Group presentation About us

• Unipol Gruppo Finanziario is leader in the Italian insurance market • It ranks 1st among the Non-life insurance groups with written premiums of 9.0€bn and a market share of 24% (2014 figures). • It is one of the leaders in the Life business in Italy with written premiums of 8.9€bn and a market share of 7% (2014 figures). Leader in the Italian Insurance Occupational Pension Funds market, AUM 3.7€bn • It manages financial assets for 60€bn • It also operates in the banking sector • It has a multichannel strategy through: • over 3,000 agencies in Italy (and over 20,000 agents/sub-agents) and around 100 branches in Serbia • about 4,300 banking branches (bancassurance distribution agreements) • around 300 property banking branches (banking business carried out through Unipol Banca) • direct channel (telephone/internet) and company agreements (e.g. in the health business) • Unipol Gruppo Finanziario and its subsidiary UnipolSai are listed on the Italian Stock Exchange through Unipol Ordinary Shares and UnipolSai Ordinary Shares.

2 Ranking and sales network – Insurance group

Italian Market 2014 UnipolSai Sales Network

€bn Total premiums m.s.% Non-Life premiums m.s.% North 50% Unipol 8.9 24.0% Generali 23.9 15.9% Gruppo Finanziario Intesa 21.3 14.1% Generali 6.4 17.3% Sanpaolo

Unipol 17.1* 11.3% Allianz 4.6 12.3% Gruppo Finanziario Centre 23% Poste 15.5 10.3% Cattolica 2.1 5.6%

Allianz 13.1 8.7% Reale Mutua 1.9 5.2%

Cattolica 5.7 3.8% AXA 1.8 4.9% South 27% BNP Paribas 5.5 3.6% Zurich 1.4 3.8%

Mediolanum 5.3 3.5% Groupama 1.2 3.2%

Axa 4.8 3.2% Vittoria 1.0 2.8% agencies: 3,157 Sara Credit Agricole 4.1 2.7% 0.6 1.6%

*including cross-border premiums 3 Group structure

UNIPOLSAI

2014 direct premium income

Non-Life Life Total

UnipolSai S.pA. 8.000 3.696 11.697 Popolare Vita 2.982 2.982 100% 98.53% 61.08%* 57.75% 63.39% Lawrence Life 682 682 Other UnipolSai Group 423 224 647

Total UnipolSai Group 8.424 7.584 16.008

UNIPOL GRUPPO FINANZIARIO 42.25% 98.12% 2014 direct premium income

Non-Life Life Total

50% Linear 172 172 Unisalute 270 270 Arca Assicurazioni 103 103 Arca Vita 1.329 1.329 100% Other Specialist Companies 1 1

Total Specialist Companies 545 1.330 1.875

Total Unipol Group 8.969 8.915 17.884 o/w in Italy 8.900 8.232 17.132

= listed company Unipol Gruppo Finanziario: Reuters Code UNPI.MI – Bloomberg Code UNI IM UnipolSai: Reuters Code US.MI – Bloomberg Code US IM

* Including a 9.19% stake indirectly held by Unipol Finance 4 Simplification, Soundness, Sustainability

1 Rationalising the Group structure

2 AGCM requirements met

3 Group assets enhancement

4 Streamlining the share structure

5 Positive results in the business confirmed

6 Rewarding dividend policy

7 Sound capital base

5 Simplification, Soundness, Sustainability

1 Rationalising the Group structure

2 AGCM requirements met

3 Group assets enhancement

4 Streamlining the share structure

5 Positive results in the business confirmed

6 Rewarding dividend policy

7 Sound capital base

6 1 Group structure evolution

December 2013 2014 main operations Today

Unipol Gruppo Unipol Gruppo Finanziario • Premafin, Milano, Unipol Finanziario Assicurazioni and Fondiaria-Sai merger: creation of UnipolSai Linear Unisalute

Unipol Unipol Banca • Merger by incorporation of Banca Sai Assicurazioni Premafin Arca in Unipol Banca ………..

Linear Unisalute • Reduction of real estate companies Unipol Banca (from 32 to 13) Arca ……….. UnipolSai • Reduction of holding and banking Fondiaria- companies (from 29 to 19) Unipol Fondiaria- Assicurazioni SAI SAI

• Reduction of insurance companies Milano (from 24 to 21) Milano Premafin

n. insurance companies: 24 n. insurance companies: 21 n. financial companies: 29 n. financial companies: 19 n. real estate companies: 32 n. real estate companies: 13 n. diversified companies: 21 n. diversified companies: 20

= listed companies 7 Simplification, Soundness, Sustainability

1 Rationalising the Group structure

2 AGCM requirements met

3 Group assets enhancement

4 Streamlining the share structure

5 Positive results in the business confirmed

6 Rewarding dividend policy

7 Sound capital base

8 2 AGCM requirements met

Sale of the former Milano insurance business unit

14 January 2014 Allianz S.p.A. presents a proposal for the acquisition of some insurance assets belonging to the former Milano Assicurazioni

Unipol and UnipolSai Board of Directors convene to proceed to the exclusive negotiation and finalization on binding 21 January 2014 agreements with Allianz by 15 March

15 March 2014 UnipolSai and Allianz execute the divestiture agreement

Allianz and UnipolSai close the sale agreement for the transfer of 725 agencies and 470 employees, relating to a Non-Life 30 June 2014 insurance portfolio including premiums of €1.1bn against a payment of €200m

31 December 2014 Effective date for the transfer of the ceded portfolio within the insurance business belonging to the former Milano Assicurazioni S.p.A.

20 February 2015 Additional payment of €179m

Other measures adopted

 Termination of the shareholders’ agreement Unicredit-Premafin on Fondiaria-SAI shares  Sale of the stakes in Mediobanca  Sale of the stakes in Generali  Repayment of some Mediobanca loans  Rebranding of the trademarks Milano Assicurazioni and Sasa disused as from 31 December 2014  Liberalisation of some agencies to complete the reduction in market shares  Merger of Liguria Vita and Liguria Assicurazioni into UnipolSai (still underway)

9 Simplification, Soundness, Sustainability

1 Rationalising the Group structure

2 AGCM requirements met

3 Group assets enhancement

4 Streamlining the share structure

5 Positive results in the business confirmed

6 Rewarding dividend policy

7 Sound capital base

10 3 Acquisition of the hotel business ‘UNA’

Acquisition of the business unit concerning the hotel management of ‘UNA’ for a consideration of €27.6m

Terms of the Acquisition of the relative RE portfolio for hotel use agreement*

Implementation of the transactions to take place subject to approval from the relevant Authorities and to the completion of the debt restructuring procedures of ‘UNA’

Creation of the national leader in the Italian hotel industry with:

Rationale of the . over 50 hotel (business and leisure) and 8,600 rooms transaction . aggregate revenues of over €170m . possibility to attract new investors and aggregate further players of the sector

* Agreement comunicated on 25 May 2015

11 Simplification, Soundness, Sustainability

1 Rationalising the Group structure

2 AGCM requirements met

3 Group assets enhancement

4 Streamlining the share structure

5 Positive results in the business confirmed

6 Rewarding dividend policy

7 Sound capital base

12 4 Group structure after conversion of savings and preference shares

2014 2015

50.75% 31.40% ordinary ordinary shares shares

Share capital Share capital 443,993,991 ordinary shares 717,473,508 ordinary shares 273,479,517 preference shares 717,473,508 total shares

63.41% 61.08% ordinary ordinary shares shares

Share capital 2,275,632,026 ordinary shares Share capital 1,276,836 savings A shares 2.780,508,781 ordinary shares 377,193,155 savings B shares* 2,654,102,017 total shares

Reducing to 2 from 5 = listed shares the number of listed shares

* 67.75% held (directly and indirectly) by Unipol Gruppo Finanziario 13 Simplification, Soundness, Sustainability

1 Rationalising the Group structure

2 AGCM requirements met

3 Group assets enhancement

4 Streamlining the share structure

5 Positive results in the business confirmed

6 Rewarding dividend policy

7 Sound capital base

14 5 Consolidated results by business area 1Q15 €m UNIPOLSAI 1Q14 1Q15

Pre-tax Net Pre-tax Net result result result result Non-Life 263 152 342 225 Life 64 42 138 95 Other -5 -8 -10 -10 Consolidated result 323 186 470 310 Group result 174 303

UNIPOL GRUPPO FINANZIARIO 1Q14 1Q15

Pre-tax Net Pre-tax Net result result result result Non-Life 249 143 368 243 Life 52 35 139 96 Banking sector * -11 -14 4 3 Other -41 -33 -36 -30 Consolidated result 249 132 475 312 Group result 70 195

* including provisions set aside by the holding company on bank loans object of the indemnity agreement.

Operating figures 15 5 Non-Life – Direct premium income 1Q15 €m UNIPOLSAI

-5.6% pro-forma excl. effect of ptf sale to Allianz * Premiums by company 2,107 1,801

-14.6% MV 6% 1Q14 1Q15 9% AutoAccident/ 1,315 -8.2% Health UnipolSai S.p.A. 1,991 1,703 Infortuni e 1,061 pro-forma MalattiaProperty Other companies 116 99 14% Incendio/ ADB UnipolSai Group 2,107 1,801 59% General RCGTPL -1.4% 12% 792 740 Other pro-forma Altro

1Q14 1Q15

Non-MV MV

UNIPOL GRUPPO FINANZIARIO

-5.5% pro-forma excl. effect of ptf sale to Allianz * 2,288 Premiums by company 1,972

-13.8% 6% MV Auto 1Q14 1Q15 8% Accident/ 1,372 -8.9% Health UnipolSai Group 2,107 1,801 1,105 pro-forma Infortuni e 13% MalattiaProperty Linear 48 38 Incendio/ADB Unisalute 108 111 56% General RCGTPL Arca 25 23 -0.8% 916 868 17% Other pro-forma Altro Unipol Gruppo Fin. 2,288 1,972

1Q14 1Q15

Non-MV MV

* operating estimate 16 5 Non-Life – Combined Ratio net of reinsurance 1Q15

UNIPOLSAI UNIPOL GRUPPO FINANZIARIO

+0.4 p.p. 96.1% +1.4 p.p. 97.5% +1.3 p.p. 96.6% +2.0 p.p. +0.9 p.p. +0.6 p.p. +0.6 p.p. 95.3% 92.8% 92.3% +1.8 p.p. 24.8% 26.2% 24.3% 25.6% 24.8% 24.4%

67.9% 71.2% 71.2% 67.9% 71.0% 71.0%

1Q14 NatCat Reins. Other 1Q15 D unearned 1Q15 1Q14 NatCat Reins. Other 1Q15 D unearned 1Q15 reported Tuscany pro-forma premium reported reported Tuscany pro-forma premium reported reserve reserve ptf sold ptf sold

Loss Ratio Expense Ratio Loss Ratio Expense Ratio

Combined ratio net of reinsurance: operating expenses / earned premiums after reins. + claims charges / earned premiums after reins. 17 5 Non-Life – Combined Ratio direct business 1Q15

UNIPOLSAI UNIPOL GRUPPO FINANZIARIO

+1.6 p.p. -1.9 p.p. 96.8% +1.8 p.p. -1.5 p.p. 95.6% 94.1% +1.9 p.p. +0.3 p.p. +0.7 p.p. 93.1% +1.8 p.p. +0.0 p.p. +0.5 p.p. 27.4% 26.2% 26.7% 25.7%

67.4% 69.4% 67.4% 69.4%

1Q14 NatCat D average D previous Other D expense 1Q15 1Q14 NatCat D average D previous Other D expense 1Q15 reported Tuscany Motor TPL years ratio reported reported Tuscany Motor TPL years ratio reported premium premium

Loss Ratio Expense Ratio Loss Ratio Expense Ratio

Combined ratio direct business: operating expenses / gross premiums + claims charges / earned premiums 18 5 Non-Life – Insurance sector extra UnipolSai 1Q15 €m

1Q14 1Q15 D %

Premium income 180 172 -4.7% MV 56 44 -21.9% Accident + Health 115 119 +3.0% Other 9 9 +2.8%

CoR direct business 82.7% 85.1% +2.4 p.p. Expense ratio 15.6% 15.3% -0.4 p.p. Loss ratio (incl. OTI) 67.0% 69.8% +2.8 p.p.

IAS net result 18 16 -15.5%

Aggregate operating figures (Linear + Unisalute + Arca Assicurazioni) 19 5 Life – Direct income 1Q15 €m UNIPOLSAI

-2.7% Premiums by company Traditional 6.6% 1Q14 1Q15 Index/UnitTradizionali 13.0% Linked UnipolSai S.p.A. 900 1,040 Popolare Vita 1,995 1,941 56.4% CapitalizIndex/Unit. Linked 1,054 827 Other companies 42 74 24.0% PensionCapit.ne funds UnipolSai Group 1,995 1,941

Fondi Pensione

1Q14 1Q15

UNIPOL GRUPPO FINANZIARIO

+3.1% Premiums by company 5.0% Tradiional 9.9% Index/UnitTradizionali 1Q14 1Q15 Linked Index/Unit Linked UnipolSai Group 1,995 1,941 2,473 2,550 59.7% Capitaliz. Arca Vita 478 608 25.4% Capit.ne Pension funds Unipol Gruppo Fin. 2,473 2,550

Fondi Pensione

1Q14 1Q15

20 5 Banking business – KPI 1Q15 €m

Direct deposits Indirect deposits Lending * Tangible Book Value

+9.3% +3.0%

- 0.7% +3.9% 53,694 49,117 10,035 10,340 9,408 9,339 721 749

FY14 1Q15 FY14 1Q15 FY14 1Q15 FY14 1Q15

Economic results Coverage ratio trend

55,4% 55,7% 1Q14 1Q15 D % 52,5% 52,8% 50,2% 51,5% Gross operating income 117 88 -24.8% -2.0% o/w interest income 63 62 40,9% 41,7% 42,3% 42,3% 39,1% o/w non-interest income 54 26 -51.3% 37,2% Provisions -30 -12 -60.1%

Gross profit 13 4 -70.2% FY13 1Q14 1H14 9M14 FY14 1Q15 Net profit 4 3 -32.2% bad loans impaired loans Cost / Income 63.7% 82.2% +18.5 p.p.

CET1 ratio Unipol Banking Group 11.3%

The Banking Business includes Unipol Banca and its subsidiaries. * net of provisions at UGF S.p.A. level 21 5 Real Estate 1Q15

UNIPOLSAI – Tot. ptf €4,271m UNIPOL GRUPPO FINANZIARIO – Tot. ptf €4,464m

Breakdown by cluster Real Estate evolution (€m) Land & Develop. 7% Value Added 33% 15% Trading Core instrumental Breakdown by ownership FY14 4,593 15% Core

30% 4% +7 Unipol Gruppo investments a Finanziario Breakdown by sector

4% UnipolSai sales b -108 96% Non-Life 39% Life 53% depreciations -19 RE

Other 4% sectors Breakdown by area writedowns 0 Breakdown by use 1% Milan 3% 3% Other 6% 7% 7% Bologna c Commercial 9% other -9 37% Health centres 11% Florence 11% Condos Turin Land 15% 4,464 11% Rome 1Q15 45% Hotel 22% Foreign Residential 12% countr. Offices Other RE investm.

Operating figures a the item includes capex, purchases, fixed assets in progress and equity for JVs. b nr. 6 deeds signed in 1Q15 in addition to the disposal of the stakes in R.E. funds involved in the Porta Nuova project to Qatar Holding. c the item includes changes in currency and changes in the related RE funds. 22 5 Diversified companies 1Q15

€m

UNIPOLSAI

Atahotels Tenute del Cerro Clinics Marina di Loano

10.9 Turnover 19.2 18.3 10.3 1.0 1.0 2.0 2.2

0.0 EBITDA -2.1 -0.2 -2.8 -0.9 -0.4 -4.1 -3.8

IAS net result -2.4 -1.5 -0.3 -0.6 -3.5 -2.6 -5.2 -5.2

1Q14 1Q15

Operating figures 23 5 Investment management 1Q15 €bn Total investiments 51.5 €bn UNIPOLSAI Breakdown of bond portfolio Liquidity 0.9 Government other Corporate Equity 1.0 (1.8%) countries 5.6% (2.0%) 5.6%

Funds and other Financials 1.0 15.9% (2.0%) Duration: Non-Life 3.7 Life 6.8

Government Government Italy 72.9% 78.5% Bonds 48.5 (94.1%)

Total investments 59.5 €bn UNIPOL GRUPPO FINANZIARIO Breakdown of bond portfolio

Funds and other 1.1 (1.9%) Government other Corporate countries 5.2% Equity 1.1 5.5% (1.9%) Financials 15.6% Liquidity 2.4 Duration: (4.1%) Non-Life 3.9 Life 6.8

Government Government Italy 79.2% Bonds 54.8 73.8% (92.2%)

Investments relating to insurance companies of the Unipol Group, excluding DDOR, Lawrence Life and Class D, 24 investments in subsidiaries, associates and JVs, investments in RE and RE funds. Operating figures. 5 Income from financial investments 1Q15

UNIPOLSAI

1Q15 Non-Life Life Total €m yield% €m yield% €m yield% Coupons and dividends 80 2.34% 251 3.40% 331 3.07% Fair value through P&L 40 1.17% 10 0.13% 49 0.46% Subtotal 120 3.51% 261 3.53% 380 3.53% Gains 210 6.19% 249 3.37% 459 4.26% Total 330 9.70% 510 6.90% 839 7.78%

UNIPOL GRUPPO FINANZIARIO

1Q15 Non-Life Life Total €m yield% €m yield% €m yield% Coupons and dividends 85 2.34% 291 3.42% 377 3.06% Fair value through P&L 40 1.10% 8 0.10% 48 0.39% Subtotal 125 3.44% 299 3.52% 425 3.45% Gains 211 5.81% 240 2.82% 451 3.66% Total 337 9.25% 539 6.35% 877 7.11%

Income relating to insurance companies of the Unipol Group, excluding DDOR, Lawrence Life and Class D, 25 investments in subsidiaries, associates and JVs, investments in RE and RE funds. Operating figures. Simplification, Soundness, Sustainability

1 Rationalising the Group structure

2 AGCM requirements met

3 Group assets enhancement

4 Streamlining the share structure

5 Positive results in the business confirmed

6 Rewarding dividend policy

7 Sound capital base

26 6 UnipolSai S.p.A. – 2014 reclassified income statement

€mln

FY14 Life Non-Life Total TECHNICAL ACCOUNT Direct business before reinsurance (+) Written premiums 3,696 8,000 11,697 (-) Change in Life provisions and Non-Life premium provision 1,184 -391 793 (-) Life payments and charges relating to Non-Life claims 3,301 5,602 8,903 (+) Balance on other technical items -20 -87 -108 (-) Operating expenses 163 2,141 2,304 (+) Net income from investments 1,181 298 1,480 Gross result from direct business 209 859 1,068 Result of the outward reinsurance -1 -108 -109 Net result from direct business 1 1 3 Technical result 209 753 962 NON-TECHNICAL ACCOUNT (+) Investments income 116 85 201 Balance on other income and charges 107 577 684 Profit from ordinary operations 269 628 897 Balance on extraordinary income and charges 23 271 294 Pre-tax profit 292 899 1,191 (-) Income tax on profit 100 340 439 NET RESULT 192 559 752

27 6 UnipolSai S.p.A. – Proposal for 2014 company result distribution

Company profit and payout Ordinary shares

€m No. of shares carrying rights 2,274,906,406 UnipolSai S.p.A. profit 752 DPS (€) 0.175

Total dividends proposed 483 Dividend Yield 19 June 2015 7.2%

a Payout 64% Dividend Yield 9 February 2015 7.2%

Dividend Yield 2014 b 7.4%

Savings A shares Savings B shares

No. of shares carrying right 1,276,836 No of shares carrying right 377,193,155

DPS (€) 6.5 DPS (€) 0.20438

Dividend Yield 19 June 2015 2.8% Dividend Yield 19 June 2015 8.4%

Dividend Yield 9 February 2015 a 2.8% Dividend Yield 9 February 2015 a 8.4%

Dividend Yield 2014 b 2.8% Dividend Yield 2014 b 8.8%

a calculated on the 9 February 2015 closing price b calculated on the 2014 average price 28 6 UGF S.p.A. – 2014 reclassified income statement

€mln

FY13 FY14 Income from investments in subsidiaries 415 381 Other financial income 19 8 Interest expense and other financial charges -55 -52 Total income and financial charges 380 337 Write-up 19 5 Write-down -212 -3 Total adjustments -193 2

Total other operating income 42 40

Total other operating expenses -412 -291

Result of the ordinary business -183 87

Balance of extraordinary income and charges 263 6

Pre-tax profit 80 94

Income tax for the period 66 74

NET RESULT 146 167 +14.6%

29 6 UGF S.p.A. – Proposal for 2014 company result distribution

Company profit and payout Total dividends

€m €m ord. 126 pref. UGF S.p.A. profit 167

74 Total dividends proposed 126

Payout 75% 52

Ordinary shares Preference shares

No. of shares 437,464,084 No. of shares 273,479,517

DPS (€) 0.17 DPS (€) 0.19

Dividend Yield 19 June 2015 3.9% Dividend Yield 19 June 2015 4.3%

Dividend Yield 9 February 2015 a 3.8% Dividend Yield 9 February 2015 a 4.2%

Dividend Yield 2014 b 3.9% Dividend Yield 2014 b 4.8%

a calculated on the 9 February 2015 closing price b calculated on the 2014 average price 30 6 Dividends 2012-2014 €m

2012 2013 2014 Total accounts accounts accounts UnipolSai 0 555 483 1,038 pay-out n.a. 64% UGF 113 120 126 360 pay-out 58% 82% 75%

31 Simplification, Soundness, Sustainability

1 Rationalising the Group structure

2 AGCM requirements met

3 Group assets enhancement

4 Streamlining the share structure

5 Positive results in the business confirmed

6 Rewarding dividend policy

7 Sound capital base

32 7 Book Value Per Share

UNIPOLSAI UNIPOL GRUPPO FINANZIARIO

+20.8 p.p. +7.2 p.p.

2.37€ 7.93€ 7.55€ 1.96€ 7.40€

0

2013 2014 2012 2013 2014 pro-forma

33 7 Solvency I

UNIPOLSAI UNIPOL GRUPPO FINANZIARIO

+11 p.p. +10 p.p.

166% 169% 155% 165% 159%

2013 2014 2012 2013 2014 pro-forma

Figures including the convertible loan issued in April 2014 and the estimate of dividends to be paid 34 APPENDIX

. FY14 Highlights

35 Consolidated results by business area €m UNIPOLSAI

FY13 FY14 Pre-tax Net Pre-tax Net result result result result Non-Life 772 444 954 669 Life 514 369 254 161 Other -114 -120 -66 -47 Total consolidated result 1,172 694 1,142 783 Total Group result 636 740

UNIPOL GRUPPO FINANZIARIO

FY13 FY14 Pre-tax Net Pre-tax Net result result result result Non-Life 865 494 1,009 699 Life 512 363 274 171 Banking sector* -624 -441 -297 -225 Other -231 -228 -185 -139 Total consolidated result 520 188 801 505 Total Group result -79 192

* including provisions set aside by the holding company on bank loans object of the indemnity agreement.

Operating figures 36 Non-Life – Direct premium income €m UNIPOLSAI

-6.1% excl. effect of ptf sale to Allianz * Premiums by company

9,257 8,424 -9.0% FY13 FY14 D % 6,2% MV (-12,8%) 9,0% UnipolSai 8,800 8,000 -9.1% Accident 5,746 (-7,6%) -15.3% 5,009 & Health Liguria 172 146 13,9% Siat 120 114 -5.3% Property (-1,4%) DDOR 64 69 7.7% 59,5% (-2,7%) Other 3,511 3,414 11,4% General TPL 100 94 -5.6% UnipolSai Group 9,257 8,424 -9.0% Other (+4,0%) FY13 FY14

Non-MV MV

UNIPOL GRUPPO FINANZIARIO

-5.9% excl. effect of ptf. sale to Allianz * Premiums by company 9,821 8,969 -8.7% 6.0% MV (-13.0%) FY13 FY14 D % 8.5% UnipolSai Group 9,257 8,424 -9.0% Accident 5,986 5,209 (-4.4%) 13.3% & Health Linear 206 172 -16.5% Property (-1.3%) Unisalute 248 270 9.0% 58.1% Arca + ISI 110 103 -7.2% General TPL (-2.7%) 3,835 3,759 14.2% Unipol Gruppo Fin. 9,821 8,969 -8.7% Other (+3.6%) FY13 FY14

Non-MV MV

* operating estimate 37 Non Life – Combined Ratio*

UNIPOLSAI UNIPOL GRUPPO FINANZIARIO

94.6% 94.0% 93.6% 93.1%

24.3% 26.0% 23.8% 25.4%

69.3% 68.6% 69.3% 68.6%

FY13 FY14 FY13 FY14

Loss Ratio Expense Ratio Loss Ratio Expense Ratio

* net of reinsurance: operating expenses/earned premiums after reinsurance + claims charges/earned premiums after reinsurance 38 Non-Life – Insurance sector extra UnipolSai €m

FY13 FY14 D %

Premium income 562 545 -3.1% MV 239 200 -16.2% Accident + Health 286 307 7.4% Other 37 38 0.8% CoR direct business 85.1% 86.1% 1.0 p.p. Expense ratio 16.7% 18.4% 1.7 p.p. Loss ratio (incl. OTI) 68.4% 67.7% -0.7 p.p. IAS net result 69 79 15.1%

Aggregate operating figures (Linear + Unisalute + Arca Assicurazioni) 39 Life – Direct income €m UNIPOLSAI

Premiums by company +23.6%

Traditional (+34.7%) 7% FY13 FY14 D % 8% UnipolSai S.p.A. 3,438 3,696 7.5% Index/Unit (+37.8%) Pop. Vita 1,584 2,982 88.3% 7,584 19% Linked 6,137 Lawr. Life 951 682 -28.3% 66% Capitaliz. (-35.4%) Other companies 165 224 35.8% UnipolSai Group 6,137 7,584 23.6% Pension (+14.5%) FY13 FY14 Funds

UNIPOL GRUPPO FINANZIARIO

+27.7% Premiums by company

Traditional 6% (+39.8%) 7% FY13 FY14 D %

Index/Unit UnipolSai Group 6,137 7,584 23.6% 18% Linked Arca Vita + AVI 845 1,329 57.3% 8,915 (+33.0%) Capitaliz. Linear Life 1 1 22.0% 6,983 (-33.3%) 70% Unipol Gruppo Fin. 6,983 8,915 27.7% Pension Funds (+14.5%)

FY13 FY14

40 Banking business – KPI €m

Direct deposits Indirect deposits Lending* Tangible Book Value

+13.3%

-7.3% -6.6%

49,117 10,820 10,071 10,035 43,357 9,408 -0.7% 727 721

FY13 FY14 FY13 FY14 FY13 FY14 FY13 FY14

co FY13 FY14 D % Lending review Gross operating income 366 436 19.4% consistent with o/w interest income 251 255 1.9% AQR o/w non-interest income 115 181 57.4% Provisions on loans and other assets -377 -254 -32.6% Gross result -426 -103** n.s. Net result -295 -85** n.s. Cost / Income 79.1% 65.2% -13.9 p.p.

Provisions on impaired loans (UGF) -200 -196 -1.9% CET1 ratio Banking Total provisions on imp. loans and other assets (Bank+UGF) -577 -450 -22.0% Group Unipol 10.6% Total impaired loans coverage ratio 37.2% 42.3% +5.2 p.p.

The banking business includes Unipol Banca and its subsidiaries. * net of provisions at UGF S.p.A. level 41 ** equal to -€101m (gross result) and -€83m (net result) in the banking sector of UGF consolidated income statement by business area Banking business – Focus on lending €m

Break-down of overall impaired loans portfolio

FY13 FY14 gross coverage gross coverage loans ratio loans ratio Bad loans 2,039 50.2% 2,548 55.4% Substandard loans 967 20.7% 1,133 18.0% Restructured loans 153 15.1% 162 25.2% Past due 214 3.0% 81 4.6% Total impaired loans 3,373 37.2% 3,923 42.3%

Coverage ratio trend

55.4% 52.8% 51.5% 52.5% 50.2%

42.3% 40.9% 41.7% 39.1% 37.2%

FY 2013 1Q 2014 1H 2014 9M 2014 FY 2014

bad loans impaired loans

Including provisions set aside by UGF. 42 Real Estate

UNIPOLSAI – Tot. ptf €4,397m UNIPOL GRUPPO FINANZIARIO – Tot. ptf €4,593m

Breakdown by cluster Real Estate evolution (€m) Land & Develop. 9% Value Added 33% 15% Trading FY13 a 4,765 Core instrumental Breakdown by ownership Core 14%

29% b +67.2 4% investments Unipol Gruppo Finanziario Breakdown by sector other increases c +55.9 4% UnipolSai 96% Non-Life sales d -88.3 Life 41% 51% RE

Other sectors 4% depreciation -76.3 Breakdown by area Breakdown by use 1% Milan 3% 3% Other writedown -120.6 7% 7% Bologna Commercial 7% 11% 37% Health centres 11% Florence 10% Condos Turin other -10.1 Land 10% 15% Rome Hotel 44% 22% Foreign Residential 12% countr. FY14 4,593 Offices Other RE investm.

Operating figures a including adjustments following the merger and changes in value of the related RE funds b the item includes capex, purchases, fixed assets in progress and equity for JVs c the item includes the balance of the operation to transform the credit towards Im.Co / Sinergia into properties as a result of bankruptcy 43 d no. of deeds signed in 2014 amounting to 74 Diversified companies €m

UNIPOLSAI Atahotels Tenute del Cerro Clinics Marina di Loano

115.9 +6% Turnover -4% 110.9 +55% 41.2 38.8 9.8 6.3 5.6 5.8 +2%

The decrease in turnover reflects The increase in turnover reflects the lower use of premises due to the onset of marketing activities regulatory adjustments in the large-scale retail trade

+115% 0.7 EBITDA -1.1 +78% -2.8 -2.7 +7% -4.4 -8.8 +34% -4.9 -13.5

The improvement in margin reflects the accurate cost control and the exploitation of Group synergies

IAS net result +60% -1.5 -7.0 * +86% +26% -5.5 +42% -11.1 -15.1 -9.6 -22.6 -20.5

-9.1

FY13 FY14

Operating figures 44 * Extraordinary and non recurring charges relating to tax liabilities and property regularisation procedures Disclaimer

Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo Finanziario S.p.A. and UnipolSai Assicurazioni S.p.A., declares, in accordance with Article 154-bis, para 2, of the ‘Consolidated Finance Act’, that the accounting information reported in this document correspond to the document contents, books and accounting records.

45 Investor Relations Contacts

Adriano Donati (IRO) Tel +39 051 507 7063

Giancarlo Lana Tel +39 011 66 57 642 Eleonora Roncuzzi Tel +39 051 507 7063 Laura Marrone Tel +39 051 507 2183 Giuseppe Giuliani Tel +39 051 507 7218 Carlo Latini Tel +39 051 507 6333 Silvia Tonioli Tel +39 051 507 2371

[email protected] [email protected]

46