Prospectus - Notowania

What is more, in August 2004 Pioneer Investment Management USA, Inc. took over
the management of the 22 mutual investment funds of Safeco Asset Management (an
associated company of Safeco Life Insurance Company) and acquired, in June 2005,
the mutual investment fund management activities of AmSouth Bancorporation,
including 23 funds. In January 2009, Pioneer Investment Management USA, Inc. then
acquired the Regions Morgan Keegan funds, for an equivalent value of US$1.5
billion.
Following the regional expansion nationally and with the aim of reorganizing its
structure in Italy for the purpose of increasing specialization in terms of customer
segmentation, the Group, on January 1, 2003, completed the reorganization project
(the “S3 Project”) via which the Group abandoned the federate banking model,
focused on geographic areas and implemented a divisional-structure model, focused
on the identification of the various customer segments.
As part of this reorganization project, the activities of the seven Italian commercial
banks (Credito Italiano, Banca CRT, CRV, Cassamarca, Caritro, CR Trieste and Rolo
Banca), were reallocated to three banking entities, entirely controlled by UniCredit,
each of which addressing a specific type of customer, delegating UniCredit in its
capacity as parent company, among other things, with the activities for defining the
Group structure and the optimum allocation of the resources within the sphere of said
Group. In detail:
i. the activities relating to the retail customer sector were allocated to UniCredit
Banca (formerly Credito Italiano);
ii. the activities relating to the corporate customer sector were allocated to
UniCredit Banca d’Impresa S.p.A. (now UniCredit Corporate Banking); and
iii. the activities relating to the private customer and asset management sector
were allocated to UniCredit Private Banking.
On a consistent basis with the purposes of the S3 project, the Issuer also undertook
additional initiatives aimed at rationalizing the activities, eliminating duplications and
obtaining synergies and cost reductions at Group level, transferring the related equity
investments of the individual product companies and the service companies on the
basis of the business areas identified above.
Furthermore, again for the purpose of reorganising its structure in Italy and disposing
of non-strategic assets, during 2003 the strategic and non-strategic real estate property
assets of UniCredit were concentrated in two newly-established, 100% owned
subsidiaries, UniCredit Real Estate and Cordusio Immobiliare (subsequently merged
within UniCredit Real Estate subject to the disposal of certain property assets) and in
June 2005 the banking activities of UBMC, represented by medium/long-term loan
activities and by special loans, were re-assigned in favour of other companies within
the Group.
As from 2005, in conclusion a process was launched for the disposal of equity
investments held by the UniCredit Group no longer considered strategic, including the
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