Financial Statements

FINANCIAL STATEMENTS 125° fiscal year Approved by the Ordinary Shareholders’ Meeting of 30 May 2009 INDEX COMPANY PROFILE ............................................................................................................ 6 ADMINISTRATIVE, CONTROL AND GENERAL MANAGEMENT BODIES AS OF 31 DECEMBER 2008 ............................................................................................................... 7 TERRITORIAL NETWORK ................................................................................................. 8 NOTICE OF SHAREHOLDERS’ MEETING ..................................................................... 9 SCHEDULES TO THE FINANCIAL STATEMENTS ..................................................... 10 Balance sheet - Assets .................................................................................. 11 Balance sheet – Liabilities and Shareholders’ equity ..................................... 12 Income statement ......................................................................................... 13 REPORT ON OPERATIONS ............................................................................................... 15 GLOBAL SITUATION ...................................................................................... 16 LOCAL ECONOMIC SOCIAL SITUATION ......................................................... 22 FINANCIAL MARKETS .................................................................................... 24 TERRITORIAL NETWORK ............................................................................... 25 SHAREHOLDERS ............................................................................................ 25 BUSINESS ACTIVITY ..................................................................................... 25 ORGANIZATIONAL PROCESS ......................................................................... 26 EQUITY INVESTMENTS .................................................................................. 27 FINANCE – TREASURY – FOREIGN EXCHANGE ............................................... 28 PUBLIC SAVINGS .......................................................................................... 29 ECONOMIC USES ........................................................................................... 30 SECURITIZATION .......................................................................................... 32 INFORMATION ON INTEGRATED RISK MANAGEMENT ................................... 33 SHAREHOLDERS’ EQUITY .............................................................................. 33 INCOME STATEMENT ..................................................................................... 34 GENERAL MANAGEMENT INFORMATION -TREND - PROSPECTIVES ................ 37 SIGNIFICANT EVENTS AFTER THE CLOSE OF THE FISCAL YEAR ..................... 38 REPORT OF THE BOARD OF STATUTORY AUDITORS ........................................... 40 1 – Fiscal year results ................................................................................... 41 2 – Activity performed in fulfilling its duties ................................................. 42 3 – Comments to the financial statements .................................................... 44 4 – Proposals regarding the financial statements ......................................... 45 REPORT OF THE INDEPENDENT AUDITOR ............................................................... 48 CASH FLOW STATEMENT – INDIRECT METHOD ................................................... 51 CHART OF VARIATIONS TO SHAREHOLDERS’ EQUITY ....................................... 52 EXPLANATORY NOTES .................................................................................................... 54 Part A – ACCOUNTING POLICIES ................................................................... 55 A.1 - GENERAL PART ................................................................................................................................ 55 Section 1 – Statement of conformity to International Accounting Standards ............................................................ 55 Section 2 – General preparation standards ................................................................................................................. 55 Section 3 – Events subsequent to the reference date of the financial statements ....................................................... 55 A.2 – PART RELATED TO THE PRINCIPAL FINANCIAL STATEMENT AGGREGATES ...................... 55 Accounting standards ................................................................................................................................................. 55 Changes made to Ias 39 and to IFRS7 on 13/10/2008 ............................................................................................... 55 The Banca di Credito Cooperativo di Cambiano s.c.p.a.’s position ........................................................................... 56 Section 1 – Financial assets held for trading .............................................................................................................. 57 Section 2 – Financial assets available for sale ........................................................................................................... 58 Section 3 – Financial assets held through maturity .................................................................................................... 58 3 Section 4 - Receivables .............................................................................................................................................. 58 Section 5 – Financial assets measured at fair value ................................................................................................... 59 Section 6 – Hedges .................................................................................................................................................... 59 Section 7 – Equity investments .................................................................................................................................. 60 Section 8 – Property, plant and equipment ................................................................................................................ 60 Section 9 – Intangible assets ...................................................................................................................................... 61 Section 10 – Noncurrent assets and groups of assets in the course of divestment ..................................................... 61 Section 11 – Current and deferred taxation ................................................................................................................ 61 Section 12 – Risk and expense funds ......................................................................................................................... 61 Section 13 – Liabilities and outstanding securities .................................................................................................... 62 Section 14 – Financial liabilities from trading ........................................................................................................... 62 Section 15 – Financial liabilities measured at fair value ............................................................................................ 62 Section 16 – Operations in foreign currency .............................................................................................................. 62 Part B – INFORMATION ON THE BALANCE SHEET .......................................... 63 ASSETS ........................................................................................................................................................ 63 Assets - Section 1 - Line item 10 ............................................................................................................................... 63 Assets - Section 2 - Line item 20 ............................................................................................................................... 63 Assets - Section 4 - Line item 40 ............................................................................................................................... 65 Assets - Section 6 - Line item 60 ............................................................................................................................... 66 Assets - Section 7 - Line item 70 ............................................................................................................................... 67 Assets - Section 8 - Line item 80 ............................................................................................................................... 68 Assets - Section 10 - Line item 100 ........................................................................................................................... 69 Assets - Section 11 - Line item 110 ........................................................................................................................... 70 Assets - Section 12 - Line item 120 ........................................................................................................................... 71 Assets - Section 13 – Asset line item 130 and liability line item 80 .......................................................................... 71 Assets - Section 15 – Asset line item 150 .................................................................................................................. 74 Liabilities ....................................................................................................................................................

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