Prospectus - Notowania

CONTENTS
- 2 -
PAGE
DEFINITIONS ...................................................................................................................................................... 8
GLOSSARY......................................................................................................................................................... 16
SUMMARY NOTE............................................................................................................................................. 22
FIRST SECTION................................................................................................................................................ 40
1. PARTIES RESPONSIBLE .................................................................................................................. 41
1.1 Parties responsible for information..................................................................................................... 41
1.2 Declaration of responsibility................................................................................................................ 41
2. EXTERNAL AUDITORS .................................................................................................................... 42
2.1 External Auditors of the Issuer ........................................................................................................... 42
2.2 Information on relations with the External Auditors........................................................................ 43
3. SELECTED FINANCIAL INFORMATION..................................................................................... 44
3.1 Introduction .......................................................................................................................................... 44
4. RISK FACTORS .................................................................................................................................. 51
4.1 RISK FACTORS RELATING TO THE ISSUER AND THE GROUP IT HEADS....................... 51
4.1.1 Risks associated with the impact of the current uncertainties of the macro-economic context on
UniCredit Group performance ................................................................................................................ 51
4.1.2 Risks of diluting the ROE .................................................................................................................... 53
4.1.3 Risks associated with the assessment using financial models based on assumptions, opinions and
estimates on the assets held by the UniCredit Group ........................................................................ 54
4.1.4 Risks associated with the losses in value on goodwill (so-called impairment test) .......................... 54
4.1.5 Risks associated with the information reconstructed in the Prospectus .......................................... 55
4.1.6 Operations carried out by means of structured credit products ...................................................... 55
4.1.7 Credit risk ............................................................................................................................................. 58
4.1.8 Counterpart risk ................................................................................................................................... 58
4.1.9 Risks associated with leveraged finance activities and investments in companies attributable to
the private equity and hedge fund....................................................................................................... 59
4.1.10 Risks connected to the exposure to the trend of the real estate sector ............................................. 60
4.1.11 Risks connected to the loan activity to the naval sector .................................................................... 61
4.1.12 Risk Management ................................................................................................................................. 62
4.1.13 Risks associated with limiting the right to vote present in the Issuer’s Article of Association
provisions............................................................................................................................................... 63
4.1.14 Risks associated with legal proceedings underway, with possible class actions and measures taken
by the supervisory authorities ............................................................................................................. 63
4.1.15 Risks associated with surveys relating to cross-border transactions................................................ 77
4.1.16 Risks associated with the ratings assigned to the Issuer and to subsidiary companies................... 78
4.1.17 Risks associated with activities of the UniCredit Group in CEE countries ..................................... 79
4.1.18 Risks associated with the activities of the UniCredit Group in Kazakhstan ........................................ 80
4.1.19 Risks connected to the implementation of the project relevant to the transformation of the
organisational structure of the Group................................................................................................... 80
4.1.20 Operating risks and those relating to the management of the IT systems ........................................... 80
4.1.21 Risks associated with forecast and pre-eminence declarations............................................................ 81
4.1.22 Inclusion of the financial information by means of reference............................................................. 81
4.2 RISK FACTORS RELATING TO THE SECTOR OF ACTIVITIES AND THE MARKETS ON
WHICH THE ISSUER AND THE UNICREDIT GROUP OPERATE........................................... 82
4.2.1 Characteristic risks of banking and financial activities ....................................................................... 82
4.2.2 Risks associated with the competition in the banking and financial sector......................................... 83
4.2.3 Risks associated with the evolution of the regulation of the banking and financial sector ................ 83
4.2.4 Risks associated with the reduction of the support for the liquidity of the system by governments and
central authorities .................................................................................................................................. 84
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 ........................................................................................................ 85
4.2.6 Risks associated with raising liquidity and long-term loans................................................................. 85
4.3 RISK FACTORS RELATING TO THE SHARES FORMING THE SUBJECT MATTER OF
THE OFFER ......................................................................................................................................... 85
4.3.1 Risks relating to the available nature and volatility of the Shares....................................................... 85
4.3.2 Guarantee commitments and risks associated with the partial execution of the Capital Increase ..... 86