Pim private segregate accounts

Partial spin off in favor of UniCredit s.p.a. Of the going concern related to the segregate accounts for private banking clients of pioneer investments management s.g.r.p.a.

The Board of Directors of UniCredit approved in its meeting of last 22nd March the partial spin off in its favor of the going concern related to the segregated accounts for private banking clients of Pioneer Investments Management S.G.R.p.A.

It is expected that the execution of such plan could increase the business effectiveness of UniCredit as far private banking clients are concerned. Such new model will ensure to hold control on investment, administrative and consultancy processes needed to manage private banking clients' activities.

Bank of Italy gave its authorization on the spin off plan on 27th June 2011.

The shareholders' meetings of the spun off company on July 20, 2011 and  UniCredit Board of directors (pursuant to section 2506 ter of the Italian Civil Code) on August 3rd approved   the partial spin It is envisaged that the partial spin off will become effective within the end of the current year.