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UniCredit: Exposure to the US Subprime market is negligible

UniCredit today disclosed on occasion of an investors conference in New York that its exposure to the US-subprime market, as well as its engagement in so called conduits is negligible.

According to this, the total direct and indirect exposure of UniCredit to US-subprimes at the end of June was 354 million Euro, including 277 million Euro on the balance sheet (mainly US Residential Mortgage Backed Securities (RMBS) and Collateralized Debt Obligations (CDO) both with a very high asset quality). The exposure equivalent to these investments represents 0.8% of the total regulatory capital.

Furthermore, UniCredit disclosed that the total amount of assets of the six conduits which are sponsored by group subsidiaries is 11.8 billion Euro at the end of August. More than 90% of the underlying assets are investment grade rated. The investment of the Bavaria TRR Conduit, which is by far the biggest one, has been significantly reduced since July from 14.3 billion Euro to 6.2 billion Euro.

UniCredit's CEO Alessandro Profumo commented the figures from the investors conference organized today by Lehman Brothers in New York: "Our exposure in the US-subprime market is totally negligible. Furthermore, I'm absolutely confident regarding our engagement in the six conduits, which are, on the one hand, only in a minuscule way engaged in US-subprimes and, on the other hand, have underlying assets of very high quality". Regarding the overall Group expectations Profumo added: "We are confident in the strength of our Company and the resilience and diversification of our business model which will allow us to achieve our year-end targets".

UniCredit's presentation at the Lehman Brothers Financial Services Conference can be downloaded at

Milan, 12 September 2007


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