REPORTS AND ACCOUNTS 2012

BOARD OF DIRECTORS*Chairman

** Iti MIHALICH

Directors

** Annibale AVOGADRO DI COLLOBIANO

Maurizio BAUDI DI SELVE (from May 17, 2012)

Mario CARRARA

Giovanni FACCHINETTI PULAZZINI

Romano GIANOTTI

Edoardo GREPPI

Luigi GUIDOBONO CAVALCHINI (from November 15, 2012)

** Enrico MARENCO DI MORIONDO

Gian Piero MAURI (until June 24, 2012)

Luigi MICHELINI DI SAN MARTINO E RIVALTA (until September 3, 2012)

Carlo PAVESIO

Gian Savino PENE VIDARI (from September 27, 2012)

Camillo VENESIO (until April 26, 2012)

Vittorio Amedeo VIORA

** Marco WEIGMANN

Secretary to the Board

Massimo LUVIE'

BOARD OF STATUTORY AUDITORS *Chairman

Alessandro RAYNERI

Standing Auditors

Edoardo ASCHIERI

Paolo GOLIA (until April 26, 2012)

Marco LEVIS (from April 26, 2012)

Substitute Auditors

Barbara Maria BARRECA (from December 1, 2012)

Gianluca FERRERO

Marco LEVIS (until April 26, 2012)

GENERAL MANAGEMENTGeneral Manager

Luigi LANA

Deputy General Managers

Luca FILIPPONE

Massimo LUVIE'

* Current position also indicating changes following the Meeting of Delegates of April 21, 2012

** Members of the Committee

CONTENTS

STATUTORY FINANCIAL STATEMENTSREPORT ON OPERATIONS 7

BALANCE SHEET AND INCOME STATEMENT

Balance sheet 74

Income statement 86

NOTES TO THE FINANCIAL STATEMENTS

Part A: Valuation criteria 97

Part B: Commentary on the Balance Sheet and Income Statement 105

Part C: Other information 147

ANNEXES TO THE FINANCIAL STATEMENTS

Annexes to the Financial Statements 159

Annexes to the Notes to the Financial statements 213

Other Annexes 279

REPORTS AND ACCOUNTS 2012

184th year from foundation

Meeting of Delegates of April 20, 2013

The financial statements have been translated from those issued in Italy, from the Italian into the English language solely for the convenience of international readers. In case of difference between the Italian and the English version, the Italian version will prevail.

REPORT ON OPERATIONS

To the Delegates,

In 2012 the world economy continued to struggle, despite the fact that the US managed to reach a deal to avert a series of spending cuts and tax hikes (the so-called fiscal cliff), the easing of financial market tensions in the euro area and improved performance of the emerging market economies.

The outlook for the global economy worsened in the second part of the year and leading forecasters predicted a slowdown in growth of international trade for 2012. Analysts do not expect growth to resume or strengthen until 2014.

According to estimates by the International Monetary Fund (IMF), world GDP grew by 3.3% in 2012, compared to 3.6% in 2011.

There was a gradual fall in inflation in almost all of the advanced economies. In OECD countries the annual inflation rate slowed to 1.9% in November; excluding food and energy prices the annual inflation rate fell to 1.4%.

Following an initial period during which company investments in fixed assets fell and household spending slowed, the US economy gathered momentum in the third quarter, driven by a more than proportional increase in investments in the residential housing sector, public spending and stocks. Third quarter GDP rose by 3.1% compared to the same period in 2011, having grown 1.3% in the second quarter. The IMF’s forecast for economic growth in the US is 2.2% for 2012, compared to 1.8% in 2011.

In Japan the slump in foreign sales and sharp drop in business investments and consumer spending in the third quarter resulted in an even sharper contraction in GDP than in the previous three months (- 3.5%), when it had already dropped slightly on the first quarter (- 0.1%). However, for the end of 2012 growth is forecast to stand at 1.6%, compared with a contraction of 0.7% in 2011.

Economic activity in the euro area continued to lose steam in the last quarter of 2012, owing to tensions in financial markets in a number of countries in the region, and the near-term outlook has been revised downwards.

There are, however, some encouraging signs: yields on government bonds have fallen and capital has once again started to flow into some of the countries hit hardest by the sovereign debt crisis. Contributions to these positive developments came, in the second half of the year, from the European Central Bank’s announcement of Outright Monetary Transactions (OMTs) and, more generally, decisions taken at European level regarding support for Greece and the establishment of a more reliable single supervisory mechanism for banks. Nonetheless, market conditions remain uncertain and it is now important to renew the commitment to move forward and adopt the measures necessary to guarantee the cohesion of the EU.

GDP in Europe is expected to contract by 0.4%, dragged down mainly by the economic recession in Italy (- 2.3%), Spain (- 1.5%) and the UK (- 0.4%).

The Italian economy benefitted, to some extent, from improved performance of financial markets and measures introduced by the Eurosystem. Despite this and some weak signs of stabilisation, there is still no real indication that a turning point in domestic demand has been reached. The prolonged deterioration of firms’ opinions about the economic outlook has recently come to an end. Moreover, foreign demand continues to buoy economic activity, mainly sustained by sales to countries outside the EU.

Growth in the Italian economy is in negative territory (- 2.3%), falling short of the euro area average and subdued with respect to the IMF’s previous forecast of - 1.9% and with the – 1.0% recorded in 2011. However, in the third quarter growth fell by just 0.2% on the previous quarter, held up by net exports notwithstanding a substantial contraction in domestic demand.

9

Inflation fell during the year, mainly reflecting the slackening of pressure from oil prices and the fading impact of the indirect tax increases introduced towards the end of 2011. The consumer price index began to fall in March 2012 and in December the year-on-year increase stood at just 2.4%.

With regard to the labour market, according to figures released by ISTAT, unemployment stood at more than 11% at the end of the year (its highest since 1993), compared with 8.4% at the end of 2011. Unemployment was particularly high among young people (more than 30%) as well as among those who have already worked for a medium or long time, especially in the south of Italy.

According to official data for 2012, the Italian insurance market reported a 4.6% year-on-year drop in premium income. Non-life business fell by 2.6% compared to the corresponding period of 2011, accounting for 33.7% of overall premium income (33% in 2011). Life premiums fell by 5.6% compared to the corresponding period of 2011, accounting for 66.3% of the total portfolio (67% in 2011).

* * *

The main financials of the Company at December 31, 2012 are set forth below:

(in thousands of euro)

2012 2011 change

Balance on the technical account for Non-life business 123,762 -12,739 136,501 Balance on the technical account for Life business 115,047 -111,425 226,472

Total 238,809 -124,164 362,973

Net profit Non-life business 134,297 28,109 106,188 (minus allocated investment return transferred to the technical account) 90,435 18,940 71,495 Allocated investment return transferred from the Life technical account 36,233 0 36,233

Balance of other Income and charges -25,757 -20,992 -4,765

Income from ordinary operations 293,147 -135,987 429,134

Balance of extraordinary income and charges -47,547 2,059 -49,606

Profit before taxes 245,600 -133,928 379,528

Income taxes for the year 88,500 -48,039 136,539

Operating Result 157,100 -85,889 242,989

The balance on the Non-life insurance business technical account was positive for € 123,762 thousand, compared with a loss of € 12,739 thousand in 2011. This change was forged to a major extent by the improvement in net operating revenues. The balance on the technical account for Non-life insurance business, prior to allocation of the investment return, was positive for € 33,327 thousand, a great improvement on the negative balance of € 31,679 thousand in 2011. In particular, net operating revenues mainly reflected the following: - improved underwriting performance net of the effect of the earthquake in Emilia Romagna and the neighbouring regions last May; - the negative effect of this event on overall underwriting performance (total claims paid and reserved amounted to around € 170,500 thousand), substantially neutralised through the income statement recovery of reinsurers’ shares and use of provisions for catastrophic risks (set up in previous years for this kind of risk); - the substantial stability of operating expenses.

10

The balance on the Non-life insurance business technical account was also conditioned by income from investments, which moved up from € 18,940 thousand in 2011 to € 90,435 thousand, boosted mainly by trading gains (€ 27,858 thousand in 2012, compared to € 11,003 thousand in 2011) and by an increase of around € 87,810 thousand, with respect to 2011, in the balance of value re-adjustments.

The combined ratio for Non-life business, which compares charges for claims and operating expenses to premiums, worsened by 6.2 percentage points, from 98.5% in 2011 to 104.7%. However, net of the effects of the earthquake in May, this ratio fell to 93.3%, an improvement of 5.2 percentage points with respect to 2011. The operating combined ratio for Non-life business, which, in addition to charges for claims and operating expenses also compares reinsurance and other technical items net of premium revenue, improved by 4.8 percentage points, falling from 102.4% in 2011 to 97.6%.

The loss ratio worsened by 5.9 percentage points, moving up from 72.3% in 2011 to 78.2% in 2012. However, net of the effects of the earthquake in May, this ratio fell to 66.8%, an improvement of 5.5 percentage points with respect to 2011. This result benefitted from a lower frequency of claims and an attentive overhaul of the portfolio.

There was only a very slight change in the expenses ratio for Non-life business, which moved from 26.2% in 2011 to 26.5% in 2012.

The result of the Life technical account was positive for € 115,047 thousand, compared with a loss of € 111,425 thousand in the previous year. This improvement was forged mainly by the increase in income from class C investments on the Balance Sheet, owing to a positive change in the balance of value re-adjustments on securities for € 132,686 thousand (this change was negative in 2011 and equal to € 117,419 thousand).

Ordinary operations, Non-life plus Life, returned a positive result of € 293,147 thousand, compared with a loss of € 135,987 thousand in 2011.

Extraordinary operations reflected a negative result of € 47,547 thousand, compared with a positive balance of € 2,059 thousand in 2011. This included charges for taxes for previous years for around € 55,000 thousand, details of which are provided in the chapter on litigation.

The profit before taxes was positive for € 245,600 thousand, reflecting a profit of € 148,966 thousand for Life business and of € 96,634 thousand for Non-life business, compared with a loss of € 133,928 thousand in 2011.

Income taxes for the year showed a negative balance of € 88,500 thousand (compared with a positive balance of € 48,039 thousand in 2011).

Financial 2012 closed with a profit of € 157,100 thousand, compared with a loss of € 85,889 thousand in 2011, determined by a positive result of € 100,466 thousand for Life business and of € 56,634 thousand for Non-life business.

* * *

Premium income from direct business and inward reinsurance amounted to € 1,931,080 thousand in relation to € 1,872,623 thousand in 2011, with an increase of 3.12%: this total comprises € 1,395,650 thousand of Non-life business, with an increase of 1.47%, and € 535,430 thousand of Life business, with an increase of 7.70%.

Direct business income moved up, overall, by 3.15%, spurred by a 1.49% increase in Non-life business and 7.74% increase in Life business.

11

(in thousands of euro) 2012 2011 change

Direct business - Non-Life 1,392,415 1,371,924 1.49%

Direct business - Life 534,941 496,510 7.74%

TOTAL DIRECT BUSINESS 1,927,356 1,868,434 3.15%

Inward reinsurance 3,724 4,189 -11.10%

GRAND TOTAL 1,931,080 1,872,623 3.12%

of which:

Non-life business 1,395,650 1,375,492 1.47%

Life Business 535,430 497,131 7.70%

* * *

In 2012, members received mutuality benefits for € 5,570 thousand of which € 3,263 thousand in Non-life business and € 2,307 thousand in Life business.

* * *

Claims paid for direct business and inward reinsurance during the year, including claim settlement costs, amounted to € 1,471,854 thousand (€ 1,726,108 thousand in 2011), with a decrease of 14.73% in relation to 2011, of which € 970,669 thousand for Non-Life business, with an increase of 4.43%, and € 501,185 thousand referring to Life business, with a decrease of 37.08%.

Total Non-Life and Life production costs amounted to € 337,746 thousand (€ 327,090 thousand in 2011), with a ratio to premiums of 17.49%, compared with 17.47% in the previous year. In particular, the ratio of Non-life business was equal to 22.51%, compared with 22.13% in 2011 while, for Life business, it corresponded to 4.40%, as against 4.57% in the previous year.

Non-life and Life business personnel costs and other administrative expenses, prior to allocation to the specific items of the accounts, totalled € 213,483 thousand (€ 207,170 thousand in 2011), representing 11.06% of gross premiums written, in line with 2011.

At € 111,420 thousand, personnel costs increased by 6.72% in relation to the previous year with a ratio to gross premiums written of 5.78%, compared with 5.59% in 2011. IT area expenses moved from € 31,724 thousand to € 33,527 thousand, with a year-on-year increase of 5.83%, while other operating expenses, including advertising, equal to € 8,749 thousand (€ 7,388 thousand in 2011), moved down 3.59% to € 68,490 thousand.

* * *

The accounts have been prepared considering continuation of company business in the next twelve months, taking into account its high net worth, which amply exceeds the minimum solvency requirements established by current regulations, and its industrial plans that forecast positive results in the next few years.

12

* * *

In compliance with art. 95 of Legislative Decree No. 209/2005 and art. 19 of ISVAP Regulation No. 7 of July 13, 2007, the Company has prepared the Consolidated Financial Statements at December 31, 2012 according to the International Accounting Standards introduced by European Union Regulation No. 1606 of July 19, 2002. As required, Reale Mutua has prepared the separate financial statements according to Italian GAAP and the formats required by ISVAP Regulation No. 22 of April 4, 2008.

* * *

Starting from the 2004 tax period, the Company participates, for IRES (Corporate Income Tax), in the national consolidation scheme as consolidating entity. For the 2012 tax period, Reale Mutua transferred a positive taxable income to the consolidation scheme, and did not thus gain any direct benefit from said scheme.

* * *

In financial 2012, as in previous years, no recourse was made to anti-crisis measures. The Company did not take advantage of the option, of an exceptional and transitory nature, permitted by ISVAP Regulation No. 43 of July 12, 2012 (issued in enactment of the provisions of Decree-Law No. 216 of December 29, 2011 converted by Law No. 14 of February 24, 2012), for valuation of debt instruments issued or guaranteed by EU states not intended to be held for the longer term.

13

NON-LIFE INSURANCE OPERATIONS According to data available for the whole of 2012, on the Italian market there was a 2.6% y/y decrease in Non-life business, which accounted for 33.7% of overall premium income (33% in 2011).

In particular, there was a 1.2% reduction in TPL land vehicles and TPL marine, lake and river craft premiums, with a ratio of 49.6% to total Non-life premiums (48.9% in the corresponding period of 2011) and with a ratio of 16.7% to total premium income (16.1% in 2011).

In the other Non-life classes, the highest premium income was posted by: Accident business, with an 8.4% share of the portfolio (same as 2011), Non-motor TPL, with 8.3% (8.1% in 2011), Hulls land vehicles, with 7.5% (8.0% in 2011), Other property damage, with 7.4% (7.3% in 2011), Fire and natural forces, with 6.5% (6.4% in 2011) and Health, with 6.0% (same as 2011).

Agencies with mandate continued to be the main channel for premium income and accounted for 81.3% of total business (81.6% in the corresponding period of 2011), while banks and the post office network continued to represent only 3.2% of all premium income (3.5% in 2011). Other direct sales channels increased, however, to 5.2% (from 4.7% in 2011).

* * *

The Company carried out its business in the aforesaid market context, recording the data indicated in the tables below for each class of business; these are followed by a commentary on the performance of the various sectors and a description of new products launched on the market and the action taken.

Gross premiums written in 2012, with 2011 comparable, are detailed below: (in thousands of euro)

2012 composition 2011 composition change

Accident 88,632 6.37% 91,594 6.68% -3.23%

Health 91,225 6.55% 82,790 6.03% 10.19%

Hulls land vehicles 92,151 6.62% 105,944 7.72% -13.02%

Hulls railway rolling stock 2 0.00% 1 0.00% 100.00%

Hulls aircraft 30 0.00% 226 0.02% -86.73% Hulls marine, river, lake craft 3,045 0.22% 3,563 0.26% -14.54%

Goods Transported 5,353 0.38% 3,827 0.28% 39.87% Fire and other natural forces 155,615 11.18% 142,851 10.41% 8.94%

Other Property Damage 186,634 13.40% 182,719 13.32% 2.14%

TPL land vehicles 535,167 38.43% 534,011 38.92% 0.22%

TPL aviation 69 0.00% 179 0.01% -61.45% TPL marine, river, lake craft 1,331 0.10% 1,344 0.10% -0.97%

Non-motor TPL 183,612 13.19% 171,511 12.50% 7.06%

Credit 1 0.00% 1 0.00% 0.00%

Suretyship 26,618 1.91% 28,793 2.10% -7.55%

Sundry Pecuniary Losses 3,551 0.26% 3,110 0.23% 14.18%

Legal Fees 10,072 0.72% 9,848 0.72% 2.27%

Assistance 9,307 0.67% 9,612 0.70% -3.17%

TOTAL DIRECT BUSINESS 1,392,415 100.00% 1,371,924 100.00% 1.49%

Inward reinsurance 3,235 3,568 -9.33% TOTAL NON-LIFE BUSINESS 1,395,650 1,375,492 1.47%

14

Direct premium income moved up 1.49% in relation to the previous year, as opposed to the trend in the Italian market as a whole, derived from premiums written by well-established and new agencies.

In particular, Goods transported (+ 39.87%), Sundry pecuniary losses (+ 14.18%), Health (+ 10.19%), Fire and natural forces (+ 8.94%), Non-motor TPL (+ 7.06%), Legal fees (+ 2.27%), Other property damage (+ 2.14%) and TPL land vehicles (+ 0.22%) posted positive results.

On the other hand, negative results were posted by Hulls marine, lake, river craft (- 14.54%), Hulls land vehicles (- 13.02%), Suretyship (- 7.55%), Accident (- 3.23%), Assistance (- 3.17%) and TPL marine, lake, river craft (- 0.97%).

Referring to direct business only, the claims experience during the year, in terms of sums paid, number of claims reported and the loss ratio for the year, is illustrated in the table below.

Claims paid (in thousands of euro) Claims reported (number) (*)

Loss ratio 2012 2011 change 2012 2011 change

Accident 56,659 56,301 0.6% 20,565 23,731 -13.3% 53.41%

Health 68,959 63,204 9.1% 331,155 316,169 4.7% 85.16%

Hulls land vehicles 60,304 59,397 1.5% 45,090 45,725 -1.4% 61.56%

Hulls railway rolling stock 0 0 0.0% 0 0 0.0% 0.00%

Hulls aircraft 83 256 -67.6% 5 5 0.0% 1542.80% Hulls marine, river, lake craft 1,982 1,882 5.3% 252 262 -3.8% 73.21%

Goods Transported 1,348 1,439 -6.3% 411 492 -16.5% 69.02%

Fire and other natural forces 122,828 91,239 34.6% 30,922 30,371 1.8% 166.12%

Other Property Damage 129,665 118,936 9.0% 92,414 85,581 8.0% 68.81%

TPL land vehicles 365,138 383,517 -4.8% 77,489 89,079 -13.0% 65.72%

TPL aircraft 74 349 -78.8% 2 6 -66.7% -394.03%

TPL marine, lake, river craft 1,190 1,781 -33.2% 136 131 3.8% 194.86%

Non-motor TPL 137,088 128,008 7.1% 31,011 31,478 -1.5% 71.57%

Credit 85 2,197 -96.1% 0 2 -100.0% -907.13%

Suretyship 14,779 10,955 34.9% 415 522 -20.5% 46.84%

Sundry Pecuniary Losses 825 808 2.1% 828 205 303.9% 23.53%

Legal Fees 2,197 1,529 43.7% 1,936 1,427 35.7% 56.38%

Assistance 4,690 4,121 13.8% 15,000 13,513 11.0% 48.85%

TOTAL 967,894 925,919 4.5% 647,631 638,699 1.40% 78.22% (*) late claims are included

There was a considerable worsening of the loss ratio (78.22% compared with 72.25% in 2011). As mentioned previously, the earthquake that struck the Italian regions of Emilia, Lombardy and Veneto in May had a significant impact on this result, which has been quantified at over 11 percentage points. Net of this event, the loss ratio stood at 66.79%, an improvement of around 5.5 percentage points, mainly reflecting positive performance of the TPL land vehicles business.

The ratio between technical provisions and premiums written moved from 178.38% in 2011 to 186.55% in 2012. This increase was a direct consequence of the earthquake mentioned above. There was an absolute increase in provisions of around € 150,382 thousand.

15

Loss ratio evolution was more favourable than the sector average with a y/y improvement in Suretyship (46.84%, compared with 53.17%), Accident (53.41%, compared with 61.66%) and Legal fees (56.38%, compared with 63.87%); performance above the sector average but with a downswing in relation to the previous year was reported by Pecuniary losses (23.53%, compared with 3.72%), Assistance (48.85% compared with 43.10%), Hulls land vehicles (61.56%, compared with 57.30%), Other property damage (68.81%, compared with 61.83%), Goods transported (69.02%, compared with 8.72%) and Hulls marine, lake, river craft (73.21%, compared with 42.61%).

The loss ratio was below the sector average and worsened with respect to the previous year for Health (85.16%, compared with 82.92%) and Fire and other natural forces (166.12%, compared with 64.01%).

Non-motor TPL business lines reported a downturn, with a loss ratio of 71.57% in relation to 64.89% in the previous year. The ratio between technical provisions and premiums written in this sector in 2012, at 441.70%, was lower than in 2011 (471.68%).

The loss ratio of TPL Land vehicles corresponded to 65.72%, a notable improvement on 2011 (87.27%). Given the substantial stability of average per-claim costs, this important result was mainly forged by a further reduction of more than 10% in the claims rate; the ratio between technical provisions and premiums written stood at 156.21% in 2011, substantially unchanged with respect to 2011 (156.30%).

For the main business lines, claims settlement speed, net of claims without follow-up, was as follows:

CLAIM SETTLEMENT SPEED (*) 2012 2011

current year previous year current year previous year

Accident 46.08% 63.26% 41.30% 63.04%

Health 91.46% 97.61% 90.59% 94.44%

Hulls land vehicles 87.52% 76.43% 87.35% 77.99%

Fire and other natural forces 71.74% 77.22% 73.51% 80.02%

Other Property Damage 76.65% 78.42% 75.63% 84.01%

TPL land vehicles (**) 70.27% 65.27% 68.26% 70.13%

Non-motor TPL 58.07% 36.27% 54.04% 38.66% Other business 75.91% 41.37% 72.06% 39.12% (*) late claims are included in the previous claims (**) claims as CDI agent/CARD manager are included and those as debtor are excluded

In 2012, current year claim settlement speed improved over 2011 for Accident, Health, Other property damage, TPL land vehicles and Non-motor TPL, while it remained practically unchanged for Hulls land vehicles. Settlement speed slowed for Fire and other natural forces.

* * * Provisions for unearned premiums and outstanding claims, before the reinsurers’ share, amounted, respectively, to € 627,539 thousand, with a y/y increase of 0,20%, and € 1,983,242 thousand, with an increase of 8.01%.

* * *

16

The solvency margin, required according to art, 28 section, 2 of ISVAP Regulation No. 19 of March 14, 2008, amounted to € 206,809 thousand in relation to the annual amount of premiums and to € 212,645 thousand in relation to the average cost of claims. The sum of the elements forming shareholders' equity of the Company for Non-life business was equal to € 1,079,926 thousand. Therefore, at December 31, 1212, there was an excess of € 866,293 thousand, compared with € 816,293 thousand in 2011.

The Non-life business therefore reported a solvency ratio of 505.5%.

* * *

The main highlights of Non-Life business are discussed below for each class of business.

Accident

Direct premium income amounted to € 88,632 thousand, with a y/y decrease of 3.23%. This result reflected a decrease in premiums from the “persons” portfolio (- 3.03%), partly due to payment of mutuality benefits in 2012 to “Unica Reale” policyholders, and a reduction in business in the “group” segment (- 3.68%).

The 13.34% reduction in the number of claims reported reflected a reduction in claims in both the “persons” and “group” segments (- 10.85% and – 15.45%, respectively). This contraction was related to the inclusion of deductibles for the entire portfolio.

The loss ratio for the year, which corresponded to 53.41%, was a definite improvement on the previous year (61.66%), reflecting a noteworthy improvement in the technical component of the loss ratio and a positive run-off of reserves for prior year claims.

The technical result, net of reinsurance, closed with a profit of € 12,600 thousand.

Health

There was a substantial increase in direct premium income (+ 10.19%) for a total of € 91.225 thousand. This was spurred by business in the “group” segment (+ 17.76%), reflecting premium increases on polices in the portfolio and underwriting of large new contracts. On the contrary, there was a decrease in premiums in the “persons” sector (- 2.75%), also in this case mainly attributable to the payment of mutuality benefits due to “Unica Reale” policyholders.

The 4.74% y/y increase in the number of claims reported was determined by the portfolio delegated by third parties in the “group” segment and late claims under the agreement with non-financial public bodies included in estimates for the previous year.

The loss ratio worsened, rising from 82.92% in 2011 to 85.16% in 2012, owing to the higher than expected number of late claims. On the other hand, the current loss ratio improved by more than 2 percentage points, moving from 86.56% to 84.03%.

The technical result, net of reinsurance, was a loss of € 8,164 thousand.

Hulls land vehicles

In this business line direct premium income moved down 13.02% to € 92,151 thousand. This was a direct consequence of the continuing crisis in the car industry and the socio-economic climate, which has led to the elimination of all but the absolutely necessary cover; added to this, but for the same reasons, there was a reduction in premiums under agreements in the portfolio.

The loss ratio highlights a positive result, equal to 61.56%, albeit slightly down on 2011 (57.30%).

The technical result, net of reinsurance, closed with a profit of € 16,590 thousand.

17

Goods Transported

Direct premium income, equal to € 5,353 thousand, moved up 39.89% in relation to the previous year.

The loss ratio stood at 69.02%, notably worse than in 2011 (8.72%), which was clearly an extraordinary result.

The technical result, net of reinsurance, was a loss of € 772 thousand.

Fire and Other Natural Forces

Fire and other natural forces business garnered direct business income of € 155,615 thousand, 8.94% up on the previous year.

The loss ratio corresponded to 166.12%, notably worse than the previous year (64.01%). The change was significantly affected by the earthquake mentioned previously; the technical result net of this event was satisfactory.

The technical result, net of reinsurance, was a loss of € 20,219 thousand.

Other Property Damage

Total direct business income amounted to € 186,634 thousand, with a y/y increase of 2.14%. The loss ratio, at 68.81%, was worse than in 2011 (61.38%), mainly owing to negative performance of the Hail component.

The technical result, net of reinsurance, closed with a profit of € 7,057 thousand.

TPL land vehicles

TPL land vehicles business posted total direct business income of € 535,167 thousand with a y/y increase of 0.22%.

This result was mainly forged by:

- price interventions which had repercussions in less profitable areas of the country and risk segments;

- an increase in the average price of premiums in the portfolio, which continues to benefit from price interventions in previous years;

- control over commercial flexibility more commensurate with the premiums member-policyholders expect to be charged;

- a crisis in the car industry, which practically eliminated any opportunity for growth in relation to new risks.

According to management indicators, the frequency of claims continued to fall, by more than one percentage point with respect to the previous year. The current loss ratio corresponded to 69.10%, an improvement on the previous year (78.02%).

The loss ratio corresponded to 65.72%, a significant improvement on 2011 (82.27%), reflecting a particularly positive run-off of reserves for prior year claims.

As regards litigation, at year-end 6,532 lawsuits were pending (12.3% of claims pending), an increase of 3.4% compared with the 5,565 outstanding at year-end 2011 (8.9% of claims pending).

The number of summons received by the Company fell by 9.4%, from 9,504 to 8,606.

The technical result, net of reinsurance, closed with a profit of € 107,286 thousand.

18

Non-motor TPL

In financial 2012, total direct premium income amounted to € 183,612 thousand, with a y/y increase of 7.06%.

The loss ratio for the year, which corresponded to 71.57%, worsened with respect to 2011 (64.89%). This result reflected a reduction in savings on prior year claims, while the current loss ratio improved for the third year running.

The technical result, net of reinsurance, closed with a profit of € 18,021 thousand.

Suretyship

Direct premium income, equal to € 26,618 thousand, reflected a y/y decrease of 7.55%. The change was mainly determined by two factors, both linked to the current economic climate: the constant decrease in business in the construction industry and more rigorous risk selection criteria in view of the serious economic and financial crisis in the construction industry.

There was a y/y increase in the current loss ratio, which moved from 60.20% to 66.55%, also in relation to the situation described above; nonetheless, this should be regarded as a positive result, given the particularly difficult economic scenario and considering the further fall in the number of claims reported.

The loss ratio, at 46.84%, was an improvement on 2011 (53.17%), reflecting the settlement of a number of claims resulting in a surplus on reserves and the definition of a fair number of cases closed “without follow-up”. The reserves still include a number of claims, in relation to the contributions under Law No, 488 on loans to business enterprises, pending a solution to the ongoing dispute between insurance companies and the Authority regarding the correct interpretation of policy conditions.

The technical result, net of reinsurance, closed with a profit of € 765 thousand.

Sundry Pecuniary Losses

This business line, which comprises covers such as damage caused by interruption of business, withdrawal of products and of driving licence, reported total direct business income of € 3,551 thousand, with an increase of 14.19% on 2011.

The loss ratio of 23.53% was extremely positive but not as good as the previous year (3.72%).

The technical result, net of reinsurance, closed with a profit of € 1,811 thousand.

Legal Fees

Direct premium income moved up 2.27% in relation to the previous year, for a total of € 10,072 thousand, mainly attributable to the Non-Motor business (+ 6.45%).

The loss ratio corresponded to 56.38%, an improvement on the previous year (63.87%).

The technical result, net of reinsurance, closed with a profit of € 1,723 thousand.

Assistance

Direct premium income moved down 3.17% to € 9,307 thousand.

The loss ratio (48.85%) worsened in relation to the previous year (43.10%), which benefitted from a special review of prior year claims.

The technical result, net of reinsurance, closed with a profit of € 1,536 thousand.

* * *

19

As regards the study and implementation of new products, despite the difficulties facing the insurance market, the Company continued to pursue a policy of developing products that offer a good quality-to-price ratio, putting members/policyholders first, right from the time of stipulating the contract.

Following on from the previous year (when the catalogue underwent a major overhaul), evolutive maintenance activities resulted in a series of measures implemented throughout 2012 aimed at improving the technical sustainability and competitiveness of the product catalogue in various business areas. The Company thus confirmed its commitment to offering high profile, good quality and fairly priced products.

In February 2012 the new “Protezione Ufficio Reale” offering was marketed. This office insurance product was designed to help agencies tap into opportunities for insurance to cover the risks associated with running a business and the related day-to-day activities.

“Composita Reale”, which was included in the catalogue in May 2012, was conceived as a solution for those risks that, owing to their specific nature, cannot be covered under the standard multi-risk policies currently in the Reale Mutua product catalogue.

In view of positive underwriting performance and good opportunities for growth, the legal fees product range was extended in June 2012 with an offering developed in collaboration with ARAG Assicurazioni. These new policies, which can be issued autonomously by the agencies, are for companies that operate in the fields of production, transformation, marketing or services and self-employed professionals (individuals and partnerships).

The “Casamia” product, specifically dedicated to insurance cover for the home and family, was revised and improved. The new version, which came on stream in October 2012, includes some entirely innovative features. The insurance offering has been expanded and made more modular with new contractual procedures to ensure greater transparency for member-policyholders.

More options were made available for two recently established products, “Professionista Reale” and “Mondo Artigiani”, in the light of rapidly changing legislation and case law, and to meet new market demands.

In the Protection of Persons and Savings category, data and underwriting performance in the Accident sector were analysed in 2012 with a view to developing a new offering which is planned for 2013.

The Company completed the process to computerise two new group dental treatment insurance products that were launched at the end of 2011. It has taken a long time to develop these particularly complex and innovative products which are designed to meet market needs and to address small and medium-sized groups on company/health fund schemes.

Work is now well underway to develop a standard group healthcare expenses reimbursement product. The aim is to integrate the catalogue with an offering for small and medium-sized enterprises. The product is expected to be marketed towards the end of 2013.

In the Motor sector the products in the catalogue were updated in 2012 and some new schemes were developed, as described more fully below.

The “AutoReale Camper” product was revised to meet the requirements of camper van owners, who represent a niche though highly profitable sector, and to bring the basic structure of the product in line with that of other Motor products.

To boost sales of the extremely useful and loyalty-building “Assistenza in viaggio” travel assistance cover, a special offer was launched in April, backed by an information campaign.

In June, concurrently with the entry into effect of the new minimum ceilings introduced by law for Motor TPL insurance, action was taken to ensure that all policies in the current portfolio and new products meet at least the minimum requirements in accordance with the law.

20

* * *

With regard to fraud prevention activities, the Company estimates that the cost of claims for 2012 was reduced by around € 6.7 million as a result of systematic monitoring and suppression. This estimation was conducted considering the savings achieved by the Company’s Anti-Fraud and Special Investigations departments which, although addressing issues in which all adjusters are involved, are specifically concerned with fraud prevention. Savings were calculated on the basis of the cost of claims paid net of all integrations at ultimate cost and gross of legal defence costs.

21

LIFE INSURANCE OPERATIONS

According to data available for the whole of 2012, there was a 5.6% downswing in Life business on the Italian market compared with the corresponding period of 2011. This sector accounted for 66.3% of the total portfolio (67.0% in the corresponding period of 2011).

In particular, class I (Insurance on the duration of human life) decreased by 9.7%, class III (Insurance with benefits linked directly to the value of UCITS or of internal funds or to indexes or other benchmarks) increased by 10.5% and class V (Operations of capital redemption) decreased by 10.1%. These classes accounted, respectively, for 73.3%, 19.8% and 4.1% of total Life premiums (76.6%, 16.9% and 4.2% respectively in the same period of 2011).

Class VI premiums (Pension funds), which accounted for 2.7% of total premiums in the sector (2.0% in 2011), increased by 22.7%.

The bank and post office network distribution channel garnered some 48.6% of premium income (54.8% in 2011), confirming its dominant role in Life business, albeit to a lesser extent than in the previous year. This was followed by financial promoters, with a 23.3% share (18.3% in 2011) and agencies with mandate with a share of 16.3% (about 16.4% in 2011).

* * *

The Company carried out its business in the aforesaid market context, recording the data indicated in the tables below for each class of business; a commentary on the performance of the various sectors and a description of new products launched on the market is provided.

2012 gross premium income, with 2011 comparables, is shown below:

(in thousands of euro)

2012 composition 2011 composition change

I - Insurance on the duration of human life 395,336 73.90% 365,055 73.52% 8.29%

III - Insurance linked to investment funds 38,227 7.15% 40,766 8.21% -6.23%

IV - Health insurance 13 0.00% 13 0.00% 0.00%

V - Operations of capital redemption 77,394 14.47% 70,953 14.29% 9.08% VI - Operations relating to administration of pension funds 23,971 4.48% 19,723 3.97% 21.54%

TOTAL DIRECT BUSINESS 534,941 100.00% 496,510 100.00% 7.74%

Inward reinsurance 489 621 -21.26%

TOTAL LIFE BUSINESS 535,430 497,131 7.70%

Gross premiums written in direct business amounted to € 534,941 thousand, 7.7% more than in 2011, against a 5.6% contraction on the market, as mentioned previously.

At sales channel level there was a 7.1% rise in premium income through the “contracted” channel (conventional agencies mandated by the Company), which accounted for 81.1% of total premium income. The share of premium income by “subsidiary agencies” (agencies managed directly by the Company) rose by 40.6% compared with the previous year. It should, however, be noted that premium income in 2011 was affected by a reduction through this channel which, in 2012 benefitted from a significant placement of new products dedicated to the “private” segment (high-quality customised services).

There was a 17.0% downswing in premium income through the “special” sales channel, mainly due to the decrease in premium income relating to a major co-insurance contract.

22

Trends in premiums for 2012 for each class are provided below.

Class I (Insurance on the duration of human life) increased by 8.3%. Total premiums amounted to € 395,336, mainly due to the sale of new single-premium products such as “Reale Extra Serie Opportunità”, “Opportunità Reale”, “Vantaggio Reale” and “Opportunità Reale Fondo Speciale” and premiums on products already in the catalogue, such as “Crescita Reale” and “Riserva Reale.

Class III (Insurance linked to investment funds) generated total premiums of € 38,227 thousand, a downswing of 6.2%.

Class V (operations of capital redemption) reported an increase of 9.1%, mainly attributable to new contracts dedicated to the “private” segment. Total premiums amounted to € 77,394 thousand.

Class VI (Insurance linked to the administration of pension funds) posted an upswing of 21.5%, also as a consequence of the acquisition and merger by incorporation of the Previsara Open Pension Fund, of Sara Vita S.p.A., into the Teseo Open Pension Fund of Reale Mutua. The total premiums of this class amounted to € 23,971 thousand.

* * *

The breakdown of sums paid in 2012, referring to direct business only, is as follows:

Total sums paid decreased by 37.1% compared with the previous year.

The noteworthy reduction was mainly due to the payment of a capital redemption contract with a leading Italian bank coming to maturity for € 349,100 thousand. Net of this item, total sums paid in 2012 increased by 12%. The latter change was due to the increase in surrenders (+ 23%) and amounts due (+ 5%), offset by the decrease in claim settlement costs (- 22%, also following exit of a major one-year group insurance policy covering the risk of death).

The change in sums to be paid was positive for € 16,528 thousand, compared with € 359,389 thousand in 2011, due, as mentioned above, to the payment of the capital redemption contract at the beginning of January 2011.

At the end of 2012 sums to be paid amounted to € 50,005 thousand, up 49% on the previous year, mainly due to capital reaching maturity at the end of the year under class I contracts.

* * *

(in thousands of euro)

2012 2011 change

Claims 18,723 23,989 -21.95%

Principle and annuities matured 205,050 545,237 -62.39%

Surrenders 274,648 223,974 22.62%

Claim settlement costs 1,324 1,058 25.14%

TOTAL SUMS PAID 499,745 794,258 -37.08%

Change in the provisions for claims to be paid 16,528 -359,389 -104.60%

TOTAL CHARGES FOR CLAIMS 516,273 434,869 18.72%

of which:

I - Insurance on the duration of human life 331,862 280,010 18.52%

III - Insurance linked to investment funds 116,770 72,286 61.54%

IV - Health insurance - - -

V - Operations of capital redemption 62,747 78,766 -20.34% VI - Operations relating to administration of pension funds 4,894 3,807 28.55%

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Technical provisions, before the reinsurers’ share, amounted to € 3,252,367 thousand with a y/y decrease of € 172.114 thousand, equal to 5.59% in relation to the previous year. At December 31, 2012, technical provisions relating to separate management funds amounted to € 2,291,437 thousand.

* * *

The solvency margin, calculated according to the criteria established by art, 28 section 1 of ISVAP Regulation No, 19 of March 14, 2008, was equal to € 123,178 thousand, against which the Company has shareholders’ equity for the Life section of € 475,817 thousand, with a surplus of € 352,639 thousand, in relation to € 259,458 thousand in 2011.

The Life business therefore reported a solvency ratio of 386.3%.

* * *

The annual returns on Segregated Accounts, audited by the Reconta Ernst & Young S.p.A. independent auditors, were as follows:

- for the “Reale” fund, 6.62%; (*)

- for the “Reale Uno” fund, 4.04%; (*)

- for the “Previ Reale” fund, 4.27%;(*)

- for the “Previ Due Reale” fund, 4.39%; (*)

- for the “Gesti Reale” fund, 3.93%; (*)

- for the “Valuta Reale Estera” fund in US dollars, 2.86%; (*)

- for the “Valuta Reale Estera” fund in Swiss francs, 2.09%; (*)

- for the “Valuta Reale Estera” fund in euro (previously in German marks), 3.02%; (*)

- for the “Valuta Reale” fund, 5.04%; (**)

- for the “Capital Reale” fund, 3.64%; (**)

- for the “Speciale” fund, 4.44%; (**)

- for the “Previdenza Reale” fund, 4.51%, (**)

(*) annual certification fund, annual rate of return November 2011 – October 2012

(**) monthly certification fund, annual rate of return January 2012 - December 2012

* * *

Member-policyholders insured with policies revalued according to in the “Reale Uno” and “Speciale” separate management accounts received mutuality benefits consisting in an increase in the amount payable at the due dates in 2012, equal to 0.30% and 0.11%, respectively, of the capital insured.

* * *

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As mentioned previously, as of January 1, 2012, the Previsara Open Pension Fund of Sara Vita S.p.A. was incorporated into the Teseo Open Pension Fund of Reale Mutua.

The transaction, undertaken in line with the recommendations issued by COVIP (the Italian pension funds regulator) aimed at improving the efficiency of open supplementary pension funds, also in the interests of those using such funds, will broaden the customer base and increase the assets managed by the Teseo Fund. The positions of Previsara fund members have been incorporated into Teseo, a much bigger fund in terms of assets and members, with greater diversification of investment options and more efficient cost structure.

* * *

As regards research and the development of new products, in the Life business Reale Mutua also pursued its policy of issuing new products that offer a good quality-to-price ratio, putting member-policyholders first, right from the time of stipulating the contract.

The following new products were developed and launched in 2012.

“Vantaggio Reale”, a single-premium with-profits whole life insurance product with benefits guaranteed directly by Reale Mutua and returns linked to the “Reale Uno” fund. All or part of the revalued capital can be redeemed at any time from just three months after the starting date. It was launched on January 12, 2012 with the aim of acquiring new business and capital from contracts reaching maturity.

The “Opportunità Reale Fondo Speciale” product, sold from January 23 to February 23, 2012, is a mixed single-premium investment solution that can be subscribed for between 10 and 25 years. As well as repayment of the initial capital, this product also guarantees a minimum annual yield of 1%. Product performance is linked to the “Speciale” fund; total or partial redemption of the capital is possible after the first year. From the beginning of the sixth year no redemption fee is due. A recurrent-premium version of the policy was also sold from February 1 to March 1, 2012, and had the characteristics of the single-premium product described above. “Reale TCM Colletti Bianchi” is a term life insurance policy for administrative workers (also known as white-collar workers); it completes the offering in the “Group” category. The product was launched on January 23 and is available in two versions: one covers the risk of death only, the other also covers the risk of total, permanent disability.

“Reale Extra Serie Opportunità” is a mixed single-premium with-profits insurance product, that can be subscribed for a variable period. Yield is linked to performance of the “Reale” fund, which gives one of the highest yields on the market. The product is also available in a version that yields an annual coupon by way of advance payment of the revaluation. This product was sold between March 26 and April 27, 2012. “Mio Profilo Reale” is a unit-linked product that combines the features of the existing “Profilo Reale” with those of the two recently-established investment funds, “Reale Linea Controllata” and “Reale Linea Mercato Globale”. Investors/policyholders may customise the portfolio, choosing to pay premiums on one or both lines, depending on their willingness to take risks and earning prospects. Duration varies between 10 and 40 years and the product provides cover in the event of death of the insured during the term of the contract. Redemption is possible one year from the starting date and no redemption fee is charged from the eleventh year. The product was sold from April 16, 2012.

25

“RisparMio Reale Serie Opportunità” is an extremely flexible mixed single recurrent-premium with-profits investment solution. Duration varies from 10 to 15 years and the product rewards the loyalty of member-policyholders. At the end of the fifth year there is a loyalty bonus for policyholders who have paid all the amounts due according to the payment schedule. The product was sold between June 18, 2012 and December 31, 2012 and performance is linked to the “Valuta Reale” fund.

“Valore Vita Reale Decrescente” is a product for insurance cover linked to mortgages and loans that has been revised to meet the minimum requirements of ISVAP Regulation No. 40/2012. It has been available since July 23, 2012. It is a decreasing capital term life insurance policy with constant annual premium and a duration of between 2 and 30 years. In the event of death of the insured during the term of the contract, Reale Mutua will pay the beneficiaries named by the contracting party an insured capital in line with the outstanding amount of the mortgage or loan.

Furthermore, to permit reinvestment of index-linked policies reaching maturity at the end of 2012, the “Opportunità Reale” and “Vantaggio Reale 2012” products were reproposed and sold from November 2, 2012 until December 31, 2012.

The features of the “Vantaggio Reale” product are outlined above. “Opportunità Reale” is a single-premium investment solution with a duration of between 5 and 25 years. As well as repayment of the initial capital, “Opportunità Reale” also guarantees a minimum annual yield to maturity of 1% in the event of death or redemption. Performance is pegged to the “Valuta Reale fund; total or partial redemption of the capital is possible after the first year. From the beginning of the fifth year no redemption fee is due.

The “term life” tariffs were revised in December 2012 to meet the requirements of Directive 2004/113/EC (also known as the Gender directive).

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REINSURANCE

Outward reinsurance

Pursuant to ISVAP Circular No. 574/D of December 23, 2005 regarding outward reinsurance, the Company has drawn up the plan of reinsurance cessions for financial 2012; this document, approved by the Board of Directors at the meeting of February 23, 2012, sets forth the main characteristics of each reinsurance cover in accordance with the related guidelines resolved by the Board.

It should be noted that:

- at the Board Meeting of February 23, 2012, some changes were made to the Group outline resolution on outward reinsurance with regard to increases in net retention in respect of Technological risks for Reale Mutua and Italiana Assicurazioni;

- at the Board Meeting of June 21, 2012 further changes were made to the Group outline resolution on outward reinsurance, increasing net retention in respect of Fire, Other Property Damage, Pecuniary Losses and Technological Risks for Reale Mutua.

In 2012, the reinsurance structure of the Non-life business envisaged proportional forms of coverage for most business ceded. Non-proportional forms of coverage are applied for risks retained by the Company in Fire and Technological risks (including the risks of natural disasters), Theft, Suretyship, Transport, Hulls land vehicles and Hail business. Accident, TPL land vehicles, Health (for reimbursement of expenses policies with unlimited maximum rates), Non-motor TPL, and Aviation (Accidents and Hulls aircraft TPL) business is protected exclusively with non-proportional covers.

Life business reinsurance consists of proportional treaties for single risks, for group policies, for “Company and directors and executives” “Employees” and “Groups” conventions and for Accident complementary guarantees. The Life business retained portfolio is protected by excess of loss catastrophic claims coverage.

The Company’s main reinsurers, according to premiums ceded, are set forth in the table below, also indicating their rating, as assigned by leading rating agencies.

Reinsurer Rating (at 31.12.2012)

MÜNCHENER RÜCK AA- (Standard & Poor's)

SWISS RE AA- (Standard & Poor's)

SCOR A+ (Standard & Poor's)

MAPFRE A (AM Best) ARAG ASSICURAZIONI NR

HANNOVER RE AA- (Standard & Poor's)

In 2012, reinsurance ceded generated revenues of € 123,002 thousand for Reale Mutua, derived from a profit of € 122,613 thousand in the Non-life business, mainly due to recoveries on claims in connection with the earthquake last spring, and € 389 thousand in the Life business.

27

Inward reinsurance

Inward reinsurance of Reale Mutua consisted in the discretionary acceptance of ad hoc risks, participation in various schemes of the Italiana Assicurazioni subsidiary (proportional treaties covering art exhibitions and collections, technological risks, transport and accidents relating to the production of an agency specialised in such sectors) and in market pools.

As regards inward reinsurance, risks retained generated a profit of € 84 thousand for Non-life business and of € 20 thousand for Life business.

28

FOREIGN OPERATIONS

In 2012, premium income from activities carried out abroad in a regime of freedom of service amounted to € 1,312 thousand, in relation to € 1,144 thousand in the previous year, increasing by 14.7%. LITIGATION

In addition to Motor TPL litigation, already mentioned elsewhere in this Report, litigation is in course with former employees of the Company and a number of former agents. Provisions for risks and charges, which amounted to around € 4,650 thousand at December 31, 2012, are sufficient to cover the charges deriving from lawsuits in course.

Following assessments relating to tax periods 2003, 2004, 2005, 2006 and 2007, the Company is involved in tax disputes referring to VAT on coinsurance assignments and on some intra-group operations, and to IRES (Corporate Income Tax) and IRAP (Regional Tax on Production Activities). The latter mainly relate to provisions for outstanding claims from which appropriations to the reserve for claims settled or classified as “without follow-up” between January 1 of the year after that of the accounts and the date of the Board Meeting at which said accounts were approved were not deducted.

In particular, the Tax Authority completed the assessment concerning IRES, IRAP and VAT for 2006, as a result of which, on July 10, 2012 the Company received notices of payment in the region of € 76,000 thousand for taxes, sanctions and interest.

In that respect, many of the objections raised by the Tax Authority concern the correct recognition of expense and revenue items in the provision for outstanding claims. Said objections refer, in particular, to the fact that certain revenue items that were not included to calculate the taxable base for the purposes of IRES and IRAP relating to the tax period 2006 should have been included, according to the Tax Authority, but were recognised by the Company as forming the taxable base for the following year (2007).

The Company is convinced that it operated correctly and in accordance with the law, namely with the applicable tax regulations and with normal accounting practice. The correctness of the Company’s actions was also confirmed by a recent sentence of the Italian Court of Cassation (cf. Court of Cassation, Tax Law Chamber, sentence No. 16332 of September 26, 2012) which, with reference to a set of circumstances identical to those at issue, ruled the opinion of the Tax Authority to be illegitimate.

Other minor cases against the Company regard the interpretation of some particularly complex tax regulations governing the application of VAT to coinsurance assignments, on which there is ample case law supporting the approach applied by insurance companies, auxiliary intra-group transactions and the reporting of tax losses within the scope of the national consolidation scheme.

The Company has filed an appeal with the Provincial Tax Court in Turin against the notices of payment issued by the Tax Authority.

In subsequent developments, as described in detail in the section entitled Main Events in 2013, the initial outcome of the case was unfavourable towards the Company owing to procedural issues.

Therefore, in April 2013 the Company plans to file a claim for repayment of the tax paid for 2007 in order to avoid the imposition of double taxation as a consequence of the assessment by the Tax Authority. By virtue of this decision, the Company has recorded an amount of around € 21,000 thousand under Receivables from tax authorities. The overall charge in the financial statements for 2012 thus amounts to some € 55,000 thousand (€ 76,000 thousand relating to the notices of payment net of the requested refund).

29

As regards the assessments concerning 2003, 2004, 2005 and 2007, in view of the favourable rulings issued by the Court of First Instance, the Company is convinced that it has operated correctly. It has therefore not allocated any provisions to reserves and has recorded the amounts paid, equal to € 2,415 thousand, under Receivables from Tax Authorities.

30

INVESTMENT MANAGEMENT

In 2012 the financial markets were affected by the economic climate referred to in the introduction, characterised by recession in Europe, a slowdown in the US economy and in the main Asian markets, especially China.

In the US, the Federal Reserve maintained an accommodating monetary policy. It announced its third plan to purchase securities and its intention to keep interest rates low, at least until the middle of 2015. Towards the end of the year, President Obama was re-elected for a second term in office and the Republican and Democrat parties reached an agreement to avoid the so-called fiscal cliff.

In Europe, the European Central Bank introduced a series of extraordinary measures in 2013 to fill the acute refinancing gaps of banks, stabilise the debt markets of peripheral countries and guarantee the survival of the single currency. National governments were called upon to adopt austerity measures, which have further weakened an already anaemic economy.

The European Central Bank (ECB) adopted an expansionary stance, aimed at sustaining an ailing economy, and its key interest rate, which was 1% at the beginning of the year, was cut to 0.75% on July 11, 2012.

The ECB also implemented a series of unconventional monetary measures directed at sustaining the financial system. In June it laid the foundations for a longer-term solution to the crisis and for the creation of the ESM (European Stability Mechanism), a strategy designed to safeguard financial stability by promoting monetary aid to euro area countries. In September, the ECB launched its Outright Monetary Transactions scheme, under which it will transact in secondary markets for sovereign bonds, with no limitations on the size or timing of the transactions, but subject to compliance with strict country-specific conditions. Negotiations also continued to enable the practical implementation of the decisions of the European Council at the end of June, to create a single European supervisory mechanism, for which the ECB would be responsible, and the so-called European Banking Union.

European government bond yield spreads narrowed across the board: this phenomenon was definitely more marked in peripheral countries where differences in yields compared with bonds issued by countries regarded as more secure dropped in response to news of the measures taken to save countries in difficulty.

Bond market performance can be broken down into three main phases.

The first three months of the year were characterised by renewed optimism, following the ECB’s two bank refinancing auctions and the extraordinary package of fiscal austerity measures implemented by the Italian Government led by Mario Monti.

In March the restructuring of the Greek debt, a worsening of the macroeconomic picture, the downgrading of Spain’s debt and the lack of common policy at European level sent yields on government bonds of peripheral countries spiralling.

Since July the measures announced by the governor of the ECB, the opening up of the road towards monetisation of debt, which would allow Spain and Italy to refinance their debts, and the ECB’s announcement of a new scheme to purchase bonds in secondary markets led to an upswing in bond prices.

Italian government bonds also benefitted significantly from this renewed confidence, with yields and spreads between Italian bonds and German bunds falling from the beginning of the year, in spite of the fact that on July 13, 2012, Moody’s downgraded Italy’s government bond rating from A3 to Baa2.

In 2012 yields on ten-year Italian government bonds fell from 6.91% in January to 4.50% in December. The spread compared with ten-year German bunds fell from 500 basis points at the beginning of the year to 318 basis points at the end of December. In the same period, yields on ten-year German bunds moved from 1.91% to 1.31%.

31

Yields on corporate investment grade bonds fell, in a market characterised by an overall improvement in investor confidence.

Short-term rates moved down as a consequence of expansionary monetary policies and uncertainty surrounding the global macroeconomic outlook. Euribor 6 months moved from 1.61% at the start of the year to 0.32% at the end of December.

The ECB’s policies to rescue European banks also had repercussions on the equity markets.

The upward trend seen towards the end of 2011 continued into the beginning of 2012, with European share indexes being driven by the financial sector, which benefitted the most from the positive impact of the reduction in sovereign risk.

However, this initial recovery was soon followed by a wave of sales as the recession bit deeper and peripheral countries faced a worsening sovereign debt crisis. Stock market indexes entered negative territory with significant differences emerging once again within Europe. While Germany was able to limit its losses, Italian stock market indexes plummeted.

At the beginning of summer, the agreement on a debt stabilisation framework, measures to safeguard the single currency and statements by the ECB’s President Mario Draghi led to a period of rapid recovery, with the main indexes returning to positive ground, stabilising at previous levels and then even peaking.

European share indexes closed the year in positive territory; the Euro Stoxx index moved up 13.79%, the Italian Footsie Mib index by 7.84% and the German Stock Exchange by 29.06%.

The Dow Jones closed the year up 7.26%.

* * *

To gear to this trend, your Company managed their investment activities according to their usual criteria of prudence, adopting an approach that succeeded in achieving gains while limiting financial risks and bearing up to the volatility of the markets.

In the bonds compartment, Reale Mutua pursued a strategy aimed at achieving a balance between the soundness of investments and portfolio profitability, by ensuring adequate diversification of issuers, in a context characterised by high level volatility of yield differentials between the various European countries. Overall portfolio risk remained consistent with the Company’s overall risk profile.

The percentage of Italian bonds in the portfolio was maintained at around 55%.

Exposure in corporate bonds remained practically unchanged (at around 17%).

The quota of foreign currency investments represented approximately 2% of the securities portfolio.

The transactions entered into generated an increase, over the year, in the duration of the bond portfolio from 2.5 to 3.2. In the Non-life section, duration moved from 1.1 to 1.7, while in the Life segment, in which financial duration is determined also according to asset liability management techniques in order to match assets with commitments towards subscribers, it moved from 3 to 3.8.

The credit rating of debt security investments was maintained at investment grade. Around 35% of the bonds portfolio consists of upper investment grade securities (Aaa to A3 according to Moody’s), lower investment grade securities (Baa1 to Baa3) account for about 64%. Non-investment grade securities account for around 1% of the bonds portfolio.

Value re-adjustments on securities, for € 154,791 thousand, were due to fluctuations in prices and, above all, narrowing of the yield differential between Italian government securities and those of issuers deemed safer by the market. Gains on trading amounted to € 24,232 thousand.

32

Overall, in 2012, the bonds portfolio, excluding securities tied to index-linked or unit-linked policies, generated average returns, in terms of flows of ordinary income, of 3.86% compared with 3.59% in 2011. This average return, also taking into account the contribution of profits and losses on trading and revaluations, moved up to 8.54% (- 0.04% in 2011). The increase was mainly driven by appreciation of the values of the securities portfolio, recorded at year end.

As far as equities are concerned, in view of persistent market volatility, the portfolio size continued to be limited to around 3% of the total securities investment portfolio.

The Company operates mainly on European markets, selecting securities with favourable earnings prospects and reduced volatility. Gains on trading amounted to € 8,917 thousand, while value re-adjustments amounted to € 3,502 thousand

Shares in common investment funds generated positive trading results for € 1,186 thousand, while value re-adjustments amounted to € 55 thousand.

* * *

In carrying out its business, the Company adopts operations on derivative and structured financial instruments for ordinary investments and to hedge services furnished to insurers on contracts pegged to market parameters.

The notional value of derivative instruments amounted to € 122,381 thousand and structured financial instruments had a carrying value of € 342,865 thousand.

Use of such financial instruments is restricted to the above-mentioned hedges and to applications where these instruments permit more effective, targeted achievement of investment objectives compared with ordinary securities.

All investment activities, also with regard to structured securities and derivatives, are regulated by specific resolutions of the Boards of Directors in accordance with the strategic guidelines and the financial situation of the Company. The competent bodies verify these activities at regular intervals, on the basis of financial risk measurement parameters, and submit periodical reports on their findings to the Board of Directors.

Use of derivative and structured instruments did not generate any significant losses or potential risks in 2012.

* * *

As in the past, real property transactions were mainly directed towards management of Company-owned real property assets consisting of instrumental buildings used as offices and to house accessory parts of the corporate structure, and of buildings in Paris rented to third parties.

Maintenance was carried out during the year both to guarantee routine upkeep of the buildings and also to maintain suitable quality levels of the assets. Major work continued to be carried out on the building that houses company HQ; the work, undertaken in compliance with the most up-to-date safety criteria, generated a significant increase in the market value of the assets concerned.

* * *

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At the end of 2012, Class C investments on the Balance Sheet amounted to € 5,979,131 thousand of which € 5,939,614 thousand of equities and € 39,517 thousand of real property with a y/y increase of 7.03%. The overall situation of these investments, with 2011 comparables, is detailed below.

(in thousands of euro)

31.12.2012 composition 31.12.2011 composition change

Real property 39,517 0.66% 37,995 0.68% 4.01% Bonds and other fixed-income securities 4,024,397 67.31% 3,625,323 64.90% 11.01% Equity investments 1,583,539 26.48% 1,581,034 28.30% 0.16% Shares and interests 113,472 1.90% 144,315 2.58% -21.37% Other financial investments 173,135 2.90% 153,843 2.75% 12.54% Loans and mortgages 38,151 0.64% 36,409 0.65% 4.78% Deposits with credit institutions 1,180 0.02% 606 0.01% 94.72% Active reinsurance deposits 5,740 0.10% 6,820 0.12% -15.84%

TOTAL CLASS C INVESTMENTS 5,979,131 100.00% 5,586,345 100.00% 7.03%

Between 2011 and 2012, investments in securities moved from € 5,548,350 thousand to € 5,939,614 thousand.

Real property investments increased compared to 2011, in relation to upkeep expenses on the HQ building, and amounted to € 39,517 thousand at December 31, 2012 against a market value of around € 85,076 thousand. The market value is the value of the appraisal performed by independent experts on December 31, 2010, in accordance with ISVAP Regulation No. 22/2008.

At the end of 2012, Company real property comprised around 23,000 m² of leased premises, unchanged in relation to 2011.

Class D investments on the Balance Sheet (investments for the benefit of Life policyholders who bear the risk and those deriving from the administration of pension funds) amounted to € 548,817 thousand, compared with € 551,028 thousand in 2011.

In financial 2012 Class D investments generated a positive balance of € 55,370 thousand compared with a negative balance of € 23,907 thousand in 2011.

* * *

As regards strategic investments, the main transactions undertaken in 2012, as reported below, were directed towards strengthening and expanding the Reale Mutua Group on both the Italian and Spanish insurance markets.

On January 23, the contribution of a commercial and residential real estate complex in Bolzano to the “Speculative closed property mutual investment fund” called Mire 2, managed by Mittel S.G.R. S.p.A., was finalised. The purpose of the operation is to promote the redevelopment of real estate in the province of Bolzano, using construction methods to create habitable, environmentally-friendly spaces with a view to obtaining “ClimateHouse” certification. Reale Immobili owns 90.48% of the fund.

In February 2012, following talks with its partner Credito Emiliano, Reale Mutua and Credito Emiliano waived their respective call and put options with respect to the stake of Reale Mutua in Credemassicurazioni S.p.A., equal to 50% of the share capital of the Emilia-based insurance company, exercisable between July 2011 and July 2013.

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In view of the strategic importance of the project concerning the relocation of the Reale Mutua Group’s Data Centre to Cedacri S.p.A., and in order to guarantee the security of the assets being transferred, Reale Mutua acquired a 2% interest in Cedacri S.p.A., for the equivalent of 253 shares. The transaction involved the purchase of own shares held by Cedacri, against payment of € 2,000 thousand. Reale Mutua will thus be entitled to appoint a member of that company’s Board of Directors and be in a position to monitor its activities and keep an eye on the performance and growth of its subsidiary.

In 2010, Reale Mutua, with a 5% stake in the share capital, and the Reale Seguros Generales subsidiary with the remaining 95% stake, set up the Spanish Life company Reale Vida y Pensiones S.A., with the minimum level of equity. This operation is part of the project to achieve strategic growth on the Spanish market, which also included recent acquisitions of major shares in local companies and will foster development in the Life business, a very interesting market sector with good prospects in which the Reale Group was not previously present. Reale Mutua paid Reale Vida € 110 thousand, to make up losses, and € 48 thousand, by way of capital increase, with value date May 23, 2012. The purpose of such payments was to cover the losses accumulated by the subsidiary during this start-up phase, and to strengthen its equity structure in view of positive growth in business.

Synkronos Italia S.r.l. completed its first three years of business. This underwriting agency was set up to expand the partnership between Reale Mutua, which owns a 19.9% stake, Munich Re, with a 60.1% controlling interest, and Synkronos Holding, established by the managers of the portfolio of Synkronos Italia S.r.l., with a 20% share. The partnership was launched in 2008 to create a niche insurance business in the “Engineering”, “Fine Art” and “Marine” sectors. As agreed upon by the shareholders, the end of the three-year period is the first period of reference for an assessment of whether the partnership should continue and the implementation of any contractual provisions in connection with the achievement or otherwise of fixed objectives. In particular, the agreement envisages the possibility for the shareholders to request the winding-up of the company in the event of failure to attain certain minimum objectives in terms of turnover and profitability. Despite the serious economic and financial crisis, the outlook for the future and the analysis of future trends and taking into consideration the results of the subsidiary, at the meeting of July 12, 2012, the Board of Directors of Reale Mutua, in accord with the majority shareholder, resolved not to request the winding-up of Synkronos Italia and to discuss with the other shareholders the terms and conditions under which to pursue the partnership.

On November 29, 2012 Reale Seguros Generales and the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) signed a contract for the conveyance of the former’s controlling interest in Unnim Protecciò S,A., equal to 50% of the share capital. The purchase price was fixed at € 67,900 thousand, against a carrying value of € 57,000 thousand, thus generating gains of € 10,900 thousand for Reale Seguros Generales. Completion of the sale is subject to approval by the Spanish Supervisory Authority (DGSFP). On the same date, Reale Seguros Generales also entered into an open-ended agreement with BBVA for the exclusive distribution of Business multi-risk and Global buildings insurance products marketed by Reale Seguros Generales, through the bank’s distribution network which comprises 3,265 branches throughout Spain. The agreement is based on a ten-year premium growth plan (2013–2022) which sets a target of premiums for € 33,800 thousand by 2022. The plan has been valued at € 20,000 thousand. Commissions and the terms and conditions for terminating the agreement are linked to the level of attainment of the relative targets.

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In November Reale Mutua acquired a 2.20% stake in the share capital of the family welfare company Welfare Italia Servizi S.r.l. The company’s principles are founded on social solidarity, as set forth in an industrial plan which envisages the opening of 100 healthcare facilities (specialist outpatients clinics and dental care centres) by 2015, run on the basis of franchise agreements. The investment is an opportunity for the Reale Mutua Group to expand its business in the area of family welfare, which offers good potential for growth in Italy in view of the poor shape of the state welfare system, and where there is a demand for “integrated” forms of protection to meet the needs of families (healthcare, pensions, guaranteed savings). The share structure of Welfare Italia Servizi S.r.l. comprises a founding member (CGM - Co-operative Group of the Gino Mattarelli National Consortium of Italian Social Co-operatives), investor members (Intesa Sanpaolo, Banco Popolare di Verona and Credito Bergamasco) and supporting members (Confartigianato, CISL Lombardia, ACLI). The acquisition by Reale Mutua took the form of a contribution to an increase in the share capital resolved upon by the Meeting of Welfare Italia Servizi S.r.l., with a share premium for the Company amounting to a total investment of € 400 thousand.

On December 19, 2012, the Ordinary Meeting of Sara Assicurazioni S.p.A., a company in which Reale Mutua owns a 31.43% stake of the share capital, at the request of ACI (the majority shareholder), resolved to distribute a total amount of € 20,000 thousand to shareholders in the form of dividends, adding two percentage points to dividends on preference shares compared with ordinary shares in relation to the relative nominal value. The amount due to Reale Mutua was equal to € 6,286 thousand.

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OTHER INFORMATION

As regards regulatory aspects, in 2012 ISVAP issued five Regulations, also in enforcement of the provisions of the Private Insurance Code.

Regulation No. 40 of May 3, 2012 defines the minimum requirements for life insurance contracts linked to a mortgage or consumer credit contract. Before issuing any mortgage or consumer credit contract which requires the customer to take out a life insurance policy, banks and other financial intermediaries must provide the consumer with at least two quotations from two different insurance providers. These insurance providers must not be linked to the bank or financial intermediary providing the mortgage or consumer credit.

The Company has formulated specific indications regarding compliance with this Regulation by its distribution network.

Regulation No. 41 of May 15, 2012 implements article 7, section 2 of Legislative Decree No. 231 of November 21, 2007 containing provisions on the organisation, structure, procedures and internal controls aimed at preventing the use of insurance companies and insurance brokers for money laundering or terrorism funding activities. It concerns changes to the organisational models, procedures, skills and separation of tasks of internal control functions given the specific aspects of anti-money laundering and counter-terrorist financing. In particular, it requires companies to set up a specific anti-money laundering function as part of their system of internal controls. The Board of Directors must define its organisational structure and the Board of Statutory Auditors must regularly ascertain compliance with anti-money laundering legislation. The Board of Directors must also appoint a person responsible for the anti-money laundering procedures. The appointed person must meet specific criteria in terms of independence, reliability and professional integrity and cannot be in charge of any operational activities or subject to operational departments. Suspicious transactions reported by employees, co-workers, intermediaries of the insurer’s “direct sales network” (agents, banks, stock brokers, post-offices and producers) and brokers must be assessed by the legal representative or a person appointed thereby. Companies must also take all the necessary steps to ensure compliance with anti-money laundering and counter-terrorist financing legislation by the entire sales network and all agreements with their intermediaries must contain reference to the rules of conduct with which they are required to comply.

In accordance with the aforesaid Regulation, at the meeting of July 12, 2102 the Board of Directors resolved to set up a specific Group anti-money laundering function, managed centrally by the Parent company, and appointed the person responsible for anti-money laundering procedures.

On September 27, 2012, the Board defined the strategic tasks and corporate policies aimed at managing the risk of money laundering and terrorism funding activities. It also approved the “Document of responsibilities, tasks and operational procedures for managing the risk of money laundering and terrorism funding activities” drawn up by the competent function.

Regulation No. 42 of June 18, 2012 introduced new provisions regarding dismissal from offices which are incompatible, pursuant to article 36 of Decree-Law No. 201 of December 6, 2011 (known as the “Save Italy” decree). Under the new rules, any persons who are members of supervisory, management and controlling bodies or top managers of a company or group operating in the insurance, investment or credit sectors, are not allowed to take on similar roles in competing companies or groups carrying out the same business. According to art. 36 of the “Save Italy” decree, a person holding incompatible positions must opt for one of them within a period of 90 days from the date on which such positions became incompatible (120 days during the initial period of application). Failure to comply with this requirement will cause the person concerned to be dismissed from the offices which are incompatible. Termination of the office must be declared by the competent bodies of the organisations concerned within 30 days after the expiry of the 90-day term. After that date, if the competent bodies fail to act, the authority for the sector concerned (Banca d’Italia, ISVAP and CONSOB, each within their respective area of competence) must declare the termination of office.

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The Company immediately set about examining the positions of all company members to whom the prohibition applies, also on the basis of statements made by such persons. As a result some members of the Board of Directors and of the Board of Statutory Auditors were replaced as they also held offices in competing companies.

Regulation No. 43 of July 12, 2012 governs the implementation of provisions concerning the measurement of debt instruments issued or guaranteed by EU states, introduced by Decree-Law No. 216 of December 29, 2011 converted by Law No. 14 of February 24, 2012, amending Decree-Law No. 185 of November 29, 2008 which set forth urgent measures to support households, employment and enterprises, converted by Law No. 2 of January 28, 2009.

The Regulation provides for the elimination of ISVAP Regulations Nos. 28/2009 and 37/2011 following the enactment of Decree-Law No. 216 of 2011 (known as the “Milleproroghe” or “thousand extensions” decree-law), converted by Law No. 14/2012. This decree amended the conditions and procedures to be used by insurance companies to exercise the rights under the anti-crisis decree.

The amendments to the regulations introduce some new elements aimed at limiting the cyclic effect of phenomena that increase the volatility of government bond spreads and, thus, of investments in these by insurance companies:

- renewal of the anti-crisis measures pending the entry into effect of the implementing provisions of Directive 2009/138/EC (Solvency II);

- the limitation of such measures to debt instruments issued or guaranteed by EU states only;

- elimination of the eligibility thresholds given the changed reference scenario.

The Regulation sets out further requirements concerning disclosure and supervisory obligations, governance rules and analysis of expected cash flows. The rules concerning limitations on distributions of dividends and public disclosure remain unchanged.

Regulation No. 44 of August 9, 2012 concerns the format to be used for company anti-fraud reports pursuant to art. 30, section 1 of Decree-Law No. 1 of January 24, 2012, converted with amendments by Law No. 27 of March 24, 2012. Under art. 30, insurance companies authorised to provide third-party liability motor insurance must submit a yearly report drafted on the basis of the format defined by ISVAP.

The report must contain detailed information about the number of claims for which the company deemed it necessary to investigate the risk of fraud, the number of complaints or reports filed with the courts, the outcome of subsequent criminal proceedings, and the internal organisational measures adopted or promoted in order to counter fraud.

The Regulation establishes the format of the annual report to be submitted to ISVAP, which must contain one document in which the Board illustrates company policy regarding the action taken to prevent and counter fraud, and consists of three sections.

In accordance with the Regulation, the Company will submit its annual report to ISVAP within the term for submitting its financial statements, i.e. within 30 days of their approval, together with its estimation of the reduction in charges for claims as a result of its independent activities aimed at identifying and preventing fraudulent action.

* * *

ISVAP Ruling No. 3020 of November 8, 2012 sets forth amendments to Regulation No. 20 of March 26, 2008 regarding the system of internal controls, risk management, compliance and outsourcing of activities by insurance companies, pursuant to articles 87 and 191, section 1 of Legislative Decree No. 209 of 7 September, 2005 – Private Insurance Code.

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The aim is to improve the efficiency of the management process and the adequacy of the company’s organisational structure. It should also foster the transparency and efficiency of relations between individual companies and supervisory bodies, in keeping with the principles established inter alia by the Solvency II Directive.

The Company is currently examining all the new legal requirements including, in particular, the annual assessment of the size, composition and workings of the Board, which came into effect in 2013.

* * *

According to art. 28.2 of ISVAP Regulation No, 20/2008, the Company has transmitted the annual report on the system of internal controls and risk management, indicating the actions taken in that year, internal audits performed, any shortcomings detected and corrective actions adopted to the Supervisory Authority together with the 2011 annual accounts. Documents setting forth the company organisation chart and system of delegation of powers have been attached to this report. According to the same Regulation, the Board of Directors of the Company has approved the action plans drawn up for 2012 by the internal audit, risk management and compliance functions and the annual report drawn up by the compliance function,

At the meeting of July 12, 2012, the Board approved the revised Strategic Plan on Information and Communication Technology for 2012-2014. The aim of the document, as required under art. 14, section 2), point a) of ISVAP Regulation No. 20/2008, is to ensure the existence and maintenance of a highly integrated overall systems architecture in terms of both applications and technology, that is adequate to meet the needs of the undertaking.

In accordance with ISVAP Regulation No. 25/2008, on February 23, 2012 the Board resolved on the adoption of guidelines relating to transactions between the Company and intra-group counterparties and the corresponding annual operations envisaged for 2012.

Pursuant to the provisions of ISVAP Regulation No. 5/2006 and Directive No. 2743/2009, the Sales department prepared the annual report for financial 2011 on the control of sales network activities. The document, examined by the Board of Directors at the meeting of February 23, 2012, analyses the composition of the sales network, according to each distribution channel, vocational training and refresher schemes and the implementation thereof; it also describes the methods used to monitor training schemes and, more generally, the rules of conduct that must be observed by the sales network. The report was then sent to the Authority, together with the observations of the head of the Internal Controls department and the considerations of the Board on the latter.

In accordance with ISVAP Regulation No. 39/2011, on February 23, 2012 the Board defined the remuneration policies for corporate bodies and top management, to be submitted to the Ordinary Meeting for approval. The Internal Controls and HR departments took an active part in drafting the document setting out the Company’s policies. This was submitted to the Board and then approved by the Meeting of Delegates on April 21, 2012.

* * *

Law No. 135/2012 converted Decree-Law No. 95 of July 6, 2012 concerning urgent measures to cut public spending.

In particular, under art. 13 ISVAP changed its name to IVASS (Italian Insurance Supervisory Authority). IVASS is under the control of Banca d’Italia (the Chairman of IVASS is also the Director General of Banca d’Italia). The aim is to foster the complete integration of control activities in the financial and insurance sectors by establishing a closer link with the bank supervisory mechanism.

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IVASS, a legal entity under public law that pursues the principles of organisational, financial and accounting autonomy, transparency and cost-effectiveness, performs the functions previously assigned to ISVAP pursuant to the provisions of art. 4 of Law No. 576 of August 12, 1982 (Insurance supervision reform) and of art. 5 of Legislative Decree No. 209 of September 7, 2005. It replaces ISVAP as from January 1, 2013 and will keep the annual supervisory fees envisaged by Title XIX of the Code of Private Insurance for ISVAP and submit a yearly report on its activity to Parliament and to the Government.

* * *

Law No. 27/2012, converting Decree-Law No. 1/2012 containing urgent measures on liberalisation, infrastructure development and competitiveness, introduced a series of important rules which affect the insurance sector, especially Motor TPL policies.

These regard, inter alia, the following aspects:

- definition of criteria to stimulate the productive efficiency of companies as far as direct indemnity is concerned, in particular to curb the costs of reimbursements and identify fraudulent action;

– suppression of fraud, introducing the obligation for companies to submit an annual report to the Supervisory Authority, with detailed information on the number of claims in which there is a risk of fraud, the number of lawsuits for fraud and the measures adopted by the company to counter fraud. Each insurance company must also make an estimate of the reduction in the cost of claims achieved thanks to their fraud-prevention activities and include this in the report, or in the explanatory notes to their financial statements. The estimate must also be published on the company’s website or in any other suitable format;

- measures against falsification of third-party liability motor insurance windshield stickers. These provide for the gradual dematerialisation of third-party liability motor insurance documents and the use of technology and cross-checking of information with access to databases to prevent the circulation of uninsured vehicles and falsification of insurance documents. Within the framework of a working group organised by ANIA, the Company has already launched a series of initiatives in order to comply with these important new operational guidelines, which will be crucial in reducing fraud at the underwriting stage. The elimination of printed documents will also reduce the cost of managing Motor TPL contracts and simplify the procedures involved;

- the possibility for insurers to ask policyholders to voluntarily have the vehicle inspected before signing the contract;

- if the policyholder agrees to the installation of a “black box”, all costs of installation, removal, replacement, operation and portability of the device are to be charged to the insurance company; the insurance company must also guarantee a significant premium reduction with respect to the standard price;

- the minimum term within which damaged property must be available for inspection by the insurer has been set at two days;

- the requirement for insurance intermediaries, before the signing of the contract, to inform the customer of the price and other contract terms offered by at least two different insurance companies. On this point, which would have significant economic and operational repercussions, the Supervisory Authority has issued a consultation paper for the purpose of establishing the standard operational procedures for implementing this requirement;

- the automatic reduction of the premium for policy renewal at every annual expiry if there have been no claims-generating accidents, in the amount previously quantified in relation to the merit class assigned to the policy and indicated in the contract.

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* * *

Decree-Law No. 179/2012, as converted by Law No. 221/2012 on “Further urgent measures for growth in Italy”, regards several aspects of the insurance sector and insurance brokerage. Some of these will be the subject of implementing provisions and will come into effect at different times.

Articles 21 and 22 concern insurance companies. The aspects addressed include compulsory Motor TPL insurance and Life and Non-life insurance mediation. The decree also defines the limitation period with respect to the rights under the contract other than the right to payment of premium instalments.

In particular, art. 21 introduces measures for the identification and control of insurance fraud and gives IVASS a direct role in the prevention of fraud in the Motor TPL sector. It establishes IVASS as intermediary and partner for enterprises and investigating bodies for the purposes of legal action. In addition to its own Motor TPL claims databank, IVASS will also have access to a computerised archive integrated with public and private databases.

Art. 22 introduces a series of measures to promote competition and safeguard consumers in the insurance market:

- the prohibition of Motor TPL policies with a duration of more than one year and tacit renewal;

- the definition of a basic Motor TPL policy with a common set of clauses which insurers must offer consumers (also online), without prejudice to their freedom to set prices;

- the obligation for insurers to include dedicated areas on their websites where policyholders can check out their policies, the state of their payments and relative due dates, the surrender value of Life policies and where they can also renew policies and pay premiums;

- the possibility for first-level intermediaries (agents, brokers, banks, stock brokerage companies, financial intermediaries, etc.) to collaborate freely in the distribution of products in all lines of business, provided they inform customers about the use of this form of distribution;

- the definition of a uniform set of technical standards, to create a common interface platform for managing and concluding insurance contracts, also with regard to quoting, monitoring and evaluating tariffs;

- an amendment to section 2 of art. 2952 of the Italian Civil Code whereby the rights arising from insurance and reinsurance contracts, other than the right to payment of premium instalments, are limited to within ten years from the date the event on which the right is based occurred.

The effects of the aforesaid changes to the law have been the subject of a specific study by the competent Company departments.

* * *

As regards the administrative liability of legal entities, in accordance with Legislative Decree No. 231/2001, the Supervisory Board continued to monitor the effectiveness and adequacy of the Reale Mutua Organisation, Management and Control Model with regard to preventing the offences covered by the Decree. A number of changes were made to the Model in the first part of 2012, also as a consequence of new laws that came into effect.

* * *

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In compliance with the provisions of Legislative Decree No. 196/2003 “Protection of personal data” and in particular art. 26 of the “Technical discipline regarding minimum security measures” attached to this as Annex B), the Company updated the Programmatic Document on Security on December 31, 2012.

* * *

Pursuant to CONSOB Resolution No. 17297/2010 setting out provisions relating to the duty of disclosure of information and the transmission of records and documents by supervised parties, the Company prepared and submitted the following documents relating to financial 2011 to the Commission by the deadline of March 31, 2012. - report on the methods used to distribute financial and insurance products; - report on the controls performed and the annual plan of scheduled controls by company functions responsible for monitoring the distribution of financial and insurance products; - report on written complaints received during the previous year, referring to the direct distribution of financial and insurance products, with a breakdown of grievances by distribution channel and type of product and a detailed description of any sectors and/or products for which complaints were particularly significant or frequent, any organisational and/or procedural shortcomings that emerged and the corrective measures proposed and/or taken.

* * *

The Group continued to work on the projects launched in 2010 aimed at implementing the actions necessary in order to meet the new Solvency II requirements as set forth in the Master Plan drawn up on the basis of specific analyses and identification of areas of improvement (gap analysis). This document was approved by the Board of Directors at the meeting of February 25, 2010 and subsequently amended at the meeting of February 23, 2012.

* * *

The Company acted promptly to support its agency network and member-policyholders hit by the earthquake in May 2012, which mainly affected the Italian region of Emilia Romagna and part of the Veneto region.

The measures undertaken by the Reale Mutua Group immediately after the quake included the extension of the term for overdue payments on all policies nearing maturity, temporary cover for assistance for uninsured damage in the Motor business, psychological assistance provided by the Blue Assistance subsidiary to the agency network and family-members, technical inspections by Reale Immobili of Company property and premises housing agencies to assess the damage, delivery of equipped camper-vans for the most severely damaged agencies (Mirandola and Carpi), rapid assessment of damage sustained by members (especially companies) to speed up the settlement process, granting of special loans by Banca Reale for company members with no earthquake insurance cover and the purchase of damaged local products for use as corporate gifts.

Moreover, as proposed by the Company’s Mutuality Benefits Commission and to support the communities affected by the earthquake, the Meeting of Delegates in December resolved, exceptionally, on the payment of specific mutuality benefits and to bear the costs of payment of the premium for certain categories of Non-life policies covering risks in the municipalities hit by the quake, in relation to instalments falling due in 2013, for a total of around € 2,900 thousand.

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* * *

In August 2012 Fitch Ratings confirmed the IFS rating of “BBB+” assigned to Reale Mutua and Reale Seguros Generales as well as the “negative” outlook.

According to Fitch Ratings, despite the overall economic picture and the problems facing the Italian economy, which could lead to a further downgrade, this confirmation of Reale Mutua’s standing reflects the Company’s excellent performance as a result of its prudent and diversified approach to investments, careful risk management and prompt implementation of processes that meet the requirements of Solvency II.

Reale Seguros Generales also received some positive comments in terms of good profit levels, sound capital adequacy and management policies.

* * *

In 2009 Reale Mutua joined the INI (International Network of Insurance), the global alliance of leading insurance companies that cooperate in the field of Non-life business to deliver services in their local markets.

In February 2012 the INI upgraded Reale Mutua’s membership, from “Producing Member”, only responsible for managing insurance programmes to serve the interests of customers/members outside the country, to “Full Member”, as the exclusive representative of INI in Italy, responsible for management of all business in the network.

* * *

On the commercial front, the “Casa Comune” agreement was signed on September 12, 2012. This agreement between the Company and its sales network replaces all previous arrangements governing relations with the agencies: namely the agreements of 2004, 2007 and 2008 as well as all exclusive distribution, termination indemnity and refund arrangements.

The aim of this agreement is to define new economic approaches based on a mutually sustainable business model that seeks to achieve maximum convergence of interests and recognises the need for value-based bonus plans. All founded on the principles of customer centrality and high standards of service, competitiveness and the sustainability of the business of the agencies and the Company alike.

The new agreement, signed by 99.2% of the agencies, came into effect on January 1, 2103 and applies to all agents.

After the signing of the “Casa Comune” agreement, various activities were undertaken in collaboration with the Agents Group to facilitate its coming on stream and implementation.

In terms of expansion of business, the steps taken in 2012, as envisaged in the Sales Plan, focused on reducing debt positions in the insurance business, generating new business, either by updating existing products or enriching the offering, and fostering relations with members.

In the Motor sector, work continued on the conversion of the “AutoReale” and “Fuoriclasse” products into the “Automia” product. Work on the “Full Box” product was suspended until the provisions introduced under the new legislation have been examined.

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In the Non-motor business, the "Artigiano Reale" product and restyling of the "Casamia" product were the subject of a number of important activities. Action to encourage subrogation of the main standard products continued, as well as for the new “Composita Reale” product that was introduced as part of the project to overhaul the portfolio of policies covering ordinary risks.

Activities in the Life segment were directed towards developing recurrent and single-premium products. In particular, in the latter part of the year attention was focused on the launching of three single-premium products, one of which dedicated to reinvestment of capital from two index-linked products due to expire.

Sales activities were supported by developing new communication materials which, besides presenting the product to customers, contained a number of specific recommendations, in keeping with the Company’s advertising campaign called “Realmente Protetti”. This involved the creation of new printed and online documents, with elements to enable comparison with other Reale Mutua and market offerings. The “Logical Campaign Management” system was also upgraded and implemented, to help agencies plan and develop the activities set out in the Sales Plan.

The Company worked in partnership with the Department of Automated and Computer Technology at Turin Polytechnic on an important project concerned with developing tools and processes. The aim is to free-up back-office resources at the agencies and upgrade support for sales activities. Once the method and test sample had been defined, the three main aspects of the project focussed on the following:

- assessment of the operational models used by the agencies, to optimise their efficacy and efficiency;

- optimisation of processes, using the same information systems, with dissemination of best practices, new or little known tools and implementation of the IT system;

- simplification and innovation for the future, exploiting the Polytechnic’s expertise in other industrial sectors.

* * *

Major innovations were introduced in the area of sales network training, in accordance with the requirements of ISVAP Regulation No. 5/2006. In January, the Company updated its “Reale University” website with new features, as part of an ongoing project to integrate the functions of the Campus e-learning platform with its communication capabilities and offer an easy-to-use, innovative point of reference for the sales network. The new training package is therefore much more specific and it has been possible to upgrade the characteristics of each course. This approach has produced some extremely satisfactory results: 99% of the agencies and 90% of the target workforce signed up for the courses.

The Company continued to develop new training schemes to meet specific needs after analysing the skills required for each professional profile. The most important innovations regarded online courses: this new tool was used to provide on-site training for almost 1,000 agency front-office staff, placing the focus on operational aspects and matters relevant to their work. With some 300 classroom facilities located nationwide, the Company continued to meet the needs of its agency network.

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* * *

In addition to ordinary communication activities and development of communication media, marketing also continued to embrace the development of service models based on members’ buying patterns and to create interfunctional processes that meet the objective of customer centrality. After three years of analyses and a careful assessment of the results, it emerged that the value of each member of Reale Mutua is one of the core factors underlying the activities that characterise the various company processes; for that purpose, the work group set up in 2011, defined a standard behaviour model for members in the different buying pattern categories. This model was then disseminated through the Reale Mutua Group’s Academy training school.

In addressing the key issue of customer centrality, the Company also set about creating a central register of customers’ personal data. The aim of the project, called the “Central Register Development” project, is to implement a central register application that can be integrated with the various management systems, to handle customers’ personal details. The availability of a unique dataset for each customer will allow the Company to define their value and deliver a standard of service in line with their expectations in all dealings with the Company and the agency network.

One operational tool used by the member-policyholder-focussed business model is the “Member Card”, with information about customers taking part in the “Reale 1828” loyalty scheme launched in November 2012. More than 8,000 members have already signed up to the scheme by registering in the reserved area of the Reale Mutua website. They will receive more news throughout 2013, in an effort to foster the bond with the Company and the agent. Actions to involve those who have not yet enrolled are also in the pipeline.

In striving to increase the opportunities for interacting with members, an issue that emerged from the customer satisfaction survey, specific communications were sent to selected target groups of members. This activity will continue in 2013.

Seven editions of the course on “Applied customer centricity” were held in 2012. The course, organised in partnership with Academy, is for all functions that interact with members, whether directly or indirectly. It’s purpose is to pool the operational resources that can be used to create value in relations with policyholders.

* * *

As regards complaints management, despite the 12% rise in the number of grievances received in 2012 compared with 2011, there was a further reduction in the average response time, which was 16.5 days (20 days in 2011). This reflected the constant commitment of all the functions involved in the process.

* * *

In the sales and brand communication sector, the new combined multi-subject advertising campaign for Reale Mutua and the Reale Seguros Generales subsidiary was launched. This was designed to improve our brand positioning and leverage on brand recognition and reputation.

The importance of protection, in terms of covering everyday risks, is the distinctive message conveyed by Reale Mutua, which also emerges clearly from the campaign slogan: “At Reale Mutua we do our best to insure you but you should protect yourself too”.

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The communication strategy, which was launched in 2011, involved the use of traditional channels as well as more innovative platforms such as the www.realmenteprotetti.it website and social networks (Facebook, Youtube and Twitter). Media planning, with promotion concentrated in June and towards the end of the year, guaranteed excellent visibility, with a significant presence of TV and cinema commercials accompanied by press and billboard adverts and web advertising, plus competitions designed to disseminate and promote the culture of protection. From that perspective, the interactive internet portal played a fundamental role, hosting a whole range of tips, training videos and interactive activities, designed to make people more aware of the importance of protecting themselves and others. The site attracted a total of 120,000 visitors, with 419,000 videos watched and 20,8000 “likes” on Facebook.

An ad hoc campaign was launched in December to promote the mutuality benefits for 2013 resolved upon by the Meeting of Delegates on December 1, 2012. Two announcements were published in Italy’s leading newspapers, in the local press in the areas affected by the earthquake last May and in a number of magazines. A radio commercial was also aired on the main Italian channels in the first two weeks of December.

As an autonomous and independent mutual insurance company, Reale Mutua has always dedicated much attention to ethical issues, adopting transparent management policies and implementing and promoting actions to foster social protection of people, the local community, the environment, culture and sports. In pursuing its principles of social responsibility and as a Company committed to solidarity, the Company sustained SportABILI Onlus Alba in its activities to overcome limitations and barriers in sports for the disabled. It sponsored the hand-bike team and was the main sponsor of Paralympic athlete Francesca Fenocchio at the London 2012 Games.

Other initiatives in 2012 that helped to boost the Company’s business and brand recognition included: sponsorship of the Italian Rugby Federation, of the Cuatto Giaveno Volley women's volley-ball team, of the football tournament in memory of Giovanni Falcone and Paolo Borsellino, of the Golf Impresa Cup 2012 tournament and of the De Fornaris Foundation on the occasion of its exhibition in New York.

The Company continued to support the agencies’ communication activities to further strengthen the value of the brand and its presence in Italy: numerous marketing activities were undertaken, in addition to a number of partnership agreements and many local sponsorships in the social, sports and cultural domains.

As regards network incentive schemes, the prize-giving ceremonies of the 2011 editions of two now well-established competitions were held in 2012: “Cum Laude” for agents and “Vinci con Reale”, which has become the mainstay of Reale Mutua’s strategy in its approach to motivating and encouraging agency co-workers. The “Vinci con Reale” scheme celebrated its tenth edition with a splendid prize-giving ceremony in June at the historic Teatro Carignano. More than 1,500 resources from over 280 agencies took part in the competition for co-workers and sub-agents. The winners of the first edition of the “Super Desk” incentive scheme reserved for front and back office staff also received their prizes during the ceremony. More than 800 people took part in this scheme. The prize-giving ceremony of the “2011 Chairman’s Prize” was held in July. This is the most coveted award under the “Cum Laude” scheme for agents who have achieved outstanding results in the year. The two six-month schemes, “Pronti? Via!” and “Sprint Finale” for Life business products also came to an end.

The new version of the Reale Mutua website, launched in December 2011, achieved some extremely significant results in 2012. It was viewed more than 764,000 times and attracted some 433,000 visitors, a 48% increase with respect to the previous platform. This success is due to the more prominent listing in online search engines as well as the availability of new contents and interactive tools for member-policyholders and potential customers. The site was chosen by a panel of experts for the prestigious international “Digital Experience Award”.

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A number of initiatives were launched in 2012, as part of the work to update and complete the new digital platform for managing relations with members:

- the new “Reserved Area for Members”, which features a series of loyalty-building tools and functions, including online access to details about the insured’s Life insurance policies, which will be integrated in 2013 with information about all policies (Motor, Non-life and Life);

- Reale Mutua’s first “Mobile App” for smartphone and tablet, with dedicated functions for member-policyholders and others, such as options for filing claims using a mobile device, locating agencies or claim settlement offices, calling help-lines and emergency numbers, and receiving payment and expiry date reminder messages;

- agency “micro-sites”, which can be customised locally by each of the 350 agencies. These offer a host of advantages, including more efficient use of search engines to find the information required, the availability of constantly updated news about products and the ability to capitalise on all incoming traffic to the site.

* * *

In 2012 corporate communication was directed above all towards managing and enhancing existing relations with local bodies and institutions; new initiatives were also undertaken to strengthen relations between the Reale Mutua Group and the local and national press.

Accreditation of senior executives from the Reale Mutua Group continued through interviews, round tables, workshops and direct liaison with leading journalists from newspapers and general and sector-specific magazines, aimed at establishing personal contacts that can help to enhance the visibility of the Company and of the Group. The Company was the subject of some 2,000 articles (Italian and international press and online), which was a notable improvement on 2011. These appeared in the main financial and sector-specific journals as well as in leading Italian newspapers. 70% of articles appeared in the press, 30% on the web.

The Company confirmed its tradition of supporting the local community and cultural and social organisations, such as the “A come Ambiente” museum, whose mission is to raise awareness about environmental issues, and the “Casa Oz” day centre, a not-for-profit organisation that offers facilities and support for families of children who are ill. Other initiatives include the partnership with the Teatro Regio Foundation in Turin, as Founding Member, and the renewal of the collaboration with the Congress Centre of the Employers’ Association of Turin. In addition to supporting the traditional “I MartediSera” event which hosts debates and discussions on topics of local and national interest, in 2012 the Company also began its sponsorship of “Caffè Letterari”, eighteen meetings with influential Italian and foreign authors for lovers of reading and literature. In February Reale Mutua in collaboration with ANIA presented the book entitled “Assicurare 150 anni di Unità d’Italia. Il contributo delle assicurazioni allo sviluppo del Paese” (Insuring 150 years of Italian Unity. The contribution of insurers to the development of Italy). The Company wrote two chapters of the book, which was published by ANIA and presented at the historic Reale Mutua headquarters. To mark its 150th anniversary, the Turin Chamber of Commerce included Reale Mutua in the Italian Register of Historic Enterprises”, dedicated to Italian companies with a history of at least one hundred years. The Company also intensified its promotion of the “Reale Mutua History Museum”; one initiative worthy of particular mention was the collaboration with “Touring Club Italia”, which included the Museum in its programme for registered members of places to visit.

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Reale Mutua furthered its international relations with AMICE, the Association of Mutual Insurers and Insurance Cooperatives in Europe, and actively participated in work groups and workshops on insurance issues of mutual interest organised by AMICE.

* * *

Reale Mutua prepared its first Sustainability Report, relating to financial 2011. This takes the place of its Corporate Social Responsibility Reports, which have been published each year since 2004.

The document was drawn up according to the guidelines defined in 2011 by the Global Reporting Initiative (GRI-G3.1), the main international sustainability reporting standard. The report meets Application Level C.

In line with the criteria adopted for previous editions, this document describes the Company’s actions, initiatives and projects in the area of Corporate Social Responsibility and highlights the implications for and relations with the various categories of stakeholders, stressing the underlying business principles of Reale Mutua and its specific mutualistic nature.

In underlining the Company’s social, economic and environmental values, the communication concept used in this document is based on a series of photographs by a reporter from Turin specialised in social and cultural topics.

The Corporate Social Sustainability project, launched at the beginning of 2011, was completed in 2012. This project defined a feasible set of environmentally, socially and economically sustainable strategies common to all Reale Mutua Group companies.

Having always recognised the value of promoting a Corporate Social Responsibility policy, Reale Mutua has decided to focus on this aspect as part of a broader plan to overhaul its Group communications system.

For that purpose, a specific Corporate Social Responsibility unit was created in September 2012. The unit, which reports to the General Manager of Reale Mutua, oversees these aspects, drawing up the guidelines in order to optimise communication strategies across the Group.

* * *

Reale Mutua’s financial and sustainability reports for 2011 gained it a place among the finalists in the “insurers” category for the “Oscar di Bilancio” Italian financial communications award. The award, established over 50 years ago, is handed out each year by FERPI (the Italian Federation of Public Relations) to companies that have published the best financial statements in terms of transparent, comprehensive and detailed information.

* * *

On the internal communication front, publication of the Reale Mutua Group management communication kit continued in 2012. The aim of the initiative is to make communications between managers and workers more effective.

Publication of the “Notizie Gruppo Reale” newsletter also continued. This has been available online via the intranet portal for two years now and five numbers were published in 2012.

Following a number of communication meetings in October, which were attended by some two thousand employees from the Reale Mutua Group in Italy, a special edition of “Notizie Gruppo Reale” was published on intranet. Reserved for employees, this edition provided an in-depth analysis of the issues discussed at the meetings and featured various multimedia elements, such as films and photo galleries.

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The Company also embarked on an analysis of its internal communication requirements, with a view to extending the services and information available to the Group and making these more effective This analysis, conducted with an external provider, was performed using qualitative research criteria and the results will be available shortly.

* * *

With regard to IT aspects, all Reale Mutua agency back-office programs migrated to the new platform in the first quarter of 2012, while those of Italiana Assicurazioni were transferred in the last quarter. The previous system was thus abandoned.

In the Motor insurance sector the on-line fleet management policy system was completed and distributed to the Reale Mutua and Italiana Assicurazioni agency network. Work on the new functions was completed in the last quarter of 2012. The revision of back-end processes continued (management of Non-motor class accounting, claims, replacement of reinsurance application software). The Non-motor class accounting system was completed and came on stream and the reinsurance application was also launched. Development of the claims part continued, as did analysis of the Data Warehouse component and consolidation and certification of the various models to be developed later.

In accordance with the regulations issued by the Supervisory Authority, the Company launched and completed a project to improve its claims management and data acquisition procedures, in order to carry out a major upgrade of the information sent to the claims databank and reduce the risk of sanctions. This activity was performed for Reale Mutua as well as for its Italiana Assicurazioni subsidiary.

The new general accounting IT platform, which includes the purchasing cycle (SAP), was implemented during the year. This application is being used for financial 2013.

The Company completed the implementation and consolidation of the five priority control systems in accordance with Solvency II: securities, reinsurance, premiums, claims, life.

Having selected the infrastructure service provider (Cedacri S.p.A.), work got underway to plan, perform and complete the transfer of the entire Data Centre from the current site in Via Corte d’Appello 11 in Turin to the facility of Cedacri in Collecchio (Parma), as the primary site, and to the Disaster Recovery site in Castellazzo Bormida (Alessandria). The new system became fully operational on July 1, 2012. The move had become necessary due to the inadequacy of the existing infrastructure to guarantee the level of security and services required by the Reale Mutua Group. The first benefits have already been felt in terms of stability and efficiency.

In addition to routine operations such as daily furnishing of the service, gearing to changes in business requirements and the design of new insurance products, projects were also continued to fully exploit and stabilise the overall IT system in order to substantially improve the service and reduce costs.

* * *

At December 31, 2012, the Company workforce consisted of 1,261 persons.

The breakdown of personnel according to qualification with 2011 comparables is provided in the table below:

31.12.2012 31.12.2011

Managers 40 34

Officers 250 239

White collar 971 969

TOTAL 1,261 1,242

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On March 7, 2012, ANIA and the Italian Trade Union organisations came to an agreement over the renewal of the National Collective Bargaining Agreement for employees, which expired on December 31, 2009.

The agreement, applicable from January 1, 2010 until June 30, 2013, regards the renewal of the economic aspects of the contract and two statements by the parties on the launching of two Joint National Commissions: one on the issue of flexible working arrangements, the other on welfare support provisions.

As far as economic aspects are concerned, the new contract provides for an overall 6.25% increase in the minimum sectorial wage tariffs over the period in question, starting from 2011; it also provides for a further 0.30% rise after the contract expires, as from July 1, 2013, to offset a portion of the inflationary allowance not covered in 2010.

The total increase, inclusive of the 0.30% mentioned above (for an overall increase of 6.57%), amounts to € 131 per month for the level of reference (level 4, class 7).

Employees in service at the time the agreement was signed also received the following, in April 2012:

- back payments for 2011 (on average € 700 for level 4/class 7) and for the first months of 2012;

- payment of a lump sum for 2010 (inclusive of an inflation allowance for 2007-2009), amounting to € 650 for level 4/class 7.

The cost borne by the company amounts to around € 2,500 thousand, of which € 1,400 thousand by way of back payments and € 1,100 thousand in the form of a lump sum.

The cost for salary increases amounts to around € 1,500 thousand for 2012 and around € 425 thousand for 2013 (inclusive of the 0.30% as from July 1, 2013).

The Company, aware of the importance of environmental issues, continued to encourage the use of low environmental impact forms of transport instead of cars to commute to work.

On March 27, 2012 it signed a specific agreement with company TU representatives on sustainable mobility and bike sharing.

Although it did not receive any public funding, Reale Mutua refunded 40% of the cost of annual, individual public transport passes purchased by employees working at the Company’s Turin offices from April 2012 until March 31, 2013. Recognising the importance of addressing environmental issues, last October Reale Mutua published a questionnaire on sustainable mobility on its intranet portal. The aim was to find out how employees at the head office and throughout the country travel to work, to assess how their places of work are connected to the public transport network and quantify the CO2 emissions produced, in order to find solutions that reduce the use of private transport in favour of collective and more environmentally sustainable means. 70% of the workforce answered the questionnaire and the information obtained was used to draw up the 2012 home-work travel plan, which was delivered to the Turin Provincial and Municipal Councils in December 2012.

Last May the Company bought annual individual, non-transferable season tickets for the “TO Bike” bike sharing service for 2012, and distributed these free of charge to employees working at its Turin offices taking part in the initiative.

In March 2012 Reale Mutua and companies within the Group together with TU Representatives signed agreements on the implementation of training schemes by Academy, the Group Training School, to be funded by the Banks and Insurance Company Fund (FBA). The loan, which has been approved by the FBA, amounts to around € 700 thousand for the Group.

The Complementary Company-Level Employees’ Agreement signed in 2009 expired on December 31, 2011. The Company TU Representatives submitted their basic conditions for renewal in December 2012. These were presented to the Company Management at the beginning of January 2013. The TU requests are 5% more than the employee labour costs.

The Complementary Company-Level Executives’ Agreement also expired on December 31, 2012.

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No request for renewal has yet been submitted.

The term of the solidarity fund for employees of insurance companies placed under compulsory liquidation (Compulsory Administrative Liquidation Fund) expired on December 31, 2012. Therefore, as from January 2013, the ordinary levy of 0.5%, which had already been suspended in 2012, was no longer payable by companies or employees.

On May 25, 2012, as part of the one-day initiative called “Kids at the office with Mum and Dad” sponsored by Corriere della Sera/Corriere Economia in collaboration with La Stampa, the Company opened its doors to employees’ children.

In the light of the questionnaire published on the corporate intranet portal in July 2012, the Company decided to provide a day nursery service for employees’ children for the year 2012/2013. The service envisages two different formats, depending on where staff are based. For employees based in Turin, the service is provided at a facility located next door to the building which houses the Company headquarters. For those who work elsewhere, the Company pays a monthly contribution for the equivalent of 25% (up to a maximum of € 150) of the cost actually sustained for the child to attend a day nursery starting from October 2012.

“Academy”, the Group training school, continued to invest in strategies aimed at making the Company more competitive within the market of reference.

It therefore continued to foster the involvement of all Group employees, in order to stimulate creativity, improve knowledge and enhance technical skills and also to promote the development of the relational and managerial capabilities required in order to meet objectives. Group employees therefore took part in training schemes designed to build managerial, technical and professional skills defined within specific competence models closely linked to the business context of reference. The purpose of these models is to share and safeguard the skills of Company resources while also turning these to account and fostering their promulgation.

The managerial and administrative courses organised by the school as part of the corporate training path included seminars to develop business, organisational and individual skills, tailored to meet the different needs of those taking part. The number of seminars, their duration and the huge number of participants from the entire Group continued to reflect the commitment to create a shared management model.

A number of workshops were also set up to investigate specific issues aimed at supporting Group departments in their efforts to implement less “traditional” paths in which participants were encouraged to actively contribute to developing new ideas to support daily work activities.

In striving to strengthen its links with the outside world, the Company created opportunities for management and employees to discuss current socio-economic issues with experts in the field.

The model adopted to manage and develop the technical and specialist skills required to perform the “jobs” within the Group supported employees by fostering and disseminating the skills specific to each professional category. Assessments were performed in order to enhance people’s strengths and identify any capabilities requiring improvement through special training schemes. These schemes were developed with the help of resources with specific areas of expertise, known as Competence Leaders, whose task is to foster, disseminate and guide competences through “knowledge” development, teaching and sharing programmes. Different training activities were implemented to address the priorities identified by management on the basis of these assessments: conventional courses, placements and online courses, always bearing in mind the importance of providing training on a continuous basis rather than as one-off episodes.

In pursuing a policy of cost-efficiency and optimisation of available resources, in 2012 Academy continued to take advantage of the opportunities offered by the Interprofessional continuing training funds for the Bank and Insurance sectors to finance continuous vocational training schemes and develop workers’ skills.

The Campus e-learning platform continued to be a fundamental tool for producing online courses, including those addressing health and safety issues, and for managing each employee’s individual training path.

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* * *

Pursuant to art. 2428 of the Italian Civil Code, there were no cases of serious injury or death at work among employees in the Company’s Employee Register; the Company did not receive any claims in connection with occupational diseases among its employees or former employees or episodes of mobbing.

Reale Mutua resorts to the use of fixed-term staff leasing arrangements when it has a temporary need for resources, on technical grounds or for production, organisation or replacement purposes.,

When hiring employees to cover its structural needs, the fact that a candidate has already worked for the Company under this form of arrangement is taken into consideration. In 2012, nine of the 40 new recruits hired under open-ended contracts had previously worked for the Company under a staff leasing arrangement.

In 2012, five of the 40 employees hired under an open-ended contract were enrolled on apprenticeship training courses. Reale Mutua recognises the importance of this form of contract for training young people and fostering their employment.

The Reale Mutua Group considers occupational health and safety as an integral aspect of its business and a strategic commitment with respect to the more general purposes of each company.

Every company within the Group is therefore committed to pursuing improvements in occupational health and safety, and to making sure they provide all the necessary human and financial resources and instruments to protect all aspects of the health and safety of all those who work for them: undertakings, co-workers, visitors and any other people who may be involved.

In accordance with Legislative Decree 81/08 and subsequent amendments on occupational health and safety, in 2010 all companies in the Reale Mutua Group implemented an Occupational Health and Safety management system that meets the requirements of BS OHSAS 18001:2007.

Information about some key aspects of Group activities in 2012 is provided below:

- through Academy, the Safety Management function delivered 1,863 hours of training courses in the form of classroom lessons or online via the corporate intranet site;

- new rules came into force amending the regulations governing occupational health and safety training. On the basis of agreements approved by the Permanent Conference on relations between the state and regions, pursuant to Legislative Decree 81/2008, a uniform set of nationally applicable guidelines have now been defined for the methods to be used and duration of training courses for employers, employees, top management and supervisors. Under these agreements the Reale Mutua Group has implemented the amendments concerning training activities and is now working to bring these into line with national requirements by providing specific supplementary online and classroom courses;

- continued activity to raise awareness of safety and security among Group employees. The specific section of the intranet site has been updated and now also includes the Safety Policy document, a description of the main documents that make up the Occupational Health and Safety Management System, Emergency Plans, Safety Bulletins and the main Italian Occupational Health and Safety legislation;

- in 2012 the Reale Mutua Group continued to monitor employees’ health through a specialist firm with a nationwide network of medical staff. The service is therefore provided by a single firm that coordinates its activities with medical staff at the various Group companies to ensure immediate and exact compliance with all compulsory health legislation;

- updating of the risk assessment document of Reale Mutua, Reale Immobili, Blue Assistance and, for Italiana Assicurazioni, of the part relating to risk at branch offices;

- in terms of work-related stress assessment, the commission met once in 2012 to examine the results of the subjective and objective analysis of the risk of work-related stress, which was conducted in 2011 according to the methods defined by ISPEL (Institute of Electrical Tests). The data are currently being examined by the Workers’ Health and Safety Representatives.

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The Company does not pose any significant risks or uncertainties in terms of environmental aspects, especially in relation to the type of business that is carried on and due to the fact that it ensures compliance with all the applicable environmental laws and regulations, Nonetheless, an Environmental Management System has been implemented to consolidate the ecologically-sustainable approach of both the Company and the Group as a whole. On April 26, 2012 Reale Mutua was the first company in Italy to obtain voluntary certification to ISO 14001:2004.

The Environmental Management System underlines Reale Mutua’s commitment to comply with environmental laws and regulations, prevent pollution and strive to continuously improve its environmental performance. It also establishes the Company’s intent to optimise the use of energy and natural resources, reduce CO2 emissions, develop a more eco-sustainable procurement system and help its workers, co-workers, members/policyholders, agents, suppliers and the general public become more environmentally aware.

The Environmental Management System will gradually be extended to other companies within the Group.

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RISK MANAGEMENT Since the rules governing risk management are based on European law, some terms in this chapter of the report are in English. For an explanation of the terms used, please refer to the glossary provided at the end of the chapter.

* * *

Reale Mutua’s risk management system is directed towards identifying, assessing and monitoring the most significant risks to which it is exposed, maintaining these at an acceptable level consistent with the Company’s assets.

Risk management roles and responsibilities involving corporate boards and functions have been defined for the Company.

In particular, the Board of Directors is responsible for issuing risk management directives, for defining risk tolerance thresholds and for checking correct application of the risk management system, which is the responsibility of top management, The Board of Directors is assisted by the Group Internal Control Committee within the scope of its responsibilities.

The Risk Management function carries out risk assessment, measurement and control analyses to assist the Board of Directors and top management in carrying out their duties.

The Compliance function is responsible for assessing the adequacy of corporate organisation and procedures with regard to preventing the risk of judicial or administrative sanctions, capital losses and reputation damage deriving from infringement of regulations.

The Anti-money laundering function is responsible for controlling, preventing and countering money laundering and funding of terrorist activities.

The Internal Audit function is responsible for verifying and assessing risk management system effectiveness and efficiency.

Each competent function is responsible for operational management of risks according to their responsibility in the business processes controlled.

The Board of Directors is assisted by specific bodies, set up within its sphere of competence, such as the Group Investments Committee and Commission which is responsible for verifying particular aspects of corporate performance, including those tied to risk management.

Top Management resorts to joint work groups, set up at Group level, that investigate and analyse specific aspects; these include, in particular, the Investment Management Committee, the Life Risk Committee and the Group Insurance Policies Committee.

Within the framework of the risk management system and consistently with regulatory provisions, the Board of Directors has formulated risk identification, measurement, management and control criteria in the “Risk Management Policies Document”.

Integrated monitoring of risks permits continuous in-process control and classification of the risks to which the Company is exposed, therefore defining the risk profile for development of quantitative simulation models and optimisation of corporate risk management and mitigation processes.

The model used to measure the main risks is based on the calculation of the SCR (Solvency Capital Requirement), i.e. the maximum potential loss (according to valuation of assets and liabilities at market values) over a time horizon of one year with a level of confidence of 99.5% in line with the indications of the new Solvency II Directive. The parameters selected define the risk tolerance threshold of the Company, formally established by the Board of Directors.

In assessing market risk, reference is made to all risks that result in downgrading of financial or real property investments due to adverse changes in major market variables such as share prices, interest rates, the value of real property, exchange rates and credit rating.

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In managing such risks, the Company adopts policies that establish limits, guidelines and management strategies. The limits on investments are constantly verified and monitored by the competent corporate functions, and the results of the controls are notified periodically to the Group Investment Commission.

The Company’s financial activities are managed according to a prudent approach based, as regards interest rate risk, on joint management of assets and liabilities on the basis of forecast cash flows by adopting ALM (Asset Liability Management) type management techniques.

The total duration of the bond portfolio is around 3.8 years for Life business and 1.7 years for Non-life business.

With regard to price risk, the equity component represents around 2.8% of the entire investment portfolio and is mainly directed towards the industrial and banking sectors. Average annual volatility of the equity component during 2012 was equal to 32.5%.

As regards exchange rate fluctuation risk, investments in foreign currency amounted to 2.0% of the investment portfolio.

With reference to real property, the Company adopts the strategic guidelines formulated by the Group Investment Commission.

Credit risk is tied to the insolvency of issuers of financial instruments and worsening of their credit ratings; restrictions and guidelines are applied to manage this risk factor which is constantly monitored, reporting periodically to the Group Investment Commission.

The average rating of debt securities in the portfolio is Baa2, according to Moody’s. Non-investment grade instruments account for less than 2.0% of the entire portfolio.

The SCR of investments (unlisted strategic investments in Group companies have been excluded; in view of their nature, Reale Immobili and IGAR have been considered similar to the real property compartment) is determined by portfolio risk factors (share prices, interest rates, exchange rates, real property prices and credit rating).

For Non-life business, the SCR at December 31, 2012 amounted to € 197,136 thousand, equal to 7.7% of the current value of investments (€ 2,558,239 thousand). For Life business, the SCR at December 31, 2012 amounted to € 541,489 thousand, equal to 15.1% of the current value of investments (€ 3,574,300 thousand). The SCR relating to market risks for assets covering technical provisions is calculated taking into account the joint consolidation effect of assets and liabilities based on the ALM analysis.

Default risk is tied to insolvency of counterparties (reinsurers, banks, insureds, intermediaries and agents). The Group has defined policies for the management and control of this risk in terms of guidelines and restrictions relating to counterparties.

Exposure to reinsurance counterparties rated A or higher by Standard&Poor’s is higher than 93%.

The SCR for counterparty default risk amounted to € 38,061 thousand, equal to 5.9% of exposure towards reinsurance counterparties.

Pursuant to the framework resolution on investments according to ISVAP Regulation No. 36/2011, the Company adopted limitations on the use of financial assets in order to constantly monitor the portfolio liquidity risk.

Liquidity risk is also constantly monitored according to run-off of reserves for Non-life business and the projected maturity commitments for Life business.

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Bonds, according to maturity, are set forth in the table below.

(in thousands of euro)

Expiry Government Corporate Total

<= 1 year 809,638 182,928 992,566

>1 <=3 years 732,419 209,215 941,634

>3 <=5 years 712,251 147,681 859,932

>5 <=7 years 354,807 107,305 462,112

>7 <=10 years 402,152 31,965 434,117

>10 years 388,602 107,384 495,986

Total 3,399,869 786,478 4,186,347

Information regarding reserve flows according to contractual expiry referring to run-off of the entire Life portfolio is provided in the table below.

(in thousands of euro)

Year Expiry

2013 262,039

2014 157,712

2015 249,724

2016 225,578

2017 171,066

2018 73,530

2019 82,302

2020 130,149

2021 104,052

after 2022 1,696,848

Total 3,153,001 The expected run-off coefficients of Motor TPL and Non-motor TPL provisions are set forth in the table below. Year Motor TPL Non-motor TPL

2013 43.8% 23.7%

2014 20.6% 17.5%

2015 12.1% 14.1%

2016 7.9% 11.6%

2017 5.5% 10.3%

2018 4.3% 7.8%

2019 3.0% 6.5%

after 2019 2.7% 8.5%

Total 100.0% 100.0%

Life business underwriting risks are mainly tied to demographic factors, surrender trends and costs. With reference to demographic risks, mortality statistics are updated periodically, while the evolution of other risk factors is monitored also through benchmarking with the corresponding market data.

Catastrophic risks are covered by specific non-proportional reinsurance treaties.

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The SCR for Life business underwriting risks is determined by the volatility of mortality, surrender frequency and costs. The value at December 31, 2012 amounted to € 132,764 thousand, equal to 4.2% of the pure mathematical provision (€ 3,157,435 thousand).

Non-life underwriting risks are determined by the underwriting policies of the business and retention policies relating to the acquired portfolio.

The Company has drawn up an Underwriting Rules Manual which provides technical guidance regarding its underwriting policy, with particular reference to non-standard products.

The SCR for Non-life underwriting risks is determined using a frequency severity method (tariff SCR) and on the basis of the volatility of provisions (provisions SCR) and takes into account the effects of reinsurance. The value as at December 31, 2012 amounted to € 167,905 thousand, equal to 12.0% of premiums written (€ 1,395,649 thousand) and equal to 5.0% of the total volume of earned premiums and provisions for outstanding claims (€ 3,377,465 thousand).

A Risk Assessment method is used to evaluate operational risks, legal and regulatory risks, reputational risk and Group membership risks. A qualitative approach is adopted based on self-assessment of risks and controls tied to Company activities (Control Risk Self-Assessment) and on definition of the high level company risk profile.

Reale Mutua has drawn up a Contingency Plan to safeguard persons and assets and the continuity of business; the plan includes a Disaster Recovery Plan designed to minimise loss of information and recovery times in particularly critical situations.

The SCR for operational risk amounts to € 82,348 thousand.

The Company adopts risk mitigation instruments in order to reduce its exposure to the risks underwritten, through recourse to reinsurance, and adopting hedge derivatives to restrict possible impairments of assets.

Reinsurance strategies have been selected on the basis of quantitative assessments intended to establish the estimated claims rate according to portfolio historic data.

Use of derivatives is limited and restricted to transactions aimed at hedging investment risk and ensure effective management of the portfolio; the counterparties in these transactions are leading financial operators that meet national and international standards with investment grade credit ratings. Reale Mutua continues to track developments in the Solvency II project and the Group participates actively at national and European level in the initiatives promoted by the main institutions involved.

* * *

Glossary Risk Capital

Maximum potential loss (based on assessment of assets and liabilities at market value) over a time horizon of one year with a determined level of probability. According to indications regarding the regulations of the new Solvency II Directive, this is calculated assuming a probability of 99.5%.

Seniority Priority of reimbursement in the case of insolvency of a financial issuer. Security Type of guarantee relating to a financial issuer. Disaster recovery plan The technological measures adopted to restore systems, data and infrastructures necessary to deliver business services in the case of serious emergencies.

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Contingency plan An emergency plan for managing critical situations. Asset-Liability Management Integrated financial management of assets and liabilities. Gap analysis Analysis undertaken to identify non-conformity with regulatory requirements or with practices aimed at improving company processes. Master plan Main plan of activities directed towards improving the level of compliance measured by means of “Gap Analysis”. Control risk self-assessment Self-assessment of risks and controls tied to company activities.

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RELATIONSHIPS WITH SUBSIDIARY AND ASSOCIATED COMPANIES

The Company is the Parent of the Reale Mutua Insurance Group, registered under number 006 in the Register of insurance companies set up by ISVAP with Regulation No. 15 of February 20, 2008.

The Company is not subject to the management and coordination of third parties pursuant to art. 2497 et seq. of the Italian Civil Code; it manages and coordinates its subsidiaries in accordance with the aforementioned provision.

A) Italian Subsidiaries

Activities and services common to the various Italian companies of the Reale Mutua Group have been concentrated in accordance with a Group strategy based on synergy, coordination and control.

In particular, for the Italian subsidiaries, Reale Mutua has concentrated management of settlement activities, general services, IT systems and services relating to administrative activities (such as general and financial accounting, preparation of the financial statements, payroll and contributions, legal, fiscal and labour law assistance and consulting) and various technical services within its own departments. The Parent also manages Risk Management, Compliance and Anti-money laundering activities for the Italian subsidiaries.

During 2012, these services generated total revenues for the Company of € 53,962 thousand.

At the same time, Reale Mutua received services relating mainly to financial and asset management, real property and logistics, agency accounting and call centre activities for a total amount of € 33,974 thousand.

The above services are furnished on an arm’s length basis and do not have any substantial effects on the operating and financial situation of the Company and Group.

With regard to the furnishing of Group services and coordination, at December 31, 2012, 24 employees of Reale Mutua, of which 4 managers, were seconded to subsidiary companies. On the same date, 193 employees of Group companies, of which 2 managers, were seconded to the Company.

* * *

The main data for each Italian subsidiary at December 31, 2012 are set forth below.

Italiana Assicurazioni S.p.A. – Milan

At December 31, 2012 this company reported premium income from direct business and inward reinsurance of € 757,871 thousand, in relation to € 819,228 thousand in 2011, with a decrease of 7.49%, of which € 610,369 thousand for Non-life business, with a reduction of 7.83%, and € 147,502 thousand for Life business, with a decrease of 6.06%.

The balance on the Life insurance business technical account was positive for € 42,058 thousand, compared with a loss of € 40,843 thousand in 2011. This was mainly due to financial trends which resulted in substantial value re-adjustments on the securities in the portfolio.

The balance on the Non-life insurance business technical account was positive for € 53,655 thousand, compared with a loss of € 58,654 thousand in 2011; considered net of the allocated investment return transferred from the non-technical account, income amounted to € 7,328 thousand, against a loss of € 58,654 thousand in 2011. This result was forged by a notable improvement in technical performance in the Motor sector, which made up for the downturn in other Non-life sectors on which the earthquake of May 2012 had significant repercussions.

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The year closed with a profit of € 74,769 thousand, compared with € 69,259 thousand in 2011. In particular, Non-life business recorded a profit of € 38,676 thousand, compared with € 50,545 thousand in 2011, and Life business recorded a profit of € 36,093 thousand, compared with € 18,714 thousand in 2011.

The proposal to be submitted to the Meeting envisages the distribution of a dividend of € 9,918 thousand.

Banca Reale S.p.A. – Turin

The Company prepares its financial statements in accordance with IAS/IFRS.

Total customer deposits moved up 1.8% over the previous year to a total of € 7,258,651 thousand at December 31, 2012, of which € 430,057 thousand of direct deposits and € 6,828,595 thousand of indirect deposits. Loans to customers amounted to € 138,276 thousand at the end of the year, an increase of 45.3% over 2011.

The intermediation margin, equal to € 22,877 thousand, reflects a y/y increase of 12.6%.

Profit from current operations, before taxes, amounted to € 4,873 thousand (+ 30.6% compared with 2011).

The income statement for 2012 closed with a net profit of € 3,088 thousand compared with € 1,955 thousand in the previous year. According to the proposal to be submitted to the Meeting, the amount of € 2,625 thousand will be carried forward after making the required allocations to the legal and extraordinary reserves.

Reale Immobili S.p.A. – Turin

The Company prepares its financial statements in accordance with IAS/IFRS.

At December 31, 2012 rents from real property amounted to € 65,635 thousand, a y/y increase of 3.6%.

Financial 2012 closed with a net profit of € 16,481 thousand, compared with € 44,604 thousand in 2011. This reduction was mainly due to the drop in income from sales of fixed assets and the increase in the Single Municipal Tax (IMU).

As proposed to the Meeting, allocation of the profit for the year envisages distribution of dividends for € 19,903 thousand, inclusive of an additional distribution of retained earnings from previous years, after making the required appropriations to the legal and extraordinary reserves.

Blue Assistance S.p.A. – Turin

The Company prepares its financial statements in accordance with IAS/IFRS.

Net production revenues amounted to € 18,874 thousand, 3.07% up on 2011.

The year closed with a net profit of € 185 thousand compared with a profit of € 41 thousand in 2011.

According to the proposal to be submitted to the Meeting, the net profit will be carried forward after making the necessary provision to the legal reserve.

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B) Foreign Subsidiaries

The main data for each foreign subsidiary at December 31, 2012 are set forth below.

Reale Mutua undertakes Risk Management activities concerning the development and management of the internal model on behalf of its Spanish subsidiary Reale Seguros Generales.

At December 31, 2012, two employees of Reale Mutua were seconded to the Reale Vida y Pensiones and Reale Seguros Generales subsidiaries and, at the same date, one manager from the latter was seconded to the Parent.

During 2012, these services generated total revenues for the Company of € 394 thousand.

Reale Mutua received services for a total cost of € 95 thousand.

Reale Seguros Generales S.A. – Madrid

In financial 2012, the Spanish subsidiary reported a volume of premiums of € 750,403 thousand, (€ 767,690 thousand in 2011), falling 2.3% compared with the previous year, in line with trends in the Spanish insurance market, which contracted by 3.3% in 2012.

The year closed with a net profit of € 43,648 thousand, compared with € 38,613 thousand in the previous year, mainly due to the improvement in technical performance.

The proposal to be presented to the Meeting envisages allocation of the net profit to reserves for € 18,648 thousand and payment of dividends for € 25,000 thousand.

Reale Vida y Pensiones S.A. – Madrid

In 2012 the Spanish subsidiary of Reale Seguros Generales, which was set up in February 2010 and began business in May 2010, reported a volume of premiums of € 15,223 thousand, compared with € 10,382 thousand in 2011.

At the end of the year it reported a loss of € 598 thousand compared with a negative result of € 972 thousand in 2011.

Unnim Protecció S.A. de Seguros y Reaseguros– Terrassa

As at December 31, 2012 this Non-life company was owned on an equal basis by the Spanish banking group Unnim (which recently joined the BBVA group) and by Reale Seguros Generales, with a controlling interest (Reale Seguros Generales sold its interest in Unnim on February 15, 2012, as reported below).

In financial 2012, the company reported a volume of premiums of € 29,909 thousand, with a y/y increase of 6.5%.

Net income for 2012 amounted to € 3,292 thousand in relation to € 2,787 thousand in 2011.

CAI Seguros Generales de Seguros y Reaseguros S.A. – Saragozza

This Non-life company is owned on a equal basis by Caja de Ahorros de la Inmaculada de Aragon (which recently joined the Caja3 group) and by Reale Seguros Generales, which exercises control.

In financial 2012, the company reported a volume of premiums of € 8,102 thousand, with a y/y increase of 16.9%.

The net profit of € 1,130 thousand, compared with € 1,022 thousand in 2011, will make it possible to distribute a total dividend of € 927 thousand to the shareholders, after deducting provisions to reserves.

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Inmobiliaria Grupo Asegurador Reale S.A. – Madrid

In 2012 revenues amounted to € 4,155 thousand, compared with € 4,201 thousand in 2011, with a year-on-year decrease of 1.1%.

Financial 2012 closed with a net profit of € 1,981 thousand in relation to € 1,994 thousand in 2011.

According to the proposed allocation of the net profit for the year, a dividend of € 1,783 thousand will be distributed after making the required appropriations to the reserves.

C) Associated companies

The main data for each associated company at December 31, 2012 are set forth below.

Sara Assicurazioni S.p.A. – Rome

Reale Mutua owns a 31.43% stake in the share capital of this Non-life company.

Total premiums for the year amounted to € 619,700 thousand, with a y/y decrease of 4.5%.

Financial 2012 closed with a positive result of € 59,108 thousand, compared with a profit of € 38,835 thousand in 2011.

The main factors that contributed to the result for 2012 are listed below:

- the significant improvement in the technical balance for direct business, mainly forged by the Motor TPL business; - the positive contribution of financial and investment management.

As proposed to the Meeting, allocation of the profit for the year envisages distribution of dividends for € 30,000 thousand after making the required appropriations to the legal and extraordinary reserves.

Credemassicurazioni S.p.A. – Reggio Emilia

This Non-life company is owned on an equal basis by Reale Mutua and the Credem banking group.

In financial 2012 Credemassicurazioni garnered premium income for around € 26,992 thousand, compared with € 41,418 thousand in 2011, with an important change in portfolio mix. The reduction is attributable to the fact that the company stopped selling Motor TPL policies in 2012.

The year closed with a profit of some € 173 thousand compared with € 55 thousand in the previous year, to be allocated to reserves.

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MAIN EVENTS IN EARLY 2013

In Italy the inconclusive results of February’s general election led to the formation of a fragmented Parliament in a climate of heightened uncertainty, and left the country facing an unpredictable outlook.

This situation, and the difficulties involved in trying to establish some kind of balance, conditioned the financial markets which reacted with a generalised rise in yields on Italy’s sovereign debt and a widening of the spread with bonds issued by countries deemed more secure.

* * *

As from January 1, 2013, IVASS (Institute for the Supervision of Insurance) took over the functions previously performed by ISVAP. Thus, as from that date, any reference to ISVAP contained in legal provisions or in other regulations is to be considered as referring to IVASS.

A review of the organisation and internal workings of IVASS is already underway, with the aim of fostering closer integration of supervisory activities in the insurance and banking sectors.

Supervisory guidelines have been issued. These are based on the principle of placing the focus on the risks, and on the proportionality and objectivity of the action taken, given the role of inspections in pursuing the objectives assigned by law to IVASS, namely sound and prudent management of insurance and reinsurance undertakings and the transparency and correctness of their conduct..

* * *

With regard to the tax disputes that ensued from the assessment relating to tax period 2006, referred to in the litigation section of this report, the rulings of first instance issued by the Provincial Tax Court in Turin and filed on January 28, 2013, rejected the appeals presented by the Company, owing to procedural issues. The Court did not examine the substance of the Company’s action.

The Company intends to follow-up the dispute and has also initiated all the necessary procedures in order to clarify the matter with the Tax Authority. It aims to demonstrate that it acted correctly and uphold its right to the refund of the greater part of the taxes at issue.

At the Meeting of March 19, 2013, the Board thus resolved to proceed with the case and file a motion before the competent tax court for a refund amounting to some € 21,000 thousand, for tax period 2007, in order to avoid the double taxation sustained as a result of the assessment by the Tax Authority.

* * *

In February 2013 Fitch Ratings confirmed the IFS rating of “BBB+” assigned to Reale Mutua and Reale Seguros Generales as well as the “negative” outlook.

According to Fitch Ratings, this confirmation reflects Reale Mutua’s sound operational structure, improvement in premium income and net worth, as well as the fact that its efforts to boost profitability are expected to produce positive results, especially as far as the Italiana Assicurazioni subsidiary is concerned. The ratings also reflect the ability of Reale Seguros Generales to stand its ground despite the difficulties facing the Spanish market.

On the other hand, the outlook remains negative due to the considerable exposure of both companies to the debt crisis in the euro area, owing to their close ties with the local economies and the government and bank bonds of these two countries in their portfolios.

Fitch Ratings expects that Reale Mutua will continue to face operational challenges, in view of the adverse macroeconomic climate and austerity measures in force in Italy and Spain.

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* * *

As part of its policy to upgrade the insurance offering, at the Meeting of January 17, 2013 the Board approved the merger of two internal funds: the incorporation of the “Reale Capitale Europa” fund into the “Reale Linea Obbligazionaria” fund. Both funds provide coverage for unit-linked policies and share similar investment policies in terms of management and level of risk. The aim of the merger, at no additional cost to the funds, is to improve overall cost-effectiveness, by increasing the volume of assets managed and lowering the average incidence of fixed costs. This will be to the advantage of member-policyholders, especially as far as management-related auditing, publication and banking costs are concerned. The Company has notified IVASS of the planned merger pursuant to art. 34, section 2 of ISVAP Regulation No. 14/2008. It is expected to take place in June this year.

* * *

In the Sales and Brand Communication sector the advertising campaign launched over the Christmas period ended. On January 29 the third “flower” subject was launched, metaphorically representing the protection of everything we hold most dear: wealth, family, health.

The media plan envisages the alternation of the new “Flower” subject and the “Car” subject, launched in June 2012, on the main Italian general, digital and satellite channels for the whole of February, though mainly concentrated in the first half of the month.

The commercial promoting Reale Mutua’s sponsorship of the Italian National Rugby Team was aired by the LA7 channel until the middle of March, during the Six Nations tournament when the Italian team came up against the best teams in the world.

This campaign was accompanied by the www.realmenteprotetti.it site, which hosted a three-week competition that started on February 18.

* * *

As part of its campaign to raise awareness about environmental issues and sustainable growth, on January 24, 2013 Reale Mutua hosted a meeting entitled “Environmental sustainability at the fore. ISO 14001 certification and greenwashing”. The event was held in the room on the eighth floor of the Company’s headquarters, a facility built to energy class A+.

The purpose of the meeting was to stimulate reflection on the risks associated with a lack of knowledge or transparency on the subject of environmental sustainability, such as greenwashing claims (unjustified appropriation of environmental virtue by some companies to promote a misleading perception that their activities are environmentally friendly), negative repercussions on image and reputation and loss of credibility.

Speakers at the meeting included representatives from organisations with a long-standing commitment to the aspects at issue, including the Sodalitas Foundation, WWF Italia, Museo A come Ambiente, TINA and leading Italian universities (Bocconi University in Milan and Turin Polytechnic).

* * * On February 13, 2013 the Spanish Supervisory Authority DGSFP approved the sale by Reale Seguros Generales to BBVA (Banco Bilbao Vizcaya Argentaria) of the 50% stake in Unnim Protecciò S.A.; the contract of sale was finalised on February 15, 2013, with payment of the agreed price to Reale Seguros Generales.

* * *

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The Company has embarked on a project to extend the Reale Mutua History Museum. The aim of the project, which includes new installations and a new layout, is to enhance the Company's documentary heritage. Now that restoration work on Palazzo Aldobrandini Biandrate di San Giorgio has been completed, the freshly refurbished rooms will house the new part of the Museum, which will cover an area of almost 400 square metres and is expected to be inaugurated at the end of 2013.

The museum will be enhanced and enriched with the introduction of innovative multimedia installations. Other aspects of the project regard improvements to the methods used to preserve the Company’s main historical documents, boosting visibility for the History Museum and for the Company itself in its home city, attracting more visitors by arranging opening times for groups of people with similar interests and of similar ages, and disseminating the Company’s history and culture.

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BUSINESS OUTLOOK

As far as the world economy is concerned, 2013 will be a year of great uncertainty and, despite some weak signs of recovery, leading analysts forecast no real growth until 2014.

The International Monetary Fund has lowered the forecast for world GDP growth from 3.9% to 3.6%. Growth in industrialised countries is expected to be around 1.5%, while in the emerging economies it is predicted to stand at 5.9%, after a period of brisker growth in the previous two years.

In the euro area, although there have been some signs of improvement in the economies of the peripheral countries, GDP will contract slightly in 2013 (- 0.2%), having previously been forecast to grow by + 0.2%. This reflects persistent uncertainty over how long it will take the region to recover from the crisis and the delay in any benefits deriving from lower Government bond rates.

It will also be some time before the effects of the bank liquidity crisis are overcome. Of the biggest economies in the region, Germany and France are expected to see GDP grow by 0.6% and 0.3%, respectively. The UK's GDP will grow by 1.1%, while that of Spain will contract by 1.3%.

According to the latest IMF estimates, the Italian economy is expected to shrink by around 0.6% in 2013. Household spending will continue to fall, reflecting the slump in available income and leading to a drop of around 1.5% in private consumption.

Inflation is expected to fall to 1.8% in 2013, compared with an average of 3.0% in 2012.

According to a recent survey by ANIA, at the beginning of 2013 Life business premium income relating to new personal policies showed a y/y downswing of 2.9%; this decrease was mainly reported in class I (- 12%) and class V (- 12.5%) policies. Class III policies reported a sharp rise in premium income (+ 31.6%). Unit-linked policies accounted for the greatest proportion of new business in class III and recorded a significant increase compared with the beginning of 2012 (+ 30.6%).

* * *

2013 will be characterised by the effects of the strategic plan approved by the Group for the three-year period from 2013 to 2015. The objective is to increase value for member-policyholders and guarantee business continuity even at a particularly complex and critical time such as this.

The plan, which includes some innovative and competitive elements, consists of nine initiatives relating to different areas of business. Some of these are already being developed, work on others will commence in the coming months.

* * *

In this context, indications regarding the insurance business of the Company confirm the projections examined during the Meeting of Delegates on November 1, 2012.

According to available data, at the end of February 2013, there was an overall y/y increase of 13.1% in premiums written; such growth was the result of a decrease of 1.4% in Non-life classes and an increase of 47.7% for Life business.

In the Life sector, Reale Mutua will continue to overhaul the product catalogue, already initiated in previous years, in order to gear the offer to customers’ requirements, always giving due consideration to profitability.

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According to the guidelines for 2013, the Company will continue to improve underwriting performance and develop premiums in the Non-Life sector.

Systematic monitoring of underwriting results and compliance of sales network activities with Company criteria will continue to be one of the main tools used by the various technical departments in order to achieve the declared objectives.

Additional indicators designed to assess the efficiency of sales network services, especially of underwriters, will be defined and implemented in 2013.

The study of new products will continue. In particular, in the Assets and Property area, the “Agrireale” agricultural multi-risk policy will be reviewed in 2013. A new tariff system will be defined for the “Professionista Reale” product, based on multivariate analysis, and the number of insurable professions with policies that can be managed autonomously by the agencies will be increased in order to optimise positioning in view of the forthcoming introduction of the obligation for professionals to take out mandatory insurance cover. For products dedicated to companies there are a number of improvements in the pipeline, one of the most important of which, considering the volume of business undertaken, will regard the “all risks” policy for medium and large enterprises.

Another important project, which has already been launched and will come fully on stream in the second quarter of 2013 regards the re-organisation of the catastrophic risks management system. This will focus not only on the offering and product structure, but also on a new exposure control management mechanism, with reporting dashboards and automatic management of maximum exposure levels.

One of the targets for 2013 is to reduce time-to-market. This will be done by setting up pilot areas to carry out preliminary assessments of the sales appeal of offerings and then, on the basis of these tests, evaluating the feasibility of mass production before developing and making them available across the entire distribution network.

In 2013, activities in the Motor business must necessarily take into account the provisions of new legislation introduced in 2012, especially Law No. 27/2012 converting Decree-Law No. 1/2012 containing urgent measures on liberalisation, infrastructure development and competition, and Law No. 221/2012 converting Decree-Law No. 179/2012 containing further urgent measures to foster economic growth in Italy.

The new legislation delegates the Supervisory Authority and competent Ministries with responsibility for enacting a number of secondary implementing measures; these include, among others, rules on the saleability of the “black box, the obligation to offer the “basic” Motor TPL cover required by law, with the possibility of selling such policies online, the revision of the no-claims bonus tariff system and abolition of tacit renewal clauses in Motor TPL policies.

The complex regulatory framework will thus not be fully defined until the relevant bodies have enacted the provisions assigned to them by the national legislator.

Activities to manage passive risk selection in the Motor TPL portfolio will continue in 2013, with the identification of specific claim segments, to consider the advisability of maintaining these in the portfolio.

* * *

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As regards sales, the Motor sector will definitely be under great pressure and the scene of several changes owing to the combined effect of the new lower tariffs imposed by law, greater customer profiling with multivariate tariffs and increasingly tough competition.

Activities will therefore follow two main directions:

- development of new business in the non-Motor sector;

- actions focused on maintaining the Motor member portfolio, with development of the third-party liability part and new offerings to enhance cover in the Hulls land vehicles sector.

In the Assets and Property area, the new products launched in recent years and the signing of the “Casa Comune” agreement should help to complete the subrogation projects, regarding both individual and corporate policies, in a drive to enhance profitability.

In 2013, an important area of activity in the Protection of persons and Savings sector will be the development of the new portfolio, with term health and accident insurance and life policies.

New editions of the following schemes will be launched in 2013, to foster sales network retention and develop the tools needed to meet budget targets:

- “Cum Laude”, which will continue to recognise outstanding achievements and include some new scoring parameters;

- "Vinci con Reale”, the workings of which have been completely revamped to make the bonus even more appealing;

- “Superdesk”, with the use of entirely automated systems to measure production levels and including some important new features;

- “Pronti? Via!” and “Sprint Finale”, to award bonuses for specific areas of business within a much shorter time; in particular, “Pronti? Via!” is designed to boost sales of new recurrent-premium Life products, especially term life policies.

Also as regards the sales area, training sessions on the use of instruments and processes will continue to be provided throughout the country, including a new edition for agents. Specific workshops will also be held, for agency users and their co-workers. Targeted advice about possible business/functional models will also be available.

Requests for improvements to IT programs will continue to be analysed, with the Sales and IT departments working in close cooperation.

* * *

In the Marketing area new initiatives will focus on improving the quality of the data in the register of personal details. The first step in building a central register will be to create a specific dataset for each individual client to provide a single key for accessing the reserved internet area. This comes in the wake of new legislation whereby insurance companies must make it possible for their clients to check their insurance position online in exactly the same way as with internet banking.

The Company will continue to create new opportunities to interact with policyholders, in addition to those already envisaged under the contract, in order to strengthen ties with the brand and with the sales network, exploiting all the potentials offered by internet.

In 2013, all members with an insurance policy will receive details about how to access and navigate the reserved area. This will also be an opportunity for the Company to obtain more useful information and so improve client profiling and deliver news and services increasingly tailored to suit members’ needs.

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The advertising campaign will continue. The aim is to promote the Company as having a precise role in society, actively raising awareness about the importance of protection and the bearer of positive values and conduct to promote social wellbeing. It will continue to develop the www.realmenteprotetti.it website, which will host new initiatives and competitions for all registered members.

* * *

Turning to financial activities, all classes of financial assets have benefitted from the conventional and unconventional monetary policies implemented by the central banks in 2012 and 2013 could be a year of transition towards a Europe where there is not only economic union, but also banking, fiscal and political union.

In the majority of peripheral countries in the euro area the impact of the fiscal consolidation policies will probably peak in 2013, as will the subsequent reduction in overall demand.

Though stable, short-term growth in the euro area is likely to be weak, with stagnation in the core economies and contraction in peripheral countries.

On bond markets, the monetary policy mechanisms introduced by the ECB appear to have significantly abated the likelihood of extreme scenarios. Yields on government bonds issued by peripheral countries have fallen considerably and there is some indication that this negative trend may soon come to an end.

Political uncertainty and persistent recession continue to put Italian BTP bonds under pressure.

Against a backdrop of economic stagnation, interest rate hikes are not likely and the ECB will presumably continue to pursue an expansive monetary policy.

As far as equity investments are concerned, the stock exchanges rallied in 2012, buoyed by the solution of the fiscal cliff problem in the US. However, there is a risk of company profits being less satisfactory than expected and of this leading to a period of adjustment.

Against this backdrop of uncertainty and contrasting signals, the Company will aim to establish a prevalently bond-oriented portfolio mix, giving preference to Government securities. The duration of the Non-life segment will continue to be limited, at least until some degree of political and financial stability is established; the duration of Life sector bonds will be consistent with measurements based on asset liability management techniques, in order to meet commitments to insurers as these fall due.

The size of equity trade portfolios will continue to be limited, monitoring the markets so as to increase the portfolio once the economy shows signs of recovery.

The types and proportions of the investments will be determined according to the usual prudent criteria.

* * *

As far as equity investments are concerned, plans launched in previous years will continue with a view to establishing possible cooperation agreements in order to reinforce Reale Mutua Group’s standing on the insurance markets.

The Reale Seguros Generales subsidiary will examine the possibility of maintaining the bancassurance agreements with the Spanish banking group Caja3, in view of the group’s new corporate structure. This could result in a decision to overhaul the existing agreements, including the disposal of the stake in CAI Seguros Generales, owned with the group on an equal basis, which would generate significant capital gains.

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AUDIT

Pursuant to art. 102 of Legislative Decree No. 209 of September 7, 2005 and art. 14 – 16 of Legislative Decree No. 39 of January 27, 2010, the annual accounts at December 31, 2012 have been audited by Reconta Ernst & Young S.p.A.

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MOTIONS ON THE PROFIT FOR THE YEAR

To the Delegates,

We submit to your approval the accounts herewith presented which closed with a total profit of € 157,100,409.30, of which € 100,466,616.48 for Life business and € 56,633,792.82 for Non-life business.

We propose that the result for the year be allocated as indicated below, with separate assignment to the Life and Non-life segments according to the operating and financial performance of each type of business:

LIFE BUSINESS:

Allocation of the profit for the year, equal to € 100,466,616.48 for:

- € 5,023,330.82, equal to 5% of the result, to the legal reserve;

- the remaining amount of € 95,443,285.66 to the ordinary reserve.

NON-LIFE BUSINESS:

Allocation of the profit for the year, equal to € 56,633,792.82 for:

- € 2,831,689.64, equal to 5% of the result, to the legal reserve;

- the remaining amount of € 53,802,103.18 to the ordinary reserve.

* * *

The allocation of the profit for the year for the Life business will result in an increase in the equity items of said business by more than 10%; pursuant to art. 5 of ISVAP Regulation No. 17 of March 11, 2008, the part of art. 6 of the Corporate Bylaws regarding the amounts of said equity items for both the Life and Non-life sections will have to be amended.

Said adjustments are to be examined and approved by the Meeting of Delegates.

* * *

The approval of the financial statements for 2012 marks the end of the three-year term of office of the Board of Statutory Auditors. The Meeting will therefore be asked to appoint the members thereof for the next three-year period.

* * *

The Board of Directors wishes to thank the management, all staff and agents for their unfailing co-operation and commitment throughout the year.

* * *

Finally, we know you will join us in paying tribute to Board Members Enrico Piola, Grand Officer of the Military Order of Italy, who passed away on April 8, 2012, Gian Piero Mauri, who died on June 24, 2012, Prof. Luigi Michelini Count of San Martino and Rivalta, deceased on September 3, 2012 and Prof. Elio Casetta, Grand Officer of the Military Order of Italy and Director until April 21, 2012, who passed away on June 4, 2012, to all of whom we express the sincere gratitude of the Company and all those closely related with it.

THE BOARD OF DIRECTORS

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BALANCE SHEET AND

INCOME STATEMENT

BALANCE SHEET

ASSETS

Values of the year

A. SUBSCRIBED CAPITAL UNPAID 1 0

of which called-up capital 2 0

B. INTANGIBLE ASSETS

1. Deferred acquisition commissions a) Life business 3 0

b) Non-life business 4 0 5 0

2. Other acquisition costs 6 0

3. Start-up and expansion costs 7 0

4. Goodwill 8 0

5. Other multi-year costs 9 47,046,625 10 47,046,625

C. INVESTMENTS

I - Land and buildings 1. Property used in company operations 11 14,049,887

2. Property rented to third parties 12 25,466,937

3. Other properties 13 0

4. Other properties rights 14 0

5. Construction in progress and advance 15 0 16 39,516,824

II - Investments in Group companies and other shareholdings 1. Shares and interests in: a) controlling companies 17 0

b) subsidiary companies 18 1,543,720,524

c) affiliated companies 19 0

d) associated companies 20 36,754,313

e) other companies 21 3,064,500 22 1,583,539,337

2. Bond issued by: a) controlling companies 23 0

b) subsidiary companies 24 0

c) affiliated companies 25 0

d) associated companies 26 0

e) other companies 27 0 28 0

3. Loans to: a)controlling companies 29 0

b) subsidiary companies 30 0

c) affiliated companies 31 0

d) associated companies 32 0

e) other companies 33 0 34 0 35 1,583,539,337

to be carried forward 47,046,625

74

Values of the previous year

181 0

182 0

183 0

184 0 185 0

186 0

187 0

188 0

189 40,047,072 190 40,047,072

191 13,028,934

192 24,965,975

193 0

194 0

195 0 196 37,994,909

197 0

198 1,543,563,415

199 0

200 36,754,313

201 716,400 202 1,581,034,128

203 0

204 0

205 0

206 0

207 0 208 0

209 0

210 0

211 0

212 0

213 0 214 0 215 1,581,034,128

to be carried forward 40,047,072

75

BALANCE SHEET

ASSETS

Values of the year

carried forward 47,046,625

C. INVESTMENTS (continued)

III - Other financial investments 1. Shares and interests a) Listed shares 36 108,540,148

b) Unlisted shares 37 3,231,590

c) Interests 38 1,699,785 39 113,471,523

2. Shares in common investment funds 40 173,066,454

3. Bonds and other fixed-income securities a) listed 41 3,983,125,695

b) unlisted 42 41,271,131

c) convertible debentures 43 0 44 4,024,396,826

4. Loans a) loans secured by mortgage 45 30,419,697

b) loans on policies 46 5,731,824

c) other loans 47 1,999,217 48 38,150,738

5. Participation in investment pools 49 0

6. Deposits with credit institutions 50 1,179,920

7. Other financial investments 51 69,417 52 4,350,334,878

IV - Deposits with ceding companies 53 5,740,173 54 5,979,131,212

D. INVESTMENTS FOR THE BENEFIT OF LIFE POLICYHOLDERS WHO BEAR THE INVESTMENT RISK AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS

I - Investments relating to contracts linked to investment funds and market indexes 55 440,119,239

II - Investments relating to the administration of pension funds 56 108,696,979 57 548,816,218

D bis. REINSURERS’ SHARE OF TECHNICAL PROVISIONS

I - NON-LIFE BUSINESS

1. Provisions for unearned premiums 58 53,438,582

2. Provisions for claims outstanding 59 298,378,677

3. Provisions for profit-sharing and premium refunds 60 0

4. Other technical provisions 61 0 62 351,817,259

II - LIFE BUSINESS

1. Provisions for policy liabilities 63 3,614,454

2. Unearned premium provision for supplementary coverage 64 0

3. Provision for sums to be paid 65 2,464,296

4. Provisions for profit-sharing and premium refunds 66 0

5. Other technical provisions 67 0

6. Technical provisions where the investments risk is borne by the policyholders and relating to the administration of pension funds 68 0 69 6,078,750 70 357,896,009

to be carried forward 6,932,890,064

76

Values of the previous year

carried forward 40,047,072

216 138,434,416

217 4,180,484

218 1,699,785 219 144,314,685

220 153,777,690

221 3,570,254,285

222 55,069,122

223 0 224 3,625,323,407

225 27,952,720

226 6,451,043

227 2,005,525 228 36,409,288

229 0

230 605,580

231 65,490 232 3,960,496,140

233 6,819,736 234 5,586,344,913

235 470,411,022

236 80,616,805 237 551,027,827

238 57,901,740

239 168,715,384

240 0

241 0 242 226,617,124

243 3,691,020

244 0

245 927,823

246 0

247 0

248 0 249 4,618,843 250 231,235,967

to be carried forward 6,408,655,779

77

BALANCE SHEET

ASSETS

Values of the year

carried forward 6,932,890,064

E. DEBTORS

I - Debtors arising out of direct insurance operations: 1. Policyholders a) for premiums current year 71 193,810,540

b) for premiums previous years 72 10,755,941 73 204,566,481

2. Insurance intermediaries 74 173,625,179

3. Current accounts with Insurance companies 75 42,397,363

4. Policyholders and third parties for recoveries 76 36,213,126 77 456,802,149

II - Debtors arising out of reinsurance operations: 1. Insurance and Reinsurance companies 78 31,705,778

2. Reinsurance intermediaries 79 430,578 80 32,136,356

III - Other debtors 81 149,792,748 82 638,731,253

F. OTHER ASSETS

I - Tangible assets and stocks: 1. Furniture, office machines and internal transport vehicles 83 4,700,046

2. Vehicles listed in public registers 84 23,670

3. Machinery and equipment 85 7,589,039

4. Stocks and other goods 86 0 87 12,312,755

II - Cash at bank and in hand: 1. Bank and Postal accounts 88 95,907,229

2. Cheques and cash on hand 89 3,273 90 95,910,502

III - Own shares or equity interests 91 0

IV - Other 1. Deferred reinsurance items 92 784,163

2. Miscellaneous assets 93 163,906,024 94 164,690,187 95 272,913,444

G. PREPAYMENTS AND ACCUIRRED INCOME 1. Accrued interest 96 61,138,144

2. Rents 97 0

3. Other prepayments and accrued income 98 565,467 99 61,703,611

TOTAL ASSETS 100 7,906,238,372

78

Values of the previous year

carried forward 6,408,655,779

251 169,905,910

252 16,550,179 253 186,456,089

254 169,229,186

255 47,028,503

256 29,079,241 257 431,793,019

258 7,484,897

259 724,966 260 8,209,863

261 165,045,397 262 605,048,279

263 4,880,077

264 33,139

265 9,286,755

266 0 267 14,199,971

268 56,207,577

269 3,307 270 56,210,884

271 0

272 0

273 165,841,698 274 165,841,698 275 236,252,553

276 57,770,229

277 0

278 482,612 279 58,252,841

280 7,308,209,452

79

BALANCE SHEET

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

A. SHAREHOLDERS' EQUITY

I - Subscribed capital or equivalent fund 101 60,000,000

II - Share premium reserve 102 0

III - Revaluation reserve 103 136,222,768

IV - Legal reserve 104 190,330,591

V - Statutory reserves 105 0

VI - Reserves for own shares and shares of the controlling company 106 0

VII - Other reserves 107 1,059,137,604

VIII - Net profit (loss) brought forward 108 0

IX - Net profit (loss) for the year 109 157,100,409 110 1,602,791,372

B. LINKED LIABILITIES 111 0

C. TECHNICAL PROVISIONS

I - NON-LIFE BUSINESS

1. Provisions for unearned premiums 112 627,539,436

2. Provisions for claims outstanding 113 1,983,241,656

3. Provisions for profit-sharing and premium refunds 114 0

4. Other technical provisions 115 1,622,640

5. Equalisation provision 116 6,585,559 117 2,618,989,291

II - LIFE BUSINESS

1. Provisions for policy liabilities 118 2,643,495,102

2. Unearned premium provision for supplementary coverage 119 112,818

3. Provision for sums to be paid 120 50,006,554

4. Provision for profit-sgaring and premium refunds 121 0

5. Other technical provisions 122 9,145,095 123 2,702,759,569 124 5,321,748,860

D. PROVISIONS FOR POLICIES WHERE THE INVESTMENT RISK IS BORNE BY THE POLICYHOLDERS AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS

I - Provisions relating to contracts linked to investment funds and market indexes 125 440,914,716

II - Provisions relating to the administration of pension funds 126 108,692,284 127 549,607,000

to be carried forward 7,474,147,232

80

Values of the previous year

281 60,000,000

282 0

283 136,222,768

284 190,330,591

285 0

286 0

287 1,145,026,441

288 0

289 -85,888,837 290 1,445,690,963

291 0

292 626,276,030

293 1,836,145,517

294 0

295 1,842,472

296 9,473,480 297 2,473,737,499

298 2,485,283,913

299 101,066

300 33,480,372

301 0

302 8,448,054 303 2,527,313,405 304 5,001,050,904

305 472,326,339

306 80,612,889 307 552,939,228

to be carried forward 6,999,681,095

81

BALANCE SHEET

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

carried forward 7,474,147,232

E. PROVISIONS FOR OTHER RISKS AND CHARGES

1. Provisions for pensions and similar obligations 128 35,595,831

2. Provisions for taxation 129 406,839

3. Other provisions 130 42,569,473 131 78,572,143

F. DEPOSITS RECEIVED FROM REINSURERS 132 6,399,101

G. CREDITORS AND OTHER LIABILITIES

I - Creditors arising out of direct insurance operations: 1. Insurance intermediaries 133 41,488,277

2. Current accounts with Insurance companies 134 5,456,119

3. Premium deposits and premiums due to policyholders 135 5,383,112

4. Guarantee funds in favour of policyholders 136 1,152,197 137 53,479,705

II - Creditors arising out of reinsurance operations: 1. Insurance and Reinsurance companies 138 3,027,002

2. Reinsurance intermediaries 139 77,616 140 3,104,618

III - Debenture loans 141 0

IV - Amounts owed to banks and credit institutions 142 0

V - Loans guaranteed by mortgages 143 0

VI - Miscellaneous loans and other financial liabilities 144 0

VII - Provisions for employee termination indemnities 145 12,475,450

VIII - Other creditors 1. Premium taxes 146 26,928,682

2. Other tax liabilities 147 129,789,440

3. Social security 148 4,757,975

4. Miscellaneous creditors 149 53,040,949 150 214,517,046

IX - Other liabilities 1. Deferred reinsurance items 151 0

2. Commissions for premiums in course of collection 152 47,855,123

3. Miscellaneous liabilities 153 13,594,402 154 61,449,525 155 345,026,344

to be carried forward 7,904,144,820

82

Values of the previous year

carried forward 6,999,681,095

308 36,452,964

309 406,839

310 35,558,576 311 72,418,379

312 6,831,099

313 36,306,481

314 5,861,157

315 5,285,410

316 2,054,381 317 49,507,429

318 6,927,167

319 1,111,178 320 8,038,345

321 0

322 0

323 0

324 0

325 12,786,353

326 27,308,196

327 6,087,661

328 4,427,339

329 71,982,596 330 109,805,792

331 37,339

332 40,946,289

333 7,190,637 334 48,174,265 335 228,312,184

to be carried forward 7,307,242,757

83

BALANCE SHEET

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

carried forward 7,904,144,820

H. ACCRUALS AND DEFERRED INCOME

1. Accrued interest 156 1,530,624

2. Rents 157 562,928

3. Other prepayments and accrued income 158 0 159 2,093,552

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 160 7,906,238,372

BALANCE SHEET

GUARANTEES, COMMITMENTS AND OTHER MEMORANDUM ACCOUNTS

Values of the year

GUARANTEES, COMMITMENTS AND OTHER MEMORANDUM ACCOUNTS

I - Guarantees given

1. Sureties 161 5,000,000

2. Endorsements 162 0

3. Other personal guarantees 163 0

4. Guarantees secured by mortgages 164 0

II - Guarantees received

1. Sureties 165 22,482,565

2. Endorsements 166 0

3. Other personal guarantees 167 0

4. Guarantees secured by mortgages 168 30,259,696

III - Guarantees issued by third parties in the interest of the Company 169 26,206,935

IV - Commitments 170 122,239,457

V - Third party assets 171 0

VI - Assets relating to pension funds managed in the name and on behalf of third parties 172 0

VII - Securities deposited with third parties 173 5,189,331,531

VIII - Other memorandum accounts 174 0

84

Values of the previous year

carried forward 7,307,242,757

336 937,828

337 28,867

338 0 339 966,695

340 7,308,209,452

Values of the previous year

341 0

342 0

343 0

344 0

345 21,342,600

346 0

347 0

348 27,952,720

349 19,234,462

350 125,952,946

351 0

352 0

353 4,808,144,793

354 0

85

INCOME STATEMENT

Values of the year

I. TECHNICAL ACCOUNT – NON-LIFE INSURANCE BUSINESS

1. PREMIUMS EARNED, NET OF REINSURANCE

a) Gross premiums written 1 1,395,649,668

b) (-) Outward reinsurance premiums 2 139,642,309

c) Change in the gross provision for unearned premiums 3 1,306,800

d) Change in the provision for unearned premiums, reinsurers’ share 4 -3,913,227 5 1,250,787,332

2. (+) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-TECHNICAL ACCOUNT (Item III. 6) 6 90,435,500

3. OTHER TECHNICAL INCOME, NET OF REINSURANCE 7 19,407,024

4. CLAIMS INCURRED, NET OF RECOVERY AND REINSURANCE

a) Claims paid

aa) Gross amount 8 970,668,912

bb) (-) reinsurers’ share 9 107,278,040 10 863,390,872

b) Change in recoveries, net of reinsurance

aa) Gross amount 11 28,821,786

bb) (-) reinsurers’ share 12 13 28,821,786

c) Change in the provisions for outstanding claims

aa) Gross amount 14 147,878,573

bb) (-) reinsurers’ share 15 134,471,261 16 13,407,312 17 847,976,398

5. CHANGE IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE 18 -219,832

6. PREMIUMS REFUNDS AND PROFIT-SHARING, NET OF REINSURANCE 19

7. OPERATING EXPENSES: a) Acquisition commissions 20 170,891,803

b) Other acquisition costs 21 51,338,853

c) Change in commissions and other acquisition costs to be amortised 22

d) Collecting commissions 23 91,958,904

e) Other administrative expenses 24 55,045,835

f) (-) Reinsurance commissions and profit-sharing 25 27,967,794 26 341,267,601

8. OTHER TECHNICAL CHARGES, NET OF REINSURANCE 27 50,731,405

9. CHANGE IN THE EQUALISATION PROVISION 28 -2,887,921

10. BALANCE ON THE TECHNICAL ACCOUNT FOR NON-LIFE INSURANCE BUSINESS (Item III. 1) 29 123,762,205

86

Values of the previous year

111 1,375,492,362

112 143,826,213

113 21,061,687

114 12,276,386 115 1,222,880,848

116 18,940,077

117 21,711,742

118 929,527,283

119 83,717,814 120 845,809,469

121 23,408,895

122 123 23,408,895

124 71,755,995

125 -2,158,706 126 73,914,701 127 896,315,275

128 -433,181

129

130 169,856,726

131 49,545,238

132

133 84,978,984

134 56,731,424

135 30,959,145 136 330,153,227

137 47,462,030

138 2,774,155

139 -12,738,839

87

INCOME STATEMENT

Values of the year

II. TECHNICAL ACCOUNT - LIFE INSURANCE BUSINESS

1. PREMIUMS EARNED, NET OF REINSURANCE:

a) Gross premiums written 30 535,429,769

b) (-) Outward reinsurance premiums 31 4,390,919 32 531,038,850

2. INVESTMENT INCOME:

a) From shares and interests 33 3,368,478

(of which: from Group companies and other shareholdings 34 2,400,000 )

b) From other investments: aa) income from land and buildings 35

bb) income from other investments 36 124,133,540 37 124,133,540

(of which: from Group companies and other shareholdings 38 3,274 )

c) Value re-adjustments on investments 39 132,885,256

d) Gains on the disposal of investments 40 6,990,223

(of which: from Group companies and other shareholdings 41 ) 42 267,377,497

3. INCOME AND UNREALISED GAINS ON INVESTMENTS TO THE BENEFIT OF POLICYHOLDERSWHO BEAR THE INVESTMENT RISK AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS 43 71,590,344

4. OTHER TECHNICAL INCOME, NET OF REINSURANCE 44 6,877,918

5. CLAIMS INCURRED, NET OF REINSURANCE:

a) Claims paid aa) Gross amount 45 501,184,641

bb) (-) Reinsurers' share 46 2,815,054 47 498,369,587 b) Change in the provisions for claims to be paid aa) Gross amount 48 16,526,182

bb) (-) Reinsurers' share 49 1,536,473 50 14,989,709 51 513,359,296

6. CHANGE IN THE PROVISION FOR POLICY LIABILITIES AND IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE

a) Provisions for policy liabilities: aa) Gross amount 52 149,551,832

bb) (-) Reinsurers' share 53 -76,566 54 149,628,398

b) Unearned premium provision for supplementary coverage: aa) Gross amount 55 11,752

bb) (-) Reinsurers' share 56 57 11,752

c) Other technical provisions aa) Gross amount 58 697,041

bb) (-) Reinsurers' share 59 60 697,041

d) Provisions for policies where the investment risk is borne the policyholders and relating to the administration of pension funds aa) Gross amount 61 -3,332,227

bb) (-) Reinsurers' share 62 63 -3,332,227 64 147,004,964

88

Values of the previous year

140 497,130,871

141 5,843,833 142 491,287,038

143 3,263,082

(of which: from Group companies and other shareholdings 144 2,220,000 )

145

146 108,930,385 147 108,930,385

(of which: from Group companies and other shareholdings 148 3,354 )

149 3,778,623

150 6,950,167

(of which: from Group companies and other shareholdings 151 ) 152 122,922,257

153 24,770,389

154 6,891,158

155 796,580,958

156 3,518,087 157 793,062,871

158 -359,395,316

159 -207,395 160 -359,187,921 161 433,874,950

162 146,630,782

163 1,371,598 164 145,259,184

165 5,612

166 167 5,612

168 193,178

169 170 193,178

171 -40,608,435

172 173 -40,608,435 174 104,849,539

89

INCOME STATEMENT

Values of the year

7. PREMIUMS REFUNDS AND PROFIT-SHARING, NET OF REINSURANCE 65

8. OPERATING EXPENSES: a) Acquisition commissions 66 11,134,898

b) Other acquisition costs 67 10,104,750

c) Change in commissions and other acquisition costs to be amortised 68

d) Collecting commissions 69 2,317,011

e) Other administrative expenses 70 10,058,975

f) (-) Reinsurance commissions and profit-sharing 71 233,076 72 33,382,558

9. INVESTMENT MANAGEMENT AND FINANCIAL CHARGES:

a) Investment management charges, including interest 73 10,254,446

b) Value adjustments on investments 74 199,729

c) Losses on the disposal of investments 75 494,190 76 10,948,365

10. EXPENSES AND UNREALISED LOSSES ON INVESTMENTS TO THE BENEFIT OF POLICYHOLDERSWHO BEAR THE INVESTMENT RISK AND RELATING TO THE ADMINISTRATIONOF PENSION FUNDS 77 16,220,441

11. OTHER TECHNICAL CHARGES, NET OF REINSURANCE 78 4,688,180

12. (-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-TECHNICAL ACCOUNT (Item III. 4) 79 36,233,436

13. BALANCE ON THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (Item III. 2) 80 115,047,369

III. NON TECHNICAL ACCOUNT

1. BALANCE ON THE TECHNICAL ACCOUNT FOR NON-LIFE INSURANCE BUSINESS (Item I.10) 81 123,762,205

2. BALANCE ON THE TECHNICAL ACCOUNT FOR LIFE BUSINESS (Item II. 13) 82 115,047,369

3. NON-LIFE INVESTMENT INCOME:

a) From shares and interests 83 56,160,235

(of which: from Group companies and other shareholdings 84 49,990,910 )

b) From other investments: aa) income from land and buildings 85 2,350,940

bb) income from other investments 86 30,250,957 87 32,601,897

(of which: from Group companies and other shareholdings 88 1,664 )

c) Value re-adjustments on investments 89 31,351,249

d) ) Gains on the disposal of investments 90 29,632,904

(of which: from Group companies and other shareholdings 91 ) 92 149,746,285

90

Values of the previous year

175

176 11,429,129

177 9,008,309

178

179 2,271,128

180 8,895,134

181 700,933 182 30,902,767

183 10,473,551

184 121,197,496

185 2,477,918 186 134,148,965

187 48,677,394

188 4,842,259

189

190 -111,425,032

191 -12,738,839

192 -111,425,032

193 47,289,783

(of which: from Group companies and other shareholdings 194 42,815,009 )

195 2,370,834

196 37,561,401 197 39,932,235

(of which: from Group companies and other shareholdings 198 929 )

199 823,784

200 15,046,188

(of which: from Group companies and other shareholdings 201 ) 202 103,091,990

91

INCOME STATEMENT

Values of the year

4. (+) ALLOCATED INVESTMENT RETURN TRANSFERRED FROM THELIFE TECHNICAL ACCOUNT (Item II. 12) 93 36,233,436

5. INVESTMENT MANAGEMENT AND FINANCIAL CHARGES NON-LIFE BUSINESS:

a) Investment management charges, including interest 94 7,148,707

b) Value adjustments on investments 95 6,525,643

c) Losses on the disposal of investments 96 1,775,083 97 15,449,433

6. (-) ALLOCATED INVESTMENT RETURN TRANSFERRED TO THE NON-LIFE INSURANCE BUSINESS TECHNICAL ACCOUNT (Item I.2) 98 90,435,500

7. OTHER INCOME 99 63,452,093

8. OTHER CHARGES 100 89,208,967

9. INCOME FROM ORDINARY OPERATIONS 101 293,147,488

10. EXTRAORDINARY INCOME 102 12,519,329

11. EXTRAORDINARY CHARGES 103 60,066,408

12. EXTRAORDINARY PROFIT OR LOSS 104 -47,547,079

13. PROFIT BEFORE TAXES 105 245,600,409

14. INCOME TAXES 106 88,500,000

15. NET PROFIT (LOSS) FOR THE YEAR 107 157,100,409

92

Values of the previous year

203

204 7,131,575

205 63,808,197

206 4,042,872 207 74,982,644

208 18,940,077

209 66,717,983

210 87,709,596

211 -135,986,215

212 11,393,763

213 9,335,385

214 2,058,378

215 -133,927,837

216 -48,039,000

217 -85,888,837

93

NOTES TO THE FINANCIAL STATEMENTS

The Financial Statements at December 31, 2012:

• have been prepared according to the general provisions on the financial statements of insurance companies established by the Insurance Code (Legislative Decree No. 209/2005) and by the applicable articles of Legislative Decree No. 173/97;

• comply with the provisions and schedules established by ISVAP Regulation No. 22/2008;

• comply with the provisions applicable to statutory financial statements set forth in other ISVAP Regulations;

• in accordance with art. 2423 of the Italian Civil Code, the Financial Statements comprise the Balance Sheet, Income Statement and these Notes to the Financial Statements; they are accompanied by the Report on Operations.

The Balance Sheet and Income Statement have been prepared according to the schedules contained in Annex 1 to ISVAP Regulation No. 22/2008.

The Notes to the Financial Statements set forth:

Part A: valuation criteria

Part B: commentary on the Balance Sheet and Income Statement (22 sections)

Part C: other information

96

PART A

VALUATION CRITERIA

Section 1: Outline of the main Valuation criteria

The valuation criteria adopted comply with current regulatory provisions and refer to the accounting principles issued by the Italian Accounting Board.

The criteria adopted in preparing the 2012 financial statements are the same as those adopted in the previous year.

The financial statements have been prepared assuming continuity as going concern, for the reasons indicated in the Report on Operations, to which reference should be made.

Intangible assets

“Other multi-year expenses” reflect costs incurred for the purchase of application software and of basic software licences, leasehold improvements and other minor costs. These items are booked at purchase cost including any additional charges and are amortised systematically according to their remaining possibilities of use and in any case, in a maximum period of five years.

The period of use of application software and of system software licences has been considered equal to five years.

Acquisition commissions for the year referring to multi-year contracts have been completely expensed for all sectors of business.

Goodwill acquired for a valuable consideration is booked under assets and amortised systematically over a period of five years, considered consistent with presumable useful life, taking into account the earning prospects of the company units to which such goodwill refers.

Land and buildings

These items are entered at purchase or construction cost plus any incidental and financial charges.

In particular, the buildings include expenses incurred for restructuring and improvements that have effectively increased their value; the book values also include revaluations made according to the law.

Real property rented to third parties is not depreciated in view of the Company’s policy of attentive, continuous upkeep which maintains the value of the property in time.

Property used in Company operations is stated net of the related accumulated depreciation which is taken at a fixed rate of 3% per year.

Long-term financial investments

In accordance with Article 15 of Legislative Decree No. 173/97 and the outline resolution of the Board of Directors in 2011, also in compliance with ISVAP Regulation No. 36 of January 31, 2011, securities with the following characteristics have been included in this category: • Euro-denominated bonds, listed or unlisted, that will be held to maturity or which have been

acquired for the purpose of long-term investment, consistently with the operating-financial performance of the undertaking, including securities purchased to cover specific insurance products;

• Strategic investments; • Shares in other listed or unlisted companies, in the case of investments useful to achieve or

further Company purposes, regardless of the quota interest and/or which the Company intends to hold for the longer term in the case of written agreements or not.

• Securities or property funds, including closed-end and reserved funds, acquired for the purpose of long-term investment or that will be held to maturity.

98

These items are booked at purchase cost, including any incidental charges, calculated according to the continuous weighted average method. For bonds, the purchase cost is adjusted by the difference between the cost of the securities and their redemption value, amortised according to the straight-line method in the period between the date of purchase and date of maturity. This value is written down in the case of permanent impairment of value. Any write-downs are reversed in subsequent years if the underlying assumptions are no longer correct.

Short-term investments

These items are carried at the lower of purchase cost, calculated according to the continuous weighted average method, and presumed realisable value according to market trends. The original cost is restored in subsequent years in the case in which the underlying reasons for the write-downs are no longer correct.

For bonds, the purchase cost is adjusted by the difference between the issue price and the redemption value, amortised according to the straight-line method in the period between the date of purchase and date of maturity.

The fair value of such investments coincides with the price recorded on the last day of trading of the year for instruments traded on an active market. In the absence of an active market, the fair value is represented by the price of recent transactions or of similar instruments or, alternatively, the values resulting from application of commonly used valuation models, that take into account the correlated risk factors and are based on market observables (e.g. cash flow discount).

Investments for the benefit of Life policyholders who bear the investment risk and relating to the administration of pension funds

These items are stated at current value according to the following methods:

• for securities traded on regulated markets, according to the market value recorded on the last day of trading of the year;

• for securities traded on non-regulated markets, according to the average price at which such investments were traded on the last day of trading of the year or according to the value determined by the issuer at year-end.

Options on securities

Derivative contracts on hand at year-end are entered consistently with the underlying asset. In particular, premiums on options referring to securities not held as long-term investments are stated at the lower of purchase cost and the price that can be assumed according to market trends. Premiums collected or paid for options on securities of macro-class C are stated respectively under items G.VI "Miscellaneous loans and other financial liabilities" and C.III.7 "Miscellaneous financial investments". Gains or losses on trading in options are recognised in the Income Statement of the year in which the related sales contracts are performed.

Technical provisions of business ceded

These include reinsurers' shares of technical provisions determined according to contractual reinsurance agreements, on the basis of the gross amounts of technical provisions.

99

Debtors

These items are booked at presumed realisable value in accordance with paragraph 9 of art. 16 of Legislative Decree 173/1997.

Tangible assets and stocks

Tangible assets, carried at purchase cost, are written down according to their remaining possibility of use; the following depreciation rates are applied:

• from 10% to 15% for furniture and ordinary office machines;

• 40% for EDP equipment and peripherals, electro-mechanical and electronic office machines;

• from 20% to 25% for cars, motor vehicles and internal handling equipment;

• from 25% to 30% for telephone and telecommunication systems, alarm and remote control systems;

• from 7.5% to 15% for lifting systems and equipment, conditioners, fittings and sundry equipment.

For purchases during the year, the rates are reduced by half to take into account their coming on stream during the year.

Stocks are expensed during the year.

Technical provisions – Life section

The technical provisions are determined according to ISVAP Regulation No. 21 of March 28, 2008.

The provisions for policy liabilities relating to direct Life insurance risks are calculated separately for each contract according to commitments and referring to the actuarial assumptions used to calculate the premiums of existing contracts.

The provisions for policy liabilities are never less than the surrender values.

Technical provisions include: the provision for premiums carried forward, which takes into account the fractions of pure annual premiums pertaining to the following year, the provision for health and professional additional premiums, the unearned premium provision for supplementary coverage, the provision for operating expenses determined according to the loadings for operating expenses present in the tariff rate, the additional provision.

The provision for demographic basis alignment is calculated individually using the most recent technical bases and annuity preference coefficients available at the reporting date.

The mathematical provisions also reflect the actuarial principles adopted to calculate the additional provisions on contracts with revaluable returns.

The provision for sums to be paid is set aside at the end of each year in a measure equal to the total amount of the sums necessary to pay principle and annuities matured, surrenders and claims to be paid.

Provisions for policies where the investments risk is borne by the policyholders and relating to the administration of pension funds

The technical provisions included in this category are determined according to the investments for which the policyholder bears the risk. For the valuation criteria of the latter, reference should be made to the section on investments.

100

Technical provisions – Non-life business

Provisions for unearned premiums

The provision for unearned premiums comprises:

• Provision for premium instalments: this is calculated for all classes of business according to the pro-rata temporis method, based on gross premiums booked less acquisition commissions and other directly ascribable acquisition costs. For the risks of suretyship, hail, damages caused by natural disasters such as earthquakes, seaquakes, volcanic eruptions and related phenomena, the provision for premium instalments has been integrated according to the criteria defined by ISVAP Regulation No. 16/2008;

In accordance with the recent ISVAP clarification regarding the additional provision for insurance to cover damage caused by hail and other natural disasters issued on February 21, 2011, as from financial 2011 the Company only sets aside the additional provision with reference to Hail business products characterised by cover that does not expire on or before December 31 of that year. This change had a positive effect on results for the year and on shareholders’ equity, before tax, amounting to € 8,996 thousand.

• Provision for unexpired risks: this component of the provision for unearned premiums is intended to hedge risks arising after the end of the financial year, in order to provide for all claims in connection with insurance contracts that have originated the provision for premium instalments, to the extent that the amount exceeds that of the provision for premium instalments and the premiums that will be payable on the basis of such contracts. Such provision has been calculated according to the empirical method based on projection of the forecast claims rate as established by art. 11 of ISVAP Regulation No. 16/2008.

Other technical provisions

These consist exclusively of the senescence reserve set aside for multi-year or annual Health business contracts with the obligation of renewal on expiry whose premiums are determined, for the entire period of coverage, according to the age of the insureds at the time of stipulating the contract. The senescence provision is determined analytically according to actuarial methods pursuant to Article 47 of ISVAP Regulation No. 16/2008.

Equalisation provision

This includes provisions for the risks of natural disasters determined in accordance with Section III of ISVAP Regulation No. 16/2008.

Provision for claims outstanding

The provision for claims outstanding has been determined on the basis of a prudent estimate of loss in order to cover payment of claims incurred and not yet settled, entirely or in part, at the end of the year and related direct and claim settlement costs. The assessment was also based on projected charges to the company without taking into account the correlated financial aspects. The analytical provision for claims outstanding, taken as the basis for ultimate cost actuarial estimates, has been determined by the Group Claims Handling settlement structures referring to the investigation documents on hand at December 31 of the year, quantifying the presumable future cost of each claim through application of uniform criteria for assessment of the loss, including interest and revaluations accrued and legal expenses – in and out of court – and CTU – court-appointed technical consultants.

101

Projections using different actuarial techniques have been made considering claims experience historical data (amounts and numbers) for each class of business and year of occurrence. In particular, the conditions of applicability of these and compliance with hypotheses regarding the business context of the company were verified beforehand: Chain Ladder Paid, Chain Ladder Incurred, Inflation-adjusted Chain Ladder Paid, Bornhuetter-Ferguson Paid, Bornhuetter-Ferguson Incurred and Average Paid. While the Chain Ladder and Bornhuetter-Ferguson methods consider the process of inflation to be implicit in the historical evolution of claims data, those based on Average Paid and Inflation-Adjusted Chain Ladder Paid refer to a claims database adjusted for inflation. For TPL Land vehicles and Non-motor TPL the inflation hypothesis is increased in relation to other ‘Short Tail’ classes. The inventory provisions have been integrated in order to take into account the indications of actuarial estimates of ultimate cost, obtained adopting the above methods, and also the effect of the adjustment of the non-pecuniary damage tables by the Court of Milan in 2009. A provision has been made for claims incurred but not reported on the reporting date (IBNR) according to the claims experience of previous years, taking into account the frequency (Chain Ladder methods on number of claims) and the average costs of late claims and the average cost of claims reported during the year. This provision reflects the ultimate cost component due to such claims (IBNR).

Inward reinsurance technical provisions

These are stated according to communications from the Ceding companies and the adequacy of such provisions in relation to commitments assumed is also assessed.

Provisions for other risks and charges

Reserves for risks and charges are intended to cover losses or specific liabilities, the existence of which is certain or probable but the amount or date of occurrence of which could not be determined at the end of the year.

Payables

These items are booked at face value.

Provisions for employee termination indemnities

The provision for employee termination indemnities reflects the liability matured at December 31, 2006 and is calculated according to legal provisions.

Following the reform of supplementary pension funds introduced by Law No. 296/06, as of January 1, 2007, severance indemnities accruing are, as selected by each employee, paid to supplementary pension funds or transferred to the special fund set up at the INPS, stated on an accruals basis.

Accruals and deferrals

Accruals and deferrals are stated to reflect timing differences in the respective expense and revenue items.

Guarantees, commitments and other memorandum accounts

These items are booked at the equivalent value of the commitments assumed or guarantees given or received.

102

Recognition of costs and revenues

The Financial Statements are prepared according to the accrual concept. In accordance with Italian and international practice, the economic and financial effects of inward reinsurance assumed by companies in which the Group does not hold a controlling interest are recorded with a 1-year delay as the information required is not available at the time of preparing the Financial Statements.

Gross premiums written

Pursuant to art. 45 of Legislative Decree 173/1997, this item include amounts maturing during the year for insurance contracts, regardless of whether these amounts have been collected or refer entirely or in part to subsequent years.

Claim settlement costs

These include all direct and common costs relating to the ascertainment, assessment, payment and management of damages charged entirely or partly to the Company. Professional consultants' fees are allocated directly to each class of business, while common expenses are allocated according to analytical accounting records.

Dividends

Dividends are booked in the year in which they are collected according to the related date of payment thereof.

Taxes

Income taxes are determined according to the forecast tax liability for the year, in compliance with pertinent laws.

Accounting principle No. 25 of the Italian Accounting Board regarding the accounting treatment of income taxes establishes that deferred and advance taxes on the total amount of temporary differences between the value attributed to assets and liabilities according to statutory criteria and the values attributed to the same assets and liabilities for tax purposes must be stated.

Advance tax assets and benefits stemming from fiscal losses are recognised if there is a reasonable certainty of the existence of a taxable income against which the deductible temporary differences and losses that can be carried forward can be used.

Deferred tax liabilities are not recorded in the case of limited possibility that the related charge will occur.

Items in foreign currency

Items denominated in foreign currency have been translated into euro at the exchange rates prevailing at year-end. The effects of such transactions, and also of those carried out on the basis of the exchange rates prevailing on the dates of the individual transactions, are recognised directly in the income statement.

As regards the procedures adopted to recognise economic items, the Company refers to a plan of accounts that provides immediate evidence of the components of each single type of business for the part relating to the technical account and to the non-technical account; therefore, items univocally ascribable to one of the two types of business are posted in general accounting directly to the accounts in the competent section.

103

Allocation of common Non-life and Life costs and revenues

Economic items common to both segments mainly regard personnel costs, general expenses and contributions paid to intermediaries not ascribed to a specific section. In accordance with ISVAP Regulation No. 17 of March 11, 2008, these costs are initially posted to suspense accounts, referring to the entire company management, which identify the type of cost incurred; they are then attributed, in accordance with the terms of art. 8 and art. 9 of said Regulation, to the respective Life or Non-life operating expense items and the suspense accounts are reduced to zero. Costs common to the two types of business are allocated via the analytical accounting system which permits attribution of costs according to assets on the balance sheet and by individual type of Life or Non-life business.

Analytical accounting is based on associating each cost movement recorded in general accounting with a cost centre code indicating the entity that benefits from the expense and a “census” that records the activities carried out by such entity in relation to the Life and Non-life segments and to the destinations established by the insurance plan of accounts (settlement, acquisition, management of securities, management of real property and other administrative expenses).

The costs are allocated to the two segments according to specific parameters for each asset on the balance sheet that reflect the measure to which each segment contributes to determining the various types of common cost and which can be summed up as follows:

• other acquisition costs: weighted percentage ratio of the premiums written, Non-life or Life, to total premiums written;

• securities management: percentage ratio of technical provisions, Non-life or Life, to total technical provisions;

• other administrative expenses: weighted percentage ratio of the premiums written, Non-life or Life, to total premiums written.

Any revenues common to the two segments are allocated according to the relationship with assets that have generated these or with the correlated costs.

104

PART B

COMMENTARY

ON THE BALANCE SHEET

AND INCOME STATEMENT

BALANCE SHEET ASSETS

Section 1 – Intangible assets (item B) Intangible assets, all considered to be of long-term use, amounted to € 47,047 thousand. These are booked net of the accumulated amortisation and consist entirely of other multi-year costs.

Movements on this account during the year are set forth in Annex 4, to which reference should be made.

Other multi-year costs

Other multi-year costs amounted to € 47,047 thousand and comprise investments to purchase application software, basic software licences for long-term use and upgrading of programs already in use. Changes during the year were the result of increases for € 24,731 thousand and relative accumulated amortisation for € 17,731 thousand. The main items in connection with purchases of application software regarded: the BOA project (Company network Back-Office), outsourcing of the Data Centre and the new accounting system. The component referring to advances paid during the year and in previous years on programs not yet in operation and which cannot as yet be amortised amounted to € 8,689 thousand.

106

Section 2 – Investments (item C)

Land and buildings

The value of land and buildings, net of accumulated depreciation, amounted to € 39,517 thousand compared with € 37,995 thousand in the previous year.

The types of land and buildings are listed in the table below.

(in thousands of euro) 31.12.2012 31.12.2011 change

Real property used in company operations 14,050 13,029 1,021

Property rented to third parties 25,467 24,966 501

Total 39,517 37,995 1,522

Market value 85,076 85,076

Changes during the year are set forth in the table below:

(in thousands of euro) 31.12.2012 31.12.2011

Gross initial balance (+) 47,578 43,749

Increases for purchases and upkeep expenses (+) 2,252 3,829

Decreases due to disposals (-) 0 0

Gross final balance (a) 49,830 47,578

Accumulated depreciation: Initial balance (+) 9,583 9,005

Depreciation for the year (+) 730 578

Decreases due to disposals (-) 0 0

Final balance of accumulated depreciation (b) 10,313 9,583

Carrying value (a-b) 39,517 37,995

The gross increases refer to expenses on improvements to the Company HQ in Turin and to the property in Rue de Berry and in Rue de Mogador in Paris.

The current value of land and buildings, set forth in Annex 4, in the amount of € 85,076 thousand, has been determined on the basis of appraisals of the buildings and land by independent professional experts in accordance with the criteria defined by art. 20 of ISVAP Regulation No. 22 and updated on December 31, 2010.

The market value was calculated using the equity method, based on the intrinsic and extrinsic features of the assets and their profitability. Company-specific factors not economically relevant for the market are not taken into account.

Overall, the current value of the buildings is € 45,559 thousand higher than their book value.

Investments in Group companies and other shareholdings

Investments in Group companies and other shareholdings consist entirely of shares and interests.

Annexes 5, 6 and 7 provide information regarding the investee companies and the analytical statement of changes.

107

Shares and interests in Group companies and other shareholdings, all referring to the long-term investment portfolio, amounted to € 1,583,539 thousand with a year-on-year increase of € 2,505 thousand.

(in thousands of euro)

Subsidiaries Associated companies Other Total

Initial balance 1,543,563 36,754 717 1,581,034

Purchases 0 0 2,348 2,348

Other increases 157 0 0 157

Sales 0 0 0 0

Other decreases 0 0 0 0

Carrying value 1,543,720 36,754 3,065 1,583,539

Market value 1,543,720 36,754 3,065 1,583,539

The main movements in carrying value are set out below:

- purchase of 253 shares of the strategic investment in CEDACRI S.p.A., for an equivalent value of € 1,948 thousand;

- purchase of the strategic investment in Welfare Italia Servizi Srl, for an equivalent value of € 400 thousand;

- Share capital increase and payment to cover losses of REALE VIDA Y PENSIONES S.A. for € 157 thousand.

For further information regarding the above changes, refer to the specific section of the Report on Operations.

Annexes 6 and 7 provide information regarding the investee companies and the analytical statement of changes respectively.

The highlights of subsidiary and associated companies and other shareholdings are set forth below.

(in thousands of euro)

Type Company name Registered office

Shareholders’ equity

of which profit (+) or loss (-) for

the year

Direct interest %

Pro-quota shareholders’

equity Book value

subsid. BANCA REALE SPA TURIN 52,821 3,005 95.00 50,180 40,119

subsid. BLUE ASSISTANCE SPA TURIN 4,297 184 100.00 4,295 2,511

subsid. IGAR S.A. MADRID 40,155 1,981 95.00 38,147 31,555

subsid. ITALIANA ASSICURAZIONI SPA MILAN 366,864 74,769 100.00 366,863 281,592

subsid. REALE IMMOBILI SPA TURIN 840,791 16,481 85.92 722,408 934,591

subsid. REALE SEGUROS GENERALES S.A. MADRID 438,552 43,648 95.00 416,624 252,743

subsid. REALE VIDA Y PENSIONES S.A. MADRID 9,753 -598 5.00 488 610

assoc. CREDEMASSICURAZIONI SPA REGGIO EMILIA 14,993 173 50.00 7,497 22,136

assoc. SARA SPA ORD. ROME 386,662 59,108 27.94 108,033 12,370

assoc. SARA SPA PRIV. ROME 386,662 59,108 3.49 13,495 2,248 other companies CEDACRI SPA COLECCHIO 2.01 1,948 other companies SYNKRONOS ITALIA S.r.l. MILAN 19.90 716 other companies WELFARE ITALIA SERVIZI SRL MILAN 2.22 400

Total 1,583,539

108

The book value of the interest in Reale Immobili is around € 212 million higher than the shareholders’ equity at December 31, 2012 of the company – owned for 85.92%. This difference, which arose in 2007, is to be ascribed to adjustments made by Reale Immobili to its own equity as a result of first-time adoption of international accounting standards (IAS/IFRS) when preparing the company financial statements. The difference is, however, considered to be temporary insofar as completely offset by latent gains in the book values of company-owned property, as confirmed by appraisals updated as at December 31, 2010, with the exception of certain properties for which an appraisal had been requested as at December 31, 2012.

It should also be noted that no deferred taxes for IRES (Corporate Income Tax) and IRAP (Regional Tax on Production Activities) have been calculated on the difference between the carrying value and fiscal value of the investment in Reale Immobili, which would have amounted to € 175 million, as this is considered to be a long-term strategic investment intended to remain permanently in the portfolio of the Company and in view of the remote possibility of any fiscal liability in the case of sale of such investment.

The difference between the pro-quota shareholders’ equity and the book value of the investment in Credemassicurazioni S.p.A. is due to the value of the existing portfolio and of new production, deriving from the industrial plan approved by the Company’s Board of Directors.

Other financial investments

Other financial investments amounted to a total of € 4,350,335 thousand with a y/y increase of € 389,839 thousand.

The breakdown is provided in the schedule below.

(in thousands of euro) 31.12.2012 31.12.2011 change

Shares and interests 113,472 144,315 -30,843

Shares in common investment funds 173,066 153,778 19,288

Bonds and other fixed-income securities 4,024,397 3,625,323 399,074

Loans 38,151 36,409 1,742

Deposits with credit institutions 1,180 606 574

Other financial investments 69 65 4

Total 4,350,335 3,960,496 389,839

The composition of other financial investments and also the breakdown into long-term and short-term investments are provided in Annex 8. Changes in the long-term portfolio are set forth in Annex 9.

Shares and interests: amounted to € 113,472 thousand with a y/y decrease of € 30,843 thousand.

The detail of this item is as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Listed shares 108,540 138,435 -29,895

Unlisted shares 3,232 4,180 -948

Interests 1,700 1,700 0

Total 113,472 144,315 -30,843

of which: Long-term portfolio 2,311 5,397 -3,086

Short-term portfolio 111,161 138,918 -27,757

Total 113,472 144,315 -30,843

109

There was a total y/y decrease of € 27,757 thousand in short-term shares and interests; this amount is inclusive of valuation losses for € 3,540 thousand and upward adjustments for € 7,134 thousand.

In relation to the previous year, long-term shares and interests decreased by a total of € 3,086 thousand; this was due to the transfer of the interest in C.B.A. Vita S.p.A. to the short-term compartment for € 2,993 thousand, which is equal to its historical cost, and to the value re-adjustment on the interest in DEVELOPMENT CAPITAL 1 S.C.A., for € 93 thousand.

The current value at year-end was € 122,979 thousand.

Shares in common investment funds: amounted to € 173,066 thousand with a y/y increase of € 19,288 thousand. The long-term portfolio amounted to € 55 thousand and the short-term portfolio to € 173,011 thousand.

In the long-term portfolio, there was a € 237 thousand decrease relating to the value re-adjustment on the Eptasviluppo fund.

The current value at year-end was € 179,037 thousand.

Bonds and other fixed-income securities: amounted to € 4,024,397 thousand with an increase of € 399,074 thousand in relation to the previous year.

(in thousands of euro) 31.12.2012 31.12.2011 change Listed 3,983,126 3,570,254 412,872

Unlisted 41,271 55,069 -13,798

Convertible debentures 0 0 0

Total 4,024,397 3,625,323 399,074

of which: Long-term portfolio 322,460 288,364 34,096

Short-term portfolio 3,701,937 3,336,959 364,978

Total 4,024,397 3,625,323 399,074

The initial and closing balances and changes during the year are detailed below:

(in thousands of euro) Long-term Short-term Total Initial balance 288,364 3,336,960 3,625,324

Purchases and subscriptions 44,636 2,428,505 2,473,141

Sales 0 -1,412,168 -1,412,168

Repayments -14,107 -814,306 -828,413

Reversals of write-downs 0 156,517 156,517

Value re-adjustments 0 -1,726 -1,726

Positive issue spreads 4,218 6,096 10,314

Negative issue spreads -13 -732 -745

Positive trading differences 240 623 863

Negative trading differences -878 -604 -1,482

Transfer from class D to class C 0 2,837 2,837

Other changes 0 -65 -65

Final balance 322,460 3,701,937 4,024,397

Market value 379,127 3,807,219 4,186,346

110

There was a € 364,978 thousand increase in the short-term portfolio; this was inclusive of positive issue spreads for € 6,096 thousand, negative issue spreads for € 732 thousand, write-backs for € 156,517 thousand and valuation losses for € 1,726 thousand.

Bonds and other fixed-income securities held as long-term investments, reflect a y/y increase of € 34,096 thousand.

The increase mainly reflects the purchase of the BTP 11/93-01/11/23 TF 9% bond to cover the separate management account called “100% Reale” for an equivalent value of € 32,427 thousand and the purchase in connection with the subscription of a bond to cover the Additional Company Pension fund for an equivalent value of € 12,209 thousand. Other items include repayments for € 14,107 thousand, positive issue spreads for € 4,218 thousand, negative issue spreads for € 13 thousand, positive trading differences for € 240 thousand and negative trading differences for € 878 thousand.

The most significant items according to issuer are as follows:

(in thousands of euro) Issuing institute 31.12.2012

ITALIAN GOV. 2,259,755

STATE - GERMANY 496,007

STATE - FRANCE 200,486

STATE – THE NETHERLANDS 81,742

DEXIA SA 68,456

INTESA SPAOLO 64,136

INTERNATIONAL ORGANISATIONS 58,643

STATE - SPAIN 53,825

STATE - BELGIUM 49,334

UNICREDIT SPA 45,314

GOLMAN SACHS 38,236

At year-end, the following securities had been assigned to cover the Company Executives Additional Pension Fund:

(in thousands of euro) class description of security amount * Life BTP 06/10-01/06/13 TF 2% 524 Non-life CTZ 05/12-30/05/2014 ZC 2,199 Non-life BTP 06/10-01/06/13 TF 2% 1,038 (*) = tel quel carrying value

The following securities have also been assigned to cover the Company Employees Additional Pension Fund:

(in thousands of euro) class description of security amount * Life BTP 06/10-01/06/13 TF 2% 2,385 Non-life CTZ 05/12-30/05/2014 ZC 10,012 Non-life BTP 06/10-01/06/13 TF 2% 4,725 (*) = tel quel carrying value

111

Loans: amounted to € 38,151 thousand and are detailed below:

(in thousands of euro) 31.12.2012 31.12.2011 change Loans secured by mortgages 30,420 27,952 2,468

Loans on policies 5,732 6,451 -719

Other loans 1,999 2,006 -7

Total 38,151 36,409 1,742

Loans secured by mortgages reflect loans to employees for the purchase of housing, while the other loans include loans to employees for € 1,884 thousand, and loans to agencies for € 115 thousand. The changes during the year are set forth in Annex 10.

Deposits with credit institutions: amounted to € 1,180 thousand and consist of a number of bank passbooks opened to settle claims awaiting legal definition and a Post Office passbook.

Miscellaneous financial investments: amounted to € 69 thousand. As regards the breakdown and possible changes, reference should be made to the section entitled “Operations on derivatives and structured financial instruments”.

Deposits with ceding undertakings

The item amounted to € 5,740 thousand and the detail is as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Subsidiary companies 101 97 4

Associated companies 27 29 -2

Other companies 5,612 6,694 -1,082

Total 5,740 6,820 -1,080

Section 3 – Investments for the benefit of Life policyholders who bear the investment risk and relating to the administration of pension funds (item D)

Investments for the benefit of Life policyholders who bear the investment risk amounted to € 440,119 thousand (€ 470,411 thousand at year-end 2011). The detail of the assets can be found in Annex 11, while Annexes 11/1, 11/2, 11/3 provide a breakdown of the assets by each type of product. Investments relating to the administration of pension funds amounted to € 108,697 thousand (€ 80,617 thousand at December 31, 2011). Details of these assets can be found in Annex 12, while Annexes 12/1, 12/2, 12/3 and 12/4 refer to the individual pension lines. Class D reserves exceed the relative assets in that they also include class D reserves from inward reinsurance. The contra entry to such reserves consists of deposits with ceding undertakings. The changes during the year according to category of assets as regards the investments of points D-I and D-II are provided in the tables below.

112

(in thousands of euro)

D-I III. Shares in unit trusts

IV. Other financial investments

V. Other assets, VI. Cash at bank and in hand, VII. Other liabilities

TOTAL

Shares Bonds

Other financial

inv.

Initial balance 230,608 42,598 176,677 1,246 19,282 470,411

Increases during the year 223,601 34,806 134,419 31,354 3,968 428,148 of which: purchases and subscriptions 213,953 25,442 123,116 0 0 362,511

upward adjustments of value and revaluations 4,860 7,653 6,676 2,695 0 21.884

other changes 4,788 1,711 4,627 28,659 3,968 43.753

Decreases during the year 240,037 26,938 160,044 31,421 0 458,440 of which: sales 234,397 23,809 156,739 30 0 414.975

write-downs 386 1,635 263 6 0 2.290

reclassifications (1) 0 0 2,799 0 0 2.799

other changes 5,254 1,494 243 31,385 0 38.376

Carrying value 214,172 50,466 151,052 1,179 23,250 440,119

(1) The amount refers to investments transferred from class D to class C, short-term portfolio, in that in excess in relation to underwriting. (in thousands of euro)

D-II IV. Other financial

investments

V. Other assets VI. Cash at bank and in hand, VII. Other liabilities

TOTAL

Shares Bonds Other financial investments

Initial balance 25,131 51,350 0 4,136 80,617

Increases during the year 11,505 45,471 209 1,924 59,109 of which: purchases and subscriptions 5,198 42,325 0 0 47,523

upward adjustments of value and revaluations 5,912 2,629 0 0 8,541

other changes 395 517 209 1,924 3,045

Decreases during the year 2,018 28,812 199 0 31,029 of which: sales and reimbursements 783 28,676 6 0 29,465

write-downs 1,036 127 0 0 1,163

other changes 199 9 193 0 401

Carrying value 34,618 68,009 10 6,060 108,697

113

(in thousands of euro) TESEO Pension Fund Business lines

ethical

prudential ethical

balanced ethical

development ethical

guaranteed Total Shares and interests 0 11,123 23,495 0 34,618 Bonds and fixed-income securities 22,267 18,571 5,422 21,749 68,009 Other financial investments 0 3 7 0 10 Other assets 426 460 538 175 1,599 Cash at bank and in hand 823 854 909 3,159 5,745 Other liabilities 237 393 492 162 1,284

Total 23,279 30,618 29,879 24,921 108,697 Section 4 – Reinsurers’ share of technical provisions (item D bis) This item amounted to € 357,896 thousand with an increase of € 126,660 thousand in relation to the previous year, as indicated in the table below:

(in thousands of euro) 31.12.2012 31.12.2011 Change Non-life business: Provisions for unearned premiums 53,439 57,902 -4,463

Provisions for claims outstanding 298,378 168,715 129,663

Other 0 0 0

Total 351,817 226,617 125,200

Life business: Provisions for policy liabilities 3,615 3,691 -76

Provision for sums to be paid 2,464 928 1,536 Technical provisions where the investment risk is borne by the policyholders and relating to the administration of pension funds 0 0 0

Other 0 0 0

Total 6,079 4,619 1,460

Total technical provisions 357,896 231,236 126,660 The change mainly reflected recoveries on claims in connection with the earthquake in the Italian region of Emilia, as explained in the Report on Operations.

Section 5 – Debtors (item E)

Debtors totalled € 638,731 thousand with a decrease of € 33,683 thousand in relation to the previous year.

(in thousands of euro) 31.12.2012 31.12.2011 Change Receivables arising out of direct insurance operations 456,802 431,793 25,009

Debtors arising out of reinsurance operations 32,136 8,210 23,926

Other debtors 149,793 165,045 -15,252

Total 638,731 605,048 33,683

114

Debtors arising out of direct insurance operations

(in thousands of euro) 31.12.2012 31.12.2011 Change Premiums receivable from policyholders 204,567 186,456 18,111

Insurance intermediaries 173,625 169,229 4,396

C/a with companies 42,397 47,029 -4,632

Policyholders and third parties for recoveries 36,213 29,079 7,134

Total 456,802 431,793 25,009

Receivables from policyholders for premiums amounted to € 204,567 thousand (of which € 169,471 thousand relating to Non-life business and € 35,096 thousand to Life business). These items are shown net of the allowance for doubtful accounts of € 16,745 thousand (€ 16,537 thousand relating to Non-life business and € 208 thousand relating to Life operations). The write-down was determined according to the ratio of cancellations for non-collection to total receivables and represents estimated future losses for cancellations of receivables for the year.

The allowance for doubtful accounts mainly refers to Accident business for € 2,106 thousand, Fire for € 3,674 thousand, Other property damage for € 2,539 thousand, Non-motor TPL for € 3,173 thousand and Suretyship for € 3,006 thousand.

Receivables collected in the first two months of the current year amounted to € 132,094 thousand.

The Insurance intermediaries item amounted to € 173,625 thousand, with a y/y increase of € 4,396 thousand.

Current accounts with insurance companies, net of the related allowance, amounted to € 42,397 thousand, with y/y decrease of € 4,632 thousand. This entry mainly comprises items linked to co-insurance, the CARD convention and invoices for services rendered.

During the year, the allowance for doubtful accounts amounted to € 1,173 thousand and is stated as adjusting receivables from companies in compulsory receivership deriving from co-insurance relationships.

Insured and third parties for recoveries amounted to € 36,213 thousand (referring entirely to Non-life business) compared with € 29,079 thousand in the previous year.

Debtors arising out of reinsurance operations

(in thousands of euro) 31.12.2012 31.12.2011 Change Insurance and Reinsurance companies 31,705 7,485 24,220

Reinsurance intermediaries 431 725 -294

Total 32,136 8,210 23,926

The gross value of debtors arising out of reinsurance operations, equal to € 33,628 thousand, has been prudently adjusted by the amount of € 1,492 thousand, taken to the allowance for doubtful accounts to cover losses relating to certain reinsurers.

The difference between the two years is to be ascribed to amounts paid as at December 31, 2012, but which had yet to be paid by reinsurers, mainly attributable to the earthquake that hit the region of Emilia.

115

Other debtors

The detail of Other debtors is set forth in the table below:

(in thousands of euro) 31.12.2012 31.12.2011 Change Receivables from Tax Authorities 106,315 121,853 -15,538

Receivables from claims paid in the name and on behalf 6,513 8,474 -1,961

Receivables from personnel management 851 958 -107

Subsidiaries 22,928 18,343 4,585

Miscellaneous receivables 13,186 15,417 -2,231

Total 149,793 165,045 -15,252

Receivables from Tax Authorities include receivables for withholding tax, advance taxes on mathematical provisions, advance premium taxes in the Non-life business and tax credits for which reimbursement has been requested with the related interest accrued on such amounts. Note also that the decrease reflects the use of receivables under the fiscal consolidation scheme to offset payables arising from the recognition of taxes for the year. Receivables from subsidiaries increased by € 4,585 thousand and mainly refer to revenues from services furnished to Group companies. Section 6 – Other assets (item F)

(in thousands of euro) 31.12.2012 31.12.2011 Change

Tangible assets and stocks 12,313 14,200 -1,887 Cash at bank and in hand 95,911 56,211 39,700 Other assets 164,689 165,842 -1,153 Total 272,913 236,253 36,660

Other assets totalled € 272,913 thousand with a y/y increase of € 36,660 thousand.

Tangible assets and stocks

This item amounted to € 12,313 thousand, net of the related accumulated depreciation. A breakdown of movements on this item is provided in the table below.

(in thousands of euro) Furniture, office

machines and internal transport

vehicles

Vehicles listed in public registers

Machinery and equipment

Gross initial balance (+) 62,644 38 38,624 Increases during the year (+) 1,460 0 458 Decreases due to disposals (-) 4,047 0 Gross final balance (a) 60,057 38 39,082

Accumulated depreciation Initial balance (+) 57,764 5 29,337 Depreciation for the year (+) 1,468 9 2,156 Decreases due to disposals (-) 3,875 0 0 Final balance of accumulated depreciation (b) 55,357 14 31,493

Carrying value (a-b) 4,700 24 7,589

116

Cash at bank and in hand

This item amounted to € 95,911 thousand compared with € 56,211 thousand in 2011. (in thousands of euro)

31.12.2012 31.12.2011 Change

Bank and Postal accounts 95,908 56,208 39,700

Cheques and cash on hand 3 3 0

Total 95,911 56,211 39,700

Other assets

This item amounts to € 163,906 thousand with a decrease of € 1,936 thousand in relation to the previous year.

The detail of the main items of this entry is provided in the table below:

(in thousands of euro)

31.12.2012 31.12.2011 Change

Payment of premiums to be collected in subsequent years 55,621 39,534 16,087 Non-life/Life connection account 287 274 13 Deferred tax assets 85,424 114,048 -28,624 Claims paid to be combined 2,278 2,918 -640 Other assets 20,296 9,068 11,228 Total 163,906 165,842 -1,936

At year-end, the connection account showed a Non-life/Life business credit balance of € 287 thousand. The amount is booked for the same amount under “Other liabilities” of Non-life/Life business.

Deferred tax assets are stated on the basis of the certainty of future recovery. For the breakdown of this item, reference should be made to section 21 of the Income Statement under income taxes for the year.

Other assets comprise payments to the financial counterparty by way of guarantee on value variations on interest rate swap contracts with the latter for € 16,170 thousand and mandate discontinuation indemnities paid while awaiting debiting to incoming agents for € 3,864 thousand.

Section 7 – Prepayments and accrued income (item G) Prepayments and accrued income amounted to € 61,704 thousand with an increase of € 3,451 thousand in relation to the previous year. The breakdown of this item is as follows:

(in thousands of euro)

31.12.2012 31.12.2011 change

Accrued interest 61,139 57,770 3,369 Other prepayments and accrued income 565 483 82 Total 61,704 58,253 3,451

Accrued interest refers mainly to interest matured on the coupons of debt securities. The deferred payments mainly refer to various invoices payable. The duration of all prepayments and accrued income is less than one year.

117

Assets: subordination clauses

For the detail of assets characterised by subordination clauses, reference should be made to the section concerning Operations on derivatives and structured financial instruments – Part C.

118

BALANCE SHEET – LIABILITIES AND SHAREHOLDERS’ EQUITY

Section 8 – Shareholders’ equity (item A) Company shareholders’ funds amounted to € 1,602,792 thousand compared with € 1,445,691 thousand in the previous year.

(in thousands of euro) 31.12.2012 31.12.2011 Change

Guarantee fund 60,000 60,000 0 Additional paid-in capital 0 0 0 Revaluation reserves 136,223 136,223 0 Legal reserve 190,331 190,331 0 Reserves for own shares and shares of the controlling company

0 0 0

Other reserves 1,059,138 1,145,026 -85,889 Net profit (loss) for the year 157,100 -85,889 242,989 Total 1,602,792 1,445,691 157,100

The schedule illustrating changes in shareholders’ funds for the years ended December 31, 2011 and 2012 are set forth below.

(in thousands of euro) Guarantee

fund Revaluation

reserves Legal

reserve Other

reserves Net profit

(loss) brought forward

Net profit (loss) for the

year

Total shareholder

s' equity

Balances at January 1 2011

60,000 136,223 190,142 1,142,080 0 3,135 1,531,580

Allocation of 2010 net profit as resolved by the Meeting of 30.04.11

0 0 189 2,946 0 -3,135 0

Other changes 0 0 0 0 0 0 0 Result for the year 0 0 0 0 0 -85,889 -85,889 Balances at 31.12.11 60,000 136,223 190,331 1,145,026 0 -85,889 1,445,691 Allocation of 2011 net profit as resolved by the Meeting of 21.04.12

0 0 0 -85,889 0 85,889 0

Other changes 0 0 0 0 0 0 0 Result for the year 0 0 0 0 0 157,100 157,100 Balances at 31.12.12 60,000 136,223 190,331 1,059,138 0 157,100 1,602,792

Guarantee fund

The guarantee fund amounted to € 60,000 thousand.

119

Revaluation reserves

Revaluation reserves amounted to € 136,223 thousand. The detail is as follows:

(in thousands of euro)

31.12.2012 31.12.2011 Change

Revaluation reserve under Law No. 576 of December 2 1975 51,700 51,700 0 Revaluation reserve under Law No. 413 of December 30 1991 82,958 82,958 0 Integration Fund under Article 36 of Law No. 295 of June 10 1978

1,565 1,565 0

Total 136,223 136,223 0

Other reserves

Other reserves amounted to € 1,059,138 thousand. The detail is as follows:

(in thousands of euro)

31.12.2012 31.12.2011 Change

Ordinary reserve fund 1,050,493 1,136,381 -85,889 Extraordinary reserve 1,931 1,931 0 Money accounts adjustment fund 6,714 6,714 0 Total 1,059,138 1,145,026 -85,889

Schedule of availability and utilisation of shareholders’ equity items pursuant to article 2427 of the Italian Civil Code.

Utilisations in the previous

three years

31.12.2012 Possibility

of utilisation

Available portion

to cover losses

for other reasons

Guarantee fund 60,000 - - -

Revaluation reserve 136,223 A,B 136,223 - -

Legal reserve 190,331 B - - -

Other reserves: -

- Ordinary reserve fund 1,050,493 A,B 1,050,493 86,536 -

- Extraordinary reserve 1,931 A,B 1,931 - -

- Reserve for revaluation of investments 0 A,B - - -

- Equilibration reserve fund 0 A,B - - -

- Reserve fund for alignment of numeric values 6,714 A,B 6,714 - -

- M.R.A.T. revaluation reserves 0 A,B - - -

- M.R.A.T. special reserve fund 0 A,B - - -

- Reinvested surpluses fund Law No. 168/1982 0 A,B - - -

- Reserve for merger surplus 0 A,B - - -

- Reserve from merger of La Piemontese Mutua 0 A,B - - -

TOTAL OTHER RESERVES 1,059,138 1,059,138 - -

TOTAL 1,445,692 1,195,361 - -

LEGEND: A: for share capital increase B: to cover losses C: for distribution to shareholders

120

Section 9 – Subordinated liabilities (item B) No liabilities are stated in this section.

Section 10 – Technical provisions (item C.I – Non-life business and C.II – Life business)

(in thousands of euro) 31.12.2012 31.12.2011 Change

Provisions for unearned premiums 627,539 626,276 1,263 Provisions for claims outstanding 1,983,241 1,836,146 147,095 Other technical provisions 1,623 1,842 -219 Equalisation provision 6,586 9,473 -2,887 Total Non-life business 2,618,989 2,473,737 145,252 Provisions for policy liabilities 2,643,495 2,485,284 158,211 Unearned premium prov. for suppl. coverage 113 101 12 Provision for sums to be paid 50,007 33,480 16,527 Provisions for profit-sharing and premium refunds 0 0 0 Other technical provisions 9,145 8,448 697 Total Life business 2,702,760 2,527,313 175,447 Total technical provisions 5,321,749 5,001,050 320,699 Non-life business

The Provision for unearned premiums amounted to a total of € 627,539 thousand. The provision for unearned premiums of direct business only amounted to € 626,829 thousand and comprises the provision for premium instalments, equal to € 626,460 thousand, and the provision for unexpired risks of € 369 thousand.

(in thousands of euro)

direct business inward reinsurance

provision for premium

instalments

unexpired risks

provision for premium

instalments

unexpired risks

Total

Accident 61,507 0 56 0 61,563

Health 53,606 0 2 0 53,608

Hulls land vehicles 34,552 0 0 0 34,552

Hulls railway rolling stock 1 0 0 0 1

Hulls aircraft 7 30 0 0 37

Hulls marine, lake, river craft 1,158 0 2 0 1,160

Goods Transported 1,368 0 21 21 1,410

Fire and Natural Forces 75,174 0 111 5 75,290

Other Property Damage 92,729 0 117 0 92,846

TPL Land vehicles 180,194 0 9 20 180,223

TPL aircraft 29 0 0 0 29

TPL marine, lake, river craft 549 339 0 0 888

Non-motor TPL 77,253 0 180 0 77,433

Credit 7 0 0 0 7

Suretyship 39,469 0 123 0 39,592

Sundry Pecuniary Losses 1,442 0 43 0 1,485

Legal Fees 3,932 0 0 0 3,932

Assistance 3,483 0 0 0 3,483

TOTAL 626,460 369 664 46 627,539

121

Annex 13 shows the change in the Provision for unearned premiums in relation to the previous year.

The Provision for premium instalments has been calculated according to the pro-rata temporis method and comprises the further provisions established by ISVAP Regulation No. 16/2008 for the risks of suretyship, hail, damages caused by natural disasters such as earthquakes, seaquakes, volcanic eruptions and related phenomena and damages caused by atomic energy.

Following the earthquake in the Italian region of Emilia in May, which is discussed in detail in the Report on Operations, all amounts in the additional provision of the Fire and natural forces business (for a total of € 14,398 thousand) and the Other property damage business (for a total of € 316 thousand), set up pursuant to art. 18 of ISVAP Regulation No. 16/2008, were utilised.

As described in the valuation criteria, an assessment has been made of the need to accrue provisions for risks in course, comparing the aggregate consisting of the provision for premium instalments and premiums that will fall due on contracts stipulated before the end of the year and the expected charge for reimbursements and expenses arising on such contracts. In quantifying this liability, reference was made to the calculation model based on the relationship between claims and premiums for the year of current generation only, adjusted if necessary in the case of exceptional and therefore statistically distorting events, according to the general approach suggested by the Supervisory Authority.

According to the results of the model adjusted as above, the provision for claims outstanding has been integrated for a total amount of € 369 thousand for the Hulls aircraft and TPL marine, lake and river craft business. In the other sectors of business, the positive trend of current generation claims confirms the adequacy of the provision made with the pro-rata component only of the provision for unearned premiums.

The values for each class of business are set forth below:

(in thousands of euro)

Forecast claims % Forecast claims amount

Provision for premium

instalments + instalments due

Surplus / insufficiency of

reserve

Accident 69.59% 29,706 42,690 12,984

Health 90.59% 52,286 57,716 5,430

Hulls land vehicles 73.01% 30,642 41,969 11,327

Hulls railway rolling stock 0.00% 0 1 1

Hulls aircraft 513.97% 37 7 -30

Hulls marine, lake, river craft 94.86% 1,099 1,158 59

Goods Transported 88.51% 2,249 2,542 293

Fire and Natural Forces 80.16% 68,331 85,245 16,914

Other Property Damage 80.67% 70,329 87,179 16,850

TPL Land vehicles 77.90% 188,170 241,544 53,374

TPL aircraft 4.88% 1 30 29

TPL marine, lake, river craft 161.75% 888 549 -339

Non-motor TPL 93.14% 87,849 94,317 6,468

Suretyship 72.43% 17,234 23,793 6,559

Sundry Pecuniary Losses 39.14% 877 2,241 1,364

Legal Fees 61.68% 2,813 4,561 1,748

Assistance 61.40% 2,639 4,298 1,659

TOTAL 94.35% 555,150 689,840 134,690

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The Provision for outstanding claims amounts to € 1,983,241 thousand and in addition to the provision for reimbursements also includes the provision for direct expenses, the provision for claim settlement costs and the IBNR provision.

The various components of the provision for unearned premiums and the provision for outstanding claims are set forth in Annex 13.

With regard to the methods used to determine the provision for outstanding claims, reference should be made to the valuation criteria illustrated in Part A of these Notes.

A breakdown of this item and also of the changes in relation to 2011 is provided in Annex 13.

Other technical provisions amounted to € 1,623 thousand with a y/y decrease of € 219 thousand. These include only the Health business ageing reserve set up in accordance with ISVAP Regulation No. 16/2008 according to technical-actuarial methods pursuant to Art. 47 of this Regulation.

Equalisation provisions amounted to € 6,586 thousand with a y/y decrease of € 2,887 thousand. These consist of the equalisation provision set aside according to Section III of ISVAP Regulation No. 16/2008; the table below provides the detail by type of business of the provisions and related additions:

(in thousands of euro) 31.12.2012 31.12.2011 Change

Accident 747 691 56 Hulls land vehicles 1,918 1,753 165 Goods Transported 249 233 16 Fire and Natural Forces 0 3,637 -3,637 Other Property Damage 3,575 3,071 504 Other business 97 88 9 TOTAL 6,586 9,473 -2,887

In accordance with the law, in the Fire business the provision was utilised up to the full amount available in that the loss ratio amounted to 166.23%. Pursuant to art. 12 of Decree-Law No. 691 of December 19, 1994, converted into Law No. 35 of February 16, 1995, provisions for businesses which include the risks of natural disasters may be used if the loss ratio is more than 100%.

Life business

Life business technical provisions amounted to € 2,702,760 thousand with a y/y increase of € 175,447 thousand.

Mathematical provisions, in the amount of € 2,643,495 thousand, comprise the provision for pure premiums of € 2,596,445 thousand, the fractions of premiums relating to contracts with annual payment of the premiums for € 12,693 thousand, integration provisions for € 30,307 thousand and the additional provisions for mortality risk relating to index-linked or pension fund contracts of € 4,050 thousand. The integrative provisions comprise additional provisions for financial risk and demographic risk for € 17,018 thousand. The additional provisions for guaranteed interest rate risks amounted to € 10,121 thousand and are calculated in accordance with ISVAP Regulation No. 21 of March 28, 2008; in particular Method B “Additional provision for single level of financial guarantee – offsetting between annual periods” described in Annex 2 to the regulation, is applied. The breakdown and changes in this item are detailed in Annex 14.

The Unearned premium provision for supplementary coverage amounted to € 113 thousand.

The Provision for sums to be paid amounted to € 50,007 thousand with a y/y increase of € 16,527 thousand.

123

Other technical provisions amounted to € 9,145 thousand with an increase in relation to 2011 of € 697 thousand. These consist entirely of the Provision for future charges, determined according to art. 31 of ISVAP Regulation No. 21 of March 28, 2008. In particular, for contracts where the representative assets of the technical provisions are valued according to purchase price, the provisions for future charges are calculated according to art. 34 of the aforesaid Regulation.

The detail by class is set forth in the table below. (in thousands of euro) 31.12.2012 31.12.2011 Change

Class I 3,224 3,335 -111 Class III 29 409 -380 Class IV 0 0 0 Class V 5,892 4,704 1,188 Class VI 0 0 0 TOTAL 9,145 8,448 697

Section 11 – Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds (item D)

Provisions relating to contracts linked to investment funds and market indexes

These amounted to € 440,915 thousand and are detailed below:

(in thousands of euro) Products 31.12.2012 31.12.2011 Change

Contracts linked to the value of shares of OICVM (UCITS) 0 0 0 Contracts linked to the value of shares of internal funds 430,804 418,433 12,371

Contracts linked to share indexes or other reference values 8,384 51,224 -42,840

Inward reinsurance 1,727 2,669 -942 TOTAL 440,915 472,326 -31,411

Provisions relating to the administration of pension funds

This item amounted to € 108,692 thousand and refers entirely to the Teseo open pension fund which comprises four investment lines.

(in thousands of euro) Fund lines 31.12.2012 31.12.2011 Change

Prudential line 23,279 17,278 6,001 Balanced line 30,617 22,807 7,810 Development line 29,875 23,287 6,588 Guaranteed line 24,921 17,241 7,680 TOTAL 108,692 80,613 28,079

With regard to the personal pension funds established by art. 13 paragraph 1 sub a) and b) of Legislative Decree No. 252 of December 5, 2005, no new products were created during the year.

124

Section 12 – Provisions for other risks and charges (item E) The detail of the provisions and changes in relation to the previous year are set forth in the schedule below and analytically in Annex 15.

(in thousands of euro)

31.12.2012 31.12.2011 Change

Provisions for pensions and similar obligations 35,596 36,452 -856 Provisions for taxation 407 407 0 Other provisions 42,569 35,559 7,010 Total 78,572 72,418 6,154

The Provision for pensions and similar obligations consisted for € 20,884 thousand of the Employees’ and Managers’ Company Supplementary Pension Fund and for € 14,712 thousand of the provision for payment of indemnities on discontinuation of the agency relationship and for the part not subject to recoveries.

Provisions for taxation, in the amount of € 407 thousand, reflect the provision to cover tax assessments relating to tax period 2005 on multi-year commissions.

Other provisions amounted to € 42,569 thousand and comprise the following:

(in thousands of euro)

31.12.2012 31.12.2011 Change

Provision under Article 7 Legislative Decree No. 576 of September 26 1978

1,626 1,626 0

Provision for future risks and charges 40,943 33,933 7,010 Total 42,569 35,559 7,010

The Provision under art. 7 of Decree Law No. 576 of September 26, 1978 was unchanged at € 1,626 thousand.

The Provisions for future risks and charges amounted to € 40,943 thousand. The changes reflected utilisations for € 7,015 thousand and allocations for € 14,025 thousand The allocations mainly relate to ongoing disputes with discontinued agents for € 4,150 thousand and expenses relating to employees for € 30,923 thousand; the latter in connection with the renewal of the National Collective Bargaining Agreement, charges in connection with the company’s incentive scheme, health coverage for managers pensioned off and distribution of seniority bonuses.

Deposits received from reinsurers (item F)

These items amounted to € 6,399 thousand and represent liabilities for deposits held by the Company against outward reinsurance treaties. There was a decrease in this item during the year of € 432 thousand.

125

Section 13 – Creditors and other liabilities (item G)

Creditors and other liabilities totalled € 345,026 thousand compared with € 228,312 thousand in 2011.

(in thousands of euro) 31.12.2012 31.12.2011 Change

Payables arising out of direct insurance operations 53,480 49,507 3,973

Payables arising out of reinsurance operations 3,105 8,038 -4,933 Provisions for employee termination indemnities 12,475 12,787 -312 Other payables 214,517 109,806 104,711 Other liabilities 61,449 48,174 13,275 Total 345,026 228,312 116,714

Payables arising out of direct insurance operations

Payables arising out of direct insurance operations comprise the following items:

(in thousands of euro)

31.12.2012 31.12.2011 Change

Insurance intermediaries 41,489 36,307 5,182 Current accounts with Insurance companies 5,456 5,861 -405 Premium deposits and premiums due to policyholders 5,383 5,285 98 Guarantee funds in favour of policyholders 1,152 2,054 -902 Total 53,480 49,507 3,973

Payables arising out of reinsurance operations

(in thousands of euro)

31.12.2012 31.12.2011 Change

Insurance and Reinsurance companies 3,027 6,927 -3,900 Reinsurance intermediaries 78 1,111 -1,033 Total 3,105 8,038 -4,933

Provisions for employee termination indemnities

This item amounted to € 12,475 thousand. Changes during the year are detailed in Annex 15.

Other payables

(in thousands of euro)

31.12.2012 31.12.2011 Change

Premium taxes 26,929 27,308 -379 Other tax liabilities 129,789 6,088 123,701 Social security 4,758 4,427 331 Miscellaneous payables 53,041 71,983 -18,942 Total 214,517 109,806 104,711

126

Other tax liabilities moved from € 6,088 thousand in the previous year to € 129,789 thousand and mainly comprise liabilities in connection with tax disputes for € 71,395 thousand, taxes for € 53,800 thousand and employees’ IRPEF tax payments for € 2,268 thousand.

Miscellaneous creditors amounted to € 53,041 thousand and comprise:

(in thousands of euro)

31.12.2012 31.12.2011 Change

Payables to suppliers 16,821 20,763 -3,942 Payables relating to personnel management 9,156 8,266 890 Payables to subsidiaries 14,348 33,502 -19,154 VAT due to tax authorities 10 1,177 -1,167 Other payables 12,421 8,275 4,146 Total 53,041 71,983 -18,942

The Subsidiaries item mainly reflects intra-group services and payables deriving from fiscal consolidation.

Other liabilities

(in thousands of euro)

31.12.2012 31.12.2011 Change

Deferred reinsurance items 0 37 -37 Commissions for premiums in course of collection 47,855 40,946 6,909 Miscellaneous liabilities 13,595 7,191 6,404 Total 61,450 48,174 13,276

Miscellaneous liabilities mainly consist of deposits received from the financial counterparty by way of guarantee on value variations on interest rate swap contracts with the latter for € 6,480 thousand, liabilities for deferred taxes in the amount of € 4,544 thousand, transitory items for € 2,284 thousand and the connection account for € 287 thousand

Section 14 – Accruals and deferred income (item H) Accruals and deferred income amounted to € 2,094 thousand and mainly refer to cash flows on two interest rate swap contacts for a total amount of € 1,530 thousand and prepayments on lease fees.

Further details are provided in the "Operations on derivative and structured financial instruments”.

127

Section 15 – Assets and liabilities relating to Group companies and other shareholdings The main intra-group relationships, excluding equity investments, are set forth in the table below.

For more complete information, reference should be made to Annex 16 which illustrates assets and liabilities relating to Group companies and other shareholdings.

(in thousands of euro) Assets Subsidiaries Associated

companies Other Other related

parties Total

Deposits with ceding undertakings 101 27 0 0 128 Investments relating to contracts linked to investment funds and market indexes

21,097 0 0 0 21,097

Debtors arising out of direct insurance operations

20,009 337 0 0 20,346

Debtors arising out of reinsurance operations 115 0 0 0 115 Other debtors 22,928 0 0 0 22,928 Bank and Postal accounts 76,975 0 0 0 76,975 Total 141,225 364 0 0 141,589

Investments relating to contracts linked to investment funds and market indexes mainly refer to current accounts at the Banca Reale S.p.A. subsidiary.

Debtors arising out of direct insurance operations refer to intra-group services supplied to the Italiana Assicurazioni S.p.A. subsidiary for € 19,756 thousand, to Reale Auto Y Seguros for € 97 thousand and to Reale Vida for € 156 thousand.

Other debtors, amounting to € 22,928 thousand, mainly refer to receivables under the fiscal consolidation scheme from the Reale Immobili S.p.A. subsidiary for € 18,493 thousand, Banca Reale S.p.A. for € 1,168 thousand and various receivables from Group companies for € 3,267 thousand.

(in thousands of euro)

Liabilities Subsidiaries

Associated companies

Other Other related parties Total

Payables arising out of direct insurance operations

0 0 0 0 0

Payables arising out of reinsurance operations 6 0 0 0 6 Miscellaneous creditors 14,608 0 0 23 14,631 Miscellaneous liabilities 0 0 0 0 0 Total 14,614 0 0 23 14,637

Miscellaneous liabilities refer to payables under the fiscal consolidation scheme to the Italiana Assicurazioni subsidiary for € 10,674 thousand, the Blue Assistance S.p.A. subsidiary for € 286 thousand and payables to Group companies for € 3,648 thousand.

In 2012 there were no Assets relating to other related parties. Liabilities relating to other related parties regarded bills to be paid to directors for € 20 thousand and delegates for € 3 thousand.

128

Section 16 – Debtors and Creditors These items are stated under items C and E of assets and under items F and G of liabilities and fall due as follows:

(in thousands of euro)

above 12 months of which above 5 years

Investments 33,225 21,561

Debtors 46,140 15,964

Payables and other liabilities 15,783 2,968

Total 95,149 40,492

Investments falling due above 12 months mainly refer to loans granted to employees for the purchase of housing and to loans on life policies.

The debtors mainly consist of claims towards agents and of receivables from Tax Authorities for life policy advanced taxation.

Payables and other liabilities mainly comprise liabilities for deferred taxes.

129

Section 17 - Guarantees, commitments and other memorandum accounts

(in thousands of euro)

31.12.2012 31.12.2011 Change

Guarantees given: - sureties given to subsidiaries and associated companies 5,000 0 5,000 - sureties given to third parties 0 0 0 Guarantees received: - guarantees secured by mortgages 22,483 27,953 -5,470 - sureties given by third parties 30,260 21,343 8,917 Guarantees issued by third parties in the interest of the Company: 0 - CARD/SISCO consortium and third party sureties 26,207 19,234 6,973 Commitments 0 - derivative products 122,239 125,953 -3,714 Third party assets 0 Securities deposited with third parties 5,189,332 4,808,145 381,187 Other memorandum accounts 0 Total 5,395,521 5,002,628 392,893

Guarantees given refer to the surety issued on behalf of the Italian subsidiary Assicurazioni S.p.A. in relation to liabilities undertaken thereby under insurance policies Guarantees received, for € 52,742 thousand, comprise bank guarantees given by agents and guarantees secured by mortgages on housing loans granted to employees.

Guarantees issued by third parties in the interest of the company include bank guarantees issued to Consap in relation to the interest of Reale Mutua in the CARD and SISCO Consortiums and bank guarantees issued to public authorities for participation in tenders.

Commitments refer to derivative contracts as discussed in more detail in the specific section “Operations on derivatives and structured financial instruments”.

Company securities deposited with third parties totalled € 5,189,332 thousand compared with € 4,808,145 thousand in 2011, and are divided as follows according to the entity with which they are deposited:

(in thousands of euro)

31.12.2012 31.12.2011 Change

Subsidiary credit institutions 4,656,573 4,290,138 366,435 Investee credit institutions 0 0 0 Other credit institutions 510,051 496,086 13,965 Subsidiary companies 0 0 0 Associated companies 14,618 14,618 0 Investee companies 0 0 0 Other companies 8,090 7,303 787 Total 5,189,332 4,808,145 381,187

130

INCOME STATEMENT

Section 18 – Information relating to the technical account of Non-life insurance business (I)

Premiums earned, net of reinsurance

Gross premiums written amounted to € 1,250,787 thousand and are divided as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Direct business income 1,392,415 1,371,924 20,491

Inward reinsurance income 3,235 3,568 -333

Gross premiums written 1,395,650 1,375,492 20,158

Premiums ceded and retroceded in reinsurance -139,642 -143,826 4,184

Change in the gross provision for unearned premiums -1,307 -21,062 19,755

Change in the provision, reinsurers' share -3,914 12,277 -16,191

Total premiums earned 1,250,787 1,222,881 27,906

The detail of gross premiums written by class of business is provided in the Report on Operations.

Allocated investment return transferred from the non-technical account

The allocated investment return transferred from the non-technical account to the technical account amounted to € 90,436 thousand, as illustrated in the table below:

(in thousands of euro) 31.12.2012

Income from investments – Non-life business 1 149,746

Investment management and financial charges – Non-life business 2 15,449

NET PROFIT FROM INVESTMENTS 3=1-2 134,297

Technical provisions of the Non-life business year N-1 4 2,473,737

Reinsurers' share of Non-life technical provisions year N-1 5 226,617

Technical provisions of the Non-life business year N 6 2,618,989

Reinsurers' share of Non-life technical provisions year N 7 351,817

HALF-SUM OF THE TECHNICAL PROVISIONS 8=((4-5)+(6-7))/2 2,257,146

Shareholders’ equity year N-1 9 1,066,507 Shareholders’ equity year N 10 1,123,141

HALF-SUM OF SHAREHOLDERS’ EQUITIES 11=(9+10)/2 1,094,824

RATIO BETWEEN SHAREHOLDERS' EQUITIES AND HALF-SUM OF TECHNICAL PROVISIONS + SHAREHOLDERS' EQUITIES 12=8/(8+11) 67,34% ALLOCATED INVESTMENT RETURN TO BE TRANSFERRED TO THE NON-TECHNICAL ACCOUNT 13=12*3 90,436

ALLOCATED INVESTMENT RETURN EFFECTIVELY TO BE TRANSFERRED IF 3>0 90,436

Other technical income net of reinsurance

Other technical income of € 19,407 thousand reflects the reversal of commissions and of discounts relating to prior year premiums cancelled during the year for € 5,228 thousand, utilisation of the allowance for doubtful accounts receivable from policyholders for € 13,774 thousand, and miscellaneous technical items for € 405 thousand.

131

Claims incurred, net of recoveries and reinsurance

Claims for the year amounted to € 847,976 thousand and are divided as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Gross claims paid 970,669 929,527 41,142

Reinsurers' share -107,278 -83,718 -23,560

Change in refunds: gross amount -28,822 -23,409 -5,413

Change in the gross provision for outstanding claims 147,878 71,756 76,122

Reinsurers' share -134,471 2,159 -136,630

Total 847,976 896,315 -48,339

Gross claims paid rose by 4.43% from € 929,527 thousand to € 970,669 thousand and are divided as follows: (in thousands of euro) 31.12.2012 31.12.2011 change Compensation 860,882 826,799 34,083

Direct expenses 16,779 15,999 780

Claim settlement costs 80,433 74,135 6,298

Road Victims Fund 12,575 12,594 -19

Total 970,669 929,527 41,142

The development of claims for previous years, inclusive of the change in recoveries, generated a positive balance of € 53,881 thousand. As regards performance of the individual classes of business, the Other Property Damage and Suretyship lines posted a significant surplus, due to the particularly favourable run-off of technical reserves during the year, to be ascribed to good savings on payments, a considerable amount reserved for claims without follow-up and, in the case of the Suretyship business, noteworthy recoveries. Although the Non-motor TPL and Land vehicle TPL businesses posted significant savings (for € 17,028 and € 18,095 thousand, respectively), these accounted for less than 3% of reserves existing at the start of the year. No lines posted significantly insufficient reserves.

Change in other technical provisions net of reinsurance

The change of € 220 thousand refers entirely to the ageing reserve pursuant to art. 25 of Legislative Decree 175/95.

Management costs

Management costs amounted to € 341,268 thousand and are detailed as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Acquisition commissions 170,892 169,857 1,035

Other acquisition costs 51,339 49,545 1,794

Collecting commissions 91,959 84,979 6,980

Other administrative expenses 55,046 56,731 -1,685

Reinsurance commissions and profit-sharing -27,968 -30,959 2,991

Total 341,268 330,153 11,115

132

Reinsurance commissions and profit-sharing in the amount of € 27,968 thousand refer entirely to commissions paid to reinsurers.

Other technical charges, net of reinsurance

Other technical charges amounted to € 50,731 thousand and mainly reflect: cancellation during the year of prior year premiums for non-collection amounting to € 13,786 thousand, cancellation of premiums due to non-existence of credit for € 14,496 thousand, accrual to the allowance for doubtful accounts receivable from policyholders for € 12,569 thousand, miscellaneous technical items deriving from the CARD convention for € 4,566 thousand and reinsurance treaty reinstatement premiums for € 4,338 thousand. As regards cancellations due to non-existence of credit, note that this cost is almost entirely offset by the provision for premium instalments for the previous year in relation to premiums cancelled and reversal of the relative commissions.

Change in the equalisation provision

The € 2,888 thousand change reflects the provision established pursuant to art. 44 of ISVAP Regulation No. 16 of March 4, 2008. The components per business line of the provision and related allocations are set forth in section 10.

For information on the Non-life business technical account, refer to Annexes 19, 25, 26 and 29.

133

Section 19 – Information regarding the technical account of Life insurance business (II) Premiums earned, net of reinsurance

Premiums earned amounted to € 531,039 thousand. A breakdown is provided below:

(in thousands of euro) 31.12.2012 31.12.2011 change Direct business income 534,941 496,510 38,431

Inward reinsurance income 489 621 -132

Gross premiums written 535,430 497,131 38,299

Premiums ceded and retroceded in reinsurance -4,391 -5,844 1,453

Total premiums for the year 531,039 491,287 39,752

The amount of gross premiums by class of business is indicated in the Report on Operations.

The composition of direct business and inward reinsurance premiums is detailed in Annex 20.

Investment income

Income on investments amounted to € 267,377 thousand. A breakdown is provided below:

(in thousands of euro) 31.12.2012 31.12.2011 change Income from shares and interests 3,368 3,263 105

Income from other investments 124,134 108,930 15,204

Value re-adjustments on investments 132,885 3,779 129,106

Income from disposal of investments 6,990 6,950 40

Total 267,377 122,922 144,455

Income from other investments mainly comprises income from bonds and other fixed-income securities for a total of € 121,767 thousand.

Value re-adjustments on investments mainly comprise € 132,415 thousand relating to the write-up of fixed-income securities and € 465 thousand to revaluations of shares in common investment funds.

Income from the disposal of investments mainly comprises gains on trading in fixed-income securities, for € 6,328 thousand.

Income from investments is detailed in Annex 21

Income and unrealised gains on investments for the benefit of policyholders who bear the investment risk and relating to the administration of pension funds

Income on investments for the benefit of policyholders amounted to € 59,196 thousand. A breakdown is provided below:

(in thousands of euro) 31.12.2012 31.12.2011 change Ordinary income 15,639 8,888 6,751

Income from disposal of investments 29,329 7,495 21,834

Unrealised gains 14,228 3,495 10,733

Total 59,196 19,878 39,318

134

Income from the administration of pension funds amounted to € 12,395 thousand, as detailed below: (in thousands of euro) 31.12.2012 31.12.2011 change Ordinary income 3,689 3,298 391

Income from disposal of investments 165 197 -32

Unrealised gains 8,541 1,397 7,144

Total 12,395 4,892 7,503

Details of the above income can be found in Annex 22.

Other technical income net of reinsurance

Other technical income amounted to € 6,878 thousand compared with € 6,891 thousand in 2011 and consisted mainly of commissions on management of the assets of internal funds and management commissions retroceded by external fund management companies.

Charges for claims, net of reinsurance

Charges for claims amounted to € 513,359 thousand. A breakdown is provided below:

(in thousands of euro) 31.12.2012 31.12.2011 change Gross claims paid 501,185 796,581 -295,396

Reinsurers' share -2,815 -3,518 703

Gross change in the provision for claims outstanding 16,525 -359,395 375,920

Reinsurers' share -1,536 207 -1,743

Total 513,359 433,875 79,484

Gross claims paid are detailed as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Claims 18,723 23,989 -5,266

Policies matured 202,299 542,446 -340,147

Surrenders 274,648 223,974 50,674

Perpetual annuities 2,751 2,791 -40

Claim settlement costs 1,324 1,058 266

Risks assumed in reinsurance 1,440 2,323 -883

Total 501,185 796,581 -295,396

It should be noted that the difference between the amount of the provision for claims outstanding existing at the start of the year and sums paid to the beneficiaries of the contracts during the year for claims incurred in previous years, and also the amount of the related provisions at the end of the year is not significant.

135

Change in mathematical provisions and in other technical provisions, net of reinsurance

The positive change in Life business provisions amounted to € 147,005 thousand.

For details, refer to the commentary on the Balance Sheet.

Management costs

Management costs amounted to € 33,383 thousand and are detailed as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Acquisition commissions 11,135 11,430 -295

Other acquisition costs 10,105 9,008 1,097

Collecting commissions 2,317 2,271 46

Other administrative expenses 10,059 8,895 1,164

Reinsurance commissions and profit-sharing -233 -701 468

Total 33,383 30,903 2,480

Reinsurance commissions and profit-sharing amounted to € 233 thousand and consist exclusively of commissions received from reinsurers.

Investment management and financial charges

Investment management and financial charges amounted to € 10,948 thousand. A breakdown is provided below:

(in thousands of euro) 31.12.2012 31.12.2011 change Investment management charges, including interest 10,254 10,474 -220

Value adjustments on investments 200 121,197 -120,997

Losses on the disposal of investments 494 2,478 -1,984

Total 10,948 134,149 -123,201

Investment management charges and interest expense comprise charges relating to derivative financial instruments for € 4,292 thousand, as reported in Part C (Operations on derivatives and structured financial instruments).

Value re-adjustments on investments mainly comprise € 189 thousand relating to the write-up of fixed-income securities.

Annex 23 provides the analytical schedule of Investment management and financial charges.

136

Investment management and financial charges and unrealised losses on investments for the benefit of policyholders who bear the risk and those deriving from the administration of pension funds

Charges on investments for the benefit of policyholders amounted to € 12,828 thousand. A breakdown is provided below:

(in thousands of euro) 31.12.2012 31.12.2011 change Investment management charges 8,866 6,921 1,945

Losses on the disposal of investments 1,652 10,377 -8,725

Unrealised losses 2,310 23,404 -21,094

Total 12,828 40,702 -27,874

Charges on Investments relating to the administration of pension funds amounted to € 3,392 thousand and are detailed as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Investment management charges 2,118 886 1,232

Losses on the disposal of investments 111 1,069 -958

Unrealised losses 1,163 6,020 -4,857

Total 3,392 7,975 -4,583

Annex 24 provides details of the above charges.

Other technical charges, net of reinsurance Other technical charges amounted to € 4,688 thousand compared with € 4,842 thousand in the previous year.

The item comprises delegation commissions paid to co-insurers for € 2,200 thousand, maintenance commissions for € 1,422 thousand, fund management commissions for € 872 thousand, cancellations of receivables from policyholders for € 10 thousand and other charges for € 184 thousand.

137

Allocated investment return transferred to the non-technical account

The allocated investment return to be transferred to the non-technical account amounted to € 36,233 thousand.

(in thousands of euro) 31.12.2012

Income from investments – Life business 1 267,377

Investment management and financial charges – Life business 2 10,948

NET PROFIT FROM INVESTMENTS 3=1-2 256,429

Technical provisions of the Life branches year N-1 4 2,527,313

Reinsurers’ share of Life technical provisions, year N-1 5 4,618

Technical provisions of the Life branches year N 6 2,702,760

Reinsurers' share of Life technical provisions year N 7 6,079

HALF-SUM OF THE TECHNICAL PROVISIONS 8=((4-5)+(6-7))/2 2,609,688

Shareholders’ equity year N-1 9 379,184 Shareholders’ equity year N 10 479,650

HALF-SUM OF SHAREHOLDERS’ EQUITIES 11=(9+10)/2 429,417

RATIO BETWEEN SHAREHOLDERS’ EQUITIES AND HALF-SUM OF TECHNICAL PROVISIONS + SHAREHOLDERS’ EQUITIES 12=11/(8+11) 14,13%

THEORETICAL ALLOCATED INVESTMENT RETURN TO BE TRANSFERRED TO THE NON TECHNICAL ACCOUNT 13=12*3 36,233 THEORETICAL ALLOCATED INVESTMENT RETURN POSTED TO THE TECHNICAL ACCOUNT 14= 3 -13 220,196

TECHNICAL INTEREST PAID BY CONTRACT TO POLICYHOLDERS 15 90,145

ALLOCATED INVESTMENT RETURN EFFECTIVELY TO BE TRANSFERRED 16 36,233

ALLOCATED INVESTMENT RETURN TO BE TRANSFERRED EFFECTIVELY TO THE TECHNICAL ACCOUNT 17=3-16 220,196

For information regarding the technical account of the main Life business lines, refer to Annexes 27 and 28.

Section 20 – Changes in branch technical items Non-life and Life business

The Company has adopted the analytical accounting procedure to allocate operating expenses (costs of personnel and general expenses) to the specific items of the accounts. The application made it possible to allocate the costs, recorded and classified by the general accounting system, to the items of the accounts. The criteria adopted to post items common to several business lines to each individual business line used, as parameters, the number of claims handled, configured differently according to the type of cost to be allocated and the percentage composition of the premiums written.

All the information required by this section is set forth in Annexes 25, 26, 27, 28 and 29. As regards the commentary on the trends of the various business lines, reference should be made to the Report on Operations.

138

Section 21 – Information regarding the non technical account (III)

Income from investments – Non-life business

Net investment income of Non-life business amounted to € 149,746 thousand and is detailed as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Income from shares and interests 56,160 47,290 8,870

Income from investments in land and buildings 2,351 2,371 -20

Income from other investments 30,251 37,561 -7,310

Value re-adjustments on investments 31,351 824 30,527

Income from disposal of investments 29,633 15,046 14,587

Total 149,746 103,092 46,654

Income on shares and interest refers to dividends collected during the year, of which € 43,705 thousand from subsidiaries.

Income on other investments mainly reflects investments in fixed-income securities.

Note that value re-adjustments on investments comprise € 24,102 thousand relating to the write-up of fixed-income securities and € 7,128 thousand relating to the write-up of shares and interests.

Income from the disposal of investments amounts to € 29,633 thousand and comprises gains on shares and interests and other financial investments for € 9,516 thousand and gains on trading of fixed-income securities for € 19,495 thousand.

The analytical schedule of investment income is provided in Annex 21.

Allocated investment return transferred from the non-technical account – Life business

Refer to the specific section of the Life business technical account.

Investment management and financial charges – Non-life business

Investment management and financial charges amounted to € 15,449 thousand and are detailed as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Investment management charges, including interest 7,148 7,132 16

Value adjustments on investments 6,526 63,808 -57,282

Losses on the disposal of investments 1,775 4,043 -2,268

Total 15,449 74,983 -59,534

Value re-adjustments on investments amounted to € 6,526 thousand and mainly comprise write-downs of shares and interests for € 3,622 thousand, of which € 1,038 thousand relating to the equity investment in Vallourec and € 860 thousand relating to the equity investment in CBA Vita and write-downs of fixed-income securities for € 1,537 thousand.

139

Losses on the disposal of investments amounted to € 1,775 thousand and mainly comprise € 598 thousand on trading of equity investments and € 1,097 thousand for losses on trading of fixed-income securities.

Annex 23 provides the analytical schedule of Investment management and financial charges of Non-life business.

Allocated investment return transferred to the Non-life insurance business technical account

Refer to the specific section of the Non-life insurance business technical account.

Other income

Other income amounted to € 63,452 thousand. The breakdown is as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Refunds from third parties of administration expenses and charges 54,356 58,171 -3,815

Other income and refunds 383 452 -69

Interest on receivables 1,158 1,191 -33

Interest on bank deposits 550 589 -39

Withdrawals from funds 7,005 6,315 690

Total 63,452 66,718 -3,266

As regards utilisation of reserves for future risks and charges, refer to the commentary in Section 12 of the Balance Sheet.

Other charges

Other charges amounted to € 89,209 thousand. The breakdown is as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Administrative costs and expenses on behalf of third parties 54,356 58,171 -3,815

Interest expense and bank expenses 1,166 715 451

Accrual to the provisions for pensions 1,226 1,581 -355

Accrual to the provisions for taxation 0 407 -407

Other provisions 14,295 8,999 5296

Amortisation of intangible assets 17,732 17,342 390

Miscellaneous charges 434 495 -61

Total 89,209 87,710 1,499

As regards additions to provisions for future risks and charges, refer to the commentary in Section 12 of the Balance Sheet.

140

Extraordinary income

Extraordinary income amounted to € 12,519 thousand. The detail is as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change Taxes for previous years 2,030 11 2,019 Exchange rate differences 3,466 6,698 -3,232

Other out-of-period income 7,023 4,685 2,338

Total 12,519 11,394 1,125

Taxes for previous years comprise out-of-period income for € 1,767 thousand generated by presentation of the application for a refund of IRAP relating to 2007 - 2011 pursuant to art. 2 section 1.4 of Decree-Law No. 201 of December 6, 2011.

Other out-of-period income comprises € 3,768 thousand in relation to a decision whereby the Administrative Court in Paris ordered the French State to pay the damages suffered by Reale Mutua following its non-execution of the order to expel squatters occupying the property in Rue De Mogador.

Extraordinary charges

Extraordinary charges amounted to € 60,066 thousand. The breakdown is as follows:

(in thousands of euro) 31.12.2012 31.12.2011 change

Losses on trading in shares of Group companies 0 141 -141

Exchange rate differences 3,397 4,655 -1,258

Taxes for previous years 54,711 0 54,711

Out-of-period expenses and other extraordinary charges 1,958 4,539 -2,581

Total 60,066 9,335 50,731

Taxes for previous years reflect amounts matured during the year in connection with the tax dispute to which reference is made in the specific section of the Report on Operations.

Income taxes for the year

Income taxes for the year show a negative balance of € 88,500 thousand and are the result of the following items:

(in thousands of euro) IRES IRAP TOTAL Taxes on the result of the period 38,613 19,910 58,523

Decreases on prepaid taxes 39,241 558 39,799

Decreases on deferred taxes -19 -55 -74

Increases on prepaid taxes -9,748 0 -9,748

Increases on deferred taxes 0 0 0

Total 68,087 20,413 88,500

141

IRES on the result for the year was negative for € 38,613 thousand and represents the amount due by way of IRES derived from the quota part of the tax base not offset by prior fiscal losses, equal to € 140,412 thousand (140,412 x 27.5% = 38,613).

Prepaid IRES for € 39,241 thousand comprises € 28,400 thousand from the cancellation of prepaid IRES for the fiscal loss, equal to € 103,273 thousand (103,273 x 27.5% = 28,400), absorbed by the positive taxable income of the Company. The remainder, for € 10,841 thousand, reflects ordinary temporary differences between the value attributed according to statutory criteria and for tax purposes (mainly comprising bad and doubtful accounts, changes in the provision for outstanding claims and accruals to provisions), and the amount of € 9,748 thousand for increases on prepaid taxes.

For the purposes of IRES on the result for the period the main components relate to the decrease in share dividends for around € 55,338 thousand and the increase in taxes for around € 57,132 thousand.

The source and movement on deferred tax assets and liabilities, for both IRES and IRAP, are detailed in the following schedule. On this point, the balance at December 31, 2011 of prepaid IRES for prior losses includes the reclassification of € 1,427 thousand, of which € 323 thousand originally recorded under Receivables from subsidiaries and € 1,104 thousand as a consequence of the application for the refund of IRAP. Current IRAP was negative for € 19,910 thousand against a positive taxable base.

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pert

y 1,

613

111

80

7 55

-

-

80

6 56

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1,61

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807

55

-

-

806

56

144

Section 22 – Various information regarding the Income statement The detail of income and charges relating to Group companies and other shareholdings is provided in Annex 30.

A summary of the total amounts is provided below:

(in thousands of euro)

Subsidiaries Associated

companies Other Other related parties Total

Income 98,771 6,535 0 794 105,306

Charges 57,522 248 0 1,468 57,770

Income and charges relating to subsidiaries mainly refer to the costs charged by Reale Mutua to supply the services under the contracts in force and the chargeback of costs relating to seconded personnel for € 57,522 thousand.

They also include income for dividends on shares and interests for € 46,105 thousand and charges for financial management services paid to Banca Reale S.p.A. for € 5,104 thousand.

Income from Other related parties refers to collection of insurance premiums for € 794 thousand.

Charges from Other related parties refer to claims paid on policies for € 477 thousand and fees paid during the year to Directors and Auditors for € 991 thousand.

A summary of Direct business premiums written is provided in Annex 31, while Annex 32 illustrates personnel costs, Directors’ and Auditors’ fees.

145

PART C

OTHER INFORMATION

This section provides the following additional information:

1. Transactions on derivative and structured financial instruments

2. Solvency margin

3. Technical provisions to be matched at the end of the year

4. Shareholders’ equity

5. Fees for auditing and for services other than auditing

6. Cash flow statement

148

1. OPERATIONS ON DERIVATIVES AND STRUCTURED FINANCIAL INSTRUMENTS

These derivatives and structured financial instruments are acquired in accordance with the Company strategic plan established with a Board resolution of April 20, 2012 and ISVAP Regulation No. 36 of January 31, 2011 and comply with the requirements established by the system of control of the securities portfolio.

Derivatives and structured financial instruments are used for hedging purposes only, to mitigate the risk profile of the assets/liabilities hedged or to optimise the yield risk profile.

A) STRUCTURED FINANCIAL INSTRUMENTS

Open positions in structured debt securities at year end were as follows:

• in the Non-life portfolio, a total carrying value of € 105,448 thousand; • in the Life portfolio, a total carrying value of € 213,340 thousand, of which € 168,026

thousand included in the assets of separate management accounts; • in the Life portfolio under art. 41 of Legislative Decree No. 209/95, a total carrying value

of € 23,218 thousand, of which € 8,388 thousand to hedge index-linked policies and € 14,830 thousand present in unit-linked policies

• in the Teseo open-ended pension fund portfolio, a total carrying value of € 858 thousand. Operations and results for the year on transactions in derivatives are set forth below:

(in thousands of euro) Non-life business Life Business Class C Class D

carrying

value current

value carrying

value current

value carrying

value current

value Index-linked 12,377 12,764 714 739 8,388 8,388

Callable/puttable 10,742 11,158 18,246 18,954 138 138

Factoring 2,771 2,771 0 0 0 0

Cms/floor 5,551 5,586 124,247 166,358 1,161 1,161

Convertible 0 0 0 0 1,419 1,419

Subordinate 1,409 1,440 43,292 44,602 3,667 3,667

Pegged to inflation or other basket 55,248 57,756 6,792 6,994 9,303 9,303

Covered 17,350 17,985 7,013 7,526 0 0

Structured, non-guaranteed 0 0 13.036 13.036 0 0

TOTAL 105,448 109,460 213,340 258,209 24,076 24,076

During the year, purchase transactions of structured instruments were carried out in the Non-life portfolio for a total carrying value of € 4,465 thousand and sales for a total carrying value of € 41,389 thousand, with total capital gains of € 1,534 thousand. In the Life portfolio, structured products were purchased for a total carrying value of € 2,496 thousand and sold for a total carrying value of € 6,789 thousand, with total capital gains of € 300 thousand. Also, in the Life portfolio under art. 41 of Legislative Decree 209/05, structured products were purchased for a total carrying value of € 13,332 thousand and sold for a total carrying value of € 8,134 thousand, with total gains of € 1,140 thousand.

149

In the portfolio of the Teseo Open Pension Fund no transactions were carried out on such structured instruments. The following structured securities do not envisage reimbursement of the invested capital on maturity: (in thousands of euro) ISIN code Description Carrying value XS0292673083 ECM ECL MAR 13 - EXTENDABLE 813

XS0261561228 ECM ECL LUG 13 - EXTENDABLE 5,168

XS0223865063 ECM ECL LUG 15 - EXTENDABLE 273

XS0203811590 ECM ECL OTT 15 - EXTENDABLE 3,386

XS0205785990 ECM DFE NOV 15 - EXTENDABLE 2,304

XS0261560923 ECM DFE GEN 17 - EXTENDABLE 1,092

Total 13,036

The assets with subordination clauses, indicated according to the internationally adopted level of subordination, are listed below.

(in thousands of euro)

ISSUING INSTITUTE

Carrying value Currency Type of

interest rate Date of

maturity Advance

repayment clause

Level of subordination

ASS.GENERALI 1,203 EUR Fix to Floater 10/07/42 Yes Tier II ASS.GENERALI 1,064 EUR Fix to Floater 12/12/42 Yes Tier II BANCO POPOLARE SC 994 EUR Fixed 05/11/20 No Tier II BANCO SANTANDER CENTRAL HISPANO 428 EUR Fix to Floater 24/10/17 Yes Tier II BNP LUXEMBOURG 20,000 EUR Fix to Floater 07/04/14 No Tier II DEUTSCHE POSTBANK AG 1,409 EUR Indexed 04/11/15 No Tier II ING BANK NV 974 EUR Fix to Floater 16/09/20 Yes Tier II INTESA SANPAOLO SPA 5,535 EUR Fix to Floater 28/05/18 Yes Tier II INTESA SANPAOLO SPA 845 EUR Indexed 20/02/18 Yes Tier II INTESA SANPAOLO SPA 16 EUR Fix to Floater 26/06/18 Yes Tier II ROYAL BANK OF SCOTLAND GROUP PLC 9,945 EUR Fix to CMS 10/06/19 No Tier II STANDARD CHARTERED BANK 128 GBP Indexed 28/03/18 Yes Tier II UNICREDIT SPA 997 EUR Fixed 19/04/21 No Tier II UNICREDIT SPA 1,257 EUR Fix to Floater 16/10/18 Yes Tier II UNICREDIT SPA 3,575 USD Fixed 26/09/17 No Tier II Total 48,370

150

B) DERIVATIVES

Derivatives on hand at the end of the year were as follows:

• around 2,252 thousand Put options issued by Credito Emiliano and by Deutsche Bank AG London on the same number of quotas of internal funds underlying unit-linked products with guaranteed capital, for the purpose of hedging the financial guarantees of the invested capital for a notional value of around € 22,521 thousand.

The premiums paid for these options, calculated as a percentage of the notional value of the fund of each week, are recognised in the income statement in the year to which they refer;

• two puttable interest rate swap contracts stipulated with Credito Emiliano and inserted in the “Dinamica Protetta” (starting date 27/08/2003 – closing date 01/07/2017), “Dinamica Protetta 2” (starting date 27/08/2003 – closing date 07/01/2018) internal insurance funds, to hedge interest rate volatility of internal insurance funds. The total notional value of reference for the variable rate is approx. € 27,400 thousand and that of the fixed rate approx. € 18,800 thousand;

• four swap contracts: two with Royal Bank of Scotland Group Plc for a total notional value of € 7,120 thousand; two with Société Générale for a total notional value of € 6,000 thousand to hedge interest rate risk on the Crediop 2.1% 01/09/2025 (XS0104009617) structured bond;

• two zero coupon swap contracts stipulated with Mediobanca for a total notional value of € 23,100 thousand, tied to issue of a class I Life insurance product with specific provision of assets; the underlying principal consists of the XS0242988177 GOLDMAN SACHS 02/06-04/02/13 TV bond;

• a contract signed with Credito Emiliano S.p.A. that, within the framework of the joint interest in Credemassicurazioni S.p.A., envisages granting of put options to Reale Mutua and of call options to Credito Emiliano S.p.A. on the entire interest held by Reale Mutua in Credemassicurazioni (862,500 shares, equal to 50% of the share capital) that can be exercised in specific contractually-defined cases;

• forward currency sale inserted in the “Real Mida 2” internal insurance fund, to hedge the Japanese yen exchange rate risk on items in currency in the portfolio. The Company sold around € 15,670 thousand JPY at a EUR/JPY strike rate of 111.12 expiring on March 28, 2013 for a notional value of approx. € 141 thousand;

• forward currency sale inserted in the “Real Mida 1” internal insurance fund, to hedge the Japanese yen exchange rate risk on items in currency in the portfolio. The Company sold around € 129,670 thousand JPY at a EUR/JPY strike rate of 111.12 expiring on March 28, 2013 for a notional value of approx. € 1,163 thousand;

• warrants on shares in the portfolio for a carrying value of € 99 thousand.

151

Operations and results for the year on transactions in derivatives are set forth below:

(in thousands of euro)

Category of contracts Portfolio Counterparty Rating Notional Fair value Income /

S&P value Charges Operations closed

Sale of 731,567.03 USD at term – 30/03/12 Life Banca IMI BBB+ 559 0 1

Operations in course Put options on Linea Dinamica Protetta – 01/07/2017 Life Credem BBB 12,561 0 -62

Put options on Linea Dinamica Protetta 2– 07/01/2018 Life Credem BBB 4,462 0 -22

Put options on Linea Crescita Dinamica – 05/01/2019 Life Deutsche Bank A+ 5,498 0 -24

Puttable interest rate swap Linea Dinamica Protetta – 01/07/17 (variable rate-pay leg on € 20,500,000.00 notional to fixed rate receive leg on € 14,000,000.00 notional)

Life Credem BBB 20,500 774 2,157

Puttable interest rate swap Linea dinamica Protetta 2 – 07/01/18 (variable rate-pay leg on € 6,900,000.00 notional to fixed rate receive leg on € 4,800,000.00 notional

Life Credem BBB 6,900 387 802

Swap Crediop – 01/09/2025 Life Royal Bank of Scotland Group A 7,120 -9,767 -1,825

Swap Crediop – 01/09/2025 Life Société Générale A 6,000 -9,775 -1,629

Zero coupon swap – 11/06/2008– 04/02/2013 Life Mediobanca BBB+ 20,000 5,326 945 Zero coupon swap – 30/06/2008–04/02/2013 Life Mediobanca BBB+ 3,100 837 151

Put option on Credemassicurazioni S.p.A. shares – 29/09/08-31/10/2018 Non-life Credito Emiliano BBB 18,000 N.A. 0

Call option on Credemassicurazioni S.p.A. shares – 29/09/08-31/10/2018 Non-life Credito Emiliano BBB 18,000 N.A. 0

Sale of 15,670,000.00 JPY at term -28/03/13 Life Credit Agricole SA A 141 0 0

Sale of 129,670,000.00 JPY at term -28/03/13 Life Credit Agricole SA A 1,163 0 0

Warrant on shares Non-life Various counterparties N.R. 69 101 4

Rights and warrants on shares Life Various counterparties N.R. 29 29 -10

Total operations in course 123,543 -12,088 487

In the Non-life portfolio and Life portfolio there were no operations on derivative financial instruments. In the Life portfolio under art. 41 of Legislative Decree 209/95, operations on derivative financial instruments referred to the closing in advance of part of the puttable interest rate swap contracts inserted in certain internal insurance funds (“Dinamica Protetta” and “Dinamica Protetta 2”) following redemption of the underlying insurance contracts. This operation generated trading gains of around € 189 thousand. At year-end, in the “Real Mida 2” internal insurance fund there was one open forward currency purchase transaction to hedge the Japanese yen exchange rate risk for around JPY 15,670 thousand at an EUR/JPY strike rate of 111.12 expiring on March 28, 2013, notional value approx. € 141 thousand, and in the Real Mida 1” internal insurance fund there was one open forward currency sale transaction to hedge the yen exchange rate risk for around JPY 129,670 thousand at an EUR/JPY strike rate of 111.12 expiring on March 28, 2013, notional value approx. € 1,163 thousand.

152

In the portfolio of the Teseo Open Pension Fund no transactions were carried out on such derivative instruments. Lastly, it is stated that, during the year, company assets included general rights on operations on capital relating to equities in the portfolio; such instruments have been exercised or not exercised or sold always by the expiry date of the operation.

153

2. SOLVENCY MARGIN

At the end of the year, the solvency margin to be formed and the total elements of the margin, separately for Non-life and Life business, comprised the following amounts:

(in thousands of euro) Non-life Life Total

Solvency margin required 213,633 123,178 336,811

Elements forming the solvency margin 1,079,926 475,817 1,555,743

Excess 866,293 352,639 1,218,932

3. TECHNICAL PROVISIONS TO BE COVERED AT THE END OF THE YEAR AND RELATED MATCHING ASSETS

At the end of the year, technical provisions to be covered and related matching assets, indicated separately for Non-life and Life business, comprised the following amounts:

(in thousands of euro) Non-life Life Total

Total Assets assigned for cover 2,679,291 3,359,535 6,038,826

Reserve at December 31 2,606,278 3,247,004 5,853,282

Percentage of cover 103% 103% 103%

154

4. SHAREHOLDERS' EQUITY

The breakdown of shareholders’ equity resulting from the proposed allocation of the result for the year is set forth in the tables below for Non-life and Life business respectively:

(in thousands of euro)

Shareholders’ equity for Non-life business 31.12.2012 Allocation proposed

to Meeting Updated

Shareholders’ equity

Subscribed share capital 45,000 0 45,000

Additional paid-in capital 0 0 0

Revaluation reserves 111,817 0 111,817

Legal reserve 149,211 2,832 152,043

Statutory reserves 0 0 0 Reserves for own shares and shares of the controlling company 0 0 0

Other reserves 760,479 53,802 814,281

Net profit (loss) for the year 56,634 -56,634 0

Total 1,123,141 0 1,123,141 (in thousands of euro)

Shareholders’ equity for Life business 31.12.2011 Allocation proposed

to Meeting Updated

Shareholders’ equity

Subscribed share capital 15,000 0 15,000

Additional paid-in capital 0 0 0

Revaluation reserves 24,406 0 24,406

Legal reserve 41,119 5,023 46,142

Statutory reserves 0 0 0 Reserves for own shares and shares of the controlling company 0 0 0

Other reserves 298,658 95,443 394,101

Net profit (loss) for the year 100,466 -100,466 0

Total 479,649 0 479,649

155

5. AUDIT FEES AND FOR SERVICES OTHER THAN AUDITING

Disclosure of auditing fees and for services other than auditing of the Reale Mutua Group (art. 149.12 of the CONSOB Issuers Regulation) (in thousands of euro)

Type of service Supplier of the service Recipient Fees

Auditing (*) 481

Auditing Reconta Ernst & Young S.p.A. Società Reale Mutua di

Assicurazioni 111

Auditing Reconta Ernst & Young S.p.A. Italian subsidiaries 190

Auditing Ernst & Young Network Foreign subsidiaries 180

Certification (**) Reconta Ernst & Young S.p.A. Società Reale Mutua di

Assicurazioni and Italian subsidiaries

120

Other services Ernst & Young Network Società Reale Mutua di

Assicurazioni and foreign subsidiaries

1,126

(*) Note: does not include the services of the actuary auditor for the Italian insurance companies of the Group, engaged by the auditors to perform the actuarial evaluation of the technical provisions. Fees paid for these services amounted to € 33,000.

(**) Note: this item comprises fees for auditing of: Separate Management Accounts, Internal Insurance Funds and Pension fund.

156

6. CASH FLOW STATEMENT

(in thousands of euro)

2012 2011 I. CASH FLOW FROM BUSINESS OPERATIONS 1. PRE-TAX PROFIT FOR THE YEAR 1 245,600 31 (133,928) 2. CHANGES IN NON-CASH ITEMS a) Change in technical provisions - Non-life business 2

20,052 32

78,764

b) Change in technical provisions - Life business 3 170,654 33 (234,737) c) Change in accumulated depreciation 4 (77) 34 3,072 d) Change in termination benefits and employee funds 5 (1,168) 35 (1,700) e) Change in other provisions 6 7,011 36 2,818 f) Non-monetary income and expenses deriving from investments 7 (311,412) 37 190,340 g) Gains and losses on disposal of investments 8 (95,214) 38 (8,911)

Total 9 (210,154) 39 29.646

3. CHANGE IN RECEIVABLES AND PAYABLES GENERATED BY OPERATIONS a) Change in receivables and payables arising from direct operations 10 (21,037) 40 (6,747) b) Change in receivables and payables arising from reinsurance operations 11 (28,861) 41 2,294 c) Change in other receivables and payables 12 (44,485) 42 169,268 d) Change in other assets and liabilities 13 89,500 43 (169,149) Total 14 (4,883) 44 (4.334) 4. TAX PAID 15 (1,879) 45 (1.879) 5. TOTAL NET CASH FLOW ARISING FROM BUSINESS OPERATIONS 16 28,684 46 (110,495) II. CASH FLOW FROM INVESTMENT ACTIVITIES 1. NET CASH FLOW GENERATED/ABSORBED BY INVESTMENTS a) Land and buildings 17 (1,674) 47 (3.300) b) Equity investments in subsidiaries, associates, other equity investments 18 (2,505) 48 (81,228) c) Bonds, shares and interests, shares of collective investment funds 19 (40,696) 49 (131,252) d) Loans 20 (1,742) 50 (1.675) e) Other financial investments 21 501 51 2.322 f) Investments for the benefit of Life policyholders who bear the 22 62,015 52 9,680 investment risk and relating to the administration of pension funds Total 23 15,899 53 (205.453) 2. NET CASH FLOW GENERATED/ABSORBED BY OTHER ITEMS a) Intangible assets 24 (7,390) 54 (5,786) b) Tangible assets 25 2,506 55 711 Total 26 (4,884) 56 (5,075) 3. TOTAL NET CASH FLOW ARISING FROM INVESTMENT ACTIVITIES 27 11,015 57 (210,528) III. CHANGE IN CASH AND CASH EQUIVALENTS 1. Cash and cash equivalents at the beginning of the year 28 56,211 58 377,234 2. Cash and cash equivalents at the end of the year 29 95,910 59 56,211 3. CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 30 39,699 60 (321,023)

157

ANNEXES TO THE FINANCIAL STATEMENTS

Company SOCIETA' REALE MUTUA DI ASS.NI

Financial 2012

I. - Life insurance ................................................................................................................................. X

II. - Marriage and birth insurance .........................................................................................................

III. - Insurance as per points I and II linked to investments funds ......................................................... X

IV. - Permanent health insurance as per Article 1, section 1, sub. D ofEEC Directive No. 79/267 of March 5, 1979 ............................................................................. X

V. - Capital redemption operations as per Article 2, section 1, point V of Insurance Code ........... X

VI. - Management of group pension funds for the provision of services inevent of death, relinquishment or reduction of gainful employment ..................................................... X

Complementary insurance (personal injury risks) ................................................................................... X

Annex I

SOLVENCY MARGIN STATEMENT(Art. 28 section 1 of Regulation)

(values in thousands of euro)

Business line for which the solvency margin has been determined

160

(1) Subscribed capital unpaid ....................................................................................... (equal to item 1) ....................................................... (2) Deferred acquisition commissions ........................................................................ (equal to item 3) ....................................................... (3) Other intangible assets ........................................................................................... (equal to items 6, 7, 8 and 9) ...................................... 3,832 (4) Shares or equity interests in controlling companies ........................................................ (equal to item 17) .................................................... (5) Own shares or interests ................................................................................................... (equal to item 91) ................................................... (6) Subscribed share capital or equivalent fund .............................................................. (equal to item 101) .................................................. 15,000 (7) Additional paid-in capital ........................................................................................ (equal to item 102) .................................................. (8) Revaluation reserve ........................................................................................................ (included in item 103) ............................................. 24,406 (9) Legal reserve .................................................................................................................. (equal to item 104) .................................................. 41,119 (10) Statutory reserve ............................................................................................................. (equal to item 105) ................................................. (11) Reserve for own shares and of the controlling company ................................................. (equal to item 106) .................................................. (12) Other reserves : (1) ...........................................................................................................................................................……….............. 298,658 (13) Losses brought forward .................................................................................................. (equal to item 108 (*) ) .................................... (14) Loss for the year ............................................................................................................. (equal to item 109 (*) ) .................................... (15) Profit brought forward .................................................................................................... (equal to item 108) .................................................. (16) Profit for the year ........................................................................................................... (equal to item 109) .................................................. 100,466 (17) Cumulative preference shares: (2)…………………………………………………………………………………………............. (18) Subordinated liabilities: (3) ............................................................................................ (included in item 111) ........................................... (19) Profit year N: (4)............................................................................................................................................. (20) Profit year N - 1: (4)........................................................................................................................................ If used for the (21) Profit year N - 2: (4)................................................................................................................................ solvency margin (22) Profit year N - 3: (4)............................................................................................................................. as per art. 23, (23) Profit year N - 4: (4)........................................................................................................................................ section 1, sub. a), (24) Estimated annual profit: (5)………………………………………………………………….......... of Regulation

(25) Mean residual duration of contracts at the end of year N.....................................................………........ (26) Actuarial reserve calculated on the basis of pure premiums .............................................................. If used for the (27) Actuarial reserve calculated on the basis of pure premiums referring to risks ceded ........................ solvency margin (28) Actuarial reserve calculated on the basis of pure premiums only increased by as per art. 23,

the amortisation quota of the acquisition cost as set out in the rate premiums ................................. section 1, sub. b), (29) Actuarial reserve as per point (28) referring to risks ceded................................................................ of Regulation (30) Sum of the differences between "Life" capital amounts and actuarial provisions

for all contracts on which premiums are still being paid ....................................................................... If used for the (31) Unrealised gains resulting from valuation of all company investments solvency margin

provided not of an exceptional nature …………………………………………………................... as per art, 23,

(32) Losses resulting from valuation of all company investments ………………………….................. section 1, sub. c),

(33) Foreseeable commitments towards policyholders (6)……………………………………………… of Regulation GENERAL NOTICE: all the items referring to inward reinsurance relationships do not include the amounts attributed to CONSAP for legal cessions

(1) State the other provision as set forth in item 107 excluding, for the first three years, the fund set up to cover initial formation expenses, specifying the detail thereof below.

290,0131,9316,714

(2) State cumulative preference shares as indicated in Art. 44, Section 3, sub a) and b) of the Insurance Code specifying:

cumulative preference shares as indicated in Art. 44, Section 3, sub. a)

cumulative preference shares as indicated in Art. 44, Section 3, sub. b)

(3) State subordinated liabilities specifying

loans with fixed maturity loans without fixed maturity securities of undetermined duration and other financial instruments

(4) Indicate earnings realized in the last five financial years on business activities in classes I, II, III and IV as set forth in Art. 2, Section 1 and in the supplementary coverages as indicated in Art. 2, section 2 of the Insurance Code

(5) Indicate the value specified in the actuary's report taking into account the possibility of use of this item until expiry of the transitory period

(6) Indicate the value specified in the actuary's report…………………………………………………………………………………………………………….............................................................

* indicate the amount in absolute value

Items of the balance sheet - Life business

ORDINARY RESERVE FUND

I – BASIS OF CALCULATION OF THE SOLVENCY MARGIN FOR YEAR N TAKEN FROM THE FINANCIAL STATEMENTS

EXTRAORDINARY RESERVEOTHER EQUITY RESERVES

161

I/II - Life, birth and marriage insurance

(34) Mathematical provisions relating to direct business .........................................................................................................……................................ 2,038,325 (35) Mathematical provisions relating to inward reinsurance ....................................................................................………........................................... 3,316 (36) Mathematical provisions relating to outward reinsurance ......................................................................................…………................................... 3,342 (37) Non-negative risk capital remaining charged to the company ........................................................................................………............................... 7,023,394 (38) Non-negative risk capital remaining charged to the company after cession and retrocession .............................………........................................... 5,101,950 (39) Non-negative risk capital charged to the company for term insurance policies

with a maximum duration of three years ...................................................................................................................………………....................... 2,984,674 (40) Non-negative risk capital charged to the company for term insurance policies

with a duration of more than three years but less than or equal to five .....................................................................………………......................... 269,978

Complementary insurance - Personal injury risks

(41) Gross premiums written........................................................................................................................................................................................... 177 (42) Claims paid in year N: gross amount ................................................................................................................................................................ 243 (43) Claims paid in year N: reinsurers’ share............................................................................................................................................................ 165 (44) Change in the provisions for claims outstanding in year N: gross amount (equal to item 16 of the annex 1) ...........................................................

(45) Change in the provisions for claims outstanding in year N: reinsurers’ share ...........................................................................................................

(46) Claims paid in year N - 1: gross amount .......................................................................................................................................................... 202 (47) Claims paid in year N - 1: reinsurers’ share ......................................................................................…........................................................... 163 (48) Change in the provisions for claims outstanding in year N - 1: gross amount (equal to item 17 of the annex 1)........................................................

(49) Change in the provisions for claims outstanding in year N - 1: reinsurers’ share ............................................................…..................... (50) Claims paid in year N - 2: gross amount .......................................................................................................................................................... 486 (51) Claims paid in year N - 2: reinsurers’ share ......................................................................................…......................................................... 273 (52) Change in the provisions for claims outstanding in year N - 2: gross amount (equal to item 18 of the annex 1)........................................................

(53) Change in the provisions for claims outstanding in year N - 2: reinsurers’ share............................................................….....................

IV - Health insurance

(54) Mathematical provisions relating to direct business .................................................................................................................................................

(55) Mathematical provisions relating to inward reinsurance ..................................................................................................................................... 316 (56) Mathematical provisions relating to outward .......................................................................................................................................................... 273 (57) Gross premiums written ...................................................................................................................................................……........................ 13 (58) Claims paid in year N: gross amount ......................................................................................................................…...................................... 10 (59) Claims paid in year N: reinsurers’ share ...........................................................................................…............................................................. 10 (60) Change in the provision for claims outstanding in year N: gross amount (equal to item 16 of the annex 2) ......................................…. (61) Change in the provisions for outstanding claims in year N: reinsurers’ share .....................……...................................................... (62) Claims paid in year N - 1: gross amount ................................................................…………………………………................................... 10 (63) Claims paid in year N - 1: reinsurers’ share ......................................................................................….. 9 (64) Change in the provision for claims outstanding in year N - 1: gross amount (equal to item 17 of the annex 2)...................................… (65) Change in the provision for claims outstanding in year N - 1: reinsurers’ share............................................................….......................... (66) Claims paid in year N - 2: gross amount............................................................................................................…….................................... 10 (67) Claims paid in year N - 2: reinsurers’ share ......................................................................................…....................................................... 9 (68) Change in the provision for claims outstanding in year N - 2: gross amount (equal to item 18 of the annex 2).............................……. (69) Change in the provision for claims outstanding in year N - 2: reinsurers’ share ............................................................…..........................

V - Capital redemption operations.

(70) Mathematical provisions relating to direct business ......................................................................................................………................... 597,487 (71) Mathematical provisions relating to inward reinsurance .....................................................................................……................................ (72) Mathematical provisions relating to outward reinsurance ...........................................................................................……............................

III/VI - Insurance linked to unit trust funds and administration of pension funds.

With assumption of the investment risk: (73) Provisions relating to direct business ....................................................................................................................…………........................ 45,728 (74) Provisions relating to inward reinsurance ........................................................................................................................................................ 1,727 (75) Provisions relating to outward reinsurance......................................................................................................................................................

Without assumption of the investment risk and provided that the contracts determine the amount of the operating expenses for a period exceeding five years: (76) Provisions relating to direct business ....................................................................................................................................................................... 422,430 (77) Assets relating to pension funds managed in the name and on behalf of third parties................................................................................................ 83,772

Without assumption of the investment risk and provided that the contracts determine the amount of the operating expenses for a period exceeding five years:

(78) Net administrative costs in the last year (relating to insurance linked to investment funds)...(8) (79) Net administrative costs in the last year (relating to insurance linked to pension fund administration operations)…(9)

With assumption of the mortality risk: (80) Non-negative risk capital charged to the company ................................................................................................................................................... 21,703 (81) Non-negative risk capital remaining charged to the company after cession and ................................................................................................ 21,703

(9) Indicate the amount specified on line c) of schedule 2 as set forth in annex 3 to the solvency margin evidence schedule relating to class III(8) Indicate the amount specified on line c) of schedule 2 as set forth in annex 3 to the solvency margin evidence schedule

continued: I - BASIS OF CALCULATION OF THE SOLVENCY MARGIN FOR YEAR N TAKEN FROM THE FINANCIAL STATEMENTS

relating to class V

162

Elements A)

Subscribed share capital or equivalent fund................................................................................................................................ 15,000 Reserves not assigned to cover specific commitments or to adjust items on the assets side:

Legal reserve ....................................................................................................................................................................... 41,119 (84) Free reserves ....................................................................................................................................................................... 323,064

Surpluses brought forward: (85) surpluses brought forward not distributed (*) ........................................................................................................................

(86) surplus for the year not distributed (*) ........................................................................................................................... 100,466 (87) Total cumulative preference shares and suborbinated liabilities within the limit established by Art. 44, Section 3,

of the Insurance Codeof which:

(88) subordinated loans with fixed expiry or cumulative preference share with specified duration (for an amount not exceeding 25% of the lower of the amount of line 169 and that of line 168)……………….............................

(89) loans without fixed due date………………………………….......................... (90) securities with undetermined duration and other financial instruments

including cumulative preference shares other than those indicated in Art. 44,Section 3, sub. a) of the Insurance Code……………………………………..

(90 bis ) Elements of subsidiary/shareholding companies......................................................................................................................... (90 ter) Other elements…………………………………………………………………………………………………………… (91) Total from (82) to (90 bis) and (90 ter)........................... 479,649 (92) Acquisition commissions to be amortised, as set forth in Article 12, Section 2, of the Regulation …………………

Other intangible assets .............................................................................................................................................................. 3,832Own shares or interests and those in controlling companies ......................................................................................................

Loss for the year and of previous years brought forward............................................................................................................

(95 bis) Other deductions……………………………………………………………………………………………............... (96) Total from (92) to (95 bis) .............................................. 3,832 (97) 475,817

Elements B)

(98) 50% of future surpluses .......................................................................................................................................................... (99) Difference between the amount of the mathematical provision determined

according to the pure premiums resulting from the accounts less the amount of the aforesaid provision referring to risks ceded ................................................

and the amount of the corresponding mathematical provision determined according to the pure premiums increased by the amortisation quota of the acquisition cost contained in the rate premiums.................................................................

(within the limits set forth in Art. 23 Section 1, sub. b), of the Regulation (100) Unrealised gains, net of losses and of foreseeable commitments

towards policyholders resulting from the valuationof all investments of the company…………………………………………………………………………..............

(101) Half of the portion of share capital not paid or of the equivalent fund subscribed

has been paid.............................................................................................................................……… (102) (103) Amount of the available solvency margin

(of which elements B.......%) 475,817

(*) Only the amounts that, according to the resolution of the Meeting of members, effectively remain in the assets of the company must be indicated

(84) = (7) + (8) + (10) + (11) + (12)(87) = (88) + (89) + (90) provided that (87) <= 0.5 * [the lower of (168) and (169)](90bis) = total column h - i - a - b of annex 4(92) = (2) - [(26) - (27) - (28) + (29)] provided that this is positive98) = 0,5 * [(24)* (25)] - [(31) - (32) - (33)]; provided that (98) <= 0.25 * [(the lower of (168) and (169)] and that (24) <= [(19) + (20) + (21) + (22) + (23)]/5; then (25) <= 6(99) = [(26) - (27) - (28) + (29)] - (2) provided that this is positive and that [(26) - (27) - (28) + (29)] < [3.5 / 100] x (30) (100) = [(31) - (32) - (33)] provided that [(31) - (32) - (33)] <= 0.10 * [the lower of (168) and (169)](101) = 0.5 * (1) if (82) >= (6)/2 provided that (101) <= 0.5 * [the lower of (168) and (169)]; (101) = 0 if (82) < (6)/2

II – COMPONENTS OF THE AVAILABLE SOLVENCY MARGIN

provided that at least 50% of the share capital or subscribed fund

(95) = (13) + (14)

(93) = (3)

(82) = (6) - (1)

(83) = (9)

Total elements A) and B) = (97) + (102) ......................................

Total elements B) = (98) + (99) + (100) + (101)............................

Total elements A) = (91) - (96) .....................................................

(94) = (4) + (5)

163

A) Life, marriage and birth insurance

(104) 4/100 mathematical provision referring to direct business and to inward reinsurance.................................. (105) Conservation ratio referring to the above reserves (minimum 0.85) ................................

(106) (104) x (105) ......... 81,503Non-negative risk capital contracts (excluding term insurance contracts indicated below):

(107) 0.3/100 of risk capital ......................................................................................................................... 11,306Non-negative risk capital contracts (term insurance contractswith maximum duration of three years):

(108) 0.15/100 of risk capital ....................................................................................…....................... 2,985Non-negative risk capital contracts (term insurance contractswith a duration of more than three years but less than or equal to five):

(109) 0.15/100 of risk capital ........................................................................................................... 405

(110) Total (107) + (108) + (109) ................................. 14,696 (111) Retention ratio of risk capital (minimum 0.50) ..................................... (112) (110) x (111) ......... 10,669 (113) 92,172

B) Complementary insurance of personal injury risks (Art. 2, Section 2 of the Insurance Code)

b1) Calculation in relation to the annual amount of premiums and contributionsGross premiums written .....................................................................................................................to be allocated:

(115) portion less or equal to 61,300,000 EURO = x 0.18 = .. (116) portion exceeding 61,300,000 EURO = x 0.16 = ..

(117) Total (115) + (116) .............................................. (118) Retention ratio in relation to claims of the year remaining with the company

following reinsurance cessions (minimum 0.50) .................................................

(119) 16

b2) Calculation in relation to the average charge of claims in the last 3 years (120) Claims paid in the reference period: gross amount .............................................................................

(121) Change in the provisions for claims outstanding in the reference period: gross amount ......................

(122) Charges for claims ..............................................................................................................................

(123) Annual average: 1/3 of (122) .............................................................................................................. to be allocated:

(124) portion less or equal to 42,900,000 EURO = x 0.26 = .. (125) portion exceeding 42,900,000 EURO = x 0.23 = ..

(126) Total (124) + (125) .............................................. (127) 41

(128) (129) Solvency margin required B): Financial N - 1 .........…...................................................... (130) Solvency margin required B) ………………………….. .........………......... 68

C) Health insurance

(131) 4/100 mathematical provision referring to direct business and to inward reinsurance ......................................

(132) Retention ratio relating to said provisions (minimum 0.85) ..................... (133) (131) x (132) ......... 11

c1) Calculation in relation to the annual amount of premiums and contributionsGross premiums written .............................................................................................................to be allocated:

(135) portion less or equal to 61,300,000 x (0.18)/3 = ..... (136) portion exceeding 61,300,000 x (0.16)/3 = .....

(137) Totale (135) + (136) ............................................ (138) Retention ratio in relation to claims of the year remaining with the company

following reinsurance cessions (minimum 0.50) ................................................. (139) 1

c2) Calculation in relation to the average charge of claims in the last 3 years (140) Claims paid in the reference period: gross amount ............................................................................. (141) Change in the provisions for claims outstanding in the reference period: gross amount ...................... (142) Charges for claims .............................................................................................................................. (143) Annual average: 1/3 of (142) ..............................................................................................................

to be allocated: (144) portion less or equal to 42,900,000 x (0.26)/3 = ..... (145) portion exceeding 42,900,000 x (0.23)/3 = .....

(146) Total (144) + (145) ..............................................

(147) 1 (148)

(149)

(150) Solvency margin required Financial N .........…...................... (151) Solvency margin required C): (133) + (150)………… 14

Solvency margin required Financial N - 1 .............................

3

EURO =

1

1 Higher result of (139) and (147) .........………………

30

1030

0.500

177

Solvency margin required c1, (137) x (138) ...........................

1

Solvency margin required c2, (146) x (138) ............................

EURO =

177

Solvency margin required A): (106) + (112)………………..

0.726

0.998

310

EURO = 13

III - AMOUNT OF THE SOLVENCY MARGIN REQUIRED

68

13

(114) = (41)

81,666

81

EURO =

1

3

10

0.500

13

32

32

(134) = (57)

81

41

931

Solvency margin required b1, (117) x (118) ...........................

931

1

0.850

310

Solvency margin required b2, (126) x (118) ............................

Solvency margin required B): higher result of (119) and (127) .............................

164

D) Capital redemption operations

(152) 4/100 mathematical provisions referring to direct business and to inward reinsurance ....…........

(153) conservation ratio relating to said reserves (minimum 0.85) ........................ (154) 23,899

E) Insurance linked to unit trusts and operations relating to administration of pension funds

With assumption of an investment risk (155) 4/100 mathematical provisions referring to direct business and to inward reinsurance ....................................

(156) conservation ratio relating to said reserves (minimum 0.85) ........................................... (157) (155) x (156) .......... 1,898

Without assumption of an investment risk provided that the contracts determinethe amount of operating expenses for a period exceeding five years

(158) 1/100 gross reserves of direct business ........................................................................................................... 5,062Without assumption of an investment risk provided that the contracts determinethe amount of operating expenses for a period exceeding five years

(159) 25/100 of the net administrative costs of the last year…………………………………...................

With assumption of a mortality risk (160) 0.3/100 of non-negative risk capital ................................................................................................................

(161) conservation ratio of risk capital (minimum 0.50) (162) (160) x (161) .......... 65 (163) 7,025

(164) Total solvency margin required (113) + (130) + (151) + (154) + (163) ............................... (164bis ) Capital requirements required by subsidiary/shareholding companies.................................................. (164ter ) Amount of the solvency margin required.............................................................................................

(164quater) Amount of the solvency margin required according to item 70, Annex 5 in Regulation No. 33(164quinquies) Amount of the total solvency margin required (164ter) + (164quater)

(165) Guarantee quota: 1/3 of (164quinquies) (166) Minimum guarantee quota pursuant to Art. 44, Section 3, of the Insurance Code

(167) Guarantee amount [higher result of (165) and (166)] .................................

(168) Amount of the solvency margin required[the higher result of (164quinquies) and (167)] .......................................... 123,178

(169) = (103) Amount of the available solvency margin .................................................. 475,817 (170) = (169) - (168) Excess (deficit) ......................................................................................... 352,639

(104) = [4 / 100] x [ (34) + (35)](105) = [(34) + (35) - (36)] / [(34) + (35)](107) = [0.3 / 100] x [ (37) - (39) - (40)](108) = [0.1 / 100] x (39)(109) = [0.15 / 100] x (40)(111) = (38) / (37)(118) = 1-[(43) + (47) + (51) + (45) + (49) + (53)] / [(42) + (46) + (50) + (44) + (48) + (52)](120) = (42) + (46) + (50)(121) = [(44) + (48) + (52)](122) = (120) + (121)(130) = if (128) < (129) then (130) = (129)*[Provision for claims N (item (2) - Annex 1)] / [Provision for claims N - 1 (item (2) - Annex 1)] said relationship cannot be > of 1; if 128 >= 129 then 130 = 128(131) = [4 / 100] x [ (54) + (55)](132) = [ (54) + (55) - (56) ] / [ (54) + (55) ](138) = [(58+62+66) - (59+63+67) + (60+64+68) - (61+65+69)] / [(58+62+66) + (60+64+68)](140) = (58) + (62) + (66)(141) = [(60) + (64) + (68)](142) = (140) + (141)(149) = (150) margin schedule financial es. N-1(150) = if (148) >= (149) then (150) = (148) if (148) < (149) then (150) = (149)*[Provision for claims N (item (2) - Annex 2)] / [Provision for claims N - 1 (item (2) - Annex 2)], said relationship cannot be > of 1. In any case (150) >= (148).(152) = [4 / 100] x [(70) + (71)] (153) = [(70) + (71) - (72)] / [(70) + (71)] (155) = [4 / 100] x [(73) + (74)] (156) = [(73) + (74) - (75)] / [(73) + (74)] (158) = [1 / 100] x [(76) + (77)] (159) = (25/100) * [(78) + (79)](160) = [0.3 / 100] x (80)(161) = (81) / (80)(164bis ) = total column g of Annex 4(164ter ) = (164) + (164bis )

41,0593,700

41,059

Situation of the solvency margin and of the guarantee quota

123,178

1.000

continued: III - AMOUNT OF THE SOLVENCY MARGIN REQUIRED

1.000

123,178

123,178

1.000Solvency margin required D): (152) x (153) ............................…

1,898

Solvency margin required E): (157) + (158) + (159) + (162) ..................................

65

23,899

165

Annex 1 to the solvency margin evidence schedule as set forthin Art. 28, Section 1 of the Regulation

Company SOCIETA' REALE MUTUA DI ASS.NIFinancial 2012

YearN N-1 N-2

(1) Change in the provision for claims outstanding: gross amount (included in item 48 of the Income Statement) ..............................................… 0 0 0

(2) Provisions for claims outstanding, net of reinsurance cession 0 0 0

Portfolio changes for provisions for claims outstanding of the year and of previous years *:- costs(3) - for risks arising out of direct insurance .......................................…....................... 0 0 0(4) - for cession of risks of direct insurance ...................…........................................... 0 0 0(5) - for risks assumed in reinsurance ...........................................…............................. 0 0 0(6) - for cession of risks assumed in reinsurance ..................…................................... 0 0 0

- revenues(7) - for risks arising out of direct insurance .......................................…...................... 0 0 0(8) - for cession of risks of direct insurance .................…............................................ 0 0 0(9) - for risks assumed in reinsurance ...........................................…............................ 0 0 0(10) - for cession of risks assumed in reinsurance ..................…................................... 0 0 0

Changes for exchange differences on provisions for claims outstanding start of year - for risks arising out of direct insurance:(11) -costs ...............................................................................................…........................ 0 0 0(12) -revenues ..............................................................................................…................... 0 0 0

- for risks assumed in reinsurance:(13) -costs ...............................................................................................…........................ 0 0 0(14) -revenues ..............................................................................................…................... 0 0 0(15) total changes for exchange differences (12 + 14 - 11 - 13) ….......................... 0 0 0

Change in the provision for claims outstanding: gross amount to be used for calculation of the solvency margin:

Correspondence withthe items of thesolvency margin

evidence schedule

(16) year N ..............…..….............................. (1+7+9+15) 0 item 44 sect. I

(17) year N-1 ..............…...........................(1-3-5+7+9+15) 0 item 48 sect. I(18) year N-2 ...........................................................(1-3-5) 0 item 52 sect. I

* The costs and revenues of portfolio changes referring to the year and to previous years must be indicated without making any offsetting between these and therefore without calculating the balance between inflows and outflows.

Amount

Annex to the solvency margin evidence schedule - Complementary insurance (personal injury risks)

(in thousands of Euro)

166

Annex No. 2 to the solvency margin evidence schedule as set forth in Art. 28, Section 1, of Regulation

Company SOCIETA' REALE MUTUA DI ASS.NIFinancial 2012

YearsN N-1 N-2

(1) Change in the provision for outstanding claims: gross amount (item 48 of the Income Statement) .................….......................... 0 0 0

(2) Provisions for claims outstanding, net of reinsurance 0 0 0

Portfolio changes for provisions for claims outstanding of the year and of previous years *:- costs(3) - for risks arising out of direct insurance .....................................… 0 0 0(4) - for cession of risks of direct insurance ...............…................... 0 0 0(5) - for risks assumed in reinsurance ....................................…........ 0 0 0(6) - for cession of risks assumed in reinsurance ................…........ 0 0 0

- revenues(7) - for risks aring out of direct insurance .....................................… 0 0 0(8) - for cession of risks of direct insurance ...............…................... 0 0 0(9) - for risks assumed in reinsurance ....................................…........ 0 0 0

(10) - for cession of risks assumed in reinsurance ................…...... 0 0 0

- for risks arising out of direct insurance:(11) -costs ...........................................................................................… 0 0 0(12) -revenues .......................................................................................... 0 0 0

- for risks assumed in reinsurance:(13) -costs ...........................................................................................… 0 0 0(14) -revenues .......................................................................................... 0 0 0(15) total changes for exchange differences (12 + 14 - 11 - 13) ….. 0 0 0

Change in the provision for claims outstanding: gross amount to be used for calculation of the solvency margin:

Correspondece withthe item of the

solvency marginevidence schedule

(16) year N ..............…..….............................. (1+7+9+15) 0 item 60 sect. I

(17) year N-1 ..............…...........................(1-3-5+7+9+15) 0 item 64 sect. I(18) year N-2 ...........................................................(1-3-5) 0 item 68 sect. I

* The costs and revenues of portfolio changes referring to the year and to previous years must be indicated without making any offsetting between these and therefore without calculating the balance between inflows and outflows.

Amount

Annex to the solvency margin evidence schedule - permanent health insurance Article 1, Section 1, sub. d

(in thousands of Euro)

of EEC Directive 79/267 of March 5, 1979 - basis of calculation of the solvency margin pursuant to Art. 35, Section 2, sub-paragraph c) of Decree Law No. 174/95

Changes for exchange differences on provisions for claims outstanding start of year...........................................................................

167

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170

Company SOCIETA' REALE MUTUA DI ASS.NI

Financial 2012

0

00

Instructions for preparation

The items indicated below of the solvency margin must comply with the following constraints:(90ter ) = (1) Annex 6 (95bis ) = (1) Annex 6 + (2) Annex 6

1) Unavailable reserve equal to the difference between the value of securities stated for which the optionpermitted by article 4, para. 1 of Isvap Regulation No. 28 of February 17 2009 has been exercised and relatedvalue according to market trends

2) Book value of securities issued by entities that have been declared insolvent or against which a receivershipprocedure has been initiated.

TOTAL

(in thousands of Euro)

Annex 6 to the solvency margin evidence schedule as set forth inArt. 28, Schedule 1, of Regulation

Annex to the solvency margin statement - unavailable reserves

Life business

171

Company SOCIETA' REALE MUTUA DI ASS.NI

TPL land vehicles, aircraft, marine, lake and river craft, non-motor TPL; credit; suretyship .................................... XAccident; Health; Hulls land vehicles, Hulls railway rolling stock, Aircraft, Marine, Lake and River craft; Goods transported; Fire and Natural Forces; Sundry Pecuniary Losses; Assistance ............................................... X

Other Property Damage; Legal Fees.............................................................................................................................. X

(Art. 28, Section 2 of the Regulation)SOLVENCY MARGIN LAYOUT EVIDENCE

Classes of business undertaken

(in thousands of Euro)

Financial 2012

Annex II

172

(1) Subscribed capital unpaid ................................................................................................. (equal to item 1) ................................................................................................. (2) Acquisition commissions to be amortised and other acquisition costs.................................. (equal to items 4 and 6 ) .................................................................................... (3) Other intangible assets ............................................................................................................. (equal to items 7, 8 and 9) ................................................................................ (4) Shares and interests in controlling companies ........................................................................ (equal to item 17) ............................................................................................... (5) Own shares or interests ............................................................................................................ (equal to item 91) ............................................................................................... (6) Subscribed share capital or equivalent fund .......................................................... (equal to item 101) ............................................................................................ (7) Additional paid-in capital ............................................................................... (equal to item 102) ............................................................................................ (8) Revaluation reserves ..................... .......................................................................................... (equal to item 103) ............................................................................................ (9) Legal reserve ............................................................................................................................ (equal to item 104) ............................................................................................ (10) Statutory reserves ..................................................................................................................... (equal to item 105) ............................................................................................ (11) Reserve for own shares and of the controlling company ........................................................ (equal to item 106) ............................................................................................ (12) Other reserves (1) ..................................................................................................................................................……………........... (13) Losses brought forward ........................................................................................................... (equal to item 108 (*) ) ............................ (14) Loss for the year ..................................................................................................................... (equal to item 109 (*) ) ............................ (15) Operating surplus brought forward ......................................................................................... (equal to item 108 ) ........................................................................................... (16) Operating surplus for the year ................................................................................................. (equal to item 109 ) ...........................................................................................

(17) Cumulative preference shares (2) …………………………………………………………………………………………….. (18) Subordinated liabilities (3) .............................................................. (included in item 111) ........................................................ If used for the (19) Unrealised gains resulting from valuation of all company investments provided solvency margin , as per

not of an exceptional nature ………………………………………………………………………………………………. Art. 23, Sec. 1, sub. c)

(20) Losses resulting from valuation of all company investments …….………….………………………………. of the Regulation

Items of the Income Statement of year N

(21) Gross premiums written ........................................................................................................... (equal to item 1) ..................................................................................... (22) Gross premiums written by business lines 11, 12 and 13....................................................... (see annex 2)……………….…………..... (23) Claims paid: gross amount ................................................................................................... (equal to item 8) ..................................................................................... (24) Claims paid by business lines 11,12 and 13: gross amount ................................................... (see annex 2)……………….…………..... (25) Claims paid: reinsurers’ share ........................................................................... (equal to item 9) ..................................................................................... (26) Claims paid by business lines 11,12 and 13: reinsurers' share ............................................... (see annex 2)………...……..…………....... (27) Change in refunds: gross amount ........................................................................................ (equal to item 11) ................................................................................... (28) Change in refunds of business line 11, 12 and 13: gross amount ......................................... (see annex 2)…………….……………....... (29) Change in refunds: reinsures' share ............................................... (equal to item 12) ................................................................................... (30) Change in refunds of class 11, 12 and 13: reinsurers' shares ............................................... (see annex 2)……………….…………...... (31) Change in the provision for outstanding claims: gross amount ............................................. (from annex 1) ....................................................................................... (32) Change in the provisions for outstanding claims of classes 11, 12 and 13: gross amount ... (see annex 2)…………………….……...... (33) Change in the provision for outstanding claims: reinsurers' share ........................................ (equal to item 15) ................................................................................... (34) Change in the provision for outstanding claims of classes 11, 12 and 13: reinsurers' share (see annex 2)………………………….....

(1)Insert the other provisions as set forth in item 107 excluding, for the first three years, the fund set up to cover initial formation expenses, specifying the detail thereof below

(2) Insert cumulative preference shares as indicated in Art. 44, Section 3, sub. a) and b) of the Insurance Code specifying:

cumulative preference shares as indicated in Art. 44, Section 3, sub. a)

cumulative preference shares as indicated in Art. 44, Section 3, sub. b)

(3) Insert subordinated liabilities specifying:

- loans with fixed maturity ....................................................................................................................................................................………............

- loans without fixed maturity .....................................................................................................................................................................

- securities of undetermined duration and other financial instrum .............................................................................................................................................................

43,215

I – BASIS OF CALCULATION OF THE SOLVENCY MARGIN FOR YEAR N TAKEN FROM THE FINANCIAL STATEMENTS

Items of balance sheet - Non-life business

111,817149,211

45,000

79228,822

56,634

1,395,650185,403970,669138,484107,278

760,479

7,180

147,882-583

134,471744

760,479

ORDINARY RESERVE FUND

(*) Indicate the amount of the loss in absolute value

173

Items of the Income Statement of years prior to N

(35) Claims paid in year N - 1: gross amount .............................................................................. (equal to item 8) ....................…………. (36) Claims paid by business lines 11, 12 and 13 in year N - 1: gross amount ........…………… (from annex 2)………………………… (37) Claims paid in year N - 1: reinsurers' share ……………………. (equal to item 9) ………………………. (38) Change in refunds in year N - 1: gross amount ...................................................................... (equal to item 11) ................................... (39) Change in refunds of business line 11, 12 and 13 in year N - 1: gross amount .........................................................................… (from annex 2)………………………… (40) Change in refunds in year N - 1: reinsurers' share……………................................................ (equal to item 12)........................……… (41) Change in the provisions for outstanding claims in year N - 1: gross amount ................................. (from annex 1)..................................…. (42) Change in the provisions for outstanding claims of business line 11, 12 and 13 in year N - 1: gross amount............................... (from annex 2)………………………… (43) Change in the provisions for outstanding claims in year N - 1: reinsurers' share……...................... (equal to item 15).……………………… (44) Claims paid in year N - 2: gross amount ....................................................................................... (equal to item 8) ...................................... (45) Claims paid by business lines 11, 12 and 13 in year N - 2: gross amount .............................................................................………(from annex 2)………………………… (46) Claims paid in year N - 2: reinsurers' share……………………………........................... (equal to item 9) ………………………. (47) Change in refunds in year N - 2: gross amount ........................................................................ (equal to item 11) .................................... (48) Change in refunds of business line 11, 12 and 13 in year N - 2: gross amount .....................................................................… (from annex 2)………………………… (49) Change in refunds in year N - 2: reinsurers' share……………................................................. (equal to item 12) ........................……… (50) Change in the provisions for outstanding claims in year N - 2: gross amount ..................................... (from annex 1) ..................................…. (51) Change in the provisions for claims outstanding of business line 11, 12 and 13 in year N - 2: gross amount.............................. (from annex 2) ..................................…. (52) Change in the provisions for outstanding claims in year N - 2: reinsurers' share……................ (equal to item 15) ………………………

Items to be compiled only by companies engaged exclusively or mainly in “special risks” (**):

(53) Claims paid in year N - 3: gross amount ................................................................................. (equal to item 8) ..................................... (54) Change in the provisions for outstanding claims in year N - 3: gross amount ............................................. (from annex 1) ....................................... (55) Claims paid in year N - 4: gross amount ..................................................................................... (equal to item 8) ..................................... (56) Change in the provisions for outstanding claims in year N - 4: gross amount ................................. (from annex 1) ....................................... (57) Claims paid in year N - 5: gross amount ................................................................................... (equal to item 8) ..................................... (58) Change in the provisions for outstanding claims in year N - 5: gross amount ............................................ (from annex 1) ........................................ (59) Claims paid in year N - 6: gross amount ................................................................................ (equal to item 8) ..................................... (60) Change in the provisions for outstanding claims in year N - 6: gross amount ................................................................ (from annex 1) ........................................

(**) Whereby “Special risks” mean credit, storm, hail and frost risks

Elements A)

(61) = (6) - (1) Subscribed share capital or equivalent fund .............................................................................................................................. Reserves not assigned to cover specific commitments or to adjust items on the assets side:

(62) = (9) legal reserve ...................................................................................................................................................................... (63) free reserves .................................................................................................................................................................. Surpluses brought forward: (64) surpluses brought forward not distributed ............................................................................................................. (65) surplus for the year not distributed ................................................................................................................ (66) Total cumulative preference shares and subordinated liabilities within the limit established by Art. 44, Section 3,

of the Insurance Code

(67) (68)

(69) (69bis ) Elements of subsidiary/shareholding companies..................................................................................................................… (69 ter) Other elements…………………………………………………………………………………………………………

(70) Total from (61) to (69bis) and (69ter)............................................................................ (71) Acquisition commissions to be amortised and other acquisition costs ........................................................................ (72) = (3) Other intangible assets ......................................................................................................................……………................... (73) = (4) + (5) Own shares or interests and those in controlling companies ................................................................................…………… (74) = (13) + (14) Loss for the year and losses brought forward.................................................................................................................. (74 bis) Other deductions ………………………………………………………………………………………………………………………………………………

(75) Total from (71) to (74bis) .................................................

(76) Total elements A) = (70) - (75)………………….........

Elements B) (77) Unrealised gains net of losses resulting from valuation of all the

investments of the company………………………………………………………………………………………….. (78) Half of the portion of share capital not paid or of the equivalent fund subscribed

provided that at least 50% of the share capitalor subscribed fund .............................................................................................................................……………...........

(79)

(80) Amount of the available solvency margin (of which elements B ……..%)

(63)= (7) + (8) + (10) + (11) + (12)(66) = (67) + (68) + (69) provided that (66) <= 0.5 * [lower of (105) and (104)](69bis) = total columns h - i - a - b of annex 3(71) = 0,4 * (2)(77) = [(19) - (20)] provided that [(19) - (20)] < = 0.20 * [lower of (105) and (104)](78)= 0,5 * (1) se (61) >= (6) / 2 provided that (78) < = 0,5 *[lower of (105 ) and (104)]; (78) = 0 if (61) < (6) / 2(***) Only the amounts that according to the resolution of the Meeting of members effectively remain in the assets of the company must be indicated

83,718

loans without fixed maturity ……….. securities with undetermined duration and other financial instruments

5,863

(***)

53,16611,355-2,358

23,409

43,215

1,079,926

(***)

Section 3, sub. a) of the Insurance Code………………………………

with specified duration (for an amount not exceeding 25% of the lower of

Total elements B) = (77)+(78)........………………………

Total elements A) and B) = (76) + (79)........……………….

the amount of line (105) and that of line (104))……………….

130,597

22,138

-2,159

71,281-14,245

5,648

continued: I – BASIS OF CALCULATION OF THE SOLVENCY MARGIN FOR YEAR N TAKEN FROM THE FINANCIAL STATEMENTS

929,527

subordinated loans with fixed expiry or cumulative preference share

911,077121,49487,674

including cumulative preference shares other than those indicated in Art. 44,

149,211

45,000

II - COMPONENTS OF THE SOLVENCY MARGIN

872,296

56,634

1,079,926

1,123,141

43,215

of which:

174

(A) Calculation in relation to the annual amount of premiums or contributions (81) Amount of gross premiums written of the last year ……………………………….......

to be allocated: (82) portion less or equal to 61,300,000 EURO = x 0.18 = (83) portion exceeding 61,300,000 EURO = x 0.16 =

(84) Total a), (82) + (83)............................................................................. (85) Conservation ratio in relation to claims of the year remaining with

(minimum 0.500)

(86) Solvency margin required a) x g), (84) x (85 ....................................

(B) Calculation in relation to the average charge for claims in the last 3 years or in the last 7 years for companies operating primarily or exclusively in "special risks" (87) Claims paid in the reference period: gross amount ..................................................... (88) Change in the provisions for claims outstanding in the reference period: gross amount ...................…… (89) Change in refunds during the reference period: gross amount ..................................................... (90) Charges for claims ...................................................................................................................... (91) Annual average: 1/3 or 1/7 of (90) *

to be allocated: (92) portion less or equal to 42,900,000 EURO = x 0.26 = (93) portion exceeding 42,900,000 EURO = x 0.23 =

(94) Total b), (92) + (93) ...............................................................................

(95) Solvency margin required b) x g), (94) x (85) .......................................

(96) = (86) Amount of the solvency margin required in relation to the annual amount of premiums or contributions………………………………………………………………...

(97) = (95) Amount of the solvency margin required in relation to the average charge for claims ............ (98) Higher result of (96) and (97) ..............................................................

(98bis ) Capital requirements required by subsidiary/shareholding companies..........................................................................................… (98ter ) Amount of the solvency margin required...................................................................................................

(99) Guarantee quota: 1/3 of (98ter) .............................................................................................................................................................

(100) Minimum guarantee quota pursuant to Art. 46, Section 3 of the Insurance Code ....................... (101) Guarantee quota (higher amount of (99) and (100))..........................

(102) Amount of the solvency margin required for the year N (higher result of (98ter) and (101)) ............................................................................................

(103) Amount of the solvency margin required of year N -1.(104) Amount of the solvency margin required ………………………...........

(105) = (80) Amount of the available solvency margin............................................

(106) = (105) - (104) Excess (deficit) ........................................................................................

(81) = (21) + [(0,5) * (22)](85) = 1 - { [(25) + (37) + (46)] - [(29) + (40) + (49)] + [(33) + (43) + (52)] } / { [(23) + (35) + (44)] - [(27) + (38) + (47)] + [(31) + (41) + (50)] } (**) (87) = (23) + (35) + (44) +(0,5) * [(24) + (36) + (45)] ; for companies that exercise "special risks" also add the terms: (53) + (55) + (57) + (59) (88) = (31) + (41) + (50) + (0,5) * [(32) + (42) + (51)]; for companies that exercise "special risks" also add the terms: (54) + (56) + (58) + (60) (89) = (27) + (38) + (47) + (0,5) * [(28) + (39) + (48)] (90) = (87) + (88) - (89) (98bis ) = total column g of Annex 3 (98ter ) = (98) + (98bis ) (104) = if (102) > = (103) then (104) =(102);

if (102) < (103) than (104 ) = (103) * [(113) - (59) of annex 1 of the Notes] / [(293) - (239) of annex 1 of the Notes], this ratio cannot be higher than 1.

In any case (104) >= (102).

(*) For companies that have been operating for less than 3 (7) years, the average must be calculated according to the effective years of operation.

Situation of the solvency margin and of the guarantee quota

the company following reinsurance cessions

11,154

III - AMOUNT OF THE SOLVENCY MARGIN REQUIRED

212,645

246,117212,645

212,645

234,963

206,809

83,715

42,9001,021,580

213,633

239,362

1,079,926

3,193,4391,064,480

866,293

206,809212,645

70,882

213,633

1,488,352

11,034228,328

212,645

3,70070,882

3,006,561270,593

0.864

61,3001,427,052

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742

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5,64

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140

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1541

878

16

166,

762

4,86

75,

857

170

00

180

00

190

00

200

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21-5

83-1

4,24

511

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22-3

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1,17

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284

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11,7

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744

1,29

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24

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181

Company SOCIETA' REALE MUTUA DI ASS.NI

0

00

Compilation instructions

The items indicated below of the solvency margin must comply with the following constraints:(69ter ) = (1) Annex 4 (74bis ) = (1) Annex 4 + (2) Annex 4

2) Book value of securities issued by entities that have been declared insolvent or against which a receivershipprocedure has been initiated

TOTAL

(in thousands of Euro)

Annex 4 to the solvency margin evidence schedule as set forth inArt. 28, Section 2 of the Regulation

Financial 2012

Non-life business

1) Unavailable reserve equal to the difference between the value of securities stated for which the optionpermitted by article 4, para. 1 of Isvap Regulation No. 28 of February 17 2009 has been exercised and relatedvalue according to market trends

182

Company: SOCIETA' REALE MUTUA DI ASS.NIFinancial 2012

SOLVENCY MARGIN STATEMENTOF COMPANIES ENGAGED JOINTLY IN LIFE

AND NON-LIFE INSURANCE BUSINESS(art. 29 of Regulation)

(in thousands of Euro)

Reference items of the models of the solvency margin Life Non-lifeLife business and Non-life business insurance insurance

Amount of the solvency margin required: Life business (168 ); Non-Life business (104) 1 123,178 11 213,633 21 336,811

Elements forming the solvency margin totale elementi A): Life business (97); Non-life business (76) 2 475,817 12 1,079,926 22 1,555,743 totale elementi B): Life business (102); Non-life business (79) 3 13 23

Total items forming the solvency margin 4 475,817 14 1,079,926 24 1,555,743

Surplus/deficit of the elements forming the solvency margin in relation to the amount of the available solvency margin to be formed 5 352,639 15 866,293 25 1,218,932

Utilisation pursuant to Art. 348, section 3, of Insurance Codeof the explicit items of the solvency margin still available as set forth in Art. 44, section 2, a), b), c)of Insurance Code 6 16 26

7 352,639 17 866,293 27 1,218,932

Annex III

(a)

(b)

(e)

Total

f = (d + e)

d = [ (b+c) - a]

(b + c)

(c)

183

Com

pany

: S

OC

IETA

' REA

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A D

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.NI

SCH

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31 o

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184

Company Reale Mutua di Ass.ni

MODEL 1

ANNUAL SCHEDULE OF ASSETS ASSIGNED TO COVER TECHNICAL PROVISIONS ACCORDING TO ARTICLES 36 AND 41, SECTION 4, OF DECREE LAW No. 209/05

Financial 2012

185

(values in Euro)

9 10

A INVESTMENTSA.1 Debt securities and similarA.1.1a Securities issued or guaranteed by Member States of

European Union or belonging to OECD issued bylocal institutions or public institutions of MemberStates or by international organisations of which oneor more of the aforesaid States are members, tradedon a regulated market;

13

2,218,084,037

14

82.18

15

1,941,905,032

16

76.95

A.1.1b Securities issued or guaranteed by Member States ofEuropean Union or belonging to OECD issued bylocal institutions or public institutions of MemberStates or by international organisations of which oneor more of the aforesaid States are members, nottraded on a regulated market;

17

0

18

0.00

19

0

20

0.00

A.1.2a Bonds or other similar securities traded on aregulated market; 21

457,493,53222

16.9523

491,519,60824

19.48

A.1.2b Bonds or other similar securities not traded on aregulated market, issued by companies or creditinstitutions with registered offices in a MemberStates of European Union or belonging to OECD,whose Financial Statements have been certified for atleast 3 years by a duly authorised audit company;

25

14,972,500

26

0.55

27

13,570,500

28

0.54

A.1.2c Bonds and other securities issued pursuant to article157, section 1 of Legislative Decree 163/2006 byproject companies pursuant to article 156, bycompanies that operate under public-privatepartnership agreements pursuant to article 3, section15-ter of the same Decree, by companies awardingpublic works contracts for the construction andmanagement of road, rail, port, airport, hospital andtelecoms infrastructure and for the production andtransportation of energy and energy sources, and bycompanies pursuant to article 157, section 4 ofLegislative Decree 163/2006 whose financialstatements must be certified by a duly authorisedaudit company. This class comprises bonds andother debt securities guaranteed pursuant to article157, section 3 of Legislative Decree 163/206;

3%

513

0

514

0.00

515

0

516

0.00

A.1.3 Other bonds or similar securities, other than thoseindicated in the points above, provided with aremaining duration of less than one year;

29

0

30

0.00

31

0

32

0.00

A.1.4 Harmonised shares of UCITS; 33 16,337,859 34 0.61 35 22,533,384 36 0.89A.1.5 Repo agreements with obligation of re-purchase and

deposit of the securities with a credit institution; 20%37

0

38

0.00

39

0

40

0.00

A.1.8 Accrued income on securities suitable for coverage oftechnical provisions; 53

51,713,93154

1.9255

46,678,79556

1.85

Total A.1 57 2,758,601,859 58 102.20 59 2,516,207,319 60 99.71of which structured securities (a) 501 220,986,737 502 8.19 503 223,285,048 504 8.85

of which factoring (b) 505 0 506 0.00 507 205,576 508 0.01Total (a) + (b) 509 220,986,737 510 8.19 511 223,490,624 512 8.86

A.2 Interest-bearing loans and advances guaranteed bymortgages or by bank and insurance guarantees orby other suitable guarantees given by territorial localauthorities;

20%

61

0

62

0.00

63

0

64

0.00

A.3 Capital securities and other similar securities

A.3.1a Shares traded on a regulated market; 65 68,404 66 0.00 67 73,154 68 0.00A.3.1b Banca d'Italia equity interests, interests in co-

operative societies and shares not traded on aregulated market, issued by companies withregistered offices in a State belonging to zone A,whose Financial Statements have been certified for atleast 3 years by a duly authorised audit company;

69

0

70

0.00

71

0

72

0.00

A.3.3 Harmonised shares of UCITS; 77 5,248,990 78 0.19 79 7,913,486 80 0.31A.3.4 Shares of closed units trusts traded on a regulated

market; 5%81

082

0.0083

084

0.00

Total A.3 85 5,317,394 86 0.20 87 7,986,640 88 0.32A.4 Real estate compartmentA.4.1 Land, buildings and realty rights for quotas free of

mortgages; 89

090

0.0091

092

0.00

A.4.2 Real property leased; 10% 93 0 94 0.00 95 0 96 0.00A.4.3 Equity investments in real property companies in

which the company holds at least 10% of the sharecapital, provided that the Parent of the InsuranceGroup held, directly or indirectly, more than 50% ofthe share capital intended solely for the constructionor management of real property for residential, notluxury housing or for industrial or commercial use orfor agricultural activities, for the amount stated in theFinancial Statements within the limit of the economicvalue of the real property assumed in proportion tothe portion of share capital held and net of totalliabilities stated in the Financial Statements of thereal estate company for the share corresponding tovalue of the equity investment held;

97

31,153,026

98

1.15

99

31,153,026

100

1.23

to be carried forward 2,795,072,279 103.55 2,555,346,985 101.26

ASSET DESCRIPTION MaximumLimits

Balance at the end of financial 2012

Balance at the end of financial 2011

Values % Values %

TECHNICAL PROVISIONSAt the end of

financial 2012At the end of

financial 2011

Technical provisions to be covered 2,699,125,359 2,523,550,342

186

carried forward 2,795,072,279 103.55 2,555,346,985 101.26A.4.4 Shares of close-ended real property UCITS reserved

and not reserved located in a Member State; 10%101

15,000,000

102

0.56

103

15,000,000

104

0.59

Total A.4 40% 109 46,153,026 110 1.71 111 46,153,026 112 1.83A.5 Alternative investmentsA.5.1a Shares of open-ended UCITS not harmonised

pursuant to Directive 85/611/EC that invest mainlyin bonds; 301

0

302

0.00

303

0

304

0.00

A.5.1b Shares of open-ended UCITS not harmonisedpursuant to Directive 85/611/EC that invest mainlyin equities; 305

0

306

0.00

307

0

308

0.00

A.5.2a Investments in shares of closed units trusts nottraded on a regulated market and in reserved funds;

309

0

310

0.00

311

0

312

0.00

A.5.2b Investments in security and real property speculativefunds; 313

0314

0.00315

0316

0.00

Sub-total A.5.2a+A.5.2.b 5% 317 0 318 0.00 319 0 320 0.00Total A.5 10% 321 0 322 0.00 323 0 324 0.00

Sub-total A.3+A.5.1b+A.5.2a+A.5.2b 35% 325 5,317,394 326 0.20 327 7,986,640 328 0.32TOTAL A 113 2,810,072,279 114 104.11 115 2,570,346,985 116 101.85

B DEBTORSB.1 Receivables from reinsurers net of debit items,

including the reinsurers' share of technicalprovisions, duly documented, up to 90% of theiramount; 117

0

118

0.00

119

0

120

0.00

B.2 Deposits and amounts receivable net of debit itemswith ceding companies, duly documented, up to 90%of their amount; 121

0

122

0.00

123

0

124

0.00

B.3.1 Debtors receivable from policyholders net of debititems, arising out of direct insurance operations, tothe extent to which these are effectively collectablesince at least 3 months; 125

0

126

0.00

127

0

128

0.00

B.3.2 Debtors receivable from intermediaries net of debititems, arising out of direct insurance and reinsuranceoperations to the extent to which these are effectivelycollectable since at least 3 months;

129

0

130

0.00

131

700,000

132

0.03

B.4 Advances on policies; 133 0 134 0.00 135 6,000,000 136 0.24B.5 Tax refunds, definitely ascertained or for which the

term prescribed for assessment has elapsed; 5%137

0138

0.00139

0140

0.00

B.6 Amounts receivable from guarantee funds, net ofdebit items; 5%

141

0142

0.00143

0144

0.00

B.7 Debtors arising out of centralised managementoperations of the Treasury of the Group claimedagainst company responsible for management 5%

401

0

402

0.00

403

0

404

0.00

TOTAL B 145 0 146 0.00 147 6,700,000 148 0.27C OTHER ASSETSC.1 Tangible fixed assets used in company operations,

other than land and buildings, within the limit of30% of the carrying value;

149

0

150

0.00

151

0

152

0.00

C.2 Tangible fixed assets not used in company business,other than land and buildings, duly documented,within the limit of 10% of the carrying value;

153

0

154

0.00

155

0

156

0.00

Sub-total C.1+C.2 5% 157 0 158 0.00 159 0 160 0.00C.3 Deferred acquisition commissions within the limit of

90% of their amount; 161

0162

0.00163

0164

0.00

C.4 Accrued income for rents within the limit of 30% oftheir amount; 165

0166

0.00167

0168

0.00

C.5 Reversible interest; 5% 169 0 170 0.00 171 0 172 0.00TOTAL C 173 0 174 0.00 175 0 176 0.00

TOTAL B + C - C.3 25% 177 0 178 0.00 179 6,700,000 180 0.27D Deposits with banks, deposits with other credit

institutions or any other institutions authorised bythe competent controlling authorities to receivedeposits, net of debit items;

15%

181

646,633

182

0.02

183

566,607

184

0.02

E Other categories of assets authorised by ISVAPaccording to Article 38, Section 4 of Decree Law No.209/95; 185

0

186

0.00

187

0

188

0.00

GRAND TOTALASSETS FOR COVERAGE 189

2,810,718,912190

104.13191

2,577,613,592192

102.14

10% 193 14,972,500 194 0.55 195 13,570,500 196 0.54Sub-total A.1.1b + A.1.2b + A.1.3 + A.3.1b + A.5.2a + A.5.2b

187

Annex A to Model 1

(values in Euro)

CURRENCY EXCHANGE RATE (1) TECHNICAL PROVISIONS ASSETS

FOR COVERAGE

European Union

EURO 1.000 2,685,559,717 2,794,247,140Danish krona Swedish krona Pound sterling Cyprus pound Czech krona Estonian krona Hungarian forint Lithuanian liats Latvian lats Maltese lira Polish zloty Slovak krona Leu Romania Lev Bulgaria Norwegian krona Iceland krona Liechtenstein franc

Non-EU states

Swiss franc 1.207 4,470,129 5,863,772U. S. dollar 1.319 9,095,513 10,608,000Canadian dollar Australian dollar New Zealand dollar Japanese yen Arabian real Turkish lire

2,699,125,359 2,810,718,912

(1).

(2).

List of commitments and related assets for coverage by currency

TOTAL (2)

The amounts of technical provisions and assets assigned to cover these have been converted

of assets assigned to cover technical provisions.The total of the assets corresponds to item 189 of the same schedule.

at the exchange rate prevailing at the end of the reference year in relation to the currency in which the communication was made,including assets acquired after such date.The total technical provisions correspond to the amount of item 9 of the annual schedule

188

80 5.2 1 45,182,832 55,510,740 52,608,31181 5 7 16,354,335 17,048,636 16,925,456

61,537,167 72,559,376 69,533,7671 2 3

Technical provisions(3)

Assets assigned at the end of financial 2012(4)

Assets assigned at the end of the previous year

Annex B to Model 1

Assets assigned to cover technical relating to thecontracts specified in Article 33, Section 4, of Decree Law No. 209 of September 7, 2005

SECTION I - Single premium contracts (1)

TOTAL

(values in Euro)

Order Number

Guaranteed interest rate (2)

Residual contract life

189

0 0 05 6 7

61,537,167 72,559,376 69,533,7678 9 10

(1).

(2).

(3).

(4).

assets matching the technical provisions.

of item 9 of the annual statement of assets matching the technical provisions.State the amount of the assets which allow the interest rate referred to in footnote (2to be guaranteed and which cannot be lower than the amount of the technical provisions.These assets are included in the amount of item 189 of the quarterly statement of

of Decree Law No. 209/05 must be inserted, restricted to financial guarantees tied tospecific assets assigned to cover technical provisions.State the full amount of technical provisions for the period during which theinterest rate referred to in footnote (2) above is guaranteed. These provisions are included in the amount

for specific assets assigned to cover technical provisions restricted to the period in whichan interest rate higher than that envisaged, for contracts with financial guarantee, by the provision set forth in Section 1 of Art. 33 of Decree Law No. 209/05 is guaranteed.The interest rate guaranteed contractually by the company, pursuant to Article 33, Section 1

TOTAL

GRAND TOTAL (5)

State all contracts referred to in Legislative Decree 209/05, Article 33 (4), for that envisaged,

SECTION II – Immediate Life annuity contracts (1)(values in Euro)

Order number

Guaranteed interest rate (2)

Technical provisions(3)

Assets assigned at the end of financial 2012

(4)

Assets assigned at the end of the previous year

190

MODEL 2

Company Reale Mutua di Ass.ni

EVIDENCE OF ASSETS ASSIGNED TO COVERTECHNICAL PROVISIONS REFERRING TO CONTRACTS

SPECIFIED IN ARTICLE 41 SECTIONS 1 AND 2 OF DECREE LAW 209/05

Financial 2012

191

Number of shares owned Value Number of

shares owned Value

0 0 0 0 0 01 2 3 4 5 6

TOTAL

SECTION I - Contracts linked to the value of shares of an UCITS(values in Euro)

Order number Name of the reference UCITS

At the end of financial 2012

Technical provisions

Financial instruments for coverage

At the end of the previous year

Technical provisions

Financial instruments for coverage

192

809 REALE LINEA ESPERO 0 0 231,481 231,494810 REALE LINEA ALISEO 0 0 128,729 137,833811 REALE LINEA GRECALE 0 0 65,672 65,681812 REALE LINEA DINAMICA PROTETTA 20,258,781 20,259,365 19,842,152 19,842,790814 REALE LINEA DINAMICA PROTETTA 2 7,110,094 7,110,115 6,956,934 6,957,247816 REALE LINEA PRUDENTE 48,264,244 48,833,385 34,750,866 35,083,988818 REALE LINEA CRESCITA DINAMICA 6,262,286 6,262,522 7,216,972 7,217,292829 REALE DIFENSIVO 3,721,493 3,725,328 7,317,704 7,318,734830 REALE CONSERVATIVO 3,429,738 3,429,767 11,068,990 11,069,786831 REALE LINEA CONTROLLATA 256,479 256,499 75,436 75,590832 REALE LINEA MERCATO GLOBALE 234,657 234,681 15,721 15,867950 REALE CAPITALE EUROPA 765,373 765,598 739,462 739,470951 REALE IMPRESA ITALIA 401,805 401,976 394,838 394,861952 REALE IMPRESA MONDO 639,083 639,215 696,731 696,819953 REALE IMPRESA EMERGENTE 496,856 497,001 511,102 511,120960 REAL MIDA 1 32,557,048 32,558,982 28,696,580 28,696,715961 REAL MIDA 2. 3,934,250 3,934,479 3,446,000 3,446,224970 REALE LINEA OBBLIGAZIONARIA 45,538,606 45,574,902 47,180,397 47,194,524971 REALE LINEA BILANCIATA ATTIVA 69,354,486 69,354,631 72,025,845 72,033,773

972 REALE LINEA BILANCIATA AGGRESSIVA 86,934,300 86,938,458 88,733,825 88,789,556

973 REALE LINEA TRASFORMAZIONI 5,319,204 5,319,204 5,656,596 5,659,082976 REALE LINEA EQUILIBRIO 51,011,044 51,201,318 43,788,829 44,005,033977 REALE LINEA FUTURO 32,875,716 32,995,318 27,033,008 27,135,479979 REALE LINEA GARANTITA 11,437,789 11,438,503 11,859,104 11,860,087

430,803,332 431,731,247 418,432,974 419,179,0457 8 9 10

TOTAL

SECTION II – Contracts linked to the value of shares of internal funds

Order number Name of Internal FundAt the end of financial 2012 At the end of the previous year

Technical provisions Financial instruments for coverage (1) Technical provisions Financial instruments

for coverage (1)

193

825 MEDIOBANCA XS0271582693 2006-2012 EUROSTOXX 0 0 15,245,032 15,247,031

826 CAPITALIA XS0293808720 2007-31/03/2013 S&PMIB40 3,909,190 3,911,191 3,859,277 3,861,278

827 UNICREDITO XS0294023964 2007-31/05/2013 S&PMIB40 4,474,799 4,476,800 4,081,953 4,083,973

828 MEDIOBANCA XS0322796946 2007-10/12/2012 DIVDAX 0 0 28,037,695 28,039,695

8,383,989 8,387,991 51,223,957 51,231,97711 12 13 14

439,187,321 440,119,238 469,656,931 470,411,02215 16 17 18

SECTION III – Contracts linked to share indexes or other references values

Order number Name of Internal FundAt the end of financial 2012 At the end of the previous year

Technical provisions Financial instruments for coverage (1) Technical provisions Financial instruments

for coverage (1)

(2) The grand total is the sum of the total values indicated in the three sections.

TOTAL

GRAND TOTAL (2)

(1) The total amount of assets present in the matching fund management must be indicated

194

MODEL 3

Company Reale Mutua di Ass.ni

EVIDENCE OF INVESTMENTS DERIVING FROM THE ADMINISTRATION OF PENSION FUNDS ACCORDING TO CLASS "D.II" OF THE BALANCE SHEET

Financial 2012

195

801 TESEO GARANTITA FUND TESEO GARANTITA 801 24,920,735 24,921,072 17,240,804 17,241,230802 TESEO PRUDENZIALE FUND TESEO PRUDENZIALE 802 23,278,774 23,278,803 17,277,625 17,277,914803 TESEO BILANCIATA FUND TESEO BILANCIATA 803 30,617,437 30,618,234 22,807,313 22,808,133804 TESEO SVILUPPO FUND TESEO SVILUPPO 804 29,875,338 29,878,871 23,287,147 23,289,527

108,692,284 108,696,980 80,612,889 80,616,8041 2 3 4

TOTAL

SECTION I - Open-end pension funds(values in Euro)

Order number of the fund

Name of the fund Investment line (1) (2).At the end of financial 2012

Provisions Investments (3)

At the end of the previous year

Provisions Investments (3)

196

0 0 0 05 6 7 8

108,692,284 108,696,980 80,612,889 80,616,8049 10 11 12

Provisions Investments (3)

(4) The grand total consists of the sum of the total values indicated in the two sections

GRAND TOTAL (4)

(1) The amount of provisions and of the related assets regarding each investment line must be specified inside each fund(2) Indicate the order number assigned to each investment line within each fund (to be maintained in subsequent communications)(3) The investments must be indicated net of the liabilities relating to the fund

TOTAL

SECTION II - Closed-end pension funds

Order number of the fund

Name of the fund Investment line (1) (2).At the end of financial 2012

Provisions Investments (3)

At the end of the previous year

197

Annex 1 to the Evidence schedule of investments relating to administrationof pension funds under class D.II of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of shares and interests (values in Euro)

State CurrencyISIN Name codeCode (*) (*) Quantity Amount

(1) (2) (3) (4) (5) (6) -7 (8) (9)803 803 a 8 G4 IT0003270615 PRELIOS SPA 665 53803 803 a 8 B7 A2 4 DE0006048408 HENKEL 443 23,005803 803 a 8 C1 Ba1 4 DE0005785802 FRESENIUS MEDICAL C 1,496 78,256803 803 a 8 G4 IT0001063210 MEDIASET ORD. 1,990 3,096803 803 a 8 E6 A3 4 FR0000120644 GROUPE DANONE S.A. 5,148 256,911803 803 a 1 B7 Aa3 4 DE0008404005 ALLIANZ AG. 5,124 536,995803 803 a 3 E6 A2 4 FR0000131104 BNP PARIBAS 11,995 510,807803 803 a 3 G4 Baa2 4 IT0000072618 INTESA SANPAOLO 167,274 217,456803 803 a 8 G4 A3 4 IT0003132476 ENI SPA ORD. 29,081 533,346803 803 a 8 G4 IT0000068525 SAIPEM SPA ORD. 2,643 77,440803 803 a 1 E6 A2 4 FR0000120628 AXA-UAP 24,097 321,695803 803 a 3 E6 A2 4 FR0000120685 NATIXIS 365 931803 803 a 8 E6 A 5 FR0000120073 AIR LIQUIDE 3,307 314,330803 803 a 8 B7 A3 4 DE0007664005 VOLKSWAGEN AG 706 114,902803 803 a 8 E6 Baa2 4 FR0000125007 COMPAGNIE DE SAINT-GOBAIN 2,954 95,178803 803 a 3 C1 A3 4 DE0008032004 COMMERZBANK AG 9,367 13,432803 803 a 8 E6 A3 4 FR0000133308 FRANCE TELECOM 22,166 184,842803 803 a 8 E6 A3 4 FR0000121972 SCHNEIDER SA 5,368 294,327803 803 a 8 B7 Baa3 4 DE0007257503 METRO AG 463 9,723803 803 a 8 B7 DE000A1EWWW0 ADIDAS-SALOMON AG 1,007 67,801803 803 a 8 E6 Baa1 4 FR0000125486 VINCI 3,730 134,131803 803 a 8 B7 A2 4 DE0005190003 BMW BAYERISCHE MOTOREN WERKE AG 2,629 191,733803 803 a 1 C1 Aa3 4 DE0008430026 MUENCHENER RUECKVER AG 1,715 233,240803 803 a 8 L3 Ba2 4 PTPTC0AM0009 PORTUGAL TELECOM S.A. 2,342 8,780803 803 a 8 E6 Baa2 4 FR0000120172 CARREFOUR 4,841 93,649803 803 a 8 E6 Baa2 4 FR0000127771 VIVENDI UNIVERSAL 11,258 190,823803 803 a 8 H7 A1 4 NL0000009355 UNILEVER NV-CVA 2,253 64,965803 803 a 8 H7 Baa2 4 NL0010273215 ASM LITOGRAPHY HOLDING NV 2,557 122,736803 803 a 8 E3 Ba3 4 FI0009000681 NOKIA OYJ 49,237 144,067803 803 a 8 H7 Baa3 4 NL0006033250 KONINKLIJKE AHOLD NV 7,790 78,952803 803 a 8 H7 A3 4 NL0000009538 ROYAL PHILIPS 7,489 148,994803 803 a 3 D7 Baa2 4 ES0113900J37 BANCO SANTANDER CENTRAL HISP 74,399 453,834803 803 a 8 B7 Baa1 4 DE0005557508 DEUTSCHE TELEKOM 31,905 274,223803 803 a 2 H7 A3 4 NL0000303600 ING GROEP 42,153 297,642803 803 a 8 G4 Baa1 4 NL0000226223 STMICROELECTRONICS 4,475 23,919803 803 a 8 E6 FR0000120321 L'OREAL 2,273 238,438803 803 a 8 D7 Baa2 4 ES0178430E18 TELEFONICA SA 18,872 192,306803 803 a 3 D7 Baa3 4 ES0113211835 BANCO BILBAO VA 23,023 160,240803 803 a 8 E6 Ba1 4 FR0000120537 LAFARGE SA 1,452 70,030803 803 a 8 E6 Aa1 4 FR0000120271 TOTAL FINA ELF 8,387 327,177803 803 a 8 E6 Ba3 4 FR0000121501 PEUGEOT 1,184 6,478803 803 a 8 E3 Ba1 4 FI0009005987 UPM-KYMMENE OYJ 1,669 14,696803 803 a 3 E6 A2 4 FR0000130809 SOCIETE GENERALE- A 9,067 256,959803 803 a 8 E6 BBB- 5 FR0000125338 CAP GEMINI 788 25,894803 803 a 8 D7 Baa3 4 ES0173516115 REPSOL YPF 6,480 99,371803 803 a 8 L3 Ba1 4 PTEDP0AM0009 EDP 25,276 57,882803 803 a 8 B7 Baa1 4 DE0005552004 DEUTSCHE POST 5,794 96,180803 803 a 3 G4 BBB+ 5 IT0000062957 MEDIOBANCA 7,533 35,119803 803 a 8 E6 FR0000121667 ESSILOR INTL 1,700 129,234803 803 a 8 E6 Ba1 4 FR0000131906 RENAULT 1,904 77,464803 803 a 8 A5 Baa1 4 BE0003470755 SOLVAY 259 28,322803 803 a 8 E6 BBB 5 FR0000121485 PPR SA 605 85,214803 803 a 8 H7 Baa1 4 NL0000395903 WOLTERS KLUWER 898 13,897803 803 a 8 D7 ES0148396015 INDITEX 1,925 203,088803 803 a 8 F9 Baa2 4 IE0001827041 CRH PLC 6,629 101,424803 803 a 8 H7 Baa2 4 NL0000009082 KONINKLIJKE KPN NV 14,763 54,859803 803 a 8 H7 BBB+ 5 NL0006144495 REED ELSEVIER 5,764 64,470803 803 a 3 E6 A2 4 FR0000045072 CREDIT AGRICOLE SA 13,274 80,759803 803 a 8 E6 A 5 FR0000124711 UNIBAIL 653 118,813803 803 a 8 G4 Baa1 4 IT0003153415 SNAM RETE GAS SPA 11,534 40,530803 803 a 8 D7 ES0167050915 ACS SHS 2,673 50,894803 803 a 8 G4 BBB+ 5 IT0001479374 LUXOTTICA 237 7,364803 803 a 8 D7 Baa2 4 ES0116870314 GAS NAT. SDG 1,264 17,165803 803 a 8 E6 FR0000130650 DASSAULT SYSTEMES 426 35,882803 803 a 8 F7 Caa1 4 GRS260333000 HELLENIC TELECOM SHS 716 3,652803 803 a 8 E6 A3 4 FR0000120503 BOUYGUES 2,351 52,662

Rating Current value

198

Annex 1 to the Evidence schedule of investments relating to administrationof pension funds under class D.II of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of shares and interests (values in Euro)

State CurrencyISIN Name codeCode (*) (*) Quantity Amount

(1) (2) (3) (4) (5) (6) -7 (8) (9)

Rating Current value

803 803 a 8 E6 Baa1 4 FR0000124141 VEOLIA ENVIRONNEMENT 3,645 33,370803 803 a 8 E6 Baa1 4 FR0000121261 MICHELIN 1,132 81,040803 803 a 8 E6 BBB- 5 FR0000125585 CASINO GUICHARD PERRACHON 80 5,768803 803 a 8 G4 Baa2 4 IT0003497168 TELECOM ITALIA SPA 68,086 46,503803 803 a 8 G4 Baa1 4 IT0003242622 TERNA 9,217 27,872803 803 a 8 C1 A3 4 DE0006483001 LINDE AG 1,453 191,796803 803 a 8 G4 Baa1 4 IT0003506190 ATLANTIA SPA 1,215 16,609803 803 a 3 D7 Ba1 4 ES0113790531 BANCO POPULAR ESPANOL 6,935 4,064803 803 a 3 G4 Baa2 4 IT0003487029 UBI BANCA 4,165 14,602803 803 a 8 G4 A- 2 LU0156801721 TENARIS 3,521 54,857803 803 a 3 F7 Caa2 4 GRS003013000 NATL BANK OF GREECE 1,311 1,691803 803 a 1 E6 AA 5 FR0000120222 CNP ASSURANCES 1,164 13,508803 803 a 8 A5 Baa3 4 BE0003562700 GROUPE DELHAIZE 350 10,588803 803 a 8 D7 ES0125220311 ACCIONA SA ORD. 138 7,757803 803 a 8 C1 Ba1 4 DE0006047004 HEIDELBERGCEMENT 526 24,107803 803 a 8 A5 BE0003739530 UCB 278 12,015803 803 a 8 F9 IE00B1GKF381 RYANAIR HOLDINGS 15,794 74,658803 803 a 8 C4 Ba1 4 DE0008232125 DEUTSCHE LUFTHANSA 2,274 32,382803 803 a 8 F7 A3 4 GRS104003009 COCA COLA HELLENIC BOTTLING SHS 1,576 27,895803 803 a 8 E6 Baa2 4 FR0000130577 PUBLICIS GROUPE SA 312 14,118803 803 a 8 H7 NL0000360618 SBM OFFSHORE 606 6,372803 803 a 8 B7 DE0005773303 FRAPORT 401 17,618803 803 a 8 D7 BBB 5 ES0173093115 RED ELECTRICA ESP 958 35,733803 803 a 8 A1 A3 4 AT0000743059 OMV AG 452 12,364803 803 a 3 L3 Ba3 4 PTBES0AM0007 BCO ESPIRITO SANTO 5,182 4,638803 803 a 8 D7 Baa3 4 ES0130960018 ENAGAS 655 10,572803 803 a 8 B7 DE000PAH0038 PORSCHE AUTOMOBIL HOLDING 591 36,465803 803 a 8 C2 Baa2 4 DE000KSAG888 K+S 1,135 39,725803 803 a 8 C4 Baa1 4 DE0007297004 SUEDZUCKER AG 729 22,592803 803 a 1 C4 AA- 5 DE0008402215 HANNOVER RUECKVERSICHERU-REG 939 55,363803 803 a 8 C2 DE000CLS1001 CELESIO 694 9,053803 803 a 8 D7 A2 4 ES0184933812 ZARDOYA OTIS SA 366 3,953803 803 a 8 E6 FR0000120966 BIC 264 23,844803 803 a 8 H7 NL0000379121 RANDSTAD HOLDING NV 391 10,872803 803 a 8 F9 IE0004906560 KERRY GROUP PLC 1,444 57,839803 803 a 8 E6 BBB+ 5 FR0000131708 TECHNIP 501 43,507803 803 a 8 D7 BBB- 5 ES0118900010 FERROVIAL 1,640 18,368803 803 a 8 B7 A3 4 DE0007664039 VOLKSWAGEN 72 12,395803 803 a 8 G4 IT0004623051 PIRELLI & C. ORD. 665 5,756803 803 a 8 B7 A1 4 DE000BASF111 BASF 9,099 647,394803 803 a 8 H7 NL0009432491 KONINKLIJKE VOPAK 3,500 186,585803 803 a 8 H7 Baa2 4 NL0009739424 TNT EXPRESS NV 1,570 13,235803 803 a 8 H7 Baa1 4 NL0009739416 POSTNL NV 1,760 5,136803 803 a 8 D7 ES0126775032 DIA 3,844 18,490803 803 a 3 G4 Baa2 4 IT0004781412 UNICREDIT post raggr 72,164 267,440

TESEO BILANCIATA total 11,123,186 FONDO TESEO BILANCIATA total 11,123,186

804 804 a 8 B7 A2 4 DE0006048408 HENKEL 1,459 75,766804 804 a 8 C1 Ba1 4 DE0005785802 FRESENIUS MEDICAL C 3,239 169,432804 804 a 8 G4 IT0001063210 MEDIASET ORD. 6,143 9,559804 804 a 8 E6 A3 4 FR0000120644 GROUPE DANONE S.A. 8,377 418,054804 804 a 1 B7 Aa3 4 DE0008404005 ALLIANZ AG. 9,708 1,017,398804 804 a 3 E6 A2 4 FR0000131104 BNP PARIBAS 24,856 1,058,493804 804 a 3 G4 Baa2 4 IT0000072618 INTESA SANPAOLO 256,861 333,919804 804 a 8 G4 A3 4 IT0003132476 ENI SPA ORD. 58,171 1,066,856804 804 a 8 G4 IT0000068525 SAIPEM SPA ORD. 5,060 148,258804 804 a 1 E6 A2 4 FR0000120628 AXA-UAP 49,795 664,763804 804 a 3 E6 A2 4 FR0000120685 NATIXIS 9,490 24,200804 804 a 8 E6 A 5 FR0000120073 AIR LIQUIDE 5,814 552,621804 804 a 8 B7 A3 4 DE0007664005 VOLKSWAGEN AG 1,575 256,331804 804 a 8 E6 Baa2 4 FR0000125007 COMPAGNIE DE SAINT-GOBAIN 6,077 195,801804 804 a 3 C1 A3 4 DE0008032004 COMMERZBANK AG 21,681 31,091804 804 a 8 E6 A3 4 FR0000133308 FRANCE TELECOM 39,952 333,160804 804 a 8 E6 A3 4 FR0000121972 SCHNEIDER SA 10,265 562,830804 804 a 8 B7 Baa3 4 DE0007257503 METRO AG 1,684 35,364804 804 a 8 B7 DE000A1EWWW0 ADIDAS-SALOMON AG 2,586 174,115

199

Annex 1 to the Evidence schedule of investments relating to administrationof pension funds under class D.II of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of shares and interests (values in Euro)

State CurrencyISIN Name codeCode (*) (*) Quantity Amount

(1) (2) (3) (4) (5) (6) -7 (8) (9)

Rating Current value

804 804 a 8 E6 Baa1 4 FR0000125486 VINCI 8,925 320,943804 804 a 8 B7 A2 4 DE0005190003 BMW BAYERISCHE MOTOREN WERKE AG 6,427 468,721804 804 a 1 C1 Aa3 4 DE0008430026 MUENCHENER RUECKVER AG 3,896 529,856804 804 a 8 L3 Ba2 4 PTPTC0AM0009 PORTUGAL TELECOM S.A. 7,088 26,573804 804 a 8 E6 Baa2 4 FR0000120172 CARREFOUR 11,502 222,506804 804 a 8 E6 Baa3 4 FR0000130338 VALEO 1,338 50,356804 804 a 8 E6 Baa2 4 FR0000127771 VIVENDI UNIVERSAL 21,993 372,781804 804 a 8 H7 A1 4 NL0000009355 UNILEVER NV-CVA 34,657 999,335804 804 a 8 H7 Baa2 4 NL0010273215 ASM LITOGRAPHY HOLDING NV 5,982 287,136804 804 a 8 E3 Ba3 4 FI0009000681 NOKIA OYJ 81,790 239,318804 804 a 8 H7 Baa3 4 NL0006033250 KONINKLIJKE AHOLD NV 10,185 103,225804 804 a 8 H7 A3 4 NL0000009538 ROYAL PHILIPS 16,779 333,818804 804 a 3 D7 Baa2 4 ES0113900J37 BANCO SANTANDER CENTRAL HISP 156,357 953,778804 804 a 8 B7 Baa1 4 DE0005557508 DEUTSCHE TELEKOM 58,325 501,303804 804 a 2 H7 A3 4 NL0000303600 ING GROEP 76,408 539,517804 804 a 8 G4 Baa1 4 NL0000226223 STMICROELECTRONICS 6,628 35,427804 804 a 8 E6 FR0000120321 L'OREAL 4,437 465,441804 804 a 8 D7 Baa2 4 ES0178430E18 TELEFONICA SA 23,935 243,898804 804 a 3 D7 Baa3 4 ES0113211835 BANCO BILBAO VA 62,095 432,181804 804 a 8 E6 Ba1 4 FR0000120537 LAFARGE SA 3,294 158,870804 804 a 8 E6 Aa1 4 FR0000120271 TOTAL FINA ELF 9,855 384,444804 804 a 8 E6 Ba3 4 FR0000121501 PEUGEOT 2,664 14,575804 804 a 8 E3 Ba1 4 FI0009005987 UPM-KYMMENE OYJ 5,821 51,254804 804 a 3 E6 A2 4 FR0000130809 SOCIETE GENERALE- A 14,813 419,800804 804 a 8 E6 BBB- 5 FR0000125338 CAP GEMINI 1,876 61,645804 804 a 8 D7 Baa3 4 ES0173516115 REPSOL YPF 15,081 231,267804 804 a 8 L3 Ba1 4 PTEDP0AM0009 EDP 58,426 133,796804 804 a 8 B7 Baa1 4 DE0005552004 DEUTSCHE POST 7,921 131,489804 804 a 3 G4 BBB+ 5 IT0000062957 MEDIOBANCA 18,343 85,515804 804 a 8 E6 FR0000121667 ESSILOR INTL 2,928 222,587804 804 a 8 G4 IT0003039010 RCS MEDIAGROUP 4,483 5,626804 804 a 8 E6 Ba1 4 FR0000131906 RENAULT 4,326 176,003804 804 a 8 A5 Baa1 4 BE0003470755 SOLVAY 1,707 186,660804 804 a 8 E6 BBB 5 FR0000121485 PPR SA 1,015 142,963804 804 a 8 H7 Baa1 4 NL0000395903 WOLTERS KLUWER 3,642 56,360804 804 a 8 D7 ES0148396015 INDITEX 5,802 612,111804 804 a 8 F9 Baa2 4 IE0001827041 CRH PLC 8,666 132,590804 804 a 8 H7 Baa2 4 NL0000009082 KONINKLIJKE KPN NV 32,660 121,365804 804 a 8 H7 BBB+ 5 NL0006144495 REED ELSEVIER 13,226 147,933804 804 a 3 E6 A2 4 FR0000045072 CREDIT AGRICOLE SA 6,220 37,842804 804 a 8 E6 A 5 FR0000124711 UNIBAIL 1,784 324,599804 804 a 8 G4 Baa1 4 IT0003153415 SNAM RETE GAS SPA 26,724 93,908804 804 a 8 D7 ES0167050915 ACS SHS 5,920 112,717804 804 a 8 G4 BBB+ 5 IT0001479374 LUXOTTICA 2,263 70,311804 804 a 8 D7 Baa2 4 ES0116870314 GAS NAT. SDG 3,099 42,084804 804 a 8 E6 FR0000130650 DASSAULT SYSTEMES 1,247 105,035804 804 a 8 F7 Caa1 4 GRS260333000 HELLENIC TELECOM SHS 2,689 13,714804 804 a 8 E6 A3 4 FR0000120503 BOUYGUES 6,300 141,120804 804 a 8 E6 Baa1 4 FR0000124141 VEOLIA ENVIRONNEMENT 6,566 60,112804 804 a 8 E6 Baa1 4 FR0000121261 MICHELIN 2,410 172,532804 804 a 8 E6 BBB- 5 FR0000125585 CASINO GUICHARD PERRACHON 1,041 75,056804 804 a 8 G4 Baa2 4 IT0003497168 TELECOM ITALIA SPA 277,951 189,841804 804 a 8 G4 Baa1 4 IT0003242622 TERNA 31,072 93,962804 804 a 8 C1 A3 4 DE0006483001 LINDE AG 3,181 419,892804 804 a 8 G4 Baa1 4 IT0003506190 ATLANTIA SPA 3,796 51,891804 804 a 3 D7 Ba1 4 ES0113790531 BANCO POPULAR ESPANOL 14,635 8,576804 804 a 3 G4 Baa2 4 IT0003487029 UBI BANCA 16,811 58,939804 804 a 8 G4 A- 2 LU0156801721 TENARIS 9,707 151,235804 804 a 3 F7 Caa2 4 GRS003013000 NATL BANK OF GREECE 3,245 4,186804 804 a 1 E6 AA 5 FR0000120222 CNP ASSURANCES 4,599 53,371804 804 a 8 A5 Baa3 4 BE0003562700 GROUPE DELHAIZE 1,299 39,295804 804 a 8 D7 ES0125220311 ACCIONA SA ORD. 396 22,259804 804 a 8 C1 Ba1 4 DE0006047004 HEIDELBERGCEMENT 1,225 56,142804 804 a 8 A5 BE0003739530 UCB 1,818 78,574804 804 a 8 F9 IE00B1GKF381 RYANAIR HOLDINGS 20,550 97,140804 804 a 8 C4 Ba1 4 DE0008232125 DEUTSCHE LUFTHANSA 5,971 85,027

200

Annex 1 to the Evidence schedule of investments relating to administrationof pension funds under class D.II of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of shares and interests (values in Euro)

State CurrencyISIN Name codeCode (*) (*) Quantity Amount

(1) (2) (3) (4) (5) (6) -7 (8) (9)

Rating Current value

804 804 a 8 F7 A3 4 GRS104003009 COCA COLA HELLENIC BOTTLING SHS 2,888 51,118804 804 a 8 E6 Baa2 4 FR0000130577 PUBLICIS GROUPE SA 1,282 58,011804 804 a 8 H7 NL0000360618 SBM OFFSHORE 1,586 16,677804 804 a 8 B7 DE0005773303 FRAPORT 280 12,302804 804 a 8 D7 BBB 5 ES0173093115 RED ELECTRICA ESP 2,664 99,367804 804 a 8 E6 Baa2 4 FR0000077919 JC DECAUX SA 560 10,072804 804 a 8 A1 A3 4 AT0000743059 OMV AG 1,721 47,078804 804 a 3 L3 Ba3 4 PTBES0AM0007 BCO ESPIRITO SANTO 14,093 12,613804 804 a 8 D7 Baa3 4 ES0130960018 ENAGAS 1,412 22,790804 804 a 8 B7 DE000PAH0038 PORSCHE AUTOMOBIL HOLDING 1,671 103,101804 804 a 8 C2 Baa2 4 DE000KSAG888 K+S 3,214 112,490804 804 a 8 C4 Baa1 4 DE0007297004 SUEDZUCKER AG 479 14,844804 804 a 1 C4 AA- 5 DE0008402215 HANNOVER RUECKVERSICHERU-REG 1,635 96,400804 804 a 8 D7 A2 4 ES0184933812 ZARDOYA OTIS SA 1,137 12,280804 804 a 8 E6 Baa2 4 FR0000120859 IMERYS SA 265 12,770804 804 a 8 E6 FR0000120966 BIC 256 23,122804 804 a 8 E6 BBB+ 5 FR0000131708 TECHNIP 1,403 121,837804 804 a 8 D7 BBB- 5 ES0118900010 FERROVIAL 3,361 37,643804 804 a 8 B7 A3 4 DE0007664039 VOLKSWAGEN 168 28,921804 804 a 8 B7 A1 4 DE000BASF111 BASF 17,818 1,267,751804 804 a 8 H7 NL0009432491 KONINKLIJKE VOPAK 8,000 426,480804 804 a 8 H7 Baa2 4 NL0009739424 TNT EXPRESS NV 4,825 40,675804 804 a 8 H7 Baa1 4 NL0009739416 POSTNL NV 5,411 15,789804 804 a 8 D7 ES0126775032 DIA 9,783 47,056804 804 a 3 G4 Baa2 4 IT0004781412 UNICREDIT post raggr 111,463 413,082

TESEO SVILUPPO total 23,494,606 FONDO TESEO SVILUPPO total 23,494,606 Grand total 34,617,792

(1) Order number of the fund (5) Investment line: according to the coding of regulated markets as set forth in specific

(2) Investment line: indicate the order number assets for the computerisation of data assigned to each investment line within each fund (to be maintained in subsequent communications) (6) Indicate the rating of the security; otherwise

that of the issuer

(3) Type (7) Indicate the rating agency a = Listed shares of companies not part of the same group 1 = Duff & Phelps Credit Rating Co. a.1= Listed shares of companies part of the same group 2 = Fitch Ibca b = Unlisted shares of companies not forming part of the same group 3 = Italrating b.1= Unlisted shares of companies forming part of the same group 4 = Moody's Investors Service c = Interests 5 = Standard & Poor's

6 = Thomson BankWatch, Inc.(4) Business 7 = Other 1 = Insurance company 2 = Finance company (8) Code of the State of the issuer (source U.I.C.) 3 = Credit institution 4 = Real property company (9) Code of the currency (source U.I.C.) 8 = Industrial company 9 = Other company or body

(*) The 'State Code' and 'Currency' columns may not be compiled if the ISIN code of the security has been indicated

201

Annex 2 to the Evidence schedule of investments relating to administration of pension funds under class D.II of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of bonds (values in Euro)

ISIN Name State Expiry Currency Total nominalCode code value Unitary Total

(*) (*) (*) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 801 801 2 L G8 Baa2 4 IT0004101447 CCT-ST 01.09.06 - 13 TV 270,000 100 270,154801 801 2 L G8 Baa2 4 IT0003357982 BTP 2002-01.02.13 4.75% 1,000,000 100 1,002,950801 801 2 L G8 Baa2 4 IT0003472336 BTP-AG 01 03/13 4,25 1,500,000 102 1,527,075801 801 2 L G8 Baa2 4 IT0003719918 BTP 4.25% FB 04/15 1,400,000 104 1,461,880801 801 2 L G8 Baa2 4 IT0003844534 BTP 3,75% AG 05/15 1,200,000 103 1,240,560801 801 2 L G8 Baa2 4 IT0004164775 BTP 2006 - 01/02/17 TF 4% 1,400,000 104 1,456,280801 801 2 L G8 Baa2 4 IT0004448863 BTP 01/09-15/12/13 TF 3,75% 1,230,000 102 1,256,494801 801 2 L C2 Baa3 4 ES00000121H0 SPAIN 10/08-31/01/14 TF 4,25% 650,000 102 661,180801 801 2 L G8 Baa2 4 IT0004505076 BTP 3,5% 06/09-01/06/14 1,360,000 102 1,391,566801 801 2 L G8 Baa2 4 IT0004615917 BTP 06/10-15/06/15 TF 3% 1,400,000 102 1,422,400801 801 2 L G8 Baa2 4 IT0004612179 BTP 06/10-01/06/13 TF 2% 1,450,000 100 1,455,597801 801 2 L G8 Baa2 4 IT0004620305 CCTeu 07/10-15/12/15 TV 750,000 96 723,075801 801 2 L G8 Baa2 4 IT0004653108 BTP 11/10-01/11/2013 TF 2,25% 1,000,000 101 1,007,390801 801 2 L G8 Baa2 4 IT0004707995 BTP 04/11-01/04/14 TF 3% 700,000 102 711,410801 801 2 L G8 Baa2 4 IT0004712748 BTP 04/11-15/04/16 TF 3,75% 800,000 104 829,760801 801 2 L G8 Baa2 4 IT0004716327 CTZ 04/11-30/04/13 ZC 1,500,000 100 1,497,375801 801 2 L G8 Baa2 4 IT0004765183 CTZ 09/11-30/09/13 ZC 1,600,000 99 1,586,672801 801 2 L G8 Baa2 4 IT0004793045 CTZ 01/12-31/01/14 ZC 1,000,000 98 984,000801 801 2 L G8 Baa2 4 IT0004867070 BTP 11/12-01/11/17 TF 3,50% 1,250,000 101 1,263,000

TESEO GARANTITA total 21,748,818 FONDO TESEO GARANTITA total 21,748,818

802 802 2 L B1 Aa1 4 FR0010192997 FRANCE 3,75 % FTB - 2005 25/04/21 150,000 116 174,450802 802 2 L C2 Aa1 4 FR0010288357 FRANCE 3 1/4 % 2006 - 25/04/16 870,000 110 954,564802 802 2 L B7 Aaa 4 DE0001135291 GERMANY 3 1/2% 04/01/16 240,000 110 265,056802 802 2 L B3 Aa1 4 FR0000188989 FRANCE 03/03-25/04/13 TF 4% 580,000 101 586,670802 802 2 L H7 Aaa 4 NL0000102317 NETHERLANDS 01/98-15/01/28 5,5% 600,000 145 872,520802 802 2 L G8 Baa2 4 IT0004019581 BTP 3.75% 2006 - 1.8.16 950,000 104 984,865802 802 2 L C2 Aa1 4 FR0000571218 FRANCE 03/98-25/04/29 TF 5,5% 260,000 139 360,906802 802 2 L C2 Aa1 4 FR0010070060 FRANCE 04/04-25/04/35 4,75% 290,000 131 380,654802 802 2 L C2 Baa3 4 ES0000011868 SPAIN 01/98-31/01/29 TF 6% 85,000 104 87,975802 802 2 L G8 Baa2 4 IT0001444378 BTP-MG 01 99/31 6% 690,000 112 769,350802 802 2 L B7 Aaa 4 FI0001006066 FINLAND 3,875 % - 15/09/17 180,000 116 208,620802 802 2 L C2 Aaa 4 AT0000A001X2 REPUBLIC OF AUSTRIA 3,5% 06-09/2021 345,000 116 399,027802 802 2 L C2 Aa1 4 FR0010371401 FRANCE 09/06-25/10/38 TF 4% 50,000 119 59,515802 802 2 L C2 Aaa 4 DE0001135218 GERMANY 01/03-04/01/13 TF 4,5% 140,000 100 140,035802 802 2 L C2 Aaa 4 DE0001135226 GERMANY 01/03-04/07/34 TF 4,75% 300,000 147 440,340802 802 2 L G8 Baa2 4 IT0003618383 BTP AG 04/14 4,25% 430,000 104 445,781802 802 2 L C2 Baa3 4 ES0000012916 SPAIN 4,4% 2004 - 31/01/15 380,000 103 391,210802 802 2 L G8 Baa2 4 IT0003719918 BTP 4.25% FB 04/15 275,000 104 287,155802 802 2 L H7 Aaa 4 NL0000102242 NETHERLANDS - 3,25% - 15/07/15 520,000 108 560,820802 802 2 L G8 Baa2 4 IT0003934657 BTP 4% 05 01.02.37 285,000 87 248,178802 802 2 L B1 Aa3 4 BE0000309188 BELGIUM 2007 - 28/03/17 TF 4% 350,000 114 398,510802 802 2 L B7 Aaa 4 DE0001135325 GERMANY 01/07-04/07/39 TF 4.25% 330,000 144 475,002802 802 2 L H7 Aaa 4 NL0006007239 NETHERLANDS GOVT 2007 - 15/07/17 TF 4,5% 120,000 118 141,564802 802 2 L C2 Baa3 4 ES00000121A5 SPAIN 02/08-30/07/18 4,1% 230,000 99 226,987802 802 2 L C2 Aa1 4 FR0010604983 FRANCE 04/08-25/04/18 4% 300,000 116 349,380802 802 2 L G8 Baa2 4 IT0004361041 BTP 05/08-01/08/18 TF 4,5% 1,600,000 105 1,681,760802 802 2 L B7 Baa3 4 ES00000121G2 SPAIN 09/08-31/01/24 TF 4,8% 950,000 94 890,910802 802 2 L G8 Baa2 4 IT0004448863 BTP 01/09-15/12/13 TF 3,75% 390,000 102 398,401802 802 2 L B7 Baa3 4 ES00000120G4 SPAIN 09/05-31/01/16 TF 3,15% 350,000 99 345,310802 802 2 L B1 Aa3 4 BE0000315243 BELGIUM 01/09 28/03/2019 4% 710,000 117 829,813802 802 2 L C2 Aa1 4 FR0116114978 FRANCE 01/09-12/01/14 TF 2,5% 290,000 102 297,221802 802 2 L G8 Baa2 4 IT0004513641 BTP 07/09-01/03/25 TF 5% 1,200,000 104 1,242,960802 802 2 L C2 Aa1 4 FR0116843535 FRANCE 06/09-12/07/14 TF 3% 150,000 104 156,660802 802 2 L C2 Aaa 4 DE0001141554 GERMANY 2009 - 10/10/14 TF 2,5% 260,000 104 271,531802 802 2 L G8 Baa2 4 IT0004594930 BTP 04/10-01/09/20 TF 4% 1,200,000 101 1,207,560802 802 2 L C2 Aa1 4 FR0010916924 FRANCE 07/10-25/04/26 TF 3,5% 400,000 112 449,240802 802 2 L B7 Aaa 4 DE0001030526 GERMANY 12/09-15/04/20 LKD €i 350,000 129 452,177802 802 2 L G8 Baa2 4 IT0004653108 BTP 11/10-01/11/2013 TF 2,25% 500,000 101 503,695802 802 2 L G8 Baa2 4 IT0004604671 BTP 04/10-15/09/21 2,1% LKD €i 400,000 102 406,432802 802 2 L G8 Baa2 4 IT0004716327 CTZ 04/11-30/04/13 ZC 350,000 100 349,388802 802 2 L G8 Baa2 4 IT0004793474 BTP 02/12-01/05/17 TF 4,75% 500,000 107 533,300802 802 2 L C2 Aaa 4 DE0001141620 GERMANY 01/12-24/02/17 TF 0,75% 600,000 102 613,860802 802 2 L G8 Baa2 4 IT0004801541 BTP 03/12-01/09/22 TF 5,5% 500,000 108 542,400802 802 2 L C1 Aaa 4 DE0001135473 GERMANY 04/12-04/07/22 TF 1,75% 550,000 104 573,980802 802 2 L B3 Baa3 4 ES00000123K0 SPAIN 11/11-31/01/22 TF 5,85% 300,000 104 311,760

TESEO PRUDENZIALE total 22,267,492 FONDO TESEO PRUDENZIALE total 22,267,492

803 803 2 L C2 Aa1 4 FR0010288357 FRANCE 3 1/4 % 2006 - 25/04/16 270,000 110 296,244803 803 2 L B7 Aaa 4 DE0001135291 GERMANY 3 1/2% 04/01/16 120,000 110 132,528803 803 2 L B3 Aa1 4 FR0000188989 FRANCE 03/03-25/04/13 TF 4% 595,000 101 601,843

Rating Description of the security Current value

202

Annex 2 to the Evidence schedule of investments relating to administration of pension funds under class D.II of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of bonds (values in Euro)

ISIN Name State Expiry Currency Total nominalCode code value Unitary Total

(*) (*) (*) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Rating Description of the security Current value

803 803 2 L H7 Aaa 4 NL0000102317 HOLLAND 01/98-15/01/28 5,5% 185,000 145 269,027803 803 2 L G8 Baa2 4 IT0001278511 BTP-NV 01 98/29 5.25 180,000 103 186,210803 803 2 L C2 Aa1 4 FR0000571218 FRANCE 03/98-25/04/29 TF 5,5% 130,000 139 180,453803 803 2 L C2 Aa1 4 FR0010070060 FRANCE 04/04-25/04/35 4,75% 260,000 131 341,276803 803 2 L C2 Baa3 4 ES0000011868 SPAIN 01/98-31/01/29 TF 6% 170,000 104 175,950803 803 2 L B3 Aaa 4 DE0001135309 GERMANY 4% 06 07.04.16 175,000 114 198,905803 803 2 L G8 Baa2 4 IT0003242747 BTP 5 1/4% 2002-1.8.17 2,240,000 109 2,435,776803 803 2 L B7 Aaa 4 FI0001005704 FINLAND 05/04-04/07/15 TF 4,25% 200,000 110 220,880803 803 2 L C2 Aa1 4 FR0010371401 FRANCE 09/06-25/10/38 TF 4% 335,000 119 398,751803 803 2 L G8 Baa2 4 IT0003472336 BTP-AG 01 03/13 4,25 1,005,000 102 1,023,140803 803 2 L C2 Aaa 4 AT0000385992 AUSTRIA 05/03-20/10/13 TF 3,8% 100,000 103 102,950803 803 2 L G8 Baa2 4 IT0003618383 BTP AG 04/14 4,25% 3,442,000 104 3,568,321803 803 2 L G8 Baa2 4 IT0003644769 BTP 4,5% FB 04/20 255,000 104 264,741803 803 2 L H7 Aaa 4 NL0000102689 NETHERLANDS GOVT 4,25% 01/03 15/07/13 230,000 102 235,083803 803 2 L G8 Baa2 4 IT0003719918 BTP 4.25% FB 04/15 463,000 104 483,465803 803 2 L B7 Aaa 4 DE0001135283 GERMANY 3,25% - 04/07/2015 200,000 108 216,300803 803 2 L H7 Aaa 4 NL0000102242 NETHERLANDS - 3,25% - 15/07/15 150,000 108 161,775803 803 2 L G8 Baa2 4 IT0003934657 BTP 4% 05 01.02.37 840,000 87 731,472803 803 2 L B1 Aa3 4 BE0000309188 BELGIUM 2007 - 28/03/17 TF 4% 90,000 114 102,474803 803 2 L B7 Aaa 4 DE0001135325 GERMANY 01/07-04/07/39 TF 4.25% 150,000 144 215,910803 803 2 L C2 Baa3 4 ES00000120J8 SPAIN 10/06-31/01/17 TF 3.80% 450,000 99 446,895803 803 2 L C2 Aa1 4 FR0010466938 FRANCE 5/07-25/10/2023 TF 4.25% 500,000 120 601,600803 803 2 L C2 Aa1 4 FR0010604983 FRANCE 04/08-25/04/18 4% 270,000 116 314,442803 803 2 L C2 Aaa 4 DE0001135374 GERMANY 11/08-04/01/19 TF 3,75% 535,000 119 636,222803 803 2 L B1 Aa3 4 BE0000315243 BELGIUM 01/09 28/03/2019 4% 240,000 117 280,500803 803 2 L H7 Aaa 4 NL0009086115 NETHERLANDS 02/09-15/07/19 TF 4% 300,000 119 357,840803 803 2 L B7 Aaa 4 AT0000A08968 AUSTRIA 01/08-15/03/19 TF 4,35% 150,000 120 180,075803 803 2 L C2 Aaa 4 DE0001135382 GERMANY 05/09-04/07/19 3,5% 350,000 118 413,350803 803 2 L G8 Baa2 4 IT0004513641 BTP 07/09-01/03/25 TF 5% 1,000,000 104 1,035,800803 803 2 L B7 Aaa 4 AT0000A0CL73 AUSTRIA 01/09-20/10/14 TF 3,4% 230,000 106 243,570803 803 2 L C2 Baa3 4 ES00000122F2 SPAIN 03/10-30/04/15 TF 3% 300,000 100 301,050803 803 2 L C2 Baa3 4 ES00000122D7 SPAIN 01/10-30/04/20 TF 4% 350,000 95 331,345803 803 2 L C1 Aaa 4 DE0001135473 GERMANY 04/12-04/07/22 TF 1,75% 350,000 104 365,260803 803 2 L B3 Baa3 4 ES00000123K0 SPAIN 11/11-31/01/22 TF 5,85% 500,000 104 519,600

TESEO BILANCIATA total 18,571,023 FONDO TESEO BILANCIATA total 18,571,023

804 804 2 L G8 Baa2 4 IT0003719918 BTP 4.25% FB 04/15 350,000 104 365,470804 804 2 L G8 Baa2 4 IT0004716327 CTZ 04/11-30/04/13 ZC 1,900,000 100 1,896,675804 804 2 L G8 Baa2 4 IT0004765183 CTZ 09/11-30/09/13 ZC 1,500,000 99 1,487,505804 804 2 L G8 Baa2 4 IT0004793045 CTZ 01/12-31/01/14 ZC 1,700,000 98 1,672,800

TESEO SVILUPPO total 5,422,450 FONDO TESEO SVILUPPO total 5,422,450 Grand total 68,009,783

(1) Order number of the fund (4) Indicate L for securities traded on regulated (8) For convertible debentures, also indicate market and UL for the others the share to be converted

(2) Investment line: indicate the order number assigned to each investment line within each fund (5) Investment line: according to the coding (9) Code of the State of the issuer (source U.I.C.) (to be maintained in subsequent of regulated markets as set forth in communications) specific assets for the computerisation of data (10) Code of the currency (source U.I.C.)

(3) Category (6) Indicate the rating of the security; otherwise that of the issuer (*) The 'State Code', 'Expiry' and 'Currency' columns 1 = Securities issued by companies forming part may not be compiled if the ISIN code of the security has been indicated of the same group (7) Indicate the rating agency 2 = Listed Government securities 1 = Duff & Phelps Credit Rating Co. 3 = Other listed securities 2 = Fitch Ibca 4 =Unlisted Government securities 3 = Italrating 5 = Other unlisted securities 4 = Moody's Investors Service 6 = Convertible debentures 5 = Standard & Poor's 7 = Other 6 = Thomson BankWatch, Inc.

7 = Other

203

Annex 3 to the Evidence schedule of investments relating to administrationof pension funds under class D.II of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of OICVM (UCITS) units (values in Euro)

ISIN Name State CurrencyCode code Quantity Value

(*) (*)(1) (2) (3) (4) (5) (6) (7)

(1) Order number of the fund (5) A = mainly invested in equities or similar instruments O = mainly invested in bonds or similar instruments

(2) Investment line: indicate the order number assigned to each investment line within each fund (to be maintained in subsequent communications) (6) Code of the State of the counterparty or issuer (source U.I.C.)

(3) 1 = Harmonised open-ended UCITS (7) Code of the currency (source U.I.C.) 2 = Non-harmonised open-ended UCITS 3 = Closed-end investment funds (*) The 'Expiry' and 'Currency' columns 4 = Closed-end property funds may not be compiled if the ISIN code of the 5 = Funds for qualified investors security has been indicated 6 = Other funds

(4) I = under Italian law E = under the law of an EU member state T = under the law of another country

Type current value

204

Annex 4 to the Evidence schedule of investments relating to administrationof pension funds under class D of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of remaining assets & liabilities (values in Euro)

Type/description Counterparty/Issuer State Expiry Currency Total nominalcode value Unitary Total

(1) (2) (3) (4) (5) (6) (7) 801 801 UL 13 Replacement tax REPUBLIC OF ITALY 086 242 -123,158 1 -123,158801 801 UL 12 Manager's fees 242 -39,097 1 -39,097801 801 UL 9 SPOT FORWARD LIQUIDITY-EURO 242 49 1 49801 801 UL 14 OTHER ASSETS TESEO GARANTITA 242 1 1 1801 801 L G8 10 CCT-ST 01.09.06 - 13 TV REPUBLIC OF ITALY 086 01/07/13 242 270,000 2 4,377801 801 L G8 10 BTP 2002-01.02.13 4.75% REPUBLIC OF ITALY 086 01/02/13 242 1,000,000 2 19,620801 801 L G8 10 BTP-AG 01 03/13 4,25 REPUBLIC OF ITALY 086 01/08/13 242 1,500,000 2 26,332801 801 L G8 10 BTP 4.25% FB 04/15 REPUBLIC OF ITALY 086 01/02/15 242 1,400,000 2 24,576801 801 L G8 10 BTP 3,75% AG 05/15 REPUBLIC OF ITALY 086 01/08/15 242 1,200,000 2 18,587801 801 L G8 10 BTP 2006 - 01/02/17 TF 4% REPUBLIC OF ITALY 086 01/02/17 242 1,400,000 2 23,130801 801 L G8 10 BTP 01/09-15/12/13 TF 3,75% REPUBLIC OF ITALY 086 15/12/13 242 1,230,000 0 2,027801 801 L C2 10 SPAIN 10/08-31/01/14 TF 4,25% KINGDOM OF SPAIN 067 31/01/14 242 650,000 4 25,285801 801 L G8 10 BTP 3,5% 06/09-01/06/14 REPUBLIC OF ITALY 086 01/06/14 242 1,360,000 0 3,923801 801 UL 3A INTESA C/C TESEO LINEA GARANTITA EUR 100017 INTESA SANPAOLO SPA 086 242 3,159,418 1 3,159,418801 801 L G8 10 BTP 06/10-15/06/15 TF 3% REPUBLIC OF ITALY 086 15/06/15 242 1,400,000 0 1,846801 801 L G8 10 BTP 06/10-01/06/13 TF 2% REPUBLIC OF ITALY 086 01/06/13 242 1,450,000 0 2,390801 801 L G8 10 CCTeu 07/10-15/12/15 TV REPUBLIC OF ITALY 086 15/12/15 242 750,000 0 372801 801 L G8 10 BTP 11/10-01/11/2013 TF 2,25% REPUBLIC OF ITALY 086 01/11/13 242 1,000,000 0 3,729801 801 L G8 10 BTP 04/11-01/04/14 TF 3% REPUBLIC OF ITALY 086 01/04/14 242 700,000 1 5,250801 801 L G8 10 BTP 04/11-15/04/16 TF 3,75% REPUBLIC OF ITALY 086 15/04/16 242 800,000 1 6,346801 801 L G8 10 BTP 11/12-01/11/17 TF 3,50% REPUBLIC OF ITALY 086 01/11/17 242 1,250,000 1 7,251

TESEO GARANTITA total 3,172,254 FONDO TESEO GARANTITA total 3,172,254

802 802 L B1 10 FRANCE 3,75 % FTB - 2005 25/04/21 REPUBLIC OF FRANCE 029 25/04/21 242 150,000 3 3,853802 802 L C2 10 FRANCE 3 1/4 % 2006 - 25/04/16 REPUBLIC OF FRANCE 029 25/04/16 242 870,000 2 19,366802 802 L B7 10 GERMANY 3 1/2% 04/01/16 FEDERAL REPUBLIC OF GERMANY 094 04/01/16 242 240,000 3 8,308802 802 L B3 10 FRANCE 03/03-25/04/13 TF 4% REPUBLIC OF FRANCE 029 25/04/13 242 580,000 3 15,890802 802 UL 13 Replacement tax REPUBLIC OF ITALY 086 242 -200,515 1 -200,515802 802 L H7 10 HOLLAND 01/98-15/01/28 5,5% KINGDOM OF NETHERLANDS 050 15/01/28 242 600,000 5 31,648802 802 L G8 10 BTP 3.75% 2006 - 1.8.16 REPUBLIC OF ITALY 086 01/08/16 242 950,000 2 14,715802 802 L C2 10 FRANCE 03/98-25/04/29 TF 5,5% REPUBLIC OF FRANCE 029 25/04/29 242 260,000 4 9,795802 802 L C2 10 FRANCE 04/04-25/04/35 4,75% REPUBLIC OF FRANCE 029 25/04/35 242 290,000 3 9,435802 802 UL 12 Manager's fees 242 -36,674 1 -36,674802 802 L C2 10 SPAIN 01/98-31/01/29 TF 6% KINGDOM OF SPAIN 067 31/01/29 242 85,000 5 4,668802 802 L G8 10 BTP-MG 01 99/31 6% REPUBLIC OF ITALY 086 01/05/31 242 690,000 1 6,862802 802 L B7 10 FINLAND 3,875 % - 15/09/17 REPUBLIC OF FINLAND 028 15/09/17 242 180,000 1 2,045802 802 UL 14 OTHER ASSETS TESEO PRUDENZIALE 242 -1 1 -1802 802 L C2 10 REPUBLIC OF AUSTRIA 3,5% 06-09/2021 REPUBLIC OF AUSTRIA 008 15/09/21 242 345,000 1 3,540802 802 L C2 10 FRANCE 09/06-25/10/38 TF 4% REPUBLIC OF FRANCE 029 25/10/38 242 50,000 1 367802 802 UL 11 SPOT FORWARD LIQUIDITY PAYABLE 242 -1,527 1 -1,527802 802 L C2 10 GERMANY 01/03-04/01/13 TF 4,5% FEDERAL REPUBLIC OF GERMANY 094 04/01/13 242 140,000 4 6,231802 802 L C2 10 GERMANY 01/03-04/07/34 TF 4,75% FEDERAL REPUBLIC OF GERMANY 094 04/07/34 242 300,000 2 7,027802 802 L G8 10 BTP AG 04/14 4,25% REPUBLIC OF ITALY 086 01/08/14 242 430,000 2 7,548802 802 L C2 10 SPAIN 4,4% 2004 - 31/01/15 KINGDOM OF SPAIN 067 31/01/15 242 380,000 4 15,304802 802 L G8 10 BTP 4.25% FB 04/15 REPUBLIC OF ITALY 086 01/02/15 242 275,000 2 4,827802 802 L H7 10 NETHERLANDS - 3,25% - 15/07/15 KINGDOM OF NETHERLANDS 050 15/07/15 242 520,000 2 7,825802 802 L G8 10 BTP 4% 05 01.02.37 REPUBLIC OF ITALY 086 01/02/37 242 285,000 2 4,709802 802 L B1 10 BELGIUM 2007 - 28/03/17 TF 4% KINGDOM OF BELGIUM 009 28/03/17 242 350,000 3 10,663802 802 L B7 10 GERMANY 01/07-04/07/39 TF 4.25% FEDERAL REPUBLIC OF GERMANY 094 04/07/39 242 330,000 2 6,916802 802 L H7 10 NETHERLANDS GOVT 2007 - 15/07/17 TF 4,5% KINGDOM OF NETHERLANDS 050 15/07/17 242 120,000 2 2,500802 802 L C2 10 SPAIN 02/08-30/07/18 4,1% KINGDOM OF SPAIN 067 30/07/18 242 230,000 2 3,979802 802 L C2 10 FRANCE 04/08-25/04/18 4% REPUBLIC OF FRANCE 029 25/04/18 242 300,000 3 8,219802 802 L G8 10 BTP 05/08-01/08/18 TF 4,5% REPUBLIC OF ITALY 086 01/08/18 242 1,600,000 2 29,739802 802 L B7 10 SPAIN 09/08-31/01/24 TF 4,8% KINGDOM OF SPAIN 067 31/01/24 242 950,000 4 41,738802 802 L G8 10 BTP 01/09-15/12/13 TF 3,75% REPUBLIC OF ITALY 086 15/12/13 242 390,000 0 643802 802 L B7 10 SPAIN 09/05-31/01/16 TF 3,15% KINGDOM OF SPAIN 067 31/01/16 242 350,000 3 10,091802 802 L B1 10 BELGIUM 01/09 28/03/2019 4% KINGDOM OF BELGIUM 009 28/03/19 242 710,000 3 21,631802 802 L C2 10 FRANCE 01/09-12/01/14 TF 2,5% REPUBLIC OF FRANCE 029 12/01/14 242 290,000 2 7,012802 802 L G8 10 BTP 07/09-01/03/25 TF 5% REPUBLIC OF ITALY 086 01/03/25 242 1,200,000 2 20,055802 802 L C2 10 FRANCE 06/09-12/07/14 TF 3% REPUBLIC OF FRANCE 029 12/07/14 242 150,000 1 2,121802 802 UL 3A INTESA C/C TESEO LINEA PRUDENZIALE EUR 100018 INTESA SANPAOLO SPA 086 242 823,960 1 823,960802 802 L C2 10 GERMANY 2009 - 10/10/14 TF 2,5% FEDERAL REPUBLIC OF GERMANY 094 10/10/14 242 260,000 1 1,460802 802 L G8 10 BTP 04/10-01/09/20 TF 4% REPUBLIC OF ITALY 086 01/09/20 242 1,200,000 1 16,044802 802 L C2 10 FRANCE 07/10-25/04/26 TF 3,5% REPUBLIC OF FRANCE 029 25/04/26 242 400,000 2 9,589802 802 L B7 10 GERMANY 12/09-15/04/20 LKD €i FEDERAL REPUBLIC OF GERMANY 094 15/04/20 242 350,000 1 4,737802 802 L G8 10 BTP 11/10-01/11/2013 TF 2,25% REPUBLIC OF ITALY 086 01/11/13 242 500,000 0 1,865802 802 L G8 10 BTP 04/10-15/09/21 2,1% LKD €i REPUBLIC OF ITALY 086 15/09/21 242 400,000 1 2,666802 802 L G8 10 BTP 02/12-01/05/17 TF 4,75% REPUBLIC OF ITALY 086 01/05/17 242 500,000 1 3,936802 802 L C2 10 GERMANY 01/12-24/02/17 TF 0,75% FEDERAL REPUBLIC OF GERMANY 094 24/02/17 242 600,000 1 4,342802 802 L G8 10 BTP 03/12-01/09/22 TF 5,5% REPUBLIC OF ITALY 086 01/09/22 242 500,000 2 9,192802 802 L C1 10 GERMANY 04/12-04/07/22 TF 1,75% FEDERAL REPUBLIC OF GERMANY 094 04/07/22 242 550,000 1 6,903802 802 L B3 10 SPAIN 11/11-31/01/22 TF 5,85% KINGDOM OF SPAIN 067 31/01/22 242 300,000 5 16,064

TESEO PRUDENZIALE total 1,011,311 FONDO TESEO PRUDENZIALE total 1,011,311

803 803 L C2 10 FRANCE 3 1/4 % 2006 - 25/04/16 REPUBLIC OF FRANCE 029 25/04/16 242 270,000 2 6,010803 803 L B7 10 GERMANY 3 1/2% 04/01/16 FEDERAL REPUBLIC OF GERMANY 094 04/01/16 242 120,000 3 4,154803 803 L B3 10 FRANCE 03/03-25/04/13 TF 4% REPUBLIC OF FRANCE 029 25/04/13 242 595,000 3 16,301803 803 UL 13 Replacement tax REPUBLIC OF ITALY 086 242 -300,079 1 -300,079803 803 L H7 10 HOLLAND 01/98-15/01/28 5,5% KINGDOM OF NETHERLANDS 050 15/01/28 242 185,000 5 9,758803 803 L G8 10 BTP-NV 01 98/29 5.25 REPUBLIC OF ITALY 086 01/11/29 242 180,000 1 1,566803 803 L C2 10 FRANCE 03/98-25/04/29 TF 5,5% REPUBLIC OF FRANCE 029 25/04/29 242 130,000 4 4,897803 803 L C2 10 FRANCE 04/04-25/04/35 4,75% REPUBLIC OF FRANCE 029 25/04/35 242 260,000 3 8,459803 803 UL 12 Manager's fees 242 -48,809 1 -48,809

Current value

205

Annex 4 to the Evidence schedule of investments relating to administrationof pension funds under class D of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of remaining assets & liabilities (values in Euro)

Type/description Counterparty/Issuer State Expiry Currency Total nominalcode value Unitary Total

(1) (2) (3) (4) (5) (6) (7)

Current value

803 803 L C2 10 SPAIN 01/98-31/01/29 TF 6% KINGDOM OF SPAIN 067 31/01/29 242 170,000 5 9,336803 803 UL 14 REC TAX DVD GERMANY 242 5,801 1 5,801803 803 UL 14 REC TAX DVD HOLLAND 242 7,750 1 7,750803 803 UL 14 REC TAX DVD SPAIN 242 3,830 1 3,830803 803 UL 14 REC TAX DVD FRANCE 242 20,764 1 20,764803 803 UL 14 REC TAX DVD PORTUGAL 242 1,360 1 1,360803 803 UL 14 REC TAX DVD BELGIUM 242 60 1 60803 803 L B3 10 GERMANY 4% 06 07.04.16 FEDERAL REPUBLIC OF GERMANY 094 04/07/16 242 175,000 2 3,452803 803 UL 9 SPOT FORWARD LIQUIDITY-EURO 242 8,471 1 8,471803 803 UL 14 OTHER ASSETS TESEO BILANCIATA 242 -1 1 -1803 803 L G8 10 BTP 5 1/4% 2002-1.8.17 REPUBLIC OF ITALY 086 01/08/17 242 2,240,000 2 48,574803 803 L B7 10 FINLAND 05/04-04/07/15 TF 4,25% REPUBLIC OF FINLAND 028 04/07/15 242 200,000 2 4,192803 803 L C2 10 FRANCE 09/06-25/10/38 TF 4% REPUBLIC OF FRANCE 029 25/10/38 242 335,000 1 2,460803 803 L G8 10 BTP-AG 01 03/13 4,25 REPUBLIC OF ITALY 086 01/08/13 242 1,005,000 2 17,642803 803 L C2 10 AUSTRIA 05/03-20/10/13 TF 3,8% REPUBLIC OF AUSTRIA 008 20/10/13 242 100,000 1 750803 803 L G8 10 BTP AG 04/14 4,25% REPUBLIC OF ITALY 086 01/08/14 242 3,442,000 2 60,422803 803 L G8 10 BTP 4,5% FB 04/20 REPUBLIC OF ITALY 086 01/02/20 242 255,000 2 4,740803 803 L H7 10 NETHERLANDS GOVT 4,25% 01/03 15/07/13 KINGDOM OF NETHERLANDS 050 15/07/13 242 230,000 2 4,526803 803 L G8 10 BTP 4.25% FB 04/15 REPUBLIC OF ITALY 086 01/02/15 242 463,000 2 8,128803 803 L B7 10 GERMANY 3,25% - 04/07/2015 FEDERAL REPUBLIC OF GERMANY 094 04/07/15 242 200,000 2 3,205803 803 L H7 10 NETHERLANDS - 3,25% - 15/07/15 KINGDOM OF NETHERLANDS 050 15/07/15 242 150,000 2 2,257803 803 L G8 10 BTP 4% 05 01.02.37 REPUBLIC OF ITALY 086 01/02/37 242 840,000 2 13,878803 803 L B1 10 BELGIUM 2007 - 28/03/17 TF 4% KINGDOM OF BELGIUM 009 28/03/17 242 90,000 3 2,742803 803 L B7 10 GERMANY 01/07-04/07/39 TF 4.25% FEDERAL REPUBLIC OF GERMANY 094 04/07/39 242 150,000 2 3,144803 803 L C2 10 SPAIN 10/06-31/01/17 TF 3.80% KINGDOM OF SPAIN 067 31/01/17 242 450,000 3 15,652803 803 L C2 10 FRANCE 5/07-25/10/2023 TF 4.25% REPUBLIC OF FRANCE 029 25/10/23 242 500,000 1 3,901803 803 L C2 10 FRANCE 04/08-25/04/18 4% REPUBLIC OF FRANCE 029 25/04/18 242 270,000 3 7,397803 803 L C2 10 GERMANY 11/08-04/01/19 TF 3,75% FEDERAL REPUBLIC OF GERMANY 094 04/01/19 242 535,000 4 19,843803 803 L B1 10 BELGIUM 01/09 28/03/2019 4% KINGDOM OF BELGIUM 009 28/03/19 242 240,000 3 7,312803 803 L H7 10 NETHERLANDS 02/09-15/07/19 TF 4% KINGDOM OF NETHERLANDS 050 15/07/19 242 300,000 2 5,556803 803 L B7 10 AUSTRIA 01/08-15/03/19 TF 4,35% REPUBLIC OF AUSTRIA 008 15/03/19 242 150,000 3 5,202803 803 L C2 10 GERMANY 05/09-04/07/19 3,5% FEDERAL REPUBLIC OF GERMANY 094 04/07/19 242 350,000 2 6,041803 803 L G8 10 BTP 07/09-01/03/25 TF 5% REPUBLIC OF ITALY 086 01/03/25 242 1,000,000 2 16,713803 803 L B7 10 AUSTRIA 01/09-20/10/14 TF 3,4% REPUBLIC OF AUSTRIA 008 20/10/14 242 230,000 1 1,543803 803 UL 3A INTESA C/C TESEO LINEA BILANCIATA EUR 100019 INTESA SANPAOLO SPA 086 242 844,892 1 844,892803 803 L C2 10 SPAIN 03/10-30/04/15 TF 3% KINGDOM OF SPAIN 067 30/04/15 242 300,000 2 6,041803 803 L C2 10 SPAIN 01/10-30/04/20 TF 4% KINGDOM OF SPAIN 067 30/04/20 242 350,000 3 9,397803 803 L C1 10 GERMANY 04/12-04/07/22 TF 1,75% FEDERAL REPUBLIC OF GERMANY 094 04/07/22 242 350,000 1 4,393803 803 L B3 10 SPAIN 11/11-31/01/22 TF 5,85% KINGDOM OF SPAIN 067 31/01/22 242 500,000 5 26,773803 803 L D7 1D Drt 100113 REPSOL YPF PD 10/01/13 242 6,480 0 2,994803 803 UL 3A TESEO BILANCIATA USD 09302412 INTESA SANPAOLO SPA INTESA SANPAOLO SPA 086 001 838 1 635

TESEO BILANCIATA total 924,025 FONDO TESEO BILANCIATA total 924,025

804 804 UL 13 Replacement tax REPUBLIC OF ITALY 086 242 -13,204 1 -13,204804 804 UL 12 Manager's fees 242 -47,514 1 -47,514804 804 UL 14 REC TAX DVD BELGIUM 242 767 1 767804 804 UL 14 REC TAX DVD SPAIN 242 9,176 1 9,176804 804 UL 14 REC TAX DVD FRANCE 242 50,940 1 50,940804 804 UL 14 REC TAX DVD HOLLAND 242 21,533 1 21,533804 804 UL 14 REC TAX DVD GERMANY 242 14,281 1 14,281804 804 UL 14 REC TAX DVD PORTUGAL 242 3,856 1 3,856804 804 UL 14 OTHER ASSETS TESEO SVILUPPO 242 -5 1 -5804 804 UL 11 SPOT FORWARD LIQUIDITY PAYABLE 242 -14,206 1 -14,206804 804 L G8 10 BTP 4.25% FB 04/15 REPUBLIC OF ITALY 086 01/02/15 242 350,000 2 6,144804 804 UL 3A INTESA C/C TESEO LINEA SVILUPPO EUR 100020 INTESA SANPAOLO SPA 086 242 921,697 1 921,697804 804 L D7 1D Drt 100113 REPSOL YPF PD 10/01/13 242 15,081 0 6,967804 804 UL 3A TESEO SVILUPPO USD 09302673 INTESA SANPAOLO SPA INTESA SANPAOLO SPA 086 001 1,825 1 1,383

TESEO SVILUPPO total 961,815 FONDO TESEO SVILUPPO total 961,815 Grand total 6,069,405

(1) Order number of the fund (4) Investment line:according to the coding of regulated markets as set forth in specific assets for the computerisation of data

(2) Investment line: indicate the order number assigned to each investment line within each fund (to be maintained in subsequent communications) (5) For the remaining assets and liabilities, indicate the codes set forth in

Annex 3 of Circular No. 474 of February 21 2002(3) Indicate L for investments traded on regulated markets and NL for others

(6) Code of the State of the counterparty or issuer (source U.I.C.)

(7) Code of the currency (source U.I.C.)

206

Annex 5 to the Evidence schedule of investments relating to administrationof pension funds under class D.II of the Balance Sheet

Company Società Reale Mutua di Ass.ni Financial 2012

Detail of units according to pension fund and investment line (values in Euro)

Investment No. of units No. of units No. of unit No. of units Unit value Net assets AdditionalLine as of January 1 issued eliminated as of December 31 of the quotes allocated reserve

as of December 31 to contracts (*)(1) (2) (3) (4) 801 801 TESEO GARANTITA 1,350,631 654,829 141,391 1,864,069 13 24,921,072 0

FONDO TESEO GARANTITA total 1,350,631 654,829 141,391 1,864,069 13 24,921,072 0802 802 TESEO PRUDENZIALE 1,096,018 329,788 61,122 1,364,684 17 23,278,803 0

FONDO TESEO PRUDENZIALE total 1,096,018 329,788 61,122 1,364,684 17 23,278,803 0803 803 TESEO BILANCIATA 1,903,941 530,584 123,775 2,310,750 13 30,618,234 0

FONDO TESEO BILANCIATA total 1,903,941 530,584 123,775 2,310,750 13 30,618,234 0804 804 TESEO SVILUPPO 3,372,017 701,264 291,114 3,782,167 8 29,878,871 0

FONDO TESEO SVILUPPO total 3,372,017 701,264 291,114 3,782,167 8 29,878,871 0 Grand total 108,696,980

(1) Serial number of the fund

(2) Investment line: indicate the serial number assigned to each investment line within each fund (to be maintained in subsequent communications)

(3) Insert the uncoded description of the type of investment line (e.g. Equity, Balanced, Guaranteed etc.)

(4) The grand total of the column must be equal to item 10 of Form 3

(*) Indicate the additional reserve only for investment lines with guarantee for which the management technique used requires formation of such additional reserve

207

MODEL 4

Società Reale Mutua di Ass.ni

EVIDENCE OF ANNUAL SCHEDULE OF ASSETS ASSIGNED TO COVER TECHNICAL PROVISIONS SPECIFIED IN ARTICLE 37 OF DECREE LAW 209/05

Financial 2012

208

(values in Euro)

5 6

A INVESTMENTSA.1 Debt securities and similarA.1.1a Securities issued or guaranteed by Member States of

European Union or belonging to OCDE, or issued bylocal institutions or public institutions of Member Statesor by international organisations of which one or more ofthe aforesaid States are members, traded on a regulatedmarket; 9

876,331,419

10

33.62

11

929,347,542

12

37.79

A.1.1b Securities issued or guaranteed by Member States ofEuropean Union or belonging to OCDE, or issued bylocal institutions or public institutions of Member Statesor by international organisations of which one or more ofthe aforesaid States are members, not traded on aregulated market; 13

24,912,088

14

0.96

15

28,554,316

16

1.16

A.1.2a Bonds or other similar securities traded on a regulatedmarket; 17

178,739,78918

6.8619

151,334,83820

6.15

A.1.2b Bonds or other similar securities not traded on aregulated market, issued by companies or creditinstitutions with registered offices in a Member States ofEuropean Union or belonging to OCDE, whoseFinancial Statements have been certified for at least 3years by a duly authorised audit company;

21

0

22

0.00

23

9,960,000

24

0.41

A.1.2c Bonds and other securities issued pursuant to article 157, section 1 of Legislative Decree 163/2006 by projectcompanies pursuant to article 156, by companies thatoperate under public-private partnership agreementspursuant to article 3, section 15-ter of the same Decree,by companies awarding public works contracts for theconstruction and management of road, rail, port, airport,hospital and telecoms infrastructure and for theproduction and transportation of energy and energysources, and by companies pursuant to article 157,section 4 of Legislative Decree 163/2006 whosefinancial statements must be certified by a dulyauthorised audit company. This class comprises bondsand other debt securities guaranteed pursuant to article157, section 3 of Legislative Decree 163/206;

3%

513

0

514

0.00

515

0

516

0.00

A.1.3 Other bonds or similar securities, other than thoseindicated in the points above, provided with a remainingduration of less than one year; 25

0

26

0.00

27

0

28

0.00

A.1.4 Shares of UCI harmonised; 29 122,636,283 30 4.71 31 99,593,290 32 4.05A.1.5 Repo agreements with obligation of re-purchase and

deposit of the securities; 20%33

034

0.0035

036

0.00

A.1.8 Accrued income on securities suitable for coverage oftechnical provisions; 49

8,392,30250

0.3251

10,607,60252

0.43

Total A.1 53 1,211,011,881 54 46.47 55 1,229,397,588 56 50.00of which structured securities (a) 501 82,297,431 502 3.16 503 133,635,043 504 5.43

of which factoring (b) 505 1,897,766 506 0.07 507 1,734,095 508 0.07Total (a) + (b) 509 84,195,197 510 3.23 511 135,369,138 512 5.51

A.2 Interest-bearing loans and advances guaranteed bymortgages or by bank and insurance guarantees or byother suitable guarantees given by territorial localauthorities;

20%

57

0

58

0.00

59

0

60

0.00

A.3 Capital securities and other similar securitiesA.3.1a Shares traded on a regulated market; 61 107,188,878 62 4.11 63 133,927,328 64 5.45A.3.1b Banca d'Italia equity interests, interests in co-operative

societies and shares not traded on a regulated market,issued by companies with registered offices in a MemberState of European Union or belonging to OCDE, whoseFinancial Statements have been certified for at least 3years by a duly authorised audit company;

65

112,649,331

66

4.32

67

113,508,936

68

4.62

A.3.3 Shares of UCI harmonised; 73 0 74 0.00 75 0 76 0.00A.3.4 Shares of closed units trusts not traded on a regulated

market; 5%77

078

0.0079

080

0.00

Total A.3 81 219,838,209 82 8.43 83 247,436,264 84 10.06

A.4 Real estate compartmentA.4.1 Land, buildings and realty rights for quotas free of

mortgages; 85

086

0.0087

088

0.00

A.4.2 Real property leased; 10% 89 0 90 0.00 91 0 92 0.00A.4.3 Equity investments in real property companies in which

the company holds at least 10% of the share capital,provided that the Parent of the Insurance Group held,directly or indirectly, more than 50% of the share capitalintended solely for the construction or management ofreal property for residential, not luxury housing or forindustrial or commercial use or for agricultural activities,for the amount stated in the Financial Statements withinthe limit of the economic value of the real propertyassumed in proportion to the portion of share capitalheld and net of total liabilities stated in the FinancialStatements of the real estate company for the sharecorresponding to value of the equity investment held;

93

768,441,303

94

29.48

95

711,327,423

96

28.93

to be carried forward 2,199,291,393 84.38 2,188,161,275 88.99

TECHNICAL PROVISIONSAt the end of

financial 2012At the end of

financial 2011

Technical provisions to be covered 2,606,277,621 2,459,016,929

ASSET DESCRIPTIONMaximum

Limits

Balance at the end of financial 2012

Balance at the end of financial 2011

Values % Values %

209

carried forward 2,199,291,393 84.38 2,188,161,275 88.99A.4.4 Shares of closed real property UCITS reserved and not

reserved located in a Member State. 10%97

098

0.0099

0100

0.00

Total A.4 40% 101 768,441,303 102 29.48 103 711,327,423 104 28.93

A.5 Alternative investmentsA.5.1a Shares of open-ended UCITS not harmonised pursuant

to Directive 85/611/EC that invest mainly in bonds;301

0

302

0.00

303

0

304

0.00

A.5.1b Shares of open-ended UCITS not harmonised pursuantto Directive 85/611/EC that invest mainly in bonds;

305

0

306

0.00

307

0

308

0.00

A.5.2a Investments in shares of closed units trusts not traded ona regulated market and in reserved funds;

309

0

310

0.00

311

0

312

0.00

A.5.2b Investments in speculative investment and real propertyfunds; 313

0314

0.00315

0316

0.00

Sub-total A.5.2a+A.5.2.b 5% 317 0 318 0.00 319 0 320 0.00Total A.5 10% 321 0 322 0.00 323 0 324 0.00

Sub-total A.1+A.5.1a 85% 325 1,211,011,881 326 46.47 327 1,229,397,588 328 50.00

Sub-total A.5.2a+A.5.2.b+A.5.2a+A.5.2.b 25% 329 219,838,209 330 8.43 331 247,436,264 332 10.06

TOTAL A 105 2,199,291,393 106 84.38 107 2,188,161,275 108 88.99

B DEBTORSB.1 Receivables from reinsurers net of debit items, including

the reinsurers' share of technical provisions, dulydocumented, up to 90% of their amount;

109

330,000,000

110

12.66

111

185,000,000

112

7.52

B.2 Deposits and amounts receivable net of debit items withceding companies, duly documented, up to 90% of theiramount; 113

0

114

0.00

115

0

116

0.00

B.3.1 Debtors receivable from policyholders net of debit items,arising out of direct insurance operations, to the extent towhich these are effectively collectable since at least 3months; 117

100,000,000

118

3.84

119

95,000,000

120

3.86

B.3.2 Debtors receivable from intermediaries net of debititems, arising out of direct insurance and reinsuranceoperations to the extent to which these are effectivelycollectable since at least 3 months; 121

50,000,000

122

1.92

123

45,000,000

124

1.83

B.4 Amounts receivable resulting from salvage orsubstitution; 3%

125

0126

0.00127

0128

0.00

B.5 Tax refunds, definitely ascertained or for which the termprescribed for assessment has elapsed; 5%

129

0130

0.00131

0132

0.00

B.6 Amounts receivable from guarantee funds, net of debititems; 5%

133

0134

0.00135

0136

0.00

B.7 Debtors arising out of centralised managementoperations of the Treasury of the Group claimed againstthe company responsible of the management 5%

401

0

402

0.00

403

0

404

0.00

TOTAL B 137 480,000,000 138 18.42 139 325,000,000 140 13.22

C OTHER ASSETSC.1 Tangible fixed assets not used in company business,

other than land and buildings, within the limit of 10% ofthe carrying value;

141

0

142

0.00

143

0

144

0.00

C.2 Tangible fixed assets not used in company business,other than land and buildings, duly documented, withinthe limit of 10% of the carrying value;

145

0

146

0.00

147

0

148

0.00

Sub-total C.1+C.2 5% 149 0 150 0.00 151 0 152 0.00C.3 Acquisition commissions to be amortised within the

limit of 90% of their amount; 153

0154

0.00155

0156

0.00

C.4 Accrued income for rents within the limit of 30% of their amount; 157

0158

0.00159

0160

0.00

TOTAL C 161 0 162 0.00 163 0 164 0.00

TOTAL B+ C-B.1 25% 165 150,000,000 166 5.76 167 140,000,000 168 5.69

D Deposits with banks, deposits with other creditinstitutions or any other institutions authorised by thecompetent controlling authorities to receive deposits, netof debit items;

15%

169

0

170

0.00

171

0

172

0.00

E Other categories of assets authorised by ISVAPaccording to Article 38, Section 4 of Decree Law No.209/95; 173

0

174

0.00

175

0

176

0.00

GRAND TOTALASSETS FOR COVERAGE 177

2,679,291,393178

102.80179

2,513,161,275180

102.20

10% 181 137,561,419 182 5.28 183 152,023,252 184 6.18Sub-total A.1.1b + A.1.2b + A.1.3 + A.3.1b+ A.5.2a + A.5.2b

210

Annex A

(values in Euro)

CURRENCY EXCHANGE RATE (1) TECHNICAL PROVISIONS ASSETS

FOR COVERAGE

European Economic Area

Euro 1.000 2,605,977,401 2,606,512,801Danish krona Swedish krona 8.582 3,018,317Pound sterling 0.816 44,009 6,141,118Cyprus pound Czech krona Estonian krona Hungarian forint Lithuanian litas Latvian lats Maltese lira Polish zloty Slovak krona Leu Romania Lev Bulgaria Norwegian krona 7.348 9,553,597Iceland krona Liechtenstein franc

Non-EU states

Swiss franc U. S. dollar 1.319 256,211 48,400,803Canadian dollar 1.314 2,883,763Australian dollar 1.271 2,780,994New Zealand dollar Japanese yen Arabian real Turkish lire

2,606,277,621 2,679,291,393

(1).

(2).

List of commitments and related assets for coverage by currency

TOTAL (2)

The amounts of technical provisions and assets assigned to cover these have been converted

of assets assigned to cover technical provisions.The total of the assets corresponds to item 177 of the same schedule.

at the exchange rate prevailing at the end of the reference year in relation to the currency in which the communication was made,including assets acquired after such date.The total technical provisions correspond to the amount of item 5 of the annual schedule

211

ANNEX TO THE NOTES

TO THE FINANCIAL STATEMENTS

Notes to the Financial Statements – Annex 1

Company SOCIETA' REALE MUTUA DI ASS.NI

BALANCE SHEET – NON-LIFE INSURANCE BUSINESS

ASSETS

Values of the year

A. SUBSCRIBED CAPITAL UNPAID 1

of which called-up capital 2

B. INTANGIBLE ASSETS

1. Deferred acquisition commissions 4

2. Other acquisition costs 6

3. Start-up and expansion costs 7

4. Goodwill 8

5. Other multi-year costs 9 43,215 10 43,215

C. INVESTMENTS

I - Land and buildings1. Property used in company operations 11 14,050

2. Property rented to third parties 12 25,467

3. Other properties 13

4. Other property rights 14

5. Construction in progress and advance 15 16 39,517

II - Investments in Group companies and other shareholdings1. Shares and interests in:

a) controlling companies 17

b) subsidiary companies 18 1,288,190

c) affiliated companies 19

d) associated companies 20 36,754

e) other companies 21 3,065 22 1,328,009

2. Bond issued by:a) controlling companies 23

b) subsidiary companies 24

c) affiliated companies 25

d) associated companies 26

e) other companies 27 28

3. Loans to:a) controlling companies 29

b) subsidiary companies 30

c) affiliated companies 31

d) associated companies 32

e) other companies 33 34 35 1,328,009

to be carried forward 43,215

214

Financial 2012

Values of the previous year

181

182

184

186

187

188

189 36,581 190 36,581

191 13,029

192 24,966

193

194

195 196 37,995

197

198 1,288,033

199

200 36,754

201 716 202 1,325,503

203

204

205

206

207 208

209

210

211

212

213 214 215 1,325,503

to be carried forward 36,581

215

BALANCE SHEET – NON-LIFE INSURANCE BUSINESS

ASSETS

Values of the year

carried forward 43,215

C. INVESTMENTS (continued)

III - Other financial investments 1. Shares and interests a) Listed shares 36 108,472

b) Unlisted shares 37 3,232

c) Interests 38 1,700 39 113,404

2. Shares in common investment funds 40 136,480

3. Bonds and other fixed-income securities a) listed 41 1,206,715

b) unlisted 42 25,118

c) convertible debentures 43 44 1,231,833

4. Loans a) loans secured by mortgage 45 30,420

b) loans on policies 46

c) other loans 47 1,999 48 32,419

5. Participation in investment pools 49

6. Deposits with credit institutions 50 1,180

7. Other financial investments 51 69 52 1,515,385

IV - Deposits with ceding undertakings 53 381 54 2,883,292

D bis. REINSURERS' SHARE OF TECHNICAL PROVISIONS

I - NON-LIFE BUSINESS

1. Provisions for unearned premiums 58 53,439

2. Provisions for claims outstanding 59 298,379

3. Provisions for profit-sharing and premium refunds 60

4. Other technical provisions 61 62 351,818

to be carried forward 3,278,325

216

Values of the previous year

carried forward 36,581

216 138,361

217 4,180

218 1,700 219 144,241

220 108,299

221 1,130,416

222 40,192

223 224 1,170,608

225 27,953

226

227 2,006 228 29,959

229

230 606

231 65 232 1,453,778

233 391 234 2,817,667

238 57,902

239 168,715

240

241 242 226,617

to be carried forward 3,080,865

217

BALANCE SHEET – NON-LIFE INSURANCE BUSINESS

ASSETS

Values of the year

carried forward 3,278,325

E. DEBTORS

I - Debtors arising out of direct insurance operations:

1. Policyholders

a) for premiums current year 71 162,658

b) for premiums previous years 72 6,813 73 169,471

2. Insurance intermediaries 74 156,489

3. Current accounts with Insurance companies 75 41,323

4. Policyholders and third parties for recoveries 76 36,213 77 403,496

II - Debtors arising out of reinsurance operations:

1. Insurance and Reinsurance companies 78 31,111

2. Reinsurance intermediaries 79 431 80 31,542

III - Other debtors 81 129,443 82 564,481

F. OTHER ASSETS

I - Tangible assets and stocks: 1. Furniture, office machines and internal transport vehicles 83 4,141

2. Vehicles listed in public registers 84 20

3. Machinery and equipment 85 6,471

4. Stocks and other goods 86 87 10,632

II - Cash at bank and in hand 1. Bank and Postal accounts 88 84,076

2. Cheques and cash on hand 89 3 90 84,079

III - Own shares or equity interests 91

IV - Other 1. Deferred reinsurance items 92 784

2. Miscellaneous assets 93 144,467 94 145,251 95 239,962

of which connection account with Life business 901 287

G. PREPAYMENTS AND ACCRUED INCOME 1. Accrued interest 96 9,152

2. Rents 97

3. Other prepayments and accrued income 98 565 99 9,717

TOTAL ASSETS 100 4,092,485

218

Values of the previous year

carried forward 3,080,865

251 145,808

252 15,446 253 161,254

254 152,895

255 45,479

256 29,079 257 388,707

258 6,614

259 725 260 7,339

261 127,960 262 524,006

263 4,352

264 28

265 7,945

266 267 12,325

268 37,742

269 3 270 37,745

271

272

273 133,933 274 133,933 275 184,003

903

276 10,998

277

278 483 279 11,481

280 3,800,355

219

BALANCE SHEET – NON-LIFE INSURANCE BUSINESS

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

A. SHAREHOLDERS' EQUITY

I - Subscribed capital or equivalent fund 101 45,000

II - Share premium reserve 102

III - Revaluation reserves 103 111,817

IV - Legal reserve 104 149,211

V - Statutory reserves 105

VI - Reserves for own shares and shares of the controlling company 106

VII - Other reserves 107 760,479

VIII - Net profit (loss) brought forward 108

IX - Net profit (loss) for the year 109 56,634 110 1,123,141

B. SUBORDINATED LIABILITIES 111

C. TECHNICAL PROVISIONS

I - NON-LIFE BUSINESS

1. Provisions for unearned premiums 112 627,539

2. Provisions for claims outstanding 113 1,983,242

3. Provisions for profit-sharing and premium refunds 114

4. Other technical provisions 115 1,623

5. Equalisation provision 116 6,586 117 2,618,990

to be carried forward 3,742,131

220

Values of the previous year

281 45,000

282

283 111,817

284 149,211

285

286

287 764,671

288

289 -4,192 290 1,066,507

291

292 626,276

293 1,836,146

294

295 1,842

296 9,473 297 2,473,737

to be carried forward 3,540,244

221

BALANCE SHEET – NON-LIFE INSURANCE BUSINESS

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

carried forward 3,742,131

E. PROVISIONS FOR OTHER RISKS AND CHARGES

1. Provisions for pensions and similar obligations 128 22,438

2. Provisions for taxation 129 407

3. Other provisions 130 41,455 131 64,300

F. DEPOSITS RECEIVED FROM REINSURERS 132 2,956

G. CREDITORS AND OTHER LIABILITIES

I - Creditors arising out of direct insurance operations: 1. Insurance intermediaries 133 28,744

2. Current accounts with Insurance companies 134 2,155

3. Premium deposits and premiums due to policyholders 135 1,753

4. Guarantee funds in favour of policyholders 136 1,152 137 33,804

II - Creditors arising out of reinsurance operations: 1. Insurance and Reinsurance companies 138 1,952

2. Reinsurance intermediaries 139 75 140 2,027

III - Debenture loans 141

IV - Amounts owed to banks and credit institutions 142

V - Loans guaranteed by mortgages 143

VI - Miscellaneous loans and other financial liabilities 144

VII - Provisions for employee termination indemnities 145 10,738

VIII - Other creditors 1. Premium taxes 146 26,780

2. Other tax liabilities 147 100,713

3. Social security 148 4,758

4. Miscellaneous creditors 149 51,067 150 183,318

IX - Other liabilities 1. Deferred reinsurance items 151

2. Commissions for premiums in course of collection 152 45,820

3. Miscellaneous liabilities 153 6,828 154 52,648 155 282,535

of which connection account with Life business 902

to be carried forward 4,091,922

222

Values of the previous year

carried forward 3,540,244

308 23,234

309 407

310 34,750 311 58,391

312 3,261

313 25,634

314 4,005

315 1,730

316 2,054 317 33,423

318 6,378

319 1,072 320 7,450

321

322

323

324

325 11,040

326 27,102

327 5,469

328 4,427

329 64,734 330 101,732

331 37

332 38,987

333 5,761 334 44,785 335 198,430

904 274

to be carried forward 3,800,326

223

BALANCE SHEET – NON-LIFE INSURANCE BUSINESS

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

carried forward 4,091,922

H. ACCRUALS AND DEFERRED INCOME

1. Accrued interest 156

2. Rents 157 563

3. Other prepayments and accrued income 158 159 563

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 160 4,092,485

BALANCE SHEET – NON-LIFE INSURANCE BUSINESS

GUARANTEES, COMMITMENTS AND OTHER MEMORANDUM ACCOUNTS

Values of the year

GUARANTEES, COMMITMENTS AND OTHER MEMORANDUM ACCOUNTS

I - Guarantees given

1. Sureties 161 5,000

2. Endorsements 162

3. Other personal guarantees 163

4. Guarantees secured by mortgages 164

II - Guarantees received

1. Sureties 165 22,483

2. Endorsements 166

3. Other personal guarantees 167

4. Guarantees secured by mortgages 168 30,260

III - Guarantees issued by third parties in the interest of the Company 169 26,207

IV - Commitments 170 36,069

V - Third party assets 171

VII - Securities deposited with third parties 173 1,690,530

VIII - Other memorandum accounts 174

224

Values of the previous year

carried forward 3,800,326

336

337 29

338 339 29

340 3,800,355

Values of the previous year

341

342

343

344

345 21,343

346

347

348 27,953

349 19,234

350 36,065

351

353 1,629,909

354

225

Notes to the Financial Statements – Annex 2

Company SOCIETA' REALE MUTUA DI ASS.NI

BALANCE SHEET – LIFE INSURANCE BUSINESS

ASSETS

Values of the year

A. SUBSCRIBED CAPITAL UNPAID 1

of which called-up capital 2

B. INTANGIBLE ASSETS

1. Deferred acquisition commissions 3

2. Other acquisition costs 6

3. Start-up and expansion costs 7

4. Goodwill 8

5. Other multi-year costs 9 3,832 10 3,832

C. INVESTMENTS

I - Land and buildings 1. Property used in company operations 11

2. Property rented to third parties 12

3. Other properties 13

4. Other property rights 14

5. Construction in progress and advance 15 16

II - Investments in Group companies and other shareholdings 1. Shares and interests in: a) controlling companies 17

b) subsidiary companies 18 255,531

c) affiliated companies 19

d) associated companies 20

e) other companies 21 22 255,531

2. Bond issued by: a) controlling companies 23

b) subsidiary companies 24

c) affiliated companies 25

d) associated companies 26

e) other companies 27 28

3. Loans to: a) controlling companies 29

b) subsidiary companies 30

c) affiliated companies 31

d) associated companies 32

e) other companies 33 34 35 255,531

to be carried forward 3,832

226

Financial 2012

Values of the previous year

181

182

183

186

187

188

189 3,466 190 3,466

191

192

193

194

195 196

197

198 255,531

199

200

201 202 255,531

203

204

205

206

207 208

209

210

211

212

213 214 215 255,531

to be carried forward 3,466

227

BALANCE SHEET – LIFE INSURANCE BUSINESS

ASSETS

Values of the year

carried forward 3,832

C. INVESTMENTS (continued)

III - Other financial investments 1. Shares and interests a) Listed shares 36 68

b) Unlisted shares 37

c) Interests 38 39 68

2. Shares in common investment funds 40 36,587

3. Bonds and other fixed-income securities: a) listed 41 2,776,411

b) unlisted 42 16,153

c) convertible debentures 43 44 2,792,564

4. Loans a) loans secured by mortgage 45

b) loans on policies 46 5,732

c) other loans 47 48 5,732

5. Participation in investment pools 49

6. Deposits with credit institutions 50

7. Other financial investments 51 52 2,834,951

IV - Deposits with ceding undertakings 53 5,359 54 3,095,841

D. INVESTMENTS FOR THE BENEFIT OF LIFE POLICYHOLDERS WHO BEAR THE INVESTMENT RISK AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS

I - Investments relating to contracts linked to investment funds and market indexes 55 440,119

II - Investments relating to the administration of pension funds 56 108,697 57 548,816

D bis. REINSURERS' SHARE OF TECHNICAL PROVISIONS

II - LIFE BUSINESS

1. Provisions for policy liabilities 63 3,614

2. Unearned premium provision for supplementary coverage 64

3. Provision for sums to be paid 65 2,464

4. Provisions for profit-sharing and premium refunds 66

5. Other technical provisions 67

6. Provisions for policies where the investment risk is borne by the policyholders and relating to the administration of pension funds 68 69 6,078

to be carried forward 3,654,567

228

Values of the previous year

carried forward 3,466

216 73

217

218 219 73

220 45,479

221 2,439,838

222 14,878

223 224 2,454,716

225

226 6,451

227 228 6,451

229

230

231 232 2,506,719

233 6,428 234 2,768,678

235 470,411

236 80,617 237 551,028

243 3,691

244

245 928

246

247

248 249 4,619

to be carried forward 3,327,791

229

BALANCE SHEET – LIFE INSURANCE BUSINESS

ASSETS

Values of the year

carried forward 3,654,567

E. DEBTORS

I - Debtors arising out of direct insurance operations: 1. Policyholders

a) for premiums current year 71 31,153

b) for premiums previous years 72 3,943 73 35,096

2. Insurance intermediaries 74 17,136

3. Current accounts with Insurance companies 75 1,074

4. Policyholders and third parties for recoveries 76 77 53,306

II - Debtors arising out of reinsurance operations:

1. Insurance and Reinsurance companies 78 595

2. Reinsurance intermediaries 79 80 595

III - Other debtors 81 20,350 82 74,251

F. OTHER ASSETS

I - Tangible assets and stocks: 1. Furniture, office machines and internal transport vehicles 83 559

2. Vehicles listed in public registers 84 4

3. Machinery and equipment 85 1,118

4. Stocks and other goods 86 87 1,681

II - Cash at bank and in hand 1. Bank and Postal accounts 88 11,831

2. Cheques and cash on hand 89 90 11,831

III - Own shares or equity interests 91

IV - Other 1. Deferred reinsurance items 92

2. Miscellaneous assets 93 19,438 94 19,438 95 32,950

of which connection account with Non-life business 901

G. PREPAYMENTS AND ACCRUED INCOME 1. Accrued interest 96 51,986

2. Rents 97

3. Other prepayments and accrued income 98 99 51,986

TOTAL ASSETS 100 3,813,754

230

Values of the previous year

carried forward 3,327,791

251 24,098

252 1,104 253 25,202

254 16,334

255 1,549

256 257 43,085

258 871

259 260 871

261 37,086 262 81,042

263 528

264 5

265 1,341

266 267 1,874

268 18,466

269 270 18,466

271

272

273 31,909 274 31,909 275 52,249

903 274

276 46,772

277

278 279 46,772

280 3,507,854

231

BALANCE SHEET – LIFE INSURANCE BUSINESS

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

A. SHAREHOLDERS' EQUITY

I - Subscribed capital or equivalent fund 101 15,000

II - Share premium reserve 102

III - Revaluation reserves 103 24,406

IV - Legal reserve 104 41,119

V - Statutory reserves 105

VI - Reserves for own shares and shares of the controlling company 106

VII - Other reserves 107 298,658

VIII - Net profit (loss) brought forward 108

IX - Net profit (loss) for the year 109 100,466 110 479,649

B. SUBORDINATED LIABILITIES 111

C. TECHNICAL PROVISIONS

II - LIFE INSURANCE BUSINESS

1. Provisions for policy liabilities 118 2,643,495

2. Unearned premium provision for supplementary coverage 119 113

3. Provision for sums to be paid 120 50,007

4. Provisions for profit-sharing and premium refunds 121

5. Other technical provisions 122 9,145 123 2,702,760

D. TECHNICAL PROVISIONS WHERE THE INVESTMENT RISK IS BORNE

BY THE POLICYHOLDERS AND RELATING TO THE ADMINISTRATION OF PENSION FUNDS

I - Provisions relating to contracts linked to investment funds and market indexes 125 440,915

II - Provisions relating to the administration of pension funds 126 108,692 127 549,607

to be carried forward 3,732,016

232

Values of the previous year

281 15,000

282

283 24,406

284 41,119

285

286

287 380,355

288

289 -81,697 290 379,183

291

298 2,485,284

299 101

300 33,480

301

302 8,448 303 2,527,313

305 472,326

306 80,613 307 552,939

to be carried forward 3,459,435

233

BALANCE SHEET – LIFE INSURANCE BUSINESS

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

carried forward 3,732,016

E. PROVISIONS FOR OTHER RISKS AND CHARGES

1. Provisions for pensions and similar obligations 128 13,158

2. Provisions for taxation 129

3. Other provisions 130 1,114 131 14,272

F. DEPOSITS RECEIVED FROM REINSURERS 132 3,443

G. CREDITORS AND OTHER LIABILITIES

I - Creditors arising out of direct insurance operations: 1. Insurance intermediaries 133 12,744

2. Current accounts with Insurance companies 134 3,301

3. Premium deposits and premiums due to policyholders 135 3,630

4. Guarantee funds in favour of policyholders 136 137 19,675

II - Creditors arising out of reinsurance operations: 1. Insurance and Reinsurance companies 138 1,075

2. Reinsurance intermediaries 139 3 140 1,078

III - Debenture loans 141

IV - Amounts owed to banks and credit institutions 142

V - Loans guaranteed by mortgages 143

VI - Miscellaneous loans and other financial liabilities 144

VII - Provisions for employee termination indemnities 145 1,738

VIII - Other creditors 1. Premium taxes 146 149

2. Other tax liabilities 147 29,077

3. Social security 148

4. Miscellaneous creditors 149 1,974 150 31,200

IX - Other liabilities 1. Deferred reinsurance items 151

2. Commissions for premiums in course of collection 152 2,035

3. Miscellaneous liabilities 153 6,766 154 8,801 155 62,492

of which connection account with Non-life business 902 287

to be carried forward 3,812,223

234

Values of the previous year

carried forward 3,459,435

308 13,219

309

310 809 311 14,028

312 3,570

313 10,672

314 1,856

315 3,556

316 317 16,084

318 550

319 39 320 589

321

322

323

324

325 1,747

326 207

327 619

328

329 7,248 330 8,074

331

332 1,959

333 1,430 334 3,389 335 29,883

904

to be carried forward 3,506,916

235

BALANCE SHEET – LIFE INSURANCE BUSINESS

LIABILITIES AND SHAREHOLDERS' EQUITY

Values of the year

carried forward 3,812,223

H. ACCRUALS AND DEFERRED INCOME

1. Accrued interest 156 1,531

2. Rents 157

3. Other prepayments and accrued income 158 159 1,531

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 160 3,813,754

BALANCE SHEET – LIFE INSURANCE BUSINESS

GUARANTEES, COMMITMENTS AND OTHER MEMORANDUM ACCOUNTS

Values of the year

GUARANTEES, COMMITMENTS AND OTHER MEMORANDUM ACCOUNTS

I - Guarantees given

1. Sureties 161

2. Endorsements 162

3. Other personal guarantees 163

4. Guarantees secured by mortgages 164

II - Guarantees received

1. Sureties 165

2. Endorsements 166

3. Other personal guarantees 167

4. Guarantees secured by mortgages 168

III - Guarantees issued by third parties in the interest of the Company 169

IV - Commitments 170 86,170

V - Third party assets 171

VI - Assets relating to pension funds managed in the name and on behalf of third parties 172

VII - Securities deposited with third parties 173 3,498,801

VIII - Other memorandum accounts 174

236

Values of the previous year

carried forward 3,506,916

336 938

337

338 339 938

340 3,507,854

Values of the previous year

341

342

343

344

345

346

347

348

349

350 89,887

351

352

353 3,178,236

354

237

Notes to the Financial Statements – Annex 3

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Breakdown of the operating result between Non-life and Life business

Non-life business Life business Total

Result of the technical account....................................................... 1 123,762 21 115,047 41 238,809

Investment income........................................................................ + 2 149,746 42 149,746

Investment management and financial charges................................ - 3 15,449 43 15,449

Allocated investment return transferred from the technical account of Life business.......................................... + 24 36,233 44 36,233

Allocated investment return transferred from the technical account of Non-life business..................................... - 5 90,436 45 90,436

Intermediate operating result....................................................... 6 167,623 26 151,280 46 318,903

Other income.............................................................................. + 7 62,220 27 1,232 47 63,452

Other charges................................................................................ - 8 85,782 28 3,426 48 89,208

Extraordinary income..................................................................... + 9 12,236 29 283 49 12,519

Extraordinary charges..................................................................... - 10 59,663 30 403 50 60,066

Profit before taxes.........................................…………………….. 11 96,634 31 148,966 51 245,600

Income taxes................................……………………...................... - 12 40,000 32 48,500 52 88,500

Net profit for the year.................................................................... 13 56,634 33 100,466 53 157,100

238

Notes to the Financial Statements – Annex 4

Financial 2012

Company SOCIETA' REALE MUTUA DI ASS.NI

Assets - Changes during the year in intangible assets (item B) and land and buildings (item C.I)

Intangible assets Land and buildingsB C.I

Gross initial balance......................................……...................... + 1 169,423 31 47,578

Increases during the year………………………………………. + 2 24,732 32 2,252

for: purchases or additions........................................................ 3 24,732 33 2,252

write-backs................................................................................. 4 34

revaluations.............................................................................. 5 35

other changes........................................................................ 6 36

Reductions during the year........................................................... - 7 37

for: sales or decreases................................................................... 8 38

long-term write-downs............................................................. 9 39

other changes........................................................................ 10 40

Gross initial balance......................................……..................... 11 194,155 41 49,830

Amortisation:

Gross initial balance......................................……........................ + 12 129,376 42 9,583

Increases during the year............................................................. + 13 17,732 43 730

for: Third party interest in net income for the year.……………......... 14 17,732 44 730

other changes........................................................................... 15 45

Reductions during the year............................................................ - 16 46

for: reductions following disposals................................................. 17 47

other changes........................................................................... 18 48

Final values of amortisation (b) (*)................................................. 19 147,108 49 10,313

Carrying value (a – b).................................................................... 20 47,047 50 39,517

Current value................................................................................. 51 85,076

Total revaluations........................................................................... 22 52

Total write-downs.......................................................................... 23 53

239

Notes to the Financial Statements – Annex 5

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Assets - Changes during the year in investments in Group companies and other shareholdings: shares and interests (item C.II.1), bonds (item C.II.2) and loans (item C.II.3)

Shares and interests Bonds LoansC.II.1 C.II.2 C.II.3

Gross initial balance......................................……........ + 1 1,581,034 21 41

Increases during the year ....................................................... + 2 2,505 22 42

for: purchases, subscriptions or issues…………….. 3 2,348 23 43

write-backs………………………………………… 4 24 44

revaluations………………………………………. 5

other changes…………………………………….. 6 157 26 46

Decreases during the year ...................................................... - 7 27 47

for: sales or repayments………………………………….. 8 28 48

write-downs…………………………………….. 9 29 49

other changes…………………………………………. 10 30 50

Carrying value……………………………………. 11 1,583,539 31 51

Current value………………………………………….. 12 1,583,539 32 52

Total revaluations…………………………………………… 13 13,128

Total write-downs…………………………………………… 14 174,120 34 54

Item C.II.2 includes:

Listed bonds…………………………………………………………………………………… 61

Unlisted bonds……………………………………………………………………………. 62

Carrying value……………………………………………………………………………. 63

of which convertible debentures…………………………………………………………….. 64

240

Not

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31

51

14,9

98 9

1 1

11

Car

ryin

g va

lue…

……

……

……

……

……

……

……

……

.

122,

311

32

55 5

232

2,46

0 9

2 1

12

Cur

rent

val

ue…

……

……

……

……

……

……

……

……

….

13

2,31

1 3

355

53

379,

127

93

113

244

Note to the Financial Statement - Annex 10

Financial 2012

Company SOCIETA' REALE MUTUA DI ASS.NI

Assets – Changes during the year in loans and deposits with credit institutions (items C.III.4, 6)

Finanziamenti Depositi presso enti creditizi

C.III.4 C.III.6

Initial balance……………………….......................................……..... + 1 36,409 21 606

Increases during the year.................................................................... + 2 8,035 22 574

for: issues……………………………………………………………………… 3 8,035

write-backs…………………………………………………. 4

other changes…………………………………………………….. 5

Decreases during the year...................................................….…........… - 6 6,293 26

for: repayments…………………………………………………….. 7 6,293

write-downs……………………………………………………… 8

other changes……………………………………………………………. 9

Carrying value………………………………………………………………… 10 38,151 30 1,180

245

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Com

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Not

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12

Com

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IET

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Ass

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II.

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hare

s and

inte

rest

s…...

......

......

......

......

......

......

.…...

......

.

323

,495

23

17,4

17 4

323

,807

63

21,1

32

2. B

onds

and

oth

er fi

xed-

inco

me

secu

ritie

s ....

......

......

......

......

. 4

5,42

2 2

44,

690

44

5,40

3 6

44,

693

3. S

hare

s in

com

mon

inve

stm

ent f

unds

.....

......

......

......

......

......

. 5

25

45

65

4. D

epos

its w

ith c

redi

t ins

titut

ions

.....

......

......

......

......

......

......

.. 6

26

46

66

5. O

ther

fina

ncia

l inv

estm

ents

.....

......

......

......

......

......

......

......

...

77

27

47

7 6

7

III.

Oth

er ..

......

......

......

......

......

......

......

......

......

......

......

......

......

......

...

853

8 2

860

3 4

853

8 6

860

3

IV.

Cas

h at

ban

k an

d in

han

d ...

......

......

......

......

......

......

......

......

......

9

909

29

617

49

909

69

617

V.

Oth

er li

abili

ties

10

-492

30

-37

50

-492

70

-37

11

31

51

71

Tot

al ..

......

......

......

......

......

......

......

......

......

......

......

......

......

......

......

...

1229

,879

32

23,2

90 5

230

,172

72

27,0

08

252

Not

es to

the

Fina

ncia

l Sta

tem

ents

– A

nnex

12

Com

pany

SOC

IET

A' R

EA

LE

MU

TU

A D

I ASS

.NI

Fina

ncia

l20

12

Ass

ets –

Sch

edul

e of

ass

ets r

esul

ting

from

adm

inis

tratio

n of

pen

sion

fund

s (ite

m D

.II)

4C

ode:

4

Pens

ion

Fund

des

crip

tion

: ETH

ICA

L G

UA

RA

NTE

ED L

INE

Mar

ket v

alue

Purc

hase

cos

tFi

nanc

ial

2011

Fina

ncia

l 2

011

I. In

vest

men

ts in

Gro

up c

ompa

nies

and

oth

er sh

areh

oldi

ngs:

1. S

hare

s and

inte

rest

s…...

......

......

......

......

......

......

.…...

......

.

1 2

1 4

1 6

1

2. B

onds

2

22

42

62

II.

Oth

er fi

nanc

ial i

nves

tmen

ts:

1. S

hare

s and

inte

rest

s…...

......

......

......

......

......

......

.…...

......

.

3 2

3 4

3 6

3

2. B

onds

and

oth

er fi

xed-

inco

me

secu

ritie

s.....

......

......

......

......

4

21,7

49 2

416

,149

44

21,5

64 6

416

,616

3. S

hare

s in

com

mon

inve

stm

ent f

unds

......

......

......

......

......

....

5

25

45

65

4. D

epos

its w

ith c

redi

t ins

titut

ions

......

......

......

......

......

......

......

6

26

46

66

5. O

ther

fina

ncia

l inv

estm

ents

......

......

......

......

......

......

......

.....

7

27

47

67

III.

Oth

er...

......

......

......

......

......

......

......

......

......

......

......

......

......

..

817

5 2

810

9 4

817

5 6

810

9

IV.

Cas

h at

ban

k an

d in

han

d....

......

......

......

......

......

......

......

......

..

93,

159

29

1,01

2 4

93,

159

69

1,01

2

V.

Oth

er li

abili

ties

10

-162

30

-29

50

-162

70

-29

11

31

51

71

Tot

al...

......

......

......

......

......

......

......

......

......

......

......

......

......

......

.

1224

,921

32

17,2

41 5

224

,736

72

17,7

08

253

Not

es to

the

Fina

ncia

l Sta

tem

ents

– A

nnex

12

Com

pany

SOC

IET

A' R

EA

LE

MU

TU

A D

I ASS

.NI

Fina

ncia

l20

12

Ass

ets –

Sch

edul

e of

ass

ets r

esul

ting

from

adm

inis

tratio

n of

pen

sion

fund

s (ite

m D

.II)

Cod

e:

Pen

sion

Fun

d de

scrip

tion

:

Mar

ket v

alue

Purc

hase

cos

tFi

nanc

ial

2011

Fina

ncia

l 2

011

I. In

vest

men

ts in

Gro

up c

ompa

nies

and

oth

er sh

areh

oldi

ngs:

1. S

hare

s and

inte

rest

s…...

......

......

......

......

......

......

.…...

......

.

1 2

1 4

1 6

1

2. B

onds

2

22

42

62

II.

Oth

er fi

nanc

ial i

nves

tmen

ts:

1. S

hare

s and

inte

rest

s…...

......

......

......

......

......

......

.…...

......

.

334

,618

23

25,1

31 4

334

,373

63

29,8

87

2. B

onds

and

oth

er fi

xed-

inco

me

secu

ritie

s.....

......

......

......

......

4

68,0

09 2

451

,350

44

65,8

62 6

451

,674

3. S

hare

s in

com

mon

inve

stm

ent f

unds

......

......

......

......

......

....

5

25

45

65

4. D

epos

its w

ith c

redi

t ins

titut

ions

......

......

......

......

......

......

......

6

26

46

66

5. O

ther

fina

ncia

l inv

estm

ents

......

......

......

......

......

......

......

.....

7

10 2

7 4

710

67

III.

Oth

er...

......

......

......

......

......

......

......

......

......

......

......

......

......

..

81,

599

28

1,46

4 4

81,

599

68

1,46

4

IV.

Cas

h at

ban

k an

d in

han

d....

......

......

......

......

......

......

......

......

..

95,

745

29

2,84

1 4

95,

745

69

2,84

1

V.

Oth

er li

abili

ties

10

-1,2

84 3

0-1

69 5

0-1

,284

70

-169

11

31

51

71

Tot

al...

......

......

......

......

......

......

......

......

......

......

......

......

......

......

..

1210

8,69

7 3

280

,617

52

106,

305

72

85,6

97

254

Notes to the Financial Statements – Annex 13

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Liabilities - Changes during the year in components of the reserve for unearned premiums (item C.I.1) and the provision for outstanding claims (item C.I.2) of the Non-life branches

Type Financial 2011 Change

Provisions for unearned premiums:

Reserve for premium instalments................................... 1 627,126 11 626,143 21 983

Reserve for unexpired risks.................................……… 2 413 12 133 22 280

Carrying value................................................................ 3 627,539 13 626,276 23 1,263

Provisions for claims outstanding:

Provision for damages and direct expenses.................... 4 1,670,116 14 1,529,945 24 140,171

Provision for claim settlement costs............................... 5 73,642 15 101,969 25 -28,327

Provision for claims incurred and not notified............... 6 239,484 16 204,232 26 35,252

Carrying value................................................................ 7 1,983,242 17 1,836,146 27 147,096

255

Notes to the Financial Statement - Annex 14

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Liabilities - Changes during the year in the components of the provisions for policy liabilities (item C.II.1) and in the provisions for profit-sharing and premium refunds (item C.II.4)

Type Financial 2011 Change

Actuarial reserve for pure premiums...................................... 1 2,596,445 11 2,437,411 21 159,034

Premiums carried forward..................................................... 2 12,693 12 13,572 22 -879

Provision for mortality risk.................................................... 3 4,050 13 4,554 23 -504

Integration provisions............................................................ 4 30,307 14 29,747 24 560

Carrying value..................................................................... 5 2,643,495 15 2,485,284 25 158,211

Provisions for profit-sharing and premium refunds ............... 6 16 26

256

Not

es to

the

Fina

ncia

l Sta

tem

ents

– A

nnex

15

Com

pany

SOC

IETA

' REA

LE M

UTU

A D

I ASS

.NI

Fina

ncia

l20

12

Liab

ilitie

s – C

hang

es d

urin

g th

e ye

ar in

the

prov

isio

ns fo

r oth

er ri

sks a

nd c

harg

es (i

tem

E)

and

in th

e pr

ovis

ions

for e

mpl

oyee

term

inat

ion

inde

mni

ties (

item

G.V

II)

Prov

isio

ns fo

r pen

sion

sTe

rmin

atio

n be

nefit

san

d si

mila

rPr

ovis

ions

for t

axat

ion

Oth

er p

rovi

sion

sem

ploy

men

tob

ligat

ions

subo

rdin

ated

Gro

ss in

itial

bal

ance

......

......

......

......

......

......

..……

......

.....

+

136

,453

11

407

21

35,5

59 3

112

,786

Prov

isio

ns fo

r the

yea

r.....

......

......

......

......

......

......

......

......

+

21,

226

12

22

14,0

25 3

215

9

Oth

er in

crea

ses..

......

......

......

......

......

......

......

......

......

......

...+

3

13

23

33

61

Util

isat

ion

for t

he y

ear..

......

......

......

......

......

......

......

......

...-

4

1,66

2 1

4 2

47,

015

34

481

Oth

er in

crea

ses..

......

......

......

......

......

......

......

......

......

......

...-

5

422

15

25

35

50

Car

ryin

g va

lue.

......

......

......

......

......

......

......

......

......

......

...

635

,595

16

407

26

42,5

69 3

612

,475

257

Not

es to

the

Fina

ncia

l Sta

tem

ents

– A

nnex

16

Com

pany

SOC

IETA

' REA

LE M

UTU

A D

I ASS

.NI

Fina

ncia

l20

12

Det

aile

d st

atem

ent o

f ass

ets a

nd li

abili

ties r

elat

ing

to G

roup

com

pani

es a

nd o

ther

shar

ehol

ding

s

I: A

sset

s

Con

trolli

ng c

ompa

nies

Subs

idia

ries

Affi

liate

d co

mpa

nies

Ass

ocia

ted

com

pani

esO

ther

Tota

l

Shar

es a

nd in

tere

sts..

......

......

......

......

......

......

......

.

1

21,

543,

721

3

4

36,7

54

53,

065

6

1,58

3,54

0

Bond

s.....

......

......

......

......

......

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..

7

8

9

10

1

1

12

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s.....

......

......

......

......

......

......

......

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..

13

1

4

15

1

6

17

1

8

Parti

cipa

tion

in in

vest

men

t poo

ls....

......

......

......

..

19

2

0

21

2

2

23

2

4

Dep

osits

with

cre

dit i

nstit

utio

ns...

......

......

......

.....

2

5

26

2

7

28

2

9

30

Oth

er fi

nanc

ial i

nves

tmen

ts...

......

......

......

......

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1

32

3

3

34

3

5

36

Dep

osits

with

ced

ing

unde

rtaki

ngs..

......

......

......

.

37

3

810

1

39

4

027

4

1

42

128

Inve

stm

ents

rela

ting

to c

ontra

cts l

inke

d to

inve

stm

ents

fund

s and

mar

ket i

ndex

es...

......

... 4

3 4

421

,097

45

46

47

48

21,0

97

Inve

stm

ents

rela

ting

to th

e ad

min

istra

tion

of

pens

ion

fund

s.....

......

......

......

......

......

......

......

......

. 4

9 5

0 5

1 5

2 5

3 5

4

Deb

tors

aris

ing

out o

f di

rect

insu

ranc

e....

......

......

......

......

......

......

......

.....

55

56

20,0

10 5

7 5

833

7 5

9 6

020

,347

Deb

tors

aris

ing

out o

f re

insu

ranc

e op

erat

ions

61

62

115

63

64

65

66

115

Oth

er d

ebto

rs...

......

......

......

......

......

......

......

......

....

67

68

22,9

28 6

9 7

0 7

1 7

222

,928

Bank

and

Pos

tal a

ccou

nts..

......

......

......

......

......

....

73

74

76,9

76 7

5 7

6 7

7 7

876

,976

Mis

cella

neou

s ass

ets..

......

......

......

......

......

......

......

79

80

81

82

83

84

Tot

al.…

.……

……

……

……

……

……

……

……

85

86

1,68

4,94

8 8

7 8

837

,118

89

3,06

5 9

01,

725,

131

of w

hich

subo

rdin

ated

ass

ets..

......

......

......

......

.....

91

92

93

94

95

96

258

Det

aile

d st

atem

ent o

f ass

ets a

nd li

abili

ties r

elat

ing

to G

roup

com

pani

es a

nd o

ther

shar

ehol

ding

s

II: L

iabi

litie

s

Con

trolli

ng c

ompa

nies

Subs

idia

ries

Affi

liate

d co

mpa

nies

Ass

ocia

ted

com

pani

esO

ther

Tota

l

Subo

rdin

ated

liab

ilitie

s.....

......

......

......

......

......

.....

97

98

99

100

101

102

Dep

osits

rece

ived

from

rein

sure

rs...

......

......

......

.. 1

03 1

04 1

0510

610

710

8

Cre

dito

rs a

risin

g ou

t of

dire

ct in

sura

nce.

......

......

......

......

......

......

......

......

..10

911

011

111

211

311

4

Cre

dito

rs a

risin

g ou

t of

rein

sura

nce

oper

atio

ns...

......

......

......

......

......

......

..11

511

66

117

118

119

120

6

Am

ount

s ow

ed to

ban

ks a

nd c

redi

t ins

titut

ions

..12

112

212

312

412

512

6

Loan

s gua

rant

eed

by m

ortg

ages

......

......

......

......

..12

712

812

913

013

113

2

Mis

cella

neou

s loa

ns a

nd o

ther

fina

ncia

l lia

bilit

ie13

313

413

513

613

713

8

Mis

cella

neou

s cre

dito

rs...

......

......

......

......

......

......

139

140

14,6

0914

114

214

314

414

,609

Mis

cella

neou

s lia

bilit

ies..

......

......

......

......

......

......

145

146

147

148

149

150

Tot

al...

......

......

......

......

......

......

......

......

......

......

.....

151

152

14,6

1515

315

415

515

614

,615

259

Notes to the Financial Statements – Annex 17

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Detail of classes I, II, III and IV of “Guarantees, commitments and other memorandum accounts”

Financial 2011

I. Guarantees given:a) sureties and endorsements given in the interest of controlling

subsidiary and affiliated companies................................................................. 1 5,000 31

b) sureties and endorsements given in the interest of associated companiesand other shareholdings.......................................................................................... 2 32

c) sureties and endorsements given in the interest of third parties………………….… 3 33

d) other personal guarantees given in the interest ofsubsidiary and affiliated companies........................................................................ 4 34

e) other personal guarantees given in the interest ofother shareholdings................................................................................................. 5 35

f) other personal guarantees given in the interest of third parties ................................ 6 36

g) guarantees secured by mortgages given for obligations of third partiessubsidiary and affiliated companies........................................................................ 7 37

h) guarantees secured by mortgages given for obligations of associatedcompanies and other shareholdings......................................................................... 8 38

i) guarantees secured by mortgages given for obligations of third parties.................... 9 39

l) guarantees given for obligations of the Company ................................................... 10 40

m) assets deposited for inwardinward reinsurance................................................................................................. 11 41

Total................................................................................................................................. 12 5,000 42

II. Guarantees received:

a) from Group companies, associates and other shareholdings.................................... 13 43

b) from third parties………………………………………………….……....…......... 14 52,742 44 49,296

Total.............................................................................................................................. 15 52,742 45 49,296

III. Guarantees issued by third parties in the interest of the Company:

a) from Group companies, associates and other shareholdings.................................... 16 46

b) from third parties………………………………………………….……....…......... 17 26,207 47 19,234

Total.............................................................................................................................. 18 26,207 48 19,234

IV. Commitments:

a) commitments for purchases with obligation of resale ............................................. 19 49

b) commitments for purchases with obligation of resale.............................................. 20 50

c) other commitments................................................................................................. 21 122,239 51 125,952

Total................................................................................................................................. 22 122,239 52 125,952

260

Not

es to

the

Fina

ncia

l Sta

tem

ents

– A

nnex

18

Com

pany

SO

CIE

TA' R

EALE

MU

TUA

DI A

SS.N

IFi

nanc

ial

201

2

Sche

dule

of c

omm

itmen

ts fo

r tra

nsac

tions

on

deriv

ativ

es

Fina

ncia

l20

11

Purc

hase

Sale

Purc

hase

Sale

-1-2

-1-2

-1-2

-1-2

Futu

res:

on sh

ares

1

10

1 2

1

121

41

14

1 6

1

161

on b

onds

2

10

2 2

2

122

42

14

2 6

2

162

on c

urre

ncie

s

3

103

23

12

3

43

143

63

16

3

on ra

tes

4

10

4 2

4

124

44

14

4 6

4

164

othe

r

5

105

25

12

5

45

145

65

16

5

Opt

ions

:on

shar

es

618

,099

10

613

1 2

618

,000

12

6

4618

,118

14

614

7 6

618

,000

16

6

on b

onds

7

10

7 2

7

127

47

14

7 6

7

167

on c

urre

ncie

s

8

108

28

12

8

48

148

68

16

8

on ra

tes

9

10

9 2

9

129

49

14

9 6

9

169

othe

r 1

022

,521

11

0 3

0

130

50

26,2

14

150

70

17

0

Swap

s:on

cur

renc

ies

11

11

1 3

1

131

51

15

1 7

1

171

on ra

tes

12

63,6

20

112

-12,

219

32

13

2 5

263

,620

15

2-5

,687

72

17

2

othe

r 1

3

113

33

13

3 5

3

153

73

17

3

Oth

er tr

ansa

ctio

ns 1

41,

304

11

4 3

4

134

54

559

15

4-1

74

17

4

Tot

al ..

......

......

......

......

......

......

......

......

.. 1

5 1

0554

4

115

- 120

88 3

5 1

8000

13

5 5

5 1

0851

1

155

- 554

1 7

5 1

8000

17

5

(1) F

or d

eriv

ativ

e co

ntra

cts t

hat i

nvol

ve o

r may

invo

lve

the

exch

ange

of c

apita

l at t

erm

the

settl

emen

t pric

e of

thes

e m

ust b

e in

dica

ted;

in a

ll ot

her c

ases

, the

nom

inal

val

ue o

f the

refe

renc

e ca

pita

l mus

t be

indi

cate

d.

(2) I

ndic

ate

the

fair

valu

e of

der

ivat

ive

cont

ract

s;

Onl

y tra

nsac

tions

on

deriv

ativ

es e

xisti

ng a

t the

dat

e of

the

acco

unts

that

invo

lve

com

mitm

ents

for t

he C

ompa

ny m

ust b

e sta

ted.

If th

e co

ntra

ct d

oes n

ot c

orre

spon

d pr

ecise

ly to

the

figur

es d

escr

ibed

or i

n th

e ca

se in

whi

ch in

clud

ed

Con

tract

s tha

t env

isage

swap

ping

of t

wo

curr

enci

es m

ust b

e in

dica

ted

once

onl

y re

ferr

ing,

by

conv

entio

n, to

the

curr

ency

to b

e pu

rcha

sed.

Con

tract

s tha

t env

isage

inte

rest

rate

and

cur

renc

y sw

aps m

ust b

e in

dica

ted

Der

ivat

ives

261

Not

es to

the

Fina

ncia

l Sta

tem

ents

- A

nnex

19

Com

pany

SOC

IETA

' REA

LE M

UTU

A D

I ASS

.NI

Fina

ncia

l20

12

Sum

mar

y in

form

atio

n re

latin

g to

the

tech

nica

l acc

ount

of N

on-li

fe in

sura

nce

busi

ness

Gro

ss p

rem

ium

s:G

ross

pre

miu

ms:

Gro

ss c

harg

eM

anag

emen

tR

eins

uran

cew

ritte

nfo

r the

yea

rfo

r cla

ims

cost

sba

lanc

e

Dir

ect b

usin

ess:

Per

sona

l acc

iden

t and

Hea

lth (c

lass

es 1

and

2)…

...…

......

......

......

....

117

9,85

7 2

169,

567

311

6,30

7 4

53,7

81 5

-1,2

23

TPL

land

veh

icle

s (cl

ass 1

0) 6

535,

167

753

5,79

3 8

352,

132

997

,938

10

-700

TPL

land

veh

icle

s (cl

ass 3

).....

......

......

......

......

......

......

......

......

......

....

11

92,1

51 1

298

,409

13

60,5

78 1

423

,255

15

1,19

2

Mar

ine,

Avi

atio

n an

d Tr

ansp

ort

(cla

sses

4, 5

, 6, 7

, 11

and

12)..

......

......

......

......

......

......

..…...

…...

......

169,

830

178,

858

187,

339

192,

600

20-1

92

Fire

and

oth

er p

rope

rty d

amag

e(cl

asse

s 8 a

nd 9

).....

......

......

......

......

. 21

342,

249

2234

7,37

623

398,

469

2411

2,42

425

129,

067

Non

-mot

or T

PL (c

lass

13)

......

......

......

......

......

......

......

......

......

......

.... 2

618

3,61

227

180,

316

2812

9,06

929

61,8

5930

-859

Per

sona

l acc

iden

t and

Hea

lth (c

lass

es 1

4 an

d 15

)…...

…...

......

......

...31

26,6

1932

27,5

0733

12,8

5734

8,84

235

-5,1

61

Sun

dry

Pecu

niar

y Lo

sses

(cla

ss 1

6)36

3,55

137

3,59

238

845

3997

140

-38

Leg

al F

ees (

clas

s 17)

......

......

......

......

......

......

......

......

......

......

......

......

. 41

10,0

7242

9,90

343

5,58

444

3,38

045

530

Ass

ista

nce

(cla

ss 1

8)...

......

......

......

......

......

......

......

......

......

......

......

.... 4

69,

307

479,

391

484,

587

493,

341

50

Tot

al d

irec

t bus

ines

s.....

......

......

......

......

......

......

......

......

......

......

......

511,

392,

415

521,

390,

712

531,

087,

767

5436

8,39

155

122,

616

Rei

nsur

ance

bus

ines

s.....

......

......

......

......

......

......

......

......

......

......

..... 5

63,

234

573,

594

581,

991

5984

560

-825

Tot

al It

alia

n po

rtfo

lio...

......

......

......

......

......

......

......

......

......

......

......

611,

395,

649

621,

394,

306

631,

089,

758

6436

9,23

665

121,

791

For

eign

por

tfol

io...

......

......

......

......

......

......

......

......

......

......

......

......

..66

167

3868

-31

6970

-42

Gra

nd to

tal..

......

......

......

......

......

......

......

......

......

......

......

......

......

......

. 711,

395,

650

721,

394,

344

731,

089,

727

7436

9,23

675

121,

749

262

Notes to the Financial Statements – Annex 20

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012Summary statement concerning life insurance business referring to premiums and the reinsurance balance

Direct business Inward reinsurance Total

Gross premiums: 1 534,941 11 489 21 535,430

a) 1. for individual policies....................................... 2 458,478 12 489 22 458,967

2. for group policies.............................................. 3 76,463 13 23 76,463

b) 1. periodic premiums............................................ 4 31,784 14 489 24 32,273

2. single premiums................................................ 5 503,157 15 25 503,157

c) 1. for contracts without profit-sharing................... 6 472,743 16 387 26 473,130

2. for contracts with profit-sharing........................ 7 17 27

3. for contracts when the investment riskis borne by the policyholders andfor pension funds.............................................. 8 62,198 18 102 28 62,300

Balance of reinsurance 9 389 19 292 29 681

263

Notes to the Financial Statements – Annex 21

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Investment income (item II.2 and III.3)

Non-life business Life business Total

Income from shares and interests:Dividends and other income from shares and interests of Group companies and shareholdings................................................................ 1 49,991 41 2,400 81 52,391

Dividends and other income from shares and interests in other companies...........2 6,169 42 968 82 7,137

Total.......................................................................................…………………………………3 56,160 43 3,368 83 59,528

Income from investments in land and buildings................................................................ 4 2,351 44 84 2,351

Income from other investments:

Income from bonds of Group companies and shareholdings ................................5 45 85

Interest on loans to group companies and shareholdings...................................... 6 46 86

Income from shares in common investment funds................................................ 7 47 87

Income from bonds and other fixed-income securities.......................................... 8 29,635 48 121,767 88 151,402

Interest on loans................................................................................................... 9 484 49 89 484

Income from shares in investment pools...............................................................10 50 90

Interests on deposits with credit institutions......................................................... 11 1 51 91 1

Income from other financial investments.............................................................. 12 123 52 2,213 92 2,336

Interest on deposits with ceding undertakings.......................................................13 9 53 154 93 163

Total...................................................................................................................................... 14 30,252 54 124,134 94 154,386

Value re-adjustments on investments in:

Land and buildings............................................................................................... 15 55 95

Shares and interests, Group companies and shareholdings................................... 16 56 96

Bonds issued by Group companies andshareholdings....................................................................................................... 17 57 97

Other shares and interests.....................................................................................18 7,128 58 6 98 7,134

Other bonds......................................................................................................... 19 24,102 59 132,415 99 156,517

Other financial investments.................................................................................. 20 121 60 465 100 586

Total...................................................................................................................................... 21 31,351 61 132,886 101 164,237

Income from the disposal of investments:

Gains on disposal of land and buildings............................................................... 22 62 102

Gains on shares and interests in Group companies and shareholdings....................................................................................................... 23 63 103

Income from bonds issued by Group companies andshareholdings....................................................................................................... 24 64 104

Gains on other shares and interests....................................................................... 25 9,516 65 105 9,516

Gains on other bonds............................................................................................26 19,495 66 6,328 106 25,823

Gains on other financial investments............................................…………………27 622 67 663 107 1,285

Total...................................................................................................................................... 28 29,633 68 6,991 108 36,624

GRAND TOTAL………………………….…......................................................................................... 29 149,747 69 267,379 109 417,126

264

Notes to the Financial Statements – Annex 22

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Income and unrealised gains on investments for the benefit of policyholders who bearthe Investments risk and on investments relating to the administration of pension funds(item II.3)

I. Investments relating to contracts linked to investment funds and market indexes

Amounts

Income from:

Land and buildings............................................................................................. 1

Investments in Group companies and shareholdings........................................... 2

Shares in common investment funds................................................................... 3 92

Other financial investments................................................................................ 4 15,227

- of which income from bonds.......................... 5 6,441

Other.................................................................................................................. 6 320

Total.......................................................................................………………………………… 7 15,639

Income from disposal of investments

Gains on disposal of land and buildings.............................................................. 8

Gains on investments in Group companies and shareholdings............................. 9

Gains on common investment funds................................................................... 10 21,358

Gains on other financial investments............................................……………… 11 7,971

- of which bonds............................................... 12 376

Other income...................................................................................................... 13

Total...................................................................................................................................... 14 29,329

Unrealised gains.................................................................................................................... 15 14,228

GRAND TOTAL.................................................................................................................................... 16 59,196

II. Investments relating to the administration of pension funds

Importi

Income from:

Investments in Group companies and shareholdings ………………................... 21

Other financial investments................................................................................ 22 3,686

- of which income from bonds.......................... 23 1,605

Other.................................................................................................................. 24 3

Total...................................................................................................................................... 25 3,689

Income from disposal of investments

Gains on investments in Group companies and shareholdings............................. 26

Gains on other financial investments............................................……………… 27 165

- of which bonds............................................... 28 23

Other income...................................................................................................... 29

Total...................................................................................................................................... 30 165

Unrealised gains.................................................................................................................... 31 8,541

GRAND TOTAL.................................................................................................................................... 32 12,395

265

Notes to the Financial Statements – Annex 23

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Investment management and financial charges (items II.9 and III.5)

Non-life business Life business Total

Investment management charges and other charges

Charges relating to shares and interests............................................. 1 644 31 61 644

Charges relating to investments in land and buildings....................... 2 2,506 32 62 2,506

Charges relating to bonds................................................................... 3 3,930 33 5,857 63 9,787

Charges relating to common investment funds.................................. 4 3 34 64 3

Charges relating to participation in investment pools........................ 5 35 65

Charges relating to miscellaneous financial investments................... 6 36 4,293 66 4,293

Interest on deposits received from reinsurers..................................... 7 65 37 105 67 170

Total.......................................................................................…………………… 8 7,148 38 10,255 68 17,403

Value adjustments on investments referring to:

Land and buildings............................................................................ 9 730 39 69 730

Shares and interests of Group companies and shareholdings............. 10 40 70

Bonds issued by Group companies and shareholdings....................... 11 41 71

Other shares and interests.................................................................. 12 3,622 42 11 72 3,633

Other bonds........................................................................................ 13 1,537 43 189 73 1,726

Other financial investments............................................................... 14 637 44 1 74 638

Total..................................................................................................................... 15 6,526 45 201 75 6,727

Capital losses on disposal of investmentsLosses on the sale of landand buildings..................................................................................... 16 46 76

Losses on other shares and interests................................................... 17 598 47 77 598

Losses on bonds................................................................................. 18 1,097 48 494 78 1,591

Losses from other financial investments............................................ 19 80 49 79 80

Total..................................................................................................................... 20 1,775 50 494 80 2,269

GRAND TOTAL............................................................................………………………… 21 15,449 51 10,950 81 26,399

266

Notes to the Financial Statements – Annex 24

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Investment management and financial charges and unrealised losses on investments for the benefit of policyholders who bear the investment risk and on investments relatingto the administration of pension funds (item II.10)

I. Investments relating to contracts linked to investment funds and market indexes

Amounts

Management charges resulting from:

Land and buildings........................................................................................... 1

Investments in Group companies and shareholdings......................................... 2

Shares in common investment funds................................................................ 3 2

Other financial investments.............................................................................. 4 2,636

Other................................................................................................................ 5 6,228

Total.......................................................................................……………………………… 6 8,866

Capital losses on disposal of investments

Losses on disposal of land and buildings.......................................................... 7

Losses on investments in Group companies and shareholdings......................... 8

Losses on common investment funds............................................................... 9 530

Losses from other financial investments........................................................... 10 1,122

Other charges................................................................................................... 11

Total.................................................................................................................................... 12 1,652

Unrealised gains................................................................................................................. 13 2,310

GRAND TOTAL................................................................................................................................. 14 12,828

II. Investments relating to the administration of pension funds

Amounts

Management charges resulting from:

Investments in Group companies and shareholdings......................................... 21

Other financial investments.............................................................................. 22 326

Other................................................................................................................ 23 1,792

Total.......................................................................................……………………………… 24 2,118

Capital losses on disposal of investments

Losses on investments in Group companies and shareholdings......................... 25

Losses from other financial investments........................................................... 26 111

Other charges................................................................................................... 27

Total.................................................................................................................................... 28 111

Unrealised gains................................................................................................................. 29 1,163

GRAND TOTAL................................................................................................................................. 30 3,392

267

Not

es to

the

Fina

ncia

l Sta

tem

ents

– A

nnex

25

Com

pany

SOC

IETA

' REA

LE M

UTU

A D

I ASS

.NI

Fina

ncia

l20

12N

on-li

fe b

usin

ess -

Sum

mar

y st

atem

ent o

f the

tech

nica

lac

coun

ts b

y in

divi

dual

bra

nch

– Ita

lian

portf

olio

Acc

ount

ing

clas

s01

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ount

ing

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s02

Acc

ount

ing

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s03

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Acc

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ls la

nd v

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ls a

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ect b

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ess g

ross

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ms w

ritte

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......

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51

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1

30

13,

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nge

in th

e pr

ovisi

ons f

or u

near

ned

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ium

s (+

or -)

......

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rges

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ting

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......

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ance

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ther

tech

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......

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269

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Fina

ncia

l Sta

tem

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– A

nnex

26

Com

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SOC

IETA

' REA

LE M

UTU

A D

I ASS

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ncia

l20

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Sum

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270

Not

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the

Fina

ncia

l Sta

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– A

nnex

27

Com

pany

SOC

IETA

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LE M

UTU

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I ASS

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Fina

ncia

l20

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fe b

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0 an

d II

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of th

e Pr

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Loss

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271

Not

es to

the

Fina

ncia

l Sta

tem

ents

– A

nnex

28

Com

pany

SOC

IETA

' REA

LE M

UTU

A D

I ASS

.NI

Fina

ncia

l20

12

Sum

mar

y st

atem

ent o

f the

tech

nica

l acc

ount

of a

ll th

e Li

fe b

ranc

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(* A

lgeb

raic

sum

of i

tem

s ref

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the

Italia

n po

rtfol

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clud

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item

s II.2

, II.3

, II.9

, II.1

0 an

d II

.12

of th

e In

com

e St

atem

ent

272

Notes to the Financial Statements – Annex 29

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012

Summary schedule relating to the Non-life and Life technical accounts – Foreign portfolio

Section I: Non-life business

Total classes

Direct business gross of reinsurance

Premiums written............................................................................................................................................................... + 1

Change in the provisions for unearned premiums (+ or -).......................................................................................... - 2

Charges relating to claims...………………………………................................................................................ - 3

Change in miscellaneous technical provisions (+ or -)...................................................................................................... - 4

Balance of other technical items (+ or -).................................................................................................................. + 5

Operating expenses.................................................................................................................................... - 6

Technical balance direct business (+ or -).............................................................................. ......................................A 7

Result of outward reinsurance (+ or -).....................….........................................…...….…. .....................................B 8

Net result of inward reinsurance (+ or -).............................................................................. ......................................C 9 27

Change in the equalisation provision (+ or -)............................................................... .....................................D 10

Allocated investment return transferred from the non-technical account......................... ......................................E 11 2

Result of the technical account (+ or -)............................................................................... (A + B + C - D + E) 12 29

Section II: Life business

Total classes

Direct business gross of reinsurancePremiums written.………………………………………………………………………........................ + 1

Charges relating to claims..………………………………........................................................ - 2

Change in provisions for policy liabilities and in other technical provisions (+ or -)..................................... - 3

Balance of other technical items (+ or -).................................................................................................................. + 4

Operating expenses.............................................................................................................. - 5

Income from investments net of the allocated investment return transferred to the non technical account (1)............. + 6

Result of direct business gross of reinsurance (+ or -)......................................................... A 7

Result of inward reinsurance (+ or -)...….........................................…...….….……............ B 8

Net result of inward reinsurance (+ or -)............................................................................... C 9

Result of the technical account (+ or -)............................................................................................ (A + B + C) 10

(1) Algebraic sum of items referring to the foreign portfolio included in items II.2, II.3, II.9, II.10 and II.12 of the Income Statement

273

Not

es to

the

Fina

ncia

l Sta

tem

ents

– A

nnex

30

Com

pany

SOC

IETA

' REA

LE M

UTU

A D

I ASS

.NI

Fina

ncia

l20

12

Rel

atio

nshi

p w

ith G

roup

com

pani

es a

nd o

ther

shar

ehol

ding

sI:

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me

Con

trolli

ng c

ompa

nies

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idia

ries

Affi

liate

d co

mpa

nies

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ted

com

pani

esO

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276

Notes to the Financial Statements – Annex 32

Company SOCIETA' REALE MUTUA DI ASS.NI Financial 2012Statement of expenses referring to personnel, directors and statutory auditors I: Expenses for personnel

Non-life business Life business Total

Expenses arising out of self employment:Italian portfolio:- Wages and salaries 1 61,876 31 7,233 61 69,109

- Social security contributions........................................................................ 2 17,130 32 2,003 62 19,133

- Allocation to the provisions for employee termination indemnities and similar obligations................................................................................ 3 4,270 33 499 63 4,769

- Sundry personnel expenses.......................................................................... 4 16,326 34 1,908 64 18,234

Total............................................................................................................... 5 99,602 35 11,643 65 111,245

Foreign portfolio:- Wages and salaries 6 36 66

- Social security contributions........................................................................ 7 37 67

- Sundry personnel expenses.......................................................................... 8 38 68

Total............................................................................................................... 9 39 69

Grand Total....................................................................................................... 10 99,602 40 11,643 70 111,245

Expenses arising out of self employment:Total Italian portfolio...................................................................................... 11 53,172 41 71 53,172

Foreign portfolio............................................................................................. 12 42 72

Total................................................................................................................... 13 53,172 43 73 53,172

Total expenses for personnel........................................................................... 14 152,774 44 11,643 74 164,417

II: Description of the item

Non-life business Life business Total

Investment management charges................................................................... 15 324 45 265 75 589

Charges relating to claims.............................................................................. 16 68,661 46 897 76 69,558

Other acquisition costs................................................................................... 17 26,411 47 4,494 77 30,905

Other acquisition costs................................................................................... 18 30,014 48 5,640 78 35,654

Administrative costs and expenses on behalf of third parties....................... 19 26,203 49 159 79 26,362

20 1,161 50 188 80 1,349

Total................................................................................................................... 21 152,774 51 11,643 81 164,417

III: Average number of personnel during the year

Number

Managers........................................................................................................ 91 37

White collar.................................................................................................... 92 1,215

Workers Blue collar........................................................................................ 93

Others............................................................................................................. 94

Total................................................................................................................... 95 1,252

IV: Directors and statutory auditors

Number Fees

Directors............................................................................................................. 96 13 98 814

Statutory Auditors............................................................................................... 97 3 99 177

277

OTHER ANNEXES

STA

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280

Società Reale Mutua di Assicurazioni Notes to the Financial Statements

Class C.II, C.III, D.I, D.II: list of long-term investments in shares, bonds, common investment funds Financial 2012pursuant to Art. 15 Section 1 - Law No. 173/1997

Class Category Type Name Currency Nom. value in currency/ Carrying valueof assets -1 -2 quantity in thousands of Euro

C.II P b D BANCA REALE SPA EUR 28,500,000 40,119C.II P b D BLUE ASSISTANCE SPA EUR 3,120,000 2,511C.II P b D IGAR S.A. EUR 527,060 31,555C.II P b D ITALIANA ASSICURAZIONI SPA EUR 7,088,432 129,905C.II P b D REALE IMMOBILI SPA EUR 16,000,000 830,748C.II P b D REALE SEGUROS GENERALES S.A. EUR 3,838,000 252,743C.II P b D REALE VIDA Y PENSIONES S.A. EUR 500 610C.II P b V ITALIANA ASSICURAZIONI SPA EUR 19,011,618 151,687C.II P b V REALE IMMOBILI SPA EUR 2,000,000 103,843C.II P d D CREDEMASSICURAZIONI SPA EUR 1,366,000 22,136C.II P d D SARA SPA ORD. EUR 5,091,660 12,370C.II P d D SARA SPA PRIV. EUR 636,457 2,248C.II P e D CEDACRI SPA EUR 253 1,948C.II P e D SYNKRONOS ITALIA S.r.l. EUR 39,800 716C.II P e D Welfare Italia Servizi Srl EUR 1 400C.III O f D BTP 06/10-01/06/13 TF 2% EUR 7,800,000 7,795C.III O f D CTZ 05/12-30/05/14 ZC EUR 12,500,000 12,211C.III O f D ENEL 00/20 TV XL TR. IMP.ASS. LIT 1,578,000,000 815C.III O f D ENEL 00/21 TV XLI TR.IMP.ASS. LIT 1,578,000,000 815C.III O f D ENEL 92/13 TV XXV TR. IMP.ASS. LIT 1,403,000,000 725C.III O f D ENEL 93/13 TV XXVI TR. IMP.ASS. LIT 1,440,000,000 744C.III O f D ENEL 93/14 TV XXVII TR. IMP.ASS. LIT 1,441,000,000 744C.III O f D ENEL 94/14 TV XXVIII TR. IMP.ASS. LIT 1,441,000,000 744C.III O f D ENEL 94/15 TV XXIX TR. IMP.ASS. LIT 1,441,000,000 744C.III O f D ENEL 95/15 TV XXX TR. IMP.ASS. LIT 1,469,000,000 759C.III O f D ENEL 95/16 TV XXXI TR. IMP.ASS. LIT 1,469,000,000 759C.III O f D ENEL 96/16 TV XXXII TR. IMP.ASS. LIT 1,509,000,000 779C.III O f D ENEL 96/17 TV XXXIII TR. IMP.ASS. LIT 1,508,000,000 779C.III O f D ENEL 97/17 TV XXXIV TR. IMP.ASS. LIT 1,538,000,000 794C.III O f D ENEL 97/18 TV XXXV TR. IMP.ASS. LIT 1,538,000,000 794C.III O f D ENEL 98/18 TV XXXVI TR. IMP.ASS. LIT 1,552,000,000 802C.III O f D ENEL 98/19 TV XXXVII TR. IMP.ASS. LIT 24,000,000,000 12,499C.III O f D ENEL 99/19 TV XXXVIII TR. IMP.ASS. LIT 1,566,000,000 809C.III O f D ENEL 99/20 TV XXXIX TR. IMP.ASS. LIT 1,565,000,000 808C.III O f D FOND.7% ANIA 1∧EM. CARIPLO LIT 68,376,653 35C.III O f D FOND.7% ANIA 1∧EM. ISP LIT 68,376,658 35C.III O f D FOND.7% ANIA 2∧EM. CARIPLO LIT 68,895,623 36C.III O f D FOND.7% ANIA 2∧EM. ISP LIT 68,894,752 36C.III O f D FOND.7% ANIA 3∧EM. ISP LIT 124,397,025 64C.III O f V BAT 99/19 4,60% FLOOR EUR 5,000,000 5,000C.III O f V BEI ZC 11/96 - 05/11/26 EUR 10,624,645 4,529C.III O f V BNP LUXEMBOURG 99/14 FLOOR 4,7% SUB LT II EUR 16,000,000 16,000C.III O f V BTP 06/10-01/06/13 TF 2% EUR 3,700,000 3,698C.III O f V BTP 11/93-01/11/23 TF 9% EUR 25,000,000 31,915C.III O f V BTP-AG 01 03/13 4,25 EUR 23,200,000 23,195C.III O f V BTP-NV 01 98/29 5.25 EUR 18,000,000 17,994C.III O f V CALYON 06/08-04/02/13 ZC EUR 26,500,000 26,363C.III O f V CENTROB 98/18 ZC LIT 29,910,000,000 11,527C.III O f V CITIGROUP 03/08 - 27/03/13 TF 6,40% EUR 5,850,000 5,852C.III O f V COMMERZBANK 96/26 ZC LIT 94,860,000,000 19,077C.III O f V COMMERZBANK 99/14 TV CMS 30Y EUR 2,991,000 2,990C.III O f V CREDIOP 2,1% 99/25 OPT FLOOR PREMIUM 4,2 RESTRUC EUR 31,960,000 31,548C.III O f V CREDIT SUISSE LD 08/08- 05/08/13 TF 6,125% EUR 4,760,000 4,772C.III O f V ENEL 98/19 TV XXXVII TR. IMP.ASS. LIT 551,000,000 287C.III O f V FOND.7% ANIA 3∧EM. CARIPLO LIT 124,396,460 64C.III O f V FOND.7% ANIA 4∧EM. CARIPLO LIT 232,173,432 120C.III O f V FOND.7% ANIA 4∧EM. ISP LIT 232,173,503 120C.III O f V FOND.7% ANIA 5∧EM. CARIPLO LIT 84,694,597 44C.III O f V FOND.7% ANIA 5∧EM. ISP LIT 84,694,611 44C.III O f V FOND.7% ANIA 6∧EM. CARIPLO LIT 91,669,946 47C.III O f V FOND.7% ANIA 6∧EM. ISP LIT 91,669,957 47C.III O f V FOND.7% ANIA 7∧EM. CARIPLO LIT 109,816,802 57C.III O f V FOND.7% ANIA 7∧EM. ISP LIT 109,816,794 57C.III O f V FOND.7% ANIA 8∧EM. CARIPLO LIT 109,816,801 57C.III O f V FOND.7% ANIA 8∧EM. ISP LIT 109,816,813 57C.III O f V FOND.7% ANIA 9∧EM. CARIPLO LIT 174,718,102 90C.III O f V FOND.7% ANIA 9∧EM. ISP LIT 174,718,114 90C.III O f V FSA 18/2/2014 CMS10 FLOOR EUR 20,273,000 20,268C.III O f V GOLDMAN SACHS 02/06-04/02/13 TV EUR 23,100,000 23,083C.III O f V LOMB MC 98/28 ZC EUR 9,267,680 3,814

281

Società Reale Mutua di Assicurazioni Notes to the Financial Statements

Class C.II, C.III, D.I, D.II: list of long-term investments in shares, bonds, common investment funds Financial 2012pursuant to Art. 15 Section 1 - Law No. 173/1997

Class Category Type Name Currency Nom. value in currency/ Carrying valueof assets -1 -2 quantity in thousands of Euro

C.III O f V QUEBEC STEP-UP EURO EUR 4,200,000 4,196C.III O f V RBS 99/19 CMS10 FLOOR 4,7% SUB TIER II EUR 500,000 500C.III O f V SPAO 98/13 5,58% 161 EUR 15,445,800 15,444C.III O f V UNICREDIT 02/08-12/02/13 TF 4,875% EUR 4,390,000 4,389C.III P f D BANCA D'ALBA SCRL EUR 17,974 46C.III P f D BANCA D'ITALIA EUR 500 0C.III P f D CQOP SOA SPA EUR 1,486 334C.III P f D DEVELOPMENT CAPITAL 1 S.C.A. EUR 12,183 156C.III P f D EUROP ASSISTANCE ITALIA SPA EUR 78,000 123C.III P f D SOFIGEA SRL EUR 3,149,132 1,626C.III P f D UFF.CENTR.ITALIANO S.CONS.A R.L. EUR 25,241 26C.III L f D EPTASVILUPPO EUR 20 55D.I O f V1 CAPITALIA 2007-31/05/2013 S&P MIB40 ZC EUR 3,977,213 3,884D.I O f V1 UNICREDITO 2007-31/05/2013 S&P MIB40 COUPON EUR 4,552,277 4,357

C.II Total C.II 1,583,539O Bonds and other securities 0P Shares and interests 1,583,539L Shares in common investment funds 0

C.III Total C.III 324,826O Bonds and other securities 322,460P Shares and interests 2,311L Shares in common investment funds 55

D.I Total D.I 8,241O Bonds and other securities 8,241P Shares and interests 0L Shares in common investment funds 0

D.II Total D.II 0O Bonds and other securities 0P Shares and interests 0L Shares in common investment funds 0

Grand total 1,916,606O Bonds and other securities 330,701P Shares and interests 1,585,850L Shares in common investment funds 55

(1) Type (2) :a = Controlling NL for investments assigned to Non-life business (item C.II.1) b = Subsidiary companies NL for investments assigned to Non-life business (item C.II.1) c = Affiliated L1 for investments assigned to Life business (NL.I)d = Associated L2 for investments assigned to Life business (NL.II)e = Other shareholdingsf = Other

282