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Statement on today's ruling of the Regional Court of Munich

Today the Regional Court of Munich decided on the voidance action brought forward by HVB minorities shareholders against the resolutions passed by 2006 HVB's EGM ruling that such resolutions are void on the basis of alleged procedural deficiencies when conducting the EGM. Since the today's first instance ruling only refers to the topic of the validity of the EGM resolutions approving certain intra-group transactions, it does not contain any indication that the value of the transactions was not fair. At any rate, this ruling does not affect the effectiveness of the transfers of BA-CA and the CEE units which have been all carried out on an arm's-length basis, on the ground of independent external opinions and evaluations, and in a fair and trasparent manner.

As already stated earlier today by HypoVereinsbank, it will now await the service of the complete written judgment by the Regional Court to closely examine the grounds of this first instance judgement and decide on the next legal steps, which could imply filing an appeal against the Regional Court's ruling with the Higher Regional Court, as well as curing the procedural deficiencies alleged by the Regional Court with the so-called confirming resolutions. Such a confirmation by the Annual General Meeting would make the original procedural deficiencies - if they had actually existed - irrelevant.

Milan, 31 January 2008


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