Last year, UniCredit extended an important agreement covering the disposal of electrical and electronic equipment waste (WEEE). In fact, the program is so successful that very little actual waste is involved. For several years now, UniCredit and Cooperativa Re Tech Onlus have cooperated to recycle unneeded electronic equipment. UGIS, the UniCredit subsidiary that provides our Group with ICT services, donates this equipment to the cooperative, which employs inmates at a prison in Bollate, Italy, near Milan, to recondition equipment whenever possible and to dispose properly of equipment that is no longer usable. In this manner, up to 6 percent of all materials are recovered and reused. This initiative also has the benefit of training inmates for skilled work that will enhance their job prospects upon release from prison.

In compliance with applicable regulations, we are also continuing our program to replace refrigeration and cooling systems that contain ozone-depleting substances. UniCredit, in compliance with EC Regulation 2037/2000, will prepare either a replacement or a modification plan for the refrigeration and air-conditioning systems in buildings where UniCredit makes use of ozone-depleting substances. Throughout 2011 and until all hydrochlorofluorocarbons are phased out, these air-conditioning and refrigeration equipments will continue to be fed with R22 gas, while systems with leakages will be entirely replaced or fed with previously stocked gas. Systems showing additional operating problems will be gradually replaced and/or modified by equipment in line with current European legislation.

Regarding sustainable mobility, UniCredit undertook several activities in 2010. UniCredit Bank AG regularly upgrades its vehicle fleet, using increasingly efficient cars with maximum CO2 emissions of 100 g/km. The fleet has also been reduced in size and now consists of 270 vehicles, of which 250 are scheduled for imminent replacement with more efficient models.

In Italy, several interesting initiatives are already being carried out. For example, the Genoa Smart City project transcends the single issue of mobility, since it is a European Union initiative that allocates funds for the optimization of the infrastructure of select EU cities with more than 500,000 inhabitants. The program seeks to make intelligent use of existing urban networks in order to improve energy efficiency and quality of life.