Board of Directors of July 2, 2012

The Board of Directors of FONDIARIA-SAI, in a meeting chaired today by Mr. Cosimo Rucellai, firstly approved the Interim Report as at March 31, 2012, as amended and restated to take account, for the purposes illustrated below, of the bankruptcy of the companies SINERGIA HOLDING DI PARTECIPAZIONI S.p.A. and IM.CO. S.p.A. and the relative receivables from the two companies and their subsidiaries.

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