The Board of Directors of UniCredit approved the consolidated results for first half 2009 which show a net profit of €937 million (mn), €490 mn of

which recorded in the second quarter. Profit before tax rises 9.2% QoQ thanks

to a solid operating performance despite an increase in loan provisions which, in line with the macroeconomic conditions, rise to €2,431 mn.

Operating profit in first half 2009 reaches €6,636 mn, €3,896 mn of which reported in the

second quarter (an increase of more than €1 billion (bn) QoQ). The improvement of the

second quarter with respect to the first quarter is attributable, above all, to an increase in

revenues with strong acceleration in net trading, hedging and fair value income, as well as to

a rise QoQ in both net interest and net commissions. The focus on efficiency continues with

a cost/income ratio that drops below 50% in second quarter 2009.

In both the first and second quarters the solid trend in operating profit reflects how important

diversification is for the Group, as the commercial banking activities report solid results

(operating profit +0.8% QoQ) and the Markets & Investment Banking (MIB) Division

shows a further improvement with an operating profit of €870 mn in second quarter 2009 versus €330 million in first quarter 2009.

UniCredit Group’s operating income, equal to €14,326 mn in second half 2009, rises 7.1%

YoY on a like-for-like perimeter and foreign exchange basis, and €7,764 mn in second

quarter 2009, an increase of 6.6% QoQ on a like-for-like basis. This result is primarily due to

the recovery of net trading, hedging and fair value income but of note is also the growth

QoQ of both net interest and net commissions (which begin to rise again after a six quarter

declining trend).

Net interest amounts to €9,360 mn in first half 2009 which shows solid progress YoY

(+5.6%, +10.8% on a like-for-like foreign exchange and perimeter basis). The quarterly trend

is also positive with net interest reaching €4,710 mn in second quarter 2009, an increase of

1.3% over the previous quarter (1.6% on a like-for-like foreign exchange and perimeter

basis).

Net commissions total €3,735 mn in first half 2009, compared to €4,802 mn in the same

period of the prior year. The drop YoY is once again due to the decline in commissions from

asset management, custody and administration which reflects a sector wide drop in volumes.

Net commission’s performance QoQ, however, shows signs of recovery with commissions

from asset management, custody and administration rising 1.9% QoQ while other

commissions report an increase of 2.6%. At June 30th, 2009 the volume of the assets

managed by the Group’s Asset Management Division amounts to €160.3 bn.

Net trading, hedging and fair value income comes in at €864 mn in first half 2009, a

noticeable improvement over the -€199 mn reported in first half 2008. The quarterly

performance is also positive with net trading, hedging and fair value income reaching €957

mn, an improvement of more than €1 bn versus the -€93 mn reported in first quarter 2009,

testimony to the Group’s ability to take advantage of the benefits offered by the improved

market conditions, even while paying close attention to reducing risk.

Other net income, which in first half 2009 amounts to €209 mn (€104 mn of which recorded

in the second quarter), is slightly down YoY.

Operating costs total €7,690 mn in first half 2009, a decided drop over first half 2008 (-8.0%

YoY and –4.9% YoY on a like-for-like foreign exchange and perimeter basis). Operating

costs in second quarter 2009 rise to €3,868 mn over the €3,822 million reported in first

quarter 2009 due entirely to non-recurring items of €102 mn. Testimony to the great attention

paid to efficiencies, net the non-recurring items and on a like-for-like foreign exchange and

perimeter basis, the Group’s operating costs fall by 1.6% QoQ in second quarter 2009.

Payroll costs drop in first half 2009 by 7.7% YoY on a like-for-like basis to €4,545 mn. In

second quarter 2009, net non-recurring items and on a like-for-like foreign exchange and

perimeter basis, payroll costs drop by 3.5% over the previous quarter thanks primarily to the

optimization of human resources and the reduction in variable compensation linked to

results.

Other administrative expenses, net recovery of expenses, in first half drop with respect to

the €2,662 reported in the same period in 2008 to €2,539 mn. In second quarter 2009 the

item amounts to €1,314 mn, an increase over the prior quarter of €89 mn due primarily to

non-recurring and cyclical elements.

Amortization, depreciation and impairment losses on intangible and tangible assets

rise 1.6% YoY on a like-for-like foreign exchange and perimeter basis in first half 2009 to

€606 mn, €305 mn of which recorded in the second quarter.

The cost/income ratio comes in at 53.7% in first half 2009, an improvement over the 59.5%

recorded in first half 2008. The quarterly trend is also positive with the cost/income ratio in

second quarter 2009 coming in at less than 50.0% (49.8%), an impressive 8.4 percentage

points below first quarter 2009.

The provisions for risks and charges in first half 2009 increase by €95 mn YoY to €223

mn (€155 mn of which recorded in the second quarter).

Net write-downs of loans and provisions for guarantees and commitments total €4,081

mn (€2,431 mn of which reported in the second quarter) in first half 2009, equivalent to a

cost of risk of 136 basis points.

Gross impaired loans at the end of June 2009 total €49.6 bn, an increase over the €44.8

billion recorded at the end of March 2009. As in first quarter 2009 the restructured loans and

the less severe categories show the most growth while the increase in gross NPLs, which

rise 7.6% QoQ to €30.9 bn in second quarter 2009, is more contained.

The coverage ratio of total gross impaired loans at June 2009 is 50.1%, reflecting a

coverage ratio of NPLs of 64.2% and of other problem loans equal to 27.0%.

Integration costs amount to €309 mn in first half 2009, attributable primarily to second

quarter 2009 (for some €242 mn). The increase in 2009 is linked largely to the continued

commitment to greater staff efficiencies: in the first half of the year charges of €264

mn linked to FTE rationalization were recorded. This rationalization has yet to be finalized and,

when completed, will result in an annual savings in operating costs of approximately €190 mn.

Net investment income totals -€94 mn in first half 2009, with a contribution to income which

is noticeably less with respect to the €365 recorded in first half 2008. Second quarter 2009

also benefits less from the contribution of this component with net investment income

reaching -€61 mn compared to -€33 mn in first quarter 2009. The negative impact on the

second quarter’s net profit amounts to €66 mn.

Income tax for the period amounts to €697 mn in first half 2009 (€1,088 mn in the same

period of the prior year) with a tax rate of 36.1%. With regard to second quarter 2009,

income tax reaches €363 mn with a tax rate of 36.0%.

Minorities in first half 2009 amount to €166 mn compared to €303 mn in first half 2008,

which still did not reflect the purchase of the minority interests in Bayerische Hypo- und

Vereinsbank (HVB) and UniCredit Bank Austria. In second quarter 2009 minorities amount

to €90 mn (€76 mn in the previous quarter).

The impact of the Purchase Price Allocation drops with respect to the -€164 mn in first half

2008 and amounts to -€129 mn in first half 2009, -€64 mn of which attributable to the second

quarter.

In first half 2009 the Net profit attributable to the Group totals €937 mn, a decline

compared to the €2,975 mn recorded in the same period of the prior year, which reflects a

decidedly more difficult macroeconomic scenario. The quarterly trend, rather, shows

improvement with the Net profit attributable to the Group in second quarter 2009 rising from

the €447 mn reported in first quarter 2009 to €490 mn.

Total assets amount to €983 bn (€1,028 bn at March 2009), a further decline of 4.4% QoQ

which brings the drop from the beginning of 2009 to 6.0% (-€63 billion). Of note is the

progress made in reducing the Trading assets, equal to €157 bn at June 2009, €59 bn net

derivatives, a drop of €8.3 bn QoQ. There was a decided reduction in net interbank funding

in second quarter 2009 which comes in at €50 bn compared to €82 bn at the end of the first

quarter (a drop of almost 40% QoQ).

Core Tier 1 ratio moves to 6.85% at June 2009 from 6.69% at March 2009, showing good

capacity for organic cash generation which in second quarter 2009, thanks to the income

generated and the continuous reduction in RWAs (which fall further by €17.8 bn to €485.8

bn), contributes 29 basis points to the increase of Core Tier 1 ratio. The Tier 1 ratio comes in

at 7.66% and the Total Capital Ratio at 11.33%.

At the end of June 2009, the Group’s organization consists of a staff2 of 168,007, a further

reduction of 2,725 over March 2009 and of 6,512 over December 2008. The reduction in the

first half involves all the main business divisions with the largest decreases in Retail, the CEE

area and the Corporate Centre.

The Group’s network at the end of June 2009 consists of 9,974 branches (10,131 at March

2009 and 10,251 at December 2008).