Cassa Depositi e Prestiti (CDP) is a joint-stock company under public control, with the Italian government holding 80.1% and a broad group of bank foundations holding 18.4%, the remaining 1.5% in treasury shares.

1. Cassa
depositi
e
prestiti
2015

2. Overview>
Ownership and
Mission
Cassa Depositi e Prestiti is a joint-­‐stock company under
public control, with the Italian government holding 80.1%
and a broad group of bank foundations holding 18.4%.
The remaining 1.5% is in treasury shares
80.10%
18.40%
1.50%
MEF
BANKING
FOUNDATIONS
TREASURY
SHARES
Shareholders
2
Key
player
in
supporting
economic
development
Catalyst
in
developing
country's
infrastructure
CDP:
Supporting Italy’s Growth Since 1850
Leader
in
financing
Local
Authorities
and
PA

3. Overview>
History
3
Key
player
in
supporting
economic
development
Leader
in
financing
Local
Authorities
and
PA
1850
Inception
in
Turin
to
receive
deposits
from
public
and
private
entities
as
a
place
of
“public
trust””
1875
Postal
Savings
passbooks’
creation.
The
funds
raised
are
used
by
CDP
to
finance
public
works
and
repay
the
existing
debt
of
local
authorities
1924
Interest-­‐
bearing
Postal
Savings
bonds’
creation.
In
1925,
bonds
in
USD
and
GBP
are
issued,
while
in
1928
the
first
1yr
notes
debut
2003
CDP
is
transformed
into
a
joint
stock
company,
“CDP
S.p.A.”,
and
the
scope
of
its
activities
is
expanded
2009
CDP
scope
of
operations
is
further
expanded
to
include
the
direct
financing
projects,
export
finance,
social
housing
and
support
for
SMEs
2011
CDP
activities
are
expanded
further
with
the
establishme
nt
of
the
Fondo
Strategico
Italiano
to
acquire
equity
stakes
in
companies
of
major
national
interest
2012
CDP
acquires
from
the
Ministry
of
Economy
and
Finance
SACE
Simest
and
Fintecna
which
controls
Fincantieri
and
Fintecna
Immobiliare
2014
Successfully
completed
in
July
2014
the
Fincantieri
IPO.
Signed
agreement
for
the
disposal
of
40.9%
of
CDP
Reti,
the
investment
vehicle
that
holds
the
stakes
of
Snam
and
Terna

4. Overview>
Relations
with
the
Government
4
OWNERSHIP
The Ministry of Economy and Finance exercises control by appointing the
majority of CDP Board of Directors. The Chief Accountant of the State,
the Director General of the Ministry of Economy and Finance – Treasury
Department, and three experts on financial matters appointed by the
MEF areex-­‐officio board members
CONTROL
GUARANTEE
The Republic of Italy provides a full and unconditional guarantee on
PostalSavings, CDP’s main sourceof funding

5. Overview>
CDP
Group
5
EXPORT
&
INTERNATIONALIZATION
STRATEGIC
COMPANIES
REAL
ESTATE

6. 25.76% 29.85%2
30.10%1
100% 76% 100%
72.5%3
LISTED
COMPANIES
FIV4
Fondo
Investimenti
Valorizzazioni
EQUITY
FUNDS
100%70%
Industry Infrastructure Real
Estate Energy
Eff.
6
FIA4
Fondo
Investimenti
Abitare
59.10%
UNLISTED
COMPANIES
Overview> Equity Investments
and
Funds
1Of which 28.98% through CDP RETI (59.10%) and 1.12% through CDP GAS (100%); 2Through CDP RETI (59.10%); 3Through Fintecna (100%); 4Managed by CDP
Investimenti SGR (70%)
100%
FIT4
Fondo
Investimenti
Turismo
€100mln €150mln€251mln€4bln €550mln €1bln€1.2bln €60mlnn.a.€50mln

7. 7
Overview> Investments
in
Listed Companies
CDP
SHARE
MKT
CAP.
COMPANY
DESCRIPTION
25.76%
€ 58.7
bln¹
29.85%
€ 7.9
bln¹
30.10%
€ 15.6
bln¹
1As of 10th March 2015
2Based upon book value
• Integrated
energy
company.
Italy’s
largest
industrial
company
• Dividend
yield:
6.7%2
.
The
company
has
always
paid
dividends
since
its
listing
in
Milan
in
1995
• First
grid
operator
for
electricity
transmission
in
Europe,
managing
over
63,500
km
of
national
HV
lines
• Dividend
yield:
9.1%2
.
The
company
has
always
paid
dividends
since
its
listing
in
Milan
in
2004
• Integrated
group
operating
in
transportation,
regasification
and
distribution
of
natural
gas
in
Italy
• Dividend
yield:
7.2%2
.
The
company
has
always
paid
dividends
since
its
listing
in
Milan
in
2001

8. Overview>
Assets
&
Liabilities
8
CASH
(€180.9
BLN)
OTHER
(€57.6
BLN)
EMTN
ISSUES
(€8.9
BLN)
FINANCIAL
INSTITUTIONS
(€12.1
BLN)
CENTRAL
AND
LOCAL
GOVERMENTS
(€84.2
BLN)
POSTAL
SAVINGS
(€252.0
BLN)
BANKS
AND
OTHER
FMIs (€11.9
BLN)
TREASURY
BONDS
AND
OTHER
(€36.5
BLN)
EQUITY
STAKES
(€30.3
BLN)
CORP.
AND
PROJECT
FIN.
(€6.3
BLN)
EQUITY
(€19.6
BLN)
TOTAL
ASSETS
(€350.2
BLN)
TOTAL
LIABILITIES
(€350.2
BLN)
CDP S.p.A. unconsolidated figures as of 31/12/2014

9. Main source
of
funding (72%),
guaranteed by
the
Italian State,
provides
a
stable
and
resilient
primary
pillar
Diversification
of
CDP
funding
sources
§ EMTN
Programme
(€13
bln)
§ Multi
Currency
Commercial
Paper
Programme
(€3
bln)
9
>
Capital
Markets
q €252
bln
Overview>
Funding
Postal
Savings
Stock
q Over
20
mln
customers
Holding
Postal
Bonds
and
Postal
Passbooks
>
Postal
Savings
>
ECB
Refinancing Facility:
€ 5.5
bln
>
EIB
Credit
Facility:
€ 4
bln
>
KfW Global
Loan:
€ 500
mln
§ Retail
Bond
(€1.5
bln)
>
Retail
Markets

10. Overview>
Impact
on
the
Italian Economy
q €90bln≈
5.6%
of
GDP
in
2013
10
Business
Plan
2013-­‐2015
Up
to
€ 9
bln
Infrastructure
Up
to
€ 23
bln
Public
Entities
Over
€ 55
bln
Support to
the
Economy

11. Overview>
Attraction of
Foreign Investments
€3
bln
€2.1
bln
€500
mln
€2
bln
€1
bln
€400
mln
€500
mln
Co-­‐investment agreement with
the
SWF
Russian
Direct
Investment Fund
(RDIF)
up
to
€500
mln
Co-­‐investment in
“FSI
Investimenti”
with
the
SWF
Kuwait
Investment Authority
(KIA)
JV
to
invest
in
“Made
in
Italy”
with
the
SWF
Qatar
Holding
(QI)
up
to
€1
bln
Co-­‐investment agreement with
the
SWF
China
Investment
Corporation
(CIC)
up
to
€500
mln
€1
bln
COUNTERPARTS OPERATION
Sale
of
35%
stake in
to State
Grid of
China
Sale
of
40%
stake in
to
Shanghai
Electric
11
€1
mld
Co-­‐investment agreement with
the
SWF
Korea
Investment
Corporation
(KIC) up
to
€500
mln
Agreement
with
KfW to
promote
Italian
SMEs and
energy-­‐
efficient
infrastructure
Cooperation
agreement
with
China
Development
Bank

12. Overview>
Activities and
Instruments
• Specific purpose loans
• Arrears payments
• Debt renegotiations
• FIV
– Fondo
Investimenti
per
le
Valorizzazioni
• FIA
– Fondo
Investimenti
per
l’Abitare
• EEE
Fund
– European
Energy
Efficiency Fund
LENDING
EQUITY
• Corporate
Finance
• Project
Financing
• F2i
– Fondo
Italiano
per
le
Infrastrutture
• Marguerite
Fund
• Inframed
Fund
• SMEs,
Mid-­‐Caps and
Capital
Equipment Plafonds
• Mortgage Plafond
• Export
Finance
• Kyoto
Fund
• Funds
for
Earthquake
Reconstruction
• FSI
– Fondo
Strategico
Italiano
• FIT
– Fondo
Investimenti
per
il
Turismo
• FII
– Fondo
Italiano
di
Investimento
• EIF
– European
Investment Fund
PUBLIC
ENTITIES INFRASTRUCTURE ECONOMIC
DEVELOPMENT
12