GENERAL MEETING DRAFT - Bankier.pl

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>> Consolidated Financial Statements
Parte I – Share-Based Payments
The Hull and White Evaluation Model has been adopted to measure the economic value of Stock Options.
This model is based on a trinomial tree price distribution using the Boyle’s algorithm and estimates the
early exercise probability on the basis of a deterministic model connected to:
� reaching a Market Share Value equals to an exercise price- multiple (M);
� probability of beneficiaries’ early exit (E) after the end of the Vesting Period.
Any new Stock Options’ Plans haven’t been granted during 2009.
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The economic value of Performance Shares is measured considering the share market price at the grant
date less the present value of the future dividends during the performance period. Parameters are
estimated by applying the same model used for Stock Options measurement.
Any new Performance Shares’ Plans haven’t been granted during 2009.
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For both Discount Shares and Matching Shares (or rights to receive them) the fair value is measured at
the end of the Enrolment Period according to the weighed average price paid by Participants to buy the
Investment Shares on the market.
The following tables show the measurements and parameters used in relation to Discount Shares and
Matching Shares (or rights to receive them) connected to the “Employee Share Ownership Plan”
approved in 2008.
Measurement of Discount Shares ESOP 2008
Discount Shares
Date of Discount Shares delivery to Group employees 18 Jan 2010
Vesting Period Start-Date 1 Jan 2009
Vesting Period End-Date 31 Dec 2009
Discount Shares’ Fair Value per unit [�] 1.702
Measurement of Matching Shares ESOP 2008
Matching Shares
Date of Matching Shares (or related rights) delivery to Group employees 18 Jan 2010
Vesting Period Start-Date 1 Jan 2010
Vesting Period End-Date 31 Dec 2012
Matching Shares’ (or related rights) Fair Value per unit [�] 1.702