Generali July 31, 2014 2014 First Half Results GENERALI GROUP 2014 First Half Results Please note that prior years figures have been restated throughout the whole presentation to reflect the new perimeter of the Group. Net income, Shareholders Equity, Solvency I, Life Value KPIs, Embedded Value, Economic Solvency are not adjusted for disposed entities. The like for like change of written premiums, life net inflows, APE and NBV is on equivalent terms (on equivalent exchange rates and consolidation area).

Generali July 31, 2014 2014 First Half Results Agenda 2 - Business Update Page 3 Mario Greco Group CEO - 2014 First Half Group Financials Page 10 Alberto Minali Group CFO - Backup Page 33

Generali July 31, 2014 2014 First Half Results Agenda 3 I. Business Update Mario Greco Group CEO

Generali July 31, 2014 2014 First Half Results 4 All of the targets set out in the 2015 turnaround plan are either concluded or within sight: aiming to achieve remaining targets as soon as practicable Our business now has solid foundations and is well positioned for growth: TechEx and OpEx initiatives bearing fruit with new products and markets delivering profitable growth For the first time in many years we have a new normal for Generali: capital target reached, transparency and cohesion across our businesses and enhanced profitability The power of Discipline, Simplicity and Focus Turning the page to a new normal for Generali CEO Business overview

Generali July 31, 2014 2014 First Half Results 5 The power of Discipline, Simplicity and Focus A focus on profitability and cost savings CEO Business overview Solid and continuous improvement in operating profit Great strides towards cost savings goals Solid net result despite detrimental one-off items 2.5 bn 2.3 bn 1H14 1H13 1H12 1H11 2.2 bn 2.2 bn +9.5% Group operating profit Life segment 1.6 bn 1.5 bn 1.6 bn 1.6 bn 1H14 1H13 1H12 1H11 New Business Margin +6.2 %pts. P&C segment 1.0 bn 0.9 bn 0.7 bn 0.8 bn 1H14 1H13 1H12 1H11 Combined Ratio -1.8 %pts. 1H14/1H13 1H14/1H13 P&C Expense Ratio Life Expense Ratio Well on track to achieve 520 m cost savings cumulatively (2013/14) +4.8% +14.8% 806 842 1,081 1,075 ( m) Net Result Net income excluding discontinued operations, +12.5% 1H11 1H12 1H13 1H14 27.6 27.6 27.5 27.1 1H11 1H12 1H13 1H14 11.0 10.9 10.6 9.6 1H11 1H12 1H13 1H14

Generali July 31, 2014 2014 First Half Results Operation Closing Date Proceeds ( bn) Exit multiple (historic) Solvency 1 impact Migdal 4Q12 0.7 17x +2%pts. Banca Generali (12% placement) 2Q13 0.2 12x +1%pts. Generali USA Life Re 4Q13 0.7 15x +1%pts. Mexico 4Q13 0.6 18x +4%pts. Fata 2Q 14 0.2 15.5x +1%pts. BSI(1) By 1H15 1.2 n/m +9%pts Cumulative Total 3.7 +18%pts. Completion of asset disposals a year ahead of schedule Non-core asset disposal programme generated 18%pts of Solvency I capital CEO Business overview Disposal programme brings multiple benefits Completion of disposal programme has significantly contributed to higher solvency and debt reduction Together with the acquisition of minority holdings the group is simpler and more focus on the business of insurance With completion of BSI, Generali will have minimal exposure to non-insurance activities (1) Subject to final adjustment

Generali July 31, 2014 2014 First Half Results Completion of disposal programme, retained earnings, and improved financial market conditions result in target being met one year early Solvency I impact of the acquisition of GPH minorities (-7%pts) and the announced sale of BSI (+9%pts)(1) expected in 3Q 2014 / 1H 2015 respectively 7 Balance sheet strength restored Solvency I ratio at target, and at highest level for a decade CEO Business overview 136% 118% 143% 123% 128% 132% 117% 145% 141% 152% 162% FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 1Q14 1H14 Target 160% Solvency I Ratio(%) (1) Subject to final adjustment

Generali July 31, 2014 2014 First Half Results 8 The power of discipline, simplicty and focus Continued focus on delivering operational excellence and reducing costs and debt CEO Business overview Rapid delivery to complete remaining targets Refinancing completed to 2016 with 60m lower interest costs and overall debt reduction of 1bn On track with delivery of additional 1bn in cost savings Generali Deutschland squeeze out and Fata disposal completed and Telco demerged approved Issuance of first Cat Bond by the group for European wind peril S&P rating affirmed at A-, after the group demonstrated its ability to withstand S&Ps extreme sovereign stress scenario Citylife restructuring completed after deal reached with financing banks and Allianz With our November investor day giving an insight into the potential of our group as we move to complete our 2015 vision A detailed look under the bonnet of our core markets from: CEE, Luciano Cirin Generali Italy, Philippe Donnet Generali France, Eric Lombard Generali Deutschland, Dietmar Meister And how each will help to deliver top quartile returns for our shareholders

Generali July 31, 2014 2014 First Half Results Our vision for Generali in 2015 Generali July 31, 2014 2014 First Half Results Superior customer acquisition and retention; focus on retail and affluent space Consistent technical excellence and tight control of costs Focused on core insurance business, with greater contribution from P&C Stronger capital position and disciplined balance sheet management The mission is to deliver top quartile shareholder returns and profitability

Generali July 31, 2014 2014 First Half Results Agenda 2014 First Half Group Financials 10 Alberto Minali Group CFO - Profit & Loss and Balance Sheet Page 11 - Business review Page 19

Generali July 31, 2014 2014 First Half Results Agenda 11 - Profit & Loss and Balance Sheet Page 11 - Business review Page 19 Alberto Minali Group CFO 2014 First Half Group Financials

Generali July 31, 2014 2014 First Half Results Operating Result: Good development thanks to all business segments Life: Increasing thanks to lower expenses and improved investment result. Strong increase in new business and net inflows, especially unit linked P&C: Positive performance thanks to significantly higher technical result Net Result: Stable reflecting one-off effects from discontinued operations Solvency I: Significant improvement of Solvency capital position thanks to successful placement of subordinated bond and financial market development 1H13 1H14 LFL D 2Q13 2Q14 LFL D Operating result ( m) 2,295 2,512 9.5% 1,040 1,253 +20.4% Operating RoE 6.9% 7.3% +0.4%pts. 3.1% 3.6% +0.5%pts. Net result ( m) 1,081 1,075 -0.5% 478 415 -13.0% EPS () 0.70 0.69 -1.5% 0.31 0.27 -13.9% Net operating EPS () 0.76 0.84 +10.4% 0.34 0.43 +24.8% Shareholders equity(1) 19,778 22,125 +11.9% Solvency I(1) 141% 162% +21%pts 12 Key First Half 2014 financials at a glance CFO Profit & Loss (1) Comparative data FY13 (2) Subject to final adjustment

Generali July 31, 2014 2014 First Half Results 2,295 71 133 31 14 2,512 (32) 1H13 LIFE P&C FINANCIAL SERVICES HOLDING EXP. CONS.AD 1H14 13 Operating result by segment CFO Profit & Loss 1H14 1,551 1,033 226 (197) (101) 1H13 1,481 900 195 (165) (116) D +4.8% +14.8% +15.8% +19.3% -12.3% ( m) +9.5%

Generali July 31, 2014 2014 First Half Results 14 From operating result to net profit CFO Profit & Loss 1H14 2,512 (74) (409) (170) (636) (24) (124) 1,075 1H13 2,295 (23) (395) (185) (603) 128 (135) 1,081 D +9.5% n.m. +3.4% -8.3% +5.4% n.m. -7.7% -0.5% 2,512 (74) (409) (170) (636) (24) (124) 1,075 OPERATING RESULT NON OPER. INVESTMENT INCOME NON OPER. HOLDING EXPENSES NET OTHER NON OPER. EXPENSES INCOME TAXES DISC. OPERATIONS MINORITIES NET RESULT ( m) Including: - 383 m: Interest costs Including: - 70 m: VOBA amortization Including: - 113 m: impact from BSI disposal Net income excluding discontinued operations, +12.5% Including: - 190 m: Ingosstrakh impairment

Generali July 31, 2014 2014 First Half Results 19,778 2,420 1,075 22,125 (701) (447) SHAREHOLDERS' EQUITY FY13 AFS RESERVE 1H 2014 NET RESULTS DIVIDEND OTHER SHAREHOLDERS EQUITY 1H14 15 Shareholders equity CFO Balance Sheet Change in AFS reserve ( m) Shareholders equity sensitivities ( bn) -1.2 2.8 -2.9 -1.8 Credit spread + 100 bps Interest rate -100 bps Interest rate +100 bps Equities -30% +11.9% Shareholders equity rollforward ( m) 2,501 2,338 158 4,921 (77) AFS RESERVE FY13 IMPACT EQUITY INVESTMENT IMPACT BOND INVESTMENTS OTHER AFS RESERVE 1H14

Generali July 31, 2014 2014 First Half Results 16 Solvency I CFO Capital +21%pts 157 154 177 144 151 162 Real estate -10% Credit spread + 100bps Interest rate - 100bps Interest rate +100bps Equities -30% Total ratio 30.06.2014 Solvency I ratio sensitivities (%) Solvency I rollforward (%) 141% 7%pts. 5%pts 12%pts 162% (2%pts.) (1%pts.) SOLVENCY I FY13 REQUIRED MARGIN GROWTH M&A (1) CONSOLIDATED RESULT SUBORDINATED DEBT FINANCIAL MARKETS AND OTHER SOLVENCY I 1H14 (2) (1) Including disposal of Fata Danni and acquisition of the remaining minorities (4%) of GDH (2) For interim closings, no accrued dividends are deducted from available margin Significant improvement of Solvency capital position driven by: result of the period successful placement of subordinated bond financial market development Impact of GPH (-7%pts.) to be booked in 3Q14 and BSI (+9%pts.) expected to close by 1H15

Generali July 31, 2014 2014 First Half Results 28,830 1,789 28,873 (145) (900) (701) EV Official FY13 Change in Perimeter Normalised EV earnings Investment, Tax and other Variances Cash Dividend EV 1H14 17 Group embedded value rollforward Balance sheet Capitalisation & Leverage Return on Embedded Value RoEVNormalised RoEV Group Embedded Value Group EV per share Group EV 1H14 12.5% 6.2% 18.6 Including - 1.7 bn: decrease in interest rates (VIF and P&C liab) + 0.7 bn: spread narrowing and increase in stock market Robust return on embedded value, mainly driven by Life NBV at 651 m and a positive combined ratio at 92.8%

Generali July 31, 2014 2014 First Half Results 184% 0%pts. +9%pts. 187% (7%pts.) ESR FY13 Change in perimeter Change in AC Change in RAC ESR 1H14 18 Economic solvency Balance sheet Capitalisation & Leverage Economic solvency rollforward (%) The increase in available capital is driven by the new placement of subordinated bond Good overall performance of financial markets support the increase of available capital Capital requirement increase due to asset allocation and lowered yield curve, partially mitigated by beneficial effects of spread narrowing Of which 5% attributable to new subordinated bond issued

Generali July 31, 2014 2014 First Half Results Agenda 19 - Profit & Loss and Balance Sheet Page 11 - Business Review Page 19 Alberto Minali Group CFO 2014 First Half Group Financials

Generali July 31, 2014 2014 First Half Results ( m) 1H13 1H14 LFL D 2Q13 2Q14 LFL D Gross written premiums 23,115 24,192 +5.4% 11,256 12,131 +8.5% Net inflows 4,935 5,926 +22.0% 2,125 3,037 +44.7% Life operating result 1,481 1,551 +4.8% 700 772 +10.3% Life operating ratio on investments (bps)(1) 45 42 -3 26 26 0 APE 2,303 2,520 +8.6% 1,089 1,250 +12.6% New Business Value 473 651 +43.0% 220 332 +52.3% Margins on APE (%) 20.6% 25.8% +6.2%pts. +20.2% 26.5% +6.9%pts. 20 Life key financial indicators CFO Life Insurance (1) Not annualized

Generali July 31, 2014 2014 First Half Results 1,481 35 154 1,551 (118) 1H13 TECHNICAL MARGIN INVESTMENT RESULT EXPENSES 1H14 21 Life Operating result by driver CFO Life Insurance 1H14 2,692 1,146 (2,287) 1H13 2,809 1,112 (2,440) D % -4.2% +3.1% -6.3% Improving thanks to increasing investment result and decreasing expense ratio Technical margin lower due to policyholder share of lower expenses, and lower risk result ( m) +4.8%

Generali July 31, 2014 2014 First Half Results 22 Life inflows and technical reserves(1) CFO Life Insurance (1) Including liabilities related to investment contracts ( m) 1H13 1H14 Italy 486 2,203 France 95 41 Germany 2,893 1,649 CEE 270 219 EMEA 846 1,575 Lat. Am. 155 120 Asia 161 82 International 29 36 TOTAL 4,935 5,926 Sharp increase in net inflows (+ 22%) - Notable improvement in Italy and EMEA - Decrease in Germany due to contraction of cash-in following planned reduction of single premiums - Share of unit linked in total net inflows up from 30% to 53% Overall growth in reserves of 3.4% from end 2013 (of which +7.8% increase in unit linked) +3.4% 266.4 5.9 7.6 0.2 272.8 58.9 63.5 325.3 336.4 (2.7) FY13 RESTATED NET INFLOWS LOADINGS, RISK & SURRENDER RESULT POLICYH. SHARE OF INVEST. RESULT EXCHANGE RATES & OTHER 1H14 +7.8% + 2.4% Unit linked Traditional

Generali July 31, 2014 2014 First Half Results 23 Life investment performance CFO Life Insurance 43.3% 44.5% 34.6% 35.1% 8.1% 8.9% 4.7% 4.3%3.5% 3.3%3.8% 2.0% 1.9% 1.8% FY13 1H14 Other Cash & cash equivalent Real estate Equity Other fixed income Corporate bonds Government bonds Life segment general account investments (%) Euro 282.4 bn Current return(1) Fixed income Equity Real Estate Total 1H13 1H14 1H13 1H14 1H13 1H14 1H13 1H14 Euro m 4,453 4,676 311 316 284 274 5,324 5,407 % 1.94 1.82 2.52 2.43 2.90 2.75 1.94 1.84 Euro 304.0 bn Current return generally affected by reinvestment in a lower yield environment (1) Not annualized

Generali July 31, 2014 2014 First Half Results Good development of APE (+8.6%) with progressions for both annual (+5.9%) and single premiums (+12.5%), boosted by strong unit linked production (+29.1%) NBM improves (+6.2%pts. on homogeneous basis) thanks to the more favourable economic assumptions and to the sharp reduction of guarantees (from 1.22% at 1H13 to 0.96% at 1H14 in Euro area) Solid NBV at Euro 651 m (+43.0%) 24 Life new business analysis CFO Life Insurance ( m) APE NBV Margin on APE (NBM) 1H13 1H14 LFL r 1H13 1H14 LFL r 1H13 1H14 LFL r Italy 860 1,177 +36.9% 149 319 +115.2% 17.3% 27.1% +9.8%pts. France 409 425 +3.8% 59 56 -4.7% 14.3% 13.1% -1.2%pts. Germany 549 418 -28.0% 128 134 -1.0% 23.4% 32.1% +8.7%pts. CEE 84 64 -12.2% 38 22 -20.3% 45.7% 34.8% -3.5%pts. EMEA 315 363 +11.2% 77 110 +39.4% 24.6% 30.2% +6.1%pts. Lat. Am & Asia 86 73 +9.8% 22 11 +94.4% 25.8% 14.5% +6.3%pts. Total 2,303 2,520 +8.6% 473 651 +43.0% 20.6% 25.8% +6.2%pts.

Generali July 31, 2014 2014 First Half Results 25 P&C key financial Indicators CFO P&C Insurance ( m) 1H13 1H14 LFL D 2Q13 2Q14 LFL D Gross written premiums, of which: Primary Motor Primary Non Motor 11,476 4,693 6,405 11,169 4,516 6,306 -0.7% +0.1% -0.9% 4,921 1,896 2,830 4,753 1,815 2,737 -1.2% +0.2% -2.5% Combined ratio (%) 94.6% 92.8% -1.8%pts. 95.7% 92.9% -2.7%pts. Nat Cat impact (%) 2.1% 1.3% -0.8%pts. 4.3% 2.0% -2.3%pts. P&C operating result 900 1,033 +14.8% 402 517 +28.5%

Generali July 31, 2014 2014 First Half Results 900 130 0 4 1,033 1H13 TECHNICAL MARGIN INVESTMENT RESULT OTHER 1H14 26 P&C Operating result by driver CFO P&C Insurance 1H14 638 499 (104) 1H13 508 500 (108) D % +25.5% -0.0% -3.3% Improving result reflecting better underlying underwriting margins ( m) +14.8%

Generali July 31, 2014 2014 First Half Results ( m) 1H13 1H14 LFL r Italy 3,160 3,032 -4.0% France 1,545 1,416 -8.4% Germany 2,070 2,130 +2.9% CEE 1,025 989 +0.2% EMEA 2,490 2,465 -0.9% Lat Am 553 524 +27.1% Asia 50 49 +1.1% International 584 563 -3.6% Total 11,476 11,169 -0.7% 27 P&C gross written premiums trends CFO P&C Insurance Overall stable premium development: Decline in Italy primarily driven by Motor. Growth in Personal and Commercial lines offset by lower premiums in Accident & Health Decline in France driven by a competitive market environment and portfolio restructuring activities Improvement in Germany thanks both to Motor and Non-Motor (driven by Personal and Commercial) Sharp increase in Latin America (on like for like basis), driven by Brazil and Argentina (reflecting inflation effect)

Generali July 31, 2014 2014 First Half Results 67.1 0.6 65.7 (1.1) (0.8) 1H13 Current year NATCAT Prior years 1H14 67.1 65.7 27.5 27.1 (1.4) (0.4) 94.6 92.8 1H13 Expense ratio Loss ratio 1H14 21.4 21.4 6.0 5.7 (0.1) 27.5 27.1 1H13 Admin Acq. 1H14 (0.3) 28 Combined ratio analysis CFO P&C Insurance Combined ratio (%) Loss ratio Expense ratio Expense ratio (%) %pts - 0.4%pts. 1H14 68.6 1.3 -4.2 65.7 1H13 69.8 2.1 -4.7 67.1 Loss ratio (%) - 1.4%pts. - 1.8%pts. Acquisition costs Administr. costs Current year loss ratio improved 1.1%pts.

Generali July 31, 2014 2014 First Half Results 29 Combined ratio by country CFO P&C Insurance Combined Ratio still improving in Italy, despite Nat Cat impact (+1.0%pts.) Combined Ratio in France strongly impacted by Nat Cat (3.6%pts. compared to 0.7%pts. in 1H13) and continues to reflect current portfolio restructuring activities Excellent underlying performance of Germany and CEE, also benefitting from lower Nat Cat events (significant flood losses in 1H13) COUNTRY 1H13 1H14 Italy 91.3% 88.1% -3.2%pts. France 99.3% 105.1% +5.9%pts. Germany 96.0% 93.7% -2.3%pts. CEE 90.6% 84.2% -6.4%pts. EMEA 95.6% 94.6% -1.0%pts. Lat Am 103.1% 105.3% +2.2%pts. Asia 148.6% 104.4% -44.1%pts. International 88.1% 83.2% -4.9%pts. Total 94.6% 92.8% -1.8%pts.

Generali July 31, 2014 2014 First Half Results 30 P&C investment performance CFO P&C Insurance P&C segment general account investments (%) Euro 37.7 bn Euro 39.1 bn 29.1% 24.3% 30.2% 33.5% 6.5% 9.1% 9.9% 10.2% 13.1% 12.5% 10.0% 9.1% 1.1% 1.4% FY13 1H14 Other Cash & cash equivalent Real estate Equity Other fixed income Corporate bonds Government bonds Higher current fixed income yield thanks to higher exposure to corporate bonds Current return(1) Fixed income Equity Real Estate Total 1H13 1H14 1H13 1H14 1H13 1H14 1H13 1H14 Euro m 423 437 57 61 154 147 696 685 % 1.65 1.69 2.18 1.62 2.97 2.98 1.89 1.75 (1) Not annualized

Generali July 31, 2014 2014 First Half Results 31 Financial segment key financial indicators(1) CFO Financial Segment 1H13 1H14 LFL D 2Q13 2Q14 LFL D Operating result ( m) 195 226 +15.8% 113 119 +5.9% Net fees and commissions ( m) 237 251 +6.0% 118 133 +12.4% Cost / income ratio (%) 49.7% 47.3% -2.4%pts. 46.2% 47.2% +1%pts. Third party AUM(2) ( bn) 36.5 36.2 -1.0%pts. (1) Excluding BSI (2) Comparative data FY13

Generali July 31, 2014 2014 First Half Results 32CFO Final remarks Solvency I above target levels, and highest level in recent years Further strong improvement of underlying P&C underwriting margins Good momentum of Life volumes, with improving mix; Good operational performance despite low yields Final remarks

Generali July 31, 2014 2014 First Half Results Agenda 33 IV. Backup - Investments Page 34 - Financial debt Page 40 - Life Page 44 - Definitions Page 46

Generali July 31, 2014 2014 First Half Results Agenda 34 IV. Backup - Investments Page 34 - Financial debt Page 40 - Life Page 44 - Definitions Page 46

Generali July 31, 2014 2014 First Half Results 35 Assets under management Investments 77% 14% 9% General account investments Unit Linked Third party investments 5% 87% 4% 3% 1% Equity Fixed income Real estate Cash & Cash Equivalent Other By Asset Class By Region Total portfolio 450 bn Breakdown by region and asset class 31% 23% 29% 3% 10% 4% Italy France Germany CEE EMEA RoW and other operations

Generali July 31, 2014 2014 First Half Results 5% 8% 38% 39% 8% 2% Corporate 89 bn AAA AA A BBB Not Investment Grade Not Rated 69% 12% 10% 7% 1% 1% Covered 32 bnTotal Portfolio 302 bn 14% 34% 3% 47% 2% 0% Government 150 bn (1) 36Investments Fixed Income PortfolioFixed Income Portfolio (1) Italian government bond exposure is 84% of BBB Bond duration FY13 1H14 Life 7.2 7.8 P&C 4.0 4.6 49.5% 12.8% 16.6% 10.6% 10.5% Other fixed Income Covered Corporate non fin. Corporate fin. Government

Generali July 31, 2014 2014 First Half Results 39% 20% 6% 6% 19% 3% 7% Government bonds 150 bn Italy France Germany CEE RoE RoW Supranational Focus on Government Bonds Exposure by country Investments Italian government bond exposure decreased by 4% since 2012-end, despite market appreciation (BTP 10Y-yield dropped from 4.49% as at December 2012 to 2.85% as at June 2014) Further reductions will continue during 2014 for diversification purposes 58.5 56.2 FY12 1Q13 1H13 9M13 FY13 1Q14 1H14 Exposure to Italian Government Bonds (1) ( bn) (1) Includes only pure sovereign notes. 37

Generali July 31, 2014 2014 First Half Results 63% 21% 16% Equity Equity Funds Alternatives 38Investments Equity & Equity-like Life, P&C and Financial Total portfolio ( 17.5 bn) Equity ( 11.0 bn)Alternative investments ( 2.9 bn) Life, P&C and Financial Life, P&C and Financial Listed and Unlisted 67% 16% 17% Life P&C Financial 79% 21% 0% Life P&C Financial 74% 25% 1% Life P&C Financial 85% 15% Quoted Unquoted

Generali July 31, 2014 2014 First Half Results 85% 15% Breakdown by utilization (2) Investment properties Own use 65% 15% 11% 3% 6% Breakdown by use (2) Office Retail Residential Logistics Other/Mixed 39Investments 37% 25% 16% 2% 19% 1% Breakdown by country (2) Italy France Germany CEE RoE RoW Asset Allocation: Real Estate(1) (1) Data, at fair value, includes own use assets and property inventory (2) Detail referred to direct investments in real estate only Total portfolio ( 24.6 bn (1))

Generali July 31, 2014 2014 First Half Results Agenda 40 IV. Backup - Investments Page 34 - Financial debt Page 40 - Life Page 44 - Definitions Page 46

Generali July 31, 2014 2014 First Half Results Debt refinancing operations completed Financing until 2016 call dates completed; 1 bn net reduction in debt levels by end 2015 12.8 1.3 (0.5) 1.0 (1.5) 12.9 (0.8) 12.2 (0.5) 11.7 FY13 SENIOR BOND ISSUED JAN 2014 REPAYMENT OF INELIGIBLE LOAN SUB DEBT ISSUED MAY 2014 SENIOR DEBT REPAYMENT MAY 2014 1H14 NOVEMBER 2014 SENIOR MATURITIES EXPECTED FY14 2015 MATURITIES EXPECTED FY15 ( bn) Advantage taken of market conditions to pre-finance until 2016 call dates: 1.25 bn senior debt issued in January, with 2.25 bn senior maturing this year (remainder financed from internal resources, in excess of 1/3rd target) 1.0 bn subordinated bond issued in May to 1) Replace 500 m ineligible loan at year end, and 2) Pre- finance 2015 maturities of 0.5 bn. Net 1 bn improvement in debt position expected by 2015, with lower interest expenses ( 60 m) Financial debt 41

Generali July 31, 2014 2014 First Half Results 42 Focus on financial debt Financial debt Total financial debt ( m) Average cost & maturity of financial debt (%)(1) 4,468 4,218 7,612 8,085 678 617 FY13 1H14 Senior Sub/Hybrid Other FY13 1H14 Average cost (%) 5.93% 5.72% Subordinated/Hybrid 6.54% 6.42% Senior 4.81% 4.26% Average maturity (years) 5.27 5.96 12,921 m 12,758 m (1) The data take into account the senior bond of Euro 750 m euro due in November 2014 that will be reimboursed with available internal resources and the Euro 500 m bond due in May 2015, already refinanced. (1)

Generali July 31, 2014 2014 First Half Results 43 Financial debt breakdown by expiry date/call date ( m) 2014 2015 2016 2017 2018 2019 2020 2022 2024 2026 Senior Hybrid Subordinated Financial debt 750 500 2,154 1,268 250 770 2,618 1,750 1,437 1,250

Generali July 31, 2014 2014 First Half Results Agenda 44 IV. Backup - Investments Page 34 - Financial debt Page 40 - Life Page 44 - Definitions Page 46

Generali July 31, 2014 2014 First Half Results 45 Life new business: APE Life Insurance ( m) APE Annual Premium Single Premium 1H13 1H14 LFL r 1H13 1H14 LFL r 1H13 1H14 LFL r Italy 860 1,177 +36.9% 558 702 +25.8% 3,026 4,757 +57.2% France 409 425 +3.8% 168 162 -3.4% 2,415 2,625 +8.7% Germany 549 418 -28.0% 289 278 -9.0% 2,600 1,404 -49.0% CEE 84 64 -12.2% 79 60 -11.8% 47 36 -17.6% EMEA 315 363 +11.2% 193 180 -11.4% 1225 1,825 +48.6% Austria 47 51 +8.0% 35 35 +1.0% 124 158 +27.4% Spain 68 59 -13.5% 29 31 +7.3% 397 284 -28.4% Switzerland 33 26 -20.5% 32 25 -20.3% 10 7 -28.2% Lat. Am & Asia 86 73 +9.8% 68 60 +4.1% 170 133 +46.1% Total 2,303 2,520 +8.6% 1,354 1,442 +5.9% 9,483 10,781 +12.5%

Generali July 31, 2014 2014 First Half Results Agenda 46 IV. Backup - Investments Page 34 - Financial debt Page 40 - Life Page 44 - Definitions Page 46

Generali July 31, 2014 2014 First Half Results Definitions Definitions Total Operating Result Total operating result represents earnings before taxes, gross of interest expense on liabilities linked to financing activities, specific net income from investments and non-recurring income and expenses Adjusted Shareholders Equity Shareholders Equity gross of minorities excluding gains and losses included in Other Comprehensive Income (OCI) Operating RoE Operating Return on Equity indicates the return in terms of Operating Result on Group Shareholders Equity. It is calculated according to the following ratio: Total Operating Result adjusted to include: - interest expenses on financial debt income taxes based on a mid-term expected tax rate as assumed in 2015 Target - minorities interests Adjusted Shareholders Equity Financial Leverage Financial Debt / Financial Debt + Adjusted Shareholders Equity Fixed Charge Coverage EBIT/interest expenses on financial debt Gross/Net Expected Surplus For Life segment it is calculated as the sum of Earnings and capital release from existing business and New Business Strain For Non Life and Financial segments it is calculated as operating result net of taxes, minorities and change in capital requirements (S1) Net Free Surplus is calculated as Gross Expected Surplus minus holding expenses net of taxes and minorities Gross Remitted Cash The percentage of Gross Free Surplus actually remitted or passed up to the parent company 47

Generali July 31, 2014 2014 First Half Results Disclaimer Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognise that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond our control including, among other things, general economic and sector conditions. Neither Assicurazioni Generali S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document. The manager charged with preparing the companys financial reports, Alberto Minali, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Financial Intermediation, that the accounting information contained in this presentation corresponds to document results, books and accounts records. 48

Generali July 31, 2014 2014 First Half Results 49 Next events 06.11.2014 9M 2014 results reporting 19.11.2014 2014 Investor Day 12.03.2015 FY 2014 results reporting 30.04.2015 Annual General Meeting 14.05.2015 1Q 2015 results reporting 30.07.2015 1H 2015 results reporting 05.11.2015 9M 2015 results reporting 18.11.2015 2015 Investor Day

Generali July 31, 2014 2014 First Half Results Team Marta Porczynska Team Assistant & Event Manager Marta.Porczynska@Generali.com +39 040 671402 Martina Vono Team Assistant & Event Manager Martina.Vono@Generali.com +39 040 671548 Assicurazioni Generali P.za Duca degli Abruzzi 2 34132 Trieste, Italy Fax: +39 040 671338 e-mail: ir@generali.com www.generali.com Spencer Horgan Head of Investor & Rating Agency Relations Spencer.Horgan@Generali.com +44 20 7265 6480 Stefano Burrino Senior IR Manager Stefano.Burrino@Generali.com +39 040 671202 Emanuele Marciante Senior IR Manager - Credit & Rating Agency Relations Emanuele.Marciante@Generali.com +39 040 671347 Veronica Cherini IR Manager Veronica.Cherini@Generali.com +39 040 671488 Rodolfo Svara IR Manager Rodolfo.Svara@Generali.com +39 040 671823 50

Generali July 31, 2014 2014 First Half Results GENERALI GROUP 2014 First Half Results