GCO acquires minority interests in Atradius NV

As a fulfillment of the acquisition process initiated in 2003 of Atradius NV, the worlds second largest credit insurance company, Grupo Catalana Occidente and INOC,SA have

entered into an agreement to acquire the 35.8% interest in Atradius NV held by Swiss Re, Deutsche Bank and Sal Oppenheim. The agreed price is 18.87 per share that will be capitalized, in base of the euribor plus 200 basis points, until the payment date.

Pursuant to the terms of the agreement, Grupo Catalana Occidente will acquire the 26.66% of Atradius NVs share capital for approximately 400 million. Meanwhile, INOC, SA, which holds, directly and indirectly, 56.71% of Grupo Catalana Occidentes share capital, will acquire the 9.11% of Atradius capital, for approximately 137 million.

With this acquisition, Grupo Catalana Occidente will have an economic stake in Atradius NV of 74.09%, 26.66% direct and 47.43% indirect through Grupo Crédito y Caución, SL holding company, and control of 90.89% of the voting stock.

The transaction is contingent on regulatory approval by the supervisors in Spain (the Directorate General for Insurance and Pension Funds, DGSyFP), Ireland (the Irish Financial Services Regulatory Authority, IFSRA) and the Netherlands (De Nederlandsche Bank N.V, DNB).

In addition, Grupo Catalana Occidente and INOC, SA have arranged a call option whereby Grupo Catalana Occidente is entitled to purchase shares of Atradius owned by INOC, SA, all or part, in one or more times and within the next two years.