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Statement on Consob Request

Upon request of Consob (n.RM 8090400, 30 September 2008), UniCredit announces that on Sept 23rd the Board of Directors approved a project to spin off a portion of its real estate portfolio into a real estate closed-end fund. This transaction is expected to be completed by 2008 and should generate over 15 basis points (0.15%) of Core Tier 1.

Furthermore, as part of its program to optimize/reduce Risk Weighted Assets (RWA), UniCredit has completed during the month of September transactions which will generate up to 12 basis points (0.12%) of Core Tier 1.

These initiatives are consistent with the aim of strengthening the capital ratios of the Group in order to achieve the Core Tier 1 target of 6.2% (Basel II) by year end.

Finally, concerning recent press articles related to the project of creation of a commercial partnership with an international investment bank regarding performing assets, UniCredit informs that such partnership was accurately examined but is currently no longer under consideration.

Milan, 1 October 2008


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