Prospectus - Notowania

The main ventures put together directly or indirectly by the Issuer up until the HVB
and Capitalia buy-outs, during consolidation of the Group’s role at national and
international level, are presented below.
(A)1. Growth in Italy, development of the asset management activities in the USA and the
reorganization of the Group
The launch of the Group’s growth started in February 1995, when Credito Italiano
acquired a majority shareholding of 63.36% in the share capital of Credito
Romagnolo, a company subsequently merged with Carimonte Banca S.p.A. giving rise
to Rolo Banca. The Group then continued its expansion at regional level; in November
1999, so as to enhance its presence in the Trentino-Alto Adige region, UniCredit
acquired a shareholding of 96.81% in the share capital of Caritro and, subsequently, in
February 2000 a shareholding of 36.4% in the share capital of CR Trieste, which was
then increased in 2000 to 79.35%. Furthermore, again for the purpose of enhancing its
territorial presence by means of the acquisition of holdings in regional banks located
in Central Italy with a vast network of commercial relationships at local level, as from
June 2000 UniCredit, via Rolo Banca, acquired a controlling interest in Banca
dell’Umbria and a controlling interest in CR Carpi, which were subsequently
increased, respectively, to 99.7% and 99.99% of the share capital.
The Group also undertook additional initiatives: in detail, as from January 2000,
Unicredito Italiano S.p.A. transferred the banking activities to the new Credito Italiano
and the investment banking activities to UniCredit Banca Mobiliare (then merged by
incorporation within UniCredit in March 2008 after having transferred its activities to
HVB); furthermore, in December 2002, UniCredit acquired a majority interest in
ONBanca, a multi-channel bank originally set up by Banca Popolare Commercio e
Industria in 1998, integrating the financial advisor network of ONBanca within the
structure of UniCredit Xelion Banca. With effect as from December 31, 2003, the
Group also acquired, via UniCredit Banca per la Casa, all the activities in the
mortgage loan sector of Abbey National Bank Italy, the Italian branch of Abbey
National Plc. During 2004, the acquisition was also finalized (i) of the entire share
capital of ING Sviluppo (a company subsequently merged by incorporation within
UniCredit as at May 1, 2005), the holding company of a group of companies operating
in the financial and asset management sector by means of a network of financial
advisors (the latter was then transferred to UniCredit Xelion Banca), as well as (ii) of
the activities relating to the retail and private banking segments originally carried out
in Italy by ING Bank N.V.
With specific reference to the asset management sector, in October 2000 UniCredit
acquired the global investment management division of the US Pioneer Group,
subsequently consolidating the asset management activities within PGAM.
Furthermore, as from 2002, PGAM developed and consolidated its activities by means
of the acquisition, in November 2002, of the entire share capital of Momentum Asset
Management and in January 2005, by means of the subsidiary Pioneer Investment
Management USA, Inc., of 49% of the share capital of Oak Ridge Investments L.L.C.,
a company active in the individual portfolio management sector.
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