JOINT PRESS RELEASE BIRTH OF THE NEW DEDICATED BANCASSURANCE P&C COMPANY Strengthening of the business partnership between Banco Popolare di Verona e Novara and Cattolica Assicurazioni Verona, May 25th 2005. Maximise the competitive advantage in bancassurance P&C (property and casualty – non-life) segment; optimise the combination of the bancassurance sales model with the technical expertise of the P&C business; and satisfy the growing demand of the household segment in this business area – this is the strategic mission of the new P&C company founded by Cattolica Assicurazioni, which is a joint venture between Cattolica and Banco Popolare di Verona e Novara (BPVN). The 50/50 equity interest in the new company is subject to authorisation to operate by the surveillance authorities. The new company will target retail customers – and primarily households – via an extensive insurance proposition (motoring TPL (third-party liability), fire, burglary, TPL, accidents, domestic risks and those concerning the home, and health) specifically tailored for the banking channel and drawing on the experience of BPVN’s distribution network. The strategic determination to cover this business stems from the strong potential that the two groups see in this sector. In effect, the bancassurance channel’s share of the P&C business is limited in all European countries analysed (France, Germany, and Spain). Italy features even more marginal penetration of bancassurance P&C than these countries, thus showing good development potential. In Italy the banking channel in fact has a market share of just 1% whilst in other European countries shares are much higher: Germany shows a 5% share, whilst the Netherlands and France reach 8%. “The excellent operating experience achieved in BPV Vita is the best premise for the creation of this new company, which will do business in an operating sector – bancassurance P&C – that is still little developed in Italy”, stated Ezio Paolo Reggia and Massimo Minolfi, General Managers, respectively, of Cattolica Assicurazioni and of Banco Popolare di Verona e Novara. The Cattolica Assicurazioni Group, consisting of Cattolica Assicurazioni, listed on the Milan stock exchange, and - until execution of the contract highlighted in this press release - of another 11 insurance companies, is fifth in the ranking of the main Italian insurance companies. The group ended the 1st quarter of 2005 with consolidated net income of € 32 million (+14.3% YoY) and total premiums of € 1,318 mn, with an increase of 15.4% over the first quarter in 2004. As at March 31st 2005 the group’s branded agencies had reached a total of 1,107, plus 141 Eurosav multi-card agencies. Bank branches selling Cattolica products numbered 2,823, whilst there were 1,109 financial advisors and 153 brokers. The Cattolica Group has already started distribution of P&C insurance products via ICCREA Holding (the holding company of co-operative credit banks in Italy), active via its 3,200 bank branches throughout Italy and for whose network a catalogue of newly conceived products was devised under just one brandname. The Banco Popolare di Verona e Novara Group reported, at the end of the 1st quarter of 2005, consolidated net income of € 109 million (mn), up by 19.9% over the same period in 2004. Ordinary income grew by 15.9%, rising from € 168 mn as at 31/3/2004/ to € 195 mn at the end of the first quarter of 2005. Consolidated direct deposits and collections rose to € 39 billion (bn), growing by 9.3% vs. € 36 bn at the end of March 2004. Total customer assets rose to € 106 bn with an increase of 3.6% over 31/3/2004. Gross loans at the end of the quarter totalled € 37 bn, growing by 12.3% vs. 31/3/2004. Asset quality showed clear improvement with a net bad loan ratio (net non-performing loans/net loans) down to 2.4% vs. 2.9% in the previous 12 months. At the end of the quarter the group had 12,730 employees. BANCO POPOLARE DI VERONA E NOVARA SOCIETA’ CATTOLICA DI ASSICURAZIONE Contacts: Banco Popolare di Verona e Novara Tom Lucassen Investor Relations Tel. +39 045 8675537 Piero Del Re External Relations Tel. +39 045 8675182 Cattolica Assicurazioni Giorgio Zampieri Investor Relations Tel. +39 045 8391745