Consolidated Interim Report as at September 30,2015

Group Net Profit at €507 m in 3Q15, Above €1.9 bn in 9M15 Excluding Non-Recurring Items of c. €400 m

Strong Focus on Cost Reduction with Group Operating Expenses down by 1.5% Q/Q

Significant Capital Generation (+16bps Q/Q) with a CET1 Ratio Fully Loaded Pro-Forma at 10.53% (at 10.78% Including Pioneer JV)

Continued Improvement in Group Asset Quality with Solid Coverage Ratio at 51%. Impaired Loans Continued Reduction Mainly Thanks to Portfolio Sales and Higher Collections

Core Bank: Solid Fees Generation at €5.8 bn in 9M15 (+4.6% 9M/9M) Driven by Investment Services. Positive Net Sales generation from managed products

Outstanding New Loans Origination with Medium-Long Term Lending in Commercial Banks up at €23.3 bn in 9M15 (+38.0% 9M/9M)

Today the Board of Directors of UniCredit approved 3Q15 results.

Group net profit reaches €507 m in 3Q15, above €1.9 bn in 9M15 excluding c. €400 m of non-recurring items related to new systemic charges, impairment related to Ukrsotsbank and higher LLP for CHF loans conversion in Croatia^[1]. RoTE^[2] at 5.0% in 9M15 (6.2% excluding non-recurring items).

CET1 ratio transitional pro-forma[3] is resilient at 10.53% (+1bps Q/Q) and reaches 10.93% including Pioneer-Santander AM (SAM) JV[4]. Tier 1 ratio transitional pro-forma at 11.43% and Total Capital ratio transitional pro-forma at 14.20%. CET1 ratio fully loaded pro-forma[5] improves to 10.53% with a significant capital generation of +16bps Q/Q (CET1 ratio fully loaded pro-forma at 10.78% including Pioneer-SAM JV). Basel 3 Leverage ratio^[6]transitional pro-forma at 4.62% and fully loaded pro-forma^[7] at 4.38% (at 4.78% and 4.47% respectively, including Pioneer-SAM JV).

Group asset quality improvement continues to accelerate in 3Q15, with gross impaired loans further down to €80.7 bn (-1.3% Q/Q). Gross bad loans reduce by -1.3% Q/Q, mainly supported by continued disposals. Other gross impaired loans further shrink by -1.2% Q/Q, mainly due to higher collections. UniCredit's coverage ratio on gross impaired loans stable at 51.0%, among the highest in the Italian banking sector.

The Core Bank recorded a sound level of fees and commissions at €5.8 bn in 9M15 (+4.6% 9M/9M) with investment services as main contributor with €2.8 bn in 9M15 (+11.2% 9M/9M). Positive net sales generation from managed products (AuM contributed positively with €24 bn 9M/9M).

Remarkable new origination in commercial banks with new medium-long term lending strongly up at €23.3 bn in 9M15 (+38.0% 9M/9M) driven by both corporates and household mortgages.

3Q15 KEY FINANCIAL DATA

GROUP

• Net profit: €507 m (-3.0% Q/Q, -29.8% Y/Y) and 4.8% RoTE
• Revenues: €5.3 bn (-7.0% Q/Q, -4.1% Y/Y)
• Total costs: €3.4 bn (-1.5% Q/Q, +1.6% Y/Y), cost/income ratio of 63.4% (+3.5p.p. Q/Q, +3.6p.p. Y/Y)
• Asset Quality: LLP at €1.0 bn (+10.1% Q/Q, +33.4% Y/Y), net impaired loans ratio at 8.3% and coverage ratio at 51.0%
• Capital adequacy: CET1 ratio transitional pro-forma at 10.93% and CET1 ratio fully loaded pro-forma at 10.78% including Pioneer-SAM JV; Tier 1 ratio transitional pro-forma at 11.43% and Total Capital ratio transitional pro-forma at 14.20%

CORE BANK

• Net profit: €900 m (+9.9% Q/Q, -18.1% Y/Y) and 9.9% RoAC[8]
• Revenues: €5.3 bn (-6.7% Q/Q, -3.0% Y/Y)
• Total costs: €3.2 bn (-1.9% Q/Q, +1.8% Y/Y), cost/income ratio of 61.0% (+3.0p.p. Q/Q, +2.9p.p. Y/Y)
• Asset Quality: LLP at €548 m (-10.9% Q/Q, n.m. Y/Y), cost of risk at 50bps (-6bps Q/Q, +26bps Y/Y)

9M15 KEY FINANCIAL DATA

GROUP

• Net profit: €1.5 bn (-16.1% 9M/9M) and 5.0% RoTE (6.2% excluding non-recurring items)
• Revenues: €16.8 bn (-0.8% 9M/9M)
• Total costs: €10.2 bn (+1.6% 9M/9M), cost/income ratio of 60.9% (+1.4p.p. 9M/9M)
• Asset Quality: LLP at €2.9 bn (+11.7% 9M/9M), cost of risk at 81bps (+9bps 9M/9M)

CORE BANK

• Net profit: €2.6 bn (-9.3% 9M/9M) and 9.4% RoAC (10.8% excluding non-recurring items)
• Revenues: €16.7 bn (+0.3% 9M/9M)
• Total costs: €9.8 bn (+2.0% 9M/9M), cost/income ratio of 58.7% (+1.0p.p. 9M/9M)
• Asset Quality: LLP at €1.7 bn (+25.7% 9M/9M), cost of risk at 53bps (+10bps 9M/9M)

Notes

[1]Non-recurring items refer to Single Resolution Funds in Italy, Germany, Austria and CEE (c. €160 m net of tax), impairment related to Ukrsotsbank (€100 m net) and LLP for CHF loans conversion in Croatia (c. €140 m net).

[2]RoTE = Annualized net profit / Average tangible equity (excluding Additional Tier 1).

[3]CET1 ratio transitional pro-forma for unaudited 3Q15 earnings net of dividend accrual and cashes. CET1 ratio transitional for regulatory purposes at 10.44%.

[4]Pioneer JV with Santander Asset Management, pending closing.

[5]CET1 ratio fully loaded pro-forma for unaudited 3Q15 earnings net of dividend accrual and cashes and assuming the full absorption of DTA on goodwill tax redemption and tax losses carried forward and Pekao minority excess capital calculated with 12% threshold.

[6]Leverage ratios based on the CRR definition considering the amendments introduced by EC Delegated Act and pro-forma for unaudited 3Q15 earnings net of dividend accrual and cashes. Leverage ratio transitional for regulatory purposes at 4.59%.

[7]Fully loaded leverage ratio pro-forma for unaudited 3Q15 earnings net of dividend accrual and cashes and assuming the full absorption of DTA on goodwill tax redemption and tax losses carried forward and Pekao minority excess capital calculated with 12% threshold.

[8]RoAC = Net profit/ Allocated capital. Allocated capital is calculated as 9.25% of RWA, including deductions for shortfall and securitizations.

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