Assicurazioni Generali

Capital/Financing Update • Jan 21, 2019

Informazione Regolamentata n. 0018-13-2019		Data/Ora Ricezione 21 Gennaio 2019 18:57:05	MTA
Societa'	:	ASSICURAZIONI GENERALI
Identificativo Informazione Regolamentata	:	113100
Nome utilizzatore	:	ASSGENERN02 - AMENDOLAGINE
Tipologia	:	2.2
Data/Ora Ricezione	:	21 Gennaio 2019 18:57:05
Data/Ora Inizio Diffusione presunta	:	21 Gennaio 2019 18:57:06
Oggetto	:	Generali successfully placed a subordinated bond for €500 million
Testo del comunicato

Vedi allegato.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

3 21/01/2019 PRESS RELEASE

Media Relations T +39.0243535014 media@generali.com

Investor Relations T +39.040.671402 ir@generali.com

www.generali.com

Generali successfully placed a subordinated bond for € 500 million

The transaction was over 13 times oversubscribed, with 92% allocated to international investors

Trieste - Generali today launched a subordinated bond with a 10 years bullet format targeting institutional investors for an overall amount of € 500 million. At the initial yield guidance of 4.625%, the issuance attracted around 450 orders for more than € 6.5 billion, more than 13 times the target size. Given the strong demand, the yield guidance on the bond was subsequently reduced to the final 3.875%, the lowest coupon ever paid by the Group on a subordinated security. The bond, which qualifies as Tier 2 regulatory capital, is intended to partially refinance € 750 million subordinated liabilities callable in 2019; the early repayment, by law, has been authorized by IVASS.

The issuance attracted strong interest from international investors, who accounted for approximately 92% of allocated orders, confirming the strong reputation the Group enjoys on the international markets. 10% of the bond has been allocated to UK & Irish investors, 8% to Italian investors, approximately 29% to French accounts, 15% to German investors and 19% to Nordics.

The main terms of the issuance were as follows:

Issuer: Assicurazioni Generali S.p.A. Issuance Expected Rating: Baa3 (Moody's)/ BBB (Fitch)/ A- (AM Best) Amount: € 500 million Launch date: 21 January 2019 Settlement date: 29 January 2019 Due date: 29 January 2029 Coupon: 3.875% First coupon date: 29 January 2020 Re-offer price: 100.00

Goldman Sachs International and HSBC acted as Global Coordinators, Banco Santader S.A., BNP Paribas, Mediobanca and UniCredit acted as Joint Lead Managers for the issuance, which will be listed on the Luxembourg Stock Exchange on January 29th .

The Group CFO, Cristiano Borean, commented: "The success of this transaction reflects our solid financial position and the trust investors have in our Group's strategic plan announced in November 2018. In line with the plan to reduce our financial debt over a 3 years period and lower the interest expense, we issued 500 million to reimburse 750 million with a significant reduction in the cost of debt. The difference of 250 million will be financed from internal resources. The 10 years bullet structure ensures the preservation of the Solvency 2 quality of capital and provides our credit investors an additional instrument through which take exposure to Assicurazioni Generali debt".

THE GENERALI GROUP

Generali is an independent, Italian insurance and asset management group, with a strong international presence. Established in 1831, it is among the world's leading insurers and is present in 50 countries with total premium income exceeding € 68 billion in 2017. With nearly 71,000 employees in the world and 57 million customers, the Group is a major player in Western Europe and has an increasingly significant presence in Central and Eastern Europe as well as in Asia.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

Disclaimer

This announcement constitutes neither an offer to sell nor the solicitation of an offer to buy any security.

The distribution of this announcement and the offering or sale of the bonds in certain jurisdictions may be restricted by law. No action has been taken by the Generali Group or the Joint Lead Managers or any of their respective affiliates that would permit an offering of the bonds or possession or distribution of this announcement or any other offering or publicity material relating to such bonds in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Generali Group and the joint lead managers to inform themselves about and to observe any such restrictions.

None of Banco Santander S.A., BNP Paribas, Goldman Sachs International, HSBC, Mediobanca and UniCredit or any of their respective affiliates, directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for/or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to Generali, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.