Cassa depositi e prestiti. Fixed Income Presentation

Transcription

1 Cassa depositi e prestiti Fixed Income Presentation

2 Overview Asset Quality & Risk Management Funding Appendix 2

3 Overview > Ownership and Mission MEF 18.40% BANKING FOUNDATIONS TREASURY SHARES 1.50% 80.10% Shareholders 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 CDP: Supporting Italy s Growth Since 1850 Leader in financing Local Authorities and PA Catalyst in developing country's infrastructure Key player in supporting enterprises 3

4 Overview > Relations with the Government OWNERSHIP CONTROL 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 are ex-officio board members. CDP is also subject to the oversight of a Parliamentary Supervisory Committee and the State Audit Court GUARANTEE The Republic of Italy provides a full and unconditional guarantee on Postal Savings, CDP s main source of funding 4

5 Overview > History 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 Leader in financing Local Authorities and PA 1924 Interestbearing 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 Key player in supporting economic development stakes of Snam and Terna 5

6 Overview > The CDP Group STRATEGIC COMPANIES EXPORT & INTERNATIONALIZATION REAL ESTATE 6

7 Overview > Business Plan bln 5.6% of Italian GDP Up to 23 bln Public Entities Up to 9 bln Infrastructure Over 55 bln Enterprises 7

8 Overview> Activities and Instruments PUBLIC ENTITIES INFRASTRUCTURE ECONOMIC DEVELOPMENT LENDING Specific purpose loans Arrears payments Debt renegotiations Corporate Finance Project Financing SMEs, Mid-Caps and Capital Equipment Plafonds Mortgage Plafond Export Finance Kyoto Fund Funds for Earthquake Reconstruction EQUITY FIV Fondo Investimenti per le Valorizzazioni FIA Fondo Investimenti per l Abitare EEE Fund European Energy Efficiency Fund F2i Fondo Italiano per le Infrastrutture Marguerite Fund Inframed Fund FSI Fondo Strategico Italiano FIT Fondo Investimenti per il Turismo FII Fondo Italiano di Investimento EIF European Investment Fund 8

9 Overview > Public Entities CDP supports Public Entities and Local Authorities in their investment plans, in assets valuation and enhancement, and in housing policies LENDING EQUITY Loans Social housing Valuation enhancement of real estate assets 9bln Resources mobilized in bln Commitments in FIA 2.8bln Commitments in FIV ( 1.2 bln) real estate assets managed by CDP Immobiliare ( 1.6 bln) 9

10 Overview > Infrasructure CDP is a catalyst for the development of country's infrastructure through financing and equity funds. CDP is the reference shareholder of national energy network companies FINANCING EQUITY FUNDS SHAREHOLDINGS CDP is a catalyst for the development of country's infrastructure, providing project financing and financing corporates and PPPs 2.3 bln of funded projects in 2014 CDP supports the development of infrastructure projects through participation in national and international equity funds CDP is the reference shareholder of national energy network companies 10

11 Overview > Enterprises In order to support the economy, CDP plays a key role in financing enterprises, in particular small and medium-sized business 55 bln Resources mobilized by CDP in FINANCING EQUITY FUNDS SMEs Plafonds Export Finance Investments in Research ( 6 bln) Residential Real Estate Strategic Companies SMEs Venture capital Minibond 11

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

13 Overview > Income Statement & Performance Indicators Reclassified income statement (millions of euro) Changes Overall % Net interest income , % Gross income % Operating income % Net income % Main performance indicators (%) Net interest income spread Gross income spread 0,5% 1,1% 0,6% 0,9% Cost/income ratio 4,1% 5,3% ROE CDP S.p.A. unconsolidated figures 12,0% 14,0% 31/12/ /12/

14 Overview Asset Quality & Risk Management Funding Appendix 14

15 Asset Quality & Risk Management> CDP loan book Stock of total exposures¹ ( bln) Breakdown of loans to customers and banks¹ CDP portfolio is focused on Public Sector (Local, Regional and Central Governments) accounting for over 80% of total exposure Support to SMEs (over 90,000 enterprises already financed) is carried over through collateralised onlending where CDP takes exposure towards banks (90% of the Italian banking system) rather than to the SMEs The loan book is managed with a strong focus on the credit quality; most private sector borrowers operate in highly regulated sectors 1 data as of 31/12/

16 Asset Quality & Risk Management> CDP lending guidelines Key considerations Financing to Public Entities constitutes a service of general economic interest and is carried out by CDP in compliance with the principles of accessibility, uniformity in treatment, pre-specification of terms and nondiscrimination The relevant borrower has to comply with the applicable legislation (including compliance with debt ratio) As security of CDP loans, Italian local authorities release a delegation of payment out of a determined portion of their annual revenues ( delegazione di pagamento ). The acceptance of the delegation is condition precedent to the granting of the loan and is immediately enforceable In a state of financial difficulty of the borrower ( dissesto ), CDP s loans are preserved over commercial debts In Corporate and Project Financing CDP acts like any other financial intermediary lending on market terms in order to achieve an appropriate return and target remuneration of capital Evolution of CDP net NPL ( mln) The principles of the lending activities are set out in the Lending Rules, approved by the board of Directors, which also govern the lending process CDP net NPL amounts to 194 mln ( 227 mln as of 2013), representing 0.16% of total loans 1 (vs. 16% 2 for the Italian system) The increase of NPL from 2012 is due to a single exposure 1 Calculated as NPL on loans to customers and banks 2 Data as of YE2013 (source: Bank of Italy - Annual Report, May 2013) 16

17 Asset Quality & Risk Management > CDP Risk Strategy Key comments The Chief Risk Officer, who reports directly to the CEO, is in charge of risk monitoring activities Sustainable business model: CDP focuses on long term investments that can offer sufficient returns and have an acceptable risk profile; leverage below relevant comparables Capital adequacy: each investment decision must be consistent with the internal economic capital management approach Integrated Risk Management Approach (including synergies among AML, Compliance and Operational Risk Management) Liquidity: CDP traditionally large buffer of liquid assets has been further enhanced by access to other sources of funding including ECB financing Although not being subject to any specific capital requirement, CDP has developed a capital adequacy framework designed according to the principles of Basel 2 Pillar 2 and produces regular reports sent to the Bank of Italy (based on Pillar 1 and Pillar 2) 17

18 Asset Quality & Risk Management > Rating agencies Rating agency Key relevant comments Rating There is an "almost certain" likelihood that the Italian government would provide timely and sufficient extraordinary support in an event of financial stress The unguaranteed part of CDP obligations would be served pari passu with..the sovereign s own obligations Adequate liquidity, which should comfortably absorb any perceivable operational and valuation losses from CDP equity stakes BBB-/A-3 stable The probability of extraordinary support for CDP from the Republic of Italy is expected to be very high in case of need, given CDP dominant role in financing public sector entities CDP's funding profile has traditionally been characterised by ample and fairly stable retail funding deriving from postal passbook savings accounts and postal savings bonds to retail investors Baa2/P-2 stable High probability of support from the Italian government in light of the latter's guarantee for the overwhelming majority of the issuer's liabilities The relationship with Poste Italiane makes CDP funding less sensitive to rate driven competition from commercial banks Dividend income provides revenue diversification which reduces CDP dependence on public sector business BBB+/F2 stable Based on reports published by S&P (December 19, 2014), Moody s (July 30, 2014), and Fitch (May 16, 2014 and December 19, 2012) 18

19 Overview Asset Quality & Risk Management Funding Appendix 19

20 Funding > Diversification > Postal Savings Main source of funding (73%), guaranteed by the Italian State, provides a stable and resilient primary pillar Over 20 mln customers Holding Postal Bonds and Postal Passbooks 252 bln Postal Savings Stock Diversification of CDP funding sources > Capital Markets EMTN Programme ( 13 bln) Multi Currency Commercial Paper Programme ( 3 bln) > Retail Markets Retail Bond ( 1.5 bln) > ECB Refinancing Facility: 5.5 bln > EIB Credit Facility: 4 bln > KfW Global Loan: 500 mln 20

21 Funding > Postal Savings Postal Savings stock ( bln) Postal Savings products comprise both Postal Savings Bonds and Postal Savings Passbooks and are issued by CDP on demand. These products are placed by Poste Italiane through more than 13,000 offices across the country. The distribution of the Postal Savings products is regulated by an agreement between CDP and Poste More than 20 million Italians have invested in Postal Savings products that represent around 14% of Italian household total financial assets The stock of Postal Savings products has increased during the financial crisis as they represent a safe and simple form of savings Postal Bonds and Passbooks are guaranteed by the Italian State 21

22 Funding > The EMTN Programme Maturity Profile ( bln) CDP 1.000% JANUARY 2018 Distribution by Geography and Investor type CDP outstanding EMTN bonds amount to approx. 10 bln: five public issues for 3.95 bln private placements for 6.0 bln to better meet investor s specific needs in terms of structures and currencies In order to build a liquid benchmark curve the public issues will play a stronger role in CDP funding activity EMTN issues rank pari passu with Postal Saving and ratings are flat to those of the Republic of Italy (Baa2/BBB-/BBB+) Since 2014, CDP has launched four public issues with a competitive pricing equivalent to about BTP + 17bp: 750 mln 5 year fixed (2.375%) 750 mln 7 year fixed (2.750%) 1000 mln 3 year fixed (1.000%) 750 mln 10 year fixed (1.500%) Thanks to an intensive marketing activity international investors have reached a significant presence of around 60% 22

23 Funding > Key features of the EMTN Programme Issuer Cassa depositi e prestiti S.p.A. Size 13,000,000,000 Ratings Baa2 by Moody's, BBB- by S&P and BBB+ by Fitch Listing venue Luxembourg Stock Exchange Use of proceeds Funding of both Separate and Ordinary Accounts Minimum denomination Available structures 100,000 or 1,000 to meet specific needs Fixed and Floating Rate Notes (including cap/floor, CMS), Zero Coupon Notes, Partly Paid Notes, Callable Puttable Notes or a combination of any of the foregoing. Notes maybe denominated in any currency ECB eligible Yes 23

24 Funding > The CP Programme Key features of CP programme Issuer Cassa depositi e prestiti S.p.A. Size 3,000,000,000 Ratings P-2 by Moody's, A-3 by S&P and F2 by Fitch Listing venue Use of proceeds Minimum denomination Available structures ECB eligible Yes EXTRAMOT PRO Italian Stock Exchange Funding of both Separate and Ordinary Accounts 100,000 or equivalent in other currencies Standard and non-standard money market maturities The CP Programme completes CDP range of products on the debt capital market with a short-term funding instrument Since its launch in April 2014, 500 mln CP have been placed to institutional investors with maturities ranging from one to twelve months Rates are posted daily on CDEP Bloomberg page on all money-markets maturities, with the possibility of matching specific investors requests 24

25 Overview Asset Quality & Risk Management Funding & Liquidity Appendix 25

26 Appendix > Main Equity Investments and Funds LISTED COMPANIES 25.76% 29.85% % 2 UNLISTED COMPANIES 72.5% 3 100% 76% 70% 100% 100% 59.10% 100% 80% EQUITY FUNDS FIV 4 Fondo Investimenti Valorizzazione FIA 4 Fondo Investimenti Abitare FIT 4 Fondo Investimenti Turismo CDP Commitments 550mln 50mln 251mln 100mln 150mln 1.2bln 1bln n.a. 60mln Enterprises Infrastructure Real Estate Energy Eff. 1 Through CDP RETI (59.10%) 2 Of which 28.98% through CDP RETI (59.10%) and 1.12% through CDP GAS (100%) 3 Through Fintecna (100%) 4 Managed by CDP Investimenti SGR (70%) 26

27 Appendix > CDP accounting separation The 2003 Decree Law established a system of organizational and account separation between the activities of general and economic interest and other activities As postal savings benefit from an explicit State guarantee, the separation was necessary to ensure compliance with EU regulation regarding state aid and domestic competition Separate Account Lending to public entities Lending to private sector for projects promoted by public entities Financing exports and the international expansion of Italian enterprises Financing SMEs (indirectly via the banking system) Lending facilities to support residential mortgages Acquisition of equity in companies of major national interest Ordinary Account Funding to private companies, through debt and equity, for investments in infrastructures and delivery of public services Postal Savings fund exclusively the Separate Account the EMTN and CP programmes fund both Accounts 27

28 Appendix > Real Estate Asset Valuation CDP supports both Central Government and Local Authorities in the process of valuation and enhancement of Real Estate assets (100%) (70%) o Manages the disposal process of a portfolio of assets under development in relevant Italian cities, mainly through partnerships with the private sector, for a total value of 1.6 bln o The assets include urban regeneration projects with complex planning processes, mixed-use and a medium/long completion FIV Fondo Investimenti Valorizzazione o acquisition, development and disposal of public entities properties o Commitment: 1.2 bln o Portfolio: includes large redevelopment mixed-use projects formerly owned by the State, local authorities and other public entities in major Italian cities 28

29 Appendix > Social Housing CDP, by means of Fondo Investimenti per l Abitare (FIA), operates in social private housing, supporting the housing policies of Central Government and Local Authorities, with the aim of increasing the supply of houses for leasing at regulated and agreed prices (70%) FIA Fondo Investinmenti per l Abitare o Investors: CDP, MIT, banks, insurance companies, etc. o Total amount: bln ( 1 bln by CDP) o Investments: allocated resources for bln in 27 local funds and committed capital for 898 mln (220 projects; 15,000 residential units) 29

30 Appendix > Corporate and Project Financing CORPORATE FINANCE In the last years CDP has financed the major Italian corporations, funding infrastructural projects in the following sectors: water system (4%), energy grids (59%), gas grids (21%), transportation (6%), TLC (10%) Since 2015, investments in R&D will be also financed PROJECT FINANCE CDP invests in project finance initiatives to support general economic interest services Sectors fundable include water system, highways, public transportation, logistics, ports, airports, health care, energy, environment 200 mln SITAF Frejus Tunnel 600 mln TEM Milan External Ring Road 500 mln AUTOSTRADE PER L ITALIA Variante di valico (Barberino-North Florence) 166 mln Florence Tram 450 mln SATAP Turin-Milan Highway 300 mln M4 Milan Subway 150 mln AUTOVIE VENETE A4 Third Lane 1,000 mln AUTOSTRADE PER L ITALIA A14 Adriatic Highway 424 mln CAV Mestre Bypass 30

31 Appendix > Equity Funds_F2i F2i is the largest italian infrastructure asset manager and one of the most important in Europe with a total size of 2.6 bln (CDP: 250mln) Two mutual closed-end investment funds mainly focused on brownfield infrastructure projects With 1.9 bln of resources (CDP 150mln), the Fund has invested in 9 assets related to key infrastructure sectors TLC 13% Renewable Energy 8% FONDO I Motorways 2% Airports 38% Sectors EQUITY Gas and energy transport Airports Renewable energy Highways and transport Water service Media and TLC FONDO II Launched in October 2012, the second Fund has a size of 775 mln (CDP 100mln) and has realized 5 investments Gas Grids 13% IT Infrastructure 12% Edison Renewables Renewable Energy 33% Water Grids 14% Gas Grids 25% WTE 20% Airports 22% 31

32 Appendix > Financing_Plafond SMEs Tools specifically orientated to finance SMEs investment or to increase their working capital Liquidity is channelled through the banking sector 16 bln Total amount of resources 100,000 SMEs already funded Plafond SMEs 16 bln Resources disbursed 92% Market share of adhering banks 32

33 Appendix > Financing_Other Plafonds Enterprise Platform: 5.5 bln 4 new funds grouped together to promote access to credit for SMEs and new business segments through the banking system: mid-caps, networks of enterprises and exporting firms Capital Equipment Plafond : 5 bln Financing through the banking system of SMEs investments in machinery, plants, and capital equipment, as well as hardware, software and digital technology investments Housing Plafond : 2 bln Liquidity provision to support access to private mortgages, for purchase and energy-efficient refurbishment of residential real estate Covered bonds and ABS Purchases: 3 bln Purchases of covered bonds (OBG) and residential mortgages ABS, to stimulate new credit supply to households by the banking system 33

34 Appendix > Export finance The Export Banca system finances export transactions, and supports the internationalization of Italian companies DIRECT (size > 25 mln) BORROWERS 15 bln to support export finance SACE /ECAs/ MDBs/IFIs/DFIs Financing Credit Enhancement (Guarantees / Insurance policies) Interest rates stabilization INDIRECT (size 25 mln) BANKS 1 BORROWERS CDP has directly supported more than 20 transactions for 4.5 bln since Italian banks and EU banks operating in Italy 34

35 Appendix > Equity_ FSI 80% * 20% Acquisition of equity holdings (normally minority stakes) in companies of significant national interest, to support growth, improve operational efficiency and international competitiveness 5.1bln Resources 2.7bln Investments 7.0bln Target 3bln Co-investment agreements with foreign partners SECTORS Significant national interest SIZE Annual turnover > 300 mln Average staffing > 250 employees REQUIREMENTS OF TARGET COMPANIES FINANCIAL AND ECONOMIC STABILITY SOUND PROFITABILITY SIGNIFICANT GROWTH PROSPECTS *Of which 2.3% through Fintecna 35

36 Appendix > Equity_FII Fondo Italiano d Investimento (FII) is the largest Italian equity fund for SMEs development with a total size of 1.2 bln (CDP: 250 mln) 825mln investments (80% of commitments) Direct Investments 39 investments finalized and approved (32 Italian companies; 400 mln capital committed) 4 disinvestments realized in 2014 ( 43 mln total capital gain 127 companies supported directly or indirectly, totalling over 5 bln of sales and 26,000 employees Fund of Funds 21 commitments approved ( 425 mln, of which 65 mln in venture capital initiatives) Resource Catalyst (Further 2 bln mobilized, part of which coming from major foreign investors, i.e. EIF, CDC, Rothschild) CDP has approved the subscription of an investment commitment of up to 300 million in two funds sponsored and managed by FII: Private Debt Fund ( 250 million) and Venture Capital Fund ( 50 million). Both funds started the operations and the due diligence process for investment opportunities 36

37 Appendix > CDP a founding member of LTIC and ELTI The Long Term Investors Club ( LTIC ) was created in July 2009 in Paris by the EIB, CDP, CDC and KfW, with the aim to bring together major worldwide institutions. LTIC s priority is to develop favourable conditions to long-term investments and to cooperate actively among Members to promote economic stability and growth LTIC is composed today by 19 members, representing combined total assets of around $ 4.6 trillion The European Long Term Investors association ( ELTI ) was established in November 2013 as European branch of the LTIC. It includes 23 European financial institutions supporting investment and sustainable growth in Europe LTIC Members 37

38 Appendix > 750,000, % fixed 5-year 38

39 Appendix > 750,000, % fixed 7-year 39

40 Appendix > 750,000, % fixed 3-year 40

41 Appendix > 750,000, % fixed 10-year 41

42 Appendix > Attraction of Foreign Investments COUNTERPARTS 2.1 bln Sale of 35% stake in OPERATION to State Grid of China 500 mln 3 bln Agreement with KfW to promote Italian SMEs and energyefficient infrastructure Cooperation agreement with China Development Bank 400 mln Sale of 40% stake in to Shanghai Electric 500 mln 2 bln 1 bln 1 bln 1 mld 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 Co-investment agreement with the SWF Russian Direct Investment Fund (RDIF) up to 500 mln Co-investment agreement with the SWF Korea Investment Corporation (KIC) up to 500 mln 42

43 Appendix > CDP S.p.A. financials Highlights CDP S.p.A. financials ( mln) Reclassified Balance Sheet Data Total assets Cash and cash equivalents and other treasury investments Loans to customers and banks Equity investments and shares Postal Savings Funding from banks Funding from customers Funding from bonds Equity 350, , , , , ,211 30,346 32, , ,417 12,080 22,734 51,757 20,007 9,411 6,782 19,553 18,138 Reclassified Income Statement Data Net interest income Gross income Operating income Net income (loss) 1,161 2,664 2,409 2,170 2,539 3,114 2,953 2,349 43

44 Appendix > CDP Consolidated financials Total assets Cash and cash equivalents and other treasury investments Loans to customers and banks Equity investments and shares Postal Savings Funding from banks Funding from customers Funding from bonds Equity of which pertaining to the shareholders of the parent company Net interest income Gross income Operating income Net income (loss) Highlights CDP Group financials ( mln) Reclassified Balance Sheet Data Reclassified Income Statement Data of which pertaining to the shareholders of the parent company 401, , ,828 20, ,036 20,592 45,211 26,206 35,157 21,371 Profit (loss) on banking and insurance operations ,005 2,659 1, , , ,965 20, ,417 30,654 17,277 22,164 30,243 19,295 2,424 2,414 2,663 6,815 3,425 2,501 44

45 Appendix > CDP Balance Sheet Key metrics trend Postal savings to total funding Loans to deposit ratio¹ % 89.5% 90.6% 89.8% 85.9% 82.7% 83.0% 77.5% 47,0% 44,3% 42,3% 41,5% 40,2% 36,9% 38,0% 37,7% Concentration in top 20 credit exposure ² % 8.6% 10.0% 10.0% 1 Includes Postal Savings, Financial institutions and EMTN issues 2 Ratio between (i) the average of the first 20 exposures-at-default to single clients or group of connected clients and (ii) CDP's own funds (on a stand-alone basis) 45

46 Appendix > CDP Income Statement Key metrics trend Net interest margin ,5% 0.8% 1.1% 1.1% 1.1% 1.5% 1.4% 1.5% Yield on equity stakes % 3.9% 4.4% 5.3% 6.1% 6.4% 9.2% 11.2% ROE % 9.7% 11.7% 14.0% 12.0% 17.7% 19.7% 22.5% Payout ratio % 17.4% 25.5% 23.0% 33.1% 35.0% 39.3% 46

47 Contacts Fabrizio Palermo Tel: CFO fabrizio.palermo@cdp.it Sandro Ambrosanio Tel: /2473 Head of Finance and Funding sandro.ambrosanio@cdp.it Alessandro Alessandri Tel: Fixed Income Investor Relation alessandro.alessandri@cdp.it EMTN Programme Daniela Curcio Tel: daniela.curcio@cdp.it Katia Oddi Tel: katia.oddi@cdp.it CP Programme Francesco De Prosperis Tel: francesco.deprosperis@cdp.it 47

48 Disclaimer This document (the Presentation ) may contain written and oral forward-looking statements, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of Cassa Depositi e Prestiti S.p.A. (the Company ). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forwardlooking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision. This document is intended for your sole use on the basis that before entering into any possible related or unrelated transaction, you will ensure that you fully understand the potential risks and return of any related or unrelated transaction and determine it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. You should consult with such advisers as you deem necessary to assist you in making these determinations. The Company will not act and has not acted as your legal, tax, regulatory, accounting or investment adviser or owe any fiduciary duties to you in connection with any possible related or unrelated transaction and no reliance may be placed on the Company for investment advice or recommendations of any sort. Neither the Company nor any of its or their respective representatives, directors or employees makes no representations or warranties with respect to this Presentation and the related information and disclaims all liability for any use you or your advisers make of the contents of this document or in relation to any loss arising from its use or from any reliance placed upon it. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the Other Countries ), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries. Cassa depositi e prestiti spa - Via Goito, Roma - Tel Partita IVA