RESULTS REPORT Annual Report 2013 GRUPO CATALANA OCCIDENTE, S.A. AND SUBSIDIARIES

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1 RESULTS Annual Report 2013 GRUPO CATALANA OCCIDENTE, S.A. AND SUBSIDIARIES 1

2 RESULTS Annual Report 2013 GRUPO CATALANA OCCIDENTE, S.A. AND SUBSIDIARIES 2

3 INDEX 1. Key figures 5 2. President's letter 6 3. Grupo Catalana Occidente 8 4. Management Report Consolidated financial statements Notes to the Consolidated Financial Statements Auditors' report Corporate Governance Report 178 3

4 4

5 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE KEY FIGURES MANAGEMEN T CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE Grupo Catalana Occidente closed financial year 2013 with a positive performance in all its key indicators: It increased its attributable profit by 10.5%, reaching EUR million Improving results in all businesses: Traditional Business, with EUR million, up 8.1% Credit Insurance Business, at M, up 20.7% Increasing its turnover by 0.8%, to achieve EUR 3,201.8 million Strengthening financial soundness with an 11.3% increase in Long-Term Capital at market value, reaching EUR 2,607.3 million Plus Ultra Seguros (formerly known as Groupama) obtains EUR 33.0 million, up 33.1% Increasing shareholder remuneration by 4% Below are the key economic figures for Grupo Catalana Occidente over the past five years. DATOS MÁS SIGNIFICATIVOS GCO (cifras en millones de euros) % Var A VOLUMEN DE NEGOCIO 3.281, , , , ,8 0,8% - NEGOCIO TRADICIONAL 1.719, , , , ,9 4,6% - NEGOCIO SEGURO DE CRÉDITO 1.561, , , , ,9-3,2% B RESULTADO CONSOLIDADO 37,9 209,2 241,7 222,8 243,9 9,5% - NEGOCIO TRADICIONAL 138,6 105,2 113,0 113,4 122,6 8,1% - NEGOCIO SEGURO DE CRÉDITO -80,8 126,3 118,3 104,5 126,1 20,7% - NO RECURRENTE -20,0-22,3 10,4 4,9-4,9 ATRIBUIDO A LA SOCIEDAD DOMINANTE 101,2 181,3 210,5 200,2 221,1 10,5% C RECURSOS PERMANENTES 1.422, , , , ,3 17,0% RECURSOS PERMANENTES VALOR MERCADO 2.009, , , , ,3 11,3% D PROVISIONES TÉCNICAS 6.980, , , , ,5 0,9% E EXCESO DE SOLVENCIA I 1.447, , , , ,9 1,3% % SOLVENCIA I 426,2% 470,9% 489,7% 497,5% 484,5% F TOTAL FONDOS ADMINISTRADOS 7.767, , , , ,9 7,2% G H DATOS POR ACCIÓN (Cifras en euros) BENEFICIO ATRIBUIDO 0,84 1,51 1,75 1,67 1,84 10,4% DIVIDENDO POR ACCIÓN 0,51 0,52 0,57 0,57 0,59 3,9% PAY-OUT 60,2% 33,6% 32,5% 34,2% 32,0% REVALORIZACIÓN ACCIÓN 8,3% -18,0% -4,7% 12,2% 89,0% OTROS DATOS Nº EMPLEADOS ,1% Nº OFICINAS ,8% 5

6 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT PRESIDENT'S LETTER CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE Dear Shareholder, After years of serious economic difficulties and the resulting high uncertainty and volatility in financial markets the year that has just ended has clearly been a watershed year. It is safe to say that 2013 has been a year of positive improvements. It has seen the outset of a gradual economic recovery and progressive European convergence. Spain has benefited from the improved environment and has regained international trust, which has led to a drop in its risk premium and capital inflows. The economy has also started to move towards growth. Although the insurance industry has not closed the year with positive figures (although an upturn is noticeable) premiums fell by 3.3% vs. -5.0% the previous year. At Grupo Catalana Occidente we closed another year with positive figures. We have been able to improve both the result and our own income and capital. At 3,200 million, turnover is up by 0.8%. If we add to this Plus Ultra Seguros figures, total turnover reaches 4,030 million. Attributable profit, at 221 million, has grown 10.5% and permanent assets at market value stood at 2,608 million, 11% more than in Our traditional business continues to stand out for its strength and regularity. Premiums have grown by 4.6%, driven by the Life business, which has seen exceptional growth at 21% as opposed to the 4.6% decline in Non-Life. The economic weakness and high competition are causing a gradual decline in the average premium for Non-Life products, which makes it difficult to grow despite favourable sales. Turnover pressure on products contributing our greatest value, triggering a 4.0% decrease in the underwriting results, while the combined ratio improved to 88.3% thanks to our underwriting rigour and actions undertaken to streamline costs. Adding 49% of the Plus Ultra Seguros results (which I will mention below) substantially increases our financial result. All this has led to a remarkable 8.1% growth in recurring profit for our traditional business, contributing 123 million. We have seen substantial 21% growth in recurring profit for credit insurance, up to 126 million, supported by improved underwriting results. The combined ratio improves by more than five points, hitting 82%. This is the fourth year of over 100 million results in a period of severe economic volatility. Revenues stood at 1,575 million, with different outcomes in our various markets. Outside Spain revenue grows virtually across the board, although at lower rates than in 2012, and in the domestic market turnover has dropped by more than 8%, reflecting economic weakness. I would like to underscore our Crédito y Caución results. After years of gruelling underwriting difficulties due to the high default rates faced by our customers, in 2013 we have achieved an excellent combined ratio of less than 80% and a recurring profit of 34 million. This year is the first year we include the Plus Ultra Seguros annual result. Plus Ultra used to be the Groupama business in Spain until we acquired 49% stake in September In 2013 we focused on delivering improved profitability. Plus Ultra Seguros closed 2013 with a combined ratio of 99.0% and a recurring profit of 33 million, up 33% from the previous year. 6

7 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE We have also continued to work on developing common operating platforms that allow us to move forward in building the Group and providing better service at lower costs. Coupled with the principle of austerity that distinguishes the Group, this has enabled us to maintain costs stable with an expense vs. premiums ratio of less than 19% since On the balance sheet side, in 2013 we continued to bolster the Group's financial position. The balance sheet total increased by 372 million, to 10,101 million, thanks to a higher capital volume from results obtained. In terms of shareholder returns, the Group continues to maintain its dividend. In fact, we have actually increased it by 4% over last year's dividend payout. Our share price has risen by 89%, riding the wave of result growth in recent years and positive outlooks for the future. In the Corporate Responsibility area, we continue strengthening our commitment, especially with the social element of the company people. The Group has maintained the same workforce size and has driven intense sponsorship and social progress promotion activity through the Jesús Serra Foundation. The economic outlook for 2014 is more favourable than in recent years. Analysts believe that no advanced economies will be in recession. This would be particularly positive for our primary market, Spain, where economic growth is forecasted at about 1%, which would result in a similar rate, although somewhat less, in non-life insurance products. Grupo Catalana Occidente continues to look to the future with optimism. We boast a profitable and solvent Group, and the main goal we are setting for 2014 is to restore revenue growth. We have designed plans to boost cross-selling, protect our portfolio as we work to make our products more and more competitive. All this requires a better understanding of our customer and excellent assessment services, without neglecting the stringent underwriting policies which allow us to ensure the spread of underwriting expenditure with the market, improving costs and harnessing synergies. We look forward to 2014 which special excitement. We are in a celebratory mood. "La Catalana" was founded 150 years ago, and since then we have continuously been working to add brands to the Group. Coinciding with our anniversary, we are unveiling a new corporate identity that provides a more organized and coherent picture of the companies that make up the Group. In closing, I want to thank our agents and policyholders for your trust. Be assured that all of us at Grupo Catalana Occidente press forward, committed to improving our ability for generating sustainable results. Grupo Catalana Occidente, 150 years thinking about your future. Jose María Serra President of Grupo Catalana Occidente 7

8 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS GRUPO CATALANA OCCIDENTE NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE The history of Grupo Catalana Occidente dates back to The Group is the sixth largest operator in the Spanish market, including Plus Ultra, and the second global player in the credit insurance business, with a presence in more than 45 countries. Over the last decade the Group has progressed well on all key indicators by maintaining sustainable and profitable growth, having increased its revenue, results and solvency sevenfold. The shares of the parent company, Grupo Catalana Occidente, are listed on the continuous market of the Barcelona and Madrid stock exchanges as part of the IBEX Medium Cap Index. Currently, 38% of its capital is floating and the main shareholder is INOC, S.A., which holds 56.71% of capital. 150 years of history Independent Group Exclusively insurers A portfolio that includes all lines and products 3,200 million in turnover Consolidated profit of EUR 221 million Long-Term capital at market value of EUR 2,600 million 8,400 million of funds under management ROE of 13% Features Business lines Traditional Business Credit Insurance Business Focused on Spain Families and Small and Medium Enterprises Network of professional brokers 2,492 employees 1,043 offices Presence in more than 45 countries Companies Agents & Brokers 3,081 employees 110 offices Multirisk Auto Other Non-Life Life and Financial Products Health Burial Credit Insurance Credit Reinsurance 8

9 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE The consolidated Grupo Catalana Occidente is mainly composed of companies involved in the insurance business. The parent company is Grupo Catalana Occidente S.A., which directly and indirectly administers and manages the investments of all Group companies. The following table shows the various companies included in the scope of consolidation of Grupo Catalana Occidente indicating the Group's economic participation in each and the business focus of each. GRUPO CATALANA OCCIDENTE Sociedad Dominante Seguros Catalana Occidente Tecniseguros Menéndez Pelayo, SICAV 100% 100% 100,0% Seguros Bilbao Prepersa, AIE Catoc Sicav 99,73% 100% 97,25% Nortehispana S. Órbita Seguros Bilbao Fondos 99,78% 99,73% 99,73% Depsa Bilbao Vida Bilbao Hipotecaria 100% 99,73% 99,73% Catoc Vida Bilbao Telemark Salerno 94 79,20% 99,73% 100% Cosalud Co Capital Ag. Valores Grupo Crédito y Caución, SL 100% 100% 73,84% Atradius ACI GCO de Servicios Tecnológicos, AIE Atradius NV 83,20% 99,67% 83,20% Crédito y Caución Depsa Servicios y Gestión Legal, SL Atradius Participations Holding BV 83,20% 100% 83,20% Atradius Re Catalana de Tall. y Rep , SL 83,20% 100% Atradius ATCI Grupo Contact Center AIE 83,20% 99,53% Atradius ASC Inversions Catalana Occident, SA 83,20% 49,00% Atradius Dutch State Business Atradius Collections B.V. 83,20% 83,20% Atradius Information Services 83,20% Iberinform 83,20% Plus Ultra Seguros Asitur Asistencia Gesiuris 49,00% 28,53% 26,12% Calboquer 20,00% Sersanet 25,00% S OCIEDADES DE S EGUROS S OCIEDADES COMPLEMENTARIAS DE S EGUROS SOCIEDADES DE INVERSIÓN Sociedades consolidadas por integración global Sociedades consolidadas por el método de la participación ("puesta en equivalencia") Grupo Catalana Occidente incorporates the company Plus Ultra Seguros under the equity accounting consolidation method on 28 September The Group accounts for 49% of this company's income. 9

10 2013 MANAGEMENT 10

11 INDEX Management Report Corporate Governance 12 Relevant Events 14 Economic Context 15 Commercial Development 17 Revenues Business diversification Geographical diversification 2013 Results 19 Business performance by business area 20 Traditional Business Multirisk Other Non-Life Auto Life Credit Insurance Business Other relevant aspects of the business 29 General expenses and commissions Financial Result Reinsurance Non-Recurring and Non-technical Account Result Balance sheet performance 33 Balance Sheet Changes in Long-Term Capital Treasury Shares Technical provisions and Coverage Solvency and Rating Investments and Funds under management Subsidiaries - Plus Ultra Insurance 40 Shareholder remuneration 43 Dividends Share price performance Risk control and management system 46 Human Resources 49 Customer Care and Advocacy 51 Grupo Catalana Occidente and Society 51 Commitment to the Environment 52 Jesús Serra Foundation 53 Corporate Social Responsibility Outlook 55 11

12 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE The Board of Directors of Grupo Catalana Occidente applies the principles of good governance with transparency and rigour. At year-end, the Board of Directors consisted of 16 directors, of which 4 were executive directors. All are persons of recognized professional ability, integrity and impartiality. In 2013, as reported promptly to the Comisión Nacional del Mercado de Valores (Spanish Securities & Exchange Commission), the following changes have taken place: The resignation submitted by Mr. Mariano Bach Portabella was accepted, with full approval of his management and with thanks for the services provided. The resignation of Newsercal, S.L. (represented by Mr. Hugo Serra Calderón) was also accepted, and shareholder Mr. Hugo Serra Calderón was appointed board member by co-opted appointment until the Annual General Meeting is held. Given the appointment of Mr. Hugo Serra Calderón as Deputy Director to the President of the Company, he acts as Executive Director. The Board of Directors has met 11 times during the year. Below is the composition of the Board of Directors at year end Consejo de Administración Presidente Vicepresidente Consejero Delegado Consejero Secretario Vocales Vicesecretario no Consejero D. Jose Mª Serra Farré JS Invest, S.L. - D. Javier Juncadella Salisachs D. José Ignacio Álvarez Juste D. Francisco José Arregui Laborda D. Jorge Enrich Izard D. Jorge Enrich Serra D. Juan Ignacio Guerrero Gilabert D. Federico Halpern Blasco D. Hugo Serra Calderón Dña. Maria Asumpta Soler Serra Cotyp, S.L. - D. Alberto Thiebaut Estrada Inversiones Giró Godó,SL - D. Enrique Giró Godó Jusal, S.L. - D. Jose Mª Juncadella Sala Lacanuda Consell, S.L. - D. Carlos Halpern Serra Olandor, S.L. - D. Francisco J. Perez Farguell Villasa, S.L. - D. Fernando Villavecchia Obregón D. Felix M. Barrado Gutiérrez In terms of the various executive committees of the Board, the Audit Committee has met five times and the Appointments and Remunerations Committee has met four times. The following changes have been made with respect to the previous year: Audit Committee: the resignations submitted by Newsercal and Mr. Federico Halpern were accepted and, to fill the vacancies, Lacanuda Consell, S.L. (represented by Mr. Carlos Halpern Serra) and Mr. Jorge Enrich Serra were appointed as members. Appointments and Remuneration Committee: the resignation of Mr. Jorge Enrich Serra was accepted and to fill the vacancy, Mr. Federico Halpern was appointed as a member. 12

13 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE The composition of the Committees is shown below: Comisiones del Consejo de Administración Comité Auditoria Presidente Vocales D. Juan Ignacio Guerrero Gilabert D. Jorge Enrich Serra Cotyp, SL - D. Alberto Thiebaut Estrada JS Invest, S.L. - D. Javier Juncadella Salisachs Lacanuda Consell, S.L. - D. Carlos Halpern Serra Actúa como secretario D. Francisco José Arregui Laborda Comité Nombramientos y Retribuciones Presidente Vocales JS Invest, S.L. - D. Javier Juncadella Salisachs D. Jorge Enrich Izard D. Federico Halpern Blasco Cotyp, S.L. - D. Alberto Thiebaut Estrada Villasa, S.L. - D. Fernando Villavecchia Obregón Actúa como secretario D. Francisco José Arregui Laborda Grupo Catalana Occidente has formalised the behaviour commitment of its workforce based on the principles of good faith and integrity by creating and adopting a Code of Ethics. The Code of Ethics is a document that governs the activities of all employees, executives and members of governing bodies. The main pillars it defends are as follows: Integrity and transparency to build trust Respect for and compliance with laws and regulations Respect for people, their dignity and values Confidentiality for policyholders and shareholders Excellence to focus on customer and shareholder satisfaction at the core of our business The Board of Directors has approved the Corporate Governance Report and the Report on Board member remuneration in 2013 following the guidelines established by the transparency rules for listed companies. For more information see the website of the group: 13

14 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE RELEVANT EVENTS Crédito y Caución improve its results Combined ratio at 79.6% Recurring profit of 33.9 million Grupo Catalana Occidente enters into a Company-specific Collective Agreement and is committed to complementary social welfare. This implies a stable working environment until the end of 2016 The scope affects the main companies of the traditional business Unifying and integrating employment conditions, facilitating internal mobility Increasing contributions to the Pension Plan up to 5% of the fixed salary Plus Ultra Seguros contributes a full year of results for the Group. The comparison of results and figures for financial year 2013 includes a full year of accounting for 49% of Plus Ultra Seguros results. Acquisition in September 2012 of 49% of the capital 51% purchase option in 2015 Name changed from "Groupama Seguros" to "Plus Ultra Insurance" Approving the entry into force of Solvency II In November it was approved for entry into force on 1 January 2016 The new regulation aims to ensure that entities are more aware their risks and manage them better. It is expected to lead entities to focus on products that add more value and demonstrate more efficiency in terms of capital requirements. 14

15 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT ECONOMIC CONTEXT CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE Macroeconomic The macroeconomic environment has improved in 2013 resulting in a global GDP growth of 2.4%. After several years of strong financial turmoil, the probability of adverse scenarios has been reduced. Global growth increased, especially from the second quarter and the financial markets were revalued. ( ) Unlike developments in recent years, the main factor of instability did not originate in the European Union but in the United States due to uncertainty about the economic policy. The main unknown challenges have been the debt ceiling caps in the tax field, and the FED s announcement that it may start reducing incentives in the monetary field. However, these facts had virtually no impact on the U.S. economy, which actually witnessed an acceleration of the GDP growth rate. Meanwhile, in the euro zone, activity has continued to gradually recover as countries leave behind the sovereign debt crisis. In terms of economic policy, progress has continued to be made in the banking union field. In particular, the EU finance ministers have reached a tentative agreement on establishing a single mechanism of banking supervision and creating a single settlement fund for entities. In contrast to this trend, the emerging economies have been most affected and have experienced capital outflows, substantial adjustments to currencies and the valuation of assets and downgrades of economic growth forecasts. In Spain, improvements have been gaining ground. The economy posted positive growth results in the third quarter for the first time in over two years, although throughout the year GDP has fallen by 1.2%. Significant progress has been made in reorganising the banking system, correcting imbalances in competitiveness and structural reforms. Regarding employment, the unemployment rate stabilised, even improving in the last few months of the year. It was also announced that Spain will be concluding its international aid programme for the financial industry in January Financial markets 8,0 6,0 4,0 2,0 0,0-2,0-4,0-6,0 GDP Performance -8, Eurozona Francia Alemania Reino Unido Estados Unidos España 2013 witnessed positive developments in financial markets supported by a context of greater stability, as a consequence of problems easing up in the euro zone, as well as for the progressive improvement of macroeconomic data. The European Central Bank eased monetary policy, by reducing the interest rate to 0.25% in November, noting that it will remain at these levels for an extended period of time. As far as the U.S. is concerned, the FED remains committed to keeping interest rates low. At the end of the year it announced the first reduction in the rate of monthly asset purchases thanks to the situation and prospects improving in the employment market. In this context, the interest rates on government debt surged in the United States and Germany. In European periphery countries, risk premiums have continued to narrow, reaching the lowest level since mid-2011 in Italy and Spain. Meanwhile, the main stock market indexes ended the year with widespread increases. In the U.S., the S&P 500 rose 29.6% and in Europe, the Eurostoxx 50 and IBEX 35 were revalued at 18.0% and 21.4%, respectively. 6,0 4,0 2,0 0,0-2,0-4,0-6,0-8,0 15

16 KEY FIGURES PRESIDENT S LETTER Insurance industry GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE The insurance industry in Spain ended 2013 with a 3.3% decrease in turnover, compared to -5.0% in 2012, improving from the second half of the year. Premiums are positioned at EUR 55,508 million. The Life business presents a reduction of 3.9%. Non-Life (54.5% of premiums) slipped 2.8%, intensifying the drop from financial year 2012 (-1.9%). Broken down by business lines, the worst performances came from segments linked to industrial activity such as Decenal, Building and Auto, which continue under intense pressure, following a 5.5% drop in turnover. Funeral and Health Insurance are the silver lining in the turnover. The industry continues to make progress in the concentration process, both through corporate operations as well as renegotiating bank-insurance agreements. The top ten industry groups represent 60.9% of premiums and grow at an average rate of 2.5%, while the industry as a whole declines. From a technical results standpoint, according to the latest data available at the end of September, the industry evolves in line with the previous financial year slowing the decline in technical profitability. The combined ratio stands at 93.3%, rebounding 1.0 bp compared to 2012 (92.3%) due to pressure on premiums. The claims ratio rebounds 1.4 bp, reaching 70.2% of earned premiums and the expense rate stood at 22.0% (0.4 points lower). SECTOR ASEGURADOR (España) (cifras en millones de euros) % Var Automóviles ,5% Salud ,4% Multirriesgos ,3% Resto ,3% No - Vida ,8% Vida ,8% Total Primas ,3% 2014 Forecasts Expectations for financial year 2014 are better than those for previous years, estimating a global GDP growth of 3.0% compared to 2.4% in Expectations are for the United States to remain the engine of growth, for Europe to increase its contribution and for emerging economies to maintain their growth rate. The main risks to this scenario are related to a lower than expected growth in emerging economies and the United States and a return to the sovereign debt crisis in the euro zone, driven by social difficulties to make further progress in implementing public deficit corrective measures. In Spain, significant improvement is expected due to the favourable development of exports and the stabilisation of domestic consumption indicators, although the recovery rate is estimated to be very slow. Estimates suggest an economic growth of around 1% for the economy as a whole, although still with weak domestic consumption evolution. Regarding the outlook for the insurance industry, 2014 is expected to be a challenging year. Although a slight increase in GDP is foreseen, domestic consumption remains very weak, therefore the majority of the insurance lines will more than likely continue to decline, albeit at a slower rate than in

17 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE COMMERCIAL PERFORMANCE Revenues Grupo Catalana Occidente ended financial year 2013 with an 0.8% increase in revenue, totalling EUR 3,201.8 million. Total Grupo Catalana Occidente premiums totalled EUR 3,091.4 million, an increase of 0.7% compared with the previous year. Revenue Performance ( M) 3.281, , , , ,8 Broken down by business areas, traditional business premiums grew by 4.6%, reaching EUR 1,686.9 million, thanks to strong results in the Life business. Traditional business has performed better than the industry average; according to data from the ICEA, the industry has reduced revenue by 3.3%. Likewise, credit insurance has seen insurance revenues (premiums + revenues for information) of EUR 1,514.9 million, 3.2% less than those obtained in the previous financial year (cifras en millones de euros) INGRESOS Variación % Var Negocio Tradicional 1.719, , , , ,9 74,4 4,6% Negocio Seguro de Crédito 1.561, , , , ,9-50,1-3,2% INGRESOS POR SEGUROS 3.281, , , , ,8 24,3 0,8% Actividades complementarias Seguro de Crédito 77,1 51,2 53,2 59,3 60,0 0,7 1,1% Aportaciones Planes de Pensiones 56,2 61,1 50,3 37,5 47,3 9,8 26,3% Business diversification Negocio Seguro de Crédito Negocio Tradicional The Group diversified its business both by business areas and by country. Business lines included in our traditional business represent 53.3% of the portfolio and the credit insurance business accounts for 46.7% (30.6% in terms of retained business). DIVERSIFICACIÓN DEL NEGOCIO Multirriesgos 11,6% 13,3% 13,3% 13,1% 12,6% Autos 12,5% 13,0% 12,1% 11,1% 10,1% Diversos 7,7% 7,9% 7,6% 7,3% 7,0% Vida 19,8% 18,0% 18,5% 18,7% 22,3% P.Pensiones y F. Inversión 1,4% 1,9% 1,5% 1,0% 1,3% Negocio Tradicional 53,1% 54,1% 53,1% 51,2% 53,4% Negocio Seguro de Crédito 46,9% 45,9% 46,9% 48,8% 46,7% Total 100% 100% 100% 100% 100% 17

18 KEY FIGURES PRESIDENT S LETTER GRUPO CATALANA OCCIDENTE MANAGEMENT CONSOLIDATED FINANCIAL STATEMENTS NOTES CONSOLIDATED FINANCIAL STATEMENTS AUDITORS CORPORATE GOVERNANCE Diversificación por negocio Diversificación proforma con Plus Ultra 12,6% 7,0% 16,0% 9,5% 10,1% 14,2% 46,7% 23,6% 37,2% 23,1% Considerando negocio retenido 30,6% Considerando negocio retenido 23,0% Multirriesgos Diversos Autos Vida y Planes de Seguro de Crédito Pensiones Taking into account the premiums of Plus Ultra Seguros, traditional business would have a weight of 62.8% and credit insurance of 37.2% (23.0% in terms of retained business). Geographical diversification Grupo Catalana Occidente has a significant presence in Spain and internationally. In the credit insurance business, the Group is present in over 45 countries, with an especially strong market penetration in EU countries. There is a total of 1,153 offices in major cities, which afford the Group greater customer centricity in order to provide a close and efficient service. Note that international market presence has grown throughout the year, reducing the weight of the Spanish market from 67.7% in 2008 to 65.3%. España Alemania Países Bajos Francia Italia Reino Unido Resto U.E. Asia y Australia América Resto países 65,3% 4,9% 3,1% 3,8% 1,2% 3,6% 3,8% 3,3% 8,0% 3,0% The Group s presence in the Mediterranean and Cantabrian regions is strong, motivated primarily, with the former, by its being the main area of the Group s historical development and the latter, by increasing the volume in that area after joining the Grupo Seguros Bilbao. The main communities where the Group operates are: Catalonia: 20.9% of total turnover Basque Country: 8.1% of total turnover Madrid: 8.0% of total turnover Valencia: 7.2% of total turnover The credit insurance business, with 110 offices, operates with greater presence in Spain, Germany, France, the Netherlands, Italy and the UK. Work is ongoing to consolidate its presence in countries with significant growth prospects. 18

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