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UniCredit: Litigation with certain companies of the Parmalat Group

At the beginning of August 2005, certain companies of the Parmalat Group which are in special administration have filed a payment claim in the aggregate amount of approximately €4.4 billion against UniCredito Italiano S.p.A., UniCredit Banca d'Impresa S.p.A., UniCredit Banca Mobiliare S.p.A and two other banking intermediaries as joint debtors for the recovery of damages caused by "the participation as co-lead manager" ("partecipazione in qualità di co-lead manager"), together with other banking intermediaries, in the issuance of bonds from 1997 to 2001 and having entertained "numerous banking relationships through accounts with companies of the insolvent group" ("una fitta rete di rapporti bancari in conto corrente con le società del gruppo insolvente"). The first hearing is expected to be held on May 22, 2006.

UniCredit Group believes the claim to be groundeless to the point that it might well be judged a rash claim. This circumstance will force UniCredit to take all possible steps, before any and all competent Authorities, including (without limitation) to defend its image and to recover damages, if any. Moreover, UniCredit highlights that the amount of the alleged claim is higher than the nominal value of the bond issues in which the UniCredit Group participated.

In particular, with respect to the issuance of bonds on the basis of offering circulars, the requested joint payment with other intermediary (external to the UniCredit Group) amounts to € 4,285 million: € 2,636 million for bonds jointly arranged by the defendants, € 128 million arranged only by UniCredit and € 1,521 million arranged by other intermediaries not belonging to the UniCredit Group. Taking into account that the issuances jointly arranged would pertain to the 50%, the amount attributable to UniCredit would consist in € 1,446 million.

In consideration of the above mentioned circumstances, UniCredit Group believes that this initiative will have no impact neither on its Balance sheet nor on its P/L account and thus it does not intend to set up any provision with respect to the alleged claims, other than those required for the related legal expenses.

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