1. Description of share-based payment agreements

Banca IFIS believes that share capital increases in favour of the directors directly involved in management of the bank’s operations and staff of the bank, through the subscription and assignment of shares at the current market values to be exercised after a reasonably long time, not only creates a feeling of participation in the company’s success but also encourages loyalty.

At 31 December 2010, the following stock option plans existed:

At 31 December 2010, the options not cancelled totalled 197,150. - Plan 5 for a total of 250,000 shares of a nominal amount of 1 Euro, subscribable at a price of 10.10 Euro and exercisable between 1 January and 30 April 2011, of which 59,200 shares for directors and 190,800 shares for Banca IFIS employees in general. At 31 December 2009, the options not cancelled totalled 217,200.