1Q18 Group Results, best first Quarter since 2007

UNICREDIT: A PAN EUROPEAN WINNER

CONTINUED DISCIPLINED EXECUTION OF TRANSFORM 2019 DRIVES TANGIBLE IMPROVEMENTS

NON CORE RUNDOWN ACCELERATED TO 2021

1Q18 Group results, best first quarter since 2007

Core Bank solid performance with 1Q18 Group Core RoTE ⁽¹⁾ at 10.4 per cent, up 1.1 p.p. Y/Y. 1Q18 Group Core gross NPE ratio improving, down 0.9 p.p. Y/Y to 4.7 per cent

Group 1Q18 net profit at €1.1 bn, up 22.6 per cent Y/Y. Underlying financial performance is strong with net operating profit at €1.9 bn, up 25.5 per cent Y/Y. 1Q18 RoTE at 8.9 per cent, up 1.8 p.p. Y/Y. FY19 RoTE target above 9 per cent confirmed

Resilient 1Q18 Group NII at €2.6 bn (-0.4 per cent Q/Q), in line with guidance. Positive sustained commercial dynamics, fees up 2.8 per cent Y/Y driven by investment fees (+2.3 per cent Y/Y) and transactional fees (+9.3 per cent Y/Y)

1Q18 costs at €2.74 bn, down 2.0 per cent Q/Q and 5.2 per cent Y/Y. Cost/Income ratio at 53.5 per cent, down 2.5 p.p. Y/Y

1Q18 CoR at 45 bps. FY18 CoR target of 68 bps confirmed

Non Core rundown accelerated to 2021 from 2025. In 1Q18 €1.8 bn write-offs in Non Core. FY18 Group gross NPE disposal target of €4 bn, of which €2 bn in Non Core

Group gross NPE ratio down to 9.5 per cent with gross NPEs down €10.6 bn Y/Y and €3.8 bn Q/Q

IFRS9 FTA impact ⁽²⁾ of 104 bps including accelerated Non Core rundown through NPE sales and write-offs

1Q18 Fully loaded CET1 ratio at 13.06 per cent. Fully loaded CET1 ratio for year end 2018 between 12.3 per cent and 12.6 per cent

Impact of models, procyclicality and EBA guidelines anticipation confirmed, the majority of which is expected in 2H18

^[1] RoTE: Return on Tangible Equity (annualised net profit divided by average tangible equity).

^[2] IFRS9 first time adoption (FTA) impact on 1 January 2018 of -104bps on fully loaded CET 1 ratio, equivalent to around -€3.76 bn (gross of tax effect) deriving from LLP effect, write offs, classification and measurement. For further details please refer to footnote n.32.

Milan, 10 May 2018: on 9 May 2018, the Board of Directors of UniCredit S.p.A. approved the Group's 1Q18 consolidated financial accounts as at March 31, 2018.

Jean Pierre Mustier, Chief Executive Officer of UniCredit S.p.A., commenting on the 1Q18 Group results:

"UniCredit's 2018 first quarter results, the best first quarter in more than a decade, were driven by a continued strong commercial dynamic throughout the Group, underpinned by a renewed and successful customer focus which has translated into almost half a million of gross new clients.

Our Core Bank turned in a solid performance with a net profit of 1.2 billion Euro and a RoTE of 10.4 per cent, up 1.1 percentage points year on year. The Core Bank gross NPE ratio is now 4.7 per cent, improving 0.9 percentage points year on year. Thanks to our strong capital position, we have taken further decisive action to accelerate the rundown of the Non-Core portfolio to 2021. This will be done through a combination of disposals and write offs.

At the start of its second year, Transform 2019 is ahead of schedule and yielding tangible results, such as 78 per cent of the agreed branch closures and 75 per cent of FTE reductions already having been achieved, with costs decreasing as planned.

Our first quarter fully loaded CET1 ratio stands 13.06 per cent, with a year-end target range of between 12.3 and 12.6 per cent.

All Transform 2019 targets are confirmed and we are continuing our disciplined execution of the plan with all team members working together to make UniCredit a true pan-European winner."