GENERAL MEETING DRAFT - Bankier.pl

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>> Report on Operations
Private Banking
The Private Banking business unit primarily targets high-net-worth individuals by providing advisory
services and solutions for private banking using a comprehensive approach. The business unit operates
through a network of around 1,200 private bankers located in more than 250 branches in the three main
countries (Italy, Germany and Austria), in addition to a selective presence in some offshore European
markets (Switzerland, Luxembourg and San Marino).
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The financial markets recovered significantly in 2009, especially in the second half – as an example, the
main stock market indices showed significant growth from December 31, 2008 to December 31, 2009: the
FTSE MIB was up by 19.5%, the DAX 30 by 23.8%, and the ATX by 42.5% – with a significant positive
impact on financial assets under management and administration. A 6.7% yearly increase in the stock of
mutual funds in Italy evidenced the positive impact on the asset management industry. On the other hand,
although market net inflows were still negative by approximately €3 billion in 2009, the result significantly
improved compared to more than €100 billion net outflows in 2008.
In this context, at December 31, 2009 the business unit’s total financial assets amounted to around €139
billion, a 10.7% yearly and 3.5% quarterly increase respectively.