Status:

subordinated convertible bond

N. of bonds issued:

3.750.000 (The bonds were offered to share holders with a ratio of one bond every eight shares).

Nominal value of each bond:

Euro 4.80

Total nominal value:

Euro 18.000.000

Issue date:

12 November 2001

Maturity:

01 January 2011

Conversion period :

- from 2006 to 2010 (included) :from May 20th to October 30th of each year
- from 2011 to maturity: from May 20th to June 10th of each year

Conversion:

one Vittoria Assicurazioni ordinary share for each bond

Interest payments:

- 5.5% fixed coupon up to 2010 (annual payment at the end of each year
on January 1st)
- floating coupon (Eurobor +2.50% annual rate) from 2011 to 2015.
Six-monthly payment at the end of each period 01/07 - 01/01)

Call option:

- after 18 month in case of change in fiscal laws or regulations
- from January 1st 2011

Listing:

Italian Stock Exchange

(*) At the end on the second conversion period (from 20/05/2007 to 30/102007), the bonds converted in ordinary shares were 2.666.088. Therefore, the residual bonds in circulation are 1.083.912 for a residual nominal value of Euro 5.202.777,60.