Pursuant to article 123 bis, paragraph three, of Legislative Decree no. 58 of 24 February 1998 (the Consolidated Banking Act), a report, separate from this Directors’ report, was prepared, which was approved by the Board of Directors and published together with the draft financial statements at 31 December 2010. This report is also available in the ‘Investor Relations’ section of the Bank’s internet site www.bancaifis.it.

The Report on Corporate Governance and Shareholding Structure has been drawn up according to the format provided by the Italian Stock Exchange, with Assonime’s support.