Clarification on Italian press releases

7 April 2011

Following the news reported by the Italian press, Groupama confirms that – in order to preserve the maximum flexibility and without any hostile intentions – it has filed with ISVAP a request for authorization to purchase Fondiaria SAI shares exceeding 10% of the ordinary share capital thereof.
However, as of today, there is no certainty that Groupama will actually carry out any such purchases.