PARENT COMPANY NET INCOME UP TO 33 MN CONSOLIDATED PREMIUMS STABLE AT 1,046 MN (ON A LIKE- FOR-LIKE BASIS)

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1 Società Cattolica di Assicurazione - Società Cooperativa Registered headquarters: Lungadige Cangrande 16, Verona, Italy Tax identification and Verona Companies Register no Cooperatives register no. A Q RESULTS APPROVED PARENT COMPANY NET INCOME UP TO 33 MN CONSOLIDATED PREMIUMS STABLE AT 1,046 MN (ON A LIKE- FOR-LIKE BASIS) CONSOLIDATED INCOME 21 MN GREEN LIGHT FOR THE FIRST EXTRAORDINARY OPERATIONS INCLUDED IN THE BUSINESS PLAN Verona, May 10th In early 2007, the Cattolica Group's divisions have been busy at different levels redesigning the group's strategies in light of competitive and regulatory changes, and of the new arrangements for bancassurance partnerships. The ultimate aim of these efforts is to continue along a path of sustainable profitability. The process has led to the presentation of the business plan on March 1st, and to the consequent definition of units, projects and plans of work. In accordance with the Business Plan, the initial steps have been taken toward conducting the first of several extraordinary operations that will simplify and streamline the group throughout The purpose of these operations, as a whole, is to realize the group's new business model by which operating units will be concentrated vertically under the parent company and production units will be specialized by distribution channel. Against this backdrop of strategic and operational realignment, Cattolica Assicurazioni closed the first quarter of 2007 with individual net income of 33 mn (up from 9 mn in 1Q06), thanks in part to a significant inflow of dividends. Consolidated net income, which is not yet benefiting from the corporate operations planned for the year in course, came to 21 mn; note that the 38 mn earned in 1Q06 included more than 10 mn in extraordinary income. The group's insurance subsidiaries made a strong contribution this quarter, with net income on the rise in almost all cases in comparison with the previous year. The financial component also made further progress.

2 In the consolidated accounts, due to transactions underway at March 31st 2007 which will take BPV Vita out of the parent company's control, this activity has been treated as a discontinued operation in accordance with IFRS 5. As a result, the consolidated balance sheet and income statement figures have been reclassified and summarized under the items designated for that purpose by IAS/IFRS 1. To make results comparable and provide a more faithful disclosure of the group's real earnings trend, the 2006 figures provided for comparison have also been redetermined. That said, consolidated premiums 2 from direct and indirect business held steady at 1,046 mn ( 1,051 mn for 1Q06 restated 1 ; -0.5%). Direct and indirect insurance premiums reached 1,030 mn ( 1,029 mn for 1Q06 restated 1 ; +0.1%). Direct P&C premiums were essentially stable at 389 mn ( 394 mn in the first quarter of 2006; -1.3%). In terms of the business mix, the group continued to shift the portfolio toward more profitable areas (general third-party liability was stable; third-party motor -4.6% due to realignment efforts; accident insurance +7.7% and illness +16.7%). In line with the business plan, which aims to increase non-auto policies as a percentage of the property & casualty sector, non-motor premiums were up by 4%. Consolidated net income from P&C came to 3 mn ( 19 mn in 1Q06). Life insurance premiums, which do not yet reflect the business soon to arrive through the partnership with Banca Popolare di Vicenza, totalled 631 mn ( 624 mn for the first quarter of 2006, restated 1 ; +1.1%). Total premiums came to 647 mn (restated figure 1 for 1Q06: 646 mn; +0.2%). Consolidated net income from life insurance stood at 18 mn ( 16 mn in 1Q06 restated 1 ). By quarter end the number of agencies was 1,473 (1,482 at the close of 2006), and the group had 3,038 bank branches distributing its products (3,049 at the end of the previous year). Net financial income and charges amounted to 78 mn ( 51 mn for 1Q06 restated 1 ; +52.9%). This progress stems from gradual changes in the asset allocation of investment portfolios, a process that began in 2006, which is helping the group profit from trends in the financial markets. Note: 1 As detailed in the quarterly report, due to transactions underway at March 31st 2007 which will take BPV Vita out of the parent company's control, the relative assets and liabilities have been reclassified to the following items in accordance with IFRS 5, paragraphs 33 and 35: 6.1 Non-current assets or assets of a disposal group held for sale"; 6.1 Liabilities of a disposal group held for sale ; and 4 Income (loss) from discontinued operations". In accordance with paragraph 34 of IFRS 5, the income statement figures for the first quarter of 2006 have been restated accordingly. 2 The term premiums includes the sum of insurance premiums and income from investment contracts (as defined by IFRS 4).

3 Gross technical reserves for direct and indirect P&C business amounted to 3,165 mn (+0.1% vs. December 2006) while life reserves, inclusive of financial liabilities, amounted to 10,849 mn (-25.7%). Investments totalled 14,360 mn (-20.8% since the close of 2006). At March 31st 2007, consolidated shareholders equity, including the period s earnings, amounted to 1,406 mn vs. 1,374 mn at year-end 2006 (+2.3%). The company advises that Cattolica Assicurazioni's consolidated accounts for the quarter ending March 31st 2007 will be at the public's disposal at the company's registered headquarters and at Borsa Italiana SpA as from May 15th. GROUP REORGANIZATION The Board of Directors of Cattolica Assicurazioni has approved some of the first extraordinary operations that in 2007 will rearrange the group's business model. Cattolica Assicurazioni will be acquiring the non-auto branch of Compagnia Italiana Rischi Aziende SpA (CIRA), a wholly-owned subsidiary of Società Cattolica di Assicurazione based in Verona, which specializes in corporate P&C and operates through a network of brokers. The acquisition, subject to approval by the insurance regulator (ISVAP), is the first step toward creating Mapfre Cattolica Auto: a motor joint venture with insurer Mapfre that will use CIRA as a vehicle company to take over the motor divisions of Cattolica Assicurazioni and Duomo Uni One. According to the business plan, growth of the motor business will be accelerated by the new joint venture, which will selectively introduce the skills and industrial know-how of Mapfre one of Spain's leading insurers to the Italian market. This will allow the group to cross-fertilize regulatory changes with the logic and approach of a new, specialized competitor. The CIRA branch will be acquired for 18.6 mn, against adjusted net equity of 8.9 mn and premiums of 22.2 mn. The price was determined by an appraiser designated by both parties, who used the standard valuation methods applicable to the case in hand. CIRA, whose carrying value in the parent company's 2006 financial statements was 19.5 mn, closed the year with total premiums of 22.3 mn and a loss of 1.2 mn. At December 31st 2006 it had shareholders equity of 17.1 mn. The compensation paid to the directors and statutory auditors of the companies involved will not change as a result of the operation. To launch the process of centralizing all of the group's life insurance facilities at the parent company's new agency business unit (Compagnia del Territorio ), the directors have also approved the merger of Duomo Previdenza and Persona Life into Cattolica Assicurazioni.

4 Duomo Previdenza, whose carrying value in the parent company s accounts is 70.5 mn, closed 2006 with premiums of 72.1 mn and a loss of 4.5 mn. At December 31st 2006 it had shareholders equity of 73.5 mn. Persona Life, carried in the parent company s accounts for 45 mn, closed the year with premiums of 67 mn and a loss of 5.8 mn. At December 31st it had shareholders equity of 39.3 mn. Persona Life is now a wholly-owned subsidiary of Società Cattolica di Assicurazione, which as previously mentioned has acquired the investment from its subsidiary Duomo Uni One. The merger resolution and the documentation required by law will be filed according to the terms of the law at the company's registered office, at the Companies Register (Registro delle Imprese) and at CONSOB, and made available to the public at Borsa Italiana SpA. Before the merger takes place it must be approved by the insurance regulator. Attachments: restated consolidated balance sheet and income statement for the quarter ended March 31st SOCIETA CATTOLICA DI ASSICURAZIONE

5 Cattolica Group - Consolidated quarterly report as at March 31st 2007 (IAS/IFRS) Reclassified Balance sheet (amounts in mn ) (*) Amount % Change Compulsory Scheme items(**) Assets Real estate property Equity investments in subsidiary and associated companies Loans and receivables Investments held to maturity Financial assets available for sale 6,037 6, Financial assets valued at fair value recorded in the income 7,255 10,361-3, Liquid funds and equivalents Investments 14,360 18,125-3, Intangible assets Technical provisions - reinsurance amount Other assets, net of other liabilities of whichc assets of a disposal group held for sale 3, ,444 (*) of which liabilities of a disposal group held for sale -3, ,320 (*) ASSETS 15,709 19,496-3, Liabilities and shareholders' equity Group capital and reserves 1,385 1, Group net profit for the year Consolidated net shareholders' equity 1,406 1, Provision for unearned premiums Provision for claims outstanding 2,609 2, Gross technical provisions - non-life 3,165 3, Actuarial provisions 9,478 12,632-3, Shadow accounting provision Gross technical provisions - life 9,462 12,626-3, Other gross non-life technical provisions Other gross life technical provisions Financial liabilities 1,519 2, of which deposits from policyholders 1,387 1, TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 15,709 19,496-3, Reclassified income statement (amount in mn ) (*) (*) Amount % Change Compulsory Scheme items(**) INSURANCE BUSINESS Net premiums 999 1, Net charges relating to Operating expenses of which: commission and other acquisition costs of which: other administrative expenses Other revenues net of other costs (other technical income and charges) FINANCIAL OPERATIONS Net income deriving from financial instruments valued at fair value stated in the income statement Net income deriving from equity investments in subsidiary and associated companies and joint-ventures Net income deriving from other financial instruments and property investments Commission income net of commission expense Operating expenses relating to investments Result of financial operations RESULT OF INSURANCE BUSINESS AND FINANCIAL OPERATIONS Other revenues net of othar costs (excluding other technical income and charges included under financial operations) PRE-TAX PROFIT FOR THE YEAR Taxation PROFIT FOR THE YEAR NET OF TAXES PROFIT PERTAINING OPERATING ASSETS DISPOSAL (*) CONSOLIDATED NET PROFIT Net profit for the year pertaining to minority shareholders NET PROFIT PERTAINING TO THE GROUP (*) As detailed in the quarterly report, due to transactions underway at March 31st 2007 which will take BPVVita out of the parent company's control, the relative assets and liabilities have been reclassified to the following items in accordance with IFRS 5, paragraphs 33 and 35: 6.1 Non-current assets or assets of a disposal group held for sale"; 6.1 Liabilities of a disposal group held for sale ; and 4 Income (loss) from discontinued operations". In accordance with paragraph 34 of IFRS 5, the income statement figures for the first quarter of 2006 have been restated accordingly. (**) Here the items of the consolidated annual report ex provv. ISVAP 22 December 2005, n are indicated