Prospectus - Notowania

4. RISK FACTORS
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RISK FACTORS
The transaction described in the Prospectus presents risk elements typical of an investment in
listed shares. For the purpose of a correct appreciation of the investment, investors are invited
to carefully appraise the following information. Specifically, indication is provided below of
the risk factors and/or critical elements relating to the Issuer and to the UniCredit Group
companies, the sector of activities in which said UniCredit Group operates, as well as the
financial instruments proposed, which will have to be taken into consideration before any
decisions to subscribe to the Offer.
The risk factors described must be read in conjunction with the other information contain in the
Prospectus
4.1 RISK FACTORS RELATING TO THE ISSUER AND THE GROUP IT HEADS
4.1.1 Risks associated with the impact of the current uncertainties of the macro-economic
context on UniCredit Group performance
The performance of the UniCredit Group is influenced by the situation of the financial
markets and the macro-economic context of the countries in which it operates. In
detail, over the last two years, the economic situation and the financial system at
global level disclosed considerable turbulence and uncertainties. The financial markets
started to reveal difficulties as from August 2007 and underwent a particularly
negative trend after the declarations of insolvency made by a number of leading
international financial institutions, which occurred as from September 2008, leading to
serious distortions in the financial markets worldwide, with problematic conditions
with regard to the levels of available liquidity, the possibility of resorting to credit and
the conditions for such recourse at international banking system level. This situation
also led to significant tension within the sphere of the ordinary activities of many
leading multi-national commercial banks, investment banks and insurance companies,
some of which are counterparts of the UniCredit Group. In response to the instability
and the lack of liquidity on the market, certain nations, including a number of EU
member nations and the USA, intervened injecting liquidity and capital into the
system, with the aim of stabilizing these financial markets and, in some cases, for the
purpose of preventing the insolvency of financial institutions, requesting, and in some
cases participating in, the recapitalization of a number of financial institutions. Despite
such measures, the extraordinary volatility and turbulence of the capital and credit
markets continued, albeit mitigated in some cases, during the second and third quarter
of 2009, accompanied furthermore by economic recession in many world economies.
In this macroeconomic context, the recent developments cannot be ignored that
involved the sovereign debt of countries such a Greece and Spain and the indebtedness
of an important economic-financial operator in Dubai. It is forecasted that these
developments could have a negative effect on the revenue deriving from trading
activities and Group transactions in the capital markets sector.
The widespread and serious deterioration in the world economies led, among other
things, to a decrease in consumer confidence vis-à-vis the financial institutions, a rise
in unemployment levels, the liquidity crisis of the market and a general decrease in