The EWC Select Committee met today with the UniCredit Chief Personnel Officer, Rino Piazzolla, and declared the Group Board of Directors’ decision to be irresponsible in relation to the CEO’s resignation, without immediate appointment of a successor as the decision was made in an extremely delicate moment for the Group and the financial sector. Furthermore, this decision is harmful to the Group’s image and places thousands of employees and customers in doubt as to the future of UniCredit.

The Select Committee expresses its thanks to Alessandro PROFUMO for his conviction, commitment and cooperation in setting up the UniCredit European Works Council and subsequent strengthening of social relations in the Group’s various countries of operation.

The Select Committee believes the golden handshake allegedly attributed to the former CEO to be excessive since it is in clear conflict with the Company’s cost reduction policy and affects Group employees. The Select Committee asks that such excessive remuneration is no longer agreed with potential successors.

The Select Committee has informed the Chief Personnel Officer of the following considerations and requests:

Safeguarding of Group employment levels
Confirmation and compliance with existing contracts, agreements, guarantees and practices in the various countries
Continued Group decision-making autonomy and independence with regard to business models and credit policies
Safeguarding of the international nature and unity of the Group by promoting development and revenue growth policies in all areas in which the Group currently operates
Confirmation of the social relations policies in all countries (with Trade Unions and/or Works Councils) and continuation of the current central nature of the European Works Council as the international representative body for all Group employees. In this respect we have requested confirmation of the Group’s willingness to sign a Global Framework Agreement (an agreement among the multinationals to establish ongoing relations between the parties (Trade Unions/Works Councils – Company) and to guarantee that the company complies with these industrial relations standards and fundamental workers’ rights in all countries in which it operates)
Participation and involvement of workers and their representatives.

On behalf of the Chairman Dieter RAMPL, Rino PIAZZOLLA has fully confirmed continuity of company policies, with particular regard to the above list of requests.

When identified, we have asked to meet with the new CEO as soon as possible, as has normally been the case in th past, to further discuss the aforementioned topics and consider other topics such as “marketing pressure”, for example.

Munich, 28 September 2010
Select Committee
UniCredit European Works Council