Unipol Assicurazioni - Clarifications on BNL press release regarding the MTO on BNL shares

With reference to the press release issued today by the Board of Directors of Banca Nazionale del Lavoro S.p.A. (‘BNL’), pursuant to and for the intents and purposes of Article 103(3) of the Finance Consolidated Law and Article 39 of the Regulation on Issuers (‘BNL Press Release’), concerning the mandatory public tender offer on BNL ordinary shares (the ‘Offer’) launched by Unipol Assicurazioni on 16 August 2005, we deem it appropriate to reiterate and clarify the following.
a) financial sustainability of the operation and stability of the financial conglomerate
As already disclosed to the market, the financial coverage of the operation, the maximum expected expenditure of which is of €5.4bn, is widely guaranteed by own funds and fundraising sources available to the Company.