Gruppo Intesa’s exposure to Parmalat consists of approximately €220 million of self-liquidating advances on receivables, approximately €115 million of other short-term loans, approximately €20 million of guarantees and €8 million of securities, for a total amount of approximately €360 million. There are no positions in derivatives.

This exposure is not foreseen to affect 2003 consolidated results - expected in line with Banca Intesa’s Business Plan targets - due to the capital gains of approximately  €290 million already registered in the fourth quarter 2003 (stemming from the real estate spin-off, the contribution of Banca Primavera’s PFS operations to Banca Generali and the transfer of bancassurance activities to new Intesa Vita) and the substantial size of the outstanding generic allowance covering performing loans (€1,104 million as of 30th September 2003).