Prospectus - Notowania

- 73 -
RISK FACTORS
With reference to the latter agreement, Capitalia Solutions S.p.A., in July 2007.
exercised, on behalf of the entire Capitalia group, the faculty of withdrawal,
consistent with the clauses of the agreement (that provides, in the case of
withdrawal, that the banks/companies of the ex Capitalia group cannot be held
to correspond any type of sum for any reason to the broker).
Upon request of GBS, a technical advice office was set up, whose results both
for method and numbers were disputed by UniCredit.
With an arbitration award issued on November, 18 2009, UniCredit was
sentenced to the payment in favour of GBS S.p.A., for an overall amount equal
to approximately €144 million, as well as litigation and court expenses.
UniCredit, deeming the arbitrational decision to be groundless, advanced an
appeal, requesting the suspension of the execution of the judgement. In the case
that the request for suspension – once submitted following the execution of the
arbitration award, which has not occurred as at the Date of the Prospectus – was
not granted, UniCredit could be held to pay €144 million as well as other
expenses, in pendency of the decision of the appeal. Even in the case that the
request for suspension was granted, once submitted following the execution of
the arbitration award, which has not occurred as at the Date of the Prospectus,
UniCredit could decide to make provisions for an overall amount deemed to be
congruent to that which, at the time in which the provision is decided, appears to
be the risk of the litigation.
(h) Legal action filed in relation to investments in the company Bernard L. Madoff
Investment Securities LLC
In December 2008, Bernard L. Madoff, former president of the NASDAQ and
owner of Bernard L. Madoff Investment Securities LLC (“BMIS”), an
investment company enrolled with the Securities Exchange Commission (the
“SEC”) and Financial Industry Regulatory Authority (the “FINRA”), was
arrested under the charge of swindling (securities fraud) due to the fact that he
had set up what the US authorities described as a Ponzi Scheme. During the
same month, the official receiver was appointed (the “SIPA Trustee”) for the
liquidation of BMIS in accordance with the U.S. Securities Investor Protection
Act dated 1970. In March 2009, Bernard L. Madoff declared himself guilty of
various offences, including securities fraud, advisory fraud on investments
(investment advisor fraud) and false communications to the SEC. In June 2009,
Bernard L. Madoff was sentenced to 150 years imprisonment.
Following the verification of the fraud perpetrated by Bernard L. Madoff, a
number of criminal and civil proceedings were further in various countries
against financial institutions and investment advisers by, or in the interests of,
investors, intermediaries in their role as brokers for investors and public bodies
relating to the losses suffered. The Issuer, some of its subsidiaries and a number
of the respective employees or former employees have been subpoenaed, or