Prospectus - Notowania

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Private Banking
Financial assets at Private Banking Italy totalled about €78 billion. Ordinary financial assets of €62 billion were up by
5.4% since the start of the year, thanks to ordinary net inflows of around €1 billion and a positive performance effect on
assets of approximately €2 billion; compared with the previous quarter, the increase was 3.4%. Ordinary net inflows in the
first nine months were led by an increase in deposits (+€0.8 billion) and the administered component (+€0.2 billion); the
asset management component was down slightly (-€0.1 billion), with a sharp trend reversal in the third quarter (+€0.6
billion) almost completely offsetting the outflows of the first six months. Operating profit was approximately €103 million, a
decrease of around 32% compared with the same period in the previous year. Year-on-year revenue fell by around 16%,
with reductions in the net interest income component (-8% approximately) and, in particular, in net commissions (-23%
approximately), which were affected by the significant drop in recurring margins on managed assets. Despite operating
costs falling by around 4% thanks to the effect of specific containment actions, the cost/income ratio rose from 56.9% on
September 30, 2008 to 65.1%. UniCredit Private Banking ended the first nine months with a net profit of around €60
million.
Private Banking Germany totalled around €26 billion in financial assets at September 30, 2009, of which ordinary assets
were largely stable (€24 billion) compared with the end of 2008 and up by 3.2% compared with the previous quarter. There
were ordinary net outflows of €0.8 billion in the first nine months, strongly influenced by large outflows from deposits (-€0.4
billion) and administered component (-€0.4 billion); however, there was a change in the third quarter in managed asset
flows (+€0.1 billion). From an operating perspective, total revenue fell by 19% compared with the nine months to 30
September 2008, with a reduction in commissions (-22% approximately) and net interest income (-19% approximately).
Operating costs were down by about 6%, with reductions in payroll costs (-4% approximately) and other administrative
expenses (-8% approximately). Operating profit therefore came to about €45 million, a decrease of about 40% compared
with the same period in 2008.
Private Banking Austria totalled ordinary financial assets of around €14 billion at September 30, 2009, up by 2.9% since
the start of the year (+2.5% compared with the previous quarter) thanks to a positive performance effect of about €0.6
billion. Ordinary net flows in the first nine months were -€0.3 billion because of outflows from deposits. Operating profit
was around €21 million, down by about 25% compared with the same period in the previous year as a result of smaller
revenues (-7% approximately) in the net interest income (-16%) and commission (-7% approximately) components.
In order to align the service model offered to Austrian customers with the one used by the Group’s other Private Banking
divisions, a business line restructuring project began during the year, providing for:
� the sale of some Asset Management GmbH assets to Pioneer Investments Austria, a company indirectly owned
by UniCredit Group through Pioneer Global Asset Management;
� the subsequent merger by incorporation of Bank Privat and the remaining assets of Asset Management GmbH
into Bank Austria.
The restructuring should be completed by the end of 2009.
As at September 30, 2009, Private Banking International had total financial assets of about €19 billion, including about
€6 billion in ordinary assets. These ordinary assets grew (+5.5% since the start of the year and +1.1% compared with the
previous quarter) thanks to a recovery in ordinary net flows for the period, which were €0.2 billion owing to a notable
contribution from deposits and administered component. Operating profit for the first nine months came to about €25
million compared with around €38 million in 2008 (-34% approximately), a reduction caused by pressure on revenues (-
22% approximately) in all components, only partially offset by sharp reductions in operating costs (-9% approximately)
deriving from targeted containment policies and the integration of the Luxembourg companies.
The project to rationalise the Private Banking divisions operating in Luxembourg was completed on August 1, 2009 via the
sale of some UniCredit International Luxembourg assets to UniCredit Luxembourg SA (formerly HVB Luxembourg), with the
aim of generating synergies by integrating business and operating platforms.
The approval of the latest capital repatriation measure in Italy (the so-called “scudo fiscale”, or “tax amnesty”), as for similar
measures taken in previous years, should not have a particularly significant impact on the PB International business unit, in
view of the notable benefit in terms of increased assets and therefore future revenues generated by the Italian onshore
component.