Bridge over troubled watersSofia, 7th June 2010

Michal Ron – Head of International Relations and Network

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We offer solutions for theintegrated management

of commercial and political risks

THE LEADING ITALIAN CREDIT MANAGEMENT COMPANY

Export credit and Project Finance Protection of foreign investments Financial guarantees Credit insurance Surety and construction risks

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Our strengths

Over 30 years of providing risk management solutions to small and medium-sized business and large corporations

EXPERIENCE

Aa2 credit rating (Moody’s)

Shareholders’ equity: € 5.9 BnFINANCIAL SOUNDNESS

Outstanding commitments for over € 50 Bn to insure commercial and financial transactions in over 180 countries

RELIABILITY

Insured business: € 34 Bn, + 22% yoy

Consolidated net income: € 460 Mn, + 32% yoy

Gross written premiums: € 430 Mn, + 13% yoy

FINANCIAL RESULTS

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Risks insured by geographical area (31/03/2010)

We cover political and commercial risk in over 180 countries

SACE Exposure

1. Italy 15%2. Russia 13%3. Turkey 8%…6. Balkans 4.5%

of which:

Bulgaria 2% € 0.5 Bn

Outstanding Guarantees

TOTAL 35,3 bln

Others25,0 %

Turkey7,1 %

Europe28,4 %

LATAM5,5%

North America

4,5 %

Russia & CIS16,3%

Sub Saharian

Africa2 ,1%

Asia Pacif ic6,5 %

Balkans4,5 %

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Economic trends in recession: ECAs’ role

• The contraction of international trade in 2009 has been dramatic. The main drivers of the trade collapse have been the strong reduction of demand combined with an increase in the elasticity of world trade.

• Part of the international response to the global crisis has involved, and is involving, support to trade financing. Export Credit Agencies have played an important role in the recovery, and their contribution is still essential in supporting economic growth.

• In a global context of growing uncertainty, where risks are more unpredictable and banks that greatly scaled down their lending facilities, dramatically increased their liquidity spreads and show little or no willingness to share risk, the role of ECAs appear even more determinant in helping enterprises to carry on their activities.

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Pure ECA

Pure Market Player

Advanced productsTraditional products

Non

mar

keta

ble

risk

Mar

keta

ble

risk

U.S EXIM ECGD (UK)

Euler (Germany) Coface (France) Atradius (Netherlands) CESCE (Spain) OekB (Austria)

Sinosure (China) KEIC (Korea)

NEXI (Japan)

ONDD (Belgium) Nordic Agencies European Emerging Markets Agencies EFIC (Australia)

EDC (Canada)

SACE (Italy)

The evolution of an ECA: a time pattern

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The evolution of SACE: increasing our scope as a global partner

Export Credit OECD regulated

PRI insurance

Bonding & Surety

Export Credit MADE BY

Export Credit UNTIED

SME Credit Insurance/

Enhancement

Domestic Strategic Sectors

Working Capital Facilities

Credit Insurance(Short Term)

DU

RAT

ION C

ON

TENT

PRODUCTS

MARKETS

Factoring

Export Bank

Financial Guarantee

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Our outlook on the Region

• Before global crisis, large capital inflows into Bulgaria generated a robust GDP growth.

• At the end of 2008, capital inflows sharp decrease led to a contraction of domestic demand, whereas the recession in Bulgaria’s trading partners caused a drop in exports (GDP growth: -5,1% in 2009)

• In 2010, due to the recovery in global GDP, which growth will stimulate exports, Bulgarian GDP is projected to increase by 0.2%

• The main challenge for the banking system will be to absorb the increase in NPLs. Anyway, thanks to prudent regulation, the banking system has built up substantial buffers during the boom years.

• Some concerns derive from the fact that 28% of the Bulgarian banking sector is held by Greek banks. Anyway the general assumption is that Greek parent banks will support their investments in the Region.

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SACE Market Risk Index

RISK: M2

BULGARIA

SACE Terms of Cover

Sovereign Risk openCorporate Risk openBank Risk open

OECD Country Risk Category

4/7

Consensus Category

2

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SACE’s support in Bulgaria

Total Exposure

21 new operations in the last three years, mostly transactions involving Italian SMEs

New Guarantees

Several potential transactions under current evaluation, for a total amount of € 70 MnPipeline

€ 454 Mn (2% of total portfolio, 13th Country in terms of total exposure)

€ 659 MnFinancial Guarantee

Modernisation of Stara Zagora plant

2006 Bulgaria

€ 12 MnBuyer Credit

Supply of a four-high combination reversing mill

2007 Bulgaria

€ 1.5 MnBuyer Credit

Plant for the production of tiles

2009 Bulgaria

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SACE’s Balkans Programme

• After a long period of political instability and economic distress related to the breakup of ex-Yugoslavia, the Balkans have reached a more stable situation and commenced implementing important reform programs.

• In December 2006 SACE adopted a more open approach towards the Region in response to the growing request for SACE’s support from Italian exporters.

• SACE’s cover policy takes into consideration the improvements in the Countries’ political and economic situation and, regarding sovereign risk, the presence of IMF ceilings on public or publicly guaranteed debt.

• The Balkans Programme has allocated an amount of € 300 Mn to directly support transactions in the Region.

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SACE’s future office in Balkans

Balkans region plays a strategic role for Italy. Trade flows between our firms and these Countries have been increasing significantly in the last years. New business opportunities have emerged for Italian firms in the context of growing political stability and economic expansion.

Considering the positive market outlook and the business opportunities under current evaluation, SACE wishes to establish a formal presence in the Region through the opening, in 2010, of a Representative Office in Bucharest.

The new office will act as a reference point for Italian exporters and their local partners and will enable SACE to further expand its Balkan operations and meet the growing demand for our support provided to investments in the Balkan Region.

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SACE’s International Network

MOSCOW

* To be opened in 2010

SAO PAULO

MUMBAI*

BUCHAREST*

JOHANNESBURG

ISTANBUL*

HONG KONG

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HEAD OFFICERomePiazza Poli 37/42 - 00187 RomeTel. +39 06 67361 • Fax +39 06 6736225

ITALY

BariVia Amendola 172/5 - 70125 BariTel. +39 080 5467763 • Fax +39 080 5467764

LuccaVia Dante Alighieri 167 - 55100 LuccaTel. +39 0583 40071 • Fax +39 0583 400790

MilanVia A. De Togni 2 - 20123 MilanTel. +39 02 4344991 • Fax +39 02 434499749

ModenaVia Elsa Morante 71 - 41123 ModenaTel. +39 059 891240 • Fax +39 059 820832

Monzac/o Unione Industriali Monza e BrianzaViale Petrarca 10 - 20010 MonzaTel. +39 039 3638262 • Fax +39 039 3638208

RomePiazza Poli, 37/42 - 00187 RomeTel. +39 06 6736309 • Fax +39 06 6736770

Turinc/o ICE - Via Bogino 13 - 10123 TurinTel. +39 011 836128 • Fax +39 011 836425

VeniceViale Ancona 26 - 30172 Venice MestreTel. +39 041 2905111 • Fax +39 041 2905103

WORLDWIDE

China40/f Suite 4001 - Central Plaza 18Harbour Road - Wanchai, Hong KongTel. +852 36202323 • Fax +852 36210227

South AfricaTwo Commerce Square 39, Rivonia Road Corner Melville Road Sundhurst2196 Sandton, JohannesburgTel. +27 11 2680623 • Fax +27 11 2680617

BrazilAvenida Paulista 1971 - 4° andar01311-300 Sao PauloTel. +55 11 31712138 • Fax +55 11 32664051

Russiac/o ICE - Office n.1202 Krasnopresnenskaja Naberejnaja 12123610 MoscowTel. +7 49 52582155 • Fax +7 49 52582156

New openings: Istanbul, Bucarest.

How to contact us

www.sace.itCustomer care: +39 06 6736000