Building a Tier I European Player in Consumer

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

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 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

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 31, 028 Lo. S(2) Credit cards POS +17% y/y 1, 973 4, 444 2, 893 Automotive 11, 715 Personal loans 10, 005 Market Personal loans Source: UCFin interim report and Assofin data as of 1 st Half 2007 (1) 3, 124 +2% y/y 2, 649 +11% y/y 12 699 1, 949 88 893 834 562 160 634 24 138 922 864 1, 230 661 Player # 2 Automotive POS 4 (2) Credit cards Loans on salary Uni. Credit Consumer Financing (UCFin) is the new corporate name that Uni. Credit Clarima Banca will start using in February 2008. Even if the current corporate name is still Uni. Credit Clarima Banca, in this presentation the new branding is used for simplification purposes UCFin Lo. S +20% y/y

MAIN CHALLENGES AND OPPORTUNITIES IN ITALY Build positions in ü Car financing ü Lo. S ü … to address relevant market segments ü … to increase cross-selling opportunities Complete integration of Capitalia business into UCFin… ü … to enlarge captive customer base ü … to exploit clear customer penetration opportunity Personal loans penetration * Revolving cards penetration * 9. 0% 13. 6% 6. 1% UCB * On Mass Market + Affluent customers 4. 7% CAP UCB 5 CAP

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 6

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

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

BUILDING A TIER I EUROPEAN PLAYER IN CONSUMER FINANCING: Our strategy • Leverage existing assets in countries where the Group has a strong retail base ü Consolidate business from retail banks ü Increase specialization to enhance risk management and Customer Value Management on ~40 mln customers (1) ü > 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 9 (1) Including Capitalia and ATF Bank (Kazakhstan)

BUILDING A TIER I EUROPEAN PLAYER IN CONSUMER FINANCING: Our products & markets focus 2 Revolving Cards 2009 E stock, Euro bln • Add on across markets/channels Revolving cards POS and Automotive financing 180 3% 119 88 14% 16% 32 3% 40% 41% 21 12 9 5% 14% 20% 25% 33% 20% 36% 3 POS/Automotive 50% • Selectively by market Personal loans 1 Personal loans 70% 56% 57% 53% 50% 60% 34% • Core Business • Focus on captive Germany Italy Russia Austria Ukraine Poland Romania 10 Source: UCFin, Eurofinas, ING, NBP, National Banks, BCG Analysis

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 11

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 Products • Launched 5 new products (Top, First, SB auto Captive Channel • Optimized CVM on captive client base • Created 226 specialised corners within UCB branches Organization Processes 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 financing, auto insurance, new insurance cards) 12

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

WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: New countries developed • GERMANY: ü Set up of UCFin German Branch, in March 2007, revolving cards (new product for HVB) launched in the captive channel ü Full roll out of revolving cards in all HVB branches after pilot successful ü Personal loans in captive channel under development • BULGARIA: ü New. Co, co-owned by UCFin and Bulbank, set up in 2006, 2% market share in Po. S financing ü 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) • OTHER EUROPEAN MARKETS: ü Assessment of market potential and business model in core UCI markets ü Targeted launch of 2 -3 markets set for 2008 -2009 ü Personal loans and POS/Automotive financing as first products to be introduced, revolving cards to follow 14

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

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

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

WHAT WE HAVE DONE OVER THE LAST 12 MONTHS: Company rebranding (2/2) WHY UNICREDIT CONSUMER FINANCING (UCFin) • 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 Uni. Credit 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 Uni. Credit Group colour and be more distinctive 18

STRONG BOOST OF ECONOMIC PERFORMANCE OF ITALIAN OPERATIONS HAS ALLOWED TO FINANCE INTERNATIONAL DEVELOPMENT SO FAR 1 H 06 1 H 07 y/y ch. 4. 0 bn 4. 6 bn +13. 9% 122 mln 145 mln +18. 9% 38. 6% 36. 4% -220 bp Risk provisions -63 mln -48 mln -23. 8% Pre-tax profit 12 mln 44 mln +269% EVA -10 mln +9 mln n. m. Outstanding volumes Total Revenues Cost / Income 19

PLAYBOOK 2008 Driver Initiative Country 2 -3 new markets New 1 new business line (Automotive Large Dealer) growth initiatives Expansion of shops/corners … Capitalia business integration Build up capab. Corporate / Org. enhanc. 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 3 Y plan cycle Corporate rebranding 20 … +… +… +…