1. Building a Tier I European Player in Consumer Financing London, October 10 th 2007 Raffaele Cicala – General Manager

2. 2 AGENDA Who we are Our presence in Italy Main challenges in the Italian Market Our ambition Building a Tier I European Player in CF What we have done over the last 12 months Playbook 2008

3. 3 AGENDA Who we are Our presence in Italy Main challenges in the Italian Market Our ambition Building a Tier I European Player in CF What we have done over the last 12 months Playbook 2008

4. 4 +17% y/y UNICREDIT CONSUMER FINANCING (1) : PRESENT POSITION IN ITALY 4.6 bn total outstanding loans, mostly on personal loans and revolving cards to captive customers New flows: UCFin growing 20% y/y, outpacing market and main competitors Personal loans Credit cards POS Automotive LoS (2) Source: UCFin interim report and Assofin data as of 1 st Half 2007 AutomotivePOSCredit cardsLoSPersonal loans 31,0283,124+2% y/y1,949+20% y/y2,649 +11% y/y (1) UniCredit Consumer Financing (UCFin) is the new corporate name that UniCredit Clarima Banca will start using in February 2008. Even if the current corporate name is still UniCredit Clarima Banca, in this presentation the new branding is used for simplification purposes (2) Loans on salary 10,005 11,715 2,893 4,444 1,973 Market 1,230 634 562 699 Player # 1 661 922 160 893 12 Player # 2 864 138 834 88 24 UCFin

5. 5 MAIN CHALLENGES AND OPPORTUNITIES IN ITALY Build positions in Car financing LoS Complete integration of Capitalia business into UCFin… … to enlarge captive customer base … to exploit clear customer penetration opportunity … to address relevant market segments … to increase cross-selling opportunities Personal loans penetration * 9.0% 6.1% UCBCAP * On Mass Market + Affluent customers Revolving cards penetration * 13.6% 4.7% UCBCAP

6. 6 AGENDA Who we are Our presence in Italy Main challenges in the Italian Market Our ambition Building a Tier I European Player in CF What we have done over the last 12 months Playbook 2008

7. 7 BUILDING A TIER I EUROPEAN PLAYER IN CONSUMER FINANCING: UniCredit current position in Consumer Financing ~30 10 ~37 Sofinco (CA) ~47 (1) 25 (2) ~51 Cetelem (BNPP) ~31 ~11 ~13 SCF (Santander) Outstanding loans (Bn €) Mln customers Countries of presence (1) Including Cofinoga (2) Of which 17 in Europe ~13 16 ~6 UCI ~15 9 ~8 SoGen Tier I Tier II

8. 8 BUILDING A TIER I EUROPEAN PLAYER IN CONSUMER FINANCING: The ambition From a purely domestic player… … to a Tier 1 European player in the next 5 years setting up foreign branches or subsidiaries Foreign branches Germany … Subsidiaries Bulgaria …

9. 9 BUILDING A TIER I EUROPEAN PLAYER IN CONSUMER FINANCING: Our strategy Leverage existing assets in countries where the Group has a strong retail base Consolidate business from retail banks Increase specialization to enhance risk management and Customer Value Management on ~40 mln customers (1) > 9,000 (1) branches to create in-branch corners Selectively develop alternative channels to accelerate new clients acquisition (global partnerships, third party networks, direct channels) Develop POS financing especially in faster growing CEE with weaker UCI retail positions (1) Including Capitalia and ATF Bank (Kazakhstan)

10. 10 14% Source: UCFin, Eurofinas, ING, NBP, National Banks, BCG Analysis 41% Poland 3288119 20% 70% 25% 18012921 Ukraine Romania Austria 53% 33% 34% 50% 40% 50% 36% ItalyGermanyRussia Personal loans POS and Automotive financing Revolving cards 3 2 1 Add on across markets/channels Revolving Cards Personal loans Core Business Focus on captive POS/Automotive Selectively by market 2009E stock, Euro bln 5% 16% 14% 3% 60% 57% 56% 20% BUILDING A TIER I EUROPEAN PLAYER IN CONSUMER FINANCING: Our products & markets focus

11. 11 WHAT WE HAVE DONE OVER THE LAST 12 MONTHS Strong boost of Italian operations Developed new countries Developed global platform, competencies and organization “Clarima” Rebranding …while boosting economic and financial results

12. 12 WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: Strong boost of Italian operations Focus of organization, as reference platform Enhancement of risk management supported by new tools (for decision, monitoring, collection) Creation of larger collection factory Improved existing IT platform to support new processes (credit, CRM, commercial) Cost reduction by improving processes efficiency Created 226 specialised corners within UCB branches Organization Products Processes Captive Channel Launched 5 new products (Top, First, SB auto financing, auto insurance, new insurance cards) Optimized CVM on captive client base

13. 13 WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: UCFin Italy focus of organization BoD 10-9- 2007: NEW ORG CHART Legal & Corporate Affairs Direct Marketing & CVM Planning, Administration and Risk Management Business Non Captive Credit Operations CHAIRMAN Board of Directors Loans on Salary Human Resources Business Captive Staff Credit-Dep Cont Bud & R Underwriting Credit Policies, Monitoring & Tools Credit data Quality & Fraud Risk Workout Co-branding Third Party Networks Regional Areas Key Account Automotive GENERAL MANAGER

14. 14 GERMANY: Set up of UCFin German Branch, in March 2007, revolving cards (new product for HVB) launched in the captive channel Full roll out of revolving cards in all HVB branches after pilot successful Personal loans in captive channel under development OTHER EUROPEAN MARKETS: Assessment of market potential and business model in core UCI markets Targeted launch of 2-3 markets set for 2008-2009 Personal loans and POS/Automotive financing as first products to be introduced, revolving cards to follow BULGARIA: NewCo, co-owned by UCFin and Bulbank, set up in 2006, 2% market share in PoS financing Developed and successfully tested CF Corner in 5 Bulbank branches with full UCFin advertising and processes allowing over 50% new client acquisition. Accelerated plan for opening up to 100 corners under development (Gold, Bronze, Silver) WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: New countries developed

15. 15 WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: Creation of a global platform CREDIT RISK Processes and tools re-designed for global expansion GLOBAL IT Set up of a dedicated team within UGIS to serve UCFin needs CAPABILITIES BUILD UP Major recruiting effort undergoing, with addition of global talents from Group and external specialists Strengthening of skills in Operations, HR, CRM, CRO and CFO family in progress Business Development team strengthened

16. 16 WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: Global organization structure and governance HR IT/OP. Business Development Management Committee Finance CRM Italian Market GAPCEE GM Board Risk Management Corporate center, reporting to GM, with responsibility to steer, coordinate and control operations Management system based on 2 “competence lines” and 3 “core platforms” 3 geographical areas Governance Corporate Center Germany Poland Austria Bulgaria Romania ……..

17. 17 TodayToday Italy Germany Bulgaria WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: Company rebranding (1/2) Tomorrow (QI 2008)

18. 18 WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: Company rebranding (2/2) From a (customer) rational standpoint: clarifies the nature of the business (financing) From a (customer) emotional standpoint: it implies support to realize customers’ projects Clearly part of UniCredit Group, of which it shares the values Can be used in all geographical markets and achieve faster visibility and customer recognition Red vs. orange logo: take on UniCredit Group colour and be more distinctive WHY UNICREDIT CONSUMER FINANCING (UCFin)

19. 19 STRONG BOOST OF ECONOMIC PERFORMANCE OF ITALIAN OPERATIONS HAS ALLOWED TO FINANCE INTERNATIONAL DEVELOPMENT SO FAR y/y ch.1H071H06 Outstanding volumes4.6 bn+13.9%4.0 bn Total Revenues145 mln+18.9%122 mlnCost / Income36.4%-220 bp38.6%Pre-tax profit44 mln+269%12 mlnRisk provisions-23.8%-48 mln-63 mlnEVA+9 mlnn.m.-10 mln

20. 20 PLAYBOOK 2008  2-3 new markets  1 new business line (Automotive Large Dealer)  Expansion of shops/corners  Capitalia business integration  Central underwriting and collection process  Revised collection strategies  New credit monitoring board  New CVM process and optimization tool  MIS set-up  Customer satisfaction org. & processes  Completion of global CF org. enhancement  Governance, scope of Joint Ventures  Value sharing rules with banks  Bank SLA framework  Standardized 3Y plan cycle  Corporate rebranding Driver Initiative Country New growth initiatives Build up capab. Corporate / Org. enhanc. … … + …