Prospectus - Notowania

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RISK FACTORS
4.2.5 Risks associated with a possible deterioration in the loan quality in the activity
sectors and on the markets where the Issuer operates
The continuation of the crisis on the lending market, the deterioration in the conditions
of the capital markets and the slowdown of the global economy could have negative
repercussions on the ability of the banking customers to honour the commitments
undertaken and, consequently, lead to a significant deterioration in the loan quality in
the Issuer’s sectors of activity.
Despite the fact that banking operators periodically make provisions for any losses
also on the basis of past information available to them, it may be necessary to increase
the provisions as a consequence of the rise in non-performing loans and the
deterioration in the economic conditions, which could lead – in turn – to an increase in
insolvencies. In this connection, each significant increase in the provisions for nonperforming
loans, every change in the estimates of the credit risk, as well as any loss
accrued which exceeds the level of the provisions made, could have negative effects
on the balance sheet, income statement and financial situation of the UniCredit Group.
For further information, reference should be made to the First Section, Chapter 6.
4.2.6 Risks associated with raising liquidity and long-term loans
The availability of liquidity intended for the performance of the various activities as
well as the possibility of accessing long-term funding, are essential for the
achievement of the UniCredit Group’s strategic objectives.
In detail, liquidity and long-term loans are essential so that the Issuer is able to meet
the cash or delivery payment conditions, envisaged or unforeseen, so as not to
prejudice the current operations and the financial situation of the UniCredit Group.
Raising of liquidity by the UniCredit Group could be prejudiced by the Company’s
inability to gain access to the debt market, the inability to sell its goods or repay its
investments. These events could manifest due to deterioration in the market
conditions, mistrust on financial markets, uncertainties and speculation relating to the
solvency of the market participants, the deterioration of the ratings or operating
problems relating to third parties.
A limited ability to raise the necessary liquidity on the market under favourable
conditions or difficulty in accessing long-term loans under favourable conditions
could have negative effects on the results and on the balance sheet, income statement
and financial situation of the UniCredit Group.
4.3 RISK FACTORS RELATING TO THE SHARES FORMING THE SUBJECT
MATTER OF THE OFFER
4.3.1 Risks relating to the available nature and volatility of the Shares
The Offer concerns Shares interchangeable with the ordinary shares of the Issuer in
circulation as of the Date of the Prospectus, which will be listed on the Electronic