FY09 Results Presentation def · FY09 Results and 2010 Outlook Milan, March 8, 2010. 2 ... 1Q09 2Q09 36.8 (€ m) 31.5 3Q09 4Q09 39.6. 11 Banca Generali FY09 Results and 2010 Outlook

Banca GeneraliBanca Generali

FY09 Results and 2010 OutlookFY09 Results and 2010 Outlook

Milan, March 8, 2010

2Banca Generali FY09 Results and 2010 Outlook

2010 Strategic and Business Guidelines

2009 Results

Net Inflows, AUM and recruiting

Closing Remarks


2009 Banca Generali results at a glance: what else?

2009 Results2009 Results

(€ m)

63.2

FY 08

2.7

17.6

4Q 08 4Q 09

FY 09

Quarterly Net Profit

7.9

+€55.3m

Net Profit

(€ m)

Banca Generaliex Simgenia

Banca Generaliex Simgenia

Booming Net ProfitFY09 Net profit at €63.2 mln, +697% yoy

4Q09 Net profit at €17.6mln, +560.4 %qoq

Constant Dividend

Pay-out and record

Dividend Yield

DPS €0.45 (vs. €0.06 in FY 2008)

80% Dividend Payout

5.9% Dividend Yield1

Sound Capital Ratios

Tier 1 Capital Ratio: 9.8%

Total Capital Ratio: 12.1%

Excess Capital: €69.5 mln

Revenues growing

at a constant pace

FY09 Net Banking Income LfL €247.1 mln, +49% yoy

FY09 Gross Commissions €296.4 mln, +24% yoy

Costs well under

control and huge

operating leverage

FY09 Cost Income Ratio at 56%, vs. 74.7% of FY08

Operating costs at +1% yoy (pro-forma basis)

AUM profitability

constantly growing

174 bps in FY09 (+14% vs. FY08), with constantly

increasing share of recurring profitability

AUM growing at a

fast pace AUM at €22.2 bn in 2009YE, +17.2% yoy

Booming Net Inflows€2,076 million in 2009 vs. €686 million in 2008, out

of which €1,352 million in managed assets

Excellent asset

performance

Average performance delivered to clients at +8.3% yoy,

with in-house funds +16% well above industry avg of 6.4%

+€14.9m

(1.9)

65.1

SimgeniaSimgenia (3.9)

11.8

1 Calculated on the closing price of Banca Generali share on March 5, 2010


€0.06

2008

2009 Results2009 Results

€0.18

2007

€0.45 (2)

2009

€ 7.9m

2008

€ 15.3m

2007

€ 63.2m

2009

(2) Board of Directors proposal to AGM due April 21, 2010

Pay-out policy confirmed, delivering one of the best yields in the industry

Net Profit

130%1

80%

Pay-out

84%

… coupled with a sound Capital Ratio…

Consistency in pay-out policy… … driving to a record DividendPer Share (DPS)

€ 14.0m

80%

2006

12.1%

2008

12.6%

2007

12.1%

20092006

12.5%

59.7

2008

64.6

2007

69.5

20092006

65.3

… and excess capital…

… and a record Dividend Yield (3)

€0.10

2006

2.6%

2008

3.6%

2007

5.9%

2009

0.9%

2006

(3) Dividend Yield based on the closing price of March 5, 2010(1) 2007 dividend was paid on the basis of the adjusted net profit, instead of on the reported net profit, resulting in an higher official pay-out

(€ m)


Consolidated FY09 Profit and Loss Account

FY09 ResultsFY09 Results

GIL, Generali Investments Luxembourg, formerly a Lux-based management company of AssicurazioniGenerali. GIL was merged with BG Investment Lux on Sept.9, 2009, thus creating Generali Fund Management S.A., a management company 51% owned by Banca Generali and 49% by AssicurazioniGenerali

As a result of the merger, GIL figures are consolidated line by line as of January 1, 2009

Figures analyzed in the next section (from slide 6 to 12) will be reported excluding GIL for consistency purposes

GIL, Generali Investments Luxembourg, formerly a Lux-based management company of AssicurazioniGenerali. GIL was merged with BG Investment Lux on Sept.9, 2009, thus creating Generali Fund Management S.A., a management company 51% owned by Banca Generali and 49% by AssicurazioniGenerali

As a result of the merger, GIL figures are consolidated line by line as of January 1, 2009

Figures analyzed in the next section (from slide 6 to 12) will be reported excluding GIL for consistency purposes

(€ mil.) FY 08 FY 09 % Chg FY 09 LfL % Chg

(reported) (reported) (excl. GIL)

Net Interest Income 61.2 49.3 -19.5% 49.2 -19.6%

Commission income 238.7 315.5 32.2% 296.4 24.2%

Commission expense -126.3 -133.5 5.7% -119.5 -5.4%

Net Commission 112.4 182.0 61.9% 176.9 57.5%

Net income (loss) from trading activities -43.0 -52.9 22.9% -52.9 22.9%

Dividends 35.2 73.9 109.7% 73.9 109.7%

Net Banking Income 165.8 252.2 52.2% 247.1 49.1%

Staff expenses -55.0 -67.1 21.8% -65.4 18.9%

Other general and administrative expense -77.5 -80.0 3.2% -79.2 2.2%

Total costs -132.6 -147.1 11.0% -144.6 9.1%

Cost /Income Ratio 74.7% 55.9% -18,8 p.p. 56.0% -18,7 p.p.

Other net operating income (expense) 8.8 6.1 -30.0% 6.1 -30.3%

EBITDA 42.0 111.3 165.1% 108.6 158.7%

Depreciation and amortisation -5.3 -5.8 8.1% -5.7 6.9%

Operating Profit 36.6 105.5 188.0% 102.9 180.8%

Net adjustments for impair.loans and other assets -9.1 -7.6 -17.3% -7.6 -17.3%

Net provisions for liabilities and contingencies -13.4 -15.9 18.6% -15.9 18.6%

Profit Before Taxation 14.1 82.1 482.3% 79.5 463.7%

Direct income taxes -2.3 -14.6 537.3% -14.4 525.9%

Tax rate 16.3% 17.8% 1,5 p.p. 18.1% 1,8 p.p.

Income/(losses) after tax on assets held for sales -3.9 -1.9 -50.6% -1.9 -50.6%

Minorities interest 0.0 -2.3 0.0

Net Profit 7.9 63.2 696.7% 63.2 696.5%


Net Banking Income +49% yoy, driven primarily by a 58% surge in net commissions

Even excluding performance fees, net banking income grew by a sound 12% yoy

Net interest margin held up well within

a contest of falling interest rates

Positive contribution from trading income

Excellent top line growth with total revenues increasing by some 50% yoy

(€ m)

Net Commissions

Net Interest Income Net Income from trading and dividendsUnrealised/realised gains/losses

165.8

112.4(68%)

-5.5 (-3%)

247.1

49.2(20%)

176.9(72%)

FY08 FY09

21.9 (9%)

-2.3 (-2%)

Breakdown of Net Banking Income (LfL)

-0.9 (-1%)

61.2(37%)


+49%


Management FeesFront Fees

Banking Revenues

Performance Fees

FY08 FY09

(€ m)

238.7

165.2(69%)

41.5(18%)

26.8 (11%)

57.3(19%)

166.5(56%)

26.8 (9%)

296.4

Breakdown of Gross Commissions (LfL)

Excellent gross commissions trend, with management fees sharply speeding up

Quarterly average management fees increased by 38% yoy to €47 million

Recurring fees representing 81% of total commissions


5.2 (2%)

45.8(16%)

Management fees (LfL; qoq change)

3Q09 4Q09

42

47

(€ m)

1Q09 2Q09

3740

+7%+6%

+11%

+24%

Shift towards managed products is starting to

bring benefits

4Q08

34

+9%

+38%

Recurring

commissions:

81%


Pay-out well under control, leading to a 58% increase in net commissions


FY08 FY09

(€ m)

112.4

FY09 Net Commissions (LfL)

Net commissions were up strongly as a result of both the expansion in gross commissions and of a pay-outcontraction, driven by some efficiency actions undertaken since the beginning of the year

FY08 FY09

54.1%

50.0%

Pay-out trend* (LfL)

176.9

(*) excluding performance fees

+58%

- 4.1 p.p.

Pay-out is subject to a seasonal increase in 4Q, as incentives on sales target are paid

Pay-out is subject to a seasonal increase in 4Q, as incentives on sales target are paid


Solid interest margin supported by amortised costs contribution

61.249.2

3.8

7.4

-23.2

FY08 Banca delGottardo Italia

AmortisedCosts

Volumes,rates

FY 09

FY 08 FY 09

61.249.2

(€ m)

Interest Margin (yoy)

-19.6%


Interest income proved extremely solid in 2009, well

outperforming the trend in official rates

Interest income was supported by amortised cost

accounting on HTM bond portfolio (€7.4 mln)

Amortised costs accounting are expected to remain supportive for interest margin also in 2010 and 2011

Interest income proved extremely solid in 2009, well

outperforming the trend in official rates

Interest income was supported by amortised cost

accounting on HTM bond portfolio (€7.4 mln)

Amortised costs accounting are expected to remain supportive for interest margin also in 2010 and 2011

3M Euribor (average)

2H081H08

4.67%4.61%

2H091H09

1.66%

0.80%


Excellent cost management in 2009, setting the decrease in 2010 and onwards

(€ m)

137.8

5%

150.3

43%(65.4)

53%(79.2)

G&A Expenses

Staff

40%(55)

FY 08 FY 09

Depreciation and amortisation

4% (5.3) 4% (5.7)

56%(77.5)

Operating Costs Breakdown (LfL)


148.9

41%(61.5)

55%(81.2)

4% (6.2)

FY 08pro-forma (1)

+1%

Operating cost increased by only 1% yoy, to

€150 million while they sharply fell by 20% qoq

Increase in labour costs entirely linked

to variable items and to the hiring of

new sales staff (Relationship Managers)

A decrease in operating costs is expected

for 2010 thanks to a number of cost

cutting actions started and completed in 2009,

which will deliver full benefits in 2010:

▪ merger of BSI Italia into BG

▪ streamlining of operating and IT

processes

Operating cost increased by only 1% yoy, to

€150 million while they sharply fell by 20% qoq

Increase in labour costs entirely linked

to variable items and to the hiring of

new sales staff (Relationship Managers)

A decrease in operating costs is expected

for 2010 thanks to a number of cost

cutting actions started and completed in 2009,

which will deliver full benefits in 2010:

▪ merger of BSI Italia into BG

▪ streamlining of operating and IT

processes

2009

Outlook for 2010 and beyond

(1) Excluding Simgenia and corporate assets, including Banca del Gottardo Italia

4Q operating costs at the lowest level for 2009

42.4

1Q09 2Q09

36.8

(€ m)

31.5

3Q09 4Q09

39.6


Asset growth well outpacing cost growth in 2009Asset growth well outpacing cost growth in 2009

9M09 Results9M09 Results

Staff costs (fixed) falling

39.3

FY 08 FY 09

40.7

(€ m)

G&A Expenses falling

FY 08 FY 09

81.2

(€ m)

one-offs forBSI merger,IT projects,new website

79.2-11.1%

72.2

7.0

Sales staff costs (fixed) increasing due to new RM hiring

8.8

FY 08 FY 09

7.9

(€ m)

+11%

-3.5%

(€ bn)

FY 2009

19.0

22.2

FY 2008

+17.2%

120.3129.8Total

72.281.2G&AExpenses(excludingnon-recurring)

48.148.6Staff Costs(fixed)

FY09FY08€mln.

Recurring operating expenses

-7.4%

-11.1%

-1.0%

AUM +17% ... … while recurring operating costs - 7.4%

Huge operating leverage is clear(about 30% AUM growth is

manageable with the sameoperating costs)


Profitability ratios well improving compared to last year

AUM profitability increased by 14% yoy (+21 bps) to 1.74%

Profitability from recurring commissions increased by 4 bps on a yoy basis, +7 bps (+6% yoy vs. FY08) adjusting for tax shield impact

Cost/Income ratio confirmed at excellent levels, in line with management long term targets

AUM profitability increased by 14% yoy (+21 bps) to 1.74%

Profitability from recurring commissions increased by 4 bps on a yoy basis, +7 bps (+6% yoy vs. FY08) adjusting for tax shield impact

Cost/Income ratio confirmed at excellent levels, in line with management long term targets


FY 08 FY 09

AUM profitability from recurring commissions

+21 bps

74.7%

56.0%

Performance Fees

AUM recurring profitability from interest income

1.53%1.74%

FY08 (1) FY09

1.17%1.47%

0.33% 0.27%

1.21%

0.25%

- 18.7 b.p.

AUM Profitability (LfL) Cost/Income Ratio (LfL)

1.24% in 4Q09, adjusting for the tax

shield impact

(1) Excluding Simgenia, Corporate assets; including Banca del Gottardo on a 12 months basis



2009 Results


Closing Remarks


2009 net inflows contributed to the best year ever if combining volumes and product mix

44

(€ m)

FY08

1,352

Net Inflows in Managed Assets2…

FY09

2006-2009 Total Net Inflows

24

(€ m)

FY07

2,076

FY09

652

(€ m)

FY08

724

Net Inflows in Administered Assets1

FY09FY06 FY08

6861,561

2,372

1,170

74

FY06 FY07

1,202 1,487

FY06 FY07

44

1,352

1,170

Mutual Funds/Sicav

Life InsurancePortfolio Management

805

379

168

FY08 FY09FY06 FY07

393

608

169

256

230

(412)

74 281

1,347

(1,584)

… split by product category

Net Inflows, AUM and recruitingNet Inflows, AUM and recruiting

1 Security deposits and current account 2 Mutual Funds/Sicav, Managed Portfolio and Life Insurance

Net inflows in administered assets are entirely linked to

assets repatriated in November and December with the 2009 Tax Shield

Net inflows in administered assets are entirely linked to

assets repatriated in November and December with the 2009 Tax Shield


Tax Shield: a great opportunity, fully exploited by Banca Generali


Contract signed€2 billion, out of which 98%(€1,960 mln) represented by physically

repatriated assets and only 2%(€40 mln) by legally repatriated assets

(“rimpatrio giuridico”)

Repatriations alreadycompleted as of today

About 85% of physically repatriated assets; the rest (about

€250m) will come by the end of the year (illiquid assets previously held

abroad require more time to be repatriated, so-called “clausole ostative”)

Asset AllocationAlmost 60% of repatriated assets already invested in managed products

(this share is further increasing)

The repatriated assets will deliver sustainable margins for the next 4-5 years

ClientsAbout 4,000, out of which about 2,200 are new clients with repatriated

assets of about €600k each

New clients represent an unparallel growth opportunity for Banca Generali

2010 Tax ShieldEven if different from the Sept-Dec 2009 edition, Banca Generali is having

very good inflows from new repatriations signed by the clients

2009 Tax Shield

2010 Tax Shield


2009 total assets sharply increased to €22.2 billion…

4.8 (26%)

2.6 (14%)

5.1 (27%)

1.8 (9%)

19.0

Mutual Funds/Sicav

Life Insurance Current Accounts Securities

FY08

Banca Generali Assets Breakdown

FY09

(€ bn)

4.7 (25%)

22.2

5.2 (24%)

3.0 (14%)

5.9 (26%)

2.3 (10%)

Portfolio Management

2008 YE FY09

2,980

4,219(€ m)

Lux-based Assets

42%

3,255

2,249

964

731

BG Selection SicavBG Sicav

+17.2%

5.8 (26%)


45%

Total assets increased by 17.2% yoyto €22.2 billion

Total managed assets were up by 18% yoyto €14.7 billion, representing 66% oftotal assets

Lux-based assets grew by 42% yoy,led by FoFs (+45% yoy)

Lux-based assets set for a further sharp increase in 2010


… with an excellent average performance, evenly spread across all product range

42%Banca Generali total assets posted an outstanding +8.3% performance in 2009

Particularly worth of notice is the performance of Banca Generali in-house managed funds/SICAVs, being equalto 16%, well above the Italian industry average of 6.4% in the same period

Banca Generali total assets posted an outstanding +8.3% performance in 2009

Particularly worth of notice is the performance of Banca Generali in-house managed funds/SICAVs, being equalto 16%, well above the Italian industry average of 6.4% in the same period


Total AUM

Mutual Funds/Sicav

Life Insurance

Current Accounts

Securities

FY09

(€ bn)


22.2

5.8 (26%)

5.2 (24%)

3.0 (14%)

5.9 (26%)

2.3 (10%)

Total AssetPerformance delivered

to the clients(1)

15.3%

3.8%

6.3%

10.5%

Banca Generali In-House Funds- Weighted Investment Performance -

18.5%12.9%

11.6%

16.0%

BG SGRBG Selection Sicav BG Sicav In-House FundsWAP

AUM (€m)2,939 (3) 703 964 4,606

960 bps extra performance vs.IndustryIndustry(2) 6.4%

(1) Total weighted asset performance net of annual net inflows and life maturities

(2) Italy General Index; (3) €3.255 million when including Fund of Funds managed by Third-Party Asset Managers

8.3%


Generali Fund Management, development fully in line with targetGenerali Fund Management, development fully in line with target

2010 business guidelines 2010 business guidelines

Insurance products with GFM’s SICAV as underlying are

currently developed and should be marketed by

Assicurazioni Generali insurance networks throughout Europe

starting by end 2010

Existing fund lines are currently under review

with the goal of optimizing them

Generali Fund Management (GFM) currently

manages about €12 billion assets

Opportunities for GFM to cooperate with GUOTAI,

a leading Chinese asset manager of which Assicurazioni

Generali owns a 30% stake, are currently investigated


Private Banker

Total BG Group

Financial Advisor

Relationship Manager

AUM already brought in Potential AUM AUM

Recruiting – FY09 results in line with year-end targets

Recruiting in 2009 broadly

outpaced the target for

the year

Banca Generali remains

focused on enhancing its

network profile rather than

the number of the

advisors

Recruiting in 2009 broadly

outpaced the target for

the year

Banca Generali remains

focused on enhancing its

network profile rather than

the number of the

advisors

Net Inflows, AUM and RecruitingNet Inflows, AUM and Recruiting

223

N. FAs AUM (€m)

9

185

352

760

FY09 Recruiting Results

9

32

50

133

5

10

150

30

340

N. FAs AUM (€m)

45

600-700

FY09 Recruiting Targets

N° of FA


Banca Generali distribution networks well above peers in terms of size and ready to seize new market challenges

Source: Assoreti – December 2009

34.831.0

18.314.2 12.2

10.9 9.710.39.2 8.5 8.5 7.7 7.1 6.6 5.9

0.0

10.0

20.0

30.0

40.0

CRED

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9.6

(€ m)

“Promotori” ranking by size (AUM/financial advisor)“Promotori” ranking by size (AUM/financial advisor)

FA Privatebanker

RM

1,266229

69

Network Split (FY 2009)

(n°)




2009 Results


Closing Remarks


4 0 0

5 0 0

6 0 0

7 0 0

8 0 0

9 0 0

1 . 0 0 0

1 . 1 0 0

1 . 2 0 0

1 . 3 0 0

Launch of discretionaryaccount with capital

protection( ),

Lux-based flexible and total return Sicav

Launch of discretionaryaccount with capital

protection( ),

Lux-based flexible and total return Sicav

20072007 20082008 20092009 20102010

Major push of a traditional policy

and of a capital protected

one ( ), new total return FoF

( )

Major push of a traditional policy

and of a capital protected

one ( ), new total return FoF

( )

Traditional policy investing in

corporate bond,

launch of new FoFmanaged by third-

party

Traditional policy investing in

corporate bond,

launch of new FoFmanaged by third-

party

2005-062005-06

Launch of twoinsurance products

with capital protection

( ) and capital guarantee( )

Launch of twoinsurance products

with capital protection

( ) and capital guarantee( )

Focus on insurance products

and

and on managedproducts

Focus on insurance products

and

and on managedproducts

Wide product offer and effective performance delivery: a story of successful advice …

RialancioRialancio

MSCI World Index

Introduction of products withcapital protectionor guarantees

Early understanding of market crisis: focus on

protection and guarantees, exit from equity products

Defensive bias enhanced, with selective investments in total return and flexible funds,

protected capital and life insurance

Still defensive asset allocationwith excellent seizing of the market upside, fund of funds, flexible and

total return funds

The 2009 strategy is confirmed

2010 strategic guidelines2010 strategic guidelines


…… boding well for 2010 business strategy aimed at exploiting currboding well for 2010 business strategy aimed at exploiting current growth opportunities in ent growth opportunities in terms of net inflows and profitabilityterms of net inflows and profitability


Target of improving

AUM profitability, with a

focus on recurring fees

through:

Enriching the offer of managed savings products

Constant review of the insurance offerand upgrading of the insurance asset mix

Strengthening of Asset Transformation, well in place since the beginning of 2009

AUM Profitability (LfL)

1.53%

1.74%

FY08 FY09

(*) excluding GIL (General Investment Lux)

An unrivalled growth

opportunity to increase

assets over 2010

through:

Acquisition of new clients through dedicated strategy fully developed and shared with thenetworks

Development of the 2,200 new customers from the 2009 Tax Shield

Tax Shield

Recruiting

Asset under Management

FY08 FY09

22.2

19.0

+17.2%


Acquiring new customers, leveraging on the excellent results achieved, particularly over the last 2 years

New dedicated actions for the acquisition of new clients through:

Acquiring New Clients

offline


offline

Intense training sessions for the network

Dedicated initiatives with famous sport champions organised throughoutItalian major cities for existing clients and to attract new ones

Objectives by Area with a new managerial monitoring systemof the results

Development of new clients from the Tax Shield

Intense training sessions for the network

Dedicated initiatives with famous sport champions organised throughoutItalian major cities for existing clients and to attract new ones

Objectives by Area with a new managerial monitoring systemof the results

Development of new clients from the Tax Shield


online


online

ALERT mail and SMS

Insurance and pension positions

Insurance products available online

Tax position

Stop loss/take profit

Credit cards

New Functions to be added by 1H10



RECRUITING

Recruiting top financial advisors, focusing only on high-profile professionals

Distribution network profile is significantly improving


Recruiting process is very selective, with the goal of focussing onlyon high profile financial advisors

Excellent recruiting opportunities with a stable cost of recruiting, due to thestrength of Banca Generali brand and of its reputation on the market

2010 recruiting targets are in line with those set for 2009

Banca Generali Private Banking focus on high-profile private bankers with no less than €15m AUM or on high-profile bank employees

Banca Generali targets financial advisors from competitors with no lessthan €8m AUM

Recruiting process is very selective, with the goal of focussing onlyon high profile financial advisors

Excellent recruiting opportunities with a stable cost of recruiting, due to thestrength of Banca Generali brand and of its reputation on the market

2010 recruiting targets are in line with those set for 2009

Banca Generali Private Banking focus on high-profile private bankers with no less than €15m AUM or on high-profile bank employees

Banca Generali targets financial advisors from competitors with no lessthan €8m AUM

2008 2009

11.5

14.2(€ m)

AUM/Financial Advisor

Banca Generali Banca Generali Private Banking

26.1

31.0(€ m)

8.310.3

24%

19%23.5%

Gruppo Banca Generali

2008 2009 20092008



Further expansion in the Lux-based FoF product offer

Since its launch in March 2008 the offer of BG Selection Sicav has constantly increased, moving from FoF managed entirely in-house to include also FoFs managed by some of the best international asset managers

Since its launch in March 2008 the offer of BG Selection Since its launch in March 2008 the offer of BG Selection SicavSicav has constantly increased, moving from has constantly increased, moving from FoFFoF managed managed entirely inentirely in--house to include also house to include also FoFsFoFs managed by some of the best international asset managersmanaged by some of the best international asset managers

2008 2Q 2009 20104Q 2009

€2.6 bn€3.3 bn

€2.2 bn

o/w €1.4 bno/w €1.5 bn o/w 1.9 bn

Total BG Selection Sicav FoFs BG Selection Sicav FoF managed by third-party asset managers

.. AND NEW .. AND NEW PRODUCTS TO BE PRODUCTS TO BE

LAUNCHED BY LAUNCHED BY 2Q2Q--3Q 20103Q 2010

8 geographical lines

3 global equity

2 flexible/total return

1 money market

AUM

AssetManager

Investmentlines

+1 geographical lines

+1 global equity

+3 flexible/total return

+1 geographical lines

+3 flexible/total return+5 flexible/total return


Insurance, further progress in the process of upgrading the asset mix

20092008

… coupled with asset mix upgrading

51%

61%

24

(€ m)

FY08

Strong improvement in life new business quality …

FY09

351

1,657

1,220

1,313

Traditional recurring and unit-linked with longer policy duration

Rialancio: a cash-equivalentlife policy, with no exit fees

Share of life assets invested into longer termand high margin policy on total life assets


1,306

93

2010 YTD

64%

2010 new product launches

BG Valore Plus offer the chance to redeem on a yearly basis the revaluated share of segregated assets

A life policy allowing to combine investment into a segregated fund and into an equity fund

Traditional policy linked to a segregated fund investing in US$

Individual pension funds


Asset transformation, ready to exploit Banca Generali new and wide product base

Third-Party Funds

Life insurance policy close toexpiry and Rialancio policies

Administered Assets

23 lines of Fund of funds, 12 managed in-houseand 11 by primary international asset managers


(1)

(1) The entire size of the placing already completed by mid February 2010

PotentialPotential assetsassetstoto bebe transferredtransferred

€€10bn10bn

Wide offer ranging from standard lines to fullypersonalised ones and trust lines

Lux-based Funds of Funds (FoF)

New Life Policies




2009 Results


Closing Remarks


Closing RemarksClosing Remarks


2009: An excellent year, in any respect, which is leading Banca Generali to a solid growth in 2010 and beyond

Growth of AUM

is sure and safe

The organic growth, by the existing networks, is steady both in quantity and quality

High client satisfaction suggest further growth in their share of wallet and in referrals

2,000 new clients from Tax Shield may deliver significant benefits

High focus on the large room to acquire new clients, exploiting the turmoil

in the traditional banking system

Focus on growth of revenues, mainly in the recurring part

AUM are growing….

…and the profitability as well, due to the effective asset transformation that is in place

Huge operating leverageWe are demonstrating that with the existing operating cost base, Banca Generali can

manage up to €29-30 bn (approximately + 30% of existing AUM)

Proven market

friendliness

Banca Generali stock is proving, thanks to its capital solidity, a very interesting

investment opportunity for its shareholders, combining:

growth,

reliable dividend flows with attractive dividend yield level




Banca Generali is going on, never changing since the beginning, to be a winning model based on unrivalled strategic characteristics:

1. Brand awareness and reputation

2. True and fast growing open architecture, much more advanced than the competition (banks and F.A. networks)

3. Ability to deliver excellent results to the clients even in difficult market conditions and maintaining a

moderate risk exposure

We want to further enhance these characteristics aiming to be the true market winnerin the medium term

4. Strategic focus on recurring fees, progressively becoming less linked to equity market trends

2010 started very well in terms of net inflows, quality of the inflows and the 2010Tax Shield. Even in a very volatile and uncertain environment, we feel confident

to continue the fast and solid growth so far experienced

We are not used to “push” in advance regarding acquisitions or big opportunities. BUT:

About Acquisitions: BG is the only company that may combine:- a proven track record of successful acquisitions and integrations- the financial strength to do them

About big Opportunities: - Generali Fund Management provides evidence of growth potential


DisclaimerDisclaimer

The manager responsible for preparing the company’s financial reports (Giancarlo Fancel) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

G. Fancel, CFO

Certain 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 recognize 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 Banca 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.

Documents

FY09 Results Presentation def · FY09 Results and 2010 Outlook Milan, March 8, 2010. 2 ... 1Q09 2Q09 36.8 (€ m) 31.5 3Q09 4Q09 39.6. 11 Banca Generali FY09 Results and 2010 Outlook