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Squeeze out of HVB: cash consideration set at Euro 38.26 per HVB share

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

Squeeze out of HVB: cash consideration set at Euro 38.26 per HVB share

Today, UniCredit S.p.A. ("UniCredit") has determined the adequate cash compensation to be paid in the context of envisaged squeeze-out at Bayerische Hypo- und Vereinsbank Aktiengesellschaft ("HVB") to amount to Euro 38.26 for each no-par value HVB share.
With a maximum of 36,534,957 outstanding HVB shares owned by minority shareholders, representing approximately 4.55% of HVB's entire share capital, this corresponds to a total cash compensation of approximately Euro 1,398 million.
The squeeze-out compensation has been determined on the basis of an expert report prepared by Ernst & Young AG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Stuttgart, Germany, in accordance with the German IDW standards "Principles on the conduction of enterprise evaluations" (IDW S 1).
A report on the adequacy of the determined cash compensation issued by Warth & Klein GmbH, Wirtschaftsprüfungsgesellschaft, Düsseldorf, Germany, the independent auditor selected and appointed by the competent court of Munich, will be available to the shareholders upon convocation of HVB's shareholders' meeting, which is expected on 16 May 2007. HVB's shareholders' meeting is envisaged to take place on 26 June, and, if necessary, 27 June 2007 in order to resolve on the squeeze-out.

These assessments are subject to the following disclaimer:
Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. UniCredito Italiano S.p.A. assumes no obligation to update any information contained herein.

Milan, May 9, 2007
UniCredito Italiano S.p.A.
Via San Protaso 1/3
20121 Milano

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


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