The statement of calculation and distribution of economic value generated by the Group, as detailed below, was prepared according to income statement items used in the 2009 consolidated financial statements, subjected to audit and approval of the Supervisory Board on 12 April 2010. These items were reclassified in accordance with the ABI (Italian Banking Association) instructions recently updated and complying with GRI-G3 guidance1. The new statement resulting from such reclassification separates economic value into its three macro-components: economic value generated, distributed and withheld by the Group.
The economic value generated expresses the wealth that the Group has proved it is capable of producing during the year, which is then mostly distributed among the different stakeholders with which the Group has relations of varying nature in its day-to-day business. First and foremost among the stakeholders are the employees – through which the Group interacts with the other stakeholders – who receive a part of the economic value in the form of direct or indirect remuneration. Next are the suppliers, who receive a significant share of the economic value generated from operating cost covering, and the State, i.e. the combined central and local government authorities which directly or indirectly receive a considerable part of the wealth produced. Special attention is also paid to the needs of the community through charity initiatives and by means of commitments of a social and cultural nature. Lastly there are the shareholders, who expect an economic return on their financial resources invested in the Bank. The economic value withheld by the Group, i.e. the difference between the economic value generated and distributed, is allocated to profit-making investments that offer economic growth and capital stability and can guarantee the generation of new wealth to the benefit of all stakeholders.

1 The comparative figures from the 2008 and 2007 reports have been restated consistently, resulting in some cases in a different aggregation of captions compared to the Social Reports for 2008 and 2007.