Banca IFIS S.p.A. has applied the Corporate Governance Code for Listed Companies approved in 2006 by the Corporate Governance Committee of Borsa Italiana S.p.A., which can be accessed by the public at the website of Borsa Italiana (www.borsaitaliana.it).

IFIS Finance Sp. z o.o., a factoring company wholly owned by the Issuer, is a Polish legal entity and is therefore subject to Polish legislation. This however, also because of the subsidiary’s limited size in relation to the Parent company, in no way affects the corporate governance structure of Banca IFIS S.p.A..