Montepaschi Vita Annual F orum. Rome, October 12th - Grand Hotel Plaza, via del Corso, 126

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1 Montepaschi Vita Annual F orum Rome, October 12th - Grand Hotel Plaza, via del Corso, The Paradigms of the Value Insurance companies and banks: complementariness and competition How to produce the highest value from the cooperation between banks and Insurance companies Dott. Fausto Marchionni General Manager and CEO Rome, 12 th October

2 EVOLUTION OF THE INSURANCE OFFER (1/3) NON-LIFE MARKET DISTRIBUTION CHANNELS ANALYSIS IN THE RANGE Data source: ANIA 100,0 80,0 60,0 40,0 20, MARKET SHARE % Agents Broker (*) Direct selling Bank branches Financial Advisors CHANNELS MARKET SHARE % AVERAGE Agents 86,1 85,2 85,3 84,5 84,2 85,1 Broker (*) 7,5 7,5 7,6 7,7 7,5 7,6 Direct selling 5,3 6,0 6,0 6,2 6,6 6,0 of which internet and call selling 1,5 2,2 2,4 2,6 2,7 2,3 Bank branches 1,0 1,2 1,0 1,5 1,7 1,3 Financial advisors 0,1 0,1 0,1 0,1 0,1 0,1 TOTAL 100,0 100,0 100,0 100,0 100,0 100,0 Total Gross Premiums

3 EVOLUTION OF THE INSURANCE OFFER (2/3) LIFE MARKET ANALYSIS OF THE DISTRIBUTION CHANNELS IN THE RANGE Data source: ANIA 70,0 60,0 50,0 40,0 30,0 20,0 10, MARKET SHARE % Bank branches Agents Direct selling Financial Advisors Broker CANALI MARKET SHARE % AVARAGE Bank branches 56,3 58,9 58,6 60,6 59,0 58,7 Agents 19,6 18,3 18,6 18,2 19,9 18,9 Direct selling 8,9 10,9 12,6 12,4 11,7 11,3 Financial Advisors 14,3 11,2 9,5 7,6 8,5 10,2 Broker 0,9 0,7 0,7 1,2 0,9 0,9 TOTAL 100,0 100,0 100,0 100,0 100,0 100,0 Total Gross Premiums

4 EVOLUTION OF THE INSURANCE OFFER (3/3) INCREASE OF THE PERCENTAGE OF THE FINANCIAL ACTIVITIES INVESTED IN PRODUCTS WITH GROWING FINANCIAL COMPONENT MORE INTEREST IN INVESTMENT FUNDS AND SHARES ANSWER BY THE INSURANCE COMPANY SHIFT FROM THE OFFER OF COVER PRODUCTS TO THE OFFER OF INVESTMENT AND SAVING PRODUCTS 4

5 INSURANCE PRODUCTS PORTFOLIO: TREND (Values %) (possesso personale escluse polizze aziendali) Source: Eurisko Prometeia March 2007 (Osservatorio sui risparmi delle famiglie) 5

6 A NEW OPPORTUNITY TO TAKE: SUPPLEMENTARY ALLOWANCE Penetration of Retirement Products (Premiums/GDP) Holland Switzerland UK Spain France Belgium Germany 124,9% 117,4% 70,1% 9,1% 5,8% 4,2% 3,9% Italy 2,8% Deep gap with respect to the main European countires that could be covered also with the enforcement of the reform on the supplementary allowance 6

7 MAIN LIFE BANCASSURANCE AGREEMENTS IN ITALY (1) Bank Group Insurance Vehicles Insurance Partner Premiums 2006 ( mln) (2) MKT Share - Life Branches Eurizon Vita Veicolo dedicato ,4% Intesa Vita Generali (5) ,8% CreditRas Vita Ras (5) , Aviva Aviva Italia Holding (51%) ,8% Cnp Capitalia Cnp (57,5%) ,4% BPV Vita 720 1, 792 Fondiaria-Sai (5) Novara Vita 889 1,3% 418 (3) Eurovita Assicurazioni Aviva (4) 792 1,1% 570 Aviva Previdenza Aviva (5) (4) Unipol 218 0,3% 403 Aviva Vita Aviva (5) 755 1,1% UBI Vita Veicolo dedicato 325 0,5% Lombarda Vita Cattolica Ass (50,01%) , 811 MPS Vita Axa (5) ,6% Quadrifoglio Vita Unipol (5) 838 1,2% 295 (5) Arca Vita Consorzio 603 0,9% Bipiemme Vita Fondiaria-Sai (51%) 757 1,1% 711 Antonveneta Vita Lloyd Adriatico (5) 888 1,3% BNL Vita Unipol (5) ,5% 727 Po Vita Fondiaria-Sai (5) 932 1,3% 665 Centro Vita Cardif (49%) 631 0,9% 553 Berica Vita Cattolica Ass (5) 225 0,3% Vicenza Life Cattolica Ass (5) 212 0,3% (1) Italian GAAP. The premiums do not take into account the production of San Paolo Life (Eurizon Vita), Fineco Life (Cnp Capitalia) and MPS Life (MPS Vita) (2) The new Gruppo Banco Popolare signed an agreement with Fondiaria-Sai for the sole right of bancassurance on: ex-bpvn network as from January 2008; on ex-reti Bancarie (BPI) network as from May 2009; on the remaining part of ex-bpi network as from January 2010 (3) Share of indirect holding; Aviva controls 5 of Finoa, which owns 8 of Eurovita Previdenza (4) Distribution agreement between Aurora Assicurazioni (Unipol) and Reti Bancarie (BPI) (5) Cooperative company whose some of the main shareholders are BPER, BP Sondrio and Meliorbanca Source: ANIA-Companies balance sheets at 31/12/

8 LIFE BANCASSURANCE OF FONDIARIA SAI GROUP AGREEMENT WITH BANCA POPOLARE DI MILANO AGREEMENT WITH CARIPARMA & PIACENZA AGREEMENT WITH BANCA POPOLARE NOVARA 51% 49% Contribution Products development Training and netwok assistance Actuarial services and Risk Management (Health) claims handling Contribution Distribution network Technical reserves management Portfolio management and BPM Vita liquidity On the 27 December 2006, Fondiaria-Sai and Cassa di Risparmio di Parma & Piacenza (Credit Agricole Group) announced the signature of an agreement that extends the bancassurance distribution agreement for at least further 12 months Fondiaria-Sai and Banco Popolare have extended the agreement with Novara Vita all through 2007 Banco Popolare and Fondiaria-Sai signed an agreement on the 31 st may 2007 for the development of an exclusive strategic partnership in the bancassurance activity of Banco Popolare in Life business and Social Security Business data Data in million (Italian GAAP) Gross Premiums Technical reserves Increase % +7% +4 Business Data Data in million (italian GAAP) Gross Premiums Technicla reserves Increase % +23% +4 Business Data Data in million (italian GAAP) Gross Premiums Technicla reserves Increase % +7%

9 NON-LIFE BANCASSURANCE IN EUROPE National bancassurance market in non-life class premiums FROM NOTHING IN 1990 TO A REAL CHANNEL IN 2005 RATINGS 9% 5-9% 1-4% 2% 11% 2% Bancassurance market share 8% 1% 2% % 7% 9% 2% 5% 0,3% 1 6% 1,7% 2 1 Data source: Danmark, Finland, Greece, Norway, Sweden, Switzland and Germany (Giornale delle Assicurazioni sept. 06). Italy data 2006 ANIA-Annual report Remaining EEC countries (August 2008) 9

10 MAIN NON-LIFE BANCASSURANCE AGREEMENTS IN ITALY Gruppo Bancario Veicolo assicurativo Partner assicurativo Premi 2006 ( mln) MKT Share - Vita Sportelli (1) EurizonTutela Veicolo dedicato 99 0,3% (2) CreditRas Assicurazioni Allianz (5) 85 0,2% Capitalia Assicurazioni Fondiaria SAI (5) 38 0,1% Novara Assicura Aviva 2 0, 418 UBI Assicurazioni Veicolo dedicato 250 0,6% (3) Mps Assicurazioni Danni Axa 65 0,2% Fondiaria SAI n.a. n.a. 711 Arca Assicurazioni Veicolo dedicato 76 0,2% Antonveneta Assicurazioni Lloyd Adriatico (5) 38 0, ABC Assicura Cattolica (5) 2 0, 528 Carige Assicurazioni Veicolo dedicato 565 0,5% 512 Credemassicurazioni Assurances Mutuelles de France A.M. (5) 24 0,1% 447 (1) Sanpaolo Group branches, after Cassa dei Risparmi di Forlì e della Romagna branches (2) Distribution agreement on Unicredit Banca S.p.A., Unicredit Banca per l Impresa S.p.A. and Unicredit Private Banking branches, (3) The number of branches includes, besides those of MPS Group, the branches of Banca Monte Parma and Banca Popolare di Spoleto, banks outside the Group Source: ANIA, Companies balance sheets at 31/12/2006 (branches) 10

11 NON-LIFE BANCASSURANCE OF FONDIARIA SAI GROUP AGREEMENT WITH CAPITALIA AGREEMENT WITH BANCA POPOLARE DI MILANO 50 51% 49% 51% 49% NEWCO DISTRIBUTION AGREEMENT Contribution Claims settlement network Know-how Commercial support in non-life class Outsurcing activities Contribution 4 bank network branches financial advisors 4 million customers The project of non-life bancassurance with BPM provides for the incorporation of a Newco that will be effective as from 1/1/08. The Newco, through ten-year lasting distribution agreements, will distribute non-life insurance products on BPM Group network. 11

12 BANCA SAI Banca Sai in Fondiaria Sai Group Business Model It was founded in 2001 with the registered office in Torino and it develops and promotes the sale of bank and handled saving products, achieving a concrete integration amoung insurance, financial and bank offer. Banca Sai controls 10 of Finitalia, a company that offers the Group s customers funding and insurance premiums division services. CHANNELS Banca Sai branch offices Financial representatives Group Agencies Online channel COMMERCIAL MODEL PRODUCTS Handled savings Bank products Fundings CUSTOMERS Gruppo Bancario Corporate/institutional Retail Small Business SOME SYNTHESIS DATA financial advisors 10 Handled Mass 600 mil (of which 516 Sai AM) 158 mil supplied fundings agencies with Finitalia mandate 12