7.8.2015 A new organizational and managerial set-up for the Group senior management

UniCredit's Board of Directors, upon the proposal of the CEO Federico Ghizzoni and after consultation with all relevant corporate bodies, has approved several managerial and organizational changes.

Following a respectful divergence of opinions on the strategic and organizational direction of the Group and the willingness to simplify its business model, UniCredit and Roberto Nicastro mutually agreed to part ways from October 1.

Mr. Nicastro will remain involved in UniCredit as Deputy Chairman of the Supervisory Board of Pekao S.A. and as a Member of the Supervisory Board of Bank Austria and of UniCredit Bank Russia.

UniCredit has decided to divide the delegation of powers of the General Manager among Paolo Fiorentino, Marina Natale e Gianni Franco Papa. Ms Natale will be appointed Deputy General Manager on October 1, joining Mr. Fiorentino and Mr. Papa in this position. In her new role Ms. Natale will be in charge also of asset management, currently managed directly by the CEO, while maintaining all her present responsibilities.

Mr. Fiorentino, in addition to the delegation of powers as Deputy General Manager and COO, will take on responsibility of all the activities concerning the digital transformation within the Group.

Mr. Papa, as Deputy General Manager and Head of the Corporate and Investment Banking (CIB) Division, will continue to supervise the Group's business in Germany and will also supervise Austria, Poland and the Central & Eastern Europe Division.

In another Board decision, UniCredit and Group Chief Risk Officer, Alessandro Decio, agreed they had successfully completed the triennial project to rationalize the risk management function and to strengthen asset quality. They agreed to enter a new phase which will transition to the appointment of a new Chief Risk Officer.

The Board then approved the appointment of Massimiliano Fossati, formerly Chief Risk Officer for Italian commercial banking, as new Group Chief Risk Officer effective October 1.

The CEO, personally and also on behalf of the Board of Directors, expressed heartfelt thanks to Mr. Nicastro and Mr. Decio for their dedication, for the results they achieved and for their fundamental contributions to the Group.

He also expressed his best wishes to the three Deputy General Managers, Mr. Fiorentino, Ms. Natale, and Mr. Papa in their expanded responsibilities as well as to Mr. Fossati in his new role.

Federico Ghizzoni emphasized that: "Roberto Nicastro had a prominent and decisive role in the development of UniCredit, in particular as a pioneer in the creation of our Central and Eastern Europe presence, as an engine for growth and innovation in our retail business, as well as in revamping of our Group in the last two years. "We are" added Mr. Ghizzoni "particularly grateful for these achievements and for his innovative strategic contributions, which have been a constant, trustworthy resource. We wish him every success in his next personal and professional challenges".

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