Notice of early redemption UniCredit S.p.A. "Issue of EUR 750,000,000 Fixed Rate Tier II Subordinated Callable Notes due 3 January 2027" (the "Notes") ISIN XS1426039696

Milan - With reference to the Notes issued on 3 June 2016, in accordance with the Final Terms dated 31 May 2016 and with the Terms and Conditions of the Notes, obtained the prior approval by the competent authority, UniCredit S.p.A. will exercise its option to early redeem in whole the Notes on 3 January 2022(the "Optional Redemption Date").

The early redemption of the Notes will be at par, together with accrued and unpaid interests. The interests shall cease to accrue on the Optional Redemption Date.

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