ANNUAL REPORT 2010

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Próspero MARTÍNEZ El árbol del camino, around 1920 Oil on paper 37.2 x 28 cm Caracas, 1885 - Carrizales, State of Miranda, 1966 Between 1904 and 1909, Martínez studied at the Caracas Academy of Fine Arts. In 1909, he participated in the student protests that demanded changes in the curriculum of that same institution. He was a founding member of the Fine Arts Society and actively contributed to the exhibitions organized by this group. In 1959, his participation in the XX Annual Exhibition of Venezuelan Art garnered him the Arístides Rojas Landscape Award, initiating an avid public interest in his life and works.
Report of the Board of Directors of Mercantil Servicios Financieros on Compliance with the Corporate Governance Principles adopted by the National Securities Commission (CNV) which has been replaced by the National Securities Superintendency. Pursuant to Resolution N° 19-1-2005 of the Superintendency dated February 2, 2005, published in Official Gazette of the Bolivarian Republic of Venezuela N° 38,129 of February 17, 2005, the Board of Directors of Mercantil Servicios Financieros submits to the Ordinary General Shareholders’ Meeting this report on the degree of compliance with the Principles of Corporate Governance referred to in the Resolution. Independent Members of the Board of Directors At its meeting on March 10, 2011 the Board of Directors examined the independence of each director and determined that, according to the criteria on the independence of Directors, contained in the above-mentioned resolution, at least one fifth of the members of the Board of Mercantil Servicios Financieros are independent directors. Thus Mercantil Servicios Financieros complies with the provisions set forth in the Resolution issued by the Superintendency on the Principles of Corporate Governance whereby at least one fifth of the Board of Directors must be comprised by independent directors. In order to meet the level of transparency and disclosure required on this matter, the report distributed to the shareholders contains a brief resume on each Director. Audit Committee All the members who vote on the Audit Committee of Mercantil Servicios Financieros are independent directors, according to the criteria on the independence of directors contained in said Resolution. Gustavo A. Marturet and Alejandro González Sosa, in their capacity as President and Executive President of the Company respectively, assist this Committee as ex officio members. The Audit Committee has and exercises responsibilities in matters regarding the Principles of Corporate Governance. The Committee also deals with other matters. The chapter of the report that refers to Corporate Governance states the matters dealt with by this Committee in <strong>2010</strong>. A resume of each member is included in this report. It can therefore be affirmed that Mercantil Servicios Financieros fulfills all the Corporate Governance Principles contained in that Resolution. Mercantil Servicios Financieros 99
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ANNUAL REPORT 2010
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ANNUAL REPORT 2010 CONTENTS Mercant
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Mercantil is Venezuela’s leading
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Earnings Consolidated Balance Sheet
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Notice of Ordinary General Sharehol
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* Dollar figures are given for refe
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* Dollar figures are given for refe
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Adjustments to Reporting Lines At a
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Venezuela The Venezuelan economy co
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85th Anniversary During the second
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Special mention should be made of M
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Statutory Auditors’ Report To the
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Financial Statements (In accordance
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Consolidated Balance Sheet (In thou
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César PRIETO Calle caraqueña, aro
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Economic Climate Mercantil Servicio
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Summary of Economic Performance 200
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Mission To fulfill the needs of ind
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Management Discussion and Analysis
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Loan Portfolio by Business Segment
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Financial Margin Year Ended (In tho
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Distribution of Total Income Bs 7,4
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Summary of the Accounting Principle
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Business Management Report Commerci
Page 49 and 50: Commercial Banking Deposits Year 20
Page 51 and 52: Corporate Banking During 2010, the
Page 53 and 54: This made the team more consolidate
Page 55 and 56: In Venezuela, Mercantil Servicios d
Page 57 and 58: Excess Liquidity and Interbank Mark
Page 59 and 60: Available for Sale and Held to matu
Page 61 and 62: Quality of Service and Operating Ef
Page 63 and 64: Manuel CABRÉ Ávila desde San Bern
Page 65 and 66: Human Resources Many of the activit
Page 67 and 68: Risk Management Good risk managemen
Page 69 and 70: Distribution of Mercantil's loan po
Page 71 and 72: Trading in fixed-income securities
Page 73 and 74: Operational risk management in non-
Page 75 and 76: Performance of Subsidiaries Equity
Page 77 and 78: (1) Obtained from dividing sharehol
Page 79 and 80: Mercantil Commercebank Florida Banc
Page 81 and 82: Mercantil Merinvest, C.A. Consolida
Page 83 and 84: Credit Ratings Mercantil Servicios
Page 85 and 86: Prevention and Control of Money Lau
Page 87 and 88: * Prevention and Control of Money L
Page 89 and 90: Mercantil’s Social Contributions
Page 91 and 92: Pedro Ángel GONZÁLEZ Paisaje de G
Page 93 and 94: Corporate Governance Mercantil Serv
Page 95 and 96: Board of Directors The Board of Dir
Page 97 and 98: Executive Committee Mercantil has a
Page 99: Pedro Ángel GONZÁLEZ Comenzando l
Page 103 and 104: Mercantil Commercebank • In March
Page 105 and 106: Mercantil Banco Universal: 85 years
Page 107 and 108: In 1996 the Bank changed its status
Page 109 and 110: Mercantil’s principles and values
Page 111 and 112: Board of Directors Directors Gustav
Page 113 and 114: Gustavo Galdo C. President of Inver
Page 115 and 116: Executive Committee Gustavo Antonio
Page 117 and 118: MERCANTIL, C.A., BANCO UNIVERSAL Av
Page 119 and 120: T h e F i n e A r t s S o c i e t y
Page 121 and 122: Alberto EGEA LÓPEZ Ávila, hacia 1
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ANNUAL REPORT 2010

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