MIRA INFORM REPORT

Report Date :

07.08.2013

IDENTIFICATION DETAILS

Name :	CREDITO BERGAMASCO SPA
Registered Office :	Largo Porta Nuova Bergamo, 24122
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	01.06.1891
Com. Reg. No.:	00218400166
Legal Form :	Public Subsidiary
Line of Business :	Banking
No. of Employees :	1,952

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Italy	A2	A2

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is high. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

Source : CIA

Company name and address

Top of Form

Credito Bergamasco SpA

Largo Porta Nuova
Bergamo, 24122
Italy
Tel:	39-035-393111
Fax:	39-035-393092
www.creberg.it

Employees:

1,952

Company Type:

Public Subsidiary

Corporate Family:

46 Companies

Ultimate Parent:

Banco Popolare Societa Cooperativa

Traded:

Italian SE (Mercato Continuo Italia):

CB

Incorporation Date:

01-Jun-1891

Auditor:

Reconta Ernst & Young SpA

Financials in	USD (mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	745.9 ^1
Net Income:	79.8
Total Assets:	18,191.3 ^2
Market Value:	952.9
	(19-Jul-2013)

Business Description

Credito Bergamasco SpA is an Italy-based bank. The Bank is involved in the provision of financial services for individual customers, small companies and enterprises. The Bank’s portfolio includes various financial products and services, such as current accounts; personal loans; mortgage loans; credit and debit cards; life, health, property and credit protection insurance; mutual funds investments; asset management; international payment and collection services; investment products; international trade financing, and leasing and factoring services, among others. The Bank offers its services through a network of branches, as well as through automated teller machines (ATMs), telephone and Internet. The Bank is a part of Gruppo Banco Popolare. For the three months ended 31 March 2013, Credito Bergamasco SpA interest income decreased 19% to EUR68.7M. Net interest income after loan loss provision decreased 31% to EUR33M. Net income applicable to common stockholders decreased 1% to EUR25.1M. Net interest income after loan loss provision reflects Net Interest Spread, Total -% decrease of 15% to 1.71%.

Industry

Industry	Banking
ANZSIC 2006:	6221 - Banking
ISIC Rev 4:	6419 - Other monetary intermediation
NACE Rev 2:	6419 - Other monetary intermediation
NAICS 2012:	52211 - Commercial Banking
UK SIC 2007:	64191 - Banks
US SIC 1987:	6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name	Title
Bruno Pezzoni	Chief Executive Officer, Executive Director
Giacomo Terzi	Financial Reporting Officer
Angelo Piazzoli	General Secretary
Romano Zanetti	Director-Finance
Giorgio Papa	General manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	1	Credito Bergamasco SpA Signs Contract for Sale of Business Branch to Banco Popolare Sc	28-Nov-2012
General Reorganization	1	Credito Bergamasco SpA Transfers 35 Branches to Banco Popolare Sc Through Group Reorganization	15-Oct-2012
Dividends	1	Credito Bergamasco SpA to Propose FY 2012 Dividend Distribution	7-Mar-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.0000
Sales 5 Year Growth	-5.92	9.28
Net Profit Margin (TTM) %	11.29	23.51
Return on Assets (TTM) %	0.43	0.88
Return on Equity (TTM) %	4.29	7.73

Stock Snapshot

Traded: Italian SE (Mercato Continuo Italia): CB

As of 19-Jul-2013

   Financials in: EUR

Recent Price	11.80	EPS	1.04
52 Week High	15.50	Price/Sales	1.25
52 Week Low	8.24	Dividend Rate	0.55
Avg. Volume (mil)	0.0024	Price/Earnings	11.62
Market Value (mil)	728.38	Price/Book	0.50
		Beta	0.55

	Price % Change	Rel S&P 500%
4 Week	3.51%	-2.09%
13 Week	3.24%	0.92%
52 Week	15.01%	-1.25%
Year to Date	-16.31%	-16.23%

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
Largo Porta Nuova
Bergamo, 24122
Italy

Tel:	39-035-393111
Fax:	39-035-393092

www.creberg.it

Quote Symbol - Exchange
CB - Italian SE (Mercato Continuo Italia)
Sales EUR(mil):	580.5
Assets EUR(mil):	13,763.5
Employees:	1,952
Fiscal Year End:	31-Dec-2012

Industry:

Commercial Banks

Incorporation Date:	01-Jun-1891
Company Type:	Public Subsidiary
Quoted Status:	Quoted
Registered No.(ITA):	00218400166

Chief Executive Officer, Executive Director:

Bruno Pezzoni

Industry Codes

ANZSIC 2006 Codes:
6221	-	Banking
6419	-	Other Auxiliary Finance and Investment Services
6230	-	Non-Depository Financing
6310	-	Life Insurance
6411	-	Financial Asset Broking Services
6321	-	Health Insurance
6322	-	General Insurance

ISIC Rev 4 Codes:
6419	-	Other monetary intermediation
6619	-	Other activities auxiliary to financial service activities
6612	-	Security and commodity contracts brokerage
6492	-	Other credit granting
6512	-	Non-life insurance
6511	-	Life insurance

NACE Rev 2 Codes:
6419	-	Other monetary intermediation
6619	-	Other activities auxiliary to financial services, except insurance and pension funding
6612	-	Security and commodity contracts brokerage
6492	-	Other credit granting
6511	-	Life insurance
6512	-	Non-life insurance

NAICS 2012 Codes:
52211	-	Commercial Banking
524128	-	Other Direct Insurance (except Life, Health, and Medical) Carriers
522220	-	Sales Financing
522293	-	International Trade Financing
524126	-	Direct Property and Casualty Insurance Carriers
523110	-	Investment Banking and Securities Dealing
523930	-	Investment Advice
524114	-	Direct Health and Medical Insurance Carriers
524113	-	Direct Life Insurance Carriers

US SIC 1987:
6029	-	Commercial Banks, Not Elsewhere Classified
6399	-	Insurance Carriers, Not Elsewhere Classified
6082	-	Foreign Trade and International Banking Institutions
6159	-	Miscellaneous Business Credit Institutions
6211	-	Security Brokers, Dealers, and Flotation Companies
6321	-	Accident and Health Insurance
6331	-	Fire, Marine, and Casualty Insurance
6282	-	Investment Advice
6311	-	Life Insurance

UK SIC 2007:
64191	-	Banks
6619	-	Other activities auxiliary to financial services, except insurance and pension funding
6612	-	Security and commodity contracts brokerage
6492	-	Other credit granting
6512	-	Non-life insurance
6511	-	Life insurance

Business Description

Credito Bergamasco SpA is an Italy-based bank. The Bank is involved in the provision of financial services for individual customers, small companies and enterprises. The Bank’s portfolio includes various financial products and services, such as current accounts; personal loans; mortgage loans; credit and debit cards; life, health, property and credit protection insurance; mutual funds investments; asset management; international payment and collection services; investment products; international trade financing, and leasing and factoring services, among others. The Bank offers its services through a network of branches, as well as through automated teller machines (ATMs), telephone and Internet. The Bank is a part of Gruppo Banco Popolare. For the three months ended 31 March 2013, Credito Bergamasco SpA interest income decreased 19% to EUR68.7M. Net interest income after loan loss provision decreased 31% to EUR33M. Net income applicable to common stockholders decreased 1% to EUR25.1M. Net interest income after loan loss provision reflects Net Interest Spread, Total -% decrease of 15% to 1.71%.

More Business Descriptions

Provision of full retail and commercial banking services

Commercial & Merchant Banking & Asset Management Services

Credito Bergamasco SpA is primarily engaged in banks and building societies.

Credito Bergamasco was established in Bergamo in June 1891. An important turning point in the history of the institute occurred in 1929 when it became a Società Anonima Ordinaria (it became a Società per Azioni in 1962) and incorporated the Piccolo Credito Bresciano. It acquired the Banca Regionale Lombarda di Milano in 1941, and the Banco San Marco di Venezia in 1995. In 1989, Credito Bergamasco became part of the Crédit Lyonnais group, one of the largest banking institutions in the world. In March 1994, Credito Bergamasco became listed on the Milan Stock Exchange telematic index. and in June 1994, the institute was authorised to operate as a primary dealer on the MIF (Italian futures market), and two years later became a dealer on the FIB (futures index). Standard & Poor's has given Credito Bergamasco a top rating with an "A" long term rating and an "A-1" rating short term operations both for its consistent deposits and excellent credit.

Brand/Trade Names

Credito Bergamasco

Financial Data

Financials in:	EUR(mil)
Revenue:	580.5
Net Income:	62.1
Assets:	13,763.5
Long Term Debt:	0.0
Total Liabilities:	12,307.0
Date of Financial Data:	31-Dec-2012

1 Year Growth

-2.7%

-41.3%

-12.7%

Market Data

Quote Symbol:	CB
Exchange:	Italian SE (Mercato Continuo Italia)
Currency:	EUR
Stock Price:	11.8
Stock Price Date:	07-19-2013
52 Week Price Change %:	15.0
Market Value (mil):	728,376.8
SEDOL:	4228552
ISIN:	IT0000064359

Shareholders

Major Shareholders

Banco Popolare Società Cooperativa (77.43%)

Key Corporate Relationships

Auditor:	Reconta Ernst & Young SpA
Bank:	BANCO POPOLARE
Auditor:	Reconta Ernst & Young SpA, Reconta Ernst & Young SpA

Corporate Structure News

Credito Bergamasco SpA
Total Corporate Family Members: 46

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Banco Popolare Societa Cooperativa	Parent	Verona	Italy	Banking	3,713.4	18,389
Banca Popolare di Verona - S. Geminiano e S. Prospero S.p.A.	Subsidiary	Verona	Italy	Banking		14,000
Banca Popolare di Lodi S.p.A.	Subsidiary	Lodi	Italy	Securities		8,579
Credito Bergamasco SpA	Subsidiary	Bergamo	Italy	Banking	745.9	1,952
Cassa di Risparmio di Lucca Pisa Livorno SpA	Subsidiary	Lucca, LU	Italy	Banking		1,675
Banca Popolare di Cremona SpA	Subsidiary	Cremona, CR	Italy	Banking		449
Banca Aletti & C. S.p.A.	Subsidiary	Milan	Italy	Securities		440
Alletti Gestielle SGR S.p.A.	Subsidiary	Milan	Italy	Pensions and Funds		70
Aletti Fiduciaria SpA Societa Fiduciaria	Subsidiary	Milano, Milano	Italy	Holding Companies	3.9	13
Savias Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Emmegi Hotels SRL	Subsidiary	Rocca Pietore, Belluno	Italy	Hotels and Accommodation	1.7	10
Banca Aletti & C. SpA	Subsidiary	Milano, MI	Italy	Banking		433
Banca Aletti & C (Suisse) SA	Subsidiary	Lugano	Switzerland	Banking
Banco Popolare Croatia d.d.	Subsidiary	Zagreb	Croatia	Banking	24.6	300
Banca Popolare di Crema SpA	Subsidiary	Crema	Italy	Banking		264
Banca Italease SpA	Subsidiary	Milano, MI	Italy	Banking	358.7	210
Mercantile Leasing SpA	Subsidiary	Firenze	Italy	Commercial and Industrial Rental		220
Italease Gestione Beni S.p.A.	Subsidiary	Milan	Italy	Holding Companies	39.7	8
Essegibi Finanziaria S.p.A.	Subsidiary	Milan, MI	Italy	Banking
Essegibi Promozioni Immobiliari S.r.l.	Subsidiary	Milan	Italy	Banking
Italease Gestione Beni - Operational Headquarters	Branch	Pandino, CR	Italy	Miscellaneous Professional Services
Italease Network S.p.A.	Subsidiary	Brescia	Italy	Banking
Italease Finance S.p.A.	Subsidiary	Milan	Italy	Pensions and Funds
Release S.p.A.	Subsidiary	Milan	Italy	Investment Services
Banco Popolare Hungary Bank Zrt	Subsidiary	Budapest	Hungary	Banking		92
Aletti Gestielle Societa di Gestione Del Risparmio S.P.A.	Subsidiary	Milano, Milano	Italy	Pensions and Funds		81
Bp Property Management Societa Consortile A Responsabilita Limitata	Subsidiary	Verona, Verona	Italy	Property Managers	210.1	41
Banco Popolare Luxembourg SA	Subsidiary	Luxembourg	Luxembourg	Banking		37
Bipielle Real Estate SpA	Subsidiary	Lodi, Lodi	Italy	Property Managers	65.1	32
Sirio Immobiliare SRL	Subsidiary	Lodi, Lodi	Italy	Property Managers	2.9	1
Tecmarket Servizi S.p.A.	Subsidiary	Verona	Italy	Consulting Services	24.8	25
Auto Trading Leasing IFN s.a.	Subsidiary	Bucharest	Romania	Banking		25
Asset Leasing Ifn S.A.	Subsidiary	Bucuresti	Romania	Banking	14.1	23
Valori Finanziaria SpA	Subsidiary	Verona	Italy	Banking		6
Immobiliare Bp SRL	Subsidiary	Verona, Verona	Italy	Grocery Wholesale	8.5	3
Bormioli Rocco Glass Co. Inc.	Subsidiary	New York, NY	United States	Non-Metallic Mineral Product Manufacturing	1.0	3
Holding di Partecipazioni Finanziarie Banco Popolare SpA	Subsidiary	Verona, Verona	Italy	Property Managers		1
Arena Broker S.r.l.	Subsidiary	Verona	Italy	Insurance Agents	9.1	57
Banca Popolare di Novara S.p.A.	Subsidiary	Novara	Italy	Banking
Glass Italy B.V.	Subsidiary	Amsterdam	Netherlands	Non-Metallic Mineral Product Manufacturing
Partecipazioni Italiane SpA	Subsidiary	Milano, MI	Italy	Metal Products Manufacturing	703.6
Bormioli Rocco & Figlio SpA	Subsidiary	Fidenza, PR	Italy	Machinery and Equipment Manufacturing	612.3	1,760
Verreries de Masnières SA	Subsidiary	Masnières	France	Non-Metallic Mineral Product Manufacturing	95.9	435
Bormioli Rocco Valorisation Sas	Subsidiary	Masnieres	France	Miscellaneous Wholesale	2.9	34
Bormioli Rocco Sa	Subsidiary	Azuqueca De Henares, Guadalajara	Spain	Non-Metallic Mineral Product Manufacturing	66.5	292
Bormioli Rocco France SA	Subsidiary	Saint Sulpice	France	Rubber and Plastic Product Manufacturing	43.8	74

Executives Report

Board of Directors

Name	Title	Function
Mario Ratti	First Vice Chairman of the Board, Independent Director	Chairman
Biography: Mr. Mario Ratti has served as First Vice Chairman of the Board and Independent Director of Credito Bergamasco SpA since April 14, 2012. Prior to his appointment he served as Non-Executive Independent Vice Chairman of the Board of the Company as from April 16, 2011. Prior to this he served as Non-Executive Independent Director of the Company. He also serves as Member of the Company's Executive Committee. He also serves as Member of the Charity Commission within the Company. He also sits on the Board of Directors of SIGI.FIN SpA and Societa per l’Aeroporto Civile di Bergamo - Orio al Serio SpA (S.A.C.B.O. - SpA). He is a Chartered Accountant. He leads the ICIS Group, active in the papermaking and lithography sector. He also occupies positions within companies in the territory of Bergamo.
Cesare Zonca	Non-Executive Independent Chairman of the Board	Chairman
Biography: Mr. Cesare Zonca is Non-Executive Independent Chairman of the Board of Credito Bergamasco SpA. Additionally, he is Member of the Company's Executive Committee. He also serves as Chairman of the Charity Commission of the Company. He is also Director of Avipop Assicurazioni SpA and Societa per l’Aeroporto Civile di Bergamo - Orio al Serio SpA (S.A.C.B.O. - SpA). He has been in the registry of Lawyers since 1961. He serves as Freelance within the Zonca Briolini Felli legal office. Prior to his appointment he gained experience serving as Director in companies active in the banking, parabanking and in industrial sectors. Compensation/Salary:186,667 Compensation Currency: EUR
Carlo Fratta Pasini	Non-Executive Vice Chairman of the Board	Vice-Chairman
Biography: Mr. Carlo Fratta Pasini has served as Non-Executive Vice Chairman of the Board of Credito Bergamasco SpA since April 14, 2012. He also serves as Member of the Executive Committee of the Company. He also served as Vice Chairman of the Board of Directors and Member of the Executive Committee of the Company from 1997 to 2007. He graduated in Law and is in the Bar of Lawyers and Cassation Lawyes of the Verona's Court. As from 1995 he served as Director of Banca Popolare di Verona-Banco S. Geminiano e S. Prospero, where he became Vice Chairman in 1996 and Chairman in 1999. Until June 2007 he was Chairman of Banco Popolare di Verona e Novara and as from July 2007 to December 2011 he was Chairman of the Supervisory Board of Banco Popolare and as from December 27, 2011 he served as Chairman of the Board of Directors. He is also Chairman of the National Association of Cooperative Banks, Director of the Italian Banks Association and Member of the Honorary Committee of the National Association for the Studies of Problems of Credit. He is also Chairman of the Giorgio Zanotto Foundation. Age: 56
Giuseppe Ambrosi	Non-Executive Independent Director	Director/Board Member
Biography: Dr. Giuseppe Ambrosi has served as Non-Executive Independent Director of Credito Bergamasco SpA since April 16, 2011. He also serves as Member of the Remuneration Committee of the Company. He also serves as Chairman and Chief Executive Officer of Ambrosi SpA and is Director of Consorzio Tutela Formaggio Grana Padano, where is Vice Chairman since 2009. He is also Director of Assolatte (of which he is Chairman since 2000). He is Member of the Executive Council of Associazione Industriale Bresciana, Director and Member of the Executive Committee of Fondazione della Comunita Bresciana. He was Chairman of the Credit Committee for the Province of Brescia of Credito Bergamasco SpA.
Vittorio Armani	Non-Executive Director	Director/Board Member
Biography: Dr. Vittorio Armani has served as Non-Executive Director of Credito Bergamasco SpA since April 16, 2011. He is Director of the Association of Industrialists of the Lucca's Province. He is Director of Cassa di Risparmio di Lucca Pisa e Livorno SpA and holds a number of positions in operating companies, non commercial entities and public entities.
Italo Calegari	Board Member	Director/Board Member
Renzo Capra	Board Member	Director/Board Member
Emanuele Carluccio	Board Member	Director/Board Member
Massimo Cincera	Non-Executive Independent Director	Director/Board Member
Biography: Dr. Massimo Cincera has served as Non-Executive Independent Director of Credito Bergamasco SpA since April 18, 2009. He also serves as Member of the Audit and Independent Directors Committees of the Company. He is also Chief Executive Officer at Publishing group S.E.S.A.A.B. He serves also as Vice Chairman of F.I.E.G. Federazione Italiana Editori Giornali (Italian Federation of Newspaper Publishers). Additionally, he serves at Istituto Atesino di Sviluppo SpA.
Guido Crippa	Board Member	Director/Board Member
Maria Luisa Di Battista	Board Member	Director/Board Member
Giovanni Dotti	Non-Executive Independent Director	Director/Board Member
Biography: Dr. Giovanni Dotti has served as Non-Executive Independent Director of Credito Bergamasco SpA since April 18, 2009. He also serves as Member of the Audit, Independent Directors and Remuneration Committees of the Company. He is Sole Director of Welfare Italia Impresa Sociale, a company dedicated to the development of brands of C.G.M. Group, and Chairman and Chief Executive Officer of Welfare Italia Servizi Srl, a company dedicated to developing services for families.
Maurizio Faroni	Non-Executive Director	Director/Board Member
Biography: Dr. Maurizio Faroni has served as Non-Executive Director of Credito Bergamasco SpA since September 10, 2007. He was also appointed to various other positions, including Director of Banco Popolare Societa Cooperativa, AF Mezzanine SGR SpA, Aletti Gestielle SGR SpA, Aletti Gestielle Alternative SGR SpA, Arca SGR SpA, Palladio Finanziaria SpA, Venice SpA, Banca Popolare di Novara SpA, Efibanca SpA and Banca Italease SpA. He also serves as Member of the Management Board of the Company's parent company. He also serves as Chief Financial Officer at the Banco Popolare group and holds a number of other positions within the Banco Popolare group. Age: 55
Enrico Fusi	Non-Executive Independent Director	Director/Board Member
Biography: Dr. Enrico Fusi has served as Non-Executive Independent Director of Credito Bergamasco SpA since October 17, 2011. He acts as Partner in an Associated Office. He occupies a number of positions in financial and commercial companies, including among others the positions of Board Member of Signa Fiduciaria Srl and Avalon SpA, Sole Director of H2 Srl, Passo della Mendola Srl and Monte Mario 2000 Srl, Chairman of the Statutory Board of Auditors of Al. Gio. Fin. SpA, Standing Auditor of Cornucopia Investimenti Srl, Synlab Italia Srl, Essetre SpA and Avalon Energia SpA. He is also Director at Fondazione della Comunita Bergamasca ONLUS and of Fondazione Museo di Palazzo Moroni. He was Director of Cariplo SpA from 1991 to 1998, when he served as Director in a number of companies of the Cariplo Group (Mediocredito Lombardo, Cassa di Risparmio di Massa Carrara, Cassa di Risparmio di La Spezia, Cassa di Risparmio di Foligno, Agenzia Vita, Fondo Pensioni Cariplo, among others). From 1992 to 1998, he was Director of Mediofactoring - Gruppo Bancario Intesa, where in 1995 he was appointed Chairman. He graduated in Business Economics and is registered as Certified Accountant. Age: 58
Giacomo Gnutti	Non-Executive Independent Director	Director/Board Member
Biography: Dr. Giacomo Gnutti serves as Non-Executive Independent Director of Credito Bergamasco SpA. He also serves as Member of the Executive Committee of the Company. He also sits on the Board of Directors of FGH - Franco Gnutti Holding SpA (FGH), Cattolica Immobiliaria SpA and Fidelitas SpA. He currently leads FGH, a group that through its controlled and/or affiliated companies is active in a number of diversified sectors including the metallurgy and the security sectors.
Romolo Lombardini	Member of the board	Director/Board Member
Paolo Longhi	Non-Executive Independent Director	Director/Board Member
Biography: Dr. Paolo Longhi has served as Non-Executive Independent Director of Credito Bergamasco SpA since June 7, 2010. He also serves as Coordinator of the Remuneration Committee of the Company. He also serves as Member of the Charity Commission of the Company. He also serves as Chairman of the Board of Italfim SpA, Fils Fabbrica Italiana Lamiere Stirate SpA, Longhi & C. Officine Riunite SpA and Tecnologie Meccaniche SpA. He graduated in Law. Age: 59
Franco Menini	Board Member	Director/Board Member
Daniela Montemerlo	Non-Executive Independent Director	Director/Board Member
Biography: Ms. Daniela Montemerlo has served as Non-Executive Independent Director of Credito Bergamasco SpA since April 13, 2013. She is Member of NedCommunity and Fellow of IFERA (International Family Enterprise Research Academy). She is author of a number of publications. She is Professor at the Universita Bocconi and she has served as associated Professor at the Department of Economics of the Universita dell’Insubria since 2006. Since 2004 she has served as Director of Rubelli SpA and started her activity within companies' governance in 2001. From 1994 she is founding partner and equity partner of Partners CPA and works as consultant. From May 1989 to April 1990 she worked as a Business Analyst at Centro Studi di Federchimica. She graduated in Business Administration from Universita Commerciale Luigi Bocconi. Education: Universita Commerciale Luigi Bocconi (Business Administration)
Alberto Motta	Non-Executive Director	Director/Board Member
Biography: Dr. Alberto Motta serves as Non-Executive Director of Credito Bergamasco SpA. He sits on the Board of Directors of Efibanca SpA, Burgo Group SpA and Partecipazioni Italiane SpA. After gaining experience within the ex BPVN Group, he continued to occupy positions in companies of the Banco Popolare Group.
Antonio Percassi	Board Member	Director/Board Member
Bruno Pezzoni	Chief Executive Officer, Executive Director	Director/Board Member
Biography: Mr. Bruno Pezzoni has served as Chief Executive Officer and Executive Director of Credito Bergamasco SpA since July 1, 2010. He served as Non-Executive Director of the Company from June 8, 2009 to July 1, 2010. He serves also as Member of the Company’s Executive Committee. He has gained experience in banking areas securities, stock exchange, foreign, development, overdraft and bank loans. He served as Senior Deputy Manager of Banca Popolare di Novara SpA and at Banco Popolare, where he was responsible for the credit services of the Group. He is Member of the Board of Directors of Gestione Crediti BP S.c.p.A., Banca Aletti SpA and Efibanca SpA. He joined the Banco Popolare Group in 2005.
Claudia Rossi	Non-Executive Independent Director	Director/Board Member
Biography: Prof. Claudia Rossi has served as Non-Executive Independent Director of Credito Bergamasco SpA since April 16, 2011. She also serves as Chairman of the Audit and Independent Directors Committees of the Company. Prior to her appointment, she served as Alternate Member of the Board of Auditors and as Chairman of the Statutory Body of the Company. She is Certified Chartered Accountant, as well as Professor within the Faculty of Economics of the Universita degli Studi di Bergamo.
Monica Santini	Non-Executive Independent Director	Director/Board Member
Biography: Dr. Monica Santini has served as Non-Executive Independent Director of Credito Bergamasco SpA since May 11, 2012. She has served as Account Manager for S.C.A.C. in Brazil and is General Director of Santini Maglificio Sportivo Srl. Between 2004 and 2008 she served as Chairperson of the Young Entrepreneurs Group of Confindustria Bergamo (Gruppo Giovani Imprenditori di Confindustria Bergamo) and member of the Lombard regional committee and of the national committee of the Young of Confindustria. Since 2006 she has been member of the Group Giovani Imprenditori di Sistema Moda Italia and since 2010 she is Chairperson of the Textile Group - Moda of Confindustria Bergamo. Since September 2012 she is also member of the Confindustria Ancma (Associazione Nazionale Ciclo Motociclo e Accessori). She graduated in Business Administration from Universita degli Studi di Bergamo. Education: Universita degli Studi di Bergamo (Business Administration)

Executives

Name	Title	Function
Bruno Pezzoni	Chief Executive Officer, Executive Director	Chief Executive Officer
Biography: Mr. Bruno Pezzoni has served as Chief Executive Officer and Executive Director of Credito Bergamasco SpA since July 1, 2010. He served as Non-Executive Director of the Company from June 8, 2009 to July 1, 2010. He serves also as Member of the Company’s Executive Committee. He has gained experience in banking areas securities, stock exchange, foreign, development, overdraft and bank loans. He served as Senior Deputy Manager of Banca Popolare di Novara SpA and at Banco Popolare, where he was responsible for the credit services of the Group. He is Member of the Board of Directors of Gestione Crediti BP S.c.p.A., Banca Aletti SpA and Efibanca SpA. He joined the Banco Popolare Group in 2005.
Maurizio Castelli	Deputy Director General	Managing Director
Giorgio Papa	General manager	Administration Executive
Angelo Piazzoli	General Secretary	Company Secretary
Biography: Dr. Angelo Piazzoli serves as General Secretary of Credito Bergamasco SpA. He also serves as Secretary of the Company's Executive Committee.
Giacomo Terzi	Financial Reporting Officer	Finance Executive
Romano Zanetti	Director-Finance	Finance Executive
Fabio Bombardieri	Statutory Auditor	Accounting Executive
Paolo Moro	Statutory Auditor	Accounting Executive
Renato Salerno	Statutory Auditor	Accounting Executive
Giovanni Tantini	Statutory Auditor	Accounting Executive
Antonio Zini	Statutory Auditor	Accounting Executive

Significant Developments

Credito Bergamasco SpA to Propose FY 2012 Dividend Distribution

Mar 07, 2013

Credito Bergamasco SpA announced that it will propose to the Shareholders' Meeting to distribute for fiscal year 2012 a dividend of EUR 0.55 per share (EUR 0.50 per share for fiscal year 2011) which will have payment date on May 9, 2013 and ex-dividend date on May 6, 2013.

Credito Bergamasco SpA Signs Contract for Sale of Business Branch to Banco Popolare Sc

Nov 28, 2012

Credito Bergamasco SpA announced that it has signed a contract for sale of the business branch made up of 35 branches to Banco Popolare Sc.

Credito Bergamasco SpA Transfers 35 Branches to Banco Popolare Sc Through Group Reorganization

Oct 15, 2012

Credito Bergamasco SpA announced that, as part of the project of reorganization of the Group's branch networks, it has deliberated the direct divestiture to Banco Popolare Sc of a business branch made up of 35 branches. The divestiture is prices at EUR 83.4 million. The transaction is expected to be completed by December 2012. Credito Bergamasco is a part of Banco Popolare Group and this reorganization is aimed at optimizing the supply chain distribution network, with recovery of commercial efficiencies and cost savings.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Restated Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Reconta Ernst & Young SpA	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	696.8	780.0	424.0	440.1	546.8
Interest Income, Bank	696.8	780.0	424.0	440.1	546.8
Interest on Other Borrowings	316.7	315.7	-	-	-
Total Interest Expense	316.7	315.7	-	-	-
Net Interest Income	380.1	464.3	424.0	440.1	546.8
Loan Loss Provision	219.6	171.4	166.6	137.5	108.1
Net Interest Income after Loan Loss Provision	160.5	292.9	257.4	302.6	438.7
Fees & Commissions from Operations	296.0	278.6	252.8	254.3	242.7
Dealer Trading Account Profit	1.8	1.5	5.9	8.7	-9.2
Investment Securities Gains	0.3	0.3	-	-	-
Unrealized Gains	0.0	0.0	0.0	0.0	0.0
Other Unusual Income	0.0	0.0	-	-	-
Other Revenue	71.5	82.8	45.0	48.1	38.8
Non-Interest Income, Bank	365.8	365.3	302.8	310.8	272.3
Labor & Related Expenses	-214.1	-227.0	-204.0	-214.3	-217.2
Depreciation Expense	-7.1	-7.6	-8.3	-8.6	-8.9
Investment Securities Losses	0.0	0.0	0.0	0.0	0.0
Other Unusual Expense	-0.8	0.2	-11.0	-58.8	-42.6
Other Expense	-183.8	-194.5	-137.3	-150.6	-157.0
Non-Interest Expense, Bank	-405.6	-428.8	-360.6	-432.3	-425.6
Income Before Tax	120.7	229.5	199.6	181.1	285.4
Total Income Tax	40.9	82.3	70.1	62.6	110.5
Income After Tax	79.8	147.2	129.5	118.5	174.9
Net Income Before Extraord Items	79.8	147.2	129.5	118.5	174.9
Net Income	79.8	147.2	129.5	118.5	174.9
Miscellaneous Earnings Adjustment	-	-	-4.7	-	-
Total Adjustments to Net Income	-	-	-4.7	-	-
Income Available to Common Excl Extraord Items	79.8	147.2	124.8	118.5	174.9
Income Available to Common Incl Extraord Items	79.8	147.2	124.8	118.5	174.9
Basic/Primary Weighted Average Shares	61.7	61.7	61.7	61.7	61.7
Basic EPS Excl Extraord Items	1.29	2.38	2.02	1.92	2.83
Basic/Primary EPS Incl Extraord Items	1.29	2.38	2.02	1.92	2.83
Diluted Net Income	79.8	147.2	124.8	118.5	174.9
Diluted Weighted Average Shares	61.7	61.7	61.7	61.7	61.7
Diluted EPS Excl Extraord Items	1.29	2.38	2.02	1.92	2.83
Diluted EPS Incl Extraord Items	1.29	2.38	2.02	1.92	2.83
Dividends per Share - Common Stock Primary Issue	0.71	0.70	1.19	1.39	1.61
Gross Dividends - Common Stock	43.6	42.7	73.6	85.8	99.3
Depreciation, Supplemental	7.9	9.3	8.3	8.6	8.9
Total Special Items	4.5	-2.6	11.0	58.8	42.6
Normalized Income Before Tax	125.2	226.9	210.6	239.9	328.0
Effect of Special Items on Income Taxes	1.5	-0.9	3.9	20.3	16.5
Inc Tax Ex Impact of Sp Items	42.4	81.4	74.0	82.9	127.0
Normalized Income After Tax	82.8	145.5	136.6	157.0	201.0
Normalized Inc. Avail to Com.	82.8	145.5	131.9	157.0	201.0
Basic Normalized EPS	1.34	2.36	2.14	2.54	3.26
Diluted Normalized EPS	1.34	2.36	2.14	2.54	3.26
Rental Expenses	16.3	16.6	13.0	13.8	15.2
Advertising Expense, Supplemental	4.3	4.4	4.2	4.1	5.0
Bank Total Revenue	745.9	829.7	726.8	750.8	819.1
Current Tax - Total	65.4	102.4	92.6	90.6	143.5
Current Tax - Total	65.4	102.4	92.6	90.6	143.5
Deferred Tax - Total	20.5	2.3	0.0	-1.4	-31.4
Deferred Tax - Total	20.5	2.3	0.0	-1.4	-31.4
Other Tax	-45.0	-22.4	-22.5	-26.6	-1.6
Income Tax - Total	40.9	82.3	70.1	62.6	110.5
Interest Cost - Domestic	0.8	-	0.8	0.9	0.9
Service Cost - Domestic	0.0	-	0.0	0.0	0.0
Actuarial Gains and Losses - Domestic	1.7	-	1.5	1.2	0.6
Domestic Pension Plan Expense	2.5	-	2.3	2.1	1.5
Defined Contribution Expense - Domestic	4.9	5.2	4.9	4.9	5.1
Total Pension Expense	7.4	5.2	7.1	7.1	6.7
Discount Rate - Domestic	3.20%	4.25%	4.30%	4.40%	4.75%
Total Plan Interest Cost	0.8	-	0.8	0.9	0.9
Total Plan Service Cost	0.0	-	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Reconta Ernst & Young SpA	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	70.1	74.0	64.5	67.7	123.7
Trading Account Assets	8.1	4.8	-	-	-
Securities Held	232.7	170.0	151.2	286.8	289.0
Securities for Sale	23.9	24.4	23.8	28.2	10.7
Total Investment Securities	256.6	194.4	175.0	315.0	299.7
Other Earning Assets, Total	264.7	199.2	175.0	315.0	299.7
Net Loans	16,955.3	19,379.7	19,725.9	19,606.1	18,220.0
Buildings	-	-	122.1	130.5	126.8
Land/Improvements	-	-	16.7	17.9	17.5
Machinery/Equipment	-	-	24.6	25.7	24.2
Other Property/Plant/Equipment	-	-	69.6	72.5	67.3
Property/Plant/Equipment - Gross	-	-	233.0	246.6	235.8
Accumulated Depreciation	-	-	-163.5	-168.3	-156.8
Property/Plant/Equipment - Net	67.0	65.4	69.6	78.4	79.0
Goodwill, Net	108.3	114.9	101.7	108.7	105.3
Intangibles, Net	-	-	0.0	0.0	0.0
LT Investment - Affiliate Companies	283.3	262.6	299.7	344.0	256.0
Long Term Investments	283.3	262.6	299.7	344.0	256.0
Deferred Income Tax - Long Term Asset	162.2	122.8	86.4	68.0	44.3
Discontinued Operations - Long Term Asset	2.0	2.0	2.1	2.2	2.3
Other Long Term Assets, Total	164.2	124.8	88.4	70.2	46.6
Other Assets	278.4	244.7	254.2	263.7	388.2
Other Assets, Total	278.4	244.7	254.2	263.7	388.2
Total Assets	18,191.3	20,465.2	20,779.0	20,853.7	19,518.5
Interest Bearing Deposits	8,392.3	9,701.1	11,095.3	12,579.3	9,993.9
Other Deposits	2,430.1	2,037.2	3,636.9	2,120.4	824.6
Total Deposits	10,822.4	11,738.4	14,732.2	14,699.7	10,818.5
Income Taxes Payable	4.8	3.0	4.7	3.9	7.3
Other Current liabilities, Total	4.8	3.0	4.7	3.9	7.3
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax - LT Liability	37.5	16.2	14.4	15.6	17.0
Deferred Income Tax	37.5	16.2	14.4	15.6	17.0
Reserves	39.0	34.8	37.1	46.4	43.4
Pension Benefits - Underfunded	72.9	69.4	73.3	82.4	87.0
Other Liabilities	5,289.6	6,810.1	4,092.6	4,107.5	6,729.2
Other Liabilities, Total	5,401.5	6,914.4	4,203.0	4,236.3	6,859.6
Total Liabilities	16,266.2	18,671.9	18,954.3	18,955.5	17,702.4
Common Stock	244.8	240.4	248.4	265.7	257.4
Common Stock	244.8	240.4	248.4	265.7	257.4
Additional Paid-In Capital	14.1	13.8	14.3	15.3	14.8
Retained Earnings (Accumulated Deficit)	1,666.2	1,539.1	1,562.0	1,617.2	1,544.0
Total Equity	1,925.1	1,793.4	1,824.7	1,898.2	1,816.2
Total Liabilities & Shareholders’ Equity	18,191.3	20,465.2	20,779.0	20,853.7	19,518.5
Shares Outstanding - Common Stock Primary Issue	61.7	61.7	61.7	61.7	61.7
Total Common Shares Outstanding	61.7	61.7	61.7	61.7	61.7
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	2,145	2,052	1,984	1,979	1,969
Accumulated Intangible Amort, Suppl.	-	-	0.0	0.0	0.0
Deferred Revenue - Long Term	4.8	5.0	4.4	4.2	3.7
Total Risk-Weighted Capital	6.0	11.9	11.8	10.5	9.4
Tier 1 Capital %	25.32%	13.58%	13.75%	15.89%	16.54%
Total Capital %	25.32%	13.63%	13.79%	15.95%	16.58%
Total Capital Leases, Supplemental	3.3	3.7	4.3	5.2	-
Capital Lease Payments Due in Year 1	0.3	0.4	0.5	0.6	-
Capital Lease Payments Due in Year 2	0.3	0.3	0.3	0.4	-
Capital Lease Payments Due in Year 3	0.3	0.3	0.3	0.4	-
Capital Lease Payments Due in Year 4	0.3	0.3	0.3	0.4	-
Capital Lease Payments Due in Year 5	0.3	0.3	0.3	0.4	-
Capital Lease Payments Due in 2-3 Years	0.7	0.6	0.7	0.8	-
Capital Lease Payments Due in 4-5 Years	0.7	0.6	0.7	0.8	-
Cap. Lease Pymts. Due in Year 6 & Beyond	1.6	2.0	2.4	2.9	-
Pension Obligation - Domestic	20.6	17.7	17.9	22.0	19.3
Post-Retirement Obligation	0.3	0.3	0.4	0.5	0.5
Plan Assets - Post-Retirement	-	-	0.1	0.1	0.1
Funded Status - Domestic	-20.6	-17.7	-17.9	-22.0	-19.3
Funded Status - Post-Retirement	-0.3	-0.3	-0.3	-0.4	-0.3
Total Funded Status	-20.9	-18.0	-18.3	-22.4	-19.7
Discount Rate - Domestic	3.20%	4.25%	4.30%	4.40%	4.75%
Accrued Liabilities - Domestic	-20.6	-17.7	-17.9	-22.0	-19.3
Accrued Liabilities - Post-Retirement	-0.3	-0.3	-0.4	-0.5	-0.5
Net Assets Recognized on Balance Sheet	-20.9	-18.0	-18.3	-22.5	-19.8
Total Plan Obligations	20.9	18.0	18.3	22.5	19.8
Total Plan Assets	-	-	0.1	0.1	0.1

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Reconta Ernst & Young SpA	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	614.0	734.2	698.8	710.6	1,230.3
Cash Payments	-234.6	-276.6	-272.6	-305.7	-651.5
Other Assets	373.1	1,606.0	-1,594.4	-1,032.3	925.2
Taxes Payable	-100.6	-105.3	-47.9	-116.0	-155.1
Other Liabilities	-643.9	-1,800.6	1,284.7	884.7	-930.8
Other Assets & Liabilities, Net	295.8	278.0	257.2	261.5	197.8
Other Operating Cash Flow	-356.2	-363.5	-303.4	-312.1	-454.7
Investment Securities, Gains/Losses	0.3	0.2	0.0	0.0	0.4
Changes in Working Capital	-431.5	-385.2	-403.8	-314.2	-417.1
Cash from Operating Activities	-52.1	72.4	22.5	90.7	161.7
Purchase of Fixed Assets	-8.0	-5.0	-3.5	-4.8	-8.6
Capital Expenditures	-8.0	-5.0	-3.5	-4.8	-8.6
Acquisition of Business	0.0	-47.8	0.0	0.0	-0.6
Sale of Business	85.9	-	-	-	-
Sale of Fixed Assets	0.0	0.1	0.0	0.6	0.7
Sale/Maturity of Investment	10.7	36.9	24.8	21.2	0.0
Purchase of Investments	-	-	0.0	-67.2	0.0
Other Investing Cash Flow	0.5	38.3	44.1	2.6	43.7
Other Investing Cash Flow Items, Total	97.1	27.6	68.9	-42.7	43.8
Cash from Investing Activities	89.2	22.5	65.3	-47.6	35.2
Cash Dividends Paid - Common	-42.2	-82.5	-86.7	-101.3	-193.7
Total Cash Dividends Paid	-42.2	-82.5	-86.7	-101.3	-193.7
Cash from Financing Activities	-42.2	-82.5	-86.7	-101.3	-193.7
Net Change in Cash	-5.1	12.5	1.2	-58.2	3.3
Net Cash - Beginning Balance	73.3	66.8	62.5	123.8	126.9
Net Cash - Ending Balance	68.1	79.3	63.6	65.6	130.2

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Restated Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Interest Income	-	-	424.0	440.1	546.8
Interest Income and Similar Revenues	696.8	780.0	-	-	-
Total Revenue	696.8	780.0	424.0	440.1	546.8
Interest Expense and Similar Charges	316.7	315.7	-	-	-
Loan Loss Provision	219.6	171.4	166.6	137.5	108.1
Total Operating Expense	536.3	487.1	166.6	137.5	108.1
Dividend Income and Similar Revenue	0.3	0.2	-	-	-
Net Fees and Commissions	-	-	252.8	254.3	242.7
Fee and Commission Income	307.8	293.6	-	-	-
Fee and Commission Expense	-11.9	-14.9	-	-	-
Financial Assets/Liab. Held for Trading	1.7	1.4	5.9	8.7	-9.2
Hedging Result	0.0	0.1	-	-	-
Gain/Loss on Sale of Loans	-1.7	-0.4	-	-	-
Gain/Loss on Sale of Fin.Assets for Sale	0.0	0.0	-	-	-
Gain/Loss on Sale of Fin. Liabilities	-0.1	0.0	-	-	-
Fin. Assets/Liabilities at Fair Value	-3.7	2.4	-	-	-
Impairment of Fin. Assets Held for Sale	0.0	-0.3	-0.9	-0.3	0.0
Impairment of Other Financial Assets	-0.8	0.2	-	-	-
Staff Expense	-214.1	-227.0	-204.0	-214.3	-217.2
Other Administrative Expense	-182.2	-191.3	-139.1	-148.7	-149.3
Net Provisions for Risks and Charges	-1.7	-3.1	1.8	-1.9	-7.8
Adjustment to Tangible Assets	-7.1	-7.6	-8.3	-8.6	-8.9
Other Operating Income/Expense	46.2	39.1	4.8	3.6	5.4
Profit/Loss from Associates	27.0	44.2	40.2	44.5	33.5
Gain/Loss on Sale of Investments	0.2	0.1	0.0	0.0	0.0
Unusual Expense	-	-	-11.0	-58.8	-42.6
Total Non-Interest Revenue	365.8	365.3	302.8	310.8	272.3
Total Non-Interest Expense	-405.6	-428.8	-360.6	-432.3	-425.6
Net Income Before Taxes	120.7	229.5	199.6	181.1	285.4
Provision for Income Taxes	40.9	82.3	70.1	62.6	110.5
Net Income After Taxes	79.8	147.2	129.5	118.5	174.9
Net Income Before Extra. Items	79.8	147.2	129.5	118.5	174.9
Net Income	79.8	147.2	129.5	118.5	174.9
Earnings Adjustment	-	-	-4.7	-	-
Income Available to Com Excl ExtraOrd	79.8	147.2	124.8	118.5	174.9
Income Available to Com Incl ExtraOrd	79.8	147.2	124.8	118.5	174.9
Basic Weighted Average Shares	61.7	61.7	61.7	61.7	61.7
Basic EPS Excluding ExtraOrdinary Items	1.29	2.38	2.02	1.92	2.83
Basic EPS Including ExtraOrdinary Items	1.29	2.38	2.02	1.92	2.83
Diluted Net Income	79.8	147.2	124.8	118.5	174.9
Diluted Weighted Average Shares	61.7	61.7	61.7	61.7	61.7
Diluted EPS Excluding ExtraOrd Items	1.29	2.38	2.02	1.92	2.83
Diluted EPS Including ExtraOrd Items	1.29	2.38	2.02	1.92	2.83
DPS-Ordinary Shares	0.71	0.70	1.19	1.39	1.61
Gross Dividends - Common Stock	43.6	42.7	73.6	85.8	99.3
Normalized Income Before Taxes	125.2	226.9	210.6	239.9	328.0
Inc Tax Ex Impact of Sp Items	42.4	81.4	74.0	82.9	127.0
Normalized Income After Taxes	82.8	145.5	136.6	157.0	201.0
Normalized Inc. Avail to Com.	82.8	145.5	131.9	157.0	201.0
Basic Normalized EPS	1.34	2.36	2.14	2.54	3.26
Diluted Normalized EPS	1.34	2.36	2.14	2.54	3.26
Depreciation	7.9	9.3	8.3	8.6	8.9
Advertising, Representation, Promotions	4.3	4.4	4.2	4.1	5.0
Rental Expenses	16.3	16.6	13.0	13.8	15.2
Current Tax	65.4	102.4	92.6	90.6	143.5
Current Tax - Total	65.4	102.4	92.6	90.6	143.5
Deferred Tax	20.5	2.3	0.0	-1.4	-31.4
Deferred Tax - Total	20.5	2.3	0.0	-1.4	-31.4
Previous Years' Tax	-9.7	0.9	0.0	-5.0	-0.1
Prepaid Tax	-35.3	-23.3	-22.5	-21.6	-1.6
Income Tax - Total	40.9	82.3	70.1	62.6	110.5
Service Cost	0.0	-	0.0	0.0	0.0
Interest Cost	0.8	-	0.8	0.9	0.9
Actuarial Gain/Loss	1.7	-	1.3	0.5	0.6
Actuarial Gain/Loss/Change of Disc. Rate	0.0	-	0.2	0.7	0.0
Domestic Pension Plan Expense	2.5	-	2.3	2.1	1.5
Defined Contribution Expense	4.9	5.2	4.9	4.9	5.1
Total Pension Expense	7.4	5.2	7.1	7.1	6.7
Discount Rate - Pension	3.20%	4.25%	4.30%	4.40%	4.75%
Discount Rate - Bonus Scheme	-	-	4.30%	4.40%	4.75%
Discount Rate - Provident	-	-	4.30%	4.40%	4.75%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Restated Normal 31-Dec-2009
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposits	70.1	74.0	64.5	67.7	123.7
Fin. Assets Held for Trading	232.7	170.0	151.2	286.8	289.0
Fin. Assets Held At Fair Value	0.0	0.0	0.1	0.1	0.1
Fin. Av. For Sale	23.9	24.3	23.8	28.1	10.6
Due to Bank	1,299.8	1,408.7	2,450.3	2,893.7	2,905.0
Due to Customers, Net	15,655.5	17,971.0	17,275.6	16,712.3	15,314.9
Hedging Derivatives	-	-	6.4	31.6	38.7
Equity Investment	283.3	262.6	299.7	344.0	256.0
Tangibles	67.0	65.4	-	-	-
Land	-	-	11.7	12.5	12.1
Buildings	-	-	111.3	118.0	113.6
Furniture	-	-	24.6	25.7	24.2
Other Tangibles	-	-	69.6	72.5	67.3
Land / Investment	-	-	5.0	5.3	5.4
Buildings / Investment	-	-	10.8	12.5	13.3
Depreciation	-	-	-163.5	-168.3	-156.8
Goodwill	108.3	114.9	101.7	108.7	105.3
Other Intangible	-	-	0.0	0.0	0.0
Adjustment Hedging Derivative	8.1	4.8	-	-	-
Current Tax	-	-	0.0	5.7	0.1
Deferred Tax	162.2	122.8	86.4	68.0	44.3
Other Assets	278.4	244.7	247.8	226.4	349.4
Discontinued Operations	2.0	2.0	2.1	2.2	2.3
Total Assets	18,191.3	20,465.2	20,779.0	20,853.7	19,518.5
Due From Banks	2,430.1	2,037.2	3,636.9	2,120.4	824.6
Due to Clients	8,392.3	9,701.1	11,095.3	12,579.3	9,993.9
Sec. In Circ.	1,728.6	3,638.5	3,095.9	1,090.2	2,699.5
Fin. Ass. For Trading	69.4	83.6	73.2	69.5	96.4
Fin. Liab. at Fair Value	2,961.7	2,625.7	408.9	2,583.8	3,431.8
Hedging Derivative	8.0	4.7	0.0	0.0	0.2
Adj. To Fin. Liab.	-	-	3.3	16.5	25.1
Current Tax	4.8	3.0	4.7	3.9	7.3
Deferred Tax	37.5	16.2	14.4	15.6	17.0
Other Liability	521.8	457.6	511.3	347.5	476.2
Severance Prov.	52.0	51.4	55.0	59.8	58.2
Pension Res.	20.9	18.0	18.3	22.5	28.8
Provision for Risks & Charges	39.0	34.8	37.1	46.4	43.4
Total Liabilities	16,266.2	18,671.9	18,954.3	18,955.5	17,702.4
Share Capital	244.8	240.4	248.4	265.7	257.4
Share Premium	14.1	13.8	14.3	15.3	14.8
Other Reserves	1,578.4	1,390.1	1,421.4	1,483.6	1,370.1
Reval. Reserve	5.7	11.6	9.4	11.3	7.7
Net Income/Year	82.1	137.4	131.2	122.3	166.2
Total Equity	1,925.1	1,793.4	1,824.7	1,898.2	1,816.2
Total Liabilities & Shareholders' Equity	18,191.3	20,465.2	20,779.0	20,853.7	19,518.5
S/O-Ordinary Shares	61.7	61.7	61.7	61.7	61.7
Total Common Shares Outstanding	61.7	61.7	61.7	61.7	61.7
T/S-Ordinary Shares	0.0	0.0	0.0	0.0	0.0
Deferred Income-LT	4.8	5.0	4.4	4.2	3.7
Intangibles Amortization	-	-	0.0	0.0	0.0
Risk Weighted Assets	6,031.2	11,895.4	11,807.1	10,513.0	9,392.4
Total 1 Capital Ratio	25.32%	13.58%	13.75%	15.89%	16.54%
Total Capital Ratio	25.32%	13.63%	13.79%	15.95%	16.58%
Full-Time Employees	2,145	2,052	1,984	1,979	1,969
Capital Lease Payments Due within 1 Year	0.3	0.4	0.5	0.6	-
Capital Lease Payments Due in Year 5	1.4	1.3	1.3	1.7	-
Capital Leases - Remaining Maturities	1.6	2.0	2.4	2.9	-
Total Capital Leases, Supplemental	3.3	3.7	4.3	5.2	-
PV of Funded Obligations - Pension	20.6	17.7	17.9	22.0	19.3
Funded Status - Pension	-20.6	-17.7	-17.9	-22.0	-19.3
PV of Funded Obligations - Bonus Scheme	0.3	0.3	0.4	0.4	0.4
Funded Status - Bonus Scheme	-0.3	-0.3	-0.4	-0.4	-0.4
PV of Funded Obligations - Provident	0.0	0.0	0.0	0.0	0.0
Plan Assets - Provident	-	-	0.1	0.1	0.1
Funded Status - Provident	0.0	0.0	0.0	0.1	0.1
Total Funded Status	-20.9	-18.0	-18.3	-22.4	-19.7
Discount Rate - Pension	3.20%	4.25%	4.30%	4.40%	4.75%
Discount Rate - Bonus Scheme	-	-	4.30%	4.40%	4.75%
Discount Rate - Provident	-	-	4.30%	4.40%	4.75%
Accrued Liabilities - Pension	-20.6	-17.7	-17.9	-22.0	-19.3
Accrued Liabilities - Bonus Scheme	-0.3	-0.3	-0.4	-0.4	-0.4
Accrued Liabilities - Provident	0.0	0.0	0.0	0.0	0.0
Net Assets Recognized on Balance Sheet	-20.9	-18.0	-18.3	-22.5	-19.8

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Interest Received	614.0	734.2	698.8	710.6	1,230.3
Cash Interest Paid	-234.6	-276.6	-272.6	-305.7	-651.5
Dividend and Similar Income	0.3	0.2	0.0	0.0	0.4
Commission, Net	295.8	278.0	257.2	261.5	197.8
Personnel	-221.4	-238.8	-203.0	-212.9	-235.9
Other Costs	-190.4	-194.4	-188.0	-188.7	-193.8
Other Income	55.6	69.6	87.7	89.5	-25.0
Tax	-100.6	-105.3	-47.9	-116.0	-155.1
Financial Assets Held for Trading	11.1	9.6	-6.5	-0.8	0.3
Financial Assets Valued at Fair Value	0.0	0.0	0.0	0.1	0.0
Financial Assets Available for Sale	-0.8	-1.4	0.8	-10.9	5.2
Trade Rcvbls.	251.3	302.5	-1,772.5	-1,254.0	501.8
Bank Rcvbls. on Demand	-423.6	-52.7	-11.3	775.3	549.0
Bank Rcvbls. Other	550.9	1,346.7	264.1	-692.7	-17.9
Other Assets(1)	-15.8	1.4	-69.0	150.8	-113.2
Due to Bank on Demand	1,621.9	27.5	89.7	89.7	27.2
Due to Bank Other	-474.1	-3,101.9	1,536.5	1,149.1	-1,045.3
Due to Customers	-225.7	-1,663.2	-674.6	2,429.0	-298.7
Securities in Circulation	-1,873.7	668.9	2,040.1	-1,638.1	-347.8
Liabilities for Trading	-0.2	-3.8	7.6	2.1	0.2
Liabilities at Fair Value	199.0	2,344.4	-1,888.5	-1,012.8	752.3
Other Liabilities	109.0	-72.6	173.9	-134.2	-18.7
Cash from Operating Activities	-52.1	72.4	22.5	90.7	161.7
Sale of Investments	10.7	36.9	24.8	21.2	0.0
Dividends Received	0.5	38.3	44.1	2.6	43.7
Sale of Tangibles	0.0	0.1	0.0	0.6	0.7
Purchase of Investments	-	-	0.0	-67.2	0.0
Purchase of Tangibles	-8.0	-5.0	-3.5	-4.8	-8.6
Acquisition of Business	0.0	-47.8	0.0	0.0	-0.6
Sale of Business	85.9	-	-	-	-
Cash from Investing Activities	89.2	22.5	65.3	-47.6	35.2
Income Distributed	-42.2	-82.5	-86.7	-101.3	-193.7
Cash from Financing Activities	-42.2	-82.5	-86.7	-101.3	-193.7
Net Change in Cash	-5.1	12.5	1.2	-58.2	3.3
Net Cash-Beginning Period	73.3	66.8	62.5	123.8	126.9
Net Cash-Ending Period	68.1	79.3	63.6	65.6	130.2

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-Mar-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	191.5	-5.60%	745.9	-2.72%	2.44%	-1.71%
Income Available to Common Excl Extraord Items1 (?)	33.2	-0.76%	79.8	-41.31%	-10.00%	-21.79%
Basic EPS Excl Extraord Items1 (?)	0.54	-0.76%	1.29	-41.30%	-9.99%	-21.79%
Capital Expenditures2 (?)	8.0	-	8.0	70.77%	21.26%	6.79%
Cash from Operating Activities2 (?)	-52.1	-	-52.1	-	-	-
Free Cash Flow (?)	-61.8	-	-61.8	-	-	-
Total Assets3 (?)	17,004.6	-13.21%	18,191.3	-12.70%	-1.80%	-1.38%
Total Liabilities3 (?)	15,103.9	-15.10%	16,266.2	-14.44%	-2.34%	-1.73%
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Employees3 (?)	-	-	2145	4.53%	2.72%	1.36%
Total Common Shares Outstanding3 (?)	61.7	0.00%	61.7	0.00%	0.00%	0.00%
1-ExchangeRate: EUR to USD Average for Period	0.757574	Â	0.778237	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.778237	Â	0.778237	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.780216	Â	0.756600	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Interest Income, Bank1 (?)	696.8	780.0	424.0	440.1	546.8
Total Interest Expense1 (?)	316.7	315.7	-	-	-
Loan Loss Provision1 (?)	219.6	171.4	166.6	137.5	108.1
Cash & Due from Banks3 (?)	70.1	74.0	64.5	67.7	123.7
Total Deposits3 (?)	10,822.4	11,738.4	14,732.2	14,699.7	10,818.5
1-ExchangeRate: EUR to USD Average for Period	0.778237	0.719190	0.755078	0.719047	0.683679
3-ExchangeRate: EUR to USD Period End Date	0.756600	0.770327	0.745406	0.696986	0.719399

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Pretax Margin (?)	17.32%	29.43%	47.08%	41.15%	52.19%
Net Profit Margin (?)	11.46%	18.87%	29.43%	26.93%	31.98%
Financial Strength
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Management Effectiveness
Return on Assets (?)	0.42%	0.68%	0.65%	0.60%	0.83%
Return on Equity (?)	4.38%	7.72%	7.02%	6.48%	9.09%
Efficiency
Receivables Turnover (?)	0.04	0.04	0.04	0.04	0.04
Asset Turnover (?)	0.04	0.04	0.04	0.04	0.04

Market Valuation USD (mil)
P/E (TTM) (?)	11.76	.	Enterprise Value2 (?)	875.3
Price/Sales (TTM) (?)	1.33	.	Price/Book (MRQ) (?)	0.49
Enterprise Value/EBITDA (TTM) (?)	6.88	.	Market Cap1 (?)	952.9
1-ExchangeRate: EUR to USD on 19-Jul-2013	0.764410
2-ExchangeRate: EUR to USD on 31-Mar-2013	0.780216

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Payout Ratio (?)	54.63%	29.15%	58.95%	72.43%	56.79%
Effective Tax Rate (?)	33.85%	35.87%	35.14%	34.55%	38.73%
Total Capital1 (?)	1,925.1	1,793.4	1,824.7	1,898.2	1,816.2
Efficiency
Asset Turnover (?)	0.04	0.04	0.04	0.04	0.04
Receivables Turnover (?)	0.04	0.04	0.04	0.04	0.04
Days Receivables Outstanding (?)	8,726.99	9,063.16	9,434.03	9,049.98	8,797.39
Revenue/Employee2 (?)	357,667	377,485	371,086	391,413	395,365
Profitability
Pretax Margin (?)	17.32%	29.43%	47.08%	41.15%	52.19%
Net Profit Margin (?)	11.46%	18.87%	29.43%	26.93%	31.98%
Management Effectiveness
Return on Assets (?)	0.42%	0.68%	0.65%	0.60%	0.83%
Return on Equity (?)	4.38%	7.72%	7.02%	6.48%	9.09%
Valuation
Free Cash Flow/Share2 (?)	-1.00	1.02	0.31	1.43	2.36
Operating Cash Flow/Share 2 (?)	-0.87	1.09	0.37	1.52	2.49
1-ExchangeRate: EUR to USD Period End Date	0.7566	0.770327	0.745406	0.696986	0.719399
2-ExchangeRate: EUR to USD Average for Period	0.7566	0.770327	0.745406	0.696986	0.719399

Current Market Multiples
Market Cap/Earnings (TTM) (?)	11.76
Market Cap/Equity (MRQ) (?)	0.49
Market Cap/Revenue (TTM) (?)	2.60
Market Cap/EBIT (TTM) (?)	7.79
Market Cap/EBITDA (TTM) (?)	7.34
Enterprise Value/Earnings (TTM) (?)	11.02
Enterprise Value/Equity (MRQ) (?)	0.46
Enterprise Value/Revenue (TTM) (?)	2.44
Enterprise Value/EBIT (TTM) (?)	7.30
Enterprise Value/EBITDA (TTM) (?)	6.88

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.94.37
Euro	1	Rs.81.58

INFORMATION DETAILS

Report Prepared by :

PRL

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.