Prospectus - Notowania

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RISK FACTORS
Dalmata S.r.l. (Parmalat). At the same time, the extraordinary administration
body requested that Capitalia and Banca di Roma S.p.A., jointly and severally,
be ordered the repay the amount of around €168 million and all the defendants
jointly and severally be ordered to compensate the damage established as €474
million.
The extraordinary administration body also requested, alternatively, the
revocation pursuant to Article 2901 of the Italian Civil Code of the dispositio
actus established by Cirio S.p.A. and/or the repayment, due to undue profit, by
the banks, of the sums by Cirio S.p.A. paid to the same on the basis of the
agreements in question.
In May 2007, judgement was deferred on the case. No pre-trial activities were
carried out. In February 2008, under an unexpected sentence, the Court of Rome
ordered Capitalia (now UniCredit) and Sergio Cragnotti to jointly and severally
pay the sum of €223.3 million plus monetary revaluation and interest as from
1999. UniCredit appealed against this decision by means of requesting the
suspension of execution of the first instance sentence.
The Rome Court of Appeal, by means of injunction filed on March 17, 2009,
suspended the executive efficacy of the sentencing of UniCredit and Sergio
Cragnotti to pay €223.3 million, plus monetary revaluation and interest as from
1999, laid down by the sentence of the Court of Rome dated February 2008 in
favour of the Cirio S.p.A. receivers. Proceedings are still pending as of the Date
of the Prospectus. In order to oversee such risks, provisions were made for an
amount considered congruous to the current risk of the proceedings.
*****
In April 2007, a number of Cirio Group companies under extraordinary
administration served Capitalia (now UniCredit), Banca di Roma S.p.A., UBM
(now UniCredit) and other intermediaries with a petition for the joint and several
compensation of the damages deriving from having taken part, in the capacity of
placers, in the issue of bonds carried out by Cirio Group companies, despite the
fact that the same, according to the plaintiffs, were already insolvent. The
quantification of the damages was determined as follows:
(i) the damages suffered by the plaintiff companies as a consequence of the
deterioration of their respective difficulties was determined within a
range of €421.6 million and €2.082 billion (according to the approach
used for its determination);
(ii) the damages suffered as a consequence of the payment of the
commission and fees acknowledged to the Lead Managers for the
placement of the bonds was calculated to the extent of €9.8 million in
total;
(iii) the damages, to be quantified during the proceedings, suffered by Cirio
Finanziaria S.p.A. (formerly Cirio S.p.A.) as a consequence of the loss