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PARMALAT

Parmalat Finanziara SpA

Parmalat SpA

Parmalat Finance Corp BV

(single guarantee from Parmalat SpA)

€650mm 6.25% ’05

€350mm 6.125% ‘10

Parmalat Netherlands BV

(guaranteed by Parmalat SpA and Parmalat Finanziara SpA)

€350mm CB 0.875% ’21

Parmalat Capital Netherlands BV

(Single guarantee from Parmalat Finanziara SpA)

€281mm CB 1% ‘05

Other Subsidiaries

Non-directional pair trade – profit from volatility without directional risk

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