The new plan will take as a reference, within the Italian perimeter:

- UniCredit's social role in Italy, where the bank has strong roots and is committed to contributing to the creation of the conditions that will allow for the structural relaunch of the country's economy. It will do so primarily by supporting Italy's territories, production system and households

- customer centricity and customer needs, as these are accelerating the change to the bank's business model

- importance of bank branches to guarantee a high level of territorial coverage

- organisational simplification and increased efficiency of processes, to free up time for having contact with the customers and to focus on enhanced business skills

- cost efficiency in favour of investments in branches and in the digital transformation to make UniCredit fully competitive in the new market context

- digital strategy, with considerable investment in technological infrastructure to provide customers with ever simpler and more personalised services

"I am very proud of the agreement reached today and would like to thank the trade unions for their constructive challenge and contribution to the result obtained," said Andrea Orcel, Chief Executive Officer of UniCredit. "Today's agreement is a reflection of the approach we have taken in these negotiations and the positive result that is has had for our employees. It is a milestone that will allow us to further strengthen our relationships with our territories in a socially responsible way and encourage an important generational change, in line with the planned digital investment and the objectives to relaunch the Group set out in the UniCredit Unlocked plan".

The agreement defines the terms and criteria for reaching the target of a total of 1,200 new voluntary exits by the end of 2024 through socially responsible measures, primarily retirement and access to the Solidarity Fund.

The Group is committed to hiring 725 people in the three-year period 2022-2024, which, added to the 775 remaining from the Agreement of April 2, 2020, brings new hires to approximately 1,500. This will ensure a positive generational turnover and an increase in the digital skills of the workforce.

Specifically:

- new hires with permanent/apprenticeship contracts, at a ratio of one entry for every two exits in adherence to the plan, up to the addition of 475 workers to be placed across the bank's branch network;

- to support generational change, UniCredit also states that it will make a further 250 hires, equally divided between the branches and the Digital area;

- the finalisation of the remaining 775 agreed hires already envisaged under the Group Agreement of 2 April 2020;

- in addition, 1,000 apprenticeships will over time be confirmed under permanent employment contracts.

These new hires, in addition to ensuring the necessary generational change by supporting the evolution of the bank's business model, will also allow UniCredit to make an important contribution towards the growth and development of Italy.

Another pillar agreed between the Parties will be the centrality of training processes for the professional development of staff and for the success of the "UniCredit Unlocked" plan. In line with this, the creation of the new Academy in Italy will be highly important. This will become the hub for training and development in constant cooperation and synergy with the territories and the bank's different business units.

Finally, in consideration of the commitment shown by the workers of the national perimeter, the two Parties further confirmed intensified discussions with view to finalising the collective productivity bonus for 2021 in the short-term.