Securitisation of INPDAP Personal Loans

1. Originator: Securitisation of INPDAP Personal Loans Società di Cartolarizzazione Italiana Crediti a responsabilità limitata S.C.I.C. a r.l. Investor Report Euro 1,170,000,000 Class A1 PL Asset - Backed Floating Rate Notes due 2006 Euro 1,500,000,000 Class A2 PL Asset - Backed Floating Rate Notes due 2008 Euro 860,000,000 Class A3 PL Asset - Backed Fixed Rate Notes due 2010 Euro 700,000,000 Class A4 PL Asset - Backed Floating Rate Notes due 2015 Interest Payment Date: 21st December 2009 PLEASE BE ADVISED THAT THE NOTES ARE FULLY REIMBOURSED ON THIS INTEREST PAYMENT DATE

2. Index 1. The Notes ………………………………………..…...……… page 4 2. The Portfolio …………………………………………....…… page 10 3. Application of funds………………………………..….…… page 19

3. Executive Summary This is the last Investor Report for Società di Cartolarizzazione Italiana Crediti a r.l. (Personal Loans - INPDAP) as on the 21st December 2009, the Class A4 PL Notes are redeemed in full at their Principal Amount Outstanding (Euro 108,726,147.88) plus all the Accrued Interest during the last Interest Period. The outstanding Portfolio as at 25th November 2009 is equal to Euro 581,476,705.43 against an updated Initial Portfolio of Euro 4,746,988,274.25 (with included claims for a net amount of Euro 167,437,082.28) Total Collections from the closing of the transaction up to 25th November 2009 amount to Euro 4,641,249,083.10, of which Euro 4,022,845,401.43 are represented by payments of Personal Loans Instalments. At the end of the Collection Period and after the application of the Issuer Available Funds on the Interest Payment Date falling in December 2009, on the Collection Account will be available Euro 8,259,075.48, whichwill be paid to INPDAP as Deferred Purchase Price (DPP) in accordance with the Receivables Purchase Agreement.

4. Executive Summary Total Collections from the closing of the transaction up to 25th November 2009

5. 1. The Notes

6. 1. The Notes • Issuer: Società di Cartolarizzazione Italiana Crediti a responsabilità limitata – S.C.I.C. a r.l. • Issue Date: 25thNovember 2003 • Joint Lead Managers: Citigroup, Credit Suisse, UniCredit Markets & Investment Banking (UBM / Bayerische Hypo- und Vereinsbank AG) • Arrangers: Citigroup, Credit Suisse, UniCredit Markets & Investment Banking (UBM / Bayerische Hypo- und Vereinsbank AG) • The Notes:

7. 1. The Notes • Underlying Assets for the Notes: A portfolio of Personal Loans and connected rights originated by INPDAP • The Portfolio: - Short Term Loans (Piccoli Prestiti) for a total Initial Outstanding Principal at the Valuation Date equal to Euro 902,039,517.14 • - Medium Term Loans (Prestiti Pluriennali) for a total Initial Outstanding Principal at the Valuation Date equal to Euro 3,844,948,757.11 • Servicer: INPDAP • Corporate Services Provider: KPMG Fides Servizi di Amministrazione S.p.A. • Representative of the Noteholders: Securitisation Services S.p.A. • Programme Administrator: Securitisation Services S.p.A. • Hedging Counterparties: Citibank N.A., London Branch, Credit Suisse International and UniCredito Italiano S.p.A. • Computation Agent: Citibank N.A., London Branch • Principal Paying Agent and Agent Bank: Citibank N.A., London Branch • Luxembourg Paying Agent: Kredietbank SA Luxembourgeoise • Italian Paying Ag. and Transaction Bank: Citibank N.A., Milan Branch

8. 1. The Notes 1. The Notes Class A1 PL Notes (ISIN code IT0003566640) Class A2 PL Notes (ISIN code IT0003566665)

9. 1. The Notes 1. The Notes Class A3 PL Notes (ISIN code IT0003566681)

10. 1. The Notes 1. The Notes Class A4 PL Notes (ISIN code IT0003566699)

11. 2. The Portfolio

12. 2. The Portfolio Outstanding Portfolio: breakdown by type of Personal Loan

13. 2. The Portfolio Outstanding Portfolio: breakdown by geographical Area • Northern Regions are Veneto, Lombardia, Emilia Romagna, Trentino Alto Adige, Piemonte, Liguria, Valle d’Aosta and Friuli Venezia Giulia • Central Regions are Toscana, Marche, Umbria, Abruzzo, Lazio and Molise • Southern Regions are Sicilia, Sardegna, Campania, Calabria, Basilicata and Puglia

14. 2. The Portfolio Breakdown of the Outstanding Portfolio by remaining number of monthly instalments 0

15. 2. The Portfolio Portfolio performance Death or permanent disability of the Borrower: in the event of death or permanent disability of a Borrower, the relevant Loan is cancelled and the Borrower and his/her heirs are released from their obligation to repay the outstanding amount. In accordance with the RPA, in case of death or permanent disability of the Borrower, INPDAP has agreed to transfer to the Vehicle the outstanding amount of the relevant Personal Loans due to the fact that, at the time each Personal Loan was disbursed, each Borrower paid INPDAP (by way of deduction from the amount disbursed under the Personal Loan) an amount (the “Insurance Premium”) in consideration for the risk undertaken by INPDAP in case of death or permanent disability of the relevant Borrower.

16. 2. The Portfolio Portfolio performance (continued) Prepaid and re-financed Loans: the Borrower can prepay or re-finance his/her Personal Loan. In case of prepayment of the Personal Loans, the Borrower is entitled to claim back the non-accrued portion of the Insurance Premium due to the fact that it was paid by the Borrower up-front on the basis of the original term of the Loan. In accordance with the RPA, INPDAP has agreed to transfer to the Issuer the non-accrued portion of the Insurance Premium received up-front from the Borrower. In case of re-financed Personal Loans, INPDAP, in accordance with the Servicing Agreement has agreed to transfer to the Vehicle the outstanding amount in respect of the relevant Personal Loans due to the fact that the outstanding amount of the prepaid Loan is deducted by INPDAP from the amount disbursed on the new loan.

17. 2. The Portfolio Portfolio performance (continued) Early retirement: in case of early retirement of the Borrower the mechanism of the “cessione del quinto” is extended to his/her retirement pension. In accordance with the Servicing Agreement, if a Borrower’s employment is terminated and he/she is entitled to a retirement pension, INPDAP (in its capacity as the entity (“Amministrazione Versante”) which will be liable for the payment of the Borrower’s pension) will pay directly to the Issuer on an ongoing basis the portion of the relevant Borrower’s monthly pension equal to the original instalment under the relevant Personal Loan.

18. 2. The Portfolio Portfolio performance (continued) Suspensions: in certain specific circumstances provided for in the applicable laws (ie military service, maternity leave, training, study) the Borrower may leave work for a certain period of time. During this period the salary of the Borrower could be suspended and hence the relative Loans. Extended Loans: the original amortisation profile of each Personal Loan can be extended if: (i)the Borrower is temporarily suspended from his/her office; the Borrowers obtains a temporary leave (aspettativa) from office without any remuneration; the Borrower’s salary falls by over one-third; or (iv) in case of the Borrower’s retirement, the monthly pension payment is lower than the previous monthly salary and the instalments falling due under the relevant Personal Loan exceed one-fifth of the monthly pension payments.

19. 2. The Portfolio Portfolio performance (continued) Dismissal and/or voluntary resignation of a Borrower: in case of dismissal or voluntary resignation the Borrower is entitled to receive a severance payment from INPDAP. In accordance with the Servicing Agreement, if a Borrower’s employment is terminated and he/she is not entitled to a retirement pension, INPDAP (in its capacity as the entity which will be liable for the payment to the relevant Borrower of the applicable severance payment (“Indennità di buonuscita, trattamento di fine rapporto, indennità di premio servizio”)) will pay directly to the Issuer an amount equal to the lower of (a) the outstanding amount on the Loan and (b) the severance payment.

20. 3. Application of funds

21. 3. Application of funds Issuer Available Funds

22. 3. Application of funds Application of the Issuer Available Funds at the relevant Interest Payment Date

23. 3. Application of funds Summary of the Issuer Available Funds application from the beginning of the transaction

24. 4. Glossary of Terms Glossary of Terms • Interest Payment Dates: means the 21st of March, June, September and December in each year (subject to adjustment for non-business days), the first Interest Payment Date being 21st March 2004 (see definition in the Offering Circular) • Class A3 Interest Payment Date: means prior to the occurrence of the Interest Rate Conversion Event, the 21st December of each year (subject to adjustment for non-business days), the first Class A3 Interest Payment Date being the 21st December 2004. Following the occurrence of the Interest Rate Conversion Event, each Interest Payment Date (see definition in the Offering Circular) • Interest Rate Conversion Event: means the earlier of (i) the 21st December 2008 if the Class A3 PL Notes is not fully repaid on such date and (ii) the date an Issuer Acceleration Notice is served to the Issuer (see definition in the Offering Circular) • Interest Period: means: (a) in respect of the Class A1 PL Notes, the Class A2 PL Notes and the Class A4 PL Notes each period beginning on (and including) an Interest Payment Date (or, in the case of the first Interest Period, the Issue Date) and ending on (but excluding) the next (or, in the case of the first Interest Period, the first) Interest Payment Date; (b) in respect of the Class A3 PL Notes, prior to the occurrence of the Interest Rate Conversion Event, each period beginning on (and including) a Class A3 Interest Payment Date (or, in the case of the first Interest Period, the Issue Date) and ending on (but excluding) the next (or, in the case of the first Interest Period, the first) Class A3 Interest Payment Date; and (c) in respect of the Class A3 PL Notes, following the occurrence of the Interest Rate Conversion Event due to the fact that the Class A3 PL Notes have not been fully repaid on the Class A3 Expected Maturity Date, each period beginning on (and including) any Interest Payment Date (starting from, and including, the Class A3 Expected Maturity Date) and ending on (but excluding) the next Interest Payment Date (see definition in the Offering Circular) • Medium Term Loans (Prestiti Pluriennali): means the Personal Loans with a standard original maturity longer than 3 years • Short Term Loans (Piccoli Prestiti): means the Personal Loans with a standard original maturity equal to or shorter than 3 years

25. 5. Contacts Contacts Joint Lead Managers: • Citigroup Global Markets Ltd.: Anna Tavano +39 02 8647 4051 • Credit Suisse: Emanuele Cibrario +44 20 7883 7822 • UniCredit Markets & Investment Banking Bayerische Hypo- und Vereinsbank AG Raffaele Scote +44 20 7826 6500 • Ministero dell’Economia e delle Finanze: Tiziana Mazzarocchi +39 06 4761 3226 • Programme Administrator: Giovanna Pujatti +39 0438 360 426 Marianna Pezzutto +39 0438 360 427 This Investor Report is freely available on the website of both the Programme Administrator and the Computation Agent currently at www.securitisation-services.com and at www.sf.citidirect.com, respectively.

26. 6. Disclaimer Disclaimer This Investor Report has been prepared by Securitisation Services and is based on: • The Payments Report dated 15th December 2009 provided by Citibank, N.A., London Branch as Computation Agent • The Servicer Report dated 10th December 2009 provided by INPDAP as Servicer • The information contained into the statements of account of the Issuer (i) Collection Account provided by Tesoreria Centrale dello Stato as Collection Account Bank and (ii) Payment Account and Expenses Account provided by Citibank, N.A., Milan Branch as Transaction Bank; • Other information related to the Personal Loans Portfolio provided by INPDAP as Servicer; • the applicable Rate of Interest and the Interest Amount payable for the Notes on the relevant Interest Payment Date provided by Citibank, N.A., London Branch as Agent Bank; • other information according to the Transaction Documents provided by the Italian Ministry of Economy and Finance and the Joint Lead Managers. Terms and expressions used in this Investor Report have the same meanings given to them in the Transaction Documents.