Securitisation of Research Loans

1. Originators: Ministero delle Attività Produttive Ministero dell’Istruzione, dell’Università e della Ricerca Securitisation of Research Loans Società di Cartolarizzazione Italiana Crediti a responsabilità limitata S.C.I.C. a r.l. Investors Report Class A1 € 300,000,000 Research Loan Asset-Backed Floating Rate Notes due 2008* Class A2 € 979,000,000 Research Loan Asset-Backed Floating Rate Notes due 2023 Interest Payment Date: 22nd September 2010 *Class redeemed in full on 22nd March 2006

2. Index 1. The Notes ………………………………………..…...……… page 5 2. The Portfolio …………………………………………....…… page 9 3. Application of funds………………………………..….…… page 15 4. Glossary of Terms ……………………………...….……….. page 19 5. Contacts…………. ……………………………...….……….. page 21 In reviewing this information please refer to the important qualifications set forth in the Disclaimer – page 23

3. Introduction • The Performing Outstanding Portfolio as at 31st August 2010 is equal to Euro 298,502,022.06 against an Initial Portfolio of Euro 1,536,586,766.80 plus Euro 23,467,984.00 receivables purchased from the MIUR on 21st December 2004. • The total Collections (excluding recoveries) up to the 31st August2010amount to Euro 1,345,818,233.31 • The balance of the Collection Account as at the Determination Date falling on 15th September 2010, before the application of the relevant Priority of Payments at the Interest Payment Date falling on 22nd September 2010, amounts to Euro 68,273,721.97. • The Pool Factor on the Outstanding Portfolio as at the end of the Reporting Period is equal to 18.27%.

4. Introduction Replacement of Lehman Brothers Special Financing Inc. with Banca IMI as swap counterparty and Termination Payment by LBSF On 29 September 2004, the Issuer entered into an International Swaps and Derivatives Association, Inc. (ISDA) 1992 Master Agreement (Multicurrency-Cross Border) (together with the schedule thereto and a confirmation evidencing a transaction thereunder (the Hedging Transaction) with, inter alios, Lehman Brothers Special Financing Inc. (LBSF or the Hedging Counterparty) in order to hedge against certain interest rate risks arising in respect of its floating rate interest obligations under the Notes. The obligations of LBSF as the Hedging Counterparty under the Hedging Transaction was guaranteed by Lehman Brothers Holdings Inc. (LBHI) as Credit Support Provider, which filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code on Monday 15 September 2008 and certain of its subsidiaries entered into certain protective bankruptcy or similar proceedings in various jurisdictions. On 22 September 2008, LBSF failed to make the scheduled payments that pursuant to the Hedging Transaction were due to be made by LBSF on 22 September 2008, Interest Payment Date. On 23 October 2008 the Issuer has sent to, inter alios, LBSF a notice of termination of the existing swap agreement with LBSF, designating 27 October 2008 as an "early termination date" in respect of all outstanding relevant transactions. On 27 October 2008, with effective date 22 September 2008, the swap entered into with Lehman Brothers Special Financing Inc. has been replaced by a new swap entered into with Banca IMI which therefore has become the sole swap counterparty of S.C.I.C. in relation to the securitisation transaction, in connection to which the Notes have been issued.

5. Introduction Replacement of Lehman Brothers Special Financing Inc. with Banca IMI as swap counterparty and Termination Payment by LBSF Based on the information received by the Issuer, we understand that: (a) the terms and conditions of the new swap, regulating the periodical payments due the Issuer and the swap counterparty, had not been amended; (b) the Issuer paid to Banca IMI an amount equal to EUR 3,670,000 (as replacement cost) on the payment date falling on 23 March 2009; (c) the Issuer claimed its credit arising from the replacement (together with the amount of EUR 1,366,428.51 payable by Lehman Brothers Special Financing Inc. on 22 September 2008, amount that was paid on 30 June 2009) towards Lehman Brothers Special Financing Inc., as swap counterparty, and Lehman Brothers Holdings Inc., as credit support provider; (d) the above-mentioned credit of the Issuer benefited from a cash collateral created in favour of the Issuer by Lehman Brothers Holdings Inc. through a declaration of trust, the balance of which was about EUR 7,527,000. On 30 June 2009, LBSF paid to SCIC an amount of Euro 5,089,081.01 (Termination Payment). No further amounts shall be due or payable by LBSF or SCIC in connection with the termination of the Swap Transaction.

6. 1. The Notes

7. 1. The Notes • Issuer: Società di Cartolarizzazione Italiana Crediti a responsabilità limitata – S.C.I.C. a r.l. • Issue Date: 30th September 2004 • Arrangers/Joint Lead Managers: Banca IMI S.p.A., Dresdner Bank AG and Lehman Brothers International (Europe) • The Notes:

8. 1. The Notes (continued) A portfolio of soft-rate loans (finanziamenti agevolati) originated by MAP and MIUR Soft-rate loans deriving from FIT (Fondo speciale rotativo per l’Innovazione Tecnologica) and granted by MAP*; Soft-rate loans granted by MIUR* out of the FAR (Fondo Agevolazioni alla Ricerca) and out of FSRA (Fondo Speciale per la Ricerca Applicata). • Underlying Assets for the Notes: • The Portfolio: • Servicer: Ministero delle Attività Produttive (“MAP”)* Ministero dell’Istruzione, dell’Università e della Ricerca (“MIUR”)* • Corporate Services Provider: KPMG Fides Servizi di Amministrazione S.p.A. • Representative of the Noteholders: Securitisation Services S.p.A. • Transaction Administrator: Securitisation Services S.p.A. • Hedging Counterparty: Banca IMI** • Cash Manager, Agent Bank and Principal Paying Agent: Citibank N.A., London Branch • Italian Paying Agent and Transaction Account Bank: Citibank N.A., Milan Branch • Luxembourg Paying Agent: Kredietbank S.A., Luxembourgeoise • Collection Account Bank: Tesoreria Centrale dello Stato *Pursuant to “decreto-legge 18 maggio 2006, n. 181” of the Italian Law, the name of the relevant ministries has been changed in “MSE” (Ministero dello Sviluppo Economico) for the MAP, and “MUR” (Ministero dell’Università e della Ricerca) for the MIUR ** See page 3

9. 1. The Notes 1. The Notes (continued) CLASS A1* - ISIN CODE IT0003731418 *Class redeemed in full on 22nd March 2006 CLASS A2 - ISIN CODE IT0003731426

10. 2. The Portfolio

11. 2. The Portfolio Information about Collections

12. 2. The Portfolio (continued) Collections Balance

13. 2. The Portfolio (continued) Outstanding Portfolio – Performing Loans

14. 2. The Portfolio 2. The Portfolio (continued) The Portfolio performance – Performing Loans

15. 2. The Portfolio 2. The Portfolio (continued) Outstanding Portfolio – Non Performing Loans

16. 3. Application of funds

17. 3. Application of funds Issuer Available Funds

18. 3. Application of funds (continued) Application of the Issuer Available Funds Pre-Event Priority of Payments

19. 3. Application of funds (continued) Summary of the Issuer Available Funds application from the beginning of the deal

20. 4. Glossary of Terms

21. 4. Glossary of Terms Glossary of Terms • ACCUMULATION AMOUNT: means any Issuer Available Funds remaining after the payment in full of items (i) to (vii) in the PreEvent Priority of Payments on any Payment Date on which there is Principal Amount Outstanding on any Notes • BUSINESS DAY: means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) (or any successor thereto) is open and a day (other than a Saturday or Sunday) on which banks are open for general business in London, Milan and Rome • DETERMINATION DATE: means in relation to a Payment Date the day falling 5 Business Days prior to such Payment Date • EXPENSES RETENTION AMOUNT: means an amount not exceeding EUR 50,000 on the Issue Date and on each Payment Date thereafter, to be funded initially out of the net proceeds of the issue of the Notes and subsequently from the Issuer Available Funds, which will be credited to the Ecpenses Account, in order to fund the payment of certain amounts required to be paid by the Issuer during Interest Periods until service of a Trigger Notice • INTEREST PERIOD: means each period from (and including) a Payment Date to (but excluding) the next following Payment Date, provided that the first Interest Period (the “Initial Interest Period”) in respect of the Notes shall be from (and including) the Issue Date to (but excluding) the Payment Date falling in March 2005. • PAYMENT DATE: 22nd of March and September in each year, provided that, if such is not a Business Day, the immediately succeeding Business Day, unless that immediately succeeding Business Day falls in the next calendar month, in which case, the first preceding day which is a Business Day. • PRINCIPAL AMOUNT OUTSTANDING: means in relation to any Note on any Date, the principal amount of that Note upon issue less the aggregate amount of all principal payments in respect of that Note that have been paid prior to such date. • REPORTING DATE: the last Business Day of March and September of each year, the first Reporting Date being in March 2005. • REPORTING PERIOD: means each period of each year which commences (i) on (and includes) the first day of March and ends on the last day of the immediately following August (included) or (ii) on the first day of September (included) and ends on the last day of the immediately following February (inclusive), as the case may be.

22. 5. Contacts

23. 5. Contacts Contacts Joint Lead Managers: • Banca IMI S.p.A.: Luca Morelli +39 02 77512510 luca.morelli@bancaimi.it • Dresdner Bank AG: Fulvia Neri +39 02 72402283 fulvia.neri@drkw.com • Ministero dell’Economia e delle Finanze: Tiziana Mazzarocchi +39 06 4761 3226 tiziana.mazzarocchi@tesoro.it • Transaction Administrator: Giovanni Buogo +39 0438 360 498 g_buogo@finint.it Marianna Pezzutto +39 0438 360 427 m_pezzutto@finint.it This Investor Report is freely available on the website of the Transaction Administrator currently at www.securitisation-services.com * See page 3

24. Disclaimer This Investor Report has been prepared by Securitisation Services and is based on: • The Payments Report dated 17/09/2010 provided by Citibank, N.A., London Branch as Cash Manager • The Servicer Report dated 30/09/2010 provided by MAP and MIUR as Servicers • The information contained into the statements of account of the Issuer (i) Collection Account provided by Tesoreria Centrale dello Stato as Collection Account Bank and (ii) Payment Account and Expenses Account provided by Citibank, N.A., Milan Branch as Transaction Bank; • Other information related to the Portfolio provided by MAP and MIUR as Servicers; • The applicable Rate of Interest and the Interest Amount payable for the Notes on the relevant Interest Payment Date provided by Citibank, N.A., London Branch as Agent Bank; • Other information according to the Transaction Documents provided by the Ministry of Economy and Finance and the Joint Lead Managers. Terms and expressions used in this Investor Report have the same meanings given to them in the Transaction Documents.