Banche Popolari Unite


RE: BANCHE POPOLARI UNITE S.C.R.L
    EUR 400,000,000.00
    MATURING: 30-Sep-2011
    ISSUE DATE: 30-Sep-2004
    ISIN: XS0202393285

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
29-Sep-2006 TO 29-Dec-2006 HAS BEEN FIXED AT 3.576000 PCT

DAY BASIS 91/360

INTEREST PAYABLE VALUE 29-Dec-2006 WILL AMOUNT TO:
EUR 90.39 PER EUR 10,000.00 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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