Prospectus - Notowania

13. PROFIT FORECASTS OR ESTIMATES
The Prospectus does not contain profit forecasts or estimates.
On June 25, 2008, the Issuer’s Board of Directors approved the Strategic Plan for the 2008-
2010 period containing the strategic guidelines and economic, equity and financial growth
objectives of the UniCredit Group for the next 3 years.
The Strategic Plan was formulated on the basis of general external scenario assumptions and on
those relating to the effects of future initiatives and measures of the UniCredit Group.
The deterioration in conditions in the financial markets and in the real economy recorded in the
second half of 2008, extraordinary events linked to the credit crisis and the resultant uncertainty
led, inter alia, to difficult situations and in the worse cases, to bankruptcy - in particular, of
some of the biggest financial institutions (including, for example, AIG, Lehman Brothers) - the
effects of which immediately extended to international markets, to the point that concerted
action was needed by the Governments of the leading industrialised nations.
Therefore, on October 5, 2008, at the time of announcement of the capital strengthening
measures, the Issuer’s Board of Directors, in consideration of the extraordinary situation in the
markets and uncertainty over the future macroeconomic scenario, informed the market that it
was unable to confirm the long-term objectives set out in the Strategic Plan, although keeping
the main strategic guidelines unchanged (see First Section, Chapter 6, Paragraph 6.6).
In light of the negative developments in the external scenario, even well into 2009, in addition
to a high level of uncertainty which still hangs over the macroeconomic prospects, the Issuer
holds that the Strategic Plan objectives are again not up-to-date. As a consequence, the Issuer
will only update its Strategic Plan once the market and macroeconomic conditions have
stabilised.
With regards to the year in progress, with the Group having reasserted its practice of not
disclosing budget objectives, for more information on the results as at September 30, 2009 and
on the business outlook, reference should be made to the First Section, Chapter 20.
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