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Contribution of Group's real estate assets to a real estate fund managed by REAM SGR S.p.A.

UniCredit Real Estate S.C.p.A. ("URE"), consistent with the ongoing rationalization process relating the UniCredit Group's real estate properties, on 29 September 2009 entered into an agreement for the contribution of a portfolio of real estate assets into a closed-end real estate fund reserved for qualified investors managed by REAM SGR S.p.A. ("REAM"). URE subsequently completed the sale of the majority of the fund's units issued following the mentioned contribution to qualified investors identified by REAM.

The portfolio contributed into the fund consists of 13 historical and prestigious properties (including the buildings of Via XX Settembre in Turin, Via Dante in Genoa and Piazza Edison in Milan) with an overall contribution value of approximately Euro 574 million, 60% debt financed by a pool of banks.

The sale of the majority of the fund's units to qualified investors identified by REAM, among which Fondazione Cassa di Risparmio di Torino and other banking foundations which are shareholders of REAM, allows UniCredit Group to realize a capital gain, net of taxes and transaction costs, of approximately Euro 110 million in the third quarter 2009.

The fund will have a 15 year term. Most of the properties contributed will be leased-back to the Group through rental agreements lasting 6 or 18 years, in order to meet specific needs of the Group, with an option for a further 6 year extension, and structured to provide the Group with the necessary flexibility required to manage its commercial banking network.

Financial advisor for the transaction is UniCredit Corporate & Investment Banking acting for UniCredit Group, while the independent expert for the portfolio appraisal is CB Richard Ellis.
Legal advisors are Studio Legale Gianni Origoni Grippo & Partners acting for UniCredit Group, Studio Irrera Avvocati Associati and Studio Tosetto, Weigmann e Associati acting for REAM, while the banks financing the fund were advised by Legance Studio Legale Associato.



Milan, September 30, 2009




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