On 18 October 2011, the Italian Tax Police (the Guardia di Finanza), acting on the order of the Judge for Preliminary Investigations in Milan attached €245,956,118.49 in UniCredit's accounts with the Bank of Italy. This was in connection with the investigation into a series of transactions which were carried out in 2007 and 2008 with the Milan branch of Barclays Bank Plc and which Barclays called "Brontos".
UniCredit is very surprised by this initiative and remains convinced that both it and its employees acted correctly. The Bank and its legal advisers are reviewing the grounds for the Judge's order and the available options. UniCredit continues regularly to assess its overall position -- in light of all available information -- also in relation to the preparation of its financial statements.
Milan, 19 October 2011
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