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UniCredit and the Polish Ministry of State Treasury have signed a Put/Call option agreement regarding MST's shares in Bank Pekao

The Polish Ministry of the State Treasury ("MST") and UniCredit have signed today an agreement on the basis of which the MST shall have a Put Option, while UniCredit shall have a Call Option, with respect to the shares held by the MST in Bank Pekao S.A (amounting to approx. 3.95% of Bank Pekao share capital).

According to such agreement, the option price in either cases will be calculated as the volume-weighted average of the official daily quotations of Bank Pekao shares on the Warsaw Stock Exchange over a period of six months preceding the date of exercise of the option, increased by 3%.

The Put Option may be exercised by the MST from the date of signing of the agreement to June 30, 2009, while the Call Option may be exercised by UniCredit from December 23, 2008 to December 23, 2009.

The MST shall have the right to terminate the agreement unilaterally until December 22, 2008.

Upon the signing of the agreement, the Privatization Agreement dated 23 June 1999 regarding Pekao, the Privatization Agreement dated 22 October 1998 regarding BPH and the Agreement regarding Pekao and BPH between the MST and UniCredit dated 19 April 2006 shall be deemed fully completed.



Milan, September 2, 2008


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