European Investment Bank Group Investment Plan for Europe Delivering on the European Fund for Strategic Investments (EFSI) 2016 January 2016 European Investment Bank Group

Investment gap and persisting low growth in Europe Real GDP per capita (in purchasing-power and inflation adjusted international dollar, 2013) Estimates of potential growth (in percent) Source: European Commission, AMECO Average annual Total Factor Productivity growth (in percent) Source: The Conference Board; EU North = AT, BE, DE, DK, FI, FR, IE, LU, NL, SE, UK; EU South = CY, ES, IT, GR, MA, PT; EU East = BU, CZ, EE, HU, LT, LV, PL, RO, SI, SK Source: IMF, WEO

Why an Investment Plan Europe? Investment & competitiveness gap EU Investment Plan EU and Member State policy action EU budget guarantee EIB capacity to mobilise additional investment High liquidity in the market Public budget constraints Financial and non-financial barriers to investment

3 ways to tackle the investment gap Investment Plan for Europe Mobilise finance for investment European Fund for Strategic Investments (EFSI) Cooperation with National Promotional Banks Support investment in real economy European Investment Advisory Hub (EIAH) European Investment Project Portal (EIPP) Create an investment friendly environment Improving the regulatory environment Structural reforms Aim: to mobilise at least €315 billion in investment across the EU

European Fund for Strategic Investments (EFSI) 24/03/2015

EFSI setup and governance EIB Group All EFSI operations are within the EIB Group (EIB&EIF) On the EIB’s balance sheet (no separate entity) Subject to standard due diligence EIB & EIF governing bodies approve each operation Additional EFSI governance: Steering Board Investment Committee, headed-up by a Managing Director Operations already started in spring 2015 4

Additionality – our value added Making a difference Additionality – our value added Address market failures or sub-optimal investment situations Finance operations not possible to same extent without EFSI-backing Absorb part of the risk to trigger additional investments Impact Attracting other sources of finance Maximising growth Supporting employment creation and retention

Targeting strategic investment by public and private entities Key areas Targeting strategic investment by public and private entities Infrastructure, including transport, energy and digital Innovation: Education and training, health, research, development Renewable energy: Expansion of renewable energy generation and support of energy and resource efficiency Environment: Projects in the environmental, urban development and social fields SMEs and midcaps: Financing support through local partner banks and institutions 12

With targeted products Continuously adapted to market needs 6

EFSI Eligibility criteria 11

Opportunities for promoters/investors EU Member States, National Promotional Banks, Investment Platforms and private sector can participate in different ways : Projects Co-financing/ Risk-sharing with EIB/ EIF Investment Platforms Pooling of projects with thematic or geographic focus Agreement or Fund Can benefit from EU guarantee via EIB Cooperation with EU National Promotional Banks 13

European Investment Advisory Hub More than just finance - investment support DEMAND Project promoters Public authorities Member States Private sector European Investment Advisory Hub Web content + Web portal + Support team Access point Existing advisory programmes and activities Additional advisory and technical assistance EIAH’s partner institutions’ expertise Project support throughout the project cycle Support to Financial instruments Enhance access to finance New investment support also in areas relevant to the scope of EFSI (could be delivered by EIB advisory or operational teams) Identification of needs as they arise Network of institutions incl. EIB Group, European Commission , National Promotional Banks, etc. Integrated collaboration model Delivery channels SUPPLY 18

EIB Group operations under EFSI EUROPEAN FUND FOR STRATEGIC INVESTMENT In 2015 APPROVED AND/OR SIGNED PROJECTS TOTAL FINANCING UNDER EFSI MOBILISING TOTAL INVESTMENT OF 42 Projects EUR 5.7bn EUR 25bn EIB EFSI in 2015 EIB has approved 42 operations and EIF 84 operations Total EFSI financing in 2015 amount to EUR 7.5 bn (EIB EUR 5.7 bn and EIF 1.8 bn – SME Window) Total estimated mobilised investment in 2015 EUR 50bn (25 bn EIB and EUR 25 bn EIF) EFSI multiplier can only be calculated at the end of the investment period, anticipated multiplier effect of EIB Board approved transitional operations is close to target of 15. EIF EUR 1.8bn EUR 25bn 84 Operations 8

Results dashboard as at 22/01/2016

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