Prospectus - Notowania

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>> Group Results
Asset Management
In the third quarter, the net inflow was positive (+€3.4 billion), mainly thanks to the favourable contribution of the Mutual Funds and
Traditional Insurance sectors. Retail business was positive (+€3.6 billion), while Institutional was negative (-€0.4 billion). The market
share of Pioneer Investments increased from 15.20% in the second quarter to 15.62% in the third quarter of 2009.
Germany
The Germany business line ended the first nine months with a negative net inflow of €3.6 billion (-2.9 in the first half of 2009), mainly
in the Institutional business. Assets under management, at €20.9 billion, were down by 13.3% since the beginning of the year,
mainly due to the negative net inflow (-14.8%), partially offset by the positive market performance (+1.5%). In addition to the assets
under management mentioned above, the business line also has assets under administration of €3.3 billion (€3.9 billion at the
beginning of the year).
International
In the first nine months of 2009, the International business line recorded a positive net inflow of €1.2 billion, chiefly attributable to the
growth in Asia (€812 million), Spain (€211 million), France (€123 million) and the Middle East (€306 million).
Assets under management, at €8.2 billion, were thus up by 39% compared with the beginning of the year, partly thanks to the
positive market effect (+18.5%).
CEE
The CEE business line ended the period with a negative net inflow of €47 million, chiefly concentrated in the Czech Republic (-€64
million) and Poland (-€51 million), where Pioneer Pekao nevertheless confirmed its leadership position among Asset Management
companies, with a market share of 16.66%. There were positive net flows in Hungary (+€69 million).
Despite the negative net inflow, thanks to the positive market effect (+16.9%), assets under management, at €5.5 billion, were up by
15.9% compared with the beginning of the year.
Austria
The Austria business line recorded a negative net inflow of €1.9 billion for the period (-€1.6 billion in the first half). Total assets
under management, at €13.9 billion, were up by 5.3% compared with the beginning of the year thanks to the contribution of the new
assets under management acquired by AMG (€1.2 billion) and the positive market effect (+9.7%), partially offset by the negative net
inflow (-14.2%).
In addition to assets under management mentioned above, the business line has assets under administration of €6.2 billion.
Alternative
The Alternative Investments business line recorded a negative net inflow of €1.3 billion for the period. The deposit and AuM figures
are already included in the figures for the various business areas. Almost all the families of funds were negative, with the exception
of PAI Single Strategy (+€70 million).
Assets in Hedge Funds, at €2.6 billion, were down by 26.7% since the beginning of the year, chiefly due to the negative net inflow
(-37.4%), only partially offset by a positive market effect (+11.2%).