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CDP Group structure CDP Group 2015 REPORT REPORT 2015 ANNUALE ANNUAL REPORT www.cdp.it LEGEND Type of control/influence Business sectors INVESTMENT VEHICLES CDP CONTROL REAL ESTATE INVESTMENT FUNDS DE FACTO CONTROL ENTERPRISES FUNDS MANAGEMENT RELATIONSHIP SIGNIFICANT INFLUENCE INFRASTRUCTURE i.l.: in liquidazione 25.76% JOINT CONTROL INTERNATIONAL EXPANSION a.s.: amministrazione straordinaria ENI S.p.A. 100% 77.7% 76.01% 59.10% 100% 100% 100% 70% Fondo 2.3% CDP CDP CDP CDP Fintecna Strategico Simest Sace RETI GAS Immobiliare Investimenti S.p.A. Italiano S.p.A. S.p.A. S.p.A. S.r.l. S.r.l. SGR S.p.A. S.p.A. 28.98% 1.12% 71.64% 77.12% 29.85% 100% 100% Fincantieri S.p.A. FSI Investimenti S.p.A. Terna S.p.A. SNAM S.p.A. Sace BT S.p.A. Sace FCT S.p.A. 40% 100% Fincantieri Terna Snam 50% 44.55% SACE Servizi S.r.l. Alfiere S.p.A. Galaxy group Ansaldo Energia S.p.A. group group 0.29% S.àr.l. Bonafous S.p.A. 50% 8.43% Trevi Finanziaria 8.43% 100% Sace do Brasil SICAR Industriale S.p.A. Cinque Cerchi S.p.A. 50% 6.76% African Trade 31.8% Consortiums 11.50% Rocco Forte Hotels Ltd 11.50% Insurance Consorzio Condif (i.l.) 33.33% and other Company 0.50% Valvitalia Finanziaria S.p.A. M.T. Manifattura Tabacchi S.p.A. 50% Europrogetti & Finanza 28.40% Inalca S.p.A. 50% Consorzio Manifatture Milano S.p.A. S.p.A. (i.l.) 45.46% Kedrion S.p.A. Incomir (i.l.) 25.06% Pentagramma Perugia S.p.A. 50% 100% Metroweb Italia S.p.A. Ligestra S.r.l. 46.17% Pentagramma Piemonte S.p.A. 50% 100% IQ Made in Italy Investment Company S.p.A. Ligestra Due S.r.l. 50% Pentagramma Romagna S.p.A. 50% 100% Ligestra Tre S.r.l. 100% FSIA Investimenti S.r.l. Quadrifoglio Genova S.p.A. (i.l.) 50% XXI Aprile S.r.l. 100% Quadrifoglio Modena S.p.A. 50% 50% 49.48% SIA S.p.A. Quadrifoglio Piacenza S.p.A. (i.l.) Quadrifoglio Verona S.p.A. (i.l.) 50% Quadrifoglio Brescia S.p.A. (i.l.) 50% Residenziale Immobiliare 2004 S.p.A. 74.47% Sviluppo Turistico Culturale Golfo di Napoli S.c.ar.l. 25% Fosider S.r.l. in a.s. 40% Consorzio G1 99.90% OTHER EQUITY INVESTMENTS A shares 38.92% A shares 12.24% B shares 0.01% 14.08% B shares 1.92% 11.29% 4.21% 1.17% 14.58% 2.21% Inframed 2020 European Fund European Energy F2i - Fondi Italiani per 14.01% Fondo Italiano 12.50% Sinloc S.p.A. Fondo European Fondo PPP Istituto per il Credito Infrastructure S.A.S. for Energy, Climate Efficiency Fund SA. le Infrastrutture SGR d’Investimento SGR Immobiliare Investment Italia Sportivo à capital variable Change and SICAV-SIF (EEEF S.p.A. S.p.A. di Lombardia - Fund (Inframed Fund) Infrastructure Fund) Comparto Uno SICAV-FIS S.A. (prev. Abitare 100% (Marguerite Fund) F2i - Fondi Italiani per Sociale 1) Fondo Investimenti per le Infrastrutture Fondo Italiano 20.83% la Valorizzazione Extra A shares 8.01% d’Investimento C shares 0.04% Fondo Investimenti per 100% 74.62% Fondo di Fondi la Valorizzazione Plus F2i - Secondo Fondo Private Debt Italiano per le Infrastrutture 83.33% 49.31% A shares 8.05% Fondo di Fondi Fondo Investimenti C shares 0.02% Venture Capital per l’Abitare LEGEND Type of control/influence Business sectors INVESTMENT VEHICLES CDP CONTROL REAL ESTATE INVESTMENT FUNDS DE FACTO CONTROL ENTERPRISES FUNDS MANAGEMENT RELATIONSHIP SIGNIFICANT INFLUENCE INFRASTRUCTURE i.l.: in liquidazione 25.76% JOINT CONTROL INTERNATIONAL EXPANSION a.s.: amministrazione straordinaria ENI S.p.A. 100% 77.7% 76.01% 59.10% 100% 100% 100% 70% Fondo 2.3% CDP CDP CDP CDP Fintecna Strategico Simest Sace RETI GAS Immobiliare Investimenti S.p.A. Italiano S.p.A. S.p.A. S.p.A. S.r.l. S.r.l. SGR S.p.A. S.p.A. 28.98% 1.12% 71.64% 77.12% 29.85% 100% 100% Fincantieri S.p.A. FSI Investimenti S.p.A. Terna S.p.A. SNAM S.p.A. Sace BT S.p.A. Sace FCT S.p.A. 40% 100% Fincantieri Terna Snam 50% 44.55% SACE Servizi S.r.l. Alfiere S.p.A. Galaxy group Ansaldo Energia S.p.A. group group 0.29% S.àr.l. Bonafous S.p.A. 50% 8.43% Trevi Finanziaria 8.43% 100% Sace do Brasil SICAR Industriale S.p.A. Cinque Cerchi S.p.A. 50% 6.76% African Trade 31.8% Consortiums 11.50% Rocco Forte Hotels Ltd 11.50% Insurance Consorzio Condif (i.l.) 33.33% and other Company 0.50% Valvitalia Finanziaria S.p.A. M.T. Manifattura Tabacchi S.p.A. 50% Europrogetti & Finanza 28.40% Inalca S.p.A. 50% Consorzio Manifatture Milano S.p.A. S.p.A. (i.l.) 45.46% Kedrion S.p.A. Incomir (i.l.) 25.06% Pentagramma Perugia S.p.A. 50% 100% Metroweb Italia S.p.A. Ligestra S.r.l. 46.17% Pentagramma Piemonte S.p.A. 50% 100% IQ Made in Italy Investment Company S.p.A. Ligestra Due S.r.l. 50% Pentagramma Romagna S.p.A. 50% 100% Ligestra Tre S.r.l. 100% FSIA Investimenti S.r.l. Quadrifoglio Genova S.p.A. (i.l.) 50% XXI Aprile S.r.l. 100% Quadrifoglio Modena S.p.A. 50% 50% 49.48% SIA S.p.A. Quadrifoglio Piacenza S.p.A. (i.l.) Quadrifoglio Verona S.p.A. (i.l.) 50% Quadrifoglio Brescia S.p.A. (i.l.) 50% Residenziale Immobiliare 2004 S.p.A. 74.47% Sviluppo Turistico Culturale Golfo di Napoli S.c.ar.l. 25% Fosider S.r.l. in a.s. 40% Consorzio G1 99.90% OTHER EQUITY INVESTMENTS A shares 38.92% A shares 12.24% B shares 0.01% 14.08% B shares 1.92% 11.29% 4.21% 1.17% 14.58% 2.21% Inframed 2020 European Fund European Energy F2i - Fondi Italiani per 14.01% Fondo Italiano 12.50% Sinloc S.p.A. Fondo European Fondo PPP Istituto per il Credito Infrastructure S.A.S. for Energy, Climate Efficiency Fund SA. le Infrastrutture SGR d’Investimento SGR Immobiliare Investment Italia Sportivo à capital variable Change and SICAV-SIF (EEEF S.p.A. S.p.A. di Lombardia - Fund (Inframed Fund) Infrastructure Fund) Comparto Uno SICAV-FIS S.A. (prev. Abitare 100% (Marguerite Fund) F2i - Fondi Italiani per Sociale 1) Fondo Investimenti per le Infrastrutture Fondo Italiano 20.83% la Valorizzazione Extra A shares 8.01% d’Investimento C shares 0.04% Fondo Investimenti per 100% 74.62% Fondo di Fondi la Valorizzazione Plus F2i - Secondo Fondo Private Debt Italiano per le Infrastrutture 83.33% 49.31% A shares 8.05% Fondo di Fondi Fondo Investimenti C shares 0.02% Venture Capital per l’Abitare CDP Group structure CDP Group 2015 REPORT REPORT 2015 ANNUALE ANNUAL REPORT www.cdp.it CDP: THE ITALY THAT INVESTS IN ITALY 1 (Translation from the Italian original which remains the definitive version) 2 SUMMARY Letter to Shareholders 4 Company Bodies, Officers and Governance 6 1. Executive Summary 9 The CDP Group, Role and Mission 10 Performance and KPIs 2015 12 Main Events in 2015 14 CDP’s Business Model 16 2016-2020 Business Plan 26 2. Report on Operations 29 1. Composition of the CDP Group 30 2. Financial aggregates and performance indicators 38 3. Macroeconomic scenario and the market 40 4. Group performance 49 5. Financial position and performance 91 6. 2020 Business Plan 104 7. Significant events after the year end and outlook of operations 108 8. Corporate governance 110 9. Relations of the Parent Company with the MEF 128 10. Proposal for allocation of the net income for the year 130 3. Separate financial statements 133 Separate financial statements 135 Notes to the separate financial statements 141 Annexes 251 Report of the Board of Statutory Auditors 260 Report of the Independent Auditors 263 Certification of the separate financial statements pursuant to art. 154-bis of Italian Legislative Decree 58/1998 265 4. Consolidated financial statements 267 Consolidated financial statements 269 Notes to the consolidated financial statements 278 Annexes 444 Report of the Independent Auditors 452 Certification of the consolidated financial statements pursuant to art. 154-bis of Italian Legislative Decree 58/1998 454 5. Shareholders’ resolution 457 3 2015 ANNUAL REPORT LETTER TO SHAREHOLDERS Shareholders, 2015 was an important year for the Italian economy. Gross Dome- stic Product returned to growth in real terms for the first time after three consecutive years of recession. Internal demand was driven by the increase in consumer spending and the positive trend in the investment cycle, emerging from a period of severe contraction. Exports conti- nued to increase at a robust pace, confirming their role as one of the engines of the Italian economy. In- dustrial production increased again, thanks to the dynamism of a num- ber of manufacturing sectors. At the same time, we saw the first positive signs in the labour market with a fall in unemployment, also due to the reforms introduced by the Govern- ment. disappointing. The accumulation Now established for 165 years, CDP of bad debts and non-performing retains its traditional commitment Overall, Italy benefited from a favou- loans has continued to weigh on to supporting Italy, putting all its re- rable economic climate characteri- banks’ balance sheets, while busi- sources at the country’s disposal.

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