Prospectus - Notowania

3.4 Reasons for the Offer and Use of the Proceeds
The Capital Increase is aimed at strengthening the asset base of the UniCredit Group in order to
raise the equity ratios to the level of the best competitors at the international and European
level, whilst guaranteeing that the Group is capable of positioning itself favourably on the
market and exploiting the opportunities deriving from future economic growth.
Although the results of the tests conducted induce to believe that the current capital should
enable the Group to assure compliance with current minimum regulatory requirements even in
case of a so-called stressed scenario, the increase in equity ratios resulting from the proposed
transaction would enable the Group to align in advance to the stricter requirements the
cognisant authorities may decide to set when revising the regulations defined by the Basel II
agreements, and to meet the expectations of rating agencies.
Specifically, the expected impact of the proceeds from the Capital Increase (net of the
estimated costs of the operation) on the Core Tier 1 Ratio and the Tier 1 Ratio amounts to an
increase of approximately 85 basis points, calculated on the figures as at September 30, 2009.
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