GENERAL MEETING DRAFT - Bankier.pl

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Dear Shareholders,
The year ahead marks the beginning of a new cycle for the global economy, one that will bring a new set
of challenges, but also opportunities for all of us. The good news is that the risk of a second Great
Depression has been avoided: the global economy is back on its feet and all the major economic areas
have returned to register positive growth – although a few individual countries, including some in Europe,
are still in recession.
The recovery owes much to the prompt and decisive reaction of policymakers: the unprecedented
stimulus of fiscal and monetary policy has played a determinant role in halting the recession. But the
recovery has already begun to show important signs of self-sustainability. First and foremost, it is
benefiting from the more balanced structure that the world economy has acquired over the past years.
Emerging markets now constitute a large portion of the global economy, and they have been the first to
regain traction, becoming the main engine of growth. In fact, the quick and robust upturn in global trade
has been the most notable positive surprise, especially given the concerns, widespread only a year ago,
of a surge in protectionist pressures.
Looking through the prism of our activities, the main opportunities in this new economic cycle are clear.
First of all, our geographical diversification remains one of our strongest assets, especially our substantial
presence as a domestic player throughout Central and Eastern Europe. Poland is the only European
country that has avoided the recession and is now poised to deliver robust growth in 2010. Turkey is set
to enjoy the strongest recovery in Europe this year, confirming its reputation as one of the most reactive
economies in the region. Both countries, as others in CEE, benefit from strong macroeconomic
fundamentals and a robust financial system, in which UniCredit plays a key role. Second, the stronger
improvement outside the Euro area favors companies that are well positioned to capitalize on foreign
demand, especially in investment goods and technology. We have a responsibility and an opportunity to
support their efforts and to succeed together with them in the global competition game.
The challenges ahead, however, are equally clear and concrete. The prominent role of exports reflects
not only the buoyant recovery in the rest of the world, but also the sluggishness and lackluster prospects
of private domestic consumption and investment in most of the Euro area. With unemployment still on the
rise, consumers are understandably wary of stepping up their consumption. And corporates’ investment
plans are held back not only by uncertainty on future demand, but in some cases also by the higher level
of debt accumulated in past years, and which now requires a gradual deleveraging effort. The still
elevated corporate default rates are a reminder that the European corporate sector in general needs to
keep strengthening both its balance sheets and its productivity.
Supporting the corporate sector in its restructuring efforts is one of the key challenges that banks face this
year.
Mindful of the challenges ahead, our new Board of Directors, elected in 2009, has focused its efforts on
strengthening our governance system to support strong and sustainable long-term performance. One of
the most important steps has been the development of a new compensation system, which will be
submitted for approval to shareholders at this year’s Annual General Meeting.
Our new executive compensation model builds on existing global best practices and incorporates the
latest key recommendations of international regulatory and surveillance bodies. It combines performance
incentives with safeguards to limit risk-taking and ensures that performance is measured in terms of
creation of sustainable, long-term value for our stakeholders. We firmly believe it will allow us to recruit
and retain talent, maximize our long-term risk-adjusted profitability in line with shareholders’ interests, and
bolster our reputation.
2009 CONSOLIDATED REPORT AND ACCOUNTS
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