Securitisation of INPDAP Personal Loans Società di Cartolarizzazione Italiana Crediti a responsabilità limitata S.C.I.C. a r.l. Originator: 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: 21 st September 2009

1 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September The Notes ………………………………………..…...……… page4 2. The Portfolio …………………………………………....…… page10 3. Application of funds ………………………………..….……page 19 Index

2 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Executive Summary  The outstanding Portfolio as at 25 th August 2009 is equal to Euro 661,258, against an updated Initial Portfolio of Euro 4,746,968, (with included claims for a net amount of Euro 167,417,768.82)  Total Collections from the closing of the transaction up to 25 th August 2009 amount to Euro 4,520,401,031.49, of which Euro 3,954,576, 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 September 2009, there is no amount available on the Collection Account.

3 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Executive Summary  Total Collections from the closing of the transaction up to 25 th August 2009

4 1. The Notes

5 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009  Issuer:Società di Cartolarizzazione Italiana Crediti a responsabilità limitata – S.C.I.C. a r.l.  Issue Date:25 th November 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: 1. The Notes

6 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009  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 902,040, Medium Term Loans (Prestiti Pluriennali) for a total Initial Outstanding Principal at the Valuation Date equal to Euro 3,844,928,  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 1. The Notes

7 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Class A1 PL Notes (ISIN code IT ) 1. The Notes Class A2 PL Notes (ISIN code IT )

8 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September The Notes Class A3 PL Notes (ISIN code IT )

9 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September The Notes Class A4 PL Notes (ISIN code IT )

10 2. The Portfolio

11 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Outstanding Portfolio: breakdown by type of Personal Loan 2. The Portfolio

12 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Outstanding Portfolio: breakdown by geographical Area 2. The Portfolio 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

13 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Breakdown of the Outstanding Portfolio by remaining number of monthly instalments 2. The Portfolio 00

14 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Portfolio performance 2. The Portfolio  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.

15 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Portfolio performance (continued) 2. The Portfolio  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.

16 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Portfolio performance (continued) 2. The Portfolio  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.

17 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Portfolio performance (continued) 2. The Portfolio  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.

18 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Portfolio performance (continued) 2. The Portfolio  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.

19 3. Application of funds

20 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September Application of funds Issuer Available Funds

21 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September Application of funds Application of the Issuer Available Funds at the relevant Interest Payment Date

22 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Summary of the Issuer Available Funds application from the beginning of the transaction 3. Application of funds

23 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009  Interest Payment Dates: means the 21 st of March, June, September and December in each year (subject to adjustment for non-business days), the first Interest Payment Date being 21 st 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 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 Glossary of Terms 4. Glossary of Terms

24 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 Contacts 5. Contacts Joint Lead Managers:  Citigroup Global Markets Ltd.: Anna Tavano  Credit Suisse: Emanuele Cibrario  UniCredit Markets & Investment Banking Bayerische Hypo- und Vereinsbank AG Raffaele Scote  Ministero dell’Economia e delle Finanze: Tiziana Mazzarocchi  Programme Administrator: Giovanna Pujatti Marianna Pezzutto This Investor Report is freely available on the website of both the Programme Administrator and the Computation Agent currently at and at respectively.

25 Collection Period: 26 th May 2009 – 25 th August 2009 Interest Period: 22 nd June 2009 – 20 th September 2009 This Investor Report has been prepared by Securitisation Services and is based on:  The Payments Report dated 15 th September 2009 provided by Citibank, N.A., London Branch as Computation Agent  The Servicer Report dated 10 th September 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. Disclaimer 6. Disclaimer