unicredit bank ag securities 22 september 2014 for the issuance of single underlying and multi...
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1
Final Terms
dated 23 January 2015
UniCredit Bank AG
Issue of Protection Certificates with Cap
(the "Securities")
under the
Euro 50,000,000,000 Debt Issuance Programme ofUniCredit Bank AG
These final terms (the "Final Terms") have been prepared for the purposes of Article 5 para. 4 of theDirective 2003/71/EC, as amended (the "Prospectus Directive"). In order to get the full information theFinal Terms are to be read together with the information contained in (a) the base prospectus of UniCreditBank AG and UniCredit International Bank (Luxembourg) S.A. (each an "Issuer" and together the “Issuers”)dated 22 September 2014 for the issuance of Single Underlying and Multi Underlying Securities (withcapital protection) (the "Base Prospectus"), (b) any supplements to this Base Prospectus (the"Supplements"), (c) the registration document of HVB dated 25 April 2014 (the "RegistrationDocument"), whose information is incorporated herein by reference, and (d) the 60,000,000,000 EuroMedium Term Note Programme of UniCredit S.p.A., UniCredit Bank Ireland p.l.c. and UniCreditInternational Bank (Luxembourg) S.A. dated 2 July 2014 (the "EMTN Programme"), whose information isincorporated herein by reference and in any supplements thereto.
The Base Prospectus, any Supplements and these Final Terms are available at UniCredit Bank AG,Arabellastr. 12, 81925 Munich, Federal Republic of Germany, and in addition on the website www.investimenti.unicredit.it or any successor website thereof.
An issue specific summary is annexed to these Final Terms.
SECTION A – GENERAL INFORMATION
Issue date and issue price:
The issue date for each Security is specified in § 1 of the Product and Underlying Data.
The issue price per Security is specified in § 1 of the Product and Underlying Data.
Selling concession:
The intermediary is UniCredit S.p.A. (UniCredit S.p.A. will distribute to the clients of its branches brandedUniCredit Private Banking and the network of financial advisors of such branches).
The Issue Price includes the following fees: a structuring fees for the Issuer, equal to 0,85% of the IssuePrice and a distribution fee for the intermediary equal to 1.5% of the Issue Price, and other charges forthe Issuer concerning the management of the market risk for the maintenance of the offer conditionsequal to 0,30% of the Issue Price.
In case of disinvestment the day after the Issue Date, the presumable value at which the Securityholdersmay liquidate the Securities is EUR 96,35 with the same market conditions as of 30 December 2014.
The Issuer is the intermediary responsible for the placement of the Securities (“Responsabile delCollocamento”), as defined in article 93-bis of Legislative Decree 58/98 (as subsequently amended andsupplemented).
Other commissions:
Not applicable
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Issue volume:
The issue volume of the Series issued under and described in these Final Terms is specified in § 1 of theProduct and Underlying Data.
The issue volume of the Tranche issued under and described in these Final Terms is specified in § 1 ofthe Product and Underlying Data.
Product Type:
Garant Cap Basket Securities
Admission to trading and listing:
Application will be made for the Securities to be admitted to trading with effect from 27 April 2015 onthe following regulated or other equivalent markets: Euro TLX.
UniCredit Bank AG (also the "Market Maker") undertakes to provide liquidity through bid and offerquotes in accordance with the market making rules of Euro TLX, where the Securities are expected to belisted. The obligations of the Market Maker are regulated by the rules of the markets organized andmanaged by Euro TLX SIM S.p.A., and the relevant instructions to such rules. Moreover, the Market Makerundertakes to apply, in normal market conditions, a spread between bid and offer quotes not greaterthan 1%.
Payment and delivery:
Delivery against payment
Notification:
The Commission de Surveillance du Secteur Financier ("CSSF") has provided to the competentauthorities in Germany, France, Italy, Belgium, Ireland, United Kingdom, Poland, Czech Republic, Slovakia,and Austria a certificate of approval attesting that the Base Prospectus has been drawn up in accordancewith the Prospectus Directive.
Terms and conditions of the offer:
Day of the first public offer: 23.01.2015
The Securities are initially offered during a Subscription Period.
Subscription Period: from 23.01.2015 to 23.02.2015 (in particular, from 23 January 2015 to 16 February2015 the Securities can be placed by the relevant intermediary through "door to door selling").
The Issuer reserves the right to extend or shorten the Subscription Period or to withdraw the issue duringthe Subscription Period.
A public offer will be made in Italy.
The smallest transferable unit is 1 Security.
The smallest tradable unit is 1 Security .
The Securities will be offered to qualified investors, and/or retail investors and/or institutional investorsby way of a public offering by financial intermediaries.
As of the day of the first public offer the Securities described in the Final Terms will be offered on acontinuous basis.
The public offer may be terminated by the Issuer at any time without giving any reason.
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Application to listing will be made as of 27 April 2015 on the following markets: Euro TLX.
Consent to the use of the Base Prospectus:
The Issuer consents to the use of the Base Prospectus by all financial intermediaries (so-called generalconsent).
General consent for the subsequent resale or final placement of Securities by the financialintermediaries is given in relation to Italy.
The Issuer’s consent to the use of the Base Prospectus is subject to the condition that each financialintermediary complies with the applicable selling restrictions and the terms and conditions of the offer.
Besides, the consent is not subject to any other conditions.
US Selling Restrictions:
Neither TEFRA C nor TEFRA D
Interest of Natural and Legal Persons involved in the Issue/Offer:
With regard to trading of the Securities the Issuer has a conflict of interest being also the Market Makeron Euro TLX. Moreover, Euro TLX is organized and managed by Euro TLX SIM S.p.A., a company in whichUniCredit S.p.A. – the Holding Company of UniCredit Bank AG as the Issuer – has a stake in.
Additional information:
Not applicable
SECTION B – CONDITIONS:
Part A - General Conditions of the Securities
Form, Clearing System, Global Note, Custody
Type of the Securities: certificates
Global Note: The Securities are represented by a permanent global note withoutinterest coupons
Principal Paying Agent: Citibank, N.A., London Branch, Citigroup Centre, Canada Square,Canary Wharf, London E14 5LB, United Kingdom
French Paying Agent: not applicable
Calculation Agent: UniCredit Bank AG, Arabellastraße 12, 81925 Munich, Germany
Custody: CBL and Euroclear Bank
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PART B – PRODUCT AND UNDERLYING DATA
(the "Product and Underlying Data")
Banking Day Financial Centre: Munich and New York
First Trade Date: 27 February 2015
N: 3
Issue Date: 27 February 2015
Issuing Agent: Citibank, N.A.
Nominal Amount: USD 100
Specified Currency: USD
Website for Notices: www.investimenti.unicredit.it
Website for the Issuer: www.investimenti.unicredit.it
§ 1
Product DataTable 1.1:
ISIN Reuters Series Number Tranche Number Issue Volume of
Series
Issue Volume of
Tranche
Issue Price
XS1172425446 Not
Applicable
IT1987 1 500,000 500,000 USD 100
Table 1.2:
Basket Component i ISINi Reference Pricei Weightingi (Wi)
Procter & Gamble Co/The US7427181091 Closing Price 1/3
Coca-Cola Co/The US1912161007 Closing Price 1/3
Kraft Foods Group Inc. US50076Q1067 Closing Price 1/3
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ISIN Strike Floor Level Participation Factor Minimum Amount Maximum Amount Maturity Date
XS1172425446 85% 85% 100% USD 85,- USD 130,- 4 September 2017
Table 1.3:
ISIN Initial Observation Date Final Observation Date
XS1172425446 26 February 2015 28 August 2017
§ 2
Underlying Data
Table 2.1:
Basket Component i Currency of the BasketComponent i
ISINi Reutersi Bloombergi Relevant Exchangei Websitei
Procter & Gamble Co. USD US7427181091 PG.N PG UN<Equity>
NYSE www.pg.com
Coca-Cola Co USD US1912161007 KO.N KO UN<Equity>
NYSE www.coca-colacompany.com
Kraft Foods Group Inc. USD US50076Q1067 KRFT.OQ KRFT UW<Equity>
NASDAQ www.kraftfoodsgroup.com
For further information regarding the past and future performance of the Basket Components and their volatility, please refer to the Website as specified in thetable (or each successor page).
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PART C – SPECIAL CONDITIONS OF THE SECURITIES
(the "Special Conditions")
§ 1
Definitions
"Adjustment Event" means each of the following events:
(a) each measure taken by the company that has issued the respective Basket Componenti
or by a third party, which would -due to a change in the legal and economic position, inparticular a change in the company's fixed assets and capital- in the reasonablediscretion (§ 315 BGB) of the Calculation Agent, affect the respective BasketComponenti not only immaterially (in particular capital increase against cashcontribution, issuance of Securities with options or conversion rights into shares, capitalincrease with company funds, distribution of special dividends, share splits, merger,liquidation, nationalisation);
(b) an early termination performed by the respective Determining Futures Exchangei of thethere traded Derivatives of the respective Basket Componenti;
(c) an adjustment performed by the respective Determining Futures Exchangei of the theretraded Derivatives of the respective Basket Componenti, or
(d) any event which is economically equivalent to one of the above-mentioned events withregard to its consequences on the respective Basket Componenti.
"Banking Day" means each day (other than a Saturday or Sunday) on which the Clearing Systemis open for business and commercial banks and foreign exchange markets settle payments in theBanking Day Financial Centre.
"Banking Day Financial Centre" means the Banking Day Financial Centre as specified in § 1 ofthe Product and Underlying Data.
"Basket Component i" means the respective share as specified in § 1 of the Product andUnderlying Data.
"Calculation Agent" means the Calculation Agent as specified in § 2 (2) of the GeneralConditions.
"Calculation Date" means each day on which the Reference Pricei is published by the respectiveRelevant Exchangei.
"Change in Law" means that due to
(a) the coming into effect of changes in laws or regulations (including but not limited to taxlaws or capital market provisions) or
(b) a change in relevant case law or administrative practice (including the administrativepractice of the tax or financial supervisory authorities),
in the reasonable discretion § 315 BGB) of the Issuer
(a) the holding, acquisition or sale of the respective Basket Componenti or assets that areneeded in order to hedge price risks or other risks with respect to its obligations underthe Securities is or becomes wholly or partially illegal for the Issuer or
(b) the costs associated with the obligations under the Securities have increasedsubstantially (including but not limited to an increase in tax obligations, the reduction oftax benefits or other negative consequences with regard to tax treatment),
if such changes become effective on or after the First Trade Date.
"Clearing System" means Clearstream Banking S.A., Luxembourg ("CBL") and Euroclear Bank
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SA/NV ("Euroclear Bank") (CBL and Euroclear are individually referred to as an "ICSD"(International Central Securities Depository) and, collectively, the "ICSDs").
"Clearance System" means the principal domestic clearance system customarily used forsettling trades with respect to the respective Basket Componenti.
"Clearance System Business Day" means, with respect to the Clearance System, any day (otherthan a Saturday or Sunday) on which such Clearance System is open for the acceptance andexecution of settlement instructions.
"Conversion Event" means Share Conversion Event.
"Currency of the Basket Component i" means the Currency of the Basket Componenti asspecified in § 2 of the Product and Underlying Data.
Determining Futures Exchangei" means the futures exchange, on which respective derivativesof the respective Basket Componenti (the "Derivatives") are traded, and as determined by theCalculation Agent in its reasonable discretion (§ 315 BGB) by way of notice pursuant to § 6 of theGeneral Conditions in accordance with such Derivative's number or liquidity.
In the case of a material change in the market conditions at the Determining Futures Exchangei,such as a final discontinuation of derivatives' quotation linked to the respective BasketComponenti at the Determining Futures Exchangei or a considerably restricted number orliquidity, the Calculation Agent will in its reasonable discretion (§ 315 BGB) by way of noticepursuant to § 6 of the General Conditions determine another futures exchange as theDetermining Futures Exchangei (the "Substitute Futures Exchangei"). In this case, any referencein the Terms and Conditions of these Securities to the Determining Futures Exchangei, shall bedeemed to refer to the Substitute Futures Exchangei.
"First Trade Date" means the First Trade Date as specified in § 1 of the Product and UnderlyingData.
"Floor Level" means the Floor Level, as specified in § 1 of the Product and Underlying Data.
"Issue Date" means the Issue Date as specified in § 1 of the Product and Underlying Data.
"Issuing Agent" means the Issuing Agent as specified in § 1 of the Product and Underlying Data.
"K i (initial)" means the Reference Pricei on the Initial Observation Date.
"K i (final)" means the Reference Pricei on the Final Observation Date.
"Market Disruption Event" means each of the following events:
(a) the failure of the respective Relevant Exchangei to open for trading during its regulartrading sessions;
(b) the suspension or restriction of trading in the respective Basket Componenti on therespective Relevant Exchangei;
(c) in general the suspension or restriction of trading in a Derivative of the respective BasketComponenti on the respective Determining Futures Exchangei;
to the extent that such Market Disruption Event occurs in the last hour prior to the normalcalculation of the Reference Price of the respective Basket Componenti and continues at the pointof time of the normal calculation and is material in the reasonable discretion (§ 315 BGB) of theCalculation Agent. Any restriction of the trading hours or the number of days on which tradingtakes place on the respective Relevant Exchangei or, as the case may be, the respectiveDetermining Futures Exchangei, shall not constitute a Market Disruption Event provided that therestriction occurs due to a previously announced change in the rules of the respective RelevantExchangei or, as the case may be, the respective Determining Futures Exchangei.
"Maturity Date" means the Maturity Date, as specified in § 1 of the Product and Underlying Data.
"Maximum Amount" means the Maximum Amount as specified in § 1 of the Product andUnderlying Data.
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"Minimum Amount" means the Minimum Amount as specified in § 1 of the Product andUnderlying Data.
"N" means the number of Basket Components as specified in § 1 of the Product and UnderlyingData.
"Nominal Amount" means the Nominal Amount as specified in § 1 of the Product and UnderlyingData.
"Observation Date" means each of the following Observation Dates:
"Initial Observation Date" means the Initial Observation as specified in § 1 of the Productand Underlying Data. If the Initial Observation Date is not a Calculation Date for one or moreBasket Components, the immediately following Banking Day, which is a Calculation Dateshall be the Initial Observation Date for all Basket Components.
"Final Observation Date" means the Final Observation Date as specified in § 1 of theProduct and Underlying Data. If the Final Observation Date is not a Calculation Date for oneor more Basket Components, the immediately following Banking Day, which is a CalculationDate shall be the Final Observation Date for all Basket Components. The Maturity Date willbe postponed accordingly. No interest shall become due because of such postponement.
"Participation Factor" means the Participation Factor as specified in § 1 of the Product andUnderlying Data.
"Performancei" means the performance of the Basket Componenti according to the followingformula:
Ki (final) / Ki (initial)
"Performance of the Underlying" means the performance of the Underlying according to thefollowing formula:
Performance of the Underlying = ∑�� � � (Performancei x Wi).
"Principal Paying Agent" means the Principal Paying Agent as specified in § 2 (1) of the GeneralConditions.
"Redemption Amount" means the Redemption Amount as calculated or, respectively, specifiedby the Calculation Agent pursuant to § 4 of the Special Conditions.
"Reference Pricei" means the Reference Price of the relevant Basket Componenti as specified in§ 1 of the Product and Underlying Data.
"Relevant Exchangei" means the respective Relevant Exchangei as specified in § 2 of the Productand Underlying Data.
In the case of a material change in the market conditions at the respective Relevant Exchangei,such as a final discontinuation of the quotation of the respective Basket Componenti at therespective Relevant Exchangei and the quotation at a different stock exchange or considerablyrestricted number or liquidity, the Calculation Agent will in its reasonable discretion (§ 315 BGB)by way of notice pursuant to § 6 of the General Conditions determine another stock exchange asthe relevant exchange (the "Substitute Exchange"). In the event of such a substitution, anyreference in the Terms and Conditions of these Securities to the respective Relevant Exchangei
shall be deemed to refer to the respective Substitute Exchange.
"Security Holder" means the holder of a Security.
"Settlement Cycle" means the period of Clearance System Business Days following a transactionon the Relevant Exchangei with respect to the relevant Basket Componenti.
"Share Conversion Event" means each of the following events:
(a) an adjustment pursuant to § 8 (1) of the Special Conditions is not possible or notreasonable with regard to the Issuer and/or the Security Holders;
(b) the quotation of the respective Basket Componenti at the Relevant Exchangei is finally
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ceased and in the reasonable discretion (§ 315 BGB) of the Calculation Agent noSubstitute Exchange could be determined;
(c) the quotation of the respective Basket Componenti at the Relevant Exchangei no longeroccurs in the Currency of the Basket Componenti;
(d) a Change in Law occurs.
"Specified Currency" means the Specified Currency as specified in § 1 of the Product andUnderlying Data.
"Strike" means the Strike as in § 1 of the Product and Underlying Data.
"Terms and Conditions" means the terms and conditions of these Securities as set out in theGeneral Conditions (Part A), the Product and Underlying Data (Part B) and the Special Conditions(Part C).
"Underlying" means a Basket consisting of the Basket Components.
"Website for Notices" means the Website(s) for Notices as specified in § 1 of the Product andUnderlying Data.
"Website of the Issuer" means the Website(s) of the Issuer as specified in § 1 of the Product andUnderlying Data.
"Weightingi (Wi)" (with i = 1,….N) means the Weighting of the Basket Componenti, as specified in§ 1 of the Product and Underlying Data.
§ 2
Interest
Interest: The Securities do not bear interest.
§ 3
Redemption
Redemption: The Securities shall be redeemed by payment of the Redemption Amount on theMaturity Date pursuant to the provisions of § 6 of the Special Conditions.
§ 4
Redemption Amount
Redemption Amount: The Redemption Amount corresponds to an amount in the SpecifiedCurrency calculated or specified by the Calculation Agent as follows:
Redemption Amount = Nominal Amount x (Floor Level + Participation Factor x (Performance ofthe Underlying – Strike))
However, the Redemption Amount is not less than the Minimum Amount and not greater thanthe Maximum Amount.
§ 5
Issuer's Conversion Right
Issuer’s Conversion Right: Upon the occurrence of a Conversion Event the Securities shall beredeemed at the Cancellation Amount on the Maturity Date.
The "Cancellation Amount" shall be, as determined by the Calculation Agent in its reasonablediscretion, the market value of the Securities, with accrued interest for the period until theMaturity Date at the market rate of interest being traded at such time for liabilities of the Issuerwith the same remaining term as the Securities (§ 315 BGB) within ten Banking Days following
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the occurrence of the Conversion Event. However, the Cancellation Amount shall not be less thanthe Minimum Amount. If it is not possible to determine the market value of the Securities, theCancellation Amount corresponds to the Minimum Amount. The Cancellation Amount shall benotified pursuant to § 6 of the General Conditions.
The Cancellation Amount will be paid pursuant to the provisions of § 6 of the Special Conditions.
§ 6
Payments
(1) Rounding: The amounts payable under these Terms and Conditions shall be rounded up or downto the smallest unit of the Specified Currency, with 0.5 of such unit being rounded upwards.
(2) Business day convention: If the due date for any payment under the Securities (the "PaymentDate") is not a Banking Day then the Security Holders shall not be entitled to payment until thenext following Banking Day. The Security Holders shall not be entitled to further interest or otherpayments in respect of such delay.
(3) Manner of payment, discharge: All payments shall be made to the Principal Paying Agent. ThePrincipal Paying Agent shall pay the amounts due to the Clearing System to be credited to therespective accounts of the depository banks and to be transferred to the Security Holders. Thepayment to the Clearing System shall discharge the Issuer from its obligations under theSecurities in the amount of such a payment.
(4) Interest of default: If the Issuer fails to make payments under the Securities when due, theamount due shall bear interest on the basis of the default interest rate established by law. Suchaccrual of interest starts on the day following the due date of that payment (including) and endson the effective date of the payment (including).
§ 7
Market Disruptions
(1) Postponement: Notwithstanding the provisions of § 8 of the Special Conditions, if a MarketDisruption Event occurs on an Observation Date, the respective Observation Date shall bepostponed to the next following Calculation Date on which the Market Disruption Event no longerexists.
Any Payment Date relating to such Observation Date shall be postponed if applicable. No interestshall become due because of such postponement.
(2) Discretional valuation: Should the Market Disruption Event continue for more than 30consecutive Banking Days the Calculation Agent shall determine in its reasonable discretion(§ 315 BGB) the respective Reference Price required for the calculations or, respectively,specifications described in the Terms and Conditions of these Securities. Such Reference Priceshall be determined in accordance with prevailing market conditions at Milan on this 31th
Banking Day, taking into account the economic position of the Security Holders.
If within these 30 Banking Days traded Derivatives of the respective Basket Componenti expire orare settled on the Determining Futures Exchangei, the settlement price established by theDetermining Futures Exchangei for the there traded Derivatives will be taken into account in orderto conduct the calculations or, respectively, specifications described in the Terms and Conditionsof these Securities. In that case, the expiration date for those Derivatives is the respectiveObservation Date.
§ 8
Adjustments, Replacement Specification
(1) Adjustments: Upon the occurrence of an Adjustment Event the Calculation Agent shall in its
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reasonable discretion (§ 315 BGB) adjust the Terms and Conditions of these Securities (inparticular the respective Basket Componenti, the Ratioi and/or all prices of the BasketComponents, which have been specified by the Issuer) and/or all prices of the BasketComponents determined by the Calculation Agent on the basis of the Terms and Conditions ofthese Securities in such a way that the economic position of the Security Holders remainsunchanged to the greatest extent possible. Any adjustment will be performed taking intoconsideration any adjustments made by the Determining Futures Exchangei to the there tradedDerivatives linked to the respective Basket Componenti, and the remaining term of the Securitiesas well as the latest available price of the respective Basket Componenti. If the Calculation Agentdetermines that, pursuant to the rules of the respective Determining Futures Exchangei, noadjustments were made to the Derivatives linked to the respective Basket Componenti, the Termsand Conditions of these Securities regularly remain unchanged. The exercised adjustments andthe date of the first application shall be notified pursuant to § 6 of the General Conditions.
(2) Replacement Specification: If a price of the respective Basket Componenti published by therespective Relevant Exchangei pursuant to the Terms and Conditions of these Securities willsubsequently be corrected and the correction (the "Corrected Value") will be published by therespective Relevant Exchangei after the original publication, but still within one Settlement Cycle,then the Calculation Agent will notify the Issuer of the Corrected Value without undue delay andshall again specify and publish the respective value by using the Corrected Value (the"Replacement Specification") pursuant to § 6 of the General Conditions.
(3) If adjustments pursuant to the preceding paragraph with regard to the affected BasketComponent are not sufficient in order to establish an economically equivalent situation, theCalculation Agent will in its reasonable discretion (§ 315 BGB) either
(a) remove the respective Basket Component from the Basket without replacing it (ifnecessary by adjusting the weighting of the remaining Basket Components), or
(b) replace the respective Basket Component in whole or in part by an economically equalBasket Component, determined in its reasonable discretion (§ 315 BGB) (if applicable byadjusting the weighting of the Basket Components then present in the Basket) (the"Successor Basket Component"). In such case, the Successor Basket Component will bedeemed to be the Basket Component and each reference in these Terms and Conditionsto the Basket Component will be deemed to refer to the Successor Basket Component.
UniCredit Bank AG
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SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These Elements are numberedin sections A – E (A.1 – E.7).
This Summary contains all the Elements required to be included in a summary for this type of securitiesand issuer. Because some Elements are not required to be addressed, there may be gaps in thenumbering sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of securitiesand issuer, it is possible that no relevant information can be given regarding the Element. In this case ashort description of the Element is included in the Summary with the specification of 'Not applicable'.
A. INTRODUCTION AND WARNINGS
A.1 Warning This Summary should be read as an introduction to the Base Prospectus.
The investor should base any decision to invest in the Securities on con-sideration of the Base Prospectus as a whole.
Where a claim relating to the information contained in this Base Prospectus isbrought before a court, the plaintiff investor might, under the nationallegislation of the Member States, have to bear the costs of translating the BaseProspectus before the legal proceedings are initiated.
UniCredit Bank AG ("UniCredit Bank", the "Issuer" or "HVB"), Kardinal-Faulhaber-Straße 1, 80333 Munich, which in its capacity as an Issuer assumesliability for the Summary including any translation thereof, may be held liable,but only if the Summary is misleading, inaccurate or inconsistent when readtogether with the other parts of the Base Prospectus, or it does not provide,when read together with the other parts of the Base Prospectus, all necessarykey information in order to aid investors when considering whether to invest insuch Securities.
A.2 Consent to theuse of the baseprospectus
Subject to the following paragraphs, the Issuer gives its consent to the use ofthe Base Prospectus during the term of its validity for subsequent resale orfinal placement of the Securities by financial intermediaries.
Indication ofthe offer period
Resale or final placement of the Securities by financial intermediaries can bemade and consent to use the Base Prospectus is given for an offer period of 12months following the 23 January 2015
Otherconditionsattached to theconsent
The Issuer’s consent to the use of the Base Prospectus is subject to thecondition that each financial intermediary complies with the applicable sellingrestrictions as well as the terms and conditions of the offer.
Besides, the consent is not subject to any other conditions.
Provision ofterms andconditions ofthe offer byfinancialintermediary
Information on the terms and conditions of the offer by any financialintermediary is to be provided at the time of the offer by the financialintermediary.
B. ISSUER
B.1 Legal andcommercial
UniCredit Bank AG (together with its consolidated subsidiaries, the "HVBGroup") is the legal name. HypoVereinsbank is the commercial name.
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name
B.2 Domicile /Legal form /Legislation /Country ofincorporation
UniCredit Bank has its registered office at Kardinal-Faulhaber-Straße 1, 80333Munich and was incorporated in Germany as a stock corporation under the lawsof the Federal Republic of Germany.
B.4b Known trendsaffecting theissuer and theindustries inwhich itoperates
The performance of HVB Group will depend on the future development on thefinancial markets and the real economy in 2014 as well as other remainingimponderables. In this environment, HVB Group will continuously adapt itsbusiness strategy to reflect changes in market conditions and carefully reviewthe management signals derived therefrom on a regular basis.
B.5 Description ofthe group andthe issuer'sposition withinthe group
UniCredit Bank is the parent company of HVB Group. HVB Group holds directlyand indirectly equity participations in various companies.
UniCredit Bank has been an affiliated company of UniCredit S.p.A., Rome("UniCredit S.p.A.", and together with its consolidated subsidiaries, "UniCredit")since November 2005 and hence a major part of UniCredit from that date as asub-group. UniCredit S.p.A. holds directly 100% of UniCredit Bank's sharecapital.
B.9 Profit forecastor estimate
Not applicable; no profit forecast or estimate is made.
B.10 Nature of anyqualificationsin the auditreport onhistoricalfinancialinformation
Not applicable. KPMG AG Wirtschaftsprüfungsgesellschaft, the independentauditors (Wirtschaftsprüfer) of UniCredit Bank for the financial year 2012, haveaudited the consolidated financial statements of HVB Group and theunconsolidated financial statement of UniCredit Bank as of and for the yearended 31 December 2012 and have issued an unqualified audit opinionthereon.
Deloitte & Touche GmbH, Wirtschaftsprüfungsgesellschaft, the independentauditors (Wirtschaftsprüfer) of UniCredit Bank for the financial year 2013, haveaudited the consolidated financial statements of HVB Group and theunconsolidated financial statement of UniCredit Bank as of and for the yearended 31 December 2013 and have issued an unqualified audit opinionthereon.
B.12 Selectedhistorical keyfinancialinformation
Consolidated Financial Highlights as of 31 December 2013*
Key performance indicators 1/1 –31/12/2013
1/1 –31/12/2012
Net operating income €1,839 million €1,807 million
Cost-income ratio (based onoperating income)
63.6% 58.1%
Profit before tax €1,458 million €2,058 million
Consolidated profit €1,074 million €1,287 million
Return on equity before tax1) 7.1% 9.2%
Return on equity after tax1) 5.8% 5.8%
Earnings per share €1.29 €1.55
Balance sheet figures 31/12/2013 31/12/2012
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Total assets €290.0 billion €347.3 billion
Shareholders' equity €21.0 billion €23.3 billion
Leverage ratio2) 7.1% 6.6%
Key capital ratios compliant withBasel II
31/12/2013 31/12/2012
Core capital without hybrid capital(core Tier 1 capital)
€18.4 billion €19.1 billion
Core capital (Tier 1 capital) €18.5 billion €19.5 billion
Risk-weighted assets (includingequivalents for market risk andoperational risk)
€85.5 billion €109.8 billion
Core capital ratio without hybridcapital (core Tier 1 ratio) 3) 21.5% 17.4%
Core capital ratio (Tier 1 ratio) 3) 21.6% 17.8%
* Figures shown in this table are audited and taken from the Issuer'sConsolidated Annual Report as of 31 December 2013
1) Return on equity calculated on the basis of average shareholders' equityaccording to IFRS.
2) Ratio of shareholders' equity shown in the balance sheet less intangibleassets to total assets less intangible assets
3) Calculated on the basis of risk-weighted assets, including equivalents formarket risk and operational risk.
Consolidated Financial Highlights as of 30 June 2014*
Key performance indicators 1/1 –30/06/2014
1/1 –30/06/2013
Net operating profit €399 million €1,121 million
Cost-income ratio (based onoperating income)
79.3% 59.4%
Profit before tax €513 million €1,222 million
Consolidated profit €334 million €818 million
Return on equity before tax1) 5.1% 11.8%
Return on equity after tax1) 3.1% 8.1%
Earnings per share €0.41 €1.01
Balance sheet figures 30/06/2014 31/12/2013
Total assets €298.6 billion €290.0 billion
Shareholders' equity €20.5 billion €21.0 billion
Leverage ratio2) 6.7% 7.1%
15
Key capital ratios 30/06/2014
Basel III
31/03/2014
Basel III
31/12/2013
Basel II
Core capital without hybrid capital(core Tier 1 capital)
- - €18.4billion
Common Equity Tier 1 capital € 18.9billion
€ 19.0billion
-
Core capital (Tier 1 capital) € 18.9billion
€ 19.0billion
€ 18.5billion
Risk-weighted assets (includingequivalents for market risk andoperational risk)
€ 88.7billion
€ 90.8billion
€ 85.5billion
Core capital ratio without hybridcapital (core Tier 1 ratio) 3) - - 21.5%
Common Equity Tier 1 capital ratio3) 21.3% 21.0% -
Core capital ratio (Tier 1 ratio)3) 21.3% 21.0% 21.6%
* Figures shown in this table are unaudited and taken from the Issuer'sConsolidated Interim Report as of 30 June 2014
1) Return on equity calculated on the basis of average shareholders' equitywith IFRS and projected profit before tax at 30 June 2014 for the year as awhole
2) Ratio of shareholders' equity shown in the balance sheet less intangibleassets to total assets less intangible assets
3) Calculated on the basis of risk-weighted assets, including equivalents formarket risk and operational risk
Statement ofno materialadverse change
There has been no material adverse change in the prospects of HVB Groupsince 31 December 2013, the date of its last published audited financialstatements (Annual Report 2013).
Statement ofsignificantchange
Not applicable. There has been no significant change in the financial position ofHVB Group since 30 June 2014.
B.13 Recentdevelopments
Not applicable. There are no recent events particular to UniCredit Bank whichare to a material extent relevant to the evaluation of its solvency.
B.14 Statement ofdependencyupon otherentities withinthe group
UniCredit S.p.A. holds directly 100% of UniCredit Bank's share capital.
B.15 Principalactivities
UniCredit Bank offers a comprehensive range of banking and financial productsand services to private, corporate and public sector customers, internationalcompanies and institutional customers.
This range extends from mortgage loans, consumer loans, savings-and-loanand insurance products, and banking services for private customers through tobusiness loans and foreign trade financing for corporate customers and fundproducts for all asset classes, advisory and brokerage services, securitiestransactions, liquidity and financial risk management, advisory services for
16
affluent customers and investment banking products for corporate customers.
B.16 Direct orindirectownership orcontrol
UniCredit S.p.A. holds directly 100% of UniCredit Bank's share capital.
C. SECURITIES
C.1 Type and class ofthe securities
Garant Cap Basket Securities
The Securities will be issued as Certificates with a Nominal Amount.
"Certificates" are debt instruments in bearer form (Inhaberschuldver-schreibungen) (in the case of Securities governed by German law pursuant to§ 793 German Civil Code (Bürgerliches Gesetzbuch, BGB)).
"Nominal Amount" means USD 100
The Securities are represented by a permanent global note without interestcoupons.
The holders of the Securities (the "Security Holders") are not entitled to receivedefinitive Securities. The ISIN is specified in the table in the Annex to thissummary.
C.2 Currency of thesecurities issue
The Securities are issued in US Dollar (USD) (the "Specified Currency").
C.5 Restrictions ofany freetransferability ofthe securities
Not applicable. The Securities are freely transferable.
C.8 Rights attachedto the securities,including rankingand limitationsto those rights
Governing law of the Securities
The Securities, as to form and content, and all rights and obligations of theIssuer and the Security Holder shall be governed by the laws of the FederalRepublic of Germany.
Rights attached to the Securities
The Securities have a fixed term.
The Securities do not bear interest.
The Security Holders are entitled to the payment of the Redemption Amount (asdefined in C.15) on the Maturity Date (as defined in C.16).
Limitations of the rights
The Issuer may call the Securities or adjust the terms and conditions of the
Securities.
Status of the Securities
The obligations under the Securities constitute direct, unconditional andunsecured obligations of the Issuer and rank, unless provided otherwise by law,at least pari passu with all other unsecured unsubordinated present and futureobligations of the Issuer.
C.11 Admission totrading on aregulated market
Application will be made for the Securities to be admitted to trading with effectfrom 27 April 2015 on the following regulated markets: Euro TLX.
C.15 Effect of the The value of the Securities during their term depends mainly on the price of the
17
underlying onthe value of thesecurities
Basket Components (as defined in C.20). In principle, the value of the Securitiesrises if the price of the Basket Components increases and declines if the price ofthe Basket Components falls.
The redemption payment on the Maturity Date depends on the Performance ofthe Underlying. The Performance of the Underlying is the average performanceof the Basket Components, which are taken into account according to theirWeightings (as specified in the Final Terms). The Security Holder participates inthe Performance of the Underlying in accordance with the Participation Factor(as specified in the Final Terms), benefiting from rising Performance of theUnderlying in relation to the Strike (as specified in the Final Terms). However,the redemption payment will be at least equal to a Minimum Amount (asspecified in the Final Terms). In addition, the Redemption Amount is not greaterthan the Maximum Amount (as specified in the Final Terms).
At the Maturity Date the Redemption Amount is equal to the Nominal Amountmultiplied by the total of (i) the Floor Level (as specified in the Final Terms) and(ii) the difference, multiplied by the Participation Factor, between thePerformance of the Underlying and the Strike.
The Redemption Amount will not be less than the Minimum Amount and notgreater than the Maximum Amount.
C.16 The expiration ormaturity date ofthe derivativesecurities – theexercise date orfinal referencedate
"Final Observation Date" and the "Maturity Date" are specified in the table inthe Annex to this summary.
C.17 Settlementprocedure of thesecurities
All payments shall be made to Citibank, N.A. (the "Principal Paying Agent").The Principal Paying Agent shall pay the amounts due to the Clearing Systemfor credit to the respective accounts of the depository banks for transfer to theSecurity Holders.
The payment to the Clearing System shall discharge the Issuer from itsobligations under the Securities in the amount of such payment.
"Clearing System" means CBL bridge Euroclear.
C.18 Description ofhow any returnon derivativesecurities takesplace
Payment of the Redemption Amount on the Maturity Date.
C.19 Exercise price orfinal referenceprice of theunderlying
"K i (final)" means the Reference Price of the Basket Componenti specified on theFinal Observation Dates.
Basket Componenti Reference Pricei
Procter & Gamble Co. Closing Price
Coca-Cola Co Closing Price
Kraft Foods Group Inc. Closing Price
C.20 Type of theunderlying anddescriptionwhereinformation onthe underlying
"Underlying" means a basket with the following basket components (the"Basket Components"):
i ISIN of the BasketComponent i
BasketComponentsi
Websitei
18
can be found 1 US7427181091 Procter &
Gamble Co.www.pg.com
2 US1912161007 Coca-Cola Co www.coca-colacompany.com
3 US50076Q1067 Kraft Foods
Group Inc.www.kraftfoodsgroup.com
For further information about the past and the future performance of the BasketComponents and their volatility, please refer to the Websitei, as specified in thetable above (or any successor website).
D. RISKS
D.2 Key risksregarding theIssuer
Potential investors should be aware that in the case of the occurrence of oneof the below mentioned risk factors the Securities may decline in value andthat they may sustain a total loss of their investment.
• Credit Risk
(i) Risks connected to an economic slowdown and volatility of the financialmarkets; (ii) Deteriorating asset valuations resulting from poor marketconditions may adversely affect HVB Group's future earnings; (iii) Theeconomic conditions of the geographic markets in which HVB Group operateshave had, and may continue to have, adverse effects on HVB Group’s resultsof operations, business and financial condition; (iv) Non-traditional bankingactivities expose HVB Group to additional credit risks; (v) Changes in theGerman and European regulatory framework could adversely affect HVBGroup's business; (vi) Loan losses may exceed anticipated levels; (vii)Systemic risk could adversely affect HVB Group's business.
• Market Risk
(i) Difficult market situations can add to volatility in HVB Group's income; (ii)HVB Group’s income can be volatile related to trading activities andfluctuations in interest and exchange rates.
• Liquidity Risk
(i) Risks concerning liquidity which could affect HVB Group's ability to meet itsfinancial obligations as they fall due; (ii) HVB Group's results of operations,business and financial condition have been and could continue to be affectedby adverse macroeconomic and market conditions; (iii) HVB Group hassignificant exposure to weaker eurozone countries.
• Operational Risk
(i) HVB Group's risk management strategies and techniques may leave HVBGroup exposed to unidentified or unanticipated risks; (ii) IT risks; (iii) Risksarising from fraud in trading; (iv) Risks in connection with legal proceedings;(v) HVB Group is involved in pending tax proceedings.
• Strategic Risk
(i) Risk arising from the overall economic environment; (ii) The Europeansovereign debt crisis has adversely affected, and may continue to, adverselyaffect HVB Group's results of operations, business and financial condition; (iii)Risks from the strategic orientation of HVB Group´s business model; (iv) Risksfrom the consolidation of the banking market; (v) Risks arising from changingcompetitive conditions in the German financial sector; (vi) The regulatoryenvironment for HVB Group may change; non-compliance with regulatoryrequirements may result in enforcement measures; (vii) Risks from theintroduction of new charges and taxes to stabilize the financial markets andinvolve banks in the sharing of costs for the financial crisis; (viii) The exerciseof stress tests could adversely affect the business of HVB Group; (ix) HVB
19
Group may be exposed to specific risks arising from the so-called SingleSupervisory Mechanism ("SSM") under which the European Central Bank("ECB") will be responsible for conducting banking supervision in the euro areaand other initiatives to create the so-called EU Banking Union; (x) Risks inrelation to prohibition/separation of certain activities from other bankingbusiness; (xi) Risks arising from a change in HVB’s rating
• Reputational Risk
Adverse reactions by stakeholders due to a change of perception of the bankmay have a negative impact on HVB Group's results of operations, businessand financial position.
• Business Risk
Unexpected negative changes in the business volume and/or the margins(e.g., as a result of the ongoing sovereign debt crisis) can lead to seriouslosses in earnings, thereby diminishing the market value of a company.
• Real Estate Risk
Changes in the market value of the real estate portfolio of HVB Group mayhave an adverse impact on its financial position and results of operations.
• Financial Investment Risk
Fluctuations in market prices of HVB Group’s portfolio of listed and unlistedshareholdings, financial investments and corresponding fund shares couldlead to losses.
• Pension Risk
HVB Group has undertaken to provide pension plans to its current and formeremployees. Pension risks exist in connection with such pension plans whichmay require a provision of additional capital to service the vested pensioncommitments.
• Risks arising from outsourcing activities
Failures in the risk assessment process or in defining risk reducing measuresin relation to an outsourcing of activities and processes to external serviceproviders could lead to a negative impact on HVB Group´s results ofoperations, business and financial position.
D.6 Key information
on the key risks
that are specific
to the securities
• Potential conflicts of interest
Conflict of interest risk is related to the possibility that certain functions of theIssuers, distributors or agents or events with respect to the underlying-linkedSecurities may be adverse to the interests of the Security Holders.
• Risks related to the market
(i) Risk that no active trading market for the Securities exists; (ii) Risks relatedto the issue volume; (iii) Risk related to the market value of the Securities; (iv)Risk related to the spread between bid and offer prices; (v) Currency risk withrespect to the Securities; (vi) Risk related to hedging transactions.
• Risks related to the Securities in general
(i) Risks related to the suitability of the Securities; (ii) Credit risk of the Issuer;(iii) Possible limitation of the legality of purchase; (iv) Termination by theIssuer; (v) Risks arising from financial market turmoil, the German BankRestructuring Act and other governmental or regulatory interventions; (vi)Risks due to the lack of own independent review and advice of the investor;(vii) Risks in connection with a later determination of features; (viii) Risksarising from debt financing of the purchase of the Securities; (ix) Risks arisingfrom transaction costs; (x) Risks with regard to determinations by theCalculation Agent; (xi) Inflation risk; (xii) Risks in connection with a purchaseof Securities for hedging purposes; (xiii) Risks related to Taxation.
20
• Risks related to Underlying-linked Securities
(i) Risks arising from the influence of the Underlying or the BasketComponents on the market value of the Securities; (ii) risks arising fromabsent ongoing distributions; (iii) risks arising from the fact that the valuationof the Underlying or a Basket Component occurs only at a specified date orpoint of time; (iv) risks arising where the Minimum Amount provides onlypartial capital protection; (v) risks in relation to a Participation Factor; (vi) riskswith respect to a Floor Level below 100%; (vii) risks relating to a Strike; (viii)risks due to a limitation of potential returns to a Maximum Amount; (ix) riskswith reverse structures; (x) risks with respect to several Underlyings or abasket of Underlyings; (xi) risk of postponement or alternative provisions forthe valuation of the Underlying or the Basket Components; (xii) currency riskwith respect to the Underlying or the Basket Components; (xiii) risks inrelation to Adjustment Events; (xiv) risk of Market Disruptions; (xv) risk ofregulatory consequences to investors when investing in Underlying-linkedSecurities; (xvi) risks arising from negative effects of hedging arrangements bythe Issuer on the Securities; (xvii) risks arising from the Issuer's ConversionRight:
• Risks related to the Underlying
- General risks
(i) Risks arising from the volatility of the value of the Underlying and risk dueto a short history; (ii) No rights of ownership in the Underlying or itsconstituents; (iii) Risks associated with Underlyings subject to emergingmarket jurisdictions.
Risks associated with shares as Underlying
(i) Similar risks to a direct investment in shares; (ii) Investors have noshareholder rights; (iii) Risks associated with ADRs/RDRs
Investors may lose the value of their entire investment or part of it.
E. OFFER
E.2b Reasons for theoffer and use ofproceeds whendifferent frommaking profitand/or hedgingcertain risks
The net proceeds from each issue of Securities will be used by the Issuersfor their general corporate purposes.
E.3 Description of theterms andconditions of theoffer
Day of the first public offer: 23 January 2015.
Issue Price: USD 100.
A public offer will be made in Italy.
The smallest transferable unit is 1 Security.
The smallest tradable unit is 1 Security.
The Securities will be offered to qualified investors and/or retail investorsand/or institutional investors by way of public offerings by financialintermediaries.
As of the day of the first public offer the Securities described in the FinalTerms will be offered on a continuous basis.
The continuous offer will be made on current ask prices provided by theIssuer.
The public offer may be terminated by the Issuer at any time without givingany reason.
Application to listing will be made as of 27 April 2015 on the following
21
markets: Euro TLX.
The Securities are initially offered during a Subscription Period.
Subscription Period: from 23.01.2015 to 23.02.2015 (in particular, from 23January 2015 to 16 February 2015 the Securities can be placed by therelevant intermediary through "door to door selling").
The Issuer reserves the right to extend or shorten the Subscription Period orto withdraw the issue during the Subscription Period.
E.4 Any interest that ismaterial to theissue/offerincludingconflicting interest
Any distributors and/or its affiliates may be customers of, and borrowersfrom the Issuers and their affiliates. In addition, any of such distributors andtheir affiliates may have engaged, and may in the future engage, ininvestment banking and/or commercial banking transactions with, and mayperform services for the Issuers and their affiliates in the ordinary course ofbusiness.
With regard to trading of the Securities the Issuer has a conflict of interestbeing also the Market Maker on t Euro TLX. Moreover, Euro is organized andmanaged by Euro TLX SIM S.p.A., a company in which UniCredit S.p.A. – theHolding Company of UniCredit Bank AG as the Issuer – has a stake in.
E.7 Estimatedexpenses chargedto the investor bythe Issuer or thedistributor
The Issue Price includes the following fees: a structuring fees for the Issuer,equal to 0,85% of the Issue Price and a distribution fee for the intermediaryequal to 1.5% of the Issue Price, and other charges for the Issuer concerningthe management of the market risk for the maintenance of the offerconditions equal to 0,30% of the Issue Price.
ANNEX TO THE SUMMARY
ISIN (C.1) Final Observation Date (C.16) Maturity Date (C.16)
XS1172425446 28 August 2017 4 September 2017
22
NOTA DI SINTESI
Le note di sintesi sono composte da requisiti d’informativa noti come “Elementi”. Tali Elementi sono numerati inSezioni da A ad E (A.1 – E.7).
La presente Nota di Sintesi contiene tutti gli Elementi che devono essere inclusi in una nota di sintesi per ilpresente tipo di Titoli e di Emittente. Poiché certi Elementi non devono necessariamente essere trattati,potrebbero esserci alcune lacune nella sequenza numerica degli Elementi.
Sebbene un certo Elemento debba essere inserito nella Nota di Sintesi perché così richiesto dal tipo di Titolo e diEmittente, è possibile che non possano essere fornite informazioni rilevanti in relazione a tale Elemento. In talcaso nella Nota di Sintesi viene inclusa una breve descrizione dell’Elemento con la menzione "Non Applicabile”.
A. INTRODUZIONE ED AVVERTENZE
A.1 Avvertenza La presente Nota di Sintesi dovrebbe essere letta quale introduzione al Prospettodi Base.
L’investitore dovrebbe fondare ogni decisione di investire nei Titoli sull’esamedel presente Prospetto di Base nel suo insieme.
Qualora sia proposta un’azione legale in relazione alle informazioni contenutenel presente Prospetto di Base davanti ad un’autorità giudiziaria, l’investitorericorrente potrebbe, a norma del diritto nazionale dello Stato Membro, esseretenuto a sostenere le spese di traduzione del Prospetto di Base prima dell’iniziodel procedimento legale.
UniCredit Bank AG ("UniCredit Bank", l’"Emittente" o "HVB"), Kardinal-Faulhaber-Straße 1, 80333 Monaco, che nella sua qualità di Emittente si assumela responsabilità della Nota di Sintesi, inclusa ogni traduzione della stessa, puòessere ritenuto responsabile, ma solo se la Nota di Sintesi sia fuorviante, noncorretta o non coerente quando letta congiuntamente alle altre parti delProspetto di Base, o non fornisca, quando letta congiuntamente alle altre partidel Prospetto di Base, tutte le necessarie informazioni chiave al fine di aiutarel'investitore nella decisione di investire o meno in tali Titoli.
A.2 Consenso all’uso delprospetto di base
Fatti salvi i seguenti paragrafi, l’Emittente fornisce il proprio consenso all’uso delProspetto di Base durante il periodo della sua validità per successive rivendite ocollocamenti finali dei Titoli da parte di intermediari finanziari.
Indicazione delperiodo di offerta
Rivendite o collocamenti finali dei Titoli da parte di intermediari finanziaripossono essere effettuati ed il consenso all’utilizzo del Prospetto di Base èfornito per un periodo di offerta di 12 mesi a partire dal 23 gennaio 2015
Altre condizioni delconsenso
Il consenso dell'Emittente all'utilizzo del Prospetto di Base è soggetto allacondizione che ogni intermediario finanziario rispetti le applicabili restrizioni allavendita così come i termini e condizioni dell'offerta.
Fatto salvo per quanto sopra, il consenso non è subordinato ad alcuna ulteriorecondizione
Messa adisposizione deiTermini eCondizionidell’offerta da partedell’intermediario
Le informazioni sui termini e condizioni dell’offerta devono essere fornite daparte dell' intermediario finanziario nel momento in cui l’offerta vieneeffettuata da parte dell' intermediario finanziario medesimo.
23
finanziario
B. EMITTENTE
B.1 Denominazione
legale e
commerciale
La denominazione legale è UniCredit Bank AG (congiuntamente alle sue
controllate consolidate, il "Gruppo HVB"). La denominazione commerciale è
HypoVereinsbank.
B.2 Domicilio/ Forma
giuridica/
Legislazione/ Paese
di costituzione
UniCredit Bank ha la propria sede legale in Kardinal-Faulhaber-Straße 1, 80333
Monaco ed è stata costituita in Germania come società per azioni ai sensi delle
leggi della Repubblica Federale Tedesca.
B.4b Tendenze note
riguardanti
l’emittente e i
settori in cui opera
La performance del Gruppo HVB dipenderà dallo sviluppo futuro dei mercati
finanziari e dell'economia reale nel 2014 così come da altri fattori
imponderabili. In tale contesto, il Gruppo HVB continuerà ad adattare la propria
strategia di business al fine di riflettere i cambiamenti nelle condizioni di
mercato e continuerà a valutare con regolarità ed attenzione i segnali utili per
la gestione.
B.5 Descrizione del
gruppo e della
posizione
dell’emittente
nell’ambito del
gruppo
UniCredit Bank è la società capogruppo del Gruppo HVB. Il Gruppo HVB detiene
direttamente e indirettamente partecipazioni azionarie in varie società.
UniCredit Bank è stata una società partecipata da UniCredit S.p.A., Roma
("UniCredit S.p.A.", e congiuntamente alle sue controllate consolidate,
"UniCredit") dal novembre 2005 e pertanto come sotto-gruppo una parte
importante di UniCredit a partire da tale data . UniCredit S.p.A. detiene
direttamente il 100% del capitale azionario di UniCredit Bank.
B.9 Proiezione o stima
degli utili
Non applicabile; non viene effettuata alcuna proiezione o stima degli utili.
B.10 Descrizione della
natura di eventuali
rilievi contenuti
nella relazione di
revisione relativa
alle informazioni
finanziarie relative
agli esercizi passati
Non applicabile. KPMG AG Wirtschaftsprüfungsgesellschaft, i revisori
indipendenti (Wirtschaftsprüfer) di UniCredit Bank per l'esercizio finanziario
2012, hanno certificato il bilancio consolidato del Gruppo HVB ed il bilancio non
consolidato di UniCredit Bank al, e per l'esercizio concluso il, 31 dicembre 2012
ed hanno rilasciato una relazione di revisione senza riserve sui medesimi.
Deloitte & Touche GmbH, Wirtschaftsprüfungsgesellschaft, i revisori
indipendenti (Wirtschaftsprüfer) di UniCredit Bank per l’esercizio finanziario
2013 hanno certificato il bilancio consolidato del Gruppo HVB e il bilancio non
consolidato di UniCredit Bank al, e per, l'esercizio concluso il, 31 dicembre 2013
ed hanno rilasciato una relazione di revisione senza riserve sui medesimi.
B.12 Informazioni
finanziarie
fondamentali
selezionate relative
agli esercizi passati
Principali Dati Finanziari Consolidati al 31 dicembre 2013*
Indicatori chiave di rendimento1/1 –
31/12/2013
1/1 –
31/12/2012
Risultato operativo netto €1.839 milioni €1.807 milioni
Rapporto costi-reddito (sulla base
del reddito di gestione)
63,6% 58,1%
24
Profitto ante imposte €1.458 milioni €2.058 milioni
Profitto consolidato €1.074 milioni €1.287 milioni
Redditività del capitale proprio ante
imposte1)
7,1% 9,2%
Redditività del capitale proprio post
imposte1)
5,8% 5,8%
Utili per azione €1,29 €1,55
Dati dello Stato Patrimoniale 31/12/2013 31/12/2012
Attivi complessivi €290,0 miliardi €347,3 miliardi
Patrimonio netto €21,0 miliardi €23,3 miliardi
Rapporto di leva2) 7,1% 6,6%
Indici patrimoniali chiave ai sensi
di Basilea II31/12/2013 31/12/2012
Patrimonio di base senza capitale
ibrido (core Tier 1 capital)
€18,4 miliardi €19,1 miliardi
Patrimonio di base (Tier 1 capital) €18,5 miliardi €19,5 miliardi
Attivi ponderati in base al rischio
(inclusi gli equivalenti per il rischio
di mercato ed il rischio operativo)
€85,5 miliardi €109,8 miliardi
Rapporto del patrimonio di base
senza capitale ibrido (core Tier 1
ratio)3)
21,5% 17,4%
Rapporto del Patrimonio di base
(Tier 1 ratio) 3)
21,6% 17,8%
* I dati mostrati nella presente tabella sono certificati e tratti dalla Relazione
Annuale di Bilancio Consolidata dell’Emittente al 31 dicembre 2013.
1) Redditività del capitale proprio calcolato sulla base del patrimonio netto
medio ai sensi degli IFRS.2) Rapporto tra il patrimonio netto evidenziato nello stato patrimoniale meno
gli attivi intangibili e gli attivi totali meno gli attivi intangibili.3) Calcolato sulla base degli attivi ponderati in base al rischio, inclusi gli
equivalenti per il rischio di mercato ed il rischio operativo.
25
Principali Dati Finanziari Consolidati al 30 giugno 2014*
Indicatori chiave di
rendimento1/1 –
30/06/2014
1/1 –
30/06/20
13
Risultato operativo netto €399 milioni €1.121
milioni
Rapporto costi-reddito (sulla
base del reddito di gestione)
79,3% 59,4%
Profitto ante imposte €513
milioni
€1.222
milioni
Profitto consolidato €334 milioni €818
milioni
Redditività del capitale proprio
ante imposte1)
5,1% 11,8%
Redditività del capitale proprio
post imposte1)
3,1% 8,1%
Utili per azione €0,41 €1,01
Voci dello Stato Patrimoniale30/06/2014 31/12/20
13
Attivi complessivi €298,6 miliardi €290,0
miliardi
Patrimonio netto €20,5 miliardi €21,0
miliardi
Rapporto di leva2) 6,7% 7,1%x
Indici patrimoniali chiave30/06/2014
Basilea III
31/03/20
14
Basilea III
31/12/120
13
Basilea II
Patrimonio di base senza
capitale ibrido (core Tier 1
capital)
- - € 18,4
miliardi
Patrimonio di base (Tier 1) €18,9 miliardi €19,0
miliardi
-
Patrimonio di base (Tier 1
capital)
€18,9 miliardi €19,0
miliardi
€18,5
miliardi
26
Attivi ponderati in base al
rischio (inclusi gli equivalenti
per il rischio di mercato ed il
rischio operativo)
€88,7 miliardi €90,8
miliardi€ 85,5
miliardi
Rapporto del patrimonio di
base senza capitale ibrido
(core Tier 1 ratio) 3)
-
- 21,5%
Rapporto del Patrimonio di
base (Tier 1 ratio) 3)
21,3% 21,0% -
Rapporto del Patrimonio di
Base (Tier 1 ratio) 3)
21,3% 21,0% 21,6%
* I dati mostrati nella presente tabella non sono certificati e sono tratti dalla
Relazione Infrannuale Consolidata dell’Emittente al 30 giugno 2014.
1) Redditività del capitale proprio calcolato sulla base del patrimonio netto
medio ai sensi degli IFRS e l'utile previsto ante imposte al 30 giugno 2014
per l'intero anno.2) Rapporto tra il patrimonio netto evidenziato nello stato patrimoniale meno
gli attivi intangibili e gli attivi totali meno gli attivi intangibili.3) Calcolato sulla base degli attivi ponderati in base al rischio, inclusi gli
equivalenti per il rischio di mercato ed il rischio operativo.
Dichiarazione
relativa a
cambiamenti
negativi sostanziali
Non si sono verificati cambiamenti negativi sostanziali nelle prospettive del
Gruppo HVB successivamente al 31 dicembre 2013, la data dei suoi ultimi
bilanci consolidati sottoposti a revisione (Bilancio Annuale 2013).
Dichiarazione
relativa a
cambiamenti
significativi
Non applicabile. Non si sono verificati cambiamenti significativi nella situazione
finanziaria del Gruppo HVB successivamente al 30 giugno 2014.
B.13 Sviluppi recenti Non applicabile. Non vi sono eventi recenti specifici per UniCredit Bank che
siano rilevanti in modo significativo per la valutazione della sua solvibilità.
B.14 Dichiarazione di
dipendenza da altre
entità all’interno del
gruppo
UniCredit S.p.A. detiene direttamente il 100% del capitale azionario di UniCredit
Bank.
B.15 Attività principali UniCredit Bank offre una gamma completa di prodotti e servizi bancari e
finanziari a clienti nel settore privato, aziendale, pubblico oltre che a società
internazionali e clienti istituzionali.
Questa gamma di prodotti e servizi spazia dai mutui ipotecari, prestiti al
consumo, prodotti di risparmio-e-prestito, ed assicurativi e servizi bancari per la
clientela privata fino a prestiti commerciali e finanziamenti al commercio
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estero per la clientela aziendale ed a fondi di investimento per ogni classe di
attività, servizi di consulenza ed intermediazione, operazioni su titoli, gestione
del rischio di liquidità e finanziamento, servizi di consulenza per la clientela più
abbiente e prodotti di investment banking per la clientela aziendale.
B.16 Proprietà o controllo
diretti o indiretti
UniCredit S.p.A. detiene direttamente il 100% del capitale azionario di UniCredit
Bank.
C. TITOLI
C.1 Tipo e classe deititoli Titoli Garant Cap Basket
I Titoli saranno emessi come Certificati con un Valore Nominale.
I "Certificati" sono strumenti di debito al portatore(Inhaberschuldverschreibungen) (nel caso di Titoli retti dal diritto tedesco aisensi del § 793 del Codice Civile tedesco (Bürgerliches Gesetzbuch, BGB)).
"Valore Nominale" indica USD 100.
I Titoli sono rappresentati dal un titolo globale permanente senza cedole perinteressi.
I portatori dei Titoli (i "Portatori dei Titoli") non hanno diritto di ricevere Titolidefinitivi. Il codice ISIN è indicato nella tabella contenuta nell’Allegato allapresente nota di sintesi.
C.2 Valutadell’emissione dititoli
I Titoli sono emessi in Dollari Statunitensi (USD) (la "Valuta Specificata").
C.5 Restrizioni allalibera trasferibilitàdei titoli
Non applicabile. I Titoli sono liberamente trasferibili.
C.8 Diritti connessi aititoli, compreso ilranking e lerestrizioni a talidiritti
Legge applicabile ai Titoli
I Titoli, per quanto riguarda la forma ed il contenuto, oltre ai diritti ed obblighidell’Emittente e dei Portatori dei Titoli, saranno soggetti alla legge dellaRepubblica Federale Tedesca.
Diritti connessi ai Titoli
I Titoli hanno una durata fissa.
I Titoli non producono interessi.
I Portatori dei Titoli hanno diritto al pagamento dell’Importo di Rimborso (comedefinito al punto C.15) alla Data di Scadenza (come definita al punto C.16).
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Restrizioni ai diritti
L’Emittente è autorizzato a esercitare una call sui Titoli o modificare ilregolamento dei Titoli.
Status dei Titoli
Gli obblighi derivanti dai Titoli costituiscono obbligazioni dirette, incondizionatee non garantite dell’Emittente e, salvo vi siano disposizioni normative contrarie,avranno almeno pari priorità nell’ordine dei pagamenti rispetto ad ogni altroobbligo presente e futuro non garantito e non subordinato dell’Emittente.
C.11 Ammissione allanegoziazione su unmercatoregolamentato
Sarà depositata una richiesta di ammissione dei Titoli alla negoziazione coneffetto a partire dal 27 aprile 2015 sui seguenti mercati regolamentati: EuroTLX.
C.15 Effetto delsottostante sulvalore dei titoli
Il valore dei Titoli durante la loro vita dipende principalmente dal prezzo deiComponenti del Paniere (come definiti al punto C.20). In linea di principio, ilvalore dei Titoli sale se il prezzo dei Componenti del Paniere cresce e cala se ilprezzo dei Componenti del Paniere scende.
Il pagamento a titolo di rimborso alla Data di Scadenza dipende dallaPerformance del Sottostante. La Performance del Sottostante è la performancemedia dei Componenti del Paniere, che vengono tenuti in considerazione aseconda delle loro Ponderazioni (come indicate nelle Condizioni Definitive). IlPortatore dei Titoli partecipa alla Performance del Sottostante sulla base di unFattore di Partecipazione (come indicato nelle Condizioni Definitive),beneficiando di una Performance crescente del Sottostante in relazione alloStrike (come indicato nelle Condizioni Definitive). Tuttavia, il pagamento atitolo di rimborso sarà almeno pari ad un Importo Minimo (come indicato nelleCondizioni Definitive). Inoltre, l’Importo di Rimborso non sarà superioreall’Importo Massimo (come indicato nelle Condizioni Definitive).
Alla Data di Scadenza l’Importo di Rimborso è pari al Valore Nominalemoltiplicato per la somma tra (i) il Livello Floor (come indicato nelle CondizioniDefinitive) e (ii) la differenza, moltiplicata per il Fattore di Partecipazione, tra laPerformance del Sottostante e lo Strike.
L’Importo di Rimborso non sarà inferiore all’Importo Minimo né superioreall’Importo Massimo.
C.16 Data di estinzione oscadenza deglistrumenti derivati –data di esercizio odata di riferimentofinale
La "Data di Osservazione Finale" e la "Data di Scadenza" sono indicate nellatabella di cui all’Allegato alla presente nota di sintesi.
C.17 Modalità diregolamento deititoli
Tutti i pagamenti dovranno essere effettuati a Citibank, N.A. (l’"Agente per ilPagamento Principale").
L’Agente per il Pagamento Principale pagherà gli importi dovuti al Sistema diCompensazione per l’accredito sui rispettivi conti delle banche depositarie chea loro volta li trasferiscono ai Portatori dei Titoli.
Il pagamento al Sistema di Compensazione libererà l’Emittente dalle proprie
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obbligazioni ai sensi dei Titoli per l’importo di tale pagamento.
"Sistema di Compensazione" indica CBL ponte Euroclear.
C.18 Descrizione dellemodalità secondo lequali si generano iproventi deglistrumenti derivati
Pagamento dell’Importo di Rimborso alla Data di Scadenza.
C.19 Prezzo di esercizio oprezzo diriferimentodefinitivo delsottostante
"K i (finale)" indica il Prezzo di Riferimento del Componente del Panierei
specificato alle Date di Osservazione Finale.
Componente del Panierei Prezzo di Riferimentoi
Procter & Gamble Co. Prezzo di Chiusura
Coca-Cola Co Prezzo di Chiusura
Kraft Foods Group Inc. Prezzo di Chiusura
C.20 Tipo di sottostante /e descrizione didove le informazionisul sottostantepossono esserereperite
"Sottostante" indica un paniere composto dai seguenti Componenti delPaniere (i "Componenti del Paniere"):
i ISIN delComponentedel Panierei
Componenti delPanierei
Sito Internet i
1 US7427181091 Procter & Gamble Co.www.pg.com
2 US1912161007 Coca-Cola Cowww.coca-
colacompany.co
m
3 US50076Q1067 Kraft Foods Group Inc.www.kraftfoodsgr
oup.com
Per ulteriori informazioni riguardo alla performance passata e futura deiComponenti del Paniere ed alla loro volatilità, si prega di vedere il Sito Internet
i, come indicato nella precedente tabella (o ogni sito internet sostitutivo).
D. RISCHI
D.2 Principali rischirelativiall’emittente
I potenziali investitori dovrebbero essere consapevoli del fatto che qualora siverifichi uno dei fattori di rischio di seguito menzionati, il valore dei Titolipotrebbe diminuire e gli investitori potrebbero subire una perdita totale del loroinvestimento.
• Rischio di Credito
(i) Rischi connessi ad un rallentamento dell’economia ed alla volatilità deimercati finanziari; (ii) Il deterioramento delle valutazioni degli attivi in sofferenzacausate dalle deboli condizioni di mercato possono influenzare negativamente iguadagni futuri del Gruppo HVB; (iii) La situazione economica dei mercatigeografici in cui il Gruppo HVB opera hanno avuto, e possono continuare ad
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avere, influenze negative sui risultati operativi, sugli affari e sulla situazionefinanziaria del Gruppo HVB; (iv) Le attività bancarie non tradizionali espongono ilGruppo HVB ad ulteriori rischi di credito; (v) Le modifiche nel quadro normativotedesco ed europeo possono influenzare negativamente gli affari del GruppoHVB; (vi) Le perdite su crediti possono superare i livelli previsti; (vii) Il rischiosistemico può influenzare negativamente gli affari del Gruppo HVB .
• Rischio di Mercato
(i) Difficili contesti di mercato possono aggiungersi alla volatilità nel reddito delGruppo; (ii) Il reddito del Gruppo HVB può essere volatile con riferimento alleattività di negoziazione ed alle fluttuazioni nei tassi di interesse e di cambio.
• Rischio di Liquidità
(i) I rischi riguardanti la liquidità che possono influenzare la capacità del GruppoHVB di adempiere le proprie obbligazioni finanziarie man mano che diventanoesigibili; (ii) I risultati operativi, gli affari e la situazione finanziaria del GruppoHVB, sono stati e potrebbero continuare ad essere influenzati da condizioniavverse di mercato e macroeconomiche; (iii) Il Gruppo HVB è significativamenteesposto verso i più deboli paesi dell’Eurozona.
• Rischio Operativo
(i) Le strategie e tecniche di gestione del rischio del Gruppo HVB possono lasciareil Gruppo HVB esposto a rischi non identificati e non previsti; (ii) Rischi relativIalla tecnologia informatica; (iii) Rischi derivanti da frodi nella negoziazione; (iv)Rischi connessi a procedimenti giudiziari; (v) Il Gruppo HVB è coinvolto inprocedimenti fiscali pendenti.
• Rischio strategico
(i) Rischio derivante dal contesto economico globale; (ii) La crisi Europea deldebito sovrano ha avuto un impatto sfavorevole e può continuare ad influenzarenegativamente i risultati operativi, economici e la situazione finanziaria delGruppo HVB (iii) Rischi derivanti dall’orientamento strategico del modello dibusiness del Gruppo HVB; (iv) Rischi derivanti dal consolidamento del mercatobancario; (v) Rischi derivanti dal cambiamento delle condizioni competitive nelsettore finanziario tedesco (vi) Il contesto normativo applicabile al Gruppo HVBpuò cambiare; il mancato rispetto degli obblighi normativi può avere comeconseguenza l’adozione di misure coercitive (vii) Rischi derivantidall’introduzione di nuove imposte e tasse per stabilizzare i mercati finanziari edal coinvolgimento delle banche nella condivisione dei costi della crisifinanziaria; (viii) L’utilizzo di stress test potrebbe aver un impatto negativosull’attività del Gruppo HVB; (ix) Il Gruppo HVB potrebbe essere esposto a rischispecifici derivanti dal cosiddetto Meccanismo di Supervisione Singola (“MSS”) aisensi del quale la European Central Bank (“ECB”) sarà responsabile dell’eserciziodella supervisione bancaria nell’area Euro e da altre iniziative per la creazionedella cosiddetta Unione Bancaria Europea; (x) Rischi relativi allaproibizione/separazione di certe attività dalle altre attività bancarie; (xi) Rischiderivanti dal cambiamento nel rating di HVB.
• Rischio Reputazionale
Reazioni avverse degli azionisti dovute ad una cambiamento nella percezionedella banca possono avere un impatto negativo sui risultati operativi, attività eposizione finanziaria del Gruppo HVB.
• Rischio di Business
Cambiamenti negativi inaspettati nel volume e/o nei margini dell’attività (adesempio quale risultato della attuale crisi del debito sovrano) possono portare
31
perdite serie nei guadagni e pertanto diminuire il valore di mercato della società.
• Rischi derivanti dal Portafoglio Immobiliare
Cambiamenti nel valore di mercato del portafoglio immobiliare del Gruppo HVBpossono avere un impatto negativo sulla sua posizione finanziaria e sui risultatioperativi.
• Rischi derivanti dagli Investimenti Finanziari
Fluttuazioni nei prezzi di mercato del portafoglio del Gruppo HVB dipartecipazioni quotate e non quotate, di investimenti finanziari e dellecorrispondenti quote di fondi possono condurre a perdite.
• Rischi derivanti da Piani Pensionistici
Il Gruppo HVB si è impegnato a mettere a disposizione dei propri attuali ed exdipendenti dei piani pensionistici. Il rischio relativo a tali piani deriva dallacircostanza che tali piani possano richiedere il versamento di ulteriore capitale aservizio degli impegni relativi alle pensioni esigibili.
• Rischio derivante da attività esternalizzate
Errori nel processo di valutazione del rischio o nella definizione delle misure diriduzione del rischio in relazione ad una esternalizzazione di attività e processi afornitori esterni di servizi potrebbero avere un impatto negativo sui risultatioperativi, sulle attività e sulla posizione finanziaria del Gruppo HVB.
D.6 Informazionifondamentali suiprincipali rischi chesono specifici pergli strumentifinanziari
• Potenziali conflitti di interesse
Il rischio di conflitto di interesse è relativo alla possibilità che talune funzionidegli Emittenti, dei collocatori o degli agenti ovvero eventi relativi ai Titoli legatiad un sottostante possano essere contrarie agli interessi dei Portatori dei Titoli.
• Rischi relativi al mercato
(i) Rischio che non vi sia alcun mercato di negoziazione attivo per i Titoli; (ii)Rischi relativi al volume dell’emissione; (iii) Rischio relativo al valore di mercatodei Titoli; (iv) Rischio relativo allo spread tra i prezzi denaro e lettera; (v) Rischiovalutario relativo ai Titoli; (vi) Rischio relativo alle operazioni di copertura.
• Rischi relativi ai Titoli in generale
(i) Rischi relativi all’adeguatezza dei Titoli; (ii) Rischio di credito dell’Emittente;(iii) Possibili limiti alla legalità dell’acquisto; (iv) Estinzione da partedell’Emittente (v) Rischi derivanti da turbolenze nei mercati finanziari, il GermanBank Restructuring Act ed altri interventi governativi o normativi; (vi) Rischidovuti alla mancata revisione propria o consulenza dell’investitore; (vii) Rischirelativi ad una successiva determinazione delle caratteristiche; (viii) Rischiderivanti dal finanziamento mediante debito dell’acquisto dei Titoli; (ix) Rischiderivanti dai costi operativi; (x) Rischi relativi alle determinazioni dell’Agente diCalcolo; (xi) Rischio inflazione; (xii) Rischi relativi ad un acquisto di Titoli a fini dicopertura; (xiii) Rischi relativi alla Tassazione.
• Rischi relativi ai Titoli legati ad un Sottostante
(i) Rischi derivanti dall’influenza del Sottostante o dei Componenti del Panieresul valore di mercato dei Titoli; (ii) Rischi derivanti dall’assenza di collocamenticontinuativi; (iii) Rischi derivanti dal fatto che la valutazione del Sottostante o diun Componente del Paniere viene effettuata solo in una determinata data omomento; (iv) rischi derivanti dal fatto che l’Importo Minimo fornisce solo una
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parziale protezione del capitale; (v) Rischi relativi ad un Fattore di Partecipazione;(vi) Rischi relativi ad un Livello Floor inferiore al 100%; (vii) Rischi relativi ad unoStrike; (viii) Rischi dovuti ad una limitazione del rendimento potenziale ad unImporto Massimo; (ix) Rischi relativi alle strutture inverse; (x) Rischi relativi amolteplici Sottostanti o ad un paniere di Sottostanti; (xi) Rischio di posticipo o diprevisioni alternative per la valutazione del Sottostante o dei Componenti delPaniere; (xii) Rischio valutario relativo al Sottostante o ai Componenti delPaniere; (xiii) Rischi relativi ad Eventi di Rettifica; (xiv) Rischio di Turbativa delMercato; (xv) Rischio di conseguenze regolamentari per gli investitori nelmomento in cui investano in Titoli legati al Sottostante; (xvi) Rischi derivanti daeffetti negativi degli accordi di copertura da parte dell’Emittente sui Titoli; (xvii)Rischi derivanti dal Diritto di Conversione dell’Emittente:
• Rischi relativi al Sottostante
- Rischi Generali
(i) Rischi derivanti dalla volatilità del valore del Sottostante e rischio dovuto aduna breve storia passata; (ii) Assenza di diritti di proprietà sul Sottostante o suisuoi costituenti; (iii) Rischi connessi a Sottostanti soggetti a giurisdizioni deimercati emergenti.
Rischi connessi alle azioni quali Sottostante
(i) Rischi simili ad un investimento diretto nelle azioni; (ii) Gli investitori nonhanno alcun diritto in qualità di azionista; (iii) Rischi connessi a ADR/RDR.
Gli investitori possono perdere il valore del loro intero investimento o partedi esso.
E. OFFERTA
E.2b Ragioni dell’offerta eimpiego deiproventi, ove diversidalla realizzazione diprofitti e/o dallacopertura di talunirischi
I proventi netti ottenuti da ogni emissione di Titoli saranno utilizzati dagliEmittenti per i loro generali scopi societari.
E.3 Descrizione deitermini e dellecondizionidell’offerta
Giorno della prima offerta pubblica: 23 gennaio 2015.
Prezzo di Emissione: USD 100.
Un’offerta pubblica verrà effettuata in Italia.
L’unità minima trasferibile è 1 Titolo.
L’unità minima negoziabile è 1 Titolo.
I Titoli saranno offerti a investitori qualificati, e/o investitori retail e/o investitoriistituzionali mediante offerte pubbliche da parte di intermediari finanziari.
A partire dal giorno della prima offerta pubblica i Titoli descritti nelle CondizioniDefinitive saranno offerti su base continuativa.
L’offerta continuativa sarà effettuata sulla base degli attuali prezzi lettera fornitidall’Emittente.
L’offerta pubblica può essere terminata dall’Emittente in qualsiasi momento
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senza fornire alcuna giustificazione.
La domanda di quotazione verrà presentata con efficacia a partire dal 27 aprile2014 sui seguenti mercati: Euro TLX.
I Titoli sono inizialmente offerti durante un Periodo di Sottoscrizione.
Periodo di Sottoscrizione: dal 23.01.2015 al 23.02.2015 (in particolare, dal 23gennaio 2015 al 16 febbraio 2015 i Titoli saranno collocati dal relativoCollocatore mediante vendita “fuori sede”).
L’Emittente si riserva il diritto di estendere o abbreviare il Periodo diSottoscrizione o di ritirare l’emissione durante il Periodo di Sottoscrizione.
E.4 Eventuali interessiche sono significativiperl’emissione/l’offertacompresi interessiconfliggenti
Ogni collocatore e/o le sue affiliate possono essere clienti di, e prestatari degliEmittenti e delle loro affiliate. Inoltre, ognuno di tali collocatori e delle loroaffiliate può aver effettuato, e può in futuro effettuare, operazioni di investmentbanking e/o commercial banking con, e può prestare servizi per gli Emittenti ele loro affiliate nel corso della normale attività.
Con riferimento alla negoziazione dei Titoli l’Emittente si trova in conflitto diinteressi agendo altresì quale Market Maker su Euro TLX. Inoltre, Euro TLX èorganizzato e gestito da Euro TLX SIM S.p.A., società in cui UniCredit S.p.A. – lasocietà holding di UniCredit Bank AG quale Emittente – detiene unapartecipazione.
E.7 Spese stimateaddebitateall’investitoredall’Emittente o dalCollocatore
Il Prezzo di Emissione comprende le seguenti commissioni: una commissione distrutturazione destinata all’Emittente, UniCredit Bank AG, pari allo 0,85% delPrezzo di Emissione e una commissione di collocamento destinata alCollocatore pari all’1,50% di tale Prezzo di Emissione, ed altri oneri relativi alla
gestione del rischio di mercato per il mantenimento delle condizioni di offertadestinata all’Emittente pari allo 0,30% di tale Prezzo di Emissione.
ALLEGATO ALLA NOTA DI SINTESI
ISIN (C.1) Data di Osservazione Finale (C.16) Data di Scadenza (C.16)
XS1172425446 28 agosto 2017 4 settembre 2017