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Statement on Madoff

With reference to the news of fraud and incrimination of Bernard L. Madoff, UniCredit communicates that its own exposure is circa Euro 75 million.

Relative to its asset management division Pioneer Investments, UniCredit confirms that certain funds belonging to its alternative investments unit have been indirectly exposed to Madoff through feeder funds. However, these funds are not included in any portfolio of the Italian funds of hedge funds.

The exposure of Italian clients is therefore equal to zero. 


Milan, December 15 2008


Enquiries:

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