Fondiaria-SAI S.p.A. http://www.alacrastore.com/company-snapshot/Fondiaria_SAI_S_p_A-529083 Tuesday, October 14, 2008 6:07:32 AM 529083 Fondiaria-SAI S.p.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/bir/515142bir/515142normFondiaria - SAI S.p.A.ItalyInsurance: Insurance.63996311632163315241285241135241145241269KFSA8/26/2008 6:21:46 AM515142Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/661879spcred/661879normThe latest Full Report from S&Pglobal7/28/2008 1:15:31 PM400Full Report661879ItalyProperty & Casualty InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceFull ReportVery strong competitive position as a leading P/C insurer in Italy Strengthened position in life Very strong P/C operating performance Poor earnings in the life business High, though declining, concentration of the equity portfolio in a few strategic holdings The ratings on Fondiaria-SAI SpA and Milano Assicurazioni SpA, the core operating entities of Italian composite insurance group Fondiaria-SAI, reflect a strengthened competitive position in life business, the maintenance of Fondiaria-SAI's strong capital adequacy, and a continuous improvement of enterprise risk management (ERM). Further factors supporting the ratings are the group's very strong competitive position as a leading property/casualty (P/C) insurer in Italy and its very strong operating performance in P/C. Offsetting factors are the group's poor earnings in the lifeITA40301040 403010 4030 40Fondiaria-SAI SpA308528EUROMIDAFRSA@IMFULLITA40301030 403010 4030 40Milano Assicurazioni SpA314185EUROMIDAFRMI@IMGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661881spcred/661881normThe latest Summary from S&Pglobal7/28/2008 1:15:31 PM175Summary661881ItalyProperty & Casualty InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceSummaryThe ratings on Fondiaria-SAI SpA and Milano Assicurazioni SpA, the core operating entities of Italian composite insurance group Fondiaria-SAI, reflect a strengthened competitive position in life business, the maintenance of Fondiaria-SAI's strong capital adequacy, and a continuous improvement of enterprise risk management (ERM). Further factors supporting the ratings are the group's very strong competitive position as a leading property/casualty (P/C) insurer in Italy and its very strong operating performance in P/C. Offsetting factors are the group's poor earnings in the life business and the high, though declining, concentration of the equity portfolio in few a strategic lines. Fondiaria-SAI has a strengthened competitive position in life business and a very strong competitive position as a leading P/C insurer in Italy. TheITA40301040 403010 4030 40Fondiaria-SAI SpA308528EUROMIDAFRSA@IMSUMMARYITA40301030 403010 4030 40Milano Assicurazioni SpA314185EUROMIDAFRMI@IMGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660816spcred/660816normThe latest News from S&Pglobal7/22/2008 12:55:07 PM100News660816ItalyProperty & Casualty InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsMILAN (Standard&Poor's) July 22, 2008--Standard&Poor's Ratings Services said today that it has raised its long-term counterparty credit and insurer financial strength ratings on Italian composite insurance group Fondiaria-SAI SpA and its core entity, Milano Assicurazioni SpA, to 'A-' from 'BBB+'. The outlook is stable. "The upgrade takes into account Fondiaria-SAI's strengthened competitive position in life business," said Standard&Poor's credit analyst Paola Del Curatolo. This follows the conclusion of a 10-year exclusive distribution agreement with Banco Popolare Societa Cooperativa SCRL (BP; A/Negative/A-1), with a consequent lowering of the group's concentration in property/casualty (P/C) insurance, the maintenance of Fondiaria-SAI's strong capital adequacy, and a continuous improvement of enterprise risk management (ERM). Further factors supporting the ratingsITA40301040 403010 4030 40Fondiaria-SAI SpA308528EUROMIDAFRSA@IMNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660817spcred/660817normThe latest Research Update from S&Pglobal7/22/2008 12:55:00 PM175Research Update660817ItalyProperty & Casualty InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceResearch UpdateOn July 22, 2008, Standard&Poor's Ratings Services raised its long-term counterparty credit and insurer financial strength ratings on Italian composite insurance group Fondiaria-SAI SpA and its core entity, Milano Assicurazioni SpA, to 'A-' from 'BBB+'. The outlook is stable. The upgrade takes into account Fondiaria-SAI's strengthened competitive position in life business, following the conclusion of a 10-year exclusive distribution agreement with Banco Popolare Societa Cooperativa SCRL (BP; A/Negative/A-1), with a consequent lowering of the group's concentration in property/casualty (P/C) insurance, the maintenance of Fondiaria-SAI's strong capital adequacy, and a continuous improvement of enterprise risk management (ERM). Further factors supporting the ratings are the group's very strong competitive position as a leading P/C insurer in Italy and its veryITA40301040 403010 4030 40Fondiaria-SAI SpA308528EUROMIDAFRSA@IMRESUPDITALUX40301030 403010 4030 4040301040 403010 4030 40Milano Assicurazioni SpASAInternational S.A.314185351700EUROMIDAFRMI@IMGLOBISSINSCredit & Investment ResearchS&P Credit ResearchITALY - Fondiaria-SAI SpA acquired a ##% stake in Gruppo GPA SpA, a Milan-based insurance company, for #.### mil euros ($## mil US).4/30/2008 5:15:33 PM34455N37426Z34455N37426ZFondiaria-SAI SpAGruppo GPA SpAFondiaria-SAI SpAGruppo GPA SpAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Fondiaria_SAI_SpA_acquires_a_minority_stake_in_Gruppo_GPA_SpA-1973436040sdc/19734360401973436040Copyright © 2008, Thomson Financial, All Rights ReservedMilanInsuranceItalyLife insurance6311FFForeignPublicFSA6311:Life insurance6321:Accidental and health insurance6331:Fire, marine, and casualty insurance6351:Surety insurance6311:Life insurance6321:Accidental and health insurance6331:Fire, marine, and casualty insurance6351:Surety insuranceInsuranceItalyLife insurance6311FFForeignPrivate14539004Ins coIns co;hldg coCashCash OnlyStock198226001Apr 30 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.00000Fondiaria-SAI SpA, based inFlorence, Italy, is aninsurance company. The Group's principal activity is theprovision of all types ofinsurance life and non-life,along with the provision offinancial services, trading insecurities and the managementof property. It also offersfinancial and banking servicesto both individuals andbusinesses activities. Thecompany was founded in 2002.Fondiaria-SAI SpA, based in Florence, Italy, is an insurancecompany. The Group' s principal activity is the provision ofall types of insurance life and non-life, along with theprovision of financial services, trading in securities andthe management of property. It also offers financial andbanking services to both individuals and businessesactivities. The company was founded in 2002.Fondiaria-SAI SpA, based in Florence, Italy, is an insurance company. The Group' s principal activity is the provision of all types of insurance life and non-life, along with the provision of financial services, trading in securities and the management of property. It also offers financial and banking services to both individuals and businesses activities. The company was founded in 2002.1.000002.000003.000004.000005.000006.000007.00000Gruppo GPA SpA, based inMilan, Italy, is an insurancecompany which also providesinsurance brokering andconsultancy services. The firmis also a holding companyfounded in 1974.Gruppo GPA SpA, based in Milan, Italy, is an insurancecompany which also provides insurance brokering andconsultancy services. The firm is also a holding companyfounded in 1974.Gruppo GPA SpA, based in Milan, Italy, is an insurance company which also provides insurance brokering and consultancy services. The firm is also a holding company founded in 1974.0.000000.000000.000000.00000NEURO24 Apr 08Thu, 24 Apr 2008 00:00:00 ESTDate Announced: 04/24/200824 Apr 08Date Effective: 04/24/200824 Apr 08Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.000009.563 EURO9.563000.000009.563 EURO9.5630010.0000010.000000.000000.000009.563009.563 EURO1.56900N7.605000.000000.000000.000000.000000.0000015.0010015.001000.000000.000000.000000.000000.000000.000000.0000010.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.00000ITALY - Fondiaria-SAI SpAacquired a 10% stake in GruppoGPA SpA, a Milan-basedinsurance company, for 9.563mil euros ($15 mil US).ITALY - Fondiaria-SAI SpA acquired a 10% stake in Gruppo GPA SpA, a Milan-based insurance company, for 9.563 mil euros ($15 mil US).ITALY - Fondiaria-SAI SpA acquired a 10% stake in Gruppo GPA SpA, a Milan-based insurancecompany, for 9.563 mil euros ($15 mil US).ITALY - Fondiaria-SAI SpA acquired a 10% stake in Gruppo GPA SpA, a Milan-based insurance company, for 9.563 mil euros ($15 mil US).ITALY - Fondiaria-SAI SpA acquired a 10% stake in Gruppo GPA SpA, a Milan-based insurance company, for 9.563 mil euros ($15 mil US).$ 15.001 - KPMG Corporate Finance - Rep Board0.00000KPMG Corporate Finance1.00000Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000006311:Life insurance6321:Accidental and health insurance6331:Fire, marine, and casualty insurance6351:Surety insurance6719:Offices of holding companies, nec14539004MilanItaly6311ForeignPublicFSA6311:Life insurance6321:Accidental and health insurance6331:Fire, marine, and casualty insurance6351:Surety insurance6719:Offices of holding companies, nec198226001Italy6311ForeignPrivate15.001009.5630015.001007.60500Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/357902_report_framefitch/357902_report_framepdfCredit Update15086429311FSA01010300Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Fondiaria-SAI S.p.A.12/3/2007 2:12:00 PM357902_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/387232_pr_framefitch/387232_pr_framehtml11/28/2007 2:12:00 PM86429314FSAMI7586429311Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Fondiaria-SAI S.p.A.Press Release01010300Milano Assicurazioni S.p.A.387232_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/608287spcred/608287normThe latest News from S&P10/18/2007 1:23:09 PMNews100global608287ItalyProperty & Casualty InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceNewsMILAN (Standard&Poor's) Oct. 18, 2007--Standard&Poor's Ratings Services said today that it has assigned its 'BBB-' junior subordinated debt rating to the proposed perpetual, fixed/floating-rate notes soon to be issued by Fondiaria-SAI SpA (BBB+/Positive/--). The debt rating is based on the assumption that the actual note issue will, for all material purposes, be consistent with the advance information provided to Standard&Poor's in order to undertake its analysis. We categorize the notes under this issue as "strong" as regards their equity-like characteristics, at the upper level of our Category 2 (intermediate equity content) classification. This reflects: the notes' deeply subordinated nature, optional and mandatory interest deferability, and lack of final maturity date. The rating on thisITA40301040 403010 4030 40Fondiaria-SAI SpA308528EUROMIDAFRSA@IMNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Research