• The bank received the highest possible rating support;

• Fitch expects UniCredit Bulbank’s profitability to improve in the rest of 2011 and 2012 as the Bulgarian economy has returned to growth.

Fitch Ratings has confirmed UniCredit Bulbank’s (UCB) Support Rating at ‘2’. This is the highest possible rating support that the bank can get now because of the limitation that comes from Bulgaria's rating 'BBB +'.

The rating reflects the high probability of support, should it ever be required, from UCB's ultimate shareholder Unicredit S.p.A (UC, rated 'A'/Stable/’F1’). UC indirectly owns 92% in UCB through Unicredit Bank Austria AG ('A'/Stable/'F1'), the holding company for most of UC group's Central and Eastern European (CEE) assets.

UCB is the largest bank in Bulgaria improved your performance in H1 of 2011, comment Fitch. Fitch expects profitability to improve in the rest of 2011 and 2012 as the Bulgarian economy has returned to growth.

UCB’s non-performing loans are below average for the sector in the country. Fitch expects NPLs to keep increasing, albeit less quickly, and to peak in H211.

Just a month ago and international credit rating agency Standard and Poor’s confirmed the rating and the stable outlook of UniCredit Bulbank after reviewing its current performance. The rating is BBB/Stable/A-3 and thus is the highest rating from S&P in Bulgaria and equal to the rating of the country. According to the analysis of the agency compared with other domestic banks UniCredit demonstrates better assets quality and performs with “stronger resilience to the recent economic downturn in Bulgaria by maintaining a smaller share of problem loans and stronger provisions than those of its domestic peers”.