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P&L Explanation October 2013

Corporates & Investment Banking

Product Control, November 2013

Outline

n Management Summary n Rates (MMZ) n FX (MMC + CEE) / Macro Strategic Hedge (MSH) n Equity Derivatives Trading (MMT) n Commodities (MMA7) n Brokerage (MMW-B) n Integrated Credit Trading (MCT) n Markets Management (MMM) n Treasury (MMA5) n Financing & Advisory (F&A)

Management Summary
The P&L of Markets within the UniCredit Bank AG perimeter increased by +100m in October.* UCI SpA contributed +60m, Bank Austria +7.3m so that the preliminary global monthly P&L reaches +167m. Valued mark-to-market and limited to the trading result of UniCredit Bank AG, the month-to-date economic P&L was +148m, thereof +95m on Munich accounts. n Rates +28m, mostly due to client driven trading in Flow and Structured IR Derivatives. Bond Portfolios experienced gains mainly on tightening spreads n G10 FX +8.3m, mostly Sales driven trading and CTS revenues in FX Cash cross locations n CEE +2.1m, mostly on significantly decreasing yields in main CEE Rates and by new trading activity in STIRT and Rates/FX n Macro Strategic Hedge (MSH) unchanged n Equity Derivatives Trading +16m mainly due to new deals +12m, repo curve effects +3.6m, wider JPY/EUR CCS spreads -3.2m, dividend expectations +2.0m and fair value adjustments -4.4m n Commodities +1.9m mainly due to new deals +0.8m, time effects +0.3m and several smaller effects n Brokerage +3.7m mainly due to new deals +0.5m and commissions & fees +3.2m n ICT June +28m n Core +27.5m (YtD +319m), P&L Including MtM on Banking books +78m ICT Core PL was largely driven by the Strategic ABS portfolio (+18m), +15m relates to EPIC Plc. were various classes were marked up to par following an announcement that are to be fully redeemed early. Elsewhere continued spread tightening on the Spanish regional bonds lead to +6.6m on the Strategic covered bonds and sovereigns portfolio. n Legacy -0.9m (YtD +0.8m), PnL Including MtM on Banking books -0.9m ICT Legacy saw tightening credit spreads generate losses on short Index positions within the Structured Credit trading Legacy area -1.6m and gains on Spanish and Italian titles within the Credit Trading Legacy area +0.7m. n Ring Fence +1.8m (YtD +17m), P&L Including MtM on Banking Books +3m ICT Ring fence PL was driven by the Structured Credit Trading area +1.3m with the Index positions outperforming the CDS's. n Markets Management +13m mainly due to Credit Value Adjustments +27m and Own Credit Spreads effects -9.7m n Treasury +88m o/w Italy +52m / Germany +29m / Austria +6.8m n Financing & Advisory (outside Markets) +15m mainly due to new deals (e.g. IT0004966401, XS0982584004 +7.4m, equity spot (e.g. New Smith Inv.) +0.9m and commission and fees +6.2m

Disclaimer: Preliminary results as available on 20/11/2013. Fair Value Adjustments are based on values as of October 2013. *All values in EUR

Rates (MMZ)
Trading Result
Rates (MMZ) MtD +28m (YtD +436m) thereof Fair Value Adjustments (incl. Model Risk) MtD 0 (YtD +25.4m), Investment Benefits +4.1m (YtD +40.7m).
n Flow Derivatives (MMZ1) +11.6m EUR Desk Milan +3.8m, mainly due to new trading activity +2.0m (in particular, hedging operations on Mediobanca issue executed on Oct 18th and hedge of UC Lower Tier2 issue on Oct 21st) and by an OIS adjustment +1.2m, IR delta and IR vega unchanged, theta -0.1m. Monthly release of accruals on the Republic of Italy deal +0.4m and Investment Benefits +0.4m. EUR Desk Munich +3.2m, mainly due to trading (+3.4m, mainly three new fwd starting 250m CHF-EUR CS) partially offset by market moves, mainly theta -0.6m, IR delta (+0.3m, mainly on USD curve flattening on short end -25bp and USD Xccy and USD 6m/3m basis tightening -9bp respective -0.4bp) and Bnd./Fut.spreads +0.2m. Fair Value Adjustments +0.1m, Investment Benefits +0.3m and Brokerage Fees -0.5m. Non-EUR Desk +4.0m, mainly due to trading (+4.6m, mainly 105m IRS restructuring and LIB margins on placements and hedge coordination), partially offset by marked moves mainly on IR delta (-1.0m, due to EUR curve flattening on belly -12bp and EUR 6m/3m basis spread tightening -0.6bp) and theta -0.9m. Fair Value Adjustments +0.6m, Investment Benefits +1.0m and Fees -0.3m. CTS (Non-UCB): CTS Italy +0.5m, CTS Vienna +0.1m. n Euro Government Bonds trading (MMZ2) +7.2m Milan +1.1m, mainly +1.0m from Italian govies spread tightening on short term. Bond cash position stable at 1.5bln, duration around 2 months. Investment Benefits -0.2m. UC SpA Italy +7.5m, due to IR delta +2.5m (steepening of EUR Swap curve) and Bnd./Fut. spread tightening +2.5m, trading +1.2m and theta +1.0m. Bond cash position stable at +2.2bln, duration approx 3y. Munich -1.4m, mainly on Government Bond portfolios -2.3m (new deals -1.1m and bond/futures spreads -0.6m), partially offset by SSA Bonds with Bond spread tightening +1.0m and Sovereign CDS credit spreads -0.5m. Fair Value Adjustments +0.1m. Investment Benefits -0.2m.

Rates (MMZ)
Trading Result
n Structured IRD (MMZ4) +9.3m Milan RMM +2.9m, mainly due to Bond-CDS basis spreads (decomposed in -1.9m CDS spread tightening, +3.5m bond spread tightening); new trading activities +1.0m (mainly UCI bonds). Overall position on UCI paper decreased approx. 400m. Milan Structured IRD +2.5m, mainly restructure in covered bond securitizations book +1.0m and +0.6m commissions on UniCredit Step Up 31Dec2018; theta +0.7m and IR delta +0.3m. Fair Value Adjustments +0.1m. Munich Structured IRD +3.3m, driven by trading gains (+4.5m; most notable +1.0m from a structured payoff, several tranches notional 25m, with Land Sachsen-Anhalt), partially offset by IR delta (-1.1m, as EUR 3m/6m basis tightened 0.5bp and yield curves flattened by decreasing mid term 10 to 7bp and towards longer end 4 to 2bp) and CMS spread correlation adjustments -0.3m, while losses on vega (-1.4m, mainly from skew remarks amounting to -0.9m) have been offset by gains on theta. Fair Value Adjustments -0.3m, Investment benefits +0.2m. Munich Inflation IRD +0.6m, +0.2m from Infl. delta, mainly AT/GE CPI spread (mid term vs longer end exposure), +0.2m theta and +0.2m from Infl. Index and Seasonality updates. Milan Inflation IRD +0.2m, due to Inflation delta. BACA -0.2m. n Investment Products (CTS on securities and deposits) +0.1m

G10 FX (MMC) + Macro Strategic Hedge (MSH) + CEE (MCE)


Trading Result
G10 FX (MMC) MtD +8.3m (YtD +102m), thereof Fair Value Adjustments (incl. Model Risk) MtD -0.1m (YtD -0.5m), Investment Benefits +0.3m (YtD +3.1m)
G10 FX Spots (MMC22, UCB AG without CTS) +2.2m, were EUR/CAD -12.6m; USD/CAD +7.6m; EUR/USD +4.5m; EUR/GBP -4.4m; EUR/CHF +4.2m; GBP/USD +1.8m. Sales accounted for 40% (+0.9m) of the total trading revenue +2.3m. G10 FX Forwards (MMC23) +0.2m, mostly trading related; the main contributors to FX PnL were EUR/GBP -7.3m, EUR/USD +4.0m, GBP/USD +3.5m, AUD/USD -0.6m and EUR/AUD +0.6m. Munich FX Derivatives +0.3m. Asia +0.3m, mainly derived from JPY. New York +0.5m, mainly trading (customer margins in FX Sales +0.2m) and trading +0.3m (EUR/USD and USD/MXN). Milan FX Derivatives +0.1m, Milan FX Spot +0.2m, BACA FX Spot +0.6m, CTS +4.3m (FX Derivatives incl. Non-UCB, +4.3m CTS update UCB Munich Flash October). Management Books -0.4m.

CEE (MCE) MtD +2.1m (YtD +36.2m), thereof Fair Value Adjustments MtD -0.1m (YtD +1.0m), Investment Benefits +0.3m (YtD +2.7m)
CEE STIRT +1.9m, due to new trading activity +1.0m (Margin +0.4m, FX Swap +0.2m RON, +0.2m RUB) and by IR delta +0.9m (mainly TRY Money Market position with decreasing rates). CEE Rates/FX +0.2m, CEE Credit -0.1m mainly Fair Value Adjustments. CEE Structured +0.1m, Trading Management unchanged.

Macro Strategic Hedge (MSH) unchanged

Equity Derivatives Trading (MMT)


MtD +16m (YtD +158m) thereof Fair Value Adjustments MtD -4.3m (YtD +5.8m), Investment Benefits MtD +0.7m (YtD +6.5m) and Commissions & Fees MtD -0.7m (YtD -0.2m)

Structured Equity Trading (MMT1) +11.8m mainly due to new deals +10m, equity spot +2.5m, dividend expectations +1.0m, equity volatility -2.6m, credit spread +1.4m, time effect -1.2m, Fair Value Adjustments -1.0m, Investment Benefits +0.3m and commission and fees -1.0m Linear Equity Derivatives Trading (MMT2) +5.2m mainly due to repo curve effects (e.g. Eurostoxx50 and Nikkei225) +3.6m, wider JPY/EUR CCS spreads (3Y, -5bp; 4Y, -5bp; 7Y, -4bp) -3.2m, equity spot +0.9m, dividend expectations +1.0m, time effects +2.4m, new deals +0.5m, Fair Value Adjustments -0.1m and Investment Benefits +0.3m Fund Derivatives Trading (MMT3) +1.8m mainly due to equity volatility +0.6m, new deals +1.7m, credit spread effects -0.8m, reserves update +0.8m, Fair Value Adjustments -0.2m and Investment Benefits +0.1m Structured Equity Trading (MMTL) -3.1m mainly due to Fair Value Adjustments HVB Structured Invest +0.3m commission & fees

n n

Macro economic development October 2013: The US government grabbed the stage during October as a possibility of a US default was avoided by a last minute agreement between Republicans and Democrats, the divergence of opinion over the American budget caused several government agencies to a standstill until the dispute has been resolved. Meanwhile the new continent added 148000 jobs. In Europe Italy has also avoided a political crisis, a newly found equilibrium by the government pushed the FTSEMIB substantially up.

Equity Derivatives Trading (MMT)

in EUR m

MTD October 2013

YtD October 2013

Equity Derivatives Trading (MMT) MMT1 MMT2 MMT3 MMTL MMT-STRUINV

16

158

12 5.2 1.8 -3.1 0.3

92 32 27 4.4 2.0

Commodities (MMA7)
MtD +1.6m (YtD +20m) thereof Fair Value Adjustments MtD +0.1m (YtD +0.3m), Investment Benefits MtD +0.1m (YtD +1.4m) and Commissions & Fees MtD +0.1m (YtD +0.1m) Mainly driven by new deals and time effects from Structured Products books with new deals (e.g. NBSK pulp deal with client in the Hot Beverages sector and QUIX Long/Short2 ) +0.4m and time effects +0.2m, flows in Oil +0.2m, several Gold lease deals now part of the Precious Metals business +0.2m and some new deals in Carbon (e.g. Dec 15/Dec 16 EUA Certificates) +0.1m
n

Remark: Depots 799496 and 799595 from Commodity Origination moved into Commodity Energy - historical YtD P&L of -0.03m

in EUR m

MtD Aug 2013 3.2 0.1 -0.0 2.9 0.1 0.1 2.1 0.0 0.4 0.0

MtD Sep 2013 1.9 0.1 0.0 1.8 0.2 0.3 0.3 0.5 0.6 0.2

MtD Oct 2013 1.6 0.1 0.0 1.4 0.1 0.1 0.4 0.0 0.2 0.4 0.2

YtD Oct 2013 18 1.6 0.3 20 2.3 0.1 2.3 3.3 2.4 5.3 1.7

Commodities (MMA7) CTS Commodities FVA MMA7 MMA7TR Carbon GPC Oil & Distillates Base Metals Precious Metals Index & Correlation Linear Index

Brokerage (MMW-B)
MtD +3.7m (YtD +36m) thereof Investment Benefits MtD +0.1m (YtD +0.8m) and Commissions & Fees MtD +3.2m (YtD +30m) n Brokerage (MMW-B): +3.7m mainly due to new deals +0.5m and commissions & fees +3.2m

in EUR m

MtD October 2013

YtD October 2013

Brokerage (MMW-B) Germany Equity/Bonds Funds Derivatives Business Support Italy Equity Bonds Derivatives Austria Equity/Bonds/Deriv.

3.7 1.7 0.6 0.3 0.9 -0.1 1.8 1.6 0.2 0.0 0.2 0.2

36 20 6.1 4.0 10 -0.9 14 12 2.0 0.8 1.8 1.8

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Historical Movements For on the Run Credit Indices. 5yr Spreads

BBG HP Closes 5yr Spreads ITRAXX Main ITRAXX HiVol ITRAXX Xover ITRAXX Financial Sen ITRAXX SovX We BBG HP Closes CDX Invest Grade CDX HY

30.11.12 S18 123.30 186.80 496.80 160.00 105.40 S19 98.60 100.90

31.12.12 S18 117.40 175.00 482.00 141.30 111.30 S19 94.30 100.60

31.01.13 S18 112.50 170.10 442.50 146.10 102.00 S19 88.90 102.30

28.02.13 S18 116.30 171.50 453.70 141.30 103.83 S19 87.96 102.40

31.03.13 S19 126.00 183.00 486.00 194.00 105.00 S20 91.00 103.00

30.04.13 S19 98.30 149.90 396.30 145.70 94.30 S19 74.90 106.40

31.05.13 S19 103.00 151.60 422.00 146.60 80.00 S20 79.00 104.80

28.06.13 S19 119.00 172.00 477.00 168.60 93.60 S19 87.10 102.70

31.07.13 S19 99.89 152.86 404.25 141.82 87.84 S20 74.60 105.50

30.08.13 S19 107.17 159.45 433.70 150.50 89.10 S19 84.13 103.80

31.09.13 S20 100.70 162.40 407.20 147.20 88.90 S21 82.20 104.50

30.10.13 S19 83.00 131.10 342.00 117.40 70.00 S19 73.00 106.00

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MCT Core
MCT Core Area MtD +27.5m (YtD +319m), thereof Fair Value Adjustments MtD +1.4m (YtD 0m), Investment benefit +2.2m (YtD 21.7m). P&L Including MtM on Banking books MtD +78m
nSecuritised Products ICT +1.6m, Mainly driven by Conduit Arabella, with the main part from interest income (+0.7m) and fees (+0.1m). Additionally +0.3m NonConduit Business mainly from fees London. Fair Value Adjustments +0.3m. nStructured Credit Trading +0.4m, Converts +0.3m The main trading portfolio 799739 was driven by certificates gaining +3.8m, offset by the equity hedge losses -3.4m CLN Trading +1.8m Gains mainly from credit spreads tightening +2.16m on cds and Index positions Index Market Making & Options -7.7m Losses driven by credit spread tightening with the Itraxx main positions -12.5m (5Years - S20 -6m / S19 -4m / S18 -2m) offset by the +4.55m Itraxx Financials (Sen +1.8m and Sub +2.6m) Residual Correlation positions +5.9m Gains driven by credit spreads tightening. Old Index and corporate cds +2.76m with the Itraxx +1m, CDX +1m and cds +0.76m. The main cds shift was Banca Monte Del Pashi gaining +1.4m due to 5y cds 200bp tightening. Sovereign CDS +3.1m with Republic of Portugal +1.8m and Republic of Italy +0.6m Investment benefits +0.1m nCredit Trading +0.1m Covered Bonds +1m +1.0m, which was clearly driven by tightening bond spreads (+0.7m, with main part coming from Italian and Spanish titles), supported by +0.2m gains from trading. Remaining gains can be referred to IR delta. Leveraged Trading -0.5m based on Credit Spreads -1.7m ( mainly driven by Credit Event of CODERE FINANCE / ITRAXXXOVERS-0.9m), Trading +1.1( XLAHLD 9.125 +0.3m, INEGRP +.02m, ODEON +0.1m ), Theta +0.2m and IR Delta +0.1m. Retail and Network Services +0.5m based on Trading +0.4m (BAWAG +0.1m) Flow Credit Trading -1.1m. based on Credit Spreads -0.9m (ITRAXX-FINSENS19-5Y -0.7m, ITRAXX-EUROPES20-5Y -0.2m), Bond spreads -1.7m (TELEFO -0.1m, RBS -0.1m), Trading +1.6m (EGGER 7.000 +0.2m), IR Delta +0.6m , Time Effect +0.2m and Refi -0.1m. Fees (MCT4FC-MU) -0.2m. Fair Value Adjustment +0.3m, Investment benefits +0.2m

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MCT Core

n Strategic ABS Portfolio +18m (Austrian Sub group +0.3m), P&L including MtM on Banking books +44m Result is mainly driven by MtM due to tightening bond spreads (+15.8m). A notable +15m gain relates to EPIC Plc. were various classes were marked up to par following an announcement that are to be fully redeemed early. Fair Value Adjustment 0.7m, Investment benefits (+1m), Net Interest income from Vienna (+0.3m). MtM on Banking Books +26m mainly due to general tightening of bond spreads across a number of positions. n Strategic Portfolio Basis book +0.4m, MCT5BB-MU gained +0.25m, driven by a tightening basis on the USD Position (-0.57m , mainly driven by Citigroup Bond and CDS Position +0.33m/basis -6 bps) and a tightening basis on the GBP position, amounting to +0.13m (mainly due to the ITV Bond and CDS Buy Protection +0.08m/basis -7bp). Those gains have been mostly offset by a widening basis on the EUR position, -0.44m (mainly driven by FIAT Bond and CDS Buy Protection -0.18m/basis +40bp). Fair Value Adjustment +0.1m, Investment benefits +0.1m n Strategic Portfolio Covered Bonds/Sovereigns +6.6m, P&L Including MtM on Banking books +30m Result was driven by MTM on the Spanish regional bonds as spreads continued too tighten and saw an avge price move of +160bp on the portfolio. Investment Benefit +0.1m MtM on Banking Books +24.4m PL was driven by MtM on the reclassified bond portfolio through an avge price move of +260bp n Strategic Portfolio Long Corporate and Financials +0.4m, P&L Including MtM on Banking books +1.9m PL +0.2m, Investment benefits +0.1m MtM on Banking Books +1.5m PnL was driven by Bond MTM on the American financials FRN's within the Available for sale and reclassified portfolios.

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MCT Legacy and MCT Ring fence


MCT Legacy Area MtD -0.9m (YtD 0.8m), thereof Fair Value Adjustments MtD +0.3m (YtD +5.3m), Investment benefit +0.1m (YtD +1.4m). P&L Including MtM on Banking books MtD -0.9m
n Structured Credit Trading (Legacy) -1.6m -1.9m Losses driven by credit spreads tightening. Itraxx positions -1.7m and CDX -0.4m offset by cds gains of +0.4m. Main movements were in the Itraxx Financial Senior S19 5Y -1m. Fair Value Adjustments +0.3m, Investment Benefits +0.1m n Credit Trading (Legacy) +0.7m. Driven by Italian and Spanish titles Credit Spreads +0.7m (UNICREDIT +0.4m, BCO COMERCIAL PORT +0.2m, CR AGRICOLE +0.2m, INTESA SANPAOLO+0.2m, ITRAXX-FINSENS -0.3m, BCO POP ESPANOL -0.3m)

MCT Ring Fence Area MtD +1.8m (YtD +17m), thereof Fair Value Adjustments MtD 0m (YtD +4.2m),Investment benefit +0.5m (YtD +4.5m). P&L Including MTM on Banking books MtD +3m
n Structured Asset Management (Ring fence) +0.3m. P&L Including MtM on Banking books +9.1m Fair Value Adjustments +0.2m MtM on Banking Books +8.8m driven by Bond and ABS MTM from the IPV process, notably +3.7m on the Breeze 4 Position n Structured Credit Trading (Ring Fence) +1.3m Old correlation positions +3.1 (cds -2m, index positions +4.5m and FX +0.6m). Sovereign CDS and Greek ntds -1.8m with the ntd positions losing more than the cds and cln /bond hedges. Fair Value Adjustments -0.1m and Investment Benefits +0.1m.

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MCT Ring Fence (Contd.)


n Strategic ABS Portfolio (Ring Fence) +0.2m, P&L including MtM on Banking books +1.1m Investment Benefit +0.1m MtM on Banking Books +0.9m mainly due to general tightening of bond spreads. n Strategic Portfolio Covered Bonds/Sovereigns (Ring fence) +0.1m, P&L including MtM on Banking books +0.2m Investment Benefit +0.1m MtM on Banking Books +0.1m n Strategic Portfolio Long Corporate and Financials (Ring Fence) -0.1m, P&L Including MtM on Banking books +1m MtM on Banking Books +11m with MTM on the available for sale FRN's from American financial institutions with the most notable move being +0.5m on the General Electric position. n Integrated Credit Trading Management (Ring Fence) 0m, P&L Including MtM on Banking books +5.1m MtM on Banking Books +5.1m Mainly driven by +8m MTM on the Generali bond from tightening spreads

15

Markets Management (MMM)


Markets Management (MMM) +13m
n n

Markets Business Management (MMA1) -0.9m CTS Clients Revenues "Non-Markets" -3.4m, thereof: n German Subgroup -2.0m n Italian Subgroup -0.7m n Austrian Subgroup -0.7m MMM-OCS -9.7m n MMM-OCS lost -9.7m, driven by UCG Buy Protection, which lost -16m (spreads tightened in avg. -79bp) and HVB lost -0.3m / -11bp. ITRAXX-FinSen Series gained +5.0m (FinSenS 13 10Y +3.1m/ -34bp; FinSenS 13-5Y +0.9m/ -37bp; FinSenS 12-10Y +1.0m/ -34bp). The hedge positions (Protection Seller) gained +2.1m (mainly driven by REP ITALY +0.9m/ -44bp, BCA MONTE DEI PASCHI +0.5m and BCO BILBAO VIZCAYA +0.2m). Bonds gained +0.6m (mainly driven by PMIM +0.2 and RBS+0.2m). IRS lost -0.2m. n Investment Benefit +0.3m n Fair Value Adjustments -0.2m Credit Value Adjustments HVB AG (Munich & Milan) including non-markets +27m The gains from revaluation on Munich external Counterparties +12.2m an Munich Group Internal Counterparties +12.4. Shifts driven by reductions in exposures.

16

Treasury (MMA5)
Treasury (MMA5) P&L +88m (accounting)
Markets Development* Italy: Italian bond spreads still in tightening versus core countries despite some political tensions during the month . On Repo side, Italian rates were very stable thanks to very liquid market conditions. Overall results in line with expectations. Germany: Sound liquidity and solid business with clients. Higher GC classic basket repo rates in the short run driven by month end / year end and LTRO repayments helped to invest surplus liquidity on higher levels, whereas rate cut expectations in the longer run helped to generate good inflow from client business on attractive levels. Bond portfolio increased by 10m due to credit spread and OISBOR. Austria: Market environment broadly unchanged; mismatch result for Q3 was -2.5M on YTD corrections, with positive correction of 10,4M announced by P&C for Q4.

17

*kindly provided by Group Finance & Treasury Business Management

Treasury (MMA5)
n Treasury Germany (UCB AG) +29m accounting (+9.9m economic) - Munich +23m (accounting) is mainly driven credit spread tightening on bonds (EUR +8.3m) as well as interest rate movements (EUR +5.8m) and new trades including margins (EUR +5.8m).* - Munich +6.3m (economic) is mainly driven by new trades including margins (EUR +10.1m) as well as by valuation decrease in USD/EUR CCS due to tightening USD CCS Basis (EUR -11.8m), credit spread tightening on bonds (EUR +9.5m) and repo spreads (EUR -1.7m).* - London -0.5m (-0.3m economic) - Milan +2.7m (+2.5m economic) - Asia +1.0m (+0.9m economic) - Americas -0.0m (+0.4m economic) - Luxembourg +2.1m n Treasury Italy (UCI SpA) +52m (accounting) - Interest Rate Management +25m; thereof short term +15m and mid/long term +9.6m - NII Bond Portfolio +25m - Foreign Branches +0.6m; thereof London +0.5m and New York +0.1m - AFS Bond Sale Consolidation +1.4m - Collateral Cost Rebate -0.5m n Treasury Austria (BACA): +6.8m (accounting) - Interest short term +4.4m - Interest long term +1.2m - EEMEA Markets +1.2m

18

*kindly provided by GAL

Financing & Advisory


Trading Income
MtD +15m (YtD +161m)* thereof trading P&L MtD +9.2m (YtD +92m), Commission & Fees MtD +6.2m (YtD +69m) and Fair Value Adjustments MtD +0.5m (YtD -0.9m)
n n n n n n n n

Debt Capital Markets +11m, mainly due to several new deals (e.g. IT0004966401, XS0982584004, AT000B049408) +7.4m, commission & fees (e.g. XS0986063864, IT0004966401) +3.1m and Fair Value Adjustments +0.2m Equity Capital Markets +2.8m mainly due to equity spot effects (e.g. GAGFAH SA +6.73%) +0.6m and commissions and fees (e.g. Schmolz & Bickenbach - Capital Increase 2013) +1.9m Financial Sponsor Solutions +1.3m mainly due to commission & fees (e.g. Gaming Invest S.A.R.L., Gruppo Argenta SpA) Principal Investment +0.9m mainly due to equity spot effects (e.g. New Smith Inv. 'Absolut' +2.23% & 'Alpha' +5.52%) +0.9m Hedge Solutions -1.7m mainly due to credit spread effects -1.6m, time effects -0.18mn and Fair Value Adjustments +0.1m Project Finance -0.3m commission & fees Pricing and Portfolio Mgt. -0.0m MFA Ocean Breeze +1.4m mainly due to time effect +1.0m and Fair Value Adjustments +0.3m in EUR m MtD Aug 2013 5.4 6.9 0.7 1.3 -2.2 -0.4 0.4 -1.4 1.1 MtD Sep 2013 31 12 0.8 1.4 7.6 -1.7 0.4 0.0 -2.0 MtD Oct 2013 15 11 2.8 1.3 0.9 -1.7 -0.3 -0.0 1.4 YtD Oct 2013 161 102 10 35 7.1 -4.3 2.6 -0.4 7.8

Financing & Advisory Debt Capital Markets Equity Capital Markets Financial Sponsor Solutions Principal Investment Hedge Solutions Project Finance Pricing and Portfolio Mgt. F&A Mgt. / Ocean Breeze

19

*Valued mark-to-market for both trading and banking books and limited to P&L from positions booked in the front office systems