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Principal Directors Alternate Directors Note: The Audit, Compesation and Risk Committees were created pursuant to provision in the By-laws and in accordance with a resolution by the Board of directors. These commitees are made up of independent Directors and are attended by the President and the Executive President (ex-officio). Board of Directors Secretary Alternate Secretary Principal Statutory Auditor Alternate Statutory Auditor Legal Counsel Alternate Legal Counsel Gustavo Vollmer A. President Alejandro González Sosa Executive President Gustavo A. Marturet M. 3 Gustavo J. Vollmer H. 2 Alfredo Travieso P. 2 Luis A. Romero M. 1 Víctor J. Sierra A. 2 Jonathan Coles W. 1 Roberto Vainrub A. 3 Miguel A. Capriles L. 3 Luis A. Sanabria U. 2 Oscar A. Machado K. 2 Eduardo Mier y Terán 1 Luis Esteban Palacios W. 2 Gustavo Galdo C. 3 Germán Sánchez Myles 2 Luis A. Marturet M. 2 Carlos Hellmund B. 1 Gustavo Machado C. 1 Francisco Monaldi M. 3 Federico Vollmer A. 3 Claudio Dolman C. 2 Carlos Zuloaga T. 3 Nerio Rosales R. Armando Leirós R. Miguel A. Capriles C. 1 Luis Pedro España N. 1 Alberto Sosa S. 1 Alexandra Mendoza Valdés 1 David Brillembourg C. 3 Guillermo Ponce Trujillo Rafael Stern S. Francisco De León Manuel Martínez Abreu Humberto Chirico Gladis Gudiño Luis Alberto Fernandes Paolo Rigio C. 1 Member of the Audit Committee 2 Member of the Compensation Committee 3 Member of the Risk Committee 6 Annual Report 2011 Administration Gustavo Vollmer A. * President Alejandro González Sosa * Executive President Nerio Rosales Rengifo * Global Commercial and Personal Banking Manager Philip Henríquez S. * Global Corporate and Invesment Banking Manager Rosa M. de Costantino * Global Manager Private Banking and Wealth Management Alfonso Figueredo D. * Global Chief Financial Officer Millar Wilson * Global international Operations Manager Fernando Figueredo M. * Global Chief Risk Officer Armando Leirós R. * Global Operations and Technology Manager Luis Alberto Fernandes * Global Chief Legal Counsel Alberto Benshimol M. * Insurance and New Financial Businesses Manager Luis Calvo Blesa * Global Human Resources and Corporate Communications Manager Guillermo Ponce Trujillo Board of Directors Secretary Rafael Stern S. Alternate Secretary Toribio Cabeza León Global Audit Manager Anahy Espiga Global Strategic Planning Manager Luis M. Urosa Z.** Corporate Compliance Maigualida Pereira C. Compliance Officer - Prevention of Money Laundering and Terrorist Financing * Member of the Executive Committee ** The function focuses on Mercantil Banco Universal and Mercantil Merinvest
Notice of Ordinary General Shareholders’ meeting MERCANTIL SERVICIOS FINANCIEROS, C.A. Autorized Capital Bs 306,836,406.00 Suscribed and Paid-in Capital Bs 153,418,203.00 Caracas - Venezuela Notice of an Ordinary General Shareholders’ Meeting by agreement of the Board of Directors to be held at the Company’s head office, Avenida Andrés Bello N° 1, Edificio Mercantil on March 23, 2012 at 4:00 p.m. with the following agenda: 1. Review the Report submitted by the Board of Directors and the Company’s Audited Financial Statements at December 31, 2011, subject to consideration of the Statutory Auditors’ Report. 2. Present the Board of Directors Report on the Level of Compliance with the Principles of Corporate Governance contained in Resolution N° 19-1-2005 of the National Securities Superintendency (SNV) dated February 2, 2005. 3. Appoint the Board Members and their Alternates in keeping with the Company Bylaws and establish the fees of all the members of the Board of Directors. 4. Appoint the Statutory Auditors and their Alternates and establish their fees. 5. Consider the “Proposal for the Twenty-fifth Phase of the Company’s Stock Repurchase Program presented by the Board of Directors of Mercantil Servicios Financieros, C.A. to the Ordinary General Shareholders’ Meeting, for consideration on March 23, 2012.” 6. Consider the “Proposal to declare the dividends of Mercantil Servicios Financieros, C.A. for 2012, presented by the Board of Directors to the Ordinary General Shareholders’ Meeting for consideration on March 23, 2012.” N.B. The shareholders are hereby informed that: 1) The Balance Sheet, Income Statement, Statement of Shareholders’ Equity and Statement of Cash Flow for the period ended December 31, 2011, duly examined by the external auditors Espiñeira, Sheldon y Asociados; the Statutory Auditors’ Report and the Board of Directors’ Report; 2) The Report presented by the Board of Directors on the Level of Compliance with the Principles of Corporate Governance; and 3) The Proposal for the Twenty-fifth Phase of the Company’s Stock Repurchase Program submitted by the Board of Directors of Mercantil Servicios Financieros, C.A. for consideration by the General Shareholders’ Meeting on March 23, 2012, will be available for review 15 days in advance of the Meeting, at the office of the Secretary of the Board of Directors of the Company, Avenida Andrés Bello N° 1, Edificio Mercantil, piso 35, Caracas. The Proposal to declare Mercantil Servicios Financieros, C.A.'s dividends for 2012, submitted by the Board of Directors to the Ordinary General Shareholders’ Meeting for consideration on March 23, 2012, is available for review at the Company Secretary’s Office, Avenida Andrés Bello N° 1, Edificio Mercantil, piso 35, Caracas. In keeping with the provisions of the Company Bylaws, the Shareholders are hereby informed that ownership of each group of Common Class A shares representing at least twenty per cent (20%) of the capital subscribed by those shares affords the right to nominate and appoint one Director and the corresponding Alternates. Caracas, February 16, 2012 On behalf of Mercantil Servicios Financieros, C.A. Guillermo Ponce Trujillo Secretary of the Board of Directors 7 Mercantil Servicios Financieros
Page 1 and 2: AnnualReport 2011
Page 3 and 4: AnnualReport 2 0 1 1 CONTENTS Merca
Page 5 and 6: Mercantil is Venezuela’s in equit
Page 7: Financial Highligths Earnings Conso
Page 11 and 12: * Dollar figures are given for refe
Page 13 and 14: The Stock Repurchase Program initia
Page 15 and 16: Inflation closed at 6.9% (6.5% in 2
Page 17 and 18: Mercantil Personal and Commercial O
Page 19 and 20: It also launched the Gold and Plati
Page 21 and 22: Special mention should be made of M
Page 23 and 24: Statutory Auditors’ Report ��
Page 25 and 26: Financial Statements (In accordance
Page 27 and 28: Consolidated Balance Sheet (In thou
Page 30 and 31: Fernando Irazábal Bestia 10, aroun
Page 32 and 33: Latin America During 2011 the regio
Page 34 and 35: Francisco Hung Materias flotantes,
Page 36 and 37: In the insurance business in Venezu
Page 38 and 39: Investments Portfolio by Issuer Bs
Page 40 and 41: Loan Portfolio by Business Segment
Page 42 and 43: Deposits by Business Segment Bs 81,
Page 44 and 45: Loan Portfolio Evolution Million Bo
Page 46 and 47: Operating Expenses Net Income Year
Page 48 and 49: Summary of the Accounting Principle
Page 50 and 51: Humberto Jaimes Sánchez Exterior 1
Page 52 and 53: Personal Banking Deposits Year 2011
Page 54 and 55: At the close of 2011, Commercial Ba
Page 56 and 57: Corporate Banking During 2011, the
Page 58 and 59:
Corporate Products The Deposit Prod
Page 60 and 61:
In the Venezuelan money market, the
Page 62 and 63:
Portfolio of Investments Available
Page 64 and 65:
Private Banking and Wealth Manageme
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José Ramón Sánchez Las tres aleg
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In 2011, options or service functio
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Alberto Brandt Untitled, around 195
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Harry Abend Relieve, 1964 Bronze 1/
Page 74 and 75:
Credit Risk Breakdown of Credit Ris
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Market Risk A financial institution
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Price Risk Positions of Interest Ra
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Maruja Rolando Untitled, 1960 Oil o
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(1) Dollar figures are given for re
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Mercantil Commercebank Florida BanC
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Other subsidiaries of Mercantil Ser
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Humberto Jaimes Sánchez Stage of b
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Prevention and Control of Money Lau
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Evaluation Special PCLC/FT - AML/TF
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94 Annual Report 2011
Page 98 and 99:
Social Development and Healthcare P
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Elsa Gramcko R-32, 1960 Acrylic, go
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Another very significant aspect of
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Board of Directors’ Compensation
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Internal Audit Manager In accordanc
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Ángel Hurtado Noche transfigurada.
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Awards and Acknowledgements The wor
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Alberto Brandt Fantasía, undated O
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Víctor J. Sierra A. Member of the
Page 116 and 117:
Nerio Rosales Rengifo Member of the
Page 118:
Alberto Benshimol M. Manager of Ins
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MERCANTIL, C.A. BANCO UNIVERSAL Ave
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I n f o r m a l i s m i n V e n e z
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Carlos Sosa (Caracas, 1950) Sosa is
Page 127 and 128:
Manuel Mérida (Carabobo, 1939) Pai
Page 129 and 130:
Alberto Brandt Untitled, around 195
Page 131:
Avenida Andrés Bello Nº 1, Edific
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