The Ordinary Shareholders’ Meeting appoints 5 standing Statutory Auditors, from whom it also elects the Chairman and two substitute Auditors. The standing and substitute Auditors may be re-elected.

The Chairman of the Board of Statutory Auditors is appointed by the Shareholders’ Meeting from among the standing Auditors elected by the minority shareholders.

The UniCredit Ordinary Shareholders’ Meeting on May 10, 2007 appointed the following members (standing and substitute) of the Board of Statutory Auditors, whose term in office expires with the approval of 2009 Financial Statements.

On February 3, 2009 the Board of Statutory Auditors, in view of the provisions of the Corporate Governance Code, has confirmed the existence of the independence requirements of its members even if three Auditors have been in office for over nine years.

The Board of Statutory Auditors also examined whether the requirements set out by Legislative Decree no. 58 of 24 February 1998 were still fulfilled.