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Statement on the the article 'Derivati Bugie e Videotape' published in today's edition of 'L'Espresso'

With reference to the article "Derivati Bugie e Videotape" published in today's edition of "L'Espresso", UniCredit Group is forced to point out that the information contained therein is largely incorrect and groundless.

Even if the Group's policy states that, in circumstances such as the one in hand (the matter is subject to a lawsuit), the matter ought not to be dealt with except in the appropriate venue, the seriousness and falsity of the accusations require an immediate answer even if outside the appropriate venue.

Without going through the defences filed with the Court, we simply point out the following. The Divania Company, a client of UniCredit Banca d'Impresa, operated in the sector of cushioned furniture and made its revenues mainly abroad. The sector, at national level, in the period 2003-2004 suffered the consequences of the competition brought on the market by producers situated in Countries with a cost of production significantly lower. The effects of the negative economic situation hit Divania that, in 2003, entered into a deep industrial crisis that worsened in 2004. The Company revenues worsened in the short period between 2002-2004.

It is thus not arguable that the results of the derivatives operations influenced the industrial activity or the economic results of the Company. In the Divania annual reports of 2003 and 2004 it is stated that the crisis is of an industrial nature and has to be ascribed to the sector trend and to the sudden worsening of the exchange rate deriving from the increase of the Euro over the USDollar starting from 2001.

The amounts mentioned in the article strongly misrepresent the relationship between the bank and the Company during the course of the years regarding the derivatives activity and determine serious misinformation. UniCredit Group, therefore, reserves the right to safeguard its image by all means permitted by law.

Milan, February 8th 2008

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