Mandatory Conversion of Savings Shares into Ordinary Shares

On December 4 2017, the extraordinary shareholders meeting of the holders of ordinary shares of UniCredit S.p.A. (the "Company"), approved the mandatory conversion (the "Conversion") of the no. 252,489 outstanding savings shares (the "Savings Shares") into ordinary shares on the basis of a conversion ratio for each savings share, made up partly of no. 3.82 UniCredit ordinary shares and a cash adjustment of Euro 27.25 as well as the amendment of Articles 5, 7 and 32 of the Articles of Association.

On the same day, the special shareholders' meeting of the savings shareholders of UniCredit - following the approval by the Extraordinary Shareholders' Meeting - approved the Conversion of the outstanding Savings Shares into ordinary shares and the amendment of Articles 5, 7 and 32 of the Articles of Association.

Therefore, as disclosed by the Company with press release dated 5 March 2018 and notice published on 6 March 2018 on the newspapers "MF" and "Il Sole 24 Ore", the last trading day on the regulated market of the Saving Shares was the 9th of March 2018 and, starting from the 12th of March 2018 the mandatory conversion of Savings Shares into ordinary shares became effective. The cash adjustment has been paid on 14 March 2018.

Taking into account the nature of the operation, the Conversion did not entail an increase of the share capital of UniCredit, which, therefore, did remain unchanged, but only an increase of the number of outstanding ordinary shares following the elimination of the Savings Shares. In particular, on the basis of the Conversion Ratio described above, the total number of ordinary shares issued having the same features as the outstanding ordinary shares was equal to 964,507.

For further details, please refer to the documentation of the above mentioned relevant Shareholders' Meeting at the following links: