Annual Report 2018 since 1850 Group structure at 31 december 2018 100% 100% 97.13% CDP FINTECNA 2.87% CDP EQUITY 100% SACE S.p.A. 59.10% CDP RETI S.p.A. IMMOBILIARE S.p.A. S.r.l. S.p.A. ENI S.p.A. 25.76% Ligestra Due S.r.l. 100% Saipem S.p.A. 12.55% 50% Alere S.p.A. 29.85% Terna S.p.A. Poste Ansaldo 35.00% XXI Aprile S.r.l. (i.l.) 100% 59.94% 100% Bonafous S.p.A. (i.l.) 76.01% SIMEST S.p.A. Italiane S.p.A. Energia S.p.A. Terna group Europrogetti & Consortiums 31.8% Open Fiber S.p.A. 100% Finanza S.r.l. (i.l.) and other 50.00% Cinque Cerchi S.p.A. (i.l.) Risparmio 71.64% M.T. Manifattura 20.00% B.F. S.p.A. 21.49% 62.5% 100% SACE FCT S.p.A. 30.37% SNAM S.p.A. Holding S.p.A. (i.l.) Tabacchi S.p.A. Fincantieri S.p.A. Manifatture Elite S.p.A. 15.0% Hotelturist S.p.A. 45.95% 50% 100% SACE do Brasil Milano S.p.A. SNAM 7 7.12% group African Trade Fincantieri 100% Pentagramma 4.95% group Perugia S.p.A. Insurance Company 13.50% FSI Investimenti S.p.A. Pentagramma 50% 100% SACE BT S.p.A. 26.04% Italgas S.p.A. Piemonte S.p.A. Trevi Finanziaria 16.86% Residenziale Industriale S.p.A. 74.47% 100% Immobiliare 2004 S.p.A. Italgas Rocco Forte SACE Srv S.r.l. group FSI SGR S.p.A. 39.00% 23.00% Pentagramma Hotels Ltd 100% Romagna S.p.A. (i.l.) QuattroR SGR S.p.A. 40.00% Valvitalia 0.50% Consortiums Fondo Sviluppo Finanziaria S.p.A. 100% (*) and other Export 43.00% Kedrion S.p.A. 25.06% CDP Fondo Italiano IQ Made in Italy FSIA d’Investimento 70% INVESTIMENTI Investment Company S.p.A. Investimenti S.r.l. SGR S.p.A. 50% 70% SGR S.p.A. 28.40% 49.48% Inalca S.p.A. SIA S.p.A. OTHER EQUITY INVESTMENTS FoF Private Debt Fondo Investimenti per la Valorizzazione Extra 62.5% LEGEND 100% 14.01% F2i - Fondi Italiani per le Infrastrutture SGR S.p.A. FoF Venture Capital Fondo Investimenti per la Valorizzazione Plus F2i - Secondo Fondo Italiano per le Infrastrutture 76.69% Business sectors 100% A shares 8.05% C shares 0.02% Fondo Italiano d’Investimento Fondo di Fondi Fondo Investimenti per l’Abitare (FIA) 20.83% ENTERPRISES 49.31% F2i - Terzo Fondo per le Infrastrutture Fondo Italiano d’Investimento FII Venture REAL ESTATE Fondo Investimenti per il Turismo (FIT) 20.83% 100% A shares 4.17% C shares 0.0039% Fondo Innovazione e Sviluppo INTERNATIONAL EXPANSION Fondo FIA 2 2020 European Fund for Energy, Climate 72.73% 100% Change and Infrastructure SICAV-FIS S.A. INFRASTRUCTURE (Fondo Marguerite) Fondo FII Tech Growth Fondo Federal District 14.08% 100% 100% Type of control/inuence Marguerite II SCSp (Fondo Marguerite II) Fondo Atlante 3.57% Fondo Immobiliare di Lombardia - 13.42% 11.77% CONTROL Comparto Uno (formerly Abitare Sociale 1) DE FACTO CONTROL Inframed Infrastructure S.A.S. à capital Italian Recovery Fund variable (Fondo Inframed) 12.9% SIGNIFICANT INFLUENCE A shares 38.92% B shares 0.0012% Fondo QuattroR JOINT CONTROL Telecom Italia S.p.A. A shares 41.96% B shares 0.21% 4.933% INVESTMENT FUNDS European Energy Eciency Fund S.A., SICAV-SIF (EEEF Fund) INVESTMENT VEHICLES FSI I European Investment Fund A shares 10.38% B shares 1.63% A shares 38.39% B shares 0.27% 1.11% FUNDS MANAGEMENT RELATIONSHIP i.l.: in liquidazione Connecting Europe Broadband Fund SICAV FIAR Vertis Venture 3 Technology Transfer (**) 11.9% 49.5% Fondo PPP Italia Sonnova Telethon SCA (**) 14.58% 24,69% (*) 49.5% pro forma post convertible bond conversion. (**) Fund launched under the ITAtech investment platform; 2.21% Istituto per il Credito Sportivo 360 PoliMi TT Fund (**) management and co-investment agreement signed by 45,79% CDP and EIF focused on technology transfer funds. Progress Tech Transfer SLP-RAIF (**) (***) Fund launched under the Social Impact Italia platform; 49.49% management and co-investment agreement signed by CDP and EIF focused on social impact investing. Oltre II SICAF EuVECA S.p.A. (***) 21.02% HI CrescItalia PMI Fondo Credito diversicato 21.87% 23.84%per le imprese EAF S.C.A. SICAR – Caravella (Fondo Caravella) Istituto della Enciclopedia Italiana 50% 7.42% fondata da Giovanni Treccani S.p.A. Group structure at 31 december 2018 100% 100% 97.13% CDP FINTECNA 2.87% CDP EQUITY 100% SACE S.p.A. 59.10% CDP RETI S.p.A. IMMOBILIARE S.p.A. S.r.l. S.p.A. ENI S.p.A. 25.76% Ligestra Due S.r.l. 100% Saipem S.p.A. 12.55% 50% Alere S.p.A. 29.85% Terna S.p.A. Poste Ansaldo 35.00% XXI Aprile S.r.l. (i.l.) 100% 59.94% 100% Bonafous S.p.A. (i.l.) 76.01% SIMEST S.p.A. Italiane S.p.A. Energia S.p.A. Terna group Europrogetti & Consortiums 31.8% Open Fiber S.p.A. 100% Finanza S.r.l. (i.l.) and other 50.00% Cinque Cerchi S.p.A. (i.l.) Risparmio 71.64% M.T. Manifattura 20.00% B.F. S.p.A. 21.49% 62.5% 100% SACE FCT S.p.A. 30.37% SNAM S.p.A. Holding S.p.A. (i.l.) Tabacchi S.p.A. Fincantieri S.p.A. Manifatture Elite S.p.A. 15.0% Hotelturist S.p.A. 45.95% 50% 100% SACE do Brasil Milano S.p.A. SNAM 7 7.12% group African Trade Fincantieri 100% Pentagramma 4.95% group Perugia S.p.A. Insurance Company 13.50% FSI Investimenti S.p.A. Pentagramma 50% 100% SACE BT S.p.A. 26.04% Italgas S.p.A. Piemonte S.p.A. Trevi Finanziaria 16.86% Residenziale Industriale S.p.A. 74.47% 100% Immobiliare 2004 S.p.A. Italgas Rocco Forte SACE Srv S.r.l. group FSI SGR S.p.A. 39.00% 23.00% Pentagramma Hotels Ltd 100% Romagna S.p.A. (i.l.) QuattroR SGR S.p.A. 40.00% Valvitalia 0.50% Consortiums Fondo Sviluppo Finanziaria S.p.A. 100% (*) and other Export 43.00% Kedrion S.p.A. 25.06% CDP Fondo Italiano IQ Made in Italy FSIA d’Investimento 70% INVESTIMENTI Investment Company S.p.A. Investimenti S.r.l. SGR S.p.A. 50% 70% SGR S.p.A. 28.40% 49.48% Inalca S.p.A. SIA S.p.A. OTHER EQUITY INVESTMENTS FoF Private Debt Fondo Investimenti per la Valorizzazione Extra 62.5% LEGEND 100% 14.01% F2i - Fondi Italiani per le Infrastrutture SGR S.p.A. FoF Venture Capital Fondo Investimenti per la Valorizzazione Plus F2i - Secondo Fondo Italiano per le Infrastrutture 76.69% Business sectors 100% A shares 8.05% C shares 0.02% Fondo Italiano d’Investimento Fondo di Fondi Fondo Investimenti per l’Abitare (FIA) 20.83% ENTERPRISES 49.31% F2i - Terzo Fondo per le Infrastrutture Fondo Italiano d’Investimento FII Venture REAL ESTATE Fondo Investimenti per il Turismo (FIT) 20.83% 100% A shares 4.17% C shares 0.0039% Fondo Innovazione e Sviluppo INTERNATIONAL EXPANSION Fondo FIA 2 2020 European Fund for Energy, Climate 72.73% 100% Change and Infrastructure SICAV-FIS S.A. INFRASTRUCTURE (Fondo Marguerite) Fondo FII Tech Growth Fondo Federal District 14.08% 100% 100% Type of control/inuence Marguerite II SCSp (Fondo Marguerite II) Fondo Atlante 3.57% Fondo Immobiliare di Lombardia - 13.42% 11.77% CONTROL Comparto Uno (formerly Abitare Sociale 1) DE FACTO CONTROL Inframed Infrastructure S.A.S. à capital Italian Recovery Fund variable (Fondo Inframed) 12.9% SIGNIFICANT INFLUENCE A shares 38.92% B shares 0.0012% Fondo QuattroR JOINT CONTROL Telecom Italia S.p.A. A shares 41.96% B shares 0.21% 4.933% INVESTMENT FUNDS European Energy Eciency Fund S.A., SICAV-SIF (EEEF Fund) FSI I INVESTMENT VEHICLES European Investment Fund A shares 10.38% B shares 1.63% A shares 38.39% B shares 0.27% 1.11% FUNDS MANAGEMENT RELATIONSHIP i.l.: in liquidazione Connecting Europe Broadband Fund SICAV FIAR Vertis Venture 3 Technology Transfer (**) 11.9% 49.5% Fondo PPP Italia Sonnova Telethon SCA (**) 14.58% 24,69% (*) 49.5% pro forma post convertible bond conversion. (**) Fund launched under the ITAtech investment platform; 2.21% Istituto per il Credito Sportivo 360 PoliMi TT Fund (**) management and co-investment agreement signed by 45,79% CDP and EIF focused on technology transfer funds. Progress Tech Transfer SLP-RAIF (**) (***) Fund launched under the Social Impact Italia platform; 49.49% management and co-investment agreement signed by CDP and EIF focused on social impact investing. Oltre II SICAF EuVECA S.p.A. (***) 21.02% HI CrescItalia PMI Fondo Credito diversicato 21.87% 23.84%per le imprese EAF S.C.A. SICAR – Caravella (Fondo Caravella) Istituto della Enciclopedia Italiana 50% 7.42% fondata da Giovanni Treccani S.p.A. We promote Italy’s future by contributing to economic development and investing in competitiveness Summary 1 Summary LETTER TO SHAREHOLDERS 2 2018 MAIN INDICATORS 4 COMPANY BODIES, OFFICERS AND GOVERNANCE 7 1. REPORT ON OPERATIONS 10 1. Composition of the CDP Group 12 2. Financial aggregates and performance indicators 20 3. Macroeconomic scenario and market context 22 4. Group operations in 2018 29 5. 2019-2021 Business Plan 92 6.