Prospectus - Notowania

Asset Management
Introduction
Asset Management activities are carried out under the Pioneer Investments brand name. Pioneer is a wholly-owned subsidiary of
UniCredit which operates at international level and has 80 years of experience in asset management.
As a partner of the world's leading financial institutions, the Business Line offers a wide range of innovative asset management
solutions including mutual funds, hedge funds, managed assets, institutional portfolios and structured products.
Due to the adverse market conditions, there were substantial disinvestments in the Asset Management sector in 2008 and at the
beginning of 2009. From the second quarter of the year onwards, however, a reversal was seen in this trend, with a reduction in
disinvestments and a significant improvement in market effect.
Financial performance
For the first nine months of 2009, the operating profit of the Asset Management Business Line was €173 million, representing a fall
of €309 million compared with the first nine months of 2008 (-64.1%), principally due to the fall in revenues, partially offset by a
substantial reduction in costs.
Comparing the third quarter of 2009 with the immediately preceding quarter, the operating profit shows an increase of 20.8%.
Income Statement (€ million)
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
FIRST 9 MONTHS CHANGE 2009
CHANGE 2008
2009 2008 % Q3 Q2 % Q3
ASSET MANAGEMENT SU 2° TRIM '09
Operating income 524 875 - 40.1% 184 159 + 15.7% 267
Operating costs -351 -393 - 10.7% -125 -111 + 12.6% -133
Operating profit 173 482 - 64.1% 58 48 + 20.8% 134
Profit before tax 179 503 - 64.4% 59 52 + 13.5% 131
The results at 30 September reflect the negative trend in assets under management, which suffered from the effects of the market
turbulence that began in 2008 and lasted into the first half of the current year.
With respect to the same period in the previous year, there is a 39.6% reduction in net commissions, mainly attributable to the fall
in average assets under management (-€61 billion, equivalent to 27%) and the drop in profitability caused by the switch, in the
composition of the portfolio, from shares and equity funds to balanced and flexible funds.
The fall in revenues is partly offset by the reduction in operating costs obtained thanks to constant control of the cost dynamic.
In the third quarter of 2009, operating income was €184 million, showing an increase of 15.7% compared with the second quarter.
This increase is chiefly attributable to the higher management commissions associated with the rise in assets under management
(+5.7% due to the combined effect of the positive net inflow and the favourable performance).
Operating costs in the third quarter were up by 12.6% compared with the second quarter, due to the combined effect of an
increase in payroll costs (+15.1%) and a reduction in other administrative expenses (-4.1%).
It is also noted that payroll costs for the second quarter benefit from the release of variable HR rates related to 2008. Disregarding
this factor, payroll costs for Q3 2009 are essentially in line with those for Q2.
Again with regard to operating costs, it should be pointed out that in the third quarter the assets of the subsidiary Vanderbilt were
written down by €5.9 million.
As known, the Pioneer Group as well as other entities belonging to the UniCredit Group have been sued in three class actions,
connected with the "Madoff" affair, by investors in the Primeo Hedge Fund managed by Pioneer Alternative Investment
Management Limited (Dublin).
62