Delivering on European Fund for Strategic Investments (EFSI) Jukka Luukkanen Head of Helsinki Office Helsinki

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1 Delivering on European Fund for Strategic Investments (EFSI) Jukka Luukkanen Head of Helsinki Office Helsinki

2 EIB at a Glance We are the world s largest International Financial Institution 1958 Established to support long-term investments primarily in the European Union. We have over 50 years experience in financing sustainable projects. Shareholders Owned by the 28 Member States of the European Union. Source of funds We raise long-term funds on the international capital markets and as a non-profit organisation we pass favourable borrowing conditions to our clients. AAA-rated We re triple-a rated by all major rating agencies and have a sizeable capital of bn. 11/05/2017 European Investment Bank 2

3 EIB the EU Bank in 2016 EUR 75bn Lending Blending Advising EUR 9.5bn 11/05/2017 European Investment Bank 3

4 EIB financing in Finland in 2016 Signatures in Finland (in EUR m) EIB financing in 2016 amounted to 1.1% of Finnish GDP (vs. 0.5% on average in EU)

5 3 ways to tackle the investment gap Investment Plan for Europe Mobilise finance for investment European Fund for Strategic Investments Cooperation with National Promotional Banks Support investment in real economy European Investment Advisory Hub European Investment Project Portal Create an investment friendly environment Improving the regulatory environment Structural reforms Aim: to mobilise at least 315 billion in investment across the EU 5

6 EFSI setup and governance EFSI 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 by a Managing Director Operations already started in spring

7 SME financing 7

8 What are the loan amounts under EFSI? According to EFSI regulation no specific minimum but lending practice at EIB Group requires best use of resources Indicative values for different financing operations Long term unsecured loans: from EUR 25m Junior subordinated loans: from EUR 12m Mezzanine and equity products: from EUR 7.5m Intermediated EIB operations: various EIF lending via financial intermediaries: up to EUR 7.5m* *COSME programme: up to EUR 150,000 InnovFin initiative: up to EUR 7.5m 8

9 Results dashboard 9

10 EFSI in Finland In total, EIB Group has signed 11* operations for more than EUR 600 million under EFSI in Finland: 2015 Äänekoski Bio-product Mill: EUR 75m (EIB) Open Ocean Fund IV: EUR 30m (EIF) 2016 Tripla Near-Zero Energy Building Project: EUR 130m (EIB) Bonnier Digital Innovation: EUR 14m (EIB) SATO - Energy Efficient Buildings: EUR 150m (EIB) VVO Near-Zero Energy Buildings: EUR 75m (EIB) OP InnovFin SME guarantee: EUR 75m (EIF) Nest Capital 2015 Fund: EUR 40m (EIF) 2017 Valio RDI EUR 30m (EIB) Sentica Buyout V Fund (EIF) MariaDB (EIB) *excluding multi-country funds with anticipated allocations in Finland

11 EIB Venture Debt / Quasi Equity Overview Launched in September 2013, initially as a mezzanine/high-risk debt instrument for midcaps EIB Quasi-equity product launched in 2015 unique features, no market precedent First venture debt operation closed in January 2015 with Innocoll AG More than 1,500 financing requests reviewed since inception Current portfolio includes 26 Venture Debt / Quasi Equity operations for a total of EUR 424m In 2016 alone, EIB closed 19 Quasi-Equity operations for a total of EUR 290m Team of 23 people in the front office and dedicated teams of risk, legal, technical and monitoring experts total more than 120 people Target for 2017 is close to EUR 800m EUR 1.0bn of signatures Total target for the portfolio is close to EUR bn of signatures 11

12 MidCap Growth Finance ( MGF ) 09/ /2016 * * MidCap Growth Finance ( MGF ) was the predecessor of the European Growth Finance Facility Austria 7% Greece 7% Netherlands 7% Quasi-equity: Countries Sweden 3% Denmark 3% Ireland 3% UK 3% Spain 3% Portugal 7% Belgium 7% Italy 17% France 10% Quasi-equity: Sectors Other 3% Finland 13% Germany 10% Life Science 20% Engineering 40% ICT 37% Debt Equity / Quasi-equity Debt and Equity 12

13 Quasi-equity mid-cap operations Software Search engine Software Fiber optic networks Electronics Data Centers 3D printers Finland France The Netherlands England France Sweden The Netherlands 15 million 25 million 13.5 million 25 million 12 million 7.5 million 10 million 11/09/ /12/ /01/ /12/ /04/ /05/ /07/2016 Biotech Biotech equipment Biotech Medical Equipment Food production Biotech Disease diagnostics Germany Portugal Germany Finland Greece France Finland 25 million 12 million 10 million 8 million 15 million 20 million 15 million 27/03/ /11/ /12/ /03/ /05/ /12/ /07/2016 Fiber optic networks Waste collection Vaccines Flexible displays Insurance software ecommerce software HIV Testing UK Finland France Finland Ireland Finland Sweden 25 million 15 million 25 million 12 million 15 million 8.5 million 10 million 08/07/ /07/ /07/ /07/ /06/ /06/ /07/

14 11/05/2017 European Investment Bank 14