Prospectus - Notowania

The cost of credit risk (calculated as net write-downs on loans in relation to average
loans to customers) stood at 62 basis points in 2008, 44 basis points in 2007 and 51
basis points in 2006.
As at December 31, 2008 profits from the disposal of investments related principally
to properties transferred mainly by UniCredit Real Estate (€ 362.8 million), other
assets from the sale of branches in execution of the instructions from the Italian
Antitrust Authority, which made it possible to earn a capital gain (€ 304 million), in
addition to the disposal of equity investments/ assets no longer strategic: Bank BPH
SA (€ 107.4 million), Fimit (€ 25.2 million). In 2007, income from the sale of
investments related mainly to income from the sale of equity investments in Financial
Markets Service Bank (€ 292 million), Indexchange Investment (€ 139 million),
LocatRent (€ 21 million) and Pioneer Investments Funds Services (€ 17 million).
Income (loss) from equity investments
(in millions of Euros) % Change
Income (loss) from equity
investments: breakdown 12.31.2008 12.31.2007 12.31.2006 2008/2007 2007/2006
1) Jointly controlled companies –
Shareholders’ equity
A) Income - - - n.a. n.a.
B) Expenses - - - n.a. n.a.
Net income - - - n.a. n.a
2) Companies subject to
significant influence
A) Income 559 250 331 123.6% -24.5%
1. Revaluations 194 206 230 -5.8% -10.4%
2. Income from sale 365 41 99 790.2% -58.6%
3. Write-backs - 3 2 -100.0% 50.0%
4. Other increases - - - n.a. n.a.
B) Expenses (143) (27) (48) 429.6% 43.8%
1. Write-downs (97) (3) - n.a. n.a.
2. Write-downs due to
impairment (29) (15) (46) 93.3% -67.4%
3. Losses from disposal (17) (9) (2) 88.9% 350.0%
4. Other decreases - - - n.a. n.a.
Net income 416 223 283 86.5% -21.2%
Total 416 223 283 86.5% -21.2%
During 2008, income relating to companies subject to significant influence included
revaluations on companies valued with the equity method totalling € 194 million.
Contributions to this amount came mainly from Mediobanca (€ 41 million), Oberbank
(€ 37 million), CreditRas Vita (€ 29 million), Bank Fur Tirol und Voralberg (€ 23
million), BKS Bank (€ 16 million), Aviva (€ 15 million) and Osterreichische Kontroll
Bank (€ 10 million).
The gains on disposal of companies subject to significant influence on the whole
amounted to € 365 million and included, inter alia, gains on the disposal of Centrale
dei Bilanci (€ 94 million), Ganymed Immobilien M.B.H. (€ 57 million), Hypo
Stavebni Sporitelna (€ 46 million) and Budapesti Ertektozsde (€ 41 million).
The expenses of companies subject to significant influence included write-downs on
companies valued with the equity method amounting to € 97 million. Mainly CNP
UniCredit Vita (€ 60 million) and Ca Immobilien Anlagen (€ 6 million) contributed to
said amount.
Write-downs due to the impairment of companies subject to significant influence
amounted to a total of € 29 million, including, inter alia, those relative to UniCredit
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