ANNUAL REPORT 2010

Statutory Auditors’ Report
To the
Shareholders of
Mercantil Servicios Financieros, C.A.
Dear Shareholders,
Mercantil Servicios Financieros
21
Caracas, February 28, 2011
In our capacity as the Company’s Statutory Auditors, and in conformity with the provisions of
Articles 287 and 311 of the Commercial Code, and the Professional Standards relating to Statutory
Auditors, we are pleased to inform you that we have examined the consolidated balance sheet of
Mercantil Servicios Financieros, C.A. and its subsidiaries at December 31, 2010 and the related
consolidated income statement, statement of shareholders’ equity and cash flows for the period
then ended. The preparation of these financial statements and their notes is the responsibility
of Management. Our responsibility is to express an opinion on these financial statements based
on our audits.
We were appointed by the Ordinary General Shareholders' Meeting which we attended on March
26, 2010.
Our examination was conducted in accordance with generally accepted auditing standards and
as such included selective tests of the accounting records and other audit procedures we deemed
necessary under the circumstances. We have also taken into account the report of external
auditors Espiñeira, Sheldon y Asociados for the same period, which should be treated as an
integral part of this report, with whose content we agree, and which we attach hereto.
Based on our analysis, we can confirm that the Company maintains adequate controls over its
loan and investment portfolios which are subject to ongoing analysis and monitoring so that the
appropriate provisions can be created. The Company also maintains the provisions prescribed in
its Bylaws and declares and pays the dividends to which it is obligated under its Bylaws and the
Law. Further, the Company’s internal accounting controls and policies justify our view that there
is no current or potential risk of conditions that are likely to weaken its financial position.
In our opinion, the aforementioned consolidated financial statements present fairly the financial
position of Mercantil Servicios Financieros, C.A. and its subsidiaries at December 31, 2010 and
the results of their operations and cash flows for the period then ended, in conformity with the
standards of the National Securities Commission. The Company presents the consolidated
financial statements in inflation-adjusted values as supplemental information.
Yours sincerely,
Umberto Chirico Manuel Martínez Abreu
Alternate Statutory Auditor Alternate Statutory Auditor
Encl. Report of “Espiñeira, Sheldon y Asociados”.