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UniCredit receives merger control clearance from EU Commission for the HVB 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.

UniCredito Italiano S.p.A. ("UniCredit") is pleased to announce that the EU Commission has unconditionally cleared the proposed acquisition of the shares of Bayerische Hypo- und Vereinsbank ("HVB") pursuant to the takeover offer for all shares in HVB ("HVB Offer"). As of this event, the HVB Offer is no longer conditional upon any merger control and/or regulatory clearances.

With approximately 49.1% of total HVB shares outstanding tendered as of 17:00h (Frankfurt am Main local time) on October 17, 2005, UniCredit is convinced that the HVB Offer will be successful.

The acceptance period expires on October 24, 2005.