Prospectus - Notowania

- 55 -
RISK FACTORS
2009 did not emerge. Therefore, writedowns relating to the goodwill have not been
recorded. This having been said, the impairment test on the goodwill will in any event
be carried out again as of the 2009 financial year end date.
Furthermore, it is emphasised that the parameters and the information used for
checking the recoverability of the goodwill, including the interest rates that directly
impact the profitability of the entities subject to impairment are significantly
influenced by the macro-economic and market set-up, which could disclose, as has
been seen in the last few months, rapid changes which to-date are not foreseeable. For
further information, reference should be made to the abridged consolidated financial
statements as at September 30, 2009, included in the consolidated interim report as of
the same date, provided in the Appendix to the Prospectus and available on the
internet site www.unicreditgroup.eu.
4.1.5 Risks associated with the information reconstructed in the Prospectus
The Prospectus contains a reconstructed income statement as at December 31, 2007 –
already illustrated in the consolidated financial statements as at December 31, 2008 –
so as to illustrate the retroactive effect of the merger transaction for the absorption of
Capitalia within UniCredit, simulating that said transaction took place at the beginning
of 2007. These representations are constructed on hypotheses and have the sole aim of
permitting an easier comparison between the income statement figures as at December
31, 2008 and those as at December 31, 2007. If the merger had really taken place as of
the dates taken as reference for the reconstruction of the figures (rather than as of the
effective dates), the original figures would not necessarily have been equal to those
reconstructed. The reconstructed income statement figures do not, furthermore, reflect
forecast data, since they are drawn up so as to solely represent the effects of the
merger which can be isolated and objectively gauged, without taking into account the
potential effects due to changes in the management policies and operating decisions
consequent to said merger. Lastly, please note that these figures have not been audited.
4.1.6 Operations carried out by means of structured credit products
The UniCredit Group operates by means of structured credit products, in relation to
which it covers the role, depending on the circumstances, of originator (transferor),
sponsor (organiser) or investor.
In relation to the structured credit product portfolios, the UniCredit Group carries out
on-going monitoring of both their fair value and their economic value. In
consideration of the current market situation, many of the products contained in these
portfolios have undergone a significant reduction in the fair value with respect to the
recognition value (see First Section, Chapter 9 and Chapter 20, Paragraph 9.2.2 of the
Prospectus). The possible disposal of these positions on the basis of a market
valorisation lower than their book level, or – with reference to the instruments
belonging to the banking portfolio – the writedown to be made if the economic value
should be lower than the book value, could lead in the future to a negative effect on
the balance sheet, income statement and financial situation of the UniCredit Group, as
significant as the difference between the book and the market value is wide.