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In line with the Group corporate governance model, no 2008 bonus is foreseen for CEO and Deputy CEOs

In line with the Group corporate governance model, no 2008 bonus is foreseen for CEO and Deputy CEOs

Mr. Rampl: The Board express appreciation to the Management Team and confirms the Executive Compensation guidelines

During today's meeting, the Board of Directors of UniCredit Group has approved the 2009 Group remuneration policy guidelines and has confirmed the 2008 variable remuneration pay-out rules.


The crisis which has affected globally the financial markets in the last months has deeply changed the framework set out in January 2008, when current year targets were defined for the Management Team.


The Board of Directors has confirmed the Group remuneration policy which, by establishing a direct link between company performance and executive compensation, does provide for the granting of bonus only in case the relevant minimum access targets are achieved.

While the 2008 expected results are satisfactory in this new economic environment, they are not in line with what was originally projected during the managerial Budget process of November - December 2007, approved by the Board on 22nd January 2008. Therefore the bonus calculation results will  fall under the minimum access threshold defined by the company incentive system for CEO-Office members, namely, the CEO and the Deputy CEOs.

"This is not an extraordinary measure, but rather the logical consequence of our Governance model, fully supported by both the Board and Top Management", said the Chairman of UniCredit, Dieter Rampl: "This decision - he added - does not question in any way the work and the results achieved by the Management Team, who has been able to safely guide the Group through what is proving to be the worst postwar crisis and who, for this reason, deserves great appreciation from the entire Board of Directors".



Milan, 18Th December 2008



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