Securitisation of INPDAP Personal Loans Società di Cartolarizzazione Italiana Crediti a responsabilità limitata S.C.I.C. a r.l. Originator: Investor Report

Securitisation of INPDAP Personal Loans Società di Cartolarizzazione Italiana Crediti a responsabilità limitata

S.C.I.C. a r.l.

Originator:

Investor ReportEuro 1,170,000,000 Class A1 PL Asset - Backed Floating Rate

Notes due 2006Euro 1,500,000,000 Class A2 PL Asset - Backed Floating Rate

Notes due 2008Euro 860,000,000 Class A3 PL Asset - Backed Fixed Rate Notes

due 2010Euro 700,000,000 Class A4 PL Asset - Backed Floating Rate

Notes due 2015

Interest Payment Date: 21st

September 2009

SECURITISATION SERVICES S.p.A.FINANZIARIA INTERNAZIONALE GROUP


2

Collection Period: 26th May 2009 – 25th August 2009

Interest Period: 22nd June 2009 – 20th September 2009



1. The Notes ………………………………………..…...……… page

4

2. The Portfolio …………………………………………....…… page

10

3. Application of funds ………………………………..….…… page

19

Index

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Executive Summary

The outstanding Portfolio as at 25th August 2009 is equal to Euro 661,258,614.18 against an updated Initial

Portfolio of Euro 4,746,968,960.79 (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 3,954,576,449.25 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.

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Executive Summary

Amount in Euro

Collection Period Instalments Prepayments Other paymentsCumulated Collections

01/10/2003 - 25/02/2004 400,746,490.14 6,165,210.74 17,876,990.99 424,788,691.8726/02/2004 - 25/05/2004 315,316,548.98 6,290,341.41 19,067,483.67 765,463,065.9326/05/2004 - 25/08/2004 263,489,056.87 7,686,114.38 21,669,779.11 1,058,308,016.2926/08/2004 - 25/11/2004 293,829,973.41 6,364,273.65 20,336,287.37 1,378,838,550.7226/11/2004 - 25/02/2005 259,746,722.96 7,405,770.11 28,726,155.75 1,674,717,199.5426/02/2005 - 25/05/2005 239,784,275.12 6,570,880.16 21,329,105.53 1,942,401,460.3526/05/2005 - 25/08/2005 228,997,506.33 9,990,268.52 23,785,258.23 2,205,174,493.4326/08/2005 - 25/11/2005 208,984,905.29 10,513,588.10 22,586,029.29 2,447,259,016.1126/11/2005 - 25/02/2006 191,834,693.93 10,201,807.04 22,962,922.83 2,672,258,439.9126/02/2006 - 25/05/2006 174,172,595.97 8,434,734.60 18,129,932.97 2,872,995,703.4526/05/2006 - 25/08/2006 160,692,795.50 8,844,291.55 18,899,215.71 3,061,432,006.2126/08/2006 - 25/11/2006 142,082,275.82 10,183,169.90 20,185,449.74 3,233,882,901.6726/11/2006 - 25/02/2007 131,667,969.16 7,295,647.62 13,233,455.22 3,386,079,973.6726/02/2007 - 25/05/2007 124,566,310.97 6,807,234.71 18,662,130.94 3,536,115,650.2926/05/2007 - 25/08/2007 116,737,240.80 7,498,282.90 19,871,007.08 3,680,222,181.0726/08/2007 - 25/11/2007 108,822,684.21 8,371,302.45 13,382,091.69 3,810,798,259.4226/11/2007 - 25/02/2008 102,674,390.55 7,098,045.76 13,991,918.73 3,934,562,614.4626/02/2008 - 25/05/2008 93,192,477.94 6,007,910.52 12,582,615.18 4,046,345,618.1026/05/2008 - 25/08/2008 94,184,329.41 1,397,718.80 7,376,272.19 4,149,303,938.5026/08/2008 - 25/11/2008 82,945,064.78 5,320,008.50 8,685,098.24 4,246,254,110.0226/11/2008 - 25/02/2009 79,248,288.43 1,931,378.82 12,059,181.69 4,339,492,958.9626/02/2009 - 25/05/2009 69,472,842.09 9,090,131.81 16,630,062.10 4,434,685,994.9626/05/2009 - 25/08/2009 71,387,010.59 4,920,743.98 9,407,281.96 4,520,401,031.49

Total Collections 3,954,576,449.25 164,388,856.03 401,435,726.21

Total Collections from the closing of the transaction up to 25th August 2009

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11. The Notes. The Notes

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Issuer: Società di Cartolarizzazione Italiana Crediti a responsabilità limitata – S.C.I.C. a r.l.

Issue Date: 25th 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

Class A1 PL Notes Class A2 PL Notes Class A3 PL Notes Class A4 PL NotesIssue Amount 1,170,000,000 1,500,000,000 860,000,000 700,000,000Currency Euro Euro Euro EuroExpected Average Life (at issuance) 1.1 years 3.1 years 5.1 years 5.8 yearsExpected Maturity Date December 2004* December 2006 December 2008 September 2009Final Maturity Date December 2006 December 2008 December 2010 December 2015Listing LSE - MTS LSE - MTS LSE - MTS LSE - MTSCommon Code 18139367 18139383 18147653 18139235ISIN Code IT0003566640 IT0003566665 IT0003566681 IT0003566699Clearing Monte Tito li Monte Tito li Monte Tito li Monte Tito liPrincipal Payments Soft Bullet Soft Bullet Soft Bullet AmortisingIndexation 3M Euribor 3M Euribor 3.95% Fixed Rate** 3M EuriborSpread over 3M Euribor 0.09% 0.15% - 0.20%Interest Calculation ACTUAL/360 ACTUAL/360 ACTUAL/ACTUAL ACTUAL/360Rating by Fitch, Moody's, S&P AAA, Aaa, AAA AAA, Aaa, AAA AAA, Aaa, AAA AAA, Aaa, AAA* Actual Maturity Date: the Class A1 PL Notes were fully reimbursed on the Expected Maturity Date December 21, 2004.

** After the Interest Rate Conversion Event the Fixed Rate Class A3 PL Notes will pay a margin of 0.23% p.a. over 3M Euribor.

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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 902,040,637.63

- Medium Term Loans (Prestiti Pluriennali) for a total Initial Outstanding Principal at the Valuation Date equal to Euro 3,844,928,323.16

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

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Class A1 PL Notes (ISIN code IT0003566640)

1. The Notes1. The Notes


Amount in Euro

Expected Principal Due

Accrual Rate Accrual PeriodAccrued Interest

Interest Payments

Principal Payments

25/11/2003 - 21/03/2004 22/03/2004 - 2.253% 118 8,634,600.00 8,634,600.00 -

22/03/2004 - 20/06/2004 21/06/2004 - 2.130% 91 6,294,600.00 6,294,600.00 -

21/06/2004 - 20/09/2004 21/09/2004 - 2.212% 92 6,610,500.00 6,610,500.00 -

21/09/2004 - 20/12/2004 21/12/2004 1,170,000,000.00 2.206% 91 6,528,600.00 6,528,600.00 1,170,000,000.00

Interest Period Interest

Payment Date

Amounts accrued Payments

Amount in Euro



Interest Payments

Principal Payments

25/11/2003 - 21/03/2004 22/03/2004 - 2.313% 118 11,370,000.00 11,370,000.00 -

22/03/2004 - 20/06/2004 21/06/2004 - 2.190% 91 8,310,000.00 8,310,000.00 -

21/06/2004 - 20/09/2004 21/09/2004 - 2.272% 92 8,715,000.00 8,715,000.00 -

21/09/2004 - 20/12/2004 21/12/2004 - 2.266% 91 8,595,000.00 8,595,000.00 -

21/12/2004 - 20/03/2005 21/03/2005 - 2.325% 90 8,715,000.00 8,715,000.00 -

21/03/2005 - 20/06/2005 21/06/2005 - 2.286% 92 8,760,000.00 8,760,000.00 -

21/06/2005 - 20/09/2005 21/09/2005 - 2.266% 92 8,685,000.00 8,685,000.00 -

21/09/2005 - 20/12/2005 21/12/2005 - 2.286% 91 8,670,000.00 8,670,000.00 -

21/12/2005 - 20/03/2006 21/03/2006 - 2.636% 90 9,885,000.00 9,885,000.00 -

21/03/2006 - 20/06/2006 21/06/2006 - 2.855% 92 10,950,000.00 10,950,000.00 -

21/06/2006 - 20/09/2006 21/09/2006 - 3.123% 92 11,970,000.00 11,970,000.00 -

21/09/2006 - 20/12/2006 21/12/2006 1,500,000,000.00 3.499% 91 13,260,000.00 13,260,000.00 1,500,000,000.00


Payment Date


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Amount in Euro



Interest Payments

Principal Payments

25/11/2003 - 20/12/2004 21/12/2004 - 3.950% 392 36,395,200.00 36,395,200.00 -

21/12/2004 - 20/12/2005 21/12/2005 - 3.950% 365 33,970,000.00 33,970,000.00 -

21/12/2005 - 20/12/2006 21/12/2006 - 3.950% 365 33,970,000.00 33,970,000.00 -

21/12/2006 - 20/12/2007 21/12/2007 - 3.950% 365 33,970,000.00 33,970,000.00 -

21/12/2007 - 21/12/2008 22/12/2008 860,000,000.00 3.950% 366 34,064,600.00 34,064,600.00 860,000,000.00


Payment Date



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Class A4 PL Notes (ISIN code IT0003566699)Amount in Euro


Accrual Rate Accrual Period Accrued Interest Interest PaymentsPrincipal Payments

25/11/2003 - 21/03/2004 22/03/2004 - 2.363% 118 5,425,000.00 5,425,000.00 -

22/03/2004 - 20/06/2004 21/06/2004 - 2.240% 91 3,962,000.00 3,962,000.00 -

21/06/2004 - 20/09/2004 21/09/2004 - 2.322% 92 4,151,000.00 4,151,000.00 -

21/09/2004 - 20/12/2004 21/12/2004 - 2.316% 91 4,095,000.00 4,095,000.00 -

21/12/2004 - 20/03/2005 21/03/2005 - 2.375% 90 4,158,000.00 4,158,000.00 -

21/03/2005 - 20/06/2005 21/06/2005 - 2.336% 92 4,179,000.00 4,179,000.00 -

21/06/2005 - 20/09/2005 21/09/2005 - 2.316% 92 4,144,000.00 4,144,000.00 -

21/09/2005 - 20/12/2005 21/12/2005 - 2.336% 91 4,130,000.00 4,130,000.00 -

21/12/2005 - 20/03/2006 21/03/2006 - 2.686% 90 4,704,000.00 4,704,000.00 -

21/03/2006 - 20/06/2006 21/06/2006 - 2.905% 92 5,194,000.00 5,194,000.00 -

21/06/2006 - 20/09/2006 21/09/2006 - 3.173% 92 5,677,000.00 5,677,000.00 -

21/09/2006 - 20/12/2006 21/12/2006 - 3.549% 91 6,279,000.00 6,279,000.00 -

21/12/2006 - 20/03/2007 21/03/2007 - 3.904% 90 6,832,000.00 6,832,000.00 -

21/03/2007 - 20/06/2007 21/06/2007 - 4.092% 92 7,322,000.00 7,322,000.00 -

21/06/2007 - 20/09/2007 21/09/2007 - 4.353% 92 7,784,000.00 7,784,000.00 -

21/09/2007 - 20/12/2007 21/12/2007 - 4.923% 91 8,708,000.00 8,708,000.00 - 21/12/2007 - 24/03/2008 25/03/2008 - 5.012% 95 9,261,000.00 9,261,000.00 - 25/03/2008 - 22/06/2008 23/06/2008 - 4.864% 90 8,512,000.00 8,512,000.00 - 23/06/2008 - 21/09/2008 22/09/2008 - 5.161% 91 9,135,000.00 9,135,000.00 - 22/09/2008 - 21/12/2008 22/12/2008 - 5.191% 91 9,184,000.00 9,184,000.00 311,978,359.4722/12/2008 - 22/03/2009 23/03/2009 - 3.325% 91 3,262,000.00 3,262,000.00 87,955,340.3623/03/2009 - 21/06/2009 22/06/2009 - 1.784% 91 1,351,000,00 1,351,000,00 110,060,127.9122/06/2009 - 20/09/2009 21/09/2009 - 1.435% 91 686,000.00 686,000.00 81,280,024.3821/09/2009 - 20/12/2009 21/12/2009 - 0.966% 91 266,000.00


Payment Date


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22. The Portfolio. The Portfolio

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Amount in Euro

Type of Loan N. of Loans % of LoansInitial Principal as at

the reference date

Outstanding Principal as at the

reference date

% of the Outstanding

Principal

Medium-Term Loans 115,042 99.93% 3,844,928,323.16 661,089,644.20 99.97%

Short-Term Loans 85 0.07% 902,040,637.63 168,969.98 0.03%

Total Personal Loans Portfolio 115,127 100.00% 4,746,968,960.79 661,258,614.18 100.00%

Outstanding Portfolio:

breakdown by type of Personal Loan

2. The Portfolio

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Outstanding Portfolio:

breakdown by geographical Area

2. The Portfolio

Amount in Euro

Geographical Area N. of Loans % Outstanding Principal %

Nothern Regions 34,679 30.12% 192,948,908.08 29.18%

Central Regions 33,466 29.07% 194,518,762.22 29.42%

Southern Regions 46,982 40.81% 273,790,943.88 41.40%

Total Portfolio 115,127 100.00% 661,258,614.18 100.00%

•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

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Breakdown of the Outstanding Portfolio by remaining number of monthly instalments

2. The Portfolio

0

Amount in Euro

Remaining n. of instalments

N. of Loans

% of Loans

Current Outstanding

Principal

% Outstanding

Principal

N. of Loans

% of Loans

Current Outstanding Principal

% Outstanding

Principal

<=12 39 45.88% 33,588.85 19.88% 25,608 22.26% 32,744,051.28 4.95%

13 - 24 38 44.71% 89,452.31 52.94% 33,804 29.38% 136,839,743.31 20.70%

25 - 36 8 9.41% 45,928.82 27.18% 26,887 23.37% 185,294,847.40 28.03%

37 - 48 - - - 20,335 17.68% 203,662,969.06 30.81%

49 - 60 - - - 8,161 7.09% 98,518,014.47 14.90%

61 - 72 - - - 88 0.08% 1,162,944.00 0.18%

73 - 84 - - - 62 0.05% 872,582.08 0.13%

85 - 96 - - - 28 0.03% 507,512.83 0.08%

97 - 108 - - - 26 0.02% 490,047.21 0.07%

109 - 120 - - - 43 0.04% 996,932.56 0.15%

Total 85 100.00% 168,969.98 100.00% 115,042 100.00% 661,089,644.20 100.00%

Short-Term Loans Medium-Term Loans

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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.

Amount in Euro

Event Outstanding Principal% on the Initial

Outstanding Portfolio

Cumulative % on the Initial Outstanding

Portfolio

Death of the Borrower (M-T Loans) 184,281.36 0.00388% 0.22657%

Death or permanent invalidity of the Borrower (S-T Loans) 0.00 0.00000% 0.02173%

Amount in Euro

Type of paymentAmount paid by

INPDAP

Compensation for losses caused by Borrower death in the Medium-Term Loan Portfolio 184,281.36

Compensation for losses caused by Borrower death and invalidity in the Short-Term Loan Portfolio 0.00

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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.



Cumulative % on the Initial Outstanding

Portfolio

Prepaid Loans 4,935,213.07 0.10397% 3.53262%

Re-financed Loans 3,329,097.51 0.07013% 4.69849%

Amount in Euro


INPDAP

Payments made by INPDAP on prepayments (the non-accrued portion of the IP) 14,469.09

Payments made by INPDAP on re-financed Loans 3,329,097.51

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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.

Amount in Euro

EventOutstanding

Principal% on the Initial


Employees retirement 43,092,730.07 0.90779%

Amount in Euro


INPDAP

Payments made by INPDAP in case of ex-employees with the right to a pension 5,879,434.00

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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.

Amount in Euro

Type of Loan N. of LoansOutstanding

Principal

Total Sospended Loans 404 2,969,046.75

Reduction of the salary/monthly pension payment 10 87,288.42

After a suspension/Temporary leave 781 5,520,061.31

Total Extended Loans 791 5,607,349.73

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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.



Dismissals of the Borrowers (without the right to a pension) 29,759.62 0.00063%

Voluntary Resignations (without the right to a pension) 767,933.80 0.01618%

Amount in Euro


INPDAP

Severance payments from INPDAP in case of dismissals without the right to pension 0.00

Severance payments from INPDAP in case of voluntary resignation 0.00

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.

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3. Application of funds3. Application of funds

21





3. Application of funds

Issuer Available FundsAmount in Euro

(a) The amount standing to the credit of the Collection Account as at the Collection Dateimmediately preceding the relevant Calculation Date consisting of, inter alia , payment ofinterest and repayment of principal under the Personal Loans, interest accrued on andcredited to the Collection Account and payments made by the Originator to the Issuer underthe Receivables Purchase Agreement; and

84,822,877.34

(b) Any amount due and payable, although not yet paid, to the Issuer by the Originatorunder any of the Transaction Documents, to the extent that such payment is made by theOriginator to the Issuer no later than the Reporting Date; and

892,159.19

(c) Any amount due and payable, although not yet paid, to the Issuer by any of the SwapCounterparties under the relevant Swap Agreement on the second Business Day before theInterest Payment Date immediately following the relevant Calculation Date; and

1,693,977.63

(d) The amount standing to the credit of the Payment Account as at the Collection Dateimmediately preceding the relevant Calculation Date consisting of, without limitation,amounts received by the Issuer under any of the Transaction Documents during suchCollection Period and interest accrued on and credited to the Payment Account, if any,

-

Issuer Available Funds 87,409,014.16

but excluding any amount held by the Issuer which properly belongs to any Swap Counterparty in respect of any

Excess Swap Collateral or Tax Credit (as defined in the relevant Swap Agreement), without duplication, payable to

such Swap Counterparty pursuant to the relevant Swap Agreement.

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Application of the Issuer Available Funds at the relevant Interest Payment Date

Amount in Euro

Issuer Available Funds 87,409,014.16

Application of the Issuer Available Funds pursuant to the Pre-Event Priority of Payments

Taxes, fees and expenses (first , second and third item of the Priority of Payments) 216,842.51

SWAP Payments (fourth item of the Priority of Payments) 5,226,147.27

Pro rata and pari passu , interest due on Class A1, A2, A3 and A4 PL Notes 686,000.00(fifth item of the Priority of Payments)

Pro rata and pari passu , principal due on Class A1 PL Notes - (sixth item of the Priority of Payments)

Pro rata and pari passu , principal due on Class A2 PL Notes - (seventh item of the Priority of Payments)

Pro rata and pari passu , principal due on Class A3 PL Notes - (eighth item of the Priority of Payments)

Pro rata and pari passu , principal due on Class A4 PL Notes 81,280,024.38(ninth item of the Priority of Payments)

Transfer of the residual Issuer Available Funds into the Collection Account - (tenth item of the Priority of Payments)

Subordinated Terminal Payments, if any, under the SWAP - (eleventh item of the Priority of Payments)

Payments to the Originator as DPP and as other amount under the RPA - (twelfth and thirteenth item of the Priority of Payments)

23





Amount in Euro

Expenses SWAP paymentsInterest on the

NotesPrincipal on the

NotesOther payments

25/11/2003 - 21/03/2004 450,224,515.54 82,272.02 - 25,429,600.00 - - 424,712,643.5222/03/2004 - 20/06/2004 784,256,259.67 17,722.80 - 18,566,600.00 - - 765,671,936.8721/06/2004 - 20/09/2004 1,078,099,581.06 26,104.22 - 19,476,500.00 - - 1,058,596,976.8421/09/2004 - 20/12/2004 1,403,928,276.62 17,931.06 120,420,104.25 55,613,800.00 1,170,000,000.00 - 57,704,441.3121/12/2004 - 20/03/2005 378,757,723.88 30,223.76 - 12,873,000.00 - - 365,854,500.1221/03/2005 - 20/06/2005 646,111,978.98 67,261.05 - 12,939,000.00 - - 633,105,717.9321/06/2005 - 20/09/2005 908,710,430.99 40,261.83 - 12,829,000.00 - - 895,841,169.1621/09/2005 - 20/12/2005 1,151,070,652.79 17,447.31 82,804,728.00 46,770,000.00 - - 1,021,478,477.4821/12/2005 - 20/03/2006 1,265,397,154.33 25,241.74 - 14,589,000.00 - - 1,250,782,912.5921/03/2006 - 20/06/2006 1,478,322,480.41 173,952.71 - 16,144,000.00 - - 1,462,004,527.7021/06/2006 - 20/09/2006 1,668,088,474.92 29,180.21 - 17,647,000.00 - - 1,650,412,294.7121/09/2006 - 20/12/2006 1,860,771,194.26 1,090,161.39 82,804,728.00 53,509,000.00 1,500,000,000.00 - 223,367,304.8721/12/2006 - 20/03/2007 410,421,009.15 479,024.45 - 6,832,000.00 - - 403,109,984.7021/03/2007 - 20/06/2007 560,465,671.49 462,112.57 - 7,322,000.00 - - 552,681,558.9221/06/2007 - 20/09/2007 704,572,190.54 446,872.74 - 7,784,000.00 - - 696,341,317.8021/09/2007 - 20/12/2007 835.655.963,42 392.216,90 31.736.412,03 42.678.000,00 - - 760.849.334,49 21/12/2007 - 24/03/2008 902,766,640.70 354,700.78 - 9,261,000.00 - - 893,150,939.9225/03/2008 - 22/06/2008 1,027,550,471.92 356,994.55 - 8,512,000.00 - - 1,018,681,477.3723/06/2008 - 21/09/2008 1,131,966,328.56 323,255.79 - 9,135,000.00 - - 1,122,508,072.7722/09/2008 - 21/12/2008 1,247,427,478.76 290,209.11 31,910,310.18 43,248,600.00 1,171,978,359.47 - - 22/12/2008 - 22/03/2009 98,559,126.01 257,950.05 7,083,835.60 3,262,000.00 87,955,340.36 - - 23/03/2009 - 21/06/2009 117,794,103.89 250,366.33 6,132,609.65 1,351,000.00 110,060,127.91 - - 22/06/2009 - 20/09/2009 87,409,014.16 216,842.51 5,226,147.27 686,000.00 81,280,024.38 - -

Interest PeriodIssuer Available

Funds

Application of funds at the IPD Residual transferred to the

Collection Account

Summary of the Issuer Available Funds application from the beginning of the transaction


24





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

Glossary of Terms

4. Glossary of Terms

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Contacts

5. 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





This Investor Report has been prepared by Securitisation Services and is based on: The Payments Report dated 15th September 2009 provided by Citibank, N.A., London Branch as Computation Agent The Servicer Report dated 10th 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