We don t know how you intend to turn earnings into cash.

Transcription

1 We don t know how you intend to turn earnings into cash. But we have the right solution to meet your every need. International Cash Management

2 Table of contents 5 Introduction 7 UniCredit in Europe 7 UniCredit a major financial institution in Europe 8 About UniCredit Corporate & Investment Banking 8 About Global Transaction Banking 9 Cash management and ebanking with UniCredit 9 Innovative cash management 10 Web-based intraday cash management 10 UniCredit and partner banks 10 Information management 10 Reports on worldwide account balances and movements 12 International Cash Management 12 International payment & collections 12 EuropeanGate your single point of entry into UniCredit 12 Main entry point SWIFT MT101 forwarding 13 FlashPayment 13 Premium collect reconciliation services

3 14 UC Virtual Accounts 15 Electronic account information at UniCredit 16 Selected trade services 16 The Bank Payment Obligation (BPO) 17 UniCredit offering on BPO 19 Physical Pooling 19 Cross Border Zero balancing 19 Cross Border Target balancing 20 Pooling workflow target balancing 22 Non-Physical Pooling 22 Notional Pooling 22 Cross Currency Notional Pooling 23 product information 25 Customer benefits 28 Cash Management Projects & Customer Support 28 How does UniCredit professionally manage the implementation of cash management products and services? 29 Main products and services covered 31 Summary

4 4 We have the solution to every situation in our toolbox.

5 5 Introduction Quite apart from ensuring the smooth and efficient processing of domestic and foreign payments and associated financial transactions arising in connection with cross-border trade, centralised cash management is a formidable task for companies operating worldwide, particularly when conducted on an international scale. Latest with SEPA and its threats and opportunities there is no more excuse to start thinking about optimising payment flows and operation in order to gain efficiency but also increase transparency, security and transparency at the same time. The aim of this brochure is to outline the facilities for international and multi-bank cash management currently offered by UniCredit. We would welcome the opportunity of discussing the various possibilities in detail with you personally. For more information or if you have any questions, please contact your cash management specialist or your main contact person whose address you will find at the end of this brochure.

6 6 Outstanding expertise and international connections are a winning combination.

7 7 UniCredit in Europe UniCredit a major financial institution in Europe Our brand promise is simple: make a positive difference in our customers lives. We call this Real-life banking, because our goal is to consistently deliver concrete answers with real benefits that respond to our customers daily needs, in a straightforward and clear manner. This promise is based on what we want to be: a rock-solid European commercial bank with a sound capital base and improved operational efficiency, thus providing sustainable return on investment. As a commercial bank, we must maintain close relationships with our customers and proactively support them through our daily work, at every organisational level, developing new products and services that align the needs of our customers with the changing conditions of the market. For us, banking is first and foremost about understanding real needs in order to deliver real, tangible benefits to our customers in order to build long lasting relationship with them.

8 8 About UniCredit Corporate & Investment Banking UniCredit is a leading European commercial bank, with leadership positions in Italy, Germany and Austria and a strong presence in high-growth CEE countries. We are one of the largest European networks with over 7,900 branches. With ca. 3,500 professionals in 50 countries, Corporate & Investment Banking serves corporate and institutional clients out of the largest group of network banks in Western, Central and Eastern Europe. Committed to long-term partnerships with clients across all sectors, our relationship managers and product specialists create tailor-made solutions in a strategic dialogue with our clients and according to the three pillars of our Core Client Offer: Corporate Banking and Transaction Services Structured Finance, Capital Markets and Investment Products Access to Western, Central and Eastern Europe About Global Transaction Banking Global Transaction Banking (GTB) of UniCredit combines truly local expertise of more than 2,000 professionals in 19 countries with the knowledge and experience of a sophisticated global transaction bank. Its diverse and proven set of core competencies in the fields of Cash Management and ebanking, Trade Finance, Supply Chain Finance, Structured Trade & Export Finance and Global Securities Services has won widespread recognition as shown by the many international awards it regularly receives. Presence of UniCredit Austria Azerbaijan Bosnia and Herzegovina Bulgaria Croatia Czech Republic Germany Hungary Italy Macedonia Montenegro Poland Romania Russia Serbia Slovakia Slovenia Turkey Ukraine

9 9 Cash management and ebanking with UniCredit UniCredit has garnered a remarkable reputation as a provider of cash management and ebanking solutions. With an individual approach to our customers requirements, our cash management specialists take account of the complete financial value chain. Starting with an in-depth analysis of processing and cash flow management, then moving on to day-to-day electronic banking, and finally finding the most effective solutions for managing group-wide European liquidity positions and assets, we seek ways of improving our customers current cash management activities or of catering to their specific demands to their utmost satisfaction. With a focus on the European and CEE markets, cash management and ebanking constitute two of the core business activities of UniCredit. These areas bring together the various countries where we operate while incorporating considerations relating to new technical, regulatory and political developments, such as SOX*, Basel II/Basel III, LCR, SEPA and PSD. When engaged in a complex multi-country project, it is vital to work with a bank that has a strong direct presence. Above all, we needed a customized solution. UniCredit proved to be really effective for Panini. Fabrizio Masinelli Group Treasurer, Panini Group Innovative cash management Examples which highlight UniCredit s excellence in international cash management services are: Pan-European zero balancing, both cross-border and cross-bank; zero balancing within UniCredit and with third party banks (outside UniCredit) Cross Currency Notional Pooling UniCredit provides the largest cash pool country coverage in the CEE in terms of country coverage and number of cash pools We founded our first Member Administered/Closed User Group (MA/CUG) already in 2002 and launched FIN for cash management and treasury for the first customers at the start of 2003 The FileAct service for bulk payments was added in This service provided high priority payments and cash management reporting from the outset Thanks to the availability of SCORE at the beginning of 2007, we also offer the SCORE service The FileAct service has been consistently developed since 2007 and is available today at most of the UniCredit locations in Europe 3S Key was realised in 2013 Compared to its peers UniCredit is the largest receiver of payments via FileAct UniCredit ranks number 3 in terms of number of corporate customers UniCredit ranks number 4 in terms of number of countries (of corporates) covered * The Sarbanes-Oxley Act of 2002 (commonly known as SOX).

10 10 Web-based intraday cash management Our cash management products offer web-based state-of-the-art technology, are simple to use, with secure access and processing. These products enable our customers to implement the compilation of account information group-wide and to centralize the execution of wire transfers and intercompany payments throughout Europe. UniCredit and partner banks In addition to the coverage guaranteed by UniCredit branches and subsidiaries, the customer reaps the benefits of a tight network of partner banks which comprises, for example, members of the IBOS Banking Association. As the market leader in letters of credit and export finance, our reputation for expertise in financing and securitising cross-border activities extends well beyond Central and Eastern Europe. Our contacts with more than 3,000 partner banks around the globe ensure that our financing plans are built on sound foundations. One of the key components of UniCredit s international cash management is its membership of the IBOS Association, formed in 1994, whose members currently include 14 member banks, plus 20 partner banks, with more than 33,000 branches spread all over the globe. Its aim is to ensure worldwide cooperation between banks, thereby enabling firms with international operations to benefit from products available in the individual countries, including multi-bank cash management in its standard form. For more information, see Many of these partner banks are already involved in UniCredit s cash management operations. Information management Ensuring information is as up to date as possible is an integral part of any cash management system concerned with movements on bank accounts worldwide, particularly in respect of incoming payments. We offer a series of sophisticated and triedand-tested solutions to ensure the availability of this information. The main services available to you in your day-to-day operations in this area are described below. Reports on worldwide account balances and movements Our cash management system collects account status details and movements on your bank accounts all over the world and processes them automatically for cash management purposes. As an extra service, we hold all the information on your accounts, even if it is generated during the course of the day, available for retrieval via your electronic banking software. You therefore always have access to up-todate information on payment transactions on your accounts at home, abroad and even at third party banks.

11 Efficiency that measures up in centimetres and in inches, as you please. 11

12 12 International Cash Management The main aim of this brochure is to present UniCredit s automated and manual international cash management services. We will be taking a closer look at the products and services available in this area, starting with manual cash management and progressing through to the various possibilities for automated pooling. International payment & collections With the increasingly complex financial supply chain, there is a need for corporates to find more efficient ways to manage payments and collections globally. UniCredit offers cross-border products that support corporates shifting to a payments consolidation model or a payment hub also commonly known as a payment factory. Please find below some examples of the UniCredit Group s products designed to optimise and facilitate your payment and collection processes when working with UniCredit. EuropeanGate your single point of entry into UniCredit All our electronic banking solutions are interconnected through an infrastructure called EuropeanGate. Not only can payment files be forwarded, but formats can also be translated from common industry standards to local formats used in any country where we operate. EuropeanGate is accessible through standard functions available on any UniCredit Corporate Banking platform. Main entry point SWIFT MT101 forwarding Another option is to send orders in SWIFT MT101 format to our main entry point. We convert them and execute them as local (urgent and non-urgent) or cross-border payments, or even forward these payments to third-party banks which then execute these payments. Ultimately this means that you only need one format for all your transfers worldwide. You can even send bulk payments via MT101 messages. We collect these payments and debit your account in one lump sum.

13 13 FlashPayment FlashPayment enables you to settle cross-border transfers extra fast. Payments are credited to the beneficiary s account the day following execution. And specially requesting this accelerated type of transfer is not even necessary: If both the ordering customer and the beneficiary hold an account with UniCredit (see list below), payments will automatically be carried out at these attractive terms. Austria* Bosnia and Herzegovina* Bulgaria* Croatia* Czech Republic Germany* Hungary Italy* Poland Romania* Russia* Serbia* Slovakia* Slovenia* Ukraine* *FlashPayment is restricted to the euro Premium collect reconciliation services Premium Collect is a customised, fast and efficient collection method, supporting companies to improve their management of cash and electronic collection. It enables seamless, automated reconciliation without manual booking. The service has been especially designed for companies that receive a large number of incoming payments and want to optimise the reconciliation process. We are constantly upgrading the product to meet the needs of our clients and increase the number of countries. More countries providing product delivery will follow soon. We already serve large multinational corporations that actively use our solutions in different European countries. We have a proven track record in enhancing effectiveness and profitability for our clients.

14 14 UC Virtual Accounts UC Virtual Accounts provides all users with a complex organisation a greater transparency and efficiency in cash flows and account structures. It enables on the one hand a company-wide overview of their financial status without overblown account structures. On the other hand it admits flexible handling of bank accounts as well as efficient liquidity optimisation without necessitating daily intercompany transfers, as it is the case with cash pooling. This ultimately entails further cost optimisations in payment processing. Account structure with a great number of real bank accounts without UC Virtual Accounts Account structure with UC Virtual Accounts Real accounts environment Group company Bank account Real accounts environment Group company Bank account Real accounts Company A Real accounts Company B Virtual accounts Company A Virtual accounts Company B Bank account division 1 Bank account branch 1 Division 1 Branch 1 Bank account department 1 Bank account division 3 Department 1 Division 3 Bank account department 2 Bank account branch 19 Department 2 Branch19 Incoming and outgoing payments Cash Pooling Virtual accounts environment under UC Virtual Accounts Incoming and outgoing payments

15 15 Electronic account information at UniCredit As of 2007, an end-of-day customer statement or intraday statement may include SEPA transactions. camt messages are a new XML-based standard for customer account reporting approved by ISO in April 2007 as substitute of MT9XX messages. SEPA-specific information e. g. end-to-end reference is organised so that it can be automatically processed by customers. Because a harmonised standard from CGI as well as DK will be used. camt messages overview camt standard is composed of a set of different XML messages, providing different information with diverse details level and responding to different Business needs. The XML formats can be provided in parallel to the well-known SWIFT/DTI format in order to enable a smooth implementation. ISO Cash Management Message camt.052 camt.053 camt.086 camt.054 Definition intra-day account reporting account statement monthly commissions and fees reporting credit/debit notification SWIFT equivalent SWIFT MT942 SWIFT MT940 N.A. DTI (collected transaction details) Main highlights Richer information set and structured classification of data provided to customers Homogenisation of input data formats for corporate customer Compatibility with the main treasury and ERP systems on the market (e. g. SAP, Oracle) Automatisation of reconciliation activities in customer s ERP systems

16 16 Selected trade services The Bank Payment Obligation (BPO) World trade volumes have seen a startling increase in open account transaction over the recent years. Already today more than 80 % of the total world trade volume is settled by clean payment. This impressive ratio is expected to grow even further in the future. As a consequence banks are compelled to offer their corporate clients products that support fully automated processing as well as cost savings combined with payment assurance and financing options. The Bank Payment Obligation constitutes an irrevocable and independent undertaking of a Bank (usually the bank of the importer) in favour of the bank of the exporter to pay at sight or to pay at maturity a specified amount subject to the successful comparison of pre-agreed trade data between the banks via a so-called Transaction Matching Application (TMA) such as for example SWIFT-TSU. Exporters can eliminate FX risks with BPOs issued in their domestic currency, as well as benefit from buyer risk being transferred to the latter s bank. For the first time banks are now in a position to offer an enriched payment instrument that meets the demands of their clients in the open account space BPO benefits include Assurance of payment and mitigating risks in international trade for buyers and sellers alike Speed, reliability, convenience Reduced costs and improved accuracy Enhanced risk management Access to flexible financing (option) Reduction of risks in the supply chain Once a buyer requests the issuance of a BPO, the buyer s bank sends the purchase order information in an ISO format to a Transaction Matching Application (TMA), like via SWIFT s Trade Services Utility (TSU) which sends the data on to the seller s bank for matching. Unlike open account, the buyer s bank offers assurance of payment of the amount set in the BPO as long as it receives the pre-agreed trade data by the seller s bank through the TMA.

17 17 UniCredit offering on BPO Access to a large client base due to UniCredit s global reach and unique position in the CEE region Leading Bank in the area of Supply Chain Finance and as such financing partner to support client liquidity needs Supporting you in the implementation of BPO products Import BPO (as Obligor Bank), Export BPO (as Recipient Bank), Export BPO with silent confirmation, Export BPO with without recourse financing Bank services based on electronic trade data exchange Importer Data BPO Obligor Bank Contract Documents Bank Payment Obligation Data Payment Exporter Data BPO Recipient Bank

18 18 Customized cash pooling creates real value.

19 19 Physical Pooling With UniCredit cash management solutions, all accounts of a company and its subsidiaries (Participant Accounts) can be combined into what is known as a cash pool. Balances on the various accounts are pooled automatically, concentrated into a Master Account, thus creating one liquidity position within the Group of Companies, and allowing the Corporate Treasurer to create high visibility of the and incomparable advantages in managing the working capital. The purpose of physical pooling is to bring together and mingle the credit and debit balances of your main and subsidiary accounts. Setting off these balances, reduces interest costs and raise interest income, creates real time visibility on the short term liquidity position of the Group, makes it possible to efficiently forecast and manage the working capital cycles from a Group perspective instead of a single company point of view. Parameters, such as the transfer of only certain minimum amounts, daily or weekly transfers, and similar ones, can be agreed for example in order to avoid worthless operations. Before these automated processes are set up, however, you will have carefully to analyze each account, in order to select the pooling solution which best suits your medium-long terms needs and requirements. You will have to thoroughly check legal and tax implications of concentrating the liquidity, and create the proper inter-group agreements that are necessary in order to establish your centralised Treasury Management. Finally, we recommend to pay high attention to the Information Technology solution can it be a simple spreadsheet system or an advanced Treasury Management System that you will choose for supporting the automatic reconciliation of account movements in the accounts. Cross Border Zero balancing Zero balancing is a product whereby the aggregated (credit and debit) balances from predefined subaccounts held by your company and your subsidiaries in different banks and countries will be physically transferred to a concentration account, that you can choose to manage in one of UniCredit Banks. This is the most advanced cross-border cash pooling solution: precision of execution, respect of value dates, availability of intraday limits, are ensured by a range of agreements and operational processes created between the banks, that transfer funds via a bridge system made of reciprocal bank accounts. The implementation of a cross border cash pooling requires a real project-managementoriented mindset, and dedicated resources both on your and our side: all the operational, legal, tax, IT related requirements quoted above, are even more emphasised by the international nature of this solution. Cross Border Target balancing Cross Border Target Balance, is the younger brother of Cross Border Zero Balance Cash Pooling. On one hand, the results produced are almost the same, in terms of concentration of funds held in different countries and banks, requiring a lower level of complexity in terms of implementation and project management; moreover, it is available for a much larger number of banks and countries than its older brother. On the other hand, the performance in terms of efficiency of the transfer of funds is lower, in particular with regard to value dates, intraday/

20 20 overnight limits and credit facilities, schedule of the sweepings during the day. Target Balance Cash Pooling works by means of exchanging SWIFT messages (executing: MT101; reporting MT940/942) instead of the systems of reciprocal bank accounts quoted above. Pooling workflow target balancing The following is a description of how physical pooling works (see also chart below). How pooling works Banks at home and abroad 1. Account data in SWIFT MT940 format 4. Payment instruction in SWIFT MT101 format Cash pooling engine Information management (1) All the banks involved in cash pooling transmit account data to our cash management system via SWIFT MT940 (or MT942, if available). Automatic proposal (2) The system uses this information (info pooling) to generate a proposal for transfers to be made and transmits this to you by fax or via . Interactive control of funds CPE@WEB (3) If you wish to alter or supplement the automatic pooling proposal you can feed in your own planning data or instructions. Executing payment transactions (4) Payment transactions are carried out in accordance with the automatic pooling proposal (info pooling) and your planning data. The transfers required will be triggered by means of a SWIFT MT101. Pooling transfer (5) The banks receive the SWIFT messages and process the transfers as instructed. 5. Pooling transfer UniCredit 1. Account data in SWIFT MT940 format 4. Payment instruction in SWIFT MT101 format 3. Planning data input Customer 2. Automatic pooling proposal (info pooling)

21 Precise computation. After all, that s the point. 21

22 22 Non-Physical Pooling Non-Physical Pooling does not involve any transfers of funds in order to create a unique liquidity position. Notional Pooling Debit and credit balances of the participating accounts in the same currency are virtually offset against each other within a single bank ( interest compensation ). This allows the real balances to remain unchanged while a theoretical consolidation is obtained on a virtual pooling account. Interest is paid/ received on the virtually aggregated balance. With Notional Pooling, funds are not actually but just virtually netted. Therefore, the bank incurs capital and minimum reserve costs on the participating accounts; this results in a reduction of interest yields. Notional pooling is only offered in environments where the legislation imposes no fiscal or legal constraints and all accounts must be held in the same bank and the same currency. Generally possible in all currencies; depends on technical capabilities of the respective Group banks. Cross Currency Notional Pooling Our Cross Currency Notional Pooling (CCNP) represents the state of the art of cross border cash concentration. Our solutions make it possible to daily sweep the liquidity position of your subsidiaries, based in different countries and held in several currencies, and to transfer it to a set of accounts in the respective currency at UniCredit Bank AG. Here, the currencies are virtually converted into euro, and combined in a way that they form a unique liquidity position, notionally summing up credit and debit balances. During the day, and until a certain cut-off-time, it s possible to keep an aggregated negative euro balance, and provided that the end-of-day position aggregated position is positive, accounts can remain individually with negative balance overnight. This way, your group can dramatically reduce the cost and complexity of short term liquidity management irrespective of the currencies, but keeping operations and bank transactions at country level, having access at new opportunities of investing the excess liquidity and funding short positions, as well as a new way to manage the FX risks.

23 23 product information is a web-based online tool for accessing the Cash Pool Engine (CPE), which handles all cash pooling activities. CPE@WEB enables our corporate customers to receive real-time information, to create cash pooling reports (domestic and crossborder cash pools) and to have direct access to cash pooling business and pre-notifications (altering cash pooling). It is available in German, English, Italian, and Slovenian (with immediate effect). The respective cash pool needs to be managed via CPE. CPE@WEB is also available to UniCredit member banks using our central system CPE which provides cash pooling services. Main features No software installation and no update on the customer side Easy web access Intuitive menu structure and navigation Export functionality (excel) Main functions Account statements, pooling transfers (daily reports) Pooling reports TIC reports (Trustee Interest Calculation) Special reports Value date balance reports Book balance Entering and changing pre-notifications (payment memo) Report formats for download and printout: Excel Pdf

24 24 The right tool for every job.

25 25 Customer benefits State-of-the-art Our special banking and technical expertise provides leading international cash management services across borders and across banks. We offer our customers highly flexible products and tailor-made solutions. Fully automated procedures Our cash pooling operations are fully automated. To enable us to fulfill our clients widely varying requirements at all times, the system can work with different interest, country and clearing date calendars as well as pooling times defined by the customer or pooling transfers depending on balances. Internet access Internet access enables you to retrieve all existing reports worldwide, keeping you up to date at all times. Reports on worldwide account balances and movements Our cash pooling system collects details of account statuses and movements on your bank accounts all over the world and processes the data automatically for cash management purposes. As an additional service, we hold all the information on your accounts, even if it is generated during the course of the day, readily available for you to access via your electronic banking software. This guarantees that you have the most recent information on payment transactions on all your accounts wherever you are. Report generator Another feature of our system is its ability to provide you with standardised cash pooling reports for all relevant operations worldwide. These can be retrieved in a single uniform format via the internet at any time and, together with the daily account balance data provided, enable you to keep close track of your financial position, even with banks outside UniCredit. Cross-border intercompany funding Using SEPA Direct Debit B2B, you can transfer funds from subsidiaries in 32 different countries abroad to your holding company by yourself. The collection only takes one day with no loss of value at a low cost. SEPA Direct Debit B2B is only allowed between non-consumers for euro collections and requires a mandate signed by both parties. Multibank pooling With UniCredit cash management solutions even third party banks can be integrated into a zero balancing or target balancing solution. Transfers can be made between the various banks with the original value date using the electronic account data provided by the banks. Standard cash management products, such as zero and target balancing, may be used in combination. Your existing banking connections can thus be fully integrated into your cash pooling arrangements even though they are not necessarily regular UniCredit partner banks.

26 26 Intraday pooling Alongside existing cash pooling systems, our system allows pooling to be performed several times a day via SWIFT MT942. Interactive control of funds CPE@WEB Manual intervention is possible to gain optimum control of funds (only available for target balancing/ settlement pooling). Internal interest set-off On the basis of your specific instructions, interest of all associated companies can be set off. In accordance with your specific instructions, interest will be automatically credited to the respective accounts. As with all other online reports, online access is strictly controlled through authorisation procedures to ensure maximum security. The implementation of SWIFT for Corporates was part of our overall project Global Cash- Pooling@Voith. The aim of this project was the streamlining of bank accounts, obtaining liquidity information for the Voith Group worldwide in a fast and reliable way, the centralized consolidation and management of the entire liquidity in Heidenheim and, in the next step, the set-up of a payment factory. SWIFT for Corporates fulfilled the conditions in a perfect way and UniCredit was an ideal partner for professional implementation. I very much appreciate the experience and expertise of the bank s employees. Bernd Borsch Senior Manager, Voith Group

27 Need to be certain? We offer you tangible proof. 27

28 28 Cash Management Projects & Customer Support Excellent customer service for UniCredit means utmost flexibility, availability and a sensitivity for the individual needs and requirements of our customers. It reflects the process by which services and/or products are delivered in a way that allows our customers to access them in the most efficient, fair, cost effective, and humanly satisfying and pleasurable manner possible. The success or failure of international cash management projects can depend on the project and the implementation management approach of the bank that you choose. UniCredit has established a Cash Management Customer Project & Support Team (P&S team) in each country that is able to act according to our single-point-of-entry concept towards its counterparts. This ensures staying close to the customers in the respective territory, working on the basis of a Unique Model with each of the other teams based on simple but rigorous concepts and globally standardised contracts. Due to very close and strong cooperation within our Group, we are able to provide fast and smooth implementation of international services and solutions. Our P&S teams interact daily with customers and the other teams within the Group, exchanging information in order to meet the so-called live date, namely the day when the services become operational. How does UniCredit professionally manage the implementation of cash management products and services? Firstly, you can rely on your single point of entry: dedicated teams with your own personal local manager The process starts with a kick-off meeting, together with your CM Sales and Relationship Manager, to establish all customer requirements in detail. The aim is to involve all parties from the beginning The kick-off meeting is followed by an in-depth analysis of the project plan and, in a second phase, by the negotiation of the necessary contract with your representatives With very complex projects, our project & implementation managers coordinate the requisite product specialists in order to ensure streamlined cooperation and provide a project plan. Thanks to structured cooperation within UniCredit in all countries, we are able to offer a fast and accurate cross-border implementation Our approach is based on daily interaction with customers and teams in other departments and banks to ensure the meeting of deadlines and the final live date

29 29 One of our strengths is the continuous optimisation of our performance thanks to the feedback from our customers: immediately after project implementation we send a 10-point questionnaire and use the answers for product and process improvement For all your inquiries, investigations, requests of information and amendments, you can rely on our post-implementation support Main products and services covered Domestic and international liquidity management: Zero balancing cash pooling Target balancing cash pooling Notional cash pooling Cross Currency Notional Pooling Extensive reporting services (e.g. trustee interest calculation) camt reporting camt.052 camt.053 camt.054 camt.086 Domestic and international payments and electronic channels: EuropeanGate SWIFT MT101 and MT94X services SWIFTNet SCORE MA/CUG SWIFTNet FIN/FileAct MT3XX and MT7XX services State-of-the-art electronic banking platforms Services Project management Contract management Implementation and administration Support after implementation Coordination of UniCredit banks Coordination of third party banks (IBOS)

30 30 We make it easy for you.

31 31 Summary The services and products outlined above are just a few of the broad spectrum offered by UniCredit, enabling us to meet the most demanding customer requirements for an efficient cash management and transaction business. We believe in close, intensive customer relationships which we combine with the expertise and strength of a major international bank. Mutual confidence, honesty and professional support and advice are the key factors for a prosperous long-term relationship to the benefit of our corporate clients. We would like to emphasise that your established banking connections can be fully integrated into all your cash pooling arrangements! Irrespective of whether the banks combined in the pooling system are UniCredit branches, IBOS partner banks or other domestic and foreign banks (third party banks), we consider them to be partners. Providing the necessary back-up for your operations from the outset is one of our main concerns. Our primary objective is to optimise your corporate financial position by utilising the latest technology and media facilities. We are both willing and able to combine the various products and services described in whichever way best suits your needs. Moreover, country files and CEE specific reports of UniCredit are also available. Disclaimer This document has been provided to you by UniCredit S.p.A. ( UniCredit ). By accepting this document, you agree to be bound by the following terms. This document is for information and discussion purposes only. None of the information, statements and opinions contained in this document constitute an offer under any applicable law, nor solicitation or recommendation for the purchase or sale of any products or services and is not intended to create any contractual obligation with UniCredit or with any of the entities composing UniCredit Group (as defined below). None of the information, statements and opinions contained in this document constitute a public offer under any applicable law, an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments of any kind, in any jurisdictions, or any advice or recommendation with respect to such securities or other financial instruments. This document is intended to be provided to financial institutions, banks and companies only and is not meant to be provided to consumers. The content of this publication has been based on sources believed reliable. However, we do not assume any liability for the completeness or accuracy of it. Therefore, no representation or warranty (express or implied) is made by UniCredit or by any of its officers, employees, affiliates or agents as to the accuracy or sufficiency of this document (including information, opinions or views of third parties expressed herein) and no responsibility or liability is accepted by UniCredit or such persons for any loss whatsoever arising from or in connection with the use of or reliance on this document and such liability is expressly disclaimed. The information set out herein may be subject to revision and may change materially over time. UniCredit is under no obligation to keep current the information contained in this document and any information or opinions herein are subject to change without notice. This document is not aimed at providing and does not provide legal, tax, accounting or other specialist advice and recipients of this document must seek such legal, tax, accounting or other specialist advice from their professional advisers as appropriate before taking any decision related to any topics mentioned in this document. Any projection, forecast, estimate or other forward-looking statement in this document is for illustrative purposes only and is not a reliable indicator of future performance. Actual events or conditions may differ materially from assumptions and some risks and uncertainties may not have been taken into account. The document may include information related to past performance or simulated past performance. Past performance or simulated past performance is not a reliable indicator of future performance. No representation or warranty is made, and no liability is accepted, by UniCredit or by any of its officers, employees, affiliates or agents in respect of any forward-looking statements contained in this document. The products and services featured in this document may be provided as part of a network of entities of the UniCredit Group in accordance with appropriate local legislation and regulation. However, the availability or provision of certain products and services may be limited to certain countries or certain UniCredit entities. If you are interested in learning more on the products or services actually offered by each UniCredit Group entity, please contact it directly. Certain products or services may be subject to credit approval. Other restrictions, including specific country regulations, may apply. Foreign currency exchange rates may apply to certain trade transactions. The information in this document is not for distribution or forwarding directly to any jurisdiction where distribution or forwarding would be prohibited by applicable law. It is not intended for distribution into any jurisdiction where such distribution is restricted by law or regulation and recipients into whose possession this document comes should inform themselves about, and observe any such restrictions. UniCredit and its network of banks composes the UniCredit Group ( UniCredit Group ). UniCredit S.p.A., Italy, is the parent company of the UniCredit Group. UniCredit Corporate & Investment Banking is a trademark of UniCredit S.p.A. The Corporate & Investment Banking Area of UniCredit Group is composed of (the respective Units of) UniCredit S.p.A., Rome, Italy, UniCredit Bank AG, Munich, Germany, UniCredit Bank AG Vienna Branch, Austria, UniCredit Bank AG London Branch, UK, UniCredit Bank AG Milan Branch, Italy, UniCredit Bank AG New York Branch, US, UniCredit Bank Austria AG, Vienna, Austria, and other members of the UniCredit Group. UniCredit Group banks are regulated by the respective competent regulatory authorities. No part of this document may be copied or reproduced, in any form or by any means, electronic, mechanical, photocopying or otherwise, without the prior written permission of UniCredit. All contact and any questions relating to this document must be directed through the following people at UniCredit: [insert contact details] UniCredit Bank AG, Am Tucherpark 1, Munich, GERMANY; as of February 2015 This document remains the property of UniCredit

32 UniCredit Bank AG Am Tucherpark Munich GERMANY Your specialist for International Cash Management Markus Straußfeld markus.straussfeld@unicredit.de