Unipol Gruppo Finanziario - Press release on the relations with BPM

With reference to the communication issued on 19 October 2007, which related to the conditions for starting a discussion aimed at investigating some hypothesis of alliances between Unipol Gruppo Finanziario and Banca Popolare di Milano S.c.a.r.l., it is hereby notified that today the Company was informed that, as Banca Popolare di Milano is at a preliminary assessment stage of various strategic development options, the conditions to the requested commitment for reciprocal exclusive negotiations do not exist.

Unipol Gruppo Finanziario confirmed to Banca Popolare di Milano that – according to its own assessments and in the interest of all stakeholders – the commitment for reciprocal exclusive negotiations represents a necessary prerequisite to start an earnest and transparent investigation of possible common courses.