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UniCredit Group sells B&C profit participation rights to B&C Holding GmbH

UniCredit Group, consistently with the process of capital optimization and RWA (Risk Weighted Assets) reduction, has reached today an agreement with B&C Privatstiftung regarding the sale of the Profit Participation Rights ("PPR") held by Bank Austria in B&C Holding GmbH ("BCH"), the industrial participations holding controlled by B&C Privatstiftung, which holds its voting rights.

B&C Privatstiftung, a private foundation under Austrian law, was created by Bank Austria in 2000 at the time of the integration between Bank Austria e Bayerische Hypo und Vereinsbank AG, with the main goal to split the banking from the industrial business. At the time Bank Austria had transferred its equity interests in industrial companies to BCH, receiving the PPR in exchange.

The sale price will be around Eur 1.1 bn and will result in a capital gain after tax, at UniCredit Group consolidated level, of around Eur 155 mln, to be booked by the end of 2008.

Furthermore, Bank Austria will have the right to receive from BCH an additional potential deferred payment (not included in the above transaction consideration or estimated capital gain) depending on the future financial performance of Lenzing AG and Semperit AG, two industrial companies controlled by BCH.

Milan, December 30, 2008


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