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UniCredit Group finalizes set up and placement of real estate investment fund

Consistent with the objective of value creation and rationalization of the Group's real estate portfolio, UniCredit Real Estate ("URE") has finalized today the contribution of a portfolio of real estate assets into a real estate investment fund managed by Fondi Immobiliari Italiani SGR S.p.A. ("Fimit SGR") and the placement of 62% of the fund's units to institutional investors.

Of the remaining fund units, URE will keep a 33% stake, whilst an additional 5% is expected to be sold to institutional investors by the end of February 2009.

The real estate assets contributed into the fund comprise 72 commercial real estate properties (including the buildings of Piazza Cordusio and Livio Cambi in Milan and 70 banking branches of the Group) with an overall portfolio value of approximately Euro 800 million, 60% debt financed by a pool of banks.

Sale of the fund's units to institutional investors will generate a capital gain, net of taxes, of around Euro 280 million in the fourth quarter 2008, with a positive impact of around 5 bps on UniCredit's Core Tier 1 ratio.

The fund will have a 15 year term and will provide investors with stable profitability thanks to a long term rental agreement underwritten by the fund itself with URE.

The rental agreement will last 18 years with an option for a further 6 year extension, and is structured to provide UniCredit Group with the necessary flexibility required to manage its commercial banking network; additionally, UniCredit Group will have a right of first refusal providing the option to buy-back selected buildings deemed to be of strategic importance for the Group.

Financial advisors for the transaction are UniCredit Markets & Investment Banking acting for UniCredit Group and Leonardo & Co acting for Fimit SGR. Legal advisors are Studio Legale Chiomenti and Studio Legale Gianni Origoni Grippo & Partners acting for UniCredit Group, and Studio Legale Grimaldi e Associati acting for Fimit SGR, while the banks financing the fund were advised by Legance Studio Legale Associato.

Milan, 30 December 2008


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