Milano, 06 October 2004

Nextra Investment Management SGR and the Commissioner (Commissario delle Procedure di Amministrazione Straordinaria) of the Parmalat Group announce that today Nextra formalized a proposal for the settlement of all reciprocal relations and claims related to the bonds issued in June-July 2003 by Parmalat B.V. for a principal amount of 300 million euro, guaranteed by Parmalat s.p.a., purchased by Nextra in June-July 2003 and resold by Nextra, in a principal amount of 280 million euro, in October 2003.


The proposed settlement provides that, upon payment by Nextra of an aggregate amount equal to    160 million euro, any revocatory action and/or action for damages against Nextra and/or any other entity being part of the Nextra and/or Intesa Group related to the purchase and resale by Nextra of the above-mentioned bonds will be waived.


Within five days from the date hereof, the proposal will be submitted by the Commissioner, with his favourable opinion, to the Surveillance Committee (Comitato di Sorveglianza) and to the Minister of Productive Activities (Ministro delle Attività Produttive) in order to obtain the authorization provided for by Article 42 of Law 270/1999. Upon the granting of this authorization, the proposal will be accepted within the three following days.