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UniCredit sells Casse Cuneesi to BPER

Today UniCredito Italiano s.p.a ("Unicredit") and Banca Popolare dell'Emilia Romagna Soc. Coop ("BPER") have signed a sale and purchase agreement for the transfer to BPER of a 31.02% shareholding in Cassa Risparmio di Bra ("Bra"), 23.08% shareholding in Cassa di Risparmio di Fossano ("Fossano"), 31.02% shareholding in Cassa di Risparmio di Saluzzo ("Saluzzo") and 31.01% shareholding in Banca Cassa di Risparmio di Savigliano ("Savigliano") (jointly "Casse Cuneesi" or "Casse").

The total consideration for the transaction amounts to Euro 148.5 million which will be fully paid in cash by BPER.

The share transfer is subject to the receipt of the authorisations from the relevant Supervisory Authorities.

The divestment of the shareholdings in Casse Cuneesi will allow UniCredit to book a capital gain of approx. Euro 80 million.

The transaction is part of BPER growth strategy aimed at increasing its presence in geographical areas where it is currently underweight. Overall, Casse Cuneesi operate through a network of more than 70 branches mainly in the provinces of Cuneo and Torino. At the end of 2004, customer loans were Euro 1.8 billion and customer deposits Euro 2.1 billion.

Enquiries to UniCredit:
Media Relations:
Dir. +39 02 88628236;

Investor Relations:
Dir. + 39 02 88628715;

Enquiries to BPER:
Segreteria Organi Sociali:
Ermete Benatti
Dir. +39 059-2022220; fax +39 059-2022033

Ragioneria generale:
Emilio Annovi
Dir. +39 059-2022696; fax +39 059-2022733