Mapfre Middlesea plc - Interim Directors’ Statement

Middlesea Insurance plc issued its Interim Directors’ Statement on 8 November 2007 stating that during the nine months ended 30 September 2007, the Middlesea Group registered a positive overall result from its operations in Malta and Italy. The technical underwriting results of the Italian subsidiary, Progress Assicurazioni SpA and Middlesea Insurance plc improved over the comparative returns registered the previous year. The specialised life insurance company of the Group, Middlesea Valletta Life Assurance Co. Ltd., continued with its positive contribution to the Group profit and maintained its leading position in the Maltese market.

The high volatility of the international capital markets registered during the 3rd quarter of 2007, both in the bond and equity markets impacted negatively the Group’s growth in profits during the period as compared to the first half of the year. The Middlesea Group stated that it continues to monitor closely its investments in the local and foreign capital markets, in line with its investment strategy.

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