The model for segment reporting is in line with the organisational structure used by the Head Office to analyse Group results and is broken down into the sectors of Trade Receivables, Non-Performing Loans (NPL), Tax Receivables, Governance and Services.

The results achieved by the sectors in the year 2011 cannot be compared with the data for 2010, as 2011 is the first year in which the Banca IFIS Group, also in the light of the acquisition of the Toscana Finanza Group, defined the scope of its operating sectors as presented in this report.

The Non-Performing Loans and Tax Receivables sectors, which were added to the Group’s scope after the acquisition of the Toscana Finanza Group, contributed to the profit as at 31 December 2011 starting from 30 June 2011, the date on which the business combination formally took effect.

Trade Receivables

This sector includes the activities carried out by structures dedicated to the brands Banca IFIS, Banca IFIS International and Banca IFIS Pharma, all specialising in supporting trade receivables.

Non-Performing Loans (NPL)

At present, it is the division of the Banca IFIS Group dedicated to non-recourse factoring of non-performing loans. It operates exclusively in the domestic market.

Tax Receivables

The Tax Receivables sector aims to acquire both accrued and accruing tax receivables on which repayment has already been requested or will be requested in the future, and which arose during insolvency proceedings or in prior years. It operates exclusively in the domestic market.

Governance and services

Within the scope of its management and coordination activities, the Governance and Services sector exercises strategic, managerial, and technical-operational control over operating segments and subsidiaries. Furthermore, it provides the operating segments and subsidiaries with the financial resources and services necessary to perform their respective business activities. The Internal Audit, Compliance, Risk Management, Communications, Strategic Planning, Administration and Management Control, Organisation and ICT deparments, as well as the structures responsible for raising, allocating (to operating segments and subsidiaries), and managing financial resources are centralised in the Parent Company.

INCOME STATEMENT DATA(in thousands of Euro)

TRADE RECEIVABLES

NPL

TAX RECEIVABLES

GOVERNANCE AND SERVICIES

ELIMINATIONS AND ADJUSTMENTS

GROUP CONSOLIDATED TOTAL

Net banking income

73.837

8.601

2.712

36.303

-

121.453

Operating results

43.322

8.016

1.669

36.303

-

89.310

STATEMENT OF FINANCIAL POSITION DATA(in thousands of Euro)

TRADE RECEIVABLES

NPL

TAX RECEIVABLES

GOVERNANCE AND SERVICIES

ELIMINATIONS AND ADJUSTMENTS

GROUP CONSOLIDATED TOTAL

Available for sale financial assets

 -

 -

 -

1.685.163

 -

1.685.163

Due from banks

 -

 -

 -

315.897

 -

315.897

Due from customers

1.630.792

94.383

67.089

16.046

(85.829)

1.722.481

Due to banks

 -

 -

 -

2.001.734

 -

2.001.734

Due to customers

 -

 -

 -

1.657.224

 -

1.657.224

For a more detailed analysis of the result of the business sectors, please refer to the Directors’ Report.

Venice - Mestre, 22 March 2012

For the Board of Directors

The Chairman

Sebastien Egon Fürstenberg

The C.E.O.

Giovanni Bossi