The Board of Directors is composed of between 9 and 24 Members.

Their term of office spans three operating years, except where a shorter term is established at the time they are appointed, and ends on the date of the Shareholders’ meeting convened for the approval of the accounts relating to the last operating year in which they were in office.

The current Board of Directors has been appointed – on the basis of lists – by the UniCredit Ordinary Shareholders’ Meeting held on April 29, 2009 for the financial years 2009 - 2011 and its mandate shall expire upon approval of the latter year’s financial statements.