Assicurazioni Generali

CONSOLIDATED FINANCIAL HALF-YEARLY REPORT 30 JUNE 2009

year

2009

Assicurazioni Generali Best Italian IR team 2009

CONSOLIDATED FINANCIAL HALF-YEARLY REPORT

30 JUNE 2009

year

Registered Office and Central Head Office in Trieste Head Office for Italian Operations in Mogliano Veneto Capital (fully paid in) Euro 1,410,113,747.00 Fiscal code and Trieste Companies Register 00079760328 Company entered in the Register of Italian Insurance and Reinsurance Companies under no. 100003 Parent Company of Generali Group, entered in the Register of Insurance Groups

CHAIRMAN Antoine Bernheim

VICE-CHAIRMAN Gabriele Galateri di Genola

MANAGING DIRECTORS Sergio Balbinot (*) / Giovanni Perissinotto (*) (*) He acts also as General Manager

DIRECTORS Luigi Arturo Bianchi / Ana Patricia Botin (**) Directors who, together with the Chairman, Francesco Gaetano Caltagirone (**) / Diego Della Valle Vice-Chairman and Managing Directors, Leonardo Del Vecchio / Loïc Hennekinne / Petr Kellner form the Executive Committee Klaus-Peter Müller / Alberto Nicola Nagel (**) / Alessandro Pedersoli Lorenzo Pellicioli (**) / Reinfried Pohl / Kai Uwe Ricke Paolo Scaroni / Claude Tendil

GENERAL COUNCIL Giorgio Davide Adler / José Ramón Álvarez Rendueles Comprising, besides the below listed elective José Maria Amusátegui de la Cierva / Francesco Maria Attaguile Members, the Members of the Board of Directors Claude Bébéar / Kenneth J. Bialkin / Gerardo Broggini and the General Managers Giacomo Costa / Maurizio De Tilla / Enrico Filippi Carlos Fitz-James Stuart y Martínez de Irujo / Albert Frère / Georges Hervet Dietrich Karner / Khoon Chen Kuok / Stefano Micossi Benedetto Orsini / Arturo Romanin Jacur / Guido Schmidt-Chiari Alejandro Valenzuela Del Río / Theo Waigel / Wilhelm Winterstein

BOARD OF AUDITORS Eugenio Colucci, Chairman Giuseppe Alessio Vernì / Gaetano Terrin Maurizio Dattilo (substitute) / Michele Paolillo (substitute)

GENERAL MANAGER Raffaele Agrusti (***) (***) Chief Financial Officer and Manager in charge of the preparation of the company’s financial reports

DEPUTY GENERAL MANAGERS Lodovico Floriani / Andrea Mencattini (****) Secretary of the Board of Directors Aldo Minucci / Vittorio Rispoli (****) / Valter Trevisani

CORPORATE BODIES AS OF 31 JULY 2009 Gateway of India, Bombay - India

A marked presence across the world The pictures featured in this volume were taken in squares of China and India - countries where Assicurazioni Generali is present - TABLE OF CONTENTS

Group highlights …………………………………………………………………………………………………… 10 Economic and insurance market developments…………………………………… 11 The Generali Group’s strategy for growth … …………………………………………… 13

Part A – Interim report on operations … ………………………………………………… 15 The Generali Group……………………………………………………………………………………………… 15 Business performance… …………………………………………………………………………………… 16 Asset and financial management… ……………………………………………………………… 20 Business segments……………………………………………………………………………………………… 26 Life segment… ……………………………………………………………………………………………………… 26 Non-life segment… …………………………………………………………………………………………… 33 Financial segment……………………………………………………………………………………………… 40 Related-party Transactions …………………………………………………………………………… 42 Significant events after 30 June 2009… ……………………………………………………… 42 Conclusions and outlook for operations… ………………………………………………… 42

Appendix to the report …………………………………………………………………………………… 47

Part B – Consolidated half-yearly financial statements…………………… 53 Balance sheet… ……………………………………………………………………………………………………… 54 Profit and loss account… …………………………………………………………………………………… 57 Statement of comprehensive income… ……………………………………………………… 59 Statement of changes in equity……………………………………………………………………… 60 Cash flow statement… ………………………………………………………………………………………… 63

Part C – General criteria for drawing up the financial statements and valuation criteria…………………………………………………………………………………………… 67

Part D – Notes on the balance sheet… ……………………………………………………… 70

Part E – Notes on the profit and loss account………………………………………… 82

Part F – Other information… …………………………………………………………………………… 88

Appendices to the notes Part G – Appendices to the notes… ……………………………………………………………… 95

Changes in the consolidation area compared to 2008… ………………… 111

Subsidiaries consolidated line by line… ………………………………………………… 113

Non-consolidated subsidiaries and associated companies ……………… 129

Attestation on the half-yearly condensed financial statements in accordance with Art. 81-ter of Consob Regulation No. 11971 of 14 May 1999 and its following amendments and integrations ………………………………………………………………………………………………… 145

Independent Auditor’s report……………………………………………………………………… 149

Companies in which an unquoted shareholding (which is higher than 10%) is held… ………………………………………………………… 152

Chandra Mahal, Jaipur - India

Interim report Consolidated Financial half-yearly Report 09 Interim report

Group highlights

(A million) 30/06/2009 30/06/2008

Result of the period 504.0 1,459.4

Consolidated operating result 1,933.5 2,497.5 Net earned premiums 31,765.8 32,363.6 Premiums related to investment contracts 987.2 2,219.8 Net earned premiums including premiums related to investment contracts 32,753.0 34,583.4 Gross premiums written 34,682.5 36,792.5 Change on equivalent terms (*) -1.5% 4.9% Acquisition and administration costs related to insurance business 5,193.0 5,356.1 Expense ratio 15.9% 15.5%

Operating result - life segment (**) 1,269.2 1,516.2 Net life premiums 21,781.1 22,387.0 Premiums related to investment contracts 987.2 2,219.8 Net life premiums including premiums related to investment contracts 22,768.3 24,606.8 Gross life premiums written 23,124.1 25,002.1 Change on equivalent terms (*) -1.9% 5.6% Acquisition and administration costs - life segment 2,452.6 2,609.9 Expense ratio - life segment 10.8% 10.6% APE 2,393.0 2,657.9 Change on equivalent terms (***) -9.6% 16.1%

Operating result - non-life segment (**) 710.1 1,160.4 Net non-life earned premiums 9,984.7 9,976.6 Gross non-life premiums written 11,558.4 11,790.4 Change on equivalent terms (*) -0.9% 3.5% Acquisition and administration costs - non-life segment 2,740.4 2,746.2 Expense ratio - non-life segment 27.4% 27.5% Loss ratio - non-life segment 70.4% 67.1% Combined ratio - non-life segment 97.9% 94.6%

Operating result - financial segment (**) 222.5 195.8 Total income - financial segment 967.6 1,113.1 Total expenses - financial segment 780.6 939.3

Operating holding expenses -127.0 -154.4 (continues)

10 (continues)

(A million) 30/06/2009 31/12/2008

Investments 313,026.2 327,134.9

Net insurance provisions (1) 286,532.7 295,755.3 Net insurance provisions - life segment (1) 256,099.5 266,509.3 Net insurance provisions - non-life segment (1) 30,433.2 29,246.0 Provisions for outstanding claims and other insurance provisions 24,341.2 23,925.8 Provisions for unearned premiums 6,092.0 5,320.2

Shareholders’ equity attributable to the Group (2) 11,611.7 11,312.8

(*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year, and taking into account premiums related to investment contracts. (**) The amounts are calculated gross of consolidation adjustments. (***) On equivalent terms: on equivalent exchange rates, consolidation area and share attributable to the Group. (1) The amounts are calculated net of consolidation adjustments. (2) The result of the period is included in shareholders’ equity attributable to the Group.

Economic and insurance market developments

During the first six months of 2009, the global economy experienced its severest contraction since the 1930’s. Developed nations witnessed their gross domestic products plummet at an unprecedented rate, while growth slowed sharply in developing countries. Global trade and industrial output came to a standstill. The prices of commodities, in particular crude oil, fell rapidly from the peaks reported the previous year as a consequence of decreased demand and then went on to recover partially by the end of the half-year. The price of crude oil — which hit a low of USD 33.98 per barrel in February — climbed back to 72.68 dollars (up 79% overall for the six months). The other commodities also recovered.

The financial crisis, which has been the trigger of the economic one, did not result in the most feared conse- quences: the global financial system remained functional, due in particular to extensive nationalization plans for leading institutions and large-scale injections of public capital.

In the United States, real interest rates of nearly zero and, most significantly, highly expansionary fiscal measures, limited the decrease in GDP (down 2.5% for the quarter). The real-estate sector continued to fall and the unemployment rate neared the threshold of 10%. The dollar continued to weaken as the financial situation improved and uncertainty, under which it had acted as a currency of refuge, decreased. Lastly, inflation shifted into deflation (down 1.3% in May).

In China and India, economic development remained largely positive, albeit far below the levels of the recent past. The global, synchronous nature of the recession was such that it also involved the world’s two foremost centres of growth. Nonetheless, particularly in China, where the monetary stimulus, and especially the fiscal measures, was unprecedented, it seems that the lowest point of the cycle has been reached and there are the first signs of a recovery.

In Latin America, an area largely dependent on the exportation of commodities, GDP suffered under the decline in commodity prices. In addition, the aforementioned contraction in the demand for goods by developed nations, and, in particular, that of the United States led to a decrease in economic activity of more than 1%. In the largest of these countries, currency trends absorbed part of the shock.

The European Union also suffered from a general recession, which affected exporting nations most severely,

11 Consolidated Financial half-yearly Report 09 Interim report

particularly Germany (down 6.9%) and Italy (down 6%), as well as countries in which the financial leverage of the real-estate sector, industrial companies, non-bank service providers, and the household sector was the highest, such as Spain, the United Kingdom and Ireland. Among the other main countries in the area, the decrease of the French GDP was more moderate (down 3.2%), buoyed by extensive public spending.

The new Member States of the European Union were also affected by the global recession. The recent, extensive influx of capital from Western Europe, on which the growth of these countries had become dependant, and which had contributed to the creation of an internal credit boom, dried up as the financial crisis spread, leaving these nations exposed to a severe credit crunch. Currencies also depreciated rapidly, significantly increasing the weight of foreign debt. In this scenario, among the four largest countries, Hungary was forced to take an extraordinary loan from the International Monetary Fund, while Poland secured a credit facility from the same Fund. GDP decreases over the first few months of 2009 amounted to 3.4% in the Czech Republic, 4.7% in Hungary, 5.4% in Slovakia, 3.4% in Bulgaria and 6.4% in Romania. Only Poland continued to report a positive figure (1.9%).

Within this scenario, inflation in the European Union remained at very low levels (down 0.1%) as a consequence of the weakness of global demand.

The average unemployment rate in the European Union reached 8.9% in May, returning to the levels of the early 1990’s.

Turning to monetary policy, the ECB acted on three occasions: in early March it decreased the reference interest rate by 50 percentage points to 1.5%, then went on to lower it by 25 percentage points to 1.25% in early April and to 1% in May. The ECB also announced the purchase of covered bonds and injected liquidity into the banking system through one-year loans. In March, the Federal Reserve, in order to keep its rates in the range of 0 to 0.25% that has been adopted since late 2008, announced quantitative easing measures, i.e. measures aimed at increasing the monetary base.

Turning to currencies, the dollar appreciated in the first two months of the year, reflecting the return of capital to the United States due to a sharp aversion to risk. However, in March the Fed’s policies and investors’ increased appetite for risk led to renewed depreciation of the U.S. currency, which closed the half-year at 1.40 to the euro. Also worthy of note during the half-year was the recovery of the pound sterling (the exchange rate with the euro went from 0.97 to 0.85) and the depreciation of the yen against the euro (from 126.70 to 135.21).

Bond markets were impacted by the monetary policies implemented by governments and central banks. In particular, in the United States, 3 months Libor went from 1.42% at the end of 2008 to the historical mini- mum of 0.59% at the end of June, and, in the European Union 3 months Euribor went from 2.89% at the end of 2008 to 1.09% at the end of June. Yields on 10-year US Treasury bonds stood at 2.21% at the end of 2008 and rose to 3.53% in the first half of 2009. Yields on 10-year European bonds increased from 2.95% to 3.38%. Therefore, the yield curve was steepened. While the increase reflects the expansive stance of central banks and governments, it also indicates a return to more normal levels following the lows reached at the height of the crisis. The corporate bond market staged a gradual recovery starting at the end of March: in the euro area, investment-grade bond spreads decreased from 348 basis points at the end of March to 235 at the end of June, while high-yield bond spreads began their recovery at the beginning of the year, narrowing from 1.355 basis points at year-end 2008 to 991 at the end of June. The continued high level of activity in the primary market, mainly in the financial sector, was well-received by investors.

As for the stock markets, despite the gains recorded by all major indexes compared to the lows reached in

12 early March, overall performance for the first six months of the year was significantly impaired by first-quarter losses. The S&P 500 gained a modest 1.8% (compared to 15.2% in the second quarter), while NASDAQ100 was up 21.6% (up 19.3% in the second quarter). Europe’s EUROSTOXX 50 remained largely unchanged (up 20.6% in the second quarter), as did DAX Frankfurt’s index (up 17.7% in the second quarter). Paris and Milan remained down (CAC40 Paris’index was down 2.4%, and FTSE MIB down 2.0%). Shanghai’s stock market was the exception to the rule, up 61.5% from the beginnng of the year, and up 24.7% in the second quarter, as China is the country that shown the greatest economic growth worldwide strarting from the beginning of the year. The mentioned grow follows a deep fall of about 70% from the highest values in 2007.

The most significant improvement was seen in the sectors most sensitive to the economic upturn, i.e., the financial sector, raw materials and technology. In comparison to the end of March, the US banking index rose 41.3% (down 22.2% in the six months), the insurance index increased by 25.0% (down 12.2% in the six months), the raw materials index rose by 15.5% (up 12.3% in the six months) while the technological index has made an increase equal to 20.2% (up 27.1% in the six months). In Europe in comparison to the end of March, the banking sector rose 43.7% (up 18.3% in the six months), the insurance one was up 24.2% (down 8.8% in the six months), the raw materials gained 25.1% (up 21.0% in the six months) while the technological index rose 16.3% (up 11.2% in the six months).

As for the major European insurance markets, information for the early months of the year indicates rather varied results across countries and segments. After a difficult 2008 due to the financial crisis, the life segment showed signs of recovery starting in the second quarter of 2009, thanks to the success among customers of products offering higher levels of coverage and guarantees at a time of high market volatility and reduced short-term interest rates. The unit-linked segment, on the other hand, continued to be extremely weak. In respect of the Group’s distribution channels, both Italy and France recorded increases in sales, driven mainly by the bancassurance sector, which shifted away from unit-linked products in favour of guaranteed products. In Germany, an increase in single-premium policies was offset by a decrease in recurring-premium policies. In Spain, premium income rose at nearly the same rate as in the same period of 2008, though at a much slower pace than in recent years. The non-life segment as a whole appears to have been impacted by the economic slowdown. The motor segment, in particular, recorded significant decreases in sales due to a drop in new vehicle registrations as a result of strong price pressures and technical measures taken by a number of governments regarding TPL motor insurance, mainly in Italy and Spain. The non-motor lines were also impacted by the drop in demand caused by the negative general economic situation.

The Generali Group’s strategy for growth

Confronted with the economic slowdown in its main markets, the Generali Group accelerated its efforts to improve operating efficiency in the first six months 2009.

In terms of its main reorganization and restructuring initiatives, in Germany, the merger between Generali Versicherung and Volksfürsorge aimed at concentrating the life and non life insurance activities of the two companies under one structure by favouring the integration of the different distribution networks (agents and brokers) became effective on 1 January. In Italy, on 14 July, the Extraordinary General Meeting of Assicurazioni Generali approved the merger of Alleanza Assicurazioni and Toro Assicurazioni into Assicurazioni Generali following the transfer of the two companies’ insurance activities into a new company called Alleanza Toro, which is wholly owned by the Pa- rent Company. The transaction, which was approved on 23 February by the Boards of Directors of the three companies involved, will become fully operational on 1 October 2009. The merger aims to create additional

13 Consolidated Financial half-yearly Report 09 Interim report

cost synergies in Italy while broadening the range of products offered by Alleanza’s distribution networks to include non-life segments and increase the life products sold by Toro’s networks.

At the end of March, the Generali Group decided to exercise its right provided under a shareholders’ agree- ment to sell its interest in Intesa Vita. The decision was made following antitrust measures taken in conjun- ction with the Intesa San Paolo merger that reduced by nearly one thousand the number of branches available to Intesa Vita for the distribution of its products, and as a result of the change in economic and financial conditions that, generally speaking, no longer allow insurance partners to achieve the return on their capital expected with this type of joint venture.

Furthermore, in the middle of June, as part of the Group’s strategy of making its entire product range available to all of its distribution channels, Generali expanded the range of insurance products offered through its direct Genertel channel (which previously offered only non-life policies) to include life and pension policies, focusing on products tailored primarily to the retirement needs of young workers. The initiative has created Italy’s only direct insurance company that is able to supply, both online and via telephone, all life, non-life and pension insurance services.

As for the Group’s transnational structures, with particular reference to asset management, the Group implemented a new, more product-oriented organizational model. Three business areas were defined: one for managing the financial assets of the insurance sector, a second for private equity and a third for managing mark-to-market assets (investment funds, SICAVs, etc.). The structure is expected to improve the profitability of the Group’s insurance products and, more generally speaking, the financial performance of its companies, while maintaining the synergies among the various sectors in terms of back office and research.

As for the Group’s strategy aimed at growth in high-growth-potential markets, at the end of April, the Gene- rali Group obtained a license to operate its life insurance business from the Ministry of Economy of the United Arab Emirates.

14 Part A - INTERIM REPORT ON OPERATIONS

The Generali Group’s half-yearly report at 30 June 2009 was prepared in accordance with article 154-ter of Italian Legislative Decree No. 58/1998: “Consolidated Law on Financial Intermediation” (TUF), as amended by Legislative Decree No. 195/2007 (Trasparency), and provisions issued to implement article 9 of legislative decree 38/2005. In particular, the profit and loss account and balance sheet were prepared in accordance with IAS 34 on interim reports.

In this half-yearly report, the Generali Group prepared its consolidated financial statements and Notes in accordance with the ISVAP Regulation No. 7 of 13 July 2007 and the Consob Regulation No. 6064293 of 28 July 2006. As allowed by the aforementioned Regulation, the Generali Group believed it appropriate to supplement its consolidated financial statements with detailed items and to provide further details in the Notes in order to meet also the IAS/IFRS requirements.

As mentioned above, at the end of March, the General Group decided to exercise its right to sell its interest in Intesa Vita. As a result, Intesa Vita has been classified as a disposal group held for sale. The company has not been excluded from the consolidated accounts, but its assets and liabilities have been recorded in two separate items of the balance sheet, and its result has been recognized as a separate line in the profit and loss account.

The changes shown on equivalent terms in this report reflect this accounting treatment, and Intesa Vita is excluded from the comparison period. For additional information, see the Notes to the Financial Statements included in this report.

The consolidated report was subject to a limited audit by the firm PricewaterhouseCoopers, assigned to per- form the audit for the periods from 2006-2011.

The Generali Group

At 30 June 2009, subsidiaries consolidated line by line and entities valued at equity were 491, compared to 476 at 31 December 2008. Specifically, the former went from 449 to 459, whereas the latter increased from 27 to 32. The change is mainly due to the inclusion of several Group companies in the scope of consolidation. Their inclusion had a minimal impact on the consolidated accounts and does not affect their comparability with the figures for the same period of 2008.

At 30 June 2009, the Group’s consolidated companies had a staff of 84,546 — including 15,993 in Italy and 68,553 abroad — an increase of 483 employees compared to the end of 2008, mainly as a result of the abovementioned broadened consolidation area.

15 Consolidated Financial half-yearly Report 09 Interim report

Business performance

The result of the period attributable to the Group amounted to e 504.0 million compared to e 103.8 million at 31 March 2009 and e 1,459.4 million at 30 June 2008. The result is mainly due to premium income, which, although impacted by the current economic situation, remained substantially stable thanks to distribution channel effectiveness and to the level of territorial diversification achieved by the Group. In the life segment net insurance expenses increased, also thanks to the good performance of net premium income. Furthermore, the second quarter saw a further reduction in costs, mainly underwriting expenses, which led to a decrease in acquisition and administration costs and holding expenses. Significant catastrophic events in Italy, France and Spain, together with the loss ratio of the motor segment, led the combined ratio of the non-life segment to 97.9%. Lastly, the result was negatively impacted by decreases in the current return on investments and income from financial activities.

(A million) 30/06/2009 30/06/2008

Earnings before taxes 888.5 2,375.5

Income taxes -164.7 -605.1

Earnings after taxes 723.7 1,770.5

Profit or loss from discontinued operations 39.4 0.0

Consolidated result of the period 763.2 1,770.5

Result of the period attributable to the Group 504.0 1,459.4 Result of the period attributable to minority interests 259.1 311.0

Consolidated operating result 1,933.5 2,497.5 Net earned premiums 31,765.8 32,363.6 Net insurance benefits and claims -31,948.4 -26,295.4 of which change in the provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds -2,087.7 3,229.4 Acquisition and administration costs -5,554.7 -5,647.3 Net fee and commission income and net income from financial service activities 378.7 359.4 Operating income from investments 7,610.7 2,185.8 Operating holding expenses -127.0 -154.4 Net other operating expenses -191.6 -314.1

Consolidated non-operating result -1,045.1 -122.0 Non-operating income from investments (*) -526.6 284.9 Non-operating holding expenses -348.5 -344.5 Interest expense on liabilities linked to financing activities -333.9 -332.4 Other non-operating holding expenses -14.7 -12.0 Net other non-operating expenses (**) -170.0 -62.4

(*) The amount is gross of interest expense on liabilities linked to financing activities. (**) The amount is net of the share attributable to the policyholders in Germany and Austria.

16 30/06/2009 30/06/2008

Expense ratio 15.9% 15.5% Acquisition costs / net premiums 12.5% 12.1% Administration costs / net premiums 3.4% 3.4% Combined ratio 97.9% 94.6%

Consolidated Operating result was e 1,933.5 million, down 22.6% compared to e 2,497.5 million at 30 June 2008 (down 21.0% on equivalent consolidation area). The decline was mainly due to the operating result of the non-life segment, which reflects both the reduction of tecnical margins in the second quarter and a drop in current financial profitability.

Net earned premiums totalled e 31,765.8 million compared to e 32,363.6 million at 30 June 2008. Taking into account also premiums related to investment contracts, which are not considered premiums for financial reporting purposes, gross premiums written net of reinsurance decreased by 5.7% to e 34,682.5 million (down 1.5% on equivalent terms). Gross life premiums written decreased by 7.5% to e 23,124.1 million (down 1.9% on equivalent terms) and gross non-life ones decreased by 2.0% to e 11,558.4 million (down 0.9% on equivalent terms).

Net insurance benefits and claims went from e 26,295.4 million to e 31,948.4 million due to an increase in the change in life insurance provisions where the investment risk is borne by the policyholders. In the life segment, net insurance benefits and claims increased from e 19,601.4 million to e 24,916.0 million. In detail, net amounts paid decreased by e 2,376.2 million, whereas the change in net insurance expenses increased by e 7,690.0 million, attributable for e 5,317.1 million to higher life insurance provisions where the investment risk is borne by the policyholders, due to the improvement in the market value of assets linked to this asset class in the first half of 2009, compared to the strong reduction in the same period of the previous year. Also claims in the non-life segment increased, from e 6,693.9 million to e 7,032.4 million. The relevant loss ratio increased from 67.1% at 30 June 2008 to 70.4%, due to the unfavourable cycle of the motor segment and the impact of catastrophic events, such as the earthquake in the Abruzzo region and the storms in France, Italy and Spain.

Administration costs totalled e 5,554.7 million, down 1.6 % compared to June 2008. Acquisition and administration costs amounted to e 5,193.0 million, decreasing by e 3.0% compared to the same period of the previous year (down 2.1% on equivalent terms), thanks to the performance of both cost components. A decrease was posted both in acquisition costs, which amounted to e 4,082.5 million (down 1.9% on equivalent terms), mainly due to a reduction of premium income, and acquisition and administration costs (down 2.6% on equivalent terms), which amounted to e 1,110.6 million, due to the decrease mainly in the life segment, especially in Italy, Germany and France, as a result of actions aimed at stepping up efficiency. Thanks to a reduction of administration costs, the ratio of acquisition and administration costs to net earned premium (15.9%) was largely stable both in the life and non-life segments. The non-life combined ratio was 97.9% (94.6% at 30 June 2008).

Net fee and commission income, amounting to e 378.7 million, increased compared to the same period of the previous year (e 359.4 million), mainly as a result of the broadened consolidation area.

Operating income from investments totalled e 7,610.7 million with an increase of e 5,424.9 million compared to the same period of the previous year. This result benefitted from the significant improvement in

17 Consolidated Financial half-yearly Report 09 Interim report

net operating income from financial instruments at fair value through profit or loss, which increased by e 6,196.4 million, from e -3,739.7 million to e 2,456.7 million. The increase is attributable for e 4,902.7 million to assets and liabilities where the risk is borne by the policyholders (which went from e -3,404.3 million at 30 June 2008 to e 1,498.4 million), due to the improvement in the market value of assets linked to this asset class during the current first six months, if compared to the significant reduction occurred during the same period of the previous year. As previously said, this improvement was largely offset by the increase in the correspondent change in the related provision, included in net insurance benefits and claims of the life segment.

(A million) 30/06/2009 30/06/2008

Interest income and other income 5,895.3 6,893.2 Net operating income from financial instruments at fair value through profit or loss 2,456.7 -3,739.7 of which net income from financial assets and liabilities where the risk is borne by the policyholders 1,498.4 -3,404.3 Net operating realized gains on other financial instruments and land and buildings (investment properties) 366.7 578.4 Net operating impairment losses on other financial instruments and land and buildings (investment properties) -601.7 -702.5 Interest expense on liabilities linked to operating activities -260.2 -428.9 Other expenses from other financial instruments and land and buildings (investment properties) -246.0 -414.7 Operating income from investments 7,610.7 2,185.8

Interest income and other income, amounting to e 5,895.3 million, decreased by 14.5% mainly in the non-life segment, where investments are characterized by a low average duration. The interest component alone amounted to e 4,752.1 million (down 8.6%), whereas the dividend component was e 693.9 million (down 44.4%).

Net operating realized gains on other financial instruments and land and buildings (investment properties) decreased from e 578.4 million to e 366.7 million. This reduction is attributable to the fall in net realized gains on equity securities in the life segment, in all the main countries where the Group operates.

Net impairment losses on other financial instruments and land and buildings (investment properties) went from e 702.5 million to e 601.7 million.

Interest expenses on liabilities linked to operating activities amounted to e 260.2 million (e 428.9 million at 30 June 2008). Interest expenses on liabilities to banks especially decreased, due to the lower interest rate applied in the first half of the year, compared to the same period of 2008. This reduction was more than offset by the corresponding decrease in interest income.

Other expenses from financial instruments and land and buildings (investment properties), which also include investment management expenses and net exchange gains and losses, went from e -414.7 million to e -246.0 million. The increase is primarily due to net exchange gains arising from transactions in pounds, which were largely offset by the related change in insurance provisions.

Operating holding expenses, which include expenses borne by the Parent Company and the local subholdings in their management and coordination activities, went from e 154.4 million at 30 June 2008 to e 127.0 million, down 17.8%.

18 Other operating income and expenses — which mainly include amortization of assets and multiannual costs, provisions for risks, other taxes and other insurance expenses — decreased from e 314.1 million to e 191.6 million, also following the reduction in net provisions, other net insurance expenses, other taxes and the accounting treatment applied upon consolidation to the profit and loss items of Intesa Vita, as described above.

Consolidated non-operating result went from e -122.0 million at 30 June 2008 to e -1,045.1 million.

Non-operating income from investments decreased from e 284.9 million at 30 June 2008 to e -526.6 million, as explained below.

(A million) 30/06/2009 30/06/2008

Net non-operating income from financial instruments at fair value through profit or loss -155.8 5.4 Net non-operating realized gains on other financial instruments and land and buildings (investment properties) 38.3 482.0 Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) -409.1 -202.5 Non-operating income from investments (*) -526.6 284.9

(*) The amount is gross of interest expense on liabilities linked to financing activities.

Net non-operating income from financial instruments at fair value through profit or loss which includes realized and unrealized gains and losses from financial instruments classified as at fair value through profit or loss in the non-life segment went from e 5.4 million to e -155.8 million due to the effect of hedging derivatives entered into over the past few months to protect the Group’s equity from the exceptional volatility of financial markets. The loss was offset by realized profits recorded in the profit and loss account and an increase in the carrying amount of the financial investments covered by the above derivatives.

Net non-operating realized gains on other financial instruments and land and buildings (investment properties) declined due to the fall in net realized gains on equity securities in the non-life segment. Moreover, the first half of 2008 had benefited from the realized gain ofe 286.8 million on the transfer of Central Eastern European insurance operations to Generali PPF Holding, in which Generali owns now a 51% stake. It is equal to the capital gain recognized to the companies transferred by the Generali Group compared to the carrying amounts of the net assets transferred.

The increase in net impairment losses on other financial instruments and land and buildings (investment properties) (which went from e 202.5 million at 30 June 2008 to e 409.1 million) is attributable to higher net impairment losses on equity securities, in the six months, especially in the non-life segment.

Non-operating holding expenses amounted to e 348.5 million (e 344.5 million at 30 June 2008). Specifically, interest expenses on liabilities linked to financing activities amounted to e 333.9 million (0.4%).

Net other non-operating expenses, which include non-recurring income and expenses and the amortization of the value of the portfolios acquired directly or through the acquisition of control of insurance or financial companies, went from e -62.4 million at 30 June 2008 to e -170.0 million. This increase was due to the amortization of the value of business acquired associated with the insurance companies transferred from the PPF group and the companies acquired from the Banca del Gottardo group, accounted for from the second half of 2008.

19 Consolidated Financial half-yearly Report 09 Interim report

Asset and financial management Investments by IAS/IFRS categories

30/06/2009 31/12/2008 Total Impact Total Impact (A million) book value (%) book value (%)

Land and buildings (investment properties) (*) 12,312.7 4.4 12,473.3 4.4 Investments in subsidiaries, associated companies and joint ventures 2,049.2 0.7 2,568.4 0.9 Held to maturity investments 2,803.5 1.0 1,798.0 0.6 Loans and receivables 82,463.7 29.7 69,192.5 24.2 Available for sale financial assets 155,359.2 55.9 173,701.1 60.8 Financial assets at fair value through profit or loss 22,925.2 8.2 26,050.3 9.1 Total 277,913.5 100.0 285,783.5 100.0

Investments back to policies where the investment risk is borne by the policyholders 35,112.7 41,351.4

Total investments - life segment 313,026.2 327,134.9

(*) In accordance with the international accounting standards, e 3,290.6 million land and buildings used for own activities (e 3,235.5 million at 31 December 2008) are classified as tangible assets.

Breakdown of investments by asset classes

30/06/2009 31/12/2008 Total Impact Total Impact (A million) book value (%) book value (%)

Equities (*) 22,171.6 7.1 22,224.5 6.8 Available for sale financial assets 18,691.2 18,709.0 Financial assets at fair value through profit or loss 3,480.5 3,515.5

Bonds (**) 202,118.4 64.6 207,842.4 63.5 Held to maturity investments 2,786.0 1,778.7 Loans 53,356.5 38,888.5 Available for sale financial assets 132,453.4 150,847.8 Financial assets at fair value through profit or loss 13,522.6 16,327.5 Investments back to policies where the investment risk is borne by the policyholders 35,112.7 11.2 41,351.4 12.6

Other investments (***) 53,623.4 17.1 55,716.6 17.0 Land and buildings (investment properties) 14,336.9 14,624.7 Investments in subsidiaries, associated companies and joint ventures 2,049.2 2,568.4 Derivatives 2,365.5 3,012.6 Mortgage loans 8,623.9 8,835.2 Receivables from banks or customers 6,618.5 6,999.7 Term deposits with credit institutions 6,059.4 6,275.0 Other investments 13,570.1 13,400.9

Total investments 313,026.2 100.0 327,134.9 100.0

(*) Investment fund units amounted to e 3,755.8 million (e 3,854.6 million at 31 December 2008). (**) Investment fund units amounted to e 6,726.6 million (e 7,641.0 million at 31 December 2008). (***) Investment fund units amounted to e 3,574.7 million (e 3,471.9 million at 31 December 2008). 20 The breakdown of investments by IAS/IFRS categories reflected the transfer of corporate bonds to loans and receivables starting from the beginning of the first quarter. The weight of loans and receivables to total investments rose to 29.7% from 24.2% at the end of 2008.

A breakdown of investments by asset classes showed an improvement in equities (7.1%), which, thanks to a strong recovery in the second quarter driven by an overall improvement in market expectations, recouped a large portion of the losses incurred in the first quarter. Excluding financial assets where the risk is borne by the policy holders, the weight of the equity segment was 8%. This exposure was hedged through derivatives, net of which it amounted to 6.8%. Concerning the bond category, the Group has focused on investments in corporate bonds in the primary market, benefiting from a substantial increase in bond rates following the revised growth forecasts. The corporate component of the Group’s bond investment was 44.6% (44.0% at 31 December 2008).

In life segment the Group adopted a strategy of extending the duration of its bond portfolio in the first quarter, followed by a reduction in the second quarter, concentrating its investments in highly-rated corporate bonds. Even with this approach, the asset allocation has been maintained consistent with the structure of the net insurance provisions.

As for the non-life segment, the investment strategies adopted by the Group in the second quarter focused on equities in defensive industries that pay high dividends and have strong valuations. In the bond segment, the Group invested in corporate bonds issued on the primary market following a relatively neutral strategy in terms of interest rate risk, with an emphasis on the Consumer, Utilities, Energy and Financials sectors.

The total annual return on the Group’s investments1 calculated based on book values fell from 2.1% to 1.9%, mainly due to a drop (from 2.5% to 2.2%) in the current return in the first half of the year1. The decrease was the result of a reduction in dividends and an increase in the rate curve, which resulted in a decrease in coupon income, mainly in the non-life segment.

1 Greater details on the methods used to determine these ratios are given in the methodological note in the appendix to this report.

21 Consolidated Financial half-yearly Report 09 Interim report

Net insurance provisions

(A million) 30/06/2009 31/12/2008

Non-life insurance provisions (*) 30,433.2 29,246.0 Provisions for unearned premiums 6,092.0 5,320.2 Provisions for outstanding claims 23,930.1 23,514.4 Other insurance provisions 411.1 411.4

Life insurance provisions (*) 256,099.5 266,509.3 Mathematical provisions 212,613.6 218,306.6 Provisions for outstanding claims 4,759.1 4,391.7 Provisions for policies where the investment risk is borne by the policyholders 29,804.5 34,964.4 Other insurance provisions 15,115.1 16,176.5 Deferred policyholder liabilities -6,192.7 -7,329.9

Total 286,532.7 295,755.3

(*) After the elimination of intra-group transactions between segments.

Net insurance provisions were e 286,532.7 million, compared to e 295,755.3 million at 31 December 2008. The decrease reflects the accounting treatment applied to balance sheet items of Intesa Vita. On equivalent consolidation area, it increased by e 9,115.0 million (up 3.3%). Excluding deferred policyholders liabilities, life insurance provisions went from e 253,400.5 million at 31 December 2008 to e 262,292.3 million on equivalent consolidation area, as a result of the increase in provisions for the traditional portfolio (e 8,891.8 million) and the improvement in provisions for policies where the investment risk is borne by the policyholders (e 2,020.7 million). The trend of deferred policyholder liabilities, also on equivalent terms, reversed going from e -6,626.3 million to e -6,192.7 million following the recovery of financial makets in the first half of the year.

Debt

In accordance with the IAS/IFRS managerial model adopted by the Generali Group, the consolidated debt was split into two categories: - liabilities linked to operating activities, which are all financial liabilities with a relationship to specific consolidated balance sheet items. This class also includes liabilities related to investment contracts issued by insurance companies; - Liabilities linked to financing activities, which include subordinated liabilities, bonds and other loans. For instance, debts issued as part of transactions carried out to acquire controlling shareholdings belong to this class.

22 Total debt was as follows:

(A million) 30/06/2009 31/12/2008

Liabilities linked to operating activities 32,244.1 34,400.5 Liabilities linked to financing activities 12,295.4 12,329.9 Subordinated liabilities 6,368.3 6,041.0 Other non subordinated liabilities linked to financing activities 5,927.1 6,288.9 Total 44,539.5 46,730.5

Liabilities linked to operating activities decreased particularly due to the above-mentioned accounting treatment applied to the balance sheet items of Intesa Vita. Liabilities linked to financing activities remained stable compared to 31 December 2008. In the second quarter, subordinated and senior liabilities have been repaid, which were already financed in the first quarter.

The weighted average cost of liabilities linked to financing activities was 5.50% at 30 June 2009 (5.36% at 31 December 2008).

The related interest expense is broken down as follows:

(A million) 30/06/2009 30/06/2008

Interest expense on liabilities linked to operating activities 260.2 428.9 Interest expense on liabilities linked to financing activities 333.9 332.4 Interest expense on deposits under reinsurance business accepted (*) 20.4 15.2 Total 614.5 776.6

(*) As from the half-yearly report 2008 interest expense on deposits under reinsurance business accepted have been deducted from the related interest income.

The rating assigned to Assicurazioni Generali by the main rating agencies is shown in the table below:

Rating agency Rating Outlook

Standard & Poor's AA- Stable Fitch AA- Negative A.M.Best A+ Stable Moody's Aa3 Stable

23 Consolidated Financial half-yearly Report 09 Interim report

Shareholders’equity

(A million) 30/06/2009 31/03/2009 31/12/2008

Shareholders’ equity attributable to the Group 11,611.7 11,013.1 11,312.8 Share capital and reserves 11,996.4 12,122.1 11,557.7 Reserve for unrealized gains and losses on available for sale financial assets -888.7 -1,212.7 -1,105.7 Result of the period 504.0 103.8 860.9

Shareholders’ equity attributable to minority interests 4,196.9 4,069.5 4,160.3

Total 15,808.6 15,082.6 15,473.1

Shareholders’ equity attributable to the Group amounted to e 11,611.7 million (e 11,013.1 million at 31 March 2009), with an improvement, gross of the approved dividend, of e 810.1 million, mainly determined by the recovery of the reserve for unrealized gains and losses on available for sale financial assets and by the result for the second quarter. The reserve for unrealized gains and losses on available for sale financial assets, i.e. the balance between unrealized gains and losses on financial assets, net of life deferred policyholder liabilities and deferred taxes, went from e -1,212.7 million at 31 March 2009 to e -888.7 million. The improvement, equal to e 323.9 million, was characterized both by a e 162.2 million improvement of the equity securities net of the record in the profit and loss account of net unrealized losses, previously accounted for in the shareholders’ equity, and by the e 136.0 million improvement of bonds thanks to the increase in their market value in the second quarter, especially of corporate bonds.

The cost of shares of the Parent Company held by the Parent Company or other Group companies amounted to e 248.9 million (e 1,866.8 million at 31 December 2008), with a mean unit price of e 24.01. The reduction is mainly due to the assignment of free allotment, as following mentioned.

Shareholders and stock performance

At 30 June 2009, outstanding shares, with a nominal value of e 1 each, were 1,410,113,747, of which e 10,485,112 held by the Parent Company and other Group companies. The latter showed a reduction as a result of the free allotment of a share per 25 shares owned, approved by the General Shareholders’ Meeting of the Parent Company. At the same date, the Parent Company’s shareholders numbered 226,502.

According to the latest available data, the following held equity interests of more than 2% in the Company directly or indirectly through nominees, trust companies and subsidiary companies:

24 Percentage of Shareholders Number of shares share capital

1 GRUPPO MEDIOBANCA 232,323,914 16.476 2 GRUPPO BANCA D’ITALIA 65,279,344 4.629 3 GRUPPO UNICREDIT 46,324,651 3.285 4 GRUPPO B&D HOLDING 39,294,481 2.787 5 GRUPPO BARCLAYS 33,789,507 2.396 6 LEONARDO DEL VECCHIO 29,172,000 2.069

Updated as of 8 June 2009.

At 30 June 2009, Generali stock was trading at e 14.81, marking a decline of 23.29% on the end of 2008. Du- ring the first six months of 2009, the share price fluctuated between a low of e 9.90 (on 9 March 2009) and a high of e 19.81 (on 8 January 2009).

Market capitalization at 30 June 2009 was e 20,883.8 million, confirming Assicurazioni Generali’s position among the major European insurers by market capitalization.

Largo do Senado - Macau, China

25 Consolidated Financial half-yearly Report 09 Interim report

Business segments Life segment Business performance of the life segment

(A million) 30/06/2009 30/06/2008

Operating result - life segment 1,269.2 1,516.2 Net premiums 21,781.1 22,387.0 Net insurance benefits and claims -24,916.0 -19,601.4 of which change in the provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds -2,087.7 3,229.4 Acquisition and administration costs -2,415.9 -2,550.8 Acquisition and administration costs related to insurance business (*) -2,405.2 -2,545.0 Other acquisition and administration costs -10.7 -5.8 Net fee and commission income and net income from financial service activities 40.6 40.1 Operating income from investments 6,840.4 1,298.9 Interest income and other income 4,950.5 5,587.7 Net income from financial instruments at fair value through profit or loss 2,354.5 -3,813.3 of which net income from financial assets and liabilities where the risk is borne by the policyholders 1,498.4 -3,404.3 Net operating realized gains on other financial instruments and land and buildings (investment properties) 356.0 678.7 Net operating impairment losses on other financial instruments and land and buildings (investment properties) -586.1 -694.1 Interest expense on liabilities linked to operating activities -57.4 -87.2 Other expenses from other financial instruments and land and buildings (investment properties) -177.2 -372.8 Net other operating expenses -61.0 -57.7

Non-operating result - life segment -176.6 -93.2 Non-operating income from investments -110.7 -57.5 Net non-operating realized gains on other financial instruments and land and buildings (investment properties) (**) -1.2 2.1 Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) (**) -109.5 -59.7 Net other non-operating expenses (***) -65.9 -35.7

Earnings before taxes - life segment 1,092.6 1,423.0

(*) Commissions related to investment contracts, which amounted to e 47.5 million (e 65.0 million at 30 June 2008), are included in net fee and commission income and net income from financial service activities. (**) The amount is net of the share attributable to the policyholders. (***) The amount is net of the share attributable to the policyholders in Germany and Austria.

30/06/2009 30/06/2008

Expense ratio 10.8% 10.6% Acquisition costs / net premiums 8.6% 8.3% Administration costs / net premiums 2.2% 2.3%

26 Operating result of the life segment was e 1,269.2 million, with a reduction of 16.3% compared to 30 June 2008 (down 13.4% on equivalent terms), affected by the deterioration of financial margins, as a result of the sharp decrease in current profitability and the drop in realized gains.

Net premiums of the life segment amounted to e 21,781.1 million. Gross premiums written of the life segment, including premiums related to investment contracts, amounted to e 23,124.1 million (e 25,002.1 million at 30 June 2008), down by 7.5% (down 1.9% on equivalent terms). This trand is caused by a reduction in premiums written by the Group in Italy (down 11.2% on equivalent terms) due to decreases in policies sold by financial advisors and corporate contracts, which sold well in the first half of 2008. Net of these two items, the premiums are substantially stable. Spain (down 8.3%) and Mexico (down 35.2% on equivalent terms) also showed a decrease. In both countries premium income was affected by the decrease in single-premium products collected through the banking channel, which were impacted by financial market trends more than other products. Germany, on the other hand, recorded an increase in the number of gross direct premiums written (up 4.5%) due to the success of traditional single premium individual policies. China also recorded an increase (up 107.3% on equivalent terms), due to the success of traditional single premium individual policies sold primarily through the bank channel. Sales of these products were concentrated in the first quarter.

Premiums related to investment contracts — not accounted for as premiums — amounted to e 987.2 million. The decrease compared to e 2,219.8 million at 30 June 2008 (e -283.1 million excluding Intesa Vita) is attributable to the premium income levels in Italy, France and central and eastern European countries.

New business Annual Premium Equivalent totalled e 2,393.0 million. The decrease would have been 9.6% on equivalent terms, i.e. on equivalent exchange rates and portion attributable to the Group, due to the fact that, considering the market context, a substantial part of new business is related to single-premium contracts.

Net cash inflows, i.e. premiums net of outflows attributable to the period continued to grow, increasing by 6.5% to e 7,100.4 million, thanks in particular to the reduction in redemptions over the first months of 2009 compared to the same period of the previous year.

Acquisition and administration costs of the life segment amounted to e 2,415.9 million (down 5.3%). Con- sidering also fees and commissions on investment contracts, which amounted to e 47.5 million, insurance acquisition and administration costs decreased 6.0% to e 2,452.6 million (down 4.1% on equivalent terms). Specifically, insurance acquisition costs weree 1,955.3 million with a drop of 4.3% compared to 30 June 2008 (down 3.8% on equivalent terms), mainly due to the reduction in premium income. Acquisition and administration costs amounted to 497.4 million, down (down 5.0% on equivalent terms), thanks to the reduction achieved in Italy, Germany and France as a result of actions aimed at stepping up efficiency.

The expense ratio was 10.8%, largely stable compared to 30 June 2008. In detail, the ratio to acquisition costs was 8.6% and the ratio to administration costs was 2.2%.

Operating income from investments of the life segment increased from e 1,298.9 million at 30 June 2008 to e 6,840.4 million. This result benefitted from the improvement in net income from financial instruments at fair value through profit or loss, which went from e -3,813.3 million to e 2,354.5 million. Specifically, as mentioned above, net income from financial assets and liabilities where the investment risk is borne by the policyholders went from e -3,404.3 million at 30 June 2008 to e 1,498.4 million, due to the increase in the market value of assets linked to this asset class during the first six months of the year compared to the significant reduction in the same period of the 2008. This trend was largely offset by the increase in the correspondent change in the related provision, included in net insurance benefits and claims.

27 Consolidated Financial half-yearly Report 09 Interim report

Interest income and other income decreased (down 11.4%), going from e 5,587.7 million to e 4,950.5 million, particularly due to the reduction in dividends. Net operating realized gains on other financial instruments and land and buildings (investment properties) fell from e 678.7 million to e 356.0 million due to the decrease in realized gains on equity securities. Net impairment losses on other financial instruments and land and buildings (investment properties)improved from e 694.1 million to e 586.1 million, thanks to the recovery of equity prices in the second quarter of the year. Such reductions were mostly offset by the decrease in net insurance benefits and claims. Other expenses from financial instruments and land and buildings (investment properties), which also include investment management expenses and net exchange gains or losses, went from e -372.8 million to e -177.2 million, primarily due to the aforementioned transactions in foreign currencies, mostly offset by the related change in insurance provisions.

Other non-operating income and expenses of the life segment amounted to e -61.0 million (e -57.7 million at 30 June 2008), as a result of lower net provisions and the accounting treatment applied upon consolidation to the profit and loss items of Intesa Vita.

Non-operating result of the life segment amounted to e -176.6 million (e -93.2 million in the same period of the previous year), slightly down as a result of the increase in other non-operating income and expenses. The increase is mainly attributable to the amortization recorded on the value of business acquired in relation to the insurance companies transferred from the PPF Group following the implementation of the amortization schedule at the end of 2008.

Tienanmen Guangchang - Pechino, China

28 Insurance business trends in the main countries of the life segment

Gross direct premiums written

(A million) 30/06/2009 30/06/2008

Italy 5,694.9 7,860.4 (*) of which premiums related to investment contracts 196.9 1,364.0 (*)

France 6,341.8 6,290.8 of which premiums related to investment contracts 3.6 33.6

Germany (**) 5,997.2 5,740.9 of which premiums related to investment contracts 3.2 2.5

Central and Eastern Europe 781.3 867.2 of which premiums related to investment contracts 268.3 299.3

Spain 637.1 694.8

Austria 556.5 598.8

Switzerland 413.0 402.6 of which premiums related to investment contracts 28.2 37.8

(*) Historical amounts not on equivalent terms. (*) Gross direct premiums written include premiums drawn from the provision for profit sharing, which amount to e 200.1 million at 31 June 2009 (e 260.5 million at 30 June 2008).

New annual business premium equivalent

(A million) 30/06/2009 30/06/2008

Italy 705.0 768.0 France 644.0 636.0 Germany 504.0 602.0 Central and Eastern Europe 81.0 124.0 Spain 64.0 71.0 Austria 37.0 46.0 Switzerland 40.0 40.0

29 Consolidated Financial half-yearly Report 09 Interim report

Expense ratio

Expense ratio Acquisition ratio Administration ratio (%) 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008

Italy 9.5 8.0 7.1 5.6 2.4 2.4 France 6.6 7.0 5.5 5.7 1.1 1.3 Germany 14.3 15.5 13.0 13.8 1.3 1.7 Central and Eastern Europe 18.6 20.4 13.6 14.3 5.0 6.0 Spain 4.7 4.5 4.0 3.9 0.8 0.7 Austria 13.4 14.7 8.9 11.4 4.5 3.2 Switzerland 18.5 20.7 12.4 14.9 6.1 5.7

Operating result of the life segment

(A million) 30/06/2009 30/06/2008

Italy 555.9 836.3 (*) France 212.3 277.3 Germany 113.9 175.3 Central and Eastern Europe 178.7 73.4 Spain 58.0 53.7 Austria 18.8 24.6 Switzerland 49.4 21.3

(*) Historical amounts not on equivalent terms.

30 Asset and financial management of the life segment

Investments by IAS/IFRS categories of the life segment

30/06/2009 31/12/2008 Total Impact Total Impact (A million) book value (%) book value (%)

Land and buildings (investment properties) (*) 6,842.0 2.8 6,959.3 2.8 Investments in subsidiaries, associated companies and joint ventures 13,183.4 5.5 13,666.3 5.5 Held to maturity investments 2,080.9 0.9 1,069.0 0.4 Loans and receivables 64,990.2 26.9 52,035.8 21.0 Available for sale financial assets 134,936.9 55.8 152,904.3 61.7 Financial assets at fair value through profit or loss 19,685.8 8.1 21,315.9 8.6 Total 241,719.2 100.0 247,950.5 100.0

Investments back to policies where the investment risk is borne by the policyholders 35,112.7 41,351.4

Total investments - life segment 276,831.8 289,301.9

(*) In accordance with the international accounting standards, e 1,225.0 million land and buildings used for own activities (e 1,278.9 million at 31 December 2008) are classified as tangible assets.

Breakdown of investments by asset classes of the life segment

30/06/2009 31/12/2008 Total Impact Total Impact (A million) book value (%) book value (%)

Equities (*) 17,509.4 6.3 17,321.4 6.0 Available for sale financial assets 14,517.8 14,617.1 Financial assets at fair value through profit or loss 2,991.6 2,704.3

Bonds (**) 179,814.3 65.0 185,862.5 64.2 Held to maturity investments 2,080.9 1,069.0 Loans and receivables 48,839.2 35,448.5 Available for sale financial assets 117,007.0 135,025.4 Financial assets at fair value through profit or loss 11,887.2 14,319.6

Investments back to policies where the investment risk is borne by the policyholders 35,112.7 12.7 41,351.4 14.3

Other financial investments (***) 44,395.5 16.0 44,766.6 15.5 Land and buildings (investment properties) 8,539.4 8,755.5 Investments in subsidiaries, associated companies and joint ventures 13,183.4 13,666.3 Derivatives 1,452.6 1,271.9 Mortgage loans 3,294.2 3,534.0 Term deposits with credit institutions 4,437.3 4,395.1 Other investments 13,488.7 13,143.8

Total investments - life segment 276,831.8 100.0 289,301.9 100.0

(*) Investment fund units amounted to e 3,206.1 million (e 3,327.2 million at 31 December 2008). (**) Investment fund units amounted to e 5,915.4 million (e 6,672.1 million at 31 December 2008). (***) Investment fund units amounted to e 3,086.1 million (e 2,916.0 million at 31 December 2008). 31 Consolidated Financial half-yearly Report 09 Interim report

As a result of the already mentioned transfer of corporate bonds to the loans and receivables, their impact on total investments went from 21.0% at 31 December 2008 to 26.9%.

Thanks to the considerable recovery of the stock market indexes in the second quarter, which enabled the Group to recoup its first-quarter losses, the equity component accounted for 6.3% of the Group’s financial investments, substantially in line with the 2008 figure. In the bond segment, the improvement in market forecasts in the second quarter led the Group to pursue a strategy aimed at expanding the duration of its bond portfolio. Finally, in the last part of the quarter, the Group restored the neutrality of its insurance portfolios as compared to their benchmarks, while maintaining an asset composition consistent with the structure of its net insurance provisions. The Group also implemented a policy aimed at increasing its emphasis on corporate bonds in highly rated sectors in order to improve its current return while maintaining an overall risk-neutral position.

At 30 June 2009, investments of the life segment amounted to e 241,719.2 million, slightly decreasing compared to 31 December 2008, substantially following the accounting treatment applied to the balance sheet items of the Intesa Vita.

Investments back to policies where the risk is borne by the policyholders amounted to e 35,112.7 million (e 41,351.4 million at 31 December 2008). Including this class of investments, the total (excluding cash and cash equivalents, which are not included in investments for balance sheet purposes) was 276,831.8 million (289,301.9 million at 31 December 2008).

Net insurance provisions of the life segment

(A million) 30/06/2009 31/12/2008

Mathematical provisions 212,613.6 218,306.6 Provisions for outstanding claims 4,759.1 4,391.7 Provisions for policies where the investment risk is borne by the policyholders 29,804.5 34,964.4 Other insurance provisions 15,115.1 16,176.5 Deferred policyholder liabilities -6,192.7 -7,329.9 Total insurance provisions - life segment (*) 256,099.5 266,509.3

(*) After the elimination of intra-group transactions between segments.

Excluding deferred policyholder liabilities, net life insurance provisions (on equivalent consolidation area) rose from e 253,400.5 million at 31 December 2008 to e 262,292.3 million due to increases in both provisions for the traditional portfolio as well as provisions for policies where the investment risk is borne by the policyholders, which, particularly in the last quarter, benefited from an improvement in market conditions. Deferred policyholders liabilities (also on equivalent terms) saw a trend reversal, increasing from e -6,626.3 million to e -6,192.7 million following the recovery of the financial markets, mainly in the second quarter.

32 Non-life segment Business performance of the non-life segment

(A million) 30/06/2009 30/06/2008

Operating result - non-life segment 710.1 1,160.4 Net earned premiums 9,984.7 9,976.6 Net insurance benefits and claims -7,032.4 -6,693.9 Acquisition and administration costs -2,774.6 -2,784.6 Acquisition and administration costs related to insurance business -2,740.4 -2,746.2 Other acquisition and administration costs -34.2 -38.4 Fee and commission income and income from financial service activities -0.4 0.0 Operating income from investments 618.4 856.9 Interest income and other income 820.0 1,011.6 Interest income and dividends from financial instruments at fair value through profit or loss 48.7 39.1 Interest expense on liabilities linked to operating activities -103.2 -77.8 Other expenses from other financial instruments and land and buildings (investment properties) -147.1 -116.0 Net other operating expenses -85.7 -194.5

Non-operating result - non-life segment -484.4 331.4 Non-operating income from investments -410.7 334.7 Other income and expenses from financial instruments at fair value through profit or loss -155.8 5.4 Net realized gains on other financial instruments and land and buildings (investment properties) 44.7 472.2 Net impairment losses on other financial instruments and land and buildings (investment properties) -299.6 -142.9 Net other non-operating expenses -73.7 -3.3

Earnings before taxes - non-life segment 225.7 1,491.8

30/06/2009 30/06/2008

Loss ratio 70.4% 67.1% Expense ratio 27.4% 27.5% Acquisition costs / net premiums 21.3% 21.3% Administration costs / net premiums 6.1% 6.2% Combined ratio 97.9% 94.6%

Operating result in the non-life segment was e 710.1 million (down 38.8% compared to 30 June 2008). This reduction is attributable to the drop in both technical margins and current financial profitability. Catastrophic events that occurred especially in the second quarter, such as the earthquake in the Abruzzo

33 Consolidated Financial half-yearly Report 09 Interim report

region and significant storm in Italy, France and Spain, together with the loss ratio of the motor segment, led the combined ratio to 97.9%. Premium income remained substantially stable; this item, despite being conditioned by the severe economic situation, benefited from the level of territorial diversification achieved by the Group. Moreover, costs, in particular administration costs, showed a further downturn in the second quarter.

Net earned premiums amounted to e 9,984.7 million. Gross non-life premiums written of the non-life segment showed a decrease of 2.0%, going from e 11,790.4 million to e 11,558.4 million. On equivalent terms, premium income was lower (down 0.9%). Gross direct premiums written decreased by 2.3% (down 1.2% on equivalent terms), as a result of the performance in Italy (down 3.9%) and Spain (down 5.9%), which was affected by the already mentioned reduction of the motor segment (4.4% and 7.7%, respectively). In Italy, in addition to the decrease in premiums written in the car line, there was also a decline in accident and health premiums, on which the portfolio reform activity, aimed at recovering profitability undertaken in the first quarter, had a more significant impact. Indeed, an initial turnaround was visible in the second quarter. A positive contribution to premium income of non-life segment was given by France (up 2.6%), especially the personal (up 5.4%) and corporate lines (up 4.9%), and Argentina (up 36.1%), where premium income was driven by the tariff increases and the rise of insured vehicles.

Net insurance benefits and claims went from e 6,693.9 million to e 7,032.4 million. This increase, more than proportional compared to the net earned premiums one, affected the loss ratio — net of ceded reinsurance — that was 70.4% (67.1% at 30 June 2008).

Acquisition and administration costs of the non-life segment amounted to e 2,774.6 million (down 0.4%), of which e 2,740.4 million acquisition and administration costs related to insurance business (down 0.2%). In detail, acquisition costs, amounting to e 2,127.2 million, remained mainly stable. Administration costs, amounting to e 613.2 million, show a slight decrease (down 0.6%), thanks to the performance achieved in central and eastern Europe and Italy. Other acquisition and administration costs, amounting to e 34.2 million, mainly referred to the administration costs borne by real estate companies in the non-life segment.

The expense ratio remained stable at 27.5%.

The combined ratio increased to 97,9% from 94,6% at 30 June 2008. Said increase is primarily attributable to the increase in the claims rate reported in the main countries in which the Group operates due to the trend in premiums, in the motor segment in particular, in addition to the aforementioned impact of the disaster claims in Italy, such as those pertaining to the earthquake in Abruzzo and the storms in the north of Italy, as well as in France and Spain, which had a total impact of approximately e 196 million. The combined ratio decreased in Germany and Switzerland.

Non-life operating income from investments amounted to e 618.4 million, compared to e 856.9 million in the same period of the previous year.

Interest income and other income fell from e 1,011.6 million to e 820.0 million (down 18.9%) due, on the one hand, to the contraction of equity dividends driven by the performances reported by investee companies in 2008 and, on the other, to the decline in rates on bonds with durations of approximately three and a half years, typical of investments in this segment, which led to a decrease in coupon flow.Interest income and dividends from financial instruments at fair value through profit and loss slightly increased. Other expenses from other financial instruments and land and buildings (investment properties)amounted

34 to e -147.1 million (e -116.0 million of 30 June 2008), as a result of the higher exchange losses reported for this segment.

Other operating income and expenses of the non-life segment decreased from e -194.5 million to e -85.7 million, due to lower insurance expenses and other lower taxes.

Non-operating result of the non-life segment went from e 331.4 million to e -484.4 million. Said decrease is attributable to both net non-operating impairment losses on other financial instruments and land and buildings (investment properties), which rose to e -299.6 million, due to net impairment losses on equity securities in the main countries where the Group operates, and to the decrease in net non-operating realized gains on other financial instruments and land and buildings (investment properties), which went from e 472.2 million at 30 June 2008 to e 44.7 million. This fall was also affected by the e 286.8 million profit realized over the first quarter of 2008 on the transfer of the insurance assets in central and eastern Europe to Generali PPF Holding. Net operating income from financial instruments at fair value through profit or loss, which includes realized profits and losses and profits and losses on the measurement of financial instruments classified to this asset class, fell from e 5.4 million to e -155.8 million due to the aforementioned effect of the hedging derivatives entered into in recent months in order to protect the Group’s equity from the extreme volatility of financial markets.

Other non-operating income and expenses went from e -3.3 million at 30 June 2008 to e -73.7 million, mainly due to the recognition of amortization of the value of business acquired associated with the insurance companies transferred from the PPF group, from the end of 2008.

Skyline, Macau - China

35 Consolidated Financial half-yearly Report 09 Interim report

Insurance business trends in the main countries of the non-life segment

Non-life premiums

(A million) 30/06/2009 30/06/2008

Italy Gross direct premiums written 3,533.7 3,676.9 of which motor premiums 1,657.7 1,733.7 Net earned premiums 3,382.6 3,434.6

France Gross direct premiums written 1,926.4 1,878.4 of which motor premiums 561.1 574.6 Net earned premiums 1,800.0 1,750.4

Germany Gross direct premiums written 1,852.4 1,873.6 of which motor premiums 777.8 810.9 Net earned premiums 1,484.4 1,492.7

Central and Eastern Europe Gross direct premiums written 1,079.4 1,220.0 of which motor premiums 583.6 669.2 Net earned premiums 987.7 1,045.3

Spain Gross direct premiums written 849.2 902.4 of which motor premiums 263.6 285.5 Net earned premiums 597.4 611.4

Austria Gross direct premiums written 756.6 755.2 of which motor premiums 343.4 356.1 Net earned premiums 656.4 637.6

Switzerland Gross direct premiums written 352.0 328.2 of which motor premiums 183.8 172.9 Net earned premiums 234.9 216.5

36 Combined ratio

Combined ratio Loss ratio Expense ratio (%) 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008

Italy (*) 102.5 96.2 79.9 73.0 22.6 23.2 France (*) 99.5 96.3 71.3 68.4 28.1 27.9 Germany 95.7 97.1 65.3 67.5 30.4 29.6 Central and Eastern Europe 83.7 82.1 54.2 52.8 29.6 29.3 Spain (*) 92.0 89.4 67.9 65.9 24.1 23.5 Austria 97.2 96.6 68.2 66.7 29.0 29.9 Switzerland 94.7 95.4 67.2 67.1 27.4 28.3

(*) CAT claims, net of reinsurance, impact on combined ratio for 3.8 pp on Italy, 3.1 pp in France and 0.8 pp in Spain.

Operating result of the non-life segment

(A million) 30/06/2009 30/06/2008

Italy 58.6 307.1 France 120.8 221.8 Germany 140.1 130.0 Central and Eastern Europe 189.1 239.4 Spain 97.2 112.3 Austria 37.2 49.4 Switzerland 23.3 20.5

37 Consolidated Financial half-yearly Report 09 Interim report

Asset and financial management of the non-life segment Investments by IAS/IFRS categories of the non-life segment

30/06/2009 31/12/2008 Total Impact Total Impact (A million) book value (%) book value (%)

Land and buildings (investment properties) (*) 5,630.3 11.5 5,629.6 11.5 Investments in subsidiaries, associated companies and joint ventures 13,013.1 26.7 12,950.5 26.4 Held to maturity investments 118.2 0.2 122.6 0.2 Loans and receivables 10,610.3 21.7 9,744.9 19.8 Available for sale financial assets 18,278.2 37.4 18,856.7 38.4 Financial assets at fair value through profit or loss 1,163.7 2.4 1,821.5 3.7 Total investments - non-life segment 48,813.8 100.0 49,125.9 100.0

(*) In accordance with the international accounting standards, e 1,842.8 million land and buildings used for own activities (e 1,754.7 million at 31 December 2008) are classified as tangible assets.

Breakdown of investments by asset classes of the non-life segment

30/06/2009 31/12/2008 Total Impact Total Impact (A million) book value (%) book value (%)

Equities (*) 4,424.2 9.1 4,583.1 9.3 Available for sale financial assets 3,996.2 3,920.3 Financial assets at fair value through profit or loss 428.0 662.8

Bonds (**) 17,689.3 36.2 17,418.6 35.5 Held to maturity investments 100.7 103.3 Loans and receivables 3,500.6 2,366.4 Available for sale financial assets 13,488.2 14,068.9 Financial assets at fair value through profit or loss 599.9 880.0

Other financial investments (***) 26,700.3 54.7 27,124.1 55.2 Land and buildings (investment properties) 5,957.1 5,984.9 Investments in subsidiaries, associated companies and joint ventures 13,013.1 12,950.5 Derivatives 75.5 230.2 Term deposits with credit institution 1,816.0 2,077.2 Other investments 5,838.6 5,881.4

Total investments - non-life segment 48,813.8 100.0 49,125.9 100.0

(*) Investment fund units amounted to e 530.9 million (e 525.9 million at 31 December 2008). (**) Investment fund units amounted to e 784.4 million (e 943.9 million at 31 December 2008). (***) Investment fund units amounted to e 362.0 million (e 427.9 million at 31 December 2008).

As a consequence of the already mentioned transfer of some corporate bonds, loans and receivables of the non-life segment went from 19.8% of total investments to 21.7%.

38 The recovery of equity indices from the lows reported in early March 2009 substantially allowed a return to the stock market valuations of the beginning of the year. In parallel, the equity component reached an overall weight of 9.1%, in line with the exposure recorded at the beginning of the year. The investment strategies adopted in the second quarter privileged equity securities in defensive high-dividend sectors with solid fun- damental valuations. In the bond segment, the company underwrote corporate bonds on the primary market, following a relatively neutral strategy in terms of interest rate risk, with an emphasis on the Consumer, Utilities, Energy and Fi- nancials sectors.

Net insurance provisions of the non-life segment

(A million) 30/06/2009 31/12/2008

Provisions for unearned premiums 6,092.0 5,320.2 Provisions for outstanding claims 23,930.1 23,514.4 Other insurance provisions 411.1 411.4 Total insurance provisions - non-life segment (*) 30,433.2 29,246.0

(*) After the elimination of intra-group transactions between segments.

Renmin Guangchang, Guiyang - China

39 Consolidated Financial half-yearly Report 09 Interim report

Financial segment Business performance of the financial segment

(A million) 30/06/2009 30/06/2008

Operating result - financial segment 222.5 195.8 Net operating result from financial activities 631.7 567.3 Intermediation margin 647.3 576.5 Net interest income 175.3 165.3 Dividends and other income 62.4 66.3 Fee and commission income and income from financial service activities 375.3 359.7 Other net income from financial instruments at fair value through profit or loss -13.4 -59.4 Net operating gains on other financial instruments 47.8 44.8 Net operating impairment losses on other financial instruments -15.6 -8.4 Acquisition and administration costs -364.2 -311.9 Net other operating expenses -44.9 -60.6

Non-operating result - financial segment -35.5 -15.7 Non-operating income from investments -5.2 7.7 Net non-operating realized gains on other financial instruments and land and buildings (investment properties) -5.2 7.7 Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) 0.0 0.0 Net other non-operating expenses -30.3 -23.4

Earnings before taxes - financial segment 187.0 180.1

Operating result of the financial segment went from e 195.8 million to e 222.5 million, up 13.6% (up 7.2% on equivalent terms).

In particular, in Italy the Banca Generali group reported a growth in its operating result due to the improvement of the net fee and commission income and of the result of trading activity, whereas in Switzerland the BSI group reported an increase in its operating result due both to the larger contribution of trading activity and improved net interest income. Finally, in Germany, the operating result of the Badenia Bausparkasse group remained largely stable.

Intermediation margin went from e 576.5 million to e 647.3 million (up 12.3%), thanks to the slight improvement in interest margin due to the generalized drop in interest expense rates.

Non-operating result of the financial segment decreased toe -35.5 million due to the increase in other non- operating expenses mainly linked to the merger between BSI and Banca del Gottardo and the amortization of the value of the portfolio acquired, which was accounted for from the second half of 2008.

Asset management accounts for most of the Group’s financial activity and focuses mainly on the management of the Group companies’ financial instruments.

40 At 30 June 2009, assets under management of banks and management companies amounted to e 372.308,8 million, up 5.3% compared to 31 December 2008, mainly thanks to the increase in the Group’s AUM and to the widening of the consolidation’s perimeter. The third parties AUM were e 71,351.6 million (up 5.5%).

Asset and financial management of the financial segment Investments of the financial segment

30/06/2009 31/12/2008 Total Impact Total Impact (A million) book value (%) book value (%)

Land and buildings (investment properties) (*) 21.2 0.1 22.9 0.1 Investments in subsidiaries, associated companies and joint ventures 52.8 0.3 58.1 0.3 Held to maturity investments 604.4 3.3 606.4 3.0 Loans and receivables 13,343.9 73.1 14,483.6 72.3 Available for sale financial assets 2,144.1 11.7 1,940.2 9.7 Financial assets at fair value through profit or loss 2,084.3 11.4 2,923.7 14.6 Total investments - financial segment 18,250.8 100.0 20,034.8 100.0

(*) In accordance with the international accounting standards, e 194.2 million land and buildings used for own activities (e 202.4 million at 31 December 2008) are classified as tangible assets.

Breakdown of investments by asset classes of the financial segment

30/06/2009 31/12/2008 Total Impact Total Impact (A million) book value (%) book value (%)

Equities (*) 238.1 1.3 320.0 1.6 Available for sale financial assets 177.2 171.6 Financial assets at fair value through profit or loss 60.8 148.4

Bonds (**) 4,614.8 25.3 4,561.3 22.8 Held to maturity investments 604.4 606.4 Loans and receivables 1,016.7 1,073.6 Available for sale financial assets 1,958.1 1,753.5 Financial assets at fair value through profit or loss 1,035.5 1,127.9

Other financial investments (***) 13,398.0 73.4 15,153.5 75.6 Land and buildings (investment properties) 21.2 22.9 Investments in subsidiaries, associated companies and joint ventures 52.8 58.1 Derivatives 846.0 1,521.4 Receivables from banks or customers 6,629.1 7,008.6 Mortgage loans and other investments 5,848.8 6,542.5

Total investments - financial segment 18,250.8 100.0 20,034.8 100.0

(*) Investment fund units amounted to e 18.9 million (e 1.5 million at 31 December 2008). (**) Investment fund units amounted to e 26.8 million (e 25.0 million at 31 December 2008). (***) Investment fund units amounted to e 126.5 million (e 128.0 million at 31 December 2008). 41 Consolidated Financial half-yearly Report 09 Interim report

Related-party transactions

The primary related-party transactions, which were settled at arm’s-length prices or at cost, took the form of reinsurance and coinsurance transactions, administration and management of securities and real-estate assets, leases, loans and guarantees, administrative services, information technology services, staff loans and claims adjustment.

The above services aim to rationalize operational functions, increase the cost-efficiency of overall operations, ensure adequate service levels, and make use of synergies within the Group.

Information on related-party transactions is presented in the notes to this Consolidated Half-Yearly Report.

Significant events after 30 June 2009

As mentioned above, on 14 July the General Shareholders’ Meeting of Assicurazioni Generali, in extraordinary session, approved the merger of Alleanza Assicurazioni and Toro Assicurazioni into Assicurazioni Generali following the transfer of the insurance businesses of the two companies to the new company known as Alleanza Toro, which is fully owned by the Parent Company. On 11 June, ISVAP approved said transaction. The transaction will become fully operational on 1 October 2009 and aims, on the one hand, to achieve further cost synergies within the territory and, on the other, to expand the range of products offered by Alleanza’s distribution networks to the non-life business and to achieve greater growth of life products through the Toro networks.

Conclusions and outlook for operations

Anticipatory indicators for the remainder of 2009 point towards the first upwards revisions of economic projec- tions. However, it is foreseeable that the effects of the crisis will extend throughout all of 2009. It is expected that demand will decline despite decreasing prices and tax measures in support of purchasing power. In this situation of uncertainty, an increase of the propensity to save is expected.

In this scenario, the current general consensus calls for the GDP of developed nations to stabilize at current levels for the rest of 2009.

The interest rate curve is projected to remain very steep with very low short-term rates.

It is reasonable to presume that the levels reached by equity markets in March represent absolute lows for the year. However, following the strong recovery in the second quarter, the possibility of a further improvement in market indices is tied to positive expectations of a return to profitability in corporate earnings.

In this context, the Group is pursuing the goal of containing the decline in the technical margins for the non-life business through appropriate rate action planned at the beginning of the year, as well as by further increasing operational efficiency both in terms of costs and claims adjustment. As a whole, the measures planned will begin to generate effects near the end of the year and are aimed to achieve a positive technical result. In the life segment, we expect a further recovery in new production written aimed at achieving the volumes

42 reported in 2008, while further improving on profitability. We also foresee additional progress in the improvement of this segment’s bottom line due both to the quality of development and the investment policies established. Within the current macroeconomic situation, the investment policy will continue to be based on prudent asset allocation.

Venice, 31 July 2009 THE BOARD OF DIRECTORS

Renmin Guangchang, Guiyang - China

Taj Mahal, Agra - India

Appendix to the interim Report

METHODOLOGICAL NOTE ON ALTERNATIVE PERFORMANCE MEASURES

In order to assess the quality and the sustainability of its earnings in each segment and country, the Generali Group has presented in this report two performance indicators, i.e. new business annual premium equivalent (APE) and operating result.

New business annual premium equivalent, net of minority interests, is equivalent to the sum of new annual premium policies, plus a tenth of premiums in single premium policies.

Under CESR Recommendation on alternative performance measures (CESR/05 – 178b), operating result cannot replace earnings before taxes calculated in accordance with IAS/IFRS. In addition, it should be read together with financial information and related notes on the accounts which are included in the audited financial statements.

Operating result was drawn up reclassifying items of earnings before taxes of each segment on the basis of the characteristics of each segment and taking into consideration the recurring holding expenses.

Specifically, operating result represents earnings before taxes, gross of interest expense on liabilities linked to financing activities, specific net income from investments and non-recurring income and expenses.

The reconciliation statement of operating result and non-operating result to profit and loss accounts is shown in the table below.

Operating result and non-operating result Profit and loss account

Net earned premiums 1.1 Net insurance benefits and claims 2.1 Acquisition and administration costs 2.5.1 - 2.5.3 Net fee and commission income and net income from financial service activities 1.2 - 2.2 Operating income from investments 1.3 - 1.4 - 1.5 - 2.3 - 2.4 - 2.5.2 Non-operating income from investments Net other operating expenses 1.6 - 2.6 Net other non-operating expenses

Specifically, in the life segment, all profit and loss accounts are considered as operating items, except those representing the non-operating result, i.e.: 1. realized gains and losses and net impairment losses on investments on which the policyholders’ profit sharing is not based, 2. net other non-operating expenses, mainly including results of non-current assets or disposal group classified as held for sale as defined by IFRS 5, restructuring charges, the amortization of the value of business acquired directly or by securing control of companies in the insurance and financial segments (VOBA) and net other non recurring expenses.

47 Consolidated Financial half-yearly Report 09 APPENDIX TO THE INTERIM REPORT

As to consider the calculation method of the policyholders’ profit sharing based on the result of the period, life non-operating result in Germany and Austria was calculated net of the estimated amount attributable to the policyholders.

In line with the operating result definition and also in order to guarantee a greater comparability with the main European competitors, operating result of Germany and Austria was not adjusted for estimated income taxes attributable to the policyholders.

Furthermore, whether a new fiscal law materially affects the operating result of the countries for which the policyholders’ profit sharing is based on the net result of the period, the estimated non recurring effect on the income taxes attributable to the policyholders has been accounted for in the consolidation adjustments.

In the non-life segment, all profit and loss accounts are considered as operating items, except those which represent the non-operating result, i.e.: 1. realized gains and losses, unrealized gains and losses, and impairment losses and reversal of impairment of investments, 2. net other non-operating expenses, mainly including results of non-current assets or disposal group classified as held for sale as defined by IFRS 5, impairment losses of land and buildings used for own activities, restructuring charges and the amortization of the value of business acquired directly or by securing control of insurance companies (VOBA).

In the financial segment, all profit and loss accounts are considered as operating items, except those representing the non-operating result, i.e.: 1. realized gains and losses and net impairment losses on investments in subsidiaries, associated companies, joint ventures and strategic equities for the Group, 2. net other non-operating expenses, mainly including results of non-current assets or disposal group classified as held for sale as defined by IFRS 5, restructuring charges, the amortization of the value of business acquired directly or by securing control of companies in the insurance and financial segments (VOBA) and net other non recurring expenses.

The operating holding expenses mainly includes the expenses sustained by the Parent Company and local subholdings for management and coordination activities.

The non operating holding expenses refers to: 1. interest expense on liabilities linked to the Group’s financing activities2, 2. restructuring charges and other non recurring expenses incurred in the management and coordination activities, 3. costs arising from the assignment of stock options and stock grants under incentive plans approved by the Parent Company.

Operating result and non-operating result of the Generali Group are equivalent to the sum of operating result and non-operating result of the aforesaid segments, the holding expenses classified as previously said, and consolidation adjustments.

In accordance with the abovedescribed approach, the Generali Group has also presented the life and non-life

2 Further details on the definition of liabilities linked to financing activities are included in the paragraphDebt in Asset and financial management of the report.

48 operating result of the main countries where it operates. This performance indicator measures the contribution of each country to the consolidated operating result.

Please note that the following reclassifications have been implemented in the operating result definition, as a valuation indicator of the quality and sustainability over time, in respect to the related profit and loss items: • within the operating result, investment management expenses and gains and losses on foreign currencies have been reclassified for all segments from management expenses and other net operating expenses, respectively, to the investment operating income, • within the operating income from investments, the interest expenses on deposits and current accounts under reinsurance business accepted have been deducted from the related interest income. Therefore, they are nomore accounted for in interest expenses on liabilities linked to operating activities.

Lastly, within the context of the life and non-life operating result of each country, reinsurance operations between Group companies in different countries have been accounted for as transactions concluded with ex- ternal reinsurers. This new representation of the life and non-life operating result by country makes this performance indicator more consistent with the risk management policies implemented by each company and with the other indicators measuring the technical profitability of the Group’s companies. However, this change does not impact the segment operating result.

For the purpose of guaranteeing the uniformity of the information presented, the comparative data for both the segments and overall operating and non-operating results have been redetermined considering the changes described above, while the life and non-life operating results for each country were redetermined in accordance with the new approach to intragroup reinsurance.

Following is provided the reconciliation of the operating result reported in the financial statement of 31 June 2008 and the restated one. These adjustments are mainly related to the reclassification within the interest expenses of the interest expenses on defined benefit plans, the latter previously included in the netnon- operating expenses.

30.06.2008 previously 30.06.2008 (A million) reported adjustments restated

Operating result - non-life segment 1,204.2 -43.8 1,160.4 Operating result - life segment 1,517.3 -1.1 1,516.2 Operating result - financial segment 196.6 -0.8 195.8 Operating holding expenses -154.4 0.0 -154.4 Consolidation adjustments -220.5 0.0 -220.5

Operating result 2,543.2 -45.7 2,497.6 Non-operating result - non-life segment 287.6 43.8 331.4 Non-operating result - life segment -94.4 1.1 -93.2 Non-operating result - financial segment -16.5 0.8 -15.7 Non-operating holding expenses -344.5 0.0 -344.5 Consolidation adjustments 0.0 0.0 0.0

Non-operating result -167.7 45.7 -122.0

49 Consolidated Financial half-yearly Report 09 APPENDIX TO THE INTERIM REPORT

Furthermore, starting from the 2008 half-yearly report, the operating result of the financial segment was drawn up reclassifying items according to a layout based on operating margins, which better describes the asset management business. Specifically, the net operating result from financial activities is defined as the intermediation margin, net of net operating impairment losses on other financial instruments. The intermediation margin is equal to all net operating income arising from financial activity. Lastly, the interest margin is equal to interest income, net of interest expenses.

Finally, the Generali Group has presented a performance indicator, i.e. return on investments on a yearly basis, that is calculated as the ratio of: • operating and non-operating income from investments, less interest expense on liabilities linked to financing activities and net income from financial instruments at fair value through profit or loss where the risk is borne by the policyholders, for total return on investments, or • interests and other income, including those arising from financial instruments at fair value through profit and loss, for current return on investments, to • the average investments, i.e. land and buildings (investment properties), investments in subsidiaries, associated companies and joint ventures, loans and receivables, available for sale financial assets, financial assets at fair value through profit or loss less financial assets where the risk is borne by the policyholders, derivatives classified in financial liabilities at fair value through profit or loss and cash and cash equivalent. The average amount is calculated on a quarterly average asset base.

Rajasthan, Pushkar - India

50 Renmin Guangchang - Shanghai, China

Consolidated half-yearly financial statements

Company ASSICURAZIONI GENERALI S.p.A.

CONSOLIDATED STATEMENTS

Consolidated half-yearly financial statements

at 30 June 2009

(Amounts in € million)

53 BALANCE SHEET - ASSETS

30/06/2009 31/12/2008

1 INTANGIBLE ASSETS 9,024.7 9,293.0

1.1 Goodwill 5,781.8 5,739.1

1.2 Other intangible assets 3,242.9 3,553.9

2 TANGIBLE ASSETS 3,837.0 3,792.7

2.1 Land and buildings (self used) 3,290.6 3,235.5

2.2 Other tangible assets 546.3 557.2

3 AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS 5,877.0 6,005.5

4 INVESTMENTS 313,026.2 327,134.9

4.1 Land and buildings (investment properties) 12,312.7 12,473.3

4.2 Investments in subsidiaries, associated companies and joint ventures 2,049.2 2,568.4

4.3 Held to maturity investments 2,803.5 1,798.0

4.4 Loans and receivables 82,463.7 69,192.5

4.5 Available for sale financial assets 155,359.2 173,701.1

4.6 Financial assets at fair value through profit or loss 58,037.9 67,401.7 of which financial assets where the investment risk is borne by the policyholders and related to pension funds 35,112.7 41,351.4

5 RECEIVABLES 14,612.1 11,454.9

5.1 Receivables arising out of direct insurance operations 11,116.5 8,507.4

5.2 Receivables arising out of reinsurance operations 953.5 945.0

5.3 Other receivables 2,542.1 2,002.6

6 OTHER ASSETS 39,201.1 15,720.3

6.1 Non-current assets or disposal groups classified as held for sale 24,289.3 41.1

6.2 Deferred acquisition costs 1,741.9 1,712.7

6.3 Deferred tax assets 4,611.8 5,011.5

6.4 Tax receivables 2,149.9 2,615.6

6.5 Other assets 6,408.1 6,339.4

7 CASH AND CASH EQUIVALENTS 11,917.6 10,537.2

TOTAL ASSETS 397,495.6 383,938.4

54 BALANCE SHEET - SHAREHOLDERS' EQUITY AND LIABILITIES

30/06/2009 31/12/2008

1 SHAREHOLDERS' EQUITY 15,808.6 15,473.1

1.1 Shareholders' equity attributable to the Group 11,611.7 11,312.8

1.1.1 Share capital 1,410.1 1,410.1

1.1.2 Other equity instruments 0.0 0.0

1.1.3 Capital reserves 4,560.6 4,567.2

1.1.4 Revenue reserves and other reserves 6,458.6 7,526.5

1.1.5 (Own shares) -248.9 -1,866.8

1.1.6 Reserve for currency translation differences -144.1 -108.5

1.1.7 Reserve for unrealized gains and losses on available for sale financial assets -888.7 -1,105.7

1.1.8 Reserve for other unrealized gains and losses through equity -40.0 29.1

1.1.9 Result of the period 504.0 860.9

1.2 Shareholders' equity attributable to minority interests 4,196.9 4,160.3

1.2.1 Share capital and reserves 4,052.7 4,081.5

1.2.2 Reserve for unrealized gains and losses through equity -114.9 -124.3

1.2.3 Result of the period 259.1 203.1

2 OTHER PROVISIONS 1,982.9 1,948.3

3 INSURANCE PROVISIONS 292,409.7 301,760.7 of which insurance provisions for policies where the investment risk is borne by the policyholders and related to pension funds 29,805.7 34,965.2

4 FINANCIAL LIABILITIES 44,539.5 46,730.5

4.1 Financial liabilities at fair value through profit or loss 7,946.4 9,773.3 of which financial liabilities where the investment risk is borne by the policyholders and related to pension funds 5,621.4 6,547.5

4.2 Other financial liabilities 36,593.1 36,957.2

of which subordinated liabilities 6,368.3 6,041.0

5 PAYABLES 9,339.9 7,179.9

5.1 Payables arising out of direct insurance operations 5,125.1 3,601.4

5.2 Payables arising out of reinsurance operations 943.5 893.6

5.3 Other payables 3,271.3 2,684.8

6 OTHER LIABILITIES 33,415.0 10,845.9 6.1 Liabilities directly associated with non-current assets and disposal groups classified as held for sale 22,806.1 0.0

6.2 Deferred tax liabilities 5,174.2 5,461.0

6.3 Tax payables 1,036.4 893.1

6.4 Other liabilities 4,398.2 4,491.8

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 397,495.6 383,938.4

PROFIT AND LOSS ACCOUNT

30/06/2009 30/06/2008

1.1 Net earned premiums 31,765.7 32,363.6 1.1.1 Gross earned premiums 32,954.2 33,619.7 1.1.2 Earned premiums ceded -1,188.4 -1,256.1 1.2 Fee and commission income and income from financial service activities 542.8 571.8 1.3 Net income from financial instruments at fair value through profit or loss 2,300.9 -3,734.3 of which net income from financial instruments where the investment risk is borne by the policyholders and related to pension funds 1,498.4 -3,404.3 1.4 Income from subsidiaries, associated companies and joint ventures 78.7 352.4 1.5 Income from other financial instruments and land and buildings (investment properties) 7,225.3 8,155.9 1.5.1 Interest income 4,752.1 5,199.3 1.5.2 Other income 1,129.6 1,669.3 1.5.3 Realized gains 1,272.1 1,237.9 1.5.4 Unrealized gains and reversal of impairment losses 71.5 49.5 1.6 Other income 1,123.9 1,317.1 1 TOTAL INCOME 43,037.4 39,026.6 2.1 Net insurance benefits and claims 31,948.4 26,295.4 2.1.1 Claims paid and change in insurance provisions 32,748.7 27,025.4 2.1.2 Reinsurers' share -800.3 -730.0 2.2 Fee and commission expenses and expenses from financial service activities 164.1 212.4 2.3 Expenses from subsidiaries, associated companies and joint ventures 35.5 2.7 2.4 Expenses from other financial instruments and land and buildings (investment properties) 2,739.4 2,367.4 2.4.1 Interest expense 614.5 776.6 2.4.2 Other expenses 166.3 149.1 2.4.3 Realized losses 876.3 487.3 2.4.4 Unrealized losses and impairment losses 1,082.3 954.5 2.5 Acquisition and administration costs 5,735.6 5,792.3 2.5.1 Commissions and other acquisition costs 4,030.4 4,106.9 2.5.2 Investment management expenses 180.9 145.0 2.5.3 Other administration costs 1,524.3 1,540.4 2.6 Other expenses 1,525.9 1,980.8 2 TOTAL EXPENSES 42,148.9 36,651.0

EARNINGS BEFORE TAXES 888.5 2,375.5

3 Income taxes 164.7 605.1

EARNINGS AFTER TAXES 723.7 1,770.5

4 RESULT OF DISCONTINUED OPERATIONS 39.4 0.0 CONSOLIDATED RESULT OF THE PERIOD 763.2 1,770.5 Result of the period attributable to the Group 504.0 1,459.5 Result of the period attributable to minority interests 259.1 311.0 EARNINGS PER SHARE: Earnings per share (in €) 0.37 1.08 from continuing operation 0.36 1.08 Diluted earnings per share (in €) 0.37 1.08 from continuing operation 0.36 1.08

STATEMENT OF COMPREHENSIVE INCOME

30/06/2009 30/06/2008

1 CONSOLIDATED RESULT OF THE PERIOD 763.2 1,770.5 2.1 Net unrealized gains and losses on investments available for sale 233.8 -3,362.5 2.2 Net unrealized gains and losses on cash flows hedging derivatives -36.3 -57.7

2.3 Net unrealized gains and losses on hedge of a net investment in foreign operations -40.2 0.0 2.4 Share of other comprehensive income of associates 0.0 0.0 2.5 Reserve for revaluation model on intangible assets 0.0 0.0 2.6 Reserve for revaluation model on tangible assets 0.0 0.0

2.7 Result of discontinued operations 0.0 0.0 2.8 Foreign currency translation differences -22.7 31.5 2.9 Actuarial gains or losses arising from defined benefit plans 0.0 0.0 2.10 Other (*) -7.4 -0.2 4 OTHER COMPREHENSIVE INCOME 127.2 -3,388.9 5 TOTAL COMPREHENSIVE INCOME 890.4 -1,618.4 attributable to the Group 611.4 -1,534.1 attributable to minority interests 279.0 -84.3

(*) Changes of '2.10 Others' are included within 'Revenue reserves and other reserves' of statement of changes in equity.

59 STATEMENT OF CHANGES IN EQUITY

Changes in Amounts amounts at Allocation at 31/12/2007 31/12/2007

SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP

Share capital 1,409.5 0.5

Other equity instruments 0.0 0.0

Capital reserves 4,554.0 11.6

Revenue reserves and other reserves 5,745.5 1,745.6

(Own shares) -1,875.4 81.4

Reserve for currency translation differences -95.7

Reserve for unrealized gains and losses on available for sale financial assets 2,024.2 -9,529.6

Reserve for other unrealized gains and losses through equity 111.9 0.0 -227.2

Cash flow hedging derivative reserve 111.9 -227.2

Reserve for hedge of a net investment in a foreign operation 0.0

Revenue reserve from valuation of equity 0.0

Reserve for revaluation model on intangible assets 0.0

Reserve for revaluation model on tangible assets 0.0

Result of discontinued operations 0.0

Other reserves 0.0

Result of the period 2,915.6 -236.0

TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP 14,789.6 0.0 -8,153.7

SHAREHOLDERS' EQUITY ATTRIBUTABLE TO MINORITY INTERESTS

Share capital and reserves 2,799.7 882.3

Reserve for unrealized gains and losses through equity 302.3 -1,435.4

Result of the period 459.0 107.7

TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO MINORITY INTERESTS 3,560.9 0.0 -445.4

1) Allocations related to: a) “Revenue reserve and other reserves” mainly include the carry forward of the consolidated result of the previous year. b) “Own Shares” refer to share of dividents paid by the assignment of free allotment. c) “Gains and losses on available for sale financial assets” mainly include € 309.5 million unrealized gains and losses recognized in sharehorders' equity (of which € 331.4 million related to shareholders’ equity attributable to the Group and € -22.0 million related to shareholders’ equity attributable to minority interests). They amounted to € -10,965.0 million at 30 June 2008 (of which € -9,529.6 million related to shareholders’ equity attributable to the Group and € -1,435.4 million related to shareholders’ equity attributable to minority interests). d) "Result of the period" includes the result of the period at 30 June 2009, which amounts to € 763.2 million (of which € 504.0 million related to shareholders’ equity attributable to the Group and € 259.1 million related to shareholders’ equity attributable to minority interests). It was € 1,770.5 million at 30 June 2008 (of which € 1,459.5 million related to shareholders’ equity attributable to the Group and € 311.0 million related to shareholders’ equity attributable to minority interests). 2) Transfer to profit and loss account related to “Gains and losses on available for sale financial assets” refers mainly to net realized gains from available for sale financial assets’ transfer. 3) Other changes related to: a) “Gains and losses on available for sale financial assets” mainly refer to the share of unrealized gains and losses on available for sale financial assets attributable to policyholders, which amounts to € -967.8 million at 30 June 2009 (of which € -918.6 million related to reholders' equity attributable to the Group and € -49.1 million to shareholders' equity attributable to minority interests) and € 7,562.8 million at 30 June 2008 (of which € 6,593.8 million related to shareholders’ equity attributable to the Group and € 969.0 million shareholders' equity attributable to minority interests). b) “Result of the period” refer to dividends paid by the Parent Company, which amount to € 207.0 million at 30 June 2009 and to € 1,220.1 million at the 30 June 2008. Dividends paid to third parties amount € 103.7 million at 30 June 2009 compared to € 255.7 million at 30 June 2008.

60 STATEMENT OF CHANGES IN EQUITY

Changes in Transfer to Changes in Transfer to Amounts Amounts Amounts Amounts amounts at Allocation profit and loss Other transfer amounts at Allocation profit and loss Other transfer at 31/12/2007 at 30/06/2008 at 31/12/2008 at 30/06/2009 31/12/2007 account 31/12/2008 account

SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP

Share capital 1,409.5 0.5 0.0 1,410.0 1,410.1 0.0 0.0 1,410.1

Other equity instruments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Capital reserves 4,554.0 11.6 0.0 4,565.6 4,567.2 0.0 -6.6 4,560.6

Revenue reserves and other reserves 5,745.5 1,745.6 7,491.1 7,526.5 -1,067.9 6,458.6

(Own shares) -1,875.4 81.4 0.0 -1,794.0 -1,866.8 1,617.8 0.0 -248.9

Reserve for currency translation differences -95.7 0.8 -94.9 -108.5 -35.6 -144.1

Reserve for unrealized gains and losses on available for sale financial assets 2,024.2 -9,529.6 -3.5 6,593.8 -915.1 -1,105.7 331.4 804.2 -918.6 -888.7

Reserve for other unrealized gains and losses through equity 111.9 0.0 -227.2 170.6 0.0 55.3 29.1 0.0 84.8 -153.8 0.0 -40.0

Cash flow hedging derivative reserve 111.9 -227.2 170.6 55.3 29.1 125.0 -153.8 0.3

Reserve for hedge of a net investment in a foreign operation 0.0 0.0 0.0 -40.2 -40.2

Revenue reserve from valuation of equity 0.0 0.0 0.0 0.0

Reserve for revaluation model on intangible assets 0.0 0.0 0.0 0.0

Reserve for revaluation model on tangible assets 0.0 0.0 0.0 0.0

Result of discontinued operations 0.0 0.0 0.0 0.0

Other reserves 0.0 0.0 0.0 0.0

Result of the period 2,915.6 -236.0 -1,220.1 1,459.5 860.9 -149.8 -207.0 504.0

TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP 14,789.6 0.0 -8,153.7 167.1 5,374.5 12,177.5 11,312.8 0.0 816.3 650.4 -1,167.8 11,611.7

SHAREHOLDERS' EQUITY ATTRIBUTABLE TO MINORITY INTERESTS

Share capital and reserves 2,799.7 882.3 -88.8 3,593.2 4,081.5 -28.8 4,052.7

Reserve for unrealized gains and losses through equity 302.3 -1,435.4 42.1 969.0 -122.0 -124.3 -22.0 80.5 -49.1 -114.9

Result of the period 459.0 107.7 -255.7 311.0 203.1 159.7 -103.7 259.1

TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO MINORITY INTERESTS 3,560.9 0.0 -445.4 42.1 624.5 3,782.2 4,160.3 0.0 109.0 80.5 -152.8 4,196.9

CASH FLOW STATEMENT (indirect method)

30.06.2009 30.06.2008

Earnings before taxes (***) 957.8 2,375.5 Changes in non-cash items 10,209.8 11,872.6 Change in the provisions for unearned premiums and for unexpired risks for non-life segment 781.2 1,210.1 Change in the provisions for outstanding claims and other insurance provisions for non-life segment 429.6 1,038.0 Change in the mathematical provisions and other insurance provisions for life segment 9,823.9 4,937.7 Change in deferred acquisition costs -29.8 -145.2 Change in other provisions 50.1 -139.0 Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures -592.0 5,366.8 Other changes -253.3 -395.7 Change in receivables and payables from operating activities -981.0 -1,838.1 Change in receivables and payables arising out of direct insurance and reinsurance operations -1,034.3 -1,597.9 Change in other receivables and payables 53.3 -240.2 Income taxes paid 92.5 -327.0 Net cash flows from cash items related to investing or financing activities -1,634.8 5,685.8 Financial liabilities related to investment contracts -787.8 3,038.2 Payables to banks and customers -432.0 4,693.7 Loans and receivables from banks and customers 199.9 -3,192.6 Other financial instruments at fair value through profit or loss -615.0 1,146.5 CASH FLOW FROM OPERATING ACTIVITIES 8,644.2 17,768.9

Net cash flows from investment properties -1.3 -248.7 Net cash flows from investments in subsidiaries, associated companies and joint ventures -59.5 -123.6 Net cash flows from loans and receivables 203.6 -4,907.4 Net cash flows from held to maturity investments -177.2 -65.5 Net cash flows from available for sale financial assets -6,840.5 -8,200.4 Net cash flows from tangible and intangible assets -272.7 -2,492.4 Net cash flows from other investing activities 775.6 -3,684.2 CASH FLOW FROM INVESTING ACTIVITIES -6,371.9 -19,722.1

Net cash flows from shareholders' equity attributable to the Group 0.0 0.0 Net cash flows from own shares 0.0 82.4 Dividends payment -202.8 -1,220.1 Net cash flows from shareholders' equity attributable to minority interests -103.7 334.5 Net cash flows from subordinated liabilities and other similar liabilities 346.3 -59.2 Net cash flows from other financial liabilities -904.8 2,752.0 CASH FLOW FROM FINANCING ACTIVITIES -865.0 1,889.6

Effect of exchange rate changes on cash and cash equivalents -366.5 44.5

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (*) 9,868.2 7,146.0

CHANGES IN CASH AND CASH EQUIVALENTS 1,040.8 -19.1

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (**) 10,908.9 7,126.8

(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 10,537.2 million), liabilities to banks payables on demand (€ 254.2 million) and bank overdrafts (€ 414.8 million). (**) Cash and cash equivalents at the end of the period include cash and cash equivalents (€ 10,537.2 million), liabilities to banks payables on demand (€ 254.2 million), bank overdrafts (€ 414.8 million) and cash and cash equivalents of non-current assets or disposal groups classified as held for sale (€ 447.1 million). (***) Earning before taxes include earning before taxes of non-current assets or disposal groups classified as held for sale ( € 69.3 million).

Umaid Bhawan - Jodhpur, India

notes

Part C – General criteria for drawing up the financial statements and valuation criteria

The Generali Group’s half-yearly financial report at 30 June 2009 was prepared in accordance with article 154-ter of Italian Legislative Decree No. 58 of 24 February 1998, as amended by Legislative Decree No. 195 of 6 November 2007 (Trasparency), and with the regulations implementing Article 9 of Legislative Decree 38/2005. Specifically, profit and loss account and balance sheet data was presented based on IAS 34 requirements for interim financial reports.

In this half-yearly financial report, the Generali Group prepared its consolidated financial statements and Notes in conformity with the ISVAP Regulation No. 7 of 13 July 2007 and the information of the CONSOB Com- munication No. 6064293 of 28 July 2006. As allowed by the aforementioned ISVAP Regulation, the Generali Group belivied it approriate to supplement its consolidated financial statements with detailed items and to provide further details in the Notes in order to meet also the IAS/IFRS requirements.

The Notes, which are mandatory as established by the Italian Regulator, are presented in Part G of this report.

Consolidation methods and valuation criteria adopted for preparing this half-yearly report are consistent with those reported in the consolidated financial statements at 31 December 2008.

Given the current market situation, coupled with prices characterized by high volatility which is not linked to the issuer’s business performance, the Generali Group has decided to transfer e 14,658.0 million corporate bonds in the loans category, which were previously classified mainly as available for sale financial assets, effective from 1 January 2009. Such corporate bonds were quoted in an inactive market at the trasfer date, and the Group has the intention and the ability to hold them for a foreseeable future, also due to the link to the corrisponding insurance liabilities. The bonds are reclassified at its fair value on the reclassification date. Further information required by IFRS 7 are provided in Part D of the Notes.

As mentioned above, at the end of March, the General Group decided to exercise its right to sell its interest in Intesa Vita. As a result, Intesa Vita has been classified as disposal group held for sale. The company has not been excluded from the consolidated accounts, but its assets and liabilities have been recorded in two separate items of the balance sheet, and its result has been recognized as a separate line in the profit and loss account. Further information required by IFRS 5 are presented in Part F of this report.

Some figures are reasonably estimated as to safeguard the consistent application of the principle. Therefore, estimation does not invalidate the reliability of the interim report. Comparative figures were restated compared to those presented in the financial statements at 30 June 2008 in order to harmonize them with data in this report. Accounting principles adopted for drawing up this consolidated half-yearly report and the contents of the items in the financial statements are detailed in Part C and Part D of the consolidated annual financial statements.

67 Consolidated Financial half-yearly Report 09 Notes

New accounting principles

Following the endorsement of the European Union, starting from the 1st of January 2009 new principles and amendments shall be applied. Following the most relevant changes for the Group are described.

IAS 1 – Presentation of Financial Statements

In September 2007, the IASB issued the revised IAS 1, Presentation of Financial Statements, endorsed by the Regulation EC no. 1274/2008, which is mandatory for annual period beginning on or after 1 January 2009. Compared to the previous standard, a statement of comprehensive income is introduced. In particular, the new standard gives preparers of financial statements the option of presenting items of income and expense and components of other comprehensive income either in a single statement or in two separate statements. Whereas, the transactions carried out with stakeholders, as well as the comprehensive result, are disclosed in the statement of changes in equity. Generali Group has decided to apply the two statements approach, thus adding to the income statement a statement of other comprehensive income (OCI). Each other comprehensive income component is disclosed net of related tax effects and of the reclassifications of value previously recorded in equity. Related disclosure is provided in this report.

IFRS 8 – Operating Segments

In November 2006, the IAS issued IFRS 8, Operating Segments, endorsed by Regulation EC no. 1358/2007. Ef- fectively replacing IAS 14, IFRS 8 requires that an entity provides information regarding the Group’s operating segments coherent with internal reports regularly reviewed by the entity’s chief operating decision makers in order to allocate resources to the segment and assess its performances. It also sets out the necessity to determine the Group’s major reporting segment (business) and the minor one (geographical). The adoption of this change does not affect either the financial position or the performance of the Group. Generali Group determined that in this half-yearly report the operating sectors were the same as the ones previously stated according to IAS 14, Segment Reporting.

This half-yearly report is drawn up in euros (the functional currency used by the Group), and the amounts are given in millions, rounded to the first digit.

The exchange rates used for the translation of the main foreign currencies for the Generali Group into euros are detailed in the following table. The balance sheet items of the financial statements denominated in foreign currencies are translated into euros based on the exchange rates at the end of the period. The profit and loss account items are, instead, translated based on the average exchange rates of the period.

68 Exchange rates

Exchange rate at the end of the period (e) Currency 30/06/2009 31/12/2008

US dollar 1.4027 1.3901 Swiss franc 1.5255 1.4796 British pound 0.8517 0.9669 Israeli shekel 5.5006 5.2502 Argentine peso 5.3248 4.8002 Czech koruna 26.0125 26.8450

Average exchange rate (e) Currency 30/06/2009 30/06/2008

US dollar 1.3334 1.5305 Swiss franc 1.5054 1.6058 British pound 0.8940 0.7749 Israeli shekel 5.4093 5.3879 Argentine peso 4.8514 4.7997 Czech koruna 27.1383 25.1895

Taj Mahal, Agra - India

69 Consolidated Financial half-yearly Report 09 Notes

Part d - notes on the balanCe sheet Balance sheet – Assets

1 – Intangibles assets

(A million) 30/06/2009 31/12/2008

Goodwill 5,781.8 5,739.1

Other intangible assets 3,242.9 3,553.9 Purchased goodwill 67.9 411.8 Software 411.0 409.7 Value of in-force business arising from insurance business combination 2,063.5 2,108.4 Other intangible assets 700.5 624.0 Total 9,024.7 9,293.0

1.1 – Goodwill

The table below shows the goodwill by relevant companies.

(A million) 30/06/2009 31/12/2008

AMB Generali Holding AG 2,179.0 2,179.0 Toro Group 1,326.4 1,326.4 Ceska Group 595.8 577.3 BSI - Banca del Gottardo Group (*) 443.9 414.6 Generali France Group 417.1 417.1 Generali Schweiz Holding AG 231.4 236.5 Generali Holding Vienna AG 153.4 153.4 Migdal Insurance Holding 135.4 135.4 Other 299.4 299.4 Total goodwill 5,781.8 5,739.1

(*) Amount includes e 384.2 million of goodwill activated on acquisition of Banca del Gottardo and e 30.4 million on BSI. Goodwill activated on Banca del Gottardo Italia (e 11.1 million net of minorities) is not included, since it was merged with Banca Generali Group and is shown in row “Other”.

The increase respect to 31 December 2008 (e 42.8 million) is mainly due to the recalculation of the purchase price allocation of Banca del Gottardo group, completed within IFRS 3 terms.

70 1.2 – other intangible assets

The decrease in the purchased goodwill is mainly due to the accounting treatment of Intesa Vita assets, classified, according to the IFRS 5, as disposal group held for sale.

Value in force acquired in business combinations amounts to e 2,063.5 million, is attributable to: - the acquisitions taken place in 2006 of Toro Group (e 466.8 million net of amortisation of the period) and in the CEE countries (e 64.7 million, net of amortisation of the period), - the acquisition of Bawag PSK Versicherung in 2007 brought to a further activation of e 59.3 million, net of amortisation of the period, - the acquisitions of Ceška group brought to a further activation of e 1,472.7 million, net of amortisation of the year.

The other intangible assets include the value of the customers portfolio in the asset management business, obtained through the acquisition of control of companies operating in the financial segment. In particular, the acquisition of Banca del Gottardo brought to a further activation of e190.0 million, net of amortisation of the year.

Deferred tax liabilities are accounted for with reference to the above mentioned intangible assets. Further information on calculation method is detailed in the paragraph 1.2 of part D of Year End 2008 Consolidated Statements.

2 – Tangible assets

Other tangible assets, which total e 546.3 million, mainly consist of furniture, fittings and office equipment, which amount to e 453.9 million, net of any accumulated depreciation and impairment losses.

3 – Amounts ceded to reinsurers from insurance provisions

(A million) 30/06/2009 31/12/2008

Non-life amounts ceded to reinsurers from insurance provisions (*) 4,363.8 4,518.0

Life amounts ceded to reinsurers from insurance provisions (*) 1,513.1 1,487.4 Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 1.2 0.8 Mathematical provisions and other insurance provisions 1,512.0 1,486.6

Totale riserve tecniche a carico dei riassicuratori 5,877.0 6,005.5

(*) After the elimination of intra-group transactions between segments.

71 Consolidated Financial half-yearly Report 09 Notes

4 – Investments

30/06/2009 31/12/2008 Total Impact Total Impact (A million) bookvalue (%) bookvalue (%)

Equities (*) 22,171.6 7.1 22,224.5 6.8 Available for sale financial assets 18,691.2 18,709.0 Financial assets at fair value through profit or loss 3,480.5 3,515.5

Bonds (**) 202,118.4 64.6 207,842.4 63.5 Loans 53,356.5 38,888.5 Held to maturity investments 2,786.0 1,778.7 Available for sale financial assets 132,453.4 150,847.8 Financial assets at fair value through profit or loss 13,522.6 16,327.5

Investments back to policies where the investment risk is borne by the policyholders 35,112.7 11.2 41,351.4 12.6

Other investments (***) 53,623.4 17.1 55,716.6 17.0 Land and buildings (investment properties) 14,336.9 14,624.7 Investments in subsidiaries, associated companies and joint ventures 2,049.2 2,568.4 Derivatives 2,365.5 3,012.6 Mortgage loans 8,623.9 8,835.2 Receivables from banks or customers 6,618.5 6,999.7 Policy loans 3,313.4 3,324.5 Term deposits with credit institutions 6,059.4 6,275.0 Other investments 10,256.7 10,076.4

Total 313,026.2 100.0 327,134.9 100.0

(*) Investment fund units amount to 3,755.8 million ( 3,854.6 million at 31 December 2008). (**) Investment fund units amount to 6,726.6 million ( 7,641.0 million at 31 December 2008). (***) Investment fund units amount to 3,574.7 million ( 3,471.9 million at 31 December 2008).

Total investments slight decrease is mainly due to the reclassification of Intesa Vita assets within the non current assets held for sale and discontinued operations, according to IFRS 5. On a like for like basis, total investments would show an increase of e 7,900.6 million.

4.2 – investments in subsidiaries, associated company and joint ventures

(A million) 30/06/2009 31/12/2008

Investments in non-consolidated subsidiaries 228.7 732.3 Investments in associated companies valued at equity 1,403.7 1,376.7 Investments in joint ventures 103.3 98.6 Investments in other associated companies 313.4 360.7 Total 2,049.2 2,568.4

The change in the total of investments in subsidiaries, associated company and joint ventures is mainly attributable to the line by line consolidation of companies previously valued at cost.

72 4.3 – held to maturity investments

(A million) 30/06/2009 31/12/2008

Quoted bonds 2,786.0 1,778.7 Other held to maturity investments 17.5 19.3 Total 2,803.5 1,798.0

The Group limits the accounting of investments that companies have the positive intention to hold to maturity. Therefore, these account for only 0.9% of total investments.

4.4 – loans and receivables

(A million) 30/06/2009 31/12/2008

Loans 75,845.2 62,192.7 Unquoted bonds 53,356.5 38,888.5 Deposits under reinsurance business accepted 410.9 429.9 Other loans and receivables 22,077.9 22,874.4 Mortgage loans 8,623.9 8,835.2 Policy loans 3,313.4 3,324.5 Term deposits with credit institutions 6,059.4 6,275.0 Other loans 4,081.1 4,439.7

Receivables from banks or customers 6,618.5 6,999.7 Receivables from banks 3,300.9 3,909.7 Receivables from customers 3,317.6 3,090.0

Total 82,463.7 69,192.5

The category of Loans and receivables accounts for 26.3% of total investments. It mainly consists of unquoted bonds and mortgage loans, which are 70.3% and 11.4% of total loans, respectively.

As already mentioned, the category shows an increase following the transfer of e 14,658.2 million corporate bonds previously classified mainly as available for sale financial assets, effective from 1 January 2009.

73 Consolidated Financial half-yearly Report 09 Notes

4.5 – available for sale financial assets

(A million) 30/06/2009 31/12/2008

Unquoted equities at cost 384.2 364.7 Equities at fair value 15,983.2 15,926.5 Quoted 14,182.4 14,382.7 Unquoted 1,800.8 1,543.8 Bonds 127,220.8 144,707.7 Quoted 118,555.7 133,767.7 Unquoted 8,665.1 10,940.0 Investment fund units 10,260.0 11,216.7 Other available for sale financial assets 1,511.0 1,485.6 Total 155,359.2 173,701.1

This category accounts for 49.6% of total investments. Within this category bonds weight for 81.9%.

The decrease is substiantially attributable to the above mentioned transfer of e 14,028.0 million corporate bonds, which net of sells and repayments amount to e 13,526.0 million.

Unrealized (A million) 30/06/2009 Fair value gains / losses Amortized cost

Unquoted equities at cost 384.2 0.0 384.2 Equities at fair value 15,983.2 -2,632.6 18,615.8 Bonds 127,220.8 -1,112.6 128,333.3 Investment fund units 10,260.0 -206.7 10,466.7 Other available for sale financial assets 1,511.0 -79.7 1,590.7 Total 155,359.2 -4,031.6 159,390.8

Unrealized (A million) 31/12/2008 Fair value gains / losses Amortized cost

Unquoted equities at cost 364.7 0.0 364.7 Equities at fair value 15,926.5 -3,270.6 19,197.1 Bonds 144,707.7 -2,193.5 146,901.3 Investment fund units 11,216.7 -775.7 11,992.4 Other available for sale financial assets 1,485.6 10.8 1,474.7 Total 173,701.1 -6,229.0 179,930.1

Realized gains and losses, and unrealized losses on available for sale financial assets are shown in the table below.

74 (A million) 30/06/2009 Realized gains Realized losses Impairment losses

Equities 442.7 -605.2 -605.4 Bonds 669.5 -155.3 -6.0 Investment fund units 32.9 -75.7 -182.1 Other available for sale financial assets 29.4 -4.3 -95.6 Total 1,174.5 -840.5 -889.0

(A million) 30/06/2008 Realized gains Realized losses Impairment losses

Equities 837.4 -283.4 -861.8 Bonds 220.8 -135.2 0.0 Investment fund units 76.0 -60.6 -11.2 Other available for sale financial assets 20.0 -1.5 -2.2 Total 1,154.2 -480.6 -875.2

4.6 – financial assets at fair value through profit or loss

Financial assets Total financial assets Financial assets designated as at fair value at fair value held for trading through profit or loss through profit or loss (A million) 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008

Equities 71.0 362.5 1,977.4 1,716.3 2,048.4 2,078.8 Quoted 67.4 362.5 1,505.0 1,046.7 1,572.3 1,409.2 Unquoted 3.6 0.0 472.5 669.6 476.1 669.6 Bonds 1,251.0 1,485.6 10,777.6 13,340.9 12,028.6 14,826.5 Quoted 1,074.8 1,236.1 8,660.3 10,291.5 9,735.2 11,527.6 Unquoted 176.1 249.5 2,117.3 3,049.4 2,293.4 3,298.8 Investment fund units 158.6 563.3 3,638.6 3,187.5 3,797.2 3,750.8 Derivatives 1,276.4 2,177.4 1,089.0 835.2 2,365.5 3,012.6 Investments back to policies where the investment risk is borne by the policyholders and back to pension funds 0.0 0.0 35,112.7 41,351.4 35,112.7 41,351.4 Other financial investments 22.6 13.0 2,663.0 2,368.6 2,685.6 2,381.6 Total 2,779.7 4,601.8 55,258.3 62,799.9 58,037.9 67,401.7

This category accounts for 18.5% of total investments. Specifically, these investments are mainly concentrated in the life segment (e 54,789.5 million or 94.4%). The residual amount refers to the non-life segment (e 1,163.7 million or 2.0%) and to the financial segment (e 2,084.3 million or 3.6%).

As permitted by the IAS 39 amendment, e 630.2 million bonds held for trading have been transferred in the loans category, effective from 1 January 2009; net of sells and repayments, they amount to e 627.4 million.

75 Consolidated Financial half-yearly Report 09 Notes

Policies where the investment risk is borne by the policyholders Pension funds Total (A million) 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008

Assets 34,300.5 40,619.3 812.2 732.1 35,112.7 41,351.4 Total 34,300.5 40,619.3 812.2 732.1 35,112.7 41,351.4

Financial liabilities 5,248.4 6,261.8 373.0 285.7 5,621.4 6,547.5 Insurance provisions (*) 29,491.8 34,661.5 312.8 302.9 29,804.5 34,964.4 Total 34,740.1 40,923.4 685.8 588.6 35,425.9 41,511.9

(*) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions. further information on reclassified financial instruments

Book Value Sells and reclassified as at pay-backs of the Fair Value as at (A million) January 2009 semester Difference June 2009

Available for sale 14,028.0 -501.9 13,526.1 13,430.9 Financial assets at fair value through profit or loss 630.2 -2.8 627.4 613.1 Total reclassified investments 14,658.2 -504.8 14,153.5 14,044.1

The gross profit or loss effect of reclassifications of investments, previously classified as financial assets at fair value through profit&loss, amounts to e 14.3 million, which, net of policyholders share and taxes, led to a result improvement of around e 0.4 million. Reclassification of bonds previously classified as available for sale brought a change in reserves for gains and losses on available for sale investments of e 95.2 million, which, net of policyholders share and taxes, led to an improvement of around e 6.4 million.

5 – Receivables

This category includes receivables arising out of direct insurance and reinsurance operations, and other receivables. The e 791.4 million of other receivables refer to the real estate activity.

76 6 – Other assets

(A million) 30/06/2009 31/12/2008

Non-current assets or disposal groups classified as held for sale 24,289.3 41.1 Deferred acquisition costs 1,741.9 1,712.7 Tax receivables 2,149.9 2,615.6 Deferred tax assets 4,611.8 5,011.5 Other assets 6,408.1 6,339.4 Total 39,201.1 15,720.3

Following the Group decision to sell its share in the company in the actual financial year, Intesa Vita assets are classified as non-current assets or disposal groups classified as held for sale. The category also includes real estates for which the sale is expected to be completed within one year. In accordance with IFRS 5, non-current assets held for sale are measured at the lower of their carrying amount and fair value less of cost to sell. Other assets mostly consist of accrued interest income, other accrued income and deferred income, which amount to e 4,301.5 million.

7 – Cash and cash equivalents

(A million) 30/06/2009 31/12/2008

Cash and cash equivalents 3,922.2 3,365.4 Cash and balances with central banks 0.9 3.4 Cash at bank 7,994.4 7,168.3 Total 11,917.6 10,537.2

77 Consolidated Financial half-yearly Report 09 Notes

Balance sheet - Equity and liabilities

1 – Shareholders’ equity

(A million) 30/06/2009 31/12/2008

Shareholders' equity attributable to the Group 11,611.7 11,312.8 Share capital 1,410.1 1,410.1 Capital reserves 4,560.6 4,567.2 Revenue reserves and other reserves 6,458.6 7,526.5 (Own shares) -248.9 -1,866.8 Reserve for currency translation differences -144.1 -108.5 Reserve for unrealized gains and losses on available for sale financial assets -888.7 -1,105.7 Reserve for other unrealized gains and losses through equity -40.0 29.1 Result of the period 504.0 860.9

Shareholders' equity attributable to minority interests 4,196.9 4,160.3

Total 15,808.6 15,473.1

Share capital is made up of 1,410,113,747 ordinary shares with a par value of e 1.

Own shares amount to e 248.9 million, or 10,378,714 shares, compared to e 1,866.8 million at 31 December 2008. Compared to 31 December 2008 the number of own shares has decreased by 53,797,939. The reduction is mainly due to the dividend payment on 2008 earnings, carried out as a free allotment. During the half year, the Parent company has distributed e 207.0 of dividends.

Reserve for unrealized gains and losses on available for sale financial assets amounts to e 888.7 million, compared to e 1,105.7 at 31 December 2008. The improvement of such provision is mainly due to the positive trend of the equity market and of the security market which has been characterised, particularly in the second quarter of 2009, by an increase of the corporate bonds interest rates.

The reserve for other unrealized gains and losses includes mainly cash flow hedge on interest expense rates and GBP/EUR exchange rate following the issue of new subordinated liabilities in 2006 and in the first months of 2007. Therefore, unrealized gains and losses on hedging derivatives are recognized in this reserve in shareholders’ capital and reversed to profit and loss account when the gains or losses on hedged items are recognized. This reserve also includes unrealized gains and losses on hedging derivatives of a net investment in a foreign operation. In particular, this reserve comprises the fair value change on derivatives hedging the currency risk linked to Czech crown investments held by Generali – PPF Holding, which is controlled by the Parent company, as well.

78 2 – Other provisions

(A million) 30/06/2009 31/12/2008

Provisions for taxation 447.1 409.8 Provisions for commitments 851.7 936.2 Provision for restructuring charges 244.4 257.2 Other provisions 439.8 602.4 Total 1,982.9 1,948.3

3 – Insurance provisions

(A million) 30/06/2009 31/12/2008

Non-life insurance provisions (*) 34,797.0 33,764.0 Provisions for unearned premiums 6,743.8 6,014.2 Provisions for outstanding claims 27,630.2 27,331.7 Other insurance provisions 423.0 418.0 of which provisions for liability adequacy test 3.4 5.9

Life insurance provisions (*) 257,612.7 267,996.8 Provisions for outstanding claims 5,120.9 4,772.3 Mathematical provisions 213,683.2 219,352.5 Provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 29,805.7 34,965.2 Other insurance provisions 9,002.9 8,906.7 of which provisions for liability adequacy test 1,071.6 1,137.4 of which deferred policyholder liabilities -6,192.7 -7,329.9

Total 292,409.7 301,760.7

(*) After the elimination of intra-group transactions between segments.

The decrease is mainly due to the reclassification of Intesa Vita liabilities within the discontinued operations. On a like for like basis, total life insurance provisions would show an increase of e 10,384.1 million. With regard to the non-life provisions, the increase of provisions for unearned premiums is due to the seaso- nability of written premiums, whereas the trend of outstanding claims provisions confirms the prudence on reservation levels defined by the Group. In the life segment, on a like for like basis, there is an increase in both the traditional portfolio provisions (due to the development of net cash flow) and provisions for policies where the risk is borne by policyholders (following the recovery of financial markets in the first half of the year).

79 Consolidated Financial half-yearly Report 09 Notes

4 – Financial liabilities 4.1 – financial liabilities at fair value through profit or loss

Financial liabilities Financial liabilities designated as at fair value held for trading through profit or loss Total (A million) 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008

Financial liabilities related to investment contracts issued by insurance companies 0.0 0.0 5,829.5 6,907.5 5,829.5 6,907.5 where the investment risk is borne by the policyholders 0.0 0.0 5,248.4 6,261.8 5,248.4 6,261.8 pension funds 0.0 0.0 373.0 285.7 373.0 285.7 other financial liabilities related to investment contracts 0.0 0.0 208.1 360.0 208.1 360.0 Derivatives 861.5 1,784.2 810.1 621.3 1,671.6 2,405.5 Other financial liabilities 0.0 0.0 445.4 460.4 445.4 460.4

Total 861.5 1,784.2 7,085.0 7,989.1 7,946.4 9,773.3

The decrease is mainly due to the reclassification of the Intesa Vita liabilities within the discontinued operations, in accordance with IFRS 5

4.2 – other financial liabilities

(A million) 30/06/2009 31/12/2008

Subordinated liabilities 6,368.3 6,041.0

Loans and bonds 12,651.1 12,732.7 Deposits received from reinsurers 1,028.2 996.0 Bonds 4,407.4 4,536.3 Other loans 3,888.8 3,936.0 Financial liabilities related to investment contracts issued by insurance companies 2,768.3 2,558.5 Hedging derivatives 558.5 705.9

Liabilities to banks or customers 17,573.7 18,183.5 Liabilities to banks 441.3 511.7 Liabilities to customers 17,132.4 17,671.8

Total 36,593.1 36,957.2

80 5 – Payables

(A million) 30/06/2009 31/12/2008

Payables arising out of direct insurance operations 5,125.1 3,601.4

Payables arising out of reinsurance operations 943.5 893.6

Other payables 3,271.3 2,684.8 Payables to employees 838.6 760.7 Provision for defined benefit plans (employee severance pay) 132.0 142.7 Payables to clients and suppliers 807.2 740.1 Social security 169.6 143.5 Other payables 1,323.9 897.9

Total 9,339.9 7,179.9

Other payables include e 150.7 million related to real estate activities.

6 – Other liabilities

(A million) 30/06/2009 31/12/2008

Liabilities directly associated to non-current assets and disposal groups classified as held for sale 22,806.1 0.0 Deferred tax liabilities 5,174.2 5,461.0 Tax payables 1,036.4 893.1 Other liabilities 4,398.2 4,491.8 Total 33,415.0 10,845.9

Other liabilities include, among other items, provision for other defined benefit plans, which amount to e 2,583.1 million, and accrued interest expense, other accrued expenses and deferred expenses, which total e 680.1 million. This category includes liability directly associated to non-current assets and disposal groups held for sale related to Intesa Vita, as a consequence of the abovementioned decision to sell Generali Group interest in this company.

81 Consolidated Financial half-yearly Report 09 Notes

Part e - notes on the Profit and loss aCCount

1 – Income

1.1 – net earned premiums

(A million) 30/06/2009 30/06/2008

Non-life earned premiums 9,984.7 9,976.6 Premiums written 10,590.1 10,825.4 Change in the provision for unearned premiums -605.4 -848.9

Life premiums 21,781.1 22,387.0

Total 31,765.7 32,363.6

The e 597.9 million decrease in net earned premiums (down 1.8%) is driven by the life segment premiums (- e 606.0 million, down 2.7%) which are affected by the reclassification of Intesa Vita net premiums into the result of discontinued operations. On a like for like basis, total net earned premiums decrease by e 101.2 million (down 0,3%), whereas life segment net earned premiums reduce by e 109.2 million (down 0.4%).

1.2 – fee and commissions income and income from financial service activities

(A million) 30/06/2009 30/06/2008

Fee and commission income from banking activity 97.6 97.9 Fee and commission income from asset management activity 364.8 380.5 Fee and commission income related to investment contracts 80.4 93.4 Total 542.8 571.8

82 1.3 – net income from financial assets at fair value through profit or loss

Financial investments back to policies where the Financial investments investment risk is borne designated as at Total financial investments Financial investments by the policyholders and fair value through at fair value through held for trading related to pension funds profit or loss profit or loss (A million) 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008

Interest and other income 82.5 140.8 304.2 424.5 402.5 407.6 789.3 972.8 Realized gains 755.2 313.2 107.8 50.3 565.6 783.0 1,428.6 1,146.5 Realized losses -771.8 -264.7 -155.2 -339.3 -545.4 -621.3 -1,472.4 -1,225.2 Unrealized gains 226.2 242.6 3,127.9 858.9 2,000.1 359.1 5,354.2 1,460.6 Unrealized losses -472.2 -799.3 -1,886.2 -4,398.7 -1,440.4 -890.9 -3,798.8 -6,088.9 Total -180.0 -367.4 1,498.4 -3,404.3 982.5 37.4 2,300.9 -3,734.3

Net income from financial assets at fair value through profit or loss mainly refer to the life segment (e 2,354.5 million). This item is not material for the other segments — e -107.1 million in the non-life segment and e 53.5 million in the financial one.

1.4 – income and expenses from subsidiaries, associated companies and joint ventures

(A million) 30/06/2009 30/06/2008

Dividends and other income 34.0 39.9 Realized gains 44.8 312.5 Reversal of impairment 0.0 0.1 Total 78.7 352.4

83 Consolidated Financial half-yearly Report 09 Notes

1.5 – income from other financial instruments and land and buildings (investment properties)

(A million) 30/06/2009 30/06/2008

Interest income 4,752.1 5,199.3 Interest income from held to maturity investments 35.8 25.8 Interest income from loans and receivables 1,767.1 1,582.5 Interest income from available for sale financial assets 2,885.5 3,496.0 Interest income from other receivables 9.0 17.4 Interest income from cash and cash equivalents 54.7 77.6

Other income 1,129.6 1,669.3 Income from land and buildings (investment properties) 469.7 461.8 Other income from available for sale financial assets 659.9 1,207.5

Realized gains 1,272.1 1,237.9 Realized gains on land and buildings (investment properties) 83.0 83.5 Realized gains on held to maturity investments 0.1 0.0 Realized gains on loans and receivables 13.5 0.1 Realized gains on available for sale financial assets 1,174.5 1,154.2 Realized gains on other receivable 0.1 0.0 Realized gains on financial liabilities at amortised cost 0.9 0.0

Reversal of impairment 71.5 49.5 Reversal of impairment of land and buildings (investment properties) 0.0 1.5 Reversal of impairment of loans and receivables 10.3 7.0 Reversal of impairment of available for sale financial assets 6.6 0.0 Reversal of impairment of other receivables 54.5 41.0

Total 7,225.3 8,155.9

1.6 – other income

(A million) 30/06/2009 30/06/2008

Gains on foreign currencies 377.8 675.2 Income from tangible assets 50.3 73.5 Reversal of other provisions 108.7 21.2 Leasing fees 0.1 1.6 Income from service and assistance activities and recovery of charges 275.9 255.5 Income from non-current assets or disposal group classified as held for sale 4.0 24.1 Other technical income 151.0 139.7 Other income 156.1 126.3 Total 1,123.9 1,317.1

84 2 – Expenses

2.1 – net insurance benefits and claims

(A million) 30/06/2009 30/06/2008

Non-life net insurance benefits and claims 7,032.4 6,693.9 Claims paid 6,824.5 6,249.9 Change in the provisions for outstanding claims 123.4 307.9 Change in claims paid to be recovered 72.8 123.6 Change in other insurance provisions 11.7 12.5

Life net insurance benefits and claims 24,916.0 19,601.4 Claims payments 15,024.5 17,400.7 Change in the provisions for outstanding claims 378.9 752.6 Change in the mathematical provisions 7,848.8 5,526.7 Change in the provisions for policies where the investment risk is borne by the policyholders and provisions for pension funds 2,085.6 -3,230.7 Change in other insurance provisions -421.9 -847.9

Total 31,948.4 26,295.4

2.2 – fee and commissions expenses and expenses from financial service activities

(A million) 30/06/2009 30/06/2008

Fee and commission expenses from banking activity 85.3 90.5 Fee and commission expenses from asset management activity 31.3 56.9 Fee and commission expenses related to investment contracts 47.5 65.0 Total 164.1 212.4

2.3 – expenses from subsidiaries, associated companies and joint ventures

(A million) 30/06/2009 30/06/2008

Realized losses 35.5 2.5 Impairment losses 0.0 0.2 Total 35.5 2.7

85 Consolidated Financial half-yearly Report 09 Notes

2.4 – expenses from other financial instruments and land and buildings (investment properties)

(A million) 30/06/2009 30/06/2008

Interest expense 614.5 776.6 Interest expense on subordinated liabilities 202.0 182.8 Interest expense on loans, bonds and other payables 293.2 481.6 Interest expense on deposits received from reinsurers 16.7 15.0 Other interest expense (*) 102.5 97.2

Other expenses 166.3 149.1 Depreciation of land and buildings (investment properties) 68.2 59.9 Expenses from land and buildings (investment properties) 98.1 89.2

Realized losses 876.3 487.3 Realized losses on land and buildings (investment properties) 7.5 2.3 Realized losses on held to maturity investments 0.0 0.0 Realized losses on loans and receivables 22.4 3.8 Realized losses on available for sale financial assets 840.5 480.6 Realized losses on other receivables 1.4 0.6 Realized losses on financial liabilities at amortized cost 4.4 0.0

Impairment losses 1,082.3 954.5 Impairment of land and buildings (investment properties) 21.1 2.4 Impairment of investments held to maturity 2.2 0.0 Impairment of loans and receivables 154.7 56.5 Impairment of available for sale financial assets 889.0 875.2 Impairment of other receivables 15.3 20.4

Total 2,739.4 2,367.4

(*) Comparative data includes interest expenses on defined benefit plans which were previously included in other expenses.

2.5 – acquisition and administration costs

Non-life segment Life segment Financial segment (A million) 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008

Net acquisition costs and other commissions 2,127.2 2,129.2 1,903.2 1,975.6 0.0 0.0 Investment management expenses (*) 43.0 34.7 175.8 134.0 -1.2 0.7 Other administration costs 647.4 655.4 512.7 575.2 364.2 311.9

Total 2,817.6 2,819.3 2,591.7 2,684.8 363.0 312.6

(*) Before the elimination of intra-group transactions between segments.

86 2.6 – other expenses

(A million) 30/06/2009 30/06/2008

Amortization and impairment of intangible assets 175.9 67.1 Amortization of tangible assets 59.2 54.1 Expenses from tangible assets 37.0 50.2 Losses on foreign currencies 276.6 795.9 Restructuring charges, termination employee benefit expenses and allocation to other provisions (*) 213.0 107.2 Other taxes 67.1 81.2 Expenses from service and assistance activities and charges incurred on behalf of third parties 220.4 181.9 Expenses from non-current assets or disposal group classified as held for sale 0.0 0.3 Other technical expenses 188.2 260.8 Holding costs 141.7 166.5 Other expenses 146.9 215.6 Total 1,525.9 1,980.8

(*) Comparative data is adjusted for interest expenses on defined benefit plans which are now included in other interest expenses.

3 – Income taxes

(A million) 30/06/2009 30/06/2008

Income taxes 259.5 551.0 Deferred taxes -94.7 54.1 Total 164.7 605.1

87 Consolidated Financial half-yearly Report 09 Notes

Part f - other information

1 – Information on employees

Number of employees

30/06/2009 31/12/2008

Managers 2,500 2,338 Employees 59,020 58,229 Sales attendants 22,952 23,422 Others 74 74 Total 84,546 84,063

2 – Earnings per share

30/06/2009 31/12/2008

Result of the period (e million) 504.0 1,459.5 from continuing operations 494.1 1,459.5 from discontinued operations 9.9 0.0 Weighted average number of ordinary shares outstanding 1,357,891,906 1,348,476,446 Basic earnings per share (e) 0.37 1.08 from continuing operations 0.36 1.08 from discontinued operations 0.01 0.00

30/06/2009 31/12/2008

Result of the period (e million) 504.0 1,459.5 from continuing operations 494.1 1,459.5 from discontinued operations 9.9 0.0 Weighted average number of ordinary shares outstanding 1,357,891,906 1,348,476,446 Adjustments for stock option 0 1,865,752 Weighted average number of ordinary shares outstanding for diluted earnings per share 1,357,891,906 1,350,342,198 Diluted earnings per share (e) 0.37 1.08 from continuing operations 0.36 1.08 from discontinued operations 0.01 0.00

88 3 – Related party disclosure

With regard to transactions with related parties, the main intra-group activities, conducted at market prices or at cost, were undertaken through relations of reinsurance and co-insurance, administration and management of securities and real estate assets, leasing, loans and guarantees, IT and administrative services, personnel secondment, and claim settlement.

These services substantially aim at guaranteeing the streamlining of operational functions, greater econo- mies in overall management, appropriate levels of service and an exploitation of Group-wide synergies.

The most significant economic and financial transactions with Group companies that are not included in the consolidation area are listed below.

Subsidiaries with significant Associated Other related (A million) 30/06/2009 control not consolidated companies parties (*)

Loans 132.6 27.6 1,744.9 Loans issued -1.1 0.0 -518.7 Interest income 2.3 1.0 27.5 Interest expense 0.0 0.0 -18.9

(*) Other related parties mainly refer to transaction between the Group and Mediobanca and PPF Group.

4 – Significant non-recurring events and transactions

During the half-year, there were no significant non-recurring events and transactions.

5 – Atypical and/or unusual transactions

During the half-year, there were no atypical and/or unusual transactions, which — because of materiality, nature of counterparties, subject of the transaction, transfer price determination method and occurrence close to the balance sheet date — might give raise to any doubts about the correctness and exhaustiveness of this report, conflict of interests, preservation of equity and protection of minorities.

6 – Reinsurance policy of the Group

Information on the reinsurance policy of the Group is provided in the Part E of the consolidated annual financial statements. No significant changes on Group’s reinsurance policy occurred during the first half 2009.

7 – Additional information regarding business combinations

During the half year period, no significant business combinations have been concluded.

8 – Non-current assets or disposal group classified as held for sale

As mentioned above, at the end of March, the General Group decided to exercise its right to sell its interest in

89 Consolidated Financial half-yearly Report 09 Notes

Intesa Vita. As a result, Intesa Vita has been classified as a non-current asset held for sale and its result has been recognized (net of related fiscal effects) as a separate line in the profit and loss account. The following table shows Intesa Vita assets and liabilities classified as held for sale.

(A million) 30/06/2009

Intangible assets 343.2 Tangible assets 0.8 Amounts ceded to reinsurers from insurance provisions 0.1 Investments 22,754.3 Loans and receivables 1.2 Available for sale financial assets 12,251.1 Financial assets at fair value through profit or loss 10,502.1 of which financial assets where the investments risk is borne by the policyholders and related to pension funds 8,815.5 Other receivables 16.1 Other assets 672.5 Cash and cash equivalents 447.0

Total non current assets or discontinued operations 24,233.9

The further amount to reconcile with the total of non current assets or disposal groups held for sale is related to real estates for which the sale is expected to be completed within one year.

(A million) 30/06/2009

Other provisions 1.1 Insurance provisions 20,269.6 of which insurance provisions for policies where the investments risk is born by the policyholders and related to pension funds 6,939.5 Financial liabilities 2,081.1 Financial liabilities at fair value through profit or loss 2,048.1 of which financial liabilities for policies where the investments risk is born by the policyholders and related to pension funds 1,951.0 Other financial liabilities 33.0 of which subordinated liabilities 31.5 Paybles 86.5 Other liabilities 367.8

Total liabilities associated with non-current assets and disposal gruop classified as held for sale 22,806.1

90 Here below, the detail of the result of discontinued operations of Intesa Vita at 30 June 2009 is provided, together with the comparative amounts.

(A million) 30/06/2009 30/06/2008

Net earned premiums 1,392.6 496.7 Fee and commission income and income from financial service activities 11.4 3.9 Net income from financial instruments at fair value through profit or loss 145.3 -422.2 of which net income from financial instruments where the investments risk is born by the policyholders and related to pension funds 91.3 -320.3 Income from other financial instruments and land and buildings (investment properties) 259.0 344.9 Other income 15.6 26.0

Total revenue and income from discontinued operations 1,824.0 449.3

Net insurance benefits and claims 1,667.0 279.5 Fee and commission expenses and expenses from financial service activities 6.2 1.5 Expenses from subsidiaries, associated companies and joint venture 0.1 0.0 Expenses from other financial instruments and land and buildings (investment properties) 14.3 52.9 Acquisition and administration costs 41.5 67.1 Other expenses 27.5 0.4

Total costs and expenses from discontinued operations 1,756.6 401.4

Earnings before taxes 67.3 47.9 Income taxes 27.9 18.2

Result of discontinued operations 39.4 29.7

Renmin Guangchang, Guiyang - China

Appendices to the Notes

Company ASSICURAZIONI GENERALI S.p.A.

CONSOLIDATED STATEMENTS

Appendices to the Notes

at 30 June 2009

(Amounts in € million)

95 SEGMENT REPORTING - BALANCE SHEET

NON-LIFE SEGMENT LIFE SEGMENT

30/06/2009 31/12/2008 30/06/2009 31/12/2008

1 INTANGIBLE ASSETS 4,317.1 4,344.4 3,844.6 4,187.9

2 TANGIBLE ASSETS 2,180.7 2,108.7 1,370.7 1,398.8 3 AMOUNTS CEDED TO REINSURERS FROM INSURANCE PROVISIONS 4,370.2 4,525.8 1,515.9 1,523.3

4 INVESTMENTS 48,813.8 49,125.9 276,831.8 289,301.9

4.1 Land and buildings (investment properties) 5,630.3 5,629.6 6,842.0 6,959.3 4.2 Investments in subsidiaries, associated companies and joint ventures 13,013.1 12,950.5 13,183.4 13,666.3

4.3 Held to maturity investments 118.2 122.6 2,080.9 1,069.0

4.4 Loans and receivables 10,610.3 9,744.9 64,990.2 52,035.8

4.5 Available for sale financial assets 18,278.2 18,856.7 134,936.9 152,904.3

4.6 Financial assets at fair value through profit or loss 1,163.7 1,821.5 54,798.5 62,667.3

5 RECEIVABLES 8,738.8 7,522.9 7,714.2 5,267.3

6 OTHER ASSETS 5,552.7 5,124.6 33,406.4 10,384.1

6.1 Deferred acquisition costs 469.8 513.4 1,272.1 1,199.3

6.2 Other assets 5,082.8 4,611.2 32,134.3 9,184.8

7 CASH AND CASH EQUIVALENTS 2,440.4 2,208.4 6,137.9 5,124.9

TOTAL ASSETS 76,413.8 74,960.8 330,821.6 317,188.3

1 SHAREHOLDERS' EQUITY

2 OTHER PROVISIONS 893.1 850.7 848.9 876.1

3 INSURANCE PROVISIONS 34,799.1 33,768.0 257,630.4 268,011.5

4 FINANCIAL LIABILITIES 13,092.5 13,343.6 18,364.1 19,437.1

4.1 Financial liabilities at fair value through profit or loss 149.9 181.0 6,589.4 7,710.4

4.2 Other financial liabilities 12,942.6 13,162.5 11,774.7 11,726.7

5 PAYABLES 4,832.0 4,013.5 6,430.8 4,527.0

6 OTHER LIABILITIES 5,224.2 5,125.3 27,772.3 5,384.2

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

96 Appendix 1

CONSOLIDATION FINANCIAL SEGMENT TOTAL ADJUSTMENTS

30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008

862.2 759.9 0.7 0.7 9,024.7 9,293.0

286.9 285.7 -1.3 -0.6 3,837.0 3,792.7

0.0 0.0 -9.2 -43.6 5,877.0 6,005.5

18,250.8 20,034.8 -30,870.3 -31,327.7 313,026.2 327,134.9

21.2 22.9 -180.8 -138.5 12,312.7 12,473.3 52.8 58.1 -24,200.2 -24,106.4 2,049.2 2,568.4

604.4 606.4 0.0 0.0 2,803.5 1,798.0

13,343.9 14,483.6 -6,480.7 -7,071.9 82,463.7 69,192.5

2,144.1 1,940.2 0.0 0.0 155,359.2 173,701.1

2,084.3 2,923.7 -8.6 -10.9 58,037.9 67,401.7

288.2 221.2 -2,129.0 -1,556.5 14,612.1 11,454.9

487.3 470.6 -245.3 -259.0 39,201.1 15,720.3

0.0 0.0 0.0 0.0 1,741.9 1,712.7

487.3 470.6 -245.3 -259.0 37,459.2 14,007.6

4,079.9 4,286.5 -740.7 -1,082.7 11,917.6 10,537.2

24,255.4 26,058.7 -33,995.2 -34,269.4 397,495.6 383,938.4

15,808.6 15,473.1

260.4 242.3 -19.5 -20.8 1,982.9 1,948.3

0.0 0.0 -19.9 -18.8 292,409.7 301,760.7

20,331.8 22,148.4 -7,248.8 -8,198.6 44,539.5 46,730.5

1,215.7 1,892.8 -8.6 -10.9 7,946.4 9,773.3

19,116.1 20,255.7 -7,240.2 -8,187.8 36,593.1 36,957.2

190.0 177.8 -2,112.9 -1,538.4 9,339.9 7,179.9

549.6 496.5 -131.1 -160.1 33,415.0 10,845.9

397,495.6 383,938.4

97 SEGMENT REPORTING - PROFIT AND LOSS ACCOUNT

NON-LIFE SEGMENT LIFE SEGMENT

30/06/2009 30/06/2008 30/06/2009 30/06/2008

1.1 Net earned premiums 9,984.7 9,976.6 21,781.1 22,387.0

1.1.1 Gross earned premiums 10,877.7 10,837.8 22,076.5 22,781.9

1.1.2 Earned premiums ceded -893.0 -861.3 -295.4 -394.9 Fee and commission income and income from financial 1.2 service activities 0.0 0.0 88.1 105.1

1.3 Net income from financial instruments at fair value through profit or loss -107.1 44.5 2,354.5 -3,813.3

1.4 Income from subsidiaries, associated companies and joint ventures 69.9 326.2 100.8 108.2

1.5 Income from other financial instruments and land and buildings (investment properties) 1,202.2 1,340.9 5,789.7 6,525.9

1.6 Other income 533.6 667.6 510.4 570.1

1 TOTAL INCOME 11,683.3 12,355.7 30,624.6 25,883.0

2.1 Net insurance benefits and claims 7,032.4 6,693.9 24,916.0 19,601.4

2.1.1 Claims paid and change in the insurance provisions 7,640.7 7,186.3 25,108.0 19,839.1

2.1.2 Reinsurers' share -608.4 -492.4 -192.0 -237.6

2.2 Fee and commission expenses 0.4 0.0 47.5 65.0

2.3 Expenses from subsidiaries, associated companies and joint ventures 1.0 0.0 34.5 2.6

2.4 Expenses from other financial instruments and land and buildings (investment properties) 892.7 482.6 1,391.0 1,281.5

2.5 Acquisition and administration costs 2,817.6 2,819.3 2,591.7 2,684.8

2.6 Other expenses 713.8 868.3 551.3 824.6

2 TOTAL EXPENSES 11,457.7 10,864.0 29,531.9 24,460.0

EARNINGS BEFORE TAXES 225.7 1,491.8 1,092.6 1,423.0

98 Appendix 2

CONSOLIDATION FINANCIAL SEGMENT HOLDING EXPENSES TOTAL ADJUSTMENTS

30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008

0.0 0.0 0.0 0.0 31,765.8 32,363.6

0.0 0.0 0.0 32,954.2 33,619.7

0.0 0.0 0.0 0.0 -1,188.4 -1,256.1

511.0 521.3 -56.3 -54.6 542.8 571.8

53.5 42.6 0.0 -8.0 2,300.9 -3,734.3

1.9 19.8 -93.9 -101.7 78.7 352.4

292.4 428.0 -59.0 -138.9 7,225.3 8,155.9

108.8 102.7 -29.0 -23.3 1,123.9 1,317.1

967.6 1,114.3 0.0 0.0 -238.2 -326.5 43,037.4 39,026.6

0.0 0.0 0.0 0.0 31,948.4 26,295.4

0.0 0.0 0.0 32,748.7 27,025.4

0.0 0.0 0.0 0.0 -800.3 -730.0

135.7 161.6 -19.4 -14.1 164.1 212.4

0.1 6.6 0.0 -6.6 35.5 2.7

133.3 311.1 333.9 332.3 -11.6 -40.1 2,739.4 2,367.4

363.0 312.6 -36.7 -24.4 5,735.6 5,792.3

148.5 142.3 141.7 166.5 -29.2 -20.8 1,525.9 1,980.8

780.6 934.2 475.5 498.8 -96.9 -106.0 42,148.9 36,651.0

187.0 180.1 -475.5 -498.8 -141.2 -220.6 888.5 2,375.5

99 546.3 3,290.6 3,242.9 12,312.7 Appendix 3 Total or at fair value At revalued amount 546.3 3,290.6 3,242.9 12,312.7 At amortized cost Tangible and intangible assets Other tangible assets Land and buildings (investment properties) Land and buildings (self used) Other intangible assets

100 0.8 Appendix 4 1.2 4,363.81,513.1 4,518.0 1,512.0 1,487.4 5,877.0 1,486.6 6,005.5 Total book value 30/06/2009 31/12/2008 (*) (*) Amounts ceded to reinsurers from insurance provisions Life amounts ceded to reinsurers from insurance provisions Provisions for policies where the investment risk is borne by policyholders and provisions pension funds Mathematical and other insurance provisions Total Non-life amounts ceded to reinsurers from insurance provisions (*) After the elimination of intra-group transactions between segments.

101 Appendix 5 Total book value or loss Financial assets designated as at fair value through profit trading Financial assets at fair value through profit or loss Financial assets held for assets Available for sale financial 0.0 0.00.0 0.00.0 0.0 0.00.0 15,983.2 3,317.6 0.0 15,926.5 0.0 3,090.0 410.9 71.0 0.0 0.0 429.9 362.5 0.0 0.0 0.0 3,313.5 2,835.0 0.0 0.0 0.0 19,367.6 19,123 9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3,317.6 0.0 0.0 3,090.0 410.9 0.0 429.9 0.0 0.0 0.0 0.0 0.0 0.0 384.2 364.7 0.0 0.0 0.0 0.0 384.2 364.7 0.0 0.00.00.0 0.0 0.0 0.0 0.00.0 0.00.0 14,182.4 3,300.9 14,382.7 0.0 0.0 3,909.7 0.0 22,077.9 10,260.0 71.0 22,874.4 0.0 11,216.7 0.0 362.5 158.6 0.0 0.0 2,837.4 0.0 563.3 2,165.4 0.0 0.0 27,286.2 0.0 17,090.8 27,367.6 16,910.6 0.0 0.0 37,704.8 0.0 39,147.6 1,276.4 0.0 0.0 2,177.4 0.0 0.0 1,089.0 3,300.9 0.0 835.2 3,909.7 22,077.9 2,365.5 22,874.4 3,012.6 0.0 0.0 0.0 0.0 -8.4 -3.2 0.0 0.0 0.0 0.0 -8.4 -3.2 17.5 19.3 0.0 0.0 1,519.5 1,488.7 22.6 13.0 3,977.1 4,046.8 5,536.7 5,567.8 2,786.0 1,778.7 0.0 0.0 118,555.7 133,767.7 1,074.8 1,236.1 17,475.2 24,665 9 139,891.7 161,448.5 2,803.5 1,798.0 82,463.7 69,192.5 155,359.2 173,701 1 2,779.7 4,601.8 55,258.3 62,799 9 298,664.3 312,093.2 2,786.0 1,778.7 53,356.5 38,888.5 127,220.8 144,707.7 1,251.0 1,485.6 19,592.5 27,715 3 204,206.7 214,575.8 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008 Held to maturity investments Loans and receivables (*) Other financial investments Total Equities at cost Equities at fair value of which quoted equities Loans and receivables from banks Deposit components of reinsurance contracts Other loans and receivables Bonds Investment fund units Loans and receivables from customers Deposits under reinsurance business accepted Derivatives Hedging derivatives of which quoted bonds (*) In accordance with Regolamento n°7 of 13 July 2007 hedging derivatives are only for which hedge accounting is applied

102 0.0 0.0 Appendix 6 Total 0.0 0.0 0.0 0.0 302.9 29,804.5 34,964.4 732.1 35,112.7 41,351.4 285.7 5,621.4 6,547.5 732.1 35,112.7588.6 41,351.4 35,425.9 41,511.9 0.0 0.0 312.8 812.2 373.0 812.2 685.8 Pension funds 0.0 0.0 0.0 0.0 5,248.4 6,261.8 29,491.8 34,661.5 34,300.5 40,619.3 34,300.5 40,619.3 34,740.1 40,923.4 borne by the policyholders 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008 Policies where the investment risk is (*) (**) (*) Assets Intra-group liabilities Intra-group assets Total Total Financial liabilities Insurance provisions Assets and liabilities related to policies where the investment risk is borne by policyholders pension funds (*) Intra-group assets and liabilities refer to which are eliminated in the consolidation process. (**) Insurance provisions are net of amounts ceded to reinsurers from insurance provisions.

103 5.9 418.0 Appendix 7 3.4 423.0 6,743.8 6,014.2 5,120.9 4,772.3 9,002.91,071.6 8,906.7 1,137.4 Total book value -6,192.7 -7,329.9 34,797.027,630.2 33,764.0 27,331.7 29,805.7 34,965.2 257,612.7 267,996.8 213,683.2 219,352.5 292,409.7 301,760.7 30/06/2009 31/12/2008 (*) (*) Insurance provisions Provisions for unearned premiums Provisions for outstanding claims Other insurance provisions of which provisions for liability adequacy test Life insurance provisions Provisions for outstanding claims Mathematical provisions Provisions for policies where the investment risk is borne by policyholders and provisions pension funds Other insurance provisions of which provisions for liability adequacy test of which deferred policyholder liabilities Total Non-life insurance provisions (*) After the elimination of intra-group transactions between segments.

104 0.0 0.0 Appendix 8 0.0 0.0 558.5 705.9 441.3 511.7 3,888.8 3,936.0 4,407.4 4,536.3 1,028.2 996.0 2,976.4 2,918.5 6,368.38,597.8 6,041.0 9,466.0 Total book value 17,132.4 17,671.8 0.0 445.4 460.4 0.0 1,671.6 2,405.5 0.0 0.0 373.0 285.7 0.0 5,248.4 6,261.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 441.3 511.7 3,888.8 3,936.0 4,407.4 4,536.3 1,028.2 996.0 6,368.3 6,041.0 17,132.4 17,671.8 Other financial liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 558.5 705.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 445.4 460.4 208.1 360.0 2,768.3 2,558.5 373.0 285.7 5,248.4 6,261.8 5,829.5 6,907.5 2,768.3 2,558.5 Financial liabilities designated as at fair value through profit or loss 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 trading 861.5 1,784.2 7,085.0 7,989.2 36,593.1 36,957.2 44,539.5 46,730.5 861.5 1,784.2 810.1 621.3 Financial liabilities at fair value through profit or loss Financial liabilities held for 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008 30/06/2009 31/12/2008 (*) other liabilities related to investment contracts where the investment risk is borne by policyholders pension funds Total Bonds Deposit components of insurance contract Deposits received from reinsurers Preference shares Other loans Derivatives Other financial liabilities Subordinated liabilities Financial liabilities related to investment contracts issued by insurance companies Liabilities to customers Liabilities to banks Hedging derivatives (*) In accordance with Regolamento n 7 of 13 July 2007 hedging derivatives are only for which hedge accounting is applied.

105 12.5 123.6 307.9 752.6 -847.9 -848.9 Appendix 9 30/06/2008 11.7 72.8 Net amount 123.4 378.9 -421.9 -605.4 9,984.7 9,976.6 2,085.6 -3,230.7 7,032.46,824.5 6,693.9 6,249.9 7,848.8 5,526.7 10,590.1 10,825.4 21,781.124,916.0 22,387.0 19,601.4 15,024.5 17,400.7 30/06/2009 nds Premiums written Change in other insurance provisions Change in the provisions for unearned premiums Change in the provisions for policies where investment risk is borne by policyholders and pension fu Claims paid Change in the provisions for outstanding claims Change in the mathematical provisions Change in the provisions for outstanding claims Change in other insurance provisions Claims paid Change in claims to be recovered Technical insurance items b a NET INSURANCE BENEFITS AND CLAIMS NET INSURANCE BENEFITS AND CLAIMS NON-LIFE SEGMENT NET EARNED PREMIUMS LIFE SEGMENT e a b d d NET PREMIUMS a c c b

106 Total expenses 30/06/2008 income and Appendix 10 Total expenses 30/06/2009 income and 0.0 -618.0 -777.5 0.0 43.2 349.7 0.0 0.0 0.0 0.0 54.7 77.6 13.6 -141.5 19.1 -259.5 -38.5 -386.5 -717.0 -860.5 213.2 2,518.4 3,341.4 -3,580.1 Total losses gains and unrealized 0.0 2.2 -2.2 33.6 25.8 21.1 -21.1 357.9 394.0 15.3 39.2 47.0 37.3 889.0 -882.4 2,997.0 4,501.9 154.7 -144.4 1,613.8 1,529.3 t losses Impairmen 55.7 416.4 948.3 2,378.3 losses impairment losses Unrealized losses and Unrealized 0.0 0.0 6.6 0.0 10.3 54.5 of t losses Reversal impairmen losses gains Unrealized gains and reversal of impairment Unrealized 0.0 54.7 Total losses gains and unrealized losses Realized 0.9 4.4 -618.0 0.1 0.0 35.8 0.1 1.4 7.8 13.5 22.4 1,758.1 26.4 202.3 -143.5 231.3 141 5 295.5 -155.0 69.3 613.7 476.3 221.0 156.9 647 1 498.3 823.0 4,896.6 1,174.5 840.5 3,879.4 gains Realized Other expenses s 34.0 0.0 44.8 35.5 43.2 469.7 166.3 83.0 7.5 378.9 Other income 9.0 -1.0 35.8 23.9 59.7 32.5 54.7 404.1 270.2 -614.5 -583.0 0.0 0.0 168 8 502.3 -916.5 300.6 0.0 1,004.0 0.0 -703.4 -1,620.0 -545.2 4,597.0 1,493.5 166.3 2,745.5 2,384.3 6,285.4 5,354.2 71.5 3,798.7 1,082.3 544.6 6,830.0 2,403.9 2,885.5 659.9 1,767.1 5,116.3 1,493.5 166.3 2,576.7 1,880.6 7,139.5 5,053.6 17.0 2,794.7 1,067.0 1,208.8 8,348.3 2,834.1 Interest from investments in subsidiaries, associated companies and joint ventures from other financial liabilities from land and buildings (investment properties) from financial liabilities designated as at fair value through profit or loss from financial liabilities held for trading c from held to maturity investments Income and expenses from investments Income and expenses from receivables Income and expenses from cash equivalents Income and expenses from financial liabilities Income and expenses from payables f from financial assets held for trading Total b e from available for sale financial assets d from loans and receivables g from financial assets designated as at fair value through profit or loss c a b a Income and expenses from investments, receivables payable

107 134.0 575.2 1,975.6 2,684.8 Appendix 11 175.8 512.7 Life segment 1,903.2 2,591.7 34.7 655.4 2,129.2 2,819.3 43.0 647.4 2,127.2 2,817.6 Non-life segment 30/06/2009 30/06/2008 30/06/2009 30/06/2008 (*) Acquisition and administration costs of insurance business Investment management expenses Commissions and other acquisition costs net of commissions profit commissions from reinsurers Other administration costs Total (*) Before the elimination of intra-group transactions between segments.

108 Skyline, Macau - China

Change in the Consolidation Area compared to 2008 Subsidiares Consolidated Line by Line Non-Consolidated Subsidiares and Associated Companies

Change in the consolidation area(*) compared to 2008

Newly consolidated:

1. AM Vertriebsservice-Gesellschaft Sachversicherungen mbH, Frankfurt 2. AVAOT II, Cologne 3. Cajamar Seguros Generales, S.A. de Seguros y Reaseguros, Almeira 4. Delta Generali Holding d.o.o. Podgorica, Podgorica 5. Delta Generali Osiguranje ad Podgorica, Podgorica 6. Delta Generali Zivotna Osiguranja ad Podgorica, Podgorica 7. Generali Carnot S.a.r.l., Paris 8. Iberian Structured Investments I B.V., Amsterdam 9. Migdal Capital Markets (1965) Ltd, Tel Aviv 10. Migdal Capital Markets (Management Services) Ltd, Tel Aviv 11. Migdal Gemel Platinum Ltd, Tel Aviv 12. Migdal Hitum ve Kidum Asakim Ltd, Tel Aviv 13. Migdal Investment Portfolio Management (1988) Ltd, Tel Aviv 14. Migdal Investments Management (2001) Ltd, Tel Aviv 15. Migdal Makefet Pension and Provident Funds Ltd, Tel Aviv 16. Migdal Stock Exchange Services (N.E.) Ltd, Tel Aviv 17. Migdal Trust Funds Ltd, Tel Aviv 18. New Makefet Providence Fund Ltd, Tel Aviv 19. OPCI Parcolog Invest, Paris 20. Pankrac Services, s.r.o., Prague 21. SC Progador (SCI), Paris 22. SCI Cogipar, Paris 23. SCI du Chateau La France, Paris 24. SCI Font Romeu Neige et Soleil, Paris 25. SCI France Mornay Lyon, Paris 26. SCI Viroflay 10-12 Libération, Paris 27. Univerzální správa majetku, a.s., Prague

111 Change in the consolidation area(*) compared to 2008

Company disposed of/wound up:

1. AM Generali Aktien Euroland, Cologne 2. AM Generali Aktien Global, Cologne 3. AM Generali Bond Europa Plus, Cologne 4. AM Generali Bond Global, Cologne 5. AMB Generali Aktien Deutsch, Cologne 6. Banca del Gottardo Italia S.p.A. (fusa in Banca BSI Italia S.p.A.), Milan 7. Europ Assistance (Ireland) Ltd, Dublin 8. Fafid S.p.A. (fusa in EOS Servizi Fiduciari S.p.A.), Milan 9. Generali China Insurance Co. Ltd, Beijing 10. Generali Grundstücksverwaltungs AG & Co. OHG (fusa in Generali Lebensversicherung AG), Hamburg 11. GSStock-Fonds (fusa in GLStock-Fonds), Vienna 12. Intesa Life Limited, Dublin 13. Luganova SA, Lugano 14. SCI des 48 et 50 BD des Batignolles (fusa in Generali IARD S.A.), Paris 15. SCI du 2/4 BD Haussmann (fusa in Generali VIE S.A.), Paris 16. SCI du 29 Rue de Poissoniers (fusa in SCI du Coq), Paris 17. SCI Lagny Cuvier-Generali, Paris

(*) Consolidation area consists of companies consolidated “line by line”.

112 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Assicurazioni Generali S.p.A. 086 EUR 1,410,113,747 G 1 0.01 Generali Business Solutions 0.45 100.00 0.01 Augusta Assicurazioni S.p.A. 0.01 Generali Gestione Immobiliare 0.42 INA Assitalia S.p.A. Alleanza Assicurazioni S.p.A. 086 EUR 423,306,711 G 1 47.54 50.36 50.35 0.01 Flandria Participations Fin. 0.12 Toro Assicurazioni S.p.A. 1.64 INA Assitalia S.p.A. 0.01 Intesa Vita S.p.A. 0.02 AachenMünchener Lebens. 0.03 Generali Lebensversicherung AG 0.01 Central Krankenversicherung AG 0.19 Genertellife S.p.A. 0.79 Vitalicio Torre Cerdà S.l. Genertel S.p.A. 086 EUR 23,000,000 G 1 100.00 100.00 100.00 UMS Immobiliare Genova S.p.A. 086 EUR 15,993,180 G 1 99.90 99.90 99.90 Intesa Vita S.p.A. 086 EUR 394,226,300 G 1 50.00 Alleanza Assicurazioni S.p.A. 50.00 25.17 Generali Factoring S.p.A. 086 EUR 1,500,000 G 11 100.00 100.00 100.00 Risparmio Assicurazioni S.p.A. 086 EUR 5,175,152 G 1 100.00 100.00 100.00 Europ Assistance Italia S.p.A. 086 EUR 12,000,000 G 1 26.05 87.08 86.93 61.03 Europ Assistance Holding S.A. Europ Assistance Service SpA 086 EUR 4,325,000 G 11 100.00 Europ Assistance Italia S.p.A. 100.00 86.93 Europ Assistance Trade S.p.A. 086 EUR 540,000 G 11 91.50 Europ Assistance Italia S.p.A. 100.00 86.93 8.50 Europ Assistance Service SpA Europ Assistance Vai S.r.l. 086 EUR 468,000 G 11 98.89 Europ Assistance Service SpA 98.89 85.97 Generali Horizon S.p.A. 086 EUR 15,520,000 G 9 100.00 100.00 100.00 Generali Properties S.p.A. 086 EUR 357,686,860 G 10 52.07 100.00 76.20 47.93 Alleanza Assicurazioni S.p.A. Assitimm S.r.l. 086 EUR 100,000 G 10 1.00 100.00 76.44 99.00 Generali Properties S.p.A. Heracles Immobiliare S.r.l. 086 EUR 1,200,000 G 10 100.00 Generali Properties S.p.A. 100.00 76.20 Prunus S.p.A. 086 EUR 11,610,000 G 10 100.00 Generali Properties S.p.A. 100.00 76.20 Genagricola S.p.A. 086 EUR 167,850,000 G 11 100.00 100.00 100.00 Agricola San Giorgio S.p.A. 086 EUR 22,160,000 G 11 100.00 Genagricola S.p.A. 100.00 100.00 S. Alessandro Fiduciaria SpA 086 EUR 100,000 G 11 100.00 Banca Generali S.p.A. 100.00 61.17 Finagen S.p.A. 086 EUR 6,700,000 G 8 99.90 Alleanza Assicurazioni S.p.A. 100.00 50.40 0.10 Generali Investment Management Banca Generali S.p.A. 086 EUR 111,313,176 G 7 61.13 61.20 61.17 0.07 Banca BSI Italia S.p.A. Fondi Alleanza SGR S.p.A. 086 EUR 5,200,000 G 8 100.00 Alleanza Assicurazioni S.p.A. 100.00 50.35 Fondo Scarlatti 086 EUR 626,167,695 G 10 11.74 66.03 51.84 2.77 Fata Assicurazioni Danni S.p.A 1.98 Toro Assicurazioni S.p.A. 11.16 INA Assitalia S.p.A. 8.35 Generali Properties S.p.A.

113 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

2.07 Intesa Vita S.p.A. 2.27 Prunus S.p.A. 20.37 Alleanza Assicurazioni S.p.A. 3.55 Genertellife S.p.A. 1.78 Genertel S.p.A. Generali Gestione Immobiliare 086 EUR 780,000 G 11 100.00 100.00 100.00 EOS Servizi Fiduciari Srl 086 EUR 600,000 G 11 100.00 BSI S.A. 100.00 100.00 Fondo Cimarosa 086 EUR 480,110,409 G 10 10.60 100.00 79.39 2.12 Toro Assicurazioni S.p.A. 14.79 INA Assitalia S.p.A. 15.90 Alleanza Assicurazioni S.p.A. 3.18 Genertellife S.p.A. 46.53 Generali Properties S.p.A. 6.88 Prunus S.p.A. Generali Int Business Solution 086 EUR 27,000 G 11 66.67 100.00 81.48 3.70 Generali Vida de Seguros S.A. 18.52 Generali Vie S.A. 7.41 Genertellife S.p.A. 3.70 Generali Belgium S.A. Generali Business Solutions 086 EUR 8,010,000 G 11 96.87 100.00 99.60 0.01 BG Fiduciaria - SIM S.p.A. 0.25 BG Soc. Gestione Risp. S.p.A. 0.01 Generali Immobiliare IT SGR 0.25 Fata Assicurazioni Danni S.p.A 0.01 Fata Vita S.p.A. 0.25 Augusta Assicurazioni S.p.A. 0.25 Augusta Vita S.p.A. 0.25 Toro Assicurazioni S.p.A. 0.25 INA Assitalia S.p.A. 0.05 Generali Int Business Solution 0.25 Banca Generali S.p.A. 0.05 Banca BSI Italia S.p.A. 0.25 Alleanza Assicurazioni S.p.A. 0.25 Genertellife S.p.A. 0.25 Generali Investments Italy SpA 0.25 Genertel S.p.A. 0.25 SIMGENIA S.p.A. SIM Genertel Servizi Assicurativi 086 EUR 20,000 G 11 50.00 Genertellife S.p.A. 100.00 100.00 50.00 Genertel S.p.A. Gotam SGR S.p.A. 086 EUR 2,050,000 G 8 100.00 BSI S.A. 100.00 100.00 Toro Assicurazioni S.p.A. 086 EUR 184,173,606 G 1 100.00 100.00 100.00 Augusta Assicurazioni S.p.A. 086 EUR 26,000,000 G 1 100.00 Toro Assicurazioni S.p.A. 100.00 100.00 Augusta Vita S.p.A. 086 EUR 39,000,000 G 1 100.00 Augusta Assicurazioni S.p.A. 100.00 100.00 Iniz. Sviluppo Imm. ISIM SpA 086 EUR 113,900,000 G 10 100.00 Toro Assicurazioni S.p.A. 100.00 100.00 D.A.S.-Difesa Automob. Sin.SpA 086 EUR 2,750,000 G 1 50.01 Toro Assicurazioni S.p.A. 50.01 50.01

114 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Imm. Commerciale XXVI S.r.l. 086 EUR 1,500,000 G 10 100.00 Iniz. Sviluppo Imm. ISIM SpA 100.00 100.00 Banca BSI Italia S.p.A. 086 EUR 80,235,162 G 7 100.00 Banca Generali S.p.A. 100.00 61.17 BG Fiduciaria - SIM S.p.A. 086 EUR 5,200,000 G 8 100.00 Banca Generali S.p.A. 100.00 61.17 BG Soc. Gestione Risp. S.p.A. 086 EUR 6,475,000 G 8 100.00 Banca Generali S.p.A. 100.00 61.17 Generali Immobiliare IT SGR 086 EUR 5,000,000 G 8 100.00 Generali Investments S.p.A. 100.00 97.48 Generali Investments S.p.A. 086 EUR 39,000,000 G 9 40.00 100.00 97.48 30.00 Generali Deutschland HoldingAG 30.00 Generali France S.A. SIMGENIA S.p.A. SIM 086 EUR 5,200,000 G 8 25.00 100.00 84.23 10.00 Fata Assicurazioni Danni S.p.A 15.00 Toro Assicurazioni S.p.A. 15.00 INA Assitalia S.p.A. 15.00 Banca Generali S.p.A. 20.00 Alleanza Assicurazioni S.p.A. Generali Thalìa Invest Italy 086 EUR 5,200,000 G 8 20.00 BSI S.A. 90.00 88.23 70.00 Generali Investments Italy SpA Genertellife S.p.A. 086 EUR 145,200,000 G 1 100.00 100.00 100.00 Cestar S.r.l. 086 EUR 3,100,000 G 11 98.00 100.00 100.00 0.25 Fata Assicurazioni Danni S.p.A 0.25 Augusta Assicurazioni S.p.A. 0.25 Toro Assicurazioni S.p.A. 0.25 INA Assitalia S.p.A. 1.00 Generali Business Solutions INA Assitalia S.p.A. 086 EUR 482,628,450 G 1 100.00 100.00 100.00 Fata Vita S.p.A. 086 EUR 5,202,079 G 1 99.88 99.88 99.88 Fata Assicurazioni Danni S.p.A 086 EUR 5,202,079 G 1 99.88 99.88 99.88 Inf - Societa` Agricola S.p.A. 086 EUR 15,480,000 G 11 100.00 Genagricola S.p.A. 100.00 100.00 Generali Investments Italy SpA 086 EUR 26,250,000 G 8 100.00 Generali Investments S.p.A. 100.00 97.48 Dialog Lebensversicherungs AG 094 EUR 2,045,200 G 2 100.00 Generali Beteiligungs u Verwal 100.00 91.92 Generali Deutschland HoldingAG 094 EUR 137,420,785 G 5 0.93 Generali Levensverz. Maatsch. 93.02 91.82 0.93 Generali Assurances Générales 5.10 Generali Vermögensverwaltung G 1.86 Alleanza Assicurazioni S.p.A. 80.19 Generali Beteiligungs-GmbH 2.14 Vitalicio Torre Cerdà S.l. 0.93 La Estrella S.A. 0.93 Generali Belgium S.A. AachenMünchener Lebens. 094 EUR 71,269,998 G 2 100.00 Generali Deutschland HoldingAG 100.00 91.82 AachenMünchener Vers. 094 EUR 136,463,896 G 2 100.00 Generali Deutschland HoldingAG 100.00 91.82 Generali Lebensversicherung AG 094 EUR 124,053,300 G 2 100.00 Generali Beteiligungs u Verwal 100.00 91.92 Generali Versicherung AG DE 094 EUR 27,358,000 G 2 100.00 Generali Beteiligungs u Verwal 100.00 91.92 Central Krankenversicherung AG 094 EUR 34,017,984 G 2 100.00 Generali Deutschland HoldingAG 100.00 91.82 Europ Assistance Versicherung 094 EUR 2,800,000 G 2 25.00 Generali Deutschland HoldingAG 100.00 97.78 75.00 Europ Assistance Holding S.A. EA Service GmbH 094 EUR 250,000 G 11 100.00 Europ Assistance Versicherung 100.00 97.78

115 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Cosmos Lebensversicherungs AG 094 EUR 10,739,616 G 2 100.00 Generali Deutschland HoldingAG 100.00 91.82 Cosmos Versicherungs AG 094 EUR 9,205,200 G 2 100.00 Generali Deutschland HoldingAG 100.00 91.82 ENVIVAS Krankenversicherung AG 094 EUR 1,022,800 G 2 100.00 Generali Deutschland HoldingAG 100.00 91.82 AdvoCard Rechtsschutzvers. 094 EUR 12,920,265 G 2 29.29 AachenMünchener Vers. 100.00 91.89 70.71 Generali Versicherung AG DE Volksfürsorge Pensionskasse AG 094 EUR 5,025,000 G 2 100.00 Generali Beteiligungs u Verwal 100.00 91.92 Generali DE Pensionskasse AG 094 EUR 7,500,000 G 2 100.00 Generali Deutschland HoldingAG 100.00 91.82 Generali Beteiligungs-GmbH 094 EUR 1,005,000 G 4 100.00 100.00 100.00 Generali Vermögensverwaltung G 094 EUR 258,700,000 G 9 94.90 Generali Beteiligungs-GmbH 94.90 94.90 Lloyd Immobilien GmbH 094 EUR 204,600 G 10 100.00 Generali Beteiligungs u Verwal 100.00 91.92 ALLWO GmbH 094 EUR 17,895,500 G 10 46.86 AachenMünchener Lebens. 100.00 91.87 53.14 Generali Lebensversicherung AG Generali 3. Immobilien AG & Co 094 EUR 24,626,000 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 Generali Private Equity Invest 094 EUR 1,000,000 G 9 100.00 Generali Investments S.p.A. 100.00 97.48 AM Vertriebsservice-Ges. Sach. 094 EUR 250,000 G 11 100.00 ATLAS Dienstleistungen 100.00 67.95 Generali Investments DE KAGmbh 094 EUR 9,050,000 G 8 100.00 Generali Investments S.p.A. 100.00 97.48 Generali DE Pensionsfonds AG 094 EUR 5,100,000 G 2 100.00 Generali Beteiligungs u Verwal 100.00 91.92 Generali Beteiligungs u Verwal 094 EUR 66,963,298 G 4 1.22 Transocean Holding Corporation 100.00 91.92 98.78 Generali Deutschland HoldingAG AMCO Beteiligungs-GmbH 094 EUR 500,000 G 4 100.00 Generali Deutschland HoldingAG 100.00 91.82 AM Erste Immobilien AG&Co. KG 094 EUR 97,162,805 G 10 100.00 AachenMünchener Lebens. 100.00 91.82 Central Erste Immobilien AG&KG 094 EUR 4,823,507 G 10 100.00 Central Krankenversicherung AG 100.00 91.82 Central Zweite Immobilien AGKG 094 EUR 12,371,997 G 10 100.00 Central Krankenversicherung AG 100.00 91.82 Deutsche Bausparkasse Badenia 094 EUR 40,560,000 G 7 68.70 Generali Deutschland HoldingAG 100.00 91.85 31.30 Generali Lebensversicherung AG Volksfürsorge 1Immobilien AGKG 094 EUR 3,583 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 Thuringia Generali 1Immobilien 094 EUR 21,388,630 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 Thuringia Generali 2Immobilien 094 EUR 75,156,271 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 AM Vers Erste Immobilien KG 094 EUR 31,691,486 G 10 100.00 AachenMünchener Vers. 100.00 91.82 Generali Employee Benefits 094 EUR 61,400 G 11 100.00 Generali Deutschland HoldingAG 100.00 91.82 AMB Generali Pensionsfonds AG 094 EUR 3,000,000 G 2 100.00 Generali Beteiligungs u Verwal 100.00 91.92 AM Sechste Immobilien AG & Co. 094 EUR 25,000 G 10 100.00 AachenMünchener Lebens. 100.00 91.82 AM Siebte Immobilien AG & Co. 094 EUR 25,000 G 10 100.00 AachenMünchener Lebens. 100.00 91.82 DBB Vermögensverwaltung GmbHKG 094 EUR 21,214,579 G 10 100.00 Deutsche Bausparkasse Badenia 100.00 91.85 Generali DE Services GmbH 094 EUR 100,000 G 11 100.00 Generali Deutschland HoldingAG 100.00 91.82 Generali DE Schadenmanagement 094 EUR 100,000 G 11 100.00 Generali Deutschland HoldingAG 100.00 91.82 Generali DE Finanzdienstleist 094 EUR 52,000 G 11 100.00 Generali Deutschland HoldingAG 100.00 91.82 Generali DE Informatik Service 094 EUR 15,000,000 G 11 100.00 Generali Deutschland HoldingAG 100.00 91.82 ATLAS Dienstleistungen 094 EUR 4,090,335 G 11 74.00 AachenMünchener Lebens. 74.00 67.95 AM Ges. betr. Altersversorgung 094 EUR 60,000 G 11 100.00 AachenMünchener Lebens. 100.00 91.82 Cosmos Finanzservice GmbH 094 EUR 25,565 G 11 100.00 Cosmos Versicherungs AG 100.00 91.82 Generali DE Immobilien GmbH 094 EUR 682,655 G 10 100.00 Generali Deutschland HoldingAG 100.00 91.82 Schloss Bensberg Management 094 EUR 250,000 G 10 100.00 AachenMünchener Lebens. 100.00 91.82 AM Vertriebs-Gesell Personenv 094 EUR 500,000 G 11 100.00 ATLAS Dienstleistungen 100.00 67.95 Volksfürsorge 2.Imm AG&Co KG 094 EUR 120,995,519 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92

116 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Generali DE SicherungsManagmnt 094 EUR 25,000 G 11 100.00 Generali Deutschland HoldingAG 100.00 91.82 Volksfürsorge 3.Imm AG&Co KG 094 EUR 155,767,170 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 Volksfürsorge 4.Imm AG&Co KG 094 EUR 63,730,134 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 Volksfürsorge 5.Imm AG&Co KG 094 EUR 55,526,211 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 Volksfürsorge 6.Imm AG&Co KG 094 EUR 41,316,598 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 Volksfürsorge 7.Imm AG&Co KG 094 EUR 25,000 G 10 100.00 Generali Lebensversicherung AG 100.00 91.92 Volksfürsorge AG Vertriebsges 094 EUR 1,100,000 G 11 100.00 Generali Beteiligungs u Verwal 100.00 91.92 AAREC (Diverse) Verw.:AMGI 094 EUR 1,923,872,084 G 11 20.23 AachenMünchener Lebens. 100.00 91.87 1.62 AachenMünchener Vers. 45.81 Generali Lebensversicherung AG 1.62 Generali Versicherung AG DE 19.33 Central Krankenversicherung AG 8.73 Cosmos Lebensversicherungs AG 0.32 AdvoCard Rechtsschutzvers. 1.56 Generali DE Pensionskasse AG 0.77 Dialog Lebensversicherungs AG ALAOT (AML) Verw.:AMGI 094 EUR 625,843,876 G 11 100.00 AachenMünchener Lebens. 100.00 91.82 CLAOT (CL) Verw.: AMGI 094 EUR 264,414,691 G 11 100.00 Cosmos Lebensversicherungs AG 100.00 91.82 AVAOT (AMV) Verw.: AMGI 094 EUR 201,197,398 G 11 11.80 Generali Lebensversicherung AG 100.00 91.91 74.06 Generali Versicherung AG DE 14.14 AdvoCard Rechtsschutzvers. CEAOT/CWF (Central) Verw.:AMGI 094 EUR 477,246,684 G 11 100.00 Central Krankenversicherung AG 100.00 91.82 VLAOT (VDL) Verw.:AMGI 094 EUR 1,342,232,553 G 11 100.00 Generali Lebensversicherung AG 100.00 91.92 GLLAE (GEL) Verw.:AMGI 094 EUR 596,661,326 G 11 100.00 Generali Lebensversicherung AG 100.00 91.92 AMEP-Cofonds (AMB) Verw: CO 094 EUR 244,592,372 G 11 100.00 Generali Deutschland HoldingAG 100.00 91.82 AMLE-Cofonds (AML) Verw: CO 094 EUR 300,646,482 G 11 100.00 AachenMünchener Lebens. 100.00 91.82 GESACO (GEV) Verw.: CO 094 EUR 167,718,972 G 11 100.00 Generali Versicherung AG DE 100.00 91.92 GELECO (GEL) Verw.: CO 094 EUR 692,489,637 G 11 100.00 Generali Lebensversicherung AG 100.00 91.92 VOCO-Fonds I (VDL) Verw: CO 094 EUR 662,074,620 G 11 100.00 Generali Lebensversicherung AG 100.00 91.92 VOCO-Fonds III (VDL) Verw: CO 094 EUR 534,387,601 G 11 100.00 Generali Lebensversicherung AG 100.00 91.92 NABUCO I (Badenia) Verw: CO 094 EUR 156,847,563 G 11 100.00 Deutsche Bausparkasse Badenia 100.00 91.85 ELCOFONDS (GEL) Verw: CO 094 EUR 286,428,931 G 11 100.00 Generali Lebensversicherung AG 100.00 91.92 GLI-Fonds OIK 094 EUR 131,283,079 G 11 6.32 Dialog Lebensversicherungs AG 100.00 94.75 42.47 Generali Lebensversicherung AG 16.17 Generali Versicherung AG DE 35.04 Generali Versicherung AG AT Vofü Fonds Hamb Grund Anl GMbh 094 EUR 14,800,000 G 10 59.29 Generali Beteiligungs u Verwal 59.29 54.50 Grundstücksgesellsch. Stadtlag 094 EUR 25,560,874 G 10 50.00 Generali Lebensversicherung AG 100.00 91.92 50.00 Generali Versicherung AG DE PENSOR Cofonds 094 EUR 71,156,464 G 11 100.00 Generali DE Pensionsfonds AG 100.00 91.92 GLL AMB Generali Prop. Fund I 094 EUR 43,390,849 G 11 100.00 GLL AMB Generali Cross-Border 100.00 91.87 GLL AMB Generali Prop. Fund II 094 EUR 45,822,903 G 11 100.00 GLL AMB Generali Cross-Border 100.00 91.87 VDL US$ Corporate Bond Fund 094 USD 125,237,398 G 11 100.00 Generali Lebensversicherung AG 100.00 91.92 GLL AMB Generali 200 State Str 094 EUR 2,010,000 G 11 100.00 GLL AMB Generali Cross-Border 100.00 91.87 AVAOT II 094 EUR 50,154,100 G 11 100.00 AachenMünchener Vers. 100.00 91.82

117 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Icare S.A. 029 EUR 3,500,010 G 4 100.00 Europ Assistance Holding S.A. 100.00 99.76 Generali IARD S.A. 029 EUR 59,493,775 G 2 6.74 Generali Vie S.A. 100.00 99.77 93.26 Generali France Assurance S.A. Generali Vie S.A. 029 EUR 285,863,760 G 2 99.98 Generali France Assurance S.A. 99.98 99.76 L`Equité IARD S.A. 029 EUR 15,569,320 G 2 99.98 Generali France Assurance S.A. 99.98 99.75 Européenne de Protection Jur. 029 EUR 2,610,000 G 2 0.01 Generali IARD S.A. 100.00 99.77 0.01 Generali Vie S.A. 99.99 Generali France Assurance S.A. AM Prudence S.A. 029 EUR 6,342,778 G 2 99.99 Generali France S.A. 99.99 99.76 Europ Assistance France S.A. 029 EUR 2,464,320 G 2 99.98 Europ Assistance Holding S.A. 99.98 99.76 Bien Etre Assistance 029 EUR 1,000,000 G 11 50.00 Europ Assistance France S.A. 50.00 49.88 Generali Investments France SA 029 EUR 3,750,000 G 8 49.00 Generali Investments S.p.A. 100.00 98.65 0.01 Generali Vie S.A. 50.99 Generali France Assurance S.A. Generali France S.A. 029 EUR 114,127,691 G 4 67.15 99.77 99.77 32.62 Part. Maat. Graafschap Holland Europ Assistance Holding S.A. 029 EUR 14,910,000 G 2 5.01 Part. Maat. Graafschap Holland 99.98 99.76 21.13 Generali IARD S.A. 10.75 Generali Vie S.A. 63.10 Generali France S.A. Suresnes Immobilier S.A. 029 EUR 43,040,000 G 10 100.00 Generali Vie S.A. 100.00 99.76 Generali Immobilier Gestion 029 EUR 1,000,000 G 10 100.00 Generali France Assurance S.A. 100.00 99.77 Generali Immobilier Conseil 029 EUR 37,500 G 10 0.04 Generali IARD S.A. 99.96 99.77 0.16 Generali Vie S.A. 99.76 Generali France Assurance S.A. Generali France Assurance S.A. 029 EUR 2,077,021,120 G 5 100.00 Generali France S.A. 100.00 99.77 E-CIE VIE 029 EUR 62,362,780 G 2 100.00 Generali France Assurance S.A. 100.00 99.77 Ifabanque S.A. 029 EUR 15,785,200 G 7 51.00 BSI S.A. 51.00 51.00 Expert & Finance S.A. 029 EUR 3,680,510 G 11 90.30 Generali Vie S.A. 90.30 90.08 Saint Ouen C1 SAS 029 EUR 37,000 G 10 80.00 Tartini S.a.r.l. 80.00 72.38 Saint Ouen C1 SCI 029 EUR 1,000 G 10 0.10 Tartini S.a.r.l. 100.00 72.40 99.90 Saint Ouen C1 SAS Terra Nova V Montreuil SCI 029 EUR 1,000 G 10 99.90 Sammartini S.à.r.l. 100.00 90.49 0.10 Generali Vie S.A. Generali Epargne Salaire SA 029 EUR 6,709,745 G 11 100.00 Generali France Assurance S.A. 100.00 99.77 Generali Gestion S.A. 029 EUR 270,000 G 11 99.83 Generali Investments France SA 99.92 98.56 0.06 Generali Vie S.A. 0.03 Generali France S.A. Imm. Comm. des Indes Orientale 029 EUR 134,543,500 G 10 0.83 100.00 95.04 3.33 Generali Real Estate Inv. B.V. 0.83 Generali Vida de Seguros S.A. 20.00 Generali Properties S.p.A. 70.00 Generali Vie S.A. 2.50 Banco Vitalicio de España 2.50 La Estrella S.A.

118 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

SAS IMMOCIO CBI 029 EUR 76,322,520 G 10 100.00 Imm. Comm. des Indes Orientale 100.00 95.04 Oudart S.A. 029 EUR 5,500,000 G 11 100.00 BSI S.A. 100.00 100.00 Oudart Gestion S.A. 029 EUR 1,000,000 G 8 100.00 Oudart S.A. 100.00 100.00 Oudart Patrimonie Sarl 029 EUR 38,125 G 8 96.00 Oudart S.A. 100.00 100.00 4.00 Oudart Gestion S.A. Europ Assistance SA 029 EUR 23,601,857 G 2 100.00 Europ Assistance Holding S.A. 100.00 99.76 Foncière Hypersud S.A. 029 EUR 50,000,205 G 10 49.00 Generali Vie S.A. 49.00 48.88 Icare Assurance S.A. 029 EUR 1,276,416 G 2 100.00 Icare S.A. 100.00 99.76 Infoparc S.A. 029 EUR 160,000 G 11 100.00 Icare S.A. 100.00 99.76 SCI Generali Réaumur 029 EUR 10,643,469 G 10 100.00 Generali Vie S.A. 100.00 99.97 Imm St Honore les Feuillans SA 029 EUR 330,000 G 10 99.98 SCI du Coq 99.99 99.76 0.01 Generali Vie S.A. SCI 174 Rivoli 029 EUR 19,760,152 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI 54-60 Hoche 029 EUR 152,400 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI 5-7 Drouot 029 EUR 30,553,520 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI Generali Pierre 029 EUR 10,113,505 G 10 60.63 SCI Generali Wagram 99.90 99.67 1.11 Generali IARD S.A. 38.15 Generali Vie S.A. SCI Generali Pyramides 029 EUR 30,160,815 G 10 32.12 SCI Generali Wagram 100.00 99.98 67.88 Generali IARD S.A. SCI Generali Wagram 029 EUR 284,147 G 10 100.00 Generali IARD S.A. 100.00 99.77 SCI du 24 Rue de Mogador 029 EUR 8,095,500 G 10 100.00 Generali Vie S.A. 100.00 99.98 SCI du Coq 029 EUR 36,793,365 G 10 0.81 Generali IARD S.A. 100.00 99.76 99.19 Generali Vie S.A. Sci Espace Seine Generali 029 EUR 153,000 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI GPA Pierre 029 EUR 40,800,000 G 10 1.20 Generali IARD S.A. 100.00 99.76 98.80 Generali Vie S.A. SCI Haussmann 50 Generali 029 EUR 43,450,000 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI Landy Novatis 029 EUR 1,000,000 G 10 100.00 Generali Vie S.A. 100.00 99.97 Generali Habitat (SCPI) 029 EUR 15,241,905 G 10 84.24 Generali Vie S.A. 84.24 84.04 Rocher Pierre (SCPI) 029 EUR 35,401,086 G 10 48.52 Generali Vie S.A. 48.52 48.40 SCI Continent Asnieres 029 EUR 27,000 G 10 100.00 Generali IARD S.A. 100.00 99.77 SCI du Chateau La France 029 EUR 5,485,987 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI France Mornay Lyon 029 EUR 6,645,000 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI Pierre-Grenier 029 EUR 35,000 G 10 100.00 Generali IARD S.A. 100.00 99.77 SC Progador (SCI) 029 EUR 405,000 G 10 0.37 Generali IARD S.A. 100.00 99.77 99.63 Generali Vie S.A. SCI Cogipar (ex SNC) 029 EUR 10,000 G 10 100.00 Generali Vie S.A. 100.00 99.77 SCI Font Romeu Neige et Soleil 029 EUR 15,200 G 10 100.00 Generali IARD S.A. 100.00 99.77 SCI Lagny 68-70 Generali 029 EUR 1,000,000 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI Viroflay 10-12 Libération 029 EUR 3,000 G 10 100.00 Generali Vie S.A. 100.00 99.77 SCI Landy-Wilo 029 EUR 1,000,000 G 10 0.10 Generali IARD S.A. 100.00 99.97 99.90 Generali Vie S.A. SCI LE JADE 029 EUR 10,000 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI Generali Belle Feuille 029 EUR 10,596,827 G 10 100.00 Generali Vie S.A. 100.00 99.97

119 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

SCI Generali Carnot 029 EUR 783,705 G 10 100.00 Generali Vie S.A. 100.00 99.77 SCI Le Rivay 029 EUR 7,021,196 G 10 100.00 Generali Vie S.A. 100.00 99.97 SCI Generali Daumesnil 029 EUR 29,324,139 G 10 55.00 SCI GPA Pierre 100.00 99.76 45.00 Generali IARD S.A. SCI Generali Le Franklin 029 EUR 5,443,549 G 10 99.57 Generali Vie S.A. 100.00 99.97 0.43 SCI Le Rivay SCI GPA Commerce 1 029 EUR 100,000 G 10 100.00 Generali IARD S.A. 100.00 99.98 SCI GPA Commerce 2 029 EUR 100,000 G 10 100.00 Generali IARD S.A. 100.00 99.98 SC Generali Logistique 029 EUR 160,001,000 G 10 100.00 Generali Vie S.A. 100.00 99.76 SCI Beaune Logistique 1 029 EUR 8,001,000 G 10 100.00 SC Generali Logistique 100.00 99.76 Sarl Parcolog Henin Beaumont 1 029 EUR 744,797 G 10 100.00 SC Generali Logistique 100.00 99.97 SCI Iris La Défense 029 EUR 1,350 G 10 44.44 Generali IARD S.A. 100.00 99.76 55.56 Generali Vie S.A. 2 ISO (SASU) 029 EUR 29,008,320 G 10 100.00 Generali Vie S.A. 100.00 99.76 OPCI Parcolog Invest 029 EUR 27,303,634 G 10 99.97 Generali Vie S.A. 100.00 99.76 0.03 Generali France Assurance S.A. GFA Caraïbes 029 EUR 5,742,000 G 2 100.00 Generali France Assurance S.A. 100.00 99.77 Prudence Creole 029 EUR 6,164,000 G 2 0.01 Generali France S.A. 93.09 92.88 93.08 Generali France Assurance S.A. Generali Rückversicherung AG 008 EUR 8,833,000 G 5 100.00 100.00 100.00 Generali Holding Vienna AG 008 EUR 63,732,464 G 5 29.72 Part. Maat. Graafschap Holland 100.00 99.99 0.05 Generali Finance B.V. 0.35 Generali Assurances Générales 0.08 Generali Worldwide Insurance 37.81 Transocean Holding Corporation 2.66 Generali IARD S.A. 29.32 Generali Rückversicherung AG Europäische Reiseversich (AT) 008 EUR 730,000 G 2 74.99 Generali Holding Vienna AG 74.99 74.99 Generali Versicherung AG AT 008 EUR 27,338,520 G 2 7.81 Generali Rückversicherung AG 100.00 99.99 92.19 Generali Holding Vienna AG Bawag PSK Versicherung AG 008 EUR 12,000,000 G 2 50.01 Generali Holding Vienna AG 50.01 50.01 Europ Assistance Gesellschaft 008 EUR 70,000 G 11 75.00 Europ Assistance Holding S.A. 100.00 99.82 25.00 Generali Holding Vienna AG Generali Sales Promotion GmbH 008 EUR 50,000 G 11 100.00 Generali Versicherung AG AT 100.00 99.99 Allgemeine Immobilien-Verw. 008 EUR 145,346 G 10 37.50 100.00 100.00 62.50 Generali Holding Vienna AG Allgemeine Immobilien Verw. KG 008 EUR 17,441,553 G 10 100.00 Generali Versicherung AG AT 100.00 99.99 Generali Capital Management 008 EUR 300,000 G 8 24.99 Generali Deutschland HoldingAG 100.00 97.95 75.01 Generali Holding Vienna AG Generali IT-Solutions GmbH 008 EUR 17,500 G 11 24.97 Generali DE Informatik Service 100.00 97.95 75.03 Generali Holding Vienna AG Generali Immobilien AG 008 EUR 72,673 G 10 100.00 Generali Versicherung AG AT 100.00 99.99 CA Global Property Int Immo AG 008 EUR 11,264,315 G 10 67.74 Generali Versicherung AG AT 67.74 67.74 Generali VIS Informatik GmbH 008 EUR 35,000 G 11 100.00 Generali Holding Vienna AG 100.00 99.99 Generali Pensionskasse AG 008 EUR 300,000 G 8 100.00 Generali Holding Vienna AG 100.00 99.99

120 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Generali Bank AG 008 EUR 22,000,000 G 7 78.57 Generali Holding Vienna AG 100.00 99.99 21.43 Generali Versicherung AG AT Interunfall/AIV-Leasing Vorar. 008 EUR 18,168 G 11 90.00 Allgemeine Immobilien Verw. KG 100.00 99.99 10.00 Generali Versicherung AG AT Generali Leasing GmbH 008 EUR 730,000 G 11 75.00 Generali Versicherung AG AT 75.00 75.00 Care Consult Versicherungsmak. 008 EUR 138,078 G 11 100.00 Europäische Reiseversich (AT) 100.00 74.99 Generali/AIV Leasing Vorarlb. 008 EUR 18,168 G 11 90.00 Allgemeine Immobilien Verw. KG 100.00 99.99 10.00 Generali Versicherung AG AT Generali/AIV Leasing Salzburg 008 EUR 18,168 G 11 90.00 Allgemeine Immobilien Verw. KG 100.00 99.99 10.00 Generali Versicherung AG AT Generali/AIV Leasing St.Pölten 008 EUR 18,168 G 11 90.00 Allgemeine Immobilien Verw. KG 100.00 99.99 10.00 Generali Versicherung AG AT Interunfall/AIV-Leasing Salzb. 008 EUR 18,168 G 11 90.00 Allgemeine Immobilien Verw. KG 100.00 99.99 10.00 Generali Versicherung AG AT Mondomix 008 EUR 396,296 G 11 97.40 Generali Versicherung AG AT 98.11 89.27 0.71 Generali Pensionskasse AG Akzent 008 EUR 1,228 G 11 18.32 Generali Holding Vienna AG 100.00 99.99 80.05 Generali Versicherung AG AT 1.63 Generali Pensionskasse AG GLStock-Fonds 008 EUR 4,040 G 11 100.00 Generali Versicherung AG AT 100.00 99.99 GLBond Spezialfonds 008 EUR 9,330 G 11 97.86 Generali Versicherung AG AT 100.00 95.72 2.14 Generali Pensionskasse AG GSBond Spezialfonds 008 EUR 3,650 G 11 100.00 Generali Versicherung AG AT 100.00 99.99 GEN 4A 008 EUR 55,500 G 11 100.00 Generali Versicherung AG AT 100.00 99.99 CEE Liquid 008 EUR 73,681 G 11 7.60 Generali Pojistovna a.s. 100.00 99.99 89.36 Generali Versicherung AG AT 3.05 Generali Pensionskasse AG BAWAG Spezial 6 008 EUR 13,730 G 11 100.00 Bawag PSK Versicherung AG 100.00 50.01 Banco Vitalicio de España 067 EUR 26,090,262 G 2 9.61 Hermes S.L. 99.93 99.92 90.32 Generali España Holding S.A. La Estrella S.A. 067 EUR 31,356,741 G 2 99.83 Generali España Holding S.A. 99.83 99.83 Cajamar Vida S.A. 067 EUR 9,015,200 G 2 50.00 Generali España Holding S.A. 50.00 50.00 Cajamar Seguros Generales S.A. 067 EUR 4,507,600 G 2 50.00 Generali España Holding S.A. 50.00 50.00 Europ Assistance España S.A. 067 EUR 3,612,000 G 2 95.00 Europ Assistance Holding S.A. 100.00 99.77 5.00 Banco Vitalicio de España Europ Assistance Servi Int Ges 067 EUR 400,000 G 11 100.00 Europ Assistance España S.A. 100.00 99.77 Coris Assistencia S.A. 067 EUR 120,202 G 11 100.00 Europ Assistance Servi Int Ges 100.00 99.77 Coris Gestion S.I. 067 EUR 3,008 G 11 100.00 Europ Assistance Servi Int Ges 100.00 99.77 Generali España Holding S.A. 067 EUR 563,490,658 G 4 100.00 100.00 100.00 Hermes S.L. 067 EUR 24,933,093 G 10 100.00 La Estrella S.A. 100.00 99.83 Vitalicio Torre Cerdà S.l. 067 EUR 1,112,880 G 10 9.34 Grupo Generali Espana A.I.E. 100.00 99.91 90.66 Banco Vitalicio de España Grupo Generali Espana A.I.E. 067 EUR 35,596,000 G 11 68.19 Banco Vitalicio de España 100.00 99.89 31.79 La Estrella S.A. 0.02 Generali España Holding S.A.

121 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

GLL City 22 SL 067 EUR 10,003,006 G 11 100.00 GLL AMB Generali City 22 Sarl 100.00 91.87 Gensegur Agencia de Seguros SA 067 EUR 60,101 G 11 100.00 La Estrella S.A. 100.00 99.83 Cafel Inversiones 2008, S.L. 067 EUR 3,006 G 10 100.00 Frescobaldi S.a.r.l. 100.00 90.48 BSI Spain Wealth & Asset Manag 067 EUR 2,043,701 G 9 100.00 BSI S.A. 100.00 100.00 BSI Spain Asset Management S.G 067 EUR 1,091,250 G 11 100.00 BSI Spain Wealth & Asset Manag 100.00 100.00 BSI Spain Wealth Management AV 067 EUR 787,250 G 11 100.00 BSI Spain Wealth & Asset Manag 100.00 100.00 Europ Assistance Ltd. 031 GBP 10,000 G 11 100.00 Europ Assistance Holdings Ltd 100.00 99.76 Europ Assistance Insurance Ltd 031 GBP 21,000,000 G 2 100.00 Europ Assistance Holdings Ltd 100.00 99.76 Europ Assistance Holdings Ltd 031 GBP 23,200,000 G 4 100.00 Europ Assistance Holding S.A. 100.00 99.76 Generali Belgium S.A. 009 EUR 40,000,000 G 2 32.29 99.99 99.92 3.80 Flandria Participations Fin. 33.37 Genervest S.A. 5.34 Genass-Invest S.A. 24.91 Part. Maat. Graafschap Holland 0.28 Generali Finance B.V. Europ Assistance Belgium S.A. 009 EUR 6,012,000 G 2 100.00 Europ Assistance Holding S.A. 100.00 99.76 Europ Assistance Services S.A. 009 EUR 186,000 G 11 20.00 Generali Belgium S.A. 100.00 99.79 80.00 Europ Assistance Belgium S.A. Adriatica S.A. 009 EUR 1,150,000 G 4 100.00 Generali Beteiligungs u Verwal 100.00 91.92 Flandria Participations Fin. 009 EUR 62,085,100 G 4 80.07 100.00 99.95 19.93 Generali Vie S.A. Genervest S.A. 009 EUR 2,810,000 G 4 64.96 100.00 100.00 35.04 Part. Maat. Graafschap Holland Genass-Invest S.A. 009 EUR 34,235,504 G 4 26.50 Generali Levensverz. Maatsch. 100.00 98.55 73.50 Generali Beleggingen B.V. Generali Belgium Invest S.A. 009 EUR 9,300,000 G 10 100.00 Generali Belgium S.A. 100.00 99.91 IXIA N.V. 009 EUR 62,000 G 11 100.00 Generali Belgium S.A. 100.00 99.92 GLL South Express S.A. 009 EUR 20,000,000 G 11 0.01 GLL AMB Generali Cross-Border 100.00 91.87 99.99 GLL AMB Generali South Express Generali Levensverz. Maatsch. 050 EUR 2,268,901 G 2 100.00 Generali Verzekeringsgroep NV 100.00 98.55 Generali Schadeverz. Maatsch. 050 EUR 1,361,341 G 2 100.00 Generali Verzekeringsgroep NV 100.00 98.55 Generali Capital Finance B.V. 050 EUR 10,000,000 G 8 25.00 100.00 100.00 75.00 Generali Finance B.V. Part. Maat. Graafschap Holland 050 EUR 1,525,183,230 G 4 70.50 100.00 100.00 6.56 Toro Assicurazioni S.p.A. 16.39 INA Assitalia S.p.A. 6.56 Genertellife S.p.A. Generali Verzekeringsgroep NV 050 EUR 5,545,103 G 4 12.77 98.55 98.55 36.46 Part. Maat. Graafschap Holland 18.17 BV Algemene Holding en Financ. 31.17 Transocean Holding Corporation BV Algemene Holding en Financ. 050 EUR 4,696,625 G 4 100.00 Generali Holding Vienna AG 100.00 99.99 Generali Beleggingen B.V. 050 EUR 14,520,967 G 4 100.00 Generali Verzekeringsgroep NV 100.00 98.55 Participatie Maat. Transhol 050 EUR 1,633,609 G 4 100.00 Transocean Holding Corporation 100.00 100.00 Generali Finance B.V. 050 EUR 100,000,000 G 4 100.00 100.00 100.00

122 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Redoze Holding N.V. 050 EUR 22,689,011 G 4 6.02 100.00 100.00 50.01 Generali Worldwide Insurance 43.97 Transocean Holding Corporation Generali Asia N.V. 050 EUR 120,000 G 4 60.00 Part. Maat. Graafschap Holland 60.00 60.00 Generali Turkey Holding B.V. 050 EUR 22,000 G 4 100.00 Part. Maat. Graafschap Holland 100.00 100.00 Generali Vastgoed B.V. 050 EUR 18,151 G 10 100.00 Generali Levensverz. Maatsch. 100.00 98.55 Generali Real Estate Inv. B.V. 050 EUR 100,000,000 G 10 2.94 Generali Belgium Invest S.A. 100.00 99.23 0.33 IXIA N.V. 50.00 Generali Vastgoed B.V. 46.73 Generali Belgium S.A. Lion River I 050 EUR 505,006 G 9 30.36 100.00 97.31 8.91 Lion River II 30.36 Generali Deutschland HoldingAG 30.36 Generali Vie S.A. Generali Horizon B.V. 050 EUR 90,760 G 4 100.00 Generali Worldwide Insurance 100.00 100.00 Lion River II 050 EUR 45,378 G 11 100.00 Generali Verzekeringsgroep NV 100.00 98.55 NV Schadeverzekering Maatschap 050 EUR 500,000 G 11 100.00 Generali Verzekeringsgroep NV 100.00 98.55 Generali PPF Holding B.V. 050 EUR 18,000 G 4 51.00 51.00 51.00 CZI Holdings N.V. 050 EUR 2,662,000,000 G 4 100.00 Generali PPF Holding B.V. 100.00 51.00 CP Strategic Investments B.V. 050 EUR 25,179,000 G 4 100.00 Ceska pojistovna, a.s. 100.00 51.00 Iberian Structured Invest I BV 050 EUR 90,000 G 4 100.00 Generali PPF Holding B.V. 100.00 51.00 Generali PanEurope Limited 040 EUR 30,634,869 G 2 8.96 100.00 100.00 0.76 Generali Finance B.V. 45.51 Generali Worldwide Insurance 44.77 Generali Investment Management Generali Investment Management 040 EUR 30,000,000 G 4 100.00 100.00 100.00 Genirland Limited 040 EUR 113,660,000 G 9 100.00 Part. Maat. Graafschap Holland 100.00 100.00 Generali Life A.E. 032 EUR 12,290,000 G 2 99.97 100.00 100.00 0.03 Generali Hellas A.E.A.Z. Generali Hellas A.E.A.Z. 032 EUR 22,396,985 G 2 99.22 100.00 100.00 0.78 Generali Life A.E. Generali Luxembourg S.A. 092 EUR 2,021,065 G 2 100.00 Generali Belgium S.A. 100.00 99.92 Generali Real Estate Fund Sic 092 EUR 213,804,950 G 8 25.59 100.00 97.88 9.77 Generali Real Estate Inv. B.V. 1.17 Generali Vida de Seguros S.A. 7.81 AachenMünchener Lebens. 16.60 Generali Lebensversicherung AG 24.41 Generali Vie S.A. 2.44 Banco Vitalicio de España 2.44 La Estrella S.A. 9.77 Generali Immobilien AG Tartini S.a.r.l. 092 EUR 25,000 G 9 100.00 Generali Real Estate Fund Sic 100.00 90.48 Frescobaldi S.a.r.l. 092 EUR 12,500 G 11 100.00 Generali Real Estate Fund Sic 100.00 90.48 GLL AMB Generali Cross-Border 092 EUR 223,250,000 G 9 28.00 AachenMünchener Lebens. 100.00 91.87 48.00 Generali Lebensversicherung AG

123 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

16.00 Central Krankenversicherung AG 8.00 Cosmos Lebensversicherungs AG BG Investment Luxembourg SA 092 EUR 2,000,000 G 11 100.00 Banca Generali S.p.A. 100.00 61.17 GLL AMB Generali City 22 Sarl 092 EUR 112,500 G 11 100.00 GLL AMB Generali Cross-Border 100.00 91.87 Corelli S.a.r.l. 092 EUR 12,500 G 9 100.00 Generali Real Estate Fund Sic 100.00 90.48 Torelli S.à.r.l. 092 EUR 12,500 G 9 100.00 Generali Real Estate Fund Sic 100.00 90.48 Sammartini S.à.r.l. 092 EUR 12,500 G 9 100.00 Generali Real Estate Fund Sic 100.00 90.48 GLL AMB Generali Bankcenter 092 EUR 469,000 G 11 100.00 GLL AMB Generali Cross-Border 100.00 91.87 GLL AMB Generali South Express 092 EUR 212,500 G 11 100.00 GLL AMB Generali Cross-Border 100.00 91.87 Gotam Fund Management 092 EUR 125,000 G 11 0.02 BSI Luxembourg S.A. 100.00 100.00 99.98 BSI S.A. BSI Luxembourg S.A. 092 EUR 35,000,000 G 7 100.00 BSI S.A. 100.00 100.00 Gotam Umbrella Fund 092 EUR 200,000 G 11 0.50 BSI Luxembourg S.A. 100.00 100.00 99.50 BSI S.A. Gottardo Equity Fund 092 EUR 250,000 G 11 0.50 BSI Luxembourg S.A. 100.00 100.00 99.50 BSI S.A. Gottardo Strategy Fund 092 EUR 250,000 G 11 0.50 BSI Luxembourg S.A. 100.00 100.00 99.50 BSI S.A. Generali Vida de Seguros S.A. 055 EUR 9,000,000 G 2 99.99 99.99 99.99 Europ Assistance Portugal 055 EUR 7,500,000 G 2 53.00 Europ Assistance Holding S.A. 53.00 52.87 Europ Assistance Serviços S.A. 055 EUR 250,000 G 11 99.90 Europ Assistance Portugal 99.90 52.82 Generali-Providencia Biztosító 077 HUF 4,500,000 G 2 100.00 Generali PPF Holding B.V. 100.00 51.00 Europai Utazasi Biztosito R.t. 077 HUF 400,000 G 2 61.00 Generali-Providencia Biztosító 74.00 40.86 13.00 Europäische Reiseversich (AT) Generali Ingatlan Kft 077 HUF 1,250,000 G 10 96.00 Generali-Providencia Biztosító 100.00 51.00 4.00 Generali Biztosít. Ügynök Mkt EA-Generali Epitö-és Tervezö 077 HUF 4,046,788 G 10 99.00 Generali-Providencia Biztosító 100.00 51.00 1.00 Generali Ingatlan Kft Generali Biztosít. Ügynök Mkt 077 HUF 603,000 G 8 98.34 Generali-Providencia Biztosító 100.00 51.00 1.66 Generali Ingatlan Kft Generali Alapkezelõ Rt. 077 HUF 500,000 G 8 74.00 Generali-Providencia Biztosító 100.00 51.00 26.00 Generali PPF Holding B.V. Genertel Biztosító Zrt 077 HUF 2,450,000 G 2 100.00 Generali-Providencia Biztosító 100.00 51.00 Generali Towarzystwo Ubezpiec. 054 PLN 190,310,000 G 2 100.00 Generali PPF Holding B.V. 100.00 51.00 Generali Zycie S.A. 054 PLN 61,000,000 G 2 100.00 Generali PPF Holding B.V. 100.00 51.00 Generali Finance Sp. z o.o. 054 PLN 22,050,000 G 8 100.00 Generali PTE S.A. 100.00 51.00 Generali PTE S.A. 054 PLN 145,500,000 G 2 3.44 Generali PPF Holding B.V. 100.00 51.00 96.56 Generali Towarzystwo Ubezpiec. Generali AutoProgram 054 PLN 100,000 G 11 100.00 Generali Finance Sp. z o.o. 100.00 51.00 Generali Pojistovna a.s. 275 CZK 500,000,000 G 2 100.00 Generali PPF Holding B.V. 100.00 51.00 Generali Velky Spalicek S.r.o. 275 CZK 1,800,000 G 10 100.00 Generali Immobilien AG 100.00 99.99 Generali Development sro 275 CZK 35,000,000 G 10 100.00 Generali Pojistovna a.s. 100.00 51.00 PCS Praha Center spol. s.r.o. 275 CZK 396,206,000 G 10 100.00 CA Global Property Int Immo AG 100.00 67.74 Generali Penzijní Fond a.s. 275 CZK 50,000,000 G 11 100.00 Generali Pojistovna a.s. 100.00 51.00 Ceska pojistovna, a.s. 275 CZK 4,000,000,000 G 2 100.00 CZI Holdings N.V. 100.00 51.00

124 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Penzijni fond CP a.s. 275 CZK 213,699,560 G 11 100.00 Ceska pojistovna, a.s. 100.00 51.00 Ceska pojistovna ZDRAVI a.s. 275 CZK 100,000,000 G 2 100.00 Ceska pojistovna, a.s. 100.00 51.00 PPF Asset Management a.s. 275 CZK 52,000,000 G 8 100.00 CZI Holdings N.V. 100.00 51.00 CP INVEST invest.spol. a.s. 275 CZK 91,000,000 G 8 100.00 Ceska pojistovna, a.s. 100.00 51.00 Universalni sprava majetku a. 275 CZK 1,000,000 G 11 100.00 Ceska pojistovna, a.s. 100.00 51.00 CP Direct a.s. 275 CZK 20,000,000 G 11 100.00 Ceska pojistovna, a.s. 100.00 51.00 Pankrac Services s.r.o. 275 CZK 1,247,372,000 G 10 100.00 Ceska pojistovna, a.s. 100.00 51.00 Zad Victoria AD 012 BGN 10,110,000 G 2 67.00 Fata Assicurazioni Danni S.p.A 67.00 66.92 Generali Bulgaria Holding AD 012 BGN 93,600,000 G 4 100.00 Generali PPF Holding B.V. 100.00 51.00 Generali Insurance AD 012 BGN 15,000,000 G 2 99.87 Generali Bulgaria Holding AD 99.87 50.93 Generali Life Insurance AD 012 BGN 10,000,000 G 2 99.49 Generali Bulgaria Holding AD 99.49 50.74 Generali Zakrila Health-Ins AD 012 BGN 6,000,000 G 2 97.47 Generali Bulgaria Holding AD 97.47 49.71 Generali Zakrila Medic. Dental 012 BGN 100,000 G 11 100.00 Generali Zakrila Health-Ins AD 100.00 49.71 GP Reinsurance EAD 012 BGN 53,400,000 G 5 100.00 Generali PPF Holding B.V. 100.00 51.00 Generali Slovensko Poistovna 276 EUR 24,900,000 G 2 56.62 Generali PPF Holding B.V. 100.00 51.00 43.38 CP Strategic Investments B.V. Generali Zavarovalnica dd 260 EUR 35,020,322 G 2 99.84 Generali PPF Holding B.V. 99.84 50.92 Generali Garant Life Insur JSC 263 UAH 10,200,000 G 3 15.15 Generali Garant Insurance JSC 51.00 43.78 35.85 Generali Holding Vienna AG Generali Garant Insurance JSC 263 UAH 86,388,000 G 3 52.39 Generali Holding Vienna AG 52.39 52.38 Europäische Reiseversich (UA) 263 UAH 9,473,000 G 3 69.90 Europäische Reiseversich (AT) 69.90 52.41 Generali Life Insurance UA 263 UAH 20,050,000 G 3 100.00 CP Strategic Investments B.V. 100.00 51.00 CZI Ukraine, Pension fund adm 263 UAH 4,090,500 G 3 99.99 CZI Holdings N.V. 99.99 50.99 Generali Osiguranje d.d. 261 HRK 81,000,000 G 3 100.00 Generali PPF Holding B.V. 100.00 51.00 BSI Monaco SAM 091 EUR 10,000,000 G 7 100.00 BSI S.A. 100.00 100.00 Generali Assurances Générales 071 CHF 27,342,400 G 3 99.90 Generali (Schweiz) Holding AG 99.90 99.90 Generali Personenversicherung 071 CHF 60,320,000 G 3 100.00 Generali (Schweiz) Holding AG 100.00 100.00 Fortuna Rechtsschutz-Vers. 071 CHF 3,000,000 G 3 100.00 Generali (Schweiz) Holding AG 100.00 100.00 Europ Assistance (Suisse) S.A. 071 CHF 200,000 G 11 100.00 Europ Assistance (CH) Holding 100.00 75.82 Europ Assistance (CH) Assur. 071 CHF 3,000,000 G 3 100.00 Europ Assistance (CH) Holding 100.00 75.82 Europ Assistance (CH) Holding 071 CHF 1,400,000 G 4 1.00 Generali (Schweiz) Holding AG 76.00 75.82 75.00 Europ Assistance Holding S.A. Generali (Schweiz) Holding AG 071 CHF 3,053,500 G 4 58.95 100.00 100.00 41.05 Redoze Holding N.V. Fortuna Investment AG 071 CHF 1,000,000 G 8 100.00 Generali (Schweiz) Holding AG 100.00 100.00 BSI S.A. 071 CHF 1,840,000,000 G 7 100.00 Part. Maat. Graafschap Holland 100.00 100.00 Thalìa S.A. 071 CHF 1,000,000 G 9 51.00 BSI S.A. 100.00 98.76 49.00 Generali Investments Italy SpA B-Source S.A. 071 CHF 4,800,000 G 11 100.00 BSI S.A. 100.00 100.00 Dreieck Fiduciaria S.A. 071 CHF 500,000 G 11 100.00 BSI S.A. 100.00 100.00 BSI Trust Corporation (Malta) 105 MTL 50,000 G 11 98.00 BSI S.A. 98.00 98.00 Generali Worldwide Insurance 201 EUR 86,733,397 G 3 100.00 Part. Maat. Graafschap Holland 100.00 100.00 Generali International Ltd 201 EUR 13,938,259 G 3 100.00 Generali Worldwide Insurance 100.00 100.00 BSI Generali Bank Limited 201 GBP 1,425,422 G 7 100.00 Generali Worldwide Insurance 100.00 100.00 Generali Portfolio Mgm CI Ltd 201 USD 194,544 G 4 100.00 Generali Worldwide Insurance 100.00 100.00

125 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

BSI Trust Corp. (Channel Isl.) 201 USD 200,000 G 11 100.00 BSI S.A. 100.00 100.00 A.G. Insurance Managers Ltd 201 GBP 20,000 G 11 99.94 99.94 99.94 Europäische Reiseversich (RU) 262 RUB 70,000,000 G 3 100.00 Europäische Reiseversich (AT) 100.00 74.99 Generali PPF Life Insurance 262 RUB 86,667,900 G 3 100.00 Ceska pojistovna, a.s. 100.00 51.00 Fortuna Lebens-Versicherung AG 090 CHF 10,000,000 G 3 100.00 Generali (Schweiz) Holding AG 100.00 100.00 Fortuna Investment AG, Vaduz 090 CHF 1,000,000 G 11 100.00 Generali (Schweiz) Holding AG 100.00 100.00 Generali Asigurari S.A. 061 RON 120,000,000 G 3 83.79 Generali Holding Vienna AG 83.79 83.78 FATA Asigurari S.A. 061 RON 40,720,000 G 2 100.00 Fata Assicurazioni Danni S.p.A 100.00 99.88 Generali SAF Pensii Private SA 061 RON 89,000,000 G 11 100.00 Ceska pojistovna, a.s. 100.00 51.00 Generali Foreign Insurance Co 264 BYR 6,907,249 G 3 32.50 Generali Slovensko Poistovna 100.00 51.00 35.00 Ceska pojistovna, a.s. 32.50 Ceska pojistovna ZDRAVI a.s. Delta Generali Osiguranje a.d. 289 RSD 2,072,582,400 G 3 50.02 Generali PPF Holding B.V. 50.02 25.51 Delta Generali Reosiguranje 289 RSD 476,201,499 G 6 99.99 Delta Generali Osiguranje a.d. 99.99 25.51 Voluntary Pension Fund Manag 289 RSD 135,000,000 G 8 100.00 Delta Generali Osiguranje a.d. 100.00 25.51 JSC Generali Life 269 KZT 1,000,000,000 G 3 100.00 Ceska pojistovna, a.s. 100.00 51.00 Delta Generali Holding Podgor 290 EUR 4,000,000 G 4 51.00 Delta Generali Osiguranje a.d. 51.00 13.01 Delta Generali Ziv Osig Podg 290 EUR 1,000,000 G 3 100.00 Delta Generali Holding Podgor 100.00 13.01 Delta Generali Osig Podgorica 290 EUR 2,900,000 G 3 100.00 Delta Generali Holding Podgor 100.00 13.01 GLL Properties Fund I LP 069 USD 108,254,462 G 10 100.00 GLL AMB Generali Prop. Fund I 100.00 91.87 GLL Properties Fund II LP 069 USD 48,277,740 G 11 100.00 GLL AMB Generali Prop. Fund II 100.00 91.87 GLL Prop. 444 North Michig. LP 069 USD 48,277,740 G 10 100.00 GLL Properties Fund II LP 100.00 91.87 Generali USA Life Reassurance 069 USD 10,000,000 G 6 100.00 Generali U.S. Holdings 100.00 100.00 Europ Assistance USA Inc. 069 USD 5,000,000 G 11 100.00 Europ Assistance Holding S.A. 100.00 99.76 Transocean Holding Corporation 069 USD 4,980,600 G 4 100.00 100.00 100.00 General Securities Corp. 069 USD 688,000 G 9 100.00 Transocean Holding Corporation 100.00 100.00 Generali U.S. Holdings 069 USD 1,000 G 4 100.00 100.00 100.00 Genamerica Management Corp. 069 USD 100,000 G 11 100.00 100.00 100.00 Generali Consulting Solutions 069 USD 156,420 G 11 100.00 100.00 100.00 Generali Claims Solutions LLC 069 USD 100,000 G 11 100.00 Generali Consulting Solutions 100.00 100.00 Generali Sigorta A.S. 076 TRY 18,300,000 G 3 99.67 Generali Turkey Holding B.V. 99.67 99.67 Worldwide Assistance Canada 013 CAD 6,738,011 G 11 100.00 Europ Assistance Holding S.A. 100.00 99.76 Canadian Medical Network Inc. 013 CAD 203 G 11 100.00 Worldwide Assistance Canada 100.00 99.76 Generali Corporate S.A. 006 ARS 5,700,000 G 3 100.00 100.00 100.00 Caja de Seguros S.A. 006 ARS 225,000,000 G 3 99.00 Caja de Ahorro y Seguro S.A. 99.00 69.30 La Caja de Seguros de Retiro 006 ARS 5,020,000 G 3 95.00 Caja de Seguros S.A. 100.00 69.33 5.00 Caja de Ahorro y Seguro S.A. Inst. del Seguro de Misiones 006 ARS 4,530,000 G 3 94.95 Caja de Seguros S.A. 99.95 69.30 5.00 Caja de Ahorro y Seguro S.A. La Estrella Seguros de Retiro 006 ARS 27,256,439 G 3 50.00 Caja de Seguros S.A. 50.00 34.65 Tradición Seguros S.A. 006 ARS 3,327,700 G 3 3.10 Caja de Seguros S.A. 100.00 69.98 96.90 Caja de Ahorro y Seguro S.A. Caja de Ahorro y Seguro S.A. 006 ARS 143,575,000 G 4 62.50 70.00 70.00 7.50 Genirland Limited Ritenere S.A. 006 ARS 12,000 G 11 0.83 Caja de Seguros S.A. 100.00 69.99

126 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

99.17 Caja de Ahorro y Seguro S.A. Generali do Brasil 011 BRL 149,031,742 G 3 1.82 99.98 99.98 25.54 GENPAR Emprend. e Partec. S.A. 72.62 Transocean do Brasil Partic. S.A Transocean do Brasil Partic. S.A. 011 BRL 170,026,868 G 4 99.99 100.00 100.00 0.01 Transocean Holding Corporation GENPAR Emprend. e Partec. S.A. 011 BRL 24,326,713 G 4 100.00 Transocean Holding Corporation 100.00 100.00 Generali Ecuador S.A. 024 USD 2,130,000 G 3 51.74 51.74 51.74 Generali Colombia Vida S.A. 017 COP 4,199,990 G 3 15.38 99.81 90.44 16.16 Transocean Holding Corporation 68.28 Generali Colombia S.A. Generali Colombia S.A. 017 COP 14,700,000 G 3 81.83 86.28 86.28 4.44 Transocean Holding Corporation Migdal Insurance Co. Ltd 182 ILS 174,883,000 G 3 100.00 Migdal Insurance&Fin. Holding 100.00 69.79 Migdal Insurance&Fin. Holding 182 ILS 10,459,000 G 4 0.98 69.79 69.79 42.85 Part. Maat. Graafschap Holland 25.96 Participatie Maat. Transhol Migdal Eshkol Finansim B.M. 182 ILS 485,000 G 9 100.00 Migdal Insurance Co. Ltd 100.00 69.79 Migdal Hitum ve Kidum Asakim 182 ILS 5,001,053 G 9 100.00 Migdal Capital Markets (1965) 100.00 69.79 Generali Realties Ltd. 182 ILS 2 G 10 100.00 100.00 100.00 Makefet Pension & Provid Fund 182 ILS 23,397,000 G 8 100.00 Migdal Insurance Co. Ltd 100.00 69.79 New Makefet Providence Fund 182 ILS 1,500,000 G 8 100.00 Makefet Pension & Provid Fund 100.00 69.79 Migdal Gemel Platinum Ltd 182 ILS 1,100,000 G 8 100.00 Migdal Capital Markets (1965) 100.00 69.79 Migdal Trust Funds Ltd. 182 ILS 259,518,001 G 9 100.00 Migdal Stock Exchange Services 100.00 69.79 Migdal Invest Portfolio Manag 182 ILS 50,000 G 8 100.00 Migdal Capital Markets (1965) 100.00 69.79 Migdal Capital Markets Ltd. 182 ILS 50 G 9 100.00 Migdal Capital Markets (1965) 100.00 69.79 Migdal Capital Markets (1965) 182 ILS 309,208,000 G 9 100.00 Migdal Investments Management 100.00 69.79 Migdal Investments Management 182 ILS 399,832,000 G 9 100.00 Migdal Insurance&Fin. Holding 100.00 69.79 Migdal Stock Exchange Services 182 ILS 259,506,539 G 11 100.00 Migdal Capital Markets (1965) 100.00 69.79 Aseguradora General S.A. 033 GTQ 72,000,000 G 3 58.08 58.08 58.08 Seguros Banorte Generali S.A. 046 MXN 656,794,722 G 3 21.85 Flandria Participations Fin. 49.00 48.99 21.85 Part. Maat. Graafschap Holland 5.31 Transocean Holding Corporation Pensiones Banorte Generali S.A 046 MXN 191,470,260 G 3 24.50 Flandria Participations Fin. 49.00 48.99 24.50 Part. Maat. Graafschap Holland Assistencia Banorte Generali 046 MXN 50,000 G 11 99.00 Seguros Banorte Generali S.A. 100.00 48.99 1.00 Pensiones Banorte Generali S.A Banorte Generali Afore 046 MXN 543,559,244 G 3 24.50 Flandria Participations Fin. 49.00 48.99 24.50 Part. Maat. Graafschap Holland Comercial Banorte Generali SA 046 MXN 5,800,000 G 11 33.00 Seguros Banorte Generali S.A. 100.00 48.99 33.00 Pensiones Banorte Generali S.A 34.00 Banorte Generali Afore Servicios Banorte Generali SA 046 MXN 2,300,000 G 11 33.00 Seguros Banorte Generali S.A. 100.00 48.99 33.00 Pensiones Banorte Generali S.A 34.00 Banorte Generali Afore

127 Subsidiaries consolidated line by line

Shareholding % Share capital in Group equity Company Country Currency original currency Method (1) Activity (2) Direct Indirect Through Total ratio % (3)

Generali Pilipinas Life Ass. 027 PHP 1,166,151,531 G 3 100.00 Generali Pilipinas Holding 100.00 36.00 Generali Pilipinas Insurance 027 PHP 1,093,860,137 G 3 100.00 Generali Pilipinas Holding 100.00 36.00 Generali Pilipinas Holding 027 PHP 1,869,695,490 G 4 60.00 Generali Asia N.V. 60.00 36.00 Generali (Thailand) Assurance 072 THB 1,000,000,000 G 3 25.00 Generali Asia N.V. 75.00 32.43 50.00 KAG Holding Co. Ltd Generali (Thailand) Insurance 072 THB 300,000,000 G 3 25.00 Generali Asia N.V. 75.00 32.43 50.00 KAG Holding Co. Ltd IWF Holding Co. Ltd 072 THB 2,100,000 G 4 58.10 Generali Asia N.V. 58.10 34.86 KAG Holding Co. Ltd 072 THB 707,244,200 G 4 100.00 IWF Holding Co. Ltd 100.00 34.86 Generali China Life Insurance 016 CNY 2,700,000,000 G 3 50.00 50.00 50.00 PT Asuransi Jiwa Gen Indonesia 129 IDR 65,000,000 G 3 87.69 Generali Asia N.V. 87.69 52.62 BSI-Generali Asia Ltd 103 HKD 10,000,000 G 9 50.00 100.00 100.00 50.00 BSI S.A. Generali Reassurance (Bermuda) 207 USD 250,000 G 6 100.00 Generali U.S. Holdings 100.00 100.00 BSI Bank Limited 147 USD 24,000,000 G 7 100.00 BSI S.A. 100.00 100.00 BSI Investment Advisors Inc 051 USD 410,000 G 11 51.00 BSI S.A. 51.00 51.00 BSI Overseas (Bahamas) Ltd 160 USD 10,000,000 G 8 100.00 BSI S.A. 100.00 100.00 BSI Trust Corp. (Bahamas) Ltd 160 USD 1,000,000 G 8 100.00 BSI S.A. 100.00 100.00 Alpine Services Ltd 160 USD 10,000 G 9 100.00 BSI Trust Corp. (Bahamas) Ltd 100.00 100.00 Europ Assistance WS (S.Africa) 078 ZAR 18,264,900 G 11 61.00 Europ Assistance Holding S.A. 61.00 60.86 LawCall Marketing Pty Ltd 078 ZAR 100 G 11 100.00 Europ Assistance WS (S.Africa) 100.00 60.86 24 Fix Pty Ltd 078 ZAR 4,249,769 G 11 100.00 Europ Assistance WS (S.Africa) 100.00 60.86 Access Health Africa (Pty) Ltd 078 ZAR 4,000 G 11 100.00 Europ Assistance WS (S.Africa) 100.00 60.86 MRI Criticare Medical Rescue 078 ZAR 200 G 11 100.00 Europ Assistance WS (S.Africa) 100.00 60.86

The percentage of consolidation in each subsidiaries consolidated line by line is 100.00%

(1) Consolidation method: Line-by-line consolidation method = G; Proportionate consolidation method = P; Line-by-line consolidation method arising from joint management = U (2) 1 = Italian insurance companies; 2 = EU insurance companies; 3 = non EU insurance companies; 4 = insurance holding companies; 5 = EU reinsurance companies; 6 = non EU reinsurance companies; 7 = banks; 8 = asset management companies; 10 = real estate companies; 11 = other (3) Net Group partecipation percentage

The total percentage of votes exercitable at shareholders’ general meeting, which differs from that of direct on indirect shareholding, is a follows: Intesa Vita 55.56% Generali France SA 99.98% Generali Verzekeringsgroep NV 98.56% IWF Holding Co. Ltd 100%

128 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

Phone Business Service S.r.l. 086 EUR 10,000 a 11 80.00 Europ Assistance Italia S.p.A. 100.00 86.92 10 20.00 Europ Assistance Service SpA A7 S.r.l. (**) 086 EUR 200,000 c 10 20.50 40.10 30.36 1,714 19.60 Alleanza Assicurazioni S.p.A. Valore Immobiliare S.r.l. (**) 086 EUR 10,000 b 10 49.00 Generali Properties S.p.A. 49.00 37.33 12,888 Dolphin Investments S.r.l. 086 EUR 30,800 b 9 32.47 Generali Horizon S.p.A. 32.47 32.47 HSR S.r.l. 086 EUR 10,000 a 10 90.00 Generali Properties S.p.A. 90.00 68.56 9 Initium S.r.l. (**) 086 EUR 250,000 b 10 49.00 Generali Properties S.p.A. 49.00 37.33 4,470 CityLife S.r.l. (**) 086 EUR 208,500 b 10 26.67 Generali Properties S.p.A. 26.67 20.31 58,483 Continuum S.r.l. (**) 086 EUR 500,000 b 10 40.00 Generali Properties S.p.A. 40.00 30.47 369 Sementi Ross S.r.l. 086 EUR 102,800 a 11 100.00 Sementi Dom Dotto S.p.A. 100.00 100.00 Il Pino S.r.l. 086 EUR 15,000 a 11 100.00 Genagricola S.p.A. 100.00 100.00 8,266 Sementi Dom Dotto S.p.A. 086 EUR 1,459,500 a 11 100.00 Genagricola S.p.A. 100.00 100.00 2,484 Enofila S.r.l. 086 EUR 2,972,000 a 11 100.00 100.00 100.00 2,972 Il Gelso - Societa' Agricola 086 EUR 20,000 a 11 100.00 Enofila S.r.l. 100.00 100.00 Casaletto S.r.l 086 EUR 1,976,000 a 11 100.00 Genagricola S.p.A. 100.00 100.00 1,976 Il Tiglio - Societa' Agricola 086 EUR 20,000 a 11 100.00 Enofila S.r.l. 100.00 100.00 Ippocastano - Soc. Agricola 086 EUR 20,000 a 11 100.00 Enofila S.r.l. 100.00 100.00 Agenzia la Torre S.r.l. 086 EUR 20,000 a 11 100.00 Sementi Dom Dotto S.p.A. 100.00 100.00 Fidelis Agenzia Assicurativa 086 EUR 10,000 a 11 60.00 Sementi Dom Dotto S.p.A. 60.00 60.00 Natalia S.r.l. 086 EUR 90,000 a 11 100.00 Agricola San Giorgio S.p.A. 100.00 100.00 4,684 Intesa Previdenza SIM S.p.A. 086 EUR 15,300,000 b 8 21.47 21.47 21.47 3,947 Investimenti Marittimi S.p.A. 086 EUR 103,000,000 b 9 30.00 30.00 30.00 30,900 Servizi Tecnologici Avanzati 086 EUR 102,000 b 11 25.00 25.00 25.00 DOTTO CAP FVG Ag Ass 086 EUR 10,000 c 11 50.00 Sementi Dom Dotto S.p.A. 50.00 50.00 Cross Factor S.p.A. (**) 086 EUR 1,032,000 b 11 20.00 BSI S.A. 20.00 20.00 339 Intereuropasim S.p.A. 086 EUR n.a. a 11 85.00 BSI S.A. 85.00 85.00 Tiberina S.r.l. 086 EUR 20,000 a 11 100.00 INA Assitalia S.p.A. 100.00 100.00 33 Net International S.p.A. 086 EUR 3,750,000 b 9 20.00 Flandria Participations Fin. 20.00 19.99 Jupiter 12 S.r.l. 086 EUR 12,000 a 10 100.00 Fata Assicurazioni Danni S.p.A 100.00 99.96 3,716 Telco S.p.A. (**) 086 EUR 4,849,038,420 b 11 11.89 28.01 24.76 853,596 5.69 INA Assitalia S.p.A. 6.19 Alleanza Assicurazioni S.p.A. 0.41 AachenMünchener Lebens. 0.07 AachenMünchener Vers. 1.31 Generali Lebensversicherung AG 0.10 Generali Versicherung AG DE 0.17 Central Krankenversicherung AG 0.11 Cosmos Lebensversicherungs AG 2.08 Generali Vie S.A. Consel SpA (**) 086 EUR 25,193,335 b 9 30.23 Toro Assicurazioni S.p.A. 30.23 30.23 25,527 Alleanza Toro S.p.A. 086 EUR 5,000,000 a 1 100.00 Toro Assicurazioni S.p.A. 100.00 100.00 5,000 AEON Trust - SI Trust S.r.l. 086 EUR 100,000 a 11 100.00 BSI S.A. 100.00 100.00 109 CGM Italia SIM S.p.A. 086 EUR 750,000 b 11 20.00 BSI S.A. 20.00 20.00 163 Solaris S.r.l. (**) 086 EUR 20,000 b 10 40.00 Generali Properties S.p.A. 40.00 30.47 4,697

129 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

IMPRE-Finanziaria Impresa SpA 086 EUR 50,000,000 b 9 20.00 INA Assitalia S.p.A. 20.00 20.00 3,625

Donatello Intermediazione Srl 086 EUR 59,060 a 11 10.87 100.00 100.00 230

89.13 INA Assitalia S.p.A.

Ente Teatrale Italiano 086 EUR 61,975 b 11 33.33 33.33 33.33

BBG Beteiligungsges. 094 EUR 25,600 a 9 100.00 Generali Beteiligungs u Verwal 100.00 91.89 51

Alstercampus Verwaltungs mbh 094 EUR 25,000 a 9 50.00 Generali DE Immobilien GmbH 50.00 45.90 13

COMMERZ PARTNER GmbH 094 EUR 250,000 b 11 9.40 Deutsche Bausparkasse Badenia 50.00 45.94

40.60 Generali Lebensversicherung AG

GLL GmbH & Co. Retail KG 094 EUR 395,810,000 b 11 26.07 46.28 44.63 171,824

5.05 AachenMünchener Lebens.

7.58 Generali Lebensversicherung AG

7.58 Central Krankenversicherung AG

GLL Real Estate Partners GmbH 094 EUR 1,000,000 b 10 49.50 Flandria Participations Fin. 49.50 49.48 9,008

BA1 Alstercampus Grundstücksg. (**) 094 EUR 9,401,000 c 10 50.00 Generali Lebensversicherung AG 50.00 45.95 4,785

Zweite AM RE Verwaltungs GmbH 094 EUR 25,000 a 9 100.00 AachenMünchener Vers. 100.00 91.79 25

G.&G. Lüder Versicherungsmakl. 094 EUR 153,388 b 11 50.00 Generali Versicherung AG DE 50.00 45.95

Generali Seminarzentrum 094 EUR 25,600 a 11 100.00 Generali Versicherung AG DE 100.00 91.89

Versicherungs-Planer-Vermittl. 094 EUR 25,600 a 11 100.00 Generali Lebensversicherung AG 100.00 91.89 20

IV Verwaltungsges.für Vers. 094 EUR 25,600 a 11 100.00 Generali Beteiligungs u Verwal 100.00 91.89 26

Walter Sohn GmbH 094 EUR 25,600 a 11 100.00 Generali Beteiligungs u Verwal 100.00 91.89 205

Deutscher Lloyd GmbH 094 EUR 30,700 a 11 100.00 Generali Beteiligungs u Verwal 100.00 91.89

MLV Beteiligungverwaltungsges. 094 EUR 51,129 a 9 100.00 Generali Holding Vienna AG 100.00 99.99 51

Walter Sohn GmbH & Co. KG 094 EUR 199,404 a 11 92.31 Walter Sohn GmbH 100.00 91.89

7.69 Generali Beteiligungs u Verwal

Kleylein & Cie Actuarial Serv. 094 EUR 25,750 a 11 60.00 Generali Lebensversicherung AG 60.00 55.14 102

Generali Finanz Service GmbH 094 EUR 26,000 a 11 100.00 Generali Beteiligungs u Verwal 100.00 91.89

Azur Space Solar Power GmbH 094 EUR 100,000 a 11 100.00 Renewable Investment Holding 100.00 100.00

Deutsche Vermögensberatung AG (**) 094 EUR 120,000,000 b 11 44.99 Generali Deutschland HoldingAG 44.99 41.30 237,670

Thuringia Versich-GmbH & Co. K 094 EUR 61,355 a 11 16.67 IV Verwaltungsges.für Vers. 16.67 15.32

Volksfürsorge Pensionsmanag. 094 EUR 52,000 a 11 100.00 Generali Lebensversicherung AG 100.00 91.89 54

Volksfürsorge Fixed Assets 094 EUR 104,000 a 11 100.00 Generali Lebensversicherung AG 100.00 91.89 104

Cosmos Fixed Assets GmbH 094 EUR 25,000 a 9 100.00 Cosmos Lebensversicherungs AG 100.00 91.79 24

Central Fixed Assets GmbH 094 EUR 25,000 a 9 100.00 Central Krankenversicherung AG 100.00 91.79 25

Hotel und Seniorenr. Rosenpark 094 EUR 511,292 b 11 25.00 AachenMünchener Lebens. 25.00 22.95

Versicherungsmakler Beteilig. 094 EUR 1,550,000 b 11 26.00 Generali Versicherung AG DE 26.00 23.89 4,930

AM RE Verwaltungs GmbH 094 EUR 25,000 a 9 100.00 AachenMünchener Lebens. 100.00 91.79 25

AM Versicherungsvermittlung 094 EUR 25,000 a 11 100.00 AachenMünchener Vers. 100.00 91.79 25

ver.di Service GmbH 094 EUR 75,000 b 11 33.33 Generali Lebensversicherung AG 33.33 30.63 35

Icare Allemagne S.A. 094 EUR 25,000 a 11 100.00 Icare S.A. 100.00 99.75 25

IG BCE Mitglieder-Service GmbH 094 EUR 75,000 b 11 33.33 Generali Lebensversicherung AG 33.33 30.63 32

IG BAU Mitglieder-Service GmbH 094 EUR 75,000 b 11 33.33 Generali Lebensversicherung AG 33.33 30.63 14

VOV G.m.b.H. 094 EUR 154,000 b 11 15.00 AachenMünchener Vers. 30.00 27.55 763

15.00 Generali Versicherung AG DE

Grund Louisen-Ctr Bad Homburg (**) 094 EUR 7,600,000 c 10 73.68 Generali DE Immobilien GmbH 73.68 67.64 4,794

130 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

Louisen-Center Bad Homburg Vr. 094 EUR 25,000 a 10 74.00 Generali DE Immobilien GmbH 74.00 62.64 19

Schroder Nordic Property Fund (**) 094 EUR 64,242,388 b 11 30.00 Generali Lebensversicherung AG 30.00 27.57 21,476

Generali Verwaltungs GmbH 094 EUR 25,000 a 9 100.00 Generali Beteiligungs-GmbH 100.00 100.00 25

Grundstück Einkauf Marienplatz (**) 094 EUR 14,810,000 c 10 73.30 AachenMünchener Vers. 73.30 67.28 10,127

Verwaltungsgesell Marienplatz 094 EUR 25,000 a 10 74.00 Generali DE Immobilien GmbH 74.00 67.93 19

RRP GmbH & Co. KG 094 EUR 106,645,000 a 10 18.75 AachenMünchener Lebens. 62.49 57.39

25.00 Generali Lebensversicherung AG

18.75 Central Krankenversicherung AG

Groupement Technique d`Assur. 029 EUR 10,000 b 11 45.00 Generali Vie S.A. 45.00 44.90 726

Global Car Services S.A. 029 EUR 10,000 b 11 50.00 Europ Assistance France S.A. 50.00 49.87

Cofifo S.A. 029 EUR 4,500,000 a 9 100.00 Generali Vie S.A. 100.00 99.77 5,250

SAI Trois Collines de Mougins 029 EUR 184,463 b 10 33.31 Generali IARD S.A. 48.26 48.16 193

14.96 Generali Vie S.A.

Saint Christoly Bordeaux 029 EUR 304,898 b 10 50.00 Generali IARD S.A. 50.00 49.89

Generali Challenges 029 EUR 39,000 a 11 100.00 Generali France S.A. 100.00 99.77

Generali 3 S.A. 029 EUR 39,000 a 11 100.00 Generali IARD S.A. 100.00 99.77 32

Sorgho S.A. 029 FRF 10,000,000 b 11 10.00 Generali IARD S.A. 20.00 19.95

10.00 Generali Vie S.A.

Afiport S.A. 029 EUR 40,000 a 9 99.76 Ifabanque S.A. 99.76 50.88

Generali Reassurance Courtage 029 EUR 3,016,656 a 11 99.99 Generali France Assurance S.A. 99.99 99.77 2,219

Generali Thalìa Investments F 029 EUR 1,000,000 a 8 65.00 Generali Investments S.p.A. 100.00 98.23 1,776

25.00 BSI S.A.

10.00 Thalìa S.A.

Noreco S.A. 029 FRF 2,000,000 a 11 0.03 Generali IARD S.A. 99.93 99.70 557

0.05 Generali Vie S.A.

0.03 L`Equité IARD S.A.

0.03 Européenne de Protection Jur.

99.80 Generali France S.A.

Trieste Courtage S.A. 029 EUR 416,000 a 11 0.02 Generali Vie S.A. 99.98 99.76 39

99.96 Generali France Assurance S.A.

Bourbon Courtage S.A. 029 EUR 124,500 a 11 0.12 Generali IARD S.A. 100.00 92.89 127

0.12 Generali Vie S.A.

99.76 Prudence Creole

Courtage Inter Caraibes 213 EUR 38,100 a 11 99.76 GFA Caraïbes 99.76 99.53 38

Solida Finance e Patrimonie SA 029 EUR 305,580 a 8 50.02 Oudart S.A. 50.02 50.02

Generali Gerance S.A. 029 EUR 228,000 a 11 99.67 Generali Vie S.A. 99.67 99.44 241

Europ Assistance IHS Services 029 EUR 37,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75 2,765

E3 S.A. 029 EUR 5,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75 5

Risque et Sérénité S.A. 029 EUR 2,654,410 b 9 16.36 Generali Vie S.A. 46.98 46.87 5,158

30.62 Generali France Assurance S.A.

Arche SA 029 EUR 120,975 a 10 79.31 Cofifo S.A. 79.31 79.13

Rèunion aèrienne 029 EUR 10,000 a 11 24.93 Generali IARD S.A. 24.93 24.87

Rèunion spatiale 029 EUR 10,000 a 11 25.17 Generali IARD S.A. 25.17 25.11

Europ Teleassistance S.A. 029 EUR 100,000 a 11 100.00 Europ Assistance France S.A. 100.00 99.73 100

131 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

Gestas S.A. 029 EUR 32,000 a 11 100.00 Icare S.A. 100.00 99.75 152

SCEA de Foncaude 029 EUR 1,910,690 a 10 100.00 Generali Vie S.A. 100.00 99.77

SCI Les 3 Collines Le Ferandou 029 EUR 304,000 b 10 33.30 Generali IARD S.A. 48.30 48.19 142

15.00 Generali Vie S.A.

SCI Immovie 029 EUR 17,662 a 10 0.02 Generali IARD S.A. 100.00 99.77 823

99.98 Generali Vie S.A.

SCI Montrose Parc 029 EUR 3,812,500 a 10 27.50 Generali IARD S.A. 70.00 69.84 2,669

42.50 Generali Vie S.A.

SNC Domaine Pont de L'Arche 029 EUR 152,500 a 10 35.00 Generali IARD S.A. 70.00 69.84 107

35.00 Generali Vie S.A.

Eur Ass Clearing Center (GIE) 029 EUR n.a. a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75

Eur Ass Sys information (EASI) 029 EUR n.a. a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75

Generali Gestion Santè (GIE) 029 EUR n.a. a 11 100.00 Generali IARD S.A. 100.00 99.77

GIE Groupe Zurich Agencies 029 EUR 100 a 11 80.00 Generali IARD S.A. 100.00 99.77

20.00 Generali Vie S.A.

GIE Le Restaurant Haussmann 029 EUR n.a. a 11 100.00 Generali France Assurance S.A. 100.00 99.77

Rèseau Generali France (GIE) 029 EUR n.a. a 11 100.00 Generali IARD S.A. 100.00 99.77

SCI St. Marc 029 EUR 50,000 a 10 1.00 Bourbon Courtage S.A. 100.00 92.87

99.00 Prudence Creole

SARL Generali Le Moncey 029 EUR 919,020 a 10 100.00 Generali Vie S.A. 100.00 99.77

Sarl Parcolog Lyon Isle d'Abea 029 EUR 8,000 a 10 100.00 SC Generali Logistique 100.00 99.77 3

Sarl Parcolog II Lille Hénin B 029 EUR 8,000 a 10 100.00 SC Generali Logistique 100.00 99.77 2

SK Versicherung AG (**) 008 EUR 3,633,500 b 2 20.43 Generali Holding Vienna AG 39.66 39.66 2,895

19.23 Generali Versicherung AG AT

Drei-Banken Versicherungs-AG (**) 008 EUR 7,500,000 b 7 20.00 Generali Holding Vienna AG 20.00 20.00 4,895

Triumph Vermögensplanung GmbH 008 EUR 36,336 a 11 100.00 Generali Sales Promotion GmbH 100.00 99.99 640

Treugeld Vermögensplanung GmbH 008 EUR 145,346 a 11 100.00 Generali Sales Promotion GmbH 100.00 99.99 160

Versicherungsdienst der BAWAG 008 EUR 40,000 b 11 49.99 Generali Holding Vienna AG 49.99 49.99 146

Generali 3Banken Holding AG (**) 008 EUR 70,000 b 9 49.30 Generali Versicherung AG AT 49.30 49.30 60,767

Hypo Holding GmbH (**) 008 EUR 50,000 b 9 25.00 Generali Holding Vienna AG 25.00 25.00 61,222

Foundationsquatier GmbH 008 EUR 35,000 a 11 66.70 Generali Holding Vienna AG 66.70 66.70 23

Generali Beteiligungsverw 008 EUR 35,000 a 4 100.00 Generali Holding Vienna AG 100.00 99.99 18

Generali Vermögensberatung 008 EUR 35,000 a 11 100.00 Generali Versicherung AG AT 100.00 99.99 35

PCO Immobilien Gmbh 008 EUR 35,000 a 10 100.00 Generali Immobilien AG 100.00 99.99 381

M.O.F. Beta Immobilien AG 008 EUR 1,000 b 10 20.00 Generali Immobilien AG 20.00 20.00 10,344

M.O.F. Immobilien AG 008 EUR 1,000,000 b 10 20.00 Generali Immobilien AG 20.00 20.00 9,634

GHV-Split Vermögensverwaltung 008 EUR 3,956,477 a 11 67.23 Generali Rückversicherung AG 67.23 67.23 3,696

Generali FinanzService GmbH 008 EUR 50,000 a 11 100.00 Generali Bank AG 100.00 99.99 50

AVS Privatkunden Versicherungs 008 EUR 36,000 a 11 90.00 Generali Sales Promotion GmbH 90.00 89.99 954

3 Banken-Generali Investment (**) 008 EUR 2,600,000 b 8 48.57 Generali Holding Vienna AG 48.57 48.57 1,595

Risk-Aktiv Versicherungsserv 008 EUR 35,000 a 11 100.00 Generali Versicherung AG AT 100.00 99.99 35

BONUS-Mitarbeitervorsorgekass. (**) 008 EUR 3,000,000 b 11 50.00 Generali Holding Vienna AG 50.00 50.00 1,338

Generali Telefon-Auftragsserv. 008 EUR 35,000 a 11 100.00 Generali Bank AG 100.00 99.99 35

Car Care Consult Versicherungs 008 EUR 35,000 a 11 100.00 Generali Sales Promotion GmbH 100.00 99.99 35

132 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

Medwell Services GmbH 008 EUR 496,000 a 11 100.00 Generali Sales Promotion GmbH 100.00 99.99 258

Generali Betriebsrestaurazion 008 EUR 36,336 a 11 100.00 Generali Versicherung AG AT 100.00 99.99 484

MAS Versicherungmakler GmbH 008 EUR 36,336 a 11 100.00 Generali Sales Promotion GmbH 100.00 99.99 53

TTC - Training Center Untern. 008 EUR 35,000 a 11 100.00 Europäische Reiseversich (AT) 100.00 74.99 204

Global Private Equity Holding 008 EUR 4,388,000 b 9 11.39 Generali Lebensversicherung AG 23.02 22.09 3,766

11.62 Generali Versicherung AG AT

PSC Insurance-Consulting GmbH 008 EUR 54,504 a 11 100.00 Generali Sales Promotion GmbH 100.00 99.99 71

Tishman Speyer European SOF 031 EUR 36,848,362 a 11 25.00 AachenMünchener Lebens. 100.00 91.87 28,035

75.00 Generali Lebensversicherung AG

Robert Malatier 031 GBP 51,258 b 11 24.93 Generali IARD S.A. 24.93 24.87 350

Tenax Capital Limited 031 GBP 300,000 b 9 49.00 Genirland Limited 49.00 49.00 172

BSI Generali UK Ltd 031 GBP 250,000 a 8 100.00 BSI S.A. 100.00 100.00 883

Global Investment Planning Ltd 031 GBP 10,000 a 11 100.00 BSI S.A. 100.00 100.00 15

Leumi Insurance Services (UK) 031 GBP 1,296,000 a 11 51.00 Migdal Holdings & Management 100.00 69.79

49.00 Ihud Insurance Agencies Ltd

Dedale S.A. 009 EUR 1,000,005 a 11 99.97 Generali Belgium S.A. 99.97 99.89 1,000

Icare Service S.A. 009 EUR 6,250 a 11 100.00 Icare S.A. 100.00 99.75

Bureau d'Ass. et 009 EUR 186,000 a 11 98.00 Generali Belgium S.A. 98.00 97.92 319 de Prêts Jean-Marie Boulange

BVBA Verzekeringskant. Soenen 009 EUR 18,600 a 11 99.80 Generali Belgium S.A. 99.80 99.72 2,016

Groupe Vervietois d`Assureurs 009 EUR 94,240 a 11 99.95 Generali Belgium S.A. 99.95 99.86 571

Europ Assistance Nederland BV 050 EUR 363,000 a 11 100.00 VHD Holding BV 100.00 57.03

VHD Holding BV 050 EUR 1,389,253 a 11 57.17 Europ Assistance Holding S.A. 57.17 57.03 4,881

VHD Europenet BV 050 EUR 20,000 a 11 100.00 VHD Holding BV 100.00 57.03

VHD Facilitair BV 050 EUR 90,756 a 11 100.00 VHD Holding BV 100.00 57.03

VHD Car and Service BV 050 EUR 18,151 a 11 100.00 VHD Holding BV 100.00 57.03

VHD Omnicare BV 050 EUR 18,000 a 11 100.00 VHD Holding BV 100.00 57.03

CORIS NL BV 050 EUR 18,151 a 11 100.00 VHD Omnicare BV 100.00 57.03

Saxon Land BV 050 EUR 18,200 b 10 50.00 Part. Maat. Graafschap Holland 50.00 50.00

Generali Vermogensbeheer B.V. 050 EUR 18,151 a 11 100.00 Generali Verzekeringsgroep NV 100.00 98.55 18

Nederlands Algemeen Verzek. 050 EUR 18,151 a 11 100.00 Generali Verzekeringsgroep NV 100.00 98.55 18

Lippmann Deelnemingen B.V. 050 EUR 5,445,363 b 11 33.32 Nederlands Algemeen Verzek. 33.32 32.83

ANAC Verzekeringen B.V. 050 EUR 12,500 a 11 100.00 Nederlands Algemeen Verzek. 100.00 98.55

Assurantiekantoor Kerkhof B.V. 050 EUR 18,151 a 11 100.00 Nederlands Algemeen Verzek. 100.00 98.55

Ocrapor Beheer B.V 050 EUR 18,000 b 11 25.00 CZI Holdings N.V. 25.00 12.75 6,962

Second Pillar (**) 032 EUR 60,000 b 11 25.00 BSI S.A. 25.00 25.00 23

Alcmena Sarl 092 EUR 34,000 b 9 20.00 BSI S.A. 20.00 20.00

Renewable Investment Holding 092 EUR 1,000,000 a 8 100.00 BSI S.A. 100.00 100.00 1,069

Nord Est Investment Partners 092 EUR 100,996 b 9 24.26 24.26 24.26 1,462

UBS (Lux) Euro Value Added RE 092 EUR 282,200,000 b 10 7.09 AachenMünchener Lebens. 26.58 24.41 31,268

1.77 AachenMünchener Vers.

17.72 Generali Lebensversicherung AG

Generali Investments Luxemb. 092 EUR 1,288,125 a 11 100.00 Generali Investments S.p.A. 100.00 97.47 2,142

BSI Art Collection S.A. 092 CHF 1,000,000 a 9 99.00 BSI S.A. 99.00 99.00 621

133 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

NEIP II S.A.- Sicar 092 EUR 6,500,000 b 9 48.16 48.16 48.16 13,775

Holding klege S.à.r.l. (**) 092 EUR n.a. c 9 50.00 Torelli S.à.r.l. 50.00 45.24

Europ Assistance Travel S.A. 067 EUR 60,101 a 11 99.90 Europ Assistance Servi Int Ges 99.90 99.60 219

Bioventure Trading SA 055 EUR 50,000 a 11 100.00 BSI S.A. 100.00 100.00 54

Klege Portugal S.à.r.l. 055 EUR n.a. c 9 100.00 Holding Klege S.a.r.l. 100.00 45.24

Ponte Alta Lda 055 EUR 400,000 a 11 100.00 Europ Assistance Portugal 100.00 52.87 400

Primeira Cruz Lda 055 EUR 660,982 a 11 60.00 Ponte Alta Lda 60.00 31.72

Lordship Consultadoria e Serv. 055 EUR 50,000 a 11 100.00 BSI S.A. 100.00 100.00 54

Europ Assistance A/S 021 DKK 500,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75

Europ Assistance Polska Spzoo 054 PLN 250,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75 73

Europ Assistance Mag Kft 077 HUF 24,000,000 a 11 26.00 Generali-Providencia Biztosító 100.00 87.08 103

74.00 Europ Assistance Holding S.A.

Famillio Befektetési Tanácsadó 077 HUF 426,000,000 a 11 98.59 Generali-Providencia Biztosító 98.59 50.28

Vàci utca Center Uzletközpont 077 HUF 1,218,000,000 a 10 100.00 Generali Immobilien AG 100.00 99.99 16,840

Európai Utazásbiztosítás-közv. 077 HUF 3,000,000 a 11 100.00 Europai Utazasi Biztosito R.t. 100.00 40.86 15

Shaza & Toptorony zrt (**) 077 HUF n.a. c 11 50.00 GLL AMB Generali Bankcenter 50.00 38.58 40,396

Europ Assistance S.R.O. 275 CZK 2,900,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75 470

Generali Car Care s.r.o. 275 CZK 1,000,000 a 11 100.00 Generali Pojistovna a.s. 100.00 51.00 38

Generali Servis s.r.o. 275 CZK 100,000 a 11 100.00 Generali Pojistovna a.s. 100.00 51.00 5

První Callin agentura a.s. 275 CZK 3,000,000 a 11 100.00 Ceska pojistovna, a.s. 100.00 51.00 647

REFICOR s.r.o. 275 CZK 100,000 a 11 100.00 Ceska pojistovna, a.s. 100.00 51.00 847

Karluv Most 275 CZK 2,987,000 a 11 100.00 Ceska pojistovna, a.s. 100.00 51.00 115

Generali Net Insurance Broker 012 BGN 50,000 a 11 100.00 Generali Bulgaria Holding AD 100.00 51.00 51

Europ Assistance Scandinavia 068 SEK 725,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75

Europ Ass Claims Handling AB 068 SEK 100,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75

MAKB s.r.o. 276 EUR 220,000 a 10 100.00 Generali Immobilien AG 100.00 99.99 6

Selecta CEE s.r.o. 276 EUR 200,000 a 10 100.00 Generali Immobilien AG 100.00 99.99 66

VUB Generali d.s.s., a.s. (**) 276 EUR 32,198,126 b 11 50.00 Generali Slovensko Poistovna 50.00 25.50 10,712

Generali IT S.s.r.o. 276 EUR 5,000,000 a 11 100.00 Generali VIS Informatik GmbH 100.00 99.99 132

GSL Services s.r.o. 276 EUR 6,639 a 11 100.00 Generali Slovensko Poistovna 100.00 51.00 7

Gradua Finance, a.s. 276 EUR 10,000,000 a 11 100.00 CZI Holdings N.V. 100.00 51.00 419

EuroAssistance Ltd 263 UAH 1,000,000 a 11 100.00 Generali Garant Insurance JSC 100.00 52.38 92

Eurotransitservice JSC 263 UAH 85,000 a 11 70.29 Generali Garant Insurance JSC 70.29 36.82

Transinvestservice Ltd 263 UAH 644,000 a 11 90.06 Generali Garant Insurance JSC 90.06 47.18

Sviko Ltd 263 UAH 4,280,873 a 11 99.92 Generali Garant Insurance JSC 99.92 52.34

Garant-Trast Ltd 263 UAH 9,987,403 a 11 99.96 Generali Garant Insurance JSC 99.96 52.36

Garant-Consulting Ltd 263 UAH 1,486,267 a 11 99.06 Generali Garant Insurance JSC 99.06 51.89

Diana Private Enterprise 263 UAH 75,000 a 11 100.00 Generali Garant Insurance JSC 100.00 52.38

Leasing Company 'Garant' JSC 263 UAH 60,000 b 11 25.00 Generali Garant Insurance JSC 25.00 13.10

Malvina Ltd 263 UAH 38,200 b 9 40.58 Generali Garant Insurance JSC 40.58 21.25

Chernigivautotrans JSC 263 UAH 146,020 b 10 48.53 Generali Garant Insurance JSC 48.53 25.42

Financial services LLC 263 UAH 250,000 a 11 99.99 CZI Holdings N.V. 99.99 50.99 33

CJSC Generali PPF AssetMan UK 263 UAH 7,750,800 a 8 99.99 CZI Holdings N.V. 99.99 51.00 914

AIV d.o.o. 261 HRK 20,000 a 10 100.00 Allgemeine Immobilien-Verw. 100.00 100.00 3

134 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

CPM Internacional d.o.o. 261 HRK 275,600 a 11 100.00 Sementi Dom Dotto S.p.A. 100.00 100.00

Financial Strategy Monaco SAM 091 EUR 750,000 b 11 20.00 BSI Monaco SAM 20.00 20.00 150

CGPM SAM 091 EUR 500,000 b 11 20.00 BSI Monaco SAM 20.00 20.00

Podium S.A.M. (**) 091 EUR 150,000 b 11 30.00 BSI S.A. 30.00 30.00 45

BSI Laran S.A. 071 CHF 1,000,000 a 9 100.00 BSI S.A. 100.00 100.00 262

Verifica SA 071 CHF 100,000 a 11 100.00 Dreieck Fiduciaria S.A. 100.00 100.00 66

BSI Healthcapital S.A. 071 CHF 100,000 a 11 100.00 BSI S.A. 100.00 100.00 66

Tecnopolo SA 071 CHF 250,000 a 9 100.00 BSI S.A. 100.00 100.00 164

BSI Werthein Merchant House SA 071 CHF 300,000 b 11 50.00 BSI S.A. 50.00 50.00 98

BSI Art Collection S.A. 071 CHF 100,000 a 11 100.00 BSI S.A. 100.00 100.00 66

Finmo S.A. 071 CHF 50,000 a 11 100.00 BSI S.A. 100.00 100.00 33

Funicolare Lugano-Paradiso 071 CHF 600,000 b 11 31.08 BSI S.A. 31.08 31.08

Autolinee Regionali Luganesi 071 CHF 653,000 b 11 27.58 BSI S.A. 27.58 27.58

Finnat Gestioni SA 071 CHF 500,000 b 11 30.00 BSI S.A. 30.00 30.00 147

Valiance Capital SA 071 CHF 100,000 b 11 30.00 BSI S.A. 30.00 30.00 20

Ganos S.A. 071 CHF 100,000 a 11 100.00 BSI S.A. 100.00 100.00 66

Generali Group Partner AG 071 CHF 100,000 a 11 100.00 Generali (Schweiz) Holding AG 100.00 100.00 66

Foot.Pro S.A. 071 CHF 250,000 a 11 100.00 BSI S.A. 100.00 100.00

Convivium S.A. 071 CHF 2,000,000 a 10 100.00 BSI S.A. 100.00 100.00 1,245

Livolsi e Associati Private S. (**) 071 CHF 1,000,000 b 11 40.00 BSI S.A. 40.00 40.00 539

GMT Fine Chemical S.A. 071 CHF 2,200,000 b 11 22.73 Alpine Services Ltd 22.73 22.73

Dagma SA 071 CHF 250,000 b 11 20.00 Dreieck Fiduciaria S.A. 20.00 20.00

Gotthard Trust S.A. 071 CHF 100,000 a 11 100.00 Dreieck Fiduciaria S.A. 100.00 100.00 66

Europ Assistance Océanie S.A. 105 XPF 24,000,000 a 11 74.88 Europ Assistance Holding S.A. 74.88 74.69 286

Citadel Ins. Co. PLC 105 MTL 2,000,000 b 11 21.00 INA Assitalia S.p.A. 21.00 21.00 978

Generali PPF Fund Management 262 RUB 32,150,000 a 11 100.00 CZI Holdings N.V. 100.00 51.00 5,584

Europ Assistance CEI OOO 262 RUB 10,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75 300

Europ Assistance Vostok OOO 262 RUB 10,000 a 11 60.00 Europ Assistance CEI OOO 60.00 59.85

ooo Fynansovyj servis 262 RUB 100,000 a 9 100.00 Ceska pojistovna, a.s. 100.00 51.00

Insurance Company StensInvest 262 RUB 100,000,000 a 2 100.00 CZI Holdings N.V. 100.00 51.00 3,510

AIV-Administrare de Cladiri 061 ROL 50,000 a 11 100.00 Allgemeine Immobilien-Verw. 100.00 100.00 14

Famillio Broker de Pensii Privat Srl 061 ROL 25,000 a 11 99.60 Famillio Befektetési Tanácsadó 100.00 50.28

Famillio Agent de Asigurare Srl 061 ROL 4,500,200 a 11 100.00 Famillio Befektetési Tanácsadó 100.00 50.28

S.C. Genagricola Romania 061 ROL 37,082,570 a 11 100.00 Genagricola S.p.A. 100.00 100.00 10,603

S.C. San Pietro Romania 061 ROL 422,570 a 11 100.00 Agricola San Giorgio S.p.A. 100.00 100.00 2,703

S.C. Aqua Mures 061 ROL 410,000,000 a 11 99.00 Genagricola S.p.A. 100.00 100.00 10

1.00 Casaletto S.r.l

S.C. La Quercia S.r.l. 061 RON 35,900 a 11 100.00 Inf - Societa` Agricola S.p.A. 100.00 100.00 10

SC Asigurare Reasigurare ARDAF 061 RON 109,000,327 a 2 82.00 Iberian Structured Invest I BV 82.00 41.82 45,685

SC Roumanie Assurance Internat 061 RON 8,069,650 a 2 100.00 Iberian Structured Invest I BV 100.00 51.00 9,593

DGO Policlinic Dom Zdravlja 289 RSD 350,000 a 11 100.00 Delta Generali Osiguranje a.d. 100.00 25.51

Europ Assistance North America 069 USD 10 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75 16,639

Customized Services Administr 069 USD 174,500 a 11 100.00 Europ Assistance North America 100.00 99.75

Global Medical Management Inc. 069 USD 1,333 a 11 100.00 Europ Assistance North America 100.00 99.75

135 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

GLL 200 State Street L.P. (**) 069 USD 88,200,000 c 11 49.90 GLL AMB Generali 200 State Str 49.90 45.83 32,080

Europ Assistance Bahamas Ltd. 160 USD 5,000 a 11 99.98 Europ Assistance IHS Services 99.98 99.73

GTC Nominee Ltd 160 USD 10,000 a 11 100.00 BSI Trust Corp. (Bahamas) Ltd 100.00 100.00 12

Atacama Investments Ltd. (**) 249 USD 49,557,000 b 11 39.46 BSI S.A. 39.46 39.46 10,494

La Caja ART S.A.(**) 006 ARS 70,500,000 b 3 50.00 Caja de Seguros S.A. 50.00 34.65 7,083

Europ Assistance Argentina S.A 006 ARS 2,786,456 a 11 66.00 Ponte Alta Lda 100.00 58.46 128

34.00 Caja de Seguros S.A.

Worldwide Assistance Brasil 011 BRL 2,975,000 a 11 100.00 Primeira Cruz Lda 100.00 31.72

Consorcio Dia e Noite 011 BRL n.a. a 11 100.00 Worldwide Assistance Brasil 100.00 31.78

BSI Serviços Ltda 011 BRL 2,111,134 a 11 100.00 BSI S.A. 100.00 100.00

Europ Assistance S.p.A. (Chile) 015 CLP 1,000,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75

BSI Servicios Internationales 015 CLP 64,000,000 a 11 100.00 BSI S.A. 100.00 100.00

Europ Assistance SA (Chile) 015 CLP 335,500,000 a 11 25.50 Ponte Alta Lda 51.00 38.92 109

25.50 Europ Assistance Holding S.A.

La Nacional Cia Inmobiliaria 024 USD 47,647 a 10 100.00 Generali Ecuador S.A. 100.00 51.74 826

Migdal Holdings & Management 182 ILS 810 a 4 100.00 Migdal Insurance Co. Ltd 100.00 69.79 4,043

Mivtach-Simon Insurance Ag. 182 ILS 1 a 9 100.00 Migdal Holdings & Management 100.00 69.79

Migdal P.E. Ltd 182 ILS 100 a 9 100.00 Migdal Investments Management 100.00 69.79

Migdal Real Estate Holdings 182 ILS 6,166 a 10 100.00 Migdal Insurance Co. Ltd 100.00 69.79

Ashmoret Tihona Ltd 182 ILS 1,000 a 10 100.00 Migdal Insurance Co. Ltd 100.00 69.79

Hamagen Properties Ltd 182 ILS 6,090,837 a 10 100.00 Migdal Insurance Co. Ltd 100.00 69.79

Pel - Hamagen House Ltd 182 ILS 14,066,596 a 10 100.00 Hamagen Properties Ltd 100.00 69.79

Migdal Alumim Investment House 182 ILS 50,000 a 8 100.00 Migdal Stock Exchange Services 100.00 69.79

Amir Aloni Assurance Agencies 182 ILS 400 a 11 75.00 Mivtach-Simon Insurance Ag. 75.00 52.34

Madanes Financial Services Ltd 182 ILS 10,000 b 11 50.00 Migdal Invest Portfolio Manag 50.00 34.89

Makefet Financial Services Ins 182 ILS 1,000 a 11 55.00 Makefet Pension & Provid Fund 100.00 55.66

45.00 Froline Exclusive Ltd.

Froline Exclusive Ltd. 182 ILS 1,000 a 11 55.00 Makefet Pension & Provid Fund 55.00 38.38

Amit Insurance Agencies Ltd. 182 ILS n.a. a 11 100.00 Ihud Insurance Agencies Ltd 100.00 69.79

Shaham Veinstein (Netanya) Ins 182 ILS 112 a 11 100.00 Shaham Insurance Agencies Ltd 100.00 69.79

Sopher Moshe Insurance Ag. 182 ILS 157 b 11 35.03 Shaham Insurance Agencies Ltd 35.03 24.45

Reshef Insurance Agencies Ltd 182 ILS 120 a 11 50.00 Sagi Yogev Life Assur. Agency 50.00 34.89

Migdal Credit Services Ltd 182 ILS 100 a 11 100.00 Migdal Eshkol Finansim B.M. 100.00 69.79 2,236

Migdal Financial Services Ltd 182 ILS 320,000 a 11 100.00 Migdal Eshkol Finansim B.M. 100.00 69.79 273

Migdal Leasing Ltd 182 ILS 100 a 11 100.00 Migdal Eshkol Finansim B.M. 100.00 69.79 2,172

Municipalit Insurance Agency 182 ILS 100 b 11 50.00 Peltours Insurance Agencies 50.00 25.57

Ihud Insurance Agencies Ltd 182 ILS 1,500 a 11 100.00 Migdal Holdings & Management 100.00 69.79

Peltours Insurance Agencies 182 ILS 256,000 a 11 73.28 Migdal Holdings & Management 73.28 51.14

Sagi Yogev Life Assur. Agency 182 ILS 3,000 a 11 100.00 Migdal Holdings & Management 100.00 69.79

Shamgad Claims Management Co. 182 ILS 2 a 11 100.00 Migdal Insurance Co. Ltd 100.00 69.79

Maestro Ltd 182 ILS n.a. a 11 100.00 Migdal Insurance Co. Ltd 100.00 69.79

Data Car Israel Ltd 182 ILS 30,000 b 11 50.00 Migdal Insurance Co. Ltd 50.00 34.89 90

50 Plus Ltd. 182 ILS 9,080 b 11 50.00 Migdal Investments Management 50.00 34.89

Migdal Mngmt & Provident Funds 182 ILS 905,000 a 11 100.00 Migdal Insurance Co. Ltd 100.00 69.79 242

136 Non-consolidated subsidiaries and associated companies

Shareholding % Group Book value Share capital in equity (� Company Country Currency original currency Activity (1) Type (2) Direct Indirect Through Total ratio % (3) thousand)

Rav Ofek Ltd 182 ILS 10,000 b 11 25.00 Migdal Holdings & Management 25.00 17.45

Shaham Insurance Agencies Ltd 182 ILS 1,818 a 11 100.00 Migdal Holdings & Management 100.00 69.79

Leibowitz Streichman Consult. 182 ILS 1,000 a 11 100.00 Peltours Insurance Agencies 100.00 51.14

Ihud-David Berman Ins. Ag. 182 ILS 5 a 11 100.00 Peltours Insurance Agencies 100.00 51.14

Avgad Yahalom Management Ltd 182 ILS 1,100 b 10 47.45 Migdal Real Estate Holdings 47.45 33.12

Yozma Pension Fund for Self-Empl. Ltd 182 ILS n.a. a 11 100.00 Migdal Insurance Co. Ltd 100.00 69.79 273

HG Migdal I, LLC 182 ILS n.a. a 10 100.00 Migdal Insurance Co. Ltd 100.00 69.79

HG Migdal II, LLC 182 ILS n.a. a 10 100.00 Migdal Insurance Co. Ltd 100.00 69.79

Mivtach Rom Insurance Agency 182 ILS 200 a 11 64.00 Mivtach-Simon Insurance Ag. 64.00 44.67

Mivtach Simon Rubinstein Mor 182 ILS 200 a 11 64.00 Mivtach-Simon Insurance Ag. 64.00 44.67

Tvuna Life Assurance Agency 182 ILS 30 b 11 33.33 Mivtach-Simon Insurance Ag. 33.33 23.26

Ihud Peltours Diamonds Ins.Ag. 182 ILS 100 a 11 100.00 Peltours Insurance Agencies 100.00 51.14

Mivtach-Simon Agencies Manag 182 ILS 100 a 9 100.00 Mivtach-Simon Insurance Ag. 100.00 69.79

Tunisie Assistance S.A. 075 TND 1,000,000 b 11 33.00 Europ Assistance Holding S.A. 33.00 32.92 268

Europ Ass Medical Services Int 075 TND 100,000 b 11 44.00 Europ Assistance Holding S.A. 44.00 43.89 31

Carthage Assistance Services 075 TND 425,000 b 11 49.01 Europ Assistance Holding S.A. 49.01 48.89 271

Maghrebia S.A. 075 TND 10,000,000 b 3 44.17 44.17 44.17 2,046

Europ Assistance México S.A. 046 MXN 69,799 b 11 49.00 Europ Assistance Holding S.A. 49.00 48.88

BSI Servicios S.A. 080 UYU 1,100,000 a 11 100.00 BSI S.A. 100.00 100.00

Generali China Insurance Co. (**) 016 CNY 500,000,000 b 3 50.00 50.00 50.00 22,613

Eur Ass Travel Serv. (Beijing) 016 EUR 1,750,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75 1,750

Future Generali India Life Ass (**) 114 INR 5,075,000,000 c 3 25.50 Part. Maat. Graafschap Holland 25.50 25.50 5,806

Future Generali India Insur (**) 114 INR 2,200,000,000 c 3 25.50 Part. Maat. Graafschap Holland 25.50 25.50 3,582

Europ Assistance India Private 114 INR 81,536,230 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75 2,079

Europ Assistance (Taiwan) Ltd 022 TWD 5,000,000 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75

Europ Assistance W Service Pte 147 SGD 182,102 a 11 100.00 Europ Assistance Holding S.A. 100.00 99.75

Intl Inheritance Planning Ltd 049 NZD 5,000 a 9 100.00 BSI S.A. 100.00 100.00 3

Care Management Network Inc. 118 BBD 9,000,000 a 11 100.00 Europ Assistance Bahamas Ltd. 100.00 99.73

Europ Ass.IHS (Proprietary) Ltd 078 ZAR 400,000 a 11 65.00 Europ Assistance IHS Services 80.00 64.84

15.00 Europ Assistance WS (S.Africa)

Europ Ass.IHS Serv. Angola Limitada 133 AON 2,250,000 a 11 90.00 Europ Assistance IHS Services 90.00 89.78

n.a.: not applicable (1) a = non-consolidated subsidiaries (IAS 27); b = associated companies (IAS 28); c = joint ventures (IAS 31) (2) 1 = Italian insurance companies; 2 = EU insurance companies; 3 = non EU insurance companies; 4 = insurance holding companies; 5 = EU reinsurance companies; 6 = non EU reinsurance companies; 7 = banks; 8 = asset management companies; 10 = real estate companies; 11 = other (3) Net Group partecipation percentage (**) Associated company valued at equity

The total percentage of votes exercisable at shareholders’ general meeting, which differs from that of direct or indirect shareholding, is as follows: GLL Real Estate Partners GmbH 40.00% Thuringia Versicherungsvermit. 80.00% Avgad Yahalom Management Ltd 47.00% NEIP II S.A.- Sicar 48.39%

137 List of countries

Country Country code

ANGOLA 133 ARGENTINA 006 AUSTRIA 008 BAHAMAS 160 BARBADOS 118 BELGIUM 009 BERMUDA 207 BRASIL 011 BULGARIA 012 BYELORUSSIA 264 CANADA 013 CHILE 015 CIPRO 101 COLOMBIA 017 CROATIA 261 CZECH REPUBLIC 275 DENMARK 021 ECUADOR 024 EIRE 040 FRANCE 029 GERMANY 094 GREECE 032 GUATEMALA 033 GUERNSEY 201 HAITI 034 HONG KONG 103 INDIA 114 INDONESIA 129 ISRAEL 182 ITALY 086 KAZAKISTAN 269 LIECHTENSTEIN 090 LUXEMBOURG 092 MALTA 105 MARTINICA 213 MEXICO 046 MONTENEGRO REPUBLIC 290 MONACO 091 NETHERLANDS 050 NEW ZELAND 049 PANAMA 051

138 List of countries

Country Country code

PEOPLE'S REPUBLIC OF CHINA 016 PHILIPPINES 027 POLAND 054 POLYNESIAN FRENCH 105 PORTUGAL 055 REUNION 247 ROMANIA 061 RUSSIA 262 SERBIA 289 SINGAPORE 147 SLOVAK REPUBLIC 276 SLOVENIA 260 SOUTH AFRICA REPUBLIC 078 SPAIN 067 SWEDEN 068 SWITZERLAND 071 TAIWAN 022 THAILAND 072 TUNISIA 075 TURKEY 076 U.S.A. 069 UCRAINA 263 UNGARY 077 UNITED KINGDOM 031 URUGUAY 080 VIRGIN ISLAND 249

139 List of currencies

Currency Currency code

New Kwanza (Angola) AON Argentine Peso ARS Austrian Schilling ATS Barbados Dollar BBD Lev (Bulgaria) BGN Brazilian Real BRL Canadian Dollar CAD Swiss Franc CHF Chilean Peso CLP Chinese Renminbi CNY Colombian Peso COP Dinaro CSD Cypriot Pound CYP Czech Krona CZK Danish Krone DKK European Euro EUR French Franc FRF British Pound GBP Guatemalan Quetzal GTQ Hong Kong Dollar HKD Croatian Kuna HRK Haitian Gourde HTG Hungarian Forint HUF Indonesian Rupiah IDR Israeli Scheckel ILS Indian Rupee INR Tenge (Kazakhstan) KZT Maltese Lira MTL Mexican Pesos MXN New Zealand Dollars NZD Philippine Peso PHP Polish Zloty (new) PLN Romanian Leu ROL Dinaro S&M RSD Russian Ruble RUB Swedish Krona SEK Singapore Dollar SGD Slovenian Tolar SIT Slovakian Krona SKK Thailand Baht THB Tunisian Dinar TND

140 List of currencies

Currency Currency code

New Turkish Lira TRY New Taiwan Dollar TWD Ukraine Hryvnia UAH United States Dollar USD Uruguayan Peso (new) UYU CFP Franc XPF South African Rand ZAR

141

Largo do Senado, Macau - China

Attestation on the half-yearly condensed financial statements in accordance with Art. 81-ter of consob regulation no. 11971 of 14 may 1999 and its following amendments and integrations

Attestation on the Half-yearly condensed financial statements in accordance with Art. 81-ter of Consob Regulation No. 11971 of 14 May 1999 and its following amendments and integrations

1. The undersigned, Giovanni Perissinotto, in his capacity as Managing Director, and Raffaele Agrusti, in his capacity as Manager charged with preparing the financial reports of Assicurazioni Generali S.p.A. hereby confirm, taking also into account the provisions of Art. 154-bis, paragraphs 3 and 4, of Legislative Decree No. 58 of 24 February 1998: • the adequacy with respect to the Company’s structure and • the effective application of the administrative and accounting procedures in place for preparing the Half-yearly condensed financial statements at 30 June 2009.

2. The adequacy of the administrative and accounting procedures in place for preparing the Half-yearly condensed financial statements at 30 June 2009 has been assessed through a process established by Assicurazioni Generali S.p.A. on the basis of the guidelines set out in the Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, an inter- nationally-accepted reference framework.

3. The undersigned further confirm that: 3.1 the Half-yearly condensed financial statements at 30 June 2009: a) are prepared in compliance with applicable international accounting standards recognized by the European Community pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, with the provisions of the Italian Civil Code, of Legislative Decree No. 38 of 28 February 2005, and of Legislative Decree No. 209 of 7 September 2005 and with applicable provisions, regulations and circular letters issued by ISVAP; b) correspond to the related books and accounting records; c) provide a true and correct representation of the financial position of the issuer and of the group of companies included in the scope of consolidation. 3.2 The interim directors’ report contains a reliable analysis of the indications of the more significant events that have occurred during the first six months of the financial year, and their impact on the condensed financial statements, together with a description of the main risks and uncertainties faced in the remai- ning six months of the financial year. The interim directors’ report also contains a reliable analysis of the information on significant related parties transactions.

Venice, 31 July 2009

Giovanni Perissinotto Raffaele Agrusti Managing Director Manager charged with preparing the company’s financial reports

ASSICURAZIONI GENERALI S.p.A. ASSICURAZIONI GENERALI S.p.A.

145

Victoria Memorial, Calcutta - India

Independent Auditor’s Report

149 150 Pichola lake Palace, Udaipur - India

Companies in which an unquoted shareholding (which is higher than 10%) is held Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

24 Fix (Pty) Ltd Johannesburg - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 100.000% 100.000% 50 Plus Ltd. Tel Aviv - Israel Migdal Investments Management (2001) Ltd 50.000% 50.000% A7 S.r.l. Milan - Italy Alleanza Assicurazioni S.p.A. 19.600% Assicurazioni Generali S.p.A. 20.500% 40.100% AachenMünchener Lebensversicherung AG Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% AachenMünchener Versicherung AG Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% Access Health South Africa (Proprietary) Limited Johannesburg - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 100.000% 100.000% Adriatica Participations Financières S.A. Bruxelles - Belgium Flandria Participations Financières S.A. 0.002% Generali Beteiligungs- und Verwaltungs-AG 99.998% 100.000% AdvoCard Rechtsschutzversicherung Aktiengesellschaft Hamburg - Germany Generali Versicherung Aktiengesellschaft 70.710% AachenMünchener Versicherung AG 29.290% 100.000% AEON Trust - Società Italiana Trust S.r.l. Milan - Italy BSI S.A. 100.000% 100.000% Afianzadora General S.A. Guatemala - Guatemala Aseguradora General S.A. 10.625% 10.625% Afiport S.A. Paris - France BSI Ifabanque S.A. 99.760% 99.760% Agenzia la Torre S.r.l. Trieste - Italy Sementi Dom Dotto S.p.A. 100.000% 100.000% Agricola San Giorgio S.p.A. Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000%

152 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

AIV d.o.o. za poslovanje nekretninama Zagreb - Croatia Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH 100.000% 100.000% AIV-Administrare de Cladiri s.r.l. Bucarest - Romania Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH 100.000% 100.000% Alcmena Sàrl Luxembourg - Luxembourg BSI S.A. 20.000% 20.000% Alleanza Toro S.p.A. Turin - Italy Toro Assicurazioni S.p.A. 100.000% 100.000% Alleanza Toro Servizi Assicurativi S.r.l. Milan - Italy Alleanza Assicurazioni S.p.A. 100.000% 100.000% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG Vienna - Austria Generali Versicherung AG 100.000% 100.000% Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH Vienna - Austria Assicurazioni Generali S.p.A. 37.500% Generali Holding Vienna AG 62.500% 100.000% ALLWO GmbH Hannover - Germany AachenMünchener Lebensversicherung AG 46.857% Generali Lebensversicherung Aktiengesellschaft 53.143% 100.000% Alpine Services Ltd Nassau - Bahamas BSI Trust Corp. (Bahamas) Ltd 100.000% 100.000% Alstercampus Verwaltungsgesellschaft mbH Hamburg - Germany Generali Deutschland Immobilien GmbH 50.000% 50.000% AM Erste Immobilien AG & Co. KG Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000% AM Gesellschaft für betriebliche Altersversorgung mbH Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000% AM Prudence S.A. Paris - France Generali France S.A. 100.000% 100.000% AM RE Verwaltungs GmbH Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000%

153 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

AM Sechste Immobilien AG & Co. KG Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000% AM Siebte Immobilien AG & Co. KG Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000% AM Vers Erste Immobilien AG & Co. KG Aachen - Germany AachenMünchener Versicherung AG 100.000% 100.000% AM Versicherungsvermittlung GmbH Aachen - Germany AachenMünchener Versicherung AG 100.000% 100.000% AM Vertriebsservice-Gesellschaft Personenversicherungen GmbH Frankfurt - Germany ATLAS Dienstleistungen für Vermögensberatung GmbH 100.000% 100.000% AMB Generali Pensionsfonds AG Munich - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% AMCO Beteiligungs-GmbH Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% Amir Aloni Assurance Agenceis (1994) Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 75.000% 75.000% Amit Insurance Agencies Ltd Tel Aviv - Israel Ihud Insurance Agencies Ltd 100.000% 100.000% ANAC All-finance Nederland Advies Combinatie B.V. Eindhoven - Netherlands Nederlands Algemeen Verzekeringskantoor B.V. 100.000% 100.000% Arche Analyse des Risques Combinés hommes Entreprises SA Paris - France Cofifo S.A. 79.306% 79.306% ARES-1 Ltd Kiev - Ukraine Generali Garant Insurance JSC 49.751% 49.751% Aseguradora General S.A. Guatemala - Guatemala Assicurazioni Generali S.p.A. 51.000% 51.000% Ashmoret Tihona Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000%

154 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Assicurazioni Generali (Insurance Managers) Ltd St. Peter Port - Guernsey Assicurazioni Generali S.p.A. 99.940% 99.940% Assistencia Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 99.000% Pensiones Banorte Generali S.A. de C.V. 1.000% 100.000% Assitimm S.r.l. Trieste - Italy Assicurazioni Generali S.p.A. 1.000% Generali Properties S.p.A. 99.000% 100.000% Assurantiekantoor Kerkhof B.V. Achterveld - Netherlands Nederlands Algemeen Verzekeringskantoor B.V. 100.000% 100.000% Atacama Investments Ltd Rod Town (Tortola) - The British Virgin Islands BSI Overseas (Bahamas) Ltd 10.121% BSI S.A. 29.342% 39.463% Atlantis Dairy Products Inc. Los Angeles - U.S.A. Generali IARD S.A. 15.211% 15.211% ATLAS Dienstleistungen für Vermögensberatung GmbH Frankfurt - Germany AachenMünchener Lebensversicherung AG 74.000% 74.000% Augusta Assicurazioni S.p.A. Turin - Italy Toro Assicurazioni S.p.A. 100.000% 100.000% Augusta Vita S.p.A. Turin - Italy Augusta Assicurazioni S.p.A. 100.000% 100.000% Autoalliance Pension Fund Kiev - Ukraine Generali Garant Insurance JSC 25.000% 25.000% Autolinee Regionali Luganesi S.A. Viganello (CH) - Switzerland BSI S.A. 27.583% 27.583% Avgad Yahalom Management and Services Ltd Ramat Gan - Israel Migdal Real Estate Holdings Ltd 47.000% 47.000% AVS Privatkunden Versicherungservice GmbH Vienna - Austria Generali Sales Promotion GmbH 90.000% 90.000%

155 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Azur Space Solar Power GmbH Heilbronn - Germany Renewable Investment Holding 100.000% 100.000% B.V. Algemene Holding en Financierings Maatschappij Diemen - Netherlands Generali Holding Vienna AG 100.000% 100.000% B.V.B.A. Verzekeringskantoor Soenen Poperinge - Belgium Generali Belgium S.A. 99.800% 99.800% Bad Kleinkircheneimer Bergbahnen Sport- und Kuranlagen GmbH & Co. KG Bad Kleinkircheim - Austria Generali Versicherung AG 15.000% 15.000% Banca BSI Italia S.p.A. Milan - Italy Banca Generali S.p.A. 100.000% Banco Vitalicio de España - Compañia Anonima de Seguros Barcelona - Spain Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales 9.501% Generali España Holding de Entidades de Seguros S.A. 89.270% 98.771% BAWAG PSK Versicherung AG Vienna - Austria Generali Holding Vienna AG 50.010% 50.010% BBG Beteiligungsgesellschaft m.b.H. Munich - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% BDG Management Ltd Nassau - Bahamas BSI Trust Corp. (Bahamas) Ltd 100.000% 100.000% BDG Verwaltung Ltd Nassau - Bahamas BSI Trust Corp. (Bahamas) Ltd 100.000% 100.000% BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A. Trieste - Italy Banca Generali S.p.A. 100.000% 100.000% BG Investment Luxembourg S.A. Luxembourg - Luxembourg Banca Generali S.p.A. 100.000% 100.000% BG Società di Gestione Risparmio S.p.A. Trieste - Italy Banca Generali S.p.A. 100.000% 100.000% Bien-Être Assistance S.A. Paris - France Europ Assistance France S.A. 50.000% 50.000%

156 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Bioventure Trading S.A. Funchal (Madeira) - Portugal BSI S.A. 100.000% 100.000% Bonus Pensionskassen AG Vienna - Austria Generali Holding Vienna AG 12.500% 12.500% BONUS-Mitarbeitervorsorgekassen AG Vienna - Austria Generali Holding Vienna AG 50.000% 50.000% Bourbon Courtage S.A. Sainte Clotilde - France Generali IARD S.A. 0.120% Prudence Creole 99.759% Generali Vie S.A. 0.120% 100.000% Brussels Management Ltd Nassau - Bahamas BSI Trust Corp. (Bahamas) Ltd 100.000% 100.000% BSI Administration Ltd Nassau - Bahamas BSI Trust Corp. (Bahamas) Ltd 100.000% 100.000% BSI Administrators (Channel Islands) Ltd St. Peter Port - Guernsey BSI Trust Corp. (Channel Island) Ltd 100.000% 100.000% BSI Art Collection (Svizzera) S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000% BSI Art Collection S.A. Luxembourg - Luxembourg BSI S.A. 99.000% 99.000% BSI Asset Management Ltd Nassau - Bahamas BSI S.A. 100.000% 100.000% BSI Bank Limited Singapore - Singapore BSI S.A. 100.000% 100.000% BSI Generali Bank (Channel Islands) Limited St. Peter Port - Guernsey Generali Worldwide Insurance Company Limited 100.000% 100.000% BSI Generali UK Ltd London - United Kingdom BSI S.A. 100.000% 100.000% BSI Healthcapital SA Lugano - Switzerland BSI S.A. 100.000% 100.000%

157 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

BSI Ifabanque S.A. Paris - France BSI S.A. 51.005% 51.005% BSI Investment Advisors (Panama) Inc Panama City - Panama BSI S.A. 51.000% 51.000% BSI Investment Advisory London Ltd London - United Kingdom BSI S.A. 100.000% 100.000% BSI Investment Advisory S.A. Buenos Aires - Argentina BSI S.A. 97.000% 97.000% BSI Laran S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000% BSI Luxembourg S.A. Luxembourg - Luxembourg BSI S.A. 100.000% 100.000% BSI Monaco SAM Montecarlo - Monaco BSI S.A. 100.000% 100.000% BSI Overseas (Bahamas) Ltd Nassau - Bahamas BSI S.A. 100.000% 100.000% BSI S.A. Lugano - Switzerland Participatie Maatschappij Graafschap Holland N.V. 100.000% 100.000% BSI Servicios Internationales S.A. Santiago - Chile BSI S.A. 100.000% 100.000% BSI Servicios S.A. Montevideo - Uruguay BSI S.A. 100.000% 100.000% BSI Serviços Ltda São Paulo - Brazil BSI S.A. 100.000% 100.000% BSI Spain Asset Management SGCIIC, S.A. Madrid - Spain BSI Spain Wealth and Asset Management S.A. 100.000% 100.000% BSI Spain Wealth and Asset Management S.A. Madrid - Spain BSI S.A. 100.000% 100.000%

158 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

BSI Spain Wealth Management A.V., S.A. Madrid - Spain BSI Spain Wealth and Asset Management S.A. 100.000% 100.000% BSI Trust Corp. (Bahamas) Ltd Nassau - Bahamas BSI S.A. 100.000% 100.000% BSI Trust Corp. (Channel Island) Ltd St. Peter Port - Guernsey BSI S.A. 100.000% 100.000% BSI Trust Corporation (Malta) Ltd Valletta - Malta BSI S.A. 98.000% 98.000% BSI Trust Corporation (Singapore) Ltd. Singapore - Singapore BSI S.A. 100.000% 100.000% BSI Werthein Merchant House S.A. Lugano - Switzerland BSI S.A. 50.000% 50.000% BSI-Generali Asia Limited Wanchai - Hong Kong Assicurazioni Generali S.p.A. 50.000% BSI S.A. 50.000% 100.000% B-Source S.A. Manno - Switzerland BSI S.A. 100.000% 100.000% CA Global Property Internationale Immobilien AG Vienna - Austria Generali Versicherung AG 67.742% 67.742% Cafel Inversiones 2008, S.L. Madrid - Spain Frescobaldi S.à.r.l. 100.000% 100.000% Caja de Ahorro y Seguro S.A. Buenos Aires - Argentina Genirland Limited 7.500% Assicurazioni Generali S.p.A. 62.500% 70.000% Caja de Seguros S.A. Buenos Aires - Argentina Caja de Ahorro y Seguro S.A. 99.000% 99.000% Cajamar Seguros Generales, S.A. de Seguros y Reaseguros Almeira - Spain Generali España Holding de Entidades de Seguros S.A. 50.000% 50.000%

159 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Cajamar Vida S.A. de Seguros y Reaseguros Almeira - Spain Generali España Holding de Entidades de Seguros S.A. 50.000% 50.000% Canadian Medical Network Inc. Markham - Ontario - Canada Worldwide Assistance Canada Inc. 100.000% 100.000% Car Care Consult Versicherungsmakler GmbH Vienna - Austria Generali Sales Promotion GmbH 100.000% 100.000% Care Consult Versicherungsmaker GmbH Vienna - Austria Europäische Reiseversicherungs AG 100.000% 100.000% Care Management Network Inc. St Michael - Barbados EA Bahamas Ltd 100.000% 100.000% Carthage Assistance Services (Libye) Tripoli - Libya Carthage Assistance Services S.A. 100.000% 100.000% Carthage Assistance Services S.A. Tunisi - Tunisia Europ Assistance Holding S.A. 49.012% 49.012% Casaletto S.r.l. - Società Unipersonale Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000% Cassa di Liquidazione e Garanzia S.p.A. Trieste - Italy Ina Assitalia S.p.A. 12.955% 12.955% CENTRAL Erste Immobilien AG & Co. KG Cologne - Germany Central Krankenversicherung Aktiengesellschaft 100.000% 100.000% Central Fixed Assets GmbH Cologne - Germany Central Krankenversicherung Aktiengesellschaft 100.000% 100.000% Central Krankenversicherung Aktiengesellschaft Cologne - Germany Generali Deutschland Holding AG 100.000% 100.000% CENTRAL Zweite Immobilien AG & Co. KG Cologne - Germany Central Krankenversicherung Aktiengesellschaft 100.000% 100.000% Cˇeská pojišt’ovna ZDRAVI a.s. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000%

160 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Ceska pojistovna, a.s. Prague - Czech Republic CZI Holdings N.V. 100.000% 100.000% CESTAR – Centro Studi Auto Riparazioni S.r.l. Pero - Italy Augusta Assicurazioni S.p.A. 0.250% Toro Assicurazioni S.p.A. 0.250% Ina Assitalia S.p.A. 0.250% Fata Assicurazioni Danni S.p.A. 0.250% Assicurazioni Generali S.p.A. 98.000% Generali Business Solutions S.c.p.A. 1.000% 100.000% CGM Italia SIM S.p.A. Milan - Italy BSI S.A. 20.000% 20.000% CGPM, Compagnie de Gestion Privée Monegasque SAM Montecarlo - Monaco BSI Monaco SAM 20.000% 20.000% Chernigivautotrans JSC Chernigiv - Ukraine Generali Garant Insurance JSC 48.527% 48.527% Citadel Ins. Co. PLC Floriana - Malta Ina Assitalia S.p.A. 21.000% 21.000% City Tower Services in Jerusalem (1980) Ltd Herzliya - Israel Migdal Real Estate Holdings Ltd 15.079% 15.079% CityLife S.r.l. Milan - Italy Generali Properties S.p.A. 26.667% 26.667% Closed Joint Stock Company Asset Management Company Generali PPF Asset Kiev - Ukraine CZI Holdings N.V. 99.991% 99.991% CMF S.r.l. Lallio - Italy Fata Assicurazioni Danni S.p.A. 14.000% 14.000% Cofifo S.A. Paris - France Generali Vie S.A. 100.000% 100.000% Comercial Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 33.000% Solida Banorte Generali S.A. de C.V. Afore 34.000% Pensiones Banorte Generali S.A. de C.V. 33.000% 100.000%

161 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

COMMERZ PARTNER Beratungsgesellschaft für Vorsorge- und Finanzprodukte Mbh Frankfurt - Germany Deutsche Bausparkasse Badenia Aktiengesellschaft 9.400% Generali Lebensversicherung Aktiengesellschaft 40.600% 50.000% Consel S.p.A. Biella - Italy Toro Assicurazioni S.p.A. 30.233% 30.233% Continuum S.r.l. Rome - Italy Generali Properties S.p.A. 40.000% 40.000% Convivium S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000% Corelli S.à.r.l. Senningerberg - Luxembourg Generali Real Estate Fund Sicav 100.000% 100.000% Coris Asistencia, S.A. Madrid - Spain Europ Assistance Servicios Integrales de Gestion, S.A. 100.000% 100.000% Coris Gestión de Riesgos, S.L. Madrid - Spain Europ Assistance Servicios Integrales de Gestion, S.A. 100.000% 100.000% CORIS NL BV Deventer - Netherlands VHD Omnicare BV 100.000% 100.000% Cosmos Finanzservice GmbH Saarbruecken - Germany Cosmos Versicherung Aktiengesellschaft 100.000% 100.000% Cosmos Fixed Assets GmbH Saarbruecken - Germany Cosmos Lebensversicherungs Aktiengesellschaft 100.000% 100.000% Cosmos Lebensversicherungs Aktiengesellschaft Saarbruecken - Germany Generali Deutschland Holding AG 100.000% 100.000% Cosmos Versicherung Aktiengesellschaft Saarbruecken - Germany Generali Deutschland Holding AG 100.000% 100.000% Courtage Inter Caraibes Fort De France - Martinica GFA Caraïbes 99.760% 99.760% CP Direct, a.s. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000%

162 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

CˇP INVEST investicˇní spolecˇnost, a.s. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% CP Strategic Investments B.V. Amsterdam - Netherlands Ceska pojistovna, a.s. 100.000% 100.000% CPM Internacional d.o.o. Zagreb - Croatia Sementi Dom Dotto S.p.A. 100.000% 100.000% Cross Factor S.p.A. Milan - Italy BSI S.A. 20.000% 20.000% Customized Services Adminitrators Inc. San Diego - U.S.A. Europ Assistance North America, Inc. 100.000% 100.000% CZI Holdings N.V. Amsterdam - Netherlands Generali PPF Holding B.V. 100.000% 100.000% CZI Ukraine Pension fund administrator Kiev - Ukraine CZI Holdings N.V. 99.990% 99.990% Dagma S.A. Montagnola - Switzerland Dreieck Fiduciaria S.A. 20.000% 20.000% DAS - Difesa Automobilistica Sinistri S.p.A. Verona - Italy Toro Assicurazioni S.p.A. 50.008% 50.008% Data Car Israel Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 50.000% 50.000% DBB Vermögensverwaltung GmbH & Co. KG Karlsruhe - Germany Deutsche Bausparkasse Badenia Aktiengesellschaft 100.000% 100.000% Dedale S.A. Liegi - Belgium Generali Belgium S.A. 99.970% 99.970% Delta Generali Holding d.o.o. Podgorica Podgorica - Republic of Montenegro Delta Generali Osiguranje a.d.o. 51.000% 51.000% Delta Generali Osiguranje a.d.o. Belgrade - Serbia Generali PPF Holding B.V. 50.023% 50.023%

163 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Delta Generali Osiguranje ad Podgorica Podgorica - Republic of Montenegro Delta Generali Holding d.o.o. Podgorica 100.000% 100.000% Delta Generali Reosiguranje a.d.o. Belgrade - Serbia Delta Generali Osiguranje a.d.o. 99.994% 99.994% Delta Generali Zivotna Osiguranja ad Podgorica Podgorica - Republic of Montenegro Delta Generali Holding d.o.o. Podgorica 100.000% 100.000% Deutsche Bausparkasse Badenia Aktiengesellschaft Karlsruhe - Germany Generali Deutschland Holding AG 68.696% Generali Lebensversicherung Aktiengesellschaft 31.304% 100.000% Deutsche Vermögensberatung Aktiengesellschaft DVAG Frankfurt - Germany Generali Deutschland Holding AG 44.994% 44.994% Deutscher Lloyd GmbH Berlin - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Dialog Lebensversicherungs-Aktiengesellschaft Augusta - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Diana Private Enterprise Kiev - Ukraine Generali Garant Insurance JSC 100.000% 100.000% Dolphin Investments S.r.l. Trieste - Italy Generali Horizon S.p.A. 32.468% 32.468% Donatello Intermediazione S.r.l. Rome - Italy Ina Assitalia S.p.A. 89.130% Assicurazioni Generali S.p.A. 10.870% 100.000% DOTTO CAP FVG Agenzia Assicurativa S.r.l. Basiliano - Italy Sementi Dom Dotto S.p.A. 50.000% 50.000% Drei Banken-Generali Investment Ges.m.b.H. Vienna - Austria Generali Holding Vienna AG 48.571% 48.571% Drei-Banken Versicherungs-Aktiengesellschaft Linz - Austria Generali Holding Vienna AG 20.000% 20.000% Dreieck Fiduciaria S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000%

164 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Dynamic Securities S.A. Athens - Greece BSI S.A. 15.740% 15.740% E3 S.A. Gennevilliers - France Europ Assistance Holding S.A. 100.000% 100.000% EA Bahamas Ltd Nassau - Bahamas Europ Assistance IHS Services S.A.S. 99.980% 99.980% EA Service GmbH Munich - Germany Europ Assistance Versicherungs-AG 100.000% 100.000% E-Cie Vie S.A. Paris - France Generali France Assurance S.A. 100.000% Generali Vie S.A. 0.000% Generali France S.A. 0.000% 100.000% Editorial Española de Seguros S.A. Madrid - Spain La Estrella S.A. de Seguros y Reaseguros 19.000% 19.000% Enofila S.r.l. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Ente Teatrale Italiano Rome - Italy Assicurazioni Generali S.p.A. 33.333% 33.333% ENVIVAS Krankenversicherung AG Cologne - Germany Generali Deutschland Holding AG 100.000% 100.000% EOS Servizi Fiduciari S.p.A. Milan - Italy BSI S.A. 100.000% 100.000% Erasmus Management Ltd Nassau - Bahamas BSI Trust Corp. (Bahamas) Ltd 100.000% 100.000% EuroAssistance Ltd Kiev - Ukraine Generali Garant Insurance JSC 100.000% 100.000% Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. Lisbon - Portugal Europ Assistance Holding S.A. 52.999% 52.999%

165 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Europ Assistance - Serviços de Assistencia Personalizados S.A. Lisbon - Portugal Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. 99.900% 99.900% Europ Assistance (Nederland) B.V. Arnhem - Netherlands VHD Holding BV 100.000% 100.000% Europ Assistance (Scandinavia) AB Stockholm - Sweden Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance (Suisse) Assurances S.A. Geneve - Switzerland Europ Assistance (Suisse) Holding S.A. 100.000% 100.000% Europ Assistance (Suisse) Holding S.A. Geneve - Switzerland Generali (Schweiz) Holding AG 1.000% Europ Assistance Holding S.A. 75.000% 76.000% Europ Assistance (Suisse) S.A. Geneve - Switzerland Europ Assistance (Suisse) Holding S.A. 100.000% 100.000% Europ Assistance (Taiwan) Ltd Taipei - Taiwan Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance A/S Copenhagen - Denmark Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance Argentina S.A. Buenos Aires - Argentina Caja de Seguros S.A. 34.000% Ponte Alta - Comercio e Consultoria, Lda 66.000% 100.000% Europ Assistance Belgium S.A. Bruxelles - Belgium Generali Belgium S.A. 0.000% Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance CEI OOO Moscow - Russia Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance Claims Handling AB Stockholm - Sweden Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance de México S.A. Mexico City - Mexico Europ Assistance Holding S.A. 49.000% 49.000%

166 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Europ Assistance España S.A. de Seguros y Reaseguros Madrid - Spain Banco Vitalicio de España - Compañia Anonima de Seguros 5.000% Europ Assistance Holding S.A. 95.000% 100.000% Europ Assistance France S.A. Gennevilliers - France Europ Assistance Holding S.A. 99.981% 99.981% Europ Assistance Gesellschaft mbH Vienna - Austria Generali Holding Vienna AG 25.000% Europ Assistance Holding S.A. 75.000% 100.000% Europ Assistance Holding S.A. Paris - France Generali France S.A. 63.084% Participatie Maatschappij Graafschap Holland N.V. 5.010% Generali Vie S.A. 10.745% Generali IARD S.A. 21.128% 99.967% Europ Assistance Holdings Ltd Haywards Heath (W.Sussex) - United Kingdom Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance IHS Services S.A.S. Gennevilliers - France Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance India Private Ltd Mumbai (Bombay) - India Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance Insurance Limited Haywards Heath (W.Sussex) - United Kingdom Europ Assistance Holdings Ltd 100.000% 100.000% Europ Assistance Italia S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 26.050% Europ Assistance Holding S.A. 61.025% 87.075% Europ Assistance Limited Haywards Heath (W.Sussex) - United Kingdom Europ Assistance Holdings Ltd 100.000% 100.000% Europ Assistance Magyarorszag Kft Budapest - Hungary Generali-Providencia Biztosító Rt. 26.000% Europ Assistance Holding S.A. 74.000% 100.000% Europ Assistance Medical Services Internationals S.A. Tunisi - Tunisia Europ Assistance Holding S.A. 44.000% 44.000%

167 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Europ Assistance North America, Inc. Davie - U.S.A. Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance Océanie S.A. Papeete - Tahiti - French Polynesia Europ Assistance Holding S.A. 74.875% 74.875% Europ Assistance Polska Sp.zo.o. Warsaw - Poland Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance S.A. Gennevilliers - France Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance s.r.o. Prague - Czech Republic Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance SA (Chile) Las Condes - Santiago - Chile Ponte Alta - Comercio e Consultoria, Lda 25.500% Europ Assistance Holding S.A. 25.500% 51.000% Europ Assistance Service S.p.A. Milan - Italy Europ Assistance Italia S.p.A. 100.000% 100.000% Europ Assistance Services S.A. Bruxelles - Belgium Generali Belgium S.A. 20.000% Europ Assistance Belgium S.A. 80.000% 100.000% Europ Assistance Servicios Integrales de Gestion, S.A. Madrid - Spain Europ Assistance España S.A. de Seguros y Reaseguros 100.000% 100.000% Europ Assistance Trade S.p.A. Milan - Italy Europ Assistance Service S.p.A. 8.440% Europ Assistance Italia S.p.A. 91.560% 100.000% Europ Assistance Travel Assistance Services (Beijing) Co Ltd Beijing - People’s Republic of China Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance Travel S.A. Madrid - Spain Europ Assistance Servicios Integrales de Gestion, S.A. 99.900% 99.900% Europ Assistance USA Inc. Washington - U.S.A. Europ Assistance Holding S.A. 100.000% 100.000%

168 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Europ Assistance Vai S.r.l. Milan - Italy Europ Assistance Service S.p.A. 100.000% 100.000% Europ Assistance Versicherungs-AG Munich - Germany Europ Assistance Holding S.A. 75.000% Generali Deutschland Holding AG 25.000% 100.000% Europ Assistance Vostok OOO Moscow - Russia Europ Assistance CEI OOO 60.000% 60.000% Europ Assistance Worldwide Services (South Africa) Ltd Midrand - South Africa Europ Assistance Holding S.A. 61.000% 61.000% Europ Assistance Worldwide Services Pte Ltd Singapore - Singapore Europ Assistance Holding S.A. 99.999% 99.999% Europ Teleassistance S.A. Gennevilliers - France Europ Assistance France S.A. 100.000% 100.000% Európai Utazásbiztosítás-közvetítöi Kft. Budapest - Hungary Europai Utazasi Biztosito Rt. 100.000% 100.000% Europai Utazasi Biztosito Rt. Budapest - Hungary Generali-Providencia Biztosító Rt. 61.000% Europäische Reiseversicherungs AG 13.000% 74.000% Europäische Reiseversicherung GVAG ( R ) Moscow - Russia Europäische Reiseversicherungs AG 100.000% 100.000% Europäische Reiseversicherung GVAG (U) Kiev - Ukraine Generali Garant Insurance JSC 5.000% Europäische Reiseversicherungs AG 74.113% 79.113% Europäische Reiseversicherungs AG Vienna - Austria Generali Holding Vienna AG 74.990% 74.990% Européenne de Protection Juridique S.A. Paris - France Generali France Assurance S.A. 99.986% Generali Vie S.A. 0.007% Generali IARD S.A. 0.007% 100.000% Eurotransitservice JSC Rava-Ruska - Lviv - Ukraine Generali Garant Insurance JSC 70.294% 70.294%

169 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Expert & Finance S.A. Lione - France Generali Vie S.A. 88.827% 88.827% Expert-Service JSC Kiev - Ukraine Generali Garant Insurance JSC 12.433% 12.433% Extrabanca S.p.A Milan - Italy Flandria Participations Financières S.A. 12.500% 12.500% Fata Assicurazioni Danni S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 99.961% 99.961% Fata Vita S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 99.961% 99.961% Fidelis Agenzia Assicurativa S.r.l. Trieste - Italy Sementi Dom Dotto S.p.A. 60.000% 60.000% Fin. Priv. S.r.l. Milan - Italy Assicurazioni Generali S.p.A. 14.285% 14.285% Finagen S.p.A. Venice - Italy Alleanza Assicurazioni S.p.A. 99.900% Generali Investments Limited 0.100% 100.000% Financial Services LLC Kiev - Ukraine CZI Holdings N.V. 99.990% 99.990% Financial Strategy Monaco SAM Montecarlo - Monaco BSI Monaco SAM 20.000% 20.000% Finmo S.A. Zug - Switzerland BSI S.A. 100.000% 100.000% Finnat Gestioni S.A. Lugano - Switzerland BSI S.A. 30.000% 30.000% Flandria Participations Financières S.A. Bruxelles - Belgium Assicurazioni Generali S.p.A. 80.067% Generali Vie S.A. 19.932% Generali Belgium S.A. 0.000% 100.000%

170 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Foncière des Murs Paris - France Generali IARD S.A. 0.797% Generali Vie S.A. 16.563% 17.360% Foncière Hypersud S.A. Issy Les Moulineaux - France Generali Vie S.A. 49.000% 49.000% Fondi Alleanza Società di Gestione Risparmio S.p.A. Milan - Italy Alleanza Assicurazioni S.p.A. 100.000% 100.000% Foot.Pro S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000% Fortuna Investment AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000% Fortuna Investment AG, Vaduz Vaduz - Liechtenstein Generali (Schweiz) Holding AG 100.000% 100.000% Fortuna Lebens-Versicherung AG Vaduz - Liechtenstein Generali (Schweiz) Holding AG 100.000% 100.000% Fortuna Rechtsschutz-Versicherung-Gesellschaft AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000% Foundationsquatier GmbH Vienna - Austria Generali Holding Vienna AG 66.700% 66.700% Frescobaldi S.à.r.l. Luxembourg - Luxembourg Generali Real Estate Fund Sicav 100.000% 100.000% Froline Exclusive Ltd Tel Aviv - Israel Migdal Makefet Pension and Provident Funds Ltd 55.000% 55.000% Fundamenta-Lakáskassza Lakástakarék-pénztár Rt. Budapest - Hungary Generali-Providencia Biztosító Rt. 14.878% 14.878% Funicolare Lugano-Paradiso-S.Salvatore S.A. Lugano - Switzerland BSI S.A. 31.083% 31.083% Future Generali India Insurance Company Ltd Mumbai (Bombay) - India Participatie Maatschappij Graafschap Holland N.V. 25.500% 25.500%

171 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Future Generali India Life Insurance Company Ltd Mumbai (Bombay) - India Participatie Maatschappij Graafschap Holland N.V. 25.500% 25.500% G. & G. Lüder Versicherungsmakler GmbH Hildesheim - Germany Generali Versicherung Aktiengesellschaft 50.000% 50.000% Ganos S.A. Zug - Switzerland BSI S.A. 100.000% 100.000% Garant-Consulting Ltd Kiev - Ukraine Generali Garant Insurance JSC 99.062% 99.062% Garant-Trast Ltd Lviv - Ukraine Generali Garant Insurance JSC 99.955% 99.955% GEGRA Gewerbegrundstücksgesellschaft mbH Aachen - Germany Generali Deutschland Immobilien GmbH 15.000% 15.000% Genagricola - Generali Agricoltura S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Genamerica Management Corporation New York - U.S.A. Assicurazioni Generali S.p.A. 100.000% 100.000% Genass-Invest S.A. Bruxelles - Belgium Generali Beleggingen B.V. 73.501% Generali Levensverzekering Maatschappij N.V. 26.499% 100.000% General Securities Corporation of North America New York - U.S.A. Transocean Holding Corporation 100.000% 100.000% Generali (Schweiz) Holding AG Adliswil - Switzerland Redoze Holding N.V. 41.051% Assicurazioni Generali S.p.A. 58.949% 100.000% Generali 3 S.A. Paris - France Generali IARD S.A. 100.000% 100.000% Generali 3. Immobilien AG & Co. KG Munich - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Generali 3Banken Holding AG Vienna - Austria Generali Versicherung AG 49.300% 49.300%

172 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Alapkezelõ Rt. Budapest - Hungary Generali PPF Holding B.V. 26.000% Generali-Providencia Biztosító Rt. 74.000% 100.000% Generali Asia N.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 60.000% 60.000% Generali Asigurari S.A. Bucarest - Romania Generali Holding Vienna AG 83.786% 83.786% Generali Assurances Générales Geneve - Switzerland Generali (Schweiz) Holding AG 99.923% 99.923% Generali AutoProgram Spzoo Warsaw - Poland Generali Finance spólka z ograniczona¸ odpowiedzialnos´cia¸ 100.000% 100.000% Generali Bank AG Vienna - Austria Generali Holding Vienna AG 78.571% Generali Versicherung AG 21.429% 100.000% Generali Beleggingen B.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000% Generali Belgium Invest S.A. Bruxelles - Belgium IXIA N.V. 0.003% Generali Belgium S.A. 99.997% 100.000% Generali Belgium S.A. Bruxelles - Belgium Generali Finance B.V. 0.282% Genervest S.A. 33.365% Flandria Participations Financières S.A. 3.802% Assicurazioni Generali S.p.A. 32.294% Genass-Invest S.A. 5.345% Participatie Maatschappij Graafschap Holland N.V. 24.907% 99.995% Generali Belle Feuille S.a.r.l. Paris - France Generali Vie S.A. 99.997% SCI Le Rivay 0.003% 100.000% Generali Beteiligungs- und Verwaltungs-AG Munich - Germany Transocean Holding Corporation 1.216% Generali Deutschland Holding AG 98.784% 100.000%

173 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Beteiligungs-GmbH Aachen - Germany Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Beteiligungsverwaltung GmbH Vienna - Austria Generali Holding Vienna AG 100.000% 100.000% Generali Betriebsrestaurazion Gesellschaft m.b.H. Vienna - Austria Generali Versicherung AG 100.000% 100.000% Generali Biztosítási Ügynök és Marketing Kft Budapest - Hungary Generali-Providencia Biztosító Rt. 98.342% Generali Ingatlan Vagyonkezelo˝ és Szolgáltató Kft. 1.658% 100.000% Generali Bulgaria Holding AD Sofia - Bulgaria Generali PPF Holding B.V. 99.999% 99.999% Generali Business Solutions S.c.p.A. Turin - Italy Alleanza Assicurazioni S.p.A. 0.250% Fata Assicurazioni Danni S.p.A. 0.250% Augusta Vita S.p.A. 0.250% SIMGENIA S.p.A. Società di Intermediazione Mobiliare 0.250% Generali Investments Italy S.p.A. Società di Gestione Risparmio 0.250% Generali Immobiliare Italia SGR S.p.A. 0.010% Generali International Business Solutions - s.c.a.r.l. 0.050% Genertellife S.p.A. 0.250% Fata Vita S.p.A. 0.010% Ina Assitalia S.p.A. 0.250% Europ Assistance Italia S.p.A. 0.010% Banca Generali S.p.A. 0.250% Banca BSI Italia S.p.A. 0.050% BG Società di Gestione Risparmio S.p.A. 0.250% BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A. 0.010% Augusta Assicurazioni S.p.A. 0.250% Assicurazioni Generali S.p.A. 96.860% Toro Assicurazioni S.p.A. 0.250% Genertel S.p.A. 0.250% 100.000% Generali Capital Finance B.V. Amsterdam - Netherlands Generali Finance B.V. 75.000% Assicurazioni Generali S.p.A. 25.000% 100.000%

174 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Capital Management GmbH Vienna - Austria Generali Holding Vienna AG 75.007% Generali Deutschland Holding AG 24.993% 100.000% Generali Car Care s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000% Generali Carnot S.a.r.l. Paris - France Generali Vie S.A. 100.000% 100.000% Generali Challenges S.A. Paris - France Generali France S.A. 100.000% 100.000% Generali China Insurance Co. Ltd Beijing - People’s Republic of China Assicurazioni Generali S.p.A. 50.000% 50.000% Generali China Life Insurance Co. Ltd Beijing - People’s Republic of China Assicurazioni Generali S.p.A. 50.000% 50.000% Generali Claims Solutions LLC Wilmington - U.S.A. Generali Consulting Solutions LLC 100.000% 100.000% Generali Colombia - Seguros Generales S.A. Bogotà - Colombia Transocean Holding Corporation 4.441% Assicurazioni Generali S.p.A. 81.834% 86.275% Generali Colombia Vida - Compañia de Seguros S.A. Bogotà - Colombia Generali Colombia - Seguros Generales S.A. 68.281% Assicurazioni Generali S.p.A. 15.375% Transocean Holding Corporation 16.156% 99.813% Generali Consulting Solutions LLC Wilmington - U.S.A. Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Corporate Compañia Argentina de Seguros S.A. Buenos Aires - Argentina Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Deutschland Finanzdienstleistung GmbH Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Deutschland Holding AG Cologne - Germany Vitalicio Torre Cerdà S.l. 2.142%

175 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Alleanza Assicurazioni S.p.A. 1.863% La Estrella S.A. de Seguros y Reaseguros 0.931% Generali Beteiligungs-GmbH 80.190% Generali Levensverzekering Maatschappij N.V. 0.931% Generali Vermögensverwaltung GmbH & Co. KG 5.100% Generali Assurances Générales 0.931% Generali Belgium S.A. 0.931% 93.021% Generali Deutschland Immobilien GmbH Cologne - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Deutschland Informatik Services GmbH Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Deutschland Pensionsfonds AG Hamburg - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Generali Deutschland Pensionskasse AG Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Deutschland Schadenmanagement GmbH Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Deutschland Services GmbH Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Deutschland SicherungsManagement GmbH Cologne - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Development spol. s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000% Generali do Brasil Companhia Nacional de Seguros Rio de Janeiro - Brazil GENPAR Empreendimentos e Partecipaçoes S.A. 25.544% Assicurazioni Generali S.p.A. 1.819% Transocean do Brasil Participaçoes S.A. 72.621% 99.985% Generali Ecuador Compañía de Seguros S.A. Guayaquil - Ecuador Assicurazioni Generali S.p.A. 51.742% 51.742% Generali Employee Benefits Gesellschaft mbH Frankfurt - Germany Generali Deutschland Holding AG 100.000% 100.000%

176 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Epargne Salariale S.A. Paris - France Generali France Assurance S.A. 100.000% Generali France S.A. 0.000% 100.000% Generali Epitö és Tervezö Kft. Budapest - Hungary Generali-Providencia Biztosító Rt. 99.000% Generali Ingatlan Vagyonkezelo˝ és Szolgáltató Kft. 1.000% 100.000% Generali España Holding de Entidades de Seguros S.A. Madrid - Spain Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Factoring S.p.A. Mogliano Veneto - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Finance B.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Finance spółka z ograniczona¸ odpowiedzialnosci´ a¸ Warsaw - Poland Generali Powszechne Towarzystwo Emerytalne S.A. 100.000% 100.000% Generali Finanz Service GmbH Unterföhring - Germania Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Generali FinanzService GmbH Vienna - Austria Generali Bank AG 100.000% 100.000% Generali Foreign Insurance Co. Inc. Minsk - Belarus Ceska pojistovna, a.s. 35.000% Generali Slovensko Poistovna a.s. 32.500% Cˇeská pojišt’ovna ZDRAVI a.s. 32.500% 100.000% Generali France Assurance S.A. Paris - France Generali France S.A. 100.000% 100.000% Generali France S.A. Paris - France Generali France S.A. 0.006% Assicurazioni Generali S.p.A. 67.285% Participatie Maatschappij Graafschap Holland N.V. 32.685% 99.977% Generali Garant Insurance JSC Kiev - Ukraine Generali Holding Vienna AG 52.386% 52.386%

177 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Garant Life Insurance JSC Kiev - Ukraine Generali Garant Insurance JSC 15.147% Generali Holding Vienna AG 35.853% 51.000% Generali Gerance S.A. Paris - France Generali Vie S.A. 99.667% 99.667% Generali Gestion S.A. Paris - France Generali France S.A. 0.028% Generali Vie S.A. 0.056% Generali Investments France S.A. 99.833% 99.917% Generali Gestione Immobiliare S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Global Private Equity S.A. SICAR Luxembourg - Luxembourg Generali Lebensversicherung Aktiengesellschaft 18.630% AachenMünchener Lebensversicherung AG 12.130% AachenMünchener Versicherung AG 1.310% Central Krankenversicherung Aktiengesellschaft 4.050% Generali Versicherung AG 1.757% Generali Vie S.A. 27.321% 65.198% Generali Group Partner AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000% Generali Habitat SCpI Paris - France Generali Vie S.A. 81.965% 81.965% Generali Hellas - A.E. Asfaliseon Zimion Athens - Greece Generali Life - Hellenic Insurance Company A.E. 0.786% Assicurazioni Generali S.p.A. 99.214% 100.000% Generali Holding Vienna AG Vienna - Austria Generali Rückversicherung AG 29.319% Generali Worldwide Insurance Company Limited 0.082% Generali Finance B.V. 0.051% Participatie Maatschappij Graafschap Holland N.V. 29.722% Transocean Holding Corporation 37.811% Generali Assurances Générales 0.352% Generali IARD S.A. 2.663% 100.000%

178 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Horizon B.V. Amsterdam - Netherlands Generali Worldwide Insurance Company Limited 100.000% 100.000% Generali Horizon S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Generali IARD S.A. Paris - France Generali France Assurance S.A. 93.256% Generali Vie S.A. 6.744% 100.000% Generali Immobiliare Italia SGR S.p.A. Trieste - Italy Generali Investments S.p.A. 100.000% 100.000% Generali Immobilien AG Vienna - Austria Generali Versicherung AG 99.999% 99.999% Generali Immobilier Conseil S.A. Paris - France Generali IARD S.A. 0.040% Generali France Assurance S.A. 99.760% Generali Vie S.A. 0.160% 99.960% Generali Immobilier Gestion S.A. Paris - France Generali France Assurance S.A. 99.998% Generali Vie S.A. 0.001% 99.999% Generali Ingatlan Vagyonkezelo˝ és Szolgáltató Kft. Budapest - Hungary Generali-Providencia Biztosító Rt. 96.000% Generali Biztosítási Ügynök és Marketing Kft 4.000% 100.000% Generali Insurance (Thailand) Co. Ltd Bangkok - Thailand Generali Asia N.V. 25.000% KAG Holding Company Ltd 50.000% 75.000% Generali Insurance AD Sofia - Bulgaria Generali Bulgaria Holding AD 99.870% 99.870% Generali Insurance Life AD Sofia - Bulgaria Generali Bulgaria Holding AD 99.486% 99.486% Generali International Business Solutions - s.c.a.r.l. Mogliano Veneto - Italy Generali Vida Companhia de Seguros S.A. 3.704% Genertellife S.p.A. 7.407%

179 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Belgium S.A. 3.704% Assicurazioni Generali S.p.A. 66.667% Generali Vie S.A. 18.519% 100.000% Generali International Ltd St. Peter Port - Guernsey Generali Worldwide Insurance Company Limited 100.000% 100.000% Generali Investments Deutschland Kapitalanlagegesellschaft mbH Cologne - Germany Generali Investments S.p.A. 100.000% 100.000% Generali Investments France S.A. Paris - France Generali IARD S.A. 0.002% Europ Assistance Holding S.A. 0.002% Generali Belgium S.A. 0.002% Generali France Assurance S.A. 50.980% Generali Investments S.p.A. 49.000% Generali Vie S.A. 0.008% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0.002% 99.996% Generali Investments Italy S.p.A. Società di Gestione Risparmio Trieste - Italy Generali Investments S.p.A. 100.000% 100.000% Generali Investments Limited Navan - Co. Meath - Eire Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Investments Luxembourg S.A Luxembourg - Luxembourg Generali Investments S.p.A. 100.000% 100.000% Generali Investments S.p.A. Trieste - Italy Generali France S.A. 30.000% Generali Deutschland Holding AG 30.000% Assicurazioni Generali S.p.A. 40.000% 100.000% Generali IT S.s.r.o. Bratislava - Slovak Republic Generali VIS Informatik GmbH 100.000% 100.000% Generali IT-Solutions GmbH Vienna - Austria Generali Holding Vienna AG 75.029% Generali Deutschland Informatik Services GmbH 24.971% 100.000% Generali le Moncey S.a.r.l. Paris - France Generali Vie S.A. 100.000% 100.000%

180 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Leasing GmbH Vienna - Austria Generali Versicherung AG 75.000% 75.000% Generali Lebensversicherung Aktiengesellschaft Hamburg - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Generali Levensverzekering Maatschappij N.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000% Generali Life - Hellenic Insurance Company A.E. Athens - Greece Assicurazioni Generali S.p.A. 99.967% Generali Hellas - A.E. Asfaliseon Zimion 0.033% 100.000% Generali Life Assurance (Thailand) Co. Ltd Bangkok - Thailand KAG Holding Company Ltd 50.000% Generali Asia N.V. 25.000% 75.000% Generali Life Insurance Kiev - Ukraine CP Strategic Investments B.V. 100.000% 100.000% Generali Luxembourg S.A. Luxembourg - Luxembourg Generali Belgium S.A. 99.997% 99.997% Generali Net Insurance Broker Sofia - Bulgaria Generali Bulgaria Holding AD 100.000% 100.000% Generali Osiguranje d.d. Zagreb - Croatia Generali PPF Holding B.V. 100.000% 100.000% Generali PanEurope Limited Dublin - Eire Generali Worldwide Insurance Company Limited 49.000% Generali Finance B.V. 51.000% 100.000% Generali Pensionskasse AG Vienna - Austria Generali Holding Vienna AG 100.000% 100.000% Generali Penzijní Fond a.s. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000% Generali Personenversicherungen AG Adliswil - Switzerland Generali (Schweiz) Holding AG 100.000% 100.000%

181 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Pilipinas Holding Co. Inc. Makati City - Manila - Philippines Generali Asia N.V. 60.000% 60.000% Generali Pilipinas Insurance Co. Inc. Makati City - Manila - Philippines Generali Pilipinas Holding Co. Inc. 100.000% 100.000% Generali Pilipinas Life Assurance Co. Inc. Makati City - Manila - Philippines Generali Pilipinas Holding Co. Inc. 100.000% 100.000% Generali Pojistovna a.s. Prague - Czech Republic Generali PPF Holding B.V. 100.000% 100.000% Generali Portfolio Management (CI) Ltd St. Peter Port - Guernsey Generali Worldwide Insurance Company Limited 100.000% 100.000% Generali Powszechne Towarzystwo Emerytalne S.A. Warsaw - Poland Generali PPF Holding B.V. 3.436% Generali Towarzystwo Ubezpieczen S.A. 96.564% 100.000% Generali PPF Fund Management LLC Moscow - Russia CZI Holdings N.V. 100.000% 100.000% Generali PPF Holding B.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 51.000% 51.000% Generali PPF Life Insurance LLC Moscow - Russia Ceska pojistovna, a.s. 100.000% 100.000% Generali Private Equity Investments GmbH Cologne - Germany Generali Investments S.p.A. 100.000% 100.000% Generali Properties S.p.A. Trieste - Italy Alleanza Assicurazioni S.p.A. 47.931% Assicurazioni Generali S.p.A. 52.069% 100.000% Generali Real Estate Fund Sicav Senningerberg - Luxembourg Generali Lebensversicherung Aktiengesellschaft 18.370% Generali Immobilien AG 9.766% Generali Vie S.A. 24.420% Generali Belgium S.A. 1.703% AachenMünchener Lebensversicherung AG 2.725% Banco Vitalicio de España - Compañia Anonima de Seguros 2.439%

182 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

La Estrella S.A. de Seguros y Reaseguros 2.439% Generali Vida Companhia de Seguros S.A. 1.169% Assicurazioni Generali S.p.A. 25.589% Generali Real Estate Investments B.V. 9.765% 98.387% Generali Real Estate Investments B.V. Amsterdam - Netherlands IXIA N.V. 0.327% Generali Belgium Invest S.A. 2.943% Generali Belgium S.A. 46.730% Generali Vastgoed B.V. 50.000% 100.000% Generali Real Estate.s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000% Generali Realties Ltd Tel Aviv - Israel Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Reassurance (Bermuda) Ltd Hamilton - Bermuda Generali U.S. Holdings Inc. 100.000% 100.000% Generali Reassurance Courtage S.A. Paris - France Generali Vie S.A. 0.003% Generali IARD S.A. 0.003% Generali France Assurance S.A. 99.989% 99.995% Generali Reaumur S.A. Paris - France Generali Vie S.A. 100.000% 100.000% Generali Rückversicherung AG Vienna - Austria Assicurazioni Generali S.p.A. 99.999% 99.999% Generali Sales Promotion GmbH Vienna - Austria Generali Versicherung AG 100.000% 100.000% Generali Schadeverzekering Maatschappij N.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000% Generali Seminarzentrum GmbH Bernried - Germany Generali Versicherung Aktiengesellschaft 100.000% 100.000% Generali Servis s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000%

183 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

G enerali Sigorta A.S. Istanbul - Turkey Generali Turkey Holding B.V. 99.669% 99.669% Generali Slovensko Poistovna a.s. Bratislava - Slovak Republic CP Strategic Investments B.V. 43.377% Generali PPF Holding B.V. 56.623% 100.000% Generali Societate de Administrare a Fondurilor de Pensii Private S.A. Bucarest - Romania Ceska pojistovna, a.s. 99.998% Generali Asigurari S.A. 0.002% 100.000% Generali Telefon- und Auftragsservice GmbH Vienna - Austria Generali Bank AG 100.000% 100.000% Generali Thalìa Investments Italy Società di Gestione del Risparmio p.A. Trieste - Italy BSI S.A. 20.000% Generali Investments Italy S.p.A. Società di Gestione Risparmio 70.000% 90.000% Generali Thalia Investments S.A.S. Paris - France BSI S.A. 25.000% Thalìa S.A. 10.000% Generali Investments S.p.A. 65.000% 100.000% Generali Towarzystwo Ubezpieczen S.A. Warsaw - Poland Generali PPF Holding B.V. 100.000% 100.000% Generali Turkey Holding B.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 100.000% 100.000% Generali U.S. Holdings Inc. Wilmington - U.S.A. Assicurazioni Generali S.p.A. 100.000% 100.000% Generali USA Life Reassurance Company Kansas City - U.S.A. Generali U.S. Holdings Inc. 100.000% 100.000% Generali Vastgoed B.V. Amsterdam - Netherlands Generali Levensverzekering Maatschappij N.V. 100.000% 100.000% Generali Velky Spalicek S.r.o. Prague - Czech Republic Generali Immobilien AG 100.000% 100.000%

184 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Vermogensbeheer B.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000% Generali Vermögensberatung GmbH Vienna - Austria Generali Versicherung AG 100.000% 100.000% Generali Vermögensverwaltung GmbH & Co. KG Aachen - Germany Generali Beteiligungs-GmbH 94.900% 94.900% Generali Versicherung AG Vienna - Austria Generali Rückversicherung AG 7.814% Generali Holding Vienna AG 92.186% 100.000% Generali Versicherung Aktiengesellschaft Hamburg - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Generali Verwaltungs GmbH Aachen - Germany Generali Beteiligungs-GmbH 100.000% 100.000% Generali Verzekeringsgroep N.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 36.457% Assicurazioni Generali S.p.A. 12.768% B.V. Algemene Holding en Financierings Maatschappij 18.166% Transocean Holding Corporation 31.167% 98.558% Generali Vida Companhia de Seguros S.A. Lisbon - Portugal Assicurazioni Generali S.p.A. 99.989% 99.989% Generali Vie S.A. Paris - France Generali France Assurance S.A. 99.999% Flandria Participations Financières S.A. 0.000% 99.999% Generali VIS Informatik GmbH Vienna - Austria Generali Holding Vienna AG 100.000% 100.000% Generali Worldwide Insurance Company Limited St. Peter Port - Guernsey Assicurazioni Generali S.p.A. 0.000% Participatie Maatschappij Graafschap Holland N.V. 100.000% 100.000% Generali Zakrila Health-Insurance AD Sofia - Bulgaria Generali Bulgaria Holding AD 97.470% 97.470%

185 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Zakrila Medical and Dental Center EOOD Sofia - Bulgaria Generali Zakrila Health-Insurance AD 100.000% 100.000% Generali Zavarovalnica d.d. Lubljana - Slovenia Generali PPF Holding B.V. 99.837% 99.837% Generali Zycie Towarzystwo Ubezpieczen S.A. Warsaw - Poland Generali PPF Holding B.V. 100.000% 100.000% Generali/AIV Leasing Salzburg GmbH Vienna - Austria Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% Generali Versicherung AG 9.998% 100.000% Generali/AIV Leasing St.Pölten GmbH Vienna - Austria Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% Generali Versicherung AG 9.998% 100.000% Generali/AIV Leasing Vorarlberg GmbH Vienna - Austria Generali Versicherung AG 9.998% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% 100.000% Generali-Providencia Biztosító Rt. Budapest - Hungary Generali PPF Holding B.V. 100.000% 100.000% Genertel Biztosító Zrt Budapest - Hungary Generali-Providencia Biztosító Rt. 100.000% 100.000% Genertel S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Genertel Servizi Assicurativi S.r.l. Mogliano Veneto - Italy Genertel S.p.A. 50.000% Genertellife S.p.A. 50.000% 100.000% Genertellife S.p.A. Mogliano Veneto - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Genervest S.A. Bruxelles - Belgium Assicurazioni Generali S.p.A. 64.956% Participatie Maatschappij Graafschap Holland N.V. 35.044% 100.000%

186 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Genirland Limited Limerick - Eire Participatie Maatschappij Graafschap Holland N.V. 100.000% 100.000% GENPAR Empreendimentos e Partecipaçoes S.A. Rio de Janeiro - Brazil Transocean do Brasil Participaçoes S.A. 0.005% Transocean Holding Corporation 99.995% 100.000% Gensegur Agencia de Seguros S.A. Madrid - Spain La Estrella S.A. de Seguros y Reaseguros 100.000% 100.000% Gestam Administration Ltd Nassau - Bahamas Dreieck Fiduciaria S.A. 100.000% 100.000% Gestam Repraesentanz Ltd Nassau - Bahamas Dreieck Fiduciaria S.A. 100.000% 100.000% Gestas S.A. Boulogne Billancourt - France Icare S.A. 100.000% 100.000% GFA Caraïbes Fort De France - Martinica Generali France S.A. 0.000% Generali France Assurance S.A. 99.999% 99.999% GFA Haiti S.A. Port Au Prince - Haiti GFA Caraïbes 15.000% Courtage Inter Caraibes 15.000% 30.000% GHV-Split Vermögensverwaltung GmbH Vienna - Austria Generali Rückversicherung AG 67.234% 67.234% GLL GmbH & Co. Messeturm Holding KG Munich - Germany AachenMünchener Lebensversicherung AG 8.264% Generali Versicherung AG 8.264% Assicurazioni Generali S.p.A. 8.264% Generali Lebensversicherung Aktiengesellschaft 28.923% 53.715% GLL GmbH & Co. Messeturm KG Frankfurt - Germany GLL GmbH & Co. Messeturm Holding KG 84.900% 84.900% GLL GmbH & Co. Office KG Munich - Germany AachenMünchener Versicherung AG 9.710% AachenMünchener Lebensversicherung AG 9.710% 19.420%

187 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

GLL GmbH & Co. Retail KG Munich - Germany AachenMünchener Lebensversicherung AG 5.053% Central Krankenversicherung Aktiengesellschaft 7.579% Assicurazioni Generali S.p.A. 26.073% Generali Lebensversicherung Aktiengesellschaft 7.579% 46.285% GLL Real Estate Partners GmbH Munich - Germany Flandria Participations Financières S.A. 40.000% 40.000% Global Car Services S.A. Gennevilliers - France Europ Assistance France S.A. 50.000% 50.000% Global Investment Planning Limited London - United Kingdom BSI S.A. 100.000% 100.000% Global Medical Management Inc. Davie - U.S.A. Europ Assistance North America, Inc. 100.000% 100.000% Global Private Equity Holding AG Vienna - Austria Generali Lebensversicherung Aktiengesellschaft 11.395% Generali Versicherung AG 11.623% 23.017% GMT Fine Chemical S.A. Couvet - Switzerland Alpine Services Ltd 22.727% 22.727% Gotam Fund Management Company (Lux) S.A. Luxembourg - Luxembourg BSI Luxembourg S.A. 0.020% BSI S.A. 99.980% 100.000% Gotam Società di Gestione del Risparmio S.p.A. Milan - Italy BSI S.A. 100.000% 100.000% Gotam Umbrella Fund (Lux) Advisory Company S.A. Luxembourg - Luxembourg BSI S.A. 99.500% BSI Luxembourg S.A. 0.500% 100.000% Gottardo Equity Fund (Lux) Management Company S.A. Luxembourg - Luxembourg BSI Luxembourg S.A. 0.500% BSI S.A. 99.500% 100.000% Gottardo Strategy Fund Mgmt Company Luxembourg - Luxembourg BSI S.A. 99.500% BSI Luxembourg S.A. 0.500% 100.000%

188 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Gotthard Trust S.A. Lugano - Switzerland Dreieck Fiduciaria S.A. 100.000% 100.000% GP Reinsurance EAD Sofia - Bulgaria Generali PPF Holding B.V. 100.000% 100.000% Gradua Finance, a.s. Bratislava - Slovak Republic CZI Holdings N.V. 100.000% 100.000% Groupe Vervietois d’Assureurs S.A. Verviers - Belgium Generali Belgium S.A. 99.947% 99.947% Groupement Technique d’Assurances du Val d’Oise Cergy St. Christophe - France Generali Vie S.A. 45.000% 45.000% Grundstücksgesellschaft Einkaufszentrum Louisen-Center Bad Homburg mbH & Co. Berlin - Germany Generali Deutschland Immobilien GmbH 73.684% 73.684% Grundstücksgesellschaft Einkaufszentrum Marienplatz-Galerie Schwerin mbH & Co. Berlin - Germany AachenMünchener Versicherung AG 73.295% 73.295% Grundstücksgesellschaft Stadtlagerhaus Hamburg GbR Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 50.000% Generali Versicherung Aktiengesellschaft 50.000% 100.000% GSL Services s.r.o. Bratislava - Slovak Republic Generali Slovensko Poistovna a.s. 100.000% 100.000% GTC Nominee Ltd Nassau - Bahamas BSI Trust Corp. (Bahamas) Ltd 100.000% 100.000% Hamagen Properties Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% Heracles Immobiliare S.r.l. Trieste - Italy Generali Properties S.p.A. 100.000% 100.000% Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales Madrid - Spain La Estrella S.A. de Seguros y Reaseguros 100.000% 100.000%

189 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Hipotekarna banka a.d. Podgorica - Republic of Montenegro Flandria Participations Financières S.A. 15.972% 15.972% Hotel und Seniorenresidenz Rosenpark GmbH Marburg - Germany AachenMünchener Lebensversicherung AG 25.000% 25.000% HSR S.r.l. Ponte Di Piave - Italy Generali Properties S.p.A. 90.000% 90.000% Hypo Holding GmbH Linz - Austria Generali Holding Vienna AG 25.000% 25.000% Iberian Structured Investments I B.V. Amsterdam - Netherlands Generali PPF Holding B.V. 100.000% 100.000% Icare Allemagne S.A. Munich - Germany Icare S.A. 100.000% 100.000% Icare Assurance S.A. Boulogne Billancourt - France Icare S.A. 100.000% 100.000% Icare S.A. Boulogne Billancourt - France Europ Assistance Holding S.A. 100.000% 100.000% Icare Service Sprl Bruxelles - Belgium Icare S.A. 100.000% 100.000% IG BAU Mitglieder-Service GmbH Frankfurt - Germany Generali Lebensversicherung Aktiengesellschaft 33.333% 33.333% IG BCE Mitglieder-Service GmbH Hannover - Germany Generali Lebensversicherung Aktiengesellschaft 33.333% 33.333% Ihud Insurance Agencies Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 100.000% 100.000% Ihud Peltours Diamonds Insurance Agency (2002) Ltd Ramat Gan - Israel Peltours Insurance Agencies Ltd 100.000% 100.000% Ihud-David Berman Insurance Agencies Ltd Jerusalem - Israel Peltours Insurance Agencies Ltd 100.000% 100.000%

190 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Il Gelso - Società Agricola S.r.l. Trieste - Italy Enofila S.r.l. 100.000% 100.000% Il Pino S.r.l. Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000% Il Tiglio - Società Agricola S.r.l. Trieste - Italy Enofila S.r.l. 100.000% 100.000% Immobiliare Commerciale des Indes Orientales (IMMOCIO) Paris - France Generali Properties S.p.A. 20.000% Generali Vida Companhia de Seguros S.A. 0.833% Generali Vie S.A. 70.000% Assicurazioni Generali S.p.A. 0.833% La Estrella S.A. de Seguros y Reaseguros 2.500% Generali Real Estate Investments B.V. 3.333% Banco Vitalicio de España - Compañia Anonima de Seguros 2.500% 100.000% Immobiliare Commerciale XXVI S.r.l. Turin - Italy Iniziative Sviluppo Immobiliare ISIM S.p.A. 100.000% 100.000% Immobiliare Confagricoltura Bologna S.r.l. Bologna - Italy Genagricola - Generali Agricoltura S.p.A. 11.143% 11.143% Immobilière St-Honoré les Feuillans Paris - France Generali Vie S.A. 0.007% SCI du Coq 99.975% Cofifo S.A. 0.004% Generali IARD S.A. 0.004% 99.989% Immoeast Projekt Caelum Holding GmbH Vienna - Austria Generali Immobilien AG 20.000% 20.000% IMPRE-Finanziaria d’Impresa S.p.A. Rome - Italy Ina Assitalia S.p.A. 20.000% 20.000% Ina Assitalia S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Inf - Società Agricola S.p.A. Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000%

191 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Infid Management Anstalt Vaduz - Liechtenstein Dreieck Fiduciaria S.A. 100.000% 100.000% Infoparc S.A. Paris - France Icare S.A. 100.000% 100.000% Initium S.r.l. Rome - Italy Generali Properties S.p.A. 49.000% 49.000% Iniziative Sviluppo Immobiliare ISIM S.p.A. Turin - Italy Toro Assicurazioni S.p.A. 100.000% 100.000% Instituto del Seguro de Misiones S.A. Posadas - Misiones - Argentina Caja de Ahorro y Seguro S.A. 5.000% Caja de Seguros S.A. 94.952% 99.952% Insurance Company StensInvest llic Moscow - Russia CZI Holdings N.V. 100.000% 100.000% International Inheritance Planning Limited Auckland - New Zeland BSI S.A. 100.000% 100.000% Interunfall/AIV-Leasing Salzburg GmbH Vienna - Austria Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% Generali Versicherung AG 9.998% 100.000% Interunfall/AIV-Leasing Voarlberg GmbH Vienna - Austria Generali Versicherung AG 9.998% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% 100.000% Intesa Previdenza SIM S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 21.471% 21.471% Intesa Vita S.p.A. Milan - Italy Alleanza Assicurazioni S.p.A. 50.000% 50.000% Investimenti Marittimi S.p.A. Genoa - Italy Assicurazioni Generali S.p.A. 30.000% 30.000% Ippocastano - Società Agricola S.r.l. Trieste - Italy Enofila S.r.l. 100.000% 100.000%

192 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

IV Verwaltungsgesellschaft für Versicherungen mbH Munich - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% IWF Holding Company Ltd Bangkok - Thailand Generali Asia N.V. 100.000% 100.000% IXIA N.V. Herent - Belgium Generali Belgium S.A. 98.000% 98.000% JSC Generali Life Almaty - Kazakistan Ceska pojistovna, a.s. 100.000% 100.000% Jupiter 12 S.r.l. Rome - Italy Fata Assicurazioni Danni S.p.A. 100.000% 100.000% KAG Holding Company Ltd Bangkok - Thailand IWF Holding Company Ltd 100.000% 100.000% Kansas Consulting Ltd Nassau - Bahamas Dreieck Fiduciaria S.A. 100.000% 100.000% Kleylein & Cie Actuarial Services GmbH Frankfurt - Germany Generali Lebensversicherung Aktiengesellschaft 60.000% 60.000% Kyivdorbudkompleks JSC Kiev - Ukraine Generali Garant Insurance JSC 19.344% 19.344% La Caja Aseguradora de Riesgos del Trabajo ART S.A. Buenos Aires - Argentina Caja de Seguros S.A. 50.000% 50.000% La Caja de Seguros de Retiro S.A. Buenos Aires - Argentina Caja de Seguros S.A. 95.000% Caja de Ahorro y Seguro S.A. 5.000% 100.000% La Centrale Finanziaria Generale S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 18.859% 18.859% La Estrella S.A. de Seguros y Reaseguros Madrid - Spain Generali España Holding de Entidades de Seguros S.A. 99.828% 99.828% La Estrella Seguros de Retiro S.A. Buenos Aires - Argentina Caja de Seguros S.A. 50.000% 50.000%

193 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

La Nacional Compañia Inmobiliaria (Lancia) C.A. Guayaquil - Ecuador Generali Ecuador Compañía de Seguros S.A. 100.000% 100.000% LawCall Marketing Pty Ltd Randburg - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 100.000% 100.000% Lead Equities Mittelstandsfinanzierungs AG Vienna - Austria Generali Versicherung AG 14.286% 14.286% Leadair Unijet S.A. Le Bourget - Francia Generali Vie S.A. 15.000% 15.000% Leasing Company ‘Garant’ JSC Kiev - Ukraine Generali Garant Insurance JSC 25.000% 25.000% Leibowitz Streichman Consultants (1998) Ltd Ramat Gan - Israel Peltours Insurance Agencies Ltd 100.000% 100.000% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature Paris - France Generali France Assurance S.A. 99.976% 99.976% Leumi Insurance Services (U.K.) Ltd London - United Kingdom Ihud Insurance Agencies Ltd 49.000% Migdal Holdings & Management of Insurance Agencies Ltd 51.000% 100.000% Lion River I N.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 30.362% Generali Verzekeringsgroep N.V. 8.913% Generali Vie S.A. 30.362% Generali Deutschland Holding AG 30.362% 100.000% Lion River II N.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000% Lippmann Deelnemingen B.V. Rotterdam - Netherlands Nederlands Algemeen Verzekeringskantoor B.V. 33.317% 33.317% Livolsi e Associati Private S.A. Lugano - Switzerland BSI S.A. 40.000% 40.000% Lloyd Immobilien GmbH Munich - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000%

194 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Lordship Consultadoria e Servicos SA Funchal (Madeira) - Portugal BSI S.A. 100.000% 100.000% M.O.F. Beta Immobilien AG Vienna - Austria Generali Immobilien AG 20.000% 20.000% M.O.F. Immobilien AG Vienna - Austria Generali Immobilien AG 20.000% 20.000% Madanes Financial Services Ltd. Tel Aviv - Israel Migdal Investment Portfolio Management (1988) Ltd 50.000% 50.000% Maestro Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% Maghrebia S.A. Tunisi - Tunisia Assicurazioni Generali S.p.A. 44.169% 44.169% MAKB s.r.o. Bratislava - Slovak Republic Generali Immobilien AG 100.000% 100.000% Makefet Financial Services – Insurance Agency (1998) Ltd Tel Aviv - Israel Migdal Makefet Pension and Provident Funds Ltd 55.000% Froline Exclusive Ltd 45.000% 100.000% Malvina Ltd Kiev - Ukraine Generali Garant Insurance JSC 40.576% 40.576% Mangart Capital Partners SGR S.p.A. Milan - Italy Generali Investments Italy S.p.A. Società di Gestione Risparmio 18.000% 18.000% MAS Versicherungmakler GmbH Vienna - Austria Generali Sales Promotion GmbH 100.000% 100.000% Mediterranean Management Ltd Nassau - Bahamas BSI Trust Corp. (Bahamas) Ltd 100.000% 100.000% Medwell Internet Services GmbH Vienna - Austria Generali Sales Promotion GmbH 100.000% 100.000% Meetingpoint B.V. Hilversum - Netherlands Generali Schadeverzekering Maatschappij N.V. 16.667% 16.667%

195 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Mercialys Paris - France Generali Vie S.A. 11.999% 11.999% Migdal Alumim Investment House Ltd Tel Aviv - Israel Migdal Stock Exchange Services (N.E.) Ltd 100.000% 100.000% Migdal Capital Markets (1965) Ltd Tel Aviv - Israel Migdal Investments Management (2001) Ltd 100.000% 100.000% Migdal Capital Markets (Management Services) Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 99.998% 99.998% Migdal Credit Services Ltd Tel Aviv - Israel Migdal Eshkol Finansim B.M. 100.000% 100.000% Migdal Eshkol Finansim B.M. Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% Migdal Financial Services Ltd Tel Aviv - Israel Migdal Eshkol Finansim B.M. 100.000% 100.000% Migdal Gemel Platinum Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000% Migdal Hitum ve Kidum Asakim Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 100.000% 100.000% Migdal Holdings & Management of Insurance Agencies Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% Migdal Insurance and Financial Holding Ltd Tel Aviv - Israel Participatie Maatschappij Transhol B.V. 25.961% Assicurazioni Generali S.p.A. 0.983% Participatie Maatschappij Graafschap Holland N.V. 42.846% 69.789% Migdal Insurance Company Ltd Tel Aviv - Israel Migdal Insurance and Financial Holding Ltd 100.000% 100.000% Migdal Investment Portfolio Management (1988) Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 99.998% 99.998% Migdal Investments Management (2001) Ltd Tel Aviv - Israel Migdal Insurance and Financial Holding Ltd 100.000% 100.000%

196 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Migdal Leasing Ltd Tel Aviv - Israel Migdal Eshkol Finansim B.M. 100.000% 100.000% Migdal Makefet Pension and Provident Funds Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% Migdal Management of Provident Funds Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% Migdal P.E. Ltd Tel Aviv - Israel Migdal Investments Management (2001) Ltd 100.000% 100.000% Migdal Real Estate Holdings Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 99.998% 99.998% Migdal Stock Exchange Services (N.E.) Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 99.999% 99.999% Migdal Trust Funds Ltd Tel Aviv - Israel Migdal Stock Exchange Services (N.E.) Ltd 100.000% 100.000% Mivtach Rom Insurance Agency Limited Partnership Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 64.000% 64.000% Mivtach Simon Rubinstein Mor (Insurance Agency) 2000 Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 64.000% 64.000% Mivtach-Simon Agencies Management Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 100.000% 100.000% Mivtach-Simon Insurance Agencies Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 100.000% 100.000% MLV Beteiligungverwaltungsgesellschaft mbH Munich - Germany Generali Holding Vienna AG 100.000% 100.000% MRI Criticare Medical Rescue (Pty) Limited Johannesburg - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 100.000% 100.000% Municipalit Insurance Agency (2000) Ltd Ramat Gan - Israel Peltours Insurance Agencies Ltd 50.000% 50.000%

197 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Natalia S.r.l. Trieste - Italy Agricola San Giorgio S.p.A. 100.000% 100.000% Nederlands Algemeen Verzekeringskantoor B.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000% Net International S.p.A. Rubano - Italy Flandria Participations Financières S.A. 20.000% 20.000% Networking European Infrastructures Partners - NEIP II S.A.- Sicar Luxembourg - Luxembourg Assicurazioni Generali S.p.A. 48.387% 48.387% New Makefet Providence Fund Ltd Tel Aviv - Israel Migdal Makefet Pension and Provident Funds Ltd 100.000% 100.000% Nichsei Carmel B.M. Tel Aviv - Israel Migdal Eshkol Finansim B.M. 15.300% 15.300% Nord Est Investment Partners S.A. Luxembourg - Luxembourg Assicurazioni Generali S.p.A. 24.257% 24.257% Noreco Société Nouvelle de Recouvrements et de Contentieux S.A. Paris - France Generali Vie S.A. 0.050% Européenne de Protection Juridique S.A. 0.025% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0.025% Generali IARD S.A. 0.025% Generali France S.A. 99.800% 99.925% NV Schadeverzekering Maatschappij De Nederlanden van Nu Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 100.000% Ocrapor Beheer B.V. Amsterdam - Netherlands CZI Holdings N.V. 25.000% 25.000% ooo Fynansovyj servis Moscow - Russia Ceska pojistovna, a.s. 100.000% 100.000% Oudart Gestion S.A. Paris - France Oudart S.A. 100.000% 100.000% Oudart Patrimoine Sarl Paris - France Oudart Gestion S.A. 4.000% Oudart S.A. 96.000% 100.000%

198 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Oudart S.A. Paris - France BSI S.A. 100.000% 100.000% OVB Holding AG Cologne - Germany Generali Slovensko Poistovna a.s. 0.140% Generali Lebensversicherung Aktiengesellschaft 11.455% 11.595% Pankrac Services, s.r.o. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% Participatie Maatschappij Graafschap Holland N.V. Amsterdam - Netherlands Ina Assitalia S.p.A. 16.391% Assicurazioni Generali S.p.A. 70.495% Genertellife S.p.A. 6.557% Toro Assicurazioni S.p.A. 6.557% 100.000% Participatie Maatschappij Transhol B.V. Amsterdam - Netherlands Transocean Holding Corporation 100.000% 100.000% PCO Immobilien GmbH Vienna - Austria Generali Immobilien AG 100.000% 100.000% PCS Praha Center Spol.s.r.o. Prague - Czech Republic CA Global Property Internationale Immobilien AG 100.000% 100.000% Pel - Hamagen House Ltd Tel Aviv - Israel Hamagen Properties Ltd 100.000% 100.000% Peltours Insurance Agencies Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 73.281% 73.281% Pensiones Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Flandria Participations Financières S.A. 24.500% Participatie Maatschappij Graafschap Holland N.V. 24.500% 49.000% Penzijni fond Cˇeské pojišt’ovny, a.s. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% Perseo S.p.A. Turin - Italy Assicurazioni Generali S.p.A. 19.745% 19.745%

199 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Phone Business Service S.r.l. Milan - Italy Europ Assistance Italia S.p.A. 80.000% Europ Assistance Service S.p.A. 20.000% 100.000% Podium S.A.M. Montecarlo - Monaco BSI S.A. 30.000% 30.000% Ponte Alta - Comercio e Consultoria, Lda Funchal (Madeira) - Portugal Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. 100.000% 100.000% PPF Asset Management a.s. Prague - Czech Republic CZI Holdings N.V. 100.000% 100.000% PPF Partners Limited St. Peter Port - Guernsey Generali Worldwide Insurance Company Limited 27.500% 27.500% Primeira Cruz - Comercio e Consultoria, Lda Funchal (Madeira) - Portugal Ponte Alta - Comercio e Consultoria, Lda 60.000% 60.000% Protos - Società di Controlli Tecnici e Finanziari S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 19.579% 19.579% Protos Società Organismo di Attestazione S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 10.588% 10.588% Prudence Creole Saint-Denis - Reunion Generali France Assurance S.A. 93.064% Generali France S.A. 0.015% 93.079% Prunus S.p.A. Trieste - Italy Generali Properties S.p.A. 100.000% 100.000% První Callin agentura a.s. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% PSC Insurance-Consulting GmbH Vienna - Austria Generali Sales Promotion GmbH 100.000% 100.000% PT Asuransi Jiwa Generali Indonesia Djakarta - Indonesia Generali Asia N.V. 87.692% 87.692%

200 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Rav Ofek Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 25.000% 25.000% Redoze Holding N.V. Amsterdam - Netherlands Transocean Holding Corporation 43.967% Assicurazioni Generali S.p.A. 6.023% Generali Worldwide Insurance Company Limited 50.010% 100.000% REFICOR s.r.o. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% Renewable Investment Holding Luxembourg - Luxembourg BSI S.A. 100.000% 100.000% Reshef Insurance Agencies 2004 Ltd Tel Aviv - Israel Sagi Yogev Life Assurance Agency (1988) Ltd 50.000% 50.000% Risk-Aktiv Versicherungsservice GmbH Vienna - Austria Generali Versicherung AG 100.000% 100.000% Risparmio Assicurazioni S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 99.996% 99.996% Risque et Sérénité S.A. Paris - France Generali Vie S.A. 16.361% Generali France Assurance S.A. 30.616% 46.977% Ritenere S.A. Buenos Aires - Argentina Caja de Ahorro y Seguro S.A. 99.167% Caja de Seguros S.A. 0.833% 100.000% Rocher Pierre SCpI Paris - France Generali Vie S.A. 48.520% 48.520% S. Alessandro Fiduciaria S.p.A. Milan - Italy Banca Generali S.p.A. 100.000% 100.000% S.A. Saint-Christoly Bordeaux Paris - France Generali IARD S.A. 50.000% 50.000% S.A.I. des Trois Collines de Mougins Nizza - France Generali IARD S.A. 33.306% Generali Vie S.A. 14.959% 48.264%

201 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

S.C. Aqua Mures S.r.l. Sannicolau Mare - Romania Casaletto S.r.l. - Società Unipersonale 1.000% Genagricola - Generali Agricoltura S.p.A. 99.000% 100.000% S.C. Asigurare Reasigurare ARDAF S.A. Bucarest - Romania Iberian Structured Investments I B.V. 81.999% 81.999% S.C. FATA Asigurari S.A. Bucarest - Romania Fata Assicurazioni Danni S.p.A. 100.000% Fata Vita S.p.A. 0.000% 100.000% S.C. Genagricola Romania S.r.l. Sannicolau Mare - Romania Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000% S.C. La Quercia S.r.l. Timisora-Sannicolau Mare - Romania Inf - Società Agricola S.p.A. 100.000% 100.000% S.C. Roumanie Assurance International S.A. Bucarest - Romania Iberian Structured Investments I B.V. 99.999% 99.999% S.C. San Pietro Romania S.r.l. Sannicolau Mare - Romania Agricola San Giorgio S.p.A. 100.000% 100.000% Sagi Yogev Life Assurance Agency (1988) Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 100.000% 100.000% Saint Ouen C1 S.A.S. Paris - France Tartini S.à.r.l. 80.000% 80.000% Saint Ouen C1 Société Civile Immobilière Paris - France Saint Ouen C1 S.A.S. 99.900% Tartini S.à.r.l. 0.100% 100.000% Sammartini S.à.r.l. Senningerberg - Luxembourg Generali Real Estate Fund Sicav 100.000% 100.000% Sara Assicurazioni S.p.A. Rome - Italy Ina Assitalia S.p.A. 7.000% Assicurazioni Generali S.p.A. 7.000% 14.000% Sarl Maisonneuve Gestion Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000%

202 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Sarl Parcolog II Lille Hénin Beaumont Gestion 2 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% Sarl Parcolog Lille Henin Beaumont 1 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% Sarl Parcolog Lyon Isle d’Abeau Gestion Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SAS 2 ISO Paris - France Generali Vie S.A. 100.000% 100.000% SAS IMMOCIO CBI Paris - France Immobiliare Commerciale des Indes Orientales (IMMOCIO) 100.000% 100.000% Saxon Land B.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 50.000% 50.000% SBI Software Beratungs-Institut AG Reinach - Switzerland Generali Personenversicherungen AG 12.000% 12.000% SC Generali Logistique (Generali Logistique) Paris - France Generali Vie S.A. 100.000% 100.000% SC Progador (SCI) Paris - France Generali IARD S.A. 0.370% Generali Vie S.A. 99.630% 100.000% SCEA de Foncaude Paris - France Generali IARD S.A. 0.001% Generali Vie S.A. 99.999% 100.000% Schloss Bensberg Management GmbH Bensberg - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000% SCI Beaune Logistique 1 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Cogipar Paris - France Generali Vie S.A. 100.000% 100.000% SCI des 5 et 7 Rue Drouot Paris - France Generali Vie S.A. 100.000% 100.000%

203 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

SCI du 130 BD Bineau Paris - France Generali IARD S.A. 100.000% 100.000% SCI du 174 Rue de Rivoli Paris - France Generali Vie S.A. 100.000% 100.000% SCI du 24 Rue de Mogador a Paris (9eme) Paris - France Generali Vie S.A. 100.000% 100.000% SCI du 54 Avenue Hoche Paris - France Generali Vie S.A. 100.000% 100.000% SCI du Chateau La France Paris - France Generali Vie S.A. 100.000% 100.000% SCI du Coq Paris - France Generali Vie S.A. 99.189% Generali IARD S.A. 0.811% 100.000% SCI Espace Seine-Generali Paris - France Generali Vie S.A. 100.000% 100.000% SCI Font Romeu Neige et Soleil Paris - France Generali IARD S.A. 100.000% 100.000% SCI France Mornay Lyon Paris - France Generali Vie S.A. 100.000% 100.000% SCI Generali Daumesnil Paris - France Generali IARD S.A. 45.000% SCI GPA Pierre 55.000% 100.000% SCI Generali Le Franklin Paris - France Generali Vie S.A. 99.565% SCI Le Rivay 0.435% 100.000% SCI Generali Le Jade Paris - France Generali Vie S.A. 100.000% 100.000% SCI Generali Pierre Paris - France Generali Vie S.A. 38.154% SCI Generali Wagram 60.634% Generali IARD S.A. 1.115% 99.903%

204 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

SCI Generali Pierre-Grenier Paris - France Generali IARD S.A. 99.997% Generali Vie S.A. 0.003% 100.000% SCI Generali Pyramides Paris - France Generali IARD S.A. 67.877% SCI Generali Wagram 32.123% 100.000% SCI Generali Wagram Paris - France Generali IARD S.A. 100.000% 100.000% SCI Generalli Asnieres Paris - France Generali Vie S.A. 0.004% Generali IARD S.A. 99.996% 100.000% SCI GPA Commerce 1 Paris - France Generali IARD S.A. 100.000% 100.000% SCI GPA Commerce 2 Paris - France Generali IARD S.A. 100.000% 100.000% SCI GPA Pierre Paris - France Generali Vie S.A. 98.800% Generali IARD S.A. 1.200% 100.000% SCI Haussmann 50-Generali Paris - France SCI du Coq 0.005% Generali Vie S.A. 99.995% 100.000% SCI Immovie Paris - France Generali Vie S.A. 99.983% Generali IARD S.A. 0.017% 100.000% SCI Iris La Défense Paris - France Generali IARD S.A. 44.444% Generali Vie S.A. 33.333% Generali France Assurance S.A. 22.222% 100.000% SCI Lagny 68-70-Generali Paris - France Generali Vie S.A. 100.000% 100.000% SCI Landy-Novatis Paris - France Generali Vie S.A. 100.000% 100.000%

205 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

SCI Landy-Wilo Paris - France Generali Vie S.A. 99.900% Generali IARD S.A. 0.100% 100.000% SCI Le Rivay Paris - France Generali Vie S.A. 100.000% 100.000% SCI Les 3 Collines Le Ferandou Paris - France Generali Vie S.A. 15.000% Generali IARD S.A. 33.300% 48.300% SCI Montrose Parc Paris - France Generali IARD S.A. 27.500% Generali Vie S.A. 42.500% 70.000% SCI St Marc Paris - France Prudence Creole 99.000% Bourbon Courtage S.A. 1.000% 100.000% SCI Viroflay 10-12 Libération Paris - France Generali Vie S.A. 100.000% 100.000% Second Pillar S.A. Athens - Greece BSI S.A. 25.000% 25.000% Secontip S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 19.330% 19.330% Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte Monterrey - N.L. - Mexico Transocean Holding Corporation 5.307% Participatie Maatschappij Graafschap Holland N.V. 21.847% Flandria Participations Financières S.A. 21.847% 49.000% Selecta CEE s.r.o. Bratislava - Slovak Republic Generali Immobilien AG 100.000% 100.000% Sementi Dom Dotto S.p.A. Mortegliano - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000% Sementi Ross S.r.l. Muggia - Italy Sementi Dom Dotto S.p.A. 100.000% 100.000%

206 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Servicios Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 33.000% Pensiones Banorte Generali S.A. de C.V. 33.000% Solida Banorte Generali S.A. de C.V. Afore 34.000% 100.000% Servizi Tecnologici Avanzati S.p.A. Bologna - Italy Assicurazioni Generali S.p.A. 25.000% 25.000% Shaham Insurance Agencies (1997) Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 100.000% 100.000% Shaham Veinstein (Netanya) Insurance Agencies Ltd. Tel Aviv - Israel Shaham Insurance Agencies (1997) Ltd 100.000% 100.000% Shamgad Claims Management Co. Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% SIMGENIA S.p.A. Società di Intermediazione Mobiliare Trieste - Italy Banca Generali S.p.A. 15.000% Toro Assicurazioni S.p.A. 15.000% Assicurazioni Generali S.p.A. 25.000% Ina Assitalia S.p.A. 15.000% Alleanza Assicurazioni S.p.A. 20.000% Fata Assicurazioni Danni S.p.A. 10.000% 100.000% SK Versicherung AG Vienna - Austria Generali Versicherung AG 19.228% Generali Holding Vienna AG 20.430% 39.658% SNC Domaine Pont de L’Arche Paris - France Generali Vie S.A. 35.000% Generali IARD S.A. 35.000% 70.000% SO.FI.GE.A. Società Finanziaria Gestioni Assicurative a r.l. Rome - Italy Ina Assitalia S.p.A. 5.557% Assicurazioni Generali S.p.A. 6.860% Toro Assicurazioni S.p.A. 3.182% Fata Assicurazioni Danni S.p.A. 0.137% Augusta Assicurazioni S.p.A. 0.557% 16.294% Società Finanziaria di Banche Romagnole S.p.A. Ravenna - Italy Genertel S.p.A. 8.388% Assicurazioni Generali S.p.A. 5.112% 13.500%

207 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Société d’Assistance et de Transport Médical S.A. - Tunisie Assistance Tunisi - Tunisia Europ Assistance Holding S.A. 33.000% 33.000% Société Robert Malatier Ltd London - United Kingdom Generali IARD S.A. 24.931% 24.931% Solaris S.r.l. Milan - Italy Generali Properties S.p.A. 40.000% 40.000% Solida Banorte Generali S.A. de C.V. Afore Monterrey - N.L. - Mexico Participatie Maatschappij Graafschap Holland N.V. 24.500% Flandria Participations Financières S.A. 24.500% 49.000% Solidia Finance et Patrimonie S.A. Paris - France Oudart S.A. 50.020% 50.020% Sopher Moshe Insurance Agencies (1997) Ltd Tel Aviv - Israel Shaham Insurance Agencies (1997) Ltd 35.032% 35.032% Sorgho S.A. Meudon de la Foret - France Generali Vie S.A. 10.000% Generali IARD S.A. 10.000% 20.000% Sté Financiere Tour Boieldieu S.A. Puteaux - France Generali IARD S.A. 0.843% Generali Vie S.A. 11.754% 12.597% Sté Manuscrits des Assureurs Francais S.A. Paris - France Generali Vie S.A. 6.667% Generali IARD S.A. 6.667% 13.333% Suresnes Immobilier S.A. Paris - France Generali Vie S.A. 100.000% 100.000% Sviko Ltd Lutsk - Ukraine Generali Garant Insurance JSC 99.922% 99.922% Tartini S.à.r.l. Luxembourg - Luxembourg Generali Real Estate Fund Sicav 100.000% 100.000% Tecnopolo Lugano S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000%

208 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Telco S.p.A. Milan - Italy Generali Vie S.A. 2.078% Generali Lebensversicherung Aktiengesellschaft 1.310% Assicurazioni Generali S.p.A. 11.890% Ina Assitalia S.p.A. 5.692% Cosmos Lebensversicherungs Aktiengesellschaft 0.111% Central Krankenversicherung Aktiengesellschaft 0.166% AachenMünchener Versicherung AG 0.066% AachenMünchener Lebensversicherung AG 0.406% Alleanza Assicurazioni S.p.A. 6.192% Generali Versicherung Aktiengesellschaft 0.103% 28.014% Tenax Capital Limited London - United Kingdom Genirland Limited 49.000% 49.000% Terra Nova V Montreuil SCI Paris - France Generali Vie S.A. 0.100% Sammartini S.à.r.l. 99.900% 100.000% Thalìa S.A. Lugano - Switzerland Generali Investments Italy S.p.A. Società di Gestione Risparmio 49.000% BSI S.A. 51.000% 100.000% The Careways Group (Proprietary) Limited Midland, Kyalami - South Africa Europ Assistance Worldwide Services (South Africa) Ltd 70.000% 70.000% Thuringia Generali 1.Immobilien AG & Co. KG Munich - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Thuringia Generali 2.Immoblien AG & Co. KG Munich - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Thuringia Versicherungsvermittlungs-GmbH & Co. KG Munich - Germany IV Verwaltungsgesellschaft für Versicherungen mbH 79.997% 79.997% Tiberina S.r.l. Unipersonale Rome - Italy Ina Assitalia S.p.A. 100.000% 100.000% Together Internet Services GmbH Vienna - Austria Generali Versicherung AG 24.990% 24.990%

209 Elenco delle partecipazioni superiori al 10% del capitale rappresentato da azioni con diritto di voto in società non quotate o s.r.l.

Companies Head office Shareholding

Together Stille Gesellschaft Vienna - Austria Generali Versicherung AG 34.043% 34.043% Torelli S.à.r.l. Senningerberg - Luxembourg Generali Real Estate Fund Sicav 100.000% 100.000% Toro Assicurazioni S.p.A. Turin - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Transauto Ltd Kiev - Ukraine Generali Garant Insurance JSC 16.667% 16.667% Transinvestservice Ltd Odesa - Ukraine Generali Garant Insurance JSC 90.062% 90.062% Transocean do Brasil Participaçoes S.A. Rio de Janeiro - Brazil Transocean Holding Corporation 0.008% Assicurazioni Generali S.p.A. 99.992% 100.000% Transocean Holding Corporation New York - U.S.A. Assicurazioni Generali S.p.A. 100.000% 100.000% Treugeld Vermögensplanung GmbH Salzburg - Austria Generali Sales Promotion GmbH 100.000% 100.000% Trieste Courtage S.A. Paris - France Generali Vie S.A. 0.019% Generali France Assurance S.A. 99.962% 99.981% Triumph Vermögenplanung GmbH Salzburg - Austria Generali Sales Promotion GmbH 100.000% 100.000% TTC - Training Center Unternehmensberatung GmbH Vienna - Austria Europäische Reiseversicherungs AG 100.000% 100.000% Tvuna Life Assurance Agency (1988) Ltd Tel Aviv - Israel Mivtach-Simon Insurance Agencies Ltd 33.333% 33.333% U.C.I. Ufficio Centrale Italiano Soc.Cons. a r.l. Milan - Italy Genertel S.p.A. 0.075% Toro Assicurazioni S.p.A. 2.831% Assicurazioni Generali S.p.A. 5.925% Generali Belgium S.A. 0.000%

210 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Fata Assicurazioni Danni S.p.A. 0.974% Ina Assitalia S.p.A. 6.188% Augusta Assicurazioni S.p.A. 0.424% 16.418% UMS Immobilare Genova S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 99.899% 99.899% Univerzální správa majetku, a.s. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% Vàci utca Center U˝zletközpont Kft Budapest - Hungary Generali Immobilien AG 100.000% 100.000% Valiance Capital S.A. Lugano - Switzerland BSI S.A. 30.000% 30.000% Valore Immobiliare S.r.l. Milan - Italy Generali Properties S.p.A. 49.000% 49.000% Venice S.p.A. Vicenza - Italy Assicurazioni Generali S.p.A. 15.858% 15.858% ver.di Service GmbH Stuttgart - Germany Generali Lebensversicherung Aktiengesellschaft 33.333% 33.333% Verifica S.A. Lugano - Switzerland Dreieck Fiduciaria S.A. 100.000% 100.000% Versicherungsdienst der BAWAG P.S.K. GmbH Vienna - Austria Generali Holding Vienna AG 49.990% 49.990% Versicherungsmakler und Beteiligungsverwaltungs GmbH Hamburg - Germany Generali Versicherung Aktiengesellschaft 26.000% 26.000% Versicherungs-Planer-Vermittlungs GmbH Munich - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Verwaltungsgesellschaft Marienplatz-Galerie Schwerin mbH Berlin - Germany Generali Deutschland Immobilien GmbH 74.000% 74.000% VHD Car and Service BV Deventer - Netherlands VHD Holding BV 100.000% 100.000%

211 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

VHD Europenet BV Deventer - Netherlands VHD Holding BV 100.000% 100.000% VHD Facilitair BV Deventer - Netherlands VHD Holding BV 100.000% 100.000% VHD Holding BV Deventer - Netherlands Europ Assistance Holding S.A. 57.168% 57.168% VHD Omnicare BV Amsterdam - Netherlands VHD Holding BV 100.000% 100.000% Vitalicio Torre Cerdà S.l. Barcelona - Spain Grupo Generali España Agrupación de Interés Económico 9.338% Banco Vitalicio de España - Compañia Anonima de Seguros 90.662% 100.000% Vofü Fonds I Hamburgische Grundbesitz und Anlage GmbH & Co.KG Hamburg - Germany Generali Beteiligungs- und Verwaltungs-AG 59.287% 59.287% Volksfürsorge 1.Immobilien AG & Co. KG Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Volksfürsorge 2.Immobilien AG & Co. KG Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Volksfürsorge 3.Immobilien AG & Co. KG Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Volksfürsorge 4.Immobilien AG & Co. KG Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Volksfürsorge 5.Immobilien AG & Co. KG Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Volksfürsorge 6.Immobilien AG & Co. KG Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Volksfürsorge 7.Immobilien AG & Co. KG Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Volksfürsorge AG Vertriebsgesellschaft für Vorsorge- und Finanzprodukte Hamburg - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000%

212 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Volksfürsorge Fixed Assets GmbH Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Volksfürsorge Pensionskasse AG Hamburg - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Volksfürsorge Pensionsmanagement GmbH Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% VOV Vervaltungsorganisat.für Vermögensch.Vers.für Mit.Org.Jur.Pers. GmbH Cologne - Germany AachenMünchener Versicherung AG 15.000% Generali Versicherung Aktiengesellschaft 15.000% 30.000% VUB Generali dôchodková správcovská spolocˇnost’, a.s. Bratislava - Slovak Republic Generali Slovensko Poistovna a.s. 50.000% 50.000% Walter Sohn GmbH Munich - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Walter Sohn GmbH & Co. KG i. L. Munich - Germany Generali Beteiligungs- und Verwaltungs-AG 7.692% Walter Sohn GmbH 92.308% 100.000% Worldwide Assistance Canada Inc. Toronto - Canada Europ Assistance Holding S.A. 100.000% 100.000% Worldwide Assistance Servicos de Assistencia Personalizados S.A. Rio de Janeiro - Brazil Primeira Cruz - Comercio e Consultoria, Lda 100.000% 100.000% Zad Victoria AD Sofia - Bulgaria Fata Assicurazioni Danni S.p.A. 67.000% 67.000% Zentiva N.V. Amsterdam - Netherlands Ceska pojistovna, a.s. 17.361% Cˇeská pojišt’ovna ZDRAVI a.s. 0.010% CˇP INVEST investicˇní spolecˇnost, a.s. 0.024% Penzijni fond Cˇeské pojišt’ovny, a.s. 0.952% Generali Penzijní Fond a.s. 0.019% Generali Pojistovna a.s. 0.400% 18.765% Zweite AM RE Verwaltungs GmbH Aachen - Germany AachenMünchener Versicherung AG 100.000% 100.000%

213 Editing: Consolidation Department

Co-ordination: Group Communication Department/ Human Resources Dept. – General Services

Graphic design: Sintesi - Trieste

Photos: SIME photo

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