This is the second biggest issue in Central and Eastern Europe

UniCredit has successfully traded convertible bonds worth EUR 833.3 million, issued by the Hungarian state-owned holding company MNV Zrt., as a leading manager together with Morgan Stanley&Co. The deal was effected in the middle of last week. The issued five-year bonds pay a coupon of 4.40%, payable once a year, and have a conversion premium of 32% over the reference price and can be handed over for about 4,680,672 ordinary shares of the leading pharmaceutical company Gedeon Richter Nyrt. MNV owns a strategic share of 25.18% in the company, whereby with the earnings it intends to refinance an existing issue of convertible bonds amounting to EUR 639 million, maturing on 28 September 2009.

Within the conducted book-building during which the bonds were offered for subscription upon the conditions of a private placement to institutional investors outside the USA, orders were submitted for almost EUR 4 billion which represents 4.5 times oversubscription of the issue.

This issue of convertible bonds is the second biggest in CEE for all times and comes fourth in terms of size in Europe this year as well as one of the few issues by state institutions. This is also the biggest issue of such type managed by UniCredit, with which the group reestablishes its position of a regional leader and innovator, participating in each considerable transaction of such kind in CEE.

In 2008, UniCredit operated as a leading manager of the first in Bulgaria issue of convertible bonds amounting to EUR 65 million, and this year it has concluded the biggest deal so far on the capital market in the country - mandatory convertible preferred shares of Chimimport AD in the amount of BGN 199 million.

For contacts:

UniCredit Bulbank, PR and Corporate Identity

Ekaterina Ancheva, Tel: 02/9264 963, flbufsjob/bodifwbAvojdsfejuhspvq/ch