During 2010 the Board of Directors approved – after receiving the favourable opinion of the Internal Audit Committee (in its part consisting solely of independent directors), of the Board of Statutory Auditors and of the Corporate Accounting Reporting Officer – a new version of the “Procedure for related-party transactions”, in compliance with the terms established by the “Regulation concerning rules for related-party transactions” enacted by the CONSOB with its resolution no. 17221 of 12 March 2010 as amended by resolution no. 17389 of 23 June 2010. The Procedure is an updated of the one already approved by the Board of Directors of Banca IFIS S.p.A. on 11 June 2009.

The “Procedure”, available on the Website www.bancaifis.it (in the section “Investor Relations”), also describes the criteria for identifying the transactions that must be approved by the Board after receiving the opinion (or after involvement) of the Internal Audit Committee.

Since its approval no “material related-party transactions”, as defined in the “Procedure”, have been concluded.

The Board has not found any need for further operating solutions to facilitate identification and appropriate management of situations in which a director has an interest on his/her own account or that of third parties.