Bank Austria Öffentliche Pfandbriefe (Public Sector Covered Bonds) February 2015

Agenda UniCredit / Bank Austria: Overview Public Sector Covered Bond of Bank Austria Austrian Legal Framework Pfandbriefe 2

Agenda UniCredit / Bank Austria: Overview UniCredit Bank Austria Public Sector Covered Bond of Bank Austria Austrian Legal Framework Pfandbriefe 3

UniCredit at a glance A clear international profile based on a strong European identity UniCredit Highlights Shareholder Structure 1) Strong local roots in almost 20 countries ~ 130,000 employees ~ 8,000 branches ~ 32 mn customers in Europe One of the most important banks in Europe with total assets of ~ 860 bn Retail, miscellaneous and unidentified Investors 24.3% 27.4% 48.3% Institutional Shareholders One of the 28 Global Systemically Important Banks ( G-SIBs ) worldwide Stable Shareholders Market capitalization of ~ 30 bn 4 Capital increase of 7.5 bn in 2012, with strong response from all investor clusters Common Equity Tier 1 (CET1) Ratio at 10.4% and Total Capital Ratio at 13.6% (preliminary figures according to Basel 3 phase-in rules) as of 31 December 2014 Main shareholders: Stable shareholders, e.g. Foundations Institutional investors Retail investors 1) Based on latest available data. Source: Sodali *) Including unidentified shares owned by the Group and Cashes

Agenda UniCredit / Bank Austria: Overview UniCredit Bank Austria Public Sector Covered Bond of Bank Austria Austrian Legal Framework Pfandbriefe 5

Bank Austria at a Glance Solid capital base (10.3% CET1 Ratio) ~ 1.6 mn Customers in Austria ~ 18% Customer Share Retail Segment Member of UniCredit Bank Austria - strong in Austria and CEE 7 of 10 large corporates have business relations with BA Presence in 13 CEE Countries ~1,700 Outlets in A & CEE *) ~36,000 FTE in A & CEE *) 6 *) excl. a further 1,000 branches and ~18,000 FTE of the Turkish Joint Venture CEE = Central and Eastern Europe FTE = Full-Time Equivalent (As of 31 December 2014)

Ratings of UniCredit Bank Austria AG as of 12 February 2015 Moody's S&P Fitch Long-Term Short-Term Subordinated Long-Term Short-Term Subordinated Long-Term Short-Term Subordinated Bank Austria Baa2 P-2 Ba2 BBB+ A-2 BB+ A F1 - Under review for downgrade CreditWatch negative Negative Bank Austria - Public Sector Covered Bond Aaa - - Bank Austria - Mortgage Covered Bond Aa1 - - Grandfatherer Debt *) Senior Debt Baa1 BBB+ - Subordinated Debt Ba2 BB+ - 7 *) Securities issued by Bank Austria before 31 December 2001 which benefit from a secondary liability by the City of Vienna

P&L of Bank Austria FY14 (preliminary, unaudited figures) Stable operating income (decrease mainly due to high one-offs in 2013) Operative improvement mainly due to lower net write-downs of loans 1-12 1-12 ( mn) 2014 2013 y/y 4Q14 3Q14 4Q13 q/q y/y Operating Income 5,890 6,503-9.4% 1,429 1,554 1,715-8.1% -16.7% Operating Costs -3,336-3,387-1.5% -865-814 -895 6.3% -3.3% Operating Profit 2,554 3,116-18.1% 563 740 820-23.9% -31.3% Net Write-Downs of Loans -693-1,313-47.2% -192-169 -536 13.7% -64.2% Net Operating Profit 1,860 1,803 3.2% 371 571 284-35.0% 30.8% Non-Operating Items -82-1,006-91.8% -15-84 -848-81.5% -98.2% Profit Before Tax 1,778 797 >100.0% 356 487-564 -27.0% >-100.0% Income Tax -287-428 -33.0% -87-73 -245 18.8% -64.5% Group Net Profit 1,383-1,542 >-100.0% 191 416-2,667-54.2% >-100.0% Cost / Income Ratio - excl. bank levies (in %) 53.9% 49.9% 400 bp 58.3% 50.1% 50.5% 819 bp 779 bp 8 Operating income y/y down by 9%, mainly due to lower equity contribution from Turkey (due to sale of Sigorta insurance in 3Q13) and decreased trading income (MICEX-sale 4Q13) Costs slightly lower vs. FY13, driven by strict cost management and despite further increase in Austrian bank levy Net write-downs of loans significantly lower (-47% y/y), decrease both in Austria and in CEE Group Net Profit at 1,383 mn, last year s result was impacted by the write-off of goodwill ( -1,967 mn) and other special factors Note: Non-operating items include provisions for risks and charges, profit from investments and integration costs

Net Operating Profit (preliminary, unaudited figures) Despite Sigorta and MICEX sale in 2013, slightly above prior year, mainly due to lower LLPs and costs Net Operating Profit Composition ( mn) Share of Divisions *) Net Operating Profit by region (%) Operating income Costs LLP 1,803 +3% 1,860 Austria 27% 284 571 371 1,715 1,554 1,429 6,503 5,890 73% CEE *) without Corporate Center NOP up by 3% y/y -895-814 -865 Reduction of revenues y/y due to sale of Sigorta -536-169 -192-3,387-3,336 insurance /Turkey in 3Q13), sale of shares in the Russian stock exchange MICEX and currency effects (mainly Ruble/4Q14) 4Q13 3Q14 4Q14-1,313-693 Y/y, decrease in costs despite higher bank levies in Austria, due to strict cost control and currency effects 9 1-12/2013 1-12/2014 LLP requirements strongly decreased y/y (both in Austria and in CEE)

Balance Sheet structure (as at 31 December 2014) (preliminary, unaudited figures) Loans and receivables with banks Balance Sheet ( mn) Change vs. 31 December 2013 189,118 (100%) 30,542 (16%) 189,118 (100%) 23,696 (13%) Deposits from banks Balance sheet 178 +6.3% 189 ( bn) Loans to customers 114-0.5% 114 Loans and receivables with customers 113,732 (60%) 102,271 (54%) Deposits from customers 12/13 12/14 12/13 12/14 Other Financial Assets Other Assets 32,158 (17%) 12,687 (7%) 30,014 (16%) 18,213 (10%) 14,925 (8%) Debt securities in issue Other Liabilities Equity Deposits from customers +5.9% Securities in issue +9.9% 97 102 27 30 Assets Liabilities 12/13 12/14 12/13 12/14 10 Balance sheet development (+6.3%% vs. 2013) partly driven by strong deposit growth and issuance activities Classical commercial bank - loans and primary funds (customer deposits + debt securities in issue) well balanced and representing a high share in the balance sheet Debt securities in issue up by 2.7 bn (4 covered bond issues totaling 2 bn and 3 Tier 2 issues in a total of 1.5 bn) Solid capital base of 16 bn, stable vs. YE13, current profit mainly compensated by currency effects (in particular Ruble) As from 2014, Turkey (Yapi Kredi) is consolidated at equity and therefore only included as participation; year-end 2013 adjusted accordingly to enable comparisons Shareholders equity 15 12/13-0.8% 15 12/14 Leverage ratio 1) (quarterly average) n.a. 5.6% 12/13 12/14 1) starting from 2014, according to Basel 3 phase-in

Loan and Deposit Volumes (preliminary, unaudited figures) Loans more than covered by deposits and debt securities in issue Loans to Customers 1) ( mn) Deposits from Customers 1) ( mn) CEE CEE Austria 115,224 113,224-1% 115,304 115,167-1% 113,732 Austria 96,520 95,730 6% 95,842 99,914 +2% 102,271 56,479 54,606 57,091 57,737 56,378 46,674 44,672 45,417 46,935 48,796 49,846 51,057 50,425 52,978 53,475 58,746 58,619 58,213 57,430 57,353 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Loans/Direct Funding Ratio 93% 91% 92% 88% 86% 11 Loans to customers -1% y/y due to decrease in Austria and currency devaluation in CEE, q/q decrease mainly due to Ruble devaluation Deposits from customers +9% y/y, with growth in CEE being mitigated by currency devaluation. In Austria, y/y increase by 3.6 bn. Significant increase q/q (+4%) both in Austria and CEE (in particular corporate business) Loans more than covered by deposits and debt securities in issue, Loans/Direct Funding Ratio on an excellent level of 86% 1) All figures recast (excl. Turkey and Ukraine)

Volumes in CEE (preliminary, unaudited figures) Good business development, impact from currency movements Customers loans / Primary funds ( bn) 1) Regional Breakdown Customer loans Primary funds Customer loans ( bn) - December 14 CEE 56 56.5 49.5 57.7 50.1 56.4 51.5 o/w Russia 11 CZ/SK 12 Hungary 3 Bulgaria 6 Croatia 9 Romania 5 Primary funds ( bn) - December 14 1) CEE 51 o/w 4Q13 3Q14 4Q14 Russia 12 12 Loans to customers: growth in 2014 compensated by currency fluctuations (mainly Ruble) Primary funds: Increase y/y by 2 bn, despite currency devaluations. Deposit growth in almost all countries, in particular in Russia and Bulgaria 1) Primary funds = Deposits from customers + Debt securities in issue CZ/SK 14 Hungary 4 Bulgaria 5 Croatia 8 Romania 4

Capital position and RWA (preliminary, unaudited figures) Sound capital ratios Capital Ratios Total CAR 12.5% Tier 1 10.9% 13.5% 11.6% 1) 13.5% 10.3% Common Equity Tier 1 (CET1) ratio stands at solid 10.3% and Total Capital ratio at 13.5% (both according to Basel 3 phase-in and IFRS) Safe capital base as Bank Austria unlike its main competitors did not take up state capital CET1 10.6% 2012 11.3% 2013 10.3% 4Q14 B3 phase-in RWA development in FY14 influenced by implementation of the CRR (leading to higher market risk RWA in 2014), volume growth in CEE and switch to IFRS. Decrease in 2013 includes sale of Kazakh subsidiary Regulatory Capital ( bn) Risk-Weighted Assets ( bn) Total Capital Additional Tier 1 16.2 0.3 16.0 0.3 1) 17.5 0.0 Total RWA Market risk CVA charge Operational risk 130.1 2.5 12.6 118.5 2.1 130.3 1) 4.6 0.6 12.1 12.8 CET1 13.8 13.4 13.5 Credit risk 114.9 103.6 112.9 13 2012 2013 4Q14 B3 phase-in 1) Starting with 2014, figures in accordance with Basel 3/CRR and since 3Q14 based on IFRS; transitional adjustments (phase-in) only relevant for capital, not for RWA 2012 2013 4Q14 B3

Executive Summary Bank Austria Public Sector Cover Pool Aaa Rating by Moody s ECBC Covered Bond Label has been granted to the Public Sector Cover Pool of Bank Austria Cover Pool Volume as of 31 December 2014 amounts to EUR 7,007 mn Average volume of loans is approx. 1.94 mn Average seasoning is 5.4 years 15

Public Sector Parameters of Cover Pool and Issues Total Value of the Cover Pool as of 31 December 2014 in EUR equivalent: 7,007 mn thereof in EUR: 3,477 mn thereof in CHF: 1,597 mn thereof public sector bonds in EUR equivalent: 1,933 mn Parameters of Cover Pool Weighted Average Life (in years incl. Amortization) 7.0 Contracted Weighted Average Life (in years) 9.4 Average Seasoning (in years) 5.4 Total Number of Loans 3,605 Total Number of Debtors 1,370 Total Number of Guarantors 271 Average Volume of Loans (in EUR) 1,943,671 Stake of 10 Biggest Loans 29.0% Stake of 10 Biggest Guarantors 34.1% Stake of Bullet Loans 61.7% Stake of Fixed Interest Loans 37.0% Amount of Loans 90 Days Overdue 0 Average Interest Rate 1.7% Moody s Rating: Aaa Nominal / Present Value Over-Collateralization *) : 60.4% / 52.1% Total Value of Sold Covered Bonds as of 31 December 2014 in EUR: 4,370 mn Parameters of Issues: Total Number 39 Average Maturity (in years) 5.1 Average Volume (in EUR) 112,042,451 16 *) Austrian Mortgage Banking Act requires a nominal over-collateralisation of 2%. The basis for its calculation is a cover pool value reduced by legally defined haircuts. Taking these haircuts into consideration, the cover pool value amounts to EUR 6,667 mn, thus the overcollateralization is 52.6%. Additionally, in its Articles of Association, UniCredit Bank Austria commits itself to an over-collateralisation on a present value basis.

Public Sector Maturity Structure of Cover Pool and Issues Maturity of Assets in the Cover Pool in mn EUR in % Maturity up to 12 months 1,296 18.5% Maturity 12-60 months 1,348 19.2% thereof Maturity 12-36 months 358 5.1% thereof Maturity 36-60 months 990 14.1% Maturity 60-120 months 1,223 17.5% Maturity longer than 120 months3,140 44.8% Total 7,007 100.0% Maturity of Issued Covered Bonds in mn EUR in % Maturity up to 12 months 790 18.1% Maturity 12-60 months 1,170 26.8% thereof Maturity 12-36 months 660 15.1% thereof Maturity 36-60 months 510 11.7% Maturity 60-120 months 2,072 47.4% Maturity longer than 120 months 338 7.7% Total 4,370 100.0% 17

Public Sector Regional Breakdown of Assets *) in Austria 18 *) Considering Guarantors

Public Sector Assets Volume Breakdown by Type of Debtor / Guarantor Assets: Type of Debtor / Guarantor in mn EUR Number State 550 4 Federal States 2,265 51 Municipalities 1,179 2,586 Guaranteed by State 521 148 Guaranteed by Federal States 1,662 262 Guaranteed by Municipalities 700 471 Other 129 83 Total 7,007 3,605 19

Public Sector Volume Breakdown by Size of Assets Volume Breakdown by Size of Assets in mn EUR Number below 300,000 238 2,151 thereof under 100,000 51 1,133 thereof 100,000-300,000 187 1,018 300,000-5,000,000 1,399 1,319 thereof 300,000-500,000 164 423 thereof 500,000-1,000,000 315 437 thereof 1,000,000-5,000,000 920 459 above 5,000,000 5,370 135 Total 7,007 3,605 20

Austrian Legal Framework Mortgage and Public Sector Pfandbriefe Austrian Covered Bonds Pfandbriefe Fundierte Schuldverschreibungen Hypothekenbankgesetz (Mortgage Banking Act 1899) Pfandbriefgesetz (Pfandbrief Law 1938) Law of 1905 Bank Austria 22 Remark: Austrian Mortgage Pfandbriefe also follow the same legal regulation as Public Sector Pfandbriefe

Comparison Austria vs. Germany Criteria of Pfandbrief law / Hypothekenbankgesetz Austria Germany Pfandbrief law in place YES YES Mortgage and public sector collateral assets in separate pools YES YES Cover register YES YES Collateral assets limited to Europe YES X Legally required minimum overcollateralization YES YES Cover pool monitoring (Trustee) YES YES Special proceedings in case of insolvency Pfandbriefe remain outstanding in case of issuer s bankruptcy YES YES YES YES NPV matching YES* YES Austrian Hypothekenbankgesetz was initially based on the German legislation Important changes to the German "Pfandbrief" - legislation were followed by the Austrian "Hypothekenbankgesetz", which continues to reflect the principal features of the German "Pfandbriefgesetz Main differences in the current version are: German law also allows collateral assets from non-european countries German law includes compulsory NPVmatching, whereas in Austria a voluntary commitment is foreseen to be stipulated in the articles of association. Bank Austria, accordingly, included such clause in its articles of association 23 * if included in the Articles of Association of the respective credit institution

Your Contacts CFO Finance UniCredit Bank Austria AG CFO Planning & Controlling Austria UniCredit Bank Austria AG Martin Klauzer Head of Finance Tel. +43 (0) 50505 82511 martin.klauzer@unicreditgroup.at Günther Stromenger Head of Corporate Relations Tel. +43 (0) 50505 57232 guenther.stromenger@unicreditgroup.at Thomas Ruzek Head of Strategic Funding Tel. +43 (0) 50505 82560 thomas.ruzek@unicreditgroup.at Gabriele Wiebogen Head of Long Term Funding Tel. +43 (0) 50505 82337 gabriele.wiebogen@unicreditgroup.at 24 Werner Leitner Head of Cover Pool Management Tel. +43 (0) 50505 82647 werner.leitner@unicreditgroup.at Impressum UniCredit Bank Austria AG CFO Finance A-1010 Vienna, Schottengasse 6-8

Disclaimer This publication is presented to you by: UniCredit Bank Austria AG Julius Tandler-Platz 3 A-1090 Wien The information in this publication is based on carefully selected sources believed to be reliable. However we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at the date hereof and are subject to change without notice. Any investments presented in this report may be unsuitable for the investor depending on his or her specific investment objectives and financial position. Any reports provided herein are provided for general information purposes only and cannot substitute the obtaining of independent financial advice. Private investors should obtain the advice of their banker/broker about any investments concerned prior to making them. Nothing in this publication is intended to create contractual obligations. Corporate & Investment Banking of UniCredit Group consists of UniCredit Bank AG, Munich, UniCredit Bank Austria AG, Vienna, UniCredit S.p.A., Rome and other members of the UniCredit Group. UniCredit Bank AG is regulated by the German Financial Supervisory Authority (BaFin), UniCredit Bank Austria AG is regulated by the Austrian Financial Market Authority (FMA) and UniCredit S.p.A. is regulated by both the Banca d'italia and the Commissione Nazionale per le Società e la Borsa (CONSOB). Note to UK Residents: In the United Kingdom, this publication is being communicated on a confidential basis only to clients of Corporate & Investment Banking of UniCredit Goup (acting through UniCredit Bank AG, London Branch) who (i) have professional experience in matters relating to investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ( FPO ); and/or (ii) are falling within Article 49(2) (a) (d) ( high net worth companies, unincorporated associations etc. ) of the FPO (or, to the extent that this publication relates to an unregulated collective scheme, to professional investors as defined in Article 14(5) of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and/or (iii) to whom it may be lawful to communicate it, other than private investors (all such persons being referred to as Relevant Persons ). This publication is only directed at Relevant Persons and any investment or investment activity to which this publication relates is only available to Relevant Persons or will be engaged in only with Relevant Persons. Solicitations resulting from this publication will only be responded to if the person concerned is a Relevant Person. Other persons should not rely or act upon this publication or any of its contents. The information provided herein (including any report set out herein) does not constitute a solicitation to buy or an offer to sell any securities. The information in this publication is based on carefully selected sources believed to be reliable but we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at the date hereof and are subject to change without notice. We and/or any other entity of Corporate & Investment Banking of UniCredit Group may from time to time with respect to securities mentioned in this publication (i) take a long or short position and buy or sell such securities; (ii) act as investment bankers and/or commercial bankers for issuers of such securities; (iii) be represented on the board of any issuers of such securities; (iv) engage in market making of such securities; (v) have a consulting relationship with any issuer. Any investments discussed or recommended in any report provided herein may be unsuitable for investors depending on their specific investment objectives and financial position. Any information provided herein is provided for general information purposes only and cannot substitute the obtaining of independent financial advice. UniCredit Bank AG, London Branch is regulated by the Financial Services Authority for the conduct of business in the UK as well as by BaFIN, Germany. Notwithstanding the above, if this publication relates to securities subject to the Prospectus Directive (2005) it is sent to you on the basis that you are a Qualified Investor for the purposes of the directive or any relevant implementing legislation of a European Economic Area ( EEA ) Member State which has implemented the Prospectus Directive and it must not be given to any person who is not a Qualified Investor. By being in receipt of this publication you undertake that you will only offer or sell the securities described in this publication in circumstances which do not require the production of a prospectus under Article 3 of the Prospectus Directive or any relevant implementing legislation of an EEA Member State which has implemented the Prospectus Directive. Note to US Residents: The information provided herein or contained in any report provided herein is intended solely for institutional clients of Corporate & Investment Banking of UniCredit Group acting through UniCredit Bank AG, New York Branch and UniCredit Capital Markets, Inc. (together UniCredit ) in the United States, and may not be used or relied upon by any other person for any purpose. It does not constitute a solicitation to buy or an offer to sell any securities under the Securities Act of 1933, as amended, or under any other US federal or state securities laws, rules or regulations. Investments in securities discussed herein may be unsuitable for investors, depending on their specific investment objectives, risk tolerance and financial position. In jurisdictions where UniCredit is not registered or licensed to trade in securities, commodities or other financial products, any transaction may be effected only in accordance with applicable laws and legislation, which may vary from jurisdiction to jurisdiction and may require that a transaction be made in accordance with applicable exemptions from registration or licensing requirements. All information contained herein is based on carefully selected sources believed to be reliable, but UniCredit makes no representations as to its accuracy or completeness. Any opinions contained herein reflect UniCredit's judgement as of the original date of publication, without regard to the date on which you may receive such information, and are subject to change without notice. UniCredit may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in any report provided herein. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them. Past performance should not be taken as an indication or guarantee of further performance, and no representation or warranty, express or implied, is made regarding future performance. UniCredit and/or any other entity of Corporate & Investment Banking of UniCredit Group may from time to time, with respect to any securities discussed herein: (i) take a long or short position and buy or sell such securities; (ii) act as investment and/or commercial bankers for issuers of such securities; (iii) be represented on the board of such issuers; (iv) engage in market-making of such securities; and (v) act as a paid consultant or adviser to any issuer. The information contained in any report provided herein may include forward-looking statements within the meaning of US federal securities laws that are subject to risks and uncertainties. Factors that could cause a company's actual results and financial condition to differ from its expectations include, without limitation: Political uncertainty, changes in economic conditions that adversely affect the level of demand for the company s products or services, changes in foreign exchange markets, changes in international and domestic financial markets, competitive environments and other factors relating to the foregoing. All forward-looking statements contained in this report are qualified in their entirety by this cautionary statement. This product is offered by UniCredit Bank Austria AG who is solely responsible for the Product and its performance and/or effectiveness. UEFA and its affiliates, member associations and sponsors (excluding UniCredit and UniCredit Bank Austria AG) do not endorse, approve or recommend the Product and accept no liability or responsibility whatsoever in relation thereto. UniCredit Bank Austria AG, Vienna as of 27 February 2015 25