UniCredit amends the HVB Offer

Milan (OTS) - UniCredito Italiano S.p.A. ("UniCredit") confirms
that the agreed business combination with Bayerische Hypo- und
Vereinsbank AG ("HVB"), announced on June 12, 2005, is progressing
positively.

The UniCredit and HVB Groups are working together to define a
detailed integration plan and, following initial work from the
Integration Office, are confident to achieve the envisaged synergies
and financial targets.

Today, UniCredit decided to amend the takeover offer for all shares
of HVB ("HVB Offer") by waiving all conditions precedent relating to
antitrust and regulatory clearances not yet occurred, except for
clearance by the EU Commission. UniCredit will continue working
towards receiving the remaining regulatory and antitrust decisions
timely.

In accordance with applicable German law, the amendment of the HVB
Offer triggers an extension of the acceptance period of the HVB Offer
by two weeks. The acceptance period will thus expire on October 24,
2005 and, therefore, the minimum acceptance threshold of 65% will
need to be reached by then for the HVB Offer to succeed. UniCredit
would like to point out that, according to German takeover law, the
terms of the HVB Offer cannot be amended further.

With approximately 17.5 percent of total HVB shares outstanding
tendered as of 17:00h CET on October 7, 2005, and on the back of the
public statements by Munich Re (holding a 18.3% stake in HVB) and by
Bayerische Landesstiftung and Bayerische Forschungsstiftung (holding
together a stake in HVB of approximately 4%) confirming their
decisions to tender their shares, UniCredit is convinced that the HVB
Offer will be successful.

Milan, October 7, 2005

Rückfragehinweis:
Media Relations:
+39.02.88628236; e-mail: UCI.ufficiostampa@unicredit.it
Investor Relations:
+39.02.88628715; e-mail: UCI-InvestorRelations@unicredit.it

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