Verona, 22 December 2011

The Board of Directors of Cattolica Assicurazioni passed a resolution regarding an approximately 162 million euro realignment of goodwill on investments recorded in the Consolidated Financial Statements. The realignment will, altogether, lead to a total substitute tax charge of around 26 million euro, with the recognition of deferred tax assets of around 56 million euro, which will generate a beneficial impact on the solvency margin of approximately 4 bps.