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Structured credit product exposures broken down by subordination degree (€ thousand) CONSOLIDATED INTERIM REPORT AS AT SEPTEMBER 30, 2009 Amounts as at 30.9.2009 Exposure type Senior Mezzanine Junior Total - RMBS 3,389,237 511,081 9,099 3,909,417 - Prime 3,152,337 380,874 - 3,533,211 - Subprime 6,736 10,620 4,727 22,083 - Nonconforming 230,164 119,587 4,372 354,123 - CMBS 1,172,120 397,042 - 1,569,162 - CDO 303,050 212,661 239 515,950 - CDO of ABS / CDO of CDO 4,067 60,654 - 64,721 - CDO Balance Sheet 178,933 6,766 - 185,699 - CDO Market Value - - - - - CDO Preferred Stock - 60,184 - 60,184 - CDO Synthetic Arbitrage 15,449 5,693 192 21,334 - CRE CDO 19,613 8,929 - 28,542 - CDO others 84,988 70,435 47 155,470 - CLO/CBO 1,084,431 328,767 7,017 1,420,215 - CLO SME 236,473 129,380 126 365,979 - CLO arbitrage/balance sheet 351,041 76,384 44 427,469 - CLO / CBO altri 496,917 123,003 6,847 626,767 - Consumer loans 392,150 62,112 - 454,262 - Credit cards 110,146 13,222 - 123,368 - Student loans 69,471 46,348 - 115,819 - Leasing 244,565 54,249 - 298,814 - Others 448,975 32,511 38,838 520,324 Total balance sheet exposures 7,214,145 1,657,993 55,193 8,927,331 Loans and guarantees (€ thousand) Amounts as at 30.9.2009 On Balance Sheet Exposures Off balance sheet Exposures Exposure type Senior Mezzanine Junior Total Senior Mezzanine Junior Total Loans 275,356 231,312 15,598 522,266 - 89,719 - 89,719 - Residential mortgages - 201,833 8,635 210,468 - - - - - Commercial mortgages - - - - - - - - - CDO - - - - - - - - - CLO - 10,000 5,288 15,288 - - - - - Credit Cards - - - - - - - - - Consumer loans 225,356 - - 225,356 - - - - - Student Loans - - - - - 74,649 - 74,649 - Others 50,000 19,479 1,675 71,154 - 15,070 - 15,070 Guarantees given - - - - - - - - Credit facilities 68 - - 68 21,356 - - 21,356 The above table presents the Group’s exposure to SPEs, including guarantees given and lines of credit. This support is generally given when structuring securitizations for third parties as manager or arranger of the transactions. . At September 30, 2009 the Group’s exposure in structured credit products was €9,449,665 thousand, a reduction of over 21.3% from December 31, 2008 when the figure was €12,021,652 thousand. The exposure in ABSs fell from €10,965,470 thousand at December 31, 2008 to €8,927,331 thousand Also exposure in the form of loans to vehicles fell from €1,056,183 thousand at December 31 to €522,334 thousand. Unutilized portion of credit lines and guarantees given amounts to €111,075 thousand. 186
187 >> Condensed Consolidated Financial Statements Part E) – Information on risks and related risk management policies In addition to reported exposures, the Group is exposed to Credit Default Swaps having structured credit products as underlyings. These instruments have a negative fair value of €399,139 thousand and a notional amount of €2,076,120 thousand. The good credit quality of this portfolio is borne out by the fact that 91.5% of these instruments are rated A or better and over 55% of the portfolio is triple-A rated. At December 31, 2008 over 95% of these exposures were rated A and 78% of the portfolio was rated triple-A. The change was due to the general worsening of market conditions in the first 9 months of 2009. Over 82.3% of the exposure is toward countries belonging to European Union. The following tables give a breakdown of the net exposure at September 30 2009, by instrument, rating and region. Structured credit product exposures broken down by rating class Exposure type AAA AA A BBB BB B CCC CC C NR RMBS Prime 82.59% 13.48% 1.59% 1.93% 0.41% 0.00% 0.00% 0.00% 0.00% 0.00% RMBS Subprime 14.25% 10.63% 0.00% 5.63% 0.00% 0.00% 48.09% 0.00% 21.40% 0.00% RMBS Non conforming 40.76% 22.38% 4.28% 5.06% 12.37% 5.96% 7.95% 1.24% 0.00% 0.00% CMBS 31.65% 50.66% 9.30% 6.89% 1.50% 0.00% 0.00% 0.00% 0.00% 0.00% CDO of ABS/CDO di CDO 0.00% 68.18% 7.68% 5.86% 5.92% 1.95% 1.73% 8.58% 0.05% 0.05% CDO - Balance Sheet 7.18% 16.70% 69.17% 5.95% 0.97% 0.03% 0.00% 0.00% 0.00% 0.00% CDO - Market Value 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CDO - Preferred Stock 0.00% 0.00% 20.27% 26.68% 47.91% 5.14% 0.00% 0.00% 0.00% 0.00% CDO - Synthetic Arbitrage 0.00% 88.88% 10.22% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.90% CRE CDO 0.00% 68.72% 0.00% 31.28% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CDO Other 41.80% 15.29% 25.42% 12.28% 0.00% 0.60% 4.59% 0.02% 0.00% 0.00% CLO SME 25.90% 50.59% 3.98% 13.24% 5.65% 0.61% 0.00% 0.00% 0.00% 0.03% CLO Arbitrage/balance sheet 3.95% 82.98% 6.41% 1.76% 4.71% 0.18% 0.00% 0.00% 0.00% 0.01% CLO/CBO others 13.42% 72.62% 6.44% 1.90% 3.88% 0.44% 0.00% 0.21% 0.00% 1.09% Consumer loans 75.95% 15.31% 3.22% 4.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.60% Credit cards 42.19% 47.09% 0.00% 4.60% 6.12% 0.00% 0.00% 0.00% 0.00% 0.00% Student loans 52.61% 47.39% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Leasing 75.95% 15.24% 0.00% 7.56% 1.25% 0.00% 0.00% 0.00% 0.00% 0.00% Others 79.76% 2.28% 0.94% 4.23% 0.00% 0.02% 0.00% 0.00% 0.00% 12.77% Total 55.30% 30.53% 5.67% 4.42% 2.16% 0.36% 0.53% 0.13% 0.05% 0.85% Structured credit product exposures broken down by geographical area Exposure type Italy Other UE Countries Other European Countries (non UE) Asia USA Rest of the world RMBS Prime 10.25% 79.95% 0.00% 1.04% 0.00% 8.76% RMBS Subprime 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% RMBS Non conforming 0.00% 84.80% 0.00% 0.00% 13.71% 1.49% CMBS 6.57% 79.97% 0.00% 6.98% 5.60% 0.88% CDO of ABS/CDO di CDO 0.00% 68.18% 0.00% 0.00% 31.82% 0.00% CDO - Balance Sheet 0.00% 10.48% 0.00% 0.00% 89.52% 0.00% CDO - Market Value 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CDO - Preferred Stock 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% CDO - Synthetic Arbitrage 0.00% 72.41% 0.00% 0.00% 27.59% 0.00% CRE CDO 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% CDO Other 0.00% 27.43% 0.00% 39.42% 11.82% 21.33% CLO SME 0.33% 98.24% 0.85% 0.55% 0.03% 0.00% CLO Arbitrage/balance sheet 0.00% 50.93% 0.00% 0.00% 49.07% 0.00% CLO/CBO others 0.00% 81.28% 5.48% 0.00% 10.01% 3.23% Consumer loans 33.20% 60.39% 3.21% 0.85% 1.43% 0.92% Credit cards 0.00% 82.88% 0.00% 17.12% 0.00% 0.00% Student loans 0.00% 35.25% 0.00% 0.00% 64.75% 0.00% Leasing 59.46% 19.43% 0.00% 0.00% 11.94% 9.17% Others 62.17% 32.63% 0.00% 0.00% 0.68% 4.52% Total 12.53% 69.83% 0.58% 2.63% 9.54% 4.90%
Page 1 and 2:
Prospectus relating to the offer un
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4.3.3 Risks associated with the per
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20.4. Audit of annual financial inf
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6.5 Stabilisation..................
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Banca dell’Umbria Banca dell’Um
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Issuer or UniCredit or the Company
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Germany, and between January 14, 20
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UniCredit Family Financing Bank Uni
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CDO Acronym of Collateralized Debt
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well as the negative “prudential
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RWA (Risk-weighted asset) Value wei
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(h) Counterpart risk; (i) Risks ass
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Since its creation, the Group has c
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For greater information on the UniC
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OPERATING PROFIT (millions of €)
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The members of the Board of Directo
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Article 2441, first, second and thi
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− notification that the investor
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Selected financial information on t
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• statutory financial statements
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1. PARTIES RESPONSIBLE 1.1 Parties
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consolidated interim report as of t
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The reclassified income statement f
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Trading, hedging and fair value inc
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at 12.31.2008 Notional value 28,772
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4. RISK FACTORS - 51 - RISK FACTORS
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- 53 - RISK FACTORS Since the finan
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- 55 - RISK FACTORS 2009 did not em
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- 57 - RISK FACTORS liquidity facil
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- 59 - RISK FACTORS which €1,686
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- 61 - RISK FACTORS Increases in th
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- 63 - RISK FACTORS Some of the met
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- 65 - RISK FACTORS Regional Court
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- 67 - RISK FACTORS Dalmata S.r.l.
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- 69 - RISK FACTORS • Vanderbilt
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- 71 - RISK FACTORS It is maintaine
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- 73 - RISK FACTORS With reference
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- 75 - RISK FACTORS related supplem
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- 77 - RISK FACTORS expressly adher
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4.1.17 Risks associated with activi
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- 81 - RISK FACTORS The UniCredit G
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- 83 - RISK FACTORS effects on the
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- 85 - RISK FACTORS 4.2.5 Risks ass
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- 87 - RISK FACTORS For further inf
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5 INFORMATION ON THE COMPANY 5.1. H
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What is more, in August 2004 Pionee
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(B) The merger transactions with th
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Register on September 25, 2007 and
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December 2007 UniCredit reached an
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Real Estate subsequently transferre
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associated with liabilities which a
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Total 3,781 4,003 4,186 3,086 -5.5%
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PIRELLI PEKAO REAL ESTATE SP. Z O.O
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a structure by sector of activities
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Total 2,680 5,616 5,458 10,510 8,21
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(ii) credit, debit and prepaid card
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The CIB business segment focuses on
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markets and corporate treasury sale
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econstructed INCOME STATEMENT FIGUR
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The table below discloses the main
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For the purposes of assessing the r
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(the available margin is provided b
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these shares, provided that the sha
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and up-dates on the basis of the pr
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(i) the granting of authorizations
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- 131 -
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Private Banking Business Unit (whic
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Piedmont 466 2,716 17 2 Puglia 173
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Europe (including Germany and Austr
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(b) PMI, for corporations with an a
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With regards to loans 19 , as at Ju
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and services, combining a unique ge
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• the guidelines, policies and st
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countries), with reference to the m
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• the introduction, within the ne
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Real estate risk consists of potent
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7. ORGANISATIONAL STRUCTURE 7.1. Gr
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- 155 -
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7.2. Issuer’s subsidiaries The fo
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NAME REGISTERED OFFICE COUNTRY ACTI
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NAME ASPRA FINANCE S.P.A. ITALY REG
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NAME REGISTERED OFFICE COUNTRY PEKA
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NAME REGISTERED OFFICE COUNTRY ACTI
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NAME REGISTERED OFFICE COUNTRY UNIC
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ARGENTAURUS IMMOBILIEN- VERM IETUNG
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• Tangible assets: breakdown of a
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The information regarding intangibl
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Vienna Donau-City Wed Donau - City
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9. REPORT ON THE OPERATIONAL AND FI
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slowdown in both German and, more s
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this Chapter refer to these changes
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• 2009 − Retail − Corporate &
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longer intended for trading due to
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illion, an increase of approximatel
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REGULATORY CAPITAL 09.30.2009 12.31
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capital requirements for market ris
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as per the accounting standards app
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At the end of 2008, available-for-s
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Non-financial companies 3,138 1,961
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and demand deposits 2.2 Time deposi
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derecognised Total (Carrying value)
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The coverage ratio (or the ratio be
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Situation as at 31.12.2007 Notional
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As at September 30, 2009, similar c
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In its role as sponsor, the Group s
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showed a great deal of volatility,
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The Group does not have any mortgag
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B.2 Financial assets designated at
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During Q3 2009, UniCredit Real Esta
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Total 8,175 8,049 9,105 6,872 1.6%
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Total interest income is, for the t
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(millions of €) % Change Fee and
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Net hedging income (loss) (millions
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Administrative expenses for personn
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consolidation were attributable sol
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The cost of credit risk (calculated
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eing completed on October 1, 2007.
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and Romania). Growth in the Poland
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( in millions of Euros) % Change Ne
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markets recorded in 2007 (Croatia,
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Gross profit therefore stands at
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amounting to € 1,222 million in a
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1. Deposits from banks 152,437 1,94
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usiness segments have posted result
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(in millions of €) % Change Opera
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(in millions of €) RECONCILIATION
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100. Income (Losses) from sale or r
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100. Income (Losses) from sale or r
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This result should not be considere
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10.2. Information regarding the fin
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5.00% 02.01.2016 applicable not app
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HVB Lux Geldilux - TS - 2005 tradit
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10.3. Indication of the financial r
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12. INFORMATION ON EXPECTED TRENDS
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14. ADMINISTRATION, MANAGEMENT OR S
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Quadrante Europa (Platform for logi
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esearch on the strategies of multin
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Director; he is a Member of the Boa
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the Management Board of Bank Austri
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Alessandro Profumo Giovanni Belluzz
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Manfred Bischoff Enrico Tommaso Cuc
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Donato Fontanesi Francesco Giacomin
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Marianna Li Calzi Salvatore Ligrest
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Banca SANPAOLO IMI S.p.A. Member of
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Mischek Privatstiftung Member of th
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The members of the Board of Statuto
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Massimo Livatino. Degree in Economi
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CSP Società Consortile a r.l. Chai
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Giuseppe Verrascina Interpump Group
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Eastern Europe. In November 2001 he
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Group and merger with the Capitalia
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Reninvest SA Member of the Board of
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Fondazione Ugo Foscolo (UniCredit &
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- on the Warsaw Stock Exchange in r
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Person Position description Compens
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Person Position description Compens
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Other key management personnel, lis
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Friedrich Kadrnoska Director April
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External Auditors, as well as the s
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- put in place a set of regulations
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1 shares received in 2009 following
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(c) “Discount Share”: at the en
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subsidiaries - direct or indirect -
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For that which concerns the informa
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customers Other assets 45 - 16 - -
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The following table provides detail
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November 2008 December 2008 January
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20. FINANCIAL INFORMATION REGARDING
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Balance Sheet In the following tabl
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A. 1. OPERATING ACTIVITIES Operatio
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On April 30, 2009, the ordinary ses
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losses in the matter or, if this pe
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International Industrial Participat
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debited to the plaintiff’s accoun
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Accordingly, the plaintiff requeste
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Zagrebačka maintains that the plai
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In fact, the bank believes it has c
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In the meantime, HVB, which believe
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Madoff In December 2008, Bernard L.
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standards, no provisions were made
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Investigations by the Polish Tax Au
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In addition, BiFin conducted an ins
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21. ADDITIONAL INFORMATION 21.1. Eq
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The Board of Directors resolved: i)
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medium-term incentive system for Gr
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09.18.2008 September 16, 2008 6,683
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01.04.2008 December 31, 2007 6,682,
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10.02.2006 September 15, 2006 5,218
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Only shareholders that individually
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financial or insurance sectors, in
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Pursuant to Section 27 of the Artic
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Additionally, the Shareholders’ M
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If these provisions are violated, a
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the interest held by UniCredit in B
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22.7. Agreement for the sale by BA
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First Contribution, shares of the O
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23. INFORMATION ORIGINATING FROM TH
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25. INFORMATION ON EQUITY INVESTMEN
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S. NAME MEDIOBANCA BANCA DI CREDITO
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List of the Main Companies Subject
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SECOND SECTION - 401 -
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2. RISK FACTORS For a description o
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3.4 Reasons for the Offer and Use o
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With reference to the voting right,
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Some general information about the
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esolution following the one pertain
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shareholders, and the companies and
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Non Qualifying Holdings contribute
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Capital gains realised by resident
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4.11.2 Germany The following sectio
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and is an employee of the Company.
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Shares acquired before December 31,
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deducted to the extent to which the
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4.11.3 Poland The following summary
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In order to eliminate the double ta
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are subject to taxation on the disp
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donation or the acceptance of inher
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ending dates, by submitting a reque
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The Shares subscribed before the en
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and Australia, and in the other Exc
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€135,000,000, then extended to
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6. ADMISSION TO TRADING AND TRADING
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8. EXPENSES LINKED TO THE OFFER 8.1
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10. ADDITIONAL INFORMATION 10.1 Con
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Consolidated Interim Report as at S
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3 Consolidated Interim Report as at
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Contents 7 Consolidated Interim Rep
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Changes made to enable proper compa
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11 >> Consolidated Interim Report T
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Notes 13 Interim Report on Operatio
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Highlights 15 >> Interim Report on
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17 >> Interim Report on Operations
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Results by Business Segment 21 >> I
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UniCredit Share SHARE INFORMATION S
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25 >> Interim Reports on Operations
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27 >> Interim Reports on Operations
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Operating Profit Breakdown 29 >> In
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Non-Interest Income 31 >> Interim R
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Net Profit attributable to the Grou
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Profit before Taxes 35 >> Interim R
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Capital Ratios 37 >> Interim Report
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Risks connected with raising funds
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Retail Introduction 43 >> Group Res
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45 >> Group Results Retail Retail p
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47 >> Group Results Retail The SRT
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Retail Network Austria 49 >> Group
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Asset Gathering 51 >> Group Results
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53 >> Group Results Corporate & Inv
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Strategies and Product Lines Financ
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57 >> Group Results Corporate & Inv
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59 >> Group Results Private Banking
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61 >> Group Results Private Banking
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It is not currently possible to est
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65 >> Group Results Asset Managemen
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67 >> Group Results Central Eastern
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73 >> Group Results Poland’s Mark
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Further Information 75 >> Group Res
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77 >> Group Results The combination
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New Group external growth initiativ
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Transactions to dispose of equity i
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Steps to Strengthen Capital 83 >> G
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Outlook 85 >> Group Results Despite
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89 RELASEMESTRALE CONSOLIDATA >> Co
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Liabilities and shareholders' equit
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CONSOLIDATED CASH FLOW STATEMENT (i
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100
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Part A) Accounting Policies A1) Gen
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Section 3 - Consolidation Scope and
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Investments in subsidiaries, compan
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NAME MAIN OFFICE CONSOLIDATED INTER
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NAME MAIN OFFICE DELPHA IMMOBILIEN-
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NAME MAIN OFFICE GRUNDSTUCKSAKTIENG
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Section 4 - Subsequent Events No ev
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Page 586 and 587: Part B) Consolidated Balance Sheet
Page 588 and 589: Section 5 - Held-to-maturity invest
Page 590 and 591: Section 12 - Property, plant and eq
Page 592 and 593: The CGU is the lowest level at whic
Page 594 and 595: Section 15 - Non-current assets and
Page 596 and 597: Section 3 - Debt securities in issu
Page 598 and 599: Section 15 - Shareholders’ Equity
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Page 602 and 603: Part C) - Consolidated Income State
Page 604 and 605: Section 3 - Dividend income and sim
Page 606 and 607: Section 8 - Impairment losses - Ite
Page 608 and 609: Section 12 - Provisions for risks a
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Page 612 and 613: Part D - Segment Reporting (amounts
Page 614 and 615: A - Primary Segment Segment Reporti
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Page 618 and 619: Part E - Risks ad related risk mana
Page 620 and 621: Quantitative Information A. Credit
Page 622 and 623: A.1.3 Balance sheet exposure to ban
Page 624 and 625: Information on Structured Credit Pr
Page 626 and 627: Retention by the Group of the first
Page 628 and 629: Securitized assets broken down by a
Page 630 and 631: The following table shows exposure
Page 632 and 633: The residual life of sponsored cond
Page 636 and 637: The Group’s portfolio includes th
Page 638 and 639: A financial instrument is regarded
Page 640 and 641: The following table gives the amoun
Page 642 and 643: Here follows the breakdown of balan
Page 644 and 645: The following graphs analyze the ba
Page 646 and 647: Currently, clockwise and counter-cl
Page 648 and 649: Sensitivity to the volatility of in
Page 650 and 651: Section 3 - Liquidity risk Managing
Page 652 and 653: Organizational structure Senior Man
Page 654 and 655: B. Legal Risks There are a number o
Page 656 and 657: Cirio In April 2004 the Extraordina
Page 658 and 659: Divania S.r.l In the first half of
Page 660 and 661: Mario Malavolta On July 2009 Mr. Ma
Page 662 and 663: Hypo Real Estate AG and Hypo Real E
Page 664 and 665: Squeeze-out of minority shareholder
Page 666 and 667: In addition, several proceedings ha
Page 668 and 669: 220
Page 670 and 671: Part F - Information on Shareholder
Page 672 and 673: Section 2 - Shareholders’ equity
Page 674 and 675: B. Quantitative information Regulat
Page 676 and 677: 228
Page 678 and 679: Part H - Related-party transactions
Page 680 and 681: 232
Page 682 and 683: Part I) Share-Based Payments A. Qua
Page 684 and 685:
236
Page 686 and 687:
Annex 1 - Reconciliation of Condens
Page 688 and 689:
CONSOLIDATED INCOME STATEMENT (€
Page 690 and 691:
Annex 2 - Definition of Terms and A
Page 692 and 693:
- Pillar 1: while the objective of
Page 694 and 695:
Cost of risk The ratio between loan
Page 696 and 697:
Hedge Fund Speculative mutual inves
Page 698 and 699:
Liquidity risk The risk of the comp
Page 700 and 701:
Purchase Companies Vehicle used by
Page 702 and 703:
UCITS - Undertaking for Collective
Page 704 and 705:
256
Page 706 and 707:
258
Page 708:
260
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Prospectus - Notowania

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