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UniCredit achieves 88.14% acceptance level for the HVB Tender Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA OR JAPAN

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES

UniCredit S.p.A ("UniCredit") is pleased to announce that at the expiry of the acceptance period the minimum acceptance threshold for the HVB Tender Offer has been comfortably surpassed.

Until expiry of the acceptance period, i.e. until October 24, 2005, the HVB Tender Offer has been accepted for a total of 647,105,854 HVB Common Shares and 14,553,600 HVB Preferred Shares. This corresponds to approximately 88.14% of the registered share capital and the voting rights of HypoVereinsbank including HVB Preferred Shares which presently carry voting rights (and approximately 87.90% without taking into account such HVB Preferred Shares).

Thus, the condition precedent, represented by the achievement of the "Minimum acceptance threshold", has been fulfilled.

Therefore, all conditions precedent set forth in the Offer Document have either been fulfilled or waived with the exception of the condition precedent represented by the Confirmation to be issued by an independent external expert in order to enable the UniCredit Board of Directors to resolve on the liberation of the UniCredit Shares offered in exchange of the tendered HVB Shares, in accordance with Article 2343 of the Italian Civil Code. The relevant UniCredit Board meeting is expected to be held in the third week of November 2005.

Pursuant to the relevant German legislation, all shareholders of HypoVereinsbank, who have not accepted the Tender Offer so far, may still accept the Tender Offer within next two weeks, i.e. until November 11, 2005.

Enquiries
Media Relations:
Tel. +39 02 88628236; e-mail: Uci.Ufficiostampa@unicredit.it

Investor Relations:
Tel. + 39 02 88628715; e-mail: UCI-InvestorRelations@unicredit.it