Prospectus - Notowania

Between the end of 2003 and the beginning of 2004, criminal investigations of some former
Capitalia Group, now UniCredit, officers and managers were conducted in relation to the
insolvency of Cirio Group. The trials resulting from these investigations, related to the Group's
insolvency, involved the former Capitalia, (now UniCredit), one of the lending banks of said
group and resulted in the some executives and officers of the former Capitalia (now UniCredit)
being committed trial.
Cirio S.p.A.’s extraordinary administration and several bondholders joined the criminal
judgment as civil complainants without specifying damages claimed. UniCredit, also as the
universal successor of UniCredit Banca di Roma was cited as legally liable. The proceedings
are in the preliminary initial-discussion phase
Similarly, with regard to the state of insolvency of the Parmalat Group, from the end of 2003 to
the end of 2005, investigations were also carried out on certain executives and officers of the
former Capitalia (now UniCredit), who had been committed for trial within the scope of three
distinct criminal proceedings known as “Ciappazzi”, “Parmatour” and “Eurolat”).
Companies of the Parmalat Group in extraordinary administration and numerous Parmalat
bondholders are the plaintiffs in the civil suits in the aforementioned proceedings. All of the
civil claimants’ lawyers have reserved the right to quantify damages at the conclusion of the
first instance trials.
In the “Ciappazzi” and “Parmatour” proceedings, several companies of the UniCredit Group
have been named as civil defendants.
Upon execution of the settlement of August 1, 2008 between UniCredit Group and Parmalat
S.p.A., and as Parmalat Group companies in extraordinary administration, all civil charges
were either waived or revoked.
The officers involved in the proceedings in question maintain that they performed their duties
in a legal and proper manner.
Based on the advice of legal counsel, it is not possible, as at the Date of the Prospectus for
UniCredit to reliably estimate the contingent liability from the aforementioned cases, although
there is a potential risk of legal liability due to the complexity of the cases.
Lehman
As is widely known, 2008 witnessed periods of considerable instability in financial markets
involving all major markets, particularly those in the United States.
Several companies in the Lehman Brothers Group were put into receivership in the countries in
which they operated. Specifically, in the U.S., Lehman Brothers Holdings Inc., among others,
was put into receivership, while in the Netherlands, Lehman Brothers Treasury Co. BV was put
into receivership.
As a result, between the end of 2008 and September 30, 2009, a certain number of complaints
were received concerning transactions involving financial instruments issued by Lehman Group
companies or related to them. A careful review of these complaints is being conducted by the
companies that received them. The number of pending cases as at September 30, 2009 is
essentially negligible.
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