Banking in CEE Despite some headwinds, it is worthwhile

Banking in CEE Despite some headwinds, it is worthwhile Gianni Franco Papa, Group Deputy General Manager, Head of CEE Division and CIB Division Carmelina Carluzzo, Deputy Head of CEE Strategic Analysis 2015 Euromoney CEE Forum Vienna, January 21 st 2015

CEE Banking Outlook 2015 CEE remains a diverse Region. Cross-country differentiation is a key feature. This year, economic growth in CESEE is likely to keep a similar pace as in 2014, at 2.5%, with CE outperforming SEE (2.8% vs 1.6%). Taking CEE as a whole, GDP evolution will be affected by a contraction in Russia. Cross-country differentiation is also observable in banking sector developments, with some important positive features: o While overall lending growth has remained weak, some countries showed encouraging trends. o Some of the past vulnerabilities are being addressed as external liabilities (1) in CESEE have been replaced by domestic funding, mainly deposits and capital. Looking forward, a slight acceleration in lending growth in CESEE is likely to be visible in 2015, mainly driven by corporate lending. For CEE as a whole, lending growth will be affected by a significant deceleration in Russia. Differentiation across countries will remain a key feature. With margins remaining under pressures, banks will increasingly look for wider range of opportunities to improve their revenue generation capacity. Non-interest income - fees and commissions - will therefore play a relevant role. Cost efficiency will remain important. CEE banking sector in 2015 is expected to keep its profitability ratio RoA comparable to 2014, at around 1.0%, with NPL likely to remain a challenge. Geopolitical developments as well as changes in the external environment represent a source of uncertainty for the overall outlook. 2 Note: CEE (Central Eastern Europe) includes Bosnia, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine; CESEE (Central Europe and South Eastern Europe) is CEE excluding Russia, Turkey and Ukraine; CE includes Czech Republic, Hungary, Slovakia, Slovenia, Poland; SEE includes Bosnia, Bulgaria, Croatia, Romania, Serbia. (1) External liabilities correspond to financing from non-residents, mainly including parent banks funding

Agenda CEE Banking Trends - some strengths under uncertainty CEE Banking Outlook - it is worthwhile UniCredit - confirms commitment to CEE Country Cards 3

CEE remains a diverse Region Real GDP growth, % Real GDP growth by country, % CEE CESEE 2014 E 2015 F 5.0 4.0 3.0 2.5 2.5 2.9 3.4 3.3 3.3 2.9 2.7 2.5 2.5 2.3 2.3 2.4 3.3 2.3 2.0 2.5 1.8 1.5 1.5 2.0 1.0 1.4 0.2 2.2 0.0-0.2 0.4-1.0-0.7-0.7-2.0-2.1-3.0-4.0-3.4-5.0-6.0 2008 2009 2010 2011 2012 2013 2014E 2015F 2016F TR PL SK RO CZ HU BH SI BG HR RS RU -4.6-6.7 UA 4 SOURCE: UniCredit Research, UniCredit CEE Strategic Analysis

Lending growth fatigue? CEE - Total gross loans growth, % yoy (1) 20 CEE CESEE 15 11.3 10 5 2.1 0-5 Dec-10 Dec-11 Dec-12 Dec-13 Oct-14 5 (1) Local currency terms, FX end-2013 constant SOURCE: UniCredit CEE Strategic Analysis

Cross-countries picture shows differentiation, with a few nice spots CEE Total lending growth by country (latest data Oct-14), % yoy (1) TR and RU fast growth but with decelerating trend Some countries with accelerating trend while others still with loans contracting 40 35 TR RU 15 13 CZ RS BG SK BH PL 15 10 HU RO UA SI HR 30 25 11 9 5 20 7 0 15 5-5 10 3-10 5 0 1-1 -15-5 -3-20 -10 Dec-10 Dec-11 Dec-12 Dec-13 Oct-14-5 Dec-11 Dec-12 Dec-13 Oct-14-25 Dec-10 Dec-11 Dec-12 Dec-13 Oct-14 6 (1) FX loans are adjusted for movements in the exchange rate SOURCE: UniCredit CEE Strategic Analysis

While FX retail lending growth is negative in a few SEE countries, local currency retail lending shows a positive dynamics LC retail loans growth, % yoy FX retail loans growth, % yoy 16 HR RO BG 4 HR RO BG 14 2 12 0 10 8-2 6-4 4-6 2-8 0-2 -10-4 -12 7 SOURCE: UniCredit CEE Strategic Analysis

Funding model more sustainable CESEE - Change in funding sources (1) Change in funding sources, 2008-2014 (2), EUR bn Loans/Deposits ratio, % Change 2008-2013 213 Change in 2014 (2) 107 105 107 107 102 98 96 167 2008 2009 2010 2011 2012 2013 Sep-14 Ext. Liabilities/Tot. Assets ratio, % 21.0 18.8 18.6 17.7 14.9 14.0 13.5 56 2008 2009 2010 2011 2012 2013 Sep-14 15 9 Equity/Tot. Assets ratio, % Total Assets Deposits Debt issued -34 External liabilities (3) Capital Other 10.3 2008 11.8 2009 12.3 2010 12.5 2011 13.5 2012 13.7 2013 13.6 Sep-14 8 (1) Local currency terms, FX end-2013 constant. Other include deposits from MFIs and other liabilities. BG as of Jun-14 for Sep-14; (2) Latest 2014 data as of Sept-14; (3) External liabilities correspond to financing from non-residents, mainly including parent banks funding SOURCE: UniCredit CEE Strategic Analysis

Slight acceleration in lending growth ahead in CESEE Gross loans growth, % yoy (1) Total Loans Retail Loans Corporate Loans 20 20 20 18.2 15 14.1 15 15 12.4 10 9.3 10 9.7 10 5 0 2010 2011 2012 2013 2.6 2014E 3.4 2015F 5 0 2010 2011 2012 2013 5.4 3.9 4.1 3.3 2014E 2015F 5 0 2010 2011 2012 2013 0.5 2014E 3.5 2015F -5-5 -5 10 (1) Local currency terms, FX end-2013 constant; (2) CESEE HU adj. excludes the estimated impact of the conversion scheme SOURCE: UniCredit CEE Strategic Analysis CEE CESEE (2) CESEE HU adj.**

with differentiation across countries Loans growth, % yoy (1) 16.1 16.7 22.2 10.9 6.1 6.5 6.3 4.0 5.6 3.9 2.8 3.7 3.5 2.8 2.0 1.0 0.8 0.8 15.5 0.7 2014E 0.1 2015F 14.1 9.3 2.6 3.4-9.3-1.5-3.6-0.7-5.0 TR RU PL RS SK CZ BH SI HR BG UA RO HU CEE CESEE Deposits growth, % yoy (1) 2014E 2015F 9.1 15.0 14.4 11.2 8.0 6.9 6.2 4.9 3.6 3.1 3.0 3.2 6.1 3.9 10.4 1.4 2.2 1.5 5.6 2.2 0.2 0.2 3.0 3.0 2.9 0.8 9.6 9.1 5.3 4.2 TR RU PL RS SK CZ BH SI HR BG UA RO HU CEE CESEE 120 113 104 135 91 69 111 101 116 88 158 94 97 11 (1) Local currency terms, FX end-2013 constant SOURCE: UniCredit CEE Strategic Analysis xxx L/D ratio 2015F, %

Corporate lending accelerating overall faster than retail lending Corporate loans growth, % yoy (1) 20.6 18.9 26.0 14.5 7.6 8.0 3.1 3.0 2.0 2.0 0.8 1.9 0.5 1.8 17.1 1.0 0.7 2014E 0.9 0.5 2015F 18.2 12.4 3.5 0.5-1.8-0.5-0.2-0.5-0.8-5.6-15.0 TR RU PL RS CZ HR SI BH HU UA SK BG RO CEE CESEE Retail loans growth, % yoy (1) 12.5 7.0 18.0 5.0 5.9 6.0 7.3 4.8 3.9 4.5 2.0 5.5 3.6 11.0 11.4 6.9 2014E 0.3 1.3 2015F 1.0 9.7 5.4 4.1 (2) 3.9 3.3-0.8-0.4-1.8-2.7 0.0-2.1-13.6 TR RU PL RS CZ HR SI BH HU UA SK BG RO CEE CESEE 12 (1) Local currency terms, FX end-2013 constant; (2) CESEE HU adj. excludes the estimated impact of the conversion scheme SOURCE: UniCredit CEE Strategic Analysis

Revenues margins are expected to remain under pressure. Non-NII revenues therefore to be a key profitability driver Revenues / Avg. Assets, % (1) Share of non-interest revenues, 2015F % (1) 6.5 CEE CESEE AT, DE, IT (2) CEE CESEE 6.0 5.5 5.3 30.7% 34.4% 5.0 4.5 4.7 69.3% 65.6% 4.0 3.5 3.7 3.6 AT, DE, IT (2) 3.0 2.5 38.8% 2.0 1.8 1.9 1.5 2008 2009 2010 2011 2012 2013 2014E 2015F 61.2% Non-NII NII (1) Revenues exclude all one-off effects in Hungary. AT, DE and IT revenue share as per 2013; (2) Austria (AT), Germany (DE) and Italy (IT) 13 SOURCE: UniCredit Group Strategic Planning, UniCredit CEE Strategic Analysis

Cost efficiency will continue to be an important contributor to profitability Costs / Avg. Assets, % Costs / Income ratio, % 3.5 70 3.0 62.3 2.5 2.52 60 60.4 2.26 2.0 1.93 1.88 50 51.9 47.6 52.6 47.7 1.5 1.12 1.12 1.0 2008 2009 2010 2011 2012 2013 2014E 2015F 40 2008 2009 2010 2011 2012 2013 2014E 2015F 14 SOURCE: UniCredit Group Strategic Planning, UniCredit CEE Strategic Analysis CEE CESEE AT, DE, IT

while NPLs likely to remain a challenge Non Performing Loans ratio, % (1) NPL ratio by country, % (1) CEE - NPLs CESEE - NPLs CEE - CoR (3) CESEE - CoR (3) 13.7 Country 2013 2014 E 2015 F Ukraine 23.5% 30.0% 34.0% Serbia 20.7% 24.0% 23.0% 12.3 Russia 12.7% 18.0% 21.0% Bulgaria 16.9% 18.9% 20.7% 10.9 10.5 Hungary 21.2% 20.5% 19.5% Croatia 15.6% 18.0% 18.9% Slovenia 19.9% 20.6% 18.9% Bosnia-H. 15.1% 17.0% 17.5% (2) Romania 32.1% 14.4% 11.4% 2.9 2.4 Poland 7.6% 7.3% 6.9% Czech R. 6.1% 6.3% 6.1% Slovakia 5.3% 5.4% 5.3% 1.3 1.2 Turkey 2.6% 3.0% 3.2% 2009 2010 2011 2012 2013 2014E 2015F CEE 11.2% 12.3% 13.7% CESEE 10.8% 10.9% 10.5% 15 (1) NPL definition varies across countries. In this slide CEE/CESEE aggregates exclude also Romania because of methodological changes in the NPL calculation in 2014; (2) Romania NPL ratio time series not consistent between 2013 and 2014 because of a methodological change in the calculation of NPL in 2014; (3) Provisions exclude all one-off effects in Hungary SOURCE: UniCredit CEE Strategic Analysis

Overall, RoA comparable to 2014 in most of the countries with Romanian, Slovenian and Hungarian banking systems turning back to profit Return on Assets (RoA) (1), % Return on Assets (RoA) (1) by country, % 2.0 CEE CESEE CESEE HU adj. AT, DE, IT (2) 1.8 1.8 2014 E 2015 F 1.8 1.6 1.4 1.2 1.0 0.8 0.98 0.90 1.04 0.88 1.3 1.3 1.3 1.3 1.3 1.1 1.0 0.9 0.6 0.6 0.6 0.6 0.6 0.5 0.4 0.3 0.1 0.1 0.0 0.6 0.4 0.59 0.33 0.44-0.6-0.5 0.2-1.8-1.0-1.2 2008 2009 2010 2011 2012 2013 2014E 2015F TR SK CZ PL RU BG BH HR HU RO RS SI UA 16 (1) RoA is calculated as Profit before Tax divided by average Assets; (2) RoA excluding all one-off effects in Hungary SOURCE: UniCredit Group Strategic Planning, UniCredit CEE Strategic Analysis

CEE Banking Sector Outlook downside/upside risks Downside Risks Upside Risks Increase of geopolitical tensions Deterioration of the economic growth outlook for the euro area Lower oil prices to boost households and companies spending power More accommodative monetary policies Lower oil prices for Russia Efforts towards a greater harmonization of financial services regulations 17

UniCredit is a rock-solid European commercial bank International network in approx. 50 countries, with around 8,600 branches and more than 148,000 employees 1 Operating income: EUR 16,863 mn; Operating profit: EUR 6,531 mn Common Equity Tier I ratio at 10.73% Data as of YTD 9M '14 Comprehensive Assessment results proved UniCredit's solid capital position. 2016 CET1 under the stress test adverse scenario is 6.8%. Strong positioning in CEE 2 : #1 in CEE Region in terms network over 68,000 employees and more than 3,400 branches and expertise Strong contribution to Group profitability Operating income in CEE: EUR 4,313 mn; Operating profit in CEE: EUR 2,481 mn Ranked among the top five banks in 9 CEE 3 countries Total Customers loans in CEE ~ EUR 85 bn; Total Customers deposits in CEE ~ EUR 80 bn 19 1. Data as at September 30, 2014. Number of employees counted for the rate of presence. Figures include employees of Koç Financial Group calculated at 100%. 2. Including direct and indirect presence in the following countries, excluding representative offices: The figures include: Azerbaijan, Bosnia & Herzegovina, Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania, Russia, Serbia, Slovenia, Slovakia, Turkey, Ukraine 3. Market share in terms of total assets 2Q 2014. Source: company data

UniCredit maintains a leadership position in CEE Data as of 1H 2014 Total Assets (1) EUR bn Net Profit (2) EUR mn Number of Branches Countries of presence (3) CEE, % share in Group revenues UniCredit 142 116 902 1,299 3,927 2,488 3,495 14 19 (4) 25 (5) RBI 80 380 2,920 19 84 Erste 77 199 1,843 6 55 (6) SocGen 73 353 (7) 2,494 15 14 (7) KBC 57 173 771 (8) 4 28 ISP 37 81 991 11 10 OTP 33-480 1,475 9 n.m. 20 Note: (1) 100% of total assets for controlled companies (stake > 50%) and pro rata for non- controlled companies (stake < 50%), except for OTP; (2) After tax and before minorities; (3) Including direct and indirect presence in the 25 CEE countries, excluding representative offices; (4) including branches in Turkey at 100%; (5) Results of RBI exclude group corporate, markets and corporate center segments; (6) BG, HR, MG, MD and MC as of FY2013 since 1H 2014 data not available; (7) Excluding BG, HR, MG, MD and MC since 1H 2014 data not available. (8) As of FY2013 SOURCE: UniCredit CEE Strategic Analysis

with a strong footprint in the Region Czech Republic 8.7% market share 106 branches #4 Poland 10.5% market share 1,001 branches #2 Baltics Leasing Slovakia 6.5% market share 78 branches #6 Russia 1.5% market share 108 branches #9 Hungary 6.4% market share 85 branches #6 Ukraine 3.6% market share 309 branches #6 Slovenia 7% market share 33 branches #5 Romania 7.2% market share 185 branches #5 Croatia 26.6% market share 137 branches #1 Bulgaria 15.2% market share 202 branches #1 Bosnia and Herzegovina 21.5% market share 122 branches Serbia 9.1% market share 73 branches #1 #3 Rep. Office in FYR Macedonia and Montenegro Turkey 9.1% market share 978 branches Azerbaijan 16 branches #5 21 Market shares in terms of total assets 2Q 2014, according to local accounting standard, unconsolidated figures (Bosnia & Herzegovina, Bulgaria, Czech Republic, Hungary, Russia, Serbia, Turkey, Ukraine) local accounting standard, consolidated figures (Croatia), IFRS (Poland, Romania, Slovakia, Slovenia). Croatia and Hungary includes mortgage bank. Data as of June 30 th, 2014, except Hungary (FY2013) and Romania (1Q14) Branches: data as at 30 September 2014. Bosnia & Herzegovina includes UniCredit Bank Banja Luka. Azerbaijan includes Yapi Kredi branches. Source: UniCredit CEE Strategic Analysis

UniCredit has a strong focus on customer proximity Corporate and Investment Banking International clients: more than 20,000 international clients operating in CEE supported by UniCredit International Centers Network EU Subsidized Finance: leadership in EU Funds business Retail Banking Alternative channels: cutting edge banking applications and internet banking platform Innovation: enhance digital banking and platform for consumer finance (mobile payments, touchless biometric payments, etc.) and enlarge market potential Private Banking Global Investment Strategy (GIS): a unique global independent investment philosophy Preferred Partners (PP): selection of best-in-class Investment Funds 22

Latest Awards acknowledge our consistent performance Euromoney - Award for Excellence Best Bank in Bosnia & Herzegovina 2013 Best Cash Management House in CEE 2013 Best Project Finance House in CEE 2013 Trade & Forfaiting Review Best Trade Bank in CEE 2013 23 Best Cash Management House in Bosnia Herzegovina, Croatia, Czech Republic, Poland, Romania, Serbia and Slovenia in 2013 Best Trade Finance Provider in CEE Best Trade Finance Provide in Bosnia Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Turkey in 2015 Global Finance Best Overall Bank for Cash Management in CEE 2013, 2014 & 2015 Best Bank for Payments & Collections in CEE 2013 Best Bank for Liquidity Management in CEE Best Bank in Bulgaria 2013 Global Finance Best Trade Finance Bank CEE 2013, 2014 & 2015 Best Trade Finance Bank in Bulgaria in 2013, 2014& 2015, in Croatia in 2015, in Czech Republic in 2013, 2014 & 2015, Russia in 2013, in Ukraine in 2013, 2014 & 2015 Best Supply Chain Finance Provider in CEE 2013 & 2014 Global Finance Best Sub-Custodian Bank in CEE 2013 & 2014 Best Sub-Custodian Bank in Bulgaria in 2014, in Croatia in 2013, in Czech Republic in 2013 & 2014, in Hungary in 2013 & 2014, in Poland in 2013 & 2014, in Slovakia in 2013, in Slovenia in 2014, and Ukraine in 2013 & 2014 EuroWeek Best Sub-Custodian Bank in Croatia, Czech Republic, Hungary, Poland, Slovakia and Ukraine in 2013 emeafinance Best Project Finance Adviser in CEE 2013 tmi Best Bank in Trade Finance in Eastern Europe 2013 Best Bank for Financial Supply Chain Management Central and Eastern Europe 2014 Euromoney - PB Survey Best Range of Investment Products Czech Republic 2014 Best Corporate Advisory for PB Clients Hungary 2014 Best PB Services Overall 2014 Financial Times and Merger market M&A Awards Financial Advisor of the Year in CEE 2013

For some businesses we are among top players in the Region Eastern Europe Syndicated Loans EUR-Den. (All Asset Classes) Pos Bookrunner Deal Value (EUR mn) No. Share* % 1 ING 1,238 18 5.4 2 UniCredit 1,037 14 4.5 3 Citi 836 12 3.7 4 Deutsche Bank 813 10 3.6 5 Société Générale CIB 698 8 3.1 6 RBS 593 4 2.6 7 Standard Chartered Bank 417 13 1.8 8 Commerzbank Group 407 11 1.8 9 HSBC 399 10 1.7 10 Wells Fargo Securities 350 9 1.5 Total 22,910 84 100.0 Period: 1 Jan 31 Dec 2014; Source: Dealogic Loanware, per 7 Jan 2015 * Bookrunner market share is a proportion of bookrunner-led loan volume only Project Finance in Eastern Europe Pos Mandated Arranger Deal Value No. Share (EUR mn) % 1 UniCredit 672 11 12.0 2 ING Groep NV 644 8 11.5 3 Société Générale CIB 349 4 6.2 4 Crédit Agricole SA 345 4 6.2 5 Sberbank of Russia OAO 293 2 5.2 6 BNP Paribas SA 261 5 4.7 7 Citigroup Inc 248 2 4.4 8 Raiffeisen Zentralbank Oesterreich AG 243 3 4.3 9 Bank of China Ltd 198 1 3.5 9 Royal Bank of Scotland Group plc 198 1 3.5 9 VTB Bank OAO 198 1 3.5 Total 5,593 22 100.0 Period: 1 Jan 31 Dec 2014; Source: Dealogic ProjectWare, per 7 Jan 2015 All Eastern European Bonds in EUR Pos Bookrunner Deal Value (EUR mn) No. Share % 1 Société Générale CIB 3,314 13 11.2 2 JPMorgan 3,025 12 10.2 3 UniCredit 2,938 16 9.9 4 Citi 2,780 15 9.4 5 Deutsche Bank 2,362 12 8.0 6 HSBC 2,234 8 7.5 7 Barclays 1,872 9 6.3 8 BNP Paribas 1,706 11 5.8 9 Erste Group Bank AG 1,028 6 3.5 10 Commerzbank Group 931 7 3.1 Total 29,636 47 100.0 Period: 1 Jan 31 Dec 2014; Source: Dealogic Analytics, per 5 Jan 2015 Financial Advisors to CEE* M&A by No. of Deals Pos Financial Advisors Deal Value No. (EUR mn) 1 KPMG 1,422 25 2 Deloitte 588 17 3 UniCredit 2,674 16 4 Citi 5,087 14 4 PwC 642 14 4 EY 521 14 7 Sberbank CIB 10,373 13 8 VTB Capital ZAO 5,892 12 8 Rothschild 2,027 12 10 3 Seas Capital Partners 10 11 Period: 1 Jan 31 Dec 2014; Source: Mergermarket, per 7 Jan 2015 * incl. Russia, Turkey, Poland 24

Going forward Focus on customer and business development Building on our achievements, we aim to further strengthen our position in the CEE Region also scouting for selected inorganic opportunities, keeping our strong focus on customer proximity and leveraging on our strong geographical footprint and expertise. Taking into consideration today's demanding and rapidly changing economic environment, since July 2013 the Group - within the framework of 2013-2018 Strategic Plan - has launched CEE2020, the Program aimed at developing new ways to generate growth and value creation. The objective is to create the proper environment for a healthier CEE Division that will continue to deliver sustainable results well into the future. Strategic initiatives include: Retail: Product and process simplification, alternative channels enhancement CIB: Capital light model, International clients ad hoc offering and SME's value proposition PB: Need Based Advisory and Investment Advisory 2.0 25

CEE Country Data 1/7 Bosnia-H. 2011 2012 2013 2014E 2015F Bulgaria 2011 2012 2013 2014E 2015F Real GDP, % yoy 1.0-1.2 2.1 0.0 2.0 Real GDP, % yoy 2.0 0.5 1.1 1.5 1.5 Inflation, % avg 3.7 2.1-0.1-0.8 1.6 Inflation, % avg 4.2 3.0 0.9-1.4-0.5 1M Euribor 1.02 0.11 0.22 0.02 0.02 Reference rate, eop (%) - - - - - Loans (yoy %) 5.3 4.1 2.9 3.5 2.8 Loans (yoy %) 3.4 2.3 0.1 0.8 0.8 Loans ( % GDP) 59.4 61.9 62.4 65.0 64.5 Loans ( % GDP) 71.4 70.5 70.5 71.1 69.9 Deposits (yoy %) 3.8 2.4 7.0 6.1 3.9 Deposits (yoy %) 12.4 7.6 8.9 5.6 2.2 Deposits ( % GDP) 50.3 51.6 54.2 57.8 58.0 Deposits ( % GDP) 66.9 69.4 75.6 79.8 79.5 Loans to Deposits Ratio (%) 118.0 119.9 115.2 112.4 111.3 Loans to Deposits Ratio (%) 106.8 101.6 93.3 89.1 87.9 External Liabilities (% of total liabilities) 19.1 17.7 16.6 13.8 13.1 External Liabilities (% of total liabilities) 16.4 16.6 14.1 12.8 12.2 Cost to Income Ratio (%) 67.6 67.4 71.7 67.9 67.6 Cost to Income Ratio (%) 50.0 52.0 53.5 49.7 47.6 Revenues/avg. Volumes (%) 4.4 4.2 4.0 3.9 3.8 Revenues/avg. Volumes (%) 3.9 3.6 3.3 3.5 3.5 Return on Assets (%) 0.8 0.7-0.1 0.6 0.6 Return on Assets (%) 0.9 0.8 0.8 0.6 0.6 Impaired loans ratio (% gross loans) 11.8 13.5 15.1 17.0 17.5 Impaired loans ratio (% gross loans) 14.9 16.6 16.9 18.9 20.7 Cost of Risk (%) 1.5 1.5 2.2 1.5 1.5 Cost of Risk (%) 2.5 2.2 2.0 2.7 2.9 27 SOURCE: UniCredit Research, UniCredit CEE Strategic Analysis, UniCredit CEE Banking Network

CEE Country Data 2/7 Croatia 2011 2012 2013 2014E 2015F Czech Republic 2011 2012 2013 2014E 2015F Real GDP, % yoy -0.3-2.2-0.9-0.7-0.2 Real GDP, % yoy 2.0-0.7-0.7 2.3 2.4 Inflation, % avg 2.3 3.4 2.2 0.0 0.7 Inflation, % avg 1.9 3.3 1.4 0.4 1.2 1W money market rate eop 1.18 0.74 0.53 0.60 0.90 Reference rate, eop (%) 0.75 0.05 0.05 0.05 0.05 Loans (yoy %) 6.0-2.4 0.8-1.5 1.0 Loans (yoy %) 5.3 2.4 3.5 2.8 3.7 Loans ( % GDP) 86.5 85.0 85.7 85.0 85.5 Loans ( % GDP) 53.1 54.0 55.3 54.2 53.7 Deposits (yoy %) 1.6 2.7 3.9 2.2 1.5 Deposits (yoy %) 5.3 6.6 6.2 3.0 3.2 Deposits ( % GDP) 66.2 68.4 71.1 73.2 73.9 Deposits ( % GDP) 72.7 77.0 81.0 79.4 78.3 Loans to Deposits Ratio (%) 130.7 124.2 120.5 116.2 115.6 Loans to Deposits Ratio (%) 73.0 70.1 68.3 68.2 68.5 External Liabilities (% of total liabilities) 21.7 18.0 17.2 17.3 17.2 External Liabilities (% of total liabilities) 8.5 7.2 9.8 10.4 10.5 Cost to Income Ratio (%) 51.1 53.8 54.5 54.5 54.5 Cost to Income Ratio (%) 44.8 44.0 43.0 43.3 44.7 Revenues/avg. Volumes (%) 3.4 3.1 3.0 3.0 3.0 Revenues/avg. Volumes (%) 3.3 3.2 3.1 3.0 2.9 Return on Assets (%) 1.1 0.9 0.3 0.5 0.6 Return on Assets (%) 1.4 1.6 1.5 1.3 1.3 Impaired loans ratio (% gross loans) 12.4 13.9 15.6 18.0 18.9 Impaired loans ratio (% gross loans) 6.2 6.2 6.1 6.3 6.1 Cost of Risk (%) 1.3 1.3 2.1 1.8 1.7 Cost of Risk (%) 1.3 0.8 1.0 1.1 1.0 28 SOURCE: UniCredit Research, UniCredit CEE Strategic Analysis, UniCredit CEE Banking Network

CEE Country Data 3/7 Hungary 2011 2012 2013 2014E 2015F Poland 2011 2012 2013 2014E 2015F Real GDP, % yoy 1.6-1.7 1.5 3.3 2.3 Real GDP, % yoy 4.8 1.8 1.7 3.3 3.3 Inflation, % avg 3.9 5.7 1.6 0.0 0.4 Inflation, % avg 4.3 3.7 0.9 0.0 0.3 Reference rate, eop (%) 7.00 5.75 3.00 2.10 2.10 Reference rate, eop (%) 4.50 4.25 2.50 2.00 1.75 Loans (yoy %) -0.1-13.2-4.2-0.7-5.0 Loans (yoy %) 14.8 1.7 3.7 6.1 6.5 Loans ( % GDP) 66.8 57.1 51.4 47.9 43.8 Loans ( % GDP) 58.8 56.6 57.0 58.7 60.8 Deposits (yoy %) 5.3-0.9 2.4 2.9 0.8 Deposits (yoy %) 10.1 6.0 5.7 8.0 6.9 Deposits ( % GDP) 51.2 50.0 48.2 46.5 45.1 Deposits ( % GDP) 52.2 52.3 53.7 56.2 58.5 Loans to Deposits Ratio (%) 130.3 114.2 106.8 103.0 97.1 Loans to Deposits Ratio (%) 112.7 108.1 106.1 104.3 103.9 External Liabilities (% of total liabilities) 24.5 19.7 16.7 15.3 14.3 External Liabilities (% of total liabilities) 17.5 15.1 14.4 13.1 11.9 Cost to Income Ratio (%) 51.6 83.6 67.9 61.1 65.1 Cost to Income Ratio (%) 50.7 50.9 53.0 51.0 53.7 Revenues/avg. Volumes (%) 3.4 2.1 2.7 3.0 2.8 Revenues/avg. Volumes (%) 3.6 3.5 3.2 3.1 2.8 Return on Assets (%) -0.4-0.1-0.1-1.8 0.4 Return on Assets (%) 1.5 1.4 1.3 1.3 1.1 Impaired loans ratio (% gross loans) 19.2 20.3 21.2 20.5 19.5 Impaired loans ratio (% gross loans) 7.4 7.9 7.6 7.3 6.9 Cost of Risk (%) 3.7 0.9 1.8 6.4 1.0 Cost of Risk (%) 1.1 1.1 0.9 0.9 0.8 29 SOURCE: UniCredit Research, UniCredit CEE Strategic Analysis, UniCredit CEE Banking Network

CEE Country Data 4/7 Romania 2011 2012 2013 2014E 2015F Russia 2011 2012 2013 2014E 2015F Real GDP, % yoy 1.1 0.6 3.5 2.7 2.5 Real GDP, % yoy 4.3 3.4 1.3 0.4-3.4 Inflation, % avg 5.8 3.3 4.0 1.2 1.6 Inflation, % avg 8.6 5.1 6.8 7.7 9.4 Reference rate, eop (%) 6.00 5.25 4.00 2.75 2.50 Reference rate, eop (%) 5.25 5.50 5.50 17.00 8.50 Loans (yoy %) 6.0 0.8-3.1-3.6 0.1 Loans (yoy %) 27.4 21.4 18.3 22.2 10.9 Loans ( % GDP) 41.4 39.5 35.7 32.8 31.4 Loans ( % GDP) 41.2 43.6 48.4 54.7 57.4 Deposits (yoy %) 4.8 5.1 9.1 3.0 3.0 Deposits (yoy %) 24.4 12.5 15.3 14.4 11.2 Deposits ( % GDP) 34.1 33.9 34.6 33.9 33.4 Deposits ( % GDP) 43.1 42.3 45.7 48.4 50.9 Loans to Deposits Ratio (%) 121.3 116.4 103.3 96.8 94.0 Loans to Deposits Ratio (%) 95.5 103.1 105.8 113.0 112.7 External Liabilities (% of total liabilities) 26.3 23.2 20.5 17.9 15.9 External Liabilities (% of total liabilities) 12.8 12.2 12.2 11.3 12.8 Cost to Income Ratio (%) 57.3 58.7 56.5 55.6 53.8 Cost to Income Ratio (%) 56.3 54.8 51.3 46.9 47.2 Revenues/avg. Volumes (%) 4.2 4.4 4.3 4.2 4.2 Revenues/avg. Volumes (%) 5.3 5.6 5.7 5.7 4.9 Return on Assets (%) -0.1-0.7-0.1-0.6 0.3 Return on Assets (%) 2.3 2.3 1.9 1.0 0.9 Impaired loans ratio (% gross loans) 23.3 29.9 32.1 14.4 11.4 Impaired loans ratio (% gross loans) 16.3 14.5 12.7 18.0 21.0 Cost of Risk (%) 3.4 4.5 3.8 4.7 3.4 Cost of Risk (%) 0.5 0.8 2.1 4.0 3.4 30 SOURCE: UniCredit Research, UniCredit CEE Strategic Analysis, UniCredit CEE Banking Network

CEE Country Data 5/7 Serbia 2011 2012 2013 2014E 2015F Slovakia 2011 2012 2013 2014E 2015F Real GDP, % yoy 1.6-1.5 2.5-2.1-0.7 Real GDP, % yoy 2.7 1.6 1.4 2.3 2.5 Inflation, % avg 11.6 7.3 7.9 2.1 3.6 Inflation, % avg 3.9 3.6 1.4-0.1 0.4 Reference rate, eop (%) 9.75 11.25 9.50 8.00 6.75 Reference rate, eop (%) EUR EUR EUR EUR EUR Loans (yoy %) 7.5 13.2-1.9 6.3 4.0 Loans (yoy %) 8.6 2.2 5.7 5.6 3.9 Loans ( % GDP) 58.1 62.5 56.7 60.3 61.0 Loans ( % GDP) 51.9 51.6 53.4 55.3 56.1 Deposits (yoy %) 9.1 11.3 4.3 6.2 4.9 Deposits (yoy %) 3.1 5.8 4.5 3.6 3.1 Deposits ( % GDP) 40.8 43.2 41.7 44.3 45.2 Deposits ( % GDP) 57.1 58.8 60.2 61.1 61.5 Loans to Deposits Ratio (%) 142.1 144.6 136.0 136.2 135.0 Loans to Deposits Ratio (%) 90.8 87.7 88.7 90.5 91.2 External Liabilities (% of total liabilities) 18.9 18.4 15.7 13.0 12.1 External Liabilities (% of total liabilities) 4.4 3.4 4.1 4.2 4.3 Cost to Income Ratio (%) 61.8 66.1 65.3 62.7 62.1 Cost to Income Ratio (%) 51.9 66.9 60.3 58.8 57.2 Revenues/avg. Volumes (%) 5.1 4.7 4.3 4.2 4.0 Revenues/avg. Volumes (%) 3.3 2.9 2.9 2.9 2.8 Return on Assets (%) 0.0 0.4-0.1 0.1 0.1 Return on Assets (%) 1.4 1.0 1.2 1.3 1.3 Impaired loans ratio (% gross loans) 19.0 18.6 20.7 24.0 23.0 Impaired loans ratio (% gross loans) 5.8 5.4 5.3 5.4 5.3 Cost of Risk (%) 3.2 2.2 2.7 2.6 2.5 Cost of Risk (%) 1.0 0.5 0.6 0.6 0.6 31 SOURCE: UniCredit Research, UniCredit CEE Strategic Analysis, UniCredit CEE Banking Network

CEE Country Data 6/7 Slovenia 2011 2012 2013 2014E 2015F Turkey 2011 2012 2013 2014E 2015F Real GDP, % yoy 0.6-2.6-1.0 2.5 1.8 Real GDP, % yoy 8.8 2.1 4.1 2.9 3.4 Inflation, % avg 2.1 2.8 1.9 0.4 0.7 Inflation, % avg 6.5 8.9 7.5 8.9 6.5 Reference rate, eop (%) EUR EUR EUR EUR EUR Reference rate, eop (%) 5.75 5.50 4.50 8.25 7.25 Loans (yoy %) -2.3-3.9-16.8-9.3 2.0 Loans (yoy %) 29.8 15.4 32.5 16.1 16.7 Loans ( % GDP) 88.8 87.4 72.4 63.5 63.4 Loans ( % GDP) 50.1 53.0 63.7 65.7 69.0 Deposits (yoy %) 3.0-3.6-7.0 10.4 1.4 Deposits (yoy %) 12.4 10.6 23.4 9.1 15.0 Deposits ( % GDP) 64.8 64.0 59.3 63.2 62.8 Deposits ( % GDP) 50.6 51.2 57.3 55.5 57.5 Loans to Deposits Ratio (%) 137.1 136.6 122.2 100.4 101.0 Loans to Deposits Ratio (%) 99.2 103.5 111.2 118.3 120.0 External Liabilities (% of total liabilities) 27.0 20.4 16.9 15.4 15.7 External Liabilities (% of total liabilities) 14.2 13.6 16.5 16.6 16.1 Cost to Income Ratio (%) 53.6 47.5 65.4 58.1 57.2 Cost to Income Ratio (%) 44.8 41.3 44.1 45.2 44.1 Revenues/avg. Volumes (%) 2.6 2.8 2.2 2.5 2.5 Revenues/avg. Volumes (%) 5.0 5.2 4.8 4.4 4.4 Return on Assets (%) -1.0-1.3-7.1-0.5 0.0 Return on Assets (%) 2.3 2.3 1.9 1.8 1.8 Impaired loans ratio (% gross loans) 11.3 14.6 19.9 20.6 18.9 Impaired loans ratio (% gross loans) 2.6 2.8 2.6 3.0 3.2 Cost of Risk (%) 3.6 4.6 13.2 2.9 2.1 Cost of Risk (%) 1.5 2.0 1.9 1.7 1.8 32 SOURCE: UniCredit Research, UniCredit CEE Strategic Analysis, UniCredit CEE Banking Network

CEE Country Data 7/7 Ukraine 2011 2012 2013 2014E 2015F Real GDP, % yoy 5.2 0.3 0.2-6.7-4.6 Inflation, % avg 8.0 0.6-0.3 12.0 20.8 Reference rate, eop (%) 7.75 7.50 6.50 14.00 11.50 Loans (yoy %) 9.4 1.7 11.7 15.5 0.7 Loans ( % GDP) 61.6 57.8 62.8 67.9 59.1 Deposits (yoy %) 18.0 16.4 17.1 0.2 0.2 Deposits ( % GDP) 37.8 40.6 46.2 43.4 37.5 Loans to Deposits Ratio (%) 163.1 142.4 135.9 156.7 157.5 External Liabilities (% of total liabilities) 15.7 13.7 12.7 14.2 15.6 Cost to Income Ratio (%) 63.1 64.9 65.3 43.5 44.0 Revenues/avg. Volumes (%) 6.5 5.7 5.4 6.0 5.1 Return on Assets (%) -0.6 0.4 0.2-1.2-1.0 Impaired loans ratio (% gross loans) 37.7 26.7 23.5 30.0 34.0 Cost of Risk (%) 4.7 2.7 2.9 7.4 6.2 33 SOURCE: UniCredit Research, UniCredit CEE Strategic Analysis, UniCredit CEE Banking Network

Contacts 1/2 This is a product of UniCredit CEE Strategic Analysis Andrea Lacalamita, Head of Group Strategic Planning and CEE Strategic Analysis Carmelina Carluzzo, Deputy Head of CEE Strategic Analysis Mauro Giorgio Marrano, Milen Kassabov, Kamen Kazankin, Olga Solomatina Kristian Laedre, Carlo Moretto, Lilit Sargsyan Closing date: January 9th, 2015 34

Contacts 2/2 UniCredit Bank (Bosnia and Herzegovina) Jelena Juric UniCredit Bulbank (Bulgaria) Kristofor Pavlov Zagrebacka Banka (Croatia) Hrvoje Dolenec UniCredit Bank Czech Republic and Slovakia (Czech Republic and Slovakia) Pavel Sobisek Ľubomír Koršňák UniCredit Bank Hungary (Hungary) Tamas Nagy Bank Pekao (Poland) Marcin Mrowiec UniCredit Tiriac Bank (Romania) Catalina Molnar UniCredit Bank (Russia) Artem Arkhipov Yapı ve Kredi Bankası (Turkey) Asli Anginbas A special thanks to UniCredit Research, UniCredit Group Strategic Planning 35

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