meeting real needs with concrete...

Meeting real needs with concrete solutions.

2011 Reports and Accounts


Every day, life presents new challenges and opportunities. Every day, we each have a new story to tell that involves real needs and demands clear answers.

This year’s annual report captures the stories of those European students and researchers with whom our foundation has worked to help them reach their goals. It also illustrates our commitment to building a solid network of relationships in the academic world, which is essential to fostering the most talented minds.

These stories were built on success, courageous innovation, respectfor tradition, and our strong bonds with local communities.

To support meaningful study and research, we strive to make a difference, day in and day out, for those who have chosen to collaborate with us. This means we must work together to overcome challenges and to create a new world of opportunities.

Within this report are true stories - snapshots of ordinary lives that shape the mosaic of our daily work. At UniCredit & Universities, we are creating global relationships that empower young, talented students and researchers to meet the changing needs of our time.

3UniCredit & Universities · 2011 Reports and Accounts

Governing Bodies

Board of Directors Dieter Rampl Chairman

Anna Simioni Vice-Chairman

Franco Bruni Members Willibald Cernko Antonella Massari Gianni Franco Papa Theodor Weimer

Secretary General

Giannantonio De Roni

Board of Auditors Giorgio Loli Chairman

Claudia Cattani Standing Members Elisabetta Magistretti

Michele Paolillo Substitute Members Valerio Villoresi

UniCredit & Universities Knight of Labor Ugo Foscolo FoundationCharitable Entity Italian Presidential Decree no. 255 of 28.3.1967 (Official Gazette, no. 118 of 12 May 1967)Registered Office: Via Alessandro Specchi, 16 - 00187 RomeBusiness Office: Via Santa Margherita, 12 - 20121 MilanTax Code: 80024350581


Scientific Committee

Scientific Committee Franco Bruni Chairman

Silvia Giannini Members Tullio Jappelli Levent Kockesen Christian Laux Catherine Lubochinsky Giovanna Nicodano Reinhard H. Schmidt Branko Urosevic

Delegate Member

Annalisa Aleati Scientific Director

Scientific Advisors

Matthias Doepke Barbara Petrongolo Michele Polo Paola Profeta Josef Zechner

6 2011 Reports and Accounts · UniCredit & Universities

UniCredit & Universities 2011 Annual Report Chairman’s letter

Although 2011 was a challenging year for the European economy and financial markets, I am pleased to report that it was one of significant growth and success for the UniCredit & Universities Foundation.

The objective for 2011 was to strengthen our foundation’s position as a major European supporter of the best and brightest students and researchers in the fields of economics

and finance. We met our goal in all of our undertakings.

Our foundation was active last year in launching new initiatives for undergraduate students and business school researchers. Importantly, the number and quality of applications to our foundation increased by a substantial number.

“We regard our role in supporting talented

students and researchers and in promoting the

study of economics as being more meaningful than ever.”


The current economic crisis in Europe has led to a shortage of funding for universities. As a result, we regard our role in supporting talented students and researchers and in promoting the study of economics as being more meaningful than ever.

I would like to take the opportunity to thank each member of our Board of Directors and of our Board of Auditors, as well as the professors of our foundation’s Scientific Committee and its advisors. Their evaluation activities, ideas, and tireless work on our foundation initiatives have been invaluable to our success. We also extend our thanks to the many professors and fellows who, from every corner of the world, help us to achieve our vision with their appreciation and superb scholarly work.

Dieter RamplChairman

Similarly, we saw significant growth in the number of high-ranking universities and research centers interested in actively partnering in our foundation’s initiatives, which expanded the geographical scope of our network.

In short, our growth last year solidified our foundation’s reputation as a serious and reliable force in identifying and supporting talented students and researchers. This has enabled us to launch a number of prestigious new initiatives with some of the top European and American universities. Outstanding students and researchers are benefiting from these positive developments.

We are very proud of these accomplishments and we are ready to do more.

Encouraged by the appreciation for our efforts, we are working harder than ever to fulfill our mandate and to meet the needs of a rapidly evolving academic environment.


Annual Report 11

The Foundation’s Purposes 12

Highlights 13

Management Analysis 14

Activities 22

Main Goals 42

Financial Statements 47

Balance Sheet 48

Report on Operations 49

Notes on the Accounts 50

Annexes 60

Report of the Board of Auditors 65

Yearbook 69

Contents


The Foundation’s Purposes 12

Highlights 13

Management Analysis 14

Activities 22

Support for Studies 22

Support for Research 27

Other Initiatives 36

Main Goals 42

Annual Report

12

Annual Report

2011 Reports and Accounts · UniCredit & Universities

The Foundation’s Purposes

TO PROMOTE studies and initiatives designed to deepen knowledge in the academic fields of finance, economics, law, politics and the social sciences.

TO ESTABLISH awards for dissertations or for special academic work in the academic fields of finance, economics, law, politics and the social sciences.

On the basis of Article 2 of the foundation’s statute, the UniCredit & Universities Foundation does not pursue profit and operates with the following purposes:

1

32

4

TO AWARD, annually, one or more scholarships.

TO PROPOSE and SUPPORT academic initiatives.


Highlights

During 2011, the foundation launched 16 initiatives

(12 in 2010), which yielded 42 awards (36 in 2010).

Expenditures related to the launch of all 2011 initiatives

amounted to €1.35 million (€1.03 million in 2010).

Investments can be broken down as follows:

• initiatives in support of studies: 60%

• initiatives in support of research: 33%

• other initiatives: 7%

Expenses for ordinary operations amounted to a total of €1.48

million (€1.65 million in 2010).

The foundation’s network of scholarship recipients included

32 students and researchers (25 in 2010).

In 2011, the foundation received 812 applications. Since the

start of its operations in January 2009, the foundation has

received 1,600 applications.

2009 20112010

Number of applications received

278

812

522

2009 2010 2011

Investment in new initiatives(€ million)

0.66

1.35

1.03

2009 2010 2011

Contributions received (€ million)

0.65

1.50*

1.75

* net of past commitments

2009 2010 2011

Number of initiatives

7

12

16

2009 2010 2011

Number of award recipients

8

42

36

Breakdown of expenditures

for new initiatives in 2011 (%)

60

33

7Initiatives in support of studies

Initiatives in support of research

Other initiatives

14

Annual Report


2011: A YEAR OF STRONG RESULTS

For undergraduate students, the foundation launched the first

edition of the Study Abroad Exchange Programme in 2011.

Awarding eight grants to students from those UniCredit countries

that do not participate in the European Commission’s Erasmus

Programme, this competition enables them to spend six months

studying abroad at a university in any country where UniCredit is

present.

In the first edition of this program, the foundation focused on

Russia and Serbia for both incoming and outgoing exchanges.

Naturally, the foundation intends to provide this valuable opportunity

to all applicable countries within UniCredit’s perimeter* – including

Azerbaijan, Bosnia, Croatia, Kazakhstan, Kyrgyzstan and Ukraine.

The primary objective of UniCredit & Universities is to provide

students from countries in which UniCredit operates with equal

access to study and research opportunities.

Despite the enormous complexities involved in the development

of such an ambitious exchange program and the limited scope of

its initial offerings, the foundation received an unexpectedly high

Management Analysis

The deep financial crisis that characterized 2011 greatly

impacted the education sector through a widespread decline

in funding for study and research. The number of applications

to master’s and PhD programs, however, have not decreased,

though their direct and indirect costs have proven to be

unaffordable to a broader cross-section of potential students.

In this increasingly adverse environment, UniCredit &

Universities has not only confirmed but also enlarged its

commitment to support the best students and researchers in

the academic fields of economics and finance, by significantly

increasing the number of initiatives it offers and by continuing to

widen the scope of its operations.

In particular, the foundation has opted to extend its support

to include academic scholarships for undergraduate students

and research contributions to business schools, in addition to

programs in economics.

A group photo of award winners at the awards ceremony on June 9, 2011.

* see map on page 20


number of applications. To date, a tremendous effort has been

made to guarantee access to this program for all eligible students.

The grant was designed to cover room and board costs for six

months abroad, in addition to the cost of a round-trip airline ticket.

Based upon the enthusiastic response of several universities to

this initiative, the foundation regards it to be a major success.

These universities have not only worked to raise awareness of this

program among their student bodies but have also partnered with

UniCredit & Universities to resolve the many issues surrounding

such a complex undertaking. In this way, they have demonstrated

their commitment to promoting this exchange program over other

pre-existing international programs that may be less effective.

For business schools, UniCredit & Universities has developed a

competition to identify and fund one-year research projects on

behavioral economics and other timely topics focused mainly

on corporate decision-making processes. Launched with the

involvement of three of Europe’s most prestigious business schools

– the IE Business School, INSEAD and the London Business

School – the foundation’s goal is to extend this competition to more

European and American institutions for this year’s second edition.

This past year has generated significant results related to sharing

the expertise of the researchers funded by the foundation and

the scientific contributions they have made. Before 2011, the

foundation’s effort to share the value of their expertise was limited

to the dissemination of their research through the UniCredit &

Universities Working Paper Series and through university lectures

delivered by the foundation’s fellows to students in the “Economics

and Management of Innovation” and “Economics of Financial and

Insurance Markets” programs at the University of Trieste. This

year, however, the Board of Directors decided to augment the

foundation’s outreach to the academic community by organizing

two academic workshops.

The first of these workshops, which focused on “Gender Equality

in Europe,” took place on November 18, 2011, at Bocconi

University in collaboration with its Dondena and Econpubblica

Centers. At the workshop, the winners of the UWIN Best Paper

Award presented research projects addressing the topic “Economic

Consequences of Gender Equality in Europe.” Both Dieter Rampl,

chairman of UniCredit & Universities, and Francesco Billari, vice-

rector for development at Bocconi University, delivered opening

addresses at this event. The following two speakers – Professor

Barbara Petrongolo and Professor Paola Profeta – were both

At the workshop on Gender Equality in Europe. From left to right: Dieter Rampl (Chairman of the Board of Directors of the UniCredit & Universities Foundation), Michelle Rendall, Chiara Pronzato and Pamela Campa (winners of the UWIN Best Paper Award, first edition), and Professor Francesco Billari (vice-rector of Bocconi University).

16

Annual Report


scientific advisors to the foundation for the competition. Mirco Tonin,

the winner of the second edition of the Foscolo Europe Fellowship,

moderated the keynote research presentations delivered by the

three winners.

The latter half of the workshop featured a roundtable moderated

by Barbara Stefanelli, the vice editor-in-chief of Corriere della Sera.

Participating were Professor Maurizio Ferrera, from the University

of Milan, Elisabetta Magistretti, non-executive director of Pirelli, and

Professor Francesca Zajczyk, deputy for equal opportunities at the

City Council of Milan.

The second workshop, which will focus on “The Social Dimension

of Organizations,” will take place in Budapest on April 27-28,

2012. It was organized in collaboration with Central European

University in Budapest and Mirco Tonin, the winner of the second

edition of the Foscolo Europe Fellowship and a current researcher

at the university. Additional support was provided by UniCredit Bank

and the Royal Economic Society.

The foundation created a Best Paper Award

competition for this event to award the top

two papers among those selected for the

workshop.

More than one hundred researchers

submitted their work for this competition.

The prize will be awarded by Franco Gianni Papa, member of

the foundation’s Board of Directors, as part of the workshop’s

opening ceremonies.

This workshop was made possible due to the strength of

UniCredit & Universities’ international academic network.

Since the foundation was established, it has worked to cultivate

and expand this network, which is vital to its success as an

institution.

In 2011, UniCredit & Universities intensified its efforts to include

within its network preeminent universities from across the world.

Management Analysis (CONTINUED)

1,02

100Participants


In this regard, a series of meetings were conducted in 2011, with

a particular focus on the most prestigious universities and research

centers in Russia (e.g., the New Economic School and the Higher

School of Economics) and in Serbia (e.g., the University of Belgrade

and the Center for Liberal-Democratic Studies, Belgrade). Moreover,

the foundation’s networking activities have been expanded to the

United States, most notably among top five universities

(in alphabetical order):

1. Chicago Booth

2. Harvard University

3. MIT

4. Princeton University

5. Stanford University

Thanks to these networking efforts, the foundation has been able to

expand its scholarships and grants portfolio.

The foundation is building this network not only to engage a broad

cross-section of universities and research centers in its initiatives but

also to create an extraordinary opportunity for the cultural enrichment

of its programs.

By virtue of this privileged window into the inner workings of diverse

academic systems and its access to the latest developments in the

research community, the foundation is able to continually upgrade its

programs and initiatives.

These networking efforts have enabled the foundation to reach out

in new ways to students and researchers worldwide.

This is evidenced by the significant rise in the number of

applications the foundation has fielded from countries across

Europe and around the world.

Also in 2011, UniCredit & Universities worked to bolster its

relationships with its scholars, who are the foundation’s most

valuable asset.

Through these mutually beneficial relationships, the foundation

stays current with the dynamics of the academic world and

is particularly responsive to the needs of its students and

researchers.

Whenever possible, the foundation’s officers have traveled to

meet with its scholars at their host universities to gain a better

understanding of their experiences.

The Study Abroad Exchange Programme is an excellent example

of the positive relationships the foundation is building with its

scholars, by staying in close contact with them. Participants in this

program are 23 to 24 years old and have committed to exchange

programs that take them to distant countries with often unfamiliar

approaches to academia and research. Despite the demanding

nature of such close contact and support, the foundation finds this

work to be proof positive of the high level of attention it pays to all

aspects of its initiatives.

The UniCredit & Universities Board of Directors has been

remarkably active in all of the foundation’s initiatives. Their

engagement, sensibility and openness to supporting new European

talents have been instrumental to the achievement of the

foundation’s objectives.

Federico Rossi (winner of the Masterscholarship, first edition) between the Scientific Director and the Secretary General of the foundation at the 2012 LSE Donors and Scholars Reception.

18

Annual Report


Over the course of 2011, the composition of the foundation’s

Board of Directors has undergone two significant changes.

Federico Ghizzoni, following his appointment to the position

of Chief Executive Officer of UniCredit, resigned from the

foundation’s Board of Directors. Furthermore, Marco Annunziata

resigned from the board after accepting a job offer in the United

States.

These gaps have been filled by Gianni Franco Papa, head of

UniCredit’s CEE Division, and Franco Bruni, who is also the

current chairman of the foundation’s Scientific Committee.

The foundation’s selection of Mr. Papa serves to underline the

importance of Central and Eastern Europe to its operations, while

the selection of Mr. Bruni highlights the attentiveness of the Board

of Directors to topics of scientific interest and to the close ties

between the Scientific Committee and the Board of Directors.

Much like the foundation’s Board of Directors, the Scientific

Committee continues to be vital to its operations. Without their

scientific support, the foundation would not have achieved these

results.

The high profile of the Scientific Committee members and the

constant dialogue they maintain with the Board of Directors are

instrumental to the effective operation of the foundation.

In 2011, two new members joined

the Scientific Committee. Professor

Levent Kockesen, an associate

professor at Koç University in Istanbul,

specializes in game theory, contract

theory, intermediate microeconomics,

managerial economics and

mathematics for economists.

Professor Branko Uroševic, an associate professor of financial

economics and operations research at the department of

economics of the University of Belgrade, also serves as a special

research advisor to the governor of the National Bank of Serbia.

These important additions to the Scientific Committee will provide

the foundation with key expertise in two important countries in CEE.

Their support will be crucial to better disseminate information about

the foundation’s competitions and initiatives to Serbian and Turkish

students and researchers.

As in years past, in 2011 the foundation’s activities were enriched

by the collaboration of external experts with the Scientific

Committee on specific initiatives, such as the first edition of the

UWIN Best Paper Award and the Masterscholarships competitions.

These high-profile academics not only evaluated applications but

also helped shape the initiatives themselves.


9 membersScientific Committee

The entrance to the Ralph Landau Center for Economics and Policy Research at Stanford University, where Michela Giorcelli (winner of the Crivelli Europe Scholarship, 8th edition) is studying.


As of December 31, 2011, the foundation relies on

five scientific advisors. Thanks to their contributions

this past year, the foundation has strengthened

its impact in a range of specialized academic and

research fields. Two of these scentific advisors

are professors from Italian universities, while the

remaining three are professors from American,

British and Austrian institutions. They are: Professor Michele Polo

and Professor Paola Profeta from Bocconi University; Professor

Matthias Doepke from Northwestern University; Professor Barbara

Petrongolo from Queen Mary University of London and Professor

Josef Zechner from Vienna University of Economics and Business

(former member of the Scientific Committee).

At its last meeting on December 20, 2011, the Board of Directors

renewed the current Scientific Committee for another two-year

term; the only departure was that of Josef Zechner. Christian

Laux, an associate professor of finance at the Vienna University of

Economics and Business, took his place on the committee.

Main Achievements

In 2011, UniCredit & Universities achieved significant quantitative and

qualitative results.

With 16 initiatives over the past year, the foundation has

expanded the scope of its operations since its establishment in

2009, when it managed just seven initiatives.

UniCredit & Universities has proved to be a dynamic institution,

backing up its commitment to support the best students by more

than doubling the number of its initiatives over the past two

years.

Forty-two students and researchers received awards from the

foundation in 2011, up from 36 recipients in 2010.

More significantly, in 2011 the foundation

received 812 applications for all of its

initiatives: the Crivelli Europe and Foscolo

Europe scholarships, the Study Abroad

Exchange Programme, the Post-Doc Research

Grant, the Best PhD Thesis Award and the

Best Paper Awards.

This represents a 56% increase over the 522 applications the

foundation received in 2010 and speaks to its increased impact

and to its initiatives.

In 2011, the Board of Directors allocated €1.35 million for new

initiatives, an increase of €0.32 million over the previous year.

5ScientificAdvisors

Camilla Bua (winner of the Study Abroad Exchange Programme, first edition) together with two students from the Engineering and Economics University of St. Petersburg.

Professor Barbara Petrongolo, guest speaker at the Workshop on Gender Economics.

812Applications

20

Annual Report


This figure is particularly important not only because of its

absolute value but also because the foundation received roughly

8% fewer contributions in 2011 than in 2010.

Despite rigorously focusing on the foundation’s efficiency, the ratio of

administrative costs on total expenses increased to 14.1% in 2011,

five points higher than in 2010 but still below the efficiency limit.

As will be shown in detail in the Notes on the Accounts for the

year 2011, the non-staff related increases in management costs

are primarily connected to the increased cost of compensation

paid to external professionals as well as to the increased regional

tax levied on productive activities (IRAP). This tax increase is due

to the larger number of foundation initiatives and prizes in 2011.


Austria

Azerbaijan

Bosnia and

Herzegovina

Bulgaria

Croatia

Czech Republic

Estonia

Germany

Hungary

Italy

Kazakhstan

Kyrgyzstan

Latvia

Lithuania

Poland

Romania

Russia

Serbia

Slovakia

Slovenia

Turkey

Ukraine

COUNTRIES WITHIN UNICREDIT’S PERIMETER


www.unicreditanduniversities.eu Disclosure and Engagement Tools

Since the UniCredit & Universities Foundation was established in 2009, it has worked to create a paperless operational structure by organizing,

managing and carrying out its activities online.

This effort has maximized the efficiency and speed with which the foundation launches its initiatives and collects applications and evaluations.

Moreover, the foundation’s online structure has enabled it to contain costs and eliminate administrative fees for students and researchers who

apply to the various initiatives.

This advanced website has enabled the foundation to communicate consistently and effectively with every country it engages.

Specifically, through this website the foundation:

1. launches all initiatives

2. manages the implementation phase, as students and researchers electronically submit their applications for the foundation’s initiatives

3. allows the Scientific Committee members to review all applications and to submit their assessments electronically

4. regularly provides information on all initiatives and events taking place during the year

5. provides full disclosure of its operations, including the members of the Scientific Committee and corporate bodies, as well as financial

statements and other detailed information

A thorough website navigation analysis yielded interesting and useful information. A summary of the most

compelling highlights include the following.

In 2011, the number of visitors to the foundation’s website increased by 58%, exceeding a threshold of

50,000 visits. The number of visits has more than quadrupled as compared to 2009.

The average number of daily visits increased to 139 in 2011, up from 88 in 2010. This included peaks of over 1,200 visits per day as

compared to 455 in 2010.

Users viewed more than 190,000 pages and spent an average of 3 minutes on the website. This is slightly less than in 2010 due to

the redesign of the website’s architecture in early 2011, which made it faster and easier for users to find their pages of interest.

Regarding the website’s emerging trends and usage patterns, the total number of users from abroad (25,900) exceeded that of Italian

users (24,669) for the first time.

In particular, it is worth highlighting the increased usage from countries such as Ukraine (+391%), Bulgaria (+202%), Turkey (+186%),

Austria (+145%) and Germany (+122%).

This demonstrates that efforts to promote the foundation and to disseminate information about its initiatives outside of Italy, especially in

Central and Eastern Europe, are leading to positive results.

Overall, however, in 2011 users of the foundation’s website were still

predominantly from Italy, followed by Germany with 2,694, Turkey with 2,380, the

United Kingdom with 1,751, Austria with 1,710, and Bulgaria with 1,695 among

others.

Of particular interest is the total number of countries of users’ origin. This figure increased to 152 in 2011,

up from 125 in 2010. Although the visitors were predominantly European (91.5%), this is added confirmation

that the UniCredit & Universities Foundation is becoming increasingly well known outside of the 22 countries in

which UniCredit operates.

www.unicreditanduniversities.eu

50.000visits in 2011

152 Countries

Facebook:/UniCredit&Universitiestwitter.com/UniCredit_Univ

22

Annual Report


Activities

1. INITIATIVES

TO SUPPORT STUDIES

The Crivelli Europe Scholarships - 10th edition

The Crivelli Europe Scholarships are offered to students from the

22 countries in which UniCredit operates, who hold degrees in

economics, banking and/or finance and who wish to pursue a

doctorate abroad.

This initiative is managed in keeping with the tradition of the

Crivelli Europe Scholarships, created in 2002 by UniCredito. It

builds on the foundation’s lessons learned since its establishment

to expand its initiatives to all European countries. The Crivelli

Europe Scholarships reaffirm the foundation’s commitment to

gender diversity by ensuring that every year, at least one prize is

awarded to a female applicant.

In 2011, for the 10th year, the foundation

awarded three Crivelli Europe Scholarships.

The scholarships include a full year of

university fees and an annual stipend of

€25,000, covering all living and travel-related

costs. The scholarships are renewable for a second year, subject

to performance requirements.

In 2011, 270 students from 38 different countries (31 in 2010)

applied. These figures should also be considered in light of the

THE FOUNDATION’S ACTIVITIES FIT INTO THREE

MAJOR CATEGORIES:

Support for

STUDIES

Support for RESEARCH

Additional INITIATIVES1 2 3

3Scholarships

From left to right: Alessandro Vecchiato, Enrico Cantoni and Ludovica Gazzè (winners of the Crivelli Europe Scholarship, 9th edition).


4. Enrico Cantoni and Ludovica Gazzè, winners of the ninth

edition of the Crivelli Europe Scholarship, are both first-year

PhDs at MIT

5. Alessandro Vecchiato, winner of the ninth edition of the Crivelli

Europe Scholarship, is now in the first year of his PhD at UCLA

The US PhD Scholarship - 1st edition

In order to meet the needs of the best students

and to make the same opportunities available

to scholars from all of the countries in which

UniCredit operates, the foundation’s Board of

Directors decided in 2011 to launch a new

scholarship reserved for graduates from the 19 countries in Central

and Eastern Europe where UniCredit is present.

To be eligible, students must have been accepted by one of the five

highest-ranked PhD programs in economics or finance at an American

university. These are (in alphabetical order) Chicago Booth, Harvard

University, MIT, Princeton University and Stanford University.

Similar to the Crivelli Europe Scholarship, the US PhD Scholarship

is renewable for a second year and provides an annual stipend of

€25,000 and all university fees.

The winner of the first edition of the US PhD Scholarship was Kirill

Borusyak, a citizen of Russia, who will begin the first year of his PhD

at Harvard University.

2

1

1

3

3

10

4 5

11 12

14

15

8

7

13

9

6

16

17

2

148

13

1. Crivelli Fellowsheellowship, 2l nd milio Calvano, from Harvard University to Bocconi Universitym ed. – Emilio Calvano rom H2. Foscolo Europe Feope Fellowship, 1st ed. – Emiliano Santoro, from Copenhagen University to Catholicrfntt oed – Emiliano Santot

University3. Foscolo Europe Fellowowship, 2 dnd ed. – Mirco Tonin, from Southampton University (UK) o ed. – Mirco uthamom So to Central European Universiniversity4. Foscolo Europe Fellowship 3rdd ed. – Edoardo Grillo, from Princeton University to University of Turinrsr ed. – Edoaoardo GG5. US PhD Scholarship, 1st rom New Economic School of Moscow to Harvardicced. – Kirill Borusyaksyak from New Economic6. Crivelli Scholarship, 7th nomicsoed. – Giorgia Piacentino, London School of Entino, London School of Economio7. Crivelli Scholarship, 7th ed. – Roberto Robatto, Universniversity of Chicago8. Crivelli Scholarship, 8th ed. – Michela Giorcelli, Stanfordord Universityy

9. Crivelli Scholarship, 8h 8p thth ed. – Stefano Mosso, University of Chicago10. Foscolo Europe Schcholarship, 1st ivers ed. – Audinga Baltrunaite, Stockholm Universityt

11. BdS Crivelli Europope Scholarship, 9th Gaed. - Ludovica Gazzè, MIT12. BdS Crivelli Europope Scholarship, 9th ed. - Enrico Cantoni, MIT13. BdS Crivelli Europr pe Scholarship, 9th ed. - Alessandro Vecchiato, UCLA14. BdS Masterschoa ts olarship, 1st oed. - Andreas Kalker - Barcelona Graduate Schoolt

15. BdS Masterscholarolarship, 1st ed. - Birgit Altmann - Stockholm Universityt

16. BdS Masterscholarshrship, 1st ed. - Federico Rossi - London School of Economicst

17. BdS Masterscholarshhip, 1st ed. - Lorenzo Prosperi - Toulouse School of Economicst

MAP OF OUR SCHOLARS

1Scholarship

exceptionally high quality of the applications. Whereas in 2010,

25 applications passed the Scientific Committee screening

process, in 2011, 44 passed the

process, an increase of 76%.

In 2011, for the first time, one of the

three scholarships was awarded to a

Russian student, Petr Lukianchenko,

a graduate of the Higher School

of Economics in Moscow. The remaining two scholarships were

awarded to Italian women: Barbara Biasi, from Bocconi University in

Milan, and Maddalena Galardo, from LUISS University in Rome.

The winners have shown a preference for the most prestigious

American universities, where many of the UniCredit & Universities

scholars are presently studying, including:

1. Roberto Robatto, winner of the seventh edition of the Crivelli

Europe Scholarship, who is about to complete his PhD in

economics at the University of Chicago

2. Michela Giorcelli, winner of the eighth edition of the Crivelli

Europe Scholarship, is a second-year PhD student at Stanford

University

3. Stefano Mosso, winner of the eighth edition of the Crivelli

Europe Scholarship, is a third-year PhD student in economics

at the University of Chicago

+76% Applications

24

Annual Report


The Leopold Gratz Scholarship - 3rd edition

In 2011, the foundation launched the third edition of the Leopold

Gratz Scholarship. This contest is aimed at top students who have

either earned a degree in economics or finance at any Austrian

university or are seeking to enroll in a master’s or doctoral program

at an Austrian university.

The scholarship is directly and fully funded

by Bank Austria’s Leopold Gratz Foundation.

In 2011, the winner was Daniel Rettl, a

PhD student at the Vienna Graduate School of Finance. Mr. Rettl

was awarded the prize on June 22, 2011, at the Bank Austria

headquarters. The ceremony was attended by Manuel Mayer, the

winner of the first edition; Professor Josef Zechner, UniCredit &

Universities Scientific Advisor; Alvin Kraus, Secretary General of the

Leopold Gratz Foundation; and Doris Tomanek and Vera Laggner-

Kausel, from Bank Austria. The winner received €25,000 for the

2012-2013 academic year.

The support of UniCredit & Universities for this initiative demonstrates

its commitment to local initiatives developed within UniCredit’s

geographical scope.

Activities (CONTINUED)

LUISS School of Government

1 Soos Gabor (Hungary)2 Svitlana Galko (Ukraine)3 Oksana Kohut (Ukraine)4 Dmytro Volodin (Ukraine)

Study Abroad Exchange Programme 5 Camilla Bua (Trieste)6 Vincenzo Cecere (Naples)7 Bojan Jokovic (Belgrade)8 Sandro Lucci (Rome)9 Anna Panchenko (Rostov)10 Davide Pescarolo (Milan)11 Oleksandr Pitdblunyy (Trieste)12 Ekaterina Vernezi (Rostov)

Post-Doc Research Grant 13 Andrea Colciago (Milan)14 Salvatore Piccolo (Milan)15 Francesco Drago (Naples)16 Tiziana Assenza (Milan)17 Giorgio Fabbri (Naples)18 Stefano Gagliarducci (Rome)19 Alessio Moro (Cagliari)20 Maria Petrova (Moscow)

From left to right: Manuel Mayer (winner of the Leopold Gratz Scholarship, first edition); Alvin Krauss, Secretary General of the Leopold GratzFoundation; Vera Laggner from Institutional & International Affairs at Bank Austria; Daniel Rettl (winner of the Leopold Gratz Scholarship, second edition), Doris Tomanek, Head of HR at Bank Austria; and Josef Zechner, Scientific Advisor of the UniCredit & Universities Foundation.

The foundation believes in the value of the traditions represented by

these initiatives, which highlight the close ties that bind UniCredit’s

operations to its local communities.

1Scholarship

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Masterscholarships - 2nd edition

In 2011, the foundation continued to fund an initiative launched in

2010 to provide scholarships for master’s programs in economics

and finance at top European universities.

Open to graduates from the 22 countries in which UniCredit is

present, this initiative aims to widen the activities of the foundation

to encompass all levels of university studies. Previously, master’s

programs were not covered by the foundation.

A master’s degree represents an interim

specialization program of one or two years

that may either be a preparatory step for a

research PhD or the final step in a student’s

academic career.

The Masterscholarships grants are intended for students planning to

attend the best European universities. This criterion exists because a

European master’s degree represents one of the three fundamental

steps taken by the most talented students in economics and finance.

Among the CVs of applicants, it is common to see that they have

earned a bachelor’s degree in their home countries, a master’s in

economics at a major European university, and a research PhD, often

at an American university.

The universities involved in the second edition of the

Masterscholarships initiative are:

1. Barcelona Graduate School of Economics - University Pompeu

Fabra

2. Bocconi University

3. Stockholm School of Economics

4. Toulouse School of Economics

Since the first edition, Bocconi University has been added to this

initiative while the London School of Economics and Political Science

had to temporarily suspend their involvement.

The foundation, however, is still presently funding a two-year

master’s program at the school for Federico Rossi and a PhD

program for Giorgia Piacentino, a Crivelli winner.

In its second edition, the Masterscholarships competition provides

six scholarships to top students who wish to enroll in a master’s

program in economics or finance for the 2012-2013 academic

year at one of the above four schools. The contest is open to all

students from within UniCredit’s European perimeter.

The scholarship covers all university fees in addition to a monthly

stipend for living costs for the full duration of the program.

The foundation has established agreements for this scholarship

directly with the four schools, with provisions for a two-stage

candidate screening process. First, each school provides

the foundation with a short list of candidates who meet the

qualifications of both the school and the scholarship. Then

the foundation assesses the candidates and consults with the

appointed scientific advisor, Michele Polo, pro-rector at Bocconi

University, before choosing the recipient.

Unlike the Crivelli Europe Scholarships, the Masterscholarships ask

applicants to apply at the websites of the respective universities.

To receive the scholarship, the candidates must already have

been accepted into the master’s program. The recipients of the six

scholarships will be announced by the end of April 2012 and will

begin their master’s programs in fall 2012.

Federico Rossi and Birgit Altmann (two winners of the Masterscholarship, first edition) during the 2011 Awards Ceremony.

6 Scholarships

26

Annual Report


Study Abroad Exchange Programme Grants - 1st edition

To fulfill its commitment to support the

best young European talent, the UniCredit

& Universities Foundation decided in 2011

to provide eight study grants to allow

undergraduates to spend six months abroad at a university located

within UniCredit’s geographical perimeter.

The goal of this program is to provide comparable

opportunities to students from UniCredit countries who are

not eligible for the Erasmus Programme, which is offered by the

European Commission. In this first edition, the foundation focused

on students from Russia and Serbia.

Specifically, the competition was open to:

1. students registered at a university within UniCredit’s perimeter

who intend to spend six months abroad at a Russian or Serbian

university

2. students registered at a Russian or Serbian university who wish

to spend six months abroad at a university in any of the other

countries within UniCredit’s perimeter

Each winner will receive a €4,200 grant to cover living costs

during the study period (€700 a month).

The initiative also provides reimbursement

for a return ticket to the selected

destination.

This scholarship is larger than other similar

initiatives so that winners may pursue their studies without

receiving any additional funding.

The initiative was more successful than expected. The foundation

received a total of 247 applications from across Europe.

The eight winners came from Italy, Russia, Serbia and Ukraine:

1. Camilla Bua, enrolled at the University of Trieste, will spend

six months at the Engineering and Economics University of St.

Petersburg

2. Vincenzo Cecere, enrolled at the University of Naples Federico II, will

spend six months at the Moscow State University of Economics,

Statistics and Informatics

3. Bojan Jokovic, enrolled at the University of Belgrade, will spend

a semester at the University of Ljubljana

4. Sandro Lucci, enrolled at the University of Rome Tor Vergata,

will spend six months at the Higher School of Economics in

Moscow

5. Anna Panchenko, enrolled at Rostov University, will spend

six months at the Polytechnic of Milan to take management

engineering classes


8Grants

Several winners awaiting the beginning of the 2011 Awards Ceremony.

To provide comparable

opportunities to

all students from

UniCredit countries 247Applications


Since 2009, the Foscolo Europe Fellowship has been available

to researchers from the European countries in which UniCredit

operates. In 2011, the third edition of the fellowship was awarded

to Edoardo Grillo, an Italian researcher currently at Princeton

University. Thanks to UniCredit & Universities, he will be working at

Turin’s prestigious Collegio Carlo Alberto beginning fall 2012.

The Post-Doc Research Grant - 2nd edition

In addition to the Foscolo Research Fellowship, the foundation

engaged in numerous additional initiatives in 2011 to support

research by young European economists.

These initiatives, although relatively more modest in scale,

provide grants, research support and prizes for the best PhD

theses and the best papers on current topics of interest to a

bank.

The second edition of the Post-Doc Research Grant was launched

in July 2011 to support the best research projects in economics

and finance presented by young researchers working at

universities located within UniCredit’s perimeter.

The winners will each receive an annual grant

of €10,000 to complete their projects over a

two-year period. They will present their results

to UniCredit’s top management.

6. Sebastiano Pescarolo, enrolled at Bocconi University, will spend

six months at the Plekhanov Russian Economics University in

Moscow

7. Oleksandr Pitdblunyy, enrolled at the University of Trieste, will

spend six months at the Engineering and Economics University

of St. Petersburg

8. Ekaterina Vernezi, enrolled at Rostov University, will spend

six months at the Polytechnic of Milan to take management

engineering classes

2. INITIATIVES TO SUPPORT

RESEARCH

The Foscolo Europe Fellowship - 3rd edition

These fellowships are offered to the best young European

researchers who have earned doctorates in economics at universities

abroad and wish to continue their research at a European university.

Through the Foscolo Europe Fellowship, UniCredit

& Universities provides funding for two years of

post-doctoral research, renewable for a further two

years. It consists of an annual stipend of €60,000

paid directly to the fellowship recipient.

Mirco Tonin (winner of the Foscolo Europe Fellowship, second edition) during the Workshop on Gender Equality in Europe.

Andrea Colciago (a winner of the Post-Doc Research Grant, first edition) during the awards ceremony.

1Fellowship 5 Grants

28

Annual Report



The five winners, selected at the end of 2011 by the Scientific

Committee of UniCredit & Universities, are (in alphabetical order):

1. Tiziana Assenza, from Catholic University of Milan, for her

research project, “Animal Spirits and Financial Crises”

2. Giorgio Fabbri, from Parthenope University of Naples, for

his research project, “International Borrowing Without

Commitment: Volatility of Capital Inflow and Welfare”

3. Stefano Gagliarducci, from the University of Rome Tor Vergata,

for his research project, “Political Connections and Labor

Market Outcomes”

4. Alessio Moro, from the University of Cagliari, for his research

project, “Structural Change and Slow-Motion Recoveries”

5. Maria Petrova, from the New Economic School in Moscow, for

her research project, “Media Effects in the Weimar Republic

and Nazi Germany”

The Best PhD Thesis Award - 2nd edition

In conjunction with the Post-Doc Research Grant, the second

edition of the Best PhD Thesis Award was launched in 2011 to

reward the best papers written by economists and researchers

from any of the 22 European countries in which UniCredit

operates.

This program is designed to offer all young

economists from within UniCredit’s perimeter

the same opportunity to receive private support for both study and

research.

For this contest, UniCredit & Universities selected the six best

theses in economics, finance, political science and social science,

with preference given to those written on the following subjects:

1. Financial crises, regulatory changes and profitability in Europe

2. Aging populations and their impact on banking and financial

systems

3. Economic policy for the European integration of the countries of

Central and Eastern Europe

4. Decision-making and behavioral economics

The six best theses will each receive €5,000 and will be published in

the Working Papers Series of the foundation.

The competition’s deadline for submissions is April 30, 2012.

The UWIN Best Paper Award - 2nd edition

In 2011, the UniCredit & Universities Foundation, in cooperation with

the UniCredit Women’s International Network (UWIN), launched

the second edition of the UWIN Best Paper Award to honor the three

best papers on the subject of gender economics.

The contest is open to all young economists and researchers

from the 22 countries in which UniCredit operates. The three

best submissions will each receive a prize of €5,000 and will be

published in the Working Papers Series of the foundation. Although

the contest was approved and included in the

foundation’s 2011 activity plan, it will close in

April 2012. The names of the winners will be

released by May 31, 2012.

The selection process will be handled by the same commission

of international experts appointed by the Board of Directors

based on the recommendations of the foundation’s Scientific

Committee in 2010. The members of the commission are

Matthias Doepke from Northwestern University, Paola Profeta

from Bocconi University and Barbara Petrongolo from the Queen

Mary University of London.

Last year’s winners of the UWIN Best Paper Award were:

1. Pamela Campa, researcher at the University of Stockholm,

for her paper, “Gender Quotas, Female Politicians and Public

Expenditures: Quasi-Experimental Evidence”

2. Chiara Pronzato, researcher at the University of Turin, for her

paper, “An Examination of Paternal and Maternal Intergenerational

Transmission of Schooling”

3. Michelle Rendall, researcher at the University of Zurich, for her

paper, “Rise of the Service Sector and Female Market Work:

Europe vs. the US”

Four winners of the CEE Best PhD Thesis Award. From left to right: Branislav Saxa, Zvezda Dermendzhieva, Daniel Horn and Ekaterina Rashkova.

6 Grants

2 Grants


The three winners received their awards from the Chairman

of the UniCredit & Universities Foundation during a workshop

organized by Bocconi University on the topic of “Gender Equality

in Europe,” at which they presented their projects.

The foundation’s fellow, Mirco Tonin, a researcher at Central

European University in Budapest, was the moderator. The winning

papers have been published in the foundation’s Working Papers

Series.

Best Paper Award – The Social Dimension of Organizations

In 2011, the foundation expanded its program

to support academic research with a new award

focused on labor economics. The competition is

open to all young economists and researchers

from the 22 countries in which UniCredit operates.

The Best Paper Award – The Social Dimension of Organizations was

linked to the workshop on the same topic, held in collaboration with

Central European University, where Mirco Tonin, winner of the second

edition of the Foscolo Europe Fellowship, is conducting his research.

The winners are:

1. Alessandro Bucciol, Assistant Professor of Econometrics in the

economics department of the University of Verona, for his paper,

“Pay Dispersion and Work Performance.” He co-authored the

paper with Marco Piovesan, a researcher at Harvard Business

School.

2. Christiane Bradler, a researcher at the Centre for European

Economic Research in Mannheim, Germany, for her paper,

“Employee Recognition and Performance - A Field Experiment.”

She co-authored her paper with Susanne Neckermann, a

researcher at the Centre for European Economic Research in

Mannheim, Robert Dur, a professor at Erasmus University of

Rotterdam, and Arjan Non a researcher at Maastricht University.

The three winners of the UWIN Best Paper Award, first edition. From left to right: Michelle Rendall, Chiara Pronzato and Pamela Campa.

The winners of the UniCredit Best Paper Award, second edition. From right: Grzegorz Halaj, Alexander Schätz, Jan Maruhn and Max Mair. From left, the students awarded a special mention by the Scientific Committee: Piotr Kazmierkiewicz, Daniele Ruspantini, Alessandra Sordi and Tekçe Bülent.

2 Grants

30

Annual Report


Each honoree will be awarded €5,000 during a ceremony to be held

on April 27, 2012 in Budapest, at the opening of the workshop on

“The Social Dimension of Organizations.” The prize will be awarded

by Gianni Franco Papa, member of the foundation’s Board of

Directors.

The success of this initiative exceeded expectations. The foundation

received more than one hundred submissions for the competition.

Levent Kockesen, a member of the Scientific Committee of the

UniCredit & Universities Foundation and the scientific advisor for this

initiative, emphasized the very high average quality of the submissions.

The UniCredit Best Paper Award - 3rd edition

Unlike the other initiatives described thus far, the UniCredit

Best Paper Award – now in its third edition – is only offered to

researchers employed by UniCredit, at any bank or legal entity of the

Group.

The UniCredit Best Paper Award recognizes

the two best papers in the fields of economics,

finance, law or social sciences with prizes of

€5,000 each. Criteria for selection include the

interest of the paper’s contents to the Group.

The large number of submissions (26 in 2011) was drawn from

across UniCredit’s perimeter. The two winners this year will be

announced by the end of May 2012.

Business School Research Project Funding - 1st edition

In 2011, to extend the scope of its support for research, the

foundation reached out to business schools. UniCredit & Universities

has launched a competition for research being conducted at

business schools on economic and financial topics, particularly on

the topic of decision-making and behavioral economics.

In its first edition, the competition included three of Europe’s most

prestigious business schools, IE Business School, INSEAD and the

London Business School. The competition was

open to researchers from the 22 countries in

which UniCredit operates who work at one of

these three institutions.

The research project chosen to receive the award this year comes

from INSEAD and is entitled “Behavioral Biases in the Short-Selling

Market.” The research will be conducted by:

1. Oleg Chuprinin, PhD in Finance

2. Bastian von Beschwitz, PhD in Finance

3. Massimo Massa, Professor of Finance

UniCredit & Universities will provide €40,000 for the development of

this research.


INSEAD’s Fontainebleau campus.

2 Grants

1 Grant


FELLOWS OF THE UNICREDIT & UNIVERSITIES FOUNDATION

COMPETITION FELLOW ACADEMIC INSTITUTION

CRIVELLI FELLOWSHIP Emilio Calvano Bocconi University

FOSCOLO EUROPE FELLOWSHIP

Emiliano Santoro Catholic University

Mirco Tonin Central European University

Edoardo Grillo Collegio Carlo Alberto

POST-DOC RESEARCH GRANT

Andrea Colciago Bicocca University

Francesco Drago Parthenope University of Naples

Salvatore Piccolo Catholic University

Tiziana Assenza Catholic University

Giorgio Fabbri Parthenope University of Naples

Stefano Gagliarducci University of Rome Tor Vergata

Alessio Moro University of Cagliari

Maria Petrova New Economic School

RESEARCH: The Foundation’s Fellows

and Research Projects Underway

The foundation is presently supporting a significant number of researchers who are actively conducting

valuable research at prominent institutions of higher learning.

The 12 fellows now receiving funding include the four winners of the Crivelli and Foscolo Fellowship

competitions and the eight winners of the first and second editions of the Post-Doc Research Grant.

These young researchers are building promising academic careers by carrying out high-profile research

on cutting-edge topics with potentially important implications for the economic system as a whole and the

banking system in particular.

The following is a brief profile of the foundation’s fellows and the topics they are exploring.

g

12Researchers

32

Annual Report



EMILIO CALVANO

Winner of the Second Edition of the Crivelli Fellowship

Emilio Calvano, a young researcher in the field of economics, graduated with a degree in political economics

from Bocconi University with full marks and distinction in 2003.

He holds a PhD from the University of Toulouse in France. In 2007, he moved to the United States, where he

conducted research and taught at Harvard University as Professor Susan Athey’s research assistant. He also

taught in Sweden as Professor Mike Burkart’s research assistant at the Stockholm School of Economics.

Calvano is an applied theoretical economist whose research mainly focuses on the theory of industrial

organization. His research interests also include the economics of organization, regulatory policy and

competition, and market design.

His current research principally focuses on online advertising markets and, in particular, on the relationship

between the newer, online information channels and the profitability of older, “off-line” business models.

The intent is to identify the determinants of reduced total revenues in the information industry, which occurred

in tandem with the shift in consumption towards electronic formats.

MIRCO TONIN

Winner of the Second Edition of the Foscolo Europe Fellowship

Mirco Tonin graduated from Bocconi University in Milan and completed a PhD in economics at the Institute

for International Economic Studies of Stockholm University. He is a lecturer in economics at the University of

Southampton in the United Kingdom.

His work has thus far focused on the labor market. He has published several papers in international journals

on topics relating to labor economics, often incorporating experimental and behavioral analyses.

Thanks to the Foscolo Europe Fellowship, Tonin decided to continue his research at another prestigious

institution, Central European University in Budapest, where he began in fall 2011. At CEU, Tonin will be able to

pursue his project on relationships between social behavior and employment. He will take an in-depth look at

problems linked to discrimination and will collaborate with international experts on these subjects.

EMILIANO SANTORO Winner of the First Edition of the Foscolo Europe Fellowship

Emiliano Santoro holds a PhD in economics from Cambridge University. Since September 2008, he has been

an assistant professor of economics at the University of Copenhagen and has also engaged in research as a

visiting researcher at Pompeu Fabra University in Barcelona.

Since the fall of 2010, thanks to the Foscolo Europe Fellowship, Santoro has returned to Italy to conduct his

research at the Catholic University in Milan.

He specializes in monetary economics and macroeconomics. Within these fields, he is currently

developing a research project that focuses on dynamic stochastic general equilibrium (DSGE) models for the

theoretical and empirical analysis of the interconnections between the banking sector and the macroeconomy.

Additionally, he intends to develop a general equilibrium framework for the assessment of the asymmetric

effects of monetary policy on output and inflation.

Analysis of

relationships between

social behavior and

employment

Dynamic models of

general economic

equilibrium for

theoretical and empirical

analysis of links between

the banking sector and

the macroeconomy

The relationship

between new, online

information channels

and the profitability of

old, off-line business

models

”

“

”

“

”

“


EDOARDO GRILLO

Winner of the Third Edition of the Foscolo Europe Fellowship

Edoardo Grillo is a researcher who is close to completing his PhD in economics at Princeton University,

begun in 2009. He graduated in economics from Bocconi University with full marks and distinction in 2006.

Thanks to the research fellowship he received from the foundation, Grillo will return to Italy next fall

to conduct his research at the prestigious Collegio Carlo Alberto in Turin. His research focuses on

microeconomics and game theory, but he is actively exploring topics in behavioral economics, political

economy and mechanism design.

In Turin, Grillo will continue his research on information transmission, with an emphasis on two different

perspectives. He will examine the interaction between reference dependence and information transmission,

while also investigating the role played by ideological and cultural proximity in forming and diffusing

opinions on the consequences of policy interventions.

FRANCESCO DRAGO

Winner of the First Edition of the Post-Doc Research Grant

Since graduating with a doctorate in economics from the University of Siena in 2006, Drago has been a

lecturer at Parthenope University of Naples. He has been a visiting researcher abroad, both in Europe – at

University College London and the University of Munich – and in the United States – at Columbia University,

the University of California, Berkeley, and the Santa Fe Institute. His research interests primarily focus on

applied microeconomics and behavioral economics, economics and crime and social interactions.

The research grant awarded by UniCredit & Universities enables Drago to pursue in greater depth his

studies on interrelationships between belief formation, crime and economic shocks. During this period, he is

spending time at Harvard University to collaborate with experts in this field.

ANDREA COLCIAGO


Andrea Colciago is an assistant professor in the department of political economics at the University

of Milano Bicocca, where in 2007 he received his PhD in economics. After completing his studies,

Colciago worked as an economist in the research department of the Bank of Italy and as a visiting

researcher at the central banks of Finland and Hungary. His research interests primarily focus on

macroeconomics and dynamic stochastic general equilibrium (DSGE) models. His post-doctoral

research will be dedicated to this academic area.

Colciago has been developing a DSGE model to simulate the market entry of endogenous firms in

order to study the interaction between goods market structure and labor markets. This enables him

to address recent empirical evidence concerning the dynamic relationship between the number of

producers and changes in employment. Moreover, he uses the model to evaluate the effects of fiscal

and monetary policy interventions on both unemployment and business creation.

Using rigorous game

theory analytical tools

and possible insights

from other disciplines

to analyze contractual

environments,

political settings and

communication games

Interrelationships

between belief

formation, crime and

economic shocks

How labor market dynamics

are affected by the

creation and destruction of

enterprises

”

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34

Annual Report



TIZIANA ASSENZA

Winner of the Second Edition of the Post-Doc Research Grant

Tiziana Assenza is an assistant professor at the Catholic University in Milan, where she earned a PhD

in economics in 2007. She has been a post-doctoral researcher at the Center for Non-Linear Dynamics

in Economics and Finance (CeNDEF) at the University of Amsterdam. During and following her PhD, she

has taught in both undergraduate and graduate programs at Catholic University, and until 2009 at the

Polytechnic of Milan.

Her research interests focus on the role of heterogeneity in macroeconomic models. Recently, Assenza has

also been interested in experimental macroeconomics. She was awarded the Post-Doc Research Grant for

her project, “Animal Sprits and Financial Crises.”

The main objective of her research project consists in evaluating the importance of animal spirits,

particularly “confidence” in the origin and propagation of financial crises. To this end, her research will

also analyze experimental data from controlled experiments, which will be conducted in the laboratory with

human subjects.

SALVATORE PICCOLO


Salvatore Piccolo earned his master’s degree at the Toulouse School of Economics and, in 2006,

his doctorate from Northwestern University. Since 2007, he has been a lecturer in the economics

department of the University of Naples Federico II and, since 2011, an associate professor of

economics at Catholic University in Milan.

His research relates to industrial organization and contract theory, with a particular emphasis on

regulatory regimes, banking systems and corporate finance.

Piccolo’s research focuses on these core interests, with support from the foundation. His topic is

extremely current, as he is analyzing how banks’ relationships with their customers are affected by

compensation systems for top bank managers and information exchange agreements between banks,

with a special focus on exclusive loans and multi-bank systems, within the context of the challenges

associated with moral hazards.

GIORGIO FABBRI Winner of the Second Edition of the Post-Doc Research Grant

Giorgio Fabbri has been a researcher at the Parthenope University of Naples since 2008.

He received his PhD in mathematics in 2006 from Sapienza University in Rome. He has conducted

research, both during and after his doctoral studies, as a research fellow at LUISS Guido Carli in

Rome and as a research associate at the University of New South Wales in Sydney, Australia. He is

currently an external fellow at the Institut de Recherches Economiques et Sociales of the Catholic

University of Louvain-la-Neuve, Belgium.

With the proposed research project, “International Borrowing Without Commitment: Volatility of

Capital Inflow and Welfare,” he intends to develop new theoretical models on the subject. Part of the

award will be used by Fabbri to finance short research visits to several European universities.

In particular, he will visit the University of Aix-Marseille to work with international experts in this field,

including Professors Boucekkine and Pintus.

The importance

of animal spirits

in the origin and

propagation of

financial crises

How banks’ relationships with

customers are affected by

compensation systems of top

bank managers and information

exchange agreements between

banks within a context of moral

hazards

To develop new theoretical

models on the topic of

international borrowing without

commitment: volatility of capital

inflow and welfare

”

“

”

”

“

“


STEFANO GAGLIARDUCCI Winner of the Second Edition of the Post-Doc Research Grant

Stefano Gagliarducci has been an assistant professor of economics at the University of Rome Tor

Vergata since 2008. In 1999, he earned his bachelor’s degree at Sapienza University in Rome. After

obtaining an MSc at Collegio Carlo Alberto in Turin, he earned a PhD in economics in 2006 at the

European University Institute in Fiesole. In 2006, he was a visiting lecturer at Boston University. From

2007 to 2009, he was a post-doctoral research fellow at CEMFI (Madrid). And in 2011 he was a

visiting scholar at the London School of Economics. He is also a research fellow at the Institute for the

Study of Labor (IZA) in Bonn.

His main research interests are political economics, labor economics and applied microeconometrics.

The purpose of his research project, “Political Connections and Labor Market Outcomes,” is to study

the careers of politicians’ relatives and to assess how the connections between politics and the labor

market vary through the course of the electoral cycle.

MARIA PETROVA


Maria Petrova is a researcher from Russia who is currently working at the New Economic School in

Moscow, where she earned a master’s degree in economics. In 2008, she completed her PhD in political

economy and government at Harvard University. She will use part of her grant to continue her research at

Princeton University.

The objective of her project is to deepen our understanding of the influence of mass media on people’s

behavior by estimating the causal effects of German public radio on voting and expressions of anti-

Semitism in Germany from 1930 to 1939. Her ultimate goal is to compare the magnitude of this effect with

the results found in comparable studies on the effects of mass media on a range of more recent outcomes

in the United States, Russia, Croatia and other countries.

ALESSIO MORO


Alessio Moro is a researcher at the University of Cagliari. He holds an MSc in economics from

University College London and a PhD in economics from Universidad Carlos III in Madrid. He

has carried out research at the Bank of Spain and at Bocconi University in Milan.

The research project that Moro will undertake with the support of this grant is entitled

“Structural Change and Slow-Motion Recoveries.” Its object is to investigate the effects of

structural changes in manufacturing and services on recovery patterns in GDP following

a recession. His ultimate goal is to develop a quantitative theory to explain the speed and

mechanisms that characterize a post-recession economic recovery. The project will be carried

out in collaboration with Vasco Carvalho, a researcher at CREi and University Pompeu Fabra in

Barcelona.

To study the careers

of politicians’ relatives

and to assess how the

connections between

politics and the labor

market vary through the

course of the electoral

cycle

To deepen the influence

of mass media on

people’s behavior by

estimating the effect

of German public radio

on expressions of anti-

Semitism in Germany in

the 1930s

To investigate the effects

of structural changes in

manufacturing and services

on recovery patterns in GDP

following a recession

”

”

“

“

”

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36

Annual Report



3. ADDITIONAL INITIATIVES

Workshops

In 2011, the foundation continued an ambitious program, launched

in 2010, to collaborate with major universities on a series of scientific

seminars and workshops. The aim is to generate value by sharing the

expertise of the foundation’s scholars.

1. Workshop on Gender Economics

On November 18, 2011, the foundation sponsored a workshop at

Bocconi University on the topic of “Gender Equality in Europe,”

in collaboration with the Dondena and Econpubblica Centers based

at the university. At the workshop, the papers of the three UWIN

Best Paper Award winners were presented. The initiative’s scientific

advisors, Paola Profeta and Barbara Petrongolo, introduced the three

winners (Chiara Pronzato, Pamela Campa and Michelle Rendall),

while Mirco Tonin, the winner of the second edition of the Foscolo

Europe Fellowship, served as the moderator.

For the second part of the workshop, a roundtable was held,

moderated by Barbara Stefanelli, vice editor-in-chief of the Corriere della Sera. The participants included Professor Maurizio Ferrera

from the University of Milan, Elisabetta Magistretti, non-executive

director of Pirelli, and Professor Francesca Zajczyk, deputy for equal

opportunities at the City Council of Milan.

2. Workshop on the Social Dimension of Organizations

The second workshop, on the topic of “The Social Dimension of

Organizations”, will be held in Budapest on April 27-28, 2012.

It was organized in collaboration with Central European University in

Budapest, and received additional support from UniCredit Bank and

the Royal Economic Society. Mirco Tonin, now a researcher at Central

European University, was instrumental in the planning for this event.

In tandem with the workshop, the foundation launched a Best Paper

Award competition to honor the two best papers presented for this

occasion.

Collaboration with Universities

1. Funding of Two Bachelor’s Degrees in Economics at the

University of Trieste

In 2011, UniCredit & Universities confirmed its collaboration with

the faculty of economics at the University of Trieste, co-funding

two three-year degree programs, taught entirely in English.

The programs are entitled “The Economics and Management

of Innovation” and “The Economics of Financial and Insurance

Markets.”

Both degree programs are open to Italian and non-Italian

students, with an emphasis on students from Central and

Eastern Europe. The collaboration includes a financial contribution

by the foundation to the university to run the two programs. It

also entails the active participation of UniCredit & Universities

scholars in seminars that make up part of the programs. With this

initiative, the foundation underscores its commitment to making

high-quality instruction available to students from every country

in which UniCredit operates. The foundation support initiatives

that will make cross-border academic choices real and accessible

by bridging the divide between old and new Europe.

2. Funding of a Master’s Degree at the LUISS School of

Government

In 2011, UniCredit & Universities confirmed its collaboration with

the LUISS School of Government in Rome to offer four scholarships

for students in the university’s master’s program in international

and public affairs for the 2011-2012 academic year. The goal of

this program is to train future leaders for legal, administrative and

governmental institutions, for non-governmental organizations and

related research foundations, at both a national and international

level.

As in 2010, the competition was open to all graduates from the 22

countries where UniCredit is present. Courses began in September

2011 and will end in June 2012. They are held in Rome at the LUISS

School of Government and are taught in English.

The winners of the four scholarships come from Hungary and

Ukraine:

- Soos Gabor - Hungary

- Svitlana Galko - Ukraine

- Oksana Kohut - Ukraine

- Dmytro Volodin - Ukraine

Through this initiative, the foundation supports young people who

represent the future of their communities.


As of December 31, 2011, the following works were published on the Working Paper Series section of the website:

Working Paper Series - 2011

No. 25 - Gender Quotas, Female Politicians and Public Expenditures: Quasi-Experimental Evidence - Pamela Campa

No. 24 - An Examination of Paternal and Maternal Intergenerational Transmission of Schooling - Chiara Pronzato

No. 23 - Rise of the Service Sector and Female Market Work: Europe vs. the US - Michelle Rendall

No. 22 - Essays on Dynamic Macroeconomics - Ceyhun Elgin

No. 21 - Political Learning and the Number of Parties: Why Age Matters - Ekaterina Rashkova

No. 20 - Carbon Market Implications for New EU Member States: Empirical Analysis for Hungary - Dora Fazekas

No. 19 - Essays on Exporting Behavior of Firms and on Inflation Persistence - Branislav Saxa

No. 18 - Essays on International Migration - Zvezda Dermendzhieva

No. 17 - Essays on Educational Institutions and Inequality of Opportunity - Daniel Horn

No. 16 - Investment and Debt Maturity: An Empirical Analysis from Turkey - Bülent Tekçe

No. 15 - The Reputational Risk Impact of Internal Frauds on Bank Customers: A Case Study on UniCredit Group -

Daniele Ruspantini and Alessandra Sordi

No. 14 - The Influence of CSR on the Company’s Market Value: A Random Effect or the Source of Outperformance?

A Case Study of American Companies from the Global 100 List - Piotr Kazmierkiewicz

No. 13 - Real Estate Equities: Real Estate or Equities? - Alexander Schätz

No. 12 - On Primal-Dual Algorithm for Callable Bermudan Options - Jan Maruhn and Max Mair

Working Paper Series - 2010

No. 11 - Systemic Valuation of Banks: Interbank Equilibrium and Contagion - Grzegorz Halaj

No. 10 - Forward Bias Trading in Emerging Markets - Manuel Mayer

No. 9 - Combining VAR Forecast Densities Using Fast Fourier Transform - Jakub Rysanek

No. 8 - Modeling of Extremes: Application on Electricity Day-Ahead Spot Prices Time Series - Igor Paholok

No. 7 - From Minority Game to Black and Scholes Pricing - Matteo Ortisi

No. 6 - Evidence on the Liquidity Effect in Euro Area Government Bond Markets: A Bayesian VAR Analysis -

Stephan Maier

No. 5 - Measuring Prepayment Risk: An Application to UniCredit Family Financing - Matteo Consalvi and

Giovanni Scotto di Freca

No. 4 - A Practitioner Approach to Forecasting Cross-Section and Aggregated Outcomes - Andrea Brasili

No. 3 - The Italian Financial Development and the Regional Impact on Growth - Elena D’Alfonso

No. 2 - Corporate Growth: The Role of Financial Structure - Silvia Giannangeli

No. 1 - Pricing Distressed CDOs with Base Correlation and Stochastic Recovery - Martin Krekel

THE WORKING PAPER SERIESThe Working Paper Series was launched in 2010 to compile the findings of all the researchers who have received the foundation’s

support. This series promotes the broad circulation of their work, both within and beyond the bank, with a view to encouraging

comment and discussion.

The research may focus on subjects relating to the foundation’s fields of interest, namely economics, finance, law, and political and

social science. The articles are published on the foundation’s website after being reviewed and selected by the Scientific Committee

based on technical criteria and the level of contributions made to the scientific debate.

The working papers currently available online were selected in the first and second editions of the UniCredit Best Paper Award

contest. Additionally, a contribution from Manuel Mayer, winner of the first edition of the Leopold Gratz Scholarship, has been included.

The series also includes the winners of the first edition of both the Best PhD Thesis Award and the UWIN Best Paper Award.

These contributions will soon be joined by the works selected for the third edition of the UniCredit Best Paper Award and the second

editions of the Best PhD Thesis and Best Paper Awards.

e?

38

Annual Report


The Awards Ceremony

The 2011 Awards Ceremony, like those of years past, represented

an important event for the UniCredit & Universities Foundation. It

allows the Chairman and Board of Directors to meet this year’s

competition winners while providing a unique opportunity to bring all

of the foundation’s stakeholders together. The awards ceremony is

the very best time to assess the strengths and weaknesses of the

foundation’s past activities and to unveil its plans for the future.

The ceremony was held on June 9, 2011, in Milan, in UniCredit’s

Aula Magna auditorium. Alessandro Plateroti, vice manager of Sole 24 ore, was the moderator. Attendees included UniCredit Chairman

Dieter Rampl and Salvatore Rossi, central director for economic

research and international relations at the Bank of Italy, who delivered

speech on “Higher Education for Higher Growth: The Power of

Cross-Border Knowledge.”

After presenting them with their certificates, Mr. Rampl called

attention to the two previous winners of the Crivelli Scholarship,

Marcello Miccoli, winner of the third edition, and Marco Di

Maggio, winner of the sixth edition, who is currently in the final

year of his PhD at MIT.


Chairman Dieter Rampl opens the 2011 Awards Ceremony.

Afterwards, the awards ceremony officially began by honoring

Ludovica Gazzè, Enrico Cantoni and Alessandro Vecchiato,

winners of the 10th edition of the Crivelli Europe Scholarship.

Salvatore Rossi, central director for economic research and international relations of Bank of Italy, speaks on “Higher Education for Higher Growth: The Power of Cross-Border Knowledge.”

Both Mr. Miccoli and Mr. Di Maggio passed a figurative baton

to the three new winners and encouraged them to face

new challenges with confidence. In keeping with tradition,

Mr. Di Maggio presented an MIT sweater to Mr. Rampl on

behalf of all the past recipients of the scholarship as a symbol

of gratitude.

Then, the winners of the first edition of the Masterscholarships

– Birgit Altmann, Federico Rossi, Andreas Kalker and Lorenzo

Prosperi – received their certificates, followed by the winners

of the scholarships for the two master’s programs at the LUISS

School of Government: Ekaterina Burdina (Russia), Eleonora Mura

(Italy), Dorina Damsa (Romania), Petra Tisocki (Hungary), and

Sahizer Samuk (Turkey).


The ceremony then shifted its focus to the winners of the first

edition of the Best PhD Thesis Award: Zvezda Dermendzhieva

(Bulgaria), Daniel Horn (Hungary), Branislav Saxa (Slovakia), and

Ekaterina Rashkova (Bulgaria). The final set of awards went to the

winners of the second edition of the UniCredit Best Paper Award,

the only contest reserved for UniCredit employees. These included

Grzegorz Halaj (Poland), co-authors Jan Maruhn and Max Mair

(Germany), Alexander Schätz (Germany), and Piotr Kazmierkiewicz

(Poland). Tekçe Bülent (Turkey) and Daniele Ruspantini and

Alessandra Sordi (Italy) were singled out by the Scientific

Committee as worthy of special mention.

The UniCredit Best Paper Award signals the foundation’s

determination to seek out the brightest European minds not

only outside the Group, but also within UniCredit. In 2011,

this initiative became increasingly international. Colleagues

from Turkey submitted the most applications, followed by Italy,

Romania, Poland, Germany, Russia and Bulgaria.

In the chairman’s closing remarks, he expressed his best wishes

to the nearly two hundred people in attendance.

Marco Di Maggio presents an MIT sweater to Chairman Dieter Rampl.

The ceremony continued with the awarding of the fellowships.

Winners of the first edition of the Post-Doc Research Grant

included Andrea Colciago from Bicocca University, Francesco

Drago from Parthenope University of Naples, and Salvatore

Piccolo from the University of Naples Federico II.

Mirco Tonin, from the University of Southampton, won the second

edition of the Foscolo Europe Fellowship. Thanks to UniCredit &

Universities, Mr. Tonin is doing his research at Central European

University. His decision underscores the true intent of the Foscolo

Europe Fellowship, which was created to bring the best minds

back to the countries in which UniCredit is active, regardless of

their country of origin.

This initiative contributes to the concept of a Europe without

boundaries. The object is to define Europe, not as an entity

divided by language and borders, but as a unified intellectual

community, conducive to the best academic talents.

Before handing out more certificates, Mr. Rampl welcomed Emilio

Calvano and Emiliano Santoro, respective winners of the second

Crivelli Fellowship and the first Foscolo Europe Fellowship.Eleonora Mura, winner of the LUISS School of Government master’s program scholarship, at the awards ceremony.

40

Annual Report


An important part of the foundation’s activities in 2011 focused on developing a strong and extensive international network.

This network is fundamental to reaching the most talented students and researchers worldwide, and to collaborating with academic

institutions in implementing successful new initiatives.

The foundation’s network consists of two main components:

1. the university network - our relationships with research departments, academic programs and institutions of higher learning with

which we collaborate

2. the scholars’ network - our relationships with students and researchers who have received support from the foundation and

maintain close ties with it

The university network was expanded this year. The programs with which the foundation collaborates are primarily those which the

applicants indicate as their preferred places for study.

THE UNIVERSITY NETWORK


THE FOUNDATION’S NETWORK

12

1318

1

2

3

45

30

6 7

8

9

10

31

11 29

14

1516

17 19

20

21

22 23

32

33

27

28

25

26

24

34

3536

3738


Thus, the foundation collaborates with the universities that are currently attracting the most talented students, as well as with those that

best complement the objectives and projects it seeks to support.

The university network is complemented by a network of scholars, which is as large as the number of the foundation’s award

recipients. It includes scholars from major European and American universities.

The foundation maintains close ties with its award winners. It provides them with support in addressing any logistical challenges they

may encounter during their academic undertakings, and it involves them in seminars and other activities organized by UniCredit or the

universities within the foundation’s network.

In 2011, this network has been further extended to undergraduates, as a result of the new Study-Abroad Exchange Programme

initiative.

MASTERSCHOLARSHIPS

1 Barcelona Graduate School of Economics - University Pompeu Fabra

2 London School of Economics and Political Science

3 Stockholm School of Economics

4 Toulouse School of Economics

5 Bocconi University

SCIENTIFIC COMMITTEE

6 Université Panthéon - Assas (Paris 2)7 Goethe University Frankfurt

8 Vienna University

9 University of Turin

10 University of Bologna

11 University of Naples Federico II

12 Koç University

13 Belgrade University


UNIVERSITY INITIATIVES

14 LUISS School of Government

15 University of Trieste

FELLOWSHIPS

16 Catholic University

17 Central European University

18 Collegio Carlo Alberto


OTHER RELATIONSHIPS

19 Corvinus University of Budapest

20 Warsaw School of Economics

21 GSM St. Petersburg State University

22 Lomonosov Moscow State University

23 Higher School of Economics

24 University of Rostov

25 Center for Liberal Democratic Studies

BUSINESS SCHOOL RESEARCH PROJECT

26 INSEAD

27 IE Business School

28 London Business School

POST-DOC RESEARCH GRANT

11 University of Naples Federico II

29 Parthenope University of Naples

30 Bicocca University

31 University of Rome Tor Vergata

32 University of Cagliari

33 New Economic School

US PHD SCHOLARSHIP

34 Chicago Booth

35 Harvard University

36 MIT

37 Princeton University

38 Stanford University

42

Annual Report


The economic crisis currently confronted by Europe will likely impact the foundation’s activities in 2012. As a result, and in addition to a likely

shortage of funding, the foundation’s primary objective is to maintain a strong core program, consisting of several high-profile initiatives.

This program will not only include current initiatives but also propose new ones that support Europe’s top talent.

The UniCredit & Universities Foundation will maintain its European profile while prioritizing innovation. This means the foundation will focus on

improving existing initiatives while accounting for swift change in the academic world.

In 2012, the foundation will seek to create strong, lasting synergies with partners who are similarly interested in supporting students and

researchers in the fields of economics and finance. In this effort, UniCredit & Universities will draw on its experience and expertise to increase

the quality and quantity of its offerings.

UniCredit & Universities aims to provide concrete support to local initiatives that reflect the specific interests of different territories and regions.

One such example is its collaboration with the Leopold Gratz Foundation in Vienna on the Leopold Gratz Scholarship for the past three years.

In 2012, UniCredit & Universities will work to create an alumni association to connect all of its award recipients. This community will be

updated on achievements related to the foundation and will be solicited for feedback on proposals, new goals and strategies for achieving the

foundation’s aims. In a sense, this international community already exists; however, the foundation aims to strenghten and leverage it to benefit

tomorrow’s students and researchers.

Through this alumni association, students and researchers from all over the world can empower one another based on their personal

experiences at their own universities and research centers. Moreover, based on the feedback collected, this alumni association may evolve into

an effective think tank. This development would lend additional credence to the foundation’s is standing and its relationship to the international

academic world.

Main Goals


To Mr. Chairman and Members of the Board,

I ask you to approve the 2011 Accounts presented herein that show an operating surplus of €216,025, which will be appropriated to increase the operating reserve.

Giannantonio De Roni Secretary General


Balance Sheet 48Report on Operations 49Notes on the Accounts 50

Accounting Principles and Valuation Criteria 51Note on the Balance Sheet and the Report on Operations 53

Annexes 60A) Breakdown of Securities Portfolio, included in the Assets

under Management as of December 31, 2011 60B) Breakdown of Securities of Directly Puchased Securities

Portfolio, as of December 31, 2011 61C) Reclassification of 2010 initiatives 62

Financial Statements



Assets

DEC. 31, 2011 DEC. 31, 2010

C) Floating assets 3,570,664 2,705,364 II - Receivables 501 639

5) Due from others 501 639 III - Short-term financial assets not

classified as fixed assets2,837,063 990,032

2) Other securities 2,837,063 990,032 IV - Liquid assets 733,100 1,714,693

1) Bank deposits 728,641 1,693,556 2) Cash held by asset

management companies4,259 20,937

3) Cash and cash equivalents on hand

200 200

E) Accruals and deferrals 14,220 - 1) Accrued liabilities 14,220 -

TOTAL ASSETS 3,584,884 2,705,364

Liabilities

DEC. 31, 2011 DEC. 31, 2010

A) Net equity 1,055,804 839,779 I - Operating reserve 539,347 323,322

1) Surplus/Deficit for period of operation

216,025 120,327

2) Available reserve 323,322 202,995 II - Endowment fund 516,457 516,457

D) Payables, with itemized details for amounts due after the subsequent period

2,529,069 1,865,585

2) Payables for contributions to be disbursed

2,427,173 1,791,098

2.1) Support for studies 1,319,034 904,242

due within the following period 620,913 402,183 due after the following period 698,121 502,059 2.2) Support for research 1,008,139 827,906

due within the following period 412,745 243,148 due after the following period 595,394 584,758 2.3) Other initiatives 100,000 58,950

due within the following period 100,000 58,950 due after the following period - - 6) Accounts payable 91,682 71,407

7) Taxes payable 9,235 3,080

8) Payables to social security and welfare agencies

340 -

12) Other payables 639 -

E) Accruals and deferrals 11 - 1) Accrued liabilities 11 -

TOTAL LIABILITIES 3,584,884 2,705,364

Balance Sheet (Amounts in €)


Expenses

2011 2010

1) Expenses from ordinary operations 1,477,745 1,652,047 1.1) Support for studies 815,075 775,000

1.2) Support for research 464,500 658,984

1.3) Other activities 100,000 132,600

1.4) Compensation and expenses for the Scientific Committee members 69,987 68,758

1.5) Communications expenses 28,183 16,705

4) Financial expenses and losses - 4,371 4.4) From other assets - 4,371

6) General administrative costs 242,635 161,480 6.1) Employees 111,608 93,031

6.2) Other operating expenses 131,027 68,449

TOTAL EXPENSES 1,720,380 1,817,898OPERATING SURPLUS 216,025 120,327TOTAL 1,936,405 1,938,225

Revenues

2011 2010

1) Revenues from ordinary operations 1,745,500 1,900,000 1.1) Contributions received 1,745,500 1,900,000

4) Financial income and gains 45,359 10,944 4.1) From bank deposits 21,621 7,503

4.4) From other assets 23,738 3,441

7) Other Income 145,546 27,281 Amounts recovered from scholarships

and initiatives concluded or not implemented

120,046 27,281

Amounts recovered for reorganization of grants 25,500 -

TOTAL REVENUES 1,936,405 1,938,225OPERATING DEFICIT - -TOTAL 1,936,405 1,938,225

Report on Operations (Amounts in €)


IntroductionThe UniCredit & Universities Knight of Labor Ugo Foscolo Foundation was constituted in Rome on July 13, 1966, as Fondazione Cavaliere del Lavoro Ugo Foscolo, già Presidente del Banco di Roma, with a restricted equity of 50,000,000 ITL (currently €516,456.90), thanks to the subsequent extraordinary contributions made at the end of 1991 by what was formerly Banco di Roma.The Foundation’s current name came into effect on November 16, 2009, the date on which it received approval of its new articles of association from the Prefecture of Rome.It is categorized as a private, non-profit Foundation and has been recognized under Italian Presidential Decree no. 255 of March 28, 1967 (Official Gazette no. 118 of May 12, 1967).

The Foundation aims to:• promote studies and initiatives that increase awareness of economic, financial, legal, political and social matters• annually award one or more scholarships• institute prizes for degree theses or specific studies in financial, economic, legal, political and social matters• propose and support initiatives in the academic worldThe Foundation consists of: the Board of Directors, the Chairperson, the Secretary General and the Statutory Board of Auditors.

Contents and Form of the Financial StatementsThe financial statements were drawn up in accordance with the recommendations issued by the Non-Profit Enterprises Commission of the National Board of Chartered and Expert Accountants. The accounting principles and valuation criteria are applied consistently over time. If they are not underlined, they have not been modified. The financial statements consist of the Balance Sheet, the Report on Operations and the Notes on the Accounts, and are accompanied by the Chairman’s Report.The 2011 financial year ended with an operating surplus of €216,025. This surplus represented income for the year not yet committed to scholarships and initiatives as of December 31, 2011, and will be appropriated to increase the operating fund.The accounts are audited by the Board of Auditors.Since the Foundation does not conduct commercial business, its income is not subject to VAT or income tax; however, it is subject to IRAP (regional business tax).Please note that data for 2010 related to “Payables for contributions to be disbursed” and “Expenses from ordinary operations” have been reclassified; the criteria used to identify the type of grants and initiatives have changed. See Annex C for the reclassifications of the relevant data.

Notes on the Accounts



Accounting Principles and Valuation CriteriaIncome and expenses are reported on an accrual basis with the exception of contributions received, which are recorded on a cash basis. Accrual of the costs of ordinary activities is determined on the basis of the expenses incurred by the spending decisions made by the Board of Directors.

AssetsFloating assetsReceivables are posted at their face value, which coincides with their estimated realizable value.

The Short-term financial assets - Other securities item includes securities in which the foundation’s funds are invested for asset management purposes until used by the foundation. These securities are all priced and assigned values according to two criteria:- securities in assets under management are estimated according to the market value, understood as the price reported on the last working day of the

period, and include quota accruals;- securities in assets under custody are subject to acquisition value, and quota accruals are categorized under “Accrued income and prepaid expenses.”

Liquid assets are reported at face value.

Accrued income and prepaid expensesAccrued income and prepaid expenses are calculated in accordance with both the accruals concept and the general principle of correlation between costs and income for the period.

LiabilitiesNet equityThe Operating Reserve consists of operating results for the current and previous periods.

The Endowment Fund is recognized at face value and represents the value of contributions made at the time the foundation was founded or at the time of subsequent deposits.

Payables, with itemized details of amounts due after the following periodPayables are reported at their face value.

Payables for contributions to be disbursed represent the foundation’s commitment for disbursements not yet made to fund approved scholarships and initiatives. They are divided according to the type of scholarship or initiative supported.

Accounts payable include amounts owed with respect to invoices or bills received as well as the amount of any invoices or bills to be received for services rendered but not invoiced by year-end.

Taxes payable include the advance withholding tax on the income of self-employed workers, taxes withheld from scholarship students and the IRAP amount due.

Payables to social security and welfare agencies include the value of accrued - not liquidated - welfare contributions related to the foundation’s collaborative relationships.

Other payables represent all remaining payables, which, by their nature, are not included in the previous items, including the substitute tax on asset management earnings that has accrued and is owed to the asset management company, which acts as withholding agent. In addition, earmarking a substitute of the “ritenuta mantello” calculated by the bank when purchasing securities. Besides revenues related to securities in assets under custody such as interest and the difference between the purchasing/reimbursement price per the financial year. Revenues are indicated as net of expenses and taxes.

Other Income includes all remaining revenue that cannot be included in the previous categories. This includes surpluses recovered from scholarships and initiatives completed or not implemented.

Accrued liabilities and deferred income Accrued liabilities and deferred income are calculated in accordance with the accruals concept and the general principle of correlation between costs and income in the period.


Financial Statements I Notes on the Accounts

Notes on the Accounts (Continued)

Expenses Expenses from ordinary operations include all contributions and expenses for scholarships and initiatives approved during the period by the Board of Directors.

Financial expenses and losses represent losses deriving from investments in asset management accounts.

Administrative costs reflect the costs incurred by the foundation during the reference period to conduct its operations.

RevenuesRevenues from ordinary operations represent the donations received during the period.

Financial income and gains represent bank interest and income from investments in asset management accounts and repurchase agreements entered into and settled during the period. In addition to the incomes related to securities in assets under custody, such as interests and differences between purchasing price/refund related to this year. Incomes are intended after-tax and expenses.

The item Other Income brings together the remaining revenues, which by nature cannot be included in the previous categories, and includes surpluses recovered on scholarships and initiatives completed or not implemented.


Notes on the Balance Sheet and the report on Operations

Assets(in €)

DEC. 31, 2011 DEC. 31, 2010

C) Floating assets 3,570,664 2,705,364 II - Receivables 501 639

5) Due from others 501 639

Receivables due from others represent the substitute tax credit relating to the negative results of asset management obtained during the second half of the year, in addition to items currently being prepared.

DEC. 31, 2011 DEC. 31, 2010

III - Short-term financial assets not classified as fixed assets 2,837,063 990,032

2) Other securities 2,837,063 990,032

The increase in Other securities, which in 2010 represented only the value of assets under management, is the result of management’s decision to purchase securities in the short term. As a result, Other securities now include the value of both types of securities.The assets under management (€1,020,525) include Italian and European securities estimated at market value on the last business day of December 2011, with an accrued interest of €8,828. A breakdown of the securities portfolio as of December 31, 2011 is provided in Annex A.The securities purchased directly (€1,816,538) include short term Italian securities (Bot and Btp as of December 31, 2012) and are evaluated at purchasing price. A breakdown of the securities portfolio is provided in Annex B.

DEC. 31, 2011 DEC. 31, 2010

IV - Liquid assets 733,100 1,714,693

1) Bank deposits 728,641 1,693,556 2) Cash held at asset management companies 4,259 20,937 3) Cash and cash equivalents on hand 200 200

Bank deposits represent the total of current account balances held at UniCredit S.p.A. These amounts consist of non-binding positions.

Cash held at asset management companies is the cash generated from the asset management relationship indicated under Other securities.

Cash and cash equivalents on hand is the balance of petty cash used for current expenses.

DEC. 31, 2011 DEC. 31, 2010

D) Accruals and deferrals 14,220 - 1) Accrued income 14,220 -

Accrued income represents - relative to securities in assets under custody - accrued and unused income, as well as the difference between purchasing price and the value of the end of 2011.



Liabilities (in €)

DEC. 31, 2011 DEC. 31, 2010

A) Net equity 1,055,804 839,779

I - Operating reserveThis amounts to €539,347, which consists of the €216,025 operating surplus for the year and €323,322 in available reserves.

II - Endowment fundThis was funded at the time of constitution and increased through subsequent payments made by what was previously the Banco di Roma, thereby reaching the current balance of €516,457.

Changes in Net Equity are indicated in the table below.

Changes in net equity in 2011

MANAGEMENT FUND ENDOWMENT FUNDTOTAL SHAREHOLDER

EQUITY

Start of year 323,322 516,457 839,779

Operating result for the period 216,025 216,025

Balance as of Dec. 31, 2011 539,347 516,457 1,055,804

DEC. 31, 2011 DEC. 31, 2010

D) Payables, with itemized details of amounts due after the subsequent period 2,529,069 1,865,585

Payables for contributions to be disbursed totaled €2,427,173 and represent the Foundation’s commitment to scholarships, research grants and initiatives, which have been approved, with disbursements to occur in future periods.

The following table provides a breakdown of expenses by type and by disbursement period.



Payables Due (in €)

AS OF DEC. 31, 2011

WITHIN THE FOLLOWING PERIOD

BEYOND THE FOLLOWING PERIOD TOTALS

Support for studies 620,913 698,121 1,319,034Crivelli Scholarships 390,757 413,847 804,60410th edition 76,500 313,500 390,0009th edition 195,000 100,347 295,3478th edition 119,257 - 119,257Foscolo Europe Scholarships 12,500 - 12,5001st edition 12,500 - 12,500US PhD Scholarship 25,500 104,500 130,0001st edition 25,500 104,500 130,000Masterscholarships 157,156 179,774 336,9302nd edition 96,727 155,810 252,5371st edition 60,429 23,964 84,393Study Abroad Exchange Programme Grants 35,000 - 35,0001st edition 35,000 - 35,000Support for research 412,745 595,394 1,008,139Crivelli Fellowship 60,216 45,690 105,9062nd edition 60,216 45,690 105,906Foscolo Europe Fellowship 135,648 499,704 635,3523rd edition 15,216 226,784 242,0002nd edition 60,216 166,568 226,7841st edition 60,216 106,352 166,568Business School Research Project Funding 40,000 - 40,0001st edition 40,000 - 40,000Post-Doc Research Grant 110,000 50,000 160,0002nd edition 50,000 50,000 100,0001st edition 60,000 - 60,000Best PhD Thesis Award 30,000 - 30,0002nd edition 30,000 - 30,000UniCredit Best Paper Award 15,000 - 15,0003rd edition 15,000 - 15,000Best Paper Award 21,881 - 21,881Best Paper Award on The Social Dimension of Organization 10,000 - 10,000UWIN Best Paper Award, 2nd edition 10,000 - 10,000UWIN Best Paper Award, 1st edition 1,881 - 1,881Other initiatives 100,000 - 100,000LUISS School of Government Master's Programs 65,000 - 65,000LUISS SoG Master's Programs, 2011/2012 65,000 - 65,000Bachelor's degree courses, University of Trieste 25,000 - 25,0004th edition 25,000 - 25,000Contributions to other initiatives 5,000 - 5,000Contribution to the Central European University Budapest Workshop 2012 5,000 - 5,000Academic initiatives 5,000 - 5,000Serbian translation of classical economics text 5,000 - 5,000



Accounts payable totaled €91,682 and includes amounts owed on invoices received and amounts due to UniCredit S.p.A., in relation to the cost of personnel seconded by the foundation.

Taxes payable totaled €9,235 and include the advance withholding taxes and deductions related to scholarship students, which were paid to tax authorities in January 2012, and the IRAP balance due for 2011.

Payables to social security and welfare agencies amounted to €340 and represent costs incurred in January 2012 related to the foundation’s collaborations with other entities.

Other liabilities amounted to €639 and entail the so called “ritenuta mantello sostitutiva”, which was calculated by the bank when purchasing securities in assets under custody.

DEC. 31, 2011 DEC. 31, 20 10

D) Accruals and deferrals 11 -

DEC. 31, 2011 DEC. 31, 2010

1) Accrued liabilities 11 -

Accrued liabilities amount to €11 and represent the accrued costs for the year. They will be withheld next year in connection with deposit securities.



Expenses

2011 2010

1) Expenses for ordinary operations 1,477,745 1,652,047These can be broken down as follows:

1.1) Support for Studies 815,075 775,000

1.2) Support for Research 464,500 658,984

1.3) Other activities 100,000 132,600

1.4) Compensation and expenses for the Scientific Committee members 69,987 68,758

1.5) Communication Costs 28,183 16,705

The decreased amounts when compared to 2010 were due to a smaller number of expenses for Support for research and Other activities. Costs were higher for Support for studies and Communication costs, while the fees and expenses for the Scientific Committee members remained stable.

The Support for studies item amounts to €815,075 and includes the expenses (scholarships and university fees) incurred for several university initiatives. This year’s initiatives, which are described in the Balance Sheet Report, are summarized below: 3 Crivelli Scholarships 10th edition; 7 Masterscholarships 2nd edition; 1 US PhD Scholarship 1st edition; 8 Study Abroad Exchange Programme Grants 1st edition.

Support for Studies 815,075• Crivelli Scholarships - 10th edition 390,000• Masterscholarships - 2nd edition 252,537• Masterscholarship - integration to 1st edition 7,538• US PhD Scholarship - 1st edition 130,000• Study Abroad Exchange Programme Grants - 1st edition 35,000

In 2011, UniCredit & Universities Foundation promoted several initiatives to support research among young European economists, by launching a number of competitions to award grants and to award the best papers and PhD thesis. The above initiatives are grouped under the Support for Research item, and total €464,500 for 2011. A brief description of the initiatives and a detailed list of costs are as follows:• 1 Foscolo Europe Fellowship, 3rd edition. A two-year fellowship, renewable for an additional two years, which includes insurance. • 5 Post-Doc Research Grants, 2nd edition. A grant to develop a two-year research project.• 1 Business School Research Project Funding. Financial support to develop a one-year research project at a business school.• 6 Best PhD Thesis Awards, 2nd edition. Awards for outstanding PhD theses.• 2 UniCredit Best Paper Awards, 3rd edition. Awards for the finest papers prepared by UniCredit employees. • 2 UWIN Best Paper Awards, 2nd edition. Awards for top papers on “Gender Economics.”• 2 Best Paper Awards on the Social Dimension of Organizations. Awards for top papers on “Labor Economics.”

Support for Research 464,500• Foscolo Europe Scholarship - 3rd edition 242,000• Post-Doc Research Grant - 2nd edition 100,000• Business School Research Project Funding 40,000• Best PhD Thesis Award - 2nd edition 30,000• UniCredit Best Paper Award - 3rd edition 15,000• UniCredit Best Paper Award - integration 2nd edition 5,000• UWIN Best Paper Award - integration 1st edition 12,500• UWIN Best Paper Award - 2nd edition 10,000• Best Paper Award on The Social Dimension of Organizations 10,000

Additional initiatives were launched in the 2011 financial year in collaboration with top European universities, at a total cost of €100,000. A detailed list of expenses appears below, while full descriptions of the initiatives are included in the Balance Sheet Report. Other Initiatives 100,000• LUISS School of Government Master’s Programs 2011/2012 65,000• Bachelor’s degree courses, University of Trieste - 4th edition 25,000• Contribution to CEU Budapest Workshop 2012 5,000• 2011 academic initiative - Serbian translation of a classic book on Economics 5,000



The Fees and expenses for Scientific Committee members item in the amount of €69,987 includes charges incurred by members of the Scientific Committee when assessing candidates to award scholarships and prizes, and when determining grant renewals for current scholarship recipients.

Communications costs in the amount of €28,183 cover the cost of digital PR and social networking services related to online communications for scholarship and prize contests. They also cover costs incurred related to advertising and award ceremonies for scholarships awarded in 2011.

2011 2010

4) Financial expenses and losses - 4,371 4.4) From other assets - 4,371

The From other assets item represents the net loss generated by asset management for the 2010 financial year. For the current financial year, it is not significant, as asset management produced a positive result.

2011 2010

6) General administrative costs 242,635 161,480

Below are expenses incurred through activities that support the foundation’s objectives.

2011 2010

6.1) Payroll (seconded staff) 111,608 93,031

6.2) Other operating expenses 131,027 68,449

Payroll (seconded staff) The foundation does not have its own employees and uses staff seconded from UniCredit at a cost of €111,608.

A comparison with last year is for informational purposes only, as 2011 shows an increase due to the inclusion of a seconded staff member at the foundation who began and ended the assignment within the year.

Other operating expenses (€131,027) consist of the following:

2011 2010

Fees paid to professionals and for professional services 68,329 21,649Exhibitions and events - 4,894Taxes and withholding: 24,304 10,745 IRAP (regional business tax) 17,964 10,570 Revenue stamps and miscellaneous indirect taxes 6,340 175Other: 38,394 31,161 Entertainment expenses 594 621 Stationery supplies, printed matter and miscellaneous office supplies 6,945 154 Travel expenses 836 886 Rent paid 28,052 27,759 Miscellaneous (subscriptions, publications, association dues, etc.) 1,967 1,741Total 131,027 68,449

When compared to the previous financial year, the sizeable increase in expenses is due to:

• The higher cost of compensating professionals and paying for professional services, which are the result of new administrative management, the translation and publication of the Foundation Annual Report and the international registration of the Foundation trademark.

• The higher IRAP taxable base due to the higher number of grants and fellowships awarded.• Stationery costs, printed materials and office supplies in connection with the publication of this report.

It is important to note the lack of expenses the Foundation incurred for events.



Revenues

2011 2010

1) Revenues from ordinary operations 1,745,500 1,900,000

Total contributions received in the amount of €1,745,500 consist of donations from UniCredit S.p.A. (€1,333,000) and FinecoBank S.p.A. (€400,000), in addition to the €12,500 contribution from UniCredit S.p.A. for the first edition of the UWIN Best Paper Award. For this award, funds had already been earmarked by the foundation in the 2010 financial year.

2011 2010

4) Financial income and gains 45,359 10,944 4.1) From bank deposits 21,621 7,503

4.4) From other assets 23,738 3,441

The From bank deposits item, totaling €21,621, consists entirely of net interest accrued during the year on the current account. An increase from the previous year is due to improved agreed-upon conditions and greater average liquidity in the current account, which contains funds awaiting allocation by the foundation. Revenues are indicated as net of expenses.

The From other assets item, totaling €23,738, represents revenues derived from asset management with a special risk profile - a management strategy with a short-medium residual term bond component. Moreover, revenues are also derived from securities in assets under custody, including interest and differences between the purchasing and reimbursement prices. The Endowment Fund and a portion of the liquid funds awaiting allocation are invested in these instruments. Revenues are indicated as net of commissions, taxes and expenses.

In comparison to last year, when asset management generated losses, there is a net increase, due to changing market conditions and strategic investment decisions.

2011 2010

7) Other income 145,546 27,281 Recoveries from scholarships and initiatives concluded or not implemented 120,046 27,281

Recoveries on the restructuring of grants 25,500 -

The Other income item totaling €145,546 represents, for the year, the recovery of surpluses on scholarships and initiatives completed. In the case of scholarships, the recovery includes university fees. It also represents the results of scholarship restructuring, which led to a decrease in awards, in connection with earmarked insurance costs for award recipients. This expense was initially overestimated. Recoveries are detailed below.

Recoveries of scholarships and initiatives concluded 120,046• Foscolo Europe Scholarship - 1st edition 60,000• Crivelli Scholarship - 7th edition 56,962• UniCredit Best Paper Award - 2nd edition 3,084

Recoveries on the restructuring of grants 25,500• Foscolo Europe Fellowship - 1st edition 10,000• Foscolo Europe Fellowship - 2nd edition 8,000• Crivelli Fellowship - 2nd edition 7,500

Other InformationAs of December 31, 2011, the foundation did not have any employees; however, it used the services of two individuals seconded from UniCredit.

The foundation does not hold, nor did it acquire or sell during the year, any shares of UniCredit or its companies. In 2011, the members of the Board of Directors received no compensation.

Milan, March 19, 2012 Secretary General Giannantonio De Roni



A) Breakdown of Securities Portfolio, included in the Assets under Management as of December 31, 2011

TYPE OF SECURITIES

BALANCE ACCRUED INTEREST

CLOSING BALANCEFACE VALUE MARKET VALUE COUNTERVALUE

BOT 30/03/2012 41,000 99,5032 40,796 - 40,796

BOT zero coupon 31/01/2012 59,000 99,9596 58,976 - 58,976

BOT zero coupon 16/01/2012 59,000 99,9964 58,998 - 58,998

BOT zero coupon 15/02/2012 83,000 99,8743 82,896 - 82,896

BTP 01 Aug 1/8/2015 3.75% 22,000 94,0949 20,701 341 21,042

BTP 3.5% 14 20,000 96,4186 19,284 57 19,341

BTP 4.25% 15/4/2013 13,000 100,0104 13,002 116 13,118

CCT July 2013 40,000 96,9412 38,776 454 39,230

CCT EU float 15/12/2015 68,000 84,5000 57,460 75 57,535

CCT 01 Mar 2012 TV 63,000 99,9324 62,957 503 63,460

CCT Nov 2012 TV 99,000 99,5802 98,584 627 99,211

CTZ 29/02/2012 99,000 99,5846 98,589 - 98,589

CTZ 30/04/2012 45,000 99,2362 44,656 - 44,656

Austria 3.4% 20/10/2014 12,000 106,0800 12,730 80 12,810

Austria 4.0% 15/9/2016 8,000 109,5400 8,763 94 8,857

Bei 2.5% 15/04/2012 23,000 100,4850 23,112 408 23,520

Bei 3.125% 15/04/2014 12,000 103,5350 12,424 266 12,690

BTAN 2.5% 01/2015 12,000 103,2100 12,385 288 12,673

BTAN 3.0% 12/07/2014 15,000 104,4950 15,674 212 15,886

Bundes 2.75% 08/04/2016 13,000 108,9100 14,158 261 14,419

Bundesobl 2.25 10/04/2015 12,000 105,9000 12,708 195 12,903

Bundes Deut 3.5% 4/1/2016 13,000 111,6950 14,520 450 14,970

Bundesobl -155 2.5% 10/10/2014 13,000 106,1100 13,794 73 13,867

Netherland 4.0% 15/07/2016 15,000 112,3350 16,850 277 17,127

OAT 3.25% 25/04/2016 11,000 105,8250 11,641 244 11,885

OAT 4.0% 25/10/2013 9,000 105,6120 9,505 66 9,571

OAT 5.0% 25/04/2012 76,000 101,5350 77,167 2,595 79,762

Spain 2.75% 30/04/2012 47,000 99,8150 46,913 865 47,778

Spanish Gov 3.0% 30/04/2015 14,000 97,6960 13,678 281 13,959

Total 1,016,000 1,011,697 8,828 1,020,525

Annexes


B) Breakdown of Securities of Directly Puchased Securities Portfolio, as of December 31, 2011

TYPE OF SECURITY

INITIAL BALANCE ACQUISITIONS SALES CLOSING BALANCE

QUANTITY VALUE (€) QUANTITY VALUE (€) QUANTITY VALUE (€) QUANTITY VALUE (€)

BOT 27 Dec 11 FL - - 500,000 497,975 500,000 497,975 - -

BOT 30 Mar 12 S - - 500,000 491,845 - - 500,000 491,845

BOT 15 Jul 12 A - - 500,000 485,497 - - 500,000 485,497

BTP 15 Oct 2012 4.25% - - 850,000 839,196 - - 850,000 839,196

Total - - 2,350,000 2,314,513 500,000 497,975 1,850,000 1,816,538


C) Reclassification of 2010 initiatives

LIABILITIES/PAYABLES FOR CONTRIBUTIONS TO BE DISBURSED BALANCE 2010 (€) LIABILITIES/PAYABLES FOR CONTRIBUTIONS TO BE DISBURSEDRECLASSIFIED

BALANCE 2010 (€)

2.1) Crivelli Scholarships 671,742 2.1) Support for Studies - - reclassified as "Support for Studies" -671,742 + reclassification from "Crivelli Scholarships" 671.742 Total after reclassifications - + reclassification from "Foscolo Europe Scholarships" 97.5002.2) Crivelli Fellowship 173,622 + reclassification from "Masterscholarships" 135.000 - reclassified as "Support for Research" -173,622 Total after reclassifications 904.242 Total after reclassifications - 2.2) Support for Research - 2.3) Foscolo Europe Scholarships 97,500 + reclassification from "Crivelli Fellowship" 173.622 - reclassified as "Support for Studies" -97,500 + reclassification from "Foscolo Europe Fellowship" 486.784 Total after reclassifications - + reclassification from "Awards" 147.5002.4) Foscolo Europe

Fellowship 486,784 + reclassification from "Support for initiatives implemented

at universities" 20.000 - reclassified as "Support for Research" -486,784 Total after reclassification 827.906 Total after reclassifications - 2.3) Other initiatives -

2.5) Awards 147,500 + reclassification from "Support for initiatives

implemented at universities" 58.950 - reclassified as "Support for Research" -147,500 Total after reclassifications 58.950 Total after reclassifications -

2.6) Support for university initiatives 78,950

- reclassified as "Support for Research" -20,000

- reclassified as "Other initiatives" -58,950

Total after reclassifications -

2.9) Masterscholarships 135,000

- reclassified as "Support for Studies" -135,000


Total adjustments to Financial Statement due to reclassifications -1,791,098Total adjustments to Financial Statement due to reclassifications

Total adjustments to Financial Statement due to reclassifications 1.791.098


Annexes (Continued)


Management report

EXPENSES/EXPENSES FOR REGULAR OPERATIONS BALANCE 2010 (€) EXPENSES/EXPENSES FOR REGULAR OPERATIONSRECLASSIFIED

BALANCE 2010 (€)

1.1) Crivelli Scholarships 640,000 1.1) Support for Studies - - reclassified as "Support for Studies" -640,000 + reclassification from "Crivelli Scholarships" 640,000 Total after reclassifications - + reclassification from "Masterscholarships" 135,0001.2) Crivelli Fellowship 234,000 Total after reclassification 775,000 - reclassified as "Support for Research" -234,000 1.2) Support for Research - Total after reclassifications - + reclassification from "Crivelli Fellowship" 234,0001.3) Foscolo Europe Scholarships - + reclassification from "Foscolo Europe Fellowship" 250,000 Total after reclassifications - + reclassification from "Awards" 154,984

1.4) Foscolo Europe Fellowship 250,000 + reclassification from "Support for initiatives implemented

at universities" 20,000 - reclassified as "Support for Research" -250,000 Total after reclassification 658,984 Total after reclassifications - 1.3) Other initiatives -

1.5) Awards 154,984 - reclassified from "Support for initiatives implemented

at universities" 132,600 - reclassified as "Support for Research" -154,984 Total after reclassification 132,600

Total after reclassifications - 1.4) Compensation and expenses for Scientific

Committee members - 1.6) Support for university initiatives 152,600 - reclassified from "Compensation and expenses for

Members of the Scientific Committee"68,758

- reclassified as "Support for Research" -20,000 Total after reclassification 68,758 - reclassified as "Other initiatives" -132,600 1.5) Communication costs - Total after reclassifications - + reclassification from "Communication costs" 16,7051.7) Communication costs 16,705 Total after reclassification 16,705 - reclassified as "Communication costs" -16,705


1.8) Compensation and expenses for Scientific Committee members 68,758

- reclassified as "Compensation and expenses for Members of the Scientific Committee" -68,758


1.9) Masterscholarships 135,000

- reclassified as "Support for Studies" -135,000


Total adjustments to Financial Statement due to reclassifications -1,652,047

Total adjustments to Financial Statement due to reclassifications 1,652,047


Report of the Board of Auditors


YearbookSupport for Studies 70Support for Research 74


Yearbook

Support for Studies

PIETRO CORETTO

Crivelli Scholarship

1^ edition

CLAUDIA NERI


1^ edition

DANILA SERRA


2^ edition

PAOLO RICCARDO MORGANTI


2^ edition

MARCELLO MICCOLI


3^ edition

LAURA MORETTI


3^ edition

LUIGI IOVINO


4^ edition

ALESSANDRA VOENA


4^ edition

GIUSEPPE BERLINGIERI Crivelli Scholarship

5^ edition

SILVIA CAMUSSI


5^ edition

MARCO DI MAGGIO


6^ edition

GIULIA LA MATTINA


6^ edition


GIORGIA PIACENTINO


7^ edition

ROBERTO ROBATTO


7^ edition

MICHELA GIORCELLI Crivelli Europe Scholarship

8^ edition

STEFANO MOSSO Crivelli Europe Scholarship

8^ edition

LUDOVICA GAZZÈ

Crivelli Europe Scholarship

9^ edition

ENRICO CANTONI Crivelli Europe Scholarship

9^ edition

ALESSANDRO VECCHIATO Crivelli Europe Scholarship

9^ edition

MADDALENA GALARDO

Crivelli Europe Scholarship

10^ edition

BARBARA BIASI Crivelli Europe Scholarship

10^ edition

PETR LUKIANCHENKO Crivelli Europe Scholarship

10^ edition

AUDINGA BALTRUINATE Foscolo Europe Scholarship

1^ edition

KIRILL BORUSYAK US PhD Scholarship

1^ edition


Yearbook

Support for Studies (Continued)

BIRGIT ALTMANN

Master-scholarships

1^ edition

FEDERICO ROSSI Master-scholarships

1^ edition

ANDREAS KALKER Master-scholarships

1^ edition

LORENZO PROSPERI

Master-scholarships

1^ edition

MANUEL MAYER

Leopold Gratz Scholarship

1^ edition

DANIEL RETTL

Leopold Gratz Scholarship

2^ edition

CAMILLA BUA

Study Abroad Exchange Programme

1^ edition

VINCENZO CECERE


1^ edition

BOJAN JOKOVIC


1^ edition

SANDRO LUCCI


1^ edition

ANNA PANCHENKO


1^ edition

SEBASTIANO PESCAROLO


1^ edition


SAHIZER SAMUK

Luiss School of Government Scholarship

1^ edition

PETRA TISOCZKI


1^ edition

OKSANA KOHUT


2^ edition

DMYTRO VOLODIN


2^ edition

OLEKSANDR PIDLUBNYY


1^ edition

EKATERINA VERNEZI


1^ edition

EKATERINA BURDINA


1^ edition

DORINA DAMSA


1^ edition

ELEONORA MURA


1^ edition

AYNURA ISMAYLOVA


1^ edition

GABOR SOOS


2^ edition

SVITLANA GALKO


2^ edition


Yearbook

Support for Research

ESTER FAIA

Crivelli Fellowship

1^ edition

EMILIOCALVANO

Crivelli Fellowship

2^ edition

EMILIANO SANTORO

Foscolo Fellowship

1^ edition

MIRCOTONIN

Foscolo Fellowship

2^ edition

EDOARDO GRILLO

Foscolo Fellowship

3^ edition

ANDREA COLCIAGO

Post-Doc Research Grant

1^ edition

FRANCESCO DRAGO


1^ edition

SALVATORE PICCOLO


1^ edition

TIZIANA ASSENZA


2^ edition

GIORGIO FABBRI


2^ edition

STEFANO GAGLIARDUCCI


2^ edition

ALESSIO MORO


2^ edition


MARIA PETROVA


2^ edition

ZVEZDA DERMENDZHIEVA

Best PhD Thesis Award

1^ edition

DANIEL HORN


1^ edition

ALESSANDRO BUCCIOL

Best Paper Award The Social Dimension of Organizations

1^ edition

MARCO PIOVESAN


1^ edition

PAMELA CAMPA

UWIN Best Paper Award

1^ edition

CHIARA PRONZATO


1^ edition

DORA FAZEKAS


1^ edition

BRANISLAV SAXA


1^ edition

EKATERINA RASHKOVA


1^ edition

MICHELLE RENDALL


1^ edition

CEYHUN ELGIN


1^ edition


Yearbook

Support for Research (Continued)

ALEXANDER SCHÄTZ

UniCredit Best Paper Award

2^ edition

SUSANNE NECKERMANN


1^ edition

ROBERT DUR


1^ edition

ARJAN NON


1^ edition

SILVIA GIANNANGELI


1^ edition

GRZEGORZ HALAJ


2^ edition

JAN MARUHN


2^ edition

MAX MAIR


2^ edition

CHRISTIANE BRADLER


1^ edition

ELENA D’ALFONSO


1^ edition

MARTIN KREKEL


1^ edition

Sorter pages: UniCreditCreative concept: Marco Ferri

Design, Graphic development and Composition:

MERCURIO GP - Milan

Printed: Tipografia Litografia A. Scotti Srl (Cornate d’Adda)May 2012

www.unicreditanduniversities.eu

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