BANCHE POPOLARI UNITE S.C.P.A.


RE: BANCHE POPOLARI UNITE SCRL
    EUR 500,000,000.00
    MATURING: 20-Jun-2012
    ISSUE DATE: 20-Jun-2005
    ISIN: XS0221671547

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20-Mar-2007 TO 20-Jun-2007 HAS BEEN FIXED AT 4.096000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 20-Jun-2007 WILL AMOUNT TO:
EUR 523.38 PER EUR 50,000.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881
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