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  • III.

    Real Estate Strategy & Going Forward

    • B.

      Going Forward: Increase Real Estate Exosure (1/2)

Gradual increase of Group RE portfolio Increase Real Estate exposure

  • Invest in quality assets with recurring income

  • Seize opportunities

  • Continue portfolio turnover to maximize

return

  • Allocation by segment: essentially in life

New Investments structure

  • Traditionally, technical reserves backed by

domestic assets: RE investment directly or through local / dedicated products (domestic funds)

  • Selectively, technical reserves backed by

cross border assets: RE investment through cross-border/ specialized products managed internally (international funds)

Opportunity to invest over the next years, market turnaround expected in 2012

  • Ride the market cycle to take advantage of the Group’s existing markets and of new areas

(Euro zone)

  • Investments in countries where yields are attractive (USA)

  • Start to invest in China following Group expansion to match local insurance reserves

  • Invest in CEE markets following Group expansion to match local insurance reserves

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

36

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