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Standard & Poor's upgrades the outlook of UniCredit and of some subsidiaries of the Group

UniCredit announces that today the rating agency Standard & Poor's upgraded to "Stable" (from "Negative") the outlook of UniCredito Italiano SpA and its subsidiaries UniCredit Banca d'Impresa SpA, Locat SpA and Bayerische Hypo-und Vereinsbank AG; the rating agency also revised the outlook of Bank Austria Creditanstalt AG to "Positive" (from "Negative").

At the same time Standard & Poor's affirmed all the long and short term ratings attributed to the above mentioned companies at A+/A-1 for UniCredito Italiano SpA and UniCredit Banca d'Impresa SpA and at A/A-1 for Locat SpA, Bayerische Hypo-und Vereinsbank AG and Bank Austria Creditanstalt AG.

The outlook upgrade for the parent company and its subsidiaries reflects the progress made by UniCredit in integrating HVB Group, the brilliant financial results posted in the first six months of 2006 and the confirmed financial strength of the Group.

Attached the complete text of Standard & Poor's press release with details of today's rating actions on UniCredito Italiano SpA, UniCredit Banca d'Impresa SpA and Locat SpA.


Contacts:

Media Relations:
Tel. +39 02 88628236; e-mail: mediarelations@unicreditgroup.eu
Investor Relations:
Tel. + 39 02 88628715; e-mail: investorrelations@unicreditgroup.eu