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Capital Ratios<br />
Estimated Core Tier 1 at 7.56% at the end of September 2010<br />
High quality capital (94% is Core Tier 1)<br />
Solid capital ratios throughout the crisis: Core tier 1 higher than 7% in 2008, 2009 and 9M2010<br />
Only one, amongst Italian larger banks, which didn't resort to extraordinary measures to enhance capital<br />
regular distribution of dividend<br />
no government help and no capital increase<br />
Buffers for the adoption of Basel III in 2013<br />
Page 8<br />
30.09.2010<br />
estimated<br />
31.12.2009 30.09.2009<br />
estimated<br />
Core Tier 1 7.56% 7.43% 7.33%<br />
Tier 1 8.08% 7.96% 7.86%<br />
Total Capital Ratio 12.09% 11.91% 11.76%<br />
Dividend (€ cent) Included pro quota 0.30% Included pro quota<br />
Soft mandatory convertible bond amounting to 640 million euro expiry 2013 (presently representing over 70<br />
bps of Core tier 1)<br />
Adoption of advanced model end 2012: benefit currently prudently estimated in over 50 bps
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