Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

— approval of the ICAAP procedure required by regulations in force, anddisclosure of the information required under Pillar 3 of the Basel IIagreements, to provide a more accurate valuation of the Group’scapital solidity and exposure to risks.The security planning document required under Italian LegislativeDecree 196/03 was updated during the year, as was the Bank’sorganizational model instituted pursuant to Italian Legislative Decree231/01.* * *Information regarding the Bank’s ownership structure as requiredunder Article 123-bis of Italian Legislative Decree 58/98 is contained inthe annual report on corporate governance attached hereto and availableon the Bank’s website under Investor Relations.Credit ratingMediobanca continues to be rated A+ for medium-/long-term debt byStandard & Poor’s, and A-1 for short-term debt. On 24 May 2011 theoutlook was downgraded from stable to negative, as part of a rating revisionfor Italian banks in view of the prospects for Italian sovereign debt.ResearchOn the research side, work has continued as in the past on companyand capital market surveys, by both Mediobanca’s Research Departmentand the Group’s research arm R&S. R&S produced the thirty-fifth editionof its Annual Directory, which includes analysis of leading Italian listedcompanies, and published the profiles of over a hundred other industrialand financial groups online. A new edition of its survey of the world’sleading industrial multinationals was completed, as were two updates of itssurvey of European banks based on interim and annual data, and in cooperationwith Italian daily newspaper Il Sole 24 Ore, its publication of thequarterly survey of blue chip companies’ results continued. It alsopublished and presented the volume which closes the first stage in the– 259