185000000 IT Holding Finance SA

This annual report has been prepared by IT Holding S.p.A. in compliance with the Indenture governing the Senior
Notes due 2012 issued by IT Finance Holding S.A. and contains substantially the same information required to be
contained in annual reports on Form 20-F under the Exchange Act, as in effect on the date of the Indenture, including
(i) audited financial statements prepared in accordance with IFRS and (ii) a presentation of EBITDA of the Company
derived from such financial statements; with the exception of (a) any reconciliation of any line item to U.S. GAAP or
any other U.S. GAAP disclosures or any audit under U.S. generally accepted auditing standards, (b) the disclosures
required by Item 15 (Controls and Procedures), Item 16A (Audit Committee Financial Expert) and Item 16B (Code of
Ethics), (c) the disclosure required by Section 404 of the Sarbanes-Oxley Act of 2002, (d) the exhibits required by such
form (including, for the avoidance of doubt, certificates of relevant officers of the Company required by Sections 302
and 906 of the Sarbanes-Oxley Act of 2002) and (e) separate financial statements for any affiliates of IT Holding
S.p.A. even if such financial statements would be required to be included on Form 20-F pursuant to a rule or rules
under Regulation S-X as promulgated by the U.S. Securities and Exchange Commission.
TABLE OF CONTENTS
Page
Presentation of Financial and Other Information and Certain Definitions
and Other Data .......................................................................................................... 1
Forward-Looking Statements..................................................................................... 2
Key Information......................................................................................................... 4
Risk Factors................................................................................................................ 12
Description of Business.............................................................................................. 25
Operating and Financial Review and Prospects......................................................... 37
Directors, Senior Management and Employees ......................................................... 50
Principal Shareholders ............................................................................................... 53
Related Party Transactions......................................................................................... 54
Index to Financial Statements .................................................................................... F-1