Group presentation About us • Unipol Gruppo Finanziario is leader in the Italian insurance market • It ranks 1st among the Non-life insurance groups with written premiums of 9.0€bn and a market share of 24% (2014 figures). • It is one of the leaders in the Life business in Italy with written premiums of 8.9€bn and a market share of 7% (2014 figures). Leader in the Italian Insurance Occupational Pension Funds market, AUM 3.7€bn • It manages financial assets for 60€bn • It also operates in the banking sector • It has a multichannel strategy through: • over 3,000 agencies in Italy (and over 20,000 agents/sub-agents) and around 100 branches in Serbia • about 4,300 banking branches (bancassurance distribution agreements) • around 300 property banking branches (banking business carried out through Unipol Banca) • direct channel (telephone/internet) and company agreements (e.g. in the health business) • Unipol Gruppo Finanziario and its subsidiary UnipolSai are listed on the Italian Stock Exchange through Unipol Ordinary Shares and UnipolSai Ordinary Shares. 2 Ranking and sales network – Insurance group Italian Market 2014 UnipolSai Sales Network €bn Total premiums m.s.% Non-Life premiums m.s.% North 50% Unipol 8.9 24.0% Generali 23.9 15.9% Gruppo Finanziario Intesa 21.3 14.1% Generali 6.4 17.3% Sanpaolo Unipol 17.1* 11.3% Allianz 4.6 12.3% Gruppo Finanziario Centre 23% Poste 15.5 10.3% Cattolica 2.1 5.6% Allianz 13.1 8.7% Reale Mutua 1.9 5.2% Cattolica 5.7 3.8% AXA 1.8 4.9% South 27% BNP Paribas 5.5 3.6% Zurich 1.4 3.8% Mediolanum 5.3 3.5% Groupama 1.2 3.2% Axa 4.8 3.2% Vittoria 1.0 2.8% agencies: 3,157 Sara Credit Agricole 4.1 2.7% 0.6 1.6% *including cross-border premiums 3 Group structure UNIPOLSAI 2014 direct premium income Non-Life Life Total UnipolSai S.pA. 8.000 3.696 11.697 Popolare Vita 2.982 2.982 100% 98.53% 61.08%* 57.75% 63.39% Lawrence Life 682 682 Other UnipolSai Group 423 224 647 Total UnipolSai Group 8.424 7.584 16.008 UNIPOL GRUPPO FINANZIARIO 42.25% 98.12% 2014 direct premium income Non-Life Life Total 50% Linear 172 172 Unisalute 270 270 Arca Assicurazioni 103 103 Arca Vita 1.329 1.329 100% Other Specialist Companies 1 1 Total Specialist Companies 545 1.330 1.875 Total Unipol Group 8.969 8.915 17.884 o/w in Italy 8.900 8.232 17.132 = listed company Unipol Gruppo Finanziario: Reuters Code UNPI.MI – Bloomberg Code UNI IM UnipolSai: Reuters Code US.MI – Bloomberg Code US IM * Including a 9.19% stake indirectly held by Unipol Finance 4 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 5 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 6 1 Group structure evolution December 2013 2014 main operations Today Unipol Gruppo Unipol Gruppo Finanziario • Premafin, Milano, Unipol Finanziario Assicurazioni and Fondiaria-Sai merger: creation of UnipolSai Linear Unisalute Unipol Unipol Banca • Merger by incorporation of Banca Sai Assicurazioni Premafin Arca in Unipol Banca ……….. Linear Unisalute • Reduction of real estate companies Unipol Banca (from 32 to 13) Arca ……….. UnipolSai • Reduction of holding and banking Fondiaria- companies (from 29 to 19) Unipol Fondiaria- Assicurazioni SAI SAI • Reduction of insurance companies Milano (from 24 to 21) Milano Premafin n. insurance companies: 24 n. insurance companies: 21 n. financial companies: 29 n. financial companies: 19 n. real estate companies: 32 n. real estate companies: 13 n. diversified companies: 21 n. diversified companies: 20 = listed companies 7 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 8 2 AGCM requirements met Sale of the former Milano insurance business unit 14 January 2014 Allianz S.p.A. presents a proposal for the acquisition of some insurance assets belonging to the former Milano Assicurazioni Unipol and UnipolSai Board of Directors convene to proceed to the exclusive negotiation and finalization on binding 21 January 2014 agreements with Allianz by 15 March 15 March 2014 UnipolSai and Allianz execute the divestiture agreement Allianz and UnipolSai close the sale agreement for the transfer of 725 agencies and 470 employees, relating to a Non-Life 30 June 2014 insurance portfolio including premiums of €1.1bn against a payment of €200m 31 December 2014 Effective date for the transfer of the ceded portfolio within the insurance business belonging to the former Milano Assicurazioni S.p.A. 20 February 2015 Additional payment of €179m Other measures adopted Termination of the shareholders’ agreement Unicredit-Premafin on Fondiaria-SAI shares Sale of the stakes in Mediobanca Sale of the stakes in Generali Repayment of some Mediobanca loans Rebranding of the trademarks Milano Assicurazioni and Sasa disused as from 31 December 2014 Liberalisation of some agencies to complete the reduction in market shares Merger of Liguria Vita and Liguria Assicurazioni into UnipolSai (still underway) 9 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 10 3 Acquisition of the hotel business ‘UNA’ Acquisition of the business unit concerning the hotel management of ‘UNA’ for a consideration of €27.6m Terms of the Acquisition of the relative RE portfolio for hotel use agreement* Implementation of the transactions to take place subject to approval from the relevant Authorities and to the completion of the debt restructuring procedures of ‘UNA’ Creation of the national leader in the Italian hotel industry with: Rationale of the . over 50 hotel (business and leisure) and 8,600 rooms transaction . aggregate revenues of over €170m . possibility to attract new investors and aggregate further players of the sector * Agreement comunicated on 25 May 2015 11 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 12 4 Group structure after conversion of savings and preference shares 2014 2015 50.75% 31.40% ordinary ordinary shares shares Share capital Share capital 443,993,991 ordinary shares 717,473,508 ordinary shares 273,479,517 preference shares 717,473,508 total shares 63.41% 61.08% ordinary ordinary shares shares Share capital 2,275,632,026 ordinary shares Share capital 1,276,836 savings A shares 2.780,508,781 ordinary shares 377,193,155 savings B shares* 2,654,102,017 total shares Reducing to 2 from 5 = listed shares the number of listed shares * 67.75% held (directly and indirectly) by Unipol Gruppo Finanziario 13 Simplification, Soundness, Sustainability 1 Rationalising the Group structure 2 AGCM requirements met 3 Group assets enhancement 4 Streamlining the share structure 5 Positive results in the business confirmed 6 Rewarding dividend policy 7 Sound capital base 14 5 Consolidated results by business area 1Q15 €m UNIPOLSAI 1Q14 1Q15 Pre-tax Net Pre-tax Net result result result result Non-Life 263 152 342 225 Life 64 42 138 95 Other -5 -8 -10 -10 Consolidated result 323 186 470 310 Group result 174 303 UNIPOL GRUPPO FINANZIARIO 1Q14 1Q15 Pre-tax Net Pre-tax Net result result result result Non-Life 249 143 368 243 Life 52 35 139 96 Banking sector * -11 -14 4 3 Other -41 -33 -36 -30 Consolidated result 249 132 475 312 Group result 70 195 * including provisions set aside by the holding company on bank loans object of the indemnity agreement. Operating figures 15 5 Non-Life – Direct premium income 1Q15 €m UNIPOLSAI -5.6% pro-forma excl. effect of ptf sale to Allianz * Premiums by company 2,107 1,801 -14.6% MV 6% 1Q14 1Q15 9% AutoAccident/ 1,315 -8.2% Health UnipolSai S.p.A. 1,991 1,703 Infortuni e 1,061 pro-forma MalattiaProperty Other companies 116 99 14% Incendio/ ADB UnipolSai Group 2,107 1,801 59% General RCGTPL -1.4% 12% 792 740 Other pro-forma Altro 1Q14 1Q15 Non-MV MV UNIPOL GRUPPO FINANZIARIO -5.5% pro-forma excl. effect of ptf sale to Allianz * 2,288 Premiums by company 1,972 -13.8% 6% MV Auto 1Q14 1Q15 8% Accident/ 1,372 -8.9% Health UnipolSai Group 2,107 1,801 1,105 pro-forma Infortuni e 13% MalattiaProperty Linear 48 38 Incendio/ADB Unisalute 108 111 56% General RCGTPL Arca 25 23 -0.8% 916 868 17% Other pro-forma Altro Unipol Gruppo Fin. 2,288 1,972 1Q14 1Q15 Non-MV MV * operating estimate 16 5 Non-Life – Combined Ratio net of reinsurance 1Q15 UNIPOLSAI UNIPOL GRUPPO FINANZIARIO +0.4 p.p. 96.1% +1.4 p.p. 97.5% +1.3 p.p. 96.6% +2.0 p.p. +0.9 p.p. +0.6 p.p. +0.6 p.p. 95.3% 92.8% 92.3% +1.8 p.p. 24.8% 26.2% 24.3% 25.6% 24.8% 24.4% 67.9% 71.2% 71.2% 67.9% 71.0% 71.0% 1Q14 NatCat Reins.