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Exchangeable Notes Generali: UniCredit redeems in advance the exchangeable bond into Generali shares issued by Capitalia

Ad-hoc-Meldung / Ad hoc Release
nach § 15 WpHG / pursuant to § 15 of the German Securities Trading Act

Exchangeable Notes Generali: UniCredit redeems in advance the exchangeable bond into Generali shares issued by Capitalia as envisaged in the Offering Circular

The transaction is a first step towards the final exit from the shareholding in Generali


As envisaged in the Offering Circular, UniCredit exercises its option of early redemption of the outstanding exchangeable bond into Generali shares issued by Capitalia in May 2004 with maturity May 2009.

Pursuant to condition 9(b)(i) - Redemption at the Option of the Issuer - the issuer can redeem in advance the bond if the share price of Generali has exceeded at least 15 times during 30 consecutive trading days 130 per cent of the principal amount of the bonds outstanding: such condition has been met as of 1st November 2007.

The redemption amount will be equal to the principal amount of the bonds outstanding on the market, equal to € 314,550,000, plus accrued interest. 

According to the timing prescribed by the Offering Circular, the redemption date has been fixed as of 19th December 2007, with the faculty of conversion by the bondholders by 7th December 2007.

Following the conversion from the bondholders with the delivery of Generali shares from UniCredit, the equity stake hold by the Group would be reduced from 4,5% to 3,5% approximately, in line with the strategy of accelerating the exit from the participation in the Generali share capital.


Milan, 7th November 2007
UniCredito Italiano S.p.A.
Via San Protaso 1/3
20121 Milano
Italien

Securities listed on German regulated markets:
ISIN IT0000064854
WKN: 850832
Listed: Official Market (Amtlicher Markt), Frankfurt Stock Exchange (General Standard)


Enquiries:

Media Relations:
+39 02 88628236; e-mail: MediaRelations@unicreditgroup.eu
Investor Relations:
+39 02 88628715; e-mail: InvestorRelations@unicreditgroup.eu