Overview of the capital market transaction

26 May
Market rumours of a possible combination of HVB and UniCredit

12 June
Management Board and Supervisory Board of HVB Group and the Board of Directors of UniCredit approve the business combination of HVB Group and UniCredit

13 June
Official presentation of the envisaged combination

21 July
Supervisory authorities in Germany and Italy give go-ahead for the preparations of the combination of the two banks

29 July
At an Extraordinary Meeting, UniCredit shareholders approve the combination and the required capital increase

26 Aug.
Publication of the offer to HVB shareholders to exchange one HVB share for five UniCredit shares; acceptance period: 26 August to 10 October 2005

26 Aug.
Publication of the voluntary offer to BA-CA shareholders – for UniCredit’s acquisition of all BA-CA bearer and registered shares – to exchange their shares at a ratio of 1 to 19.92 or to accept a cash offer of € 79.60 per share. Acceptance period: 29 August to 17 October 2005

8 Sept.
Statement by BA-CA’s Managing Board in response to UniCredit’s offer to BA-CA shareholders pursuant to the Austrian Takeover Act

7 Oct.
Offer to HVB shareholders is amended – acceptance period for offer to HVB and BA-CA shareholders extended until 24 October and 31 October, respectively

28 Oct.
Preliminary acceptance rate for HVB offer: 88.14%

29 Oct.
Beginning of the statutory acceptance period for HVB offer which runs until 11 November

3 Nov.
Preliminary acceptance rate for BA-CA offer: 10.64%

7 Nov.
Beginning of the statutory acceptance period for BA-CA offer which runs until 18 November

17 Nov.
Final exchange ratio for HVB offer is 93.93%

18 Nov.
Extended acceptance period for BA-CA offer expires

18 Nov.
UniCredit’s Board of Directors approves capital increase for the settlement of HVB offer. UniCredit acquires control of HVB

• The new Group is created

23 Nov.
Final exchange ratio for the BA-CA offer: 17.45%, or 77.72% of the free float

23 Nov.
Settlement of the HVB offer and trading in UniCredit shares commences on the Frankfurt Stock Exchange

30 Nov.
Board of Directors of UniCredit releases the shares offered in exchange for the shares tendered for exchange

5 Dec.
Settlement of BA-CA offer

16 Dec.
General Meeting of UniCredit to elect the new Board of Directors (24 members) for the financial years 2006–2008