1. Group 2005-2008 Plan Merrill Lynch Banking & Insurance Conference 2006
London, 4-5 October 2006

2. AGENDA The first truly European bank Group 2005-2008 plan
Overview of 1H06 results
Conclusions

3. A STRONG PRESENCE IN EUROPEAN BANKING
UNIQUELY, RESOLUTELY EUROPEAN
Banking operations in 20 countries
More than 28 million customers
Over 7,000 branches
STRONG MARKET POSITIONING
#2 in Italy with 10% market share(1)
#2 in Germany with 5% market share(1)
#1 in Austria with 18% market share(1)
Leader in fast growing CEE markets much larger than closest competitor
HIGH GROWTH POTENTIAL
Significant opportunities in the local networks as well as in the global businesses
Source: UniCredit, 2005 data, pro-forma excl- Splitska, Uniriscossioni
(1) Ranking measured in terms of total assets. For market share calculations UniCredit and HVB may apply different definitions as far as the underlying data is concerned. Market share and ranking in Italy refer to customer loans.

4. A DIVERSIFIED BUSINESS PORTFOLIO ACROSS DIFFERENT GEOGRAPHIES…
2005 Consolidated Total Revenues: 21,140(1)(2) mln
Private & AM
CEE & Poland Markets
10%
Corporate
20%
Markets and Investment
Banking
23%
Italy
42%
13%
Austria
CEE & Poland Markets
13%
Retail
20%
34%
Germany
25%
COMMERCIAL BANKING STILL THE BULK OF OUR BUSINESS
MORE THAN 50% OUTSIDE ITALY
(1) Figures restated, to sterilize perimeter changes
(2) The pie charts are on revenues ex GBS, Holding, corporate centre and elisions

5. …WITH A POWERFUL COMBINATION OF PRODUCTION AND DISTRIBUTION CAPABILITIES
A MASSIVE DISTRIBUTION NETWORK WITH UNMATCHED POTENTIAL TO GROW FURTHER
STRONG COMPETENCES IN GLOBAL PRODUCTS/SERVICES
Specialized service models to serve different customer segments
Pioneer, our global asset manager, with 280 bn AUM(1)
Significant opportunity to exchange best practices among countries
Markets and Investment Banking: a European regional specialist focusing on selective product segments
Over 3,600 retail branches across Italy, Germany and Austria
3rd European player for # of plastic cards, with a strong competence center in Turkey
~ 350,000 Corporate customers served in Italy, Germany, Austria and over 100,000 Cross Border Client Groups
Leasing, 2nd European player(2), with ~170 bn loans and ~530 mln revenues
European leader in on-shore Private Banking with top 3 position in Germany, Italy and Austria
CEE: ~3,000 branch network across 17 countries, about 2X next competitor
Global Financial Services: a new global factory with ~900 mln revenues
UNIQUE OPPORTUNITY TO LEVERAGE ON A EUROPEAN SCALE THE STRENGTH OF OUR PRODUCT FACTORIES
(1) Data as at , including assets under administration
(2) As for 2005 new business

6. FULL AND EFFECTIVE DIVISIONALIZATION SETS US APART AND DRIVES THE INTEGRATION PROCESS
Markets &
Investment
Banking
CEE/
Poland Markets
Global Banking
Services
Corporate
Private
Banking & AM
Retail
CFO
CRO
Strategic HR
Legal dept.
Corporate Identity
DIVISIONALIZATION DONE IN GERMANY AND MOSTLY DONE IN AUSTRIA
Retail & Corporate: Small Business served in Retail Division; launch of Clarima business in Germany; global leasing operations established
Reorganisation of Asset Management on a single platform under Pioneer; creation of a Private Banking division in HVB
Global structure in place in Markets and Investment Banking
CEE & Poland Markets: ongoing in-country mergers mostly completed by 2007
Concentration of IT, Procurement, B/O and Real Estate functions in new GBS divisions in HVB and BA-CA; centralized procurement process in place for Italy, Germany and Austria

7. Current Group Structure
ONGOING REORGANISATION OF GROUP LEGAL ENTITIES: KEY STEPS ALREADY TAKEN TOWARDS THE TARGET STRUCTURE
Current Group Structure
Target Structure
HVB
BA-CA
Pekao
Asset Mgmt.
(PGAM)
UCI CEE
UCI IB (UBM)
HVB IB
BA-CA IB
BA-CA CEE
HVB CEE
HVB AM
BA-CA AM
UCI Italian Banks
Investment Bank(1)
BA Bank(2)
UCI Italian Banks
HVB
UCI CEE (incl. Pekao)
UCI IB (UBM)
UCI AM
(PGAM)
BA-CA
HVB CEE
BA-CA CEE (Incl. BPH)
HVB IB
BA-CA IB
HVB AM
BA-CA AM
Transfer of BPH to UniCredit
Contribution in kind of UniCredit holdings in CEE banks (excl. Poland) to BA-CA
Transfer of BA-CA under UniCredit
Rationalisation of HVB holdings in CEE banks
Integration of Asset Management into Pioneer: sale of Activest to Pioneer
(1) In the long term UniCredit will gain full ownership
(2) Newco including all the commercial banking activities in Austria; in accordance with ReBoRA signed last March, to be realised not before March 2011

8. AGENDA The first truly European bank Group 2005-2008 plan
Overview of 1H06 results
Conclusions

9. GROUP STRATEGIC PRIORITIES
Restore profitability in Germany (ROE(1) to ~17% in 2008), ready for growth options
Maintain positive momentum in Italy
Complete restructuring and continue investing in CEE
STRONG EVA CREATION
>3x in
Increase RWA profitability and optimize capital allocation
Leverage Global product lines and services
Finalize corporate structure
(1) Calculated on allocated capital ex goodwill

10. SOLID PROFITABILITY OUTLOOK FOR UNICREDIT THANKS TO CYCLICAL AND STRUCTURAL FACTORS
GDP avg. annual % growth
GER IT AT EU
CEE(1)
0.8
0.4
1.9
1.4
6.1
1.7
1.4
2.4
1.9
5.6
EUROZONE MACROECONOMIC CYCLE driven by UniCredit countries of presence with Germany in particular contributing strongly to the regional GDP growth
CEE GDP GROWTH well above 5% CAGR, 3x faster than Eurozone
HOUSEHOLDS SEGMENT:
significant lending volume growth, especially in Italy and CEE where mortgages and consumer credit remain the main growth drivers
interest spread to benefit from a restrictive monetary stance
benign development of household financial assets also thanks to a moderately positive market effect
CORPORATE SEGMENT: sound growth environment across all regions thanks to cyclical recovery; Germany and Italy seen accelerating in 1H06
Source: Bank of Italy, Bundesbank and OeNB data; UniCredit forecasts
(1) CEE includes Poland, Turkey, Croatia, Russia, Bulgaria, Czech Republic, Hungary, Romania, Slovakia, Bosnia-Herzegovina, Slovenia, Serbia-Montenegro, Ukraine, Macedonia and the Baltics

11. GROUP TARGETS: STRONG EPS GROWTH SUPPORTED BY ENHANCED PROFITABILITY OF ASSETS AND COST CONTROL
CAGR 05-08
2005(1)
2008
2005(1)
Revenues/Avg. RWA, %
5.2
~5.7
Revenues (bn)
21.1
~8%
Cost/Income, %
60.7
~52
Operating Costs (bn)
-12.8
~3%
Cost of risk(2), bp 61
STABLE
EPS
0.32
~27%
Core Tier 1 ratio, %
5.53
~6.8
1.2
~49%
ROE, %
10.2
~17(3)
EVA (bn)
FTE, #
~133,740
~126,900
RWA (bn)
416
~5%
- staff rightsizing
~-11,850
- growth initiatives
~+5,000
Plan assumes 0.56 Euro EPS for 2007…
… with steady growth of DPS during the plan timeframe
6.8% Core TIER 1 ratio target achieved by 2008
(1) Figures restated, to sterilize perimeter changes
(2) Loan Loss Provisions/Average Credit RWA for the year
(3) Group ROE calculated on allocated capital ex. goodwill would be ~23%

12. DISCIPLINED CAPITAL ALLOCATION AIMED AT VALUE CREATION
EVA
ALLOCATED CAPITAL(3)
05-08 CAGR
Delta (mln)
3.9 bn(2)
~29.4 bn
+4.7%
~25.5 bn
~870
+390
5.8
+18%
3.5
3.8
+4%
3.3
~990
+470
2.0
+13%
1.3
1.2 bn(2)
~480
8.8
10.6
+7%
~820
+350
~520
~640
+380
4.9
~470
5.7
+5%
~870
+980
1.0
0.7
~260
-12%
2.7
0.8
~-110
-33%
~-170
~-70
+100
2005
2008
2005
2008
CEE
MIB
Private B. & AM
Corporate
Retail
Commercial RE Financing
Corporate Centre(1)
Turnaround of retail business in Germany drives strong EVA growth
Significant contribution of all other businesses
(1) Including GBS and other Group Companies not included in the different business divisions
(3) Average
(2) Difference between total and sum of the Divisions due to Corporate Centre

13. SIGNIFICANT REVENUE GROWTH ACROSS DIVISIONS ENHANCES GROUP ASSET PROFITABILITY
05(1)-08 REVENUE CAGR, %
MIB
~13
CEE & Poland Markets
~11
Private & AM
~10
Revenues/RWA from 5.2% to ~5.7% in 2008
GROUP ~8
Retail ~7
Corporate ~6
(1) 2005 figures restated, in order to sterilize perimeter changes

14. STRICT CONTROL OF INDIRECT COSTS LEAVES ROOMS FOR INVESTMENTS IN HIGH GROWTH AREAS COST SYNERGIES CONFIRMED
Contained dynamic of operating costs (05-08 CAGR ~3% at Group level) despite significant business volumes growth, thanks to:
Indirect costs(1) (~30% of total cost base) down from 3,830 bn in 2005 to 3,690 bn in 2008, thanks to centralization of activities and effective cost management
Rationalization and streamlining of the Group corporate centre
FTE reduction of ~6,850 units
~-11,850 staff rightsizing
~+5,000 new hirings in fast growing areas
Cost synergies confirmed(2) at 900 mln
Total integration costs to 1.25 bn, slightly lower than originally planned
(1) Mainly IT, Back Offices and Real Estate & Facility Management
(2) Disclosed on June 13th 2005 in UniCredit-HVB offer presentation

15. Total non-strategic assets: ~30 bn gross loans(1)
RATIONALIZATION OF NON-STRATEGIC ASSETS, ESPECIALLY IN GERMANY, TO CREATE ADDITIONAL VALUE
Total non-strategic assets: ~30 bn gross loans(1)
Rationalisation Process key highlights
Dedicated team to run the whole winding down process
Commercial Divisions totally focused on growing core strategic business
20.5 bn low value generating performing portfolio with limited cross selling potential
RER
9.5 bn
Performing non strategic mortgages
20.5 bn
Inertial vs “accelerated” reduction path
(loans, bn) – for illustrative purposes
~30
2005
vs 5.2% avg. for the whole UniCredit Group
Revenues/Avg. RWA, %
~1.6%
2005
2006
2007
2008
2020
(1) Data as of Dec.05

16. FULL TURNAROUND OF PROFITABILITY IN GERMANY OVER THE PLAN PERIOD
~9% revenue CAGR thanks to efforts to boost commercial activity and productivity:
enhance sales productivity in Retail
boost asset gathering recurring fees in the affluent segment
leverage on cross fertilisation potential in Investment banking
Strict cost control: flat operating expenses
Staff right-sizing
Containment of indirect costs (31% of total costs in 2005)
Asset rationalisation: ~-1% RWA CAGR
REVENUES/RWA, %
~4.9
3.6
2005
2008
ROE(1), %
~17 ~6
2005
2008
The numbers are based on the current structure of HVB Group
Data related to HVB Group ex BA-CA Group
(1) Calculated on allocated capital ex goodwill

17. AGENDA The first truly European bank Group 2005-2008 plan
Overview of 1H06 results
Conclusions

18. % ch. on 1H05 at constant FX & perimeter
1H06 NET PROFIT GROWTH OF ~+1 BN Y/Y STRONG IMPROVEMENT, +32% Y/Y, NET OF THE CAPITAL GAIN FROM THE DISPOSAL OF SPLITSKA BANKA
% ch. on 1H05 at constant FX & perimeter
% ch. on 1H05
Ch. on FY05
1H06
1H06
mln
Total Revenues
11,939
+15.7%
+11.8%
Cost of Risk(1), bp
56 bp
-4 bp
Operating costs
-6,529
+4.5%
+1.0%
Core Tier 1 ratio, %
5.94%
+41 bp
Operating Income
5,410
+32.9%
+28.2%
COST OF RISK decreasing in both UCI and HVB sub-groups
Integration costs
-52
n.m.
n.m.
Core Tier 1 ratio increased by 41 bp thanks to organic capital generation (~20 bp) and sale of Splitska Banka (~21 bp); disposals of 2S Banca to be finalized by year- end 2006
Net Income(2)
3,043
+48.3%
+43.6%
C/I Ratio, %
54.7%
-5.8 pp
-5.8 pp
P&L figures in IFRS according to Bank of Italy rules
(2) Consolidated gain from Splitska Banka disposal of +367 mln; +332 mln net of minorities impact
(1) Profit (loss) and net write downs on loans / Total Period Average RWAs for Credit Risks; 1H06 figure annualized

19. AGENDA The first truly European bank Group 2005-2008 plan
Overview of 1H06 results
Conclusions

20. UNICREDIT IN 2008
MORE EFFICIENT CORPORATE STRUCTURE IN PLACE (INCLUDING IN-COUNTRY MERGERS IN CEE)
CENTRALIZED PRODUCT FACTORIES FULLY LEVERAGED
GROUP RUNNING AT FULL SPEED, WITH STRONG CAPITAL AND CASH FLOW GENERATION