Prospectus - Notowania

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RISK FACTORS
Additional information relating to the Issuer contained in documents available to the
general public, indicated in the First Section, Chapter 24 must be understood to be
included herein by way of reference pursuant to Article 11.2 of Directive No.
2003/71/EC and Article 28 of Regulation No. 809/2004/EC. Specifically, the
following documents are included herein by way of reference:
• the consolidated financial statements of the Issuer relating to the financial
years ended as at December 31, 2008, 2007 and 2006 drawn up on the basis of
the IAS/IFRS International Accounting Standards, as approved by the
European Commission as established by Regulation No. 1606/2002/EC, and in
accordance with the matters laid down by the Bank of Italy Instructions
contained in Circular No. 262 dated December 22, 2005 and subsequent updates;
these documents can be viewed in their full version at the registered
offices of the Issuer and on the website www.unicreditgroup.eu as well as at
Borsa Italiana, and
• the abridged consolidated financial statements for the nine-month period as at
September 30, 2008, drawn up in abridged form on the basis of the IAS/IFRS
International Accounting Standards, as approved by the European Commission
as established by Regulation No. 1606/2002/EC, and in accordance with the
matters laid down by the Bank of Italy Instructions contained in Circular No.
262 dated December 22, 2005 and subsequent up-dates; this document can be
viewed in its original version as an attachment to the “Prospectus related to the
offer under option to the shareholders and the admission to listing on the
Electronic Equity Stock Market (MTA) organized and managed by Borsa
Italiana S.p.A., on the Frankfurt Stock Exchange (Frankfurter
Wertpapierbörse) and on the Warsaw Stock Exchange (Gielda Papierów
Wartościowych w Warszawie SA) of 972,225,376 ordinary UniCredit S.p.A.
shares” dated 23 December 2008, which can be viewed in the full version at
the registered offices of the Issuer and on the website www.unicreditgroup.eu.
4.2 RISK FACTORS RELATING TO THE SECTOR OF ACTIVITIES AND THE
MARKETS ON WHICH THE ISSUER AND THE UNICREDIT GROUP OPERATE
4.2.1 Characteristic risks of banking and financial activities
The Issuer and the companies belonging to the UniCredit Group are subject to the
characteristics risks of their activities: financial risks, operating risks, credit risks and
market risks.
Control of the handling of the UniCredit Group’s risks is entrusted to the Risk
Management Division, which is supported by an organizational structure comprising
the audit bodies at all the levels envisaged by the internal audit system.
Despite this, there can be no certainty that the policies and the procedures of the
UniCredit Group companies which aim to identify, monitor and handle these risks,
will always reveal themselves to be adequate, with consequent possible detrimental