Presentation of Cattolica Group

Ezio Paolo Reggia General Manager Kepler Equities ITALIAN FINANCIAL CEO CONFERENCE Milan, September 28th 2004 Presentation of Cattolica Group 1

Agenda Group Profile Business Strategy First Half 2004 Results Attachments 2

Cattolica Group The Parent Company was founded in 1896 with co-operative legal-entity structure, operating in life and non-life businesses Today the Group is made by 20 companies, among which there are 12 insurance companies The focus on insurance business is guaranteed, other than by the Parent Company, by: 7 companies operating in life business Duomo Previdenza Risparmio & Previdenza BPV Vita Lombarda Vita 4 companies operating in non-life business Il Duomo Assicurazioni Cattolica Aziende Verona Assicurazioni Eurosav Axa-Cattolica Prev. in Azienda San Miniato Previdenza Tua Assicurazioni Group Profile The Group not insurance companies are two real-estate companies, four service companies, one asset management company and one retail-brokerage (Fas) company 4

Business overview Group Profile Multispecialist business, focused on different market segments Multichannel distribution network Main results: 31% Five Year CAGR in consolidated gross written premiums versus a 12% of the market 4.31% market share in 2003 (4.0% Non-Life; 4.5% Life) 7 th Italian Group (7 th Non-Life; 6 th Life) 5 th insurance Group strong bottom-line results (48% Five Years CAGR in Net Consolidated Result vs. Mkt 17%) and constant increase in dividends distributed 9.6% growth in 2003 embedded value with respect to the 2002 figure At the end of 2003, A.M. BEST Co. has affirmed the A (Excellent) financial strength rating of Cattolica (outlook stable) 5

Cattolica Group Structure Group Profile Data as at June 30th 2004 99.98 97.09 83.71 Duomo Assicurazioni Verona Assicurazioni 2 Cattolica Aziende Tua Tua Assicurazioni 100 Tua Tua Retail Non-life insurance Life insurance Other Services 97 100 88 66 50 50.1 50 50 Duomo Previdenza Risparmio&Previdenza 2 0.99 San San Miniato Previdenza BPV BPV Vita Vita Lombarda Vita Vita Eurosav Axa AxaCattolica Previdenza In In Azienda 5 30 3 0.1 30 Cattolica Investimenti SIM SIM dica Verona Gestioni SGR SGR Cattolica Immobiliare 75.25 Nuova San San Zeno Immobiliare Verona Servizi Prisma 70 97 93.91 99.9 65 20 Sources: Consolidated Interim Report as at June 30th 2004 Internal Analyses 6

Multispecialist business focused on different market segments Group Profile CHANNEL Agents Brokers Banks R I S P A R M I O & B A N C A S S U R A N C E A S S U R A N C E Retail CLIENT SEGMENT Corporate 7

Cattolica Group has more than doubled Italian market growth in volumes both in life and in non-life businesses Group Profile Consolidated Gross Premiums Written direct & indirect business (Euro mln) CAGR Catt. MKT 99/03 99/03 1,442 + 92% 2,768 2.012 + 21% + 14% 3,351 2.298 + 11% +7% 3,731 2.464 +13% + 14% 4,212 2.820 31% 32% 12% 15% Life Non-Life 917 525 +119% + 44% 756 + 39% 1.053 + 20% +10% 1.267 1.392 28% 7% % Breakdown Life Non-Life 1999 2000 2001 2002 2003 64% 73% 69% 66% 67% 36% 27% 31% 34% 33% Sources: Consolidated Annual Report 2003, ANIA, ISVAP, McKinsey & Co, A.T. Kearney Internal Analyses 8

Breakdown of business by distribution channel Group Profile LIFE 2003 NON-LIFE 2003 New Business (*) (*) Weight Premiums Weight Agencies 115 4.43% 1,276 93.62% Bank branches 2,213 85.29% 9 0.66% FAs 129 4.97% - - Brokers - - 18 1.32% Other 138 5.31% 60 4.40% Total 2,595 100.00% 1,363 100.00% (*) Premiums - direct business (Euro mln) Sources: Consolidated Annual Report 2003 Internal Analyses 9

Trend of multichannel distribution network Group Profile Agencies FAs Bank Branches (no.) CAGR 99/03 18% (no.) CAGR 99/03 38% (no.) CAGR 99/03 10% 3,053 2,653 2,717 2,748 2,066 900 974 1,024 1,049 895 1,212 546 337 511 613 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 Sources: Consolidated Annual Report 2003 Internal Analyses 10

Business mix: Cattolica Group versus Market Total MARKET 31.12.2003 CATTOLICA GROUP 31.12.2003 Non-Life 35.3% Total Group Profile Non-Life 32.6% Life 64.7% Life 67.4% Non-Life Motor 51.5% Non-Life Motor 60.8% Others 48.5% Others 39.2% Life Index e Unit 42.3% Life Index e Unit 53.8% Traditional 57.7% Traditional 46.2% Sources: Consolidated Annual Report 2003, ANIA - Internal Analyses 11

Market share trend Group Profile Group Market Share (2002 2003; Italian direct business) 4.49% 4.46% 4.31% 4.23% 7 Ranking among Italian Insurance Groups (*) (2002 2003; Italian direct business) 2002 2003 6 7 7 6 Fifth Italian Group considering only original insurers 7 3.99% 3.85% Non-Life Life Total Non-Life Life Total 2002 2003 Non-Life Life MS Total FonSAI Generali Allianz Unipol+W. Toro R. Mutua Cattolica Axa Italia Zurich Sara Generali Allianz SPV+Fid. Generali Allianz FonSAI Unipol+W. Unipol+W. Poste Vita SPV+Fid. Cattolica Toro Toro Cattolica Aviva Poste Vita MPS Aviva Mediolan, MPS FonSAI Generali Allianz Unipol+W. Toro R. Mutua Cattolica Zurich Axa Italia Sara Generali Allianz SPV+Fid. Generali Allianz FonSAI Unipol+W. Unipol+W. Poste Vita SPV+Fid. Cattolica Poste Vita Aviva Cattolica MPS Aviva Fineco Vita Toro Mediolan, MPS (*) Merger between Unipol and Winterthur (Unipol+W.), and between San Paolo Vita and Fideuram (SPV+Fid.) are considered for 2002 and 2003 Sources: Consolidated Annual Report 2003, ANIA - Internal Analyses 12

1990-2003: Main groups comparison Group Profile COMPETITORS VS CATTOLICA - LIFE AND NON-LIFE (Total Italian direct premiums; 2003 ANIA Group aggregates; 1990-2003) Generali vs Cattolica RAS/Allianz vs Cattolica REDUCTION 8.8 x 5.6 x 5.8 x 5.3 x 4.7 x 1999 2000 2001 2002 2003 FonSAI vs Cattolica 4.2 x 3.2 x 3.8 x 3.8 x 3.4 x 1999 2000 2001 2002 2003 Unipol vs Cattolica 3.8 x 2.5 x 2.9 x 2.6 x 2.2 x 3.1 x 2.0 x 2.3 x 2.3 x 2.1 x 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 INVERSION Toro vs Cattolica 1.4 x 0.9 x 0.9 x 0.8 x 0.6 x 1999 2000 2001 2002 2003 Reale M. vs Cattolica 1.0 x 0.7 x 0.7 x 0.6 x 0.5 x 1999 2000 2001 2002 2003 Sources: ANIA, Premi del lavoro diretti italiano different fiscal years Internal analysys 13

Growth in volumes has been performed in combination with strong bottom-line results Group Profile Net profit of the Group (1999 2003; Euro mln) CAGR Catt. 99/03 MKT 99/03 116 47% 17% 57 + 104% 44 46 25 + 76% +5% + 24% 1994 Result ( 10 mln) 1999 2000 2001 2002 2003 Sources: Consolidated Annual Report 2003, ANIA Internal Analyses 14

assuring a constant increase in dividends distributed Group Profile Dividend per share (1999 2003; Euro) Extraordinary dividend Assignment of one new ordinary share for every ten shares 1.00 1.00 1.02 CAGR 99/03 17.3% 0.62 0.70 0.22 0.78 1999 2000 2001 2002 2003 Other Indicators Pay-out (Euro mln) 17 30 33 (ord.) 43 48 43 (incl.extraord.) Dividend yield - 2.28% 3.60% 4.59% 3.50% Sources: Cattolica Individual Annual Report 2003 Internal Analyses 15

Embedded Value as at December 2003 Group Profile Embedded Value (as at December 31st 2003; Euro mln) 193.3 1,176.9 978.5 170.6 983.6 (165.5) Net equity DAC, goodwill and other U.C.G. N.A.V. Life business in force Embedded Value Sources: Internal calculations 16

Main Strategic guidelines and evolutive trends in Italian insurance market Business Strategy Strategic elements and guidelines Integration (M&A) processes and rationalization and concentration in holding structures Volatile expectations on financial markets recovery, with impact on investment results and financial management issues Progressive improvement in technical management, through cost reduction policies and strict portfolio selection Focus on expected profitability of Life products Strengthening of proprietary channels (agents and Fas) and consolidation of new distribution models Strong focus on product innovation with careful customer base segmentation Customers: quest for simplicity and transparency and greater demand for advice Evolutive trends (in volumes) Slow-down of the growth rate in Life business Control on claims and strengthening of anti-fraud systems with consequent possible reduction in tariff dynamics in Motor TPL Growth in Non-Life business other than Motor TPL with an increasing focus on customer segments Sources: Prometeia, Le assicurazioni quotate, Strumenti di valutazione December 2003 Internal Analyses 18

The market is awarding the non-life business in terms of multiples granted to companies Business Strategy 3,0 European Market Multiples Price/ Life Embedded Value Price/ Non-life Net Asset Value 2,5 2,0 1,5 Non-life 1,25x 1,0 0,5 Life 1,05x 0,0 1997 1998 1999 2000 2001 2002 2003 08/04 Sources: McKinsey IER Internal Analyses 19

Mission Business Strategy Mission Strategic Objectives Strategic focus on the core business Consolidation of existing businesses Development of new initiatives and strategic alliances In order to achieve: Full activation of intercompany synergies Maximisation of traditional networks commercial leverage Sound Capital Structure Strong coverage/ consolidation of banking partnerships excellence in customer relationship with an offering of complete, customised and competitive services permanent value creation for shareholders and stakeholders satisfactory risk/ return trade-off with steady development of future profits, featuring limited volatility to the benefit of capital robustness, with an attractive payout promotion of the ethical values that the Group has historically championed Strategy based on difference to capture new market share Enhancement of technical Risk Management capabilities Confirmation of multichannel sales approach Sources: Strategic Plan 2003 2005, Sustainability Report 2003 Internal Analyses 20

Multi channel approach by product lines Business Strategy Channels Agents Banks New Channels Product Lines Guidelines Non-Life Life New Ventures Maximum customisation of Motor TPL tariff Maximum active and passive selection of customers Adequate profit margins from all channels Reduction of time-to-market Ability to innovate products Retention of outgoing capital Strong specialisation Competitive advantage Flexibility Mainly retail with selective approach to corporate risk Focus on profitability rather than merely on volume Pension products still low today but potentially attractive Volumes growing but potential still high High degree of standardisation, with greater financial content or guaranteed minimum return TUA: innovative model similar to franchised selling Brokers: AXA Cattolica Previdenza in Azienda s network, focused on employee benefits Fas: channel for sale of third parties financial products (partner banks, Vegagest) 21

Growth in premiums written by agencies network is the result of the increase in number of agencies and related productivity AGENTS Business Strategy Consolidated Premiums Group Agencies Network (2000-2003; Euro mln) 1,513 1,397 CAGR 00/03 17% 1,159 946 + 131 agencies in three years 2000 2001 2002 2003 1,070 agencies at the end of IIQ04 No. of Agencies 900 974 1.024 1.049 5% Premiums/ Agencies (Euro mln) 1.05 1.19 1.36 1.44 12% 22

Motor: a successful strategy AGENTS Business Strategy Description Since 1994 driver-customised tariffs: unique in Italy and pricing defined by a team of dedicated actuaries (using some 20 parameters) In 2003 Motor premium growth +12.34% with 1,685,000 policies and 1,055,000 clients Duomo s Motor TPL portfolio entirely renewed and aligned with that of Cattolica: 487,000 new Motor policies at December 31st 2003 Centralised systematic vetting of all new policies/risk certifications and dedicated department against fraud Autotutor : newservicetoassistthe customer directly on the place of accident. Consolidated Premiums Motor 291 447 (Euro mln) 651 827 CAGR 99/03 33.7% 929 1999 2000 2001 2002 2003 23

Guidelines for bancassurance business BANKS Business Strategy Long Term growth of bank branches Good level of productivity per branch Defence of margin : stability of average gross margin balanced mix linked vs. traditional reduction of average financial guarantee Cost reduction through integration and economies of scale: 20 bp(*) (*) Other administrative expenses/average life technical reserves, as at December 2003 24

Equity Interests in Banks (bancassurance partners) BANKS Business Strategy 3.15% Banca Lombarda 7.78% Banca di Cividale S.p.A. 6.62% Banca Regionale Europea SpA 16.76% Cassa di Risparmio di Fabriano e Cupramontana SpA 6.38% Banca di Valle Camonica SpA 24.72% Cassa di Risparmio di S. Miniato 1.00% Credito Bergamasco SpA As at september 2004 Joint-ventures with banks New evolutions in bancassurance partnerships: maintaining business relationships selective reduction of capital employment 25

Bancassurance Life business BANKS Business Strategy Bancassurance Bancassurance Life Premiums (Euro mln) CAGR 98/03 46.3% Market Share by Italian Region (no. of banking branches) Agencies and other channels 2,646 branches as at 30.06.2004 2,389 2,043 2,170 1,789 776 356 Premiums/ branch (Eur 000) 1998 1999 2000 2001 2002 2003 235 376 674 752 790 783 <5% 5%-10% > 10% 26

Development of Non-Life Bancassurance: start-up of a new jointventure with BPVN BANKS Business Strategy Description Company structure: 50/50% JV with Banco Popolare di Verona e Novara Mission: to satisfy the increasing demand of families for different non-life risk coverage to leverage commercial and operating sinergies between insurance and banking partners To ensure to costumers high levels of tailored advice and consulting service Operative areas: Motor TPL, fire, theft, TPL liabilities, health, accident & casualty Target: retail customer Pioneering opportunity Integration between bancassurance expertise in life business and technical efficiency in non-life business 27

Tua Assicurazioni: an innovative driver in the Italian Insurance Industry NEW CHANNELS Business Strategy Description 2006 Target First insurer in Italy which innovates the sales model in the agent channel and customer relationships Agencies (no.) 200 via the offer of a specialised range of insurance and financial products/services able to provide an exhaustive and precise response to customers various needs in the personal line, Clients (no.) 90,000 new products created through deep market research (e.g. focus groups), readdressing the role of agents, focusing solely on commercial and activities based on a franchising logic also thanks to market-oriented operating processes permitting maximum efficiency and the shortest time-to-market Non-Life Premiums Life Premiums (Euro mln) (Euro mln) 140 90 By now 15 agencies have been activated 28

Development of employee-benefit products: Axa-Cattolica Previdenza in Azienda NEW CHANNELS Business Strategy Description Company structure: 50/50% JV with Axa Italia Mission: To develop innovative products and services aimed to small middle size companies in the domestic market, major concentration will be on pension and financial solutions for institutional clients To distribute integrated life & non life solutions in the broker, agents and banks channels with a one stop shop approach To deliver a high quality service to brokers and agents through high process innovation, high tech solutions and creativity Organization: flexible and thin model with strong operational outsourcing policies in order to leverage synergies with the two parent groups Life Premiums Non-Life Premiums Technical Result 2006 Target (Euro mln) (Euro mln) (Euro mln) 27 11 1.5 Premi totali 0,016 Al 30.06.2004 Authorisation and start-up in H1 2004 Broker 15 29

Cattolica Investimenti SIM NEW CHANNELS Business Strategy Description 2006 Target Mission: To complete the current product range with financial and banking solutions devised directly by banking partners and available to agency network Fas (licenced) (no.) More than 300 To develop the current degree of customer retention To recruit new sales figures at agencies in order to reach new potential customers of insurance products Results (Euro mln) Break even To strengthen the agency image and territorial presence As at H1 2004 Fas (no.) 70 Net inflows (Eur mln) 32 30

Business strategy: global overview Business Strategy Constant growing remuneration to shareholders DIVIDENDS Opportunities for selective external line growth M&A Generated resources R&S New technologies New products New channels EFFICIENCY Investments abilitating the services sharing and economies of scale 31

Agenda Group Profile Business Strategy FirstHalf2004Results Attachments 32

2004 Half Year Results confirm the positive trend in volumes (especially In Life business) and in net profitability First Half 2004 Results Cattolica Group Consolidated Half Year Results as at June 30 th 2004 Profit & Loss Account (Euro mln) H1 04 H1 03 %Var. 2003 FY Total Net Premiums Life Net Premiums Non-Life Net Premiums 2,286 2,036 +12.3% 1,659 1,483 +11.9% 627 553 +13.4% 3,921 2,808 1,113 Underwriting Result 39 34 +14.7% 71 Pre-tax profit 113 91 +24.2% Taxes (54) (44) +22.7% 210 (85) Minority interests in earnings (5) (5) - (9) Net Profit for the period 54 42 +28.6% 116 Sources: Consolidated Quarterly Report as at June 30th 2004 Internal Analyses 33

Main technical ratios: Non-Life Business First Half 2004 Results NON-LIFE H1 2004 H1 2003 FY 2003 Claims ratio (1) 75.79% 77.73% 78.18% G&Aratio (2) 6.71% 5.70% 5.98% Commission ratio (3) Total expense ratio Combined ratio (5) (4) 14.12% 13.83% 20.83% 19.53% 99.28% 99.90% 13.25% 19.23% 98.90% (1) Claims incurred/earned premiums (net of reinsurance) (2) Other administrative expenses/ earned premiums (net of reinsurance) (3) Acquisition expenses and commissions/ earned premiums (net of reinsurance) (4) Operating expenses/ earned premiums (net of reinsurance) (5) Underwriting result/earned premiums (net of reinsurance) 34

Main technical ratios: Life Business First Half 2004 Results LIFE G&Aratio (1) Commission ratio Total expense ratio (2) (3) Life underwriting margin (4) H1 2004 H1 2003 0.68% 0.75% 3.81% 3.47% 4.49% 4.21% 2.06% 2.19% FY 2003 0.81% 3.94% 4.75% 2.08% (1) Other operating expenses/earned premiums (net of reinsurance) (2) Acquisition expenses/earned premiums (net of reinsurance) (3) Operating expenses/ earned premiums (net of reinsurance) (4) Life underwriting result/ earned premiums (net of reinsurance) 35

Breakdown of business by distribution channel First Half 2004 Results LIFE H1 2004 NON-LIFE H1 2004 New Business (*) (*) Weight Premiums Weight Agencies Bank branches FAs Brokers 64 4.05% 676 93.11% 1,485 93.99% 5 0.69% 11 0.70% - - - - 9 1.24% Other 20 1.26% 36 4.96% Total 1,580 100% 726 100% (*) Premiums - direct business (Euro mln) Sources: Consolidated Annual Report 2003 Internal Analyses 36

Life Embedded Value Attachments +62 mln +15.2% Business in force 321 110 367 119 409 156 471 193 N.A.V. 211 248 253 278 2000 2001 2002 2003 Euro mln Net of capital cost, taxes, policyholders and minorities 38

Embedded Value Assumptions Attachments Assumptions Discount Rate Premium risk Average Life Products Investment return 2002 8% 3% 5% 2003 7.25% 2.75% 4.5% Solvency margin Taxation on profit 100% ISVAP Minimum 37% 37.25% 38.25% ISVAP Italian Insurance Surveillance Body 39

Life new business value Attachments 29 30 32 33 New Business Value 137 2000 2001 2002 2003 Constant growth of new business value Euro mln Net of capital cost, taxes, policyholders and minorities 40

Cars: Key Indicators Attachments Parent Company H1 2004 H1 2003 % Change Claims frequency N. Reported claims 9.0% 9.0% - 34,945 34,260 2.0% Speed in claims settlement Current year 43.2% 36.3% 19.0% Average claim settled Current year Previous years 1,144 1,121 2.1% 5,107 4,584 11.4% Sources: Internal Analyses 41

Trucks: Key Indicators Attachments Parent Company H1 2004 H1 2003 % Change 2003 2002 % Change Claims frequency N. Reported claims 20.0% 20.0% - 15,830 15,520 2.0% Speed in claims settlement Current year 47.0% 39.5% 19.0% Average claim settled Current year Previous years 1,213 1,219-0.5% 3,880 3,447 12.6% Sources: Internal Analyses 42

Motorcycles: Key Indicators Attachments Parent Company H1 2004 H1 2003 % Change Claims frequency N. Reported claims 4.0% 4.0% - 3,208 3,145 2.0% Speed in claims settlement Current year 40.8% 34.3% 19.0% Average claim settled Current year Previous years 819 811 1.0% 3,779 3,901-3.1% Sources: Internal Analyses 43

Bancassurance Life Business - Premiums Attachments 1998 1999 2000 2001 2002 2003 Premiums (*) Bank branches (no.) Premiums/branch ( 000) 356 776 1,789 2,043 2,170 2,389 1,517 2,066 2,653 2,717 2,748 3,053 235 376 674 752 790 783 2002 2003 Change% Premiums (*) 848 872 2.8% Gross technical provisions (*) 1,508 2,289 51.7% Net Profit (*) 5.0 7.8 54.2% 2002 2003 Change% Premiums (*) 966 1,142 18.2% Gross technical provisions (*) 1,601 2,703 68.8% Net Profit (*) 4.6 8.6 88.9% *Figures in mln/euro 44

DISCLAIMER This document has been prepared by Cattolica Assicurazioni based on data from internal sources (year-end financial statements, consolidated group financial statements, internal reporting and other company documentation, etc.) for the sole purpose of providing information on the group s results and future operating strategies. Given this, it can in no way be used as a basis for possible investment decisions. It is not a solicitation to buy or sell shares. No part of the document can be taken to be the cause of or reason for agreements or commitments of any type or kind whatsoever, nor can it be relied upon for agreements and commitments.information contained in the document concerning forecasts has been prepared according to various assumptions and/or elements that might ultimately materialise differently to present expectations. Results might therefore change. Cattolica therefore in no way provides any guarantee, either explicit or tacit, as regards the integrity or accuracy of the information or opinions contained in the document, nor can any degree of reliability be attributed to the same, inasmuch as it has not been subjected to independent verification. Responsibility for use of the information and opinions contained in the document lies solely with the user. In any case Cattolica, within legally admissible limits, will not consider itself liable for any damages, direct or indirect, that third parties might claim due to utilisation of incomplete or inaccurate information. For any further information concerning Cattolica Assicurazioni and its related group, reference must be made exclusively to the information given in the annual, quarterly, and interim reports and financial statements. The full versions of these documents, which constitute the factual basis and proof for all legal purposes, are lodged at the company s registered offices and are available to anyone requesting them. Reproduction or full or partial publication and distribution of the information contained herein to third parties is prohibited. Acceptance of the present document automatically signifies recognition of the aforesaid constraints. 45

Ezio Paolo Reggia General Manager Kepler Equities ITALIAN FINANCIAL CEO CONFERENCE Milan, September 28th 2004 Presentation of Cattolica Group 46