Prospectus - Notowania

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RISK FACTORS
Some of the methods used to monitor and handle these risks involved the observance
of the historic market trend and the use of statistical models. The historic observations
and the statistical models could reveal themselves to be insufficient and involve
inadequate decisions and unexpected losses.
Despite the presence of the afore-mentioned internal procedures aimed at identifying
and handling the risk, the occurrence of specific events, which at present cannot be
foreseen, inherent to the performance of the markets on which the UniCredit Group
operates – also taking into account the elevated uncertainty and volatility which
characterize these markets at the time the Prospectus is drawn up – could have a
negative impact in the future on the activities of the UniCredit Group and on its
balance sheet, income statement and/or financial situation.
For further details, see the First Section, Chapter 6, Paragraph 6.10.
4.1.13 Risks associated with limiting the right to vote present in the Issuer’s Article of
Association provisions
Pursuant to Section 5 of UniCredit’s Articles of Association, no-one with the right to
vote can exercise it, for any reason whatsoever, for a quantity of the Issuer’s shares
higher than 5% of the share capital with voting rights. For the purpose of calculating
this threshold, account must be taken of the share-based equity investment of the
parent company, all the subsidiaries – direct or indirect – and associated companies, as
well as the shares held via trust companies and/or third parties and/or those for whom
the right to vote is assigned for any reason to a party other than the owner; vice versa,
account must not be taken of the share-based equity investments included in the
portfolio of mutual investment funds managed by subsidiary or associated companies.
For further details, see the First Section, Chapter 21, Paragraph 21.2.3.
4.1.14 Risks associated with legal proceedings underway, with possible class actions and
measures taken by the supervisory authorities
As of the Date of the Prospectus, legal proceedings are pending vis-à-vis the Issuer
and other companies belonging to the UniCredit Group.
In numerous cases, there is considerable uncertainty concerning the possible outcome
of the proceedings and the entity of any loss. These cases include criminal
proceedings, administrative proceedings by the supervisory authorities and legal
action where the plaintiff has not specifically quantified its requests for compensation
(such as, for example, the case of the putative class action in the USA). In such cases,
when the impossibility of envisaging the outcome and estimating any losses in a
reliable manner exists, no provisions are made. On the other hand, when it is possible
to reliably estimate the entity of any loss and this loss of considered probable,
provisions are made in the financial statements to an extent considered to be in
keeping with the circumstances and on a consistent basis with the International
Accounting Standards (IAS).