Prospectus - Notowania

As at the Date of the Prospectus, several investigations on the Issuer and other Group
companies are in progress. Specifically, in the light of the materiality of the subsidiary, it is
worth mentioning the investigation relating to UniCredit Corporate Banking (the Group's bank
responsible for corporate customer business) which aims to assess qualitative-quantitative
credit risk performance in the corporate segment.
Furthermore, based on inquiries by the Antitrust Authority, in August 2008 some UniCredit
Group companies were sanctioned for having presumed improper business practices regarding
the portability of mortgages. The Group companies appealed these sanctions with the Lazio
Regional Administrative Court which granted the appeal and withdrew the sanctions. The
Antitrust Authority filed an appeal to the Council of State, which is still pending as at the Date
of the Prospectus.
Subsequently, based on inquiries conducted by the Antitrust Authority, a Group company was
sanctioned in December 2008 for having presumed agreements which were prejudicial to
competition, occurring in 1996, related to the management of INAIL funds. The company filed
an appeal against the sanction. As at the Date of the Prospectus, the proceeding is still pending.
In July 2009, the Antitrust Authority began an investigation to determine if UniCredit, along
with other major Italian banking institutions, colluded to implement agreements that would
restrict competition in the card payment area. As at the Date of the Prospectus, no
determination has been made by Antitrust Authority and the investigation is still underway.
Also in July 2009, the Antitrust Authority opened an investigation against a Group company
related to presumed improper business practices regarding disclosure to customers regarding
the nature and method of calculating maximum overdraft charges on current accounts, among
other issues. This investigation followed a proceeding completed in January 2009 without
verification of the infraction and following some commitments assumed by said company, as
provided for in the governing regulation. The investigation was reopened due to the changed
legislative context for maximum overdraft charges, following Decree Law No. 185 of
November 29, 2008, converted into Law no. 2 of January 28, 2009. As at December 29, 2009,
the Antitrust Authority closed the investigative proceeding, issuing only a general finding on
the analysis of the economic effects of the new commission structure introduced as a
replacement of the maximum overdraft charges. For information on the class action submitted
by CODACONS, in the interest of one of its applicants, see the preceding paragraph
20.8.Lastly, in December 2009 the Antitrust Authority initiated proceedings against a Group
company relating to alleged incorrect commercial practices referring to the application of
regulations concerning the simplified cancellation of mortgage. The Antitrust Authority also
formulated a request for information to the company. The proceedings, which are in the initial
phase, are pending at the Date of the Prospectus.
*****
During the first six months of 2009, BaFin carried out several inspections at HVB offices in
Munich, London, Milan and New York related to the adequacy of liquidity management and
the validity of internal risk management processes that revealed, in some aspects, a violation of
procedures related to determining market risk.
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