1254-NEW CDC V° GB · book value of these real estate assets totaled approxi-mately €1.6 billion...

38A long-terminvestor

48CNCE:a strategicholding

36

40CNPAssurances

44Real estatesubsidiaries(Icade, SNI)

42CDC Entreprises

46Services subsidiaries(Transdev, Egis,Compagnie des Alpes, VVF Vacances)

Investing: a major development focus

37

Caisse des Dépôts: a long-term investor

38

Financial investments

In 2004, Caisse des Dépôts made gross equity invest-ments for its own account of €2,625 million. The acquisition of the CDC Ixis equities portfolio for nearly €2.1 billion in the first half of 2004 accounted for the bulk of the purchases made during the year. The net book value as of December 31, 2004 was €11.3 billion. The portfolio consists mainly of European equities.The bond portfolio is broken down into two categories, each corresponding to different investment objectives. The held-to-maturity portfolio is constructed with an eye toward long-term holdings, while the securities in the available-for-sale portfolio have a shorter investment horizon.The held-to-maturity portfolio totaled €13.1 billion as of December 31, 2004, down from €13.6 billion the previous year. In effect, gross purchases did not offset redemptions during the year. The bulk of this portfolio consists of fixed income securities; nevertheless, a smaller portion is invested in inflation-indexed bonds. The available-for-sale portfolio, excluding cash equi-valents, is smaller, at €3 billion.These two portfolios consist mainly of very highly rated European bonds.

Real estate and forestry assets

Caisse des Dépôts owns investment real estate assets managed with a long-term ownership outlook. The net book value of these real estate assets totaled approxi-mately €1.6 billion as of December 31, 2004.Gross investments in 2004 exceeded €400 million. These purchases were largely offset by disposals. The main transactions involved funds invested in office space and, to a lesser extent, diversified funds. The share of housing real estate remained stable.

Caisse des Dépôts is a long-term investor. It holds strategic assets directly or indirectly through designated companies, finances public-interest programs and invests its resources to promote economic development. These investments total €38 billion.Through its subsidiaries and strategic equity interests, Caisse des Dépôts is a leading player in private equity, public transportation and transportation infrastructure, the leisure industry and real estate businesses. Caisse des Dépôts is the leading shareholder in CNP Assurances and is also present in the banking world through its strategic interest in Caisse Nationale des Caisses d’Epargne (CNCE).

Caisse des Dépôts manages a diversified portfolio of financial, real estate and forestry assets as well as pri-vate equity funds and unlisted shares. These investments, excluding short-term cash invest-ments and non-real-estate investments, totaled around €29 billion as of December 31, 2004.In terms of their management, these assets can be broken down into three categories:– financial investments;– real estate and forestry investments;– investments in unlisted assets.Caisse des Dépôts also acts as a long-term investor in the context of its administration of the savings funds.

Investing: a major development focus _ A LONG-TERM INVESTOR

Investments in unlisted shares

Caisse des Dépôts also invests in unlisted shares and venture capital funds (excluding the CDC Entreprises business line). In 2004, new commitments totaled €40 million. These commitments have always been made with diversification and long-term investing in mind. ■

Overall, this portfolio still consists mainly of real estate assets located in France, although in recent years some investments have been made elsewhere in Europe.Caisse des Dépôts also owns a forestry portfolio with a net book value of nearly €80 million, including indirect holdings. Aside from a few arbitrage transactions, there were no significant changes in these assets in 2004.

CNP Assurances

CNP Assurances, the largest provider of personal insurance in France, creates, designs, distributes and administers insurance-based savings and retirement plans and personal insurance products. Providing life-long insurance to private individuals is a business that may truly be described as fostering sustainable development. In France, CNP Assurances works with more than 14 million people and abroad, through its subsidiaries, it is expanding the use of the proven bancassurance model it developed in France.

Revenues boosted by new retirement products

CNP Assurances generated consolidated premium income in 2004 of €21.4 billion, up 10.2% over 2003. In France, CNP Assurances built on its agreements with its major partners, La Poste (the French postal service), the Caisses d’Epargne regional savings banks (with more than 20,000 points of sale) and the customer representatives of CNP Trésor. In the collective insur-ance market, CNP Assurances works with 250 financial institutions, more than 1,000 companies, several major mutual insurance providers, a number of local author-ities and Casino, the international retail grocery group. For the past several years, CNP Assurances has been growing its business outside France. The company now has subsidiaries in Brazil, Portugal and Argentina, and acquired an Italian subsidiary, Fineco Vita, in early 2005. CNP Assurances offers credit insurance through partnerships in its Madrid and Milan branches, and provides assistance to customers under the terms of European free provision of services regulations in Spain, Italy, Belgium and Portugal. The company is now also working on a project in China. In 2004, premium income originating outside France amounted to €846 million, up 6% over the previous year. The net income, group share, of CNP Assurances rose 8% to €629.3 million in 2004. Recurring income from operations came to €1,138.5 million, up 12.4% over the previous year.

HIGHLIGHTS OF 2004

Nearly 500,000 new retirement contracts In 2004, revenues on retirement products increased by nearly 44% thanks, principally, to the launch of a range of new individual retirement products, either under the special tax provisions applicable to life insurance products or in the form of Plan d’Epargne Retraite Populaire (PERP) retirement savings funds. The increase was also explained in part by sales of collective products, which are sold chiefly to companies, and the increase in so-called Préfon savings funds, which are now available through the French postal network.

Network of CNP Trésor customer representatives On January 1, 2004, CNP Assurances assumed responsibility for all relationships with insurance customers who had purchased CNP insurance policies through the French Treasury Department (Trésor Public) network. Since that date, the latter has stopped marketing CNP Assurances products. A sales force of nearly 250 people (as of December 31, 2004) has been visiting insurance customers throughout France.

New Italian subsidiary On November 10, 2004, CNP Assurances took an important step in its European growth strategy when it announced the acquisition of 57.5% of the capital of Fineco Vita, the life insurance subsidiary of Capitalia, Italy’s fourth largest bank group. With this acquisition, in 2005 CNP Assurances, which was already present on the Italian market through its CNP Italia branch (specialized in loan insurance), became the sixth largest bancassurance group in Italy. In accordance with the CNP business model, the company signed a 10-year marketing partnership agreement.

40

Investing: a major development focus _ CNP ASSURANCES

Share price and trading volumes

�

�

�

�

�

�

��

��

��

��

��

��

��

��

��

��

��

Net income, group share (€ millions)

Assets under management (€ billions) (book value)

��

��

�

�

�

�

�

�

��

��

��

��

��

��

��

��

Premium income (€ billions)

��

��

�

�

�

�

�

�

��

��

��

��

��

��

��

��

��

��

�

�

�

�

�

�

��

��

��

��

��

��

��

��

Long term investments

With a view to sustainable development, CNP Assuran-ces’ investment management strategy seeks to com-bine the continuity of policies sold with high returns and continuous earnings growth. Its expertise and rigor in this area enabled the company to hold up well during periods when financial markets dropped sharply. In 2004, the share of equities in the portfolio, excluding unit linked products, remained stable at around 13%.

Shareholder structure (at December 31, 2004)

��

��

��

��

��

��

��

��

At December 31, 2004, the net book value of assets under management came to €171 billion, a 9% increase over December 31, 2003. At December 31, 2004, unrealized capital gains came to €12.8 billion.

Excellent share performance

CNP Assurances shares rose 27.7% during 2004, clearly outperforming the CAC 40 (up 7.4%) and the DJ Eurostoxx Insurance (up 7.6%), the European index of major insurance companies.CNP Assurances has approximately 240,000 individual shareholders. ■

��

��

��

��

��

��

��

��

��

��

�

�

�

�

�

�

��

��

��

��

��

��

��

��

41Caisse des Dépôts - Annual Report 2004

CDC Entreprises stands apart from the other players in this market by the fact that:■ one-third of its assets is invested in a conscious effort to develop the market, in the context of the public-inte-rest programs of Caisse des Dépôts;■ half of the €2.5 billion managed in a competitive busi-

ness context is on behalf of third parties.

Supporting the market’sdevelopment

CDC Entreprises – FP Gestion, a subsidiary dedicated to the implementation of Caisse des Dépôts’ PME Innovation public-interest program, primarily manages funds-of-funds by taking minority positions in private equity firms. It invests alongside other public- and pri-vate-sector companies, seeking to attract these other investors through its own investments. The subsidiary

Beginning in July 2004, CDC Entreprises, a wholly owned subsidiary of Caisse des Dépôts, has comprised all of the Public Institution’s private equity activities, thereby supporting its role as a long-term investor. A major private equity player in France, CDC Entreprises’ activities cover all market segments: financing company start-ups, their growth and transfer.

With €3.9 billion in managed assets, including €2.3 bil-lion invested by Caisse des Dépôts, CDC Entreprises plays a particularly important role in the French private equity market, which with €5.2 billion invested in 2004 ranks third worldwide behind the United States and the United Kingdom.

CDC Entreprises

Investing: a major development focus _ CDC ENTREPRISES

Funds managed by asset class

Breakdown of funds managed by division (€ millions)

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

Caisse des Dépôts - Annual Report 2004

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

43

focuses mainly on regional private equity and technol-ogy venture capital. Its structuring action aims to favor the development of these markets and enhance the efficiency of financing tools within the context of a com-petitive business environment. In 2004, CDC Entreprises – FP Gestion invested in new transactions:■ €41.6 million in venture capital funds (notably to strengthen existing seed funds and the first closing of security funds Aérofund and Sofinnova V);■ €35 million in regional private equity firms (in particu-lar the Galia and Avenir Entreprises 1 funds);■ €11.8 million in direct co-investments in young tech-nology companies.In addition, the subsidiary made a major disposal when

it sold off the Institut des Participations de l’Ouest. Through its CDC Entreprises Valeurs Moyennes sub-sidiary, CDC Entreprises also invests in firms on the Nou-veau Marché and Second Marché, thereby following up on the early-stage investments in unlisted shares. Caisse des Dépôts’ investments in these small-cap stocks are held in the available-for-sale portfolios.

A complete range of investment vehicles

CDC Entreprises has confirmed its desire to be a major player in third-party asset management. Through five investment companies, it manages competitive funds open to third-party investors. By relying on dedicated and distinct investment teams, CDC Entreprises covers all the private equity financing needs of technology and traditional companies: CDC Entreprises Innovation (ven-ture capital), CDC Entreprises Services Industrie (devel-opment capital), CDC Entreprises Equity Capital (LBO), Fondinvest (funds-of-funds) and IFE Conseil (mezzanine financing).Through its subsidiaries, CDC Entreprises made several investments in 2004, including:– Transmontagne for €4.7 million (CDC Entreprises Services Industrie);– Expway for €0.6 million (CDC Entreprises Innovation);It also made several disposals, including Nexity (CDC Entreprises Equity Capital). ■

Real estate subsidiaries

Several key property development transactions took place in the office and commercial space segment in 2004: the launch of a 45,000 square meter office space complex at Portes d’Arcueil; the 16,000 square meter Lagny-Marceau center in Montreuil; the 11,000 square meter building “400 Promenade des Anglais” across from the Nice-Côte d’Azur international airport; and the co-development of a major portion of the 130,000 square meter “Canceropôle” to be built on the former AZF site in Toulouse.With the acquisition of Foncière des Pimonts in late 2004, Icade’s office and commercial space real estate assets now total 550,000 square meters.

Public-sector partnerships and health care facilities

Icade continued to expand in the health care facility market. The signature of a project management assistance con-tract for the complete overhaul of the university hospitals of Reims and Orléans (total amount €800 million), the delivery of the maternity unit in Nantes and the consoli-dation of several clinics under one roof in Tours demon-strate Icade’s know-how in this area. Icade is currently bidding on several public/private partnerships, in particular for the hospital in the southern Ile-de-France region through a consortium with Bouygues, CDC Ixis and the architect Zublena (trans-action value: €200 million), as well as for the university hospital of Caen (€90 million).Icade’s major property development transactions include: the headquarters of the Nord-Pas-de-Calais region (€180 million); the 12,000 square meter, €25 million Lyon Bioparc currently under construction; and the planned renovation of the 500 hectare site in the Satory district of Versailles. Overall, business volumes in the public-private partnerships segment increased by 5% to €159 million. Fee income from the services business remained stable at €123 million.

Caisse des Dépôts is a leading real estate company in France, acting as an investor, lender and developer through its Icade and Société nationale immobilière (SNI) subsidiaries.

Icade

Icade is the real estate arm of Caisse des Dépôts in the competitive sector. The leading order giver in France, Icade is present in three markets: housing, office and commercial space, and public-sector partnerships and health care facilities. In 2004, Icade had sales of €1,039 million. Its operating income totaled €78 million, up more than 10% from the previous year. The group share of consolidated net income was €60 million, up 15% from the previous year (pro forma 2003).

Housing

Icade continued to grow last year, with sales up 12% to €644 million, and added to its investments in the middle-income segment (45,000 units held by Icade Patrimoine) by pursuing an ambitious policy aimed at adding value to residential housing, improving open spaces and selling low-income housing units to tenants. Icade also expanded its development activities (an increase of more than 25% in reservations at Capri Icade), and property management services through its GFF subsidiary, which manages nearly 128,000 units on behalf of third parties.

Office and commercial space

Icade strengthened its position in the office and com-mercial sector by stepping up activities in the office space segment (launch of the 60,000 square meter Millénaire property, following the acquisition of the for-mer Rhodia site by EMGP) and the purchase of an equity interest in Foncière des Pimonts, previously held by Caisse des Dépôts.

44

2005 outlook

In 2005, Icade will look to further strengthen its position as an integrated real estate developer by structuring its activities to meet the needs of its three markets, and by offering a complete range of services based on its expertise.

Société nationale immobilière (SNI)

With an inventory of 71,000 rental housing units in 80 French départements, and as the historical property manager of the Ministry of Defense (which accounts for more than 50% of the tenants), the SNI group is well positioned to play a role in the French government’s plan to dispose of its real estate assets.

An ambitious development and renovation program

Last year saw a large number of new construction projects (1,032 housing units) and an exceptional dis-posal program of 4,500 housing units that generated €97 million in pretax net capital gains. The renovation program involved 3,440 housing units (1,443 launched

and nearly 2,000 received).

Very favorable rental income trend

Given the indexation effect, the sharp contraction in unpaid rents (0.25%) and the repositioning of the real estate assets, rental income increased by 3.3% to €315 million, despite the disposal of 7.5% of the overall

assets.

A strengthening of the Defense partnership

SNI has begun a major initiative to add value to the Defense Ministry’s real estate holdings, through which the Ministry would sell these real estate assets to SNI in exchange for canceling its debts to SNI.Elsewhere, the SNI group continues to pursue its devel-opment efforts on behalf of the French national police (gendarmerie). This involves obtaining a long-term management contract for the police barracks owned by the General Councils, as well as a major construction program estimated at 1,500 orders.

45

Investing: a major development focus _ REAL ESTATE SUBSIDIARIES

2004 earnings up sharply

SNI’s gross income from operations increased by €10 million, outpacing the growth of net revenues thanks to successful control of administrative costs. Net recurring income continued to improve, rising by €5.5 million compared with 2003. Thanks to the excep-tional level of capital gains on disposals, net income totaled €87.6 million in 2004. ■

SNI: net recurring income and net income(€ millions)

SNI: net revenues and gross income from operations (€ millions)

��

��

��

��

��

�

��

�

��

�

��

�

��

�

��

��

��

��

�

��

��

��

��

��

��

��

�

��

�

��

�

��

�

��

�

��

��

��

��

�

��

��

��

��

��

��

��

�

��

�

��

�

��

�

��

�

��

��

��

��

�

��

��


Caisse des Dépôts created and continues to develop services subsidiaries to support local governments with their projects.These subsidiaries, whose activities are core business areas for the group, provide support for one of its strategic pillars, namely to be a long-term partner of local governments.

■ MobiTrans, real-time travel information via mobile phone;■ DigiTick, ticket purchasing and reservations via mobile phone to reach mountain resorts;■ Busway®, a new concept of bus travel on dedicated right-of-ways. In 2004, Transdev recorded strong growth, as total rev-enues increased to €1.3 billion, consolidated sales rose by 19% to €690 million and net income jumped 33% to €13.4 million.

Egis

In 2004, three priority objectives were pursued: strengthening the synergies within the group, diversi-fication and internationalization.Egis is contributing to transportation sector improve-ments through its participation in the construction of Paris’ Maréchaux streetcar system and the develop-ment of dedicated right-of-way projects in France’s main regional cities. The creation of the Egis Rail Eco-nomic Interest group has given rise to the first com-petitive-sector rail engineering division in France. In the highway concession area, Egis recorded major successes in Eastern Europe and Asia. With its 1,000-kilometer highway network, it has become France’s leading highway concession company abroad. In 2004, Egis continued to consolidate its activities for the purpose of enhancing profitability in the short term. It posted a consolidated net loss of €6.7 million, which includes the €10.7 million net loss reported by the Ger-

Services subsidiaries

TRANSDEV

Transdev is a major provider of mass transit systems in Europe. It is responsible for transporting more than 1 billion passengers per year, in 80 urban networks and 42 intercity networks in France, the United Kingdom, Portugal, Italy and Australia. Transdev manages 7,200 coaches and buses, 710 streetcars and 40 subway cars.

EGIS

With €442 million in revenues, including 60% derived abroad, the Egis group is a worldwide leader in engineering and services for transportation infrastructures. Its activities are based on three core businesses: engineering, project structuring through public/private partnerships, and operations. Currently, Egis has more than 4,500 employees worldwide.

Transdev

In 2004, Transdev bolstered its worldwide leadership position in the streetcar operations market through the signing in Edinburgh of a 15-year contract worth more than €181 million, the launch of the Number 1 line in Nottingham, the acquisition of the entire Melbourne network (€800 million contract) and the launch of ser-vice on the underground extension of the Porto subway system. The company also recorded further growth by winning bids on urban transportation networks for Laon and Saint-Quentin, acquiring a 49% stake in the company operating the Bourg-en-Bresse transportation network, and acquiring intercity transportation companies in eastern France and in Portugal.The company’s innovation and quality strategy was reflected in increased ridership for the transportation networks. These innovations involved:

46

man subsidiary Dorsch. Egis is looking to sell off this subsidiary, and the transaction should be completed in 2005. The order book represents 18 months of business, which is exceptional given the fiercely competitive environment.

Compagnie des Alpes

In its 2003-2004 fiscal year ended September 30, 2004, Compagnie des Alpes continued to implement its growth strategy for high-altitude ski areas and amuse-ment parks. It focused on these core activities by disposing of its Ski Shops business — renting and selling winter sports equipment — which accounted for 5.5% of sales.Two new parks were acquired, Panorama Park in Germany and Pleasurewood Hills in the United King-dom, which have 200,000 and 240,000 visitors per year, respectively.The Compagnie des Alpes group’s sales totaled €372 million, up 3% at constant scope but down 1.5% on a reported basis from the previous year. Consolidated net income, group share, stabilized at €29 million, or 7.8% of consolidated sales.In 2004, following the end of the fiscal year, the group purchased another 20% minority interest in a Swiss ski area, Riederalp, and successfully bid on the lift operating concession for the town of Saint-Chaffrey in the Hautes-Alpes. It also increased to 19.9% its equity interest in Serre-Chevalier Ski Développement, which operates the resort’s other ski concessions.

VVF Vacances

The renovation program for VVF Vacances facilities was launched in 2004. By end-2005, more than 4,200 beds, equivalent to 15% of the installed base, will have been renovated. The planned opening of the company’s capi-tal to outside investors will help to facilitate this program, which is designed to strengthen the company’s position in the French vacation market.Renovations to nearly 450 vacation units managed by VVF Vacances — representing a total of 2,000 beds — began last year, notably in Les Menuires, La Plagne and Tignes. The group decided to expand the installed base by integrating a new residence in Val-d’Isère and to complete three new residences for the summer of 2007 in Binic (Côtes-d’Armor), Sarlat (Dordogne) and Saumur (Maine- et-Loire).The forestry management and renewal program operat-ed by the company (120 hectares at risk on 11 sites) together with Société Forestière entered its third and penultimate year (program total: €0.9 million). In 2004, the company also carried out preliminary stu- dies on opening up the capital of VVF Vacances – VVF Patrimoine to outside investors, a move designed to support its overall development. VVF Vacances recorded consolidated sales of €160 million in 2004, an operating loss of €850,000 (the company faced a significant decline in business in the Mediterranean region and Corsica during the summer of 2004) and a consolidated net loss, group share, of €540,000. ■

COMPAGNIE DES ALPES

Compagnie des Alpes is a leading European family leisure company. Currently present in two complementary activities, skiing and amusement parks, it operates 14 high-altitude ski areas and 13 family leisure sites, where it welcomes more than 20 million visitors per year.


Investing: a major development focus _ SERVICES SUBSIDIARIES

47

CNCE: a strategic holding

recurring earnings. Significantly, the Chairman and CEO of Caisse des Dépôts is the Vice-Chairman of the CNCE Supervisory Board.The three ratings agencies immediately and unani-mously welcomed the partnership restructuring agree-ment by confirming CNCE’s issuance ratings and their

stable outlook, the highest among French banks.

Caisse des Dépôts with aninterest in the results of the Caissed’Epargne regional banks

Phase I of the project involved a €3.3 billion private placement with CNCE of cooperative investment cer-tificates (CCI) issued by the 29 regional savings banks in mainland France. As a result, CNCE now owns 20% of each regional savings bank. CNCE, directly, and Caisse des Dépôts, through its equity interest in CNCE, thus have an interest in the retail banking activities of the Caisses d’Epargne banks, which currently account for

more than 65% of the group’s earnings.

Organizing the investment banking activities within CNCE

Phase II of the project was mainly aimed at the merger of Ixis with CNCE as of December 31, 2004, and the related reorganization of the Ixis activities around three business divisions:■ The establishment of Ixis Corporate & Investment Bank (Ixis CIB). This entity includes the financing activ-ities and owns 100% of CDC Ixis North America and 38.7% of Nexgen. This division plans to develop its range of products and services targeting companies and leading financial institutions. The commercial partnership forged with Lazard in the spring of 2004 and focused on the primary equity market, later supplemented by a shareholding and operating agreement in early 2005, is consistent with this strategy.

In 2004, the partnership restructuring between Caisse d’Epargne Group and Caisse des Dépôts was completed. Caisse d’Epargne Group, which aims to be France’s third-largest financial institution, is diversifying its activities to become a universal bank.

A restructured and balancedpartnership

The agreement concluded in 2004 clarifies the respec-tive roles of Caisse Nationale des Caisses d’Epargne (CNCE) and Caisse des Dépôts within the new entity created after CNCE’s acquisition of Caisse des Dépôts’ entire ownership interest in CDC Ixis (43.55%):■ CNCE, which is 65%-owned by Caisse d’Epar-gne Group and 35%-owned by Caisse des Dépôts, strengthens its threefold role as: the head of the operat-ing network for all companies making up the expanded Caisse d’Epargne Group; the bank for the group; the holding company for the directly-held subsidiaries

(1). It now steers the retail banking and investment banking (mainly Ixis) activities directly. ■ Caisse des Dépôts is consolidating its role as CNCE’s strategic shareholder and long-term investor through the direct acquisition of the CDC Ixis proprietary port-folios (listed equities, private equity, real estate assets), which total €3.4 billion. Caisse des Dépôts is refocusing on its role as stra-tegic shareholder, with a strong involvement in the overall governance of the universal bank created by the agreement and an interest in its more stable and

(1) Following recent changes, Caisse d’Epargne Group includes the following subsidiaries: Crédit Foncier-Entenial, Banque Sanpaolo, Ixis.

48

Investing: a major development focus _ CNCE: A STRATEGIC HOLDING

■ Establishment of Ixis AM group: this asset manage-ment division owns 94.995% of Ecureuil Gestion, 100% of Ixis AM and 100% of Ixis AEW Europe. Its goal is to continue the initiative to optimize its European business and consolidate the organizational structure.■ Creation of Ixis Investors Services (Ixis IS): the asset custody business has been consolidated in a subsidiary through the contribution by Ixis of nearly all of its banking and securities services division. Moreover, discussions with Crédit Agricole are continuing in order to create a heavyweight European company. The Sanpaolo IMI equity interest in CDC Ixis was trans-ferred as part of this partnership restructuring. The Ital-ian bank now owns a 2.45% stake in Ixis CIB and a 12% interest in Ixis AM group. ■

SHAREHOLDERS’ AGREE-MENT BETWEEN CNCE AND CAISSE DES DEPOTS

The June 30, 2004 agreement provides a long-term foundation for the partnership between the two groups, which agree to maintain their relative interests in Caisse Nationale des Caisses d’Epargne (CNCE) until a possible initial public offering. Moreover, the most important decisions in the new entity will be taken jointly, notably in the initial phase of the first three years of the shareholders’ agreement: approval of the strategic plan, main investments and appointments of officers and executives for the main Caisse d’Epargne Group subsidiaries.

1254-NEW CDC V° GB · book value of these real estate assets totaled approxi-mately €1.6 billion...

Documents

Transcript of 1254-NEW CDC V° GB · book value of these real estate assets totaled approxi-mately €1.6 billion...