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UNICREDIT S.P.A. (40/2018) UniCredit Group 2Q18 and 1H18 results

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Please find attached the press release on UniCredit Group 2Q2018 and H12018 financial results.

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    1 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    MILAN , 7 AUGUST 201 8

    UNICREDIT: A PAN -EUROPEAN WINNER
    RESILIENT COMMERCIAL DYNAMICS AND SUCCESS FUL EXECUTION OF TRANSFORM 2019
    DELIVER SUSTAINABLE RESULTS

    2Q1 8 AND 1H18 GROUP RESULTS

    GROUP CORE STRONG PERFORMAN CE : 1H 18 NET PROFIT AT €2.6 BN , UP 4.2 PER CENT VS . 1H 17 ADJUSTED 1, WITH
    ROTE AT 10.9 PER CENT , UP 0.2 P.P. VS . 1H17 ADJUSTED 1. 2Q18 GROUP CORE GROSS NPE RATIO IMPROVING ,
    DOWN 85 BPS Y/Y TO 4.4 PER CENT
    2Q18 GROUP NET PROFIT AT €1.0 BN , DOWN 13. 3 PER CENT VS . 2Q17 ADJUSTED 1, DUE TO HIGHER OTHER
    CHARGES AND PROVISIO NS . SUSTAINED UNDERLYING FINANCIAL PERFORMANC E WITH 2Q18 GROUP NET OPERATING
    PROFIT AT €1.8 BN , UP 7.9 PER CENT Y/Y. 1H18 GROUP ROTE AT 8.7 PER CENT , UP 0.4 P.P. VS . 1H17
    ADJUSTED 1. FY19 GROUP ROTE TARGET >9 PER CENT CONFIRMED
    2Q18 GROUP NET INTEREST AT €2.7 BN (+1.6 PER CENT Q/Q). POSITIVE COMMERCIAL D YNAMICS WITH HIGHER
    LENDING VOLUMES (+ 9.0 BN Q/Q GROUP CORE ) AND POSITIVE NET AUM SALES (+3.2 BN IN 2Q18 GROUP )
    DESPITE CHALLENGING MARKETS . RESILIENT GROUP FEES (-0.3 PER CENT Y/Y) WITH TRANSACTIONAL F EES
    COMPENSATING LOWER I NVESTMENT AND FINANC ING FEES
    2Q18 GROUP COSTS AT €2.7 BN , DOWN 7.0 PER CENT Y/Y AND 2.9 PER CENT Q/Q. BRANCH AND FTE REDUCTION
    AHEAD OF SCHEDULE , ACHIEVED 87 PER CENT OF FTE 2 REDUCTION AND 84 PER CENT OF BRANCH CLOSURE TA RGET S.
    1H18 GROUP COST /INCOME RATIO AT 53.6 PER CENT
    2Q18 GROUP COR AT LOW 45 BPS MAINLY DRIVEN BY NON -RECURRING WRITE -BACKS IN CIB. FY18 GROUP COR
    EXPECTED TO BE BELOW 68 BPS
    2Q18 GROUP GROSS NPE RATIO IMPROVED TO 8.7 PER CENT (-243 BPS Y/Y) WITH GROSS NPE S DOWN €10.2 BN
    Y/Y AND €2.0 BN Q/Q, OF WHICH €1.1 BN DISPOSALS IN 2Q 18 . NON CORE GROSS NPE S AT €22.2 BN IN 2Q18
    WITH FY18 NEW TARGET AT €19 BN
    2Q18 GROUP FULLY LOADED CET1 RATIO AT 12 .51 PER CENT , INCLUDING -35 BPS IMPACT OF FVOCI 3
    PORTFOLIO . FY18 FULLY LOADED CET1 RATIO CONFIRMED BETW EEN 12.3 PER CENT AND 12.6 PER CENT , AT
    CURRENT BTP SPREAD LEVEL S4


    1Group adjusted net profit and RoTE exclude the n et impact of the Pekao disposal ( -€310 m in 2Q17) and the net profit from Pekao and Pi oneer (+€48 m in 1Q17, +€73 m in 2Q17). RoTE calculated at CMD perimeter, taking into account the capital increase and Pekao and Pioneer disposals as of 1 January 2017 . RoTE defined as Return on Tangible Equity (annualised net profit divided by average tangible equity) . 2Full Time Equivalent. 3FVOCI stands for fair value through other comprehensive income. 4As of 29 June 2018, BTP sensitivity: +10 bps parallel shift of BTP asset swap spread has a -3.8 bps (or -€137 m) pre and -2.6 bps (or -€95 m) post tax impact on the fully loaded CET1 ratio (capital) .




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    2Q18 and 1H18 Group Resu lts Press R elease
    UNICREDIT GROUP
    2Q18
    HIGHLIGHTS
    GROUP
     TOTAL REVENUES AT €4.9 BN (-4.3 PER CENT Y/Y, -3.3 PER CENT Q/Q), IMPACTED BY LOWER
    TRADING INCOME AND A €90 M POSITIVE ONE -OFF NET INTEREST ITEM IN 2Q17. NET INTEREST UP
    1.6 PER CENT Q/Q TO €2.7 BN , THANKS TO HIGHER LEN DING VOLUMES AND LOW ER TERM FUNDING
    COSTS . RESILIENT FEES DOWN ONLY 0.3 PER CENT Y/Y, WITH TRANSACTIONAL F EE GROWTH
    OFFSETTING LOWER INVESTMENT AND FINANCING FEES
     LOWER OPERATING COSTS (-7.0 PER CENT Y/Y, -2.9 PER CENT Q/Q) THANKS TO LOWER HR COSTS (-
    7.6 PER CENT Y/Y, -1.4 PER CENT Q/Q) AND NON HR COSTS (-6.0 PER CENT Y/Y, -5.1 PER CENT
    Q/Q), WITH FTE S DOWN 1,725 Q/Q. C/I RATIO AT 53.7 PER CENT (-1.5 P.P. Y/Y, +0.2 P.P. Q/Q)
     LLP S DOWN 23.7 PER CENT Y/Y TO €504 M, MAINLY DRIVEN BY NON -RECURRING WRITE BACK S IN CIB
    LEADING TO A LOW COR OF 45 BPS INCLUDING 5 BPS OF MODELS IMPACT
     NET OPERATING PROFIT AT €1.8 BN , UP 7.9 PER CENT Y/Y AND NET PROFIT AT €1.0 BN , DOWN 13.3
    PER CENT VS . 2Q17 ADJUSTED , MAINLY DUE TO HIGHER OTHER CHARGES AND PROVISIO NS
     CEE AND COMMERCIAL BANKING ITALY MAIN CONTRIBUTO RS TO NET PROFIT
    GROUP CORE
     NET PROFIT AT €1.3 BN , DOWN 6.4 PER CENT VS. 2Q17 ADJUSTED
    1H18
    HIGHLIGHTS
    GROUP
     REVENUES AT €10.1 BN (-2.5 PER CENT H/H) WITH NII DOWN 1.7 PER CENT H/H DUE TO PRESSURE
    ON CUSTOMER LOAN RATES AND TRADING IN COME DOWN 23.2 PER CENT H/H DUE AN UNFAVOURABLE
    MARKET ENVIRONMENT IN 2Q18 . FEES INCREASED 1.3 PER CENT H/H THANKS TO POSITIVE N ET AUM
    SALES AND TRANSACTIO NAL SERVICES
     OPERATING EXPENSES DO WN 6.1 PER CENT H/H TO €5.4 BN IN 1H18 WITH LOWER C/I RATIO AT
    53.6 PER CENT (-2.0 P.P. H/H) . FY18 C/I RATIO TARGET CONFIRM ED BELOW 55 PER CENT
     IMPROVED LLP AT €1.0 BN (-29.9 PER CENT H/H) WITH LOW COR AT 45 BPS , INCLUDING 2 BPS
    MODELS CHANGE . FY18 COR EXPECTED TO BE BELOW 68 BPS
     NET PROFIT OF €2.1 BN , UP 4.7 PER CENT VS. 1H17 ADJUSTED WITH SOUND OPERATING
    PERFORMANCE FROM ALL DIVISIONS
     1H18 ROTE AT 8.7 PER CENT (+0.4 P.P. VS. 1H17 ADJUSTED ). CONFIRMED FY19 ROTE TARGET
    ABOVE 9 PER CENT
    GROUP CORE
     GROUP CORE NET PROFIT AT €2.6 BN (+4. 2 PER CENT VS. 1H17 ADJUSTED ) WITH A ROTE OF 10.9
    PER CENT (+0.2 P.P. VS. 1H17 ADJUSTED ). FY1 9 ROTE TARGET CONFIRMED ABO VE 10 PER CENT
    CAPITAL
     GROUP F ULLY LOADED CET1 RATIO AT 12.51 PER CENT IN 2Q18, INCLUDING -35 BPS IMPACT OF
    FVOCI PORTFOLIO
     GROUP F ULLY LOADED LEVERAGE RATIO AT 5.20 PER CENT IN 2Q18
    ASSET
    QUALITY
     GROUP GROSS NPE 5 RATIO IMPROVED 243 BPS Y/Y TO 8.7 PER CENT IN 2Q18, WITH A COVERAGE
    RATIO OF 60.9 PER CENT
     TOTAL GROUP DISPOSALS OF €1.1 BN IN 2Q18 AND €1.4 BN IN 1H18
     GROUP CORE GROSS NPE RATIO IMPROVED 85 BPS Y/Y TO 4.4 PER CENT IN 2Q18, WITH A
    COVERAGE RATIO OF 58.2 PER CENT

    5NPEs: Non Performing Exposures. The perimeter of Non Performing Loans is equivalent to the perimeter of EBA non performing exposures. NPEs are broken down in bad exposures, unlikely -to-pay and past due.




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    2Q18 and 1H18 Group Resu lts Press R elease
     NON CORE G ROSS NPE S DOWN €7.5 BN Y/Y TO €22.2 BN IN 2Q18 WIT H A COVERAGE RATIO OF
    63.4 PER CENT
    TRANSFORM
    2019 UPDATE
     GROUP FULLY LOADED CET1 RATIO CONFIRMED BETW EEN 12.3 PER CENT AND 12.6 PER CENT AT THE
    END OF 2018 AND ABOVE 12.5 PER CENT AT THE END OF 2019 , AT THE CURRENT BTP SPREAD
    LEVE LS4
     ACCELERATED NON CORE RUNDOWN PRO GRESSING AS PLANNED . NEW G ROSS NPE TARGET AT €19 BN
    AT THE END OF 2018
     OPERATING MODEL TRANS FORMATION AHEAD OF S CHEDULE , WITH 84 PER CENT OF PLANNED
    BRANCH CLOSURES AND 87 PER CENT OF FTE REDUCTION TARGET S ACHIEVED
     STRATEGIC COMMERCIAL INITIATIVES ONGOING AND E2E PROCESS REDESIGN IN PROGRESS

    Milan, 7 August 201 8: on 6 August 2018 , the Board of Directors of UniCredit S.p.A . approved the Group’s 2Q18
    and 1H18 consolidated financial accounts as of 30 June 201 8.
    Jean Pierre Mustier, Chief Executive Officer of UniCredit S.p.A., commenting on the 2Q1 8 and 1H18 Group
    results:
    “The UniCredit team has delivered another very solid set of results in the first half of 2018 despite a more
    challenging market and geopolitical context. We remain confident in the European and Italian economy and
    their strong under lying fundamentals. UniCredit continues to finance the real economy where it operates.
    The ongoing successful execution of Transform 2019 underpins the resilient commercial dynamics we enjoyed
    across the Group in the second quarter: net interest is up by 1 .6 per cent to 2.7 billion euro, lending volumes
    increased by 9 billion euro in Group Core and we saw AuM net sales of an additional 3.2 billion euro.
    Thanks to the decisive actions we are continuously taking to de -risk the Group, our Group Core gross NPE ratio
    at the end of the second quarter dropped by 85 bps year on year to 4.4 per cent.
    In terms of our accelerated Non Core rundown, our end 2018 objective is to reach 19 billion euro from 22.2
    billion at the end of Q2 .
    By the end of this year, we expect to be close to finalising the announced Transform 2019 branch closures in
    Western Europe as well as the planned FTE reductions.”




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    2Q18 and 1H18 Group Resu lts Press R elease
    TRANSFORM 2019 UPDATE
    Transform 2019 is fully on track and is delivering sustainable results, underpinned by resilient commercial
    dynamics :

     Strengthen and optimise capital: strong capital position in 2Q18 with Group fully loaded CET1 ratio at
    12.51 per cent (-56 bps Q/Q), including -35 bps impact of FVOCI portfolio .

     Improve asset quality: the Group balance sheet de -risking continued during the second quarter with gross
    NPEs further down to €42.6 bn in 2Q18 from €44.6 bn in 1Q18. Group gross NPE ratio improved 243 bps
    Y/Y to 8.7 per cent in 2Q18, with a solid coverage ratio of 60.9 per cent . Gross NPE disposals contributed
    €1.1 bn in 2Q18 and € 1.4 bn in 1H18 .
    Group Core gross NPEs dropped to €20.4 bn while gross NPE ratio improved 85 bps Y/Y to 4.4 per cent in
    2Q18. The coverage ratio remained solid at 58.2 per cent.
    Non Core rundown is progressing as planned, with gross NPEs were further down €7.5 bn Y/Y to €22.2 bn in
    2Q18, including € 0.5 bn of disposals (€0. 6 bn in 1H18) . By the end of 2018, total gross NPEs are expected
    to be down to €19 bn with a target of €2 bn disposals .

     Transform operating model: the transformation of the operating model is ahead of schedule. Since
    December 2015:
     790 branches have been closed in Western Europe (of which 58 closed in 2Q18), corresponding to 84
    per cent of the 944 planned closures by 2019 6;
     FTEs have been reduced by 12,311 (of which 1,725 FTEs in 2Q 18), corresponding to 87 per cent of the
    14 ,000 planned reductions by 2019 .

     Maximi se commercial bank value : commercial i nitiatives are in place across the whole Group , delivering
    tangible results . In particular , during the second quarter of 2018 :
     two strategic Bancassurance partnerships signed with Allianz and Generali in CEE;
     UniCredit is the first bank to offer cross -border instant payment s. E xecute d the first transaction on a
    blockchain trade platform of which UniCredit is a founding partner;
     new partnership with Meniga, the global leader in digital banking solutions, to further strengthen the
    Group’s offering with new digital services and to improve digital customer experience, starting with
    Italy and Serbia;
     new partnership signed with Poste Italiane for the distribution of financial products in the consumer
    credit market in Italy ;
     remote sales 7 of total bank sales 8 in Italy increased 6.1 p.p. Y/Y, reaching 23.5 per cent in 2Q18;
     mobile user penetration 9 improved by 2.1 p.p. Q/Q to 36 per cent in CEE;
     following the successful execution of the E2E process redesign of eleven products 10, t wo additional
    products 11 were launched in Italy with a t otal of thirteen E2E redesigns running in parallel ; the E2E
    redesign program me was also successfully extended to Germany.

    6Retail branches in Italy, Germany and Austria as indicated during the CMD . 7Transactions concluded through ATM, online, mobile or contact centr e. 8Percentage of remote sales calculated on total bank products that have a direct selling process . 9Including Yapi at 100 per cent . Ratio defined as number of retail mobile users as perce ntage of active customers. 10Current accounts, credit cards, receivable financing, residential mortgages, advisory, A uM, corporate mortgages , debit cards , online banking, deposits & withdrawals and Bancassurance . 11Checks and AuC .




    5 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    In 1H18, UniCredit confirmed its top position for debt financing, by ranking:
     #1 in “All Bonds” (Italy and Germany) and in “All Syndicated Loans” (Italy, CEE and Austria);
     #2 in “All Bonds in EMEA EUR” by number of transactions and in “All Syndicated Loans” (Germany );
     #3 in “All Bonds in EMEA EUR” and in “All Syndicated Loans in EMEA EUR”.

    Moreover, the strength of the fully plugged -in CIB platform and the strong mid -corporate footprint was
    further underlined by ranking #1 in “Financial Advisory” by number of transactions in Italy, Germany and
    CEE, and #1 in “Commodity Finance in EMEA” 12.

     Adopt a lean but steering Group Corporate Centre (GCC) : the weight of G CC of total costs was 3.4 per
    cent in 1 H18, down 0.5 p.p. H/H (compared to 5.2 per cent as of December 2015 13). T he 2019 target of 3. 6
    per cent 14 is confirmed .


    12All league tables were based on Dealogic as of 4 July 2018. Period: 1 Jan. – 30 Jun . 2018. Rankings by volume unless otherwise stated. Corporate Finance Advisory rankings: source Mergermarket (1 Jan – 30 June 2018, by n umber of deals, excluding accounting firms) . 13FY15 actual recasted as of June 2018 , previously 5.1 per cent . 14FY1 9 target recasted as of June 2018 , previously 3.5 per cent .




    6 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    UNICREDIT GROUP CONSOLIDATED RESULTS
    Note : Group adjusted net profit and RoTE exclude the net impact of the Pekao disposal (-€310 m in 2Q17 ) and the net profit fr om Pekao and Pio neer (+€48 m in 1Q17, +€73 m in 2Q17) . RoTE calculated at CMD perimeter, taking into account the capital increase and Pekao and Pioneer disposals as of 1 January 2017 .
    Revenues were down 4.3 per cent Y/Y to €4.9 bn in 2Q18 (-3.3 per cent Q/Q ) mainly due to lower trading (-28.5
    per cent Y/Y) and a €90 m positive release of a tax provision in 2Q17 NII in Commercial Banking Germany . The
    main contributions came from Commercial Banking Italy, CEE and CIB. 1H 18 revenue s reached €10. 1 bn (-2.5
    per cent H/H) .
    Net interest income (NII) 15 was up 1.6 per cent Q/Q to €2.7 bn in 2Q18 (-2.6 per cent Y/Y ) thanks to higher
    lending volumes (+€ 28 m Q/Q) and lower cost of term funding (+€23 m Q/Q) compensating ongoing pressure
    on customer rates (-€23 m Q/Q) . Excluding the positive release of €90 m in 2Q17, NII was stable H/H at €5.3 bn
    in 1H18.
    Net interest margin 16 decreased from 1. 47 per cent in 1Q18 to 1.42 per cent in 2Q18.
    Group c ustomer loans 17 were €422.9 bn as of the end of June 2018 (+2.9 per cent Y/Y, +1.9 per cent Q/Q) .
    Group Core customer loans were up € 9.0 bn Q/Q to € 412.9 bn. Main contributors to Group Core customer loans
    were Commercial Banking Italy (€1 41.4 bn), Commercial Banking Germany (€83 .2 bn) and CIB (€ 76.3 bn).
    Group c ustomer deposits 18 increased to €41 3.8 bn at the end of June 2018 (+4.8 per cent Y/Y, +0.5 per cent
    Q/Q ). The main contribut ors were Commercial Bank ing Italy (€14 5.0 bn ), Commercial Bank ing Germany (€89 .2
    bn ) and CEE (€62.4 bn ).
    Customer loan rates were down 3 bp s Q/Q at 2.64 per cent in 2Q18 and down 10 bps Y/Y .
    Dividends and other income 19 were €180 m in 2Q18 (-1.8 per cent Y/Y, -5.1 per cent Q/Q). Yapi contribution
    was up 27.9 per cent Y/Y at constant FX , while down 3.4 per cent at current FX , considering the depreciation of
    Turkish Lira .
    Fees and commissions 20 were down only 0.3 per cent Y/Y to €1.7 bn in 2Q18 (-1.4 per cent Q/Q) . In particular:

    15Net contribution from hedging strategy of non -maturity deposits in 2Q18 at € 376 m ( -€3.5 m Y/Y, -€1.9 m Q/Q). 16Net interest margin calculated as interest income divided by interest earning assets minus interest expenses divided by interest bearing liabilities. 17End of period accounting volumes calculated excluding repos and, for divisions, excluding also intercompany i tems. Accounting customer loans including repos amounted to €458.8 bn as of 30 June 2018 (+4.1 per cent Y/Y, +3.8 per cent Q/Q). 18End of period accounting volumes calculated excluding repos and for divisions, also excluding intercompany items. Accounting customer deposits including repos amounted to €456.1 bn as of 30 June 2018 (+5.3 per cent Y/Y, -0.2 per cent Q/Q). 19Include dividends and equity investments. The entities belonging to Koc/Yapi Kredi Group are evaluated according to the equity method (dividend line of the Group P&L based on managerial view ) under the accounting perimeter and proportionally consolidated under the regulatory perimeter . 20All 2017 figures have been restated for the consolidation effects arising from the intercompany fees r elating to Bank Pekao and Pioneer, which until 2Q17 were classified as held for sale, in accordance with IFRS5. (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total Revenues 10,323 10,061 -2.5% 5,172 5,114 4,947 -4.3% -3.3%
    Operating costs -5,744 -5,396 -6.1% -2,858 -2,738 -2,659 -7.0% -2.9%
    LLP -1,427 -1,000 -29.9% -661 -496 -504 -23.7% +1.5%
    Net profit 1,853 2,136 +15.3% 945 1,112 1,024 +8.3% -7.9%
    Adjusted net profit 2,041 2,136 +4.7% 1,182 1,112 1,024 -13.3% -7.9%
    Fully loaded CET1 ratio 12.80% 12.51% -0.3 p.p. 12.80% 13.06% 12.51% -0.3 p.p. -0.6 p.p.
    Adjusted RoTE 8.3% 8.7% +0.4 p.p. 9.5% 8.9% 8.5% -1.0 p.p. -0.4 p.p.
    Loans (excl. repos) - bn 411 423 +2.9% 411 415 423 +2.9% +1.9%
    Gross NPE - bn 53 43 -19.3% 53 45 43 -19.3% -4.4%
    Deposits (excl. repos)- bn 395 414 4.8% 395 412 414 +4.8% +0.5%
    Cost/income 55.6% 53.6% -2.0 p.p. 55.3% 53.5% 53.7% -1.5 p.p. +0.2 p.p.
    Cost of risk (bps) 65 45 -20 60 45 45 -15 +0




    7 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
     the contribution from investment fees was €708 m in 2Q18 (-3.4 per cent Y/Y , -3.1 per cent Q/Q ), with
    higher AuM management fees only partially offsetting lower up -front fees ;
     financing fees were €42 4 m in 2Q18, down 6.9 per cent Y/Y (-0.9 per cent Q/Q), mainly due to lower fees
    in Capital Markets and guarantees in CEE ;
     transactional fees amounted to € 594 m in 2Q18 , up 9.6 per cent Y/Y (+0.4 per cent Q/Q) thanks to current
    account and card services .
    Fees and commissions were up 1.3 per cent H/H to €3.5 bn in 1H18 thanks to positive AuM net sales and
    transactional fees .
    Total Financial Assets ( TFA )21 rose €26.3 bn Y/Y reaching €820.5 bn as of 30 June 201 8 (+€5.1 bn Q/Q) .
     Assets under Management ( AuM ) performed well during the quarter reaching €219.9 bn , up €12.5 bn Y/Y
    thanks to sustained commercial dynamics mainly in Commercial Banking Italy (+€6.4 bn Y/Y) . In particular,
    the AuM/TFA ratio in Commercial Banking Italy increased 1.2 p.p. Y/Y to 37.1 per cent as of end of June
    2018 as AuC were transformed into AuM . Group n et sales wer e €3. 2 bn in 2Q18 , despite a challenging
    market .
     Assets under Custody (AuC) decreased to € 19 4.9 bn in 2Q18 (-€8.6 bn Y/Y ), mainly in Commercial
    Banking Italy (-€11.0 bn Y/Y) .
     Deposits were €40 5.7 bn in 2Q18 , up €22.4 bn Y/Y sustained by positive dynamics mainly in Commercial
    Banking Italy (+€11.0 bn Y/Y) and Commercial Banking Germany (+€6.7 bn Y/Y) .
    Trading income totalled € 331 m in 2Q18 , down 28.5 per cent Y/Y and 30.8 per cent Q/Q due to lower client
    activity in an unfavourable market environment . Client driven share of trading includ ed positive valuation
    adjustments 22 of € 31 m (+€23 m in 2Q17 , +€ 67 m in 1Q18 ). Trading income at €809 m in 1H18 ( -23.2 per
    cent H/H).
    Operating costs were down to €2.7 bn in 2Q18 (-7.0 per cent Y/Y , -2.9 per cent Q/Q ), ahead of schedule . In
    particular:
     HR expenses were down to €1.6 bn in 2Q18 , decreasing 7.6 per cent Y/Y and 1.4 per cent Q/Q , driven by
    FTE reduction ;
     Non HR costs 23 were €1.0 bn in 2Q18 , down 6.0 per cent Y/Y thanks to lower consulting, sponsorship and
    real estate expenses .
    The number of employees reached 88 ,640 in 2 Q18 , down by 1,725 FTE s Q/Q and down 12,31 2 FTEs since
    December 2015, reaching 87 per cent of the 14 k planned reductions by 2019. B ranch closures were ahead of
    schedule , with a decrease of 61 units Q/Q to 4,698 in 2Q18 (of which 3,019 in Western Europe and 1,679 in
    CEE) 24 and down by 790 branches in Western Europe s ince December 2015, corresponding to 84 per cent of
    944 planned closures by 2019 . C/I ratio was down at 53.6 per cent in 1H 18 (-2.0 p.p. H/H ). FY18 C/I ratio target
    is confirmed at below 55 per cent.
    Operating costs were €5.4 bn in 1H18 ( -6.1 per cent H/H), ahead of schedule. FY18 total cost s are expected to
    be below €11.0 bn target , FY19 target confirmed at €10.6 bn .
    Gross operating profit totalled € 2.3 bn in 2Q18 (-1.1 per cent Y/Y , -3.7 per cent Q/Q ) and €4.7 bn in 1H18
    (+1.9 per cent H/H) .

    21It refers to Group c ommercial TFA. Non -commercial elements, e.g. Group Corporate Centre, Non Core, Leasing/Fa ctoring and Market Counterparts are excluded. Numbers are managerial figures. 22Collateral valuation adjustments (OIS), Debt/Credit Value Adjustment (DVA/CVA), Fair Value Adjustment and Funding Valuation Adjustment (FVA). 23Non HR costs include “other administrative expenses”, “recovery of expenses” and “amortisation, depreciation and impairment losses on intangible and tangible assets”. 24Branch figures consistent with CMD perimeter.




    8 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    LLP s amounted to € 504 m in 2Q18 (-23.7 per cent Y/Y , +1.5 per cent Q/Q ) mainly driven by non -recurring write
    backs in CIB and to €1.0 bn in 1H18 ( -29.9 per cent H/H ). CoR was 45 bps in 1H18 , including 2 bps of model s
    change (5 bps in 2Q18) . FY18 CoR is expected to be below 68 bps .
    Net operating profit was €1.8 bn in 2Q18 (+7.9 per cent Y/Y, -5.1 per cent Q/Q) and €3.7 bn in 1H18 (+16.3
    per cent H/H) thanks to sustained underly ing commercial performance and strict cost and risk discipline.
    Other charges and provisions totalled € 662 m in 2Q18 (+27.5 per cent Q/Q ), due to some non -recurring items
    and higher systemic charges . Other charges and provisions were €1.2 bn in 1H18 (+97.5 per cent H/H).
    Income tax was €258 m in 2Q18 (+81.0 per cent Y/Y, +17.1 per cent Q/Q) and €479 m in 1H18 (+32.3 per cent
    H/H).
    The good performance across all business divisions led to a Group net profit of €1.0 bn in 2Q18 (-13. 3 per cent
    vs . 2Q17 adjusted , -7.9 per cent Q/Q) . Positive operating performance in 2Q18 was registered across all
    divisions, with CEE and Commercial Banking Italy as the main contributors (net profit of €472 m and €369 m
    respectively). Group net profit at €2.1 bn in 1H18 ( +4. 7 per cent vs . 1H17 adjusted ) with a RoTE of 8.7 per cent.
    GROUP CORE

    Note : Group adjusted net profit and RoTE exclude the net impact of the Pekao disposal ( -€310 m in 2Q17) and the net profit f rom Pekao and Pi oneer (+€48 m in 1Q17, +€73 m in 2Q17). RoTE calculated at CMD perimeter, taking into account the capital increase and Pekao and Pioneer disposals a of 1 January 2017 .
    Group Core revenues were €5.0 bn in 2 Q18 ( -3.9 per cent Y/Y, -3.4 per cent Q/Q ), mainly due to lower trading
    income (-27.1 per cent Y/Y) and a €90 m positive release from a one -off tax provision in 2Q17 NII in
    Commercial Banking Germany. 1H18 revenues amounted to €10.1 bn ( -1.9 per cent H/H).
    Costs were down to €2.6 bn in 2Q18 (-6.9 per cent Y/Y, -2.4 per cent Q/Q) and amounted to € 5.3 bn in 1H18 ( -
    5.9 per cent H/H) . C/I ratio was down to 5 3.0 per cent in 1H18 (-2.3 p.p. H/H ).
    LLPs down to €116 m in 2Q18 (-65.7 per cent Y/Y, -68.7 per cent Q/Q ) mainly driven by non -recurring write
    backs in CIB and to € 487 m in 1H18 ( -41.8 per cent) . 1H18 C oR at 22 bps .
    Group Core net operating profi t was €2.2 bn in 2Q18 (+11.1 per cent Y/Y, +7.1 per cent Q/Q) and €4.3 bn in
    1H18 (+13.1 per cent H/H).
    Group Core net profit was €1.3 bn in 2Q18 (-6.4 per cent vs . 2Q17 adjusted , + 4.3 per cent Q/Q ) and €2.6 bn in
    1H18 (+4. 2 per cent vs . 1H17 adjusted ) with a RoTE of 10.9 per cent (+0.2 p.p. vs . 1H17 adjusted ). FY19 Group
    Core RoTE target is confirmed above 10 per cent. (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues 10,283 10,089 -1.9% 5,156 5,132 4,957 -3.9% -3.4%
    Gross operating profit 4,600 4,743 +3.1% 2,319 2,426 2,317 -0.1% -4.5%
    Net operating profit 3,764 4,256 +13.1% 1,981 2,056 2,201 +11.1% +7.1%
    Net profit 2,275 2,566 +12.8% 1,164 1,256 1,310 +12.6% +4.3%
    Adjusted net profit 2,464 2,566 +4.2% 1,400 1,256 1,310 -6.4% +4.3%
    Adjusted RoTE 10.7% 10.9% +0.2 p.p. 12.0% 10.5% 11.3% -0.7 p.p. +0.8 p.p.
    Cost/income 55.3% 53.0% -2.3 p.p. 55.0% 52.7% 53.3% -1.8 p.p. +0.5 p.p.
    Cost of risk (bps) 40 22 -17 32 35 11 -21 -24
    Gross NPE ratio 5.3% 4.4% -85 bps 5.3% 4.7% 4.4% -85 bps -29 bps




    9 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    ASSET QUALITY
    Group gross NPEs were down 19.3 per cent Y/Y and 4.4 per cent Q/Q to €42.6 bn, with an improved gross NPE
    ratio of 8.7 per cent in 2Q18 ( -243 bps Y/Y, -71 bps Q/Q). Net NPEs decreased to €16.7 bn in 2Q18 ( -27.5 per
    cent Y/Y, -5.9 per cent Q/Q) with net NPE ratio at 3.6 per cent in 2Q18 ( -158 bps Y/Y, -37 bps Q/Q). The
    coverage ratio increased to 60.9 per cent in 2Q 18 (+ 441 bps Y/Y, +61 bps Q/Q). Group gross NPE disposals
    reached € 1.1 bn in 2Q18 of which €0. 5 bn was in Non Core and €1. 4 bn in 1H18 of which €0. 6 bn in Non Core.
    Group gross bad loans were further down at €24.1 bn in 2Q18 ( -19.5 per cent Y/Y, -4.4 per cent Q/Q) with a
    coverage ratio at 73.5 per cent (+ 701 bps Y/Y, + 49 bps Q/Q). Group gross unlikely to pay decreased to €17.5
    bn ( -18.9 per cent Y/Y, -4.5 per cent Q/Q), with a coverage ra tio of 45.1 per cent (+ 116 bps Y/Y, + 94 bps Q/Q).
    Group past due loans declined to €1.0 bn in 2Q18 ( -22.6 per cent Y/Y, -3.4 per cent Q/Q) with a coverage ratio
    at 34.0 per cent.
    The ongoing de -risking in Group Core continued with gross NPEs down to €20.4 bn in 2Q18 ( -11.6 per cent Y/Y,
    -2.4 per cent Q/Q) and gross NPE ratio improved to 4.4 per cent ( -85 bps Y/Y, -29 bps Q/Q). Coverage ratio was
    58.2 per cent (+ 240 bps Y/Y, + 25 bps Q/Q). Gross bad loans further decreased to €10.3 bn in 2Q18 ( -10.2 per
    cent Y/Y, -1.9 per cent Q/Q) with a coverage ratio of 71.4 per cent (+ 143 bps Y/Y, -46 bps Q/Q). Gross unlikely to
    pay amounted to €9.2 bn in 2Q18 ( -12.3 per cent Y/Y, -3.0 per cent Q/Q) with a coverage ratio of 45.7 per cent.
    Infl ows from performing loans to NPE s amounted to €1.4 bn in 2Q18 . The default rate stood at 1.4 per cent in
    2Q18 , up from 1.3 per cent in 2Q1 7, mainly due to some single names in CEE . T he cure rate 25 amounted to
    10.6 per cent in 2Q18 (+1.6 p.p. Q/Q ). Unlikely to pay migrating to bad loans at €460 m in 2Q18 , from € 433 m
    in 1Q1 8.
    Commercial Banking Italy gross NPEs stood at €9.5 bn in 2Q18 (+0.3 per cent Y/Y, +0.7 per cent Q/Q), with a
    gross NPE ratio at 6.4 per cent ( -20 bps Y/Y, -14 bps Q/Q) and a coverage ratio at 55.5 per cent. Net NPEs were
    €4.2 bn with a net NPE ratio down to 3.0 per cent in 2Q18. Gross bad loans were €4.7 bn (+3.5 per cent Y/Y,
    +3.0 per cent Q/Q) with a coverage ratio of 71.4 per cent in 2Q18. Gross unlikely to pay exposures were €4.2 bn
    (-2.4 per cent Y/Y, -1.4 per cent Q/Q) with a cove rage ratio of 41.7 per cent in 2 Q18 .
    Inflows to NPE s in Commercial Banking Italy amounted to €686 m in 2Q18 , with a stable Q/Q default rate at
    2.1 per cent . Unlikely to pay migrat ing to bad loans at €3 09 m in 2Q18 , from € 347 m in 1Q18.
    Non Core rundown is progressing well with gross NPE s down to €22.2 bn in 2Q18 ( -€7.5 bn Y/Y, -€1.5 bn Q/Q).
    In 2Q18, the improvement in the Non Core gross NPE s was supported by: i) write -offs of € 0.6 bn , ii) recoveries
    of €0.3 bn, i ii) disposals of € 0.5 bn, and iv) back to Group Core of €0. 2 bn. Net NPE s down to €8.1 bn in 2Q18 ( -
    €4.6 bn Y/Y, -€0.8 bn Q/Q). NPE coverage ratio stood at 63.4 per cent in 2Q18 (+ 637 bps Y/Y, + 102 bps Q/Q).
    By the end of 201 8, total gross NPEs are expected to be down to €19 bn 26 with a disposal target of €2 bn . FY 19
    gross NPE target is confirmed at €14.9 bn.

    25Back to performing (annualised) divided by the stock of NPEs at the beginning of the period . 26Already below initial target of €19.2 bn for FY19 given at CMD16 .




    10 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    CAPITAL & FUNDING
    The Group fully loaded CET1 ratio was down 5 6 bps Q/Q to 12.51 per cent in 2Q18 , including -35 bps impact
    form FVOCI portfolio .
    During the quarter, fully loaded CET1 ratio benefitted from earning s generation (+29 bps Q/Q) compensated by
    dividend accrual and AT1 / CASHES coupon payments 27 (-10 bps), valuation reserves ( -48 bps) and higher RWA
    (-26 bps) .
    Fully loaded CET1 ratio target for year end 2018 confirmed between 12. 3 per cent and 12. 6 per cent 28 as the
    negative impact from BTP spread widening is compensat ed by partial slippage of impact from models,
    procyclicality and the anticipation of EBA guidelines to 1Q19 . F or year end 2019 , fully loaded CET1 ratio target
    above 12.5 per cent , assuming BTP spreads remain at the current level s29.
    In 2Q18 , transitional 30 capital ratios were: CET1 12.57 per cent , Tier 1 14.12 per cent and total 16.42 per
    cent. All ratios are confirmed well above capital requirements 31.
    RWA totalled € 360.7 bn in 2Q18 increasing by €7.4 bn since March 201 8. In particular, c redit RWA 32 were up
    €7.3 bn in the quarter to €313.3 bn in 2Q18, mainly affected by business evolution (+€8.0 bn Q/ Q), regulation,
    procyclicality & models (+€ 0.6 bn) and FX effect and other credit risks (+€0.7 bn) . These items were offset by
    business actions ( -€1.9 bn Q/Q) . Market RWA were up €1.0 bn Q/Q to €16.1 bn, due to higher market volatility
    during the quarter . Operational RWA were down t o €31.3 bn in 2 Q18 ( -€0. 9 bn Q/Q ).
    Fully loaded leverage ratio at 5.20 per cent in 2Q18 (+1 1 bps Y/Y , -15 bps Q/Q ). Transitional leverage ratio
    at 5.33 per cent in 2Q18 (+7 bps Y/Y , -15 bps Q/Q ).
    Funding plan 201 8 executed for €8.7 bn by the end of July . TLTRO II overall outstanding amount is equal to
    €51.2 bn on a consolidated basis 33.


    27Dividend payout of 20 per cent in 2018. Coupons paid in 2Q18: on AT1 instruments equal to € 95 m net of tax and on CASHES equal to € 30 m. 28Please refer to footnote 4 . 29Please refer to footno te 4 . 30The transitional adjustments applicable for 2018 refer to: (I) 20 per cent for the actuarial losses calculated according to CRR Article 473 (40 per cent for 2017); (II) 40 per cent of the phase -out limit for the Additional Tier 1 and Tier 2 capital instruments subject to Grandfathering in coherence with CRR article 486 (50 per cent for 2017) . 31Transitional capital requirements and buffers for UniCredit Group as of 30 June 2018 (rounded figures) : 9.16 per cent CET1 ratio (4.5 0 per cent P1 + 2.00 per cent P2 + 2.66 per cent combined capital buffer); 10. 66 per cent T1 ratio (6 .00 per cent P1 + 2.0 0 per cent P2 + 2.66 per cent combined capital buffer); 12. 66 per cent Total Capital ratio (8 .00 per cent P1 + 2.00 per cent P2 + 2.66 per cent combined capita l buffer). 32Business evolution : changes related to loan evolution. Business actions : initiatives to proactively decrease RWA (e.g. securitisations, changes in collaterals ). Models : methodological changes to existing or new models. Procyclicality : change in macro -economic framework or client's credit worthiness. Regulation : changes in regulation. FX: impact from exposures to foreign currencies . 33Breakdown by country: €33.6 bn have been taken in Italy, €12.6 bn in Germany, €4.0 bn in Austria, €0.9 bn in CEE .




    11 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    DIVISIONAL QUARTER LY HIGHLIGHTS 34
    COMMERCIAL BANKING ITALY

    Revenues were €1.9 bn in 2Q18, down 3.8 per cent Y/Y and 1 .0 per cent Q/Q. NII reached €873 m in 2Q18 ( -3.3
    per cent Q/Q) affected by ongoing ma rket pressure on customer rates partially offset by increased loan
    volumes. Solid performance in lending activity with new loan production at € 7.2 bn in 2Q18 (+22.0 per cent
    Q/Q) driven by corporates and retail (mortgages and personal loans). Fee generation was up 0.9 per cent Y/Y
    and up 0.4 per cent Q/Q to €979 m in 2Q18, thanks to sustained transactional fee growth (+14.9 per cent Y/Y,
    +3.1 per cent Q/Q). AuM net sales reach ed € 1.1 bn in 2Q18 in a challenging market with AuM stock up 5.3 per
    cent Y/Y to € 127.4 bn. Revenues were €3.8 bn in 1H18 ( -1.5 per cent H/H).
    92 k gross new clients in 2Q18 (+ 4.9 per cent Y/Y), supported by the transformation of the Italian network which
    saw a further 58 branches close during the quarter.
    Operating costs were down to €1.0 bn in 2Q18 ( -7.4 per cent Y/Y, -1.6 per cent Q/Q) mainly thanks to HR cost
    reduction (-8.5 pe r cent Y/Y, -2.2 per cent Q/Q) related to lower FTEs. Cost savings on track in 1H18 at €2.1 bn (-
    6.7 per cent H/H) with C/I ratio down 3.1 p.p. H/H to 55.7 per cent in 1H18 .
    LLPs amounted to €211 m in 2Q18 ( -11.1 per cent Y/Y, -3.8 per cent Q/Q) reflecting the positive asset quality
    trends and the conservative approach to NPE s. LLPs amounted to €431 m in 1H18 ( -11.8 per cent H/H) with a
    CoR at 62 bps ( -10 bps H/H), with limited m odels impact (2 bps in 2Q18 ).
    The disciplined execution of Transform 2019 is driving the business turnaround with a net operating profit at
    €618 m in 2Q18, up 6.2 per cent Y/Y and up 1.1 per cent Q/Q and at € 1.2 bn in 1H18 (+14.0 per cent H/H) .
    Commercial Banking Italy net profit reached €369 m in 2Q18 and €748 m in 1H18 (+17.4 per cent H/H) with a
    Return on Allocated Capital (RoAC) of 14.0 per cent.


    34Please consider that (i) all divisional figures in “Divisional Quarterly Highlights” represent the contribution of each division to Group data ; (ii) Return on Allocated Capital (RoAC) related to each division and showed in this section is calcu lated as: annualised net profit / allocated capital. Allocated capital based on RWA equivalent figures calculated with a CET1 ratio target of 12.5 per cent as for plan horizon, including deductions for shortfall and secu ritisations ; (iii) new loan production for all divisions is a managerial figure (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues 3,808 3,751 -1.5% 1,940 1,884 1,867 -3.8% -1.0%
    Gross operating profit 1,567 1,660 +5.9% 819 831 829 +1.2% -0.2%
    Net operating profit 1,078 1,229 +14.0% 582 611 618 +6.2% +1.1%
    Net profit 637 748 +17.4% 325 379 369 +13.4% -2.7%
    RoAC 12.7% 14.0% +1.2 p.p. 12.8% 14.2% 13.7% +0.8 p.p. -0.6 p.p.
    Cost/income 58.9% 55.7% -3.1 p.p. 57.8% 55.9% 55.6% -2.2 p.p. -0.3 p.p.
    Cost of risk (bps) 72 62 -10 70 64 61 -9 -3




    12 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    COMMERCIAL BANK ING GERMANY

    Revenues at €621 m were slightly down 2.2 per cen t Q/Q and decreasing 15 .0 per cent Y/Y . NII was up 4.1 per
    cent Q/Q to €37 8 m in 2 Q18 , thanks to stabilising loan volumes and rates . NII was down 3.2 per cent Y/Y
    excluding a €90 m positive release from a one -off tax provision in 2Q17. New loan production wa s €4.9 bn in
    2Q18 , up 10.6 per cent Q/Q mainly driven by corporates . Fees at € 19 0 m in 2 Q18, up 1.6 per cent Y/Y thanks to
    higher contribution from AuM products (+7.8 per cent Y/Y ). Revenues were €1.3 bn in 1 H18 ( -12. 2 per cent
    H/H).
    Gross new clients amounted to 19k in 2Q18 .
    Operating expenses were down 6.4 per cent Y/Y to €4 30 m in 2Q18 (-3.7 per cent Q/Q) confirming the ongoing
    cost control and supported by strong HR costs reduction (-7.5 per cent Y/Y) with FTE s further down 9.4 per cent
    Y/Y. Operating costs were €8 77 m in 1H18 (-5.9 per cent H/H) with C/I ratio of 69 .8 per cent in 1H18 , up 0.3
    p.p. H/H , excluding the positive tax provision release in 2Q17 .
    LLP s were €35 m in 2 Q18 and €62 m in 1H18 (+0.6 per cent H/H) with a still seasonally low CoR of 15 bps
    (stable H/H ) thanks to a good risk environment .
    Net operating profit was € 157 m in 2Q18 (-33 .1 per cent Y/Y , -2.9 per cent Q/Q ) and €318 m in 1H18 ( -27.4 per
    cent H/H). Net pro fit amounted to € 57 m in 2Q18 (-76.2 per cent Y/Y, -32.6 per cent Q/Q) and to €142 m in
    1H18 ( -59.6 per cent H/H) with normalised 35 RoAC at 5.0 per cent in 1H18 . FY19 RoAC confirmed at 9.1 per
    cent.
    COMMERCIAL BANK ING AUSTRIA

    Reven ues amo unted to € 403 m in 2Q18 (-1.8 per cen t Y/Y , +6.1 per cent Q/Q ). NII was down 1.5 per cent Q/Q to
    €16 7 m, due to higher repayments by corporates while customer rates were stable . New loan production was
    €2.1 bn in 2 Q18 (+27.7 per cent Q/Q) , thanks to corporates . Fee s at €1 57 m, up 1.8 per cent Y/Y thanks to
    transactional fees (+ 2.8 per cent Y/Y) . Revenues were € 78 4 m in 1H18 ( -0.2 per cent H/H).

    35Non -recurring items in 2Q18 amounted to € 27 m of net gains from participations. 2Q18 net profit negatively affected by non -recurring other charges & provisions. (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues 1,432 1,257 -12.2% 731 636 621 -15.0% -2.2%
    Gross operating profit 499 380 -23.9% 271 189 191 -29.5% +1.3%
    Net operating profit 438 318 -27.4% 234 161 157 -33.1% -2.9%
    Net profit 350 142 -59.6% 239 85 57 -76.2% -32.6%
    RoAC 15.1% 6.2% -8.9 p.p. 21.1% 7.5% 4.9% -16.2 p.p. -2.6 p.p.
    Cost/income 65.1% 69.8% +4.7 p.p. 62.9% 70.3% 69.2% +6.3 p.p. -1.1 p.p.
    Cost of risk (bps) 15 15 - 18 13 17 -1 +3 (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues 785 784 -0.2% 411 380 403 -1.8% +6.1%
    Gross operating profit 229 262 +14.1% 139 114 148 +6.4% +29.3%
    Net operating profit 303 316 +4.3% 165 153 164 -0.5% +7.4%
    Net profit 280 209 -25.5% 209 50 159 -23.8% n.m.
    RoAC 19.0% 15.5% -3.6 p.p. 28.7% 7.2% 23.9% -4.8 p.p. +16.8 p.p.
    Cost/income 70.8% 66.6% -4.2 p.p. 66.2% 70.0% 63.4% -2.8 p.p. -6.6 p.p.
    Cost of risk (bps) -31 -24 +7 -22 -34 -14 +8 +19




    13 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    The n umber of gross new clients was 11 k in 2Q18 .
    Total expenses were down to € 256 m ( -5.9 per cent Y/Y , -3.9 per cent Q/Q ) thanks to a reduction both in term s
    of HR costs (-7.2 per cent Y/Y ) and Non HR costs ( -4.3 per cent Y/Y ). FTE s continue to decrease to 4,939 ( -8.3 per
    cent Y/Y). Costs were € 522 m in 1H18 ( -6.1 per cent H/H) with C/I ratio of 66.6 per cent in 1H18 (-4.2 p.p. H/H ).
    Some write backs of LLPs were booked in 2Q18, leading to a net release of €16 m and of €55 m in 1H18. During
    the rest of the year, LLPs are expected to begin to normalise.
    Net operating profit reached €164 m in 2Q18 ( -0.5 per cent Y/Y , +7.4 per cent Q/Q ) and €316 m in 1H18 (+4. 3
    per cent H/H).
    Net profit was € 159 m in 2Q18 , down 23. 8 per cent Y/Y due to some positive non -recurring items booked in
    2Q17. Net profit at €209 m in 1H18 with a RoAC at 15.5 per cent .
    CEE 36

    Revenues were up 3.9 per cent Y/Y to €1.1 bn in 2Q18 (-1.5 per cent Q/Q) with increased commercial revenues
    compensating lower trading income during the quarter . NII was up 3.9 per cent Q/Q to €667 m in 2Q18 thanks
    to increased l ending volumes and stable customer rates . New loan production was € 6.5 bn in 2Q18, up 45.6 per
    cent Q/Q. Fee generation was up 0.6 per cent Y/Y to €217 m in 2Q18 (+4.7 per cent Q/Q) mainly driven by
    transactional services up 8.8 per cent Y/Y . Revenues were € 2.2 bn in 1 H18, up 4.7 per cent H/H .
    The number of gross new clients was 317k during the quarter .
    Operating expenses were €38 5 m in 2Q18 (+2.2 per cent Y/Y , +2.4 per cent Q/Q ) below inflation, mainly due to
    HR costs (+3.5 per cent Y/Y, +0.7 per cent Q/Q) . Operating expenses were at € 766 m in 1H18 (+1.8 per cent
    H/H) with C/I ratio of 35.5 per cent in 1H 18 (-0.2 p.p. H/H ).
    LLPs were €100 m in 2Q18 (+32.1 per cent Y/Y, -0.2 per cent Q/Q) and €206 m in 1H18 ( -19.5 per cent H/H)
    with CoR low at 6 7 bps thanks to continued write -backs. CoR should begin to normalise in the last part of the
    year.
    Net operating profit was €575 m in 2Q18 (+1.2 per cent Y/Y , -4.0 per cent Q/Q ) and €1.2 bn in 1H18 (+12.5 per
    cent H/H) .
    CEE continued to be a main contributor to Group bottom line, generating a net profit of € 472 m in 2Q18 , (+2.3
    per cent Y/Y , +14.6 per cent Q/Q ). The most important contributors to 2Q18 Y/Y earnings generation growth
    were Hungary (€63 m net profit, +14.7 per cent Y/Y) , Bulgaria (€61 m net profit, +5.2 per cent Y/Y) and Croatia
    (€52 m net profit, +1.0 per cent Y/Y) . Net profit was € 887 m in 1H18 (+ 14.6 per cent H/H ) with RoAC at 16.0
    per cent .
    Gross NPE ratio improved 176 bps Y/Y to 7.2 per cent in 2Q18 , already at FY19 target.

    36For CEE, changes ( Y/Y, Q/Q and H/H ) at c onstant exchange rate. RoAC, C/I ratio and CoR changes at current FX. (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues 2,141 2,155 +4.7% 1,072 1,095 1,060 +3.9% -1.5%
    Gross operating profit 1,376 1,390 +6.3% 686 715 675 +4.8% -3.4%
    Net operating profit 1,107 1,184 +12.5% 604 609 575 +1.2% -4.0%
    Net profit 825 887 +14.6% 494 415 472 +2.3% +14.6%
    RoAC 14.3% 16.0% +1.8 p.p. 17.3% 15.0% 17.0% -0.3 p.p. +2.0 p.p.
    Cost/income 35.7% 35.5% -0.2 p.p. 36.0% 34.8% 36.3% +0.3 p.p. +1.6 p.p.
    Cost of risk (bps) 89 67 -22 54 69 65 +11 -4




    14 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    CIB

    Revenues were € 858 m in 2Q18 (-17.0 per cent Y/Y, -21.9 per cent Q/Q) in a challenging market environment
    with lower fees and trading income. NII was up 0.3 per cent Q/Q to €558 m in 2Q18 , thanks to increased loan
    volumes and slightly higher c ustomer rates . Fees were €1 49 m, down 17.1 per cent Y/Y due to a weak 2Q1 8
    performance against the strong 2Q17 commercial performance i n Equity and Debt Capital Markets. Trading
    income decreased to €131 m in 2Q18 mainly affected by spread widening and negative impacts from market
    making activity , lower institutional investor flows and less gains of FVOCI portfolio . Client driven share of
    revenues was 78 per cent in 2Q18 (+4 p.p. Q/Q). Revenues reached €2.0 bn in 1H18 ( -10.9 per cent H/H).
    Total costs were down to €381 m in 2Q18 (-7.4 per cent Y/Y , -4.4 per cent Q/Q ) and to €7 80 m in 1H18 ( -7.3
    per cent H/H). FTEs increased 2.2 per cent Q/Q to 3,33 1 as the 2019 targets were already achieved. C/I ratio of
    39.8 per cent in 1H18 (+1.5 p.p. H/H ).
    Non -recurring write backs of LLPs were booked in 2Q18, with a net release of €210 m and of €161 m in 1H18 .
    CoR at -30 bps in 1 H18 (-47 bps H/H ).
    Net operating profit reached €687 m in 2Q18 (+11.1 per cent Y/Y , +5.5 per cent Q/Q ) and € 1.3 bn in 1H18 ( +5.5
    per cent H/H) . Net profit was €181 m in 2Q18 and € 559 m in 1H18 , with RoAC at 1 0.6 per cent in 1H18
    normalised for non -recurring items booked in 1Q18 37.
    In 1H18, UniCredit confirmed its top position for debt financing, by ranking:
     #1 in “All Bonds” (Italy and Germany) and in “All Syndicated Loans” (Italy, CEE and Austria);
     #2 in “All Bonds in EMEA EUR” by number of transactions and in “ All Syndicated Loans” (Germany);
     #3 in “All Bonds in EMEA EUR” and in “All Syndicated Loans in EMEA EUR”.
    Moreover, the strength of the fully plugged -in CIB platform and the strong mid -corporate footprint was further
    underlined by ranking #1 in “Financial Advisory” by number of transactions in Italy, Germany and CEE, and #1
    in “Commodity Finance in EMEA” 38.


    37Non-recurring items amounted to € 39 m in 1Q18 of net trading gains from participations. 2Q18 net profit negatively affected by non -recurring other charges & provisions. 38All league tables were based on Dealogic as of 4 July 2018. Period: 1 Jan. – 30 Jun . 2018. Rankings by volume unless otherwise stated. Corporate Finance Advisory rankings: source Mergermarket (1 Jan – 30 June 2018, by n umber of deals, excluding accounting firms) . (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues 2,196 1,957 -10.9% 1,034 1,099 858 -17.0% -21.9%
    Gross operating profit 1,355 1,178 -13.1% 623 700 477 -23.4% -31.9%
    Net operating profit 1,270 1,339 +5.5% 618 652 687 +11.1% +5.5%
    Net profit 753 559 -25.8% 402 378 181 -54.9% -52.1%
    RoAC 16.1% 11.4% -4.6 p.p. 17.5% 15.7% 7.3% -10.1 p.p. -8.4 p.p.
    Cost/income 38.3% 39.8% +1.5 p.p. 39.8% 36.3% 44.4% +4.6 p.p. +8.1 p.p.
    Cost of risk (bps) 17 -30 -47 2 19 -77 -78 -96




    15 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    FINECO

    Revenues were up 11.0 per cent Y/Y to €156 m in 2Q18 (+0.7 per cent Q/Q), with a positive contribution from
    all business areas. In particular :
     NII was up 6.6 per cent Y/Y to €68 m ( -0.4 per cent Q/Q ), driven by further expansion in lending
    activities with loan volumes 39 up 86.6 per cent Y/Y to €2. 4 bn (+ 15.4 per cent Q/Q) ;
     fees were up 14.7 per cent Y/Y to €75 m (+4.3 per cent Q/Q) , thanks to higher AuM management fees .
    Revenues were up 10. 2 per cent H/H to €311 m in 1H18 .
    Brokerage activity (generating fees and trading income) performed well, with commercial revenues up 5.7 per
    cent H/H and 14.4 m orders executed since the beginning of 2018 (+6.4 per cent H/H).
    Operating expenses were €61 m in 2Q18 (+0.9 per cent Y/Y, -4.1 per cent Q/Q) and €12 5 m in 1H18 (+2.9 per
    cent H/H) confirming the continuous focus on efficiency while expanding the business activity. C/I ratio at 40 .1
    per cent in 1H18 ( -2.9 p.p. H/H ).
    Net operating profit increased to € 95 m in 2Q18 (+19.9 per cent Y/Y , +4.8 per cent Q/Q ) and €185 m in 1H18
    (+16.2 per cent H/H). Net profit 40 reached € 23 m in 2Q18 (+24.1 per cent Y/Y , +9.3 per cent Q/Q ) and €44 m in
    1H18 (+19.8 per cent H/H) . RoAC amounted to 55.0 per cent in 1H18 .
    Fineco continued to be the key player in asset gathering in Italy. TFA increased to €69.8 bn at the end of June
    2018 (+9.8 per cent H/H) with AuM up 1 0.6 per cent Y/Y to € 33.9 bn mainly thanks to the strong productivity of
    the financial advisors network.
    TFA n et sales expansion continued in 2Q18, reaching €3.6 bn since the beginning of the year (+24.3 per cent
    H/H). AuM net sales were €1.4 bn in 1H18 ( -20.2 per cent H/H) in line with increased market volatility recorded
    during the first half of 2018. “Guide d products & services” 41 stock increased its share of total AuM stock to 64
    per cent in June 201 8 (vs . 59 per cent in June 201 7 and 63 per cent in December 2017 ).
    Moreover , Fineco acquired an additional 29 k gross new customers in the second quarter 2018 , reaching a total
    of almost 1.24 m clients (+6.8 per cent Y/Y).

    39End -of-period accounting volumes calculated excluding repos and intercompany items . 40Consolidated view, i.e. 35 per cent ownership by UniCredit . 41Refers to products and developed services based on a selection among UCITS, considering the different customer risk profiles. Among others, the offer includes a multi -segment fund of funds denominated “Core Series”, a unit -linked policy denominated “Core Unit” and an advanced investment advisory service denominated “Fineco Advice”. (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues 282 311 +10.2% 141 155 156 +11.0% +0.7%
    Gross operating profit 161 187 +15.7% 80 91 95 +18.6% +4.0%
    Net operating profit 160 185 +16.2% 79 91 95 +19.9% +4.8%
    Net profit 37 44 +19.8% 19 21 23 +24.1% +9.3%
    RoAC 64.9% 55.0% -10.0 p.p. 70.9% 56.5% 53.7% -17.3 p.p. -2.8 p.p.
    Cost/income 42.9% 40.1% -2.9 p.p. 43.0% 41.0% 39.1% -3.9 p.p. -2.0 p.p.
    AUM / TFA 48.1% 48.5% +0.4 p.p. 48.1% 48.6% 48.5% +0.4 p.p. -0.1 p.p.




    16 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    GROUP CORPORATE CENTRE (GCC)

    GCC revenues improved to -€9 m in 2Q18 ( -95.0 per cent Y/Y, -92. 7 per cent Q/Q) driven by lower term funding
    cost s and positive results from hedging activity . 1H18 revenues amounted to -€126 m ( -65.0 per cent H/H).
    In 2Q18, GCC operating costs amounted to €90 m, down 29.3 per cent Y/Y driven by lower HR costs ( -12.0 per
    cent Y/Y) . In 1H18, they were down 17.9 per cent H/H to €186 m . The lean but steering GCC transformation is
    on track with a Y/Y reduction of 1,49 8 FTEs. Since December 2015, FT Es were down 17. 5 per cent ( -3,1 30 FTEs).
    The reduction of GCC continued with the GCC weight of Group total costs further improving to 3.4 per cent in
    1H18, down 0.5 p.p. H/H ( compared to 5.2 per cent as of December 2015 42). FY19 target is confirmed at 3.6 per
    cent 43.
    Systemic charges were higher due to a €52 m additional contribution to the National Resolution Fund in Italy.
    NON CORE

    Non Core accelerated rundown is progressing as planned .
    Gross loans were down to €2 4.6 bn in 2Q18 ( -8.9 bn Y/Y, -1.7 bn Q/Q), including €2. 4 bn of performing
    exposure. RWA decreased to €15.4 bn in 2Q18 ( -31.7 per cent Y/Y).
    Revenues were negative for €10 m in 2Q18 and for €28 m in 1H18.
    Operating costs further down 13.0 per cent Y/Y to €18 m in 2Q18, driven by HR expenses ( -11.6 per cent Y/Y).
    1H18 operating costs amou nted to €50 m ( -18.5 per cent H/H). LLP s amounted to €388 m in 2Q18 (+20.1 per
    cent Y/Y) and to €514 m in 1H18 (-12.9 per cent H/H).
    Net loss was €285 m in 2Q18 and €430 m in 1H18 .

    42Please refer to footnote 13 . 43Please refer to footnote 14 . (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues -361 -126 -65.0% -172 -118 -9 -95.0% -92.7%
    Operating costs -227 -186 -17.9% -127 -96 -90 -29.3% -6.1%
    Gross operating profit -588 -312 -46.9% -299 -214 -99 -67.0% -53.8%
    Net profit/loss -607 -23 -96.3% -524 -71 49 n.m. n.m.
    FTE 16,211 14,712 -9.2% 16,211 15,177 14,712 -9.2% -3.1%
    Costs GCC/total costs 3.9% 3.4% -0.5 p.p. 4.5% 3.5% 3.4% -1.1 p.p. -0.1 p.p. (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Total revenues 40 -28 n.m. 16 -18 -10 n.m. -44.3%
    Operating costs -62 -50 -18.5% -21 -32 -18 -13.0% -43.7%
    Gross operating profit -22 -78 n.m. -4 -50 -28 n.m. -43.9%
    LLP -590 -514 -12.9% -323 -126 -388 +20.1% n.m.
    Net loss -423 -430 +1.7% -218 -144 -285 +30.9% +97.7%
    Gross customer loans 33,476 24,615 -26.5% 33,476 26,322 24,615 -26.5% -6.5%
    Net NPEs 12,759 8,110 -36.4% 12,759 8,886 8,110 -36.4% -8.7%
    Coverage ratio 57.0% 63.4% +6.4 p.p. 57.0% 62.4% 63.4% +6.4 p.p. +1.0 p.p.
    RWA 22,500 15,367 -31.7% 22,500 17,125 15,367 -31.7% -10.3%




    17 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    GROUP TAB LES
    UNICREDIT GROUP: RECLASSIFIED INCOME STATEMENT

    Note: 2017 figures were restated:
     starting from 30 September 2017 following the reclassifications:
     of the consolidation effects arising from the intercompany commissions versus Bank Pekao S.A., Pioneer Global Asset Managemen t S.p.A. and their subgroups’
    companies from item “Net fees and commissions” and "I ncome tax for the period" in item “Profit (Loss) from non -current assets held for sale, after tax";
     of the indemnities recognised for resolution of non -performing loans management from item "Net fees and commissions" to item "Net other
    expenses/income" ;
     starting from 2018 following the reclassification of interests from item “Net write -downs on loans and provisions for guarantees and commitments” to item “Net
    interest” considering:
     the component linked to the interests due to time value unwinding, determine d in the valuation of non -performing financial assets;
     the identification of interests income on the non -performing financial assets calculated on their net balance sheet exposure based on the related interest
    rates. (€ million) 1H17 1H18 H/H 2Q17 1Q18 2Q18 Y/Y Q/Q
    Net interest 5,408 5,314 -1.7% 2,748 2,636 2,678 -2.6% +1.6%
    Dividends and other income from equity investments 353 369 +4.5% 183 189 180 -1.8% -5.1%
    Net fees and commissions 3,432 3,475 +1.3% 1,730 1,750 1,725 -0.3% -1.4%
    Net trading income 1,053 809 -23.2% 462 478 331 -28.5% -30.8%
    Net other expenses/income 76 94 +22.6% 49 60 33 -31.5% -44.7%
    OPERATING INCOME 10,323 10,061 -2.5% 5,172 5,114 4,947 -4.3% -3.3%
    Payroll costs (3,500) (3,246) -7.2% (1,744) (1,634) (1,612) -7.6% -1.4%
    Other administrative expenses (2,195) (2,101) -4.3% (1,081) (1,069) (1,032) -4.5% -3.4%
    Recovery of expenses 344 348 +1.1% 167 163 185 +10.5% +13.7%
    Amort. deprec. and imp. losses on intang. & tang. assets (393) (396) +0.9% (199) (197) (199) +0.1% +1.3%
    OPERATING COSTS (5,744) (5,396) -6.1% (2,858) (2,738) (2,659) -7.0% -2.9%
    OPERATING PROFIT (LOSS) 4,579 4,665 +1.9% 2,315 2,376 2,289 -1.1% -3.7%
    Net write-downs on loans and provisions for guarantees and
    commitments (1,427) (1,000) -29.9% (661) (496) (504) -23.7% +1.5%
    NET OPERATING PROFIT (LOSS) 3,152 3,665 +16.3% 1,654 1,880 1,785 +7.9% -5.1%
    Other charges and provisions (598) (1,181) +97.5% (135) (519) (662) n.m. +27.5%
    - of which: systemic charges (453) (623) +37.3% (19) (465) (158) n.m. -66.1%
    Integration costs (12) 9 n.m. (8) 11 (2) -72.3% n.m.
    Net income from investments (149) 222 n.m. (173) 17 205 n.m. n.m.
    PROFIT (LOSS) BEFORE TAX 2,392 2,715 +13.5% 1,338 1,389 1,325 -0.9% -4.6%
    Income tax for the period (362) (479) +32.3% (143) (221) (258) +81.0% +17.1%
    NET PROFIT (LOSS) 2,030 2,236 +10.1% 1,195 1,169 1,067 -10.7% -8.7%
    Profit (Loss) from non-current assets held for sale, after tax 29 14 -52.1% (133) (1) 15 n.m. n.m.
    PROFIT (LOSS) FOR THE PERIOD 2,059 2,249 +9.2% 1,062 1,168 1,082 +1.9% -7.4%
    Minorities (204) (111) -45.6% (116) (55) (56) -51.2% +3.2%
    NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUP BEFORE PPA 1,855 2,138 +15.3% 946 1,113 1,025 +8.3% -7.9%
    Purchase Price Allocation effect (2) (2) -14.1% (1) (1) (1) +2.0% -2.4%
    Goodwill impairment - - n.m. - - - n.m. n.m.
    NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUP 1,853 2,136 +15.3% 945 1,112 1,024 +8.3% -7.9%




    18 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    UNICREDIT GROUP: RECLASSIFIED BALANCE SHEET

    Note : the format of the Reclassified Balance She et is different from the one used in the previous financial year following the reclassification/aggregation of “Provisions for risks and charges” from a separate item to “Other liabilities” and of “Revaluation Reserves” from a separate item to “Cap ital and Reserves”. “Financial investments” has also been renamed in “Other financial assets”. The comparative periods were restated accordingly.
    2017 figures were also restated following the reclassification of the component relating to debt securities from “Loans to customers” to “Other financial assets”. (€ million) 2Q17 1Q18 2Q18 Y/Y Q/Q
    ASSETS
    Cash and cash balances 48,428 49,944 21,238 -56.1% -57.5%
    Financial assets held for trading 79,529 80,324 83,262 +4.7% +3.7%
    Loans to banks 65,225 70,324 73,004 +11.9% +3.8%
    Loans to customers 440,821 441,783 458,787 +4.1% +3.8%
    Other financial assets 147,686 142,917 148,841 +0.8% +4.1%
    Hedging instruments 5,975 5,688 5,700 -4.6% +0.2%
    Property, plant and equipment 8,947 9,115 9,077 +1.5% -0.4%
    Goodwill 1,484 1,484 1,484 +0.0% +0.0%
    Other intangible assets 1,763 1,872 1,864 +5.7% -0.4%
    Tax assets 14,252 12,110 11,998 -15.8% -0.9%
    Non-current assets and disposal groups classified as held for sale 4,052 955 915 -77.4% -4.2%
    Other assets 8,966 7,461 7,740 -13.7% +3.7%
    Total assets 827,128 823,978 823,908 -0.4% -0.0%
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Deposits from banks 129,844 125,177 129,747 -0.1% +3.7%
    Deposits from customers 433,017 456,959 456,094 +5.3% -0.2%
    Debt securities issued 110,664 93,369 87,567 -20.9% -6.2%
    Financial liabilities held for trading 55,505 48,685 52,454 -5.5% +7.7%
    Financial liabilities designated at fair value 3,045 8,575 8,524 n.m. -0.6%
    Hedging instruments 7,245 5,881 6,254 -13.7% +6.3%
    Tax liabilities 1,188 1,140 1,066 -10.3% -6.5%
    Liabilities included in disposal groups classified as held for sale 618 196 79 -87.3% -59.8%
    Other liabilities 30,019 26,104 25,825 -14.0% -1.1%
    Minorities 822 941 837 +1.7% -11.1%
    Group Shareholders' Equity: 55,161 56,950 55,462 +0.5% -2.6%
    - Capital and reserves 53,308 55,838 53,325 +0.0% -4.5%
    - Net profit (loss) 1,853 1,112 2,136 +15.3% +92.1%
    Total liabilities and Shareholders' Equity 827,128 823,978 823,908 -0.4% -0.0%




    19 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    UNICREDIT GROUP: STAFF AND BRANCHES

    Note : (*) FTE data: number of employees counted for the rate of presence. Please consider that Group FTEs are shown excluding all companies that have been classified as "discontinued operations" under IFRS 5 and Ocean Breeze. (**) Figures do not include the branches of Yapi .

    UNICREDIT GROUP: RATINGS

    Note: S&P: following the upgrade at end of October 20 17, S&P affirmed UniCredit S.p.A’s medium and long term ratings to ‘BB B’ with stable outlook on 16 April 20 18.
    Moody’s: following the update on Transform 2019, Moody’s changed UniCredit S.p.A’s outlook to positiv e from stable on 8 January 2018 .
    Fitch Ratings : on 15 December 2017, Fitch affirmed UniCredit SpA’s medium and long term ratings to ‘BBB’ with existing stable outlook . (units) 2Q17 1Q18 2Q18 Y/Y Δ Q/Q Δ
    Employees(*) 95,288 90,365 88,640 -6,649 -1,725
    Branches (**) 5,115 4,759 4,698 -417 -61
    - o/w CB Italy, CB Germany, CB Austria 3,345 3,077 3,019 -326 -58
    - o/w CEE 1,770 1,682 1,679 -91 -3 SHORT-TERM MEDIUM AND STANDALONE
    DEBT LONG-TERM RATING
    Standard & Poor's A-2 BBB STABLE bbb
    Moody's P-2 Baa1 POSITIVE ba1
    Fitch Ratings F2 BBB STABLE bbb
    OUTLOOK




    20 | P a g e
    2Q18 and 1H18 Group Resu lts Press R elease
    Declaration by the Manager charged with preparing the financial reports

    The undersigned, Stefano Porro , in his capacity as the Manag er charged with preparing UniCredit S.p.A.’s
    financial reports
    DECLARES
    That, pursuant to Article 154 bis, paragraph 2, of the “Consolidated Law on Financial Intermediation” the
    information disclosed in this document corresponds to the accounting documents, books and records.

    Milan, 6 August 201 8

    Manager charged with
    preparing the financial reports



    Investor Relations:
    Tel. +39 -02 -88624324; e -mail: [email protected]
    Media Relations:
    Tel. +39 -02 -88623569; e -mail: [email protected]

    UNICREDIT 2Q18 GROUP RESULTS – DETAILS OF CONFERENCE CALL
    MILAN, 7 AUGUST 2018 – 10.00 CET
    CONFERENCE CALL DIAL IN

    ITALY: +39 02 805 88 11
    UK: +44 1 212818003
    USA: +1 718 7058794

    THE CONFERENCE CALL WILL ALSO BE AVAILABLE VIA LIVE AUDIO WEBCAST AT
    https://www.unicreditgroup.eu/en/investors/group -results.html , WHERE THE SLIDES WILL BE DOWNLOADABLE


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Informacje o spółce
Nazwa:UniCredit S.p.A.
ISIN:IT0005239360
NIP:00348170101
EKD:
Adres: via Alessandro Specchi 16 00186 Roma
Telefon:+39 0288622612
www:www.unicredit.eu 
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