Milan, 2 October 2006 – Sopaf S.p.A. announces that it has sold 10% of the share capital of Delta S.p.A. to the Banco Popolare di Verona e Novara. The transaction, which was perfected through the exercise of a call option that Sopaf had granted to the bank in February, is a confirmation of the working relationship between the two parties in the consumer credit business.  The working relationship was inaugurated in 2005 through a partnership between the company, Essere S.p.A. (a Sopaf Group company which operates as a residential mortgage broker) and the Banco Popolare di Verona e Novara. Based on the price of €20.76 million to be paid for the transfer of the shares, Sopaf S.p.A. is realizing a capital gain of roughly €1.2 million on the transaction, and also has accrued a dividend of €1 million against Delta's 2005 earnings.

The Banco Popolare di Verona e Novara, which previously held 10% of Delta, has thus increased its investment to 20%, and is one of a group of shareholders that includes the Cassa di Risparmio della Repubblica di San Marino S.p.A., Delta's management and the Sopaf Group.

Doing business since 2003, the Bologna-based Delta is active in financial intermediation, offering a wide range of products and services to the retail segment: personal loans, special-purpose loans, loans against payroll, leasing, credit cards, long-term rentals, factoring, banking products and services, and credit recovery. The Delta Group, which currently employs over 570 people and operates from 200 sales outlets, is the twelfth-ranking company in the ASSOFIN classification as of 30 June 2006, with market share of 3.8% (3.2% as of 31/12/2005) and an annual rate of loan growth at around 42.7% (30 June 2005 - 30 June 2006). The Delta Group's outstanding consumer credit receivables as of mid-2006 amounted to around €1 billion, and included €200 million of direct loans, €353 million of auto loans, €203 million of other, special-purpose loans, €240 million of loans against payroll and other payments, and €4 million of credit card receivables.

For additional information:
Maria Antonietta Barelli    
Sopaf S.p.A. - Investor Relations  
Tel +39-02 72142429               
mabarelli@sopafgroup.it 

Claudia Caracausi 
Twister communications group
Tel +39-02 438114.212 – +39-338 4476613
ccaracausi@twistergroup.it