Seller and Servicer Banca Infrastrutture Innovazione e Sviluppo S.p.A. (BIIS S.p.A.) INVESTORS REPORT

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1 INTESA SANPAOLO S.P.A ,00 Covered Bond Programme unsecured and guaranteed as to payments of interest and principal by ISP CB Pubblico S.r.l. Seller and Servicer Banca Infrastrutture Innovazione e Sviluppo S.p.A. (BIIS S.p.A.) INVESTORS REPORT Collection Period from: 01/02/2011 to: 31/07/2011 Guarantor Interest Period from: 31/03/2011 to: 30/09/2011 Guarantor Payment Date 30/09/2011 Report date 14/10/2011

2 DISCLAIMER Terms and expressions used in this Investors Report have the respective meanings given to them in the Transaction Documents. This Investors Report is based on the following information: - Servicer Report provided by the Servicer; - Cash Manager Report provided by the Cash Manager; - Receivables Collection Account Bank Report provided by the Receivables Collection Account Bank; - Account Bank Report provided by the Account Bank; - Other information according to the Transaction Documents. Securitisation Services SpA shall be entitled to, and may, rely upon the information and reports received by it and will not be required to verifythe accuracyof such notice, reports or information received by it. Neither Securitisation Services SpA or their respective directors, managers, officers or employees shall have any responsibility or liability as to their fairness, accuracy, completeness or reliability or for any loss or damage howsoever arising from or otherwise in connection with the use of this document. Calculations contained in this Investors Report are made in accordance with the criteria described in the Portfolio Administration Agreement. This document is provided for information purposes only and does not constitute or form part of, nor may it be construed so as to constitute or form part of, an offer, or the solicitation of any offer, to buy, sell or subscribe for any securities mentioned herein, nor it is intended to provide an evaluation of the risk related to an investment in such securities or for use by any person in making investment decisions. By accepting this document, you agree to be bound by the foregoing restrictions. If this document has been sent to you in electronic form, you are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of Securitisation Services, its subsidiaries or affiliates, directors, officers or employees thereof, accepts any liability or responsibility whatsoever in respect of any difference between the documents distributed to you in electronic format and the hard copy version available to you on request from Securitisation Services.

3 DESCRIPTION Covered Bonds Guarantor: Issuer: Arranger: ISP CB Pubblico S.r.l. Intesa Sanpaolo S.p.A. Banca IMI S.p.A. The Notes: Series Series Series Series Series Series Original Balance 3,000,000,000 2,000,000,000 1,500,000,000 2,400,000,000 2,000,000,000 Currency Euro Euro Euro Euro Euro Issue Date 24-Jul Apr Jan Mar Jul-11 Final Maturity Date 06-Oct Apr Jan Apr Oct-13 Extended Maturity Date 06-Oct Apr Jan Apr Oct-14 Listing Luxembourg Stock Exchange Luxembourg Stock Exchange Luxembourg Stock Exchange Luxembourg Stock Exchange Luxembourg Stock Exchange ISIN code IT IT IT IT IT Common code Clearing Monte Titoli S.p.A. Monte Titoli S.p.A. Monte Titoli S.p.A. Monte Titoli S.p.A. Monte Titoli S.p.A. Denominations 50,000 50, , , ,000 Type of amortisation bullet bullet bullet bullet bullet Indexation 6-month Euribor 3.25% 5.00% 6-month Euribor 6-month Euribor Spread 0, ,60 0,60 Rating Moody's (*) Aa1 Aa1 Aa1 Aa1 Aa1 Underlying assets for the Notes: Seller: Servicer: Receivables Collection Account Bank: Administrative Services Provider: Cash Manager: Asset Monitor: Account Bank: Calculation Agent: CB Hedging Counterparty: TBG Hedging Counterparty: Paying Agent: Luxembourg Listing Agent: Representative of the Covered Bondholders: Public Assets and/or Integration Assets Banca Infrastrutture Innovazione e Sviluppo S.p.A. (BIIS S.p.A.) Banca Infrastrutture Innovazione e Sviluppo S.p.A. (BIIS S.p.A.) Banca Infrastrutture Innovazione e Sviluppo S.p.A. (BIIS S.p.A.) Intesa Sanpaolo S.p.A. Intesa Sanpaolo S.p.A. Mazars S.p.A. Intesa Sanpaolo S.p.A. Securitisation Services S.p.A. Banca Infrastrutture Innovazione e Sviluppo S.p.A. (BIIS S.p.A.) Banca Infrastrutture Innovazione e Sviluppo S.p.A. (BIIS S.p.A.) Deutsche Bank S.p.A. Deutsche Bank Luxembourg S.A. Finanziaria Internazionale Securitisation Group S.p.A. (*) Downgraded on 6 October 2011 to Aa1 on review for downgrade, previously Aaa on review for downgrade. Prepared by Securitisation Service S.p.A. Page 3

4 Collection Period: from 01/02/2011 to 31/07/2011 Guarator Payment Date: 30/09/2011 Portfolio / Portafoglio A1) Portfolio / Portafoglio A.1.a) Public Assets/ Attivi Pubblici: Loans / Prestiti Payments/ Scheduled Instalments during the Instalments due and not yet paid / Rate pagate nel Rate in scadenza nel periodo di Rate scadute e non Portfolio purchased Portfolio sold during periodo di during the the amount at the amount at the beginning Principal Instalments Interest Instalments due Total due and not Principal end of the of the Relevant Period/ Principal Instalments / Interest Instalments / due and not yet paid / and not yet paid / Interest Instalment / Total due/ yet paid/ Instalments / Total paid / Portafoglio acquistato Portafoglio venduto Capitale residuo alla fine del periodo di Capitale residuo all'inizio Quote capitale Quote interessi Quote capitale Quote interessi Quote interessi del periodo di Totale dovuto Totale dovuto e non Quote capitale delle Totale rate durante il periodo di durante il periodo di delle rate delle rate delle rate scadute e non delle rate scadute e non della rata ancora pagato rate a b c d = b + c e f g = e + f h i l=h+i m n j = a + m - h - n 2.1 Current Loans / 1 Prestiti con pagamenti regolari Delinquent Loans / 2 Prestiti in ritardo di pagamento Of whitch Deliquent Loans for technical reasons / Di cui Prestiti in ritardo "tecnico" 6,237,585, ,512, ,082, ,594, ,403, ,126, ,529, ,206,280, ,208,462, ,465, ,517, ,822, ,339, ,521, ,822, ,343, , , ,726, ,592, ,269, ,320, , ,973, ,754, , ,973, ,754, , , , ,592, ,844, Performing Portfolio / Portafoglio in bonis (1+2) 6,584,050, ,029, ,904, ,934, ,521, ,822, ,343, ,192, ,063, ,255, ,437,873, ,785,731, Defaulted Loans / Prestiti defaulted Asset in breach of clause 2 of Warranty & Indemnity Portfolio (3) + (4) + (5) 6,584,050, ,029, ,904, ,934, ,521, ,822, ,343, ,192, ,063, ,255, ,437,873, ,785,731, A.1.b) Public Assets/ Attivi Pubblici: Bonds / Titoli Scheduled Instalments during the Instalments due and not yet paid / Payments/ Portfolio purchased Portfolio sold during Rata in scadenza nel periodo di Rate scadute e non Rate pagate nel periodo di during the the amount at the amount at the beginning Principal Instalments Interest Instalments due Total due and not end of the Relevant Period/ of the Principal Instalments / due and not yet paid / and not yet paid / Principal Interest Instalments / Total due/ yet paid/ Interest Instalment / Total paid / Portafoglio acquistato Portafoglio venduto Capitale residuo alla fine del periodo di Capitale residuo all'inizio Quote capitale Quote capitale Quote interessi Instalments / Cedole interessi Totale dovuto Totale dovuto e non Cedole interessi Totale rate durante il periodo di durante il periodo di del periodo di delle rate scadute e non delle rate scadute e non Quote capitale ancora pagato a b c d = b + c e f g = e + f h i l=h+i m n j = a + m - h - n Current Bonds / 7 Titoli con pagamenti regolari Delinquent Bonds / 8 Titoli in ritardo Of whitch Deliquent Bonds for technical reasons / 8.1 Di cui Titoli in ritardo "tecnico" 426,700, ,331, ,612, ,943, ,331, ,612, ,943, ,835,528, ,167,897, , , , , , , ,049, ,049, , , , , , , ,049, ,049, Performing Portfolio (7) + (8) 426,700, ,434, ,855, ,290, , , , ,331, ,612, ,943, ,846,578, ,178,947, Defaulted Bonds/ Titoli in default Asset in breach of clause 2 of Warranty & Indemnity Portfolio (9) + (10) + (11) 426,700, ,434, ,855, ,290, , , , ,331, ,612, ,943, ,846,578, ,178,947, A.1.c) Integration Assets / Attivi idonei integrativi ISIN (if applicabile) / ISIN per i titoli Scheduled payments during the Instalments due and not yet paid / Payments/ Name of the issuer Securities' rating or amount at the pagamenti in scadenza nel periodo di Rate scadute e non incassi nel periodo di bank or bank where the Portfolio purchased during the Portfolio sold during the Banks' rating beginning of the Principal Instalments due Interest Instalments Total amount at the end of the deposits are opened / Total due and not yet (in case of deposits)/ Securities maturity / Relevant Period/ Principal payments / and not yet paid / due and not yet paid / due / Relevant Period/ nominativo della banca Interest payments / Total due/ paid/ Principal payments / Interest payemtns / Portafoglio acquistato durante il periodo di Portafoglio venduto durante il periodo rating dei titoli o della Scadenza dei titoli Capitale residuo capitale Quote capitale Quote interessi Totale Capitale residuo alla fine del emittente i titoli o dove interessi Totale dovuto Totale dovuto e non ancora capitale interessi di banca in caso di all'inizio del periodo di delle rate scadute e non delle rate scadute e non incassa periodo di sono aperti i depositi depositi pagato to a b c d = b + c e f g = e + f h i l=h+i m n j = a + m - h - n 13 Deposits with Banks / Depositi bancari Securities / Titoli Defaulted Securities/ Titoli in default Asset in breach of clause 2 of Warranty & Indemnity Eligible Integration Assets / Attivi idonei integrativi (13) + (14) A.1.d) Total Portfolio / Portafoglio totale amount at the beginning of the Relevant Period/ Capitale residuo all'inizio del periodo di Scheduled payments during the Rate in scadenza nel periodo di Principal payments / Interest payments / Total due/ capitale interessi Totale dovuto Instalments due and not yet paid / Payments/ Rate scadute e non incassi nel periodo di Principal Instalments Interest Instalments due Total due and not due and not yet paid / and not yet paid / Interest payments / yet paid/ Principal payments / Quote capitale Quote interessi interessi Totale dovuto e non capitale delle rate scadute e non delle rate scadute e non ancora pagato Total paid / Totale rate Portfolio purchased during the Portafoglio acquistato durante il periodo di Portfolio sold during the amount at the end of the Relevant Period/ Portafoglio venduto Capitale residuo alla fine del periodo di durante il periodo di 18 Total Portfolio / Portafoglio totale (6) + (12) + (17) a b c d = b + c e f g = e + f h i l=h+i m n i = a + m - h - n 7,010,750, ,464, ,760, ,224, ,624, ,065, ,689, ,523, ,676, ,199, ,284,451, ,964,678, A2) Total Performing Portfolio per Type of Interest/ Portafoglio totale in bonis per tipologia d'interesse Fixed Rate / Tasso Fisso Floating Rate / Tasso Variabile Outsta Floating Rate Portfolio Fixed Rate nding Fixed Rate Portfolio Principal Principal payments switched to Fixed Rate Portfolio purchased Fixed Rate Portfolio princip Floating Rate switched to Floating amount at the Principal Instalments Principal Instalments Instalments due and during the Relevant during the Relevant during the sold during the Fixed Rate Portfolio Principal Instalments due Principal payments during the al Portfolio switched to Fixed Rate during Portfolio purchased during the Portfolio sold during the Floating Rate amount at amount at the beginning Rate during the Relevant beginning of the due and not yet paid / due / not yet paid / Period/ Period / amount at the end of the / Relevant Period/ Fixed the the end of the Relevant of the Relevant Period/ Period / Capitale residuo Relevant Period/ Quote capitale Quote capitale Quote capitale Capitale pagato Capitale residuo del Portafoglio Portafoglio venduto Relevant Period/ Quote capitale Capitale pagato durante il periodo di Rate Capitale residuo del portafoglio a tasso Portafoglio acquistato durante il periodo Portafoglio venduto durante il Period/ Capitale residuo all'inizio del portafoglio a tasso fisso Capitale residuo delle rate scadute e delle rate in scadenza delle rate scadute e durante il periodo di portafoglio a tasso acquistato durante durante il periodo di Capitale residuo alla fine delle rate in scadenza Portfol variabile che è passato a tasso fisso di periodo di Capitale residuo alla fine del periodo di che è passato a tasso all'inizio del periodo di non non variabile che è passato il periodo di del periodo di io durante il periodo di del periodo di variabile durante il periodo a tasso fisso durante il switch di periodo di ed to a b c d e f g h i= a + e + g - d - f - h l m n o p q r s t = l + p + r - o -q - s Current Portfolio / 19 Portafoglio non in ritardo di pagamento Delinquent Portfolio/ 20 Portafoglio in ritardo di pagamento 4,408,202, ,054, ,092, , ,492,393, ,683,191, ,256,082, ,789, ,642, , ,549,414, ,693,168, ,465, ,530, ,533, , ,591, ,267, , , ,051, ,051, Performing Portfolio (19) + (20) 4,754,668, ,584, ,533, ,880, , ,706,985, ,243,458, ,256,082, ,880, , ,642, , ,577,465, ,721,219, Prepared by Securitisation Services S.p.A. 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5 Collection Period: from 01/02/2011 to 31/07/2011 Purchase and sale of Assets / Acquisti e vendite di Attivi Guarator Payment Date: 30/09/2011 B1) Public Assets sold to the CB Guarantor during the Attivi Pubblici ceduti al CB Guarantor durante il Relevant Period Purchase Price/ Prezzo di acqusito Nominal Value / Valore nominale - Purchase for Issuance Collateralisation / Cessioni Successive per Emissione 5,539,999, ,284,451, Purchase for Revolving Assignments / Cessioni Successive Revolving Purchase for Integration Assignments / Cessioni di Ripristino Purchase for Revolving Assignments on the next Guarantor Payment Date Cessione Successiva Revolving alla prossima Data di Pagamento del CB Guarantor B2) Public Assets sold by the CB Guarantor in accordance with the Transaction Documents: Attivi Pubblici venduti dal CB Guarantor in accordo con i documenti dell'operazione B3) Integration Assets sold to the CB Guarantor during the Relevant Period: Attivi idonei integrativi ceduti al CB Guarantor durante il Relevant Period - Deposits with Banks / Depositi bancari - Securities / Titoli B4) Integration Assets sold by the Guarantor in accordance with the Transaction Documents: Attivi idonei integrativi ceduti dal CB Guarantor ai sensi dei Transaction Documents Prepared by Securitisation Services S.p.A. Page 5

6 Collection Period: from 01/02/2011 to 31/07/2011 Guarator Payment Date: 30/09/2011 ATI AGENT BANKS Portfolio / Portafoglio amministrato da banche mandatarie ATI A1) ATI AGENT BANKS Portfolio / Portafoglio amministrato da banche mandatarie ATI Scheduled Instalments during the Instalments due and not yet paid / Payments/ Name of the ATI AGENT Rating of the ATI BANK / AGENT BANK / Nome della banca Rating della banca mandataria ATI mandataria ATI Guarantor (if applicable) / Garante Rating of the Guarantor / Rating del garante amount at the beginning of the Relevant Period/ Capitale residuo all'inizio del periodo di Rate in scadenza nel periodo di Principal Instalments / Interest Instalments / Quote capitale Quote interessi delle rate delle rate Total due/ Totale dovuto Rate scadute e non Principal Instalments due and not yet Interest Instalments due and not yet paid paid / / Quote capitale Quote interessi delle rate scadute e non delle rate scadute e non Total due and not yet paid/ Totale dovuto e non ancora pagato Principal Instalments / Quote capitale delle rate Rate pagate nel periodo di Interest Instalment / Quote interessi della rata Total paid / Totale rate Portfolio purchased during the Portfolio sold during the amount at the end of the Portafoglio acquistato durante il Portafoglio venduto durante il Capitale residuo alla fine del periodo periodo di periodo di di a b c d = b + c e f g = e + f h i l=h+i k l m = a + k - h - l Current Loans / 1 Prestiti con pagamenti regolari Delinquent Loans / 2 Prestiti in ritardo di pagamento Of whitch Deliquent Loans for technical reasons / 2.1 Di cui Prestiti in ritardo "tecnico" DEXIA CREDIOP S.P.A. Baa2 800,469, ,183, ,901, ,085, ,183, ,901, ,085, ,231, ,517, Performing Portfolio / Portafoglio in bonis (1+2) 800,469, ,183, ,901, ,085, ,183, ,901, ,085, ,231, ,517, Defaulted Loans / 4 Prestiti defaulted Asset in breach of clause 2 of Warranty & Indemnity Portfolio (3) + (4) + (5) 800,469, ,183, ,901, ,085, ,183, ,901, ,085, ,231, ,517, Scheduled Instalments during the Instalments due and not yet paid / Payments/ Name of the ATI AGENT Rating of the ATI BANK / AGENT BANK / Nome della banca Rating della banca mandataria ATI mandataria ATI Guarantor (if applicable) / Garante Rating of the Guarantor / Rating del garante amount at the beginning of the Relevant Period/ Capitale residuo all'inizio del periodo di Principal Instalments / Quote capitale delle rate Interest Instalments / Quote interessi delle rate Total due/ Totale dovuto Principal Instalments due and not yet Interest Instalments due and not yet paid paid / / Quote capitale Quote interessi delle rate scadute e non delle rate scadute e non Total due and not yet paid/ Totale dovuto e non ancora pagato Principal Instalments / Quote capitale delle rate Interest Instalment / Quote interessi della rata Total paid / Totale rate Portfolio purchased during the Portfolio sold during the amount at the end of the Portafoglio acquistato durante il Portafoglio venduto durante il Capitale residuo alla fine del periodo periodo di periodo di di a b c d = b + c e f g = e + f h i l=h+i k l m = a + k - h - l Current Loans / 1 BNL Aa3 69,634, ,721, ,278, ,999, ,721, ,278, ,999, ,913, Prestiti con pagamenti regolari Delinquent Loans / 2 36,144, , , ,585, , , ,588, , , ,585, ,425, Prestiti in ritardo di pagamento Of whitch Deliquent Loans for technical reasons / Di cui Prestiti in ritardo "tecnico" 3 Performing Portfolio / Portafoglio in bonis (1+2) 105,778, ,457, ,127, ,584, , , ,588, ,440, ,144, ,584, ,338, Defaulted Loans / Prestiti defaulted 5 Asset in breach of clause 2 of Warranty & Indemnity Portfolio (3) + (4) + (5) 105,778, ,457, ,127, ,584, , , ,588, ,440, ,144, ,584, ,338, A2) ATI AGENT TRIGGER EVENT/ Evento rilevante del mandatario ATI ATI Commingling ATI Commingling Rating of the ATI Affected Portfolio at Reserve Amount at Name of the ATI AGENT BANK / AGENT BANK / the end of the Relevant the end of the Nome della banca mandataria ATI Rating della banca Period / Relevant Period/ mandataria ATI Portafoglio, alla fine Ammontare della del periodo di riserva per rischio Prepared by Securitisation Services S.p.A. Page 6

7 Collection Period: from 01/02/2011 to 31/07/2011 Guarator Payment Date: 30/09/2011 Available Funds Euro PRINCIPAL AVAILABLE FUNDS 1,111,213, (a) Any principal payment and any Interest Component of the Purchase Price received 371,376, during the Collection Period immediately preceding such Guarantor Payment Date (b) Any amounts deriving from sale of the Public Assets, Integration Assets, Eligible - Investments and Authorised Investments (without any double counting) received during the Collection Period immediately preceding such Guarantor Payment Date (c) Any principal amount received by the Covered Bond Guarantor as payments under - the Swap Agreements with the exception of any Delivery Amounts (d) Any amount received by the Covered Bonds Guarantor from any party to the Transaction - Documents during the Collection Period immediately preceding such Guarantor Payment Date (e) Purchase Price Accumulation Amount - (f) Any amount credited (and not used) in the Investment Account on the previous Guarantor Payment 739,837, Date under items (iv), (v) and (vi) of the Pre-Issuer Default Principal Priority of Payments or item (v) of the Post-Issuer Default Priority of Payments (g) Any amount of Principal Available Funds retained in the Transaction Account on the immediately - preceding Guarantor Payment Date INTEREST AVAILABLE FUNDS 355,193, (a) Any interest or other amounts (other than principal amounts) received from the Portfolio 103,824, (net of any Interest Component of the Purchase Price) during the Collection Period immediately preceding such Guarantor Payment Date (b) Any amount received by the Covered Bonds Guarantor as remuneration of the Accounts, 4,819, Eligible Investments and the Authorised Investments (without any double counting) during the Collection Period immediately preceding such Guarantor Payment Date (c) Any interest amount received by the Covered Bonds Guarantor as payments under the 136,243, Swaps Agreements (with the exception of any Delivery Amounts) on or prior to the relevant Guarantor Payment Date (d) Any amount received by the Covered Bonds Guarantor from any party to the Transaction 10, Documents during the Collection Period immediately preceding such Guarantor Payment Date * (e) Reserve Fund Required Amount - (f) ATI Commingling Reserve Amount - (g) Interest Accumulation Amount 27,163, (h) Any amount credited (and not used) in the Investment Account on the previous Guarantor Payment 48,632, Date under items (viii) and (ix) of the Pre-Issuer Default Interest Priority of Payments or item (v) of the Post-Issuer Default Priority of Payments ** (i) Any amount of Interest Available Funds retained in the Transaction Account on the immediately 34,498, preceding Guarantor Payment Date *** AVAILABLE FUNDS 1,466,406, * Amounts received by the Covered Bond Guarantor during the Collection Period and which have not been entered into the TBG Swaps ** CB Swaps Interest Accumulation Amount credited to the Investment Account on the previous Guarantor Payment Date *** Interest amount received by the Covered Bond Guarantor under the CB Swap 1 Prepared by Securitisation Services S.p.A. Page 7

8 Collection Period: from 01/02/2011 to 31/07/2011 Guarator Payment Date: 30/09/2011 Pre-Issuer Default Interest Priority of Payment Interest Available Funds 355,193, Application of the Interest Available Funds First any and all taxes due and payable by the Covered Bonds Guarantor 25, Second Third Fourth Costs and expenses (pari passu and pro rata): a) Expenses 60, b) Covered Bonds Guarantor Disbursement Amount - b) Covered Bonds Guarantor Retention Amount - Fees, costs and expenses (pari passu and pro rata): - Representative of the Covered Bondholders 14, Receivables Collection Account Bank 6, Account Bank 86, Cash Manager 5, Calculation Agent 57, Administrative Services Provider - - Asset Monitor - - Portfolio Manager - - Servicer 1,414, Hedging payments (other than principal) pari passu and pro rata a) Hedging Senior Payments under the TBG Swaps 103,824, b) Hedging Senior Payments under the CB Swaps - or the CB Swaps Interest Accumulation Amount 59,532, c) Interest Accumulation Amount 68,423, Fifth Reserve Fund Required Amount * - Sixth ATI Commingling Reserve Amount ** - Seventh Amount paid under item (i) of the Pre-Issuer Default Principal Priority of Payment - on any preceding Guarantor Payment Date and not yet repaid under this item (vii) Eighth Interest Available Funds to the Investment Account *** - Ninth Interest Available Funds to the Investment Account **** - Tenth Amounts arising out of any termination event under any Swap Agreements not - provided for under item (iv) above Eleventh Any other amount due and payable to the Seller, the Additional Sellers (if any) - or the Issuer under any Transaction Document Twelfth Minimum Interest Amount under the Subordinated Loan (pari passu and pro rata) 31,689, Thirteenth Premium Interest Amount under the Subordinated Loan 90,054, * if a Reserve Fund Rating Event occurs and is continuing. ** if an ATI Agent Trigger Event occurs and is continuing and no other ATI Agent Remedy Actions has been implemented. *** if a Servicer Termination Event has occurred **** if the Pre-Maturity Liquidity Test or the Tests are not satisfied or an Issuer Event of Deafult or a Covered Bonds Event of Default has occured or the Issuer has not paid interest and principal due. Prepared by Securitisation Services S.p.A. Page 8

9 Collection Period: from 01/02/2011 to 31/07/2011 Guarator Payment Date: 30/09/2011 Pre-Issuer Default Principal Priority of Payment Principal Available Funds 1,111,213, Application of the Principal Available Funds First Any amount due and payable under items (i) to (vi) of the Pre-Issuer Default Interest - Priority of Payment, to the extent that the Interest Available Funds are not sufficient, on such Guarantor Payment Date, to make such payments in full Second Third Hedging payments, in respect of principal, pari passu and pro rata a) any Hedging Senior Payment (under the TBG Swaps) - b) any Hedging Senior Payment (under the CB Swaps) - or to credit to the Investment Account the CB Swaps Principal Accumulation Amount - If the Pre-Maturity Liquidity Test is satisfied, pari passu and pro-rata a) to pay the purchase price of Public Assets and/or Integration Assets offered for sale - by the Seller, the Additional Sellers or the Issuer in the context of Revolving Assignment b) to credit to the Investment Account the Purchase Price Accumulation Amount - Fourth Principal Available Funds to the Investment Account 1,111,213, Fifth Principal Available Funds to the Investment Account - if a Servicer Termination Event has occurred Sixth Principal Available Funds to the Investment Account - if the Pre-Maturity Liquidity Test or the Tests are not satisfied Seventh Amounts arising out of any termination event under any Swap Agreements not - provided for under item (iv) above Eighth Any other amount due and payable to the Seller, the Additional Sellers (if any) - or the Issuer under any Transaction Document not already provided for under item (xi) of the Pre-Issuer Default Interest Priority of Payment Ninth Amount (if any) due to the Seller as principal redemption under the Subordinated Loan provided that the Tests and the Pre-Maturity Liquidity Test are still satisfied after such payment Prepared by Securitisation Services S.p.A. Page 9

10 Collection Period: from 01/02/2011 to 31/07/2011 Guarantor Payment Date: 30/09/2011 Covered Bonds BEFORE PAYMENTS PAYMENTS AFTER PAYMENTS Outstanding Principal Unpaid Interest Principal Interest Outstanding Principal Unpaid Interest Pool Factor Series CB 3,000,000, ,000,000, ,985, Series CB 2,000,000, ,000, ,000,000, Series CB 1,500,000, ,000, ,500,000, Series CB 2,400,000, ,398, ,400,000, Series CB 2,000,000, ,040, ,000,000, Total 10,900,000, ,000,000, ,423, ,900,000, Outstanding Principal Reference Rate Margin CB Interest Period CB Payment Date Days Accrued Interests Interest accrued on Series CB 3,000,000, % 0.60% 06/04/ /10/ /10/ ,985, Interest accrued on Series CB 2,000,000, % 28/04/ /04/ /04/ ,000, Interest accrued on Series CB 1,500,000, % 27/01/ /01/ /01/ ,000, Interest accrued on Series CB 2,400,000, % 0.60% 30/03/ /10/ /10/ ,398, Interest accrued on Series CB * 2,000,000, % - 29/07/ /10/ /10/ ,040, * From the CB Payment Date falling in October 2011 up to the Maturity Date, 6-month Euribor per cent. Floating Rate Prepared by Securitisation Services S.p.A. Page 10

11 Collection Period: from 01/02/2011 to 31/07/2011 Guarantor Payment Date: 30/09/2011 Information relating to the Hedging Agreements / Informazioni relative ai contratti di hedging G.1 6-Month Euribor Equivalent Margin Portfolio purchased on [ 01/05/2009 ] / Portafoglio acquistato il [ 01/05/2009 ] G.2 TBG Swap 1.1 G.2.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -34,705, [(G.2.1.a) * (G.2.1.b + G.2.1.c) * (G.2.1.d)/360] G.2.1.a) Notional Amount 06/04/ /04/2011 2,981,217, G.2.1.b) Euribor 6 month % G.2.1.c) Margin % Dt dec. Int Data fine int G.2.1.d) Days (ACT) apr-11 6-ott-11 G.2.2 Amounts due by ISP CB Pubblico Srl to BIIS (Fixed Amounts) Fixed rate interests collected during the Collection Period 46,290, Netting Amount to be paid by: -11,585, G.3 TBG Swap 2.1 G.3.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -2,303, [(G.3.1.a) * (G.3.1.b + G.3.1.c) * (G.3.1.d)/360] G.3.1.a) Notional Amount 06/04/ /04/ ,637, G.3.1.b) Euribor 6 month % G.3.1.c) Margin % Dt dec. Int Data fine int G.3.1.d) Days (ACT) apr-11 6-ott-11 G.3.2 Amounts due by ISP CB Pubblico Srl to BIIS (Floating Amounts) Floating rate interests collected during the Collection Period 1,977, Netting Amount to be paid by: 326, Portfolio purchased on [ 01/04/2010 ] / Portafoglio acquistato il [ 01/04/2010 ] G.4 TBG Swap 1.2 G.4.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -15,597, [(G.4.1.a) * (G.4.1.b + G.4.1.c) * (G.4.1.d)/360] G.4.1.a) Notional Amount 06/04/ /04/2011 1,165,759, G.4.1.b) Euribor 6 month % G.4.1.c) Margin % Dt dec. Int Data fine int G.4.1.d) Days (ACT) apr-11 6-ott-11 G.4.2 Amounts due by ISP CB Pubblico Srl to BIIS Fixed Amounts) Fixed rate interests collected during the Collection Period 18,327, Netting Amount to be paid by: -2,730, G.5 TBG Swap 2.2 G.5.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -8,438, [(G.5.1.a) * (G.5.1.b + G.5.1.c) * (G.3.1.d)/360] G.5.1.a) Notional Amount 06/04/ /04/ ,707, G.5.1.b) Euribor 6 month % G.5.1.c) Margin % Dt dec. Int Data fine int G.5.1.d) Days (ACT) apr-11 6-ott-11 G.5.2 Amounts due by ISP CB Pubblico Srl to BIIS Floating Amounts) Floating rate interests collected during the Collection Period 7,253, Netting Amount to be paid by: 1,184, Issue on 28/04/2010 / Emissione del 28/04/ ISIN IT G.6 CB 1 G.6.1 Amounts due by BIIS to ISP CB Pubblico Srl (Fixed Amounts) -65,000, [(G.6.1.a) * (G.6.1.b) * (G.6.1.c)/ACT] Notional set on G.6.1.a) Notional Amount 28/04/2011 2,000,000, G.6.1.b) Fixed Rate % Dt dec. Int Data fine int G.6.1.c) Days (ACT) apr apr-12 G.6.2 Amounts due by ISP CB Pubblico Srl to BIIS (Floating Amounts) 20,333, [(G.6.2.a) * (G.6.2.b +G.6.2.d) * (G.6.2.e)/360] + [(G.6.2.a) * (G.6.2.c +G.6.2.d) * (G.6.2.f)/360] G.6.2.a) Notional Amount 28/04/ /04/2011 2,000,000, G.6.2.b) Euribor 6-month First Sub-Calculation Period % G.6.2.c) Euribor 6-month Second Sub-Calculation Period % G.6.2.d) Margin % Dt dec. Int Data fine int G.6.2.e)Days First Sub-Calculation Period apr-11 6-ott-11 G.6.2.f) Days Second Sub-Calculation Period ott apr-12 Netting Amount to be paid by: 44,666, Portfolio purchased on [ 02/11/2010 ] / Portafoglio acquistato il [ 02/11/2010 ] G.7 TBG Swap 1.3 G.7.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -9,443, [(G.7.1.a) * (G.7.1.b + G.7.1.c) * (G.7.1.d)/360] G.7.1.a) Notional Amount 06/04/ /04/ ,691, G.7.1.b) Euribor 6 month % G.7.1.c) Margin % Dt dec. Int Data fine int G.7.1.d) Days (ACT) apr-11 6-ott-11 G.7.2 Amounts due by ISP CB Pubblico Srl to BIIS (Fixed Amounts) Fixed rate interests collected during the Collection Period 887, Netting Amount to be paid by: 8,555, G.8 TBG Swap 2.3 G.8.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -8,206, [(G.8.1.a) * (G.8.1.b + G.8.1.c) * (G.8.1.d)/360] G.8.1.a) Notional Amount 06/04/ /04/ ,737, G.8.1.b) Euribor 6 month % G.8.1.c) Margin % Dt dec. Int Data fine int G.8.1.d) Days (ACT) apr-11 6-ott-11 G.8.2 Amounts due by ISP CB Pubblico Srl to BIIS (Floating Amounts) Floating rate interests collected during the Collection Period 7,177, Netting Amount to be paid by: 1,028,978.76

12 Issue on 27/01/2011 / Emissione del 27/01/ ISIN IT G.9 CB 2 G.9.1 Amounts due by BIIS to ISP CB Pubblico Srl (Fixed Amounts) -75,000, [(G.9.1.a) * (G.9.1.b) * (G.9.1.c)/ACT] Notional set on G.9.1.a) Notional Amount 27/01/2011 1,500,000, G.9.1.b) Fixed Rate % Dt dec. Int Data fine int G.9.1.c) Days (ACT) gen gen-12 G.9.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) [(G.9.1.a) * (G.9.1.b + G.9.1.d) * (G.9.1.e)/360]+[(G.9.1.a) * (G.9.1.c + G.9.1.d) * (G.9.1.f)/360] G.9.1.a) Notional Amount 27/01/2011 NR G.9.1.b) Euribor 6 month First Sub-Calculation Period G.9.1.c) Euribor 6 month Second Sub-Calculation Period G.9.1.d) Margin Dt dec. Int Data fine int G.9.1.e) Days First Sub-Calculation Period G.9.1.f) Days Second Sub-Calculation Period G.9.2 Amounts due by ISP CB Pubblico Srl to BIIS (Floating Amounts) 39,199, [(G.9.2.a) * (G.9.2.b +G.9.2.d) * (G.9.2.e)/360] + [(G.9.2.a) * (G.9.2.c +G.9.2.d) * (G.9.2.f)/360] G.9.2.a) Notional Amount 27/01/ /10/2010 1,500,000, G.9.2.b) Euribor 6-month First Sub-Calculation Period % G.9.2.c) Euribor 6-month Second Sub-Calculation Period % G.9.2.d) Margin % Dt dec. Int Data fine int G.9.2.e)Days First Sub-Calculation Period ott-10 6-apr-11 G.9.2.f) Days Second Sub-Calculation Period apr-11 6-ott-11 Netting Amount to be paid by: 35,800, Portfolio purchased on [ 16/03/2011 ] / Portafoglio acquistato il [ 16/03/2011 ] G.10 TBG Swap 1.4 G.10.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -16,126, [(G.10.1.a) * (G.10.1.b + G.10.1.c) * (G.10.1.d)/360] G.10.1.a) Notional Amount 06/04/ /04/2011 1,610,399, G.10.1.b) Euribor 6 month % G.10.1.c) Margin % Dt dec. Int Data fine int G.10.1.d) Days (ACT) apr-11 6-ott-11 G.10.2 Amounts due by ISP CB Pubblico Srl to BIIS (Fixed Amounts) Fixed rate interests collected during the Collection Period 13,522, Netting Amount to be paid by: 2,603, G.11 TBG Swap 2.4 G.11.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -9,907, [(G.11.1.a) * (G.11.1.b + G.11.1.c) * (G.11.1.d)/360] G.11.1.a) Notional Amount 06/04/ /04/2011 1,236,178, G.11.1.b) Euribor 6 month % G.11.1.c) Margin % Dt dec. Int Data fine int G.11.1.d) Days (ACT) apr-11 6-ott-11 G.11.2 Amounts due by ISP CB Pubblico Srl to BIIS (Floating Amounts) Floating rate interests collected during the Collection Period 4,621, Netting Amount to be paid by: 5,286, Portfolio purchased on [ 01/06/2011 ] / Portafoglio acquistato il [ 01/06/2011 ] G.12 TBG Swap 1.5 G.12.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -28,082, [(G.12.1.a) * (G.12.1.b + G.12.1.c) * (G.12.1.d)/360] G.12.1.a) Notional Amount 06/04/ /04/2011 2,096,586, G.12.1.b) Euribor 6 month % G.12.1.c) Margin % Dt dec. Int Data fine int G.12.1.d) Days (ACT) apr-11 6-ott-11 G.12.2 Amounts due by ISP CB Pubblico Srl to BIIS (Fixed Amounts) Fixed rate interests collected during the Collection Period 3,369, Netting Amount to be paid by: 24,713, G.13 TBG Swap 2.5 G.13.1 Amounts due by BIIS to ISP CB Pubblico Srl (Floating Amounts) -3,431, [(G.13.1.a) * (G.13.1.b + G.13.1.c) * (G.13.1.d)/360] G.13.1.a) Notional Amount 06/04/ /04/ ,287, G.13.1.b) Euribor 6 month % G.13.1.c) Margin % Dt dec. Int Data fine int G.13.1.d) Days (ACT) apr-11 6-ott-11 G.13.2 Amounts due by ISP CB Pubblico Srl to BIIS (Floating Amounts) Floating rate interests collected during the Collection Period 395, Netting Amount to be paid by: 3,035, Prepared by Securitisation Services S.p.A. Page 11

13 Collection Period: from 01/02/2011 to 31/07/2011 Guarantor Payment Date: 30/09/2011 Asset Coverage Test Test description OC Adjusted Eligible Portfolio = Oustanding Principal Balance of all Series of Covered Bonds Test verification [(PA*P%) + B + C + D +E Z] = OBG Parameters Amount PA 11,964,678,764 P 86.21% B - C - D - E 1,324,750,782 Z 173,668,493 OBG 10,900,000,000 N % ASSET COVERAGE TEST 11,465,831,852 10,900,000,000 PASSED Details of parameters used PA = the Outstanding Principal Balance of Public Assets excluding (a) any Defaulted Assets and those Public Assets for which a breach of the representations and warranties granted under Clause 2 (Dichiarazioni e Garanzie del Cedente) of the Warranty and Indemnity Agreement has occurred and has not been remedied, (b) the Authorised Investments which are Public Assets and (c) Eligible Investments which are Public Assets; P = Asset Percentage B = Integration Assets excluding (a) any Defaulted Assets and those Integration Assets for which a breach of the representations and warranties granted under Clause 2 (Dichiarazioni e Garanzie del Cedente) of the Warranty and Indemnity Agreement has occurred and has not been remedied, (b) the Outstanding Principal Balance of Integration Assets in excess of the Integration Assets Limit, (c) the Integration Assets which do not meet the Integration Assets Rating Requirements; C = the Outstanding Principal Balance of Eligible Investments which are Public Assets; D = the Outstanding Principal Balance of Authorised Investments which are Public Assets; E = any sum standing to the credit of the Accounts (other than the Expenses Account, the Corporate Account and the Quota Capital Account); Z = (the weighted average number of days to maturity of the outstanding Covered Bonds/365) multiplied by the outstanding Covered Bonds multiplied by N, provided that, with reference to any Series of Long Dated Covered Bonds, Z shall be equal to zero; N = Negative Carry Factor; Outstanding Principal Balance = at any date, in relation to a loan, a bond, a Series of Covered Bonds or any other asset the aggregate nominal principal amount outstanding (or the Euro Equivalent of the aggregate nominal principal amount outstanding) of such loan, bond, Series of Covered Bonds or asset at such date. OBG = means the Outstanding Principal Balance of the outstanding Series of Covered Bonds. Prepared by Securitisation Services S.p.A. Page 12

14 Collection Period: from 01/02/2011 to 31/07/2011 Guarantor Payment Date: 30/09/2011 NPV TEST Test description Net Present Value of Eligible Portfolio = Net Present Value of all Series of the outstanding Covered Bonds Test verification NPV EP = NPV OBG Parameters Amount NPV EP 13,927,845, NPV OBG 11,355,926, NPV TEST PASSED Details of parameters used NPV EP Asset Type NPV Eligible Portfolio Fixed Component 9,131,914, Floating Component 3,795,257, Sum to the credit of the Accounts 1,324,750, * Hedging Agreement (to be received) TBG Swaps 3,187,020, CB Swaps 1,020,841, Hedging Agreement (to be paid) TBG Swaps - 3,524,498, CB Swaps - 948,975, Costs and expenses (to be paid) Fees, costs and expenses - 58,464, NPV OBG Liabilities Type NPV OBG outstanding Fixed 3,859,842, Floating 7,496,084, *Any sum standing to the credit of the Accounts (other than the Expenses Account, the Corporate Account and the Quota Capital Account) Prepared by Securitisation Services S.p.A. Page 13

15 Collection Period: from 01/02/2011 to 31/07/2011 Guarantor Payment Date: 30/09/2011 INTEREST COVERAGE TEST Test description Net Interest Collections from the Eligible Portfolio = Interest Payments Annual Net Interest Collections from the Eligible Portfolio = Annual Interest Payments Test verification Maturity Date used 27/01/2021 NIC EP = IP NIC EP Interest Payments Results 3,031,258, ,400,275, PASSED Test verification Collection Period start Collection Period end Guarantor Interest Period start Guarantor Interest Period end Guarantor Payment Date ANIC EP ANIC EP = AIP Annual Interest Payments 31/01/ /07/ /09/ /04/ /09/ ,852, ,423, PASSED 31/07/ /01/ /04/ /10/ /04/ ,547, ,456, PASSED 31/01/ /07/ /10/ /04/ /10/ ,698, ,127, PASSED Results INTEREST COVERAGE TEST PASSED Details of parameters used Net Interest Collections from the Eligible Portfolio means, as of a Calculation Date or any other relevant date with reference to all following (x) Collection Periods, (y) Guarantor Interest Periods or (z) Guarantor Payment Dates (as the case may be), up to the last Maturity Date or Extended Maturity Date, as the case may be, an amount equal to the difference between (i) the sum of (a) interest payments (or the Euro Equivalent of the interest payments) from the Fixed Component of the Eligible Portfolio and Expected Floating Payments in respect of interest from the Floating Component of the Eligible Portfolio received or expected to be received, (b) any amount expected to be received by the Covered Bonds Guarantor as payments under the TBG Swaps (which are not Excluded Swaps), (c) any amount (or the Euro Equivalent of any amount) expected to be received by the Covered Bonds Guarantor as payments under the CB Swaps (which are not Excluded Swaps); and (ii) the payments (or the Euro Equivalent of the payments) to be effected in accordance with the relevant Priority of Payments, by the Covered Bonds Guarantor in priority to, and including, payments under the Swap Agreements (which are not Excluded Swaps). For the avoidance of doubt, items under (i) (a) above shall include interest expected to be received from the investment, into Eligible Investments and Authorised Investments, of principal collections arising from the expected amortisation of the Eligible Portfolio; Interest Payments means, as of a Calculation Date or any other relevant date, with reference to all following Guarantor Interest Periods up to the last Maturity Date, or Extended Maturity Date, as the case may be, an amount equal to the aggregate of (a) expected interest payments (or the Euro Equivalent of the expected interest payments) in respect of the outstanding Series of Covered Bonds (other than floating rate Covered Bonds) and (b) Expected Floating Payments in respect of interest on floating rate Covered Bonds. Annual Net Interest Collections from the Eligible Portfolio means, as of a Calculation Date or any other relevant date and with reference to each of (x) the two Guarantor Payment Dates following the Guarantor Payment Date to which the Calculation Date relates or (y) the two Guarantor Interest Periods following the next Guarantor Interest Period or (z) the current and following Collection Periods (as the case may be) an amount equal to the difference between (i) the sum of (a) interest payments (or the Euro Equivalent of the interest payments) from the Fixed Component of the Eligible Portfolio and Expected Floating Payments in respect of interest from the Floating Component of the Eligible Portfolio received or expected to be received, (b) any amount expected to be received by the Covered Bonds Guarantor as payments under the TBG Swaps (which are not Excluded Swaps), (c) with reference to Covered Bonds with semi-annual CB Payment Dates, any amount (or the Euro Equivalent of any amount) expected to be received by the Covered Bonds Guarantor as payments under the CB Swaps (which are not Excluded Swaps), (d) with reference to Covered Bonds with annual CB Payment Dates, half of the amount (or the Euro Equivalent of the amount) to be received annually by the Covered Bonds Guarantor as payment under the CB Swaps (which are not Excluded Swaps); and (ii) the payments (or the Euro Equivalent of the payments) to be effected in accordance with the relevant Priority of Payments, by the Covered Bonds Guarantor in priority to, and including, payments under the Swap Agreements (and half of the amounts to be paid annually under the Swap Agreements, if any) (which are not Excluded Swaps). For the avoidance of doubt, items under (i) (a) above shall include interest expected to be received from the investment, into Eligible Investments and Authorised Investments, of principal collections arising from the expected amortisation of the Eligible Portfolio. Annual Interest Payments means, as of a Calculation Date or any other relevant date and with reference to each of the two Guarantor Interest Periods following the next Guarantor Interest Period an amount equal to the aggregate of (a) expected interest payments (or the Euro Equivalent of the expected interest payments) in respect of the outstanding Series of Covered Bonds (other than floating rate Covered Bonds) and (b) Expected Floating Payments in respect of interest on floating rate Covered Bonds. Prepared by Securitisation Services S.p.A. Page 14