Blackout periods

Relevant Persons are prohibited from dealing in UniCredit Group shares as well as in related financial instruments during the following periods:

• in the 30 days before the Board of Directors meets to approve the draft annual financial statements and the half-year financial report;

• in the 15 days before the Board of Directors meets to approve the company's quarterly financial reports.

In addition the Board of Directors can pass specific resolutions to decide other periods when dealings by Relevant Persons are banned or restricted.