Uni Credit Group Ranieri de Marchis Chief Financial

Uni. Credit Group Ranieri de Marchis Chief Financial Officer Munich, 24 September 2007

UNICREDIT POSITIONING IN THE CURRENT FINANCIAL TURMOIL n Well balanced balance sheet structure LIQUIDITY n Clear funding and liquidity management based on three solid pillars n Re-assessment of funding mix and tenor based on market appetite EXPOSURE TO SUB-PRIME & CONDUITS n Negligible exposure to the areas affected by the recent market turmoil 2

WELL BALANCED GROUP ASSET & LIABILITY STRUCTURE Total Liabilities Total Assets 869 bn Other Trading liabilities 32 130 708 bn Regulatory Capital M/L term liabilities Due to customers 48 139 303 26 224 618 bn Other Trading assets BANKING BOOK 25 Fixed assets 254 M/L term assets n Customer Loans (454 bn) Customer Deposits (303 bn) = 150% n Financial Equilibrium ratio(1): from 15. 3% in 2003 to 56. 4% as of June 07 n Former Bank of Italy Rule 2(2) +31. 9 bn S/T liabilities 339 218 S/T assets 30 June 2007 Strong discipline provided by internal rule: Liquidity ratio limit above 0. 90 (1) (2) 3 Medium-long term funding, 139 mln (above 1 year - capital instruments and funds not included) / Medium to long term commercial Banking book assets (254 mln) Ex Bank of Italy structural liquidity Rule 2 aimed to ensure a structural equilibrium between assets and liabilities by a specific weighting system

AGENDA Uni. Credit Funding Model US Sub-prime and Conduit exposure 4

UNICREDIT: A PAN-EUROPEAN FUNDING NETWORK UNICREDIT FUNDING MODEL n Four regional liquidity centres n Comprehensive liquidity metrics HVB BA-CA Plus Branches n Daily Group exposure monitoring n Regular stress testing performed Uni. Credit n ALM function with Group-wide access to data Plus Branches & UCI Dublin n Robust work flow around intra-group liquidity flow management n Intra-Group liquidity management trading platform Pekao Co-ordinated, decentralised funding model with clear liquidity governance 5

THREE PILLARS OF FUNDING & LIQUIDITY MANAGEMENT n Extensive sharing of liquidity between all regional liquidity centres … cash pooling MANAGING INTRA-GROUP LIQUIDITY n Trading with Market Place, UCI’s digitalized trading and accounting platform P Active since March 07, live in all Italian entities, HVB, BA-CA, Pekao, Capitalia n Third party funding needs reduced by a further 3. 2 bn in 2007 n Diversification of geography and instruments for both S/T and M/L term FUNDING ü Depos, CD’s, CP, Private Placements, Pfandbriefe, Retail ü Leveraging on the historical funding reach of HVB & BA-CA n Centralised co-ordination of pricing ü Minimise cost of funds ü Avoid internal competition n Maintaining eligible and marketable collateral RAISING LIQUIDITY WITH ASSETS P >56 bn of collateral available within 1 month n Increasing access to secured funding with new asset classes P 200 mln of new collateral through the Italian “ABACO” initiative, rising to 2. 2 bn by YE P Projects in place to monetise existing assets through ECB and other Central Bank facilities 6

CO-ORDINATED AND DECENTRALIZED MARKET ACCESS: UCI CASH POOLING SYSTEM n Regional Liquidity Centers acting as first level netting for each Legal Entity under their perimeter Global Markets n UCI Holding UCI - Holding Obligation of “first call” for net excess/deficit ü acting as the second level netting center (obligation of “first call” for each Legal Entity) and monitoring and steering the Group’s position Close net position, as today Regional Liquidity Center MIB HVB/BA-CA ü coordinating and accessing the medium/long term debt capital markets Italian Legal Entities ü accessing the unsecured Money Market and issuing CD/CPs to fund the open position of the Group n MIB ü acting on the trading market for all the Group ü accessing the market for Repos, derivatives and unsecured Money Market for its own needs Local Markets Cash pooling to optimize cost of funding and unnecessary access to the market 7 * Access to Global Markets needed for specific instruments, e. g. Pfandbriefe

IN RECENT YEARS UNICREDIT HAS SUCCESSFULLY DIVERSIFIED SOURCES OF S/T FUNDING & LIQUIDITY… GEOGRAPHICAL DIVERSIFICATION INSTRUMENTS DIVERSIFICATION EEC Total Tokyo +2. 5% Paris Warsaw +16% Vienna Net Repos with banks Munich Extendible Hong Kong Luxemburg CP's Dublin New York CD's London Milan Net interbank 2005 2006 2007 Avg maturity 92 days (1) Avg maturity 108 days (1) Avg maturity 104 days (1) Stable and diversified Funding with three key accesses to the market: London, Vienna and New York 8 (1) Calculated using gross inter-bank data

… AS WELL AS OF MEDIUM/LONG TERM FUNDING Public 25% Bank Capital Private Placements 4% 32% Retail 18% 15% 6% 12% 21% 32% 6% 11% Pfandbriefe 24% 16% PUBLIC MARKET 25% RETAIL/PRIVATE PLACEMENTS 12% 21% COLLATERALIZED DELINKED FROM SENIOR RATING 19% 16% ABS/RMBS 7% 6% 7% 15% 2004* 22% 2005* 2006 30% 2007 MLT Funding Plan Trend n Diversified medium/long term funding in large liquid markets n Pursuing niche funding opportunities n Funding increasingly de-linked from senior credit rating using asset backed products and covered bonds. Parallel to Pfandbriefe, entering the new Italian covered bond market in 2008 Well established presence in the key liquid markets across different products 9 (*) UCI + HVB combined “pro forma”

THE MARKET CRISIS DID NOT AFFECT UCI STRONG LIQUIDITY POSITION IN AUGUST AND SEPTEMBER Uni. Credit Group 1 month available liquidity(1) Index figure n Strong increase of intra-group liquidity flows in August (+61. 2% m/m), reducing need to access the market 140 n Money Market prices in the Internal liquidity market always below Euribor 100 60 2 Apr 16 Apr 30 Apr 14 May 28 May 11 Jun 25 Jun 9 Jul 23 Jul 6 Aug 20 Aug 3 Sep 17 Sep Sound and comfortable positive liquidity gap, even after August 07 crisis 10 (1) Calculated as: (sum of net liquidity inflows in the timeframe) + (securities eligible for discount to the ECB, marketable repoable securities)

AS A RESULT OF MARKET TURMOIL BANKING FUNDING COST HAS GONE UP FOR ILLUSTRATIVE PURPOSES ONLY Funding mix (1) Senior 5 Y 95. 61% Spreads ante crisis Spreads post crisis Senior 12 bp Senior 50 bp +40 bp (2) Tier II 3. 34% Tier II 33 bp Tier II 118 bp Preference shares 1. 05% Preference shares 80 bp Preference shares 210 bp Average Spread 14 bp 11 1)1) Funding mix does not consider the Core Tier I because its cost is not directly affected by the liquidity crisis 2)2) Spreads are derived from secondary market. Because of current market high volatility they could change substiantially from day to day Average Spread 54 bp

UNICREDIT ANSWER TO CURRENT MARKET CONDITIONS: KEY INITIATIVES n Focus of Funding Strategy: ü Concentrate on collateralized funding sources like Pfandbriefe (Eur Jumbo) and Italian covered bond ü Strengthen/continue diversification of funding sources ü Manage higher funding cost going forward n Manage actively our assets base and re-price n Push to ensure “easy” liquidity transfer across the Group n Increased value of retail deposit base 12

AGENDA Uni. Credit Funding Model US Sub-prime and Conduit exposure 13

NEGLIGIBLE EXPOSURE FOR UNICREDIT TO US SUB-PRIME… n Exposure to US sub-primes: ü RMBS collateralized by US subprime mortgages (mainly vintage, 2002 -2003), still AAA rated ü CDO with sub-prime collateral: 90% still investment grade, 70% AA or better at the end of August ü Retained interest held by Pioneer (1) Exposure equivalent to 0. 8% total regulatory capital(2) 14 RMBS: Residential Mortgage Backed Securities CDO: Collateralized Debt Obligations (1) Off balance items include conduits with sub-prime exposure and investments in SIVs (2) On Unicredit reported total regulatory capital as of June 07

… AND TO CONDUIT BUSINESS Bavaria TRR exposure, Euro bn 0 (1) n Very quick response to market turmoil by reducing Bavaria TRR assets from 14 to 6 Euro bn n Extremely low exposure to 3 rd parties conduits: total liquidity lines provided by HVB/BA-CA ~0. 55 bn 15 (1) Total Rate of Return Conduit

ANNEX 16

RECENT MARKET DEVELOPMENT TRIGGERED A SUBSTANTIAL WIDENING OF UCI CREDIT SPREADS ACROSS ALL PRODUCT CLASSES RMBS(*) SENIOR LOWER TIER 2 n UCI credit spreads have widened In line with peers across all product types n New issue spreads are even wider: P Deutsche B. eur 1. 75 bn (Aa 1/AA-) 10 year Senior + 65 bp vs. 18 bp P BNP eur 1 bn (Aa 2/AA) 10 year Lower Tier II + 80 bp vs. 30 bp P BNP gbp 425 mln (Aa 2/AA) 10 nc 5 Lower Tier II + 68 bp vs. 25 bp P Credit Suisse eur 1. 0 bln (Aa 1/AA-) 10 year Senior + 75 bp vs. 18 bp n Also under stabilized market conditions spreads will remain substantially above average levels within FY 2007 17 (*) Source UBS for 2003/2004: data are derived from issuance made by italian peers as no RMBS issuance were made by UCI