managerial figure based on Basel III assumption as of September 2019. Group – TLAC ratio 21.85%(1), 226bps MDA buffer

1 2 3 4 5 6 Funding & Liquidity UniCredit SpA 2019 TLAC Funding Plan Target FY 3Q19 2019 €/bn Plan 2019 o/w to be issued(3) TLAC Requirement >19.6% 21.85% 20.1-20.6% TLAC MDA buffer target at upper end of 50- Senior Preferred exemption 2.5 0 2.5% 100bps range confirmed Subordination req. >17.1% 19.37% 17.6-18.1%

Senior Non Preferred & Other(2) 3.2 0

Tier 2 2.3 0

AT1 CET1 MDA buffer 1.0 0 target 200- CET1 ratio 12.60% 250bps Total 9.0 0 confirmed o/w subordinated 6.5 0

• 2019 TLAC funding plan has been completed. T2 issued in September as pre-funding for 2020 needs • Fully compliant with TLAC requirements of >19.6%. 3Q19 TLAC ratio 21.85%(1) • TLAC MDA buffer of 226bps, well above the target at the upper end of 50-100bps range, also thanks to pre-funding

(1) 3Q19 TLAC ratio 21.85%, o/w 19.37% TLAC subordination ratio and 2.5% senior preferred exemption. (2) Non computable portion of subordinated instruments. 29 (3) As of 17 October 2019. UniCredit Group 2019 Funding Plan 1 2 3 4 5 6 Funding & Liquidity 2019 M/L Term Funding Plan by bank € 32.1bn 78.6% of Group Funding Plan was executed in 9M19, in particular issued in 3Q19: €25.2bn (78.6%) UniCredit 13.0 • €1.25bn 10NC5 Tier 2 from UniCredit SpA • €1.0bn from 5.5year from UniCredit SpA

UniCredit 12.2 (93.7%) During October 2019 two Public Deals were issued : • €1.0bn 5.5-Year Senior Preferred from UniCredit SpA UniCredit Bank 11.3 • €0.3bn 3-Year Senior Unsecured from UniCredit Leasing UniCredit Bank 7.1 (62.6%) Romania UniCredit Bank Austria 3.3 UniCredit Bank Austria 2.5 (74.6%) CEE 4.5 CEE 3.5 (77.9%) UniCredit SpA Bank Austria 2019 Planned 2019 Actual UniCredit Bank AG CEE

As of 30th September 2019 c. 78.6% (€25.2bn) of the Group Funding Plan was executed

30 Note: Managerial figures.

Ratings overview

1 2 3 4 5 6 Funding & Liquidity

BBB/Negative/A2(1) Baa3/Stable/P3(1) BBB/Negative/F2(1)

BBB/Stable/A2(1) Baa1/Stable/P2(1) BBB/Negative/F2(1) (bbb)(2) (baa3)(2) (bbb)(2)

Senior Non Preferred BBB- Baa2 BBB T2 BB+ Baa3 BBB- AT1 n.r. n.r. B+ OBGI/OBGII (Ital CB)(5),(6) AA-/n.r. Aa3/Aa3 AA/n.r.

 Since July 19 UniCredit S.p.A. is rated above the  In July 19, UniCredit S.p.A.'s stand-alone and Tier 2  UniCredit S.p.A. execution of the bank’s Transform Italian sovereign with outlook changed to 'stable' rating were upgraded to 'baa3' at investment 2019 plan has been good to date and where from 'negative' based on UC S.p.A's significantly grade level. SNP rating was upgraded to 'Baa2'. feasible has accelerated declared targets (e.g. NPL enhanced ability to withstand a sovereign This reflects the continued de-risking and and FTE reductions, branch closures). Regarding distress scenario. Expected to continue benefitting strengthened credit profile underpinned by a sharp asset quality, the discipline in new origination from much stronger geographic diversification reduction in the stock of NPL's in recent years jointly has strengthened. In Sep18 the bank’s outlook outside Italy than peers and the material progress with improved and more stable profitability. Issuer has been aligned with Italian sovereign at it has made in reducing its stock of NPEs in Italy Rating at max +2 notches above the Italian ‘negative’ (previously ‘stable’) and in strengthening its capitalization sovereign ratings, capped at 'Baa1'

BBB+/Negative/A2(1) A2(3)/Stable/P1(1) BBB+/Negative/F2(1) (bbb+)(2) (baa2)(2) (bbb+)(2)

BBB+/Negative/A2(1) Baa1(4)/Stable/P2(1) Not rated (bbb+)(2) (baa2)(2) (1) Order: Long-Term Sr Unsecured Debt Rating / Outlook or Watch-Review / Short-Term Rating. (2) Stand-Alone Rating. (3) Deposit and Senior-Senior rating shown, while Junior Senior Debt at 'Baa3'. (4) Long-Term Sr Unsecured debt rating shown, while deposit rating at 'A3' with stable outlook. 31 (5) Soft Bullet. (6) Conditional Pass Through. 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 opinions 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.

This Presentation has been prepared on a voluntary basis since the financial disclosure additional to the half-year and annual ones is no longer compulsory pursuant to law 25/2016 in application of Directive 2013/50/EU, in order to grant continuity with the previous quarterly presentations. The UniCredit Group is therefore not bound to prepare similar presentations in the future, unless where provided by law. 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.

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