Evaluación de la actividad antioxidante

UniCredit Bank Czech Republic achieved good results in terms of revenues generation in H1 2011, with total revenues growing by 5% above the same period of last year. Profitability of the bank was sharply affected by the write-down on Greek bonds. Net of this effect consolidated profit grew by 3% y/y. Over H1 2011 the bank continued to carry on its retail expansion plan, by opening additional retail outlets.

UniCredit Bank Czech Republic was awarded “Best Bank of 2011” by Hospodářské Noviny, prestigious Czech economic newspaper. The contest, run within 18 Czech banks, was based on a combination of products and services offered to the customers and of the economic performance of each bank UniCredit Bank Czech Republic confirmed its leading position by winning the contest again after being awarded in 2009.

UniCredit Bank Slovakia managed to grow markedly in terms of revenues throughout H1 2011, by 19% y/y, driven by all lines of customer business. Major driver of outstanding performance improvement is net interest income (+20% y/y) underpinned by very positive result in Trading and fee income as well. Bank succeeded in keeping operating expenses at last year level. Improved economic environment and good credit portfolio resulted in significant decrease of loan loss provisions by 29% y/y and contributed to exceptional development of Net profit in y/y comparison. Customer loans went up by 9% y/y, thanks to an upward trend in all business lines, primary in retail segment, reaching the amount of€2.7 billion. On the other hand, total deposits growth of 12% y/y stemmed mainly from corporate business.

UniCredit Bank Hungary confirmed good performance in H1 2011, with profit development supported by recurrent growth of revenues, despite the special bank levy and yet weak domestic demand. Total interest revenues rose by 8% y/y, whilst fee income increased by 6% y/y in H1 2011. Operating expenses

negatively affected by bank levy showed an upward trend which has been eased by the strict cost policy of the bank. Excluding the bank levy, expenses grew moderately by 1% y/y. As a result, C/I ratio was close to 50%. In H1 2011 loan loss provision declined y/y, largely as a result of improved economic environment. As far as volumes are concerned, Loans to customers increased by 1% q/q, supported mainly by Retail loans and in particular by the appreciation of Swiss frank against Hungarian forint. Deposits, on the other hand declined mainly in Corporate. As a result net L/D ratio reached 112% in Q2 2011. With a slight increase mostly in Retail segment, total number of customers approached 389.000 in June 2011.

Also in Slovenia, the global financial and economic crisis affected the banking sector significantly and put the overall system into a loss situation in 2010. Despite this unfavourable macro situation, UniCredit Bank Slovenia always retained its profitability and, similar to the performance in 2010, achieved strong

revenues of€42 million in H1 2011 (+25% compared to the same period in 2010). Main driver for this growth was the development of the net interest income, which increased to€30 million as a consequence of improved margins, the bank’s good funding position and the collection of dividend income. Risk costs in H1 amount to€13 million (+€5 milion y/y). Pre-tax profit for H1 2011 stands at €9 million, 14% above the level of H1 2010. The bank also successfully managed to improve its loan-to-deposit ratio by increasing the deposit volume from customers by 20% compared to the end of H1 2010. The business focus will continue to be put on both corporate and institutional as well as retail business. Retail, with three new opened branches in Q2, is well on the way to expand its network, with additional branch openings to be made till year-end. Within the corporate business, the bank is well positioned to gain from its strong ties with other banks within the UniCredit network by offering cross-border solutions to its customer base. As already proven in the past, the Group's know-how will also allow the bank to continue to successfully support customers' bond placements (such as the bank’s succesful joint lead management of the€1.5 billion bond issuance of the Republic of Slovenia in H1 2011) and to participate in public finance and large-scale infrastructure projects.

In Bosnia and Herzegovina (B&H), the Group is represented by two banks - UniCredit d.d. Mostar and UniCredit a.d. Banja Luka. Recent economic trends in B&H continue to indicate a moderate and gradual economic recovery of B&H with a solid increase in industrial production. UniCredit as a Group takes the leading market position both in total assets as well as in terms of total deposits. Through balanced development of loans and deposits, the Group is in a position to show a Loan-to-Deposit ratio of slightly below 93% as per end of H1 2011. Furthermore, presented figures below certainly confirm the position of the most profitable banking group in the country which serves over 1.2 million clients through a network of 134 branches (90 of UniCredit Bank Mostar and 44 of UniCredit a.d. Banja Luka). In H1 2011, net profit after tax increased impressively by 142% y/y, thanks to a growing trend of revenues and lower loan loss provisions (which decreased by 34% compared to the same period of previous year). As a result of simultaneous growth in net interest income and non-interest income, total revenues grew by 14% y/y, whilst total expenses increased by 1% y/y only. Consequently, efficiency as expressed by cost-income ratio improved significantly and reached a level of 62% (compared to 70% in H1 2010). The operating profit therefore achieved a significant growth of 43% y/y. Such improvements are also a reflection of the Group’s customer centric approach in both the corporate and the retail segment which puts the Group in a leading position in terms of product innovation and service quality. An outstandingly high customer satisfaction index, together with the banks’ strong operating performance, recently resulted again in various awards for the Group and its Management.

The GDP growth expectation for 2011 in Serbia remains unchanged at about 3%. Inflation in June of 12.7% is above upper target limit of National Bank of Serbia (NBS), but is showing a decreasing trend for the first time in four months. NBS cut reference rate to 11.75% based on expectations of decreasing food prices and weak consumer demand. UniCredit Bank Serbia continues its positive trend and recorded a y/y net profit growth of about 60%, significantly outperforming the overall banking sector. The main reason for this good result is a very strong revenue growth (mainly net interest income but also improved fees and trading result) followed by strictly controlled expense development. Consequently, the C/I ratio further improved to 34%. At the end of Q2 2011, total assets amounted to 166 billion Serbian Dinars,

representing an increase of 8% y/y. Net profit after tax for H1 2011 amounts to about€25 million (2.6 billion Serbian Dinars). Revenues per employee grew by 35%, which reconfirms the top performance of UniCredit Bank Serbia. As of Q2 2011, the bank is operating with 71 branches with a further branch expansion expected in the second half of the year.

In Romania, UniCredit Tiriac Bank (UCT) registered a 13% growth in revenues in Q2 2011 compared to Q1 2011, yet the revenues decreased by 8.7 % in H1 2011 compared to H1 2010 (reaching

approximately 600 million Romanian leu in H1 2011), largely due to accounting adjustments related to interest accruals from non-performing loans, statutory regulation impact and spread compression. Operating expenses registered a 5.2% increase compared to last year level, influenced by higher VAT costs after budget consolidation measures of mid last year, more than 50% increase of deposit insurance rate and 8% y/y inflation. CoR for on and off BS exposures improved y/y. NPL ratio closed at 8.6%, improving by 130 bp compared to year-end 2010. UCT registered above 7% y/y growth in gross loans, with stable growth of market share in all segments. On Corporate segment gross loans increased by 12% y/y while on Retail a 3.3% growth was registered. Customer deposits dropped 4.6% y/y due to large expensive tickets repayment while lower segments experienced a stable growth. Main focus was laid on mortgage backed lending, corporate lending, large base deposits, small business model and risk free transactional business.

In H1 2011 UniCredit Bulbank, market leader in Bulgaria, improved its financial standing, capitalizing on high reputation and enhanced customer satisfaction. Total assets on consolidated basis increased to€5.9 billion by 4% y/y. Gross customer loans accounted for 72% of total assets. Retail loans grew by 5% y/y, while corporate loans improved by 4% y/y. Given a commercial activity focused on deposit collection, in Q2, total deposits amounted to€ 3.5 billion, up by 3% y/y. Leveraging on the leading market position, corporate deposits increased by 6% y/y. Shareholder’s equity increased by 13% y/y to approx.€ 850 million, which is deemed to be a protective cushion in a period of ongoing volatility and pressure on asset quality.

The investment sentiment in the country remained low, while the consumer budgets continued to be suppressed. Despite the unfavorable environment, the bank managed to grow its revenues by 8% y/y in H1 2011 to€157 million, supported by both net interest income and net fees and commission result. Net interest revenue recorded a notable increase by 9% y/y, to€114 million due to an increased loan portfolio volume as well as a balanced pricing policy on customer deposits. As a result of the strategic focus on selling fee-based products, the net fee income increased by 7% y/y, mainly in loans, payment

transactions and documentary business. The enhanced cost control and improved operating efficiency limited the growth in total operating expenses, which were up by just 1% y/y in H1 2011, thus ameliorating the cost/income ratio by 2.7bp to 39.4%. Consequently, gross operating profit was up by 13% y/y to€95 million. Given the still challenging macro-environment, net provisions continued growing, reaching€ 45 million. The bank’s consolidated profit after minority interest was€ 43 million.

Ukrainian economic performance was strong over the reporting period. In June government decided to increase its expectations for real 2011 GDP growth to 4.7% based on strong Q1 2011 growth of already 5.3%. GDP growth details over 5M11 point to a 13.2% y/y growth in construction, a 15.2% y/y increase of retail trade, which indicates the further strengthening of household consumption, and an 8.9% y/y pickup in cargo transportation. After a decline in April to 4.9%, industrial output also revived to 8.6% y/y in May. Agricultural production grew 3.5% y/y as of May. In the context of IMF support and payout of the next tranche of US$ 1.5 billion the Ukrainian government took another decisive step with the approval of the pension reform increasing the retirement age and introducing a maximum pension amount of currently 7,400 Ukrainian hryvnias.

In Q2 2011 Ukrsotsbank focused its commercial activities on increasing the Bank’s customer loan portfolio, and achieved a growth of 380 million Ukrainian hryvnias compared to the end of Q1 2011. New lending activity was centered on corporate customers with good risk profile in all sub-segments (large corporate and mid-sized enterprises). At the same time, due to extensive advertising activities and development of special offers aimed especially at the promotion of car lending for the retail market, it was possible to boost the number of new retail loans. Applications received in H1 2011 are significantly higher than H1 2010. Ukrsotsbank’s positive dynamics of customer deposits continued with a growth of more than 7% q/q. As a consequence the Bank improved its Loan/Deposit ratio again to 188% as of June 30, 2011 (-13pp q/q).

Within this framework, Ukrsotsbank reached total revenues of almost 1.4 billion Ukrainian hryvnias and - based on continued strong focus on cost control- a gross operating profit of 756 million Ukrainian hryvnias. Profit before tax of Ukrsotsbank in H1 2011 stood at 194 million Ukrainian hryvnias, higher than H1 2010 thanks to a significant decrease of expenses for loan loss provisions. Net profit of 569 million Ukrainian hryvnias was supported by a one-time positive tax effect related to real estate assets recognition following the implementation of the new Ukrainian tax code in Q2 2011.

Kazakhstan's H1 2011 real GDP growth accelerated to 7% y/y, predominantly thanks to trade and telecoms, which grew more than 14% y/y, reflecting higher consumption. ATF Group’s loan portfolio remained flat in the Q2 2011 with a moderate increase in Retail segment offset by the gradual reduction of the more challenging portion of the portfolio. The positive evolution of the corporate loan book of the Bank that took place in the last months of 2010 has been confirmed also in the Q2 2011 achieving 50% or ~ 88 billion Kazakh tenge growth versus September 2010. The loan growth is mainly coming in the natural resource, energy, transportation - core sectors of Kazakh economy. Furthermore, the client profiles of ATF are continuing to improve via acquisition of major blue chip state owned and international names enhancing asset quality mix. In order to further support growth in loan books as well as improve

capitalization, the Bank increased share capital in May 2011 by 40 billion Kazakh tenge, fully acquired by UniCredit. Liquidity position of the Bank is supported by continued inflow of deposits mostly from large caps, with loan/deposit ratio down to 110% vs. 124% in Q1 2011. Revenues in H1 2011 reached the level of ca. KZT 16.8 billion with an increase of 83% y/y with a positive contribution of both net interest income (+15% y/y) and fee income; however revenues slightly decreased in Q2 vs Q1 (-1%). Costs remained stable in H1 2011 compared to the same period in 2010 contributing to a significant improve of the operating profit on yearly basis.

In Q2 2011 the 3 Baltic countries (Estonia, Lithuania and Latvia), observed continued signs of economic recovery in the Baltic states especially in Estonia where GDP growth is being one of the fastest in Europe mainly driven by vigorous exports; this positive trend in economic growth can also be observed in Lithuania where the Finance Ministry confirmed their GDP growth forecast to 5.8% for 2011. Fitch Rating agency recently increased its outlook rating for Lithuania to positive. GDP growth is also expected in Latvia for 2011.

For AS UniCredit Bank, active in all 3 Baltic countries, the positive trend from Net Interest Income which was registered in the last 4 quarters continued in Q2 2011; also fee income contributes to an increase of total revenues versus Q1 2011. At the same time, the bank is continuing to pursue tight cost discipline improving further its C/I ratio. The bank’s gross operating profit improved versus Q1 2011.

UniCredit Bank capital adequacy ratio was increased substantially to 13.1% due to a capital injection of 13.8 million Latvian Lats carried out in May 2011. External funding was taken up from institutions such as the European Investment Bank and the Nordic Investment Bank.