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Transfer of Investment Banking Business of UBM to HVB

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

Transfer of Investment Banking Business of UBM to HVB

Today, the Board of Directors of UniCredit Banca Mobiliare ("UBM") and the Management Board and the Supervisory Board of Bayerische Hypo-und Vereinsbank ("HVB") approved the contribution of the UBM's investment banking business, representing almost the entirety of UBM's activities, to HVB in exchange for 51,684,532 newly issued shares of HVB. The transfer will be effective as of 1 April 2007. After completion of the capital increase, UniCredit will hold directly and indirectly 95.4% of HVB's share capital.

The transaction represents a further step forward in the Group reorganisational plan and is consistent with the Group plan to establish a centre of competence for the group investment banking activities at HVB, with the aim of: (i) gain business critical mass, (ii) build a tailor made infrastructure, and (iii) streamline corporate governance, thus ensuring shorter time to market.

The perimeter of the business of UBM being transferred to HVB includes as of year end 2006 total assets of ca. €66bn and total revenues of ca. €470m.

Following the completion of the transfer of the UBM's investment banking business to HVB, it is envisaged to merge UBM into UniCredit by the end of 2007.

Merrill Lynch has acted as financial advisor to UniCredit and PricewaterhouseCoopers as Court appointed expert for HVB in connection with the transaction.

Milan, 30 March 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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