2013 ANNUAL REPORT. principales áreas banca COMERCIAL Y PRIVADA

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1 2013 ANNUAL REPORT principales áreas banca COMERCIAL Y PRIVADA 1

2 Detail from the front of Palma de Mallorca City Hall ANNUAL REPORT

3 Table of contents Letter from the Chairman... 4 Board of Directors... 8 Executive committee... 8 Audit committee... 9 Remuneration and appointments committee... 9 Management committee... 9 The economy in prospects: confirmation of global recovery Economic and Financial Report Most significant data Banca March Group...22 Analysis of the consolidated balance sheet...28 Client funds Customer credit...32 Capital markets...33 Capital instruments...34 Consolidated income statement Principal areas of bank business...39 Wealth Management Retail and Private Banking...42 Corporate Banking Subsidiaries...49 March Gestión...49 March JLT March Vida Corporate...52 Consulnor Shares in Corporación Financiera Alba...55 Share portfolio...56 Affiliated companies Listed...57 ACS...57 Acerinox...58 Indra...58 Ebro Foods...59 Clínica Baviera...59 Antevenio Unlisted...61 Mecalux...61 Pepe Jeans...61 Panasa...62 Ros Roca...62 Flex...62 Ocibar...63 Encampus...63 Table of contents 3

4 Letter from the Chairman After some convulsive years 2013 saw a change in the trend of the international economy from the middle of last year which we hope will be consolidated in 2014 with continued improvement in macroeconomic data, especially in Spain. The disastrous first quarter of 2012 (probably the worst period of the economic and financial crisis and which jeopardized the very continuity of the single currency) has been overcome. The Eurogroup agreement of July 2012 for bank rescue in Spain and the firm public commitment of the European Central Bank to support the Euro made it possible to eliminate much of the uncertainty. This had a particularly positive impact in Spain, both in the equities market and, above all, on the risk premium of its sovereign debt which resulted in investments returning to the capital markets. We are not out of the woods yet, however. Despite the improvement in expectations, Spanish economic data in 2013 was generally not positive: Real GDP fell by 1.2%, the unemployment rate rose to 26.4% of the active population and the public deficit remained at a high of 6.6% of GDP. Nevertheless, some clearly positive data began to materialize such as the attainment of an external surplus from an increase in exports which was largely as a result of competitive gains after the reforms in recent years. Clearly, 2013 was a year of stabilization of the economy, and possibly the start of an incipient recovery. In spite of the fact that the economic forecasts of various international bodies for Spain in 2014 and subsequent years have improved in recent months, expected growth rates are still moderate so it is important to continue deepening the reforms initiated. In particular, this means reducing the public deficit and the public debt to GDP ratio. The major pending reform at the moment in Spain relates to the structure and current expenditure of the public sector. In view of the increase in public debt, which practically doubled between 2008 and 2013, the great effort made in recent years by companies and households to reduce indebtedness from the highs of 2008 and 2009 should be emphasized. Despite this, this debt is still high and as a result does not favour a consumer and investment recovery that will lead to economic growth. The first months of 2014 have produced a positive change, with a gradual Royal Palace. Madrid ANNUAL REPORT

5 improvement in credit thanks to greater liquidity and the better overall situation of financial institutions. Banca March, for its part, has continued displaying the prudence and commitment that has always been our hallmark. We have continued maintaining limited debt levels, a prudent and diversified credit policy and have only sold products our customers find suitable. We completely confirm our commitment to jointly invest with them, which is one of the elements in the philosophy of our bank that differentiates us. This management model has meant that we have an outstanding solvency ratio, a bad debt ratio that is much lower than average (less than half), a high liquidity ratio and one of the most debt-free balance sheets in the Spanish financial system. Moody s has given Bank March a Baa3 rating for short and long-term term debt, consolidating our company as having one of the best credit ratings. We are reasonably satisfied by the behaviour shown by the bank s strategic areas and the development of our business model. Our client base has grown by over 22% in wealth management and private banking, with a trading volume that has increased by 23% compared to March Gestión closed 2013 with 80% more in managed assets, a particularly notable figure if the general activity in the sector is taken into account. Over the last five years our management company has trebled its assets through its investment funds, and Banca March has a leading position as a SICAV manager, occupying the third place just behind the two big national banks in funds managed by these institutions. Also relevant was the step taken in November 2013 in converting ourselves into the sole shareholder of Banco Inversis - a strategic provider of services to Banca March in the context of the securities market - after acquiring the stake of the remaining shareholders by which Banca March has ensured that it maintained the service quality it provides its clients as well as developed its institutional business both in Spain and expanded internationally. In coming years, our objective is to be leaders and to become a reference Letter from the CHAIRMAN 5

6 Canal de Isabel II. Madrid ANNUAL REPORT

7 in strategic sectors. To do this, we have proposed to double the Private Banking trading volume (increasing client numbers by 70%) and to have a bigger footprint in the corporate advisory business, offering our clients a whole range of high valueadded products in areas such as nonbanking finance, M&A, equity risk cover etc. in addition to traditional services. Our subsidiaries March JLT and 360 CORPORATE are oriented to this goal. We are also satisfied with the new international recognition obtained by the bank. We were named the Best Private Bank in Spain 2013 by the British journal World Finance for the fourth consecutive year; Best Spanish Asset and Wealth Management Company in 2013 by Global Banking & Finance International and Best European and Private Bank in 2013 by the international publication Alternative Investment Review (IAIR). With regard to the Corporación Financiera Alba (the investment arm of our group), its 2013 consolidated net profit shows an after-tax profit of million compared to the losses of the previous year when the ACS shares in Iberdrola were written down. For 2014, Corporación Financiera Alba will maintain reasonably positive forecasts. All the affiliated companies have increased the efficiency of their operations and maintain moderate debt levels, with greater diversification of their sources of finance which positions them adequately to take advantage of opportunities in an environment of economic recovery. And all of them have achieved a large degree of internationalization in recent years. Hence in 2013, 85.4% of aggregated consolidated sales of our listed affiliates was generated outside Spain, compared to 51.1% just three years ago. We consider that these international activities will continue gaining ground in all these companies in coming years. Finally, I wish to express my thanks to the members of the Banca March team, in the conviction that with their work and dedication we shall continue to consolidate our business model. Carlos March Delgado Chairman Letter from the CHAIRMAN 7

8 Board of Directors* Chairman: Carlos March Delgado (proprietary) 1st Deputy Chairman: Pablo Vallbona Vadell (external) 2nd Deputy Chairman: Juan March de la Lastra (proprietary) CEO: José Nieto de la Cierva (executive) Directors: Juan March Delgado (proprietary) Juan March Juan (proprietary) Juan Carlos Villalonga March (proprietary) Javier Vilardell March (proprietary) Albert Esteve Cruellas (independent) Santos Martínez-Conde Gutiérrez-Barquín (executive) Antonio Matas Segura (external) Ignacio Muñoz Pidal (independent) Luis Javier Rodríguez García (independent) Fernando Abril-Martorell Hernández (independent) Jorge Bergareche Busquets (executive) Moisés Israel Abecasis (independent) Company secretary: José Ignacio Benjumea Alarcón (executive) Executive committee* Chairman: Juan March de la Lastra Members: Pablo Vallbona Vadell Juan March Juan José Nieto de la Cierva Santos Martínez-Conde Gutiérrez-Barquín Ignacio Muñoz Pidal Luis Javier Rodríguez García Secretary: José Ignacio Benjumea Alarcón *At April 30, 2014 Window of a house in Calle Morey. Mallorca ANNUAL REPORT

9 Risk commission* Remuneration and Appointments committee* Chairman: Juan March de la Lastra Members: Pablo Vallbona Vadell Santos Martínez-Conde Gutiérrez-Barquín Ignacio Muñoz Pidal Secretary: José Ignacio Benjumea Alarcón Chairman: Juan March de la Lastra Members: Pablo Vallbona Vadell Santos Martínez-Conde Gutiérrez-Barquín Ignacio Muñoz Pidal Secretary: José Ignacio Benjumea Alarcón Audit committee* Management committee* Chairman: Ignacio Muñoz Pidal Vice-chairman: Antonio Matas Segura Members: José Ignacio Benjumea Alarcón Luis Javier Rodríguez García Secretary: Jaime Fuster Pericás Managing Director: José Nieto de la Cierva José Luis Acea Rodríguez (Retail and Private Banking) Hugo Aramburu López- Aranguren (Wealth Management) Alberto del Cid Picado (Chief Financial Officer) Miguel Crespo del Valle (Corporate Banking) Mercedes Grau Monjo (Catalonia and Private Banking) María Luisa Lombardero Barceló (Strategic Planning) Rita Rodríguez Arrojo (Human Resources) STRUCTURE OF BOARD AND COMMITTEES 9

10 The economy in Rebalancing of global growth but at a slower pace than the historical average. The global economy continued decelerating in 2013 and growth moderated slightly compared to the previous year to 3%. However, it should be emphasized that from the middle of the year activity accelerated, driven by the developed economies with improvement in growth in the United States and Japan, as well as the end of the recession in the Eurozone. For its part, growth in emerging economies slowed in the face of an increase in financial tensions and less dynamism in internal demand. In this context, the global economy grew at a slower pace than the average over the last two decades, but divergences between the main regions were reduced. The slower global pace of growth, together with continued high unemployment rates and restriction in access to credit, kept inflation down and average growth in global CPI was 2.9%, three-tenths below that in In the US, the CPI grew by 1.5% year-on-year, a similar rate to the Eurozone (1.4%). A contrary trend occurred with inflation in Japan, which rose three-tenths of a percent to 0.3% year-on-year, signaling the end of deflation. In the large emerging economies (BRIC: Brazil, Russia, India and China), inflation held at an average of around 4.2% but the trend was divergent: in China the CPI was again 2.6% while in Brazil it picked up to 6.2% and in Russia up to 6.8%. With the aim of driving growth and reducing financial tensions, the monetary policy of the central banks continued in expansion mode with official rates kept at a minimum and extraordinary measures implemented principally through asset purchases that led to an increase in liquidity in the system. In the US, and despite the improvement in activity, the Federal Reserve extended its quantitative easing programme (mortgagebacked securities and public debt) initiated in 2012 and, although in May it announced that it would start gradually tapering, did not make this effective until January The Bank of Japan was most dynamic in introducing new asset purchases at a rate of between 60 and 70 billion yen annually with the aim of raising inflation to 2%. For its part, the ECB pursued a somewhat different strategy: it implemented two cuts in official Rise in GDP. Leading economies World Developed Emerging US Eurozone Spain p Source: IMF and Banca March ANNUAL REPORT

11 Fragment of Girona Cathedral rates of 25 bp to new historic lows of 0.25% but the size of its balance sheet was reduced in view of the repayment of part of the loans made to financial institutions. In emerging markets, monetary policy was less homogenous in view of the contrasting profiles of the economies: countries with higher inflation and current account deficits increased refinancing rates in an effort to prevent capital flight and depreciation of their currencies (the biggest exponent of this policy was Brazil, which raised its rates by 275 bp to 10%), while others like Mexico reduced their rates to 3% to boost activity, or China which kept its annual lending rate at 6%. Inflation trends 10,0 8,0 6,0 4,0 2,0 0,0-2, BRIC inflation (CPI YoY) US and Eurozone inflation (CPI YoY) Source: Bloomberg and Banca March The economy in

12 These actions of central banks raised expectations of global growth and a reduction in financial tensions. In this environment, bonds with the highest credit quality (US and Germany) lost their attractiveness, leading to a drop in interest rates (fall in prices). The upwards movement of interest rates of sovereign yield curves was at its most intense in the United States. Nevertheless, the most striking fact in the fixed income market was the reduction in peripheral risk premiums and, specifically, in the Spanish economy: the return demanded %. The exceptions were emerging market indices which for the most part ended the year in the red: the combined MSCI Emerging index fell by 5%. The market for raw materials was confronted with a drop in demand, especially in China, which counteracted temporary supply bottlenecks. Geopolitical tensions continued apace, mainly in the Middle East: the war in Syria intensified, in Egypt the regime of Mohammed Morsi was deposed by the army and conflict persisted in Libya. On the 5 ECB s balance sheet and official rates Balance sheet and official rates of the ECB FED s Balance sheet balance and official sheet rates and of the official FED. rates Jan-06 Aug-06 Mar-07 Nov-07 Jun-08 Jan-09 Sep-09 Apr-10 Dec-10 Jul-11 Feb-12 Oct-12 May-13 Dec-13 0 Jan-06 Aug-06 Mar-07 Nov-07 Jun-08 Jan-09 Sep-09 Apr-10 Dec-10 Jul-11 Feb-12 Oct-12 May-13 Dec-13 ECB total assets Official rates (ECB) Source: Bloomberg and Banca March FED total assets Official rates (FED) Source: Bloomberg and Banca March from 10 year bonds fell 110 bp to 4.1% and Spain s sovereign debt index was revised by over 11% during the year. There was significant activity on variable income markets which ended the year with strong gains, supported in part by improved company profits which grew by around 6% globally. But the biggest boost to the markets came from the high liquidity and attractive valuations of variable compared to fixed incomes. Japanese and US stock markets had the largest gains (57% and 30% respectively), followed by European bourses: the EuroStoxx 600 gained 17% and Ibex 3 month interest rate trends United States (3 month Libor) Dec-12 Dec % 0.25% Eurozone (3 month Euribor) Dec-12 Dec % 0.29% ANNUAL REPORT

13 positive side, an agreement was reached between the leading global powers and Iran, allowing for a nuclear climbdown in exchange for a reduction in international economic sanctions. In this context, the price of Brent crude continued to hover between $/barrel. The year was marked by an end in the rise of the price of gold, since the support factors for this had begun to diminish: risk aversion had reduced, real interest rates had risen and the pace of central bank easing slowed. instability (high inflation and current account deficits) and strengthening of the euro in view of a reduction in risk premiums for assets in the region. With regard to euro-dollar trading, 2013 ended with an appreciation of the European currency by 4.5% to 1.37/$. Despite the growth differential favouring the dollar, the increase in the FED s balance sheet put the greenback under pressure. On the other hand, moves towards greater integration of the Eurozone financial system and defense Port building. Barcelona As a result, the price of an ounce of gold fell by 28% during the year. The price of base metals also fell on the back of a change in China s economic policy, now focusing less on investment and a lower accumulation of inventory: copper fell 7%. The three main trends in the currency market were: weakness of the yen because of the massive stimulus measures focused on printing money (the yen fell 27% against the euro), weakness of emerging currencies in a context of increasing macroeconomic of its currency made by the ECB were also driving factors for the euro. In 2013 Spain again registered a strong contraction in activity, with a 1.2% fall in GDP year on year. However, the economy continued to gradually gain ground, allowing it to end the recession with positive quarterly growth rates during the second half of the year. The inflation trend was sharply downward in the second half of the year - only partly The economy in

14 explicable as a cancellation of the basic effects of the increase in VAT in September with growth in the CPI in December 0.3% year-on-year five-tenths of a percentage point lower than the Eurozone as a whole. The job market remained one of the main burdens on the economy, with the unemployment rate ending 2013 at 26%, involving a total of 5.9 million unemployed. The rebalancing of the real estate sector, restrictions in access to credit and measures to cut the public deficit also weighed on The most positive note was struck by the strong rebound in external accounts, since it is estimated that for the first time since 1997 the Spanish economy will register a current account surplus that will enable it to reduce external financial requirements. This change was driven by an improvement in economic fundamentals: a surge in exports, which now represent 34% of GDP - a rise of 10 pp since This export growth is based to a large extent on competitive gains after years of containing labour costs and improving Quarterly GDP and economic confidence Mar-01 Dec-02 Sep-04 Jun-06 Mar-08 Dec-09 Sep-11 Jun Quarterly GDP Economic confidence Source: Bloomberg and Banca March internal demand which fell by an average 2.8% in the year, but with a marked reduction in the pace of reduction in private consumption and investment. For its part, the public expenditure component also reduced its negative contribution, mainly after the decision of the European Council in June to ease by 2 pp the objectives of the budget deficit to 6.5% of GDP, ending the year at 6.6%. The rebalancing of public accounts remained one of the pending matters requiring renewed efforts in productivity. In the period between , the average productivity gain in Spain was 2.4%, the biggest growth in the large economies of the Eurozone. Another significant advance was in the restructuring of the financial sector, allowing the European rescue programme to be terminated in December after 41.3 billion euros of the 100 billion available had been used up. This rescue programme will now be reduced to a half-yearly supervision by the European authorities until the amounts owed are repaid ANNUAL REPORT

15 In spite of this, the conditions for accessing credit for non-financial companies have still not improved. The high rate of contraction of loans continued, added to which was a continuing high cost of this financing. The fall in the risk premium of sovereign debt has not been passed on to the domestic credit market. (see diagrams). Credit to non-financial companies (resident) Jan-05 Oct-05 Jul-06 Apr-07 Jan-08 Oct-08 Jul-09 Apr-10 Jan-11 Oct-11 Jul-12 Apr-13 Loans to non-financial companies (resident) Source: Bank of Spain and Banca March Loan rates to non-financial companies (Maturity less than 1 year and up to 1 m) Germany Spain Italy Source: BCE and Banca March The economy in

16 2014 prospects: confirmation of global recovery Global economic growth will accelerate in 2014 at a rate close to the historic average, driven by the higher contribution of the developed economies and a reduction of financial risks. The US economy will grow at a rate close to its growth potential while the Eurozone should consolidate the economic recovery started in Germany will continue as the principal in a year where this will share the headlines with elections to the European parliament. Emerging markets will continue to be the principle engine of global growth but will advance at a slower pace than in the previous decade. In addition, some emerging markets with high current account deficits and high inflation will be affected Statue of James I of Aragon. Mallorca engine of growth, but will also be bolstered by an improvement in economic activity in peripheral economies, specifically Spain, in a context of a lower fiscal burden and stabilization in credit markets. In the political sphere, the process to enhance European integration by creating a banking union will be decisive in eliminating fragmentation in the region s credit market, by the return of investment flows towards developed markets. This region will also have a political diary filled with a variety of elections that could change the course of economic policies. Global inflation will continue to be contained, allowing the leading central banks to keep official interest rates at a minimum. However, this year we shall see ANNUAL REPORT

17 the beginning of tapering, specifically, of the Federal Reserve liquidity measures. This benign scenario is not free of risks. The main dangers in 2014 would be a premature withdrawal of monetary stimulus by the Fed and other central banks, a greater cooling of emerging economies, an increase in fiscal adjustments or a return to crisis in the Eurozone. Also, we should not forget the ever-present geopolitical risks. Domestically, Spain started the economic recovery in the second half of 2013, but this will be gradual in a context where high debt ratios and unemployment will slow the forecast economic recovery. Likewise, the rebalancing of public accounts is another inherited challenge, which will necessitate continuing the reform process to preserve confidence both domestically and internationally prospects 17

18 ANNUAL REPORT Royal Palace of Aranjuez. Madrid

19 Economic and Financial Report Most significant data Banca March Group Analysis of the consolidated balance sheet Client funds Customer credit Capital markets Capital instruments Consolidated income statement Economic and Financial Report 19

20 Most significant data BANCA MARCH GROUP variation TURNOVEr Net equity 3, , Managed funds 12, , ,877.2 Managed credits 7, , Shares 2, , Total assets 15, , ,125.1 EARNINGS Interest margin Gross margin Loss impairment Consolidated result before tax Profit attributed to the Group SOLVENCY RATIOS AND FINANCIAL SOLIDITY Core Capital (%) Bad debt (%) Bad debt cover (%) NUMBER OF EMPLOYEES Number of employees 1,854 1,477 in millions of euros ANNUAL REPORT

21 BANCA MARCH, S.A variation TURNOVEr Shareholders equity Customer deposits 9, , Loans to customers 7, , Total assets 11, , EARNINGS Interest margin Gross margin Profit or loss for the financial year NUMBER OF EMPLOYEES AND POINTS OF SALE Number of employees 1,307 1,284 Number of branches Number of ATMs in millions of euros Economic and Financial Report Most significant data 21

22 Banca March Group The structure of the Banca March Group matches the development of its operations: banking and investment in industrial holdings. As of 31 December 2013, the Group had a high solvency ratio of 22.3%. Since 1926, Banca March, S.A., the Group parent company, has been involved in banking, specializing in Wealth Management, Private Banking and Corporate Banking with a particular focus on entrepreneurs and family companies with medium/high and high revenues. London Luxembourg Bilbao Vitoria Logroño San Sebastián Girona Since 1926, Banca March, S.A. has been involved in banking, with a particular focus on Wealth Management, Private Banking and Corporate Banking La Palma Canary Islands Tenerife Lanzarote Fuerteventura Cádiz Madrid Zaragoza Valencia Alicante Málaga Barcelona Tarragona Menorca Ibiza Majorca Formentera Balearic Islands Gran Canaria Geographical distribution of the network The Banca March Group has also developed its insurance business through March Unipsa Correduría de Seguros, S.A. and March Vida, S.A. de Seguros y Reaseguros; management of collective investment societies, through March Gestión de Fondos, S.G.I.I.C., S.A., March Gestión de Pensiones, S.G.F.P., S.A., Artá Capital S.G.E.C.R., S.A. and Inversis Gestión S.G.I.I.C.; and sale of financial products and services for Private Banking customers through Consulnor. In 2013, the Group exercised a preemptive right of purchase in the sale of Banco Inversis, S.A. by which the Group came to own 100% of its capital. The payment totalled million euros. The aim of this acquisition is to ensure and maintain the quality of service provided to customers and to develop institutional business both in Spain and in its international expansion. Banco Inversis, S.A. is a strategic supplier of Banca March services in the stock market sector ANNUAL REPORT

23 At the same time as the purchase, the Group came to an agreement for the sale of the retail private bank business of Banco Inversis, S.A. to Andorra Banc Agricol Reig, S.A. for million euros. This will take effect once all the corporate operations required have been carried out and the relevant authorizations have been received and entered into the accounts as Noncurrent assets held for sale - shares in the consolidated balance sheet. The Group continued to optimize as much as possible its resources and branches, adapting them to the current economic environment and focusing its commercial network on 214 branches at the close of Geographical network Balearic Islands Canary Islands Catalonia 9 7 Valencia Madrid Andalusia Zaragoza 2 2 Bilbao 2 0 London 1 1 Luxembourg 1 1 Total branches Economic and Financial Report BANCA MARCH GROUP 23

24 BANCA MARCH, S.A.* MARCH JLT CORREDURÍA DE SEGUROS 75.0% MARCH DE INVERSIONES 100% MARCH GESTIÓN DE PENSIONES 100% MARCH CANARIAS 100% MARCH GESTIÓN DE FONDOS 100% IGALCA 100% MARCH VIDA 100% 360 CORPORATE FINANCE 72.0% MARCH PATRIMONIOS 100% INMOBILIARIA MARHIGAL 75.0% CORPORACIÓN FINANCIERA ALBA 33.9% CONSULNOR 47.2% BANCO INVERSIS 100% ACS 16.3% ACERINOX 23.5% EBRO FOODS 8.2% CLÍNICA BAVIERA 20.0% INDRA SISTEMAS 11.3% ANTEVENIO 18.7% ROS ROCA 17.4% OCIBAR 21.7% PEPE JEANS 12.1% MECALUX 24.4% PANASA 26.4% FLEX 19.7% EN CAMPUS 32.7% SIRESA CAMPUS 17.4% *As of 31 December 2013 Global integration Equity Available for sale ANNUAL REPORT

25 Investment activity in industrial holdings was carried out through Corporación Financiera Alba, S.A which is controlled with a direct 33.9% stake. Control by Banca March, S.A. is exercised by Juan, Carlos, Gloria and Leonor March Delgado, who together control 100% of the share capital, without any of them, whether on the basis of their shareholdings or any kind of agreement, doing this individually. Banca March, S.A. and its shareholders together control 66.7% of Corporación Financiera Alba, S.A. The investments of Corporación Financiera Alba, S.A. focus on the management of real estate for operating leasing and in owning stable and long-term holdings in leading companies in their sectors, among which the following can be highlighted: 16.3% in ACS, Actividades de Construcción y Servicios, S.A., 23.5% in Acerinox, S. A., in which it is the principal shareholder and 11.3% in Indra Sistemas, S.A., 8.2% in Ebro Foods, S.A. and 20.0% in Clínica Baviera, S.A. and 18.7% in Antevenio, S.A. Likewise, through Deyá Capital, a development capital vehicle, the Group offers its customers opportunities to acquire stakes in co-investment projects. As of 31 December 2013, the Group had a variety of holdings for this purpose in substantial unlisted companies: Mecalux, S.A., Pepe Jeans, S.A., Ros Roca Environment, S.L., Ocibar, S.A., Panasa, Flex, S.A., EnCampus residencia de estudiantes, S.A. and Siresa Campus, S.A. As of 31 December 2013, the total assets on the Group s consolidated balance sheet came to 15,393.2 million euros, which means an increase of 7.9% compared to the previous year. The managed assets of clients increased by 1,872.2 million euros, rising to 12,771.2 million euros, meaning an increase of 17.2% compared to the previous year while managed credit was 7,323.4 million euros, 4.9% lower than the previous year. As of 31 December 2013, the Group s assets came to a total of 3,499.7 million euros. Abando train station. Bilbao Economic and Financial Report BANCA MARCH GROUP 25

26 As of 31 December 2013, profit attributed to the Group came to 57.8 million euros. The interest margin rose to million euros, 5.8% more than the previous year, while net fees charged rose to million euros, 21.3% more than the previous year, largely deriving from managing investment funds and SICAVs and the distribution of insurance and means of payment. It must be emphasized that the results of entities assessed by the equity method have returned to positive territory, rising to million euros. During 2013, the Group diverted a significant part of gross margin as cover for loss impairment of financial assets amounting to million euros. From 31 December 2013, for the purpose of calculating the capital ratio, the Banca March Group proportionately included 66.7% of Corporación Financiera Alba. In accordance with the regulations applicable as of 31 December 2013, the Group s solvency ratio is 22.3% with 100% of core capital. Capital requirements were million euros, with the surplus of equity capital rising to 1,307.3 million euros. Solvency ratio (Consolidated basis) Computable bank capital 2, ,579.6 Asset requirements Asset Surplus 1, ,819.4 in million euros Solvency Ratio (%) of which: Core capital (%) Prado Museum. Madrid ANNUAL REPORT

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