UNICREDIT GROUP LONG TERM INCENTIVE PLAN 2007 Shareholders’ Meeting – Ordinary session

1. UNICREDIT GROUP LONG TERM INCENTIVE PLAN 2007 Shareholders’ Meeting – Ordinary session April 2007

2. UNICREDIT GROUP LONG TERM INCENTIVE PLANS UNICREDIT GROUP LONG TERM INCENTIVE PLAN 2007 BENEFICIARIES OF THE PLAN CRITERIA TO ENTER THE PLAN AND PERFORMANCE CONDITIONS NEW PLAN FEATURES MIXED PACKAGE OF STOCK OPTIONS AND PERFORMANCE SHARES GRANTING ALLOCATION OVERALL DILUTION (all UniCredit plans) GROUP PERFORMANCE INDICATORS AGENDA

3. Long Term Incentive (LTI) is a key element of the UniCredit Group’s Remuneration policy – market driven and performance oriented. Since 2000, the UniCredit Shareholders have supported this approach: a number of different share-based LTI Plans have been approved and allocated to selected groups of employees: Stock option and Performance shareplans to Top & Senior Management; Restricted share plans to Middle Management; Free-share plans to all employees. Lastly, on May 12, 2006, the Shareholders’ Meeting approved the ‘2006 Group LTI Plan’ currently in place, giving to the UniCredit Board of Directors the authorization to allocate stock options and performance shares to a selected group of Top & Senior Management and Key Talents accordingly with the criteria set for the 2006 Group LTI Plan. As for last year and in view of the success of the LTI plans set up until now, a new ‘2007 Group LTI Plan’ is submitted to the approval of the Shareholders’ Meeting UNICREDIT GROUP LONG TERM INCENTIVE PLANS

4. In line with international best practice,the purpose and the main features of the ‘2007 Group LTI Plan’ are consistent with the ones of the ‘2006 Group LTI Plan’ : Allocation of stock options and performance shares to a selected group of Top & Senior Management and Key Talents in order to: Support the growth in UniCredit share-price in line with Shareholders expectations; Incentivise the achievement of the Group’s strategic objectives; Retain key people; Compete effectively on the International compensation market. The Shareholders Meeting will be requested to: approve - in the Ordinary session - the 2007 Group LTI Plan, in compliance with the current legal and regulatory provisions grant - in the Extraordinary session - the UniCredit Board of Directors with the authority to increase the share capital in order to service the 2007 Group LTI Plan’s execution. UNICREDIT GROUP LONG TERM INCENTIVE PLAN 2007

5. BENEFICIARIES OF THE PLAN • As for last year, the Plan eligibility is highly selective and focusedon Top & Senior Management and Key Talents: • Consistent with market trends, eligibility rates are highest at the executive levels (90%+) and cascade downward covering lower level. HIGHLY SELECTIVE INVOLVEMENT • Overall Group population: circa 140,000 employees • LTI eligible population: circa 800 beneficiaries • 5 clusters of participants: • LAYER 1: Group CEO • LAYER 2: Top Management (max 15 people) • LAYER 3: Group Management Team (circa 40 people) • LAYER 4: Leadership Team and Management (circa 645 people) • LAYER 5: Key Talents (circa 100 people)

6. As for last year, the effective beneficiaries under the 2007 Group LTI Plan and the amount of stock option/performance share to be individually granted will be defined on the basis of the following criteria: Fit with corporate values: awareness, interiorization and consistent behavior; Relevance of the position held: strategic impact on business results and/or Group Governance; Retention needs: need to retain within the Group high potential talents who are particularly sought after by market competitors; Performance/potential appraisal: goals achievement, performance obtained and expected results. CRITERIA TO ENTER THE PLAN AND PERFORMANCE CONDITIONS • As for last year, the free grant of performance shares to the 2007 Group LTI Plan beneficiaries will be subject to the achievement of specific performance conditions at Group and single Division level set by the Board as at the date of promising of such shares. Accordingly with the criteria set for the Plan, the performance targets linked to the actual grant of performance shares will be: • aligned to the mid-long term targets defined in the GroupStrategic Plan; • related to effective management accountabilities; • based on economic/financial targets: clear and prompt reference.

7. NEW PLAN FEATURES Compared with the 2006 Group LTI Plan, the 2007 Group LTI Plan provides for • Reducing stock option total life from 13 to 10 years • Changing LTI package mix composition RATIONALE OF THE CHANGES • Alignment with US & Europe market practice. • Competitive advantage for attracting and retaining key players. • Focusing on medium and long term share-price growth and strategic objectives achievement.

8. Stock options: to be granted by May 2008 following a UniCredit Board resolution vest 4 years from the grant date (vesting period); may be exercised over a period of 6 years (exercise period), according to the criteria and during the given windows set by resolution taken by the Board to execute the grant. The exercise price of the stock options will be fixed by the Board as the arithmetic mean of the official market price of UniCredit ordinary shares during the month preceding the Board resolution to execute the grant. MIXED PACKAGE OF STOCK OPTIONS AND PERFORMANCE SHARES /1 OPTION VESTED GRANT 2007 2008 2009 2010 2011 2016 2017 VESTING PERIOD EXERCISE PERIOD

9. Performance shares: Free UniCredit ordinary shares conditionally granted upon the achievement of specific performance conditions set at Group and single Division level. The performance period refers to 2008 – 2010, therefore the shares promised by the Board by May 2008 will be actually granted in 2011, in a one-time settlement, if the performance conditions are met. MIXED PACKAGE OF STOCK OPTIONS AND PERFORMANCE SHARES /2 ACTUAL GRANT PROMISE 2007 2008 2009 2010 2011 REFERENCE PERFORMANCE PERIOD

10. GRANTING ALLOCATION • Considering last year allocations and current Market trends, the execution of the 2007 Group LTI Plan requires the issue of a maximum number of 47,350,000 stock options (corresponding to an equal number of UniCredit ordinary shares) and of a maximum number of 11,000,000 performance shares: Max Potential Impact on Capital Max Potential Impact on Capital Number 0.45% 47,350,000 Stock options 0.56% 0.11% 11,000,000 Performance shares Share Capital: 10,444,930,193 shares • On the basis of the authority granted pursuant to Sect. 2443 of the Italian Civil Code by the Shareholders’ meeting in its extraordinary session, the issue of stock options and the promise of performance shares will be resolved by the Board of Directors, as in the past REMINDER –May, 12 ’06 - AGM approval for 2006 Group LTI plan: -- Stock options: 42,000,000 -- Performance shares: 13,000,000 -- Overall dilution: 0.52%

11. OVERALL DILUTION (all UniCredit plans) Past plans Plan 2007 Share Capital: 10,444,930,193 shares • In line with best practices and international investors guidelines: • Annual dilution: lower than 1% (UniCredit 0.56%) • Overall dilution: lower than 10% (UniCredit 2.84%)

12. GROUP PERFORMANCE INDICATORS (Apr, 05 ’07) (Jun, 30 ’06)

13. For further information please contact: Ms. Antonella Massari, Group Head of Investor Relations or Ms. M. Muller (tel. 0039 02 8862 3381) Mr. Damien H. Teisseire, Global Head of Compensation & Benefits or Mr. G. Lanati (tel. 0039 8862 2039) CONTACTS