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UBM (UniCredit Group): litigation with certain companies of the Parmalat Group

Certain companies of the Parmalat Group which are in special administration ("amministrazione straordinaria") have filed a payment claim in the aggregate amount of €1,861.8 million jointly and severally against UniCredit Banca Mobiliare S.p.A ("UBM"), a bank belonging to the UniCredito Italiano Group, and two other banking intermediaries as compensation for damages caused by having first promoted and, thereafter, participated in, the renewal of a programme (i.e., Debt Issuance Programme) for the issuance on the Euromarket of medium-term bonds through which, between the second half of 2001 and 2003, bonds for the total nominal amount of €1,870 million were issued (the above, however, in no way detracting from the concurring liability of the other intermediaries - not summoned - who subscribed the bonds issued through the Programme as "relevant dealers"), as well as for damages caused by their activities as "co-lead managers" on another issuance (external to the Programme) in 2002 in the nominal amount of Euro 306.8 million.

The first hearing is expected to be held on March 22, 2006.

UBM believes the claim to be groundless to the point that it is forced to take all possible steps, before any and all competent Authorities, also to the end of safeguarding its own image and the one of the UniCredit Group and to recover any possible damages. Moreover, UBM highlights that the amount of the alleged claim is higher than the nominal value of the bonds subscribed by the defendants, as dealers, within the Programme (which amounts to €650 million, allocated within the year 2002).

In consideration of the above mentioned circumstances, UBM believes that the above proceedings will have no impact either on its Balance Sheet or on its P/L account and thus does not intend to effect any provisions with respect to the alleged claims, other than those required to cover the related legal expenses.

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