Prospectus - Notowania

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RISK FACTORS
• Vanderbilt Financial, LLC (VF), a special purpose vehicle in which PIM
US holds an equity investment of 8%;
• Pioneer Investment Management USA Inc. (PIM US), a company
wholly-owned by PGAM;
• PGAM, a company wholly-owned by UniCredit;
• UniCredit;
• various directors of VCA, VF and PIM US;
• legal firms, independent auditing firms, investment banks and officials
of the State of New Mexico.
As things stand, a valuation of the economic effects which could arise from the
proceedings in question appears premature and, therefore, no provisions were
made.
The defendants have requested the rejection of the plaintiff demands. The Court
has not yet set a date for discussing said demands.
The petition was served on the American companies, including Vanderbilt
Capital Advisors and Pioneer Investment Management USA Inc. (both part of
the UniCredit Group). Also the defendants represented by individuals have been
served the petition.
On September 24, 2009 UniCredit was also served the petition. PGAM has not
yet been duly summoned before the Court.
(e) Divania S.r.l.
During the first half of 2007, the company Divania S.r.l. brought legal action
vis-à-vis UniCredit Banca d’Impresa S.p.A. (now UniCredit Corporate Banking)
disputing violations of the law and regulations (relevant, amongst other things,
to financial products) with reference to transactions in financial derivatives on
interest and exchange rates entered into between January 2000 and May 2005 by
Credito Italiano S.p.A. first of all and the UniCredit Banca d’Impresa S.p.A.
(now UniCredit Corporate Banking) (a total of 206 contracts were entered into).
The petition, in which it was requested that declaration be made of the
inexistence, or alternatively, the invalidity or cancellation or termination of said
contracts along with the ordering of UniCredit Banca d’Impresa S.p.A. (now
UniCredit Corporate Banking) to pay a total amount of €276.6 million plus trial
costs and subsequent interest, was served on March 26, 2007 at the Bari Court
according to the new corporate proceedings. In the autumn of 2008, courtappointed
expertise was arranged (“CTU”). Recently, the experts requested an
extension of 120 days for the filing of the expert opinion which should therefore
be filed during the first few days of March 2010. The case was still pending as of
the Date of the Prospectus.