Prospectus - Notowania

action admissable, the sum requested could increase in an exponential way in relation to the
number of adesions of current account holders of UniCredit Banca di Roma who considered
themselves injured by the bank’s behaviour.
According to a statement issued by CODACONS, the sum which could be requested from
UniCredit by the current account holders within the context of this action could be €1 billion.
Based on the petition served, the Company – which considers that it acted in compliance with
regulations – does not possess the necessary elements to assess the quantification of the
amount mentioned in the statement.
20.9. Tax proceedings
Investigations regarding cross-border transactions
Based on some press reports, the Milan Public Prosecutor’s Office, with the cooperation of the
Finance Police, began conducting an investigation in May 2009 regarding the possible tax and
legal implications of certain financial transactions executed by the Italian companies of
UniCredit Group. As at the Date of the Prospectus, the investigation may be against unknown
parties, as far as the Issuer is aware.
The aforementioned financial transactions are investments made as part of the Group’s liquidity
management, carried out primarily through repurchase agreements with other major
international banks.
Although the Issuer maintains that the transactions were conducted properly, said investigations
may turn into complaints by the Authorities and the proceedings may have detrimental effects
for the UniCredit Group companies involved.
Dispute with the Italian Tax Authority
As at the Date of the Prospectus, three tax cases are pending with the Palermo Regional Tax
Commission regarding: (i) objection by Palermo Inland Revenue to a credit for an amount of
€25.6 million for income tax of legal persons (IRPEG) resulting from the 1984 annual revenue
declaration of Cassa Centrale di Risparmio V.E. per le Province Siciliane (now Banco di
Sicilia); (ii) objection to a credit in the amount of €21.1 million for income tax of legal persons
(IRPEG) resulting from the 1984 annual revenue declaration of Banco di Sicilia; and (iii)
objection to a credit in the amount of €24.3 million for income tax of legal persons (IRPEG)
resulting from the 1985 annual revenue declaration of Banco di Sicilia. The total value of the
challenges, including interest accrued and recognised, is €165 million.
The Palermo Regional Tax Commission rejected the claims filed by Banco di Sicilia in its
decision of June 12, 2007. Banco di Sicilia has filed an appeal. Two of the hearings are set for
November 2009 while a third hearing will take place on January 22, 2010.
The Company does not have knowledge of the filing date of the rulings by the Provincial Tax
Commission of Palermo and it is, therefore, possible that it may occur over the course of the
Offer.
No provisions were made in relation to these proceedings.
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