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UniCredit is launching Hybrid Tier 1 issue

UniCredit has launched today a new Hybrid Tier 1 instrument in an aggregate principal amount of Euro 500 million targeted at a broad investor base in Europe.

The maturity of the Hybrid Tier 1 instrument is linked to the duration of UniCredit and the instrument will be redeemable, at the option of the issuer, after ten years subject to Bank of Italy approval.

The security bears a fixed rate coupon for the first 10 years, following which, if not redeemed, it will pay a quarterly floating rate coupon linked to 3 month Euribor plus a spread.

The final terms and conditions will be set in the near future following a book building process coordinated by UniCredit Corporate & Investment Banking, Credit Suisse and JP Morgan which are acting as joint bookrunners.

The settlement date will be on 21 July 2010 and the denominations of the instrument will be Euro 50,000 and integral multiples of Euro 1,000 in excess thereof. Application will be made to list the instrument on the Luxembourg Stock Exchange, which is expected to occur on the settlement date.

UniCredit is rated "Aa3" by Moody's, "A" by Standard & Poor's and "A" by Fitch. The expected rating of this instrument, given the subordinated status, is "Baa3" (Moody's)/"BBB" (Fitch).

Together with the transaction of similar nature completed at the end of 2009 for Euro 750 million, this issue will fulfill the total Hybrid Tier 1 need envisaged for UniCredit Group in 2010.



Milan, 14th July 2010




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