BANKING NOVEMBER 18, 2014 Cassa Depositi e Prestiti S.p.A. COMPANY PROFILE Rome, Italy Company Overview Table of Contents: COMPANY OVERVIEW FINANCIAL HIGHLIGHTS (AS REPORTED) BUSINESS ACTIVITIES DISTRIBUTION CAPACITY AND MARKET SHARE OWNERSHIP AND STRUCTURE COMPANY MANAGEMENT COMPANY HISTORY PEER GROUP RELATED WEBSITES AND INFORMATION SOURCES MOODY’S RELATED RESEARCH 1 2 2 4 4 5 7 9 9 9 Analyst Contacts: LONDON +44.20.7772.5454 Cassa Depositi e Prestiti S.p.A. (CDP), an Italian joint-stock company under public control, specialises in financing developmental infrastructure projects. As of 31 March 2014, CDP reported a 47.8% share among public entities and public-law bodies active in lending in Italy. As of 30 June 2014, it had total consolidated assets of €366.7 billion. CDP mainly provides specialist services concerning the financing of developmental infrastructure projects, including financial resources for public investments, infrastructure schemes and large-scale public-sector projects. It services the Italian government, local authorities and various other public entities. Furthermore, through the banking system, CDP grants long-term loans to small and medium-size enterprises (SMEs) and businesses. CDP was established by the Italian government in 1850 to finance public-sector projects. Furthermore, since 1875, it has accepted retail savings deposits collected by the Italian post office network (Post Italiane). In 2003, CDP became a joint-stock company, with a majority of its shares owned by the Italian state. As of 19 May 2014, the Ministry of Economy and Finance (MEF) owned an 80.1% stake in CDP. Source: Company Reports (annual report Dec 2013, semi-annual report June 2014, base prospectus May 2014), Company data, Moody’s research This report, exclusively provided to you by Moody’s, presents a convenient summary of as reported, publicly available information. The information is not adjusted for Moody’s analytic purposes. For Moody’s Ratings, Opinion and Analytics on this company, please [Click here]. To access the latest Moody’s Credit Opinion on this company, please [Click here]. BANKING Financial Highlights (as Reported) Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’s generated ratios on Cassa Depositi e Prestiti S.p.A., please see <Cassa Depositi e Prestiti S.p.A. page on moodys.com>. EXHIBIT 1 Latest Full-Year Results Cassa Depositi e Prestiti S.p.A. (in € Million) 31-Dec-13 31-Dec-12 31-Dec-11 Total Assets % Change 13/12 % Change 12/11 340,467 328,912 287,143 3.51 14.55 Total Shareholders’ Equity 23,501 21,056 18,349 11.61 14.75 Shareholders’ Equity Excluding Minority Interest 19,295 18,186 15,525 6.10 17.14 Net Income 2,899 3,235 2,345 (10.38) 37.96 Net Income Attributable to Equity Holders 2,501 2,927 2,167 (14.54) 35.04 Note: Consolidated figures are considered for all financials Source: Moody’s research EXHIBIT 2 Latest First-Half Results Cassa Depositi e Prestiti S.p.A. (in € Million) 30-June-14 30-June-13 % Change 14/13 Total Assets 366,689 339,907 7.88 Total Shareholders’ Equity 23,725 22,511 5.39 Shareholders’ Equity Excluding Minority Interest 19,484 18,538 5.10 1,180 1,641 (28.10) 964 1,435 (32.81) Net Income Net Income Attributable to Equity Holders Note: Consolidated figures are considered for all financials Source: Moody’s research Business Activities Since its inception, CDP has financed infrastructure projects carried out for the purpose of development. Apart from providing services to the Italian government, local authorities and other public entities, CDP grants long-term loans to strategically important SMEs. Since 1875, it has also accepted retail savings deposits collected by the Poste Italiane network. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. 2 NOVEMBER 18, 2014 In 2003, CDP became a joint-stock company. One key change accompanying the transformation was the creation within the same legal entity of two separate business areas: the Gestione Separata, comprising all CDP’s public-interest activities; and the Gestione Ordinaria, comprising the financing of infrastructure for public services (i.e., project finance), for which CDP competes in the open market. Concerning its Gestione Separata activities, CDP is charged with the following: financing publicsector entities; managing the postal savings of Italian citizens, which are guaranteed by the state; COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A. BANKING managing strategic equity stakes transferred by the state to CDP; and participating in funding of various domestic development programmes and other public-interest projects on behalf of the government. As for its segment reporting, CDP’s activities are organised into the following two business units: Business and Finance Areas; and Equity Investments and Miscellaneous. Business and Finance Areas: This segment, which accounted for 64.2% of CDP’s operating income in the financial year ended 31 December 2013 (2013), includes the following areas: » The Public Entities area, which provides lending products and services to public entities and other legal bodies through ordinary loans, flexible specific-purpose loans and unsecured loans. » The Finance area, which manages CDP’s treasury operations and funding activities. It engages in sourcing, investing and monitoring liquidity for the company. It also contributes to strategic asset liability management and manages financial risk at the operational level, noting however that CDP is not active in trading activities. » The Public Interest Lending area, which provides financial services for public projects sponsored by public bodies for which the financial sustainability has been verified. » The Financing area, which provides investment financing for work, plant, infrastructure and networks used for public services or in reclamation projects (including energy, local public transport, multi-utilities and health care). » The Economic Support area, which manages subsidised credit instruments established by specific legislation and economic support instruments. Equity Investments and Miscellaneous: This segment comprises the bank’s activities related to investment and divestment of investment fund units and shareholdings, and transactions for the rationalisation of the investment portfolio. It also includes the costs of other functions. In 2013, this segment accounted for 35.8% of CDP’s operating income. Source: Company Report (annual report Dec 2013), Company data, Moody’s research EXHIBIT 3 Business Unit (% of Operating Income, unconsolidated, for 2013) Equity Investments and Miscellaneous 35.8% Business and Finance Areas 64.2% Source: Company Report (annual report Dec 2013, Pg: 336) 3 NOVEMBER 18, 2014 COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A. BANKING Distribution Capacity and Market Share CDP operates throughout Italy and abroad to support the export activities of Italian companies. As a state-owned entity with a public-interest mission, CDP is a frequent lending counterparty for publicsector organisations. As of 31 March 2014, CDP reported a 47.8% share among the public entities and public-law bodies engaged in lending in Italy (31 December 2013, 47.1%). Source: Company Report (semi-annual report June 2014), Moody’s research Ownership and Structure As of 19 May 2014, CDP was a joint-stock company under public control, with 80.1% of its shares owned by the MEF. As of that date, 18.4% of CDP’s share capital was owned by several banking foundations (fondazioni), and the remaining 1.5% stake was held in treasury shares. As of 19 May 2014, CDP reported 296,450,000 ordinary shares in issue. According to Italian law, majority ownership of CDP must remain with the Italian government, while fondazioni and other public and private entities are allowed to hold only minority stakes. Furthermore, CDP statutes specify that “only banks and other supervised financial intermediaries approved by the board of directors” can become minority shareholders, and stipulate that any shareholder (other than the government) can hold only 5% or less of CDP shares. CDP is the parent company of the CDP Group, which comprises CDP, CDP GAS Srl, CDP RETI S.p.A. (CDP RETI), SACE S.p.A., Fintecna S.p.A., CDP Immobiliare Srl, Quadrante S.p.A., Simest S.p.A., CDP Investimenti SGR S.p.A. (CDPI SGR), Terna S.p.A. and Fondo Strategico Italiano S.p.A. (FSI), and their subsidiaries and associates. Source: Company Reports (annual report Dec 2013, base prospectus May 2014, semi-annual report June 2014), Moody’s research Subsidiaries and Associates As of 30 June 2014, CDP’s equity investments were as follows: EXHIBIT 4 Cassa Depositi e Prestiti S.p.A. Company Registered Office % Held Listed Companies Eni S.p.A. Rome 25.76 Terna S.p.A. Rome 29.85 SACE S.p.A. Rome 100.00 CDP RETI S.p.A. Rome 100.00 Fintecna S.p.A. Rome 100.00 Fondo Strategico Italiano S.p.A. Milan 77.70 CDP GAS Srl Rome 100.00 CDP Immobiliare Srl Rome 100.00 Unlisted Companies 4 NOVEMBER 18, 2014 COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A. BANKING EXHIBIT 4 Cassa Depositi e Prestiti S.p.A. Company Registered Office % Held Simest S.p.A. Rome 76.00 Quadrante S.p.A. Rome 100.00 Sinloc S.p.A. Turin 11.29 Istituto per il Credito Sportivo Rome 2.21 F2i SGR S.p.A. Milan 16.52 CDP Investimenti SGR S.p.A. Rome 70.00 Fondo Italiano d’Investimento SGR S.p.A. Milan 12.50 Europrogetti & Finanza S.p.A. in liquidazione Rome 31.80 Inframed Infrastructure societè par actions simplifièe à capital variable (Inframed Fund) Paris 38.92 Galaxy S.àr.l. SICAR Luxembourg 40.00 2020 European Fund for Energy, Climate Change and Infrastructure SICAV-FIS Sa (Marguerite Luxembourg Fund) 14.08 Other Equity Investments European Energy Efficiency Fund SA, SICAV-SIF (EEEF Fund) Luxembourg A units 12.90 B units 2.04 F2i - Fondi Italiani per le Infrastrutture Milan A units 8.10 C units 0.04 Fondo Italiano d'Investimento Milan 20.83 Fondo Investimenti per l'Abitare Rome 49.31 F2i - Secondo Fondo Italiano per le Infrastrutture Milan 13.25 Fondo Immobiliare di Lombardia - Comparto Uno (formerly Abitare Sociale 1) Milan 6.11 PPP Italia Turin 14.58 FIV Plus Rome 100.00 FIV Extra Rome 100.00 Source: Company Report (semi-annual report June 2014) Company Management Company Management Current Title Giovanni Gorno Tempini CDP: Chief Executive Officer and Managing Director; Fondo Strategico Italiano S.p.A.: Chairman; CDP RETI: Administrator; Collegio San Carlo (Milan): Board Member; AIFI (Italian Private Equity and Venture Capital Association): Member of the General Council of Private Equity; Ca 'Foscari International College: Member of the Scientific Committee; Ca 'Foscari Foundation: Member of the Strategic Board; MP3 Observatory of Bocconi (PPP Monitor): Member of the Steering Committee; SDA Bocconi School of Management’s MBA Program: Professor of Public-Private Partnership Andrea Novelli CDP: General Manager; Snam S.p.A.: Member of the Board of Directors As of 14 Oct 2014 5 NOVEMBER 18, 2014 COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A. BANKING Board of Directors Affiliation Franco Bassanini CDP: Chairman of the Board of Directors; Fimpa S.p.A. and Risberme S.p.A.: Director; Astrid Servizi Srl: Director and Managing Director; InfraMed Infrastructure Fund: Vice Chairman of the Investor Board; Metroweb Italia S.p.A.: Chairman; Metroweb S.p.A.: Member of the Board; Societa’ Italiana Condotte per l’Acqua S.p.A.: President of the Supervisory Board; 2020 European Fund for Energy, Climate Change and Infrastructure SICAV-FIS SA (Marguerite Fund): Member of the Supervisory Board; European Long Term Investors Association: Vice Chairman Giovanni Gorno Tempini See above Maria Cannata CDP: Member of the Board of Directors; MEF: General Director of the Public Debt Department; Scuola Archeologica Italiana di Atene and ANAS S.p.A.: Board Member Mario Nuzzo CDP: Member of the Board of Directors; Foundation of Cassa di Risparmio della Provincia di Teramo: Chairman; Associazione Casse di Risparmio Italiane and Sinloc S.p.A.: Member of the Board of Directors Olga Cuccurullo CDP: Member of the Board of Directors; IPZS S.p.A., Fondazione Centro Sperimentale di Cinematografia and InvImIt SGR S.p.A.: Board Member Francesco Parlato CDP: Member of the Board of Directors; Finmeccanica S.p.A.: Member of the Board of Directors Antimo Prosperi CDP: Member of the Board of Directors; MEF: Director General of Directorate VI, Financial Transactions – EU litigation, of the Treasury Department; Ferrovie dello Stato Italiane S.p.A., IPZS S.p.A., Concessionaria Servizi Informativi Pubblici (CONSIP) S.p.A. and Investimenti Immobiliari Italiani Società di Gestione del Risparmio (InvImIt SGR) S.p.A.: Member of the Board of Directors appointed by MEF Alessandro Rivera CDP: Member of the Board of Directors; Poste Italiane S.p.A.: Member of the Board of Directors and Chairman of the Compensation Committee; STMicroelectronics: Member of the Board of Directors and Member of the Nominating and Corporate Governance Committee and of the Compensation Committee Marco Giovannini CDP: Member of the Board of Directors; CONFINDUSTRIA Alessandria, Guala Closures S.p.A., Guala Closures Mexico, Guala Closures Brasil Ltda, Guala Closures Argentina SA, Guala Closures Bulgaria AD, Guala Closures Tools AD and Pharma Trade Srl: President; Solar Investment Group Srl, Goglio S.p.A., Mperience Srl, SWAN Srl, Guala Closures International BV, Guala Closures India Pvt Ltd., Guala Closures UK Ltd., Guala Closures New Zealand Ltd., Guala Closures China BV, Guala Closures Australia Holdings Pty Ltd. And Beijing Guala Closures Ltd.: Member of the Board of Directors; Consorzio Proplast within the Guala Closure Group: Member of the Board; Guala Closures Ukraine LLC and Guala Closures North America Ltd.: Chairman of the Board of Directors Additional Directors 6 NOVEMBER 18, 2014 Vincenzo La Via (General Manager of the MEF) CDP: Member of the Board of Directors; MEF: Director General Roberto Ferranti (Additional Director on behalf of the General Accountant of the Republic of Italy) CDP: Member of the Board of Directors; Board of Statutory Accounts, Registro Italiano Navale, Agenzia Nazionale per la Sicurezza del Volo and Agenzia delle Entrate: Chairman; Federazione Italiana Nuoto: Member of the Supervisory Board COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A. BANKING Board of Directors Affiliation Piero Fassino CDP: Member of the Board of Directors; Turin: Mayor; ANCI Piedmont, ANCI, Teatro Regio and Fondazione per la Cultura: Chairman; Torino Città Capitale Europea: Honorary Chairman; Associazione Torino Internazionale: Co-Chairman; Foundation Venaria Reale and Foundation ISI: Advisor to the Board of Directors Massimo Garavaglia CDP: Member of the Board of Directors; Lombardia Informatica S.p.A.: Chairman of the Supervisory Board As of 2 July 2014 Supervisory Board appointed pursuant to Legislative Decree No. 231 of 8 June 2001 (Decree 231) Giuseppe Cannizzaro CDP: Chairman of the Supervisory Board Vincenzo Tommaso Milanese CDP: Member of the Supervisory Board Vincenzo Malitesta CDP: Member of the Supervisory Board As of 19 May 2014 Board of Statutory Auditors Affiliation Angelo Provasoli CDP: Chairman of Board of Statutory Auditors Luciano Barsotti CDP: Standing Auditor Andrea Landi CDP: Standing Auditor Ines Russo CDP: Standing Auditor Giuseppe Vincenzo Suppa CDP: Standing Auditor Angela Salvini CDP: Alternate Auditor Giandomenico Genta CDP: Alternate Auditor As of 2 July 2014 Source: Company Report (base prospectus May 2014), Company data Company History CDP was established by the Italian government in 1850 to finance public-sector investments. In 1863, CDP acquired similar institutions elsewhere in Italy, establishing a new business unit to grant loans to Italian local governments to finance infrastructure projects and to provide financial support for debt restructuring. Since 1875, CDP has accepted retail savings deposits collected by the Post Italiane network. In 1928, CDP’s role was extended to include the provision of finance to local public-sector organisations in regions, provinces and municipalities. In 1983, CDP was granted full organisational autonomy, and in 1993, it became a separate legal entity. In 2002, CDP established Infrastrutture S.p.A., a wholly owned subsidiary, to finance infrastructure and other major public works-related projects in cooperation with the wider banking system. In 2003, CDP became a joint-stock company with majority shares owned by the Italian state. As of 19 May 2014, the MEF owned an 80.1% stake in CDP. 7 NOVEMBER 18, 2014 COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A. BANKING In September 2005, CDP acquired a 29.99% share in Terna S.p.A., the parent company of Terna Group. Terna S.p.A. transmits and distributes electricity throughout Italy. In 2009, CDP established CDPI SGR in cooperation with Associazione delle Fondazioni bancarie e Casse di Risparmio S.p.A. and the Italian Banking Association to support the Italian social housing sector. As of 30 June 2014, CDP owned a 70.0% stake in CDPI SGR. In August 2011, CDP established FSI, a holding company in which CDP Group held an 80% stake as of 19 May 2014, with the aim of investing in companies that are strategically important for the Italian economy. In December 2011, CDP acquired an 89% stake in Trans Austria Gasleitung GmbH, the exclusive operator of the Austrian segment of the gas pipeline connecting Russia and Italy, through its wholly owned subsidiary CDP GAS Srl. In October 2012, CDP, through its wholly owned investment vehicle CDP RETI, acquired a stake of 30% plus one share of Snam S.p.A. from Eni S.p.A. for approximately €3.5 billion. In November 2012, CDP acquired a 100% stake in SACE S.p.A., a 100% stake in Fintecna S.p.A., and a 76% stake in Simest S.p.A. from the MEF. In July 2014, CDP signed an agreement to sell 35% of its stake in CDP RETI to State Grid Corporation of China. The transaction is expected to be completed by the end of 2014. In September 2014, an agreement was signed to transfer the stake held in Trans Austria Gasleitung (TAG), through CDP’s wholly owned subsidiary CDP GAS, to Snam. The transfer operation will be executed through a share capital increase of Snam, reserved in favor of CDP GAS, that will transfer, as compensation, its holding in TAG. Source: Company Reports (annual report Dec 2012, semi-annual report June 2014, base prospectus May 2014, financial statements Dec 2011 and Dec 2010, group financial statements Dec 2010), Company data, Moody’s research 8 NOVEMBER 18, 2014 COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A. BANKING Peer Group » Caisse Des Depots et Consignations » Kreditanstalt fuer Wiederaufbau Related Websites and Information Sources For additional information, please see: » the company’s website: www.cdp.it » the regulator’s website: www.bancaditalia.it MOODY’S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party. Moody’s Related Research Credit Opinion: » Cassa Depositi e Prestiti S.p.A. To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available. All research may not be available to all clients. 9 NOVEMBER 18, 2014 COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A. BANKING Report Number: 177444 © 2014 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. (“MIS”) AND ITS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S PUBLICATIONS”) MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s Publications. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER. MIS, a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy.” For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for “retail clients” to make any investment decision based on MOODY’S credit rating. If in doubt you should contact your financial or other professional adviser. 10 NOVEMBER 18, 2014 COMPANY PROFILE: CASSA DEPOSITI E PRESTITI S.P.A.