ITALIAN SUSTAINABILITY CONFERENCE 2020 · Clients service and client protection Environmental commitment Governance & Risk control Digital strategy Our People - Employees Our People

ESG INVESTOR PRESENTATIONITALIAN SUSTAINABILITY CONFERENCE 2020

AGENDA

Sustainability journey

Responsible Investments & SDGs

Clients service and client protection

Environmental commitment

Governance & Risk control

Digital strategy

Our People - Employees

Our People - Financial Advisors

Community projects

Business and Strategy at a glance

Preliminary remarks

Appendix

2

BANCA GENERALI’S RESPONSE TO COVID-19THREE MAIN LINES OF ACTION

Smart working allowed 92% of those employees that can work from home to do so by March 23rd, ensuring 100% of business continuity, within 2

weeks of official lockdown.

Ongoing health information delivered with Covid-19 newsletter and video messages from CEO/HR

Dedicated health protection phone line and medical assistance available for all employees, strict health measure in place in any building/ branch

Health and safety of all our Employees, Financial Advisors, Clients and their families

Focus on core business: protecting the wealth of our clients Business continuity focused on proactive client engagement leveraging on digital tools (digital collaboration, home & mobile banking) and

enhanced contact center operations

Ongoing communication on markets, investment services and products

New product initiatives to manage growing liquidity in a more efficient way for both clients and bank

Dividend payment postponed and to be reviewed after October 1st following regulator recommendations.

Actions to support Italy, its local Communities and its Healthcare System Launch of the "Italianonsiferma" initiative, an asset-backed notes issuance aimed at supporting Italian companies and SMEs by bringing

closer the private savings of its professional clients to the real economy

New €140m healthcare receivable securitization program to provide liquidity to companies in the health care sector

€1m donation from Banca Generali and its employees to the Italian healthcare and Red Cross

3

FOCUS ON OPERATIONS DURING LOCKDOWN

Assets transferred (# operations)

IN 5,977 (same as in Mar./Apr. 2019)OUT 860 (-11% vs. Mar./Apr. 2019)

2 out of 3 Clients completed operations digitally

1 out of 3 Clients completed operations paperless with

registered phone calls, mail authorizations

9 out of 10 FAs completed operations digitally

10 out of 10 FAs completed their training programs

digitally

Clients

FAs Operations

Total No. of operations in funds/SICAVs

IN 39,689 (+2% vs. Mar./Apr.2019)OUT 26,101 (-25% vs. Mar./Apr. 2019)Switches 13,287 (+41% vs. Mar./Apr. 2019)

4

2019 DIVIDEND PROPOSAL TO AGMCONFIRMED BUT PAYMENT POSTPONED

New BoD

2019 Dividend

(DPS)

proposal to AGM

€1.55 DPS payment date

On 30 March 2020, Banca Generali decided to responsibly comply with the new recommendations issued by

the Supervisory Authorities in light of the exceptional market context caused by the outbreak of COVID-19

European Central Bank issued on 27 March 2020

Bank of Italy issued on 27-31 March and on 1 April 2020

Thus, Banca Generali revised its BOD 2019 Dividend proposal to AGM by postponing the date of dividend

distribution subject to prior verification of a new set of conditions

(i) ECB/2020/19

recommendation;

(ii) compliance with supervisory

regulations and guidelines;

(iii) TCR> SREP minimum

requirements+ buffer

DPS distribution subject to

20.05.20 15.10.20 31.12.20

€0.30 DPS payment date

20.01.21 15.01.21 31.03.21

5

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

6

BANCA GENERALI IN A NUTSHELLKEY FACTS AND FIGURES

FAs Network

NOTES: 1) data as of 16 June 2020, source Bloomberg

Our VISION is to be the first Private Bank, unique by Value of

service, Innovation and Sustainability

Our MISSION is to be trusted advisors to our Clients, remaining

by their side through time, to build and take care of their life

projects

WM

NetworkPB

Network

FP

Network

Banking and

Wealth Management

Services

Asset

ManagementFiduciary

Services

COMPANY STRUCTURE VISION AND MISSION

KEY COMMERCIAL NUMBERS, 2019 KEY FINANCIAL NUMBERS, 2019

Advisors 2,040

Clients ~301k

Branches 46

Employees 950

AUM€69

bnTCR 16.1%Net Profit

€272

m

Market Cap€3.5

bn1 ROE 32.9% Dividend yield 1 6.8%

7

BG AMBITIONSFROM 2019-21 BUSINESS PLAN

To create a new long term growth engine

by selectively expanding our geographical

footprint

To consolidate our leading position in

empowering the best Financial Advisors

(FAs) in the Italian market

To be the Clients’ first choice for quality of

professionals, protection and value of

service as well as state-of-the-art digital

presence

1

2

3

Empowering FAs

Clients’ first choice

International aspiration

8

DISCONTINUITY

IN THE

CONTINUITY

2019/2021 BUSINESS PLAN GUIDELINESCLEAR STRATEGIC AMBITIONS TO BEAT EXPECTATIONS

• Foster a culture of talent, sustainability and

diversity & inclusion

• Strengthen open banking approach and international

partnerships

• Focus on protection, lending and services to

entrepreneurs

• Accelerate on cross-fertilization and teams

• Strengthen direct Client touchpoints

• Serving the Italian Client through an international approach

while selectively expanding abroad INTERNATIONAL ASPIRATION

DIGITAL MINDSET

PEOPLE & ORGANIZATION

WM APPROACH

EXCELLENCE OF FAs

BRAND

9

70%-80% pay-out ratio

DPS (1.25€) set as a floor

Cumulated Net Inflows >14.5 bn/€

Core Net Banking Income1 ≥63 bps

Core Operating Costs2: 3%- 5% CAGR

Total Assets 76-80 bn/€

2021 Targets

BUSINESS RESULTSON TRACK TO FINANCIAL TARGETS

NOTE: 1) Guidance based on Group perimeter including recent acquisitions and foreign expansion; core net banking income computed as net banking income excluding performance fees and trading gains; margins based on average assets on an annualized basis; 2) Core operating costs computed as total operating costs ex-sales personnel expenses, current perimeter

2019 Results

5.1 bn/€

69.0 bn/€

67 bps

4.8%

78% pay-out

DPS 1.85€

Dividend pay-out

Dividend per share

Asset growth

Sustainable

profitability

Shareholders’

remuneration

Score

Legend: On track to 2021 target

Objective KPIs

10

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

11

SUSTAINABILITY IS FULLY EMBEDDED IN OUR STRATEGYKEY DATA TRENDS

Note 1: Financial data refers to FY 2019 unless stated otherwise

Board

2.2%2.7%

7.2%

2017 2018 2019

ESG on Managed Assets, %

ESG Growth

ESG Ratings

B

BB BB

apr-17 giu-18 ott-19

MSCI Scoreson a scale from CCC to AAA 44%

4/9 Women on Board (vs. Italy’s 1/3 legal

requirement)

33%

35%34%

2017 2018 2019

Diversity: Women

Managers & Executives, %

Gender Diversity

748.8 729.5

890.8

2017 2018 2019

Global Value Added, €m

Financials1

11.8%12.2%

14.1%

2017 2018 2019

Italian Market Share

Market Resilience

Employee Training

21

39

48

2017 2018 2019

Training hours, thousands

1,661

1,2641,404

2017 2018 2019

GHG Emissions, tCO2eq

Environmental Impact

12

VISION, MISSION & VALUESINTEGRATING SUSTAINABILITY IN OUR BUSINESS

VISIONTo be the No. 1 private bank,

unique by value of Service,

Innovation and Sustainability

MISSIONTrusted professionals always by

the Customers’ side, developing

and looking after their life plans

LIVE THE COMMUNITY

We are proud to belong to a Group that

operates throughout the world with a major

focus on social responsibility matters. We

feel at home in all markets.

DELIVER ON THE PROMISE

We want to build a long-term relationship of

trust with people: employees, customers

and stakeholders. The objective of our work

is to improve our customers’ lives, turning a

promise into reality.

VALUE OUR PEOPLE

We give value to people, promote diversity

and invest in encouraging ongoing learning

and professional growth to create an

environment that is transparent,

collaborative and accessible to all.

BE OPEN

We are curious, proactive and dynamic

people with open, diverse minds that want

to look at the world from another viewpoint.

BANCA GENERALI VALUES ARE IN LINE WITH THOSE OF THE GENERALI GROUP

13

OUR SUSTAINABILITY APPROACHSUSTAINABILITY IS THE ONLY PATH TO GROWTH

Our sustainability strategy is characterised by:

InnovationWe invest in innovation to create progress and

meet our customers’ needs. Our confidence in

technology has led us to create a service

ecosystem that measures up to international

best practices.

Social ResponsibilityWe support a system where all can

progress, with the aim of creating long-

lasting value. We participate in welfare,

cultural and sporting initiatives, with an eye

to sustainable growth in the long term.

TransparencyIntegrity and impartiality in the Internal Code

of Conduct of Banca Generali and Code of

Conduct of Generali Group. Trust is our most

valuable asset.

Sustainable growth over time, with entrepreneurial actions aimed at achieving stable

and satisfactory long-term economic and commercial results, minimising risks related

both to the volatility of the economic-financial scenario, and the inadequate planning of

objectives, due to short-term needs;

People enhancement, encouraging the constant development of skills and

professionalism and acknowledging the contribution of individuals to the success of the

organisation;

Sensitivity to the social context, participating in charitable, cultural and sports

initiatives;

Reduction of direct and indirect environmental impacts by taking measures to

minimise the consumption of energy, paper and water, and lower pollutant emissions.

14

BANCA GENERALI SUSTAINABILITY INDICATORSINTEGRATION OF SDG IN BG’S MATERIALITY ANALYSIS

FIVE areas of action points within our

Sustainability Programme with multiple

Key Performance Indicators (KPIs) to

support a long term monitoring.

These KPIs are monitored through a

dashboard alongside their reference

benchmarks, with the goal of tracking

our sustainability performance.

BUSINESS APPROACH

PRODUCTS & SERVICES

GOVERNANCE

ECONOMIC SUSTAINABILITY

PEOPLE

15

ESG RATING AND RELEVANT INITIATIVESSUSTAINABILITY CREDENTIALS

Solicited ratings

Focus of detecting areas for

improvement within ESG strategy

Sector benchmarking

Full Investment Grade

Sustainability Rating:

EE (strong)* (On a scale of EEE to F)

Membership1

Note: 1) Membership to UNGC and CDP as a result of the Generali Group adhesion

Rating agencies Corporate Governance: 1

Environment: 2

Social: 2 Pending rating disclosure

Industry Rating: BB* (On a Scale from CCC to AAA)

16

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

17

INNOVATION IN AM SOLUTIONSSUSTAINABILITY AS AN ALTERNATIVE APPROACH TO CLIENTS

ESG Reporting

Link and valuation of the contribution of each fund to the SDG target

Effective and clear reporting of ESG targets

ESG Fund Selection

Wide and growing offer: 161 ESG funds with 25 AMs

Wide range of investment strategies (Best in Class, Best effort, Engagement, thematic Investing)

ESG Portfolio Platform

Fund due-diligence and monitoring of SDGs goals with the support a specialist partner

Investment advisory dedicated to SRI/ESG portfolio lines

Proposition for Clients

UN Sustainable Development Goals (SDGs)

New commercial approach starting from Clients’ need

18

Engine Optimization

SUSTAINABLE

PORTFOLIO 100%BG Personal Portfolio

SOSTENIBILITÀ BANCA GENERALI IMPACT “SBGi”

In November 2019 Banca Generali filed an application to register the “SBGi” trademark in class 36 (banking and financial services) in Italy. It will enable Banca Generali to maintain a competitive

advantage by anticipating the possible consequences for the market of the draft regulation on disclosures relating to sustainable investments and sustainability risks. (the “Disclosure Regulation”).

SDGs

CHOSEN by the

CUSTOMER

CUSTOMER'S RISK

PROFILE

SUSTAINABLE

PRODUCTS

19

We report impact results of funds and model portfolios according to objective ESG metrics:

Emissions Reduction

10 tonnes of CO2 avoided

= 71 car trips from Milan to Rome

Water Saved

3,113,769 litres of water saved

= 44,482 showers

Waste Management

85% waste reduction plans

+ 43% vs benchmarkE

IMPACT METRICS

High Risk Patients

2 patients treated

Healthy Food

212 natural and/or organic meals

provided

Work Environment

88% decent work environment

+ 51% vs benchmark

S

Gender Equality

35% women on the board

+ 16% vs benchmark

Independent Board

75% independent directors

+ 5% vs benchmark

Anti-corruption

89% anti-bribery enforcement

+ 35% vs benchmarkG

20

9 29 5095

144205

307 335

539

667717

809

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.

Net inflows since inception of new ESG commercial approach €/m

0.8 0.9 0.9 1.0 1.0 1.1

1.4 1.4

2.0 2.12.3 2.4

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.

Target of ESG products on total

assets >10% within 2021

2.7%

7.2%

10.0%

2018 2019 E2021

>

SUSTAINABILITY FOR BANCA GENERALIRESULTS AHEAD OF EXPECTATIONS

0.8 2.4

AUM IN ESG PRODUCTS(€/bn):

Total assets in ESG products €/bn

21

RECENT ESG PRODUCT LAUNCHESPRODUCTS & SERVICES

22

Universe

Wide and growing offer: ~ 200 ESG funds with 35 AMs

Wide coverage of all UN SDGs

Portfolio management

Long/Short Sub-fund

UN SDGs

New LUX IM sub-fund that avails

itself of the investment advisory of

Ambienta SGR, a leading private

equity firm focussed on ESG themes.

First Insurance portfolio based on

SDGs alignment for Assicurazioni

Generali.

Four portfolio management lines within the discretionary portfolio

management service with a specific view to sustainability topics,

some of which supported by sustainability advisors.

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

23

KNOWING THE CLIENTEXCELLENT PROFILING PROCESS FIRST STEP TO COMMERCIAL SUCCESS

*The figures refer to persons who have been Banca Generali customers for at least one year.

Knowing the client and understanding proposals Number of customers and AuM

95%

Customer

retention

rate

Average duration of

the agreement*

~301k

Customers

11 years

& 1

month

24

WEALTH MANAGEMENT APPROACHHOLISTIC APPROACH IN THE NAME OF THE VISION AND MISSION OF THE BANK

Art

Financial

assets

CorporateFamily

protection

Real

estate

Corporate

Merger & Acquisitions

Dynamic hedging

Subsidized finance

Financial assets

Open architecture

In-house funds

Bespoke financial & insurance solutions

Banking platform

65

Banca Generali’s client assetsAs of 1Q 2020, bn/€

234

Financial

assetsFinancial + Non-

financial assets

Real estate

Advisory

Valuation

Agency

PARTNER

LAW FIRMS

Succession planning

Legal and fiscal support

Wealth protection

Trust services

Family protection, wealth planning

Art advisory

25

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http://www.opencare.it/

http://www.opencare.it/

CUSTOMERS & INNOVATIONPRINCIPLES & DATA SECURITY

Professional ethics

Culture of sustainability

Data protection rights

Conflicts of interest Free competition

Financial disclosures & cost

transparency

Bribery and corruption

Money laundering &

Financing of terrorism

Customer satisfaction

The Principles

Guiding

Customer Relations

Policies on data protection, IT security and strategic

direction on the matter of information communication

technology (ICT)

Training courses for employees

GDPR – General Data Protection Regulation

(Regulation EU 2016/679)

Systems and tools to ensure data security (firewall, anti-

malware and antivirus software…)

Periodic revision of the safeguards adopted in accordance

with industry legislation (periodic updates to the record of

processing)

Constant assessment of the risks associated with the new

personal data processing methods introduced by the

Company

Cyber-security: development and adoption of an adequate

set of tools and technologies to protect IT systems to

ensure availability, confidentiality and integrity

26

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

27

OUR PEOPLE – THE FA NETWORK

Reference to YE2019

60h average training

hours by FAsMIFID 2, anti-money laundering &

IVASS

Male 82%

Female 18%2,040 financial advisors+2.8% since 2018

Offices 165

Branches 46

147 customers per FA

FINANCIAL ADVISORS

Private Bankers (PBs)/Financial Planners (FPs) and Wealth Advisors (WAs) collaborate with the Company

as freelance professionals

€32.8m AuM per FA

28

BANCA GENERALI DNA AND HIGH QUALITY OF FASTHREE KEY AREAS TO SHOW BG CULTURE

SOURCE: 1) CF Explorer 2018 – FINER; 2) CF Explorer 2018 – FINER; GFK Eurisko – PF Monitor 2014, 2015, 2016, 2017; 3) Istituto Tedesco Qualità e Finanza, 2015, 2016, 2017, 2018

"Best Financial Advisory

network in Italy five years

in a row"

"Best Financial Advisory

Network by Client Satisfaction" in 2015, 2016, 2017, 2018 and 2019

Istituto tedesco di Qualità e Finanza

Client Satisfaction2FAs’ Satisfaction1FA quality

1st

in the ranking for FAs’ sense

of belonging

with 3.71 (maximum 4.0)

29

21.5

27.8

32.8

2019

Average FA portfolio (Assets/FA)

Average FA sector

Best Player ex-BG

Banca Generali

FINANCIAL ADVISORS TEAMS

VERTICAL TEAMHORIZONTAL TEAM

• Sharing skills

• Team members focused on specific areas of expertise

• Tailor-made services

• Succession planning for FA Leader

• New generation of FAs

• Management and development of the entire Client

base

Already 64 teams up and running (138 FAs involved)

SUCCESSFUL ROLL-OUT OF THE TEAM MODEL

Data as of 31.12. 201930

TRAINING PLATFORMONGOING FOCUS ON TRAINING

Extended Class model

• Continuous training /

information approach,

• Integration of digital /

physical channels

• Inside and outside

traditional classes

• Levearging and

spreading of best

practices

The single channel dedicated to Financial

Advisors’ training

COURSE CREDITS

MULTIDEVICE

ALL TOPICS AND TRAINING

MATERIALS ONE CLICK

AWAY

BEST PRACTICES

FROM NETWORK

COLLEAGUES

MANAGERIALMONITORING

ADVANCED «SEARCH» FUNCTION

New training model

New training platform

31

AGENDA






Digital strategy


Community projects


Preliminary remarks

Appendix


32

Our People are one out of five pillars of the BG Sustainability Index

OUR PEOPLE - THE EMPLOYEES

Reference to YE2019

Over 48,000 training hoursSenior Manager 7%

Middle Manager 32%

Employee 61%

950 people

Average age 44

Male 51%

Female 49%

Italy 94%

Abroad 6%

33

SUSTAINABILITY

BG PEOPLE IN A NUTSHELL

34

• Interdepartmental Projects

• Agile Mindset: Organization & Process

• Smart Working

• Virtual Room Incubator

• Micro Stage

• Delegation of "Super Powers “

• Smart Meeting

• Turn the Table

ORGANIZATIONBecome a simple, agile and efficient

organization

• Technical Skills Mapping

• Digital Mindset & New Digital Skills

• Development linked to Performance

• Global Learning Management System –

WE Learn

• “A Look at the Outside” – Off Site

• BG On Air

KEY SKILLSBuild and evolve key skills for

the digital age

• New Group Performance Management

• Talent Garden

• Talents Project

• Mentoring

• People Manager Project

• New Global Job Posting

• Switch the Boss

LEADERSHIP & TALENTSGrow global and diverse leaders

& talents

• Life-time Partner Behaviours

• D&I Strategy

• Customer Attention

• Meetings with the Network & Top

Management

• New On Boarding Process

• The BG Brand Asset

• Off Limit Time Zones

• BG Energy

Foster a customer-centric, inclusive

and open culture

CULTURE

OUR PEOPLE - THE EMPLOYEESBG PEOPLE STRATEGY

34

• Lion’s Coins

• Group Employee Share Plan

• Generali Up

EXCELLENCEReward excellence and

sustainable value creation

New actions will be included following Global Engagement Survey taking place in June 2019

35

PEOPLE – GLOBAL ENGAGEMENT SURVEYGLOBAL ENGAGEMENT SURVEY 2019

Strengths

Priorities

Clarity on the strategy and vision

Strong personal commitment

Strong customer focus

Eliminate bureaucracy

855Of BG employees

took part

525Open comments

received

Response Rate 96%

+7 pps vs. Generali Group

-2 pps vs. 2017 Survey

+5 pps vs. GIA&WM1

Engagement Index 82%

Energize our people

Empowerment & delegation

Note 1: GIA&WM refers to Group Investments, Asset & Wealth Management

+3 pps vs. GIA&WM1

+1 pps vs. 2017 Survey

+3 pps vs. Italy Financial Services Norm

= vs. Generali Group

OUR PEOPLEGENDER EQUALITY & DIVERSITY: REMUNERATION & ROLE PARTICIPATION

Remuneration ratio: WOMEN vs. MEN1 Employees by Profession & Gender

36Note 1: Consolidated data for Italy + Lux as of 31 Dec 2019. Annual employees’ remuneration figures include the amount established by the national collective labour agreement

and supplementary agreement, in addition to any other types of additional remuneration, such as seniority of service, overtime, bonuses, allowances and benefits.

Women Average Percentage Pay vs. Men (=100%)

88%

90%

2018 2019

MANAGERS

75%

77%

2018 2019

EXECUTIVES

92%

94%

2018 2019

EMPLOYEES

27%

26%

73%

74%

2018 2019

MANAGERS

37%

36%

63%

64%

2018 2019

Women Men

EXECUTIVES

59%

59%

41%

41%

2018 2019

EMPLOYEES

Training

OUR PEOPLETRAINING ACTIVITY

37

Managers Executives Employees

48,021

training hours

in 2019(39,000+ h in 2018) TECHNICAL (BUSINESS AND

NON-BUSINESS) SKILLS

To continue to ensure a widespread technical

leadership within the Organisation and

competitive on the market

MANAGERIAL AND BEHAVIOURAL SKILLS

To support people in the major strategic changes

and build a unique managerial style/approach

REGULATORY/SAFETY

To make the Bank sustainable in the long-term

and protect its employees and the Organisation

Average training

hours by profession

• MAP - Managerial Acceleration

Program

• GATE – Generali Advanced Technical

Education

• TECHNICL SKILL MAPPING

• WE LEARN program

• D&I – Diversity & Inclusion

- Women’s Leadership Program

- Mentoring Program

- Unconscious Bias

Key training projectsKey training subjects

91

53 51

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

38

DIGITAL STRATEGYENHANCED DIGITAL TOOLS FOR CLIENTS

Dedicated Joint-Venture with a brokerage firm – 19.9% BG, 80.1% Saxo Bank

Exclusive partnership for the Italian market

Joint-Governance – with veto right for BG on selected subjects

Revenue sharing agreement based on source of clients

Full range of digital touchpoints

New Mobile Banking App (fingertips, face ID)

100% digital onboarding process – account opened in 20 minutes

Mobile payments – Apple pay Google Pay and Samsung pay integrated

39

DIGITAL STRATEGYENHANCED DIGITAL TOOLS FOR FAS

BG Store – digital desk for FAs with a multi-device approach

Launch of several digital tools to support FA’s activity (BG Editor, BG Products)

Digital collaboration boosted by the release of new functions

ESG Platform – analysis, optimization tool for ESG products and portfolio

E-learning platform for FAs

Digital onboarding platform for handling electronic credit line applications, managing succession

processes, smart mail functions

Proprietary IT platform providing a comprehensive overview of both financial and non-financial wealth

(real-estate, corporate, estate planning, family protection, art advisory)

Contract on a fee-on-top basis

Integrated reporting also available on assets deposited by third-party banks

Robo-4-Advisors solution to support FA’s productivity

MIFID-compliant tool allowing check of client portfolios’ suitability on an ongoing basis

Additional service provided within the advance advisory framework

40

AGENDA





Digital strategy



Community projects


Preliminary remarks

Appendix


41

GOVERNANCE

Agile structure: 9 members (1 executive

(CEO), only)

Independent members: 56%

Share of Female members: 44%

Split roles for Chair and CEO

High attendance (91%)

International profiles and leading roles

Board of Directors

Board Committees

Composed entirely by independent, non-

executive members

Women leading Board Committees:

The Internal Audit and Risk Committee

is chaired by Anna Gervasoni

42

SUSTAINABILITY FOCUS FROM WITHIN THE BOARDPROVEN ESG SKILLS

Nomination, Governance & Sustainability Committee

Responsibility for sustainability falls to the Board of Directors,

which performs this task through its Nomination,

Governance and Sustainability Committee appointed in

March 2018.

This committee has 2 main goals:

1. Develop effective, accountable and inclusive business.

2. Engaging with stakeholders while it oversees all

governance and sustainability mNote: stats reflect the

Board of Directors composition at Banca Generali,

Generfid and BGFML.

Chairman

1. Massimo LapucciIndependent, non-executive board member (since April 2018)

• Vice president Agenda Social Impact for Italy

• Chairman of the European Foundation Centre, a platform that champions institutional

philanthropy.

• London School of Economics – Marshal Institute Member of the Board of Advisors, seeking to

improve the impact and effectiveness of philanthropic initiatives.

• Yale University World Fellow, Strategy, Finance & Sustainability.

Other committee members:

2. Annalisa PescatoriIndependent, non-executive board member (since: April 2018)

• Partner at law firm Grimaldi Studio Legale.

• Expertise in Corporate Governance and all aspects of Commercial Law.

3. Giovanni BrugnoliIndependent, non-executive board member (since: April 2018)

• Confindustria (main association representing manufacturing and service companies in

Italy), Vice President, responsible for Human Capital

• Entrepreneur with a vast experience in the field of Corporate Governance

43

79.2%72.2% 71.4%

59.7% 55.9% 53.6% 52.1% 49.7%44.9%

35.6%

BancaGenerali

Unipolsai Finecobank Unicredit Mediolanum Ubi Banca IntesaSanpaolo

AzimutHolding

BPER Banca Banco BPM

SHAREHOLDER PARTICIPATION & VOTING2020 ANNUAL GENERAL MEETING

68.3%78.4% 79.2%

2018 2019 2020

50Proactive outreach

25%O/S of Banca Generali

2020 AGM Shareholder Participation Rates

Banca Generali’s AGM Participation

2020 AGM Vote Results

44

2020 Minority Support

39.0%53.7%

33.0%

73.0%

94.9%83.2%

RemunerationPolicy

vs. 2016

Network LoyaltyPlan

vs. 2017

LT Incentives Planvs. 2018

1st Year Voted 2020

+34 pps +41.2 pps +50.2 pps

57.4% Average

99.9%

99.9%

94.9%

98.1%

93.8%

100.0%

90.1%

92.4%

99.8%

0.1%

0.1%

5.1%

1.9%

6.2%

0.0%

9.9%

7.6%

0.2%

Statutory auditing assignment

Buy-back Authorisation

2020 Commercial Network IncentivesPlan

2020 Network loyalty plan

2020 LT Incentive Plan

2:1 Increase Variable Remuneration

2020 Remuneration Policy

2019 Remuneration Report

2019 Financial Statements

For Against/Abstain

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

45

-20% total GHG emissions

ENVIRONMENTAL IMPACTFOCUS ON CLIMATE

2020 Target 2019 Environmental

Performance

276 tCO2eq

Direct (Scope 1)

1,127 tCO2eq

Indirect (Scope 2 & 3)

90%WHITE PAPER

green & certified

56%

27%

17%

Electrical Power (7,523 GJ)

Natural Gas (3,705 GJ)

Heat (district heating)(2,240 GJ)

54%

46%

Unsorted collection

Separate collection

-7.2%WATER

consumption vs. 2013

-25%NATURAL GAS AND

DIESEL OIL

consumption

-25%PER CAPITA

ELECTRICAL POWER

consumption

-15%WATER

consumption

-15%PAPER

consumption

+4%Unsorted waste

collected vs 2018

(in weight)

100%ELECTRICITY

from renewable sources*

Note: 100% renewable energy being used in Banca Generali’s main offices in Milan (Torre Generali Hadid) and Trieste (Via Corso Cavour 5/a), together hosting 675 employees, 71% of Banca Generali Group’s workforce.46

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

47

COMMUNITY PROJECTS (1/2)IMPROVING THE LIVES OF OTHERS

+10,000Children

10Cities

›› Fostering financial education in schools and among young people.

›› Meetings in classrooms together with Feduf (ABI Foundation) experts

to introduce children to the fundamentals of finance.

›› Promoting the educational values of sport and diversity as a

motivation to achieve special goals.

›› Protection of the historical and artistic heritage of Italy through the

‘Spring Days’ alongside the FAI.

›› Exhibition "Hidden Treasures" by photographer Stefano Guindani

in collaboration with the FAI to showcase the beauty of Italy.

2,000+visitors

(+20% since

2018)

›› Main partner of the ArtWeek organized by the City of Milan with

events and initiatives involving the whole city.

›› BG Art Talent: multi-year project to enhance the best emerging

artists on the national scene, under the supervision of Vincenzo de

Bellis, director of the Walker Art Center in Minneapolis.

Financial Education

Sensitivity to the Social Context Culture

48

https://www.uncampioneperamico.it/

https://www.uncampioneperamico.it/

COMMUNITY PROJECTS (2/2)IMPROVING THE LIVES OF OTHERS

›› €1m donation for the Covid-19 emergency: €500k to

purchase 4 ambulances for the Red Cross of Bergamo, Monza,

Pavia and Trieste and €500k on hospital equipment and medical

material.

›› University Project: collaboration with four leading Italian

universities to support research in the economic field with a focus on

Private Banking and Wealth Management.

Innovation & Training

›› “Recipes for Innovation”: online events focused on technology and innovation supporting Italy’s global

competitiveness.

›› ”Recipes for Recovery”: live talk show to discuss the recovery with the main interlocutors of the economy

and markets in the post-Covid-19 phase.

›› Training & Innovation Hub:

laboratory center dedicated to

innovation and trainingLaunched: February 2020

Community protection

›› The Human Safety Net: foundation set up in 2017 by Generali. Banca

Generali supports the foundation's social projects through fundraising for

the «for Families» project.Community protection

YouTube Channel

Banca Generali

49

https://www.youtube.com/channel/UCsuntFpe_krL4EdRODSgBCg

https://www.youtube.com/channel/UCsuntFpe_krL4EdRODSgBCg

AGENDA






Digital strategy



Community projects


Preliminary remarks

Appendix

50

SUSTAINABILITY DRIVERS

1. Business

Approach

The UN Sustainable Development Goals* underpin the

company’s strategic priorities.

Long-term protection of customers’ wealth, financial

education and the highest standards on data security.

2. Governance

Nomination, Governance & Sustainability Board

Committee is responsible for the effective integration of

environmental & social aspects in the strategy.

Transparency, data security and prevention of corruption.

3. People

Human capital is the most valuable asset.

Focus on attracting and retaining best talent & enhance

their skills through training.

Committed to protecting human rights and diversity.

4. Products &

Services

Sustainability issues are carefully considered when

designing BG’s Products and Services.

Customer experience is the top priority. Digital

technologies and product innovation are key market

differentiators.

5. Economic

Sustainability

We seek to grow our business’ solidity & profitability.

Banca Generali brings ESG investing to our clients.

Drivers Materiality Focus

51Note: See Appendix for Banca Generali’s relevant Sustainability Development Goals relevant

LONG TERM INCENTIVE SYSTEM 2020TIMELINE AND KPIs

2020 2021 2022 2023 2024 2025 2026 2027

25%

Three-year performance

Subject to malus provisions

50% shares

granted

100% shares available

after 1 year

100% shares available

after 1 year

Clawback provisions

50% shares

granted

Net Holding

Cash flow

Relative

TSR

Adjusted

EVAt.ROE

Banking Group (80%) Generali Group (20%)

50% 50% 40% 60%

% of vesting and performance targets are detailed in the remuneration report

52

BOARD COMPOSITIONKEY COMPETENCIES

Board of Directors

Name Role Independent

Giancarlo Fancel Chairman

Gian Maria Mossa CEO

Giovanni Brugnoli Director

Azzurra Caltagirone Director

Anna Gervasoni Director

Massimo Lapucci Director

Annalisa Pescatori Director

Cristina Rustignoli Director

Vittorio Emanuele Terzi Director

Required* fields of expertise where directors

must have accumulated experience:

1. Business Administration in the banking,

financial or insurance sectors

2. Management of service-sector companies

3. Marketing

4. Finance

5. Corporate oversight or risk management

6. Law and compliance issues

7. Lecturer or professor of law, economics or

subjects related to financial markets

8. International matters

53Note: Regulation from the Bank of Italy in respect of the corporate governance of Banks and the Guidelines on Internal Governance issued by the European Banking Authority (EBA)

Documents

ITALIAN SUSTAINABILITY CONFERENCE 2020 · Clients service and client protection Environmental commitment Governance & Risk control Digital strategy Our People - Employees Our People