CONSOLIDATED FINANCIAL STATEMENTS. Banca popolare dell Emilia Romagna Banking group

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1 CONSOLIDATED FINANCIAL STATEMENTS Banca popolare dell Emilia Romagna Banking group

2 476 The consoildated have been translated from those issues in Italy, from the Italian into English language solely for the convenience of international readers. The are the english translations of the italian prepared for and used in Italy. The were prepared using International Financial Reporting Standards (IAS/IFRS); therefore they are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices other than IAS/IFRS.

3 Assets Cash and balances with central banks 488, , Financial assets held for trading 1,596,048 2,123, Financial assets designated at fair value through profit and loss 151, , Financial assets available for sale 4,679,402 2,605, Financial assets held to maturity 818, , Due from banks 2,250,781 2,832, Loans to customers 48,048,735 48,186, Remeasurement of financial assets backed by general hedges (+/-) 1, Equity investments 269, , Property, plant and equipment 984, , Intangible assets 467, ,446 - of which: goodwill 375, , Tax assets 957, ,047 a) current 113,483 43,040 b) deferred 843, ,007 b1) of which of which Law 214/ , , Non-current assets and disposal groups held for sale 18,329 45, Other assets 907, ,219 Total assets 61,637,758 60,487,931 Liabilities and shareholders equity 10. Due to banks 7,269,461 5,210, Due to customers 32,288,488 30,705, Debt securities in issue 11,047,786 13,759, Financial liabilities held for trading 216, , Financial liabilities designated at fair value through profit and loss 3,865,649 4,115, Hedging derivatives 37,661 33, Tax liabilities 169, ,730 a) current 46,426 41,067 b) deferred 123,200 59, Liabilities associated with non-current assets held for sale 8,800 36, Other liabilities 1,465,718 1,092, Provision for termination indemnities 223, , Provisions for risks and charges 281, ,083 a) pensions and similar commitments 104, ,946 b) other provisions 176, , Valuation reserves 199,447 49, Reserves 2,264,190 2,078, Share premium reserve 619, , Share capital 998, , Treasury shares (7,266) (83,336) 210. Minority interests 700, , Profit (loss) for the period pertaining to the Parent Company (11,271) 214,639 Total liabilities and shareholders equity 61,637,758 60,487,931

4 478 Captions 10. Interest and similar income 2,196,449 2,106, Interest and similar expense (886,910) (776,348) 30. Net interest income 1,309,539 1,330, Commission income 762, , Commission expense (54,865) (41,436) 60. Net commission income 707, , Dividends and similar income 5,003 7, Net trading income 98,377 (70,102) 90. Net hedging gains (losses) (1,234) (1,182) 100. Gains/losses on disposal or repurchase of: 91,980 11,318 a) loans (774) 219 b) financial assets available for sale 68,014 5,346 c) financial assets held to maturity (179) - d) financial liabilities 24,919 5, Net results on financial assets and liabilities designated at fair value (56,748) 129, Net interest and other banking income 2,154,858 2,100, Net impairment adjustments to: (971,924) (350,132) a) loans (958,393) (344,055) b) financial assets available for sale (8,839) (6,616) c) financial assets held to maturity - (3,463) d) other financial assets (4,692) 4, Net profit from financial activities 1,182,934 1,750, Administrative costs: (1,259,466) (1,286,895) a) payroll (769,577) (785,876) b) other administrative costs (489,889) (501,019) 190. Net provisions for risks and charges (29,132) (22,412) 200. Net adjustments to property, plant and equipment (44,848) (43,471) 210. Net adjustments to intangible assets (16,012) (14,205) 220. Other operating charges/income 143, , Operating costs (1,205,805) (1,242,599) 240. Profit (loss) of equity investments 15,191 (43,166) 260. Adjustments to goodwill (48) (61,429) 270. Gains (losses) on disposal of investments 315 2, Profit (loss) from current operations before tax (7,413) 406, Income taxes on current operations (25,185) (162,165) 300. Profit (loss) from current operations after tax (32,598) 243, Profit (loss) after tax on non-current assets held for sale - (6,572) 320. Net profit (loss) (32,598) 237, Net profit (loss) pertaining to minority interests 21,327 (22,720) 340. Profit (loss) for the period pertaining to the Parent Company (11,271) 214,639 Earnings per share (Euro) Earnings per share (Euro) Basic EPS (0.038) Diluted EPS (0.033) 0.646

5 479 Statement of comprehensive income 10. Profit (loss) for the period (32,598) 237,359 Other elements of income, net of income taxes 20. Financial assets available for sale 209,569 (83,704) 60. Cash flows hedges (3,370) (5,226) 90. Actuarial gains (losses) on defined-benefit pension (33,210) (3,703) 100. Portion of the measurement reserves of equity investments carried at equity 188 (2,818) 110. Total other elements of income (net of income taxes) 173,177 (95,451) 120. Total comprehensive income (caption ) 140, , Comprehensive income attributable to minority interests (16,111) 15, Consolidated comprehensive income pertaining to the Parent Company 156, ,243

6 480 Shareholders' equity as at Changes during the year Allocation of prior year results Balance as at opening balances (*) Balance as at Comprehensiv e income as at Transactions on shareholders' equity reserves Stock options Derivatives on treasury shares equity instruments Purchase of treasury shares Issue of new shares Dividends and other allocations Reserves Group Minority interests Share capital: 1,113,172-1,113,172 (16,480) 1, , ,266 a) ordinary shares 1,113,172-1,113,172 (16,480) 1, , ,266 b) other shares - Share premium reserve 752, ,856 (5,235) (55,907) 619,462 72,252 Reserves: 2,536,259 (19,170) 2,517, ,256-42,372-2,264, ,527 a) from profits 2,465,785 (19,170) 2,446, ,256-46,778-2,197, ,144 b) other 70,474-70,474 (4,406) - 66,685 (617) Valuation reserves: 90,106 19, ,276 (38,397) 173, ,447 44,609 Equity instruments - Treasury shares (83,362) - (83,362) - 76,094 (7,266) (2) Net profit (loss) 237, ,359 (209,256) (28,103) - (32,598) (11,271) (21,327) Group shareholders' equity 3,930,715-3,930,715 - (28,103) (18,477) 21, ,690 4,062,727 - Minority interests 715, , (16,111) - 700,325 Changes during the year Shareholders equity as at Allocation of prior year results Balance as at opening balances Balance as at Comprehensiv e income as at Transactions on shareholders' equity reserves Stock options Derivatives on treasury shares equity instruments Purchase of treasury shares Issue of new shares Reserves Group Minority interests Share capital: 954, ,135 76, , , ,746 a) ordinary shares 954, ,135 76, , , ,746 b) other shares - Share premium reserve 535, ,161 (107,569) 325, ,369 77,487 Reserves: 2,390,263-2,390, ,364 - (135,368) - 2,078, ,991 a) from profits 2,315,751-2,315, ,364 - (131,330) - 2,007, ,637 b) other 74,512-74,512 (4,038) - 71,120 (646) Valuation reserves 220, ,378 (34,821) (95,451) 49,349 40,757 Equity instruments - Treasury shares (83,210) - (83,210) (152) - (83,336) (26) Net profit (loss) 327, ,357 (281,364) (45,993) - 237, ,639 22,720 Group shareholders' equity 3,249,623-3,249,623 - (45,993) 40, ,559 (153) 126,243 3,930,715 - Minority interests 1,094,461-1,094,461 (394,452) , ,675 (*) The change in the opening balances of reserves from profits and valuation reserves is in line with the approach adopted by the National Association of Actuaries (Circular no. 35 of 21 December ), as detailed in Part A of the Notes.

7 481 Indirect method Operating activities 1. Cash generated from operations 1,139, ,084 net profit for the year (11,271) 214,639 net gains/losses from financial assets held for trading and financial assets/liabilities designated at fair value through P&L (15,859) (65,048) gains (losses) from hedging activities 1,234 1,182 net adjustments for impairment 971, ,561 impairment/writebacks to property, plant and equipment and intangible 60,860 57,676 assets net provisions for risks and charges and other costs/income 123,296 93,361 net premiums not collected other income insurance income/expense not collected unsettled taxes 25, ,165 impairment/writebacks to disposal groups, net of tax effect other adjustments (15,506) 40, Cash generated/absorbed by financial assets (1,663,879) (2,506,456) financial assets held for trading 597, ,334 financial assets designated at fair value through P&L 112, ,222 financial assets available for sale (1,882,366) (976,443) loans to customers (820,882) (751,769) due from banks: on demand (72,708) (74,217) due from banks: other receivables 648,390 (925,861) other assets (245,906) (40,722) 3. Cash generated/absorbed by financial liabilities 723,650 1,165,632 due to banks: on demand (95,797) 440,580 due to banks: other debts 2,124,795 1,101,718 due to customers 1,583,311 (2,196,524) debt securities in issue (2,712,100) 982,065 financial liabilities held for trading 4,131 57,995 financial liabilities designated at fair value through P&L (351,056) 1,498,117 other liabilities 170,366 (718,319) Net cash generated/absorbed by operating activities 199,682 (424,740)

8 Investing activities Cash generated by 64,480 14,463 sale of equity investments 246 3,395 dividends collected on equity investments sale of financial assets held to maturity 63,033 9,416 sale of property, plant and equipment 1,201 1,652 sale of intangible assets sale of lines of business 2. Cash absorbed by (232,382) (63,906) purchase of equity investments (1,811) (360) purchase of financial assets held to maturity (185,887) - purchase of property, plant and equipment (18,469) (33,149) purchase of intangible assets (26,215) (30,397) purchase of lines of business Net cash generated/absorbed by investing activities (167,902) (49,443) Financing activities issue/purchase of treasury shares issue/purchase of equity instruments dividends distributed and other allocations Net cash generated/absorbed by financing activities Net cash generated/absorbed in the year 21, ,406 (28,103) (45,993) (6,201) 514,413 25,579 40,230 Captions Cash and balances with central banks at beginning of year Net increase (decrease) in cash and cash equivalents Cash and balances with central banks: effect of change in exchange rates Cash and balances with central banks at end of year 463, ,920 25,579 40,230 (21) , ,315

BANCA VALSABBINA - FINANCIAL STATEMENTS AS AT 31 DECEMBER 2013

BANCA VALSABBINA - FINANCIAL STATEMENTS AS AT 31 DECEMBER 2013 BALANCE SHEET ASSETS (in units of Euro) Asset items 31 December 2013 31 December 2012 10. Cash and cash equivalents 14,579,778 14,399,719