Prospectus - Notowania

December 2007 UniCredit reached an agreement with third parties for the transfer of a
holding of 9.37% in the share capital of Mediobanca, thereby reducing its
shareholding in said bank to 8.66%.
Furthermore, in compliance with the commitments undertaken vis-à-vis AGCM and as
indicated in the afore-mentioned provisions, during May 2008 UniCredit entered into
an agreement for the sale of 183 branches to various banks (for further details, see the
First Section, Chapter 22, Paragraph 22.1.2).
In conclusion, by means of the same provisions indicated above, AGCM made
UniCredit dispose of the entire holding in the share capital of Assicurazioni Generali
and in the Generali group companies, by December 2008. As at that date, UniCredit
Bank Ireland Plc. (wholly-owned subsidiary of UniCredit), holder of a direct equity
investment in Assicurazioni Generali, had a bond issue convertible into Assicurazioni
Generali shares maturing. For the purpose of fulfilling said obligation, UniCredit had
declared to AGCM that it wished to proceed, in the event of conversion of the bond by
the assigns, with the material delivery of the Assicurazioni Generali shares indirectly
held, in place of cash settlement. However, on maturity of said bond (December 19,
2008) it emerged that the subscribers had not availed themselves of the faculty to
request conversion. UniCredit is therefore currently still indirectly in possession, via
UniCredit Bank Ireland Plc. of 44,195,587 Assicurazioni Generali shares, equating to
around 2.89% of the latter’s share capital. In the face of a specific request made by
UniCredit, AGCM first of all extended the deadline originally established for the
disposal of the shares in question by twelve months (until December 31, 2009),
without prejudice to UniCredit’s obligation not to exercise, until the disposal date, the
voting rights relating to these shares. Subsequently, UniCredit requested AGCM that
the activities aimed at the disposal of the holding in the share capital held in
Assicurazioni Generali be concluded by June 30, 2010. By means of provision dated
November 12, 2009, AGCM accepted this request, for the purpose of permitting
UniCredit to finalize the procedure underway for the complete definition of the
technical-operating formalities of the disposal, also in relation to the performance of
the financial markets. Pending finalization of the disposal, UniCredit will continue not
to exercise the voting right associated with the equity investment.
(D) Additional buy-out transactions and reorganization and recent events
In addition to the transactions with HVB and the Capitalia Group, the Group
continued to pursue its activities for expansion at international level. With regard to
activities in Eastern Europe, between 2006 and 2007, the Group acquired, via HVB
and BA, from Nordea Bank Finland plc., VTB Bank (France) S.A. and European Bank
for Reconstruction and Development (EBRD) additional equity investments in IMB
achieving total control over the Russian bank. Furthermore, in July 2007, for the
purpose of establishing a significant presence on the brokerage and investment
banking market in Russia, BA indirectly acquired, via a newly-established Austrian
holding company, the brokerage activities of the Aton Capital Group. In August 2007,
the Group also launched its presence on the asset management market in Russia, by
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