At 31 December 2010 the Banca IFIS Group consists of Banca IFIS S.p.A. and IFIS Finance Sp. Z o.o. - a factoring company located in Poland (100% owned). The main activity of the group consists of providing financial and management support to Italian and international SMEs through factoring, as explained in more detail in the Directors’ report. The Banca IFIS Group therefore forms a single-sector, single-product company that operates through its branches and companies throughout Italy with relatively homogeneous methods and policies of risk management.

Consequently, for the purposes of managing the company, it is not important to establish distinctly identifiable parts that provide products or services within the same business environment that are subject to separable risks and benefits. Therefore, the Segment Reporting coincides with the Group’s business as a whole.

As far as concerns information on geographic distribution and customer breakdown by sector, please refer to the applicable table in the Directors’ report.

Venice-Mestre, 7 March 2011