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Banca Marche Rating

In June 2009 Moody’s revised the rating of several Italian Banks, including Banca delle Marche Spa, whose rating for short and medium/long term deposits was downgraded by a notch, from P-1 to P-2 and from A2 ad A3.

The revision depended on Moody’s being convinced that there was a deterioration of the Italian banking system: more specifically, if the industry were to be put under further stress, its assets quality and capital adequacy would be seriously impaired.

The rating assigned by Moody’s to Banca delle Marche Spa over time is summed up in the following table:

RATING AGENCY

MEDIUM/LONG TERM

SHORT TERM

LATEST REPORT DATED:

Moody's

Baa1
Outlook: positive

P-2
Outlook: stable

April 2002
Moody's

A2
Outlook: stable

P-1
Outlook: stable

April 2007

Moody's

A3*
Outlook: stable

P-2**
Outlook: stable

June 2009

*The rating assigned to long-term deposits is "A3". According to Moody's classification, a “single A” indicates low risk, high-quality long term debt, only partially sensitive to a deterioration of the economic condition.
The index "3" shows the position within the rating class ‘single A’ (1 being the highest and 3 the lowest grade).

**The rating assigned to Banca Marche’s short term deposits is "P-2"; which indicates a high reimbursement capability of short term obligations.

For further information on Moody's grading system, please visit the internet site: www.moodys.com