Prospectus - Notowania

For information on the financial situation of the Issuer and its Group, refer to the more detailed
explanation in Chapters 3 and 10 of the Prospectus. For the consolidated accounts of the
UniCredit Group as at December 31, 2008, refer to the subsequent Chapter 20.
9.2. Operational Situation
This Section reports the main elements of operations of the UniCredit Group in the last three
financial years and in the period ended as at September 30, 2009. For the development of
operations from January 1, 2009 – September 30, 2009, refer to the subsequent Chapter 20 for
more detailed information.
9.2.1. Overview of Operations
In recent years, the UniCredit Group has recorded substantial growth and changes in
its area of operations. The primary operating events occurred in 2005, at the end of the
year, with the integration with the HVB Group, which operates in Germany as well as
in Austria and in the CEE countries, and in 2007, with the integration with the
Capitalia Group which resulted in substantial growth especially in Italy. This
development impacted the operating dynamics of the Group, refining the structure of
the initial business segments, which increased from four initial segments (Retail,
Corporate, Private Banking & Asset Management and New Europe) to the current six
segments (Retail, Private Banking, Asset Management, Corporate & Investment
Banking, Poland’s Markets and Central-Eastern Europe). In particular, the Group’s
segments developed as follows, as a result of the operational logics adopted, also in
light of the specific national and international macroeconomic scenarios:
• 2005 (prior to the integration with HVB):
− Retail
− Corporate
− Private Banking & Asset Management
− New Europe
• 2006
− Retail
− Corporate
− Markets & Investment Banking
− Private Banking & Asset Management
− Poland’s Markets
− Central Eastern Europe
• 2007-2008
− Retail
− Corporate
− Markets & Investment Banking
− Private Banking
− Asset Management
− Poland’s Markets
− Central Eastern Europe
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