Prospectus - Notowania

4.3.3 Risks associated with the performance of the option rights market..................................................... 87
4.3.4 Diluting effects....................................................................................................................................... 87
4.3.5 Exclusion of the markets on which the Offer is not permitted............................................................. 87
5 INFORMATION ON THE COMPANY............................................................................................. 89
5.1. History and growth of the Company................................................................................................... 89
5.1.1. Corporate name of the company ........................................................................................................... 89
5.1.2. Place of registration of the Company and its registration number ...................................................... 89
5.1.3. Date of establishment and duration of the Company ........................................................................... 89
5.1.4. Domicile and legal form of the Company, legislation on the basis of which it operates, country of
formation, address and telephone number of the registered offices .................................................... 89
5.1.5. History and growth of the Issuer and the Group .................................................................................. 89
5.2. Main investments.................................................................................................................................. 99
5.2.1. Investments made................................................................................................................................. 100
5.2.2. Investments underway ......................................................................................................................... 105
5.2.3. Future investments .............................................................................................................................. 105
6. OVERVIEW OF THE ACTIVITIES ............................................................................................... 106
6.1. The main activities of the UniCredit Group..................................................................................... 106
6.1.1. Introduction ......................................................................................................................................... 106
6.1.2. Main activities...................................................................................................................................... 107
6.1.3. Legislative framework.......................................................................................................................... 119
6.2. Organisational Model......................................................................................................................... 130
6.3. Distribution network .......................................................................................................................... 133
6.4. Key factors relative to the operations and main activities of the UniCredit Group ..................... 136
6.5. Description of products and services recently introduced .............................................................. 137
6.6. Future programmes and strategies ................................................................................................... 137
6.7. Main markets and competitive position............................................................................................ 139
6.8. Exceptional factors ............................................................................................................................. 143
6.9. Reliance on patents or licences, industrial, commercial or financial contracts or on new
manufacturing procedures................................................................................................................. 144
6.10. Risk management................................................................................................................................144
6.11. Description of risks............................................................................................................................. 147
6.11.1. Credit risk............................................................................................................................................. 147
6.11.2. Market and liquidity risk ..................................................................................................................... 148
6.11.3. Operational risks.................................................................................................................................. 149
6.11.4. Business risk ........................................................................................................................................ 150
6.11.5. Real estate risk ..................................................................................................................................... 150
6.11.6. Financial investment risk .................................................................................................................... 151
6.11.7. Strategic risk ........................................................................................................................................ 151
6.11.8. Reputational risk.................................................................................................................................. 151
6.12. Rating................................................................................................................................................... 152
7. ORGANISATIONAL STRUCTURE................................................................................................ 153
7.1. Group the Issuer belongs to ............................................................................................................... 153
7.2. Issuer’s subsidiaries............................................................................................................................ 157
8. property, plant and equipment.......................................................................................................... 170
8.1. Fixed assets and intangible assets...................................................................................................... 170
8.2. Environmental problems.................................................................................................................... 176
9. report on the operational and financial situation............................................................................. 177
9.1. Financial Situation.............................................................................................................................. 181
9.2. Operational Situation ......................................................................................................................... 182
9.2.1. Overview of Operations........................................................................................................................ 182
9.2.2. Analysis of the Group’s Equity and Financial Performance............................................................. 187
9.3. Significant events after September 30, 2009..................................................................................... 256
10. financial resources .............................................................................................................................. 258
10.1. Introduction ........................................................................................................................................ 258
10.2. Information regarding the financial resources of the Issuer........................................................... 259
10.2.1. Other information................................................................................................................................261
10.3. Indication of the financial requirements of the Group structure ................................................... 265
10.4. Information regarding any limits on the use of financial resources which had, or could have,
directly or indirectly, significant repercussions on the Issuer’s activities...................................... 265
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