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  • I.

    Generali Portfolio

  • B.

    Real Estate within Generali: Operational features and tenancy (1/2)

Secure source of income Long Lease

Indexation and natural hedge to inflation

  • Office lease contracts have different

legal structure:

Inflation Hedging: Full indexation of the rent to the inflation across Europe:

Italy:

12 years (6+6)

France:

9 years (3+3+3)

  • Germany: 10 years (5+5)

  • Long Lease duration, rental level

defined over the period

Italy:

75/100% of indexation on inflation (ISTAT)

France:

100% indexed on ICC (Construction Costs Index) or IRL (Life Costs Index)

  • Germany: Indexation based on inflation with a threshold minimum of 5%

Source: Management report

Assicurazioni Generali Group – Investor Day 2010 – Investment Management of Insurance Assets

13

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