MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	BANCO DE VALENCIA SA
Registered Office :	CL PINTOR SOROLLA, 2-4 Valencia, 46002
Country :	Spain
Financials (as on) :	31.12.2011
Date of Incorporation :	20.03.1900
Legal Form :	Public Subsidiary
Line of Business :	Commercial Banking
No. of Employees :	2,199

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Banco de Valencia SA

Calle Pintor Sorolla, 2 y 4
CL PINTOR SOROLLA, 2-4
Valencia, 46002
Spain
Tel:	34-963-984503
Fax:	34-963-984570
www.bancodevalencia.es

Employees:

2,199

Company Type:

Public Subsidiary

Corporate Family:

2 Companies

Ultimate Parent:

Banco de España

Traded:

Mercado Continuo Espana:

BVA

Incorporation Date:

20-Mar-1900

Auditor:

Deloitte SL

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	866.6 ^1
Net Income:	(1,233.1)
Total Assets:	29,166.3 ^2
Market Value:	100.3
	(05-Apr-2012)

  Business Description

Banco de Valencia SA is a Spanish banking institution. The Bank’s services and products include saving and current accounts, fixed-term deposits, consumer and commercial loans, mortgages, debit and credit cards, investment assessment and other banking operations processing services to businesses and individuals. It also offers a variety of direct health, life, casualty and property insurance policies. It operates a network of 436 branches located in the provinces of Alicante, Almeria, the Balearic Islands, Barcelona, Castellon, Girona, Guadalajara, Huesca, La Rioja, Lleida, Madrid, Malaga, Murcia, Navarra, Tarragona, Toledo, Valencia and Zaragoza. In addition, it is involved in such real estate development projects as Gran Coral Rivera Maya, comprising the construction of tourist facilities in Cancun, Mexico; Poligono Industrial El Pla Alzira, a business park located in Alzira, and El Pinar a Crevillent, including the development and of a private residential area in Crevillente. For the fiscal year ended 31 December 2011, Banco de Valencia SA's interest income increased 20% to EUR767.3M. Net interest loss after loan loss provision totaled EUR675.1M, vs. a profit of EUR77.3M. Net loss for the period totaled EUR886.8M, vs. a profit of EUR67.2M. Interest income reflects higher gains on loans issued. Net loss for the period reflects decreased operating profit margins due to increased other operating charges.

Industry

Industry	Commercial Banks
ANZSIC 2006:	6221 - Banking
NACE 2002:	6512 - Other monetary intermediation
NAICS 2002:	52211 - Commercial Banking
UK SIC 2003:	65121 - Banks
US SIC 1987:	6029 - Commercial Banks, Not Elsewhere Classified

  Key Executives

Name	Title
Aurelio Izquierdo Gomez	Chairman, Chief Executive Officer, Executive Director
Jesus Sancho-Tello Grau	Assistant General Manager of Marketing Division
Eugenio Mata Rabasa	Legal Counselling Manager, General Secretary
Juan Bautista Chulia Azorin	Technical Resources Division Manager
Francisco Egea Beneyto	Investment Division Manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	2	Banco de Valencia SA Transfers Its Stake In Sociedad de Valores To Arcalia Patrimonios SA de CV	9-Sep-2011
Officer Changes	1	Banco de Valencia SA Appoints Aurelio Izquierdo Gomez As Chairman	28-Oct-2011
Equity Financing / Related	2	Banco de Valencia SA Plans Share Capital Increase	12-Apr-2012
Equity Investments	1	Arcalia Patromonios Acquires Banco de Valencia SA's Stake in Arcalia Patromonios Sociedad de Valores SA; Nordkapp Inversiones SV Acquires Fund Administration Business From Arcalia Patrimonios	16-Jun-2011
Dividends	1	Banco de Valencia SA Suspends Preferred Shares Interim Dividend-Reuters	14-Dec-2011

* number of significant developments within the last 12 months

News

Title	Date
Sabadell, Kutxabank, Santander, Popular may bid for Catalunya Caixa - report ADP Spain News (143 Words)	17-Apr-2012
Banco de Valencia to hike capital by EUR 1bn ADP Spain News (111 Words)	13-Apr-2012
Kutxabank mulls over bid for CatalunyaCaixa - report ADP Spain News (125 Words)	12-Apr-2012
Fitch revises down Banco de Valencia's viability rating Aii Data Processing Ltd (161 Words)	16-Mar-2012
UPDATE: BBVA Wins Auction For Nationalized Spanish Bank Unnim Nikkei English News (518 Words)	7-Mar-2012

Financial Summary

As of 31-Dec-2011

Key Ratios	Company	Industry
Debt to Equity (MRQ)	1.96
Sales 5 Year Growth	7.00	9.28
Net Profit Margin (TTM) %	-1,016.79	23.51
Return on Assets (TTM) %	-3.99	0.88
Return on Equity (TTM) %	-119.35	7.73

Stock Snapshot

Traded: Mercado Continuo Espana: BVA

As of 5-Apr-2012

   Financials in: EUR

Recent Price	0.16	EPS	-1.76
52 Week High	3.21	Price/Sales	0.84
52 Week Low	0.15	Dividend Rate	0.05
Avg. Volume (mil)	2.11	Price/Book	0.24
Market Value (mil)	76.34	Beta	0.99

	Price % Change	Rel S&P 500%
4 Week	-41.51%	-36.57%
13 Week	-73.95%	-71.68%
52 Week	-95.00%	-92.92%
Year to Date	-74.80%	-71.82%

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
Calle Pintor Sorolla, 2 y 4
CL PINTOR SOROLLA, 2-4
Valencia, 46002
Spain

Tel:	34-963-984503
Fax:	34-963-984570

www.bancodevalencia.es

Quote Symbol - Exchange
BVA - Mercado Continuo Espana
Sales EUR(mil):	623.3
Assets EUR(mil):	22,467.6
Employees:	2,199
Fiscal Year End:	31-Dec-2011

Industry:	Commercial Banks

Incorporation Date:	20-Mar-1900
Company Type:	Public Subsidiary
Quoted Status:	Quoted

Chairman, Chief Executive Officer, Executive Director:	Aurelio Izquierdo Gomez

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
6321	-	Health Insurance
6322	-	General Insurance
6240	-	Financial Asset Investing
6221	-	Banking
6419	-	Other Auxiliary Finance and Investment Services
6229	-	Other Depository Financial Intermediation
6310	-	Life Insurance

NACE 2002 Codes:
6603	-	Non-life insurance
6523	-	Other financial intermediation not elsewhere classified
6713	-	Activities auxiliary to financial intermediation not elsewhere classified
6512	-	Other monetary intermediation
6601	-	Life insurance

NAICS 2002 Codes:
522320	-	Financial Transactions Processing, Reserve, and Clearinghouse Activities
524113	-	Direct Life Insurance Carriers
522190	-	Other Depository Credit Intermediation
524114	-	Direct Health and Medical Insurance Carriers
524126	-	Direct Property and Casualty Insurance Carriers
522120	-	Savings Institutions
522310	-	Mortgage and Nonmortgage Loan Brokers
52211	-	Commercial Banking
551111	-	Offices of Bank Holding Companies

US SIC 1987:
6036	-	Savings Institutions, Not Federally Chartered
6099	-	Functions Related to Depository Banking, Not Elsewhere Classified
6022	-	State Commercial Banks
6712	-	Offices of Bank Holding Companies
6163	-	Loan Brokers
6311	-	Life Insurance
6331	-	Fire, Marine, and Casualty Insurance
6029	-	Commercial Banks, Not Elsewhere Classified
6321	-	Accident and Health Insurance

UK SIC 2003:
65234	-	Activities of bank holding companies
6601	-	Life insurance
66031	-	Non-life insurance
65121	-	Banks
6713	-	Activities auxiliary to financial intermediation not elsewhere classified

Business Description

Banco de Valencia SA is a Spanish banking institution. The Bank’s services and products include saving and current accounts, fixed-term deposits, consumer and commercial loans, mortgages, debit and credit cards, investment assessment and other banking operations processing services to businesses and individuals. It also offers a variety of direct health, life, casualty and property insurance policies. It operates a network of 436 branches located in the provinces of Alicante, Almeria, the Balearic Islands, Barcelona, Castellon, Girona, Guadalajara, Huesca, La Rioja, Lleida, Madrid, Malaga, Murcia, Navarra, Tarragona, Toledo, Valencia and Zaragoza. In addition, it is involved in such real estate development projects as Gran Coral Rivera Maya, comprising the construction of tourist facilities in Cancun, Mexico; Poligono Industrial El Pla Alzira, a business park located in Alzira, and El Pinar a Crevillent, including the development and of a private residential area in Crevillente. For the fiscal year ended 31 December 2011, Banco de Valencia SA's interest income increased 20% to EUR767.3M. Net interest loss after loan loss provision totaled EUR675.1M, vs. a profit of EUR77.3M. Net loss for the period totaled EUR886.8M, vs. a profit of EUR67.2M. Interest income reflects higher gains on loans issued. Net loss for the period reflects decreased operating profit margins due to increased other operating charges.

More Business Descriptions

Commercial banking operating fundamentally - in conjunction with its wholly-owned subsidiary - in Valencia, Murcia, the provinces of Madrid, AlmerÃa, Pamplona, Huesca, Logroño and Zaragoza

Commercial Banking

Financial Data

Financials in:	EUR(mil)
Revenue:	623.3
Net Income:	-886.8
Assets:	22,467.6
Long Term Debt:	437.2
Total Liabilities:	22,161.9
Date of Financial Data:	31-Dec-2011

1 Year Growth

-27.1%

NA

-5.2%

Market Data

Quote Symbol:	BVA
Exchange:	Mercado Continuo Espana
Currency:	EUR
Stock Price:	0.2
Stock Price Date:	04-05-2012
52 Week Price Change %:	-95.0
Market Value (mil):	76,342.0
SEDOL:	B3BWN17
ISIN:	ES0113980F34
Equity and Dept Distribution:
12/2007, Rights Issue, 1 new share for every 12 shares held @ EUR 30 (Factor 1.018756). 04/2008, Scrip Issue, 1 new share for every 50 shares held. 07/2008, 4-for-1 stock split. 4/2011, Scrip Issue, 1 new share for every 61 shares held (Factor: 1.01639 ). 4/2011, Scrip Issue, 1 new shares for every 50 shares held (Factor: 1.02 ).

Subsidiaries

Company	Percentage Owned	Country
Vipactivos SLU	100%	SPAIN
VIP Gestión de Inmuebles SLU	100%	SPAIN
VIP Viviendas y Locales SLU	100%	SPAIN
Inversiones Valencia Capital Riesgo SCR SA	100%	SPAIN
Grupo Nordkapp Inversiones Sociedad de Valores	90.97%	SPAIN
Vip Promociones Inmobiliarias Sur, S.L.U.	100%	SPAIN
Vip Desarrollos, S.L.U.	100%	SPAIN
Real Equity SLU	100%	SPAIN
Valenciana de Inversiones Participadas SLU	100%	SPAIN
BVA Preferentes SAU	100%	SPAIN
Adquiera Servicios Financieros EFC SA	64.80%	SPAIN

Shareholders

Major Shareholders

Banco Financiero y de Ahorro SA (38.33%); Guggenheim Partner LLC, USA (8.54%); Unión de Valores SA (6.17%); Intercartera SA (5.05%)

Key Corporate Relationships

Auditor:	Deloitte SL
Auditor:	Deloitte SL, Deloitte SL

Corporate Structure News

Banco de Valencia SA
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Banco de España	Parent	Madrid	Spain	Commercial Banks		2,709
Banco de Valencia SA	Subsidiary	Valencia	Spain	Commercial Banks	866.6	2,199
Recently acquired (previously owned by Banco de Valencia SA).See corporate structure news on Banco de España for details

Executives Report

Board of Directors

Name	Title	Function
Aurelio Izquierdo Gomez	Chairman, Chief Executive Officer, Executive Director	Chairman
Celestino Aznar Tena	Vice Chairman of the Board	Vice-Chairman
Mr. Celestino Aznar Tena serves as Vice Chairman of the Board of Directors of Banco de Valencia SA. He also serves as Vice Chairman of the Executive Committee and Chairman of the Nominating and Remuneration Committee of the Company. He has been on the Company's Board since July 3, 1987.
Antonio Jose Tirado Jimenez	Vice Chairman of the Board, Repres. of Operador de Banca Seguros Viculado del Grupo Bancaja SA	Vice-Chairman
Mr. Antonio Jose Tirado Jimenez serves as Vice Chairman of the Board of Directors of Banco de Valencia SA. He is Representative of Operador de Banca Seguros Viculado del Grupo Bancaja SA. He has also served as Vice Chairman of the Executive Committee and Member of the Nominating and Remuneration Committee of the Company. He has been on the Company's Board since March 31, 1995.
Maria Dolores Boluda Villalonga	Director, Representative of Bancaja Participaciones SL	Director/Board Member
Maria Irene Girona Noguera	Independent Director, Representative of Minaval SL	Director/Board Member
Ms. Maria Irene Girona Noguera serves as Independent Member of the Board of Directors of Banco de Valencia SA, representative of Minaval SL. She has been also serves as Member of the Audit and Compliance Committee of the Company.
Juan Antonio Girona Noguera	Independent Director, Representative of Gesvalmina SL	Director/Board Member
Rosa Maria Lladro Sala	Independent Director, Representative of Agroinmobiliaria SL	Director/Board Member
Ms. Rosa Maria Lladro Sala serves as Independent Member of the Board of Directors of Banco de Valencia SA. She is Representative of Agroinmobiliaria SL. She has been on the Company's Board since June 30, 2008. She also served as Member of the Audit Committee of the Company.
Federico Michavila Heras	Independent Director	Director/Board Member
Mr. Federico Michavila Heras serves as Independent Member of the Board of Directors of Banco de Valencia SA. He has been on the Company's Board since July 20, 2007. He has acted as Chairman of the Audit and Compliance Committee of the Company since September 12, 2011. He has also acted as Chief Executive Officer of Torrecid SA.
Pedro Munoz Perez	Independent Director, Representative of Montepio Loreto Mutualidad de Prevision Social	Director/Board Member
Mr. Pedro Munoz Perez serves as Independent Member of the Board of Directors of Banco de Valencia SA, representative of Montepio Loreto Mutualidad de Prevision Social. He has also served as Secretary of the Audit and Compliance Committee of the Company since September 12, 2011, having previously served as its Chairman.
Agnes Noguera Borel	Director, Representative of Libertas 7 SA	Director/Board Member
Ms. Agnes Noguera Borel has been Member of the Board of Directors of Banco de Valencia S A since September 21, 2007. She is representative of Libertas 7 SA. She has also acted as Member of the Executive Committee and Secretary of the Nominating and Remuneration Committee of the Company, where she previously served as Member. She has been Member of the Board of Directors of Adolfo Dominguez SA, CLEOP SA and Forum Inmobiliario Cisneros SA. She holds a Bachelors degree in Art History from Universidad de Valencia and a degree in Finance from Universidad de Barcelona. Education B Art History, Universidad de Valencia Finance, Universidad de Barcelona
Manuel Olmos Llorens	Independent Director, Representative of Macomar Inver SL	Director/Board Member
Rosa Sala	Director	Director/Board Member
Silvestre Segarra Segarra	Director, Representative of Grupo Bancaja Centro de Estudios SA	Director/Board Member
Jose Segura Almodovar	Independent Director	Director/Board Member
Mr. Jose Segura Almodovar serves as Independent Member of the Board of Directors of Banco de Valencia SA. He has been on the Company's Board since July 24, 1984. He has also served as Member of the Executive Committee of the Company. In addition, he has been Chairman of Lobo 3000 Sicav SA.

Executives

Name	Title	Function
Aurelio Izquierdo Gomez	Chairman, Chief Executive Officer, Executive Director	Chief Executive Officer
Alfonso Monferrer DaudÃ	Chief Executive Officer Valenciana de Inversiones Participadas	Chief Executive Officer
Jorge RodrÃguez Maroto	Chief Executive Officer Adquiera	Chief Executive Officer
Domingo Parra Soria	Consejero Delegado	Chief Executive Officer
Enrique Lucas RomanÃ	Executive President Nordkapp	President
José Luis Oliva MartÃnez	Presidente	President
Francisco Arrufat Forcada	General Manager Valenciana de Inversiones Participadas	Division Head Executive
Celestino Aznar Altaba	General Manager Participadas no Inmobiliarias	Division Head Executive
Victor Beristain Lopez	Assistant General Manager of Business Division	Division Head Executive
Ramiro MartÃnez-Pardo del Valle	General Manager Nordkapp	Division Head Executive
Jesus Sancho-Tello Grau	Assistant General Manager of Marketing Division	Division Head Executive
Marcos Schulze-Steinen Casasus	General Manager International Banking	Division Head Executive
Salvador Pardo Bayona	Shares Manager	Administration Executive
Margarita Reyes Medina	Administrator representing FROB	Administration Executive
Fernando Viladomat Carreras	Administrator representing FROB	Administration Executive
Eugenio Mata Rabasa	Legal Counselling Manager, General Secretary	Company Secretary
Mr. Eugenio Mata Rabasa serves as Legal Counselling Manager and General Secretary of Banco de Valencia SA. He has also acted as Secretary of the Company's Executive Committee.
Juan Solanot	Interventor General	Finance Executive
Francisco Egea Beneyto	Investment Division Manager	Investment Executive
Manuel Pons Fabra	Director de Inversiones	Investment Executive
José Folqués Peretó	Director de Sistemas	Information Executive
Juan Chuliá AzorÃn	Director de Recursos Técnicos	Engineering/Technical Executive
Juan Bautista Chulia Azorin	Technical Resources Division Manager	Engineering/Technical Executive
Juan Ignacio Hernandez Solanot	General Supervisor	Other
Jose Manuel Piera Catalan	Management Control and Global Risk Manager	Other
Juan Carlos Zafrilla Lopez	Deputy General Manager of Recovery Area	Other

Significant Developments

Banco de Valencia SA Plans Share Capital Increase

Apr 12, 2012

Banco de Valencia SA announced that it is planning a share capital increase in the amount of up to EUR 1,000,000,000, through the issuance of 5,000,000,000 shares at a value of EUR 0.20 per share. Further details were not disclosed.

Fitch Ratings Issues Banco de Valencia SA's Credit Ratings-Reuters

Mar 16, 2012

Reuters reported that Fitch Ratings (Fitch) has affirmed Banco de Valencia SA's long-term Issuer Default Rating (IDR) at BB-, with a stable outlook. Simultaneously, Fitch has downgraded Banco de Valencia SA's Viability Rating (VR) to f from b and removed it from Rating Watch Negative (RWN).

Banco de Valencia SA Suspends Preferred Shares Interim Dividend-Reuters

Dec 14, 2011

Reuters reported that Banco de Valencia SA is suspending the payment of its interim dividend for preferred shares for a nominal amount of EUR 170 million scheduled for December 15, 2011 due to the lack of solvency.

Moody's Downgrades Standalone Ratings And Affirms Debt Ratings On Banco de Valencia SA-Reuters

Dec 02, 2011

Reuters reported that Moody's has downgraded Banco de Valencia SA's standalone ratings to E+/B2 and affirmed debt ratings at Ba2. The outlook is developing.

Fitch Ratings Downgrades Banco de Valencia SA' VR And Affirms Its IDR-DJ

Nov 11, 2011

Dow Jones reported that Fitch Ratings has downgraded Banco de Valencia SA's Viability Rating (VR) to b from bb- and placed it on Rating Watch Negative (RWN). At the same time, the agency has affirmed the Company's long-term Issuer Default Rating (IDR) at BB- and its short-term IDR at B.

Banco de Valencia SA Appoints Aurelio Izquierdo Gomez As Chairman

Oct 28, 2011

Banco de Valencia SA announced the appointment of Aurelio Izquierdo Gomez as Chairman and Executive Member of the Board of Directors of the Company, effective on October 28, 2011. Aurelio Izquierdo Gomez replaces Jose Luis Olivas Martinez, who resigned from the position.

Moody's Revises Credit Ratings On Banco de Valencia SA

Oct 28, 2011

Banco de Valencia SA announced that Moody's has revised its credit rating on the Company to Ba2 from Ba1. Its short-term rating of Not-prime and BFSR of D-(Ba3) have been affirmed. All the Company's credit ratings are under revision for possible downgrade.

Banco de Valencia SA Transfers Its Stake In Sociedad de Valores To Arcalia Patrimonios SA de CV

Sep 09, 2011

Banco de Valencia SA announced that it has transferred to Arcalia Patrimonios SA de CV the totality of its stake in Sociedad de Valores, which represents a 22.21%.

Fitch Ratings Downgrades Corporate Credit Ratings On Banco de Valencia SA-Reuters

Jul 28, 2011

Reuters reported that Fitch Ratings has downgraded Banco de Valencia SA's Long-term Issuer Default Rating (IDR) to BB- from BBB-, its Short-term IDR to B from F3, its Viability Rating (VR) to bb- from bbb- and its Individual Rating to D from C/D. The outlook on the Long-term IDR is Stable.

Banco de Valencia SA Sells Remaining Stake In Corporacion Dermoestetica SA

Jul 07, 2011

Banco de Valencia SA announced that it has sold the remaining stake (8.669%) it held in Corporacion Dermoestetica SA, at a value of EUR 1.34 per share. The Company has made a loss of EUR 3,566,000 on the sale, which mitigates part of the capital gain of EUR 4,208,000 obtained in 2009.

Arcalia Patromonios Acquires Banco de Valencia SA's Stake in Arcalia Patromonios Sociedad de Valores SA; Nordkapp Inversiones SV Acquires Fund Administration Business From Arcalia Patrimonios

Jun 16, 2011

Banco de Valencia SA announced that Arcalia Patromonios SV SA has acquired the Bank's entire stake in Arcalia Patrimonios Sociedad de Valores SA, which represents a 22.5% stake. As part of the transaction, Banco de Valencia SA's 90.97%-owned subsidiary Nordkapp Inversiones SV has received from Arcalia Patrimonios SV SA a fund administration business branch. Other details were not disclosed.

Banco de Valencia SA Announces Further Details On Share Capital Increase

Jun 08, 2011

Banco de Valencia SA announced that a share capital increase, in the amount of EUR 2,414,356.50 through the issuance of 9,657,426 shares at a value of EUR 0.25 per share, was registered in the Commercial Register (Registro Mercantil) on June 7, 2011. The Company's share capital equals EUR 123,132,193 and it is represented by 492,528,772 shares at a value of EUR 0.25 per share.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	1,065.2	844.7	1,212.6	1,729.2	1,230.9
Other Interest Income	1.6	4.0	9.5	11.4	10.7
Interest Income, Bank	1,066.9	848.7	1,222.1	1,740.6	1,241.5
Interest on Deposit	740.7	481.9	672.9	1,189.0	784.7
Total Interest Expense	740.7	481.9	672.9	1,189.0	784.7
Net Interest Income	326.2	366.8	549.2	551.5	456.8
Loan Loss Provision	1,264.9	264.4	361.5	181.2	144.1
Net Interest Income after Loan Loss Provision	-938.7	102.4	187.7	370.4	312.7
Fees & Commissions from Operations	122.6	118.5	137.1	138.5	119.1
Dealer Trading Account Profit	18.4	62.6	39.4	26.3	40.3
Foreign Currency Gains	0.0	0.0	0.0	0.0	0.0
Other Unusual Income	-0.1	0.0	0.0	0.0	0.0
Other Revenue	-289.0	102.9	144.2	18.4	32.4
Non-Interest Income, Bank	-200.2	283.2	323.9	198.3	236.6
Labor & Related Expenses	-164.4	-151.4	-160.3	-165.4	-150.9
Depreciation Expense	-19.4	-17.3	-18.7	-18.6	-17.9
Other Unusual Expense	-27.1	-14.1	-5.4	-5.1	-
Other Expense	-455.6	-118.0	-97.8	-85.6	-109.9
Non-Interest Expense, Bank	-666.5	-300.8	-282.2	-274.6	-278.7
Income Before Tax	-1,805.4	84.7	229.4	294.0	270.5
Total Income Tax	-523.7	4.4	48.5	74.8	85.0
Income After Tax	-1,281.7	80.3	181.0	219.2	185.5
Minority Interest	48.7	8.7	2.6	0.6	0.4
Net Income Before Extraord Items	-1,233.1	89.0	183.5	219.9	185.9
Net Income	-1,233.1	89.0	183.5	219.9	185.9
Income Available to Common Excl Extraord Items	-1,233.1	89.0	183.5	219.9	185.9
Income Available to Common Incl Extraord Items	-1,233.1	89.0	183.5	219.9	185.9
Basic/Primary Weighted Average Shares	480.1	482.4	477.3	473.8	457.4
Basic EPS Excl Extraord Items	-2.57	0.18	0.38	0.46	0.41
Basic/Primary EPS Incl Extraord Items	-2.57	0.18	0.38	0.46	0.41
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-1,233.1	89.0	183.5	219.9	185.9
Diluted Weighted Average Shares	480.1	482.4	477.3	473.8	457.4
Diluted EPS Excl Extraord Items	-2.57	0.18	0.38	0.46	0.41
Diluted EPS Incl Extraord Items	-2.57	0.18	0.38	0.46	0.41
Dividends per Share - Common Stock Primary Issue	0.00	0.05	0.11	0.12	0.10
Gross Dividends - Common Stock	0.0	30.2	68.4	70.9	60.4
Depreciation, Supplemental	17.5	17.3	18.7	18.6	17.9
Total Special Items	86.0	19.8	5.8	-5.9	-41.5
Normalized Income Before Tax	-1,719.4	104.5	235.2	288.1	229.0
Effect of Special Items on Income Taxes	30.1	1.0	1.2	-1.5	-13.0
Inc Tax Ex Impact of Sp Items	-493.6	5.5	49.7	73.3	71.9
Normalized Income After Tax	-1,225.8	99.0	185.5	214.8	157.0
Normalized Inc. Avail to Com.	-1,177.1	107.7	188.1	215.5	157.5
Basic Normalized EPS	-2.45	0.22	0.39	0.45	0.34
Diluted Normalized EPS	-2.45	0.22	0.39	0.45	0.34
Amort of Intangibles, Supplemental	-	-	-	-	1.4
Advertising Expense, Supplemental	2.5	2.1	3.3	3.3	2.8
Bank Total Revenue	866.6	1,131.8	1,546.0	1,938.9	1,478.1

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	175.1	113.2	143.6	106.3	82.7
Interest-earning Deposits	344.9	316.4	470.3	769.7	623.9
Trading Account Assets	1,874.2	3,248.5	2,768.5	2,239.5	32.4
Other Short Term Investments	-	-	-	-	0.9
Securities for Sale	2,207.2	1,271.1	1,220.5	1,028.0	1,451.3
Total Investment Securities	2,207.2	1,271.1	1,220.5	1,028.0	1,451.3
Other Earning Assets	9.6	21.6	22.3	20.3	22.5
Other Earning Assets, Total	4,436.0	4,857.5	4,481.6	4,057.5	2,131.1
Total Gross Loans	23,998.6	-	-	-	-
Loan Loss Allowances	-1,872.6	-	-	-	-
Net Loans	22,126.0	24,751.8	26,458.4	25,910.4	25,687.0
Buildings	409.2	432.0	450.2	382.3	472.4
Construction in Progress	1.9	2.0	2.2	5.3	8.9
Other Property/Plant/Equipment	50.3	50.3	50.0	50.4	49.9
Property/Plant/Equipment - Gross	461.4	484.3	502.4	438.0	531.1
Accumulated Depreciation	-173.7	-165.9	-158.3	-140.7	-132.2
Property/Plant/Equipment - Net	287.7	318.4	344.0	297.3	398.9
Goodwill - Gross	12.2	22.5	-	-	-
Goodwill, Net	12.2	22.5	-	-	-
Intangibles, Net	5.6	5.2	2.7	3.0	55.3
LT Investment - Affiliate Companies	198.7	185.5	279.5	256.8	139.9
Long Term Investments	198.7	185.5	279.5	256.8	139.9
Deferred Income Tax - Long Term Asset	726.7	199.3	202.3	119.5	130.0
Other Long Term Assets, Total	726.7	199.3	202.3	119.5	130.0
Other Assets	1,198.1	1,339.8	843.5	344.8	80.0
Other Assets, Total	1,198.1	1,339.8	843.5	344.8	80.0
Total Assets	29,166.3	31,793.1	32,755.7	31,095.6	28,704.7
Accrued Expenses	-	-	-	-	74.3
Interest Bearing Deposits	18,394.7	21,827.6	23,098.9	21,865.5	21,460.9
Other Deposits	9,020.7	6,956.7	6,226.8	5,984.8	3,614.1
Total Deposits	27,415.4	28,784.3	29,325.7	27,850.3	25,074.9
Other Short Term Borrowings	136.8	122.6	142.5	103.8	14.9
Total Short Term Borrowings	210.8	157.5	162.0	130.1	133.5
Income Taxes Payable	0.7	1.3	29.6	34.3	41.5
Other Current liabilities, Total	0.7	1.3	29.6	34.3	41.5
Long Term Debt	567.5	709.8	847.3	825.1	867.4
Total Long Term Debt	567.5	709.8	847.3	825.1	867.4
Total Debt	778.4	867.4	1,009.4	955.2	1,000.9
Deferred Income Tax - LT Liability	28.8	8.0	39.3	47.5	106.6
Deferred Income Tax	28.8	8.0	39.3	47.5	106.6
Minority Interest	80.7	131.5	114.8	8.0	37.6
Reserves	68.3	43.7	84.7	70.5	80.7
Other Liabilities	397.2	373.3	311.6	296.8	358.4
Other Liabilities, Total	465.6	416.9	396.3	367.3	439.1
Total Liabilities	28,769.5	30,209.4	30,915.1	29,262.7	26,774.9
Common Stock	159.8	161.9	169.8	161.3	166.3
Common Stock	159.8	161.9	169.8	161.3	166.3
Additional Paid-In Capital	358.2	407.8	439.5	429.0	451.3
Retained Earnings (Accumulated Deficit)	-28.0	1,207.4	1,314.0	1,252.2	1,171.3
Treasury Stock - Common	-67.5	-103.3	-111.1	-33.7	0.0
Translation Adjustment	0.0	0.0	0.0	0.0	-
Other Equity	-25.7	-90.1	28.4	24.2	141.0
Other Equity, Total	-25.8	-90.1	28.4	24.2	141.0
Total Equity	396.7	1,583.7	1,840.6	1,832.9	1,929.8
Total Liabilities & Shareholders’ Equity	29,166.3	31,793.1	32,755.7	31,095.6	28,704.7
Shares Outstanding - Common Stock Primary Issue	480.1	485.2	478.0	477.9	481.2
Total Common Shares Outstanding	480.1	485.2	478.0	477.9	481.2
Treasury Shares - Common Stock Primary Issue	12.4	15.4	12.8	3.2	0.0
Employees	2,199	2,234	2,114	2,227	2,140
Number of Common Shareholders	-	47,720	39,012	-	-
Total Risk-Weighted Capital	-	22.0	23.4	26.1	23.7
Tier 1 Capital %	-	7.79%	7.82%	6.94%	7.73%
Total Capital %	-	10.23%	11.32%	10.22%	11.83%

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	-1,281.7	80.3	181.0	219.2	185.5
Depreciation	19.4	17.3	18.7	18.6	17.9
Depreciation/Depletion	19.4	17.3	18.7	18.6	17.9
Other Non-Cash Items	1,900.8	224.0	251.4	196.4	138.0
Non-Cash Items	1,900.8	224.0	251.4	196.4	138.0
Other Assets	1,727.1	-1,224.8	-780.7	-4,304.2	-4,452.0
Other Liabilities	-567.3	1,228.8	484.9	3,827.1	4,247.0
Other Operating Cash Flow	-523.7	4.4	48.5	74.8	85.0
Investment Securities, Gains/Losses	-997.7	-291.4	-97.8	343.6	-701.0
Changes in Working Capital	-361.7	-283.0	-345.1	-58.7	-821.0
Cash from Operating Activities	276.9	38.7	106.0	375.6	-479.5
Purchase of Fixed Assets	-19.4	-34.5	-18.7	-116.4	-80.9
Purchase/Acquisition of Intangibles	0.0	-24.9	-	-	-50.2
Capital Expenditures	-19.4	-59.3	-18.7	-116.4	-131.1
Acquisition of Business	-65.4	0.0	-14.1	-130.3	-37.2
Sale of Fixed Assets	31.2	0.0	28.2	0.0	-
Sale/Maturity of Investment	32.1	121.4	0.0	0.9	0.0
Purchase of Investments	-	0.0	-26.6	-9.0	0.0
Sale of Intangible Assets	9.6	0.0	0.4	52.2	0.0
Other Investing Cash Flow Items, Total	7.6	121.4	-12.0	-86.2	-37.2
Cash from Investing Activities	-11.9	62.1	-30.7	-202.6	-168.4
Other Financing Cash Flow	-49.9	23.9	103.3	-29.2	392.8
Financing Cash Flow Items	-49.9	23.9	103.3	-29.2	392.8
Cash Dividends Paid - Common	0.0	-64.7	-67.7	-79.6	-31.4
Total Cash Dividends Paid	0.0	-64.7	-67.7	-79.6	-31.4
Repurchase/Retirement of Common	-18.3	0.0	-73.9	-35.5	0.0
Common Stock, Net	-18.3	0.0	-73.9	-35.5	0.0
Issuance (Retirement) of Stock, Net	-18.3	0.0	-73.9	-35.5	0.0
Long Term Debt Issued	1.3	0.6	-	-	-
Long Term Debt, Net	-126.5	-80.8	-4.2	0.4	195.1
Issuance (Retirement) of Debt, Net	-126.5	-80.8	-4.2	0.4	195.1
Cash from Financing Activities	-194.7	-121.7	-42.5	-143.9	556.6
Net Change in Cash	70.3	-20.8	32.8	29.2	-91.3
Net Cash - Beginning Balance	117.3	132.6	106.4	82.7	168.7
Net Cash - Ending Balance	187.6	111.7	139.2	111.9	77.4
Cash Taxes Paid	523.7	-4.4	-48.5	-74.8	-85.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Interest Income	1,065.2	844.7	1,212.6	1,729.2	1,230.9
Interest/Portfolio	1.6	4.0	9.5	11.4	10.7
Total Revenue	1,066.9	848.7	1,222.1	1,740.6	1,241.5
Interest Expenses	740.7	481.9	672.9	1,189.0	784.7
Loan Loss Provisions	1,264.9	264.4	361.5	181.2	144.1
Total Operating Expense	2,005.6	746.3	1,034.4	1,370.2	928.9
Cost of Sales	-	-	0.0	0.0	-25.6
Non-Financial Services Income	-	-	0.0	0.0	33.3
Equity Earnings	-59.0	-5.7	-0.4	11.0	8.2
Commission Income	134.5	127.2	147.7	159.1	134.0
Commission Exp.	-11.9	-8.6	-10.7	-20.6	-14.9
Financial Trans.	-	-	-	-	40.3
Financial Trans./Trading Portfolio	2.6	6.7	8.9	15.4	-
Financial Trans./Instr not at Fair Value	14.9	55.9	30.5	10.9	-
Other	0.9	0.0	-	-	-
Forex Gains Net	6.7	4.8	3.6	4.0	3.2
Non-Financial Services Rendered	21.5	0.8	-	-	-
Other Op. Profits	32.1	20.3	19.5	17.1	25.6
Salary Costs	-164.4	-151.4	-160.3	-165.4	-150.9
Other Administrative	-79.2	-71.6	-78.6	-76.5	-69.4
Depreciation/Prov.	-19.4	-17.3	-18.7	-18.6	-17.9
Other Op Expenses/Inventory Variation	-35.2	-3.7	1.1	0.0	-
Other Op Expenses/Other	-16.0	-9.6	-10.7	-8.5	-7.5
Sale of Assets	0.1	0.3	-	-	-
Profit Participation	-	-	23.0	0.1	5.6
Gains/ Sale of LT Assets - Cont. Oper.	-342.7	81.9	101.6	1.3	1.2
Expenses Sale of Assets	-30.4	-2.8	-	-	-
Other Expenses	-254.3	-66.0	0.0	-4.0	-1.9
Write-off Inv.	-27.2	-14.4	-5.4	-5.1	-
Provision for Risks	-40.5	35.7	-9.5	3.5	-5.5
Total Non-Interest Revenue	-200.2	283.2	323.9	198.3	236.6
Total Non-Interest Expense	-666.5	-300.8	-282.2	-274.6	-278.7
Net Income Before Taxes	-1,805.4	84.7	229.4	294.0	270.5
Provision for Income Taxes	-523.7	4.4	48.5	74.8	85.0
Net Income After Taxes	-1,281.7	80.3	181.0	219.2	185.5
Minority Interest	48.7	8.7	2.6	0.6	0.4
Net Income Before Extra. Items	-1,233.1	89.0	183.5	219.9	185.9
Net Income	-1,233.1	89.0	183.5	219.9	185.9
Income Available to Com Excl ExtraOrd	-1,233.1	89.0	183.5	219.9	185.9
Income Available to Com Incl ExtraOrd	-1,233.1	89.0	183.5	219.9	185.9
Basic Weighted Average Shares	480.1	482.4	477.3	473.8	457.4
Basic EPS Excluding ExtraOrdinary Items	-2.57	0.18	0.38	0.46	0.41
Basic EPS Including ExtraOrdinary Item	-2.57	0.18	0.38	0.46	0.41
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-1,233.1	89.0	183.5	219.9	185.9
Diluted Weighted Average Shares	480.1	482.4	477.3	473.8	457.4
Diluted EPS Excluding ExtraOrd Items	-2.57	0.18	0.38	0.46	0.41
Diluted EPS Including ExtraOrd Items	-2.57	0.18	0.38	0.46	0.41
DPS-Common Stock	0.00	0.05	0.11	0.12	0.10
Gross Dividends - Common Stock	0.0	30.2	68.4	70.9	60.4
Normalized Income Before Taxes	-1,719.4	104.5	235.2	288.1	229.0
Inc Tax Ex Impact of Sp Items	-493.6	5.5	49.7	73.3	71.9
Normalized Income After Taxes	-1,225.8	99.0	185.5	214.8	157.0
Normalized Inc. Avail to Com.	-1,177.1	107.7	188.1	215.5	157.5
Basic Normalized EPS	-2.45	0.22	0.39	0.45	0.34
Diluted Normalized EPS	-2.45	0.22	0.39	0.45	0.34
Amortization of Intangibles	-	-	-	-	1.4
Depreciation	17.5	17.3	18.7	18.6	17.9
Advertising Expense	2.5	2.1	3.3	3.3	2.8

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Central Bank	175.1	113.2	143.6	106.3	82.7
Public Debt Bank	9.9	2.6	-	-	-
Trading Securities	136.7	122.6	142.5	103.8	14.1
Debt Instruments	2,119.6	1,095.1	943.8	716.7	948.4
Capital Instruments	87.7	176.0	276.6	311.3	502.9
Credit Institute	344.9	316.4	470.3	769.7	623.9
Loans to Clients, Net	-	24,751.8	26,458.4	25,910.4	25,687.0
Gvnt Debentures	1,705.9	3,104.3	2,530.7	2,112.2	-
Loans to Clients, Gross	23,998.6	-	-	-	-
Loan Loss Provision	-1,872.6	-	-	-	-
Valuation Adjustments	51.0	-	-	-	-
Real Estate Investments	120.1	133.1	120.4	180.8	6.2
Other Investments	-	-	-	-	0.9
Cover Derivatives	21.7	19.1	95.2	23.5	18.4
Non Current Assets For Sale	848.7	822.5	435.6	12.5	4.2
Participations Associates	198.7	90.1	196.4	169.2	139.9
Participations Associates/Multigroup	0.1	95.4	83.1	87.6	-
Pensions	9.6	21.6	22.3	20.3	22.5
Intangibles	5.6	5.2	2.7	3.0	55.3
Current Tax	36.8	32.0	19.7	35.4	17.3
Deferred Tax	726.7	199.3	202.3	119.5	130.0
Goodwill	12.2	22.5	-	-	-
Software	45.8	47.0	50.0	50.4	49.9
Furniture, Vehicles & Other Installation	158.1	163.0	150.1	138.9	139.1
Buildings	251.2	269.0	300.1	243.3	333.3
Other Assets	4.5	3.3	-	-	-
Leased Assets	0.0	-	-	-	-
Work In Progress	1.9	2.0	2.2	5.3	8.9
Acc Depreciation	-173.7	-165.9	-158.3	-140.7	-132.2
Accruals	137.2	333.3	261.4	98.5	22.0
Other Assets	4.5	19.0	6.4	17.6	30.3
Total Assets	29,166.3	31,793.1	32,755.7	31,095.6	28,704.7
Trading Securities	136.8	122.6	142.5	103.8	14.9
Cover Derivatives	74.1	34.9	19.5	26.3	118.5
Central Banks	4,193.0	1,945.7	2,301.5	2,642.6	800.7
Credit Institutions	4,827.7	5,011.0	3,925.3	3,342.2	2,813.4
Payable Customer	15,608.8	17,658.8	17,979.2	16,273.6	15,228.8
Payable Security	2,785.9	4,168.8	5,119.7	5,591.9	6,232.1
Other Liabs.	352.0	325.0	274.5	243.7	358.4
Accruals	-	-	-	-	74.3
Subord. Debt	567.5	709.8	847.3	825.1	867.4
Total Long Term Debt	567.5	709.8	847.3	825.1	867.4
Pension Reserve	9.6	25.7	27.0	24.1	-
Risk Reserve	47.1	17.7	57.7	46.4	-
Provisions	11.6	0.2	-	-	80.7
Taxes Payable	0.7	1.3	29.6	34.3	41.5
Deferred Tax	28.8	8.0	39.3	47.5	106.6
Other Liabilities	45.3	48.3	37.1	53.1	-
Minority Interest	80.7	131.5	114.8	8.0	37.6
Total Liabilities	28,769.5	30,209.4	30,915.1	29,262.7	26,774.9
Current Profit	-1,151.2	90.1	189.4	209.0	198.6
Capital	159.8	161.9	169.8	161.3	166.3
Share Premium	358.2	407.8	439.5	429.0	451.3
Reserves	1,130.9	1,124.8	1,112.3	1,021.9	966.1
Own Shares	-67.5	-103.3	-111.1	-33.7	0.0
Financials Held for Sale - Adjustment	-25.7	-59.5	61.6	56.0	159.5
Currency Adjustment	-	0.0	0.0	0.0	-
Currency Translations	0.0	-	-	-	-
Equity Reserve	-7.7	-7.5	12.4	21.3	6.5
Dividends and Repayments	0.0	-30.6	-33.2	-31.9	-18.5
Total Equity	396.7	1,583.7	1,840.6	1,832.9	1,929.8
Total Liabilities & Shareholders' Equity	29,166.3	31,793.1	32,755.7	31,095.6	28,704.7
S/O-Common Stock	480.1	485.2	478.0	477.9	481.2
Total Common Shares Outstanding	480.1	485.2	478.0	477.9	481.2
T/S-Common Stock	12.4	15.4	12.8	3.2	0.0
Tier 1	-	7.79%	7.82%	6.94%	7.73%
Capital Ratio	-	10.23%	11.32%	10.22%	11.83%
Total Risk-Weighted Capital	-	22,011.9	23,436.3	26,076.6	23,658.6
Full-Time Employees	2,199	2,234	2,114	2,227	2,140
Number of Common Shareholders	-	47,720	39,012	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	-1,281.7	80.3	181.0	219.2	185.5
Depreciation	19.4	17.3	18.7	18.6	17.9
Other Adjustments	1,900.8	224.0	251.4	196.4	138.0
Taxes Paid	-523.7	4.4	48.5	74.8	85.0
Bussines Portfolio-Assets	-27.3	8.0	-34.3	-95.2	-10.7
Financial Assets Held for Sale	-997.7	-291.4	-97.8	343.6	-701.0
Clients Deposits-Assets	2,099.2	-1,166.5	-472.6	-4,118.3	-4,399.8
Other Assets	-344.8	-66.3	-273.8	-90.7	-41.5
Bussines Portfolio-Liabilities	19.4	-10.6	34.3	94.3	11.5
Credit Deposits-Liabilities	-1,667.6	1,316.3	594.4	4,030.0	4,188.6
Other Liabilities	1,080.9	-77.0	-143.8	-297.2	46.9
Cash from Operating Activities	276.9	38.7	106.0	375.6	-479.5
Purchase of Associates	-65.4	0.0	-14.1	-130.3	-37.2
Purchase of Tangibles	-19.4	-34.5	-18.7	-116.4	-80.9
Purchase of Intangibles	0.0	-24.9	-	-	-50.2
Purchase of Non-Current Assets HFS	-	0.0	-26.6	-9.0	0.0
Sale of Investment	32.1	121.4	0.0	0.9	0.0
Sale of Fixed Assets	31.2	0.0	28.2	0.0	-
Sale of Intangibles	9.6	0.0	0.4	52.2	0.0
Cash from Investing Activities	-11.9	62.1	-30.7	-202.6	-168.4
Amortization of Donation Fund	-	-	-	-	14.8
Issue of Capital	1.3	0.6	-	-	-
Repurchase of Capital	-18.3	0.0	-73.9	-35.5	0.0
Amortization of Subordinated Liabs	-127.8	-81.4	-4.2	0.4	195.1
Other Financing Activities	-49.9	-	-	-	-
Dividends Paid	0.0	-64.7	-67.7	-79.6	-31.4
Other Financing Activities	0.0	23.9	103.3	-29.2	378.1
Cash from Financing Activities	-194.7	-121.7	-42.5	-143.9	556.6
Net Change in Cash	70.3	-20.8	32.8	29.2	-91.3
Net Cash-Beginning Balance	117.3	132.6	106.4	82.7	168.7
Net Cash-Ending Balance	187.6	111.7	139.2	111.9	77.4
Cash Taxes Paid	523.7	-4.4	-48.5	-74.8	-85.0

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	335.7	2.78%	866.6	-27.07%	-22.24%	-1.29%
Income Available to Common Excl Extraord Items1	-14.0	-	-1,233.1	-	-	-
Basic EPS Excl Extraord Items1	-0.03	-	-2.57	-	-	-
Capital Expenditures2	19.4	-	19.4	-68.80%	-43.99%	-21.84%
Cash from Operating Activities2	276.9	-	276.9	581.10%	-8.13%	-
Free Cash Flow	240.3	-	240.3	-	1.47%	-
Total Assets3	29,166.3	-5.20%	29,166.3	-5.20%	0.14%	7.21%
Total Liabilities3	28,769.5	-1.58%	28,769.5	-1.58%	1.73%	8.25%
Total Long Term Debt3	567.5	-17.37%	567.5	-17.37%	-9.69%	9.26%
Employees3	-	-	2199	-1.57%	-0.42%	2.36%
Total Common Shares Outstanding3	480.1	-1.05%	480.1	-1.05%	0.15%	1.19%
1-ExchangeRate: EUR to USD Average for Period	0.741961	Â	0.719190	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.719190	Â	0.719190	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.770327	Â	0.770327	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Interest Income, Bank1	1,066.9	848.7	1,222.1	1,740.6	1,241.5
Total Interest Expense1	740.7	481.9	672.9	1,189.0	784.7
Loan Loss Provision1	1,264.9	264.4	361.5	181.2	144.1
Cash & Due from Banks3	175.1	113.2	143.6	106.3	82.7
Total Deposits3	27,415.4	28,784.3	29,325.7	27,850.3	25,074.9
1-ExchangeRate: EUR to USD Average for Period	0.719190	0.755078	0.719047	0.683679	0.730637
3-ExchangeRate: EUR to USD Period End Date	0.770327	0.745406	0.696986	0.719399	0.683971

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Pretax Margin	-169.23%	9.98%	18.77%	16.89%	21.79%
Net Profit Margin	-115.58%	10.48%	15.02%	12.63%	14.98%
Financial Strength
Long Term Debt/Equity	1.43	0.45	0.46	0.45	0.45
Total Debt/Equity	1.96	0.55	0.55	0.52	0.52
Management Effectiveness
Return on Assets	-3.99%	0.26%	0.58%	0.71%	0.76%
Return on Equity	-119.35%	5.45%	10.15%	11.39%	11.96%
Efficiency
Receivables Turnover	0.04	0.05	0.06	0.07	0.07
Asset Turnover	0.03	0.04	0.05	0.06	0.06

Market Valuation USD (mil)
Enterprise Value2	783.1	.	Price/Sales (TTM)	0.84
Price/Book (MRQ)	0.24	.	Market Cap1	100.3
1-ExchangeRate: EUR to USD on 5-Apr-2012	0.761510
2-ExchangeRate: EUR to USD on 31-Dec-2011	0.770327

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Long Term Debt/Equity	1.43	0.45	0.46	0.45	0.45
Total Debt/Equity	1.96	0.55	0.55	0.52	0.52
Long Term Debt/Total Capital	0.59	0.31	0.32	0.31	0.31
Total Debt/Total Capital	0.81	0.38	0.38	0.36	0.36
Payout Ratio	0.00%	26.78%	29.73%	25.65%	23.43%
Effective Tax Rate	-	5.23%	21.13%	25.44%	31.42%
Total Capital1	964.3	2,293.5	2,688.0	2,658.0	2,797.3
Efficiency
Asset Turnover	0.03	0.04	0.05	0.06	0.06
Receivables Turnover	0.04	0.05	0.06	0.07	0.07
Days Receivables Outstanding	10,393.14	7,877.83	6,087.66	4,985.17	5,371.81
Revenue/Employee2	367,938	513,220	754,459	827,390	737,839
Profitability
Pretax Margin	-169.23%	9.98%	18.77%	16.89%	21.79%
Net Profit Margin	-115.58%	10.48%	15.02%	12.63%	14.98%
Management Effectiveness
Return on Assets	-3.99%	0.26%	0.58%	0.71%	0.76%
Return on Equity	-119.35%	5.45%	10.15%	11.39%	11.96%
Valuation
Free Cash Flow/Share2	0.50	-0.04	0.19	0.52	-1.36
Operating Cash Flow/Share 2	0.54	0.08	0.23	0.75	-1.06
1-ExchangeRate: EUR to USD Period End Date	0.770327	0.745406	0.696986	0.719399	0.683971
2-ExchangeRate: EUR to USD Average for Period	0.770327	0.745406	0.696986	0.719399	0.683971

Current Market Multiples
Market Cap/Earnings (TTM)	-0.08
Market Cap/Equity (MRQ)	0.25
Market Cap/Revenue (TTM)	0.10
Market Cap/EBIT (TTM)	-0.10
Market Cap/EBITDA (TTM)	-0.10
Enterprise Value/Earnings (TTM)	-0.65
Enterprise Value/Equity (MRQ)	1.97
Enterprise Value/Revenue (TTM)	0.79
Enterprise Value/EBIT (TTM)	-0.79
Enterprise Value/EBITDA (TTM)	-0.80

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	1,065.2	844.7	1,212.6	1,729.2	1,230.9
Other Interest Income	1.6	4.0	9.5	11.4	10.7
Interest Income, Bank	1,066.9	848.7	1,222.1	1,740.6	1,241.5
Interest on Deposit	740.7	481.9	672.9	1,189.0	784.7
Total Interest Expense	740.7	481.9	672.9	1,189.0	784.7
Net Interest Income	326.2	366.8	549.2	551.5	456.8
Loan Loss Provision	1,264.9	264.4	361.5	181.2	144.1
Net Interest Income after Loan Loss Provision	-938.7	102.4	187.7	370.4	312.7
Fees & Commissions from Operations	122.6	118.5	137.1	138.5	119.1
Dealer Trading Account Profit	18.4	62.6	39.4	26.3	40.3
Foreign Currency Gains	0.0	0.0	0.0	0.0	0.0
Other Unusual Income	-0.1	0.0	0.0	0.0	0.0
Other Revenue	-289.0	102.9	144.2	18.4	32.4
Non-Interest Income, Bank	-200.2	283.2	323.9	198.3	236.6
Labor & Related Expenses	-164.4	-151.4	-160.3	-165.4	-150.9
Depreciation Expense	-19.4	-17.3	-18.7	-18.6	-17.9
Other Unusual Expense	-27.1	-14.1	-5.4	-5.1	-
Other Expense	-455.6	-118.0	-97.8	-85.6	-109.9
Non-Interest Expense, Bank	-666.5	-300.8	-282.2	-274.6	-278.7
Income Before Tax	-1,805.4	84.7	229.4	294.0	270.5
Total Income Tax	-523.7	4.4	48.5	74.8	85.0
Income After Tax	-1,281.7	80.3	181.0	219.2	185.5
Minority Interest	48.7	8.7	2.6	0.6	0.4
Net Income Before Extraord Items	-1,233.1	89.0	183.5	219.9	185.9
Net Income	-1,233.1	89.0	183.5	219.9	185.9
Income Available to Common Excl Extraord Items	-1,233.1	89.0	183.5	219.9	185.9
Income Available to Common Incl Extraord Items	-1,233.1	89.0	183.5	219.9	185.9
Basic/Primary Weighted Average Shares	480.1	482.4	477.3	473.8	457.4
Basic EPS Excl Extraord Items	-2.57	0.18	0.38	0.46	0.41
Basic/Primary EPS Incl Extraord Items	-2.57	0.18	0.38	0.46	0.41
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-1,233.1	89.0	183.5	219.9	185.9
Diluted Weighted Average Shares	480.1	482.4	477.3	473.8	457.4
Diluted EPS Excl Extraord Items	-2.57	0.18	0.38	0.46	0.41
Diluted EPS Incl Extraord Items	-2.57	0.18	0.38	0.46	0.41
Dividends per Share - Common Stock Primary Issue	0.00	0.05	0.11	0.12	0.10
Gross Dividends - Common Stock	0.0	30.2	68.4	70.9	60.4
Depreciation, Supplemental	17.5	17.3	18.7	18.6	17.9
Total Special Items	86.0	19.8	5.8	-5.9	-41.5
Normalized Income Before Tax	-1,719.4	104.5	235.2	288.1	229.0
Effect of Special Items on Income Taxes	30.1	1.0	1.2	-1.5	-13.0
Inc Tax Ex Impact of Sp Items	-493.6	5.5	49.7	73.3	71.9
Normalized Income After Tax	-1,225.8	99.0	185.5	214.8	157.0
Normalized Inc. Avail to Com.	-1,177.1	107.7	188.1	215.5	157.5
Basic Normalized EPS	-2.45	0.22	0.39	0.45	0.34
Diluted Normalized EPS	-2.45	0.22	0.39	0.45	0.34
Amort of Intangibles, Supplemental	-	-	-	-	1.4
Advertising Expense, Supplemental	2.5	2.1	3.3	3.3	2.8
Bank Total Revenue	866.6	1,131.8	1,546.0	1,938.9	1,478.1

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.741961	0.707825	0.695476	0.731463	0.736368
Interest & Fees on Loans	279.8	275.9	267.0	242.7	222.0
Other Interest Income	0.6	0.3	0.4	0.3	1.0
Interest Income, Bank	280.4	276.3	267.4	243.0	222.9
Interest on Deposit	198.1	206.0	180.3	156.5	137.7
Total Interest Expense	198.1	206.0	180.3	156.5	137.7
Net Interest Income	82.2	70.3	87.1	86.5	85.3
Loan Loss Provision	116.7	1,086.2	82.1	22.9	131.2
Net Interest Income after Loan Loss Provision	-34.5	-1,015.9	5.0	63.6	-45.9
Fees & Commissions from Operations	31.9	28.1	36.0	26.8	38.0
Dealer Trading Account Profit	18.1	-53.2	43.0	10.3	23.0
Foreign Currency Gains	0.0	0.0	0.0	0.0	0.0
Other Unusual Income	0.0	-0.1	0.0	0.0	0.0
Other Revenue	3.1	-296.3	6.3	-6.4	49.8
Non-Interest Income, Bank	55.4	-386.4	92.6	32.9	106.2
Labor & Related Expenses	-36.9	-42.4	-43.4	-41.9	-40.0
Depreciation Expense	-4.8	-5.1	-5.0	-4.6	-4.6
Other Unusual Expense	6.4	-278.7	-17.7	0.0	0.4
Other Expense	-31.3	-72.8	-44.6	-23.4	-23.7
Non-Interest Expense, Bank	-66.6	-398.9	-110.8	-69.8	-67.9
Income Before Tax	-45.7	-1,801.3	-13.1	26.7	-7.6
Total Income Tax	-17.9	-520.0	-1.9	8.3	-4.7
Income After Tax	-27.8	-1,281.3	-11.1	18.4	-3.0
Minority Interest	13.8	19.4	14.6	1.2	7.5
Net Income Before Extraord Items	-14.0	-1,261.9	3.5	19.6	4.5
Net Income	-14.0	-1,261.9	3.5	19.6	4.5
Income Available to Common Excl Extraord Items	-14.0	-1,261.9	3.5	19.6	4.5
Income Available to Common Incl Extraord Items	-14.0	-1,261.9	3.5	19.6	4.5
Basic/Primary Weighted Average Shares	480.1	456.2	481.2	488.4	488.4
Basic EPS Excl Extraord Items	-0.03	-2.77	0.01	0.04	0.01
Basic/Primary EPS Incl Extraord Items	-0.03	-2.77	0.01	0.04	0.01
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	-14.0	-1,261.9	3.5	19.6	4.5
Diluted Weighted Average Shares	480.1	456.2	481.2	488.4	488.4
Diluted EPS Excl Extraord Items	-0.03	-2.77	0.01	0.04	0.01
Diluted EPS Incl Extraord Items	-0.03	-2.77	0.01	0.04	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Depreciation, Supplemental	4.8	5.1	5.0	4.6	4.6
Total Special Items	-7.0	345.6	12.0	-0.8	5.4
Normalized Income Before Tax	-52.7	-1,455.7	-1.1	25.9	-2.3
Effect of Special Items on Income Taxes	-2.4	121.0	4.2	-0.3	1.9
Inc Tax Ex Impact of Sp Items	-20.3	-399.1	2.3	8.0	-2.8
Normalized Income After Tax	-32.3	-1,056.6	-3.3	17.8	0.5
Normalized Inc. Avail to Com.	-18.5	-1,037.2	11.3	19.0	8.0
Basic Normalized EPS	-0.04	-2.27	0.02	0.04	0.02
Diluted Normalized EPS	-0.04	-2.27	0.02	0.04	0.02
Advertising Expense, Supplemental	-	-	0.7	0.6	-
Bank Total Revenue	335.7	-110.2	360.0	275.9	329.1

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	175.1	113.2	143.6	106.3	82.7
Interest-earning Deposits	344.9	316.4	470.3	769.7	623.9
Trading Account Assets	1,874.2	3,248.5	2,768.5	2,239.5	32.4
Other Short Term Investments	-	-	-	-	0.9
Securities for Sale	2,207.2	1,271.1	1,220.5	1,028.0	1,451.3
Total Investment Securities	2,207.2	1,271.1	1,220.5	1,028.0	1,451.3
Other Earning Assets	9.6	21.6	22.3	20.3	22.5
Other Earning Assets, Total	4,436.0	4,857.5	4,481.6	4,057.5	2,131.1
Total Gross Loans	23,998.6	-	-	-	-
Loan Loss Allowances	-1,872.6	-	-	-	-
Net Loans	22,126.0	24,751.8	26,458.4	25,910.4	25,687.0
Buildings	409.2	432.0	450.2	382.3	472.4
Construction in Progress	1.9	2.0	2.2	5.3	8.9
Other Property/Plant/Equipment	50.3	50.3	50.0	50.4	49.9
Property/Plant/Equipment - Gross	461.4	484.3	502.4	438.0	531.1
Accumulated Depreciation	-173.7	-165.9	-158.3	-140.7	-132.2
Property/Plant/Equipment - Net	287.7	318.4	344.0	297.3	398.9
Goodwill - Gross	12.2	22.5	-	-	-
Goodwill, Net	12.2	22.5	-	-	-
Intangibles, Net	5.6	5.2	2.7	3.0	55.3
LT Investment - Affiliate Companies	198.7	185.5	279.5	256.8	139.9
Long Term Investments	198.7	185.5	279.5	256.8	139.9
Deferred Income Tax - Long Term Asset	726.7	199.3	202.3	119.5	130.0
Other Long Term Assets, Total	726.7	199.3	202.3	119.5	130.0
Other Assets	1,198.1	1,339.8	843.5	344.8	80.0
Other Assets, Total	1,198.1	1,339.8	843.5	344.8	80.0
Total Assets	29,166.3	31,793.1	32,755.7	31,095.6	28,704.7
Accrued Expenses	-	-	-	-	74.3
Interest Bearing Deposits	18,394.7	21,827.6	23,098.9	21,865.5	21,460.9
Other Deposits	9,020.7	6,956.7	6,226.8	5,984.8	3,614.1
Total Deposits	27,415.4	28,784.3	29,325.7	27,850.3	25,074.9
Other Short Term Borrowings	136.8	122.6	142.5	103.8	14.9
Total Short Term Borrowings	210.8	157.5	162.0	130.1	133.5
Income Taxes Payable	0.7	1.3	29.6	34.3	41.5
Other Current liabilities, Total	0.7	1.3	29.6	34.3	41.5
Long Term Debt	567.5	709.8	847.3	825.1	867.4
Total Long Term Debt	567.5	709.8	847.3	825.1	867.4
Total Debt	778.4	867.4	1,009.4	955.2	1,000.9
Deferred Income Tax - LT Liability	28.8	8.0	39.3	47.5	106.6
Deferred Income Tax	28.8	8.0	39.3	47.5	106.6
Minority Interest	80.7	131.5	114.8	8.0	37.6
Reserves	68.3	43.7	84.7	70.5	80.7
Other Liabilities	397.2	373.3	311.6	296.8	358.4
Other Liabilities, Total	465.6	416.9	396.3	367.3	439.1
Total Liabilities	28,769.5	30,209.4	30,915.1	29,262.7	26,774.9
Common Stock	159.8	161.9	169.8	161.3	166.3
Common Stock	159.8	161.9	169.8	161.3	166.3
Additional Paid-In Capital	358.2	407.8	439.5	429.0	451.3
Retained Earnings (Accumulated Deficit)	-28.0	1,207.4	1,314.0	1,252.2	1,171.3
Treasury Stock - Common	-67.5	-103.3	-111.1	-33.7	0.0
Translation Adjustment	0.0	0.0	0.0	0.0	-
Other Equity	-25.7	-90.1	28.4	24.2	141.0
Other Equity, Total	-25.8	-90.1	28.4	24.2	141.0
Total Equity	396.7	1,583.7	1,840.6	1,832.9	1,929.8
Total Liabilities & Shareholders’ Equity	29,166.3	31,793.1	32,755.7	31,095.6	28,704.7
Shares Outstanding - Common Stock Primary Issue	480.1	485.2	478.0	477.9	481.2
Total Common Shares Outstanding	480.1	485.2	478.0	477.9	481.2
Treasury Shares - Common Stock Primary Issue	12.4	15.4	12.8	3.2	0.0
Employees	2,199	2,234	2,114	2,227	2,140
Number of Common Shareholders	-	47,720	39,012	-	-
Total Risk-Weighted Capital	-	22.0	23.4	26.1	23.7
Tier 1 Capital %	-	7.79%	7.82%	6.94%	7.73%
Total Capital %	-	10.23%	11.32%	10.22%	11.83%

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745323	0.689727	0.704672	0.745406
Cash & Due from Banks	175.1	108.8	178.6	437.4	113.2
Interest-earning Deposits	-	-	-	12.3	-
Trading Account Assets	168.3	155.9	91.0	88.3	144.2
Securities for Sale	2,207.2	2,275.9	2,523.7	2,381.2	1,271.1
Total Investment Securities	2,207.2	2,275.9	2,523.7	2,381.2	1,271.1
Other Earning Assets	9.6	21.6	23.3	22.8	21.6
Other Earning Assets, Total	2,385.2	2,453.3	2,638.0	2,504.6	1,436.8
Total Gross Loans	24,034.0	23,438.0	27,397.2	26,803.4	24,751.8
Loan Loss Allowances	-1,872.6	-	-867.7	-773.8	-
Net Loans	24,227.8	26,278.5	29,454.5	29,554.1	28,172.4
Land/Improvements	120.1	125.1	160.1	152.8	133.1
Property/Plant/Equipment - Gross	120.1	125.1	160.1	152.8	133.1
Property/Plant/Equipment - Net	407.9	427.8	492.7	479.8	451.6
Goodwill, Net	12.2	12.4	-	-	22.5
Intangibles, Net	5.6	26.6	53.2	51.6	5.2
LT Investment - Affiliate Companies	198.7	215.6	267.6	198.3	185.5
Long Term Investments	198.7	215.6	267.6	198.3	185.5
Deferred Income Tax - Long Term Asset	726.7	726.1	281.9	238.9	199.3
Other Long Term Assets, Total	726.7	726.1	281.9	238.9	199.3
Other Assets	1,027.1	840.7	1,427.5	1,423.1	1,206.7
Other Assets, Total	1,027.1	840.7	1,427.5	1,423.1	1,206.7
Total Assets	29,166.3	31,089.9	34,794.0	34,887.7	31,793.1
Interest Bearing Deposits	18,394.7	20,460.0	23,085.0	23,709.9	21,827.6
Other Deposits	9,020.7	8,844.6	8,504.6	8,115.0	6,956.7
Total Deposits	27,415.4	29,304.6	31,589.7	31,824.9	28,784.3
Other Short Term Borrowings	136.8	137.1	86.4	82.8	122.6
Total Short Term Borrowings	210.8	205.1	124.1	108.3	157.5
Income Taxes Payable	0.7	11.8	18.1	10.6	1.3
Other Current liabilities, Total	0.7	11.8	18.1	10.6	1.3
Long Term Debt	567.5	586.8	634.1	650.2	709.8
Total Long Term Debt	567.5	586.8	634.1	650.2	709.8
Total Debt	778.4	791.9	758.2	758.5	867.4
Deferred Income Tax - LT Liability	28.8	29.8	42.0	38.3	8.0
Deferred Income Tax	28.8	29.8	42.0	38.3	8.0
Minority Interest	80.7	113.8	124.9	131.5	131.5
Reserves	68.3	82.7	44.4	46.0	43.7
Other Liabilities	397.2	318.7	482.4	385.5	373.3
Other Liabilities, Total	465.6	401.4	526.9	431.5	416.9
Total Liabilities	28,769.5	30,653.2	33,059.8	33,195.3	30,209.4
Common Stock	159.8	165.2	178.5	171.3	161.9
Common Stock	159.8	165.2	178.5	171.3	161.9
Additional Paid-In Capital	358.2	370.2	400.0	431.3	407.8
Retained Earnings (Accumulated Deficit)	-28.0	-7.7	1,290.5	1,252.7	1,207.4
Treasury Stock - Common	-67.5	-69.8	-73.7	-118.4	-103.3
Other Equity	-25.8	-21.3	-61.0	-44.4	-90.1
Other Equity, Total	-25.8	-21.3	-61.0	-44.4	-90.1
Total Equity	396.7	436.6	1,734.3	1,692.5	1,583.7
Total Liabilities & Shareholders’ Equity	29,166.3	31,089.9	34,794.0	34,887.7	31,793.1
Shares Outstanding - Common Stock Primary Issue	480.1	480.1	481.2	500.6	485.2
Total Common Shares Outstanding	480.1	480.1	481.2	500.6	485.2
Treasury Shares - Common Stock Primary Issue	12.4	12.4	11.3	-	15.4
Employees	2,199	-	2,223	2,223	2,234
Number of Common Shareholders	-	-	49,569	48,601	47,720
Total Risk-Weighted Capital	-	-	23.3	23.4	22.0
Tier 1 Capital %	-	-	7.77%	7.69%	7.79%
Total Capital %	-	-	9.99%	10.02%	10.23%

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	-1,281.7	80.3	181.0	219.2	185.5
Depreciation	19.4	17.3	18.7	18.6	17.9
Depreciation/Depletion	19.4	17.3	18.7	18.6	17.9
Other Non-Cash Items	1,900.8	224.0	251.4	196.4	138.0
Non-Cash Items	1,900.8	224.0	251.4	196.4	138.0
Other Assets	1,727.1	-1,224.8	-780.7	-4,304.2	-4,452.0
Other Liabilities	-567.3	1,228.8	484.9	3,827.1	4,247.0
Other Operating Cash Flow	-523.7	4.4	48.5	74.8	85.0
Investment Securities, Gains/Losses	-997.7	-291.4	-97.8	343.6	-701.0
Changes in Working Capital	-361.7	-283.0	-345.1	-58.7	-821.0
Cash from Operating Activities	276.9	38.7	106.0	375.6	-479.5
Purchase of Fixed Assets	-19.4	-34.5	-18.7	-116.4	-80.9
Purchase/Acquisition of Intangibles	0.0	-24.9	-	-	-50.2
Capital Expenditures	-19.4	-59.3	-18.7	-116.4	-131.1
Acquisition of Business	-65.4	0.0	-14.1	-130.3	-37.2
Sale of Fixed Assets	31.2	0.0	28.2	0.0	-
Sale/Maturity of Investment	32.1	121.4	0.0	0.9	0.0
Purchase of Investments	-	0.0	-26.6	-9.0	0.0
Sale of Intangible Assets	9.6	0.0	0.4	52.2	0.0
Other Investing Cash Flow Items, Total	7.6	121.4	-12.0	-86.2	-37.2
Cash from Investing Activities	-11.9	62.1	-30.7	-202.6	-168.4
Other Financing Cash Flow	-49.9	23.9	103.3	-29.2	392.8
Financing Cash Flow Items	-49.9	23.9	103.3	-29.2	392.8
Cash Dividends Paid - Common	0.0	-64.7	-67.7	-79.6	-31.4
Total Cash Dividends Paid	0.0	-64.7	-67.7	-79.6	-31.4
Repurchase/Retirement of Common	-18.3	0.0	-73.9	-35.5	0.0
Common Stock, Net	-18.3	0.0	-73.9	-35.5	0.0
Issuance (Retirement) of Stock, Net	-18.3	0.0	-73.9	-35.5	0.0
Long Term Debt Issued	1.3	0.6	-	-	-
Long Term Debt, Net	-126.5	-80.8	-4.2	0.4	195.1
Issuance (Retirement) of Debt, Net	-126.5	-80.8	-4.2	0.4	195.1
Cash from Financing Activities	-194.7	-121.7	-42.5	-143.9	556.6
Net Change in Cash	70.3	-20.8	32.8	29.2	-91.3
Net Cash - Beginning Balance	117.3	132.6	106.4	82.7	168.7
Net Cash - Ending Balance	187.6	111.7	139.2	111.9	77.4
Cash Taxes Paid	523.7	-4.4	-48.5	-74.8	-85.0

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009
Period Length	12 Months	6 Months	12 Months	6 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.713558	0.755078	0.754409	0.719047
Net Income/Starting Line	-1,281.7	8.0	80.3	61.3	181.0
Depreciation	19.4	9.6	17.3	8.6	18.7
Depreciation/Depletion	19.4	9.6	17.3	8.6	18.7
Other Non-Cash Items	1,900.8	146.3	224.0	124.4	251.4
Non-Cash Items	1,900.8	146.3	224.0	124.4	251.4
Other Assets	729.4	-203.3	-1,516.2	-641.5	-878.4
Other Liabilities	-567.3	469.1	1,228.8	692.5	484.9
Other Operating Cash Flow	-523.7	6.6	4.4	0.7	48.5
Changes in Working Capital	-361.7	272.4	-283.0	51.7	-345.1
Cash from Operating Activities	276.9	436.4	38.7	245.9	106.0
Purchase of Fixed Assets	-19.4	-14.1	-34.5	-8.6	-18.7
Purchase/Acquisition of Intangibles	0.0	-22.6	-24.9	-0.8	0.0
Capital Expenditures	-19.4	-36.7	-59.3	-9.3	-18.7
Acquisition of Business	-65.4	-114.1	0.0	-4.8	-14.1
Sale of Fixed Assets	31.2	0.0	0.0	13.2	28.2
Sale/Maturity of Investment	32.1	-	121.4	-	0.0
Purchase of Investments	-	-86.7	0.0	-68.3	-26.6
Sale of Intangible Assets	9.6	-	0.0	0.0	0.4
Other Investing Cash Flow Items, Total	7.6	-200.8	121.4	-59.8	-12.0
Cash from Investing Activities	-11.9	-237.4	62.1	-69.1	-30.7
Other Financing Cash Flow	-48.6	-15.9	24.5	0.6	103.3
Financing Cash Flow Items	-48.6	-15.9	24.5	0.6	103.3
Cash Dividends Paid - Common	0.0	0.0	-64.7	-34.5	-67.7
Total Cash Dividends Paid	0.0	0.0	-64.7	-34.5	-67.7
Repurchase/Retirement of Common	-18.3	0.0	0.0	-24.4	-73.9
Common Stock, Net	-18.3	0.0	0.0	-24.4	-73.9
Issuance (Retirement) of Stock, Net	-18.3	0.0	0.0	-24.4	-73.9
Long Term Debt Reduction	-127.8	-128.6	-81.4	-36.3	-4.2
Long Term Debt, Net	-127.8	-128.6	-81.4	-36.3	-4.2
Issuance (Retirement) of Debt, Net	-127.8	-128.6	-81.4	-36.3	-4.2
Cash from Financing Activities	-194.7	-144.5	-121.7	-94.6	-42.5
Net Change in Cash	70.3	54.4	-20.8	82.2	32.8
Net Cash - Beginning Balance	117.3	118.2	132.6	132.7	106.4
Net Cash - Ending Balance	187.6	172.6	111.7	214.9	139.2
Cash Taxes Paid	523.7	-6.6	-4.4	-0.7	-48.5

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Interest Income	1,065.2	844.7	1,212.6	1,729.2	1,230.9
Interest/Portfolio	1.6	4.0	9.5	11.4	10.7
Total Revenue	1,066.9	848.7	1,222.1	1,740.6	1,241.5
Interest Expenses	740.7	481.9	672.9	1,189.0	784.7
Loan Loss Provisions	1,264.9	264.4	361.5	181.2	144.1
Total Operating Expense	2,005.6	746.3	1,034.4	1,370.2	928.9
Cost of Sales	-	-	0.0	0.0	-25.6
Non-Financial Services Income	-	-	0.0	0.0	33.3
Equity Earnings	-59.0	-5.7	-0.4	11.0	8.2
Commission Income	134.5	127.2	147.7	159.1	134.0
Commission Exp.	-11.9	-8.6	-10.7	-20.6	-14.9
Financial Trans.	-	-	-	-	40.3
Financial Trans./Trading Portfolio	2.6	6.7	8.9	15.4	-
Financial Trans./Instr not at Fair Value	14.9	55.9	30.5	10.9	-
Other	0.9	0.0	-	-	-
Forex Gains Net	6.7	4.8	3.6	4.0	3.2
Non-Financial Services Rendered	21.5	0.8	-	-	-
Other Op. Profits	32.1	20.3	19.5	17.1	25.6
Salary Costs	-164.4	-151.4	-160.3	-165.4	-150.9
Other Administrative	-79.2	-71.6	-78.6	-76.5	-69.4
Depreciation/Prov.	-19.4	-17.3	-18.7	-18.6	-17.9
Other Op Expenses/Inventory Variation	-35.2	-3.7	1.1	0.0	-
Other Op Expenses/Other	-16.0	-9.6	-10.7	-8.5	-7.5
Sale of Assets	0.1	0.3	-	-	-
Profit Participation	-	-	23.0	0.1	5.6
Gains/ Sale of LT Assets - Cont. Oper.	-342.7	81.9	101.6	1.3	1.2
Expenses Sale of Assets	-30.4	-2.8	-	-	-
Other Expenses	-254.3	-66.0	0.0	-4.0	-1.9
Write-off Inv.	-27.2	-14.4	-5.4	-5.1	-
Provision for Risks	-40.5	35.7	-9.5	3.5	-5.5
Total Non-Interest Revenue	-200.2	283.2	323.9	198.3	236.6
Total Non-Interest Expense	-666.5	-300.8	-282.2	-274.6	-278.7
Net Income Before Taxes	-1,805.4	84.7	229.4	294.0	270.5
Provision for Income Taxes	-523.7	4.4	48.5	74.8	85.0
Net Income After Taxes	-1,281.7	80.3	181.0	219.2	185.5
Minority Interest	48.7	8.7	2.6	0.6	0.4
Net Income Before Extra. Items	-1,233.1	89.0	183.5	219.9	185.9
Net Income	-1,233.1	89.0	183.5	219.9	185.9
Income Available to Com Excl ExtraOrd	-1,233.1	89.0	183.5	219.9	185.9
Income Available to Com Incl ExtraOrd	-1,233.1	89.0	183.5	219.9	185.9
Basic Weighted Average Shares	480.1	482.4	477.3	473.8	457.4
Basic EPS Excluding ExtraOrdinary Items	-2.57	0.18	0.38	0.46	0.41
Basic EPS Including ExtraOrdinary Item	-2.57	0.18	0.38	0.46	0.41
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-1,233.1	89.0	183.5	219.9	185.9
Diluted Weighted Average Shares	480.1	482.4	477.3	473.8	457.4
Diluted EPS Excluding ExtraOrd Items	-2.57	0.18	0.38	0.46	0.41
Diluted EPS Including ExtraOrd Items	-2.57	0.18	0.38	0.46	0.41
DPS-Common Stock	0.00	0.05	0.11	0.12	0.10
Gross Dividends - Common Stock	0.0	30.2	68.4	70.9	60.4
Normalized Income Before Taxes	-1,719.4	104.5	235.2	288.1	229.0
Inc Tax Ex Impact of Sp Items	-493.6	5.5	49.7	73.3	71.9
Normalized Income After Taxes	-1,225.8	99.0	185.5	214.8	157.0
Normalized Inc. Avail to Com.	-1,177.1	107.7	188.1	215.5	157.5
Basic Normalized EPS	-2.45	0.22	0.39	0.45	0.34
Diluted Normalized EPS	-2.45	0.22	0.39	0.45	0.34
Amortization of Intangibles	-	-	-	-	1.4
Depreciation	17.5	17.3	18.7	18.6	17.9
Advertising Expense	2.5	2.1	3.3	3.3	2.8

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.741961	0.707825	0.695476	0.731463	0.736368
Interest Income	279.8	275.9	267.0	242.7	222.0
Portfolio Income	0.6	0.3	0.4	0.3	1.0
Total Revenue	280.4	276.3	267.4	243.0	222.9
Interest Expenses	198.1	206.0	180.3	156.5	137.7
Loan Loss Provisions	116.7	1,086.2	-	-	-
Provisions Financial Assets AFS	-	-	-	0.0	55.8
Provisions Investments	-	-	82.1	22.8	75.3
Total Operating Expense	314.9	1,292.2	262.4	179.4	268.8
Provisions for Risks	0.4	-44.1	2.3	0.3	3.8
Commission Income	34.6	30.8	39.7	29.6	40.7
Commission Expense	-2.7	-2.7	-3.7	-2.8	-2.7
Financial Trans.	0.2	-0.2	-	-	-
Trading Portofolio	1.1	-1.2	0.8	0.4	58.6
Other Results	0.0	0.0	0.0	0.0	-
Financial Assets AFS	16.7	-51.8	42.3	9.9	-35.6
Other Op. Profits	22.4	9.6	15.5	6.0	4.3
Salary Costs	-36.9	-42.4	-43.4	-41.9	-40.0
Other Administrative	-20.2	-22.2	-17.4	-19.3	-20.1
Depreciation	-4.8	-5.1	-5.0	-4.6	-4.6
Other Op Expenses	-11.5	-6.6	-29.5	-4.3	-7.4
Equity Earnings	0.7	-67.2	5.8	0.8	-5.7
Profit Participation	0.2	-	-	-	-
Write-off Inv.	6.4	-278.7	-17.7	0.0	0.4
Forex Gains Net	1.7	1.9	1.6	1.4	1.1
Impairment of Assets	-0.2	0.2	-0.1	0.0	-
Other Assets	-	-	-	-	0.0
Assets - Continuing Operations	-19.5	-305.9	-9.1	-12.4	45.5
Total Non-Interest Revenue	55.4	-386.4	92.6	32.9	106.2
Total Non-Interest Expense	-66.6	-398.9	-110.8	-69.8	-67.9
Net Income Before Taxes	-45.7	-1,801.3	-13.1	26.7	-7.6
Provision for Income Taxes	-17.9	-520.0	-1.9	8.3	-4.7
Net Income After Taxes	-27.8	-1,281.3	-11.1	18.4	-3.0
Minority Interest	13.8	19.4	14.6	1.2	7.5
Net Income Before Extra. Items	-14.0	-1,261.9	3.5	19.6	4.5
Net Income	-14.0	-1,261.9	3.5	19.6	4.5
Income Available to Com Excl ExtraOrd	-14.0	-1,261.9	3.5	19.6	4.5
Income Available to Com Incl ExtraOrd	-14.0	-1,261.9	3.5	19.6	4.5
Basic Weighted Average Shares	480.1	456.2	481.2	488.4	488.4
Basic EPS Excluding ExtraOrdinary Items	-0.03	-2.77	0.01	0.04	0.01
Basic EPS Including ExtraOrdinary Item	-0.03	-2.77	0.01	0.04	0.01
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	-14.0	-1,261.9	3.5	19.6	4.5
Diluted Weighted Average Shares	480.1	456.2	481.2	488.4	488.4
Diluted EPS Excluding ExtraOrd Items	-0.03	-2.77	0.01	0.04	0.01
Diluted EPS Including ExtraOrd Items	-0.03	-2.77	0.01	0.04	0.01
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-52.7	-1,455.7	-1.1	25.9	-2.3
Inc Tax Ex Impact of Sp Items	-20.3	-399.1	2.3	8.0	-2.8
Normalized Income After Taxes	-32.3	-1,056.6	-3.3	17.8	0.5
Normalized Inc. Avail to Com.	-18.5	-1,037.2	11.3	19.0	8.0
Basic Normalized EPS	-0.04	-2.27	0.02	0.04	0.02
Diluted Normalized EPS	-0.04	-2.27	0.02	0.04	0.02
Depreciation	4.8	5.1	5.0	4.6	4.6
Advertising Expense, Supplemental	-	-	0.7	0.6	-

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Central Bank	175.1	113.2	143.6	106.3	82.7
Public Debt Bank	9.9	2.6	-	-	-
Trading Securities	136.7	122.6	142.5	103.8	14.1
Debt Instruments	2,119.6	1,095.1	943.8	716.7	948.4
Capital Instruments	87.7	176.0	276.6	311.3	502.9
Credit Institute	344.9	316.4	470.3	769.7	623.9
Loans to Clients, Net	-	24,751.8	26,458.4	25,910.4	25,687.0
Gvnt Debentures	1,705.9	3,104.3	2,530.7	2,112.2	-
Loans to Clients, Gross	23,998.6	-	-	-	-
Loan Loss Provision	-1,872.6	-	-	-	-
Valuation Adjustments	51.0	-	-	-	-
Real Estate Investments	120.1	133.1	120.4	180.8	6.2
Other Investments	-	-	-	-	0.9
Cover Derivatives	21.7	19.1	95.2	23.5	18.4
Non Current Assets For Sale	848.7	822.5	435.6	12.5	4.2
Participations Associates	198.7	90.1	196.4	169.2	139.9
Participations Associates/Multigroup	0.1	95.4	83.1	87.6	-
Pensions	9.6	21.6	22.3	20.3	22.5
Intangibles	5.6	5.2	2.7	3.0	55.3
Current Tax	36.8	32.0	19.7	35.4	17.3
Deferred Tax	726.7	199.3	202.3	119.5	130.0
Goodwill	12.2	22.5	-	-	-
Software	45.8	47.0	50.0	50.4	49.9
Furniture, Vehicles & Other Installation	158.1	163.0	150.1	138.9	139.1
Buildings	251.2	269.0	300.1	243.3	333.3
Other Assets	4.5	3.3	-	-	-
Leased Assets	0.0	-	-	-	-
Work In Progress	1.9	2.0	2.2	5.3	8.9
Acc Depreciation	-173.7	-165.9	-158.3	-140.7	-132.2
Accruals	137.2	333.3	261.4	98.5	22.0
Other Assets	4.5	19.0	6.4	17.6	30.3
Total Assets	29,166.3	31,793.1	32,755.7	31,095.6	28,704.7
Trading Securities	136.8	122.6	142.5	103.8	14.9
Cover Derivatives	74.1	34.9	19.5	26.3	118.5
Central Banks	4,193.0	1,945.7	2,301.5	2,642.6	800.7
Credit Institutions	4,827.7	5,011.0	3,925.3	3,342.2	2,813.4
Payable Customer	15,608.8	17,658.8	17,979.2	16,273.6	15,228.8
Payable Security	2,785.9	4,168.8	5,119.7	5,591.9	6,232.1
Other Liabs.	352.0	325.0	274.5	243.7	358.4
Accruals	-	-	-	-	74.3
Subord. Debt	567.5	709.8	847.3	825.1	867.4
Total Long Term Debt	567.5	709.8	847.3	825.1	867.4
Pension Reserve	9.6	25.7	27.0	24.1	-
Risk Reserve	47.1	17.7	57.7	46.4	-
Provisions	11.6	0.2	-	-	80.7
Taxes Payable	0.7	1.3	29.6	34.3	41.5
Deferred Tax	28.8	8.0	39.3	47.5	106.6
Other Liabilities	45.3	48.3	37.1	53.1	-
Minority Interest	80.7	131.5	114.8	8.0	37.6
Total Liabilities	28,769.5	30,209.4	30,915.1	29,262.7	26,774.9
Current Profit	-1,151.2	90.1	189.4	209.0	198.6
Capital	159.8	161.9	169.8	161.3	166.3
Share Premium	358.2	407.8	439.5	429.0	451.3
Reserves	1,130.9	1,124.8	1,112.3	1,021.9	966.1
Own Shares	-67.5	-103.3	-111.1	-33.7	0.0
Financials Held for Sale - Adjustment	-25.7	-59.5	61.6	56.0	159.5
Currency Adjustment	-	0.0	0.0	0.0	-
Currency Translations	0.0	-	-	-	-
Equity Reserve	-7.7	-7.5	12.4	21.3	6.5
Dividends and Repayments	0.0	-30.6	-33.2	-31.9	-18.5
Total Equity	396.7	1,583.7	1,840.6	1,832.9	1,929.8
Total Liabilities & Shareholders' Equity	29,166.3	31,793.1	32,755.7	31,095.6	28,704.7
S/O-Common Stock	480.1	485.2	478.0	477.9	481.2
Total Common Shares Outstanding	480.1	485.2	478.0	477.9	481.2
T/S-Common Stock	12.4	15.4	12.8	3.2	0.0
Tier 1	-	7.79%	7.82%	6.94%	7.73%
Capital Ratio	-	10.23%	11.32%	10.22%	11.83%
Total Risk-Weighted Capital	-	22,011.9	23,436.3	26,076.6	23,658.6
Full-Time Employees	2,199	2,234	2,114	2,227	2,140
Number of Common Shareholders	-	47,720	39,012	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745323	0.689727	0.704672	0.745406
Cash & Deposits	175.1	108.8	178.6	437.4	113.2
Trading Securities	146.6	137.0	86.5	83.2	125.2
Deposits	-	-	-	12.3	-
Fin. Assets for Sale/ Debt Securities	2,119.6	2,185.0	2,331.3	2,189.3	1,095.1
Fin. Assets for Sale/ Capital Instrument	87.7	90.9	192.4	191.9	176.0
Credit Investment	345.0	363.0	294.9	240.7	316.4
Customers Loans	24,034.0	23,438.0	27,397.2	26,803.4	24,751.8
Loan Loss Allowances	-1,872.6	-	-867.7	-773.8	-
Other Credit	1,721.5	2,477.5	2,630.1	3,283.8	3,104.3
Investments	-	215.6	-	-	-
Investment - Participation	198.7	-	137.8	72.8	90.1
Investment - Multi-Group	0.1	-	129.8	125.5	95.4
Insurance Contracts for Pensions	9.6	21.6	23.3	22.8	21.6
Derivatives	21.7	18.9	4.5	5.1	19.1
Non-Current Assets for Sale	848.7	680.4	1,017.5	1,021.5	822.5
Intangible	5.6	26.6	53.2	51.6	5.2
Goodwill	12.2	12.4	-	-	22.5
Tangibles	287.7	302.7	332.5	327.0	318.4
Real Estate Investments	120.1	125.1	160.1	152.8	133.1
Income Tax	36.8	48.5	52.9	49.9	32.0
Deferred Tax	726.7	726.1	281.9	238.9	199.3
Inventory	137.2	101.9	-	335.0	333.3
Other Assets	4.5	9.9	357.1	16.7	19.0
Total Assets	29,166.3	31,089.9	34,794.0	34,887.7	31,793.1
Portfolio Securities	136.8	137.1	86.4	82.8	122.6
Cover Derivatives	74.1	68.0	37.7	25.5	34.9
Central Banks	4,193.0	3,625.6	3,009.0	2,838.7	1,945.7
Credit Institute	4,827.7	5,219.0	5,495.6	5,276.3	5,011.0
Payable Customer	15,608.8	17,601.0	18,874.9	19,382.7	17,658.8
Payable Securities	2,785.9	2,859.0	4,210.2	4,327.2	4,168.8
Other Financial Liabilities	352.0	261.1	428.3	339.1	325.0
Subord. Debt	567.5	586.8	634.1	650.2	709.8
Total Long Term Debt	567.5	586.8	634.1	650.2	709.8
Provisions	68.3	82.7	27.9	27.2	25.7
Risk Reserve	-	-	16.3	18.5	17.7
Other Provisions	-	-	0.3	0.3	0.2
Income Tax	0.7	11.8	18.1	10.6	1.3
Deferred Tax	28.8	29.8	42.0	38.3	8.0
Other Liabilities	45.3	57.6	54.1	46.4	48.3
Minority Interest - Valuation Adj.	-	-0.8	-	-	-
Minority Interest	80.7	114.6	124.9	131.5	131.5
Total Liabilities	28,769.5	30,653.2	33,059.8	33,195.3	30,209.4
Capital	159.8	165.2	178.5	171.3	161.9
Share Premium	358.2	370.2	400.0	431.3	407.8
Current Profit	-1,151.2	-1,175.9	24.3	20.4	90.1
Reserves	1,123.2	1,168.2	1,264.8	1,239.4	1,117.3
Reserves/Equity in Affiliates	-	-	1.5	-7.1	-
Own Shares	-67.5	-69.8	-73.7	-118.4	-103.3
AFS Assets Adjustment	-25.8	-21.3	-61.0	-44.4	-59.5
Dividends and Repayments	-	0.0	-	-	-30.6
Total Equity	396.7	436.6	1,734.3	1,692.5	1,583.7
Total Liabilities & Shareholders' Equity	29,166.3	31,089.9	34,794.0	34,887.7	31,793.1
S/O-Common Stock	480.1	480.1	481.2	500.6	485.2
Total Common Shares Outstanding	480.1	480.1	481.2	500.6	485.2
T/S-Common Stock	12.4	12.4	11.3	-	15.4
Total Capital	-	-	9.99%	10.02%	10.23%
Tier 1	-	-	7.77%	7.69%	7.79%
Total Risk Weighted Assets	-	-	23,257.2	23,362.1	22,011.9
Full-Time Employees	2,199	-	2,223	2,223	2,234
Number of Shareholders	-	-	49,569	48,601	47,720

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte SL	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	-1,281.7	80.3	181.0	219.2	185.5
Depreciation	19.4	17.3	18.7	18.6	17.9
Other Adjustments	1,900.8	224.0	251.4	196.4	138.0
Taxes Paid	-523.7	4.4	48.5	74.8	85.0
Bussines Portfolio-Assets	-27.3	8.0	-34.3	-95.2	-10.7
Financial Assets Held for Sale	-997.7	-291.4	-97.8	343.6	-701.0
Clients Deposits-Assets	2,099.2	-1,166.5	-472.6	-4,118.3	-4,399.8
Other Assets	-344.8	-66.3	-273.8	-90.7	-41.5
Bussines Portfolio-Liabilities	19.4	-10.6	34.3	94.3	11.5
Credit Deposits-Liabilities	-1,667.6	1,316.3	594.4	4,030.0	4,188.6
Other Liabilities	1,080.9	-77.0	-143.8	-297.2	46.9
Cash from Operating Activities	276.9	38.7	106.0	375.6	-479.5
Purchase of Associates	-65.4	0.0	-14.1	-130.3	-37.2
Purchase of Tangibles	-19.4	-34.5	-18.7	-116.4	-80.9
Purchase of Intangibles	0.0	-24.9	-	-	-50.2
Purchase of Non-Current Assets HFS	-	0.0	-26.6	-9.0	0.0
Sale of Investment	32.1	121.4	0.0	0.9	0.0
Sale of Fixed Assets	31.2	0.0	28.2	0.0	-
Sale of Intangibles	9.6	0.0	0.4	52.2	0.0
Cash from Investing Activities	-11.9	62.1	-30.7	-202.6	-168.4
Amortization of Donation Fund	-	-	-	-	14.8
Issue of Capital	1.3	0.6	-	-	-
Repurchase of Capital	-18.3	0.0	-73.9	-35.5	0.0
Amortization of Subordinated Liabs	-127.8	-81.4	-4.2	0.4	195.1
Other Financing Activities	-49.9	-	-	-	-
Dividends Paid	0.0	-64.7	-67.7	-79.6	-31.4
Other Financing Activities	0.0	23.9	103.3	-29.2	378.1
Cash from Financing Activities	-194.7	-121.7	-42.5	-143.9	556.6
Net Change in Cash	70.3	-20.8	32.8	29.2	-91.3
Net Cash-Beginning Balance	117.3	132.6	106.4	82.7	168.7
Net Cash-Ending Balance	187.6	111.7	139.2	111.9	77.4
Cash Taxes Paid	523.7	-4.4	-48.5	-74.8	-85.0

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009
Period Length	12 Months	6 Months	12 Months	6 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.713558	0.755078	0.754409	0.719047
Net Income	-1,281.7	8.0	80.3	61.3	181.0
Depreciation	19.4	9.6	17.3	8.6	18.7
Other Adjustments	1,900.8	146.3	224.0	124.4	251.4
Other Assets	729.4	-203.3	-1,516.2	-641.5	-878.4
Other Liabilities	-567.3	469.1	1,228.8	692.5	484.9
Taxes	-523.7	6.6	4.4	0.7	48.5
Cash from Operating Activities	276.9	436.4	38.7	245.9	106.0
Purchase of Associates	-65.4	-114.1	0.0	-4.8	-14.1
Purchase of Tangibles	-19.4	-14.1	-34.5	-8.6	-18.7
Purchase of Intangibles	0.0	-22.6	-24.9	-0.8	0.0
Purchase of Non-Current Assets HFS	-	-86.7	0.0	-68.3	-26.6
Sale of Tangibles	31.2	0.0	0.0	13.2	28.2
Sale of Intangibles	9.6	-	0.0	0.0	0.4
Sale of Investment	32.1	-	121.4	-	0.0
Cash from Investing Activities	-11.9	-237.4	62.1	-69.1	-30.7
Subordinated Debt	-127.8	-128.6	-81.4	-36.3	-4.2
Other Financing Outflows	-49.9	-16.7	-	-	-
Repurchase of Capital	-18.3	0.0	0.0	-24.4	-73.9
Dividends Paid	0.0	0.0	-64.7	-34.5	-67.7
Other Financing Activities	1.3	0.7	23.9	0.0	103.3
Subordinated Liabilities	-	-	-	0.0	-
Other Financing Charges Received	0.0	0.0	0.6	0.6	-
Cash from Financing Activities	-194.7	-144.5	-121.7	-94.6	-42.5
Net Change in Cash	70.3	54.4	-20.8	82.2	32.8
Net Cash-Beginning Balance	117.3	118.2	132.6	132.7	106.4
Net Cash-Ending Balance	187.6	172.6	111.7	214.9	139.2
Cash Taxes Paid	523.7	-6.6	-4.4	-0.7	-48.5

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.