Prospectus - Notowania

Business lines (by product, market and Group entity)
The last quarter saw a reversal of the trend in net inflow, with a positive result of €4.2 billion.
In the first nine months of 2009, however, the overall net inflow was negative to the tune of €7.2 billion, with falls affecting all the
business lines except for the business line International .
Assets under management stand at €172 billion, with an increase of 3.2% since the beginning of the year, chiefly due to a positive
market effect (+7%) and the acquisition of €2.3 billion of new assets under management, partially offset by the negative net inflow
(-4.3%).
Total Financial Assets (billion €)
USA
ASSET MANAGEMENT
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
AMOUNT AS AT CHANGE ON DEC '08 AMOUNT AS AT CHANGE ON SEP '08
09.30.2009 06.30.2009 12.31.2008 AMOUNT % 09.30.2008 AMOUNT %
Total Financial Assets 181,4 169,5 176,6 4,8 + 2,7% 208,3 -26,9 - 12,9%
Asset under management 172,0 160,3 166,7 5,3 + 3,2% 198,7 -26,7 - 13,4%
- Italy 92,7 85,8 89,1 3,6 + 4,1% 102,5 -9,8 - 9,5%
- US 30,8 29,1 29,7 1,1 + 3,9% 35,9 -5,1 - 14,1%
- International 8,2 6,8 5,9 2,3 + 39,0% 10,9 -2,7 - 24,7%
- Germany 20,9 20,3 24,1 -3,2 - 13,3% 28,3 -7,4 - 26,3%
- CEE 5,5 4,7 4,7 0,8 + 15,9% 7,4 -1,9 - 25,8%
- Austria 13,9 13,6 13,2 0,7 + 5,3% 13,7 0,2 + 1,3%
Asset under administration 9,4 9,2 9,9 -0,5 - 5,0% 9,6 -0,2 - 1,8%
Germany
12,1%
International
4,8%
US
17,9%
CEE
3,2%
AuM by distribution area
Pioneer Austria
7,1%
The business line ended the first nine months of the year with a negative net inflow of €0.4 billion. Assets under management, at
€30.8 billion, were down by 3.9% since the beginning of the year due to the negative net inflow (-1.2%) and exchange rate effect (-
5.2%), partially offset by the favourable performance of the market component (+6.6%). There was also a positive effect from the
acquisition of the new Regions Morgan Keegan funds of 1.5 billion dollars.
Adjusted for Vanderbilt and the acquisition, assets under management amounted to €24.0 billion (35.2 billion dollars), a 12%
increase over the end of the previous quarter.
Italy
The business line's assets stand at €92.7 billion, up by 4.1% since the beginning of the year, mainly due to the positive market
component of €6.2 billion, partially offset by negative net flows of -€2.6 billion.
Italy
53,9%
64