ANNUAL REPORT 2010

Adjustments to Reporting Lines
At a meeting on July 12, 2010, the Board of Directors approved a resolution to make Mr
Alejandro González Sosa responsible for several reporting lines under Gustavo A. Marturet in
his capacity as President of the Board of Directors of Mercantil. The reporting lines are Global
Risk Management, Legal Counsel, and Strategic Planning, and a new Global Human Resources
and Corporate Communications Unit (the last two previously grouped under the Office of the
President). This fully restores the separation of the functions of the President and the Executive
President required by law and which were temporarily Gustavo A. Marturet’s responsibility.
Succession Policy
At the meetings of the Boards of Directors of Mercantil Servicios Financieros and Mercantil,
C.A., Banco Universal, on October 21, 2010, in accordance with best practices, Dr Gustavo A.
Marturet announced his decision to retire as President of the Board and President of both
institutions at the beginning of 2011, underlined that according to Mercantil’s Succession Policy
it was “time to make way for new generations capable of leading both institutions.” He also said
that the Board of Directors should make the corresponding appointments in due course. He
said that after retiring from his post he would remain linked to Mercantil in which he developed
professionally, ratifying his full confidence in Mercantil’s qualified management and staff. This
decision was communicated by the media.
Following the February 24, 2011 meetings of the Boards of Directors of both institutions, the
Boards agreed that after the Ordinary General Shareholders’ Meetings scheduled for March 31,
2011, Gustavo J. Vollmer Acedo would be appointed President of both Boards and President of
both Companies, as stated in a press release.
The Boards commended Gustavo A. Marturet for his excellent performance during more than
30 years at the helm of Mercantil as Executive President of the Company and President of the
Board of Directors, under whose leadership Mercantil has become consolidated as a financial
services provider operating in 10 countries in the Americas, Europe and Asia, upholding the
principles and values that have always guided Mercantil’s performance and make it Venezuela’s
benchmark financial corporation.
The Boards wish Gustavo J. Vollmer Acedo every success as the Mercantil’s new President.
Mercantil Servicios Financieros
13