Prospectus - Notowania

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RISK FACTORS
expressly adhere to the class action by depositing their contract of adhestion in the
Court Registry within the terms fixed by the judge at the admittance ruling.
With a petition served on January 5, 2010, one of the companies in the Group received
a request for compensation of damages connected to the abolition of the maximum
overdraft commission. The action was brought through CODACONS (Co-ordination
of the associations for the defence and protection of the rights of consumers) and the
admittance hearing is planned for April 14, 2010 at the Court of Rome (for futher
details refer to First Section, Chapter 20, Paragraph 20.8.)
As at the Date of the Prospectus, some press agencies have reported the news that
Adusbef (Association for the defence of banking, financial and insurance consumers
and users) would be bringing a class action against UniCredit and another party
relating to the mortage interest calculation method.
Considering the very recent introduction of the regulations on the subject and new
opportunities to act in court stated in them, it cannot be excluded that during the
period of Offer and following it, petitions may be served relating to class actions
brought by customers also through consumer assocations against companies in the
Group. Where any collective action should be declared admissible, adhesions by those
entitled are numerous and the requests accepted, negative effects on the economic,
equity and/or financial situation of the Group cannot be excluded.
Also as a result of the elevated level of regulations which affects the sector it operates
in, the UniCredit Group is subject to the supervisory activities of the competent
authorities, some of which have taken on the form of proceedings for inspection and
notification of alleged irregularities which are underway as at the Date of the
Prospectus. In relation to these proceedings, the Group has taken action to
demonstrate the regularity of its operations and in any event believes that relevant
detrimental consequences for the Group’s business cannot derive from the same.
Amongst the tax assessments under way as at the Date of the Prospectus, in light of
the importance of the subsidiary subject to inspection, we point out that which is
taking place at the offices of the subsidiary UniCredit Corporate Banking (bank
belonging to the Group that manages relations with corporate clientele) aimed at
evaluating the qualitative-quantitative trend of the credit risk in the corporate segment.
For further information on the proceedings associated with the measures of the
supervisory authorities, reference should be made to the First Section, Chapter 20,
Paragraph 20.10.
4.1.15 Risks associated with surveys relating to cross-border transactions
According to the matters reported by certain press bodies, the Director of Public
Prosecution’s Office in Milan, in collaboration with the Tax and Finance Police
Corps, has been carrying out investigations since May 2009 into the possible tax and
legal implications associated with a number of financial transactions carried out by
Italian companies in the UniCredit Group. As at the Date of the Prospectus, as far as