Assicurazioni Generali

MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

year9

2010

MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

2010

ECPI Ethical Index Euro ECPI Ethical Index Global FTSE ECPI Italia SRI: Leaders Index; Benchmarck Index

Registered Office and Central Head Office in Trieste Head Office for Italian Operations in Mogliano Veneto Capital (fully paid in) Euro 1,556,873,283.00 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 under no. 026

CHAIRMAN Gabriele Galateri di Genola VICE - CHAIRMEN Vincent Bolloré, Francesco Gaetano Caltagirone, Alberto Nicola Nagel MANAGING DIRECTOR AND GROUP CEO Giovanni Perissinotto (*) (*) He acts also as General Manager MANAGING DIRECTOR Sergio Balbinot (*) (*) He acts also as General Manager

DIRECTORS Cesare Calari / Carlo Carraro / Diego Della Valle (**) Directors who, together with the Chairman, Petr Kellner / Angelo Miglietta (**) / Alessandro Pedersoli Vice-Chairmen and Managing Directors, form the Executive Committee Lorenzo Pellicioli (**) / Reinfried Pohl / Paola Sapienza Paolo Scaroni / Francesco Saverio Vinci

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 and the General Managers Claude Bébéar / Kenneth J. Bialkin / Gerardo Broggini 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 MANAGERS Raffaele Agrusti (***), Paolo Vagnone (***) Chief Financial Officer and Manager in charge of the preparation of the company’s financial reports

DEPUTY GENERAL MANAGERS Attilio Invernizzi / Andrea Mencattini / Aldo Minucci / Valter Trevisani

SECRETARY OF THE BOARD OF DIRECTORS Oliviero Edoardo Pessi

CORPORATE BODIES AS OF 30 APRIL 2011 Finmeccanica - Space control centre, Vigna di Valle, Rome

The images published in this book refer to major Companies and works insured by Assicurazioni Generali. Cover: collage of images provided by Impregilo, Save, Fincantieri, Enel, Ferrovie dello Stato, Eni, Genagricola, Finmeccanica. TABLE OF CONTENTS

MANAGEMENT REPORT Company highlights…………………………………………………………………………………………………………………………………………………………… 10 Business environment… ………………………………………………………………………………………………………………………………………………… 11 The Generali Group’s profile… …………………………………………………………………………………………………………………………………… 16 The Generali Group’s strategy…………………………………………………………………………………………………………………………………… 17 Part A – Information on operations……………………………………………………………………………………………………………………… 20 Part B – Risk report… ……………………………………………………………………………………………………………………………………………………… 54

Appendix to the Report … ……………………………………………………………………………………………………………………………………………… 65

MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Parent Company Balance sheet and Profit and loss account Balance sheet… …………………………………………………………………………………………………………………………………………………………………… 75 Profit and loss account…………………………………………………………………………………………………………………………………………………… 89

Notes to the Parent Company financial statements Foreword… ……………………………………………………………………………………………………………………………………………………………………………… 101 Part A – Summary of significant accounting policies………………………………………………………………………………… 101 Part B – Information on the balance sheet and the profit and loss account… …………………………… 109 Part C – Other information…………………………………………………………………………………………………………………………………………… 181

Cash flow statement………………………………………………………………………………………………………………………………………………………… 187

Appendices to the notes………………………………………………………………………………………………………………………………………………… 195

Statement relating to the solvency margin……………………………………………………………………………………………………… 279

Securities and urban real estate on which revaluation have been carried out……………………… 283

Companies in which an unquoted shareholding (which is higher than 10%) is held… ……… 298

Attestation on the financial statements in accordance with Art. 81-ter of Consob Regulation No. 11971 of 14 May 1999 and following amendments and integrations………… 363

Board of Auditors’ report… ……………………………………………………………………………………………………………………………………………… 367

Independent Auditor’s report and Actuary’s report… …………………………………………………………………………………… 373

Fincantieri - Shipyard in Monfalcone, Gorizia

Management report MANAGEMENT REPORT

Company highlights

2010 2009 2008 (in million euro) Financial Statements Financial Statements Financial Statements

Net profits 633.8 555.7 828.3

Aggregate dividend 700.6 544.9 203.4 Increase 28.6% 167.9% -84.0% Total net premiums 8,731.4 8,428.5 8,745.4 Total gross premiums 9,617.5 9,270.9 9,659.9 Total gross premiums from direct business 7,114.0 7,003.0 7,363.9 Increase on equivalent terms (a) 1.3% -4.9% -1.8% Total gross premiums from indirect business 2,503.5 2,267.9 2,296.1 Increase on equivalent terms (a) 6.9% -1.6% 2.7%

Acquisition and administration costs 1,273.1 1,271.6 1,308.5 Expense ratio (b) 14.6% 15.1% 15.0% Life business Total net premiums 5,499.0 5,267.6 5,514.9 Life gross premiums 5,689.6 5,426.5 5,698.4 Increase on equivalent terms (a) 3.7% -5.0% -1.7% Life gross premiums from direct business 3,867.6 3,742.6 3,967.6 Increase on equivalent terms (a) 3.2% -5.8% -2.8% Life gross premiums from indirect business 1,822.0 1,683.9 1,730.8 Increase on equivalent terms (a) 4.9% -3.4% 0.6%

Life acquisition and administration costs 574.4 569.7 572.6 Expense ratio (b) 10.4% 10.8% 10.4% Non life business Total net premiums 3,232.4 3,160.9 3,230.5 Non-life gross premiums 3,927.9 3,844.4 3,961.5 Increase on equivalent terms (a) 1.1% -2.7% 0.7% Non-life gross premiums from direct business 3,246.4 3,260.4 3,396.3 Increase on equivalent terms (a) -0.4% -3.8% -0.7% Non-life gross premiums from indirect business 681.5 w584.0 565.2 Increase on equivalent terms (a) 12.8% 4.1% 9.8%

Non-life acquisition and administration costs 698.7 701.9 735.9 Expense ratio (b) 21.7% 22.2% 22.8% Loss ratio (c) 77.5% 78.2% 77.1% Combined ratio (d) 99.2% 100.4% 99.9%

Current financial result 2,504.4 2,136.8 2,030.1 Technical provisions 40,689.1 39,832.2 39,092.9 Technical provisions life 33,898.0 32,962.2 31,944.2 Technical provisions non life 6,791.1 6,870.0 7,148.7

Investments 64,505.2 63,588.2 57,220.0

Capital and reserves 14,324.8 13,247.4 9,798.9

(a) At equivalent exchange rates. (b) Acquisition and administration costs on total premiums. (c) Claims, maturities and surrenders on earned premiums. 10 (d) Sum of (b) and (c). Business environment Macro-economic scenario

In 2010, global gross domestic product reached pre-crisis levels. Growth is largely attributable to the performance of emerging economies, whereas the western economies generally showed slower growth rates. In particular, the European Union’s economy was slowed by severe imbalances in the public finances of several peripheral countries.

PIL development 2009 2010

12% 10.3% 10%

8% 9.2%

6% 3.6% 4% 2.9% 2% 1.3% 1.6% 1.7%

0% -2.2% -2% -2.6% -4.1% -4% -4.9% -5.0% -6% ITALY GERMANY FRANCE EUROZONE USA CHINA

In the United States, GDP growth, estimated at 2.9%, showed a considerable recovery compared to -2.6% in 2009, owing in part to the continuation of fiscal and monetary stimulus policies. GDP growth was achieved against the backdrop of an increased propensity to save by households, also due to the uncertain economic and employment

In China, the recovery of foreign trade offset the decline that characterized much of 2010. GDP growth amounted to 10.3%. The shift in the composition of exports and domestic demand that has taken place in recent years has given the country a more balanced structure, while also making it an important source of growth for its international commercial partners, first and foremost the United States and Germany. Near the end of the year, there was a significant increase in inflation (up 4.8% on a trend basis in December, compared to a decrease of 0.1% at the end of 2009), which fostered the adoption by monetary authorities of a series of restrictive measures on mandatory reserves and interest rates.

In Latin America, 2010 was characterized by a solid economic recovery which allowed the region to emerge from the crisis of the previous year. On a trend basis, Argentina grew by 8.8%, Brazil by 6.8% and Mexico by 5.3%, compared to a 2009 in which the main countries’ GDP was in decline. In addition to the uptrend in the prices of commodities, of which the continent is an exporter, the cyclical improvement was due to renewed macro-economic stability and favourable returns on capital markets, which attracted international investors.

Performances were varied in the European Union: on the one hand, the largest countries reported an overall positive performance. France showed modest growth, while Germany benefited from the strong performance of exports towards emerging markets. On the other hand, peripheral countries suffered the effect of their severe public debt situations: Spain, Ireland and especially Greece faced recessions, while Portugal achieved moderate growth that was still insufficient to free it of concerns as to the future sustainability of its public finances.

11 MANAGEMENT REPORT

In 2010, Italy reported a recovery in gross domestic product, which rose by 1.3% following on the severe decline of 2009. The cyclical upswing was driven by demand from several important European partners (including Germany, in particular) and emerging economies. This translated into a considerable increase in exports (up 8%). However, consumption and, more generally, domestic demand showed only mild improvements compared to the previous year, due in part to a decrease in the number of employees by approximately 2%. The unemployment rate was 8.6% in 2010 (8.4% in 2009).

The eastern European countries members of the European Union generally reported an improvement in economic conditions following on the severe contraction shown in 2009. Germany’s strong cyclical position is reflected in local industrial output, while the cycle of consumption and investment was affected by the credit difficulties inherited from 2009. In particular, Poland and Slovakia reported a positive growth trend, while the rest of the area was characterized by a largely stagnant economy.

The inflation trend rate climbed to 2.1% (1% in 2009) in the Eurozone and to 1.5% (-0.3%) in the USA. In this scenario, considering the moderate risk of inflation, the ECB keptbenchmark interest rate at 1% throughout the year, while the FED also kept its benchmark rate at 0.2%.

On the job market, the economic recovery resulted in a slight improvement in the unemployment rate in the USA, which fell to 9.4% at the end of December (10% in 2009). Employment also continued to raise concerns in the Euro- zone, remaining at the high levels reported in 2009 (10%).

Turning to exchange rates, the euro depreciated against the Group’s main currencies of operation.

Exchange rate at the end of the period (currency/A) Currency 31.12.2010 31.12.2009

US dollar 1.3416 1.4348 Swiss franc 1.2505 1.4832 British pound 0.8569 0.8885 Israeli shekel 4.7511 5.4349 Argentine peso 5.3287 5.4535 Czech koruna 25.0900 26.4050

In further detail, the euro began the year at 1.43 to the dollar, close to the all-time high, to then reach a low for the year in June (closing at 1.22 to the dollar), owing in part to the financial crisis experienced by peripheral countries. In the second half of the year, the euro rose back to 1.34 on the strength of a relatively more stable macroeconomic scenario in the European Union.

12 Financial markets

On capital markets, 2010 was characterized by moments of extreme volatility following the emergence of tensions surrounding eurozone sovereign debt due to the crises experienced by certain peripheral countries such as Greece, Ireland, Portugal and Spain.

In this framework, bond markets showed a widening of the spreads between the bonds of peripheral countries and German government ten-year bonds, which represent the European benchmark: Greece’s spread rose from 238 bps at the end of 2009 to 950 bps at 31 December 2010, Ireland’s from 145 bps to 608 bps, Spain’s from 59 bps to 248 bps and Italy’s from 75 bps to 185 bps. The yield on ten-year Bunds fell from 3.39% at the end of 2009 to 2.96% at 31 December 2010. The performance of ten-year U.S. government bonds was similar to that of their European counterparts, falling from 3.83% at the end of 2009 to 3.29% at the end of 2010.

LONG-TERM INTEREST RATE euro area 10-year rate usa 10-year rate

5,0

4,0

3,0

2,0

1,0

0 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

Conversely, the European two-year benchmark rate fell from 1.33% at 2009 year-end to 0.86%. The rate curve flattened during the first half of the year, to then deepen again near year-end. US two-year rates yielded a similar performance, going from 1.13% at 2009 year-end to 0.59% at 31 December 2010.

13 MANAGEMENT REPORT

SHORT-TERM INTEREST RATE Euro area 2-year rate USA 2-year rate

1.5

1.2

0.9

0.6

0.3

0 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

Following on an excellent performance in 2009, the eurozone investment-grade corporate bond market slowed a slight turnaround, with spreads rising from 135 bps at the end of 2009 to 144 bps at 31 December 2010. The high- yield segment continued its positive performance with spreads falling further from 618 bps to 494 bps. Lastly, the euro swap rate curve flattened for all maturities beyond one year.

STOCK MARKETS 2010 eurostoxx ftse mib S&P 500

115

105

75 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

The stock markets enjoyed an overall positive year in 2010: the Eurostoxx 50 index rose by 0.32%, yet with different performances in the various countries; the Frankfurt Dax rose 16% and the Amsterdam Aex increased by 6.33%, whereas the Paris Cac fell by 2.15%, the Milan FtseMib by 13.2% and the Madrid Ibex by 17.4%. Performance was also differentiated by business segment: the negative results reported by the financial sector (banks -26.8% and insurers -6.9%) and sectors with the highest debt levels such as utilities (down 14.7%) and telecommunications (down 9.7%) was offset by the highly positive performance of the industrial sector, and of the automobile sector in particular (up 42.8%). 14 In the United States, the S&P 500 rose by 9.68% and the Nasdaq by 11.67%. With the exception of Brazil, where the index remained essentially unchanged (up 1%), Latin America also reported significant performances, with Argenti- na up by 51.8% and Mexico by 17.8%. Among the major countries in Asia, only India reported a positive performance, whereas Shanghai decreased considerably (down 15.4%).

Insurance markets

Trends in the main European insurance markets in which the Group operates are quite diversified both in terms of country and business segment.

The life segment, while slowing compared to its performance in 2009, showed a positive growth trend, at least in the three main countries of operation: Italy, France and Germany. The household savings rate, although in many cases slightly lower than 2009 levels, generally remained relatively high and even increased in some cases (Germany and Eastern Europe). This performance was borne out by customers’ continuing appreciation of insurance products with guarantees in a situation of general economic uncertainty. Signs of a recovery — in some cases, to a considerable extent — were also seen in linked products. Italy and Germany were the most dynamic European life-insurance markets. France also performed well, owing in part to the sector’s size in absolute terms and the fact that life insurance remained the preferred form of household investment. In Central and Eastern Europe, following on a negative 2009 (especially in Poland and Hungary), the sector showed signs of an improvement, driven by single premiums, particularly in the Czech Republic and Hungary.

The non-life segment showed signs of a recovery in premium income compared to the previous year, with resumed turnover growth, albeit at various levels of intensity, especially in Italy and France and, to a lesser extent, Germany. These trends affected the Motor sector in particular, especially in Italy and France, owing to the achievement of a higher level of efficiency and tariff adjustments. Non-Motor segments, despite the upswing in the international cycle, showed performance in line with or even slightly down compared to 2009, owing chiefly to the persistently challenging employment conditions and the resulting negative consequences for household disposable income. The segment’s overall performance in Central and Eastern Europe was weak, with the exception of Poland. In 2010, a number of catastrophic events occurred in Europe which had a significant economic impact also on the insurance sector, in particular in France, Germany and Central and Eastern European countries.

In Italy, the insurance industry showed modest growth. In the first nine months of the year (the most recent data currently available), non-life business grew by 1.3%, if premiums of EU insurers in Italy is also considered. The recovery is attributable to the Motor TPL line, which increased by approximately 2% as a result of the tightening of rates and underwriting conditions, following the considerable technical decline of recent years. Non-motor lines were affected by the weak economic situation, yielding premiums written essentially in line with 2009. Savings policies performed well, driven by a financial scenario characterized by a very steep rate curve that encourages the medium-/long-term investments typical of this type of insurance. However, the fourth quarter of the year witnessed a considerable decline in bancassurance and financial advisor sales volumes following on a first half of the year that saw levels never before reached in the history of Italian life insurance. As a result of the trends described above, new individual life business increased by 5.8% in all of 2010. All distribution channels reported increases in premiums written, with the exception of financial advisors (down 3.5%): the bancassurance and postal channel increased by 9.5% and the so-called traditional channels by 14.4%. In terms of the products sold, LOB I products registered a reduction by 3.1%, while continuing to show considerable sales volumes, and LOB III (driven by unit-linked products) as well as LOB V increased by more than 30%. In Italy, the Group achieved a new business volume of e 7.8 billion, up by 10.1% compared to the previous year, of which +11.3% was reached through the traditional channel, which accounts for 73% of new business, and +11.9% through the financial advisor network.

15 MANAGEMENT REPORT

The Generali Group’s profile

Assicurazioni Generali is a leading global insurance and financial services provider. Life and non-life gross premium written amounted to e 5,689.6 million and e 3,927.9 million, respectively, at 31 December 2010. The Parent Com- pany controls over 500 international companies, with total gross premium written amounting to e 73,187.8 million.

In its core insurance business, the Generali Group is primarily focused on the life segment, in which it remains the European leader. Its product line in the life segment consists mainly of savings and protection policies, which account for the majority of the portfolio, alongside unit-linked and supplementary pension policies. In the non-life segment, the Group is primarily focused on the retail market, on which it provides coverage of the entire insurance portfolio. In addition, Generali is among the world’s major players in the field of assistance, through the Europ Assistance Group, which provides worldwide services in the motor, travel, health, home and family segments. The Group has also expanded its business from insurance to a full line of asset management, properties and financial services. In detail, the Banca Generali Group is among the leaders of the Italian personal financial services market, whereas the BSI Group (Banca della Svizzera Italiana), which was developed from the oldest bank in the Canton of Ticino (1873), aims to provide a full range of private-banking financial services.

Countries where the Generali Group operates Countries where the Europ Assistance group operates

The Group leads the Italian market and has consolidated its position among the world’s foremost insurance groups, achieving increasing importance on the Western European market, its primary area of operation, where it remains among the top operators in Germany, France, Austria, Spain and Switzerland. The Group has an important position also in Israel and Argentina. In addition, the Group has a strong presence on markets with high growth potential. In particular, it is among the leaders in Central and Eastern Europe through Generali PPF Holding. The Group is also present in India and China; in particular in China it is become leader among the insurance companies with foreign equity interests in few years after entering the market.

16 The Generali Group’s strategy

In 2010, in a macroeconomic scenario which, although in recovery, still appears to be marked by numerous uncer- tainties in the main countries in which the Group operates, the Generali Group has continued to operate according to its own strategic lines based on the pursuit of operating efficiency, optimisation of the distribution networks aimed, in particular, at expanding the range of high-yield products offered in the life segment and the development of direct channels.

With reference to the reorganization and restructuring initiatives, the merger of Vitalicio Seguros and Estrella Se- guros into the newly formed Generali Seguros has been completed. This transaction is to be viewed as a conclusion of the rationalization process of the Group’s operations in the country which was started over the past few years by sharing back-office services, unifying the traditional sales networks, the commercial organization and technical platforms, with the aim of increasing commercial efficacy and operational efficiency. The goals planned for the merger of Alleanza Assicurazioni and Toro Assicurazioni for this year — expanding the products available to the sales network and achieving cost synergies — were reached in 2010. Since October 2009, when the new company Alleanza Toro became effective, the Alleanza network placed over 63 thousand non-life policies, specifically related to accident, health and household covers, and the Toro network recorded a significant increase in the life segment, with high value-added products.

The effective distribution model based on diversified proprietary channels and the level of territorial diversification adopted by the Group allowed both countries that are traditionally considered as mature markets, such as Italy, France and Germany, and emerging markets such as China, Argentina and Mexico, to positively contribute to total premium income.

With reference to innovation, the Group has pursued its strategy focused on new products and new distribution channels. In detail, new modular insurance products were developed with the aim of best meeting customer needs in the retail, small and medium-sized enterprises and agricultural segments. In addition, the Group extended and strengthened the use of innovative sales channels to provide timely, high-quality service, in part through the use of the Web and new mobile applications.

The Group has continued its growth strategy in new countries and market segments. In October, Assicurazioni Ge- nerali obtained a preliminary licence from Vietnam’s Ministry of Finance for the incorporation of Generali Vietnam Life Insurance Company. The company will become operational in 2011.

17 MANAGEMENT REPORT

Social and environmental commitment

As a result of its success at the international level, the Generali Group has come to be the focus of the attention of numerous categories of stakeholders with a variety of interests and expectations. Aware of this circumstance, over the past decade the Generali Group has embarked upon a process of reaffirming its commitment in the various spheres of social responsibility. During this process, it was decided to prepare a Sustainability Report to accompany traditional financial reporting in order to provide an account of the social and environmental issues associated with operations.

In addition, in 2010 the Group has published the Ethical Code, which it was deemed necessary to revise due to the steps taken in the sustainability process and entry into non-Western markets. Alongside the principles that have always informed the Group’s ethics, such as transparency, correctness and impartiality, the new document invokes certain fundamental human rights that the Group commits to safeguarding and promoting in all of its spheres of influence. Beginning with the Ethical Code, the Group has launched a process of establishing specific codes setting out the principles and guidelines to be applied in dealings with the various stakeholders.

Once policies had been set, the issues relevant to each category of stakeholder were identified and appropriate methods of handling those issues were thus determined. This systematic approach, initially applied in the environmental field, is now gradually being extended to dealings with the other stakeholders as well. The goal is to achieve continual improvement through measures aimed at reaching milestones used to measure and report on the results achieved over time.

The systematic approach to sustainability has led the Group to attribute fundamental importance to listening to stakeholders, who are increasingly involved in decision-making processes in order to meet their expectations. The Generali Group is aware that cooperative, appreciative stakeholders are indispensable to maintaining its success over time and contributing to the economic and social growth of the communities in which it operates.

In relations with employees and the sales force, the Group’s social responsibility translates first and foremost into recruiting, compensation, management and career development policies that prohibit all forms of discrimination. Diversity is viewed as an opportunity for enrichment. The Group’s competitive advantage is built upon the commitment and competence of individuals, whose personal and professional growth is fostered by intense training activity. All employees are hired under regular employment contracts and all forms of child labour and forced and compulsory labour are prohibited. The Group guarantees working conditions that are respectful of individual dignity in safe, healthful working environments. In addition, the Group is committed to several programmes aimed at striking a balance between professional and family life and ensuring effective communication between employees and their superiors. Awareness of fundamental human rights is pursued through training on the Group’s new Ethical Code.

In the area of the environment, the Group aims to contribute positively to sustainable development by steering management choices toward a smaller direct and indirect environmental impact of its business. To that end, it considers one of its primary objectives the efficient management of natural resources in such a way as to minimise the environmental consequences of the consumption of energy, paper and water, waste production and greenhouse gas emissions. In addition, numerous initiatives are promoted with the aim of developing and spreading greater environmental responsibility.

Safeguarding the environment and respect for human and labour rights are also issues on which the Group seeks to involve its stakeholders.

The Group aims to forge lasting, mutually satisfactory relationships with its contractual partners, whom it accor- dingly asks to comply with the applicable provisions of its Code of Ethics and Environmental Policy. The Group is currently laying down a specific policy governing relations with suppliers, which envisages evaluation of the latter also according to social and environmental criteria.

18 The General Group attributes fundamental importance to satisfying its customers through the high quality of its products and services, which are constantly adapted to suit the new needs detected through the various forms of sur- veying carried out by Group companies. Customer relationship management is considered a crucial aspect: specific training courses are prepared for the sales force in order to ensure that advisory services always meet expectations. Sales personnel are asked to engage in behaviour that meets standards of correctness, honesty, professionalism and transparency and to cooperate with customers to identify the solutions best suited to their protection needs. The Group is also committed to spreading responsible behaviour among consumers from a social and environmental standpoint, a goal it pursues by living up to its image as an insurer with a commitment in this area that is also able to offer products and services with particular social and environmental value.

Maximum value is consistently added to the investment made by the Group’s shareholders by maintaining high levels of return on investment in the long term and increasing competitiveness and financial solidity. The ethical suitability of investments is ensured by compliance with specific guidelines that aim to encourage virtuous behaviour by issuing companies by participating pro-actively as a shareholder and refusing to invest in financial instruments issued by companies responsible for serious human rights violations, environmental damages and bribery.

The Group contributes to improving society by playing an active role in the communities in which it operates. Its commitment to the community takes the form of providing funds or other types of support to a large number of social, cultural, environmental and sports initiatives, in addition to implementing projects of mutual interest with institutions, non-profit associations and research and training centres.

In recent years, the commitment made and the results achieved in the various areas of sustainability have resulted in an improvement of the ratings assigned to Assicurazioni Generali by the various specialised agencies and its inclusion in the following ethical indices: . ASPI (Advanced Sustainable Performance Indices) Eurozone, an index of the top 120 Eurozone companies in the DJ Stoxx600 on the basis of the rating assigned by the VIGEO ethical rating agency and the ASPI Eurozone guidelines; . ECPI Ethical Index Euro and Global, indices for large-capitalisation companies operating on the European and global markets, respectively; . FTSE ECPI Italia SRI – Benchmark and Leaders, Italian indices for socially responsible investment created in partnership with FTSE and ECPI.

19 MANAGEMENT REPORT

Part A – Information on operations

This report has been prepared in accordance with the provisions of Leg. Decree 209/2005, as amended by Leg. De- cree 32/2007, CONSOB communications, and other regulatory provisions. The report was submitted for consistency appraisal to the firm PricewaterhouseCoopers, assigned to perform the audit for the periods from 2006-2011. A reconciliation between the Group’s result and shareholders’ funds and the Parent Company’s result and shareholders’ funds is included in the consolidated financial statements.

Business performance

A summary of the Company’s operating performance for 2010 is reported in the table below:

(in million euro) 2010 2009

Result before taxation 586.2 370.4 Income tax 47.6 185.3 Profit for the year 633.8 555.7

Net premiums 8,731.4 8,428.5 Gross premiums from direct business 7,114.0 7,003.0 from indirect business 2,503.5 2,267.9 Total 9,617.5 9,270.9 Change in technical provisions (a) -1,191.3 -627.0 Claims, maturities and surrenders -7,322.8 -7,610.1 Operating costs -1,273.1 -1,271.7 Other technical income and charges -90.5 -99.5 Allocated investment return transferred from the technical account 1,207.0 1,304.5 Net underwriting balance 60.7 124.7 Allocated investment return transferred to technical accounts 507.4 313.1 Net technical result 568.1 437.8 Current financial result(b) 2,504.4 2,136.8 minus allocated investment returns transferred to technical accounts -1,714.4 -1,617.6 Other ordinary income and charges -963.7 -1,126.3 Profit from ordinary operations 394.4 -169.3 Profits and losses on the realisation of other durable investments 230.7 531.1 Other extraordinary income and charges -38.9 8.6

(a) Including mathematical provisions. (b) Including net income on investments, net income on realisation, value adjustments and net profits on internal fund investments.

Profit for the year amounted to e 633.8 million compared to e 555.7 million for 2009.

20 Ordinary operations

Net technical result increased from e 437.8 million in 2009 to e 568.2 million. The result was mainly influenced by the following factors: . a further reduction by 3.3% of administration costs, thanks to the positive effects of the efficiency-building processes launched in previous years at Group level in Italy; . a recovery of premiums written both in the life and non-life businesses; . an improvement in the loss ratio on direct business across almost all reporting lines, only partly limited by the decline in the loss ratio on indirect business as a result of catastrophic events and other significant losses in the property line, due to the continuation of measures aimed at recouping profitability from a technical standpoint; . an improvement — in the Motor TPL line in particular — of the loss ratio and an increase in the average premium (up 3.3%) as a result of the measures implemented in the recent past in the area of both claim settlement and the customization of rate policies; . lower dividends received compared to the previous year, due to the decrease in investee companies’ profits for 2009; . a lower level of profitability on ceded reinsurance acceptances by Group companies within the context of indirect life business.

In the non-life business, the combined effect of such events led to an improvement of the combined ratio to 99.2% (100.4% in 2009).

2010 2009

Expense ratio 14.6% 15.1% Combined ratio 99.2% 100.4%

Gross premiums amounted to e 9,617.6 million (up 2.6% compared to the previous year).

(in million euro) 2010 2009 Change (%)

Direct business Life business 3,867.6 3,742.6 3.2 Non life business 3,246.4 3,260.4 -1.0 Total 7,114.0 7,003.0 1.3

Indirect business Life business 1,822.0 1,683.9 4.9 Non life business 681.5 584.0 12.8 Total 2,503.5 2,267.9 6.9

Direct and indirect business Life business 5,689.6 5,426.5 3.7 Non life business 3,927.9 3,844.4 1.1 Total 9,617.5 9,270.9 2.6

Gross premiums from direct business amounted to e 7,114.1 million (up 1.3%), of which e 6,750.4 million (up 1.4%) written in Italy and e 363.6 million (down 1.8%) abroad; of the latter, e 219 million (down 6.3%) were written in EU countries and e 144.6 million (up 6.6%) in other countries. Life business reported 3.2% growth. This growth was driven by both the individual policies and the LOB I (Life insurance) collective policies, and was only partly offset by the decline in premiums written in LOB V (Capital redemption

21 MANAGEMENT REPORT

operations), as a result of the choice, like in the previous year, to limit the underwriting of particular less profitable single-premium capital redemption contracts of significant amounts. Non-life premiums registered a slight decline (down 1%) compared to the previous year. The Motor TPL line held essentially stable despite the decline in registrations and portfolio disposal measures pertaining to “fleet policies” and agreements, whereas the Non-motor line showed a slight contraction as a result of the effects of the economic situation and portfolio reform measures aimed at recouping profitability.

Vis-à-vis the insurance business exercised in the free market of services in the European Union, overall premiums written amounted to e 47.6 million.

Premiums from indirect business amounted to e 2,503.5 million, up 6.9% compared to the previous year and mainly refer to risk assumption from Group companies. Premiums from indirect business amounted to e 858.2 million (down 3.2%) in Italy and e 1,645.3 million (up 13.4%) abroad.

Acquisition and administration costs: Acquisition and administration costs of net business (life and non-life) Amount Incidence on net premiums(%) (in million euro) 2010 2009 Change (%) 2010 2009

Direct business written in Italy 805.9 821.7 -1.9 12.7 13.2 Direct business written abroad 89.8 88.1 1.9 31.1 30.8 Indirect business 377.4 361.8 4.3 18.0 18.9 Total 1,273.1 1,271.6 0.1 14.6 15.1 Of which: Acquisition costs 1,019.8 1,009.7 1.0 11.7 12.0 Administration costs 253.3 261.9 -3.3 2.9 3.1

Acquisition and administration costs totalled to e 1,273.1 million, virtually unaltered compared to the previous year and with a ratio to net premiums decreasing from 15.1% in 2009 to 14.6%.

Acquisition costs amounted to e 1,019.8 million, an increase by 1%, whereas total premiums rose 2.6%; therefore the incidence of acquisition costs to net premiums decreased from 12% in 2009 to 11.7%.

Administration costs amounted to e 253.3 million, down by 3.3%. In detail, it should be noted that the consequences of the positive effects of the efficiency-building processes initiated in previous years at Group level in Italy resulted in the continuation of the downtrend in the administration costs for direct business written in Italy, which totalled e 187.5 million (e 200.7 million in 2009), down by 6.6%. The incidence of administration costs was 2.9% (3.1% in 2009).

Overall costs for the life segment amounted to e 574.4 million, up 0.8% compared to the previous year. The ratio to premiums was 10.4% compared to 10.8% in 2009. Although acquisition costs increased by 0.9%, their ratio to premiums decreased from 9% in 2009 to 8.7%; administration costs increased slightly (up 0.4%) compared to 2009, with a ratio of 1.8% to premiums, unchanged from 2009.

22 Overall costs for the non-life segment amounted to e 698.7 million, down 0.5% compared to the previous year. The ratio to premiums was 21.6% compared to 22.2% in 2009. Acquisition costs increased by 1.1%, with a ratio to premiums of 16.8% (17% in 2009); administration costs decreased by 5.4% compared to 2009, with a ratio of 4.9% to premiums, compared to 5.2% in 2009.

In the non-life segment, the loss ratio net of insurance ceded improved to 77.5% compared to 78.2% in 2009, and direct business improve from 77.1% to 76%, whereas indirect business written abroad worsened by 0.9% due to catastrophic events and other major claims in the property line. The combined ratio improve from 100.4% in 2009 to 99.2%.

Other technical income and charges, which mainly includes write-downs for uncollectable receivables from insured parties for premiums and relevant commission recoveries, amounted to -e 90.5 million with a 9% improvement.

Technical interest of the life segment amounted to e 1,207 million compared to e 1,304.5 million in the previous year.

Reinsurance premiums ceded and retroceded amounted to e 886.1 million (up 5.2%). The reinsurance cessions are structured on the basis of a detailed risk analysis which allows to define for each class of business the type of structure, the retention level and the reinsurance capacity necessary to mitigate both the exposition for each risk and, for some risks, by event. The exposition risk comes from a cumulation of a plurality of insurance contracts in the portfolio. The proportional contractual reinsurance provides the transfer of the risk for a large part of the portfolio, whilst the residual expositions are in turn mitigated through the facultative reinsurance. The most important classes of business are protected by the excess of loss reinsurance. This type of reinsurance contract allows to specifically define the retention for each class of business and to retain the part of risks influenced by a lower volatility and by higher expected margins. The above-mentioned principles have been confirmed by the Board of Directors on 25th February 2010 and the structures in place during the year do not contain discontinuity in typology, retentions and definition criteria.

Current financial result

(in million euro) 2010 2009

Net investiments income 2,261.1 2,565.4 Value re-adjustments on investment net of value adjustments -2.3 -296.8 Net gains on the realisationof investments 187.3 -192.6 Net income and unrealised gains on investments for the benefit of policyholders who bear the investment risk and on investment relating to the administration of pension funds 58.3 60.8 Current financial result 2,504.4 2,136.8

The current financial result was e 2,504.4 million (up 17.2% compared to 2009). The result was affected on the one hand by the collection of lower dividends as a consequence of the continuation of the challenging economic situation, which had a negative impact on the 2009 profits of investee companies, while on the other it was positively influenced by the recovery of market values in the course of 2010, which reduced net value adjustments compared to the previous year and positively influenced net gains on the realisation of investments.

23 MANAGEMENT REPORT

Net investments income Amount Incidence (%) (in million euro) 2010 2009 Change(%) 2010 2009

Investiment income from: Shareholdings in Group companies 798.5 1,059.5 -24.6 35.3 41.2 of which: Affiliated companies 772.8 1,050.8 -26.5 34.1 40.9 Associated companies 8.5 - n,s, 0.4 - Other 17.2 8.7 97.7 0.8 0.3 Equities 76.4 94.4 -19.1 3.4 3.7 Real property 18.0 18.2 -1.1 0.8 0.7 Fixed-interest securities 974.7 890.1 9.5 43.0 34.7 Other financial investments 31.2 81.5 -61.7 1.4 3.2 Mortgages and loans 9.0 12.3 -26.8 0.4 0.5 Deposits with credit institutions 0.6 1.0 -40.0 - - Deposits with ceding companies 356.2 411.6 -13.5 15.7 16.0 Total investment income 2,264.6 2,568.6 -11.8 100.0 100.0

Indirect taxes on investment income -3.5 -3.2 9.4 - -

Total net income 2,261.1 2,565.4 -11.9 - -

Net investments income amounted to e 2,261.1 million compared to e 2,565.4 million in 2009 (down 11.9%). As mentioned above, the decrease was chiefly due to lower dividends received, especially those from investee companies.

Ordinary return on investments, based on the average rate of return*, was 3.6% (4.5% at 31 December 2009).

Net impairments stood at a negative e 2.3 million compared to a negative e 296.8 million in 2009. It should be noted that the item, as in the previous year, did not benefit from the further extension of Law Decree 185/2008 (converted, with amendments, into Law 2/2009), which, as is common knowledge, allows an entity to measure securities not considered “long-term strategic investments” according to their carrying amounts as presented in the most recent regularly approved annual financial statements or half-yearly report, rather than the realizable amount drawn from market performance, with the exception of permanent impairment losses. The portfolio of securities not held as fixed assets, excluding those associated with investments for the benefit of policyholders, who bear investment risk, and investments deriving from the management of pension funds, showed value adjustments, net of the associated value re-adjustments, of e -36.2 million (e -376.1 million in 2009). Of these, e -47.8 million was associated with fixed-interest securities, e -17 million with shares and interests, and e +28.6 million with other financial investments (of which e +30.5 million associated with mutual funds and e -1.9 million with derivatives). Securities held as fixed assets showed a reversal ofe +33.9 million (compared to +79.3 million in 2009) arising from the valuation of the shareholding in Generali Properties, using the equity method.

Net gains from the disposal of non-durable investments amounted to e 187.3 million. Realized gains amounted respectively to e 140.3 million in the bond portfolio, e 56.8 million in the derivative portfolio, and e 6.7 million in the mutual investment fund portfolio. A total of e 16.5 million in losses was realized on the equity portfolio.

* Average rate of return derives from the ratio of income from the period to half the sum of investments at 31/12/2010 and 31/12/2009.

24 Other ordinary income and charges showed a negative balance of e 963.7 million (negative at e 1,126.3 million in 2009); interest expense on bonds and loans totalled e 696.1 million (e 746.3 million in 2009). The performance of currencies other than the euro led to a loss of e 113.9 million (e 77.7 million losses in 2009). In addition, e 100 million was allocated to the provision for the Securities Fluctuation Fund during the year.

Extraordinary operations

Extraordinary operations generated a profit of e 191.8 million, compared to e 539.7 million in 2009.

In this context, profits and losses on the realization of other durable investments amounted to e 230.7 million (e 531 million in 2009), of which e 128.7 million generated by the sale of bonds and e 101.3 million by the sale of shares and mutual funds.

Income Taxes

Income taxes recognized in the profit and loss account had a positive balance ofe 47.6 million, as against e 185.3 million in 2009. The positive balance is mainly due to the use of the Company’s tax loss within the National Tax Consolidation scheme. The reduction of the balance compared to the previous year was due to the lower ratio of interest income subject to tax break, and an increase of the IRAP item (e 24.1 million, compared to e 12.2 million in 2009), as well as the separate taxation on foreign subsidiaries (e 40.5 million, compared to e 6.0 million in 2009).

Among other indirect taxes, VAT and municipal property tax were particularly significant at e 26.1 million and e 2.8 million, respectively.

25 MANAGEMENT REPORT

Asset and financial management

(in million euro) 2010 2009

Intangible assets 138.6 157.3 Investments 64,505.2 63,588.2 Class D investments 1,145.0 1,053.8 Reinsurers’ share of technical provisions Non-life 1,358.9 1,321.0 Life 222.0 205.7 Total 1,580.9 1,526.7

Debtors 3,670.6 3,444.8 Other assets 1,229.6 1,807.9 Accrued income and deferred charges 575.2 614.8 TOTAL ASSETS 72,845.1 72,193.5

Provisions for other risks and charges 211.2 104.9 Deposits received from reinsurers 187.2 170.9 Creditors and other liabilities 9,739.3 11,264.1 Accrued expenses and deferred income 478.3 545.4 Technical provisions non life 8,324.1 8,360.3 Technical provisions life class C 32,978.9 32,117.1 class D 1,141.1 1,050.8 Total 34,120.0 33,167.9

Subordinated liabilities 4,826.3 4,776.9 SHAREHOLDERS' FUNDS Subscribed share capital or equivalent fund 1,556.9 1,556.9 Reserves 12,767.9 11,690.5 Profit for the year 633.8 555.7 Total 14,958.6 13,803.1 TOTAL LIABILITIES AND SHAREHOLDERS’ FUNDS 72,845.1 72,193.5

Intangible assets decreased from e 157.3 million in 2009 to e 138.6 million. The net decrease is due to amortization of e 68.2 million and new amortization of costs related with major Group projects in the IT and accounting areas, amounting to e 49.5 million.

Investments, excluding investments for the benefit of life-assurance policyholders who bear the investment risk totaled e 64,405.2 million, up 1.3% compared to 31 December 2009, and are broken down as follows:

26 Amount Incidence (%) (in million euro) 2010 2009 Change (%) 2010 2009

Shareholdings in Group companies 29,295.0 27,980.0 4.7 45.4 44.0 of which: Affiliated companies 27,683.2 26,436.6 4.7 42.9 41.6 Associated companies 319.1 184.8 72.7 0.5 0.3 Other 1,292.7 1,358.6 -4.9 2.0 2.1 Equities 1,551.5 1,994.6 -22.2 2.4 3.1 Real property 1,446.2 1,457.9 -0.8 2.2 2.3 Fixed-interest securities 20,280.2 19,353.0 4.8 31.4 30.4 Other financial investments 2,598.5 3,099.0 -16.2 4.0 4.9 Mortgages and loans 191.3 238.2 -19.7 0.3 0.4 Deposits with credit institutions 162.5 106.2 53.0 0.3 0.2 Deposits with ceding companies 8,980.0 9,359.3 -4.1 14.0 14.7 Total 64,505.2 63,588.2 1.4 100.0 100.0

Investiments for the benefit of life-assurance policyholders who bear the investment risk and relating to the administration of pension funds 1,145.0 1,053.8 8.7 - -

In the real property portfolio, excluding investments for the benefit of life-insurance policyholders who bear the investment risk, a total of e 14,018.1 million was invested and e 13,294.9 million divested.

The increase in shareholdings in Group companies and other investee companies was due to the revaluation of the shareholding in Generali Properties of e 1,065.0 million as a consequence of the modification of the criterion for application of the equity method, as presented in Part B of the Notes, to the purchase of 30% of the Chinese asset- management company Guotai (for e 115.7 million) and share capital increases by several Group companies.

Other shares and interests decreased by e 443.1 million. This decrease was influenced by the decline in the exposure to equities, chiefly as a result of the discontinuation at the end of the year of a trading strategy in the equity portfolio, which had been associated with hedging through futures.

Based on book values, at 31 December 2010 (e 1,446.2 million), the property portfolio — wholly included in the non- life segment — was made up for 21.3% of properties used for own activities, 72.5% of properties for sales activities and 4.9% of residential investment properties; assets in progress represented 1.2%.

In the Bond portfolio, securities denominated in euro amounted to e 18,512.4 million (up 3.8%) and securities denominated in other currencies amounted to e 1,767.7 million (up 16.2%). Fixed-rate securities accounted for 85.6% of total bonds (84.6% at 31 December 2009).

Other financial investments mainly refers to units of mutual investment funds amounting to e 1,989.7 million (e 1,938 million in 2009) and repurchase agreements amounting to e 606.6 million.

The balance of net unrealized capital gains on the securities portfolio amounted to e 2,160.9 million (3,516.6 million at the end of 2009). The value was measured based on market prices, or the portion of shareholders’ equity of unlisted investee companies at year-end. It was affected by the elimination of gains on fixed-interest securities and partly by gains on shareholdings held as fixed assets.

Mortgages and loans amounted to e 191.3 million (e 238.2 million in 2009), of which e 180.6 million refer to Loans for Life Policies.

27 MANAGEMENT REPORT

Deposits with ceding companies, which almost fully related to the life segment, amounted to e 8,980 million (e 9,359.3 million at 31 December 2009), of which e 8,552.6 million with subsidiaries (e 6,935.7 million in Italy and e 1,616.9 million abroad).

Investments for the benefit of life-assurance policyholders who bear the investment risk and relating to the administration of pension funds amounted to e 1,145 million (e 1,053.8 million at 31 December 2009).

The securities in portfolio at 31 December 2010 included 4,094,870 own shares classified under item F.III on the assets side of the balance sheet.

Technical provisions net of reinsurance amounted to e 40,689.1 million (e 39,832.2 million at 31 December 2009), as reported in the following table.

Amount Incidence (%) (in million euro) 2010 2009 Change (%) 2010 2009

Technical provisions of life business 33,898.0 32,962.2 2.8 83.3 82.8 Mathematical provision 31,800.6 31,050.8 2.4 78.2 78.0 Provision for claims outstanding 785.0 680.4 15.4 1.9 1.7 Provisions relating to contracts linked to investments funds and market index and relating to the administration of pension funds 1,141.1 1,050.8 8.6 2.8 2.6 Other provisions 171.3 180.2 -4.9 0.4 0.5

Technical provisions of non life business 6,791.1 6,870.0 -1.1 16.7 17.2 Provision for unearned premiums 1,374.6 1,304.3 5.4 3.4 3.3 Provision for claims outstanding 5,565.2 5,700.0 -2.4 13.7 14.3 Other provisions -148.7 -134.3 10.7 -0.4 -0.3

Total life and non life business 40,689.1 39,832.2 2.2 100.0 100.0

At the end of 2010, the Company’s overall debt amounted to e 12,751.4 million (e 14,135 million at 31 December 2009), as shown in greater detail below, with interest expense of e 696.1 million.

(in million euro) 2010 2009

Subordinated liabilities 4,826.3 4,776.9 Debenture loans 3,060.0 4,250.0 Loans 4,865.1 5,108.1 Total 12,751.4 14,135.0

The decrease in debt is mainly to be attributed to the redemption at maturity of a senior bond in the amount of e 1,750 million and the issuance of a senior bond in the amount of e 560 million set to mature in 2020. The other mainly changes are related to the repayment and issuance of loans within the Group, which resulted in a net decrease in debt of e 243 million.

28 Shareholders’ equity

Shareholders’ equity amounted to e 14,958.6 million compared to e 13,803.1 million in the previous year. The change was due to the profit for the year and the revaluation of the investment in Generali Properties bye 1,065.0 million as a consequence, as specified above, of the modification of the criterion for application of the equity method, as presented in Part B of the Notes.

(in million euro) 2010 2009

Subscribed capital or equivalent funds 1,556.9 1,556.9 Share premium account 3,568.3 3,568.1 Legal reserve 311.4 289.3 Other reserve 8,888.2 7,833.1 Profit brought forward - - Profit for the financial year 633.8 555.7 Total 14,958.6 13,803.1

The minimum requirement for the solvency margin was e 2,060.7 million, of which e 1,408.0 million in the life segment and e 652.7 million in the non-life segment; the equity available to cover this amount was e 15,092.5 million, therefore the excess amount was e 13,031.8 million (e 11,793.8 million in 2009).

29 MANAGEMENT REPORT

Business segments Life segment

Business performance of the life segment

(in million euro) 2010 2009

Result before taxation 605.4 632.3 Income tax -62.0 -13.5 Profit for the year 543.4 618.8

Net premiums 5,499.0 5,267.6 Gross premiums from direct business 3,867.6 3,742.6 from indirect business 1,822.0 1,683.9 Total 5,689.6 5,426.5 Change in technical provisions (a) -1,131.8 -743.3 Claims, maturities and surrenders -4,862.4 -5,046.8 Operating costs -574.4 -569.8 Other technical income and charges -15.1 -23.6 Allocated investment return transferred from the technical account 1,207.0 1,304.5 Net underwriting balance 122.3 188.6 Allocated investment return transferred to technical accounts 229.4 - Net technical result 351.7 188.6 Current financial result(b) 1,852.4 1,481.4 minus allocated investment returns transferred to technical accounts -1,436.4 -1,304.5 Other ordinary income and charges -228.7 -261.3 Profit from ordinary operations 539.0 104.2 Profits and losses on the realisation of other durable investments 103.6 529.9 Other extraordinary income and charges -37.2 -1.8

(a) Including mathematical provisions. (b) Including net income on investments, net income on realisation, value adjustments and net profits on internal fund investments.

2010 2009

Total expense ratio 10.5% 10.8% Acquisition costs / net premiums 8.7% 9.0% Acquisition costs / net premiums 1.8% 1.8%

Profit for the year went from e 618.8 million in 2009 to e 543.4 million. The decrease was largely a result of net underwriting balance, which went from e 188.6 million in the previous year to e 122.3 million, mainly due to the lesser contribution of reinsurance acceptances by Group companies in the context of indirect business.

30 Life segment – Life gross premiums

(in million euro) 2010 2009 Change (%) Incidence (%)

Italy 3,787.6 3,661.5 3.4 66.6 EU branches 47.5 51.5 -10.9 0.8 Italian Direct Portfolio 3,835.1 3,713.0 3.2 67.4 Non-EU branches 32.5 29.6 2.8 0.6 Indirect business 1,822.0 1,683.9 4.9 32.0 Total 5,689.6 5,426.5 3.7 100.0

Total life gross premiums reached e 5,689.6 million, up 3.7%, of which e 3,867.6 million (up 3.2%) generated by direct business and e 1,822 million (up 4.9%) by indirect business.

Life segment - Direct business written in Italy

(in million euro) 2010 2009 Change (%)

Whole life 3,500.8 3,215.8 8.9 Insurances linked to investment funds 57.5 65.9 -12.7 Health insurance and long term care 3.0 1.8 66.7 Capital redemption operations 102.9 219.1 -53.0 Management of pension funds 123.4 158.9 -22.3 Total 3,787.6 3,661.5 3.4

The Italian life-insurance market continued to achieve the positive performance seen in the previous year, driven by a financial scenario of low short-term returns that encouraged the pursuit of more profitable medium-/long-term investments and products with guarantees at maturity, such as insurance products. In particular, the positive trend in the placement of life policies continued across all channels, with a turnaround in the bancassurance and financial advisors channels in the fourth quarter.

The volume of direct business premiums written in Italy amounted to e 3,787.6 million, up 3.4% compared to 2009.

The performance by individual line of business is given below. In detail, the increase in LOB I (Whole life) was driven by both the individual contracts (up 5.6%) and collective contracts (up 22.6%). The decline in premiums written in LOB III (Insurances linked to investment funds) was affected by uncertainty surrounding the performance of the equity markets to which many of these products are linked. The 53% decrease in premiums written in LOB V (Capital redemption operations) was the result, as in the previous year, of the choice of limiting the underwriting of special types of large-amount single-premium capitalization contracts and with low return. Premiums written in LOB VI (Management of pension funds) amounted to e 123.4 million, down by 22.3% compared to the previous year, which had benefited from the acquisition of an important large-amount collective contract with a large-amount premium.

New business totalled e 2,155.4 million, up by 4.1%. These premiums were characterized by products that required less risk capital due to their technical characteristics (guarantees, durations, etc.).

31 MANAGEMENT REPORT

Individual policies reported 5.9% growth, with a strong performance of new periodic-premium policies (up 6.3%) and single-premium policies (up 5.8%). In detail, new business was strong in the area of Individual Retirement Plans (up 10.1% compared to 2009), consolidating the Company’s leading role in the individual supplementary pension segment.

New business in the collective and corporate line amounted to e 344 million, showing an overall increase of 13.4% compared to the previous year, owing in part to the acquisition of an important optional collective contract with a large-amount premium.

New business in the pension funds line amounted to e 28.5 million, down by 65.7% compared to the previous year, which, as mentioned above, had benefited from the acquisition of an important large-amount collective contract.

In terms of annual premium equivalent (APE), i.e. the sum of annual premium policies and one-tenth of single premium policies, new business amounted to e 489.6 million, up slightly compared to the previous year. APE for individual policies was e 429.7 million, up by 6.1%.

Assets relating to linked products for direct business written in Italy totalled e 1,017.9 million at 31 December 2010, of which e 548.2 million was related to unit-linked policies, e 351.9 million to the management of pension funds and e 117.8 million to the pension funds associated with asset management agreements with guarantees.

Product innovation activity was primarily characterized by the revamping of single-premium products, with a particular focus on diversifying customer investments. In detail, two new products were introduced during the year:

. “Selected Portfolio”, a segregated portfolio devoted to investment in the corporate bond market; . “Generali iPiù”, a unit-linked product that allows customers to allocate resources to equity markets while maintaining a low risk profile due to the guarantee provided by the Company that at least the premiums paid will be returned at the expiry of the contract.

Two new products were developed for the employee-benefit segment, “White Collars” and “White Collars Dirigenti”, both of which are aimed at companies interested in life and permanent and total disability insurance for their employees.

In the supplementary pension sector, the Company organized support activity for agencies in relations with customers already participating in Individual Retirement Plans in order to maintain continuity of contributions and revise plans as necessary in order to establish adequate additional pension income over time.

At 31 December 2010, insured amounts for individual risks in portfolio amounted to e 27,850.3 million, up 3.7% compared to 31 December 2009.

In the same period, overall non-life insurance provisions, net of earned premiums ceded, reached e 23,729.6 million (e 22,453 million at 31 December 2009), of which e 1,017.9 million for policies where the investment risk is borne by the policyholders (e 935.1 million at 31 December 2009).

Charges related to claims, net of ceded reinsurance, amounted to e 3,021.6 million, with a decrease compared to e 3,298.4 million at the end of 2009. In detail, benefits paid out at maturity and for annuities came toe 1,106 million, down by 7.6% (e 1,196.7 million in the previous year), owing in part to the measures safeguarding investment at maturity by the Company. Capital paid on premature death totalled e 102.5 million (e 110.5 at 31 December 2009) and redemptions amounted to e 1,816.8 million, down 8,6% (e 1,988.6 in 2009).

32 Life segment - Acquisition and administration costs Amount Incidence on net premiums(%) (in million euro) 2010 2009 Change(%) 2010 2009

Direct business written in Italy 277.2 274.0 1.2 7.3 7.5 of which: Acquisition costs 206.9 201.9 2.5 5.5 5.5 Administration costs 70.3 72.1 -2.5 1.9 2.0

Total costs net of reinsurance went from e 274 million in 2009 to e 277.2 million (up 1.2%). In detail, acquisition costs amounted to e 206.9 million (up 2,5%), whereas administration costs amounted to e 70.3 million (down 2.5%).

* *

Direct premiums written abroad amounted to e 80.1 million (down 5.9%), of which e 47.5 million (down 10.9%) in EU countries and 32.6 million (up 2.8%) in other countries.

Indirect premiums written amounted to 1,822 million, up 4.9%, of which e 1,489.8 million (up 2%) premiums from intra-group transactions.

In the life segment, reinsurance premiums ceded were e 190.6 million, of which e 28 million from direct business and e 162.6 million from indirect business.

Life segment – Current financial result

(in million euro) 2010 2009

Net investiment income 1,666.4 1,905.4 Value re-adjustments on investment net of value adjustments -33.5 -298.3 Net gains on the realisationof investments 161.2 -186.5 Net income and unrealised gains on investments for the benefit of policyholders who bear the investment risk and on investment relating to the administration of pension funds 58.3 60.8 Current financial result 1,852.4 1,481.4

The current financial result grew by e 371 million (up 25%), essentially due to the greater net gains from the disposal of investments, which reached e 161.2 million, compared to net losses of e 186.5 million in the previous year, and lower value adjustments, which went from e -298.3 million to e -33.5 million. As mentioned above, the decrease of dividends from e 591.5 million to e 350.1 million also affected this result. During the year, the Company continued to pursue a focused investment policy for the bond portfolio that aims to achieve adequate returns, especially in segregated portfolios.

33 MANAGEMENT REPORT

Life segment – Net investment income Amount Incidence (%) (in million euro) 2010 2009 Change (%) 2010 2009

Investiment income from: Shareholdings in Group companies 285.5 515.3 -44.6 17.2 27.1 of which: Affiliated companies 272.9 514.0 -46.9 16.4 27.0 Associated companies - - n.s. - - Other 12.6 1.3 869.2 0.8 0.1 Equities 64.6 76.2 -15.2 3.9 4.0 Real property - - - - - Fixed-interest securities 916.8 838.9 9.3 55.0 44.0 Other financial investments 35.0 51.8 -32.4 2.1 2.7 Mortgages and loans 8.7 11.9 -26.9 0.5 0.6 Deposits with credit institutions 0.5 0.5 - - - Deposits with ceding companies 355.3 410.8 -13.5 21.3 21.6 Total investment income 1,666.4 1,905.4 -12.5 100.0 100.0

Indirect taxes on investment income - - - - - Totale redditi netti 1,666.4 1,905.4 -12.5 - -

Net investment income amounted to e 1,666.4 million (down 12.5%). As mentioned above, the decrease is mainly due to lower dividends received, especially those from investee companies.

Ordinary return on investments, based on the average rate of return*, was 3.7% (4.8% at 31 December 2009).

Net impairments showed a negative balance of e -33.5 million (e -298.3 million in 2009). Of these net adjustments, e -42.8 million refer to net impairments of assets included in special business, which based on current applicable profit-sharing regulations impact the financial statements of the Company and are not shared with policyholders until they have been realized. Securities not held as fixed assets, excluding investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds showed net impairments of e -22.2 million (e -298.3 in 2009), of which e -34.9 million related to fixed-income securities,e -8.3 million related to shares and interests, and e +21 million related to other financial investments. Securities held as fixed assets showed net impariments of e -11.3 million (no impairments or reversales in 2009).

Net gains from the disposal of non-durable investments amounted to e 161.2 million (e -186.5 in 2009). This result was mainly due to gains from the disposal of fixed-interest securities and derivatives (e +120.2 million and e +59.1 million, respectively), partly offset by losses from the disposal of shares and interests amounting to e -19.1 million.

Net gains from the disposal of durable investments amounted to e 103.6 million (e 529.9 million in 2009) and were mainly related to the bond portfolio. The results of the durable and non-durable segments are part of a common strategy mainly aimed at maintaning current returns on underlying portfolios.

During the year, the Company implemented risk hedging strategies on individual shares, indexes and rates.

* The average rate of return on investments is the ratio of income from investments to half the sum of investments at 31/12/2010 and 31/12/2009.

34 Asset and financial management of the life segment

Life segment - Investments Amount Incidence (%) (in million euro) 2010 2009 Change (%) 2010 2009

Shareholdings in Group companies 14,023.8 12,774.0 9.8 31.0 28.7 of which: Affiliated companies 12,893.3 11,781.3 9.4 28.5 26.5 Associated companies 121.6 107.1 13.5 0.3 0.2 Other 1,008.9 885.6 13.9 2.2 2.0 Equities 1,079.7 1,502.6 -28.1 2.4 3.4 Real property - - - - - Fixed-interest securities 18,742.2 17,946.6 4.4 41.4 40.4 Other financial investments 2,214.7 2,697.1 -17.9 4.9 6.1 Mortgages and loans 180.9 228.5 -20.8 0.4 0.5 Deposits with credit institutions 125.5 33.5 274.6 0.3 0.1 Deposits with ceding companies 8,905.6 9,286.0 -4.1 19.6 20.8 Total 45,272.4 44,468.3 1.8 100.0 100.0

Investiments for the benefit of life-assurance policyholders who bear the investment risk and relating to the administration of pension funds 1,145.0 1,053.8 8.7 - -

Investments, excluding investments for the benefit of life-assurance policyholders who bear the investment risk totalled e 45,172.4 million, up 1.6% compared to 31 December 2009.

The composition of assets underwent only marginal changes compared to the previous year. Overall equity investments, including shareholdings and other forms of investment, represented 33.4% of the total (32.1% at the end of the previous year). More than 85% of such equity investments is concentrated in free capital. The remaining significant changes compared to the end of the previous year were seen in other financial investments (consisting of mutual funds and repurchase agreements), which decreased by e 482.4 million, falling from 6.1% to 4.9% of the total, and in the bond component, which showed a net investment of e 795.6 million, rising from 40.4% to 41.5%.

Life segment – Technical provisions Amount Incidence (%) (in million euro) 2010 2009 Change (%) 2010 2009

Technical provisions of life business Mathematical provision 31,800.6 31,050.8 2.4 93.8 94.2 Provision for claims outstanding 785.0 680.4 15.4 2.3 2.1 Provisions relating to contracts linked to investments funds and market index and relating to the administration of pension funds 1,141.1 1,050.8 8.6 3.4 3.1 Other provisions 171.3 180.2 -4.9 0.5 0.6 Total 33,898.0 32,962.2 2.8 100.0 100.0

At 31 December 2010, overall technical provisions of the life business, net of ceded reinsurance, reached e 33,898 million (32,962.2 million at 31 December 2009). Mathematical provisions went from e 31,050.8 million to e 31,800.6 million, mainly thanks to the good performance of premiums written. The 8.6% increase in technical provisions for policies where the investment risk is borne by the policyholders mainly reflects the recovery of the financial markets.

35 MANAGEMENT REPORT

Non-life segment

Business performance of the non-life segment

(in million euro) 2010 2009

Result before taxation -19.2 -261.9 Income tax 109.6 198.8 Profit for the year 90.4 -63.1

Net premiums 3,232.4 3,160.9 Gross premiums from direct business 3,246.4 3,260.4 from indirect business 681.5 584.0 Total 3,927.9 3,844.4 Change in technical provisions -59.5 116.3 Claims, maturities and surrenders -2,460.4 -2,563.3 Operating costs -698.7 -701.9 Other technical income and charges -75.4 -75.9 Net underwriting balance -61.6 -63.9 Allocated investment return transferred to technical accounts 278.0 313.1 Net technical result 216.4 249.2 Current financial result (a) 652.0 655.4 minus allocated investment returns transferred to technical accounts -278.0 -313.1 Other ordinary income and charges -735.0 -865.0 Profit from ordinary operations -144.6 -273.5

Profits and losses on the realisation of other durable investments 127.1 1.2 Altri proventi e oneri straordinari -1.7 10.4

(a) Including net income on investments, net income on realisation, value adjustments and net profits on internal fund investments.

2010 2009

Loss ratio 77.5% 78.2% Total expense ratio 21.7% 22.2% Acquisition costs / net premiums 16.8% 17.0% Administration costs / net premiums 4.9% 5.2% Combined ratio 99.2% 100.4%

Profit for the year went from e -63.1 million in 2009 to e 90.4 million. The improvement was largely a result of the greater investment income and gains on items in foreign currencies recognized among ordinary income and charges.

The net underwriting balance slightly improved from e -63.9 million in 2009 to e -61.6 million. This result may be attributed to the improvement in direct business, in particularly that written in Italy, which benefited from the effects of the strict underwriting and rate policies implemented in order to combat the decline in profitability. By contrast, indirect business yielded a worsening result due to certain catastrophic events relating to natural phenomena and other losses recognized in the property segment.

36 In detail, net of insurance ceded, the loss ratio of the direct business improved from 77.1% of the previous year to 76%, whereas the loss ratio of the indirect business worsened by 0.9% (from 87.2% in 2009 to 88.1%). Overall, the loss ratio went from 78.2% for last year to 77.5%. Total expense ratio improved from 22.2% in 2009 to 21.7%, thanks, as mentioned above, to the ongoing initiatives to support organizational efficiency-building processes launched over the past few years at Group level in Italy. As a result, the combined ratio improved from 100.4% in 2009 to 99.2%.

Non-life segment – Non-life gross premiums

(in million euro) 2010 2009 Change (%) Incidence (%)

Italy 2,962.8 2,988.1 -1.0 75.4 EU branches 171.5 178.4 -5.0 4.4 Italian Direct Portfolio 3,134.3 3,166.5 -1.3 79.8 Non-EU branches 112.1 93.9 7.7 2.9 Indirect business 681.5 584.0 12.8 17.3 Total 3,927.9 3,844.4 1.1 100.0

Total gross premiums amounted to e 3,927.9 million, up by 1.1% compared to the previous year.

Direct business premiums amounted to e 3,246.4 million, down slightly compared to the previous year. As observed above, premiums written in the Motor line held essentially steady as a result of the rate customization strategy, with an increase in the average premium (up 3.3%) and the selection of a portfolio aimed at recouping profitability. The Non-motor line, the premiums for which were down slightly compared to 2009, was characterized by portfolio reform and corporate contract disposal measures aimed at achieving an adequate level of profitability in a market that continued to be affected by a weak economic situation and price competition.

By contrast, indirect business premiums amounted to e 681.5 million, up by 12.8% compared to the previous year, concentrated in particular in the health (up 27.7%), fire (up 12.1%) and general liability lines (up 24.1%) as a result of new contractual and optional reinsurance programmes.

Non-life segment - Direct premiums written in Italy

Claim settlement velocity Change Incidence Gross loss ratio (%) Current origin Previous origin (in million euro) Premiums (%) (%) 2010 2009 year year

Accident 299.0 -2.4 10.1 57.6 61.0 29.9 64.3 Health 325.7 -2.7 11.0 86.9 97.1 92.3 68.5 Motor material damage 119.0 -2.5 4.0 59.5 59.6 79.6 80.4 Marine, aviation and transport (a) 212.6 0.3 7.2 56.9 71.9 49.0 40.9 Fire 328.5 -1.2 11.1 52.3 67.5 65.8 56.1 Property other than fire 379.8 -0.8 12.8 69.8 65.2 70.5 58.4 Motor TPL 797.8 0.1 26.9 83.0 84.1 64.0 59.6 General liability 417.9 0.3 14.1 83.1 91.1 33.7 33.7 Other LOB (b) 82.5 -7.8 2.8 51.2 24.5 69.9 45.9 Total 2,962.8 -1.0 100.0 72.0 76.2 79.8 55.6 (a) Includes trains, air, sea, lake and river craft, cargo, t.p.l. for air, sea, lake and river craft. (b) Includes pecuniary loss, legal protection, assistance and credit and suretyship.

37 MANAGEMENT REPORT

Direct premiums written in Italy totalled e 2,962.8 million, slightly down by -1% compared to the previous year. As mentioned above, the decrease was due to measures aimed at recouping profitability, in the motor TPL and general liability lines in particular, which were continued throughout 2010, the beneficial effects of which were reflected in the improvement in the loss ratio across nearly all lines of business.

In detail, premium performance in the Motor segment yielded premiums written of e 916.8 million, essentially unchanged compared to the previous year. The negative impact on Motor TPL premiums deriving from portfolio reform and disposal measures associated with “fleet” policies launched in the previous year was offset by the effects of the rate customization schemes adopted, the attenuation of the downtrend in the balance of inflows and outflows and the change in the type of vehicles insured. By contrast, motor material damage premiums fell (down 2.5%) as a result of the decline in new registrations, the ageing of the vehicle fleet and portfolio reform and disposal measures aimed at fleet policies and agreements. In the Non-motor business line, premiums written amounted to e 2,046 million, down by 1.4%. The most significant decreases were reported in the accident line (down 2.4%) due to the reduction in premiums for collective policies contracted by businesses as a result of the negative economic situation and in the health line (down 2.7%) following portfolio reform involving discontinuation of several collective policies with negative profitability.

Thanks to the above-mentioned policies, gross loss ratio improved from 76.2% in 2009 to 72%, with improvement in almost all the business lines. Net of insurance ceded, the loss ratio was 75.7% compared to 77% in 2009.

Non-life segment - Acquisition and administration costs

Amount Incidence on net premiums (%) (in million euro) 2010 2009 Change (%) 2010 2009

Direct business written in Italy 528.7 547.7 -3.5 20.6 21.3 Of which: Acquisition costs 411.5 419.1 -1.8 16.0 16.3 Administration costs 117.2 128.6 -8.8 4.6 5.0

Net of insurance ceded, acquisition costs declined by 1.8%, falling from e 419.1 million in the previous year to e 411.5 million. Administration costs decreased from e 128.6 million in 2009 to e 117.2 million, down by 8.8% by effect of the efficiency-building process underway, which made it possible to continue the downward trend of these expenses. Expense ratio net of insurance ceded improved from 21.3% in 2009 to 20.6%.

The combined ratio improved to 96.2% compared to 98.3 in 2009.

The ratio of technical provisions to net premiums was 204.8% compared to 211.6% in 2009.

The innovation activity has been mainly focused on the enlargement and the enhancement of the distribution channel by means of a multimedia platform that aims to improve and integrate all the relations with the customer in order to: . increase the interactions with the customer: more interest towards market segments not covered or emerging (e.g. web users); . develop the cross selling: to improve the knowledge of the customers and their purchasing power; . enhance the retention: to improve the customer service and the relation skill; and to streamline the agency management improving the customer self service options.

In the comment below on the individual lines of business, the loss ratio is always given gross of insurance ceded, unless otherwise stated.

38 Non-life segment - Premiums written in Italy: individual and commercial

Individual risks Commercial risks Change Gross loss ratio (%) Change Gross loss ratio (%) (in million euro) Premiums (%) 2010 2009 Premiums (%) 2010 2009

Accident 299.0 -2.4 57.6 61.0 - - - - Health 325.7 -2.7 86.9 97.1 - - - - Motor material damage 119.0 -2.5 59.5 59.6 - - - - Marine, aviation and transport (a) - - - - 212.6 2.8 56.9 71.9 Fire 109.9 -0.2 46.1 50.3 218.6 -1.7 55.5 73.8 Property other than fire 132.1 3.1 83.0 92.0 247.7 -2.7 62.6 51.7 Motor TPL 797.8 0.1 83.0 84.1 - - - - General liability 121.5 5.3 70.5 71.4 296.4 -1.5 88.2 98.2 Other LOB (b) 16.0 -1.9 19.7 39.2 66.5 -9.1 58.0 21.3 Total 1,921.0 -0.5 74.8 78.7 1,041.8 -1.5 66.9 71.9 (a) Includes trains, air, sea, lake and river craft, cargo, t.p.l. for air, sea, lake and river craft. (b) Includes pecuniary loss, legal protection, assistance and credit and suretyship.

During the reporting year, the individual line of business continued to be characterized by the decline in disposable household income, the challenging circumstances faced by small enterprises and the continuation of widespread portfolio reform measures, focused in particular on situations that show a negative technical performance.

Premiums written decreased slightly compared to the previous year. In the Motor line, premium income for motor material damage fell as a result of the decline in insured amounts due to the severe drop in new registrations and the ensuing ageing of the vehicle fleet, while the motor TPL segment held essentially stable following on the significant decrease reported in 2009 (down 4.7%), with an increase in the average premium by +3.3%.

In the Non-motor line, which decreased slightly (down 0.7%), premiums for the general motor TPL and other property lines grew, while the development of the accident and health lines was affected by the challenging market situation, price pressure and reform measures aimed at improving the portfolio’s technical equilibrium.

The loss ratio improved significantly from 78.7% to 74.8%. This improvement, seen across all lines of business, was achieved through an underwriting policy aimed at seeking balance between business growth and portfolio technical improvement targets.

The slight decrease (-1.5%) in the Corporate sector affected all lines of business, with the exception of marine, aviation and transport insurance.

The loss ratio declined from 71.9% to 66.9%, owing to portfolio reform measures and the absence of catastrophic events in the fire and general liability lines.

As far as the individual lines are concerned, in the accident line, the 2.4% fall in premiums written was caused primarily by a market situation dominated by major price pressure, a reduction in employment levels of insured companies and the resulting decline in total compensation levels, on the basis of which premiums for collective policies are determined.

The loss ratio was at adequate levels (57.6%), improving by 61% compared to 2009, thanks to targeted reform actions of business classes yielding profitability levels in line with the results of the business line.

The initiatives launched during the year in support of the flagship product “Generali Sei in sicurezza” include “Gene- rali dieci a zero”, linked to a prize drawing relating to the World Cup in South Africa, and “Estate Protetta”, linked to a travel policy launched early in the year.

39 MANAGEMENT REPORT

In addition, an initiative was developed with the aim of promoting the sale of driver’s accident insurance to Motor TPL clients as part of the product “Generali Sei in sicurezza in circolazione”. Also in the area of cover for driving accidents, the line of accident insurance offered through the product “Generali Sei in Auto” was revamped and rationalized.

The health line reported a decline in premiums of 2.7% in 2010 and a clear improvement in the loss ratio to 86.9% (97.1% in 2009).

Premium performance was characterized not only by the challenges of achieving growth in the retail insurance sector, which was weighed down by the decrease in disposable income, but also by the policy of reforming and non- renewal of the portfolio of collective/commercial contracts that showed especially negative technical performances.

The most important initiatives aimed at supporting growth include the sale of the new product “Detto Fatto Salute”. This product provides a benefit that varies in amount depending on the type of surgery and accident according to the classification system used by the National Healthcare System and has been organized in an innovative manner to be clear and simple to underwrite so as to ensure the greatest possible dissemination amongst retail customers.

The level of cover of policyholders continued to be reinforced in 2010 by the policy “Protezione di valore”, which provided for an increase in the maximum sums assured against a one-off increase in premium. This initiative continued to meet with a positive response from customers in 2010.

Activities aimed at improving the segment’s loss ratio include, for expired “Obiettivo Salute” and “Valore Salute” policies, specific measures to reform positions with negative technical performances and advantageous conditions for transition to the new product “Generali Sei by Salute” for the best customers.

The motor material damage line showed a decline in premiums written of 2.5% and a loss ratio that remained essentially stable (59.5%) compared to the previous year. The line of business suffered the effects of the crisis in the automotive market, which continues to report decreases in new registrations and the ageing of the vehicle fleet, with the resulting decrease in maximum sums assured.

On average, the insured value decreased by 2.5%, and the number of policies in portfolio increased by 2.1%, while the average premium rate fell slightly owing to the considerable competition on the market.

Activity aimed at reforming and non-renewal of fleet and convention policies that showed structurally negative performances continued in 2010.

The loss ratio held essentially stable compared to the previous year. In this context, given the persistently negative effect on the loss ratio recorded by the fire, socio-political and windshield cover, as well as certain types of comprehensive Kasko risk, rates were revised upwards and the fixed/percentage excess modified.

In the fire business line premiums written decreased slightly (down 1.2%), with a loss ratio of 52.3%, sharply improving compared to 67.5% in 2009.

The loss ratio was influenced by a lower number of significant claims than in the previous year and the positive impact of the continuation of targeted prevention, selection and reform activity in the commercial business line in particular in the context of close attention to portfolio quality.

The individual business line showed essentially stable premiums compared to the previous year owing to the weak economic situation in the micro-enterprise segment and the decline in disposable income.

The loss ratio was 46.1% (50.3% in 2009), showing an improvement attributable to rate adjustment measures and constant attention to reforming contracts that have registered losses.

40 The various initiatives undertaken during the year include the launch of a new line of products by the name “Detto fatto” in the area of multi-risk cover for the home, characterized by an innovative pricing mechanism. The new line is intended to foster simple access by customers to this type of cover and is completed by a health policy.

Another significant initiative was the more general campaign directed towards revising retail policies to expand the level of cover and offer the possibility to update policy amounts to bring them into line with actual needs, especially for policies that do not incorporate indexing mechanisms.

Measures taken to improve technical profitability include the revision of rates for the products “Generali sei a casa” and “Globale Fabbricati Civili”, which were among the sectors most affected by the increases in the loss ratio seen in previous years.

In the corporate risks segment, gross premiums written decreased by 1.7%, but the loss ratio showed highly significant improvement to 55.5% compared to 73.8% in 2009. This improvement was due to the lack of catastrophic events as well as to a focused rate and risk selection policy accompanied by structured, constant monitoring and reform of the portfolio.

The decline in premiums was influenced primarily by the economic crisis, which resulted in a reduction in insurable new business and the persistence of strong competition on the market, which provoked price tension at levels high enough to undermine the required technical equilibrium. Premium performance was also affected by customers’ requests to revise insurance positions to provide lower cover aimed at containing the cost of insurance.

To reverse this trend, a specific project designated “Zoom PMI” was launched in 2010, aimed at the smalland medium-sized enterprise market segment. This project aims to reinforce the Company’s attention to this segment of the market by providing the sales network with tools that may be used to ensure an advisory-based approach able to meet all the insurance needs of small and medium-sized enterprises through a specific process that helps them to identify risks and measures and prevent those risks.

The property other than fire business line showed a slight decrease in premiums (-0.8%).

Premiums grew in the individual business line (up 3.1%), whereas the commercial business line showed a decrease of 2.7%.

The loss ratio amounted to 69.8% overall (65.2% in 2009) as a result of the loss ratio in the commercial business line.

The theft risks sector showed a decrease in premiums written of 1.3% and a loss ratio of 45.4% (42.2% in 2009). In the individual business line, which provides cover for homes and minor commercial risks, premiums written decreased by 1.5% due to the lower demand associated with the challenging economic scenario and reduced household spending capacity. Initiatives in support of growth include those aimed at the multi-risk housing policies cited above in the discussion of the fire line (“Dieci a zero” and “Iniziativa per l’estate”) and the policy “Detto Fatto Casa”, which also includes a theft component. In 2010 the commercial business line, which primarily refers to bank risk, showed a slight increase in gross premiums written despite the strong competition also seen in this market and the need chiefly for financial institutions, to limit insurance costs.

The technological risks segment reported a decrease in premiums written of 6.3% and a loss ratio of 64.0%, still at positive levels but worse than in 2009 (46.4%). In this segment, the electronics and assembly segments showed stable premiums, while premiums written in the C.A.R. segment performed less positively (down 11.2%) due to a decline in the construction sector as a result of the general economic crisis.

In the remaining sectors of the other property damage line, premiums written increased by 5.3% and the loss ratio stood at 97.7%, a marked improvement over the previous year (111.3%), due in part to incisive technical rebalancing measures.

41 MANAGEMENT REPORT

The motor TPL segment was virtually stable in terms of premiums written and its loss ratio improved: 83.0% as compared to 84.1% at 31 December 2009.

During the reporting year a variety of measures was taken, the most important of which included the continuation of the reform and non-renewal of the fleet policies portfolio that began in 2009.

The rate strategies implemented were characterized by adequate customization aimed at recouping the rate shor- tfall. In detail, effective July 2010 the Motor TPL rate for the car sector includes a new bonus-malus tariff formula that calls for, inter alia, better selection of incoming risks through a premium level more closely aligned with policyholders’ loss histories, thereby rewarding the most virtuous customers.

The rise in premiums also benefited from the favourable internal trend in the insured vehicles (a shift towards higher displacements and liability combinations).

The car portfolio showed an overall increase in average premium of 3.3%.

The ratio of losses to premiums showed the first positive results of the measures taken to improve the line’s technical result in the form of a significant decrease in the frequency of No Card and Card Debitori claims of 5.8% of the total portfolio and 2.8% of the car portfolio for the current year. The average cost paid in connection with claims for the year increased by 2.6%.

In the general liability line, premiums written recovered slightly and the loss ratio also improved considerably (83.1% compared to 91.1% in the previous year).

The moderate premium growth may be explained by the persistent economic crisis, with the ensuing decrease in the parameters (revenue or salaries) on which the calculation of annual premiums is based, the reform of the portfolio of policies that have shown losses and the revision of the presence in the most exposed risk sectors, particularly the medical liability field.

In the individual line of business, premiums continued to trend upwards (up 5.3%), driven by the strong sales performances of cover under multi-risk plans (home/family, commerce and craft in particular) and cover for professional risks, which benefited from the launch of a new rates aimed at engineers and architects.

Initiatives aimed at improving the technical balance include the 2010 policy reform campaign launched on positions that have shown a high frequency of losses.

As a result of these measures, the loss ratio in the individual line of business decreased to 70.5% (71.4% in 2009).

In the commercial line of business, premiums decreased by 1.5%, largely as a result, on the one hand, of the impact of the economic crisis on SMEs, which resulted in significant decreases in sales and the ensuing downwards adjustments to premiums and, on the other, portfolio reform initiatives with significant non-renewal in the most compromised segments from a technical standpoint.

The loss ratio improved significantly to 88.2% compared to 98.2% in the previous year.

The marine, aviation and transport segment showed an increase in premiums of 2.8% and a dramatically improved loss ratio (from 71.9% in the previous year to 56.9%).

42 While penalized by the considerable downtrend in the quantity of goods transported, the cargo sector nonetheless maintained a positive level of premium volume growth (up 3.5%). The loss ratio improved, falling from 55.4% in the previous year to 47.8%, ensuring strong profit margins.

The aviation sector also showed significant growth in premium volume in both the material damage and liability sections, owing to the underwriting of new risks and the rising share of liability for those risks. This offset the downtrend in premium rates arising from the very high level of competition and the significant available capacity on the reinsurance side.

By contrast, the segment showed a renewed deterioration of the loss ratio in the aircraft material damage segment due to the increased frequency of loss events and a major incident involving the total loss of an aircraft.

In the material damage segment of the transport business, the value of ships remained relatively low, affected by the performance of the charter market. Conversely, the trend towards fleet modernization continued, keeping premiums essentially stable. The loss ratio trended downwards.

The growth of the yachts sector was also affected by strong competition and the economic crisis, which had a severe impact on the sector.

Other LOB showed a decrease in premiums of 7.8% owing in particular to the discontinuation of several relevant positions in the financial loss and assistance lines.

By contrast, premiums increased by 3.2% in the credit and surety ship lines of business against the backdrop of a conservative risk underwriting policy. The loss ratio remained essentially stable at 56.2%.

Overall, the loss ratio was positive at 51.2%.

* *

Direct premiums written abroad amounted to e 283.6 million, down 0.6%. Premiums written in the European Union amounted to e 171.5 million (down 5%) and in other countries it amounted to e 112.1 million (up 7.7%). The loss ratio went from 77.8% in 2009 to 79.8%. The net underwriting balance amounted to e -33.2 million (e -29.3 million in 2009).

Indirect premiums written amounted to e 681.5 million, up 12.8%. The premiums referred to acceptance of risks from other Group companies, which accounts for all of the Company’s business in this area, amounted to e 507.3 million (up 6.5%). Premiums written from outside the Group totalled e 174.2 million (up 37.2%). The net underwriting balance amounted to e -43.5 million (e -29.9 million in 2009), as a result of several catastrophic events related to natural phenomena and other significant losses in the property segment, as observed above.

Reinsurance premiums ceded amounted to e 695.5 million, of which e 449.2 million from direct business and e 246.3 million from indirect business. The Company used both proportional and non-proportional protections, availing of a small group of reinsurers selected on the basis of their reliability and capital soundness, so as to limit counterparty insolvency risk. The retention and protection rates are assessed for each type of business using stochastic techniques that determine reinsurance structures optimizing the allocation of capital.

43 MANAGEMENT REPORT

Non-life segment – Current financial result

(in million euro) 2010 2009

Net investiment income 594.7 660.0 Value re-adjustments on investment net of value adjustments 31.2 1.5 Net gains on the realisationof investments 26.1 -6.1 Current financial result 652.0 655.4

Total current financial result was e 652 million, substantially in line with 655.4 million the previous year (down 0.5%). Operations were affected by the decline in net investment income, which decreased from e 660 million to e 594.7 million due to the lower dividends collected, which were essentially offset by the positive balance of value re- adjustments on investment net of value adjustments, which rose from e +1.5 million to e +31.2 million, and greater net gains from the disposal of investments, which rose from e -6.1 million to e +26.1 million.

Non-life segment – Net investment income

Amount Incidence (%) (in million euro) 2010 2009 Change (%) 2010 2009

Investiment income from: Shareholdings in Group companies 513.0 544.2 -5.7 85.8 82.1 of which: Affiliated companies 499.9 536.8 -6.9 83.6 80.9 Associated companies 8.5 - n.s. 1.4 - Other 4.6 7.4 -37.8 0.8 1.1 Equities 11.8 18.2 -35.2 2.0 2.7 Real property 18.0 18.2 -1.1 3.0 2.7 Fixed-interest securities 57.9 51.2 13.1 9.6 7.7 Other financial investments -3.8 29.7 -112.8 -0.6 4.5 Mortgages and loans 0.3 0.4 -25.0 - 0.1 Deposits with credit institutions 0.1 0.5 -80.0 - 0.1 Deposits with ceding companies 0.9 0.8 12.5 0.2 0.1 Total investment income 598.2 663.2 -9.8 100.0 100.0

Indirect taxes on investment income -3.5 -3.2 9.4 - -

Total net income 594.7 660.0 -9.9 - -

Net investment income amounted to e 594.7 million (down 9.9%), mainly due to lower dividends received from subsidiaries, in particular. Ordinary return on investments, based on the average rate of return*, was 3.2% (3.7% at 31 December 2009).

Net impairments were positive at e 31.2 million (e +1.5 million in 2009). Securities not held as fixed assets showed value adjustments ofe -14.1 million (e -77.8 in 2009) of which e -13 million for fixed-rate securities, e -8.7 million for equities and e +7.6 million for other financial investments (of which e +7.4 million for mutual funds).

* The average rate of return on investments is the ratio of income from investments to half the sum of investments at 31/12/2010 and 31/12/2009.

44 Securities held as fixed assets showed a value adjustment ofe +45.2 million (e + 79.3 million in 2009) arising from the valuation of the equity investment in Generali Properties, using the equity method.

Net gains from the disposal of non-durable investments amounted to e 26.1 million compared to the loss of e 6.1 million in the previous year.

During the year, the Company implemented risk-hedging strategies on individual shares, exchange rates and interest rates.

Asset and financial management of the non-life segment

Non-life segment - Investments

Amount Incidence (%) (in million euro) 2010 2009 Change (%) 2010 2009

Shareholdings in Group companies 15,271.2 15,206.0 0.4 79.4 79.5 of which: Affiliated companies 14,789.9 14,655.3 0.9 76.9 76.6 Associated companies 197.5 77.7 154.2 1.0 0.4 Other 283.8 473.0 -40.0 1.5 2.5 Equities 471.8 492.0 -4.1 2.4 2.5 Real property 1,446.2 1,457.9 -0.8 7.5 7.6 Fixed-interest securities 1,538.0 1,406.4 9.4 8.0 7.4 Other financial investments 383.8 401.9 -4.5 2.0 2.1 Mortgages and loans 10.4 9.7 7.2 0.1 0.1 Deposits with credit institutions 37.0 72.7 -49.1 0.2 0.4 Deposits with ceding companies 74.4 73.3 1.5 0.4 0.4 Total 19,232.8 19,119.9 0.6 100.0 100.0

The composition of assets did not undergo significant changes compared to the previous year. The weight of the equity component, excluding the Group’s shareholdings, decreased from 12.6% in 2009 to 11.9%, while the bond component increased by e 131.6 million, rising from 35.9% to 38.8%.

Non-life segment – Technical provisions

Amount Incidence (%) (in million euro) 2010 2009 Change (%) 2010 2009

Technical provisions of non life business Provision for unearned premiums 1,374.6 1,304.3 5.4 20.2 19.0 Provision for claims outstanding 5,565.2 5,700.0 -2.4 82.0 83.0 Other provisions -148.7 -134.3 10.7 -2.2 -2.0 Total 6,791.1 6,870.0 -1.1 100.0 100.0

45 MANAGEMENT REPORT

Personnel organization and training of human resources

At the end of the financial year, the Company’s employees numbered 5,622, a decrease of 10 since the end of 2009. This number includes a total of 441 employees on secondment at other Group companies, most of them with Gene- rali Business Solutions.

Size and composition of the Company’s staff

2010 2009

Managers 119 113 Officers 490 454 Employees 1,525 1,518 Sales staff on payroll 2,535 2,658 Concierges 7 8 Total staff in Italy 4,676 4,751 Foreign branches staff 946 881 Total 5,622 5,632 Of whom: personnel on secondment to other companies 441 459

The average gross annual salary of administrative staff was e 62,733, in line with 2009. The average per capita cost was e 90,694 (e 85,515 in 2009).

The Group believes in the value of its human capital and is committed to developing its staff, partly through paying special attention to individual training needs. Generali Group Innovation Academy, the Group’s corporate university, was founded in 2004. It manages all the training operations for all the Group companies operating in Italy, organises international training courses for all Group employees and provides support to the training centres based in nine countries including Europe, Israel and China. The initiatives implemented by Generali Group Innovation Academy are organised according to a Training and Development Framework, a tool aimed at planning and directing the Group’s training investment based on Group objectives and strategies. Numerous initiatives are also planned to target the specific technical needs of the various Group companies in Italy and abroad.

Training programmes intended for the sales network continued with the aim of providing a timely response to obligations under applicable legislation, but also of developing specific skills in support of commercial activity and initiatives during the period.

In order to expand the range of training options available to Agents, the course catalogue was developed to include specific modules on the subjects of non-life insurance, life insurance and finance. Specialized training programmes were implemented for a range of professional issues. In detail, a specific programme was implemented to develop new agents’ skills and the “Agente Docente Specia- lizzato” project was renewed with the aim of building and consolidating agents’ didactic abilities, enabling them to provide courses to the sub-network. Moreover, a multi-module training course has been started as in 2009, with a view to supporting the Agents in offering an ever more adequate insurance advisory service to companies of the Small and Medium-sized enterprises segment, in a market that is strongly impacted by the current economic situation.

Significant investments in training were also devoted to sales staff on payroll. In particular, the “Progetto ABC” served as the framework on which the majority of training activities were built.

46 Training courses were provided on the issues of organizing and planning sales activity, managing customer relations and supporting periodic campaigns in the life, non-life and motor businesses. Activities for the employees and independent collaborators of Agencies, for whose ongoing professional development the Agencies are responsible, were organized in the form of courses for new Agency collaborators in support of the launch of sales activity, participation in the “Auto per Agenti” training programme and forthcoming training packages for the completion of the classroom training requirement taught by the Agents trained to train sub-agents.

In addition, e-learning courses on new products and regulations were provided for the entire sales network in 2010.

A total of 52,450 man-days of training were provided to the employees and sales force of Assicurazioni Generali.

The sales network

The overall sales force is made up of Agents (1,411 at 31 December 2010), Sales staff on payroll (2,534 at 31 Decem- ber 2010), sub-agents and other agency collaborators (3,397 at 31 December 2010). The sales force decreased by 0.4% compared to the previous year, totalling 7,342 at 31 December 2010 compared to 7,648 in 2009.

As regards the departments responsible for managing and controlling the sales network, the organization has not changed compared to the past year, whereas the underlying coordinating structures were rationalized: there were 40 area managers at 31 December 2010 compared to 49 at the end of 2009.

The number of active franchised Agencies at 31 December 2010 was 677 (698 at 31 December 2009), in addition to 1,147 sub-agencies, an increase compared to the previous year (up 5.6%). Franchised Agencies were consolidated, primarily in central and northern Italy, with the aim of achieving a size suitable to establishing the economic sustainability of the sales structure, resulting in an overall decrease of 21 Agencies.

Litigation

At 31 December 2009, the Company was a party to 22,490 legal actions in Italy (21,663 as defendant). A large number of these proceedings (22,438) arose from the Company’s insurance operations; the Company is a defendant in nearly all the said legal actions, and more precisely, in 21,639 of the pending cases.

Most of the litigation originates in the non-life segment with the Motor LTP line, accounting for 10,615 legal actions brought against the Company for a total of e 327 million in first place, followed by the general liability line with 9,207 similar legal actions amounting to e 1,387 million.

Litigation in the life segment is marginal, with a total of 218 cases brought against the Company, representing an overall value of e 15 million, similar to that of the Company Branches located abroad which generated a total of 596 legal actions.

With reference to indemnities payable against policies in force during the Holocaust, it must be pointed out that, thanks to the initiatives launched in such regard by the Company so far, the likelihood of additional potential disbur- sements in connection with said risk, has been further reduced.

Finally, the Company is not involved in any significant tax dispute.

47 MANAGEMENT REPORT

Compliance with privacy rules

In compliance with Legislative Decree 196/2003 establishing the “Personal Data Protection Code”, in March 2009 Assicurazioni Generali drew up the Programmatic Security Document, under the provisions in force regarding the protection of personal data (Art. 34 and Rule 19, Annex B, Technical Rules on minimum security standards, pursuant to Legislative Decree 196/2003).

Furthermore, on 23 June 2010 the Company has modified the information disclosure to the Privacy Supervisor about data processing, in accordance with the integration to table 8 in respect of treatments related to anti-fraud activities.

The Company will continue to ensure full compliance with all the obligations the aforesaid Code imposes on the holders of data processing.

Shareholders, share performance and stock options

Concerning the information required by Article 123-bis of the Italian Consolidation Finance Act, please refer to the Corporate Governance and Share Ownership Report of the Company which will be available at the General Share- holders’ Meeting.

On the basis of article 36 of Consob resolution no. 16191/07, as subsequently amended, and article 2.6.2, paragraph 12, of Rules for the Markets organized and managed by Borsa Italiana S.p.A., it is hereby certified that in the Generali Group are met the “conditions for the listing of shares of companies with control over companies established and regulated under the law of non-EU countries” and that adequate procedures have already been adopted to ensure full compliance with the foregoing regulation.

Shareholders

At 31 December 2010, outstanding shares, with a nominal value of e 1 each, were 1,556,873,283, of which e 16,132,479 held by the Parent Company and other Group companies. At the same date, the Parent Company’s shareholders numbered 293,000.

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:

Percentage of Shareholders Number of shares share capital

1 GRUPPO MEDIOBANCA 209,626,651 13.465% 2 BANCA D'ITALIA 69,879,535 4.488% 3 GRUPPO BLACKROCK 43,915,433 2.821% 4 GRUPPO B&D HOLDING 37,895,560 2.434% 5 EFFETI S.p.A. 35,300,587 2.267% 6 GRUPPO CALTAGIRONE 34,290,000 2.202% 7 PETR KELLNER 31,448,841 2.020%

Updated as at 7 December 2010.

48 Direction and coordination

No legal or natural person, directly or indirectly, individually or jointly, holds a number of shares sufficient to give such person a controlling interest in the Company. Under the provisions introduced with the Reform of Company Law, the Company is not subject to the direction and coordination of any Italian or foreign entity or company.

Stock performance

The most recent market price quotation available for Generali stock, at 9 March 2011, was e 16.21 Since the beginning of 2010, the stock reached a low of e 13.50 on 30 November 2010 and a high of e 19.19 on 19 January 2010.

Market capitalization at 9 March 2011 was 25,236.9 million, confirming Assicurazioni Generali’s position among the major European insurers by market capitalization.

Stock options

Detailed information as required under current legislation in respect of stock option plans is given in the designated chapter of the Corporate Governance and Share Ownership Report.

49 MANAGEMENT REPORT

Related-party transactions and equity interests held by Directors, members of the Board of Auditors and General Managers

Also for year 2010, the matter of the related-party transactions was ruled by the regulation approved by the Board of Directors within the “Guedilines for transaction with related parties having a significant impact in the Company’s profitability, assets and liabilities, financial position or atypical and unusual transactions”. Said guidelines, reference of which is made in the annual Corporate Governance Report, represent implementation of the recommendations of the Self-Regulatory Code of Listed Companies.

In addition, the Board of Directors has adopted specifical annual guidelines on intra-group transactions according to Regulation ISVAP 2008 n. 25, dated 27 May (Regulation on supervision of intra-group transactions).

With regard to CONSOB communications 97001574 of 1997, 98015375 of 1998 and 6064293 of 2006 concerning transactions with related parties, the Company states that transactions with Group companies are conducted as part of its normal activity of coordination and are, moreover, subject to specific ISVAP supervisory controls. No transactions carried out during the year were atypical with respect to normal business operations. The main intra-Group transactions, settled at fair market conditions or at cost, involved reinsurance and co-insurance, administration and management of the securities and property portfolio, claims management and settlement, IT services, loans and guarantees and loans to employees. The above-mentioned transactions and contractual performances permitted operational functions to be rationalized and the level of services to be improved.

For further details, see the Explanatory Notes.

Significant intra-Group transactions are discussed in the relevant sections of this Report. The balance sheet and annexes 5, 16, 17, 30 and Part C of the Notes on the Accounts provide details on the financial and economic aspects of these transactions.

Pursuant to Article 79 of CONSOB decision 11971 of 14 May 1999 and its amendments and riders (so called Rules for Issuers), a list is provided below of the equity interests held in the Company and its subsidiaries, directly or through subsidiaries, trust companies or nominees, by Directors, members of the Board of Auditors, General Managers and Managerial Employees with strategic responsibilities, by their respective spouses from whom they are not legally se- parated and by their children who are legally minors. The table does not show persons who hold no equity interests.

To be noted that from 1 January 2011 the new procedure about third-party operations, as per art. 2391bis of the Civil Code, entered into force. The procedure adopted by the Company, according to Consob Regulation n. 17221 dated 12 March 2010, is available in the Governance section of the Company’s website.

50 Equity interests held by Directors, members of the Board of Auditors, General Managers and Managerial Employees with strategic responsibilities

Number of shares held Number of Companies in wich at the end of Number of Number of shares held Name and Surname shares are held previous year shares purchased shares sold at year-end

Antoine BERNHEIM Generali 72,529 - - 72,529 Chairman until 24.04.2010 Generali France S.A. 19 - - 19 Ass. Federation Continentale 2 - - 2 Sergio BALBINOT Managing Director General Manager Generali 12,729 - - 12,729 Giovanni PERISSINOTTO Generali 38,922 - - 38,922 Managing Director and Group CEO General Manager Banca Generali 4,000 - - 4,000 Vincent BOLLORE’ Director from 24.04.2010 Generali - 2,028,352 (1) - 2,028,352 (1) Francesco Gaetano CALTAGIRONE Generali 29,310,000 (2) 8,030,000 (1) 2,950,00 (1) 34,390,000 (3) Leonardo DEL VECCHIO Generali 29,172,000 (4) 15,000 (5) - 29,187,000 (6) Petr KELLNER Generali 31,448,841 (1) - 31,448,841 (1) Claude TENDIL Generali 1 - - 1 Director until 24.04.2010 Generali France 67,166 123,462 (7) - 190,628 Generali IARD 5 - 5 Generali VIE 8 - 8 Europe Assistence Holding 5 - 5 Paolo SCARONI Generali 9,828 - 9,828 Francesco Saverio VINCI Director from 24.04.2010 Generali 1,372 (1) - - 1,372 (1) Eugenio COLUCCI Chairman of the Board of Auditors Generali 1,979 - 1,979 Raffaele AGRUSTI General Manager Generali 18,931 - 18,931 Managerial employee with strategic responsabilities Generali 66,193 (8) - - 66,193 (8)

(1) Shares held through a third juridical person. (2) Of which 29,195,000 shares held through a third juridical person. (3) Of which 34,275,000 shares held through a third juridical person. (4) Shares held through companies directly and undirectly fully owned by life usufruct. (5) Shares owned by a third individual person, who became significant during 2010, according to the current regulation. (6) Of which 29,172,000 shares held through companies directly and undirectly fully owned by life usufruct and 15,000 shares held through a third individual person. (7) The shares came from the assignement for free, with effect from 1st Jannuary 2010 within the stock option plan for the benefit of managers and employees of Generali France. (8) Of which 2,154 shares held through a third individual person.

51 MANAGEMENT REPORT

Group highlights Economic highlights

Change (in million euro) 31/12/2010 31/12/2009 Change like for like(*)

Group Gross written premiums (**) 73,187.8 70,529.7 3.8% 2.8% Expense ratio 15.3% 15.4% -0.1 Consolidated operating result(***) 4,076.6 3,649.7 11.7% Result of the period 1,701.9 1,309.1 30.0% Life segment Gross life written premiums(**) 51,098.1 48,894.1 4.5% 3.6% Net cash inflows 16,133.0 16,082.6 0.3% -0.9% APE 5,332.6 5,188.3 2.8% (****) 1.3% NBV 1,050.2 1,127.7 -6.9% -8.8% Expense ratio - life segment 10.4% 10.5% -0.1 Operating result - life segment 3,025.9 2,451.0 23.5% Non-life segment Gross non-life written premiums 22,089.7 21,635.6 2.1% 1.1% Expense ratio - non-life segment 27.5% 27.2% 0.3 Loss ratio - non-life segment 71.3% 71.1% 0.2 Combined ratio - non-life segment 98.8% 98.3% 0.5 Operating result - non-life segment 1,128.1 1,273.6 -11.4% Financial segment Asset under management 92,980.1 79,254.1 17.3% Cost income ratio 70.5% 63.7% 6.8 Operating result - financial segment 353.6 432.2 -18.2% (*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year. (**) Taking into account premiums related to investment contracts. (***) Net of holding expenses and consolidation adjustments. (****) On equivalent terms: on equivalent exchange rates, consolidation area and share attributable to the Group.

Financial highlights

(in million euro) 31/12/2010 31/12/2009 Change

Total investments 372,073.5 349,752.0 6.4% Insurance provisions (1) 339,222.2 315,421.1 7.5% Shareholders' equity attributable to the Group 17,489.8 16,652.3 5.0% Solvency I ratio 132% 128% 4.0

(1) Taking into account financial liabilities related to policies of the life segment.

The Generali Group’s consolidated financial statements at 31 December 2010 were prepared taking into account the IAS/IFRS issued by the IASB and endorsed by the European Union, in accordance with the Regulation (EC) No. 1606/2002, the Legislative Decrees No. 58/1998 and Legislative Decrees No. 209/2005, as amended by Legislative Decree No. 32/2007.

52 Consolidated entities were 528 at 31 December 2010 compared to 521 at 31 December 2009. In detail, entities consolidated line by line increased from 488 to 490, and those valued at equity from 33 to 38.

More complete information of the Group’s data and significant indices is provided in the consolidated Report on Operations and the Notes on the Accounts.

Significant events after 31 December 2010

No significant events have occurred since the end of the year.

Conclusions and outlook for operations

The international economic scenario shows for the next months a substantial confirmation of the 2010 trend. In the western countries, it will be characterized by the need to further adopt rebalancing measures of the public finances. In such a scenario, the growth expectation of the Italian economy seems to be modest and penalized by the weak- ness of the available incomes affected by the difficulties in the country employment situation.

For financial markets, 2011 began positively. Market indices were driven upwards by various factors. Monetary and fiscal policies in the United States increased the liquidity on the market and stimulated investments. The increase in mergers and acquisitions and the reduction in the spreads for peripheral countries supported the financial sector’s positive performance. In a scenario characterized by a slow economic recovery, total return projections for equities markets remain conservative. The expectation of renewed concerns of inflation could result in a gradual increase in short-term rates, whereas ten-year rates should not experience significant changes in the coming months.

Based on this economic and financial scenario, the Company’s life segment is expected to show a growth of the premium production expecially by means of products with an high return in terms of new production value with an optimized capital absorption and by continuing the expense reduction policy. In the current macroeconomic scenario, the Non life segment is expected to confirm in 2011 the same premium income level of the previous year, by means of a development of the Motor business and a substantial stability of the Non Motor business. The technical return is expected to improve.

Finally, the financial investment policy will continue to be based on prudent asset allocation focused on consolidating current profitability. In detail, the Company’s investment strategy will continue to focus on increasing government bond investments with the aim of guaranteeing adequate returns in the medium-long term, especially on the life segment, by limiting exposure to market volatility.

On the basis of the scenario described above, the Company’s net result is expected to increase compared to 2010.

53 MANAGEMENT REPORT

Part B – Risk report

Internal Control And Risk Management System

Assicurazioni Generali adopts an internal control and risk management system which takes an integrated approach to internal control and risk-related issues. The system aims to identify, assess and control the main risks to which the Company and the Group are exposed, in other words those risks which could undermine the solvency of the Company or individual business units, or seriously hamper company objectives. The Company’s risk management system follows the Enterprise Risk Management (ERM) approach, which directs business and investment decisions through risk control aimed both at mitigating and eliminating existing risks and at evaluating investments, products and new initiatives, on the basis of the prospective return compared to the associated risks. The main objectives of the internal control and risk management system of Generali Group are to maintain the identified risks below an acceptable level, to optimize the capital allocation to tackle such risks and to improve the risk-adjusted performance.

Roles And Responsibilities

Risk management and control involves the Corporate Bodies and the Company’s operational and control structures. The Board of Directors ensures that the internal control and risk management system is able to identify, assess and control the main risks by defining the strategies and guidelines concerning risk management and internal control, and ensuring that they are adequate and maintained over the long term. The Board of Directors is assisted in these activities by the Internal Control Committee, formed of non-executive directors (most of whom are independent), responsible for making recommendations as well as having administrative and consulting functions. Top Management, in other words the Chief Executive Officers, General Manager and directors responsible for supervi- sing large areas of the company, are responsible, at various levels, for implementing, maintaining and monitoring the internal control and risk management system as instructed by the Board of Directors.

To this end, the Top Management is supported by the Group Risk Committee, composed by the heads of the main business areas (and also accountable for the related risks) and the Chief Risk Officer (CRO). The Committee carries out an integrated assessment across risk categories and countries; it evaluates the overall Group risk-exposure, identifies risk-management opportunities and then recommends initiatives to the Top Management. Moreover, with a view to supporting the Top Management, a Company Risk Committee has been set up, whose task is to examine risk issues while taking into consideration also the peculiar aspects that the Company has to face in managing its business. The CRO is responsible for developing and managing the overall Enterprise Risk Management model; in particular, he/ she provides information and suggestions to the Group and to the Company Risk Committee and has strong relationship with Heads of the business areas. Moreover the CRO monitors ERM processes in the Company and its Subsidia- ries, supporting the top management in evaluating the effectiveness of the proposed plans developed and controlling the risk adjusted results.

The heads of operational areas (Risk Owners) are directly responsible for assuming, managing and controlling risks. With this objective, they provide Top Management (partly through the Group and to the Company Risks Committee) with the information needed to define the policies, methods and instruments for managing and controlling the relevant risks. They also coordinate the implementation of these policies and instruments and ensure that they remain adequate over the long term. They also ensure that the departments for which they are responsible comply with objectives and policies, and that corrective action is taken within their sphere of responsibility, or recommend such actions to Top Management. These risk management and control responsibilities are divided among the operational areas, and the teams and functions within these areas, in line with the Company’s organizational structure.

54 The risk governance structure is supported by a Control Department, which is independent from the operational departments. The Control Department incorporates specific risk control functions as well as an Internal Audit function, which report directly to the Board of Directors: . the Compliance Unit, which is responsible for identifying, evaluating and preventing risks of non compliance with regulations; . the Independent Risk Control Unit, which is responsible for evaluating the exposures and the overall strength of the risk management system, partly in compliance with the guidelines set out in ISVAP Regulation no. 20 of 26 March 2008.

During 2011, as the effectiveness of the 2009/138/CE Directive of the European Parliament and Council approved on 25 November 2009 (known as Solvency 2) is approaching, the risk governance framework will be changed in line with the Directive requirements.

Risk Management And Control: Principles And Instruments

The following is a brief outline of the key components of the risk management and control system of Assicurazioni Generali S.p.A.

Risk management and control process

The risk management and control system is a “process” involving, in various capacities, the Board of Directors, Top Management and the different areas of the company. The phases of this process are summarised below: . identification and assessment of risks: the collection, on an ongoing basis, of information about current and potential internal and external risks to which the Company is exposed. Mainly conducted by area managers, according to a structured process; . risk planning: the appetite for risk and risk targets are defined by the Board of Directors and Top Management, while the operational managers set limits consistent with the targets; . assumption of risks: these activities are typically carried out by the operational management of Assicurazioni Ge- nerali S.p.A. and their delegated representatives, for example by entering into agreements or managing internal services or projects, assuming the relative risks in accordance with the policies and operational limits, as well as with specific instructions from the competent area managers; . risk measurement and analysis: current risk exposures are assessed according to predefined models and methods. Risk Capital is considered to be the best indicator for an integrated vision of the risks, but area managers can also use additional or supplementary measures depending on the specific risk in each area. The systems for measuring specific risks are generally managed by each area manager, always in accordance with the methods adopted by the Company; . definition and execution of corrective actions: the actions are usually approved by Top Management and are implemented by the area managers.

The process as structured above enables the identification, assessment and management of the risks on a continuous basis, taking due account of any changes in the type or scale of business, and the market context. Inclusion of the risk perspective in the planning and control cycle of Assicurazioni Generali S.p.A. also enables prompt, effective management of risks arising from the offer of new products or the entry into new markets.

55 MANAGEMENT REPORT

Risk management strategies and measurement criteria

The following is a brief description of the types of risk to which the Company is exposed, the main strategies adopted to manage and control these risks, and the criteria used to measure the resulting exposure. The Company identifies four macro risk categories: insurance risk, market risk, credit risk and business risk described here below.

Insurance risk

The insurance risk has different characteristics according as referring to life or non life segment:

Life insurance risk

The life insurance risk category identifies the actuarial risks that are embedded into the life insurance contracts: they are linked to occurrences regarding mortality, longevity, disability, maturities and costs. The impacts of such occurrences are managed and monitored in different ways on a regular basis, looking at the underwriting and re- serving phases separately.

The Company’s life portfolios mainly include coverage with a predominant savings component and minimum return guarantees, which is why the Company has reviewed its policies over recent years, with the aim of reducing the risk and cost of cover. As regards the pure risk cover (death plus additional cover such as disability, accident or dread diseases) and annuities present the risk of longevity, the Company periodically reviews the validity of its assumptions. Catastrophe risk is covered by the acquisition of specific non-proportionate cover. There is a particular emphasis, both at local and central level, on the underwriting of risk, from a medical point of view as well as a financial and moral standpoint.

Non-life insurance risk

The non life insurance risk is related to the risk that the collected premiums are not adequate to cover the claims and the expenses (this sub-category could be also split in the two fundamental components pricing and catastrophe risk) and to the risk that the claims provisions are not sufficient to face the exposure towards the policyholders (this is also known as reservation risk).

The Company regularly monitors these risks and estimates their capital absorption by using specific actuarial, stochastic or deterministic models which take into account the exposure relating to mass claims, major claims and catastrophes, gross and net of reinsurance for the most significant part of the portfolio. In order to protect exposure, particularly that deriving from catastrophic events, the Company has appropriate reinsurance cover. The limits and cost-effectiveness of this cover are defined according to methods and models consistent with the assessment of the risk described above.

Financial risk

Financial risks regard all the risks related to financial market trends and to the company asset management, taking also into account the interrelations with the liabilities management of the company. This macro category encompasses the following risks:

56 Market risk

Unexpected movements in prices of equities, real estate, currencies and interest rates might negatively impact the market value of the investments of the Company. This risk is also determined considering the impact that the just mentioned movements have on the technical provisions and, in the life business, is also triggered by the profit participations rules, by the insurance minimum guaranteed, by the surrenders insurance rate that is linked, in many instances, with the ratio between the markets trend and level of profit shared with the policyholders.

The assets are invested to meet the obligation towards both life and non-life policyholders and to earn a return for the capital subscribed by the shareholders. The same changes might affect the present value of the insurance liabilities.

Control of the market risk refers to the impact on the Company’s solvency associated with the different sensitivity of both assets and liabilities to movements in interest rates and other market prices taking into account their volatility and correlation risk.

The following procedures and actions are adopted on the single portfolios in order to control the Company’s exposure towards the financial markets, in a risk/return perspective: . the credit and tactical asset allocation guidelines are updated to the changing market conditions and to the changing ability of the Company to assume financial risks; . matching strategies applied to net cash flows or duration of assets and liabilities; . use of derivatives as options, swaps, swap options, interest rate forwards, interest and currency swaps, futures, caps and floors; . portfolio and pricing management rules, coherent with sustainable guarantee level.

The impact on the business of possible variations in interest rates and share values is represented in terms of estimated impact on the Company’s profit and shareholders’ funds, less the corresponding fiscal effects, by assessing the change in value of the financial instruments in the portfolio. For the Life segment, in light of the specific nature of this business, consideration is given to the effects on the value of both assets and liabilities.

During 2010, because of the government bond crisis of the Euro zone outlying countries and the prolonged uncertainty of the economic growth stability, the Company implemented strategies to face the market risk.

Hedging in the equity segment takes the form of futures and put options on the Eurostoxx 50 index, and put option on each shareholding Group company.

On the bond segment side, in a market characterised by low interests rates, have been underwritten IRS contracts to cover the minimum guaranteed. With the following normalization of the rates have been also underwritten some options to face the possible increase.

Currency risk

It refers to the impact of adverse variations of exchange rates on the asset values denominated in a currency different from the liabilities’ one. The currency risk is analysed at single portfolio level. The insurance contract risk is assessed considering both the overall reduction of the expected profit due to the reduction of the exchange rate and the possible currency mismatches that are in the single portfolios. For the Company the currency risk coming from the subordinated liability issues denominated in British pound is offset by specific operations with hedging derivatives.

57 MANAGEMENT REPORT

The Parent Company’s exposure to foreign currency fluctuation risks is marginal, since the main investments have been hedged through forward contracts.

Liquidity risk

The Company manages liquidity risk in order to meet its expected obligations and cash requirements related to unforeseeable developments in the market, through the constant monitoring of expected cash flows. The aim of the strategy is to maintain a strong financial position for the Company over the short and long term.

Market concentration risk

It refers to single exposures or group of exposures that could increase the asset volatility or produce consistent losses (as regards the equty and the total assets of the company) that could threaten the core business of the Company. The losses related to the concentrated exposures can affect the value of the insurance liabilities by means of the profit partecipation, the minimum guaranteed rates, surrenders and other liabilities related to the financial markets. The Company adopts a diversification strategy/philosophy for the mitigation of the concentration risk, both in respect of the investments and the counter-party. Such divesification targets are met manly with the spread and the implementation of specific guidelines.

Credit risk

Credit risk on financial investments

This part of credit risk refers to the impact on the Company’s solvency strength due to defaults or downgrades of debt instruments in which the Company invests, or of the counterparties to the derivative contracts. A general rise in market spread level, due to the credit crunch or a liquidity crisis for example, also has an impact on solvency. The Company has implemented guidelines to manage the credit risk of investments, which favour the investment of securities with a high credit rating (investment-grade securities) and encourage portfolio diversification and disper- sion. The Company uses a data warehouse to collect and aggregate data on financial investments, which guarantees a homogeneous, time effective and high quality analysis of the financial risks. For the valuation of financial instruments used to hedge against life policy liabilities, the considerations made for market risk also apply, so that in some cases, defaults, downgrades or variations in spreads can also have an effect on the value of insurance liabilities, which consequently mitigates the risk. To reduce the counterparty risk related to market risk hedging strategies, risk mitigation policies adopted include selection of counterparties, the use of listed instruments and adding a Credit Support Annex (CSA) to some ISDA contracts. The CSA provides for the delivery of a collateral asset if the contract value exceeds a given threshold. During 2010 the activity aiming to improve the portfolio diversification is gone on, reducing, where appropriate, the exposure on single issuer, in particular on the ones based in the Euro zone outlying countries and of the financial sector.

Reinsurance credit risk

This risk relates to the ability of the reinsurance counterparties to fulfil their contractual obligations undertaken with the Company. The Company sets the main reliability and solvency criteria to take account of the risk exposure and the probability of default of each counterparty. The main criteria is the definition of a maximum exposure transferable to each counterparty.

58 Business risk

The business risk category encompasses risks not directly included in the other three main categories (insurance risk, financial risk, credit risk). The business risks are mainly qualitative risks (with the exception of the operational risk) for which it is not possible to determine a quantitative measure of the risk degree.

Operational Risk and financial reporting risk

Operational risks are defined as the potential losses arising from shortcomings or inadequate performances within internal processes, human resources and systems for internal or external reasons. The definition includes legal risk but ex- cludes strategic and reputational risk. The operational risk event types have been approved by the Group Risk Committee.

The management of operational risks is essentially the responsibility of each business units. These units are asked to draw up operational plans aligned with their targets and to identify and implement all the actions to mitigate any risk which could potentially jeopardize performance of operating results.

Given the special nature of these risks and the fact that they are widespread within the company, the risk owners are identified as the managers of the individual operating areas; through a structured process, they assess their operational risks so as to define any corrective actions aimed at mitigating their effects; the overall assessment of these risks and the consistency of the various mitigating actions is guaranteed by the function supporting the Group Risk Management.

The financial reporting risk is defined as the risk related to specific events or transactions which could entail an untrue and incorrect representation of the situation of assets, liabilities, profit or loss in the company’s financial statements, in the yearly and half-yearly consolidated financial statements and in any other financial release.

The approach adopted to address the financial reporting risk draws largely on internationally-accepted reference frameworks (COSO, COBIT).

In application of powers and means as provided for by Law 262 of 28 December 2005, the Chief financial Reporting risk Officer (manager in charge of preparing the company’s financial reports) of Assicurazioni Generali S.p.A is entrusted with the responsibility to define the methodological and organizational features of the financial reporting risk model.

Strategic risk

It refers to the risk of a change in value due to the inability to implement appropriate business plans and strategies, make decisions, allocate resources and react promptly to changes in the business environment. The responsibility for strategic risk management is ascribed to Top Management under the direct control of the Board of Directors. The principal instrument in which these people are directly involved is strategic planning, which has a three-year structure and is reviewed annually. Control of strategic risks consists of a systematic evaluation of the actual performance and underlying business assumptions, eventually adjusting the portfolio of actions to the new environment.

Reputational Risk

It refers to the risks related to the worsening of the entity image and to the increase of disagreement with the policyholders, due also to the low quality of the services, to the sale of inadequate policies or to the behaviour of the selling network. The reputational risk is considered to be related with unfavourable events for the Company, that can trigger monetary and non monetary losses. The control on such risk category is built-in the actions implemented on all the other possible company risks.

59 MANAGEMENT REPORT

Contagion Risk

It refers to the risk related to the membership to a Group – intended as the risk that, due to the relation between the company and the other Group entities, difficult situations born in one Group entity may spread with negative effect on company solvency; risk of conflict of interests. In order to prevent the contagion risk, the Company implemented the following mitigation actions: . policy on operation in conflict of interests; . policy on intra-group transactions; . investment guidelines (with specific reference at the risks concentration); . policy on capital adequacy.

Compliance Risk

According to the art. 22 del Regulation ISVAP 2008 n. 20 of 20 March 2008 it refers to the risk to incur in legal or administrative sanctions, to incur in losses or reputational damages due to the lack of compliance with laws, Authority regulations or internal regulations, bylaws, conduct codes or self-discipline codes. In addition, it is the risk due to changes in the law framework or legal orientation. To counter the risk of non-compliance with regulations, the Bo- ard of Directors, in accordance with applicable laws governing the insurance sector, appointed a Compliance Officer, thus adding further, independent control to the overall Internal Control and Risk Management System, especially focussing on the risk of non-compliance. Specifically, the Compliance Officer has been entrusted with checking that the organization and internal procedures of the insurance company are adequate for preventing the risk of any criminal, administrative or civil liabilities or reputation damages, arising from the infringement of laws, regulations, or provisions issued by the insurance regulators, or self-regulations.

Measurement and reporting

Assicurazioni Generali S.p.A. manages risk-related information in such a way as to guarantee adequate decision- making processes and enable the assessment of compliance with the risk appetite objectives set by the Board of Directors, possibly with a view to reviewing these objectives. In addition to the specific measures in place for each risk category, Economic Capital provides an integrated measurement of risk and can be aggregated to the various organisational levels of the Company. It represents the quantity of capital required to cover, with a predefined probability of 99.5%, the potential losses that could be generated over a 12-month period. Stress tests are also conducted, with the aim of assessing the impact on financial strength of particularly unfavourable trends in risk factors, either individually or combined in a single scenario. Top Management and the Independent Risk Control department ensure that the Board of Directors has full knowledge of significant risks by providing extensive reports in this regard.

Contingency plans

Assicurazioni Generali S.p.A. has implemented contingency plans to cover the main sources of risk. The plans incorporate special information and decision-making processes, and are activated if risk events occur which could jeopardise the Company’s solvency.

60 Result for the year and proposed shareholders’ resolutions

Dear Shareholders,

Profit for the financial year was e 633.8 million; the life segment showed a profit of e 543.4 million, the non-life segment recorded a profit of e 90.4 million.

We propose the following allocation of the net profit for the 2010 financial year and of revenue reserves:

(in euro)

profit for the year 633,789.547 to legal reserve 1,760 to restricted reserve 44,525,151 withdrawal from extraordinary reserve 111,330,341 to dividend 700,592,977

The profit for the year will be partially allocated to legal reserve up to one fifth of the share capital and to restricted reserves in accordance with Article 2426 paragraph 1, no. 4 of the Italian Civil Code.

The dividend proposed for each share is of e 0.45, for a total maximum payout of a e 700,592,977. The amount of dividend relative to the shares currently on the market is e698,750,581 and it will be taken from the Profit for the year, net of the allocations to reserves, and for the remaining amount from the portion of the Extraordinary reserve related to the profits of 2008 and 2009 financial years.

The dividend will be paid, net of applicable withholding taxes, as from 26 May 2011 at the appointed intermediaries by means of the Monte Titoli S.p.A. central depository system.

Rome, 16 March 2011 THE BOARD OF DIRECTORS

Save - Marco Polo airport, Venice

Appendix to the Report . Disclosures pursuant to CONSOB communication No. 6064293 of 28 July 2006

Reclassified financial statements and alternative performance indicators for the Report on Operations

In addition to the profit and loss and balance sheet statements required by regulations governing the sector, the Company also provides financial statements showing operating, balance sheet and cash flow performance for the year upon which the comments and comparative indicators used in the Report on Operations are based. The profit and loss account has been reclassified to combine the figures for life business with those for non-life, in addition to combining several other line items, and provides a breakdown of extraordinary income by its principal components. The net underwriting balance has also been provided and is considered an alternative performance indicator as it is not expressly required in the standard financial statements. This indicator is the total of purely technical items, including operating expense and technical interest expense contractually due to life policyholders, and is considered more representative of the actual technical result for the sector as, unlike the “net technical result” required in the statutory reporting forms, it is not influenced by investment performance.

The structure of the presentation for the profit and loss account, balance sheet and cash flow statement is more simplified than the statutory financial statements as it is based on presentation of financial data grouped into “macro classes”, rather than by individual line item and, therefore, allows for a more immediate analysis of the financial data, which is not reclassified.

65 MANAGEMENT REPORT

Reconciliation statement between statutory and reclassified profit and loss account

in million euro 2010

Compulsory profit and loss account Reclassified profit and loss account Item Sign Amount Item Amount

105 + 586.2 Result before taxation 586.2

106 - -47.6 Income tax 47.6

107 + 633.8 Profit for the year 633.8

001 + 3,927.9 002 - 695.5 030 + 5,689.6 031 - 190.6 Total ...... 8,731.4 Net premiums 8,731.4

003 - 37.7 004 + -20.6 018 - -0.1 028 - 1.3 064 - 1,131.8 Total ...... -1,191.3 Change in technical provisions -1,191.3

017 - 2,460.3 019 - 0.1 051 - 4,800.0 065 - 62.4 Total ...... -7,322.8 Claims, maturities and surrenders -7,322.8

026 - 698.7 072 - 574.4 Total ...... -1,273.1 Operating costs -1,273.1

007 + 63.2 027 - 138.6 044 + 16.5 078 - 31.6 Total ...... -90.5 Other technical income and charges -90.5

Allocated investment return transferred from the technical account (*) 1,207.0

Net underwriting balance (**) 60.7

(continues)

66 (continues)

in million euro 2010

Compulsory profit and loss account Reclassified profit and loss account Item Sign Amount Item Amount

006 + 278.0 042 + 2,324.9 043 + 329.2 076 - 530.9 077 - 270.8 079 - 416.0 Total ...... 1,714.4 minus tech. int. life busin. - 1,207.0 Allocated investment returns Total ...... 507.4 transferred to technical accounts 507.4

029 + 216.4 080 + 351.7 Total ...... 568.1 Net technical result 568.1

042 + 2,324.9 043 + 329.2 076 - 530.9 077 - 270.8 092 + 821.4 097 - 169.4 Total ...... 2,504.4 Current financial result 2,504.4

006 - 278.0 042 - 2,324.9 043 - 329.2 076 + 530.9 077 + 270.8 079 + 416.0 minus allocated investment returns Total ...... -1,714.4 transferred to technical accounts -1,714.4

099 + 414.1 100 - 1,377.8 Total ...... -963.7 Other ordinary income and charges -963.7

101 + 394.4 Profit from ordinary operations 394.4

Profits and losses on the realisation of 102 + 348.0 other durable investments 230.7 103 - 156.2 Other extraordinary income and charges -38.9 191.8 Total ...... Total 191.8

(*) Investment profits contractually acknowledged to the policyholders included in the items 042, 043, 076 and 077. (**) Alternative indicator of performance.

67 MANAGEMENT REPORT

Additional information on the preparation of the financial statements

The information contained in the reclassified financial statements and the alternative performance indicators presented pursuant to CONSOB recommendation of 28 July 2006 are intended to facilitate an improved understanding of the data and operating performance of the business to users of the financial statements. As such, we considered it appropriate to provide additional elements for evaluation of the Company’s underwriting results by detailing the criteria used to calculate the principal technical performance ratios generally used by the Company in preparing the “Highlights” for 2010, which are calculated net of reinsurance.

Loss ratio of non-life segment

This represents the ratio, expressed as a percentage, between claims and earned premiums for the period.

Expense ratio

This represents the ratio, expressed as a percentage, between total operating expenses and written premiums for the period. This ratio can be subdivided into two principal components: the acquisition cost ratio (including commissions) to premiums and administrative expenses to premiums.

Combined ratio of non-life segment

This ratio is the sum of the loss ratio and the total expense ratio. It is of fundamental importance in analyzing the technical performance of the non-life segment as it represents the percentage coverage of technical expenses (both claims and operating expenses) by premium income. The combined ratio is directly correlated to the “Net underwriting balance” as it is not influenced by investment income. The lower the combined ratio is, compared to 100%, the higher the “net underwriting balance” from the insurance business will be.

68 Performance indexes

Compulsory profit and loss account Amounts Amounts Total Item Description non-life bus. life busin. amounts

LOSS RATIO Numerator 017 Claims incurred, net of recoveries and reinsurance………………………………………………………………………………… 2,460.3 019 Premium refunds and profit sharing, net of reinsurance……………………………………………………………………………… 0.1

Total… …………………………………………………………………………………………………………………… 2,460.4

Denominator 005 Earned premiums, net of reinsurance… …………………………………………………………………………………… 3,174.1 018 Change in other technical provisions, net of reinsurance……………………………………………………………………………… 0.1

028 Change in the equalisation provision… ………………………………………………… -1.3

Total… …………………………………………………………………………………………………………………… 3,172.9

Index … ………………………………………………………………………………………………………………… 77.5%

EXPENSE RATIO Numerator

026 / 072 Operating expenses… ………………………………………………………………………… 698.7 574.4 1,273.1

Denominator

001 / 030 Gross premiums written……………………………………………………………………… 3,927.9 5,689.6 9,617.5

002 / 031 (-) Outward reinsurance premiums… …………………………………………………… 695.5 190.6 886.1

Total… …………………………………………………………………………………………………………………… 3,232.4 5,499.0 8,731.4

Index … ………………………………………………………………………………………………………………… 21.7% 10.4% 14.6%

Combined ratio For the non-life business is the sum of the loss ratio and of the index of costs on premiums………………………………………………………………………… 99.2%

The average rate of return on investments

The average rate of return on investments is the ratio of income from investments to the half the sum of investments of the current year and of those of the previous one.

Ferrovie dello Stato - Freccia Rossa train

Parent Company financial Statements

Genagricola - Biomass power plant, Ca’ Corniani, Caorle, Venice

Parent Company Balance sheet and Profit and loss account

Company Assicurazioni Generali S.p.A.

Subscribed capital euro 1,556,873,283 Paid up euro 1,556,873,283

FINANCIAL STATEMENTS

Balance sheet

Year 2010

(Amounts in euro)

75 BALANCE SHEET ASSETS Current year

A. SUBSCRIBED CAPITAL UNPAID 1 0

of which called-up capital 2 0

B. INTANGIBLE ASSETS 1. Acquisition commissions to be amortised

a) life business 3 0

b) non-life business 4 0 5 0

2. Other acquisition costs 6 0

3. Formation and development expenses 7 0

4. Goodwill 8 0

5. Other intangible assets 9 138,550,978 10 138,550,978

C. INVESTMENTS

I Land and Buildings

1. Property used for own activities 11 308,454,064

2. Property used by third parties 12 1,119,848,608

3. Other properties 13 0

4. Other realty rights 14 0

5. Assets in progress and payments on account 15 17,849,205 16 1,446,151,877

II Investments in affiliated companies and other shareholdings

1. Interests in

a) parent companies 17 0

b) affiliated companies 18 27,683,142,707

c) affiliates of parent companies 19 0

d) associated companies 20 319,143,642

e) other 21 1,292,767,959 22 29,295,054,308

2. Debt securities issued by

a) parent companies 23 0

b) affiliated companies 24 51,605,868

c) affiliates of parent companies 25 0

d) associated companies 26 0

e) other 27 526,412,579 28 578,018,447

3. Loans to

a) parent companies 29 0

b) affiliated companies 30 0

c) affiliates of parent companies 31 0

d) associated companies 32 309,071

e) other 33 0 34 309,071 35 29,873,381,826

carried forward 138,550,978

76 Pag. 1

Previous year

181 0

182 0

183 0

184 0 185 0

186 0

187 0

188 2,538,200

189 154,751,871 190 157,290,071

191 323,514,671

192 1,077,091,666

193 0

194 0

195 57,266,055 196 1,457,872,392

197 0

198 26,436,588,768

199 0

200 184,854,019

201 1,358,475,233 202 27,979,918,020

203 0

204 35,551,024

205 0

206 0

207 392,070,221 208 427,621,245

209 0

210 0

211 0

212 309,071

213 0 214 309,071 215 28,407,848,336

carried forward 157,290,071

77 BALANCE SHEET ASSETS Current year brought forward 138,550,978

C. INVESTMENTS (follows)

III Other financial investments 1. Equities

a) quoted shares 36 1,259,093,614

b) unquoted shares 37 58,236,201

c) other interests 38 234,115,502 39 1,551,445,317

2. Shares in common investment funds 40 1,989,774,795 3. Debt securities and other fixed-income securities

a) quoted 41 18,760,727,046

b) unquoted 42 544,247,624

c) convertible bonds 43 397,168,540 44 19,702,143,210 4. Loans

a) mortgage loans 45 3,639,748

b) loans on policies 46 180,579,348

c) other loans 47 6,810,785 48 191,029,881

5. Participation in investment pools 49 0

6. Deposits with credit institutions 50 162,535,220

7. Other 51 608,765,362 52 24,205,693,785

IV Deposits with ceding companies 53 8,980,006,490 54 64,505,233,978

D. INVESTIMENTS FOR THE BENEFIT OF LIFE-ASSURANCE POLICYHOLDERS WHO BEAR THE INVESTMENT RISK AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS

I - Investiments relating to contracts linked to investments funds and market index 55 675,223,366

II - Investiments relating to the administration of pension funds 56 469,744,922 57 1,144,968,288

D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS I NON-LIFE INSURANCE BUSINESS

1. Provision for unearned premiums 58 254,882,658

2. Provision for claims outstanding 59 1,103,992,315

3. Provision for profit sharing and premium refunds 60 0

4. Other technical provisions 61 0 62 1,358,874,973

II - LIFE INSURANCE BUSINESS

1. Mathematical provision 63 89,759,252

2. Unearned premium provision for supplementary coverage 64 1,927,967

3. Provision for claims outstanding 65 130,294,213

4. Provision for profit sharing and premium refunds 66 52,429

5. Other provisions 67 0 6. Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 68 0 69 222,033,861 70 1,580,908,834

carried forward 67,369,662,078

78 Pag. 2

Previous year brought forward 157,290,071

216 1,702,873,268

217 58,240,837

218 233,546,264 219 1,994,660,369

220 1,938,046,191

221 17,850,941,060

222 683,871,005

223 390,560,267 224 18,925,372,332

225 4,644,968

226 228,248,401

227 4,945,794 228 237,839,163

229 0

230 106,250,706

231 1,161,008,985 232 24,363,177,746

233 9,359,284,290 234 63,588,182,764

235 693,179,541

236 360,617,361 237 1,053,796,902

238 270,671,662

239 1,050,366,865

240 0

241 0 242 1,321,038,527

243 89,483,562

244 2,872,164

245 112,768,781

246 553,353

247 0

248 0 249 205,677,860 250 1,526,716,387

carried forward 66,325,986,124

79 BALANCE SHEET ASSETS Current year brought forward 67,369,662,078

E. DEBTORS

I Debtors arising out of direct insurance operations 1. Policyholders

a) for premiums - current year 71 858,505,770

b) for premiums - previous years 72 119,291,356 73 977,797,126

2. Insurance intermediaries 74 149,491,336

3. Current accounts with insurance companies 75 94,212,231

4. Policyholders and third parties for recoveries 76 174,202,478 77 1,395,703,171

II Debtors arising out of reinsurance operations

1. Reinsurance companies 78 597,362,462

2. Reinsurance intermediaries 79 11,123,116 80 608,485,578

III - Other debtors 81 1,666,427,480 82 3,670,616,229

F. OTHER ASSETS

I - Tangible assets and stocks

1. Furniture, office equipment, internal transport vehicles 83 3,025,081

2. Vehicles listed in public registers 84 0

3. Equipment and appliances 85 0

4. Stocks and other goods 86 287,476 87 3,312,557

II - Cash at bank and in hand

1. Bank and postal deposits 88 937,492,051

2. Cheques and cash in hand 89 11,533,514 90 949,025,565

III - Own shares 91 116,459,879

IV - Other

1. Deferred reinsurance items 92 5,466,316

2. Miscellaneous assets 93 155,374,638 94 160,840,954 95 1,229,638,955

G. PREPAYMENTS AND ACCRUED INCOME

1. Interests 96 370,764,437

2. Rents 97 1,283,408

3. Other prepayments and accrued income 98 203,190,615 99 575,238,460

TOTAL ASSETS 100 72,845,155,722

80 Pag. 3

Previous year brought forward 66,325,986,124

251 852,905,677

252 127,772,217 253 980,677,894

254 149,475,405

255 96,207,977

256 169,210,573 257 1,395,571,849

258 619,630,813

259 24,083,100 260 643,713,913

261 1,405,529,403 262 3,444,815,165

263 2,752,603

264 0

265 0

266 286,218 267 3,038,821

268 1,385,447,203

269 12,231,879 270 1,397,679,082

271 116,580,800

272 48,724,163

273 241,902,881 274 290,627,044 275 1,807,925,747

276 364,779,013

277 1,559,762

278 248,376,156 279 614,714,931

280 72,193,441,967

81 BALANCE SHEET LIABILITIES AND SHAREHOLDERS' FUNDS Current year

A. SHAREHOLDERS' FUNDS

I - Subscribed capital or equivalent funds 101 1,556,873,283

II - Share premium account 102 3,568,250,216

III - Revaluation reserve 103 2,010,834,652

IV - Legal reserve 104 311,372,897

V - Statutory reserve 105 0

VI - Reserve for own shares 106 116,459,879

VII - Other reserve 107 6,761,008,140

VIII - Profit or loss brought forward 108 0

IX - Profit or loss for the financial year 109 633,789,547 110 14,958,588,614

B. SUBORDINATED LIABILITIES 111 4,826,307,843

C. TECHNICAL PROVISIONS I - NON-LIFE INSURANCE BUSINESS

1. Provision for unearned premiums 112 1,629,525,246

2. Provision for claims outstanding 113 6,669,160,714

3. Provision for profit sharing and premium refunds 114 8,900,000

4. Other provisions 115 5,531,954

5. Equalisation provision 116 11,017,347 117 8,324,135,261

II - LIFE INSURANCE BUSINESS

1. Mathematical provision 118 31,890,318,685

2. Unearned premium provision for supplementary coverage 119 15,580,466

3. Provision for claims outstanding 120 915,343,226

4. Provision for profit sharing and premium refunds 121 65,160,085

5. Other provisions 122 92,499,765 123 32,978,902,227 124 41,303,037,488

D. PROVISIONS FOR POLICIES WHERE THE INVESTMENT RISK IS BORNE BY THE POLICYHOLDER AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS I - Provisions relating to contracts linked to iinvestments funds and market index 125 671,376,424

II - Provisions relating to the administration of pension funds 126 469,744,921 127 1,141,121,345

carried forward 62,229,055,290

82 Pag. 4

Previous year

281 1,556,864,483

282 3,568,097,096

283 2,010,834,652

284 289,301,693

285 0

286 116,580,800

287 5,705,763,448

288 0

289 555,682,504 290 13,803,124,676

291 4,776,911,334

292 1,574,933,517

293 6,745,384,776

294 24,600,000

295 5,627,373

296 9,737,735 297 8,360,283,401

298 31,140,253,435

299 14,915,974

300 793,193,782

301 69,052,227

302 99,697,386 303 32,117,112,804 304 40,477,396,205

305 690,164,847

306 360,617,361 307 1,050,782,208

carried forward 60,108,214,423

83 BALANCE SHEET LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 62,229,055,290

E. PROVISIONS FOR OTHER RISKS AND CHARGES

1. Provision for pensions and similar obligations 128 3,600,000

2. Provisions for taxation 129 3,340,000

3. Other provisions 130 204,282,306 131 211,222,306

F. DEPOSITS RECEIVED FROM REINSURERS 132 187,210,266

G. CREDITORS

I - Creditors arising out of direct insurance operations

1. Insurance intermediaries 133 45,063,305

2. Current accounts with insurance companies 134 38,321,914

3. Premium deposits and premiums due to policyholders 135 96,676,540

4. Guarantee funds in favour of policyholders 136 2,746,671 137 182,808,430

II - Creditors arising out of reinsurance operations

1. Reinsurance companies 138 289,778,160

2. Reinsurance intermediaries 139 17,221,535 140 306,999,695

III - Debenture loans 141 3,060,000,000

IV - Amounts owed to credit institutions 142 16,710,365

V - Loans guaranteed by mortgages 143 0

VI - Other financial liabilities 144 4,870,830,413

VII - Provisions for severance pay 145 23,183,156

VIII - Other creditors

1. Premium taxes 146 58,864,368

2. Other tax liabilities 147 196,594,912

3. Social security 148 12,993,846

4. Sundry creditors 149 385,776,005 150 654,229,131

IX - Altre passività

1. Deferred reinsurance items 151 5,409,372

2. Commissions for premiums in course of collection 152 100,797,569

3. Miscellaneous liabilities 153 518,361,914 154 624,568,855 155 9,739,330,045

carried forward 72,366,817,907

84 Pag. 5

Previous year brought forward 60,108,214,423

308 3,600,000

309 0

310 101,287,640 311 104,887,640

312 170,894,469

313 33,899,615

314 40,348,533

315 92,304,877

316 718,185 317 167,271,210

318 218,288,624

319 44,637,227 320 262,925,851

321 4,250,000,000

322 14,101,926

323 0

324 5,109,863,253

325 24,031,166

326 60,055,714

327 90,202,206

328 10,682,436

329 507,799,442 330 668,739,798

331 43,519,316

332 98,687,141

333 624,954,000 334 767,160,457 335 11,264,093,661

carried forward 71,648,090,193

85 BALANCE SHEET LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 72,366,817,907

H. ACCRUALS AND DEFERRED INCOME

1. Interests 156 325,062,974

2. Rents 157 65,315

3. Other accruals and deferred income 158 153,209,526 159 478,337,815

TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS 160 72,845,155,722

BALANCE SHEET GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS

Current year

GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS

I Guarantees issued

1. Fidejussions 161 5,417,596,301

2. Endorsements 162 0

3. Other personal guarantees 163 0

4. Guarantees secured by mortgages 164 913,205

II - Guarantees received

1. Fidejussions 165 3,874,241

2. Endorsements 166 0

3. Other personal guarantees 167 0

4. Guarantees secured by mortgages 168 0

III - Guarantees issued by third parties in the interest of the Company 169 0

IV - Commitments 170 5,441,501,946

V - Assets deposited with the Company 171 9,997,721

VI - Assets belonging to pension funds managed in the name and in the interest 172 804,421,916

VII - of third parties 173 28,603,839,321

VIII - Securities deposited with third parties 174 1,450,619,370

86 Pag. 6

Previous year brought forward 71,648,090,193

336 352,788,968

337 36,005

338 192,526,801 339 545,351,774

340 72,193,441,967

Previous year

341 5,388,971,159

342 0

343 0

344 0

345 3,687,860

346 0

347 0

348 0

349 0

350 16,132,761,214

351 12,377,973

352 1,131,413,544

353 25,333,920,608

354 3,730,866,520

87 . Company Assicurazioni Generali S.p.A.

Subscribed capital euro 1,556,873,283 Paid up euro 1,556,873,283

FINANCIAL STATEMENTS

Profit and loss accounts

Year 2010

(Amounts in euro)

89 PROFIT AND LOSS ACCOUNT

Current Year

I. TECHNICAL ACCOUNT - NON-LIFE INSURANCE BUSINESS

1. EARNED PREMIUMS, NET OF REINSURANCE:

a) Gross premiums written 1 3,927,851,388

b) (-) Outward reinsurance premiums 2 695,495,630

c) Change in the gross provision for unearned premiums 3 37,687,046

d) Change in the provision for unearned premiums, reinsurers' share 4 -20,593,923 5 3,174,074,789

2. (+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE NON-TECHNICAL ACCOUNT (ITEM III. 6) 6 277,953,996

3. OTHER TECHNICAL INCOME, NET OF REINSURANCE 7 63,238,832

4. CLAIMS INCURRED, NET OF RECOVERIES AND REINSURANCE a) Claims paid

aa) Gross amount 8 3,101,807,094

bb) (-) Reinsurers' share 9 354,296,843 10 2,747,510,251

b) Recoveries net of reinsurance

aa) Gross amount 11 111,139,638

bb) (-) Reinsurers' share 12 44,151 13 111,095,487

c) Change in the provision for claims outstanding

aa) Gross amount 14 -138,060,875

bb) (-) Reinsurers' share 15 38,068,045 16 -176,128,920 17 2,460,285,844

5. CHANGE IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE 18 -95,419

6. PREMIUM REFUNDS AND PROFIT SHARING, NET OF REINSURANCE 19 103,605

7. OPERATING EXPENSES

a) Acquisition commissions 20 407,631,076

b) Other acquisition costs 21 90,760,134 c) Change in commissions and other acquisition costs to be amortised 22 0

d) Collecting commissions 23 136,229,347

e) Other administrative expenses 24 156,905,446

f) (-) Reinsurance commissions and profit sharing 25 92,810,967 26 698,715,036

8. OTHER TECHNICAL CHARGES, NET OF REINSURANCE 27 138,606,186

9. CHANGE IN THE EQUALISATION PROVISION 28 1,279,612

10. BALANCE ON THE TECHNICAL ACCOUNT FOR NON-LIFE BUSINESS 29 216,372,753

90 Pag. 1

Previous Year

111 3,844,395,435

112 683,477,668

113 -111,741,506

114 4,866,349 115 3,277,525,622

116 313,107,966

117 69,283,780

118 3,333,701,158

119 493,489,628 120 2,840,211,530

121 134,304,176

122 1,009,844 123 133,294,332

124 -217,582,833

125 -62,267,949 126 -155,314,884 127 2,551,602,314

128 -162,449

129 11,700,523

130 394,338,009

131 92,549,957

132 0

133 140,559,582

134 165,917,505

135 91,465,621 136 701,899,432

137 145,161,809

138 468,444

139 249,247,295

91 PROFIT AND LOSS ACCOUNT

Current Year

II. TECHNICAL ACCOUNT - LIFE ASSURANCE BUSINESS

1. PREMIUMS WRITTEN, NET OF REINSURANCE

a) Gross premiums written 30 5,689,628,636

b) (-) Outward reinsurance premiums 31 190,603,999 32 5,499,024,637

2. INVESTMENT INCOME:

a) From partecipating interests 33 352,249,163

(of which, income from Group companies 34 285,489,573 )

b) From other investments

aa) income from land and buildings 35 0

bb) from other investments 36 1,473,046,690 37 1,473,046,690

(of which, income from Group companies 38 381,688,448 )

c) Value re-adjustments on investment 39 102,608,348

d) Gains on the realisationof investments 40 397,031,018

(of which, income from Group companies 41 1,003,113 ) 42 2,324,935,219

3. INCOME AND UNREALISED GAINS ON INVESTMENTS FOR THE BENEFIT OF POLICYHOLDERS WHO BEAR THE INVESTMENT RISK AND ON INVESTMENT RELATING TO THE ADMINISTRATION OF PENSION FUNDS 43 329,178,188

4. OTHER TECHNICAL INCOME, NET OF REINSURANCE 44 16,501,605

5. CLAIMS INCURRED, NET OF REINSURANCE a) Claims paid

aa) gross amount 45 4,836,855,830

bb) (-) reinsurers' share 46 125,655,840 47 4,711,199,990

b) Change in the provision for claims outstanding

aa) gross amount 48 94,670,166

bb) (-) reinsurers' share 49 5,897,513 50 88,772,653 51 4,799,972,643

6. CHANGE IN THE PROVISION FOR POLICY LIABILITIES AND IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE a) Provisions for policy liabilities

aa) gross amount 52 1,045,778,921

bb) (-) reinsurers' share 53 -1,187,141 54 1,046,966,062 b) Change in the provision for claims outstanding

aa) gross amount 55 -102,398

bb) (-) reinsurers' share 56 -1,078,005 57 975,607 c) Other provisions

aa) gross amount 58 -7,759,448

bb) (-) reinsurers' share 59 0 60 -7,759,448 d) Provisions for policies where the investment risk is borne by the shareholders and relating to the administration of pension funds

aa) gross amount 61 91,613,785

bb) (-) reinsurers' share 62 0 63 91,613,785 64 1,131,796,006

92 Pag. 2

Previous Year

140 5,426,465,608

141 158,892,759 142 5,267,572,849

143 594,190,023

(of which, income from Group companies 144 515,363,960 )

145 0

146 1,543,903,933 147 1,543,903,933

(of which, income from Group companies 148 428,665,944 )

149 69,855,769

150 351,689,356

(of which, income from Group companies 151 5,453 ) 152 2,559,639,081

153 120,988,667

154 14,807,885

155 5,059,445,589

156 114,301,741 157 4,945,143,848

158 53,472,797

159 11,481,345 160 41,991,452 161 4,987,135,300

162 549,832,472

163 -15,709 164 549,848,181

165 387,843

166 2,565,940 167 -2,178,097

168 -6,883,180

169 0 170 -6,883,180

171 202,548,697

172 0 173 202,548,697 174 743,335,601

93 PROFIT AND LOSS ACCOUNT

Current Year

7. PREMIUM REFUNDS AND PROFIT-SHARING, NET OF REINSURANCE 65 62,383,141

8. OPERATING EXPENSES

a) Acquisition commissions 66 395,639,269

b) Other acquisition costs 67 88,483,224 c) Change in commissions and other acquisition costs to be amortised 68 0

d) Collecting commissions 69 24,981,739

e) Other administrative expenses 70 96,397,775

f) (-) Reinsurance commissions and profit sharing 71 31,088,152 72 574,413,855

9. INVESTMENT CHARGES

a) Investment administration charges, including interest 73 158,905,380

b) Value adjustments on investments 74 136,156,490

c) Losses on the realisation of investments 75 235,817,511 76 530,879,381

10. EXPENSES AND UNREALISED LOSSES ON INVESTMENTS FOR THE BENEFIT OF POLICYHOLDERS WHO BEAR THE INVESTMENT RISK AND ON INVESTMENT RELATING TO THE ADMINISTRATION OF PENSION FUNDS 77 270,834,678

11. OTHER TECHNICAL CHARGES, NET OF REINSURANCE 78 31,647,662

12. (-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-TECHNICAL ACCOUNT (item III. 4) 79 415,969,786

13. BALANCE ON THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (item III.2) 80 351,742,497

III. NON TECHNICAL ACCOUNT

1. BALANCE ON THE TECHNICAL ACCOUNT FOR NON-LIFE BUSINESS (Item I.10) 81 216,372,753

2. BALANCE ON THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (Item I.13) 82 351,742,497

3. NON-LIFE INVESTMENT INCOME

a) From partecipating interests 83 526,735,270

(of which, income from Group companies 84 512,986,705 )

b) From other investments

aa) income from land and buildings 85 28,568,820

bb) from other investments 86 127,827,758 87 156,396,578

(of which, income from Group companies 88 17,761,147 )

c) Value re-adjustments on investment 89 77,225,471

d) Gains on the realisationof investments 90 61,055,478

(of which, income from Group companies 91 767,075 ) 92 821,412,797

94 Pag. 3

Previous Year

175 59,700,364

176 383,513,800

177 85,994,968

178 0

179 27,099,526

180 95,990,137

181 22,855,376 182 569,743,055

183 232,764,536

184 368,164,350

185 538,189,114 186 1,139,118,000

187 60,131,813

188 38,352,054

189 176,854,013

190 188,638,282

191 249,247,295

192 188,638,282

193 564,422,480

(of which, income from Group companies 194 544,202,872 )

195 26,140,180

196 190,043,298 197 216,183,478

(of which, income from Group companies 198 18,269,889 )

199 96,409,780

200 187,527,105

(of which, income from Group companies 201 14,685,307 ) 202 1,064,542,843

95 PROFIT AND LOSS ACCOUNT

Current Year

4. (+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THE LIFE TECHNICAL ACCOUNT (item iI. 2) 93 415,969,786

5. INVESTMENT CHARGES FOR NON-LIFE BUSINESS

a) Investment administration charges, including interest 94 88,440,626

b) Value adjustments on investments 95 46,046,538

c) Losses on realisation of investments 96 34,941,218 97 169,428,382

6. (-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-LIFE TECHNICAL ACCOUNT (item I. 2) 98 277,953,996

7. OTHER INCOME 99 414,128,526

8. OTHER CHARGES 100 1,377,834,834

9. RESULT FROM ORDINARY ACTIVITY 101 394,409,147

10. EXTRAORDINARY INCOME 102 348,069,564

11. EXTRAORDINARY CHARGES 103 156,243,138

12. EXTRAORDINARY PROFIT OR LOSS 104 191,826,426

13. RESULT BEFORE TAXATION 105 586,235,573

14. INCOME TAXES 106 -47,553,974

15. PROFIT (LOSS) FOR THE YEAR 107 633,789,547

96 Pag. 4

Previous Year

203 176,854,013

204 120,558,411

205 94,940,931

206 193,635,704 207 409,135,046

208 313,107,966

209 321,046,704

210 1,447,398,711

211 -169,312,586

212 640,894,354

213 101,202,481

214 539,691,873

215 370,379,287

216 -185,303,217

217 555,682,504

Finmeccanica - International space station

Notes to the Parent Company financial statements . Foreword

These financial statements comprise the outlines of the Balance Sheet, the Profit and Loss Account and the Notes on the Accounts and relative attachments, in addition to the Board of Directors’ Report on the Company’s trend of the management in its entirety. They were drawn up in compliance with Legislative Decree No. 209 dated 7 September 2005 and subsequent amendments and integration (Code of the Private Insurance), Legislative Decree No. 173 dated 26 May 1997, Legi- slative Decree No. 58 dated 24 February 1998 of the Italian Finance Consolidation Act (TUF) and relative Regulation of accomplishment issued by ISVAP and CONSOB. Furthermore, given the specific nature of the industry and for what not provided from the above mentioned disposals, to the Civil Code rules.

In complaince to the provisions set by ISVAP Regulation No. 22 dated 4 April 2008, the financial report of the Com- pany is enclosed to the financial statements, drawn up in free form. The certificate by the administrative body deputed and the directors in charge to draw up the Company accounting records is enclosed to the financial statements, according to Art. 154 bis of the Italian Finance Consolidation Act (TUF).

The financial statements have submitted to audit by the company PricewaterhouseCoopers, that is assigned to this service for the period 2006-2011.

Part A - Summary of significant accounting policies

Section 1 - Outline of the significant accounting policies

The significant accounting policies applied when preparing the financial statements for the year and any changes in comparison with those previously adopted are reported below.

Intangible assets

The forward payment of acquisition commissions on multi-year contracts and advertisement costs are entirely charged to the profit and loss account of the year in which those costs are incurred. The goodwill and other multi-year charges are amortised on the basis of their residual values over a period of up to five years.

Land and buildings

Land and buildings are considered as durable fixed assets since they remain permanently held by the Company; they are entered at the original purchase or construction cost plus incremental value and revaluations, provided for by both Italian and foreign laws, and are recorded net of residual depreciation funds. Given that recurring maintenance work means that the opportunity for use remains unaltered over time, the conditions for depreciation do not apply.

Further information is provided in Part B, paragraphs 2.1 of the Notes on the Accounts.

101 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Bonds and shares

These are subdivided into durable securities, which remain permanently held by the Company, and non-durable securities, which are used for trading; their classification, which also applies to own shares, is based on the criteria specifically set by the Board of Directors. As regards the reason of the assignment in the non-durable securities group of the investments classified in item C.II, as well as the outline of the most significant positions, see what is reported in part B Section 2.2 of the Note on the Accounts.

Durable securities are valued at the weighted average cost net of the devaluation deriving from multi-year losses and, in the case of fixed interest securities, net of the trading difference that has matured over the year, equal to the positive or negative difference between acquisition cost and redemption value. With particular reference to the evaluation of the participation in the subsidiary Generali Properties, one of the application criteria of the so-called equity method used in evaluating the above-mentioned participation, has been modified. Such change has been necessary in light of the recent strategic repositioning of the investments made by the subsidiary Generali Properties. In fact, due to the partial, non proportional demerger of Generali Properties through assignment to ISIM of more liquid real estate assets, the mission of the subsidiary focused more on long term property investment, that is on the same strategy pursued by the Company with reference to the real estate owned directly. Given that the book value of the properties owned by the Company increased as a result of the revaluations made over the past financial years in accordance to specific regulations, whereas the book value of the subsidiary Generali Properties did not reflect the higher values assigned to the properties held by the subsidiary due to similar laws on voluntary revaluation, it was deemed necessary to harmonize the evaluation criteria of the participation value owned by the Company. Therefore, unlike previously, in determining the shareholders’ equity to take as a reference to evaluate the participation, the capital increase arising from the higher value carried for the properties of Generali Properties as a result of the above-mentioned revaluations made over the past financial years has been considered, in line with the method used by the Parent Company. Such change led to an increase in the value of the participation in Generali Properties of approximately 1,064,985 thousand, as a contra-item to a corresponding increase of the undistributable reserve.

Non-durable securities are carried at the lower of the weighted average cost and the realisable value inferable from the market trend, which for listed securities is the value recorded on the last trading day of the financial year and for unlisted securities is the estimated realisable value. The cost of fixed interest securities is adjusted by considering the issuing difference that has matured over the year, equal to the positive or negative difference between the issue price and the redemption value. The Company has not applied the provision of the Law Decree “anticrisi”, that is what set up by the Law Decree dated 31 May 2010, No. 78 converted in Law dated 30 July 2010, No. 122 that has extended to the current financial year the disposal of which at Law Decree No. 185/2008, converted in Law No. 2/2009.

The durable and the non-durable securities are written up partly or wholly to the original cost, if the reasons for the write-downs cease to exist.

For participations in subsidiaries and associated companies any higher book value than that resulting from the corresponding part of the shareholders’ equity is referable to the actual financial value of the company.

As regard the securities portfolio, the comparison of current values at the end of the year and book values reveals a net embedded capital gain of 2,160,863 thousand. This amount includes a net embedded capital gain of 1,961,163 thousand for durable securities, and a embedded capital gain of 199,700 thousand for non-durable securities.

102 Derivatives

The evaluation criteria differ depending on the “hedging” or “efficient management” aim of the financial operation.

Hedging transactions are carried out to protect the investments and the loans against adverse changes in interest rates, in exchange rates or market prices. These derivatives are valued according to the “principle of coherent evaluation”; in particular, capital gains or losses are entered in the profit and loss account consistently with the corresponding capital gains or losses calculated on the covered assets or liabilities.

Efficient management operations are carried out with the aim of achieving specific investment objectives more flexibly than otherwise possible with underlying assets; such operations do not generate any significant increase in investment risks within the framework of a prudent and balanced portfolio management. Derivatives are considered at market values, and the evaluation losses are recognised in the profit and loss account.

The market value of derivatives is determined by referring to their relevant quotations, and, if these are not available, on the basis of a prudent evaluation of the probable realisation value using calculation methodologies adopted by the market.

Investment commitments relating to investment funds and market indexes and investments deriving from the management of pension funds

These investments are considered at current value. The current value of the assets is determined according to what has been established by contractual conditions, in detail: a) for investments made in regulated markets, it means their value at the last trading day of the year; b) for investments in non-regulated markets, it means their estimated realization value at the same date; c) for other financial investments, other assets and liabilities and cash at hand, it means their nominal value.

Loans and receivables

Credits towards policyholders for premiums are entered on the basis of their presumed realisation value, therefore net of lump-sum devaluations, determined based on an analysis of the trend of earnings of single business lines and the acquired experience.

Loans and other receivables are recognised at their nominal value, which, considering their characteristics, corre- sponds to their presumed realization value.

Tangible assets and stocks

All assets have been entered at acquisition cost and set out in the financial statements net of specific depreciation funds.

Newly purchased electronic equipment has been amortised by taking into account levels of use; the amortisation rates applied reflect the actual depreciation of the assets. Current purchases in furniture, office equipment and goods listed in public registers have been entirely amortised over the financial year, considering that these goods are constantly replaced.

103 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Subordinated liabilities

Liabilities in this category are entered at their nominal value.

Technical items

The Company has provided to classify its own Italian and foreign portfolio based on the rules set by the Legislative Decree No. 209/2005 Art. 1, paragraph 1, letters pp) and qq), as modified by Legislative Decree No. 56/2008. In the Italian direct business portfolio contracts signed by the Company (as an Italian insurance company) are included, comprise those signed by subsidiary branches in countries members of EU; in the Italian indirect business portfolio contracts, signed everywhere, by the Company if the ceding company is Italian itself, are included. In the Notes to the Account any reference to the Italian portfolio will be meant therefore in this sense.

Non-life provisions

In the Italian direct business portfolio, the provision for unearned premiums is determined in application of articles 37 and 37 - bis of the Legislative Decree No. 209/2005 and in compliance to the provisions and evaluation methods established by ISVAP Regulation No. 16 dated 4 March 2008, that is: a) the provision for premium instalments is calculated, for all LOB, using the analytical method on a “pro rata tem- poris” basis pursuant to Art. 8, paragraph 1 of the above-mentioned regulation, except for the risks included in the Credit LOB for the contracts which were signed or renewed before or on 31 December 1991, for which calculation criteria set by attachment 1 of the same regulation have been applied. b) the provision for unexpired risks, relating to the underwriting trend and set aside to cover the risk to be borne after the end of the financial year, is set up, using the simplified method pursuant to Art. 11 of the Regulation, in those lines of business where the overall amount of claim settlement and related costs deriving from insurance contracts drawn up before the end of the year exceeded the unearned provision for premium instalments and the premium instalments receivable in the following year relative to such contracts. c) the additional provisions to the provision for premium instalments, regarding the peculiarities of certain risks (hail and other natural disasters, earthquakes, seaquakes, volcanic eruptions and related phenomena, risks deriving from the use of nuclear energy, risks included in the Suretyship LOB) are determined in relation to the provisions of Paragraph 1 Sec. III of the Regulation.

The equalisation reserves, set aside with the aim to equalise the rate fluctuations of future claims or to cover particular risks as credit risk, natural disasters or risks deriving from the use of nuclear energy are determined in accordance with the provisions in the Paragraph 3 of ISVAP Regulation No. 16/2008.

The ageing provision of the Health LOB, with the aim to cover the increase of the risk following the ageing of the policyholders, is calculated based on the lump method set by Art. 47 paragraph 3 of ISVAP Regulation No. 16/2008, on a 10% base of the gross premiums written of the year with reference to the contracts having the characteristics indicated by Art. 46 paragraph 1 of the Regulation itself.

The provision for profit sharing and premium refunds in the Health LOB is calculated considering the amounts that have to be recognised to the policyholders for contracts with profit sharing and premium refunds clause.

The provision for outstanding claims is determined in accordance with the provisions of the Legislative Decree No. 209/2005 and ISVAP Regulation No.16/2008, by a prudent evaluation of damages based on objective and prospective considerations of all predictable charges. Provision is deemed adequate to cover the payment of damages and the cost of settlement of claims for accidents that have occurred during the year but have not yet been reported. The method adopted consists in the analytical evaluation of each claim in all line of business and in the verification, by the application of the statistic - actuarial methodology, of the results achieved. The exception is damages on

104 property in the motor TPL sector, that have been calculated based on the “average cost” of homogenous groups of claims. As concern the direct refund, the claims managed by other companies, as well as the component to be recovered in case of the Company is the mandatory, are evaluated based on the Agreement between Insurance Companies for the Direct Refund accepted by the market.

The provisions for unearned premiums and outstanding claims concerning direct foreign business, which only includes contracts written by non-EU branches, are determined according to Art. 43 of the Legislative Decree No. 209/2005, based on the laws of the countries in which our branches operate.

Generally speaking, the reinsurance provisions are calculated on the basis of the information given by the ceding companies, completed whenever necessary, on the basis of an objective assessment with the commitments taken, pursuant Art. 37 bis of the Legislative Decree No. 209/2005 and ISVAP Regulations No. 33 dated 10 March 2010.

With reference to the efficacy of such regulation since September 1st 2010, the provision for unexpired risks has been set up, as well as the additional provision for non-life insurance deriving from natural disaster made of ear- thquake, seaquake, volcanic eruption and related events. In the current year, the entry of such provisions has determined a negative economic effect equal to 8,279 thousand net of reinsurance. For further details see as reported in section 10 of the Notes to the Accounts.

The provisions for cessions and retrocessions are set up in accordance to the reinsurance contractual agreement and are calculated consistently to the methods adopted for gross business, pursuant Art. 37 paragraph 11 of the Legislative Decree No. 209/2005.

Life provisions

The technical provisions relating to Italian direct portfolio are determined analytically for each contract, according to the provisions set by the Legislative Decree No. 209/2005 and ISVAP Regulations No. 21/2008, integrated and amended, and No. 32/2009, as well as on the basis of the actuarial assumptions as applicable on the date the contracts were signed.

These provisions, set aside to cover the Company’s commitments, include: - the mathematical provision, which include unearned premiums, the provisions for health and professional additional premiums, additional provisions for demographic risks and additional provisions for financial risks with reference to contracts denominated in yen; - the premium reserve of the complementary insurance, calculated using the analytical method “pro-rata tempo- ris”; - the provision for sums to be paid, made setting aside sufficient amounts to cover the payment of capitals, annuities, redemptions, claims incurred but not yet paid at the end of the year; - the provision for future expenses; - the provisions for profit sharing, representing the amounts to be accrued to the policyholders or to the beneficiaries of the contracts, as technical profit sharing, which are not considered in the mathematical reserve.

The mathematical provision for any contract entailing a redemption guarantee is never lower than the corresponding redemption value.

As to the technical reserves relative to unit and index linked contracts and to contracts of VI LOB, the following provisions have been set aside: - mathematical reserves for “unit-linked” contracts were calculated according to the calculation principles set by Art. 53 of the ISVAP Regulation No. 21/2008 and represented, with the maximum approximation possible, by the assets value included in the Company’s investments funds at year’s end; - mathematical reserves for “index-linked” contracts were calculated according to the principles set by Article 54

105 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

of the ISVAP Regulation No. 21/2008, as extended by Art. 11 of ISVAP Regulation No. 32/2009 and represented, with the maximum approximation possible, by the quota representing the reference value at year’s end, taking into account in the evaluation of the provisions any risk factor that might affect the level of quality and the trade- ability of the hedging assets; - mathematical reserves deriving from contracts of Lob VI (pension funds), are calculated according to the calculation principles set by Art. 53 of the ISVAP Regulation No. 21/2008 and represented, with the maximum approximation possible, by the assets value included in the Company’s investments funds at year’s end.

Considering the presence of additional guarantee on “unit-linked” contracts and on contracts of Lob VI, pursuant paragraph 4 of Art. 41 of the Legislative Decree No. 209/2005, additional technical reserves have been established, in respect of the actuarial principle and implementing rules enunciated in the Art. 55 of the ISVAP Regulation No. 21/2008.

The calculation principles, the valuations effected and the declaration that technical provisions are sufficient are presented, for the Italian portfolio, in the Actuary’s Report, pursuant to Legislative Decree No. 209/2005.

Technical provisions for the foreign direct portfolio, which only includes contracts written by the branches by non-EU countries, are determined in accordance to applicable laws in force in the countries where the branches operate, pursuant Art.43 of the Legislative Decree No. 209/2005.

The technical provisions of direct business are entered, generally speaking, on the basis of the information given by the ceding companies, completed whenever necessary, on the basis of an objective assessment with the commitments taken, pursuant Art. 37 bis of the Legislative Decree No. 209/2005 and ISVAP Regulation No. 33 dated 10 March 2010. With reference to the efficacy of such regulation since September 1st 2010, technical provisions that have been set up are considered sufficient and congruous to grant the commitments taken, as well as future expenses, on the basis of the existing contracts with the ceding companies, therefore additional reserves have not been set up.

The provisions for cessions and retrocessions are set up in accordance to the reinsurance contractual agreement and are calculated consistently to the methods adopted for gross business, pursuant Art. 36 paragraph 6 of the Le- gislative Decree No. 209/2005.

Inwards reinsurance

Technical recordings relative to inward reinsurance are posted in the year of effective accrual following the agreements with the ceding companies; on which basis the communications of the information relative to the reinsurance contracts are provided in due time for the drawing up of the financial statements. For companies that are not included in the Group and only in case the information received from ceding companies is not sufficient to precisely determine the economic result for the year at the reporting date, technical income items regarding inward reinsurance are postponed to the subsequent financial year. In the current financial year, such technical items are included in transitional reinsurance asset and liability accounts as a counter-entry to current account registered to the ceding companies. Further information is provided in Part B, paragraphs 6.3 and 13.7. The technical provisions are set aside to fulfill present and future obligations. Further information is provided in Part B, paragraphs 6.3 and 13.7.

106 Provisions for risks and charges

These are entered so as to cover the risks and specific commitments of the Company at year’s end.

Debts and other liabilities Debts and bond issues

They are recorded at their nominal value.

Employee retirement allowance

It is calculated in compliance with existing labour legislation and contracts and entirely covers the indemnities due to employees.

Accruals and deferrals

They are determined according to pro-tempore accountancy criterion of costs and income. Agio and disagio relating to financial debts are amortised according to the residual duration of the liabilities themselves.

Profit and loss items

Costs and income are accounted in the year on an accrual basis. For those relating to insurance operations in particular, the principle applied was that of “the regulations applicable to the profit and loss account” pursuant to Legislative Decree No. 173/1997 and in compliance with ISVAP ruling No. 22/2008.

Other aspects Costs and profits allocation common to life/non-life

The Company is authorised to operate insurance and reinsurance business both in the Life and Non-life sectors. Pursuant Art. 7 of ISVAP Regulation dated 11 March 2008, No. 17, which implements Art. 11 paragraph 3 and 348 of Legislative Decree dated 7 September 2005, No. 209, general expenses are charged to the relevent sector, when they are directly attributable to the sector itself , based on the information relative to the cost center, reflecting the organization of the Company. “Common” costs and revenues that are not immediately attributable to Non-life or Life sector, are recognised based on their cost center, and they are correctly allocated in their reference sector in accordance with the instructions and within the time pursuant Art. 8 and Art. 9 of the above-mentioned Regulation. Criteria for the allocation of general expenses and any revenues “common” to both sectors (Non-life and Life) are based on specifics parameters, structured with the aim to obtain a consistent attribution with the operations carried out for each sector, as set out by a specific Resolution of the Board of Directors.

107 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Conversion of entries in foreign currency

The Company deals systematically in foreign currency and therefore uses multi-currency accounting, in compliance with the disposals set out in Art. 89, paragraph 2 of Legislative Decree No. 209/2005. All the items in the balance sheet and the profit and loss account are converted into euro at the exchange rates at the closing date of the year’s end. The difference emerging from the conversion is recorded in the profit and loss account. Below is a list of the exchange rates adopted for conversion of currencies into euro, applied to currencies of particular significance to the activity of the Company, along with percentage changes with respect to the previous financial year.

Exchange rates of other currencies

Exchange in euro 2010 2009 Change (%)

US Dollar 1,3416 1,4348 6,9 Brazilian Real 2,2270 2,5011 12,3 Pound Sterling 0,8569 0,8885 3,7 Argentine Peso 5,3287 5,4535 2,3 Japanese Yen 108,8100 133,5681 22,8

108 Part B - Information on the balance sheet and the profit and loss account

The breakdown of the balance sheet between the life and non-life L.O.B. is presented in attachments 1 and 2 to the Notes to the Accounts.

The breakdown of non-life and life results is the following (attachment 3).

(in thousand euro) Non-life business Life business Total

Technical result 216,373 351,742 568,115

(+) Investment income 821,413 821,413 (-) Investment charges 169,428 169,428 (+) Quotas of investments profit transferred from the life technical account 415,970 415,970 (-) Quotas of investments profit transferred to the non-life technical account 277,954 277,954 Intermediate operating result 590,404 767,712 1,358,116

(+) Other income 190,011 224,118 414,129 (-) Other charges 924,968 452,867 1,377,835 (+) Extraordinary income 187,894 160,175 348,069 (-) Extraordinary charges 62,464 93,779 156,243 Result before taxation -19,123 605,359 586,236

(-) Income taxes for the year -109,506 61,952 -47,554

Result for the year 90,383 543,407 633,790

Balance sheet

Summary

(in thousand euro) 2010 2009 Change

ASSETS

Intangible assets 138,551 157,290 -18,739

Investments Land and buildings 1,446,152 1,457,872 -11,720

Investments in Group companies and other shareholdings 29,873,382 28,407,848 1,465,534 Other financial investments 24,205,694 24,363 ,179 -157,485 Deposits with ceding companies 8,980,006 9,359,284 -379,278

Total 64,505,234 63,588,183 917,051 (continues)

109 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

(continues)

(in thousand euro) 2010 2009 Change

Class D investments 1,144,968 1,053,797 91,171

Reinsurers' share of technical provisions Non-life 1,358,875 1,321,038 37,837 Life 222,034 205,678 16,356 Total 1,580,909 1,526,716 54,193 Debtors 3,670,616 3,444,815 225,801

Other assets Cash at bank and at hand 949,026 1,397,679 -448,653 Other 280,613 410,247 -129,634 Total 1,229,639 1,807,926 -578,287 Accrued income and deferred charges 575,238 614,715 -39,477

TOTAL ASSETS 72,845,155 72,193,442 651,713

LIABILITIES AND SHAREHOLDERS’ FUNDS Shareholders’ funds Subscribed share capital or equivalent fund 1,556,873 1,556,864 9 Reserves 12,767,926 11,690,579 1,077,347 Profit for the year 633,790 555,683 78,107 Total 14,958,589 13,803,126 1,155,463

Subordinated liabilities 4,826,308 4,776,911 49,397

Technical provisions Non-life 8,324,135 8,360,283 -36,148 Life 32,978,902 32,117,113 861,789 Total 41,303,037 40,477,396 825,641

Technical provisions for investment and pension funds 1,141,121 1,050,782 90,339

Provisions for other risks and charges 211,222 104,888 106,334 Deposits received from reinsurers 187,210 170,894 16,316 Creditors and other liabilities 9,739,330 11,264,093 -1,524,763 Accrued expenses and deferred income 478,338 545,352 -67,014

TOTAL LIABILITIES AND SHAREHOLDERS’ FUNDS 72,845,155 72,193,442 651,713

110 Balance sheet – assets

Section 1 - Intangible assets – Item B

The account refers to the multi-year charges. 1.1 Changes to intangible assets over the year – (attachment 4)

(in thousand euro) 2010

Gross initial amount 437,409 Increase for the year for: acquisitions or increases 49,483 reversal value revaluation other changes Total 49,483 Decreases for the year for: sales or decreases long-term devaluations other changes Total Gross final amount (a) 486,892

Depreciations Gross initial amount 280,119 Increases for the year for: amortisation quotas for the year 68,223 other changes Total 68,223 Decreases for the year for: reductions from sales other changes Total Gross final amount (b) 348,342

Book value (a - b) 138,550

Increases during the year refer mainly to the IT costs incurred for the Group plans.

Section 2 - Investments – Item C

The current value indicated in the Notes to the Accounts as value of reference for assets in classes C.II and C.III is as follows: - for investments in regulated markets, the value is that of the last day of trading during the year; - for investments in non-regulated markets, the value is that deriving from a prudent estimation of their probable realisation value at year’s end, with the exception of unlisted participations in subsidiaries and companies in which a significant interest is held, for which the reference current value is equal to the value of the shareholders’ fund calculated in accordance with the international accounting standards IAS/IFRS.

111 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

2.1 Land and buildings – Item C.I

All the land and buildings of the Company are considered durable investments.

The item includes property used for own activities, properties rented for use by third parties, land and buildings under construction.

2.1.1 Changes to land and buildings over the year – (attachment 4)

(in thousand euro) 2010

Gross initial amount 1,502,126 Increases for the year for: acquisitions or increments 19,120 reversal value revaluation other changes 2,094 Total 21,214 Decreases for the year for: sales or decrements 33,913 long-term devaluations other changes 567 Total 34,480 Gross final amount (a) 1,488,860

Depreciations Initial amount 44,253 Increases for the year for: depreciation quota for the year other changes 57 Total 57 Decreases for the year for: reductions from sales 1,602 other changes Total 1,602 Depreciated final amount (b) 42,708

Book value (a - b) 1,446,152

Current value 1,488,291 Total revaluations 1,065,415 Total devaluations

2.1.2 Leased property and operations carried out with Group companies and companies in which a significant interest is held

There is no leased property and no real estate or other goods acquisition or financial leasing operations were implemented.

112 2.1.3 Determination of the market value of land and buildings.

Market values of land and buildings have been determined based on the disposal as set out by Title III, Paragraph I, of ISVAP Regulation No. 22/2008.

2.2 Investments in Group companies and other companies in which a significant interest is held – Item C.II

Some securities investments in Group companies and other companies in which a significant interest is held are considered as non-durable inasmuch as they are meant for trading purposes, for a total amount of 147,430 thousand. The most significant are:

Quantity (in thousand euro)

Bonds Intesa SanPaolo 35,064,560 31,623 Mediobanca 18,800,000 18,421

Shares Intesa SanPaolo Ord. and Risp. 8,471,500 16,703 Lion River I 163,664 46,583

2.2.1 Equities – Item C.II.1

Lacking the technical accounting conditions for recognition, the Company has not recognized any account in the financial statements related to the possible acquisition, in July 2014, of the 49% stake in Generali PPF Holding in accordance with the agreements signed in the past (see section 6 letter a) part C of the Notes on the Accounts). Without any prejudice to the possibility to raise the necessary funds on the market, any future financial outflow resulting from the Company’s decision to increase such ownership has been duly taken into account in the Company’s financial forecasts, including decisions regarding the allocation of profits for the year and the revenue reserves.

113 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

2.2.1 a) Changes in equities over the year – (attachment 5)

(in thousand euro) 2010

Gross initial amount 27,979,918 Increases for the year for: acquisitions, subscriptions or payments 337,518 reversal value 44,525 revaluations 1,064,985 other changes 1,792,020 Total 3,239,048 Decreases for the year for: sales or redemptions 122,533 devaluations 8,372 other changes 1,793,007 Total 1,923,912 Book value 29,295,054

Current value 31,101,127 Total revaluations 10,654 Total devaluations 664,917

The increments mainly include: - the increase of the participation in Transocean Holding for 141,622 thousand, due to the distribution of part of the dividend paid out by the company in the form of new shares; - the purchase of Guotai Asset Management Company shares for 115,683 thousand; - the reversal value for 44,525 thousand refers to the evaluation with the equity method of Generali Properties; - other changes in the write-up of the shareholding in Generali Properties amounting to 1,064,985 thousand, as described in the part A - Summary of significant accounting policies; the revaluation has determined a corresponding increase of non-distributable reserves, as specified in section 8.4 b) of the Notes.

The decrements refer mainly to: - the transfer of Banca Generali shares for 66,622 thousand; - the transfer of Commerzbank AG shares for 29,105 thousand; - the reduction of the participation in Generali Properties of 39,972 thousand as a consequence of the decrease of the shareholders’ funds of the company, due to the dividends distribution.

Furthermore, the other changes in increase and decrease comprise the assets transfer from the non-life to life business for a total amount of 1,647,181 thousand, pursuant ISVAP Regulation No. 17 dated 11 March 2008.

2.2.1 b) Information on companies in which a significant interest is held

Provided in attachment 6 of the Notes to the Accounts.

2.2.1 c) Analytical layout of operations

Provided in attachment 7 of the Notes to the Accounts.

114 2.2.2 Changes to bonds issued by companies over the year – Item C.II.2 (attachment 5)

(in thousand euro) 2010

Gross initial amount 427,621 Increases for the year for: acquisitions, subscriptions, payments 266,036 reversal value 714 other changes 329,694 Total 596,444 Decreases for the year for: sales or redemptions 122,265 devaluations 2,662 other changes 321,120 Total 446,047 Book value 578,018

Current value 573,703 Total devaluations 3,358

Section C.II.2 includes: listed bonds 503,329 non listed bonds 74,689 book value 578,018 of which convertible bonds

The item increments refers mainly to the purchase and the subscription of bonds Telco for 168,732 thousand and Mediobanca for a total amount of 44,380 thousand. The item decreases includes the sale and the reimbursement of bonds Intesa Sanpaolo for a total amount of 75,785 thousand, and Mediobanca bonds for a total amount of 45,827 thousand. The other changes in increase and decrease refer to the transfer of securities from the non-durable to durable sector for a total amount of 321,777 thousand, that are recorded at the value resulting from the implementation of the valuation rules of the origin sector.

2.2.3 Changes to loans to companies over the year – Item C.II.3

(in thousand euro) 2010

Gross initial amount 309 Increases for the year for: acquisitions, subscriptions, payments reversal value other changes Total Decreases for the year for: sales or redemptions devaluations other changes Total Book value 309

Current value 309 Total devaluation

115 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

2.2.4 a) Analytical outline of the most significant bonds issued by companies – Item C.II.2

These are bonds worth 578,018 thousand, primarily issued by the following companies:

(in thousand euro) 2010

Intesa SanPaolo 242,388 Telco 168,732 Mediobanca 92,665

2.2.4 b) Analytical outline of the most significant loans to companies –Item C.II.3

The total amount of 309 thousand refers to the loan granted to “A7 S.r.l.”.

2.3 Other financial investments –Item C.III

There are no shareholdings that exceed one tenth of the capital or one tenth of the voting rights that can be exercised during the Ordinary General Meeting, classified under this entry in the financial statements.

2.3.1 Breakdown on the basis of the durable or non-durable utilisation of the assets included in the equities items – Item C.III.1, units in common investment funds – Item C.III.2, bonds and other fixed-interest securities – Item C.III.3, Par- ticipation in investment pools – Item C.III.5 other financial investments – Item C.III.7 (attachment 8)

Besides the investments in Group companies and other companies in which a significant interest is held, durable investments are those that remain permanently held by the Company, or, to be more precise: - shares, listed and non-listed, that are considered to be useful for insurance operations; - other debt securities, listed and non-listed, which are designed for medium/long-term commitments.

All other assets included in these items are considered non-durable.

116 Durable Non-durable Total (in thousand euro) Book value Current value Book value Current value Book value Current value

Non-life 1) Equities of companies a) listed shares 156,382 88,347 76,672 78,291 233,054 166,638 b) unlisted shares 44,611 77,507 339 705 44,950 78,212 c) units 188,257 1,292,755 5,541 5,754 193,798 1,298,509 Total 389,250 1,458,609 82,552 84,750 471,802 1,543,359

2) Units in common investment funds 189,177 171,764 163,858 168,448 353,035 340,212

3) Bonds and other fixed-interest securities a1) listed government bonds 284,131 266,228 476,377 477,789 760,508 744,017 a2) other listed securities 78,303 72,914 530,623 534,156 608,926 607,070 b1) unlisted government bonds 17,572 17,591 17,572 17,591 b2) other unlisted securities 1,280 1,279 73,924 74,712 75,204 75,991 c) convertible bonds 5,195 5,351 33,235 33,314 38,430 38,665 Total 368,909 345,772 1,131,731 1,137,562 1,500,640 1,483,334

5) Participation in investment pools

7) Other investments 30,790 31,252 30,790 31,252

Life 1) Equities of companies a) listed shares 948,565 629,533 77,474 89,373 1,026,039 718,906 b) unlisted shares 7 82 13,280 13,837 13,287 13,919 c) units 40,312 42,373 6 92 40,318 42,465 Total 988,884 671,988 90,760 103,302 1,079,644 775,290

2) Units in common investment funds 369,481 377,136 1,267,260 1,320,370 1,636,741 1,697,506

3) Bonds and other fixed-interest securities a1) listed government bonds 9,266,130 8,720,740 1,828,515 1,860,814 11,094,645 10,581,554 a2) other listed securities 3,898,946 3,951,174 2,397,702 2,484,002 6,296,648 6,435,176 b1) unlisted government bonds 54,102 59,852 36,510 36,514 90,612 96,366 b2) other unlisted securities 307,238 285,088 53,621 55,357 360,859 340,445 c) convertible bonds 346,700 296,683 12,038 12,038 358,738 308,721 Total 13,873,116 13,313,537 4,328,386 4,448,725 18,201,502 17,762,262

5) Participation in investment pools

7) Other investments 577,975 578,023 577,975 578,023

Total 1) C.III.1 Equities of companies 1,378,134 2,130,597 173,312 188,052 1,551,446 2,318,649 2) C.III.2 Units in common investment funds 558,658 548,900 1,431,118 1,488,818 1,989,776 2,037,718 3) C.III.3 Bonds and other fixed-interest securities 14,242,025 13,659,309 5,460,117 5,586,287 19,702,142 19,245,596 4) C.III.5 Participation in investment pools 5) C.III.7 Other investments 608,765 609,275 608,765 609,275

With reference to bonds and other fixed interest securities of which in item C.III.3, the most significant items at book value are:

117 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

(in thousand euro) 2010

Securities issued by the Italian government 10,519,267 Securities issued by the USA government 256,047 Securities issued by the BEI Bonds issued by Bank of New York 302,522 Bonds issued by Unicredit Bank 287,694 Bonds issued by Monte dei Paschi Bank 225,195

The other items individually considered refer to sums under 200,000 thousand.

The issue and trading differences inherent to the bonds and other fixed interest securities in items C.II.2 and C.III.3 are as follows:

(in thousand euro) Positive Negative Balance

Issuing differences 29,864 1,294 28,570 Trading differences 21,008 24,104 -3,096 Total 50,872 25,398 25,474

2.3.2 Changes over the year to the durable assets included in the items as in point 2.3.1 (attachment 9)

Units in Bonds Participation com. invest. and other in invest. Other Equities funds fixed-int. sec. pools investments

(in thousand euro) C.III.1 C.III.2 C.III.3 C.III.5 C.III.7

Inital amount 1,448,229 623,809 9,719,616 Increases for: acquisitions 19,309 105,364 2,539,186 reversal value 3,130 3,877 transfers from the non-durable portfolio 11,359 4,053,122 other changes 13,719 43,971 49,683 587 Total 36,158 160,694 6,645,868 587 Decreases for: sales 79,275 93,631 2,100,779 7 devaluations 15,545 2,103 transfers to the non-durable portfolio other changes 11,432 130,112 22,680 580 Total 106,252 225,846 2,123,459 587 Book value 1,378,135 558,657 14,242,025

Current value 2,130,597 548,900 13,659,309

118 In the “equities” category, the increases include the assignment of Tamburi Investment Partners shares for 10,631 thousand, and the purchase of Premuda shares for 8,677 thousand. The significant sales include the transfer of Snam Rete Gas shares for 33,094 thousand and Impregilo shares for 25,196 thousand. Devaluation is entirely ascribing to Saras security. Increases in common investment funds are attributable to the subscription of units of the Chronos fund for 105,364 thousand.

Decreases mainly related to the Generali Financial Holding fund, with the disposal of 78,380 thousand units and the reimbursement of units for 104,568 thousand. In the bond portfolio, significant increases related to the purchase of bonds issued by the Italian government for 2,165,761 thousand, and Unicredit bonds for 135,868 thousand. During the year the Company transferred fixed-interest bonds, from the non-durable to the durable portfolio, for a total amount of 4,053,122 thousand. Such operations have been carried out within the threshold set by the Board of Directors’ resolution of 5 February 2007 and consisted almost entirely of listed bonds, in the amount of 3,832,114 thousand in the life segment and of 221,008 thousand in the non-life segment. Decreases refer to disposals of corporate securities for 1,002,099 thousand and to fixed-interest long-term treasury bonds (BTPS) for 703,557, as well as government securities for 30,825 thousand and other fixed interest securities for 199,508 thousand.

2.3.3 Changes to loans over the year – Item C.III.4 and to deposits with credit institutions – Item C.III.6 (attachment 10)

Loans Deposits with credit (in thousand euro) C.III.4 institutions - C.III.6

Initial amount 237,839 106,251 Increases for: payments 43,798 220,085 reversal value other changes 158 Total 43,956 220,085 Decreases for: redemptions 90,765 163,801 devaluations other changes Total 90,765 163,801 Book value 191,030 162,535

The increments refer mainly to issues for 41,245 thousand relative to loans on Life policies granted to the policyholders against which result reimbursement for 88,659 thousand.

2.3.4 a) Analytical outline of significant guaranteed loans –Item C.III.4.a.

Guaranteed loans, amounting to 3,640 thousand, of which 3,422 refer to the residual capital at 31 December 2010, relative to 63 mortgages granted in the past following property sales. The residual sums are not significant separately.

119 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

2.3.4 b) Analytical outline of significant other loans – Item C.III.4.c.

The item refers to other loans for an amount of 6,811 thousand, of which 3,497 thousand relative to the loan granted to Agorà Investimenti S.p.A.

2.3.5 Breakdown of the duration of deposits with credit institutions – Item C.III.6.

(in thousand euro) 2010

Less than 3 months 50,562 More than 3 months 111,973 Total 162,535

2.3.6 Breakdown of other financial investments by type –Item C.III.7

(in thousand euro) 2010

Swaptions 1,199 Options on equities 966 Spot against forward 606,600 Total 608,765

The options refer to swap contracts that give the right to the Company, in case of exercise of the right itself, to con- clude a swap operation on interest rates; options on shares refer to purchase of put options contracts; spot against forward refer to operations negotiated on securities issued by the government in portfolio for 226,665 thousand and on Banca IMI bonds for 379,935 thousand.

2.4 Deposits with ceding companies – Item C.IV

Deposits with ceding companies amount to 8,980,006 thousand (9,359,284 thousand at 31 December 2009). Information regarding transactions with Group companies is provided in attachment 16, in detail deposits with subsidiaries include a 6,927,733 thousand deposit with Alleanza Toro, and a 625,098 thousand deposit with AMB Gene- rali Holding.

2.4.1 Impairment on deposits with ceding companies over the year

There are no impairments on deposits with ceding companies over the year.

120 Section 3 - Investments for the benefit of life insurance holders who bear the risk and deriving from pension fund operations – Item D 3.1 Overview of operations relative to contracts linked to investment funds and market indexes – Item D.I (attachment 11)

Current value Acquisition costs (in thousand euro) 2010 2009 2010 2009

Land and buildings

Investments in Group comp. and comp. in which a significant interest is held Equities 22,270 23,667 19,903 20,882 Bonds Loans Total 22,270 23,667 19,903 20,882

Units in common investment funds 12,734 15,380 12,198 15,107

Other financial investments: Equities 359,406 337,685 336,905 327,405 Bonds and other fixed-interest securities 188,354 230,925 193,203 233,197 Deposits with credit institutions Other investments 234 4 Total 547,994 568,614 530,108 560,602

Other assets 7,841 3,625 7,841 3,625

Cash at hand 11,345 19,757 11,345 19,757

Other liabilities -2,004 -4,412 -2,004 -4,412

Deposits with ceding companies 75,043 66,549 75,043 66,549

Total 675,223 693,180 654,434 682,110

The investments relative to the various typologies of managed products are described in detail in attachment 11.

121 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

3.2 Overview of operations relative to contracts linked to pension funds - Item D.II (attachment 12)

Current value Acquisition costs (in thousand euro) 2010 2009 2010 2009

Investments in Group comp. and comp. in which a significant interest is held Equities 156 211 245 245 Bonds 959 987 959 959 Total 1,115 1,198 1,204 1,204

Other financial investments: Equities 135,476 110,141 123,786 100,751 Bonds and other fixed-interest securities 287,199 226,319 289,266 223,202 Units in common investment funds 19,444 114 18,474 110 Deposits with credit institutions Other investments Total 442,119 336,574 431,526 324,063

Other assets 18,013 8,116 18,013 8,116

Cash at hand 12,156 18,233 12,156 18,233

Other liabilities -3,658 -3,504 -3,658 -3,504

Total 469,745 360,617 459,241 348,112

The investments relative to the various typologies of the managed products are described in detail in attachment 12.

3.3 Transfers of investments from class C to class D and vice versa

No transfers were made from class C to class D and vice versa.

Section 4 - Reinsurers’ share of technical provisions – Item D bis

4.1 a) Breakdown of Other technical provisions – Non-life business – Item D bis I.4

No other non-life business technical provisions were written in the financial statements to be charged to reinsurers.

4.1 b) Breakdown of Other technical provisions – Life business – Item D bis II.5

No other life business technical provisions were written in the financial statements to be charged to reinsurers.

122 Section 5 - Debtors - Item E

5.1 Devaluation carried out over the year

Devaluation of credits to policyholders for premiums was carried out over the year. It was charged to the technical accounts and amounted to 44,359 thousand. The following table provides a detailed description of devaluation by L.O.B.:

(in thousand euro) 2010

Accident 5,313 Health 3,501 Fire 6,707 Property other than fire 6,220 Motor TPL 9,213 General Liability 6,437 Other LOB 6,968 Total 44,359

5.2 Details of other debtors – Item E.III

(in thousand euro) 2010

Sums due from Financial Administration 842,751 Credits for pre-paid taxes 377,296 Credits due from the guarantee Funds 136,306 Credits due from Group Companies 96,431 Credits for securities and coupons sold or purchased to be adjusted 58,863 Credits for transaction from derivatives operations 49,729 Advance payments, loans and adjustments toward staff 23,498 Credits due from companies for non insurance relations 18,450 Credits due from subsidiaries for fiscal consolidation 9,449 Credits for entries to be adjusted with credit institutions 6,974 Credits for the allocation of the financial year accrual of economic items 5,366 Credits due from the real estate management 4,315 Credits due from suppliers and professionals 3,464 Credits due from social security institutions of employees and managers 2,403 Credits due from non insurance customers 1,587 Others 29,545 Total 1,666,427

Among tax receivables the following are particularly significant: IRES receivable of 460,396 thousand, a receivable arising on the substitute tax of mathematical reserves of 190,773 thousand, a receivable for the advance tax on insurances of 124,294 thousand and income tax receivables of the merged company INA, for which a request for reimbursement was filed in the amount of 10,541 thousand, including interest receivable. Receivables for pre-paid taxes refer to items that from a tax point of view are recognized in years other than that in which they are recognised in the profit and loss account, and they are recognized net of the fund for deferred taxes.

123 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Section 6 - Other assets - Item F

6.1 Changes to durable assets in class F.I over the year

(in thousand euro) 2009 Increases Decreases 2010

Furniture, office equipment, internal transport vehicles 2,753 6,656 6,384 3,025 Movables listed in public registers 157 157 Equipments and appliances 210 210 Inventories 286 1 287 Total 3,039 7,024 6,751 3,312

6.2 Own shares – Item F.III

The Company’s own shares held at year’s end totalled 4,094,870 worth 116,460 thousand. A total of 4,072,870 own shares are assigned (with a book value of 116,147 thousand) to the durable investment sector and 22,000 are assigned (with a book value of 313 thousand) to the non durable investment sector.

6.3 Deferred reinsurance items – Item F.IV.1

Deferred reinsurance items, amounting to 5,466 thousand, include the negative technical values that are to be entered in the profit and loss accounts in the following year.

The detail of the items is illustrated in the following table.

(in thousand euro) Non-life Life Total

Premiums 138 -1 137 Claims 2,182 2,446 4,628 Commissions 538 259 797 Portfolios and other technical items 12 -108 -96 Total 2,870 2,596 5,466

124 6.4 Details of sundry assets – Item F.IV.2

(in thousand euro) 2010

Claims paid but yet to be posted 39,425 Premium adjustment to be postponed 32,594 Financial adjustments with network of agencies to be adjusted 11,945 Operations on derivatives 8,118 Sundry assets for Fund for Road Accident Victims 7,417 Commissions on premiums earned under accounting arrangement 7,034 Linkage account between life and non-life management 5,496 Payments from the administrations and the central officies waiting for industrial development 5,366 Advances of taxes on life liquidations 2,704 Assets arising from the administration of funds in the New York Branch 2,016 Indemnities to agents non debited in compensation 544 Others assets 32,717 Total 155,376

Section 7 - Accrued income and deferred charges – Item G

7.1 Details of accrued income and deferred charges

(in thousand euro) Accrued income Deferred charges Total

Interests 370,764 370,764 Rents 668 616 1,284 Other accrued income and deferred charges 92,218 110,973 203,191 Total 463,650 111,589 575,239

7.2 Breakdown of other accured income and deferred charges - Item G.3

(in thousand euro) Accrued income Deferred charges Total

Deferred charges for disagio on bond issues 50,106 50,106 Deferred charges for disagio on loans 26,643 26,643 Accrued income and deferred charged on derivatives 91,936 29,483 121,419 Other 282 4,741 5,023 Total 92,218 110,973 203,191

125 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

7.3 Breakdown of multi-year accruals and deferrals and those with a duration of over five years.

The deferred charges with a residual duration of over one year are: - disagio on bond issues, subordinated liabilities and loans received for 68,084 thousand; - derivatives hedging the change of exchange rate, relative to the loans issued in previous years, for 11,268 thousand; - derivatives hedging the change of interest rate, relative to the loans issued in previous years, for 15,475 thousand.

Furthermore, the deferred charges that have a residual duration of over five years are: - disagio on bond issues, subordinated liabilities and loans received for an amount of 35,291 thousand; - derivatives hedging the change of exchange rate, relative to the loans issued in previous years, for 6,092 thousand; - derivatives hedging the change of interest rate, relative to the loans issued in previous years, for 9,355 thousand.

Subordinated assets

Subordinated assets classified under items C.II.2 and C.III.3, are indicated based on their level of subordination, in accordance with international practice.

Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level

Abbey National Sterling Capital 5,333 GBP fixed 04/01/17 Yes Tier II Abbey National Sterling Capital 4,435 GBP fixed 04/01/23 Yes Tier II Allianz Finance BV 19,950 EUR variable perpetual Yes Tier II Allianz Finance II BV 12,500 EUR variable 13/01/25 Yes Tier II Allianz Finance II BV 18,500 EUR variable 31/05/22 Yes Tier II Allianz France SA 5,370 EUR variable perpetual Yes Tier I Allied Irish Banks Plc 3,501 GBP variable perpetual Yes Tier II Alpha Group Jersey Ltd 2,500 EUR variable perpetual Yes Tier I American International Group 5,000 EUR variable 22/05/38 Yes Tier II American International Group 4,085 GBP variable 15/03/67 Yes Tier II Amstel Corporate Loan Offering 2,000 EUR variable 25/03/17 Yes Other clauses Anton Veneta Capital Trust 10,793 EUR variable perpetual Yes Tier I Anz Capital Trust III 6,419 EUR variable 15/12/53 Yes Tier I Asset Backed European Sec 2 2,000 EUR variable 01/10/15 Yes Other clauses Assicurazioni Generali S.p.A. 4,000 EUR variable 20/07/22 Yes Tier II Autolink Concessionaires 5,835 GBP fixed 15/06/22 Yes Other clauses Aviva Plc 3,000 EUR variable 02/10/23 Yes Tier II Aviva Plc 1,570 EUR variable 14/11/21 Yes Other clauses Axa SA 875 EUR fixed 01/01/14 No Other clauses Axa SA 13,000 EUR variable perpetual Yes Tier I Axa SA 13,500 EUR variable 16/04/40 Yes Tier II (continues) 126 (continues)

Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level

Axa SA 2,334 GBP fixed 15/12/20 No Tier II Banca Agrileasing S.p.A. 8,000 EUR variable 18/10/14 No Tier II Banca Agrileasing S.p.A. 11,000 EUR variable 20/02/17 Yes Tier II Banca Carige S.p.A. 100,000 EUR fixed 29/06/16 No Tier II Banca Carige S.p.A. 75,000 EUR variable perpetual Yes Tier I Banca CR Firenze 2,000 EUR variable 05/12/13 No Tier II Banca Delle Marche S.p.A. 3,000 EUR variable 01/06/17 Yes Tier II Banca Monte dei Paschi di Siena 5,750 EUR fixed 31/05/16 No Tier II Banca Monte dei Paschi di Siena 176,100 EUR fixed 04/03/19 No Tier II Banca Monte dei Paschi di Siena 16,500 EUR fixed 09/09/20 No Tier II Banca Monte dei Paschi di Siena 800 EUR fixed 21/04/20 No Tier II Banca Monte dei Paschi di Siena 2,000 EUR variable 15/01/18 Yes Tier II Banca Monte dei Paschi di Siena 4,668 GBP fixed 30/09/16 No Tier II Banca Popolare Bergamo Capital Trust 11,200 EUR variable perpetual Yes Tier I Banca Popolare Emilia Romagna S.p.A. 75,000 EUR variable perpetual Yes Tier I Banca Popolare Milano Scarl 2,500 EUR fixed 29/06/11 No Tier II Banca Popolare Milano Scarl 6,900 EUR variable perpetual Yes Tier I Banca Popolare Milano Scarl 5,000 EUR variable 29/06/15 Yes Tier II Bancaja 6 Fondo de Titulizacion de Activos 1,120 EUR variable 20/02/36 Yes Other clauses Bancaja 7 Fondo de Titulizacion de Activos 730 EUR variable 25/11/36 Yes Other clauses Banco Bilbao Vizcaya Argenta SA 5,500 EUR variable 20/10/19 Yes Tier II Banco Popolare Scarl 32,220 EUR fixed 12/11/16 No Tier II Banco Popolare Scarl 12,966 EUR fixed 05/11/20 No Tier II Banco Popolare Scarl 25,000 EUR variable perpetual Yes Tier I Banco Popolare Scarl 3,000 EUR variable 15/06/16 Yes Tier II Banco Popolare Scarl 2,000 EUR variable 08/02/17 Yes Tier II Bank of America Corp 15,000 EUR fixed 07/02/17 No Tier II Bank of America Corp 1,400 GBP fixed 09/11/16 No Tier II Bank Of New York (Luxembourg) SA 23,000 EUR variable 30/12/99 No Tier I Bank Of New York (Luxembourg) SA 288,400 EUR variable 15/12/50 Yes Other clauses Bank Of Scotland Plc 5,000 EUR fixed 05/02/13 No Tier II Bank Of Scotland Plc 7,002 GBP fixed 17/01/14 Yes Tier II Bank One Corp 745 USD fixed 15/10/26 No Tier II Barclays Bank Plc 2,700 EUR fixed 14/01/21 No Tier II Barclays Bank Plc 8,000 EUR variable 30/05/17 Yes Tier II Barclays Bank Plc 20,150 EUR variable 20/04/16 Yes Tier II Barclays Bank Plc 5,835 GBP fixed perpetual Yes Tier II Barclays Bank Plc 1,751 GBP variable perpetual Yes Tier I Barclays Bank Plc 1,118 USD variable perpetual Yes Tier I Barclays Bank Plc 1,751 GBP fixed 21/12/12 No Tier II Bayer AG 2,100 EUR variable 29/07/05 Yes Tier II Bayerische Landesbank Girozentrale 11,000 EUR fixed 23/10/17 No Tier II Bbva Hipotecario Fondo Titulizacion de Activos 4,162 EUR variable 21/11/38 Yes Other clauses Bbva International Preferred SA Unipersonal 2,500 EUR variable perpetual Yes Tier I Bbva Leasing Fta 4,000 EUR variable 26/05/31 Yes Other clauses (continues) 127 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

(continues)

Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level

Banque Federative du Credit Mutuel 2,500 EUR fixed 30/09/15 No Tier II Banque Federative du Credit Mutuel 11,700 EUR fixed 22/10/20 No Tier II Banque Federative du Credit Mutuel 650 EUR variable 19/12/16 Yes Tier II Bnp Paribas 1,010 EUR fixed 22/02/14 No Tier II Bnp Paribas 8,500 EUR fixed 07/09/17 No Tier II Bnp Paribas 100 EUR fixed 27/06/15 No Other clauses Bnp Paribas 400 EUR fixed 28/09/17 No Other clauses Bnp Paribas 22,000 EUR variable 17/10/16 Yes Tier II Bnp Paribas 6,419 GBP variable 07/09/17 Yes Tier II Bnp Paribas Capital Trust III 400 EUR variable perpetual Yes Tier I Bnp Paribas Capital Trust IV 14,000 EUR variable perpetual Yes Tier I Bnp Paribas Capital Trust VI 1,500 EUR variable perpetual Yes Tier I Bpce SA 1,240 EUR fixed 04/07/15 No Tier II Bpce SA 2,700 EUR fixed 20/02/16 No Tier II Bpce SA 7,550 EUR variable perpetual Yes Tier I B-TRA 2006-I 2,000 EUR variable 29/01/21 No Other clauses Caja de Ahorros y Monte de pietad 4,000 EUR variable 01/03/18 Yes Tier II Centro Leasing Banca S.p.A. 2,000 EUR variable 27/09/16 Yes Tier II Citigroup Inc 14,000 EUR variable 25/02/30 Yes Tier II Citigroup Inc 3,501 GBP fixed 12/12/18 No Tier II Cl Capital Trust I 2,844 EUR variable perpetual Yes Tier I Clerical Medical Finance Plc 4,668 GBP variable perpetual Yes Tier II Cloverie Plc 7,650 EUR variable 24/07/39 Yes Tier II CNP Assurances 4,150 EUR variable perpetual Yes Tier I CNP Assurances 24,450 EUR variable 14/09/40 Yes Tier II CNP Assurances 6,579 EUR variable 16/05/23 Yes Other clauses CNP Assurances 2,420 EUR variable 11/04/21 Yes Tier II Commerzbank AG 7,000 EUR variable 13/09/16 Yes Tier II Commerzbank Cap Fund Trust 4,500 EUR variable perpetual Yes Tier I Cordusio Rmbs 1 Srl 3,000 EUR variable 30/06/33 Yes Other clauses Credit Agricole SA 6,250 EUR fixed 19/04/21 No Tier II Credit Agricole SA 54,600 EUR fixed 11/06/19 No Tier II Credit Agricole SA 3,501 GBP variable perpetual Yes Tier I Credit Agricole SA (London) 11,900 EUR fixed 01/02/18 No Tier II Credit Logement SA 500 EUR variable perpetual Yes Tier I Credit Suisse AG 373 USD fixed 14/01/20 No Tier II Credit Suisse Group Finance (Guernsey) 10,000 EUR fixed 07/06/13 No Tier II Credit Suisse Group Finance (Us) Inc 5,450 EUR variable 14/09/20 Yes Tier II Credit Suisse Group Finance (Us) Inc 1,751 GBP fixed 05/10/20 No Tier II Credit Suisse Group Cap V (Guernsey) 3,000 EUR variable perpetual Yes Tier I Cslo-Confluent Senior Loans Opportunities Plc 4,500 EUR variable 23/07/16 Yes Other clauses Curzon Funding Ltd 12,000 EUR variable 30/01/40 No Other clauses Danske Bank A/S 3,100 EUR variable 18/08/14 Yes Tier II Delphinus 2006-I BV 1,000 EUR variable 25/09/96 Yes Other clauses Deutsche Bank AG 3,500 EUR fixed 31/01/13 No Tier II (continues) 128 (continues)

Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level

Deutsche Bank AG 13,150 EUR fixed 24/06/20 No Tier II Deutsche Bank AG 2,250 EUR variable 20/09/16 Yes Tier II Deutsche Bank AG 1,093 EUR variable 16/01/14 Yes Tier II Deutsche Bank Cap Funding Trust 5,442 USD variable perpetual Yes Tier I Deutsche Bank Cap Funding Trust 7,454 USD variable perpetual Yes Tier I Deutsche Boerse AG 17,288 EUR variable 13/06/38 Yes Tier II Deutsche Pfandbriefbank AG 13,000 EUR fixed 06/06/18 No Tier II Dexia Funding Netherlands 7,002 GBP variable 09/02/17 Yes Tier II Dong Energy A/S 950 EUR variable 29/06/49 Yes Tier II Eddystone Finance Plc 1,167 GBP variable 19/04/21 No Other clauses Efg Hellas Funding Ltd 5,000 EUR variable perpetual Yes Tier I Efg Hellas Plc 250 EUR variable 08/06/17 Yes Tier II Elm BV 4,000 EUR variable 15/06/56 Yes Other clauses European Loan Conduit 25 1,000 EUR variable 15/05/19 Yes Other clauses Fortis Bank Nederland Holding 2,800 EUR variable 22/06/15 Yes Other clauses Fortis Bank Sa 6,600 EUR variable perpetual Yes Tier I Fortis Bank Sa 250 EUR variable 14/02/18 Yes Tier II General Electric Capital Corp 6,000 EUR fixed 19/09/35 No Tier II General Electric Capital Corp 3,500 EUR variable 15/09/66 Yes Tier II General Electric Capital Corp 6,000 EUR variable 15/09/67 Yes Tier II General Electric Capital Corp 11,671 GBP fixed 18/09/37 No Tier II General Electric Capital Corp 3,501 GBP variable 15/09/66 Yes Tier II General Electric Capital Corp 2,918 GBP variable 15/09/67 Yes Tier II Generali (Schweiz) Holding AG 42,383 CHF fixed 24/12/12 No Tier II German Residential Asset Note Distr 26,000 EUR variable 20/07/16 Yes Other clauses Goldman Sachs Group Inc 7,000 EUR fixed 12/10/21 No Tier II Goldman Sachs Group Inc 4,085 GBP fixed 12/10/21 Yes Tier II Goldman Sachs Group Inc 3,501 GBP fixed 14/05/17 Yes Tier II Goldman Sachs Group Inc 1,491 USD fixed 15/01/27 Yes Tier II Granite Master Issuer Plc 2,500 EUR variable 20/12/54 Yes Other clauses Groupama SA 5,500 EUR variable perpetual Yes Tier II Groupama SA 13,850 EUR variable 27/10/39 Yes Tier II Hannover Finance SA 11,850 EUR variable 14/09/40 Yes Tier II Haven Funding (32) Plc 4,668 GBP fixed 30/11/32 Yes Other clauses Hbos Capital Funding Lp 2,334 GBP fixed perpetual Yes Tier I Hbos Plc 2,500 EUR fixed 20/03/15 No Tier II Hbos Plc 12,500 EUR variable 30/10/19 Yes Tier II Hbos Plc 16,500 EUR variable 18/03/30 Yes Tier II Henkel AG & Co Kgaa 18,042 EUR variable 25/11/04 Yes Other clauses Hsbc Bank Plc 10,000 EUR variable 29/03/16 Yes Tier II Hsbc Bank Plc 1,000 EUR variable 18/03/16 Yes Tier II Hsbc Bank Plc 1,500 EUR variable 30/09/20 Yes Tier II Hsbc Bank Plc 1,167 GBP fixed 07/07/23 No Tier II Hsbc Bank Plc 7,454 USD variable perpetual Yes Tier II Hsbc Bank Usa 745 USD fixed 24/08/20 No Tier II (continues) 129 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

(continues)

Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level

Hsbc Capital Funding 4,000 EUR variable perpetual Yes Tier I Hsbc Holdings Plc 10,000 EUR fixed 20/12/12 No Tier II Hsbc Holdings Plc 72,283 EUR fixed 10/06/19 No Tier II Hsbc Holdings Plc 4,668 GBP fixed 20/12/27 No Tier II Hsbc Holdings Plc 745 USD fixed 15/09/37 No Tier II Hvb Funding Trust VIII 7,500 EUR variable perpetual Yes Tier I Ikb Deutsche Industrienbank AG 1,000 EUR fixed 09/07/13 No Tier II Infinity 2,000 EUR variable 05/11/19 Yes Other clauses Ing Bank NV 22,500 EUR variable 16/09/20 Yes Tier II Ing Groep NV 3,501 GBP variable perpetual Yes Tier I Intesa Sanpaolo 21,500 EUR fixed 08/05/18 No Tier II Intesa Sanpaolo 1,250 EUR fixed 23/09/19 No Tier II Intesa Sanpaolo 83,650 EUR variable perpetual Yes Tier I Intesa Sanpaolo 5,000 EUR variable 08/02/16 Yes Tier II Intesa Sanpaolo 1,000 EUR variable 28/06/16 Yes Tier II Intesa Sanpaolo 5,000 EUR variable 28/05/18 Yes Tier II Intesa Sanpaolo 4,500 EUR variable 02/03/20 Yes Tier II Intesa Sanpaolo 3,502 GBP variable 19/12/16 Yes Tier II Intesa Sanpaolo 4,668 GBP variable 18/03/24 Yes Tier II Intesabci Capital Trust 8,000 EUR variable perpetual Yes Tier I Italfinance Securitisation Vehicle Srl 10,000 EUR variable 14/01/26 Yes Other clauses Ixis Corporate & Inv Bank 15,100 EUR variable 24/07/18 Yes Tier II Jpmorgan Chase & Co 7,000 EUR variable 12/10/15 No Tier II Jpmorgan Chase & Co 745 USD fixed 15/03/12 No Tier II Jpmorgan Chase Bank Inc 4,500 EUR variable 30/11/21 Yes Tier II Lambda Finance BV 1,000 EUR variable 20/09/31 Yes Other clauses Lambda Finance BV 584 GBP variable 20/09/31 Yes Other clauses Landesbank Baden - Wuerttemberg 5,000 EUR fixed 30/12/15 No Tier II Landesbank Baden - Wuerttemberg 10,000 EUR fixed 28/03/14 No Tier II Landesbank Baden - Wuerttemberg 5,000 EUR fixed 08/06/15 No Tier II Landesbank Berlin AG 12,000 EUR fixed 25/11/19 No Tier II Landesbank Hessen-Thuringen 3,000 EUR fixed 21/12/15 No Tier II Lbg Capital No.2 Plc 1,094 GBP fixed 21/12/19 No Other clauses Lehman Brothers Holdings Inc 6,000 EUR variable 14/03/19 Yes Tier II Linde Finance BV 6,000 EUR variable perpetual Yes Tier II Linde Finance BV 500 EUR variable 14/07/66 Yes Tier II Lloyds Banking Group Plc 1,751 GBP fixed 17/10/11 No Tier II Lloyds Banking Group Plc 3,151 GBP fixed 02/01/11 Yes Tier II Lloyds Tsb Bank Plc 5,000 EUR variable perpetual Yes Tier I Lloyds Tsb Bank Plc 1,167 GBP fixed 06/04/23 No Tier II Lloyds Tsb Bank Plc 745 USD fixed 14/09/20 No Tier II Locat Securitisation Vehicle 3 Srl 3,500 EUR variable 12/12/26 Yes Other clauses Locat Securitisation Vehicle 3 Srl 3,500 EUR variable 12/12/28 Yes Other clauses Locat Securitisation Vehicle 2 Srl 500 EUR variable 12/12/24 Yes Other clauses Magellan Mortgages 1 Plc 1,000 EUR variable 18/07/36 Yes Other clauses (continues) 130 (continues)

Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level

Magellan Mortgages 1 Plc 800 EUR variable 15/12/36 Yes Other clauses Mediobanca S.p.A. 10,000 EUR variable 11/10/16 Yes Tier II Mediobanca S.p.A. 24,508 GBP variable 11/10/18 Yes Tier II Mellon Capital III 2,918 GBP variable 05/09/66 Yes Tier I Merrill Lynch & Co Inc 8,000 EUR fixed 14/09/18 No Tier II Merrill Lynch & Co Inc 6,000 EUR variable 14/09/18 No Tier II Merrill Lynch & Co Inc 1,677 USD fixed 14/05/38 No Tier II Mps Capital Trust I 14,860 EUR variable perpetual Yes Tier I Muenchener Rueckvericherungs AG 76,000 EUR variable perpetual Yes Tier I Muenchener Rueckvericherungs AG 5,500 EUR variable 21/06/23 Yes Tier II Muenchener Rueckvericherungs AG 4,668 GBP fixed 21/06/28 Yes Tier II National Australia Bank Ltd 4,416 EUR fixed 10/02/20 No Tier II Natixis SA 2,000 EUR fixed 20/06/13 No Tier II Natixis SA 18,500 EUR variable perpetual Yes Tier I Natixis SA 5,000 EUR variable 06/07/17 Yes Tier II National Westminster Bank Plc 3,501 GBP fixed perpetual Yes Tier II National Westminster Bank Plc 2,334 GBP fixed 09/09/15 No Tier II Nordea Bank Ab 7,799 EUR fixed 26/03/20 No Tier II Nordea Bank Ab 6,000 EUR variable 08/03/16 Yes Tier II P4 Investments SA 72,000 EUR variable 08/03/20 No Other clauses Patrimonio Uno Cmbs Srl 6,000 EUR variable 31/12/21 Yes Other clauses Pb Domicile 2006-1 Plc 2,500 EUR variable 26/11/52 Yes Other clauses Porticoes Funding Ltd 7,462 USD z.c. 15/12/10 No Other clauses Prosecure Funding Lp 2,500 EUR fixed 30/06/16 No Tier II Prudential Plc 7,477 EUR variable 19/12/21 Yes Tier II Prudential Plc 1,751 GBP fixed 19/12/31 No Tier II Quarzo Cl1 Srl 7,000 EUR variable 17/06/13 No Other clauses Rabobank Capital Funding Trust IV 4,085 GBP variable perpetual Yes Tier I Rabobank Nederland NV 14,450 EUR fixed 20/05/19 No Tier II Roof Russia SA 1,118 USD variable 25/07/17 Yes Other clauses Royal Bank Of Scotland Group Plc 2,750 EUR variable perpetual Yes Tier I Royal Bank Of Scotland NV 2,500 EUR variable 10/06/19 No Tier II Royal Bank Of Scotland NV 2,000 EUR variable 14/09/16 Yes Tier II Royal Bank Of Scotland NV 2,918 GBP variable perpetual Yes Tier II Royal Bank of Scotland Plc 1,250 EUR fixed 22/04/15 No Tier II Royal Bank of Scotland Plc 5,000 EUR variable perpetual Yes Tier II Royal Bank of Scotland Plc 4,200 EUR variable 22/09/21 Yes Tier II Rwe AG 15,468 EUR variable perpetual Yes Tier II Santander Issuances 5,000 EUR variable 23/03/17 Yes Tier II Santander Issuances 9,750 EUR variable 24/10/17 Yes Tier II Santander Issuances 1,500 EUR variable 30/09/19 Yes Tier II Santander Issuances 7,294 GBP variable 24/10/17 Yes Tier II Santander Uk Plc 3,000 EUR variable perpetual Yes Tier II Santander Uk Plc 2,918 GBP variable perpetual Yes Tier I Scottish & Southern Energy Plc 14,458 EUR variable perpetual Yes Tier II (continues) 131 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

(continues)

Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level

Scottish & Southern Energy Plc 2,617 GBP variable perpetual Yes Tier II Scottish Amicable Finance 2,334 GBP fixed perpetual Yes Tier II Sg Capital Trust III 3,000 EUR variable perpetual Yes Tier I Sias - Società Iniziative Autostradali e Servizi 4,200 EUR fixed 30/06/17 No Other clauses Siemens Financierngsmaatschappij NV 7,586 GBP variable 14/09/66 Yes Tier II Sns Bank NV 3,986 EUR fixed 26/10/20 No Tier II Societe Generale SA 20,000 EUR fixed 06/04/23 No Tier II Societe Generale SA 6,000 EUR fixed 20/08/18 No Tier II Societe Generale SA 700 EUR variable perpetual Yes Tier I Societe Generale SA 18,250 EUR variable 15/03/16 Yes Tier II Societe Generale SA 5,252 GBP variable perpetual Yes Tier II Society Lloyds 1,567 EUR variable 17/11/24 Yes Tier II Solvay Finance 100 EUR variable 02/06/04 Yes Tier II Spv Ieffe Tre Srl 58,517 EUR fixed 28/10/25 No Other clauses Standard Chartered Bank 4,000 EUR fixed 26/09/17 No Tier II Standard Chartered Bank 5,000 EUR variable 28/03/18 Yes Tier II Standard Chartered Bank 1,167 GBP variable 25/01/18 Yes Tier II Standard Chartered Bank 746 USD variable 09/06/16 Yes Tier II Suez Environment Co 6,650 EUR variable perpetual Yes Tier II Suncorp-Group Ltd 5,835 GBP variable 23/10/17 Yes Tier II Svenska Handelsbanken 3,000 EUR variable perpetual Yes Tier II Svenska Handelsbanken 8,000 EUR variable 19/10/17 Yes Tier II Swedbank 300 EUR variable 26/06/18 Yes Tier II Tennet Holdings BV 18,626 EUR variable perpetual Yes Tier II Titan Europe 2006-2 Plc 3,000 EUR variable 23/01/16 Yes Other clauses UBI Banca - Unione di Banche Italiane Scpa 400 EUR variable 19/12/16 Yes Tier II Ubs AG Jersey 2,500 EUR variable 25/09/18 Yes Tier II Ubs Preferred Funding 5,000 EUR variable perpetual Yes Tier I Ugf Assicurazioni S.p.A. 15,000 EUR variable 15/06/21 Yes Tier II Unicredit Bank AG 2,500 EUR fixed 05/02/14 No Tier II Unicredit Bank Austria AG 5,200 EUR fixed 22/02/13 No Tier II Unicredit Intl Bank Lux SA 5,789 EUR variable perpetual Yes Tier I Unicredit Intl Bank Lux SA 5,835 GBP variable perpetual Yes Tier I Unicredit S.p.A. 25,500 EUR fixed 01/02/16 No Tier II Unicredit S.p.A. 2,000 EUR fixed 28/02/12 No Tier II Unicredit S.p.A. 2,500 EUR fixed 26/09/17 No Tier II Unicredit S.p.A. 160,700 EUR fixed 05/06/18 No Tier II Unicredit S.p.A. 4,800 EUR variable perpetual Yes Tier I Unicredit S.p.A. 3,000 EUR variable 20/09/16 Yes Tier II Unicredit S.p.A. 5,000 EUR variable 21/10/16 Yes Tier II Unicredit S.p.A. 26,500 EUR variable 22/09/19 Yes Tier II Unicredit S.p.A. 15,000 EUR variable 04/12/17 No Tier II Unicredit S.p.A. 11,000 EUR variable 07/04/16 Yes Tier II Unicredit S.p.A. 4,668 GBP fixed 01/02/16 No Tier II Unicredit S.p.A. 1,167 GBP variable 16/10/18 Yes Tier II (continues) 132 (continues)

Nominal value Currency of Type of Early paym. Subordination Issuing entity in thousand euro denomination interest rate Due date clause level

Unicredito Italiano Funding Llc IV 1,518 GBP variable perpetual Yes Tier I Unicredito Luxembourg Finance SA 1,118 USD fixed 31/10/17 No Tier II Unicredito Luxembourg Finance SA 745 USD variable 13/01/17 Yes Tier II Vattenfall AB 10,000 EUR variable perpetual Yes Tier II Vela Home Srl 3,000 EUR variable 30/07/40 Yes Other clauses Veneto Banca Scarl 23,250 EUR variable perpetual Yes Tier I Veneto Banca Scarl 75,000 EUR variable 15/05/19 Yes Tier II Veneto Banca Scarl 1,000 EUR variable 21/06/17 Yes Tier II Vinci SA 7,500 EUR variable perpetual Yes Tier II Wachovia Corp 5,250 EUR fixed 27/11/18 No Tier II Wachovia Corp 1,751 GBP fixed 29/11/35 No Tier II Windermere Cmbs VII (Irlanda) 1,500 EUR variable 22/04/16 Yes Other clauses Zoo Abs IV BV 9,500 EUR variable 10/11/96 Yes Other clauses Zurich Finance (Usa) Inc 13,950 EUR variable 15/06/25 Yes Tier II Zurich Finance (Usa) Inc 6,000 EUR variable 02/10/23 Yes Tier II

133 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Balance sheet - liabilities

Section 8 - Shareholders’ funds - Item A

8.1 Changes to shareholders’ funds over the year

(in thousand euro) 2009 Increases Decreases 2010

Subscribed share capital 1,556,864 9 1,556,873 Share premiums reserve 3,568,097 153 3,568,250 Revaluation reserves 2,010,835 2,010,835 Legal reserve 289,302 22,071 311,373 Reserves for own shares 116,581 121 116,460 Other reserves 5,705,763 1,144,397 89,152 6,761,008 Profit for the previous year 555,683 555,683 Profit for the year 633,790 633,790 Total 13,803,125 1,800,420 644,956 14,958,589

The increment of the shareholders’ funds is mainly due to the revaluation of the participation in Generali Properties for 1,064,985 thousand (operation already described at the previous point 2.2.1 a) of the present Note), that has im- plied the increase of the appropriate non-distributable reserve.

8.2 Share capital – Item A.I

The 9 thousand increase is due to the issue of 8,800 shares as a part of the stock option plan. The share capital at 31 December 2010 was therefore 1,556,873,283 euro divided into ordinary shares with a nominal value of 1 euro each.

8.3 a) Share premiums reserve – Item A.II

The 153 thousand increase in the reserve is correlated to the above-mentioned issue of 8,800 shares that are part of the stock option Plans.

8.3 b) Details of the revaluation reserves – Item A.III

The total of the revaluation reserves, amounting to 2,010,835 thousand includes: − revaluation Reserve ex Law 413/1991 for 802,313 thousand; − revaluation Fund for fixed assets pursuant to Law 168/1982 for 153,474 thousand; − revaluation Fund pursuant to Law 904/1977 for 20,123 thousand; − revaluation Reserve pursuant to Law 266 dated 23 December 2005 for 793,055 thousand; − revaluation Reserve pursuant Law Decree 185/2008 converted with the Law No. 2 dated 28 January 2009 for 92,676 thousand; − revaluation Reserve pursuant Law 576/75 for 30,425 thousand; − revaluation Reserve pursuant Law 72/83 for 118,769 thousand.

134 8.3 c) Legal reserve – Item A.IV

Following the 2009 profit distribution, approved by the Shareholders’ Meeting dated 24 April 2010 and as set out by Art. 2430 paragraph 1 of the Civil Code, the reserve has been increased for 22,071 thousand.

8.4 a) Reserves for own shares and those of the Parent Company – Item A.VI

The total amount of 116,460 thousand represents the balance of the reserve for the acquisition of own shares.

8.4 b) Details of the other reserves – Item A.VII

(in thousand euro) 2009 Increases Decreases 2010

Merger residual reserve 4,147,612 4,147,612 Reserve for capital gains pursuant to art. 2426 c.c. 433,804 1,144,277 39,972 1,538,109 Extraordinary reserve 1,124,347 40,092 89,152 1,075,287 Restricted reserve pursuant Legislative Decree 185/2008 Total 5,705,763 1,184,369 129,124 6,761,008

The increase of the Reserve for capital gains pursuant to Art. 2426 of the Italian Civil Code is due to the participation in Generali Properties for 1,144,277 thousand, of which 1,064,985 thousand related to the operation described at paragraph 2.2.1 a) of these Notes. The decrease of the Reserve for capital gains pursuant to Art. 2426 of the Italian Civil Code is attributable to the transfer of 39,972 thousand to the Extraordinary Reserve as a result of the dividend distribution by Generali Properties.

The increase of 40,092 thousand in the Extraordinary Reserve is almost entirely attributable to the transfer from the Reserve for capital gains pursuant to Art. 2426 of the Italian Civil Code as described in the previous paragraph, while the decrease of 89,152 thousand was a consequence of the distribution of the 2009 dividend as approved by the Shareholders’ Meeting on 24 April 2010. The extraordinary reserve is formed in tax suspension for 170,928 thousand corresponding to the sum of the rea- lignment of the real estate fiscal values during the 2006 financial year as required by Law No. 266/2005, net of lieu taxation.

The merger residual reserves at the end of the period was formed as follows: - for 3,998,607 thousand from revenue reserves deriving from the merger of Alleanza; - for 149,005 thousand from the capital reserves deriving from the merger of Alleanza.

135 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

8.4 c) Outline of changes to shareholders’ funds over the last three years

Revaluation Revaluation Share Reserve for Reserve for reserve Revaluation reserve Share premiums own capital L. 266 reserve L. 413 (in thousand euro) capital reserve shares gains 23/12/2005 L.D. 185/2008 30/12/1991

Initial amount of the 2008 financial year 1,409,506 3,554,851 1,627,688 624,252 705,672 177,421 Increase of cap. by payment (Stock Option) 608 13,178 Real estate revaluation L.D. 185/2008 92,676 Released reserve for the sale of real estate -870 Sums set aside to reserve for purchasing own shares 72,787 Released reserve for G. Properties dividend -84,554 Distribution of previous year results to dividends (0.90 euro per share) evaluation of the share held in G.Properties 37,443 to statutory allocations to the extraordinary reserve Result for the 2008 financial year Final amount of the 2008 financial year and initial amount of the 2009 financial year 1,410,114 3,568,029 1,700,475 577,141 704,802 92,676 177,421 Increase of cap. by payment (Stock Option) 4 68 Increase of cap. for merger Alleanza and Toro 146,746 Re-establishment of real estate evalutation L. 266-23/12/2005 for merger Alleanza 87,383 Re-establish.of real estate eval.L.266-23/12/2005 870 Re-establishment of re-evalutation L.433-30/12/1991 for merger Alleanza 192,233 Merger residual for merger Alleanza Re-establishment of extraordinary reserve suspended for taxes for merger Alleanza Re-establishment of reserves in tax suspension -47,462 432,659 Re-establishment of reserves for purchasing own shares 50,135 Adjustment of reserve for G. Properties evalutation -262,267 Free allocation of 1 share for each 25 -1,586,567 Distribution of previous year result to dividends (0.15 euro per share) Evaluation of the share held in G.Properties 118,930 Sums set aside to restricted reserve L.D. 185/2008 Withdrawal from extraordinary reserve Withdrawal from provision for dividend equalisation Withdrawal from capital gains realised and re-invested Released restricted reserve for non-applic. L.D. 185/2008 Result for the 2009 financial year Final amount of the 2009 financial year and initial amount of the 2010 financial year 1,556,864 3,568,097 116,581 433,804 793,055 92,676 802,313 Increase of cap. by payment (Stock Option) 9 153 Re-establishment of reserves for purchasing own shares -121 Adjustment of reserve for G. Properties evalutation 1,025,013 Distribution of previous year result to dividends (0.35 euro per share) Allocation to legal reserve Evaluation of the share held in G.Properties 79,292 Withdrawal from extraordinary reserve Result for the 2010 financial year

Final amount of the 2010 financial year 1,556,873 3,568,250 116,460 1,538,109 793,055 92,676 802,313 136 Revaluation Provision Revaluation Revaluation reserve for revaluation Merger Provision Capital gains Restricted reserve reserve L. 904 of long-term residual Extraordinary for dividend realised and reserve Legal Profit for L. 576/75 L. 72/83 16/12/1977 assets reserve reserve equalisation re-invested L.D. 185/2008 reserve the year Total

20,123 153,474 534,391 347,786 17,678 51,462 289,302 1,401,096 10,914,702 13,786 92,676 870 -72,787 84,554 -1,220,129 -1,220,129 -37,443 -2,133 -2,133 141,391 -141,391 828,336 828,336 20,123 153,474 534,391 501,814 17,678 51,462 289,302 828,336 10,627,238 72 146,746 87,383 -870 192,233 4,147,612 4,147,612 42,489 42,489 30,425 118,769 -534,391 -50,135 55,873 -206,394 -1,586,567 -203,370 -203,370 -118,930 877,683 -877,683 -302,507 302,507 -17,678 17,678 -51,462 51,462 877,683 -877,683 555,683 555,683 30,425 118,769 20,123 153,474 4,147,612 1,124,347 289,302 555,683 13,803,125 162 121 39,972 1,064,985 -543,472 -543,472 22,071 -22,071 -79,292 -89,152 89,152 633,790 633,790

30,425 118,769 20,123 153,474 4,147,612 1,075,288 311,373 633,790 14,958,590 137 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

8.4 d) Breakdown, opportunities for use and actual use of shareholders’ funds over the last three years

Summary of utilisations carried out during Possibility Available the previous three years Type / Description Amount of utilisation(1) quota Losses cov. Other (5)

Capital 1,556,873

Capital reserves Share premiums reserve 3,568,250 A, B, C 3,568,250 (2) Merger residual reserve 149,005 A, B, C 149,005 Revaluation reserve pursuant to Law 413 - 30/12/1991 802,313 A, B, C 802,313 (3) Revaluation reserve pursuant to Law 904 - 16/12/1977 20,123 A, B, C 20,123 (3) Revaluation reserve pursuant to Law 266 - 23/12/2005 793,055 A, B, C 793,055 (3) Revaluation reserve pursuant to Law 2 - 28/1/2009 (DL 185/2008) 92,676 A, B, C 92,676 Revaluation reserve pursuant to Law 576/75 30,425 A, B, C 30,425 (3) Revaluation reserve pursuant to Law 72/83 118,769 A, B, C 118,769 (3) Reserve for revaluation of long-term assets 153,474 A, B, C 153,474

Riserve di utili Legal reserve 311,373 B Reserve for own shares 116,460 Merger residual reserve 3,998,607 A, B, C 3,998,607 Extraordinary reserve 1,075,288 A, B, C 1,075,288 (4) 292,522 Reserve for capital gains on Group Company shares 1,538,109 A, B 1,538,109 Total 14,324,800 12,340,094 of which: Non distributable quota 1,538,109 Distributable residual quota 10,801,985

1) Key: A = for capital increase, B = for hedging , C = for distribution to shareholders. 2) In compliance with art. 2431 of the Italian Civil Code, the entire amount of this reserve can only be distributed if the legal reserve has reached the limit set out in art. 2430 of the Civil Code (20% of the share capital). 3) Taxable in case of distribution. 4) The amount of 170.928 thousand euro is taxable in case of distribution. 5) The reserves were aimed to the distribution of dividends.

Section 9 - Subordinated liabilities - Item B

The subordinated liabilities amounting to 4,826,308 thousand are formed by: ■ a bond issue of 750,000 thousand, with the following characteristics: - due on 20 July 2022; - early repayment option for the Company on 20 July 2012; - fixed rate until 20 July 2012, date of early repayment option; - variable interest after 20 July 2012, until due date; - subordinated towards all the non-subordinated debtors, included policyholders; - suitable to solvency margin cover; ■ an hybrid bond issue denominated in pound sterling, worth 408,473 thousand, with the following characteristics: - expiring date equal to the duration of the company;

138 - early repayment option for the Company on 16 June 2026; - fixed rate until 16 June 2026, date of early repayment option; - variable interest after 16 June 2026; - subordinated towards all the non-subordinated debtors, included policyholders, and to all the subordinate debtors of lower degree; - suitable to solvency margin cover; ■ an hybrid bond issue denominated in pound sterling, worth 577,697 thousand, with the following characteristics: - expiring date equal to the duration of the company; - early repayment option for the Company on 8 February 2022; - fixed rate until 8 February 2022, date of early repayment option; - variable interest after 8 February 2022; - subordinated towards all the non-subordinated debtors, included policyholders, and to all the subordinate debtors of lower degree; - suitable to solvency margin cover; ■ a loan denominated in pound sterling, worth 402,638 thousand, granted from Generali Finance B.V., with the following characteristics: - maximum duration of 50 years; - early repayment option for the Company on 16 June 2016; - fixed rate until 16 June 2016, date of early repayment option; - variable interest from 16 June 2016 and until due date; - subordinated towards all the non-subordinated debtors, included policyholders, and to all the subordinate debtors of lower degree; - suitable to solvency margin cover; ■ a loan of 1,187,500 thousand, granted from Generali Finance B.V., with the following characteristics: - maximum duration of 50 years; - early repayment option for the Company on 8 February 2017; - fixed rate until 8 February 2017, date of early repayment option; - variable interest from 8 February 2017 and until due date; - subordinated towards all the non-subordinated debtors, included policyholders, and to all the subordinate debtors of lower degree; - suitable to solvency margin cover; ■ hybrid bond issues private placement, for a total of 1,000,000 thousand, with the following characteristics in common: - expiring date equal to the duration of the company; - early repayment option for the Company starting from the tenth year of issue; - fixed rate until the first date of early repayment option; - variable interest after the first date of early repayment option; - subordinated towards all the non-subordinated debtors, included policyholders, and to all the subordinate debtors of lower degree; - suitable to solvency margin cover; ■ an hybrid loan of 500,000 thousand, granted from Mediobanca, with the following characteristics: - expiring date equal to the duration of the company; - early repayment option for the Company from 22 December 2018; - variable interest; - subordinated towards all the non-subordinated debtors, included policyholders, and to all the subordinate debtors of lower degree; - suitable to solvency margin cover.

139 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Section 10 - Technical provisions - Item C.I for the non-life business and C.II for the life business

10.1 Changes over the year to the provision for unearned premiums – Item C.I.1 – and to the provision for outstanding claims – Item C.I.2 non-life business (attachment 13)

(in thousand euro) 2010 2009 Change

Provision for unearned premiums Provision for premium instalments 1,621,010 1,574,384 46,626 Provision for unexpired risks 8,516 550 7,966 Book value 1,629,526 1,574,934 54,592

Provisions for outstanding claims Provision for refunds and direct expenses 5,420,040 5,543,350 -123,310 Provision for claim settlement costs 119,540 144,235 -24,695 IBNR provision 1,129,582 1,057,800 71,782 Book value 6,669,162 6,745,385 -76,223

Provision for unearned premiums.

The following table illustrates the provision for unearned premiums by line of business.

Direct business Reinsurance Premium Premiums in Premium Premiums in (in thousand euro) instalment course of coll. instalment course of coll. Total

Accident 154,055 2,194 722 156,971 Health 112,133 19,052 3,294 134,479 Motor material damage 53,703 1,309 55,012 Hull transport (trains) 1,508 2 1,510 Hull aviation 9,950 2,126 12,076 Hull marine 35,760 1,008 36,768 Cargo 6,362 1,730 8,092 Fire 226,659 36,874 4,500 268,033 Property other than fire 274,888 50,987 325,875 TPL Motor 285,761 3,187 288,948 TPL Aviation 5,718 759 6,477 TPL Marine 916 35 951 General liability 205,026 14,159 219,185 Credit 1,208 434 1,642 Suretyship 49,848 20,564 70,412 Pecuniary losses 22,659 9,815 32,474 Legal protection 5,358 5,358 Assistance 5,262 5,262 Total 1,456,774 164,235 8,516 1,629,525

The methodologies used for the evaluation of the provision for unearned premiums are indicated in the part A – Summary of significant accounting policies – of the Notes to the Accounts. 140 Provision for premium instalment and additional reserves.

Additional reserves are calculated by applying the provisions of Title I, Section III of ISVAP Regulation No. 16 dated 4 March 2008 and ISVAP Regulation No. 33 dated 10 March 2010. In detail: - Suretyship LOB: the supplement is allocated by applying differentiated rates to premiums issued over the past five years, separately for the various classes of risk. - Nuclear energy risks: the allocation made is the result of the sum of 65% of premiums for the year and 100% of premiums for the nine previous months. - Natural disaster risks: the premium reserve for each business is supplemented by an additional allocation in an amount equal to the sum of 35% of premiums for the year and 70% of premiums for previous years. The obligation to make this allocation ceases when it has reached an amount equal to 100 times the total premiums for the year. The additional reserve is used upon occurrence of the ensured events, when the cost of claims for the financial year exceeds gross premiums recognized in the year. During the year, such reserve has been set up for indirect business for an amount of 1,263 thousand.

Provision for unexpired risks.

As regards the direct business no allocations were made inasmuch as the total amount of indemnities and the associated expenses arising from insurance contracts entered into prior to year-end does not exceed the amount of the provision for premium instalments and the premium instalments that are to come due during the following year under said contracts, as shown in the following table.

Amount of Provision for Excess/ % Loss ratio Claims premium inst.+ lack of the (in thousand euro) expected expected inst.to be due provision

Accident 64 97,155 151,805 54,650 Health 93 118,096 126,985 8,889 Motor material damage 75 44,307 59,075 14,768 Hull transport (trains) 75 1,131 1,508 377 Hull aviation 82 7,979 9,731 1,752 Hull Marine 65 23,168 35,643 12,475 Cargo 62 2,599 4,192 1,593 Fire 66 137,068 207,678 70,610 Property other than fire 83 212,564 256,101 43,537 TPL Motor 88 324,720 369,000 44,280 TPL Aviation 25 1,373 5,491 4,118 TPL Marine 69 383 554 171 General liability 93 216,871 233,195 16,324 Credit 3 19 630 611 Suretyship 53 14,304 26,988 12,684 Pecuniary losses 90 21,467 23,852 2,385 Legal protection 27 1,743 6,454 4,711 Assistance 39 2,268 5,815 3,547 Total 80 1,227,215 1,524,697 297,482

During the year the provision for unexpired risks has been set up in the indirect business for an amount of 8,516 thousand.

141 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Provisions for outstanding claims

The methodologies adopted to evaluate the provision for outstanding claims are indicated in part A – Foreword – of the Notes to the Accounts. In particular, for outstanding claims, groups of homogenous claims regarding damage to property in the motor TPL line of business are determined by referring to the premium setting parameters. The last average cost applied is detailed in the following table.

Trucks Trucks Motorcycles (in thousand euro) Cars below 40 q. over 40 q. and mopeds Collective Other

Claims NO CARD 2.9 2.8 3.1 2.5 2.9 2.7 Claims CARD Managerial 1.4 1.7 2.2 1.5 1.5 1.5 Claims CARD debtor Generali 2.0 2.0 1.9 2.1 1.9 1.9

The actuarial statistical methods adopted in the analytical evaluation of the provisions for outstanding claims in the main lines of business can substantially be classified into the following types: 1. Chain Ladder on paid amount (or “chain“ method). In its traditional version, this method is based on the analysis of the accumulated payments, assuming that the progression of payments remains constant over time. The provisions for outstanding claims for each generation therefore depend exclusively on payments accumulated at the time of evaluation and on this rule. There are also various model parameter calculation methods, known as Link Ratio methods. 2. Link Ratio modified for inflation. This is the same as the previous method, but reviewed so as to take the effect of the claim development rates into account (so-called “endogenous inflation”, which, in statistical terms, is also called the “calendar year effect”). The sums paid are therefore discounted back at the time of evaluation, while future payments are projected using a suitable forecast endogenous inflation rate. 3. Link Ratio on “incurred”. This method is the same as the traditional Chain Ladder method, but analyses and projects the development of the “incurred” rather than the payments ones. “Incurred” for a given generation of claims at a specific year, correspond to payments accumulated over the year and the reserve at end of year. 4. Bornhütter-Ferguson method. This method is substantially based on the Link Ratio method (on payments or the “incurred”), but also uses a series of loss ratios per generation, which is used as an “advance hypothesis” of the last generation cost, so that the estimated reserve is a weighted average between this “advance hypothesis” and the estimate obtained using the link ratio method. Amongst the input data, it is necessary to specify a series of factors (year premiums or risks) to be associated with each generation of claims. 5. Fisher-Lange method (average claim settlement cost). The input data is as follows: payments per generation and deferral, the number of claims per generation (reported or estimated), the number of settled claims (closed or cancelled) per generation and deferral. The Fisher-Lange method sets out to evaluate the claims settlement speed and the evolution of the average settlement cost per claim separately. It is also possible to apply “endogenous” inflation in order to predict the average cost. IBNR provision

The IBNR provision for claims that have incurred but not yet been reported at year-end is determined on the basis of the experience acquired during previous years as pertains to the frequency and average cost of claims reported late and the average cost of claims reported during the year. Claims exceeding a given threshold are excluded when determining average costs in order to exclude events of an exceptional nature. Besides, the compatibility of the estimated values has verified with the elements inferable from the late complaints owned at the moment in which the provision has valued.

142 Provision for profit sharing and premium refunds

Methodologies adopted to evaluate the provision are indicated in part A – Foreword – of the Notes to the Accounts.

10.2 Other non-life technical provisions – Item C.I.4 – by provision type and L.O.B.

The other non-life technical provisions only include the ageing provision in the health business, for a sum of 5,532 thousand. The allocation, for the current year, was calculated based on their presumed value, pursuant ISVAP Regu- lation No. 16/2008, on a 10% base of the gross premiums written of the year with reference to the contracts having the characteristics indicated in the Regulation itself.

10.3 Compulsory and non-compulsory equalisation provisions – Item C.I.5

(in thousand euro) 2010

Equalisation provision: Accident 2,990 Hull Marine 463 Fire 2,814 Property other than fire 4,652 Total 10,919

Compensation provision for the credit sector 99

Total equalisation provision 11,018

The allocation to the equalisation provisions is determined according to the disposal in Paragraph 3 of ISVAP Regu- lation No. 16/2008. There are no non-compulsory equalisation provisions in the financial statements.

10.4 Changes over the year to the mathematical provisions – Item C.II.1 – and the provision for profit-sharing and premium refunds –Item C.II.4 (attachment 14)

(in thousand euro) 2010 2009 Change

Mathematical provision for pure premiums 31,577,183 30,809,966 767,217 Premiums brought forward 239,484 252,579 -13,095 Provision for death risks 16,321 18,453 -2,132 Additional provisions 57,331 59,255 -1,924 Book value 31,890,319 31,140,253 750,066

Provision for profit sharing and premium refunds 65,160 69,052 -3,892

143 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

10.5 Other life technical provisions – Item C.II.5 – by provision type and L.O.B.

The other life technical provisions, amounting to 92,500 thousand, were entirely made up of the provision for future costs, set aside pursuant Art. 31 and Art. 34 of ISVAP Regulation No. 21 dated 28 March 2008. It refers for 83,921 thousand to LOB I, for 1,843 thousand to LOB III, for 1,178 thousand to LOB IV and for 5,558 thousand to LOB V.

Section 11 - Technical provisions for policies where the investment risk is borne by the policyholders and relating to the management of pension funds – Item D 11.1 Overview of provisions relative to contracts linked to investment funds or market indexes – Item D.I

(in thousand euro) 2010

Lifetime Income Bond 14,526 Managed Funds 33,607 Indirect business 75,043 Valore quota e pensione 546,300 A. G. Target 2010 - 2025 1,900 Book value 671,376

The provisions relative to the lowest guarantees granted to policyholders amount to 13,796 thousand.

11.2 Outline of provisions deriving from the management of pension funds – Item D.II

(in thousand euro) 2010

Previgen Global 175,661 Previgen Valore 176,294 Agrifondo 36,172 Biverbanca 3,379 Fonchim 78,238 Book value 469,744

The provisions relative to the lowest guarantees granted to policyholders amount to 2,525 thousand.

144 Section 12 - Provisions for other risks and charges - Item E

11.2 Changes to the provisions for other risks and charges over the year – (attachment 15)

Funds for retirement Tax Other (in thousand euro) and similar obligations Fund provisions

Initial amount 3,600 101,287 Sums set aside for the year 3,340 102,995 Other increases Withdrawals Other decreases Book value 3,600 3,340 204,282

The “Tax fund” includes provisions for possible disputes with the Tax Authorities; in particular, during the year an allocation has been carried out as a consequence of what came out from the controls of the fiscal tutorship carried out by the Regional Direction of the Revenues about the fiscal periods 2005, 2006 and 2007.

12.2 Details of the other provisions (Item E.3)

The “Other provisions” item refers mainly to the securities fluctuation fund, worth 200,000 thousand, increased during the year for 100,000 thousand with the aim to face the risks relative to the uncertainty of the financial markets trends. No allocation was made to the fund for risks linked to the issue of guarantees from the Company, in favour mainly of subsidiaries companies.

Section 13 - Creditors and other liabilities – Item G 13.1 Bond issues - Item G.III

Bond issues not convertible, amounting to 3,060,000 thousand, comprise “Senior September 2024” bond issues for 1,750,000 thousand, “Senior November 2014” bond issue for 750,000 thousand and the new bond issue “Senior 2020” for 560,000 thousand. During the year the “Senior July 2010” bond issue worth 1,750,000 thousand has been paid off.

13.2 Details of liabilities to banks and other financial institutions – Item G.IV

The liabilities to banks and other financial institutions, amounting to 16,710 thousand, include mainly counter value of sell spot against purchase agreement operations for 12,901 thousand, relative to units of Fondo Generali Financial Holding for 8,410 thousand and units of Fondo Chronos for 4,491 thousand.

13.3 Details of guaranteed loans – Item G.V

Guaranteed loans are not posted in the financial statements.

145 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

13.4 Breakdown of other loans and other financial liabilities –Item G.VI

The most significant components of the item, amounting to 4,870,830 thousand, refer to the loans granted from:

(in thousand euro) 2010

Generali Finance 1,559,079 Graafschap Holland 1,250,000 Generali Holding Vienna 1,050,162 Flandria 823,778 Participatie Maat. Transhol 40,000 Other loans and other financial liabilities 147,811 Book value 4,870,830

13.5 Changes to retirement allowance provisions over the year – Item G.VII –(attachment 15)

(in thousand euro) 2010

Initial amount 24,031 Sums set aside for the year Other increases 2,124 Withdrawals 1,871 Other decreases 1,101 Book value 23,183

The changes in increase are due to the revaluations, the usages refer to payments and advance payments, the other changes in decrease are relative to the transfer to the welfare fund.

13.6 Details of sundry creditors - Item G.VIII.4

(in thousand euro) 2010

Sums due to subsidiaries companies for fiscal consolidation 161,329 Sums due to Group companies 56,702 Sums due to suppliers and professionals 46,923 Sundry creditors for staff 38,507 Sums due to non insurance customers 25,055 Creditors for the allocation of the accrual of economic items 23,749 Sums due for buy/sale of securities to be adjusted 14,399 Sums due to credit institutions for entries to be adjusted 5,424 (continues)

146 (continues)

(in thousand euro) 2010

Sums due to Financial Administration 3,521 Sums due to shareholders for dividends 2,598 Sums due to real estate creditors 542 Sums due to social security institutions 237 Others 6,791 Total 385,777

13.7 Deferred reinsurance items – Item G.IX.1

Deferred reinsurance items, amounting to 5,409 thousand, include the positive technical values that are to be entered in the profit and loss accounts in the following year.

The items are illustrated in detail in the following table.

(in thousand euro) Non Life Life Totale

Premiums 3,284 2,090 5,374 Commissions 21 21 Profit portfolio on provisions and other technical items 14 14 Total 3,319 2,090 5,409

13.8 Details of sundry liabilities - Item G.IX.3

(in thousand euro) 2010

Operations on derivatives 382,172 Incentives to intermediaries 37,260 Collection of the administrations and the central officies waiting for industrial development 36,218 Premiums earned to be posted 24,221 Linkage account between Life and Non-Life 5,496 Coinsurance claims to be posted 959 Other liabilities 32,035 Total 518,361

The item “Derivatives” refers mainly to the evaluation of swap contracts against risks deriving from exchange and interest rates on medium/long-term subordinated liabilities, based on the “principle of coherent evaluation” with the below one.

147 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Section 14 - Accrued expenses and deferred income - Item H

14.1 Details of accrued expenses and deferred income

(in thousand euro) Expenses Income Total

Interests 322,685 2,378 325,063 Rents 65 65 Other accrued expenses and deferred income 103,303 49,907 153,210 Total 425,988 52,350 478,338

14.2 Breakdown of other accrued expenses and deferred income – Item H.3

(in thousand euro) Expenses Income Total

Accrued expenses and deferred income on derivatives 91,179 49,907 141,086 Other 12,124 12,124 Total 103,303 49,907 153,210

14.3 Breakdown of multi-year accrued expenses and deferred income and those with a duration of over five years

The deferred income that have a residual duration of over one year are: - derivatives hedging the change of exchange rate relative to the loans issued in the previous years, for 8,879 thousand; - derivatives hedging the change of interest rate relative to the loans issued in the previous years, for 36,233 thousand.

Furthermore, the deferred income that have a residual duration of over five years are: - derivatives hedging the change of exchange rate relative to the loans issued in the previous years, for 4,702 thousand; - derivatives hedging the change of interest rate relative to the loans issued in the previous years, for 21,139 thousand.

148 Section 15 - Assets and liabilities relating to Group companies and other companies in which a significant interest is held 15.1 Details of the assets and liabilities relating to Group companies and other companies in which a significant interest is held – (attachment 16)

Other (in thousand euro) Subsidiares Associates companies Total

Assets Equities 27,683,143 319,144 1,292,768 29,295,055 Bonds 51,606 526,413 578,019 Loans 309 309 Participation in investments pools Deposits with credit institutions 2,446 18,974 21,420 Other financial investments Deposits with ceding companies 8,552,565 328 8,552,893 Investments relating to contracts linked to investment funds and market indexes 18,627 40,567 59,194 Investments relating to the administration of pension funds 988 988 Credits arising from direct insurance operations 23,612 23,612 Credits arising from reinsurance operations 370,727 1,146 371,873 Sundry credits 105,191 689 105,880 Bank and postal deposits 270,575 45,800 316,375 Other assets 150,057 150,057 Total 37,228,549 320,927 1,926,199 39,475,675 of which subordinated assets

Liabilities Subordinated liabilities 1,590,138 500,000 2,090,138 Deposits from reinsurers 6,637 6,637 Creditors arising from direct insurance operations 24,357 177 24,534 Creditors arising from reinsurance operations 41,395 62 41,457 Amounts due to banks and financial institutions Loans guaranteed by mortgages Other loans and financial debts 4,865,099 4,865,099 Other creditors 217,933 98 218,031 Sundry liabilities 3,119 65,455 68,574 Total 6,748,678 239 565,553 7,314,470

Section 16 - Receivables and debts 16.1 Collectable receivables and debts

Out of the receivables in items C and E of the assets, 132,026 thousand may be collected after the next financial year and 45,698 thousand after five years. Out of the debts in items F and G of the liabilities, the bond issue “Senior September 2024” amounting to 1,750,000 thousand and the bond issue “Senior 2020” for 560,000 thousand, have a residual duration of over 5 years. The bond issue “Senior November 2014” amounting to 750,000 thousand and the loans from Generali Finance BV equal to 1,559,078 thousand, from Graafschap Holland N.V. equal to 1,100,000 thousand and from Flandria equal to 139,928 thousand have a residual duration of over one year. 149 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Section 16 bis - Individual pension forms

The Company did not institute any new individual pension forms during the year. The technical reserves and hedging assets of the Valore Pensione Individual Pension Plan, instituted in 2008 and involving investments in the Gesav Global separate asset management programme (LOB I) and the European Equity internal fund (LOB III) amounted to 568,941 thousand and 578,733 thousand, respectively. In detail, the reserves and assets in LOB I amounted to 533,992 thousand and the assets aimed to hedging amounted to 543,784 thousand, whereas the reserves and assets in LOB III amounted to 34,949 thousand.

Section 17 - Guarantees, commitments and other evidence accounts 17.1 Details of guarantees issued and received and commitments – Items I, II, III and IV (attachment 17)

(in thousand euro) 2010 2009

I. Guarantees issued Guarantees and endorsements issued in the interest of parent companies, subsi- a) diaries and affiliates 5,384,470 5,355,413 Guarantees and endorsements issued in the interest of associates and companies b) in which a significant interest is held c) Guarantees and endorsements issued in the interest of third parties 33,126 33,558 Other personal guarantees issued in the interest of parent companies, subsidiaries d) and affiliates Other personal guarantees issued in the interest of associates and companies in e) which a significant interest is held f) Other personal guarantees issued in the interest of third parties g) Real securities for bonds of parent companies, associates and affiliates Real securities for bonds of associates and other companies in which a significant h) interest is held i) Real securities for bonds of third parties 913 l) Guarantees issued for bonds of the Company m) Assets deposited for direct reinsurance operations Total 5,418,509 5,388,971

II. Guarantees received from Group Companies, associates and other companies in which a significant a) interest is held b) from third parties 3,874 3,688 Total 3,874 3,688

III. Guarantees received in the interest of the Company from Group companies, associates and other companies in which a significant a) interest is held b) from third parties Total

IV. Commitments a) Commitments for purchases which must be resold 744,260 2,303,083 b) Commitments for sales which must be repurchased 13,103 12,065 c) Other commitments 4,684,139 13,817,613 Totale 5,441,502 16,132,761 150 The Company has granted sureties and guarantees, primarily in the interest of subsidiaries, in the context of operations of a non-systematic nature and that didn’t involve, inside the insurance group, a risk of insolvency. The other outstanding positions, involving sureties in the interest of third parties, consist mainly of the sureties provided to CONSAP, to governnment authorities and foreign insurance regulators as required for Company operations in countries not belonging to the European Union.

17.2 Evolution of guarantees issued

The guarantees in point I.a) have mainly been issued to the subsidiary Generali Finance B.V. for 5,341,946 thousand; during the year the Company has reduced the guarantees of which at point I.c) for a total amount of 2,525 thousand, whose effect has been offset by the revaluation of the exchange rate Usd/Eur on the other existing guarantees in favour of foreign government and control authorities.

17.3 Details of the assets and liabilities relating to pension funds managed in the name and on behalf of third parties – Item VI

The amount of the assets managed at year’s end is equal to 804,422 thousand relative to Fondo Cometa for 700,347 thousand, Fondo Priamo for 88,276 thousand and Fondo Agenti for 15,799 thousand.

17.4 Details of securities deposited with third parties – Item VII

The securities owned by the Company, deposited at custody by various brokers, are recorded in the evidence accounts at the nominal value of 28,603,839 thousand.

17.5 Breakdown of commitments – Item IV – and other evidence accounts – Item VIII

The most significant commitments mainly regard the acquisition or sale of financial derivatives, as well as outlined in the next paragraph, spot against forward operations outlined in the items IV .a) and IV .b) for a total amount of 757,363 thousand, as well as the residual commitment for the future subscription of private equity funds units for 521,897 thousand. In the other evidence accounts the purchase of put options and warrant are recorded, as well as the spot against forward operations, with notional reference value equal to 1,450,619 thousand.

151 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

17.6 Commitments regarding operations on derivatives (attachment 18)

2010 2009 Purchase Sale Purchase Sale (in thousand euro) Price Fair value Price Fair value Price Fair value Price Fair value

Futures: on shares on bonds 3,501 22 2,251 72 on currencies on rates other 5,520 226 56,370 -4,212

Options: on shares 77,039 -2,761 125,500 -1,715 on bonds on currencies on rates other

Swaps: on currencies 1,529,837 -442,671 149,994 604 1,609,825 -482,236 535,156 4,181 on rates 975,272 19,361 1,421,078 -32,283 5,982,271 51,313 4,598,420 -85,645 other

Other operations

Total 2,505,109 -423,310 1,657,132 -34,192 7,592,096 -430,923 5,317,697 -87,319

In compliance with the guidelines set by the specific resolution of the Board of Directors and in compliance with the rulings set down by ISVAP, derivative transactions were aimed to hedge the investments against risks deriving from different types of financial risks (change of the exchange and the interest rates, as well as the other market risks), and the efficient management of the Company’s portfolio, excluding transactions of a purely speculative nature.

Operations

The most important operations, with reference to the notional values, took place in the Over the Counter (OTC) markets and the contracts in these markets were negotiated with top-tier institutions.

152 Outstanding contracts at the end of the year

The overall value of outstanding contracts at year’s end, in terms of nominal value of the reference capital (notional reference value), was 4,843,985 thousand. The following is a breakdown of all contracts that were outstanding at year’s end, divided by purpose and contract type.

Hedging Efficient management Total (in thousand euro) Number Value Number Value Number Value

Cross Currency Swap 47 1,679,831 47 1,679,831 Interest Rate Swap 33 2,391,350 1 5,000 34 2,396,350 Options purchased on shares 10 105,244 10 105,244 Options purchased on indexes 1 17,500 1 17,500 Options sold on shares 8 77,039 8 77,039 Swaptions 6 559,000 6 559,000 Futures on indexes 8 5,520 8 5,520 Futures on bonds 1 3,501 1 3,501 Total 106 4,761,946 9 82,039 115 4,843,985

153 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

PROFIT AND LOSS ACCOUNT

Summary

2010 2009 Change (in thousand euro) Non-life Life Total Total normalized

Gross premiums written 3,927,851 5,689,629 9,617,480 9,270,861 346,619 Ceded reinsurance premiums -695,496 -190,604 -886,100 -842,370 -43,730 Income and charges from life investments 1,794,056 1,794,056 1,420,521 373,535

Allocated investment return transferred to/from the technical account 277,954 -415,970 -138,016 136,254 -274,270 Income and charges from class D 58,344 58,344 60,857 -2,513 Charges relating to claims -2,460,286 -4,799,973 -7,260,259 -7,538,738 278,479

Change in unearned premiums, mathematical and other provisions -59,465 -1,131,796 -1,191,261 -627,034 -564,227 Profit-sharing and premium refunds -104 -62,383 -62,487 -71,401 8,914 Operating expenses -698,715 -574,414 -1,273,129 -1,271,642 -1,487 Other technical income and charges -75,367 -15,146 -90,513 -99,422 8,909 Result of technical account 216,372 351,743 568,115 437,886 130,229

Income and charges from non-life investments 651,984 651,984 655,408 -3,424 Investments profit transferred from/to the non technical account -277,954 415,970 138,016 -136,254 274,270 Other income 190,011 224,118 414,129 321,047 93,082 Other charges -924,968 -452,867 -1,377,835 -1,447,399 69,564 Results from ordinary operations -144,555 538,964 394,409 -169,312 563,721

Extraordinary income 187,895 160,175 348,070 640,894 -292,824 Extraordinary charges -62,464 -93,779 -156,243 -101,202 -55,041 Result before taxation -19,124 605,360 586,236 370,380 215,856

Income taxes for the year 109,506 -61,952 47,554 185,303 -137,749

Result for the year 90,382 543,408 633,790 555,683 78,107

Section 18 - Information on the non-life business technical account (I)

18.1 Premiums written

(in thousand euro) Direct business Reinsurance business Total

Non-life 3,246,400 681,451 3,927,851 Life 3,867,653 1,821,976 5,689,629 Total 7,114,053 2,503,427 9,617,480

154 18.2 Summary of the non-life business technical account – Italian and foreign business – (attachment 19)

Gross premiums Gross prem. Gross cost Operating Reinsurers' (in thousand euro) written for the year of claims costs share (*)

Direct insurance: Accident and Health 672,324 675,428 489,943 132,984 -5,154 Motor TPL 828,747 824,232 678,240 129,367 -56 Material damage 137,110 141,630 87,458 28,993 -273 Hull marine 232,335 235,923 139,773 44,363 -35,164 Fire and property other than fire 740,408 723,961 464,068 180,298 -72,639 General liability 434,871 428,281 387,336 93,936 -16,464 Credit and suretyship 34,076 34,698 19,505 8,034 -2,673 Pecuniary losses 29,828 34,900 12,739 6,602 -5,272 Legal protection 11,546 11,193 4,037 2,742 194 Assistance 13,068 13,364 3,365 3,226 -4,687 Total direct insurance 3,134,313 3,123,610 2,286,464 630,545 -142,188

Reinsurance 229,603 199,477 199,222 32,251 -47,290

Total Italian portfolio 3,363,916 3,323,087 2,485,686 662,796 -189,478

Foreign portfolio 563,935 567,078 366,920 128,731 -39,787

Grand total 3,927,851 3,890,165 2,852,606 791,527 -229,265 (*) Reinsurers’ share means the technical balance of cessions and retrocessions.

18.3 Details of the reasons of the allocated investment return transferred from the non-technical account and indication of the base applied for the calculation – Item I.2

The investment profit assumed for the determination of the quota to be transferred to the non-life technical account arises from the sums, entered in the non-technical account, of the investment returns and related financial charges.

The quota to be allocated to the technical account – in compliance with ISVAP Regulation No. 22/2008 – is calculated by subjecting the said investment profit to the ratio resulting between half the sum of the technical provisions, net of reinsurance at year’s end and at the end of the previous year, and the same average sum increased to half the sum of the shareholders’ funds and the subordinated liabilities at year’s end and at the end of the previous year.

In 2010 that ratio was 42.632%, and applied to the investment profit of 651,984 thousand, the sum allocated to the technical account was 277,953 thousand (313,108 thousand in 2009). The division into single portfolios and lines of business of the profit quota allocated to the technical account was also carried out on the basis of the above mentioned ISVAP ruling.

155 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

18.4 Other technical income net of reinsurance – Item I.3

(in thousand euro) 2010

Recovery of costs incurred for Fund for Road Victims 38,125 Reversal of commissions relating to devalued or cancelled premiums of previous years 12,194 Recovery of commissions relating to annulment of multy-year contracts 8,769 Quotas of premiums annulment charged to the reinsurers 703 Positive components of Direct Refund Agreement 148 Other technical income 3,300 Total of other technical income 63,239

18.5 Provision for outstanding claims development result

The difference between the amount of the provision for outstanding claims recorded at the beginning of the year and the payment for claims accrued in previous years, as well as the amount of the relevant provision at the end of the year for the Italian direct business portfolio, produced a profit of 44,007 thousand, corresponding to 1% on the provision for outstanding claims.

As to most significant lines of business, which make up over 80% of total Italian direct business portfolio, the following breakdown is provided.

(in thousand euro) Amount % of claims provision

Accident -4,141 -1.4% Health 629 0.4% Fire 2,017 0.8% Property other than fire 36,782 11.3% Motor TPL -4,672 -0.5% General liability -13,525 -0.6%

18.6 Premium refunds and profit-sharing –Item I.6

(in thousand euro) 2010

Premium refunds 15,804 Change in profit-sharing -15,700 Total 104

156 18.7 Reinsurance commissions and profit-sharing – Item I.7.f

(in thousand euro) 2010

Commissions 91,413 Profit-sharing 1,398 Total 92,811

18.8 Other technical charges net of reinsurance – Item I.8

(in thousand euro) 2010

Cancellation of issued premiums of previous years 53,965 Devaluation for uncollectable sums due towards policyholders for premiums 44,359 Costs incurred for the Fund for Road Accidents Victims 31,780 Negative components of the Direct Refund Agreement 5,570 Compulsory contributions 1,314 Negative changes on production incentives 852 Reversal of commissions on the quotas charged to the reinsurers relative to premiums annulment 182 Other technical charges 584 Total of other technical charges 138,606

18.9 Equalisation provisions – Item I.9

(in thousand euro) 2010 2009 Variazione

Equalisation provision: Accident 2,990 2,604 386 Hull marine 463 416 47 Fire 2,814 2,488 326 Property other than fire 4,652 4,230 422 Total 10,919 9,738 1,181 Compensation provision for the credit sector 99 99 Total equalisation provisions 11,018 9,738 1,280

157 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Section 19 - Information on the life business technical account (II)

19.1 Summary of the life business: premiums and reinsurers’ share – (attachment 20)

(in thousand euro) Direct business Reinsurance Total

Gross premiums: 3,867,652 1,821,976 5,689,628 a) 1. for individual policies 2,896,834 954,680 3,851,514 2. for group policies 970,818 867,296 1,838,114 b) 1. regular premiums 1,203,352 1,821,976 3,025,328 2. single premiums 2,664,300 2,664,300 c) 1. for non-profit-sharing contracts 3,686,719 1,816,470 5,503,189 2. for profit-sharing contracts 3. for contracts in which the investment risk is borne by policyholders and for contracts linked to pension funds 180,933 5,506 186,439

Reinsurers’ share (*) -4,446 -22,352 -26,798

(*) The reinsurers’ share is the technical balance of cessions and retrocessions.

158 19.2 Details of investment income – Item II.2 (attachment 21 – Life)

(in thousand euro) 2010

from equities:

Dividends and other income from equities of Group companies and companies in which a significant share is held 285,490 Dividends and other income from equities of other companies 66,760 Total 352,250

Income from land and buildings

Income from other investments: Income from bonds of Group companies and companies in which a significant share is held 27,684 Interest on loans to Group companies and companies in which a significant share is held Income from units of common investment funds 38,445 Income from bonds and other fixed-interest securities 922,364 Interest on loans 8,678 Income from participation in investment pools Interest on deposits with credit institutions 458 Income from various financial investments 113,740 Interest on deposits with ceding companies 361,676 Total 1,473,045

Reversal value adjustments on investments relating to: Land and buildings Equities of Group companies and companies in which a significant share is held Bonds issued by Group companies and companies in which a significant share is held 658 Other equities 1,133 Other bonds 61,014 Other financial investments 39,802 Total 102,607

Gains on the realisation of investments: Gains from sale of land and buildings Gains from equities of Group companies and companies in which a significant share is held Gains from bonds issued by Group companies and companies in which a significant share is held 1,003 Gains from other equities 81,682 Gains from other bonds 134,171 Gains from other financial investments 180,175 Total 397,031

Grand total 2,324,933

159 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

19.3 Details of income and unrealised gains on investments for the benefit of policyholders who bear the investment risk and on investments relating to the management of pension funds – Item II.3 (attachment 22)

(in thousand euro) 2010

Income from: Land and buildings Investments in Group companies and companies in which a significant share is held 1,065 Income from units of common investment funds 87 Other financial investments 45,935 - of which, income from bonds i 15,517 Other assets 1,675 Total 48,762

Gains from the realisation of investments Gains from sale of land and buildings Gains from investments in Group comp. and comp. in which a significant share is held Income from units of common investment funds 335 Gains from other financial investments 28,341 - of which, from bonds 2,569 Other income 4,242 Total 32,918

Unrealised gains 247,499

Grand total 329,179

19.4 Other technical income net of reinsurance – Item II.4

(in thousand euro) 2010

Commissions recoveries 12,321 Reversal of commissions relating to devalued or cancelled premiums of previous years 694 Other technical income 3,486 Total of other technical income 16,501

19.5 Future payments provision development result

The difference between the amount of the future payments provision recorded at the beginning of the year and the sums paid to beneficiaries of contracts during the year for claims related to previous years, as well as the amount of the relevant provision at the end of the year of the Italian direct business portfolio is not significant.

160 19.6 Premium refunds and profit-sharing –Item II.7

(in thousand euro) 2010

Premium refunds Change in profit-sharing 62,383 Total 62,383

19.7 Reinsurers’ commissions and profit-sharing –Item II.8.f

(in thousand euro) 2010

Commissions 24,442 Reinsurers' profit-sharing 6.646 Total 31,088

19.8 Details of investment charges – Item II.9 (attachment 23 – Life)

(in thousand euro) 2010

Investments operating charges and other charges Charges relating to equities 2,170 Charges relating to investments in land and buildings Charges relating to bonds 34,308 Charges relating to units of common investment funds 679 Charges relating to shares in investment pools Charges relating to other financial investments 115,403 Interest on deposits with reinsurers 6,346 Total 158,906

Value adjustments on investments relating to: Land and buildings Equities in Group companies and companies in which a significant share is held 1,124 Bonds issued by Group companies and companies in which a significant share is held 2,389 Other equities 19,897 Other bonds 92,533 Other financial investments 20,213 Total 136,156

Losses on the realisation of investments Losses from sale of land and buildings Losses from equities 100,764 Losses from bonds 14,961 Losses from other financial investments 120,093

Total 235,818

Grand Total 530,880 161 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

19.9 Details of financial charges and unrealised losses on investments for the benefit of policyholders who bear the investment risk and relating to the management of pension funds – Item II.10 (attachment 24)

(in thousand euro) 2010

Charges relating to: Land and buildings Investments in Group companies and companies in which a significant share is held 8 Units of common investment funds 8 Other financial investments 10,267 Other assets 7,710 Total 17,993

Losses on the realisation of investments Losses from sale of land and buildings

Losses from investments in Group companies and companies in which a significant share is held 287 Losses from units of common investment funds 94 Losses from other financial investments 40,520 Other charges 806 Total 41,707

Unrealised losses 211,135

Grand total 270,835

19.10 Other technical charges net of reinsurance – Item II.11

(in thousand euro) 2010

Cancellation of issued premiums of previous years 20,073 Commissions relative to funds management 9,440 Compulsory contributions 1,508 Other technical charges 628 Total of other technical charges 31,649

19.11 Details of the reasons of the allocated investment return transfer to the non- technical account and indication of the base applied for the calculation – Item II.12

The investment profit used for determining the quota to be transferred to the non-technical account arises from the sums, entered in the technical account, of the investment profit and related financial charges. To this end, profits and unrealised gains as well as charges and unrealised losses deriving from investments of item D of the balance sheet. These items, therefore, continue to be entered in the technical account in their entirety.

The quota to be allocated to the non-technical account – in compliance with ISVAP Regulation No. 22/2008 – is calculated by applying, to the said investment profit, the ratio resulting between: - half the sum of the Shareholders’ funds at year’s end and at the end of the previous year; - the same amount increased by half the sum of the technical provisions net of reinsurance at year’s end and at the end of the previous year. 162 If the investment profit that remains allocated to the life technical account is lower than the investment profits contractually acknowledged with the policyholders during the year, the quota to be transferred to the non-technical account must be similarly reduced in the proportion of this lower value, and even be cancelled if necessary.

For the 2010 financial statements, on the basis of the instructions given in the above-mentioned ruling the quota to be applied to the total income for the year, equal to 1,794,056 thousand, was 23.186%, and involved an allocation to the non-technical account of 415,970 thousand (176,854 thousand in 2009).

The division into single portfolios and lines of business of the investment income quota relative to the technical account was calculated on the basis of their origin.

Section 20 - Development of technical items by line of business 20.1 Non-life insurance 20.1.1. Summary layout of technical accounts by line of business – Italian portfolio – (attachment 25)

Isvap Class 01 Isvap Class 02 Isvap Class 03 Isvap Class 04 Isvap Class 05 Isvap Class 06 Motor Hull material transport Hull Hull (in thousand euro) Accident Health damage (trains) aviation marine

Gross direct business (+) Premiums written 331,261 341,063 137,110 3,021 23,685 121,089 (–) Change in unearned premium provision -1,791 -1,313 -4,520 285 746 -4,745 (–) Charges relating to claims 190,976 298,967 87,458 2,684 28,652 73,438 (–) Change in other technical provisions -15,795 (+) Balance of other technical items -8,748 -19,360 -5,086 -1 -746 -2,575 (–) Operating expenses 82,542 50,442 28,993 416 3,386 19,509 Technical balance of direct business 50,786 -10,598 20,093 -365 -9,845 30,312

Result of ceded reinsurance -5,750 596 -273 -1,599 9,046 -29,615

Net result of reinsurance 1,941 -12,582 -5,363 5,283 586

(–) Change in equalisation provision 386 46 (+) Positive share of investments allocated from the non-technical account 17,950 12,313 3,876 142 647 2,985

Technical result 64,541 -10,271 18,333 -1,822 5,131 4,222

163 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Isvap Class 07 Isvap Class 08 Isvap Class 09 Isvap Class 10 Isvap Class 11 Isvap Class 12 Motor Hull material transport Hull Hull (in thousand euro) Accident Health damage (trains) aviation marine

Gross direct business (+) Premiums written 70,513 351,737 388,671 828,747 12,755 1,272 (–) Change in unearned premium provision -94 5,024 11,423 4,515 274 -54 (–) Charges relating to claims 32,507 202,026 262,042 678,240 1,603 889 (–) Change in other technical provisions (+) Balance of other technical items -3,891 -9,314 -10,619 -17,666 -106 -41 (–) Operating expenses 18,219 84,898 95,400 129,367 1,687 1,146 Technical balance of direct business 15,990 50,475 9,187 -1,041 9,085 -750

Result of ceded reinsurance -4,792 -58,948 -13,691 -56 -8,165 -39

Net result of reinsurance -2,293 -43,128 -19,620 -1,953 8,926 63

(–) Change in equalisation provision 326 423 (+) Positive share of investments allocated from the non-technical account 2,710 21,759 24,279 54,922 577 212

Technical result 11,615 -30,168 -268 51,872 10,423 -514

Isvap Class 13 Isvap Class 14 Isvap Class 15 Isvap Class 16 Isvap Class 17 Isvap Class 18 Motor Hull material transport Hull Hull (in thousand euro) Accident Health damage (trains) aviation marine

Gross direct business (+) Premiums written 434,871 733 33,343 29,828 11,546 13,068 (–) Change in unearned premium provision 6,590 -386 -236 -5,072 353 -296 (–) Charges relating to claims 387,336 -584 20,089 12,739 4,037 3,365 (–) Change in other technical provisions (+) Balance of other technical items -9,811 -3,801 -849 -81 -33 (–) Operating expenses 93,936 133 7,901 6,602 2,742 3,226 Technical balance of direct business -62,802 1,570 1,788 14,710 4,333 6,740

Result of ceded reinsurance -16,464 192 -2,865 -5,272 194 -4,687

Net result of reinsurance 7,887 -253 -6,804 -11,999 22

(–) Change in equalisation provision 99 (+) Positive share of investments allocated from the non-technical account 102,834 178 6,220 3,894 1,135 55

Technical result 31,455 1,588 -1,661 1,333 5,684 2,108

Whenever possible, costs were charged to each specific line of business right from the outset; joint expenses are shared proportionally according to parameters (gross premiums, number of policies managed, commissions and claims paid) suitable for the different types of costs.

164 20.1.2. Summary layout of all non-life business technical accounts – Italian portfolio – (attachment 26)

Direct insurance Reinsurance Risks (in thousand euro) Direct risks Ceded risks Direct risks Retroc. risks retained

(+) Premiums written 3,134,315 423,147 229,603 100,572 2,840,199 (–) Change in unearned premium provision 10,704 -12,931 30,126 389 53,372 (–) Charges relating to claims 2,286,465 235,930 199,222 39,208 2,210,549 (–) Change in other technical provisions -15,795 -15,795 (+) Balance of other technical items -92,730 -1,685 -91,045 (–) Operating expenses 630,545 56,276 32,251 13,685 592,835 Technical balance 129,666 142,187 -31,996 47,290 -91,807

(–) Change in equalisation provisions 1,280 Positive share of investments allocated from the non-technical (+) account 233,167 23,522 256,689

Technical result 362,833 142,187 -8,474 47,290 163,602

20.2 Life insurance

20.2.1. Summary layout of technical accounts by line of business – Italian portfolio – (attachment 27)

Isvap Class I Isvap Class III Isvap Class IV Isvap Class V Isvap Class VI Investment Capitalisa- Pension (in thousand euro) Life funds Health tion funds

Gross direct business (+) Premiums written 3,532,307 57,560 18,900 102,951 123,374 (–) Charges relating to claims 2,759,923 105,279 8,082 235,723 22,672 (–) Change in mathematical and other provisions 1,243,224 -24,663 3,443 -72,360 114,036 (+) Balance of other technical items -27,237 7,913 -9 -427 3,446 (–) Operating expenses 259,617 11,073 2,838 7,062 2,246 (+) Investment profit net of the quota allocated to the non-technical account 858,656 29,642 1,387 79,389 13,153 Technical balance 100,962 3,426 5,915 11,488 1,019

Result of ceded reinsurance 287 -19 -2,792

Net result of reinsurance 185,549 738

Technical result 286,798 4,145 5,915 8,696 1,019

As regards the attribution of the expenses to the L.O.B. please refer to point 20.1.1.

165 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

20.2.2. Summary layout of all life technical accounts – Italian portfolio – (attachment 28)

Direct insurance Reinsurance Risks (in thousand euro) Direct risks Ceded risks Direct risks Retroc. risks retained

(+) Premiums written 3,835,092 22,351 628,592 570 4,440,763 (-) Charges relating to claims 3,131,679 17,391 970,892 4,085,180 (-) Change in mathematical and other provisions 1,263,680 648 -239,939 1,023,093 (+) Balance of other technical items -16,314 188 -16,126 (-) Operating expenses 282,836 1,787 57,542 2,096 336,495 (+) Investment profit net of the quota allocated to the non-technical account 982,227 344,476 1,326,703

Technical result 122,810 2,525 184,761 -1,526 306,572

20.3 Non-life and life insurance

20.3.1. Summary layout of all non-life and life technical accounts – foreign portfolio – (attachment 29)

(in thousand euro) Non-life Life

Gross direct business (+) Premiums written 112,085 32,561 (–) Change in non-life unearned premium provision 8,350 (–) Charges relating to claims 70,963 15,884 (–) Change in mathematical and other provisions in life branches 6,133 (–) Change in other technical provisions in non-life branches (+) Balance of other technical items -146 -430 (–) Operating expenses 36,152 9,104 (+) Investment profit of the life branch net of the quota allocated to the non-technical account 2,082 Technical balance of direct business -3,526 3,092

Result of ceded reinsurance -759 -1,921

Net result of reinsurance 35,791 44,000

(–) Change in equalisation provisions for non-life branches (+) Quota of profits transferred from the non-technical account of the non-life branches 21,264

Technical result 52,770 45,171

166 Section 21 - Information on the non technical account (III) 21.1 Details of investment income – Item III.3 (attachment 21 – Non-life)

(in thousand euro) 2010

from equities:

Dividends and other income from equities of Group companies and companies in which a significant share is held 512,987 Dividends and other income from equities of other companies 13,749 Total 526,736

Income from investments in land and buildings 28,569

Income from other investments: Income from bonds of Group companies and companies in which a significant share is held 1,034 Interest on loans to Group companies and companies in which a significant share is held 25 Income from units of common investment funds 4,391 Income from bonds and other fixed-interest securities 59,278 Interest on loans 255 Income from participation in investment pools 399 Interest on deposits with credit institutions 87 Income from various financial investments 61,275 Interest on deposits with ceding companies 1,084 Total 127,828

Reversal value adjustments on investments relating to: Land and buildings Equities of Group companies and companies in which a significant share is held 44,525 Bonds issued by Group companies and by companies in which a significant share is held Other equities 5,567 Other bonds 15,250 Other financial investments 11,883 Total 77,225

Gains on the realisation of investments: Gains from sale of land and buildings Gains from equities of Group companies and companies in which a significant share is held 203 Gains from bonds issued by Group companies and companies in which a significant share is held 565 Gains from other equities 17,872 Gains from other bonds 24,033 Gains from other financial investments 18,383 Total 61,056

Grand total 821,414

167 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

21.2 Details of investment charges – Entry III.5 (attachment 23 – Non-life)

(in thousand euro) 2010

Charges relating to the management of investments and other charges Charges relating to equities 1,915 Charges relating to investments in land and buildings 14,047 Charges relating to bonds 2,517 Charges relating to units of common investment funds 74 Charges relating to shares of investment pools Charges relating to other financial investments 69,707 Interest on deposits with reinsurers 181 Total 88,441

Value adjustments on investments relating to: Land and buildings Equities of Group companies and comp. in which a significant share is held 7,248 Bonds issued by Group companies and comp. in which a significant share is held 273 Other equities 7,852 Other bonds 25,749 Other financial investments 4,925 Total 46,047

Losses on the realisation of investments Losses from sale of land and buildings Losses from equities 15,491 Losses from bonds 4,550 Losses from other financial investments 14,900 Total 34,941

Grand total 169,429

21.3 Details of other income – Item III.7

(in thousand euro) 2010

Profit on exchange rates 351,617 Administration charges recovered from third parties 45,320 Sundry interests 6,830 Interests on cash in bank 2,274 Payments of statutory fees 709 Gains for credits previously devaluated or annulled 64 Other 7,315 Total 414,129

168 21.4 Details of other charges – Item III.8

(in thousand euro) 2010

Interests paid on subordinated liabilities 308,721 Losses on exchange rates 237,714 Interests paid on bonds issue 198,761 Holding expenses 180,634 Interest paid on other loans 179,424 Sums allocated to securities fluctuation fund 100,000 Depreciation quota of long-term charges 68,223 Administrative charges on behalf of third parties 45,320 Undeductible VAT 26,108 Sundry interests paid 7,974 Sundry taxes 5,624 Sums allocated to funds for the renewal of insurance labour national contract 2,890 Bank charges 1,814 Sums allocated to tax fund 1,810 Other 12,818 Total 1,377,835

21.5 Details of extraordinary income – Item III.10

(in thousand euro) 2010

Gains from sales of real property and from securities 282,423 Gains contingent 34,504 Previous years taxes 30,707 Other extraordinary income 435 Total 348,069

21.6 Details of extraordinary charges – Item III.11

(in thousand euro) 2010

Losses 59,976 Losses for sales of fixed assets 51,697 Previous years taxes 26,260 Early retirement incentives 14,908 Penalties 3,394 Other extraordinary charges 9 Total 156,244

169 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

21.7 Details of income taxes – Item III.14

(in thousand euro) 2010

Current taxes -10,720 Change in early taxation -35,052 Change in deferred taxation -1,782 Income tax for the year -47,554

The company complies, as a Parent Company, with the Corporate tax treatment, regulated by Art. 117-129 of the TUIR.

The income tax for the year shows a positive balance of 47,554 thousand, due mainly to the utilisation of the fiscal loss in the national fiscal consolidation area. The positive balance of the current taxes amounting to 10,720 thousand include a positive IRES for 50,940 thousand, the charge relative to IRAP tax for 32,197 thousand and taxes paid abroad for 8,023 thousand.

Besides, the item “taxes” is influenced by an income of 63,808 thousand, as a consequence of the clarifications given by the Tax Office through the memorandum no. 8/E dated 4 March 2010; in particular, within the extraordinary operation “Alleanza-Toro”, the fiscal value of the existing goodwill into Toro Assicurazioni S.p.A. has not to be meant as transferred to the company Alleanza Toro S.p.A., but it has to keep finding fiscal acknowledgement into Toro Assi- curazioni S.p.A. itself, then incorporated in the Company due to the merger during the 2009 financial year.

Finally, the amount of the deferred and current taxes has been influenced by the partial non-deductability from the modification of the compulsory technical provisions in the life segment introduced by the L.D. 78/2010, converted into Law no. 122/2010.

Pre-paid and deferred taxation

Pre-paid and deferred taxation have been determined again based on the new ordinary rates and refers to items that generate temporary differences between calendar year and fiscal year values. The following tables provide details of the main items and the changes that took place over the year. All the sums are recorded in the profit and loss account.

170 Pre-paid taxation

Initial balance Changes over the year Final balance Temporary Temporary Temporary (in thousand euro) differences Taxes differences Taxes differences Taxes

Assets for pre-paid taxes - IRES Devaluations of securities 263,552 72,475 -164,901 -45,345 98,651 27,130 Devaluations of credits 589,072 161,989 61,008 16,778 650,080 178,767 Sums allocated to risk provisions 100,000 27,500 100,000 27,500 200,000 55,000 Change of provisions 90,993 25,023 34,506 9,475 125,499 34,498 Multi-annual commissions for non-life branches 28,817 7,920 -4,201 -1,151 24,616 6,769 Fiscal losses 354,810 97,456 -111,276 -30,485 243,534 66,971 Depreciation of tangible and intangible fixed assets 16,080 4,422 180,463 49,631 196,543 54,053 Sundry 23,989 6,597 3,482 969 27,471 7,566 Total 1,467,313 403,382 99,081 27,372 1,566,394 430,754

Assets for pre-paid taxes - IRAP Change of provisions 70,326 3,235 -19,853 -915 50,473 2,320 Depreciation of tangible and intangible fixed assets 9,804 451 180,671 8,310 190,475 8,761 Sundry 8,892 409 6,136 285 15,028 694 Total 89,022 4,095 166,954 7,680 255,976 11,775

Total early taxation 1,556,335 407,477 266,035 35,052 1,822,370 442,529

Deferred taxation

Initial balance Changes over the year Final balance Temporary Temporary Temporary (in thousand euro) differences Taxes differences Taxes differences Taxes

Liabilities for deferred taxes - IRES Paid by instalments gains 19,567 5,375 -14,465 -3,971 5,102 1,404 Real estate amortisation 42,221 11,611 -284 4 41,937 11,615 Foreign branches exchange rate differences 154,751 42,558 9,965 2,740 164,716 45,298 Reserve pursuant to Law no. 904/77 20,478 5,632 20,478 5,632 Sundry 484 133 -352 -97 132 36 Total 237,501 65,309 -5,136 -1,324 232,365 63,985

Liabilities for deferred taxes - IRAP Real estate amortisation 37,087 1,706 -10,089 -458 26,998 1,248 Sundry Total 37,087 1,706 -10,089 -458 26,998 1,248

Total deferred taxation 274,588 67,015 -15,225 -1,782 259,363 65,233

171 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Section 22 - Sundry information on the profit and loss account 22.1 Outline of relations with Group companies and other companies in which a shareholding is held – (attachment 30)

Other (in thousand euro) Subsidiares Associates companies Total

INCOME Investment income Income from land and buildings 367 367 Dividends and other income from equities 772,822 8,509 17,145 798,476 Income from bonds 2,068 26,650 28,718 Interest on loans 25 25 Income from other financial investments 1,028 14,756 15,784 Interest on deposits with ceding companies 354,544 11 354,555 Total 1,130,829 8,545 58,551 1,197,925

Unrealised income and gains on investments for the benefit of policyholders who bear the investment risk and originating from the administration of pension funds 1,987 183 2,170

Other income Interest on amounts due 3,719 3,719 Recoveries of administration expenses and charges 45,264 45,264 Other income and recoveries 2,294 23 5 2,322 Total 51,277 23 5 51,305 Gains on the realisation of investments 1,770 1,770 Extraordinary income 478 478 Grand total 1,184,571 8,568 60,509 1,253,648

CHARGES Charges on investments administration and paid interest Investments charges 15,338 17,618 32,956 Interest on subordinated liabilities 91,673 23,634 115,307 Interest on deposits from reinsurers Interest on debts from direct insurance transactions 1 1 Interest on debts from reinsurance transactions 7,445 7,445 Interest on sums due to banks and financial institutions Interest on guaranteed loans Interest on other debts 179,920 179,920 Losses on credits Administration charges and expenses for third parties 45,264 45,264 Other charges 24,668 2,129 26,797 Total 364,309 43,381 407,690

Unrealised charges and losses on investments for the benefit of policyholders who bear the investment risk and originating from the administration of pension funds 1,308 1,308

Losses on the realisation of investments 10 1,566 1,576 Extraordinary charges 149 149

Grand total 364,468 46,255 410,723

172 22.2 Summary of direct business premiums written – (attachment 31)

Non-life Life Total (in thousand euro) Branch F.O.S. Branch F.O.S. Branch F.O.S.

Premiums written in Italy 2,894,277 27 3,783,776 6,678,053 27 in other EU Countries 170,729 47,414 47,481 176 218,210 47,590 in third Countries 112,085 21,866 32,561 3,658 144,646 25,524 Total 3,177,091 69,307 3,863,818 3,834 7,040,909 73,141

22.3 Outline of charges relative to personnel, directors and auditors – (attachment 32)

(in thousand euro) Non-life Life Total

I. Staff expenses Expenses related to employees: Italian portfolio: Wages 145,060 49,022 194,082 Social contributions 55,629 33,897 89,526 Sums allocated to the provision for retirement allowance and similar obligations 9,889 5,677 15,566 Other employee costs 7,678 9,060 16,738 Total 218,256 97,656 315,912 Foreign portfolio: Wages 17,769 9,508 27,277 Social contributions 4,611 2,909 7,520 Other employee costs 1,095 897 1,992 Total 23,475 13,314 36,789

Total 241,731 110,970 352,701

Costs of non-subordinate workforce: Italian portfolio 53,245 487 53,732 Foreign portfolio 66 18 84 Total 53,311 505 53,816

Total cost of workforce 295,042 111,475 406,517

II. Details of items entered Charges deriving from investments management 206 981 1,187 Charges relating to claims 34,050 2,590 36,640 Other acquisition costs 48,291 71,546 119,837 Other administration costs 63,782 33,549 97,331 Administrative charges and expenses on behalf of third parties 41,144 41,144 Total 295,042 111,475 406,517

173 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Wages due Number (in thousand euro)

III. Average staff during the year Managers 170 Employees 2,818 Salaried employees Others 2,640 Total 5,628

IV. Directors and auditors Directors 19 6,727 Auditors 3 350

The sums relative to the emoluments due to directors and auditors differ from those listed below, which refer to the emoluments pursuant Article 78 of CONSOB Regulation No. 11971 dated 14 May 1999 and subsequent modifications, as they do not take into account, moreover, profit-sharing. 22.4 Transfer of the securities from durable sector to the non durable sector and vice versa or advanced sale of durable securities

During the year, the Company transferred securities from the non-durable to the durable portfolio for a total amount of 4,386,258 thousand. Such operations have been carried out within the thresholds set by the the Board of Direc- tors’ resolution of 5 February 2007 and referred to listed bonds for 97.1%. This operation related to securities of the life segment for an amount of 4,154,345 thousand (of which 96.8% assigned to the participating life contracts named “gestioni separate”) and the non-life segment for an amount of 231,913 thousand. The decision to change the fun- ctional classification criteria applied to such securities was mainly due to the willingness to hold these investments in the long term, as part of the portfolio management strategy and in line with the overall management framework, as well as with the commitments undertaken. The above-mentioned transfer operations had a positive economic impact of 15,121 thousand.

Total net gains from the early disposal of durable securities were 230,065 thousand, of which gains of 105,913 thousand from the disposal of shares and interests and gains of 128,727 thousand from the disposal of bonds, whereas losses from the disposal of common investments funds amounted to 4,575 thousand.

22.5 Results from derivatives operations

The hedging operations (against risks deriving from fluctuation of exchange and interest rates, as well as other market risks) and the effective share and bond portfolio management operations, have determined the total net loss equal to 4,078 thousand, with reference to the realised economic components. A breakdown of the results of the various categories of derivative instruments by transactions concluded during the year and outstanding transactions is provided below:

174 Outstanding contracts Closed contracts Total

Swap -15,659 8,118 -7,541 Options 7,279 7,279 Future -68 -3,748 -3,816 Total -15,727 11,649 -4,078

The negative results of outstanding contracts in swap, held primarily for hedging purposes, were determined by the exchange of periodic cash flows; the positive results of closed positions arise mainly from the resolving of domestic currency swap contracts with losses for 40,399 thousand, as well as from the settlement of the counter-value of interest rate swaps resolved in advance of maturity with profits for 48,517 thousand. As regards closed options, have been realised losses for 8,399 thousand in premiums on abandoned contracts, as well as profits for 15,678 thousand in trading operations and from the exercise of contracts resulting in the sale of the underlying securities. The results of the futures positions arise from the settlement of the margins of change, expenses and commissions on transactions closed during the year, serving the purpose of hedging primary financial instruments of the Com- pany’s portfolio.

Emoluments in compliance with Article 78 of CONSOB Ruling No. 11971 dated 14 May 1999 and subsequent modifications.

The 2010 emoluments due to board members, auditors and general managers and managers with strategic responsibilities of any type also including those of subsidiary companies, are indicated in the following table. The list also includes those who did not work in this office for a full year. As set down by CONSOB, non monetary benefits reported in the table were identified on the basis of fiscal criteria in case they are subject to taxation. The table reported below also acknowledge the recommendation related to the information on emoluments as set by CONSOB communication No. 11012984 dated 24 February 2011.

175 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Emoluments in Euro Emoluments for the office held Person Name and surname Office Period covered End of Fixed Variable Attendance Total Non-monetary Bonuses and Other held by the mandate mandate moluments moluments (1) fee emoluments benefits incentives emoluments

Cesare GERONZI Total 2,258,937 8,957 54,000 2,321,894 38,128 Chairman 24/4-31/12/2010 Approved f.s. 2012 2,121,402 2,121,402 38,128 Member of the Board of Directors 24/4-31/12/2010 Approved f.s. 2012 68,767 8,957 28,000 105,724 Member of the Executive Committee 24/4-31/12/2010 Approved f.s. 2012 34,384 24,000 58,384 Chairman of the Corporate Governance Committee 24/4-31/12/2010 Approved f.s. 2012 34,384 2,000 36,384

Vincent BOLLORE' Total 103,151 8,957 52,000 164,108 Member of the Board of Directors 24/4-31/12/2010 Approved f.s. 2012 68,767 8,957 28,000 105,724 Member of the Executive Committee 24/4-31/12/2010 Approved f.s. 2012 34,384 24,000 58,384

Francesco Gaetano CALTAGIRONE Total 170,630 8,957 74,000 253,587 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 36,000 144,957 Member of the Executive Committee 1/1-31/12/2010 Approved f.s. 2012 50,000 28,000 78,000 Member of the Investment Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 10,000 30,630

Alberto Nicola NAGEL Total 170,630 8,957 58,000 (2) 237,587 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 28,000 136,957 Member of the Executive Committee 1/1-31/12/2010 Approved f.s. 2012 50,000 28,000 78,000 Member of the Corporate Governance Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 2,000 22,630

Giovanni PERISSINOTTO Total 1,750,000 8,957 74,000 1,832,957 1,578,080 Managing Dir. and Group CEO 1/1-31/12/2010 Approved f.s. 2012 800,000 800,000 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 36,000 144,957 Member of the Executive Committee 1/1-31/12/2010 Approved f.s. 2012 50,000 28,000 78,000 Chairman of the Investment Committee 24/4-31/12/2010 Approved f.s. 2012 10,000 10,000 General Manager 1/1-31/12/2010 800,000 800,000

Sergio BALBINOT Total 1,750,000 8,957 64,000 1,822,957 1,578,080 (3) 156,813 Managing Director 1/1-31/12/2010 Approved f.s. 2012 800,000 800,000 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 36,000 144,957 Member of the Executive Committee 1/1-31/12/2010 Approved f.s. 2012 50,000 28,000 78,000 General Manager 1/1-31/12/2010 800,000 800,000

Ana Patricia BOTIN Total 120,630 8,957 16,000 145,587 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 16,000 124,957 Member of the Corporate Governance Committee 1/1-31/12/2010 Approved f.s. 2012 20,630 20,630

Cesare CALARI Total 68,767 8,957 28,000 105,724 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 68,767 8,957 28,000 105,724 (continues)

176 (continues)

Carlo CARRARO Total 89,397 8,957 32,000 130,354 Member of the Board of Directors 24/4-31/12/2010 Approved f.s. 2012 68,767 8,957 24,000 101,724 Member of the Internal Control Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 8,000 28,630

Diego DELLA VALLE Total 100,000 8,957 24,000 132,957 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 24,000 132,957

Leonardo DEL VECCHIO Total 144,699 8,957 72,000 225,656 Member of the Board of Directors 1/1-31/12/2010 21.02.2011 100,000 8,957 32,000 140,957 Member of the Executive Committee 24/4-31/12/2010 21.02.2011 34,384 24,000 58,384 Member of the Remuneration Committee 1/1-31/12/2010 21.02.2011 10,315 16,000 26,315

Petr KELLNER Total 120,630 8,957 36,000 165,587 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 28,000 136,957 Member of the Investment Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 8,000 28,630

Angelo MIGLIETTA Total 89,397 8,957 36,000 134,354 Member of the Board of Directors 24/4-31/12/2010 Approved f.s. 2012 68,767 8,957 28,000 105,724 Member of the Internal Control Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 8,000 28,630

Alessandro PEDERSOLI Total 155,014 8,957 50,000 213,971 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 32,000 140,957 Chairman of the Internal Control Committee 1/1-31/12/2010 Approved f.s. 2012 34,384 16,000 50,384 Member of the Corporate Governance Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 2,000 22,630

Lorenzo PELLICIOLI Total 180,945 8,957 72,000 261,902 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 32,000 140,957 Member of the Executive Committee 1/1-31/12/2010 Approved f.s. 2012 50,000 28,000 78,000 Member of the Remuneration Committee 24/4-31/12/2010 Approved f.s. 2012 10,315 10,000 20,315 Member of the Corporate Governance Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 2,000 22,630

Reinfried Helmut POHL Total 68,767 8,957 16,000 93,724 (4) 20,000 Member of the Board of Directors 24/4-31/12/2010 Approved f.s. 2012 68,767 8,957 16,000 93,724

Paola SAPIENZA Total 68,767 8,957 28,000 105,724 Member of the Board of Directors 24/4-31/12/2010 Approved f.s. 2012 68,767 8,957 28,000 105,724 (continues)

177 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

(continues)

Paolo SCARONI Total 134,383 8,957 50,000 193,340 Member of the Board of Directors 1/1-31/12/2010 Approved f.s. 2012 100,000 8,957 32,000 140,957 Chairman of the Remuneration Committee 1/1-31/12/2010 Approved f.s. 2012 13,753 16,000 29,753 Member of the Corporate Governance Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 2,000 22,630

Francesco Saverio VINCI Total 89,397 8,957 38,000 (2) 136,354 Member of the Board of Directors 24/4-31/12/2010 Approved f.s. 2012 68,767 8,957 28,000 105,724 Member of the Investment Committee 24/4-31/12/2010 Approved f.s. 2012 20,630 10,000 30,630

Antoine BERNHEIM Total 733,605 12,000 745,605 (5) 189,654 Chairman 1/1-24/04/2010 Approved f.s. 2009 687,167 687,167 Member of the Board of Directors 1/1-24/04/2010 Approved f.s. 2009 30,959 8,000 38,959 Member of the Executive Committee 1/1-24/04/2010 Approved f.s. 2009 15,479 4,000 19,479

Gabriele GALATERI DI GENOLA Total 46,438 14,000 60,438 Member of the Board of Directors 1/1-24/04/2010 Approved f.s. 2009 30,959 8,000 38,959 Member of the Executive Committee 1/1-24/04/2010 Approved f.s. 2009 15,479 4,000 19,479 Member of the Remuneration Committee 1/1-24/04/2010 Approved f.s. 2009 2,000 2,000

Luigi Arturo BIANCHI Total 30,959 10,000 40,959 Member of the Board of Directors 1/1-24/04/2010 Approved f.s. 2009 30,959 8,000 38,959 Member of the Internal Control Committee 1/1-24/04/2010 Approved f.s. 2009 2,000 2,000

Loïc HENNEKINNE Total 30,959 12,000 42,959 Member of the Board of Directors 1/1-24/04/2010 Approved f.s. 2009 30,959 8,000 38,959 Member of the Internal Control Committee 1/1-24/04/2010 Approved f.s. 2009 4,000 4,000

Klaus-Peter MÜLLER Total 30,959 30,959 Member of the Board of Directors 1/1-24/04/2010 Approved f.s. 2009 30,959 30,959

Reinfried POHL Total 30,959 30,959 (6) 138,201 Member of the Board of Directors 1/1-24/04/2010 Approved f.s. 2009 30,959 30,959

Kai-Uwe RICKE Total 30,959 4,000 34,959 Member of the Board of Directors 1/1-24/04/2010 Approved f.s. 2009 30,959 4,000 34,959

Claude TENDIL Total 30,959 8,000 38,959 204,684 (7) 1,747,148 Member of the Board of Directors 1/1-24/04/2010 Approved f.s. 2009 30,959 8,000 38,959 (continues)

178 (continues)

Eugenio COLUCCI Total 150,000 150,000 Chairman ot the Statutory Auditors 1/1-31/12/2010 Approved f.s. 2010 150,000 150,000

Giuseppe Alessio VERNI' Total 100,000 100,000 (8) 111,300 Statutory Auditor 1/1-31/12/2010 Approved f.s. 2010 100,000 100,000

Gaetano TERRIN Total 100,000 100,000 (9) 6,000 Statutory Auditor 1/1-31/12/2010 Approved f.s. 2010 100,000 100,000

Raffaele AGRUSTI Total 1,000,000 1,000,000 704,500 General Manager 1/1-31/12/2010 1,000,000 1,000,000

Managers with strategic responsibilities Total 3,380,000 3,380,000 35,826 1,795,000 20,000

(1) The variable emoluments will be paid after the Financial Statements’ approval by the Shareholders’ Meeting. (2) The emolument was paid directly to Mediobanca. (3) The emoluments indicated include those due for the offices held in 2010 in the following companies: Generali Deutschland Holding, Aachener u. Muenchener Lebensversicherung AG, Aachener u. Muenchener Versicherung AG, Generali France, Generali Espana Holding Entidades de Seguros, Generali Espana S.A. de Segu- ros Y Reaseguros, Generali Schweiz Holding AG, Migdal Insurance & Financial Holdings and Europ Assistance Holding. The payments for Generali Holding Vienna will be established by the Company’s general shareholders’ meeting in the current year. The sums paid to Generali Deutschland Holding only regard the attendance fees; the portion inherent to profit-sharing will be established by the shareholders’ meeting scheduled in the first half of the current financial year. (4) Emoluments for the offices held in 2010 in Aachener u. Muenchener Versicherung AG. The payments for Generali Holding Vienna will be established by the Company’s general shareholders’ meeting in the current year. (5) The emoluments indicated include those due for the offices held in 2010 in the following companies: Alleanza Toro, Generali Deutschland Holding, Generali Espana Holding, Generali France and BSI. The sum paid by Generali Deutschland Holding only regard the attendance fees; the portion inherent to profit-sharing will be established by the shareholders’ meeting scheduled in the first half of the current financial year. (6) Emoluments for the offices held in 2010 in the following companies: Generali Deutschland Holding, Aachener u. Muenchener Versicherung AG Aachener u. Muenchener Lebensversicherung AG. The sum paid by Generali Deutschland Holding only regard the attendance fees; the portion inherent to profit-sharing will be established by the shareholders’ meeting scheduled in the first half of the current financial year. (7) The emoluments indicated include those due for the offices held in 2010 in the following companies: Generali France, Europ Assistance Holding, Europ Assistance Italy and Generali Investments. The sum paid by Generali France also include the bonus assigned to M. Tendil as Chairman and General Director of the French company. (8) Emolument for the office of Chairman of the Board of Statutory Auditors of Banca Generali, Europ Assistance Italy, Generali Horizon, Genertellife, Genfid, and Effective Auditor of Europ Assistance Service, Genertel and Ums Immobiliare Genova. (9) Emolument for the office of Effective Auditor of Generali Immobiliare Italia.

According to CONSOB Ruling No. 11971 dated 14 May 1999 and subsequent modifications, the stock options granted to Directors and Managing Directors and managers with strategic responsibility are listed below.

Furthermore, according to the above-mentioned CONSOB Ruling par. 1 bis Art. 78, no transactions have been carried out by the Company in order to favour the purchase and the subscription of shares pursuant Art. 2358, Par. 3 of the Civil Code.

179 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

Options Options held at the Options assigned Options exercised expired during Options held beginning of the year during the year during the year the year at the end of the year

(A) (B) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) = 1+ (12) (13) 4-7-10

Average Average Average Average market Average Name and Office Number of exercise Average Number of exercise Average Number of exercise price Number of Number of exercise Average surname held options price due date options price due date options price at exercise options options price due date

Antoine Bernheim Chairman 3,925,000 26.91 29/07/2012 0 0 - 0 0 0 500,000 3,425,000 26.63 05/03/2012 Managing Director/ Giovanni General Perissinotto (1) Manager 4,035,000 26.92 07/07/2012 0 0 - 0 0 0 610,000 3,425,000 26.63 05/03/2012 Managing Director/ Sergio General Balbinot (2) Manager 3,925,000 26.91 29/07/2012 0 0 - 0 0 0 500,000 3,425,000 26.63 05/03/2012

Raffaele General Agrusti (3) Manager 1,405,000 28.99 26/04/2014 0 0 - 0 0 0 300,000 1,105,000 29.03 18/01/2014 Managers with strategic responsibilities (4) 2,074,850 28.53 17/12/2013 0 0 - 0 0 0 609,750 1,209,100 28.8 03/10/2013

(1) Mr. Perissinotto, during 2002, 2003, 2006 and 2007 was moreover assigned a total of 303 stock grant in his capacity as General Manager. (2) Mr. Sergio Balbinot during 2002, 2003, 2006 and 2007 was moreover assigned a total of 297 stock grant in his capacity as General Manager. (3) Mr. Raffaele Agrusti during 2002, 2003, 2006 and 2007 was moreover assigned a total of 297 stock grant. (4) Options held at year-end options transpose the handling of incoming and outgoing leaders from the role of top managers.

180 Part C – Other information 1. Shareholders’ fund updated based on the profit sharing proposal.

(in thousand euro) Non-life Life Total

Subscribed share capital 467,062 1,089,811 1,556,873 Share premiums reserve 1,070,475 2,497,775 3,568,250 Revaluation reserves 1,084,006 926,828 2,010,834 Legal reserve 93,413 217,962 311,375 Reserves for own shares 2,710 113,750 116,460 Other reserves 4,133,347 2,562,698 6,696,045 Total 6,851,013 7,408,824 14,259,837

2. Solvency margins to be established, guarantee quota and components of the margin itself

The minimum solvency margin required in the non-life business was equal to 652,674 thousand; the guarantee quota amounted to 206,053 thousand; the hedging items surplus was 6,403,052 thousand (5,254,873 thousand in 2009).

The minimum solvency margin required in the life business was 1,408,021 thousand; the guarantee quota amounts to 469,340 thousand; the hedging items surplus was 6,628,726 thousand (6,538,924 thousand in 2009).

Totally the solvency margin to be established is 2,060,685 thousand; the guarantee quota amounts to 675,393 thousand; the hedging items surplus is 13,031,778 thousand (11,793,797 thousand in 2009).

With reference to the correct solvency of Generali Group, the preliminary ratio between the available margin and the requested margin, for 2010 has established at 132%.

3. Technical provisions to be hedged at year’s end and relative hedging operations.

The technical provisions subject to hedging in the direct business amounted to 6,780,170 thousand in the non-life business and 24,536,488 thousand in the life business, and they are adequately hedged by the assets pursuant to Legislative Decree No. 209 dated 7 September 2005 (6,867,941 thousand in the non-life business and 24,590,370 in the life business).

The technical provisions subject to hedging in the indirect business amounted to 1,406,520 thousand in the non-life business and 9,533,214 thousand in the life business, and they are adequately hedged by the assets pursuant to ISVAP Regulation No. 33 dated 10 March 2010 (1,457,417 thousand in the non-life business and 9,574,290 in the life business).

Capital assigned

The Company has not created capitals assigned to specific goods and terms, pursuant Art. 2447bis of the Civil Code.

181 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

5. Direction and coordination

No natural or legal person, directly and/or indirectly, jointly or severally, holds a sufficient number of shares enabling said person to acquire a controlling stake in the Company. In the light of the recent disposals of the company law reform, the Company is not subject to direction and co-ordination by any Italian or foreign body or company.

6. Information according to Consob comunication No. 6064293 dated 28 July 2006

a) Transactions with related parties.

The relevant intragroup transactions, the emoluments due to members of the Board of Directors, Board of Audi- tors, General Managers and managers with strategic responsibility and shares held by themselves, are shown in the report, in the Notes to the accounts and the relative attachments. The results of transactions with the related parties, classified in accordance with IAS 24, pursuant to Consob communication dated 28 July 2006, are detailed in the following table. The “other related parties” are mainly represented from Mediobanca Ltd., Fondo Scarlatti, Fondo Cimarosa, Lotto- matica, and the pension funds of the staff and managers of the Company, as well as PPF CO3BV. There are agreements with PPF Group that could involve the purchase, in July 2014, the 49% stake of Generali PPF Holding with an estimated financial outflow so far between 2,500 and 3,000 million Euro.

The item investment also includes Mediobanca shares for 29,367 thousand, Lottomatica shares for 10,995 thousand and Mediobanca bonds for 92,665 thousand and PPF CO3BV for 30.000 thousand, as well as investments fund units relative to Fondo Scarlatti for 120,552 thousand and Fondo Cimarosa for 59,776 thousand. The charges deriving from transfer to the pension funds of the staff and managers of the Company, amount to 30,543 thousand. The item charges includes interests due and commissions for 25,758 thousand relative to the loans granted from Mediobanca.

182 Classification of related parties is based on IAS 24 Impact Joint Related on financial (in thousand euro) Subsidiaries Associates ventures (1) parties Total statements

Assets Investments 36,729,364 909,117 2,036 343,295 37,983,812 Credits and other operations 932,255 1,146 412 14,590 948,403 Total assets 37,661,619 910,263 2,448 357,885 38,932,215 54.58%

Liabilities Financial liabilities 6,455,237 500,000 6,955,237 Tecnical provisions 9,469,443 3,165 1,454 -525 9,473,537 Other debits and liabilities 452,132 238 653 788 453,811 Total liabilities 16,376,812 3,403 2,107 500,263 16,882,585 23.88% Guarantees, commitments and other evidence accounts Guarantees issued 5,384,470 5,384,470 99.37% Other evidence accounts 8,817 8,817 0.11%

Incomes and charges From deposits with ceding companies (2) 81,686 1,498 83,184 n,s, Net incomes from investments (2) 807,450 14,204 25 2,708 824,387 38.57% Other incomes and charges -297,694 23 -56,301 -353,972 36.73% Straordinary incomes and charges 328 328 0.17%

(1) Concerning the relationship with “A7 S.r.l.”, with Future Generali India Insurance Company Ltd and with Future Generali India Life Insurance Company Ltd. (2) The interests from deposits with ceding companies are include in the item “Incomes and charges from transactions with ceding companies” instead of item “net incomes from investments”.

The negative change of the liquidity deriving from the transactions with the related parties, worth 19,778 thousand, is attributable mainly on one hand to the loans disbursement and interests due on loans received, and on the other hand to the dividends collected. b) Events and significant operations not recurring

During the year no events or significant operations have been carried out. c) Positions or transactions deriving from atypical and/or unusual operations.

No atypical and/or unusual operations have been made.

7. Information according to CONSOB communication No. 15915 dated 3 May 2007.

Pursuant the above-mentioned communication the accrual sums due to PricewaterhouseCoopers SpA are indicated in the following table.

183 MANAGEMENT REPORT AND PARENT COMPANY FINANCIAL STATEMENTS

2010 (in thousand euro) PwC Italia PwC Network

Parent Company Audit 966 262 Other certificate Services 106 10 Other Services 170 Total 1,242 272

Parent Company subsidiaries Audit 1,512 14,979 Other certificate Services 595 70 Other services Tax assistance 815 Other 767 Totale 2,111 16,631 Gran total 3,353 16,903

184 Enel - Smoky Hills Eolic power plant, Lincoln, USA

Cash flow statement

Company Assicurazioni Generali S.p.A.

Subscribed capital euro 1,556,873,283 1,556,873,283

Registred in Trieste

Cash Flow Statement

Year 2010

(Amounts in thousand euro)

187 CASH FLOW STATEMENT

Current Year

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. PRE-TAX RESULT FOR THE YEAR AND INTEREST PAID

a) Result for the year 1 633,790

b) less: Income taxes 2 -47,554

c) Interest paid 3 686,983 4 -639,429 5 1,273,219

2. INCREASES (+) / DECREASES (-) OF NON-CASH ITEMS

a) Change in depreciation and amortization 6 5,146

b) Change in TFR and personnel funds 7 -1,075

c) Change in other provisions 8 102,995

d) Change in technical reserves 9 713,845

e) Change in shareholders' funds 10 -108,551

f) less: Adjustments to equity investments 11 182,203

Reversals of equity investments 12 179,834 13 -2,369 14 714,729

3. ADJUSTMENTS ARISING FROM FINANCING AND INVESTING ACTIVITIES

a) Gains on investments 15 740,510

b) Losses on investments 16 322,456 17 418,054

4. OPERATING RESULT BEFORE CHANGES IN WORKING CAPITAL (1. + 2. - 3.) 18 1,569,894

5. CHANGES IN WORKING CAPITAL

a) Increases (+) / decreases (-) in receivables and assets 19 -425,997

b) Increases (+) / decreases (-) in payables and liabilities 20 -301,796 21 124,201

6. CASH FLOWS GENERATED BY OPERATING ACTIVITIES (4. + 5.) 22 1,694,095

7. INCOME TAXES AND INTEREST PAID

a) Income taxes paid (+) or reimbursed (-) in the year 23 -35,858

b) Interest paid 24 717,898 25 -682,040

8. NET CASH FLOWS FROM OPERATING ACTIVITIES (6. + 7.) 26 1,012,055

II. CASH FLOWS FROM INVESTING ACTIVITIES

1. LIQUIDITY USED FOR (-) / GENERATED BY (+) INVESTING ACTIVITIES

a) Real estate 27 16,022

b) Equity investments 28 136,552

c) Stocks 29 424,792

d) Bonds 30 -595,483

e) Loans 31 46,968

f) Deposits with banks 32 -52,800

g) Investment and pension funds 33 -77,813

h) Other investments 34 587,055 35 485,293

188 Pag. 1

Previous Year

101 555,683

102 -185,303

103 738,171 104 -552,868 105 1,108,551

106 4,107

107 -1,450

108 70,271

109 587,901

110 -70,258

111 463,105

112 166,266 113 -296,839 114 887,410

1,110,191

771,752 117 338,439

118 1,657,522

119 113,928

120 18,471 121 -95,457

122 1,562,065

123 73,769

124 709,881 125 -783,650

126 778,415

127 -3,241

128 1,358,744

129 -214,279

130 -1,660,395

131 48,407

132 -12,077

133 -181,250

134 -1,151,290 135 -1,815,381

189 CASH FLOW STATEMENT

Current Year

2. LIQUIDITY USED FOR (-) / GENERATED BY (+) OTHER ITEMS

a) Intangible assets 36 18,739

b) Acquisition of furniture and transport vehicles 37 -6,595 38 12,144

3. NET CASH FLOWS FROM INVESTING ACTIVITIES (1. + 2.) 39 497,437

III. CASH FLOWS FROM FINANCING ACTIVITIES

1. LIQUIDITY USED FOR (-) / GENERATED BY (+) CAPITAL FLOWS

a) Increase in capital and paid capital reserves 40 0

b) Use of capital reserves to pay dividends 41 -89,153

c) Change in own shares 42 121 43 -89,032

2. LIQUIDITY USED FOR (-) / GENERATED BY (+) FINANCING ACTIVITIES

a) Subordinated liabilities 44 0

b) Bonds 45 -1,190,000

c) Payables to banks and financial institutions 46 2,578

d) Collateralised loans 47 0

e) Other loans and financial payables 48 -243,052 49 -1,430,474

3. DIVIDENDS PAID 50 454,437

4. NET CASH FLOWS FROM FINANCING ACTIVITIES (1. + 2. - 3.) 51 -1,973,943

TOTAL CASH FLOWS FOR THE YEAR (I + II + III) 52 -464,451

CHANGE IN LIQUIDITY

Current Year

1. LIQUIDITY AT YEAR-START

a) Liquidity at the end of previous year 53 1,397,679

b) Adjustment to current year exchange rates 54 15,797 55 1,413,476

2. LIQUIDITY AT YEAR-END 56 949,025

CHANGE IN LIQUIDITY FOR THE YEAR (- 1. + 2.) 57 -464,451

190 Pag. 2

Previous Year

136 7,600

137 -5,666 138 1,934

139 -1,813,447

140 0

141 -203,370

142 240 143 -203,130

144 750,000

145 1,750,000

146 -247,366

147 0

148 -898,488 149 1,354,146

150 0

151 1,151,016

152 115,984

Previous Year

153 1,283,404

154 -1,709 155 1,281,695

156 1,397,679

157 115,984

191

Citylife - Project aiming at the renovation of the former fair area, Milan

Appendices to the Notes

Company Assicurazioni Generali S.p.A.

Subscribed capital euro 1,556,873,283 Paid up euro 1,556,873,283

Registred in Trieste

Attachments to the notes on the accounts

Year 2010

(Amounts in thousand euro) Life and Non life Life N. Description Non life * * * 1 Balance sheet - Non life business 1 2 Balance sheet - Life business 1 3 Breakdown of non-life and life result 1 4 Assets - changes in land and buildings (Item C1) 1 Assets-equities (item C.II.1), debt securities (item C.II.2) 5 1 and loans (item C.II.3) 6 Assets - Information regarding associated companies 1 Assets - Details of investments in Group companies and other companies where a significant 7 1 interest is held: Equities Assets -Breakdown on the basis of the utilisation of other financial investments: equities and 8 shares, shares in common investment funds, debt securities and other fixed-income securities, 1 participation in investment pools e other financial investments (items C.III.1, 2, 3, 5, 7) Assets - Variation for the year of other durable financial investments: equities and shares, shares 9 in common investment funds, debt securities and other fixed-income securities, participation 1 in investment pools e other financial investments (items C.III.1, 2, 3, 5, 7) 10 Assets -Variations for the year regarding loans and deposits with credit institutions (items C.III.4, 6) 1 11 Assets relating to contracts linked to investment funds and market index (item D.I) 8 12 Assets arising out of the management of pension funds (item D.II) 6 Liabilities -Variation for the year of the components of the provision for unearned premiums 13 (item C.I.1) and those of the provision for claims outstanding (item C.I 2) of non-life lines 1 of business Liabilities -Changes in the components of the mathematical provision for the year (item C.II.1) 14 1 and in the components of the provision for profit sharing and premium refunds (item C II.4) Liabilities -Change for the year in the provisions in the funds for risks and charges (item E) and 15 1 change in the severance pay provisions (item G.VII Details of assets and liabilities referring to group companies and other companies in which a 16 1 significant interest is held 17 Details of classes I, II, III, IV of "guarantees, commitments and other evidence accounts" 1 18 Breakdown of derivatives according to type of contracts 1 19 Details of the non life business technical account 1 20 Summary of life business: premiums and reinsurers' share. 1 21 Income from investments (items II.2 e III.3) 1 Income and unrelises gains on investments for the benefit of policyholders who bear the investmen 22 1 risk and on investments relating to the administrationof pension funds (item II 3) 23 Details of investment charges (items II.9 e III.5) 1 Investment charges and unrealised losses relating to investments for the benefitof policyholders who 24 bear the investment risk and relating to the administrationof pension funds (item II.10) 1 25 Summary layout of technical account by branch - Non-life business -Italian portfolio 1 26 Summary layout of technical accounts of non-life business - Italian portfolio 1 27 Life insurance - Summary layout of technical accounts by branch 1 28 Summary layout of technical accounts of life business - Italian portfolio 1 29 Summary layout of technical accounts of non-life and life business - Foreign portfolio 1 30 Layout of the links with Group companies and companies where a significant interest is held 1 31 Summary layout of direct business premiums written 1 32 Layout of costs with regard to staff, administrators and auditors 1

* Indicate the number of attachments actually filled in Indicate 0 if the attachment, even if due, has not been filled in because all items are null Indicate n d when the company is not obliged to fill in the attachment

195 Notes on the accounts - Attachment 1 Company Assicurazioni Generali S.p.A.

BALANCE SHEET - NON LIFE BUSINESS ASSETS Current year

A. SUBSCRIBED CAPITAL UNPAID 1 0

of which called-up capital 2 0

B. INTANGIBLE ASSETS

1. Acquisition commissions to be amortised 4 0

2. Other acquisition costs 6 0

3. Formation and development expenses 7 0

4. Goodwill 8 0

5. Other intangible assets 9 115,688 10 115,688

C. INVESTMENTS

I Land and Buildings

1. Property used for own activities 11 308,454

2. Property used by third parties 12 1,119,849

3. Other properties 13 0

4. Other realty rights 14 0

5. Assets in progress and payments on account 15 17,849 16 1,446,152

II Investments in affiliated companies and other shareholdings

1. Interests in

a) parent companies 17 0

b) affiliated companies 18 14,789,856

c) affiliates of parent companies 19 0

d) associated companies 20 197,517

e) other 21 283,850 22 15,271,223

2. Debt securities issued by

a) parent companies 23 0

b) affiliated companies 24 0

c) affiliates of parent companies 25 0

d) associated companies 26 0

e) other 27 37,368 28 37,368

3. Loans to

a) parent companies 29 0

b) affiliated companies 30 0

c) affiliates of parent companies 31 0

d) associated companies 32 309

e) other 33 0 34 309 35 15,308,900

carried forward 115,688

196 Year 2010

Pag. 1

Previous year

181 0

182 0

184 0

186 0

187 0

188 2,538

189 132,003 190 134,541

191 323,515

192 1,077,092

193 0

194 0

195 57,266 196 1,457,873

197 0

198 14,655,312

199 0

200 77,707

201 472,991 202 15,206,010

203 0

204 0

205 0

206 0

207 48,957 208 48,957

209 0

210 0

211 0

212 309

213 0 214 309 215 15,255,276

carried forward 134,541

197 BALANCE SHEET - NON LIFE BUSINESS ASSETS Current year brought forward 115,688

C. INVESTMENTS (follows)

III Other financial investments 1. Equities

a) quoted shares 36 233,054

b) unquoted shares 37 44,950

c) other interests 38 193,798 39 471,802

2. Shares in common investment funds 40 353,034 3. Debt securities and other fixed-income securities

a) quoted 41 1,369,434

b) unquoted 42 92,776

c) convertible bonds 43 38,430 44 1,500,640 4. Loans

a) mortgage loans 45 3,640

b) loans on policies 46 0

c) other loans 47 6,473 48 10,113

5. Participation in investment pools 49 0

6. Deposits with credit institutions 50 37,022

7. Other 51 30,790 52 2,403,401

IV Deposits with ceding companies 53 74,393 54 19,232,846

D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS

I NON-LIFE INSURANCE BUSINESS

1. Provision for unearned premiums 58 254,883

2. Provision for claims outstanding 59 1,103,992

3. Provision for profit sharing and premium refunds 60 0

4. Other technical provisions 61 0 62 1,358,875

carried forward 20,707,409

198 Pag. 2

Previous year brought forward 134,541

216 251,569

217 44,929

218 195,537 219 492,035

220 401,927

221 1,224,912

222 102,243

223 30,309 224 1,357,464

225 4,645

226 0

227 4,715 228 9,360

229 0

230 72,708

231 0 232 2,333,494

233 73,342 234 19,119,985

238 270,672

239 1,050,367

240 0

241 0 242 1,321,039

carried forward 20,575,565

199 BALANCE SHEET - NON LIFE BUSINESS ASSETS Current year brought forward 20,707,409

E. DEBTORS

I Debtors arising out of direct insurance operations 1. Policyholders

a) for premiums - current year 71 631,007

b) for premiums - previous years 72 64,200 73 695,207

2. Insurance intermediaries 74 127,271

3. Current accounts with insurance companies 75 74,389

4. Policyholders and third parties for recoveries 76 174,202 77 1,071,069

II Debtors arising out of reinsurance operations

1. Reinsurance companies 78 274,322

2. Reinsurance intermediaries 79 10,492 80 284,814

III - Other debtors 81 1,282,134 82 2,638,017

F. OTHER ASSETS

I - Tangible assets and stocks

1. Furniture, office equipment, internal transport vehicles 83 3,025

2. Vehicles listed in public registers 84 0

3. Equipment and appliances 85 0

4. Stocks and other goods 86 287 87 3,312

II - Cash at bank and in hand

1. Bank and postal deposits 88 689,488

2. Cheques and cash in hand 89 4,923 90 694,411

III - Own shares 91 2,710

IV - Other

1. Deferred reinsurance items 92 2,870

2. Miscellaneous assets 93 124,743 94 127,613 95 828,046

of which Account linking to life business 901 5,496

G. PREPAYMENTS AND ACCRUED INCOME

1. Interests 96 22,595

2. Rents 97 1,125

3. Other prepayments and accrued income 98 80,495 99 104,215

TOTAL ASSETS 100 24,277,687

200 Pag. 3

Previous year brought forward 20,575,565

251 628,699

252 75,206 253 703,905

254 131,075

255 79,168

256 169,211 257 1,083,359

258 287,544

259 23,002 260 310,546

261 1,107,802 262 2,501,707

263 2,747

264 0

265 0

266 286 267 3,033

268 875,758

269 5,457 270 881,215

271 2,730

272 39,875

273 151,969 274 191,844 275 1,078,822

903 0

276 18,249

277 1,538

278 86,442 279 106,229

280 24,262,323

201 BALANCE SHEET - NON LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year

A. SHAREHOLDERS' FUNDS

I - Subscribed capital or equivalent funds 101 467,062

II - Share premium account 102 1,070,475

III - Revaluation reserve 103 1,084,006

IV - Legal reserve 104 93,412

V - Statutory reserve 105 0

VI - Reserve for own shares 106 2,710

VII - Other reserve 107 4,133,347

VIII - Profit or loss brought forward 108 0

IX - Profit or loss for the financial year 109 90,384 110 6,941,396

B. SUBORDINATED LIABILITIES 111 3,095,973

C. TECHNICAL PROVISIONS

I - NON-LIFE INSURANCE BUSINESS

1. Provision for unearned premiums 112 1,629,525

2. Provision for claims outstanding 113 6,669,161

3. Provision for profit sharing and premium refunds 114 8,900

4. Other provisions 115 5,532

5. Equalisation provision 116 11,017 117 8,324,135

carried forward 18,361,504

202 Pag. 4

Previous year

281 467,059

282 1,070,429

283 1,084,006

284 86,791

285 0

286 2,730

287 3,078,204

288 0

289 -63,055 290 5,726,164

291 3,081,445

292 1,574,934

293 6,745,385

294 24,600

295 5,627

296 9,738 297 8,360,284

carried forward 17,167,893

203 BALANCE SHEET - NON LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 18,361,504

E. PROVISIONS FOR OTHER RISKS AND CHARGES

1. Provision for pensions and similar obligations 128 3,600

2. Provisions for taxation 129 3,340

3. Other provisions 130 203,664 131 210,604

F. DEPOSITS RECEIVED FROM REINSURERS 132 14,084

G. CREDITORS

I - Creditors arising out of direct insurance operations

1. Insurance intermediaries 133 45,059

2. Current accounts with insurance companies 134 22,052

3. Premium deposits and premiums due to policyholders 135 31,114

4. Guarantee funds in favour of policyholders 136 247 137 98,472

II - Creditors arising out of reinsurance operations

1. Reinsurance companies 138 187,481

2. Reinsurance intermediaries 139 11,990 140 199,471

III - Debenture loans 141 750,000

IV - Amounts owed to credit institutions 142 3,670

V - Loans guaranteed by mortgages 143 0

VI - Other financial liabilities 144 3,667,052

VII - Provisions for severance pay 145 9,954

VIII - Other creditors

1. Premium taxes 146 57,003

2. Other tax liabilities 147 34,136

3. Social security 148 11,739

4. Sundry creditors 149 323,071 150 425,949

IX - AOther liabilities

1. Deferred reinsurance items 151 3,319

2. Commissions for premiums in course of collection 152 94,564

3. Miscellaneous liabilities 153 175,878 154 273,761 155 5,428,329

of which Account linking to life business 902 0

carried forward 24,014,521

204 Pag. 5

Previous year brought forward 17,167,893

308 3,600

309 0

310 100,685 311 104,285

312 13,558

313 33,896

314 31,061

315 44,200

316 33 317 109,190

318 186,358

319 41,833 320 228,191

321 1,750,000

322 1,959

323 0

324 3,908,370

325 10,862

326 57,829

327 14,262

328 10,306

329 298,024 330 380,421

331 33,975

332 92,364

333 173,084 334 299,423 335 6,688,416

904 1,785

carried forward 23,974,152

205 BALANCE SHEET - NON LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 24,014,521

H. ACCRUALS AND DEFERRED INCOME

1. Interests 156 189,255

2. Rents 157 65

3. Other accruals and defferred income 158 73,846 159 263,166

TOTALTOTAL ASSETS 160 24,277,687

BALANCE SHEET - NON LIFE BUSINESS GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS

Current year

GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS

I - Guarantees issued

1. Fidejussions 161 2,100,072

2. Endorsements 162 0

3. Other personal guarantees 163 0

4. Guarantees secured by mortgages 164 0

II - Guarantees received

1. Fidejussions 165 3,874

2. Endorsements 166 0

3. Other personal guarantees 167 0

4. Guarantees secured by mortgages 168 0

III - Guarantees issued by third parties in the interest of the Company 169 0

IV - Commitments 170 1,930,984

V - Assets deposited with the Company 171 9,998

VII - Securities deposited with third parties 173 5,132,326

VIII - Other evidence accounts 174 140,355

206 Pag. 6

Previous year brought forward 23,974,152

336 214,339

337 36

338 73,796 339 288,171

340 24,262,323

Previous year

341 2,071,447

342 0

343 0

344 0

345 3,688

346 0

347 0

348 0

349 0

350 2,607,905

351 12,378

353 3,561,653

354 107,308

207 Notes on the accounts - Attachment 2 Company Assicurazioni Generali S.p.A.

BALANCE SHEET - LIFE BUSINESS ASSETS Current year

A. SUBSCRIBED CAPITAL UNPAID 1 0

of which called-up capital 2 0

B. INTANGIBLE ASSETS

1. Acquisition commissions to be amortised 3 0

2. Other acquisition costs 6 0

3. Formation and development expenses 7 0

4. Goodwill 8 0

5. Other intangible assets 9 22,863 10 22,863

C. INVESTMENTS

I Land and Buildings

1. Property used for own activities 11 0

2. Property used by third parties 12 0

3. Other properties 13 0

4. Other realty rights 14 0

5. Assets in progress and payments on account 15 0 16 0

II Investments in affiliated companies and other shareholdings

1. Interests in

a) parent companies 17 0

b) affiliated companies 18 12,893,287

c) affiliates of parent companies 19 0

d) associated companies 20 121,627

e) other 21 1,008,918 22 14,023,832

2. Debt securities issued by

a) parent companies 23 0

b) affiliated companies 24 51,606

c) affiliates of parent companies 25 0

d) associated companies 26 0

e) other 27 489,045 28 540,651

3. Loans to

a) parent companies 29 0

b) affiliated companies 30 0

c) affiliates of parent companies 31 0

d) associated companies 32 0

e) other 33 0 34 0 35 14,564,483

carried forward 22,863

208 Year 2010

Pag. 1

Previous year

181 0

182 0

183 0

186 0

187 0

188 0

189 22,749 190 22,749

191 0

192 0

193 0

194 0

195 0 196 0

197 0

198 11,781,276

199 0

200 107,147

201 885,484 202 12,773,907

203 0

204 35,551

205 0

206 0

207 343,113 208 378,664

209 0

210 0

211 0

212 0

213 0 214 0 215 13,152,571

carried forward 22,749

209 BALANCE SHEET - LIFE BUSINESS ASSETS Current year brought forward 22,863

C. INVESTMENTS (brought forward)

III Other financial investments 1. Equities

a) quoted shares 36 1,026,039

b) unquoted shares 37 13,287

c) other interests 38 40,318 39 1,079,644

2. Shares in common investment funds 40 1,636,741 3. Debt securities and other fixed-income securities

a) quoted 41 17,391,293

b) unquoted 42 451,472

c) convertible bonds 43 358,738 44 18,201,503 4. Loans

a) mortgage loans 45 0

b) loans on policies 46 180,579

c) other loans 47 338 48 180,917

5. Participation in investment pools 49 0

6. Deposits with credit institutions 50 125,513

7. Other 51 577,975 52 21,802,293

IV - Deposits with ceding companies 53 8,905,613 54 45,272,389

D. PROVISIONS FOR POLICIES WHERE THE INVESTMENT RISK IS BORNE BY THE POLICYHOLDER AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS

I - Provisions relating to contracts linked to investments funds and market index 55 675,223

II - Provisions relating to the administration of pension funds 56 469,745 57 1,144,968

D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS

II - LIFE INSURANCE BUSINESS

1. Mathematical provision 63 89,759

2. Unearned premium provision for supplementary coverage 64 1,928

3. Provision for claims outstanding 65 130,294

4. Provision for profit sharing and premium refunds 66 52

5. Other provisions 67 0 6. Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 68 0 69 222,033

carried forward 46,662,253

210 Pag. 2

Previous year brought forward 22,749

216 1,451,304

217 13,312

218 38,009 219 1,502,625

220 1,536,119

221 16,626,029

222 581,628

223 360,252 224 17,567,909

225 0

226 228,248

227 231 228 228,479

229 0

230 33,543

231 1,161,009 232 22,029,684

233 9,285,942 234 44,468,197

235 693,180

236 360,617 237 1,053,797

243 89,484

244 2,872

245 112,769

246 553

247 0

248 0 249 205,678

carried forward 45,750,421

211 BALANCE SHEET - LIFE BUSINESS ASSETS Current year brought forward 46,662,253

E. DEBTORS

I Debtors arising out of direct insurance operations 1. Policyholders

a) for premiums - current year 71 227,498

b) for premiums - previous years 72 55,092 73 282,590

2. Insurance intermediaries 74 22,221

3. Current accounts with insurance companies 75 19,823

4. Policyholders and third parties for recoveries 76 0 77 324,634

II Debtors arising out of reinsurance operations

1. Reinsurance companies 78 323,040

2. Reinsurance intermediaries 79 631 80 323,671

III - Other debtors 81 384,294 82 1,032,599

F. OTHER ASSETS

I - Tangible assets and stocks

1. Furniture, office equipment, internal transport vehicles 83 0

2. Vehicles listed in public registers 84 0

3. Equipment and appliances 85 0

4. Stocks and other goods 86 0 87 0

II - Cash at bank and in hand

1. Bank and postal deposits 88 248,004

2. Cheques and cash in hand 89 6,611 90 254,615

III - Own shares 91 113,750

IV - Other

1. Deferred reinsurance items 92 2,596

2. Miscellaneous assets 93 30,631 94 33,227 95 401,592

of which Account linking to non-life business 901 0

G. PREPAYMENTS AND ACCRUED INCOME

1. Interests 96 348,169

2. Rents 97 158

3. Other prepayments and accrued income 98 122,696 99 471,023

TOTALE ATTIVO 100 48,567,467

212 Pag. 3

Previous year brought forward 45,750,421

251 224,207

252 52,567 253 276,774

254 18,400

255 17,040

256 0 257 312,214

258 332,087

259 1,081 260 333,168

261 297,728 262 943,110

263 6

264 0

265 0

266 0 267 6

268 509,689

269 6,775 270 516,464

271 113,851

272 8,849

273 89,932 274 98,781 275 729,102

903 1,785

276 346,530

277 22

278 161,935 279 508,487

280 47,931,120

213 BALANCE SHEET - LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year

A. SHAREHOLDERS' FUNDS

I - Subscribed capital or equivalent funds 101 1,089,811

II - Share premium account 102 2,497,775

III - Revaluation reserve 103 926,828

IV - Legal reserve 104 217,961

V - Statutory reserve 105 0

VI - Reserve for own shares 106 113,750

VII - Other reserve 107 2,627,661

VIII - Profit or loss brought forward 108 0

IX - Profit or loss for the financial year 109 543,407 110 8,017,193

B. SUBORDINATED LIABILITIES 111 1,730,335

D.bis REINSURANCE AMOUNTS OF TECHNICAL PROVISIONS

II - LIFE INSURANCE BUSINESS

1. Mathematical provision 118 31,890,319

2. Unearned premium provision for supplementary coverage 119 15,580

3. Provision for claims outstanding 120 915,343

4. Provision for profit sharing and premium refunds 121 65,160

5. Other provisions 122 92,500 123 32,978,902

II - Provisions relating to the administration of pension funds 126 469,745 127 1,141,121

carried forward 43,867,551

214 Pag. 4

Previous year

281 1,089,805

282 2,497,668

283 926,828

284 202,511

285 0

286 113,851

287 2,627,560

288 0

289 618,738 290 8,076,961

291 1,695,467

298 31,140,253

299 14,916

300 793,194

301 69,052

302 99,697 303 32,117,112

305 690,165

306 360,617 307 1,050,782

carried forward 42,940,322

215 BALANCE SHEET - LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 43,867,551

E. PROVISIONS FOR OTHER RISKS AND CHARGES

1. Provision for pensions and similar obligations 128 0

2. Provisions for taxation 129 0

3. Other provisions 130 618 131 618

F. DEPOSITS RECEIVED FROM REINSURERS 132 173,126

G. CREDITORS

I - Creditors arising out of direct insurance operations

1. Insurance intermediaries 133 5

2. Current accounts with insurance companies 134 16,270

3. Premium deposits and premiums due to policyholders 135 65,562

4. Guarantee funds in favour of policyholders 136 2,500 137 84,337

II - Creditors arising out of reinsurance operations

1. Reinsurance companies 138 102,297

2. Reinsurance intermediaries 139 5,231 140 107,528

III - Debenture loans 141 2,310,000

IV - Amounts owed to credit institutions 142 13,040

V - Loans guaranteed by mortgages 143 0

VI - Other financial liabilities 144 1,203,778

VII - Provisions for severance pay 145 13,229

VIII - Other creditors

1. Premium taxes 146 1,861

2. Other tax liabilities 147 162,459

3. Social security 148 1,255

4. Sundry creditors 149 62,705 150 228,280

IX - AOther liabilities

1. Deferred reinsurance items 151 2,090

2. Commissions for premiums in course of collection 152 6,234

3. Miscellaneous liabilities 153 342,484 154 350,808 155 4,311,000

of which Account linking to non-life business 902 5,496

carried forward 48,352,295

216 Pag. 5

Previous year brought forward 42,940,322

308 0

309 0

310 602 311 602

312 157,337

313 4

314 9,287

315 48,105

316 685 317 58,081

318 31,931

319 2,804 320 34,735

321 2,500,000

322 12,143

323 0

324 1,201,493

325 13,169

326 2,227

327 75,940

328 377

329 209,775 330 288,319

331 9,545

332 6,323

333 451,871 334 467,739 335 4,575,679

904 0

carried forward 47,673,940

217 BALANCE SHEET - LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS Current year brought forward 48,352,295

H. ACCRUALS AND DEFERRED INCOME

1. Interests 156 135,808

2. Rents 157 0

3. Other accruals and defferred income 158 79,364 159 215,172

TOTALE PASSIVO E PATRIMONIO NETTO 160 48,567,467

BALANCE SHEET - LIFE BUSINESS LIABILITIES AND SHAREHOLDERS' FUNDS

Current year

GUARANTEES, COMMITMENTS AND OTHER EVIDENCE ACCOUNTS

I - Guarantees issued

1. Fidejussions 161 3,317,524

2. Endorsements 162 0

3. Other personal guarantees 163 0

4. Guarantees secured by mortgages 164 913

II - Guarantees received

1. Fidejussions 165 0

2. Endorsements 166 0

3. Other personal guarantees 167 0

4. Guarantees secured by mortgages 168 0

III - Guarantees issued by third parties in the interest of the Company 169 0

IV - Commitments 170 3,510,518

V - Assets deposited with the Company 171 0

VI - Assets relating to pension funds managed in the name and on account of third parties 172 804,422

VII - Securities deposited with third parties 173 23,471,513

VIII - Other evidence accounts 174 1,310,264

218 Pag. 6

Previous year brought forward 47,673,940

336 138,450

337 0

338 118,730 339 257,180

340 47,931,120

Previous year

341 3,317,524

342 0

343 0

344 0

345 0

346 0

347 0

348 0

349 0

350 13,524,856

351 0

352 1,131,414

353 21,772,268

354 3,623,558

219

Notes to the accounts - Attachment 3

Company Assicurazioni Generali S.p.A. Year 2010

Breakdown of non-life and life result

Non-life business Life business Total

Technical result ……………………….………………………………… 1 216,373 21 351,742 41 568,115

Investment income ……………………………………………………… + 2 821,413 42 821,413 Investment charges ………...……………………….…………………… - 3 169,428 43 169,428 Allocated investment return transferred from

the life technical account …………………...………………………… + 24 415,970 44 415,970 Allocated investment return transferred to the non-life technical account ………………………………… - 5 277,954 45 277,954

Interim result ………………………………………….………………… 6 590,404 26 767,712 46 1,358,116

Other income ……………………………………………………………… + 7 190,011 27 224,118 47 414,129 Other charges ……………………………………………………………… - 8 924,968 28 452,867 48 1,377,835

Extraordinary income …………………………………………………… + 9 187,894 29 160,175 49 348,069 Extraordinary charges ……………………………………………………- 10 62,464 30 93,779 50 156,243

Result before taxation ……………………..………………………… 11 -19,123 31 605,359 51 586,236 Income taxes for the year……………………………………..….…… - 12 -109,506 32 61,952 52 -47,554

Profit (loss) for the year …………………………………………… 13 90,383 33 543,407 53 633,790

221 Notes on the accounts - Attachment 4

Company Assicurazioni Generali S.p.A. Year 2010

Assets - Changes in intangible assets (item B) and changes in land and buildings (Item C1)

Intangible assets Land and Buildings B C.I

Gross original cost + 1 437,409 31 1,502,126

Increases for the year + 2 49,483 32 21,214

due to: acquisitions or increases 3 49,483 33 19,120

readjustments 4 0 34 0

revaluations 5 0 35 0

other variations 6 0 36 2,094 Decreases for the year - 7 0 37 34,480

due to: sales or decreases 8 0 38 33,913

permanent devaluations 9 0 39 0

other changes (**) 10 0 40 567

Gross final goodwill (a) 11 486,892 41 1,488,860

Amortisation:

Initial goodwill + 12 280,119 42 44,253

Increases for the year + 13 68,223 43 57

for: amortisation quota for the year 14 68,223 44 0

other changes 15 0 45 57

Decreases for the year - 16 0 46 1,602

for: reductions from sales 17 0 47 1,602

other changes 18 0 48 0

Amortised final goodwill (b) (*) 19 348,342 49 42,708

Book value (a - b) 20 138,550 50 1,446,152

Current value 51 1,488,291

Total revaluations 22 0 52 1,065,415

Total devaluations 23 0 53 0

222 Notes to the accounts - Attachment 5

Company Assicurazioni Generali S.p.A. Year 2010

Assets- Variations in the year of investments in affiliated companies and other shareholdings: equities (item C.II.1), debt securities (item C.II.2) and loans (item C.II.3)

Equities Debt securities Loans C.II.1 C.II.2 C.II.3

Gross initial goodwill + 1 27,979,918 21 427,621 41 309

Increases for the year + 2 3,239,048 22 596,444 42 0

for: acquisitions, subscriptions, payments 3 337,518 23 266,036 43 0

readjustment of value 4 44,525 24 714 44 0

revaluations 5 1,064,985

other variations 6 1,792,020 26 329,694 46 0

Decreases for the year - 7 1,923,912 27 446,047 47 0

for: sales and redemptions 8 122,533 28 122,265 48 0

devaluations 9 8,372 29 2,662 49 0

other variations 10 1,793,007 30 321,120 50 0

Book value 11 29,295,054 31 578,018 51 309

Current value 12 31,101,127 32 573,703 52 309

Total revaluations 13 10,654

Total devaluations 14 664,917 34 3,358 54 0

The item C.II.2 includes:

Quoted debt securities 61 503,329

Unquoted debt securities 62 74,689

Book value 63 578,018

of which convertible debt securities 64 0

223 Company Assicurazioni Generali S.p.A.

Assets - Information regarding associated companies (*)

N Type Quoted or Activity Company name and registration place Currency ord unquoted (**) (1) (2) (3)

1 b NQ 9 A.G. Insurance Managers Ltd ST. PETER PORT Generali House, P.O.Box 613, Hirzel Stree GBP 2 b NQ 1 Alleanza Toro S.p.A. TORINO Via Mazzini, 53 - ITALIA EUR 3 b NQ 4 Allgemeine Immobilien-Verw. VIENNA Rotenturmstrasse 16-18 - AUSTRIA EUR 4 b NQ 1 Aseguradora General S.A. GUATEMALA 10a. Calle 3-17, Zona 10 - GUATEMALA GTQ 5 b NQ 4 Assitimm S.r.l. TRIESTE Via Machiavelli, 4 - ITALIA EUR 6 b Q 3 Banca Generali S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 7 b NQ 2 BSI-Generali Asia Ltd WANCHAI 28/F BEA Harbour Vieuw Centre, 56 Glouchester Road HKD 8 b NQ 2 Caja de Ahorro y Seguro S.A. BUENOS AIRES Fitz Roy 957 - ARGENTINA ARS 9 b NQ 9 CESTAR S.c.r.l. PERO Via Pisacane, 48 - ITALIA EUR 10 b NQ 2 Daqdill Investments Limited NAVAN - CO. MEATH Navan Business Park, Athlumney - IR EUR 11 b NQ 9 Donatello Intermediazione Srl ROMA Via Giosué Carducci, 4 - ITALIA EUR 12 b NQ 8 Enofila S.r.l. TRIESTE Via Machiavelli, 4 - ITALIA EUR 13 b NQ 1 Europ Assistance Italia S.p.A. MILANO Piazza Trento, 8 - ITALIA EUR 14 b NQ 1 Fata Assicurazioni Danni SpA ROMA Via Urbana 169/A - ITALIA EUR 15 b NQ 1 Fata Vita S.p.A. ROMA Via Urbana 169/A - ITALIA EUR 16 b NQ 2 Finagen S.p.A. MOGLIANO VENETO Via Ferretto, 1 - ITALIA EUR 17 b NQ 2 Flandria Participations Fin. BRUXELLES Avenue Louise 149, boîte 1 - BELGIO EUR 18 b NQ 9 G.G.I. S.p.A. TRIESTE Piazza Duca degli Abruzzi, 1 - ITALIA EUR 19 b NQ 9 G.I.B.S. s.c.a.r.l. MOGLIANO VENETO Via Marocchesa, 14 - ITALIA EUR 20 b NQ 9 GBS S.c.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 21 b NQ 2 Gen Inv S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 22 b NQ 8 Genagricola S.p.A. TRIESTE Piazza Duca degli Abruzzi, 1 - ITALIA EUR 23 b NQ 9 Genamerica Management Corp. NEW YORK 7 WTC, 250 Greenwich Street, 33rd Fl - STA USD 24 b NQ 2 Generali (Schweiz) Holding AG ADLISWIL Soodmattenstrasse, 10 - SVIZZERA CHF 25 b NQ 1 Generali Argentina S.A. BUENOS AIRES Calle Reconquista, 458 3 Piso - ARGENTINA ARS 26 b NQ 2 Generali Beteiligungs-GmbH AQUISGRANA Maria Theresia Allee 38 - GERMANIA EUR 27 b NQ 1 Generali Brasil Seguros S.A. RIO DE JANEIRO Avenida Rio Branco 128 - BRASILE BRL 28 b NQ 2 Generali Capital Finance B.V. AMSTERDAM Diemerhof 42 - OLANDA EUR 29 b NQ 1 Generali China Life Insurance PECHINO B-12 Jianguomenwai Avenue, Chaoyang District CNY 30 b NQ 1 Generali Colombia S.A. BOGOTA' Carrera 7a. No. 72-13, Piso 8 - COLOMBIA COP 31 b NQ 1 Generali Colombia Vida S.A. BOGOTA' Carrera 10a 28/49 - COLOMBIA COP 32 b NQ 9 Generali Consulting Solutions WILMINGTON 1209 Orange Street - STATI UNITI D'AME USD 33 b NQ 1 Generali Ecuador S.A. GUAYAQUIL WTC Torre B Piso 15, Avenida Francisco de Arellana USD 34 b NQ 2 Generali España Holding S.A. MADRID Calle Orense 2 - SPAGNA EUR 35 b NQ 2 Generali European Retail IH SA LUSSEMBURGO 5, Allée Scheffer - LUSSEMBURGO EUR 36 b NQ 2 Generali Factoring S.p.A. MOGLIANO VENETO Via Marocchesa, 14 - ITALIA EUR 37 b NQ 2 Generali Finance B.V. AMSTERDAM Diemerhof 42 - OLANDA EUR 38 b NQ 2 Generali Financial Asia Ltd HONG KONG 35th Fl.Shell Tower Times Square, 1 matheson HKD 39 b NQ 2 Generali France S.A. PARIGI 7/9, Boulevard Haussmann - FRANCIA EUR 40 b NQ 1 Generali Hellas A.E.A.Z. ATENE 35-37 Ilia Iliou Street & Pytheou - GRECIA EUR 41 b NQ 2 Generali Horizon S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 42 b NQ 2 Generali Immobiliare Ass. Man. LUSSEMBURGO 5, allée Scheffer - LUSSEMBURGO EUR 43 b NQ 1 Generali Life A.E. ATENE 35-37 Ilia Iliou Street & Pytheou - GRECIA EUR 44 b NQ 1 Generali PanEurope Limited DUBLINO Navan Business Park, Athlumney, Navan, Co. Mea EUR 45 b NQ 2 Generali PPF Holding B.V. AMSTERDAM Strawinskylaan 933 - OLANDA EUR 46 b NQ 4 Generali Properties S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR

224 Notes to the accounts - Attachment 6

Year 2010

Last year Paid up capital Share owned (5) Equity Gain or Loss Amount Number of (***) (***) Direct Indirect Total (4) shares (4) (4) %%%

10,000 10,000 575,609 51,881 99.94 0.00 99.94 300,000,000 300,000,000 3,133,273,156 350,654,359 100.00 0.00 100.00 145,346 200 2,222,247 213,699 37.50 62.50 100.00 72,000,000 720,000 130,815,403 23,185,977 51.00 0.00 51.00 10,000 10,000 45,130,057 -237,116 1.00 99.00 100.00 111,362,750 111,362,750 231,661,076 106,931,975 47.31 18.18 65.49 10,000,000 10,000,000 16,582,784 13,039,470 50.00 50.00 100.00 143,575,000 1,435,750 445,159,007 -8,590,690 62.50 27.50 90.00 3,100,000 6,078,431 3,210,121 0 98.00 2.00 100.00 30,000,000 30,000,000 7,663,463 -68,701 100.00 0.00 100.00 59,060 59,060 59,060 -591,899 10.87 89.13 100.00 2,972,000 2,972,000 2,612,937 -99,111 100.00 0.00 100.00 12,000,000 2,000,000 51,153,752 6,667,610 26.05 61.03 87.08 5,202,079 5,202,079 98,642,846 9,988,453 99.96 0.00 99.96 7,095,575 7,095,575 63,560,995 3,441,481 99.98 0.00 99.98 6,700,000 1,340,000 6,050,800 -959,419 0.10 99.90 100.00 53,158,425 2,126,337 1,703,224,198 4,606,029 93.51 6.49 100.00 780,000 1,500,000 14,362,988 3,335,466 100.00 0.00 100.00 27,000 27,000 88,136 44,448 66.67 33.33 100.00 8,010,000 8,010,000 39,379,803 241,274 96.82 3.18 100.00 39,000,000 39,000,000 160,752,423 14,442,281 40.00 60.00 100.00 176,850,000 176,850,000 232,340,111 289,396 100.00 0.00 100.00 50,000 50 20,396 14,638 100.00 0.00 100.00 3,053,500 6,107 552,080,808 76,390,664 58.95 41.05 100.00 32,000,000 32,000,000 35,909,861 -902,321 100.00 0.00 100.00 1,005,000 1,005,000 2,951,868,905 49,293,717 100.00 0.00 100.00 169,339,167 1,441,808,806 60,080,262 -25,176,258 74.37 25.62 99.99 10,000,000 100,000 9,017,383 131,526 25.00 75.00 100.00 1,900,000,000 2 2,356,423,850 68,388,014 50.00 0.00 50.00 14,699,945,400 6,999,974 50,559,282,770 -8,973,664,690 81.83 4.44 86.27 4,199,989,500 1,999,995 20,300,015,660 -1,213,131,510 15.38 84.44 99.82 156,420 156,420 -2,013 -35,483 100.00 0.00 100.00 2,130,000 2,130,000 9,675,766 1,792,124 51.74 0.00 51.74 563,490,658 93,758,845 598,391,768 147,039,405 100.00 0.00 100.00 31,050 31,050 1,229,716 -101,182 24.42 75.58 100.00 3,000,000 600,000 2,924,639 -177,679 100.00 0.00 100.00 100,000,000 1,000,000 242,681,804 10,897,449 100.00 0.00 100.00 63,919,600 63,919,600 67,433,828 -165,172 100.00 0.00 100.00 114,127,887 496,208,204 1,842,169,136 103,179,665 67.15 32.63 99.78 34,506,795 1,175,700 36,465,337 852,761 100.00 0.00 100.00 15,520,000 3,104,000 15,495,946 -456,233 100.00 0.00 100.00 250,000 250,000 1,308,813 1,136,380 100.00 0.00 100.00 0 0 0 0 0.00 0.00 0.00 42,134,869 42,000,000 55,923,501 4,046,411 55.77 44.23 100.00 100,000 100,000 5,486,835,372 463,790,472 51.00 0.00 51.00 268,265,145 53,653,029 1,597,763,576 130,594,379 100.00 0.00 100.00

225 N Type Quoted or Activity Company name and registration place Currency ord unquoted (**) (1) (2) (3)

47 b NQ 4 Generali Realties Ltd TEL AVIV 2, Hagdud Haivri Str. - ISRAELE ILS 48 b NQ 1 Generali Rückversicherung AG VIENNA Landskrongasse 1-3 - AUSTRIA EUR 49 b NQ 2 Generali U.S. Holdings Inc. WILMINGTON 1209 Orange Street - STATI UNITI D'AMERI USD 50 b NQ 2 Generali Verzekeringsgroep NV AMSTERDAM Diemerhof 42 - OLANDA EUR 51 b NQ 1 Generali Vida de Seguros S.A. LISBONA Av. Duque d'Avila, 114 - PORTOGALLO EUR 52 b NQ 1 Generali Worldwide Insurance ST. PETER PORT Generali House, P.O.Box 613, Hirzel Stre EUR 53 b NQ 1 Genertel S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 54 b NQ 1 Genertellife S.p.A. MOGLIANO VENETO Via Ferretto, 1 - ITALIA EUR 55 b NQ 2 Genervest S.A. BRUXELLES 149, Avenue Louise - BELGIO EUR 56 b NQ 4 GLL GmbH&Co. Messeturm Hold KG MONACO Lindwurmstrasse 76 - GERMANIA EUR 57 b NQ 4 Immob.Comm. Indes Orientales PARIGI 147, boulevard Haussmann - FRANCIA EUR 58 b NQ 1 Ina Assitalia S.p.A. ROMA Via Leonida Bissolati, 23 - ITALIA EUR 59 b NQ 2 Lion River I N.V. AMSTERDAM Diemerhof 42 - OLANDA EUR 60 b Q 2 Migdal Insurance&Fin. Holding TEL AVIV 3 Hayetsira Street - Kiryat Arie - Petach Tikva ILS 61 b NQ 2 Part. Maat. Graafschap Holland AMSTERDAM Diemerhof 42 - OLANDA EUR 62 b NQ 2 Redoze Holding N.V. AMSTERDAM Diemerhof 42 - OLANDA EUR 63 b NQ 9 Risparmio Assicurazioni S.p.A. TRIESTE Via Machiavelli, 4 - ITALIA EUR 64 b NQ 2 SIMGENIA S.p.A. SIM TRIESTE Via Machiavelli, 4 - ITALIA EUR 65 b NQ 2 Transocean Holding Corporation NEW YORK 7 World Trade Center 250 Greenwich Street USD 66 b NQ 4 UMS S.p.A. TRIESTE Piazza Duca degli Abruzzi, 2 - ITALIA EUR 67 d NQ 4 A7 S.r.l. MILANO Via Meravigli 2 - ITALIA EUR 68 d NQ 1 Assurances Maghrebia S.A. TUNISI Angle 54,Rue De Palestine 22,Rue Royaume D'Arabia TND 69 d NQ 1 Assurances Maghrebia Vie S.A. TUNISI Angle 54,Rue De Palestine 22,Rue Royaume D'Ara TND 70 d NQ 2 Beta S.r.l. VICENZA Strada Statale Padana verso Verona 6 - ITALIA EUR 71 d NQ 9 Ente Teatrale Italiano ROMA Via Giambattista Morgagni, 13 - ITALIA EUR 72 d NQ 1 Generali China Insurance PECHINO B-12 Jianguomenwai Avenue, Chaoyang District - CIN CNY 73 d NQ 4 GLL GmbH & Co. Retail KG MONACO Lindwurmstr. 76 - GERMANIA EUR 74 d NQ 2 Guotai Asset Management Co. SHANGAI 39F，World Financial Center，100 Century Aven CNY 75 d NQ 2 Intesa Previdenza SIM S.p.A. MILANO Via Ugo Bassi, 8/b - ITALIA EUR 76 d NQ 2 Investimenti Marittimi S.p.A. GENOVA via C. R. Ceccardi, 4/31 - ITALIA EUR 77 d NQ 2 NEIP II S.p.A. CONEGLIANO Via Vittorio Alfieri n. 01 - ITALIA EUR 78 d NQ 2 Nord Est Investment Partners LUSSEMBURGO 19-21 Boulevard du Prince henri - LUSSEM EUR 79 d NQ 9 Servizi Tecnologici Avanzati BOLOGNA Via Paolo Nanni Costa, 30 - ITALIA EUR 80 e Q 3 Bco Santander Central Hispano SANTANDER Paseo de Pereda, 9-12 - SPAGNA EUR 81 e Q 3 Commerzbank AG FRANCOFORTE Kaiserplatz - GERMANIA EUR 82 e NQ 2 Emittenti Titoli S.p.A. MILANO Via Santa Maria Segreta, 6 - ITALIA EUR 83 e NQ 2 Fin. Priv. S.r.l. MILANO Via Filodrammatici, 8 - ITALIA EUR 84 e NQ 2 Friulia S.p.A. TRIESTE Via Locchi n.19 - ITALIA EUR 85 e Q 2 Gemina S.p.A. MILANO Via della Posta, 8/10 - ITALIA EUR 86 e NQ 2 H2i S.p.A. ROMA Via Barberini 95 - ITALIA EUR 87 e Q 3 Intesa Sanpaolo S.p.A. TORINO Piazza San Carlo 156 - ITALIA EUR 88 e NQ 2 La Centrale Finanziaria Gen.le MILANO Via Borgonuovo, 16 - ITALIA EUR 89 e Q 3 Mediobanca S.p.A. MILANO Piazzetta Cuccia, 1 - ITALIA EUR 90 e NQ 9 Perils AG ZURIGO Marktgasse 3 - SVIZZERA CHF 91 e NQ 2 Perseo S.p.A. TORINO Via XX Settembre 31 - ITALIA EUR 92 e Q 2 Pirelli & C. S.p.A. MILANO Via Gaetano Negri, n. 10 - ITALIA EUR 93 e Q 4 Prelios S.p.A. MILANO Viale Piero e Alberto Pirelli, 25 - ITALIA EUR 94 e NQ 9 Protos S.O.A. - S.p.A. ROMA Via Lovanio, 6 - ITALIA EUR 95 e NQ 9 Protos S.p.A. ROMA Via Livenza, 3 - ITALIA EUR 96 e NQ 2 Schemaquattordici S.p.A. TREVISO Viale Fellisent n. 90 - ITALIA EUR 97 e NQ 2 Secontip S.p.A. MILANO Via Pontaccio 10 - ITALIA EUR 226 Last year Paid up capital Share owned (5) Equity Gain or Loss Amount Number of (***) (***) Direct Indirect Total (4) shares (4) (4) %%%

2 20,000 12,067,547 2,210,181 100.00 0.00 100.00 8,833,000 121,000 184,733,629 41,235,312 100.00 0.00 100.00 750,100 850 450,164,912 -12,004 100.00 0.00 100.00 5,545,103 13,433 240,971,806 5,787,909 0.00 98.56 98.56 9,000,000 36,000 15,099,630 2,234,138 99.99 0.00 99.99 86,733,396 86,733,396 779,077,064 45,364,601 0.00 100.00 100.00 23,000,000 4,600,000 99,418,089 31,092,219 100.00 0.00 100.00 145,200,000 29,040,000 502,011,676 56,752,390 100.00 0.00 100.00 0 0 0 0 0.00 0.00 0.00 141,927,127 141,927,127 119,859,585 -22,008,931 7.05 46.96 54.01 134,543,500 1,345,435 130,816,621 10,862,121 0.00 70.00 70.00 618,628,450 1,237,256,900 1,780,029,743 104,629,203 100.00 0.00 100.00 525,002 525,002 121,517,271 1,326,076 31.17 68.83 100.00 10,417,884 1,041,788,400 1,976,277,000 243,051,000 0.98 68.81 69.79 1,562,245,110 93,224,511 5,531,760,079 190,197,676 71.20 28.80 100.00 22,689,011 500,000 341,839,082 753,843 6.02 93.98 100.00 5,175,152 517,515,180 9,487,892 0 100.00 0.00 100.00 5,200,000 10,000,000 5,551,381 35,687 25.00 75.00 100.00 243,000,000 1,949,806 280,195,685 49,936,739 100.00 0.00 100.00 15,993,180 31,986,360 28,671,058 311,985 99.90 0.00 99.90 200,000 200,000 1,330,808 -450,000 20.50 19.60 40.10 10,000,000 1,000,000 31,761,517 6,167,496 44.17 0.00 44.17 5,000,000 500,000 7,373,789 841,828 44.17 0.00 44.17 2,022,000 2,022,000 2,022,000 0 49.46 0.00 49.46 0 0 0 0 0.00 0.00 0.00 500,000,000 2 307,099,041 -135,779,576 49.00 0.00 49.00 405,010,000 405,010,000 348,745,089 -4,136,949 29.63 19.75 49.38 110,000,000 110,000,000 585,004,969 220,286,023 30.00 0.00 30.00 15,300,000 30,600 19,553,708 1,494,381 21.47 0.00 21.47 103,000,000 10,300,000 103,332,198 -256,356 30.00 0.00 30.00 6,531,000 6,531,000 5,773,389 -150,632 47.93 0.00 47.93 100,996 100,996 534,351 -663,536 24.26 0.00 24.26 102,000 200,000 102,000 0 25.00 0.00 25.00 4,164,561,049 8,329,122,098 0 0 0.00 0.78 0.78 3,071,517,608 1,181,352,926 0 0 0.00 4.90 4.90 4,264,000 8,200,000 0 0 10.00 0.00 10.00 20,000 20,000 0 0 14.29 0.00 14.29 278,787,318 278,787,318 0 0 2.00 0.21 2.21 1,472,960,320 1,472,960,320 0 0 3.61 0.00 3.61 14,275,000 14,275,000 0 0 10.51 0.00 10.51 6,646,547,923 12,781,822,928 0 0 1.25 3.35 4.60 48,985,143 48,985,143 0 0 19.44 0.00 19.44 430,551,480 861,102,960 0 0 0.25 1.75 2.00 3,600,000 225 0 0 11.11 0.00 11.11 152,000,000 152,000 0 0 19.74 0.00 19.74 1,377,878,880 487,991,493 0 0 2.12 3.25 5.37 420,585,889 841,171,777 0 0 1.23 1.89 3.12 924,000 924,000 0 0 10.06 0.00 10.06 1,000,000 1,000,000 0 0 19.58 0.00 19.58 19,214,893 106,749,405 0 0 4.51 0.00 4.51 0 0 0 0 0.00 0.00 0.00 227 N Type Quoted or Activity Company name and registration place Currency ord unquoted (**) (1) (2) (3)

98 e NQ 2 Telco S.p.A. MILANO Via Filodrammatici, 3 - ITALIA EUR 99 e NQ 9 Trieste Adriatic Maritime Srl TRIESTE Via Cassa di Risparmio 10 - ITALIA EUR 100 e NQ 2 Venice European Investment SpA VICENZA Strada Statale Padana verso Verona, 6 - ITAL EUR 101 e NQ 2 Venice S.p.A. VICENZA Strada Statale Padana verso Verona, 6 - ITALIA EUR

(*) Group companies and other companies in which a direct partecipation, also through a trust company or a third party, must be listed.

(**)The number in order must be greater than “0”

(1) Type (3) Kind of activity carried out (4) Amounts in original currency a = Parent companies 1 = Insurance company b = Affiliated companies 2 = Financial company (5) To state the ultimate share owned c = Affiliates of parent companies 3 =Credit institution d = Associated companies 4 = Real Estate company e = Others 5 = Trust company 6 = Company managing and distributing common investment funds (2) To state Q for securitiesnegotiated in reserved 7 = Pool 8 = Manufacturing firm 9 = Other company or institution

228 Last year Paid up capital Share owned (5) Equity Gain or Loss Amount Number of (***) (***) Direct Indirect Total (4) shares (4) (4) %%%

4,442,155,933 1,776,862,373 0 0 12.98 17.60 30.58 1,000,000 10 0 0 10.00 0.00 10.00 8,750,000 8,750,000 0 0 44.00 0.00 44.00 91,900,000 91,900,000 0 0 15.75 0.00 15.75

(***) To be filled in only for subsidiaries and companies in which a significant interest is held; values are calculated in accordance with the international accounting standards IAS/IFRS.

229 Company Assicurazioni Generali S.p.A.

Assets - Details of investments in Group companies and other companies where a significant interest is held: Equities:

Increases in the year N Type Name of the company ord For purchases Others (1) (2) (3) Quantity Value increases

1 b V A.G. Insurance Managers 0 0 1 2 b D Alleanza Toro 0 0 0 2 b V Alleanza Toro 0 0 0 3 b V Allgemeine Immobilien-Verw. 0 0 117 4 b D Aseguradora General 0 0 89 5 b D Assitimm Srl 0 0 0 6 b D Banca Generali 0 0 0 6 b V Banca Generali 0 0 0 6 b V1 Banca Generali 0 0 1,106 7 b D BSI-Generali Asia 0 0 30 8 b V Caja De Ahorro y Seguro 0 0 1,718 9 b D Cestar Srl 0 0 0 10 b V Generali Investments Ltd 0 0 8,485 11 b D Donatello Intermediazione Srl 0 0 64 12 b D Enofila Srl 0 0 0 13 b D Europ Assistance Italia 0 0 0 14 b D Fata Assicurazioni Danni 0 0 0 15 b V Fata Vita 1,894,056 15,001 0 16 b V Finagen S.p.A. 1,340 39 0 17 b D Flandria Participations Financieres 0 0 0 17 b V Flandria Participations Financieres 0 0 1,059,269 18 b D G.G.I. 0 0 0 19 b D G.I.B.S. s.c.a.r.l. 0 0 0 20 b D GBS S.c.p.A. 0 0 0 21 b V Gen Inv 0 0 0 22 b D Genagricola 1,500,000 1,500 0 22 b V Genagricola 1,500,000 1,500 0 23 b D Genamerica Management 0 0 0 24 b D Generali (Schweiz) Holding 0 0 41,278 24 b V Generali (Schweiz) Holding 0 0 131,061 25 b D Generali Corporate 0 0 3,744 26 b D Generali Beteiligungs Gmbh 0 0 0 26 b V Generali Beteiligungs Gmbh 0 0 0 27 b D Generali Brasil Seguros S.A. 0 0 8,674 28 b D Generali Capital Finance Bv 0 0 0 29 b V Generali China Life Insurance 0 0 14,801 30 b D Generali Colombia 0 0 784 31 b D Generali Colombia Vida 0 0 2 32 b D Generali Consulting Solutions 0 0 8 33 b D Generali Ecuador 0 0 1 34 b D Generali Espana Holding 0 0 215,219 34 b V Generali Espana Holding 0 0 0 35 b D Generali European Retail Investment Holding S.A. 7,581 303 0 36 b D Generali Factoring 300,000 1,500 399 37 b D Generali Finance Bv 0 0 0 37 b V Generali Finance Bv 0 0 129,812 38 b D Generali Financial Asia Limited 63,919,600 6,129 0 39 b D Generali France 0 0 0 39 b V Generali France 0 0 0 40 b D Generali Hellas 0 0 0

230 Notes to the accounts - Attachment 7

Year 2010

Decreases in the year Accounting value (4) Purchase Current For sales Other Quantity Value cost value Quantity Value decreases

0 0 0 9,994 23 0 611 0 0 0 165,642,099 3,709,226 0 3,709,226 0 0 0 134,357,901 3,561,430 0 3,561,430 0 0 117 75 117 0 876 0 0 0 367,200 865 0 5,715 0 0 0 100 452 0 454 16,665,000 66,622 0 28,474,823 113,835 0 258,124 0 0 0 22,255,250 89,051 0 201,744 0 0 0 1,957,650 17,746 12,427 17,746 0 0 0 5,000,000 480 0 480 0 0 0 897,344 75,068 0 75,068 0 0 0 5,956,863 10,797 0 10,797 0 0 64,610 30,000,000 6,476 0 6,476 0 0 0 6,420 96 0 96 0 0 0 2,972,000 2,972 0 2,972 0 0 0 521,000 3,159 0 14,757 0 0 7,371 5,200,051 153,164 0 153,164 0 0 0 7,094,107 57,018 0 58,654 0 0 0 1,340 39 0 39 0 0 1,059,269 536,009 390,927 0 431,463 0 0 0 1,452,390 1,059,269 0 1,169,108 0 0 0 1,500,000 2,221 0 12,220 0 0 0 18,000 18 0 29 801 4 0 7,755,282 37,268 0 41,528 0 0 0 15,600,000 78,000 0 78,000 0 0 0 88,425,000 92,626 0 116,334 0 0 0 88,425,000 92,626 0 116,334 0 0 0 50 7 0 7 0 0 109,902 1,386 153,244 0 153,244 0 0 0 2,214 244,792 0 244,792 0 0 0 31,999,980 6,013 0 6,945 0 0 0 721,333 2,206,925 0 2,206,925 0 0 0 283,667 867,882 0 867,882 0 0 0 1,072,257,018 45,325 0 45,325 0 0 0 25,000 2,500 0 2,500 0 0 0 1 151,861 0 151,861 0 0 0 5,728,369 6,465 0 19,383 0 0 0 307,506 16 0 1,362 0 0 0 1 117 0 117 0 0 0 1,102,095 19 0 3,921 0 0 0 31,150,000 215,219 0 215,219 0 0 215,219 62,608,845 432,572 0 432,572 0 0 0 7,581 303 0 303 0 0 0 600,000 3,399 0 3,399 0 0 129,812 0 0 0 0 0 0 0 1,000,000 250,120 0 262,179 0 0 0 63,919,600 6,129 0 6,129 0 0 0 54,867,644 87,072 0 198,776 0 0 0 278,333,556 441,701 0 1,008,352 0 0 0 757,100 23,993 0 23,993

231 Increases in the year N Type Name of the company ord For purchases Others (1) (2) (3) Quantity Value increases

40 b V Generali Hellas 418,600 14,852 0 41 b V Generali Horizon 0 0 0 42 b D Generali Immobiliare Ass. Man. 0 0 250 43 b V Generali Life 0 0 0 44 b V Generali PanEurope Limited 15,000,000 15,000 0 44 b V Generali PanEurope Limited Priv 0 0 0 45 b D Generali PPF Holding Cl.A 0 0 0 45 b D Generali PPF Holding Cl.B 0 0 0 46 b D Generali Properties 0 0 1,109,510 47 b D Generali Realties 0 0 0 48 b V Generali Ruckversicherung 0 0 0 49 b V Generali U.S. Holdings Ord 0 0 15,153 49 b D Generali U.S. Holdings Pref 0 0 36 50 b D Generali Verz.Groep N. 200 0 0 0 50 b D Generali Verz.Groep N.1000 0 0 0 51 b D Generali Vida 0 0 0 51 b V Generali Vida 0 0 0 52 b D Generali Worldwide Insurance 0 0 0 53 b D Genertel 0 0 0 54 b V Genertellife 0 0 0 55 b D Genervest 0 0 0 55 b V Genervest 0 0 0 56 b V GLL Gmbh & Co Messeturm Hold 0 0 0 57 b D Immob.Comm. Indes Orientales 0 0 0 58 b V Ina Assitalia 0 0 0 59 b D Lion River I CL.A 0 0 0 59 b D Lion River I CL.B 0 0 0 59 b D Lion River I CL.C 0 0 0 59 b D Lion River I CL.D 0 0 0 59 b D Lion River I CL.E 0 0 0 59 b D Lion River I CL.F 1,666 16,907 0 59 b D Lion River I CL.G 0 0 1,721 60 b D Migdal Insurance Holding 0 0 888 61 b D Part. Maat. Graafschap Holland Ord 0 0 0 61 b V Part. Maat. Graafschap Holland Ord 0 0 0 61 b V Part. Maat. Graafschap Holland Pref 0 0 0 62 b D Redoze Holding 0 0 0 63 b D Risparmio Assicurazioni 0 0 0 64 b D SIMGENIA 0 0 358 65 b D Transocean Holding 1,900,000 141,622 1,162 66 b D Ums Immobiliare 0 0 0 67 d D A7 Srl 0 0 513 68 d D Assurances Maghrebia S.A. 0 0 0 69 d D Assurances Maghrebia Vie S.A. 220,843 1,446 0 70 d D BETA s.r.l. 1 1,000 0 71 d D Ente Teatrale Italiano 0 0 0 72 d D Generali China Insurance 0 0 2,699 73 d V GLL GmbH & Co. Retail 0 0 16,800 74 d D Guotai Asset Management Co. 33,000,000 111,986 3,697 75 d V Intesa Previdenza SIM 0 0 0 76 d D Investimenti Marittimi 0 0 0 77 d D NEIP II S.A. Sicar 0 0 0 78 d D Nord Est Investment Partners 0 0 0 79 d D Servizi Tecnologici Avanzati 0 0 0 80 e D Bco Santander Central Hispano 0 0 0 80 e V1 Bco Santander Central Hispano 0 0 0 232 Decreases in the year Accounting value (4) Purchase Current For sales Other Quantity Value cost value Quantity Value decreases

1 0 0 418,599 14,852 0 14,852 0 0 0 3,104,000 15,520 0 16,239 0 0 250 250,000 250 0 250 0 0 14,852 0 0 0 0 0 0 0 18,000,000 18,000 0 18,000 0 0 0 5,500,000 5,500 0 5,500 0 0 0 50,820 2,618,498 0 2,679,084 0 0 0 180 0 0 9,489 0 0 39,972 * 53,653,029 2,252,116 0 2,252,116 0 0 0 20,000 0 0 2,075 0 0 0 120,999 173,670 0 173,670 0 0 0 100 233,391 0 351,895 0 0 0 750 559 0 843 75 72 0 0 0 0 0 1,545 3,222 0 0 0 0 0 0 0 0 7,500 2,159 0 2,633 0 0 0 28,496 8,205 0 10,006 0 0 0 1 0 0 0 0 0 0 4,600,000 28,666 0 99,047 0 0 0 29,040,000 364,521 0 503,933 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,000,000 16,942 0 16,942 11,212 1,139 0 0 0 0 0 0 0 0 1,237,256,900 2,313,901 0 2,313,901 0 0 0 150,000 3,120 0 3,120 0 0 0 1,666 14,490 0 14,490 0 0 0 1,666 2,667 0 2,667 0 0 0 5,000 7,000 0 7,000 0 0 0 2,000 14 0 14 0 0 0 1,666 16,907 0 16,907 0 0 0 1,666 2,386 0 2,386 0 0 0 10,239,766 7,059 0 15,565 0 0 0 45,836,245 2,339,933 0 2,515,262 0 0 0 40,388,266 2,070,740 0 2,216,304 0 0 0 2,500,000 250,000 0 250,000 0 0 0 30,113 18,155 0 20,542 0 0 0 517,494,761 5,563 0 9,488 0 0 0 2,500,000 4,283 0 4,283 0 0 0 1,949,806 159,521 0 364,562 0 0 0 31,953,971 31,662 0 31,662 0 0 0 41,000 1,129 0 1,129 0 0 1,531 441,686 5,844 0 7,309 0 0 0 220,843 1,446 0 1,697 0 0 0 1 1,000 0 1,000 0 0 0 0 0 0 0 0 0 0 1 27,693 0 27,693 0 0 2,320 103,200,000 117,680 0 117,680 0 0 0 33,000,000 115,683 0 115,683 0 0 0 6,570 3,947 0 3,947 0 0 0 3,090,000 30,900 0 31,000 0 0 0 3,130,161 12,075 0 12,736 0 0 0 24,499 1,746 0 1,746 0 0 0 50,000 0 0 0 997,277 9,961 0 0 0 0 0 0 0 272 75,000 595 742 595 233 Increases in the year N Type Name of the company ord For purchases Others (1) (2) (3) Quantity Value increases

81 e D Commerzbank 0 0 0 82 e D Emittenti Titoli 0 0 0 83 e D Finpriv Srl 0 0 0 84 e D Friulia 0 0 0 85 e D Gemina S.p.A. 0 0 0 86 e D H2i S.p.A. 0 0 0 87 e D Intesa Sanpaolo Ord 0 0 0 87 e V Intesa Sanpaolo Ord 0 0 0 87 e V1 Intesa Sanpaolo Ord 0 0 0 87 e V2 Intesa Sanpaolo Ord 0 0 0 87 e V Intesa Sanpaolo Rsp 0 0 0 87 e V1 Intesa Sanpaolo Rsp 794,600 1,609 0 88 e D La Centrale Finanziaria Gen.le 0 0 0 89 e D Mediobanca 0 0 0 90 e D Perils AG 0 0 50 91 e D Perseo 0 0 0 92 e D Pirelli & C. 0 0 0 92 e V Pirelli & C. 0 0 0 93 e D Prelios S.p.A. 8,233,700 548 3,065 93 e V Prelios S.p.A. 2,123,263 141 790 94 e D Protos S.O.A. 0 0 0 95 e D Protos 0 0 0 96 e D Schemaquattordici S.p.A. 0 0 0 97 e D Secontip 0 0 0 98 e D Telco 0 0 0 98 e V Telco 0 0 132,978 98 e V1 Telco 0 0 0 99 e D Trieste Adriatic Maritime Initiatives s.r.l 1 25 0 100 e V Venice European Investments S.p.A. Cl. A 625,000 625 0 100 e V Venice European Investments S.p.A. Cl. B 3,125,000 3,125 0 100 e D Venice European Investments S.p.A. Cl. C 100,000 100 0 101 e D Venice Investimenti Spa Cl.A 236,220 236 0 101 e D Venice Investimenti Spa Cl.B 236,220 236 0

Total C.II.1 333,820 2,905,227

a Parent companies 0 0 b Affiliated companies 214,352 2,744,635 c Affiliated of parent comp. 0 0 d Associated companies 114,432 23,709 e Other 5,036 136,883 Total D.I 1,609 1,106 Total D.II 0 0

(1) Must be equal to that of attachment 6 (3) To be stated D for non-life business investments (item C.II.1) (1) Type V for life business investments (item C.II.1) a = Parent companies V1 for life business investments (item D.I) b = Affiliated companies V2 for life business investments (item D.2) 234 c = Affiliates of parent companies To the partecipation, even if fractioned, d = Associated companies must be given the same number e = Others Decreases in the year Accounting value (4) Purchase Current For sales Other Quantity Value cost value Quantity Value decreases

4,399,742 29,202 0 0 0 0 0 0 0 0 820,000 424 0 606 0 0 0 2,857 14,352 0 16,499 0 0 0 5,574,533 15,938 0 16,442 0 0 0 53,170,492 63,673 0 28,260 0 0 0 1,500,000 1,500 0 1,500 0 0 7,248 13,553,315 37,552 0 27,513 0 0 0 142,847,756 564,984 0 289,981 0 0 562 502,052 1,019 2,672 1,019 0 0 11 9,789 20 46 20 5,250,000 12,311 1,124 2,000,000 3,566 0 3,566 1,201,600 2,563 149 266,000 474 634 474 0 0 0 9,523,809 10,000 0 10,000 0 0 0 2,141,244 29,367 0 14,261 0 0 0 25 320 0 320 0 0 0 30,012 34,948 0 34,948 0 0 3,065 8,233,700 55,583 0 49,814 0 0 790 2,123,263 14,333 0 12,846 0 0 0 8,233,700 3,613 0 3,672 0 0 0 2,123,263 932 0 947 0 0 0 92,962 93 0 345 0 0 0 195,790 60 0 852 0 0 316 4,812,397 1,830 0 1,830 0 0 10,631 0 0 0 0 0 0 132,978 0 0 0 0 0 0 0 230,247,449 421,353 0 421,353 0 0 0 377,680 691 956 691 0 0 0 1 25 0 25 0 0 0 625,000 625 0 625 0 0 0 3,125,000 3,125 0 3,125 0 0 0 100,000 100 0 100 0 0 0 7,236,220 7,236 0 7,236 0 0 0 7,236,220 7,236 0 7,236

122,534 1,801,380 29,295,055 0 31,101,127

0 0 0 0 0 71,059 1,641,375 27,683,143 0 29,825,606 0 0 0 0 0 0 3,852 319,144 0 321,619 51,475 156,153 1,292,768 0 953,902 2,563 983 20,525 17,430 20,525 0 11 20 46 20

(4) To be highlighted with(*) only if assessed through the method of the net equity value (only for Type b and d)

235 236

Notes on the accounts - Attachment 8

Company Assicurazioni Generali S.p.A. Year 2010

Assets - Breakdown on the basis of the utilisation of other financial investments: equities and shares, shares in common investment funds, debt securities and other fixed-income securities, participation in investment pools e other financial investments (items C.III.1, 2, 3, 5, 7) I - Non-life business Durable portfolio Non durable portfolio Total Book Value Current value Book value Current value Book value Current value

1. Equity and shares 1 389,250 21 1,458,609 41 82,552 61 84,750 81 471,802 101 1,543,359 a) Azioni quotate 2 156,382 22 88,347 42 76,672 62 78,291 82 233,054 102 166,638 b) Azioni non quotate 3 44,611 23 77,507 43 339 63 705 83 44,950 103 78,212 c) Quote 4 188,257 24 1,292,755 44 5,541 64 5,754 84 193,798 104 1,298,509 2. Shares in common investment funds 5 189,177 25 171,764 45 163,858 65 168,448 85 353,035 105 340,212 3. Debt securities and other fixed-income securities 6 368,909 26 345,772 46 1,131,731 66 1,137,562 86 1,500,640 106 1,483,334 a1) titoli di Stato quotati 7 284,131 27 266,228 47 476,377 67 477,789 87 760,508 107 744,017 a2) altri titoli quotati 8 78,303 28 72,914 48 530,623 68 534,156 88 608,926 108 607,070 b1) titoli di Stato non quotati 9 0 29 0 49 17,572 69 17,591 89 17,572 109 17,591 b2) altri titoli non quotati 10 1,280 30 1,279 50 73,924 70 74,712 90 75,204 110 75,991 c) obbligazioni convertibili 11 5,195 31 5,351 51 33,235 71 33,314 91 38,430 111 38,665 5. Participation in investment pools 12 0 32 0 52 0 72 0 92 0 112 0 7. Other 13 0 33 0 53 30,790 73 31,252 93 30,790 113 31,252

II - Life business Durable portfolio Non durable portfolio Total Book Value Current value Book value Current value Book value Current value

1. Shares and other interests 121 988,884 141 671,988 161 90,760 181 103,302 201 1,079,644 221 775,290 a) Azioni quotate 122 948,565 142 629,533 162 77,474 182 89,373 202 1,026,039 222 718,906 b) Azioni non quotate 123 7 143 82 163 13,280 183 13,837 203 13,287 223 13,919 c) Quote 124 40,312 144 42,373 164 6 184 92 204 40,318 224 42,465 2. Shares in common investment funds 125 369,481 145 377,136 165 1,267,260 185 1,320,370 205 1,636,741 225 1,697,506 3. Debt securities and other fixed-income securities 126 13,873,116 146 13,313,537 166 4,328,386 186 4,448,725 206 18,201,502 226 17,762,262 a1) titoli di Stato quotati 127 9,266,130 147 8,720,740 167 1,828,515 187 1,860,814 207 11,094,645 227 10,581,554 a2) altri titoli quotati 128 3,898,946 148 3,951,174 168 2,397,702 188 2,484,002 208 6,296,648 228 6,435,176 b1) titoli di Stato non quotati 129 54,102 149 59,852 169 36,510 189 36,514 209 90,612 229 96,366 b2) altri titoli non quotati 130 307,238 150 285,088 170 53,621 190 55,357 210 360,859 230 340,445 c) obbligazioni convertibili 131 346,700 151 296,683 171 12,038 191 12,038 211 358,738 231 308,721 5. Participation in investment pools 132 0 152 0 172 0 192 0 212 0 232 0 7. Other 133 0 153 0 173 577,975 193 578,023 213 577,975 233 578,023 Notes on the accounts - Attachment 9

Comapny Assicurazioni Generali S.p.A. Year 2010

Assets - Variation for the year of other durable financial investments: equities and shares, shares in common investment funds, debt securities and other fixed-income securities, participation in investment pools and other financial investments (items C.III.1, 2, 3, 5, 7)

Equities and shares Shares in common Debt securities and other Participation Other financial investment funds fixed income securities in investment pools investments C.III.1 C.III.2 C.III.3 C.III.5 C.III.7

Initial goodwill + 1 1,448,229 21 623,809 41 9,719,616 81 0 101 0

Revaluations + 2 36,158 22 160,694 42 6,645,868 82 0 102 587

for: acquisti 3 19,309 23 105,364 43 2,539,186 83 0 103 0

riprese di valore 4 3,130 24 0 44 3,877 84 0 104 0

trasferimenti dal portafoglio non durevole 5 0 25 11,359 45 4,053,122 85 0 105 0

altre variazioni 6 13,719 26 43,971 46 49,683 86 0 106 587

Devaluations - 7 106,252 27 225,846 47 2,123,459 87 0 107 587

for: vendite 8 79,275 28 93,631 48 2,100,779 88 0 108 7

svalutazioni 9 15,545 29 2,103 49 0 89 0 109 0

trasferimenti al portafoglio non durevole 10 0 30 0 50 0 90 0 110 0

altre variazioni 11 11,432 31 130,112 51 22,680 91 0 111 580

Book value 12 1,378,135 32 558,657 52 14,242,025 92 0 112 0

Current value 13 2,130,597 33 548,900 53 13,659,309 93 0 113 0 237 Notes on the accounts - Attachment 10

Year 2010 Company Assicurazioni Generali S.p.A.

Assets - Variations for the year regarding loans and deposits with credit institutions (items C.III.4, 6)

Loans Deposits with credit institutions C.III.4 C.III.6

Initial goodwill + 1 237,839 21 106,251

Revaluations for the year + 2 43,956 22 220,085

for: erogazioni 3 43,798

riprese di valore 4 0

altre variazioni 5 158 Devaluations for the year - 6 90,765 26 163,801

for: rimborsi 7 90,765

svalutazioni 8 0

altre variazioni 9 0

Book value 10 191,030 30 162,535

238 Notes on the accounts - Attachment 11

Company Assicurazioni Generali S.p.A. Year 2010

Assets relating to contracts linked to investment funds and market index (item D.I)

TOTAL OF INVESTMENT FUNDS

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Lands and buildings 1 0 21 0 41 0 61 0 II. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 2 22,270 22 23,667 42 19,903 62 20,882

2. Debt securities 3 0 23 0 43 0 63 0

3. Loans 4 0 24 0 44 0 64 0

III. Shares in common investment funds 5 12,734 25 15,380 45 12,198 65 15,107 IV. Other financial investments:

1. Equities 6 359,406 26 337,685 46 336,905 66 327,405

2. Debt securities and other fixed-income securities 7 188,354 27 230,925 47 193,203 67 233,197

3. Deposits with credit institutions 8 0 28 0 48 0 68 0

4. Other financial investments 9 234 29 4 49 0 69 0

V. Other assets 10 7,841 30 3,625 50 7,841 70 3,625

VI. Cash at bank and in hand 11 11,345 31 19,757 51 11,345 71 19,757

Other liabilities 12 -2,004 32 -4,412 52 -2,004 72 -4,412

Deposits with ceding companies 13 75,043 33 66,549 53 75,043 73 66,549

Total 14 675,223 34 693,180 54 654,434 74 682,110 239 240

Notes on the accounts - Attachment 11

Company Assicurazioni Generali S.p.A. Year 2010

Assets relating to contracts linked to investment funds and market index (item D.I)

LIFETIME INCOME BOND

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Lands and buildings 1 0 21 0 41 0 61 0 II. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 2 0 22 0 42 0 62 0

2. Debt securities 3 0 23 0 43 0 63 0

3. Loans 4 0 24 0 44 0 64 0

III. Shares in common investment funds 5 0 25 0 45 0 65 0 IV. Other financial investments:

1. Equities 6 0 26 0 46 0 66 0

2. Debt securities and other fixed-income securities 7 44,462 27 46,494 47 47,451 67 49,612

3. Deposits with credit institutions 8 0 28 0 48 0 68 0

4. Other financial investments 9 0 29 0 49 0 69 0

V. Other assets 10 178 30 186 50 178 70 186

VI. Cash at bank and in hand 11 2,343 31 522 51 2,343 71 522

Other liabilities 12 0 32 0 52 0 72 0

Deposits with ceding companies 13 0 33 0 53 0 73 0

Total 14 46,983 34 47,202 54 49,972 74 50,320 Notes on the accounts - Attachment 11

Company Assicurazioni Generali S.p.A. Year 2010

Assets relating to contracts linked to investment funds and market index (item D.I)

MANAGED FUNDS

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Lands and buildings 1 0 21 0 41 0 61 0 II. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 2 0 22 0 42 0 62 0

2. Debt securities 3 0 23 0 43 0 63 0

3. Loans 4 0 24 0 44 0 64 0

III. Shares in common investment funds 5 4,585 25 4,421 45 4,016 65 4,336 IV. Other financial investments:

1. Equities 6 0 26 0 46 0 66 0

2. Debt securities and other fixed-income securities 7 511 27 287 47 509 67 291

3. Deposits with credit institutions 8 0 28 0 48 0 68 0

4. Other financial investments 9 0 29 0 49 0 69 0

V. Other assets 10 39 30 27 50 39 70 27

VI. Cash at bank and in hand 11 724 31 1,008 51 724 71 1,008

Other liabilities 12 -862 32 -886 52 -862 72 -886

Deposits with ceding companies 13 0 33 0 53 0 73 0

Total 14 4,997 34 4,857 54 4,426 74 4,776 241 242

Notes on the accounts - Attachment 11

Company Assicurazioni Generali S.p.A. Year 2010

Assets relating to contracts linked to investment funds and market index (item D.I)

LAVORO INDIRETTO

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Lands and buildings 1 0 21 0 41 0 61 0 II. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 2 0 22 0 42 0 62 0

2. Debt securities 3 0 23 0 43 0 63 0

3. Loans 4 0 24 0 44 0 64 0

III. Shares in common investment funds 5 0 25 0 45 0 65 0 IV. Other financial investments:

1. Equities 6 0 26 0 46 0 66 0

2. Debt securities and other fixed-income securities 7 0 27 0 47 0 67 0

3. Deposits with credit institutions 8 0 28 0 48 0 68 0

4. Other financial investments 9 0 29 0 49 0 69 0

V. Other assets 10 0 30 0 50 0 70 0

VI. Cash at bank and in hand 11 0 31 0 51 0 71 0

Other liabilities 12 0 32 0 52 0 72 0

Deposits with ceding companies 13 75,043 33 66,549 53 75,043 73 66,549

Total 14 75,043 34 66,549 54 75,043 74 66,549 Notes on the accounts - Attachment 11

Company Assicurazioni Generali S.p.A. Year 2010

Assets relating to contracts linked to investment funds and market index (item D.I)

INDEX EUROPE

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Lands and buildings 1 0 21 0 41 0 61 0 II. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 2 0 22 0 42 0 62 0

2. Debt securities 3 0 23 0 43 0 63 0

3. Loans 4 0 24 0 44 0 64 0

III. Shares in common investment funds 5 0 25 0 45 0 65 0 IV. Other financial investments:

1. Equities 6 0 26 0 46 0 66 0

2. Debt securities and other fixed-income securities 7 0 27 311 47 0 67 186

3. Deposits with credit institutions 8 0 28 0 48 0 68 0

4. Other financial investments 9 0 29 0 49 0 69 0

V. Other assets 10 0 30 0 50 0 70 0

VI. Cash at bank and in hand 11 0 31 0 51 0 71 0

Other liabilities 12 0 32 0 52 0 72 0

Deposits with ceding companies 13 0 33 0 53 0 73 0

Total 14 0 34 311 54 0 74 186 243 244

Notes on the accounts - Attachment 11

Company Assicurazioni Generali S.p.A. Year 2010

Assets relating to contracts linked to investment funds and market index (item D.I)

VALORE QUOTA E PENSIONE

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Lands and buildings 1 0 21 0 41 0 61 0 II. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 2 22,270 22 23,667 42 19,903 62 20,882

2. Debt securities 3 0 23 0 43 0 63 0

3. Loans 4 0 24 0 44 0 64 0

III. Shares in common investment funds 5 7,414 25 9,378 45 7,462 65 9,467 IV. Other financial investments:

1. Equities 6 359,406 26 337,685 46 336,905 66 327,405

2. Debt securities and other fixed-income securities 7 142,619 27 169,892 47 144,463 67 169,653

3. Deposits with credit institutions 8 0 28 0 48 0 68 0

4. Other financial investments 9 234 29 4 49 0 69 0

V. Other assets 10 7,316 30 3,395 50 7,316 70 3,395

VI. Cash at bank and in hand 11 8,182 31 18,061 51 8,182 71 18,061

Other liabilities 12 -1,141 32 -3,508 52 -1,141 72 -3,508

Deposits with ceding companies 13 0 33 0 53 0 73 0

Total 14 546,300 34 558,574 54 523,090 74 545,355 Notes on the accounts - Attachment 11

Company Assicurazioni Generali S.p.A. Year 2010

Assets relating to contracts linked to investment funds and market index (item D.I)

QUOTA ASSICURATA

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Lands and buildings 1 0 21 0 41 0 61 0 II. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 2 0 22 0 42 0 62 0

2. Debt securities 3 0 23 0 43 0 63 0

3. Loans 4 0 24 0 44 0 64 0

III. Shares in common investment funds 5 0 25 1,581 45 0 65 1,304 IV. Other financial investments:

1. Equities 6 0 26 0 46 0 66 0

2. Debt securities and other fixed-income securities 7 0 27 13,941 47 0 67 13,455

3. Deposits with credit institutions 8 0 28 0 48 0 68 0

4. Other financial investments 9 0 29 0 49 0 69 0

V. Other assets 10 0 30 17 50 0 70 17

VI. Cash at bank and in hand 11 0 31 166 51 0 71 166

Other liabilities 12 0 32 -18 52 0 72 -18

Deposits with ceding companies 13 0 33 0 53 0 73 0

Total 14 0 34 15,687 54 0 74 14,924 245 246

Notes on the accounts - Attachment 11

Company Assicurazioni Generali S.p.A. Year 2010

Assets relating to contracts linked to investment funds and market index (item D.I)

A. G. TARGET 2010 - 2025

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Lands and buildings 1 0 21 0 41 0 61 0 II. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 2 0 22 0 42 0 62 0

2. Debt securities 3 0 23 0 43 0 63 0

3. Loans 4 0 24 0 44 0 64 0

III. Shares in common investment funds 5 735 25 0 45 720 65 0 IV. Other financial investments:

1. Equities 6 0 26 0 46 0 66 0

2. Debt securities and other fixed-income securities 7 762 27 0 47 780 67 0

3. Deposits with credit institutions 8 0 28 0 48 0 68 0

4. Other financial investments 9 0 29 0 49 0 69 0

V. Other assets 10 308 30 0 50 308 70 0

VI. Cash at bank and in hand 11 96 31 0 51 96 71 0

Other liabilities 12 -1 32 0 52 -1 72 0

Deposits with ceding companies 13 0 33 0 53 0 73 0

Total 14 1,900 34 0 54 1,903 74 0 Notes on the accounts - Attachment 12

Company Assicurazioni Generali S.p.A. Year 2010

Assets arising out of the management of pension funds (item D.II)

TOTAL OF PENSION FUNDS

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 1 156 21 211 41 245 61 245

2. Debt securities 2 959 22 987 42 959 62 959 II. Other financial investments:

1. Equities 3 135,476 23 110,141 43 123,786 63 100,751

2. Debt securities and other fixed-income securities 4 287,199 24 226,319 44 289,266 64 223,202

3. Deposits with credit institutions 5 19,444 25 114 45 18,474 65 110

4. Other financial investments 6 0 26 0 46 0 66 0

5. Investimenti finanziari diversi 7 0 27 0 47 0 67 0

III. Other assets 8 18,013 28 8,116 48 18,013 68 8,116

IV. Cash at bank and in hand 9 12,156 29 18,233 49 12,156 69 18,233

Other liabilities 10 -3,658 30 -3,504 50 -3,658 70 -3,504

11 0 31 0 51 0 71 0

Total 12 469,745 32 360,617 52 459,241 72 348,112 247 248

Notes on the accounts - Attachment 12

Company Assicurazioni Generali S.p.A. Year 2010

Assets arising out of the management of pension funds (item D.II)

PREVIGEN GLOBAL

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 1 0 21 0 41 0 61 0

2. Debt securities 2 0 22 0 42 0 62 0 II. Other financial investments:

1. Equities 3 61,687 23 47,885 43 56,303 63 43,579

2. Debt securities and other fixed-income securities 4 93,167 24 73,124 44 93,509 64 71,611

3. Deposits with credit institutions 5 9,930 25 0 45 9,438 65 0

4. Other financial investments 6 0 26 0 46 0 66 0

5. Investimenti finanziari diversi 7 0 27 0 47 0 67 0

III. Other assets 8 7,874 28 2,781 48 7,874 68 2,781

IV. Cash at bank and in hand 9 4,475 29 5,339 49 4,475 69 5,339

Other liabilities 10 -1,472 30 -1,637 50 -1,472 70 -1,637

11 0 31 0 51 0 71 0

Total 12 175,661 32 127,492 52 170,127 72 121,673 Notes on the accounts - Attachment 12

Company Assicurazioni Generali S.p.A. Year 2010

Assets arising out of the management of pension funds (item D.II)

PREVIGEN VALORE

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 1 156 21 211 41 245 61 245

2. Debt securities 2 0 22 0 42 0 62 0 II. Other financial investments:

1. Equities 3 73,789 23 62,256 43 67,483 63 57,172

2. Debt securities and other fixed-income securities 4 80,540 24 76,120 44 80,635 64 74,386

3. Deposits with credit institutions 5 9,321 25 0 45 8,843 65 0

4. Other financial investments 6 0 26 0 46 0 66 0

5. Investimenti finanziari diversi 7 0 27 0 47 0 67 0

III. Other assets 8 9,630 28 4,734 48 9,630 68 4,734

IV. Cash at bank and in hand 9 4,966 29 7,977 49 4,966 69 7,977

Other liabilities 10 -2,108 30 -1,832 50 -2,108 70 -1,832

11 0 31 0 51 0 71 0

Total 12 176,294 32 149,466 52 169,694 72 142,682 249 250

Notes on the accounts - Attachment 12

Company Assicurazioni Generali S.p.A. Year 2010

Assets arising out of the management of pension funds (item D.II)

AGRIFONDO

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 1 0 21 0 41 0 61 0

2. Debt securities 2 0 22 0 42 0 62 0 II. Other financial investments:

1. Equities 3 0 23 0 43 0 63 0

2. Debt securities and other fixed-income securities 4 35,245 24 9,333 44 35,623 64 9,287

3. Deposits with credit institutions 5 0 25 0 45 0 65 0

4. Other financial investments 6 0 26 0 46 0 66 0

5. Investimenti finanziari diversi 7 0 27 0 47 0 67 0

III. Other assets 8 84 28 22 48 84 68 22

IV. Cash at bank and in hand 9 887 29 65 49 887 69 65

Other liabilities 10 -42 30 -14 50 -42 70 -14

11 0 31 0 51 0 71 0

Total 12 36,174 32 9,406 52 36,552 72 9,360 Notes on the accounts - Attachment 12

Company Assicurazioni Generali S.p.A. Year 2010

Assets arising out of the management of pension funds (item D.II)

BIVERBANCA

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 1 0 21 0 41 0 61 0

2. Debt securities 2 0 22 0 42 0 62 0 II. Other financial investments:

1. Equities 3 0 23 0 43 0 63 0

2. Debt securities and other fixed-income securities 4 3,011 24 1,921 44 3,033 64 1,911

3. Deposits with credit institutions 5 193 25 114 45 193 65 110

4. Other financial investments 6 0 26 0 46 0 66 0

5. Investimenti finanziari diversi 7 0 27 0 47 0 67 0

III. Other assets 8 13 28 26 48 13 68 26

IV. Cash at bank and in hand 9 168 29 40 49 168 69 40

Other liabilities 10 -7 30 -2 50 -7 70 -2

11 0 31 0 51 0 71 0

Total 12 3,378 32 2,099 52 3,400 72 2,085 251 252

Notes on the accounts - Attachment 12

Company Assicurazioni Generali S.p.A. Year 2010

Assets arising out of the management of pension funds (item D.II)

FONCHIM

Current value Acquisition cost

Current year Previous year Current year Previous year

I. Investments in affiliated undertakings and other shareholdings:

1. Shares and interests 1 0 21 0 41 0 61 0

2. Debt securities 2 959 22 987 42 959 62 959 II. Other financial investments:

1. Equities 3 0 23 0 43 0 63 0

2. Debt securities and other fixed-income securities 4 75,236 24 65,821 44 76,466 64 66,007

3. Deposits with credit institutions 5 0 25 0 45 0 65 0

4. Other financial investments 6 0 26 0 46 0 66 0

5. Investimenti finanziari diversi 7 0 27 0 47 0 67 0

III. Other assets 8 412 28 553 48 412 68 553

IV. Cash at bank and in hand 9 1,660 29 4,812 49 1,660 69 4,812

Other liabilities 10 -29 30 -19 50 -29 70 -19

11 0 31 0 51 0 71 0

Total 12 78,238 32 72,154 52 79,468 72 72,312 Notes on the accounts - Attachment 13

Company Assicurazioni Generali S.p.A. Year 2010

Liabilities - Variation for the year of the components of the provision for unearned premiums (item C.I.1) and those of the provision for claims outstanding (item C.I.2) of non-life lines of business

Typology Current year Previous year Variation

Premium reserve:

Unearned premium reserve 1 1,621,010 11 1,574,384 21 46,626

Unexpired risk reserve 2 8,516 12 550 22 7,966

Book value 3 1,629,526 13 1,574,934 23 54,592

Provision for claims outstanding:

Provision for refunds and direct expenses 4 5,420,040 14 5,543,350 24 -123,310

Provision for claim settlement costs 5 119,540 15 144,235 25 -24,695

IBNR provision 6 1,129,582 16 1,057,800 26 71,782

Book value 7 6,669,162 17 6,745,385 27 -76,223

253 Notes on the accounts - Attachment 14

Company Assicurazioni Generali S.p.A. Year 2010

Liabilities - Changes in the components of the mathematical provision for the year (item C.II.1) and in the components of the provision for profit sharing and premium refunds (item C.II.4)

Typology Current year Previous year Variation

Mathematical reserve for pure premiums 1 31,577,183 11 30,809,966 21 767,217

Premiums brought forward 2 239,484 12 252,579 22 -13,095

Demographical risk reserve 3 16,321 13 18,453 23 -2,132

Integration provisions 4 57,331 14 59,255 24 -1,924

Book value 5 31,890,319 15 31,140,253 25 750,066

Provision for profit sharing and premium refunds 6 65,160 16 69,052 26 -3,892

254 Notes on the accounts - Attachment 15

Company Assicurazioni Generali S.p.A. Year 2010

Liabilities - Change for the year in the provisions in the funds for risks and charges (item E) and change in the severance pay provisions (item G.VII)

Provisions for Change in the retirement and similar Provisions for taxes Other provisions severance obligations pay provisions

Initial amounts + 1 3,600 11 0 21 101,287 31 24,031

Sums set aside for the year + 2 0 12 3,340 22 102,995 32 0

Other increases + 3 0 13 0 23 0 33 2,124

Other utilisations for the year - 4 0 14 0 24 0 34 1,871

Other decreases - 5 0 15 0 25 0 35 1,101

Book value 6 3,600 16 3,340 26 204,282 36 23,183 255 256

Notes on the accounts - Attachment 16

Company Assicurazioni Generali S.p.A. Year 2010

Details of assets and liabilities referring to group companies and other companies in which a significant interest is held

I: Assets

Affiliated of Parent companies Affiliated companies Associated companies Other Total parent companies

Shares and interests 1 0 2 27,683,143 3 0 4 319,144 5 1,292,768 6 29,295,055

Debt securities 7 0 8 51,606 9 0 10 0 11 526,413 12 578,019

Loans 13 0 14 0 15 0 16 309 17 0 18 309

Participation in investment pools 19 0 20 0 21 0 22 0 23 0 24 0

Deposits with credit institutions 25 0 26 2,446 27 0 28 0 29 18,974 30 21,420

Other financial investments 31 0 32 0 33 0 34 0 35 0 36 0

Deposits with ceding companies 37 0 38 8,552,565 39 0 40 328 41 0 42 8,552,893 Investiments relating to contracts linked to investment funds and market index 43 0 44 18,627 45 0 46 0 47 40,567 48 59,194 Investiments relating to the administration of pension funds 49 0 50 0 51 0 52 0 53 988 54 988 Debtors arising out of direct insurance operations 55 0 56 23,612 57 0 58 0 59 0 60 23,612 Debtors arising out of reinsurance operations 61 0 62 370,727 63 0 64 1,146 65 0 66 371,873

Other debtors 67 0 68 105,191 69 0 70 0 71 689 72 105,880

Bank and postal deposits 73 0 74 270,575 75 0 76 0 77 45,800 78 316,375

Other 79 0 80 150,057 81 0 82 0 83 0 84 150,057

Total 85 0 86 37,228,549 87 0 88 320,927 89 1,926,199 90 39,475,675

of which subordinated activities 91 0 92 0 93 0 94 0 95 0 96 0 Details of assets and liabilities referring to group companies and other companies in which a significant interest is held

II: Liabilities

Parent companies Affiliated companies Affiliated of Associated companies Other Total parent companies

Subordinated liabilities 97 0 98 1,590,138 99 0 100 0 101 500,000 102 2,090,138

Deposits received from reinsurers 103 0 104 6,637 105 0 106 0 107 0 108 6,637 Creditors arising out of direct insurance operations 109 0 110 24,357 111 0 112 177 113 0 114 24,534 Creditors arising out of reinsurance operations 115 0 116 41,395 117 0 118 62 119 0 120 41,457

Amounts owed to credit institutions …………………121 0 122 0 123 0 124 0 125 0 126 0

Loans guaranteed by mortgages 127 0 128 0 129 0 130 0 131 0 132 0

Other financial liabilities 133 0 134 4,865,099 135 0 136 0 137 0 138 4,865,099

Other liabilities 139 0 140 217,933 141 0 142 0 143 -1,703 144 216,230

Miscellaneous liabilities 145 0 146 3,119 147 0 148 0 149 65,455 150 68,574

Total 151 0 152 6,748,678 153 0 154 239 155 563,752 156 7,312,669 257 Notes on the accounts - Attachment 17

Company Assicurazioni Generali S.p.A. Year 2010

Details of classes I, II, III, IV of "guarantees, commitments and other evidence accounts"

Current year Previous year

I. Guaranteed issued: a) fidejussions and endorsements issued in the interest of parent companies, affiliated companies and affiliates of parent companies 1 5,384,470 31 5,355,413 b) fidejussions and endorsements issued in the interest of associated companies and other companies in which a significant interest is held 2 0 32 0

c) fidejussions and endorsements issued in the interest of third parties 3 33,126 33 33,558 d) other personal guarantees issued in the interest of parent companies, affiliated companies and affiliates of parent companies 4 0 34 0 e) other personal guarantees issued in the interest of associated companies and other companies 5 0 35 0

f) other personal guarantees issued in the interest of third parties 6 0 36 0 g) Gurantees secured by mortgages for obligations of parent companies, affiliated companies and affiliates of parent companies 7 0 37 0 h) Gurantees secured by mortgages for obligations of associated companies and companies in which a significant interest is held 8 0 38 0

i) guarantees secured by morgages for third parties obligations 9 913 39 0

l) guarantees issued for obligations of the Company 10 0 40 0 m) assets deposited for accepted reinsurance operations 11 0 41 0

Total 12 5,418,509 42 5,388,971

II. Guarantees received:

a) from group companies, associated companies and other 13 0 43 0

b) from third parties 14 3,874 44 3,688

Total 15 3,874 45 3,688

III. Guarantees issued by third parties in the interest of the Company:

a) from group companies, associated companies and other 16 0 46 0

b) from third parties 17 0 47 0

Total 18 0 48 0

IV. Commitments:

a) commitments for acquisitions with obligation to resale 19 744,260 49 2,303,083

b) commitments for sales with obligation to buy back 20 13,103 50 12,065

b) other commitments 21 4,684,139 51 13,817,613

Total 22 5,441,502 52 16,132,761

258 Notes on the accounts - Attachment 18

Company Assicurazioni Generali S.p.A. Year 2010

Breakdown of derivatives according to type of contracts

Current year Previous year

Purchases Sales Purchases Sales

(1) (2) (1) (2) (1) (2) (1) (2)

Futures: on shares 1 0 101 0 21 0 121 0 41 0 141 0 61 0 161 0 on debt securities 2 0 102 0 22 3,501 122 22 42 0 142 0 62 2,251 162 72 on currencies 3 0 103 0 23 0 123 0 43 0 143 0 63 0 163 0 on rates 4 0 104 0 24 0 124 0 44 0 144 0 64 0 164 0 others 5 0 105 0 25 5,520 125 226 45 0 145 0 65 56,370 165 -4,212

Options on shares 6 0 106 0 26 77,039 126 -2,761 46 0 146 0 66 125,500 166 -1,715 on debt securities 7 0 107 0 27 0 127 0 47 0 147 0 67 0 167 0 on currencies 8 0 108 0 28 0 128 0 48 0 148 0 68 0 168 0 on rates 9 0 109 0 29 0 129 0 49 0 149 0 69 0 169 0 others 10 0 110 0 30 0 130 0 50 0 150 0 70 0 170 0

Swaps: on currencies 11 1,529,837 111 -442,671 31 149,994 131 604 51 1,609,825 151 -482,236 71 535,156 171 4,181 on rates 12 975,272 112 19,361 32 1,421,078 132 -32,283 52 5,982,271 152 51,313 72 4,598,420 172 -85,645 others 13 0 113 0 33 0 133 0 53 0 153 0 73 0 173 0

Other operations: 14 0 114 0 34 0 134 0 54 0 154 0 74 0 174 0

Total 15 2,505,109 115 -423,310 35 1,657,132 135 -34,192 55 7,592,096 155 -430,923 75 5,317,697 175 -87,319

Notes - Only transactions on derivatives extant at the balance sheet date and that represent commitments for the Company must be included. In the event of a contract not belonging precisely to the above-mentioned types or a contract which has characteristics of different types of contracts, the cont must be included in the nearest type. Items compensations are not allowed, unless they refer to purchase/sale transactions referring to the same type of contract (same content, deadline, underlying asset

- Contracts providing for currency swaps must be shown only once, with conventional reference to the currency to be purchased. Contracts that allow both currency swaps and interest rate swaps must be reported exclusively among currency contracts. Derivative contracts providing for int rate swaps are conventionally classified as “purchases” or “sales” depending on whether they commit the insurance company to purchase or sell the fixed ra

(1) For derivatives that imply or could imply futures contracts, the settlement price of the contracts has to be indicated; in all other cases, the nominal value of the reference capital has to be indicat

(2) Indicate the fair value of derivatives 259 260

Notes on the accounts - Attachment 19

Company Assicurazioni Generali S.p.A. Year 2010

Details of the non life business technical account

Gross written Earned written Gross cost Operating Reinsurance premiums premiums of claims expenses balance

Direct insurance:

Accident and Health (class of insurance 1 and 2) 1 672,323 2 675,427 3 489,943 4 132,984 5 -5,154

Motor TPL (class of insurance 10) 6 828,747 7 824,232 8 678,240 9 129,367 10 -56

Motor, other classes (class of insurance 3) 11 137,110 12 141,630 13 87,458 14 28,993 15 -273 Marine, aviation and transport (classes of insurance 4, 5, 6, 7, 11 and 12) 16 232,335 17 235,923 18 139,773 19 44,363 20 -35,164

Fire and other damage to property (classes of insurance 8 and 9) 21 740,408 22 723,961 23 464,068 24 180,298 25 -72,639

General liability (class of insurance 13) 26 434,871 27 428,281 28 387,336 29 93,936 30 -16,464

Credit and suretyship (classes of insurance 14 and 15) 31 34,076 32 34,698 33 19,505 34 8,034 35 -2,673

Miscellaneous financial loss (class of insurance 16) 36 29,828 37 34,900 38 12,739 39 6,602 40 -5,272

Legal expenses (class of insurance 17) 41 11,546 42 11,193 43 4,037 44 2,742 45 194

Assistance (class of insurance 18) 46 13,068 47 13,364 48 3,365 49 3,226 50 -4,687

Total direct insurance 51 3,134,312 52 3,123,609 53 2,286,464 54 630,545 55 -142,188

Inward reinsurance 56 229,603 57 199,477 58 199,222 59 32,251 60 -47,290

Total italian portfolio 61 3,363,915 62 3,323,086 63 2,485,686 64 662,796 65 -189,478

Foreign portfolio 66 563,935 67 567,078 68 366,920 69 128,731 70 -39,787

Total 71 3,927,850 72 3,890,164 73 2,852,606 74 791,527 75 -229,265 Notes on the accounts - Attachment 20

Company Assicurazioni Generali S.p.A. Year 2010

Summary of life business: premiums and reinsurers' share.

Direct business Reinsurance Total

Gross premiums: 1 3,867,652 11 1,821,976 21 5,689,628

a) 1. individual policies 2 2,896,834 12 954,680 22 3,851,514

2. group policies 3 970,818 13 867,296 23 1,838,114

b) 1. regular premiums 4 1,203,352 14 1,821,976 24 3,025,328

2. single premiums 5 2,664,300 15 0 25 2,664,300

c) 1. policies without profit sharing 6 3,686,719 16 1,816,470 26 5,503,189

2. policies with profit sharing 7 0 17 0 27 0

3. policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 8 180,933 18 5,506 28 186,439

Reinsurance balance…………………………………...…9 -4,446 19 -22,352 29 -26,798

261 Notes on the accounts - Attachment 21

Company Assicurazioni Generali S.p.A. Year 2010

Income from investments (items II.2 e III.3)

Non-life business Life business Total

Income from equities: Dividends and other income from shares and participations in group companies and other companies in which a significant interest is held 1 512,987 41 285,490 81 798,477 Dividends and other income from equities 2 13,749 42 66,760 82 80,509

Total 3 526,736 43 352,250 83 878,986

Income from land and buildings 4 28,569 44 0 84 28,569

Income from other investments: Income from debt securities of group companies and other companies in which a significant interest is held 5 1,034 45 27,684 85 28,718 Income from loans to group companies and other companies in which a significant interest is held 6 25 46 0 86 25 Income from shares in common investment funds 7 4,391 47 38,445 87 42,836 Income from debt securities and other fixed-income securities 8 59,278 48 922,364 88 981,642 Interests on loans 9 255 49 8,678 89 8,933 Income from participation in investment pools 10 399 50 0 90 399 Interests on deposits with credit institutions 11 87 51 458 91 545 Incom from other financial investments 12 61,275 52 113,740 92 175,015 Interests on deposits with ceding companies 13 1,084 53 361,676 93 362,760

Total 14 127,828 54 1,473,045 94 1,600,873

Value re-adjustments on other investments: Land and buildings 15 0 55 0 95 0 Shares and participations in group companies and other companies 16 44,525 56 0 96 44,525 Debt securities issued by affiliated companies and other companies in which a significant interest is held 17 0 57 658 97 658 Other equities 18 5,567 58 1,133 98 6,700 Other debt securities 19 15,250 59 61,014 99 76,264 Other financial investments 20 11,883 60 39,802 100 51,685

Total 21 77,225 61 102,607 101 179,832

Gains on the realisation of investments: Surplus on the sale of land and buildings 22 0 62 0 102 0 Gains on shares and participations in group companies and other companies in which a significant interest is held 23 203 63 0 103 203 Gains on debt securities issued by group companies and other companies in which a significant interest is held 24 565 64 1,003 104 1,568 Gains on other equities 25 17,872 65 81,682 105 99,554 Gains on other debt securities 26 24,033 66 134,171 106 158,204 Gains on other financial investments 27 18,383 67 180,175 107 198,558

Total 28 61,056 68 397,031 108 458,087

GRAND TOTAL 29 821,414 69 2,324,933 109 3,146,347

262 Notes on the accounts - Attachment 22

Company Assicurazioni Generali S.p.A. Year 2010

Income and unrelises gains on investments for the benefit of policyholders who bear the investment risk and on investments relating to the administration of pension funds (item II.3) I. Investments relating to investment funds and market index

Amounts

Income from:

Land and buildings 1 0

Investments in group companies and other companies in which a significant interest is held 2 1,054

Shares in common investment funds 3 87

Other financial investments 4 34,156

- of which income from debt securities 5 6,547

Other 6 1,477

Total 7 36,774

Gains on the realisation of investments:

Surplus on the sale of land and buildings 8 0

Gains on investments in group companies and other companies in which a significant interest is held ……9 0

Gains on common investment funds 10 335

Gains on other financial investments 11 20,218

- of which debt securities 12 1,024

Other income 13 27

Total 14 20,580

Unrealised gains 15 229,120

GRAND TOTAL 16 286,474

II. Investments relating to the management of pension funds

Importi

Income arising from:

Investments in group companies and other companies in which a significant interest is held 21 11

Other financial investments 22 11,779

- of which income from debt securities 23 8,970

Other assets 24 198

Total 25 11,988

Profits on the realisation of investments:

Investments in group companies and companies where a significant interest is held 26 0

Profits on other financial investments 27 8,123

- of which debt securities 28 1,545

Other income 29 4,215

Total 30 12,338

Unrealised gains 31 18,379

GRAND TOTAL 32 42,705

263 Notes on the accounts - Attachment 23

Company Assicurazioni Generali S.p.A. Year 2010

Details of investment charges (items II.9 e III.5)

Non-life business Life business Total

Investment management charges and other charges:

Charges referring to equities 1 1,915 31 2,170 61 4,085

Charges referring to investment in land and buildings 2 14,047 32 0 62 14,047

Charges referring to debt securities 3 2,517 33 34,308 63 36,825

Charges referring to shares in common investment funds 4 74 34 679 64 753

Charges referring to shares in common investments 5 0 35 0 65 0

Charges referring to other financial investments 6 69,707 36 115,403 66 185,110

Interests on deposits received from reinsurers 7 181 37 6,346 67 6,527

Total 8 88,441 38 158,906 68 247,347

Value re-adjustments on investments referring to:

Land and buildings 9 0 39 0 69 0

Shares and participations in group companies and other companies 10 7,248 40 1,124 70 8,372

Debt securities issued by group companies and other companies 11 273 41 2,389 71 2,662

Other equities 12 7,852 42 19,897 72 27,749

Other debt securities 13 25,749 43 92,533 73 118,282

Other financial investments 14 4,925 44 20,213 74 25,138

Total 15 46,047 45 136,156 75 182,203

Losses on the realisation of investments: Losses on the sale of land

and buildings 16 0 46 0 76 0

Losses on equities 17 15,491 47 100,764 77 116,255

Losses on debt securities 18 4,550 48 14,961 78 19,511

Losses on other financial investments 19 14,900 49 120,093 79 134,993

Total 20 34,941 50 235,818 80 270,759

GRAND TOTAL 21 169,429 51 530,880 81 700,309

264 Notes on the accounts - Attachment 24

Company Assicurazioni Generali S.p.A. Year 2010

Investment charges and unrealised losses relating to investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds (item II.10)

I. Investments relating to investment funds and market index

Amounts

Charges arising from:

Land and buildings 1 0

Investments in group companies and other companies in which a significant interest is held 2 8

Shares in common investment funds 3 8

Other financial investments 4 10,086

Other activities 5 2,465

Total 6 12,567

Losses on the realisation of investments:

Losses on the sale of land and buildings 7 0 Losses on investments in group companies and other companies in which a significant interest is held …………………...…………………………………..………………8 287

Losses on common investment funds 9 94

Losses on other financial investments 10 29,199

Other charges 11 544

Total 12 30,124

Unrealised losses 13 198,565

GRAND TOTAL 14 241,256

II. Investments relating to the pension funds management

Amounts

Charges arising from:

Investments in group companies and other companies in which a significant interest is held 21 0

Other financial investments 22 181

Other activities 23 5,245

Total 24 5,426

Losses on the realisation of investments: Losses on investments in group companies and other companies in which a significant interest is held 25 0

Losses on other financial investments 26 11,321

Other charges 27 262

Total 28 11,583

Unrealised losses 29 12,570

GRAND TOTAL 30 29,579

265 Company Assicurazioni Generali S.p.A. Summary layout of technical account

Code 01 Code 02 Accident Health

Direct business gross of reinsurance Written premiums + 1 331,261 1 341,062 Change in the provision for unearned premiums (+ o -) - 2 -1,791 2 -1,313 Claims incurred - 3 190,976 3 298,967 Change in other technical provisions (+ o -) - 4 0 4 -15,795 Balance of other technical income and charges (+ o -) + 5 -8,748 5 -19,360 Operating expenses - 6 82,542 6 50,442 Balance on the technical account for direct business (+ o -) A 7 50,786 7 -10,599 Balance of reinsurance ceded (+ o -) B 8 -5,750 8 596 Net balance of accepted business (+ o -) C 9 1,941 9 -12,582 Change in the equalisation provision (+ o -) D 10 386 10 0 Allocated investment return transf. from the non-technical account E 11 17,950 11 12,313 Balance on the technical account (+ o -) (A+B+C-D+E) 12 64,541 12 -10,272

Code 07 Code 08 Cargo Fire and natural events

Direct business gross of reinsurance Written premiums + 1 70,513 1 351,737 Change in the provision for unearned premiums (+ o -) - 2 -94 2 5,024 Claims incurred - 3 32,507 3 202,026 Change in other technical provisions (+ o -) - 4 0 4 0 Balance of other technical income and charges (+ o -) + 5 -3,891 5 -9,314 Operating expenses - 6 18,219 6 84,898 Balance on the technical account for direct business (+ o -) A 7 15,990 7 50,475 Balance of reinsurance ceded (+ o -) B 8 -4,792 8 -58,948 Net balance of accepted business (+ o -) C 9 -2,293 9 -43,128 Change in the equalisation provision (+ o -) D 10 0 10 326 Allocated investment return transf. from the non-technical account E 11 2,710 11 21,759 Balance on the technical account (+ o -) (A+B+C-D+E) 12 11,615 12 -30,168

Code 13 Code 14 General liability Credit

Direct business gross of reinsurance Written premiums + 1 434,871 1 733 Change in the provision for unearned premiums (+ o -) - 2 6,590 2 -386 Claims incurred - 3 387,336 3 -584 Change in other technical provisions (+ o -) - 4 0 4 0 Balance of other technical income and charges (+ o -) + 5 -9,811 5 0 Operating expenses - 6 93,936 6 133 Balance on the technical account for direct business (+ o -) A 7 -62,802 7 1,570 Balance of reinsurance ceded (+ o -) B 8 -16,464 8 192 Net balance of accepted business (+ o -) C 9 7,887 9 -253 Change in the equalisation provision (+ o -) D 10 0 10 99 Allocated investment return transf. from the non-technical account E 11 102,834 11 178 Balance on the technical account (+ o -) (A+B+C-D+E) 12 31,455 12 1,588

266 Notes on the accounts - Attachment 25

Year 2010 by branch - Non-life business -Italian portfolio

Code 03 Code 04 Code 05 Code 06 Motor, other classes Trains Aircrafts Watercrafts

1 137,110 1 3,021 1 23,685 1 121,089 2 -4,520 2 285 2 746 2 -4,745 3 87,458 3 2,684 3 28,652 3 73,438 4 0 4 0 4 0 4 0 5 -5,086 5 -1 5 -746 5 -2,575 6 28,993 6 416 6 3,386 6 19,509 7 20,093 7 -365 7 -9,845 7 30,312 8 -273 8 -1,599 8 9,046 8 -29,615 9 -5,363 9 0 9 5,283 9 586 10 0 10 0 10 0 10 46 11 3,876 11 142 11 647 11 2,985 12 18,333 12 -1,822 12 5,131 12 4,222

Code 09 Code 10 Code 11 Code 12 Other damage Motor TPL Aviation TPL Watercrafts TPL

1 388,671 1 828,747 1 12,755 1 1,272 2 11,423 2 4,515 2 274 2 -54 3 262,042 3 678,240 3 1,603 3 889 4 0 4 0 4 0 4 0 5 -10,619 5 -17,666 5 -106 5 -41 6 95,400 6 129,367 6 1,687 6 1,146 7 9,187 7 -1,041 7 9,085 7 -750 8 -13,691 8 -56 8 -8,165 8 -39 9 -19,620 9 -1,953 9 8,926 9 63 10 423 10 0 10 0 10 0 11 24,279 11 54,922 11 577 11 212 12 -268 12 51,872 12 10,423 12 -514

Code 15 Code 16 Code 17 Code 18 Suretyship Miscell. financial loss Legal expenses Assistance

1 33,343 1 29,828 1 11,546 1 13,068 2 -236 2 -5,072 2 353 2 -296 3 20,089 3 12,739 3 4,037 3 3,365 4 0 4 0 4 0 4 0 5 -3,801 5 -849 5 -81 5 -33 6 7,901 6 6,602 6 2,742 6 3,226 7 1,788 7 14,710 7 4,333 7 6,740 8 -2,865 8 -5,272 8 194 8 -4,687 9 -6,804 9 -11,999 9 22 9 0 10 0 10 0 10 0 10 0 11 6,220 11 3,894 11 1,135 11 55 12 -1,661 12 1,333 12 5,684 12 2,108

267 268

Notes on the accounts - Attachment 26

Company Assicurazioni Generali S.p.A. Year 2010

Summary layout of technical accounts of non-life business Italian portfolio

Direct insurance Reinsurance Risks retained

Direct risks Ceded risks Risks accepted Retrocessions Total 1 2 3 4 5 = 1 - 2 + 3 - 4

Written premiums + 1 3,134,314 11 423,146 21 229,603 31 100,572 41 2,840,199

Change in the provision for unearned premiums (+ o -) - 2 10,703 12 -12,931 22 30,126 32 389 42 53,371

Claims incurred - 3 2,286,464 13 235,930 23 199,222 33 39,208 43 2,210,548

Change in other technical provisions (+ o -) - 4 -15,795 14 0 24 0 34 0 44 -15,795

Balance of other technical income and charges (+ o -) + 5 -92,728 15 -1,685 25 0 35 0 45 -91,043

Operating expenses - 6 630,545 16 56,276 26 32,251 36 13,685 46 592,835

Technical balance (+ o -) 7 129,669 17 142,186 27 -31,996 37 47,290 47 -91,803

Change in the equalisation provision (+ o -) - 48 1,280

Allocated investment return transf. from the non-technical account + 9 233,167 29 23,522 49 256,689

Balance on the technical account (+ o -) 10 362,836 20 142,186 30 -8,474 40 47,290 50 163,606 Notes on the accounts - Attachment 27

Company Assicurazioni Generali S.p.A. Year 2010

Life insurance - Summary layout of technical accounts by branch - Italian portfolio

Code I Code II Code III Life Marriage and birth Unit linked

Direct business gross of reinsurance Written premiums + 1 3,532,307 1 0 1 57,560 Claims incurred - 2 2,759,923 2 0 2 105,279 Change in mathematical provision and in other technical provisions (+ o -) - 3 1,243,224 3 0 3 -24,663 Balance of other technical income and charges (+ o -) + 4 -27,237 4 0 4 7,913 Operating expenses - 5 259,617 5 0 5 11,073 Allocated investment return transferred to the non-technical account (*) + 6 858,656 6 0 6 29,642 Balance of direct business gross of reinsurance (+ o -) A 7 100,962 7 0 7 3,426 Balance of reinsurance ceded (+ o -) B 8 287 8 0 8 -19 Net balance of accepted business (+ o -) C 9 185,549 9 0 9 738 Balance on the technical account (+ o -) (A+B+C) 10 286,798 10 0 10 4,145

Code IV Code V Code VI Health Capitalisation Pension funds

Direct business gross of reinsurance Written premiums + 1 18,900 1 102,951 1 123,374 Claims incurred - 2 8,082 2 235,723 2 22,672 Change in mathematical provision and in other technical provisions (+ o -) - 3 3,443 3 -72,360 3 114,036 Balance of other technical income and charges (+ o -) + 4 -9 4 -427 4 3,446 Operating expenses - 5 2,838 5 7,062 5 2,246 Allocated investment return transferred to the non-technical account (*) + 6 1,387 6 79,389 6 13,153 Balance of direct business gross of reinsurance (+ o -) A 7 5,915 7 11,488 7 1,019 Balance of reinsurance ceded (+ o -) B 8 0 8 -2,792 8 0 Net balance of accepted business (+ o -) C 9 0 9 0 9 0 Balance on the technical account (+ o -) (A+B+C) 10 5,915 10 8,696 10 1,019

(*) Sum of the items relating to the italian line of business and portfolio included in items II 2, II 3, II 9, II 10, II 12 of the Profit and Loss Accounts 269 270

Notes on the accounts - Attachment 28

Company Assicurazioni Generali S.p.A. Year 2010

Summary layout of technical accounts of life business Italian portfolio

Direct insurance Reinsurance Risks retained

Direct risks Ceded risks Risks accepted Retrocessions Total 1 2 3 4 5 = 1 - 2 + 3 - 4

Written premiums + 1 3,835,092 11 22,351 21 628,592 31 570 41 4,440,763

Cost of claims - 2 3,131,679 12 17,391 22 970,892 32 0 42 4,085,180 Change in mathematical provision and in other technical provisions(+ o -) - 3 1,263,680 13 648 23 -239,939 33 0 43 1,023,093

Balance of other technical income and charges (+ o -) + 4 -16,314 14 0 24 188 34 0 44 -16,126

Operating expenses - 5 282,836 15 1,787 25 57,542 35 2,096 45 336,495 Allocated investment return transferred to the non-technical account (*) + 6 982,227 26 344,476 46 1,326,703

Balance on the technical account (+ o -) 7 122,810 17 2,525 27 184,761 37 -1,526 47 306,572

(*) Sum of the items relating to the italian line of business and portfolio included in items II 2, II 3, II 9, II 10, II 12 of the Profit and Loss Accounts Notes on the accounts - Attachment 29

Company Assicurazioni Generali S.p.A. Year 2010

Summary layout of technical accounts of non-life and life business - Foreign portfolio

Section I: Assicurazioni danni

Total lines of business

Direct business gross of reinsurance

Written premiums + 1 112,085

Change in the provision for unearned premiums (+ o -) - 2 8,350

Claims incurred - 3 70,963

Change in other technical provisions (+ o -) - 4 0

Balance of other technical income and charges (+ o -) + 5 -146

Operating expenses - 6 36,152

Balance on the technical account for direct business (+ o -) A 7 -3,526

Balance of reinsurance ceded (+ o -) B 8 -759

Net balance of accepted business (+ o -) C 9 35,791

Change in the equalisation provision (+ o -) D 10 0

Allocated investment return transferred from the non-technical account E 11 21,264

Balance on the technical account (+ o -) (A+B+C-D+E) 12 52,770

Section II: Assicurazioni vita

Total lines of business

Direct business gross of reinsurance

Written premiums + 1 32,561

Claims incurred - 2 15,884

Change in mathematical provision and in other technical provisions(+ o -) - 3 6,133

Balance of other technical income and charges (+ o -) + 4 -430

Operating expenses - 5 9,104

Allocated investment return transferred to the non-technical account (1) + 6 2,082

Balance of direct business gross of reinsurance (+ o -) A 7 3,092

Balance of reinsurance ceded (+ o -) B 8 -1,921

Net balance of accepted business (+ o -) C 9 44,000

Balance on the technical account (+ o -) (A+B+C) 10 45,171

(1) Sum of the items relating to the italian line of business and portfolio included in items II 2, II 3, II 9, II 10, II 12 of the Profit and Loss Accounts

271 272

Notes on the accounts - Attachment 30

Company Assicurazioni Generali S.p.A. Year 2010

Layout of the links with Group companies and companies where a significant interest is held I: Income

Parent companies Affiliated Affiliated of Associated Other Total companies parent companies companies

Investment income

Income from land and buildings 1 0 2 367 3 0 4 0 5 0 6 367

Income from equities 7 0 8 772,822 9 0 10 8,509 11 17,145 12 798,476

Income from debt securities 13 0 14 2,068 15 0 16 0 17 26,650 18 28,718

Interests on loans 19 0 20 0 21 0 22 25 23 0 24 25

Income from other financial investments 25 0 26 1,028 27 0 28 0 29 14,756 30 15,784

Interests on deposits with ceding companies 31 0 32 354,544 33 0 34 11 35 0 36 354,555

Total 37 0 38 1,130,829 39 0 40 8,545 41 58,551 42 1,197,925

Unrealised income and gains on investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds 43 0 44 1,987 45 0 46 0 47 183 48 2,170

Other income

Interests on credits 49 0 50 3,719 51 0 52 0 53 0 54 3,719

Recovery of administration expenses 55 0 56 45,264 57 0 58 0 59 0 60 45,264

Other income and recoveries 61 0 62 2,294 63 0 64 23 65 5 66 2,322

Total 67 0 68 51,277 69 0 70 23 71 5 72 51,305

Profits on realisation of investments (*) 73 0 74 0 75 0 76 0 77 1,770 78 1,770

Extraordinary income 79 0 80 478 81 0 82 0 83 0 84 478

GRAND TOTAL 85 0 86 1,184,571 87 0 88 8,568 89 60,509 90 1,253,648 Layout of the links with Group companies and companies where a significant interest is held II: Charges

Parent companies Affiliated Affiliated of Associated Other Total companies parent companies companies

Charges on investments and passive interests:

Investment charges 91 0 92 15,338 93 0 94 0 95 17,618 96 32,956

Interests on subordinated liabilities 97 0 98 91,673 99 0 100 0 101 23,634 102 115,307

Interests on deposits from reinsurers 103 0 104 0 105 0 106 0 107 0 108 0 Interests on debits from direct insurance operations 109 0 110 1 111 0 112 0 113 0 114 1 Interests on debits from reinsurance operations 115 0 116 7,445 117 0 118 0 119 0 120 7,445 Interests on debits towards banks and financial institutions 121 0 122 0 123 0 124 0 125 0 126 0

Interests on mortgages 127 0 128 0 129 0 130 0 131 0 132 0

Interests on other debits 133 0 134 179,920 135 0 136 0 137 0 138 179,920

Losses on credits 139 0 140 0 141 0 142 0 143 0 144 0

Administration charges and charges for third parties 145 0 146 45,264 147 0 148 0 149 0 150 45,264

Other charges……………………………………………151 0 152 24,668 153 0 154 0 155 2,129 156 26,797

Total 157 0 158 364,309 159 0 160 0 161 43,381 162 407,690

Unrealised charges and losses on investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds 163 0 164 0 165 0 166 0 167 1,308 168 1,308

Losses on realisation of investments (*) 169 0 170 10 171 0 172 0 173 1,566 174 1,576

Extraordinary charges 175 0 176 149 177 0 178 0 179 0 180 149

GRAND TOTAL 181 0 182 364,468 183 0 184 0 185 46,255 186 410,723

(*) with reference to the counterpart in the operation 273 274

Notes on the accounts - Attachment 31

Company Assicurazioni Generali S.p.A. Year 2010

Summary layout of direct business premiums written

Non-life Life Total

Affiliates FoS Affiliates FoS Affiliates FoS

Written premiums:

in Italy 1 2,894,277 5 27 11 3,783,776 15 0 21 6,678,053 25 27

in other EU countries 2 170,729 6 47,414 12 47,481 16 176 22 218,210 26 47,590

in third countries 3 112,085 7 21,866 13 32,561 17 3,658 23 144,646 27 25,524

Total 4 3,177,091 8 69,307 14 3,863,818 18 3,834 24 7,040,909 28 73,141 Notes on the accounts - Attachment 32

Company Assicurazioni Generali S.p.A. Year 2010

Layout of costs with regard to staff, administrators and auditors

I: Staff costs

Non-life business Life business Total

Employees' costs: Italian portfolio: - Wages 1 145,060 31 49,022 61 194,082 - Contributi sociali 2 55,629 32 33,897 62 89,526 - Severance payments and other obligations 3 9,889 33 5,677 63 15,566 - Other employee costs 4 7,678 34 9,060 64 16,738 Total 5 218,256 35 97,656 65 315,912

Foreign portfolio: - Wages 6 17,769 36 9,508 66 27,277 - Social contributions 7 4,611 37 2,909 67 7,520 - Other employee costs 8 1,095 38 897 68 1,992 Total 9 23,475 39 13,314 69 36,789

Grand total 10 241,731 40 110,970 70 352,701

Costs of non subordinate workforce: Italian portfolio 11 53,245 41 487 71 53,732 Foreign portfolio 12 66 42 18 72 84 Total 13 53,311 43 505 73 53,816

Total cost of workforce 14 295,042 44 111,475 74 406,517

II: Details of items entered

Non-life business Life business Total

Investments charges 15 206 45 981 75 1,187 Costs of claims 16 34,050 46 2,590 76 36,640 Other acuisition costs 17 48,291 47 71,546 77 119,837 Other administration costs 18 63,782 48 33,549 78 97,331 Amonistrative charges and charges for third parties 19 41,144 49 0 79 41,144 Allocation to assets 20 107,569 50 2,809 80 110,378 Total 21 295,042 51 111,475 81 406,517

III: Average number of staff

Number

Managers 91 170 Employees 92 2,818 Salaried 93 0 Others 94 2,640 Total 95 5,628

IV: Administrators and auditors

Number Wages due

Administrators 96 19 98 6,727 Auditors 97 3 99 350

275

Enel - Federico II Power plant, CCS pilot power plant, CO2 capture and storage, Brindisi

Statement relating to the solvency margin

Company Assicurazioni Generali S.p.A. Year 2010

SOLVENCY MARGIN MODEL OF THE COMPANY HANDLING LIFE AND NON-LIFE INSURANCE BUSINESS (art.29 of Regulation)

(Amounts in thousands of euros)

Items of the solvency margin demonstration model Lfe Business Non - Lfe Busines Total Life and non-life business

Margin to be determined Life (168), Non-life (104) (a) 1 1,408,021 11 652,674 21 2,060,695

Solvency margin components

total components A): life business (97); non-life business (76) (b) 2 8,036,747 12 7,055,726 22 15,092,473

total components B): life business (102); non-life business (79) (c) 3 0 13 0 23 0

Total of solvency margin components (b + c) 4 8,036,747 14 7,055,726 24 15,092,473

Surplus /deficit of the components with respect to the solvency margin to be determined d = [(b + c) - a] 5 6,628,726 15 6,403,052 25 13,031,778

Use (under art. 21, paragraph 3, of Legislative Decree of March 17, 1995 no. 174 of the available explicit components of the solvency margin , under art. 33 paragraph 2, lett. a) of the Legislative Decree 174/95 and art. 33, paragrpah 2, of Legislative Decree 174/95. (e) 6 0 16 0 26 0

f = (d + e) 7 6,628,726 17 6,403,052 27 13,031,778

279

Impregilo - Third Panama Canal locks system, Panama

Securities and urban real estate on which revaluations have been carried out

Securities on which revaluations have been carried out (Art. 10 of Law 19/3/1983 n. 72) values in euro

Name Entered value 2010 Monetary revaluations Other revaluations

Allgemeine Immobilien Verwaltungs Gesellschaft 117,340 3,547 -

Aseguradora General Sa 864,693 25,578 -

Europ Assistance Italia 3,158,863 5,888 -

Genagricola Spa 185,251,566 5,981,276 -

Generali (Schweiz) Holding Ag 398,035,626 85,639 -

Generali Corp Co Argentina De Seguros Sa 6,013,225 49,701 -

Generali France 528,772,598 110,443 502,204

Generali Properties Spa 2,252,116,460 1,769,691 -

Generali Ruckversicherung 173,670,139 2,089,240 -

Ums Immobiliare Genova 31,661,830 31,127 -

Total 3,579,662,340 10,152,130 502,204

283 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

ROME 427,413,781 3,657,489 317,663,774 Corso Duca di Genova 6 573,875 24,141 340,423 Piazza di Spagna 93 64,930,059 225,725 59,505,696 Piazza Venezia 11 142,222,851 3,407,623 124,156,994 Via del Tritone 181 53,852,472 - 39,588,421 Via di Santa Costanza 11 5,443,543 - 1,343,543 Via Leonida Bissolati 23 160,390,981 - 92,728,696

TRIESTE 119,940,200 4,116,371 97,347,660 Piazza L.A. Duca degli Abruzzi 2 69,625,957 1,326,029 57,218,590 Piazza Unita’ d’ Italia 7 26,400,160 1,285,948 21,490,919 Via Edmondo de Amicis 1 4,832,791 - 4,696,432 Via Trento 8 18,760,011 1,504,394 13,761,165 Via Udine 81 321,281 - 180,554 Via Genova 11 - - -

PERUGIA 609,695 47,402 352,448 Via Alessandro Manzoni 193/A 175,148 - 111,393 Via Sicilia 7 434,548 47,402 241,055

VERONA 34,314,083 141,039 25,250,007 Corso di Porta Nuova 11 8,100,152 - 7,748,062 Piazza delle Erbe 38-38/A 22,785,924 141,039 17,191,311 Piazza Renato Simoni 1 3,428,007 - 310,633

MILAN 217,413,522 1,633,270 175,934,695 Piazza Cordusio 2 100,450,166 1,633,270 84,715,990 Via Agnello 6/1 116,528,395 - 90,960,016 Via San Siro 31 434,961 - 258,689

BOLOGNA 9,208,742 - 7,995,120 Galleria dei Notai 1 5,147,599 - 4,499,215 Via de’ Pignattari 1 4,061,142 - 3,495,906

FLORENCE 32,238,162 140,127 27,247,157 Piazza della Signoria 4 32,158,520 139,679 27,189,184 Via Giovanni da Empoli 27 79,643 448 57,973

FOGGIA 2,750,277 930 2,237,135 Piazza Xx Settembre 17 2,374,447 - 1,964,494 Via Dante 37 375,830 930 272,642

FOLIGNO 1,660,068 16,828 591,561 Via Cesare Battisti 24 375,553 16,828 166,125 Via Umberto I 7 1,284,515 - 425,436

MOGLIANO VENETO 189,733,841 23,644 68,032,649 Via E. Ferretto 1 11,540,742 - 1,560,617 Via Marocchesa 14 178,193,099 23,644 66,472,032

284 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

PISTOIA 2,010,596 - 1,301,944 Via Cosimo Trinci 25 1,696,837 - 1,145,810 Viale Adua 138 313,760 - 156,134

REGGIO NELL’EMILIA 2,835,270 - 2,727,637 Via Emilia A S. Stefano 5 2,835,270 - 2,727,637

VENICE 240,032,240 1,690,709 225,657,975 Fondamenta Mendicanti 1,271,840 50,109 1,031,994 Procuratie S.Marco 1218/B 238,760,401 1,640,600 224,625,982

ABANO TERME 551,664 42,766 423,677 Via Jappelli 38 551,664 42,766 423,677

ACQUI TERME 266,956 - 90,635 Corso Dante 30 266,956 - 90,635

ADRIA 223,714 - 51,813 Piazza Garibaldi 15 223,714 - 51,813

ALBANO LAZIALE 321,950 17,891 202,483 Via Cavour 113 321,950 17,891 202,483

ALBINO 194,030 - 117,280 Via Mazzini 177 194,030 - 117,280

ALESSANDRIA 360,141 15,159 175,056 Via Verdi 4 360,141 15,159 175,056

ARCISATE 199,579 - 43,269 Via Matteotti 24 199,579 - 43,269

ARCORE 179,702 - 110,550 Via San Martino 11 179,702 - 110,550

AREZZO 741,572 34,816 590,470 Via G Monaco 41 741,572 34,816 590,470

ARONA 229,295 9,515 170,792 Corso Liberazione 81 229,295 9,515 170,792

ASOLA 298,040 - 122,568 Via Tosio 8 298,040 - 122,568

AZZATE 205,746 - 29,680 Via Piave 72 205,746 - 29,680

BARLETTA 461,906 11,517 366,050 Via G. de Nittis 45 461,906 11,517 366,050

BENEVENTO 381,557 6,197 326,755 Via dell’ Arco Traiano 45 381,557 6,197 326,755

285 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

BITONTO 284,286 10,646 236,476 Via S. Lucia Filippini 11 284,286 10,646 236,476

BONDENO 112,014 - 55,227 Piazza Gramsci 15/B 112,014 - 55,227

BORGOSESIA 217,798 15,961 151,982 Via Vitt. Veneto 56 217,798 15,961 151,982

BRINDISI 149,457 258 110,568 Via Consiglio 4 149,457 258 110,568

BUDRIO 277,251 9,650 159,874 Via Cocchi 2 277,251 9,650 159,874

BUSTO ARSIZIO 542,214 23,756 464,515 Via Xx Settembre 14/15 542,214 23,756 464,515

CALTAGIRONE 177,008 - 65,067 Via V. E. Orlando 20 177,008 - 65,067

CALTANISSETTA 179,446 6,881 122,469 Via dei Mille 7 179,446 6,881 122,469

CAMISANO VICENTINO 168,349 - 59,924 Via Roma 79 168,349 - 59,924

CANTU’ 327,994 6,307 266,789 Via C. Cattaneo 1 327,994 6,307 266,789

CARBONIA 122,369 - 91,577 Viale Arsia 90 122,369 - 91,577

CASALECCHIO DI RENO 243,214 13,189 174,214 Via Mazzini 33 243,214 13,189 174,214

CASALMAGGIORE 199,037 16,151 165,191 Via Centauro 1 199,037 16,151 165,191

CASARANO 255,006 - 137,330 Via B. Croce 58 255,006 - 137,330

CASERTA 682,630 377 519,978 Corso Trieste 121 682,630 377 519,978

CASORIA 278,292 9,086 235,396 Via Brig. G. d’ Anna 2 278,292 9,086 235,396

CASSINO 309,576 - 261,096 Via G. Donizetti 15 309,576 - 261,096

286 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

CATANIA 426,643 - 58,172 Corso Sicilia 71 426,643 - 58,172

CATANZARO 577,220 - 387,942 Corso Mazzini 4 577,220 - 387,942

CATTOLICA 305,566 - 215,717 Via Garibaldi 55 305,566 - 215,717

CECINA 719,677 11,188 597,763 Corso Matteotti 146 719,677 11,188 597,763

CEFALU’ 320,719 - 177,767 Piazza Bellipanni 26 320,719 - 177,767

CERVIGNANO DEL FRIULI 338,194 - 161,523 Via Roma 40 338,194 - 161,523

CHIUSI 237,086 12,642 200,234 Via Pasubio 25 237,086 12,642 200,234

CIRIE’ 287,935 - 131,658 Via Matteotti 58 287,935 - 131,658

CIVITA CASTELLANA 177,591 - 120,365 Via della Repubblica 24 177,591 - 120,365

CODOGNO 139,797 - 100,974 Via Galilei 7-9 139,797 - 100,974

CODROIPO 299,544 - 111,826 Via IV Novembre 3 299,544 - 111,826

COLLEFERRO 275,783 9,693 236,811 Via delle 5 Giornate 8 275,783 9,693 236,811

COLLESALVETTI 203,655 - 109,369 Via Umberto I 7 203,655 - 109,369

CONEGLIANO 524,034 45,991 389,988 Corso Mazzini 34 524,034 45,991 389,988

CORNUDA 161,700 - 79,455 Via Zanini 14 161,700 - 79,455

CORSICO 561,673 22,746 488,864 Via Milano 7 561,673 22,746 488,864

COSSATO 118,215 - 48,096 Via Trento 15-15/A 118,215 - 48,096

287 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

DERUTA 193,173 - 96,095 Via Tiberina 223/A 193,173 - 96,095

ERBA 330,721 - 171,478 Via XXV Aprile 23 330,721 - 171,478

FABRIANO 2,646,621 - 1,529,568 Via G. B. Miliani 23 2,646,621 - 1,529,568

FAENZA 374,193 26,330 245,714 Corso Garibaldi 10 374,193 26,330 245,714

FERMO 403,211 - 296,271 Piazza Ostilio Ricci 1 403,211 - 296,271

FIGLINE VALDARNO 708,558 17,552 594,504 Via S. Croce 14 708,558 17,552 594,504

FIUGGI 171,906 - 2,519 Via Prenestina 28 171,906 - 2,519

FRANCAVILLA AL MARE 204,146 - 80,298 Via Maiella 21 204,146 - 80,298

FROSINONE 647,882 28,913 555,754 Piazza Caduti Via Fani 31 647,882 28,913 555,754

FUCECCHIO 373,800 - 267,018 Via C. Battisti 93 373,800 - 267,018

GAVIRATE 253,084 - 140,070 Via Al Lido Cond. Riale 5 253,084 - 140,070

GELA 234,520 - 85,394 Via Venezia 93 234,520 - 85,394

GEMONA DEL FRIULI 312,407 6,527 140,648 Via Santa Lucia 23 312,407 6,527 140,648

GENOVA 10,053,670 - 4,236,519 Via Dodici Ottobre 1-3 10,053,670 - 4,236,519

GIOIA DEL COLLE 214,867 17,535 153,177 Via Apollo 15 214,867 17,535 153,177

GOITO 213,723 - 118,677 Via Xxvi Aprile 1 213,723 - 118,677

GROTTAGLIE 243,933 16,163 211,193 Via Parini 1 243,933 16,163 211,193

288 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

IESOLO 458,003 - 273,827 Piazza Brescia 10 458,003 - 273,827

IMOLA 550,628 12,398 372,591 Via Aldrovandi 23 550,628 12,398 372,591

IMPERIA 241,960 7,982 191,737 Via Berio 22 241,960 7,982 191,737

ISOLA DEL LIRI 130,507 - 47,509 Via Roma 7 130,507 - 47,509

IVREA 411,244 6,109 199,035 Via Dora Baltea 10 411,244 6,109 199,035

LA SPEZIA 1,662,967 36,049 1,362,084 Via Domenico Chiodo 67 1,662,967 36,049 1,362,084

L’AQUILA 271,236 18,673 223,886 Via S. Agostino 25 271,236 18,673 223,886

LATINA 460,712 26,004 363,491 Via XVIII Dicembre 44 460,712 26,004 363,491

LATISANA 186,871 8,496 116,614 Piazza Duomo 8 186,871 8,496 116,614

LAVENO MOMBELLO 235,520 - 120,883 Piazza Vittorio Veneto 10 235,520 - 120,883

LECCE 318,466 475 204,925 Via F. Lo Re 38 318,466 475 204,925

LEGNAGO 241,688 - 103,418 Piazza S. Martino 1 241,688 - 103,418

LICATA 112,551 - 28,026 Piazza Linares 4 112,551 - 28,026

LIVORNO 2,233,016 65,658 1,755,246 Piazza Cavour 37 2,233,016 65,658 1,755,246

LUINO 347,802 19,552 283,850 Via Vittorio Veneto 19/A 347,802 19,552 283,850

MACERATA 553,090 5,092 447,999 Galleria Del Commercio 29 553,090 5,092 447,999

MACOMER 169,582 4,537 68,628 Piazza Garibaldi 169,582 4,537 68,628

289 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

MAGENTA 221,599 13,427 179,110 Galleria dei Portici 10 221,599 13,427 179,110

MALNATE 252,932 - 91,236 Via Garibaldi 35 252,932 - 91,236

MANTOVA 515,433 - 118,246 Via Bellalancia 2 515,433 - 118,246

MARIANO COMENSE 188,060 - 79,150 Corso Brianza 8/10 188,060 - 79,150

MATERA 348,292 10,770 293,961 Via Roma 71 348,292 10,770 293,961

MELEGNANO 505,677 22,450 450,438 Via Castellini 43 505,677 22,450 450,438

MELZO 448,298 21,697 382,070 Piazza Garibaldi 8 448,298 21,697 382,070

MERATE 517,079 13,893 441,377 Via Don C. Cazzaniga 13 517,079 13,893 441,377

MIRA 395,695 - 211,140 Via D. Alighieri 395,695 - 211,140

MIRANDOLA 227,252 - 113,079 Via F. Cavallotti 10 227,252 - 113,079

MODICA 114,441 - 34,147 Via Conceria 69 114,441 - 34,147

MONFALCONE 241,598 - 121,286 Viale San Marco 60 241,598 - 121,286

MONSELICE 375,366 19,291 274,227 Via C. Battisti 5/1 375,366 19,291 274,227

MONTEBELLUNA 510,219 - 178,436 Corso Mazzini 123 510,219 - 178,436

MONTEMURLO 312,872 - 203,899 Via Treviso 20 312,872 - 203,899

MONTEROTONDO 367,680 9,951 232,158 Via Mameli 37 367,680 9,951 232,158

MORTARA 189,398 9,037 158,259 Corso Garibaldi 36 189,398 9,037 158,259

290 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

NAPOLI 20,388,156 - 6,328,547 Via Giovanni Porzio 4 20,388,156 - 6,328,547

NARDO’ 76,287 - 18,693 Via Aldo Moro 71 76,287 - 18,693

NETTUNO 434,005 7,477 251,064 P.zza IX Settembre 5 434,005 7,477 251,064

NOCERA INFERIORE 412,004 13,636 258,402 Via Garibaldi 40 412,004 13,636 258,402

NOVENTA VICENTINA 194,273 - 72,417 Corso Matteotti 87 194,273 - 72,417

OLBIA 272,793 10,148 197,184 Via de Filippi 29 272,793 10,148 197,184

OLGIATE COMASCO 161,123 - 54,487 Via Roma 43 161,123 - 54,487

OPERA 259,800 - 113,150 Via F. Bandiera 7 259,800 - 113,150

ORBASSANO 208,056 - 95,052 Via Vitt. Emanuele 17 208,056 - 95,052

ORBETELLO 412,981 - 285,393 Piazza Plebiscito 17 412,981 - 285,393

ORISTANO 207,096 21,066 121,070 Via Lombardia 14 207,096 21,066 121,070

OSTIGLIA 273,628 - 131,331 Via Miglioretti 273,628 - 131,331

PADOVA 16,479,854 308,881 13,805,894 Via Cesare Battisti 3 16,479,854 308,881 13,805,894

PALERMO 969,988 60,988 894,860 Via della Liberta’ 50 969,988 60,988 894,860

PATTI 218,160 - 139,200 Via S. Antonino 5 218,160 - 139,200

PAVIA 439,691 18,411 321,319 Piazza della Vittoria 19 439,691 18,411 321,319

PESCARA 1,299,946 - 1,123,300 Corso Umberto I 103 1,299,946 - 1,123,300

291 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

PIACENZA 748,389 - 643,968 Via Cerri 7 748,389 - 643,968

PIEVE DI CADORE 147,351 10,071 123,903 Piazza Municipio 7 147,351 10,071 123,903

PISA 526,004 1,079 465,564 Viale Antonio Gramsci 14 526,004 1,079 465,564

PONSACCO 206,217 - 94,010 Via P. Togliatti 39 206,217 - 94,010

PONTASSIEVE 312,792 - 95,745 Via Montanelli 41 312,792 - 95,745

PONTEDERA 426,866 22,201 308,537 Via Manzoni 11 426,866 22,201 308,537

PORDENONE 496,632 - 201,647 Viale Cossetti 10 496,632 - 201,647

PORTICI 483,521 29,677 388,710 Corso Garibaldi 41 483,521 29,677 388,710

POTENZA 834,537 - 38,621 Via Pretoria 132 834,537 - 38,621

PRESEZZO 203,615 - 105,925 Via A. de Gasperi 1 203,615 - 105,925

QUARTU SANT’ELENA 139,070 - 43,849 Viale C. Colombo 189 139,070 - 43,849

RAGUSA 628,326 - 274,118 Corso Italia 88 628,326 - 274,118

REGGIO DI CALABRIA 817,413 - 391,385 Via Nino Bixio 15 817,413 - 391,385

REZZATO 251,414 - 96,305 Via L. da Vinci 68 251,414 - 96,305

RHO 627,855 12,567 309,691 Via Madonna 32 627,855 12,567 309,691

ROMANO DI LOMBARDIA 220,937 - 125,857 Via San Giorgio 220,937 - 125,857

RONCADE 282,059 - 124,896 Via Pantiera 10 282,059 - 124,896

292 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

ROSSANO 165,381 - 1,151 Viale Luca de Rosis 6 165,381 - 1,151

ROVATO 377,236 10,080 230,139 Via Bonomelli 120 377,236 10,080 230,139

SALA CONSILINA 141,963 7,929 101,757 Via Mezzacapo 141,963 7,929 101,757

SAN BENEDETTO DEL TRONTO 456,459 17,882 395,978 Via Gramsci 1 456,459 17,882 395,978

SAN GIOVANNI VALDARNO 871,036 37,397 676,542 Corso Italia 24 871,036 37,397 676,542

SAN LAZZARO DI SAVENA 288,512 - 184,393 Via Emilia 65 288,512 - 184,393

SAN POLO DI PIAVE 152,872 - 80,609 Via Florida 16 152,872 - 80,609

SAN REMO 521,208 11,041 431,915 Via Matteotti 167 521,208 11,041 431,915

SAN SEVERINO MARCHE 120,981 - 63,768 Viale Mazzini 7 120,981 - 63,768

SAN SEVERO 170,922 - 27,411 Via Caravaggio 10 170,922 - 27,411

SANLURI 109,814 10,277 71,942 Via Carlo Felice 80 109,814 10,277 71,942

SANTA MARIA CAPUA VETERE 273,830 - 176,427 Via Giovanni Paolo I 273,830 - 176,427

SANT’ANGELO IN LIZZOLA 152,300 - 67,325 Via Pio La Torre 15/D 152,300 - 67,325

SAREZZO 231,637 - 84,814 Via Repubblica 10 231,637 - 84,814

SARZANA 275,632 7,006 218,351 Via P. Gori 32 275,632 7,006 218,351

SASSARI 273,571 18,722 155,838 Piazza M. Mazzotti 11/C 273,571 18,722 155,838

SASSUOLO 318,602 - 165,578 Via San Carlo 30 318,602 - 165,578

293 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

SCHIO 314,934 15,621 266,454 Via Marconi 10 314,934 15,621 266,454

SEGRATE 196,917 - 103,681 Via Modigliani 2 196,917 - 103,681

SERIATE 213,966 - 141,501 Corso Roma 70 213,966 - 141,501

SESSA AURUNCA 86,118 9,016 21,648 Corso Lucilio 80 86,118 9,016 21,648

SIENA 2,901,454 - 2,068,156 Via Del Cavallerizzo 1 2,901,454 - 2,068,156

SIGNA 375,661 14,689 327,729 Via Galileo Galilei 1/3 375,661 14,689 327,729

SPRESIANO 267,781 - 136,702 Via Dante 38/3 267,781 - 136,702

SUSA 255,914 19,514 217,915 Corso Inghilterra 12/C 255,914 19,514 217,915

TARANTO 237,878 25,055 83,778 Via XX Settembre 3 237,878 25,055 83,778

TERAMO 371,006 - 182,990 Viale Bovio 129-B 371,006 - 182,990

TERRACINA 268,959 13,773 218,641 Viale della Vittoria 50 268,959 13,773 218,641

TORINO 18,914,808 469,560 13,391,569 Via Giovanni Botero 18 18,914,808 469,560 13,391,569

TRADATE 347,306 - 250,010 Corso Bernacchi 55 347,306 - 250,010

TRAPANI 133,599 - 79,562 Via Marsala 24 133,599 - 79,562

TREVIGLIO 417,219 9,936 326,621 Viale Montegrappa 3 417,219 9,936 326,621

TREVISO 1,126,401 - 787,530 Via Indipendenza 5 1,126,401 - 787,530

VERBANIA 197,072 11,458 170,962 Piazza Castello 27 197,072 11,458 170,962

294 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values ITALY at 31/12/2010 (*) Monetary revaluations Other revaluations

VERCELLI 677,344 17,551 498,412 Corso Liberta’ 47 677,344 17,551 498,412

VEROLANUOVA 398,287 14,959 281,501 Via Zanardelli 8 398,287 14,959 281,501

VICENZA 412,402 - 74,323 Via dei Frassini 23 412,402 - 74,323

VIGNOLA 396,543 - 187,205 Via Spilamberto 554 396,543 - 187,205

VILLA GUARDIA 399,120 - 144,549 Via Mazzini 19/A 399,120 - 144,549

VITTORIO VENETO 803,683 17,756 606,912 Viale della Vittoria 179 803,683 17,756 606,912

VOGHERA 324,431 35,636 175,989 Piazzetta Plana 1 324,431 35,636 175,989

VOLTERRA 243,769 - 144,443 Via Ricciarelli 21 243,769 - 144,443

TOTAL ITALY 1,412,120,820 13,575,813 1,032,772,720

(*) Total book value includes as amount of Euro 14,533,078 for work in progress.

295 Urban real estate on which revaluations have been carried out values in euro

Total or partial (Art. 10 of Law 19/3/83 n. 72) Place book values FOREIGN COUNTR at 31/12/2010 (*) Monetary revaluations Other revaluations

GReat Britain 903,519 - 670,973 LONDON 903,519 - 670,973 Renwick Road 903,519 - 670,973

FRANCE 1,866,667 - 75,567 PARIS 1,866,667 - 75,567 101 Av. Henri Martin - 31 Bld. Sandeau 1,866,667 - 75,567

PORTUGAL 1,984,822 - 294,829 LISBON 1,984,822 - 294,829 Rua Misericordia 1,259,846 - 208,632 Rua Ceuta, 39 636,538 - 14,051 Amadora - M.Dois 88,438 - 72,145

MAROCCO 987,147 232,929 676,022 CASABLANCA 987,147 232,929 676,022 Rue Mustapha El Maani, 88 308,977 29,799 266,573 Av. des Forces de l’Armee Royale, 11 136,430 75,773 107,269 Rue Jean Jaures, 26 541,740 127,357 302,180

EGYPT 10,284,021 64,328 11,757,511 IL CAIRO 10,284,021 64,328 11,757,511 Abdel Khalik Sarwat, 33 10,284,021 64,328 11,757,511

LEBANON 7,776,216 12,865 5,281,190 BEIRUT 7,776,216 12,865 5,281,190 Place de l’Etoile 7,776,216 12,865 5,281,190

TOTAL abroad 23,802,392 310,123 18,756,091

summary (in euro)

buildings in cities italy 1,412,120,820 13,575,813 1,032,772,720 buildings in cities abroad 23,802,392 310,123 18,756,091 Grand Total 1,435,923,211 13,885,936 1,051,528,811

296 Finmeccanica – ATR 600 version aircraft

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 (Pty) 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 Assicurazioni Generali S.p.A. 20.500% Alleanza Toro S.p.A. 19.600% 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 Africa (Proprietary) Limited Johannesburg - South Africa Europ Assistance Worldwide Services (Pty) Ltd 100.000% 100.000% Access Health South Africa (Pty) Ltd Constantia Kloof - South Africa Europ Assistance Worldwide Services (Pty) Ltd 68.000% 68.000% Adriatica Participations Financières S.A. Bruxelles - Belgium Flandria Participations Financières S.A. 0.002% Generali Beteiligungs- und Verwaltungs-AG 99.998% 100.000% Advantage Financial S.A. Luxembourg - Luxembourg BSI Luxembourg S.A. 15.000% 15.000% AdvoCard Rechtsschutzversicherung Aktiengesellschaft Hamburg - Germany AachenMünchener Versicherung AG 29.290% Generali Versicherung Aktiengesellschaft 70.710% 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% 298 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% AIV d.o.o. za poslovanje nekretninama Zagreb - Croatia Allgemeine Immobilien-Verwaltungs-Gesellschaft mbH 100.000% 100.000% AIV Sprava Nemovitosti s.r.o. Prague - Czech Republic 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% Alleanza Toro S.p.A. Turin - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Alleanza Toro Servizi Assicurativi S.r.l. Milan - Italy Alleanza Toro 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 Generali Holding Vienna AG 62.500% Assicurazioni Generali S.p.A. 37.500% 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% 299 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

AM RE Verwaltungs GmbH Aachen - Germany AachenMünchener Lebensversicherung AG 100.000% 100.000% AM Sechste 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 für Personenversicherungen mbH Frankfurt - Germany ATLAS Dienstleistungen für Vermögensberatung GmbH 100.000% 100.000% AM Vertriebsservice-Gesellschaft Sachversicherungen mbH Frankfurt - Germany ATLAS Dienstleistungen für Vermögensberatung GmbH 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% ANAC All-finance Nederland Advies Combinatie B.V. Eindhoven - Netherlands Nederlands Algemeen Verzekeringskantoor B.V. 85.000% 85.000% 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% Art Defender S.p.A. Milan - Italy Augusta Assicurazioni S.p.A. 20.000% 20.000% Arxcis Global Wealth Management Ltd Tel Aviv - Israel Migdal Capital Markets (1965) Ltd 49.000% Mivtach-Simon Insurance Agencies Ltd 51.000% 100.000% Aseguradora General S.A. Guatemala - Guatemala Assicurazioni Generali S.p.A. 51.000% 51.000%

300 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Ashmoret Tihona Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% 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 Pensiones Banorte Generali S.A. de C.V. 1.000% Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 99.000% 100.000% Assitimm S.r.l. Trieste - Italy Assicurazioni Generali S.p.A. 1.000% Iniziative Sviluppo Immobiliare ISIM S.p.A. 99.000% 100.000% Assurances Maghrebia S.A. Tunisi - Tunisia Assicurazioni Generali S.p.A. 44.169% 44.169% Assurances Maghrebia Vie S.A. Tunisi - Tunisia Assicurazioni Generali S.p.A. 44.169% 44.169% 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 S.A. 49.790% 49.790% 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 Alleanza Toro S.p.A. 100.000% 100.000% Augusta Vita S.p.A. Turin - Italy Augusta Assicurazioni S.p.A. 100.000% 100.000% Autolinee Regionali Luganesi S.A. Viganello (CH) - Switzerland BSI S.A. 27.583% 27.583% AUTOTÁL Biztosítási Szolgáltató Kft Budapest - Hungary Generali-Providencia Biztosító Rt. 100.000% 100.000% 301 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

AUTOTÁL Expert Ize Daune Srl Tirgu Mures - Romania AUTOTÁL Biztosítási Szolgáltató Kft 51.000% 51.000% Avgad Yahalom Management and Services Ltd Ramat Gan - Israel Migdal Real Estate Holdings Ltd 47.455% 47.455% AVS Privatkunden Versicherungservice GmbH Vienna - Austria Generali Sales Promotion GmbH 90.000% 90.000% 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% BA1 Alstercampus Grundstücksgesellschaft mbH & Co. KG Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 50.000% 50.000% Bad Kleinkircheneimer Bergbahnen Sport- und Kuranlagen GmbH & Co. KG Bad Kleinkircheim - Austria Generali Versicherung AG 15.000% 15.000% BAWAG PSK Versicherung AG Vienna - Austria Generali Holding Vienna AG 74.999% 74.999% BBG Beteiligungsgesellschaft m.b.H. Munich - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% BDG Verwaltung Ltd Nassau - Bahamas GTC Nominee Ltd 100.000% 100.000% Beta S.r.l. Vicenza - Italy Assicurazioni Generali S.p.A. 49.456% 49.456% BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A. Trieste - Italy 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% 302 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Bien-Être Assistance S.A. Paris - France Europ Assistance France S.A. 50.000% 50.000% 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 Vorsorgekasse AG Vienna - Austria Generali Holding Vienna AG 50.000% 50.000% Bourbon Courtage S.A. Sainte Clotilde - France Prudence Creole 99.759% Generali IARD S.A. 0.120% Generali Vie S.A. 0.120% 100.000% BSI (Panama) S.A. Panama City - Panama BSI S.A. 100.000% 100.000% BSI Administration Ltd Nassau - Bahamas GTC Nominee 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 Managers SAM Montecarlo - Monaco BSI Monaco SAM 99.960% 99.960% BSI Bank Limited Singapore - Singapore BSI S.A. 100.000% 100.000% BSI Consultores S.A. Montevideo - Uruguay 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 Generali Worldwide Insurance Company Limited 100.000% 100.000% 303 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

BSI Healthcapital SA Lugano - Switzerland BSI S.A. 100.000% 100.000% 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 Advisors HK Ltd Wanchai - Hong Kong 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 Management Ltd Nassau - Bahamas GTC Nominee Ltd 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% 304 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% 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 Corporation (Malta) Ltd Valletta - Malta BSI S.A. 98.000% 98.000% BSI Trust Corporation (New Zealand) Ltd Auckland - New Zeland BSI S.A. 100.000% 100.000% BSI Trust Corporation (Singapore) Ltd Singapore - Singapore BSI S.A. 100.000% 100.000% BSI Wealth & Family SIM S.p.A. Milan - Italy 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 Outline AG Lucerna - Switzerland B-Source S.A. 85.000% 85.000% B-Source S.A. Manno - Switzerland BSI S.A. 100.000% 100.000% Bureau d’Assurances et de Prêts Jean-Marie Boulange Vielsalm - Belgium Generali Belgium S.A. 98.000% 98.000% CA Global Property Internationale Immobilien AG Vienna - Austria Generali Versicherung AG 67.742% 67.742%

305 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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 27.500% Assicurazioni Generali S.p.A. 62.500% 90.000% 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% 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. Toronto - Canada Europ 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. Nassau - Bahamas Europ Assistance Bahamas Ltd 100.000% 100.000% Carthage Assistance et Services S.A. Tunisi - Tunisia Europ Assistance Holding S.A. 48.941% 48.941% Carthage Assistance Services (Libye) Tripoli - Libia Carthage Assistance et Services S.A. 100.000% 100.000% Casaletto S.r.l. - Società Unipersonale Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000% 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%

306 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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 poist’ovnˇa ZDRAVI a.s. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% Ceska pojistovna, a.s. Prague - Czech Republic CZI Holdings N.V. 100.000% 100.000% CESTAR – Centro Studi Auto Riparazioni S.c.r.l. Pero - Italy Augusta Assicurazioni S.p.A. 0.250% Alleanza Toro S.p.A. 0.250% Assicurazioni Generali S.p.A. 98.000% Fata Assicurazioni Danni S.p.A. 0.250% Generali Business Solutions S.c.p.A. 1.000% Ina Assitalia S.p.A. 0.250% 100.000% 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% Cinecittà Parchi S.p.A. Rome - Italy Generali Properties S.p.A. 19.840% 19.840% Citadel Insurance plc Floriana - Malta Ina Assitalia S.p.A. 20.158% 20.158% City Empiria a.s. Prague - Czech Republic CˇP INVEST Realitní Uzavrˇený Investicˇní Fond a.s. 100.000% 100.000% CityLife S.r.l. Milan - Italy Generali Properties S.p.A. 41.264% 41.264% 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% 307 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Cofifo S.A. Paris - France Generali France S.A. 100.000% 100.000% Comercial Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Solida Banorte Generali S.A. de C.V. Afore 34.000% Pensiones Banorte Generali S.A. de C.V. 33.000% Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 33.000% 100.000% Consel S.p.A. Biella - Italy Alleanza Toro S.p.A. 32.500% 32.500% 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 European Real Estate Investments 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 the Netherlands BV Deventer - Netherlands Europ Assistance Nederland Holding 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% 308 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% CˇP INVEST Realitní Uzavrˇený Investicˇní Fond a.s. Prague - Czech Republic Ceska pojistovna, a.s. 92.593% Generali Pojistovna a.s. 7.407% 100.000% CP Strategic Investments B.V. Amsterdam - Netherlands CZI Holdings N.V. 100.000% 100.000% CPM Internacional d.o.o. Zagreb - Croatia Sementi Dom Dotto S.p.A. 100.000% 100.000% Credough Ltd Randburg - South Africa Europ Assistance Worldwide Services (Pty) Ltd 100.000% 100.000% CRM.Dev S.A. Kuurne - Belgium Generali Belgium S.A. 33.334% 33.334% 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% D.A.S. Legal Services S.r.l. Verona - Italy DAS - Difesa Automobilistica Sinistri S.p.A. 100.000% 100.000% Daqdill Investments Limited Navan - Co. Meath - Ireland Assicurazioni Generali S.p.A. 100.000% 100.000% DAS - Difesa Automobilistica Sinistri S.p.A. Verona - Italy Alleanza Toro S.p.A. 50.008% 50.008% Data Car Israel Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 50.000% 50.000%

309 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% Dein Plus GmbH - Vorteile für Gewerkschaftsmitglieder Frankfurt - Germany Volksfürsorge AG Vertriebsgesellschaft für Vorsorge- und Finanzprodukte 60.000% 60.000% Delta Generali Holding d.o.o. Podgorica Podgorica - Republic of Montenegro Delta Generali Osiguranje a.d.o. 33.000% Delta Generali Reosiguranje a.d. 18.000% 51.000% Delta Generali Osiguranje a.d.o. Belgrade - Serbia Generali PPF Holding B.V. 50.023% 50.023% Delta Generali Osiguranje ad Podgorica Podgorica - Republic of Montenegro Delta Generali Holding d.o.o. Podgorica 99.966% 99.966% Delta Generali Reosiguranje a.d. 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 99.923% 99.923% Deutsche Bausparkasse Badenia Aktiengesellschaft Karlsruhe - Germany Generali Lebensversicherung Aktiengesellschaft 31.304% Generali Deutschland Holding AG 68.696% 100.000% Deutsche Vermögensberatung Aktiengesellschaft DVAG Frankfurt - Germany Generali Deutschland Holding AG 40.000% 40.000% 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% 310 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Donatello Intermediazione S.r.l. Rome - Italy Assicurazioni Generali S.p.A. 10.870% Ina Assitalia S.p.A. 89.130% 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% Dynamic Securities S.A. Athens - Greece BSI S.A. 15.739% 15.739% E3 S.a.r.l. Gennevilliers - France Europ Assistance Holding S.A. 100.000% 100.000% EABS Serviços de Assistencia e Partecipaçoes S.A. Osasco, São Paulo - Brazil Primeira Cruz - Comercio e Consultoria, Lda 12.998% Ponte Alta - Comercio e Consultoria, Lda 37.002% 50.000% EA-IHS Services Nigeria Limited Calabar - Nigeria Europ Assistance IHS Services S.A.S. 100.000% 100.000% EASA Training Academy (Pty) Ltd Constantia Kloof - South Africa Europ Assistance Worldwide Services (Pty) Ltd 90.000% 90.000% E-Cie Vie S.A. Paris - France Generali France Assurance S.A. 90.224% Generali France S.A. 0.000% 90.224% Editorial Española de Seguros S.A. Madrid - Spain Generali España, 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% ENVIVAS Krankenversicherung AG Cologne - Germany Generali Deutschland Holding AG 100.000% 100.000% 311 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

EOS Servizi Fiduciari S.p.A. Milan - Italy BSI S.A. 100.000% 100.000% Erasmus Management Ltd Nassau - Bahamas GTC Nominee 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% Europ Assistance – IHS Services Cameroun, Société à Responsabilité Limitée Douala - Camerun Europ Assistance IHS Services S.A.S. 100.000% 100.000% 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 (Nederlands) B.V. Arnhem - Netherlands Europ Assistance Nederland 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. 28.897% Ponte Alta - Comercio e Consultoria, Lda 56.095% 84.992% 312 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Europ Assistance Bahamas Ltd Nassau - Bahamas Europ Assistance IHS Services S.A.S. 99.990% 99.990% Europ Assistance Belgium S.A. Bruxelles - Belgium Generali Belgium S.A. 0.000% Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance Brasil Serviços de Assistancia S.A. São Paulo - Brazil EABS Serviços de Assistencia e Partecipaçoes S.A. 100.000% 100.000% Europ Assistance Canada Inc. Toronto - Canada 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% Europ Assistance España S.A. de Seguros y Reaseguros Madrid - Spain Europ Assistance Holding S.A. 95.000% Generali España, S.A. de Seguros y Reaseguros 5.000% 100.000% Europ Assistance Financial Services (Pty) Ltd Constantia Kloof - South Africa Europ Assistance Worldwide Services (Pty) Ltd 58.000% 58.000% Europ Assistance France S.A. Gennevilliers - France Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance Gesellschaft mbH Vienna - Austria Europ Assistance Holding S.A. 75.000% Generali Holding Vienna AG 25.000% 100.000% Europ Assistance Holding S.A. Paris - France Participatie Maatschappij Graafschap Holland N.V. 5.010% Generali Vie S.A. 43.968% Generali France S.A. 51.002% 99.980% Europ Assistance Holdings Ltd Haywards Heath (W.Sussex) - United Kingdom Europ Assistance Holding S.A. 100.000% 100.000%

313 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Europ Assistance IHS (Proprietary) Limited Constantia Kloof - South Africa Europ Assistance Worldwide Services (Pty) Ltd 15.000% Europ Assistance IHS Services S.A.S. 65.000% 80.000% Europ Assistance IHS Services Angola Limitada Luanda - Angola Europ Assistance IHS Services S.A.S. 90.000% 90.000% 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 Europ Assistance Holding S.A. 74.000% Generali-Providencia Biztosító Rt. 26.000% 100.000% Europ Assistance Medical Services Internationals S.A. Tunisi - Tunisia Europ Assistance Holding S.A. 44.000% 44.000% Europ Assistance Nederland Holding BV Deventer - Netherlands Europ Assistance Holding S.A. 57.168% Generali Schadeverzekering Maatschappij N.V. 12.800% 69.968% Europ Assistance North America, Inc. Davie - U.S.A. Europ Assistance Holding S.A. 100.000% 100.000% Europ Assistance Océanie S.A.S. 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%

314 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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 S.A. (Chile) Providencia (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 GmbH Munich - Germany Europ Assistance Versicherung AG 100.000% 100.000% Europ Assistance Services S.A. Bruxelles - Belgium Europ Assistance Belgium S.A. 80.000% Generali Belgium S.A. 20.000% 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 Téléassistance S.A.S. Gennevilliers - France Europ Assistance France S.A. 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 North America, Inc. 100.000% 100.000% Europ Assistance Vai S.p.A. Milan - Italy Europ Assistance Service S.p.A. 100.000% 100.000% 315 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Europ Assistance Versicherung AG Munich - Germany Generali Deutschland Holding AG 25.000% Europ Assistance Holding S.A. 75.000% 100.000% Europ Assistance Vostok OOO Moscow - Russia Europ Assistance CEI OOO 60.000% 60.000% Europ Assistance Worldwide Services (Pty) 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 Assistance Yardım ve Destek Hizmetleri Ticaret Anonim S¸irketi Taksim Istanbul - Turkey Europ Assistance Holding S.A. 99.200% 99.200% Europ Servicios S.p.A. (Chile) Santiago - Chile Europ Assistance SA (Chile) 100.000% 100.000% Europai Utazasi Biztosito Rt. Budapest - Hungary Europäische Reiseversicherungs AG 13.000% Generali-Providencia Biztosító Rt. 61.000% 74.000% Europäische Reiseversicherungs AG Vienna - Austria Generali Holding Vienna AG 74.990% 74.990% Européenne de Protection Juridique S.A. Paris - France Generali IARD S.A. 0.007% Generali France Assurance S.A. 99.986% Generali Vie S.A. 0.007% 100.000% Eurotransitservice JSC Rava-Ruska - Lviv - Ukraine Generali Garant Insurance JSC 70.294% 70.294% Expert & Finance S.A. Lyon - 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%

316 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Famillio Agent de Asigurare Srl Bihor - Oradea - Romania Famillio Befektetési és Tanácsadó Kolátoit Feleösségü Társág 100.000% 100.000% Famillio Befektetési és Tanácsadó Kolátoit Feleösségü Társág Budapest - Hungary Generali-Providencia Biztosító Rt. 98.718% 98.718% Famillio Pensii Private Srl Bihor - Oradea - Romania Famillio Agent de Asigurare Srl 0.400% Famillio Befektetési és Tanácsadó Kolátoit Feleösségü Társág 99.600% 100.000% 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. 99.979% 99.979% Fidelis Agenzia di Assicurazioni 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. Mogliano Veneto - Italy Assicurazioni Generali S.p.A. 0.100% Alleanza Toro S.p.A. 99.900% 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% Fin-Log GmbH Munich - Germany B-Source S.A. 100.000% 100.000% 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 Generali Belgium S.A. 0.000% Generali Vie S.A. 6.487% Assicurazioni Generali S.p.A. 93.513% 100.000%

317 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Foncière des Murs Paris - France Generali Vie S.A. 20.563% 20.563% Foncière Hypersud S.A. Issy Les Moulineaux - France Generali Vie S.A. 48.636% 48.636% Fondi Alleanza Società di Gestione Risparmio S.p.A. Milan - Italy Alleanza Toro S.p.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% Frescobaldi S.à.r.l. Luxembourg - Luxembourg Generali European Real Estate Investments S.A. 100.000% 100.000% Froline Exclusive Ltd Tel Aviv - Israel Migdal Makefet Pension and Provident Funds Ltd 55.000% 55.000% Fundamenta-Lakáskassza Lakás-takarékpénztár Zártköru˝en Mu˝ködo˝ 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% Future Generali India Life Insurance Company Ltd Mumbai (Bombay) - India Participatie Maatschappij Graafschap Holland N.V. 25.500% 25.500% Garant-Consulting Ltd Kiev - Ukraine Generali Garant Insurance JSC 99.062% 99.062% 318 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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 Levensverzekering Maatschappij N.V. 100.000% 100.000% General Securities Corporation of North America New York - U.S.A. Generali North American Holding 1 S.à r.l. 1.000% GNAREH 1 Farragut LLC 97.000% Generali North American Holding 2 S.à r.l. 1.000% Generali North American Holding S.à r.l. 1.000% 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. 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% Generali Alapkezelo˝ Zártköru˝en Mu˝ködo˝ Részvénytársaság Budapest - Hungary Generali-Providencia Biztosító Rt. 74.000% Generali PPF Holding B.V. 26.000% 100.000% Generali Argentina Compañía de Seguros S.A. Buenos Aires - Argentina Assicurazioni Generali S.p.A. 100.000% 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 83.797% 83.797% 319 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Assurances Générales Geneve - Switzerland Generali (Schweiz) Holding AG 99.921% 99.921% Generali AutoProgram Spzoo Warsaw - Poland Generali Finance spólka z ograniczona˛ odpowiedzialnos´cia˛ 100.000% 100.000% Generali Bank AG Vienna - Austria Generali Versicherung AG 21.429% Generali Holding Vienna AG 78.571% 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 Ina Assitalia S.p.A. 32.294% Participatie Maatschappij Graafschap Holland N.V. 24.907% Generali Finance B.V. 0.282% Genass-Invest S.A. 10.940% Generali Levensverzekering Maatschappij N.V. 9.053% Flandria Participations Financières S.A. 22.519% 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% 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%

320 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Brasil Seguros S.A. Rio De Janeiro - Brasil Assicurazioni Generali S.p.A. 74.369% Transocean Holding Corporation 25.619% 99.988% Generali Bulgaria Holding EAD Sofia - Bulgaria Generali PPF Holding B.V. 100.000% 100.000% Generali Business Solutions S.c.p.A. Trieste - Italy Banca Generali S.p.A. 0.300% BG Fiduciaria - Società di Intermediazione Mobiliare S.p.A. 0.010% BG Società di Gestione Risparmio S.p.A. 0.250% Europ Assistance Italia S.p.A. 0.010% Ina Assitalia S.p.A. 0.250% Generali International Business Solutions - s.c.a.r.l. 0.050% Augusta Assicurazioni S.p.A. 0.250% Generali Immobiliare Italia SGR S.p.A. 0.010% Generali Investments Italy S.p.A. Società di Gestione Risparmio 0.250% SIMGENIA S.p.A. Società di Intermediazione Mobiliare 0.250% Fata Assicurazioni Danni S.p.A. 0.250% Augusta Vita S.p.A. 0.250% Fondi Alleanza Società di Gestione Risparmio S.p.A. 0.010% Genertellife S.p.A. 0.250% Alleanza Toro S.p.A. 0.510% Alleanza Toro Servizi Assicurativi S.r.l. 0.010% Fata Vita S.p.A. 0.010% Assicurazioni Generali S.p.A. 96.820% Generali Factoring S.p.A. 0.010% Genertel S.p.A. 0.250% 100.000% Generali Capital Finance B.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 25.000% Generali Finance B.V. 75.000% 100.000% Generali Capital Management GmbH Vienna - Austria Generali Deutschland Holding AG 24.993% Generali Holding Vienna AG 75.007% 100.000% Generali Car Care s.r.o. Prague - Czech Republic Generali Pojistovna a.s. 100.000% 100.000% Generali China Insurance Co. Ltd Beijing - People’s Republic of China Assicurazioni Generali S.p.A. 49.000% 49.000%

321 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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 Transocean Holding Corporation 16.156% Assicurazioni Generali S.p.A. 15.375% Generali Colombia - Seguros Generales S.A. 68.281% 99.813% Generali Consulting Solutions LLC Wilmington - U.S.A. 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 Generali España, S.A. de Seguros y Reaseguros 0.931% Generali Belgium S.A. 0.931% Vitalicio Torre Cerdà S.l. 2.142% Generali Beteiligungs-GmbH 80.190% Alleanza Toro S.p.A. 1.863% Generali Assurances Générales 0.931% Generali Levensverzekering Maatschappij N.V. 0.931% Generali Vermögensverwaltung GmbH & Co. KG 5.100% 93.021% Generali Deutschland Immobilien GmbH Cologne - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Deutschland Immobilien Verwaltungs GmbH Cologne - Germany Generali Deutschland Immobilien GmbH 100.000% 100.000% Generali Deutschland Informatik Services GmbH Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000% Generali Deutschland Pensionskasse AG Aachen - Germany Generali Deutschland Holding AG 100.000% 100.000%

322 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Deutschland Pensor Pensionsfonds AG Frankfurt - Germany Generali Beteiligungs- und Verwaltungs-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 Ecuador Compañía de Seguros S.A. Guayaquil - Ecuador Assicurazioni Generali S.p.A. 51.742% 51.742% Generali Építo˝- és Tervezo˝ 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 España, S.A. de Seguros y Reaseguros Madrid - Spain Generali España Holding de Entidades de Seguros S.A. 95.239% Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales 4.665% 99.904% Generali Europe Income Holding S.A. Luxembourg - Luxembourg Generali Immobilien AG 4.520% Generali Immobiliare Asset Management S.à r.l. 40.677% Generali Vie S.A. 29.380% Generali European Real Estate Income Investments GmbH & Co. KG 20.338% Generali Real Estate Investments B.V. 2.825% E-Cie Vie S.A. 2.260% 100.000% Generali European Real Estate Income Investments GmbH & Co. KG Cologne - Germany Cosmos Lebensversicherungs Aktiengesellschaft 16.663% Generali Lebensversicherung Aktiengesellschaft 27.772% Generali Deutschland Immobilien Verwaltungs GmbH 0.011% Dialog Lebensversicherungs-Aktiengesellschaft 5.554% Central Krankenversicherung Aktiengesellschaft 22.217%

323 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

AachenMünchener Lebensversicherung AG 22.217% Generali Deutschland Immobilien GmbH 0.011% AdvoCard Rechtsschutzversicherung Aktiengesellschaft 5.554% 100.000% Generali European Real Estate Investments S.A. Luxembourg - Luxembourg AachenMünchener Lebensversicherung AG 7.812% Generali Lebensversicherung Aktiengesellschaft 16.601% Generali Vie S.A. 24.416% Assicurazioni Generali S.p.A. 25.587% Generali Vida Companhia de Seguros S.A. 1.171% Generali Rückversicherung AG 9.766% Generali Real Estate Investments B.V. 9.766% Generali España, S.A. de Seguros y Reaseguros 4.881% 100.000% Generali European Retail Investments Holdings S.A. Luxembourg - Luxembourg Assicurazioni Generali S.p.A. 24.415% Generali Real Estate Investments B.V. 9.765% Generali Belgium Invest S.A. 56.055% Generali Rückversicherung AG 9.765% 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 spólka z ograniczona˛ odpowiedzialnos´cia˛ Warsaw - Poland Generali Powszechne Towarzystwo Emerytalne S.A. 100.000% 100.000% Generali Financial Asia Limited Hong Kong - Hong Kong Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Finanz Service GmbH i.L. Unterföhring - Germany 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 poist’ovnˇa ZDRAVI a.s. 32.500% 100.000%

324 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali France Assurance S.A. Paris - France Generali France S.A. 100.000% 100.000% Generali France Immobilier S.A. Paris - France Generali France Assurance S.A. 100.000% 100.000% Generali France S.A. Paris - France Participatie Maatschappij Graafschap Holland N.V. 32.685% Assicurazioni Generali S.p.A. 67.285% Generali France S.A. 0.009% 99.979% Generali Fund Management S.A. Luxembourg - Luxembourg Banca Generali S.p.A. 50.996% Generali Investments S.p.A. 49.004% 100.000% Generali Garant Insurance JSC Kiev - Ukraine Generali Holding Vienna AG 52.386% 52.386% Generali Gerance S.A. Paris - France Generali Vie S.A. 99.667% 99.667% Generali Gestion S.A. Paris - France Generali Investments France S.A. 99.833% Generali Vie S.A. 0.056% Generali France S.A. 0.028% 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 AachenMünchener Lebensversicherung AG 15.877% Generali Lebensversicherung Aktiengesellschaft 24.385% Central Krankenversicherung Aktiengesellschaft 5.301% Generali Versicherung AG 1.150% Generali Vie S.A. 17.880% AachenMünchener Versicherung AG 1.715% 66.308% 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%

325 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Hellas - A.E. Asfaliseon Zimion Athens - Greece Assicurazioni Generali S.p.A. 100.000% Participatie Maatschappij Graafschap Holland N.V. 0.000% 100.000% Generali Holding Vienna AG Vienna - Austria Generali Finance B.V. 0.051% Generali Rückversicherung AG 29.319% Transocean Holding Corporation 37.811% Generali IARD S.A. 2.663% Participatie Maatschappij Graafschap Holland N.V. 29.722% Generali Worldwide Insurance Company Limited 0.082% Generali Assurances Générales 0.352% 100.000% 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. 100.000% 100.000% Generali Immobiliare Asset Management S.à r.l. Luxembourg - Luxembourg Assicurazioni Generali S.p.A. 100.000% 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 Insurance (Thailand) Co. Ltd Bangkok - Thailand KAG Holding Company Ltd 50.000% Generali Asia N.V. 25.000% 75.000% Generali Insurance AD Sofia - Bulgaria Generali Bulgaria Holding EAD 99.919% 99.919% Generali Insurance Life AD Sofia - Bulgaria Generali Bulgaria Holding EAD 99.559% 99.559%

326 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali International Business Solutions - s.c.a.r.l. Mogliano Veneto - Italy Generali Vie S.A. 18.519% Assicurazioni Generali S.p.A. 66.667% Generali Belgium S.A. 3.704% Generali Vida Companhia de Seguros S.A. 3.704% Generali Pojistovna a.s. 3.704% Ceska pojistovna, a.s. 3.704% 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 Belgium S.A. 0.002% Generali IARD S.A. 0.002% Generali Vie S.A. 0.008% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0.002% Generali France Assurance S.A. 50.980% Europ Assistance Holding S.A. 0.002% Generali Investments S.p.A. 49.000% 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 S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 40.000% Generali France S.A. 30.000% Generali Deutschland Holding AG 30.000% 100.000% Generali IT 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 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% 327 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Levensverzekering Maatschappij N.V. Amsterdam - Netherlands Generali Verzekeringsgroep N.V. 100.000% 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 CJSC IC Kiev - Ukraine CZI Holdings N.V. 100.000% 100.000% Generali Lloyd Versicherungsmakler GmbH Hildesheim - Germany Generali Versicherung Aktiengesellschaft 50.000% 50.000% Generali Net Insurance Broker EOOD Sofia - Bulgaria Generali Bulgaria Holding EAD 100.000% 100.000% Generali North American Holding 1 S.à r.l. Luxembourg - Luxembourg E-Cie Vie S.A. 6.557% Generali Real Estate Investments B.V. 8.197% Generali Vie S.A. 85.246% 100.000% Generali North American Holding 2 S.à r.l. Luxembourg - Luxembourg Generali Northern America Real Estate Investments GmbH & Co. KG 100.000% 100.000% Generali North American Holding S.à r.l. Luxembourg - Luxembourg Generali Immobiliare Asset Management S.à r.l. 100.000% 100.000% Generali Northern America Real Estate Investments GmbH & Co. KG Cologne - Germany Generali Lebensversicherung Aktiengesellschaft 38.873% Generali Deutschland Immobilien Verwaltungs GmbH 0.011% Cosmos Lebensversicherungs Aktiengesellschaft 16.662% Central Krankenversicherung Aktiengesellschaft 16.662% AachenMünchener Lebensversicherung AG 27.773% Generali Deutschland Immobilien GmbH 0.020% 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% 328 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Partner GmbH Frankfurt - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Generali Pensionskasse AG Vienna - Austria Generali Holding Vienna AG 100.000% 100.000% Generali Pensionsmanagement GmbH Hamburg - Germany Generali Lebensversicherung Aktiengesellschaft 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% 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 Towarzystwo Ubezpieczen S.A. 100.000% 100.000% Generali PPF Asset Management a.s. Prague - Czech Republic CZI Holdings N.V. 100.000% 100.000% Generali PPF Fund Management LLC Moscow - Russia CZI Holdings N.V. 100.000% 100.000% Generali PPF General Insurance LLC Moscow - Russia CZI Holdings N.V. 100.000% 100.000% 329 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali PPF Holding B.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 51.000% 51.000% Generali PPF Invest Public Limited Company Dublin - Eire CˇP INVEST investicˇní spolecˇnost, a.s. 100.000% 100.000% Generali PPF Life Insurance LLC Moscow - Russia CZI Holdings N.V. 100.000% 100.000% Generali PPF Services a.s. Prague - Czech Republic Generali Pojistovna a.s. 20.000% Ceska pojistovna, a.s. 80.000% 100.000% Generali Private Equity Investments GmbH Cologne - Germany Generali Investments S.p.A. 100.000% 100.000% Generali Private Equity S.A. Lugano - Switzerland Generali Investments S.p.A. 90.000% BSI S.A. 10.000% 100.000% Generali Properties S.p.A. Trieste - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Generali Real Estate Investments B.V. Amsterdam - Netherlands Generali Belgium S.A. 53.843% Generali Belgium Invest S.A. 1.316% Generali Vastgoed B.V. 44.695% IXIA N.V. 0.147% 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% E-Cie Vie S.A. 0.001% Generali France Assurance S.A. 99.992% Generali IARD S.A. 0.003% 99.998% 330 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% Generali Sigorta A.S. Istanbul - Turkey Generali Turkey Holding B.V. 99.669% 99.669% Generali Slovensko Poistovna a.s. Bratislava - Slovak Republic Generali PPF Holding B.V. 100.000% 100.000% Generali Societate de Administrare a Fondurilor de Pensii Private S.A. Bucarest - Romania Generali Asigurari S.A. 0.010% Ceska pojistovna, a.s. 99.990% 100.000% Generali Telefon- und Auftragsservice GmbH Vienna - Austria Generali Bank AG 100.000% 100.000% Generali Thalia 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 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 Lenexa - Kansas - U.S.A. Generali U.S. Holdings Inc. 100.000% 100.000%

331 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% Generali Verbriefungsspezialgesellschaft mbH Vienna - Austria Generali Holding Vienna AG 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 B.V. Algemene Holding en Financierings Maatschappij 18.166% Transocean Holding Corporation 31.167% Participatie Maatschappij Graafschap Holland N.V. 36.457% Flandria Participations Financières S.A. 12.768% 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. 99.998% Generali IARD S.A. 0.001% 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%

332 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Generali Zakrila Health-Insurance AD Sofia - Bulgaria Generali Bulgaria Holding EAD 97.470% 97.470% Generali Zakrila Medical and Dental Centre EOOD Sofia - Bulgaria Generali Zakrila Health-Insurance AD 100.000% 100.000% Generali Zavarovalnica d.d. Ljubljana - 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 Generali Versicherung AG 9.998% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% 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-Ingatlan Vagyonkezelo˝ és Szolgáltató Kft. Budapest - Hungary Generali Biztosítási Ügynök és Marketing Kft 4.000% Generali-Providencia Biztosító Rt. 96.000% 100.000% Generali-Providencia Biztosító Rt. Budapest - Hungary Generali PPF Holding B.V. 100.000% 100.000% GenerFid S.p.A. Milan - Italy Banca Generali S.p.A. 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. Trieste - Italy Genertellife S.p.A. 50.000% Genertel S.p.A. 50.000% 100.000%

333 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Genertellife S.p.A. Mogliano Veneto - Italy Assicurazioni Generali S.p.A. 100.000% 100.000% Genirland Limited Limerick - Eire Participatie Maatschappij Graafschap Holland N.V. 100.000% 100.000% Gensegur Agencia de Seguros S.A. Madrid - Spain Generali España, S.A. de Seguros y Reaseguros 100.000% 100.000% Gestas S.a.r.l. Boulogne Billancourt - France Icare S.A. 100.000% 100.000% GFA Caraïbes Fort De France - Martinica Generali France Assurance S.A. 99.999% Generali France S.A. 0.000% 99.999% GLL GmbH & Co. Messeturm Holding KG Munich - Germany AachenMünchener Lebensversicherung AG 8.869% Generali Lebensversicherung Aktiengesellschaft 31.043% Generali Versicherung AG 7.046% Assicurazioni Generali S.p.A. 7.046% 54.004% 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% GLL GmbH & Co. Retail KG Munich - Germany Generali Lebensversicherung Aktiengesellschaft 7.407% Central Krankenversicherung Aktiengesellschaft 7.407% AachenMünchener Lebensversicherung AG 4.938% Assicurazioni Generali S.p.A. 29.629% 49.381% GLL Real Estate Partners GmbH Munich - Germany Flandria Participations Financières S.A. 40.000% 40.000% 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% 334 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% GNAREH 1 Farragut LLC Wilmington - U.S.A. Generali North American Holding S.à r.l. 50.000% Generali North American Holding 1 S.à r.l. 50.000% 100.000% GNAREI 1 Farragut LLC Wilmington - U.S.A. GNAREH 1 Farragut LLC 100.000% 100.000% Gotam Società di Gestione del Risparmio S.p.A. Milan - Italy BSI S.A. 100.000% 100.000% GP Consulting Pénzügyi Tanácsadó Kft. Budapest - Hungary Generali-Providencia Biztosító Rt. 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%

335 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Grundstücksgesellschaft Wohnen am Westhafen mbH & Co. KG Hamburg - Germany Generali Versicherung Aktiengesellschaft 84.993% 84.993% 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% Guotai Asset Management Company Shangai - People’s Republic of China Assicurazioni Generali S.p.A. 30.000% 30.000% Hamagen Properties Ltd Tel Aviv - Israel Migdal Insurance Company Ltd 100.000% 100.000% Heracles Immobiliare S.r.l. Trieste - Italy Iniziative Sviluppo Immobiliare ISIM S.p.A. 100.000% 100.000% Hermes Sociedad Limitada de Servicios Inmobiliarios y Generales Madrid - Spain Generali España, S.A. de Seguros y Reaseguros 100.000% 100.000% Hipotekarna banka a.d. Podgorica - Republic of Montenegro Flandria Participations Financières S.A. 15.972% 15.972% Holding di Iniziativa Industriale - H2i S.p.A. Rome - Italy Assicurazioni Generali S.p.A. 10.508% 10.508% Holding Klege S.à.r.l. Luxembourg - Luxembourg Torelli S.à.r.l. 50.000% 50.000% 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% Iberian Structured Investments I B.V. Amsterdam - Netherlands Generali PPF Holding B.V. 100.000% 100.000% Icare Assurance S.A. Boulogne Billancourt - France Icare S.A. 100.000% 100.000% 336 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Icare S.A. Boulogne Billancourt - France Europ Assistance Holding S.A. 100.000% 100.000% IG BCE Mitglieder-Service GmbH Hannover - Germany Volksfürsorge AG Vertriebsgesellschaft für Vorsorge- und Finanzprodukte 50.000% 50.000% 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% Il Gelso - Societa’ 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 - Societa’ Agricola S.r.l. Trieste - Italy Enofila S.r.l. 100.000% 100.000% Immobiliare Commerciale des Indes Orientales (IMMOCIO) Paris - France Generali Vie S.A. 70.000% 70.000% Immobiliare Confagricoltura Bologna S.r.l. Bologna - Italy Genagricola - Generali Agricoltura S.p.A. 11.143% 11.143% Immoeast Projekt Caelum Holding GmbH Vienna - Austria Generali Immobilien AG 20.000% 20.000% Imprebanca 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 - Societa’ Agricola S.p.A. Trieste - Italy Genagricola - Generali Agricoltura S.p.A. 100.000% 100.000% 337 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Initium S.r.l. Rome - Italy Generali Properties S.p.A. 49.000% 49.000% Iniziative Sviluppo Immobiliare ISIM S.p.A. Trieste - Italy Alleanza Toro S.p.A. 100.000% 100.000% Instituto del Seguro de Misiones S.A. Posadas - Misiones - Argentina Caja de Seguros S.A. 94.952% Caja de Ahorro y Seguro S.A. 5.000% 99.952% International Inheritance Planning Limited Auckland - Zealand BSI S.A. 100.000% 100.000% Interunfall/AIV-Leasing Salzburg GmbH Vienna - Austria Generali Versicherung AG 9.998% Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% 100.000% Interunfall/AIV-Leasing Voarlberg GmbH Vienna - Austria Allgemeine Immobilien-Verwaltungs GmbH & Co. KG 90.002% Generali Versicherung AG 9.998% 100.000% Intesa Previdenza SIM S.p.A. Milan - Italy Assicurazioni Generali S.p.A. 21.471% 21.471% Investimenti Marittimi S.p.A. Genova - Italy Assicurazioni Generali S.p.A. 30.000% 30.000% Ippocastano - Societa’ Agricola S.r.l. Trieste - Italy Enofila S.r.l. 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% 338 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

KAG Holding Company Ltd Bangkok - Thailand IWF Holding Company Ltd 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. 19.442% 19.442% La Estrella Seguros de Retiro S.A. Buenos Aires - Argentina Caja de Seguros S.A. 50.000% 50.000% La Nacional Compañia Inmobiliaria (Lancia) C.A. Guayaquil - Ecuador Generali Ecuador Compañía de Seguros S.A. 100.000% 100.000% Labour Assist (Pty) Ltd Constantia Kloof - South Africa Europ Assistance Worldwide Services (Pty) Ltd 90.000% 90.000% Landy Courtage S.A. Paris - France Cofifo S.A. 100.000% 100.000% Lead Equities II. Private Equity Mittelstandsfin. AG Vienna - Austria Generali Versicherung AG 21.592% 21.592% Leadair Unijet S.A. Le Bourget - France 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%

339 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature Paris - France Generali France Assurance S.A. 99.982% 99.982% Lion River I N.V. Amsterdam - Netherlands Lion River II N.V. 8.573% Generali Vie S.A. 30.126% Assicurazioni Generali S.p.A. 31.174% Generali Deutschland Holding AG 30.126% 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% Lordship Consultadoria e Servicos SA Funchal (Madeira) - Portugal BSI S.A. 100.000% 100.000% Louisen-Center Bad Homburg Verwaltungsgesellschaft mbH Berlin - Germany Generali Deutschland Immobilien GmbH 74.000% 74.000% 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% MAKB s.r.o. Bratislava - Slovak Republic Generali Immobilien AG 100.000% 100.000% Makefet Financial Services – Insurance Agency (1998) Ltd Tel Aviv - Israel Froline Exclusive Ltd 45.000% Migdal Makefet Pension and Provident Funds Ltd 55.000% 100.000%

340 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Malvina Ltd Kiev - Ukraine Generali Garant Insurance JSC 40.576% 40.576% MAS Versicherungmakler GmbH Vienna - Austria Generali Sales Promotion GmbH 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% 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 Assicurazioni Generali S.p.A. 0.983% Participatie Maatschappij Graafschap Holland N.V. 42.846% Participatie Maatschappij Transhol B.V. 25.961% 69.789% Migdal Insurance Company Ltd Tel Aviv - Israel Migdal Insurance and Financial Holding Ltd 100.000% 100.000% 341 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% 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% 342 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

MRI Criticare Medical Rescue (Pty) Limited Johannesburg - South Africa Europ Assistance Worldwide Services (Pty) Ltd 100.000% 100.000% MRS Bioul SPRL Bruxelles - Belgium Generali Belgium S.A. 0.133% Generali Real Estate Investments B.V. 99.867% 100.000% Münchener und Magdeburger Agrarversicherung AG Munich - Germany AachenMünchener Versicherung AG 6.800% Generali Versicherung Aktiengesellschaft 3.667% 10.467% Municipalit Insurance Agency (2000) Ltd Ramat Gan - Israel Peltours Insurance Agencies Ltd 50.000% 50.000% 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% NEIP II S.p.A. - Infrastrutture e servizi Conegliano - Italy Assicurazioni Generali S.p.A. 48.156% 48.156% 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 France S.A. 99.800% L’Equité S.A. Cie d’Assurances et Réass.contre les risques de toute nature 0.025% Generali IARD S.A. 0.025% Européenne de Protection Juridique S.A. 0.025% Generali Vie S.A. 0.050% 99.925% NV Schadeverzekering Maatschappij De Nederlanden van Nu Amsterdam - Netherlands Generali Schadeverzekering Maatschappij N.V. 100.000% 100.000% 343 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% Oudart S.A. Paris - France BSI S.A. 100.000% 100.000% OVB Holding AG Cologne - Germany Generali Lebensversicherung Aktiengesellschaft 11.476% 11.476% Pankrac Services, s.r.o. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% Participatie Maatschappij Graafschap Holland N.V. Amsterdam - Netherlands Assicurazioni Generali S.p.A. 71.195% Alleanza Toro S.p.A. 6.401% Genertellife S.p.A. 6.401% Ina Assitalia S.p.A. 16.003% 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% 344 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Penzijni fond Cˇeské pojišt’ovny, a.s. Prague - Czech Republic Ceska pojistovna, a.s. 100.000% 100.000% Perils AG Zurigo - Switzerland Assicurazioni Generali S.p.A. 11.111% 11.111% Perseo S.p.A. Turin - Italy Assicurazioni Generali S.p.A. 19.745% 19.745% Pharma TwoB Ltd Tel Aviv - Israel Flandria Participations Financières S.A. 24.998% 24.998% Pluria Productores de Seguros S.A. Buenos Aires - Argentina Caja de Ahorro y Seguro S.A. 96.000% 96.000% Ponte Alta - Comercio e Consultoria, Lda Funchal (Madeira) - Portugal Europ Assistance - Companhia Portuguesa de Seguros de Assistencia, S.A. 100.000% 100.000% PPF Partners Limited St. Peter Port - Guernsey Generali Worldwide Insurance Company Limited 27.500% 27.500% Previra Assicurazioni S.r.l. Rome - Italy Augusta Assicurazioni S.p.A. 24.500% 24.500% 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. 10.061% 10.061% Prudence Creole Saint-Denis - Reunion Generali France S.A. 0.015% Generali France Assurance S.A. 93.154% 93.169% Prunus S.p.A. Trieste - Italy Iniziative Sviluppo Immobiliare ISIM S.p.A. 100.000% 100.000% PSC Insurance-Consulting GmbH Vienna - Austria Generali Sales Promotion GmbH 100.000% 100.000%

345 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

PT Asuransi Jiwa Generali Indonesia Djakarta - Indonesia Generali Asia N.V. 91.579% 91.579% Ramat Aviv Mall Ltd Herzliya - Israel Migdal Real Estate Holdings Ltd 26.600% 26.600% Rav Ofek Ltd Tel Aviv - Israel Migdal Holdings & Management of Insurance Agencies Ltd 25.000% 25.000% Redoze Holding N.V. Amsterdam - Netherlands Generali Worldwide Insurance Company Limited 50.010% Assicurazioni Generali S.p.A. 6.023% Transocean Holding Corporation 43.967% 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 France Assurance S.A. 12.042% Generali Vie S.A. 47.060% 59.102% Ritenere S.A. Buenos Aires - Argentina Caja de Seguros S.A. 0.833% Caja de Ahorro y Seguro S.A. 99.167% 100.000% Rocher Pierre SCpI Paris - France Generali Vie S.A. 48.520% 48.520% Romagna Assicura S.r.l. Conselice - Italy Sementi Dom Dotto S.p.A. 36.000% 36.000%

346 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

RVT Kortenaken SA Bruxelles - Belgium Generali Belgium S.A. 0.033% Generali Real Estate Investments B.V. 99.967% 100.000% RVT Oordegem SA Zottegem - Belgium Generali Belgium S.A. 100.000% 100.000% RVT Zottegem SA Zottegem - Belgium Generali Real Estate Investments B.V. 99.683% Generali Belgium S.A. 0.317% 100.000% S.A.I. des Trois Collines de Mougins Nice - France Generali IARD S.A. 33.306% Generali Vie S.A. 14.959% 48.264% 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. 61.707% Generali PPF Holding B.V. 38.292% 99.999% S.C. Famillio Finance Srl Bihor - Oradea - Romania Famillio Agent de Asigurare Srl 95.000% 95.000% S.C. FATA Asigurari S.A. Bucarest - Romania Fata Vita S.p.A. 0.000% Fata Assicurazioni Danni S.p.A. 100.000% 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 - Societa’ 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% 347 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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 Tartini S.à.r.l. 0.100% Saint Ouen C1 S.A.S. 99.900% 100.000% Sammartini S.à.r.l. Senningerberg - Luxembourg Generali European Real Estate Investments S.A. 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% 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 IMMOCIO CBI Paris - France Immobiliare Commerciale des Indes Orientales (IMMOCIO) 100.000% 100.000% SAS Ocealis Perols - France Europ Assistance Holding S.A. 65.000% 65.000% Saxon Land B.V. Amsterdam - Netherlands Participatie Maatschappij Graafschap Holland N.V. 100.000% 100.000% SC Generali Logistique (Generali Logistique) Paris - France Generali Vie S.A. 100.000% 100.000% SC Parcolog Messageries Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% 348 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

SC Progador (SCI) Paris - France Generali Vie S.A. 99.630% Generali IARD S.A. 0.370% 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 Commerces Regions 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% 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 54 Avenue Hoche Paris - France Generali Vie S.A. 100.000% 100.000% SCI du Coq Paris - France Generali IARD S.A. 0.811% Generali Vie S.A. 99.189% 100.000% SCI Espace Seine-Generali Paris - France Generali Vie S.A. 100.000% 100.000% SCI Eureka Nanterre 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 Generali Carnot Paris - France Generali Vie S.A. 100.000% 100.000% 349 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

SCI Generali Commerce 1 Paris - France Generali IARD S.A. 100.000% 100.000% SCI Generali Commerce 2 Paris - France Generali IARD S.A. 100.000% 100.000% SCI Generali Daumesnil Paris - France SCI GPA Pierre 55.000% Generali IARD S.A. 45.000% 100.000% SCI Generali Le Dufy Paris - France Generali Vie S.A. 100.000% 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 le Moncey 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% SCI Generali Pyramides Paris - France SCI Generali Wagram 32.123% Generali IARD S.A. 67.877% 100.000% SCI Generali Reaumur Paris - France Generali Vie S.A. 100.000% 100.000% SCI Generali Wagram 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% 350 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

SCI Haussmann 50-Generali Paris - France Generali Vie S.A. 99.995% SCI du Coq 0.005% 100.000% SCI Iliade Massy Paris - France Generali Vie S.A. 100.000% 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. 55.556% 100.000% SCI Landy-Novatis Paris - France Generali Vie S.A. 100.000% 100.000% 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 Vie S.A. 42.500% Generali IARD S.A. 27.500% 70.000% SCI Parc Logistique Maisonneuve 1 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parc Logistique Maisonneuve 2 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parc Logistique Maisonneuve 3 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% 351 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

SCI Parc Logistique Maisonneuve 4 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Bordeaux Cestas Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Combs La Ville 1 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Dagneux Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Gondreville Fontenoy 2 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Isle D’Abeau 1 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Isle D’Abeau 2 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Isle D’Abeau 3 Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Marly Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Mitry Mory Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI Parcolog Orchies Paris - France SC Generali Logistique (Generali Logistique) 100.000% 100.000% SCI St Marc Paris - France Prudence Creole 99.000% Bourbon Courtage S.A. 1.000% 100.000% SCI Thiers Lyon Paris - France Generali Vie S.A. 100.000% 100.000% SCI Viroflay 10-12 Libération Paris - France Generali Vie S.A. 100.000% 100.000%

352 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Second Pillar S.A. Athens - Greece BSI S.A. 25.000% 25.000% Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte Monterrey - N.L. - Mexico Flandria Participations Financières S.A. 21.847% Transocean Holding Corporation 5.307% Participatie Maatschappij Graafschap Holland N.V. 21.847% 49.000% Selecta CEE s.r.o. Bratislava - Slovak Republic Generali Holding Vienna AG 26.992% 26.992% 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% Servicios Banorte Generali S.A. de C.V. Monterrey - N.L. - Mexico Solida Banorte Generali S.A. de C.V. Afore 34.000% Pensiones Banorte Generali S.A. de C.V. 33.000% Seguros Banorte Generali S.A. de C.V., Grupo Financiero Banorte 33.000% 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 Ina Assitalia S.p.A. 15.000% Alleanza Toro S.p.A. 35.000% Assicurazioni Generali S.p.A. 25.000% Banca Generali S.p.A. 15.000% Fata Assicurazioni Danni S.p.A. 10.000% 100.000% Simulware S.r.l. Trieste - Italy Generali Horizon S.p.A. 10.964% 10.964% 353 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

SK Versicherung AG Vienna - Austria Generali Holding Vienna AG 20.430% Generali Versicherung AG 19.228% 39.658% SO.FI.GE.A. Società Finanziaria Gestioni Assicurative a r.l. Rome - Italy Fata Assicurazioni Danni S.p.A. 0.137% Augusta Assicurazioni S.p.A. 0.557% Alleanza Toro S.p.A. 3.182% Ina Assitalia S.p.A. 5.557% Assicurazioni Generali S.p.A. 6.860% 16.294% Società di fideiussione per lo sviluppo dell’economia ticinese società cooperativa Bellinzona - Switzerland BSI S.A. 16.000% 16.000% Società Finanziaria di Banche Romagnole S.p.A. Ravenna - Italy Assicurazioni Generali S.p.A. 5.112% Genertel S.p.A. 8.388% 13.500% Société Robert Malatier Ltd London - United Kingdom Generali IARD S.A. 33.333% 33.333% 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 Flandria Participations Financières S.A. 24.500% Participatie Maatschappij Graafschap Holland N.V. 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 IARD S.A. 10.000% Generali Vie S.A. 10.000% 20.000% Spinnaker Venture S.A. Luxembourg - Luxembourg Flandria Participations Financières S.A. 20.000% 20.000% Sté Financiere Tour Boieldieu S.A. Puteaux - France Generali Vie S.A. 11.754% Generali IARD S.A. 0.843% 12.597% 354 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% Tartini S.à.r.l. Luxembourg - Luxembourg Generali European Real Estate Investments S.A. 100.000% 100.000% Tecnopolo Lugano S.A. Lugano - Switzerland BSI S.A. 100.000% 100.000% Telco S.p.A. Milan - Italy Alleanza Toro S.p.A. 6.759% Generali Vie S.A. 2.269% Assicurazioni Generali S.p.A. 12.979% Ina Assitalia S.p.A. 6.213% Generali Lebensversicherung Aktiengesellschaft 1.430% Central Krankenversicherung Aktiengesellschaft 0.181% AachenMünchener Lebensversicherung AG 0.443% AachenMünchener Versicherung AG 0.072% Cosmos Lebensversicherungs Aktiengesellschaft 0.121% Generali Versicherung Aktiengesellschaft 0.112% 30.580% Tenax Capital Limited London - United Kingdom Genirland Limited 49.000% 49.000% Terra Nova V Montreuil SCI Paris - France Tartini S.à.r.l. 0.100% Sammartini S.à.r.l. 99.900% 100.000% Thalia Fund Management Company (Lux) S.A. Luxembourg - Luxembourg BSI Luxembourg S.A. 0.020% BSI S.A. 99.980% 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% Thuringia Generali 1.Immobilien AG & Co. KG Munich - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000%

355 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

Thuringia Generali 2.Immoblien AG & Co. KG Munich - Germany Generali Lebensversicherung Aktiengesellschaft 100.000% 100.000% Thuringia Versicherungsvermittlungs-GmbH Munich - Germany Generali Beteiligungs- und Verwaltungs-AG 100.000% 100.000% Tiberina S.r.l. Unipersonale Rome - Italy Ina Assitalia S.p.A. 100.000% 100.000% Tilia Holdings B.V. Amsterdam - Netherlands Generali PPF Holding B.V. 19.900% 19.900% Together Internet Services GmbH Vienna - Austria Generali Versicherung AG 24.990% 24.990% Together Stille Gesellschaft Vienna - Austria Generali Versicherung AG 34.043% 34.043% Torelli S.à.r.l. Senningerberg - Luxembourg Generali European Real Estate Investments S.A. 100.000% 100.000% Transauto Ltd Kiev - Ukraine Generali Garant Insurance JSC 16.667% 16.667% Transinvestservice Ltd Odessa - Ucraine Generali Garant Insurance JSC 90.062% 90.062% 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%

356 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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 Augusta Assicurazioni S.p.A. 0.420% Assicurazioni Generali S.p.A. 5.866% Generali Belgium S.A. 0.000% Fata Assicurazioni Danni S.p.A. 0.965% Ina Assitalia S.p.A. 6.126% Alleanza Toro S.p.A. 2.803% Genertel S.p.A. 0.075% 16.255% 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% Valiance Infrastructure Management Company S.A. Luxembourg - Luxembourg Flandria Participations Financières S.A. 50.000% 50.000% Valore Immobiliare S.r.l. Milan - Italy Iniziative Sviluppo Immobiliare ISIM S.p.A. 49.000% Generali Properties S.p.A. 1.000% 50.000% Venice European Investment S.p.A. Vicenza - Italy Assicurazioni Generali S.p.A. 13.514% 13.514% Venice S.p.A. Vicenza - Italy Assicurazioni Generali S.p.A. 15.856% 15.856% ver.di Service GmbH Stuttgart - Germany Volksfürsorge AG Vertriebsgesellschaft für Vorsorge- und Finanzprodukte 33.333% 33.333% Versicherungsdienst der BAWAG P.S.K. GmbH Vienna - Austria Generali Holding Vienna AG 49.990% 49.990%

357 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% Verwaltungsgesellschaft Wohnen am Westhafen mbH Hamburg - Germany Generali Versicherung Aktiengesellschaft 85.000% 85.000% VHD Omnicare BV Amsterdam - Netherlands Europ Assistance Nederland Holding BV 100.000% 100.000% Vignadoro S.r.l. Arad - Romania Genagricola - Generali Agricoltura S.p.A. 90.000% Inf - Societa’ Agricola S.p.A. 10.000% 100.000% Vitalicio Torre Cerdà S.l. Barcelona - Spain Grupo Generali España Agrupación de Interés Económico 9.338% Generali España, S.A. de Seguros y Reaseguros 90.662% 100.000% Viva BioCell S.p.A. Udine - Italy Generali Horizon B.V. 16.589% 16.589% 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% 358 Companies in which an unquoted Shareholding (which is higher than 10%) is held

Companies Head office Shareholding

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% 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% VOV Vervaltungsorganisat.für Vermögensch.Vers.für Mit.Org.Jur.Pers. GmbH Cologne - Germany Generali Versicherung Aktiengesellschaft 15.000% AachenMünchener Versicherung AG 15.000% 30.000% VUB Generali dôchodková správcovská spolocˇnost’, a.s. Bratislava - Slovak Republic Generali Slovensko Poistovna a.s. 50.000% 50.000% Webbroker S.A. Bruxelles - Belgium Generali Belgium S.A. 99.998% Groupe Vervietois d’Assureurs S.A. 0.002% 100.000% Zad Victoria AD Sofia - Bulgaria Fata Assicurazioni Danni S.p.A. 67.000% 67.000% Zweite AM RE Verwaltungs GmbH Aachen - Germany AachenMünchener Versicherung AG 100.000% 100.000%

359

Eni - Drilling rig, Bir Rebaa camp, Algeria

A ttestation on the financial statements in accordance with Art. 81-ter of Consob Regulation No.11971 of 14 May 1999 and following amendments and integrations . Attestation on the financial statements in accordance with Art. 81–ter of consob regulation no. 11971 Of 14 May 1999 and following amendments and integrations

1. The undersigned, Giovanni Perissinotto, in his capacity as Managing Director, and Raffaele Agrusti, in his capacity as Manager in charge of 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 dated 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 financial statements at 31 December 2010.

2. The adequacy of the administrative and accounting procedures in place for preparing the financial statements at 31 December 2010 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 Spon- soring Organizations of the Treadway Commission, an internationally-accepted reference framework.

3. The undersigned further confirm that: 3.1 the financial statements at 31 December 2010: a) are prepared in compliance with 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. 173 of 26 May 1997, 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; 3.2 the directors’ report contains a reliable analysis of the business outlook and management result, the financial position of the issuer and a description of the main risks and uncertain situation to which it is exposed.

Rome, 16 March 2011

Dott. Giovanni Perissinotto Dott. Raffaele Agrusti Managing Director Manager charged with preparing the Company’s financial reports

ASSICURAZIONI GENERALI S.p.A. ASSICURAZIONI GENERALI S.p.A.

363

Premuda- m/c. Four Antartica, deadweight tonnage 114.800.

Board of Auditors’ report . Report of the Board of Auditors to the Shareholders’ Meeting of Assicurazioni Generali S.p.A. called upon to adopt the Financial Statements as at 31 December 2010 pursuant to article 153 of the Legislative Decree 58/98 and article 2429, paragraph 3, of the Italian Civil Code

Shareholders,

As required by Legislative Decree no. 58/1998 (Code on Finance or CFA), in particular ss. 149 and 153 thereof, in accordance with the Code of conduct recommended by the National Accountants’ and Bookkeepers’ Board, the indi- cations contained in CONSOB notice no. 1025564 of 6 April 2001 and subsequent amendments and pursuant to the Legislative Decree no. 39 of the 27 January 2010, the Board of Auditors hereby reports on the supervisory activities performed in 2010.

In 2010, the Board of Auditors acquired the information required to perform the general supervision tasks under its responsibility by regularly attending the meetings of the Board of Directors and the Executive Board and meeting with the heads of the company’s various departments and units. In particular, the Board of Auditors obtained information about major economic, financial and capital transactions performed by the Company, including those performed through direct or indirect subsidiaries.

This Board of Auditors has established that the such transactions comply with the legislation, the Articles of As- sociation and the principles of proper administration, that none of them were manifestly imprudent or reckless, potentially in conflict of interest, in breach of resolutions of the Shareholders’ Meeting, or such as to jeopardise the integrity of the Company’s assets.

With reference to the above CONSOB Notice, the Board of Auditors hereby provides the following information and statements about the activities performed during the year: • the Board held 22 meetings; • the Board attended the Shareholders’ Meeting held in ordinary session on 24 April 2010; • the Board attended all 9 meetings of the Board of Directors and all 7 meetings of the Executive Board, ensuring that the matters resolved on and implemented complied with the applicable regulations and with the Articles of Association; • the Board attended all 7 meetings of the Internal Control Committee; • the Board, in the person of its Chairman, attended all 8 meetings of the Remuneration Committee; • the Board exchanged data and information with the External Auditor, PricewaterhouseCoopers S.p.A., which were relevant for the purpose of performing their respective duties. The External Auditor has not notified this Board with any facts, circumstances or irregularities that must brought to its attention pursuant to the applicable regulations. The Board also reports, on the basis of debates held, that the report by the External Auditor, PricewaterhouseCoopers S.p.A., on the Financial Statements of Assicurazioni Generali S.p.A. as at 31 December 2010, currently being issued, will not contain any remark; equally, the External Auditor report on the consolidated accounts of the Generali Group as at 31 December 2010 will not contain any remark; • the Board has had relations with the Boards of Auditors of the main Italian companies of the Group, in the course of which no noteworthy issues have emerged; • the Board continued to evaluate and monitor the adequacy of the Company’s organisational structure as regards the issues under its responsibility, the internal control system and the administrative/accounting system, and its reliability in correctly disclosing company transactions, by obtaining information from the Manager in charge of preparing the company’s Financial Statements and the heads of the various departments, examining corporate

367 BILANCIO D’ESERCIZIO DELLA CAPOGRUPPO

documents and analysing the results of the work done by the External Auditor. As for the implementation of Act n. 262/2005 and the provisions of article 19, section 1, paragraph 1, point a) of the Legislative Decree n. 39/10, the Board of Auditors has monitored the processes and the activities performed by the Company with a view to assessing, on a continuous basis, that the administrative and accounting procedures and the relevant financial reporting are carried out properly. The External Auditor has already anticipated that the report pursuant to article 19, paragraph 3 of the Legislative Decree 39/2010 did not detect any major faults in the internal audit system on financial reporting; • the Board systematically monitored the activities of the Group Internal Audit Department, the Compliance De- partment, and the Independent Risk Control Department, attending the meetings of the Internal Control Com- mittee ands holding regular meetings with the head of those departments, reporting efficacy on the Internal Audit System; • the Board has been updated on the activities of the Risk and Investments Committees; • the Board duly received from the Company its Quarterly Reports on complaints prepared by the Group Internal Audit Manager as required by ISVAP Order no. 24 of 19 May 2008. The reports revealed no particular problems or organisational shortcomings. The Board further established that the Company had sent both the reports and the Board’s observations to ISVAP by the prescribed deadlines; • the Board continued to monitor changes in the organisation of the Company and the Group in Italy; • the Board established that, as required by s. 114.2 of the CFA, the Company had provided its subsidiaries with adequate instructions in order to obtain, in a timely manner, the information required to fulfil its statutory disclosure obligations; • the Board declares that numerous intercompany transactions involving the supply of services were carried out in 2010, in addition to the usual financial and business transactions. Such transactions, designed to attain objectives of rationalisation and cost-effectiveness, were governed by formal agreements between the parties. The usual reinsurance and coinsurance business between the companies in the Group continued. Transactions with other related parties also took place. The effects thereof, classified according to the criteria set out in IAS 24 pursuant to CONSOB Notice no. 6064293 of 28 July 2006, are illustrated in detail in Part C para. 6 of the Supple- mentary Notes; • Board of Auditors declares that no atypical and/or unusual operations were performed during the year; • the Board has established, as required by ISVAP Order no. 176 of 27 April 1992 regarding the monitoring of assets held to cover the technical reserves, that the said assets are completely available and free of constraints and en- cumbrances, and that the Company has met the eligibility requirements and complied with the investment limits prescribed by law • the Board declares that the Company has complied with the statutory anti-money laundering obligations, with special reference to Legislative Decree no. 231 of 21 November 2007 and the directives of the Bank of Italy and the Italian Financial Information Unit, which also relate to staff training; • the Board of Auditors declares that the Company has complied with the privacy obligations set out in Legislative Decree no. 196/2003 regarding the processing of personal data, and has drawn up the Security Planning Docu- ment. The Company continued to ensure full compliance with all the obligations imposed on data controllers under such Decree; • the Board has established, as required by ISVAP Regulation no. 36 of 31 January 2011 on the classification and valuation of securities portfolios, that the allocation of securities to the long-term investment segment as at 31 December 2010, and transactions in those securities, complied with the guidelines laid down in a specific resolution passed by the Company’s Board of Directors • the Board has established that transactions in derivative financial instruments carried out by the Company in 2010, and illustrated in detail in the Supplementary Notes, were performed in compliance with the directives issued by the Board of Directors in its framework resolution of 17 march 2010, and that the Company duly submitted periodic reports to ISVAP; • the Board has established that the Company has introduced regulations, processes and structures designed to monitor and control the risks connected with the insurance business, as described in the Directors’ Report and in the Supplementary Note; • the Board declares that at the year end, the constituent elements of the solvency margin were adequately covered, as indicated in the Supplementary Notes

368 • the Board declares that in accordance with the organisational and operational model designed to prevent the offences, as introduced by Legislative Decree no. 231 of 8 June 2001 regarding the administrative liability of companies for offences committed by their employees and self-employed personnel, the Company has carried out inspections of its processes and procedures, through a Supervision and Control Committee set up for that purpose, to ensure that the crime prevention measures required by the said Legislative Decree were still effective. The Board of Auditors obtained information about the activities of the said Committee by means of notices received from the Board of Directors and by attending the Internal Control Committee meetings; • The Board of Auditors confirms that the “Procedures on related-parties transactions” have been drawn up and adopted in compliance with the CONSOB regulation no. 17221/2010, as amended by the CONSOB resolution no. 17389/2010, and with the interpretation guidelines dated 24 September 2010; • the Board declares that since October 1999, the Company has adopted the Self-regulatory Code issued by Borsa Italiana S.p.A and amended on 14 March 2006. The Company also prepared the annual report on its corporate governance system. As required by the Self-regulatory Code, the Board of Statutory Auditors verified the correct application of the criteria and procedures issued by the Board of Directors to evaluate the independence of the directors classed as “independent”; it also established that its own independence continued, as required by such Code; • Two complaints have been reported under s. 2408 of the Italian Civil Code, in particular: - a shareholder has complained that the Notice of the Shareholders’ Meeting of 21 and 24 April, published in the Italian Official Journal n. 33 of 18 March 2010 does not fully comply with the provisions of article 84, paragraph 2 of the Issuers’ Regulation; in the opinion of the complainant shareholder, the number of shares of the share capital and access to the proxy sample have not been disclosed. This has been remedied by publishing comprehensive data on the Shareholders’ Meeting Notice in the Company website; - A shareholder has complained that the Chairman of the Board of Directors of the Company, pursuant to article 2382 of the Italian Civil Code, may not hold this office, as he has been allegedly sentenced for bankruptcy, and prevented from holding any corporate office. The Board of Auditors reviewed the documents that were presented to the Company by the Chairman, both when he was appointed and subsequently upon specific request from the Board, and has determined that this complaint is not founded. • Non legal reports were received; • the Board reports that additional duties were assigned to External Auditor, PricewaterhouseCoopers S.p.A., and to other companies of the PricewaterhouseCoopers network during the financial year, as described in detail in the Supplementary Notes; relevant cost were judged consistent. In the light of the statutory and professional requirements on auditing, the Board of Auditors confirms that PricewaterhouseCoopers SpA has kept its independent and objective position over the year in relation to Assicurazioni Generali SpA. The External Auditor has reported that there are no causes for incompatibility on the events or individuals listed in article 17 of the Legi- slative Decree no. 39 of 27 January and the articles of Chapter i-bis of Title VI on accounting auditing – incompatibility of the Issuers’ Regulation adopted with CONSOB regulation no. 11971 of 14 May 1999, as subsequently amended and supplemented; • the Board issued the opinions required by the applicable legislation, the main ones being as follows: - organisational changes; - complaints; - remuneration of directors holding specific offices, including the opinions on management remuneration policy of the Group companies and the long term incentive plan; - some appointments to the External Auditor and the consistency of the relevant fees; • in 2010, the Board of Auditors has started the process for the appointment of the External Auditor for the years from 2010 until 2012-2020 that the Shareholders’ Meeting is called upon to adopt.

Periodic audits and the audit of the individual and consolidated Financial Statements are all performed by the Ex- ternal Auditor PricewaterhouseCoopers S.p.A.. During the 2010 financial year, the External Auditor checked that the Company’s accounts were properly kept and transactions properly recorded in the books, and checked that the Fi- nancial Statements as at 31 December 2010 matched to the entries in the books of account. The Manager in charge of preparing the Company’s Financial Reports and the Managing Director issued the declarations and statements prescribed by law on the subject of financial reporting and Financial Statements.

369 BILANCIO D’ESERCIZIO DELLA CAPOGRUPPO

The Board of Statutory Auditors also supervised the general criteria adopted for the preparation of the Financial Sta- tements, and compliance with the legislative provisions and specific rules governing the drafting of Financial Sta- tements by insurance companies. Supplementary Notes illustrate the valuation criteria adopted, and provide all the information required by the applicable legislation. The Directors’ Report describes the business performance, hi- ghlighting current trends and the outlook for the future, and the insurance group’s development and reorganisation.

The Board of Statutory Auditors declares that the Consolidated Financial Statements of the Assicurazioni Generali Group have been drawn up in accordance with the IAS/IFRS international standards issued by the IASB and ratified by the European Union as stated in Regulation (EC) no. 1606 of 19 July 2002, and Legislative Decrees no. 38/2005 and 209/2005. The Financial Statements and Supplementary Notes have been drawn up in accordance with the la- youts required by ISVAP Regulation no. 7 of 13 July 2007, and contain the information required by CONSOB Notice no. 6064293 of 28 July 2006.

In conclusion, the supervisory activities performed by the Board of Auditors, as described above, did not detect any significant reprehensible facts, omissions or irregularities which require a report to the competent supervisory and control bodies or a mention in this Report.

In view of the above, the Board of Auditors considers that the Financial Statements of Assicurazioni Generali S.p.A. as at 31 December 2010, as submitted by the Board of Directors, may be approved by the Shareholders’ Meeting, and expresses its favourable opinion of the proposal on the allocation of the profits for the financial year and the distribution of dividends.

On the date of the Shareholders’ Meeting on the adoption of the financial statements as at 31 December 2010, the mandate of the Board of Auditors, conferred by the Shareholders’ Meeting on 26 April 2008, will expire.

Trieste, 31 March 2011 THE BOARD OF AUDITORS OF ASSICURAZIONI GENERALI

Pursuant to article 144 quinquiesdecies of the Issuers’ Regulation, adopted by CONSOB with its resolution no. 11971/99, as amended and integrated, the list of appointments of the members of the Board of Auditors in the companies defined in Book 5, Title 5, Chapter 5, 6 and 7 of the Italian Civil Code, has been published on CONSOB web site.

370 Mantovani Group – Mose project, Venice

Independent Auditor’s report and Actuary’s report

373 374 375

377 Editing: Accounting and Financial Statements Department Group Italy - GBS/ Financial Reporting - Administration, Financial statements and Management Control Assicurazioni Generali

Co-ordination: Group Operational Communications/ Human Resources Department - General Services

Graphic design: Sintesi - Trieste

Photos: The images published in these books refer to major Companies and works insured by Assicurazioni Generali. Thanks to Alitalia, Citylife, Enel, Eni, Fincantieri, Finmeccanica, Genagricola, Impregilo, Mantovani Group, Premuda and Save for its kind permission.

Photo Credits: Citylife - Courtesy CityLife, photo Armando Moneta Enel- photo Guido Fuà – Eikona Agency for Enel Fincantieri - By Courtesy of Fincantieri Cantieri Navali Italiani SpA Genagricola - photo Mauro Mezzarobba Mantovani Group – Mose Project – Archive of the Italian Ministry for Infrastructure and Transport – Magistrato alle Acque di Venezia provided by Consorzio Venezia Nuova

Printed by: Sa.Ge.Print spa

The paper used for this publication is certified by PEFC (Programme for the Endorsement of Forest Certification), a certification system which promotes sustainable forest management. PEFC certifies that the wood used for wood or paper products comes from forests which are sustainably managed at environmental, economic and social level. .