Clarifications concerning the public float requirement of BNL to be restored after the MTO

With reference to our press release of 23 July 2005 concerning the intention of Unipol Assicurazioni S.p.A. (‘Unipol’) to launch a Mandatory Tender Offer (‘the Offer’) on the ordinary shares of Banca Nazionale del Lavoro S.p.A. (‘BNL’), in accordance with Articles 102, 106 (1) and 109 (1) (a), of Legislative Decree no. 58/98 (‘TUF’), we hereby clarify what follows.
Upon completion of the Offer, should Unipol own (together with the other shareholders with which Unipol signed several shareholders agreements on 18 July 2005, the ‘Pact Members’), a holding of BNL ordinary shares (the ‘Shares’) higher than 90% but lower than 98%, as a result of both shareholders tendering their shares and of shares purchased outside the Offer but within the Offer period, the public float requirement shall be restored most appropriately within 120 days from payment for the shares tendered, to ensure normal trade conditions.