Venice, November 26, 2010

Generali Investor Day 2010

Overview

Giovanni Perissinotto Group Chief Executive Officer

Assicurazioni Generali Group – Investor Day – Investment Management of Insurance Assets

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 in charge of preparing the company’s financial reports, Raffaele Agrusti, 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.

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Assicurazioni Generali Group – Investor Day – Investment Management of Insurance Assets

Other(3)

BV 4.0% MV 3.8%

Equity BV 8.4% MV 8.1%

95.9

331.1

47.6

Total Assets Under Management(1)

Total AUM(1): Euro 473.4 bn

(1) Including own use real estate within own investments(2) Own investments include own capital and insurance funds (i.e. unit linked excluded)(3) Including investments in subsidiaries, associated companies and JVs, derivatives, receivables from banks or customer(4) Including real estate mutual funds & own use real estate (5) Net technical reserves; life reserves including investment contracts

MTM

ALM

30.5

258.1

47.7Unit LinkedReserves(5)

Traditional LifeReserves(5)

P&C Reserves(5)

Unit Linked Investments

Third parties AUM

Fixed income instruments BV 79.1% MV 78.1%

Real Estate (4)

BV 5.5% MV 7.1%

“Own Investments” including own use real estate(2)

Cash & equival.BV 3.0% MV 2.9%

At 30.09.2010

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Assicurazioni Generali Group – Investor Day – Investment Management of Insurance Assets

Today´s Agenda

II. Strategic Asset Allocation & Risk Management Strategy(1)

Amerigo Borrini, Chief Risk OfficerSalvatore Colotti, Chief Life Actuary 09:15 – 10:30

III. Generali Investments Strategy & Performance(1)

Philippe Setbon, Chief Executive Officer of Generali Investments 10:30 – 11:30

I. Overview Giovanni Perissinotto, Group Chief Executive Officer 09:00 – 09:15

IV. Generali Immobiliare Strategy & Performance(1)

Giancarlo Scotti, Chief Executive Officer of Generali Immobiliare 11:45 – 12:45

V. Final Remarks Raffaele Agrusti, General Manager & Chief Financial Officer 12:45 – 13:00

(1) Each presentation will include 15 minutes Q&A session

11:30 Coffee break (15 minutes)

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Venice, November 26, 2010

Generali Investor Day 2010

Overview

Giovanni Perissinotto Group Chief Executive Officer

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