The Trade Unions, following the events that led in last few to the resignation of the CEO 
of the Group, without a contextual appointment of a new one, consider the decision of the Board irresponsible by the point of view of workers and UniCredit too. It has been taken in an extremely difficult moment for the Group, so deeply involved in a huge reorganization ; also the banking sector and Italy itself has been for a long time in a never ending economic crisis.

While Trade Unions are asked to behave in a responsible way because the difficult moment, the UniCredit Board of Directors has taken decisions that create instability and may cause a significant impact both on the Company and on the employees of the Group. 

This assessment has been resigned from the Unions to the Top Management during the meeting yesterday afternoon. Trade Unions will not allow that decisions so disruptive damages the employees.

For this reason we have requested and obtained guarantees for stability and continuity in Industrial Relations; moreover we have obtained the confirmation of previous commitments, in terms of redundancies’ reduction and new employment. 

From the next meetings we will verify concretely the declared availability. 

We took note that the President addressed a message directly to workers. We remind the President that in our Group in Italy, the Trade Unions represent 80% of workers and therefore do not intend to delegate others the protection of the interests of employees. 

With this spirit and determination we will continue negotiations about the reorganization plan of the Group and also about all related and outstanding issues 

Milan, 23rd September 2010
The National Committees and the Group Committees of Trade Unions in UniCredit Group
Fabi Fiba/Cisl Fisac/Cgil Silcea Sinfub Ugl Credito UilCa

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