The board of directors sets the conversion ratio and the redemption value for the purpose of withdrawing of preferred shares

Rome, 29 January 2013 - Cassa depositi e prestiti Spa (CDP) announces that the board of directors, meeting today under the chairmanship of Franco Bassanini, has set the conversion ratio of preferred shares into ordinary shares, in view of the automatic conversion starting from 1 April 2013, as established by law and the Articles of Association.

 The conversion ratio:

• was set at 49 ordinary shares for every 100 preferred shares, corresponding to a per-share conversion ratio of 0.49 ordinary shares for every preferred share;
• it was calculated, according to the methods stipulated by law and Article 7, Paragraph 10.1, of CDP’s Articles of Association, based on the results of the sworn estimate by expert Deloitte Financial Advisory Srl, which determined that the value of CDP at the date of transformation into a joint-stock company was estimated to be 6,050,000,000 euros, while the value of CDP on 31 December 2012 was estimated to be 19,030,000,000 euros.

 In the period between 15 February and 15 March 2013 preferred shareholders can exercise the right to benefit from a one-to-one conversion ratio, in order to preserve their share stake, paying CDP an adjustment amount of around 32.74 euros for every preferred share to be converted into ordinary share.

The board of directors has also determined the redemption value of preferred shares. For each preferred share for which is exercised the right of withdrawal, the redemption value, as stipulated by the Articles of Association, is equal to 6.299 euros. The determination of the redemption value will be applied at the request of withdrawal received - in the period of 1 October – 15 December 2012 –by two shareholders of CDP, collectively holding a total of 9,084,000 preferred shares (equal to 2.60% of the company’s share capital), and at the eventual requests that can be made during the next withdrawal period as set by the applicable Articles of Association (15 February – 15 March 2013).