Prospectus - Notowania

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RISK FACTORS
be offered, sold or in any event delivered, directly or indirectly, in the USA, Canada,
Japan and Australia or the other Excluded Countries.
The financial instruments cannot be offered or traded in the USA, Canada, Japan and
Australia or the other Excluded Countries in the absence of specific registration in
compliance with the provisions of the law applicable therein or applicable exemptions
from the registration obligation.
Therefore, the Offer is not, nor will it be promoted in the USA, Canada, Japan and
Australia, or made to residents therein, as well as in any other Excluded Countries in
which the Offer is not permitted in the absence of specific authorizations by the
competent authorities.
Any subscription to the Offer made, directly or indirectly, in violation of the
restrictions indicated above will be considered as invalid.
Therefore, UniCredit shareholders not resident in Italy, Germany and Poland, should
avail themselves of specific legal opinions on the subject before taking any action in
relation to the Offer.
For further information, reference should be made to the Second Section, Chapter 5,
Paragraph 5.2.1.