Chairman’s Letter

Dear Shareholders,

2012 was a complex year marked by excellent results.

The further fall in business activity, deteriorating financial and credit fundamentals, as well as worsening social conditions impacted significantly on the solidity of the markets and institutions.

Against this backdrop, the Bank managed, and sometimes was forced, to act rapidly and decisively. The players who best interpreted a market which, albeit consolidated, opened up new scenarios came out stronger.

2012 saw Banca IFIS grow significantly in terms of size and as an organisation.

Profits were excellent on the back of abundant liquidity supported by a growing and constantly adequate capital.

The year just ended will be remembered, above all, for what the Group planned and achieved, for the ideas and spot-on choices in the face of a deteriorating economy, and for the ability of its staff, who invested their energy, professional skills, ingenuity and willingness.

2013 will present several challenges.

The economic outlook is still negative.

Low or zero growth, together with the policies necessary to curb the national debt, raises fears of a further deterioration in the economy.

Reacting more and more quickly and effectively to changes will be crucial.

In such an uncertain context, our Bank’s ability to react will be very important.

Maintaining a sense of responsibility towards all stakeholders, businesses, savers, and staff will be paramount.

Dear Shareholders, this Bank is ready and fit to face 2013 and wants to continue strengthening its position and growing.

As we are celebrating our 30th anniversary, we are ready to face increasingly complex challenges equipped with whatever it takes to fulfil our mandate.

Gruppo Banca IFIS
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