52VB Emirate Ab 51 A

    BANCHE POPOLARI UNITE S.C.P.A.

RE: BANCHE POPOLARI UNITE S.C.R.L
EUR 500,000,000
MATURING: 20-Jun-2012
ISSUE DATE: 20-Jun-2005
ISIN: XS0221671547

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
20-Jun-2006 TO 20-Sep-2006 HAS BEEN FIXED AT 3.166000 PCT

DAY BASIS 92/360

INTEREST PAYABLE VALUE 20-Sep-2006 WILL AMOUNT TO:
EUR 404.54 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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