Italy, 21 February 2007 Dear Chairman,

I will restrict myself to the facts. On the morning of Monday 19 February, Avv. Ripa de Meana in his role as Chairman of the Capitalia Shareholder Pact, asked to see me in order to inform me of your request that a meeting of the Pact be called to take place on Thursday 22 February, prior to the meeting of the Group's Board of Directors called to review the 2006 financial year results. The purpose and objective of the calling of the Pact meeting is to be a presentation by you on Capitalia's governance at the conclusion of which the Board of Directors will be requested to revoke my responsibilities and therefore my powers to manage the Bank.