Prospectus - Notowania

Outlook
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Despite the appearance of the first signs of economic recovery, European banks’ profitability will continue to be
under pressure in the coming months due to reduced income from intermediation and the worsening of credit
quality. Net interest income will tend to be affected by shrinking volumes and a narrowing of bank spreads. A
reduction in net interest income and the still quite high cost of risk will negatively affect profit growth in the current
year. However, this will be to some extent offset by the expected recovery of non-interest income following the
recent upsurge in the equity markets.
With regard to Central Eastern Europe (CEE), positive indications concerning the recovery of international demand
lead us to think that - after the significant slowdown in almost all the region’s economies seen in 2009 - growth in
this area should resume its upward trend next year. Only in some of the countries most affected by the
international crisis (the Baltic states, Hungary and the countries of the west Balkans) GDP growth could continue
marginally negative in 2010. The CEE banking sector’s profitability will improve sharply in 2010. In some markets,
however, worsening credit quality will continue to affect profits in 2010 (non-performing loans are expected to peak
in the first half-year). Thus, while some countries’ banks - in Ukraine, Kazakhstan and the Baltic countries - will
remain under pressure in 2010, other more solid economies - Poland, Turkey and the Czech Republic - will see an
improvement in the outlook for their banks.
Given the continuing uncertainty of the markets, the Group will continue the strategies followed in 2009, first and
foremost by strengthening its capital base as resolved by UniCredit’s Board of Directors on September 29, 2009.
Equally part of the strategy of reinforcing its position, the Group will continue to seek further efficiencies in its cost
structure to offset in whole or in part any weaknesses arising from the continuance of the current crisis of the
markets.
In the fourth quarter of 2009, as well as completing the actions initiated during the year, the Group will maintain
vigilant risk monitoring while optimizing its return on capital invested and reaffirming its character as that of a
universal bank committed to supporting households and companies.
Milan, November 10, 2009
THE BOARD OF DIRECTORS
Chairman Managing Director/CEO
DIETER RAMPL ALESSANDRO PROFUMO