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					                                     Consolidated Financial
                                     Statements
                                 Group Conafi Prestitò
                                   At December 31, 2009




Registered and Head Office: via Pamparato Cordero, 15 - Torino
• Tax code, VAT, Torino Company Register No. 05513630011
• UIC: general registration list under Article. 106 TU B at n ° 23109
• Bank of Italy: registration list under special ar t.107 TUB
• Associated UFI
• Associated Assofin




                                                                        1
Contents

Board of Directors and control. ... ...                                                                                                                                                                                                                                                                                                                                                  ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .4




Introduction................................................................................................................................................................ 5
Mission ...................................................................................................................................................................... 6
History ....................................................................................................................................................................... 6
Business model and products ......................................................................................................................................... 7
Group Structure ........................................................................................................................................................ 10




CONSOLIDATED GROUP CONAFI Loans .............. 11 1.31 2.2009

Directors' report on consolidated operations ............................................ ...... 12

Letter from the President ............................................... .................................................. ................................................................ ......... 13
Shareholders.................................................. .................................................. ........................................ 15

                                                                            Trends                                                                                   Title ................................................. .................................................. ..........................................                                                                                                                                                                                                                                                                                                      15

                                                                                                                       Internal dealing ................................................ .................................................. ..........................................                                                                                                                                                                                                                                                                                                                                          17

                                                                                                                             Treasury shares: Buy-back plan .............................................. .................................................. ................                                                                                                                                                                                                                                                                                                                                                  18
Reference market ............................................... .................................................. .................................................. Legal and regulatory
framework ....... 19 ...................................... .................................................. ............................................. 20 The consolidated production.
.................................................. .................................................. Analysis ............................................... 22 economic and financial situation
of the group Conafi ........................................... ........................................ 25

                                                       
                                                                             Condensed income statement ............................................... ..................................................
                                                                             ...........................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         28

                                                       
                                                                             Condensed balance sheet ............................................... ..................................................
                                                                             .........................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Consolidated .... ... ... ... ... ... ... ... .. ... ... ... ... ...
Reconciliation between net worth and the Conafi Spa                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      ... ... .29
Group companies and related party and correlat ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. ... ... ... ...
... ... ... ... ... ... ... ... ... 30
Principal risks and uncertainties ... .. ... ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ...                                                                                                                                                                                                                                                                                                                                                                                                                                                               ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ..   44
Report on corporate governance and ownership structure ..........................................
.................................................. .........                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     47
                                                                                                                                                                                                                                                                                                                                                                                     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Significant Nonrecurring Events and Transactions. ... ... ...                                                                                                                                                                                                                                                                                                                        ... ... .. 47


Atypical and / or unusual ... ... ...                                                                                                                                                                                                       ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                .. ... ... .47

Research and development .....................                                                                                                                                                                                                     .................................................. .................................................. .........................
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 48

Other events of the period ............................................ .................................................. ................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                      48

Significant events subsequent to year end ......................................... .................................................. ...............                                                                                                                                                                                                                                                                                                                                                                                                                                                                           48

Outlook for the year .............................................. .................................................. ...................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                       48
More information on enterprise policy ........................................... ..................................................
......................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           48

Consolidated Accounts ..............................................
.................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             49
                                                       
                                                                             Consolidated Balance Sheet ............................................... ..................................................
                                                                             ....................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                50

                                                                            Income Statement and Consolidated Statement of profitability compl essiv                                                                                                                                                                                                                                                                                                                                                                                                                       .................................................. .. 51

                                                                            Statement of changes in equity ........................................... .............................                                                                                                                                                                                                                                                                                                                                                                                                                                            52

                                                                            Statement of Cash Flows ................................................ .................................................. ................................
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 54




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       2
Notes to the consolidated financial statements ............................................. ................................... 55
                                      Part A: Accounting policies ................................................ .................................................. .........................                                                                                                                                                            55

                                      Part B: Balance Sheet .............................................. ...............................................                                                                                                                                                                                                 81

                                      Part C: Income Statement .............................................. ................................................                                                                                                                                                                                            101

                                      Part D: More information ................................................ .................................................. .......................                                                                                                                                                                114




Certification pursuant to Art. 81-ter of Consob Regulation 11971/99 and subsequent amendments
.......................................... .................................................. ............ 139




BALANCE OF LOANS CONAFI SpA AT 31.12.2009                                                                                                                                                                                                                                                             ... ......................................... 140


                                                                                                                                                                                                                                                                                                    ... ... ... ... ...
Directors' Report on Operations ... ... ... ... ... ...                                                                                                                                                                                                                                             ...                   ... ... ... ... ... .141
Analysis of the economic and financial Conafi Spa ........................................
................................................                                                                                                                                                                                                                                                                                                           143

                               
                                       Condensed income statement ............................................... ..................................................
                                       .........................                                                                                                                                                                                                                                                                                           144

                               
                                       Condensed balance sheet ............................................... ..................................................
                                       .......................                                                                                                                                                                                                                                                                                             146
Production ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
... ... ... ... ... ...                                                                                                                                                                                                                                                                                                             ... ... ... ... ...
                                                                                                                                                                                                                                                                                                                                                          148 ..

Relations with Group companies ... ... ... ... ... ... ... ...                                                                                                                             ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .. ... ... ... ... ... ... ...
                                                                                                                                                                                           150




Financial statements ...............................................
.................................................. ................                                                                                                                                                                                                                                                                                       157
                                      Balance ................................................ .................................................. .....................................                                                                                                                                                                   158
                                       Income Statement and Statement of profitability compl essiv
                                      .......................................... ............................                                                                                                                                                                                                                                             159
                                       Statement of Changes in Shareholders' equity ............................................
                                      ...............................................                                                                                                                                                                                                                                                                     160

                               
                                       Statement of Cash Flows ................................................ ..................................................
                                       ..............................                                                                                                                                                                                                                                                                                      162


Notes ................................................ ..................................................
...................                                                                                                                                                                                                                                                                                                                                       163
                               
                                       Part A: Accounting policies ................................................ ..................................................
                                       .......................                                                                                                                                                                                                                                                                                             163

                                      Part B: Balance Sheet .............................................. .............................................                                                                                                                                                                                                  183

                                      Part C: Income Statement .............................................. ................................................                                                                                                                                                                                            202

                               
                                       Part D: Other Information ................................................ ..................................................
                                       ......................                                                                                                                                                                                                                                                                                              214


Attached Budget ...............................................
.................................................. ..............                                                                                                                                                                                                                                                                                         240

Certification pursuant to Art. 81-ter of Consob Regulation 11971/99 and subsequent amendments
.......................................... .................................................. ............ 252




                                                                                                                                                                                                                                                                                                                                                                   3
OFFICERS AND AUDITORS


                Board of Directors
                    Nunzio Chiolo      President and CEO

               Giuseppe Vigorelli      Managing director
               Giuseppe Vimercati      Adviser
                       Fabio Alfieri   Adviser
                    Mauro Pontillo     Adviser
                  Carlo Colombotti     Adviser
                Massimiliano Naef      Adviser



                         Auditors

                   Renato Bogoni       President

                Antonello Allocco      Auditor

                     Michele Testa     Auditor

                  Massimo Pellanda     Alternate
       Palmisano Giovanni Battista     Alternate


                     Mark Gerard       General Manager



                 Mazars SpA            Independent Auditors




                                                              4
INTRODUCTION




               5
                                                                      Mission

Conafi The Group specializes in financing repaid through direct salary (CQS) or board (FPA) and the Delegation of Payment (DP) has always been
defined as an innovator of products and services, including identifying those most innovative sector, the Group has extended its range of operation in
2009 and enlarged in both the service / product "family", and "cor poration in".




                                                                        History
The Company was established March 30, 1988 at the initiative of Nunzio Chiolo, current Chairman of the Board of Directors and Chief Executive
Officer, as financial and insurance consulting firm, operating in Piedmont and in particular in the province of Turin.
Since the early 90's, the company specializes in the financing sector of repayment through salary, and start trading across the country acting as agent
and consultant to various stakeholders.


The year 2001 represents a year of great importance for the company, both from a management perspective that Aryan society.
  • In April, Italian Conafi purchases from Italfid Fi duciaria SpA and Nunzio Chiolo, respectively, 94% and 5% of the company Tuttiservizi Ltd
    (parent company Tuttipres titi Ltd), in order to have the same management of administrative services (accounting and budget), fiscal and legal
    aspects of society I know. At the same time the Company increases its share capital or ITL 1,006,860,400 (approximately 520,000 Euro) and is
    transformed into a limited company with the name "With afi SpA.
  • In July, Conafi purchases from Tuttiservizi Srl Tuttiprestiti 88% of the subsidiary, which held a sales network consisting of over 45 franchised
    facilities located mainly in central and southern Italy under the brand name "Tuttiprestiti" in order to create a network single-product business
    dedicated to funding to be repaid through the sale of salary or payment mandates.
  • At the end of 2001 Conafi assumes the role of financial intermediary with the registration list g eneral art. TUB 106 and begin the gradual
    divestiture of franchise structures no longer functional activity.
Also in that year are part of the corporate team two institutional investors:
  • Meliorbanca SpA with a holding of 10% of the share capital;
  • Banca Popolare dell'Emilia Romagna Soc Coop. with a stake of 5% through its subsidiary EM.RO. Ltd.


In April 2006, the Company shall be entered in the special soft to the Bank of Italy pursuant to art. 107, TUB. Subsequently, in order to restructure the
perimeter of the Group, also in view of admission to listing of shares of Conafi SpA, the Company completed the acquisition of the entire social capit
ale Italifin August 31, 2006.


On 12 April 2007, the company landed on the Italian stock exchange market through M TA for Public Subscription Offer reserved for institutional
and widely endorsed.


On July 18, 2007 Conafi the company is "Tuttiprestiti SpA." (Now Alba Finanziaria SpA) operates in the consumer credit market. With this
transaction, the Group intends to expand its product portfolio, seizing the opportunities of a growing market.


On October 22, 2007 was established the Business Group Holding SpA (symbol HPB) with the aim of acquiring investments in financial
intermediation and financial serv ices instrumental to the growth of the Group.


On October 23, 2007 Conafi An agreement with Bank of M arks. The agreement enables Bank of brands to place products CQS, FPA, and DP, using
the activity Conafi by acting as an agent, through its subsidiaries know. Conafi strengthens product development "but not for CQS Keys in Retail
Banking", created to respond to the needs of financial institutions.



                                                                                                                                                          6
On October 23, 2007 Shareholders' Meeting authorizes the Board to e MPLEMENTATION buy-back plan, strategic operations and incentive
policies.


On March 12, 2008 Conafi soon acquired, through its subsidiary Business Investments Holding SpA, 60% of the company Progefin SpA, a company
specializing in solutions of finance lease / operating in all forms of medium-and long-term and has important partnerships with the major Italian
banking groups and foreign.


On July 17, 2008 Conafi soon acquired, through its subsidiary Business Investments Holding SpA, 51% of the company Via Advisors Corporate
Finance Ltd specialized in the Extraordinary Finance and 51% of Uniprestit Spa in liquidation, credit broker active in the placement of financial
products families.


On June 26, 2009, as part of strategic policy, the Group acquired by RED SpA, through its subsidiary Italifin Srl, a business unit operating in credit
brokerage services in the mortgage industry, with strong skills in the management of the processes of investigating and developing the sales channel,
and established relationships with the lender.


On 29 June 2009 the Group acquired, through its subsidiary Business Investments Holding SpA, 76% of the company Alta Services Italy Srl,
specializing in the investigation of serv ices practices relating to emissions of guarantees by the consortia, which are paid allows businesses to
facilitate access to finance in the short, medium and long term for the development of economic and productive activities.


On 28 July 2009, the Group has established Conafi, through its subsidiary Business Investments Holding SpA, Network and Business Ltd, a company
specializing in services arrang er in management consulting, consulting in the field of extraordinary transactions such as mergers, conversions,
divisions , acquisition of a company or business and investments, as well as advice to undertakings on capital structure, industrial strategy for
corporate finance transactions, the listing process and the questions and related matters.



                                                Business model and products


New products and services


During 2009 the Group continued in expanding its portfolio of products and services for the family and the enterprise, both in optical B2B and B2C.
Through, in fact, the acquisition of company branches and controlling interests, the Group Conafi well as expand its offering to private clients through
the intermediation of loans, has laid the groundwork for the development of its activities even in the corporate segment, offering directly to the
companies their products and services in the ordinary and assisted finance, as well as providing assistance and advice regarding corporate finance
transactions and facilitated, and management and debt collection.
With the completion of projects and I am paying toconsulenze Tut, focusing on the use of internally developed and integrated platform
Tuttoconsulenze Web, Conafi Group's business model enables direct connection between supply and demand, allowing the commercial networks to
satisfy make full and timely needs of customers through the wide range of products and services provided by Group companies.




Traditional Products Group Conafi


Conafi loan is a financial intermediary operating in the consumer credit market, particularly in the field of finance, joined the general list of financial
intermediaries art. TUB 106 and the list of financial intermediaries art. TUB 107.


What traditional products, offering Conafi loans is as follows:


                                                                                                                                                         7
  • loans repaid through direct salary (CQS), which consist of personal loans is not finalized with a fixed interest rate, mainly reserved for
    employees indefinitely, state, public or private, in the face of a voluntary transfer of quota of their net monthly salary, to the maximum of a
    fifth;
  • loans repaid through the fifth of the board (FPA), which consist of personal loans is not finalized with a fixed interest rate, reserved for
    pensioners under the voluntary transfer of a portion of their monthly pension equity, the full extent of a fifth and subject to the subsistence
    minimum, set annually by law;
  • loans repaid through delegation of payment (DP), which consist of personal loans is not finalized with a fixed interest rate mainly reserved for
    employees indefinitely, state, public or private, compared to an irrevocable mandate to an employer after its acceptance, retention and pay
    regularly a portion of the monthly salary of the employee. This fee, usually fixed at the rate of one fifth of net pay, not exceeding the statutory
    maximum of half the salary.


These loans are characterized by:
  • lasting between 18 and 120 months
  • fixed interest rate
  • insurance coverage required by law or required to practice.


These forms of financing are highly compatible with adequate compensation for the risk due to guarantees both adopted by the legislature (eg the shift
in the burden of repayment of CQS financing entity financed by the employer, compulsory insurance against the risk of life use and the risk issued by
leading insurance companies) is the practice adopted by operators in the sector (including, in particular, the analysis of the solvency of the third work
ers assigned or delegated third).


The provision and / or finding funding can be in three different ways:
  • on behalf of financial institutions, which mandate Conafi Signs Agreement with power of attorney within a revolving credit line granted by the
    financial institution principal;
  • in his own name, in the case of direct delivery, currency re Conafi can at any time the opportunity to proceed with the sale of credit without
    recourse to major financial institutions. The simultaneous sale of credit effectively allows you to transfer the underlying risks in the credit
    institution as assignee, limiting credit risk in the hands of "Conafi";
  • placing third-party products (for third parties), where the Group decides to put the financial products traded and provided by other financial
    institutions.


Whether you are brewing their own name or in the case of placement of funds in the name and on behalf of the Financial Institutions Group Conafi
itself ensure the full amortization of financing management, ensuring the collection of installments, urging the ATC ( executors sold) the borrowers
late with payments and claim compensation from insurance companies, in case of accident, making use of the information system of ownership,
which can operate with great efficiency.


In recent years the Group Conafi, using the experience gained by both internal sales network, the organization of its structure, both internally
developed proprietary software CQSWeb, has designed and developed the following products to help you achieve and finance ever-expanding
customer segments.
  (I) CQS turnkey retail banks is a product that Conafi Prestitò tituti is designed for credit that they intend to directly to its customers in the form of
  financing CQS / FPA and DP. In particular, this product allows the bank lender - taking advantage of the activities of Conafi, acting as agent - to
  put the financing through its subsidiaries (and not through third party agents), thus streamlining the supply chain, thus obtaining so higher yields
  and with lending on more favorable terms. Conafi Group, under a special agreement, are reserved for the administrative management (including the
  forms management and flow of repayments) and assessment of technical feasibility of funding. The product uses proprietary software to Conafi
  "CQS Web", which allows you ll at the offices of the acquiring bank on a real-time with the Group Conafi for the preparation of estimates, the
  remote printing of loan agreements, access in all the forms and the circulars, audit practice of states, etc..
(Ii) Corporate CQS is a product that Conafi Prestitò designed for private companies and public administrations administrative means to facilitate
access for their employees to forms of financing CQS, FPA and DP. With this product, the interim financing of these companies are employed on
terms more favorable investigation and iteration is faster. Even

                                                                                                                                                         8
Corporate CQS uses the software "CQS Web" which allows the company, with a simple online connection, to make available immediately to
estimates, to print documents and send documents via the web greatly reducing the time for the investigation and for the loan in case of success,
without the intermediation of the commercial network, thereby reducing costs involved and the risk of fraud, manipulation, etc..




Strengths of the Group Conafi

The management has identified as the main strengths of the Group Conafi:
  • specialization and expertise in managing and financing repaid through direct salary and delegation of payment;
  • thorough knowledge of the relevant market;
  • the significant management capabilities meadows and box office;
  • the internal development of an information system of ownership, flexible and varied to the specific needs of the work by the Group;
  • high brand recognition;
  • the various agreements with the main state administration;
  • the extensive commercial presence in the country, through a presence both direct and indirect;
  • the ability to innovate their products in order to acquire new customers.




                                                                                                                                               9
           Group structure as of December 31, 2009


                                   GROUP CONAFI

                                       CONAFI LOAN 'SPA
                                           Parent



                                                                                      CONAFI DEVELOPMENT
ALBA FINANCIAL SPA                 HPB SPA                         ITALIFIN SRL            NETWORK
 (100% owned Conafi)          (100% owned Conafi)               (100% owned Conafi)           SRL
                                                                                       (100% owned Conafi)




       PROGEFIN SRL                                 UNIPRESTIT SPA IN LIQUIDATION        LOAN 'HOMES LTD
       (Held 60% HPB)                                      (75.5% Held HPB)              (100% owned Conafi
                                                                                      Network Development Ltd.).




RENCREDIT RECOVERY SERVICES                               EURIS EUROPE SRL
         CREDIT SRL                                         (Held 51% HPB)
       (Held 99% HPB)




   VIA CORPORATE FINANCE
          ADVISORS                                   BUSINESS AND NETWORK SRL
              SRL                                         (100% owned HPB)
        (Held 51% HPB)




   HIGH SERVICES ITALY SRL                            FINANCE & CONSULTING SRL
        (Held 76% HPB)                                      (Held 51% HPB)




                                                                                                                   10
      ANNUAL REPORT

GROUP CONAFI LOANS AT 31.12.2009




                                   11
REPORT ON OPERATIONS
                 CONSOLIDATED




                                12
                                                    Letter from the President
Dear Shareholders,
the tensions that have characterized the economic and financial system, the contraction in investment, reducing consumption and the growing crisis in
the labor market are heavily marked the course of 2009.
At the same time, the area of employee loans has remained characterized by significant and negative asymmetries in the behavior of operators and
problems caused by multiple entities that make up the distribution network, although since the summer has come progressively delineated clearly the
precise orientation of the Bank of Italy, which has put in place specific actions and policy and has submitted evidence by the issuance of the Notice of
November 10, 2009, in which all banks and financial intermediaries are called to full compliance with the rules governing the sector, the maintenance
of appropriate professional standards, transparency and fairness in dealings with clients and taking responsibility for the adoption of pervasive
controls on sales networks.
In this context, the operation of the Group Conafi high commercial strategies, although supported by the substantial financial strength and financial
(net worth of 68 million euro and net financial position amounted to EUR 65 million) were still influenced by the persistence in the field of short-
sighted attitudes on the part of many operators and the plight of the credit market, both phenomena that have not allowed to plan and finance a solid
program of development of production.
The result for the year 2009, which recorded a net loss of 8.7 million euro (compared to a net loss of EUR 2.1 million for the previous year) should
therefore be read in light of the overall picture indicated that the contraction in net interest income of EUR 2.7 million due largely to the fall in
interest rates, which in some aspects of non-recurring and extraordinary character that led to a significant negative impact amounted to EUR 6.9
million.
The gross loss of 9.1 million euro (against a loss of EUR 2.1 million for the previous year), in addition to the aforementioned lower contribution of
the treasury, in fact, have contributed to both higher costs for some 2.2 million euro in the management of the portfolio of loans intermediated and the
lapses (recorded as a result of further attention and addresses provided by the Bank of Italy's communication to the banking and financial
intermediaries of 11.10.2009) and further write-downs of about 3.4 million euro (made in view of the downturn that occurred during the year and the
general deterioration in credit quality to) and the write-down for approximately EUR 1.3 million of goodwill arising from business combinations (as a
result of prudent application the valuation methodologies recommended in the early months of 2010 from the bodies of supervision and control, and
the reshaping of the development programs of our subsidiaries, subject to the strong interest in investments and growth of the project
Tuttoconsulenze).
In addition to these effects that reduce the normalized gross loss for the year, to fully understand the business result and compare it properly with the
year 2008, should also take into account the effect of those major non-recurring charges of 2 , EUR 2 million on net management fees, which
generally remained up compared to 2008 in both absolute terms and in terms of impact on the post of gross loans (approximately from 6.6 to 8%, 7%)
because of its policies trade in place and the choices regarding the product portfolio resulted in a significant increase in profitability of interim
financing.
It 'should also consider is the effect of the substantial investment for the implementation of projects and I am paying Tuttoconsulenze, whose costs
have not been fully capitalized but expensed in the period, and who have not yet been able to demonstrate the benefits in terms incremental revenue
resulting from acquisitions made in the case, in particular, the situation is not favorable for the activities of no windows subsidiaries operating in the
finance sector, and since, moreover, both these projects still require a further phase of consolidation in order to generate cash flow and profitability.
The result for the year 2009 was, however, obtained through a major reorganization that has affected the corporate structure, which was completed on
an articulated action to contain costs, the commercial network, magazine and deeply focused on the three new professional represented by the Key
Account Manager, Agency and the Corner, which are the three new channels of customer acquisition and retention, as well as the business model,
enhanced by the diversification process undertaken by the Group through the acquisition of the business areas in specialist c omparti finance ordinary,
extraordinary and facilitated, in view of the completion of projects and I am paying Tuttoconsulenze.
The total number of contracts traded in 2009 was $ 4,278 for a gross column of € 85.9 million, a decrease in value by 24.9% compared to what was
achieved last year.
The trend of production was not linear over the period, with a low level in the first quarter, down from the same period of 2008, a good recovery in
the second quarter and a further decline in the second half of the year largely due to the persistence market frictions and of those anomalies.



                                                                                                                                                     13
The overall decline was affected by the results of the compartments of the delegation of payment (-17.1%) and personal loans (-82.2%), those
seriously affected by the crisis and the consequent tightening of underwriting criteria operated by the companies product.
With regard to the sale of one salary, stressed, finally, the substantial drop of 73.5% of the paid employees of private enterprises and the concomitant
growth in lending to civil servants and state (jointly equal to 22.1 %), the result of a specific commercial choice made in order to contain the risk
arising from the effects of the financial crisis and recession on private-sector companies.
Within the programs undertaken for the consolidation of direct sales and distribution network, and I focused on the development of the project loan,
the intense activity of sel ection and training put in place led to significant results from a standpoint of creating a network-firm specialized on the sale
of the fifth.
With reference, however, the diversification strategies undertaken by the Group since last year and aimed to complete the product portfolio for the
development of the project Tuttoconsulenze, also in 2009 has continued successfully with both the selection activities of figures prof essionali for the
network and program of external growth, which led to the entry of new Group companies specialized in credit brokerage services in the mortgage
industry and in services for the consortia.
At present, about design in the mortgage industry have been completed and program of implementation of the IT platform for managing the
investigation that the product portfolio through the completion of important agreements with the lender, but were rescheduled development programs
business pending the review, expected within the first half of 2010, the regulation of brokers and financial agents.
As regards, however, the seven-hour operation in financial assistance, in addition to already acqu isit the ownership of a partnership with a major
consortia Lombardy, is in advanced stage of development through its subsidiary network and a draft Business Ltd on innovative forms of financial
support in undertaking operations of the trust that is expected to be completed and can begin in the first half of 2010.
With respect, finally changing for the full year in 2010, following the Int rvento performed by the Supervisory Board in 2009, and particularly on
account of the specifications given in the statement of 10 November 2009 to all business operators, have certain conditions of stability and clarity by
which the Group will derive a significant benefit Conafi.
This aspect, together with the path embarked on economic recovery and the markets, has in fact created the conditions on the basis of our Group will
plan and fund a single IDE development program production.
It is believed that the area of employee loans present significant opportunities and the ongoing reorganization of the distribution network will promote
a gradual but effective removal of anomalies that have long characterized the sector with the consequent raising of professional standards and
improving the framework for competition between different operators .
Despite the months of January and February of 2010 have been trending down, also confirmed in the market from published data dall'Assofin, in
March of 2010 showed signs of strong recovery of intermediation in the context, However, completion of a program portfolio of products and
consolidation of relations with the commercial network.
With the projects I am paying, Tuttoconsulenze, the program will continue in the Crane ppo Conafi c apillare extension of the distribution network,
focusing on relationships with the sole agents and professionals of high standing, which will be channeled through the products and services portfolio.
These projects focus on the use of internally developed and integrated platform Tuttoconsulenze Web, will provide a direct link between supply and
demand, enabling sales networks to fully satisfy the needs of customers, both consumer and corporate through ' wide range of products and services
managed by the Group companies.




                                                                                                                                             President and
                                                                                                                              Managing Director
                                                                                                                                          Nunzio Chiolo




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    1.6 0 0 .0 0 0                                                                                                                                            1,6
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    1.4 0 0 .0 0 0                                                                                                                                            1,4
                                                                                                                                                              1,3
    1.2 0 0 .0 0 0                                                                                                                                            1,2
                                                                                                                                                              1,1
    1.0 0 0 .0 0 0                                                                                                                                            1,0
                                                                                                                                                              0, 9
      8 0 0 .0 0 0                                                                                                                                            0, 8
                                                                                                                                                              0, 7
      6 0 0 .0 0 0                                                                                                                                            0, 6
                                                                                                                                                              0, 5
      4 0 0 .0 0 0                                                                                                                                            0, 4
                                                                                                                                                              0, 3
      2 0 0 .0 0 0                                                                                                                                            0, 2
                                                                                                                                                              0, 1
                 0                                                                                                                                            0, 0
                2/1/09    16 / 2 / 09   31 / 3 / 09   18 / 5 / 0 9    30/6/09       12 / 8 / 0 9   24/9/09        6 / 11 / 0 9   2 1 / 12 / 09   8 / 2 / 10


                                                                      V o lum and                       P rices




In 2009 the title Conafi Prestitò stood intor not the average value of Euro 0.98 and after a surge in prices and increased trading volume in September,
reaching the maximum price of EUR 1.35 on the day of 25 . After that date, the stock price has remained above 1 Euro until the month of February,
while volumes have been a slight reduction. In March, the stock recovered the average of the last quarter of 2009 after the sharp fall in February,
which also has affected all equity markets.



Market                                                                                                                                              MTA
ISIN                                                                                                                                        IT0004105653
Reuters                                                                                                                                          CNP.MI
Bloomberg                                                                                                                                        CNP IM
Number of shares                                                                                                                               46.500.000
Market Cap (€ m) to 23/03/2010                                                                                                                      50,17
Average daily trading volume (from 02/01/2009)                                                                                                     82.120
Updated on 23/03/2010




                                                                                                                                                                     15
                                         Key figures per share Conafi Loan '

   Earnings per share

(In euro)

                                                  Items / Values                                             31/12/09                  31/12/08

Net income (loss)                                                                                        (8 .623 .000)                (2.115.000)
Number of ordinary shares at the beginning of exercise                                                    46.500.000                  4 6.500.000
Shares issued during the exercise                                                                                   0                     0
Number of ordinary shares at end of year                                                                  46.500.000                  4 6.500.000
Weighted average number of ordinary shares                                                                44.362.654                  4 5.335.063
Basic earnings per share (Euro)                                                                                 (0,19)                     0,00
(Net of the average number of shares)




                                                              SHAREHOLDERS CONAFI




                                                             6,226




                35,475



                                                                                                    ALITE SRL
                                                                                                    NUSIA SRL
                                                                                                    B. CA POP. EMILIA ROMAGNA SCARL
                                                                                                    SOPAF SPA
                                                                                                    CONAFI LOAN 'SPA
                                                                                                    MARKET
                                                                                  45,085




                         5,005

                                 2,344
                                          5,865




Updated on 23/03/2010




Note: Nunzio Chiolo owns 100% of Nusia Ltd which has the entire share capital of breath and srl, so Nunzio Chiolo
directly and indirectly owns 51.31% of Conafi Spa




                                                                                                                                                    16
Financial communication

Conafi Prestitò, since listing, but has always ntenuto a constant dialogue with its shareholders and investors through an active policy of open
communication from the Investor Relations function, which is tasked with managing the relationship with the financial community in year.

For more information, please visit the corporate website www.conafi.it to Investor Relations, where there are: historical financial data, presentations,
publications and regular updates in real time on the title.

They are also available to shareholders the following contacts:

Conafi Prestitò SpA                                                                                                                                IR TOP Srl
Via Pamparato Cordero, 15-10143 Torino                                                                                      Via San Prospero, 4 - 20121 Milano
Tel: 39 011 7710 320                                                                                                                   Tel: 39 02 45473884 / 3
Fax: 39 011 3719 488                                                                                                                      Fax: 39 02 91390665
e-mail: investor_relator@conafi.it                                                                                                     e-mail: info@irtop.com




Financial calendar 2010

March 30, 2010                                    Board of Directors: Approval of the Annual Report and the Draft Budget for the year ended
                                                  31.12.2009
30 April -1 May 2010                              Shareholders: Approval of Financial Statements as at 31.12.2009 (1 and 2, in
                                                  call)
May 13, 2010                                      Board of Directors: Approval of quarterly report to 31.03.2010
August 26, 2010                                   Board of Directors: Approval of the Interim Report as at 30.06.2010
November 15, 2010                                 Board of Directors: Approval of quarterly report to 30.09.2010




                                                             Internal Dealing

The following table shows the details of operations carried out by members of the administrative and control in 2009 on the actions of Conafi SpA

  DATE            SUBJECT                  TYPE                      INSTRUMENT                  QUANTITY '          PRICE             OVER
                                         OPERATION                   FINANCIAL                                          (€)                      (€)

28/12/2009       Joseph            Sale                        Ordinary shares                   3.000              1,15             3.450
                 Vigorelli
28/12/2009       Joseph            Sale                        Ordinary shares                   1.591              1,17             1.861,47
                 Vigorelli
29/12/2009       Joseph            Sale                        Ordinary shares                   5.000              1,145            5.725
                 Vigorelli
29/12/2009       Joseph            Sale                        Ordinary shares                   10.000             1,155            11.550
                 Vigorelli
29/12/2009       Joseph            Sale                        Ordinary shares                   6.861              1,165            7.993,065
                 Vigorelli
30/12/2009       Joseph            Sale                        Ordinary shares                   9.591              1,15             11.029,65
                 Vigorelli




                                                                                                                                                             17
Shareholdings of members of boards of management and control, managing directors and key management
personnel
The table below provides the information required by art. 79 of Consob Regulation No. 119 71 of 14/5/99 and subsequent amendments relating to
shares held by members of the administrative and control by directors and managers with strategic responsibility for Conafi SpA



                                                              Number of shares
                                                                                             Number           Number           Number of shares
                                       Company                 held at the end
     Surname and name                                                                       Of shares       Of shares           Held at the end
                                     Held                           year
                                                                                            purchased           sold                 2009
                                                                  Previous

 Nunzio Chiolo                       Conafi SpA                  23.859.212 (*)                                                     23.859.212
 (Chairman)

 Giuseppe Vigorelli                  Conafi SpA                      70.000                                      36.043               33.957
 (Adviser)

 Giuseppe Vimercati                  Conafi SpA                      75.000                                                           75.000
 (Adviser)

 Laperchia Maria (Manager)           Conafi SpA                     902.438                                                           902.438

(*) Which indirectly 23,859,212




                                          Treasury shares: Buy-back plan


Updating and renewal of share buyback program


During 2009, and implement the share buyback program due to expire April 23, 2009 the Conafi was bought 1,326,583 shares for a total of 1,474,363
euro.
The shares were acquired is subject to the provisions of Articles. 2357 ss. Of the Civil Code, Article 132 of Legislative Decree 58/98 and 144-bis of
Consob Regulation 11971/99, both of the limits and goals laid down by 'de assembly members and the governing body.
On April 29, 2009 the House of Conafi Prestitò authorized the Board of amministrazion and start a new share buyback program, lasting confirmed
until October 29, 2010, with the same purpose as the previous program with respect to which they are were purchased 762,583 shares for a total of
937,927 euro.
At 31.12.09      The Group holds Conafi                                 then No. 02/09 17,136 shares, equal to 6.27341% of the share capital, for a
equivalents amounted to 4,437,755 Euro.
In the month
of             February 2010 were sold             on behalf of HPB Spa                               n. 350,000 shares at a price of EUR 350,000.
during the acquisition by HPB Spa shares owned by minority shareholders of P rogefin Srl Via Advisors Corporate Finance Ltd.
As of March 12, 2010 Conafi Prestitò and has a total number of 2,713,236 shares, equal to 5.83492% of capital. Social




                                                                                                                                                 18
                                                   Reference market

The Italian economy and international
In 2009, they are unloaded on the real negative effects triggered by U.S. credit crunch of 2007, which caused severe strains on credit markets, which
are then transferred to the enterprise system. The contraction of GDP has been generalized with the exception of the emerging economies of China and
India.
For Italy, the contraction of GDP stood at -4.9% while the other major euro area countries have evidedenziato the following changes: Germany -5%, -
3.6% Spain, United Kingdom of Great Britain 3.2%, France 2.2%. Total mind in the Euro Area (27 countries) the contraction stabilized at -4.2%.
The consequences of the recession have been very strong on the employment front, resulting in an increase in the unemployment rate at the end of
2009 has reached 8, 5%.
The turnover of Italian industry in 2009 decreased by 18.7% compared to 2008 (-17.4% -21.6% domestic and foreign markets) as they progressed
worse of - 22.4 % orders. Among the dive rsi areas point out the sharp drop in metallurgy (- 34% trend) coke and refined petroleum products (-
27.6%), machinery (-22.9%), electrical equipment (-21.6%) while their content losses the pharmaceutical (-0.3%) and food (-4% trend). Towards the
end of 2009, we report a 4.7% recovery in orders in December compared with November and December compared to 2008 growth was 10.1%.
The difficulties of the state has a determinate or a strong surge in wage supplementation, which has increased in 2009 by over 300% compared to
2008 add up, between ordinary and extraordinary exception, more than 900 million hours.
Consistent with the low profile of the real economy and positive expectations for most of the year the average annual inflation rate has stood at a 0.8%
for the year 2009, which is the lowest level in recent 50. Towards the end of the year, however, some chapters have shown an upward trend: tobacco
and alcoholic beverages, education, and a negative trend change was recorded for the chapter house, water, electricity fuels.
The debt of our country stood at the end of December 2009 to € 1.761 billion with a ratio of GDP or more than 114%.
While 2009 will be filed as the worst of the last decades of not less than the last months of the year have shown growing signs that testify to the world
economy has started on a path to recovery: improved overall climate of consumer confidence and business and operations of monetary and fiscal
policy have contributed to the development of international trade and to lay the foundations for a general growth of GDP although diverse in 2010.


The monetary and financial market
In 2009 all the monetary authorities and the ECB in pa rticle had a uniform and consistent behavior aimed at stimulating the economy through a
gradual reduction in interest rates and keeping them at a low level. The sharp reduction in the ECB reference rate implemented in 2008 from 4.25% to
2.5% year-end has continued steadily tightened in 2009 with progressive reductions in the months of January, March, April and May, which reduced
the rate of refinancing of banks beginning of the year from 2.5% to 1% for the month of May. The 1% level was then maintained for the remainder of
the year.
On the basis of this behavior of the monetary authorities the interest rates were gradually reduced: the benchmark of short-term rates - Euribor 3m -
has fallen steadily throughout 2009 from 2.57% for the month of January 2009 to 0 , 72% in December 2009.
The behavior of the parameter of reference for loans to medium and long-term implications for the types of loans intermediated by the IRS is Conafi
4Y, showed a trend of simplistic but smaller: the initial level of 3% was reduced by about half a point to the month of February and then fluctuated
around 2.5% remained for the year.
The stock market, which suffered significant downsizing of capital contributions in 2008, began 2009 with a stamped sentiment still bearish and
hitting bottom in March. Starting in April, also on the basis of the positive attitude of market players to the public plans to revive the economy began a
comeback that has covered all the major stock market indexes. The positive trend was then continued for the entire stay of the year on the basis of
encouraging data on business and less pessimistic expectations in relation to the first tentative signs of recovery.
The FTSE Mib was boosted in 2009 by almost 20% compared to 2008 while the remaining European stocks fared even more valuable: London and
Paris 22%, 23% in Frankfurt, Amsterdam 29%, Madrid 30%, 31% Brussels.
In New York the Dow Jones index ended 2009 in line with that of Milan and Tokyo Nikkey the index grew by 19%.

                                                                                                                                                     19
The market for consumer credit
The data provided by Assofin (Italian Association of Consumer Credit and Real Estate) and its associated operators for the year 2009 show a
significant contraction in consumer credit market, which is reduced by 11, 3% from the year 2008 in terms of value of financed operations. The
overall flow of 2009 was € 55.3 billion while the overall number of claims outstanding as at 12.31.2009 has reached € 115.1 billion, an increase of
3.1%, or year-end 2008.
With the exception of the sale of the fifth, all other sectors have achieved a reduction in 2009 compared to 2008: loans aimed at a flow rate of
decrease of € 19.5 billion, 17.7%, personal loans with € 19 2 billion contract by 12.5%. A strong reduction is achieved by revolving loans (-32.1%),
even if they are the least significant component of the sector (€ 0.5 billion) and credit cards, at a flow rate of the € 10.6 billion, decreased 0.6%.
Going against the trend of the fifth compartment of the sale in 2009 recorded a growth of 4.1% over the previous year, reaching a value of funded
operations amounted to € 5.6 billion. The positive performance of T his segment was due solely to the growth component of the pensioners is
increased by 24.8% to € 1.8 billion. On the other hand is the reduction in loans to civil servants / public (-2%) at a flow rate of € 2 billion that prestit ia
private employees (-5.3%) to achieve a flow of € 1.7 billion. E 'interests before now pointed out that the whole of the fifth segment of the supply has
reached a level substantially equal, in terms of size, in its three components - I think born, private and government / public.
The consistency of claims 12/31/2009 compartment of employee loans amounted to € 14.2 billion, an increase of 20.7% compared to 31-12-2008. The
consistency of the debts owed by state employees / public amounted to € 6 billion is the main component of this type of lending being born as a
reference these workers. The component of debts owed by private employees amounted to € 4.3 million while the consistency in the comp nts of
pensioners - please note - can access this loan only since 2007, amounted to € 3.9 billion, an increase of 49 % compared to 2008.
With reference to the average amount of loans reported to underline that the state / public is € 19,600, that of individuals to € 16,200 while the
pensioner is equal to € 15,300.
With regard to distribution channels Observatory Assofin notes, referring to the 2009 flows, that 57% of the volume was received by agents and
brokers, 21% from the bank counter and 22% by specialized Pos.
The breakdown of flows by region of origin shows Sicily with a market share of 14.6%, with 12.9% in Campania, Lombardy and Lazio respectively
with 11, 6 and 11%, 5% .




                                       Legal and regulatory
The need for a clear definition and a completion of the rules that regulate the activity of the var operators in the field of consumer credit has become
progressively felt more strongly in the first half of 2009, partly due to feared serious consequences consumer of the ongoing financial and economic
crisis.
The approach adopted with a clear determination by the Bank of Italy, the parliamentary discussion and debate of legislation have in fact created the
conditions that will lead to a significant impact on the financial sector will help to reduce competitive asymmetries that currently exist between the
different operators, for improve professional standards and the protection of users of banking and financial services, transparency and fairness of the
relationship between brokers and clients, in a context of tighter controls and extended by the Authority of Vigi lance.



The main statutory
With the aim of transposing the European Directive 2008/48, following a long and intense political debate and at the end of a complex parliamentary
activity, will be shortly introduced by the government (by proxy inserted into. Law No. 33 of 07.07.2009 88) important innovations of great
significance and scope, related to the protection of consumer financial products and services (called the "weaker party"), the redefinition of the
framework of activities and actors in the financial sector and the revision of mediators disciplinadei credit and financial agents.



The operations of the Bank of Italy
Even with regard to the implementation of the indications of the EU Directive 2008/48, as part of its institutional duties, the Supervisory Board has
repeatedly drawn attention on some fundamental issues on which regulate the functioning of the financial sector, in particular with regard to the
relationship between the agent and the client, the conditions

                                                                                                                                                          20
offer pricing of financial products and services, as well as the responsibility of the intermediary for monitoring the activities of all entities that make
up the marketing chain.
Were reviewed and the entire discipline of transparency and fairness of the relationship between intermediaries and clients (issued in late July 2009 to
replace the old one dating back to July 2003) that the instructions on the survey of rates of charge (TEG) average rate used for the detection threshold
for the law to wear (in force since January 2010) with a more comprehensive and complete definition of costs that relate to finance.
With reference in particular to the area of employee loans, the Bank of Italy has placed first in individual measures to be progressive and addresses of
the operators, including at the meetings with trade associations, and then provided detailed information through the enactment in November 2009 of a
communication addressed to all banks and financial intermediaries, which appeals to full compliance with the rules governing the industry and the
adoption of appropriate and insightful controls on sales networks esterne.In particular, communication of the Bank of Italy is inspired by anomalies
and irregularities in the activities of supervision and identify the "best pract ices" that operators are required to pursue, urging the introduction of
corrective measures to remove any non-compliant practices.
It also reaffirms the full responsibility of the payer on the overall activities of c When positioning put in place by the distribution chain (formed by both
intermediaries art. 106 that financial agents ediatori em credit) and the need to oversee the operational and reputational risks inherent in irregular or abnormal
behavior arising from the distribution chain.

As indicated in the document of the Bank of Italy is for banks, financial intermediaries, agents and brokers active in the transfer of the fifth, an
element of careful reflection and involves taking corrective actions, as the systematic violation of legal provisions and regulations of the area, where
found, can lead to the activation of administrative enforcement and penalty.


The information referred to in the Document Bank of Italy / Consob / Isvap No 4 of 4 March 2010

With particular reference to the continuing financial crisis and the significant deterioration in credit quality of the Supervisory Authority, the Joint
Paper No.4 of March, reiterated the need for greater transparency on c highlight the risks and uncertainties that are subject ate mainly in listed
companies regarding the information on the evaluations of the budget.
In that document draws attention to the Directors to pay particular attention to assessment of goodwill, equity investments and assets available for
sale. This information t is reported in this budget, in the context of the notes in the section on specific topics.
The theme of continuity and 'finally dedicated to a specific pargagrafo in sect. 4 of Part A of the notes in which he points out that both the separate
financial statements of Conafi Spa that consolidated financial statements have been prepared in a perspective of business continuity and that, despite
the losses incurred during the year, there is no evidence that they can deprive under this assumption.




                                                                                                                                                             21
                                          The 2009 consolidated production


                                                              1. Production

The structure of this paragraph provides for the separate analysis of the operations of finance to households (consumer finance) and funding / services
aimed at businesses (Corporate Finance).




                                                    Loans to households


Loans made / placed to 31/12/09


Type of products
The tables below shows the volume of sales of financial products on a comparable scope of consolidation. It declares that the data relating to
companies acquired during the previous year relate to the production of the entire year rather than just the period after their acquisition.
The performance of different types of products offered by the Group is shown in the following tables:


                                                   31/12/09                                31/12/08                       Changes        T / T-1
         Items / Values               Number of            Upright           Number of             Upright           Number of            Upright
                                       practices            Gross             practices             Gross             practices             Gross

              FPA                      2.271            42.451.429              2.782           43.429.464            (18.4%)               (2.3%)
              CQS                      1.319            32.364.747              2.024           39.074.665            (34.8%)              (17.2%)
               OF                        311             7.183.440               386             8.663.376            (19.4%)              (17.1%)
             Other                       377             3.931.450              2.416           23.221.304            (84.4%)              (83.1%)

              Total                    4.278            85.931.066              7.608          114. 388.809           (43.8%)              (24.9%)
Others: inclusive of Personal Loans

The product that has suffered most from the decline in sales was the Loans (including in other product), which decreased by 86, 2% in terms of no
practical intermediate. The assignment of salary and loans against pension fell in terms of number of practical intermediate, respectively, by 34, 8%
and 18.4%.
The delegation of payment but have now compared to 2008 decreased by 19.4%.
Overall, 2009 saw a decrease of production in terms of gross column of 24.9% over the previous year.



                                                   31/12/09                                31/12/08                        Changes       T / T-1

         Items / Values               Number of                              Number of                               Number of
                                                           Actuals                                 Actuals                                  Actuals
                                       practices                              practices                               practices

           Mortgages                      13                  1.081.764           69                  6.298.748       (81.2%)                (82.8%)

The loans listed in the table refer to loans brokered in favor of private clients from Uniprestit Spa in liquidation.
It should be noted that inputs from Uniprestit Spa Progefin Srl in liquidation and are considered related to placement for third parties and therefore
excluded from the representation of the following tables.

                                                                                                                                                         22
Method of placement and delivery
Excluding the distribution of third party products (for third parties) the placement of the Group finanziament Conafi observed in the mode of
recruitment was conducted through the use of revolving credit line granted by leading financial institutions clients.


                                                  31/12/09                               31/12/08                     Changes      T / T-1
         Items / Values              Number of            Upright           Number of            Upright         Number of             Upright
                                      practices            Gross             practices            Gross           practices             Gross


            Indirect                   3.479           73.673.832             5.192            89.605.392         (33.0%)             (17.8%)


             Total                     3.479           73.673.832             5.192            89.605.392         (33.0%)             (17.8%)




Industry
The following table shows the breakdown of production, except for third parties, by sector of the score.


                                                  31/12/09                               31/12/08                     Changes      T / T-1
         Items / Values              Number of            Upright           Number of            Upright         Number of             Upright
                                      practices            Gross             practices            Gross           practices             Gross

       Other government                 109             2.354.640               107             2.390.400          1.9%               (1.5%)
            Seniors                    1.996            36.842.196             2.661           40.905.264           (25.0%)           (9.9%)
             Private                    341             6.131.220              1.489           23.102.916           (77.1%)           (73.5%)
             Public                     644             16.849.944              717            17.333.568           (10.2%)           (2.8%)
              State                     389             11.495.832              218             5.873.244            78.4%            95.7%
             Total                     3.479            73.673.832             5.192           89.605.392           (33.0%)           (17.8%)




Region
The following table shows the production of the Group, excluding the placement of third party products distributed according to the territorial
criterion. The breakdown by region shows the highest concentration of funding, in terms of number of intermediate practices in the South with 39.3%,
followed by the Centre with 33.6% and finally the North with 27.1%.


                                                  31/12/09                               31/12/08                     Changes        T / T-1
         Items / Values              Number of            Upright           Number of            Upright         Number of               Upright
                                      practices            Gross             practices            Gross           practices             Gross

             North                      942            20.251.200             1.353            24.324.504         (30.4%)             (16.7%)
             Center                    1.170           21.769.152             2.045            32.762.016         (42.8%)             (33.6%)
              Sud                      1.367           31.653.480             1.794            32.518.872         (23.8%)              (2.7%)
             Total                     3.479           73.673.832             5.192            89.605.392         (33.0%)             (17.8%)




                                                                                                                                                 23
Duration of funding
The following table shows the production of the Group, excluding the placement of third party products distributed in accordance with the original
term of the loan.


                                                     31/12/09                                 31/12/08                    Changes        T / T-1
         Items / Values                Number of              Upright            Number of           Upright         Number of            Upright
                                        practices              Gross              practices           Gross           practices            Gross

            <= 5 years                     480              4.427.436               1.342         10.648.572           (64.2%)            (58.4%)
            > 5 years                     2.999            69.246.396               3.850         78.956.820           (22.1%)            (12.3%)
              Total                       3.479            73.673.832               5.192         89.605.392           (33.0%)            (17.8%)


As shown in the table above, there was a smaller reduction in long-term loans of less than 5 years. The long-term loans in 2009 were made in terms of
gross column, 94% intermediate practices.




                                              Finance and business services

The provision of financial services dedicated to businesses and professionals (Leasing, Hire operational, Factoring, Mortgages industry, Guarantees
etc.), the area of extraordinary finance (IPO, M & A, valuation of businesses, investments, etc.) and facilitated financing, showed a marked increase
over the same period in 2008.


Business financing
As part of the Finance Meeting, the Group achieved revenues of € 231.4 m rmediazione through integrated product for the enterprise (Leasing,
Guarantees, etc. Factoring for a total of No. 104 practices) and revenues of 467, 7 m € by consulting activities carried out by Italy Alta Services Ltd


Business services
The M & A, company valuation, and plans ication Strategic put in place by Via Advisors Corporate Finance Ltd has given advice to the Group
revenues in Finance Extraordinary equal to 506 m € an increase of 55.4% compared to ' previous year. The work of Euris Eur Ltd operating under the
Finance Facilitated resulted in revenues of € 899.5 m


                                                     31/12/09                                 31/12/08                    Changes        T / T-1
         Items / Values                Number of              Proceeds           Number of          Proceeds         Number of              Proceeds
                                        practices             Gross               practices          Gross            practices              Gross

        Finance Ordinary                   104               699.077                  90            227.932            15.6%                206.7%
     Extraordinary Finance                                   506.000                                325.530                                  55.4%
       Facilitated Finance                 100               899.520
              Total                        204              2.104.597                 90            553. 462           126.7%               280.3%




                                                                   2. Staff

At 31 December 2008 the Group Conafi had a workforce of 166 workers in the project. At 31.12.09 resources Teeth 149 employees, 13 temporary
risultanop total unchanged at 166 units and 10 project workers.                                           and 4 of 152 employees, 4 temporary
The units' used in the group part-time (part time) were 46 and 70 of 31.12.08 to 31.12.09.




                                                                                                                                                       24
    Analysis of the economic and financial position Conafi


The data of the balance sheet and income statement as at 31.12.09 have been prepared in accordance with the AGL IAS / IFRS and are compared to
data from the consolidated balance sheet as at 31.12.08.
In applying the principle of "consistency pr esentation" (which states that if a policy of pre presentation or classification changes the change must be
applied, where possible, the previous year) it is stated that in this budget have been made some policy changes in classification of certain balance
sheet values, but these are mere reclassifications that did not produce different effects on the previous budget and capital in economic terms. For more
details please refer to Part A-Section 2 "inform ative benchmarking" of the Notes to consolidated ta and "Budget Attachments".
Note also that the patterns are those required by the new instructions for the preparation of balance sheets of financial intermediaries entered in the
special issued by the Bank of Italy on 16 December 2008 which updated the Instructions attached to the Rules of 14.febbraio 2006.
We report here are some tables with the main economic aggregates and asset followed by a brief description of the major differences occurred
between the two reference periods.
To reconcile the data reported in the synthetic data shown in the financial statements reported below the list of combinations made:
In the income statement:
                           -   Net impairment losses on fixed assets: the sum of 120 and 121
In the balance sheet:
                           -   Fixed assets: the sum of 100 and 110 of
                           -   Other activities: the sum of 120 and 140 TA TiVo
                           -   Other liabilities: total of items 70 and 90 of the pass ivo
Data analysis should be noted that, unlike 2008, the income statement of 2009 also includes the economic contribution of newly acquired companies,
meaning those companies acquired in 2008 or subsequently in 2009 (Euris Europe Srl, Uniprestit Spa in liquidation, and Conafi Srl Via Advisors
Network Development Services Ltd and Northern Italy Srl) and thus contributed to the income statement of 2008 only partially.
In particular, the 2009 income of these companies shows a gross income of atomic aggregates € 1,833 m (645 m € in 2008), a loss from operations
before taxes in € per 401 m (74 m € in 2008) eu na net loss of € 523 m (56 m € in 2008).
For a better presentation and reading of the consolidated financial statements should be noted that, consistent with the instructions of the Bank of Italy
for the compilation of the Regulatory Reporting (including between commission income also received fees for financial advice to businesses), we
decided to rank among the committees also net income and direct expenses relating to activities carried out by consulting ocietà s subsidiaries
operating in the areas of financial za ordinary, extraordinary and facilitated.




                                                                                                                                                      25
12/31/2009 INCOME STATEMENT

                         Condensed income statement: VALUES                                       31/12/09          31 / 12/08     % Change

Net interest income                                                                                   1.249           3.977           (68.6%)
Net commission income                                                                                 7.397           7.849            (5.8%)

Operating income                                                                                      8.677          11.827           (26.6%)

Administrative Expenses                                                                            (11.479)          (13.099)            (12.4%)
Net provisions for risks and charges                                                                 (76)               (40)            90.0%
Net impairment losses on fixed assets                                                              (1.826)            (250)            630.4%

Net adjustments to loans                                                                           (4.286)            (951)            350.7%

Other income to come from the management                                                            (135)               362           (137.3%)

Operating profit                                                                                   (9.125)           (2.151)           324.2%
Income Taxes                                                                                         389                12            3141.7%

Net income (loss)                                                                                  (8.736)           (2.139)           308.4%

Net income (loss) attributable to minority interests                                                (113)               (24)           370.8%
Net income (loss)                                                                                  (8.623)           (2.115)           307.7%

                       Condensed income statement: INDICATORS                                     31/12/09          31 / 12/08     % Change

Cost to income ratio                                                                               205.2%            118.2%             73.6%

Administrative costs, total Operating Income                                                       132.3%            110.8%             19.4%
Personnel expenses / Operating Income                                                               73.9%            5 4.9%             34.6%
Other administrative expenses / ine marginal intermediation                                         58.4%            5 5.9%               4.6%

Other administrative expenses excluding advertising expenses / Operating Income                      44.2%             2 8.2%            56.9%
Operating profit / Operating Income                                                               (105.2%)           (1 8.2%)          478.2%
ROE (net income / equity)                                                                          (11.4%)           (2.5%)            356.5%


The consolidated net result for 2009 shows a net loss attributable to the Group of € 8,623 m, compared with a net oss p € 2,115 m in 2008.
The result was a whole of the tensions that have invested the financial and economic system and the anomalies that still have characterized the field of
employee loans, with particular reference to the shortsighted behavior of some operators.
The loss also incorporates both the effects of some elements of non-recurring and extraordinary character that led to a significant negative impact
totaling approximately 6.9 million euro, that the contraction in net interest income of € 2,728 m (-68 , 6%), partly due to the reduction of g iacenza
average liquidity of the current account but mainly because of the known dynamics of the markets and the resulting fall in interest rates.
At the operating margin (which coincides with the result of gross Orrente c) a negative € 9,125 m (compared to a loss of € 2,151 m for the year
preceding nt), in addition to the aforementioned lower contribution of the treasury, have in fact contributed to:
- higher charges for some 2.2 million euro in the management of the portfolio of loans intermediated and the lapses recorded as a result of further
  attention and addresses provided by the Supervisory Body (Notice to banking and financial intermediaries of 11.10.2009);
- more write-downs of approximately EUR 3.4 million made in view of the downturn that occurred during the year and the general deterioration in
  the quality of c ADEQUATE INCOME, both in respect of loans intermediated and placed a mandate with the provision of collected is not
  collected for specific risks related to situations of suffering and grounding;
- write-down for approximately EUR 1.3 million of goodwill arising from business combinations recorded in the past, as a result of prudent
  application of valuation methodologies in the light of the downturn that occurred in the performance on the field of corporate finance, leading to
  reschedule programs Development Group, and also reiterated the recommendations in early 2010 by the vigilance and control.




                                                                                                                                                    26
The brokerage commission income amounted to € 7,397 m against € 7,849 m the previous year or a decrease of € 452 m (-5.8%). This change includes both the
'positive effect due to the increase in net revenues for the competence of companies acquired during 2008 to € 1,196 m eff ect that the loss of € 2,087 m higher
costs of those non-recurring items (major and deferred income debts in the face of portfolio management and lapses) recorded as a result of the analysis
conducted on the portfolio of outstanding loans at 31.12.2009 on the basis of what is required by the Supervisory Body. Net commissions management arising
specifically from the placement of financial products and expertise of the only companies Conafi, Italifin Alba and financial analysis rather than the growth in
2008 both in terms of absolute (about 1.2%) and in terms of impact on the post of gross loans (from 6.6% to '8.7%) due to trade policies implemented and
decisions regarding the product portfolio resulted in a significant increase in profitability of the operations f inancing intermediate.
Total revenues recorded a 26.6% reduction. When purified by the above effects of revenues from newly acquired companies and non-recurring
charges recorded as a reduction in brokerage commissions would have had a decrease of 20.2%, largely due to the contraction in net interest income
due to the downward trend in interest rates.
Administrative expenses amounted to € 11,479 m (€ 13,099 m as at 31.12.08), a decrease of 12.4% compared to 2008 due to reorganization of the
interventions implemented and cost optimization of structure. As part of administrative costs, staff costs (120th entry), which include costs for
employees and temporary, have been reduced by only 1, 3% as incorporating the effect of substantial investment for the realization of I lend and
Tuttoconsulenze projects, whose costs have not been fully capitalized but expensed in the period. In the context, then, other administrative expenses
(Item 120b), decreased by 23.3%, we highlight the strong cost containment programs advertising (-62.3%) largely focused on the development of
these projects.
Please note that the fees relating to directors and auditors amounted to € 1,595 m in 2009 (1,099 m € in 2008) and include
fees the responsibility of the newly acquired company (equal to 649 m in 2009 and € 228 m € in 2008).
Net provisions for risks in 2009 amounted to € 76 m, 15 m € cos Titu from net provisions for indemnity.
The net adjustments for impairment on loans include both the collective write-downs effected against loans intermediated and placed a mandate with
the clause in the Covenant does not apply for the collected "(item 100) is the specific adjustments related to claims in grounding, suffering and past
due over 90 days (item 100), as required by the Instructions of the Bank of Italy. The first amounted to € 2,985 m (190 m € of 31.12.08) and the latter
to € 1,301 m (761 m € of 31.12.08).
The total amount of write-downs for impairment on loans (amounting to € 4,286 m) inclusion of the largest appropriation estimated at about € 3,380
m to be made in respect of loans intermediated and placed a mandate with the provision of collected is not collected for for risks related to specific
situations of grounding and suffering.
In view of the downturn that occurred and the general deterioration in credit quality, it was considered prudent to review in light is that some
writedowns on the devaluation made collective security for the unpaid tax levied, respectively, by additional appropriations for 1615 and € 1,765 m m
€.
Value adjustments on fixed assets as at 31.12.09 amounted to € 1,826 m, against € 250 m in the previous year, an increase largely due to the
impairment of goodwill of € 1,370 m from the acquisition of subsidiaries erivanti Uniprestit Spa liquidation, and Progefin Srl Via Advisors Ltd and
the business unit operating in the mortgage industry (sold by the Red Spa). 2009 Depreciation of newly acquired companies amounted, however, to
128 m €. (30 m € in 2008).
With the exception of goodwill write-down of € 207 m ation of Uniprestit Spa in liquidation, zeroed after the liquidation of the company occurred in
the month of DIC Embree 2009, value adjustments relating to controlled Progefin Srl (EUR 248 m €), Via Advisors Ltd (equal to 413 m €) and the
business unit (equal to 502 m €) dall'effettuazi one result of the impairment test on their carrying value (for the treatment of which the details can be
found in A-Accounting Policies-Section 4-Other matters).
Please note that the negative effects of the economic situation that occurred in 2009 in the corporate finance sector, the consequent reshaping of the
Group's development programs and also reiterated the recommendations in early 2010 by the vigilance and control have resulted in a particularly
stringent valuation methodologies notwithstanding the strong interest in investments and growth of the project Tuttoconsulenze.
Income tax for the year 2009 show a positive balance of 389 m €. The amount includes the positive effect of IRES to 533 m € (tax assets arising in
the exercise) and the negative effect of the IRAP 1 44 m € .. However, indicates that the group's tax losses amounting to € 1,768 m were allocated
prudently no I do not know their tax liabilities.
For more details and information on the dynamics of balance sheet items refer to the tables in the Notes to the consolidated financial statements.
As for the comments relating to 'the evolution of production is carried out with the annual report refers to the part devoted to it.
Referring to the recommendation of the CESR 105-178B Conafi Prestitò SpA has decided not to accede to Dov er power given to listed companies to
use alternative performance indicat gold other than those already provided in this report.



                                                                                                                                                           27
BALANCE 12/31/2009

                                       Assets                                                        31/12/09          31/12/08        DELTA%

Cash and cash equivalents                                                                                6                12            (50.0%)

Financial assets held for trading                                                                        0                 6            (100.0%)
Financial assets available for sale                                                                     401              153               162.1%
Credits                                                                                               84.665            95.133          (11.0%)
Assets                                                                                                 3.653             3.707           (1.5%)
Other activities                                                                                       8.021             9.540          (15.9%)
TOTAL ASSETS                                                                                          96.746           108.551          (10.9%)

                         Liabilities and shareholders' equity                                        31/12/09          31/12/08        DELTA%

Debts                                                                                                 13.152            13.721           (4.1%)
Other liabilities                                                                                     14.613            10.124           44.3%

Provisions for risks and charges ie TFR                                                                 854              827                3.3%
Shareholders' equity                                                                                  68.042            83.580          (18.6%)
Minority Shareholders                                                                                   85               299            (71.6%)
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                            96.746           108.551          (10.9%)


The total assets of the Group at 31 December 2009 amounted to € 96,746 m, a decrease of 10.9% compared to 31 December of the previous October.
The credits, which overall are down 11%, including both loans to banks, amounting to € 73,223 m and 85,254 m at 31.12.09 to 31.12.08 €, which
accounts receivable amounted to € 9,012 m to 31.12. 08 and € 9,869 m in 31.12.0 8.
The net financial position as at 31.12.09 amounted to € 65,009 m against € 75,629 m in 2008 with a decrease of 14%. The change is 'largely due to the
reduction of bank account balances, as can be seen from the chart of the consolidated financial statements and' changed to 14.5 million euro,
operational management has absorbed a total of 7.2 million euro (of which 5.1 million to increase circulation); 1.8 million was spent on investing
activities (mainly purchases of investments and businesses); 1.5 million for the purchase of shares and per Prie, Finally, 4.2 million of dividends.
The item of property, welcomes the increase in goodwill arising from acquisitions lle took place during the year amounted to 986 m €. and opposite
sign, or the devaluation resulting dall'impairment test conducted in accordance with IAS 36 amounted to € 1,370 m of which has been widely
discussed in the Notes Section 4-Other matters.
Other assets include deferred tax assets as at 31.12.09 to € 4,625 m and 3,395 m € for various activities, co mplessivamente registering a decline of
15.9%. Tax assets welcome ono, compared to 2008, a further depreciation of deferred tax assets with shareholders' equity (IAS 12 para. 61) to € 981
m, relative to the costs incurred for the court held tion. The tax loss for 2009 currently makes it prudent not to consider the full recovery of deferred
taxes on these expenses, specifying, however, that if in the future likely to become the realization of sufficient taxable income will proceed to the
reversal of the devaluation made previously (IAS 12 par.56 ). For the same reason there were no deferred tax assets on tax losses.
The debts, which were reduced overall by 4.1%, mainly welcomed the reduction of debts owed to institutions principals to € 1,469 m (incas and
extinction rate for sate) and, on the other hand, the increase in amounts due to customers 831 m € (for reimbursement of fees and reimbursement of
expenses as a result of lapses).
Other liabilities, increased overall by about 44.3%, meet the operating liabilities such as debts to banks, suppliers, brokers and deferred income. The
increase is due mainly to higher provisions for bad debts and higher deferred income recorded against the portfolio management and lapses (as
already stated in comments to the income statement).
Provisions for risks and charges have remained largely unchanged over the previous year.
The decrease in shareholders 'equity, as evidenced in detail in the "statement of changes in shareholders' equity at 31.12.09" amounts to 15,538 m €.
The main changes include Mr ning the distribution of dividends to the parent Conafi € 4,185 m, the purchase of own shares for € 1,475 m, the net loss
attributable to the Group's 2009 m € 8623 p er and finally the reduction of share premium actions concerning the impairment losses on assets to
advance im posed to 981 m €. Il


                                                                                                                                                     28
net assets attributable to the Group was further reduced to EUR 262 m € (t ransaction equity reserves) following the detection of the put option
exercisable by the members of Via Advisors for the sale of 49% to the subsidiary HPB. The transaction is subject to fairness and 'finally increased to
€ 31 m following the acquisition of 24.5% share of the already controlled Uniprestit Spa in liquidation.
The minority interests amounted to € 85 m and consists of share capital and reserves for loss and 198 m € 113 m € for the year 2009. Referring first c
ited put option, which in essence is not a derivative but rather 'a financial liability (315 m €), and is' charged the affect ence of minority shareholders
(of Via Advisors Ltd) until their competition book value (53 m €). The purchase of 24.5% of the spa Uniprestit first mentioned involved the use of
minority interests for € 63 m.
As required by international accounting standards between the reductions in shareholders' equity in the acquisition of treasury shares, which on 31
December 2009 amounted to € 4,438 m. For more information, please refer to a part of the annual report where they are given updates on buy back
plan in progress.
For more information on the composition or movement of balance sheet items refer to "Part B: Balance Sheet. "




Net Financial Position 12/31/2009

                                         Items / Values                                            31/12/09            31/12/08        % Change

Cash                                                                                                   6                  12              (50.0%)

C / C matching assets                                                                               65.807               80.398           (18.1%)

Financial liquidity (A)                                                                             65.813               80.410           (18.2%)
C / C matching passive                                                                               (46)                 (18)            155.6%

Net financial liquidity (B)                                                                         65.767               80.392           (18.2%)
Funding ongoing accreditation                                                                       7 .416               4.856            52.7%

Due to prepayments and repayments                                                                  (8 .174)              (9.619)          (15.0%)
Net current financial year (C)                                                                       (758)               (4.763)          (84.1%)

Net Debt (BC)                                                                                       65.009               75.629           (14.0%)




Reconciliation between net assets and the outcome of the parent Conafi SpA
and consolidated to December 31, 2009

amounts in € m
                                                                                    Capital and              Result        of
                                                                                                                                   Shareholders' equity
                                                                                     reserves                  period
Individual equity Conafi                         SpA                                    77.788                 -7.859                     69.929
Differences between the book value and equity of companies
consolidated line by line
a) Goodwill                                                                             (3.419)                                           (3.419)
b) Net earnings of consolidated companies                                                 (864)                                           (864)
Profit for the period of consolidated subsidiaries (the relevance of
                                                                                                               (2.158)                    (2.158)
Group)

Consolidation adjustments
a) Reversal of impairment of goodwill and
other                                                                                                           1.391                     1.391
b) Goodwill                                                                              3.419                                            3.419
c) Elimination of intercompany profits                                                      (16)                  5                          (11)
d) Reserve for equity transactions                                                        (231)                                             (231)
e) Other changes and differences                                                           (12)                  (2)                         (14)
Total Consolidated financial statements                                                 76.665                 (8.623)                    68.042


                                                                                                                                                       29
                                                    Group companies

For the purposes of this Annual Report we point out that the relationship between the companies belonging to the Group Conafi are commercial, and
financial services rendered to market conditions. For the purposes of preparation of the consolidated these operations are subject to elimination as
envisaged by the techniques of data consolidation.
The companies subject to management and coordination by all Conafi SpA fall within the scope of consolidation.
In particular, with reference to the most significant transactions, the parent Conafi SpA relies on the performance of brokerage Italifin Srl of business.
There are also reports to the funding of Conafi SpA subsidiaries Italifi n Srl, HPB SpA, savings and market conditions as well as membership
payments capital account to the companies.
The economic and financial transactions between the parent Conafi SpA and its subsidiaries are described in Section 6-Related-party transactions of
the Notes to the consolidated financial statements and separate financial statements of Conafi SpA


Information on transactions with related parties, whose definition has been extended in accordance with IAS 24, required by the Consob
Communication of July 28, 2006 are presented in Section 6 - Related party transactions of the Notes to the consolidated financial statements and
individual Conafi SpA
On the basis of information received by the Group companies, were not detected at IPIC or unusual transactions, as defined by Consob.
Below is a summary of the data of the companies controlled directly or indirectly from Conafi SpA stating that the information provided in the follow
up report is also intended as segment information required under IFRS 8 in view of the fact that the Group Conafi identified in the company CGU op
operatives themselves.


Italifin Srl
The company, financial agents and media credit hours is active in the transfer of salary and payment of the delegation. Through the brand name "Pr
barber" The acquisition of the stake in talifin Conafi Group has set up a sales network capable of acquiring customers through direct public activities
icitaria. In 2009 the company 'has acquired, through transfer of business, the business of a company specializing Intermar brokering mortgages.
In these consolidated financial statements starting the "Branch mortgages rose in the business combination and, equal to 502 me, 'however, been fully
written down.
Italifin and 'controlled by Conafi SpA, which owns 100% of the capital.
Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.
(In euro)




                                                                                                                                                      30
Balance 12/31/2009

                                               Assets                                                       31/12/09               31/12/08

Cash and cash equivalents                                                                                      582                   1.000
Credits                                                                                                      583.721                581.669
Assets                                                                                                       649.433                112.212
Other activities                                                                                            1.307.480              1.312.939

TOTAL ASSETS                                                                                                2.541.216              2.007.821

                               Liabilities and shareholders' equity                                         31/12/09               31/12/08

Debts                                                                                                       1.255.313              1.183.050
Other liabilities                                                                                            241.995                266.053
Provisions for risks and charges and severance pay                                                           52.417                 81.976
Shareholders' equity                                                                                         991.492                476.743
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                  2.541.216              2.007.821




                                        Income Synthetic                                                    31/12/09               31/12/08

Net interest income                                                                                         (26.366)               (19.084)
Net commission income                                                                                       1.350.012              2.035.683

Operating income                                                                                            1.323.646              2.016.599
Administrative Expenses                                                                                    (1.189.898)            (4.606.771)

Net impairment losses on fixed assets                                                                       (48.268)               (35.922)

Net adjustments to loans                                                                                    (19.509)                (3.399)

Other income to come from the management                                                                     23.977                 10.853

Operating profit                                                                                             89.948               (2.618.640)
Income Taxes                                                                                                (74.782)                723.627

Net income (loss)                                                                                            15.166               (1.895.013)


The increase in assets, compared to Back institution, primarily reflects the acquisition of the business loans that generated a goodwill of € 502 m,
while the final red uction of assets (excluding profit for 2009) amounted to 1,395 m €, 'due in part to the contribution of capital by the parent Conafi
of 500 m € and in part to the carryforward of prior year losses of € 1,895 m regard to the income statement indicates that the management It highlights
a gross profit of 89 m €. In 2009 the company has taken measures to contain operating costs imento including, first and foremost, advertising
expenditure and that 'reduced by 2,159 m €. and secondly, the cost of staff who has suffered a decline of 65.5% due to the reduction of staff. At the
operating margin, however, have contributed in different ways the "branch mortgage and the" branch of the sale of the fifth. " The first produced a
negative res ultato of about 200 m € not earning it the 2009 no income while the latter has achieved a profit of about 290 m €.
Following the downturn of the corporate sector and is' therefore consider it necessary to devalue the goodwill relating to the "Mortgage insurance" in
assessing the negative predictions of future cash flows in light of the redefinition of the business itself that will be implemented within the Group .
Considering the impact of the goodwill impairment charge of operating the re sults would have been negative for about 410 m €.




                                                                                                                                                    31
Alba Finanziaria SpA


It is controlled by Conafi SpA, which holds 10 0% of the shares.
The Company constituted on 18.07.2007, is recorded in the general list under Article. TUB 106 and has as main objective the provision of loans or
placement FPA, CQS and DP, including through the signing of special agreements with the main social security institutions and with the most
relevant public and state government to offer to members and customers more for pensioners conditions required by those conventions.
Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.
(In euro)

Balance 12/31/2009

                                              Assets                                                    31/12/09              31/12/08

Cash and cash equivalents                                                                                 384                   260
Credits                                                                                                1.386.538             1.245.771
Assets                                                                                                      0                   1.200
Other activities                                                                                         77.930                41.528
TOTAL ASSETS                                                                                           1.464.853             1.288.759

                               Liabilities and shareholders' equity                                     31/12/09              31/12/08

Debts                                                                                                   132.071                87.402
Other liabilities                                                                                       159.415                75.526
Shareholders' equity                                                                                   1.173.367             1.125.831

TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                             1.464.853             1.288.759

                                        Income Synthetic                                                31/12/09              31/12/08

Net interest income                                                                                      9.965                 27.623
Net commission income                                                                                   112.868                25.306

Operating income                                                                                        122.833                52.929
Administrative Expenses                                                                                 (51.545)             (149.509)

Net impairment losses on fixed assets                                                                    (1.200)               (1.380)

Net adjustments to loans                                                                                 (2.288)                  0

Other income to come from the management                                                                  (754)                (1.906)

Operating profit                                                                                         67.046               (99.867)
Income Taxes                                                                                            (19.508)               27.234

Net income (loss)                                                                                        47.538               (72.633)


In 2009, the Company has paid no 92 finanziament the mast for a gross total of 1,876,020 euro. These funds have been educated in the first four
months of the year when market conditions permit. Since May 2009 the company had to suspend operations because of the disappearance, following
the trend of rates, a margin considered profitable. The suspension of operations has been maintained, for the aforementioned reasons, ven in early
2010.




                                                                                                                                              32
Business Investments Holding SpA


The company is controlled by Conafi SpA owns 100% of the shares.
The company formed on 22.10.2007, has entered the general list of art. 113 of Legislative Decree 385/93, is founded with the purpose of making
equity investments in companies with business instrumental to the development plan Conafi Prestitò SpA
Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.
(Amounts in Euros)

Balance 12/31/2009

                                               Assets                                                         31/12/09               31/12/08

Credits                                                                                                       645.786                 228.232
Investments                                                                                                  1.511.623               1.989.405
Other activities                                                                                              106.339                  3.098

TOTAL ASSETS                                                                                                 2.263.749               2.220.734

                                Liabilities and shareholders' equity                                          31/12/09               31/12/08

Debts                                                                                                         567.258                2.000.000
Other liabilities                                                                                              34.757                 104.406
Provisions for risks and charges and severance pay                                                            196.154                    0
Shareholders' equity                                                                                         1.465.579                116.328

TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                   2.263.749               2.220.734

                                        Income Synthetic                                                      31/12/09               31/12/08

Net interest income                                                                                           (29.218)               (29.691)

Operating income                                                                                              (29.218)               (29.691)
Administrative Expenses                                                                                      (232.998)               (117.756)

Net provisions for risks and charges                                                                         (196.154)                   0
Other income to come from the management                                                                         1                      (1)

Operating profit                                                                                             (458.369)               (147.447)
Gains (losses) on investments                                                                               (1.195.292)                  0

Income Taxes                                                                                                  102.911                  (425)

Net income (loss)                                                                                           (1.550.750)              (147.872)


In 2009 the company made acquisitions in the corporate sector with particular reference to the field of technical services to groups of guarantee
trust. Overall, however, its subsidiaries, as the most 'well pointed out, have not yet produced the desired results. In late December 2009, the
company 'Uniprestit Spa (now Uniprestit Spa in liquidation) and' went into liquidation. Since 'the value of participation and' negative effect of
operating losses involving the same, amounting to € 422,101 has been cleared.
Taking into account the context of crisis in the leasing sector in which the Progefin Srl and that the value of the depreciation can not be recovered in a
short period of time, the directors have considered it prudent to devalue the HPB were previously enrolled in the entire euro 363,791. The
participation of Via Advisors Ltd. and 'was fully depreciated.
Participation in other subsidiaries on n were instead written down, because, despite having achieved losses in 2009 (although the amounts are not
significant), companies are still in the phase of s tart up. It is therefore considered that the losses have contingent nature of value and that is
reasonably likely in the short term the other investee companies are expected to achieve positive economic results. With regard to subsequent events
occurring after the balance sheet should be recalled that on January 28, 2010 the company sold a 30% interest in the s ocietà Network and Business
Ltd at a price of EUR 7,500. Currently, the participation and 'then 70%.




                                                                                                                                                      33
February 11, 2010 The HPB has acquired the remaining 49% of the subsidiary Advisors Srl Via upon exercise of the put option by the shareholders of
the latter. The payment of the consideration and 'took place through the transfer by Conafi Spa, by way of dation in payment of 320,000 shares (as
part of the HPB sold at a price of 1 euro each).
On February 24, 2010 the Company acquired 40% of Progefin Srl becoming so 'the only shareholder. The payment of the consideration and 'the case
for the market share of 30% through the transfer by Conafi Spa, by way of dation in payment of 30,000 shares (as part of the HPB sold at a price of 1
euro each) and the share of 10% in cash in an amount equal to EUR 10,000.
During the first months of 2010, the company's control, r EQUEST the liquidator, has made contributions to the liquidation of the subsidiary
Uniprestit Spa in liquidation for a total of EUR 123,733 and, on 16/2/10, has paid EUR 100,000 in social funds of Progefin Srl as a shareholder
contribution in capital account.
On 18/1/10 he also granted an interest-bearing loan to Euris Europe Srl, for cash flow requirements of € 40,000.




PrestitòCase Ltd.

The company,
established                On 06/16/2008,   here has the corporate purpose of the exercise activity and properties are, as of 31.12.09, it is
still inactive.
It is controlled by Conafi Network Development
Ltd                                            d Etien that 100% of the capital.
Summary of financial statements at December
31, 2009                                    prepared in accordance with international accounting standards.
(Amounts in Euros €)

Balance 12/31/2009

                                               Assets                                                       31/12/09                31/12/08

Credits                                                                                                      70.698                  4.460
Assets                                                                                                       18.350                    0
Other activities                                                                                             168.666                 1.952

TOTAL ASSETS                                                                                                 257.714                 6.413

                               Liabilities and shareholders' equity                                         31/12/09                31/12/08

Debts                                                                                                         4.000                    0
Other liabilities                                                                                            135.583                   0
Shareholders' equity                                                                                         118.131                 6.413
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                   257.714                 6.413

                                        Income Synthetic                                                    31/12/09                31/12/08

Net interest income                                                                                            242                     85

Operating income                                                                                               242                     85
Administrative Expenses                                                                                     (257.702)               (5.034)

Net impairment losses on fixed assets                                                                        (1.650)                   0
Other income to come from the management                                                                       (52)                    0

Operating profit                                                                                            (259.162)               (4.948)
Income Taxes                                                                                                 70.881                  1.361

Net income (loss)                                                                                           (188.282)               (3.587)




                                                                                                                                                 34
Finance & Consultancy Ltd


The company, established on 04.07.2008, and what he objects to the provision of services and advice to businesses and, as of 31.12.09, is still
inactive.
SpA, which is controlled by the HPB, at 31.12.08, Etienne d 51% of the capital.


Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.
(Amounts in Euros)


Balance 12/31/2009

                                               Assets                                                       31/12/09               31/12/08

Credits                                                                                                      91.471                 93.839
Assets                                                                                                        1.169                    0
Other activities                                                                                              4.433                  2.264
TOTAL ASSETS                                                                                                 97.074                 96.103

                               Liabilities and shareholders' equity                                         31/12/09               31/12/08

Debts                                                                                                         3.000                    0
Other liabilities                                                                                             1.373                    0
Shareholders' equity                                                                                         92.701                 96.103
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                   97.074                 96.103

                                        Income Synthetic                                                    31/12/09               31/12/08

Net interest income                                                                                           1.196                   326

Operating income                                                                                              1.196                   326
Administrative Expenses                                                                                      (5.888)                (5.701)
Other income to come from the management                                                                        0                      0

Operating profit                                                                                             (4.692)                (5.375)
Income Taxes                                                                                                  1.290                  1.478

Net income (loss)                                                                                            (3.402)                (3.897)




                                                                                                                                                  35
Rencredit Debt Recovery Services Ltd


The company, established on 16.06.2008, has here the objects of the exercise activity for the R ECOVERY credits. In 2009 he began to carry out debt
recovery pe r Conafi Spa the parent company is controlled by the HPB SpA, at 31.12.09, holds 99% stake.
Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.
(Amounts indicated euro)



Balance 12/31/2009

                                             Assets                                                      31/12/09              31/12/08

Cash and cash equivalents                                                                                   87                     0
Credits                                                                                                   59.838                 6.286
Assets                                                                                                    9.208                    0
Other activities                                                                                          16.627                 1.290
TOTAL ASSETS                                                                                              85.759                 7.575

                              Liabilities and shareholders' equity                                       31/12/09              31/12/08

Debts                                                                                                     8.800                    0
Other liabilities                                                                                         10.492                   0
Shareholders' equity                                                                                      66.467                 7.575

TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                85.759                 7.575

                                        Income Synthetic                                                 31/12/09              31/12/08

Net interest income                                                                                        687                    91
Net commission income                                                                                     26.554                   0

Operating income                                                                                          27.241                  91
Administrative Expenses                                                                                  (69.701)               (3.436)

Net impairment losses on fixed assets                                                                     (341)                    0

Other income to come from the management                                                                   (3)                     0

Operating profit                                                                                         (42.804)               (3.344)
Income Taxes                                                                                              11.696                  920

Net income (loss)                                                                                        (31.109)               (2.425)




                                                                                                                                               36
Conafi Network Development Ltd.


The company, established in April 2009 is currently controlled by Conafi Spa, which holds 100% of the capital.
The company, which recently changed the object o and the name is mainly engaged in the development of business networks via the Internet using
Internet portals also also owned.

Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.

Balance 12/31/2009

                                         Assets                                                         31/12/09              31/12/08

Credits                                                                                                  86.912                     0
Investments                                                                                             301.000                     0
Other activities                                                                                         10.017                     0

TOTAL ASSETS                                                                                            397.929                     0

                           Liabilities and shareholders' equity                                         31/12/09              31/12/08

Debts                                                                                                    2.300                      0
Other liabilities                                                                                        29.257                     0
Shareholders' equity                                                                                    366.371                     0
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                              397.929                     0



                                Income Synthetic                                                         31/12/09                 31/12/08

Net interest income                                                                                        399                          0

Operating income                                                                                           399                          0
Administrative Expenses                                                                                  (36.437)                       0

Net adjustments to loans                                                                                 (7.500)                        0

Other income to come from the management                                                                   (0)                          0

Operating profit                                                                                         (43.537)                       0
Income Taxes                                                                                              9.909                         0

Net income (loss)                                                                                        (33.629)                       0           T
ABLE 1: 830 | 1 - Bilancio_Individuale




Network and Business Ltd


The company, established in the current year, is indirectly controlled by the parent by HPB SpA                                         which holds at
31.12.09, 100% of the capital.
The constitution of society which has this mission to carry out t the advisor and arranger            in financing transactions                     to
companies with assistance of sureties given by consortia.
At balance sheet date the company is still natta

Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.




                                                                                                                                                  37
Balance 12/31/2009

                                        Assets                    31/12/09   31/12/08

Credits                                                          25.006         0
Other activities                                                  2.278         0
TOTAL ASSETS                                                     27.284         0

                          Liabilities and shareholders' equity    31/12/09   31/12/08

Debts                                                             2.300         0
Other liabilities                                                 4.641         0
Shareholders' equity                                             20.343         0
PAS S TOTAL EQUITY AND IVO                                       27.284         0       T
able 2: 735 | 1 - Balance




                                Income Synthetic                 31/12/09    31/12/08

Net interest income                                                25           0

Operating income                                                   25           0
Administrative Expenses                                          (6.448)        0

Operating profit                                                 (6.424)        0
Income Taxes                                                      1.766         0

Net income (loss)                                                (4.657)        0




                                                                                        38
Uniprestit SpA in liquidation


The company, acquired in 2008, is indirectly controlled by the parent by HPB At 31.12.09 SpA holds a 75.51% stake.
By deed of 10 December 2009 the shareholders' meeting of the subsidiary Uniprestit SpA., Approved the dissolution and voluntary liquidation of the
company, changing its name to Uniprestit SpA in liquidation, with effect from December 31, 2009



Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.


As a result of winding up the HPB has decided to completely devalue the participation as well as' set aside in a trust fund for 75.5% of the excess of
negative equity. On consolidation by Conafi and 'instead been fully depreciated the goodwill that was previously budgeted as a result of the business
to EUR 207,691.
(Amounts in Euros)

Balance 12/31/2009

                                              Assets                                                       31/12/09               31/12/08

Cash and cash equivalents                                                                                      0                   6.202
Credits                                                                                                     54.924                187.195
Assets                                                                                                      13.479                 73.888
Other activities                                                                                            48.149                250.262
TOTAL ASSETS                                                                                               116.552                517.546

                               Liabilities and shareholders' equity                                        31/12/09               31/12/08

Other liabilities                                                                                          300.188                274.139
Provisions for risks and charges and severance pay                                                          76.172                 15.992
Shareholders' equity                                                                                      (259.807)               227.416

TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                 116.552                517.546

                                        Income Synthetic                                                   31/12/09               31/12/08

Net interest income                                                                                         (2.076)               (1.864)
Net commission income                                                                                      273.110                315.152

Operating income                                                                                           271.034                313.288
Administrative Expenses                                                                                   (571.965)              (456.648)

Net provisions for risks and charges                                                                       (57.564)                  0

Net impairment losses on fixed assets                                                                      (61.735)               (8.095)

Net adjustments to loans                                                                                    (4.394)                  0

Other income to come from the management                                                                   (59.714)                99.855

Operating profit                                                                                          (484.338)               (51.600)
Income Taxes                                                                                               (55.372)                24.421

Net income (loss)                                                                                         (539.710)               (27.179)




                                                                                                                                                  39
Via Advisors Corporate Finance Ltd


The company, acquired in the previous year, is indirectly controlled by the parent by HPB SpA, which holds a 51% stake.
The company specializes in the corporate finance sector.



Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.



Balance 12/31/2009

                                             Assets                                                      31/12/09         31/12/08

Cash and cash equivalents                                                                                  288              831
Financial assets held for trading                                                                           0              5.641
Credits                                                                                                   48.093           60.734
Assets                                                                                                    9.613            12.758
Other activities                                                                                         515.308          324.104

TOTAL ASSETS                                                                                             573.301          404.067

                               Liabilities and shareholders' equity                                      31/12/09         31/12/08

Debts                                                                                                    225.040          183.045
Other liabilities                                                                                        233.910          100.763
Provisions for risks and charges and severance pay                                                        2.059            12.148
Shareholders' equity                                                                                     112.293          108.111
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                               573.301          404.067




                                        Income Synthetic                                                 31/12/09         31/12/08

Net interest income                                                                                      (5.000)           (3.466)
Net commission income                                                                                    405.741          120.513

Operating income                                                                                         400.741          117.047
Administrative Expenses                                                                                 (335.006)         (133.447)

Net impairment losses on fixed assets                                                                    (7.157)           (3.554)
Net adjustments to loans                                                                                 (35.000)         (24.000)

Other income to come from the management                                                                  11.658           72.985

Operating profit                                                                                          35.236           29.032
Income Taxes                                                                                             (31.053)          (8.138)

Net income (loss)                                                                                         4.182            20.894




                                                                                                                                      40
Progefin Srl


The company, established on 07.14.2006, is enrolled in the brokers and agents in activities' financial reporting.
The society 'was acquired in March 2008 by C heck HPB SpA and the date of submission of this 2009 budget holds 100% of the shares.
                                                                                                                                                    a
                                                                                                                                                    n
The company provides expert advice it ll'intermediazione                     of operations         leasing                financial / operational   d of
medium and long term.
Summary of financial statements at 31 December 2009 prepared in accordance with international accounting
standards.



Balance 12/31/2009

                                               Assets                                                         31/12/09               31/12/08

Cash and cash equivalents                                                                                           106                 444
Credits                                                                                                        96.228                161.525
Assets                                                                                                         54.876                116.071
Other activities                                                                                               24.388                 25.711

TOTAL ASSETS                                                                                                   175.598               303.751

                               Liabilities and shareholders' equity                                           31/12/09               31/12/08

Debts                                                                                                          44.367                  7.770
Other liabilities                                                                                              97.603                142.873
Provisions for risks and charges and severance pay                                                              6.786                  4.488
Shareholders' equity                                                                                           26.842                148.620
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                     175.598               303.751




                                        Income Synthetic                                                      31/12/09               31/12/08

Net interest income                                                                                            (7.154)                (2.921)
Net commission income                                                                                          242.638               217.779

Operating income                                                                                               235.484               214.858
Administrative Expenses                                                                                       (316.619)              (231.506)

Net impairment losses on fixed assets                                                                         (50.051)               (18.125)
Net adjustments to loans                                                                                             0               (10.716)

Other income to come from the management                                                                       10.820                   562

Operating profit                                                                                              (120.367)              (44.927)
Income Taxes                                                                                                   (1.411)                   0

Net income (loss)                                                                                             (121.778)              (44.927)




                                                                                                                                                     41
Euris Europe Srl


The company, acquired at the end of King dicemb                                                 2008, is indirectly controlled by the parent by HPB SpA
it holds 51% stake.

The company specializes in the field                                     of soft loans, with particular reference to services for business development, in
Italy and abroad, through access to the tools? Nts of concessional financing from the EU, national and regional levels, as well as services related to
projects co-financed by local and international community programs.


Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.

Balance 12/31/2009

                                                Assets                                                        31/12/09               31/12/08

Cash and cash equivalents                                                                                       443                      0
Credits                                                                                                        33.470                    0
Assets                                                                                                         49.782                 58.401
Other activities                                                                                             1.091.051                107.428

TOTAL ASSETS                                                                                                 1.174.746                165.830

                                Liabilities and shareholders' equity                                          31/12/09               31/12/08

Debts                                                                                                         325.000                    0
Other liabilities                                                                                             543.209                  7.461
Provisions for risks and charges and severance pay                                                            113.321                 104.738
Shareholders' equity                                                                                          193.215                 53.631
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                   1.174.746                165.830

                                        Income Synthetic                                                      31/12/09               31/12/08

Net interest income                                                                                           (3.270)                    0
Net commission income                                                                                         786.692                    0

Operating income                                                                                              783.422                    0
Administrative Expenses                                                                                      (611.842)                (6.461)

Net impairment losses on fixed assets                                                                         (8.542)                    0
Other income to come from the management                                                                       11.288                    0

Operating profit                                                                                              174.327                 (6.461)

Income (loss) on disposal of investments                                                                        122                      0

Income Taxes                                                                                                  (32.510)                 1.691

Net income (loss)                                                                                             141.938                 (4.770)


At 31.12.09 the total assets amounted to € 1,175 m and e 'consists primarily of receivables from customers for services to 757 m €, and deferred tax
assets to 29 8 m €. The Company 'was born at 15:12:08 after co nferimento of the business of the company Euris srl. In the separate financial
statements of companies and 'writing was starting to be value of expertise (1,514 m €) amortized over 9 years. In this summary balance sheet and
goodwill 'was canceled and resumed at the level of consolidation as goodwill arising on business combination in accordance with IFRS 3 (share of
51% to € 698 m). The directors of the company have opted for the fi scale realignment of the intangible assets transferred under Article. 15 of Law
185/2008 dcereto with withholding tax of 16% (equal to 242 m €) inserted between other activities' of the present condensed balance sheet. The
preferred option provides for the recognition of the higher amounts statutory tax from 2010 allowing the reduction of the amortization period from 18
to 9 years.
The income statement shows an operating profit of 174 m €. Administrative expenses include costs for employee compensation and 265 m € 267 m €
for administrators.


                                                                                                                                                      42
Italy Alta Services Ltd


The company, which specializes in technical services to c onsorzi guarantee exposures, and 'joined the group Conafi at the end of the first half of 2009
through the acquisition of 76% of the share capital by the HPB Spa.
The consideration paid for the acquisition and 'amounted to € 450 m that generated the entry in the bil reed holding company of a consolidated
goodwill amounting to 430 m €.
The initial and exclusive relationship with Fidialtaitalia Scarl (FAI) for which plays the role of back office and commercial development has been
added since the early months of 2010 the role of back office for the whole group with regard Conafi corporate activity.
The company then prepares to perform acts of the activities for which you can not rely on a significant track record:

     -     development of local units (UL) of FAI
     -     corporate back office products


Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.


Balance 12/31/2009

                                               Assets                                                       31/12/09               31/12/08

Cash and cash equivalents                                                                                      141                     0
Credits                                                                                                      112.913                   0
Assets                                                                                                        8.991                    0
Other activities                                                                                             96.093                    0

TOTAL ASSETS                                                                                                 218.138                   0

                               Liabilities and shareholders' equity                                         31/12/09               31/12/08

Debts                                                                                                        45.168                    0
Other liabilities                                                                                            153.838                   0
Shareholders' equity                                                                                         19.133                    0

TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                   218.138                   0

                                        Income Synthetic                                                    31/12/09               31/12/08

Net interest income                                                                                           (522)                    0
Net commission income                                                                                        140.780                   0

Operating income                                                                                             140.258                   0
Administrative Expenses                                                                                     (158.137)                  0
Net impairment losses on fixed assets                                                                        (2.088)                   0

Other income to come from the management                                                                     15.397                    0

Operating profit                                                                                             (4.570)                   0
Income Taxes                                                                                                 (2.312)                   0

Net income (loss)                                                                                            (6.882)                   0




                                                                                                                                                    43
Principal risks and uncertainties that Conafi SpA and the Group are
exposed

With regard to risk management in recent years have seen an increased interest in issues of risk management and Conafi lent to it, is working to adopt
appropriate risk management policies.
Following are listed the main types of risk faced by the Group. The comments made at the Group level also apply to the Conafi SpA, in its position of
Parent, is exposed, in substantially the same risks and uncertainties.


Risks associated with general economic conditions
The economic situation and financial position of the Group is influenced by various factors that make up the macro-economic framework, including
the nation ale economic performance and trends of interest rates, the rate of unemployment. Like the 2009 and 2008, even 'financial markets are
marked by volatility particu you marked with heavy impact on many financial institutions and, more generally, on economic performance ia. The
significant and widespread deterioration in market conditions has been exacerbated by a severe tightening access to credit. Similarly, the continuing
credit crunch and the ongoing contraction of the acceptance by the regulators Institutes of requests for personal loans, may adversely affect
expectations and prospects of development of the Group in the sector. Should the current weakness and uncertainty continue to endure, the activities
of the Group there could be negatively affected by the strategic implications and adverse impacts on the economic situation and financial position.


Risks related to market
In 2009, the continuing financial crisis at the international level, evidence of a significant deterioration in credit quality and the reduction in the
volume of pr oduction resulted in a significant uncertainty about short-term forecasts of accentuating the exposure and COMPAN market risks
associated with the volatility of financial variables elle. In application of IFRS 7 'financial instruments re: disclosures prompted companies to provide
information about the nature and extent of the financial risks they are exposed, with particular reference to credit risk, liquidity and market, and how
they are managed. It also states that the Group does not hold Conafi trading for capital (see Bank of Italy Circular No. 216, Ca chapter V, Sec) for
which we can say that's not ussiste market risk as well as and 'defined in this document. In addition, as described in "Part D" of the separate financial
statements of the Parent Company's net financial position which does not emerge liquidity problems

Risks associated with the concentration of
In reference to concentration risk has identified the absence of adverse events, in what quan to the value of exposures to a person, or, where interest
does not reach the threshold considered by the current provisions for the establishment of prudential a position of great risk (10% of regulatory
capital).


Risks associated with strategic decisions
Strategic risk is the negative impact on future profits or capital that can potentially arise from poor business decisions, improper implementation of a
corporate strategy or slow to react to market changes.
The implementation of the strategies mentioned above already citat and is closely related to the developments of the sector regulations especially with
regard to market regulation of consumer credit. The legal uncertainty with particular reference to the definition of the requirements of which should
provide all financial sector, can only slow down the activity of acquiring new financial reality Rie consequently causing a lack of growth in sales
volumes.


Risks associated with management
The Group's performance depends largely on the skill of its management to manage effectively cement the Group and individual companies that
belong to it. Any loss of performance of some key resources without adequate replacement or the inability to attract and retain new qualified
resources, may therefore have adverse effects on the outlook, the production and commercial activities and financial results of the group. The risk may
also be accentuated in the case of concentration of power in a few subjects. This risk is' mitigated by the implementation of a system of delegation of
powers.



                                                                                                                                                     44
ICT risk
In reference to the risks related to computer security of corporate data is communicated that the Security Policy Document provided by the
Spa Conafi D.Lgs.n. 196/2003 is updated according to the law.


For further and more detailed information on risks and their management, please refer to the widely described in Part D - Section 3 "Risks and the
politic h coverage" of the Individual Budget Conafi Spa.



Disputes and contingent liabilities
As for the tax audit conducted by the Centre of Tax Police of the Guardia di Finanza of Turin against the parent company in 2007 for the purposes of
income tax and VAT for the periods 2003-2007, we inform you that no sentence. 63/21/09 05/06/2009 Section 21 of the Commission of the Province
of Turin has accepted the appeal filed by the Company.
By application dated May 26, 2009, following a complaint received in relation to alleged procedural irregularities and omissions in the preparation of
the documentation provided in support of non-recourse sale, made in prior years, claims arising from the supply of financing in a contract April 20,
2005, was sent to Conafi the examination, then performed with value 3 June 2009, the value of 901,441 euro for the pledge of varying amounts, at the
time made to ensure the contractual obligations with respect to that Agreement .
In the second half of June 2009, the Medes ima party assignee proceeded to criticize the Conafi a further set of claims arising from the supply of loans
sold in previous years without recourse on the basis of the contract of April 20, 2005, working again in the month of July 2009 enforcement of the
pledge to the value of 1,493,655 euro, eliminating the sums available on the current account to guarantee the contractual obligations with respect to
that agreement.
Both allegations have been readily detected by Conafi dismissing such claims by showing, however, the irrelevance of the arguments received and
clear, even in the face of the failure to exercise promptly (within the meaning of the contract) the right to prohibit the purchase of claims that the
alleged wrongdoing by the defendant complained on n there and still not affect the validity of the loans granted to individual borrowers or,
consequently, the validity of debts accrued due to disbursement of loans sold without recourse.
The collection of collateral that occurred were then replicated and challenged by Conafi extrajudicial further reiterating the alleged irregularities were
unfounded, arguing the consequent illegality of 'also act done in excess of the proper amount of security and requested a refund with the restoration of
'seek payment amount totaling EUR 2,395,096 and censoring, however, erratic behavior also held by the custodian of the pledge, a related party.
On this occasion we proceeded also to communicate the request again, made on several occasions but to which party has not responded as of the
release of sums in excess of the amount of the lien on the basis of restated as required under the said contract.
The elements now known and the comfort of a detailed legal opinion does not lead us to believe the likely occurrence of any liability.
At the same time, although it has not yet taken legal action against the act now is not considered that there is no risk of default on credit by writing
Conafi amounted to EUR 2,395,096, including the feasibility of online legal transactions clearing credits, in turn, regularly claimed by the opposing
party and arising from office be in flow management of the portfolio of loans sold without recourse under the said contract of April 20, 2005.




       Statement: The provisions of prudential supervision and risk management

Recent years have seen a growing interest in issues of risk management and Conafi lent to it, is working to adopt appropriate risk management
policies. To this end, the company oversees more than business risk as defined by the codification of procedures for the delivery and placement of
funds with an internal control system monitors hate attributed to the Risk Control and Internal Audit.
In implementing the new Basel 2 Directives 2007/48 / EC and 2007/49/EC of 14 June 2007, namely: the business of credit institutions and to 'capital
adequacy of the Bank of enterprises' Italy adopted the new prudential rules for financial intermediaries entered in the special Article. 1 07 TUB.
On February 14, 2008 the Bank of Italy issued the 7th update of Circular 217, 5 / 8 / 96, "Manual for preparing reports for the Supervision of
financial intermediaries entered in the special" to take account of


                                                                                                                                                      45
changes in terms of the discipline in the budget (adjusted to IFRS) and with regard to prudential rules mentioned above.
The new framework, which incorporates the changes in the international regulation of capital adequacy of banks, provides alternative methods of
calculating capital requirements designed to manage the risks inherent in financial activities (credit risk, counterparty, market, exchange and
operational).
Further innovations regulations include:
          the introduction of a capital charge for operational risk; 

          techniques to mitigate credit risk; 

          the capital assessment process and the preparation of related statements to be submitted to the Bank of Italy (ICAAP) by April 30, 2010;. 

          obligations of public disclosure about the financial strength and exposure to risks; 
For the purpose of the ICAAP, the Board of Directors of Conafi Prestitò SpA has been called to define the risks to which the Company is exposed, as
well as the methodology and tools for their detection, measurement, management and control.
In reference to internal documents of the company and used for the definition of the control system might include:
          "Statement of Process" or the operating manual pr ocedure which the Company has adopted in order to conduct business. In particular, the
           rule manually invoke the organizational structure and operation of various business functions; 

          "Political risk management" or the polic y which define the types of risk that the Company is exposed, the framework for their
           management, in view of business activities and the main str files of risk management; 

          "Map of the significant risks" to the active pre-tion of the internal process of quantification of the capital, which lists all the risks
           connected with the activity of a different nature from Conafi; 

          Process of recognition and measurement of operational risk with the aim to analyze the results for the preocess Control and Risk Self
           Assessment on operational risk; 

          the "relevant domestic legislation, namely the set of all circulars issued from the office or organization and directed the staff of the
           Company. These circulars are intended to inform the staff with respect to changes in operating procedures or inspection work, as well as
           updates to the legislation of the sector and / or information systems. 

The business of identifying, measuring and controlling risks, it is carried out in a unified way to address the need to provide the governing body an
integrated and comprehensive risk assumed by a total Conafi and, therefore, reach an efficient allocation of capital.
The capital allocated to cover the risks must then be reconciled with the elements that constitute the capital, in order to verify the solidity of her firm,
or the presence of any defi cit.
The detection and assessment of risks to which the agent is exposed is a critical step and the same rules of supervision provides a classification of
different types of risk, providing for some of them specific capital requirements (these are the risks of Pillar I: credit, market, operational), while for
other categories of risk adjustments are required and the organizational control, although some of these risks are measured through the use of
appropriate quantitative methods (these are the risks of Pillar II: liquidity, interest rate, the concentrations must, and residual securitization - cd.
quantifiable risk, strategic risk and reputational risk - cd. unquantifiable risk or difficult to measure).
The risk management policies defined by the Board of Directors are also points of reference of the functions of Risk Control and Internal Audit,
which continuously monitor the performance of these risks by reporting regularly to the Board of Directors and the Executive Board.
Another new feature provided by new instructions for the preparation of balance sheets of financial intermediaries issued by the Bank of Italy is
represented by the insertion of a special section dedicated to information on regulatory capital and regulatory capital requirements (Part D "other
informati oni "- Section 4).
With regard to the obligation of annual publication of information on capital adequacy, risk exposure, the general characteristics of the systems for
identifying and then measuring and managing these risks, the Conafi Spa will use the site Internet at the following address: www.conafi.it




                                                                                                                                                         46
                Report on corporate governance and ownership structure

The Conafi Prestitò SpA has adopted the Code of Conduct for listed companies promoted by the Italian Stock Exchange S. PA and
published in March 2006.
In order to ensure proper corporate disclosure on an annual basis, is disclosed to the market on its system of Corporate Governance, by publishing
them on their institutional website and by sending to the Italian Stock Exchange, the report prepared by the Board of Directors under Articles 123 bis
of the TUF, 89 bis of the Rules and Instructions IA2.6 Stock Exchange. This report is available on the website: www.conafi.it, Investor Relations.
For the purposes of this Annual Report shows:


Management and Coordination
In 2009 Nusia Ltd has acquired, directly or indirectly, control of Conafi Spa (51.31%).
However, Conafi Prestitò Spa is not subject to direction and coordination (according to art. 2497 bis of the Civil Code) of the parent Nusia Srl, as
the same is an investment holding company and does not operate in coordination with technical, administrative and financial corporation
participating pate.

Under Article. art. 2497 bis of the companies we mean:
         Italifin S.rl. 
         Alba Finanziaria SpA 
         HPB SpA 
         Consulting and Finance Srl 
         Prestitò Homes Ltd 
         Rencredit Debt Recovery Services Ltd 
          Conafi Development Networks Ltd 

Conafi SpA have identified as the person engaged in the management and coordination. 'S business is conducted through an indication of the general
strategic and operative Group and takes in the coordination of financial activities, treasury, strategy and policy on the operation, corporate and
administrative management of human resources and training.
The subsidiaries do business in managerial and operational autonomy.

Internal Control System
The internal control system is the set of rules, procedures and organizational structures to allow, through an appropriate process of identification,
measurement, management and monitoring of major risks, a company run sound, fair and consistent with the objectives.
The Council, in accordance to what is stipulated in Article. 8 of the Code of Conduct, dated September 11, 2006 took steps to set up a Committee for
Internal Control, which gives to the Board of Directors, provide advice and recommendations provided by the Code of Conduct, and appointed in
charge of monitoring internal on 13 April 2007, the Council, assisted by the Committee for Internal Control, has also identified the executive director
of arica inc overseeing the functioning of the internal control system.
The Council, with the approval of the Board, dated August 27, 2009 has approved the updated model of organization, management and control
provided by the Legislative Decree 231/2001. This model has been implemented in order to provide for new offenses introduced by Legislative
Decree 231/2007.

For more information, see the Report on Corporate Governance published on the website www.conafi.it Institutional Investor Relations section.


                          Significant Nonrecurring Events and Transactions
In 2009 were not carried out significant non-recurring transactions.


                                         Atypical and / or unusual
To date there have been put in unusual or atypical for their significance and relevance may compromise the security of company assets or prejudice
the rights of minority shareholders.




                                                                                                                                                       47
                                             Research and development
Conafi The Group has not carried out research and development.


                                          Other events of the period
There were no further events of the period other than those already mentioned in previous annual report tooth


                      Significant events subsequent to year end
Within its strategy of consolidation and rationalization of the Group companies, with particular regard to the business Olare in the corporate sector for
the development of the project Tuttoconsulenze, in early 2010, through its wholly owned subsidiary HPB SpA, was acquired ' entire share capital of
subsidiaries Street Advisors Ltd, for which he is currently studying a plan to refocus, and Progefin Srl, it also moved to Turin at the headquarters of
parent company where he foresees the realization of significant synergies with other existing structures.
After the date of 31 December 2009 there have been events such as having to change the information set forth in the consolidated financial statements
at that date.



                               Business Outlook
Following the intervention performed by the Ilanz Vig in 2009, and particularly on account of the specifications given in the statement of 10
November 2009 to all stakeholders, we are certain conditions for greater clarity and stability by Conafi which the Group will derive significant
benefit.
This aspect, together with the path embarked on economic recovery and the markets, has in fact created the conditions on the basis of our Group will
plan and fund a single IDE development program production.
It is believed that the area of employee loans present significant opportunities and the ongoing reorganization of the distribution network will promote
a gradual but effective removal of anomalies that have long characterized the sector with the consequent raising of professional standards and
improving the framework for competition between different operators .
Despite the months of January and February of 2010 have been trending down, also confirmed in the market from published data dall'Assofin, in
March of 2010 showed signs of strong recovery of intermediation in the context, However, completion of a program portfolio of products and
consolidation of relations with the commercial network.
With the projects I am paying, Tuttoconsulenze, the program will continue in the Crane ppo Conafi c apillare extension of the distribution network,
focusing on relationships with the sole agents and professionals of high standing, which will be channeled through the products and services portfolio.
These projects focus on the use of internally developed and integrated platform Tuttoconsulenze Web, will provide a direct link between supply and
demand, enabling sales networks to fully satisfy the needs of customers, both consumer and corporate through ' wide range of products and services
managed by the Group companies.


                               Further information on corporate policies
There is no additional information beyond what is mentioned in Part D of the explanatory notes on this aspect.




                                                                                                                   The Board of Directors
                                                                                                                                         The President
                                                                                                                                       Nunzio Chiolo




                                                                                                                                                    48
CONSOLIDATED FINANCIAL STATEMENTS




                                    49
                                                     Balance Sheet

                                                Assets                    31/12/09   31/12/08

10    Cash and cash equivalents                                              6          12

20    Financial assets held for trading                                      0           6
40    Financial assets available for sale                                   401        153
60    Credits                                                             84.665     95.133

100   Tangible assets                                                       544        622
110   Intangible assets                                                    3.109      3 .085

120   Tax assets:                                                          4.625      4 .958
        a) current                                                         2.349      2 .435
        b) deferred                                                        2.276      2 .523
140   Other activities                                                     3.396      4 .582

      TOTAL ASSETS                                                        96.746     108.551

                                   Liabilities and shareholders' equity   31/12/09    31/12/08

10    Debts                                                               13.152     13.721

70    Tax liabilities                                                       532        364
      a) current                                                            449        286
      b) Deferred                                                           83          78

90    Other liabilities                                                   14.081      9 .760
100   Provision for employee severance                                      426        452
110   Provisions for risks and charges                                      428        375
        b) other funds                                                      428        375

120   Capital                                                             11.160     11.160
130   Treasury shares (-)                                                 (4.438)    (2 .963)

150   Share premium                                                       68.890     72.139
160   Reserves                                                             1.059      5 .335

170   Revaluation reserves                                                  (6)         24
180   Net income (loss)                                                   (8.623)    (2 .115)
190   Minority Shareholders                                                 85         299

      TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                          96.746     108.551




                                                                                                 50
                                                       Income Statement

                                                       Voices             31/12/09   31/12/08

10    Interest receivable and similar income                               1.637      4 .211

20    Interest payable and similar charges                                 (388)        (234)
      NET INTEREST INCOME                                                  1.249      3 .977
30    Commission income                                                   13.075     13.627

40    Fee and commission expense                                          (5.678)    (5 .778)
      Net commission income                                                7.397      7 .849

90    Profit / Loss on disposal of                                          31           1
        a) Financial assets                                                 31           1

      TOTAL INCOME                                                         8.677     11.827
100   Losses / recoveries on impairment of                                (4.286)       (951)
      a) Financial assets                                                 (4.286)       (951)

110   Administrative Expenses                                             (11.479)   (13.099)
      a) Personnel                                                        (6.409)    (6 .491)
      b) Other administrative expenses                                    (5.070)    (6 .608)
120   Adjustments / write-backs on mate rials                              (253)        (211)

130   Adjustments / write-backs on intangible materials                   (1.573)       (39)
150   Net provisions for risks and charges                                  (76)        (40)
160   Other income and expenses                                            (135)        362

      PROFIT FROM OPERATIONS                                              (9.125)    (2 .151)
      NET INCOME (LOSS) 'CURRENT INCOME
                                                                          (9.125)    (2 .151)
      TAXES
190   Taxes on income from continuing operations                            389         12
      NET INCOME (LOSS) 'NET OF CURRENT
                                                                          (8.736)    (2 .139)
      TAXES
      NET INCOME (LOSS)                                                   (8.736)    (2 .139)

210   Net income (loss) attributable to minority interests                 (113)        (24)
220   Net income (loss) attributable to the Parent                        (8.623)    (2 .115)



                                 Statement of Comprehensive Income

                                                       Voices             31/12/09   31/12/08

10    Net income (loss)                                                   (8.623)      (2.115)
20         Financial assets available for sale:                             (7)          2
110   Total other income components                                         (7)          2
120   Comprehensive income                                                (8.630)      (2.113)

140   Consolidated comprehensive income to the parent pertinenz           (8.630)      (2.113)




                                                                                                 51
                                           Statement of Changes in Shareholders' Equity 31.12.2009

                                                         Allocation of




                                                                                                                                                                                                                            exercise
                                                                                                                      Changes during the year
                                                         previous year



                                                                                                                               Equity transactions




                                                                                                                                                                                                                            Overall

                                                                                                                                                                                                                                                  31/12/09
                                                                            destinations
                                                                            and other
                                31/12/08

                                Balance




                                                                                                                                   actions
                             balances
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                                                                                                                                                                                                                                                                                                   i
Capital                      11.465            11.465                                       (104)                                                                                                                                                                11.160                    201

Emissions surcharge          72.199            72.199                                      (2.818)                                                          (432)                                                                                                68.890

Reserves:

    a) profit                 5.293            5.293        (2.139)              (38)       (181)                                                   (3.715)                                                                                                     (777)                      (3)

    b) other                                                                                1.836                                                                                                                                                                 1.836
Revaluation reserves           24                 24                                         (23)                                                                                                                                           (7)                    (6)

Equity instruments

Treasury shares              (2.963)          (2.963)                                                                    (1.475)                                                                                                                                 (4.438)

Net income (loss)            (2.139)          (2.139)        2.139                                                                                                                                                          (8.736)                              (8.623)                   (113)

Group shareholders' equity   83.580            83.580                            (38)      (1.248)                       (1.475)                    (4.147)                                                                 (8.630)                              68.042

Minority interests             299              299                                         (101)                                                                                                                           (113)                                                           85




                                                                                                                                                                                                                                                                                      52
                                             Statement of Changes in Shareholders' Equity 31.12.2008




                                                                                                                                                                                                                                                              t 31/12
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                                                                                                                                                                                                                                                     2/08
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                                                                                              s
Capital                      11.160               11.160                                                 305                                                                                                                                  11.160           305

Emissions surcharge          72.589               72.589                                                 (390)                                                                                                                                72.139            60

Reserves:

    a) profit                3.594                3.594             3.334      (1.592)                   (43)                                                                                                                                 5.335

    b) other

Revaluation reserves           17                   17                                                    5                                                                                                                    2                24

Equity instruments

Treasury shares              (1.372)              (1.372)                                                                               (1.591)                                                                                               (2.963)

Net income (loss)            3.334                3.334             (3.334)                                                                                                                         (4)              (2.139)                  (2.115)          (24)

Group shareholders' equity   89.322               89.322                       (1.592)                   (446)                          (1.591)                                                     (4)              (2.113)                  83.580

Minority interests                                                                                       323                                                                                                            (24)                                   299




                                                                                                                                                                                                                                                                        53
                                             Consolidated Cash Flow Statement
Indirect method
                                                                                                                          AMOUNT
D. OPERATING ACTIVITIES
                                                                                                                  31/12/09     3 1/12/08

           1. MANAGEMENT                                                                                          (2.548)          (1.066)
     - Operating income (+/-)                                                                                     (8.736)          (2.115)
     - Net adjustments for impairment (- /+)                                                                       4.286            761
     - Net adjustments to tangible and intangible assets (+/-)                                                     1.826            250
     - Net provisions for risks and charges and other costs and revenues (+/-)                                      76               38
           2. Cash generated / absorbed by financial assets                                                       (5.158)          6.886
     - Financial assets held for trading                                                                             0               (6)
     - Financial assets available for sale                                                                         (272)            245
     - Loans to banks                                                                                                0              (27)
     - Loans to financial institutions                                                                            (2.420)            (4)

     - Loans to customers                                                                                          (444)            810
     - Other assets                                                                                               (2.022)          5.868

           3. LIQUIDITY GENERATED / ABSORBED BY FINANCIAL LIABILITIES                                               541             703

     - Due to banks                                                                                               (1.417)            88

     - Due to financial institutions                                                                                148              0
     - Due to customers                                                                                             385            1.760
     - Other liabilities                                                                                           1.425           (1.145)
                                                      Cash generated by operations and input from A ctivities     (7.165)          6.523
E. INVESTING ACTIVITIES
           2. LIQUIDITY 'INPUT FROM                                                                               (1.772)          (1.761)
     - Purchases of investments                                                                                    (478)             0
     - Purchases of materials                                                                                      (175)           (302)

     - Purchase of intangible assets                                                                               (634)           (1.459)
     - Purchase of businesses                                                                                      (485)             0
                                                Net cash generated and absorbed by or Investing                   (1.772)          (1.761)
F. FINANCING ACTIVITIES
     - Issue / purchase of own shares                                                                             (1.475)          (1.591)
     - Distribution of dividends and other                                                                        (4.185)          (1.591)
                                                                 Net cash used in financing activities of funds   (5.660)          (3.182)
NET CASH GENERATED / ABSORBED IN                                                                                   (14.597)        1.580

                                                            RECONCILIATION

                                                                                                                          AMOUNT
                                                                                                                  31/12/09     3 1/12/08

Current accounts at the beginning of liquid                                                                       80.410           78.830
Total cash generated / used during the                                                                            (14.597)         1.580
Cash and cash equivalents at the end of the year                                                                  65.813           80.410




                                                                                                                                             54
     NOTES


PART A: ACCOUNTING POLICIES




                              55
                                                       A.1 General

                Section 1 - Statement of compliance with international accounting standards

The consolidated financial statements at 31 December 2009 have been prepared under the accounting standards issued by the International
Accounting Standards Board (IASB) and interpretations of International Financial Reporting Interpretations Committee (IFRIC) and endorsed by the
European Commission as required under EU Regulation n . 1606 July 12, 2002.


                                           Section 2 - Basis of preparation

These consolidated financial statements comprise the Balance sheet, income statement, statement of comprehensive income, statement of changes in
equity, cash flow statement and the notes and give a true and fair view of the financial position of the Group and the result for the year. The budget
and 'also comes from the Report.
Note also that the patterns are those required by the new instructions for the preparation of balance sheets of financial intermediaries entered in the
special issued by the Bank of Italy on 16 December 2008 which updated the Instructions attached to the Rules of 14.febbraio 2006
The preparation of these consolidated financial statements have been, as mentioned above, according to international accounting standards approved
by the European Commission. To interpret and support the application the following documents were used, although not approved by the European
Commission:
  • Framework for the Preparation and Presentation of Financial Statements issued by the IASB in 2001;
  • Implementation Guidance, Basis for Conclusions, the FRIC and any other documents prepared by the IASB or IFRIC (International Financial
    Reporting Interpretations Committee) supplementing IFRS;
  • the interpretations of the application of IAS / IFRS in Italy, prepared by the Italian Accounting (OIC) and the Italian Banking Association
    (ABI).
The amendments to IAS 39 and IFRS 7 contained in EC Regulation 1004/2008 which allows, in some cases, the reclassification of certain financial
instruments were not applied because they do not hold financial instruments for trading. It should be noted, however, that with effect from 01.01.09
entered into force several changes to existing accounting standards as well as new documents interptrativi IFRIC but they have not found practical
application on these financial statements unless the updated version of IAS 1 introduces new ways of presentation of financial statements as further
described in the following paragraph.




Revised IAS 1 - Presentation of Financial Statements

This principle has introduced the concept of "comprehensive income" (overall profitability) pr eved a specific statement on the financial statements.
According to this approach must be acknowledged, in addition to the profit for the year, all the components that contribute to company performance
and that arise from the desire of the members. This is essentially no changes in the value of assets that, in the same app lished international accounting
standards, are charged directly to equity reserves. Conafi for the group are represented in particular by changes in the value of financial assets
available for sale. According to the diagrams in the instruction of the Bank of Italy, these changes are set out in the new Statement of Comprehensive
Income.

The consolidated financial statements prepared in thousands of euro, is based on the following general principles:


Accrual

Costs and revenues are recognized on the vesting period according to the criterion of economic and correlation.

Consistency of presentation

Presentation and classification of items are kept constant over time in order to ensure comparability of information, unless the variation is requested
by an International Accounting Standard or an interpretation, or make it more appropriate in terms of significance and reliability, the representation
values. If a policy presentation or classification is changed, the change applies to - if possible - so retroactively, in which case are also given the
nature and reason for change, as well as the items concerned. For submission of entries and notes to tables are


                                                                                                                                                      56
adopted the formats provided by the Bank of Italy in the instructions for the preparation of annual financial intermediaries, and provide that the same,
with no amounts were not shown.

Aggregation and relevance

All significant clusters of items with similar nature or function are reported separately. The elements of nature or other function, where relevant, are
presented separately.

Exclusion of compensation

Assets and liabilities, revenues and expenses are not co mpensati between them, unless this is required or permitted by International Accounting
Standard or an interpretation or the formats provided by the Bank of Italy for annual financial intermediaries.

Comparative information

The comparative information of the previous year are shown for all data contained in this budget, unless an International Accounting Standard or an
interpretation does not prescribe or allow otherwise. It also includes descriptive information, when relevant to a better understanding of the data.
The main changes to the reclassifications made in 2009 were as follows:
            The write-downs of impaired positions relate to substandard, doubtful and exhibitions by more than 90 days past due, and regarded as
             analytical adjustments; 

            In item 120 "Tax assets", especially the Tax Credit, include only the credits for income taxes (IRES / IRAP) 
             while the other charges were included in "Receivables from tax authorities" under the item 140 "Alt         king business ";

            In item 70 "tax liabilities", in particular tax debts, debts to include only income taxes (IRES / IRAP)
             while the other charges were inserted between the "Payables to tax authorities" under item 90 "Ot           and Liabilities ";

            The item 100 "TFR"       is stated net of cred ito vs Social Security payments on                            then made to F.do      treasury.
             Previously this loan was exposed between the "three Al Activities" under Item 140 of s                           Capital Committee.
                                                                            Post and telecommunications in particular,
            As part of item 120 "Administrative costs"                     figure                                          the cost of            sending
             statements to customers. In the previous year such costs were included under "Other Administrative Burdens"

It should be noted that the reclassifications made to the 2009 budget are composed exclusively of shifts                     some accounts in accounting
various items and do not have any influence on operating income or net worth.
Attachments are presented in the reconciliation of data from the balance sheet, income statement and balance sheet financial statements originally
issued in 2008 and reclassified the same data included in the schedules of the 2009 budget as this column comparison.


                          Section 3 - Events after the balance sheet date

With the projects I am paying, advisory and financing Homes and Loans, the Group will continue in prog Conafi mending extensive presence in the
distribution network which will be channeled through the products and services portfolio.
These projects focus on the use of internally developed and integrated platform Tuttoconsulenze Web, will provide a direct link between supply and
demand, enabling sales networks to fully satisfy the needs of customers, both consumer and corporate through ' wide range of products and services
managed by the Group companies.
As for the traditional business brokerage in the field of finance, the 'intense activity started in order to obtain the necessary support from the banking
system to a stable and lasting Conafi can allow the Group to achieve its objectives growth.
The current trend of legislation in the field of consumer credit, together with the guidelines set out clearly by the Financial Regulator, will determine
finally u na situation of greater clarity and stability, from which the Group Conafi can have a significant benefit.
With regard to corporate transactions in the first three months of 2010 they were acquired the entire share of the companies already 'controlled
Progefin srl Via Advisors Ltd. and while it' was sold for 30% of Business and Network srl.




                                                                                                                                                       57
                                                           Section 4 - Other Matters

As previously mentioned in the Rigu Ardant "Main risks associated with market trends" on the need for greater transparency of information on the
assessments of the financial supervisory authority r ichiamano further banking and financial operators to put the maximum effort in evaluations
concerning the applicability of the going concern basis and the related disclosures.



Business continuity

The assumption of continuity is a fundamental principle in the drafting of the budget. Under this assumption the company and 'normally considered
capable of continuing to do business in the foreseeable future without it there is' intent and' the need to put it into liquidation, we xed the activity sual
or subject to insolvency procedures as required by law or regulation.
In line with the recommendations provided in the joint paper by the Bank of Italy / Consob / ISVAP 06/02/2009 2 of the directors believe that factors
such as the current phase of economic and financial crisis and the negative result obtained by the Group, are indicators that could cast doubt on the
ability of the Group to continue its operations. At the same time, the directors consider it appropriate to use the premise of that business continuity for
the preparation of these financial statements in view of the emerging conditions of greater clarity in terms of regulation and the expected recovery of
the economy and the markets in which the Group . In particular, as already outlined in the outlook, the guidelines of the plan can be summarized as
follows:

a) the forthcoming revision of the regulation of brokers and agents in the activities until anziaria Conafi allow the Group to derive significant benefit
through greater specialization and professionalism of the distribution r ete.
b) selection and pursuit of the form tion of the commercial network aimed particularly apartment-development loan project I '.
c) consolidation of diversification strategies undertaken by the Group on the completion of the portfolio, in addition to project completion and
operation Tuttoconsulenze assisted in the field of finance.
In light of the above and despite some of the guidelines are already 'in the implementation phase must however point out that there are uncertainties
about the feasibility of the plan, due to external variables such as how' and the timing of a significant recovery in general macroeconomic indicators
and internal variables such as the ability of management to support the normal activities of ge ment and new initiatives.
After making the obligatory tests, administrators, however, believe that, based on current capital strength and balance the financial structure of the
Group, the company has certainly adeguante conditions ie resources to continue its business and therefore it is certainly appropriate util ize the going
concern basis for r the preparation of these consolidated financial statements.


Financial risks

With regard to financial risks, with particular reference to liquidity risk, Mercat oe credit, please refer to specific sections of the notes devoted to these
topics (Part D: Other information).
It also states that the Group does not own trading and that the total value of financial instruments classified as "Assets available for you ndita"
amounted to € 401 m and costituitscono 0.4% of assets.



Use of estimates

The preparation of financial statements and related notes in accordance with IFRS requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and to sull'informativ liabilities at the date the budget. The
estimates and assumptions of work are often based on the use of management information or, if available, from time series. It should be noted also
that, since the estimates, they may differ from actual results, which may occur in the future. The estimates and assumptions are reviewed periodically
and the effects of any changes made to them are reflected in the income statement in the period in which the revision of the estimate if the revision
affects only that period, or in subsequent periods if the revision effects both on the current period, and on future ones.



                                                                                                                                                          58
In this context we note that the situation caused by the economic and financial crisis led to the need to make assumptions regarding future performance
are characterized by significant uncertainty, so it is possible to materialize in the next year that are different from estimates, and therefore may require
adjustments to date clearly neither predictable nor foreseeable, even significant, the book value of the items.
The following summarizes the critical judgments and key assumptions used by management in the process of applying accounting policies with
respect to the future and that can have significant effects on the amounts recognized in the consolidated financial statements or for which there is
some risk adjustments significant value to book value of assets and liabilities within the next balance sheet.
The estimates and assessments that would normally affect the values recorded in the consolidated financial statements are:
a) the determination of impairment losses on loans
b) the determination of deferred income on commission income
c) appropriateness of goodwill
d) estimates and assumptions form the basis for the determination of deferred tax assets / liabilities
e) the provision for risks


The balance sheet items most 'significantly affected by these situations of uncertainty are represented by adjustments to loans (a), although the
assignment of a fifth product has the characteristic of being a highly secured, and appropriateness of goodwill (c ).
In reference to paragraph a) the continuation and possible worsening of the economic and financial crisis could lead to further deterioration in
financial conditions of debtors of the Group compared to that already taken into consideration in calculating the funds budgeted. In the last period of
2009 in fact the most damage and claims is' reflected in a restatement of the depreciation rates applicable collective efforts of the "not collected to be
levied" against the respondent bank
 With regard to point c) the risk and 'related to the possibility that the estimates of expected cash flows as well as' discount rates used to calculate the
current value is rejected in the future.
In preparing this report has not been used in the estimation procedures other than those made during the preceding year, but rather the determination
of a greater allocation of "deferred commission income" (b) to reflect the portion of commissions subject to vesting over the term of financing and, on
the basis of requests and information provided by the Bank of Italy, will be refunded to customers in the event of early extinction ion (for the not yet
matured).




Business Combinations
A business combination is a union of companies or businesses into a single party responsible for preparing the budget.
The transfer of control of a company (or a group of integrated activities, led and managed together) constitute a business combination.
 The business combination may result in a league between me participating parent (acquirer) and subsidiary (acquired) that may also involve the
purchase of a net 'other company, including any goodwill.
Business combinations are accounted for using the purchase method (purchase accounting method) IFRS 3
- 'Business Combinations' (business combinations). Please note that in 2009 the European Commission has approved a new version of IFRS 3
required the application of which runs from January 1, 2010 and that there is and 'made use of the right' to early adoption.
The acquisition, and then the first consolidation of the acquired entity should be accounted for in the date on which the acquirer effectively obtains
control over the company or assets.
When the operation is also un'operaz through ion exchange, the exchange usually coincides with the date of acquisition. However, it is always
necessary to check the possible presence of agreements between the parties which may involve a transfer of control before the date of the exchange.
The aggregate cost of an operation must be determined as the sum of: (i) the fair value at the date of exchange, of assets given, liabilities incurred or
assumed ee capital instruments issued by the acquirer in exchange for control, ( ii) any costs directly attributable to the business.


                                                                                                                                                          59
Included in the price of the business on the date of acquisition adjustments contingent on future events, under the agreements if and only if they are
probable and can be reliably determined and implemented within twelve months from the date of acquisition of control.
In order to determine the cost of the business at a price as described above are added the external costs incurred to finalize the transaction.
The business combinations are accounted for using the "method of 'buyer that sees the pre-counting (i) the assets, liabilities and contingent liabilities
to their fair value at the acquisition date of acquisition including any identifiable intangible assets not recognized in bil reed of the acquiree, (ii) of the
minority in others in proportion to its interest in the fair value of these elements, (iii) the goodwill attributable to the Group determined as the
difference between the cost of owned business combination and the fair value of net assets, liabilities and contingent liabilities. This difference is
allocated to cash-generating unit and identify yourself within the group.
Any positive difference between the purchase cost and the portion attributable to the Group in the fair value of assets, liabilities and contingent
liabilities is recorded as goodwill purchase. If the difference is negative, is directly recorded in the income statement. If the initial recognition of a
business combination can be determined only provisionally, any adjustments to the initially allocated shall be recorded within 12 months from date of
purchase.
Among the Group's interest in the net fair value of assets, liabilities and contingent liabilities ac been taking place and the cost of the business is
recognized in earnings.
The identification of the fair values of assets and liabilities of the company SSIV pa ta acquisition may be provisionally by the end of the year in which the
combination is made and must be completed within twelve months from the date of acquisition.
The interest of minority shareholders in the IM experience is taken initially assessed in an amount equal to their share of the value of the assets,
liabilities and pote nziali members.


Incremental acquisitions
With regard to the acquisitions of additional shares after the attainment of control, these transactions do not constitute the acquisition of holdings
within the scope of IFRS 3 as it applies only to transactions involving the acquisition of control by 's acquiring entity. In the absence of an accounting
treatment specified in IAS / IFRS, applying IAS 8 requires the adoption of an accounting treatment that trusted in this case can be considered two
alter natives guidelines:

           allocation of the difference between the purchase price and the net worth of minority groups such as incremental value of the assets (in
            accordance with the theory of 'Par ent Company') 

           allocation of the difference between the purchase price and the equity of minorities recognized in the shareholders' equity (in accordance
            with the theory of the 'Economic Entity'). 
The processing of incremental share gains, following the achievement of control in consolidated financial statements, in light of recently issued by the
IASB revised IAS 27 was represented as an equity transaction in compliance with the " theory of the economic entity "which acknowledges the Group
of companies a re sovraziendale relief, with an emphasis on unified vision of the Group. According to this theory, the consolidated financial
statements of representation plays a heritage of the resources managed by the Group and, therefore, the individual companies or lose their identity
converge in a separate entity larger, or the Group. Therefore, by the acquisition of control of the business combination, the Group acquired the
relevant assets and total liabilities regardless of the shareholding is not totalitarian, emphasizing the vision of the Group as a unified entity that
controls the resources available, including those to be financed contributed the minority shareholders. In this context, any subsequent purchases of
minority packages do not involve effects on investment, an expression of the resources controlled by the buyer, but are attributed to the component of
shareholders' equity.
On disposal of a subsidiary, the net book value of goodwill attributable to it is included in the determination of the gain or loss on disposal.
If a business combination is achieved in stages by successive purchases of shares, each step is evaluated separately using the cost and information
about the fair value of assets, liabilities and contingent liabilities at the date tial bit of each operation to determine the amount of the eventual
difference.
When a subsequent purchase allows you to gain control of the company, the share previously held is retranslated based on the fair value of
identifiable assets and determined to pass Invite them to purchase t control.
Do not constitute business combinations transactions aimed at the control of one or more companies not constitute a business or control in a
transitional or, finally, if the business combination is made of purposes reorganization, then between two or more enterprises or activities business
already in the group, and that does not change in the controlling


                                                                                                                                                                 60
regardless of the percentage of third party rights before and after the operation. These operations are regarded as having no economic substance.
Therefore, in the absence of specific guidance provided by IAS / IFRS and in compliance with the presumptions of IAS 8, which requires that (in the
absence of a specific principle) the firm should use its review to apply an accounting policy that provides disclosures relevant, reliable, prudent and
reflect the substance of the transaction, they are accounted for preserving the continuity of gold worth del'acquisita in the budget buyer.


Impairment of assets ("Impairment")
As requested by supervisors in the docu ment Bank of Italy / Consob / Isvap. N.4 March 2010, the Board of Directors of Conafi spa, in advance of
approval of the draft budget, approved on procedure impairment of the activities' and to report tive assessment techniques. It should be noted in this
connection that the information contained in these financial statements are in accordance with the resolutions passed by the administrative organ.
At each balance sheet date, the carrying value of its tangible and intangible materials (including goodwill) and investments is reviewed if there is any indication
that those assets have been reduced dur evolved value. Regardless of whether there are any indications of impairment, the goodwill acquired in a business
combination, intangible assets with indefinite useful life or an intangible asset that is not yet available for use is annually tested for impairment by comparing its
carrying amount with its recoverable amount. This verification of the impairment can be made at any time d uring the year, provided they occur at the same time
each year. If any such indication exists, the recoverable amount is estimated for these activities to determine the extent of the devaluation. Where it is not
possible to estimate the recoverable amount of an individual, is used to estimate the recoverable amount of the cash-generating unit to which belongs to ctivities.
The recoverable amount is the higher value of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows
are discounted to their present value using a rate consistent with the flux determined that reflects current market assessments of the value of money
and the risks specific to the asset.


If the recoverable amount of an asset (or a cash-generating units) is estimated to be less than its book value, it is reduced to its recoverable amount.
Where an impairment loss has more reason to be, the carrying amount of the asset (or cash-generating unit atrice), excluding goodwill, increased to
the new value is derived from an estimate of its recoverable amount, but not beyond the net book value the asset would have had if it had not been
written down for impairment.
A reversal of impairment loss is recognized in the income statement immediately, unless the asset is carried at revalued amount ata, in which case the
reversal of an impairment loss is treated as a revaluation increase.


Objective evidence of impairment for an investment in an equity instrument includes information about significant changes with an adverse effect that
occurred in the technological, market, economic or legal environment in which the Group operates, and indicates that the investment cost may not be
recovered. A signifi cannot or prolonged decline in fair value of an investment in an equity instrument below its cost is also objective evidence of
impairment.


Given the current recessionary economic environment, the purpose of preparing consolidated financial statements at December 31, 2009, and in
particular in carrying out the test for impairment of intangible assets and investments and in the various amb iti Group activities have been taken into
account forecasts expected for 2010, the assumptions and findings are consistent with the statements regarding the prospects about the business
outlook.



START


With reference to the provisions of IFRS 3 and IAS 36, goodwill arising from acquisitions and has been allocated to cash-generating business units
(CGU) in which it spun off the business to aggregation ompany, in As goodwill is not able to produce cash flows in modoautonomo.
The International Accounting Standard IAS 36 requires that each CGU or group of CGU to which goodwill is allocated shall represent the level below
which the enterprise controls management for the same start and may not be larger than one segment for which the company has disaggregated
information for the purposes of segment reporting.




                                                                                                                                                                 61
    In particular, IAS 36 defines the Generating Unit Cash Flow (Cash Generating Unit - CGU) as the smallest unit of aggregation of assets for the
    purposes of determining the independent cash flows compared to those generated by other assets or groups of assets.

    Handling start

          A)     Companies fully consolidated


    (Amounts expressed in thousands of euro)
                                                      Year                 Start Value                                 corrections          Starting at
          Name of companies                         training              to 01/01/2009           increments           exercise                31/12/09
    Italifin Ltd (Branch Loans and
    sale of five)                                     2006                    1.321                                                              1.321
    Consulting and Finance Srl                        2008                     48                                                                  48
    Uniprestit SpA in liquidation                     2008                     208                                        -208                      0
    Progefin Ltd.                                     2008                     248                                        -248                      0
    Via Advisors Corporate Finance
    srl                                               2008                     413                                        -413                     0
    Euris Europe Srl                                  2008                     681                      16                                        697
    Italifin Ltd (Branch Mortgages)                   2009                                             502                -502                     0
    Italy Alta Services Ltd                           2009                                             485                                        485
    Total                                                                     2.919                   1.003              -1.371                  2.551



    The goodwill includes, for 2,066 thousand Euros, the azi endale on goodwill arising from the aggregation
    acquisition of control of the companies listed in the above table and ate acquired until the year 2008.
    The determination that goodwill was based on the final identification of the fair value of liabilities and contingent liabilities acquired, made on 31
    mbre says 2009 was called the valuation of assets and liabilities for the acquisition of the above the maximum period of 12 months from date of
    purchase.
    The process of allocating the purchase price on identification of the fair value of assets, liabilities and contingent liabilities of the acquired business
    and the impairment tests were completed in December 2009, consequently, the quantification of goodwill of € 2,066 m itiva be considered final.
    At the end of the year, was carried out the impairment test on the value of goodwill in the consolidated financial statements.
    The impairment test is performed annually at each balance sheet date. Moreover, according to IAS 36, goodwill is tested for impairment whenever
    there is objective evidence of the occurrence of events that may have reduced the recoverable amount.


    The recoverable amount is defined in IAS 36, as the higher of:
                fair value less costs to sell - understood as value amount obtainable from the sale of an asset or a cash-generating units ("Cash Generating
                 Unit" or CGU) in an arm's length transaction between co nsapevoli and available, less the costs of disposal; 

                use value - the present value of future cash flows expected to be derived from a specific activity or a CGU. 


    The recoverable amount of CGU is the company's value in use, determined by the sum of the present value of future cash flows generated by each
    CGU to which that goodwill has been allocated for the explicit forecast period and terminal value determined on the basis last year of the forecast.
    As stated in paragraph 33 of IAS 36 in assessing the use value the company must:
                make financial projections based on financial budgets / forecasts recently approved by the administrative authority for the CD. explicit
                 period, which should not exceed the limit of five years; 

                estimate the cash flow projections for subsequent periods, using a growth rate ita "stable decreasing,
                 unless an increasing rate can be "justified ied.
    The terminal value, which is detected at the end of the explicit method in the DCF is calculated assuming that since that time, the investment will
    produce a steady cash flow. In determining the final value was the methodological approach adopted in the present value of a perpetuity, according to
    which the terminal value



                                                                                                                                                              62
Net cash flow is the average of the explicit period of the plan with the correct rate "g" divided by the difference between the discount rate and the rate
constant g.
The issue of evaluating the rate of growth or decline is therefore the determining factor in the calculation of terminal value. It is clear that given the
possible high degree of subjectivity of this assessment, the assessment of the company irezione must be exercised with prudence and realism.
In compliance with IAS 36 provides the following guidelines for determining the rate of growth, for determining the terminal value included in the
evaluation of the use-value has assumed a growth rate of zero, since, having account the macroeconomic context of the market that the financial
sector is going through and the consequent difficulty in formulating predictions about the future profitability of long-term, it is prudent epresentation r
with the average long-term growth of the sectors in which the company work.
These cash flows are estimated with respect to operating cash flows expected on the basis of expected margins in EBITDA resulting from the 2010-
2012 Plan approved by the management of single product companies.
The 2010-2012 plan is the result of a process that the Heads of Business and is shared with top management to the final approval.
The expected future cash flows expected in the 2010-2012 Plan were considered as a model for calculating the value of use carefully reviewing the
forecasts to reflect the changing economic environment. Regarding Italifin to extrapolate cash flow projections, despite a growth plan, they were
considered the data of past 2009.
The other principal assumptions used to calculate the value in use affect the discount rate, the rate of growth, expectations of changes in variables
related to revenues and direct costs during the period taken for the calculation.
The Executive Board adopted a discount rate that reflects current market assessments of the cost of money and specific risks related to the assets
acquired.
The growth rates adopted are based on forecasts of growth in the sector of the Group acquired. The variations of the indicators of growth in revenues
and direct costs are based on past experiences (if any), on expectations of future market changes and predictable market environment specific.


In detail, the recoverability of goodwill was determined using the following main assumptions for the calculation of the value in use: the discount rate
(WACC) before tax, equal to 8.6% rate of return with no investment risk of 3.2.%, beta of 1.2, a market premium of 4.5%


The discount rate was estimated on the basis of the CAPM - Capital Asset Pricing Model (criterion used by the Group for the purpose of estimating
the value in use and referred to appendicitis and IAS 36), which expresses a linear relationship in conditions of market equilibrium between the return
on an investment and its systematic risk.


The formula for the discount rate used is the following:


                                               WACC = KX PN / (PN D) x Kd (1-t) x D / (D PN)
where:

K = PN = Average cost of
equity Equity
D = average debt
Kd = Cost of debt
t = tax rate applied to borrowing costs

The scheme for determining the WACC useful for purposes of testing can be analyzed in the fol bodies main elements:
1. the average cost of equity;
2. the average cost of debt;
3. the weight of equity and debt;
4. the discount rate before tax.




The cost of equity
The international accounting standard makes specific reference to the determination of the average cost of equity, the model of the CAPM (capital
asset pricing model).



                                                                                                                                                        63
With the CAPM, the cost of equity is determined as the sum of the return on risk-free investments (eg bonds in stable countries) and a risk premium -
in turn - depends on the systematic risk of ll ' company being evaluated, as measured by a coefficient ß. D el CAPM formula is:


                                                                        K r = ß (rm-r)
where:
K = average cost of equity
r = risk-free government bond yields (or risk free)
ß = coefficient of systematic risk not ersificabile div (rm-r) = premium for
business risk (market risk premium)

For returns and risk-free is' the rate used "Rendistato" p-average yield on securities ublications calculated daily by the Bank of Italy.
The prize for the business risk is defined as the difference between the market return (rm) and the performance of an investment in risk-free (r = risk
free rate), determined with reference to a period sufficiently large.
The premium for market risk is part of a broad range, which varies depending on country of reference, the type of market and bow horizon.


Please note that the weighted average cost of capital has been considered on the basis of a target capital structure with no debt and therefore was not
considered a risk premium due to sources of capital to debt.


The final value was determined as the discounted cash flow emerging from the average of the last three years (2010-2012) plan. The operating cash flow was
calculated as the discounted using the discount rate that reflects the opportunity cost weighted average of the sources of equity capital, based on a target capital
structure (with zero debt), and assuming a growth rate of medium- long-term "g" equal to zero for extrapolating the financial fl ows over the planning horizon,
given the current economic environment and uncertainty about the future of and markets.


With reference to the assumptions made about the growth of medium and long term, it should be noted that the estimates and budget information and
plan how they are applied the above mentioned parameters are determined by the management on the basis of past experience and expectations about
the development of markets in which it operates. To this end, we note that the actual data about the decline in market performance in the areas of the
Group's activities over the working pressure, coupled with recession forecasts about the trend of 2010, led the management to reconsider the rates
expected growth in revenues and margins that were incorporated into the business plan prepared in the previous year, leading to a more cautionary
review of the plan. The plans of some companies', not considered sufficiently consistent and appropriate to the conditions of market uncertainty (Via
Advisors) have not been evaluated positively. The same applies where there has been a change of management within the company's product
(Progefin Ltd.)
It also stresses that the parameters and information used to verify the recoverability of goodwill (in particular the expected cash flows for the various
UGC and the discount rates used) are significantly influenced by general economic and market, which could record, as occurred last year, changes to
currently unforeseeable. The effect that these changes may have on estimated cash flows of the various UGC, as well as on the main assumptions
adopted, could therefore lead in the budgets of the next financial results to differ materially from those reported in the consolidated balance sheet.
Thus, the Group can not ensure that there is a V ERIFICATION impairment of goodwill in future periods. The circumstances and events that could cause
further verification of the existence of impairment are constantly monitored by the Group.


Results

Based on the findings of the impairment test performed, the launching of Uniprestit Spa in liquidation, which was originally budgeted for 208 m €, Ltd.
Progefin originally budgeted for € 248 m, Via Advisors Corporate Finance Ltd was originally budgeted for 413
m €, and then joined the branch loans Italifin pe r € 502 m have been fully depreciated. The evaluation has therefore focused sva
goodwill allocated to a total of 1,370 m €.
This write-down was recorded in the income statement under item 130 "Net impairment losses on intangible att CALLS.
For what it concerns all 'starter Italifin Ramo loans and loans, if the ba of the findings of the impairment test performed the recoverable amount of
goodwill amounted to Euro 3.1 million, higher than its book value and, consequently, has not been carried to enter any write-down for impairment.



                                                                                                                                                               64
As for the 'starter Euris Europe Ltd, based on the results of the impairment test performed the recoverable amount of goodwill amounted to € 2 million
above its book value and, consequently, has not been carried to enter any devaluation for impairment.
The results of the impairment test of Italy Alta Services Ltd show a recoverable amount of goodwill amounted to Euro 2.8 million, higher than its
book value and, consequently, has not been carried to enter any impairment write-down.
As mentioned above, the assessment of impairment is made particularly difficult macroeconomic environment of the market that the financial sector
is going through and the consequent difficulty in formulating prev Isioni about the future profitability of the long term. Analysis was done of
"sensitivity" assuming the change of each alc parameters used in the procedure of verification of the recoverable amount of goodwill.
In particular, it was analyzed the effect on the recoverable amount as a result of a theoretical reduction in expected cash flows of the period of the plan
by 20%.
Even if such a negative change in cash flows, there was no impairment of goodwill.


Put options on minority interests issued by parent companies

At December 31, 2009 for the subsidiary HPB SpA is in a contract under which it is granted to a third party an irrevocable right to sell to HPB SpA a
stake in the company Srl Via Advisors Corporate Finance SpA in the same HPB already owns a controlling stake to 51% of the capital.
Therefore, under this contract, HPB SpA grants its contractual option to sell (put option) the entire remaining portion of the minority stake in the
subsidiary.
Under the contract, the put option is exercisable at any time from January 1, 2010 and January 31, 2010. The option exercise price must be paid by
transferring No 160,000 shares Conafi Prestitò Sp A, also envisages that in case of inability of HPB Srl corresp nder the price in shares, the same shall
be p Agata in cash based on a value of the shares determined Conafi Prestitò born on basis of the average market price of those shares within 60 days
prior to the date of payment.
It also states that together with the grant of 'put option, HPB Spa has an option to buy (call option) of the same minority stake in the company Via
Advisors Corporate Finance Ltd esercitab ile from 1 January to 31 January 2010 on the basis of a price operation corresponding to n. 160,000 shares
Conafi Spa At 31.12.09 this derivative instrument not entered in draws as the fair value dell'opzi one is out of the money.
 The valuation at 31 December 2009 put option granted was determined based on the present value of financial liabilities amounted to EUR 314,840,
corresponding to the exercise price of the put option which takes into account the time value to risk-free rate and the volatility of the financial
instrument underlying the option.
On January 11, 2010 was formally communicated to HPB SpA exercise the put option in the manner provided for in the contract.
At December 31, 2009 the exercise price of the put option is higher than the fair value of the minority stake of the subsidiary and, therefore, a
minority is exposed to the risk until the end of fair value relating to that participation.
Therefore, at the time of preparing the budget, whereas the written put option is essentially exercised (the exercise period is scheduled from January 1,
2010), HPB SpA has an obligation to purchase the remaining share of minority participation Via Corporate Advisor Finance Ltd in exchange for
shares Conafi Prestitò SpA posts since anziaria a liability the present value of the agreed amount for the purchase.
                                                       "Deposits") derives from the impossibility for the
The inclusion of financial liabilities (item 10        entity ch                                                      and makes the put option to avoid
delivery of cash or cash                                                   if required following the decision of the owner of such financial instruments
exercise their rights.
For the purposes of the consolidated financial statements, compared with the liabilities under IAS 32, since the exercise price of options is determined
is charged interest of minority shareholders to the extent of its book value and, for any amount residual equity of the group in line with the accounting
policy choice for the treatment of acquisitions of shares after it has reached control. In this regard, it refers to what is specified in the "Investments
incremental" tion on the acquisition of additional shares, nonchéin all other cases, acquisition of additional shares after the control is achieved.




                                                                                                                                                       65
Disputes and contingent liabilities
As regards information relating to litigation and contingent liabilities at 31. 12:09 refers to it as described in the report on the consolidated financial
statements under "Principal risks and uncertainties that Conafi and the Group are exposed" to which 'own dedicated section.


Option for the national fiscal consolidation

Conafi Spa and its subsidiaries have either joined the group, with effect from tax year 2009, "Consolidated Tax" national.
The Consolidated Income Tax (Income Tax Code) provides the opportunity for companies belonging to the same group to determine a unique
corresponding global total income, in principle, the algebraic sum of the taxable income of other group companies and, consequently, to determine a
single corporate income tax of the group.
The remuneration of the consolidated tax loss is recognized upon actual usage of the losses and / or surplus in the same consolidated, IR ES rate
applicable in the tax period in which the tax loss is scope for reduction of consolidated taxable income . The economic benefits resulting from
consolidation adjustments made by the consolidator, but specific to the individual consolidated, are paid to the individual consolidated




                                         Section 5 - Scope and consolidation methods

The following sets out the criteria and principles of consolidation used in preparing consolidated financial statements at December 31, 2009.




                                                 Financial statements used for consolidation

Were used for the consolidation project budget to 31 December 2009 the Parent Company and consolidated, reclassified and adjusted to take account
of the needs for consolidation and to align them with international accounting standards IAS / IFRS.
The consolidation is defined with reference to the provisions of IAS 27, 28 and 31.




1. Investments in subsidiaries on a esc lusiva and jointly


Subsidiaries

Subsidiaries are companies in which:
1. owns, directly or indirectly, more than half of the voting rights of an enterprise unless, in exceptional cases, can be clearly demonstrated that such
ownership does not constitute control;
2. it owns half or less of the vot power held and has:
a. control more than half the rights to vo under an agreement with other investors;
b. the power to govern the financial and operating policies of the entity under a statute or a contract;
c. the power to appoint or remove the majority of the members of the board of directors or equivalent governing body and management of the
company by that board or body;
d. the power to exercise the majority of votes at meetings of the board of directors or equivalent body


                                                                                                                                                       66
corporate governance and management of the company by that board or body.
The existence and effect of voting rights enhances them that are currently exercisable or convertible are considered when assessing whether a
company has the power to govern the financial and operating policies of another entity.
Subsidiaries are fully consolidated on a line do.
The value of investments in fully consolidated subsidiaries held by the Parent, is removed - against the taking of assets and liabilities of pa rtecipate -
in return for the corresponding portion of shareholders' equity of the Group.
The reports assets and liabilities, off-balance sheet, income and expenses, profits and losses nonchéi conversations between companies included in
consolidation are el isi.
Costs and revenues of a subsidiary are included in consolidation from the date of acquisition of control.
Costs and revenues disposal of a subsidiary are included in the consolidated income statement until the date of sale or until the date on which it ceases
to have control of the subsidiary. The difference between the consideration received and the carrying value of its net assets at that date is noted in item
180 "Income (loss) on disposal of investments"
For companies that are included for the first time consolidation, the fair value of the cost of obtaining control of such participation, including ancillary
costs, is measured at the acquisition date
If participation is not totalitarian, the minority interest is stated in the balance sheet under 190 "Minority interests" while in regard to item 210 "
<utile(perdita) d’esercizio di pertinenza di terzi” viene rilevato la quota di terzi del risultato d’esercizio.
As the preceding paragraph all companies within the group Conafi as contr ollate, have been consolidated with
line basis.


Changes made in 2009 in the consolidation


'S consolidation and' changed compared to December 31, 2008 as a result of the following:
a) formation of the company Conafi Network Development Ltd as the only partner with the Loan Conafi 'Spa
b) acquisition, through its subsidiary HPB, the controlling interest (76%) of Northern Italy Services Ltd, based in Busto Arsizio (VA)
c) HPB acquisition of an additional share of 24.5% of Uniprestit Spa in liquidation of which already owned 51%
d) sale of controlling interest (100%) of the company PrestitòCase Ltd (owned by HP SpA B) to the newly formed company Conafi Siluppo
Networks srl.
e) Acquisition of entire share of the company formerly controlled and Business Network Ltd


In regard to the items listed above are shown below are some details:
a) Conafi Network Development Ltd and 'entered the scope of consolidation following its establishment on April 9, 2009. The cost of participation
and 'equal to € 50 m and e' ta possedu 100% by the parent company. Subsequently, the members Conafi performed payments capital account of €
350,000.
b) the acquisition of controlling interest is part of the rules of IFRS 3 - Business Combinations. Since the acquisition and 'took place June 29, 2009
with the consolidated income statement as at 30.06.09 not include the costs and revenues of Northern Italy
services while the consolidated balance sheet will include the assets and liabilities as at 30.06.09. The purchase price amounted to € 504 m and 'have
been allocated provisionally registering a goodwill amounting to 485 m €. If the company was entr ata in the scope at the beginning of the group's
operating income would have increased to € 129 m while the net loss would be less than 10 m €.
 c) in respect of the transaction to acquire 24.5% of the already controlled Uniprestit Spa in liquidation is evident that being able to configure which
change in shareholding without loss of control and 'chose to adopt the policy under the new amendment to IAS 27, ie to consider the transaction as an
equity transaction "and" therefore a direct impact on equity. The sale price amounted to € 32 m. The difference between the cost or value of the
minority (63 m €) and the value of the share of minority interests (32 m €) is allocated between the reserves of equity in the consolidated balance
sheet (for 31 m €).
d) The sale of the totalitarian Prestito'Case Ltd is set up as a transaction between en entity under common control "within the Group Conafi and
therefore had no effect on the consolidated income statement


                                                                                                                                                          67
As of 31.12.2009 the consolidated financial statements therefore Conafi Spa and the companies say this ettamente or indirect subsidiaries, including
companies 'Uniprestit Spa in liquidation in December and' went into voluntary liquidation. Since the IAS / IFRS do not cover explicitly the financial
statements of companies in liquidation and is' referred to the draft Guidance issued recently by the Italian Accounting.
The values resulting from the liquidation balance sheet of the company "Uniprestit in liquidation at 31 saying mbre 2009, although the expression of"
realizable value "as it no longer can tulato of 'continuity' business", were reclassified using the same co RONMENT criteria of the other companies in
operation be ent.
The table below lists the companies co nsolidate-by-line.




                                                                                                                                                  68
Investments in consolidated subsidiaries on the c-line basis as of 31/12/2009

                                                         Type
        Labels                                                                  Report              Capital               Availability
                                       See              report
      companies                                                               participation         Social                 % votes
                                                          (1)
A. Companies
consolidated                                                                                                      Quote
                                                                            Participating company
           full                                                                                                    %

                                    Milan. Via
Italifin Srl                                                1                    Conafi SpA           10.000      100%       100%
                                   Borgonuovo 5

                                    Torino. Via
Alba Finanziaria SpA                Cordero di              1                    Conafi SpA         1.200.000     100%       100%
                                   Pamparato 15

                                    Torino. Via
Equity Holding
                                    Cordero di              1                    Conafi SpA          120.000      100%       100%
Business SpA
                                   Pamparato 15

                                    Torino. Via
Consulting and Finance
                                    Cordero di              1                     HPB SpA            100.000       51%        51%
Srl
                                   Pamparato 15

                                    Torino. Via
                                                                       Conafi Network Development
Prestitòcase Srl                    Cordero di              1                     Ltd                 10.000      100%       100%
                                   Pamparato 15

                                    Torino. Via
Rencredit Services
                                    Cordero di              1                     HPB SpA            100.000       99%        99%
Debt Recovery Ltd
                                   Pamparato 15

Uniprestit SpA                      Torino. Via
                                   Aldo Barbaro             1                     HPB SpA            245.000      75.5%      75.5%
clearance                                15

                                    Torino. Via
Progefin SpA                        Cordero di              1                     HPB SpA            100.000       60%        60%
                                   Pamparato 15

Via Advisors Corporate              Milan, Via
                                                            1                     HPB SpA             72.000       51%        51%
Finance Ltd.                       Borgonuovo 5

                                    Torino. Via
Euris Europe Srl                    Cordero di              1                     HPB SpA            100.000       51%        51%
                                   Pamparato 15

Conafi Network                      Torino. Via
Development
                                    Cordero di              1                    Conafi SpA           50.000      100%       100%
Srl
                                   Pamparato 15

                                    Torino. Via
Network and Business Ltd           Aldo Barbaro             1                     HPB SpA           100.000 (2)   100%       100%
                                        15

                                    Torino. Via
Italy Alta Services Ltd             Cordero di              1                     HPB SpA             10.400       76%        76%
                                   Pamparato 15


      (1)      Report Type: 1 = majority of the voting rights at ordinary
      (2)      Of which paid € 25,000




                                                                                                                                     69
                 A.2 THE MAIN BUDGET AGGREGATES

In compliance with the requirements of the Bank of Italy, with reference to the main aggregates of the balance sheet and, mutatis mutandis, income
statement, the notes accurately described this:
  • classification criteria;
  • the criteria for inclusion;
  • evaluation criteria;
  • the criteria for cancellation;
  • the criteria for recognition of components redditu wings.


Here are the accounting policies that were adopted with the main parts of assets and liabilities on the consolidated financial statements.


                                      1. Financial assets held for negotiation

Classification criteria

A financial asset is registered in this st oce if:

           is acquired or incurred principally for the purpose of selling or repurchasing it in the short term;
           is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of
            A recent and definitive strategy aimed at obtaining a profit in the short term;
           is a derivative not designated as hedges.



Criteria for inclusion

Initial recognition of financial hyenas represented at the settlement date and is equal to the cost, intended as a fair value of the package, excluding
transaction costs that are immediately recognized in the income statement even when directly attributable to that financial asset.




Evaluation criteria

After initial recognition, financial assets held for trading are SSESSMENT at fair value. Are valued at cost, equity instruments (shares) not listed in an
active market and whose fair value can not be reliably determined, and their related derivatives which are settled by delivery of shares.
If for any trading ntenute but the cost there is any objective evidence that they have been reduced in value (impairment), the assets are reduced by the
amount of the loss - recognized in the income statement under item 60. "Net income from trading" - calculated as the difference between the book
value thereof and the present value of expected future cash flows discounted at the current market rate of return on financial assets s imilari. If these
losses are less, you can not restore the original value.




Cancellation Policy

Financial assets are derecognised when the contractual rights s fall flows from the financial assets expire or when the financial asset is sold transfers
A ndo substantially all the risks and benefits associated with it.
Criteria for recognition of income
Gains or losses on disposal or redemption and unrealized gains and losses arising from changes in fair value of trading book shall be entered in item
60 "Net income from egoziazione n" in the income statement.




                                                                                                                                                          70
                                       2. Financial assets available for sale

Classification criteria

They are classified as available for sale "in the Financial assets that are not classified as loans, financial assets held to maturity, held-p er trading, or
financial assets at fair value. These activities are held for an undefined period of time and respond to the possible need to obtain liquid ta.
They can be classified as investments available-for-sale money market securities, other debt instruments and equities.




Criteria for inclusion

Initial recognition of financial dis ponibile for the sale is the settlement date and is equal to fair value, which is basically at cost including transaction
costs, net of fees.




Evaluation criteria

Financial assets available for sale are measured at fair value.
Bearing instruments, interest income is recognized using the effective interest method. These investments are subsequently measured at fair value.
Gains and losses arising from changes in fair value are recognized in equity in the item 170 "Revaluation reserves" up there nd the financial asset is
sold, at which time the cumulative gains and losses are recognized in profit statement.
If there is objective evidence that the business has suffered a permanent reduction in value of re (impairment), the cumulative loss that had been
recognized directly in equity is reversed and recognized in the income statement even though the financial asset was eliminated. The amount
transferred is equal to the difference between the carrying value (acquisition cost) and current fair value, less any impairment loss on that financial
asset previously recognized in profit or loss pre.
If at a later date, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event that
occurred in a period following that in which the impairment loss was recognized in the income statement, the impairment loss is taken, noting the
amount corresponding to the same item of income. The reversal shall not result in a carrying case than the amortized cost that would result from the
impairment not been recognized.
The impairment loss recognized in earnings for an investment in an equity instrument classified as available for sale are reversed through the income
statement but not detected in equity.


Cancellation Policy

A financial asset available for sale is eliminated when:
the contractual rights to cash flows from financial expire;
or the Company transfers substantially all the risks and rewards of ownership re finan cial activity.



Criteria for recognition of income

Allocation of income components in its income statement is based on the following: interest income earned on financial assets available for sale ie
they are allocated in item 10 "Interest income and similar income accounting";
when the financial asset is sold, the u sary and cumulative losses arising from changes in fair value are recognized in profit and loss item 100 b)
"Gains (losses) on cess ion or repurchase of financial assets avail them for sale "
if the activity has been reduced perma nent value (impairment), the cumulative loss that was recognized directly in equity is reversed and recognized
in profit and loss item 110 a) "Impairment / write-backs for impairment of financial assets ", even though the financial asset is eliminated;
write-backs of debt instruments are allocated in item 110 a) "Impairment / write-backs for impairment of financial assets".


                                                                                                                                                           71
                                                                     3. Credits

Classification criteria

The loan portfolio includes all the credits for cash, any technique, to banks to finance companies and customers.


Criteria for inclusion

Receivables are reported in this item on the date of disbursement to the borrower or to purchase, and may not be the subject of subsequent transfers to
other portfolios, financial instruments or other portfolios may be transferred to the loan portfolio. At the time of disbursement or purchase (date
operations ration), loans are carried at fair value, corresponding to the amount paid or incurred in the purchase price, including transaction costs that
are directly attributable to the acquisition or to ' provision of financial activity (even if not paid).


Evaluation criteria

The credit rating is based on the amortized cost determined using the effective interest rate, defined as the rate that exactly discounts estimated future
cash payments or receipts through the expected life of the financial instrument.
In the determination of the effective interest rate, you must consider the cash flows considering all contractual terms of the financial instrument. The
calculation includes all fees and other income paid or received between parties. Therefore, this method of assessment provides for the delivery and
ffetto economic cost / income on the expected residual life of the loan.
At each annual or interim financial statements is carried out a survey aimed at identifying those claims that as a result of events occurring after entry,
display objective evidence of possible impairment. The impairment test on the loans is divided into two phases:
individual assessments, aimed at the identification of individual loans (impaired) and determination of its loss of value;
collective evaluations, aimed at identifying portfolios impaired (deterioration) of performing loans and losses in determining lump them hidden, on
the basis of the percentage of expected losses on the total commitments outstanding at the balance sheet date.
Based on the criteria established by the Bank of Italy, impaired loans covered by the individual assessments are as follows:
       • loans;
       • problem loans;
      •   restructured loans;
      •   or outstanding claims by over 90 days.
Impairment losses attributable to each impaired loan is equal to the difference between their value and the amortized cost thereof.
The criteria for determining the recoverable amount of the credits are based on the expected cash flows of principal and interest, net of recovery costs
and any advances received, for determining the present value of cash flows, the key elements are represented identification of the estimated
collections, the timing of payments and the discount rate to apply.
For a financial asset carried at cost amortized amortized cost, the discount rate to be applied for the determination of impairment is equal to the
original effective interest rate financial instrument.
The discount rate used for determining value adjustments on loans on loans brokered under mandate, is obtained by reference to trends in market rates
with maturities consistent than the average duration of loans extended by the Company.
All problem loans are reviewed and analyzed at each balance regular budget. Any subsequent change in the amount or schedule of expected cash
flows, producing a decrease compared to initial estimates, determining the relevance of a value adjustment to the income statement item 100 a)
"Impairment / write-value re net deterioration ".
If the credit quality has improved and there is reasonable assurance of timely recovery of principal and interest, agreed to contractual terms, shall be
affixed to the same item of income a recovery in value, up to a maximum cost which would had no previous write-downs.
The impairment losses on loans is recorded as a reduction of the carrying amount of the claim, while the risk inherent in off-balance, such as
guarantees issued in respect of loans granted from the office, giving rise to the recognition of a post under "Other liabilities "balance sheet.




                                                                                                                                                      72
Cancellation Policy

The receivables are derecognised if they are transferred to third parties and all the risks and rewards are substantially transferred to the buyers
counterparts (derecognition).
If not, is recognized as a liability of A MOUNT of the results obtained and includes the corresponding costs and revenues on the underlying assets.




Criteria for recognition of income components

Allocation of income components in its income statement is based on the following:

                  interest income earned on loans are allocated in item 10 "interest income and Imil ass" and be entered into based on the accrual
                   basis; 

                  gains and losses on disposal of credits are allocated in item 90 a) "gain or loss on fair trade mission or repurchase of financial assets,
                   impairment losses on high-backs of loans are allocated to the item 100) 
                   "Net value adjustments for impairment of                      financial assets ".

                                                      for practices in the name and on behalf of financial institutions (use of credit line granted by banks
                   principals) the commission income earned on loans liquidated during the period are allocated in the voice
                   Commission income (item 30) and                                        charged during the settlement of the case (providing funding)
                                                                  The pro rata
                   However, imputing to future years                     share.
                   income from the future work of collection management (use of deferred income). For loans made in its own name (direct grants)
                   the income components, which are included in the amortized cost in the determination of the effective interest rate, are recognized
                   in interest income.




                                                             4. Guarantees given

The value at initial recognition of guarantees issued in respect of loans granted from the mandate, and the subsequent write-downs due to their possible
deterioration, are recorded under item 90 "Other liabilities". The write-downs from deteriorating 110.d are recorded under "Net impairment
adjustments ation of other financial assets" account of econ omics.
Write-downs for impairment of guarantees is determined on the basis of lump-sum obtained by extrapolating historical experience.




                                                      5. Tangible

Classification criteria

This item includes only assets held for r use in the production and supply of goods and services or for administrative purposes, namely:
    •   motor vehicles;
    •   plant and equipment;
    •   furniture and fixtures;
    •   other machinery and equipment.
Such assets are used in the business as held for use for the performance of institutional activities and the use of which has been assumed over a period
greater period.


In order to classify these costs under tangible assets must be fulfilled the conditions for recognition under IAS 16, in particular:



                                                                                                                                                         73
  • should be related to tangible property for use by Honourable du;
  • is expected to produce future economic benefits;
  • the cost should be measured reliably ible




Criteria for inclusion

Tangible assets are initially recorded at cost, inclusive of all costs directly attributable to bringing into use of the asset (transaction costs, borrowing
costs directly attributable, non-recoverable taxes, trade discounts, professional fees, direct costs of transportation well in the assigned location,
installation costs, c precludes decommissioned).
Subsequent costs are added to the carrying amount of the asset or recognized as a separate asset if it is likely that there will be future economic
benefits in excess of those originally estimated and the cost can be trusted ible detected.
All other subsequent expenditure (eg routine maintenance) are recognized in the income statement, the year they are incurred, the item 120 b)
"administrative expenses".




Evaluation criteria

Tangible assets are carried at cost less accumulated depreciation and impairment losses for impairment.
An item with a limited useful life are systematically depreciated on a straight-line basis over their useful life.
The useful life of tangible assets is reviewed at each balance sheet date and, if expectations differ from previous estimates, the depreciation charge for
the current year and subsequent years is adjusted.
If there is objective evidence that an asset has been impaired proceed to the comparison between the carrying amount of the value of re cuper, equal to
the greater of fair value less costs to sell and its value in use, defined as the present value of future cash flows expected to originate from. Any
adjustments in value are recognized in earnings.
If you restore the value of a previously impaired, the increased carrying amount may not exceed the net amount that would have had if he had not
recognized any impairment loss for the asset in prior years.



Cancellation Policy

Tangible asset is derecognised when the balance Adequacy of disposal or when the same are not expected future economic benefits from its use or its
disposal.
The gain or loss generated by the elimination of accounting with an immobilization material is recognized in the income statement when the asset is
derecognised and is determined as the difference between the estimated net disposal proceeds, if any, and the book value of 'activities.



Criteria for recognition of income components

Allocation of income components in its income statement is based on the following:
  • depreciation and any write-hours worth of material is allocated for impairment in item 120 "Impairment losses on property and equipment";
  • gains and losses on disposal of investment in the tangible assets are allocated under heading 18 0 "Gains (losses) on disposal of investments".




                                                                                                                                                        74
                                                  6. Intangible assets

Classification criteria

Intangible assets are non-monetary assets, identifiable even if no physical substance, from which it is probable that future economic benefits and for
which the cost can be measured reliably.
Intangible assets, as well as trademarks, patents and software include the goodwill from the acquisition of companies re-washed.



Criteria for inclusion

Intangible assets are stated at cost ac purchase, including additional charges and increased costs incurred subsequent to enhance the value or
the initial capacity p roducts.



Evaluation criteria

Intangible assets with finite useful life are related to marks and software are stated at cost of purchase, including any cost incurred for the asset into
use, deg them less accumulated depreciation and impairment losses . These assets with a finite life are depreciated on a straight-line basis over its
estimated useful life.
If there is objective evidence that an asset has been impaired proceed to the comparison between the carrying amount of the value of re cuper, equal to
the greater of fair value less costs to sell and its value in use, defined as the present value of future cash flows expected to originate from. Any
adjustments in value are recognized in earnings.
If the reintroduction of previously written-down value, the new carrying amount may not exceptional DERE the carrying amount that would have
been if he had not recognized any impairment loss for the asset in prior years.
Intangible assets with indefinite useful lives are not amortized and are made from goodwill arose in connection with an acquisition.
Although there are no indications of impairment, goodwill is tested annually for impairment, in analogy to the treatment of imm aterial assets with
indefinite useful lives.
The adjustments to goodwill are recorded in the income statement and are not eliminated in future years if there is a recovery in value.
Goodwill represents the excess of cost of acquisition over the fair value of net assets acquired and liabilities assumed at the date of
purchase.

Cancellation Policy

An intangible asset is derecognised rimoniale pat on disposal or when no future economic benefits are expected from its use or its disposal and any
difference between the disposal value and the book value is recognized in the income statement.




Criteria for recognition of income components

Allocation of income components in its income statement is based on the following:
                                                                                                                           I know not
  •   amortization and any write-val hours for impairment of intangible assets                                             allocated             Heading
      130 "Write-backs on intangible fixed assets ial;

  •   gains and losses on disposal of investment in the intangible assets are allocated in item 180 "Gains (losses)
      from sale of investments ".




                                                    8. Current and Deferred Tax
                                                                                                                a
                                                                                                                n
Le posed of        Taxation current  include       ecceden ze          of payments     (Activity current)       d debts     by ass olvera (Liabilities
current) for taxes          income for the period.                         Taxes on income, calculated in                        compliance with laws


                                                                                                                                                      75
tax regulations, is recognized as an expense and have the same                                 profit for                                             which have
originated.
                                                         the
Le posed of         Taxation deferred account,           nvece,          taxes                   income tax recoverable in future periods in connection with
                                                                      a
                                                                      n
differences temporary            deductible (Activity differit s) d taxes                                      income tax payable in future periods as a result
                                                   (Liabilitie difference
of differences temporary               Taxable     s           rite).          Le activities tax       Deferred form              object or of           detection,
accordance            the "balance sheet liability method,            only                                              provided there is full capacity to absorb
deductible temporary differences to be part of future taxable income,                         while      tax liabilities          d ifferite         are generally
always accounted for.
The assets and deferred tax liabilities are ETERMINATION of using the tax rates that are expected to apply
the period when the asset is realized                          Tax will be extinct or    la liabilities tax           on     base of         legislation tax
in fact still in force or in force at the time of detection.
Deferred tax assets and liabilities can be offset when, due to the same authority and is recognized by the fixed inlets
the legal right to compensation.
The current and deferred taxes are recognized in profit and loss                                   voice     210. "Taxes       sul income           de ll'esercizio
                                                                                                       whe
current operations, except those                                      on         to operations i re effects go                   attributed directly             to
equity, in which case they are charged in return for the assets.


                                                                          9. Debts

Classification criteria

The debts include all liabilities of the iVerse trading liabilities and from CALLS pass at fair value and are the typical instruments of bank funding,
financial and customer of the company.




Criteria for inclusion

The inclusion of these financial liabilities are on receipt of the funds collected and shall be based on the fair value of liabilities, inc assata normally
equal to the amount of any increased costs / revenues directly attributable to the transaction of funds and not reimbursed by the creditor. It excludes
the costs of internal administrative character. The trade payables are stated at their nominal value.




Evaluation criteria

After initial recognition, financial liabilities are measured at amortized cost, ie, using the effective interest method. An exception is the short-term
liabilities, where the time factor is negligible, which remain registered for the value received.




Cancellation Policy

Financial liabilities are derecognised when they are settled or when all the risks and costs relating to them have been transferred to third parties.




Criteria for recognition of income components

Allocation of income components in its income statement is based on the following:

           interest expense and financial charges accrued on financial liabilities are allocated in the item 20 "Interest expense and similar
            charges" and are recorded based on an accrual basis. 

           for practices in the name and on behalf of financial institutions (banks use credit line granted by the principals), the related commission
            expense accrued by the network of employees are classified under the heading "Commission expense" (item 40) and is entered in the exercise
            settlement practice (providing funding). 




                                                                                                                                                              76
                                       10. Provision for employee severance

Classification criteria

Employee benefits are all forms of consideration paid by the company in exchange for assets TY by employees. The provision for severance pay
(TFR) of staff is to be understood as a "post-employment benefit or defined benefit plans, so its inclusion in B BUDGET requested the evaluation, an
actuarial amount of accrued benefits employees and updating them.




Recognition and evaluation

The liabilities related to employee severance to staff ratio is budgeted based on the actuarial value of the same, as it qualifies as a benefit to employees
due under a defined benefit plan. The budgeting of defined benefit plans require actuarial estimate of the amount of benefits accrued by employees in
exchange for their service in co rrente and prior periods and updating of these benefits in order to determine the present value of the commitments of
the Group.
The present value of pledges by the Group companies is carried out by an independent actuary, using the "projected unit credit method (IAS 19). I
hear that half, which is part of the general technical specifications of the plans to "defined benefit", considers each period of service ed by workers at
the company as a unit of additional right: the actuarial liability must be quantified on basis of the seniority accrued at the valuation date action, so the
total liability is prorated according to the ratio between the years of pensionable service to date evaluations and seniority at the time reached a total of
Evista for the liquidation of the pr benefit. In addition, this method requires taking into account future salary increases, due to any cause (inflation,
career, contract renewals, etc..) Until the termination of the employment relationship. The cost for the severance indemnity accrued during the year in
the income statement as part of personnel expenses is the sum of the average present value of accrued rights of employees present for service
provided during the year ("current service and cost ") and the annual interest accrued on the present value of the commitments of the Group earlier
this year, calculated using the discount rate of future payments used to estimate liabilities at the end of last year (" interest cost ").
It should be noted that, in case you chose the destination of the TFR to complementary forms, the actuarial valuation under IAS has been made only
in reference to the TFR remained at the Company, as the share accruing will be regularly paid to a separate entity ( complementary institution)
without such payments result in additional obligations on service related company in the future from DIPE ndente.




Criteria for recognition of income components

Income items related to termination indemnities are recognized in earnings in item 120 a) "Administrative expenses - staff costs" and includes no
current average value of the benefits accrued during the year by employees in service ("current service cost ") and the interest accrued on the
obligation in the year (" c ost interest ").


                                                         11.Provisions for risks and charges

Provisions for risks and charges are recognized when:
      •    the enterprise has a present obligation (legal or im plicata) as a result of a past event;
      •    it is probable that an outflow of rice will need rse embodying economic benefits to settle the obligation;
      •    can be a reliable estimate of the 'amount of the obligation.
If these conditions are not met, there is no evidence of any liability.
The amounts paid are determined so that the best estimate of the expenditure required to meet obligations. In determining this estimate is considered
the risks and uncertainties that relate to the facts and circumstances at issue.
In particular, where the effect of the temporary burden incurred amount to a material, the amount of the provision is determined as the present value
of the cost expected to be required to settle the obligation.


                                                                                                                                                        77
Would then be used a discount rate that reflects current market assessments of time value of money and the risks specific to the liability.
Provisions are reviewed periodically and adjusted to reflect the current best estimate. When, following a review, sustaining the burden becomes
unlikely, the provision is reversed.
A provision is used only to cover the charges for which you originally registered.
The accrual period, we recorded the vo 150. "Net provisions for risks and charges" in the income statement includes increases in funding due to the
passage of time and is net of any write-backs.


                                                              11. Treasury shares

Treasury shares held are deducted from equity. In the event of a subsequent transfer, the difference between the sale price of the shares and the cost to
repurchase, net of any taxes, is recognized directly in equity in return.




                                           A.3 INFORMATION ON FAIR VALUE


                                                A.3.1        Transfers between portfolios

In 2009 there were no transfers to other levels to Level 3 and vice versa ..


                                                     A.3.2 Hierarchy of fair value

05/03/2009 draws on published by the IASB on Regulation (EC) No 1165/2009, which endorses the amendments to IFRS 7 "Financial Instruments:
Disclosures".
In relation to financial instruments recognized in the balance sheet at fair value, IFRS 7 requires that updated values are classified on the basis of a
hierarchy of levels that reflect the significance of the inputs used in the determination of fair value does.
The fair value used for the evaluation of financial instruments is determined based on the hierarchy that distinguishes between the following levels:



          Level 1 - quoted prices determined by (non-rett IFIC) in active markets, the valuation of financial instruments is equal to the market price
           of the instrument, namely its quotation. The market is defined as active when prices are expressed reflecting normal market transactions,
           are regularly and readily available, and whether those prices represent actual and regularly occurring market transactions; 

          Level 2 - determined by ion eval techniques that rely on variables that are directly (or indirectly) observable in the market, these valuation
           techniques are used to assess if the instrument is not quoted in an active market. The assessment of the financial instrument is based on
           prices can be derived from market prices of 
           or similar activities by means of eval ion for which all the significant values are derived from observable market parameters. Although this
           is the application of a technical evaluation, the resulting price is substantially devoid of discretion as all the parameters used are detectable
           by the market and the estimation methods used replicate quotes on active markets;

          Level 3 - ion eval determined by techniques that rely on significant non-observable variables on the market, these techniques involve the
           determination of the quoted price of the instrument through the use of relevant significant parameters is not apparent from the market and
           therefore involve estimates and assumptions by the management. 



At 31.12.09, the Group Conafi only holds financial instruments that are classified in the consolidated balance sheet item 40 - "Financial assets
available for sale"




                                                                                                                                                           78
Activity detected in the AFS portfolio

About 7% of net assets available for sale ita is assessed on the basis of market prices (Level 1) being made up of liquidity funds traded in an active
market, 93% instead, represented by shares of securities investment funds closed type, is evaluated by methods based on fundamental analysis of
companies (level 3).
The subscription fees of private equity can be valued using the last NAV available through a market sufficiently active (level 2).
In the absence of a proper functioning of the market, that is when the market does not have a sufficient and continuous number of transactions and
volatility does not sufficiently count tained, determine the fair value of these securities is mainly carried out by using valuation techniques with
objective of establishing the price of a hypothetical arm's length transaction motivated by normal market considerations, the valuation date (level 3).

The technical evaluation of the fair value of financial instruments

For equities is expected to use different assessment methods. Direct transactions or transactions on the stock registered in a significant period of time
deemed sufficiently short compared to the time of evaluation and constant market conditions, transactions of comparable companies operating in the
same sector and with all you anthropology of products / services similar to those of the subsidiary subject to evaluation, the application of the average
of multiple significant stock of comparable companies with respect to economic and financial magnitudes of the subsidiary and, finally, analytical
methods to assess the financial profitability and capital.


The valuation techniques used to assess the fair value of minority interest recognized in the AFS portfolio include:
          reference to market values indirectly connected to the instrument to be valued and taken from products with the same risk characteristics
           (comparable approach); 

          assessments made using inputs not identified which may be observed in the market for which is made use of estimates and assumptions
           made by the evaluator (mark to model). 


The choice between these methods is not optional, since they must be applied in a hierarchical order, has given priority to the official prices available
in active markets for assets of liabilities to be assessed (effective mark et quotes) for assets and liabilities or similar (comparable approach) and lowest
priority to unobservable inputs, and thus more discretionary (Mark-to-model approach).


The method of evaluation called for a financial instrument is adopted over time and is amended or only after significant changes in market conditions
or subjective issuer financial instrument.




                                                                                                                                                        79
     A.3.2.1 Wallets accounting breakdown levels of the fair value

                                                                                                                      Total at
Financial assets / liabilities measured at fair value            Level 1         Level 2             Level 3
                                                                                                                     31.12.2009

1. Financial assets held for trading

2. Financial assets at fair value

3. Financial assets available for sale                              27                                 374              401

4.Hedging derivatives

Total                                                               27                                 374              401

1. Financial liabilities held for trading

2. Financial Liabilities at fair value

3. Hedging derivatives

Total



     A. 3.2.2 Annual changes in financial assets                 measured at fair value level 3

                                                                               ASSETS 'FINANCIAL

                         Changes / Type                         held for     measured at fair   Available for sale
                                                                                                                     coverage
                                                               negotiation        value

1.      Opening balance (01 .01 .2009)

2.      Increases                                                                                      374

2 .1. Purchases                                                                                        374

2 .2. Net profit attributed to:

        2.2.1 Income

        of which: capital gain

        2.2.2 heritage equity method

2 .3. Transfers from other levels

2 .4. Other increases

3.      Decreases

3 .1. Sales

3 .2. Refunds

3 .3. Losses attributed to:

        3.3.1 Profit and loss account of which: depreciation
        3.3.2 Heritage equity method

3 .3. Transfers to other levels

3 .4. Other decreases

  4. Closing balance (31.12.2009)                                                                        374



                                                                                                                              80
PART B: INFORMATION ON THE
            SHEET




                             81
                                                                   ACTIVE


Section 1 - Cash and cash equivalents - Page 10
 1.1 Composition of item 10 "Cash and cash equivalents"

                                                                                                                  Total            Total
                                                 Items / Values
                                                                                                                 31/12/09         31/12/08

a) Cash and stamps                                                                                                  6                 12
                                                                                                     Total          6                 12


This item refers to money and values in place for the speakers of the Group at balance sheet date.


Section 2 - Financial assets held for them DEALING - Item 20
   2.1 Financial assets held for trading shall: breakdown

                                                                     Total 31/12/2009                              Total 12/31/2008
                    Items / Values
                                                         Level 1          Level 2         Level 3      Level 1          Level 2        Level 3

A. Cash assets

1. Debt
      - Structured securities

      - Other debt securities
2. Equity securities and mutual fund shares                                                                  6
3. Funding
                                              Total A                                                        6

B. Financial derivatives
1. Financial Derivatives
2. Credit derivatives
                                              Total B

                                           Total AB                                                          6




                                                                                                                                                 82
     2.3 Financial assets held for trading : breakdown by debt issuers

                                                                                                                      Total                  Total
                                              Items / Values
                                                                                                                      31/12/09             31/12/08

Cash assets                                                                                                                                    6
a) Governments and Central Banks

b) Public

c) Banks

d) Financial institutions
e) Other issuers                                                                                                                               6

Financial derivatives

a) Banks

b) Other counterparties
                                                                                                    Total                                      6



     2 .4 Financial assets held for trading: annual changes

                                                                                                      Securities
                                                                                                     capital and
                            Changes / Type                                                 Debt        shares           Since elderly              Total
                                                                                                       UCITS

A. Initial                                                                                                  6                                        6
B.    Increases
       B1. Purchases
       B2. Positive changes in fair value
       B3. Other changes

C. Decreases                                                                                                (6)                                     (6)
       C1. Sales                                                                                            (6)                                     (6)
       C2. Refunds
       C3. Negative changes in fair value
       C4. Transf. From other portfolios

       C5. Other changes
D. Closing balance


Section 4 - Financial assets available for sale - Item 40
     4.1 Composition of item 40 "Financial assets and available for sale"

                                                                    Total 31/12/2009                                        Total 12/31/2008
                                                        Level 1          Level 2         Level 3            Level 1              Level 2           Level 3
1. Debt
       - structured securities
       - other debt securities
2. Equities and mutual funds shares                        27                                 374               103
3. Funding                                                                                                                         50

                                             Total         27                                 374               103                50


The item "financial assets available for you ndita", is represented by listed securities to a market value of 27 m €. These are shares of funds signed by
the parent company to invest its liquidity resulting from tr complied with the non-compete payments made to the commissions accruing to the agents,
as required by its contractual agreements. The decrease


                                                                                                                                                             83
previous year is related to the removal of quotas at the end of the agency (see tab. 4.3). These funds were released at the end of the agency and
demoted to staff members who have resigned, for € 77 m, while the evaluation of the investment at market value as at 31 December 2009 resulted in a
positive change of € 1m.
Unlisted securities are represented by an investment in a private equity fund by the company in 2009 to € 382 m, the fair value amounted to € 374 m
is calculated on the basis of valuation techniques that take a reference parameters are not observable in the market. This assessment has led to a
reduction in value of € 8 m, placed in fair value reserve in equity item 170. Towards this private equity fund, the company has taken an initial
financial commitment is a total of 3,000 m €. whose residual value as at 31.12.09 amounted to € 2,618 m.




   4.2 Financial assets available for sale: breakdown by debtor’s broadcasters

                                                                                                             Total               Total
                                             Items / Values
                                                                                                            31/12/09             31/12/08

Financial assets
a) Governments and Central Banks

b) Public

c) Banks

d) Financial institutions                                                                                     401                 103
e) Other issuers                                                                                                                  50

                                                                                              Total           401                 153


   4.3 Financial assets available for sale: annual changes

                                                                                               Securities
                            Changes / Type                                 Debt               capital and              Funding      Total
                                                                                              Mutual fund
                                                                                                shares

A. Initial                                                                                         103                 50              153
B. Increases                                                                                       383                                 383
B1. Purchases                                                                                      382                                 382

B2. Positive changes in fair value                                                                    1                                 1
B3. Write-backs
     - Attributed to the C / E
     - Shareholders' equity
B4 Transfers from other portfolios

B5 Other changes
C. Decreases                                                                                      (85)                 (50)         (135)
C1 Sales                                                                                          (77)                               (77)

C2 Refunds                                                                                                             (50)          (50)
C3 Negative changes in fair value                                                                  (8)                                 (8)
C4 Value adjustments

C5 Transfers from other portfolios
C6 Other changes

D. Closing balance                                                                                 401                                 401




                                                                                                                                               84
Section 6 - Loans - Page 60
   6.1 "Due from banks"


                                          Composition                                                   Total 31/12/2009      Total 12/31/2008


 1. Deposits and current accounts                                                                            65.807                 80.398
 2. Funding:                                                                                                 7.416                  4. 830
      2.1 Repurchase agreements
      2.2 Financial leasing
      2.3 Factoring

           - Recourse
           - Without recourse
      2.4 other funding
 3. Debt

      - Structured securities
      - Other debt securities
 4. Other activities                                                                                                                  26

                                                                                   Total book value          73.223                 85.254
                                                                                    Total fair value         73.223                 85.254


The item "Deposits and current accounts" refers to the balances of current accounts held with banks.
The change from the previous year for which detailed analysis, see the "Rendic onto financial, includes, inter alia, the effect of the distribution of
special dividend of € 4,185 m and dell'escussione suffered by the lien Conafi € 2,395 m for the value. This amount, which has already been asked
back by the restoration of security, has been reclassified as a receivable to financial institutions.
Accounts receivable for loans refers to loans from banks for loans placed and already perfected on behalf of the banks but the same principals that the
balance sheet date are awaiting accreditation.
Other assets refer to claims for comm excepted gained on the placement of products.


6.2 Loans to banks as collateral for own liabilities and commitments

The current account balance that has been established at the time the collateral Conafi by the contractual obligations concerning contracts for non-
recourse sale of receivables, 20.4.2005 to 31.12.2009 is cleared as a result of the pledge suffered dell'escussione Conafi from the value of € 2,395 m
(31.12.2008: € 2,395 m in the item "deposits and current accounts).
This amount, which has already been asked back by the restoration of security, has been reclassified as a receivable to financial institutions.




                                                                                                                                                    85
   6.3 "Loans to financial institutions"

                                                                                 Total 31/12/2009                       Total 12/31/2008
                           Composition
                                                                             Bonis           Impaired               Bonis            Impaired

 1. Funding
      1.1 Repurchase agreements

      1.2 Financial leasing
      1.3 Factoring

             - Recourse
             - Without recourse
      1.4 Other loans
 2. Titles
      - Structured securities

      - Other debt securities
 3. Other activities                                                         2. 430                                   10
                                             Total value of financial        2. 430                                   10
                                                     Total fair value        2. 430                                   10


The change in 2009 is mainly due to the inclusion of credit € 2,395 m in c OMPARISON the person who carried out the enforcement of the pledge
eliminating the sums available on the current account to guarantee the contractual obligations with regard to the sale and purchase agreement non-
recourse loan, 20.4.2005. On the basis of a specific legal opinion that debt is considered due and countervailable at any time with claims by the bank
itself.
Based on information currently known and the comfort of a detailed legal opinion is not considered that there is no risk of default on credit of € 2,395
m, also for the viability and online legal operat ion with compensation claims in turn regularly claimed by the opposing party and arising from office
be in flow management of the portfolio of loans sold without recourse under the said contract of 20.04.2005.




                                                                                                                                                    86
   6.5 "Loans to customers"


                                                                                 Total 31/12/2009                       Total 12/31/2008
                          Composition
                                                                             Bonis            Impaired              Bonis             Impaired

 1. Financial leasing
     in the final without option of purchase
 2. Factoring
     - Recourse
     - Without recourse

 3. Consumer loans (including revolving credit cards)                       3. 676               5.085              5.502               3.900
 4. Credit Cards
 5. Other loans                                                                                                                          31
     of which, enforcement of guarantees and commitments
 6. Debt
     - Structured securities
     - Other debt securities
 7. Other activities                                                          203                 48                 436

                                                    Total book value        3. 879               5.133              5.938               3.931
                                                     Total fair value       3. 879               5.133              5.938               3.931


The item "consumer credit" is the realizable value or is suspected of performing loans, and includes mainly:
    • performing loans to central governments and third cedu you to share, but not yet received for an amount of € 1,450 m (as at 31.12.08 the
      claim amounted to € 2,532 m);
    • receivables from customers for pre-financing and direct financing of receivables am on € 1044 (€ am € 1,224 at 31.12.08);
    • Other receivables, including loans for charging of fees to clients, and claims for commissions earned on funding practices, to € 1,182 m
      (EUR 1,746 to 3 pm € 1:12:08).


Consumer credit for the voice impaired assets represents the net realizable value of loans, and stranded more than 90 days past due (equal to 1,443,
2,853 and 789 m €)
The claims in the financial statements have been subject to impairment tests in order to assess its estimated realizable value. Value adjustments
Total consumer credit and other activities, as at 31.12.09 amounted to                        € 2,927 m for specific doubtful utazioni (Stranded
765 m € 2,121 m € and suffering for more than 90
expired                                                     days for € 42 m).




                                                                                                                                                    87
  6.7 "Claims" means activities guaranteed

                                                                Total 31/12/2009                                                    Total 12/31/2008
                                                                     Loans to                                                       Loans to entities
                                        Loans to banks                                 Loans to customers     Loans to banks                              Loans to customers
                                                              Financial institutions                                                     Financial
                                          VE             VG     VE              VG        VE          VG        VE             VG   VE               VG      VE          VG


1. Performing assets guaranteed by:                                                      1.451        1.451                                                 2.540        2.540



   - Assets held under finance leases


   - Amounts due from debtors

   - Mortgages

   - Pledges
   - Guarantees

   - Credit derivatives

   - Other                                                                               1.451        1.451                                                 2.540        2.540

2. Impaired assets guaranteed
                                                                                          789         789                                                    903          903
by:


   - Assets held under finance leases


   - Amounts due from debtors

   - Mortgages

   - Pledges

   - Guarantees
   - Credit derivatives

   - Other                                                                                789         789                                                    903          903

                               Total                                                     2.240        2.240                                                 3.443        3.443




                                                                                                                                                                                 88
The account includes the rate paid on credit line for financing with the clause of "Do not know for riscos received" not yet received from the
executors sold. These loans are guaranteed by an insurance policy against the risk and on their use except for the portion arising from the insolvency
of the executor of such transfer and shall not be construed to request the opening of insolvency proceedings. The impaired assets guaranteed equal to
€ 789 m shown in the table, are represented exclusively by the rate for loans overdue for more than 90 days, from different positions in stranding and
suffering.




Section 10 - Tangible assets - Item 100
   10.1 Breakdown of item 100, "Activities of the material"

                                                                                  Total 31/12/2009                     Total 12/31/2008

                         Items / Evaluation                                Activities     Assets valued          Activities       Assets valued
                                                                         valued at          at fair value or     valued at        at fair value or
                                                                            cost                revalued           cost               revalued

1. Operating assets

   1.1 owned                                                                 480                                    622
   a) land
   b) made

   c) furniture                                                              340                                    398
   d) instrumental                                                           132                                    184
   e) other                                                                   8                                       40
   1.2 Leased                                                                 64

   a) land
   b) made

   c) furniture                                                               36
   d) instrumental
   e) other                                                                   28
                                                             Total 1         544                                    622
2. Activities related to financial leasing
   2.1 unexercised goods
   2.2 goods withdrawn following a resolution

   2.3 Other assets
                                                             Total 2
3. Assets held for investment purposes
   Of which: Leased
                                                             Total 3
                                                        Total (1 2 3)        544                                    622

                           Total (assets at cost and revalued)               544                                     622


The entry welcomes tangible investment years, carried out by the Group. The change is due to normal amortization process. It should be noted that
the Group has decided to exercise the option under IFRS 1 to keep the cost of tangible assets in the first application of international accounting
standards.




                                                                                                                                                     89
   10.2 Tangible assets: annual changes

                  Items / Values                 Land             Buildings           Furniture       Instrumental           Other               Total

A. Initial                                                                                400             184                  40                624
B. Increases                                                                              138              25                  34                197
   B.1 Purchases                                                                          138              25                  34                197
   B.2 Write-backs
   B.3 Positive changes in fair
   value charged to:
      a) equity
      b) income statement
   B.4 Other changes
C. Decreases                                                                             (162)            (77)                (38)              (277)
   C.1 Sales
   C.2 Depreciation                                                                      (162)            (77)                (38)              (277)
   C.3 Value adjustments
   impairment charged to:
      a) equity
      b) income statement
   C.4 Negative changes in fair
   value charged to:
      a) equity
      b) income statement
   C.5 Other changes
D. Closing balance                                                                        376             132                  36                544

The increases of tangible fixed assets related to the modernization of the offices, and in particular the purchase of office furniture and electronic
office machines.




                                                                                                                                                         90
Section 11 - Intangible assets - Item 110
   11.1 Breakdown of item 110 "immaterial assets wings"

                                                                                  Total 31/12/2009               Total 12/31/2008
                                                                                                            Activiti
                           Items / Evaluation                               Activities                      es
                                                                                          Assets valued                      Assets valued
                                                                            valued at                       valued at
                                                                                            at fair value                     at fair value
                                                                              cost                           cost

1. ZIP                                                                        2. 550                         2.919
2. Other intangible assets
   2.1 Owned:                                                                  559                            166
      - Internally generated
      - Other                                                                  559                            166
   2.2 Leased
                                                                 Total 2       559                            166

3. Activities related to financial leasing
   3.1 unexercised goods

   3.2 goods withdrawn following a resolution
   3.3 Other assets
                                                                 Total 3
4. Leased assets
                                                          Total (1 2 3 4)     3. 109                         3.085
                Total (assets at cost assets at fair value)                   3. 109                         3.085


The voice of intangible assets "other" is a ref er software for an amount equal to 523                      m € to     net   of accumulated
depreciation, trademarks, patents and licenses to 36 m €.




                                                                                                                                              91
   11.2 Intangible assets: annual changes

                                                       Items / Values                                                               Total

A. Initial                                                                                                                          3.085
B. Increases                                                                                                                        1.601
   B.1 Purchases                                                                                                                    1.601
   B.2 Write-backs

   B.3 Positive changes in fair value
        - Shareholders' equity

        - The income statement
   B.4 Other changes
C. Decreases                                                                                                                        (1.577)
   C.1 Sales

   C.2 Depreciation                                                                                                                   (167)
   C.3 Value adjustments                                                                                                            (1.410)
        - Shareholders' equity
        - The income statement                                                                                                      (1.410)
   C.4 Negative changes in fair value

        - Shareholders' equity
        - The income statement
   C.5 Other changes

D. Closing balance                                                                                                                  3.109


The main increases are related to the purchase of intangible assets by the software Conafi Spa € 507 m, and increased goodwill arising dall'agg
regazione Corporate Services Ltd Northern Italy amounted to € 484 m and increase Italifin of goodwill for the purchase of the business of RED for
502 m €.
The main decreases, in addition to depreciation, are due to depreciation of goodwill for a total of € 1,370 m and that you and 'widely discussed in
Section 4-Other aspects of the Notes.




Section 12 - Deferred tax assets and tax liabilities
   12.1-12.2 Breakdown of item 120 "calls Activity fi" - "tax liabilities"

                                                                                                                                     Total
                                                      Composition
                                                                                                                                    31/12/09

"Activities Tax"                                                                                                                     4.625

   Tax receivables                                                                                                                   2.340
   Deferred tax assets                                                                                                               2.276

   Payments of taxes                                                                                                                     9
 "Tax liabilities"                                                                                                                    532
   Taxes payable                                                                                                                      337
   Current taxes                                                                                                                      112

   Deferred taxes                                                                                                                      83




                                                                                                                                                      92
Accounts receivable include receivables from tax authorities for income tax of previous years, the withholding taxes on bank interest income and
withholding tax on commission income from brokerage and insurance.
Deferred tax assets amounted to € 2,276 m, and r EFERENCE IRES mainly on the writedown of excess credits
the deductible limits for m € 868 and the deferred tax assets on tax loss for 2008 of the subsidiary Italifin m €
539. Deferred tax assets relating to the costs incurred for the listing, for the reasons already 'described in "Analysis of economic and financial
situation", were completely impaired (981 m €) in exchange for equity (share premium). In 2009 the company 'Euris Europe Ltd. subsidiary has opted
for the liberation of goodwill for tax purposes by including a provision for substitute tax credit equal to 242 m € and contes currently a debt to the
Treasury for the same amount. This accounting treatment is' consistent with the interpretation suggested in the document issued by the Italian
Accounting n.3.
The entry tax liabilities comprise:
  • Tax liabilities for a total of € 337 m consist mainly of debts for taxes withheld commissions and employees, and debts for stamp duty;
In the determination of deferred tax assets and liabilities as at 31.12.09 for current taxes have been taken into account the prevailing tax rates: IRES
and IRAP 27.5% equal to 4.82% for financial companies and 3.9% for s ocietà industry.
Deferred tax assets, amounting to € 2,276 m are divided as follows:
  • IRES: € 2,082 m;
  • IRAP: 194 m €.
Deferred taxes, amounting to € 83 m are so Sudd IVIS:
  • IRES: € 74 m;
  • IRAP: 9 m €.




   12.3 Change in deferred tax assets (income statement)


                                                 Items / Values                                                     Total 31/12/2009   Total 12/31/2008


1. Initial                                                                                                               1.291               649
      Playing around with ring tab. 12.5                                                                                 325

2. Increases                                                                                                             739                 915
    2.1 Deferred tax assets recognized in the                                                                            675                 348

         a) relating to prior years                                                                                       37
         b) due to changes in accounting policies
         c) write-backs
         d) other                                                                                                        638                 348
    2.2 New taxes or increases in tax rates                                                                                6

    2.3 Other increases                                                                                                   58                 567
3. Decreases                                                                                                             (246)              (273)
    3.1 Deferred tax assets derecognised during the year                                                                 (242)              (272)
         a) turnarounds                                                                                                  (197)              (272)
         b) write-offs                                                                                                   (44)
         c) due to changes in accounting policies
         d) other                                                                                                         (1)
    3.2 Reduction in tax rates
    3.3 Other decreases                                                                                                   (4)                (1)

4. Subtotal                                                                                                              2.109              1.291         T
In the line "games around with fitting tab. 1 2.5 "also includes tax credits to know Institut equal to 242 m € for the
tax realignment of intangible assets (goodwill) of subsidiary Euris Europe Srl.


                                                                                                                                                          93
   12.4 Change in deferred taxes (income statement)


                                               Items / Values                                              Totale31/12/09          Totale31/12/08


1. Initial                                                                                                         70                    288
2. Increases                                                                                                       12

   2.1 Deferred tax assets recognized in the                                                                       12
         a) relating to prior years
         b) due to changes in accounting policies

         c) other                                                                                                  12
   2.2 New taxes or increases in tax rates

   2.3 Other increases
3. Decreases                                                                                                                            (218)
   3.1 Deferred tax assets derecognised during the year                                                                                 (218)
         a) turnarounds                                                                                                                 (169)

         c) due to changes in accounting policies
         b) other                                                                                                                        (49)

   3.2 Reduction in tax rates
   3.3 Other decreases

4. Subtotal                                                                                                        82                    70


The deferred tax liabilities are calculated s n the differences                     value originated            from          of     various criteria of
Measurement IAS / IFRS.



   12.5 Change in deferred tax assets (shareholders' equity)


                                               Items / Values                                             Total 31/12/2009     Total 12/31/2008


1. Initial                                                                                                      1.232                   2.179
2. Increases                                                                                                                             64
   2.1 Deferred tax assets recognized in the                                                                                             64
         a) relating to prior years                                                                                                      64
         b) due to changes in accounting policies
         c) other
   2.2 New taxes or increases in tax rates
   2.3 Other increases

3. Decreases                                                                                                   (1.065)                 (1.011)
   3.1 Deferred tax assets derecognised during the year                                                        (1.065)                 (1.011)
         a) turnarounds                                                                                            (84)                 (561)
         b) write-offs                                                                                          (981)                   (450)
         c) due to changes in accounting policies
         c) other
   3.2 Reduction in tax rates
   3.3 Other decreases

4. Subtotal                                                                                                      167                    1.232

Under IAS No. 12 and is 'considered to devalue further the claim for TAX' deferred (IRES) relative to the costs incurred for the listing to 981 m
€ c ontropartita with in equity.

                                                                                                                                                     94
      12.6 Change in deferred taxes (in shareholders' equity)

                                                                                                                Total                Total
                                              Items / Values
                                                                                                                 31/12/09             31/12/08

1. Initial                                                                                                           8
2. Increases
   2.1 Deferred taxes recognized in the
          a) relating to prior years
          b) due to changes in accounting policies
          c) other
2.2 New taxes or increases in tax rates
2.3 Other increases
3. Decreases                                                                                                        (7)                         8
   3.1 Deferred tax liabilities eliminated during
          a) turnarounds
          b) due to changes in accounting policies
          c) other
   3.2 Reduction in tax rates
      3.3 Other decreases                                                                                           (7)                         8
4. Subtotal                                                                                                           1                         8



Section 14 - Other assets - Item 140
      14.1 Breakdown of item 140 "Other assets"


                                               Items / Values                                              Total 31/12/2009     Total 12/31/2008


Prepayments and accrued income                                                                                    249                  410
Other receivables                                                                                                 734                 1.542
Advances commission                                                                                               594                  976
Receivable from insurance                                                                                         304                 1.204
Claims for services                                                                                              1.376                 396
Tax receivables                                                                                                   139                      54
                                                                                                  Total          3.396                4.582


Other assets as at 31.12.09 include:

  • accrued income allocazio who have not found it in other specific assets;

  •     advances on commissions accruing in favor of brokers paid by the Group to its officers by virtue of special agreements in nature
        commercial;

  •     consist of receivables from insurance claims for insurance premiums paid to insurance companies and waiting
        reimbursement practices by banks on loans and improved insurance for claims outstanding.

  • Other receivables comprise mainly mmobilizzazioni underway for the opening of new offices of € 338 and am
    receivables owed to firms Enasarco Italifin Srl m € 174.
                                                                                                                            activitie             conduc
  • claims for services, or claims by the group contengon to customers for the                                              s         of services ted
    mainly non-financial corporations enenti the group apart.




                                                                                                                                                    95
Section 1 - Deposits - Item 10
   1.1 Deposits

                                                      Total 31/12/2009                                            Total 12/31/2008
              Voices
                                                        to institutions                                             to institutions
                                        banks                                to customers           banks                                to customers
                                                           Financial                                                   Financial
1.Loans

   1.1 Repurchase agreements

   1.2 Other funding
2. Other payables                       8. 220                 17                4.915              9.637                                    4.084

                            Total       8. 220                 17                4.915              9.637                                    4.084
                        Fair value      8. 220                 17                4.915              9.637                                    4.084


Accounts payable to banks relates primarily to amounts due for early extinguishments and debts for shares of the funds be reimbursed to the
institution assigns.
Accounts payable to customers mainly includes debts for shares to be refunded to customers who have terminated earlier funding amounting to €
3,749 m (€ 3,453 m as at 31.12.08).
The increase in debt is linked to the number of lapses in place.
The inclusion of debt in the budget is attributable to technical delays in the management of extinctions, periods during which the government sold the
third may withhold no more due to their employees.
Among the debts also include the financial liability the present value of the option granted to minority shareholders of Via Advisors Corporate
Finance Srl by HPB in the comment section, please refer to the 4-Other aspects of the Notes-Part A.1 "General." The inclusion of the pecuniary
liabilities result from the f c h for the entity issuing the put option to prevent the delivery of cash or cash if required following the decision of the
owner of such instruments el to exercise their financial rights. Faced with the liabilities under IAS 32 ipio princ, since the exercise price of options is
determined is charged interest of minority shareholders to the extent of its book value and, for any residual amount, the net assets group consistent
with the accounting policy choice for the treatment of acquisitions of shares after it has reached control.




Section 9 - Other liabilities - Item 90
   9.1 Composition of item 90 "other liabilities"


                                              Items / Values                                                Total 31/12/2009       Total 12/31/2008


A. Other Liabilities - Details
    1. Trade payables                                                                                             2.244                 2.600
    2. Other payables                                                                                             6.395                 3.382

    3. Accruals and deferred income                                                                               5.165                 3.572
    4. Due to tax authorities                                                                                        277                 206

                                                                                                Total A             14.081              9.760


The item "accounts payable" includes predominantly fearing:
    • debts accrued from fees;
    • The amount due to insurance premiums not yet paid to the practices already improved the balance sheet date for an amount of € m 201.
The item "other liabilities" includes the following two main v oci:


                                                                                                                                                        96
    • the debt for "advances received severance pay", referring to advances of severance pay on loans, received from the government in the face of the
      bond of indemnity, equal to € 1,025 m;
    • the provision for bad and guarantees issued in respect of loans granted from the office, for an amount of € 3,167 pm (equivalent to € 412 am
      31.12.08)
The item "Accrued expenses and deferred income" includes the values that have not found specific allocation in other balance sheet items.
This item deferred income amounting to € 5,149 m reported to include the deferred portion of commission income to cover future costs in relation to
the management of the shares on behalf of schools principals on outstanding loans as at 31.12.09 for a total of € 5,116 m euro
Deferred income were determined on the basis of direct and indirect costs that are estimated will be incurred in the management of shares in relation
to the remaining life of the funding practices. Unlike last year, for the determination of deferred income, and are 'used by residual maturity instead of
the estimated remaining life of the funding in light of the fact that in the event of early termination, the portion of commissions accrued will be
refunded to the cl ientela.




Section 10 - Provision for employee - Item 100
   10.1 "severance indemnities": annual changes


                                              Items / Values                                                Total 31/12/2009 Total 12/31/2008


A. Initial                                                                                                          452                436

B. Increases                                                                                                        282                353
  B1. Provision for the year                                                                                        236                230
  B2. Other increases                                                                                               46                 123

C. Decreases                                                                                                       (308)               (337)
  C1. Severance payments                                                                                           (150)               (58)
  C2. Other decreases                                                                                              (158)               (279)

D. Final Balance                                                                                                    426                452


The fund in question has been detected on the basis of an actuarial report prepared in accordance with the methodology of the "Project Unit Method"
IAS 19. This methodology provides for each employee severance payments to be made by the Company in the event of termination of employment o.
Compared to the previous year and the TFR 's Treaty shown net of the credit for the TFR transferred to the supplementary pension and / or cash to the
INPS fund that previously had been classified under item 140 - "Other assets". For consistency of presentation and 'r iclassificato was also the balance
of 2008. The amount due from INPS amounted to € 438 m in 2009 and to 280 m € in 2008.
The present value of future benefits for employees arising from the severance pay was assessed by detecting, as required by IAS 19, the market
returns. It was used then the rate euroswap with durations equal to the average duration of benefits provided to the community concerned. We used an
annual discount rate constant and equal to 3.80%, estimated on the yield curve at the end of December 2009 (3.9% in 2008), while the inflation rate
considered for the evaluation of future performance is assumed equal to 2.25% (2% in 2008).




                                                                                                                                                     97
Section 11 - Provisions for risks and charges - Item 110
   11.1 "Provisions for risks and charges: breakdown and changes in the performance

                                                                                             Other funds
                                                         Fund
                                                                              Indemnity                                             Total Funds
                  Items / Types                      pensions and                             Fund Pact
                                                                        Supplementary                                 Other            Risks
                                                        similar
                                                      obligations                           Non-compete
                                                                            reviews

A. Opening balance as at 31/12/08                                             314                     61                                  375
B. Increases                                                                    70                5                    76                 151
   B.1 Increase                                                                 70                5                    76                 151
   B.2 Other increases
C. Decreases                                                                    (55)               (43)                                   (98)
   C.1 Use                                                                      (55)               (43)                                   (98)
   C.2 Other decreases
D. Final Balance at 31/12/09                                                  329                     23               76                 428


The agency agreement provides that the agent is up to the end of a term indemnities                              customer except in cases where
agent withdraws from the contract on its own initiative or for fraud / negligence.
The deductions from the commissions of agents for compliance with the covenant not to compete are the debt owed to the agents if meet their
obligation not to compete outside the mandate of the Agency in the time agreed in the mandate after the termination of the relationship (in general a
period not exceeding two years).
The impact of discounting in the income statement of the funds as at 31.12.2009 to € 12 m is shown in Item 20 "Interest and similar income"




Section 12 - Shareholders - Items 120, 130, 140, 150, 160 and 170
   12.1 Breakdown of Item 120 "Capital"

                                                       Types                                                                    Amount

1. Capital                                                                                                                       11.160
    1.1 Common Shares                                                                                                            11.160


On 31.12.09, the share capital was made up of 46,500,000 ordinary shares of no par value determined in compliance with Article 6 of the bylaws.
The shares are fully subscribed and paid.



   12.2 Composition of item 130 treasury shares

                                                             Types                                                             Amount

  1. Treasury shares                                                                                                             4.438
    1.1      Ordinary shares                                                                                                     4.438
    1.2 More Actions


The shares amounted am € 4,438, compared with € 2,963 at 31.12.08 am
For more information please refer to the consolidated annual report under "Treasury shares and buy-back plan."




                                                                                                                                                  98
   12.4 Composition of item 150, "Share premium"

                                                             Types                                                                                                    Amount

 1. Initial                                                                                                                                                           72.139

 2. Increases
 3. Use                                                                                                                                                                (431)

 4. Other changes                                                                                                                                                     (2.818)

 5. Final Balance                                                                                                                                                     68.890


The change in the share premium reserve, of which the "use" to 431 m € and 'due to the distribution of dividends declared by the Assembly upon the
approval of the budget year ended 31.12.08, while the "Other changes" include the transfer of 1,836 m € r to the legal reserve for adding the fifth of
the capital and the depreciation of deferred tax assets related to the costs of listing with shareholders' equity to € 981 m




    12.4.160 Reserve Item 160

The reserves of the group refer to € 1,836 m in capital reserves, and retained earnings (losses) for previous years (777) € m




   12.4.170 Composition and Changes in item 170 "Revaluation reserves"



                                                                                                                                      Special
                                            Financial




                                                                                                                                      of



              Items / Types
                                                                                                                                                    revaluation




                                                                                                                                                                        Other



                                                                                                                                                                                 Total
                                                                 materials
                                                                             Activities




                                                                                          intangible




                                                                                                                                      R
                                                                                          Activities




                                                                                                                           Coverage



                                                                                                                                      d
                                                                                                                                      e
                                                                                                                                      a
                                          sale Activi




                                                                                                               Financial
                                                ties




                                                                                                       flows
                                          available




                                                                                                       of
                                          per




A. Initial
                                          la




                                                        24       0                         0                          0                         0                 0              24
B. Increases
   B1. Positive changes in fair                         1        0                         0                          0                         0                 0                1
   value
   B.2 Other changes                                    1        0                         0                          0                         0                 0                1

C. Decreases                                            0        0                         0                          0                         0                 0                0
   C1. Negative changes in fair                   (31)           0                         0                          0                         0                 0             (31)
   value
   C.2 Other changes                                (8)          0                         0                          0                         0                 0              (8)

D. Closing balance
                                                  (23)           0                         0                          0                         0                 0             (23)

                                                    (6)          0                         0                          0                         0                 0              (6)




                                                                                                                                                                                         99
Section 13 - Minority interests - Item 190
  13.1 Breakdown of item 190 "Minority interests"


                                 Items / Values             Total 31 / 1 2 / 09 Total 12/31/2008

1 . Capital                                                        201               353
2 . Action, Prop Rie (-)
3 . Equity instruments
4 . Share premium                                                                     60
5 . Reserves                                                       (3)               (89)
6 . Revaluation reserves
7 . Net income (loss)                                              (113)             (25)
                                                    Total           85               299




                                                                                                   100
PART C: INCOME STATEMENT INFORMATION




                                       101
Section 1 - Interest - Items 10 and 20
   1.1 Composition of item 10 "Interest income and similar revenues"

                                                                                               Other          Total             Total
                    Items / Technical forms                    Debt        Funding
                                                                                             operations      31/12/09          31/12/08

 1. Financial assets held for negotiation


 2. Financial assets at fair value


 3. Financial assets available for sale


 4. Financial assets held to maturity


 5. Credits                                                                 256                1.380           1.636             4.211


   5.1 Loans to banks                                                                          1.324           1.324             3.972


   5.2 Loans to financial institutions


   5.3 Loans to customers                                                   256                 56              312               239


 6. Other activities                                                                             1               1


 7. Hedging derivatives


                                                    Total                   256                1.381           1.637             4.211


The voice on interest income "loans to banks"                                  consists solely of interest income earned on bank accounts for
1,324 m €.

The entry for interest receivable due from customers include:

• Interest accrued on pre-financing to customers of € 41 am;

• Interest income on debt payments and cash equivalents amounting to € m              142;
• Interest income on loans of € 111 pm;




   1.3 Breakdown of item 20 "Interest expense and similar charges"

                                                                                                              Total             Total
                   Items / Technical forms                     Funding      Titles             Other
                                                                                                             31/12/09          31/12/08

 1. Due to banks                                                                               249              249              160

 2. Due to financial institutions

 3. Due to customers                                                                           117              117               36

 4. Securities issued

 5. Trading financial liabilities

 6. Financial liabilities at fair value

 7. Other liabilities                                                                           22                22              38

 8. Hedging derivatives

                                                  Total                                        388              388              234




                                                                                                                                          102
Interest expense on bank borrowings are made up of interest earned on bank accounts for 4 m € and interest charges for up to 245 m € lapses.
Interest expense on amounts due from customers include accrued interest expense on early extinguishments of € 98 m funding.


Section 2 - Committees - Items 30 and 40
   2.1 Composition of item 30 "Commission income"


                                               Details                                                   Total 31/12/2009      Total 12/31/2008

 1. Finance leases

 2. Factoring

 3. Consumer credit                                                                                             9. 740              11.415

 4. Merchant banking

 5. Guarantees given

 6. Services:                                                                                                   1. 731               1.771

   - Managing funds for third parties

   - Forex trading

   - Product Distribution                                                                                       1. 731               1.771

   - Other

 7. Payment and collection services

 8. Servicing in securitization transactions

 9. Other committees                                                                                            1. 604                441

                                                                                                Total          13 .075              13.627


Commission income represents the income from the typical company.
The committees are made up of consumer credit charges for financial intermediation, and direct and indirect commission of inquiry. .
Fees for services, product distribution, are established by the Committee for the distribution of financial products for third parties and commissions
for the placement of insurance products.
The other committees (sub 9) are related to commissions received by the companies of the group h and c are not related to consumer credit or
distribution of products.
The values represented in the two periods are shown net of the change in deferred income calculated as a share of income attributable to future years
for the management of the installments to be collected regarding practices in effect at the balance sheet date.
To the decrease in commissions earned in 2009 from the previous year have contributed significantly more in deferred income and is' discussed in the
annual report.




                                                                                                                                                   103
2.2 Composition of item 40 "Commission expense"


                                          Details / Sectors                                               Total 31/12/2009     Total      31/12/08


 1. Guarantees received

 2. Distribution of services by third

 3. Payment and collection services

 4. Other committees                                                                                             5. 678                 5.778

                                                                                                Total            5. 678                 5.778




Section 7 - Income (loss) on disposal - 90 Entries
   7.1 Composition of item 90 "Net income (loss) on disposal or repurchase"

                                                              Total 31/12/2009                                       Total 12/31/2008
    Voices / Income
                                                                                       Result                                                   Result
                                                 Profit             Loss                                Profit             Loss
                                                                                        Net                                                      Net

1. Financial assets

1.1 Credits

1.2 Assets available for sale                        31                                  31                1                                      1


1.3 Held to maturity

                                   Total (1)       31                                    31                1                                      1

2. Financial liabilities

2.1 Debts

2.2 Securities issued

                                   Total (2)

                                 Total (1 2)       31                                    31                1                                      1


The entry welcomes the positive result from the sale of shares of funds (SAI) and insurance policies classified as assets available for sale




                                                                                                                                                      104
Section 8 - Adjustments / recoveries on impairment - Item 100
   8.1 "Net adjustments for impairment of receivables

                                                    Value adjustments                     Write-backs
                                                                                                                           Total              Total
             Items / Adjustments
                                                                                                                          31/12/09           31/12/08
                                                 specific       Portfolio             specific        Portfolio

1. Loans to banks

    - Leasing

    - Factoring

    - Other receivables

2. Loans to financial institutions

    - Leasing

    - Factoring

    - Other receivables

3. Loans to customers                             1 .307                                (6)                                 1.301               761

    - Leasing

    - Factoring

    - For consumer credit                         1 .307                                (6)                                 1.301               761

    - Other receivables

                                     Total        1 .307                                (6)                                 1.301               761


The item represents the alignment of the face value of the loans at their estimated realizable value, the excess part of the funds already set aside by the
Company during the previous subs izi.
The correction was determined in the manner of calculation provided by the intern ational accounting standards (IAS 39) and by specific legislation.




   8.4 Composition of sub-100.b "Impairment / write-backs for impairment of other
         financial transactions"

                                                  Value adjustments                     Write-backs
                                                                                                                          Total             Total
            Items / Adjustments
                                                                                                                         31/12/09          31/12/08
                                              specific           Portfolio         specific         Portfolio

 1. Guarantees given

 2. Credit derivatives

 3. Commitments to disburse funds

 4. Other operations                                               2.985                                                  2.985               190

                                  Total                            2.985                                                  2.985               190


The adjustment is made to collective write-downs for loans brokered and placed a mandate with the clause does not apply for charged,
conservative magazines in the optical light of the downturn that occurred during the year and the deterioration of the creditworthiness of an
exceptional nature.




                                                                                                                                                      105
Section 9 - Administrative Expenses - Item 110
   9.1 Composition of 110.a heading "Staff costs"


                                               Items / Sectors                                                    Total 31/12/2009      Total 12/31/2008

1. Employees                                                                                                           4.559                 4.398

a) Wages and salaries                                                                                                  3.364                 3.167

b) social                                                                                                               933                   900
c) severance pay                                                                                                        26                    14

d) social security costs

e) provision for severance indemnities                                                                                  236                   230

f) provision of treatment quiscienza and similar obligations:
   - Defined contribution

   - Defined benefit

g) payments to external pension funds                                                                                    7                     8

   - Defined contribution                                                                                                7                     8
   - Defined benefit

h) other expenses                                                                                                       98                    79

2. Atro staff in active                                                                                                 154                   994
3. Administrators - Mayors                                                                                             1.591                 1.099

4. Staff retired

5. Recovery of expenses for employees seconded to other companies

6. Reimbursements for employees seconded to other companies
                                                                                                      Total            6.409                 6.491


The rising cost of employees and the reduction in "Other staff in active employment" is justified in taking a time limit of some employees during the preceding
year under the heading "More to staff in active employment" (employment agencies)
Overall, however, the cost of labor and 'increased from € 5,305 m in 2008 to € 4,713 m in 2009 with a 11% reduction
The item 3) "Directors-gl mayors representing the payment due for the directors (1,319 m €) and the Board (272 m €) for his work in the army izio
group companies, including the contributions were on borne by the Company and reimbursement of expenses. The increase is due to the impact of the
fees payable to directors and auditors of companies acquired over the years 2008 and 2009. The cost related to the directors and auditors of the parent
Conafi amounts to € 699 m




      9.2 Number and average number of employees per category

                                                                                                                                             Changes
                                     Employees                                                          31/12/09             31/12/08
                                                                                                                                             Absolute
                    Average number of employees during the year
Executives                                                                                                   3                   2                1
Employees                                                                                                  105                 124              (19)
Workers                                                                                                       3                  3                0
Other staff                                                                                                   6                40               (34)
                                                                                           Total           117                 169              (52)


The average number of employees was calculated as the average number of employees, workers seconded to the company and other staff (temporary
employment and resulting project at the end of each month. Employees part time, so 'set


                                                                                                                                                           106
the labor laws are conventionally regarded as 50% even if the reduction of working time and 'was less than 4 hours a day. In contrast to these
financial statements, in the 2008 budget included only employees of the company 'and not other employees.




   9.3 Composition of item 110.b "administrative expenses"


                                           Item / Sector                                                 Total 31/12/09     Total 12/31/2008

a) Consultancy                                                                                               1. 546               1.184
b) Postage and telephone                                                                                      368                  635

c) Remuneration to Auditors                                                                                   68                   72

d) Insurance                                                                                                  66                   62

e) Taxes                                                                                                      133                  142
f) Maintenance and service                                                                                    161                  81

g) Leases and rentals                                                                                         518                  346

h) promotional and advertising material costs                                                                1. 404               3.478

i) Other administrative expenses                                                                              806                  608
                                                                                              Total          5. 070               6.608


The reduction in other administrative expenses is primarily due to lower advertising costs and promozinali rising from 3,478 m to € 1,404 m €.




                                                                                                                                                 107
Section 10 - Net losses / recoveries, net tangible assets - Item 120
  10.1 Breakdown of item 120 "Impairment / write-backs on equipment"

                                                                                Adjustments
                                                                                                Write-
                Entries / adjustments and write-backs           Depreciation      value for              Net income
                                                                                                value
                                                                                deterioration

Operating assets                                                     230                                      230

   1.1 owned                                                         230                                      230
     a) land

     b) made

     c) furniture                                                    162                                      162

     d) tools                                                         58                                      58
     e) other                                                         10                                      10

   1.2 Leased                                                         23                                      23

     a) land

     b) made
     c) furniture                                                     11                                      11

     d) tools

     e) other                                                         12                                      12
2. Activities related to financial leasing

3. Assets held for investment purposes

   Leased in

                                                        Total        276                                      253


Section 11 - Net losses / recoveries on intangible assets - Item 130
  11.1 Breakdown of item 130 "Impairment / write-backs on intangible assets"

                                                                                Adjustments
                                                                                                Write-
                Entries / adjustments and write-backs            Depreciation     value for               Net income
                                                                                                value
                                                                                deterioration

1. ZIP                                                                             1.371                     1.371

2. Other intangible assets                                           202                                      202
  2.1 owned                                                          202                                      202
  2.2 Leased
3. Activities related to financial leasing
4. Leased assets
                                                        Total           202           1.371                     1.573




                                                                                                                        108
Section 13 - Net provisions for risks and charges - Item 150
   13.1 Breakdown of item 150 "Net provisions for risks and charges"


                                            Items / Values                                              Total 31/12/2009     Total 12/31/2008


 1. Fund non-competition agreement                                                                              5                    11

 2. Allowances' Supplementary customer                                                                          13                   29

 3. Other                                                                                                       58

                                                                                               Total            76                   40


Section 14 - Other income and expenses - Item 160
   14.1 Breakdown of item 160 "Other income"


                                             Items / Values                                             Total 31/12/2009     Total 12/31/2008


- Charge-back costs and charges                                                                                170                  219
- Other operating revenues                                                                                      40                  108

- Rounded, allowances and contingent assets                                                                     87                  168

                                                                                               Total           297                  495


The entry charge back costs and charges is primarily the recovery of stamp duty on loans, expenses sending statements to customers and the
recovery of legal costs
The item "Rounds, allowances and contingencies assive p" is not primarily the allocation of revenues recognized on an accrual in previous years.




   14.2 Breakdown of item 160 "Other expenses"


                                             Items / Values                                             Total 31/12/2009      Total 12/31/2008


- Other expenses for the year                                                                                  303                   82

- Rounded, allowances and contingent liabilities                                                               129                   51

                                                                                               Total           432                  133


"Other charges for the year" is made from AIN p value adjustments                                      of   Credits to      collaborators and from
Insurance of heading 140 - Other assets, balance sheet.

The item "Rounds, allowances and contingencies assive p" represents mainly the charge of                                           costs reported for
competence in previous years.




                                                                                                                                                 109
Section 17 - Taxes on income from continuing operations - Item 190
  17.1 Breakdown of item 190 "Tax on income from continuing operations
        current "

                                                                                         Total              Total
                                                  Voices
                                                                                       31/12/09           31/12/08

1. Current taxes                                                                         129                195

2. Changes in current taxes of prior years                                               (37)               139
3. Reduction of current taxes
4. Change in deferred tax assets                                                        (493)               (346)

5. Change in deferred taxes                                                               12
                                                        Taxes for the year               (389)               (12)


  17.2 Reconciliation of theoretical tax and actual tax burden

                                           IRES                                       Total 31/12/2009

Net income (loss) before tax                                                 (9.592)
Ordinary rate                                                                                            27.50%

Theoretical tax charge                                                        2.633
  Permanent differences on non-deductible costs                               (379)

  change for deferred tax antedates institution                               18
  deferred tax assets on tax losses not accounted for                        (1.768)

  consolidation adjustments                                                   28

Effective tax rate for corporate income taxes (-)                               532                      -5.55%

                                           IRAP                                       Total 31/12/2009

Net income (loss) before tax                                                 (9.592)
Ordinary rate                                                                                        3.9 to 4.82%

Theoretical tax charge                                                          449

Income and expenses not fully recognized for IRAP
  personnel expenses                                                          (244)

  value adjustments                                                           (204)

  Other permanent differences                                                 (149)

  change for deferred tax antedates institution                               5

Effective tax burden for IRAP (-)                                             (143)                      1.49%


                               Overall tax burden as reported                   389




                                                                                                                     110
Section 19 - Income: Other information
  19.1 Analytical composition of interest income and commission income


                                                                  Interest income                   Commission income
                                                                                                                                  Total      Total
                         Voices / Parties                             Public                            Public                   31/12/09   31/12/08
                                                          Banks                     Score   Banks                       Score
                                                                     Financial                         Financial

1. Financial leasing

  - Real estate

  - Movable

  - Capital goods
  - Intangible assets

2. Factoring
  - Current loans

  - On future claims
  - On loans purchased outright

  - On loans purchased under the original value

  - For other purposes

3. Consumer credit                                                                  256                                 10.447   10.703     11.593
  - Personal loans

  - Special-purpose loans

  - Assignment of the fifth                                                         256                                 10.447   10.703     11.593
4. Guarantees and loans

  - Trading

  - A financial nature

                                                  Total                             256                                 10.447   10.703     11.593




                                                                                                                                                       111
Section 22 - Income (loss) attributable to minority interests - Item 210
  22.1 Breakdown of item 210 "Income (loss) attributable to minority"


                                     Net income (loss)                          31/12/09       31/12/08

Finance & Consulting SRL                                                           (2)          (2)
Uniprestit SP A                                                                     (132)       (12)
Via Advisors Corporate Finance SR. L                                                2           10
Progefin SPA                                                                      (49)          (18)
Euris Europe SRL                                                                   70           (2)
Alta Services SRL Italy                                                            (2)

                                                                        Total       (113)       (24)




  19.2 Earnings per share

                                            Items / Values                       31/12/09     31/12/08

Net income (loss)                                                                (8.623)      (2.115)
Number of ordinary shares at the beginning of exercise                          46.500.000   46.500.000
Shares issued during the                                                            0            0
Number of ordinary shares at end of year                                        46.500.000   46.500.000
Weighted average number of ordinary shares                                      44.362.654   45.335.063
Basic earnings per share (Euro)                                                   (0,19)        0,00




                                                                                                          112
                                                  SEGMENT INFORMATION

With 2009 comes into force on the new IFRS 8, which governs the particular segment information. This document replaces the previous IAS 14.
Unlike IAS 14, the new version of the standard allows to define the operational areas through the so-called management approach that is by
identifying the segments themselves, depending on how the company management structure of its management reporting or entrusts the
responsibility.
The group has now identified the Conafi CGU in the individual operating companies of the Working Party was. Everyone in the industry's most
'important and significant in terms of volumes of production of the results is that attributed to the activity' carried out by the parent company financial
Conafi Spa.
 Regarding the information about the company 'of the "Corporate" and acts as ene of the activity upon which the financial information, please refer
to the specific arguments contained in the annual report and in the notes




                                                                                                                                                     113
PART D: OTHER INFORMATION




                            114
                              Section 1 - References specific activity SVO lta

                                              CONSUMER CREDIT




     C.1 - Breakdown by type

                                                        Total 31/12/2009                             Total 12/31/2008
              Items / Types                               Adjustments                                 Adjustments
                                          Gross value                      Net Value   Gross value                      Net Value
                                                             value                                       value
1. Performing assets                       3 .680                            3.676        5.502                            5.502

  - personal loans
  - cards with revolving loans
  - purpose loans
  - supplies of the fifth                 3 .680                             3.676        5.502                            5.502

2. Impaired assets                         7 .981             2. 897         5.085         6.146           2.246          3.9 00
  Personal Loans
  - suffering
  - Substandard
  - EPlace refurbished

  - Expired
  Cards with revolving loans
  - suffering
  - Substandard

  - EPlace refurbished
  - Expired
  Purpose loans
  - suffering

  - Substandard
  - EPlace refurbished
  - Expired
  Assignment of the fifth                   7.981             2.897           5.085        6.146         2.246            3.900
  - suffering                             3 .547              2. 105         1.443        2.514          1.452             1.062

  - Substandard                           3 .603               750           2.853        2.697           746              1.951
  - EPlace refurbished
  - Expired                                831                 42            789          935              48             887

                                  Total   11.661              2. 897         8.761       11.648          2.246             9.402




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     C.2 - Classification by maturity and quality

                                                     Performing loans                     Impaired Loans
                   Time bands
                                             Total 31/12/2009     Total 12/31/2008   Total 31/12/2009   Total 12/31/2008

- Up to 3 months                                    3.401               5.202

- More than 3 months to 1 year                       28                  25

- Over 1 year to 5 years                            157                 151               5.085              3.900
- Over 5 years                                       90                 124

- indefinite

                                     Total          3.676               5.502             5.085              3.900




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     C.3 - Dinamo ica value adjustments

                                                   R ett h and IFIC                           Increases                                            Decreases                                 Adjustments
                      Item                                                              Imen between the ball                                 T rasferim institutions
                                                     Initial value    Re ttific h and         from you          Other changes   Adjustments              to           Other ions must Riaz    final value
                                                                         value is           to lter status         positive      re value           tus is more              it gies

Specific activities det eriorate                         2.2 46              882                                                                                             231                2 .897

   Loans pe rsona them
   - Suffering differences
   - The inc
   - Restructured you
   - Sc Adut
   C ca loans on rte revo lving

   - Suffering differences
   - The inc

   - Restructured you
   - Sc Adut
   Purpose loans
   - Suffering differences
   - The inc
   - Restructured you
   - Sc Adut

   Assignment d el q uint                               2.24 6             882                                                                                               231                2. 897
   - Suffering differences                              1.4 52             755                                                                                               102                2 .105

   - The inc                                             746               127                                                                                               123                 750
   - Restructured you

   - Sc Adut                                              48                                                                                                                   6                  42
Portfolio of other activities à
   - Eg loans pre rsonali
   - Loans pre online c cards revolvin g
   - Pre loans will finalize

   - Assignment to the Quin
                                           Total        2.2 46             882                                                                                               231                2 .897

                                                                                                                                                                                              117
      D. COMMITMENTS AND GUARANTEES GIVEN
         D.1 - Value of guarantees and commitments

                                                                                                                 Amount                Amount
                                                Operations
                                                                                                                 31/12/09              31/12/08

    1) Guarantees of a financial nature

      - Banks

      - Financial institutions

      - Clients
    2) Guarantees of commercial                                                                                   257.760               260.969

      - Banks                                                                                                     257.760               260.969
      - Financial institutions
      - Score
    4) Irrevocable commitments to disburse funds)
      Banks
         - certain use
         - uncertain use
      b) Financial institutions
         - certain use
         - Uncertain use
      c) Score
         - certain use
         - uncertain use
    4) Commitments underlying credit derivatives: protection sales
    5) Assets pledged as collateral for third parties
    6) Other irrevocable commitments

                                                                                                    Total            257.760               260.969
7



D.4 - Other Information

The amount is shown in Table D.1 's commitment "not levied on levied" in comparison to you and principals of the banks is equal to the gross column
of lending net of fees banks themselves relegated to the date of 12.31.2009.
The rate to be received by the executors sold at 31.12.09 amounted to 257.8 million euros (260.9 to 31.12.08) of which 7.3 expired on the date of the
budget (5.4 million as at 31.12.08 ).
This activity is not covered by registration in bi launch except for installments due and unpaid by customers and which were reimbursed to the banks
clients. The amounts related to expired and has not been collected are shown between "loans" under Item 60 of the balance sheet.

To reflect the credit risk related to the "act of p charged for uncollected" we proceeded to the constitution                         a fund
General allowances           amounted to € 3,167 m classified under item 90 "Other liabilities" of the state assets and the provision
year is mentioned under 110D) "Net adjustments for impairment of other financial assets". The rate ended more than 90 days are found between the
impaired assets and appropriately devalued.
It should be added that the funds subject to the clause of "not proved to be collected" are backed by insurance cover both for the risk of death score,
both in relation to job loss for any reason;
In 2008 he joined the Conafi subscription of shares in a fund Sg, r with a financial commitment of 3 million euro. In 2009 the company 'has
subscribed and contributed to the Fund a total of 382 m in 01.31 to € 02.09 m € remaining commitments for 2618.



                                                                                                                                                     118
          Section 3 Information on risks and hedging policies
In this Part shall be provided information regarding risk profiles listed below, its management policies and coverage implemented by the company.


3.1 CREDIT RISK

Qualitative information

1. General.

Credit risk is the possibility for the credit hours that debt is not paid in full or in part (principal, interest and costs). Credit risk is also evident in the
presence of a deterioration in the creditworthiness of the counterparty.
Identified three areas where the concentration of credit risk:
  • provision of customer financing pre-n el during the investigation of funding CQS, FPA or DP may arise
    the need, on demand, to deliver a pre-financing from the core funding (CQS, FPA or DP). Il
    pre-financing has no fixed term - gene ally from 15 to 90 days depending on the speed of the investigation and
    Administration released the third type. This is in anticipation of a pure credit risk if the funding
    principal, for whatever reason, can not be paid.
  • commission advances to agents, brokers and financial intermediaries: it is normal practice for advances to be granted
    cd agreement (agents, brokers, intermediaries) of the commissions that accrue on loans submitted. Advances
    are generally awarded on the basis of funding being processed, approved but not yet perfected. In
    case of cancellation of the loans against the company should be exposed to credit risk in respect of the employee.
  • clause does not apply for collected "as part of collection management: some contractual relationships with banks or
    Financial intermediaries include the clause "not charged for received" in the management of loans dell'ammortam ent is to
    mean that the Company is required to pay the rate of depreciation even if the bank or broker has not yet been
    material collected by the third party obligor. The inefficient management of the proceeds first exposes the company to a risk
    Financial and in some cases the risk of credit loss.


2. Policies for managing credit risk
Key risk factors

2.1 Organizational aspects.

Conafi The Group considers that the garrison of the approval of funding, the amounts of correspon Commission funded and built the rate of
depreciation is one of the strengths of the Group. Just a direct presence in the investigation and deliberative process, in fact, combined with strict
controls of the first and second level, allows you to protect the amounts financed and include the possibility of fraud. The Group has therefore Conafi
efforts in these areas known operational flight efforts, both in training of personnel and technological support.

Management practice, the platform and the system of risk management

The process of investigation and control of credit are regulated in detail and proceduralize. The process is divided into the following phases:
1. Contact with the customer - The Convention, which came in contact with his client, send the necessary documentation for the evaluation of the
practice of financing Operating Unit has been assigned, offers a range of funding and establish a rough estimate;




                                                                                                                                                             119
2. Identifying the type of financing - The Unit as the technical form of the loan given by the Convention in relation to customer needs, and pay its
debts and the nature of his employer;


3. Collection of documents - The Convention shall collect the documents provided to allow the Group to confirm the prior Conafi proposed and
decide whether to grant funding;


4. Initiation of the process of inquiry - The Unit starts the process of investigation went to check out the details of the budget, ensuring the
completeness of the documentation submitted and making a series of subsequent control activities, such as:


   •     economic analysis / balance sheet and financial position of the employer, if he is a private company;
   •     verification of regular payment of installments of ammo rtamento already surveyed in the case of ATC;
   •     telephone verification of data from the ATC demo shows you the certificate of the salary of the employee's current situation (presence or
         absence of seizures), and the acceptance by the ATC of the constraint on the full severance pay accrued to the loan guarantee (only for
         contracting private).
    •     telephone verification at the customer's quality of conventionally sale by Onate.


5. Feasibility analysis - We will determine the maximum amount that could be awarded and the verification of the conditions of insurance coverage;


6. Deliberation and possible financing of pre-financing - If the customer requests a pre-financing, the head of the Division may accordarl credits or
where the practice has already obtained favorable to existing documentation is complete and regular;


7. Signature of the contract documents by the client and any provision of the pre-financing;


8. Notification of the loan and the lien on the TFR - The Unit shall notify the successful ATC cess ion and the bond credit on severance pay;


9. Request insurance policy;


10. Return of the act of consent signed by the employer - The act of consent, which formalizes the acceptance by ATC CQS (for practice) or the DP
(the need for legislation), may be subject to antiquity Ipata extinction of other loans or foreclosures pending against the employee to be within the
limits of the law. In this case, part of the funding is allocated to the extinction of the loan or pre-existing seizure;


11. Disbursement of the balance;


12. Improvement of funding - is to collect and to 'forward to the bank of the documentation provided for the use of your credit limit or for the non-
recourse sale of the credit.


The controls on the top-level credits can be, if exercised by the officers and directors of each business unit, or tier, if exercised by the Risk Control, or
third level, if exercised by the Internal Audit ..



2.2 Management, measurement and control.

The political management of credit risk includes a number of operations during the process of investigation to ensure an accurate assessment of
creditworthiness. Namely, you want to refer to three important step for the grant of the preliminary analysis of the financing are:

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  • compliance with the underwriting criteria
  • assessment of the soundness of the third ced uta
  • evaluation of the documentation to support
The first point refers to a number of restrictions dictated by insurance companies by which the financing has a good chance of getting a positive
outcome.
The criteria used to define each sector, government, public and private, must possess the characteristics that the company sold the third and the
employee requesting the loan, so that we can provide a financing warranty insurance (required for transactions of loans repayable by assignment of
salary). For the private sector insurance companies dictate more or less strict rules that allow you to make a first evaluation of the first third of the
company disposed of, these rules relate to the following factors:
  • Acceptable legal forms (eg PLC, SA);
  • No. of employees minimum.
With regard to the requirements that the applicant must have the parameters to be met based on:
  • Age;
  • Length of service;
  • TFR maximum ratio / gross column (for private de FARM);
  • Maximum insured sum;
  • Maximum length of the loan.
The underwriting criteria are periodically updated and made available and downloaded from our information system.
The second point, which concerns only the private sector, consists of a detailed analysis of the administration which
depends on the applicant to the loan. This analysis is done by verifying the business profile and analysis at least at least
the last two budgets of the company to get an opinion on the solvency and solidity of the company to be concerned.
The third point relates to verify the accuracy, validity and veracity of all docum er in support of the request for funding. In particular it is important in
its investigation, make phone calls through to administration, the goodness of the documentation in our hands.
The precise and correct performance of all the above steps to manage and limit the credit risk.
 The monitoring of credit risk is done through the establishment of control by the owner of the Division credits weekly reports designed to detect
anomalies relating to new practices in place, the applications approved, and notify those awarded and such tests can identify any pre-financing granted
in respect of improved practices on schedule in internal procedures.
The situation of the outstanding on practices already perfected is administered monthly by D ivisione credits through special reports which highlight
the delay in making high altitude by ATC, and the number of positions which have backward rate than the second. 'S activity against extra-judicial
recovery of such practices is expressed through letters and telephone reminders are sent to' ATC seller / allla delegating in accordance with
"Statement of the business processes."
If the problem persists beyond the seventh installment outstanding start the procedures for recovery prelegale credit, with the simultaneous passage of
the credit management to 'legal department.
The funding provided through the sale of the fifth and delegation of payment, which are backed by insurance coverage against risks life and
employment, are managed by 'office' claims "if truth happens during an event under the Convention with insurance companies .
In the case of assignment of loans and then sent to the acquisition by the Group GNO of the commitment to pay fees to the respondent bank in
accordance with the clause "not ris COSS received, the credit risk is represented by installments due and not paid by the executors sold.


2.3 Technical Risk Mitigation Credit

The main risk mitigation techniques can be summarized as follows:
a) For respect of claims subject to clause does not apply for charged ", art. 54, DP. R. No 180/1950 expressly provide that loans for the transfer of
salary must always have the insurance coverage:
  1. life assurance to cover the risk arising from non-repayment of financing in the event of premature death of the client funded;


                                                                                                                                                       121
  2. the risks of use, in cases where, for termination of employment or reduction of salary, it is not possible to continue the depreciation or recovery
     of the remaining credit.
Such guarantees may be issued by INPDAP insurance or by private companies. With the repeal of Article av come. 34 of Presidential Decree No. By
L. 180/1950 No 311/2004, state employees can now also use them and not just INPDAP as in the past.
Though not mandatory, and with the aim of mitigating the credit risk of the current management policies of the Group include issuing the insurance
policy for the delegation of payment and not just for the "salary-salary"
b) an additional security post in defense of the claim for the transfer fee (and not just the fifth) of the severance indemnity (Art. 43, 52 and 55 of
Presidential Decree 895/50) matured and maturing in the constancy of the employment relationship. Therefore, the individual donor, it will not apply
for advances on treatment and not binding on the same up to the amount of gross financing, without prior authorization from the insurance company.
In case of resignation or dismissal severance pay is paid by the power company sold to third atrice credit.
In summary, the credit risk is transferred through the insurance coverage referred to the likely recovery of the remaining credit to insurance
companies.
c) the sale of receivables without recourse is a form of mobilization of the credits and 'was used by the Group in previous years, and is in fact another
technique for mitigating risk in that the transfer involves the transfer of the risk of credit in the hands of the transferee.




2.4 Impaired financial assets

Classification and management positions deteriorated
Receivables for rates resulting from these loans are monitored by the 'office management loans "that, on the basis of predefined procedures, evaluates
the transition to grounding of claims against employers for installments due and not paid.
Improved practices are passed on to the service management dispute at the seventh outstanding installments.
The pre-financing is borne by the legal department after 3 months have elapsed since when the practice is not liquidated.
The next step in suffering and the resulting legal actions taken by the legal department as a result of evaluations carried out position by position.
These abnormal positions may relate to advances paid to practices is not yet perfected, is going to finance that have defaulted payments and claims to
be open for more than 90 days. and not yet paid by insurance companies.
The activity of 'legal department is explicit prelim inated with the' send a registered letter of notice.
The move to outside counsel for the claim in court, with the simultaneous classification of credit among the suffering, if the operator is performing
loans has agreed at least a repayment plan that would eliminate the anomalies in the reasonably near future. Outsourcing to the recovery of AT
activity outside counsel comes from much too n have to bring enforcement actions, bankruptcy proceedings, injunctions or attachments.
Impaired loans, as well as substandard and doubtful loans, also include more than 90 days past due as required in the instructions of the Bank of Italy
for the preparation of balance sheets of financial intermediaries. It should be noted however, that the bureaucratic complexity that leads me to the SSA
share of funding from the administration released the third or the slowness request for reimbursement of claims in the event of termination of
employment mean that often a delay of more than 90 days would constitute only a technical delay and not an actual insolvency.
The transition to the bad-debt loss is brought by 'the Chief Dele Legal Department Annex, which shall make the decision to ratify the first Board of
Directors useful. The decision to move to loss is analytical and is based on 'analysis of the reports of outside counsel about the lack of goods to the
customer assaulted in the head, the uneconomic' s prosecution and the negative conclusion of prosecutions undertaken, and in any case fraud has
occurred. Approved the move to the list of practices and loss amounts are sent to 'Administrative Office to verify the correct accounting requirements
and the subsequent recognition.




                                                                                                                                                        122
Adjustments to claims
The assessment of claims made in the budget is as follows:
       •   impairment of individual positions suffering and Substandard
       •   collective impairment on performing loans and past due over 90 days uelli q
       •   collective impairment of guarantees related to loans placed on warrant
The devaluation of performing loans, including those relating to loans on office, is done through the application of adjustment factors that take
account of extrapolated from historical recovery performance.
Substandard loans and bad debts are grouped by categories of risk consistent. For each band the legal department estimates an average recovery time
by which you can proceed to the actualization of credit recoverable. In the case of direct credit payments (amortized cost) is updated using the internal
rate of return for loans and brokered a mandate the present value of the claim is made by reference to market rates with maturities consistent with the
average duration of loans.




Quantitative information


       1 - Distribution of credit exposures by portfolio and credit quality

                                                                                    Exhibitions      Exhibitions      Other
           Wallets / quality                    Doubtful        Substandard                                           activities           Total
                                                                                    refurbished       Expired
1. Financial assets held for
trading
2. Financial assets at fair
value
3. Financial assets available for
                                                                                                                           401               401
sale
4. Financial assets held to
expiry

5. Loans to banks                                                                                                        73.223            73.223


6. Loans to financial institutions                                                                                        2.430             2.430


7. Loans to customers                            1 .463            2. 883                               789               3.877             9.012


8. Hedging derivatives


                      Total at 31/12/09          1 .463            2. 883                               789              79.931            85.066


                      Total at 31/12/08          1 .058            1. 982                               903              91.349            95.292




                                                                                                                                                    123
2. Credit exposures

    2.1 - Credit exposures to customers: gross and net

                                                                    Adjustments   Adjustments
                                                         Exposure                               Exposure
                  Type of exposure / values                            value         value
                                                          Gross                                   net
                                                                      specific     Portfolio

A. ACTIVITY 'IMPAIRED

  BALANCE SHEET EXPOSURES                                 8. 063      (2.928)                    5.135

     - Doubtful                                           3. 585      (2.121)                    1.464

     - Substandard                                        3. 647       (765)                     2.882

     - Restructured

     - Expired loans deteriorated                          831         (42)                       789

  OFF-BALANCE SHEET EXPOSURES

- Doubtful

     - Substandard

     - Restructured

     - Expired loans deteriorated

                                              Total A     8. 063      (2.928)                    5.135

B. Performing loans

     - Expired loans not impaired                         1. 418                                 1.418

     - Other loans                                        2. 459                                 2.459

                                              Total B     3. 877                                 3.877

                          Total (AB)                      11.940      (2.928)                    9.012




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    2.2 - Credit exposures to banks and financial institutions: gross and net

                                                                       Adjustments   Adjustments
                                                            Exposure                                   Exposure
                  Type of exposure / values                               value         value
                                                             Gross                                       net
                                                                         specific     Portfolio

A. ACTIVITY 'IMPAIRED

  BALANCE SHEET EXPOSURES

     - Doubtful

     - Substandard

     - Restructured

     - Expired loans deteriorated

  OFF-BALANCE SHEET EXPOSURES

- Doubtful

     - Substandard

     - Restructured

     - Expired loans deteriorated

                                               Total A

B. Performing loans

     - Expired loans not impaired

     - Other loans                                           75.653                                     75.653

                                               Total B       75.653                                     75.653

                          Total (AB)                         75.653                                     75.653




3. Concentration of credit


    3.1 - Distribution of loans to customers by sector of
           economic activity of the counterparty

                                                                                               Exposure to:
                                              Voices
                                                                                                   31/12/09

  - Finance companies                                                                               1.777

  - Families                                                                                        6.984
                                                                                     Total          8.761




                                                                                                                  125
      3.2 - Distribution of loans to customers by geographic
             area of the counterparty

                                                                                                                            Exposure to:
                                                          Voices
                                                                                                                               31/12/09

   - Northwest                                                                                                                    1.357

   - Northeast                                                                                                                     684

   - Centre                                                                                                                       1.290

   - South & Islands                                                                                                              5.430
                                                                                                                  Total           8.761




3.3 Large exposures

To big a risk is the risk position of an amount equal to or greater than 10 percent of regulatory capital equipment.
At balance sheet date the Conafi no defined positions of great risk because the value of exposures to a person, or, where interest does not reach the
threshold considered by the applicable provisions of prudential supervision for the determination of a position of great risk (10% of regulatory
capital);


3.2 MARKET RISK

3.2.1 INTEREST RATE RISK

QUALITATIVE INFORMATION

1. General

With interest rate risk generally is referred to the impact on the Income Statement and Balance Sheet of changes in market interest rates that relate to
the typical activity of the Group. Since it is currently the Group operates, with reference to the placement of loans CQS, FPA and Powers, in the dual
form of the supply of credit and credit limit, this risk is not the typical activities of the Group Conafi. The outstanding claims stemming from direct
grants are at present of minor importance (293 m €) and thus likely to make no n still needed to cover interest rate risk with the financial technique of
hedging derivatives.




                                                                                                                                                   126
QUANTITATIVE INFORMATION


      1 - Distribution by maturity (date repricing) of assets and
           liabilities

                                            For more than
                                                three             Over 6                               Since 5
 Items / residual                                                    For more than 1
 maturity                Up to 3 months up to 6 months up to 1 month        to                       years to 10         Over 10           Duration
                                            months          year         5 years                        years             years            Indefinite


1. Activities                  79 .309              9                 19               5.238               90                                 401


1.1 Debt


1.2 Credits                   79 .309              9                 19               5.238               90                                  401


1.3 Other activities


2. Liabilities                 13 .152


2.1 Debts                     13 .152

2.2 Titles
movement

2.3 Other liabilities


3. Derivatives

Table 3: D (D) 03/02/2001 | 1 - Budget



2. Models and other methodologies for measuring and managing interest rate risk

In order to manage interest rate risk, Conafi adopt the simplified method of Duration Gap, through which items sensitive to interest rates are
divided into different time zones, taking into account their maturity (fixed) or the date of negotiated rate (variable rates).

The function of Risk Control, through the methodology described above, measures the degree of exposure to interest rate risk of the Company, and
if necessary, promptly inform ation to the Board of Directors of the Company needs to take measures to bring the situation within levels considered
acceptable.




3.3 OPERATIONAL RISKS

Qualitative information

General, management processes and methods for measuring operational risk

According to current provisions of prudential supervision, issued by the Bank of Italy to implement EU directives on capital adequacy of financial
intermediaries, for operational risk is defined as "the risk of loss resulting from inadequate or failed internal processes, people and systems or from
external events. This definition includes legal risk, but not including strategic and reputation. " (Bank of Italy Circular No 216, August 5, 1996 - 9th
update of the February 28, 2008 - Supervision of Instruction uction for financial intermediaries entered in the 'Special People ", Chapter V, Section
IX.)

                                                                                                                                                    127
The operational risk management policy
The process of identifying business risks is followed by a careful measurement phase in which risk events are assessed in terms of its likely impact on
business / assets and the likelihood of their event (frequency). This assessment, qualitative in nature, can not pr escindere from careful study and
evaluation of the system of controls in place to oversee the risks, presupposes the reasonableness of the scenarios evaluated and shared with the entire
process " process owner "(pr ocesso managers and / or business units).
The Group has a number of tools to deal with operational risks: these are management tools, designed to prevent and / or reduce the manifestation of
risk events (operational procedures, controls and hierarchical line, etc.. ) and tools to mitigate the adverse effects arising from adverse events, a time
that they have arisen.
In particular, the organizational role, the owner of the management of business processes, using solutions
(So-called "information circular") to                    spread to all levels of the appropriate indications of operational interest
To address the possible inadequacy and / or failure of internal systems and procedures have been                           prepared a set of tools,
including:

           setting of the "Statement of business processes" through the formalization of operational procedures, both in terms of precise description
            of the activity of ica timing of development and integration of these activities (flow chart) that controls the first level; 

           implementation of the "Data collection and evaluation of its operational risk" by the method CRSA, body contain the analysis of risks
            characteristic of each unit / department az iendale and its principals and controls; 

           definition of a common language for the management of operational risks, including sending the aforementioned Bulletins by the Civil
            Service Organization. 

The procedures and instructions are subject to periodic review by the Civil Service Organization, for its suitability for development of opera tion
complexity and volume of activity.

The maps of the first-level checks are also subject to constant revision derived from the process of continuous improvement toward which the system
of corporate controls.

With regard to operational risks related to computer systems and / or external events, such as business disruption, unavailability of systems, natural
disasters, C ONAF has adopted its own business continuity plan. This plan is monitored and updated by the ICT function.

The definition of a book called "fraud management" in d otazione at the Units, the carrying out of adequate controls in line operating procedures,
together with the holding of regularly scheduled inspections by the Risk Control function, are the principal instruments for the prevention of fraud and
human error.


Liquidity Risk
Liquidity risk is manifested in the form of failure to fulfill its payment obligations, which may be caused by inability to raise funds (funding liquidity risk) or
the presence of limits on realization of assets (market liquidity risk).

In particular, funding risk is the risk that the Company is unable to cope in an orderly and efficient (ie without excessive costs and without
jeopardizing their financial stability), with expected and unexpected cash outflows.
To market liquidity risk is the risk that the Company, in order to rapidly monetize a significant position in financial assets, or suffers significant
losses as a result of unfavorable price dynamics related to insufficient depth of the financial market in which these activities s have changed.
The two components are interrelated since the inability to raise liquidity in the market some grains generate the need to mobilize financial assets at
low prices with consigned.
The high capital adequacy of the Group together with the policy of keeping the direct delivery at a low level and the low incidence of exposure to
advances to customers and the sales network, make this a very remote risk.
At present the Group is not subject to the risk in question, as it shows a positive net financial position of about 65 million and the distribution by
duration of assets and liabilities detects a blood sist financial balance.


Reputational risk
For reputational risk is the risk that current or prospective decline in profits or capital arising from a negative perception of the image of the Company
by cl othing, counterparties, shareholders, investors or supervisors.

Although the risk of reputation is classified within the "non-quantifiable", to manage it, Conafi has adopted the organizational and control systems that
take into account farm size, nature and complexity of activities.
Moreover, the trend of stock prices under Conafi Prestitò SpA, listed on the MTA - 1 s egmento standard Italian Stock Exchange, provides evidence
of an immediate assessment of the market against the Company and ell 'image perceived by the financial community.



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Should also be taken into account that the Oscan llazione price of the security, influenced by general market (eg industry dynamics, economic) may,
in turn, constitute a risk factor or reputation, providing a logical distortion of the actual situation of the Company


The policy of risk management reputation
For the management of reputational risk, the Company shall, through the knowledge of ll'articolazione of its business and its processes, following the
organizational and control activities:

            adoption of a Code of Conduct distributed to so-called agreement; 

            implementation of appropriate control systems (Regulations of the functions, mechanisms of delegation); 

            monitoring of the conduct by agreement with customers; 

            monitoring of employees involved in commercial activities; 

            analysis of the causes that have generated complaints and efficient management of their response to customers; 

            careful selection of counterparties (brokers, bank, executors sold); 

            attention in the process of communication with various stakeholders. 



Failure or improper activation of the tools outlined above, it could generate the inability to detect events or circumstances detrimental to the
company's image.


                                        Section 4 - Information on capital

4.1 The assets of the

4.1.1 Qualitative information
                                                                                                                                                   institutio
            The company's assets as at 31.12.09 amounted to 6 m € 8031                    against i    83.570 m€ year                 Back        n. La
             and composition of capital 'as given in the table below.
            Changes for the year have already been commented on in the annual report to the "Analysis of the economic - financial" and are also
             highlighted in the statement of changes in equity




                                                                                                                                                       129
4.1.2 Quantitative information

     4 .1.2.1 Assets: breakdown

                                                                                                                Amount
                                             Items / Values                                   Amount 31/12/2009 12/31/2008


1 . Capital                                                                                        11.160            11.1 60
2 . Share premium                                                                                  68.890            72.1 39
3 . Reserves                                                                                        1 .059            5.335

  - Profit                                                                                          (777)             5.335
     a) Legal                                                                                         345              394

     b) statutory
     c) Own shares

     d) other                                                                                      (1 .122)           4.941
  - Other                                                                                           1 .836

4 . (Treasury Shares)                                                                              (4 .438)          (2.963)

5 . Revaluation reserves                                                                             (6)               24

  - Financial assets available for sale                                                              (6)               24
  - Tangible assets
  - Intangible assets
  - Coverage of foreign investment

  - Cash flow hedges
  - Exchange differences
  - Non-current assets held for sale                     disposal
  - Special revaluation laws

  - Gains / losses relating to defined benefit pension plans


  - Proportion of valuation reserves related to investments accounted for at equity


6 . Equity instruments
7 . Net income (loss)                                                                              (8 .623)          (2.115)

                                                                                      Total        68.042            83.5 80




                                                                                                                               130
          4 .1.2.2 Valuation reserves for financial assets available for sale:
                     composition

                                                                                 Total 31/12/2009                       Total 12/31/2008
                                Items / Values
                                                                      Positive reserve   Negative Reserve     Positive reserve   Negative Reserve

1 . Debt

2 . Equities                                                                                      (8)
3 . Mutual fund shares                                                       2                                         24
4 . Funding

                                                            Total            2                    (8)                  24




          4 .1.2.3 Valuation reserves for financial assets available for sale:
                         annual changes

                                                                                                            Mutual fund
                         Changes / Type                        Debt                       Equities          shares               Funding


1 . Opening balance                                                                                               24

2 . Positive changes                                                                                              1
2 .1 Increase in fair value                                                                                       1
2 .2 Reversal of negative reserves
          from deterioration

          on disposals
2 .3 Other changes

3 . Decreases                                                                               (8)                  (23)
3 .1 The reduction in fair value                                                            (8)

3 .2 Adjustments for impairment
3 .3 Transfer to income statement of positive reserves by                                                        (23)
realization

3 .3 Other changes

4 . Closing balance                                                                         (8)                   2




                                                                                                                                              131
               Section 5 - Detailed Schedule of profitability c omplessiva
                                                                             Amount       Tax
                                             Voices                                              Net amount
                                                                              Gross     income
 10 Net income (loss)                                                        (9.012)     389       (8.623)
      Other comprehensive income
 20        Financial assets available for sale:                               (7)                   (7)
             a) fair value changes                                            (7)                   (7)
              b) Transfer to income statement
                 - adjustments for impairment
                - Losses on disposal of profits
              c) Other changes
30         - Tangible assets
40         - Intangible assets
50         Hedges of foreign investments:
              a) changes in fair value
              b) Transfer to income statement
              c) Other changes
 60        Cash flow hedges:
              a) fair value changes
              b) Transfer to income statement
              c) Other changes
70         Exchange rate differences:
              a) changes in fair value
              b) Transfer to income statement
              c) Other changes
80         Non-current assets held for sale:
              a) changes in fair value

             b) Transfer to income statement
             c) other changes

90         Gains (losses) on defined benefit plans
           Quote of the valuation reserves for investments valued at
100
           equity
             a) fair value changes
             b) Transfer to income statement
                - Adjustments for impairment
                - Losses on disposal of profits
             c) other changes
110   Total other income components                                             (7)                   (7)
120   Comprehensive income (item 10110)                                       (9.019)     389       (8.630)
130   Consolidated comprehensive income attributable to Minority interests

140   Consolidated comprehensive income to the parent                         (9.019)      389      (8.630)




                                                                                                              132
                                           Section 6 Related party transactions

On October 23, 2007 the Board of Directors of Parent, pursuant to art. 9 of the Code of Conduct prepared by the Committee on Corporate Governance
of Listed Companies currently in force, took measures to ensure that the transactions with related parties and those in which a director has an interest,
on their own or others, are executed in a transparent way and meet criteria of substantial and procedural fairness. For the purposes of the above and
pursuant to Art. 2, paragraph 1, letter h) of Consob Regulation 11971/1999 and subsequent amendments shall be considered "related parties" the
subjects you defined as such by international accounting standard 24 concerning the financial reporting on transactions with related parties, adopted
under the procedure laid down in Article 6 of Regulation (EC) No 1606/2002.
Pursuant to this framework are reserved to the examination and approval by the Board of Directors of Conafi Transactions with Related Parties, which
are not 'operations are not typical or' Getting to Market Conditions understood to be, respectively, recurring tasks , or otherwise falling within the
usual course of business of the Company by type, location and method of determining the amount ivo, and the transactions concluded on market terms
or on terms consistent with the practice normally followed negotiation or otherwise on terms no different from those practiced in similar transactions.
Transactions with related parties other than those described above are referred to the competence of executive bodies, in accordance with these
delegations respectively at vigendo nonetheless obliged to contribute information to the Board of Directors.
On the subject of interest of directors, subject to the principle in Article 2391 of the Civil Code, each director is obliged to inform the Board of
Directors and thoroughly on any operations in which they had a personal interest.
Under IAS 24 meet the definition of related party administrators, management personnel, subsidiaries and affiliates, the narrow Ch liar of subjects
that directly or indirectly control the entity and that are potentially able to influence the individual related to the entity itself.
In 2009, the relationship between group companies are attributable to a number of commercial, financial in nature (intercompany loans) or provision
of services such as, for example, the "separation of personal and dependent." The reports maintained by the parent company with other persons
"related" refers to the provision of various ser vices and rental properties, and provide that transactions and balances with related parties have been
eliminated intercompany in preparing the consolidated financial statements.
With respect to intercompany transactions and / or related parties please note that all transactions have been entertained by applying standard terms, in
line with market and economic conditions on the basis of considerations of mutual benefit. So far have not been asked outstanding, with the related
parties described above, atypical or unusual for their significance or relevance may compromise the security of company assets or prejudice the rights
of minority shareholders.




                                                                                                                                                   133
4.1 Information on the compensation paid to members of boards of management and control,
general managers and senior managers with strategic responsibilities:


                                                                                                               UNIPRESTIT
                                                                ALBA
                          CONAFI                                                            PROGEFIN             SPA IN
   DIRECTORS                              ITALIFIN SRL       FINANCIAL        HPB SPA
                       LOANS SPA                                                              SPA             SETTLEMENT
                                                                A SPA
                                                                                                                   NE
                                                             APPROVAL.       APPROVAL.
                        APPROVAL.          APPROVAL.                                      approvaz.bilancio
   Charging time                                               budget           budget                             (7)
                       Budget 31/12/11   Budget 31/12/2009                                      31/12/10
                                                                31/12/09       31/12/10
 Vincenzo Abbattista                                                                                            Adviser
    Fabio Alfieri       Administrator
                                                                                                                Amm.re
  Massimo Anastasi
                                                                                                                Delegate
  Ballistreri Joseph                                                                                           Council (2)
   Chiolo Angelo                              Adviser

   Nunzio Chiolo          President          President       Amministrator    President    Vice President
                                                               and only
                                                                               Adviser
  Chiolo Salvatore                                                                            Adviser           Adviser
                                                                                 (1)
                        Administrator
  Colombotti Carlo
                         independent

    Mark Gerard        General Manager

                                           Manager with
  Maria Laperchia                          responsibility
                                              strategic

   Mongillo Cyrus                                                                             President

                        Administrator
 Neaf Massimiliano
                         independent

   Pontillo Mauro       Administrator                                          Adviser        Adviser
    Laura Scalia                              Adviser
   Mario Scandura                                                                                               President
                          Adviser
 Giuseppe Vigorelli
                          delegate
 Giuseppe Vimercati     Administrator


      TOTAL                608.836           130.480                0          10.417           150.000          67.688




                                                                                                                   134
                                                                                                                   UNIPRESTIT
                                                                    ALBA                                             SPA IN
                                  CONAFI                         FINANCIAL                      PROGEFIN          SETTLEMENT
        MAYORS                LOANS SPA           ITALIFIN SRL      A SPA        HPB SPA          SPA                  NE
                               Standing Auditor
Antonello Allocco                     (3)
Arcuri Ignatius                                                                                Standing Auditor
Renato Bogoni                     President CS                   President CS   President CS
                                                                                                                      Mayor
Luigi Alfredo Carunchio                                                                                            effective (5)
                                                                                                                      Mayor
Anthony Dattilo                                                                                                       actual
                                                                                                                      Mayor
D'Orsogna Marco Bucci                                                                                              effective (6)
Nicola Mavellia                                                                                 President CS
John Palmisano                 Standing Auditor                    Mayor          Mayor
Baptist                               (4)                          actual         actual
Thin Alfina                                                                                                        President CS
                                                                   Mayor          Mayor
Michele Testa                  Standing Auditor                    actual         actual       Standing Auditor
                  TOTAL             162.330              0         37.177         33.816             18.419          21.840


         TOTAL
        GENERAL                     771.166           130.480      37.177         44.233            168.419          89.528




  (1)     until 29/01/2009
  (2)     till 31/08/2009
  (3)     from 29/04/2009
  (4)     up to 29/04/2009
  (5)     until 26/03/2009
  (6)     from 26/03/2009

  (7)     in liquidation since 12/10/2009




                                                                                                                        135
                                                                     VIA                RENCREDIT
           ROYALTIES                    CONSULTING &              ADVISORS               SERVICES              LOANS             EURIS
           DIRECTORS                     FINANCE SRL             CORPORATE              RECOVERY               HOMES LTD       EUROPE SRL
                                                                 FINANCE SRL            CREDIT SRL
                                                                 approvaz.bilanci       approvaz.bilanci                       approvaz.bilanci
          Charging time                    until revoked                                                       until revoked
                                                                   or 31/12/10            or 31/12/11                            or 31/12/11

 Vincenzo Abbattista                          Adviser                Adviser                                                       Adviser
 Cristiano alter                                                                                                 Adviser
 Massimo Candini                                                     Adviser
 Carunchio Louis                             President

                                                                                         Administrator
 Nunzio Chiolo                                Adviser                Adviser                                    President      Vice President
                                                                                          Unico (1)
                                                                                                                 Adviser
 Chiolo Salvatore                             Adviser                Adviser                Adviser                                Adviser
                                                                                                                   (3)
 Eros De March                                Adviser
 Giancarlo Meschi                                                    Adviser
 Pontillo Mauro                                                      Adviser               President
                                                                                                                 Adviser
 Gianluigi Sarzano
                                                                                                                   (4)
 Maurizio Stecco                                                     President
 Nameplate Ruggiero                                                                                                               President
 Mouse Berardo                                                                              Adviser
 Mauro Varotto                                                                                                                     Adviser

               TOTAL                             -                           90.000                 40.875                               230.000
                                                                                                                  15.000



               TOTAL                             -                             90.000                 40.875                             230.000
                                                                                                                  15.000


(1) until 4/3/2009
(2) from 4/3/2009
(3) until 27/4/2009
(4) from 27/4/2009 to 30/10/2009


The compensation paid to directors and key managers, so 'as rich Iest IAS 24 are summarized below




                                                Voices                                                   Total 31/12/2009 Total 12/31/2008

         a) Short-term benefits                                                                                1.691             860
         b) Post-employment benefits
         c) Other long-term
         d) Compensation for termination of work ro                                                             20                11
         e) Payments actions
                                                                                              Total            1.711             871
                                                                                                                                                T




                                                                                                                                              136
4.3 Information on transactions with related parties

Pursuant to Consob Resolution No. 15519 of July 27, 2007 and as required by International Accounting Standard 24, the effects of transactions with
related parties are shown in the diagrams of the balance sheet and income statement listed below.

Consolidated Balance Sheet
(All figures in € m)

The following table lists tasks                                 and liabilities as at 31.12.2009 pe r distinct types of related party transactions.

                                                                                             in                                     in
                               Voices                                   31.12.09           share               31.12.08           share
                                                                                          Related                                Related
 ACTIVE

 Credits (item 60)                                                            84.665            26                  95.133             -

 LIABILITIES

 Other liabilities (item 90)                                                14.081                 3                9.760                  -



The following operations are also illustrated in the above table relating to the exercise highlighted 31/12/2009:
Credits (item 60):
• Towards the Insurance Company Projects Company Q uint SRL (siglabile SPAQ Ltd), an insurance subagent Conafi of which are among the
other members and Joseph Nunzio Chiolo Vigorelli: 26.430
Other liabilities (item 90):
• Towards Estfin Srl company, acting as agent Conafi, which is a member Angelo Chiolo: Euro 2624



Income Statement
(All figures in € m)

                                                                                       in shares                               in shares
                                  Voices                         31.12.09                                 31.12.08
                                                                                        Related                                 Related
 30.     Commission income                                          13.075                 46                13.627                 232

 40.     Fee and commission expense                                 (5.678)              (459)               (5.778)               (331)

         Net commission income                                      7.397                                    7.849

 120.    Administrative costs:                                     (11.479)                                 (13.099)

         a) staff costs                                             (6.409)              (1.892)             (6.491)              (1131)

         b) Other administrative expenses                           (5.070)              (191)               (6.608)               (191)


The following operations are also illustrated in the above table relating to the exercise highlighted 31/12/2009:
Fee and commission income:
  • Projects in the fifth Insurance Company Ltd (glabile you SPAQ Ltd), an insurance subagent Conafi of which are among the other members
    and Joseph Nunzio Chiolo Vigorelli, paid commissions to Conafi Euro 45,911;
Fee and commission expense:
  • Estfin Ltd, acting as agent Conafi, which is a member Angelo Chiolo, received commissions from Conafi Euro 432,859;
  • Walter Santis, grandson of Nunzio Chiolo, Agent d Conafi she received commissions for Euro 26,409;




                                                                                                                                                      137
Staff costs
  • Conafi has paid wages in favor of you DEPENDENCE Chiolo Angelo's brother, Nunzio Chiolo, at a cost of Euro 86,061;
  • Conafi has paid wages in favor of the institution depend Chiolo Alexandra, daughter of Nunzio Chiolo, at a cost of Euro 4336;
  • Conafi has paid wages in favor of the Savior you DEPENDENCE Chiolo, grandson of Nunzio Chiolo, at a cost of Euro 87,311;
  • Conafi has paid wages in favor of the institution depend Chiolo Simon, daughter of Nunzio Chiolo, at a cost of Euro 2816;
  • Italifin has paid wages in favor of the employee Laperchia Maria, married to Nunzio Chiolo, at a cost of Euro 121,929;
  • The Group has paid benefits Conafi body IRECTORS and general manager at a total cost of Euro 1,589,650;




Other administrative expenses
  • Nunzio and Maria Chiolo Laperchia Conafi have received from rents for 59,364 euros;
  • Mauro Pontillo received consultancy fees for administrative ze Euro 96,920;
  • Chiolo Alexandra, daughter of Nunzio Chiolo has to be perceived Conafi leases for Euro 10,800.
  • Chiolo Simon, daughter of Nunzio Chiolo received from ito Conafi leases for Euro 12,000.
  • Walter Santis, grandson of Nunzio Chiolo has p ercepito Conafi from leases for Euro 12,000.




                                                                                                                                    138
Certificate under Article .81-ter of Consob Regulation 11971 of May 14, 1999 and
subsequent amendments and additions

1. Dr. Nunzio Chiolo The undersigned Chairman of the Board of Directors and Chief Executive Officer, Dr. Joseph Vigorelli Managing Director and
Dr. Claudio Forte Manager responsible for preparing the financial reports of Conafi Prestitò SpA, Torino current - via Cordero di Pamparato No 15
certify, taking into account the provisions of article 154-bis, paragraphs 3 and 4, of Legislative Decree 24 February 1998 58:


    - the adequacy with respect to the Company
    and
    - effective implementation


of administrative and accounting procedures for the preparation of consolidated financial statements in 2009.


2. Verification of the actual and ap plication of administrative and accounting procedures for the preparation of consolidated financial statements at
31 December 2009 was conducted in the context of the redefinition of business processes and information systems and has been consistent with the
COSO model , which constitute the reference framework for the control system ineterno generally accepted internationally.


3. You also certify that:
3.1 the consolidated financial statements:
     a)    is prepared in accordance with international accounting standards recognized in the uropean and under Regulation (EC) No: 1606/2002 of
           the European Parliament and the Council of 19 July 2002;
     b)    corresponds to the books and records;
     c)    is likely to give a true and fair view of assets and liabilities, of the issuer and the undertakings included in consolidation


3.2 The annual report includes a fair review of the developments and results of operations, and the situation of the issuer and the members of age
included in the consolidation, together with the de scription of the principal risks and uncertainties they face.


                                                                                                                                    Date March 29, 2010


                                                                                                                                            Nunzio Chiolo
                                                                                                                                       Giuseppe Vigorelli
                                                                                                                                             Claudio Forte




                                                                                                                                                      139
CONAFI LOANS BALANCE AT 31.12.2009 SpA




                                         140
Directors' Report on Operations




                                  141
The tensions that have characterized the economic and financial system, the contraction in investment, reducing consumption and the growing crisis
in the labor market are heavily marked the course of 2009.
At the same time, the area of employee loans has remained characterized by significant and negative asymmetries in the behavior of operators and
problems caused by multiple entities that make up the distribution network, although since the summer has come progressively delineated clearly the
precise orientation of the Bank of Italy, which has put in place specific actions and policy and has submitted evidence by the issuance of the Notice of
November 10, 2009, in which all banks and financial intermediaries are called to full compliance with the rules governing the sector, the maintenance
of appropriate professional standards, transparency and fairness in dealings with clients and taking responsibility for the adoption of pervasive
controls on sales networks.
In this context, the operation of commercial atego str Conafi and prosecuted, although supported by the substantial financial strength and financial
(equity amounted to EUR 69.9 million and net debt amounted to 63.1 million euro), are yet been affected by the persistence in the field of short-
sighted by many operators and the plight of the credit market, both phenomena that have not allowed to plan and finance a solid program of
development of production.
The result for the year 2009, which recorded a net loss of EUR 7.9 million (against a break-even last year) should therefore be read in light of the
overall picture indicated that the contraction in net interest income of 2, EUR 7 million due largely to the fall in interest rates, which in some aspects
of non-recurring and extraordinary character that led to a significant negative impact amounted to EUR 6.9 million.
The gross loss of EUR 8.2 million (compared to a gross profit of EUR 0.8 million for the previous year), in addition to the aforementioned lower
contribution of the treasury, in fact, have contributed to both higher costs for some 2.2 million euro in the management of the portfolio of loans
intermediated and the lapses (recorded as a result of further attention and addresses provided by the Bank of Italy's communication to the banking and
financial intermediaries of 11.10.2009) and further write-downs of about 3.4 million euro (made in view of the downturn that occurred during the year
and the general deterioration in credit quality) and the write-down for about EUR 1.3 million for controlling interests Italifin Srl HPB and Spa (due to
a prudent application of valuation methodologies recommended in the early months of 2010 by the vigilance and control, and the reshaping of the
development programs of our subsidiaries, subject to the strong interest in investments and growth of the project Tuttoconsulenze).
In addition to these effects that reduce the normalized gross loss for the year, to fully understand the business result and compare it properly with the
year 2008, should also take into account the effect of those major non-recurring charges of 2 , EUR 2 million on net management fees, which
generally remained up compared to 2008 in both absolute terms and in terms of impact on the post of gross loans (approximately from 4.7% to 7.7%),
due to trade policies implemented and the choices regarding the product portfolio resulted in a significant increase in profitability of interim
financing.
It 'should also consider is the effect of the substantial investment for the implementation of projects and I am paying Tuttoconsulenze, whose costs
have not been fully capitalized but expensed in the period, and who have not yet been able to demonstrate the benefits in terms incremental revenue
resulting from acquisitions made in the case, in particular, the situation is not favorable for the activities of no windows subsidiaries operating in the
finance sector, and since, moreover, both these projects still require a further phase of consolidation in order to generate cash flow and profitability.
The result for the year 2009 was, however, obtained through a major reorganization that has affected the corporate structure, which was completed on
an articulated action to contain costs, the commercial network, magazine and deeply focused on the three new professional represented by the Key
Account Manager, Agency and the Corner, which are the three new channels of customer acquisition and retention.
The total number of contracts traded in 2009 was $ 3,505 for an upright gross of 73.6 million euro, a decrease in value by 20.3% compared to what
was achieved last year.
The trend of production was not linear over the period, with a low level in the first quarter, down from the same period of 2008, a good recovery in
the second quarter and a further decline in the second half of the year largely due to the persistence market frictions and of those anomalies.
The overall decline was affected by the results of the compartments of the delegation of payment (-22.1%) and personal loans (-96.6%), those
seriously affected by the crisis and the consequent tightening of underwriting criteria operated by the companies product.




                                                                                                                                                    142
With regard to the sale of one salary, stressed, finally, the substantial drop of 73.5% of the paid employees of private enterprises and the concomitant
growth in lending to civil servants and state (jointly equal to 22.1 %), the result of a specific commercial choice made in order to contain the risk
arising from the effects of the financial crisis and recession on private-sector companies.
Within the programs undertaken for the consolidation of direct sales and distribution network, and I focused on the development of the project loan,
the intense activity of sel ection and training put in place led to significant results from a standpoint of creating a network-firm specialized on the sale
of the fifth.
With respect, finally changing for the full year in 2010, following the Int rvento performed by the Supervisory Board in 2009, and particularly on
account of the specifications given in the statement of 10 November 2009 to all business operators, have certain conditions for greater clarity and
stability from which the Conafi may reap a significant benefit.
This aspect, together with the path embarked on economic recovery and the markets, has in fact created the conditions on which it is able to plan and
finance a solid program of development of production.
It is believed that the area of employee loans present significant opportunities and the ongoing reorganization of the distribution network will promote
a gradual but effective removal of anomalies that have long characterized the sector with the consequent raising of professional standards and
improving the framework for competition between different operators .
Despite the months of January and February of 2010 have been trending down, also confirmed in the market from published data dall'Assofin, in
March of 2010 showed signs of strong recovery of intermediation in the context, However, completion of a program portfolio of products and
consolidation of relations with the commercial network.
With the projects I am paying, Tuttoconsulenze, AFI will continue in the program with extensive presence and distribution network, focusing on
relationships with the sole agents and professionals of high standing, which will be channeled through the products and services portfolio.
These projects focus on the use of internally developed and integrated platform Tuttoconsulenze Web, will provide a direct link between supply and
demand, enabling sales networks to fully satisfy the needs of customers.




                           Analysis of the economic - financial
The data of the balance sheet and income statement as at 31.12.09 have been prepared in accordance with the AGL IAS / IFRS and are compared
with the budget as at 31.12.08.
In applying the principle of "consistency pr esentation" (which states that if a policy of pre presentation or classification changes the change must be
applied, where possible, the previous year) it is stated that in this budget have been made some policy changes in classification of certain balance
sheet values, but these are mere reclassifications that did not produce different effects on the previous budget and capital in economic terms. For more
details please refer to Part A-Section 2 "inform ative benchmarking" of the Notes to the consolidated ta "Budget Attachments".
Note also that the patterns are those required by the new instructions for the preparation of balance sheets of financial intermediaries entered in the
special issued by the Bank of Italy on 16 December 2008 which updated the Instructions attached to the Rules of 14.febbraio 2006.
We report here are some tables with the main economic aggregates and asset followed by a brief description of the major differences occurred
between the two reference periods.
To reconcile the data reported in the synthetic data shown in the financial statements reported below the list of combinations made:
In the income statement:
                           -   Net impairment losses on fixed assets: the sum of 120 and 121
In the balance sheet:
                           -    Fixed assets: the sum of 100 and 110 of
                           -    Other activities: the sum of 120 and 140 TA TiVo
                           -    Other liabilities: total of items 70 and 90 of the pass ivo




                                                                                                                                                      143
Income Statement 12/31/2009

                         Condensed income statement: VALUES                                          31/12/09          31/12/08         % Change

Net interest income                                                                                 1.310.229         4.006.087              (67.3%)
Net commission income                                                                               4.189.054         5.191.246              (19.3%)
Operating income                                                                                    5.529.982         9.198.329              (39.9%)
Administrative Expenses                                                                            (7.812.714)          (7.444.470)           4.9%
Net provisions for risks and charges                                                                 (18.459)          (39.678)              (53.5%)
Net impairment losses on fixed assets                                                               (275.405)          (183.505)             50.1%
Net adjustments to loans                                                                           (4.217.602)         (912.396)             362.3%
Other income to come from the management                                                             (73.518)          183.112           (140.1%)
Operating profit                                                                                   (6.867.716)         801.392           (957.0%)
Gains (losses) on investments                                                                      (1.370.375)               0                0.0%
Income Taxes                                                                                         379.405           (760.475)         (149.9%)
Net income (loss)                                                                                  (7.858.686)          40.916                 n.s

                      Condensed income statement: INDICATORS                                         31/12/09          31/12/08         % Change

Cost to income ratio                                                                                 224.2%             91.3%                145.6%
Administrative costs, total Operating Income                                                         141.3%             80.9%                74.6%
Personnel expenses / Operating Income                                                                 79.7%             46.7%                70.8%
Other Administrative expenditure / Operating Income                                                   61.6%             34.3%                79.7%

Other administrative expenses excluding advertising expenses / Operating Income                         48.9%             26.9%               81.6%

Operating profit / Operating Income                                                                 (124.2%)             8.7%                  n.s
ROE (net income / equity)                                                                            (10.1%)             0.0%                  n.s


The year 2009 shows a net loss of € 7,859 m, against a useful net of € 40 m 20 08.
The result was a whole of the tensions that have invested the financial and economic system and the anomalies that still have characterized the field of
employee loans, with particular reference to the shortsighted behavior of some operators.
The loss also incorporates both the effects of some elements of non-recurring and extraordinary character that led to a significant negative impact
totaling approximately 6.9 million euro, that the contraction in net interest income of € 2,728 m (-67 , 3%), partly due to the reduction of g iacenza
average liquidity of the current account but mainly because of the known dynamics of the market and the consequent decline in interest rates.
To the surplus of current activity, a loss of € 8,238 m (compared to a gross profit of 8 01 m € for the previous year), in addition to the
aforementioned lower contribution of the treasury, in fact, have contributed:
- higher charges for some 2.2 million euro in the management of the portfolio of loans intermediated and the lapses recorded as a result of further
  attention and addresses provided by the Supervisory Body (Notice to banking and financial intermediaries of 11.10.2009);
- more write-downs of approximately EUR 3.4 million made in view of the downturn that occurred during the year and the general deterioration in
  the quality of c ADEQUATE INCOME, both in respect of loans intermediated and placed a mandate with the provision of collected is not
  collected for specific risks related to situations of suffering and grounding;
- write-down for approximately EUR 1.3 million for controlling interests Italifin Srl and HPB Spa, as a result of prudent application of valuation
  methodologies in the light of the downturn that occurred in the performance on the field of corporate finance, leading to reschedule programs
  Development Group, and also reiterated the recommendations in early 2010 by the vigilance and control.
The brokerage commission income amounted to € 4,189 m against € 5,191 m the previous year or a decrease of € 1,002 m (-19.3%). This change
includes ffetto and negative € 2,062 m on more of those were non-recurring (more deferred income and debts in the face of portfolio management and
lapses) recorded as a result of the analysis conducted on the portfolio of outstanding loans at 31.12 .2009 on the basis of what is required by the
Supervisory Body.


                                                                                                                                                       144
Net commissions management arising specifically from the placement of financial products generally remained up compared to 2008 both in terms of
absolute (about 1.2%) and in terms of impact on the post of gross loans (from 4.7% to 7.7%) thanks to the trade policies implemented and the choices
regarding the product portfolio resulted in a significant increase in profitability of interim financing.
Gross income is a reduction of 39.9%. When purified from the above-mentioned effect of non-recurring charges recorded as a reduction in brokerage
commissions would have had a decrease of 17.5%, significantly less than the decrease in net interest income due to the downward trend in interest
rates.
Administrative expenses totaled EUR € 7,813 m (€ 7,744 m as at 31.12.08) and show growth of 4.9% compared to 2008. As part of administrative
costs, staff costs (120th entry), which include costs for employees and temporary, have grown by 2.7% as incorporating the effect of substantial
NVESTMENTS made for the implementation of the projects I am paying Tuttoconsu and lines, whose costs have not been fully capitalized but
expensed in the period. In the context, then, other administrative expenses (Item 120b), grew by 8%, it highlights the remento inc cost of advertising
programs (3.7%) also largely focused on the development of these projects.
Please note that the fees relating to directors and auditors amounted to € 699 m with a reduction of ll'1% compared to 2008.
Net provisions for risks in 2009 amounted to € 18 m, 13 m € cos Titu from net provisions for indemnity.
The net adjustments for impairment on loans include both the collective write-downs effected against loans intermediated and placed a mandate with
the clause in the Covenant does not apply for the collected "(item 100) is the specific adjustments related to claims in grounding, suffering and past
due over 90 days (item 100), as required by the Instructions of the Bank of Italy.
The first amounted to € 1,232 m (722 m € of 31.12.08) and the latter to € 2,985 m (190 m € of 31.12.08).
The total amount of write-downs for impairment on loans (amounting to € 4,218 m) inclusion of the largest appropriation estimated at about € 3,380
m to be made in respect of loans intermediated and placed a mandate with the provision of collected is not collected for for risks related to specific
situations of grounding and suffering.
In view of the downturn that occurred and the general deterioration in credit quality, it was considered prudent to review in light is that some
writedowns on the devaluation made collective security for the unpaid tax levied, respectively, by additional appropriations for 1615 and € 1,765 m m
€.
Value adjustments on fixed assets as at 31.12.09 amounted to € 275 m, 183 m € c ontro the previous year.
The losses from equity investments amounted to € 1,370 m and are related to the write-down ion 868 m € for the participation in HPB Spa (due to
devaluation in turn made investments in Uniprestit Spa in liquidation, and Progefin Srl Via Advisors Ltd) and the writedown of € 502 m investment in
Italifin Srl (due to the adjustment of goodwill relating to the branch business mediation services operating in the mortgage industry in credit).
Referring for more details as outlined in detail above in the notes (Part-A-Accounting Policies Section 4-Other matters), it is stated that the negative
effects of the situation that occurred in 2009 in the corporate finance sector, the resulting reschedule programs development of the Group and also
reiterated the recommendations in early 2010 by supervisors and control have resulted in a particularly compelling valuation methodologies
notwithstanding the strong interest in investments and growth of the project Tuttoconsulenze.
Income taxes for 2009 show a complex balance of positive tively 379 m €. The amount and 'consists of
Ires positive € 456 m and a negative IRAP 7 7 m €.

For more details and information on the dynamics of balance sheet items refer to the tables in the Notes to the consolidated financial statements.
As for the comments relating to 'the evolution of production is carried out with the annual report refers to the part devoted to it.




                                                                                                                                                     145
Balance 12/31/2009

                                        Assets                                                        31/12/09            31/12/08      DELTA%

Cash and cash equivalents                                                                              4.602             3.050            50.9%
Financial assets available for sale                                                                   401.108           152.858          162.4%

Credits                                                                                             84.153.033        96.194.989         (12.5%)
Investments                                                                                          6.283.832         3.854.207          63.0%
Ceding Assets                                                                                         790.169           413.473           91.1%
Other activities                                                                                     5.141.586         7.473.500         (31.2%)
TOTAL ASSETS                                                                                        96.774.329        108.092.077        (10.5%)

                         Liabilities and shareholders' equity                                         31/12/09          31/12/08        DELTA%

Debts                                                                                               12.648.621        13.609.471          (7.1%)
Other liabilities                                                                                   13.592.759         9.415.927          44.4%

Provisions for risks and charges ie TFR                                                               603.738           608.348           (0.8%)
Shareholders' equity                                                                                69.929.212        84.458.330         (17.2%)
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                          96.774.329        108.092.077        (10.5%)


The total assets of the Company at 31 December 2009 amounted to € 96,774 m, a decrease of 10.5% over the same period last year know.
Financial assets available for sale, an increase of 162% compared mainly with shares of a private equity fund.
The credits, which overall were down 12.5%, including both loans to banks (which recorded a decrease of € 12,443 m) and loans to financial
institutions (ch, an increase of € 2,427 m), which finally , claims there rso customers (which decreased by € 2,025 m).
The net financial position as at 31.12.09 amounted to € 63,056 m against € 74,028 m in 2008, registering a decrease of 14.8%.
The change is 'largely due to the reduction of bank account balances, as can be seen from the chart of the consolidated financial statements and'
changed to 14.9 million euro, operational management has absorbed a total of 4.8 million euro (including 3 million increase in assets); 4.5 million was
spent on investing activities (primarily capital contribution to subsidiaries, and for the purchase of intangible assets), 1.5 million for the purchase of
own shares and, finally, to 4.2 million of dividends.
Equity: The net increase in equity to € 2,430 m stems from its payments to shareholders in the capital account for a total of € 3,750 m made to HPB
Spa (2,900 m €), Italifin Ltd (500 m €) and Conafi S tangle nets (350 m €), the formation of Conafi Network Development Ltd. for € 50 m and,
conversely, the reduction related to the writedown of investments of HPB (868 m €) and Italifin (502 m €).
Other activities include current tax assets and liabilities to € 3,408 m (€ 3,639 m as at 31.12.08) activities and dive rse to € 1,734 m (3,835 m to €
31.12.08). Tax assets are reduced by 6.4% I t is due to the decrease in payments of taxes that the cancellation of deferred tax assets. Tax assets receive
an additional writedown of deferred tax assets with elle on shareholders' equity (IAS 12 para. 61) to € 981 m, relative to the costs incurred for the qu
otazione held. The fiscal 2009 loss now makes it prudent not to consider the full recovery of deferred taxes on these expenses, specifying, however,
that if in the future likely to become the realization of sufficient taxable income will proceed to the reversal of the devaluation made previously. (IAS
12 par.56) Note also that there have been accrued deferred tax assets on tax losses. The different activities were reduced by 54.8% due to reduction
credits for insurance premiums and claims pending settlement , reduction of debts owed by employees for commissions and advances for the passage
in intangible assets under construction as at 31.12.08.
The debts, which were reduced overall by 7.1%, mainly welcomed the reduction of debts owed to institutions principals to € 1,469 m (incas and
extinction rate for sate) and, on the other hand, the increase in amounts due to customers 509 m € (for reimbursement of fees and reimbursement of
expenses as a result of lapses).
Other liabilities, increased overall by about 44.3%, meet the operating liabilities such as debts to banks, suppliers, brokers and deferred income. The
increase is due mainly to higher provisions for doubtful




                                                                                                                                                    146
credits and higher deferred income recorded against the portfolio management and lapses (as already stated in comments to the income statement).
Provisions for risks and charges have remained largely unchanged from the previous year
The reduction in net worth, shown in detail in the "statement of changes in shareholders' equity at 31.12.09" amounts to € 14,529 m, mainly due to 4
€ .185 m to the distribution of dividends, buy back shares of € 1,475 m € 7,859 m and its net loss for the year.
As required by international accounting standards between the reductions in shareholders' equity in the acquisition of treasury shares, which on 31
December 2009 amounted to € 4,438 m. For more information, please refer to a part of the annual report where they are given updates on buy back
plan in progress.
For more information on the composition or movement of balance sheet items refer to "Part B: Balance Sheet. "




 Net Financial Position 12/31/2009

                                        Items / Values                                          31/12/09         31/12/08        % Change

 Cash                                                                                            4 .602           3. 050             50.9%

 C / C matching assets                                                                        63.878.841        78.799.036          (18.9%)

 Financial liquidity (A)                                                                      63.883.443        78.802.086          (18.9%)
 C / C matching passive                                                                         (8 .030)          (8. 549)           (6.1%)

 Net financial liquidity (B)                                                                  63.875.413        78.793.536          (18.9%)
 Funding ongoing accreditation                                                                 7.279.977           4.803.280         51.6%

 Due to prepayments and repayments                                                            (8.099.031)       (9.568.499)         (15.4%)
 Net current financial year (C)                                                                (819.054)        (4.765.219)         (82.8%)

 Net Debt (BC)                                                                                63.056.359        74.028.318          (14.8%)




                                                                                                                                              147
                                                        The 2009 production



                                       1.1 Loans granted / placed in 2009

In 2009, he brokered the 3505 Conafi practices with a total value in terms of gross column of around 73.6 million euros of which No. 118 (1.8 million
euro) are related to product placement third parties.




Type of products

The performance of different types of products (and, in particular, the number of funds and placed them upright Gross)
offered by the
company              in the last two years is shown in the following table:


                                                 31/12/09                                31/12/08                        Changes     T / T-1
        Items / Values              Number of            Upright           Number of             Upright          Number of           Upright
                                     practices            Gross             practices             Gross            practices            Gross

             FPA                       2.021           37.462.692             2.609           41.405.856           (22.5%)               (9.5%)
             CQS                       1.176           29.118.288             1.786           34.872.852           (34.2%)              (16.5%)
              OF                        280            6.705.660               382             8.608.872           (26.7%)              (22.1%)
             Other                      28               295.272               617             7.418.344           (95.5%)              (96.0%)

            Total                      3.505           73.581.912             5.394           92.305.924           (35.0%)              (20.3%)

The product that has suffered most from the decline in sales is the Personal Loan (Others in the product) which has reduced in terms of gross column
of 96.6%, followed by the Delegation of payment decreased by 22.1% .




Method of placement and delivery

Excluding the distribution of third party products (for third parties) the placement of nti FINANCING Conafi observed according to the method of
payment already described in the "Business models and products" was held exclusively by the use of a revolving credit line granted by leading
financial institutions clients.


                                                 31/12/09                               31/12/08                         Changes     T / T-1
        Items / Values              Number of            Upright           Number of            Upright           Number of             Upright
                                     practices            Gross             practices            Gross             practices             Gross


            Indirect                   3.387           71.797.812            5.036            87.838.512           (32.7%)              (18.3%)


             Total                     3.387           71.797.812            5.036            87.838.512           (32.7%)              (18.3%)




Industry
The following table shows the breakdown of production, except for third parties, broken down by sector of the score.


                                                                                                                                                148
                                                  31/12/09                                31/12/08                       Changes         T / T-1
         Items / Values              Number of            Upright           Number of             Upright           Number of             Upright
                                      practices            Gross             practices             Gross             practices             Gross

       Other government                 109             2.354.640               107             2.390.400              1.9%                (1.5%)
            Seniors                    1.904            34.966.176             2.505           39.138.384              (24.0%)             (10.7%)
             Private                    341             6.131.220              1.489           23.102.916              (77.1%)             (73.5%)
             Public                     644             16.849.944              717            17.333.568              (10.2%)             (2.8%)
              State                     389             11.495.832              218             5.873.244               78.4%               95.7%
             Total                     3.387            71.797.812             5.036           87.838.512              (32.7%)             (18.3%)

Region

The following table shows the production of Conafi, except for the placement of third party products distributed according to the territorial criterion.
The breakdown by region shows the highest concentration of the number of funds in the 2009 South by 39.5%, followed by the Centre with 33.9%
and finally the North with 26.6%.


                                                  31/12/09                                31/12/08                       Changes       T / T-1
         Items / Values              Number of            Upright           Number of             Upright           Number of           Upright
                                      practices            Gross             practices             Gross             practices            Gross

             North                      900             19.414.152             1.319           23.984.028            (31.8%)              (19.1%)
             Center                    1.149            21.310.152             2.011           32.333.616            (42.9%)              (34.1%)
              Sud                      1.338            31.073.508             1.706           31.520.868            (21.6%)               (1.4%)
             Total                     3.387            71.797.812             5.036           87.838.512            (32.7%)              (18.3%)



Duration of funding

The following table shows the production of the Company, except for the placement of pr oducts third parties (eg personal loans) and broken down by
original maturity of the loan.




                                                  31/12/09                                31/12/08                       Changes       T / T-1
         Items / Values              Number of            Upright           Number of             Upright           Number of           Upright
                                      practices            Gross             practices             Gross             practices           Gross

           <= 5 years                   478             4.416.108              1.299           10.375.692            (63.2%)            (57.4%)
           > 5 years                   2.909            67.381.704             3.737           77.462.820            (22.2%)            (13.0%)
             Total                     3.387            71.797.812             5.036           87.838.512            (32.7%)            (18.3%)



As can be seen from the above table there was a decline in the number of financing is less than 5 years 63.2% compared to 2008. The long-term loans,
a decrease of 22.2% over the previous year, constituted in terms of gross column of 94% intermediate practices.




                                                                 1.2 Staff

At 31 December 2009, the Conafi had a workforce of 123 employees of which 116, 4 and 3 temporary project workers. As at 31 December of the
previous resources amounted to 108 including 103 employees, three temporary and two project workers.

                                                                                                                                                   149
                                            Relations with Group companies


For the purposes of this Annual Report we point out that the relationship between the subsidiaries Conafi are commercial, and financial services
rendered to market conditions. Corporate taxpayers and management and coordination by all Conafi SpA fall within the scope of consolidamento.In
particular, with reference to the most significant transactions, the parent Conafi SpA relies on the performance of brokerage Italifin Ltd as part of its
activities. At the same time to a part of the staff of Conafi she was seconded to the subsidiary Italifin srl.
There are also reports of Conafi SpA to finance companies: HPB Italifin Srl and SpA, interest-bearing and market conditions.
The economic and financial transactions between the Conafi SpA and its subsidiaries are also described in Section 4-Related-party transactions of the
Notes.
Information on transactions with related parties, whose definition has been extended in accordance with IAS 24, required by the Consob
Communication of July 28, 2006 are presented in Section 4 - Transactions with related parties of the Notes to the financial statements.
The companies with which, in 2009, the Co Nafi has had commercial and financial relations are as follows:




                                                                                                                                                   150
Italifin Ltd:

The company, financial agents and media credit hours is active in the transfer of salary and payment of the delegation. Through the brand name "Pr
barber" The acquisition of the stake in talifin Conafi Group has set up a sales network capable of acquiring customers through direct public activities
icitaria.
It is controlled by Conafi SpA, which holds 10 0% of the capital.


Summary of the 2009 budget prepared in accordance with international accounting standards.



Balance 12/31/2009

                                              Assets                                                       31/12/09               31/12/08

Cash and cash equivalents                                                                                    582                    1.000
Credits                                                                                                       583.721             581.669
Assets                                                                                                        649.433             112.212
Other activities                                                                                           1.307 .480               1.312.939

TOTAL ASSETS                                                                                               2.541 .216               2.007.821

                               Liabilities and shareholders' equity                                        31/12/09               31/12/08

Debts                                                                                                      1.255 .313               1.183.050
Other liabilities                                                                                             241.995             266.053
Provisions for risks and charges and severance pay                                                            52.417               81.976
Shareholders' equity                                                                                          991.492             476.743

TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                 2.541 .216               2.007.821


                                        Income Synthetic                                                   31/12/09               31/12/08

Net interest income                                                                                          (26.366)             (19.084)
Net commission income                                                                                      1.350 .012               2.035.683

Operating income                                                                                           1.323 .646               2.016.599
Administrative Expenses                                                                                   (1.189 .898)             (4.606.771)

Net impairment losses on fixed assets                                                                        (48.268)             (35.922)
Net adjustments to loans                                                                                     (19.509)              (3.399)

Other income to come from the management                                                                      23.977               10.853

Operating profit                                                                                              89.948               (2.618.640)

Income Taxes                                                                                                 (74.782)             723.627
Net income (loss)                                                                                             15.166               (1.895.013)


Intercompany Transactions:

The Conafi exposes trade payables in respect of the subsidiary Italifin Srl for € 316 m, trade receivables to 51 m €, claims for services and € 13 m
credit to a financial nature involving lending € .180 m Interest-bearing.
The Company recognized commission in favor de lla-controlled 904 m €. . During the first me in 2009 and has posted its employees at the Italifin
reversing the cost to the subsidiary for a total of 40 m €. Savings have accrued interest on loans for € 27 m, and far down the commissions received
from controlled active for 101 m €.




                                                                                                                                                 151
Alba Finanziaria SpA:

It is controlled by Conafi SpA, which holds 10 0% of the shares.
The Company constituted on 18.07.2007, is recorded in the general list under Article. TUB 106 and has as main objective the provision of loans or
placement FPA, CQS and DP, including through the signing of special agreements with the main social security institutions and with the most
relevant public and state government to offer to members and customers more for pensioners conditions required by those conventions.
It is controlled by Conafi SpA, which holds 10 0% of the shares.
Summary of the 2009 budget prepared in accordance with international accounting standards

Balance 12/31/2009

                                              Assets                                                     31/12/09              31/12/08

Cash and cash equivalents                                                                                  384                    260

Credits                                                                                                 1.386 .538             1.245.771
Assets                                                                                                      0                    1.200
Other activities                                                                                          77.930                41.528

TOTAL ASSETS                                                                                            1.464 .853             1.288.759

                               Liabilities and shareholders' equity                                      31/12/09              31/12/08

Debts                                                                                                    132.071                87.402

Other liabilities                                                                                        159.415                75.526
Shareholders' equity                                                                                    1.173 .367             1.125.831

TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                              1.464 .853             1.288.759


                                        Income Synthetic                                                 31/12/09              31/12/08

Net interest income                                                                                       9.965                 27.623
Net commission income                                                                                    112.868                25.306

Operating income                                                                                         122.833                52.929
Administrative Expenses                                                                                  (51.545)              (149.509)

Net impairment losses on fixed assets                                                                    (1.200)                (1.380)
Net adjustments to loans                                                                                 (2.288)                    0

Other income to come from the management                                                                  (754)                 (1.906)

Operating profit                                                                                          67.046               (99.867)
Income Taxes                                                                                             (19.508)               27.234
Net income (loss)                                                                                         47.538               (72.633)


Intercompany Transactions:

The commission has developed Conafi active against the subsidiary for € 31 m, and received compensation for the work of investigating the matter
of funding for € 24 m




                                                                                                                                             152
Business Investments Holding SpA:

The company is controlled by Conafi SpA owns 100% of the shares.
The company formed on 22.10.2007, has entered the general list of art. 113 of Legislative Decree 385/93, is founded with the purpose of making
equity investments in companies with business instrumental to the development plan Conafi Prestitò SpA
Summary of the 2009 budget prepared in accordance with international accounting standards

Balance 12/31/2009

                                         Assets                                                           31/12/09             31/12/08

Credits                                                                                                      645.786            228.232

Investments                                                                                              1.511 .623            1.989.405
Other activities                                                                                             106.339             3. 098
TOTAL ASSETS                                                                                             2.263 .749            2.220.734

                           Liabilities and shareholders' equity                                           31/12/09             31/12/08

Debts                                                                                                        567.258           2.000.000
Other liabilities                                                                                          34.757               104.406

Provisions for risks and charges and severance pay                                                           196.154               0
Shareholders' equity                                                                                     1.465 .579             116.328

TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                               2.263 .749            2.220.734



                                 Income Synthetic                                                            31/12/09              31/12/08

Net interest income                                                                                           (29.218)             (29 .691)

Operating income                                                                                              (29.218)             (29 .691)

Administrative Expenses                                                                                      (232.998)             (117 .756)

Net provisions for risks and charges                                                                         (196.154)                    0

Other income to come from the management                                                                            1                   (1)

Operating profit                                                                                             (458.369)             (147 .447)

Gains (losses) on investments                                                                                 (1.195 .292)                0

Income Taxes                                                                                                  102.911                  (425)

Net income (loss)                                                                                             (1.550 .750)         (147 .872)



Intercompany Transactions:

The Conafi has mainly financial receivables for a total funding of 550 m €. Mature ndo interest income of € 38 m.
The Conafi has made payments to shareholders capital € 500 m and has transformed a former interest-bearing loan granted to the subsidiary paid
associates in capital account for 2,400 m €.




                                                                                                                                                 153
Conafi Network Development Ltd.
The company, established in April 2009 is currently controlled by Conafi Spa, which holds 100% of the capital.
The company, which recently changed the object o and the name is mainly engaged in the development of business networks via the Internet using
Internet portals also also owned.

Summary of financial statements at 31 December 2009 prepared in accordance with international accounting standards.

Balance 12/31/2009

                                          Assets                                                             31/12/09         31/12/08

Credits                                                                                                       86.912              0
Investments                                                                                                   301.000             0
Other activities                                                                                              10.017              0
TOTAL ASSETS                                                                                                  397.929             0

                            Liabilities and shareholders' equity                                             31/12/09         31/12/08

Debts                                                                                                          2.300              0
Other liabilities                                                                                             29.257              0
Shareholders' equity                                                                                          366.371             0
TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                                                                    397.929             0


Intercompany Transactions:

In 2009, the shareholders made payments Conafi capital to the subsidiary for a total of 350 m €.


Progefin SpA

The company, established on 07.14.2006, is enrolled in the brokers and agents in activities' financial reporting.
The society 'was acquired in March 2008 by C heck HPB SpA and the date of submission of this 2009 budget holds 100% of the shares.
The company provides expert advice it ll'intermediazione of financial lease / operational and
medium and long term.

Intercompany Transactions:

At 31.12.09 a debt to the record Conafi Progefin to 31 m €.
The Conafi has gained 103 m € for apportionment am istrative costs, commissions active for 8 m €.


Uniprestit SpA in Liquidation

The company, acquired in 2008, is indirectly controlled by the parent by HPB At 31.12.09 SpA holds 75.5% of the capital.
By deed of 10 December 2009 the shareholders' meeting of the subsidiary Uniprestit SpA., Approved the dissolution and voluntary liquidation of the
company, changing its name to Uniprestit SpA in liquidation, with effect from December 31, 2009

Intercompany Transactions:

At 31.12.09 the Conafi in 2009 has accrued commissions due to 218 m €.


Rencredit Debt Recovery Services Ltd

The company, established on 16.06.2008, is authorized to pursue the recovery of c rediti.


                                                                                                                                            154
The company is owned by the subsidiary HPB SpA, which holds 99% of the shares.
The company's purpose, the following activities: ser vices to recover debts on behalf of banks, consumers and businesses.

Intercompany Transactions:

To 31.12.09 with a cost to the Conafi Rencredit debt recovery services. Srl € 27 m for administrative expenses, and debts for 29 m €.



Via Advisors Corporate Finance Ltd
The company, acquired in the previous year, is indirectly controlled by the parent by HPB SpA, which holds a 51% stake.
The company specializes in the corporate finance sector.

Intercompany Transactions:

Conafi In 2009 he gained a tax benefit resulting from tax consolidation procedure for € 28 m
Finally, he charged back Conafi Speg general / administrative support to other group companies and Business Network Ltd, Prestito'Case Ltd,
Consulting & Finance Ltd. for a total of 10 m €.




                                            Disputes and contingent liabilities

It refers to what is described in the report on the consolidated financial statements in the section on principal risks and uncertainties


                                 Significant Nonrecurring Events and Transactions
In 2009 were not carried out significant non-recurring transactions.


                                               Atypical and / or unusual
To date there have been put in unusual or atypical for their significance and relevance may compromise the security of company assets or prejudice
the rights of minority shareholders.


                                                  Research and development

The Conafi has carried out research and svilu ppo.


                                             Treasury shares: Buy-back plan

Updating and renewal of share buyback program

During 2009, and implement the share buyback program due to expire April 23, 2009 the Conafi was bought 1,326,583 shares for a total of 1,474,363
euro.
The shares were acquired is subject to the provisions of Articles. 2357 ss. Of the Civil Code, Article 132 of Legislative Decree 58/98 and 144-bis of
Consob Regulation 11971/99, both of the limits and goals laid down by 'de assembly members and the governing body.
On April 29, 2009 the House of Conafi Prestitò authorized the Board of amministrazion and start a new share buyback program, lasting confirmed
until October 29, 2010, with the same purpose as the previous program with respect to which they are were purchased 762,583 shares for a total of
937,927 euro.
                                                                                                equa
At 31.12.09, the Group has therefore Conafi                n°    2.9 17.136 actions own         l    to       6.27341% of      capital      social   per un
equivalents amounted to 4,437,755 Euro.



                                                                                                                                                      155
In the month of February 2010 were sold on behalf of HPB No Spa 350,000 shares at a price of EUR 350,000. during the acquisition by HPB Spa
shares owned by minority shareholders of P rogefin Srl Via Advisors Corporate Finance Ltd.
As of March 12, 2010 Conafi Prestitò and has a total number of 2,713,236 shares, equal to 5.83492% of capital. Social

                                              Other events of the period

There were no further events of the period other than those already mentioned in previous annual report tooth



                                        Business Outlook

Following the intervention performed by the Ilanz Vig in 2009, and particularly on account of the specifications given in the statement of 10
November 2009 to all stakeholders, we are certain conditions for greater clarity and stability by Conafi which the Group will derive significant
benefit.
This aspect, together with the path embarked on economic recovery and the markets, has in fact created the conditions on the basis of our Group will
plan and fund a single IDE development program production.
It is believed that the area of employee loans present significant opportunities and the ongoing reorganization of the distribution network will promote
a gradual but effective removal of anomalies that have long characterized the sector with the consequent raising of professional standards and
improving the framework for competition between different operators .
Despite the months of January and February of 2010 have been trending down, also confirmed in the market from published data dall'Assofin, in
March of 2010 showed signs of strong recovery of intermediation in the context, However, completion of a program portfolio of products and
consolidation of relations with the commercial network.



                               Further information on corporate policies
There is no additional information beyond what is mentioned in Part D of the explanatory notes on this aspect.



                                 Draft allocation of operating
The Board of Directors, having regard to the laws and bylaws, propose to the Shareholders to carry forward the net loss of EUR 7,858,686.
It is also proposed to distribute a dividend of € 3,502,941, with the use of share premium reserve, amounting to around € 0.08 per ordinary share
before tax.

Under Article. 47, paragraph 1, of DPR December 22, 1986, No 917 (the "Consolidated Income Tax"), the dividend proposal qualifies as distributions
of capital reserves pursuant to Art. 47, paragraph 5, of the Consolidated Income Tax.
The dividend per share will vary depending on the number of shares that will be held the evening before the coupon.
If approved by shareholders in payment of the distribution of reserves referred to above will be placed in p aymen with the ex-dividend date 10/5/10.




                                                                                                                           The Board of Directors The
                                                                                                                              Chairman Nunzio Chiolo




                                                                                                                                                    156
FINANCIAL STATEMENTS




                       157
                                                     Balance Sheet

                                                Assets                     31/12/09      31/12/08

10    Cash and cash equivalents                                             4.602          3.050
40    Financial assets available for sale                                  401.108        152.858
60    Credits                                                             84.153.033    96.194.989
90    Investments                                                          6.283.832      3854.207

100   Tangible assets                                                      340.926        324.830
110   Intangible assets                                                    449.243        88.643

120   Tax assets:                                                          3.407.689      3638.942
        a) current                                                         2.192.780      1785.223
        b) deferred                                                        1.214.909      1853.719

140   Other activities                                                     1.733.897      3834.557

      TOTAL ASSETS                                                        96.774.329    108.092 .077

                                   Liabilities and shareholders' equity    31/12/09      31/12/08

10    Debts                                                               12.648.621    13.609.471

70    Tax liabilities                                                      12.743         192.628
      a) current                                                              0           172.160

      b) Deferred                                                          12.743         20.468
90    Other liabilities                                                   13.580.016      9223.299
100   Provision for employee severance                                     251.621        232.887
110   Provisions for risks and charges                                     352.117        375.462
        b) other funds                                                     352.117        375.462

120   Capital                                                             11.160.000    11.160.000
130   Treasury shares (-)                                                 (4.437.755)    (2963.392)

150   Share premium                                                       68.889.913    72.138.560
160   Reserves                                                             2.181.674      4058.579

170   Revaluation reserves                                                 (5.933)        23.667
180   Net income (loss)                                                   (7.858.686)     40.916

      TOTAL LIABILITIES AND SHAREHOLDERS 'EQUITY                          96.774.329    108.092 .077




                                                                                                       158
                                                           Income Statement

                                                           Voices              31/12/09       31/12/08

   10   Interest receivable and similar income                                 1.686 .203     4229.965
   20   Interest payable and similar charges                                  (375.974)       (223.878)

        NET INTEREST INCOME                                                    1.310 .229     4006.087
   30   Commission income                                                     10.056.968       11.642.699

   40   Fee and commission expense                                            (5.867 .914)    (6451.453)
        Net commission income                                                  4.189 .054     5191.246

   90   Profit / Loss on disposal of                                           30.699           996
           a) Financial assets                                                 30.699           996

        TOTAL INCOME                                                           5.529 .982     9198.329
  100   Losses / recoveries on impairment of                                  (4.217 .602)    (912.396)
        a) Financial assets                                                   (4.217 .602)    (912.396)
  110   Administrative Expenses                                               (7.812 .714)    (7444.470)
        a) Personnel                                                          (4.407 .684)    (4291.952)
        b) Other administrative expenses                                      (3.405 .030)    (3152.518)
  120   Adjustments / write-backs on mate rials                               (129.007)       (146.127)

  130   Adjustments / write-backs on intangible materials                     (146.398)       (37.378)
  150   Net provisions for risks and charges                                   (18.459)       (39.678)

  160   Other income and expenses                                              (73.518)       183.112
        PROFIT FROM OPERATIONS                                                (6.867 .716)    801.392
  170   Gains (losses) on investments                                         (1.370 .375)       0
        NET INCOME (LOSS) 'CURRENT INCOME
                                                                                (8.238.091)   801.392
        TAXES
  190   Taxes on income from continuing operations                             379.405        (760.475)
        NET INCOME (LOSS) 'NET OF CURRENT
                                                                                (7.858.686)    40.916
        TAXES
        NET INCOME (LOSS)                                                     (7.858 .686)     40.916



                                   Statement of Comprehensive Income

                                                           Voices              31/12/09       31/12/08

   10   Net income (loss)                                                       (7.858.686)    40.916
   20        Financial Activities dispponibili for sale:                       (6.764)         1.883
  110   Total other income components                                          (6.764)         1.883
  120   Comprehensive income                                                    (7.865.450)    42.799
Table 4: A.1.30 | 1 - Bilancio_Individuale




                                                                                                           159
                                                Statement of Changes in Shareholders' Equity 31.12.2009

                                                                         Allocation of
                                                                                                                                         Changes during the year
                                                                         previous year




                                                                                                                                                                                                                                                31/1
                                                                                                                                                                                                                                                2/09
                                                           to 01/01/09
                                                                                                                                           Equity transactions




                                                                                                                                                                                                                             31/12/09
                        31/12/08

                        Balance




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                                                                                                                                              own
                                                                                                                                                        Purchase
                                                                                       and
Capital                11.160.000                  11.160.000                                                                                                                                                                           11.160.000

Emissions surcharge    72.138.560                  72.138.560                                                     (2.817.665)                                      (430.982)                                                            68.889.913

Reserves:

    a) profit          4.058.579                   4.058.579                 40.916       (38.870)                                                                 (3.715.148)                                                           345.477

    b) other                                                                                                      1.836.196                                                                                                             1.836.196
Revaluation reserves     23.667                   23.667                                                           (22.835)                                                                                        (6.764)                (5.932)

Equity instruments

Treasury shares        (2.963.392)                (2.963.392)                                                                                 (1.474.363)                                                                               (4.437.755)

Net income (loss)        40.916                   40.916                    (40.916)                                                                                                                         (7.858.687)                (7.858.686)

Shareholders' equity   84.458.330                  84.458.330                             (38.870)                (1.004.304)                 (1.474.363) (4.146.130)                                        (7.865.451)                69.929.212




                                                                                                                                                                                                                                          160
                                            Statement of Changes in Shareholders' Equity 31.12.2008

                                                                          Allocation of




                                                                                                                                                                                                                   exercise
                                                                                                                                         Changes during the year
                                                                          previous year




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                                                                                                                          i
Capital                11.160.000           11.160.000                                                                                                                                                                                   11.160.000

Emissions surcharge    72.588.560           72.588.560                                                                                                                                        (450.000)                                  72.138.560

Reserves:

   a) profit           2.700.977            2.700.977                   1.357.601    1.590.790                                                         (1.590.789)                                                                        4.058.579

   b) other
Revaluation reserves     17.355               17.355                                                       4.429                                                                                                   1.883                 23.667

Equity instruments

Treasury shares        (1.372.188)          (1.372.188)                                                                   (1.591.204)                                                                                                    (2.963.392)

Net income (loss)      2.948.391            2.948.391                  (1.357.601)   (1.590.790)                                                                                                                  40.916                 40.916

Shareholders' equity   88.043.095           88.043.095                                   (0)               4.429          (1.591.204)                  (1.590.789)                            (450.000)           42.799                 84.458.330




                                                                                                                                                                                                                                             161
                                                      Cash Flow
                                                                                                                             AMOUNT
A. ACTIVITY 'OPERATIVE
                                                                                                                     31/12/09        3 1/12/08

           1. MANAGEMENT                                                                                             (1.976.845)      986.962
     - Operating income (-)                                                                                          (7.858.686)       40.916
     - Net adjustments for impairment (- /)                                                                           4.217.602       722.862
     - Net adjustments to tangible and intangible assets (-)                                                          275.405         183.505
     - Net provisions for risks and charges and other costs and revenues (-)                                          18.459           39.679
     - Other adjustments                                                                                              1.370.375          0
           2. LIQUIDITY GENERATED / ABSORBED BY BUSINESS FINA                                       NZIARIE          (3.037.937)     4.982.773
     - Financial assets available for sale                                                                           (277.850)        243.969
     - Loans to banks                                                                                                (2.476.697)     6.993.653

     - Loans to financial institutions                                                                               (2.426.737)      (35.775)
     - Loans to customers                                                                                             792.902        (2.229.897)
     - Other assets                                                                                                   1.350.445        10.823

           3. LIQUIDITY GENERATED / ABSORBED BY FIN LIABILITIES                                    ANZIARIE           207.603        (1.048.236)

     - Due to banks                                                                                                  (960.850)       2.979.037
     - Other liabilities                                                                                              1.168.453      (4.027.273)
                                                      Cash generated from A ctivities and absorbed by Directive      (4.807.179)     4.921.499
B. INVESTING ACTIVITIES
           2. LIQUIDITY 'INPUT FROM                                                                                  (4.452.101)     (304.685)
     - Purchases of investments                                                                                      (3.800.000)     (150.000)
     - Purchases of materials                                                                                        (145.103)        (84.980)
     - Purchase of intangible assets                                                                                 (506.998)        (69.705)
     - Purchase of businesses                                                                                            0               0
                                         Net cash flow from and                                       investment     (4.452.101)     (304.685)
C. FINANCING ACTIVITIES
     - Issue / purchase of own shares                                                                                (1.474.363)     (1.591.204)
     - Distribution of dividends and other                                                                           (4.185.000)     (1.590.790)
                                                             Net cash used in financing activities and pro vvista    (5.659.363)     (3.181.994)
NET CASH GENERATED / ABSORBED IN                                                                                      (14.918.643)   1.434.820

                                                             RECONCILIATION

                                                                                                                             AMOUNT
                                                                                                                     31/12/09        3 1/12/08
Current accounts at the beginning of liquid                                                                         78.802.086       77.367.266
Total cash generated / absorbed nell'eser exercise                                                                  (14.918.643)     1.434.820

Cash and cash equivalents at the end of the year                                                                    63.883.443       78.802.086




                                                                                                                                                   162
     NOTES


PART A: ACCOUNTING POLICIES




                              163
                                                       A.1 General

                Section 1 - Statement of compliance with international accounting standards

The financial statements at 31 December 2009 have been prepared under the accounting standards issued by the International Accounting Standards
Board (IASB) and interpretations of International Financial Reporting Interpretations Committee (IFRIC) and endorsed by the European Commission,
as established by the Community Regulation 1606 July 12, 2002.


                                           Section 2 - Basis of preparation

These financial statements consist of the balance sheet, income statement, statement of comprehensive income, statement of changes in equity, cash
flow statement and the notes and give a true and fair view of the financial position of the company and the economic result o. The budget and 'also
comes from the Report.
Note also that the patterns are those required by the new instructions for the preparation of balance sheets of financial intermediaries entered in the
special issued by the Bank of Italy on 16 December 2008 which updated the Instructions attached to the Rules of 14.febbraio 2006
The preparation of these financial statements was made, as mentioned above, according to international accounting standards approved by the
European Commission. To interpret and support the application the following documents were used, although not approved by the European
Commission:
  • Framework for the Preparation and Presentation of Financial Statements issued by the IASB in 2001;
  • Implementation Guidance, Basis for Conclusions, the FRIC and any other documents prepared by the IASB or IFRIC (International Financial
    Reporting Interpretations Committee) supplementing IFRS;
  • the interpretations of the application of IAS / IFRS in Italy, prepared by the Italian Accounting (OIC) and the Italian Banking Association
    (ABI).
The amendments to IAS 39 and IFRS 7 contained in EC Regulation 1004/2008 which allows, in some cases, the reclassification of certain financial
instruments were not applied because they do not hold financial instruments for trading. It should be noted, however, that with effect from 01.01.09
entered into force several changes to existing accounting standards as well as new IFRIC but they have not found practical application on these
financial statements unless the updated version of IAS 1 introduces new ways of presentation of financial statements as further described in the
following paragraph.


Revised IAS 1 - Presentation of Financial Statements

This principle has introduced the concept of "comprehensive income" (overall profitability) pr eved a specific statement on the financial statements.
According to this approach must be acknowledged, in addition to the profit for the year, all the components that contribute to company performance
and that arise from the desire of the members. This is essentially no changes in the value of assets that, in the same app lished international accounting
standards, are charged directly to equity reserves. For variations on Conafi Spa cited are represented in particular by changes in the value of financial
assets available for sale. If condo models contained in the Instructions of the Bank of Italy, these changes are set out in the new Statement of
Comprehensive Income.

The budget of the company, drawn up in euro, is based on the following general principles:


Business Continuity
The budget and 'have been prepared on a going concern business


Accrual

Costs and revenues are recognized on the vesting period according to the criterion of economic and correlation.




                                                                                                                                                    164
Consistency of presentation

Presentation and classification of items are kept constant over time in order to ensure comparability of information, unless the variation is requested
by an International Accounting Standard or an interpretation, or make it more appropriate in terms of significance and reliability, the representation
values. If a policy presentation or classification is changed, the change applies to - if possible - so retroactively, in which case are also given the
nature and reason for change, as well as the items concerned. For the presentation of the items and scales of the Notes were adopted by the diagrams
inside the Bank of Italy in the instructions for the preparation of balance sheets of financial intermediaries, and provide that the same, with no
amounts were not shown.


Aggregation and relevance

All significant clusters of items with similar nature or function are reported separately. The elements of nature or other function, where relevant, are
presented separately.


Exclusion of compensation

Assets and liabilities, revenues and expenses are not co mpensati between them, unless this is required or permitted by International Accounting
Standard or an interpretation or the formats provided by the Bank of Italy for annual financial intermediaries.


Comparative information

The comparative information of the previous year are shown for all data contained in this budget, unless an International Accounting Standard or an
interpretation does not prescribe or allow otherwise. It also includes descriptive information, when relevant to a better understanding of the data.
The main changes to the reclassifications made in 2009 were as follows:

            The write-downs of impaired positions relate to substandard, doubtful and exhibitions by more than 90 days past due, and regarded as
             analytical adjustments; 

            In item 120 "Tax assets", especially the Tax Credit, include only the credits for income taxes (IRES / IRAP) 
                                                                                                                        king business
             while the other charges were included in "Receivables from tax authorities" under the item 140 "Alt              ";

            In item 70, "Liabilities fisclai, especially tax debts, debts to include only income taxes (IRES / IRAP)
                                                                                                                              and
             while the other charges were inserted between the "Payables to tax authorities" under item 90 "Ot            Liabilities ";

            The item 100 "TFR"       is stated net of cred ito vs Social Security payments on                            then made to the treasury F.do
             previously shown that credit was among the "three Al Activities" under Item 140 of the Treaty's balance sheet.

            As part of item 120 "Expenditure amm.ve" in spec ie postal and telephone, figure the cost of sending statements to customers, rather than
             in the other charges amm.vi. 


It should be noted that the reclassifications made to the 2009 budget are composed exclusively of accounting shifts some accounts the various items
and do not have any influence on operating income or net worth.
Attachments are presented in the reconciliation of data from the balance sheet, income statement and balance sheet financial statements originally
issued in 2008 and reclassified the same data included in the schedules of the 2009 budget as this column comparison.




                          Section 3 - Events after the balance sheet date

With the projects I am paying, advisory and financing Homes and Loans, the Group will continue in prog Conafi mending extensive presence in the
distribution network which will be channeled through the products and services portfolio.
These projects focus on the use of internally developed and integrated platform Tuttoconsulenze Web, will provide a direct link between supply and
demand, enabling sales networks to fully satisfy the needs of customers, both consumer and corporate through ' wide range of products and services
managed by the Group companies.

                                                                                                                                                    165
As for the traditional business brokerage in the field of finance, the 'intense activity started in order to obtain the necessary support from the banking
system to a stable and lasting Conafi will enable it to achieve its growth targets .
The current trend of legislation in the field of consumer credit, together with the guidelines set out clearly by the Financial Regulator, will determine
finally u na situation of greater clarity and stability, from which the Group Conafi can have a significant benefit.




                                                            Section 4 - Other Matters

As previously mentioned in the report on the consolidated financial statements in the section on "major risks to market" on the need for greater
transparency of information on the assessments of the financial supervisory authorities to further raise the banking and financial transactions to put the
maximum involvement in evaluations of the applicability of the going concern basis and the related disclosures.


Business continuity

The assumption of continuity is a fundamental principle in the drafting of the budget. Under this assumption the company and 'normally considered
capable of continuing to do business in the foreseeable future without it there is' intent and' the need to put it into liquidation, we xed the activity sual
or subject to insolvency procedures as required by law or regulation.
In line with the recommendations provided in the joint paper by the Bank of Italy / Consob / ISVAP 06/02/2009 2 of the directors believe that factors
such as the current phase of economic and financial crisis and the negative result obtained by Conafi, are indicators that could cast doubt on the ability
of the same to continue its operations. At the same time or the directors consider it appropriate to use the presuppposto of that business continuity for
the preparation of this budget and in view of the emerging conditions of greater clarity in terms of regulation and the expected recovery of the
economy and the markets in which it operates the Conafi. In particular, as already outlined in the outlook, the guidelines of the plan can be
summarized as follows:
a. the forthcoming revision of the regulation of brokers and agents in the activities until the Conafi anziaria allow to derive a significant benefit
through greater specialization and professionalism of the distribution network
b pursuit of ion selection and formation of the commercial network aimed primarily at the development of the project loan I '

In light of the above and despite some of the guidelines are already 'in the implementation phase must however point out that there are uncertainties
about the feasibility of the plan, due to external variables such as how' and the timing of a significant recovery in general macroeconomic indicators
and internal variables such as the ability of management to support the normal activities of ge ment and new initiatives.
After making the obligatory tests, administrators, however, believe that, based on current capital strength and financial structure of the balanced
Conafi, the company has certainly adeguante condi tions and resources to continue its business and therefore it is certainly appropriate util ize the
going concern basis for r the preparation of these financial statements.


Financial risks

With regard to financial risks, with particular reference to liquidity risk, Mercat oe credit, please refer to specific sections of the notes devoted to these
topics (Part D: Other information).
It also states that the Conafi does not own trading and that the total value of financial instruments classified as "Assets available for you ndita"
amounted to € 401 m and costituitscono 0.4% of assets.


Use of estimates

The preparation of financial statements and related notes in accordance with IFRS requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and to sull'informativ liabilities at the date the budget. The estimates and
assumptions of work are often based on the use of management information or, if available, from time series. It should be noted also that, since the estimates,
they may differ from actual results, which may occur in the future. The estimates and assumptions are reviewed periodically and the effects of any changes
made to them are reflected in


                                                                                                                                                         166
income in the period in which the change in estimate if the revision affects only that period, or in subsequent periods if the revision affects both the
current period, and on future ones.
In this context we note that the situation caused by the economic and financial crisis led to the need to make assumptions regarding future performance
are characterized by significant uncertainty, so it is possible to materialize in the next year that are different from estimates, and therefore may require
adjustments to date clearly neither predictable nor foreseeable, even significant, the book value of the items.
The following summarizes the critical judgments and key assumptions used by management in the process of applying accounting policies with
respect to the future and that can have significant effects on the amounts recognized in the consolidated financial statements or for which there is
some risk adjustments significant value to book value of assets and liabilities within the next balance sheet.
The estimates and assessments that would normally affect the values recorded in the consolidated financial statements are:
a) the determination of impairment losses on loans
b) the determination of deferred income on commission income
c) the Evaluation of
d) estimates and assumptions form the basis for the determination of deferred tax assets / liabilities
e) the provision for risks


The balance sheet items most 'significantly affected by these situations of uncertainty are represented by adjustments to loans (a), although the
assignment of a fifth product has the characteristic of being a highly secured, and appropriateness of goodwill (c ).
In reference to paragraph a) the continuation and possible worsening of the economic and financial crisis could lead to further deterioration in
financial conditions of borrowers Conafi compared to that already taken into consideration in calculating the funds budgeted. In the last period of
2009 in fact the most damage and claims is' reflected in a restatement of the depreciation rates applicable collective efforts of the "not collected to be
levied" against the respondent bank
 With regard to point c) the risk and 'related to the possibility that the estimates of expected cash flows as well as' discount rates used to calculate the
current value is rejected in the future.
In preparing this report has not been used in the estimation procedures other than those made during the preceding year, but rather the determination
of a greater allocation of "deferred commission income" (b) to reflect the portion of commissions subject to vesting over the term of financing and, on
the basis of requests and information provided by the Bank of Italy, will be refunded to customers in the event of early extinction ion (for the not yet
matured).



Information on the criteria of evaluation of assets subject to impairment test

The impairment test for the participation Italifin Srl

With reference to the shareholding in the subsidiary Italifin Srl, elements of the presumption of impairment under IAS 36, it is considered that the presumption
of impairment factors are related to the occurrence of a significant change in 2009 with an adverse environment market which is directly facing the company's
activities, taken from those believing that the economic performance of participation may reasonably be less favorable than expected.
For the purpose of impairment testing of the investment in separate financial statements was therefore necessary to verify that the recoverable amount
of the investment exceeds its book value.
In the absence of a fair value of the investment, the determination of the recoverable amount of the investment was based on its value in use based on
the present value of future expected cash flows available to equity generated by participation, including flow obtainable from the sale of that
participation.
In particular, determining the use value of the investment provides the estimate:

          the proportion of the present value of estimated future cash flows expected to be generated by participation, including cash flows from
           operating activities of the subsidiary and the corresp ttiva arising from its ultimate disposal, or 

          the present value of estimated future cash flows expected to arise from dividends to be received and from its ultimate disposal (Dividend
           Discount Model). 

                                                                                                                                                          167
As regards this participation should be noted that the consolidation will mean the emergence of a start-up and, therefore, the impairment test in the
separate financial statements must be reconciled with the launching of the consolidated financial statements. Following the business carried out with
the acquis dures for monitoring the capital Italifin Srl and 'proceeded to allocate the goodwill in its two entities ("Branch Mortgages" and "loans and
loans) which are all Ocate assets and liabilities of the business. Due to efforts of the entire allocation to the UGC identified in the aggregation start-up
company, for the purpose of impairment testing goodwill in the Consolidated Balance reed and 'verified that the recoverable amount of CGU of the
business "Mortgages" and 'lower than the carrying amount of CGU copmplessiva causing the devaluation of euro 0.5 million euro.
In the absence of a fair value of the controlling interest in determining the recoverable amount of the participation and 'based on its value in use
determined by the present value of expected cash flows available to the investor participation generated by the courts, including the flow from a sale
of that participation.
In detail, the value of participation in use 'was given to the following main assumptions:


The expected cash flows were estimated with reference to operating cash flows expected on the basis of expected margins in EBITDA resulting from
the 2009-2011 Plan. In this respect, in the previous year, the Board of Directors of Italifin approved the 2009-2011 business plan that, in light of the
results achieved in the first year of the plan, 'was updated by reviewing the flow of the years 2010-2012 using an extrapolation of the cash flow earned
in 2009.
The other principal assumptions used to value in use affect the discount rate (WACC), the growth rate (g) and expectations of changes in variables
related to the evolution of revenues and direct costs during the period taken for the calculation .
In detail, the value was determined using the method of participation with respect to the Discounted Cash Flow (DCF) which
assumes the value of participation based on the sum of the present value of:
          Future cash flows generated in the time frame selected; 

          Terminal value (Terminal Value) calculated as the value of a perpetuity based on estimated cash flow normalized economically sustainable
           and consistent with the growth rate of long-term ("g"). 
The other principal assumptions used to calculate the value in use affect the discount rate, the rate of growth, expectations of changes in variables
related to revenues and direct costs during the period taken for the calculation.


In detail, the main variables used to determine the assessment that the DCF method are the following:
          an annual growth rate of cash flows over the plan period ("g") equal to zero; 

          K (s) of reference equal to 8.6% 

          The k (s) was in turn determined by using the following values: 

          Private financial sector: the absence of debt 

          Risk free rate (Rendistato 2009): 3.212% 

          Beta industry: 1,2 

          Equity market risk premium: 4.5% 


Based on the DCF method of the recoverable amount of the investment allocated with reference to the two identified and CGU in the same 'result
equal to zero for the CGU's "Branch Mortgages" and amounted to Euro 3.1 million p er of the CGU " Loans and loans. "
Therefore, on the basis of a distribution consistent with the allocation of goodwill to CGU stemming from the consolidation, the value attributable to
CGU Branch mortgages amounted to EUR 0.5 million and 'was fully depreciated. With respect to the value attributable to the CGU "loans and loans",
the test showed an impair ment made recoverable amount over carrying value attributable to the CGU and, consequently, has not been carried to enter
any write-down for impairment.
In conclusion, by comparing the book value of the shareholding of more than 2.8 million and the realizable value determined by reference to the
above mentioned value in use at 31.12.09 was determined that a writedown of 0.5 million and 'was included in the income loss item 170 - Gains
(losses) of equity.
The estimated recoverable amount of the investment in the participation budgeted required assumptions, assumptions and estimates used by the Directors. The
determination of economic value is based on the use of future financial and economic projections for the period 2010/2012, however, be borne in mind that
because of uncertainty related to the implementation of any future event, both for the materialisation of 'occurrence both in the extent and timing of

                                                                                                                                                      168
its manifestation, the deviations between actual and forecast values could be significant, even if events in the context of hypothetical assumptions
used for the preparation of financial and economic projections made manifest, so the Company can not ensure that there is a V ERIFICATION
impairment in future periods. Indeed, several factors including the evolution of the difficult market environment may require a revaluation of the
investment. The circumstances and events that could cause further verification of the existence of impairment are constantly monitored by the
Company.


E 'was also carried out an analysis of sensory nities to assess the recoverability                                CONTRIBUTI of ion even if the changes
some significant parameters, such as the reduction of cash flows                                                20%, even assuming that no negative swing
revealed impairment.


The impairment test of HPB participation Spa

With reference to the shareholding in the subsidiary IHPB Srl, elements of the presumption of impairment under IAS 36, it is considered that the presumption of
impairment factors are related to the occurrence of a significant change in 2009 with an adverse environment market which is directly facing the company's
activities, taken from those believing that the economic performance of participation may reasonably be less favorable than expected.

For the purpose of impairment testing of the investment in separate financial statements was therefore necessary to verify that the recoverable amount
of the investment exceeds its book value.
In the absence of a fair value of the investment, the determination of the recoverable amount of the investment was based on its value in use based on
the present value of future expected cash flows available to equity generated by participation, including flow obtainable from the sale of that
participation.
Please note that HPB spa has as its primary goal the 'making and management of equity investments in companies with business plan Conafi
instrumental to the Spa and then can' be defined as a Holding company.
Therefore, it must be remembered that such participation can not take a personal significance for the impairment test for the separate financial
statements, but must be ascribed to an area of impairment testing primarily attributable to the activities of the investments held by the same holding
company upon consolidation .
In particular, when the interest in a holding company does not produce cash flows are largely independent from its permanent use, but also produces
highly dependent on cash flows from those of its holdings, it is subjected to an impairment does not already own, but rather on the base flow for the
same available cash flows arising from the products by the activities of its holdings.
In this perspective, the recoverable amount of the investment in HPB, in the absence of a fair value expressed by price quotations in an active market
is determined by reference to the value of participation in use and which estimate is' based on the share attributable to the present value of expected
future cash flows that are expected to be generated by the subsidiary in the future, including the cash flows from its investments and its combinations
with production capacity of self-generation of cash flows (CGU) and the amount obtainable from the ultimate disposal of 'investment;
The estimated value in use is determined by reference to the present value of expected cash flows at current market rate (Discounted Cash Flows Test)
that takes into account the flows generated by investments held by the holding company and available for the same, and an expected flow obtainable
the sale of the investment. It is also considered possible to replace the value of sale terminal with a value corresponding to the consolidated net assets
of the holding company of the reference date of the verification of impairment,
In this regard it is stated that the purpose of impairment testing performed on the goodwill stemming from investments in consolidated subsidiaries and HPB
'showed the need for write-downs omplessivi c € 0.9 million recorded in the consolidated income statement.
In detail, the main variables used to determine the assessment that the DCF method are the following:
          an annual growth rate of cash flows over the plan period ("g") equal to zero; 

          K (s) of reference equal to 8.6% 

          The k (s) was in turn determined by using the following values: 

          Private financial sector: the absence of debt 

          Risk free rate (Rendistato 2009): 3.212% 

          Beta industry: 1,2 

          Equity market risk premium: 4.5% 




                                                                                                                                                         169
Following the results of the impairment test performed, the participation HPB Srl, which was originally recorded at a value of Euro 3.2 million was
higher than its recoverable amount and, consequently, it was decided to include a write-down for impairment of 0 9 million euro.
The estimated recoverable amount of the investment in the participation budgeted required assumptions, assumptions and estimates used by the
Directors. The determination of economic value is based on the use of future financial and economic projections for the period 2010/2012, however,
be borne in mind that because of uncertainty related to the implementation of any future event, both for the materialisation of 'occurrence both in the
extent and timing of its manifestation, the deviations between actual and forecast values could be significant, even if the events planned under the
hypothetical assumptions used for the preparation of financial and economic projections are emerging; Therefore, the Company can not ensure that
there is a V ERIFICATION impairment in future periods. Indeed, several factors including the evolution of the difficult market environment may
require a revaluation of the investment. The circumstances and events that could cause further verification of the existence of impairment are
constantly monitored by the Company.


Disputes and contingent liabilities
As regards information relating to litigation and contingent liabilities at 31. 12:09 refers to it as described in the report on the consolidated financial
statements under "Principal risks and uncertainties that Conafi and the Group are exposed" to which 'own dedicated section.


Option for the national fiscal consolidation

Conafi Spa and its subsidiaries have either joined the group, with effect from tax year 2009, "Consolidated Tax" national.
The Consolidated Income Tax (Income Tax Code) provides the opportunity for companies belonging to the same group to determine a unique
corresponding global total income, in principle, the algebraic sum of the taxable income of other group companies and, consequently, to determine a
single corporate income tax of the group.
The remuneration of the consolidated tax loss is recognized upon actual usage of the losses and / or surplus in the same consolidated, IR ES rate
applicable in the tax period in which the tax loss is scope for reduction of consolidated taxable income . The economic benefits resulting from
consolidation adjustments made by the consolidator, but specific to the individual consolidated, are paid to the individual consolidated.




                                                                                                                                                     170
                 A.2 THE MAIN BUDGET AGGREGATES

In compliance with the requirements of the Bank of Italy, with reference to the main aggregates of the balance sheet and, mutatis mutandis, income
statement, the notes accurately described this:
  • classification criteria;
  • the criteria for inclusion;
  • evaluation criteria;
  • the criteria for cancellation;
  • the criteria for recognition of components redditu wings.


Here are the accounting policies that were adopted with the main parts of assets and liabilities on the consolidated financial statements.


                                      1. Financial assets held for negoziazion and

Classification criteria

A financial asset is registered in this st oce if:

           is acquired or incurred principally for the purpose of selling or repurchasing it in the short term;
           is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of
            A recent and definitive strategy aimed at obtaining a profit in the short term;
           is a derivative not designated as hedges.


Criteria for inclusion

Initial recognition of financial hyenas represented at the settlement date and is equal to the cost, intended as a fair value of the package, excluding
transaction costs that are immediately recognized in the income statement even when directly attributable to that financial asset.


Evaluation criteria

After initial recognition, financial assets held for trading are SSESSMENT at fair value. Are valued at cost, equity instruments (shares) not listed in an
active market and whose fair value can not be reliably determined, and their related derivatives which are settled by delivery of shares.
If for any trading ntenute but the cost there is any objective evidence that they have been reduced in value (impairment), the assets are reduced by the
amount of the loss - recognized in the income statement under item 60. "Net income from trading" - calculated as the difference between the book
value thereof and the present value of expected future cash flows discounted at the current market rate of return on financial assets s imilari. If these
losses are less, you can not restore the original value.


Cancellation Policy

Financial assets are derecognised when the contractual rights s fall flows from the financial assets expire or when the financial asset is sold transfers
A ndo substantially all the risks and benefits associated with it.
Criteria for recognition of income
Gains or losses on disposal or redemption and unrealized gains and losses arising from changes in fair value of trading book shall be entered in item
60 "Net income from egoziazione n" in the income statement.




                                                                                                                                                      171
                                       2. Financial assets available for sale

Classification criteria

They are classified as available for sale "in the Financial assets that are not classified as loans, financial assets held to maturity, held-p er trading, or
financial assets at fair value. These activities are held for an undefined period of time and respond to the possible need to obtain liquid ta.
They can be classified as investments available-for-sale money market securities, other debt instruments and equities.


Criteria for inclusion

Initial recognition of financial dis ponibile for the sale is the settlement date and is equal to fair value, which is basically at cost including transaction
costs, net of fees.


Evaluation criteria

Financial assets available for sale are measured at fair value.
Bearing instruments, interest income is recognized using the effective interest method. These investments are subsequently measured at fair value.
Gains and losses arising from changes in fair value are recognized in equity in the item 170 "Revaluation reserves" up there nd the financial asset is
sold, at which time the cumulative gains and losses are recognized in profit statement.
If there is objective evidence that the business has suffered a permanent reduction in value of re (impairment), the cumulative loss that had been
recognized directly in equity is reversed and recognized in the income statement even though the financial asset was eliminated. The amount
transferred is equal to the difference between the carrying value (acquisition cost) and current fair value, less any impairment loss on that financial
asset previously recognized in profit or loss pre.
If at a later date, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event that
occurred in a period following that in which the impairment loss was recognized in the income statement, the impairment loss is taken, noting the
amount corresponding to the same item of income. The reversal shall not result in a carrying case than the amortized cost that would result from the
impairment not been recognized.
The impairment loss recognized in earnings for an investment in an equity instrument classified as available for sale are reversed through the income
statement but not detected in equity.


Cancellation Policy

A financial asset available for sale is eliminated when:
the contractual rights to cash flows from financial expire;
or the Company transfers substantially all the risks and rewards of ownership re finan cial activity.


Criteria for recognition of income

Allocation of income components in its income statement is based on the following: interest income earned on financial assets available for sale ie
they are allocated in item 10 "Interest income and similar income accounting";
when the financial asset is sold, the u sary and cumulative losses arising from changes in fair value are recognized in profit and loss item 100 b)
"Gains (losses) on cess ion or repurchase of financial assets avail them for sale "
if the activity has been reduced perma nent value (impairment), the cumulative loss that was recognized directly in equity is reversed and recognized
in profit and loss item 110 a) "Impairment / write-backs for impairment of financial assets ", even though the financial asset is eliminated;
write-backs of debt instruments are allocated in item 110 a) "Impairment / write-backs for impairment of financial assets".




                                                                                                                                                         172
                                                                     3. Credits

Classification criteria

The loan portfolio includes all the credits for cash, any technique, to banks to finance companies and customers.


Criteria for inclusion

Receivables are reported in this item on the date of disbursement to the borrower or to purchase, and may not be the subject of subsequent transfers to
other portfolios, financial instruments or other portfolios may be transferred to the loan portfolio. At the time of disbursement or purchase (date
operations ration), loans are carried at fair value, corresponding to the amount paid or incurred in the purchase price, including transaction costs that
are directly attributable to the acquisition or to ' provision of financial activity (even if not paid).


Evaluation criteria

The credit rating is based on the amortized cost determined using the effective interest rate, defined as the rate that exactly discounts estimated future
cash payments or receipts through the expected life of the financial instrument.
In the determination of the effective interest rate, you must consider the cash flows considering all contractual terms of the financial instrument. The
calculation includes all fees and other income paid or received between parties. Therefore, this method of assessment provides for the delivery and
ffetto economic cost / income on the expected residual life of the loan.
At each annual or interim financial statements is carried out a survey aimed at identifying those claims that as a result of events occurring after entry,
display objective evidence of possible impairment. The impairment test on the loans is divided into two phases:
individual assessments, aimed at the identification of individual loans (impaired) and determination of its loss of value;
collective evaluations, aimed at identifying portfolios impaired (deterioration) of performing loans and losses in determining lump them hidden, on
the basis of the percentage of expected losses on the total commitments outstanding at the balance sheet date.
Based on the criteria established by the Bank of Italy, impaired loans covered by the individual assessments are as follows:
       • loans;
       • problem loans;
      •   restructured loans;
      •   or outstanding claims by over 90 days.
Impairment losses attributable to each impaired loan is equal to the difference between their value and the amortized cost thereof.
The criteria for determining the recoverable amount of the credits are based on the expected cash flows of principal and interest, net of recovery costs
and any advances received, for determining the present value of cash flows, the key elements are represented identification of the estimated
collections, the timing of payments and the discount rate to apply.
For a financial asset carried at cost amortized amortized cost, the discount rate to be applied for the determination of impairment is equal to the
original effective interest rate financial instrument.
The discount rate used for determining value adjustments on loans on loans brokered under mandate, is obtained by reference to trends in market rates
with maturities consistent than the average duration of loans extended by the Company.
All problem loans are reviewed and analyzed at each balance regular budget. Any subsequent change in the amount or schedule of expected cash
flows, producing a decrease compared to initial estimates, determining the relevance of a value adjustment to the income statement item 100 a)
"Impairment / write-value re net deterioration ".
If the credit quality has improved and there is reasonable assurance of timely recovery of principal and interest, agreed to contractual terms, shall be
affixed to the same item of income a recovery in value, up to a maximum cost which would had no previous write-downs.
The impairment losses on loans is recorded as a reduction of the carrying amount of the claim, while the risk inherent in off-balance, such as
guarantees issued in respect of loans granted from the office, giving rise to the recognition of a post under "Other liabilities "balance sheet.




                                                                                                                                                    173
Cancellation Policy

The receivables are derecognised if they are transferred to third parties and all the risks and rewards are substantially transferred to the buyers
counterparts (derecognition).
If not, is recognized as a liability of A MOUNT of the results obtained and includes the corresponding costs and revenues on the underlying assets.


Criteria for recognition of income components

Allocation of income components in its income statement is based on the following:

                  interest income earned on loans are allocated in item 10 "interest income and Imil ass" and be entered into based on the accrual
                   basis; 

                  gains and losses on disposal of credits are allocated in item 90 a) "gain or loss on fair trade mission or repurchase of financial assets,
                   impairment losses on high-backs of loans are allocated to the item 100) 
                   "Net value adjustments for impairment of                      financial assets ".

                                                      for practices in the name and on behalf of financial institutions (use of credit line granted by banks
                   principals) the commission income earned on loans liquidated during the period are allocated in the voice
                   Commission income (item 30) and                                        charged during the settlement of the case (providing funding)
                   However, imputing to future years           the proportion
                   income from the future work of collection management (use of deferred income). For loans made in its own name (direct grants)
                   the income components, which are included in the amortized cost in the determination of the effective interest rate, are recognized
                   in interest income.




                                                             4. Guarantees given

The value at initial recognition of guarantees issued in respect of loans granted from the mandate, and the subsequent write-downs due to their possible
deterioration, are recorded under item 90 "Other liabilities". The write-downs from deteriorating 110.d are recorded under "Net impairment
adjustments ation of other financial assets" account of econ omics.
Write-downs for impairment of guarantees is determined on the basis of lump-sum obtained by extrapolating historical experience.


                                                                 5. Investments

The item includes investments in subsidiaries, associates and jointly controlled. Are considered subsidiary undertakings in which the Parent
Company, directly or indirectly, holds more than half of the voting rights or where even with a share of voting rights under the Parent Company has
the power to appoint the majority of the directors of the company or to determine the financial and operating policies of the same. In the assessment of
the voting rights are taken into account "potential" that are currently convertible into such ercitabili effective voting rights at any time by the Parent.
Investments are recorded at settlement date. Upon initial recognition, equity investments are recognized on the basis of cost, including costs directly
attributable to the transaction. Investments are stated at cost, adjusted for impairment losses.
At each balance sheet date the equity interest or subject to joint control are subjected to an impairment test to determine whether there is objective
evidence that can not be considered fully recoverable book value of assets.
Equity investments are subject to impairment testing on the basis of the scheme provided by IAS 36, whereby the recoverable amount is the higher
value between the fair value of investments, net of selling costs and its value in use.
The process of recognition of any impairment of verifying the presence of indicators of impairment and the determination of impairment. Despite the
impairmen t test for controlling interests is governed by IAS 36, the presumption of factors need to impairment of their recoverable amount is the
same as identified in IAS 39 for equity investments.



                                                                                                                                                       174
The impairment indicators are divided into two categories: indicators related to internal factors relating to the company being valued, and therefore
qualitative, and external indicators derived from market value.
Within the first category of indicators are deemed relevant, the following factors: the achievement of negative economic or other significant
deviations from the budget targets or expected from long-term plans announced to the market, the initiation of restructuring plans. As regards the
second category, assume significance as indicators of potential problems such as, for example, the market capitalization at the valuation date less than
the net book value of the company
However, factors such presumption, the scope of IAS 36 is added also to the existence of a distribution of dividends by the subsidiary and the
simultaneous occurrence of two circumstances:
a) the value of the investment in separate financial statements exceeds the carrying value of net assets she owned including goodwill and b) the
dividend exceeds the income of the subsidiary.
The presence of indicators of impairment involves the recognition of an impairment to the extent that the recoverable amount is less than the carrying
value.
The recoverable amount is the higher of fair value less costs to sell and value in use.
Regarding the assessment methods used to determine the fair value is stated that for equities is possible to use different assessment methods. Direct
transactions or transactions on the stock registered in a significant period of time deemed sufficiently short compared to the time of evaluation and
constant market conditions, transactions of comparable companies operating in the same sector or the application of the average of multiple significant
stock of comparable companies with respect to economic and financial magnitudes of the subsidiary and, finally, analytical methods to assess the
financial profitability and capital.
The value in use is the present value of expected cash flows stemming impairment of the activity being, it reflects the estimated cash flows expected
from, to estimate possible variations in the amount lle de e7o the timing of cash flows, the financial value of time and money to measure the riskiness
of the reward.
In assessing value in use using the method of discounting future cash flows (DCF-Discounted Cash Flow).
Regarding investments, the individual investments that are not individually become significant for the purposes of impairment testing for carrying the
separate financial statements but are part of the test nell'impairment Cash Generating Units (CGU) held at the consolidated level. In particular, when
participation does not produce cash flows are largely independent from other activities it is not subject to impairment individually, are well wide of
CGU.
In particular, elements of the presumption of impairment under IAS 36, it is believed that, with regard to controlling stakes in Italifin Srl and HPB Spa
factors presumption of impairment are attributable to the occurrence of a significant change in 2009 with effect negative in the financial market which
is directly addressed the activities of the subsidiary, considered appropriate to consider that the performance of the controlling interest might
reasonably be less favorable than expected.



                                                     6. Tangible
Classification criteria

This item includes only assets held for r use in the production and supply of goods and services or for administrative purposes, namely:
   •    motor vehicles;
   •    plant and equipment;
   •    furniture and fixtures;
   •    other machinery and equipment.
Such assets are used in the business as held for use for the performance of institutional activities and the use of which has been assumed over a period
greater period.
In order to classify these costs under tangible assets must be fulfilled the conditions for recognition under IAS 16, in particular:
  • should be related to tangible property for use by Honourable du;
  • is expected to produce future economic benefits;
  • the cost should be measured reliably ible


                                                                                                                                                   175
Criteria for inclusion

Tangible assets are initially recorded at cost, inclusive of all costs directly attributable to bringing into use of the asset (transaction costs, borrowing
costs directly attributable, non-recoverable taxes, trade discounts, professional fees, direct costs of transportation well in the assigned location,
installation costs, c precludes decommissioned).
Subsequent costs are added to the carrying amount of the asset or recognized as a separate asset if it is likely that there will be future economic
benefits in excess of those originally estimated and the cost can be trusted ible detected.
All other subsequent expenditure (eg routine maintenance) are recognized in the income statement, the year they are incurred, the item 120 b)
"administrative expenses".


Evaluation criteria

Tangible assets are carried at cost less accumulated depreciation and impairment losses for impairment.
An item with a limited useful life are systematically depreciated on a straight-line basis over their useful life.
The useful life of tangible assets is reviewed at each balance sheet date and, if expectations differ from previous estimates, the depreciation charge for
the current year and subsequent years is adjusted.
If there is objective evidence that an asset has been impaired proceed to the comparison between the carrying amount of the value of re cuper, equal to
the greater of fair value less costs to sell and its value in use, defined as the present value of future cash flows expected to originate from. Any
adjustments in value are recognized in earnings.
If you restore the value of a previously impaired, the increased carrying amount may not exceed the net amount that would have had if he had not
recognized any impairment loss for the asset in prior years.


Cancellation Policy

Tangible asset is derecognised when the balance Adequacy of disposal or when the same are not expected future economic benefits from its use or its
disposal.
The gain or loss generated by the elimination of accounting with an immobilization material is recognized in the income statement when the asset is
derecognised and is determined as the difference between the estimated net disposal proceeds, if any, and the book value of 'activities.


Criteria for recognition of income components

Allocation of income components in its income statement is based on the following:
  • depreciation and any write-hours worth of material is allocated for impairment in item 120 "Impairment losses on property and equipment";
  • gains and losses on disposal of investment in the tangible assets are allocated under heading 18 0 "Gains (losses) on disposal of investments".




                                                   7. Intangible assets

Classification criteria

Intangible assets are non-monetary assets, identifiable even if no physical substance, from which it is probable that future economic benefits and for
which the cost can be measured reliably.
Intangible assets, as well as trademarks, patents and software include the goodwill from the acquisition of companies re-washed.


Criteria for inclusion

Intangible assets are stated at cost ac purchase, including additional charges and increased costs incurred subsequent to enhance the value or
the initial capacity p roducts.




                                                                                                                                                      176
Evaluation criteria

Intangible assets with finite useful life are related to marks and software are stated at cost of purchase, including any cost incurred for the asset into
use, deg them less accumulated depreciation and impairment losses . These assets with a finite life are depreciated on a straight-line basis over its
estimated useful life.
If there is objective evidence that an asset has been impaired proceed to the comparison between the carrying amount of the value of re cuper, equal to
the greater of fair value less costs to sell and its value in use, defined as the present value of future cash flows expected to originate from. Any
adjustments in value are recognized in earnings.
If the reintroduction of previously written-down value, the new carrying amount may not exceptional DERE the carrying amount that would have
been if he had not recognized any impairment loss for the asset in prior years.
Intangible assets with indefinite useful lives are not amortized and are made from goodwill arose in connection with an acquisition.
Although there are no indications of impairment, goodwill is tested annually for impairment, in analogy to the treatment of imm aterial assets with
indefinite useful lives.
The adjustments to goodwill are recorded in the income statement and are not eliminated in future years if there is a recovery in value.
Goodwill represents the excess of cost of acquisition over the fair value of net assets acquired and liabilities assumed at the date of
purchase.

Cancellation Policy

An intangible asset is derecognised rimoniale pat on disposal or when no future economic benefits are expected from its use or its disposal and any
difference between the disposal value and the book value is recognized in the income statement.


Criteria for recognition of income components

Allocation of income components in its income statement is based on the following:
                                                                                                                                  I know not
  •   amortization and any write-val hours for impairment of intangible assets                                                    allocated         Heading
      130 "Write-backs on intangible fixed assets ial;

  •   gains and losses on disposal of investment in the intangible assets are allocated in item 180 "Gains (losses)
      from sale of investments ".




                                                      8. Current and Deferred Tax
                                                                                                                      a
                                                                                                                      n                               (Liabilitie
Le posed of             Taxation current       include        ecceden ze of payments           (Activity current)     d debts     by ass olvera s
current) for taxes on income for the period. Taxes on income, calculated in accordance with the laws
tax regulations, is recognized as an expense and have the same profit for                                                                             which have
originated.
                                                               the
Le posed of           Taxation deferred account,               nvece, taxes                        income tax recoverable in future periods in connection with
                                                                        a
                                                                        n
differences temporary            deductible (Activity differit s) d taxes                                      income tax payable in future periods as a result
                                                   (Liabilitie difference            activitie
of differences temporary               Taxable     s             rite).        Le s            tax       Deferred form           object or of           detection,
accordance            the "balance sheet liability method,              only                                          provided there is full capacity to absorb
deductible temporary differences to be part of future taxable income, while tax liabilities                                      d ifferite         are generally
always accounted for.
The assets and deferred tax liabilities are ETERMINATION of using the tax rates that are expected to apply
the period when the asset is realized                            Tax will be extinct or     la liabilities tax      on      base of         legislation tax
in fact still in force or in force at the time of detection.
Deferred tax assets and liabilities can be offset when, due to the same authority and is recognized by the fixed inlets
the legal right to compensation.
The current and deferred taxes are recognized in profit and loss                                     voice    210. "Taxes      sul income          de ll'esercizio
                                                                                                         whe
current operations, except those                                        on       to operations i re effects go                  attributed directly             to
equity, in which case they are charged in return for the assets.



                                                                                                                                                           177
                                                                        9. Debts

Classification criteria

The debts include all liabilities of the iVerse trading liabilities and from CALLS pass at fair value and are the typical instruments of bank funding,
financial and customer of the company.


Criteria for inclusion

The inclusion of these financial liabilities are on receipt of the funds collected and shall be based on the fair value of liabilities, inc assata normally
equal to the amount of any increased costs / revenues directly attributable to the transaction of funds and not reimbursed by the creditor. It excludes
the costs of internal administrative character. The trade payables are stated at their nominal value.


Evaluation criteria

After initial recognition, financial liabilities are measured at amortized cost, ie, using the effective interest method. An exception is the short-term
liabilities, where the time factor is negligible, which remain registered for the value received.


Cancellation Policy

Financial liabilities are derecognised when they are settled or when all the risks and costs relating to them have been transferred to third parties.


Criteria for recognition of income components

Allocation of income components in its income statement is based on the following:

          interest expense and financial charges accrued on financial liabilities are allocated in the voice                                    20 "Interest
           expense and similar charges "and are recorded based on an accrual basis.

          for practices        intermediate in the name and on behalf of financial institutions (use of credit line granted by banks
           principals), the related commission expense accrued by the network of employees are classified under the heading "Committees
           expense "(item 40) and is entered during the settlement of the case (providing funding).




                                        10. Provision for employee severance

Classification criteria

Employee benefits are all forms of consideration paid by the company in exchange for assets TY by employees. The provision for severance pay
(TFR) of staff is to be understood as a "post-employment benefit or defined benefit plans, so its inclusion in B BUDGET requested the evaluation, an
actuarial amount of accrued benefits employees and updating them.




Recognition and evaluation

The liabilities related to employee severance to staff ratio is budgeted based on the actuarial value of the same, as it qualifies as a benefit to employees
due under a defined benefit plan. The budgeting of defined benefit plans require actuarial estimate of the amount of benefits accrued by employees in
exchange for their service in co rrente and prior periods and updating of these benefits in order to determine the present value of the commitments of
the Group.
The present value of pledges by the Group companies is carried out by an independent actuary, using the "projected unit credit method (IAS 19). I hear that
half, which is part of the general technical specifications of the Plans' benefits

                                                                                                                                                          178
defined, considers each period of service ed by workers at the company as a unit of additional right: the actuarial liability must be quantified on the
basis of the seniority accrued at the valuation date action, so the total liability is normally proportionally based on the ratio of years of pensionable
service to date assessments of seniority achieved when a total pr Evista for the benefit is paid. In addition, this method requires taking into account
future salary increases, due to any cause (inflation, career, contract renewals, etc..) Until the termination of the employment relationship. The cost for
the severance indemnity accrued during the year in the income statement as part of personnel expenses is the sum of the average present value of
accrued rights of employees present for service provided during the year ("current service and cost ") and the annual interest accrued on the present
value of the commitments of the Group earlier this year, calculated using the discount rate of future payments used to estimate liabilities at the end of
last year (" interest cost ").
It should be noted that, in case you chose the destination of the TFR to complementary forms, the actuarial valuation under IAS has been made only
in reference to the TFR remained at the Company, as the share accruing will be regularly paid to a separate entity ( complementary institution)
without such payments result in additional obligations on service related company in the future from DIPE ndente.




Criteria for recognition of income components

Income items related to termination indemnities are recognized in earnings in item 120 a) "Administrative expenses - staff costs" and includes no
current average value of the benefits accrued during the year by employees in service ("current service cost ") and the interest accrued on the
obligation in the year (" c ost interest ").



                                                         11.Fondi for contingencies

Provisions for risks and charges are recognized when:
      •    the enterprise has a present obligation (legal or im plicata) as a result of a past event;
      •    it is probable that an outflow of rice will need rse embodying economic benefits to settle the obligation;
      •    can be a reliable estimate of the 'amount of the obligation.
If these conditions are not met, there is no evidence of any liability.
The amounts paid are determined so that the best estimate of the expenditure required to meet obligations. In determining this estimate is considered
the risks and uncertainties that relate to the facts and circumstances at issue.
In particular, where the effect of the temporary burden incurred amount to a material, the amount of the provision is determined as the present value
of the cost expected to be required to settle the obligation. Would then be used a discount rate that reflects current market assessments of time value of
money and the risks specific to the liability.
Provisions are reviewed periodically and adjusted to reflect the current best estimate. When, following a review, sustaining the burden becomes
unlikely, the provision is reversed.
A provision is used only to cover the charges for which you originally registered.
The accrual period, we recorded the vo 150. "Net provisions for risks and charges" in the income statement includes increases in funding due to the
passage of time and is net of any write-backs.


                                                                12. Treasury shares

Treasury shares held are deducted from equity. In the event of a subsequent transfer, the difference between the sale price of the shares and the cost to
repurchase, net of any taxes, is recognized directly in equity in return.




                                                                                                                                                    179
                                           A.3 INFORMATION ON FAIR VALUE


                                                A.3.1        Transfers between portfolios

In 2009 there were no transfers to other levels to Level 3 and vice versa ..


                                                     A.3.2 Hierarchy of fair value

05/03/2009 draws on published by the IASB on Regulation (EC) No 1165/2009, which endorses the amendments to IFRS 7 "Financial Instruments:
Disclosures".
In relation to financial instruments recognized in the balance sheet at fair value, IFRS 7 requires that updated values are classified on the basis of a
hierarchy of levels that reflect the significance of the inputs used in the determination of fair value does.
The fair value used for the evaluation of financial instruments is determined based on the hierarchy that distinguishes between the following levels:


          Level 1 - quoted prices determined by (non-rett IFIC) in active markets, the valuation of financial instruments is equal to the market price
           of the instrument, namely its quotation. The market is defined as active when prices are expressed reflecting normal market transactions,
           are regularly and readily available, and whether those prices represent actual and regularly occurring market transactions; 

          Level 2 - determined by ion eval techniques that rely on variables that are directly (or indirectly) observable in the market, these valuation
           techniques are used to assess if the instrument is not quoted in an active market. The assessment of the financial instrument is based on
           prices can be derived from market prices of 
           or similar activities by means of eval ion for which all the significant values are derived from observable market parameters. Although this
           is the application of a technical evaluation, the resulting price is substantially devoid of discretion as all the parameters used are detectable
           by the market and the estimation methods used replicate quotes on active markets;
          Level 3 - ion eval determined by techniques that rely on significant non-observable variables on the market, these techniques involve the
           determination of the quoted price of the instrument through the use of relevant significant parameters is not apparent from the market and
           therefore involve estimates and assumptions by the management. 



Spa at 31.12.09 Conafi only holds financial instruments that are classified in the consolidated balance sheet item 40 - "Financial assets available for
sale"



Activity detected in the AFS portfolio

About 7% of net assets available for sale ita is assessed on the basis of market prices (Level 1) being made up of liquidity funds traded in an active
market, 93% instead, represented by shares of securities investment funds closed type, is evaluated by methods based on fundamental analysis of
companies (level 3).
The subscription fees of private equity can be valued using the last NAV available through a market sufficiently active (level 2).
In the absence of a proper functioning of the market, that is when the market does not have a sufficient and continuous number of transactions and
volatility does not sufficiently count tained, determine the fair value of these securities is mainly carried out by using valuation techniques with
objective of establishing the price of a hypothetical arm's length transaction motivated by normal market considerations, the valuation date (level 3).


The technical evaluation of the fair value of financial instruments

For equities is expected to use different assessment methods. Direct transactions or transactions on the stock registered in a significant period of time
deemed sufficiently short compared to the time of evaluation and constant market conditions, transactions of comparable companies operating in the
same sector and with all you anthropology of products / services similar to those of the subsidiary subject to evaluation, the application of the average
of multiple significant stock of companies



                                                                                                                                                      180
comparable economic and financial variables with respect to the subsidiary and, finally, analytical methods for evaluating the financial profitability
and capital.


The valuation techniques used to assess the fair value of minority interest recognized in the AFS portfolio include:

             reference to market values indirectly connected to the instrument to be valued and taken from products with the same risk characteristics
              (comparable approach); 

             assessments made using inputs not identified which may be observed in the market for which is made use of estimates and assumptions
              made by the evaluator (mark to model). 


The choice between these methods is not optional, since they must be applied in a hierarchical order, has given priority to the official prices available
in active markets for assets of liabilities to be assessed (effective mark et quotes) for assets and liabilities or similar (comparable approach) and lowest
priority to unobservable inputs, and thus more discretionary (Mark-to-model approach).


The method of evaluation called for a financial instrument is adopted over time and is amended or only after significant changes in market conditions
or subjective issuer financial instrument.



      A.3.2.1 Wallets accounting breakdown levels of the fair value

    Financial assets / liabilities measured at fair val ue                      Level 1              Level 2              Level 3               Total

1. Financial assets held for trading will

2. Financial assets at fair value

    3. Financial assets available for sale                                        26 .669                                   374.439             401.108

    4. Hedging derivatives

    Total                                                                         26 .669                                   374.439              401.108

    1. Financial liabilities held for trading one

2. Passivitvità financial assets at fair value

3. Hedging derivatives

    Total




                                                                                                                                                        181
     A.3.2.2 Annual changes in financial assets    measured at fair value level 3

                                                               ASSETS 'FINANCIAL

                        Changes / Type            held for   measured at fair   available for
                                                                                                coverage
                                                  trading        value              sale

1.    Initial

2.    Increases                                                                   374.000

2.1. Purchases                                                                     374.000

2.2. Net profit attributed to:

      2.2 .1 Income of which:

       capital gain

      2.2 .2 Equity

2.3. Transfers from other levels

2.4. Other increases

3. Decreases

3.1. Sales

3.2. Refunds

3.3. Losses attributed to:

      3.3 .1 Income

       Of which: depreciation

       3.3 .2 Equity

3.3. Transfers to other levels

3.4. Other decreases

 4. Closing balance                                                                  374.000




                                                                                                       182
PART B: INFORMATION ON THE
            SHEET




                             183
Section 1 - Cash and cash equivalents - Page 10
 1.1 Composition of item 10 "Cash and cash equivalents"

                                                                                                                          Total           Total
                                                 Items / Values
                                                                                                                         31/12/09        31/12/08

a) Cash and stamps                                                                                                        4.602             3.050
                                                                                                            Total         4.602             3.050


This item refers to money and values in place for the coffers of the Company at the date of the bilateral nThis.




Section 4 - Financial assets available for sale - Item 40
   4.1 Composition of item 40 "Financial assets and available for sale"

                                                                    Total 31/12/2009                                     Total 12/31/2008

                                                        Level 1          Level 2         Level 3               Level 1         Level 2        Level 3
 1. Debt
      - structured securities
      - other debt securities
 2. Equities and mutual funds shares                    26.669                           374 .439             102.835
 3. Funding                                                                                                                    50.023

                                            Total       26.669                           374 .439             102.835          50.023


The item "financial assets available for you ndita", is represented by listed securities to a market value of € 26,669. These are shares of funds signed
by the parent company to invest the resulting liquidity of the deductions for payments made on non-compete fees accrued to the agents, as required by
its contractual agreements. The decrease from the previous year is related to the removal of quotas at the end of the agency (see tab. 4.3). These funds
were released at the end of the agency and demoted to staff members who have resigned, for € 77,053, while three assessment at market value of the
investment as at 31 December 2009 resulted in an increase of € 887.
Unlisted securities are represented by an investment in a private equity fund by the company in 2009 for € 382,377, the fair value of € 37 in 4439 is
calculated on the basis of valuation techniques that take as reference parameters unobservable in the market. This assessment has led to a reduction in
value of € 7,938, entered in item 170 value reserve in equity. Towards this end the company's private equity subscreens standing commitment in 2008
amounted to € 3,000 m whose residue at 31.12.09 amounted € 2,618 m.



   4.2 Financial assets available for sale: breakdown by debtors broadcasters

                                                                                                                     Total                Total
                                              Items / Values
                                                                                                                    31/12/09              31/12/08

Financial assets
a) Governments and Central Banks

b) Public

c) Banks

d) Financial institutions                                                                                           401.108              102.835
e) Other issuers                                                                                                                         50.023

                                                                                                    Total           401.108              152.858




                                                                                                                                                        184
   4.3 Financial assets available for sale: annual changes

                                                                                                            Securities
                             Changes / Type                                                Debt            capital and        Funding                 Total
                                                                                                           Mutual fund
                                                                                                             shares

A. Initial                                                                                                   102.835              50.023             152.858

B. Increases                                                                                                 383.264                                 383.264
B1. Purchases                                                                                                382.377                                 382.377

B2. Positive changes in fair value                                                                              887                                       887
B3. Write-backs
      - Attributed to the C / E
      - Shareholders' equity

B4 Transfers from other portfolios
B5 Other changes
C. Decreases                                                                                                 (84.991)            (50.023)              (135.014)
C1 Sales                                                                                                     (77.053)                                (77.053)

C2 Refunds                                                                                                                       (50.023)            (50.023)
C3 Negative changes in fair value                                                                             (7.938)                                (7.938)
C4 Value adjustments

C5 Transfers from other portfolios
C6 Other changes

D. Closing balance                                                                                           401.108                                 401.108




Section 6 - Loans - Page 60
   6.1 "Due from banks"


                                  Composition                                                 Total 31/12/2009                        Total 12/31/2008

1. Deposits and current accounts                                                                            63.878.841                             78.799.036
2. Funding:                                                                                                 7.279.977                               4777. 431
      2.1 Repurchase agreements
      2.2 Financial leasing
      2.3 Factoring

             - Recourse
             - Without recourse
      2.4 Other funding                                                                  7.279.977                              4.777.431
3. Debt

      - Structured securities
      - Other debt securities
4. Other activities                                                                                                                                   25.849
                                                                Total book value         7.279.977          71.158.818          4.777.431          83.602.316
                                                                  Total fair value       7.279.977          71.158.818          4.777.431          83.602.316


The item "Deposits and current accounts" refers to          balances of current accounts held with banks.
The change from the previous year for which detailed analysis, see the "Rendic onto financial, includes, inter alia, the effect of the distribution of special
dividend of € 4,185,000 and the peg dell'escussione suffered no Conafi by the


                                                                                                                                                                 185
value € 2,395,096. This amount, which has already been clawed back by the restoration of security, has been reclassified as a receivable to financial
institutions.
Accounts receivable for loans refers to loans from banks for loans placed and already perfected on behalf of the banks but the same principals that the
balance sheet date are awaiting accreditation.
Other assets refer to claims for comm excepted gained on the placement of products.




6.2 Loans to banks as collateral for own liabilities and commitments

The current account balance that has been established at the time the collateral Conafi by the contractual obligations concerning contracts for non-
recourse sale of receivables, 20.4.2005 to 31.12.2009 is cleared as a result of the pledge suffered dell'escussione Conafi from the value of € 2,395. 096
(31.12.2008: 2,395,096 in "Onti deposits and current).
This amount, which has already been asked back by the restoration of security, has been reclassified as a receivable to financial institutions.




   6.3 "Loans to financial institutions"

                                                                                   Total 31/12/2009                        Total 12/31/2008
                           Composition
                                                                              Bonis            Impaired                Bonis           Impaired

 1. Funding
      1.1 Repurchase agreements
      1.2 Financial leasing
      1.3 Factoring

             - Recourse
             - Without recourse
      1.4 Other loans
 2. Titles
      - Structured securities

      - Other debt securities
 3. Other activities                                                        2.454.533                                 27.796
                                              Total value of financial      2.454.533                                 27.796
                                                      Total fair value      2.454.533                                 27.796




This item consists primarily of receivables for invoices to be issued to the subsidiary to the BA Finanziaria Spa, and commissions earned for services,
amounting to € 24,062, and the cred ito of € 2,395,096 against the person who carried out the enforcement pledge of eliminating the sums available on
the current account to guarantee the contractual obligations with respect to the contract of non-recourse sale of receivables, 20.4.2005.
Based on information currently known and the comfort of a detailed legal opinion is not considered that there is no risk of default on credit of €
2,395,096, in ven to the viability of online legal operational rations to his credit offsetting periodically time claimed by the opposing party and arising
from office to be in flow management of the portfolio of loans sold without recourse under the said contract of 20.04.2005.




                                                                                                                                                     186
   6.5 "Loans to customers"


                                                                                  Total 31/12/2009                       Total 12/31/2008
                           Composition
                                                                              Bonis            Impaired              Bonis            Impaired

 1. Financial leasing
      in the final without option of purchase
 2. Factoring
      - Recourse
      - Without recourse

 3. Consumer loans (including revolving credit cards)                        3.719.271         5.081.002           5.584.395          3.900.482
 4. Credit Cards
 5. Other loans                                                              1.739.408                             3.080.000
      of which, enforcement of guarantees and commitments
 6. Debt
      - Structured securities
      - Other debt securities
 7. Other activities

                                                    Total book value         5.458.679         5.081.002           8.664.395          3.900.482
                                                     Total fair value        5.458.679         5.081.002           8.664.395          3.900.482



The item "consumer credit" is the realizable value or is suspected of performing loans, and includes mainly:
    • government loans sold to third qu ote, but not yet received for an amount of € 1,417,850 (the
      31.12.8 credit amounted to € 2,511,004);
    • amounts due from customers for claims on pre-financing and direct financing amounted to € 1,043,819 (equal to € 1,216,076 as at 31.12.08)
    • other receivables, including loans for charging of fees to clients, and claims for commissions earned on the practice of
      financing, for € 1,257,603 (equal to € 1,859,106             to 31.12.08)
                                                                                                                                                cours
La voice other funding, based on 2 loans bearing interest at market rates,                                                         paid     nel e
year 2008 the following companies to check yourself:

       -   Italifin Srl for € 1,180,000.

       -   HPB SpA for Euro 550,000
and any interest accrued and not collected for € 9,408.10.


Receivables from non-performing loans represents the estimated realizable value of loans, and stranded more than 90 days past due, respectively,
equal to Euro 1,442,748, 2,849,154 and 789,100 euro.
The claims in the financial statements have been subject to impairment tests in order to assess its estimated realizable value. The total adjustments as
at 31.12.09 amounted to Euro 2,893,743, all related to writedowns (Euro 747,554 for substandard, doubtful for Euro 2,104,658, and ended more than
180 days to Euro 41,531).




                                                                                                                                                  187
  6.7 "Claims" means activities guaranteed

                                                              Total 31/12/2009                                                     Total 12/31/2008
                                                              Loans to entities                                                    Loans to entities
                                        Loans to banks                              Loans to customers       Loans to banks                              Loans to customers
                                                                   Financial                                                            Financial
                                          VE             VG   VE               VG      VE          VG          VE             VG   VE               VG      VE          VG


1. Performing assets guaranteed by:                                                 1.417.850    1.417.850                                               2.511.004    2.511.004



   - Assets held under finance leases


   - Amounts due from debtors

   - Mortgages

   - Pledges
   - Guarantees

   - Credit derivatives

   - Other                                                                          1.417.850    1.417.850                                               2.511.004    2.511.004

2. Impaired assets guaranteed
                                                                                     789.100      789.100                                                 902.841      902.841
by:


   - Assets held under finance leases


   - Amounts due from debtors

   - Mortgages

   - Pledges

   - Guarantees
   - Credit derivatives

   - Other                                                                           789.100      789.100                                                 902.841      902.841

                               Total                                                2.206.950    2.206.950                                               3.413.845    3.413.845




                                                                                                                                                                                  188
The account includes the rate paid on credit line for financing with the clause of "Do not know for riscos received" not yet received from the
executors sold. These loans are guaranteed by an insurance policy against the risk and on their use except for the portion arising from the insolvency
of the executor of such transfer and shall not be construed to request the opening of insolvency proceedings. The impaired assets amounting to €
789,100 guaranteed evidenziat table and are represented only by installments due on loans more than 90 days, from different positions in stranding
and suffering.



Section 9 - Investments - Item 90
  9.1 Investments: information on shareholders' equity

                                                                                                                                                   Listing
                                            Share     It has                                                        Amount of      Result            on
    Labels                     Value
                                          participate                                             Total
                                               s       ible         See        Total assets       revenues           heritage       last            ion
         companies            budget
                                                                                                                                                   (Yes /
                                            tion%    % votes                                                           net        exercise          No)


A. Companies
controlled via
exclusive
Italifin SRL                 2.382.386       100        100       MILAN           2.541.216             1.523.857    991.492       15.166           NO

Alba Finanziaria SPA         1.200.000       100        100       TORINO          1.464.853          176.287         1.173.367     47.538           NO

HPB SPA                      2.301.446       100        100       TORINO          2.263.749               0          1.465.579   (1.550.750)        NO
Conafi Network SRL            400.000        100        100       TORINO          397.939                 0          366.371       33.629           NO
                   Total     6.283.832                                           6.667.757              1.700.144   3.996.809    (1.454.417)



The data reported in the previous prospectus refer to those d affiliate against the budget of the Company prepared in accordance with IFRS for the
consolidated financial statements of the Group Conafi. The result of last year includes income (loss) earned by subsidiaries in 2009.
The shareholdings were valued at cost (IAS n.27) and are reported net writedowns as a result of the impairment test performed at year end.




   9.2 Changes in equity investments

                                                                                            Participations     Investments
                                   Items / Values                                                                                          Total
                                                                                                group          non-group
A. Initial                                                                                    3.854.207                               3.854.207
B. Increases                                                                                  3.800.000                               3.800.000
   B.1 Purchases                                                                              50. 000                                 50. 000
   B.2 Write-backs

   B.3 Revaluations
   B.4 Other changes                                                                          3.750.000                               3.750.000

C. Decreases                                                                                (1.370.375)                              (1.370.375)
   C.1 Sales
   C.2 Value adjustments                                                                    (1.370.375)                              (1.370.375)
   C.3 Other changes

D. Closing balance                                                                            6.283.832                               6.283.832


The increase applies to purchases paid-up capital of € 50,000 of the company Conafi Network Development               Ltd.



                                                                                                                                                   189
Other increases relate to payments made in the capital partners in 2009 in favor of HPB SpA for € 2,900,000, of Italifin Srl € 50 for 0000, and
Network Development Conafi Srl for € 350.0 in 2000.
In application of IAS 36, impairment tests led to the application of equity write-downs on investments in Italifin Srl for € 501,821, and HPB Spa for €
868,554. The details you relative to the means of impairment and the results of the same please refer to Part A: Accounting Policies, sez.4: Other
issues, of the Notes.


Section 10 - Tangible assets - Item 100
   10.1 Breakdown of item 100, "Activities of the material"

                                                                                 Total 31/12/2009                       Total 12/31/2008

                         Items / Evaluation                                Activities      Assets valued           Activities       Assets valued
                                                                           valued at        at fair value or      valued at        at fair value or
                                                                             cost               revalued            cost               revalued

1. Operating assets

   1.1 owned                                                                340.926                                   324.830
   a) land
   b) made

   c) furniture                                                             260.694                                   216.955
   d) instrumental                                                          74.569                                  97.201
   e) other                                                                  5.663                                  10.674
   1.2 Leased

   a) land
   b) made

   c) furniture
   d) instrumental
   e) other

                                                              Total 1       340.926                                   324.830
2. Activities related to financial leasing

   2.1 unexercised goods
   2.2 goods withdrawn following a resolution

   2.3 Other assets
                                                              Total 2
3. Assets held for investment purposes

   Of which: Leased
                                                              Total 3
                                                         Total (1 2 3)      340.926                                   324.830

                           Total (assets at cost and revalued)               340.926                                 30 324.8


The entry welcomes tangible investment years, carried out by the Company. The change is due to normal amortization process. Please note that the
Company has decided to exercise the option provided by IFRS 1 quote for the cost to maintain the activities mater ial in the first application of
international accounting standards.




                                                                                                                                                  190
   10.2 Tangible assets: annual changes

                  Items / Values                 Land            Buildings            Furniture      Instrumental           Other               Total

A. Initial                                                                            216 .955          97.201            10.674              324.830

B. Increases                                                                          135 .335           9.768                                145.103
   B.1 Purchases                                                                      135 .335           9.768                                145.103
   B.2 Write-backs
   B.3 Positive changes in fair
   value charged to:
      a) equity
      b) income statement
   B.4 Other changes
C. Decreases                                                                         (91. 596)         (32.400)           (5.011)            (129.007)
   C.1 Sales
   C.2 Depreciation                                                                   (91.596)         (32.400)           (5.011)             (129.007)
   C.3 Impairment losses
   recognized in:
      a) equity
      b) income
   C.4 fair value:
     a) equity
     b) income statement
   C.5 Other changes

D. Closing balance                                                                       260.694            74.569             5.663            340.926



The increases of tangible fixed assets related to the modernization of the offices and in particular the purchase of office furniture for € 101,377, and
the purchase of electronic office machines for € 31,052.




                                                                                                                                                     191
Section 11 - Intangible assets - Item 110
   11.1 Breakdown of item 110 "immaterial assets wings"

                                                                                 Total 31/12/2009                 Total 12/31/2008

                           Items / Evaluation                               Activities                       Activities
                                                                                           Assets valued                   Assets valued
                                                                            valued at                        valued at
                                                                                             at fair value                   at fair value
                                                                              cost                              cost

1. ZIP
2. Other intangible assets
   2.1 Owned:                                                               449 .243                          88.643
      - Internally generated
      - Other                                                               449 .243                          88.643
   2.2 Leased
                                                                 Total 2    449 .243                          88.643

3. Activities related to financial leasing
   3.1 unexercised goods
   3.2 goods withdrawn following a resolution

   3.3 Other assets
                                                                 Total 3
4. Leased assets
                                                          Total (1 2 3 4)   449 .243                          88.643
                Total (assets at cost assets at fair value)                 449 .243                          88.643


The voice of intangible assets "other" is a ref er software licenses for an amount of Euro 444,563                               net of
depreciation, and trademarks for the net amount of Euro 4680.




                                                                                                                                          192
   11.2 Intangible assets: annual changes

                                                         Items / Values                                                              Total

A. Initial                                                                                                                           88.643

B. Increases                                                                                                                       506 .998
   B.1 Purchases                                                                                                                   506 .998
   B.2 Write-backs

   B.3 Positive changes in fair value
         - Shareholders' equity

         - The income statement
   B.4 Other changes

C. Decreases                                                                                                                       (146 .398)
   C.1 Sales

   C.2 Depreciation                                                                                                                (146 .398)
   C.3 Value adjustments
         - Shareholders' equity
         - The income statement
   C.4 Negative changes in fair value

         - Shareholders' equity
         - The income statement
   C.5 Other changes

D. Closing balance                                                                                                                 449 .243


The increases in intangible assets are related mainly to the license for new software.


Section 12 - Deferred tax assets and tax liabilities
   12.1-12.2 Breakdown of item 120 "calls Activity fi" - "tax liabilities"

                                                                                                                                      Total
                                                        Composition
                                                                                                                                   31/12/09

"Activities Tax"                                                                                                                   3.407.689
   Tax receivables                                                                                                                 2.192.780
   Deferred tax assets                                                                                                             1.214.909

 "Tax liabilities"                                                                                                                   12.743
   Deferred taxes                                                                                                                    12.743




The entry tax assets comprise:
    • receivables from tax authorities: you are made mainly from withholding tax on bank interest income (€ 355,581), and withholding tax on
      commission income from brokerage and insurance (€ 16,434);
    • credit for tax resulting from the DECLARATION income for 2008 and previous to € 1,240,481;
    • for tax credit for withholding tax on capital g ain for € 4,106;
    • consolidao tax credit arising from tax amounting to € 509,130;
    • withholding tax IRAP for € 67,047.
    • Deferred tax assets amounted to € 1,214,909 and primarily relate to impairment losses on loans in excess of the deductible limits for € 898,222;
This item includes only the tax liabilities mpost deferred for a total of € 12,743.

                                                                                                                                                 193
In the determination of deferred tax assets and liabilities as at 31.12.09 for current taxes have been taken into account the tax rates applicable to IRES
and IRAP 27.5% equal to 4.82%.
Deferred tax assets, amounting to Euro 1,214,909 are divided as follows:
    • IRES: 1,031,002 Euro
    • IRAP: 183,907 Euro
Deferred taxes, of Euro 12,743 are divided as follows:
    • IRES: 12,600 Euro
    • IRAP: 143 Euro



   12.3 Change in deferred tax assets (income statement)


                                                Items / Values                                              Total 31/12/2009       Total 12/31/2008


1. Initial                                                                                                       621.352                 616.655
      Playing around with ring tab. 12.5                                                                          83.632

2. Increases                                                                                                     475.943                 271.099
    2.1 Deferred tax assets recognized in the                                                                    475.943                 271.099

         a) relating to prior years
         b) due to changes in accounting policies
         c) write-backs
         d) other                                                                                                475.943                 271.099
    2.2 New taxes or increases in tax rates

    2.3 Other increases
3. Decreases                                                                                                    (133.283)               (266.402)
    3.1 Deferred tax assets derecognised during the year                                                        (133.283)               (266.402)
         a) turnarounds                                                                                         (133.283)               (266.402)
         b) write-offs
         c) due to changes in accounting policies
         d) other
    3.2 Reduction in tax rates
    3.3 Other decreases

4. Subtotal                                                                                                       1.047 .644             621.352




                                                                                                                                                     194
   12.4 Change in deferred taxes (income statement)


                                               Items / Values                                              Totale31/12/09        Totale31/12/08


1. Initial                                                                                                      12.020               52.570
2. Increases                                                                                                      14

   2.1 Deferred tax assets recognized in the
        a) relating to prior years
        b) due to changes in accounting policies

        c) other
   2.2 New taxes or increases in tax rates

   2.3 Other increases                                                                                            14
3. Decreases                                                                                                    (235)               (40.550)
   3.1 Deferred tax assets derecognised during the year                                                                             (40.550)
        a) turnarounds
        c) due to changes in accounting policies
        b) other                                                                                                                    (40.550)
   3.2 Reduction in tax rates
   3.3 Other decreases                                                                                          (235)

4. Subtotal                                                                                                     11.800               12.020


   12.5 Change in deferred tax assets (shareholders' equity)


                                               Items / Values                                             Total 31/12/2009      Total 12/31/2008


1. Initial                                                                                                    1.232 .367            2.179.303
2. Increases                                                                                                                         63.852
   2.1 Deferred tax assets recognized in the                                                                                         63.852
        a) relating to prior years                                                                                                   63.852
        b) due to changes in accounting policies
        c) other
   2.2 New taxes or increases in tax rates
   2.3 Other increases

3. Decreases                                                                                                 (1.065 .102)          (1.010.788)
   3.1 Deferred tax assets derecognised during the year                                                      (1.065 .102)          (1.010.788)
        a) turnarounds                                                                                         (83.632)             (560.789)
        b) write-offs                                                                                         (981.470)             (450.000)
        c) due to changes in accounting policies
        c) other
   3.2 Reduction in tax rates
   3.3 Other decreases

4. Subtotal                                                                                                    167.265              1.232.367

Under IAS No. 12 and is 'considered to completely devalue the remaining credit for TAX' deferred (IRES) relative to the costs incurred for the listing
to 981 m €. The loss for fiscal year 2009 Ires dell'eser currently make prudent not to consider the future implementation of a tax sufficient to recover
in full the deferred tax assets acquired as at 31.12.09. If in future years but will likely reduce their recovery that must be reversed (IAS 12 par.56)


                                                                                                                                                   195
   12.6 Change in deferred taxes (in shareholders' equity)

                                                                                                                   Total              Total
                                              Items / Values
                                                                                                                  31/12/09           31/12/08

1. Initial                                                                                                          8.448              8.004
2. Increases                                                                                                         410                444
   2.1 Deferred tax liabilities recognized in                                                                        175                444
         a) relating to prior years                                                                                                     444
         b) due to changes in accounting policies
         c) other                                                                                                    175
2.2 New taxes or increases in tax rates
2.3 Other increases                                                                                                  234
3. Decreases                                                                                                       (7.914)
   3.1 Deferred tax liabilities eliminated during
         a) turnarounds
         b) due to changes in accounting policies
         c) other
   3.2 Reduction in tax rates
   3.3 Other decreases                                                                                             (7.914)
4. Subtotal                                                                                                          944               8.448


Section 14 - Other assets - Item 140
   14.1 Breakdown of item 140 "Other assets"


                                                 Items / Values                                               Total 31/12/2009   Total 12/31/2008


Prepayments and accrued income                                                                                     191.222            276.922
Other receivables                                                                                                  566.157           1.332.820
Advances commission                                                                                                556.868            977.357
Receivable from insurance                                                                                          251.375           1.201.602
Claims for services                                                                                                100.467
Tax receivables                                                                                                    67.810              45.857
                                                                                                     Total        1.733.897          3.834.558


Other assets as at 31.12.09 include:
    • accrued income allocazio who have not found it in other specific assets;
    • Other receivables consist primarily of including construction in progress for the restructuring of local nationals for Euro 338,021.
    • advances on commissions accruing in favor of brokers paid by the Company to its officers by virtue of special agreements of a commercial
      nature. The decrease is related to the reduction of funding and commission expense.
    • receivables from insurance claims made for insurance premiums paid to insurance companies and waiting for reimbursement from the banks on
      the practices and improved receivables from insurance claims to be settled. The decrease is due to the reduction in premium volumes traded.
    • claims for services concerning the activities of M AIN administrative services performed for the group companies and
      services on behalf of business partners;
    • the tax credits, the credits relate erivanti by payments in advance for stamp duty under Article 27 and 28, excluding the debt incurred.



                                                                                                                                                    196
Section 1 - Deposits - Item 10
   1.1 Deposits

                                                       Total 31/12/2009                                             Total 12/31/2008
              Voices
                                                         to institutions                                              to institutions
                                         banks                                to customers            banks                                to customers
                                                           Financial                                                    Financial
1.Finanziamenti

   1.1 Repurchase agreements

   1.2 Other funding
2. Other payables                      8.107.060                               4.541.560           9.577.048                                4.032.423

                            Total      8.107.060                               4.541.560           9.577.048                                4.032.423
                        Fair value     8.107.060                               4.541.560           9.577.048                                4.032.423




This item refers mainly to liabilities for anticipated settlements and debts for shares of the funds be reimbursed to the institution assigns.
Accounts payable to customers mainly includes debts for shares to be refunded to customers who have terminated earlier funding amounting to €
3,749,024 (3,453,281 as at 31.12.08).
The increase in debt is linked to the number of lapses in place.
The inclusion of debt in the budget is attributable to technical delays in the management of extinctions, periods during which the government sold the
third may withhold no more due to their employees.




Section 9 - Other liabilities - Item 90
   9.1 Composition of item 90 "other liabilities"


                                               Items / Values                                                 Total 31/12/2009      Total 12/31/2008


A. Other Liabilities - Details
    1. Trade payables                                                                                            1.737.034              2.342.815
    2. Other payables                                                                                            6.570.002              3.192.528

    3. Accruals and deferred income                                                                              5.083.897              3.519.355
    4. Due to tax authorities                                                                                        189.083             168.601

                                                                                                 Total A        13,580. 016             9.223.299


The item "accounts payable" includes predominantly fearing:
    • debts accrued from fees;
    • The amount due to insurance premiums not yet paid to the practices already improved the balance sheet date amounting to Euro 145,810.
The item "other liabilities" includes the following two main v oci:
    • the debt for "advances received severance pay", referring to advances of severance pay on loans, received from the government in the face of the
      bond of indemnity, equal to Euro 1,024,563;
The item "Accrued expenses and deferred income" includes the values that have not found specific allocation in other balance sheet items.
This item deferred income amounted to Euro 5,083,897 related to deferred income comprises the share of commission income to cover future costs in
relation to the management of the shares on behalf of schools principals on outstanding loans as at 31.12.09 for a total of 5,082,208 euro




                                                                                                                                                       197
Deferred income were determined on the basis of direct and indirect costs that are estimated will be incurred in the management of shares in relation
to the remaining life of the funding practices. Unlike last year, for the determination of deferred income, and are 'used by residual maturity instead of
the estimated remaining life of the funding in light of the fact that in the event of early termination, the portion of commissions accrued will be
refunded to the cl ientela


Section 10 - Provision for employee - Item 100
   10.1 "severance indemnities": annual changes


                                              Items / Values                                                 Total 31/12/2009   Total 12/31/2008


A. Initial                                                                                                      232.887              384.340

B. Increases                                                                                                    235.427              178.694
  B1. Provision for the year                                                                                    189.519              178.694
  B2. Other increases                                                                                            45.908

C. Decreases                                                                                                    (216.693)           (330.147)
  C1. Severance payments                                                                                        (58.549)             (50.514)
  C2. Other decreases                                                                                           (158.144)           (279.633)

D. Final Balance                                                                                                251.621              232.887


The fund in question has been detected on the basis of an actuarial report prepared in accordance with the methodology of the "Project Unit Method"
IAS 19. This methodology provides for each employee severance payments to be made by the Company in the event of termination of employment o.
Compared to the previous year and the TFR 's Treaty shown net of the credit for the TFR transferred to the supplementary pension and / or cash to the
INPS fund that previously had been classified under item 140 - "Other assets". For consistency of presentation and 'r iclassificato was also the balance
of 2008. The amount due from INPS amounted to EUR 437,777 in 2009 and € 279,634 in 2008
The present value of future benefits for employees arising from the severance pay was assessed by detecting, as required by IAS 19, the market
returns. It was used then the rate euroswap with durations equal to the average duration of benefits provided to the community concerned. We used an
annual discount rate constant and equal to 3.80%, estimated on the yield curve at the end of December 2009 (3.9% in 2008).
The inflation rate considered for the evaluation of future benefits has been assumed equal to 2.25% (2% in 2008).




Section 11 - Provisions for risks and charges - Item 110
   11.1 "Provisions for risks and charges: breakdown and changes in the performance

                                                                                              Other funds
                                                           Fund
                                                                            Indemnity                                                 Total Funds
                  Items / Types                        pensions and                             Fund Pact
                                                                            Supplementar                                                 Risks
                                                          similar
                                                        obligations         y                                          Other
                                                                                              Non-compete
                                                                             reviews

A. Opening balance as at 31/12/08                                            314.539                60.923                              375.462
B. Increases                                                                  69.520              5.427                                   74.947
   B.1 Increase                                                               69.520              5.427                                   74.947
   B.2 Other increases
C. Decreases                                                                 (54.998)              (43.294)                              (98.292)
   C.1 Use                                                                   (54.998)              (43.294)                              (98.292)
   C.2 Other decreases
D. Final Balance at 31/12/09                                                 329.061                23.056                              352.117




                                                                                                                                                    198
The agency agreement provides that the agent is up to the end of a term indemnity except when the agent terminates the contract on its own initiative
or willful misconduct / negligence.
The deductions from the commissions of agents for compliance with the covenant not to compete are the debt owed to the agents if meet their
obligation not to compete outside the mandate of the Agency in the time agreed in the mandate after the termination of the relationship (in general not
more than two years).
The impact of discounting of income and funds as at 12.31.2009 of € 11,688 is reported in Item 20 "Interest and similar income"




Section 12 - Shareholders - Items 120, 130, 140, 150, 160 and 170
   12.1 Breakdown of Item 120 "Capital"


                                                         Types                                                                       Amount

1. Capital                                                                                                                          11.160.000
    1.1 Ordinary shares                                                                                                             11.160.000
    1.2 Other Actions


On 31.12.09, the share capital was made up of 46,500,000 ordinary shares of no par value                                  determined in accordance with
In accordance with Article 6 of the bylaws.

The shares are fully subscribed and paid.



   12.2 Composition of item 130 treasury shares

                                                         Types                                                                       Amount

 1. Treasury shares                                                                                                                 4.437.755
   1.1 Common Shares                                                                                                                4.437.755
   1.2 Other actions


Treasury shares amount to € 4,437,755, compared to EUR 2,963,392 as at 31.12.08.

For more information please refer to the consolidated annual report in paragraph                         "Treasury shares and buy-back plan."



   12.3 Composition of item 150, "Share premium"

                                                         Types                                                                       Amount

 1. Initial                                                                                                                        72.138.560

 2. Increases
 3. Use                                                                                                                             (430.981)

 4. Other changes                                                                                                                  (2.817.666)

 5. Final Balance                                                                                                                  68.889.913


The change in the share premium reserve, of which the "use", for 430,981 euro and 'do vuta the distributions of dividends declared by the Assembly
upon the approval of the budget year ended 31.12.08, while the "Other changes" include the transfer of EUR 1,836,196 to the legal reserve to reach
the fifth of the share capital and the depreciation of deferred tax assets related to the costs of listing the source posted to shareholders' equity of euro
981,469.




                                                                                                                                                      199
   12.4.160 Breakdown of item 160 "Reserves"

                                                                                                   Retained
                                                                                                   earnings
               Items / Types                                Legal             Extraordinary                         Reserve IAS                        Total
                                                                                                     new

A. Initial                                                  393.759             1.210.182         2 .504.965         (50.327)                       4.058.579
B. Increases                                            1.838.242                                  40. 916                                          1.879.158

   B1 Attribution of profits                                 2 .046                                40. 916                                            42.962

   B2. Other changes                                    1.836.196                                                                                   1.836.196

C. Decreases                                                                   (1.210.182)       (2 .545.881)                                       (7.508.034)
   C.1 Use                                                                     (1.210.182)       (2 .543.835)                                       (3.754.017)

      - Losses

      - Distribution                                                           (1.210.182)       (2 .543.835)                                       (3.754.017)

      - Transfer to capital
   C.2 Other changes                                                                               (2.046)                                            (2.046)

D. Closing balance                                      2.232.001                      (0)                           (50.327)                       2.181.674


The legal reserve has reached at 31.12.09 fifth of the share capital through an increase of 2 .046 euro from retained earnings and the transfer of €
1,836,196 from the share premium reserve.
The extraordinary reserve and the reserve of retained earnings have been cleared with the distribution of dividends.
The FTA Reserve, established during the transition to International Financial Reporting Standards, has remained unchanged at 31.12.08 and is'
unavailable

Distributions are also not reserves for euro 310,294 net value of intangible assets existing at 31.12.09




   12.4.170 Composition and Changes in item 170 "Revaluation reserves"
                                                                                                                           of
                                                              la sale
                                            Financial




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                                                                                                              intangible




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                                                                                                                                      revaluation




             Items / Types
                                                                                                                                                                Othe
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                                                            p




                                                                                                                                                                          Tot
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A. Initial                                    23.667                      0                  0                  0                 0                       0            23.667
B. Increases                                       887                    0                  0                  0                 0                       0              887
   B1. Positive changes in fair
   value                                           887                    0                  0                  0                 0                       0              887
   B.2 Other changes
                                                        0                 0                  0                  0                 0                       0                 0
C. Decreases
                                            (30.487)                      0                  0                  0                 0                       0            (30.487)
   C1. Negative changes in fair
   value
                                             (7.938)                      0                  0                  0                 0                       0            (7.938)
   C.2 Other changes
D. Closing balance                          (22.549)                      0                  0                  0                 0                       0            (22.549)

                                             (5.933)                      0                  0                  0                 0                       0            (5.933)




                                                                                                                                                                               200
Composizionedelle distributable reserves and available pursuant to art. 2427 c.7 of the
Civil Code

                                                                                                 use in
                                                   Account Balance        possibility of
                     RESERVE                                                                   last three            Notes                Legend
                                                     to 31/12/09               use
                                                                                               exercises
   Emissions surcharge                                68.889.913              ABC                3.698.647              (1)                   (*)
   Legal reserve                                       2.232.001               AB                                                             (**)
   Extraordinary reserve                                   (0)
   Reserve to retained earnings
   Reserve IAS                                          (50.327)
   Revaluation reserves                                 (5. 933)                                                                             (***)
   Treasury shares                                    (4.437.755)
                                           Total      66.627.898                                (3.698.647)


LEGEND
                           A                       for capital increase
                           B                       to cover losses
                           C                       for distribution to shareholders
                           (*)                     be distributed only when the legal reserve and at least 20% of the share capital
                           (**)                    is available for the portion exceeding 20% of the share capital
                       (***)                       is unavailable



(1) the variation    of EUR 3,968,647 includes        430,981 euro per distribution of dividends, to 981,469 euro             for doubtful accounts
deferred tax assets on listing fees and finally to EUR 1,836,196 for the transfer to legal reserve




                                                                                                                                                     201
PART C: INCOME STATEMENT INFORMATION




                                       202
Section 1 - Interest - Items 10 and 20
   1.1 Composition of item 10 "Interest income and similar revenues"

                                                                                                  Other            Total              Total
                  Items / Technical forms                       Debt            Funding
                                                                                                operations        31/12/09           31/12/08

 1. Financial assets held for negoziazion and

 2. Financial assets at fair value


 3. Financial assets available for sale


 4. Financial assets held to maturity

 5. Credits                                                                     252.226         1.367.994        1.620.221           4.169.389


   5.1 Loans to banks                                                                           1.311.695        1.311.695           3.932.186


   5.2 Loans to financial institutions


   5.3 Loans to customers                                                       252.226          56.299             308.526          237.203


 6. Other activities                                                                             65.982            65.982             60.577


 7. Hedging derivatives


                                                    Total                       252.226         1.433.977        1.686.203           4.229.965




The voice on interest income "loans from banks" is formed on the entire interest income earned on bank accounts for EUR 1,311,695,
The entry for interest receivable due from customers include:
• Interest accrued on pre-financing to customers of € 37,939;
• interest payments on debt recovery and cash for an amount of Euro 141,579;
• interest on loans amounted to Euro 110 .647;
• Interest income on loans to companies against ollate Euro 64,699.
• other interest income of € 18,364 ..




                                                                                                                                                 203
   1.3 Composition of item 20 "Interest expense and similar charges"

                                                                                                                           Total            Total
                   Items / Technical forms                  Funding                 Titles             Other
                                                                                                                           31/12/09        31/12/08

 1. Due to banks                                                                                      242.933             242.933          155.692

 2. Due to financial institutions

 3. Due to customers                                                                                  116.829             116.829           29.885

 4. Securities issued

 5. Trading financial liabilities

 6. Financial liabilities at fair value

 7. Other liabilities                                                                                 16.211                16.211          38.302

 8. Hedging derivatives

                                                   Total                                              375.974             375.974          223.878




Interest expense on bank borrowings primarily include interest charges on prepayments and other liabilities are included under the effects arising
from the discounting of provisions for risks.




Section 2 - Committees - Items 30 and 40
   2.1 Composition of item 30 "Commission income"


                                               Details                                                   Total 31/12/2009       Total 12/31/2008

 1. Finance leases

 2. Factoring

 3. Consumer credit                                                                                             9.621.357            10.718.443

 4. Merchant banking

 5. Guarantees given

 6. Services:                                                                                                   425.861               924.256

   - Managing funds for third parties

   - Forex trading

   - Product Distribution                                                                                       425.861               924.256

   - Other

 7. Payment and collection services

 8. Servicing in securitization transactions

 9. Other committees                                                                                            9. 750

                                                                                              Total        10.056.968                11.642.699


Commission income represents the income from the typical company.
The committees are made up of consumer credit charges for financial intermediation, and direct and indirect commission of inquiry. Commission
income is net of deferred income related to the allocation of remaining installments of the loans outstanding as at 31.12.09. To the decrease in
commissions earned in 2009 from the previous year have contributed significantly more in deferred income and is' discussed in the annual report.




                                                                                                                                                      204
Fees for services, product distribution, are established by the Committee for placing financial products for third parties and commissions for the
placement of insurance products.




2.2 Composition of item 40 "Commission expense"


                                          Details / Sectors                                             Total      31/12/09 Total        31/12/08


 1. Guarantees received

 2. Distribution of services by third

 3. Payment and collection services

 4. Other committees                                                                                            5.867.914           6.451.453

                                                                                               Total            5.867.914           6.451.453


These costs are related to commissions paid to contracted agents and include all costs incidental to performance (Enasarco, Firr, expenses and other
costs).
The decrease in commission expenses was due primarily to reduced volume of funds placed in which they relate.




Section 7 - Income (loss) on disposal - 90 Entries
   7.1 Composition of item 90 "Net income (loss) on disposal or repurchase"

                                                              Total 31/12/2009                                      Total 12/31/2008
    Voices / Income
                                                                                      Result                                                 Result
                                                 Profit             Loss                               Profit               Loss
                                                                                        Net                                                   Net

1. Financial assets

1.1 Credits

1.2 Assets available for sale                     30.699                              30.699             996                                  996


1.3 Held to maturity

                                   Total (1)     30.699                               30.699             996                                  996

2. Financial liabilities

2.1 Debts

2.2 Securities issued

                                   Total (2)

                                 Total (1 2)     30.699                               30.699             996                                  996




                                                                                                                                                     205
Section 8 - Adjustments / recoveries on impairment - Item 100
   8.1 "Net adjustments for impairment of receivables

                                                    Value adjustments                     Write-backs
                                                                                                                           Total              Total
             Items / Adjustments
                                                                                                                          31/12/09           31/12/08
                                                specific         Portfolio            specific        Portfolio

1. Loans to banks

    - Leasing

    - Factoring

    - Other receivables

2. Loans to financial institutions

    - Leasing

    - Factoring

    - Other receivables

3. Loans to customers                           1.238.279                             (5.986)                             1.232.293          722.862

    - Leasing

    - Factoring

    - For consumer credit                       1.238.279                             (5.986)                             1.232.293          722.862

    - Other receivables

                                     Total      1.238.279                             (5.986)                             1.232.293          722.862



The item represents the alignment of the face value of the loans at their estimated realizable value, the excess part of the funds already set aside by the
Company during the previous subs izi.
The correction was determined in the manner of calculation provided by the intern ational accounting standards (IAS 39) and by specific legislation.




   8.4 Composition of sub-100.b "Impairment / write-backs for impairment of other
         financial transactions"

                                                         Value adjustments              Write-backs
                                                                                                                          Total             Total
            Items / Adjustments
                                                                                                                         31/12/09          31/12/08
                                              specific                Portfolio    specific         Portfolio

 1. Guarantees given

 2. Credit derivatives

 3. Commitments to disburse funds

 4. Other operations                                                2.985.309                                           2.985.309          189.534

                                  Total                             2.985.309                                           2.985.309          189.534


The adjustment is made to collective write-downs for loans brokered and placed a mandate with the clause does not apply for charged,
conservative magazines in the optical light of the downturn that occurred during the year and the deterioration of the creditworthiness of an
exceptional nature.




                                                                                                                                                      206
Section 9 - Administrative Expenses - Item 110
   9.1 Composition of 110.a heading "Staff costs"


                                             Items / Sectors                                              Total 31/12/2009           Total 12/31/2008

1. Employees                                                                                                      3.489.834              3.203.182
a) Wages and salaries                                                                                             2.541.966              2.275.493

b) social                                                                                                         754.795                667.577
c) severance pay                                                                                                   3.554                  11.719

d) social security costs

e) provision for severance indemnities                                                                            189.519                178.694

f) provision of treatment quiscienza and similar obligations:
   - Defined contribution

   - Defined benefit

g) payments to external pension funds                                                                              6.807                  8.180

   - Defined contribution                                                                                          6.807                  8.180
   - Defined benefit

h) other expenses                                                                                                  73.879                 61.518

2. Atro staff in active                                                                                           138.127                383.639
3. Administrators - Mayors                                                                                        699.039                705.130

4. Staff retired

5. Recovery of expenses for employees seconded to other companies

6. Reimbursements for employees seconded to other companies
                                                                                                 Total            4.407.684              4.291.952


In early 2009 in implementing the policy of cost containment program in 2008 approximately 70 employees experienced a reduction of working time
(1 to 4 hours). In the last quarter, however, for about 30 employees and 'restored the normal working hours.
The item 2) "Other staff" refers to the person Interim ale and other types of temporary work in the decrease stems from the assumption for an
indefinite period of some temporary workers in 2009.
The item 3) "Directors-Mayors g represents payment due them for the directors and the Board on the exercise to include social contributions payable
by the company and reimbursed expenses repayments.




      9.2 Number and average number of employees per category

                                                                                                                                               Changes
                                    Employees                                                        31/12/09                 31/12/08
                                                                                                                                               Absolute
                    Average number of employees during the year
Executives                                                                                                    2                    1                 1
Employees                                                                                                68                     79                 (11)
Workers                                                                                                       3                    3                 0
Other staff                                                                                                   3                    8                 (5)
                                                                                         Total           76                     91                 (15)



The average number of employees was calculated as the average number of employees, workers seconded to the company and other staff (temporary
employment and resulting project at the end of each month. The part-time employees, so 'set


                                                                                                                                                          207
the labor laws are conventionally regarded as 50% even if the reduction of working time and 'was less than 4 hours a day. In contrast to these
financial statements, in the 2008 budget included only employees of the company 'and not other employees.


   9.3 Composition of item 110.b "administrative expenses"


                                             Item / Sector                                              Total 31/12/2009     Total 12/31/2008

a) Consultancy                                                                                               1.159.684           1.021.743
b) Postage and telephone                                                                                     190.037              388.604

c) Remuneration to Auditors                                                                                   49 .884              51.630

d) Insurance                                                                                                  56 .654              56.167

e) Taxes                                                                                                     114.232              126.805
f) Maintenance and service                                                                                   103.717               49.355

g) Leases and rentals                                                                                        284.962              201.366

h) promotional and advertising material costs                                                                798.124              818.355

i) Other administrative expenses                                                                             647.736              438.494

                                                                                               Total         3.405.030           3.152.518


Section 10 - Net losses / recoveries, net tangible assets - Item 120
   10.1 Breakdown of item 120 "Impairment / write-backs on equipment"

                                                                                             Adjustments
                                                                                                                   Write-
                 Entries / adjustments and write-backs                      Depreciation       value for                            Net income
                                                                                                                   value
                                                                                             deterioration

Operating assets                                                             129 .007                                                 129.007
   1.1 owned                                                               129 .007                                                   129.007
      a) land

      b) made

      c) furniture                                                          91.596                                                     91.596

      d) tools                                                              32.400                                                     32.400
      e) other                                                               5. 011                                                      5.011

   1.2 Leased

      a) land

      b) made
      c) furniture

      d) tools

      e) other
2. Activities related to financial leasing

3. Assets held for investment purposes

   Leased in

                                                               Total       129 .007                                                   129.007




                                                                                                                                                 208
Section 11 - Net losses / recoveries on intangible assets - Item 130
   11.1 Breakdown of item 130 "Impairment / write-backs on intangible assets"

                                                                                           Adjustments
                                                                                                                        Write-
                Entries / adjustments and write-backs                    Depreciation        value for                                Net income
                                                                                                                        value
                                                                                           deterioration

1. ZIP

2. Other intangible assets                                                     146 .398                                                 146.398
   2.1 owned                                                               146 .398                                                     146.398

   2.2 Leased

3. Activities related to financial leasing

4. Leased assets
                                                              Total        146 .398                                                     146.398



Section 13 - Net provisions for risks and charges - Item 150
   13.1 Breakdown of item 150 "Net provisions for risks and charges"


                                             Items / Values                                             Total 31/12/2009         Total 12/31/2008


1. Fund non-competition agreement                                                                               5.427                 11.457

2. Allowances' Supplementary customer                                                                          13.032                 28.221

                                                                                               Total           18.459                 39.678


Section 14 - Other income and expenses - Item 160
   14.1 Breakdown of item 160 "Other income"


                                             Items / Values                                             Total 31/12/2009         Total 12/31/2008


- Charge-back costs and charges                                                                               239.532                217.145
- Rounded, allowances and contingent assets                                                                    27.491                 95.868

                                                                                               Total          267.023                313.013


The entry charge back costs and charges is primarily the recovery of stamp duty on loans, expenses sending statements to customers and the
recovery of legal costs


   14.2 Breakdown of item 160 "Other expenses"


                                             Items / Values                                                Total 31/12/2009      Total 12/31/2008


- Other expenses for the year                                                                                   302.422               79.735

- Rounded, allowances and contingent liabilities                                                                38.119                50.166

                                                                                               Total            340.541              129.901
                                                                                                                                               a
                                                                                                                                               n
"Other charges for the year" is made from AIN p value adjustments                                      of     Loans to     collaborators       d     to
insurance, of heading 140 .- Other activities of the balance sheet amounting                                  to EUR 269,526.

The item "Rounds, allowances and contingencies assive p" represents mainly the charge of                                              costs reported for
competence in previous years.



                                                                                                                                                    209
Section 15 - Gains (losses) on investments - Item 170
   15.1 Breakdown of item 170 "Gains (losses) of associates"


                                                 Voices                                                   Total 31/12/2009     Total 12/31/2008


1. Income
   1.1 Revaluations
   1.2 Profit on disposal
   1.3 Write-backs
   1.4 Other income
2. Charges                                                                                                      1.370.375

   2.1 Impairment                                                                                               1.370.375
   2.2 Losses on disposals
   2.3 Adjustments for impairment
   2.4 Other charges

                                                                                      Net income                1.370.375




Section 17 - Taxes on income from continuing operations - Item 190
   17.1 Breakdown of item 190 "Tax on income from continuing operations
         current "

                                                                                                              Total                    Total
                                                 Voices
                                                                                                             31/12/09                31/12/08

 1. Current taxes                                                                                                                     172.160

 2. Changes in current taxes of prior years                                                                   (36.745)                136.626
 3. Reduction of current taxes
 4. Change in deferred tax assets                                                                            (342.660)                451.689

 5. Change in deferred taxes
                                                       Taxes for the year                                       (379.405)             760.475

The positive value of € 379,405 arises from a positive effect on the change in deferred tax assets 456,367 euro for IRES and IRAP to the negative
euro 76. 962. Deferred tax assets are Ires correspond mainly to impairment losses on loans while the IRAP tax assets related to the costs of listing.




                                                                                                                                                  210
  17.2 Reconciliation of theoretical tax and actual tax burden

                                           IRES                             Total 31/12/2009

Net income (loss) before tax                                     (8238.091)
Ordinary rate                                                                                  27.50%

Theoretical tax charge                                            2265.476

  Permanent differences on non-deductible costs                  (205.930)

  change for deferred tax antedates institution                   32.095
  deferred tax assets on tax losses not accounted for            (1,635.273)

Effective tax rate for corporate income taxes (-)                 456.368                      -5.54%

                                           IRAP                             Total 31/12/2009

Net income (loss) before tax                                     (8238.091)

Ordinary rate                                                                                   4.82%
Theoretical tax charge                                            397.076

Income and expenses not fully recognized for IRAP
  personnel expenses                                             (212.450)
  value adjustments                                              (203.288)

  Other permanent differences                                    (62.951)

  change for deferred tax antedates institution                    4.650

Effective tax burden for IRAP (-)                                (76.963)                       0.93%


                               Overall tax burden as reported     379.405




                                                                                                        211
Section 19 - Income: Other information
  19.1 Analytical composition of interest income and commission income


                                                                  Interest income                     Commission income
                                                                                                                                        Total         Total
                         Voices / Parties                             Public                              Public                       31/12/09      31/12/08
                                                          Banks                     Score     Banks                         Score
                                                                     Financial                           Financial

1. Financial leasing                                                                           (0)                                        (0)          (0)

  - Real estate                                                                                (0)                                        (0)          (0)

  - Movable

  - Capital goods
  - Intangible assets

2. Factoring
  - Current loans

  - On future claims
  - On loans purchased outright

  - On loans purchased under the original value

  - For other purposes

3. Consumer credit                                                                  252.226                               9. 621.357   9.873 .584   10.896.153
  - Personal loans

  - Special-purpose loans

  - Assignment of the fifth                                                         252.226                               9. 621.357   9.873 .584   10.896.153
4. Guarantees and loans

  - Trading

  - A financial nature

                                                  Total                             252.226    (0)                        9. 621.357   9.873 .584   10.896.153




                                                                                                                                                                 212
Table 5: IF522000 | 1 - Bilancio_Pagina_Orizzontale


   19.2 Earnings per share

                                            Items / Values                                                   31/12/09              31/12/08

Net Income                                                                                                (7,858 .686)               40.916
Number of ordinary shares at the beginning del'esercizio                                                  46.500.000           46 .500.000
Shares issued during the                                                                                         0                     0
Number of ordinary shares at end of year                                                                  46.500.000           46 .500.000
Weighted average number of ordinary shares                                                                44.362.654           45 .335.063

Basic earnings per share (Euro)                                                                              (0,18)                  0,00




                                                SEGMENT INFORMATION

We do not provide segment information as the Company works exclusively on national territory rio offering a single product type.




                                                                                                                                              213
PART D: OTHER INFORMATION




                            214
                               Section 1 - References specific activity SVO lta

                                                 CONSUMER CREDIT

     C.1 - Breakdown by type

                                                         Total 31/12/2009                                          Total 12/31/2008
               Items / Types                               Adjustments                                              Adjustments
                                           Gross value                        Net Value          Gross value                           Net Value
                                                              value                                                    value
1. Performing assets                        3.719.271                          3.719.271           5.584.396                             5.584.395

  - personal loans
  - cards with revolving loans
  - purpose loans
  - supplies of the fifth                  3.719.271                           3.719.271           5.584.396                             5.584.395

2. Impaired assets                          7.974.746         2.893.744         5.081.002          6 .146.235        2.245.753           3.900.482
  Personal Loans
  - suffering
  - Substandard
  - EPlace refurbished

  - Expired
  Cards with revolving loans
  - suffering
  - Substandard

  - EPlace refurbished
  - Expired
  Purpose loans
  - suffering

  - Substandard
  - EPlace refurbished
  - Expired
  Assignment of the fifth                  7.974.746         2.893.744         5.081.002         6 .146.235          2. 245.753         3.900.482
  - suffering                              3.547.406         2.104.658         1.442.748           2.514.072         1.452.141           1.061.930

  - Substandard                            3.596.707            747.554        2.849.154           2.697.410             746.094         1.951.317
  - EPlace refurbished
  - Expired                                  830.632            41 .532        789.101             934.754               47.518           887.236

                                   Total    11.694.017       2.893.744         8.800.273         11.730.631          2.245.753           9.484.877


     C.2 - Classification by maturity and quality

                                                                        Performing loans                  Impaired Loans
                   Time bands
                                                         Total 31/12/2009     Total 12/31/2008       Total 31/12/2009             Total 12/31/2008

- Up to 3 months                                            3.443.631            5.283.893                     0                         0

- More than 3 months to 1 year                               28.122               25.416                       0                         0

- Over 1 year to 5 years                                    157.446              150. 641               5.081.002                     3.900.482
- Over 5 years                                               90.073              124. 446                      0                         0

- indefinite                                                    0                    0                         0                         0

                                             Total          3.719.271            5.584.395              5.081.002                     3.900.482


                                                                                                                                                  215
     C.3 - Changes in value adjustments


                                       Adjustments                    Increases                                    Decreases                                     Adjustments
                     Item                              Adjustments    Transfers     Other changes   Adjustments   Transfers to                   Other changes
                                       Initial value                                                                                                              final value
                                                                                                                                 Cancellations
                                                          value      other status     positive         value      other status                     negative

Details on impaired assets                 2.245.753      878.138                                                                                  230.148       2.893 .744

  Loans person wings
  - Suffering
  - Watchlist
  - Restructured loans
  - Expired

  Cards with revolving loans
  - Suffering
  - Watch list
  - Restructured loans
  - Expired
  Purpose loans

  - Suffering
  - Watchlist
  - Restructured loans
  - Expired
  Assignment of the fifth                 2.245.753     878.138                                                                                    230.148       2 .893.744
  - Suffering                             1.452.141      754.099                                                                                   101.581       2.104 .658

  - Watchlist                             746.094        124.040                                                                                   122.580         747.554
  - Restructured loans
  - Expired                                47.518                                                                                                   5.986          41.532
Portfolio to other ctivities
  - Personal loans

  - Loans card revo lving
  - Special-purpose loans
  - Transfer of q uint

                               Total      2.245.753      878.138                                                                                   230.148       2.893 .744
                                                                                                                                                                   216
   D. COMMITMENTS AND GUARANTEES GIVEN
      D.1 - Value of guarantees and commitments

                                                                                                                 Amount                  Amount
                                               Operations
                                                                                                                 31/12/09                31/12/08

 1) Guarantees of a financial nature

   - Banks

   - Financial institutions

   - Clients
 2) Guarantees of commercial                                                                                   256.330.487              259. 272.660

   - Banks                                                                                                     256.330.487              259. 272.660
   - Financial institutions
   - Score
4) Irrevocable commitments to disburse funds)
   Banks
      - certain use
      - uncertain use
   b) Financial institutions
      - certain use
      - Uncertain use
   c) Score
      - certain use
      - uncertain use
4) Commitments underlying credit derivatives: protection sales
5) Assets pledged as collateral for third parties
6) Other irrevocable commitments

                                                                                                   Total          256.330.487             259. 272.660


D.4 - Other Information

The amount is shown in Table D.1 's commitment "not levied on levied" in comparison to you and principals of the banks is equal to the gross column
of lending net of fees banks themselves relegated to the date of 12.31.2009.
The rate to be received by the executors sold at 31.12.09 amounted to 256.3 million euros (261.1 to 31.12.08) of which 7.3 expired on the date of the
budget (5.4 million as at 31.12.08 ).
This activity is not covered by registration in bi launch except for installments due and unpaid by customers and which were reimbursed to the banks
clients. The amounts related to expired and has not been collected are shown between "loans" under Item 60 of the balance sheet.

To reflect the credit risk related to the "act of p charged for uncollected" we proceeded to the constitution                                 a fund
General allowances           amounted to € 3,167 m classified under item 90 "Other liabilities" of the state assets and the provision
year is mentioned under 110D) "Net adjustments for impairment of other financial assets". The installments due
more than 90 days are found between the impaired assets and appropriately devalued.
It should be added that the funds subject to the clause of "not proved to be collected" are backed by insurance cover both for the risk of death score,
both in relation to job loss for any reason;
In 2008 he joined the Conafi subscription of shares in a fund Sg, r with a financial commitment of 3 million euro. In 2009 the company 'has
subscribed and contributed to the Fund a total of 382 m in 01.31 to € 02.09 m € remaining commitments for 2618.



                                                                                                                                                         217
          Section 3 Information on risks and hedging policies
In this Part shall be provided information regarding risk profiles listed below, its management policies and coverage implemented by the company.


3.1 CREDIT RISK

Qualitative information

1. General.

Credit risk is the possibility for the credit hours that debt is not paid in full or in part (principal, interest and costs). Credit risk is also evident in the
presence of a deterioration in the creditworthiness of the counterparty.
Identified three areas where the concentration of credit risk:
  • provision of customer financing pre-n el during the investigation of funding CQS, FPA or DP may arise
    the need, on demand, to deliver a pre-financing from the core funding (CQS, FPA or DP). Il
    pre-financing has no fixed term - gene ally from 15 to 90 days depending on the speed of the investigation and
    Administration released the third type. This is in anticipation of a pure credit risk if the funding
    principal, for whatever reason, can not be paid.
  • commission advances to agents, brokers and financial intermediaries: it is normal practice for advances to be granted
    cd agreement (agents, brokers, intermediaries) of the commissions that accrue on loans submitted. Advances
    are generally awarded on the basis of funding being processed, approved but not yet perfected. In
    case of cancellation of the loans against the company should be exposed to credit risk in respect of the employee.
  • clause does not apply for collected "as part of collection management: some contractual relationships with banks or
    Financial intermediaries include the clause "not charged for received" in the management of loans dell'ammortam ent is to
    mean that the Company is required to pay the rate of depreciation even if the bank or broker has not yet been
    material collected by the third party obligor. The inefficient management of the proceeds first exposes the company to a risk
    Financial and in some cases the risk of credit loss.


2. Policies for managing credit risk
Key risk factors

2.1 Organizational aspects.

Conafi The Group considers that the garrison of the approval of funding, the amounts of correspon Commission funded and built the rate of
depreciation is one of the strengths of the Group. Just a direct presence in the investigation and deliberative process, in fact, combined with strict
controls of the first and second level, allows you to protect the amounts financed and include the possibility of fraud. The Group has therefore Conafi
efforts in these areas known operational flight efforts, both in training of personnel and technological support.

Management practice, the platform and the system of risk management

The process of investigation and control of credit are regulated in detail and proceduralize. The process is divided into the following phases:
1. Contact with the customer - The Convention, which came in contact with his client, send the necessary documentation for the evaluation of the
practice of financing Operating Unit has been assigned, offers a range of funding and establish a rough estimate;


2. Identifying the type of financing - The Unit as the technical form of the loan given by the Convention in relation to customer needs, and pay its
debts and the nature of his employer;


                                                                                                                                                              218
3. Collection of documents - The Convention shall collect the documents provided to allow the Group to confirm the prior Conafi proposed and
decide whether to grant funding;


4. Initiation of the process of inquiry - The Unit starts the process of investigation went to check out the details of the budget, ensuring the
completeness of the documentation submitted and making a series of subsequent control activities, such as:


   •     economic analysis / balance sheet and financial position of the employer, if he is a private company;
   •     verification of regular payment of installments of ammo rtamento already surveyed in the case of ATC;
   •     telephone verification of data from the ATC demo shows you the certificate of the salary of the employee's current situation (presence or
         absence of seizures), and the acceptance by the ATC of the constraint on the full severance pay accrued to the loan guarantee (only for
         contracting private).
   •     telephone verification at the customer's quality of her sale by the conventional born.


5. Feasibility analysis - We will determine the maximum amount that could be awarded and the verification of the conditions of insurance coverage;


6. Deliberation and possible financing of pre-financing - If the customer requests a pre-financing, the head of the Division may accordarl credits or
where the practice has already obtained favorable to existing documentation is complete and regular;


7. Signature of the contract documents by the client and any provision of the pre-financing;


8. Notification of the loan and the lien on the TFR - The Unit shall notify the successful ATC cess ion and the bond credit on severance pay;


9. Request insurance policy;


10. Return of the act of consent signed by the employer - The act of consent, which formalizes the acceptance by ATC CQS (for practice) or the DP
(the need for legislation), may be subject to antiquity Ipata extinction of other loans or foreclosures pending against the employee to be within the
limits of the law. In this case, part of the funding is allocated to the extinction of the loan or pre-existing seizure;


11. Disbursement of the balance;


12. Improvement of funding - is to collect and to 'forward to the bank of the documentation provided for the use of your credit limit or for the non-
recourse sale of the credit.
The controls on the top-level credits can be, if exercised by the officers and directors of each business unit, or tier, if exercised by the Risk Control, or
third level, if exercised by the Internal Audit ..



2.2 Management, measurement and control.

The political management of credit risk includes a number of operations during the process of investigation to ensure an accurate assessment of
creditworthiness. Namely, you want to refer to three important step for the grant of the preliminary analysis of the financing are:
  • compliance with the underwriting criteria
  • assessment of the soundness of the third ced uta
  • evaluation of the documentation to support


                                                                                                                                                                219
The first point refers to a number of restrictions dictated by insurance companies by which the financing has a good chance of getting a positive
outcome.
The criteria used to define each sector, government, public and private, must possess the characteristics that the company sold the third and the
employee requesting the loan, so that we can provide a financing warranty insurance (required for transactions of loans repayable by assignment of
salary). For the private sector insurance companies dictate more or less strict rules that allow you to make a first evaluation of the first third of the
company disposed of, these rules relate to the following factors:
  • Acceptable legal forms (eg PLC, SA);
  • No. of employees minimum.
With regard to the requirements that the applicant must have the parameters to be met based on:
  • Age;
  • Length of service;
  • TFR maximum ratio / gross column (for private de FARM);
  • Maximum insured sum;
  • Maximum length of the loan.
The underwriting criteria are periodically updated and made available and downloaded from our information system.
The second point, which concerns only the private sector, consists of a detailed analysis of the administration which
depends on the applicant to the loan. This analysis is done by verifying the business profile and analysis at least at least
the last two budgets of the company to get an opinion on the solvency and solidity of the company to be concerned.
The third point relates to verify the accuracy, validity and veracity of all docum er in support of the request for funding. In particular it is important in
its investigation, make phone calls through to administration, the goodness of the documentation in our hands.
The precise and correct performance of all the above steps to manage and limit the credit risk.
 The monitoring of credit risk is done through the establishment of control by the owner of the Division credits weekly reports designed to detect
anomalies relating to new practices in place, the applications approved, and notify those awarded and such tests can identify any pre-financing granted
in respect of improved practices on schedule in internal procedures.
The situation of the outstanding on practices already perfected is administered monthly by D ivisione credits through special reports which highlight
the delay in making high altitude by ATC, and the number of positions which have backward rate than the second. 'S activity against extra-judicial
recovery of such practices is expressed through letters and telephone reminders are sent to' ATC seller / allla delegating in accordance with
"Statement of the business processes."
If the problem persists beyond the seventh installment outstanding start the procedures for recovery prelegale credit, with the simultaneous passage of
the credit management to 'legal department.
The funding provided through the sale of the fifth and delegation of payment, which are backed by insurance coverage against risks life and
employment, are managed by 'office' claims "if truth happens during an event under the Convention with insurance companies .
In the case of assignment of loans and then sent to the acquisition by the Group GNO of the commitment to pay fees to the respondent bank in
accordance with the clause "not ris COSS received, the credit risk is represented by installments due and not paid by the executors sold.


2.3 Technical Risk Mitigation Credit

The main risk mitigation techniques can be summarized as follows:
a) For respect of claims subject to clause does not apply for charged ", art. 54, DP. R. No 180/1950 expressly provide that loans for the transfer of
salary must always have the insurance coverage:
  1. life assurance to cover the risk arising from non-repayment of financing in the event of premature death of the client funded;
  2. the risks of use, in cases where, for termination of employment or reduction of salary, it is not possible to continue the depreciation or recovery
     of the remaining credit.




                                                                                                                                                       220
Such guarantees may be issued by INPDAP insurance or by private companies. With the repeal of Article av come. 34 of Presidential Decree No. By
L. 180/1950 No 311/2004, state employees can now also use them and not just INPDAP as in the past.
Though not mandatory, and with the aim of mitigating the credit risk of the current management policies of the Group include issuing the insurance
policy for the delegation of payment and not just for the "salary-salary"
b) an additional security post in defense of the claim for the transfer fee (and not just the fifth) of the severance indemnity (Art. 43, 52 and 55 of
Presidential Decree 895/50) matured and maturing in the constancy of the employment relationship. Therefore, the individual donor, it will not apply
for advances on treatment and not binding on the same up to the amount of gross financing, without prior authorization from the insurance company.
In case of resignation or dismissal severance pay is paid by the power company sold to third atrice credit.
In summary, the credit risk is transferred through the insurance coverage referred to the likely recovery of the remaining credit to insurance
companies.
c) the sale of receivables without recourse is a form of mobilization of the credits and 'was used by the Group in previous years, and is in fact another
technique for mitigating risk in that the transfer involves the transfer of the risk of credit in the hands of the transferee.


2.4 Impaired financial assets
Classification and management positions deteriorated

Receivables for rates resulting from these loans are monitored by the 'office management loans "that, on the basis of predefined procedures, evaluates
the transition to grounding of claims against employers for installments due and not paid.
Improved practices are passed on to the service management dispute at the seventh outstanding installments.
The pre-financing is borne by the legal department after 3 months have elapsed since when the practice is not liquidated.
The next step in suffering and the resulting legal actions taken by the legal department as a result of evaluations carried out position by position.
These abnormal positions may relate to advances paid to practices is not yet perfected, is going to finance that have defaulted payments and claims to
be open for more than 90 days. and not yet paid by insurance companies.
The activity of 'legal department is explicit prelim inated with the' send a registered letter of notice.
The move to outside counsel for the claim in court, with the simultaneous classification of credit among the suffering, if the operator is performing
loans has agreed at least a repayment plan that would eliminate the anomalies in the reasonably near future. Outsourcing to the recovery of AT
activity outside counsel comes from much too n have to bring enforcement actions, bankruptcy proceedings, injunctions or attachments.
Impaired loans, as well as substandard and doubtful loans, also include more than 90 days past due as required in the instructions of the Bank of Italy
for the preparation of balance sheets of financial intermediaries. It should be noted however, that the bureaucratic complexity that leads me to the SSA
share of funding from the administration released the third or the slowness request for reimbursement of claims in the event of termination of
employment mean that often a delay of more than 90 days would constitute only a technical delay and not an actual insolvency.
The transition to the bad-debt loss is brought by 'the Chief Dele Legal Department Annex, which shall make the decision to ratify the first Board of
Directors useful. The decision to move to loss is analytical and is based on 'analysis of the reports of outside counsel about the lack of goods to the
customer assaulted in the head, the uneconomic' s prosecution and the negative conclusion of prosecutions undertaken, and in any case fraud has
occurred. Approved the move to the list of practices and loss amounts are sent to 'Administrative Office to verify the correct accounting requirements
and the subsequent recognition.


Adjustments to claims
The assessment of claims made in the budget is as follows:
      •   impairment of individual positions suffering and Substandard
      •   collective impairment on performing loans and past due over 90 days uelli q
      •   collective impairment of guarantees related to loans placed on warrant




                                                                                                                                                        221
The devaluation of performing loans, including those relating to loans on office, is done through the application of adjustment factors that take
account of extrapolated from historical recovery performance.
Substandard loans and bad debts are grouped by categories of risk consistent. For each band the legal department estimates an average recovery time
by which you can proceed to the actualization of credit recoverable. In the case of direct credit payments (amortized cost) is updated using the internal
rate of return for loans and brokered a mandate the present value of the claim is made by reference to market rates with maturities consistent with the
average duration of loans.




Quantitative information


       1 - Distribution of credit exposures by portfolio and credit quality

                                                                                  Exhibitions        Exhibitions
           Wallets / quality                    Doubtful        Substandard                                          Other activities      Total
                                                                                  refurbished         Expired
1. Financial assets held for
trading
2. Financial assets at fair
value
3. Financial assets available for
                                                                                                                           401.108         401.108
sale
4. Financial assets held to
expiry

5. Loans to banks                                                                                                     71. 158.818        71.158.818


6. Loans to financial institutions                                                                                     2.454.533          2.454.533


7. Loans to customers                          1.442.748         2.849.154                            789.101          5.458.679         10.539.682


8. Hedging derivatives


                      Total at 31/12/09        1.442.748         2.849.154                            789.101         79. 473.139        84.554.141


                      Total at 31/12/08        1.061.931         1.951.317                            902.841         92. 431.758        96.347.847




                                                                                                                                                    222
   2 .1 - Credit exposures to customers: gross and net

                                                                       Adjustments   Adjustments
                                                          Exposure                                 Exposure and
                 Type of exposure / values                                value         value
                                                           Gross                                       net
                                                                         specific     Portfolio

A. ACTIVITY 'IMPAIRED

 BALANCE SHEET EXPOSURES                                 7.974.746     (2.893.744)                  5.081.002

    - Doubtful                                           3.547.406     (2.104.658)                  1.442.748

    - Substandard                                        3.596.707      (747.554)                   2.849.154

    - Restructured

    - Expired loans deteriorated                          830.632       (41.532)                     789.101

 OFF-BALANCE SHEET EXPOSURES
   . Doubtful

    - Substandard

    - Restructured

    - Expired loans deteriorated

                                              Total A    7.974.746     (2.893.744)                  5.081.002

B. EXHIBITS IN BO NIS

    - Expired loans not impaired                         1.417.850                                  1.417.850

    - Other loans                                        4.040.829                                  4.040.829

                                              Total B    5.458.679                                  5.458.679

                        Total (AB)                       1 3.433.425   (2.893.744)                 10.539 .682




                                                                                                                 223
    2.2 - Credit exposures to banks and financial institutions: gross and net

                                                                         Adjustments   Adjustments
                                                            Exposure                                      Exposure
                  Type of exposure / values                                 value         value
                                                             Gross                                          net
                                                                           specific     Portfolio

A. ACTIVITY 'IMPAIRED

  BALANCE SHEET EXPOSURES

     - Doubtful

     - Substandard

     - Restructured

     - Expired loans deteriorated

  OFF-BALANCE SHEET EXPOSURES

- Doubtful

     - Substandard

     - Restructured

     - Expired loans deteriorated

                                               Total A

B. Performing loans

     - Expired loans not impaired

     - Other loans                                          73.613.351                                   73. 613.351

                                               Total B      73.613.351                                   73. 613.351

                          Total (AB)                        73.613.351                                   73. 613.351




3. Concentration of credit



    3.1 - Distribution of loans to customers by sector of
           economic activity of the counterparty

                                                                                                 Exposure to:
                                              Voices
                                                                                                    31/12/09

  - Finance companies                                                                                1.739.408

  - Families                                                                                         8.800.274
                                                                                       Total         10,539. 682




                                                                                                                       224
      3.2 - Distribution of loans to customers by geographic
             area of the counterparty

                                                                                                                              Exposure to:
                                                          Voices
                                                                                                                                31/12/09

   - Northwest                                                                                                                  3.167.257

   - Northeast                                                                                                                  680.765

   - Centre                                                                                                                     1.285.100

   - South & Islands                                                                                                            5.406.560
                                                                                                                  Total        10.539.682




3.3 Large exposures

To big a risk is the risk position of an amount equal to or greater than 10 percent of regulatory capital equipment.
At balance sheet date the Conafi no defined positions of great risk because the value of exposures to a person, or, where interest does not reach the
threshold considered by the applicable provisions of prudential supervision for the determination of a position of great risk (10% of regulatory
capital);




3.2 MARKET RISK

3.2.1 INTEREST RATE RISK

Qualitative information

1. General

With interest rate risk generally is referred to the impact on the Income Statement and Balance Sheet of changes in market interest rates that relate to
the typical activity of the Group. Since it is currently the Group operates, with reference to the placement of loans CQS, FPA and Powers, in the dual
form of the supply of credit and credit limit, this risk is not the typical activities of the Group Conafi. The outstanding claims stemming from direct
grants are at present of minor importance (293 m €) and thus likely to make no n still needed to cover interest rate risk with the financial technique of
hedging derivatives.




                                                                                                                                                   225
Quantitative information

      1 - Distribution by maturity (date repricing) of assets and
           liabilities

                                              For more than
                                                  three               Over 6                         Since 5
 Items / residual                                                      For more than 1
 maturity                  Up to 3 months up to 6 months up to 1 month        to                    years to 10      Over 10           Duration
                                              months          year         5 years                    years           years            Indefinite


1. Activities                  78.796.390           9. 207             18.915       5. 238.448         90.073                           401.108


1.1 Debt


1.2 Credits                  78.796.390            9. 207             18.915      5. 238.448          90.073                            401.108


1.3 Other activities


2. Liabilities                 12.648.621


2.1 Debts                    12.648.621

2.2 Titles
movement

2.3 Other liabilities


3. Derivatives




2. Models and other methodologies for measuring and managing interest rate risk

In order to manage interest rate risk, Conafi adopt the simplified method of Duration Gap, through which items sensitive to interest rates are
divided into different time zones, taking into account their maturity (fixed) or the date of negotiated rate (variable rates).

The function of Risk Control, through the methodology described above, measures the degree of exposure to interest rate risk of the Company, and
if necessary, promptly inform ation to the Board of Directors of the Company needs to take measures to bring the situation within levels considered
acceptable.




3.2.2 Price Risk

Qualitative information

For the characteristics of its activity Conafi is not subject to price risk


3.2.3 Foreign exchange risk

The company currently operates only on ter national territory, so there is no exchange rate risk.




                                                                                                                                                226
3.3 OPERATIONAL RISKS

Qualitative information

General, management processes and methods for measuring operational risk

According to current provisions of prudential supervision, issued by the Bank of Italy to implement EU directives on capital adequacy of financial
intermediaries, for operational risk is defined as "the risk of loss resulting from inadequate or failed internal processes, people and systems or from
external events. This definition includes legal risk, but not including strategic and reputation. " (Bank of Italy Circular No 216, August 5, 1996 - 9th
update of the February 28, 2008 - Supervision of Instruction uction for financial intermediaries entered in the 'Special People ", Chapter V, Section
IX.)

The operational risk management policy
The process of identifying business risks is followed by a careful measurement phase in which risk events are assessed in terms of its likely impact on
business / assets and the likelihood of their event (frequency).
This assessment, qualitative in nature, can not pr escindere from careful study and evaluation of the system of controls in place to oversee the risks,
presupposes the reasonableness of the scenarios evaluated and shared with the entire process " process owner "(pr ocesso managers and / or business
units).
The Group has a number of tools to deal with operational risks: these are management tools, designed to prevent and / or reduce the manifestation of
risk events (operational procedures, controls and hierarchical line, etc.. ) and tools to mitigate the adverse effects arising from adverse events, a time
that they have arisen.
In particular, the organizational role, the owner of the management of business processes, using solutions (the so-called "information circular") to
disseminate to all levels of the appropriate indications of operational interest
To address the possible inadequacy and / or failure of internal systems and procedures have been prepared a number of tools, including:

           setting of the "Statement of business processes" through the formalization of operational procedures, both in terms of precise description
            of the activity of ica timing of development and integration of these activities (flow chart) that controls the first level; 

           implementation of the "Data collection and evaluation of its operational risk" by the method CRSA, body contain the analysis of risks
            characteristic of each unit / department az iendale and its principals and controls; 

           definition of a common language for the management of operational risks, including sending the aforementioned Bulletins by the Civil
            Service Organization. 

The procedures and instructions are subject to periodic review by the Civil Service Organization, for its suitability for development of opera tion
complexity and volume of activity.
The maps of the first-level checks are also subject to constant revision derived from the process of continuous improvement toward which the system
of corporate controls.
With regard to operational risks related to computer systems and / or external events, such as business disruption, unavailability of systems, natural
disasters, C ONAF has adopted its own business continuity plan. This plan is monitored and updated by the ICT function.
The definition of a book called "fraud management" in d otazione at the Units, the carrying out of adequate controls in line operating procedures,
together with the holding of regularly scheduled inspections by the Risk Control function, are the principal instruments for the prevention of fraud and
human error.


Liquidity Risk
Liquidity risk is manifested in the form of failure to fulfill its payment obligations, which may be caused by inability to raise funds (funding liquidity risk) or
the presence of limits on realization of assets (market liquidity risk).

In particular, funding risk is the risk that the Company is unable to cope in an orderly and efficient (ie without excessive costs and without
jeopardizing their financial stability), with expected and unexpected cash outflows.




                                                                                                                                                                227
To market liquidity risk is the risk that the Company, in order to rapidly monetize a significant position in financial assets, or suffers significant
losses as a result of unfavorable price dynamics related to insufficient depth of the financial market in which these activities s have changed.
The two components are interrelated since the inability to raise liquidity in the market some grains generate the need to mobilize financial assets at
low prices with consigned.
The high capital adequacy of the Group together with the policy of keeping the direct delivery at a low level and the low incidence of exposure to
advances to customers and the sales network, make this a very remote risk.
At present Conafi is not subject to the risk in question, as it shows a positive net financial position of about 65 million and the distribution by duration
of assets and liabilities detects a blood sist financial balance.



Reputational risk
For reputational risk is the risk that current or prospective decline in profits or capital arising from a negative perception of the image of the Company
by cl othing, counterparties, shareholders, investors or supervisors.
Although the risk of reputation is classified within the "non-quantifiable", to manage it, Conafi has adopted the organizational and control systems that
take into account farm size, nature and complexity of activities.
Moreover, the trend of stock prices under Conafi Prestitò SpA, listed on the MTA - 1 s egmento standard Italian Stock Exchange, provides evidence
of an immediate assessment of the market against the Company and ell 'image perceived by the financial community.
Should also be taken into account that the Oscan llazione price of the security, influenced by general market (eg industry dynamics, economic) may,
in turn, constitute a risk factor or reputation, providing a logical distortion of the actual situation of the Company


The policy of risk management reputation
For the management of reputational risk, the Company shall, through the knowledge of ll'articolazione of its business and its processes, following the
organizational and control activities:
          adoption of a Code of Conduct distributed to so-called agreement; 

          implementation of appropriate control systems (Regulations of the functions, mechanisms of delegation); 

          monitoring of the conduct by agreement with customers; 

          monitoring of employees involved in commercial activities; 

          analysis of the causes that have generated complaints and efficient management of their response to customers; 

          careful selection of counterparties (brokers, bank, executors sold); 

          attention in the process of communication with various stakeholders. 

Failure or improper activation of the tools outlined above, it could generate the inability to detect events or circumstances detrimental to the
company's image.




                                       Section 4 - Information on capital

4.1 The assets of the

4.1.1 Qualitative information

          The company's assets as at 31.12.09 amounted to EUR 9,929,212 6 84,458,329 against the euro last year. The composition of capital and
           'listed in the table below. The legal reserve has reached one fifth of the share capital. Changes for the year have already been commented
           in the report on GHG thione to the "Analysis of the economic - financial and beyond are highlighted in the statement of changes in equity

                                                                                                                                                      228
4.1.2 Quantitative information


      4.1.2.1 Shareholders' equity: breakdown

                                                                                                                           Amount
                                              Items / Values                                             Amount 31/12/2009 12/31/2008


1. Capital                                                                                                    11,160. 000           11.160.000
2. Share premium                                                                                              68,889. 913           72.138.560

3. Reserves                                                                                                   2.181.674             4.058.579

   - Profit                                                                                                   2.232.001             2.898.723

     a) Legal                                                                                                 2.232.001              393.759
     b) statutory

     c) Own shares

     d) other                                                                                                                       2.504.965

   - Other                                                                                                       (50.327)           1.159.855
4. (Treasury Shares)                                                                                          (4.437.755)           (2.963.392)

5. Revaluation reserves                                                                                         (5.933)               23.667
   - Financial assets available for sale                                                                        (5.933)               23.667
   - Tangible assets

   - Intangible assets

   - Coverage of foreign investment

   - Cash flow hedges
   - Exchange differences

   - Non-current assets held for sale                     disposal

   - Special revaluation laws

   - Gains / losses relating to defined benefit pension plans


   - Proportion of valuation reserves related to investments accounted for at equity


6. Equity instruments

7. Net income (loss)                                                                                          (7.858.686)             40.916

                                                                                                Total         69,929. 212           84.458.329




     4 .1.2.2 Valuation reserves for financial assets available for sale:
                composition

                                                                                 Total 31/12/2009                           Total 12/31/2008
                             Items / Values
                                                                        Positive reserve   Negative Reserve     Positive reserve Negative Reserve

1 . Debt

2 . Equities                                                                                   (7.938)
3 . Mutual fund shares                                                       2.005                                  23.667
4 . Funding

                                                                Total        2.005             (7.938)              23.667

                                                                                                                                                  229
          4 .1.2.3 Valuation reserves for financial assets available for sale:
                     annual changes

                                                                                                            Mutual fund
                         Changes / Type                           Debt                     Equities         shares                 Funding

1 . Opening balance                                                                                              23.667

2 . Positive changes                                                                                               887
2 .1 Increase in fair value                                                                                        887
2 .2 Reversal of negative reserves
          from deterioration

          on disposals
2 .3 Other changes

3 . Decreases                                                                              (7 .938)             (22.549)
3 .1 The reduction in fair value                                                           (7 .938)

3 .2 Adjustments for impairment
3 .3 Transfer to income statement of positive reserves by                                                       (22.549)
realization

3 .4. Other changes

4 . Closing balance                                                                        (7 .938)               2.005




4.2 The capital and capital adequacy ratios


4.2.1 Regulatory capital

4.2.1.1 Qualitative Information

The total capital coincides with the regulatory capital, as the Company has no equity and / or debt can not be considered as part of regulatory capital
but are suitable to cover any unexpected losses resulting from the occurrence of risk events.
The total capital components is widely adapted to the requirements of Internal Capital Amount required to address the risks to which the Company is
exposed.




4.2.1.2 Quantitative information

The assets before the application of prudential filters (A) is the company's equity amounted to € 69,929,212, net equity of € 6,283,832, net intangible
assets amounted to € 449,243, and finally to the net evaluation of the reserves amounted to € -5,933.




                                                                                                                                                  230
      4.2.1.2 Quantitative information: regulatory capital


                                               Items / Values                                              Total 31/12/2009     Total 31 / 8.12

A.    Tier before the application of prudential filters                                                       69.485.902           8 4.755.104

B.    Prudential filters Tier
B.1 Prudential filters IAS / IFRS ()
B.2 Prudential filters IAS / IFRS (-)

C.    Tier gross of deductions (AB)                                                                           69.485.902           8 4.755.104

D.    Deductions                                                                                             (3 .141 .916)         (1.852.104)

E.    Total capital base (TIER 1) (C - D)                                                                     66.343.986           8 2.903.000

F.    Tier II capital before the application of prudential filters                                                (5 .933)           11.8 34
G.    Additional capital prudential filters

G.1 Prudential filters IAS / IFRS ()

G.2 Prudential filters IAS / IFRS (-)

H.    Tier gross of deductions (FG)                                                                               (5 .933)           11.8 34
I.    Deductions                                                                                             (3 .141 .916)         (1.852.105)

L.    Total supplementary capital (Tier 2) (H - I)                                                           (3 .147 .849)         (1.840.271)
M.    Deductions from total capital and Tier

N.    Regulatory capital (EL - M)                                                                             63.196.137           8 1.062.729
O.    Capital for the third level (Tier 3)

P.    Capital including Tier 3 (NO)                                                                           63.196.137           8 1.062.729




4.2.2 Capital adequacy

4.2.2.1 Qualitative Information

With the entry into force of the "Provisions Vigi prudential supervision of financial intermediaries entered in the special" "Bank of Italy circular
n.216 of August 5, 1996 - 7th update of July 9, 2007), Presti Conafi tò SpA it has an adequate process ICAAP (Internal Capital Adequacy
Assessment Process), with the aim to identify and assess their own capital adequacy, present and future, in relation to the risks undertaken, and
strategies.
Specifically, with regard to the risks of Pillar I, the Company has assessed its exposure in the following way:
Credit risk is detected at Conafi, calculated using the standardized approach, can be attributed to exposure to its customers, linked to the provision of
pre-financing operations for the sale of the fifth (salary and pension) and delegations of payment, credit to banks with which the accounts are
maintained liquidity of the Company recognized commission advances to the distribution network (agents, brokers, financial intermediaries)
commission in the course of maturation, to rely on funding practices by the customer and sent to Conafi, Conafi recognized commitments to the banks
affiliated with the clause of "not proved to be levied" on the depreciation rate in the funding responsibility of the banks themselves, which Conafi care
collection.
Conafi Prestitò SpA is not exposed to market risk, because it does not have a trading book for capital purposes (see Bank of Italy Circular No 216,
Chapter V, Sec. I, p. 3).
Operational risk calculated by the basic method, is present in different business units second variable frequency and impact in relation to the
manifestation of negative events in each sector. In this regard, the survey was conducted through a series of interviews involving managers / owners of
the major processes / business areas deemed relevant to the conduct
Conafi business activities. In later interviews will also be distributed questionnaires


                                                                                                                                                   231
self-assessment for each of the types of risk have emerged discusse.Dalle recall interviews and situations and circumstances (so-called event type)
event which causes adverse effects on the Company, the "event type" were then brought back to the categories of "events" defined in the document
"International Conve rgenza of Capital Measurement and Capital Standards", published in June 2006 by Comita to the Basel Banking Supervision.
With regard to the risks of Pillar II, the Company has assessed as follows its ion Exposure:
With regard to interest rate risk, calculated by the method of Cash Capital Position, Conafi exposure was considered with reference to all of the assets
and liabilities on the balance sheet influenz ate from potential adverse changes in interest rates.
In accordance with provisions of the supervisory arrangements, the methodology provides a breakdown of the asset and liability positions in different
time zones on the basis of the same maturity and determination of mismatches for each time band.
With regard to liquidity risk, the analysis was conducted by comparing liquid assets and liabilities with a maturity of short-term (duration gap
methodology).
The remaining risk is due to the possibility that the government sold the third allowed by the guarantors (especially in point e) p.. 16, par. 1.3 of
Chapter V, Sec. IV of Circular 216) suffer a downgrade that may invalidate eligibility as a guarantor of the administration staff e exposure or
alternatively that the general and specific requirements for insurance / insurance companies and prevent the lapse of the policy for the purposes of
eligibility mit igazione credit risk.
The strategic risk is related to the possibility that the instruments adopted by the Company in order to prevent and correct any adverse effects in the
field of income, assets and liabilities arising from incorrect strategies or by a change in market conditions can be even partially effective.
To identify the risk of reputation, has had an important monitoring the conduct by brokers in the customer contact (errors in processes or in practice /
fraud).
In addition, a useful indicator for measuring the level of risk associated with possible deterioration of the Company's reputation is on the performance
of stock price Conafi Prestitò SpA The statistical Conafi also took into account the number of complaints received during 2009 and any developments
which might have had during the year.
With regard to other types of risk encoded by the Pillar II - ee concentrations must risk securitization - the assessment made at the intermediary avoid
lighted the lack of these categories of adverse events, in particular since the value of exposures to of a subject, or, where interest does not reach the
threshold considered by the applicable provisions of prudential supervision for the determination of a position of great risk (10% of regulatory
capital). The broker has also put in place any securitization transaction, therefore, that type of risk does not occur.
The determination of the overall internal capital, in optical current and prospective, was made by combining the capital requirements of Pillar with the
risk of certain internal capital in relation to the risks of second pillar, according to a simple building block approach.
Although this approach does not consider any correlation between the identified risks, the company considered uto these correlations are not
significant, considering that the Internal Capital Amount is adequate to address the current risk exposure of the company.
The total capital components is widely adapted to the requirements of Internal Capital Amount required to address the risks to which the Company is
exposed.
From Tier minus the value of the shares held by the company and real estate tion intangible assets, net of accumulated, the value of shareholdings in
other group companies and the profit / loss for the financial year exercise.
The value thus obtained is such as to ensure coverage of both the overall internal capital to date, both in terms of stress, both prospectively. The
surplus of assets compared to the Internal Capital is never less than € 51.6 million.
The company, while reformulating the str atego their goals for the coming years, does make changes to the current composition of regulatory capital.




                                                                                                                                                       232
     4.2.2.2 Quantitative information: ratios

                                                                                    Non-weighted amounts            Weighted / requirements
                            Categories / Values
                                                                                   31/12/09       31/12/08       31/12/09       31/12/08

A.   ACTIVITIES 'RISK

A.1 credit risk and counterparty                                              313.094.259       330.981.786   136.643.998     142.099 .765

     1.   Standardized approach                                               313.094.259       330.981.786   136.643.998     142.099 .765
     2.   Methodology based on internal raiting

          2 .1 Base

          2 .2 Advanced

     3.   Securitization
B.   CAPITAL REQUIREMENTS

B.1 Credit risk and counterparty                                                                               8.198.640       8.525.986

B.2 Market risks

     1.   Standard method
     2.   Internal models

     3.   Concentration risk

B.3 Operational risk                                                                                           1.385.789       1.714.014
     1.   A basic method                                                                                       1.385.789       1.714.014

     2.   Standardized models

     3.   Advanced method

B.4 Other requirements
B.5 Other components of the calculation

B.6 Total capital requirements                                                                                 9.584.429      10,240. 000

C.   ACTIVITIES 'RISK AND RATIOS
C.1 Risk-weighted assets                                                                                      159.772.431     170.700 .800
C.2 Capital / risk weighted assets you (Tier 1 capital ratio)                                                      49              58

C.3 Capital including Tier 3/Attività risk-weighted assets (Total capital ratio)                                   46               57




                                                                                                                                             233
               Section 5 - Detailed Schedule of profitability c omplessiva
                                                                         Amount         Tax
                                                Voices                                            Net amount
                                                                          Gross        income
  10 Net income (loss)                                                  (8.238.091)    379.405     (7858. 686)
       Other comprehensive income
  20        Financial assets available for sale:                         (7.051)        287          (6.764)
              a) fair value changes                                      (7.051)        287          (6.764)

              b) Transfer to income statement
                 - adjustments for impairment
                 - Useful losses on disposals
              d) Other changes
30          - Tangible assets

  40        - Intangible assets
50          Hedges of foreign investments:
              a) changes in fair value
              b) Transfer to income statement
              c) Other changes
  60        Cash flow hedges:
              a) fair value changes
              b) Transfer to income statement
              c) Other changes

  70        Exchange rate differences:
              a) changes in fair value
              b) Transfer to income statement
              c) Other changes
80          Non-current assets held for sale:
              a) changes in fair value
              b) Transfer to income statement
              c) Other changes

90          Gains (losses) on defined benefit plans
            Quote of the valuation reserves for investments valued at
100
            equity
              a) fair value changes
              b) Transfer to income statement
                 - Adjustments for impairment
                 - Losses on disposal of profits

              c) other changes
110    Total other income components                                       (7.051)        287          (6.764)
120    Comprehensive income (item 10110)                                 (8.245.142)    379.692      (7865. 450)




                                                                                                          234
                                           Section 6 Related party transactions

On October 23, 2007 the Board of Directors, pursuant to art. 9 of the Code of Conduct prepared by the Committee on Corporate Governance of Listed
Companies implementing lment in force, took measures to ensure that the transactions with related parties, as well as nellequali a director has an
interest, on their own or others, are executed in a transparent way and meet criteria of substantial and procedural fairness. For the purposes of the
above and pursuant to Art. 2, paragraph 1, letter h) of Consob Regulation 11971/1999 and subsequent amendments shall be considered "related
parties" those defined as such by the International Accounting Standard 24 concerning the financial reporting on transactions with related parties,
adopted under the procedure laid down in Article 6 of Regulation (EC) No 1606/2002.
Pursuant to this framework are reserved to the examination and approval by the Board of Directors of Conafi Transactions with Related Parties, which
are not 'operations are not typical or' Getting to Market Conditions understood to be, respectively, recurring tasks , or otherwise falling within the
usual course of business of the Company by type, location and method of determining the amount ivo, and the transactions concluded on market terms
or on terms consistent with the practice normally followed negotiation or otherwise on terms no different from those practiced in similar transactions.
Transactions with related parties other than those described above are referred to the competence of executive bodies, in accordance with these
delegations respectively at vigendo nonetheless obliged to contribute information to the Board of Directors.
  On the subject of interest of directors, subject to the principle in Article 2391 of the Civil Code, each director is obliged to inform the Board of
Directors and thoroughly on any operations in which they had a personal interest.
Under IAS 24 meet the definition of related party administrators, management personnel, subsidiaries and affiliates, the narrow Ch liar of subjects
that directly or indirectly control the entity and that are potentially able to influence the individual related to the entity itself.
In 2009 relations with group companies can be traced to a number of commercial nature (intercompany loans) or provision of services such as, for
example, the "separation of employees." The reports maintained by the parent company with other persons "related" is r EFERENCE to various
services and rental properties as further described in Part 4.3 of this section.
With respect to intercompany transactions and / or related parties please note that all transactions have been entertained by applying standard terms, in
line with market and economic conditions on the basis of considerations of mutual benefit. So far have not been asked outstanding, with the related
parties described above, atypical or unusual for their significance or relevance may compromise the security of company assets or prejudice the rights
of minority shareholders.
With respect to intercompany transactions and / or related parties please note that all transactions have been entertained by applying standard terms in
line with economic conditions and market valuations on the basis of mutual convenience.




                                                                                                                                                   235
4.1 Information on the compensation paid to members of the administrative and
control, general managers and senior managers with strategic responsibilities:

                                                                                              Compensation competence
      Name            Charge Description                                                      2009

                                            Period in                                                            Bonuses and       Other
                         Upload                                Duration of       Fees             Benefits not      other       compensatio
   Name surname                       was covered with the                                                                           n
                         covered                                  charge         for the office    Monetary       incentives
                                            charge                                                                               (Salaries)

                                                                 Approval
                        President
   Nunzio Chiolo                        01.01.09-31.12.09         budget            216.000
                          CDA
                                                                 31/12/11

                                                                 Approval
       Joseph
                         Adviser        01.01.09-31.12.09         budget            111.000
      Vigorelli
                                                                 31/12/11

                                                                 Approval
      Joseph
                         Adviser        01.01.09-31.12.09         budget             20.000
     Vimercati
                                                                 31/12/11

                                                                 Approval
    Fabio Alfieri        Adviser        01.01.09-31.12.09         budget             20.000
                                                                 31/12/11

                                                                 Approval
   Mauro Pontillo        Adviser        01.01.09-31.12.09         budget             20.000
                                                                 31/12/11

                                                                 Approval
  Carlo Colombotti       Adviser        01.01.09-31.12.09         budget             20.000
                                                                 31/12/11

                                                                 Approval
    Massimiliano         Ammi.re
                                        01.01.09-31.12.09         budget             20.000
       Naef            independent
                                                                 31/12/11


                         Director                            Up and revocation
    Mark Gerard                         01.01.09-31.12.09                                                                         181.836
                         General                              or resignation



                                                                 Approval
     Antonello            Mayor
                                            29.04.09              budget             14.048
       Owl                actual
                                                                 31/12/11


                        President                                Approval
   Renato Bogoni         College        01.01.09-31.12.09         budget             64.931
                        Auditors                                 31/12/11

                                                                 Approval
  Giovanni Battista       Mayor
                                        01.01.09-29.04.09         budget             33.258
     Palmisano            actual
                                                                 31/12/11

                                                                 Approval
                          Mayor
   Michele Testa                        01.01.09-31.12.09         budget             50.093
                          actual
                                                                 31/12/11

                                                                 Approval
                          Mayor
  Massimo Pellanda                      01.01.09-31.12.09         budget                0
                         alternate
                                                                 31/12/11

                                                                 Approval
                          Mayor
    Alfio Borletti                      01.01.09-31.12.09         budget                0
                         alternate
                                                                 31/12/11

                                                                 Approval
  Giovanni Battista       Mayor
                                        30.04.09-31.12.09         budget                0
     Palmisano           alternate
                                                                 31/12/11



The compensation paid to directors and key managers, as well as rich Iest IAS 24 are summarized below with details for the type of compensation

                                                                                                                                              236
                                                  Voices                                                    Total 31/12/2009          Total 12/31/2008

         a) Short-term benefits                                                                                   793.579                    562.009
         b) Post-employment benefits
         c) Other long-term
         c) Compensation for termination of work ro                                                                12.925                     3.989
         a) Payments actions
                                                                                                   Total          806.504                    565.998




4.2 Loans and guarantees issued in favor of directors and auditors

Against directors and auditors have not been paid or funds put in place safeguards.


4.3 Information on transactions with related parties

Pursuant to Consob Resolution No. 15519 of July 27, 2007 and as required by International Accounting Standard 24, the effects of transactions with
related parties are shown in the diagrams of the balance sheet and income statement listed below.




Balance Sheet

(Amounts in Euros)

                                                                 in shares                                                    in shares
               Voices                      31.12.09                                               31.12.08
                                                                  Related                                                      Related

 ACTIVE


 Credits (item 60)                         84.153.033             1.850.584                       96.194.989                   3.251.762


 Other assets (item 140)                   1.733.897                 67.966                      8 3.834.55                         1.048


 LIABILITIES


 Other liabilities (item 90)              13.580.016                387.683                      9.223 .299                        216.364



The following table lists tasks                         and liabilities as at 31.12.2009 pe r distinct types of related parties:


Credits (item 60):
• Towards controlled Italifin SRL: EUR 1,231,057
• Towards controlled Alba Finanziaria SpA: EUR 24,062
• Towards controlled Progefin SRL Via: Euro 9627
• Towards controlled HPB SRL: EUR 559,408
Projects Insurance Company to companies in the insurance sub-agent of SRL Here nt Conafi of which are among the other members and Joseph
Nunzio Chiolo Vigorelli: 26.430


Other assets (item 140):
• Towards controlled Italifin SRL: EUR 12,900


                                                                                                                                                       237
• Towards controlled SRL and Business Network: Euro 2 .300
• Towards controlled Conafi Network Development Ltd: Euro 2300
• Towards controlled Prestitò Homes Ltd: Euro 4000
• Towards controlled Rencredit Recovery Services SRL rediti C: Euro 8800
• Towards controlled & Finance Consulting SRL: EUR 3 000
• Towards controlled Via Advisors Corporate Finance Ltd: EUR 27,916
• Towards controlled HPB SRL: Euro 6750


Other liabilities (item 90):
• Towards controlled Italifin SRL: EUR 315,684
• Connected to Progefin SRL: EUR 30,900
• Uniprestit linked to SpA in liquidation Euro 1061
• Towards controlled Rencredit Recovery Services SRL rediti C: EUR 29,314
• Towards controlled Via Advisors Corporate Finance Ltd: Euro 8100
• Towards Estfin Srl company, acting as agent Conafi, which is a member Angelo Chiolo: Euro 2624




Income Statement

(Amounts in Euros)

                                                                                            in shares                            in shares
                                    Voices                                31.12.09                                  31.12.08
                                                                                             Related                              Related

 10.      Interest receivable and similar income                          1.686.203           64.699                4.229.965      60.493

 30.      Commission income                                              10.056.968          186.194                11.642.699     89.251

 40.      Fee and commission expense                                     (5.867.914)        (1.588.308)         (6.451.453)      (1.641.803)

          Net commission income                                           4.189.054                                 5.191.246

 110.     Administrative costs:                                          (7.812.714)                            (7.444.470)

             a) staff costs                                              (4.407.684)         (942.799)          (4.291.952)      (435.293)

             b) Other administrative expenses                            (3.405.030)         (328.058)          (3.152.518)      (250.930)



The following operations are also illustrated in the above table relating to the exercise highlighted 31/12/2009:
Interest income (item 10):
  • HPB SpA, a subsidiary of Conafi SpA, has gained interest expense of € 37,717 on a loan received by the parent;
  • Italifin Srl, a subsidiary of the CONAFI SpA, has gained interest expense of € 26,982 on a loan received by the parent;


Commission income (item 30):
• SPAQ Srl, an insurance subagent Conafi of which are among the other members and Joseph Nunzio Chiolo Vigorelli, has paid commissions to
Conafi Euro 45,911;
• Alba Finanziaria SpA subsidiary of Cona fi SpA, the parent has paid commission to Euro 30,616;
• Italifin SrlSocietà controlled Conafi Sp A., has paid fees to the parent company of Euro 101,474;

                                                                                                                                               238
• Progefin SRL subsidiary of Conafi SpA, the parent has paid commission for Euro 8193;


Commission expense (item 40):
  • Italifin Srl, a subsidiary of Conafi S. pA, the same agent has received commissions for Euro 903,883;
  • Uniprestit Spa Company in liquidation Connect to Conafi SpA, received fees of € 217,669;
  • Progefin Spa related companies Conafi SpA, received commissions for Euro 738;
  • Corporate Finance Advisors Ltd associated company of Conafi SpA, received commissions for Euro 6750;
  • Walter Santis, grandson of Nunzio Chiolo, Agent d Conafi she received commissions for Euro 26,409;
  • Estfin Ltd, acting as agent with AFI, which is a member Angelo Chiolo, received commissions from Conafi Euro 432,859;



Personnel costs (heading 110 / a):
  • Conafi has paid wages in favor of you DEPENDENCE Chiolo Angelo's brother, Nunzio Chiolo, at a cost of Euro 86,061;
  • Conafi has paid wages in favor of the institution depend Chiolo Alexandra, daughter of Nunzio Chiolo, at a cost of Euro 4336;
  • Conafi has paid wages in favor of the Savior you DEPENDENCE Chiolo, grandson of Nunzio Chiolo, at a cost of Euro 87,311;
  • Conafi has paid wages in favor of the institution depend Chiolo Simon, daughter of Nunzio Chiolo, at a cost of Euro 2816;
  • Conafi has charged for posting of salaries for staff in charge of Italifin Srl, for a revenue of Euro 40,479;
  • Conafi has charged for posting of salaries for staff in charge of HPB Srl, for a gain of Euro 3750;
   * Conafi paid benefits to the administrative body for a total cost of Euro 806,504;


Other administrative expenses (item 110 / b):
  • Nunzio and Maria Chiolo Laperchia Conafi have received from rents for 59,364 euros;
  • Mauro Pontillo received consultancy fees for administrative ze Euro 96,920;
  • Chiolo Alexandra, daughter of Nunzio Chiolo has to be perceived Conafi leases for Euro 10,800.
  • Chiolo Simon, daughter of Nunzio Chiolo received from ito Conafi leases for Euro 12,000.
  • Walter Santis, grandson of Nunzio Chiolo has p ercepito Conafi from leases for Euro 12,000.
  • Progefin Spa related companies Conafi SpA, received fees for administrative services for 103,000 Euro * Conafi SpA received by
  the subsidiary for recovery Italifin SRL rents Euro 5400.
  * Conafi SpA granted to the subsidiary Italifin SRL charges for electricity for Euro 2020.
  * Conafi SpA granted to the subsidiary Rencredit Debt Recovery Services Ltd charges for debt collection services for 26,554 Euro


Other operating income (voce160 / 2):
  * Conafi SpA received by the subsidiary Italifin SRL chargeback administrative costs Euro 7,500.
  * Conafi SpA received by the subsidiary Alba Finanziaria SpA for passing on administrative costs Euro 7000
  * Conafi SpA received by the subsidiary HPB SRL for passing on administrative costs Euro 5500
  * Conafi SpA received by the subsidiary Via Advisors Corporate Finance Ltd for passing on administrative costs 27,916 Euro
  * Conafi SpA received by the subsidiary and Business Network SRL for passing on administrative costs Euro 2300
  * Conafi SpA received by the subsidiary Conafi Network Development Ltd for passing on administrative costs Euro 2300
  * Conafi SpA received by the subsidiary PrestitòCase SRL chargeback administrative expenses for 4000 E uro
  * Conafi SpA received by the subsidiary Rencredit SRL chargeback administrative costs Euro 8800
  * Conafi SpA received by the subsidiary Finance & Consulting SRL for passing on administrative costs Euro 3000




                                                                                                                                     239
                                                      ANNEX 1

                                           Annexes to the consolidated financial statements
1.1 Reconciliation between the figures of the balance sheet, income statement, consolidated financial
statements published in 2008 and reclassified the same data included in the forms of the 2009
budget for comparative purposes.

Consolidated Balance Sheet

(All figures in € m)
                               Assets               Published 12/31/2008   12/31/2008 Reclassified     Change

   10       Cash and cash equivalents                        12                      12                -

            Financial assets held for
   20                                                        6                        6                -
            negotiation

            Financial assets available
   40                                                       153                      153               -
            for sale
   60       Credits                                        95.239                  95.133            (106)
   100      Tangible assets                                 622                      622               -
   110      Intangible assets                               3085                    3.085              -
   120      Tax assets                                     5.069                    4.958            (111)
            a) current                                     2.546                    2.435            (111)
            b) deferred                                    2.523                    2.523              -
   140      Other Activities                               4.786                    4.582            (204)
            Total assets                                  108.972                  108.551           (421)


                         Liabilities and
                                                    Published 12/31/2008   12/31/2008 Reclassified    Change
                            equity

   10       Debts                                          13.747                   13.721           (26)
   70       Tax liabilities:                                609                      364              (245)
            a) current                                      531                      286             (245)
            b) Deferred                                      78                       78               -
   90       Other liabilities                              9.629                    9.760             131
            Provision for termination indemnities
   100                                                      732                      452             (280)
            staff
   110      Provisions for risks and charges:               375                      375               -
            a) other funds                                  375                      375               -
   120      Capital                                        11.160                   11.160             -
   130      Treasury shares (-)                            (2.963)                 (2.963)             -
   150      Share premium                                  72.139                   72.139             -
   160      Reserves                                       5.336                    5.335             (1)
   170      Revaluation reserves                             24                       24               -
   180      Net income (loss) (/ -)                          (2.115)                 (2.115)           -
            Net assets attributable to
   190                                                      299                      299               -
            third (/ -)

            Total Liabilities and
                                                          108.972                  108.551           (421)
            equity




                                                                                                              240
Income Statement
(All figures in € m)

                                                           31.12.08     31.12.08
                                   Voices                                              Change
                                                            Published   Reclassified
  10.    Interest receivable and similar income              4.211        4.211         -

  20.    Interest payable and similar charges                (234)        (234)         -

         Net interest income                                 3.977        3.977         -

  30.    Commission income                                  13.627       13.627         -

  40.    Fee and commission expense                         (5.715)      (5.778)       63

         Net commission income                               7.912        7.849        63

 100.    Profit / loss on disposal of:                         1            1

             a) loans                                          1            -           1

             b) financial assets available for sale            0            1          (1)

         Operating income                                   11.890       11.827        63

 110.    Net adjustments for impairment of:                  (934)        (951)        17

             a) loans                                        (744)        (761)        17

             d) other financial assets                        (190)        (190)         -

 120.    Administrative costs:                              (13.168)     (13.099)      (69)

             a) staff costs                                 (6.472)      (6.491)       19

             b) Other administrative expenses               (6.696)      (6.608)       -88

 130.    Net impairment losses on assets subject them        (212)        (211)        (1)

 140.    Net impairment losses on assets immaterial ial       (53)         (39         (14)

 160.    Net provisions for risks and charges                 (40)         (40)         -

 170.    Other operating expenses                            (136)        (133)        (3)

 180.    Other operating income                               502          495          7

         Adjusted Operating                                 (2.151)      (2.151)        -

         Net income (loss) from continuing operations       (2.151)      (2.151)        -
         before tax

 210.    Income taxes on continuing operations CALLS          12           12           -
         current

         Net income (loss) from continuing operations       (2.139)      (2.139)        -
         tax

 230.    Equity attributable to minority interests (/ -)      24           24           -

         Net income (loss)                                  (2.115)      (2.115)        -




                                                                                              241
Cash Flow
Indirect method


                             ACTIVITY 'OPERATIVE          31/12/2008   31/12/2008
                                                                                      Delta
                                                          deposited    reclassified
1. MANAGEMENT                                               (1.066)      (1.066)        -
- Operating result                                          (2.115)      (2.115)
 - Net adjustments for impairment                             744          761
 - Net value adjustments on materials imm                     212          211
 - Impairment losses on intangible att                         53           39
- Acc.ti for risks and charges                                 40           38
- Other adjustments                                            0            0
2. LIQUIDITY GENERATED / ABSORBED BY ACTIVITIES
                                                            6.886         6.886         -
FINANCIAL
- Financial assets held for trading                           (6)          (6)
- Financial assets available for sale                        245           245
- Loans to banks                                             (27)         (27)
- Loans to financial institutions                             (4)          (4)
- Loans to customers                                        7.779          810
- Other assets                                             (1.101)        5868
4. Cash generated / absorbed by the passivity
                                                             784           703         81
FINANCIAL
 - Due to banks                                             1.279          88
 - Due to institutions finanz                                 0              0
 - Deb from customers                                       1.760          1.760
- Other liabilities                                        (2.255)       (1.145)
NET CASH GENERATED / ABSORBED BY
                                                            6.604         6.523        81
OPERATING ACTIVITIES (A)

INVESTING ACTIVITIES

1. CASH GENERATED FROM DECREASE                               0             0
- Tangible assets                                                           0
2. Cash absorbed by                                        (1.761)       (1.761)        -
- Purchases of investments                                    0             0
- Purchases of materials                                    (302)         (302)
- Purchase of intangible assets                            (1459)        (1459)
NET CASH GENERATED / ABSORBED BY
                                                           (1.761)       (1.761)        -
INVESTMENTS (B)

FINANCING ACTIVITIES

- Distribution of dividends and other                      (1.591)       (1.591)
- Purchase of own shares                                   (1.591)       (1.591)
 share premium reserves and profits                           0             0
- Share capital increase                                      0             0
NET CASH GENERATED / ABSORBED BY
                                                           (3.182)       (3.182)        -
FINANCING (C)
NET CASH GENERATED / ABSORBED IN                            1.661         1.580        81


                                                          31/12/2008   31/12/2008
RECONCILIATION:                                                                       Delta
                                                          deposited     Reclass
Cash and cash equivalents at beginning of the army izio     78.830       78.830         -
Total cash generated / absorbed nell'eser exercise           1.661        1.580        81
Cash and cash equivalents at the end of Ex ercizio          80.491       80.410        81



                                                                                        242
1.2 Reconciliation between the balance sheet and income reported in the annual report published in the 2008
budget and the same data included in the restated statements reported in the annual report of the 2009 budget
for comparative purposes


Consolidated Balance Sheet (All figures in € m)
                                                     31.12.08         31.12.08
               Assets                                                                   Change
                                                     Published      Reclassified
Cash and cash equivalents                                12                12                      -
Financial assets available for
                                                         6                6                    -
trading
Financial assets available for sale                      153             153                   -
Credits                                                95.239           95.133               (106)
Assets                                                 3.707             3.707                 -
Other activities                                       9.855             9.540               (315)
TOTAL ASSETS                                          108.972           108.551              (421)


                                                     31.12.08         31.12.08
               Assets                                                                   Change
                                                     Published      Reclassified
Debts                                                  13.747           13.721               (26)
Other liabilities                                      10.238           10.124               (114)
Provisions for risks and charges and severance pay     1107              827                 (280)
Shareholders' equity                                   83.880           83.879                (1)
TOTAL LIABILITIES AND
                                                      108.972           108.551              (421)
EQUITY




                                                                                                           243
Consolidated Income Statement
(All figures in € m)

                                                   31.12.08      31.12.08
                                                                              Change
                                                  Published    Reclassified
 Net interest income                                 3.977          3.977          -

 Net commission income from brokerage and other      7.912          7.849        (63)

 Operating income                                   11.890         11.827        (63)
 Administrative costs                               (13.168)       (13.099)       69

 Net provisions for risks and charges                 (40)           (40)          -


 Net impairment losses on fixed assets               (265)          (250)         15

 Value adjustments to receivables                    (934)          (951)        (17)
 Other net operating income                           366            362          (4)
 Operating profit                                   (2.151)        (2.151)         -
 Sale of investments                                   0              0            -
 Income Taxes                                         12             12            -
 Net income                                         (2.139)        (2.139)         -

 Net income (loss eserizio Minority)                  24             24            -

      Net profit attributable to group              (2.115)        (2.115)         -
                                                   31.12.08      31.12.08
                 INDICATORS                                                   Change
                                                  Published    Reclassified
 Cost to income ratio                               110.20%        118.20%      8.00%
 Administrative costs, total margin
                                                    110.70%        110.80%      0.10%
 intermediation
 Staff costs / margin
                                                    54.40%         54.90%       0.50%
 intermediation
 Other administrative expenses / net
                                                    56.30%         55.90%       (0.40%)
 intermediation
 Other administrative expenses at no cost
                                                    28.20%         33.50%       5.30%
 Advertising / Operating Income
 Trading profit / margin
                                                    18.10%         18.20%       0.10%
 intermediation
 ROE (net income / equity)                           2.50%         2.50%           -




                                                                                          244
                                            Attached to the separate financial statements

2.1 Reconciliation between the figures of the balance sheet, income statement, published in the
separate financial statements of 2008 and reclassified the same data included in the forms of the
2009 budget for comparative purposes.



Balance Conafi SpA
(Amounts in Euros)

                                                          31.12.08        31.12.08
                     Assets                                                                    Change
                                                         Published       Reclassified
 10   Cash and cash equivalents                              3.050            3.050                 -
 40   Financial assets available for sale                  152.858          152.858             -
 60   Credits                                             96.300.793       96.194.989       (105.804)
 90   Investments                                         3.854.207        3.854.207            -
100 Tangible assets                                        324.830          324.830             -
110 Intangible assets                                        88.643           88.643                -
120 Tax assets                                            3.741.491        3.638.942        (102.549)
      a) current                                          1.887.772        1.785.223        (102.549)
      b) deferred                                         1.853.719        1.853.719            -
140 Other Activities                                      4.044.017        3.834.558        (209.459)
      Total assets                                         108.509.889      108.092.077       (417.812)




                                                                                                        245
(Amounts in Euros)

                                           31.12.08      31.12.08
        Liabilities and equity                                         Change
                                          Published     Reclassified
10    Debts                               13.687.617      13.609.471   (78.146)
70    Tax liabilities:                      417.921        192.628     (225.293)
      a) current                            397.453        172.160     (225.293)
      b) Deferred                           20.468         20.468          -
90    Other liabilities                    9.058.039      9.223.299    165.260
100   Provision for employee severance      512.520        232.887     (279.633)
110   Provisions for risks and charges:     375.462        375.462         -
      b) other funds                        375.462        375.462         -
120   Capital                             11.160.000      11.160.000       -
130   Treasury shares (-)                  -2.963.392     -2.963.392       -
150   Share premium                       72.138.560      72.138.560       -
160   Reserves                             4.058.579      4.058.579        -
170   Revaluation reserves                  23.667         23.667          -
180   Net income (loss) (/ -)                 40.916         40.916            -
      Total liabilities and net worth     108.509.889    108.092.077   (417.812)




                                                                                   246
Income Conafi SpA


(Amounts in Euros)

                                                                         31.12.08     31.12.08
                                    Voices                                                              Change
                                                                        Published      Reclassified
 10                  Interest receivable and similar income               4.229.965   4.229.965          -
 20                   Interest payable and similar charges                -223.878     -223.878          -
                               Net interest income                        4.006.087   4.006.087          -
 30                           Commission income                          11.642.699   11.642.699         -
 40                       Fee and commission expense                     -6.451.453   -6.451.453         -
                            Net commission income                         5.191.246   5.191.246          -
 60                                      Net income from trading             0            0
100                        Profit / loss on disposal of:                    996          996             -
                                     a) loans                                0            0

                     b) financial assets available for a vendit             996          996             -

                               Operating income                           9.198.329   9.198.329          -

110                    Net adjustments for impairment of:                 -912.396     -912.396          -

                                     a) loans                             -722.862     -722.862          -
                            d) other financial assets                     -189.534      -189.534          -
120                           Administrative costs:                      -7.444.471   -7.444.470         1
                                  a) staff costs                         -4.273.382   -4.291.952      (18.570)
                        b) Other administrative expenses                 -3.171.089   -3.152.518      18.571

130                        Write-backs on the material                    -146.127     -146.127          -


140           Net impairment losses on assets immaterial wings             -37.378     -37.378           -


160                   Net provisions for risks and charges                 -39.678     -39.678           -

170                         Other operating expenses                      -129.901     -129.901          -
180                         Other operating income                        313.013      313.012          (1)
                               Adjusted Operating                         801.391      801.391           -
200             Net income (loss) on disposal of investments                 0            0
           Net income (loss) from continuing operations before of
                                                                          801.391      801.391           -
                                   taxes

210             Income taxes on current activities of the work            -760.475      -760.475          -

                                       Net income (loss) after tax of
                                                                           40.916      40.916            -
                                      taxes
220                            Net income (loss)                           40.916      40.916            -




                                                                                                                 247
Statement of Cash Flows

Indirect method

                             ACTIVITY 'OPERATIVE          31/12/2008    31/12/2008
                                                                                       Delta
                                                          deposited     reclassified
1. MANAGEMENT                                               986.962        986.962       -
- Operating result                                           40.916         40.916
 - Net adjustments for impairment                           722.862        722.862
 - Net adjustments to tangible                              146.127        146.127
 - Write-backs on them immaterial                            37.378         37.378
- Provisions for risks and charges                           39.679         39.679
- Other adjustments                                            0               0
2. LIQUIDITY GENERATED / ABSORBED BY ACTIVITIES
                                                          4.982.773       4.982.773      -
FINANCIAL
- Financial assets available for sale                       243.969        243.969
- Loans to banks                                           6.993.653      6.993.653
- Loans to financial institutions                           (35.775)       (35.775)
- Loans to customers                                      (2.229.897)    (2.229.897)
- Other assets                                               10.823         10.823
4. Cash generated / absorbed by the passivity
                                                           (967.808)     (1.048.236)   80.428
FINANCIAL
 - Due to banks                                           2.979.037       2.979.037
 - Due to financial institutions
 - Due to customers
- Other liabilities                                       (3.946.845)    (4.027.273)
NET CASH GENERATED / ABSORBED BY
                                                          5.001.927       4.921.499    80.428
OPERATING ACTIVITIES (A)

INVESTING ACTIVITIES

1. CASH GENERATED FROM DECREASE                                0               0
- Tangible assets                                                             0
2. CASH ABSORBED BY THE                                    (304.685)      (304.685)      -
- Tangible assets                                           (84.980)       (84.980)
- Intangible assets                                         (69.705)       (69.705)
- Participation                                            (150.000)      (150.000)
NET CASH GENERATED / ABSORBED BY
                                                           (304.685)      (304.685)      -
INVESTMENTS (B)

FINANCING ACTIVITIES

- Distribution of dividends and other                     (1.590.790)    (1.590.790)
- Purchase of own shares                                  (1.591.204)    (1.591.204)
 share premium reserves and profits                            0              0
- Share capital increase                                       0              0
NET CASH GENERATED / ABSORBED BY
                                                          (3.181.994)    (3.181.994)     -
FINANCING (C)
NET CASH GENERATED / ABSORBED IN                          1.515.248       1.434.820    80.428


                                                          31/12/2008     31/12/2008
RECONCILIATION:                                                                        Delta
                                                          deposited        Reclass
Cash and cash equivalents at beginning of the army izio   77.367.266     77.367.267      (1)
Total cash generated / absorbed nell'eser exercise         1.515.248      1.434.820    80.428
Cash and cash equivalents at the end of Ex ercizio        78.882.514     78.802.087    80.427


                                                                                         248
2.2 Reconciliation between the balance sheet and income reported in the annual report of the separate
financial statements for 2008 and published the same data included in the restated statements reported in
the annual report of the 2009 budget for comparative purposes


Balance Sheet Conafi Spa
(Amounts in Euros)

                                                     31.12.08              31.12.08
                    Assets                                                                       Change
                                                    Published             Reclassified
Cash and cash equivalents                                3.050                  3.050                 -
Financial assets available for sale                   152 .858                152.858                -
Credits                                              96.300.793             96.194.989           (105.804)
Investments                                           3.854.207              3.854.207               -
Assets                                                413.473                 413.473                -
Other activities                                      7.785.508              7.473.500           (312.008)
TOTAL ASSETS                                         108.509.889            108.092.077          (417.812)
                                                     31.12.08              31.12.08
Liabilities                                                                                      Change
                                                    Published             Reclassified
Debts                                                13.687.617             13.609.471            (78.146)
Other liabilities                                     9.475.960              9.415.927            (60.033)
Provisions for risks and charges                      887.982                 608.349            (279.633)
Shareholders' equity                                 84.458.330             84.458.330               -
TOTAL LIABILITIES AND EQUITY
                                                     108.509.889            108.092.077          (417.812)
NET




                                                                                                             249
Income Statement Conafi Spa
(Amounts in Euros)

                                                       31.12.08        31.12.08
          INCOME                                                                      Change
                                                      Published      Reclassified
Net interest income                                     4.006.087       4.006.087          -
Net commission income from brokerage and other          5.191.246       5.191.246          -
Operating income                                        9.198.329       9.198.329          -
Administrative costs                                   (7.444.471)      (7.444.470)       1
Net provisions for risks and charges                    (39.678)         (39.678)          -
Net impairment losses on fixed assets                   (183.505)       (183.505)          -
Value adjustments to receivables                        (912.396)       (912.396)          -
Other net operating income                              183.112          183.111          (1)
Operating profit                                        801.391          801.391           -
Profit on disposal of investments                          0                0
Income Taxes                                            (760.475)       (760.475)          -
Net income                                               40.916           40.916           -




                                                       31.12.08        31.12.08
                   INDICATORS                                                         Change
                                                      Published      Reclassified
Cost to income ratio                                     81.40%           91.30%        9.90%
Total administrative expenditure / Operating Income      80.90%           80.90%           -
Personnel expenses / Operating Income                    46.50%           46.70%        0.20%
Other administrative expenditure / Operating Income      34.40%           28.80%        (5.60%)
Trading profit / Operating Income                        8.70%            8.70%            -
ROE (net income / equity)                                0.00%            0.00%




                                                                                                  250
                                                           ANNEX 2
Fees for audit and non-audit services
In this prospectus prepared in accordance with art. 149-k of the Issuers Regulation, the year 2009 for audit    are the charges for members of its
services rendered by the same auditing firm and                                                                network.


(Value in EUR)


                                           Person who has
   Type of service                                                                       recipient                        Consideration (1)
                                           Service provider
Audit                                            Mazars SpA                           Capoguppo Conafi                              25.250
Audit                                            Mazars SpA                        Company controls you (2)                         12.695
Other Services                                   Mazars SpA                             Subsidiaries (3)                            28.650
Total                                                                                                                               66.595




     (1)   : VAT and excluding fees
     (2)   : Company Italifin Ltd.
     (3)     Due Diligence company acquisition




                                                                                                                                                     251
      Certificate under Article .81-ter of Consob Regulation 11971 of 14
                    May 1999 and subsequent amendments and additions




1. Dr. Nunzio Chiolo The undersigned Chairman of the Board of Directors and Chief Executive Officer, Dr. Joseph Vigorelli Managing Director and
Dr. Claudio Forte Manager responsible for preparing the financial reports of Conafi Prestitò SpA, Torino current - via Cordero di Pamparato No 15
certify, taking into account the provisions of article 154-bis, paragraphs 3 and 4, of Legislative Decree 24 February 1998 58:


      - the adequacy with respect to the Company
      and
      - effective implementation


of administrative and accounting procedures for the preparation of financial statements in 2009.


2. Verification of the actual and ap plication of administrative and accounting procedures for the preparation of financial statements at 31 December
2009 was conducted in the context of the redefinition of business processes and information systems and has been consistent with the COSO models,
which constitute the reference framework for the control system ineterno generally accepted internationally.


3. You also certify that:
3.1 the financial statements:
       d)   is prepared in accordance with international accounting standards recognized in the uropean and under Regulation (EC) No: 1606/2002 of
            the European Parliament and the Council of 19 July 2002;
       e)   corresponds to the books and records;
       f)   is likely to give a true and fair view of assets and liabilities, of the issuer and the undertakings included in consolidation


3.2    The annual report includes a reliable analysis and outcome of management, and the situation Conafi Loan 'Spa, and as the sender, together
       with a description of the principal risks and uncertainties it faces.




                                                                                                                                    Date: March 29, 2010


                                                                                                                                             Nunzio Chiolo
                                                                                                                                        Giuseppe Vigorelli
                                                                                                                                              Claudio Forte




                                                                                                                                                       252

				
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