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UNICREDIT - K factor

With reference to the Avvisi di Borsa Italiana n. 179, 184 and 185 dated January 4^th, 2012, the coefficient K for the adjustment of stock option and stock futures contracts on Unicredit ordinary shares is equal to 0.658631.

The adjusted lot size for both stock options and stock futures on Unicredit ordinary shares with an “X” at the end of the series is equal to 152.
The adjusted lot size for both stock options and stock futures on Unicredit ordinary shares with an “Y” at the end of the series is equal to 152.
The adjusted lot size for stock options on Unicredit ordinary shares with a “Z” at the end of the series is equal to 159.

New series of stock options and stock futures on Unicredit ordinary shares available for trading starting from January 9^th, 2012 will have the lot size equal to 1000.

Effective from January 9^th, 2012 market making obligations for stock option contracts on Unicredit ordinary shares will be as follows:

• Primary Market Makers (PMM) and Primary Specialists (PS)

- quantity: 60 contracts

- spread table 'A'

• Liquidity Providers (LP) and Liquidity Providers Specialists (LPS)

- quantity: 60 contracts

- spread table 'A'

• Market Makers (MM) and Specialists (S)

- quantity: 40 contracts

- spread table 'A'

Effective from January 9^th, 2012 market making obligations for stock futures contracts on Unicredit ordinary shares will be as follows:

• Primary Market Makers (PMM) and Primary Specialists (PS)

- quantity: 25 contracts

- spread table 'A'