The UBS Italian Financial Services Conference · The UBS Italian Financial Services Conference Giorgio Girelli, CEO Milan, February 1, 2007 Built around the future. Strictly Private

The UBS Italian Financial Services Conference

Giorgio Girelli, CEO Milan, February 1, 2007

Built around the future

Strictly Private and Confidential 2 22

Today’s Agenda

Market Very Favorable Long-term Outlook

Business Model and Operative Platform Fitting with Market TrendsStrategy

Sustainable and Non-volatile Increase of ProfitabilityDelivery



The Savings Market in Italy: Increasing Demand for Professional Advice

Asset Management Flows (€ bn)(a)Asset Management Flows (€ bn)(a)

1. Ageing of Italian population

2. Unsustainable pressure on public pension system

3. Long-term savings as alternative to public pensions

4. Increasing demand of affluent clients for financial advice

(a) Inflows into (i) Mutual funds; (ii) SICAVs (Investment Company with Variable Capital, ICVC)Source: Elaborations based on Assogestioni, Assoreti data

56.4

20.0

2.6 2.5

9.8 9.37.4

(21.1)

9.7

(3.2)

(8.9)

17.0

(9.5)

(0.9)

(25.3)

4.8

2000 -2006

Cumulative

2000 2001 2002 2003 2004 2005 2006

Net Inflows FAs Network (€bn)Net Inflows Other Distribution Channels (i.e. Bank Outlets. Post Offices) (€bn)

What is needed to succeed

What is needed to succeed

• Focused and long-term strategies

• Brand awareness

• Objective consulting

• Capacity to deliver superior long-term performances


Today’s Agenda



Sustainable and Non-volatile Increase of ProfitabilityDelivery



Insurance Products (a)

Asset Gathering

Wealth Management

PrivatePrivate AffluentAffluent Generali Group Clients

Generali Group Clients

Trust ServicesAsset Mgmt.

A Business Model Focused on the Key Drivers of the Market

FAs: 236AuM (€ bn): 6.2

FAs: 1,648AuM (€ bn): 14.6

FAs: 2,722AuM (€ bn): 2.9

(a) La Venezia is 100% owned by Assicurazioni Generali


A Fast-Growing Company…

Banca Generali’s Mission: Providing high quality and sophisticated advice to affluent and high net worth individuals

Banca Generali’s Mission: Providing high quality and sophisticated advice to affluent and high net worth individuals

• 1997: Banca Generali is founded• 2000: Merger of Prime into Banca Generali• 2001: Acquisition of Altinia from Alleanza and INA Sim from INA• 2002: Merger of FA networks of Prime, Altinia and INA Sim into Banca Generali

• 2003: Start-up of Simgenia and acquisition of Banca Primavera from Banca Intesa

• 2005: Acquisition of Intesa Fiduciaria Sim from Banca Intesa• 2006: Acquisition of BG Sgr from Assicurazioni Generali and of

Banca BSI Italia and S.Alessandro Fiduciaria from BSI SA

Mkt AuM(€ bn)

Mkt AuM(€ bn)

BG AuM(€ bn)

BG AuM(€ bn)

7.4(a) 153.8

22.8(b) 217.8(b)

+208% +42%

Building up a successful business modelBuilding up a successful business model

(a) Pro-forma including Prime, Altinia, INA Sim(b) As of September 2006Source: Company and Assoreti data


…Becoming a Top Player in a Few Years

AuM MarketShares

September2006(€ bn)

Tot AuM €218 bn

Top 5 Players: 70%Top 5 Players: 70% Other Players: 30%Other Players: 30%

11.9%11.9%10.4%10.4%

7.2%7.2%

29.9%29.9%

65.1

3.8%3.8%

22.8

Banca Generali

5.7%5.7%4.0%4.0%

Simgenia Banca BSI Italia

10.3%10.3%

3.9%3.9%3.9%3.9%

2.6%2.6%1.8%1.8%

1.3%1.3%1.1%1.1%

1.1%1.1%1.0%1.0%

2.22.42.42.94.05.88.58.58.612.4

Azimut

F&F BankFineco

Credit Suisse

Euro Mobil.Bipielle

MPS B.Per.

Sella ConsultCredem

Banca Sara

25.922.3

15.7

Fideuram

MediolanumBanca

GeneraliRasbank

Xelion

8.3

Others

Source: Elaborations based on Assoreti data

AuM MarketShares2000(€ bn)

Tot AuM €154 bn

Top 5 Players: 64%Top 5 Players: 64% Other Players: 36%Other Players: 36%

10.0%10.0%

8.3%8.3%6.6%6.6%

6.6%6.6%

32.2%32.2%

3.3%3.3%

4.7%4.7%

49.5

3.2%3.2%

2.7%2.7%

2.7%2.7%2.6%2.6%

2.3%2.3%1.9%1.9%

1.7%1.7%1.6%1.6%

1.6%1.6%1.4%1.4%

0.9%0.9%0.9%0.9%

0.9%0.9%0.7%0.7%

0.6%0.6%2.6%2.6%

15.312.7

10.2 10.2

Fideuram

Mediolanum

Dival RasSPI In

vF&F

2.22.53.03.54.04.24.24.95.07.3

Azimut

Prime

ING

Intesa Italia

BNL Inv.

UCI Sim

Credit Suisse

Bipop

Gener comit

3.90.91.11.31.41.42.42.6

Area Banca

Euromobil

Sella Consult

Ras Inv.INA Sim

AltiniaBipielle

Others

Banca 121


Trends and NeedsTrends and Needs Banca Generali’s PositioningBanca Generali’s Positioning

1. Clients and FAs’ segments have different and specific needs

3. Real financial advice requires objective consulting

4. Increasing harmonisation with European trends in services and pricing

1. Segmented distribution channels to provide tailored advice to clients and dedicated structure to FAs

3. The broadest offer relying on the most advanced open architecture model

4. Products and services fully compliant with Italian and European requirements

5. Need of scale to grow and to consolidate

5. Fully scalable structure with integration track record to support AuM growth

Banca Generali: Built around Future Markets and Clients’ Needs

Trends and NeedsTrends and Needs Banca Generali’s PositioningBanca Generali’s Positioning

1. Clients and FAs’ segments have different and specific needs

3. Real financial advice requires objective consulting

4. Increasing harmonisation with European trends in services and pricing

1. Segmented distribution channels to provide tailored advice to clients and dedicated structure to FAs

3. The broadest offer relying on the most advanced open architecture model

4. Products and services fully compliant with Italian and European regulations

5. Need of scale to grow and to consolidate

5. Fully scalable structure with integration track record to support AuM growth

2. Skilled and experienced FAs are a pre-requisite for effective financial advice

2. Upgrade of FAs network (“not in the number of FAs, but in the quality of FAs”)


1. Segmented Distribution to Provide Tailored Advice

Customer’s NeedsCustomer’s Needs

High NetWorth

High NetWorth AffluentAffluent

Generali Clients

Generali Clients

Financial Advisor’s NeedsFinancial Advisor’s Needs

Private BankerPrivate Banker

Financial ConsultantFinancial

Consultant

Segmented DistributionSegmented Distribution

AuM per FA (€ m)

AuM per FA (€ m)

Client TargetClient Target

Org. StructureOrg. Structure

Private Affluent Generali Group Clients

Flat Pyramidal

(3 managerial layers) Insurance-likeOrganisation

26.3 8.9 1.1


2. Increasingly Efficient Financial Advisor Network

AuM / Financial Advisors(a)AuM / Financial Advisors(a)

5.4 6.47.9

11.0

2003 2004 2005 2006

26.3

8.9

2006

BSI

BG Network

(a) Excluding Financial Advisors and AuM of Simgenia

# of Financial Advisors(a)# of Financial Advisors(a)

2361,648

2,502 2,220 2,006 1,884

2003 2004 2005 2006

2006

BSI

BG Network


3. Wide Offer Relying on Open Architecture and Banking Services

(a) Includes mutual funds, SICAV, GPM and GPF Source: Research published on “Il Mondo”, January 26, 2007

Weighted Average Performance

14.610.58Mediolanum Gestione Fondi Sgr8.732.79Fideuram Investimenti Sgr8.312.98Anima Sgr

10.695.44BG Sgr9.895.46Azimut Sgr

20052006(%)

Tot AuM as of December 06 (€24bn)Asset

Management(a)Life

InsuranceAdministered

Funds

4.6 6.013.113.1

of which Equity 7.5

In-House Products 4.7 36%

Generali Group Products 2.9 22%

`Third Parties Products 5.5 42%

TotalAUM

23.7

(All data in € bn)

854 Products16 Third Parties


4. Products/Services Offer Compliant with Italian and European Regulations

1. European regulation on performance fees

1. European regulation on performance fees

BG fully compliant with European regulation (IOSCO standards) since January 2006BG fully compliant with European regulation (IOSCO standards) since January 2006

3. Objective consulting on the whole client’s wallet

3. Objective consulting on the whole client’s wallet

• Open Architecture • Powerful Banking platform • Financial Advice contract

(to be launched in Feb. 2007)

• Open Architecture • Powerful Banking platform • Financial Advice contract

(to be launched in Feb. 2007)

4. European pricing levels4. European pricing levelsFull alignement in: • Mutual Funds • Life Insurance • Banking Services

Full alignement in: • Mutual Funds • Life Insurance • Banking Services

Some Examples:

2. Third-parties in wrapper products2. Third-parties in wrapper products GPF MultiModusGPF MultiModus


5. Fully Scalable Business Platform

Business PlatformBusiness Platform

AuditAudit

Human ResourcesHuman

Resources

LegalLegal

TreasuryTreasury

CreditCredit Planning & Control

Planning & Control

Operations

AccountingAccounting

Centralised Services

Outsourced Services

IT

Data Entry Back Office

Services Provided to…

• Key internal functions fully integrated after recent acquisitions

• Current platform ready to sustain further growth

• 85% of cost base is fixed


Banca Generali’s Robust Platform Leading to Resilient Net Inflows …

Note: Total inflows to mutual funds, SICAVs, GPMs, GPFs, insurance and administered funds(a) Net inflows from Banca Primavera starting from October 2003(b) Banca BSI Italia since July 2006Source: Elaborations based on Assoreti data

Banca Generali

Simgenia

BSI Italia (b)

Banca Primavera

Integration (a)Prime. Altinia. INA Sim

Integration

Market’s Net Inflows

(€m)

Market’s Net Inflows

(€m)

Banca Generali’sNet Inflows

(€m)

Banca Generali’sNet Inflows

(€m)

CAGR 00-06-12%

CAGR 00-06-12%

Note: Total inflows to mutual funds, SICAVs, GPMs, GPFs, insurance and administered funds(a) Net inflows from Banca Primavera starting from October 2003(b) Banca BSI Italia since July 2006Source: Elaborations based on Assoreti data

1,177 1,015

2,3092,372

1,027 970 7731,360

1,743207

509949242207

120

2000 2001 2002 2003 2004 2005 2006

29,610

15,588 16,244 13,2457,932

14,159 14,164

2000 2001 2002 2003 2004 2005 2006

CAGR 00-0615%

CAGR 00-0615%

Banca Generali

Simgenia

BSI Italia (b)

3% 1% 3% 9% 13% 16% 17%

541

Banca GeneraliMarket Share


…and n. 1° Rank in 2005-06

(a) Banca BSI Italia since July 2006Source: Elaborations based on Assoreti data(a) Banca BSI Italia since July 2006Source: Elaborations based on Assoreti data

Net Inflows 2005(€ bn)

Net Inflows 2005(€ bn)

100%=€14.2 bn

16.3%16.3%13.1%13.1%

13.0%13.0%10.9%10.9%

8.3%8.3%7.1%7.1%

5.4%5.4%

2.8%2.8% 2.8%2.8% 2.7%2.7% 2.4%2.4%2.2%2.2% 2.0% 2.0%

8.2%8.2%

1.8%1.8%1.0%1.0%

2,3091,858 1,838

1,5491,175 1,012 771

397 392 382 334 306 286 250

1,160

141

Banca GeneraliXelion Azimut

MediolanumFideuram

FinecobankRasbank BPU Credem

Euromobiliare

BancaLombarda

AXA Banca SaraBdR Credit

Suisse

F&F Others

10.2%10.2%10.7%10.7%11.1%11.1%12.8%12.8%

Banca Generali Simgenia Banca BSI Italia

Net Inflows2006(€ bn)

Net Inflows2006(€ bn)

100%=€14.2bn

16.7%16.7%12.8%12.8%

5.0%5.0%

2.9%2.9% 2.6%2.6% 2.4%2.4%1.9%1.9%

-0.1%-0.1%

8.4%8.4%

(a)

-0.2%-0.2%

1,820 1,805 1,573 1,509 1,444703 442 410 367 339 270 -19 -31

1,206

Bipielle

2,372

Gruppo Banca

Generali

FideuramMediolanum

AzimutXelionFinecobank

Rasbank CreditSuisse

CredemMPS B-Pers

Banca Sara F&F Sella ConsultEuromobiliare

Others

-46-0.3%-0.3%

3.1%3.1%


A Long-term Business Model supported by Strong Operative Features

High Potential for New Asset GatheringHigh Potential for New Asset Gathering

Low Exposure to VolatilityLow Exposure to VolatilityLow Exposure to VolatilityLow Exposure to Volatility

Brand New Tools for a More Effective Financial Advice



Low Exposure to Market Volatility and In-house Performance

9M 2006

€185m€185m

10%

20%

1%

69%

2005

€235m€235m

14%

22%

2%

62%

Gross Commission (€m)

Front FeesPerformance FeesManagement FeesOther Fees

Immaterial impact of performance fees on BG’s P&L

Immaterial impact of performance fees on BG’s P&L

In market downturnsIn market downturns

Life insurance and banking services enhancing stability of assets and net inflowsMigration from more equity-oriented products to capital-protection products, while maintaining similar fee profile

* Not including BG Sicav (10 subfunds without rating)* * Including Fondi Alleanza SGR and Generali Investments Sicav

Wide range of top-quality products to be offered to clients

Wide range of top-quality products to be offered to clients Total of

products

ThirdParties

Generali Group**

In-House*

Products

84628%23615%1243%29

1644%76%16%1

89328%25015%1313%30

3123%719%6--0

Total of productsWeight

N. of funds3 stars

WeightN. of funds4 stars

WeightN. of funds

5 stars

Source: Morningstar, Rating Overall at 31st December 2006




Low Exposure to VolatilityLow Exposure to Volatility





High Potential for New Asset Gathering

Cross selling *300k Clients Clients with C/CAUM

Note: Excluding Simgenia

>1M

250k-1M

100k-250k

<100k

3.05

3.14

2.81

1.4687%

8%4%1%

28%

20%

25%

27% 86%

76%

62%

23%

… to increase existing client’s share of wallet

* Cross selling ratio is based on 5 product’s asset types (Mutual Funds, Wrappers, Insurance Products, Bank Accounts, Securities)

… to acquire new clients and/or enhance actual assets

10.3%

17.5%

24.6%

47.6%Cash & securities

Stock & shareholdings

Life insurance

Mutual funds

72.2

28.7

Non ManagedAssets

Source: Bank of Italy

2005 Italian households’ financial assets

Managed Assets- Objective consulting- Full offer in asset management/life insurance- Performance delivery

- Banking platform- FAs network skilled in banking activity- Competitive products/services- Brand awareness

K.F.S.




Low Exposure to VolatilityLow Exposure to Volatility






Brand New Tools for a Real Financial Advice

Client data1 2

# years

TargetCapital

Client profile and investment target

3Strategic planning

Optimisation and what-if models

Client’s Asset Portfolio

Managed by BSI Managed by Third-Parties

To be launched in Feb 07

Monitoring /Re-balancing

5

FinancialAdvice

contract

FinancialAdvice

contract

Portfolioanalysis

Smart Fund

Equity Fund

VIP Fund

Bond Fund

Money MarketFund

Euro Fund

4

PessimisticScenario

OptimisticScenario

Base caseScenario


Today’s Agenda



Sustainable and Non-volatile Increase of ProfitabilityDelivery Sustainable and Non-volatile Increase of ProfitabilityDelivery


Financials Benefiting from Strong Inflows and Leveraging Existing Platform

+24.6%CAGR

+9.5% CAGR

+80.3%CAGR

2003-2005 CAGR

79.5123.2

74.9 97.4 116.2

2003 2004 2005 H1 2006 9M 2006

53.183.873.3 89.4 88.0

2003 2004 2005 H1 2006

34.8

11.910.7

45.330.2

2003 2004 2005 H1 2006

9M 2006

9M 2006

Total Income(€ m)

Operating Expenses

(€ m)

EBITDA(€ m)


Actual Cost Structure able to Support AuM DevelopmentActual Cost Structure able to Support AuM Development

Under-levered PlatformUnder-levered Platform

Constant and Non-volatile Operating Margin GrowthConstant and Non-volatile Operating Margin Growth

Strong Top Line GrowthStrong Top Line Growth

Phasing-out of Provisions for FAs RecruitingPhasing-out of Provisions for FAs Recruiting Negligible Capex NeedsNegligible Capex Needs

Pushing Growth into the Bottom Line

SUSTAINABLE NET PROFIT GROWTHSUSTAINABLE NET PROFIT GROWTH

AuM Organic GrowthAuM Organic Growth AuM Mix UpgradeAuM Mix Upgrade Opportunistic RecruitingOpportunistic Recruiting


Long term growth and sustainabilityLong term growth and sustainability

Clients’ interestClients’ interest

Creating Value in the Long Run

Shareholders’ returnShareholders’ return FAs’ compensationFAs’ compensation


7.5

8

8.5

9

9.5

10

10.5

11

11.5

14 N

ov 06

16 N

ov 06

20 N

ov 06

22 N

ov 06

24 N

ov 06

28 N

ov 06

30 N

ov 06

04 D

ec 06

06 D

ec 06

08 D

ec 06

12 D

ec 06

14 D

ec 06

18 D

ec 06

20 D

ec 06

22 D

ec 06

28 D

ec 06

02 Ja

n 0704

Jan 07

08 Ja

n 0710

Jan 07

12 Ja

n 0716

Jan 07

18 Ja

n 0722

Jan 07

24 Ja

n 0726

Jan 07

Banca Generali Mibtel Index

A Successful IPO

Source: Bloomberg

+37.4%

+4.3%

Share Price Performance


What’s Next

• Wednesday March 14, 2007:

10.00 am Board Meeting to approve 2006 results

3.00 pm Analyst Meeting & Conference Call

• Monday May 7, 2007:

2.30 pm Board Meeting to approve Q1 2007 results

5.00 pm Conference Call

• Wednesday March 14, 2007:

10.00 am Board Meeting to approve 2006 results

3.00 pm Analyst Meeting & Conference Call

• Monday May 7, 2007:

2.30 pm Board Meeting to approve Q1 2007 results

5.00 pm Conference Call


Contacts

Investor Relations:

Paola Buratti

Tel +39 02 6076 5548Fax +39 02 6682 854

E-mail [email protected]

Institutional Website:

www.bancagenerali.it

Investor Relations:

Paola Buratti

Tel +39 02 6076 5548Fax +39 02 6682 854

E-mail [email protected]

Institutional Website:

www.bancagenerali.it


Disclaimer

• This document is strictly confidential and is being provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. By attending this meeting, you agree to treat the contents of this document and any further information gathered during the meeting as confidential.

• This document has been issued by Banca Generali S.p.A. (“Banca Generali” or the “Company”) for investors to be used at this meeting concerning the Company. • Neither this document nor any part or copy of it constitute an offer of securities for sale in the United States of America and may not be taken or transmitted into

the United States of America (“United States”) or distributed, directly or indirectly, in the United States or to any “U.S. Person” as that term is defined in the U.S. Securities Act of 1933 (the “Securities Act”). Neither this document nor any part or copy of it may be taken or transmitted into Australia, Canada or Japan, or distributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with these restrictions may constitute a violation of U.S., Australian, Canadian or Japanese securities laws. The distribution of this document in other jurisdictions may be restricted by law, and people receiving this document should inform themselves about, and observe each of restrictions.

• The Company's securities have not been and will not be registered under the Securities Act or the securities laws of any state in the United States and may not be offered or sold in the United States except in reliance on an exemption from, or in a transaction not subject to the registration requirements of the Securities Act.

• This document does not constitute or form part of any offer to sell or issue or invite to purchase or subscribe for or any solicitation of any offer to purchase or subscribe for any securities of the Company and should not be constructed as nor shall it or any part of it or the fact of its distribution form the basis of or be relied on in connection with any contract or investment decision.

• No reliance may be placed for any purposes whatsoever on the information contained in this document or any other material discussed or on the completeness accuracy or fairness thereof. Although care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable. Accordingly, no representation or warranty, expressed or implied is made or given by or on behalf of the Company or any of its respective affiliates, members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed. Neither the Company or any of its affiliates, members, directors, officers, employees or consultants, nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

• The information in this document includes forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments including, among other things, the development of its business trends in its operating industry and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, actual results and developments could differ materially from those expressed or implied by the forward-looking statements. No one undertakes any obligation to update or revise any such forward-looking statements, either in the light of new information, future events or otherwise. Given the above mentioned risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise.

• The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.• By attending the presentation you accept the foregoing limitations and assume that you are permitted under applicable law and regulation to receive the kind of

information within.

Documents

The UBS Italian Financial Services Conference · The UBS Italian Financial Services Conference Giorgio Girelli, CEO Milan, February 1, 2007 Built around the future. Strictly Private