The Board of Directors of UniCredit S.p.A. (UNCRY) has approved the launch of a voluntary public exchange offer in respect of all ordinary shares of Banco BPM S.p.A. (BNCZF). The exchange ratio has been set at 0.175 newly issued shares of UniCredit for each existing share of Banco BPM, implying an offer price at EUR 6.657 per share and a premium of circa 0.5% based on official prices as of November 22 for a total consideration of circa EUR 10.1B fully in shares. This represents a circa 15% premium to the undisturbed share price on November 6, pre the announcement of the Anima acquisition offer. It is expected the settlement of the exchange offer will be completed by June 2025, with full integration completed within approximately 12 months thereafter with the majority of synergies realized within 24 months. UniCredit expects high single digit EPS accretion within two years following the settlement of the exchange offer, incorporating run-rate revenue and cost synergies.