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Michele Seghizzi

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Giuliana Pagliari

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Total Net Inflows in November: €363 million

(€3.7 billion YTD)

Net inflows in managed products at €472 million (€3.6 billion YTD)

Milan, 3 December 2014 - Total net inflows in November amounted to €363 million, of which

€233 million gathered by the Banca Generali network (€2,771 million YTD) and €130 million gathered by Banca Generali Private Banking (€920 million YTD).

The acceleration of net inflows - at record levels in the past five months - was driven by the strong demand of asset management solutions, as households are increasingly looking for effective alternatives to progressively lower government bond returns. Net inflows increased to

€3.7 billion in the past 11 months, exceeding by 64% the growth recorded in FY 2013. The important contribution of managed assets was further confirmed by a €472 million increase in November (+89% compared to October and +43% compared to the monthly average YTD) bringing the YTD figure to €3.65 billion.

Once again, the multi-line policy BG Stile Libero stood out as one of the most-in-demand solutions, achieving its best monthly result ever at €387 million and with volumes almost doubling those of the previous months' average. In just nine months since its launch, BG Stile Libero gathered €1.8 billion net inflows thanks to the combination of the insurance segregated accounts and the flexibility to invest in a wide range of multi-manager and multi-asset funds.

A good performance was also reported by LOB I insurance products, which combine capital protection and competitive returns. Net inflows in November were €105 million (€1,150 million YTD, in line with previous year's figure).

The CEO of Banca Generali, Piermario Motta, commented: "This was yet another successful month, with our investors increasingly viewing Banca Generali as a privileged financial planning partner. The decline of interest rates to record lows and financial difficulties are heightening the investors' needs for the qualified advisory services and versatile and effective solutions that our Bank can offer. Our commitment towards innovation and top quality services and products are the distinctive elements that are also attracting the best professionals, who continue to show high interest in the growth opportunities offered within our Group. These are the reasons why I look with great optimism not only to the end of 2014, but also to the promising challenges of the coming year.

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A) NET INFLOWS AND LIFE NEW BUSINESS IN NOVEMBER 2014



Million of Euros Nov 2014 Oct 2014 Abs. Chg

Mutual Funds 7 -42 49



Managed Portfolio -27 -44 17



Mutual Funds and Managed Portfolio -20 -86 66

Life Insurance 492 336 156

of which BG STILE LIBERO 387 258 129



Managed Assets 472 250 222

Non Managed Assets -109 -7 -102

of which: Securities -192 -13 -179



Total 363 243 120

Jan-Nov 2014 Jan-Nov 2013 Abs. Chg

Mutual Funds 553 1,360 -807



Managed Portfolio 87 69 18



Mutual Funds and Managed Portfolio 640 1,429 -789

Life Insurance 2,996 1,045 1,951

of which BG STILE LIBERO 1,846 0 1,846



Managed Assets 3,636 2,474 1,162

Non Managed Assets 55 -345 400

of which: Securities -542 -353 -189



Total 3,691 2,129 1,562

Life New Business

Nov 2014 Oct 2014 Abs. Chg

Life New Business 585 388 197

Jan-Nov 2014 Jan-Nov 2013 Abs. Chg
Life New Business 3,489 1,708 1,781

***

The Manager responsible for preparing Banca Generali's financial reports (Stefano Grassi) declares, pursuant to Paragraph 2 of Art. 154-bis of the Italian Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

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