Unipol — Investor Presentation 2016

May 13, 2016

Milan, 13th May 2016

PART 1 Results achieved as of 2015

2016-2018 STRATEGIC PLAN

SOLVENCY II

PART 2 Challenges facing the insurance industry

PART 3 Future strategy

PART 4 Future targets PART 5 Closing remarks

FIRST QUARTER RESULTS 2016

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ALL MISCH L CARMIN

Transparent !

2016-2018

Palment November Card

$1 - 71777$

This presentation contains information and data, as well as expectations, estimates, forecasts of results and events that reflect the current views and assumptions of the Company's management. Such content may significantly differ from what will actually happen as a result of events, risks, economic conditions and market factors not known or not foreseeable at present, or that are outside of the management's control.

Furthermore, no obligation will be assumed as to any future update of the presentation contents.

The group structure covered by the information contained herein should be understood as at 31 December 2015.

Pursuant to Article 154-bis, second paragraph, of the "Consolidated Law on Financial Intermediation", Maurizio Castellina, senior executive responsible for financial reporting of UnipolGruppo Finanziario S.p.A. and UnipolSai AssicurazioniS.p.A., hereby declares that the information relating to the Company's financial statements contained in the presentation matches the documentary findings, accounting books and records.

DISCLAIMER

STRATEGIC PLAN PART 1 RESULTS ACHIEVED AS OF 2015

6 PART1-RESULTS ACHIEVED AS OF 2015

Exceeded targets relating to value creation, financial solidity and shareholder returns CONSOLIDATED NET PROFIT*

FONSAI INTEGRATION SYNERGIES

Dividends of €1,462m distributed in the 2013-15 period

*2013-2015 cumulative data; 2015 net profit adjusted for the effect of the new I.R.E.S rate (Legge di Stabilità 2016)

$\overline{7}$ PART1-RESULTS ACHIEVED AS OF 2015

RESULTS ACHIEVED

A continued standard of excellence in respect of solvency and shareholder returns

CONSOLIDATED NET PROFIT*

* 2013-2015 cumulative data; 2015 net profit adjusted for the effects of the new I.R.E.S. rate (Legge di Stabilità 2016)

8 PART 1 – RESULTS ACHIEVED AS OF 2015

RESULTS ACHIEVED

Management and execution ability clearly demonstrated

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Market

presence

CHALLENGES FACING THE INSURANCE INDUSTRY STRATEGIC PLAN PART 2

RAPIDLY CHANGING MARKET ENVIROMENT

• $\rightarrow$ Climate change, well-being, ageing and generational changes
• $\rightarrow$ Customers are increasingly likely to govern their decision-making process of their purchases through digital and hybrid means

• → Cultural evolution from "possession" to "use" and growing demand for flexibility

• $\rightarrow$ Telematics $\rightarrow$ Internet of Things $\rightarrow$ 24/7 multi-device accessibility $\rightarrow$ Digital Analytics - Big Data

CUSTOMER BEHAVIOUR

TARGET MARKETS

• $\rightarrow$ Forecast of a motor insurance market still in "deflation" during 2016 but with sign of recovery in terms of new car registrations
• → Prolonged phase of low interest rates
• → Demographic and social evolution and progressive disengagement from the State with a considerable impact on welfare

TECHNOLOGICAL DEVELOPMENT

REGULATORY FRAMEWORK

• → 2015 Banking Resolution and Recovery Directive
• $\rightarrow$ 2016 Solvency II

• 2016 Packaged Retail and Insurance -Based Investment Products

• → 2016 Law Decree Concorrenza (being debated)
• $\rightarrow$ 2018 Insurance Distribution Directive
• $\rightarrow$ 2018 EU Data Protection

$11$ PART 2 - CHALLENGES FACING THE INSURANCE INDUSTRY

FINANCIAL MARKETS PERFORMANCE AND FORECASTS

MAIN ASSUMPTIONS BEHIND THE STRATEGIC PLAN

Economic growth will remain weak with a prolonged period of low interest rates

PRINCIPAL MACROECONOMIC INDICATORS

STOCK MARKETS

Rebased 100 at 31/12/2012

IRS (%)

Source: forecasts from primary institutes

$12$ PART 2 - CHALLENGES FACING THE INSURANCE INDUSTRY

PERFORMANCE OF NON-LIFE AND LIFE INSURANCE MARKET

NON-LIFE AND LIFE

MV premiums stable after three "deflationary" years, increase in Non-MV and Life Business

Motor	21.5
	2012
	IFF DRE

€bn

€bn

Non-Motor

	69.7
Other	24.5
Banks and Post Offices	33.8
Agents	11.5
	2012

系

NON-LIFE PREMIUMS

LIFE PREMIUMS

Source: forecasts from primary institutes

PERFORMANCE AND FORECASTS OF INSURANCE MARKET

MOTOR VEHICLE PROFITABILITY

BUSINESS

*Deteriorating Motor Vehicle profitability due to the decreasing average premium and increasing claims frequency

MV TPL COMBINED RATIO FROM DIRECT

AVERAGE MV TPL PREMIUM (var. %YoY)

CAR REGISTRATIONS (000)

VEHICLES ON THE ROAD (m)

Source: forecasts from primary institutes

$14$ PART 2 - CHALLENGES FACING THE INSURANCE INDUSTRY

CHALLENGES AND OPPORTUNITIES

The competitive environment requires a new "Roadmap for Change" in the insurance sector

MOTOR

$\rightarrow$ Trend of increased claims frequency resumed in 2015

NON-MOTOR AND LIFE + €1.4bn growth expected for 2018 in Non-Life Non-Motor and approx. + €20bn in Life business

Need for new insurance solutions and services (health and welfare) and demand for use and iterface enabled by technology

$\rightarrow$ - 16% of Average Premium 2015 v 2012

• $\rightarrow$ Claims settlement efficiency
• $\rightarrow$ Streamlining of costs
• $\rightarrow$ Differentiation in pricing and services

→ "Supply" market requires a targeted customer approach, specialisation and professionalism

CUSTOMERS AND TECHNOLOGY

• Investment in technology, innovation and skills

• $\rightarrow$ Evolution of the company and agency business processes

FUTURE STRATEGY STRATEGIC PLAN PART 3

STARTING POINT

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	2015	2015
Assets 1	€62.0bn	€53.0bn
Premium Income	€16.5bn	€14.0bn
Life TechnicalReserves	€46.6bn	€40.3bn
Solvency II Ratio	150%	190%
Number of Agencies	3,484	3,484
Number of Bank Branches	4,9912	1,9063

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17 PART 3 – FUTURE STRATEGY

THE STRATEGY 2016 - 2018 STRATEGIC GOALS AND KEY DRIVERS

Strategy focused on the core insurance business capitalising on the Group's excellence

INNOVATIVE AND DISTINCTIVE SOLUTIONS PRODUCTS

Strengthening of leadership in MV business and newly targeted aiming solution to satisfy the needs to protect customers' Health, Retirement and Investments

MV BL

HEALTH

USINESS	Innovative solution and dynamic pricing innovation of the guarantees and assistance services offered to customers, use of Big Data, telematic information and machin learning algorithms
	.

NON-MV BUSINESS Widen MV service model integrated with telematics offering repairs with reimbursement in kind and assistance to the Retail and Business Non-MV offer

Development of the integration of the UniSalute specialist model and excellence leveraging both agency and banking network

• $\rightarrow$ new partnerships with the public sector
• $\rightarrow$ prevention and diagnosis of chronic ailments (wearable technology)
• A focus on SME's (group insurance) and customer segment leveraging the agency network
• $\rightarrow$ New retirement offer integrated with protection and assistance services
• $\rightarrow$ Directing the portfolio mix to linked and hybrid products
• $\rightarrow$ Focus on profitability, reduction of the minimum guarantee structure within traditional products

PART 3-FUTURE STRATEGY

INNOVATIVE AND DISTINCTIVE SOLUTIONS

囜 $\star$ FINITALIA MYGLASS PRONTO
SSISTANC CENTRO CRISTALLI AUT 2018 2015 AP&B claims channelling 40% 29.4% MyGlass claims channelling 59.0% 75% Premiums financed by $\sim \epsilon$ 1bn €700m Finitalia

Increased retention of financed customers

$\sim$ €20m

$\sim$ 5 p.p.

19

REPAIRS

$\rightarrow$ Direct repairs

• 2.5m MV policies involving the direct repairs service

• 180,000 MV and windscreen claims managed in 2015

• 69% of NPS on AP&B network and 78% on MyGlass $\bullet$

WIDENING THE REPAIRS AND ASSISTANCE SERVICES

ENHANCING

• $\rightarrow$ Extension of services offered by the AP&B network to ordinary vehicle maintenance
• $\rightarrow$ Launch of new windscreen repair services at MyGlass centres
• → Extension to Non-MV business (home, trade and SMEs) of the repairs service with reimbursement in kind integrated with assistance services
• $\rightarrow$ Extension of the financing service to Non-Motor and Life products
• $\rightarrow$ Financing the cost of vehicle repairs for those insured by the Group in cases involving total or partial liability and expenses incurred by replacing windscreens

20 PART 3-FUTURE STRATEGY

$~45%$ Percentages of Black-Boxes installed on the motor portfolio 15%-29.2% 27.7% 21.7% 15.5% 11.2% 10.7% 9.3% 9.0% 5.9% 2018E 2009 2010 2011 2012 2013 2014 2015 1Q2016 2007 2008 Predicted investment in AlfaEvolution $\sim$ €100m during the period 2016 - 2018 Cumulative benefit over the three-year $-645m$ period from insourcing the service model Cumulative benefit on the cost of claims $\sim$ E50m over the three-year period, by using Black-Box data Uninol

SERVICES

$\rightarrow$ Seamless product integration with the assistance/recovery and maintenance/repair services through telematic for every customer need: motor, home/business (smart home), personal ("connected" health)

$\rightarrow$ New innovative real time services tailor-made to meet the customer's needs

Advanced analytics and "intelligence" to create value for insurance, commercial, service and management purposes

INTERNALISING THE SERVICE MODEL

AlfaEvolution

$\rightarrow$ AlfaEvolution Technology supporting the telematic evolution for UnipolSai and the other Group companies The new company is the standard bearer for technological evolution linked to telematics

Simplifying the customer experience, through the launch of the multi-channel project which centers upon our agency network

22 PART 3 – FUTURE STRATEGY

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23

~ €10m

	2015
Number of Pointsof Sale (POS)	~ 8,300
Number of Agents	~ 5,000
Number of sub-agents	~ 16,000
% coverage of the Italian population1	~ 80%

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Investment in UnipolSai agency rebranding

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24 PART 3 - FUTURE STRATEGY

CUMULATIVE IT INVESTMENT DURING THE PERIOD 2016 - 2018 $(\epsilon M)$

IT

$\sim$ €150m

Cumulative investment in IT during the period 2016 - 2018

CLAIMS SETTLEMENT PROCESSES

Full implementation of new processes based on the new claims system (Liquido) integrated with:

• $\rightarrow$ a portal for telematics data analysis (Unico) and company portals for the management of the network of agreed professionals
• $\rightarrow$ innovative anti-fraud process using Company algorithms (Big Data, network analysis)

COMMERCIAL AND UNDERWRITING PROCESSES

• $\rightarrow$ Digitalisation of distribution processes
• $\rightarrow$ Engineering the network assistance model
• $\rightarrow$ Simplification and streamlining of communication means between the Company and Agency Network

Investments supporting the streamlining of costs and key service model development programmes

• $\rightarrow$ Digitalisation of processes
• $\rightarrow$ Multi-channel selling
• $\rightarrow$ Telematics, Big Data and Services
• Solution of hardware & software architecture

PART 3-FUTURE STRATEGY

25

The Unipol Group has created a structure specifically dedicated to innovation

to develop and accelerate innovation and pre-empt a rapidly transforming technological market which is focused on customers and their needs

• $\rightarrow$ development platform of innovative insurance, service and technological solutions
• in the fields of the still similar fields of Advanced Analytics, Big Data, lean prototyping and digitalisation
• Scouting tool, open innovation and a bridge between the Group, start-ups and research networks

$\rightarrow$ New Business Solutions

development of tailor-made solutions and services

$\rightarrow$ Big Data and Data Science

creating value through internal and external data, software development and IT solutions for the acquisition and analysis of data to support business operations

$\rightarrow$ Digital and Internet-of-Things

wider range of solutions for agency network and customers via technology

INVESTMENT STRATEGY FINANCE

Investment strategy

targeted to sustain financial returns in a structured manner in the medium & long term through guidelines which take into account the balancing of Solvency II metrics

Financial investment sasset allocation	2015	2018
	Unipol	UnipolSai
Govies	73%	73%
Corporate	20%	21%	$\geq$
Stocks and Funds	3%	4%
Liquidity	4%	2%

Investments relating to the Unipol Group of insurance companies excluding DDOR, Lawrence Life and "class D", investments in associates, JV's, investments in RE and RE funds

$\rightarrow$ Govies gradual reduction in order to diversify

$\rightarrow$ Corporate

selective increase of exposure to align with the Solvency II benchmark portfolio

$\rightarrow$ Stocks & Funds selective increase in asset classes including alternative investments

$\rightarrow$ Liquidity

stable and appropriate for the Group's companies operating needs

27 PART 3 - FUTURE STRATEGY

INVESTMENT STRATEGY REAL ESTATE

rban Ul TORRE GALFA TORRE VELASCA

VARIATION OF REAL ESTATE PORTFOLIO

2012-2015

REAL ESTATE MANAGEMENT

End of the "extraordinary" phase

protection of the Group's income and financial stability through:

$\rightarrow$ Streamlining the real estate portfolio during 2013 - 2015

approximately €600m decrease via the disposal of 130 nonqualifying buildings with returns under 2%

$\rightarrow$ Investments in key premises

required for the logistical integration of the two groups in the main locations with benefits in terms of final costs freeing up $61,000$ m²

GUIDELINES 2016-2018

Add value and stabilise the real estate portfolio weight on total Group assets

increase in real estate portfolio quality through the disposal of buildings with returns under 3% and actions to reposition core properties already in the portfolio, with a 7 p.p. improvement in vacancy rate

¹ Based on the Core and Value Added portfolio available for rent

OTHER INSURANCE BUSINESSES

WPOPOLAREVITA	ARCA VITA
1 Italian GAAP, including Lawrence Life (POP Vita) and Arca Vita Int (Arca) premium income	2015	2018
POP Vita premiums 1	€3.0bn	€2.7bn
- o/w linked products	£1.4bn	€1.4bn
Arca premiums 1	€1.9bn	£1.6bn
- o/w linked products	€0.4bn	€0.7bn

INWARD

JnipolRe

	2015	2018
Premium Income		€39m $~\sim$ €300m
Combined Ratio		75.8% 86.6%

Cumulative amount of capital investments in UnipolRe between 2016 - 2018

$\sim$ €300m

BANCASSURANCE

• The Group posted significant and stable income results in Life and Non-Life Bancassurance sectors between 2013-2015

• $\rightarrow$ Today there is a solid platform in terms of skills, processes and IT systems
• $\rightarrow$ A repositioning of the offer towards linked products, making use of hybrid products

REINSURANCE

Growing in non-domestic markets through UnipolRe leveraging the Group's excellence and technical skills in telematics

• $\rightarrow$ December 2014: the Group's Professional Reinsurance company was established in Dublin and operations were launched during 2015 after obtaining the 'A' Rating from AM Best
• $\rightarrow$ In-bundle offering together with services and technological elements, for MV, property, accidents, theft and Life business sectors

THE STRATEGY OF UNIPOL BANCA

Jnipol

	2015	2018
Gross operating income 1	€364m	€420m
NPL 2	£3.9bn	£3.3bn
% NPL coverage ratio 3	45%	50%
% Bad Loans coverage ratio $3$	57%	61%
Cost of risk (bps) 2	173	103

¹ Unconsolidated operating figures (Unipol Banca S.p.A.)

² Figures relating to the banking division (including Finitalia)

3 Figures relating to the UGF consolidated banking sector

Cost savings by the end of 2018

RESULTS 2013 - 2015 Over the course of the period 2013-2015, Unipol Banca made considerable efforts to increase its customer base (approx. 100,000 more customers) and launch an important streamlining of the headquarters departments (downsizing by approx. 150 employees) and of the network (from 302 to 271 branches)

PLAN 2016 - 2018 The new Strategic Plan focuses on three strategic guide lines:

• A Relaunching of core commercial income with increased private customer profitability and exploiting the historic presence as a trusted bank for Small Businesses and SMEs
• $\rightarrow$ Optimisation of the cost structure by streamlining the principal procurement contracts, the branch network and incentivising staff retirement
• → Centralisation of NPL management with a dedicated department established 2015 year-end

PART 4 FUTURE TARGETS

PART 4 - FUTURE TARGETS $31$

NON-LIFE PREMIUM INCOME 2015-2018 NON-LIFE PREMIUM INCOME MOTOR AND NON-MOTOR

€bn

$7.9 -$ 56% Motor 44% Non-Motor

2015A

32 PART 4 – FUTURE TARGETS

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COMBINED RATIO 2016-2018 AVERAGE COMBINED RATIO NET OF REINSURANCE

UNIPOLSAI

@W514:1(?-./7( "M>'d

X7::(?-./7

33 PART 4 – FUTURE TARGETS

LIFE PREMIUM INCOME 2015-2018 LIFE PREMIUM INCOME BY PRODUCT LINE

PF4

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			UNIPOLSAI
		&I9U	&I&U	&I&U	&IBU
		%I=U	%IOU	%INU	%I)U
		B8%*	B8%)	B8%N	B8%O

UNIPOL GRUPPO FINANZIARIO

LIFE BUSINESS SEGREGATED ACCOUNTS YIELDS AND MINIMUM GUARANTEED

COST SAVING 2015-2018 COSTS ROLL-FORWARD

$\epsilon$ m

Main savings item:

$43 \epsilon m$	Ancillary costs
$32 \epsilon m$	Passive rents	1,086
$22 \epsilon m$	Outsourcing IT expenses	2015

cost base

UNIPOL GRUPPO FINANZIARIO SpA+UNIPOLSAI SpA

PART 4 - FUTURE TARGETS 36

NET PROFIT

2016-2018 CUMULATED CONSOLIDATED NET PROFIT*

DIVIDEND POLICY 2016-2018 CUMULATED DIVIDEND

PART 4-FUTURE TARGETS 37

SOLVENCY II 2016-2018 SOLVENCY II RATIO*

*figures calculated using the USP (Undertaking Specific Parameters) according to the current regulation

PART 5 CLOSING REMARKS

PART 5 - CLOSING REMARKS 39

CLOSING REMARKS

2016-2018 Strategic Plan challenges

The market environment is challenging...

• $\rightarrow$ Non-Life technical profitability is shrinking
• $\rightarrow$ Financial investment yields are still low
• $\rightarrow$ Economic growth is still weak

... we have to focus on...

• $\rightarrow$ Leader in Europe in Motor policies with blackbox
• $\rightarrow$ Leader in Italy in Non-Life business
• $\rightarrow$ The largest agency network in the domestic market

... but we have laid solid foundations...

• 2012-2015 plan targets exceeded

• Integration of the Fondiaria-Sai Group successfully finalised

• $\rightarrow$ Company and capital structure streamlined

• A New Motor products launched offering high-level services

• A Onset of Alpha Evolution to manage blackboxes and big data
• → UniSalute, Finitalia, APB and MyGlass are core companies which offer services and ensure cost savings in the claims settlement process

40 PART 5– CLOSING REMARKS

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STRENGTHENING THE GROUP LEADERSHIP IN THE ITALIAN INSURANCE MARKET

ENSURING A SUSTAINABLE PROFITABILITY OVER TIME

2016-2018 Strategic Plan challenges

SOLVENCY II

SOLVENCYII

METHODOLOGICAL FRAMEWORK

• → The company has been authorized, by the Italian Supervisory Insurance Authority (IVASS), to use the Undertaking Specific Parameters (USP) for non-life premium and reserve risks, from Day One, 1/1/2016, of the Solvency II regulatory framework. While the process for the approval of the internal model is still ongoing, the use of USP allows the entire Group to better assess and efficiently manage its risk profile and capital.
• → The Solvency II results shown below, embed the usage of the socalled Volatility Adjustment (VA), whose value as at 31 December 2015 was 22 bps; the change in the VA has been estimated within the sensitivity analysis in the scenarios required.

43 SOLVENCY II

UNIPOL GROUP PATH TOWARDS SOLVENCY II

2013

• Group Fondiaria-SAI companies' integration on systems and processes
• Specific project for data quality

Launch of pre-application of partial internal model

2010

• Launch of Solvency II project
• Operating involvement in the implementation process of Solvency II at european level

ACQUISITION AND INTEGRATION OF FONDIARIA-SAI

LAUNCH OF SOLVENCY II PROJECT

2014-2015

44 SOLVENCY II

SOLVENCY I vs SOLVENCY II RATIO, CAPITAL REQUIREMENTS AND OWN FUNDS FY2015

PF4

SOLVENCY II RATIO FY2015

SOLVENCYII 46

UNIPOL GRUPPO FINANZIARIO RECONCILIATION OF IFRS SHAREHOLDERS' EQUITY - SOLVENCY II OWN FUNDS FY2015

€bn

IFRS shareholders' equity

¹ Including deferred tax on Solvency II fair value adjustments, other adjustments for change in the scope of consolidation IFRS/Solvency II, difference between Own Funds pertaining to financial subsidiaries and the relative amount of IFRS shareholders' equity

liabilities

UNIPOLSAI

RECONCILIATION OF IFRS SHAREHOLDERS' EQUITY - SOLVENCY II OWN FUNDS FY2015

€bn

1 Including deferred tax on Solvency II fair value adjustments, other adjustments for change in the scope of consolidation IFRS Solvency II, difference between Own Funds pertaining to financial subsidiaries and the relative amount of IFRS shareholders' equity

SOLVENCYII 48

UNIPOL GRUPPO FINANZIARIO CAPITAL REQUIREMENTS' DETAILS FY2015

€bn

¹ adjustments for deferred tax and loss absorption capacity of technical provisions ² risk related to segregated funds (Ring Fenced Funds) and to the non financial companies and not included within the scope of consolidation of Unipol Group

UNIPOLSAI

\$ -29*:.+14.:( 876(21816612(.-W(-42(,7::(-F:765./74( )-5-)/.O(78( .1);4/)-,(5670/:/74: " 6/:H(61,-.12(.7(:1E61E-.12(8*42:( B?/4E(Y14)12(Y*42:D( -42(.7(.;1(474(8/4-4)/-,()7+5-4/1:(-42(47.(/4),*212(</.;/4(.;1(:)751(78()74:7,/2-./74( 78(`4/57,(R67*5(

PF4

CAPITAL REQUIREMENTS' DETAILS FY2015

SENSITIVITY

Sensitivity analysis made with an estimate of the change in Own Funds and Solvency Capital Requirement in different scenarios. The VA's value changed within the different scenarios

Impacts on Solvency II ratio are expressed in percentage points

1 Parallel shift of the Euro interest rate curve

• 2 Change applied to all the government, corporate and financial bonds
• 3 Change applied to all the listed stocks
• 4 Change applied to real estate investments and real estate funds

1Q16 RESULTS PRESENTATION

CONSOLIDATED RESULTS BY BUSINESS AREA

$\epsilon$ m

UNIPOL GRUPPO FINANZIARIO

	1Q15		1Q16
	Pre-tax result	Net result	Pre-tax result	Net result
Non-Life	368	243	137	92
Life	139	96	104	75
Banking business	$\overline{4}$	3	$\overline{2}$	$\mathbf 1$
Other	$-36$	$-30$	$-24$	$-18$
Consolidated profit	475	312	219	151
Group profit		195		92

	UNIPOLSAI
	1Q15		1Q16
	Pre-tax result	Net result	Pre-tax result	$\mathsf{r}$
Non-Life	342	225	112
Life	138	95	95
Other	$-10$	$-10$	$-7$
Consolidated profit	470	310	199
Group profit		303

137

1Q16 RESULTS 53

NON-LIFE DIRECT PREMIUM INCOME

€m

Premiums by company	1Q15	1Q16
UnipolSai Group	1,801	1,779
Linear	38	37
UniSalute	111	119
Arca	23	23
Unipol Gruppo Finanziario	1,972	1,958

$\sim$	-
Altre compagnie
Gruppo UnipolSai	1,801

COMBINED RATIO NET OF REINSURANCE

G7+F/412 6-./7(41.(78(61/4:*6-4)1Ic(7516-./4E 1W514:1:]1-6412 561+/*+: -8.16 61/4:*6-4)1p(),-/+: );-6E1:]1-6412 561+/*+: -8.16 61/4:*6-4)1> G7+F/412( 6-./7(2/61).(F*:/41::c(7516-./4E(1W514:1:]<6/..14(561+/*+:( 867+(2/61).(F*:/41::( BF18761(61/4:*6-4)1D(p(),-/+:();-6E1:]1-6412(561+/*+:( 867+( 2/61).(F*:/41::( BF18761( 61/4:*6-4)1D>

UNIPOLSAI S.p.A.
MV TPL TECHNICAL INDICATORS DIRECT BUSINESS

Combined Ratio RCA	1Q15	1Q16
Direct business	94.0%	99.4%
Expense ratio a	22.5%	21.7%
commissions/premiums	12.7%	13.6%
other operating exp./premiums	9.8%	8.1%
Loss ratio b (incl. OTI)	71.5%	77.8%

UNIPOLSAI S.p.A

Other MV TPL indicators	Var. vs F
Total portfolio
retail
fleets	-0
Portfolio average premium	$-2$
	Var. vs 1
No. of claims reported (followed-up passive claims)	-0
Frequency	$-0.15$

Operating figures. 1Q15 figures are on a like-for-like basis (incl. the companies merged in UnipolSai in 2015). ^a Operating expenses/written premiums from direct business (before reinsurance). ^b Claims charges/earned premiums from direct business (before reinsurance).

1Q16 RESULTS 56

NON-LIFE-INSURANCE SECTOR EXTRAUNIPOLSAI

$\epsilon$ m

Premium income

MV

Accident+Health

Other

CoR direct business

Expense ratio

Loss ratio (incl. OTI)

IAS net result

ARCA ASSICURAZIONI

1Q15	1Q16	$\Delta\%$
177	179	$+1.4%$
48	42	$-13.9%$
119	127	$+7.3%$
10	10	$+5.9%$
85.1%	84.7%	$-0.4 p.p.$
15.3%	14.8%	$-0.5$ p.p.
69.8%	70.0%	$+0.1 p.p.$
16	16	$+2.1%$

Aggregate operating figures (Linear + UniSalute + Arca Assicurazioni)

1Q16 RESULTS 57

LIFE-DIRECT INCOME

$\epsilon$ m

Arca Vita+AVI

Arca Vita+AVI	608
Unipol Gruppo Finanziario	2,550

2,826

UnipolSai Group	1,941
Other companies	68
Popolare Vita+Lawr. Life	827
UnipolSai S.p.A.	1,046
Raccolta per compagnia	1Q15

BANKING BUSINESS - KPI

€m

	1Q15	1Q16	$\Delta\%$
Gross operating income	88	82	$-6.3%$
o/w interest income	62	56	$-9.4%$
o/w non-interest income	26	27	1.0%
Loans loss provisions	11	11	$-8.6%$
Pre-tax result a	$\overline{\mathbf{4}}$	$\mathbf{2}$	$-57.2%$
Net result a	3	1	$-54.2%$
Cost / Income	82.2%	85.2%	$+3.0 p.p.$
	FY15	1Q16	$\Delta\%$
Total Non Performing Loans coverage ratio	44.5%	44.6%	$+0.1 p.p.$

a Profit for UGF consolidated banking sector.

^b FY15 figure excluding 32€m of collateralized deposits with Cassa Compensazione e Garanzia (0€m as at 1Q16).

^c Net of provisions at UGF SpA level.

BANKING BUSINESS FOCUS ON NON PERFORMING LOANS

€m

Break-down of overall Non Performing Loans	FY15			1Q16
portfolio	net loans	loans	gross coverage ratio	net loans	gross C loans
Bad loans	1,129	2,644	57.3%	1,151	2,690
Unlikely to pay	925	1,145	19.2%	865	1,061
Past due	122	129	5.1%	141	147
Total Non Performing Loans	2,176	3,918	44.5%	2,157	3,897

Including provisions set aside by UGF.

REAL ESTATE

UNIPOLSAI - Tot. ptf 4,115 €m

UNIPOL GRUPPO FINANZIARIO - Tot. ptf 4,279 €m

Operating figures. a Including capex and equity for JVs. $b$ Nr. 24 deeds as at 1Q16. ^c Including exchange variation and operations on RE funds and other associated companies.

1Q16 RESULTS 61

ASSET ALLOCATION

€bn

UNIPOL GRUPPO FINANZIARIO

Financial investiments relating to insurance companies of the Unipol Group, excluding DDOR, Lawrence Life and class D, investments in subsidiaries, associates and JVs. Operating figures.

UNIPOLSAI

FINANCIAL INVESTMENTS YIELDS

UNIPOL GRUPPO FINANZIARIO

		1Q16
		Non-Life		Life		Total
	$\epsilon$ m	Yield%	$\epsilon$ m	Yield%	$\epsilon$ m	Yield%
Coupons and dividends	86	2.5%	322	3.5%	409	3.1%
Unrealised gains and losses	$-46$	$-1.3%$	$-36$	$-0.4%$	$-82$	$-0.6%$
Sub-total	40	1.2%	286	3.1%	327	2.5%
Gains	64	1.8%	51	0.6%	116	0.9%
Total	104	3.0%	337	3.6%	443	3.4%

Income pertaining to insurance companies of the Unipol Group, excluding DDOR, Lawrence Life and Class D, investments in subsidiaries, associates and JVs, investments in RE and RE funds. Operating figures.

			UNIPOLSAI
	1Q16
		Non-Life		Life	Total
	$\epsilon$ m	Yield%	$\epsilon$ m	Yield%	$\epsilon$ m	Yie
Coupons and dividends	81	2.5%	279	3.6%	360	3.
Unrealised gains and losses	$-46$	$-1.4%$	$-42$	$-0.5%$	-88	$-0$
Sub-total	35	1.1%	237	3.1%	272	2.
Gains	62	1.9%	51	0.7%	113	1.
Total	96	3.0%	289	3.7%	385	3.

63 1Q16 RESULTS

TOTAL EQUITY AND AFS RESERVE

UNIPOL GRUPPO FINANZIARIO UNIPOLSAI

P+

K<E'"2+2"J2 J-"/-(/#0

c#(-.'2W@/(4 g "#.. !#"5-":

K<E'"2+2"J2 J-"/-(/#0

1Q16 RESULTS 64

1Q16 CAPITAL SOUNDNESS INDICATORS SOLVENCY II

€bn

UNIPOL GRUPPO FINANZIARIO

Solvency II (consolidated figures)

UNIPOLSAI

Solvency II (UnipolSai SpA solo)

Solvency II (consolidated figures)

Figures calculated using the USP (Undertaking Specific Parameters), according to the current regulation

DISCLAIMER

Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol Gruppo Finanziario S.p.A. and UnipolSai Assicurazioni S.p.A., declares, in accordance with Article 154-bis, para 2, of the 'Consolidated Finance Act', that the accounting information reported in this document correspond to the document contents,books and accounting records.

66 1Q16 RESULTS

INVESTOR RELATIONS CONTACTS

Adriano Donati Head of Investor Relations Tel +39 051 507 7063

investor.relations@unipol.it investor.relations@unipolsai.it

Giancarlo Lana Tel +39 011 66 57 642 Eleonora Roncuzzi Tel +39 051 507 7063 Laura Marrone Tel +39 051 507 2183 Giuseppe Giuliani Tel +39 051 507 7218 Carlo Latini Tel +39 051 507 6333

Silvia Tonioli Tel +39 051 507 2371

2016-2018 STRATEGIC PLAN