Board of Directors of Milano Assicurazioni meeting May 21, 2012

Corporate: Governance
Monday, May 21, 2012

The Board of Directors of Milano Assicurazioni, in a meeting held today, after receiving the opinion of the Related Party Committee, the report of the advisors and the related discussions, noted the letter received from the parent company Fondiaria-SAI of May 17, 2012 and consider that the continuation of the negotiations with the Unipol group, in relation to the integration project, presupposes that the discussions commence from a minimum threshold of 10.7% of the ordinary share capital of the company resulting from the merger; minimum shareholding (floor) which, based on the current conditions, would be fair and, as such, does not impede the continuation of the afore-mentioned negotiations.

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