Prospectus - Notowania

SUMMARY NOTE
This Summary Note briefly presents the risks and the essential features associated with the Issuer and
the Shares forming the subject matter of the Offer.
For the purpose of correctly appraising the investment, the investors are invited to assess the
information contained in this Summary Note together with the risk factors indicated in the specific
Section present at the start of the Prospectus and the remaining information contained in said
Prospectus.
In detail:
(a) the Summary Note should be read as an introduction to the Prospectus;
(b) any decision, made by the investors, to invest in the Shares forming the subject matter of the
Offer under Option, must be based on the complete examination of the entire Prospectus;
(c) if legal action is brought before the Legal Authorities regarding the information contained in
the Prospectus, the investor/plaintiff may be obliged, in accordance with national legislation
applicable to said petition, to incur the costs for the translation of the Prospectus before starting
the procedure;
(d) civil liability is incumbent on those who have presented the Summary Note, including its
possible translation, but only if the Summary Note is misleading, inaccurate, or inconsistent if
read together with the other parts of the Prospectus.
Reference to Sections, Chapters and Paragraphs refer to Sections, Chapters and Paragraphs of the
Prospectus.
(A) Risk factors
With regard to the investment forming the subject matter of the Offer, the risk factors which must be
considered before making any related decision are listed below. For a description of the same,
reference should be made to the First Section, Chapter 4 of the Prospectus.
Risk factors relating to the Issuer and the Group it heads up
(a) Risks associated with the impact of the current uncertainties of the macro-economic context on
UniCredit Group performance;
(b) Risks of diluting the ROE;
(c) Risks associated with the assessment using financial models based on assumptions, opinions
and estimates on the assets held by the UniCredit Group;
(d) Risks associated with the losses in value on goodwill (so-called impairment test);
(e) Risks associated with information reconstructed in the Prospectus;
(f) Operations carried out by means of structured credit products;
(g) Credit risk;
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