Prospectus - Notowania

Capital and Value Management
Principles of Value Creation and Disciplined Capital Allocation
With the aim of creating value for our shareholders, the Group’s strategic guidelines require that its asset portfolio be
optimized through a process of capital allocation to each business line in relation to its peculiar risk profile and ability to
generate extra income measured as EVA, which is the main performance indicator related to TSR (Total Shareholder
Return). Developing the Group’s business with the goal of creating value requires a disciplined process of capital
allocation and management through all the phases of the planning and control process, i.e.:
� Proposing risk propensity and capitalization targets;
� Analyzing risk associated with value creation drivers and consequent allocation of capital to business lines and
individual business units;
� Assigning risk adjusted performance targets;
� Analyzing the impact on the value of the Group and the creation of value for our shareholders;
� Drawing up and proposing the financial plan and dividend policy.
The process of allocation is based on a ‘dual track’ logic, i.e., the higher between economic capital and regulatory capital
(Core Tier 1) is allocated at the consolidated level and for each business line/business unit.
If economic capital is higher, this approach makes it possible to allocate the real risk capital which Bank of Italy does not
consider yet and, if regulatory capital is higher, to allocate capital in accordance with the regulatory requirements.
EVA Generated by Business Segment (€ million)
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
FIRST NINE MONTHS
2009 2008
Retail 104 1,041
Corporate Investment Banking (CIB) -111 -274
Private Banking 101 166
Asset Management 104 334
Central Eastern Europe (CEE) 142 584
Poland's Markets 156 322
Other components 1
-1,784 -1,296
Total -1,288 877
Notes
Figures were adjusted, if necessary, to include changes in scope of consolidation, in scope of operations and in assets
held for sale. H1 2008 figures were restated following Basel 2 regulations.
1. Global Banking Services, Corporate Centre, inter-segment adjustments and consolidation adjustments not attributable
to individual segments.
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