Russian Market: Challenges and Opportunities for Italian Corporates The largest foreign bank in Russia Italy, May 2019

Macroeconomic Scenario UniCredit Group in Russia AGENDA Macroeconomic Scenario UniCredit Group in Russia Net income: EUR -10,641 mn (Q3 2011); EUR -9,320 mn (9M 2011)* *The loss in 3Q11 was caused by a series of extraordinary one-off write-downs totaling EUR 10,167 million net of taxes. This goodwill write-offs are non-cash in nature and do not affect liquidity and cash flows from operating activities. International Center 2 2 2

Boring growth rates going forward It’s an exhaustion of the XXth century growth model (OnG, defense, agriculture and food production) Consumption: slowly and steady Investment: growth engine which is hard to start External sector: cash cow for budget, but net drag on growth Source: Rosstat

Macroeconomic stability RUB volatility returned back to the pre-crisis levels, with only two market spikes during 2018. RUB is rather stable in 2019. This is a remarkable result given the floating exchange rate regime (as compared to managed RUB before end of 2014). The reasons behind that are budget rule and other measures, improving the overall macroeconomic stability in the country and its susceptibility to external shocks. Source: CBR

Russia: investment-grade, stable outlook Russia currently holds an investment-grade from all big-three rating agencies due to the positive revision by Moody’s in February 2019. This may partially dampen the speculative capital outflow as it would be partially replaced by quality-driven investments. Strengths: Highly efficient Bank of Russia’s monetary policy Strong balance of payments and investment position RUB correlation with oil prices fell to multi-year lows Better than expected fiscal execution Points of Attention: Demography is deteriorating External restrictions Risks of extension / intensification of external restrictions have become more real. The character of restrictions has also changed

Key Advantages of Investing in Russia Russia is the 6th largest economy in the world. The Russian economy is expected to grow to almost $4.3 trillion in 2019 Lower inflation rate. Strong labor market. Low unemployment rate. 6th largest domestic market Unique Geographic Position Special economic zones in Russia Russian Special Economic Zones are growing industrial, technology, logistics and touristic territories with special benefits and incentives for investors. Key Sectors: Cars and car parts Pharmaceutical and medical industry Innovations and Technology Transportation industry Oil and Gas industry Agriculture and food industry Metals and Mining etc.

Macroeconomic Scenario UniCredit Group in Russia AGENDA Macroeconomic Scenario UniCredit Group in Russia Net income: EUR -10,641 mn (Q3 2011); EUR -9,320 mn (9M 2011)* *The loss in 3Q11 was caused by a series of extraordinary one-off write-downs totaling EUR 10,167 million net of taxes. This goodwill write-offs are non-cash in nature and do not affect liquidity and cash flows from operating activities. International center 7 7 7

UniCredit Bank at a glance UniCredit Bank ranked #1 among the most reliable banks in Russia according to Forbes Russia* General Licence for banking operations №1 of the Bank of Russia The Bank was founded in Moscow on October 19,1989 as International Moscow Bank (IMB) and was rebranded as UniCredit Bank in 2007 1 ~4 000 employees st 100 offices in 34 cities of Russia** Bank with foreign capital in Russia 1 representative office in the Republic of Belarus 100% of shares are fully-owned by UniCredit Group (UniCredit S.p.A.) One of the main bank partners for more than a half of 200 largest Russian companies AO UniCredit Bank has been included into the list of systemically important credit institutions*** * Forbes magazine, 100 Reliable Russian Banks 2019 **As of 31.12.2018 ***The information notice of the Press Service of the Bank of Russia http://www.cbr.ru/eng/press/PR/?file=09102018_102641eng2018-10-09T10_25_33.htm

UniCredit Bank is presented in 27 regions of Russia N Novgorod UniCredit Bank's network covers key economic regions of the Russian Federation The Bank operates in all cities with a population over 1 million The Bank consistently ranks in the top 5 financial partners for the largest regional companies* and actively invests in the economy of the regions Well-established business processes and a wide network of partners allow the Bank to successfully cooperate with customers also in those regions where it is not represented by its offices Archangelsk Saint Petersburg Solikamsk Kazan Tyumen Omsk Kemerovo Moscow Kaluga Belgorod Voronezh Novorossiysk Krasnodar Saratov Sochi Lipetsk Volgograd Ufa Ekaterinburg Stavropol Samara Rostov-on-Don Chelyabinsk Kamensk-Shakhtinsky Novosibirsk Irkutsk Krasnoyarsk Data as of 31.12.2018 *By the volume of the corporate loan portfolio Barnaul Perm

UniCredit Bank is one of the most reliable and successful banks in Russia Among the most reliable banks in Russia according to Forbes Russia* In the rating of Russian banks by credit portfolios *** In top-100 Russian banks by profit** 1 7 7 In the rating of Russian banks by private deposits*** In top-100 Russian banks by assets** In top-100 Russian banks by equity** 8 7 13  *Forbes magazine, 100 Reliable Russian Banks 2019 ** As of the end of 2018, Interfax-100 *** As of 01.01.2019 according to RIA Rating

UniCredit Bank is the largest foreign bank in Russia 2018 Assets (RUB billion) 2018 Rating place Q32018 Assets (RUB billion) Q32018 Rating place Sberbank 26 968 1 25 280   1 VTB 13 657 2 12 989 2 Gazprombank 6 143 3 5 902 3 Rosselkhozbank 3 314 4 3 020 4 Alfa-Bank 3 200 5 2 960 5 Credit Bank Of Moscow 2 131  6 6 1 935 FC Otkritie Bank 1 384 7 1 305 7 UniCredit Bank 1 351 8 1 205  9 Promsvyazbank 1 248  9 8 1 232 Raiffeisenbank 1 113 10 992   10 Source: Interfax-100.

Macroeconomic Scenario UniCredit Group in Russia AGENDA Macroeconomic Scenario UniCredit Group in Russia Net income: EUR -10,641 mn (Q3 2011); EUR -9,320 mn (9M 2011)* *The loss in 3Q11 was caused by a series of extraordinary one-off write-downs totaling EUR 10,167 million net of taxes. This goodwill write-offs are non-cash in nature and do not affect liquidity and cash flows from operating activities. International center 12 12 12

UniCredit Bank has an International Center focalized on the International companies interested in investing in Russia International Center UniCredit offers its clients both local and international expertise by providing unparalleled access to market leading products and services in its 14 core markets through its European banking network: Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Serbia, Slovakia, Slovenia and Turkey. Leveraging on an international network of representative offices and branches, UniCredit serves clients in another 18 countries worldwide. Focus Best Bank for servicing cross border clients: #1 in CEE in terms of total assets[1], ranked in the top 5 in most CEE countries (As of December 2018) UniCredit is and will remain a simple successful pan-European Commercial Bank, with a fully plugged in CIB, delivering a unique Western, Central and Eastern European network to its extensive client franchise: 26 million customers. Network Service Model A Service Model which unifies specialized professionals, geographical proximity and international experience Product lines dedicate to specific necessities (Financing or Intermediation, Financial Markets, Global Transaction Banking, Factoring, Leasing, Cash management, FX etc.) ~1 500 International Clients ~425 Italian customers ~20% of IC Main bank for Italian, Austrian and German groups largest lender in the region (EUR 66.5 billion as of March 2019[2]), with 11.6% market share in lending and sound growth in the last 5 years (1Q19 CMD perimeter. Retail Branches only) Cross border 13

CONTACTS Head of International Center Fabrizio Rollo Tel: +7 495 723 7126 Email: Fabrizio.Rollo@unicredit.ru Head of Italian Coverage Martin Madjarov GSM: +7 906 0877960 Email: Martin.Madjarov@unicredit.ru General mailbox: UIC-Russia@unicredit.ru Russia (RU) AO UniCredit Bank 9, Prechistenskaya Embankment, Moscow 119034